Richard Melson

April 2006

KIPCO

FAISAL AL AYYAR KIPCO CEO

Kuwait Projects Company (KIPCO)

www.kipcogp.com

Immediate Release

KIPCO announces record profits

and ‘momentum of success’

Kuwait City, April 22, 2006 – At its Annual General Meeting today, the Kuwait Projects Company (KIPCO) announced record profits and predicted that profitability will increase even further in 2006.

At the meeting, KIPCO’s Board of Directors also recommended a cash dividend of 25 per cent (25 fils per share), up from 18 per cent (18 fils per share) in 2004.

KIPCO’s net profit of KD 38 million (US$ 130 million), or 37.20 fils (12.74 cents) per share, for the year ended December 31, 2005, was a 51 per cent increase on the KD 25.24 million profit (US$ 85.64 million), or 25.05 fils (8.5 cents) per share earned in 2004.

The record figures - KIPCO’s 14th year of unbroken profitability – exceeded profit and cash dividend targets set by KIPCO’s managing director and chief executive officer Mr. Faisal Al Ayyar. Speaking at the Annual General Meeting, Mr. Ayyar said:

"This was a record year for KIPCO – in more ways than one. All our operating companies did extremely well in their individual markets and most of our medium and long-term investments are exceeding the rate of return we expected at this stage of their development. All in all, we are extremely pleased with the 2005 results and expect even better results this year."

During the meeting, Mr. Ayyar said that although the Group’s 2005 results are impressive, they are in line with a consistent trend:

"If you consider KIPCO’s track record over the last three years, then it’s clear our business strategy is working. We’ve increased our share in mature markets and expanded into new markets with exciting ventures. This is an enviable record and I’m confident this momentum of success will continue in 2006."

"I also think that the commitment we made to be transparent in the way we work with investors, partners and customers is a major factor in our continued success. Next month we will be holding our latest Shafafiyah (Transparency) conference to allow investors to hear how each of our businesses expect to perform in 2006."

Mr. Ayyar gave some examples of KIPCO’s three year track record:

*cumulative average growth rate

About KIPCO

KIPCO, with assets of US$ 15 billion under management or control, is one of the leading diversified holding companies in the Middle East and North Africa, and a major regional force in financial services and media & technology with further interests in real estate and industry. KIPCO is the largest private company in Kuwait and employs more than 12,000 people internationally. Its shares are the most actively traded on the Kuwait Stock Exchange.

- ends -

For Further Information:

Ahmad Al Ajeel Vice President +965 244 0853

Marketing/ R&D/ PR

KIPCO

Robert Hipkins Senior Consultant +965 635 6969

Hill and Knowlton

Immediate release

Further investor demand for KIPCO paper

Kuwait City, 22 April: KIPCO – the Kuwait Projects Company (Holding) - announced today that it has raised US $350 Million under its new Euro Medium Term Note Programme (EMTN).

The maturity profile of the KIPCO’s parent company liability increased following the completion of the transaction. The average debt tenor moved up from 1.87 years to 3.87 years. This fulfils KIPCO’s strategic objective of extending the maturity profile of its liability.

Mr. Faisal Al Ayyar, Managing Director & CEO of KIPCO, said:

"The demand for our debut EMTN programme has met our expectations because investors who bought our paper were impressed by KIPCO’s credit position."

Mr. Al Ayyar also explained that the proceeds of the issue is being utilized to pay or prepay liabilities.

This latest issue of KIPCO’s EMTN was distributed across the world: European investors bought 49% of the issue, investors in the Middle East bought 34%, Asian investors 13% and offshore USA accounts 4%. Banks and treasures purchased 74% of the note while fund managers bought 26%.

The additional tap of the tranche of the programme was successfully launched and also priced at 90 BPS over 3 months LIBOR. These notes are being issued by KIPCO through a wholly owned subsidiary under the US $2 Billion EMTN programme, which is listed on the London Stock Exchange. Both KIPCO and the notes issued under the EMTN programme have been assigned a BBB-/Positive Outlook rating by Standard & Poor’s.

