Bank Audi LLC (Qatar) announces official launch of operations

Held in the presence of the Lebanese Ambassador in Qatar, H.E. Mr. Hassan Saad, and Mr. Stuart Pearce, CEO and Director General of the Qatar Financial Centre. Present from Bank Audi LLC Messrs. Raymond Audi, Chairman, and Fady Amatoury, General Manager, Dr. Ghassan Ayache, Member of the Board of Directors, as well as Mr. Saad El Zein, Deputy General Manager.

Mr. Raymond Audi, Chairman of Bank Audi LLC, started the press conference emphasizing the strong relationship that binds Qatar to Lebanon, confirming that the opening of Bank Audi LLC is yet another evidence of belief in the Qatari economy and its growing role as a platform for financial and commercial activities in the Gulf area, along with Audi Saradar Group's policy of regional expansion.

Mr. Fady Amatoury, Board Member and General Manager of Bank Audi LLC, then declared that Bank Audi LLC was granted a license by Qatar Financial Centre in December 2006, and that the Bank will offer various corporate and private banking services in the Qatari Market and in the remaining GCC area.

It will effect the following activities:
- Deposit Taking
- Dealing and Arranging Deals in Investments
- Advising on Investments
- Providing and Arranging Credit Facilities
- Providing and Arranging the Provision of Custody Services

In order to meet the challenge, Bank Audi LLC has a paid-in capital of $50m, which represents five folds the minimum capital required by the Qatar Financial Centre.

He added that the choice of Qatar as the takeoff point for a new ambitious phase of Bank Audi's activities in the Gulf is due to its financial openness, as well as to the policies and legislations adopted by the State, which create an investment friendly environment. Not to mention that the Qatari economy has realized giant leaps forward, thanks to the wise state policies applied and to the Emir's ambitious vision.

The launching of Bank Audi LLC marks yet another stage in Audi Saradar Group's policy of regional expansion which started some thirty years ago, with the opening of a bank in Switzerland and another in France. The past few years witnessed the Bank's regional expansion, particularly after its achievements in Lebanon. Bank Audi established foreign branches and subsidiaries in Jordan, Syria, Egypt and Sudan, in addition to an investment company in Saudi Arabia and a representative office in Abu Dhabi.

Mr. Amatoury also stated that the steps towards expansion were made possible by the success accomplished by the Group. The latest data indicates that Bank Audi sal - Audi Saradar Group has positioned itself as the first bank in Lebanon according to all banking criteria, and currently ranks among the 25 largest banking groups in the Middle East.

He concluded his speech saying: "We are confident that our banking group will pursue its growth and evolution. Bank Audi LLC has a promising future and will undoubtedly constitute a pillar of the Group's success."

The official opening reception of Bank Audi LLC will take place on Wednesday, April 16, 2008, at the Four Seasons Hotel - Doha. Entertainment will be provided by Lebanese artist Ghada Shbeir whose performance will set the tone of the evening.