Phoenician Corporation V Limited Statement re Proposed Transaction

PHOENICIAN CORPORATION V LIMITED (the "Company")

UPDATE ANNOUNCEMENT ON PROPOSED TRANSACTION

The Company would like to update investors following its announcement made on 12 November 2009.

It was stated in that announcement, that the Directors believed that the Proposed Transaction (which is defined and explained in the said announcement) would complete in the first quarter of 2010. The Directors are now of the opinion that such Proposed Transaction will occur in the third quarter of 2010.

The delay to the Proposed Transaction is as a result of the target company (Prime Investments Group Limited) electing to pursue global subscribers for its private placing (rather than Middle Eastern subscribers only as originally planned). Such fundraising period is due to commence on 1 February 2010 and is due to close on 31 May 2010.

The directors of Phoenician Corporation V Limited take responsibility for this announcement.

Contact:

Jason Futko
Phoenician Corporation V Limited
7th Floor
Fairmount Building
Sheikh Zayed Road
PO Box 24459
Dubai, U.A.E.
T: 971 4312 4393
F: 971 4312 4394
M: 971 50 283 6533

Gerard Thompson & John May
City & Westminster Corporate Finance LLP
2nd Floor, Stanmore House
29-30 St James's St.
London SW1W 1HB
T: 020 7766 0080
F: 020 7839 5870
E: gthompson@city-westminster.com or jmay@city-westminster.com