21st March 2011

Dubai International Capital LLC (“DIC” or the “Company”), the private equity investment arm of Dubai Holding, is pleased to announce today that it has signed a definitive agreement to sell its 45% stake in UAE-based KEF Holdings (’KEF’) to Tyco International (NYSE:TYC), provider of security, fire protection and flow control products and services. KEF is a fully integrated valve manufacturer and one of the world’s leading providers of steel castings to the oil and gas, chemical, mining and power industries.

DIC acquired a 45% stake in KEF in September 2008 for $126m. It has agreed to sell this stake for $178m, which amounts to a substantial profit for DIC, alongside a partial exit by KEF’s founder, Faizal Kottikollon.

David Smoot, Chief Executive Officer of Dubai International Capital said: ‘The growth and international expansion that KEF has experienced under our ownership demonstrates the success of our strategy of supporting our portfolio companies on a financial and operational level. Our exit strategy continues to be based on the aim of realising maximum value for our assets at the right time and this was a very attractive transaction. We would like to thank KEF’s Founder Faizal Kottikollon for being a fantastic business partner and working together with us to create a world class company.’

Faizal Kottikollon, KEF’s Founder said: ‘DIC has been a strong and supportive shareholder and KEF has made significant progress under DIC’s ownership. During this time, I have been proud to see KEF become a world leading manufacturer of high quality, large diameter valves and flow control components. DIC has helped us transform a family-owned business into a corporate institution with the highest levels of corporate governance.’

Since DIC bought its stake in KEF in September 2008, KEF has vertically integrated its casting operations to include valve manufacturing for the oil and gas sector. DIC also played a significant role in broadening KEF’s customer base by leveraging its own regional network of EPC contractors and regional oil companies. DIC has supported KEF’s expansion plans into India where KEF established a facility for the assembly and testing of valves as well as into Malaysia by establishing a cathodic protection facility.

KEF has today 700 employees, and enjoys a unique infrastructure and strategic positioning in the region, allowing it to have a significant cost advantage over its global peers.

The transaction is expected to close shortly, subject to customary regulatory approvals.

For enquiries please contact:

Brunswick
Rupert Young (Dubai)
Tel: +971 4 446 6271

Azadeh Varzi (London)
Tel: +44 20 7404 5959