Barwa Bank Announces Acquisition of The First Investor (‘TFI’)-

January 17, 2010

• EGM approval allows Barwa Bank to purchase TFI
• Approval granted from Qatar Central Bank
• Acquisition creates a compelling value proposition to Barwa Bank, TFI and its customers
• TFI shareholders to be issued Barwa Bank shares
• Barwa Bank to utilise combined resources in Retail, Corporate and Private banking, as well as Treasury and Investments [Note: this refers to the combined entity as opposed to TFI

Doha,17 January 2010 - Barwa Bank, a major new Qatari financial services provider, today announces the approved acquisition of Qatari based investment shareholding company, The First Investor. The acquisition by Barwa Bank has received full approval from the Qatar Central Bank and filings with the Ministry of Business and Trade are in progress.

Following a TFI EGM held on 13 December 2009, the approved transaction will proceed through Barwa Bank acquiring the share capital of TFI in exchange for shares in Barwa Bank. Both companies are currently in the process of finalising all necessary filings in order for TFI shareholders to be issued shares in Barwa Bank.

The acquisition of The First Investor is a major step in the creation of a “Universal Islamic Banking Group” headquartered in Doha. Following the acquisition, the enlarged Barwa Bank will compete in the market place by utilising the combined resources of its retail, corporate, private, treasury and investment banking operations. Further benefits will be realized in the departments of human resources, operations, IT, marketing, financial control, risk, audit and credit, as well as through the creation of cost synergies, operational efficiencies, a centralized control structure and strengthened management and execution.

Created to participate in the enormous growth potential of the Islamic banking industry and with a firm commitment to Shari’ah financing principles, Barwa Bank will offer a fully integrated range of Shari’ah compliant products and financial services. Barwa Bank was incorporated in 2008 with an authorised capital of QR 1 billion and paid up capital of QR 500 million. A fully owned subsidiary of Barwa Real Estate Company (BREC), a listed real estate company in Qatar, BREC currently owns 100% of Barwa Bank and 45% of BREC is owned by the State of Qatar through Qatari Diar Real Estate Investment Company while the remaining 55% is held by investors on the Qatar Exchange.

Barwa Bank has to date commenced its retail banking soft launch after completing the process of setting up the required infrastructure including branch operations, ATMs, banking channels and related IT platforms in 2009.

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Commenting on this announcement, Mr. Mohammed Al Saad, Acting Chief Executive Officer of Barwa Bank, said:

“We are delighted that The First Investor and their management team are joining Barwa Bank. The acquisition of TFI creates a very compelling value proposition for all parties; Barwa Bank, The First Investor and our customers. Furthermore, the acquisition will create significant advantages for TFI’s shareholders that could not be realised whilst it was a standalone independent company. TFI shareholders will reap the benefits of joining a strong financial institution with a robust and diversified business model.”

David Clarke, CEO of The First Investor, said:

“I am excited that The First Investor will become part of a group that allows us to benefit from a stronger capital and asset base, which will allow us to compete more effectively against longstanding and established banks and other financial institutions”.

Simmons & Simmons and KPMG advised Barwa Bank on the transaction.

Ends

CONTACTS

For more information on Barwa Bank

Hussain Fakhri                                                                      +974 448 8344

Citigate Dewe Rogerson

Seb Hoyle / Ayman Hammamieh                                          +974 452 8335

Note to Editors

About Barwa Bank

BARWA Bank is the newest Islamic bank in the State of Qatar. Established in Doha and licensed & regulated by the Qatar Central Bank, BARWA Bank is a fully owned subsidiary of the BARWA Real Estate Co.

With an authorised starting capital of QR 1 billion, BARWA Bank will provide the full range of Islamic banking services including retail, corporate and commercial banking, private banking, real estate finance, structured finance, investments and asset management.

About The First Investor

The First Investor Q.S.C. (TFI), regulated by Qatar Central Bank, is the largest closed shareholding Qatari investment banking firm inQatar. In 2006, TFI embarked on a path to reach the forefront of the leading investment banking firms.

The core activity of TFI is providing key financial services and solutions to its clients while ensuring compliance with Shari’a laws. The First Investor have developed specialized services that are provided by its three business units which include: Investment banking, Real Estate Investments and Asset Management, with a variety of solutions that meet and exceed clients’ requirements.