Investment case• Unique business model merging asset management with private equity.• Largest private equity firm in the region investing in the main developmental long

term themes – Transport, Energy, Food, Infrastructure, Consumer.• Good track record of profitable exits and cash returns raising U$2.4bn in 5 exits

from 2004-7.

Upside Catalysts• Discount to NAV, highlighted by partial exits.• TAQA IPO anticipated when markets stabilise.• Ability to find good deals in difficult markets.• Geographic spread in MEA to the activities.

Downside Risks• Egyptian market turmoil delays IPO’s.• Rising regional risk and rising cost of debt make for more difficult operating

environment.• Citadel as investor and as manager of PE funds lacks peer group comparables and

results in discount to NAV.

Citadel Capital SAE– Citadel

Company Profile

An Egyptian private equity firm controlling investments worth over U$8bn in 19 Platform companies in 15 industries in 12 countries. Citadel raises a fund for each new platform investment, and typically invests 10-20% in the fund, thus is manager and control investor. Leverage is held in the platform companies, where the add-on investments are made. Citadel invests in key themes for rising private sector in developing Egypt, Africa and Middle East

Shareholder Structure•Citadel Corp (Management) 40.2%•Emirates Inter Invest 8.75%•Arafa Alaa Ahmed 3.32%• Free Float 47.43%

52-Week Performance & Share Data (*EGX suspended 27th Jan – 23rd Mar 2011)

CCAP.CA/CCAP EY.

Key Performance IndicatorsSector: Financial & InvestmentEGP mn/ FY End:December 2008a 2009a

Revenue 303.89 458.10Growth Rate (%) n/a 50.7%EBITDA 86.73 163.14Growth Rate (%) n/a 88.1%EBITDA Margin (%) 28.54 35.61Net Income -50.75 159.11Growth Rate (%) n/a n/m

P ER n/a 19.3xP /BV n/a 1.5xReturn on Assets (RoA) nla 2.2%Return on Equity (RoE) nla 4.9%

Source: Company Financials, CICR

Sector: Financial & InvestmentISIN: EGS73541C012Last P rice (EGP ) 5.7052 Week High 9.6552 Week Low 4.10100-day Av. Volume 2,923 (000' shares per day)

No. of Shares (mn) 496.2 Market Cap (EGP mn) 2,828 *P rices as at close on 30th May 2011

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