Statement from Abraaj Capital

In response to market speculation, Abraaj Capital confirmed today that following a review, it is no longer currently exploring a transaction with Citadel Capital, a private equity firm based in Cairo and listed on the Egyptian Exchange. This does not preclude Abraaj Capital from exploring such a transaction in the future should performance, deal terms and/or circumstances change.

Abraaj Capital confirmed that it had been in exploratory discussions regarding a potential transaction with Citadel Capital senior management for the past two months.  However these discussions were of an initial nature to evolve a framework, deal terms and mechanics that could be workable for both parties. As no agreement has been reached to date between the two parties, Abraaj Capital feels it is appropriate to disclose this fact to the respective stakeholders in order to quell further speculation on this matter.