Introduction to Istithmar World Capital

October 2008

• Istithmar World Capital (“IWC”) is a private equity and alternative investment house based in Dubai, UAE– Established in 2003, IWC is part of Dubai World– Dubai World is owned by the Government of Dubai

• Investments are focused on three sectors: Consumer, Financial Services and Industrial

• More than 35 private equity and alternative investments in NorthAmerica, Europe, Asia, Africa and the Middle East

• Total equity invested* is US$ 3.3 bn

• IWC benefits from the differentiated nature of its capital: – Longer term patient capital– Investment flexibility– Broad industry expertise – Global reach

INTRODUCTION

*As of Q2 2008

A private equity and alternative

investment house with a

broad portfolio of over 35

successful firms worldwide

The UAE’s premier real

estate developer,

renowned for developing the

iconic Palm Islands and The

World

A commodity market

providing industry-

specific market infrastructure

and a full range of facilities

DP World is the third largest

marine terminal operator in the

world. JAFZA is an economic zone offering incentives to corporations

Drydocks is a leading ship repair and

manufacturing yard. Maritime

City is a hub for international

marine services companies

An international real estate

development company

focusing on large urban

projects

Government of Dubai

OWNERSHIP STRUCTURE

GEOGRAPHIC PRESENCE

Office Location

New York2008

Dubai2003

Shanghai2006

London2009

2 investment professionals*

30 investment professionals*

12 investment professionals*

*As of Q2 2008

1. Private Equity 2. Alternative Investments

INVESTMENT FOCUS

• Private equity division focuses on investments in:– Medium to large-sized companies – Companies with strategic market

positions– Notable growth potential

• The private equity division is structured in three industry verticals: Consumer, Financial Services and Industrial.

• Alternative investments are tactical opportunities offering strong growth, risk mitigation prospects, and/or specific strategic benefits

1. PRIVATE EQUITY

ConsumerWithin the wider consumer universe, the Consumer Vertical focuses on the following sub-sectors:

• Retail and luxury Goods

• Healthcare and wellness

• Media and entertainment

• Leisure and travel

Equity capital deployed* – US$ 1,200 mn

Current investments*Company Date Investment type

*As of Q2 2008

Apr-05

Description Equity stake

Leading US off-price specialty retailer for high end fashion brands

100% Buyout

Dec-05Leader in promotional, lifestyle and gift products

3% Minority

Jan-06Healthcare provider in Southeast Asia. 3-tiered investment in the parent, international, and Dubai entities

6% (Parent)

19.5%(intl)

51% (Dubai)

Public Equity

Consortium Private Equity

JV Private Equity

Dec-06Two top educational book publishers. IWC has a 2-tiered investment in the parent and the international entity

1.7% (Parent)

33.3% (Intl)

Minority

JV Private Equity

Sep-07Chain of specialty high end luxury department stores located in the US and Japan

100% Buyout

Mar-08Provider of spa inspired products, treatments and services

40% Minority

1. PRIVATE EQUITY (continued)

IndustrialWithin the wider industrial universe, the Industrial Vertical focuses on the following sub-sectors:

• Logistics and transportation

• Utilities

• Building and construction materials

• Industrial services

• Facilities management

• Aerospace

Equity capital deployed* – US$ 830 mn

*As of Q2 2008

Current investments*Company Date Investment type

Mar-04

Description Equity stake

Utilities provider that services many of Dubai’s landmark developments

95% Control

Apr-05Leading water treatment company in Southeast Asia

10% Minority

Oct-05Low cost carrier in India with a 10% market share of the domestic airline sector

13% Public Equity

Jan-06World's top marine management services company

90% Control

Nov-06World’s largest independent airline technical solutions provider, covering most Airbus and Boeing aircraft types

30% Consortium Private Equity

Jul-07Midstream energy company focusing on the Chinese market that provides storage and logistics services for petroleum products, liquid chemicals and gases

10% Public Equity

1. PRIVATE EQUITY (continued)

Financial ServicesWithin the wider financial services universe, the Financial Services Vertical focuses on the following sub-sectors:

• Private banking / asset management

• Consumer banking

• Investment banking / specialty finance

• Islamic banking

• Insurance

Equity capital deployed* - US$ 600 mn

*As of Q2 2008

Current investments*Company Date Investment type

Dec-03

Description Equity stake

Mortgage provider 21% JV Private Equity

Apr-04Securitization company 35% JV Private Equity

Jan-05Bahrain based commercial bank 10%

Jan-05Sudan based commercial bank <1%

ControlApr-06Dubai based insurance brokerage firm

90%

Apr-06New York and London based corporate advisory and investment management services firm. 2-tiered investment in the GP and LP

9% Consortium Private Equity

Jun-06Islamic merchant bank with offices in Bahrain, Atlanta and London. 2-tiered investment in the GP and LP

2% Minority

Dec-06 10% Consortium Private Equity

Mar-07First Islamic Bank to be set up in Kenya

32% Consortium Private Equity

Aug-07London based hedge fund with $24.9bn AUM (as at December 2007). 2-tiered investment in the GP and LP

2% Public Equity

Jun-08US based asset management company. 2-tiered investment in the GP and LP

55% Control

Consortium Private Equity

Public Equity

UK based pension insurance company

2. ALTERNATIVE INVESTMENTS

Alternative Investments

Alternative investments are categorized as either listed equities or joint venture projects:

• Listed Equities: Through use of derivatives and other structures to take strategic positions or hedge exposures in companies or industries.

• Joint Venture Projects: Opportunistic joint investments with due regard for risk.

Equity capital deployed* – US$ 780 mn

*As of Q2 2008

Current investments*

Company Date Investment type

Oct-06

Description Equity stake

Retail and commercial bank operational in emerging markets that has a global network of over 1,200 branches in 56 countries

3% Public Equity

Aug-07A leading global media and entertainment company

<1% Public Equity

Istithmar World invests in a diversified portfolio of assets across geographies and sectors

Investments by sector

Investments by geographyInvestments by ownership

50% of investments by value are controlled (fully owned subsidiaries or majority owned)

Geographical diversification by value with 37% of investments in North America, 29% in GCC & Middle East, 19% in Europe, and 15% in the rest of the world

20%

39%6%

9%

26%

Listed Investments

Fully ow nedsubsidiaries

Joint Ventures

Majority Stakes inunlisted companies

Minority Stakes inunlisted companies

26%

33%

41%

Consumer

Industrial

Financial

37%

29%

19%

10%5%

North America

GCC & ME

Europe

Asia

Africa

PORTFOLIO DIVERSIFICATION*

*As of Q2 2008 (fair value)

Sultan Ahmed Bin SulayemChairman, Dubai World

BOARD OF DIRECTORS

David JacksonChief Executive Officer, Istithmar World Capital

Ahmed Bin SulayemExecutive Chairman,

Dubai Multi Commodities Centre

Saeed Ahmed SaeedChief Executive Officer,

Limitless LLC

Laiboon YuChief Investment Officer,

Dubai World

Maryam SharafChief Financial Officer,

Dubai World

*Please refer to Istithmar World’s website for detailed biographies

Sandesh PandhareManaging Director,

Consumer

INVESTMENT TEAM

Shuja AliManaging Director, Portfolio Operations

and Strategy

Gable Gao Managing Director,

China

Jane Shao Managing Director,

China

Felix Herlihy Chief Investment Officer

John AmatoChief Investment Officer

David JacksonChief Executive Officer

Peter JodlowskiChief Financial Officer

*Please refer to Istithmar World’s website for detailed biographies