Moody's Withdraws Ratings on Emirates Aluminium Company Limited

Moody's Investors Service has today withdrawn all of its ratings for Emirates Aluminium Company Limited ("EMAL"). Moody's has withdrawn these rating for business reasons. EMAL's ratings were assigned by evaluating factors believed to be relevant to the credit profile of the issuer such as i) the business risk and competitive position of the issuer versus others within its industry or sector, ii) the capital structure and financial risk of the issuer and iii) the projected performance of the issuer over the near to intermediate term. These attributes were compared against other issuers both within and outside of EMAL's core peer group and EMAL's ratings are believed to be comparable to ratings assigned to other issuers of similar credit risk. The following ratings and outlook have been withdrawn: Senior Secured prospective ratings of (P) A3 of US$2.0Bn bullet bonds withdrawn. Stable outlook withdrawn. The last rating action was on 29 February 2008 when the prospective ratings of EMAL were assigned. EMAL is a private joint stock company established pursuant to Abu Dhabi Law for the purpose of the construction and management of a single-site aluminium smelter in Abu Dhabi. Construction involves two phases whereby the first phase, at a total cost of about US$7.1 billion, is scheduled to be completed by 2011, and with an expected production capacity of 700,000 tonnes p.a. of aluminium. If the sponsors decide to go ahead with the second phase, total production capacity should be increased to 1.4 million tonnes p.a. which will make the Project the largest single site aluminium smelter in the world. EMAL is a 50:50 joint venture between Dubai Aluminium Company ("DUBAL") and Mubadala Development Company ("Mubadala"). DUBAL is wholly owned by the government of the Emirate of Dubai and is one of the largest aluminium producers. Mubadala is a wholly owned investment vehicle of the Government of the Emirate of Abu Dhabi.