Abu Dhabi, June 28th, 2005: The National Investor (TNI), one of the UAE's leading investment and merchant banking firms, has announced the appointment of a new CEO following the decision of Dr. Karim El Solh, the current CEO, to step down in September and pursue a new entrepreneurial venture.

The new venture will be announced in the fall and will focus on regional private equity investments. "After serving at TNI for close to four years and taking the firm to record profits and no. 1 market share, I feel it is a good time for me to pursue new challenges. It is particularly satisfying for me to see all of our efforts being recognized as we have earned numerous awards including "Best Equities House in the UAE" by Euromoney and "Best Private Equity House in the Middle East" by Banker Magazine. TNI, today, is in its strongest shape ever and is well positioned for future growth," commented Dr. Karim El Solh.

Mr. Abdullah Al Mazrui, Chairman of TNI added: "TNI has grown substantially under the tenure of Dr. El Solh and today the Company, is firmly positioned as one of the most dynamic, progressive and profitable investment banks in the region as evidenced by our sizeable market share and the dramatic jump in our profitability. These results are a strong testimony to Dr. El Solh's leadership and vision. The Board of the National Investor joins me in thanking Dr El Solh for all of his remarkable achievements and wishing him all the best on his new venture." Under Dr. El Solh's leadership, TNI's total assets grew by 484% and total equity by 587%. Moreover, return on equity last year was a remarkable 51% and profits were up by 721%. In the last three years, TNI has conducted over AED6 billion worth of equity offerings, earning it the top spot in IPOs in the UAE. The strong performance during Dr. El Solh's tenure is reflected in the substantial surge of the Company's share price, up by 713% since April 2002.

Succeeding Dr. El Solh as CEO in September will be Mr. Orhan Osmansoy, a veteran investment banker with deep experience at both Morgan Stanley and Whitney Group. Mr. Al Mazrui added: "the Board of TNI has decided to select the new CEO from within the ranks of TNI given our deep pool of talent. Mr. Osmansoy was unanimously selected by the Board to serve as the new CEO as he has the requisite experience and track record to lead this firm to even greater heights. Furthermore, he has had great success in recent months in winning a number of prestigious mandates for the firm and has proved his leadership skills. We welcome him and look forward to working with him and building on the successes of our previous CEO." -Ends-

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, private equity, real estate and asset management. The Company is backed by over 80 UAE shareholders who come from the highest echelons of the business and political community. TNI is actively involved in investment banking, private equity, and asset management and 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, please visit www.nationalinvestor.ae.

05 June 2005

Abu Dhabi - In a move that actively encourages women to participate in the region's booming capital markets, The National Investor (TNI), the leading UAE investment and merchant banking firm, today announced the launch of its new AED100 million TNI Dana Women Fund.

Open only to UAE and GCC national women, the open ended fund provides access to the local, regional and international securities market in a balanced manner. The Fund will invest 60% in publicly traded stocks of UAE and GCC based companies, 20% in international fixed income securities, 10% in international equities and 10% in international hedge funds.

Outlining the reason behind the launch of the fund, Mrs. Fatima Obeid Al Jaber, Member of the Board, The National Investor, said: "Global examples abound where women and women's investment clubs are active and successful players in the capital markets. This region is no exception and we are responding to many requests we have received from Arab women to tailor a portfolio to their investment needs and risk tolerance. They should have an opportunity to gain access to our booming capital markets and this fund is designed to give them that exposure in a balanced and professional manner."

Commenting on the benefits of offering investment opportunities to women in the region, Mrs. Sara Mohamed, Vice President, The National Investor, said: "The aim of the TNI Dana Women Fund is to provide long-term growth and create savings so that the dependence on borrowing is reduced. The fund also encourages financial independence and provides an alternative source of retirement income for Arab women."

"In assembling our investment universe, equities will be selected on the basis of various criteria, related to the firm's market capitalization size, liquidity level, fundamentals, earnings performance and future prospects. Investments in international fixed income securities will be exclusively directed to investment grade issues and have been included to mitigate the risk and reward ratio," Mrs. Sara added.

