2020

27.04.2020 – Orascom Development Holding AG

Orascom Development Holding AG: closes the year on a solid operational and financial stance, achieving all FY 2019 targets, and recording CHF 483.9 million of net real estate sales.

Orascom Development Holding AG / Key word(s): Annual Results/Annual Results
Orascom Development Holding AG: closes the year on a solid operational and
financial stance, achieving all FY 2019 targets, and recording CHF 483.9
million of net real estate sales.

27-Apr-2020 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.

---------------------------------------------------------------------------

ODH ("Orascom Development Holding") (SIX ODHN.SW) has released its
consolidated financial results for FY 2019.

Orascom Development Holding closes the year on a solid operational and
financial stance, achieving all FY 2019 targets, and recording CHF 483.9
million of net real estate sales.

Highlights

- Total revenues surged by 33.2% to CHF 453.3 million vs. CHF 340.3 million
in FY 2018.

- Adj. EBITDA reached CHF 74.3 million, a 5.7% increase from CHF 70.3
million in FY 2018.

- Net losses decreased by 31.8% to CHF 31.3 million vs. a loss of CHF 45.9
million in FY 2018 (Restated).

- Cash balance at year end of CHF 186 million, from enhanced operations and
successful bond issuance.

- Breaking net real estate sales record of last year with 140.3% increase to
CHF 483.9 million in FY 2019.

- Construction start of a new 400-rooms 5-star hotel in Hawana Salalah,
Oman, which will complete minimum built obligations and secure land bank in
Oman.

- In Q1 2020, we accelerated land bank monetization, starting with three
School Development Agreements in O West, Egypt, securing CHF 19.2 million of
cash flows to ODH.

- Swift precautionary measures taken amid COVID-19 spread, enabling the
Group to preserve its cash balance.

Altdorf, 27 April 2020 - Orascom Development Holding (ODH) successfully
executed on its strategy, with continued strong operational and financial
results for the year 2019. Revenues reached CHF 453.3 million in FY 2019, a
growth of 33.2% compared to CHF 340.3 million in FY 2018 and surpassing the
revenue target of CHF 400.0 million by 13.3%. Gross profit increased by 4.9%
to CHF 114.1 million (FY 2018: CHF 108.7 million) and adj. EBITDA increased
by 5.7% to CHF 74.3 million (FY 2018: CHF 70.3 million). EBITDA increased by
19.1% to CHF 55.5 million in FY 2019 (FY 2018 (Restated): CHF 46.6 million).
ODH net loss decreased by 31.8% to CHF 31.3 million (FY 2018 (Restated): CHF
45.9 million). The main contributors to the bottom-line losses include: (i)
the ODH's share of losses (CHF 15.7 million) from Andermatt Swiss Alps
(ASA), the Group's largest associate and (ii) prudence-related to additional
one-time impairments (CHF 21.5 million). These losses are non-cash items
with no adverse impact on the Company's cash flows.

ODH has concluded an agreement with SIX Exchange Regulation AG with regard
to accounting errors made in the 2018 annual financial statements in
connection with the disposal of the "Royal" subsidiary. Instead of
transferring the revaluation reserve in the amount of CHF 8.5 million
related to the reclassification of the "Royal" property from owner occupied
to investment property, the amount was erroneously reclassified to profit or
loss for the financial year 2018. As part of the agreement, the Company has
undertaken to correct this error in its 2019 annual financial statements
published today, resulting, among other, in an increase of the loss for the
financial year 2018 from CHF 37.4 million to CHF 45.9 million and a
reduction of the earnings per share from CHF (1.05) to CHF (1.26). The cash
position of the Company and total equity reported in the 2018 annual
financial statements were not affected. In addition, the Company has agreed
to make a donation of CHF 30,000 to the IFRS Foundation.

It is also worth noting that FY 2018 figures included Tamweel Group, Citadel
Azur, Royal and Club Azur Hotels that were disposed during the financial
year 2018. When figures of FY 2019 are normalised (pro-forma) for the
revenues of the disposals, FY 2019 revenues would have increased by 43.9% to
CHF 453.3 million (FY 2018: CHF 315.1 million); adj. EBITDA would have
increased by 30.8% to CHF 74.3 million (FY 2018: CHF 56.8 million); and net
loss would have decreased by 40.6% vs. CHF 52.7 million in FY 2018. The
Group ended the year on a solid cash stance with a cash balance of CHF 186.0
million. We successfully placed our first five-year bond amounting to CHF
100 million with a coupon of 3.25%. Receivables continued to increase
reaching a balance of CHF 154.7 million, a growth of 11.6% versus same
period last year. Net debt stood at CHF 243.9 million by end of FY 2019 and
cashflow from operations increased by 44.0% to CHF 80.9 million (FY 2018:
CHF 56.2 million).

