Focusing on the energy and petrochemicals sectorsPaid-up share capital KD 75 million ($275m)Listed on the Kuwait Stock Exchange 2008Total Assets in excess of USD 750 million

Current AssetsNon Current AssetsCurrent LiabilitiesTotal EquityKDm

Chart1

88.747.3

125.110.9

166.838.5

188.317.1

2006KD 135.9 million

2007KD 205.4 million

Column1

Column2

Sheet1

Column1Column2

Total Assets88.747.3

Equity & Liabilities125.110.9

Total Assets166.838.5

Equity & Liabilities188.317.1

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Nader Sultan 37 Years experienceChairmanFormer CEO Kuwait Petroleum Corp.Advisor Al Markaz Energy FundDirector, Oxford Energy SeminarDr Adel Al-Sabeeh 33Years experienceVice ChairmanFormer Minister for Oil, Government of KuwaitFormer Chairman of Kuwait Petroleum Corp.Chairman & MD of NICBM.Suhail Abograis32 Years experienceCEO & Board MemberBoard member Kuwait National Petroleum Co. Board Member Kuwait Gulf Petroleum Co.Former MD (Planning & Fin) Kuwait PetroleumHani Hussain36 Years experienceBoard memberFormer CEO Kuwait Petroleum Corp.Former Chairman, KNPCChairman, Stehwaz Holding Co.

National Industries Group.Largest shareholder in Ikarus PetroleumListed on Kuwait Stock Exchange since 1984.Market capitalization of over $ 7 billion.Total assets of over $ 5 billion

* As at 31st December 2007

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270

245

52

35

148

Column2

$270m

$245m

$52m

$35m

$148m

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Column1Column2

Sipchem 8% share$270

Tasnee 5% share$245

Int'l Acetate Co. 15% share$52

Vinyl Acetate Co 15% share$35

Managed Funds148

750

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8.2

3.2

% of Portfolio

% of Portfolio (Value)

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% of Portfolio

Board Position8.2

Managed Funds3.2

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500,000 tonnes/year Polypropylene capacityIntegrated complex, Jubail Saudi Arabia.2007 Revenue $1.8bn; Net Income $150mMarket capitalization $5.4 billion.

First private petrochemicals manufacturer in Saudi Arabia10th largest company by market cap in the Middle East.Phase I (In production)1 million tonnes/year Methanol75,000 tonnes/year ButanediolPhase II (2009)Acetic Acid, Vinyl Acetate Monomer, Carbon MonoxidePhase IIIWorld class olefins and derivatives complex

Leading private sectors players in Saudi ArabiaWorld ScaleLow Cost FeedstockProven & Leading TechnologyMarket positioning- Partners with leading international chemical majorsGood LogisticsCredible applicants for additional feedstockProven operational and project competence

Role of Middle East in World Energy will growWith half of the worlds reserves, MENA will meet 2/3 of increase in global oil demand.MENA will strengthen its position as worlds largest exporter.Energy investment in the region $490 billion in 2008 2012 (Apicorp estimate)Petrochemicals capacity expected to double by 2018Growing role for private sector participation

Source: Apicorp

Source: Apicorp

Chart1

108

70

65

46

40

36

35

18

16

10

10

9

7

6

4

4

2

2

US$ bn

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US$ bn

Saudi Arabia108

Iran70

Qatar65

UAE46

Algeria40

Kuwait36

Egypt35

Libya18

Oman16

Iraq10

Syria10

Yemen9

Bahrain7

Tunisia6

Morocco4

Sudan4

Lebanon2

Mauritania2

Source: Apicorp

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116.4

87.2

72.5

71

62

53.5

17.7

9.8

US$ Bn

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US$ Bn

Refining116.4

Petrochemicals87.2

Oil Upstream72.5

Power71.0

Gas Upstream62.0

LNG - GTL53.5

Gas Midstream17.7

Oil Midstream9.8

2008 ~36% of global oil supply and 17% of natural gas. Anticipated increased role due to resource base ~44% of oil and at least a quarter of natural gas by 2030MENA energy policy preferences critical to global energy futureMajor concerns that its not doing enoughSource: IEA

Plans for 5.8 million b/d new crude through 2012 (source: state figures) 392 Bcm additional gas (source: state figures) 1.9 million b/d NGLs (IEA number) 6.3 million b/d+ of new refining capacity (state figures)70 million tonnes+ of LNG (state figures)State TargetsSource: IEA

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