Orascom Development Holding AG

DGAP-Adhoc: Orascom Development Holding AG: New ad interim CFO

Orascom Development Holding AG  / Key word(s): Change of Personnel

15.07.2013 07:00

Release of an ad hoc announcement pursuant to Art. 53 KR

Press Release

Board member Eskandar Tooma takes over CFO duties on an ad-interim basis

Altdorf/Cairo, 15 July 2013 - The Board of Directors of Orascom Development
Holding AG (Orascom Development) accepted the request of Ahmed El Shamy to
be released from his duties as CFO and member of the Executive Management
effective 31 August 2013 due to health reasons. The decision follows a
recent car accident and multiple surgeries which require an extended
recovery period. As of 1 September 2013, Eskandar Tooma, current member of
the Board of Directors of Orascom Development, will take over the CFO
duties on an ad-interim basis.

Eskandar Tooma (35) is a Canadian-Egyptian double citizen, professor of
Finance and a former Executive of Orascom Development. During the last six
years, Mr. Tooma was responsible for several capital market and corporate
finance related activities on Group level and played a leading role in the
listing on the SIX Swiss Exchange in 2008, the capital increase in 2010 and
Orascom Hotels & Development's tender offer in 2011. As a finance expert he
holds several Board positions at the Group's subsidiaries in Egypt and

In his new function as interim CFO, Mr. Tooma will remain member of the
Board of Orascom Development, but will resign from the Audit Committee
effective immediately.

The Board of Directors thanks Ahmed El Shamy for his efforts and valuable
contributions during the last year and wishes him a fast recovery and all
the best for his future career.

About Orascom Development Holding AG

Orascom Development is a leading developer of fully integrated destinations
that include hotels, private villas and apartments, leisure facilities such
as golf courses, marinas and supporting infrastructure. Orascom
Development's diversified portfolio of destinations is spread over nine
jurisdictions (Egypt, UAE, Jordan, Oman, Switzerland, Morocco, Montenegro,
United Kingdom and Romania), with primary focus on touristic destinations
and budget housing. The Group currently operates six destinations; three in
Egypt El Gouna, Taba Heights and Haram City, The Cove in United Arab
Emirates and Jebel Sifah and Salalah Beach in Oman. Orascom Development has
a dual listing, with a primary listing on the SIX Swiss Exchange and a
secondary listing on the EGX Egyptian Exchange.

Investor and Media Relations Contacts
Till Leisner
Head of Group Controlling & Investor Relations
Tel: +41 41 874 88 07
Email: ir@orascomdh.com or media@orascomdh.com

Disclaimer & Cautionary Statement
The information contained in this e-mail, its attachment and in any link to
our website indicated herein is not for use within any country or
jurisdiction or by any persons where such use would constitute a violation
of law. If this applies to you, you are not authorized to access or use any
such information. Certain statements in this e-mail and the attached news
release may be forward-looking statements, including, but not limited to,
statements that are predications of or indicate future events, trends,
plans or objectives. Forward-looking statements include statements
regarding our targeted profit improvement, return on equity targets,
expense reductions, pricing conditions, dividend policy and underwriting
claims improvements. Undue reliance should not be placed on such statements
because, by their nature, they are subject to known and unknown risks and
uncertainties and can be affected by other factors that could cause actual
results and Orascom Development Holding AG's plans and objectives to differ
materially from those expressed or implied in the forward looking
statements (or from past results). Factors such as (i) general economic
conditions and competitive factors, particularly in our key markets; (ii)
performance of financial markets; (iii) levels of interest rates and
currency exchange rates; and (vii) changes in laws and regulations and in
the policies of regulators may have a direct bearing on Orascom Development
Holding AG's results of operations and on whether Orascom Development
Holding AG will achieve its targets. Orascom Development Holding AG
undertakes no obligation to publicly update or revise any of these
forward-looking statements, whether to reflect new information, future
events or circumstances or otherwise. It should further be noted, that past
performance is not a guide to future performance. Please also note that
interim results are not necessarily indicative of the full-year results.
Persons requiring advice should consult an independent adviser.

15.07.2013 News transmitted by EQS Group AG.
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Language:               English
Company:                Orascom Development Holding AG
                        Gotthardstraße 12
                        6460 Altdorf
Phone:                  +41 41 874 17 17
Fax:                    +41 41 874 17 07
E-mail:              ir@orascomdh.com
Internet:            www.orascomdh.com
ISIN:                   CH0038285679
Valor:                  A0NJ37
Listed:                 SIX

End of Announcement                             EquityStory News-Service



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