Restructuring Update

19 March 2011

The Management of The Investment Dar Co. K.S.C.C. (‘TID’) met with members of the Coordinating Committee (‘the Committee’) of its banks and investors (‘Banks and Investors’) and their advisors on Wednesday 16th March. During the course of the meeting the final details of the long form termsheet, which sets out the mechanics of the proposed restructuring plan, were agreed. The restructuring plan is currently under review by the Special Circuit Court of Appeal of Kuwait under the Financial Stability Law. The Court is due to reconvene on 7th April.

Commenting for the company, Abdullah Al Humeidhi, Deputy CEO, said “The Management and the Board of TID are committed to deliver the restructuring plan negotiated with the Banks and Investors. The plan is for all stakeholders who are interested in achieving the best economic outcome.”

A spokesman for the Committee said “We have now contacted the majority of TID’s Banks and Investors. We have explained the key elements of the restructuring plan, and are encouraged by the positive responses so far. The members of the Committee are in the same position as all TID’s Banks and Investors, and we are strongly recommending the plan to our own credit and investment committees. In our opinion, alternatives to the proposed restructuring are extremely unattractive and likely to be value destructive.”