Union National Bank US$1 billion Five Year Syndicated Term Facility

Arab Banking Corporation (B.S.C.), The Bank of Tokyo-Mitsubishi UFJ, Ltd., Citibank, N.A. London, Commerzbank AG, ING Bank N.V., and Raiffeisen Zentralbank Österreich Aktiengesellschaft (together the "Underwriters" and the "Initial Mandated Lead Arrangers") are pleased to announce the successful close and signing of the US$1 billion Syndicated Term Facility for UAE-based Union National Bank. The closing was marked by a signing ceremony at the Emirates Palace Abu Dhabi today attended by the senior management of Union National Bank.

Strong support came from banks based in the region as well as international banks from Europe, North America and Asia with a total of 35 banks including the six Mandated Lead Arrangers. A list of the participating banks is attached. On the occasion of the signing ceremony Mr. Mohammad Nasr Abdeen, Chief Executive Officer - Union National Bank, commended the Initial Mandated Lead Arrangers for their exceptional performance in making the syndicated facility an outstanding success. He also added that, "The strong appetite evinced by the regional and international banks, is a testament to the sound strategy, the solid financial position and the steady growth in the profits and business of the bank."

Mr. Ghazi Abdul-Jawad, President & Chief Executive of Arab Banking Corporation (B.S.C.) commented: "The syndication has been a tremendous success. It has been more than twice oversubscribed and today UNB joins an exclusive club of borrowers in closing at US$1 billion. This is a major achievement for the Bank and the margin of 27.5 bps is a notable milestone, as it represents the most competitive margin for a five-year tenor achieved by a financial institution in the GCC."

UNB is a public joint stock company incorporated under the laws of the United Arab Emirates (the UAE). UNB is headquartered in Abu Dhabi and operates as a commercial bank with a wide network of branches, all of which are located in the UAE. Additionally, it is represented in Egypt through its majority owned subsidiary - Alexandria Commercial and Maritime Bank, which has nine branches. UNB also has a subsidiary providing Islamic finance, named Al Wifaq Finance Company.

UNB is the seventh largest national and commercial bank in the UAE in terms of shareholders' equity and the sixth largest in terms of total assets, excluding foreign banks and Islamic institutions as of December 31, 2005. UNB's core business is focused on Corporate Banking, Retail Banking and Treasury. Its long-term ratings are A1 by Moody's / A by Fitch and A+ by Capital Intelligence.

The major shareholders of UNB are the Government of Abu Dhabi (40 per cent), Abu Dhabi Investment Authority (10 per cent) and the Government of Dubai (10 per cent). The remaining 40 per cent of the shares are held by the general public and are publicly traded. UNB is the only bank in the UAE in which the governments of both Abu Dhabi and Dubai have significant shareholdings.