1999 TAIB Bank Annual Report—Part II

An outstanding year from every perspective Financial Highlights

(US$’000s) 1999 1998 1997 1996 1995

Earnings Net interest income 9,472 7,985 9,092 8,137 7,390 Fees and other income 32,231 23,895 22,128 15,336 13,885 Net income before provisions 25,004 17,410 18,351 11,925 11,603 Net income 14,026 10,117 7,270 10,403 9,678 Dividend 5,063* 5,484 5,062 5,062 4,219

Financial Position Total assets 512,562 402,822 371,950 333,569 306,889 Investments and marketable securities 365,715 232,615 207,594 135,196 141,279 Loans and advances 27,264 40,706 55,153 62,496 47,596

Customer deposits 124,382 125,927 110,432 84,424 51,429 Total deposits 328,554 274,802 246,791 214,544 188,798 Shareholders’ equity 120,291 112,261 108,703 107,947 103,953

Ratios Earnings: Return on Average Equity (%) 12.1 9.1 6.7 9.8 9.5 Return on Average Assets (%) 3.1 2.6 2.1 3.3 3.1 Earnings per Share (cents) 16.6 12.0 8.6 12.3 11.5

Cost: Expenses to Total Operating Income 40% 45% 41% 49% 45%

Capital: Total Liabilities to Shareholders’ Equity (times) 3.3 2.6 2.4 2.1 2.0 BIS risk-adjusted Capital Adequacy ratio (%) 43.8 38.7 34.5 43.7 44.9

* In addition, a bonus issue is proposed in the ratio of 1 share for every 20 shares. It is our continuing belief that by serving the needs of entrepreneurial corporates, institutions, high net worth individuals and retail customers in our markets,

the value of our shares will increasingly reflect our progress. This supplement to

our 1999 Annual Report highlights the year’s key achievements.

Abdulrahman Al Jeraisy Iqbal Mamdani Chairman Vice Chairman and Chief Executive Officer

CONTENTS 3

Achievements 4 Silverline 6 Mindteck 8 Funds 10 Real Estate 12 Access 14 Commitment 16 20th Anniversary 18 TAIB Tower 20 Directors 22 Corporate Directory 23 Achievements At A Glance

1999 was a year of special achievement for TAIB Bank. Amidst the backdrop of an important milestone—our twentieth anniversary—we surpassed all previous revenue and profit records. Following are the key factors which contributed to our success and positioned us for further growth.

REALIZED Knowing when and record non-interest income by exiting from that Silverline Technologies Inc. investment. how to make a move

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EFFECTED Identifying investments the international consolidation of The Mindteck Group, an IT services provider. which have an upside potential NURTURED Seeking our investments and broadened new ways our family of funds. to balance risk with rewards

REALIGNED Honoring our strategy to keep pace with the changing our commitment needs of our clients. to clients and shareholders

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EXPANDED Embracing our capabilities to share our the new market knowledge and insight. technological frontier Silverline

Silverline Technologies Inc. (Silverline) is an IT company operating in the U.S. through a publicly traded subsidiary in India. It has offshore software development centers in India which service several U.S. Fortune 500 companies.

RETURN ON INVESTMENT OF Highlights Enter: In January 1997, TAIB took a lead-management role in structuring the private equity investment. In keeping with our policy to commit our own capital to every investment, we continued investing, along with co-investors, through 1998.

Exit: In September 1999, Silverline’s management group and U.S. investors purchased TAIB’s combined holdings for the total consideration of US$68mm, thus producing a return on investment of 110%.

VIEWPOINTS Silverline fit what we foresaw as Working closely with Silverline’s 6 an onshore/offshore model which management team, we created a could readily sustain competitive corporate and business structure advantage. Today, we continue to that facilitated a U.S. company- focus on this niche, along with led strategy. This transaction building relationships with Indian involved significant structuring software companies to provide in complex and multiple legal, value-added consulting services. regulatory and business environ- ments which, in the end, proved Ebrahim Sharif Alsayed to serve all parties well. Executive Vice President, TAIB Bank Manabendranath Sen Senior Vice President, TAIB Bank 110%

Within ten years, IT in India is expected to be a $100 billion industry, and TAIB intends to be a key player.

This was both an exciting and rewarding deal…exciting because 7 it was a complicated transaction and the stakes were so high… rewarding, in that it fueled our growth at such a crucial stage in our industry. TAIB’s financial advisory and assistance to our company—combined with the prospects for the IT industry—resulted in a successful transaction all around.

