#1Investor Presentation MAY 2022 كيبكو KIPCO شركة مشاريع الكويت القابضة) Kuwait Projects Company (Holding)#2DISCLAIMER This presentation is not an offer or invitation to subscribe to or purchase any securities. No warranty is given as to the accuracy or completeness of the information in this presentation. You must make your own independent investigation and appraisal of the business and financial condition of KIPCO. Nothing in this presentation shall form the basis of any contract or commitment whatsoever. This presentation is furnished to you solely for your information. You may not reproduce it to redistribute to any other person. This presentation contains forward looking statements. These statements may be identified by such words as "may"," plans"," expects"," and similar expressions, or by their context. These statements are made on the basis of current knowledge and assumptions. Various factors could cause future results, performance or events to differ materially from those described in these statements. No obligation is assumed to update any forward-looking statements. By participating in this presentation or by accepting any copy of the slides presented, you agree to be bound by the forgoing limitations. Note: Exchange rate of USD/KD of 0.30390 has been used in the presentation for financial numbers Kuwait Projects Company (Holding) - Investor Presentation | 2#3OVERVIEW#4A DIVERSIFIED COMPANY WITH DEEP REGIONAL EXPERTISE & ROOTS WE ARE Operating holding company with total assets of US$34.9bn¹ Majority owned by ruling family of Kuwait GEOGRAPHY كيبكو KIPCO شركة مشاريع الكويت القابضة) Kuwait Projects Company (Holding) Middle East and North Africa (MENA) 8 SECTORS Primarily financial services & media TRACK RECORD 30 years of reported profits ■ 20 years of dividends RETURNS ~11% total shareholder return since 1996³ A transparent company with an experienced management team Listed on Kuwait Stock Exchange with a market cap of ~US$1.5bn² Credit ratings: Moody's: Ba2 S&P: BB- Gateway to MENA with superior access to opportunities 1As on 31 March 2022 2 As of 12 May 2022 3 Including dividends, bonus issue, rights issue and other corporate action adjustments between 31-Dec-1996 to 31-Mar-2022 Kuwait Projects Company (Holding) - Investor Presentation | 4#5OUR PRESENCE BY GEOGRAPHIES & SECTORS COMMERCIAL BANKING INSURANCE MEDIA REAL ESTATE AMIB 3 INDUSTRIAL OTHERS REVENUE¹ Kuwait 43% Bahrain KSA UAE 5% 4% 4% Qatar 1% Jordan 14% Turkey 13% Egypt 7% Algeria 6% Iraq 0.1% Malta 2% Tunisia 1% Others 0% Revenue² 36% 40% 7% 7% 6% 3% 0.1% Assets² 69% 10% 3% 7% 7% 2% 2% High growth economies and promising sectors Note: 1. As per total revenue of US$3.2bn in 2021; 2. Revenue of US$1.0bn in Q1'2022 and total assets of US$43.7bn as on March 31, 2022, based on reported segmental revenue (before inter group eliminations) and consolidation of 100% of GIG; 3. AMIB = Asset management & investment banking Kuwait Projects Company (Holding) - Investor Presentation | 5#6CORE HOLDINGS Conventional bank in Kuwait¹ #2 Insurer in Kuwait, Bahrain³, Jordan³ & Egypt4 Among top three insurance companies in MENA region MARKET LEADERS IN THEIR SPACE بنك برقان BURGAN BANK #1 gig Listed real estate player on Boursa Kuwait¹ #4 1 In terms of assets 2 By Gross premium written (GPW) and Direct premiums 3 By GPW 4 By technical profit among private sector players الخلية المسامين شركة المطارات المتحدة مع osn شركة الخليج المتعد الثانية. Unced Guf Holding Company KAMCO INVEST United Real Estate Co شركة الصناعات المتحدة United Industries Company Leading entertainment company in MENA region with 1.5mn subscribers Asset Manager in Kuwait with #1 highest AuM Owns investments across petrochemicals, food and healthcare sectors Investing in companies which have potential to be market leaders Kuwait Projects Company (Holding) - Investor Presentation | 6#7CONTROLLING OR MAJORITY STAKES بنك برقان BURGAN BANK gig osn KAMCO مجموعة الصفية UGH INVEST chi شركة العقارات المتحدة و United Real Estate Co Group Effective Stakes¹ 62.0% 45.9% 69.8% 90.5% 56.2%³ 73.6% Board Representation 8 of 11 4 of 104 3 of 75 5 of 8 4 of 5 5 of 7 Market Cap (USDmn)² 2,904 984 Unlisted 1,446 151 290 S&P: BBB+/A2 Credit Moody's: S&P: A Moody's: A3 Unrated Ratings Baa1/P2 CI: BBB (UGB) CI: BBB Cl: BBB- AM Best: A Fitch: A Commercial Banking Insurance Media Asset Management & Investment Banking (AMIB) Real Estate Notes: 1 Effective stakes given are as of 31 March 2022 Ability to actively control or influence key decisions of operating entities 2 Market capitalization as of 12 May 2022 (Source: Bloomberg for market price) 3 Stake in KAMCO Invest is held through UGH 4 GIG has 10 board