Global Investment HouseA success story

May 2008

2

Company overview

3

A leading GCC and MENA player

Asset Management Principal Investments & Treasury BrokerageReal Estate

Global Investment House is a leading asset management and investment banking company providing a comprehensive range of financial services with operations across the GCC, the wider MENA region and in other emerging markets, with around 457 employees globally

Listed on the Kuwait Stock Exchange (since May 2003), the Bahrain Stock Exchange (since October 2004) and the Dubai Financial Market (since September 2005) and on LSE (expected 21 May 2008)

Rated BBB (long term) and F3 (short term) by Fitch (4 June 2007)

Market capitalisation of approximately KD1.0bn (US$3.8bn) as of 18 May 20081, expected to go up to KD 1.3 bn (US$ 5 bn) post GDR

Overview

Investment Banking

5 business pillars: creating an integrated client driven business model

• Client base an advantage

to other pillars

• Non-discretionary portfolio

will support initial

development of Brokerage

• Supports AM by building

track record and making

co-investments

• Supports IB by making

investments in start-ups

• Helped by strong research

capacity and AM client

base

• Completes full product

range

• Builds expertise that

supports IB and AM

businesses

• Creates investment

opportunities for Asset

Management clients

• Generates principal

investment opportunities

Supported by brand building and innovative research product

(1) Pre-GDR

(2) As at 31 December 2007; segment figures are inclusive of inter segmental revenues

Net operating income KD 23.2m2

Net operating income KD 113.8m2

Operations to commence in 2008

Net operating income KD 3.5m2

Net operating income KD 13.8m2

4

(1) As at 31 December 2007

(2) Kuwait Stock Exchange

(3) Also has a presence in Pakistan, India and Hong Kong

(4) As at 31 March 2008

History of strong growth

Global has grown significantly since its inception

Geographic presence3

1998/99 2008

1 office in Kuwait Presence in 16 countries across MENA region

47 employees 457 employees1

Kuwait focused Asset Management and IB business Five pillars with wide range of products

4 funds with US$653m AuM 30 funds with US$9.3bn AuM4

Approximately US$58m of shareholders equity Approximately US$1.1bn in shareholders equity4

Source: FactSet, Bloomberg

Share price and market capitalisation2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Jun-03 Jan-04 Jul-04 Feb-05 Aug-05 Mar-06 Sep-06 Mar-07 Oct-07 Apr-08

0

200

400

600

800

1,000

Market Cap Global KSE (rebased) Brent crude oil price (rebased)

Share price (KD)

Market cap (KD million)

May-08

5

Strategy

“To be the preferred Investment Bank in the region”

Product and service expansion

Increase proportion of assets in its private equity and other alternative asset funds which generate higher fees

Geographic expansion

Establish a significant local presence in each market in the GCC and wider MENA region where they operate

Invest in organic growth:

– Grow Saudi operations to similar scale as existing Kuwaiti operations

– Invest in expanding existing operations in the region, particularly Egypt and Qatar, in the coming years

Strategic investments in MENA and selected emerging market countries to expand presence

Build on AM reputation and client base to introduce new products to new markets

Increase fee generating activities and achieve a better balance of revenue contribution from the five pillars including Investment Banking and Brokerage

Country-specific product

developed and placed in the same country

GCC and International

productsin Kuwait market

Regional and International

productsin GCC market

Kuwaiti and International

products in Kuwait market

Virtually local player

in every Local

market

Market expansion: Local to International

Prod

uct d

evel

opm

ent:

Loca

l to

Int

’l

Preparing to move into fourth-quadrant while enhancing growth in each of the quadrants

6

Capital increase

Successfully concluded a USD 1.150 bn GDR issuance with expected LSE listing on 21 May 2008

Geographical split of all demand

Geographical split of institutional demand

Investor type

UK (11%)

Europe (10%)

US (10%)

GCC ex Saudi (34%)

Saudi Arabia (32%)

Asia (2%)

UK (15%)

Europe (3%)

US (13%)

GCC ex Saudi (44%)