Group Hotels: Increased revenues, enhanced value, and product appeal
With efforts focused on promoting quality standards and product appeal for
accelerated sales, the Group's Hotels achieved substantial growth in
revenues and operating profits backed by the positive performance of Egypt
and Oman tourism industry. In FY 2019, hotel revenues increased by 7.9%,
from CHF 156.5 million in FY 2018 to CHF 168.8 million. Despite losses
related to the appreciation of the Egyptian pound against foreign
currencies, the hotel division reported a 4.9% growth in GOP y-o-y, from CHF
59.5 million in FY 2018 to CHF 62.4 million. The segment's EBITDA reached
CHF 45.4 million in FY 2019. The EBITDA of the hotels were impacted by three
main items: 1) FX Losses due to the appreciation of the Egyptian pound
against foreign currencies. 2) The shorter Omani Khareef season which
affected our hotels margins and 3) Royal & Club Azur hotels in Makadi were
rented out during 2018 whereby their rent value was pure EBITDA hitting the
bottom line, until they were sold in Q4 2018. Accordingly, when we normalize
FY 2018 figures from the revenues of the disposals (Citadel Azur, Royal
Azur, and Club Azur hotels), FY 2019 segment revenues would have increased
by 12.5% compared to the same period last year.

Group Real Estate: sales target of the year successfully achieved
Net real estate sales reached CHF 483.9 million, a growth of 140.3%
year-over-year, surpassing FY 2018 record of CHF 201.4 million and FY 2019
target, which ranged between CHF 445 to 470 million. Growth in new sales was
driven by the strong demand across all destinations. The increase was driven
by two factors: through a 102.4% increase in the number of contracted units
to 1,698 vs. 839 units in 2018 and also through increasing the average
selling prices per m2 across all destinations. O West continued to be the
largest contributor to new sales (52.8% of sales), followed by El Gouna
(26.6% of sales), Oman (8.8% of sales), Lustica Bay (6.6% of sales) and
Makadi Heights (4.9% of sales). Real Estate revenues increased by 83.6% to
CHF 232.5 million (FY 2018: CHF 126.6 million) on the back of the increased
construction progress across all destinations, in addition to the recognized
land portion for the sold units in O West. EBITDA continued to increase and
recorded a 76.5% growth to CHF 75.2 million in FY 2019 (FY 2018: CHF 42.6
million). Total deferred revenue from real estate that is yet to be
recognized till 2023 increased by 108.3% to reach CHF 490.8 million in FY
2019 vs. CHF 235.6 million in FY 2018 and total real estate portfolio
receivables also increased by 108.8% to CHF 611.7 million in FY 2019
compared to CHF 293.0 million in FY 2018, supported by the strong
year-over-year growth in new sales.

Group Destination Management: continued growth with scalability, more
recurring revenues to the Group
The Destination Management segment continued to grow, securing more
recurring revenue streams to the Group. Revenues increased by 39.9% to CHF
50.5 million in FY 2019 vs. CHF 36.1 million in FY 2018. The notable
increase in revenues came as a result of the implementation of a rich
calendar of events in the different destinations and improving the quality
and profitability of our services and amenities. In 2019, more destinations
were approaching their critical mass targets, starting off with Oman and
then Montenegro.

Subsequent Events:

Changes in executive management team
It was with great sadness that ODH had to bid farewell to its CEO Khaled
Bichara, who had suddenly passed away in a car accident on January 31, 2020.
"We have lost a brilliant and beloved leader who personally touched the
lives of so many of us during his time at the company. On behalf of our
Board of Directors, management team and employees, we would like to extend
our most heartfelt condolences and sympathy to Khaled's family", says Mr.
Samih Sawiris who assumed the role of Executive Chairman as of February 4th,
2020, to lead the Executive Management for an interim period until the
appointment of a new CEO.

Samih Sawiris will lead and be assisted by an interim committee, which
includes appointed members of the Board of Directors as well as members of
Executive Management. In addition to Mr. Sawiris, the selected committee
members are: Naguib S. Sawiris (Board member), Jürgen Fischer (Board
member), Ashraf Nessim (Chief Financial Officer) and Abdelhamid Abouyoussef
(member of the Executive Management). The role of the committee will be to
(1) supervise and support management day to day, and (2) lead the
appointment and onboarding of the new CEO.


