KIPCO expects profit growth in 2010   'Company in strong position' says Vice Chairman Kuwait City, March 31st, 2010: at its annual Investor's Forum, KIPCO - the Kuwait Projects Company - said today that, despite the current financial climate, it is targeting an increase in profit and revenues for the year. KIPCO also announced that it intends to launch a Retakaful (reinsurance) company during 2010. The Retakaful company will partner with companies that have established distribution networks in the MENA region. KIPCO's new savings and pensions company - Taka'Ud Savings & Pensions - is the process of being established and is awaiting regulatory approval. Taka'Ud will offer the region's first range of private pensions and savings products. The announcements were made at the company's annual Shafafiyah (transparency) Investor's Forum where KIPCO presented a review of 2009 and guidance for 2010 to an audience of shareholders, partners, financial analysts and institutional investors. The Investor's Forum followed the company's General Assembly meeting where KIPCO shareholders approved a proposed dividend of 25 per cent (25 fils per share) and a stock dividend of 5 per cent. At the Forum, KIPCO also outlined its plans for its existing operations which include capturing larger shares of regional markets, further focus on converting operating profit into net profit and enhancing liquidity. The company's core operations will also to maintain the strict liquidity management and cost savings that have played a part in allowing KIPCO to report a 92 per cent profit increase in 2009. Speaking at the Forum, Mr Faisal Al Ayyar, KIPCO's Vice Chairman, said despite tough market conditions, the company's core operations were performing well and that KIPCO is determined to both manage and exploit the current economic situation: "Given the current economic conditions, our existing operations are performing well in the first quarter of 2010. Their results depend upon a combination of astute financial discipline and cost controls. By managing their finances in this way, our companies are poised to exploit the economic situation through organic growth and potential acquisitions." "At Group level, KIPCO is in a very strong liquidity position and has enough cash to cover all its debts due in the next three years. This is a very healthy position for the company to be in and we fully expect to exploit current market conditions. As a result of increased profit and revenues, we expect 2010 to be our nineteenth consecutive year of profitability." - Ends - Notes to Editors: The KIPCO Group is one of the biggest diversified holding companies in the Middle East and North Africa, with consolidated assets of US$ 18.6 billion. The Group has significant ownership interests in a portfolio of over 60 companies operating across 26 countries. The company's main business sectors are financial services and media. Through the subsidiaries and affiliates of its core companies, KIPCO also has interests in the real estate, manufacturing, aviation, education and management advisory sectors. Further information: Robert Hipkins Group Communications Director T: +965 2245 4286 M: +965 6635 6969 rhipkins@kipco.com Saad Al Ali Group Marketing and PR Director T: +965 2244 0853 M:+965 9958 0440 saad.mohammad@kipco.com