1March 2011

IntensityA Year of

Investor Presentation

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About UIC

•United Industries Company (UIC) is a member of KIPCO Group and is considered as the group’s investment arm in the industrial sector.

•It is a closed shareholding company based in the State of Kuwait.

• Established in 1979 and it was listed on Kuwait Stock Exchange (KSE) in 1997.

• UIC invests in the downstream industries sector in Kuwait and the GCC states.

• The Company’s authorized and paid up capital is KD 49,546,875 (USD 175,232,000)*.

• UIC’s Major Investments include:

Saudi Dairy and Foodstuff Company (SADAFCO) Al Qurain Petrochemical Industries Company United Oil Projects Company (UOP) Al Atoun Steel Industries Company- Saudi Arabia Amaken United Real Estate Company

* As on 31st December 2010

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2010 Financial Performance

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2010 Financial Highlights

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2010 Targets

• The management continued to implement the ambitious plan it launched in early 2009 to boost the company’s financial status and serve the interests of the shareholders through several aspects, in realization of the following goals:

Providing the required liquidity to fulfill the company’s financial commitments and working in its interest.

Restructuring the company’s investments and exiting from non-strategic investments, as well as best utilizing available investment opportunities.

Enhancing and developing the performance of operational investments to the maximum in order to eliminate the impact of the financial crisis, and thus gradually returning to pleasing profit rates.

Following up action taken to cut costs and reorganize the support services departments.

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2010 Challenges & Achievements

First: Capital increase

• UIC succeeded in increasing its capital by 100%, bringing it up from KD 24.8 million to KD 49.6 million.

• The decision to increase the capital was taken after an extensive feasibility study and detailed research to determine the best options that would support and develop the future activities of the company, as well as the capability to fulfill financial commitments/short-term loans.

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2010 Challenges & Achievements

Second: Fulfilling/rescheduling financial commitments

• The management paid up 28% (KD 27.5 million) of UIC’s overall loans/financial commitments. This includes bonds worth KD 15 million paid in Q1. Negotiations also led to an agreement to reschedule a KD 22.5 million loan over a period of three years.

• Overall loans dropped throughout the year from KD 97.45 million to KD 69.95 million.

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2010 Challenges & Achievements

Third: Exits and Acquisitions

• UIC’s management succeeded in exiting from some non-strategic private assets to make revenue that is considered suitable in the current circumstances.

• Steps were taken to sell the complete share of the Saudi Dairy and Foodstuff Company (SADAFCO) – an associate company – in the Saudi New Zealand Dairy Products Co. Ltd. UIC’s profit from this deal was KD 3.3 million.

• UIC acquired an influential stake in Kuwait National Industrial Projects Company – which holds an 18.46% stake in Al Qurain Petrochemical Industries Company.

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2010 Challenges & Achievements

Fourth: Developing the performance of operational investments

• The management continued to follow and monitor the performance of its operational investments in Kuwait and abroad with the aim of developing these companies, as well as to counter any challenges that stand in the way of the development of some of them.

• As a result of these efforts the situation in some of these investments improved significantly, where their operational capabilities rose to achieve positive results which reflected on UIC’s financial statements. Work is underway with other shareholdings to find the best solutions for them and to guide them back to their regular track.

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2010 Challenges & Achievements

Fifth: Cutting costs and restructuring support services departments

• Overall expenditure for the UIC Group was cut down 12% compared to 2009. The situation was adapted to the economic circumstances through a restructuring of the support services departments (such as Admin, HR, IT and others) in subsidiaries and associate companies.

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2010 Challenges & Achievements

These measures taken during the year reflected positively on the company’s financial statements, as shown below:

• Value of the company’s consolidated assets increased 37% (KD 48.5 million) to KD 178.1 million.

• Volume of consolidated investments increased 82% (KD 77.7 million) to KD 172.6 million.

• Shareholder equity increased 42% (KD 29 million) to KD 97.3 million.

All of this affirms the success of the ambitious strategy adopted by the management since the beginning of 2009, and pave the way for a gradual return to making excellent profit.

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Investments

• The company’s investments are distributed as follows;

Energy Sector 86 M 50%

Food Sector 55 M 32%

Other Investments 32 M 18%

Total 173 M 100%

Energy Sector

Food Sector

Other Investments

%50%18

%32

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Loans

Current Loans 44.95 M 64.26%Non-Current Loans 25 M 35.74%

Total 69.95 M 100%

Current Loans

Non-Current Loans

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2011 Future Outlook

• Although positive results were achieved in 2010, UIC’s management continues to aspire to achieve even more in the coming few years, given the tremendous capabilities and great manpower that is available to UIC and its Group. The management is also working hard to reach the best solutions and available alternative options to push forward its operational investments that are still facing challenges. Once these challenges are dealt with, the circumstances will improve, the results will be stronger, and the revenue will be positive.

2011 Targets can be identified as follows;

Continuing to reduce the company’s loans/liabilities.

Enhancing and developing the performance of operational investments to the maximum in order to achieve more profits and enhancing its market value.

Continuing the plan to exit from non strategic investments and gain the highest possible return.