April 24, 2011, Abu Dhabi- Waha Capital, the leading investment holding company listed on ADX, announced today that it will start consultations with stakeholders in both the private and public sectors to embark on the first issue of mandatory convertible notes worth up to 500 million dirhams by the end of June, 2011. Other issues will be announced at later stages with a total value of one billion dirhams. The announcement was made following the company’s Board meeting in Abu Dhabi held on Sunday and headed by Board Chairman, H.E. Hussain Jassim Al Nowais and attended by Board members. Last year Waha Capital secured the approval of its General Assembly to issue mandatory convertible notes or Islamic sukuk up to a total value of one billion dirhams upon the recommendation of the company’s Board of Directors. Commenting on this initiative, Al Nowais said “In choosing the right time to implement this policy, the company’s Board of Directors has considered it prudent to take its time and not to issue the notes that were approved last year until local and world market conditions stabilised and the consequences of the global financial crisis diminished.” “Nevertheless, over the past period, Waha Capital has launched a number of strategic initiatives which contributed much to fostering its competitiveness at the local and international level, which serve the interests of its shareholders as well as its partners in the public and private sectors,” Al Nowais added. Al Nowais explained that the issuance of these notes will reinforce the company’s financial status and support its future expansion plans and vital projects in a wide range of economic sectors. Besides, it will play a significant role in benefiting the largest possible segment of the Emirati public through enabling them to effectively contribute to the work of one of the leading national companies. Seizing the investment opportunities and utilizing them in the best possible way to further advance economic growth in Abu Dhabi and the UAE in general have always been the approach taken by Waha Capital, Al Nowais concluded. Salem Rashid Al Noaimi, CEO of Waha Capital said “the company is currently studying a number of financially rewarding projects and investment plans in several vital economic sectors which will be announced at a later stage. The issuance of these notes will strengthen the company’s financial position, thus enabling it to proceed in implementing these projects.” In a related development, Waha Capital announced that it has posted net profits after tax of 30 million dirhams by the end of March 2011. The financial statements sent by the company to Abu Dhabi Securities Exchange (ADX) showed that the company’s operational revenues reached a total of 83.4 million dirhams by the end of the first quarter of this year whereas operational costs dropped to 33.4 million dirhams compared to 58.7 million dirhams during the corresponding period in 2010. According to the financial statements, the company’s total assets stood at 3.8 billion dirhams by the end of March 2011, whereas the company’s investment obligations amounted to 130 million dirhams with capital obligations of 349 million dirhams relating to the ALMARKAZ project in Abu Dhabi. It is noteworthy that Waha Capital announced last January a 15% rise in profits during 2010 to reach 249 million dirhams compared to 217 million dirhams during 2009. The company’s operational revenues including the revenues and investment income from its subsidiaries and other operational revenues reached a total of 657 million dirhams, 22% less than that of 2009. This is primarily attributed to restructuring of its leasing activities and promotion of aviation investment during 2010. Meanwhile, the company’s operational costs, including administrative expenditures and others, dropped by 37% to 408 million dirhams, compared to 637 million dirhams during 2009. This came as a result of a decrease in operational leasing assets during 2009. Profit per share amounted to 0.14 compared to 0.13 during 2009.