ABU DHABI, Feb 5th, 2006 (WAM) - Man Industries (India) Limited,announced that it is the first issuer from Asia targeting thecompletion of the primary Global Depository Receipt ("GDR") onthe Dubai International Financial Exchange ("DIFX"), which willbe a milestone for the UAE and the region.

Ziad Makkawi, Dubai Bank CEO stated, "This is a fantastic dealfor Dubai Bank as our investment banking activities continueto expand and diversify, according to a press release.

The Sub-Continent is an area of huge importance with numerousmature firms now seeking to further grow and expand.

We hope this deal will open the doors to such other businessesto look to the GCC region to service their financial aspirations." Christian Mouchbahani, Head of Investment Banking at DubaiBank commented, "This is a further milestone in Dubai Bank'sinvestment banking efforts that confirms again that the institutionis at the forefront of its chosen areas of expertise. Man andthe DIFX are ideal partners for that groundbreaking undertaking."Man Industries, a leader in the pipe industry for the oil andgas industry, is listed on both the Bombay and National StockExchange and currently has a market capitalization of over US$110million. The Company intends to issue up to US $50 million GDRon the DIFX to support its successful growth strategy.

Commenting on the deal, Ramesh Mansukhani, Group Chairman ofMan Industries said "We are very pleased to be working with DubaiBank and ICICI Securities Limited to assist us in furtheringthe scope and scale of our activities. The GDR represents a hugeturning point for MAN Industries as we look to attract a broadsegment of international savvy investors".

ICICI Securities Limited, the investment banking arm of ICICIBank, India's largest bank, will act as the Joint-Lead Managerswith Dubai Bank. "Dubai and the DIFX represent an ideal hub tofacilitate the GDR and we look forward to further developingour ties to the region as more and more firms look to internationalmarkets to fund their growing operations" commented J Niranjan,Joint - Head, Investment Banking M&A Advisory, ICICI Securities.

Dubai Bank has already distinguished itself with its fresh approachto banking and unparalleled products and services. It is positioningitself as a world-class institution synonymous with modernity,excellence, and innovation.

Man Industries (India) Limited is a leading Indian producerand international supplier of pipes for the oil and gas industry.

Since being founded in 1988, Man has grown from a single aluminiumextrusion operation in India to one of the largest submergedarc welded ("SAW") pipes operations in Asia. Man Industries hasa diverse list of clients that include Shell, Total, Hyundaiand Bechtel.

ICICI Securities is a full-service investment bank in existencefor over three decades. ICICI Securities offers a wide productoffering spanning across Domestic and International capital markets'offerings, M&A advisory, Private Equity syndication, Restructuringand Infrastructure advisory. Their investment banking team, basedacross key cities in India and New York, London and Singaporeconsists of professionals with expertise across a range of industries.