Kuwait, 5 October 2008

NBK Capital’s Kuwait Investment Opportunities Fund (“Fund”) recently participated in the establishment of Sama Educational Company KSCC (“SAMA”) with strategic co-investors in a deal that was signed in September.

Kuwait Investment Opportunities Fund is one of Kuwait's first National Offset Company (“NOC”) approved funds, which is a professionally managed opportunistic private equity fund designed to provide foreign contractors with the option to fulfil their Offset obligations through an investment in the Fund.

Sama was established with a capital base of KD 15 million, and aims to target educational needs in the secondary school (K-12) levels by providing a high level of quality education for those looking towards the private sector for their educational requirements. The company will achieve its goals through organic and acquisitions of targeted schools within Kuwait.

Faisal Al Hamad, the Fund Director said that the fund’s aims to invest in companies that achieve both strategic and social benefits for Kuwait. “We believe that Sama will provide a highly valuable service to the education sector in Kuwait, while achieving real value for our investors.”

The Fund will work closely with management and the strategic investors to assist Sama in realizing its business plan and accomplish its growth initiatives. “We work on transparent and productive basis with our portfolio companies and consider our relationship to be a long-term partnership. The Fund will draw from the long experience of its team and NBK Capital to ensure the success of the company and value creation for our investors.” added Al Hamad.