1st Quarter Results

Commercial Intnl Bank (Egypt) SAE 27 April 2005 Commercial International Bank (Egypt) S.A.E. Financial Statements March 31, 2005 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E FINANCIAL POSITION As of March 30, 2005 Amounts in L.E. Note 31-March-2005 31-Dec-2004 Assets Cash & Due From Central Bank 4 2,803,409,733 2,970,806,011 Due From Banks 5 3,320,345,912 4,649,962,623 Treasury Bills 6 2,248,719,552 2,268,671,181 Reverse Repos 7 3,044,872,568 674,285,962 Trading Financial Investments 8 668,404,060 673,201,901 Available for Sale Financial Investments 9 2,275,411,364 2,251,402,178 Loans & Overdrafts(Net of Provision for Doubtful Debts) 10& 12,872,590,499 13,394,477,871 11 Held to maturity Financial Investments 12 147,089,799 155,275,278 Financial Investments in Subsidiary and associated companies 13 83,842,237 82,400,000 Debit Balances and Other Assets 15 676,583,236 561,476,616 Fixed Assets (Net) 16 297,093,006 294,790,184 Total Assets 28,438,361,966 27976749805 Liabilities & Shareholders' Equity Liabilities Due to Banks 17 399,515,733 224,649,342 Repos 18 30,707,945 0 Customer Deposits 19 24,011,819,260 23,979,205,974 Dividends & Profit Sharing 227,500,000 285,661,900 Credit Balances & Other Liabilities 20 597,202,300 455,148,244 Long Term Loans 21 93,278,410 121,042,257 Other Provisions 22 817,100,266 787,926,530 Total Liabilities 26,177,123,914 25,853,634,247 Shareholders' Equity Issued & Paid- in Capital 1,300,000,000 1,300,000,000 Reserves 818,324,375 823,115,558 Total Shareholders' Equity 23 2,118,324,375 2,123,115,558 Net Profit of the Period 142,913,677 - Total Shareholders' Equity & Net Profit 2,261,238,052 2,123,115,558 Total Liabilities & Shareholders' Equity 28,438,361,966 27,976,749,805 Contingent & commitments Liabilities 24 4,656,748,791 4,848,267,166 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E INCOME STATEMENT As of March 30, 2005 Amounts in L.E. Note 31-March-2005 31-Dec-2004 Interest Received from clients & Banks 326,756,864 302,353,814 Interest Received from Treasury Bills & Bonds 169,818,714 64,181,149 - Deduct Interest Paid to Clients & Banks (286,742,788) (201,584,956) Net Interest Income 209,832,790 164,950,007 Banking Fees & Commissions 73,344,997 86,502,699 Share Dividends 2,268,057 2,861,304 Foreign Exchange Income 25 59,627,619 15,368,266 Profit from Selling Investment 22,804,170 861,958 Trading Investment Revaluation Differences (30,256,661) 5,229,131 Other Income 10,399,047 9,577,288 Total Fee Income 138,187,229 120,400,646 Net Operating Income 348,020,019 285,350,653 Provisions (81,000,000) (80,000,000) Other Financial Investment Evaluation Differences (16,628,472) (9,116,617) General & Administration Expenses & Depreciation (97,087,870) (74,197,531) Other Expenses (10,390,000) (11,293,540) (205,106,342) (174,607,688) Net Operating Profits 142,913,677 110,742,965 Non-Operating income 0 39,390 Net Profit 142,913,677 110,782,355 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E CASH FLOW STATEMENT 1a As of March 30, 2005 Amounts in LE. 31-March-2005 30-March-2004 Cash Flow From Operating Activities Net Income Before Tax 142,913,677 110,782,355 Adjustments To Reconcile Net Income Total Net Cash Provided by operating Depreciation 13,753,837 10,366,624 Provisions (Additions during the period) 81,000,000 80,000,000 