Global Investment HouseGlobal Investment House

The Company announces today that:

- an offer price of 100 pence per ordinary share (the "Offer Price") has been set in respect of its initial public offering (the "Offer") of new ordinary shares (the "Ordinary Shares"). The Offer Price represents a 5.6% discount to the estimated Net Asset Value ("NAV") per Ordinary Share of the Company following Admission, based on the assumptions set out below;

- it has today issued a pathfinder prospectus in respect of the proposed Offer of Ordinary Shares in the Company; and

- Richard Bernays will serve as Chairman, Maha Al-Ghunaim, Omar El-Quqa, Sayanta Basu and John Hawkins will be non-executive directors.

It is expected that Admission will become effective and that dealings in the shares will commence on or around 18 July 2008.

Transaction structure

It is proposed that the Company will seek to raise up to US$500 million through an offering to institutional and professional investors in certain jurisdictions including Gulf Co-Operation Council states.

The following table is an illustration of the transaction structure, based on the Offer Price of 100 pence per Ordinary Share and the fair value of the initial portfolio ("Initial Portfolio") and foreign exchange rates as at 27 May 2008.

JPMorgan Cazenove Limited ("JPMorgan Cazenove") has been appointed sole sponsor and sole global co-ordinator in connection with the Offer. JPMorgan Cazenove and GIHGIH have been appointed as joint bookrunners and joint-lead managers and J.P. Morgan Securities Ltd. has been appointed as joint-lead manager in connection with the Offer.

Maha Al Ghunaim, Chairperson of GIHGIH commented:

"We are delighted to be creating a new closed-ended investment company for investors seeking to access the high growth MENA financial services sector.

We believe that our track record of delivering exceptional value to investors and the attractive pricing of the Offer announced today represents a unique investment opportunity for potential investors."

- Ends -

For mroe information, please contact:
Financial Dynamics
UK
Ed Gascoigne-Pees
Nick Henderson
Tel: +44 (0)20 7269 7132
Tel: +44 (0)20 7269 7114

GCC
John Hobday
Tel: +971 (0) 4 332 8832

JPMorgan Cazenove
Angus Gordon Lennox
Tel: +44 (0)20 7155 4605

Global Capital Management Limited
Shailesh Dash
Tel: +965 295 1200

Notes to Editors
The Company is pleased to announce details of the Directors, all of whom are non-executive.

Richard Bernays (Chairman)
Mr. Bernays is the Chairman of the Throgmorton Trust, and Hermes Pension Management Limited and is a director of several other listed companies including Gartmore Global Trust PLC. He is a member of the Supervisory Board of National Provident Life. After twenty-one years with Mercury Asset Management, in 1991 Mr. Bernays joined Hill Samuel Asset Management as Chief Executive. In 1998 he became the Chief Executive of Old Mutual International and remained at that position until 2001.

Maha Al-Ghunaim
Ms Al-Ghunaim was appointed to the board of Global Investment HouseGlobal Investment House in June 1998. Ms Al-Ghunaim is also a board member of various institutions including the National Industries Group (NIG), National Ranges Company (Mayadeen) and Bank of Bahrain & Kuwait (Bahrain). Ms. Al-Ghunaim took over as Chairperson of Global Investment HouseGlobal Investment House in March 2007. A founding member of the Company with 22 years' experience in portfolio management and investment banking, Ms Al-Ghunaim is also a member of many financial institutions, including the Dubai International Financial Exchange, and the Financial & Investment Committee of the Kuwait Chamber of Commerce & Industry. Ms Al-Ghunaim was previously a board member of the Industrial Bank of Kuwait and vice chairman of Kuwait Finance & Investment Co. Ms Al-Ghunaim obtained a Bachelor of Science in Mathematics from San Francisco State University, California.

Omar El-Quqa
Omar El-Quqa is a co founder of Global Investment HouseGlobal Investment House with 22 years of experience in the financial sector, primarily in asset management and corporate finance. Mr. El-Quqa is currently a board member of various companies including Bank of Bahrain & Kuwait, Al Manar Financing & Leasing Co., Housing Finance Co. and Jordan Trade Facilities Co. Previously, he worked with the National Bank of Kuwait Money Market Operations Department and the Kuwait Foreign Trade Contracting and Investment Company in the Portfolio Management Department. Mr El-Quqa obtained the Chartered Financial Analyst certification in 1989 and an MBA from Sul Ross University in 1982.

Sayanta Basu
Sayanta Basu is the Chief Executive Officer of Dubai Financial Group, the financial holding company for the Dubai Group, whose core practice is the identification and acquisition of financial services companies to build long-term value through state-of-the art governance. Mr. Basu has been a part of Dubai Group since September 2000. Before his appointment as Chief Executive Officer of Dubai Financial Group, he was leading the Dubai Group's private equity and hedge funds portfolio. Mr. Basu has more than 17 years of experience in investment management, treasury and strategy, and has also worked for Reuters and Citibank in Dubai. He holds a bachelor's degree in Electronics Engineering from the Indian Institute of Technology, and an MBA from the Indian Institute of Management. Mr. Basu is a member of the Executive Boards of Marfin Popular Bank and Marfin Financial Group in Greece and a member of the Board of Directors of Dubai First.

