Offer Due Diligence — The Capital Admin

15-Item App. 8.0 Due Diligence Checklist

Issuer eligibility confirmed — approved Eligible Offer Issuer Legal form verified — LLC / Closed Shareholding / Partnership Paid-up capital ≥ KWD 50,000 confirmed CMA-registered auditor confirmed Audited IFRS financial statements present and reviewed Subscription Agent identity confirmed — CMA licensed Feasibility study prepared by Licensed Person — verified Payment schedule present and approved by Licensed Person Asset valuation report — Licensed Valuator — for real estate offers SPV contracts reviewed — First Business Model only Use of proceeds reviewed — no prohibited uses Conflict of interest declaration reviewed All 20 Art. 2-3-4 offer document items verified (see checklist) CMA disclaimer hardcoded on offer page — confirmed SA structural readiness for independent bank account confirmed

Documents

✓ Feasibility Study

✓ Payment Schedule

✓ Valuation Report

✓ Audited Financials

✓ SPV Contracts

⏳ Conflict of Interest

Approval Workflow — 3 Steps

Submit to CMA Authority

Triggers the 5-Business-Day notification period. Offer cannot go live until this elapses with no objection.

Instruct Subscription Agent — Open Bank Account

Art. 2-3-21: After the 5-BD period elapses with no CMA objection, formally instruct the SA to open the independent subscription bank account in the name of this offer.

SA: Al-Faris Subscription Agent · Account name: Hessa Tower II — TC-OFFER-2026-003 · Target: KWD 600,000 · Period: 1 May – 31 May 2026

Approve for Listing

Final approval. Confirms SA bank account is open and ready. Offer is published and available to investors.

📊

Offer Summary

OfferHessa Tower II

IssuerKuwait RE Holding

TypeReal Estate · SPV

TargetKWD 600,000

Period1 May – 31 May 2026

SAAl-Faris SA · CMA ✓

ModelFirst (SPV)

Authority submittedNot yet

⏱️

5-BD Authority Clock

Not Started

Submit to Authority to begin