Ravi Subramanian The investment in Silverline was the result of an Chairman, Silverline initiative put into place in 1995 when TAIB began to identify tremendous growth opportunities in the technology sector. Mindteck

The Mindteck Group is an IT services provider specializing in embedded software, real-time applications and e-commerce solutions. It has offices in the U.S., U.K., Japan, India and Singapore with development centers in the Indian cities of Mumbai, Bangalore and Calcutta.

CONSOLIDATION OF Highlights TAIB led the international consolidation of three companies—Hinditron Informatics Ltd., Nicco Infotech Holdings and The Mindware Group of Companies—to what has become known as Mindteck, a company with 300 employees and US$20mm+ in revenue and $50mm+ in market capitalization.

Mindteck India Limited, part of the global Mindteck Group, is listed on the Indian Stock Exchange. Since TAIB’s initial investment, Mindteck’s stock has appreciated in excess of 300%. VIEWPOINTS As a result of the restructuring initiated by TAIB, Mindteck is now a highly-focused global entity well positioned for growth in the e-commerce and embedded Hinditron software arena. 8 L.M. Singh Vice President, TAIB Bank

Nicco Mindware This year, over 30% of TAIB’s total revenue is a direct result of our focus on India’s info-tech industry. 3 COMPANIES

I like to think of TAIB as a catalyst for creating growth opportunities. With Mindteck, we’ve facilitated growth through acquisition and have created a foundation from which the company can take shape and further develop its market the world over 9

Ravi Ramachandran Chief Executive Officer, TCCL

TAIB has investments in more than 20 Indian software companies, making it the most active Middle Eastern investor in India’s IT sector. Funds

Each of TAIB’s six equity and fixed income mutual funds has been designed to leverage the Bank’s expertise in specific markets and provide clients with a diversified range of investment opportunities.

Highlights Total funds under management more than doubled in 1999.

The TAIB Everest Fund recorded a 204% growth in Net Asset Value (NAV), and continues to be ranked amongst the best of comparable funds by S&P’s Micropal.

The TAIB American Explorer Fund and the TAIB Golden Horn Fund reported impressive NAV growths of 74% and 69%, respectively.

TAIB Crescent Global Fund, an Islamic Equity fund, was launched as the sixth fund in our family of Funds.

TAIB Income Fund and TAIB Currency Fund maintained a steady return in spite of extreme market volatilities.

10 VIEWPOINTS We’ve recorded significant Net We fully recognized and leveraged Asset Value growth on all the the opportunities in the various funds in 1999—an achievement markets and sectors that our we look upon with pride. funds are invested in. The TAIB Everest Fund, an India-Dedicated Babu Sahadev Fund, had an especially stellar Senior Vice President, TAIB Bank performance.

Hemant Kulkarni Fund Manager, TAIB Bank TAIB enjoyed a cumulative average growth of 72% on all funds. TAIB Everest Fund 250 35 A diversified and tax-efficient 30 portfolio of Indian equities, equity- 200 related instruments and fixed 25 income securities for investors seeking long-term capital 20 appreciation in India, one of the 150 worlds leading emerging markets. 15 $

BSE Dollex 100 10 NAV January April July October December RETURN ON INVESTMENT OF 204 %

200 TAIB American Explorer Fund A hedge fund for investors seeking to profit from the 150 potential of U.S. information technology stocks with risks minimized through

$ sophisticated trading practices.

NAV 100 January April July October December RETURN ON INVESTMENT OF 74 %

16,000 175 TAIB Golden Horn Fund

150 A diversified portfolio of Turkish equities and fixed income 11,000 125 securities for investors seeking long-term capital appreciation 100 in the dynamic emerging market 6,000 of Turkey. 11 75 $ NAV ISE Index 1,000 50 January April July October December RETURN ON INVESTMENT OF 69 %

We’ve recently introduced TAIB Crescent Global Fund, specifically designed for clients seeking to invest in an Islamic fund. Its main objective is long-term capital appreciation of Shariah compliant securities in the Dow Jones Islamic Market Index (DJIM). Real Estate

Through TAM Real Estate, a U.S.-based TAIB subsidiary, we’ve acquired more than 3.1 million square feet of real estate holdings valued at more than US$260mm.

