FORMER CEO TO REMAIN AS ADVISORAbu Dhabi – United Arab Emirates: National Central Cooling Company PJSC (Tabreed), the Abu Dhabi-based district cooling utility company, today announced the appointment of Jasim Thabet as its new Chief Executive Officer. Sujit Parhar will assume the role of advisor to the company and the Board, in recognition of his expertise and ongoing value to the business.Thabet, the first Emirati CEO of Tabreed, joins from Mubadala Development Company (Mubadala), where he was Vice-President in Mubadala Industry, with responsibility for managing several utility assets. As part of Mubadala’s asset management team for Tabreed, he has been central to the development of major customer relationships over the past three years, assisted Tabreed’s recapitalization program and worked on the development of a growth strategy and the implementation of a road map for improved performance. The Board of Directors made the appointment with immediate effect.Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “The Board is grateful to Sujit for his commitment, strong leadership and achievements over the years.  He has been instrumental in transforming Tabreed into a healthy and stable organization. We are pleased that he will remain with Tabreed in a new capacity, and will continue to contribute to the success of the company.”“We are also excited to have such a highly capable incoming CEO in Jasim, who has worked with Tabreed over the years and brings to the position a strong knowledge of the utilities industry. Jasim has worked extensively alongside Tabreed’s senior management throughout the recapitalization program and on the delivery of key projects.  We believe his energy and expertise will be vital in leading the company through its next phase of growth,” Al Muhairi added.Thabet has significant experience in the regional utility industry, having previously worked at ADNOC Group and GE.  He holds a Bachelors of Science in Mechanical Engineering from Saint Martin’s University, USA.

Profit from chilled water operations reached AED 155.5 million Abu Dhabi – United Arab Emirates: National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based district cooling utility company, today released its consolidated first half (H1) 2012 financial results.  The company registered a robust operational and financial performance in H1 2012 driven by its core chilled water business and lower finance costs. Financial Highlights – Six months ended 30 June 2012: Net profit attributable to the parent increased by 25 per cent to AED 94.7 million (H1 2011: AED 75.7 million)Chilled water revenue increased by 5 per cent to AED 444.9 million (H1 2011: AED 425.6 million)Group revenue declined by 3 per cent to AED 515.7 million (H1 2011: AED 532.2 million) in line with expectations as the company continues to phase out its non-core value chain businessesChilled water profit from operations increased by 20 per cent to AED 155.5 million (H1 2011: AED 129.8 million) as the company generated further value from its economies of scale and enhanced efficienciesEBITDA increased by 9 per cent to AED 223 million (H1 2011: AED 204.7 million)Net finance costs decreased by 33 per cent to AED 87.2 million (H1 2011: AED 129.5 million) due to the completion of the recapitalization program in 2011 Operational Highlights – Six months ended 30 June 2012: 1 plant expansion completed in the second quarter8,000 RT gross capacity added in the second quarterGroup’s installed capacity reached 767,125 RT and connected capacity 727,256 RTInstalled capacity in the UAE reached 605,325 RT and connected capacity 570,812 RT Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “In the first six months of 2012, Tabreed delivered strong financial and operational results underpinned by continued cost control, improved efficiencies and a strong performance by the company’s chilled water business.  In line with our strategy, we remain focused on growing this segment while delivering sustainable returns and creating long-term value for our stakeholders.”Sujit Parhar, Tabreed’s CEO, added: “The underlying strength of our chilled water business is reflected in our first half performance and as we look ahead to the rest of 2012, the company will continue to enhance operational efficiencies and achieve greater yields from its existing plants.”“Today, Tabreed delivers over 727,000 RT of cooling to customers across the region, and has established itself as the partner of choice for leading government and private organizations in the GCC,” added Parhar.Tabreed currently has 59 plants in the UAE – 52 are wholly-owned and operated by the company and seven are operated through its affiliates and subsidiaries. The company also has six plants in the GCC, namely in Bahrain, Oman, Qatar and Saudi Arabia, which it operates through its affiliates and subsidiaries.

