Investcorp has investment grade credit rating status from three major international rating agencies:

CAPITAL INTELLIGENCE
Foreign Currency Long-term: BBB+
Foreign Currency Short-term: A2
Financial Strength: BBB+                            
Support: 4                                            
Outlook: Stable
Date: March 2010
        
www.ciratings.com

FITCH
Long-term IDR: BB+
Short-term IDR: B
Outlook: Negative
Individual: C
Support: 5
Support floor: NF

Rating rationale January 2010
Rating press release October 2009
Rating methodology (April 2006)

www.fitchratings.com

MOODY'S                                              
Long-term: Ba2                    
Short-term: Not-Prime
Financial Strength: D
                      
Rating update - September 2009

www.moodys.com