Saudi Arabia (21%)

Asia (3%)

Long (36%)

Hedge (15%)

ME HNWI (16%)

ME institutional (33%)

Pre-GDR Post-GDR

Number of issued ordinary shares 94.6 million 125.2 million

Market cap (US$ equivalent) US $ 3.8bn US $ 5.0bn

Book value* per ordinary share (US $ equivalent)* Based on 31 March 2008 adjusted financial results

US $ 1.23 US $ 1.82

Issue price per GDR US $ 18.75

Book value per GDR* Based on 31 March 2008 adjusted financial results

US $ 9.12

Use of global offer proceeds

Up to 25% for organic growth in the GCC and MENA regions

Up to 25% as co-investments in new AuM funds in the short to medium term

Up to 50% for acquisitions to enhance distribution channels, including Asset Management businesses or a commercial bank

7

Economic environment

8

Kuwait overview

Country Rating

Federal Structure

Nominal GDP

Population

Per Capita Income

Proven Oil Reserves

Pegged Exchange Rate

• Aa2 (Moody’s), AA- (S&P), AA- (Fitch)

• The State of Kuwait is organized as a parliamentary constitutional monarchy

• US$ 102 billion (2006), 21.6% growth over previous year

• 3.1 million (2006 estimate) – 1.2 million non-national

• US$ 32,015 in 2006• Amongst the highest in the world

• 5th largest oil reserves in the world• 102 billion barrels proven oil reserves

(8.3% of the world’s total)

• Tied to a basket of major currencies

9

Kuwait – key economic statistics (Y/E 2006)

Oil Production Real GDP Growth (%) and Nominal GDP Value (USD bn)

Composition of GDP (%) Current Account and Inflation

0

20

40

60

80

100

120

2002 2003 2004 2005 2006

0%

5%

10%

14%

19%

Nominal GDP (US $ bn) Real GDP Grow th Rate

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2002 2003 2004 2005 2006

0

10

20

30

40

50

60

70

Crude Oil Production, b/d mn Crude Oil Export Price, US$bn

Source: Central Bank of Kuwait & Global Research

0

10

20

30

40

50

60

2003 2004 2005 2006 2007

0%

5%

10%

Current account (USD bn) Consumer price index

10

Gulf Cooperation Council (“GCC”) overview

Created in 1981, GCC is a regional organisation comprised of 6 nations with shared objectives for economic and social development.

The GCC holds 40% of world’s proven oil and 23% of natural gas reserves.

The GDP of GCC states is estimated to be about USD 735 billion; comparable to Mexico (USD 743 billion), Australia (USD 745 billion) & Netherlands (USD 665 Billion).

Due to high oil prices, the Gulf’s current account has moved from a deficit in the 1990s to a strong surplus in ’02-06.

Current account surplus of the GCC states was about USD 200 billion in 2006.

Total export earnings of the six GCC states were more than USD 1.5 trillion between 2002-06.

Total foreign assets held by GCC countries is about USD 1.6 trillion; China’s FX reserves is USD 1.1 trillion

Average per capita income of GCC states is fairly high at USD 20,500 (Portugal 18,000 / Korea 18,000)

Source: Goldman Sachs, Institute of International Finance, IMF

Bahrain Kuwait Oman Qatar Saudi Arabia UAE

11

415

444

470

495

360

380

400

420

440

460

480

500

520

2004 2005 2006 2007E

GC

C r

eal G

DP

(U

S$b

n)

239

120

37 4922

7 3

259

129

42 5225

8 30

50

100

150

200

250

300

GCC Saudi UAE Kuw ait Qatar Oman Bahrain

Cur

rent

acc

ount

sur

plus

(U

S$b

n)

2006 2007

2.4 2.73.4

7.26.5

2.0 2.12.9

3.62.7

8.3

10.0

7.36.5

6.1

4.0

2.7

10.0

0

2

4

6

8

10

12

EuroArea

Japan UK US Brazil GCC Russia India China

Rea

l GD

P g

row

th r

ates

(%

)