Re-Certifications highlight company’s commitment to international best practicesAbu Dhabi: 24 June 2012 – National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based district cooling utility company, has achieved the renewal of three ISO certifications for its management policies and procedures relating to its environmental practices, services quality and employee health and safety.The three certifications, which are reviewed by external audits every three years include ISO 9001:2008 (Quality Management System), which demonstrates the company’s ability to consistently provide a quality of service that meets its customers’ requirements; ISO 14001:2004 (Environmental Management System), which assesses the company’s environmental practices; and OHSAS 18001:2007 (Occupational Health and Safety Management System), which measures the company’s compliance with various health and safety regulations and promotion of employee health and well being.Tabreed received its re-certifications after an extensive assessment carried out by Intertek International Limited, a leading global ISO accreditation company.  The certification process included a comprehensive audit of Tabreed’s district cooling plants’ operations rooms, corporate headquarters as well as its management policies and procedures.  The audit also entails an annual review to ensure the company continuously abides by international best practices going forward.Sujit Parhar, Tabreed’s CEO, said: “This is a great achievement for Tabreed and is a direct result of the high standards of the systems we have embedded in the company as well as the hard work and professionalism of our employees.”“The re-certification recognizes the importance Tabreed attributes to responsible and effective management systems, and the benefits they in turn create for our customers, society and employees.  For over a decade, we have maintained our commitment to international best practices, and as the partner of choice for the UAE’s leading private and government institutions, it is vital that we ensure that these high standards are implemented across our organization.”Andrew Cunningam, General Manager, Intertek International Limited, added: “Tabreed has continued to demonstrate its adherence to international best practices and I’m pleased to announce that, after a thorough assessment of the company’s various management systems, we have renewed Tabreed’s ISO certificates for another three years.”“It is crucial that in an increasingly global economy, companies continue to adopt international best practices in order to deliver the highest standards of services to their various stakeholders.”Tabreed has a strong track record of implementing international best practices in a number of areas across its organization.  The company attained its first ISO certification in 2002, and has successfully achieved re-certification thereafter in 2005 and 2008, as per the ISO certification cycle.ISO certification is an internationally recognized standard that ensures vital features such as quality, health, safety, reliability, and efficiency are present in an organization’s operations.

Total installed capacity at the plant, the largest district cooling plant in Al Ain, expanded to over 18,000 RTAbu Dhabi: 16th May 2012 – National Central Cooling Company PJSC “Tabreed”, the Abu Dhabi-based district cooling utility company, announced today the completion of the expansion of its district cooling plant in Al-Ain. The plant, which serves the UAE University, now has a total installed capacity of over 18,000 RT and has been expanded to meet the university’s forecasted demand during the summer.Sujit S Parhar, Tabreed’s CEO, said: “We are delighted to support the UAE University in expanding the world-class education infrastructure it offers its students.  This expansion will increase the year-round energy-efficient, cost-effective and reliable cooling solutions that Tabreed supplies to the university and demonstrates our commitment to meeting our customers’ cooling needs.The expansion of the Al-Ain plant increases Tabreed’s installed capacity in the UAE to 603,441 RT and connected capacity to 561,297 RT.

