Al Khanza Insurance Company PSC Appoints GCC Insurance Industry Veteran Sameer Ebrahim Alwazzan as Interim CEO, Continues its Commitment to Transparency and Operational Excellence

ABU DHABI, UAE, June 24, 2010 - Following the departure of Mr. Mohammed Jassim Al Masri as its
General Manager, Al Khazna Insurance Company PSC is very pleased to announce
the appointment of Mr. Sameer Ebrahim Alwazzan as Interim Chief Executive
Officer. Mr. Alwazzan brings almost 30 years experience in the insurance
industry to Al Khazna and, in 2006, he was awarded the Best Insurance
Executive in the Middle East title by the Central Bank of Bahrain (CBB).

Commenting on Mr. Alwazzan's appointment, Khalifa Mohamed
Abdulaziz Rubaya Al Muhairi, the Chairman of Al Khazna stated:

"We are very pleased that Al Khazna is able to attract
high-calibre, experienced people such as Sameer Alwazzan and team to help Al
Khazna honor its already public commitment to become a market-leading firm in
terms of transparency and operational excellence. We are already seeing the
benefit of Mr. Alwazzan's experience and wisdom. One of our key short-term
priorities will be to continue to implement the new corporate governance
rules to full implementation soon, and our team of experts, with Mr. Alwazzan
at its helm, will be key contributors to this effort".

In addition, Al Khazna has appointed external advisors with
extensive expertise and international and local experience to assist in
optimizing its internal controls and operations.

As seen recently, Al Khazna has fully commenced the process of
strengthening its management team and expects to make further announcements
shortly.

A board meeting will be held in early course to review and
approve corporate governance activities, to discuss the advisory team's
findings, and to refine Al Khazna's further growth strategy.

"Al Khazna continues to advance towards its strategic goals of
transparency and operational excellence and maintains its commitment to them.
In the coming months, I am confident that our customers and other
stakeholders will experience the benefit of our efforts." confirmed Mr. Al
Muhairi.

Dominique Liana Russo, Al Khazna Insurance Company P.S.C. Telephone +971-2-696-9888