Trading Financial Investment Evaluation 30,256,661 (5,229,131) Other Financial Investment Evaluation 16,628,472 9,116,617 FCY revaluation Differences of Provisions Balances except doubtful debts (6,826,264) 512,556 Gains From Selling of Fixed Assets 0 (39,390) Profit From Selling of Investments (22,804,170) (861,958) Paid Income Tax 0 (470,888) FCY Revaluation Difference of Long Term Loans 0 (775,972) Operating Profit Before Changes in Operating Assets and Liabilities 254,922,213 203,400,813 Net Decrease (Increase) in Assets Due from banks 1,317,819,128 136,678,965 Treasury Bills (246,789,583) 270,591,576 Reverse Repos (2,370,586,606) 0 Trading Financial Investments (25,458,820) (174,141,441) Available for Sale Financial Investments (17,833,488) (84,483,066) Loans & Overdrafts 476,887,372 (434,890,550) Debit Balances & Other Liabilities (97,494,110) (73,591,619) Net Increase (Decrease) In Liabilities Due to Banks 174,866,391 101,822,373 Repos 30,707,945 0 Customer Deposits 32,613,286 743,379,556 Credit Balances & Other Liabilities 142,054,056 45,526,537 Net Cash Provided from Operating Activities (100,792,216) 734,293,144 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E CASH FLOW STATEMENT 1b As of March 30, 2005 31-March-2005 30-March-2004 Cash Flow From Investment Activities Purchase of Subsidiaries (1,442,237) (7,240,000) Prepaid for Fixed Assets, premises and Fitting-out of Branches (33,669,169) (14,547,729) Purchase of Held-to-Maturity Investments 8,185,479 (2,119,740) Net Cash (Used in) Investment Activities (26,925,927) (23,907,469) Cash Flow From Financing Activities Decrease in Long Term Loans (27,763,847) (156,097,296) Dividends Paid (58,161,900) (242,446,824) Reverse for financial investment revaluation Diff (4,791,183) 0 Net Cash (Used in) provided from Financing Activities (318,216,930) (398,544,120) Net cash & cash equivalent (445,935,073) 311,841,555 Beginning Balance of cash and cash equivalent 3,325,602,325 3,077,271,444 Cash & Cash equivalent Balance At the End of the period 2,879,667,252 3,389,112,999 Cash & Cash Equivalent are Represented as Follows Cash and Due from Central Bank 2,803,409,733 2,805,756,901 Due From Banks 3,320,345,912 3,703,586,911 Treasury Bills 2,248,719,552 1,278,716,842 Due from Banks (Time Deposits) (3,244,088,393) (3,520,751,175) Treasury Bills with Maturity More than Three Months (2,248,719,552) (878,196,480) Total Cash& Cash Equivalent 2,879,667,252 3,389,112,999 COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY As of March 30, 2005 2004 Capital Legal General Special Reserves for Profits of the Total Reserves Reserves Reserves Inv. year Revaluation Beginning 1,300,000,000 275,334,002 149,505,205 162,709,903 20,618,560 0 1,908,167,670 Balance Transfer to 0 25,287,783 194,805,967 0 0 (220,093,750) 0 Reserves Distributed 0 0 0 0 0 (285,661,900) (285,661,900) Profits Net Profit 0 0 0 0 0 505,755,650 505,755,650 Reverse part 0 0 0 0 (5,145,862) 0 (5,145,862) reserve Ending 1,300,000,000 300,621,785 344,311,172 162,709,903 15,472,698 2,123,115,558 Balance 2005 Capital Legal General Special Reserves for Inv. Profits of the Total Reserves Reserves Reserves Revaluation year Beginning Balance 1,300,000,000 300,621,785 344,311,172 162,709,903 15,472,698 0 2,123,115,558 Net Profit for the 0 0 0 0 0 142,913,677 142,913,677 Period Reverse part