A Multitude of A Layering of An Integrated

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2 Ahli United Bank (AUB) has a clear and focused vision for the future based on integrating people, resources and markets to enhance value, identifying markets with potential, embracing change to fuel growth, and converting challenges to growth opportunities across the GCC region. A Multitude of A Layering of An Integrated OPPORTUNITIES IDEAS WEAVE

3 Through clear vision and prudent analysis, AUB can objectively assess opportunities. Through focused implementation, AUB can derive their benefit.

4 Commercial Banking & Treasury This division covers all the Bank s capital intensive activities in risk asset generation and funding regionally and internationally. Corporate & Trade Finance Treasury Property Finance Residential Lending Structured Finance Aviation Private Banking & Wealth Management This division includes all the non capitalintensive sectors of the business, offering wealth management services to individuals and institutions based on performance and a balanced product mix. one Direction Goal Bank Private Banking & Asset Management Real Estate (Fund Management) Islamic Banking Risk, Finance & Strategic Development This division is responsible for the identification, assessment and ongoing control of all Group material risk that could effect the Group s profitability and reputation. It also handles Finance & Operations, Correspondent Banking and is responsible for the Group s expansion through mergers and acquisitions. Risk Management Finance Information Technology Operations Strategic Development Correspondent Banking

5 Net Profit US$ ,360 40,126 34, Total Assets US$ 000 3,286,680 3,512,348 4,102, Total Loans US$ 000 1,751,405 1,766,304 1,882, Shareholders Equity US$ , , ,

6 Group Mission Statement To create an unrivalled ability to meet customer needs, provide fulfillment and development for our staff and deliver outstanding shareholder value. one Vision Plan Delivery Objectives To maximise shareholder value on a sustainable basis To maintain the highest international standards of corporate governance and regulatory compliance To maintain solid capital adequacy and liquidity ratios To entrench a disciplined risk and cost management culture To develop a cross-cultural meritocratic management structure To optimise staff development through business driven training and profit related incentive To contribute to the social and economic advancement of the communities in which the Bank operates

7 one We consider change as a great opportunity for our shareholders and clients. It is a great asset for sustainable growth when prudently managed. One thing that will never change is that we always put our clients first.

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10 Fahad Al-Rajaan Chairman and Chairman of the Executive Committee Chairman, The United Bank of Kuwait PLC; Director General, The Public Institution for Social Security (Kuwait); Chairman, Wafra Investment Advisory Group (New York); Chairman, Wafra International Investment Company (Kuwait); Director, National Industries Group (Kuwait); Director, The International Investor (Kuwait). Nominated as Chairman from March Mohammed Yousuf Jalal Deputy Chairman Chairman, AUB, Bahrain; Chairman, Mohammed Jalal & Sons; Chairman, Bahrain Tourism Company; Director, Arabian Investment Banking Corporation (Investcorp); Deputy Chairman, National Imports and Exports Company; Director, Bahrain Airport Services; Deputy Chairman, Humanitarian Assistance Committee (Bahrain); Vice Chairman, Bahrain International Golf Course Co.; Chairman, Al Zakat Fund (Bahrain); Chairman, Bayan School; Former President of Bahrain Chamber of Commerce and Industry. Nominated as Deputy Chairman from March Hamad A. Al-Marzouq Deputy Chairman and Member of the Executive Committee Deputy Chairman, The United Bank of Kuwait PLC; Deputy Chairman, Bank of Kuwait and Middle East, Kuwait; Deputy Chairman, AUB, Bahrain; Former Manager, Head of Supervision Department of the Central Bank of Kuwait; Former Investment Officer and member of the Strategy Committee, Kuwait Investment Company. Nominated as Deputy Chairman from March Mohammed Abdul Ghaffar Al-Alawi Member of the Executive Committee Director, AUB, Bahrain; Director, National Imports and Exports Company; Former Director General, The Pension Fund Commission; member of the PFC Board (Bahrain); Director, The General Organisation of Social Institution (GOSI); Former Director, Bahrain Development Bank. Mohammed Saleh Behbehani Member of the Executive Committee Chairman, Kuwait Insurance Company; Former Deputy Chairman, Al-Ahli Bank of Kuwait; Director, Swiss Kuwaiti Bank; Director, ALUBAF; Director, Bank of Kuwait and the Middle East, Kuwait. Andrew Buxton Chairman of the Audit Committee Chairman, The British Bankers Association; Former Chairman, Barclays Bank PLC; Deputy Chairman, Xansa PLC; Member of the Governing Council, Imperial College of Science Engineering & Medicine (London). Herschel Post Member of the Audit Committee Director and Chairman of the Audit Committee, The United Bank of Kuwait PLC; Former CEO and Deputy Chairman, Coutts & Co.; Former Chief Operating Officer, Lehman Brothers Europe & Middle East; International Managing Director, Business Development, Christie s International PLC. Abdulla MH Al-Sumait Director Head, Legal Department, The Public Institution for Social Security (Kuwait); Director, Commercial Facilities Company (Kuwait); Former Director, Kuwait Real Estate Investment Consortium; Former Director, The United Bank of Kuwait PLC (London). Adel A. El-Labban Group Chief Executive Officer & Managing Director, Member of the Executive Committee Director and former Chief Executive Officer, The United Bank of Kuwait PLC; Director, AUB, Bahrain; Director, Bank of Kuwait and Middle East, Kuwait; Former Managing Director, Commercial International Bank of Egypt; Chairman, Commercial International Investment Company; Vice President, Corporate Finance, Morgan Stanley; Manager - Loans and Syndications, Arab Banking Corporation; General Manager - Corporate Banking Group, Chase National Bank, Egypt. Michael Fuller Director Chief Executive Officer and member of the Executive Committee, AUB, Bahrain; Former Chief Executive in the UK Banking Division, Midland Bank; various Board appointments with Midland Group including Chairmanship of the Joint Credit Card Company and directorships of Northern Bank Ltd and Thomas Cook Ltd.

