Global Investment House announces intention to offer GDRs listed on the London Stock Exchange

Global is currently listed on the Kuwait Stock Exchange, Bahrain Stock Exchange and the Dubai Financial Market, and as at 20th April 2008 had a market capitalisation of $3.3bn (KD889m).

Since its foundation in 1998, Global has demonstrated a strong track record of growth.

In the last five years the Global has increased revenues by a compound annual growth rate (CAGR) of 72% to KD154m, and profit after tax by a CAGR of 65% to KD91m in 2007.

Commenting on the intention to seek a London listing of Global's GDRs, Maha Al-Ghunaim, Chairperson and Managing Director said;

'Global's focus on the rapidly expanding asset management and financial services market in the GCC and wider MENA region provides considerable opportunities for growth. Raising additional equity through this GDR listing will enable Global to capitalise on these opportunities through expanding geographically and enhancing our strong product and service capability to build significant value for our clients and shareholders'.

The Offer

- Global's GDR listing in London provides an opportunity for international investors to capitalise on the rapid growth in financial services and asset management in the MENA region.

- The Offer will comprise 100% new shares.

- Following approval for a capital increase from its shareholders on 26th March 2008, Global intends to issue up to 35% of its share capital. For regulatory reasons, the increase was approved at a price of 930 fils per share, but the company intends to set the final price following a bookbuilding exercise, which will then be ratified by its shareholders at an ordinary general meeting following the completion of such exercise.

- The preliminary prospectus for the Offer is expected to be published on or about 2 May 2008.

- The proceeds of the Offer will be used to, among other things:

- fund organic growth as the company expands its presence across the GCC and MENA region;

- make co-investments in Global managed funds as it continues to grow its assets under management in the short and medium term; and

- make selective acquisitions of asset management and / or commercial banking businesses where appropriate opportunities arise to enhance its distribution channels and product offering in the GCC region and other emerging markets.

- HSBC has been appointed as sole global coordinator and Deutsche Bank AG, London Branch, HSBC, JPMorgan and UBS Investment Bank have been appointed joint bookrunners for the Offer. Global is acting as co-lead manager.