Joint Venture with Abraaj Capital Ltd.

February 28, 2008

Realizing the immense potential that Bosicor companies possesses, Abraaj Capital Limited (ACL), a leading private equity firm of Middle East, North Africa and South Asia (MENASA), joined hands with Byco Busient Incorporated (BBI). Under the agreed arrangement, a Joint Venture of BBI and ACL in the ratio of 60% and 40% respectively, was established in Mauritius by the name of Byco Industries Incorporated (BII), which now owns 100% of Byco Oil Pakistan Limited (BOPL) [formerly Bosicor Oil Pakistan Limited]. ACL injected further cash equity of over USD135.0 million for their stake in BOPL through BII in addition to investment already made by BBI in these entities.