Kuwait, 8 March, 2008: Gulf Bank Chairman and Managing Director Mr. Bassam Y. Alghanim told shareholders at the bank’s Annual General Meeting that the expertise and skills of Gulf Bank’s management team, a passion for excellence from its staff and a healthy economic environment helped the bank achieve an 8th consecutive year of outstanding profits and growth. Shareholders heard that Kuwait’s second largest commercial bank achieved a record net profit of USD477.8 million for 2007, an increase of 23% over the previous year’s results with earnings per share rising nearly 23% to 44.7 cents. Mr. Alghanim said: ‘2007 has continued to take the bank from strength to strength and was another year of outstanding growth, development and innovation for Gulf Bank. We have a unique position as one of the most efficient banks in the region that has helped our total assets to grow by more than 25% to surpass USD 18.5 billion for the first time. ‘The expertise and skills of our management team have helped us to maintain diversified revenue streams, continue our superior growth and deliver excellent results to our shareholders and delivered another record breaking year of success for the bank. ‘At the heart of our success is a highly motivated and experienced staff that thrives in a corporate culture that combines superb teamwork and a passion for excellence to continually deliver the best possible service and product range. Our team has a single minded commitment to focus on delivering world class banking services to the Kuwaiti market.’ Mr. Alghanim said that success of 2007 had laid solid foundations for continued growth and development in Kuwait where the Gulf Bank now delivers the highest quality retail banking services to its customers from 42 branches across the country. 2008 is set to be another year of growth and high performance for the bank. Mr. Alghanim said: ‘We have set ourselves ambitious goals and this year’s plan includes continued investment in new products and distribution channels. In addition, we will focus on building the skills and talent of our staff to provide the highest quality service to our clients.’ The quality and commitment of the Gulf Bank team received widespread international recognition in 2007. It achieved three awards from leading international financial magazine Global Finance for being the Best Bank in Kuwait, Best Internet Bank in Kuwait and Best Foreign Exchange Bank; one from Banker Middle East for being the Best Retail Bank in the Middle East for the 3rd consecutive year and a final award from Asian Banker magazine for being the Best Retail Bank in Kuwait. ‘The Retail Banking Group has continued to show leadership in the bank’s development with a core focus on delivering the services our customers want and when they want them through a commitment to our split-shift system of branch opening hours ‘ allowing our customers to bank at their convenience,’ added Mr. Alghanim. ‘Our Corporate Banking division meanwhile has benefited from a clear corporate focus to maintain our position as an acclaimed ‘businessman’s bank’. In 2007 Gulf Bank’s International Banking Group emerged as an important source of business and permitted an extension of our activities into the wider GCC region. This aspect of the bank has contributed significantly to diversifying the deposit base and building relationships with large multi-national companies interested in Kuwait’s robust economy. Mr. Alghanim said that corporate clients in 2008 can look forward to a broader range of more sophisticated financial management products combined with greater convenience and access through an expanded branch and ATM network along with further enhancements to online banking services. ‘2007 also saw Gulf Bank re-affirm its position as a leading Kuwaiti employer, winning the Localisation Award from the GCC Council of Ministers for Social Affairs and Labour for the 3rd consecutive year, recognizing our achievement in securing the highest rate of Kuwaitisation of any company in the country’s private sector. Now in 2008 we are just as committed to continuing our investment in the development of the professional skills and abilities of Kuwaitis,’ said Mr. Alghanim. Gulf Bank also remains one of the highest rated banks in the region. It is one of only seven banks in the GCC assigned an ‘Aa3’ long-term foreign currency deposit rating from Moody’s Investors Service and enjoys strong ratings from Fitch Rating and Capital Intelligence (‘A’) and Standard & Poor’s (‘A-’). Mr. Alghanim told shareholders: ‘These ratings reflect the excellence of our financial performance, the quality of our assets and our employees and the fact that we are undertaking a clear and focused business strategy for the development of the Bank. Today Gulf Bank is a solid financial institution poised for continued growth in our market. ‘Our 2007 results mean that Gulf Bank can look to the future with great confidence. We will continue to bring professionalism, flexibility and expertise to all our operations and banking divisions and look forward to a successful year in 2008 where we will continue to offer the highest levels of services to our customers, contribute to Kuwait’s economic growth and deliver outstanding returns to our shareholders,’ he concluded.