The National Investor announces transition in leadership

The new venture will be announced in the fall and will focus on regional private equity investments. "After serving at TNI for close to four years and taking the firm to record profits and no. 1 market share, I feel it is a good time for me to pursue new challenges. It is particularly satisfying for me to see all of our efforts being recognized as we have earned numerous awards including "Best Equities House in the UAE" by Euromoney and "Best Private Equity House in the Middle East" by Banker Magazine. TNI, today, is in its strongest shape ever and is well positioned for future growth," commented Dr. Karim El Solh.

Mr. Abdullah Al Mazrui, Chairman of TNI added: "TNI has grown substantially under the tenure of Dr. El Solh and today the Company, is firmly positioned as one of the most dynamic, progressive and profitable investment banks in the region as evidenced by our sizeable market share and the dramatic jump in our profitability. These results are a strong testimony to Dr. El Solh's leadership and vision. The Board of the National Investor joins me in thanking Dr El Solh for all of his remarkable achievements and wishing him all the best on his new venture."

Under Dr. El Solh's leadership, TNI's total assets grew by 484% and total equity by 587%. Moreover, return on equity last year was a remarkable 51% and profits were up by 721%. In the last three years, TNI has conducted over AED6 billion worth of equity offerings, earning it the top spot in IPOs in the UAE. The strong performance during Dr. El Solh's tenure is reflected in the substantial surge of the Company's share price, up by 713% since April 2002.

Succeeding Dr. El Solh as CEO in September will be Mr. Orhan Osmansoy, a veteran investment banker with deep experience at both Morgan Stanley and Whitney Group. Mr. Al Mazrui added: "the Board of TNI has decided to select the new CEO from within the ranks of TNI given our deep pool of talent. Mr. Osmansoy was unanimously selected by the Board to serve as the new CEO as he has the requisite experience and track record to lead this firm to even greater heights. Furthermore, he has had great success in recent months in winning a number of prestigious mandates for the firm and has proved his leadership skills. We welcome him and look forward to working with him and building on the successes of our previous CEO."