Outlook 2020
The industry's prospects in much of the world have taken a dramatic turn
because of COVID-19. Nevertheless, the health and well-being of all
colleagues, guests, customers, and the communities in which ODH operates are
the key priority and the company is taking all possible measures to secure a
safe work and living environment. High hygiene and safety standards are in
place at all destinations and offices, and the Group has implemented
additional measures and precautions in line with guidelines from health
authorities. ODH is confident in the resilience and capabilities of its
teams to manage through the challenges that the industry currently faces.
Our thoughts remain with the individuals and communities affected across the
world as the public health response to COVID-19.

The necessary drastic measures undertaken by governments and countries
worldwide, and the consistently changing situation amid Covid-19, makes it
impossible to provide an accurate outlook on its ramifications on 2020
operational and financial results. Accordingly, the Group decided to abstain
at the time being from providing full-year guidance on its 2020 results;
however, we intend to provide an update of the evolving situation during all
our quarterly results calls and market communications as needed.

It is important to note that ODH had passed through difficult and somehow
similar situations before when it needed to act quickly and efficiently. We
managed to overcome the hit from the Arab spring in 2011 and the Egyptian
revolution in 2013 and still learned how to successfully operate with
minimum OPEX. With this acquired knowhow, ODH was ready to respond
effectively and quickly implement the necessary precautionary measures that
enable us to reduce spending and preserve cash to the longest periods
possible to ensure stability of the Group's destinations, in order to enable
the destinations to resume their operations and planned investments once the
business is back to meet the Group's planned strategic and financial
targets.

The Group has a diversified portfolio of businesses, which includes Real
estate, Hotels, Town management, Rental portfolio, and Land monetization.
For FY 2019, the hotels revenue contribution was only 37% out of the total
Group revenues decreasing from 46% for the FY 2018. The Group expects this
percentage to continue to decrease in 2020, because of the increase in the
revenue contribution from O West, in addition to the Group's focus of
accelerating its land bank monetization, whereby, the Group has secured CHF
19.2 million of cash inflows through its school development agreements. The
rapid execution of land monetization will help the Group to unlock its
hidden land bank value to the market and will provide additional cash for
speeding up the development of its destinations.

ODH remains committed to materially growing the Company and will actively
appraise opportunities to make disciplined additions to the portfolio that
will further bolster cash generation. "Our strategic ambitions remain clear
- we will focus on generating cash, investing in opportunities, and
returning capital to shareholders and we will be accelerating the
monetization of our land bank moving forward", says Samih Sawiris. The Group
has already identified specific land plots for the purpose of sale or
sub-development of certain projects that might include - but are not limited
to - new hotels, conference centers, schools, universities, hospitals,
business parks and aqua parks. Facilities that are needed in everyday life
and would be adding more value to the destinations, which will ultimately
increase its livelihood and boost real estate sales further.


Details on Destinations
El Gouna, Red Sea
El Gouna hotels continued its impressive growth trajectory with revenues up
by 15.4%, from CHF 65.1 million in FY 2018 to CHF 75.1 million in FY 2019.
The hotels achieved a 19.4% increase in TREVPAR, from CHF 67 to CHF 80,
supported by El Gouna's stellar reputation in ODH's principal source markets
and ongoing upgrades of products and services. Average occupancy rate
reached 81% (FY 2018: 80%) with a 22.8% increase in ARR to CHF 70 (FY 2018:
CHF 57). On the operational level, the continuous improvement of processes
and cost structures resulted in an 8.6% increase in GOP PAR, from CHF 35 to
CHF 38 in FY 2019. In 2019, El Gouna hotels reported an overall increase of
6.6% in GOP, from CHF 33.2 million in FY 2018 to CHF 35.4 million, despite
the appreciation of the EGP against foreign currencies. A new 100 rooms
5-star hotel under the name of Casa Cook was successfully added in November
2019 and an existing 144-rooms, 3-star hotel under the name of Arena Inn was
renovated and rebranded to Cook's Club in August 2019.

