30th April 2010

A DIC spokesperson said “It is extraordinary and inexplicable that Almatis has filed for Chapter 11 bankruptcy only one week after soliciting lenders’ consent and without the required 66% by value and 50% by number support from the senior lenders. This move is directly contrary to the express wishes of the junior lenders whose consent is also required because, as shown by 2 out of 3 bases of valuation in the Moelis valuation prepared for the Company, value breaks above the senior debt, and the wishes of Dubai International Capital as equity holders.

Both parties will vigorously dispute in court the pre-packaged Plan of Reorganisation and the valuation put forward by Almatis management. We fully intend to continue to pursue a refinancing of the Almatis Group which more accurately and fairly reflects the true value of the business and urge Almatis management to reconsider this damaging course of action.”