Bahrain Alternative Asset Investment Company in Equity Offering

December 11, 2006

Cleary Gottlieb represented the managers, led by Citigroup Global Markets Limited and Credit Suisse Securities (Europe) Limited, in a $420.5 million offering of ordinary shares of Investcorp Bank B.S.C. in the form of global depositary receipts, which were listed on the London Stock Exchange. The transaction closed on December 11.

Bahrain-based Investcorp, with over $10 billion in assets under management, is the leading provider of alternative asset investment products to high net worth individuals, merchant families and institutional investors in the Arabian Gulf region. The company’s investment products are sourced in North America and Western Europe and relate to the Company’s four product lines, comprising private equity, hedge funds, real estate and venture capital. Investcorp is the second Bahraini company to have listed on the London Stock Exchange, and the second Gulf-based financial institution, after Bank Muscat, to have listed on the London Stock Exchange in recent years. Cleary Gottlieb previously acted as counsel to Bank Muscat on its listing on the London Stock Exchange.