Net real estate sales exceeded the target for the year and recorded a 15.6%
increase to CHF 128.8 million vs. CHF 111.4 million in FY 2018. Throughout
2019, the Group added new inventory in "Ancient Sands Villas" and "Cyan"
along with the last addition "Fanadir Marina", a new high-end apartment's
project. Only phase one of the project, amounting to USD 29 million, has
been released and sales are on track. ODH successfully increased the average
selling prices and reduced the number of units sold, to maintain the same
level of quality that El Gouna has always been known for. The average
selling price per m2 increased by 33.9% to CHF 3,013 and the number of units
sold decreased by 28.0% to 231 units in FY 2019. Real estate revenues
increased by 67.3% to CHF 106.9 million vs. CHF 63.9 million in FY 2018.

Destination Management segment continued its positive performance since the
beginning of the year. Revenues increased by 34.7% to CHF 38.4 million in FY
2019 (FY 2018: CHF 28.5 million). In November 2019, the Group finalized the
construction and opened phase 1 of the new concert and conference centre
with the delivery of all colonnades, lagoons, and the open-air plaza. The
complex will ultimately include a 600-seat concert hall and a 2,000-seat
conference centre. Overall, El Gouna's total revenue increased by 40.8% to
reach CHF 221.9 million in FY 2019.


First home market: O West, Egypt
O West continued to deliver solid sales figures. Total contracted real
estate sales reached CHF 255.8 million. While, total revenues of O West
reached CHF 32.9 million in FY 2019. In Q4 2019; ODH launched O Business
District including unique office buildings with a total inventory of CHF
27.0 million. The sales of the office buildings are going on track. In
January 2020, we launched two new phases in O West "Whyt" and "Tulwa". The
two phases include town and twin houses, villas, and apartments with a total
launched inventory of CHF 186.4 million. As part of efforts to continuously
bring and provide the best level of services offered to O West's growing
community, ODE (the Group's Egyptian subsidiary) signed a school development
agreement with Kent College, to open its first campus in Egypt. Total
investment costs of the school will be up to CHF 31 million and will be
fully paid by the private investor. The school is expected to start
operation in Q3 2022, a year before the delivery of the first real estate
units in O West. Additionally, in March 2020, ODE formed a strategic
alliance with Cairo for Investment and Real Estate Development (CIRA) for
the development of two new international schools. Under the agreement, CIRA
will develop two new schools with a total investment cost of up to CHF 27.7
million. The first school is Saxony International School (SIS) a German
school, while the second school is British Columbia Canadian International
School (BCCIS). The cash inflows generated from the signing of the school
development agreements reached CHF 19.2 million. Construction work in O West
started in Q1 2020.

Hawana Salalah, Oman
In 2019, the "Khareef" season started late in mid-August, which affected the
hotels occupancy. Nevertheless, hotels in Hawana maintained their positive
momentum with a 7.2% increase in revenues from CHF 41.4 million in FY 2018
to CHF 44.4 million in FY 2019. GOP also increased by 9.3%, to CHF 16.4
million in FY 2019 vs. CHF 15.0 million in FY 2018. ARR was up 5.8% to CHF
126 in FY 2019 vs. CHF 119 in FY 2018 and occupancy rate reached 60% in FY
2019. Additionally, the Group started the construction of a new 400-rooms,
5-star hotel with plans for soft opening in Q4 2021. This will mark the
completion of the Group's minimum built obligations in the country and will
allow ODH to secure its land bank in Oman.

Net real estate sales increased by 37.0% to CHF 32.2 million vs. CHF 23.5
million in FY 2018 on the back of the increased demand for real estate
offerings of "Forest Island" and the newly launched "Laguna Gardens". Real
Estate revenues increased by 289.1% to CHF 35.8 million vs. CHF 9.2 million
in FY 2018. Overall, total revenues of Hawana Salalah destination increased
by 57.7% to reach CHF 81.7 million.

Luštica Bay, Montenegro
The Chedi Hotel marked it first full year of operation with a strong summer
season and occupancies of 72% during July, 90% during August and 71% during
September 2019, attracting considerable attention and interest from local,
regional, and international markets. Annual occupancy rate amounted to 46%
for FY 2019 vs. 45% reported last year. It is important to note that the
Chedi hotel was opened only starting from August 2018 for 4 months, while in
2019 it was operational for 12 months. Thus, the total hotel revenue
increased by 140% to CHF 4.8 million in FY 2019. Moreover, ODH started the
design of the new Marina Hotel (200 units) with plans to start construction
in the course of 2021.

