UGB anticipates a further gain of US$20.7 million in the first quarter of 2007 upon the successful completion of the sale to Al-Safwa Holding of 40% of United Fisheries of Kuwait by United Industries Company, an associated company of KAMCO - UGB’s wealth management subsidiary.

This is the second successful exit for UGB in the first few months of the year and follows the sale of UGB’s telecoms stakes. Anticipated net profit from these exits is US$117 million. By comparison, in the twelve months of 2006, UGB registered a net income of US$101.5 million. Full first quarter results for the Bank will be announced in late April. The announcement of these sales is, however, being made at this time in the interest of full disclosure and in compliance with Kuwait and Bahrain stock market rules.

UGB, the investment banking subsidiary of Kuwait Projects Company (Holding) (KIPCO), manages a Pan-Arab network of investment/asset management companies and commercial banks. Its proprietary investments include assets in real estate, private equity, structured products and quoted securities. At year end 2006, assets under management exceeded US$ 6.5 billion. UGB’s core subsidiaries and associates include: Algeria Gulf Bank, Al- Dhiyafa Investment Company, Bank of Baghdad, Jordan Kuwait Bank, KIPCO Asset Management Company (KAMCO), Manafae Investment Company, Tunis International Bank, United Gulf Bank Securities Company, United Cable Company, United Industries Company, United Real Estate Company, United Medical Services Company, United Gulf Financial Services Company, Syria Gulf Bank and United Warehousing & Cooling. UGB and its subsidiary KAMCO have a proven track record over the past 5 years of over $ 3 billion of successful investment banking assignments including corporate finance advisory, new issue placement and underwriting, mergers and acquisitions, bond issuance and investment product structuring and placement.

KIPCO is an US$ 18 billion enterprise with major activities in financial services, media and telecommunications and a variety of other business sectors across the Middle East and North Africa. The group has substantial ownership interests in a portfolio of some 54 companies operating throughout the region and internationally.