Chilled water profit margins increased to 38% driven by improving operating efficienciesNational Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based district cooling utility company, released its 2012 first quarter consolidated financial results today.   The company is delivering on its strategy of expanding its chilled water business and reducing the contribution of its value chain business, while simultaneously lowering operating costs and improving operational efficiencies.Financial Highlights – Three months ended 31 March 2012Net profit attributable to the parent increased by 15 per cent to AED 36.8 million (Q1 2011: AED 31.9 million)Chilled water revenue increased by 5 per cent to AED 193.2 million (Q1 2011: AED 183.5 million)Group revenue declined by 11 per cent to AED 219 Million (Q1 2011: AED 245.5 Million) in line with expectations as the company continues to phase out the non-core businesses and focus on the core chilled water businessChilled water profits from operations increased by 29 per cent to AED 73.2 million (Q1 2011: AED 56.7 million)EBITDA of AED 105.5 million, a 12 per cent increase (Q1 2011: AED 94.6 million)Operational Highlights – Three months ended 31 March 20121 new plant came online during the first quarter10,000 RT capacity addedGroup’s installed capacity across the region has reached 759,125 RT and connected capacity remains at 703,176 RTInstalled capacity in the UAE has reached 597,325 RT and connected capacity remains at 555,181 RTWaleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “Our performance in the first quarter of 2012 builds upon last year’s achievements in establishing Tabreed as a stable utility business. I am pleased Tabreed recorded increased operating and net profit while delivering on its strategy of focusing on its core chilled water business. Looking ahead Tabreed will continue to grow by delivering its scheduled build-out program.”Sujit S. Parhar, Tabreed’s CEO, said: “Due to our continued cost control and improved organizational efficiencies, operating costs declined 25 per cent and operating profit increased 14 per cent compared to the same period last year.  Net finance costs were notably lower reflecting our stable and improved capital structure.”Parhar added: “A 12 per cent increase in EBITDA reflects the strong cash generation the business is capable of and we remain focused on delivering long-term, sustainable value for our stakeholders.”Tabreed currently has 59 plants in the United Arab Emirates, with a number of additional projects in Bahrain, Oman, Qatar and Saudi Arabia.

New plant represents a significant investment with a capacity of 10,000 RT as Tabreed continues to deliver on its scheduled build out programAbu Dhabi: 15 March 2012 – National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based district cooling utility company, has inaugurated its second district cooling plant in the Emirate of Ajman.  The new plant, located close to the Ajman Corniche, has a capacity of 10,000 RT and will supply chilled water to local customers.Sujit Parhar, Tabreed’s CEO, said: “The new plant in Ajman will provide year-round, energy efficient, cost-effective and reliable cooling to the local community.  We are proud to open the plant and commence the supply of chilled water to our customers.”“Over the years, we have demonstrated our ability to remain the partner of choice for the UAE’s leading private and government institutions and I am confident this new plant will play an important role in enabling the economic growth of the Emirate,” Parhar added.The new plant in Ajman expands Tabreed’s installed capacity in the UAE to 597,325 RT and increases the total number of district cooling plants fully owned and operated by the company and those operated through affiliates to 59.The new Ajman plant forms part of Tabreed’s scheduled build-out program.

The Board of Directors of National Central Cooling Company PJSC (the “Company”) is pleased to invite the shareholders of the Company to attend the Annual General Assembly meeting, to be held on Monday, 26 March 2012 at 5:30 pm at the Rotana Beach Hotel – Al Thuroya Ballroom Abu Dhabi, to discuss and resolve the items:Consider and approve the report of the Board of Directors on the Company’s activities and its financial position for the year ended 31 December 2011.Consider and approve the report of the auditor on the Company’s financial position for the year ended 31 December 2011.Consider and approve the Company’s balance sheet and profit and loss accounts for the year ended 31 December 2011.Absolve the Directors and the auditors of liability for the year ended 31 December 2011.Appoint the Company’s auditors for the year ending 31 December 2012 and determine their remuneration. Remarks:Each shareholder who is registered in the Company’s share book on 25 March 2012 is entitled to attend the Company’s Annual General Assembly Meeting and may authorize another person (other than a member of the Company’s Board of Directors) to attend the above mentioned meeting on behalf of the shareholder pursuant to a proxy (as per the approved form sent to shareholders) provided that the representative does not hold in such capacity more than 5% of the Company’s share capital  The proxy form must be submitted and delivered to the Securities Services Department at National Bank of Abu Dhabi, P.O. Box 6865, Abu Dhabi or delivered to the Company’s headquarters not less than two days prior to the date of the meeting.  Only original proxies will be accepted.In the event a quorum for the meeting is not achieved, the Annual General Assembly meeting will be adjourned until 4 April 2012 at the same time and place.Where the necessary quorum is not achieved, all duly completed proxy forms shall continue to be valid and in full force for any adjourned meeting unless revoked by the relevant shareholder by notice to the Securities Services Department at the National Bank of Abu Dhabi at least two days prior to the relevant adjourned meeting.Copies of the Company’s financial report for the year ended 31 December 2011 are available at the main office of the Company during regular office hours, on the Company’s website http://www.tabreed.com and at the meeting venue upon registration.Chairman of the Board