The destination witnessed strong real estate sales amounting to CHF 31.8
million, with the number of sold units recording a 56.6% growth from last
year, driven primarily by growth in the sales of the town center precinct
Centrale. Real estate revenues reached CHF 28.9 million in FY 2019. In the
Centrale area, construction works continued on two new apartment buildings
that are well advanced and due to be delivered to their owners by Q3 2020.
Design planning for the golf neighbourhood area intensified during 2019,
with conceptual designs for properties in the first phase, which are nearing
completion and are set for release during 2020. A lot of progress can be
witnessed in the destination. Luštica Bay Marina Village marked its first
operational year, with the marina welcoming new boats, buzzing shops and
restaurants, and numerous events for the residents and visitors. The
installation of three pontoons for mooring smaller vessels in the main
Marina was completed during Q4 2019, raising the capacity of the marina up
to 85 boats. Destination Management revenues reached CHF 1.9 million in FY
2019. Overall, total revenues of Lustica Bay reached CHF 35.6 million in FY
2019.

Jebel Sifah, Oman
Real Estate launches were limited during 2019, as ODH did not launch new
projects nor new inventory until Q4 2019. In November 2019, a new real
estate project called "The Beachfront" was launched with a total inventory
of CHF 49.0 million. The project offers villas, twins, townhouses and
studios and sales are progressing well and will be reflected in Q1 2020
sales figures. Net real estate sales reached CHF 10.2 million in FY 2019.
ODH managed to finalize the construction of "Sifah Heights" Phase 1 and
delivered it to clients in early November 2019. Real estate revenues
increased by 48.8% to CHF 24.7 million vs. CHF 16.6 million in FY 2018. The
destination successfully hosted Jebel Sifah's Spartan TRIFECTA Race in
November 2019, which featured Oman's first Hurricane Heat race with more
than 1,500 participants. Total revenues from Sifah destination increased by
46.0% to CHF 29.2 million in FY 2019.

Makadi Heights, Egypt
Makadi Heights continued to execute on its sales momentum and was the second
largest destination in the Red Sea area, after Gouna, in terms of total
sales. Net sales increased by 73.0% to CHF 23.7 million vs. CHF 13.7 million
in FY 2018 on the back of large-scale sales and marketing campaigns
implemented during the year. The excavation and leveling works of the
upcoming phase started in Q3 2019 and have been completed in December 2019.
The Group also managed to open the first Makadi Heights Sales office in the
destination in Q4 2019. Real Estate revenues increased by 500% to CHF 1.8
million in FY 2019. A lot of effort was taken to revive the destination
supported by the monthly sports program to homeowners and several safari
events. In December 2019, the destination successfully hosted "Makadi
Heights Rally'19" the 1st mega event in Makadi Heights, with more than 700
visitors. Destination management revenues increased by 40% to CHF 1.4
million in FY 2019. Total revenues from Makadi Heights reached CHF 4.1
million in FY 2019.

Taba Heights, Egypt
Taba heights witnessed a leap in its 2019 revenues following the
commencement of a number of direct charter flights to Taba Airport and the
increased allotments from European tour operators. This resulted in an
increase in occupancy to 48% from only 33% in 2018. ARR reached CHF 35
(2018: CHF 26), and TRevPAR reached CHF 25 (2018: CHF 15). FY 2019 revenues
increased by 46.6% from CHF 8.8 million to CHF 12.9 million in FY 2019,
containing GOP losses at CHF 0.2 million close to a breakeven scenario.
Mosaique, Strand, Bay View and Wekala hotels were operating at full
capacity. Before the Covid-19 outbreak, the Group was anticipating an
increase in tourist arrivals in Taba Heights in 2020, as several European
countries had planned to increase charter flights to Taba airport after the
German Authorities have removed the travel ban on Taba Airport. However, in
March 2020, the main tour operating partner, one of the biggest in the East
European market, suspended all existing and planned operation starting March
11 and through May 2020.


The Cove, UAE
The growing supply in Dubai hotels and the increased competition in Ras El
Kheima, affected the hotel's occupancy levels, which witnessed a decline in
demand in line with the overall trend in its competitive set. In FY 2019,
the hotel reported a total revenue of CHF 27.0 million, and a GOP of CHF 9.6
million. However, the hotel remains one of the Group's most rewarding
properties, contributing 15.4% of the Group's overall GOP. As of January
2020, Orascom Hotels Management took over the management of the hotel under
a franchise agreement with Rotana Hotels & Resorts. Overall, the
destination's total revenue reached CHF 29.1 million in FY 2019.

