Emirates Telecommunications Group Company PJSC (ADX:EAND) signed a binding agreement to acquire 50.03% in super-app business of Careem Networks FZ LLC for $400 million on April 9, 2023. The transaction cost of USD 400 million will be financed from existing cash balance. Following our investment, the Careem Super App will continue to be managed by the leading entrepreneurial team, including original founders Mudassir Sheikha and Magnus Olsson. Careem?s Ride Hailing business will be separated from Careem Super App and will be fully owned by Uber, while remaining an integral part of the Careem Super App. The Careem Super App will continue to offer Careem Rides to users alongside Super App services. Completion of the transaction remains subject to regulatory approvals, customary closing conditions, and administrative procedures. Should there be any developments on this subject, we will keep the market updated in due course. BofA Securities acted as financial advisor to Uber. Chris Walters, Kyriakos Fountoukakos, Miriam Everett, Hayley Brady, Nick Pantlin, Christoph Nawroth, Moritz Kunz of Herbert Smith Freehills LLP acted as legal advisor to Uber Technologies, Inc. Wilson Sonsini Goodrich & Rosati, P.C. acted as legal advisor to Careem Networks FZ LLC. Ernst & Young Corporate Finance Limited acted as a financial advisor and due diligence provider to Emirates Telecommunications.

Emirates Telecommunications Group Company PJSC (ADX:EAND) completed the acquisition of 50.03% stake in super-app business of Careem Networks FZ LLC on December 8, 2023. The transaction is financed through debt and is not associated with related parties.