RED SEA HOUSING’S SUBSIDIARY SIGNS CAMP CONSTRUCTION FOR AUSTRALIAN GOVERNMENT

Red Sea Housing Services Company Announces that Red Sea Housing Services Company Pty Ltd (an Australian Subsidiary) has signed a contract with the Australian Government-Department of Immigration and Citizenship in the amount of USD 35 million (SAR 131,250,000) on Friday 30/08/2013 corresponding to 23/10/1434. The contract involves the construction of a housing camp with the capacity to accommodate up to 430 tenants, and provide for accommodations and amenity facilities along with associated infrastructure and services. The camp will be located at Manus Island Temporary Regional Processing Center, Lombrum Naval Base, Papua New Guinea. The project shall be finalized within 70 days from the contract signing date. The financial impact of this agreement will be reflected on the financial results starting from the Third Quarter of this year. The project will be financed through existing cash flows and will be bonded by Bank Guarantees.