Investment Account Opening Agreement

• The Company / Blomal Financial: Refers to Blomal Financial Company, Commercial Registration No. (4030443697), a fintech company licensed by the Capital Market Authority (CMA) pursuant to a decision of the CMA Board dated 01/09/2024, for the purpose of establishing and operating a platform for the distribution of units of investment funds and real estate investment funds, established in the Kingdom of Saudi Arabia and whose units are offered publicly or privately. Its headquarters is located in Jeddah.
• Platform: The electronic system or application owned and operated by Blomal Financial, which enables users to access investment products, carry out investment transactions and manage accounts online.
• Authority / Licensor / Regulator: All refer to the Capital Market Authority of the Kingdom of Saudi Arabia, the regulatory body that grants licenses and monitors the compliance of financial institutions with regulations and laws.
• Client: Any natural or legal person (such as companies and institutions) who uses the platform’s services and agrees to the terms and conditions of this agreement after completing the registration process.
• Investment Products: Include investment funds and real estate investment funds, which provide investors the opportunity to invest individually or collectively. These products are managed by entities licensed by the CMA and are displayed on the platform with full disclosure of all related documents, risks and fees.
• Investment Fund: A collective investment programme designed to provide investors in it the opportunity to participate jointly in the programme’s profits. It is managed by a licensed fund manager who charges specified fees for management services.
• Fund Manager: A financial institution licensed by the CMA that manages an investment fund or a real estate investment fund and oversees its operations. Responsibilities include offering fund units in accordance with the Investment Funds Regulations, the Real Estate Investment Funds Regulations and the rules governing Special Purpose Entities.
• Fund Operator: The licensed fund manager authorized to carry out investment management and to operate funds, or a financial institution appointed pursuant to Article 8(b) of the Investment Funds Regulations to manage and operate investment funds.
• Custodian: A person licensed by the CMA under the Financial Market Institutions Regulations to provide custody services for securities.
• Fund Terms and Conditions: Contracts containing all data and provisions required under the Investment Funds Regulations and Real Estate Investment Funds Regulations, signed between the fund manager and the holders of investment units.
• Portfolio: An investment account created on the Blomal Financial platform in the client’s name, encompassing all of their investment transactions, including purchases and sales of investment fund units.
• Virtual Account: A virtual bank account created by the Blomal Financial platform for the client at Arab Bank once the registration procedures are completed. This account is used to enable the client to manage their investments through the platform securely and efficiently.

Blomal Financial is a licensed electronic platform from the CMA that aims to enable individual and institutional investors to access investment opportunities in licensed investment funds and real estate investment funds. The platform aggregates funds from a group of investors (“platform clients”) in order to provide the necessary financing for the available investment funds, allowing them to participate in potential returns according to their investment objectives and levels of risk tolerance.

The platform provides integrated services, including:

• Access to investment products: Enabling clients to view and purchase units of various investment funds.
• Account and portfolio management: An investment portfolio is opened for each client, allowing them to monitor the performance of their investments.
• Disclosure and transparency: The platform commits to providing periodic reports and updates on investment performance and any changes that may occur in investment strategies or fund fees.

• Role of Blomal Financial as a distributor of investment units: The Blomal Financial platform acts as a distributor of investment units issued by licensed investment funds established in the Kingdom of Saudi Arabia, whether offered publicly or privately. This is done in accordance with the regulations issued by the CMA, whereby the platform displays units of these funds for its clients to invest in. All investment units are registered in the client’s (subscriber’s) name with the fund manager, guaranteeing the exercise of their rights as a unit holder in accordance with the relevant implementing regulations.
• Contractual relationship with the fund manager: Once an investment transaction is completed through the platform, a contractual relationship is created between the fund manager and the investor. This relationship includes the fund manager’s obligations to the investor with respect to managing their investment and providing information regarding the fund’s performance and management.
• Investor rights to obtain the fund’s Terms and Conditions: The client, as a holder of investment units, has the right to receive from the fund manager an Arabic-language copy of the fund’s Terms and Conditions. This document contains details related to investment policies, fees, risks and any other binding conditions or requirements.
• Disclaimer regarding the Blomal Financial platform: The client acknowledges that Blomal Financial operates solely as a distribution intermediary and does not bear any responsibility relating to the management of the fund or its investments. The platform’s responsibilities are limited to facilitating investment transactions and providing the client with available information.