of 0 0 0 0 (4,791,183) 0 (4,791,183) reserve Ending Balance 1,300,000,000 300,621,785 344,311,172 162,709,903 10,681,515 142,913,677 2,261,238,052 4- Cash And Due From Central Bank Mar. 31, 2005 Dec. 31, 2004 L.E L.E - Cash & Cash Items 563,258,062 408,463,148 - Reserve Balance with CBE 2,240,151,671 2,562,342,863 Total Cash & Due From Central Bank 2,803,409,733 2,970,806,011 5- Due from Banks Mar. 31, 2005 Dec. 31, 2004 L.E L.E (A) Central Bank 58,530,510 232,463,340 - Time Deposits Total Due from central bank 58,530,510 232,463,340 (B) Local Banks 7,844,437 5,245,686 - Current Accounts 186,865,700 488,549,000 - Time Deposits Total Due from Local Banks 194,710,137 493,794,686 ( C ) Foreign Banks 68,413,082 82,809,416 - Current Accounts 2,998,692,183 3,840,895,181 - Time Deposits Total Due From Foreign Banks 3,067,105,265 3,923,704,597 Total Due From Banks 3,320,345,912 4,649,962,623 6- Treasury Bills Mar. 31, 2005 Dec. 31, 2004 L.E L.E - 91 Days Maturity - 270,800,000 - 182 Days Maturity 861,075,000 1,416,725,000 - 364 Days Maturity 1,488,200,000 666,225,000 Total Treasury Bills 2,349,275,000 2,353,750,000 - Issuance Discount (100,555,448) (85,078,819) Net Treasury Bills 2,248,719,552 2,268,671,181 Mar. 31, 2005 Dec. 31, 2004 7- Reverse Repos L.E L.E - Maturity within one week 1,228,742,479 258,017,644 - Maturity within three months 1,372,610,864 196,353,962 - Maturity within six months 443,519,225 174,173,808 - Maturity within one year - 45,740,548 3,044,872,568 674,285,962 8- Trading Financial Investments Mar. 31, 2005 Dec. 31, 2004 L.E L.E - Portfolio Managed By other parties 490,812,266 453,931,288 - Bonds 148,390,194 202,052,927 - Shares 29,201,600 17,217,686 Total Trading Financial Investments 668,404,060 673,201,901 The Financial Trading Investments are represented as follows :- - Financial Investments Quoted on Stock Exchange 668,404,060 673,201,901 - Financial Investments Un-quoted on Stock Exchange 0 0 668,404,060 673,201,901 9 - Available for sale financial investments Mar. 31, 2005 Dec. 31, 2004 L.E L.E (A) Shares - Bank's Shares 9,076,909 9,076,909 - Corporate Shares 637,761,890 573,722,193 (B)Bonds - Governmental Bonds 809,835,405 698,204,996 - Bank's Bonds 114,958,153 114,958,153 - Corporate Bonds 703,779,007 855,439,927 2,275,411,364 2,251,402,178 Available for sale financial investments are represented as follows :- - Financial Investments Quoted on Stock Exchange 1,870,198,442 1,902,849,069 - Financial Investments Un-quoted on Stock Exchange 405,212,922 348,553,109 2,275,411,364 2,251,402,178 - The market Value of Available for sale Investments listed on the Capital market is L.E 1,935,488,229 as of 31 March 2005 compared to LE. 1,971,258,092 as of December 31, 2004 10 - Loans and Overdrafts Mar. 31, 2005 Dec. 31, 2004 L.E L.E - Discounted Bills 221,330,331 175,368,806 - Loans & Overdrafts to Customer 13,114,971,075 13,641,966,481 - Loans & Overdraft to Banks 650,220,410 638,829,924 13,986,521,816 14,456,165,211 - Unearned Bills discount (4,519,305) (4,102,723) - Provision For Doubtful Debts (946,862,132) (911,915,247) - Unearned Interest & commission (162,549,880) (145,669,370) Net Loans & Overdrafts 12,872,590,499 13,394,477,871 11 - Provision For Doubtful Debts Mar. 31, 2005 Specific General Total LE LE LE - Balance at beginning of the period 551,469,932 360,445,315 