Unicorn Investment Bank

Unicorn Investment Bank completes US$ 45 million first closing of its Global Private Equity Fund I

Bahrain, 26 October 2006 - Unicorn Investment Bank (UIB) has successfully completed the first closing of its Global Private Equity Fund I, a five-year closed-end fund offering investors the opportunity to participate in Shari’ah-compliant private equity investments globally, taking the size of the Fund to US$ 45 million. The second closing of the Fund, in 2007, will bring the total fund size to US$150 million.

The Fund has also recently completed its first investment by acquiring a 55% stake in Fujairah-based Orimix Readymix and Crushers LLC (Orimix), a leading readymix concrete supplier to the East Coast of the UAE and Oman. Established in 1989, Orimix operates five plants in three different sites and has played an important role in many of the landmark projects undertaken by the Emirate of Fujairah over the past 15 years.

Commenting on UIB’s investment in Orimix, Aamir Khan, Managing Director and Global Head of Private Equity at UIB, said: “This investment provides us with a platform to participate in the growth and development of the UAE. Through our stake in Orimix, which is a demonstrated leader in its market, we intend to partner with the company’s management to further expand its reach in the GCC markets.”

Unicorn Global Private Equity Fund I will continue to target investments in selected geographical locations and sectors in order to benefit from cyclical upturns around the globe while diversifying risk. Stable and well-managed mid-cap companies across four key industries - consumer products, healthcare, business services and light manufacturing - will continue to be a focus. The Fund seeks to invest in companies with potential near-term growth prospects and that have annual revenues in excess of US $10m and earnings of at least US $2.5m.

Najib Fayyad, Managing Director and Head of Private Equity for the Middle East and Turkey at UIB, added: “Further investments are under negotiation and we are on track to close as a US$ 150 million fund in 2007. This fund offers investors an attractive value proposition and leverages our philosophy of building value through sound business strategies.”

Unicorn Global Private Equity Fund I’s strategy is to leverage the bank’s financial, strategic and managerial expertise, unlocking the investment’s potential and increasing valuations upon exit.