Kuwait City, December 27, 2004 -- Kuwait Projects Company (KIPCO) has been presented with high calibre proposals by some of the world's top investment banks vying to manage an initial public offering (IPO) of shares in Showtime, the satellite television network and flagship media company of the KIPCO Group.

Citigroup, Bank of America, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, HSBC, Morgan Stanley, Gulf Investment Corporation and The National Investor all made presentations during three days at KIPCO's Kuwait headquarters.

The bankers were asked to make recommendations about pricing Showtime shares, the choice of stock exchange, and the best way to structure the company's capital in light of its business and financial objectives.

"We were extremely impressed by the high calibre of the proposals. Each one demonstrated eagerness to present the unique value of Showtime to media investors around the world," said KIPCO managing director and CEO Faisal Al Ayyar.

The bankers presented to an evaluation team comprising senior KIPCO management and management drawn from companies throughout the KIPCO Group, including investment banking subsidiary United Gulf Bank (UGB) of Bahrain; KIPCO Asset Management Company (KAMCO); Hunter Capital of Utah, USA; Pulsar Knowledge Centre of New Delhi, India; and United Gulf Management of Boston, USA.

"Their proposals demonstrated recognition not only of Showtime's tremendous track record in an emerging marketplace, but also the supporting strength and quality of our KIPCO portfolio companies," said Al Ayyar.

He said the banks' proposals identified Showtime's current market penetration and potential, strong management team, high average revenue per subscriber and fixed exclusive long-term programming agreements with major Hollywood studios, as key strengths.

The proposals will now be evaluated by KIPCO in a follow-up process leading to a selection decision the coming months. The IPO is scheduled to take place in 2005.

The decision to proceed with an IPO was taken after a thorough review of plans for Showtime, which is majority owned by KIPCO through United Broadcasting Company.

Showtime launched with six channels on PanAmSat in 1996. It has rapidly expanded its distribution across the Middle East and North Africa (MENA) region and today offers more than 50 channels of premium Western entertainment with Arabic subtitling including the latest Hollywood movies, sitcoms, children's programming, fashion shows and sports coverage.

KIPCO is Kuwait's largest private sector company with more than US$ 10 billion under management or control, and a portfolio of some 70 companies with major activities in financial services, media & telecommunications, real estate, industry, management advisory, medical services and aviation throughout the Middle East and North Africa (MENA) region, as well as substantial ownership interests in the U.S. and Europe. KIPCO employs more than 10,000 people internationally and its shares are the most actively traded on the Kuwait Stock Exchange.

KIPCO's core operating companies are United Gulf Bank (UGB), its investment banking subsidiary; Gulf Insurance Company (GIC), a regional leader in commercial and personal insurance; Burgan Bank, Kuwait's leading technology-driven commercial bank; Wataniya Telecom, the dynamic and fast-growing regional mobile telephone services provider; and Showtime.

Abu Dhabi, November 22, 2004: The National Investor, one of the UAE's leading investment and merchant banking firms, today announced net consolidated earnings of AED19.2million, a 93% increase over the corresponding period last year.

Revenues from the company's investment banking and advisory activities climbed to AED5.2m from AED964,742 compared to the same period last year, representing an increase of 446%. The portfolio of listed equities, which comprises blue chip and highly liquid shares, reported a return of 52% for the six month period, ending September 30 versus a 34% increase of the NBAD Index, thereby outperforming the market by 18%.

Shareholders' equity stood at AED210m as at 30 September 2004. Moreover, return on equity (ROE) for the six months period was 28% over shareholders' equity position at March 31, 2004.

Commenting on the positive performance, Mr Abdullah Mohamed Al Mazrui, Chairman, The National Investor, said: "This is an extremely strong showing for The National Investor and is the result of the substantial growth in our investment banking activities and the strong performance of our portfolio of investments. The shareholders' equity increased due to the ongoing capital increase, the jump in our net earnings and the revaluation reserve due to the appreciation in value of the company's investment in IPO founders' shares."

The performance shows that we are now firmly positioned as one of the top regional investment and advisory firms and we intend to continue to leverage our distinguished track record and dominant market share to secure more business and increase our overall profitability." In addition to the Company's strong Investment Banking performance, The National Investor's Private Equity division has been active with the recent acquisition of a 15% stake in DEPA Interiors, the Middle East's largest interior design and furnishing company. The National Investor is also in the process of acquiring stakes in several other promising companies. "Our private equity strategy is to focus on late stage, profitable companies with seasoned management that could go public soon. This results in a shorter holding period, higher returns and a potential source of business for our investment banking division," Mr. Al Mazrui explained.

