April 2006

Introduction

We are a securities house offering a selective range of investment banking services on a regional basis with particular emphasis on Bahrain. SICO was incorporated in Bahrain in 1995 with a paid up capital of BD 12.5 million. SICO holds an investment banking license from the Bahrain Monetary Agency.

Securities & Investment Co. BSC

Courier Address:

BMB Building

First floor

Diplomatic Area

Manama

Kingdom of Bahrain

Telephone: +973 17 515000

Fax: +973 17 514000

Mailing Address

P.O. Box: 1331

Manama

April 09, 2006

GCC markets ended the day with mixed results. Kuwait and UAE markets moved up marginally at 0.5% each while Qatar, Saudi and Bahrain markets lost 1.6%, 1.0% and 0.6% respectively. Saudi market ended the morning session with modest gain but slipped to the red in the afternoon session. Saudi Electricity rose by about 8% while sectors such as banking, telecom and insurance pulled down the overall Saudi market. Oman markets closed at almost the same level as yesterday.

Dear Sir / Madam,

Please find attached our daily commentary on the GCC equity markets.

We hope you find this report an interesting read.

can also be accessed through REUTERS.

Best regards,

Investment Research.