-ends-

Notes to financial editors

Final Terms for Kuwait Projects Co. (Cayman)'s U.S.$125,000,000 Floating Rate Notes due April 2011 (the "Notes") to be consolidated and form a single Series with the U.S.$225,000,000 Floating Rate Notes due 2011 issued on 12 April 2006, issued under the U.S.$2,000,000,000 EMTN Programme of Kuwait Projects Co. (Cayman) as issuer and Kuwait Projects Company (Holding) K.S.C. (Closed) as guarantor.

The Final Terms contain the final terms of the Notes and must be read in conjunction with the Base Prospectus dated 24 March 2006 that relates to the Programme. The Base Prospectus constitutes a base prospectus for the purposes of the Prospectus Directive (Directive 2003/71/EC), and is available for viewing at:

http://www.londonstockexchange.com/

LSECWS/IFSPages/MarketNewsPopup.aspx?id=1186828&source=RNS

For further information:

Pinak Maitra Group Financial Controller +965 244 0861

Ahmad Al Ajeel Vice President +965 244 0853

Marketing/ R&D/ PR

KIPCO

www.kipcogp.com

Robert Hipkins PR Consultant +965 635 6969

ripkins@uggi.com

Immediate release

Further investor demand for KIPCO paper

Kuwait City, 22 April: KIPCO – the Kuwait Projects Company (Holding) - announced today that it has raised US $350 Million under its new Euro Medium Term Note Programme (EMTN).

The maturity profile of the KIPCO’s parent company liability increased following the completion of the transaction. The average debt tenor moved up from 1.87 years to 3.87 years. This fulfils KIPCO’s strategic objective of extending the maturity profile of its liability.

Mr. Faisal Al Ayyar, Managing Director & CEO of KIPCO, said:

"The demand for our debut EMTN programme has met our expectations because investors who bought our paper were impressed by KIPCO’s credit position."

Mr. Al Ayyar also explained that the proceeds of the issue is being utilized to pay or prepay liabilities.

This latest issue of KIPCO’s EMTN was distributed across the world: European investors bought 49% of the issue, investors in the Middle East bought 34%, Asian investors 13% and offshore USA accounts 4%. Banks and treasures purchased 74% of the note while fund managers bought 26%.

The additional tap of the tranche of the programme was successfully launched and also priced at 90 BPS over 3 months LIBOR. These notes are being issued by KIPCO through a wholly owned subsidiary under the US $2 Billion EMTN programme, which is listed on the London Stock Exchange. Both KIPCO and the notes issued under the EMTN programme have been assigned a BBB-/Positive Outlook rating by Standard & Poor’s.

-ends-

Notes to financial editors

Final Terms for Kuwait Projects Co. (Cayman)'s U.S.$125,000,000 Floating Rate Notes due April 2011 (the "Notes") to be consolidated and form a single Series with the U.S.$225,000,000 Floating Rate Notes due 2011 issued on 12 April 2006, issued under the U.S.$2,000,000,000 EMTN Programme of Kuwait Projects Co. (Cayman) as issuer and Kuwait Projects Company (Holding) K.S.C. (Closed) as guarantor.

The Final Terms contain the final terms of the Notes and must be read in conjunction with the Base Prospectus dated 24 March 2006 that relates to the Programme. The Base Prospectus constitutes a base prospectus for the purposes of the Prospectus Directive (Directive 2003/71/EC), and is available for viewing at:

http://www.londonstockexchange.com/

LSECWS/IFSPages/MarketNewsPopup.aspx?id=1186828&source=RNS

For further information:

Pinak Maitra Group Financial Controller +965 244 0861

Ahmad Al Ajeel Vice President +965 244 0853

Marketing/ R&D/ PR

KIPCO

www.kipcogp.com

Robert Hipkins PR Consultant +965 635 6969

ripkins@uggi.com

KIPCO

Attachment:

FaisalAlAyyarCEOKIPCO(2).jpg (0.12 MB)

AGM2006releaseFinalEnglishv222.4.06.doc (0.20 MB)

FurtherdemandforEMTNreleaseFinalEnglishv222.4.06.doc (0.20 MB)

Neena nina@hillandknowlton.com.bh

Saturday, April 22, 2006