Outlining the positive outlook for the remainder of the year, Dr Karim El Solh, Chief Executive Officer, said: "We are anticipating further growth in the remainder of 2004 as we execute some of the large mandates we have recently won. In addition to our very strong IPO performance this year which included joint-lead managing some of the most successful public offerings in the UAE's history, we are also working on several promising upcoming IPOs and private equity deals."

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Notes to Editors

About The National Investor

The National Investor is a leading UAE investment and advisory firm with a distinguished track record in investment banking, asset management and private equity. The Company is backed by over 60 UAE shareholders who come from the highest echelons of the business and political community. The Company is currently ranked as the leading arranger of public share offerings, having lead managed the largest number of public offerings in the UAE to date (with total transaction value exceeding 4.1 billion AED). NI is also actively involved in the local asset management scene, having launched innovative products such as the first Emirates Real Estate Fund. For more information on the National Investor, please visit the Web site at http://www.nationalinvestor.ae

The Leading Hotel Interiors Contracting Company in the Middle East Prestigious hotel interiors contracting company outlines future strategy for growth; estimates 25% market share and projects portfolio includes: Burj Al Arab, Abu Dhabi Conference Palace Hotel, Jumeirah Beach Hotel and Grand Hyatt Dubai Dubai, September 20th, 2004: DEPA, the Middle East's leading hotel interiors contracting company, today announced that it has sold a 15% stake in the company to The National Investor, one of the leading UAE investment and merchant banks.

The acquisition includes five companies under the DEPA umbrella, three in the UAE (DEPA Interiors LLC Dubai, Pino Meroni Middle East LLC and DEPA Abu Dhabi for Decoration), one in Italy (DEPA SRL - Italy) and one in the UK (DEPA UK LTD). The National Investor led the origination and structuring of the transaction. Deloitte & Touche led the accounting due diligence while Al Tamimi and Company acted as the legal advisers on the transaction. DEPA appointed Ernst & Young as auditors and Galadari & Associates as legal advisors.

Mr. Riad Kamal, Chairman of DEPA, said: "By having The National Investor lead this consortium, we are developing a long-term strategic partnership with a high profile and reputable regional investment institution that will help us achieve our long term goals, whether that is a large private placement or an IPO in the future."

With an estimated 25% market share and an exceptional track record of marquee projects such as Burj Al Arab, Abu Dhabi Conference Palace Hotel, Jumeirah Beach Hotel and Grand Hyatt Dubai, the new funding and strategic partnership will leave DEPA well placed to leverage the anticipated growth of hotels across the Middle East region.

Commenting on the investment, Mr. Abdullah Al Mazroui, Chairman of The National Investor, said: "In line with our strategy to identify solid companies with strong growth potential, DEPA represents an excellent investment that will allow us to capitalize on the expected boom of hotel developments in the UAE and the region. Conservative estimates project hotel rooms to increase from 15,000 to 75,000 rooms in the next three to five years in the UAE alone and DEPA is ideally positioned to benefit from this trend."

Dr. Karim El Solh, Chief Executive Officer of The National Investor, added: "As a leading regional private equity player, we are continuously looking for solid companies with good profitability and a strong management team in high growth sectors. DEPA fits all of these criteria and is the best positioned player in the hotel industry to benefit from the expected surge of activities. We are committed to helping the company grow and we look forward to contributing to its future successes."

Highlighting the Company's potential, Mr. Mohannad Sweid, Managing Partner & CEO of DEPA, said: "This investment by this prestigious consortium will place us in a strong financial position, help us consolidate our number one position in this high growth industry and allow us to continue to provide the highest standards of excellence in each area of our operations, as well as continue to develop our capabilities to better service both regional and local markets."

In its thirty years of operation DEPA has distinguished itself as one of the leading hotel, yacht and palace interior companies in the world. The company is a standard setter with its annual DEPA hotel awards and is now firmly positioned as the leading hotel interiors company in the Middle East with an estimated 25% market share in a market with a projected volume of AED19.1 billion in the coming 5 years (2005-2009).

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Notes to Editor:

About The National Investor:

The National Investor is a leading UAE investment and merchant bank with a distinguished track record in investment banking, asset management and private equity investments. The Company is backed by over 50 UAE shareholders who come from the highest echelons of the business community. The National Investor is currently ranked the number one leading arranger of public share offerings and is a growing force in bonds and mergers and acquisition. Through its Intelligent Capital merchant banking model is distinguishing itself through unique private equity investments and is actively involved in the local asset management scene.

