May 2009 The world's first sukuk "buy back" closed today, 21 May, by Dubai Islamic Bank (DIB) Dubai Islamic Bank (DIB) purchasing U.S.$50,620,000 of the 5 year U.S.$750,000,000 Sukuk issued by DIB Sukuk Company DIB Sukuk Company Limited in 2007. This first sukuk "buy back" provides encouragement to issuers who are considering whether to take advantage of purchasing their sukuk if it's trading materially below par.

On 6 May 2009 DIB DIB announced its invitation to sukukholders to tender their sukuk for purchase by DIB DIB at a cash price determined pursuant to a modified Dutch auction. DIB Capital Limited, Barclays Capital and Standard Chartered Bank Standard Chartered Bank acted as dealer managers and Citibank Citibank , N.A. acted as tender agent. The Lovell's team was led by Rahail Ali, Lovells' Global Head of Islamic Finance, assisted by Of Counsel Imran Mufti and Senior Associate Roger Fankhauser.

This Sukuk "buy back" is a first because the closest the Islamic capital market has come to an unscheduled full or partial "exit" for sukukholders was the Aabar Petroleum consent solicitation for unscheduled early redemption which closed in July 2008. Lovells also advised on that transaction.

Commenting on the world's first sukuk "buy back", Rahail Ali, Joint Local Managing Partner, said:

"We are very pleased to have advised DIB DIB on this landmark transaction. DIB DIB is the world's first Islamic bank and for DIB DIB to close the first sukuk "buy back" that has nice ring to it. I'm delighted that we advised on this landmark transaction, which is the latest in a string of firsts for our sukuk team - we advised on the first convertible sukuk, the first pre-IPO sukuk, the first mudaraba and musharaka sukuks as well as other landmark deals."

Lovells' Dubai office has established itself as a market-leading sukuk practice. The team has been recognised as an industry stand out and has received many awards and accreditations from various journals and directories. Our sukuk team has been at the forefront of virtually every notable development in the sukuk market and has an enviable reputation for innovation in developing cutting edge rate, currency and benchmark income structured products. Landmark sukuk our team has previously worked on include:

• the first convertible sukuk

• the largest sukuk issuances to date

• the first international sukuk al-mudarabah and sukuk al-musharaka

• the largest corporate sukuk closed to date

• the first sukuk to combine musharaka with ijara

• the first equity linked sukuk -Ends-

About Lovells With over 3,000 people operating from 27 offices in Asia, Europe and the United States, Lovells is one of the world's leading international law firms. We advise many of the world's largest corporations, financial institutions and governmental organisations. We regularly act on complex, multi jurisdictional transactions as well as some of the most high profile commercial disputes. Lovells (the "firm") is an international legal practice comprising Lovells LLP and its affiliated businesses. Lovells LLP is a limited liability partnership registered in England and Wales with registered number OC323639. Registered office and principal place of business: Atlantic House, Holborn Viaduct, London EC1A 2FG.

The word "partner" is used to refer to a member of Lovells LLP, or an employee or consultant with equivalent standing and qualifications, and to a partner, member, employee or consultant in any of its affiliated businesses who has equivalent standing.

www.lovells.com For further information and/or visuals, please contact: Zishaan Mehra, Business Development Adviser +971 (0) 4 304 5542 zishaan.mehra@lovells.com

© Press Release 2009 omar 1.1:zy