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The Egypt Investment Company Limited THE EGYPT INVESTMENT COMPANY LIMITED INTERIM REPORT 30 JUNE 2012 (UNAUDITED) The Egypt Investment Company Limited Interim Report For the period ended 30 June 2012 Directors 1 Management and Administration 3 Report of the Investment Manager 4 Investment Portfolio 8 Financial Statements: Profit and Loss Account 10 Balance Sheet 11 Notes to the Financial Statements 12 THE EGYPT INVESTMENT COMPANY LIMITED DIRECTORS Pierre C.A de Blonay (Chairman) Mr. de Blonay started his professional career in 1960 with Swiss Bank Corporation in London. In 1972, he joined Kidder, Peabody in Switzerland as an equity salesman. In 1980, he was elected Managing Director in charge of sales and asset management operations. He resigned in 1994 as Kidder, Peabody was taken over by PaineWebber and established himself as an independent financial consultant and money manager. Today, Mr. de Blonay is a member of the Board of a number of financial institutions including: - Banque Audi (Suisse) S.A. Geneva - Banque Baring Brothers Sturdza S.A. Geneva - Banque Paris, Bertrand, Sturdza S.A. Geneva - The Egyptian Growth Investment Company - The Concord Group International Funds - The Nile Growth Company - Castle Property Company - IREF Global Holdings (Bermuda) Ltd. - IREF Australia Holdings (Bermuda) Ltd. Mahmoud Abdel Aziz Mr. Abdel Aziz retired as Chairman & Managing Director of Commercial International Bank (Egypt) (CIB) in August 2002. Mr. Abdel Aziz headed the team responsible for setting strategic decisions that made CIB one of the leading private banks in the region. Since his graduation from Cairo University, Faculty of Commerce in 1961, he has worked in the field of banking. He was promoted to various positions at the Bank of Alexandria (previously known as Barclays) and the Central Bank of Egypt. He joined the National Bank of Egypt in 1977. He was also elected as the Chairman of the Bank’s Association of Egypt 1991-2000 in the same period he was the Chairman of the National Bank of Egypt. He was the first Egyptian to be elected as the Chairman of the Union of Arab Banks in 1992, being appointed for three consecutive terms. Mr. Abdel Aziz’s achievements in the Arab world have qualified him for many prizes. He was awarded the prize of the Banker of the year in 1994, according to a poll by World Today (Al Alam Al Youm) Newspaper; awarded the Banker’s lifetime Achievement Award for 1997 granted by the Arab Bankers’ Association of North America, Member of the International Who’s Who of Professional Organisations in 1998 and Foreign Manager of the Year 1999, awarded by Mannheim University (unternehmer Forum, Management Berater and VWD). He was made the Arab Banker of the year in 2000 by the Union of Arab Banks. During Mr. Abdel Aziz’s tenure as Chairman & Managing Director of CIB, the bank was awarded the prize of the Best Bank in Egypt for the Middle East Region & Africa for 6 consecutive years to the year 2000 by “Global Finance” and was awarded Best Bank in Egypt by EUROMONEY for 8 years. The Financial Times nominated the bank for the award of the year in September 2001. Peter Harwood (resigned with effect from 30 June 2012) A resident of Guernsey, he is an Advocate of the Royal Court of Guernsey and was a partner of Ozannes in Guernsey from 1983 to 2009, he remained as a consultant with Mourant Ozannes until December 2011. He was formerly Chairman of TSB Bank Channel Islands Limited and is a non-executive director of several listed investment funds. Mr Harwood was elected as a Deputy, and subsequently appointed as Chief Minister, of the States of Guernsey in May 2012. Nigel Melville Nigel Melville was Executive Chairman of Emtelle Holdings, a leading supplier of fibre optic cabling systems to the telecommunications sector, between 1996 and 2008.He is a director of a number of other public and private companies. Between 1972 and 1995, he was an investment banker with Barings, latterly as director responsible for international corporate finance. In 1995 he established Melville Partners to provide strategic consultancy to a range of international companies. 1 THE EGYPT INVESTMENT COMPANY LIMITED DIRECTORS Mohamed Saleh Younes Mohamed S. Younes is the Chairman of Concord International Investments Group, LP. From July 1977 to December 1979 Mr. Younes was President of Industrial Holdings Limited in New York. Prior to that he was Head of International Corporate Finance and a member of the Board of Directors of Kidder, Peabody & Co. Incorporated. From December 1979 to February 1987 he was Chairman and Chief Executive of Kidder, Peabody International Limited. He has served on a number of advisory committees on securities-related issues, including the Advisory Committee on International Capital Markets to the Board of the New York Stock Exchange and the International Capital Committee of the Securities Industry