ADNIC completes conversion of Mandatory Convertible Bonds to shares

15th Jul 2019 Press Release

Abu Dhabi National Insurance Company (ADNIC), one of the leading

regional multi-line insurance providers both for corporates and individuals, has
completed the conversion of the Mandatory Convertible Bonds it issued on 15
June 2016 into shares after reaching their three-year term.

Following the conversion on 15 June 2019, ADNIC’s paid up capital
increased to AED 570 million and the total number of ADNIC shares to 570
million.

The 195 million newly converted shares are listed on the Abu Stock
Exchange under the Symbol “ADNIC converted shares 2” and are traded separately
from ADNIC shares (Symbol “ADNIC”).

“ADNIC converted shares 2” will be entitled for dividends related
to ADNIC’s 2019 net profit, subject to approval at ADNIC’s 2020 AGM, on a pro
rata basis from 16 June 2019 until 31 December 2019. Following the conclusion
of ADNIC’s 2020 AGM and the approval of any dividend payments, shares under the
Symbol “ADNIC converted shares 2” will cease and then be added with ADNIC
shares under the Symbol “ADNIC.”