About DEPA:

DEPA is an Interior Contracting Company specializing in full scope Fit-Out and Furnishing of Luxury Hotels, Palaces and Prestigious Yachts, in the Middle East and various parts of the world. After Three decades of Prestigious Hotel Interiors accomplishments DEPA continues to present magnificent achievements in luxury Hotels turnkey interiors. DEPA's main office is in Dubai with branches in Milan, Cairo, and Abu Dhabi.

DEPA's international organization and aggressive team allows it to undertake jobs in various parts of the world. DEPA has achieved many Luxurious Hotel Interiors in the Middle East, North Africa, Europe, USA, and Japan. The company built a vast information network with organizational ability and purchasing power. Some of DEPA's references in Dubai are: Burj Al Arab, Jumeirah Beach, Ritz Carlton, Grand Hyatt, Rotana, Fairmont, Hilton, in Egypt: Four Seasons Sharm El-Sheikh, , Four Seasons Nile Plaza, Four Seasons San Stefano, J.W. Marriott Cairo, Sheraton Alexandria, Hilton Luxor, Crown Plaza Sharm El-Sheikh, City Stars Cinemas - Cairo.

Capital increase to AED200m; to fund aggressive expansion plans Abu Dhabi: June 29, 2004: Shareholders of The National Investor, one of the UAE's leading investment and advisory firms, have voted to allow the board to increase the Company's capital from AED77m to AED200m at the Company's recent Extraordinary General Meeting. The shareholders of the National Investor also ratified the move to split the nominal value of the Company's shares from AED 100 to AED10 per share and increase the amount of outstanding shares from 770,000 to 7.7 million shares. The capital increase will be offered, in priority, to the company's existing shareholders and the company plans to issue an additional 12.3 million shares. In addition, the shareholders approved a measure to allow foreigners to own up to 20 per cent of the Company's capital.

The National Investor recently disclosed an increase in annual profits of 212% after a particularly successful year in which investment banking revenues went up by 117%, assets under management increased by 124% and the company's listed equity portfolio appreciated by 51.5% - strongly outperforming the NBAD General Index which went up by 39.5% during the same fiscal year.

Commenting on the capital increase, Mr. Abdullah Mohamed Al Mazrui, Chairman of the National Investor, said: "While our annual results illustrate that we have had an extremely successful year, we need to maintain the momentum and raise the capital to fund our plans for expansion. We intend to grow, increase profits and become one of the region's leading investment banks."

"With WTO accession and the increase in competition, many investment banks will face the prospect of having to raise capital or risk being marginalized. We are acting now so that we put ourselves in a strong position and maintain and grow our dominant investment banking franchise. I am delighted that our shareholders share our vision," said Dr Karim El Solh, Chief Executive Officer, National Investor.

"By securing further capital, the National Investor will use its increased balance sheet to underwrite and lead more and bigger investment banking transactions as well as invest in local and regional capital markets. A larger balance sheet will also increase our exposure to regional private equity and real estate markets where we can source and structure unique and highly profitable investment opportunities. This is an area where we continue to distinguish ourselves," explained Dr. El Solh.

"Our plans to grow across all areas of our business are critical to becoming a strong merchant banking leader across the region. We are not ruling out acquisitions at this stage as this could nicely complement our organic growth, especially when it comes to regional expansion," concluded Dr. El Solh.

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Notes to Editors

About The National Investor:

The National Investor is a leading UAE investment and advisory firm with a distinguished track record in fundraising, advisory services, asset management and private equity investments. The Company is backed by over 60 UAE shareholders who come from the highest echelons of the business and political community. NI is actively involved in investment banking, private equity and asset management. The Company is currently ranked as the leading arranger of public share offerings, having lead managed the largest number of public offerings in the UAE to date (with total transaction value exceeding AED 2.6 billion). NI is also actively involved in the local asset management scene, having launched innovative products such as the first Emirates Real Estate Fund. For more information on the National Investor, please visit the Web site at http://www.nationalinvestor.ae

While the capital markets are bullish, more needs to be done to attract Arab wealth and FDI, explains Karim El Solh Dubai: June 14, 2004: The fund investment environment is flourishing throughout the Middle East region, making it one of the most exciting and emerging investment markets in the world, but more is needed to be done to support the upsurge, according to The National Investor's Chief Executive Officer, Dr. Karim El Solh.

