DP World guaranteed by Ports, Customs and Free Zone Corporation, Dubai

Totalling US$6,500,000,000 incorporating a US$6,300,000,000 term loan facility and a US$200,000,000 revolving credit facility for working capital purposes (together the 'Facilities') to finance acquisition of Peninsula and Oriental Steam Navigation Company ('P&O') by Thunder FZE ('Thunder'), the acquisition vehicle set up by DP World.

The Facilities, which have a 5-year tenor, will be used to finance the acquisition and to refinance existing indebtedness. The Facilities have been fully underwritten by Barclays Bank PLC and Deutsche Bank AG.

The shareholders of P&O announced that they had approved the recommended acquisition by Thunder on 13 February 2006.

P&O is the UK's largest port operator with key strategic assets in the world's fastest growing markets and the acquisition of P&O is seen as an unique opportunity to complete a global ports network. This strategic move will enhance DPW's Asian platform and provide the necessary critical mass in Australia and Europe. Post acquisition, DPW will become one of the three largest container ports businesses worldwide.

DPW was formed by a merger of Dubai Port Authority and Dubai Ports International in September 2005 and is 100% owned by the Government of the Emirate of Dubai via a Dubai Government holding entity, Ports, Customs and Free Zone Corporation. Dubai is one of the seven Emirates comprising the United Arab Emirates which is rated A1 by Moody's.

Syndication of the Facilities will commence shortly with bank meetings planned to take place in Dubai on Thursday 23rd February 2006 and in London on Monday 27th February 2006.