Press releases

SODIC releases the results of its annual DTZ independent

valuation of its land bank and projects

Cairo, December 18, 2008

SODIC announces the results of the annual independent valuation of the Company’s land bank and projects under development. The valuation was carried out by DTZ one of the largest international Real Estate Consultants in the world.

DTZ used two different basis of valuation. The first is the comparable basis, this is valuing SODIC’s existing land bank based on the price the land is likely to trade for on the open market. This basis shows SODIC’s land bank having a value of LE7.3 billion. The second is the residual basis, this involved valuing the cashflows expected to be generated from SODIC’s projects under development on its existing land bank.

This method shows SODIC’s projects having a value of LE15.3 billion. Both basis of valuation were carried out in accordance with practice statement 3.2 of the Royal Institution of Chartered Surveyors Appraisal and Valuation Standards 6th Edition.

DTZ is one of the largest International Real Estate Consultants in the world and currently employs 12,500 staff working throughout 45 different countries in over 150 offices. DTZ has maintained a permanent presence in the Gulf since 1975. The company provides a broad based range of services that include: Valuations, Investment, Corporate Real Estate Services, Corporate Finance, Islamic Finance, Asset management, Development Services, Office Agency, Retail Agency, Industrial Agency, Hospitality, Property Management, Building Consultancy, Consulting & Research.

About SODIC

SODIC is one of Egypt's fastest growing Real Estate Development Companies and is currently developing a vast number of Egypt's largest and most progressive projects in the most lucrative real estate sectors. These developments range from residential projects of different types to retail, commercial and even full-fledged city centres aimed at becoming the main urban hubs of both east and west Cairo. The estimated total value of the latter projects is in excess of EGP 25 billion and are projected to be completed over the next 8-10 years. SODIC is listed on the Cairo Stock Exchange (Ticker OCDI) and is a constituent of the CASE30 index. For more information please visit our website at www.sodic.com or contact our Investor Relations Department at ir@sodic.com.

For more information:

Engy Emad
Media Relations
T: 02-33050014
F: 02-33050024
M: 010-7774433
Email: eemad@oc.com.eg