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[11200.T06] Independence and Ethical Requirements Confirmation

Literature: ISA 200, ISA 220 AND DPM 3320

BACKGROUND

The members of each assurance engagement team should complete this Independence and Ethical
Requirements Confirmation form prior to commencement of the audit to ensure threats to independence are
identified timely and addressed appropriately.

The evaluation of threats to independence and subsequent action should be supported by evidence obtained
before accepting the Assurance Engagement and while it is being performed.(DPM 3320)

Written confirmation may be in paper or electronic form. By obtaining confirmation and taking appropriate
action on information indicating non-compliance, the firm demonstrates the importance that it attaches to
independence and makes the issue current for, and visible to, its personnel. (ISQC1)

This confirmation could therefore be provided to engagement team members in a manual format and a request
for their signature or in an electronic format, with an electronic independence and ethical requirements
confirmation.
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COMMERCIAL REAL ESTATE COMPANY K.P.S.C

INDEPENDENCE AND ETHICAL REQUIREMENTS CONFIRMATION

Independence and Ethical Requirements Confirmation for engagement teams auditing clients that
are not SEC restricted entities

To be completed at the engagement planning stage by each professional staff member, including
partner and manager as well as team members from other business units and specialists (i.e. tax,
IT auditors, valuation specialists, EQAR reviewers assigned to the engagement).

To Deloitte & Touche,

Independence

I confirm that I am in compliance with the applicable independence rules with respect to Commercial Real
Estate Company K.S.C.P and all of its related entities and that I have read and understand the independence
rules, including the rules specified below:

1. I or my immediate family members (spouse, spousal equivalent, and dependents) do not have a direct
or material indirect financial interest in this audit client or any related entity.

2. I or my immediate family members will not trade in securities of this client or any related entity for the
duration of the engagement, which starts at the beginning of the entity’s fiscal year and ends when the
audit report for the year has been signed.

3. I or my immediate family members have not served as a trustee or as an executor over any interest that
has or is committed to acquire a direct or material indirect financial interest in this audit client or any
related entity.

4. I or my immediate family members are not the beneficiaries of any estate or trust which has a direct
financial interest in this audit client or any related entity.

5. I or my immediate family members do not have a financial interest in any entity in which the audit client
or any related entity also has a financial interest with significant influence.

6. I or my immediate family members do not have any loans or guarantees to or from this audit client, any
related entity or any significant shareholder, officer or director thereof (none of which are financial
institutions).

7. I or my immediate family members do not have any loans, other than those extended under normal
lending procedures and within the ordinary course of business with this audit client or any related entity
or any significant shareholder, officer or director thereof (which is a financial institution).

8. I or my immediate family members do not have any bank deposits or accounts, brokerage accounts or
insurance arrangements with this client or any related entity other than under normal commercial terms.

9. I or my immediate family members do not have a material financial interest in a joint venture, closely
held business investment or business relationship (or commitment to do so) with the client or any
related entity or any officer, director or other individual who performs senior managerial functions for
this client thereof.

10. I do not have a close personal relationship with a director, officer or any employee of the client or
related entity that is in a position to exert direct and significant influence over the financial statements.
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11. No close family member (Note 1) is a director, officer or is in a position to exert direct and significant
influence over the financial statements of this client or any related entity, or was employed in such a
role during the financial period covered by the audit report.

12. I was not employed by this client or any related entity at any point during the audit or the financial
period covered by the audit report.
Ethical requirements

1. I subscribe to the Firm’s Ethical Principles and I conduct myself in an ethical manner on a daily basis.
Refer to Deloitte Resources for a for a summary of:
         Ethical Principles:
https://global.deloitteresources.com/Quality/glbethics/Pages/the-principles.aspx
         Deloitte Code of Conduct:
https://www.deloitteresources.com/dttCDAAttachments/codeofethics2008update.pdf

1. I have communicated all conflicts with or threats to the Firm’s Ethical Principals and Code of Conduct to
the audit engagement partner.

2. I have communicated all threats relating to independence or conflict of interest as defined in the IFAC
Code of Ethics for Professional Accountants to the relevant audit engagement partner. [For further detail
on threats to independence refer to DPM 3320.8-14]

Note 1: Close family member includes any immediate family member, a parent, sibling or non-
dependent child of a person.