2006 2007

Strong macroeconomic fundamentals

Strong GDP growth in GCC

Record levels of liquidity on the back of high government surpluses

GCC among the fastest growing economies in the world

Low levels of correlation with developed and other emerging markets

Source: Global insight Source: IMF

Source: IMF

CAGR: 6%

Correlation matrix GCC

FTSE 0.19

S&P 0.06

Nikkei 0.24

MSCI EM 0.15

MSCI World 0.09

Correlation with international equity markets 2001 to 2007 (%)

Source: Global and Reuters

12

The reasons for the strong growth in the markets are still present:

Strong macro-economic growthStrong corporate earningsStrong liquidityHigh business and consumer confidence.High oil prices

Source: ‘Global’ Research

Year Transactions

('000)Volume

(mn shares)Value

(US$ bn)Market Cap

(US$ bn)No. of

Companies Index Gains2000 171.0 6,758.0 4.4 21.6 86 2.8%2001 355.1 16,299.0 12.1 28.2 88 28.8%2002 521.3 27,834.0 22.7 35.8 95 24.1%2003 1,081.7 49,563.0 55.1 61.5 108 63.9%2004 1,056.9 33,543.7 51.8 75.2 125 11.9%2005 1,964.2 52,337.6 97.6 142.1 158 66.4%2006 1,486.2 37,657.9 59.2 143.8 180 -9.2%2007 2,101.1 70,432.8 135.5 210.5 196 30.0%

Kuwait Stock Market

Stock market performance

13

Investment highlights

14

Investment highlights

Well positioned to benefit from high regional growth

Strong historical performance

Large and expanding client base

Comprehensive Asset Management and Investment Banking product offerings

Extensive geographic reach

15

Comprehensive Asset Management and Investment Banking product offerings

Balanced & bond funds

Equity funds

Money market funds

Islamic funds

Funds of hedge funds

Private equity funds

Real estate funds

Portfolio management

Asset Management Investment Banking

Start-ups

IPOs

Equity placing

M&A

Corporate Bonds and syndicated loans

Islamic finance

Corporate advisory & structuring

Margin lending

Innovation driving new product offerings in the region

Research

Pan MENA coverage

100+ companies

Indices

Brokerage

On-line facility

Telephone facility

OTC transactions

Derivatives transactions

Margin trading

Securities trading and settlement

Custody services

Research

Among first pan-MENA focused research

Over 70,000 subscribers

First to launch audited regional indices

Funds

Introduced funds of hedge funds

Launched MENA country focused equity funds

Offers private equity funds

Start-up promotion

Innovative approach in starting new businesses and attracting third party investors

Generates investment opportunities for clients and Global

16

Extensive geographic reach

Unique MENA based platform that is able to provide a full Investment Banking product suite across the region

Asset ManagementAM

Principal InvestmentsPI

Investment BankingIB

BrokerageBro

RE Real Estate

● Existing direct and indirect operations

Planned operations(medium term)Turkey

Country

Kuwait

Hong Kong

Oman

Qatar

Saudi Arabia

UAE

Egypt

Jordan

Bahrain

Tunisia

Iran

Pakistan

Yemen

Sudan

India

2008

Year of entry

1998

2005

2004

2007

2003

2006

Build on existing client relationships in Saudi

Recruit up to 35 employees by year-end 2008

Establish research hub - to enhance brand name

Launch– Investment Banking:

aimed at mid-market with a focus on equity placements and Islamic structured products

– Asset Management: existing products to Saudis, followed by Saudi funds

– Brokerage: to tap increase in trading activity in Saudi

Activities

AM PI IBBro RE

● ● ● ● ●

●

●

● ●

● ● ●

● ● ● ● ●

●

● ● ●

●

● ● ●

● ●

●

Expansion strategy – Saudi

17

Large and expanding customer base

1,0301,716

2,400

3,218

4,1604,820

5,573

6,525

2000 2001 2002 2003 2004 2005 2006 2007

Number of clients

Gro

wth

Diversity (by AuM) Length of relationships

Institutional investors (78.7%)

