1. Business Optimism Index Kuwait Q4 2009 Presented by Dun & Bradstreet South Asia Middle East Ltd (D&B) Muthanna Investment Company (MIC)

2. Business Optimism Index The D&B Business Optimism Index is recognized world over as an indicator which ascertains the pulse of the business community Provides insight into the short-term outlook of businesses on sales, profit growth, investment etc Provides analysis of major trends, outlook and issues concerning businesses

3. Survey Sample of business units representing Kuwait’s economy was selected 500 business owners and senior executives across business units were surveyed Survey conducted during September 2009 for the 4th quarter of 2009 Respondents were questioned about their expectations on relevant business parameters Survey also captured respondent feedback on current business conditions

4. World Economic Outlook IMF revises world economic growth to -1.06% in 2009, recovery expected in 2010 with 3.1% growth Advanced economies are expected to contract by 3.4% in year 2009, growth in 2010 projected at 1.3% World trade volumes set to expand in 2010 by 2.5% GCC growth to rebound to 5.2% in 2010 World Stock Markets

5. Kuwait’s economy Source: IMF Kuwait’s GDP to register a growth rate of 3.3% after contracting by 1.5% in 2009; Non-oil GDP to grow at 4.1% in 2010 Drop in trade volumes, lower hydrocarbon prices and productions will lead to a contraction in exports by 32.59% in 2009, sharp recovery expected in 2010. Kuwait has posted a preliminary budget surplus of KWD 4.25 bn in first five months of the current fiscal on the back of firm oil prices

6. Business Optimism Indices : Q4 2009 All parameters in the non-hydrocarbon sector register improvement in Q4 2009 as compared to the previous quarter No improvement in the selling price outlook for Q4 2009 in the hydrocarbon sector; Net Profits and Number of Employees optimism modest

7. All parameters in the hydrocarbon for Q4 2009 improve, Level of Selling Prices turns positives Business Optimism Indices Trend

8. Manufacturing sector The Global Manufacturing Purchasing Managers’ Index stands at 53 in September Improvement in outlook for Q4 as compared to Q3 54% expect an increase in sales volumes, 51% foresee a better order book status and 54% of companies expect higher profits in Q4 2009 A substantial 83% expect no change in selling prices in Q4 2009 Source: J P Morgan and market economics in association with ISM and IFPSM

9. Construction sector Construction sector worldwide is expected to be mainly driven by policy measures and some stability in demand conditions Kuwait’s construction sector has displayed a strong rebound in outlook for all parameters due to boost from government spending 58% of the respondents expect higher sales and a same number of respondents expect higher profits in Q4 2009 Infrastructure construction growth 2008-13 compound annual growth (%)

10. Trade, restaurants & hotels sector Global trade & hospitality sector has been impacted due to rising unemployment and falling consumer spending Expectations of higher sales boost profitability expectations despite a bleak selling price outlook Level of Selling Prices parameter weakest among all sectors; 32% foresee a drop in selling prices in Q4

11. Drop in trade volumes has impacted the transport and logistics sector across the world Optimism about improvement in order books and rise in sales volumes lifts profitability expectations 29% of respondents foresee increase in Level of Selling Prices; BOI improves to 13 Transport & communication sector

12. Finance, insurance, real estate & business services sector The Global Services PMI crossed the level of 50 after contracting for 10 consecutive months; September reading stands at 52.2 Sector optimistic on volume of sales and new orders with 55% of the respondents respectively expecting higher numbers for both parameters Source: J P Morgan and Market Economics in association with ISM and IFPSM

13. Business Optimism Indices Trends : Hydrocarbon sector 84% of the firms expect selling prices to remain unchanged, 58% anticipate a rise in employee count 73% foresee higher profitability in Q4 2009

14. Other Key Highlights Availability of finance and raw material costs cited as leading business concerns by the non-hydrocarbon sector 54% of the business units freeze investment outlays while only 35% to invest in business expansion 43% of the business units in the non-hydrocarbon sector expect borrowing conditions to improve Discovery & development cost identified as the chief concern by 38% of the units in the hydrocarbon sector

15. Conclusion Business outlook for Q4 improves across sectors with emerging signs of global economic revival and government support through expansionary fiscal policy Activity in finance, insurance, real estate & business services sector is expected to improve with signs of increased liquidity in the international markets Optimism in the trade, restaurants & hotels sector gains traction as global trade improves Hydrocarbon sector uncertain on recent crude price rally amid weak fundamentals

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