Group’s total installed capacity across the region reaches 749,125 RTNational Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based district cooling utility company, released its 2011 unaudited full year financial results today.  The company delivered a strong operating performance driven by its core chilled water business.  New plants and customer connections, combined with improved organizational efficiencies, increased net profit (attributable to ordinary equity holders of the parent) by 34 per cent to AED 182.7 million, up from AED 136.8 million in 2010.Financial Highlights – Twelve months ended 31 December 2011Group revenue for the year increased by 9 per cent to AED 1,114.6 million (2010: AED 1,023.7 million)Net profit increased by 34 per cent to AED 182.7 million (2010: AED 136.8 million)Chilled water revenue for the year increased by 25 per cent to AED 943.8 million (2010: AED 753.3 million), while chilled water profit increased 37 per cent to AED 274.4 million (2010: AED 200.3 million)Debt to equity ratio  decreased to 0.93 (2010: 3.15)EBITDA of AED 434.7 million, a 18 per cent increase (2010: AED 368.2 million) On 1 April 2011, Tabreed successfully completed its recapitalization program, putting in place a stable capital structure and enabling the company to settle its 06 Sukuk in full upon maturityOperational Highlights – Twelve months ended 31 December 201111 new plants came online during 201145,800 RT capacity added during the year – an 8 per cent increase from 201078,115 RT new connections achieved in 2011 – 16 per cent increase from 2010Installed capacity in the UAE has reached 587,325 RT and connected capacity 555,181 RTGroup’s installed capacity across the region has reached 749,125 RT and connected capacity 703,176 RTWaleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “Our full year performance, in particular our revenue growth and significantly increased profitability, demonstrates the success of our strategy of focusing on the chilled water business, improving operational efficiencies and applying stricter cost discipline across the business.  Our strategy will remain constant in the year ahead as we complete our build-out program and build upon the notable achievements of 2011.Our stakeholders recognize district cooling as a vital utility because of the energy efficient, cost effective and reliable cooling it provides.  As the partner of choice for leading institutions, Tabreed will capitalize on future demand for cooling that will be driven by the continued investment in and diversification of the Abu Dhabi and other regional economies.”Sujit S. Parhar, Tabreed’s CEO, said: “As these results demonstrate, Tabreed has a solid fundamental business model driven by its core chilled water business, underpinned by its strict cost discipline and continuously improving organizational efficiencies.During 2011, we successfully completed the construction of 11 plants, eight for the Dubai Metro Green Line, which has increased our total connected capacity in the UAE to 555,181 RT. With 95 per cent of our total capacity contracted through long-term contracts with customers, Tabreed is now well positioned to continue to deliver sustainable and recurring revenues and profits.”Full Year 2011 Highlights:Chilled WaterTabreed’s chilled water division, the key driver for the business, delivered further growth in revenues and profits. Revenues increased 25 per cent to AED 943.8 million while gross profit increased 27 per cent to AED 406 million.  Profits from operations registered a 37 per cent increase to AED 274.4 million.  EBITDA, an indicator of cash flow generation, increased to AED 401.4 million against AED 296.1 million from the previous year 2010.