911,915,247 - Addition during the period 45,000,000 0 45,000,000 - written off debts recoveries 5,337,559 0 5,337,559 - Foreign currency revaluation diff. (15,387,207) 0 (15,387,207) 586,420,284 360,445,315 946,865,599 Usage during the period (3,467) (3,467) Transferred from general to specific 51,541,000 (51,541,000) 0 Balance at the end of the period 637,957,817 308,904,315 946,862,132 Dec. 31, 2004 Specific General Total LE LE LE - Balance at beginning of the year 333,106,251 385,617,453 718,723,704 - Addition during the year 224,424,862 0 224,424,862 - written off debts recoveries 14,364,457 0 14,364,457 - Foreign currency revaluation diff. (2,606,103) 0 (2,606,103) 569,289,467 385,617,453 954,906,920 Usage during the Year (42,991,673) 0 (42,991,673) Transferred from general to specific 25,172,138 (25,172,138) 0 Balance at the end of the Year 551,469,932 360,445,315 911,915,247 12 - Held to maturity Investments Mar. 31, 2005 Dec. 31, 2004 L.E L.E - Housing Bonds (maturity Dec.2019) 215,000 215,000 - Treasury Bonds 146,874,799 155,060,278 147,089,799 155,275,278 The held to maturity Financial Investments are represented as follows :- - Investments Quoted on Stock Exchange 146,874,799 155,060,278 - Investments Un-quoted on Stock Exchange 215,000 215,000 147,089,799 155,275,278 The market value of Held to Maturity Financial Investment is LE 150,745,039 as of 31 Mar. 2005 13 - Financial Investments in subsidiary companies Mar. 31, 2005 Dec. 31, 2004 LE % LE % - Commercial International Brokerage co. 12,000,000 %40 12,000,000 %40 - Contact for Cars Trading 31,000,000 %40 31,000,000 %40 - Commercial International life insurance co. 32,000,000 %40 32,000,000 %40 - C I Assets Management 2,942,237 %94 1,500,000 %30 - Corplease co. 5,400,000 %40 5,400,000 %40 - Concept co. 500,000 %40 500,000 %40 83,842,237 82,400,000 The Financial Investments in subsidiary companies are represented as follows :- - Financial Investments Quoted on Stock Exchange 12,000,000 12,000,000 - Financial Investments Un-quoted on Stock Exchange 71,842,237 70,400,000 83,842,237 82,400,000 - The market value of the financial investments in subsidiary companies quoted on the stock exchange is LE 12,000,000 as of 31 Mar. 2005 And 12,000,000 as of 31 Dec 2004 14 -Capital Commitments (Financial Investments) The capital commitments for the financial investments reached in date of Financial position L.E 95,933,632 Gross Investment Paid Remaining L.E L.E L.E Available for sale Financial investments 137,620,548 57,886,916 79,733,632 Financial Investments in subsidiaries co. 21,600,000 5,400,000 16,200,000 15 -Debit Balances and Other Assets Mar. 31, 2005 Dec. 31, 2004 L.E L.E Accrued Interest receivable 245,298,840 191,085,751 Prepaid Expenses 15,033,632 15,050,977 Advances for Purchase of Fixed Assets 101,000,369 83,387,859 Assets Acquired for Settlement of Debts 131,866,299 131,866,299 Accounts receivable & Other Assets 183,384,096 140,085,730 Total Debit Balances and Other Assets 676,583,236 561,476,616 16 - Fixed Assets (Net of Accumulated Depreciation) Machines Furniture Fitting & & Land Premises E.D.P Vehicles -Out Equipment Furnishing total L.E L.E L.E L.E L.E L.E L.E L.E Opening Balance 5,997,577 206,110,743 184,821,851 17,961,009 54,852,572 75,394,388 30,786,808 575,924,948 (3) Additional during the period - - 9,298,812 