20th September 2010

Dubai International Capital LLC (‘DIC’), the international investment arm of Dubai Holding, announces that the Bankruptcy Court for the Southern District of New York today confirmed the Almatis Group’s amended plan of reorganization sponsored by DIC.

DIC is confident of a strong future for Almatis which has performed strongly since rebounding from the global downturn, generating strong free cash flow and EBITDA margins of approximately 20%. DIC is investing $100m new equity in Almatis, in addition to approximately $550m in new debt financing, underwritten by GSO Capital Partners, Sankaty Credit Opportunities IV, GoldenTree Asset Management, Bank of America, Merrill Lynch International and several units of JP Morgan Chase.

This new financing allows for the complete repayment of the existing senior debt at par. In addition, the junior lenders to Almatis are exchanging their claims for new instruments and a 40% equity stake in the Almatis Group.

Anand Krishnan, Chief Executive Officer of DIC, commented: “Today’s final court approval of the plan of reorganization is an excellent outcome for all parties, and we expect Almatis to exit Chapter 11 very shortly. We are grateful for the support and partnership of our new and existing lenders who share our confidence in a bright future for Almatis.”

Remco de Jong, CEO of Almatis said: “We look forward to working closely with DIC and their partners to drive growth and value creation for the business, based on product innovations and new capacity, primarily in Asia.”