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

Notes and media contacts

About the Sukuk:
Key features of the Sukuk are:

• 5-year maturity
• 3-year put option at Investor's option
• 3- year call option at Issuer's option
• Profit rate:
o Years 1-3: 6-month LIBOR + 125bps p.a.
o Years 4-5: 6-month LIBOR + 175bps p.a.
• SPV structure, with recourse to TID
• Freely transferable instrument in accordance with Sharia principles
• The Sukuk structure has been approved by the Sharia Supervisory Board of Unicorn Investment Bank.
• Investment Dar Co. has a rating of BBB from Capital Intelligence and A- from ICRA

About the Issuer:
The Issuer is a special purpose vehicle incorporated in the Cayman Islands (TID Global Sukuk I Limited). It is a single purpose company established with the sole purpose of issuing the Sukuk. The Issuer will act as agent of, and trustee for, the Investors.

About Investment Dar:
The Investment Dar Company K.S.C. (TID), a Kuwaiti shareholding company, was established in 1994 as one of the first specialised Islamic financing companies in the GCC to offer consumer facilities. TID began its operations in 1995 with a capital of KD15.8 million (US$54 million) and has since then experienced consistent and exponential growth, from its starting point in consumer financing activities.

Today, TID employs a staff of over 400, and is a diversified holding company with interests in consumer finance, investment and investment management, asset management, banking, real estate, insurance, consulting services and logistics. As of 31 December 2005, TID had total assets of KD670 million, or approximately US$2,295 million, with shareholders' equity of KD194 million (US$664 million). Its 2005 year-end revenues and net income reached KD121 million (US$414 million) and KD81 million (US$277 million), respectively.
As of 30 June 2006, TID had total assets of KD 855 million, or approximately US$ 2,938 million, with shareholders' equity of KD 256 million (US$ 880 million). Its half yearly figures as of June 2006 revenues and net income were KD 80 million (US$ 275 million) and KD 52 million (US$179 million), respectively.
TID's market capitalization was valued at KD613 million (US$2.1 billion) as at 1st June 2006,.

Consequently and as a result of this growth, TID is currently one of the largest finance and real estate companies in Kuwait as well as in the GCC. It has achieved such growth while continuing to adhere to the principles of Islam in all of its activities. Moreover, TID was the first Sharia-compliant company to obtain the ISO 9001 International Quality Standards Certification in 1999, which was upgraded to ISO 9001:2000 in 2005.

TID is currently listed on the KSE, and its operations are well diversified between Kuwait, other GCC states with vision for MENA Region.

TID has an issuer rating of A- by ICRA Limited, an Asian associate of Moody's Investor Service, and BBB long term rating by Capital Intelligence. www.inv-dar.com


About Unicorn Investment Bank:
• Unicorn Investment Bank was capitalized at US$111.2 million and commenced operations on 5 May 2004 in the Kingdom of Bahrain.
• In its first eight months of business, UIB achieved revenues of US$36.4 million and a net profit of US$17.1 million.
• In 2005 (its second year of operation), UIB reported full year revenues of US$52.6 million and a net profit of US$24.2 million.
• UIB recently announced half-year results for the six months ended 30 June 2006 of US$43.4 million revenues and US$23.8 million net profit.
• UIB has doubled its capital to US$233 million following a successful round of fund raising in July 2006.
• UIB has achieved a number of "firsts" in Islamic banking. In November 2005, the Bank closed the "KSA Real Estate Fund-1", the first ever equity fund to allow non-Saudi nationals to invest in the growing Saudi Arabian property market via an innovative financial and legal structure.
• UIB began raising capital in May 2006 for a US$150 million Sharia-compliant private equity fund to target private equity investments globally. This is the Bank's first private equity fund and the world's first global Islamic private equity fund. The Fund will invest in selected geographical locations and sectors in order to benefit from cyclical upturns around the globe while diversifying risk.
• In May 2006, UIB launched "Gulf Springs", the first pan-GCC real estate fund, in partnership with leading real-estate developers in each GCC market, who, as founding investors, bring local knowledge and investment opportunities.
• UIB has recently closed "KSA MBS 1 International Sukuk," the GCC's first Sharia-compliant asset-backed security: a debt product designed for home financing companies in the Kingdom of Saudi Arabia (akin to a mortgage-backed security) in partnership with a multilateral organisation and underwritten by a global institution.
• Since its inception, UIB has already advised, structured and successfully placed deals with a total value in excess of US$1 billion.


About WestLB:
WestLB AG is one of the largest banks in Germany, with total assets in excess of ^ 250 billion. WestLB is one of the leading arrangers of syndicated financing and capital markets transactions in the Middle East, with a particular expertise in Islamic financings.

According to Dealogic Loanware, WestLB was the No.1 mandated lead arranger and No. 1 bookrunner for syndicated Islamic financings in 2005 (based on number of facilities), and is currently ranked No. 2 mandated lead arranger for 2006 (year to date). WestLB has arranged over US$ 4 billion of Islamic financings in the last two years and highlights include the following transactions:

i) Arcapita Bank, Bahrain (October 2005) - US$ 200 million 5-year Sukuk Al-Murabaha arranged and underwritten by WestLB together with 2 other financial institutions;

ii) United Gulf Bank BSC, Bahrain (October 2005) - US$ 175 million 3-year commodity Murabaha arranged and underwritten by WestLB together with 3 other financial institutions;

iii) TSKB, Turkey (October 2005) - US$ 50 million 1-year commodity Murabaha arranged and underwritten by WestLB on a sole basis;

iv) Dolphin Energy, UAE (October 2005) - US$ 1,000 million Ijara facility jointly arranged by WestLB;

v) FFK Fon Leasing, Turkey (December 2005) - US$ 44 million capital goods Murabaha arranged by WestLB on a sole basis;

vi) Department of Civil Aviation, Dubai (April 2006) - US$ 1 billion 5-year Istisna/Ijara Sukuk arranged by WestLB together with 6 other financial institutions;

vii) Al-Osaimi Real Estate (April 2006) - US$ 80 million 1 year commodity Murabaha arranged and underwritten by WestLB on a sole basis;

viii) Kuwait Finance House (April 2006) - US$ 850 million 5-year commodity Murabaha arranged and underwritten by WestLB together with 7 other financials institutions;

ix) Al Rajhi Banking & Investment Corp, Saudi Arabia (April 2006) - US$ 500 million 3-year fixed rate commodity Murabaha arranged by WestLB together with 5 other financial institutions.

www.westlb.com

Media contacts
Mark Lunn of Gavin Anderson & Co, London
Bahrain Tel: +973 17 566 000
UK Tel +44 (0) 20 7554 1400
UK Mobile: +44 (0) 7775 992 309


George Tucker of Gavin Anderson & Co, London
Bahrain Tel: +973 17 566 000
UK Tel +44 (0) 20 7554 1400
UK Mobile: +44 (0) 7979 803 066