Press Release

Bank Audi sal – Audi Saradar Group obtains a license to launch activities in

Beirut, May 17, 2006

The Authority (CMA) of the Kingdom of Saudi Arabia has approved the license application of Bank Audi sal to launch Audi Saudi Arabia to provide a complete range of investment banking services. Audi Saradar Group contributes to 70% of Audi Saudi Arabia’s capital, with the remaining 30% owned by prominent Saudi individuals and business groups.

Mr. Raymond Audi, Chairman General Manager of Bank Audi sal - Audi Saradar Group, stated on this occasion: “In tandem with its vision for regional expansion, Bank Audi aims at positioning itself as a regional financial group that serves its clients across increasingly integrated markets, providing them with a full range of and products to answer their every need. I am confident that Audi Saudi Arabia will be a living example of the development witnessed by the Kingdom’s capital markets and a platform for the development of the Group’s investment activities in the region. Bank Audi sal is very proud to be the first Lebanese financial institution to enter recently the Saudi market.”

Bassam Yammine, CEO of Audi Saudi Arabia, declared on this occasion: “We would like first to thank the CMA for their hard work and commitment to develop the Saudi capital markets and wish them continued success. We shall strive to be a leading financial services provider in the Kingdom and we are confident that our experience and know- how will help us achieve this goal. We aim to introduce innovative classes of assets and investment opportunities that would increase the financial markets’ depth and contribute to the expansion of products and services offered in the Saudi market.”

Audi Saudi Arabia will be headquartered in Riyadh and will offer dealing, under-writing, management, arranging, advisory, and custody services.

Audi Saudi Arabia will officially launch its activities in Fall 2006 and will abide by the Group’s core corporate values that have long made its reputation in the region, namely quality, heritage, human capital, civic role, innovation and transparency.

Bank Audi sal is a leading Lebanese Bank with, at end-March 2006, US$ 12.2 billion of consolidated assets and US$ 16.5 billion of total footings, including all assets under management. Customers’ deposits totaled US$ 10.1 billion and shareholders’ equity reached US$ 1.6 billion, the equivalent of 30% of the consolidated equity of the Lebanese banking sector. Bank Audi ranks among the first 25 Arab banking groups according to the most important criteria such as assets, deposits, shareholders’ equity and net profits.

Bank Audi offers a full range of commercial, investment, private and services, and has operations in , Syria, Jordan, Egypt, , and . In addition to the expected launching of its activities in Saudi Arabia, the Bank is planning to launch activities in North Iraq before year-end. The prospection for new high- potential regional markets is also underway, with plausible perspectives in Algeria, Sudan and Yemen.