Retail investors (21.3%)

As at 31 Jan 08 As at 31 Jan 08

Dedicated client relationship management

Invested in building dedicated client relationship teams responsible for sales and building client relationships

23 client relationship managers in Kuwait alone

14 team members for the MENA region

2 sales professionals in Abu Dhabi, 2 in Bahrain, 9 in Dubai and 5 Jordan

The AM client base provides distribution platform for IB, supports the roll out of the brokerage service and produces referral business for the real estate business

1 year or less (26.1%)

1 to 5 years (47.5%)

6 to 8 years (18.0%)

More than 8 years (8.4%)

Number of clients for

18

Regional themes

Growing wealth

Global platform supporting future expansion

Leading Asset Management franchise with truly pan-MENA reach Large network of over 6,500 clients, to be grown through geographic and product expansion Sizeable number and scope of funds with potential to allow increased fees per client

Developing regional capital markets

Significant experience in the highly regulated Kuwaiti market, allowing Global to take expertise to new markets

Innovative Investment Banking products providing access to underserved mid-market segment Wide geographic placement reach and services

Unique investment opportunities

Significant principal investment expertise Local relationships and experience provide access to deals not open to international players Strong and developed track record

Increased investment and trading activity

Increase assets under management supported by large number of well performing equity funds Pan-MENA trading and placement capability, supporting the establishment of the brokerage

business

Liberalisation of regional markets

Local know-how and existing client relationships Licences to operate in Saudi, Egypt and Qatar Established relationships with regulators

Well positioned to benefit from high regional growth

19

Strong historical performance

Profitability Revenue growth

32.2%39.1%

43.9% 51.6%

72.5%

18.8%22.1%17.4%16.8%0%

20%

40%

60%

80%

100%

2003 2004 2005 2006 2007

Global Industry¹

ROE%

154

110

80

18 29

0

50

100

150

200

2003 2004 2005 2006 2007

Financial CAGR: 71%

Performance

KD

m

(1) Average of all banks and financial institutions in ME with total assets > US$1bn (Source: Bankscope);(2) Growth in total operating income (IFRS)

189% 64% 174% 40%

n/a27% 31% 52%

Global

Ind1,2

38%

17%

Principal Investments Managed funds

Investment 18.9%18.7%

38.0%

22.5%17.7%

2003 2004 2005 2006 2007

Annualised gross return (%) Selected fund types

Conventional funds

Islamic funds

Real estate funds

Fund of hedge funds

Top performing funds

Global 10 large cap index fund 32.2%

Global Al-Durra Islamic fund 34.6%

Zenith fund 17.8%

GCC Real Estate Fund 6.0%

Average annual returns %

20

Business segments

21

Integrated model

Brokerage

Asset Management Real Estate

Investment Banking

Helped by strong

research capacity and

AuM client base

Completes full product

offering to clients

Client base an advantage

other pillars

Non-discretionary

portfolio will support initial

development of

Brokerage

Creates investment

opportunities for Asset

Management clients

Generates principal

investment opportunities

Builds expertise that

supports IB and AM

businesses

Principal Investments

Supports AM by building

track record and making

co-investments

Supports investment

banking by making

investments in start-ups

Used to build brand

name in new markets

prior to launching new

products and operations

Expertise in research

gives an advantage to

AM and IB

Research

Client base

22

Asset Management Overview

Launched in 1998, with four funds by the end of 1999

31 Dec 2007 AuM of KD2.3bn (US$8.6bn)

Mix of 30 conventional, Islamic and alternative funds

Principal investments experience and track record across

the region to launch a range of private equity funds

Background and development

Products

No of funds

Portfolios Others

Dis-cretionary Murabaha Equity

Placement

Managed funds

Balanced Bond Equity Money market

Islamic funds

Private Equity

Real Estate

Funds of hedge funds

Non-dis-cretionary

Total: 1,051 Total: 967 Total: 329AUM1,2

192 13718 28 420 11 85 394 3956 N/A N/A

N/A N/A N/A2 1 8 3 2 5 36 N/A

MENA or GCC Alternative investments

(1) As at 31 Dec 2007 – excludes Egypt fund which was launched in February 2008(2) KD millions