In the U.K., TAIB invests with two alliance partners—Thorneycroft Asset Management and Sydney and London Properties Ltd.—who arrange financing, manage acquired properties and perform due diligence with TAIB.

Highlights SOLD Sold two properties in Raleigh, North Carolina: North Station Shopping Center for US$19.26mm (a return of 22% p.a.) and South Station II, developed by TAM Real Estate, for US$5.43mm (a return of 12% p.a.).

Sold six secondary industrial estates mainly in London and South East England with joint venture partners Thorneycroft Asset Management averaging a return in excess of 25% p.a.

Sold three projects with Sydney and London Properties, averaging a return in excess of 30% p.a.

Acquired a portfolio of five multi-family apartment complexes each with tax exempt financing in Florida and Pennsylvania, totaling 1,180 units for US$77mm.

Acquired three additional properties: in Uckfield-East Sussex, U.K., an industrial complex; in Harrow-Middlesex, U.K., a single storage warehouse/industrial building; and in Gwent, South Wales, a retail shopping center. 12

VIEWPOINTS The U.S. residential portfolio is a very attractive investment opportunity for investors to secure, leverage and realize return. As always, I expect that our property management team will improve the properties and enhance their cash flow.

Hatim Hashwani President, TAM Management Services Inc. Falls of Margate is one of the new residential complexes acquired this year.

Kirkman Oaks is a high profile shopping center in Orlando. Florida.

11 PROPERTIES AROUND THE WORLD

TAIB’s real estate portfolio primarily consists of shopping centers and apartment complexes throughout the southeastern U.S., as well as industrial and commercial real estate in the U.K., mainly in London and the South East section.

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Through a sophisticated financing solution, we were able to substitute AAA-rated credit enhancement for the A-rated enhancement on tax-exempt bonds on three of the properties—the higher ratings on the bonds benefit the U.S. residential portfolio through lower variable-rate interest costs.

Stephen Rosenberg President, Greystone & Co. Access

Widespread use of the internet has created a more informed and globally connected world which we had the insight to prepare for years ago. In 1999, we took additional proactive steps and enhanced our ability to provide clients with appropriately tailored solutions and information relevant to their needs.

ANNOUNCED Highlights Pre-empted other GCC financial institutions by announcing the launch of taibdirect.com which will provide direct access trading to the U.S. equity markets. Rollout to other TAIB markets is planned upon regulatory approval.

Established new initiatives for delivering timely access to information and value-added services via taib.com. Hits increased by 138% during 3rd and 4th quarters.

Enhanced our highly touted research capabilities with the introduction of a database listing all GCC public companies.

VIEWPOINTS One of our key initiatives has The launch of taibdirect.com been to leverage our expertise enables us to offer our clients 14 and product/service offering sophisticated online trading with existing client relationships. and research solutions, Our competencies in market while retaining all the service intelligence, for instance, are and flexibility provided by a vital to creating added value. local firm. Our new database of the largest GCC Salah Sultan Farid Samji companies serves as Head of Private Banking, Head of Online Trading, a perfect adjunct TAIB Bank TAIB Bank to our weekly market reports. online BROKERAGE

Transforming technology into products and services which are competitively priced, convenient 15 and reliable will serve to accelerate the pace at which we can maintain our competitve Since going live in January 1999, advantage. taib.com has received

Aliya Mamdani 1 million hits. Head of Marketing Communications, TAIB Bank taib.com Commitment

Striving for excellence in everything we do is the only way we can truly honor our commitment to all of our shareholders and clients. To preserve this tradition and enhance our competitive advantage for a new era, we took steps toward building upon our market-driven organizational strength.

PREPARED FOR THE YEARS Highlights Realigned the Investment Banking and Asset Management divisions into two business units and Risk Management and Customer Service divisions into two administrative units.

Consolidated the Treasury Department within the Asset Management division for increased efficiency.

Created a Private Equity subset to increase corporate finance investment amongst high net worth individuals.

Continued to build our talented team, whose cultures and capabilities match the diversity and demands of our markets.

Adopted corporate governance standards.

16 VIEWPOINTS More than ever, our team is working together across geographic and organizational boundaries, helping us to become more productive and market ready.

Narayan A. Menon Senior Vice President, TAIB Bank ahead

Our focus on creating client and shareholder value has added a unique and s ducts ervice Pro s level of depth to our organization Access /cu st om er s R e e r la v t i i c o e n s h i p

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Our approach is becoming more focused, collaborative and unified. We’re aligning our business with the needs of our customers, thus enhancing our ability to seize global opportunities and take on new challenges.

