FL49 Kuw.pro.suk 29

Kuwait Projects Company Sukuk Limited

KIPCO - Rating Assigned by Capital Intelligence Ratings (CI Ratings or CI)

Kuwait Projects Company (Holding) K.S.C.P. (in its capacity as the Obligor of Kuwait Projects Company Sukuk Limited), announced that Capital Intelligence Ratings has assigned the Kuwait Projects Company (Holding) K.S.C.P., a first time Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of 'BB+' and 'B', respectively. The Outlook on the ratings is Stable.

The report mentions the factors supporting the rating, includes solid management team with the ability to improve performance at the operating companies' level, diversified funding profile, supportive controlling shareholders and liquidity & good Short-term debt repayment capacity.  It also states that the main portfolio companies have at least satisfactory financial strength metrics, with both Equate and Sadafco being market leaders in their respective fields.

The report also mentions the degree of concentration in the portfolio with Sadafco, Equate and Burgan Bank being the three largest companies in the portfolio, and CI's view that company has high level of debt in relation to portfolio value and tangible equity, which is a key rating driver.

The rating announcement can be accessed at https://www.ciratings.com/news

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: eman.alawadhi@kipco.com