Comprehensive product offering

Create specialised teams in certain regional offices

Continue to develop innovative new fund products to meet

regional demand

Focus on higher margin alternative investments products

Use Research as a marketing tool

Strategy

23

Asset ManagementAttractive growth and asset composition

Managed funds and portfolios house the majority of

assets (86%)

‘Other’ comprises Murabaha and companies floated by

Global

Historically focused primarily on MENA equity stocks – the

bedrock of managed funds

However, Private Equity playing an increasingly important

role which is expected to continue

AuM growth

47.9%

1.82.1

44.8%36.5%39.7%

41.2%45.3%46.6%

43.6%

14.0%18.2%

13.6%

8.5%1.0

2.34,160

4,820

5,5736,525

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2004 2005 2006 2007

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Managed funds Portfolio Other Client

AuMKDbn

Funds Clients

51%

29%

3%

9%

2%2%

4%

49% 47%

6% 6%

11%3%

22%

4%6%

51%41%

13%

4%

8%8%

3% 12%

21%

1%

15%

1%

37%

3%1% 4%

8%10% 4%

2004 2005 2006 2007

Managed funds composition

By fees (for the year ended 31 Dec 2007)

By assets (as at 31 December 2007)

Equity Hedge IslamicMoney market Private Equity Real EstateOther

%

24

Principal Investments and TreasuryOverview

Background

Started in 1999 with KD9m (US$30.5m) to facilitate first stage of expansion outside of Kuwait; approximately KD659m

(US$2.4bn) invested as of 31 December 2007

Treasury operations to pursue short-term opportunistic investments and for general treasury management

Principal Investment criteria:

1. Attractive fundamentals and potential to generate attractive returns in their own right

2. Additional strategic benefits that support one of:

– our regional expansion: investments in associates outside of Kuwait providing new distribution channels and access to new markets

– our product expansion: investments in related financial service companies that can strengthen some of Global’s five business pillars

– Supports our Asset Management and Investment Banking business

– Co-investments in private placements or new Global funds

25

Principal Investments and TreasuryPortfolio analysis

KD(millions)

Investment by sector1

Principal investment portfolio size

Investment by location1 Investment by type / purpose1

38.2%

1.4%

2.6%21.0%

2.2%

1.8%

14.4%

18.4%

Financial Services

Debt Securities

Insurance

Real Estate

Funds

Oil & Gas

Healthcare

Others

(1) By value as at 31 December 2007

41.1%

22.1%

16.6%

6.5%

5.7%0.9%

7.1%

Kuw ait

Jordan

Other GCC

Wider MENA

Asia

Cayman Island

Others

3.2%

19.9%

27.6%28.3%

5.7%

13.9%

1.4% Geographic expansion

Financial services

Investment banking

Others

Co-investments

Trading portfolio

Fixed income securities

23 48

130

334

557

22.5%17.7%

38.0%

18.7%

18.9%

1096450

59

0

100

200

300

400

500

600

2003 2004 2005 2006 2007

0%

5%

10%

15%

20%

25%

30%

35%

40%Average carrying value for the year Annualised gross return (rhs)Annual gross income, as at 31 December of relevant period

26

Investment BankingOverview

Background

Set up in 1999 initially in response to demand from Asset

Management clients

Historical focus on equity placements into start-ups that

Global sponsors

Competitive cost-to-income ratio: commission of c. 5% on

equity raised, while maintaining a low cost base as many

mandates are generated through referrals from current

clients

This expertise and capacity has been and is being used to

increase advisory and debt capital markets mandates,

including Islamic finance segment

Strategy and outlook

Build Saudi Arabia operations– Leverage-off existing relationships in Saudi Arabia

– Obtained licence in 2007

– Focus on mid market segment and equity raisings

Offer more higher-value services– Leverage off Islamic finance experience to offer more Islamic

products

– Increase mandates relating to advisory and structuring mandates

Product suite

Equity capital markets & corporate advisory(KD 5.5m in revenues)(1)