As placing agents and Fund Managers, TNI has designed the fund to provide women investors with a unique investment vehicle to access investment opportunities leveraging TNI's leading market position and distinguished track record. The Fund will offer a professional asset management approach and exposure to the firm's extensive investment banking, private equity and portfolio management experience across the UAE and other GCC member-countries. It will also provide women investors with unique opportunities, timely execution, risk management and professional management of their wealth. The initial offering price is AED10 and the minimum investment is 50,000 units.

"TNI has established a consistent track record in managing local equities and has delivered continuous positive returns with a recorded return of substantially more than 100% in 2004, widely outperforming the local equity index.

The TNI Dana Women's Fund leverages our superb track record of managing listed equities and provides women investors with access to an entirely new investment universe," concluded Mrs. Sara.

The National Investor has recently been awarded the "Best Private Equity House in the Middle East" by Banker Middle East magazine and "Best Equities House in the UAE" by Euromoney.

- Ends -

About the National Investor:

The National Investor (TNI) is a leading UAE investment and merchant bank with a distinguished track record in investment banking, private equity, real estate and asset management. The Company is backed by over 80 UAE shareholders who come from the highest echelons of the business and political community. TNI is currently ranked as the leading private equity house in the Middle East and the leading arranger of public share offerings in the UAE, having lead managed the largest number of public offerings to date. For more information, please visit www.nationalinvestor.ae.

04 June 2005

Bahrain - The National Investor, (TNI), one of the UAE's leading investment and merchant banking firms, has been voted the Best Equities House in the UAE. The award was bestowed on the company by Euromoney at an Awards ceremony held at the Ritz-Carlton, Bahrain. The recognition reflects TNI's excellence and leadership in the equities and investment banking arenas.

The Euromoney Awards for excellence continue to be the most respected global awards for banking excellence and the award follows TNI's award it received last month for Best Private Equity House in the Middle East from Banker Middle East.

Expressing his delight at the win, Dr. Karim El Solh, CEO, TNI said: "We are extremely proud to have won such a prestigious award. Euromoney is held in high esteem by the global banking industry and we are honoured that our efforts have been recognized by our peers."

"Through the firm's surge in regional equity offerings to date, we have been able to cement our dominant position in Gulf investment banking. Of particular strength is our track record in IPOs where we are currently the number one lead manager of public offerings in the UAE and GCC markets. Recent notable transactions include the IPOs of ALDAR Properties and Aabar Petroleum Investments which set world records in terms of demand raised. To date, TNI-led public share offerings have totalled a transaction value exceeding AED 8.6 billion, firmly positioning the National Investor as the leading UAE investment bank when it comes to equity offerings."

The Euromoney Awards for excellence continue to be the most respected global awards for banking excellence and the awards are given on the basis of providing solid evidence on sales, trading, research, prime brokerage and equity derivatives. These have been measured on volume and distribution with emphasis on cross border transactions.

The Awards Ceremony is being held in Bahrain for the first time, giving greater focus and attention to the Middle East to help boost the regional profile of the awards and all winners.

The award comes as TNI is about to launch a series of initiatives to mark its 10th anniversary. "Since our humble beginnings 10 years ago, the National Investor has grown substantially and is today firmly positioned as one of the most dynamic, progressive and profitable investment banks in the Gulf. This Best Equities House award and the award for Best Private Equity house, which was bestowed upon us by Banker Middle East are strong testaments to the leadership position we have achieved over the last ten years," concluded Dr. El Solh.

- Ends -

About the National Investor:

The National Investor (TNI) is a leading UAE investment and merchant bank with a distinguished track record in investment banking, private equity, real estate and asset management. The Company is backed by over 80 UAE shareholders who come from the highest echelons of the business and political community. TNI is currently ranked as the leading private equity house in the Middle East and the leading arranger of public share offerings in the UAE, having lead managed the largest number of public offerings to date. For more information, please visit www.nationalinvestor.ae.

Abu Dhabi, May 25, 2005: The National Investor (TNI), the leading UAE investment and merchant banking firm today announced the appointment of Emile Habib as the Managing Director to head the Real Estate Division. The appointment reflects the company's commitment to providing asset classes related to the industry and in particular illustrates TNI's belief about the potential of the real estate market in the UAE. Commenting on the appointment, Dr. Karim El Solh, Chief Executive Officer of The National Investor, said: "The National Investor is the first company to provide real estate and merchant banking investment services in the UAE. With the real estate industry booming in the Emirates, I believe the company is committed to the industry and will therefore benefit from Emile's skills and experience. We are always looking to maintain a solid position in the market and Emile will be an asset to TNI and instrumental in enhancing the reputation of the company. I am also confident that he will be pivotal to the company's continued growth and success."

