22nd March 2010

Dubai International Capital LLC (‘DIC’), the international investment arm of Dubai Holding, announces that it has filed a petition in the Enterprise Chamber of the Amsterdam Court of Appeal to prevent the implementation of the Plan Support Agreement (“PSA” or “the proposal”) for Almatis (the “Company”) proposed by the Oaktree-led consortium. The purpose of the filing is to allow management of the Company time to fully explore a consensual refinancing and thereby ensure that the interests of all stakeholders, including the significant number of dissenting senior lenders and the junior lenders, are properly protected.

Under the terms of the alternative DIC-led proposal to refinance the existing first lien debt, the sponsor would inject additional equity into Almatis, all senior debt would be repaid at par including outstanding interest payments and junior lenders would be equitised. Almatis has significantly outperformed expectations since September 2009, generating strong free cash flow and EBITDA margins of approximately 20%. DIC believes this is a sustainable trend which gives it confidence that Almatis can comfortably support its proposed financing structure. DIC is in consultation with the Obligor company advisors, external advisors and major financial institutions and is progressing its proposal with all due speed and process.