Unicorn Investment Bank

Unicorn Investment Bank and WestLB launch US$150 m Sukuk for The Investment Dar Company - US$ 150 million Musharaka Sukuk offers flexibility to both investors and issuers

Bahrain, 14 June 2006 - Unicorn Investment Bank and WestLB London branch have today started in Bahrain the roadshow of a 5-year US$150 million Musharaka Trust Sukuk for The Investment Dar Company (‘TID’) of Kuwait. The transaction was launched on 6th June 2006. Unicorn and WestLB London are joint lead arrangers with Unicorn also acting as the structuring agent and WestLB’s London branch acting as underwriter and sole bookrunner.

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 certificateholder (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 internal Shari’ah advisors of Unicorn. Transaction distribution has been geared towards a wide investor base both inside the Gulf region and outside - particularly to European and South East Asian investors.