Launch of Eco-Bos in Cornwall, United Kingdom
In November 2019, we commenced the development of our first project in
Eco-Bos Developments Limited in Cornwall, UK after demonstrating its
financial viability, identifying sources of finance, and being awarded the
necessary development permits. We are planning to launch the first phase of
the West Carclaze Garden Village (WCGV). WCGV is a mixed-use residential
development principally targeting local, primary homebuyers. It includes a
total of 1,500 homes built around extensive green areas and lakes for
recreation, a 210-place primary school, an office park, a "village center"
with a mix of retail, F&B and community service buildings as well as a
7-megawatt solar energy farm. This first phase uses 196,604 m2 out of the
total land bank under option of over 6.5 million m2.

Andermatt Swiss Alps (ASA), Switzerland
In 2019 the total revenue of ASA increased by 23.3 % to CHF 167.3 million
vs. CHF 135.7 million in FY 2018. Net real estate sales reached CHF 62
million vs. CHF 110 million in 2018 (including Taurus bulk deal of CHF 50
million). Real estate revenues increased by 11.6% to reach CHF 101.4 million
vs. CHF 90.9 million in FY 2018. The Hotels in ASA continued its successful
growth whereby total revenue increased by 44.6% to reach CHF 38.9 million
vs. CHF 26.9 million in FY 2018. Occupancy rate of The Chedi remains stable
at 54%, while for Radisson Blu it stood at 36%. The Ski Arena
Andermatt-Sedrun is fully connected and started with an increase of guests
by 5% from November until mid of March, compared to the comparative period
in the prior year. For the Golf course 20% more golfers came to play in
Andermatt. Total revenues for the destination management increased by 50.8%
to reach CHF 27 million vs. CHF 17.9 million in FY 2018. Additionally, ASA
welcomed a new CEO, Raphael Krucker, who started on 1 January 2020. On a
positive note, the Chedi and Radisson Blu hotels will reopen on 8 May 2020,
the golf course will reopen in the end of May, and the Ski Arena is deemed
to reopen its facilities for the summer business beginning of July.

About Orascom Development Holding AG:
ODH is a leading developer of fully integrated destinations that include
hotels, private villas and apartments, leisure facilities such as golf
courses, marinas and supporting infrastructure. ODH's diversified portfolio
of destinations is spread over 7 jurisdictions (Egypt, UAE, Oman,
Switzerland, Morocco, Montenegro and United Kingdom), with primary focus on
touristic destinations. The Group currently operates nine destinations: four
in Egypt (El Gouna, Taba Heights, Makadi Heights and Byoum), The Cove in the
United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in
Montenegro and Andermatt in Switzerland. ODH recently launched O West, the
latest addition to its portfolio and its first project in Cairo, Egypt,
located in the 6th of October City.

Contact for Investors:
Sara El Gawahergy
Head of Investor Relations
Head of Strategic Projects Management
Tel: +20 224 61 89 61
Tel: +41 418 74 17 11
Email: ir@orascomdh.com

Contact for Media Relations:
Philippe Blangey
Partner
Dynamics Group AG
Tel: +41 432 68 32 35
Email: prb@dynamicsgroup.ch