Successfully completes 11 new district cooling plants in Q3 2011National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based district cooling utility company, released its unaudited consolidated third quarter financial results today.  The company registered a robust operational performance driven by its chilled water business.  New customer connections and continued cost discipline drove the growth in profit during the period.Financial Highlights – Nine months ended 30 September 2011Group revenue Year to Date (YTD) increased by 10 per cent to AED 842.0 million, compared to AED 763.3 million for the same YTD period in 2010Net profit YTD increased by 12 per cent to AED 129.8 million, compared to AED 115.7 million for the same YTD period in 2010Economies of scale and cost discipline improved gross profit margins to 41 per centChilled water revenue YTD was AED 712 million, a 26 per cent increase over the same YTD period in 2010Whilst earnings compared to 2010 have increased, as expected, with the increase in share capital from 243,380,000 to 659,063,000 (from the settlement of the 2008 Sukuk) and the inclusion of the AED 1.7 billion Mandatory Convertible Bond and the AED 825 million from the Subordinated Bridge Loan, Earnings per Share reduced from AED 0.31 to AED 0.07 over the same period in 2010Debt to equity ratio now stands at 0.97, as compared to 3.11 as at the same period last yearEBITDA of AED 323.7 million, a 23 per cent increase over the same YTD period in 2010Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said:“As these results demonstrate, Tabreed continues to improve its performance, with revenue and net profit increasing throughout the year.  The Company is well positioned to deliver consistent value.Operationally, Tabreed has delivered a number of vital projects during this period and will continue to benefit from improved operational efficiencies and economies of scale.  Tabreed’s track record and experience of successfully delivering pioneering projects makes it a vital partner in developing our region’s infrastructure and supporting our economic growth.”Sujit S. Parhar, Tabreed’s CEO, said:“Tabreed’s business model is anchored in long-term, profitable contracts, many of which are with UAE government entities, thus ensuring strong cash generation well into the future. Today’s results demonstrate the underlying strength of our business, and Tabreed’s ability to deliver shareholder value from its projects. With our stronger balance sheet, we have cash available to fund the completion of our existing projects and continue to focus on growing our core chilled water business.”Q3 2011 Highlights:Chilled WaterTabreed’s chilled water division remained the key driver for the business, delivering further growth in revenues and profits – revenues increased 26 per cent to AED 712 million while gross profit increased 34 per cent to AED 305 million, as compared to the same period in 2010.  Profits from operations registered a 54 per cent increase to AED 212 million and gross margins increased to 43 per cent, compared to 40 per cent in the same YTD period last year.  EBITDA, an indicator of cash flow generation, increased to AED 299 million against AED 206 million in the same YTD period last year.This performance was driven by new customer connections as well as 11 new plants  which have come online during the quarter. Progress on the capacity build-out program continued with 36,200 RT (gross) of capacity coming online in Q3 2011, of which the Dubai Metro Green Line accounted for 8 plants and a capacity of 20,400 RT.Value Chain BusinessIn line with the company’s strategy to reduce the contribution of its value chain business and to focus on the core chilled water business, revenues stood at AED 130 million and gross profits at AED 40 million for the period as Tabreed’s current capital spending program draws to a close. 0-03

