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This document and all material contained herein are subject to correction, update and change, and are strictly not to be relied upon for any purpose whatsoever. This document does not

constitute a recommendation regarding any loans or securities of Kuwait Energy plc (the “Company”) or any of its subsidiaries or joint venture companies.

No representation, warranty, or undertaking, express or implied, is made by the Company, its affiliates or their respective directors, officers, employees, agents or advisers as to, and no reliance

should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained in this document, for any purpose whatsoever, including but not limited to

any investment considerations. Neither the Company nor any of its advisers or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss

howsoever arising from any use of this document or its contents or for any errors or omissions. This document includes market share and industry data obtained by the Company from industry

publications and surveys and internal surveys. The Company may not have access to the facts and assumptions underlying the numerical data, market data and other information extracted from

publicly available sources. As a result, neither the Company nor any of its advisers or representatives are able to verify such numerical data, market data and other information and assume no

responsibility for the correctness or completeness of any market share or industry data or other information included in this document.

All information in this document is subject to updating, revision, verification, correction, completion, amendment and may change materially and without notice. None of the Company or its

affiliates, agents or advisers undertakes any obligation to update this document or to correct any inaccuracies in any such information. The information contained in this document should be

considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of this


Matters discussed in this document may constitute or include forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words

such as “believes”, “expects”, “anticipates”, “intends”, “estimates”, “will”, “may”, “continues”, “should” and similar expressions. These forward-looking statements reflect, at the time made, the

Company’s beliefs, intentions and current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth and strategies.

Forward-looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth;

liquidity, capital resources and capital expenditures; economic outlook and industry trends; developments of the Company’s markets; the impact of regulatory initiatives; and the strength of the

Company’s competitors.

Forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The forward-looking statements

in this document are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical

operating trends, data contained in the Company’s records (and those of its affiliates) and other data available from third parties. Although the Company believes that these assumptions were

reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or

impossible to predict and are beyond its control. Forward-looking statements are not guarantees of future performance and such risks, uncertainties, contingencies and other important factors

could cause the actual results of operations, financial condition and liquidity of the Company and its affiliates or the industry to differ materially from those results expressed or implied in this

document by such forward-looking statements. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved

and you are cautioned not to place any undue influence on any forward-looking statement. Past performance should not be taken as an indication or guarantee of future results, and no

representation or warranty, express or implied, is made regarding future performance.

This document and the information contained herein do not constitute or form a part of, and should not be construed as, an offer for sale or subscription of or solicitation or invitation of any offer

to subscribe for or purchase any loans or securities of the Company or any of its subsidiaries or joint venture companies in any jurisdiction and none of this document or anything contained herein

shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever.

Estimates of reserves and resources are inherently speculative and involve numerous uncertainties. The reserves,


resources and prospective resources estimates contained in this

document are all audited by Gaffney Cline Associates (“GCA”) for the purpose of providing estimates as of 31 December 2016.