ARIG Completes Rights Share Offering

MANAMA, 20 December 2004 — Arab Insurance Group (ARIG) yesterday announced the formal completion of its rights share offering of 50 million shares. The shares were offered at a price equal to its nominal value of $1 per share. Following the initial allotment of 40.4 million shares and based on approval of the Bahrain Monetary Agency, the balance of 9.6 million shares were issued and allotted in a private placement. With this ARIG’s issued, subscribed and paid up capital has now increased to $200 million.