Rasan Information Technology Company Announces the Appointment of the Chairman and Vice Chairman of the Board of Directors, the Termination of the Chief Executive Officer’s Appointment, the Appointment of an Acting Chief Executive Officer, and the Formation of Board Committees

Element List	Explanation
Announcement Detail	Introduction: Rasan Information Technology Company (the “Company”) announces the issuance of its Board of Directors’ resolution at its meeting held on Wednesday, 22/02/1448H corresponding to 05/08/2026G, regarding the appointment of the Chairman of the Board of Directors and his Deputy, the termination of the CEO’s appointment and the appointment of an Acting CEO, and the formation of the Board committees for the new term. Date of the Board of Directors’ Resolution: 22/02/1448H corresponding to 05/08/2026G. Appointment of the Chairman of the Board of Directors: Appointment of Mr. Moayad bin Abdullah Alfallaj as Chairman of the Company’s Board of Directors, and the change of his membership status from executive to non-executive member, effective from 23/02/1448H corresponding to 06/08/2026G. Appointment of the Vice Chairman of the Board of Directors: Appointment of Dr. Fahad bin Ahmed Abu Haimed as Vice Chairman of the Company’s Board of Directors, effective from 23/02/1448H corresponding to 06/08/2026G. Termination of the CEO’s Appointment: The Board of Directors resolved to terminate the appointment of Mr. Moayad bin Abdullah Alfallaj as Chief Executive Officer of the Company, effective from 22/02/1448H corresponding to 05/08/2026G, in connection with his appointment as Chairman of the Company’s Board of Directors. The Board of Directors extends its sincere thanks and appreciation to Mr. Moayad bin Abdullah Alfallaj for his efforts and achievements during his tenure as Chief Executive Officer. The Board also wishes him every success in leading the Company’s Board of Directors during its new term and in advancing the Company’s strategic objectives and direction. Appointment of the Acting CEO: In view of the Company’s growth and in line with its strategic direction and expansion plans for the next phase, the Board of Directors resolved to appoint Dr. Nicola Garelli as Acting Chief Executive Officer of the Company, effective 23/02/1448H corresponding to 06/08/2026G. The Board wishes him every success in his new role and looks forward to his continued contribution to the Company’s growth journey and the achievement of its strategic objectives. Details of the Acting CEO: Appointment type: Acting. Name of appointee: Dr. Nicola Garelli. Position: Acting Chief Executive Officer. Date of Board resolution: 22/02/1448H corresponding to 05/08/2026G. Date of assuming duties: 23/02/1448H corresponding to 06/08/2026G. Brief Biography of the Acting CEO: Dr. Nicola Garelli has more than twenty years of professional experience across strategy, product and general management, combining finance and insurance leadership with entrepreneurial and technology depth. Since 2023, he has served as Deputy Chief Executive Officer and Chief Strategy and Product Officer of Rasan. He previously served as Chief Executive Officer and Director of Beema Insurance and ENOC Link, and as Partner and Director at Boston Consulting Group (BCG) in the United Kingdom, following 18 years with BCG in Milan, Booz & Company and EY serving leading corporations and financial institutions. He holds a PhD in Management, Economics and Industrial Engineering from Politecnico di Milano, an MSc in Financial Engineering and a BSc in Telecommunication Engineering from Politecnico di Torino, and is a graduate of the Stanford Executive Program at Stanford’s Graduate School of Business. He is a Chartered Engineer and is certified by the Chartered Insurance Institute. Formation of the Executive Committee: The Board of Directors resolved to form the Executive Committee for the new term as follows: 1. Mr. Moayad bin Abdullah Alfallaj – Chairman of the Committee. 2. Mr. Abdulrahman bin Salem Al-Malik – Member. 3. Mr. Turki bin Salman Al-Sudairi – Member. Formation of the Nominations and Remunerations Committee: The Board of Directors resolved to form the Nomination and Remuneration Committee for the new term as follows: 1. Mr. Bandr Bin Mohammed Alhomaly – Chairman of the Committee. 2. Mr. Abdulrahman bin Abdullah bin Aiban – Member. 3. Mr. Turki bin Salman Al-Sudairi – Member. Term of the Committees: The term of the Executive Committee and the Nomination and Remuneration Committee shall commence on 23/02/1448H corresponding to 06/08/2026G, and shall continue until the end of the current Board of Directors’ term on 22/03/1451H corresponding to 03/08/2029G. Audit Committee: The Board of Directors approved the formation of the Audit Committee, which will be announced separately in a subsequent announcement in compliance with the regulations and policies issued by the Capital Market Authority. Contact method for any inquiries: investors@rasan.co

Element List

Explanation

Announcement Detail

Introduction:

Rasan Information Technology Company (the “Company”) announces the issuance of its Board of Directors’ resolution at its meeting held on Wednesday, 22/02/1448H corresponding to 05/08/2026G, regarding the appointment of the Chairman of the Board of Directors and his Deputy, the termination of the CEO’s appointment and the appointment of an Acting CEO, and the formation of the Board committees for the new term.

