Investment Dar’s Application to Enter into Financial Stability Law Accepted

14 March 2010

The Kuwaiti Legal counsel of the Investment Dar confirms that the application of 9 March 2010 to Kuwait’s Special Circuit Court filed on behalf of the Company to enter into Kuwait’s Financial Stability Law has been accepted by the Court last Thursday.

In accordance with the articles of the Financial Stability Law, all litigation and execution of judgments against the Company from aminority of banks and investors will be stayed until the restructuring plan has been approved by the court. Under the terms of the restructuring plan, to which more than 80% of Investment Dar’s banks and investors have approved, it is envisaged that the Company will make full repayment of the financial arrangements with all its banks and investors. The implementation of the restructuring plan will be monitored by the Central Bank of Kuwait.

The approval by the Special Circuit Court is the latest step in a court-assisted process that will enable the approved restructuring plan to be implemented by providing an appropriate legal mechanism for the Company.

Kuwait’s Financial Stability Law was brought into being in2009 on the advice of Kuwait’s financial crisis team, headed by Sheikh SalemAbdulaziz Al Sabah, the Governor of the Central Bank of Kuwait. The law was created to provide support toKuwait’s investment sector during the global financial crisis by offeringliquidity as well as the means to restructure operational companies with solid assets.