Cleary Gottlieb represented Istithmar PJSC and its subsidiary, Istithmar Media Investments (IMI), in IMI’s acquisition of $2 billion in participation notes due 2007 from UBS AG. The notes provide IMI with a derivative economic participation in Time Warner, Inc. common stock by providing IMI with cash payments that will be linked to the common stock’s market value. In addition to the participation notes, UBS AG concurrently issued $2 billion in mandatory exchangeable notes due 2007, which are exchangeable into Time Warner common stock.