Equate Sukuk SPC (Trust Issuance Prog): 17 December 2016

Under this US$2bln trust certificate issuance programme, EQUATE Sukuk SPC Limited (in its capacity as issuer and as trustee, the "Trustee"), subject to compliance with all relevant laws, regulations and directives, may from time to time issue trust certificates denominated in any currency agreed between the Trustee and the relevant Dealers.

The maximum aggregate nominal amount of all certificates outstanding from time to time will not be more than US$2bln (or its equivalent in other currencies calculated as described in the Programme Agreement).

Each tranche of certificates issued under the programme will be constituted by: (i) a master trust deed dated 15 December 2016 entered into between the Trustee, EQUATE Petrochemical Company K.S.C.C. ("EQUATE"), The Kuwait Olefins Company K.S.C.C. ("TKOC" or the "Guarantor" and together with EQUATE, the "Obligors") and Citibank, N.A., London Branch as delegate of the Trustee. Certificates of each tranche confer on the holders of the certificates from time to time the right to receive certain payments arising from a pro rata ownership interest in the assets of a trust declared by the Trustee in relation to the relevant Series (the "Trust") over the Trust Assets.

TKOC has entered into a guarantee contained in the Master Trust Deed in favour of the Trustee and the Delegate, pursuant to which TKOC will guarantee the payment and performance obligations of EQUATE under each of the Transaction Documents to which it is a party.

EQUATE was established in Kuwait in 1995 and was established to promote the petrochemicals sector in Kuwait and it was Kuwait's first international petrochemicals joint venture. It is the first manufacturer of ethylene, polyethylene and ethylene glycol in Kuwait and commenced commercial operations in 1997.

The transaction structure relating to the certificates has been approved by the Executive Shariah Committee of HSBC Saudi Arabia and the KFH Capital Sharia Committee.