The client acknowledges and understands that investing in opportunities presented through the Blomal Financial platform carries multiple risks that may affect the value of the invested capital. General risks include, without limitation:

• Capital loss risk: Some investment opportunities offered on the platform may involve high risks that could result in the loss of part or all of the invested capital. The client should be aware of these risks and take them into account before making any investment decision.
• Differences in investment durations: Investment opportunities vary in terms of duration, ranging from short-term to long-term. The client must ensure they fully understand the expected investment time horizon and its impact on their investment strategy.
• No guarantees: Blomal Financial provides no guarantees regarding returns or capital protection for the investment opportunities offered. All potential returns are subject to the fund’s performance and market conditions.
• Disclaimer regarding fund managers’ conduct: Blomal Financial bears no responsibility for any misconduct, breach or non-compliance with any regulatory requirements or CMA regulations by fund managers, fund boards or any parties related to the funds displayed on the platform. Responsibility for compliance with these regulations rests with the fund managers and those supervising them.
• Regulatory risks: Investment funds may be subject to regulations and rules that may change from time to time. Such changes may directly affect fund investments, and the client should be aware of and consider these risks.

The user acknowledges that they have the legal capacity to use the services of the Blomal Financial platform and that they agree to the terms and conditions set forth here. However, the platform may not be used or these terms and conditions accepted in the following cases:

• Lack of legal capacity: If the user does not have the legally recognized capacity to invest under the laws of the Kingdom of Saudi Arabia, whether due to age, legal guardianship or any other restrictions that prevent them from making independent investment decisions.
• Legal or regulatory prohibition: If the user is prohibited from investing under any laws or regulations in force in the Kingdom of Saudi Arabia, such as cases where regulations stipulate that individuals listed on certain sanctions lists are prevented from investing or participating in investment activities.
• Compliance with CMA regulations: The user undertakes to ensure that they meet all eligibility requirements in accordance with CMA regulations, including providing the documents and evidence required to prove their eligibility when requested by the platform.

• Acceptance of terms and conditions: Upon registering on the Blomal Financial platform, the user acknowledges their acceptance of all the platform’s terms and conditions, privacy policies and other policies.
• Eligibility for registration: The user must have sufficient legal capacity to register on the platform, in accordance with the laws and regulations of the Kingdom of Saudi Arabia.
• Opening an account on one’s own behalf: The client may open an account on the platform only in their personal capacity, and registrations on behalf of other parties such as agents or guardians are not permitted.
• Prohibition on registering minors: Minors may not invest through the platform, and users must be over the legal age permitted to carry out investment transactions.
• Responsibility for providing correct data: The user bears full responsibility for providing all required data during registration and ensuring its accuracy throughout their use of the platform.
• Providing additional verification information: The user must provide any additional information that Blomal Financial may request to prove their identity or verify the accuracy of the registered data.
• Updating personal data: The user must update their data immediately if any changes occur, and they bear responsibility for the accuracy and reliability of their data.
• Verification of information by third parties: Blomal Financial, or any third party contracted by it, reserves the right to take the necessary measures to verify the accuracy and correctness of the information provided by the user.
• Maintaining the confidentiality of login data: The user is obliged to maintain the confidentiality of their username and password. Blomal Financial is not responsible for any unauthorized access resulting from the user’s negligence in maintaining the confidentiality of their login data. The user must immediately notify the platform if they become aware of any disclosure, loss, theft or unauthorized use.
• Responsibility for electronically sent documents: The user bears full responsibility for all documents they send electronically on their own and confirms their authenticity.
• Communication for service provision: Blomal Financial may need to contact the user to complete certain services or perform necessary procedures. The contact details recorded by the user (mobile number, email) will be used for this purpose.

• Responsibility for fund managers’ conduct: Blomal Financial is not responsible for any misconduct or non-compliance with CMA regulations or other regulations by fund managers, fund boards or any parties related to the funds displayed on the platform. Legal and regulatory responsibility lies with fund managers and the institutions responsible for managing them.
• Disclaimer of financial losses: Blomal Financial bears no responsibility for financial losses that the user may incur as a result of using the platform, including but not limited to:
  • Loss of profits: There may be a decrease in the value of investments, or the expected returns may not be realized due to market fluctuations or other factors outside the platform’s control.
  • Loss of the entire investment amount: Investing in funds offered on the platform carries the risk of losing all invested capital; Blomal Financial does not guarantee reimbursement for such losses.
• No guarantees regarding services: Blomal Financial makes no express or implied warranties concerning the quality or effectiveness of its services, including but not limited to:
  • Suitability of services to meet the user’s requirements: The platform does not guarantee that the portfolio services and payment services available through the platform will meet all of the user’s needs or expectations.
  • Service continuity and reliability: The platform does not guarantee that portfolio and other payment services will operate without interruption or errors. Services may be temporarily interrupted or slowed down due to technical or operational reasons.
• No investment advice: Blomal Financial does not provide any advice or recommendation to invest in the investment opportunities; its role is limited to listing the available opportunities.
• Employees’ actions: None of the company’s personnel are entitled to recommend or encourage investment in a particular fund. Should such an action occur, it is considered an individual act for which the company assumes no responsibility.