Association, New York. He also served on the board of Euroclear Clearance Systems (Zurich), Baring Brothers (London) and UBAF Arab Bank (New York). Mr. Younes was a member of the board of Directors of the Central Bank of Egypt and of Al Borg Laboratory Limited. He is Vice Chairman of Pioneers Holding Company. He is also a member of the boards of Directors of IT Investments, Coral Growth Investments Limited, The Egyptian Growth Investment Company Limited, Egyptian Direct Investment Fund Limited, The IT-Concord-Misr Technology Venture Capital Fund Limited, Al Borg Laboratory Limited, Lecico Egypt, Bisco Misr and Coral Growth Investments (Parallel) Limited. Mr. Younes is also a member of the US-Egypt Business Council. Frederick H.S. Allen Frederick Allen is an independent consultant focused on international affairs and on international cultural projects. He also advises financial institutions and corporations on the creation or restructuring of advisory boards. Mr.has Allenalso advisedwas first corporationsemployed by andMorgan financialGuaranty institutionsTrust onCompany the creationin 1960,or restructuringjoined that ofbank advisoryon a boards.full-time basis in 1963, and retired from J.P. Morgan Chase & Co. in 1999 ; he remained a consultant to that firm until 2009 as Executive Secretary of its International Council, a position previously held at JPMorgan since 1982. Other responsibilities at JPMorgan included Assistant to the Chairman (1976-81); cultural sponsorships; corporate communications, public affairs and press relations, and Middle East representative in Beirut. He was twice based in Paris, and was a director of J.P. Morgan (Suisse) in Geneva. Mr. Allen has served on the boards of various cultural and academic institutions and is currently on the Metropolitan Museum of Arts' Business Committee, the Morgan Library and Museum's Music Visiting Committee, and a board member of the American Foundation for the Paris School of Economics. All the Directors are non-executive. 2 THE EGYPT INVESTMENT COMPANY LIMITED MANAGEMENT AND ADMINISTRATION Investment Manager Independent Auditors Concord National (Cayman) Limited Ernst & Young LLP C/o Wardour Management Services Limited Royal Chambers Alamander Way St Julians Avenue Grand Pavilion St Peter Port PO Box 10147 Guernsey Grand Cayman GY1 4AF Cayman Islands KY1-1002 Administrator, Secretary, Registrar and Channel Islands Stock Exchange Sponsor Legal Advisers Butterfield Fulcrum Group (Guernsey) Limited Mourant Ozannes 2nd Floor 1 Le Marchant Street Regency Court St Peter Port Glategny Esplanade Guernsey St Peter Port GY1 4HP Guernsey GY1 3NQ Custodian HSBC Bank, Cairo PO Box 126D, Zamalek Cairo Egypt Registered Office 2nd Floor Regency Court Glategny Esplanade St Peter Port Guernsey GY1 3NQ 3 THE EGYPT INVESTMENT COMPANY LIMITED REPORT OF THE INVESTMENT MANAGER Economic Overview and Recent Developments Egypt’s long anticipated free presidential elections took place in May (first round) and June. The results were contested and following an extensive judicial review, were announced in favour of Mohamed Morsi on June 24th. President Morsi secured 51.7 per cent. of the 25.6 million votes cast. In late July, President Morsi appointed the previous cabinet’s Minister of Water Resources and Irrigation, Hesham Kandil, as Prime Minister. A new cabinet was formed following the appointment with little change in the key finance and foreign affairs ministries. The parliament that was elected in late 2011 was dissolved on the basis of being unconstitutional and it is anticipated that a new parliament will be elected in the coming months. Constitutional reform is also in progress and it is hoped that the new constitution will be finalized before the end of the year. At 1.8 per cent. for the first nine months of 2011/2012 (9 months 2010/2011: 2.3 per cent.), GDP continues to grow at a rate significantly lower than recent historical averages. The current account balance deficit reached USD 6.4 billion in the first nine months of fiscal year 2011/2012 as compared with USD 4.7 billion at the end of the previous fiscal year. The balance of payments ran an overall deficit of USD 11.2 billion in the first nine months of fiscal year 2011/2012, a deterioration from its USD 8.0 billion level in the first half of 2011/2012. An overall balance of payments deficit of USD 5.5 billion was witnessed in the first nine months of 2010/2011. The budget deficit reached 4.7 per cent. of GDP in the first half of 2011/2012 as compared to 9.5 per cent. for the full fiscal 2010/2011 year. Foreign debt decreased to 12.8 per cent. of GDP in the first nine months of fiscal year 2011/2012 as compared with 15.2 per cent. of GDP during the first nine months of 2010/2011. Domestic debt increased to 75.4 per cent. of GDP as at March 2012 from 72.7 per cent. as at March 2011. The average inflation rate declined to 9.55 per cent.
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