TAIB'S EVEREST FUND OUTPERFORMS MARKETS

Everest Fund managed by TAIB Bank has significantly outperformed the markets in the first quarter of 1999, said the Bahrain-based TAIB Bank E.C. in a statement released yesterday.

"The Net Asset Value (NAV) of TAIB's Everest Fund, focusing on Indian equities, has grown 44%, while the dollar based index, the Bombay Stock Exchange (BSE) Dollex, is up just 19%.  This comes on top of a 40% return in 1998 in the fund when the BSE Dollex actually fell 17%. TAIB's Everest Fund concentrates on Indian infotech, telecom and software sectors, which are expected to grow significantly over the next few years" said Mr. Iqbal G. Mamdani, TAIB Vice Chairman and Chief Executive Officer in his statement.

Mr. Mamdani noted "TAIB's family of funds are in the areas where TAIB has a successful track record. These are managed by selected fund managers having specialized knowledge of the respective markets. Over the last few years, TAIB Bank has developed a niche in the information technology (IT) sector, which is the main focus of the fund. The outlook for the sector continues to be promising. With the proven asset allocation strategy and a successful track record, the Everest Fund is expected to continue its performance."

TAIB Bank E.C., an international investment and merchant bank based in Bahrain and listed on the Bahrain Stock Exchange, pursues business activities in the regional markets of the Gulf, the Indian Subcontinent, Turkey and Central Asia.

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