3,381,000,000 new Aldar ordinary shares have been issued to those shareholders of Sorouh who appear on the share register of Sorouh immediately after close of trading on the Effective Date.

The new number of outstanding Aldar ordinary shares following the capital increase is 7,862,629,603.

Sorouh has been dissolved and its assets and liabilities have been transferred to Aldar in accordance with the provisions of Federal Law No. 8 of 1984 concerning Commercial Companies (as amended).

The new Aldar ordinary shares have been listed and admitted to trading on the Abu Dhabi Securities Exchange (ADX). Shareholders will be able to trade their new shares from today.

The Company is pleased to announce that is has successfully negotiated an amendment to the terms and conditions of the loan facility entered into on 28 June 2010 between Sorouh and a syndicate of banks, and which currently has an outstanding balance of Dhs2.1bn.

The interest margin on the loan has been reduced from 4.5% to 2.45%, representing a significant and immediate interest cost reduction that clearly demonstrates the synergy benefits of merging the two companies.

Commenting on today’s events, H.E. Abubaker Seddiq Al Khouri, the new Chairman of Aldar Properties, said, "It gives me great pleasure to announce that today marks the first day of business as a combined company. Operating under the name Aldar Properties, the business is one of the biggest real estate developers in the region. The company benefits from a strong balance sheet, a large asset base, a prime land bank for development and an experienced management team. These strengths, combined with our continued close partnership with the Abu Dhabi Government, will allow us to flourish commercially in an economy that is sustainable. I believe that all these strong and exciting fundamentals will deliver significant value to all our stakeholders for years to come."

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