Further to the announcements dated August 24, 2016 and October 23 , 2016 regarding the conversion of the financial statements to IFRS, Saudi Arabian Amiantit Co. wishes to communicate that, as of December 9, 2016, the Board of Directors of the Company approved the IFRS based accounting policies which the Group will apply starting January 1, 2017. The Company and the auditors are presently finalizing the impact of the changes compared to present policies, as of January 1, 2016 and for the year 2016. As requested by the Capital Market Authority, a further announcement will be released in January 2017 which will encompass the significant effects on the entity as a result of implementing the IFRS.