Commercialbank to convene Extraordinary General Assembly

At the Commercialbank Extraordinary General Assembly held on March 12th 2008, the Assembly approved an increase of capital by way of rights issue of 1 share for every 10 shares held, at a price QR70/- per share, but subject to the issue date being deferred until a date during the fourth quarter of 2008 to be determined with the approval of the Ministry of Economy and Commerce.

The shareholders also requested the Board to review alternative methods of raising capital and to present them to a further General Assembly to be held within 90 days of the March Meeting

Accordingly, at a Board Meeting held on 22 April 2008, the Board resolved to convene an Extraordinary General Assembly to be held before the end of May 2008 to approve an increase in the share capital of the Company by the issue of ordinary shares by way of private placement to investors in the form of Global Depositary Receipts (GDRs).

The exact date of the EGA and full Agenda of the meeting together with details of the proposed offering will be announced to shareholders in due course after approval of the regulatory authorities.