Enmaa Financial Services Commitment To Excellence Teaser Dec 2009 Strictly Private and Confidential This report is solely for the use of client personnel. No part of it may be circulated, quoted, or reproduced for distribution outside the client organization without prior written approval from Enmaa

EDIT – December 2009Enmaa Financial Services Strictly Private and Confidential Executive Summary The company presented in this teaser- EDIT- is a touristic real estate developer that owns a hotel in Hurghada and a villa compound in Sharm El Sheikh. After facing cash management difficulties EDIT was acquired by its prime lender- Arab Land bank, which rescheduled the company’s outstanding debt, and EDIT is now comfortably settling down its installments. This presentation focuses on EDIT’s property in Hurghada, the Hilton Long Beach, a hotel which is managed by one of the most renowned hotel chains in the world- Hilton Worldwide. The hotel is primly located 14-minutes away from Hurghada International Airport and boasts an impressive 1,200 yard private beach front. Hilton long Beach maintains an average occupancy rate of 80% for its 912 rooms, with a RevPar 1 of $40 and average room rate of $50 in 2008, comparable to Hurghada city averages. The hotel achieved a 10% growth in sales during and generated net sales of EGP 134 MM in It generated net income of EGP 56.3 MM and EGP 56.7 MM to its owners in 2007 and 2008, respectively. It should be noted that the Commercial International Bank in November 2009 made an offer to buy EDIT’s debt (LE200MM as of Q32009), The Arab Land bank is seeking a financial or strategic partner to buy a majority or minority stake in the Hilton Long Beach, since it does not fall under the bank’s core businesses. 1 revenue per available room

EDIT – December 2009Enmaa Financial Services Strictly Private and Confidential El Akary for Tourism Development Company (EDIT) Introduction Transaction Assets EDIT’s main property is a four star hotel in Hurghada, the Hilton Long Beach EDIT also owns A land behind the Hilton Long Beach of 59,705 m 2,,which can be used for a real estate project A compound of 5 villas in Sharm El Sheikh overseeing the golf course, with a total land size area of 3,500 m 2 and built up area of 550 m 2. EDIT’s main property is a four star hotel in Hurghada, the Hilton Long Beach EDIT also owns A land behind the Hilton Long Beach of 59,705 m 2,,which can be used for a real estate project A compound of 5 villas in Sharm El Sheikh overseeing the golf course, with a total land size area of 3,500 m 2 and built up area of 550 m 2. The Arab Land Bank is offering in this presentation the Hilton Long Beach for strategic or financial investors, but is also flexible to divest the other assets, namely the land in Hurghada or the villa compound in Sharm El Sheikh Al Akary for Tourism Development Company (EDIT) is a joint stock company established in 1982 with a paid in capital of EGP 2,708 MM with investments in real estate and tourism developments. The company was acquired recently by its prime lender the Arab Land Bank Al Akary for Tourism Development Company (EDIT) is a joint stock company established in 1982 with a paid in capital of EGP 2,708 MM with investments in real estate and tourism developments. The company was acquired recently by its prime lender the Arab Land Bank

EDIT – December 2009Enmaa Financial Services Strictly Private and Confidential Hilton Long Beach Overview Location Establishment 2003 Sahl Hashish Road, Hurghada, Egypt 67 Strategic location- 14 minutes away from Hurghada Airport and 13 miles away from Hurghada Down Town. Sahl Hashish Road, Hurghada, Egypt 67 Strategic location- 14 minutes away from Hurghada Airport and 13 miles away from Hurghada Down Town. Land Size 353,495 m 2 Recreational Facilities Premium Health Club 2 Squash courts 4 Tennis Courts 7 Swimming Pools Premium Health Club 2 Squash courts 4 Tennis Courts 7 Swimming Pools Commercial Facilities Commercial Facilities Board room accommodating 80 people for conferences and meetings. Roman Theater Commercial Shops Cyber Café Disco Children entertainment centre Board room accommodating 80 people for conferences and meetings. Roman Theater Commercial Shops Cyber Café Disco Children entertainment centre

