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To: Dr. Nayef Falah Al-Hajraf The Chairman Kuwait Capital Markets Authority Ahmed Tower, East, Arabian

To: Dr. Nayef Falah Al-Hajraf The Chairman Kuwait Capital Markets Authority Ahmed Tower, East, Arabian Gulf Street PO. Box: 3913 Safat 13040 Kuwait.

Hasan Al Serkel

EVP COO Head of Operations Division Market operations Division Dubai Financial Market PO Box 9700 Dubai United Arab Emirates

Sh Khalifa Bin Ibrahim Al Khalifa Bahrain Bourse PO BOX 3202, Manama Kingdom of Bahrain

BY EMAIL AND FAX

realtimedata@lseg.com

Dear Sirs,

28 th March 2015

Non Disclose by Gulf Finance House BSC / GFH Capital (together “GFH) re Leeds United

Firstly, please allow us a moment to introduce ourselves. We are a growing group of shareholders, investors, debtholders and stakeholders in Gulf Finance House BSC and its group that are calling for change in GFH. We are calling for a new Chairman, a new CEO, a new management and new strategy. We want to see a strong stable GFH share price, transparency, regulation, honesty, integrity and skill. We want to see a NEW GFH.

As shareholders and stakeholders one of our aims is to create transparency in GFH where we believe non-exists at present. We will therefore monitor the actions of the current Chairman, CEO and management and use our knowledge to appraise the markets, regulators, shareholders, investors and public of various matters. This is indeed why we write to you today.

We refer to the CMA Kuwait Disciplinary Committee resolution (No. 16/2014) issued on Thursday,

NEW GFH LIMITED | A CALL FOR CHANGE

info@newgfh.com | www.newgfh.com | Twitter: @newgfh

October 2, 2014 to suspend the trading of the GFH Shares for a period of

October 2, 2014 to suspend the trading of the GFH Shares for a period of three days for non- disclosure by GFH relating to Leeds United.

We set out below a further serious and material non-disclosure by GFH in relation to the reduction of its stake in Leeds United in the last few days which it has failed to disclosure to the markets. We assume due to the already catastrophic drop in its share price in the last few days, almost 50% we believe and of course over the last year from .82 AED to .19 AED.

On the 19 th January to the Guardian newspaper the Leeds United Chief Operating officer Mat Child

confirmed

Club.

also

that

GFH

were

25%

owners

of

the

On Friday 30 th January 2015 Leeds United Chairman Andrew Umbers confirmed to the Yorkshire

Evening

United.

Post

that

GFH

own

a

25%

interest

in

Leeds

On the 4 th February 2015, GFH and were again confirmed at holding 25% of Leeds United by the Club chairman Andrew Umbers. Andrew Umbers is a previous retained advisor to GFH.

As you will see from this news and indeed the statement on the clubs own website, which was as per football league rules was updated only yesterday GFHs managed stake has been reduced from 25% to 2.5%. Yet there has been no announcement by GFH.

As per the rules of the English Football League, the ownership of a club must be displayed on its website. We understand that on the evening of 27 th March 2015 the ownership statement was updated to remove GFH as 25% owners. The statement now reads as follows and you can find it here:

GFH therefore retain only 2.7% of Leeds United, having either sold of being diluted out of 22.3%.

LUFC is 88.9% owned by Eleonora Sport Limited which is 100% owned by Eleonora Immobiliare S.p.A, a company based in Italy, ultimately belonging to an independently managed Trust established for the benefit of the Cellino family. LUFC is 11.1% owned by Leeds City Holdings Limited which is 25% owned by GFH Capital Limited ('GFHC') and 75% by Eleonora Sport Limited. GFHC is a wholly owned subsidiary of Gulf Finance House, BSC

There has been no announcement from GFH in relation to this to the markets. This is as you will agree surprising given the previous suspension.

We trust you will act urgently.

Yours faithfully

NEW GFH LIMITED | A CALL FOR CHANGE

info@newgfh.com | www.newgfh.com | Twitter: @newgfh

NEW GFH LIMITED Cc: salahnooruddin@salahnooruddin.com DFSA: khalpin@dfsa.ae , CBB: hussain@cbb.gov.bh , LARGEST NEW GFH

NEW GFH LIMITED

Cc:

salahnooruddin@salahnooruddin.com

DFSA:

CBB:

LARGEST

NEW GFH LIMITED | A CALL FOR CHANGE

SHAREHOLDER:

info@newgfh.com | www.newgfh.com | Twitter: @newgfh