"With a significant increase in the market capitalization of the listed companies in the six-nation Gulf Co-operation Council, which, according to the recent Arab Monetary Fund Report has peaked at nearly $377.6 billion since the beginning of the year, it is clear to see that the investment environment is in good shape. As companies perform better and start listing their companies on the region's bourses, so the markets become more liquid, asset classes varied and funds more diverse.

"However, more is needed to be done in order to continue the growth and stimulate further investments from wealthy Arab investors and attract foreign direct investment to the region," explained Dr. El Solh.

Dr. Solh's comments came in a keynote speech which was delivered to leading stakeholders and delegates at the Fund World Conference which finishes at the Jumeirah Beach Hotel today (Tuesday).

"With projected GDP growth of 6.4% throughout the GCC over the next five years, the prospects for growth are very encouraging. This will trickle down to the private sector and lead to further investment opportunities. Looking further into the future, the GCC customs union and a common currency and unification will also help the development of the regional capital markets, as will the proposed Free Trade accord with the European Union and WTO accession. "

But according to El Solh, there are still significant bottlenecks to attracting capital flows. "There is vast potential among wealthy Arab investors. There are more than 300,000 high net worth individuals - those who have $1million dollars of investible assets - in the region. It is estimated that they will account for $1.5 trillion worth of wealth by 2007. Even if the region manages to repatriate a small proportion of this it will impact positively on the region's capital markets. This is already starting to happen. The recent IPO performances of companies like The Finance House pay testament to the liquidity levels of these investors.

The key is to attract more foreign direct investment to the region, according to Dr. El Solh, and the bottlenecks are both regulatory and product related.

"At this stage more must be done to attract foreign investment. Currently the markets discourage foreign investment and this should be addressed. For example, in the UAE, only 20% of the companies listed allow foreign investment so the environment is not very supportive. Add to that the fact that there is regional political instability, high levels of bureaucracy, low levels of transparency and a slow privatization process, the capital markets are still embryonic. Certainly, the region's markets are unable to attract investment at the levels of countries like Poland, Turkey and Russia."

"With more products and asset classes and the opportunities to invest, together with a leading role played by governments to encourage privatization, the capital markets will continue to develop. They will gain critical mass, attracting the attentions of foreign fund investors, especially if they are included on global indices such as the MSCI. If you take into consideration the impending IPOs that are slated to take place in the coming 18 months and the burgeoning private equity and fixed income markets, then the products are in place to attract incremental investment," concluded Dr. El Solh.

The Funds World Conference is being held to discuss the investment prospects and opportunities faced within the Middle East region. It is currently taking place at the Jumeirah Beach Hotel and is attracting leading regional and international delegates from the international investment market.

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Notes to Editors

About The National Investor

The National Investor is a leading UAE investment and advisory firm with a distinguished track record in fundraising, advisory services, asset management and private equity investments. The Company is backed by over 60 UAE shareholders who come from the highest echelons of the business and political community. NI is actively involved in investment banking, private equity and asset management. The Company is currently ranked as the leading arranger of public share offerings, having lead managed the largest number of public offerings in the UAE to date (with total transaction value exceeding AED 2.6 billion).. NI is also actively involved in the local asset management scene, having launched innovative products such as the first Emirates Real Estate Fund. For more information on the National Investor, please visit the Web site at http://www.nationalinvestor.ae

Dr Karim El Solh to highlight investment opportunities facing the region Dubai: June 13, 2004: Dr Karim Solh, CEO, The National Investor, one of the UAE's leading investment and advisory firms, is to deliver a keynote address at the forthcoming Fund World Conference.

The conference, which is attracting the leading figures from the regional and global funds industry to discuss the investment prospects and opportunities faced within the Middle East region, is taking place at the Jumeirah Beach Hotel June 14-15th 2004. Other notable speakers include Dr Mohammed Alchaar, Secretary-General, Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI); David Waite, Head of Asset Management, Gulf International Bank (UK) and Dr Hasnita Hashim, Executive VP, Institutional Business, Guidance Financial Group (USA).

Titled "Middle Eastern fund investing - just how good are the opportunities", Dr Karim's speech will focus on the reasons why Middle Eastern investors are bringing their capital back to the region and are actively seeking regional investments opportunities, the challenges faced in the investment process, and what are the expected benefits and risks of investing in the region.