Disclaimer & Cautionary Statement:
THESE MATERIALS ARE BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION AND
ARE STRICTLY CONFIDENTIAL AND MUST NOT BE REPRODUCED, DISCLOSED OR FURTHER
DISTRIBUTED TO ANY OTHER PERSON, OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY
PURPOSE. IN PARTICULAR, NEITHER THIS DOCUMENT NOR ANY PART OR COPY OF IT MAY
BE TAKEN OR TRANSMITTED INTO THE UNITED STATES OF AMERICA (THE "UNITED
STATES") OR TO U.S. PERSONS OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN THE
UNITED STATES OR TO U.S. PERSONS. NEITHER THIS DOCUMENT NOR ANY PART OR COPY
OF IT MAY BE TAKEN OR TRANSMITTED INTO, OR DISTRIBUTED OR REDISTRIBUTED,
DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA OR JAPAN, OR TO ANY RESIDENT
THEREOF. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A
VIOLATION OF UNITED STATES, AUSTRALIAN, CANADIAN OR JAPANESE SECURITIES
LAWS. THE DISTRIBUTION OF THIS DOCUMENT IN OTHER JURISDICTIONS MAY BE
RESTRICTED BY LAW, AND PERSONS INTO WHOSE POSSESSION THIS DOCUMENT COMES
SHOULD INFORM THEMSELVES ABOUT, AND OBSERVE, ANY SUCH RESTRICTIONS. THIS
DOCUMENT DOES NOT CONTAIN OR CONSTITUTE AN OFFER TO SELL OR A SOLICITATION
OF ANY OFFER TO BUY SECURITIES IN THE UNITED STATES OR IN ANY OTHER
JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION IS NOT AUTHORIZED OR TO ANY
PERSON TO WHOM IT IS UNLAWFUL TO MAKE AN OFFER OR SOLICITATION. THE
SECURITIES OF OD HOLDING HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
UNITED STATES SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD IN THE UNITED
STATES OR TO OR FOR THE ACCOUNT OR THE BENEFIT OF "U.S. PERSONS" (AS SUCH
TERM IS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED) ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE
U.S. SECURITIES ACT OF 1933, AS AMENDED. OD HOLDING NOR ITS SHAREHOLDERS
INTEND TO REGISTER ANY PORTION OF THE OFFERING IN THE UNITED STATES OR
CONDUCT A PUBLIC OFFERING OF SECURITIES IN THE UNITED STATES. THIS DOCUMENT
IS DIRECTED ONLY AT PERSONS (i) WHO ARE OUTSIDE THE UNITED KINGDOM OR (ii)
WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING
WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000
(FINANCIAL PROMOTION) ORDER 2005 (AS AMENDED) (THE "ORDER") OR (iii) WHO
FALL WITHIN ARTICLE 49(2)(a) TO (e) ("HIGH NET WORTH COMPANIES,
UNICORPORATED ASSOCIATIONS ETC.) OF THE ORDER (ALL SUCH PERSONS TOGETHER
BEING REFERRED TO AS "RELEVANT PERSONS"). ANY PERSON, WHO IS NOT A RELEVANT
PERSON, MUST NOT ACT OR RELY ON THIS COMMUNICATION OR ANY OF ITS CONTENTS.
ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS COMMUNICATION RELATES IS
AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT
PERSONS. IN ANY EEA MEMBER STATE THAT HAS IMPLEMENTED DIRECTIVE 2003/71/EC
(TOGETHER WITH ANY APPLICABLE IMPLEMENTING MEASURES IN ANY EEA MEMBER STATE,
THE "PROSPECTUS DIRECTIVE") THIS COMMUNICATION IS ONLY ADRESSED TO AND IS
ONLY DIRECTED AT QUALIFIED INVESTORS IN THAT EEA MEMBER STATE WITHIN THE
MEANING OF THE PROSPECTUS DIRECTIVE. THIS DOCUMENT CONSTITUTES NEITHER AN
OFFER TO SELL NOR A SOLICITATION TO BUY ANY SECURITIES AND IT DOES NOT
CONSTITUTE A PROSPECTUS PURSUANT TO ARTICLES 652A AND/OR 1156 OF THE SWISS
CODE OF OBLIGATIONS OR ARTICLES 32 ET SEQ. OF THE LISTING RULES OF THE SWX
SWISS EXCHANGE. A DECISION TO INVEST IN SHARES OF THE GROUP SHOULD BE BASED
EXCLUSIVELY ON THE ISSUE AND LISTING PROPECTUS PUBLISHED BY THE GROUP FOR
SUCH PURPOSE. THE INFORMATION CONTAINED IN THIS DOCUMENT IS NOT INTENDED TO
LEAD TO THE CONCLUSION OF ANY CONTRACT OF WHATSOEVER NATURE, IN PARTICULAR
WITHIN THE TERRITORY OF EGYPT, THE UNITED ARAB EMIRATES, KUWAIT, MOROCCO,
OMAN AND SAUDI ARABIA. THESE DOCUMENTS MAY CONTAIN CERTAIN FORWARD-LOOKING
STATEMENTS AND INFORMATION IN RELATION TO ORASCOM DEVELOPMENT HOLDING AG
WHICH REFLECT THE CURRENT VIEWS AND/OR EXPECTATIONS OF THE COMPANY AND THE
COMPANY' S MANAGEMENT IN RESPECT OF THE COMPANY'S PERFORMANCE, ACTIVITIES,
AND FUTURE EVENTS. SUCH FORWARD LOOKING STATEMENTS INCLUDE, AMONG OTHER,
STATEMENTS THAT MAY PREDICT, FORECAST, SIGNIFY OR IMPLY FUTURE RESULTS
PERFORMANCE OR ACHIEVEMENTS, AND MAY CONTAIN WORDS SUCH AS "UNDERSTANDS",
"ANTICIPATES", "EXPECTS", "ESTIMATES" "IT IS LIKELY" OR OTHER TERMS OR
EXPRESSIONS WITH SIMILAR MEANING. THESE STATEMENTS ARE SUBJECT TO A NUMBER
OF RISKS, UNCERTAINTIES AND ASSUMPTIONS. THE COMPANY CAUTIONS READERS THAT
CERTAIN RELEVANT FACTORS MIGHT BE THE CAUSE FOR ACTUAL RESULTS TO DIFFER
FROM THE PLANS, GOALS, EXPECTATIONS, ESTIMATES AND INTENTIONS EXPRESSED IN
THIS DOCUMENT. NEITHER THE COMPANY NOR ANY RELATED COMPANIES, DIRECTORS,
OFFICERS, REPRESENTATIVES OR EMPLOYEES THEREOF SHALL IN ANY EVENT BE LIABLE
AS TO THIRD PARTIES (INCLUDING INVESTORS) FOR ANY INVESTMENTS OR BUSINESS
DECISIONS ADAPTED OR ACTS PERFORMED BY THEM ON THE BASIS OF THE INFORMATION
ANY STATEMENTS CONTAINED HEREIN OR FOR ANY CONSEQUENTIAL, SPECIAL OR SIMILAR
DAMAGES DERIVED THEREFROM. ANY MARKET INFORMATION AND COMPANY'S COMPETITIVE
POSITION DATA INCLUDING MARKET PROJECTIONS USED IN THIS DOCUMENT HAVE BEEN
DERIVED FROM IN COMPANY'S STUDIES, MARKET RESEARCH REPORTS, PUBLICLY
AVAILABLE DATA AND INDUSTRY PUBLICATIONS. ALTHOUGH THE COMPANY HAS NO REASON
TO BELIEVE THAT THIS INFORMATION OR THESE REPORTS ARE INACCURATE IN ANY
MATERIAL, RESPECT, THE COMPANY HEREBY STATUS THAT IT HAS NOT INDEPENDENTLY
CHECKED ANY COMPETITIVE POSITION, MARKET SHARE, MARKET VOLUME, MARKET GROWTH
OR OTHERS.

