First Islamic announces first assisted living offering in the United Kingdom

The properties are situated around the M25 motorway of London.

First Islamic and its co-investors indirectly have an 80% interest in the joint venture, with Sunrise holding the remaining 20%. The Bank of Scotland, one of the major UK high street banks, has provided a senior financing facility of approximately £40.6 million to finance the acquisition of the properties.

Sunrise is recognized as having pioneered the assisted living sector of the health care industry in the United States and is seeking to do the same in the United Kingdom. With an equity market capitalization of $575 million at March 31, 2003 and total assets of $1.1 billion, Sunrise owns and operates more than 350 communities throughout the United States, Canada and the United Kingdom.

Assisted living facilities are for people needing assistance with "activities of daily living" but wishing to live as independently as possible for as long as possible. Assisted living facilities offer help with activities such as eating, bathing, dressing, laundry, housekeeping, and assistance with medications.

First Islamic projects that the investment will generate an attractive blended Internal Rate of Return over the five to seven year investment horizon, inclusive of an annual cash yield that will be distributed on a monthly basis.

Atif A. Abdulmalik, First Islamic's Chief Executive Officer, said "We believe that the demographic trends in the United Kingdom are more favorable than the United States as a higher percentage of the population is projected to require Sunrise type services in the future than that in the United States."

Mohamed A. Nooruddin, General Manager, said "Following the success of our US based Sunrise investment offerings, we are delighted to offer investors the opportunity to invest in the assisted living sector in the United Kingdom. The offering has now closed."