Unicorn Investment Bank

Unicorn Global Private Equity Fund I announces successful first exit

Bahrain, 19 June 2007 - Unicorn Global Private Equity Fund I announces its successful first exit from one of its major investments. The Fund has sold a 40% stake in Orimix Concrete Products LLC (Orimix), a leading readymix concrete supplier to the East Coast of the United Arab Emirates (UAE) and Oman, resulting in a Return on Investment (ROI) of 36%. The Fund continues to hold a 55% stake in the company.The Fund was able to complete the early partial exit as a result of significant improvements in Orimix’s performance over the course of the preceding year. A post-investment committee formed to work with Orimix’s management team has already succeeded in institutionalizing the company’s processes and systems, implementing an integrated IT system, investing in new readymix trucks and pumps and introducing a new management incentive plan.

Commenting on the exit, Aamir Khan, Head of Global Private Equity at Unicorn Investment Bank (the Fund’s Investment Manager) and Chairman of the Investment Committee of the Fund, said: “The active involvement of the Fund’s Investment Manager in restructuring Orimix and improving the company’s processes was pivotal in allowing us to achieve this successful early exit. We continue to be actively involved in the management of Orimix, and are confident of its success.”

In addition to its investment in Orimix, the Fund has also completed investments in Kuwait-based industrial holding company Al-Assriya Industries Holding Company as well as two US-based companies: Ellington Leather, a lifestyle handbag and leather goods company; and Precision Time, a leading provider of while-you-wait watch repair services, fashion watches and watch accessories with a rapidly expanding presence across the United States.

Unicorn Investment Bank and Al Safat Investment Company, the Fund’s Investment Advisor, recently announced the launch of a second round of capital raising for the Fund, with the aim of achieving a final close by 30 June 2007. The Fund’s objective is to achieve mid- to long-term capital appreciation by acquiring positions in existing businesses and to create value through the use of prudent leverage, consolidation, financial restructuring, operational enhancements and the granting of management incentives. The targeted geographic breakdown of the Fund is 50% in the GCC region, 25% in the Levant and Turkey, and 25% in the United States and Southeast Asia.