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Solidarity Trust Services Limited

12 Aug 2003

We are pleased to have been appointed as Transaction Administrator for the inaugural issue backed by the Islamic Development Bank ("IDB"), a supranational financial institution set up by members of the Organisation of the Islamic Conference, which presently has fifty four member countries.

The Certificates, which are listed on the Luxembourg Stock Exchange, were issued through a Jersey based SPV, and are guaranteed by the IDB. The issue is rated AAA by Standard & Poor's Rating Services and AA by Fitch Ratings Ltd, the first such issue to achieve such ratings in the developing Islamic compliant sector.

The transaction was structured to be compliant with principles of Sharia'ah, i.e.Islamic law, and unlike earlier issues of this type involves multiple assets. The Certificates represent an entitlement to rights in a portfolio of assets originated by the IDB, and accrue profit at a fixed rate of 3.625%.

The IDB guarantees the performance of the assets and undertakes to buy them back upon maturity of the Certificates in 2008.

Corporate Trust

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