Date of the Board of Directors’ Resolution:

22/02/1448H corresponding to 05/08/2026G.

Appointment of the Chairman of the Board of Directors:

Appointment of Mr. Moayad bin Abdullah Alfallaj as Chairman of the Company’s Board of Directors, and the change of his membership status from executive to non-executive member, effective from 23/02/1448H corresponding to 06/08/2026G.

Appointment of the Vice Chairman of the Board of Directors:

Appointment of Dr. Fahad bin Ahmed Abu Haimed as Vice Chairman of the Company’s Board of Directors, effective from 23/02/1448H corresponding to 06/08/2026G.

Termination of the CEO’s Appointment:

The Board of Directors resolved to terminate the appointment of Mr. Moayad bin Abdullah Alfallaj as Chief Executive Officer of the Company, effective from 22/02/1448H corresponding to 05/08/2026G, in connection with his appointment as Chairman of the Company’s Board of Directors.

The Board of Directors extends its sincere thanks and appreciation to Mr. Moayad bin Abdullah Alfallaj for his efforts and achievements during his tenure as Chief Executive Officer. The Board also wishes him every success in leading the Company’s Board of Directors during its new term and in advancing the Company’s strategic objectives and direction.

Appointment of the Acting CEO:

In view of the Company’s growth and in line with its strategic direction and expansion plans for the next phase, the Board of Directors resolved to appoint Dr. Nicola Garelli as Acting Chief Executive Officer of the Company, effective 23/02/1448H corresponding to 06/08/2026G. The Board wishes him every success in his new role and looks forward to his continued contribution to the Company’s growth journey and the achievement of its strategic objectives.

Details of the Acting CEO:

Appointment type: Acting.

Name of appointee: Dr. Nicola Garelli.

Position: Acting Chief Executive Officer.

Date of Board resolution: 22/02/1448H corresponding to 05/08/2026G.

Date of assuming duties: 23/02/1448H corresponding to 06/08/2026G.

Brief Biography of the Acting CEO:

Dr. Nicola Garelli has more than twenty years of professional experience across strategy, product and general management, combining finance and insurance leadership with entrepreneurial and technology depth. Since 2023, he has served as Deputy Chief Executive Officer and Chief Strategy and Product Officer of Rasan.

He previously served as Chief Executive Officer and Director of Beema Insurance and ENOC Link, and as Partner and Director at Boston Consulting Group (BCG) in the United Kingdom, following 18 years with BCG in Milan, Booz & Company and EY serving leading corporations and financial institutions.

He holds a PhD in Management, Economics and Industrial Engineering from Politecnico di Milano, an MSc in Financial Engineering and a BSc in Telecommunication Engineering from Politecnico di Torino, and is a graduate of the Stanford Executive Program at Stanford’s Graduate School of Business.

He is a Chartered Engineer and is certified by the Chartered Insurance Institute.

Formation of the Executive Committee:

The Board of Directors resolved to form the Executive Committee for the new term as follows:

1. Mr. Moayad bin Abdullah Alfallaj – Chairman of the Committee.

2. Mr. Abdulrahman bin Salem Al-Malik – Member.

3. Mr. Turki bin Salman Al-Sudairi – Member.

Formation of the Nominations and Remunerations Committee:

The Board of Directors resolved to form the Nomination and Remuneration Committee for the new term as follows:

1. Mr. Bandr Bin Mohammed Alhomaly – Chairman of the Committee.

2. Mr. Abdulrahman bin Abdullah bin Aiban – Member.

3. Mr. Turki bin Salman Al-Sudairi – Member.

Term of the Committees:

The term of the Executive Committee and the Nomination and Remuneration Committee shall commence on 23/02/1448H corresponding to 06/08/2026G, and shall continue until the end of the current Board of Directors’ term on 22/03/1451H corresponding to 03/08/2029G.

Audit Committee:

The Board of Directors approved the formation of the Audit Committee, which will be announced separately in a subsequent announcement in compliance with the regulations and policies issued by the Capital Market Authority.

Contact method for any inquiries:

investors@rasan.co