Lloyds TSB Offshore Limited opens in the Dubai International Financial Centre

Notes and media contacts

The Dubai International Financial Centre
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.

In just over one year, more than a hundred top international institutions have joined the DIFC as members. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.

The DIFC is made up of the following core bodies:
1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. (www.difc.ae)

2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modelled on that used in London and New York, and its regulatory regime operates to standards that meet or exceed those in major financial centres. (www.dfsa.ae)

3. The Dubai International Financial Exchange (DIFX) - The DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent.

The exchange launched in September 2005 and currently has 10 Member banks - Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, EFG-Hermes, HSBC, KAS BANK, Morgan Stanley, SHUAA Capital and UBS.

The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority. www.difx.ae

For further information contact:
Tim Harrison/Lavina Chatterjee
ASDA'A Financial
Edelman affiliate in Middle East and North Africa
Tel: +971-4-3344550
Fax: +971-4-3344556
Dubai, UAE

Amira Abdulla
PR Manager, DIFC
Tel: +971 4 362 2433

Jon Trounce
Lloyds TSB Offshore Limited DIFC Branch
Tel. +971 4 362 0555
Fax. +971 4 362 0550
http://www.lloydstsb-offshore.com

This information has been issued by Lloyds TSB Offshore Limited. Registered Office: P.O. Box 160, 25 New Street, St. Helier, Jersey JE4 8RG. Registered in Jersey, number 4029. Licensed by the Jersey Financial Services Commission to conduct banking, investment and general insurance mediation business.

Lloyds TSB Offshore Limited is licensed by the Dubai Financial Services Authority to Advise on Financial Products or Credit, and Arrange Credit or Deals in investments. Products and services offered by Lloyds TSB Offshore Limited from the DIFC are only available to wholesale customers.

*In the Standard & Poors UK Fixed Interest Review 2005/2006, two classes of Lloyds TSB Offshore Funds Limited were rated "AA" - The High Income Fund and the Sterling Bond Fund. In addition the Lloyds TSB Offshore Gilt Fund Limited was rated "A".

Copies of the Prospectuses and latest Annual reports and accounts for all funds in the Lloyds TSB offshore range are available on request at the above address.