Debt capital markets(KD 1.1m in revenues)(1)

Others2Islamic finance

Bonds and syndicated

loansM&A

Equity placing

IPOsStart-upsListing

advisory

(1) For the year ended 31 Dec 2007(2) Including establishment of SPVs and margin lending

2007: 13 transactions, total value of KD147m 2007: 64 transactions, total value of KD435m

27

Significant investment banking experience

Selected transactions

(1) Mandated deals to date

28

Investment Banking growth initiatives

Initiatives Actions

Leverage-off existing relationships in Saudi Arabia

Obtained licence in 2007

Focus on mid market segment and equity raisings

Leverage-off Islamic finance experience to offer more Islamic products

Move from equity placements to advisory and structuring mandates

Build Saudi Arabia operations

Offer more higher value services

High growth investment banking sector

Source: Dealogic

5.0

11.8

21.3

26.4

0.8 1.4

4.6

9.3

3.6 3.2

23.5

5.4

0

5

10

15

20

25

30

2004 2005 2006 2007

DCM ECM M&A

GCC volumes (US$bn)

29

Real Estate investment

Background and development

Set up in 2006 to focus on commercial and residential real estate

Established to make opportunistic investments to take advantage of attractive growth in the real estate sector in the region

Real Estate expertise also supports Global’s Asset Management and Investment Banking business

– Track record for Real Estate funds

– Expertise to win more real estate related Investment Banking business

Established a dedicated team based in Dubai – who are able to source and invest in high value opportunities for Global, their

clients and certain managed funds

Sold majority of portfolio in 2007 to focus on new opportunities

30

Real Estate InvestmentOverview

Background

Set up in 2006 to make opportunistic investments to take advantage of attractive growth in the real estate sector in the region

In house real estate expertise provides opportunities for our Asset Management and Investment Banking businesses

Existing portfolio5

Location Dubai Dubai Ras Al Khaimah Sharjah

Land area (sq m) 11,210 8,372 12,094 24,859 132,256 75,864

Type Commercial Residential Serviced Apartments Residential Residential,

Commercial, Hotel Land

Expected date of commencement Q2 2008 Q3 2008 Q2 2008 N/A

Expected date of completion Q2-Q3 2010 Q3-Q4 2010 Q2-Q3 2011 N/A

Property Dubai Health Care City II Arjan Project – Dubai Land Khayal Project1 Al Basateen

Potential built up area 30,878 sq m 40,195 sq m 58,047 sq m 74,605 sq m 370,319 sq m 2 N/A

Purchase cost paid (KDm)3 7.3 3.1 4.7 3.0

Amount outstanding(KDm)4 13.0 7.2 27.7 0

(1) Owns a 60% stake in Island “A”(2) Of a Total BuA of 617,198sq m(3) The 2007 balance sheet also includes assets held by subsidiaries that are not part of the Real Estate pillar(4) Amounts due over the development life of the project(5) Some additional small holdings in Kuwait

31

BrokerageOverview

Background

Started exposure to brokerage market in 2004 with stakes

in a number of brokerage companies in the region

Set up own Brokerage division in Jan 2008, following

investments in new electronic platform and new hires

Expects regional trading activity to increase significantly

1. Kuwait and Saudi operations by end of Q2 2008

2. Transfer all non-discretionary portfolios to brokerage arm

3. Start offering brokerage services to other existing clients

4. Leverage Research capability to generate new business

5. Connect regional operations to create a pan-GCC platform

Brokerage development plan

Research hubs in Kuwait, Jordan, Egypt and India

Coverage of 16 economies in MENA and South Asia

Coverage of over 100 companies representing around 50% of the GCC

market capitalisation

Among first to launch coverage of KSE listed companies

26 analysts

Among the first to launch country and sector specific coverage in the GCC and MENA region

