STATE OF KUWAIT

ACTING THROUGH THE MINISTRY OF FINANCE

Publication of Base Offering Circular and Pricing Supplements

The following base offering circular, prepared in connection with the update of the State of Kuwait, acting through the Ministry of Finance's (the "Issuer") Global Medium Term Note Programme (the "Programme"), is available for viewing:

Base Offering Circular dated 29 September 2025 relating to the Global Medium Term Note Programme of the State of Kuwait, acting through the Ministry of Finance

To view the full document, please paste the following URL into the address bar of your browser:

http://www.rns-pdf.londonstockexchange.com/rns/4537C_1-2025-10-7.pdf

The following Pricing Supplements dated 7 October 2025 are also available for viewing:

1.   Pricing Supplement in relation to the issue of U.S.$3,250,000,000 4.016 per cent. Notes due 2028 by the Issuer under the Programme;

2.   Pricing Supplement in relation to the issue of U.S.$3,000,000,000 4.136 per cent. Notes due 2030 by the Issuer under the Programme; and

3.   Pricing Supplement in relation to the issue of U.S.$5,000,000,000 4.652 per cent. Notes due 2035 by the Issuer under the Programme.

To view each of the above documents, please paste the corresponding following URL into the address bar of your browser.

1.  http://www.rns-pdf.londonstockexchange.com/rns/4537C_2-2025-10-7.pdf

2.  http://www.rns-pdf.londonstockexchange.com/rns/4537C_3-2025-10-7.pdf

3.  http://www.rns-pdf.londonstockexchange.com/rns/4537C_4-2025-10-7.pdf

Please read the disclaimer below "Disclaimer - Intended Addressees" before attempting to access this service, as your right to do so is conditional upon complying with the requirements set out below.

For further information, please contact:

Kuwait Investment Authority

Block 1, Street 201, Sharq

PACI No: 94389618

PO BOX: 64, Safat, 13001

Kuwait City

State of Kuwait

Attention:          Saoud Salem Alsabah, Managing Director

DISCLAIMER - INTENDED ADDRESSEES

The Pricing Supplements referred to above must be read in conjunction with the Base Offering Circular.

Please note that the information contained in the Pricing Supplements and the Base Offering Circular may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Pricing Supplements and/or the Base Offering Circular) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the Pricing Supplements and/or the Base Offering Circular is not addressed. Prior to relying on the information contained in the Pricing Supplements and/or the Base Offering Circular you must ascertain from the Pricing Supplements and the Base Offering Circular whether or not you are part of the intended addressees of the information contained therein.

In particular, the Pricing Supplements and/or the Base Offering Circular do not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities law of any such jurisdiction. The securities referred to in the Pricing Supplements and/or the Base Offering Circular have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act, and the rules and regulations thereunder. The Issuer does not intend to register any of the securities referred to in the Pricing Supplements and/or the Base Offering Circular in the United States or to conduct a public offering of the securities referred to in the Pricing Supplement and/or the Base Offering Circular in the United States or elsewhere.

The Pricing Supplements and/or the Base Offering Circular has been made available to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently none of the Issuer, its advisers nor any person who controls any of them nor any director, officer, employee nor agent of it or affiliate of any such person accepts any liability or responsibility whatsoever in respect of any difference between the Pricing Supplements and/or the Base Offering Circular made available to you in electronic format and the hard copy version available to you on request from the Issuer. Your right to access this service is conditional upon complying with the above requirements.