members - 4 from KIPCO, 3 from Fairfax and 3 independent directors 5 OSN has 7 board members - 3 from KIPCO, 1 from Mawarid and 3 independent directors Kuwait Projects Company (Holding) - Investor Presentation | 7 Cl Capital Intelligence#8OUR STRATEGY Building Businesses MENA Regional outlook BEING FIRST IN THE REGION Thought leadership TARGET DOUBLE DIGIT ROE Investing in engines of growth BALANCED PORTFOLIO Mo Diversified revenue streams TEAM APPROACH Strong managerial expertise Invest in companies with sustainable and predictable cashflows Kuwait Projects Company (Holding) - Investor Presentation | 8#9ACTIVE MANAGEMENT BUSINESSES PARAMETERS THEN¹ NOW (Q1'2022) KIPCO SUPPORT & ACTION بنك برقان BURGAN BANK Total Assets $3.8Bn $24.3Bn Transformed from a local player to regional player Focused on growth with prudent loan underwriting gig Q السليق Catalaie Transformed from a local player to regional player Rank# #3 of 5 #1 of 42 Among top 3 insurance companies in MENA region (by GPW) Partnered with Fairfax & acquired Axa's gulf operations to strengthen operations & enhance growth Consolidated market in 2009, rebranded as OSN osn Sub. Base KAMCO INVEST ~1.5Mn Partnered with major Telcos in the region Market leadership with access to premium content Spun-off AM/IB division to separate client funds from KIPCO funds AUM $0.7Bn $16.0Bn Streamlined operation in 2012 to focus on core business Merged with Global Investment House in November 2019 Operations across the Middle East region شركة العقارات المتحدة URLC Total Assets $293Mn $2.0Bn United Real Estate Co Presence across retail, hospitality, residential and office sector and ancillary services like facilities and construction management Number of success stories demonstrating consistent track record of value creation 1 Year of incorporation/acquiring substantial stake i.e. 1997, 1997, 1996, 2000, 1994 (in order of businesses listed) #Represents rank in Kuwait Kuwait Projects Company (Holding) - Investor Presentation | 9#10CONTINUOUS DIVIDENDS US$1.8bn cash dividends since 2002 10.3 10.1 8.7 30 8.2 7.9 6.6 5.1 5.8 5.0 4.6 4.3 3.6 3.5 3.2 3.0 3.1 8 8 8 8 7 7 7 7 17 5.2 4.6 5.9 13 4.5 8 6 5 LO 3 4 3 3 2 2 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Cents Per share Dividend Yield (%) 20 years of continuous dividend payments and ~6% average dividend yield كيبكو KIPCO شركة مشاريع الكويت القابضة) Kuwait Projects Company (Holding) B Note: In addition to the above cash dividend, paid stock dividend in 2007 (10%), 2009 (5%), 2010 (5%), 2011 (5% ), 2012 (5% ), 2013 (5%) and 2017 (5%) Dividend yield is computed as (Dividend paid for the year/ Closing share price of the year) Kuwait Projects Company (Holding) - Investor Presentation | 10#11RECENT UPDATES#12Shafafiyah Forum 2022 Shafafiyah forum key highlights: 2021 was the year of recovery for Group companies post-Covid KIPCO looks to 2022 as the year of transformation Under guidance from the Board of Directors, the management will be formulating a new vision and strategy that will coincide with the merger KIPCO will be ready to embark on a new and more sustainable journey in 2023 Kuwait Projects Company (Holding) - Investor Presentation | 12#13KIPCO-QPIC Merger On March 14, 2022, KIPCO announced reaching a preliminary agreement to merge by amalgamation with Qurain Petrochemical Industries Company (QPIC) The two companies signed a Memorandum of Understanding (MoU) whereby they agreed to assess the merger proposition KIPCO shall be the merging entity and QPIC shall be the merged entity QPIC shareholders will receive KIPCO shares. It will be a non- cash transaction for KIPCO The merger is subject to a detailed process as per Kuwaiti laws and regulations. This includes due diligence, valuation of both entities and fairness opinion by licensed independent advisors, in addition to regulatory approvals and the approval of shareholders in the Extraordinary General Assembly of both parties Kuwait Projects Company (Holding) - Investor Presentation | 13#14PERFORMANCE UPDATE#15BURGAN BANK GROUP • • Business highlights Kuwait based commercial bank with regional presence in seven countries 2nd largest conventional bank in Kuwait in terms of assets (US$24.3bn¹) BBB+ rating from S&P and Baa1 from Moody's, A+ from Capital Intelligence and A from Fitch Key Franchises Name Market Position BURGAN BANK Kuwait #2 conventional bank BURGAN BANK Turkey بنك الخليج الجزائر Effective Assets¹ Stake¹ US$ mn Revenue² US$ mn 100% 18,803 100 Niche player in corporate banking 100% 2,959 37 Gulf Bank Algeria AGE #3 private sector bank in Algeria 86% 2,064 32 32 • Listed on Boursa Kuwait with a market cap of US$2.9bn³ بنك تونس العالمي | TLB