21 October 2012    

* * Translation of the Arabic-language Original * *

Disclosure Notice

Dear Sir,

Nile Cargo, a Portfolio Company of Nile Logistics, has announced that it has taken delivery of 4 new dumb barges and 2 pushers, bringing its fleet of custom-designed, fuel-efficient, environmentally friendly river barges up to 45 vessels. The new additions comprise two 50-meter-long and two 70-meter-long barges, with maximum loading capacities of 700 tons and 850 tons, respectively. They were built by the Alexandria Shipyard and the Arab Contractors Shipyard.

Nile Logistics is more than 32% owned by Citadel Capital (CCAP.CA on the Egyptian Exchange), making it the firm’s Platform Company in the logistics, river transport and port management sector. Nile Logistics owns Nile Cargo and National River Port Management Company (NRPMC) in addition to its other investments in transportation, storage and stevedoring services.

The new river barges are the fourth batch of the new custom design vessels that the company has received. Nile Cargo took receipt of its first two barges in late 2010, shortly followed by two 100-meter vessels and then four 70-meter dumb barges earlier this year.

One river barge has the carrying capacity of 20-25 trucks, making it a much more cost efficient and environmentally friendly mode of transport. Therefore, moving goods on the Nile River will soon become one of the most attractive propositions for the transport of large volumes of cargo.

The new barges will allow Nile Cargo to increase its capacity by 15%, while the efficient and environmentally considered design results in dramatically decreased per-unit shipping costs and lower levels of emissions compared to road transportation.

Nile Cargo’s fleet of barges will reach 58 vessels (31 refurbished and 27 newly commissioned vessels) by the middle of 2014, all capable of carrying all types of dry bulk goods as well as containers.