Richard Melson

April 2006

SHUAA Capital II

www.shuaacapital.com

Funds:

Dear Melson,

Good day.

BLOM Bank is the largest commercial bank in Lebanon in terms of assets and profits. Its current market capitalization is LBP 2,646,263 mn. The Bank is undergoing rapid regional expansion in several markets including Egypt, Syria, UAE and Jordan.

We expect BLOM Bank to grow in size and profitability. The management team is highly qualified and should push the bank to outperform the markets in which it operates. Their strategy of regional expansion while maintaining their dominance over the Lebanese market is promising. We therefore anticipate loan growth in Lebanon and the new Egyptian operation to be the main drivers for growth going forward.

We initiate coverage on BLOM Bank with a Neutral recommendation since our target value of USD 89.42 per share is 9.3% above the recent price of USD 81.80 per share.

Should you require more information please visit:

www.shuaacapital.com or contact us at:

Tel: +(971 4) 330-3600
Fax: +(971 4) 330-3550

Kind Regards,

Research Department
research@shuaacapital.com

SHUAA Capital p.s.c

SHUAA Capital Subject: BLOM Bank initiation report

Attachments:

SHUAA(Equity Research)(2191).pdf, Size: 1553318 bytes.

Sun, 09 Apr 2006

Dear Melson,

Good day.

Please find attached:

The latest Fact Sheet of The Arab Gateway Fund.

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Should you require more information please visit:

www.shuaacapital.com

or contact us at:

Tel: +(971 4) 330-4500
Fax: +(971 4) 330-3550

Kind Regards,

Equity Asset Management
eam@shuaacapital.com
SHUAA Capital p.s.c

SHUAA Capital

Arab Gateway Fund Fact Sheet - English as of 4/11/2006

Attachments:

SHUAA(Arab Gateway Fund Fact Sheet - English)(2195).pdf, Size: 516838 bytes.

Tue, 11 Apr 2006