HSBC acquires significant equity stake in Flip Media.

28th December 2006, Dubai (UAE): Flip Media has announced that HSBC Private Equity Middle East Limited has acquired a significant equity stake in Flip Media Investments Ltd.

Flip Media Investments Ltd. is the holding group of Flip Media FZ-LLC, the region’s leading, independent interactive marketing agency, Neo Digital FZ-LLC one of the region’s leading online media agencies, Flip Media Pvt. Ltd. India, and other subsidiaries.

Martin Diessner, CEO, Flip Media stated, ‘The involvement of HSBC increases our range of opportunities as we now have the support and involvement of one of the world’s leading financial institutions as a major shareholder who has extensive experience in the region and is committed to helping us develop further’.

Dinesh Lalvani, Group Creative Director and Managing Partner, says: ‘This announcement will help solidify our growing network and provide better services for our clients as well as expanding the team. It is the perfect platform for us increase our market share not only regionally but on a global level as well.’

David Price, Managing Director of HSBC Private Equity Middle East added, ‘We are very pleased to be investing in Flip Media. It is one of the most recognized digital agencies in the region and it has a proven track record across the Middle East and beyond. Our investment is intended to provide a strong institutional platform for the company’s further regional growth. Investing in Flip Media is very much in line with our policy of backing profitable and well managed businesses.’

About HSBC
HSBC Private Equity Middle East Limited is the private equity arm of the HSBC group in the region and is dedicated to private equity opportunities in the GCC and the Middle East.

About Flip Media
Flip Media was founded in 2002 and has offices in Dubai, Bahrain, India and Germany. A wholly owned subsidiary of Flip Holding Ltd. Flip Media is the largest, independent, interactive media consultancy in the Middle East, providing award winning creative work to regional and international accounts. Flip Media also develops unique interactive media products and technologies, such as streaming broadband services, 3rd party verified and online media tracking services for advertising and media agencies in conjunction with technology partners and affiliates. Flip Media Investments Ltd. is a privately owned company registered in the British Virgin Islands (BVI).

For further information about Flip Holdings Ltd. please visit: www.flipholding.com