John Hawkins
Mr Hawkins is a Fellow of the Institute of Chartered Accountants in England and Wales. He was formerly Executive Vice President and a member of the Corporate Office of The Bank of Bermuda Limited. He was with The Bank of Bermuda for 25 years, of which approximately 15 years were based in Hong Kong. In 1991 he was appointed Senior Vice President with responsibility for the overall activities and development of The Bank of Bermuda in the Far East. In 1998 he was appointed to Executive Vice President with responsibility for the Bank's global private client and investment business. He is a director of a range of investment funds, which include both listed closed-ended funds and offshore funds and also both hedge funds and funds of hedge funds. Mr Hawkins is a resident of Guernsey.

This announcement is not for release, publication or distribution in, into or from the United States, Canada, Australia, or Japan or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction

This announcement is an advertisement and not a prospectus. Investors should not subscribe for or purchase any transferable securities referred to in this announcement except on the basis of information in the prospectus to be published by Global MENA Financial Assets Limited in due course (the "Prospectus") in connection with the admission of its ordinary shares to the Official List of the Financial Services Authority and to trading on the London Stock Exchange's main market for listed securities ("Admission"). Copies of the Prospectus will, following publication, be available from the Document Viewing Facility of the Financial Services Authority

This announcement does not constitute, and may not be used for the purposes of, an offer or an invitation to subscribe for shares of Global MENA Financial Assets Limited by any person in any jurisdiction in which such offer or invitation is not authorised; or (ii) in which the person making such offer or invitation is not qualified to do so; or (iii) to any person to whom it is unlawful to make such offer or invitation. Neither this announcement nor any part of it should form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This announcement is an advertisement and not a prospectus. Investors should not subscribe for or purchase any shares referred to in this announcement except on the basis of information in the Prospectus. In the event of any discrepancy between this announcement and the Prospectus, the Prospectus will prevail. It is not the purpose of this announcement to provide, and you may not rely on this announcement as providing, a complete and comprehensive analysis of the Company's financial position or prospects.

Consent under the Control of Borrowing (Bailiwick of Guernsey) Ordinance, 1959 as amended has been obtained to the Offer. To receive such consent application was made under the Guernsey Financial Services Commission's framework relating to Registered Closed-ended Investment Funds. Under this framework neither the Guernsey Financial Services Commission nor the States of Guernsey Policy Council have reviewed any offering document, but instead have relied on specific warranties provided by the administrator of the Company. Neither the Guernsey Financial Services Commission nor the States of Guernsey Policy Council takes any responsibility for the financial soundness of the Company or for the correctness of any of the statements made or opinions expressed with regard to any offering document or this announcement.

Neither the Financial Services Authority nor any other listing authority or exchange has, at the date of this announcement, approved the proposed listing of shares in the Company.

The shares of the Company have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), or any other applicable securities laws of the Unites States. The Company has not been and will not be registered under the US Investment Company Act of 1940, as amended, and investors will not be entitled to the benefits of that Act. Shares in the Company may not be offered or sold within the United States or to, or for the account or benefit of US persons. The shares of the Company will be offered and sold only to non-US persons outside the United States in reliance on Regulation S under the Securities Act. No public offering of the shares of the Company will be made in the United States. The shares referred to herein have not been and will not be registered under the applicable laws of Canada, Australia or Japan, or to any national or resident of Canada, Australia or Japan. Neither this document nor any part or copy of it may be taken or transmitted into Canada, Australia or Japan, or distributed directly or indirectly in Canada, Australia or Japan or to any resident thereof. Any failure to comply with this restriction may constitute a violation of Canadian, Australian or Japanese securities laws. The distribution of this document may also be restricted by law in other jurisdictions.

None of the Company, Global, Global Capital Management, JPMorgan Cazenove or J.P. Morgan Securities Ltd. is under any obligation to update or keep current the information contained in this document or to correct any inaccuracies which may become apparent, and any opinions expressed in it are subject to change without notice. None of the Company, Global, JPMorgan Cazenove or J.P. Morgan Securities Ltd. or any of their respective affiliates or advisers nor any other person accepts liability whatsoever from any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.

The promotion of the Company and the distribution of this announcement in the United Kingdom is restricted by law. Accordingly, this communication is directed only at persons outside the United Kingdom to whom it is lawful to communicate it, or (ii) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Exemption Order"), or (iii) high net worth companies, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Exemption Order 2005 (as amended); provided that in the case of persons falling into categories (ii) or (iii), the communication is only directed at persons who are also "qualified investors" as defined in section 86 of the Financial Services and Markets Act 2000 (each a "Relevant Person"). Any investment or investment activity to which this communication relates is available only to and will be engaged in only with such Relevant Persons. Persons within the United Kingdom who receive this communication (other than persons falling within (ii) and (iii) above) should not rely on or act upon this communication.

The shares of the Company have not been and will not be authorised or licensed for offering, marketing or sale in the State of Kuwait. The distribution of this announcement and the offering and sale of the Company's shares in the State of Kuwait is restricted by law unless a license is obtained from the Kuwaiti Ministry of Commerce and Industry in accordance with Law 31 of 1990. Persons who receive this announcement are required to inform themselves about and to observe such restrictions.

Each of JPMorgan Cazenove and J.P. Morgan Securities Ltd. is acting exclusively for the Company and no one else in connection with the Offer and will not be responsible to anyone else for providing the protections afforded to its respective clients or for providing advice in relation to the Offer or any transaction or arrangement referred to in this announcement.

No representation or warranty, express or implied, is made or given by or on behalf of JPMorgan Cazenove or J.P. Morgan Securities Ltd. or any of their respective affiliates or advisers nor any other person as to the accuracy, completeness or fairness of the information or opinions contained in this announcement and no responsibility or liability is accepted for any such information or opinion.

© Press Release 2008

 

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