Tunis International Bank Leading offshore bank in Tunisia 87% 469 4 . Basel III capital adequacy ratio of 17.0%¹ Loans & Deposits US$ bn Operating Income US$ mn NIM 1.7% 2.1% Prov. 14.5 14.2 14.1 157 173 13.7 73 82 Net Profit Loan Quality US$ mn % 40 67 46 284% 229% 213% 157% 40 2.3% 17 1.6% 75 100 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 2021 Q1 2022 Loans ■Deposits ■Kuwait Regional INPA coverage with collateral بنك برقان 1As on 31 March 2022 2Operating income defined as revenue for Q1'2022 3As of 12 May 2022 BURGAN BANK NPA coverage without collateral INPA to Gross Credit Facilities Kuwait Projects Company (Holding) - Investor Presentation | 15#16BURGAN BANK REGIONAL OPERATIONS 2 Loans US$ bn 2.0 1.9 1.3 1.3 0.0 0.0 3.4 3.2 1.8 1.7 0.2 0.2 Deposits US$ bn 3.8 3.7 11 9 Net Profit US$ bn 19 1.8 1.8 0 (0) 11 (10) (22) AGB TIB BBT Total AGB TIB 2021 Q1 2022 2021 BBT Q1 2022 Total AGB TIB BBT Total Q1 2021 Q1 2022 Net Interest margin % 8.3% 7.2% Cost to Income % ,44% 38% 41% 44% 40% 40% 39% 42% 4.3% 4.6% 2.3% 2.2% 3.2% 2.2% Non-performing Loans % 2.6% 0.3% 6.2% 4.7% AGB TIB BBT Average* AGB TIB BBT Average* AGB TIB BBT Average* Q1 2021 Q1 2022 ■Q1 2021 Q1 2022 ■Q1 2022 بنك برقان BURGAN BANK BoB is classified as Asset held for Sale * Represents weighted average figures using the denominator of respective ratio as weights NPL ratio is as per CBK computation Kuwait Projects Company (Holding) - Investor Presentation | 16#17GULF INSURANCE GROUP • • Business highlights Kuwait-based insurance company with operations in life and non-life as well as Takaful insurance Presence across the MENA region in 13 countries through a network of over 85 branches; market leader in 4 countries A rating from S&P; A3 from Moody's; A from AM Best GIG has successfully completed the acquisition of AXA's Gulf operations in Sep'21 which makes it one of the top three insurance companies in the MENA region Key Franchises Name GIG Gulf and GIG Saudi GIG Kuwait Arab Orient Insurance Arab Misr Insurance Gulf Sigorta Effective Assets¹ Revenue² Market Position Stake¹ US$ mn US$ mn Among Top-5 players in Saudi, UAE and Oman 100% 1,933 200 #1 by GPW in Kuwait 100% 898 90 Bahrain Kuwait Insurance #1 by GPW in Bahrain 56% 472 28 #1 by GPW in Jordan 90% 220 23 #1 by technical profits in Egypt Niche player in Turkey 99% 176 17 99% 162 11 Net Profit US$ mn & ROE % Premium Written US$ mn Combined Ratio % 94% 94% 18% 765 27% 26% 492 393 18 192 66% 68% Q1 2021 20% 32 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Gross Net Loss Ratio Expense Ratio Combined Ratio Return on Equity gig GIG completed acquisition of AXA Gulf on 06 September 2021, post which its results are consolidated in its financials US$4.4 bn total assets on 31 March 2022 2 US$384mn total revenue for the quarter ended 31 March 2022 Kuwait Projects Company (Holding) - Investor Presentation | 17#18osn OSN: OVERVIEW General entertainment platform in MENA, operating across multiple platforms: Over-the-top streaming (OTT) Direct-to-home (DTH) Cable fibre & Internet Protocol television (IPTV) Business - Large commercial setups & hotels Premium content: 68 channels (including 44 HD channels and 19 owned and operated channels) in linear TV 15,000 hours of content on-demand in streaming Exclusive contracts with 4 major Hollywood studios 1st pay window on Pay-tv and SVOD Tailored Arabic language content Licensed to operate in 22 countries, active in 7 core markets Employs ~600 people, 5 retail locations and network of 62 partners Kuwait Projects Company (Holding) - Investor Presentation | 18#19osn OSN: RECENT UPDATES OSN+ rebrand launched on 15th March to host premium international SVOD content from major studios as well as world-class Arabic original content Best in class UI/UX supported by strong analytical capabilities for optimal customer enjoyment OSN Originals: OSN+ is investing in local premium series and features to augment its Arabic content profile Kuwait Projects Company (Holding) - Investor Presentation | 19#20UNITED GULF HOLDING COMPANY Business highlights Bahrain-based financial services group listed on the Bahrain Stock Exchange Key Franchises Name • Activities include asset management, corporate finance advisory and brokerage services . • Merged KAMCO operations with Global Investment House to enhance business proposition and presence Asset base of USD3.4bn¹ 14.4 2021 AuM US$ bn 15.8 Q1 2022 36 Effective Assets¹ Revenue² Market Position Stake¹ US$mn US$mn KAMCO #1 asset management company in Kuwait by AuM 60% 446 30 INVEST BURGAN BANK #2 conventional bank in Kuwait by assets 15% 24,295 173 شركة العقارات المتحدة ٢٢ United Real Estate Co #4 real estate company in