Iqbal Mamdani Vice Chairman and CEO, TAIB Bank To enhance the effectiveness of the distribution and marketing channels, we created the proprietary, institutional and direct sales divisions. A Year of Celebration

TOPICS & SPEAKERS In 1999, TAIB celebrated its 20th anniversary. The occasion was marked over

Emergence of Bahrain a November weekend wherein the Bank hosted a financial and economic forum as the Regional designed to provide investors with international investment developments Service Center for the New Millennium and trends. More than three hundred guests from around the globe attended. H.E. Shaikh Abdulla Khalifa Mohammed Al-Khalifa Governor, Bahrain Highlights Monetary Agency Shaikh Ahmed Bin Panelists who participated in the forum included high-ranking officials from Mohammed Al-Khalifa Director, Bahrain Stock TAIB’s markets—the Middle East, Central Asia, India and Turkey. (Program topics Exchange Mr. Farouk Yousuf Khalil and participants are featured on either side of the page.) Almoayyed Chairman & Managing The foundation stone for TAIB Tower was laid by H.E. Mr. Abdulla Hassan Saif, Director, Y.K. Almoayyed & Sons B.S.C. the Minister of Finance and National Economy, State of Bahrain. (Details featured on pages 17 and 18.) Islamic Investment in U.S. Equity H.E. Shaikh Ebrahim Bin Khalifa Al-Khalifa Undersecretary, Ministry of Finance & National Economy MIDDLE EAST Mr. David E. Moran President, Dow Jones “Bahrain has been successful in establishing itself as a major international Indexes, Dow Jones & Company financial center. It is the declared intention of the Government to retain that Mr. Rushdi Siddiqui Director, Islamic Group preeminence. The framework to achieve this is in place—committment to a Business Development, market-oriented economic system—a transparent and clearly defined legal and Dow Jones Indexes, Dow Jones & Company administrative system—and an economic policy of pursuit and maintenance of 18 buoyant, non-inflationary growth. Emerging Markets— “Bahrain also intends to be in the forefront of the electronic business revolution.” an International Investor’s Perspective -H.E. Shaikh Abdulla Khalifa Mohammed Al-Khalifa Mr. Nicholas P. Clegg -Governor, Bahrain Monetary Agency International Advisor, TAIB Bank Mr. Frank Savage Chairman, Alliance Capital Management Ms. Maria Fiorini Ramirez President & CEO, Maria Fiorini Ramirez, Inc. CENTRAL ASIA

“After the Russian crisis in 1998–1999, Kazakhstan has now entered a new phase, Prospects for Foreign Investment in where the most important objective is to support a sustainable growth, Kazakhstan’s Natural while keeping inflation low and tenge relatively stable. Resources Sector Dr. Charles W. Hostler During six and a half years, direct investments exceeded 6 billion USD. Honorary Consul General Investment activities of GCC funds in the Republic of Kazakhstan of the State of Bahrain to the U.S.A. will strengthen cooperation between our countries.” Mr. Grigori A. Marchenko Governor, National Bank of the Republic of Kazakhstan -Mr. Grigori A. Marchenko Mr. Azamat M. Joldasbekov Governor, National Bank of the Republic of Kazakhstan Chairman, The National Securities Commission of the Republic of Kazakhstan H.E. Baghdad Amreyev Ambassador of the Republic of Kazakhstan, Kingdom of Saudi Arabia INDIA Prospects for India’s High-Tech Sector “The National Stock Exchange of India has been successful in Mr. Pradip P. Shah achieving 80% of the market cap in dematerialized form Chairman, IndAsia Fund Advisers Private Ltd. and has in excess of 1.4 million investor accounts. In the near future, Mr. Ravi Narain internet-based trading systems will be introduced and Deputy Managing Director, National Stock Exchange overseas trade terminals will be established.” of India, Ltd. Mr. S. Ramadorai Chief Executive Officer, -Mr. Ravi Narain TATA Consultancy Services Deputy Managing Director, National Stock Exchange of India, Ltd. Mr. Suresh Bansal Chairman, Melstar Information Technology