With more than 18 years of experience in global real estate investments, asset management, mortgage finance and trading, Mr. Habib brings a wealth of local and international banking knowledge and insight to his role. Mr. Habib was the Portfolio Manager at the Abu Dhabi Investment Authority's (ADIA) Real Estate Department. During his 11 year tenure at ADIA, he was responsible for developing global investment strategies, sourcing deals, acquiring, managing and disposing of investments.

Mr. Habib also managed ADIA's global direct and indirect real estate portfolios, which included closed and open ended funds investments as well as real estate listed securities portfolios. He was also the Hotel Portfolio Manager and served as member of the board of all investing companies. As the hotel portfolio manager, Mr Habib managed the renovation of over 1,000 rooms for landmark hotel properties in London, Berlin and Istanbul. Prior to coming to the UAE, Mr. Habib worked at the Republic National Bank of New York for as an Assistant Vice President for eight years. His responsibilities included securitizing and trading mortgage portfolios. Mr. Habib, who is as a board director for Colliers International, holds BSc Finance from Indiana University and is registered for the CFA Level III exam.

-Ends-

Notes to Editors:

About the National Investor:

The National Investor (TNI) is a leading UAE investment and advisory firm with a distinguished track record in investment banking, private equity, real estate and asset management. The Company is backed by over 80 UAE shareholders who come from the highest echelons of the business and political community. TNI is actively involved in investment banking, private equity, real estate and asset management and 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, please visit www.nationalinvestor.ae.

Abu Dhabi - The National Investor, (TNI), the leading UAE investment and merchant banking firm, today announced that it had secured AED200 million from investors for its open ended TNI UAE Blue Chip Fund in the first week of operation.

As Fund Managers, TNI has structured the Fund to capture the capital appreciation within the UAE and GCC equity markets. The Fund provides investors with access to publicly traded stocks of selected, large cap UAE based companies. The TNI UAE BLUE CHIP Fund is composed of approximately 60% UAE traded securities, 20% GCC equities and 20% allocated for Initial Public Offerings (IPOs).

Commenting on the level of investor interest, Dr. Karim El Solh, CEO, The National Investor said: "We are delighted with the response from investors. It reflects their confidence in the market and a belief that the Fund will provide significant dividend returns. The UAE stock market is one of the fastest growing and most promising stock markets in the region and currently offers the prospect of the highest returns in the Middle East and probably the world.

"Of increased significance is the repatriation of GCC and Middle East capital, the continuous introductions of advanced regulations and significant investments in non oil driven sectors, the global economic slowdown and the negative performance of international stock markets," he continued. The Fund will search for highly liquid investments, allowing monthly redemptions, subject to a lock-up period of one year, and seeks substantial capital gains through investing in successful IPOs and pre-IPO opportunities. Investment returns will be generated through the active management of the Fund. TNI UAE BLUE CHIP will aim to benefit from the increasing demand for existing IPO issues, as well as the strong appetite for new issues. During the initial offering period, the minimum subscription amount has been 500,000 Units which equals AED 5 million. The Fund is oriented towards institutional and sophisticated investors and provides TNI clients with personalized, premier servicing. Local, GCC, expatriates and companies have all responded positively so that the original secured Funds have allowed TNI UAE Blue Chip to be launched at AED 200 million.

"Regional investors are increasingly targeting publicly held companies that provide strong and steady growth prospects, transparency and institutionalized corporate governance. The Fund provides a conduit to those companies," added Dr. El Solh.

The National Investor will allow investors access to a professional asset management approach backed by a strong research team. Additionally, it will provide a professional portfolio monitoring approach along with extensive investment banking and private equity portfolio management experience within the UAE and other GCC countries.

"The TNI UAE Blue Chip Fund is just one of several high profile Funds that we plan to launch in 2005. We are intent on developing our asset management activities which will support our vision to develop the local and regional capital markets," Dr El Solh continued.

