The National Commercial Bank (NCB) announced its election to redeem its SAR 1 billion Tier 1 Sukuk (the Sukuk) on 22 June 2020, in full, at face value. The Sukuk were offered through private placement on 22 June 2015, for an amount of SAR 1 billion, qualifying as Tier 1 subordinated debt in accordance with the Basel III framework. NCB elects to redeem the Sukuk, at the contractual first call date of 22 June 2020, where the face value of the Sukuk and any periodic (profit) distribution amount payable (for the period ending [22] June 2020) will be transferred to Sukukholders at this date based on their respective holdings as of 7 June 2020. [Regulatory approval has been obtained in this regard] .