Kuwait by assets 10% 1,964 62 62 FIMBANK Niche trade finance player in Malta 79% 1,7883 413 Revenue US$ mn 56 Q1 2021 Q1 2022 Net Profit US$ mn (4) 5 Q1 2021 Q1 2022 شركة الخليج المتحد القابضة شمري UGH United Gulf Holding Company B.S.C. 1 As of 31 March 2022 2 Operating income is defined as revenue for the quarter ending 31 March 2022 3 As of 31 December 2021 Kuwait Projects Company (Holding) - Investor Presentation | 20#21UNITED REAL ESTATE COMPANY • • Business highlights Operations across the Middle East region through a mix of fully- owned properties, subsidiaries and investment arms Presence across retail, hospitality, residential and office sectors Engaged in developing Kuwaiti's first-ever comprehensive mixed-use district - Hessa Al Mubarak District, an urban cluster consisting of retail, office, and resid. components Major real estate player in Kuwait, ranked fourth in real estate sector on Boursa Kuwait in terms of asset size of USD2.0bn¹ Key Franchises Country Name of properties Kuwait KIPCO Tower, Al Shaheed Tower, City Tower, Marina World, Marina Hotel Jordan Abdali Mall Oman Salalah Mall UAE Egypt Lebanon Fujairah Residential Buildings Aswar Villas, Hilton Hotel, Waldorf Astoria Tower, Sharm Al Sheikh Bhamdoun, Raouche 1090 شركة العقارات المتحدة : Operating Income US$ mn 11 Q1 2021 United Real Estate Co 1 As of 31 March 2022 12 2.6% 4 Net Profit US$ mn 3.8% 5 Q1 2022 Q1 2021 Q1 2022 Return on Equity Kuwait Projects Company (Holding) - Investor Presentation | 21#22KIPCO CONSOLIDATED FINANCIAL PERFORMANCE كيبكو KIPCO شركة مشاريع الكويت القابضة) Kuwait Projects Company (Holding) 534 Revenue US$ mn Q1 2021 533 (28) Net Profit US$ mn Q1 2022 Q1 2021 Total Assets US$ bn 33.5 10 Q1 2022 Shareholder's Equity US$ mn 34.9 1,038 2021 Q1 2022 2021 1,023 Q1 2022 Kuwait Projects Company (Holding) - Investor Presentation | 22#23THE WAY FORWARD#24THE MERGER The merger forms a larger investment holding that would rank amongst the largest in the MENA region Balance and diversified portfolio of assets that creates more stable income stream Why Capitalize on operational synergies Ability to pursue opportunities in new sectors and continue to support the growth of the existing portfolio, thereby creating greater value for all shareholders Kuwait Projects Company (Holding) - Investor Presentation | 24#25THE MERGER Petrochemical & oil services EQUATE Olefins -Kuwait KPPC TKSO 1 Kamat TERME COMIC الشركة التقية للمال NAPESCO نابيسكو UOP الشركة المتحدة للمشروعات النقطية United Oil Projects! KIPCO+ Diversified across various sectors Banking Foodstuff AMIB Media Insurance Healthcare Logistics & others Real Estate بنك برقان BURGAN BANK البنك الأردني الكويتي SADAFCO سدافكو KAMCO INVEST on gig شركة الخليج المتحد القابضة في JORDAN KUWAIT BANK *More than just oark" LGH United Guif Helding Company is. FIMBANK Advanced Technology Company شركة التقدم التكنولوجي من علي تعليم JTC شركة العقارات المتحدة URC United Real Estate Co Kuwait Projects Company (Holding) - Investor Presentation | 25#26WHY KIPCO? Compelling strategy Outstanding track record $ Pan MENA Player Transparent Experienced management team Supportive major shareholders 5mn+ customers across the group Embracing digital transformation Kuwait Projects Company (Holding) - Investor Presentation | 26#27THANK YOU كيبكو KIPCO شركة مشاريع الكويت القابضة) Kuwait Projects Company (Holding)#28ANNEXURE 1: OTHER PORTFOLIO COMPANIES#29QURAIN PETROCHEMICAL INDUSTRIES Business highlights • Holding company focusing on opportunities in food, petrochemicals, oil, gas & energy related sectors . Four petrochemical investments in Kuwait: Equate, TKOC, KPPC & TKSC Listed on the Boursa Kuwait, with a market cap of USD1.3bn¹ • KIPCO group through UIC holds 31.7% stake² 761 Revenue US$ mn 2020/21 ارعة العرين مكلف عبد لهيمالايات البديلة QURAIN FEMOCHEMICA. DESC Key Franchises Name Effective Stake Principal Activities Equate Group 6.0% KARO 20.0% SADAFCO 40.7% Manufacturing of Polyethylene, Ethylene Glycol and PET Manufacturing of Paraxylene, Benzene, and Styrene Dairy and food products manufacturer JTC 60.0% NAPESCO 58.9% UOP 52.4% Leasing of equipment and stevedoring operations Support services for drilling and repairing oil wells Trading of chemical products ATC 29.5% Medical equipment suppliers and solution provider Net Income US$ mn 779 48 2021/22 2020/21 75 2021/22 Total Assets US$ bn 2.5 2020/21 2.6 2021/22 Notes: As QPIC's year end is 31st March. The above numbers are for year ending 31st March 2022 1 As of 12 May 2022 2 As of 31 March 2022 Kuwait Projects Company (Holding) - Investor Presentation | 29#30JORDAN KUWAIT BANK Business highlights Operational highlights • Jordan based