Investment case Unique business model merging asset management with private equity.

1. Citadel Capital SAE– Citadel CCAP.CA/CCAP EY. Investment case • Unique business model merging asset management with private equity. • Largest private equity firm in the region investing in the main developmental long term themes – Transport, Energy, Food, Infrastructure, Consumer. • Good track record of profitable exits and cash returns raising U$2.4bn in 5 exits from 2004-7. Upside Catalysts • Discount to NAV, highlighted by partial exits. • TAQA IPO anticipated when markets stabilise. • Ability to find good deals in difficult markets. • Geographic spread in MEA to the activities. Downside Risks • Egyptian market turmoil delays IPO’s. • Rising regional risk and rising cost of debt make for more difficult operating environment. • Citadel as investor and as manager of PE funds lacks peer group comparables and results in discount to NAV. • Shareholder Structure • Citadel Corp (Management) 40.2% • Emirates Inter Invest 8.75% • ArafaAlaa Ahmed 3.32% • Free Float 47.43% • 52-Week Performance & Share Data (*EGX suspended 27th Jan – 23rd Mar 2011) Key Performance Indicators Company Profile An Egyptian private equity firm controlling investments worth over U$8bn in 19 Platform companies in 15 industries in 12 countries. Citadel raises a fund for each new platform investment, and typically invests 10-20% in the fund, thus is manager and control investor. Leverage is held in the platform companies, where the add-on investments are made. Citadel invests in key themes for rising private sector in developing Egypt, Africa and Middle East