Cooline anticipates greater success with expandion into Lebanon

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Notes and media contacts

About Zamil Air Conditioners
Zamil Air Conditioners (ZAC) was founded in 1974 as one of the first air conditioning business to be established in Saudi Arabia and today is a leading international manufacturer of air conditioning systems and is Number 1 in the Middle East. It designs, manufactures, tests, markets and services a comprehensive range of air conditioning products, which range from compact room air conditioners and mini splits to large scale central air conditioners, chillers and air handling units for highly specialised applications. These are marketed under various brand names - Classic, Cooline, Cool Care, Clima Tech, Kessler Tech and Geoclima - depending on specific markets.

ZAC is also involved in the production of branded air conditioners for leading international manufacturers, Sanyo, Trane, Luxaire, Philco, Admiral, Siemens Bosch and Frigidaire, under an Original Equipment Manufacturer (OEM) agreement. It operates a joint venture with General Electric, called Middle East Air Conditioners Ltd. (MEAC). As a result of excellent production facilities at ZAC, a range of GE-branded air conditioning consumer products are produced for Saudi Arabia and other Gulf countries.

ZAC is one of three sector businesses of Zamil Industrial Investment Company.

About Zamil Industrial Investment Company
Zamil Industrial Investment Company (ZIIC) was founded in 1998, is headquartered in Dammam, Kingdom of Saudi Arabia, and employs more than 4,800 people in 50 countries. As an international manufacturing and fabrication group, it provides leading air conditioning, pre-engineered steel buildings, structural steel products, transmission towers, open web joists and decks, and architectural glass processing solutions to meet the requirements of the global construction industry through its three sector businesses: Zamil Air Conditioners (www.zamilac.com), Zamil Steel Industries (www.zamilsteel.com) and Zamil Glass Industries (www.zamilglass.com).

ZIIC exports to more than 70 markets and derives 37% of revenues from outside Saudi Arabia. For the period January - June 2003, net profits after Zakat contributions grew by 25% to SAR 31.3m (US$ 8.3m), while post Zakat earnings per share also grew by 25% to SAR 5.22 ($1.39), up from SAR 4.17 ($1.11) during the same period in 2002.

For the year ended 31 December 2002, profits were SAR 50.8 million (US$ 13.5m) on turnover of SAR 1.4 billion ($ 376m). ZIIC's shares have been actively traded on the
Saudi Equity Market since early 2002. More information can be found at www.ziic.com.

For further information on this press release, please contact Zamil Industrial Investment Co., Public & Investor Relations Dept., Tel: (966) 3 8471840, Fax: (966) 3 8472574

Issued on behalf of Zamil Industrial Investment Company by Hill & Knowlton. For more information contact Mohammed El Batta on Tel: +973 533532, Fax: +973 533370