554,068 1,990,595 2,941,202 1,271,982 16,056,659 Closing Balance 5,997,577 206,110,743 194,120,663 18,515,077 56,843,167 78,335,590 32,058,790 591,981,607 (1) Accu.Depreciation at beginning of the period (4) - 57,727,253 108,251,912 12,076,775 44,391,926 43,979,065 14,707,833 281,134,764 Current period Depreciation - 2,476,559 6,979,398 475,611 1,364,974 1,758,626 698,669 13,753,837 Accu.Depreciation at end of the period (2) 60,203,812 115,231,310 12,552,386 45,756,900 45,737,691 15,406,502 294,888,601 End of period 5,997,577 145,906,931 78,889,353 5,962,691 11,086,267 32,597,899 16,652,288 297,093,006 net asstes(1-2) Beginning of 5,997,577 148,383,490 76,569,939 5,884,234 10,460,646 31,415,323 16,078,975 294,790,184 period net assets (3-4) Depreciation rate 5% 20% 20% 33.3% 12.5% 10% - Net fixed assets in financial position date includes LE. 32,618,787 represents fixed assets not registered yet and registrations procedures in process 17 - Due to Banks Mar. 31, 2005 Dec. 31, 2004 L.E L.E (a) Central Bank - Current Accounts 2,299,485 1,753,231 - Time Deposits 46,478,068 0 Total Due to Central Bank 48,777,553 1,753,231 ( b )Local Banks - Current Accounts 22,821,403 20,961,988 - Time Deposits 25,289,755 920,848 - Total Due to Local Banks 48,111,158 21,882,836 ( c )Foreign Banks - Current Accounts 302,627,022 201,013,275 - Time Deposits 0 0 - Total Due to foreign Banks 302,627,022 201,013,275 Total Due to Banks 399,515,733 224,649,342 18 - Repos Mar. 31, 2005 Dec. 31, 2004 L.E L.E - Maturity within one week 0 0 - Maturity within one month 14,813,794 0 - Maturity within three months 15,894,151 0 30,707,945 0 19 -Customers' Deposits Mar. 31, 2005 Dec. 31, 2004 L.E L.E - Demand Deposits 5,888,091,672 6,210,737,358 - Time & Notice Deposits 6,870,894,019 6,964,795,904 - Saving & Deposits Certificates 5,512,931,269 5,277,089,511 - Saving Deposits 4,623,472,131 4,391,838,621 - Other Deposits 1,116,430,169 1,134,744,580 Total Customer Deposits 24,011,819,260 23,979,205,974 20 - Credit Balances and Other Liabilities Mar. 31, 2005 Dec. 31, 2004 L.E L.E - Accrued Interest Payable 85,927,630 86,518,203 - Accrued Expenses 61,689,145 46,265,669 - Accounts Payable 609,777,232 305,154,704 - Other Liabilities 67,308,293 17,209,668 Total Credit Balances And Other 597,202,300 455,148,244 Liabilities 21 -Long Term Loans Rate Maturity date Maturing through Balance on Balance on % next year Mar. 31, 2005 Dec. 31, 2004 European - - - - 33,230,664 Investment Bank KFW Bank 10.5 - 9 ten years 17,263,526 18,873,292 Ministry of 3.5 - 5.5 depends 3,326,081 9,998,139 11,537,188 Agriculture 3-5 years on (F.S.D.P) maturity date Ministry of 3.5 - 5.5 depends 3-5 years 264,240 273,380 246,350 Agriculture on maturity date (V.S.P) Ministry of 3.5 - 5.5 depends 3-5 years 18,048,964 53,228,865 43,357,763 Agriculture on maturity date (M.S.S.P) Barclays bank 6.62 ten years 2,082,500 2,514,500 3,797,000 (P.S.F.S) from 1996 Social Fund 3 months T/D 2010 0 10,000,000 10,000,000 or 9% which more Total 23,721,785 93,278,410 121,042,257 22 - Other Provisions Mar. 31, 2005 L.E Opening Addition FCY Balance Usage Transfer Closing Balance During the Reval. Difference During the Balance period period - Provision for 506,791,890 36,000,000 542,791,890 Income Tax claims - Provision for 2,111,720 63,577- 2,048,143 Legal Claims - Provision for 