Istithmar Revises Offer to Acquire Barneys New York for USD 942.3 Million

Istithmar Revises Offer to Acquire Barneys New York for USD 942.3 Million

August 09, 2007

    DUBAI, United Arab Emirates, Aug. 9 /Xinhua-PRNewswire/
-- Istithmar PJSC, the 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 942.3 million
and under competitive terms in the share purchase
agreement. If this offer is not accepted Istithmar is
entitled to a break-up fee of USD 34.7 million.

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    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
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