Q2 net profits up 37% from Q1 as chilled water business drives strong growthQ2 net profits up 37% from Q1 as chilled water business drives strong growthNational Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based utility company, released its consolidated second quarter financial results today. The company has registered robust performance from operations demonstrating the strength of its core chilled water business. Compared to the first quarter of 2011, group revenues grew 17 per cent to AED 286.6 million, while gross profits increased 15 per cent to AED 117.3 million. A reduction of AED 25m in finance costs as a result of the closure of the recapitalization program contributed to net profits increasing 37 per cent to AED 43.8m.Financial Highlights – First half 2011 ended 30 June 2011Total revenue increased by 14 per cent to AED 532.2 million, compared to AED 465.1million in the same period in 2010Gross profit increased by 22 per cent to AED 219.3 million, compared to AED 180.1 million in the same period in 2010Chilled water revenue for the period was AED 425.6 million, a 29 per cent increase over the same period in 2010Utility efficiency gains and growth in scale have led to gross profit margin of 45 per cent and 102 per cent growth in profit from operations over H1 2010; EBITDA of AED 187 million – a 63 per cent increase over the same period in 2010US$ 200m Sukuk 06 repaid on maturity on 20th July 2011Whilst earnings remained comparable to the same period in 2010, as expected, with the increase in share capital from 243,380,000 to 659,063,000 (from the settlement of the 2008 Sukuk) and the inclusion of the AED 1.7 billion Mandatory Convertible Bond, EPS reduced from AED 0.21 to AED 0.06 over the same period in 2010Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman said:“An increased contribution from the company’s core chilled water business, a strong balance sheet, and full repayment, on maturity, of the US$ 200 million Sukuk all demonstrate that we continue to make good progress in the current year. Our focus remains on delivering financial and operational growth across the company, while maintaining a conservative balance sheet, creating sustainable value for shareholders.”Sujit S. Parhar, Tabreed’s CEO, said:“Our strong results prove Tabreed’s cash-generating capabilities. Our strategy of developing the business for the longer term by focusing on the core business of chilled water is paying off – this business segment has contributed over 90 per cent of the total EBITDA in H1 2011. Our diversifiedcustomer base, long-term contracts, stable cost structure and strengthened corporate governance ensure that we are well positioned to deliver on our stated business plan.”First Half 2011 Highlights: Chilled WaterTabreed’s chilled water division delivered robust revenues and profits – revenues increased 29 per cent to AED 425.6 million, while gross profit increased 54 per cent to AED 190.6 million. Profits from operations registered a 102 per cent increase to AED 129.8 million and operating margins increased 31 per cent, compared to 19 per cent in the same period last year. This is largely driven by the inclusion of five new plants which have come online since H1 2010 and new customer connections. Progress on the capacity build-out program continued with 10,000 RT coming online in Q2 11, following the completion of two plant expansions. Total installed cooling capacity increased to 551,525 TR across 49 plants. 13plants currently remain under construction, including eight plants for the Dubai Metro Green Line.Value Chain BusinessIn line with the company’s strategy to focus on its core chilled water business, the contribution from the value chain businesses continued to decline as a result of Tabreed’s current capital spending program drawing to a close. Revenues stood at AED 106.7 million and gross profits at AED 28.7 million.

Settlement of AED 735m Follows Successful Completion of Recapitalization ProgramNational Central Cooling Company PJSC (‘Tabreed’), the world’s leading district cooling company, announced today that it has repaid in full its 06 Sukuk.  The repayment follows the completion of the Company’s recapitalization program on 1 April 2011.The total amount paid today to certificate holders of the 06 Sukuk is AED 735 million.Waleed Al Mokarrab Al Muhairi, Chairman of Tabreed said:“The strong capital structure that was put in place with the recapitalization program underpins Tabreed’s long-term growth potential.  The repayment of the 06 Sukuk today was contemplated in our structuring of the recapitalisation program and improves the Company’s overall financial position.”The Sukuk 06 was launched in July 2006 and matured today, 20th July 2011.

National Central Cooling Company PJSC (‘Tabreed’),  the Abu Dhabi-based utility company, today announced that it has completed the tender offer in relation to its 08 Sukuk by way of delivery of the relevant shares. This announcement follows the regulatory approval given by the UAE Ministry of Economy on 17th May 2011 approving its planned capital increase in relation to its 08 Sukuk, and the earlier approval by 08 Sukuk holders for Tabreed’s tender offer as disclosed by Tabreed on 28th  March 2011.The Company’s tender offer for the 08 Sukuk formed a part of Tabreed’s recapitalization program – approved by Tabreed shareholders on 30th May 2010 and which completed on 1st April 2011.  The completed recapitalization program provides the Company with a stable capital structure and long-term funding for future growth