Orascom Development Holding AG — Earnings Release 2008

Sep 5, 2008

News Details

Ad-hoc | 5 September 2008 17:45

OD Holding: Rectification of half year EPS figures

Orascom Development Holding AG / Statement/Half Year Results

Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Ad-hoc release

Rectification of half year EPS figures of Orascom Development Holding AG
(OD Holding)

Altdorf/Cairo 5 September 2008 – Orascom Development Holding AG
(OD Holding) announces that the Earnings per Share (EPS) calculation in its
consolidated accounts for the six months ended 30 June 2008 published on 14
August 2008 will be rectified. The EPS calculation previously published did
not exclude minority interests as required under IFRS. The rectified EPS
for the first half year 2008 is CHF 1.92 per share instead of CHF 2.35 per
share as previously reported. For the first half year 2007 the rectified
EPS is CHF 1.16 per share instead of CHF 1.35 per share as previously
reported. OD Holding will publish a rectified half year report including
financial statements on or about 10 September 2008, which will also contain
some minor changes in presentation. All changes to the previously published
half year report will be highlighted.

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Information and Explaination of the Issuer to this News:

About the Group

Established in 1989, Orascom Hotels and Development S.A.E. ('OHD') today is
a leading integrated town developer in Egypt and the Middle East with over
18 years of experience. OHD is a developer of fully integrated towns that
include hotels, private villas and apartments, leisure facilities such as
golf courses and marinas as well the supporting infrastructure. It has
secured or is in the course of securing large land banks in untapped yet
attractive locations with development potential in Egypt, Morocco, Oman,
the United Arab Emirates and Switzerland. The high quality portfolio
combined with a proven business model is expected to result in long-term
growth opportunities.

Currently, OHD operates two successful flagship towns, El Gouna and Taba
Heights (both in Egypt), has secured, subject to certain conditions, or is
about to secure, land banks of approximately 127 million square meters and
has a workforce of approximately 14,000 staff. In 2007, OHD achieved a
turnover of EGP 1,896 million (approximately CHF 407* million), an EBITDA
of EGP 623 million (approximately CHF 134* million) and a net profit of EGP
479 million (approximately CHF 103* million). Since the settlement of the
exchange and tender offer by OD Holding for OHD, OD Holding is the new
parent of OHD. OD Holding has a dual listing, with a primary listing on the
main board of the SWX (Switzerland) and a secondary listing on CASE (Cairo
& Alexandria Stock Exchange). The company's shares are fully fungible (with
the same ISIN code) and can be traded on both stock exchanges in Swiss
Francs.

Note: * Converted at the 2007 average EGP/CHF exchange rate of 4.66

Orascom Development Holding AG
Mamdouh Abdel Wahab
Director Investor Relations
Tel: +41 79 846 55 60
+20 12 315 32 00
Email: ir@orascomdh.com

05.09.2008 Financial News transmitted by DGAP

Language: English
Issuer: Orascom Development Holding AG
Gotthardstraße 12
6460 Altdorf
Schweiz
Phone: +41 41 874 17 11
Fax: +41 41 874 17 12
E-mail: ir@orascomdh.com
Internet: www.orascomdh.com
ISIN: CH0038285679
WKN: A0NJ37
Listed: Foreign Exchange(s) SWX

End of News DGAP News-Service

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