Unicorn Investment Bank

Unicorn Investment Bank and WestLB close US$150m Sukuk for Investment Dar

Bahrain, 20 September 2006 - Unicorn Investment Bank and WestLB London Branch have today successfully closed the US$150 million Musharaka Trust Sukuk for Kuwait’s Investment Dar.

This is the first Musharaka Sukuk structured with a put option for the investors and a call option for the issuer. The put option allows each certificate holder (investor) to exit the transaction at year three while the call option allows the issuer the same flexibility at the same date.

The Sukuk structure is Shari’ah-compliant, having been approved by the Shari’ah Supervisory Boards of Unicorn and Investment Dar.

Salim W. Abboud, Director of Capital Markets at Unicorn, commented: “This Sukuk attests to the capabilities of Unicorn in delivering on the capital markets needs of its clients in Islamic finance. With this Sukuk we have added value to Investment Dar by extending their liability profile, lowering their funding cost and broadening their investor base, all through a Shari’ah-compliant structure.

David Testa, Executive Director of Asset Securitisation - Islamic Finance at WestLB, added: “As sole bookrunner, we were particularly pleased to bring in over 15 banks and institutions into the transaction, including investors in Europe and Asia”

The transaction was launched on 6th June 2006 with Unicorn and WestLB London Branch as joint-lead arrangers. Unicorn also acted as the structuring agent and WestLB’s London Branch was the sole underwriter and bookrunner.

Amr Abou El Seoud, Senior Vice President at Investment Dar, commented, “The innovative structure, impressive list of participants and innovative terms of this Sukuk issue are confirmation of Investment Dar’s ability to deliver innovative Shari’ah-compliant solutions to investors. As the largest financial institution in Kuwait, and one of the largest in the region, we remain committed to providing our clients with outstanding investment opportunities.”