99,584,497 3,381,755- 96,202,742 contingent - Provision for 154,043,142 2,106,048- 151,937,094 General risk * - Provision for Bank 25,395,281 1,274,884- 24,120,397 Risk insurance Total Other 787,926,530 36,000,000 6,826,264- 0 0 817,100,266 Provisions Dec. 31, 2004 L.E Opening Addition FCY Balance Usage Closing Balance During the Reval. Difference During the Transfer Balance Year Year - Provision for 474,262,778 50,000,000 17,470,888- 506,791,890 Income Tax claims - Provision for 1,883,088 314,391 7,004- 78,755- 2,111,720 Legal Claims - Provision for 68,147,300 32,221,000 783,803- 99,584,497 contingent - Provision for 151,066,860 15,698,178 344,592- 12,377,304- 154,043,142 General risk * - Provision for Bank 13,316,953 298,976- 12,377,304 25,395,281 Risk insurance Total Other 708,676,979 98,233,569 1,434,375- 17,549,643- 0 787,926,530 Provisions * Operational risk and Market risk which reach 107,406 M and 17,837 M on 31/3/2005 are a part of General risk provision cover according to 'Basel II' requirements against 107,406M and 16,856M consequently on 31/12/2004 23 - Capital & Reserves (a) Capital - The Authorized Capital reached LE 1500 Million - paid - in capital reached to LE 1300 million divided to 130 million shares with par value LE 10 per each . (b) Reserves - According to the bank statues 5% of net profit is to increase legal reserve until reaches 50% of the bank's issued and paid - in capital - Concurrence of Central Bank of Egypt for usage of Special Reserve is required. 24 - Contingent Accounts Mar. 31, 2005 Dec. 31, 2004 L.E L.E - Letters of Guarantee 3,866,417,597 4,077,122,707 - Letters of Credit ( import & export ) 588,267,067 518,658,339 - Customers Acceptances 365,524,676 370,222,289 - Forward Foreign Exchange contracts 491,814 933,107 - Swap Deals (163,952,363) (118,669,276) Total 4,656,748,791 4,848,267,166 25 - Foreign Exchange Profits (losses) Mar. 31, 2005 Mar. 31, 2004 L.E L.E profit from dealing with foreign currencies 27,712,053 16,808,775 Profit of revaluation of Monitoring assets and Liabilities 32,006,130 67,581 Forward deals revaluation losses (371,991) (1,869,038) profit revaluation of options 281,427 360,948 59,627,619 15,368,266 26 - Other Financial investments evaluation differences Mar. 31, 2005 Mar. 31, 2004 L.E L.E +( - ) +( - ) - Available for sale Financial investments (16,628,472) (9,116,617) - Held to maturity Financial Investments - - - Investments in subsidiary and associated companies - - (16,628,472) (9,116,617) 27 - Assets & Liabilities Maturities Maturity Maturity Within one year Over One Year Assets - Cash and Due from Central Bank 2,803,409,733 - - Due from Banks 3,320,345,912 - - Treasury Bills 2,349,275,000 - - Reverse repos 3,044,872,568 - - Trading Investments 668,404,060 - - Available for sale investments 2,275,411,364 - - Customers' Loans & Overdrafts 5,701,466,284 7,472,285,242 - Banks' Loans & Overdrafts 15,528 650,204,882 - Held to maturity Investments - 147,089,799 - Investments in subsidiary companies - 83,842,237 - Debit Balances and Other Assets 676,583,236 - 20,839,783,685 8,353,422,160 Liabilities - Due to Banks 399,515,733 - - Repos 30,707,945 - Customer Deposits 18,491,021,809 5,520,797,451 - Long Term Loans 23,721,785 69,556,625 - Credit Balances and Other Liabilities 597,202,3000 - 19,769,669,572 5,590,354,076 28 - Interest Rate The average interest rates applied for Assets and Liabilities during the period are 6.60 % & 3.76 % Respectively. 