19 TURKEY Political and Economic Realities and their Impact on Equity & “The Istanbul Stock Exchange is fully automated with Fixed Income Computerized Trading Systems, with an average trading volume of $2.3 billion. Investment Strategies Mr. Yavuz Çanevi In the first 11 months of 1999, returns in dollar terms of 94.6% Chairman, Turk Ekonomi were among the highest in the emerging markets. Foreign investors own Bankasi A.S. Mr. Huseyin Erkan about 60% of the Istanbul Stock Exchange equity portfolio.” Executive Vice Chairman, Istanbul Stock Exchange Mr. A. Nihat Gokyigit -Mr. Huseyin Erkan Chairman and Partner, Executive Vice Chairman, Istanbul Stock Exchange Tekfen Holding Prof. Dr. Ilter Turan President, Istanbul Bilgi University TAIB Tower

TAIB Tower will be a 17-story curved glass and steel structure built on land adjacent to TAIB’s current offices in the Diplomatic Area of Manama, Bahrain. Supplementary facilities will include a day care center and health club, as well as a ground floor art gallery featuring young Bahraini artists. Completion of the building, which has been designed by Bahraini Ahmed Abubaker Janahi Architects, is scheduled for December 2001.

VIEWPOINTS Bahrain has always provided TAIB Bank with a stable and well-regulated base from which to run both regional and global operations. We believe it will retain its position as the Middle East’s financial centre well into the next century and anticipate that TAIB’ s real estate investment will help ensure our long-term future.

Abdulrahman Al Jeraisy Chairman, TAIB Bank

20 Caption copy here caption copy here caption copy here caption copy here.

Mr. Abubaker Janahi, H.E. Mr. Abdulla Hassan Saif, Shaikh Abdulrahman Al Jeraisy and Mr. Iqbal G. Mamdani at the TAIB Tower ground-breaking ceremony during the 20th anniversary celebration in November 1999. A rendering of TAIB Tower by Bahraini Ahmed Abubaker Janahi Architects.

The construction of our new headquarters reflects TAIB’s long-term commitment to Bahrain. The Bank has continued to grow and prosper here in large part due to the stable regulatory environment provided by the Bahrain Monetary Agency.

Iqbal G. Mamdani Vice Chairman and CEO, TAIB Bank

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READY FOR THE NEW MILLENNIUM Encouraged by the successes of 1999, we’re ready to embrace the opportunities envisionee for the new millennium. Directors

Abdulrahman Al Jeraisy* Yavuz Çanevi** Chairman Director Member of the Board of Saudi Arabian Former Governor, Central Bank of Turkey, Monetary Agency (SAMA) Istanbul Member of the Supreme Council for Riyadh Member of IFC Business Advisory Business Development Authority Council, Washington D.C. Member of the Executive Committee of Chairman of Turk Ekonomi Bankasi A.S¸. U.S.—Saudi Arabian Business Council Honorary Chairman of YASED (Foreign Chairman of Riyadh Chamber of Commerce Investors’ Association) and Industry Deputy Chairman of Istanbul Stock Exchange Chairman of Riyadh Industrial City Council Director of Euro Turk Bank Chairman of Jeraisy Group, Riyadh Director of Turkish Industrial Development Awarded the Medal of King AbdulAziz, Bank First Class, November 1999

Iqbal G. Mamdani* Ebrahim Sharif Alsayed Vice Chairman and CEO Director Chairman of TAIB Securities Inc., New York Managing Director of TAIB Securities W.L.L., Chairman of TAIB YatirimBank, Istanbul Bahrain Chairman of TAIB Kazak Bank, Almaty Director of TAIB Capital Corporation Ltd., Bangalore Chairman of TAIB Securities W.L.L., Bahrain Director of TAIB Securities Inc., Chairman of TAIB Securities Ltd., London New York Chairman of Trans Arabian Development Co. Director of TAM Real Estate Inc., Florida Inc., E.C., Bahrain Florida Director of TAIB Capital Corporation Ltd., Bangalore Director of Diamond Trust Bank Ltd., Kenya, Uganda, Tanzania Pradip P. Shah** Director Chairman of IndAsia Fund Advisors Pvt. Ltd. Ahmed Mohamed Baroom* Director Director of Indian Merchants’ Chamber Director of Bhartiya Reserve Bank Note Vice Chairman & CEO of Saudi Falcon Mudran Limited Cement Co. Ltd., Jeddah Member of the Governing Council of Baun Chairman of Saudi Steel Reinforcements Foundation Medical Research Centre Ltd., Jeddah 22 Director of Prudential ICICI Asset Chairman of Saudi Express Transport Co., Management Company Ltd. Jeddah Director of Indocam Himalayan Fund NV Chairman of Modern Scaffolding Est., Jeddah Director of R.R. Donnelley India (Pvt) Ltd. Chairman of United National Export Director of Zip Global Network Limited Company Ltd., Jeddah

