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Investor Presentaiton

Overview of Kuwait Snapshot The State of Kuwait ("Kuwait" or the "Sovereign") is a sovereign emirate on the coast of the Arabian Gulf, covering a total area of 17,818 square kilometers. 60 80 Substantial Current Account Surpluses Current Account Balance (USD bn, Ihs) Current Account Balance / GDP (%, rhs) 45.28% 60% 40.90% 32.50% 40% 20% 6.80% 27.1 35.3 61.8 73.5 67.4 50.5 2009 2010 2011 2012 2013 2014 8.0 2015e 0% 43.60% Overview 60 Kuwait is a constitutional monarchy, headed by His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah (the "Emir"). 32.02% 27.73% 40 20 20 0 Strong Sovereign Balance Sheet Sovereign Net Foreign Assets (USD bn, lhs) 600 Sovereign Net Foreign Assets to GDP (rhs) 469.0% 281.0% 332.0% 600% 500 400 500% 251.0% 246.0% 400% 250.0% 220.0% 300 200 300% 200% 100 100% 257.0 258.0 376.0 436.0 491.0 529.0 551.0 0 0% 2009 2010 2011 2012 2013 2014 2015e Economy Strategic Vision Kuwait enjoys an open economy, dominated by the Government sector. Its economy, while primarily dependent on the oil industry, has witnessed increased contribution from non-oil sectors. Kuwait has one of the lowest external break-even oil prices globally, and the lowest in the GCC, making it more resilient to the recent decline in oil prices. In addition, it has registered substantial fiscal and current account surpluses, which serve as a buffer. Kuwait has launched a long-term policy vision under the banner of "Kuwait Vision 2035". The vision encompasses six strategic aims: increasing the GDP, encouraging the private sector, supporting human and social development, promoting demographic policies, enhancing and improving the effectiveness of government administration and consolidating the Islamic and Arab identity. Kuwait has set medium-term development strategies with a view to ultimately achieving its vision. Key Figures GCC Fiscal Breakeven Oil Price ■Fiscal Breakeven Oil Price ($/barrel) Low External Debt which is Stable as a Share of GDP External Debt (USD bn) External Debt to GDP Key Indicators 2014 2015E 50.0 60% 40.0 Sovereign Ratings Aa2/AA/AA (M/S/F) 42.4% 34.8% 40% 30.0 30.3% 24.3% Current Account $50.5 bn $8.0 bn 19.8% 17.3% 20.0 23.7% Δ 20% Gov Revenues (%GDP) 54% 39% 10.0 75 60 114 70 108 120 41.5 33.5 34.4 28.1 32.6 36.8 41.0 Public Debt (%GDP) 3.4% 4.5% 0.0 0% Kuwait Qatar Saudi Arabia UAE Oman Bahrain 2009 2010 2011 2012 2013 2014 2015e الوطني NBK Sources: Central Bank of Kuwait, Central Statistical Bureau, Ministry of Finance, IIF and NBK estimates 7
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