- Ends -

About the National Investor:

The National Investor (TNI) is a leading UAE investment and advisory firm with a distinguished track record in investment banking, private equity, real estate and asset management. The Company is backed by over 80 UAE shareholders who come from the highest echelons of the business and political community. TNI is actively involved in investment banking, private equity, real estate and asset management and 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, please visit www.nationalinvestor.ae.

Abu Dhabi, April 25, 2005: The initial public offering of shares in Aabar Petroleum Investments Company PJSC has raised a new record of AED394 billion, according to initial data from The National Investor, financial advisor, sole lead manager and book runner of the IPO. TNI's estimates show that the IPO has been oversubscribed by almost 800 times with more than 87,000 subscribers submitting applications for shares. The capital of Aabar was set at AED900 million for the IPO. High investor demand has resulted in a record oversubscription rate which surpassed the previous GCC record of 448 times by ALDAR Properties, another recent IPO joint led managed by TNI.

Commenting on the results of the offering,, Chairman of the Founders' Committee, Mr. Sohail Al Mazrui, said: "The response from investors has been overwhelming and beyond any expectations and I would like to thank the investors for showing strong interest and faith in the Company. We have plans to list Aabar on the Abu Dhabi Securities Market in an expedient fashion, as soon as we have incorporated the Company.

We have a responsibility to our investors and we will be working hard to deploy the funds in a productive manner so that they can benefit from the growth and success of the Company. We are bullish about the prospects of the oil and gas industry and we believe we can capitalize on the existing opportunities by creating the largest listed pan-Arab oilfield services company."

From its base in Abu Dhabi, Aabar will be acquiring existing companies in the oil and gas services sector with a particular focus on onshore and offshore drilling in the Middle East region.

Even though the oil and gas industry represents the backbone of the region's economies this was one of the few investment opportunities in this sector. The offering, which was lead managed by The National Investor (TNI), the number one lead manager of IPOs in the UAE, illustrated that there is a huge investor appetite for further opportunities in the oil and gas industry.

Commenting on the impact on the capital markets, Dr. Karim El Solh, CEO, The National Investor, said: "This IPO represents an important milestone in the development of the capital markets. For the first time, it gives investors the opportunity to get exposed to the all important oil and gas industry. Following our recent public offerings in the logistics, real estate, financial services and now oil and gas industry, TNI will continue to introduce new transactions that will broaden the investment universe of local investors. The levels of interest have been beyond our expectations and we are honoured to have been involved in this landmark transaction."

-Ends-

Notes to Editors:

About the National Investor:

The National Investor (TNI) is a leading UAE investment and advisory firm with a distinguished track record in investment banking, private equity, real estate and asset management. The Company is backed by over 65 UAE shareholders who come from the highest echelons of the business and political community. TNI is actively involved in investment banking, private equity, and asset management and 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.

Abu Dhabi, April 18, 2005: The National Investor (TNI), a leading UAE investment and advisory firm, announced that the public subscription for shares in Aabar Petroleum Investments Company PJSC (Aabar), which was scheduled to close on Thursday 21 April, has been extended to Saturday 23 April 2005. The original closing date for subscriptions coincides with the Prophet's (PBUH) Birthday.

Aabar's shares will be listed on the Abu Dhabi Securities Market in the UAE. The Initial Public Offering (IPO) is open to all UAE nationals over 21 years of age and to UAE companies. Subscribers can receive application details and prospectuses which are available free of charge from five local banks in the UAE; First Gulf Bank, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, InvestBank and Finance House.

Since the subscription opened on April 9, the response has been extremely positive. "We have received many applications for shares and we want to inform investors that we have had to push the deadline by one day as the previous scheduled date falls on the Prophet's birthday. Following the closure of the subscription period, we will begin the allocation process and investors will be informed if their application has been successful and of the number of shares they were allocated," commented Mr. Khaled Fouad, Vice President, Investment Banking, The National Investor, the leading IPO manager in the UAE with a remarkable track record in leading the largest number of IPO's in the country, both in terms of quantity and volume. With AED 495 million shares to be allocated, the Aabar IPO will feature a two-tranche allocation structure. Tranche A, comprising 170 million shares, which will be allocated equally among all individual subscribers. Tranche B will consist of 325 million shares and will be allocated among UAE individuals and companies incorporated in the UAE and wholly owned by UAE nationals. Tranche B will be allocated on a pro-rata basis. The minimum subscription amount is 25,000 shares for individuals and 250,000 for companies. The shares are open at a nominal value of AED 1, with an additional 2 fils as subscription fees per share.

