Placement of the Ethos Group of Companies LLC under the CSA Public Companies Authority

President’s Order Number 04/2026

Placement of the Ethos Group of Companies LLC under the CSA Public Companies Authority

President’s Order

• 1.

  Act Number 2/2026 (Public Bonds Companies Act) establishes the CSA Public Companies Authority, and Article 22 (a) of Act Number 2/2026 (Public Bonds Companies Act) provides that a company is placed under the CSA Public Companies Authority by a mandate signed by the President of the Continental Security Agency;

• 2.

  the Ethos Group of Companies LLC is a multipurpose group of companies incorporated under the laws of the State of California, United States of America, and its member companies are incorporated in the United States of America, the Republic of Maldives and the United Arab Emirates;

• 3.

  the Ethos Group of Companies LLC is to become the core public beneficiary company of the Continental Security Agency;

• 4.

  under point 3 (a) of Director’s Order Number 02/2026 (Change of the Titles of the Leadership of the Continental Security Agency), the office that issued Director’s Order Number 01/2026 (Establishment of the Continental Security Agency Gazette) is named The President’s Office, and it may therefore amend that Order under point 36 of that Order;

• 1.

  This Order is the mandate under Article 22 (a) of Act Number 2/2026 (Public Bonds Companies Act) by which the Ethos Group of Companies LLC, incorporated under the laws of the State of California, United States of America (the "Ethos Group"), and its member companies stated in point 4 of this Order are placed under the jurisdiction of the CSA Public Companies Authority as Public Bonds Companies, with effect from the date this Order comes into force.

• 2.

  Overriding their independence, the Ethos Group and its member companies, and all their directors, personnel and members, fall under the jurisdiction, legal powers and executive powers of the CSA Public Companies Authority, in accordance with Article 22 (d) of Act Number 2/2026 (Public Bonds Companies Act).

• 3.

  With regard to the Ethos Group:

  (a)

  its name is changed from "Ethos Group of Companies LLC" to "Ethos Group of Companies CPbc. LLC"; and

  (b)

  it falls under the Business Development industry and the sector of the Department of Economy and Trade.

• 4.

  The member companies of the Ethos Group are stated in the table below. Each of them is a Public Bonds Company under Article 27 (b) of Act Number 2/2026 (Public Bonds Companies Act). From the date this Order comes into force, each member company shall bear the name stated for it in the table, and falls under the industry and the sector of the Department stated for it in the table.

• 5.

  With regard to the shares of the Ethos Group and its member companies:

  (a)

  50% of the shares of the Ethos Group, and 50% of the shares of each of its member companies, are transferred to the Continental Security Agency, in accordance with Article 34 (a) of Act Number 2/2026 (Public Bonds Companies Act);

  (b)

  the Continental Security Agency is the principal shareholder of the Ethos Group and of each of its member companies, in accordance with Article 34 (b) of Act Number 2/2026 (Public Bonds Companies Act);

  (c)

  the rights and powers attached to the shares of the Continental Security Agency under Act Number 2/2026 (Public Bonds Companies Act) are transferred to the Continental Security Agency from the date this Order comes into force, and are exercised by the Shares Representative of the company concerned under Article 39 of Act Number 2/2026 (Public Bonds Companies Act); and

  (d)

  the distribution of the remaining 50% of the shares of the Ethos Group, and of each of its member companies, is at the discretion of the company concerned, which shall notify the CSA Public Companies Authority of the holders of those shares under Article 35 (b) of Act Number 2/2026 (Public Bonds Companies Act).

• 6.

  With regard to the Board of the Ethos Group:

  (a)

  the Ethos Group may have a Chairperson, and this Order is the approval of the President of the Continental Security Agency for that purpose under Article 38 (a) of Act Number 2/2026 (Public Bonds Companies Act);

  (b)

  the Board of the Ethos Group is appointed by the President of the Continental Security Agency, and the Ethos Group may not appoint its own Board under Article 46 of Act Number 2/2026 (Public Bonds Companies Act); and

  (c)

  the Board of Directors of the Ethos Group are the Chief Executive Officers of its member companies and other directors upon appointment.

• 7.

  The following persons are appointed to the Board of the Ethos Group, with effect from the date this Order comes into force:

• 8.

  Until the President of the Continental Security Agency appoints the Boards of the member companies of the Ethos Group, the current directors of each member company remain in office and shall prepare the company for transition, in accordance with Article 47 of Act Number 2/2026 (Public Bonds Companies Act).

• 9.

  The Ethos Group and each of its member companies shall apply to the CSA Public Companies Authority for a Public Bonds Company License under Article 28 of Act Number 2/2026 (Public Bonds Companies Act).