Kuwait Projects Co SPC Limited

Strategic Partnership between OSN and Warner Bros. Discovery ("WBD")

Kuwait Projects Company (Holding) K.S.C.P. (KIPCO), in its capacity as the Guarantor of Kuwait Projects Co SPC Limited, announced that Warner Bros. Discovery ("WBD") intends to make a strategic minority investment of around 30% for a consideration of USD57 million in OSN Streaming Ltd. (a subsidiary of OSN Group, a KIPCO subsidiary). Through this strategic investment and partnership, WBD reinforces its commitment to the Middle East & North Africa (MENA) region's rapidly growing streaming landscape. In connection with this investment, OSN and WBD will invest in high-quality, locally produced content, ensuring a richer and more diverse offering for viewers.

The transaction will be completed in stages and is subject to customary conditions, certain regulatory approvals and rights for WBD to increase or decrease its investments in the business under certain conditions.

Whilst the transaction has no immediate material financial impact of KIPCO's financial statements, the transaction is a significant milestone in OSN's growth journey and KIPCO's efforts to stabilize OSN Group by strengthening its competitive positioning as one of the MENA region's premier entertainment destination.

Please refer to the following link for KIPCO's Press Announcement:

https://kipco.com/warner-bros-discovery-and-osn-forge-strategic-partnership-to-accelerate-their-mena-growth-plan/

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]