29 - Tax Status - The bank's corporate income tax position has been examined and settled with the Tax Authority from the start up of operations up to the end of year 1984. - Corporate income tax for the years from 1985 up to 1993 were paid according to the Tax appeal Committee decision and the final settlement is under discussion in the court of law . - The bank's corporate income tax position has been examined and settled with the Tax Authority from 1994 up to 2002 and the final settlement is under discussion in the court of law . - The bank pay salary tax according to concerning domestic regulations and laws, and the final settlement is under discussion in the court of law . - The bank pay stamp duty tax according to concerning domestic regulations and laws, and the final settlement is under discussion in the court of law . 30 - Distribution of Assets, Liabilities and Contingent Accounts Assets Local Currency Foreign Currency 1 - Due From Banks 172,091,843 3,148,254,069 2 - Loans & Overdrafts % Agriculture Sector 97,318,980 0.70 Industrial Sector 6,842,236,263 48.90 Trading Sector 813,860,061 5.80 Services Sector 4,749,870,768 34.00 Household Sector 1,258,555,422 9.00 Other Sectors 224,680,322 1.60 Total Loans & Overdrafts (Including unearned interest) 13,986,521,816 100.00 Unearned Discounted Bills (4,519,305) Provision for Doubtful Debts (946,862,132) 6.77 Unearned Interest & Commission (162,549,880) Net Loans & Overdrafts 12,872,590,499 Liabilities Local Currency Foreign Currency 1- Due to Banks 51,524,850 347,990,883 2 - Customers' Deposits % Agriculture Sector 14,457,784 0.10 Industrial Sector 2,551,822,884 10.60 Trading Sector 741,070,402 3.10 Services Sector 3,747,549,952 15.60 Household Sector 15,465,373,891 64.40 Other Sector 1,491,544,347 6.20 Total Customers' Deposits 24,011,819,260 100.00 Contingent Accounts Local Currency Foreign Currency - Letters of Guarantee 1,320,115,307 2,546,302,290 - Letter of Credit ( import & export ) 13,811,427 574,455,640 - Customers Acceptances 209,191,180 156,333,496 - Forward Foreign Exchange Contracts 16,165,598 (15,673,784) - Swap Deals (1,143,106,478) 979,154,115 416,177,034 4,240,571,757 31- Foreign Currencies Positions Mar. 31, 2005 Dec. 31, 2004 in thousand L.E in thousand L.E - Egyptian Pound 31,258 (16,400) - US Dollar (39,804) 15,849 - Sterling pound 192 (1,984) - Japanese Yen (80) 25 - Swiss Franc 715 191 - Euro 4,140 2,838 32- Transactions With Related Parties All Banking transactions with related parties are conducted in accordance with the normal banking practices and regulations applied to all other customers without any discrimination. Due from Banks 173,639,156 Loans & Overdrafts 261,022,527 Bank's Loans 122,028,000 Investment in subsidiary companies 83,842,237 Due to banks 9,054,076 Customer Deposits 115,988,233 Contingent Accounts 10,378,715 33- Comparative Figures The Comparative Figures are amended to confirm with the reclassification of the current period and General Assembly hold in Mar, 2005 decisions, For ratifying the Appropriation account of year 2004. This information is provided by RNS The company news service from the London Stock Exchange

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