The revaluation reflects that the market value of PHD’s properties as at 9 November 2008 was EGP 33.1 billion (US$6.0 billion) prior to adjustments for tax, minority interests, land repayment obligations and other liabilities. The valuation was undertaken in accordance with the standards of the Royal Institute of Chartered Surveyors Valuation Standards, Sixth Edition.

This revaluation shows an increase of 70% over the previous valuation by CBRE of EGP 19.5 billion (US$3.6 billion) as at 1 March 2008.

At the date of the revaluation, PHD’s land bank was 48.3 million m2, compared to a land bank of 37.7million m2 in March 2008, an increase of 28% (the revaluation currently excludes PHD’s land in Saudi Arabia and other plots totaling 8.2 million m2, which are included in the aforementioned 48.3 million m2).

Taking into consideration adjustments for tax, minority interests, land repayment obligations and other liabilities, PHD estimates that this would provide an indicative value per share of EGP 44.6. In reaching this figure, PHD has estimated future liabilities for tax and the net present value of land obligations and contingent liabilities. Land that has not been included in the valuation report has been included in the estimated value per share at cost. The assumptions made by the company in arriving at this estimate have not been disclosed by it, and could be questioned by third parties. This estimate should be considered in that light.