PERFORMANCE OR ACHIEVEMENTS, AND MAY CONTAIN WORDS SUCH AS "UNDERSTANDS",
"ANTICIPATES", "EXPECTS", "ESTIMATES" "IT IS LIKELY" OR OTHER TERMS OR
EXPRESSIONS WITH SIMILAR MEANING. THESE STATEMENTS ARE SUBJECT TO A NUMBER
OF RISKS, UNCERTAINTIES AND ASSUMPTIONS. THE COMPANY CAUTIONS READERS THAT
CERTAIN RELEVANT FACTORS MIGHT BE THE CAUSE FOR ACTUAL RESULTS TO DIFFER
FROM THE PLANS, GOALS, EXPECTATIONS, ESTIMATES AND INTENTIONS EXPRESSED IN
THIS DOCUMENT. NEITHER THE COMPANY NOR ANY RELATED COMPANIES, DIRECTORS,
OFFICERS, REPRESENTATIVES OR EMPLOYEES THEREOF SHALL IN ANY EVENT BE LIABLE
AS TO THIRD PARTIES (INCLUDING INVESTORS) FOR ANY INVESTMENTS OR BUSINESS
DECISIONS ADAPTED OR ACTS PERFORMED BY THEM ON THE BASIS OF THE INFORMATION
ANY STATEMENTS CONTAINED HEREIN OR FOR ANY CONSEQUENTIAL, SPECIAL OR SIMILAR
DAMAGES DERIVED THEREFROM. ANY MARKET INFORMATION AND COMPANY'S COMPETITIVE
POSITION DATA INCLUDING MARKET PROJECTIONS USED IN THIS DOCUMENT HAVE BEEN
DERIVED FROM IN COMPANY'S STUDIES, MARKET RESEARCH REPORTS, PUBLICLY
AVAILABLE DATA AND INDUSTRY PUBLICATIONS. ALTHOUGH THE COMPANY HAS NO REASON
TO BELIEVE THAT THIS INFORMATION OR THESE REPORTS ARE INACCURATE IN ANY
MATERIAL, RESPECT, THE COMPANY HEREBY STATUS THAT IT HAS NOT INDEPENDENTLY
CHECKED ANY COMPETITIVE POSITION, MARKET SHARE, MARKET VOLUME, MARKET GROWTH
OR OTHERS.


---------------------------------------------------------------------------

End of ad hoc announcement

---------------------------------------------------------------------------

close