Istithmar Revises Offer to Acquire Barneys New York for USD 900 Million

Istithmar PJSC, a leading private equity and alternative investment house headquartered in Dubai, announced today that it has revised its offer to acquire Barneys New York, the luxury specialty retailer, from Jones Apparel Group Inc. at a purchase price of USD 900 million and under competitive terms in the share purchase agreement. If this offer is not accepted Istithmar is entitled to our break-up fee of USD 22.7 million.

About Istithmar:

Istithmar is a private equity and alternative investment house headquartered in Dubai, the United Arab Emirates, with offices in Shanghai and New York. Established in 2003, it is 100% owned by Dubai World which in turn is wholly owned by the Government of Dubai. In the three years since its inception, Istithmar has invested in over 30 companies in three sectors-consumer, industrial and financial services — deploying in excess of $1.6 billion of capital. Istithmar’s ‘I’ Investment Philosophy is based around three core principles-Ideas, Inquiry and Integrity-and is the foundation on which the firm has established a broad portfolio of highly successful investments in the markets from North America and Europe to Asia and the Middle East. http://www.istithmar.ae

For further information, please contact:

Hwee-Suan Ong or Mohamed Tahboub
PanGulf PR,
Tel: +9714-295-3456
Fax: +9714-295-1027
E-mail: Hweesuan {at} batespangulf(.)com or mohamed {at} batespangulf(.)com