JEDDAH, 19 October 2005 — The National Commercial Bank (NCB) launched a $700 million 5-year bond after an extensive road show in Asia and Europe by a senior NCB team. This was the first drawdown off of the bank’s recently established $1.5 billion euro medium term note (EMTN) program. This is the largest issuance by a Saudi bank into the international capital markets. The demand from the international investors was very high evidenced by an order book of $1.5 billion at the initial price guidance. The majority of the bonds were distributed outside the Middle East region with 80 percent going to Europe and Asia. NCB’s Chairman & Managing Director Abdulla Bahamdan commented: “The strong response of the international capital markets to NCB issue is a reflection of the bank’s strong franchise and sustained financial excellence, fueled by our 1 million-strong customer base, our high-caliber employees, and the robust economic fundamentals of the Kingdom of Saudi Arabia.”