Orascom Development Holding AG: New ad interim CFO

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 Oman.

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.

Media Contact:
Orascom Development Holding AG Till Leisner Head of Group Controlling & Investor Relations Tel. 041 874 88 07 media@orascomdh.com

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