The Lebanese company for the Development and Reconstruction of Beirut Central District S.A.L. (SOLIDERE) was established as a Lebanese joint stock company on May 5, 1994, and was registered on May 10, 1994 under Commercial Registration No.

67000. The Company was established based on law No. 117 of December 7, 1991. The articles of incorporation of the Company were approved by Decree No. 2537 dated July 22, 1992.The objective of the Company, which consists mainly of real estate activities, is to acquire real estate properties, to finance and ensure the execution of all infrastructure works in the Beirut Central District (BCD) area on the basis of the agreement referred to in Note 22(a), to prepare and reconstruct the BCD area in accordance with the master plan duly approved, to reconstruct or restore the existing buildings, to erect buildings and sell, lease or exploit such buildings and lots and to develop the landfill on the seaside.

The duration of the company is the Company is 25 years beginning from the date of establishment. The extraordinary general assembly dated June 29, 1998 extended the duration of the company to 75 years beginning from the date of establishment.

This resolution becomes effective upon obtaining the approval of the Council of Ministers, which is not yet issued. The Company is exempted from corporate income tax on profit for a period of 10 years from the date of establishment in accordance to law No.

117/91.