Drake & Scull International PJSC announces share allotment and notice of first Constitutive General Assembly

Drake & Scull is under incorporation in the Emirate of Dubai, United Arab Emirates as a Public Joint Stock Company.

All subscriber allotment notices and refund checks will have been mailed by the respective Receiving Banks and should be received by subscribers without delay. These allotment notices also include a personalised invitation to DSI's first Constitutive General Assembly.

The Offer shares were priced at Dhs1 per share (plus an offering cost of Dhs0.02 per share), with a minimum subscription set at 20,000 shares. The Offer was 101 times oversubscribed.

A total of 45,603 individual and institutional subscribers participated in the IPO from among UAE, GCC, and other foreign nationals.

In accordance with the terms of the Offer, each of the eligible UAE national subscribers in Tranche 1 will receive an allotment equal to approximately 31% of the minimum subscription value of 20,000 shares.

The allocation related to subscribers in Tranche 2 and Tranche 3 of the Offering was based on a pro-rata apportionment of their total subscriptions in the IPO, resulting in an allocation of 0.751% and 1.092% for eligible subscribers in Tranche 2 and Tranche 3 respectively.

The receiving banks will complete the dispatch of allotment notices and refunds to all subscribers on 30 July 2008. Depending on each subscriber's request, subscribers will be refunded either from the same account from which the funds originated or will receive a refund cheque attached to the allotment notice.

The allotment notice also includes a personalised invitation to each shareholder to attend Drake & Scull International PJSC's first Constitutive General Assembly ("CGA") which will be held on the 4th of September, 2008 at the Bustan Rotana Hotel, Rashidiya Hall, Garhoud, Dubai. If a quorum is not achieved in the first CGA, the second and third CGAs shall be held on the 11 and 18 of September respectively at the same location. The invitation to the CGA will also be published in the local Arabic and English newspapers in mid August 2008.

Following the CGA, DSI will apply for its shares to be listed on the Dubai Financial Market. It is expected that the listing of DSI's shares will take place during the fourth quarter of 2008.

Al Mal Capital and HSBC Middle East are the Joint Lead Managers for the IPO.