BAHRAIN, 6 September 2004 — United Gulf Bank’s investment grade foreign currency long-term rating has been upgraded from BBB- to BBB by Capital Intelligence, the international emerging markets rating agency. The bank’s short-term rating remains unchanged at A3 and the outlook is stable. UGB’s ratings are underpinned by enhanced recurring income streams from subsidiaries and core investments, strong support from parent company Kuwait Projects Company Holdings (KIPCO), record profitability in 2003 and 2004, potential gains in investment portfolios and continued growth momentum.