We have attached below Orascom Hotels and Development (OHD) s Q earnings release as reported on the Egyptian Stock Exchange.

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1 Press Release Orascom Development Holding (ODH) Gives Guidance for Q1 2016, and Reports Q Results for its Egyptian Largest Subsidiary; Orascom Hotels and Development (OHD) Orascom Development Holding expects to report a 17-20% decrease in its consolidated revenues for the First Quarter 2016 compared to the same period last year. ODH expects a net loss in the range of CHF million compared to a net profit of CHF 3.4 million in Q The full-fledged Q financial results & statements will be published as announced on the 19 th of May. Management will also hold the earnings conference call on the same day at 1:30 pm CET. We have attached below Orascom Hotels and Development (OHD) s Q earnings release as reported on the Egyptian Stock Exchange. Orascom Hotels and Development; Egypt s Premier Resort Developer Results were impacted by FOREX Losses and Decrease in Land Revenues. Revenues decreased by 37.3% to reach EGP million compared to EGP million in Q1 2015, mainly resulting from the decrease in land revenues. An increase in real estate revenues by 11.5% in Q to reach EGP 66.1 million compared to EGP 59.3 million in Q1 2015, on the back of expedited deliveries. A tough beginning for the hotel segment, resulting from the continuous flight suspensions on Egypt by Russia amongst other European countries, yet still outperforming the market. On track with the refinancing package negotiations with the banks, opting for a 3 years grace period, to be finalized by June/July Successfully launched El Gouna State of Mind marketing campaign and positioning. Cairo, 16 May 2016 Orascom Hotels and Development (OHD) reported a decrease of 37.3% in its revenues to reach EGP million compared to EGP million in Q The real estate revenue witnessed a healthy increase of 11.5% from Q1 2015, on the back of accelerated unit deliveries. Hotel segment operations witnessed a slowdown resulting from the ongoing travel bans on Egypt, yet our hotels in El Gouna were still able to outperform the market. The drop in total revenues was mainly driven by the decrease in the land revenue segment to reach EGP 29.0 million compared to EGP million in Q Total deferred revenue from real estate that is yet to be recognized until 2018 increased significantly by 49.6% from to EGP million in Q to EGP million in Q Based on the positive momentum witnessed in the real estate segment, the company decided to be more selective in terms of land sales moving forward, opting to create the maximum value possible for its shareholders. The company recorded a net loss attributable to shareholders of EGP 96.7 million compared to a net income of EGP 52.7 million in Q The results were impacted by FOREX losses of EGP 69 million in addition to the decrease in land revenues. On the other hand, we successfully launched El Gouna State of Mind marketing campaign and have received very positive reviews from several marketing critique channels. 1

2 Real Estate revenues witnessed a positive increase of 11.5% to reach EGP 66.1 million vs. EGP 59.3 million in Q driven by the expedited unit deliveries in Joubal project in El Gouna. The accelerated construction activities was one of the main achievements of the quarter, which allowed earlier recognition of revenues and earlier cash collection of the 10% client delivery payment. We managed to deliver more units in Joubal during the quarter than what was originally planned. We are currently at the final stages of finalizing the design for Makadi s Clubhouse, permits have been submitted and construction commenced on site in April Value of contracted units declined to reach EGP 92.4 million in Q compared to EGP million in Q Nevertheless, we are currently capitalizing on the great success of the newly launched Fanadir Bay project in El Gouna that we launched in April 2016 with a total inventory of USD 60.0 million. Deferred revenue has increased by 49.6% to reach EGP million in Q compared to EGP million in Q In addition, our real estate cash collections reached EGP 83.6 million in Q Egyptian hotels continue to suffer from the harsh decline in number of foreign tourists post the Russian aircraft crash in October 2015, negatively affected our hotels performance, yet El Gouna hotels were still able to outperform the market. Egyptian Government officials reported a 45% decline in the number of foreign tourists and a 67% decline in the tourism revenue in Q compared to the same period last year. However, El Gouna s diversified market segmentation, limited the magnitude of this industry stance to only a 15% decline in its hotels occupancy from 62% in Q to 53% in Q and an 11% decline in TRevPAR from EGP 373 in Q to EGP 332 in Q We also successfuly opened the new Ancient Sand Hotel in El Gouna, in April 2016 with 56 rooms. Makadi was still heavily affected by the ongoing Russian travel bans and is still operating at 44% of its capacity since Q Nevertheless, Orascom Hotel Management ran special promotional campaigns of the destination in Germany to cope with the decline in demand. These promotions, coupled with the profound business cooperation with FTI, the major German tour operator, resulted in an 83% increase in the number of German room-nights growing from 6,000 in Q to more than 11,000 this quarter. Hotels Financials (EGP mn) We continued to implement drastic cost cutting measures in Taba Heights, our mostly challenged destination to date given the extended travel bans on Sinai by all major European countries. The savings initiatives taken so far are expected to generate total cost savings of EGP 27.0 million in FY Furthermore, we centralized all hotel and destination management cost centers in Taba, starting from the 1 st of March 2016 which is expected to promote further operational and cost savings down the road. The segment revenues decreased by 29.8% to reach EGP 85.6 million vs. EGP million. Foreign exchange losses has negatively impacted our Hotels EBITDA further this year. In Q1 2016, the foreign exchange accumulated a total loss of EGP 37.9 million compared to a total gain of 4.5 million in Q

