Daman's Iraq opportunity fund closes within 30 months with NAV of US$ 284.18

The Fund was set up in January 2003 as a private investment initiative aimed at providing investors with an opportunity to participate in the international reintegration and reconstruction of Iraq. Originally structured with a life of 5 years, renewable one time for a further five years, the directors announced the early closure of the fund within 30 months as a reflection of the overall strategy behind the fund which was formed to maximize specific opportunity and projects in the new Iraqi business and market environment.

"The successful closure of this high performance fund marks the important first chapter in our ongoing work in Iraq. For us in Daman, this is clear proof of our early success in taking carefully calculated risks in a market that, despite its difficulties, generated exceptional returns," said Mr. Shehab Gargash, Managing Director, Daman. He continued: "Building on our successes there, we certainly intend to continue pursuing appropriate opportunities in Iraq in 2006 and beyond."

An original share priced at USD 100 has been valued at US$284.18, which along with an interim dividend of US$20 a share grew to US$ 304.18 by its closure date. The Fund was launched with an authorized capital of US$50 million and at a Net Asset Value (NAV) of US$100 a share. This represents an internal rate of return equivalent to 60.84% per annum for the period the fund was operational.