Middle Eastern Investors IFA Hotels & Resorts and Istithmar acquire Major Stake in Raimon Land PLC

Two investors based in the Middle East have become the major shareholders in Raimon Land PLC: IFA Hotels & Resorts (IFA HR), a listed company on the Kuwait and Johannesburg Stock Exchanges, and Istithmar Hotels, the hospitality asset management arm of Istithmar, a private equity and alternative investment house based in the United Arab Emirates. Each group has acquired approximately 24.9% of Raimon Land for a total investment of approximately Baht two billion. The transaction gives the two groups six seats on the Raimon Land Board of Directors. Commenting on the company's new shareholders, Nigel Cornick, CEO of Raimon Land PLC, said: "We welcome these two substantial investors as new shareholders. It demonstrates that Raimon Land has become an internationally recognised Thai developer and reflects the potential of our existing projects and future developments.” Mr. Cornick went on to add: "We will benefit directly from these two partners and their wealth of experience in global real estate markets. IFA Hotels & Resorts’ track record of developing high end residential and hotel resort projects in partnership with such prestigious brands as Starwood, Fairmont Hotels & Resorts and Movenpick Hotels & Resorts, fits well with Raimon’s thrust into the resort destinations of Thailand. Istithmar will bring international financial and investment expertise, networks and contacts in key world markets." Mr. Talal Jassim Al-Bahar, Chairman and Managing Director of IFA HR, said “The Raimon Land acquisition is part of a set strategy to expand the geographic reach of IFA Hotels & Resorts as a global mixed use real estate developer. The Far East is one of the areas that we targeted with the aim of extracting economic value by merging best practices of our global real estate investment, development and asset management capabilities”. Mr. Al-Bahar added: “We believe additional value can be created by incorporating mixed use developments and integrating five-star hospitality and service, and Hotel-Residence concepts into Raimon Land’s existing residential projects. We enjoy successful relationships with other prestigious global property developers including Istithmar, Nakheel, Kingdom Hotel Investments, Moreland and United Investment Portugal. We are certain that combining resources with Raimon Land will be of benefit, given our experience with our partner developers.” Mr. Al-Bahar concluded “This acquisition serves as a key milestone in our expansion plans and as a global investor in mixed use real estate developments, thereby continuing on our strategy to diversify our investment globally and to maximise our shareholder’s value.” Commenting on behalf of Istithmar, Richard Johnson, Managing Director of Istithmar Real Estate said: “Istithmar has looked very closely at Thailand and we feel that Raimon Land is an excellently managed, well positioned developer with a high potential for outstanding growth, offering an excellent investment opportunity. We have every confidence in Raimon Land’s management team and fully support their vision for the company.” “Raimon Land, with its known quality projects and the outstanding record of its management, is a perfect investment opportunity for Istithmar as we look to grow our presence in Thailand” noted Richard Johnson. Istithmar will continue to look at investment opportunities For more information please contact: Mr. Jerome Leroux / Khun Oh Raimon Land Public Relations C/O Francom Asia PR Tel: 02 233 4338 or 39 Fax: 02 236 8030 E-mail: [email protected] Kwanrudee Maneewongwatthana Vice President Communications Raimon Land PLC 22nd Floor, The Millennia Tower 62 Langsuan Road, Pathumwan, Bangkok 10330 Tel : +66 (0) 2651-9600 to 4 Fax : +66 (0) 2651-9614 E-mail : [email protected]

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