Corporate Transaction

European Islamic Investment Bank plc

("EIIB")

Corporate Transaction

1 December 2010

EIIB announces that it has established the Turath Quoted Equities Fund Limited (the "Fund"), an open-ended sharia'a compliant investment fund incorporated in the British Virgin Islands. The principal objective of the Fund is capital appreciation through investment in the publicly traded equity of companies whose business activities are primarily in Islamic countries. EIIB will act as investment manager to the Fund and use its expertise in Islamic markets to maximise the performance of the Fund. EIIB will be assisted in Arab and ASEAN (Association of Southeast Asian Nations) markets by its advisors, Esterad Investment Company and Navis Fund Managers Ltd, who respectively have particular expertise in those markets and with whom EIIB has recently entered into advisory agreements.

EIIB has agreed to seed the Fund with a cash investment of up to US$25,000,000 from existing resources through its wholly owned subsidiary, EIIB Invest Co SPC. EIIB is the only shareholder and will remain so until outside investors are sourced. There will be no change to the gross assets of EIIB.

The Fund has been established in pursuance of EIIB's aim of focusing on business in Islamic countries and value added sharia'a compliant products and services.