Abu Dhabi – December 22, 2003 – Tabreed – The National Central Cooling Company (PJSC) today announced that it has retained The National Investor (TNI) and Credit Suisse First Boston (CSFB) to act as joint-lead managers on its planned US$100 million Islamic Sukuk Offering.

Karl Marietta, Tabreed’s Director of Finance, said: “Given the importance of this landmark transaction to both Tabreed and to the development of the local and regional capital markets, we have decided to combine the strengths of a leading global investment bank, such as CSFB, and TNI, with its extensive regional and local investment base, in order to ensure that this transaction is planned and executed in accordance with top international standards, for the benefit of both Tabreed and potential investors.”

Tabreed is contemplating approaching the capital markets with the Sukuk Offering in the first quarter of 2004

About Tabreed: Tabreed has offered district cooling as a utility in the UAE for over five years, pioneering energy efficient gas-fired and electric-powered district cooling solutions in the UAE and across the region. The leading district cooling service provider in the Middle East region, Tabreed offers customers the highest quality service through an integrated energy system devised to help them optimise their energy usage and reduce power and maintenance costs.

Tabreed is a member of the International District Energy Association (IDEA), Association of Energy Engineers (AEE), International Association for Energy Economics (IAEE), International Institute of Refrigeration (IIR), American Gas Cooling Centre, Inc. (AGCC) and the Dubai Quality Group.

About The National Investor: The National Investor is a leading UAE based regional advisory and investment firm with a track record in innovative advisory, fundraising, private equity and asset management. The National Investor is backed by 60 UAE based shareholders and is actively involved in investment banking, private equity, and asset management.

About Credit Suisse First Boston: Credit Suisse First Boston (CSFB) is a leading global investment bank serving institutional, corporate, government and individual clients. CSFB’s businesses include securities underwriting, sales and trading, investment banking, private equity, financial advisory services, investment research, venture capital, correspondent brokerage services and asset management. CSFB operates in 69 locations in 34 countries across five continents. The firm is a business unit of the Zurich-based Credit Suisse Group, a leading global financial services company.