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John Coverdale

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Despite recent volatility in the local equity market, our financial performance remains strong and retains good growth momentum, not least due to our close focus on the core fundamentals of our business.

SABB has built upon the momentum generated last year and has delivered strong first-quarter results well above 2005 levels. Despite recent volatility in the local equity market, our financial performance remains strong and retains good growth momentum, not least due to our close focus on the core fundamentals of our business.

We thank our customers for their continued support, and our staff for their commitment and contribution to the bank's success.

This is the highest non-Middle Eastern investor distribution by any GCC financial institution, and the highest distribution into Europe. SABB successfully widened its European investor base, with orders coming in from France, Germany, Austria, Switzerland, Luxembourg, Cyprus, Malta and the UK, including a number of investors who had never previously purchased Middle Eastern bonds.

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