Confirming the specific investment opportunities that the GCC capital markets are offering, Dr Karim said: "The Gulf region is going through a phase of strong growth fueled by near-record high oil prices, expanding economies and increasing productivity. In fact, the expected average annual GDP growth for the GCC countries over the next 5 years is an impressive 6.4%. With such an unprecedented sustained growth rate, there will be a number of investment opportunities for investors as this growth trickles down to the private sector and the regional capital markets start reaping the benefits. It is no surprise that Arab investors are quickly repatriating their overseas assets and scanning the region for potential investment opportunities. "

"The only caution here is that there might a little too much capital chasing too few assets, which might send valuations at stratospheric levels. It is therefore important for both the regional governments and the private sector to open up and offer investment opportunities to the new market entrants. It is also important for regional investment firms such as the National Investor to respond to the market need and introduce in a timely fashion well-structured regional investment products," he continued.

Describing the objective of the conference, Dr El Solh, said: "The Funds World conference aims to highlight the positive impact new capital market investment trends are having on the Middle East. Over the course of the two day programme, delegates will listen to leading figures in the industry as they discuss investment sentiment across the region."

Dr El Solh also lauded the efforts by the funds investment industry to embrace conferences that help stimulate discussion and discourse so that leading players can address the needs of the region in pursuing the conditions that will help future investment trends.

"While we acknowledge that foreign direct investment in the region is still relatively small, companies such as The National Investor must play a pivotal role to ensure that the investment environment continues to evolve and the right investment opportunities are made available to regional investors. This is why we have pursued and secured strategic partnerships with global players such as Credit Suisse Asset Management," Dr. El Solh added.

The Funds World Conference is being held over two days. The first session is being chaired by James Hammond, Executive Vice President, ISI, Emerging Markets, Internet Securities (USA), while the second session will be chaired by Will McSheehy, Editor, Banker Middle East. Highlights will include looking at the potential growth and challenges in the Middle Eastern funds market, an examination of the needs of the Middle East investor in a new investment universe, the Shari'ah fund opportunity, anti money laundering, equity investments, portfolio management and hedge funds.

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Notes to Editors

About The National Investor

The National Investor is a leading UAE investment and advisory firm with a distinguished track record in fundraising, advisory services, asset management and private equity investments. The Company is backed by over 60 UAE shareholders who come from the highest echelons of the business and political community. NI is actively involved in investment banking, private equity and asset management. The Company is currently ranked as the leading arranger of public share offerings, having lead managed the largest number of public offerings in the UAE to date (with total transaction value exceeding 2.6 billion AED). NI is also actively involved in the local asset management scene, having launched innovative products such as the first Emirates Real Estate Fund. For more information on the National Investor, please visit the Web site at http://www.nationalinvestor.ae

The Founders' Committee of "Finance House" has announced that the opening of the public subscription in the Finance House IPO is set for 24th April 2004. The subscription period would continue for 13 days, closing on Thursday 6h of May 2004.

The Company is offering 110 million shares for public subscription. Each share bearing the nominal value of (1) One Dirham in addition to a subscription fee of Five Fils per share.

The Capital of the Company is Two Hundred Million Dirhams (AED 200) and the Founders have subscribed for Ninety Million Dirhams (90), being 45% of the Capital.

Finance House's Founders list is headed by Abu Dhabi Investment Company (20% of the Capital) and the National Investor (6.75 % of the Capital). The Total number of Founders is 189 which include investment companies, insurance companies, co-operative societies, charitable foundations, large family business groups and a well diversified segment of local society, including (for the first time) a number of local businesswomen. The Founders subscriptions process of Finance House generated considerable interest amongst local businessmen, which was reflected in the composition of the final Founders list. It is anticipated that this diversity of Founders would provide strong support for the company which, in turn, would enhance its marketing capabilities especially in its first few years of operations

National Bank of Abu Dhabi is leading a syndicate of subscription banks including Emirates Bank International, Emirates Financial Services, National Bank of Fujairah and Invest Bank. And, for the First time in the UAE, the Founders of Finance House have invited a number of brokerage firms to officially participate in the subscription process, in an attempt to facilitate the subscription process for investors. These brokerage firms include National Brokerage Co., Emirates Commercial Center, First Gulf Financial Services Center, Al Sharhan Brokerage Center, Union Brokerage Co. and Al Wathba Stocks & Bonds Center.

Subscription applications and the offering prospectus will be available at the participating branches of the above banks and brokerage firms on Saturday 24th April 2004. In order to facilitate the subscription process for the public, subscribers are requested to issue crossed cheques (account payee only) drawn on any bank operating in the UAE or they can debit their accounts at the participating banks. Cash subscription is prohibited.

