Aabar Sells Off Upstream Oil Unit Pearl Energy

Following the earlier announcement of April 21, 2008, Aabar Energy PJSC has completed the sale of its wholly owned exploration and production subsidiary Pearl Energy Limited to Mubadala Development Company PJSC.

Under the terms of the transaction, 100% of the issued shares in Pearl have been transferred to the Mubadala group for a debt free cash adjusted value of approximately US $833.3 million (subject to working capital adjustments). The transaction was approved by shareholders of Aabar at an Extraordinary General Meeting (EGM) on March 9, 2008 and by Sukuk certificate holders at a further EGM held on April 9, 2008.

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