24 January 2010    

Chairman, Chief Executive, and Committees formed Cairo, January 24, 2010 10:00 hrs Cairo time (08:00 hrs GMT) Egyptian Resorts Company (EGX: EGTS.CA), Egypt’s largest master developer of Mega Resort Communities announced key changes in the company’s leadership, as follows: * Mr. Mahmoud Abdallah will take over as non‐Executive Chairman from Dr. Ibrahim Kamel, who has guided the company and served as Chairman almost since inception for the last 12 years. Mr. Abdallah is currently the Executive Chairman of the Insurance Holding Company. Previously, Mr. Abdallah served as Executive Vice President, and President of International Operations playing an instrumental role in building the global operations for American Re Corporation, one of the world’s top providers of property and casualty reinsurance in the United States. Mr. Abdallah also played a major role in the Management Buy Out of the company with KKR and a subsequent subsidiary merger with Munich Re. * Mr. Mohamed Ibrahim Kamel, will assume the role of Chief Executive Officer taking over from Mr. Richard Turner who will become the CEO’s senior advisor focusing his attention on building the ERC Sales Organization. Mr. Kamel is currently the Vice President for Strategy at KATO Investment, ERC’s largest private shareholder. Previously, Mr. Kamel was a consultant with Bain & Company in London following his postgraduate studies. Prior to that, Mr. Kamel assumed various roles with KATO Investment in their aerospace, food manufacturing, and logistics divisions. Mr. Kamel holds a B.A. in Economics from the American University in Cairo and an MBA from Harvard Business School. Commenting on the changes, Dr. Ibrahim Kamel said, “change in leadership is ever so important for the healthy survival of organizations. We, at ERC, are diligent about continuously rejuvenating leadership roles by bringing in new blood with new ideas and newfound energy. After 12 years at the helm of ERC, I have seen its flagship project, the Sahl Hasheesh International Resort Community, grow