TAGI and 16 Other Global Companies Obtain Full Membership Status in IFAC?s Forum of Firms (FoF)

FORUM OF FIRMS ANNOUNCES NAMES OF COMPANIES GAINING FULL MEMBERSHIP; ESTABLISHES NEW GLOBAL BENCHMARK IN INTERNATIONAL AUDIT QUALITY

NEW YORK --- January 22, 2008 --- The Forum of Firms (FoF) ? established by the International Federation of Accountants (IFAC) - announced in New York the names of the first global companies that have achieved full membership status in the Forum.

The list included Talal Abu-Ghazaleh & Co. International (TAGI), in addition to the Big Four accounting firms and others, making TAGI the only Arab company within this elite group.

IFAC is the worldwide organization for the accountancy profession. It is comprised of 156 member bodies in 114 countries, representing over 2.5 million accountants employed in public and private practices, government and education.

IFAC founded the FoF in 2002 with the purpose of enrolling these firms that perform transnational activities, adhere to international auditing standards, implement a quality control program on these transnational audits and meet professional ethical standards.

It is worth noting that Mr. Talal Abu-Ghazaleh, Chairman and CEO of TAGI, was the first Arab to be elected to IFAC Council in 1992, and the International Accounting Standards Committee (IASC) and the International Auditing Practices Committee (IAPC) in 1988-90.

Mr. Abu-Ghazaleh expressed his pride in this recognition by IFAC, the international accountancy organization, as a confirmation of TAGI?s commitment to the highest international professional and ethical standards in its 70 offices and since its establishment in 1972.