Subscription in the IPO of Finance House is restricted to UAE nationals, above 18 years of age, in addition to companies wholly owned by UAE nationals and UAE Federal and local government institutions.

The Founders' Committee decided to adopt a direct proportionate allocation strategy, where oversubscribed amounts along with excess fees would be returned to the subscribers upon allocation. The company confirmed that it will not retain any funds in excess of the IPO amount on offer, and that all excess subscription shall be refunded.

The minimum subscription amount is 10,000 shares with multiples of 1,000 shares. There is no maximum subscription amount, but, during allocation no shareholder will be allotted more than 5% of the capital of the Company in accordance with the Company's articles of association.

The incorporation of "Finance House" was approved by the Executive Council of Abu Dhabi Emirates last month.

The mission of the Company is summarized as "Providing high quality and unique financing and investment products and service that satisfies the requirements of a cross segments of the society through allocating the best financial expertise and using modern technology in away that will achieve high returns for investors, thereby, supporting the economic development of UAE's economy".

The first Central Bank approved real estate fund in the UAE, the Emirates Real Estate Fund ("the Fund"), managed by the National Investor, has recently closed its first major investment in Abu Dhabi. The Fund acquired, in a Shariaa compliant manner, the future cash flows of 36 Abu Dhabi properties developed by Al Ahmadain General Contracting Co LLC (Al Ahmadain). This transaction is one of the first UAE Islamic real estate cash flow securitizations and totaled AED 23 million.

Al Ahmadain is a leading residential developer in Abu Dhabi specializing in the innovative Istithmar concept whereby a developer leases land from its owner, develops the properties and rents them during the lease ("Istithmar") period prior to returning the properties to their owner at the end of the lease period. The National Investor decided to purchase the future cashflows generated by the properties in the portfolio of Al Ahmadain because of the excellent quality of the design and construction as well as the high quality of the tenants (ensuring a predictable rental income for the Fund). "Al Ahmadain has the best Istithmar track record and the largest and highest quality portfolio of properties in Abu Dhabi; the Company was the ideal partner for the Emirates Real Estate Fund", said Dr. Karim El Solh, Chief Executive Officer of the National Investor.

"Rather than waiting several years to recover its investment from the rental income of the properties during the lease/Istithmar period, Al Ahmadain obtains an upfront payment through an Ijara lease equivalent to the property's future projected cash flows. In essence, the Fund is monetizing the developer's future cash flows", said Dr. Karim El Solh. "The upfront payment gives us an immediate profit and allows us to recycle our capital into other developments, allowing us to keep on growing as developers", said Mr. Abdulla Jadalla, General Manager of Al Ahmadain.

"The Abu Dhabi real estate market is unique, in that one cannot sell properties except in the case of an inheritance. We had to be innovative in finding a way to get exposure to the growing and promising Abu Dhabi real estate market; securitization of future rental income was the optimal and most secure way of achieving that goal", said Mr. Jamil Brair, Senior Associate, National Investor.

"We are pleased to partner with the Emirates Real Estate Fund and the National Investor on this landmark transaction and we look forward to even further cooperation in the near future", said Mr. Sultan Al Otaiba, Chairman of Al Ahmadain.

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Note to Editors:

About the National Investor

The National Investor is a leading UAE investment and advisory firm with a distinguished track record in fundraising, advisory services, asset management and private equity investments. The Company is backed by over 60 UAE shareholders who come from the highest echelons of the business and political community. NI is actively involved in investment banking, private equity and asset management. The Company is currently ranked as the leading arranger of public share offerings, having lead managed the largest number of public offerings in the UAE to date. For more information on the National Investor, please visit the Web site at www.nationalinvestor.ae. About the Emirates Real Estate Fund

The Emirates Real Estate Fund invests in income producing properties in the UAE to achieve above average returns at below market risk. The Fund, with its low risk investment profile, should appeal to risk-averse investors, who in the prevailing low deposit interest environment, are looking for a respectable current income and higher returns. As a new asset class, investors receive the returns derived from real estate, but without the risks and obligations of individual property ownership. The Fund is structured in a Sharia'a compliant manner. The strategic real estate advisor to the Fund is Colliers International, one of the largest and most respected real estate management firms with over 200 offices in 52 countries worldwide and over US$ 25 billion in property under management.

Chaired by H.H. Sheikh Khalifa Bin Zayed Al Nahyan, Crown Prince of the Emirate of Abu Dhabi, Deputy Commander of the Armed forces of the UAE and Chairman of the Abu Dhabi Emirate Executive Council, The Executive Council issued its approval for the incorporation of "Finance House" as a public joint stock company capitalized at AED 200 million.