3 Outlook for FY 2016 Real Estate We will continue accelerating the construction activites across the launched projects and continue executing on the new development strategy, offering a diversified range of products across our destinations. In El Gouna, we are capitalizing on the big success of Fanadir Bay project launched in April 2016, recording solid sales that are expected to increase the value of contracted units in Q We will launch new products in Fayoum with a total inventory of USD 3.4 million in Q and are currently studying several opportunities for the first and second home markets in Cairo and the North Coast. Hotels We are finalizing the construction of Byoum hotel in Fayoum, planned to open by Q and continute to study the implementation of strict cost cutting measures across our hotels in Egypt. On the other hand, efforts are in place to penetrate the niche Gulf market, increasing their presence in El Gouna. More positively, the Tourism Ministry announced that Germany s aviation authority has officially notified all tour operators of the ban removal which will see flights resume normally to the Red Sea resorts. On the other hand, Russia s aviation watchdog (Rosaviatsiya) head Aleksandr Neradko announced that security measures in Egypt are now satisfactory, with plans to resuming flights are very much in sight. Debt On track with the the debt refinancing package negotiations with the banks, opting for a 3 years grace period, expecting to be finalized by June/July

4 Key Figures for the Q Revenue By Business Segment (EGP mn) Q Q Hotels Real Estate Land Destination Management Other Operations OHD Group (EGP mn) Q Q Revenue Cost of sales (261.0) (258.8) Gross profit Gross profit margin 8.1% 42.9% Investment income Other gains and losses (67.4) (61.7) Administrative expenses (15.1) (18.4) Finance costs (59.6) (57.0) Share of gains / (losses) of associates (1.4) (5.9) Profit / (loss) before tax (108.8) 65.5 Income tax expense (9.1) (18.3) Net profit for the period (117.9) 47.2 Attributed as follows: OHD shareholders (96.7) 52.7 Non-controlling interest (21.2) (5.5) Basic EPS (EGP) (0.45) 0.24 (EGP mn) Property, plant and equipment 3, ,836.4 Inventories Receivables 1, ,259.0 Cash and bank balances Investments in associates Other assets Total assets 7, ,470.6 Borrowings 3, ,272.3 Payables Provisions Other liabilities Total liabilities 5, ,778.1 Non-controlling interests Equity attributable to ODH shareholders 2, ,211.2 Total liabilities and equity 7, ,

5 Presentation The associated presentation can be found on Orascom Hotels & Development s website under the Investor Relations section. A telephone conference for analysts and investors hosted by CI Capital will be held in English today at 3:00 pm CET. CEO Khaled Bichara, CFO Ashraf Nessim, Chief Hotel Officer Abdelhamid Abouyoussef and Chief Development Officer Ossama Aboualam will present the Q results and will be available to answer questions. A registration is not required. Dial-in details are as follows: Conference ID: International: +44(0) A replay of the conference call will be available until 4.00 pm GMT on 23 May 2016 with the following dial in details: Access Code: International Replay: +44 (0) About Orascom Hotels and Development (OHD) Orascom Hotels and Development is the largest subsidiary of Orascom Development Holding. OHD is an integrated developer of resort towns in Egypt, with a vertically-integrated business model involving the development of residential units, hotels, and recreational facilities such as golf courses, town centers, and marinas, in addition to supporting infrastructure, such as hospitals, schools, and utilities. OHD currently owns a land bank of 45.7 million square meter and 25 hotels with a total of 5,955 rooms within three operating destinations. El Gouna, on the Egyptian Red Sea Coast in Hurghada, Taba Heights, on the Sinai Peninsula and Makadi in Hurghada. OHD also holds an 87% stake in Tamweel, a financial services company providing mortgage, leasing, and insurance, among other services. Contact for Investors: Sara El Gawahergy Head of Investor Relations Tel: Tel: ir@orascomdh.com Disclaimer & Cautionary Statement The information contained in this , 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 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. Forwardlooking 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 Hotels and Development 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 Hotels and Development s results of operations and on whether Orascom Hotels and Development will achieve its targets. Orascom Hotels and Development 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. 5