commercial bank with operations in Jordan, Palestine and Cyprus Branches² • Listed on Amman Stock Exchange with a market capitalization of US$319mn¹ • 7th largest conventional bank in Jordan in terms of asset size of US$4.4bn² Focus on stable and essential sectors like Energy, Industry and Trade and retail and SME segment through expanded distribution network • Capital adequacy ratio of 18.9%2 • KIPCO group holds 51.2% stake³ البنك الأردني الكويتي JORDAN KUWAIT BANK "More than just a bank " Loans & Deposits US$ bn 2.7 2.4 2.9 2.4 2021 Q1 2022 Loans Deposits Jordan 65 Bo Stake² 51% Cyprus Mkt Share2,4 1 Loans 6.1% Assets 4.9% ATM² Employees³ 110 B 1,268 Operating Income & Net Profit/ (Loss) US$ mn 36 (2) 39 2 Q1 2021 Q1 2022 ■Operating Income Net Income Notes: Exchange rate of USD/JOD of 0.7143 as of 31 March 2022 has been used for conversion 1 As of 12 May 2022 2 As of 31 December 2021 3 As of 31 March 2022 4 Source: Central Bank of Jordan Kuwait Projects Company (Holding) - Investor Presentation | 30#31ANNEXURE 2: Executive Management#32EXECUTIVE MANAGEMENT Sheikha Dana Nasser Sabah Al Ahmad Al Sabah | Group CEO Appointed KIPCO's Group CEO in January 2022 and has been a Board Member since 2020. She is the Founder and Chair of the Board of Trustees of the American University of Kuwait (AUK) and the Chairperson of United Education Company. She was formerly the CEO of Al Futtooh Holding Company, and currently holds Board positions in Gulf Insurance Group, OSN and Kamco Invest. Sheikha Dana holds an Honorary Doctorate of Humane Letters from Dartmouth College, USA, and a BA in English Literature from Kuwait University. She also studied at Indiana University in Bloomington, USA. Samer Subhi Khanachet | Deputy Group CEO Joined KIPCO as General Manager in 1990. He moved to the United States in 1991 to head United Gulf Management, KIPCO's US subsidiary, and identify strategic resources to support KIPCO's activities in financial services, media and other sectors across the MENA region. Prior to being appointed KIPCO's Deputy Group Chief Executive Officer in 2022, he held the position of Group Chief Operating Officer since 2008. He is a Board member of Burgan Bank and United Gulf Bank. He holds board and committee positions with the American University of Kuwait and the Massachusetts Institute of Technology. He holds two BSc degrees from MIT and an MBA from Harvard. Sunny Bhatia | Group CFO joined KIPCO in 2022, coming from NBK Capital where he served as CFO. With over 30 years of experience across different financial services, Mr Bhatia held leadership positions in Global Investment House and the National Bank of Bahrain. He also worked with KPMG, Siemens and PricewaterhouseCoopers in various capacities. He holds a Bachelor of Commerce from Delhi University and is a Chartered Accountant and Cost and Management Accountant. Joe Kawkabani | Group CIO Joined KIPCO in 2018 to lead strategic initiatives and was appointed Chief Investment Officer in 2022. With around 20 years of experience in structuring and managing investments and ventures in frontier markets, Mr. Kawkabani's role involves setting and executing KIPCO's investment strategy, as well as overseeing value creation and transformation programs across the Group. Prior to joining KIPCO, he set up and served as the CEO of CPC Africa. He has held several positions in leading regional and international organizations including Chief Investment Officer- MENA equities at Franklin Templeton, Co-Founder and Managing Director at Algebra Capital, and Head of Equity Asset Management at SHUAA Capital. He holds a Bachelor's Degree in Business Administration from Saint Joseph University in Beirut. Khaled Al Sharrad | Group Chief HR & Admin. Officer, Board Secretary Joined KIPCO Group as the Group Chief HR and Admin Officer in 1995. He plays multiple strategic roles for the Group in the capacity of KIPCO Secretary of the Board, Chairman of IKARUS United Marine Services Company, Board Director in Kuwait Furniture Manufacturing & Trading Company (KUFUMA) and Kuwait Association for Learning Differences (KALD), in addition to his participation as chair or member in several committees. He is a well-rounded leader with close to 31 years of proven organizational development and advisory experience covering areas such as strategic planning, corp. governance, organization design, talent management as well as business improvement. He holds a BA degree from St. Edwards University in Texas and is a certified professional in personnel management. Moustapha Samir Chami | Deputy Group CFO Joined KIPCO in 2009 and held several positions in the Finance & Accounts Department. He was appointed