To: jeeprojectagyahoo.compeeprojectayahoo.com]
From: Sultan Bin Sulayem
Sent Wed 10/21/2009 1:33:31 PM
Subject: Fw:

Title: Fw:

— Original Message —
From: Sarah Lockic
To: Sultan Bin Sulayem; David Jackson - Istithmar
Sent: Wed Oct 21 09:22:21 2009
Subject: Re:

Sultan

This is appalling. We knew he was writing a piece and spent a lot oftime underlining the achievements ofDW and being assured you were not being singled out - that it was a piece about all 1111's lieutenants. Your insight into what is behind it is illuminating.

David will do a great job in damage control, and your work with NY Times and Telegraph in London is also vital. But a meeting with Murdoch would help prevent these before they even begin. Let's aim to set that up sooner rather than later.

Regards

S

----- Original Message -----
From: Sultan Bin Sulayem
To: David Jackson - Istithmar; Sarah Lockie
Sent: Wed Oct 21 02:45:43 2009
Subject: Fw:

## Dear david

I know who is behind this article it Nelson Peltz I refused to accept his offer for bamcys I think you should talk to sarah on how we can expose nelson maybe through Bloomberg or something we need to think about this but now nelson is hitting below the belt as you know nelson was behind all the barneys articles and he met Shaikh mohammed twice about bameys and sheikh mohammed asked him to meet me

—Original Message —
From: Sultan Bin Sulayem
To: Sarah Lockie
Sent: Wed Oct 21 01:21:15 2009

Dubai Inc. Needs Change at the Top• By ANDREW CRITCHLOW Faced with a continuing financial crisis of savage proportions. Dubai risks retreating into its past rather than facing up to its new reality. The Gulf emirate needs to radically overhaul its state-controlled companies if it is to overcome its S80 billion mountain of debt. Yet rather than seize the opportunity to introduce international standards ofgovernance and transparency, the people whose poor judgment led Dubai to the brink have kept their jobs. For western lenders with billions ofdollars still at stake, that is troubling.Take Dubai World, the conglomerate that has just been radically restructured after running up almost S60 billion of liabilities on an ill-judged acquisition spree. Its deals included buying struggling Madison Avenue retailer 13amcys for $800 million. investing in an $8.8 billion Las Vegas casino development and paying S100 million for the Queen Elizabeth II liner, which has since spent most of its time languishing in a Dubai dry dock.Dubai World has now cut its work force by 15% in an of to save $800 million over the next three years. Surprisingly, its senior managers remain in place, including Sultan bin Sulayem, the chairman who masterminded the expansion. That has disappointed bankers who fear that, unless senior managers are held more accountable, the mistakes of the past will be repeated.But holding senior Emirati officials like Mr. Sulayem responsible for their decisions will be tricky. The Sulaycm family's ties to Dubai's ruling Maktoums run deep. Mr. Sulayem's father was a key adviser to the family. The same is true ofmany other ofthe emirate's business leaders whose reputations have been damaged by the crisis.Wcstem lenders would rather sec experienced and suitably qualified

## Dear david (cont.)

executives running Dubai's companies with proper accountability to an independent board and creditors. Yet Dubai's ruler. Sheik Mohammed bin Rashid Al Maktoum, appears to be heading in the opposite direction, possibly handing more power to his sons after being let down by some ofhis key lieutenants. This could mean a bigger role in Dubai's corporate atlairs thr the popular but inexperienced 26-year-old Crown Prince I lainclan.Long term, Otis looks unsustainable. The scale of Duhai's financial woes means painful changes can't be resisted for long. If the easy credit of the past decade allowed officials like Mr. Sulayem to build Dubai World into a truly international company, <u>the next 10 cars will see banks</u> demanding greater transparency in return lbr capital.Write to Andrew Critchlow at

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★★★★★★★