<div><br /></div><div style="text-align: justify;">Kelly Slater Wave Company (KSWC), an innovative wave technology and surf experience company, is licensing its world-class technology to Surf Abu Dhabi, a one-of-a-kind wave facility in Abu Dhabi owned and operated by Modon Properties, Abu Dhabi. In the midst of a rising passion for water sports around the world, KSWC aims to bring the stoke of surfing to a new frontier.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">Located in Hudayriyat Island in Abu Dhabi, an international city with a vibrant and diverse community, Surf Abu Dhabi will serve as the world’s premier surfing destination and experience for everyone – from beginners to enthusiasts. Utilizing KSWC’s proprietary technology, the wave facility will deliver the perfect, barreling wave every time.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">“When we opened the first wave, the mystery it created and excitement that ensued was something I’m not sure many have experienced,” said Kelly Slater, 11-time World Surf League Champion and founder of KSWC. “Surfing reaches people in all corners of the globe and I’m always surprised with who gravitates towards this world. Having a KSWC wave in Abu Dhabi is something I’ve never dreamt would happen but here it is. Unbelievable. While not many would have predicted the location for the project there are great synergies with Abu Dhabi and like KSWC they are always innovating and ahead of the curve. This is gonna be a lot of fun for so many people.”</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">Jeff Fleeher, President of Kelly Slater Wave Company, said, “As a global hub for tourism, sport, and business, with diverse peoples and cultures, Abu Dhabi is the perfect place for us to showcase KSWC’s unmatched wave technology and surf experience. We’re fortunate to work with Modon and join Hudayriyat Island’s incredible ecosystem of sport and recreation to foster new participation and enthusiasm for surfing in the Middle East.”</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">Bill O’Regan, CEO of Modon, said: “At Modon, our role is to support the growth of Abu Dhabi’s ambitions and sports asset development strategy which is contributing towards a legacy of sporting excellence.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">“As the world’s premier man-made surf experience, Surf Abu Dhabi is specified to host major international surf competitions. It is a high-performance destination that will offer world-class surfers the perfect conditions to train or compete, while also growing the region’s surfing community, and inspiring wider society to embrace a healthy new activity.”</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">Construction of Surf Abu Dhabi is expected to be completed by December 2023.</div>