RIYADH, 1 February 2007 — Falcom Financial Services Company has launched its activities in Saudi market as the first investment bank offering a comprehensive Shariah-compliant investment and financial services, after completing the requirements of the Capital Market Authority and a license to operate was issued.

Falcom Chairman Fahid Al-Athel said “the launching of Falcom comes to end the Saudi banks’ monopoly in investment and financial activities in the local market.”

He said that “Falcom Services provides independent financial advice primarily to corporate (clients) in connection with investment banking activities related to mergers, acquisitions, private capital financing and other similar transactions, and help them meet their goals.” We offer tailor-made investment solutions applying modern investment theory and advanced management techniques,” he added.

Adeeb Al-Sowailim, Falcom chief executive officer, said “Falcom offers a broad array of Shariah-compliant investments strategies, mutual funds, advice and planning across all major asset classes to a diverse group of institutions, high-networth individuals and retail investors.”

He noted that “our sophisticated brokerage systems, combining speed and accuracy, empower our clients with access to in-depth market research and incisive analysis to help investors make good decisions. They have the access to technical analysis tools, live news, daily market analysis and company information.”

“Here at Falcom, our clients will have the flexibility of creating their own trading environment, choose the markets, instruments, charts and analyses that fit the client trading style and preferences.”

Al-Sowailim added that “at Falcom, we deal with much more than a client’s asset. Our clients range from large financial institutions to individual investors, they come to us with their dream. Planes, ambitions and specific goals for their own or institution’s financial future. These goals could be short-term or they could stretch over decades and generations, our objective is to consistently deliver favorable results.”

“Our understanding of local economies, industrial and culture helps us deliver what clients want most,” he pointed out.

Falcom Financial Services has a paid-up capital of SR1 billion, divided into 100 million shares at SR10 each.