11 Looking Ahead AUB has a clear vision. The challenge in 2001 was to deliver on this vision. This has been successfully accomplished by professionalism, teamwork and enlightened working practices that constitute an integral part of its culture. In 2001, the Bank witnessed record results, which clearly demonstrate the validity of our founding strengths of vision, focus and commitment. We are making important progress in key strategic areas, following a solid strategy of providing quality banking services to our clients, maximising shareholder value on a sustainable basis, and maintaining a solid capital adequacy and liquidity ratios. The Bank is regional in operations, but local in each of its operating locations. This local presence and comprehensive delivery are crucial for the continuous strengthening of our customer relationships. Our ongoing, interactive partnerships with our clients are the pillars of the Group's strategy. AUB recorded solid revenue growth for the full year, whilst growing the customer base. New businesses made strong contributions to the top-line growth. AUB announced two major acquisitions, a significant minority holding in Bank of Kuwait & Middle East (BKME) and the merger with Commercial Bank of Bahrain, both of which are powerful expressions of the Bank's strategy, in advancing its regional aspirations. Furthermore, the Group broadened and strengthened its Wealth Management business through alliances with Mellon Global Investment and Henderson Global Investors.

12 We maintain the highest international standards of corporate governance and regulatory compliance as a matter of conviction and business imperative. We seek to create organic growth, as well as growth by means of mergers and acquisitions to bring consolidation to an over saturated financial services sector. By examining the Group's various businesses, it is clear that the key to the success AUB has achieved, is a rigorous commitment to a clear vision and to client servicing. The Group s key initiative is to increase its retail banking critical mass. This will be primarily achieved by acquisition and is subject to the uncertainties inherent in such a strategy. The Group's upcoming plans also include strengthening the commercial dynamics and competitiveness of its two current core divisions, Private Banking and Wealth Management and Commercial Banking and Treasury, as we concentrate more than ever on serving clients and maintaining a strong presence in key markets to competitively position ourselves to deliver superior quality banking and organic growth. AUB's future is about growth, built on a culture of excellence. Going forward, there will be many challenges, but equally many opportunities. Change is exciting, but demanding, it requires flexibility, understanding and, the ability to adapt to new methods and procedures, ensuring efficiency and quality of service to the client. I am confident that the building blocks that have been established, leave the Bank well positioned to continue to grow and deliver the demanding targets that we have set for our businesses. Mohammed Yousuf Jalal Chairman