Kuwait Projects Co SPC Limited

Transaction between the Kuwait Projects Company (Holding) K.S.C.P. "KIPCO" group companies

Kuwait Projects Company (Holding) K.S.C.P. (the Guarantor of Kuwait Projects Co SPC Limited), announced that Al Rawabi United Holding Company (fully owned subsidiary of "KIPCO"), has purchased 52% stake in Burgan Bank Turkey (BBT) from Burgan Bank K.S.C.P.  (also, a subsidiary of "KIPCO") for a consideration of KD 57.8 Mn. Accordingly, "KIPCO" Group's effective ownership of BBT will increase from 61.6% to 81.5%.

There is no material impact on KIPCO's consolidated financial statements as the transaction took place between subsidiaries of the group and the impact is eliminated on consolidation.

For further information, please contact:

Investors, Press and Media:

Eman Al-Awadhi

49^th Floor

KIPCO Tower, Khaled Bin Al-Waleed St, Sharq

P.O. Box 23982

Safat 13100

Kuwait

Tel: +965 2294 3416

Email: [email protected]