This letter from Booz & Company confirms their final bid of $6.5 million for consulting services and $2.15 million for an interim management team to help set up the proposed Libya Qatar bank. Booz & Company reduced their original bid from August by $650,000 while keeping the same scope and timeline for the project. They believe their joint proposal with Gulf Ventures Corporation provides temporary managers from day one and a practical design approach that will help build a successful new bank.

1. Booz & Company
(M.E.) Ltd.
Office 801, ADCB Building
P.O.Box 43754
Salam Street
Abu Dhabi
United Arab Emirates
Tel +971 2 699 2400
Fax +971 2 699 2424
www.booz.com
Mr. Andrew Duff
General Manager International Banking
Qatar National Bank
P.O. Box 1000
Doha
Qatar
7 February 2009
Libya Qatar bank: Final bid
Dear Mr. Duff:
At the proposal meeting for Libya Qatar bank held in Dubai on February 2 we
were asked to submit a final bid. The purpose of this letter is to confirm that our
final bid remains the same as that presented on February 2, namely US $6.5m for
consulting and US $2.15m for the interim management team (see chart below).
The remainder of this letter explains how we have reduced our price from our
original August 13 submission and why we believe that we are the best partners
to help set up the Libya Qatar bank.
Scope of Support
 Five-year strategy and one-year roll-out plan
 Organization structure and manpower plan
 Operating model blueprint
 Program management support
Management Consultants
Booz & Company
Sub-total
 Interim management support (CEO, COO,
CBO, CTO)
Interim Management Team
Gulf Ventures Corporation
Sub-total
 Market Research
 HR Consulting
 Executive Search Firms
 Branch Design
 Accounting Firm
 Risk Vendor
 Corporate Branding (excl. Advertising)
 Legal
External Vendors
(Estimated Costs to be
Directly Settled by Libya
Qatar Bank)
Sub-total
Low
US$ 1,300,000
US$ 350,000
US$ 1,450,000
US$ 3,400,000
US$ 6,500,000
US$ 2,150,000
US$ 2,150,000
US$ 75,000
US$ 450,000
US$ 650,000
US$ 175,000
US$ 300,000
US$ 375,000
US$ 175,000
US$ 150,000
US$ 2,350,000
US$ 11,000,000Total
High
US$ 1,300,000
US$ 350,000
US$ 1,450,000
US$ 3,400,000
US$ 6,500,000
US$ 2,150,000
US$ 2,150,000
US$ 125,000
US$ 650,000
US$ 900,000
US$ 225,000
US$ 500,000
US$ 500,000
US$ 275,000
US$ 225,000
US$ 3,400,000
US$ 12,050,000
Fees & Expenses
We have reduced the total Booz & Company and GVC fees and expenses by
$650,000 since August; this represents a significant investment on our behalf
because we have not reduced the assignment scope, resourcing or duration. Our
August 13 and February 2 submissions remain identical in terms of the four phase
work approach, size and composition of the consulting and interim management
teams, and the implementation plan. The only change is the reduction in price.
Annex I

2. 2 of 2
During our last presentation we described why Booz & Company and Gulf
Ventures Corporation (GVC) have joined forces to help launch Libya Qatar bank.
In particular we stressed that our joint approach, featuring consultants coupled
with an interim management team, will build a better bank from day one by
delivering:
– A better design through consultants and bankers collaborating from the
start on a plan that is practical;
– Speed via a “do it then fix it” approach versus excessive planning to get
everything right first time
– Job propositions that are more attractive for permanent staff i.e. join a
bank with a tested plan rather than having to rework the plan
We are bringing a uniquely qualified team to do the work. Not only does the
senior team bring more than 150 man years of relevant experience to bear, but also
the majority of the consulting team speak Arabic to maximize traction on the
ground. During the crucial design and build phases we will have no less than
eleven full time consultants working in Libya. We bring:
– Deep financial services consulting experience, particularly in strategy,
business planning and setting up new banks;
– A practical understanding of what works and what does not work when
launching a new bank;
– The ability to supply an interim top management team from day one
– A commitment to deliver results as “doers not just thinkers”
We are very excited about the Libya Qatar bank venture and our potential role.
We believe that there is a unique opportunity to build a new “National
Champion” of Libyan banking that will benefit customers and employees,
produce superior returns for shareholders and, most importantly, help underpin
economic growth in Libya. We want to be a part of this success story.
We are ready to start work as soon as we receive the go ahead and stand at your
disposal should you have any questions. We will supply our contract terms in a
separate letter to follow.
Sincerely,
Peter Vayanos
Vice-President
Copies to: Nadeem Mujtaba, Managing Director, Gulf Ventures Corporation
Peter Jenkins, Vice President, Booz & Company
Mr. Abdulhakim Ali Khamaj, Participation Department Manager
Annex I