The establishment of "Finance House" has also been approved by the Central Bank of the UAE, Ministry of Commerce and Trade and the Abu Dhabi Municipality.

Following a detailed study of the market in the UAE, the major Founders of "Finance House", Abu Dhabi Investment Company and the National Investor launched " Finance House" as an integrated finance company providing comprehensive financing products and services to individual, corporate and government clients.

The major founders of Finance House are amongst the most prestigious financial institutions in the UAE. Abu Dhabi Investment Company "ADIC" was established in 1977 as the UAE's first investment company. While the National Investor "NI" is a leading private investment company that has an impeccable track record in incorporating a number of successful public companies in the UAE market.

In addition to ADIC and NI, a large number of government, semi government, corporate and individual founders are participating in the incorporation of Finance House. This will help attract quality clients to the company and will provide support from an important segment of affluent corporates and individuals.

The Founders are subscribing for 45% (AED 90 million) of the company's capital and 55 % (AED 110 million) will be offered to public subscription in April. A number of banks will participate in the offering, as well as and for the first time, a number of brokerage firms registered with both Abu Dhabi Securities Market and Dubai Financial Market, in an attempt to facilitate the procedures of public subscription for investors. Public subscription shall be available for UAE nationals only.

"Finance House" is expected to benefit from being a public company with strong founders and a broad investor base, in addition to being a fully integrated finance company which will draw on the financial strength and technical expertise of its major founders.

The mission of the company is to provide high quality and unique financing and investment products and services that meet the requirements of a cross segment of society by employing the best financial expertise and using modern technology in away that will achieve high returns for investors.

"Finance House" will operate its business from its headquarters in Abu Dhabi and intends to have branches in the major cities of the UAE.

Mr. Hareb Al Darmaki, Chairman of Abu Dhabi Investment Company, said: "The financing services market in the UAE and the region, in general, is an active and vital market that generates lucrative returns and rapid growth for the companies operating in it.

"Finance House" is considered the first fully integrated finance company in the UAE and the first finance company based in Abu Dhabi. The activities of the company will include taking deposits from corporates and public institutions in addition to providing retail and commercial financing targeting medium sized corporates and individuals, and issuing letters of credit and guarantees. Real Estate financing in not considered a priority for the company at the time being due to the increased competition, low margins and the long tenor of loans in this sector.

Regarding the "Finance House" capital base, Mr. Al Darmaki said: "It was possible to raise a larger capital, but the size of AED 200 million was carefully decided upon following a detailed study of the required financial resources of the company according to its business plans, and in light of the rules and regulations of the Central Bank of the UAE". He also asserted that the most important measure of success for any company is the return to equity. Further, the current capital size will not constitute a hurdle to growing the company's activities in the future, mainly due to the close relations it enjoys with its strong major shareholders.

Abu Dhabi/Dubai - 6 March 2004. The National Central Cooling Company (PJSC) ("Tabreed") today announced that it had successfully cleared the markets with its US$100 million Islamic Sukuk Offering, the first public corporate Islamic Sukuk Offering and first corporate listing from the Gulf in Luxembourg. The offering cleared the capital markets as a US$100 million Islamic Sukuk Offering ("ISO"), 5 years maturity, and a coupon of 5.50%.

Mohamed Saif Al Mazrouie, Chairman of Tabreed, said, "This offering gave Tabreed the opportunity to access a new investor base and created Tabreed name awareness among a whole new range of regional and offshore investors that the company will also be able to tap in the future. This financing has aligned Tabreed's business growth strategy with its financial strategy. In addition we are extremely satisfied with the offering that made it possible to tap new attractive capital for the company and for Tabreed to continue to be at the forefront of regional capital markets and international Islamic capital markets".

Christian R. Mouchabhani, Director at The National Investor, was quoted as saying: "Tabreed's business success story and growth strategy was well received by regional, international and Islamic capital markets. Working with Tabreed's management since inception and later with the syndicate on this historical offering has been exciting. The US$ 100 million Islamic Sukuk Offering ("ISO") should open the gates for other local and international corporates to access the promising emerging Islamic Capital Markets.. This Offering was a great success, despite being a challenge for regional and Islamic capital markets, as it is innovative in regard to taking corporate capital market risk, provided with a new innovative structure and fixed coupon to which Islamic and regional investors are not used to. All this taken within the context of the international capital markets and Luxembourg listing requirements."

