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ON KEPLC LETTERHEAD
Mr Mohammad Al-Howqal
C/o Kuwait Energy
5
th
Floor, Symphony Tower 2
Salem Al Mubarak Street
Block 2
Salmiya 22067
Kuwait
[
] 2017
Dear Sir
Share repurchase
We hereby agree to purchase from you up to 4,032,260 ordinary shares of £1 each (the
Repurchase Shares
)
in the capital of Kuwait Energy plc (the
Company
) at a price of KWD0.620 per share (the
Repurchase
).
The Repurchase price may be paid in Pounds Sterling or such other currency, and at such exchange rate, as
you and us may agree. The Repurchase is conditional on:
a)
the publication by the Company of a prospectus approved by the United Kingdom’s Financial Conduct
Authority (the date of such publication being the
Publication Date
) in connection with the listing or
public offering of the equity securities of the Company (the time of that listing being
Admission
); and
b)
the delivery by you to the Company of share certificate(s) in respect of the Repurchase Shares (the
Share Certificate(s)
) prior to the Publication Date.
The Repurchase shall take effect immediately prior to Admission, following which we shall remit to you in
accordance with your instructions the proceeds relating to the Repurchase. No interest shall accrue on the
proceeds due to you between the date of delivery of the Share Certificate(s) to us and remittance by us to
you of the proceeds of the Repurchase.
If you have not delivered the Share Certificate(s) to the Company prior to
the earlier of: (a) the Publication
Date; and (b) 31 December 2017, this agreement shall terminate.
Please indicate your acceptance of the terms of this letter by countersigning the enclosed copy of this letter
and returning it to the Company.
Yours faithfully
For and on behalf of Kuwait Energy plc
…………………………………………………………………………………………………………………
Acceptance
I agree to the terms proposed by you above.
………………………………………
For and on behalf of
Mr Mohammad Al-Howqal
Dated ………………………… 2017