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The Egypt Investment Company Limited THE EGYPT INVESTMENT COMPANY LIMITED INTERIM ACCOUNTS 30 JUNE 2013 (UNAUDITED) THE EGYPT INVESTMENT COMPANY LIMITED Interim Report For the period ended 30 June 2013 Directors 1 Management and Administration 2 Report of the Investment Manager 3 - 6 Investment Portfolio 7 - 8 Financial Statements: Statement of Total Return 9 Balance Sheet 10 Notes to the Financial Statements 11 - 14 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 companies including: - Banque Audi (Suisse) S.A. Geneva - Banque Baring Brothers Sturdza S.A. Geneva - Banque Paris, Bertrand, Sturdza S.A. Geneva - 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’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 declared 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. 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. 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 was Vice Chairman of Pioneers Holding Company. He is also a member of the boards of Directors of Coral Growth Investments Limited, The Egyptian Growth Investment Company Limited, Egyptian Direct Investment Fund Limited, Al Borg Laboratory Limited, Lecico Egypt, Bisco Misr and Coral Growth Investments (Parallel) Limited. Mr. Younes was Chairman of the US-Egypt Business Council. Frederick H.S. Allen Mr. Allen is an independent consultant focused on international affairs and on international cultural projects for both cultural organisations and corporations. He also advises corporations and financial institutions on the creation or restructuring of advisory boards. Mr. Allen was first employed by Morgan Guaranty Trust Company in 1960, joined that bank on a 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 prevously 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 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. 1 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 Channel Islands GY1 4AF KY1-1002 Cayman Islands Administration, Secretary, Registrar and Channel Islands Stock Exchange Sponsor Legal Advisers Fulcrum Group (Guernsey) Limited Mourant Ozannes Regency Court 1 Le Marchant Street Glategny Esplanade St. Peter Port St. Peter Port Guernsey Guernsey GY1 1WW GY1 4HP Custodian Butterfield Bank (Guernsey) Limited Regency Court Glategny Esplanade St. Peter Port Guernsey GY1 3AP Registered Office Regency Court Glategny Esplanade St. Peter Port Guernsey GY1 1WW 2 THE EGYPT INVESTMENT COMPANY LIMITED REPORT OF THE INVESTMENT MANAGER Economic Overview and Recent Developments On 3rd July 2013, following three days of widespread protests, General Abdel Fattah El Sisi, Commander in Chief of the Armed Forces and Minister of Defence, announced via televised address that President Mohamed Morsi had been deposed and detained. The draft constitution was suspended and Chief Justice of the Supreme Constitutional Court, Adly Mansour was named Interim President. In subsequent days, Interim President Mansour appointed Mohammed El Baradei as Interim Vice President (Baradei subsequently resigned), Hazem El Beblawi as Interim Prime Minister and Dr. Ziad Bahaa El-Din as the Interim Deputy Prime Minister for Economic Affairs. The interim government transitional plan includes selecting a panel of 10 jurists (6 judges and 4 law professors) to redraft the suspended constitution which will be followed by a 2 month review by 50 government representatives from various institutions. Once approved, the draft constitution will be voted on in a national referendum one month following the review. One month after the constitution is voted on, parliamentary elections will take place to be followed by presidential elections. The panel tasked with amending the constitution convened on 8th September 2013 and selected Mr. Amr Moussa to head the group. The panel has two months to finalise the constitutional amendments and appears to be adhering to this roadmap. In the meantime, the funds recently pledged to Egypt by its allies in the Region (approximately USD 12 billion so far) far exceed the US aid (and long discussed IMF loan) and provide a much needed lifeline during this very turbulent time. GDP grew at 2.3 per cent. for the first nine months of 2012/2013 (nine months 2011/2012: 1.8 per cent.). In a recent statement, the Minister of Planning announced that GDP growth is expected to be 2.3 per cent. for the full fiscal year 2012/2013. The current account balance deficit decreased to USD 5.6 billion in fiscal year 2012/2013 from USD 10.1 billion at the end of the previous fiscal year. The balance of payments ran an overall surplus of USD 237 million in fiscal year 2012/2013, a significant improvement from the USD 11.3 billion deficit in fiscal year 2011/2012. This improvement can be attributed to an improvement in the current account thanks to a 7.6 per cent. drop in the trade deficit, reaching USD 31.5 billion from USD 34.1 billion and a 19.8 per cent. rise in the services surplus and 5 per cent. increase in net transfers. The budget deficit reached 10.1 per cent. of GDP in the first nine months of 2012/2013 compared to 10.8 per cent. for the full fiscal 2011/2012 year. Foreign debt increased to 14.7 per cent. of GDP in the first nine months of fiscal year 2012/2013 as compared with 13.1 per cent. of GDP during the first nine months of 2011/2012. Domestic debt increased to 82.2 per cent. of GDP in the first nine months of fiscal year 2012/2013 from 76.7 per cent. during the same period a year prior. The official annual headline inflation rate which has fluctuated greatly over the past two years stood at 10.15 per cent. in September 2013. During fiscal year 2012/2013 tourism revenues increased by 3.5 per cent., reaching USD 9.7 billion compared to USD 9.4 billion during fiscal year 2011/2012. Egyptian exports increased 3.5 per cent. to USD 26 billion in fiscal year 2012/2013, of which 53.8 per cent. were not oil- related. Imports decreased by 2.9 per cent.
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