Market leading research with 70,000 subscribers driving new brokerage offering

32

Market leading research capability driving new brokerage offering

Research

Research hubs in Kuwait, Jordan, Egypt and India

Coverage of 16 economies in MENA and South Asia

Coverage of over 100 companies representing

around 50% of the GCC market capitalisation

With over 70,000 subscribers, Global’s research enhances its brand value and demonstrates its leading knowledge of the region

Among first to launch coverage of KSE listed companies

Among the first to launch country and sector specific

coverage in the GCC and MENA region

26 analysts

33

Leading regional index publisher

Global is a leading regional index publisher

Pioneer in the region

First regional company to publish audited index

data on the KSE

First to launch regional indices in the region

Among the first to launch Islamic index

Covers a wide range of markets

Global General Index Global Banking Index Global Investment Index Global Insurance Index Global Real Estate Index Global Industrial Index Global Services Index Global Food Index Global Kuwait Only Index Global Non-Kuwaiti Index Global Large Cap. (Top 10) Global Small Cap. (Low 10) Global High Yield Index Global Islamic Index

Helps enhance its regional and international brand exposure and to generate interest in its funds

34

Financial overview

35

Profit & loss statement

Revenue Profit after tax

Cost / income ratioBusiness mix (revenue)

17.0%19.5% 19.1%

21.7%

17.4%14.3%

16.7%

25.8%

21.3%

18.2%

0%

10%

20%

30%

2005 2006 2007 Q107 Q108

Excluding interest Including interest

80

110

154

3553

29%20%29%32% 11%

52%64%

64%59%

59% 19%25%

16%

12%

9%

0

20

40

60

80

100

120

140

160

2005 2006 2007 Q1 07 Q108

Fee income Gains Other

KDm

CAGR: 38.8%

CAGR: 50.9%

6171

91

2235

0

20

40

60

80

100

2005 2006 2007 Q1 07 Q108

Net income after tax (excluding minority interests)

CAGR: 22.0%

CAGR: 54.3%

83%

13%4%

51%

14%

1%

19%

15%

Q107: KD35m Q108: KD53m

Principal investments & Treasury Asset Management

Investment Banking Brokerage

Real Estate

36

Balance sheet

Assets Equity and Liabilities

724

967

74%70%

64%

72%72%

26%

30%

36%

28%

28%

301

692

913

0

200

400

600

800

1,000

2005 2006 2007 Q107 Q108

Principal investments Other

KDm

967

32% 33%36%36%43%

54%43%43%

49%

47%

6%

15%16%

11%

7%

8%

9%4%

3%

4%

724

913

692

301

0

200

400

600

800

1,000

2005 2006 2007 Q107 Q108

Shareholders equity Short-term Medium / long-term Other

KDm

Return on capital1 Capital/leverage ratios

17.5% 17.7%20.3%

2.5%

15.0%

2.6%20.1% 20.2%

35.3%2.1x

1.9x

1.5x

0%

10%

20%

30%

40%

2005 2006 2007

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

Tier 1 Tier 2 Leverage¹

Tier 1 & 2

120

244

323

232

30972.5%

39.1%32.2%

37.8%43.9%

0

50

100

150

200

250

300

350

2005 2006 2007 Q107 Q108

0%

20%

40%

60%

80%

Shareholders equity ROE

KDm

ROE% LeverageEquity

CAGR: 74.2% CAGR: 33.6%

CAGR: 63.7% CAGR: 33.4%

(1) RoE for Q107 and Q108 based on annualised earnings

CAGR: 74.2% CAGR: 33.6%

37

1%1%1%1%1%1%1%1%

Asset management Investment banking PI - PE/Quoted securities

PI - Fixed income PI - Co-investments Strategic associates

Lending & Finance Proprietary trading Real estate

Brokerage

Fee income (20%)

Asset based income (80%)