In order to accept subscriptions in a timely manner at the branch level, all IPO designated branches will be accepting only one application per subscriber. Those branches will strictly only accept subscription forms during normal banking hours for the duration of the subscription period. The receiving banks will accept payment for the total subscription amount plus the subscription fees in the form of either a manager's cheque or a bank remittance.

For more information related to the IPO, please contact the TNI IPO hotline on 800-TNI-IPO (800-864-476) or visit www.tni-ipo.ae. -Ends-

Notes to Editors:

About the National Investor:

The National Investor (TNI) 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 65 UAE shareholders who come from the highest echelons of the business and political community. TNI is actively involved in investment banking, private equity, and asset management and 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.

Abu Dhabi, March 22, 2005: The AED 900 million initial public offering of shares in Aabar Petroleum Investments Company PJSC will be open for public subscription starting on Saturday 9 April 2005 and will close on Thursday 21 April. The IPO will thus start immediately after Ras Al Khaimah Properties IPO subscription period closes on 7 April.

AED 495 million worth of shares, representing 55% of Aabar's capital, will be on offer to UAE nationals and UAE companies at a nominal value of AED 1, with an additional 2 fils as subscription fees per share. .

A new allocation policy will be applied for the Aabar IPO. The new allocation policy will allow both small and large investors to participate equitably in Aabar's IPO. Aabar will communicate final details on allocation to investors shortly. According to senior bankers working on the transaction, this is an exciting opportunity for UAE Nationals to participate in an IPO that is expected to be successful thanks to Aabar's excellent growth potential and the equitable allocation policy being implemented. The National Investor (TNI), which is acting as the financial advisor, lead manager, and book runner for the IPO, indicated its commitment to developing the capital markets in the region by launching innovative and ground-breaking deals..

From its base in Abu Dhabi, Aabar will be acquiring existing companies in the oil and gas services sector and with their own fleet of offshore and onshore rigs. The objective of Aabar will be to invest in commercial and industrial projects in the oil and gas industry with a primary focus on drilling and related oilfield services inside and outside the UAE. The Aabar IPO is being lead managed by The National Investor (TNI), the leading manager of IPOs in the UAE. The company is acting as the financial advisor, lead manager and book runner for the initial public offering.

-Ends-

Notes to Editors:

About the National Investor:

The National Investor (TNI) 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 65 UAE shareholders who come from the highest echelons of the business and political community. TNI is actively involved in investment banking, private equity, and asset management and 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, please visit www.nationalinvestor.ae.

Abu Dhabi, March 21, 2005: The UAE Ministry of Economy & Planning has given the Founders' Committee of Aabar Petroleum Investments Company PJSC (under incorporation) ("Aabar") approval for raising the capital by AED 50 million. The company will now have a capital of AED900 million, an increase of AED50 million. Forty five per cent of the capital, AED405 million, has already been placed by Founders which closed Monday 14 March.

The balance of the capital, AED 495 million, will be open to public subscription. The shares are open to UAE Nationals and UAE companies only and are being offered at a nominal value of AED 1 with an additional 2 fils as subscription fees per share. Following its official incorporation, Aabar will be listed on the Abu Dhabi Securities Market.

Commenting on the announcement, Chairman of the Founders' Committee, Mr. Sohail Al Mazrui, said: "By allowing us to increase the capitalization of Aabar, the Ministry has granted us license to ensure that we can create the largest public pan-Arab oilfield services company. We are bullish about the oil and gas industry and the increase in capital will provide investors with a chance to mirror our views by investing in Aabar." With a distinguished track record in leading IPOs and in developing the UAE capital markets, The National Investor is acting as financial advisor, lead manager, and book runner for Aabar.

Commenting on the capital increase, Dr. Karim El Solh, Chief Executive Officer, The National Investor, said: "The extra AED50 million will provide more capacity for Aabar to capitalize on the excellent investment opportunities currently available in the oil and gas sector." From its base in Abu Dhabi, Aabar will be acquiring existing companies in the oil and gas services sector and with their own fleet of offshore and onshore rigs. The objective of Aabar will be to invest in commercial and industrial projects in the oil and gas industry with a primary focus on drilling and related oilfield services inside and outside the UAE.

