Beltone Private Equity submitted a successful tender offer in December, 2006 leading to the acquisition
of 30.88% of the shares of NCHD. Egypt’s state-owned Housing Holding Company retained 15%, NCHD
employees retained 5% and 49% traded on the Cairo and Alexandria Stock Exchange.
The Board of Directors was restructured in January 2007. Mr. Ahmed El-Sayid was appointed Chairman
of the Board. In March, Mr. Elaiwa Shalaby was appointed Managing Director, focused on unlocking the
potential for multi-purpose development in the company’s land bank around Cairo.

NCHD management team

Ahmed M. El Sayid
Chairman of the Board

Elaiwa Shalaby
Managing Director

Mohamed Gomaa
Financial Manager