Kuwait Projects Company Sukuk Limited

Rating action by Fitch

Kuwait Projects Company (Holding) K.S.C.P. (KIPCO), in its capacity as the Obligor of Kuwait Projects Company Sukuk Limited, announced that Fitch Ratings has affirmed its Long-Term Issuer Default Rating (IDR) at 'BB-'; and revised the outlook to Negative.

As per Fitch's rating commentary, Negative Outlook reflects increased leverage and its expectation that this ratio to exceed 50% in the medium term, which is above their negative rating sensitivity of 45%, barring proactive debt reduction or an appreciation of the company's portfolio.

The rating commentary also states that the rating strengths are, a transformed portfolio with increased diversification across several industries and a presence in the Middle East and North Africa (MENA), a record of long-term returns, major influence over most companies in KIPCO's portfolio, a record of asset sales, and stable dividends through the cycle.

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]