Tabreed announces intention to approach Islamic Sukuk Capital Markets with Debut Landmark Offering

Abu Dhabi – December 17, 2003 – Tabreed – The National Central Cooling Company (PJSC) today announced that it had retained Abu Dhabi based The National Investor as Sole Advisor and Sole Arranger, to contemplate issuing Sukuks to be listed on the Luxembourg Stock Exchange.

The Company is contemplating approaching the capital markets with a Sukuk Issue in the first quarter of 2004, market conditions permitting.

“We are excited about working with The National Investor in contemplating one of the first corporate Islamic Sukuk Offerings to be listed in Luxembourg,” said Karl Marietta, Tabreed’s Director of Finance.

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.

Issued on behalf of TABREED by Gulf Hill and Knowlton, Dubai.

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