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Coral Growth Investments Limited CORAL GROWTH INVESTMENTS LIMITED ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 JANUARY 2009 TO 31 MARCH 2010 CORAL GROWTH INVESTMENTS LIMITED Contents Page Directors 1-2 Management and Administration 3 Investment Portfolio 4 Report of the Investment Manager 5-8 Directors' Report and Statement of Directors' Responsibilities 9-10 Independent Auditor's Report to the Members of Coral Growth Investments Limited 11 Balance Sheet 12 Income Statement 13 Reconciliation of Movement in Shareholders' Funds 14 Cash Flow Statement 15 Notes to the Financial Statements 16-29 CORAL GROWTH INVESTMENTS LIMITED Directors Peter Grant CBE (Chairman) Mr. Grant was Deputy Chairman of London Merchant Securities plc, and is Chairman of Egyptian Direct Investment Fund Limited, The Egypt Investment Company Limited and Coral Growth Investments (Parallel) Limited and is a Director of other companies. He retired as Chairman of Sun Life Corporation PLC in April 1995 and was previously with Lazard Brothers & Co, Limited 1952-88, Vice-Chairman 1983-85 and Deputy Chairman 1985-88. He retired as a Director of BNP UK Holdings Limited in April 2005. He was formerly a member of the council of the Institute of Directors and the Civil Aviation Authority and of the Industrial Development Advisory Board of the Department of Trade and Industry and Chairman of the Finance Committee of the British Red Cross. In 1997 he was named as a commander of the Order of the British Empire. Fahad Al-Rajaan Mr. Al-Rajaan is the Director General of the Public Institution for Social Security in Kuwait. He is also the Chairman of Ahli United Bank-Bahrain, Ahli United Bank (UK), Delta International Bank (Cairo) and Wafra Investment Advisory Group (New York). He is a director of National Industries Group (Kuwait). Mr. Al-Rajaan is a graduate of the American University in Washington D.C. In 1976 he started his career as manager of the “New Issues Department” of the Kuwait Investment Company. In 1981 he joined Kuwait Real Investment Consortium as Chairman and Managing Director. He held the position of Chairman of the Egyptian Gulf Bank (Cairo) and Deputy Chairman of the Industrial Bank of Kuwait (Kuwait). Mr. Al-Rajaan is a Director of Coral Growth Investments (Parallel) Limited. Richard Blum Richard C. Blum is Chairman and CEO of Blum Capital Partners, L.P., a private equity firm he founded in 1975. Mr. Blum and his partners invest in middle market, usually publicly traded companies. Blum Capital takes significant interests in publicly owned companies and then works cooperatively with management to pursue financial or business strategies that will enhance shareholder value over the long term. Blum Capital Partners, L.P. is based in San Francisco and has approximately US$4 billion of capital under management with 17 investment professionals. Mr. Blum is also co-Founder and co-Chair of TPG Capital L.P. ("TPG"). TPG, established thirteen years ago, is a pioneer in private equity in Asia, managing US$3.2 billion of capital. He also currently serves as Chairman of the Board of Directors of CB Richard Ellis Group, Inc., a global market leader real estate services firm. He is a director of Fairmont Raffles Holding International, Current Media, L.L.C., and is on the board of Myer Pty. Ltd. Mr. Blum has long had philanthropic interests, primarily focused on global poverty and education. He is Founder and Chairman of the American Himalayan Foundation (“AHF”), which was established 25 years ago. AHF has 170 projects providing vital healthcare, educational, environmental and cultural preservation throughout the Himalayan region. He is the Honorary Consul of Mongolia and Nepal. In 2006, with a US$15 million grant from Mr. Blum, the Blum Center for Developing Economies at the University of California, Berkeley, was established. The center fosters student interest in the developing world and in working on projects abroad. Four years ago, Mr. Blum founded the Global Economy and Development Center at The Brookings Institution and the Blum-Brookings Conference, to develop policy research strategy and to work on individual projects. Mr. Blum is now serving as the Chairman of the University of California Board of Regents. He is a trustee and a member of the executive committee of The Carter Center, founded by former President Jimmy Carter. In addition, he is currently on the Boards of The Wilderness Society and The California Academy of Sciences. Mr. Blum earned both his B.A. and M.B.A. from the University