Commercial International Investment Co.

The year 2000 was a challenging one for the Egyptian economy. As one of the largest financial institutions in the country and the leading direct investment house, we were not immune to the crosswinds that buffeted the market. Despite that, our operating profits before provisions actually increased by 12% in contrast to the Egyptian market decline of 50%. However, in line with our usual conservative policy, net profits were down 40%, due to ample provisioning to strengthen our capital base. Costs also remained under firm control and at a low level for an institution of our type. We successfully issued a LE 350 million 12% seven-year bond, which enabled us to advantageously consolidate our bank debt. Overall indebtedness remains reasonable in light of our total asset base. Our position remains comfortable with shareholders funds of LE 685 million.

As a result and a subject of some satisfaction, we present the summarized income statement:

CIIC's 1997 - 2000 Summary Record

	1997	1998	1999	2000
Revenue	89	103	187	194
Investment Provisions	20	24	46	107
Net profit	72	73	95	51
Cost to Revenues	10%	14%	8%	8%

Note: Unless otherwise specified all figures are in millions of Egyptian Pounds.

Capital gains (77%) and dividends (23%) significantly drive our revenues. Dividends have proven an important revenue stream for CIIC with strong and consistent growth, reaching LE 41 million, an increase of 32% over the previous year.

In a subdued environment we improved our competitive position and continue to be a major player in the development of the Egyptian economy.