-Ends-

Notes to Editors:

About the National Investor:

The National Investor (TNI) 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 65 UAE shareholders who come from the highest echelons of the business and political community. TNI is actively involved in investment banking, private equity, and asset management and 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, please visit www.nationalinvestor.ae.

Abu Dhabi, March 6, 2005: The UAE Ministry of Economy & Planning has given initial approval for the incorporation of Aabar Petroleum Investments Company PJSC (under incorporation) ("Aabar"). The company has an initial paid up capital of AED850 million and is to hold a public offering starting at the end of March. Forty five per cent of the capital, or AED 382.5 million, will be placed by Founders starting today (6 March) and will end next week.

The balance of the capital will be open to public subscription following further approval of the final offering documents from the Ministry. The shares are open to UAE Nationals only and are being offered at a nominal value of AED 1 with an additional 2 fils as subscription fees. Following the subscription process, Aabar will be listed on the Abu Dhabi Securities Market.

The main shareholders are prominent UAE businessmen and investors and include The National Investor, Mubadala and ADIC. The objective of Aabar will be to invest in commercial and industrial projects in the oil and gas industry with a primary focus on drilling and related oilfield services inside and outside the UAE.

Commenting on the news, Chairman of the Founders' Committee, Mr. Sohail Al Mazroui, said: "From its base in Abu Dhabi, Aabar will be acquiring existing companies in the drilling sector and with their own fleet of offshore and onshore rigs. We are bullish about the oil and gas industry and we believe we can capitalize on the existing opportunities by creating the largest public pan-Arab oilfield services company." With a distinguished track record in leading IPOs and in developing the UAE capital markets, The National Investor is acting as financial advisor, lead manager, and book runner for Aabar.

Commenting on the investment opportunities the IPO will present, Dr. Karim El Solh, Chief Executive Officer, The National Investor, said: "I believe that the subscription will be received positively by investors. It is surprising that while the oil and gas industry forms the backbone of the UAE economy, investors do not have access to investment opportunities in this industry. As a company that is committed to developing the capital markets, this allows us to offer more unique investment choices for the investing public."

-Ends-

Notes to Editors:

About the National Investor:

The National Investor (TNI) 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 65 UAE shareholders who come from the highest echelons of the business and political community. TNI is actively involved in investment banking, private equity, and asset management and 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, please visit www.nationalinvestor.ae.

Abu Dhabi, February 22, 2005: The National Investor yesterday announced its Emirates Real Estate Fund has acquired the future cash flows of 27 Abu Dhabi residential properties developed by Al Ahmadain General Contracting Co. LLC (AAGCC). The Shari'a-compliant transaction, which is worth AED 19 million, represents the Fund's second major investment in the burgeoning Abu Dhabi real estate market.

The Fund was the first of its kind to be approved by the UAE Central Bank when it was launched in 2003 and its current size stands at AED 114 million, with major GCC institutions among its unitholders. With this latest transaction, the Fund's portfolio now stands at 63 prime properties throughout Abu Dhabi with gross yields in excess of 10%.

Commenting on the deal, Dr Karim El Solh, CEO of The National Investor, said: "The National Investor decided to securitize the future cash flows generated by the properties in the portfolio of AAGCC because of the excellent quality of the design and construction as well as the high quality of the tenants, thus ensuring a steady and predictable rental income for the Fund's unitholders. "AAGCC has the best Istithmar track record and the largest and highest-quality portfolio of properties in Abu Dhabi. The portfolio of properties we have acquired will generate sizable and high-quality income for the Emirates Real Estate Fund. "Rather than waiting several years to recover its investment from the rental income of the properties during the Istithmar period, AAGCC 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. El Solh.

"This is our second transaction with The National Investor and the Emirates Real Estate Fund and we look forward to even further cooperation in the near future", said Mr. Sultan Alotaiba, Chairman of AAGCC. Outlining the benefits for the company, Mr. Abdulla Gadalla, General Manager of AAGCC, said: "The upfront payment gives us an immediate profit realization and allows us to recycle our capital into other developments, allowing us to continue growing." -Ends-

Issued on behalf of The National Investor by Hill & Knowlton.