The company had mentioned earlier that the The National Investor acted as Sole Adviser, Sole Arranger and Joint Lead Manager, CSFB as Joint Lead Manager, Emirates Bank as Co- Lead Manager, and Shamil Bank of Bahrain, Kuwait Finance House and National Bank of Sharjah as Co-Manager, successfully completing a well diversified and complementary Syndicate.

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About Tabreed

Tabreed has offered district cooling services as a utility in the UAE for over five years, pioneering energy efficient gas-fired and electric-powered district cooling solutions in the UAE and across the region. The largest district cooling service provider in the world, Tabreed offers customers the highest quality service through an integrated energy system devised to help them optimise their energy usage and reduce power and maintenance costs.

Tabreed is a member of the International District Energy Association (IDEA), Association of Energy Engineers (AEE), International Association for Energy Economics (IAEE), International Institute of Refrigeration (IIR), American Gas Cooling Centre, Inc. (AGCC) and the Dubai Quality Group.

The National Investor

The National Investor is a leading UAE based regional advisory and investment firm with a track record in innovative advisory, fundraising, private equity and asset management. The National Investor is backed by 60 UAE based shareholders and is actively involved in investment banking, private equity, and asset management.

Abu Dhabi/Dubai: January 12, 2004. The National Central Cooling Company (PJSC) ("Tabreed") today announced that it intends to imminently launch in the local, regional, and international capital markets its debut US$ 100.0 Islamic Sukuk Offering ("ISO") in the coming weeks.

Karl Marietta, Tabreed's Director of Finance, said, "This offering can be considered as groundbreaking in a lot of regards, as it will be one of the first corporate Islamic Sukuk Offerings, to be listed in Luxembourg, and given its wide ownership base, will help establish a benchmark for future corporate Islamic Sukuk Offerings. We feel that it will be a new milestone for Tabreed in its strategic growth plans, and a groundbreaking transaction for regional capital markets and Islamic capital markets in general".

Mr. Marietta further concluded, "This transaction will provide the opportunity for the wider Islamic investor base to participate in the Tabreed story, in turn providing Tabreed with a new source of efficient and attractive capital and widening its investor base. This will help the Company consolidate its leading market position in the UAE and support its sound growth plans while further solidify the Company's capital structure. The proceeds will be mainly used to finance current plants and future identified expansion projects".

Christian R. Mouchbahani, Director, The National Investor added: "New and original corporate finance solutions such as this Islamic Sukuk Offering for Tabreed, will help support the growth of companies in the UAE and GCC and be the cornerstone of local, regional and International Islamic market developments. Tabreed has always been at the forefront of such successful innovative business and financial strategy developments."

Joseph Firas Chakra, Director at Credit Suisse First Boston said: "CSFB is delighted to be working with Tabreed and The National Investor on what we believe is one of the first public and Luxemburg-listed corporate Sukuk transactions. We believe that leading business entities from the GCC region, such as Tabreed, will be playing a leading role in the further development and deepening of the Islamic and regional capital markets, and we are pleased to be associated with these important developments."

As mentioned previously, The National Investor (TNI) has been retained as Sole Advisor and Sole Arranger for the ISO, and The National Investor together with Credit Suisse First Boston (CSFB) will act as joint-lead managers. The overall syndication and placement structure and strategy is being finalized.

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About Tabreed

Tabreed has offered district cooling services as a utility in the UAE for over five years, pioneering energy efficient gas-fired and electric-powered district cooling solutions in the UAE and across the region. The largest district cooling service provider in the world, Tabreed offers customers the highest quality service through an integrated energy system devised to help them optimise their energy usage and reduce power and maintenance costs.

Tabreed is a member of the International District Energy Association (IDEA), Association of Energy Engineers (AEE), International Association for Energy Economics (IAEE), International Institute of Refrigeration (IIR), American Gas Cooling Centre, Inc. (AGCC) and the Dubai Quality Group.

The National Investor

The National Investor is a leading UAE based regional advisory and investment firm with a track record in innovative advisory, fundraising, private equity and asset management. The National Investor is backed by 60 UAE based shareholders and is actively involved in investment banking, private equity, and asset management.

Credit Suisse First Boston

Credit Suisse First Boston (CSFB) is a leading global investment bank serving institutional, corporate, government and individual clients. CSFB's businesses include securities underwriting, sales and trading, investment banking, private equity, financial advisory services, investment research, venture capital, correspondent brokerage services and asset management. CSFB operates in 69 locations in 34 countries across five continents. The firm is a business unit of the Zurich-based Credit Suisse Group, a leading global financial services company.