AXA Cooperative Insurance Company initial public offer to open April

The Offering consists of eight million shares in AXA Cooperative (the 'Shares') representing 40% of AXA Co-operative's share capital.

This announcement follows the issuance of a Royal Decree on July 1, 2008, approving AXA Cooperative's launch of operations as a licensed co-operative insurance company in Saudi Arabia. AXA Cooperative is a member of the AXA group, headquartered in Paris.

Globally, the AXA group has more than 67 million clients and 135,000 employees. AXA Gulf, who will be the largest shareholder of AXA Cooperative at the close of the Offering with a 32% shareholding, is a major international insurer in the Middle East, offering a wide range of insurance products and services for corporate and individual customers.

Priced at SR10 per Share, the Offering will be open to all Saudi nationals for subscription beginning on April 18, 2009, and closing on April 27, 2009. Divorced or widowed Saudi national women with children from a non-Saudi husband can also subscribe on behalf of their children.

The minimum subscription is for 50 Shares and the maximum is 100,000 Shares. It is expected that each subscriber will receive a minimum of 50 Shares, with the remaining Shares being allocated on a pro-rata basis based on the total number of Shares applied for. The Company does not, however, guarantee any minimum allocation to any subscriber. If the number of subscribers exceeds 160,000, the Shares will be allocated equally among all subscribers or as otherwise directed by the CMA.

Jean-Louis Laurent Josi, CEO of AXA Gulf, said, "As the largest market in the Middle East with an economy witnessing extremely rapid growth, Saudi Arabia is important for the AXA group. We will be delighted to welcome all Saudi nationals who subscribe to the Offering and become proud shareholders in one of the most successful insurance companies in the region and globally."

Paul Adamson, nominated Chief Executive Officer of AXA Cooperative and Chief Operations Officer for AXA Gulf commented, "AXA group has been operating in Saudi Arabia for over three decades and fully understands the needs of both businesses and private clients in the Kingdom. We are confident that this Offering will further strengthen our presence in Saudi Arabia and enable us to better serve our existing and potential clients."

The Offering is mandatory under the terms of the Control of Cooperative Insurance Companies Regulations as promulgated by the Insurance Law. Before deciding to subscribe to the Offering, potential investors should consult an independent financial adviser and ensure that they have read carefully the prospectus governing the Offering.