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Press Release Dubai World Backs Sindicatum in the Climate Change

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Press Release Dubai World Backs Sindicatum in the Climate Change Press Release Dubai World backs Sindicatum in the climate change space Invests $150 million in the Istithmar & Sindicatum Climate Change Partnership Bali- December 5, 2007 Istithmar World Ventures LLC, which is part of Istithmar World, a major investment house owned by Dubai World, today (December 5) signed a Memorandum of Understanding with Sindicatum Carbon Capital Holdings Limited (“SCC”), a leading turnkey developer of Greenhouse Gas (“GHG”) abatement projects globally. Istithmar World Ventures has committed US$150,000,000 to the Istithmar & Sindicatum Climate Change Partnership, L.P, (“ISCCP”) a co-investment vehicle established by Istithmar World Ventures and SCC. This commitment provides SCC and ISCCP with a strong anchor and capital base to enhance climate change mitigation projects worldwide via the implementation of best of class technology wherever pollution from greenhouse gases can be abated. ISCCP will be raising a total of US$ 600,000,000 and expects to complete a first close in the first quarter of 2008. SCC is a specialist climate change mitigation company which uses capital and technology to convert GHG emissions into long-term sources of revenue in this rapidly emerging market. SCC will use its significant pool of co-investment capital to expand the development of its GHG reduction projects, investment in new and emerging technologies, and acquisition of infrastructure assets in both emerging markets globally and in the United States. H.E. Sultan Ahmed Bin Sulayem, Chairman of Dubai World and Chairman of Istithmar World, said: “Our investment in the Istithmar & Sindicatum Climate Change Partnership underscores the Government of Dubai’s continued commitment to the environment and its concern about the rapid climate change. We at Dubai World believe that sustainability and development are inseparable, it is a challenge to address global climate change while sustaining a growing global economy, but we are confident that we can do a lot in cooperation with SCC, which is best in class and brings a new discipline and focus to GHG emissions reduction projects around the world”. "We are delighted with this commitment from one the world’s most prestigious investors. We are proud of how this reflects on our company and the recognition of “best in class” that it infers on us. We look forward to our partnership with Istithmar World Ventures and we believe that their global commitment to climate change mitigation as a long-term strategic investor should help us create significant value for our host government project partners and our shareholders" said Assaad Razzouk, Sindicatum Carbon Capital’s CEO. “ISCCP will play an important role as a co-investment vehicle to develop the more than $4 billion project pipeline we have in Asia, principally in China and Indonesia; ISCCP is not just another carbon credit purchasing fund ” said Simon Zuanic, Sindicatum’s Regional CEO for Asia. Sindicatum Carbon Capital Holdings Limited 18 Hanover Square, London, W1S 1HX, UK Phone +44 20 3008 4751 Fax +44 20 3008 4752 www.carbon-capital.com Registered in England, No. 06187034 Elaborating on the transaction, Istithmar World Ventures’ Chief Executive Officer, Ahmed Bin Fahad, commented: “This investment will further Dubai’s, and Dubai World’s continued focus on the climate change sector. We believe that we will be able to enhance the growth of Sindicatum Carbon Capital’s business by leveraging our commitment to climate change mitigation in our region and beyond.” About SCC SCC is a specialist end-to-end developer of climate change related projects. SCC uses its in- house expertise and capital to develop projects from conception through to implementation and long-term operation. SCC works in partnership with companies and governments to deliver cost effective means by which to reduce greenhouse gas emissions. SCC’s institutional shareholders include CVCI, a business unit of Citi Alternative Investments, AIG Global Investment Group and a fund managed by Black River Asset Management, an independently managed subsidiary of Cargill. SCC brings together strengths in Development, Finance and Technology. SCC is an at-source developer and technology provider for greenhouse gas abatement projects across its platform spanning China through SE Asia, central Asia, the Middle East and the Americas. Areas of specialization include abating GHG emissions from the chemicals, oil & gas, waste management, natural resource sectors, as well as energy efficiency and the development of renewal energy projects. SCC’s strategy is to provide its shareholders with strong capital growth combined with a manageable risk profile through direct investment as an “end-to-end” developer in projects that reduce GHG’s and as such, result in the “manufacture” of environmental commodities and in the generation of clean power. The company is using its experienced management team to select the best investment opportunities and to deploy advanced and best-of-breed technologies to differentiate itself and to become the preferred partner and source of capital to qualifying asset owners worldwide. About Dubai World Dubai World is a holding company that manages and supervises the portfolio of businesses and projects for Dubai Government and works towards making Dubai the leading hub for the commerce and trading industry. Dubai World contributes to the rapid economic growth of Dubai across a wide range of strategic industry segments ranging from Nakheel’s unique real estate concepts; the iconic development of The Palm, DP World the third largest port operator in the world to segments as diverse as Investments, Leisure and Financial Services. In the past decade, creation of wealth has undergone a paradigm shift, with greater importance placed on acquisition and application of knowledge as the primary engine for economic growth all over the world. Dubai World’s business strategy is driven by a combination of acquisition and investment in diverse fields and is designed to deliver real, measurable results to Dubai World’s business units and investment partners. A strong, visionary leadership has ensured that Dubai World’s ideas have always been innovative, ambitious and well thought out. Sindicatum Carbon Capital Holdings Limited 18 Hanover Square, London, W1S 1HX, UK Phone +44 20 3008 4751 Fax +44 20 3008 4752 www.carbon-capital.com Registered in England, No. 06187034 Dubai World’s corporate philosophy is based on strong fundamentals, best ethical practices, integrity, healthy relationship between the management and workers and continuous interaction with stakeholders and partners. Dubai World is firmly committed to make every country and community in which it operates a better place to live and work, knowing that the ongoing vitality of our host nation and local communities has a direct impact on the long term health of our business. About Istithmar World Ventures Istithmar World Ventures is part of Istithmar World which is 100% owned by Dubai World. Dubai World is wholly owned by the Government of Dubai. The other divisions of Istithmar World include Istithmar World Capital which is the private equity and alternative investment division of Istithmar World and Istithmar World Aviation Holdings which consolidates various interests in the aviation and aerospace sectors. www.istithmarworld.com . For additional information contact: Sindicatum Carbon Capital: Assaad Razzouk, +44 20 7224 7555 Istithmar World Ventures: Ahmed Bin Fahad +9714-390-2100 Sindicatum Carbon Capital Holdings Limited 18 Hanover Square, London, W1S 1HX, UK Phone +44 20 3008 4751 Fax +44 20 3008 4752 www.carbon-capital.com Registered in England, No. 06187034 .
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