Cairo 13 April 2010 — Following the closing of the initial round of subscription in the LE 700 million capital increase (rights issue), Palm Hills Developments announced the opening of the subscription period for the remaining shares, amounting to 3,597,647 shares, representing 1.03 % of the capital increase shares, not subscribed to by the existing shareholders. The initial subscription to the capital increase was covered through subscription to 345,842,353 shares, representing a take-up of 98.97 %.

The subscription, to the remaining shares shall be offered to the existing shareholders at par value of EGP 2 per share, at no issuing charges, under the same terms and conditions provided in the notice published in Al Ahram and Al Akhbar newspaper on 18 February 2010.