For further information,

please contact Randa Mazzawi or Stefan Batory on (+ 971) 4 33 44 930

email randa.mazzawi@hillandknowlton.com or stefan.Batory@hillandknowlton.com Notes to Editors:

About the National Investor: The National Investor (TNI) 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 65 UAE shareholders who come from the highest echelons of the business and political community. TNI is actively involved in investment banking, private equity, and asset management and 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, please visit www.nationalinvestor.ae.

About the Emirates Real Estate Fund: Launched and managed by The National Investor since 2003, the Emirates Real Estate Fund invests in income-producing properties in the UAE to achieve above-average returns at below-market risk. The Fund's Shari'a-compliant structure and low-risk profile has proved appealing to investors seeking steady returns and a respectable current income in the prevailing low-interest-rate environment. The Fund's structure allows investors to receive the returns derived from real estate properties without the risks and obligations of individual property ownership. The Fund's strategic real estate advisor is Colliers International, one of the largest real estate management firms in the world with over 200 offices in 52 countries worldwide and over US$40 billion in properties under management.

Abu Dhabi: The National Investor, UAE Equity Index has registered an increase of 103% as of January 11, 2005, climbing to 695.64 points from 342.60 points fifty two weeks (or a year) earlier.

Market capitalization rose by 98%, from AED179.4 billion in 2003 to AED355.20 billion at end of 2004, while value of shares traded rose a staggering 795%, from AED7.5 billion to AED 67.1 billion.

Commenting on the performance, Dr. Karim El Solh, Chief Executive Officer, The National Investor, said: "2004 witnessed the best index performance in six years and it should be described as a golden year. Many factors have contributed to the positive outcome. These include the rise in oil prices, strong mid-year corporate results, strong expectations for 2005-corporate returns almost across the board and investors' enthusiasm for new issues." Dr. Karim expanded on the oil price hike and pointed out that with oil prices reaching as high as US$ 55.8 per barrel, high liquidity generated a surplus in the budgets of all six GCC budgets. "For every additional US Dollar on the price of oil barrel, the income of GCC states increases by about $5 billion."

Sounding a warning note for 2005, he continued "It is high time to go back to the fundamentals. As market PEs cross the 20x limit, many stocks are reaching fair valuations and some of them tend to be slightly over-valued. In this environment, investors should become more selective and consider reshuffling their portfolios, booking profits made on speculative stocks, and refocusing their portfolio holdings on fundamentally sound firms.

"As economic growth is expected to continue in the foreseen future, there is still room for growth, but investors should focus on well managed firms with a proven and recurrent record of earnings growth," Dr. Karim concluded.

-Ends-

About The National Investor

The National Investor is a leading UAE investment and merchant banking firm with a distinguished track record in investment banking, private equity and asset management. The Company is backed by over 65 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, with the launch of the first Emirates Real Estate Fund. For more information on the National Investor, please visit the Web site at http://www.nationalinvestor.ae

Abu Dhabi, February 19, 2005: The National Investor ("TNI"), one of the UAE's leading investment and merchant banking firms, today announced net consolidated net profit of AED 41 million for the nine-month period ending December 31, an increase of 394% over the corresponding period last year. Revenues from the company's investment banking and advisory activities increased by 158% reflecting TNI's dominant position and active presence in this market segment. The portfolio of listed equities, which comprises blue chip and highly liquid shares, reported a return of 152% for the nine-month period versus a 78% increase of the NBAD Index, thereby outperforming the market by an unprecedented 74% (highlighting TNI's ability to manage funds and outperform the local markets).

During the third quarter, TNI successfully increased its capital by AED 123 million, in an overwhelmingly oversubscribed offering. Shareholders' equity stood at AED 301.2 million as of 31 December 2004. The shareholders' equity increased due to the capital increase, the net profit and the revaluation reserve which is the result of an appreciation in value of the company's investment in founders' shares. Moreover, return on equity (ROE) for the 9-month period was a solid 59%.

