2nd July 2009

Dubai International Capital, LLC (”DIC”), the international investment arm of Dubai Holding, and Oaktree Capital Management, L.P. (”Oaktree”) announce a partnership to propose a plan for the support and restructuring of the balance sheet of the DIC portfolio company Almatis which is the global leader in specialty alumina products.

DIC and Oaktree will underwrite a full scale balance sheet restructuring of Almatis which would result in a substantial de-leveraging and provide a permanent and stable platform for long term sustainable growth.

DIC and Oaktree will provide Almatis with sufficient new capital to optimise its market position in the face of the current economic uncertainty and to provide management with the capital to take advantage of current opportunities and to maximise long-term growth prospects.

Full details of the DIC and Oaktree joint restructuring plan will be presented confidentially to lenders and other stakeholders in the coming weeks.  Oaktree is currently one of Almatis’ largest lenders in its syndicated credit facility.

In its capacity as shareholder of Almatis, DIC has no intention of selling the company.

Sameer Al Ansari, Executive Chairman and CEO of Dubai International Capital, said “We remain totally committed in our support for Almatis and all DIC owned companies in our portfolio. Almatis has a strong management team and a promising long term future.  Oaktree brings considerable expertise to the task of changing Almatis’ capital structure and enabling the company to navigate through the current downturn. ”

Caleb Kramer, Managing Director at Oaktree, said “We are very excited to be working in partnership with Dubai International Capital.  Our goal is to provide the required capital to optimize the value of Almatis for the benefit of its customers, employees and other stakeholders.”