• Creation of the investment account: An investment account is created in the client’s name through the Blomal Financial platform, encompassing all investment activities related to the purchase and sale of units of investment and real estate investment funds.
• Depositing funds in a bank account and client’s consent: The client acknowledges and agrees that, in accordance with CMA regulations, Blomal Financial (and its affiliate Blomal Financial, where applicable) retains the right to deposit the client’s funds in a bank account at a local bank that generates returns for the company, without any obligation on the client. The client’s signature on this agreement constitutes explicit written consent to this procedure, provided that the funds are used in accordance with applicable regulations, including client money rules and the relevant regulatory provisions.
• Withdrawal processing times: Blomal Financial commits to transferring funds to the client’s personal bank accounts within 24 business hours (business days). The actual time required to complete the process depends on banking regulations in the Kingdom of Saudi Arabia.

Upon completion of the registration procedures on the Blomal Financial platform, the company opens a virtual bank account for the client at Arab Bank. This account is used exclusively to deposit the funds the client wishes to invest in their portfolio on the platform.

The client may easily transfer funds between their personal bank account linked to the platform and their virtual account to manage the funds required for investments via the platform. The client acknowledges that the virtual account is not a conventional bank account and does not provide banking services such as cash withdrawals or cheques.

Using the virtual account, the client may:

• Top up the wallet: The client can deposit money into the virtual account to enable investing in opportunities available on the platform, facilitating activation of the portfolio and investment.
• Subscribe to funds: The client can subscribe to investment funds offered on the platform using the balance in their virtual account.
• Withdraw the balance: The virtual account allows the client to transfer funds to their personal bank account registered with the platform at any time, through their dashboard.

• Account opening: Blomal Financial does not charge any fees for opening an account on the platform. Fees are charged only upon the start of actual investment in available opportunities.
• Subscription fees: Blomal Financial charges a subscription fee not exceeding 2% of the value of the individual’s investment. Value-added tax (VAT) is excluded from this percentage and is calculated and added separately in accordance with regulations.
• Additional commissions: Blomal Financial may receive additional commissions from fund managers in return for distribution services or client relationship management. These commissions are paid from the fund manager’s own resources and do not impose any additional costs on the client.
• Disclosure of costs: Blomal Financial is committed to fully disclosing any fees or commissions applied to ensure that the client is aware of all costs associated with the platform’s services.

• Imposing restrictions on accounts and portfolios: Blomal Financial reserves the right to impose restrictions on the use of the account or portfolio or transactions conducted through them without prior notice, as it deems appropriate to ensure compliance with regulations and laws. Such restrictions may include, but are not limited to:
  • Limiting the number of financial transactions permitted within a specific time period.
  • Setting limits on the amounts that may be deposited into the account within a given period.
• Freezing investment accounts: Blomal Financial has the right to freeze investment accounts upon the request of the CMA or a competent judicial authority, based on a request submitted to the CMA. Freezes are carried out in accordance with the instructions issued by the competent authorities and in accordance with applicable laws.
• Taking preventive measures: The platform has the right to take any additional precautionary measures it deems necessary to protect the investment system from any unauthorised or non-compliant activity with the platform’s instructions or the applicable regulations.

• Access to complete information about investment opportunities: You have the right to access all information related to the investment opportunities posted on the platform through the terms and conditions of each investment opportunity. This information includes all details that help you make an informed investment decision.
• Availability of reports from fund managers: Blomal Financial enables you to access reports related to the funds, which are prepared by fund managers in accordance with regulatory requirements. These reports are made available through the platform as soon as they are received from the fund managers.
• Deposit of due amounts: If amounts become due to you from your investments, Blomal Financial deposits them into your virtual IBAN account on the platform once received from the fund manager. You have the right to transfer these amounts to your personal bank account registered on the platform or use them to reinvest in any available investment opportunity.
• Filing complaints and grievances: You have the right to file any complaint or grievance through the communication channels available on the platform’s official website. Complaints and grievances are dealt with seriously and resolved as quickly as possible to ensure that your inquiries and needs are met.
• Knowing and monitoring your investment details: You can access all information about your investments through your dashboard, including investment status, progress, periodic valuations and liquidation or exit announcements when available.
• Voting and notification of material changes: In the event of a material change in the fund’s board of directors or in the fund’s Terms and Conditions, you have the right to vote on this change. A summary of the change will be sent to your account via your dashboard, within the period specified in the Investment Funds Regulations and Real Estate Investment Funds Regulations or as provided for in the fund’s terms and conditions.