EDIT – December 2009Enmaa Financial Services Strictly Private and Confidential Hilton Long Beach Rooms A total of 912 rooms broken down into: Building Type TypeNo. of Rooms Main Building Double234 Suite12 Family Building Double119 Villas Double59 Queen488 All rooms include large balconies or terraces that have either a sea or a garden views. Rooms are equipped with mini bars, satellite TV, international telephone, radio and private services and high speed Internet Access. All rooms include large balconies or terraces that have either a sea or a garden views. Rooms are equipped with mini bars, satellite TV, international telephone, radio and private services and high speed Internet Access. In 2008 room revenues grew by 14% and its contribution to total revenue was around 57%. The average room rate/ night was $ 50 Historically, the average occupancy of the hotel is approximately 80% In 2008 room revenues grew by 14% and its contribution to total revenue was around 57%. The average room rate/ night was $ 50 Historically, the average occupancy of the hotel is approximately 80%

EDIT – December 2009Enmaa Financial Services Strictly Private and Confidential Hilton Long Beach Food & Beverage Egyptian Marhaba Lotus Al Dente Italian International In 2008 Food and Beverage revenues represented the second largest stream from total HLB revenues, by a contribution of 33.5 % Three classy restaurants Five bars Water Pipe Café Tea garden In 2008 Food and Beverage revenues represented the second largest stream from total HLB revenues, by a contribution of 33.5 % Three classy restaurants Five bars Water Pipe Café Tea garden

EDIT – December 2009Enmaa Financial Services Strictly Private and Confidential Hilton Long Beach Financial Highlights (EGP 000) Net Revenues113,745122,080131,350 Direct Cost of Sales30,87732,87138,069 Operating Profit62,37266,80767,567 Net Income52,61956,35056,705 Accounts Receivables17,33521,16420,004 Total Current Assets44,52449,72246,654 Due to Affiliates15,24815,39715,363 Other Current Liabilities29,27634,42631,290 Hilton main management fees are based on 2% from annual revenues. Hilton receives additional incentive fees as 8% from gross operating profit, in case the owner receives at least EGP 21 MM annually as income. Hilton main management fees are based on 2% from annual revenues. Hilton receives additional incentive fees as 8% from gross operating profit, in case the owner receives at least EGP 21 MM annually as income.

EDIT – December 2009Enmaa Financial Services Strictly Private and Confidential Hilton Long Beach Financial Highlights (Continued) EGP MM EGP

EDIT – December 2009Enmaa Financial Services Strictly Private and Confidential Historical Analysis Compared to Hurghada Average Source: HVS Middle Easy Survey 2009 Edition * Average room rate was estimated by Enmaa based on actual room revenue and estimated occupancy rate

EDIT – December 2009Enmaa Financial Services Strictly Private and Confidential EDIT Balance Sheet Highlights (Owning Company) (EGP 000)2008Q309 Net Fixed Assets342,139335,153 Projects under construction112,43312,875 Total Long term assets361,579351,735 Unearned revenue15,26611,048 Time Deposits20,0809,434 Total Current Assets40,92425,291 Total Assets402,503377,026 Provisions2,913 Current Portion LTD15,35916,744 Total Current Liabilities27,97423,798 Long Term Liabilities197,242184,455 Tax Liabilities7,736 Total Long Term Liabilities205,136192,314 Paid in Capital110,000 Retained Earnings55,71846,291 Shareholders Equity169,394160,914 Total Liabilities & Shareholders Equity402,503377,026

EDIT – December 2009Enmaa Financial Services Strictly Private and Confidential EDIT’s Debt Situation EDIT has entered into a 15 years mortgage agreement in July 2004 with Egyptian Arab Land Bank. Mortgage principal is EGP 206 MM, with an annual interest of 15% to be repaid on 60 quarter installments. In 31 December 2006, Egyptian Arab Land bank agreed to reschedule EDIT’s debt. The new agreement requires EDIT to repay 228 MM in 45 quarter installments with a 14% annual interest. In 11 November 2009 CIB offered to buy out the company’s outstanding debt from the Egyptian Arab Land Bank. The amount and magnitude of the offer are shown in the following schedule., with a total of USD 36.5 MM. Date USD 2010 January - April 1,136,042 July 1,147,402 October 1,158, January 1,170,465 April 1,182,170 July 1,193,991 October 1,205, January 1,217,991 April 1,230,171 July 1,242,472 October 1,254, January 1,267,446 April 1,280,120 July 1,292,922 October 1,305, January 1,318,909 April 1,332,098 July 1,345,419 October 1,358, January 1,372,462 April 1,386,187 July 1,400,049 October 1,414, January 1,428,190 April 1,442,472 July 1,456,897 October 1,471, January 1,486,181 Total 36,500,000