Unicorn Investment Bank

Unicorn Investment Bank announces consistently strong performance for Q1 2006

Bahrain, 22 May 2006 - Unicorn Investment Bank B.S.C.(c) announces another strong set of quarterly results at US$16.02m net profit for three months ended March 31st 2006. For the same quarter, revenues stood at US$ 25.5 m. This represents a continuation of the consistently strong financial performance that Unicorn has achieved since its inception in May 2004. In 2005, the Bank recorded full year total revenues of US$52.6 m for the year ended December 31st 2005.

Mr. Majid Al-Refai, Unicorn’s Chief Executive Officer said: “We are very pleased with the continued strength of our income streams, liquidity and capital base. We continue to build the bank in a consistent and diligent manner and these results further strengthen our resolve to keep delivering a high rate of return for our shareholders in the future. Furthermore, we are now in a position to take advantage of good investment opportunities and acquisitions that arise in 2006 and beyond.”

During 2006 Unicorn has consolidated a strong market position by creating a foothold in selected markets, particularly the GCC countries, Southeast Asia and the United States. Diversified revenue streams, increased client base and the successful closure of various transactions enabled Unicorn to achieve a return on equity of 20% in its first full-year of operations, thus successfully positioning itself to fulfill its upcoming seven-year business plan. Unicorn’s focus in the coming years will be to further develop its market position by delivering innovative Shari’ah-compliant investment products which position Unicorn as the preferred bank for its balance sheet quality, return on investments and consistent growth for shareholders.