Deputy Group CFO in 2022. Mr. Chami leads the Group's financial operations and planning, including governance and risk management. He is the Secretary of the Board Risk Committee and acts as a financial advisor to several Group companies. Mr. Chami holds a bachelor's degree in finance and MBA from the University of Saint Joseph in Lebanon. He is also a Certified Financial Analyst (CFA), Certified Public Accountant (CPA) and a Certified Management Accountant (CMA). Eric Schumacher | Group Treasurer Joined KIPCO in 2019. With close to 30 years of experience in corporate and investment banking, he has a proven track record of managing regional and global commercial banking businesses. Prior to joining KIPCO, Mr. Schumacher held leading positions in Citi and HSBC, and was based between Riyadh, Abu Dhabi and Kuwait in the last decade. He holds a Bachelor of Commerce and an MBA from Concordia University in Canada. He is also a Chartered Financial Analyst. Anuj Rohtagi | Group SVP, Financial Control Joined KIPCO Group in 2005 as a consultant at its India subsidiary, PKC Advisory, and moved to KIPCO Financial Control in 2007. With an experience of 20 years, he leads the Group planning and performance monitoring function along with debt capital markets activities. He is a member of Institute of Chartered Accountants, India, and the Association of Corporate Treasurers, UK. He holds a graduate degree from Delhi University and completed a Post Graduate Program in Data Science & Business Analytics from the University of Texas at Austin. Eman Al Awadhi | Group SVP, Corporate Communications & IR Joined KIPCO in 2010. She is responsible for coordinating the Group's overall communications strategy and for KIPCO's corporate communications, media relations, branding and marketing activities. She also manages communication between the company's management and its investors. Ms. Al Awadhi has an extensive career in public relations, media and journalism. She was previously a member of the 'Newsweek Arabic' production team and the foreign correspondent at Kuwait News Agency, Kuwait's official news wire. She holds a BA in English Literature from the University of Bahrain and is a Certified Investor Relations Officer. Riyad Mohammed Hanbali | Group VP, Internal Audit Joined KIPCO's Internal Audit Department in 2004 and was appointed Group Vice President in 2022. Mr. Hanbali oversees the internal audit functions throughout the KIPCO Group, including the development of strategic audit plans and performing quality reviews, as well as advising management and audit committees throughout the Group. He has close to 30 years of experience in public accounting and internal audit. Prior to joining KIPCO, he held managerial positions at Andersen and Ernst & Young. Mr. Hanbali holds a bachelor's degree in accounting from Kuwait University and a master's degree in accounting from California State University, Sacramento. He is also a Certified Public Accountant (CPA), Certified Internal Auditor (CIA), Chartered Global Management Accountant (GGMA) and a Certified Islamic Professional Accountant (CIPA). كيبكو KIPCO شركة مشاريع الكويت القابضة) Kuwait Projects Company (Holding) Kuwait Projects Company (Holding) - Investor Presentation | 32#33ANNEXURE 4: TRENDS AND DATA#34OWNERSHIP 1.7% Treasury Shares 7.7% HNIS & Retail Investors SHAREHOLDING PROFILE 2.9% Investment Funds 8 44.9% Major Shareholder (AFH) KIPCO successfully completed $266mn rights issue, during December 2021 42.8% Investment companies & other Institutions Major shareholders of KIPCO are members of ruling family of Kuwait They hold their ownership interest in KIPCO through an investment vehicle Al Futtooh Holding Company K.S.C. (AFH) كيبكو KIPCO شركة مشاريع الكويت القابضة) Kuwait Projects Company (Holding) B Total issued shares as of 31 March 2022: 2,640mn Kuwait Projects Company (Holding) - Investor Presentation | 34#35MARKET DATA Entity كيبكو KIPCO شركة مشاريع الكويت (القابضة) Kuwait Projects Company (Holding) بنك برقان BURGAN BANK gig= العلية 2021 P/B Current 2021 P/E BVPS2 Market Cap EPS² Market Price¹ US$mn¹ Current Q1'22 Q1'22 Current Current 1.2 1.5 NM 24.2 39 2 58 1,497 1.0 1.2 16.5 16.8 78 6 93 2,904 1.6 1.5 6.0 5.5 224 63 347 984 شركة الخليج المتحد القابضة في من 5.9 5.7 NM NM 58 59 UGH United Gulf Holding Company asc. شركة العقارات المتحدة : United Real Estate Co 0.1 330 1,446 0.5 0.5 NM NM 51 (1) 27 27 290 Notes: 1 Data in cents and Market cap as of 12 May 2022 converted at 0.30680 (Source: Bloomberg for market price) 2 Data is for Trailing 12 months (April 2021 to March 2022) Kuwait Projects Company (Holding) - Investor Presentation | 35#36KIPCO: AVERAGE DAILY TRADED