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Bayerische Landesbank ("BayernLB"), Emirates NBD PJSC ("Emirates NBD"), Intesa Sanpaolo S.p.A. ("ISP") and Sumitomo Mitsui Banking Corporation Europe Limited ("SMBCE") (the "Mandated Lead Arrangers" and :"Bookrunners") are pleased to announce the successful closing of a multi tranche Syndicated Term Loan Facility for Black Sea Trade & Development Bank (the "Borrower" or "BSTDB).

Despite difficult market conditions, the transaction was extremely well received in the market, with 27 banks joining the Mandated Lead Arrangers. The transaction achieved an impressive oversubscription of 261% over its launch amount of USD 90,000,000 to close at USD 325,000,000.

The Facility comprises of a USD 85,000,000 1 year tranche ("Tranche A") and a USD 240,000,000 2 year tranche ("Tranche B"). The Facility also includes a third 2 year tranche ("Tranche C") of EUR 20,000,000. Tranche C was not syndicated to the market.

The Facility pays a margin of 70bps p.a. for Tranche A and a margin of 100bps p.a. for Tranche B. Proceeds will be used by BSTDB to refinance its USD150,000,000 Syndicated Term Loan Facility dated 22 November 2007 and for general corporate funding purposes. The signing ceremony took place on 18th September 2008 in Thessaloniki, Greece.

Mr Mohammad Kamran Wajid, Global Head - Financial Institutions Emirates NBD commented "This transaction represents the first time that Emirates NBD has acted as an arranger on a financing for a Multilateral Development Bank.

The outstanding success of this transaction, in extremely difficult market conditions, not only underscores the credentials of Black Sea Trade and Development Bank as well as the strengths and capabilities of the arranger group, but is also a confidence booster and clearly highlights the fact that the markets are still willing to absorb transactions with good fundamentals despite the prevailing global uncertainty.

I believe that it is high time for the global financial fraternity to come together and work closely with each other on such confidence building measures in order to ease investor sentiment which has taken a severe battering in the wake of recent blood bath on Wall Street.

As the leading Middle Eastern arranger of debt capital market transactions, Emirates NBD will continue to act as the torch bearer in exploring sound and attractive investment opportunities across the globe and bringing these opportunities to the doorstep of our fellow investors".

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