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Board of Directors Meeting

The Board of Directors of Kuwait Real Estate Company met on 23 March 2017 and approved the consolidated financial statements for the year ended 31 December 2016, the key financial indicators in which were the following:

A net profit of KD 4.8 million was achieved compared to a profit of KD4.2 million in 2015, with earnings per share of 5.32 Fils compared to 4.69 Fils in 2015, with an increase of 13.4%

Rent revenues rose by 18% to KD 16.1 million against KD13.6 million in 2015.

The Company’s assets rose by 7.7% to KD 253 million compared to KD 235 million in 2015.

Operating expenses declined from KD 9 million to KD 7.7 million.

Shareholders’ equity rose to KD 131.9 million in 2016 compared to KD 127.2 million in 2015. As a result, the book value per share rose to 145 Fils.

The Board of Directors recommended that no dividends be distributed for the year 2016. This recommendation is subject to approved by the official authorities and the general assembly of the Company .