VALUE 169 1,114 May-20 Jun-20 Jul-20 1,451 1,021 907 Aug-20 Sep-20 Oct-20 971 602 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Trading in KIPCO's stock has increased to an average daily traded value of US$2.8mn in the last 12 months Apr-21 Source: Bloomberg; exchange rate used across the periods is as of 12 May 2022 (USD/KD = 0.30680) Kuwait Projects Company (Holding) - Investor Presentation | 36 May-21 Jun-21 Jul-21 Aug-21 Sep-21 3,482 2,599 1,686 1,367 1,458 1,318 811 872 436 614 522 738 727 520 687 Avg. Daily traded value US$'000 13,587 6,011 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 كيبكو KIPCO شركة مشاريع الكويت القابضة) Kuwait Projects Company (Holding) B#37KIPCO CONSOLIDATED: BALANCE SHEET Consolidated Balance Sheet (US$mn) Cash in hand and at banks Treasury bills, bonds & other debt securities Investment in associates 2021 Q1 2022 4,268 4,537 1,922 2,011 1,138 1,176 Investment properties Other investments Loans and advances Other assets (inc. goodwill & intangibles) Total assets Due to Banks & Other FI's 1,605 1,668 2,262 2,366 15,767 16,792 6,535 6,382 33,497 34,932 4,048 4,202 Deposits from Customers 17,107 18,353 Debt 5,943 6,029 Other liabilities 3,029 3,013 Equity attributable to equity holders of the Parent Company 1,038 1,023 Perpetual capital securities 505 505 Non-controlling interest Total liabilities and shareholders equity 1,827 33,497 1,808 34,932 كيبكو KIPCO شركة مشاريع الكويت القابضة) Kuwait Projects Company (Holding) B Kuwait Projects Company (Holding) - Investor Presentation | 37#38KIPCO CONSOLIDATED: INCOME STATEMENT Consolidated Income Statement (US$mn) Interest income Investment income Fees and commission income Share of results of associates Share of results of a media joint venture Media and digital satellite network services income Hospitality and real estate income Other revenues Total revenues Interest Expenses General and administrative expenses Other expenses and provisions Taxation (Profit) / Loss from discontinued operations Non-controlling interest Net profit/ (loss) attributable to Equity Holders of the Parent Company Basic Earnings/ (Loss) Per Share, Cents (Reported) ** Basic Earnings/ (Loss) Per Share, from continuing operations, Cents (Reported)** كيبكو KIPCO شركة مشاريع الكويت القابضة) Kuwait Projects Company (Holding) B ** after interest payment on perpetual capital securities Q1 2021 Q1 2022 243 228 31 23 48 52 18 41 85 70 80 64 45 41 534 533 174 168 125 133 255 201 7 (3) 3 11 9 (28) 10 (1.5) 0.4 (1.6) 0.4 Kuwait Projects Company (Holding) - Investor Presentation | 38#39KUWAIT: GAINING MOMENTUM 95.1% of eligible population in Kuwait is fully vaccinated; ~8.0 million shots given Increased production coupled with surge in oil prices boosted the oil revenues Improved operating environment as Covid restrictions are now lifted Economy expected to grow with healthy consumption rates, increase in oil prices and strong real estate activity State budget is expected to register a surplus this year, first time since 20141 One of the highest rated sovereigns AA-/A1/A+ (Fitch/Moody's/S&P) Supported by low fiscal break-even oil price (US$52.5 per barrel*) 6th largest Proven oil reserve ~102BBL (~6% of global reserves) Current Capacity - 3.15Mn barrels per day Rising interest rates Consequently, S&P expects improved rating for Kuwaiti banks² Robust GDP growth rate % 1.3 (8.9) 2020 2021F 8.2 2022F Expected fiscal surplus % of GDP (12.8) (0.5) 2020 2021F 16.6 2022F Source: IMF-WEO Database, April 2022, Rating agencies, CIA, ITA *2022 Projections- IMF statistical appendix, of Regional Economic Outlook: Middle East and Central Asia 1. As per the 'Macroeconomic Outlook 2022-2023' report published by NBK on April 28 2. As per S&P Global report dated 18th April 2022 Kuwait Projects Company (Holding) - Investor Presentation | 39#40MENA: TOWARDS SUSTAINABLE GROWTH Continuous recovery expected as per IMF forecasts in 2022 Indicators 2020A 2021A² 2022P2 2021A vs 2020A 2022P vs 2021A Real GDP growth %4 (3.9%) 2.4% CAB* US$ bn 1 Oil prices³ US$/bbl (84.4) 159.5 43** 71** 2.5% 495.1 102 6.2% 243.9 65% 0.2% 335.5 Strong policy responses and a better-than-expected external backdrop are supporting the recovery in the region 44% 1 Source: IMF Forecast Apr 2022 2 Excluding Lebanon 3 Source: Bloomberg Improved Y-o-Y Weakened Y-o-Y 4 Source: IMF, April 2022 *CAB:- Current account balance Kuwait Projects Company (Holding) - Investor Presentation | 40 ** Average for 2020 & 2021 from Bloomberg#41GCC REGION: STRONG UNDERLYING FUNDAMENTALS Nominal GDP (US$ Bn, 2022E) Real GDP Growth (% yoy, 2022E) Gross debt (% GDP, 2022E) 2021 2021 2021 KSA 1,040 834 KSA 7.6 3.2 KSA 24 UAE 