• Reviewing terms and conditions: You must read and understand the terms and conditions of the offered investment opportunity carefully before making any investment decision to purchase units in any opportunity through the platform.
• Intellectual property rights: All logos and trademarks on the platform are registered and protected by law. Any infringement or misuse of these marks may expose you to legal liability.
• Non-refundable investment in closed-ended funds: Once you have paid the investment amount through the platform to purchase units in a closed-ended fund on offer, this amount becomes non-refundable, except upon liquidation of the fund in accordance with the fund’s terms and conditions.
• Subscriptions and redemptions in open-ended funds: The client has the right to subscribe to units of open-ended funds listed on the Blomal Financial platform in accordance with each fund’s Terms and Conditions, and requests are processed electronically through the platform.
  • Units are calculated based on the Net Asset Value (NAV) on the pricing date specified in the fund’s Terms and Conditions.
  • Subscription and redemption requests must be submitted on dealing days before the announced cut-off time, and the transactions are executed in the next available pricing cycle.
  • Blomal Financial undertakes to transfer redemption amounts to the client’s personal bank account after receipt from the fund manager within the specified time limits.
• Protecting login data: You are responsible for all activities conducted through your account on the platform; you must take adequate steps to protect the confidentiality of your username and password. You must notify the platform immediately if you become aware of any disclosure, loss, theft or unauthorized use.
• Opening a virtual account: By registering on the platform, you authorize Blomal Financial to open a virtual account in your name at Arab Bank for the purpose of managing your investments securely through the platform.
• Reviewing the privacy and disclosure policies: You must read and agree to the privacy policy and disclosure policy before registering on the platform and using its services.

The client declares that:

• Eligibility for registration and use: They have the legal capacity to register for and use the portfolio services in accordance with the applicable laws and regulations.
• Accuracy of personal information: The name provided during registration is their real name or the trade name registered with the Ministry of Commerce.
• Personal use of the account: They will not use the portfolio on behalf of any other natural or legal person; the account is intended for their personal use only.
• Compliance with laws and regulations: They will adhere to all laws and regulations in force in the Kingdom of Saudi Arabia and acknowledge keeping up to date with them.
• Refraining from using services unlawfully: They will not use the portfolio services for any fraudulent activity or in a manner that could disrupt or negatively affect the platform’s services.
• Not subject to any sanctions lists: They are not listed on any list of prohibited or restricted parties and are not under the control of any sanctioned party, including lists issued by the United Nations Security Council, the US Government (such as the Specially Designated Nationals and Blocked Persons List, Foreign Sanctions Evaders List and Entity List), the European Union or any relevant governmental authorities.
• Correctness of KYC and self-certification information: They certify that the information provided in the Know Your Customer (KYC) form and the Self-Certification for tax residency for residents subject to tax is valid, correct and complete.

• They acknowledge that the company will rely on the information contained in these forms and will update their data and information if any change occurs. If the client does not update the data and fails to provide an updated and valid copy of their identity and documents within six months of their expiry, the company will freeze the account for twelve months and then close the account without notice.
• They declare and undertake that all information and data contained in this Investment Account Opening Agreement are correct and accurate and are their responsibility. The company may rely on them, and the client thereby authorizes the company to execute financial and investment transactions on the investment account indicated at the beginning of this agreement upon their request, if any.
• The client also agrees to provide the company and its authorized representative with updated identification and commercial registration information upon expiry, with a maximum of three years from the account opening date or the last update, and agrees that the company has the right to freeze the account upon expiry of these documents and halt all transactions until certified copies of the renewed documents are received.
• They confirm that under no circumstances shall the company, its employees or its contractors be liable for any direct, indirect, incidental, special or consequential damages that may arise in any way from reliance on the information the client has provided.
• They declare that they have completed this form without advice or assistance from the company and acknowledge that providing incorrect information, concealing relevant information or providing misleading information may lead to rejection of the application and/or other actions.
• They acknowledge that the company will rely on the information contained in this form; if there is any change in tax status, they will provide written notice to the company indicating that the current form is cancelled and provide an updated form.
• They acknowledge that they have received and understood their suitability and risk report and the products offered by the company that will be invested in, and they confirm their desire to act upon it and assume any responsibility and risks arising from this report. They also acknowledge having received full advice regarding their investment situation and the appropriateness of the offered products.
• We/I release the company from its obligation to maintain confidentiality and give the company the freedom to disclose – when required by law or at the request of the authorities – any information relating to my/our account without any prior consent from me/us, to the courts or regulatory or other authorities in the Kingdom of Saudi Arabia, in my/our country of residence, or in the country where this account is maintained in its currency or through which it passes, or to any other regulatory or tax authorities or other authorities in the local jurisdiction and elsewhere.

Blomal Financial is committed to providing the necessary support to clients by receiving and processing complaints quickly and effectively.

Complaints can be submitted through any of the following official channels:

• Platform X account: Via the official platform account: @Blomal_sa.
• In-platform complaints icon: A complaint form is available through the complaints icon integrated in the platform.
• Website and application messages: You can send complaints through the messages feature available on both the application and the website.