Saudi Arabian Mining Company (Ma'aden) signed an Agreement with SambaCapital on Sunday 25/6/1429 (29/9/2008), at its Head Office in Riyadh, appointing SambaCapital as its IPO Manager and Lead Underwriter for the intended Company's IPO, which is scheduled to start on 5 July 2008. The Agreement was signed on behalf of Ma'aden by Dr. Abdullah Dabbagh, Ma'aden's President and CEO and on behalf of SambaCapital by Mr. Eisa Mohammad Al Eisa, Chairman of SambaCapital.

Dr Dabbagh said "the Company's IPO comes in line with the Government's privatization strategy to provide investment opportunities to citizens and enable them reap the benefits of the strong performance of the Government companies such as Ma'aden. It also comes in line with the Company's endeavors to achieve its strategic plans to raise its capital to enable it to implement its expansion strategy and secure funding for its long term programs". Dr Dabbagh further pointed out that choosing SambaCapital as the IPO Manager and Lead Underwriter springs from our great confidence in its established track record in managing IPOs of this caliber.

Eisa Al Eisa, Chairman of SambaCapital, extended thanks and appreciations to Ma'aden for choosing SambaCapital as its IPO's Manager and Lead Underwriter, which will start on 5 July 2008.

"We are proud of their trust and appreciate the opportunity given to us to participate in this vital juncture of Ma'aden's history, one of the national industrial hubs and a main pillar in the Kingdom's strategic industrial and mining sector. We will mobilize our best expertise and capabilities in managing the largest IPOs in the Kingdom's history to conclude this process successfully according to the optimal transparency and flexibility standards" said Al Eisa.

CMA has approved floating of 462,500,000 shares, representing 50% of Ma'aden shares, for public subscription during the period from Saturday 2/7/1429 (5/7/2208) up to and including Monday 11/7/1429 (14/7/2008). Part of the floated shares will be allotted to mutual funds and authorized persons. The share price will be SR20 (SR10 as nominal value and SR10 as a premium) in accordance with the decision of the Council of Ministers number 72 dated 3/4/1427H.

Ma'aden's President and CEO explained that the allocation of shares will take place in two stages. In the first stage, each subscriber will get a minimum of 25 shares. During the second stage, up to 2000 shares will be allocated to subscribers who have applied for more than 25 shares as long as the total shares allocated do not exceed the total shares offered to subscribers. The balance of the Offer Shares, if available, will be allocated on a pro-rata basis. Al Dabbagh further indicated that the prospectus has been published and it includes all information and statements required for the investor to take his informed decision to subscribe or not.

"Ma'aden aspires to become a premier global producer and marketer of Phosphate fertilizers and contribute to enhancing the quality and quantity of agricultural produce for all nations in the world. The Company has made long strides to establish huge industrial facilities. It has also established a joint venture with SABIC to develop the Phosphate reserves in the vicinity of the Kingdom's Northern Borders to produce 3 million ton of phosphate fertilizers that will be marketed world-wide. The project will create employment opportunities for young Saudis and bring new technologies into national industries" said Dr. Al Dabbagh.

"Ma'aden is also forging ahead with its aluminum project, which will exploit the considerable bauxite deposits in middle Saudi Arabia to produce alumina and ultimately aluminum for domestic and international markets. Recently, the Company signed a Heads of Agreement with Rio Tinto Alcan to develop this integrated "mine-to-metal" Project which will produce 740 thousand tones of aluminum within the minerals industries complex at Ras Az Zawr in the Eastern Province", Al Dabbagh was quoted as saying.

Al Dabbagh stated also that "Ma'aden is Saudi Arabia's largest gold producer, delivering around 200,000 ounces of gold a year in addition to other precious and base metals. The company operates five mines of precious metals. Ma'aden also has an ambitious exploration program that has identified 8 million ounces of measured, indicated and inferred resources and it plans to raise its gold reserves to 10 million ounces by 2010.

Ma'aden was incorporated in 14/11/1417H (23/3/1997) as a Saudi joint stock company for the purpose of growing the mining resources in the Kingdom. The Company's current investments hit SR6 billion to utilize the reserves of Phosphate, Bauxite, precious and base metals and other industrial metals, for which it has mining rights. The Company adopts the best practices and technologies to develop the Kingdom's huge metal resources in line with its objective to become a diversified world-class company in mining, metals, and precious metals industries and to enhance the value of its shareholders.