501 410 UAE 4.2 2.3 UAE 32 33 30 38 Qatar 226 180 Qatar 3.4 1.5 Qatar 46 58 Kuwait 187 135 Kuwait 8.2 1.3 Kuwait 12 9 Oman 110 84 Oman 5.6 2.0 Oman 44 55 65 Bahrain 44 39 Bahrain 3.3 2.2 Bahrain 117 128 Regional Funds rank within global Top 10 Sovereign Wealth Funds US$ bn 1,338 1,222 738 698 620 589 578 484 450 447 Norway China Kuwait Abu Dhabi Saudi Arabia Hong Kong GIC Pvt Ltd Singapore Qatar NSSF China Source: IMF-WEO Database, April 2022, CIA, S&P Global, SWFI Kuwait Projects Company (Holding) - Investor Presentation | 41#42KUWAIT DEVELOPMENT PLAN: PROJECTS IN ACTION South Al Mutlaa City ▶ 30,000 residential unit, schools and other facilities ► Underway: Construction works are ongoing as per schedule and are expected to be completed by February 2022 on Public Building (N8 & N9). Road construction upto 52% and is scheduled to complete by Mar-2023. Construction works have commenced on water distribution network. ►Cost: USD 7.7bn Kuwait Airport Expansion ▸ To increase the annual handling capacity of the airport to 20mn passengers ► Underway: Nearly 41% completed. P-2 landslide and P-1 contract are yet to be awarded. Cargo city (Package 4B) is still in initial stages of development. Cost: USD6.3bn Jurassic Non-associated Oil & Gas Reserves Expansion: Phase 2 ► Production of 120,000 b/d of wet crude & more than 300mn cubic feet a day of sour gas ► Underway: Construction activities completes on some and commissioning is underway. JPF-4 & 5 bid submitted while JPF-6&7 have been scraped. Cost: USD4.0bn Umm Al Hayman Waste Water (PPP) ▸ Initial treatment capacity of 500,000 cubic-m/d. Plant ‣ Underway: KAPP signed final agreements & financial closure has been achieved for the project. Completion by 2024. Cost: USD1.7bn Regional Road South ►135 km highway south of Kuwait as part of the International ME Arab Highways Network ‣ Underway: Central section to be awarded in Q4-2020 for USD0.7bn. Cost: USD1.0bn Oil & Gas Projects* ► Awarded: Contracts awarded by Kuwait Oil Company. Cost: USD11.8bn Offshore Drilling ‣ 6 new drilling locations to boost the daily oil production by 700,000 b/d and gas production to 1 bn cubic feet ► Underway: Contract awarded to Halliburton ► Cost: USD3.0bn Al-Khairan Power & Desalination Plant (IWPP) ▸ Net capacity of a min 1,500MW of power & a min 125 MIGD of desalinated water ▸ KAPP obtained approval to award the Transaction Advisory Services contract. P 2 & P 3 are still in the study phase. Cost: USD1.7bn Kuwait Metro (PPP) ▸ Feasibility study for the project has been completed stating the PPP models is more economically viable than the traditional tendered approach. Cost: USD17.9bn Khairan City ► 140mn m2 residential city, incl 10,000 houses, 22,000 apts, other facilities. Cost: USD13.9bn Petrochemical Facility at Al-Zour ► Plant to be integrated with Al-Zour refinery Planning: FEED¹ works completed. Project Engineering and Management service for 6 years contract has been awarded. ITB expected by 4 Q 2021. Cost: USD6.6bn New Refinery Project (NRP) ►New 615,000 bpd refinery by KNPC ► Completed: : Construction complete on P-1 to P-5. ► Cost: USD12.9bn Clean Fuels Project (CFP) ► Specification upgrade and expansion of 2 existing refineries to produce 0.8mn b/d Cost: ► Completed: Project is currently under operation and the time for its shutdown mechanical maintenance is still unknown. USD12.2bn Sheikh Jaber Al-Ahmad Causeway ▶ 48.5 km causeway linking Kuwait City with Subiya area in northern Kuwait ► Completed on May 1, 2019. Cost: USD3.1bn LNG Import & Regasification Terminal ▸ Completed: Dredging & construction works have been completed and undertaken. Cost: USD2.6bn Other projects ► Underway: Jahra & Sulaibiya Low-Cost Housing City. Infrastructure work complete expected completion by 2030 Cost: USD2.0bn ▸ Awarded: Oil drilling tower supply contracts. Cost: USD0.8Bn ► Planning: (1) Olefin III Projects. Cost: USD6.3bn (2) Al-Zour North (IWPP) - P4 & P5 under study. Cost: USD1.7bn Planning: Upgrades to Mina Al Ahmadi Refinery, Cost: USD0.9bn ► Planning: Housing Development in Jaber Al-ahmad and Sabah Al- Ahmad, Cost: USD0.5bn ▸ On hold: Kabd municipal solid waste project. Cost: USD1.0bn Al-Dibdibah Solar PP ► Capacity to produce 1.5 GW solar project ▸ Canceled due to Covid Impact. Cost: USD1.7bn Project Stage Underway* Awarded Bidding Q1 2022 2021 23.4 23.4 15.6 15.6 1.7 1.7 47.8 47.7 Completed 30.9 30.9 Halted / On-hold 1.0 1.0 Canceled 1.7 1.7 Total 121.9 121.8 Planning Source: NBK's KDP report dated January 2022; 1FEED= Front End Engineering Design; *Includes other small projects worth USD0.7bn not shown on this slide Kuwait Projects Company (Holding) - Investor Presentation | 42