TID Restructuring plan update

08 January 2011

The Investment Dar Co. K.S.C.C. (“TID”) is pleased to provide an update on its restructuring process. Following the recent appointment of the reconstituted Coordinating Committee (“the Committee”), the Company held its first face to face meeting with the Committee last Thursday in Dubai.

At the meeting, the documentation relating to the official engagement of the Committee was finalised. The Coordinating Committee membership now includes Jordan International Bank, ABC Islamic Bank, Lloyds TSB, Al Rajhi Bank, the Islamic Development Bank and Bank of Bahrain & Kuwait, Kuwait branch. The Committee and TID also agreed the appointments of financial advisors (Deloitte Corporate Finance) and legal advisors (Allen & Overy) to the Committee, in addition to keeping the Chief Restructuring Officer, Mike Grant of Aaronite Partners, in place.

The meeting which was conducted in a business-like and positive manner involved discussions relating to preparation for the bank and investor meetings on the 17th and 18th of January 2011 in Dubai and Kuwait respectively. The Investment Dar and the Coordinating Committee looked forward to working together to develop and implement a consensual restructuring plan that is fair, acceptable and legally implementable and in the best interests of all TID’s stakeholders.