Fuelled by favorable market conditions over the past nine months, income from operating activities reached AED 50.1 million, depicting an increase of 274% in comparison to last year. Commenting on the financial results, Mr Abdullah Mohamed Al Mazroui, Chairman of TNI, 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 solid performance of our portfolio of investments. The performance shows that we are now firmly positioned as one of the top regional investment banking and asset management 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".

One of the major investment banking achievements in the third quarter ending December 31 2004 was the public launch of ALDAR PSC for which TNI acted as joint-lead manager alongside ADIC. The ALDAR issue, the largest IPO in the history of the UAE, was 448 times oversubscribed and raised an unprecedented AED 373 billion in demand. Dr. Karim El Solh, Chief Executive Officer, TNI said "TNI is entering 2005 with a full investment banking pipeline, with a large number of public offerings projected to hit the market in the next six months. With larger and more frequent transactions, TNI is firmly cementing its position as the No. 1 Lead Manager of IPOs in the UAE. The Firm is also looking at regional opportunities and is increasingly being invited to bid on transactions across the GCC".

TNI's Private Equity division has also been active and the Firm is in the process of acquiring stakes in major businesses across the UAE. Two of TNI's investments, Colliers UAE and NAS Administration Services, have operated major turnarounds and posted sizable jumps in revenues and net profits. Commenting on TNI's private equity achievements to date, Dr. El Solh said "TNI has achieved a remarkable track record in sourcing, executing, managing and exiting private equity investments. The recent private equity exits of ALDAR and Tabreed, two companies TNI had privately invested in prior to their IPOs, demonstrate our ability to originate, manage and exit private equity investments in the UAE. Our private equity pipeline is growing as TNI becomes increasingly the preferred financier for fast-growing companies looking for both capital and strategic advice." "TNI's record results, dominant market share and full investment banking pipeline validates our strategy of creating a purely GCC-focused merchant bank that excels in providing both capital and strategic advice to its clients" said Mr. Al Mazroui.

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Notes to Editors

About The National Investor

The National Investor is a leading UAE investment and merchant banking firm with a distinguished track record in investment banking, asset management and private equity investments. The Company is backed by over 65 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 billion AED). For more information on the National Investor, please visit the Web site at http://www.nationalinvestor.ae

Abu Dhabi: Following a unanimous shareholders' voting at The National Investor's Extraordinary General Assembly Meeting last year, Her Excellency Sheikha Lubna Bint Khalid Al-Qassimi, Minister of Economy and Planning, issued a ministerial decree providing the approval for TNI to raise its capital from Dh 77 million to Dh 200 million. The Ministry has also provided the approval to the company's Board of Directors to split the nominal value of its shares from Dh 100 to Dh 10 per share, by offering additional 12.3 million shares to the Founders.

Mr. Abdullah Mohamed Al Mazrui, Chairman of the TNI said: "The capital increase will allow us to maintain our current leadership position as a principal player in the investment banking scene in the UAE. It will also help us fund the growth of our local and regional activities." Dr. Karim El Solh, Chief Executive Officer, TNI said: "This ministerial decree places TNI on the right track to becoming a regional player in the investment and merchant banking arena. The region has enormous prospects, and we are well placed to share in the successes of the current economic boom. Our ten-year track record, resources and bigger capital will translate into larger and more frequent transactions in the investment banking, private equity and asset management arena in the region."

TNI enjoyed an increase of 212% on its profits in the last fiscal year. Whereby the investment banking revenues went up by 117% and assets under management increased by 124%.

The company has achieved net consolidated earnings of AED 19.2 million for the first six months of its fiscal year September 2004, marking a 93% increase over the corresponding period last year. Revenues from the company's Investment Banking and Advisory activities climbed to AED 5.2m representing an increase of 446% compared to the same period last year. The portfolio of listed equities, reported a return of approx.130.28% for the year ending 2004, versus 88.4% of the NBAD Index, strongly outperforming the index by approx. 42%. The latest increase in capital will help the company to underwrite and lead larger investment banking transactions as well as expand its private equity and asset management activities in region.



-Ends-

Notes to Editors

About The National Investor

The National Investor is a leading UAE investment and merchant banking firm with a distinguished track record in investment banking, private equity and asset management. The Company is backed by over 65 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, with the launch of the first Emirates Real Estate Fund. For more information on the National Investor, please visit the Web site at http://www.nationalinvestor.ae