Press releases

SODIC signs service agreement with Contact to provide its

clients with 10 year payment terms

Cairo, July 20th, 2008

SODIC announced the signature of an exclusive service agreement with Contact. The agreement offers SODIC’s clients 10 year fixed rate payment terms (the “Product”). SODIC will provide the Product to its clients while Contact will be responsible for the design & implementation of the Product. Contact will also be responsible for refinancing the portfolio through structuring and issuing a receivables backed bond for the portfolio.

“Offering an in house, fixed rate, 10 year payment term to our clients significantly increases our potential addressable market” Says Youssef Hammad, Chief Commercial Officer of SODIC “and it strengthens our ability to diversify into the middle income group segment.” The product will be offered to all SODIC’s clients, and is currently being offered with its Allegria & Kattameya Plaza projects.

About SODIC

SODIC is Egypt’s fastest growing Real Estate Development Company and is currently developing a number of large and diversified projects in Egypt’s expanding real estate sectors. These developments range from residential projects of different types to retail, commercial and fully-fledged city centers aimed at becoming the main urban hubs of east and west Cairo. SODIC is listed on the Cairo Stock Exchange (Ticker OCDI) and has grown its market capitalization over five fold, from under EGP 750 million (US$150 million) in 2006 to around EGP 4 billion as of mid 2008. For more information please visit our website at www.sodic.com.

About Contact

Established in 2001, Contact is the leading independent consumer financing company in Egypt, providing car loans, insurance-related services and mortgage finance services to retail clients. Contact’s proprietary credit assessment and collections systems contribute to its market-leading financing capabilities. In 2005 Contact was the first Egyptian company to securitize a receivables portfolio and has issued EGP 574 million of AA rated securitization bonds to date.