Abdulaziz R. Al Rashed** Mohammed Al Attas Director Director Chairman/Managing Partner of Rashed A. Owner of Al Zaytoon Trading & Contracting AlRashed & Sons, Al Khobar Est., Jeddah Director of AlBank AlSaudi AlFransi, Riyadh Director of Banque Française de L’Orient, Paris Director of AlRashed Trading & Contracting * Member of Executive Committee Co., Riyadh ** Member of Audit Committee Director of AlRashed & AlOmran Co., Riyadh Corporate Directory

Head Office Subsidiaries Sehl Centre TAIB YatirimBank A.S¸. TAIB Securities, Ltd. TAM Real Estate Diplomatic Area 19 Mayis Mahallesi 11 Carlos Place Florida Inc. P.O. Box 20485 Dr. S¸evketbey Sok. No. 5 London W1Y 5AF 8556 Palm Parkway Manama, Bahrain 80220, S¸is¸li United Kingdom Orlando, FL 32836 U.S.A. Phone: (973) 533334 Istanbul, Turkey Phone: (44-20) 7533-1600 Phone: (407) 239-9142 Fax: (973) 533174 Phone: (90-212) 225-7090 Fax: (44-20) 7533-1640 Fax: (407) 239-9143 Telex 8598 TAIB BN Fax: (90-212) 231-9599 E–mail: [email protected] Hatim Hashwani 9634 TAIBFX BN E–mail: Faran Kassam President E–mail: [email protected] [email protected] Director Internet: Umit Oflas www.taib.com General Manager Representative Office TAIB Securities, Inc. Istanbul Iqbal G. Mamdani 405 Park Avenue 19 Mayis Mahallesi Vice Chairman and CEO TAIB Yatirim A.S¸. Suite 1902 Dr. S¸evketbey Sok. No. 5 19 Mayis Mahallesi New York, N.Y. 10022 U.S.A. 80220, S¸is¸li Dr. S¸evketbey Sok. No. 5 Phone: (1-212) 832-7137 Istanbul, Turkey Executive Management 80220, S¸is¸li Fax: (1-212) 832-7122 Phone: (90-212) 225-7090 Istanbul, Turkey E–mail: [email protected] Ebrahim Sharif Alsayed Fax: (90-212) 231-9599 Phone: (90-212) 225-7090 Executive Vice President Lawrence N. Chaleff Fax: (90-212) 231-9599 Umit Oflas Managing Director Babu Sahadev E–mail: Representative Senior Vice President [email protected] Meenaz Dhanani Vice President Narayan A. Menon Buket Yurdal Senior Vice President General Manager Manabendranath Sen TAIB Securities (India) Senior Vice President Ltd. TAIB Capital No. 123, 12th Floor Susan I. Clark Corporation Ltd. Maker Chambers-VI First Vice President 9th Floor Nariman Point Vayudooth Chambers Dayanand Shetty Mumbai 400021 M.G. Road First Vice President India Bangalore - 560 001, India Salah Saleh Sultan Phone: (91-22) 281-1711 Phone: (91-80) 559-7065 First Vice President Fax: (91-22) 284-5415 Fax: (91-80) 559-7066 Stefan Cnoops Girish Nadkarni First Vice President Ravi Ramachandran Director President and CEO Walter J. Rathod Vice President & Group TAIB Kazak Bank 23 Internal Auditor TAIB Securities W.L.L. 103 Furmanova Street Al Hedaya Building No. 2 Almaty 480009 2nd Floor Republic of Kazakhstan 49 Government Road Phone: (7-3272) 639979 Block No. 305 Fax: (7-3272) 631914 Manama, Bahrain Phone: (973) 212929 Murat Sazanov Fax: (973) 212511 Deputy General Manager Ebrahim Sharif Alsayed Managing Director TAIB Bank E.C. Phone: (973) 533334 Sehl Centre Fax: (973) 533174 Diplomatic Area Telex: 8598 TAIB BN P.O. Box 20485 9634 TAIBFX BN Manama, Bahrain E-mail: [email protected] Internet: www.taib.com