Aabar Investments Appointment of New CEO

IPIC DIRECTOR OF INVESTMENTS APPOINTED AS NEW CHIEF EXECUTIVE OFFICER OF AABAR

On 19 August 2015, Aabar Investments PJS (Aabar), a subsidiary of the International Petroleum Investment Company (IPIC), announced the appointment of Mr. Mohamed Hamad Al Mehairi as its new Chief Executive Officer with effect from Monday, 24 August 2015.

Mr. Al Mehairi joined IPIC in 2006 and has held the position of Director of Investments since 2009. He also sits on the boards of a number of IPIC group companies, including Aabar. His appointment as Aabar CEO comes as part of the IPIC Board of Director's succession plan for its Abu Dhabi-based subsidiary.

Mr. Al Mehairi replaces Mr. Mohamed Badawy Al Husseiny, who served Aabar since its inception in 2005 and was appointed its CEO in March 2010. Mr. Al Husseiny is moving on to pursue to new opportunities in the UAE financial services sector.

Following Mr. Al Mehairi's departure, the Division Heads of IPIC's Investment Department will report directly to IPIC senior management.