Tabreed announces the final terms for its Dhs1.500bn fixed rate mandatory exchangeable trust certificates due 2011

The Issue is subject to an increase option of up to Dhs200m for the benefit of Morgan Stanley, exerciseable prior to 5pm London time on May 12, 2008.

Following marketing to regional and international investors, the final terms of the Issue have been determined.

The Certificates will pay a fixed annual distribution rateof 7.25% and will be exchangeable into the ordinary shares (the "Shares") of Tabreed. The maximum conversion price of Dhs2.7468 represents a conversion premium of 9% to the share reference price of Dhs2.52 per Share.

Application has been made to list the Certificates on the Regulated Market of the London Stock Exchange plc. The Shares are listed and traded on the Dubai Financial Market. Closing and settlement are expected to take place on or about 19 May 2008.

Subject to certain exceptions, Tabreed has agreed to a 90-day lock up period with respect to the issuance, offer or sale of equity-linked securities, Shares and options.

Morgan Stanley is acting as Sole Bookrunner, Sole Structuring Agent and Joint Lead Manager of the offering, and Standard Chartered Bank and National Bank of Abu Dhabi are acting as Joint Lead Managers.