Other income (1%)¹

Target business mix

2007 revenue mix

Principal Investments constituted the majority of revenues in 2007

– large number of realisations and investments performed well

Asset Management and Investment Banking the next largest

Brokerage expected to contribute in 2008

To increase fee income contribution

– Asset Management and Investment Banking to increase share to

constitute a significantly higher proportion of revenues and enhance

fee income contribution

– Brokerage to capitalise on established client base and to contribute

to fee income

Private equity and quoted security investments to

contribute a smaller proportion of revenue as track record

is already established and holdings are realised

Co-investments expected to rise in line with growth in AuM

Investments in strategic associates will increase as we

continue to acquire a number of significant stakes in

strategic targets that may be integrated into the Global

franchise

15%

9%

1%

1%

7%

11%2%

3%

51%

Fee income contribution

(1) Other income is comprised of income from strategic associates

Medium term revenue mix strategy

38

Global stock & shareholders

39

Investing in Global Stock

Global stock is traded on Kuwait (KSE), Dubai (DFM) and Bahrain (BSE)

* wef 21 May 2008

S&P /IFCG Extended Frontier 150, comprising of the largest and most liquid stocks, placed Global amongst the best 19 listed companies on Kuwait Stock Exchange

Market Reuters Code Bloomberg Code Market Code

Kuwait (KSE) GLOB.KW GLOBAL KK Global

Dubai (DFM) GLOB.DU GLOBAL UH Global

Bahrain (BSE) GIHB.BH GLOBAL BI Global

London (LSE) * GLOB LI GLOB

40

Ownership Key Points

Regulatory

– Public disclosure once ownership reaches 5% or over whether it is direct, indirect, or in different markets.

– Ceiling for total non-GCC investors ownership is 49%

Restrictions as per articles of association

– Maximum ownership by a single investor is limited to 20% of the issued capital.

41

Awards & recognition

42

Global Investment HouseGulf Excellence AwardGulf Excellence – 2005

Global Investment HouseDeal of the Year

The Banker – 2006

Global Investment HouseBest Equity House in KuwaitEuromoney – 2005 & 2006

Global Investment House"Best Investment Bank in Kuwait”

Euromoney magazine - 2007

Global Investment House Contribution to Islamic Fund the Middle East

Global Advisors (MEGA) - 2007

Awards & recognitions

43

Awards & recognitions

Global Buyout Fund L.P.Fund of the YearPrivate Equity World Awards MENA, Terrapinn - 2007

Global 10 Large Cap Index FundBest Performing Fund in KuwaitLipper Reuters - 2006

Global Distressed Fund4th Best in the World based on Sharpe RatioBarclays – 2007

Global Distressed Fund3rd Best in the WorldEurekaHedge - 2005

Global Umbrella Fund - Asia/Japan Best Hedge Fund Manager in AsiaEurekaHedge - 2005

44

Global Investment House has obtained the information in this presentation from sources it believes to be reliable. Although Global Investment House has taken all reasonable care to ensure that the information herein is accurate and correct, Global Investment House makes no representation or warranty, express or implied, as to the accuracy, correctness or completeness of such information. Furthermore, Global Investment House makes no representation or warranty, express or implied, that its future results will be consistent with results implied, directly or indirectly, by such information or with Global Investment House’s past results. Any information herein is as of the date of this presentation and may change without notice. Global Investment House undertakes no obligation to update the information in this presentation. In addition, information in this presentation may be condensed or incomplete, and this presentation may not contain all material information in respect of Global Investment House.

This presentation also contains “forward-looking statements” that relate to, among other things, Global Investment House’s plans, objectives, goals, and strategies. Such forward-looking statements may be characterized by words such as “anticipates,” “estimates,” “expects,” “projects,” “believes,” “intends,” “plans,” “may,” “will” and “should” and similar expressions but are not the exclusive means of identifying such statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause Global Investment House’s results to be materially different from the operating, financial or other results expressed or implied by such statements. Although Global Investment House believes the basis for such forward-looking statements to be fair and reasonable, Global Investment House makes no representation or warranty, express or implied, as to the fairness or reasonableness of such forward-looking statements. Furthermore, Global Investment House makes no representation or warranty, express or implied, that the results anticipated by such forward-looking statements will be achieved. Such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. Global Investment House undertakes no obligation to update the forward-looking statements in this presentation.

Disclaimer