Statement Regarding the Trade Bank of Iraq

DUBAI, UAE, June 9, 2011 -

Hussein Al-Uzri, the founder and first Chairman and President of the
Trade Bank of Iraq ("TBI") has noted certain recent allegations by Iraqi
government officials concerning TBI. These allegations are unsubstantiated,
are entirely without foundation and will be challenged vigorously through all
possible legal and political channels.

During more than 7 years running TBI, until his unwarranted summary
dismissal on 2nd June 2011, Mr Al-Uzri has always striven to maintain the
highest possible levels of corporate governance, as evidenced by the fact
that the bank has grown from nothing to be the largest bank in Iraq. It now
has international banking relationships with a total of 134 banks in 39
countries who have together provided TBI with substantial lines of credit.
These banks include JP Morgan, Deutsche Bank and Standard Chartered.
Agreements have been arranged with 17 of the largest Export Credit Agencies
in the world. It has been audited by leading western firms from foundation,
Ernst & Young for the first five years and then PricewaterhouseCoopers, who
gave an unqualified report for 2010.

It is Mr Al-Uzri's belief that these allegations have been fabricated for
no other reason than to further the political and financial ambitions of
others. He intends to defend his reputation As a first step, as a matter of
urgency, he asks the Government of Iraq to appoint a leading, international
independent auditor to examine the allegations. Mr Al-Uzri will willingly
cooperate with this investigation.

Commenting on the allegations, Mr Al-Uzri said, "My immediate concern is
the well being and reputation of TBI and its hard working and loyal
employees. These allegations only insult them and will cause harm to the bank
and the reputation of Iraq and its financial sector."

For more information please contact: Mr Al-Uzri +44(0)752-7081484,
info at al-uzri-report.org