Aabar Investments PJSC Acquires AIG Private Bank

1 December 2008

Zurich and Abu Dhabi, United Arab Emirates, December 1st, 2008 – Aabar Investments PJSC (Aabar), a global investment company based in Abu Dhabi, today announced an agreement to acquire AIG Private Bank Ltd. (AIG Private Bank) from its parent company American International Group, Inc. (AIG).

Under its new ownership, AIG Private Bank will become an independent financial institution, headquartered in Switzerland along with branches and representative offices in Hong Kong,
Shanghai, Singapore and Dubai. AIG Private Bank will conduct its business under a new name and will continue to focus on providing wealth management services to high net worth individuals in Switzerland, Western and Eastern Europe, Asia and the Middle East.

“We are proud and delighted that we have found a strong and internationally renowned investor such as Aabar to support the future development of our bank. This sends a clear message to our customers that we will continue to be a trustworthy, reliable and competent partner for them”, said Eduardo Leemann, CEO of AIG Private Bank. “It also offers us new opportunities to expand our operations, especially in the Middle East”, Mr. Leemann added.
He and his senior management team will remain with the bank.

“We have looked very thoroughly at AIG Private Bank and are impressed by the professionalism and dedication of the management team and staff. This transaction represents a great opportunity to leverage AIG Private Bank’s expertise in wealth
management and to further develop it in our region. AIG Private Bank provides us with a platform with the potential for significant long-term growth and value creation”, said H.E. Khadem Al Qubaisi, Chairman of Aabar and future designated Chairman of the bank.

The sale of AIG Private Bank to Aabar is subject to the approval of the appropriate regulatory authorities, in particular the Swiss Federal Banking Commission.

UBS Investment Bank acted as financial advisor to AIG on this transaction.

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