of California at Berkeley. In 2006 he received an honorary doctoral degree from the University of San Francisco’s McLaren College of Business. Mr. Blum is a Director of Egyptian Direct Investment Fund Limited and of Coral Growth Investments (Parallel) Limited. Ove Hoegh Mr. Hoegh is the former senior partner of Hoegh Invest A/S, a family owned company. Mr. Hoegh is a graduate of the Royal Norwegian Naval Academy and has an MBA from Harvard Business School. From 1966 to 1974 he was Managing Director of Leif Hoegh & Co A/S and from 1974 to 1979 was Chairman of the same company. Mr. Hoegh has served on the boards of a number of Norwegian companies and associations. He is a director of The Egyptian Growth Investment Company Limited and of Coral Growth Investments (Parallel) Limited. 1 CORAL GROWTH INVESTMENTS LIMITED Directors (continued) Bertrand Viriot Mr. Viriot was the Managing Director of the Saudi French Bank in Riyadh. This bank is a joint venture between the Crédit Agricole Indosuez and leading Saudi businessmen and is one of the most successful joint venture banks in Saudi Arabia. Mr. Viriot started his career in investment banking with Morgan Stanley & Co. in New York and joined the Suez Group in 1967 in Paris. In 1969 he became Director of Suez American Corporation in New York until 1973. He returned to Paris at that time with the Suez Group which had then become Crédit Agricole Indosuez. From 1973 to date, Mr. Viriot took senior assignments for Crédit Agricole Indosuez in Paris, New York and Hong Kong in 1987 when he became Senior Country Officer for the Group in Hong Kong and China. In 1993 Mr. Viriot spent a year as Senior Country Officer in the United Kingdom. From 1994 to 1997 he was Senior Country Officer for Australia and New Zealand based in Australia. Mr. Viriot is a graduate of the University of Paris and a graduate of the Paris Law School and Institute of Political Sciences. Mr. Viriot is a Director of Coral Growth Investments (Parallel) Limited. Mohamed Younes Mr. Younes is the Chairman of the Concord Group. 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 was appointed Chairman of the Concord Group in 1988 and concurrently served as Chairman of Baring Brothers & Co., Inc., the New York based corporate finance affiliate of Baring Brothers & Co., Limited, until 1992. Mr. Younes is a graduate of Cairo University and has a MBA from the Harvard Business School. He has served on the boards of Directors of Euroclear Clearance System, UBAF Arab American Bank, New York and Baring Brothers & Co. Limited, London. 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. Mr. Younes served two terms as a member of the Board of Directors of the Central Bank of Egypt. He was the Chairman of the International Advisory Board of the Cairo Stock Exchange and a founder and member of the board of directors of the Egyptian Investment Management Association. He is vice chairman and a director of Pioneer Securities and a member of the boards of directors of Bisco Misr, Lecico Egypt, Amoun Pharmaceuticals, IT Investments, The Egyptian Investment Company, The Egypt Investment Company Limited, The Egyptian Direct Investment Company Limited, Coral Growth Investments (Parallel) Limited, Castle Property Company Limited and Crown Investments Limited respectively. 2 CORAL GROWTH INVESTMENTS LIMITED Management and Administration Registered Office Administrator, Secretary, Registrar and Channel 2nd Floor Islands Stock Exchange Sponsor Regency Court Butterfield Fulcrum Group (Guernsey) Limited Glategny Esplanade P.O. Box 211 St Peter Port Regency Court Guernsey Glategny Esplanade Channel Islands GY1 3NQ St Peter Port Guernsey Legal Advisers Channel Islands GY1 3NQ As to Guernsey Law Ogier Custodian Ogier House HSBC Bank, Egypt St Julian's Avenue 3 Abou El Feda Street St Peter Port Zamalek Guernsey Cairo 11211 Channel Islands GY1 1WA Egypt Investment Manager Auditors Stanhope Overseas Limited Ernst & Young LLP C/O Concord International Investments PO Box 9 725 Fifth Ave Royal Chambers New York St Julian's Avenue NY 10022 St Peter Port USA Guernsey Channel Islands GY1 4AF Placing Agent Concord (BVI) International Limited Sea Meadow House Blackburne Highway Road Town, Tortola British Virgin Islands 3 CORAL GROWTH INVESTMENTS LIMITED Investment Portfolio as at 31 March 2010 Fair % of net assets Nominal Cost Value attributable to US$ US$ holders of participating redeemable preference shares Listed investments Equity: Lecico Egypt SAE 3,009,825 17,475,783 12,066,437 12.58% Bonds:
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