Underwriters and lead manager appointed for AXA Cooperative Insurance Company initial public offering

The appointment was formalised at a signing ceremony held on April 14 in Riyadh, and attended by senior executives, including Jean-Louis Laurent Josi (CEO AXA Insurance (Gulf) B.S.C(C) 'AXA Gulf', Paul Adamson (proposed CEO of AXA Cooperative and COO for AXA Gulf), Bader Kanoo of YBA Kanoo, Ziad Aba Al Khail, (Deputy Chief Executive Officer, Bank Aljazira and Member of the Board of Aljazira Capital) Mazen Abdul Majeed (Acting CEO, Aljazira Capital), Dr. Fahad Al Mubarak (Chairman, Morgan Stanley Saudi Arabia), Teofilo Masera (Head of Investment Banking Division, Morgan Stanley Saudi Arabia) and Naseem Nazer (Associate, Investment Banking Division, Morgan Stanley Saudi Arabia).

Eng. Tarik Algasabi, Chairman of Aljazira Capital signed the AXA Cooperative Lead Manager agreement whereby 8 million shares amounting to SR80m will be offered to the public at SR10 per share. Paul Adamson, the proposed CEO signed on behalf of AXA Cooperative. Dr. Fahad Almubarak was present and represented Morgan Stanley Saudi Arabia who acted as Financial Advisor and underwriter to the offering.

Eng. Tarik Algasabi Chairman of Aljazira Capita displayed his gratitude to AXA Cooperative for choosing Aljazira Capital to take on the role of Lead Manager.

Paul Adamson, proposed CEO of AXA Cooperative, said, "We are very pleased to work with Morgan Stanley and Aljazira Capital to support this Offering. Together, they bring a wealth of international expertise and in-depth understanding of the local market. We look forward to expanding our presence and service capabilities to our customers in Saudi Arabia."

The Offering consists of eight million shares in AXA Cooperative, representing 40% of its share capital. 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.

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.