United Bank of Kuwait PLC adopts new name of Ahli United Bank (UK) PLC as part of a growing and successful international banking group - the Ahli United Bank Group, 2 January 2003.

• 02/01/2003

We are pleased to advise you that with effect from January 2nd 2003, The United Bank of Kuwait PLC, ("the Bank") will change its name to Ahli United Bank (UK) PLC.

This change of name is the result of the initiative that UBK took in July 2000, when it merged with Ahli Commercial Bank of Bahrain, thereby creating Ahli United Bank. Since then, Ahli Commercial Bank of Bahrain merged with the Commercial Bank of Bahrain to create Ahli United Bank (Bahrain), a wholly owned subsidiary of Ahli United Bank.

Therfore the name change of UBK is a logical step in a general strategy to adopt a common name across the Ahli United Bank Group, ("the Group"). The change of name is designed to promote cohesion amongst the operating subsidiaries in the Group and maximise marketing potential through a common name and brand.

Please note that this is purely a name change and every other aspect of the Bank will continue as at present. In particular, the Bank will remain incorporated in the UK, licensed by the Bank of England and regulated by the FSA. It will retain its own capital base and independent credit rating. Management and strategy will continue unaltered. The Bank remains a wholly-owned subsidiary of Ahli United Bank B.S.C.

We greatly value our excellent relationships with a wide range of customers and counter-parties. These will not be impacted by the change of name.

If you have any questions regarding the name change, please do not hesitate to contact Mr Keith Leach (Manager, Manzil Home Purchase Plans) on 0800 783 3323.