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Share performance during the 1st quarter 2009

Share A - Daily Closing PricesVolume

Volume

200,000

150,000

100,000

50,000

0

200,000

150,000

100,000

50,000

0

Solidere shares continuedtheir drift downwards,reflecting the general trendin global markets. However,both classes of sharescame to a strong supportaround the US$15 mark,Solidere fundamentalsbeing viewed in the marketplace as exceptionallyhealthy. The Company’sstrong cash and assetbases, coupled with no debt,should enable it to weatherthe crisis, and even takeadvantage of it in a varietyof ways.

Share A fluctuated between a low of US$14.51 and ahigh of US$16.9, closing thequarter at US$15.05, a 9%decrease from the previousquarter. Share B fluctuatedbetween a low of $14.38and a high of $17.02,closing at US$15, a 10%decrease from the previousquarter.

Trading activity decreasedsharply during this quarter,as around 4 million sharesof both classes traded inthe local market, 50% lessthan during the previousquarter.

The GDRs traded in theLondon Stock Exchangefollowed the locally tradedshares, closing the quarter at around US$14.20, with a 14% decrease compared to the previous quarterclosing level.

Share B - Daily Closing Prices

$18

$17

$16

$15

$14

$18

$17

$16

$15

$14

Share price (US dollars)Trading volume

1 Jan 09

383,392

1 Jan 09

30 Jan 09

30 Jan 09

2 Mar 09

2 Mar 09

31 Mar 09

31 Mar 09

ConferencesThe Arab Business Forum was held in Beirut February 4-5,2009 under the theme ‘Innovative institutions and theircapacities to weather the current crisis’.

In his address to the conference, general manager MounirDouaidy highlighted Solidere’s financial fundamentals,reiterating his confidence in the Company’s solid positionand resilience vis-à-vis the global economic downturn.

Solidere took part in Lebanon Capital Market Day, held in New York on March 2, 2009. Bank of New York Mellon andAuerbach Grayson organized the event, accompanied by theAmerican-Lebanese Chamber of Commerce. Solidere alsopresented to a general public of professionals and officials,and met with various investment funds one-on-one,highlighting its ability to weather the effects of the financialcrisis due to its strong fundamentals.

At the EFG Hermes 7th Annual One-on-One Conference held in Sharm El Sheikh, Egypt, March 8-12, Solidere wasrepresented by Mr. Douaidy and investor relations managerSamer Soukkarieh. Meeting with over 35 different regionaland international funds, they confirmed the Company’s strongposition in the current financial crisis, based on its highliquidity, lack of debt and the soundness of its receivables.

Al ZorahOn-site construction activities areprogressing, with contractor AIMS (UAE)pursuing bulk earthworks for all roadsof Phase 1A with a total contract amountof 100 million Dirhams. Thegeotechnical site investigation wascompleted.

The preliminary design forinfrastructure works submitted by DarAl Handasah is awaiting approval by theMunicipality of Ajman, which hasapproved the Environmental ImpactAssessment prepared by marine workconsultant COWI (Denmark). Design is inprogress for Phase 1A marine worksand tender documents being finalized.

Technology firm Aconex (Australia) wasselected to provide support services forthe infrastructure phase. It will provide its online collaboration system tomanage information and linkorganizations involved in the project.

In the words of Imad Dana, CEO of Al Zorah Development Company,“Undertaking a project of this magnitudeinvolves many stages of developmentthat need to be closely managed andcontrolled. The infrastructure phase ofthe project will involve organizationsfrom the Middle East and overseas, that will need instant, round-the-clockaccess to their data. The system willmake it easy for any team member,anywhere, to retrieve the informationthey require.”

business & financial news

Monaco exhibition After cancelling the UrbanExpansion and Development at Sea project, the Monacoauthorities held an exhibition ofcompeting submissions onJanuary 23 – February 7.

The Solidere-Vinci partnershippresented the models and othervisual elements of its proposalfor the project.

Developer newsA total of 377 projects, encompassing2,838,735 sq m of built-up area, are in the following stages of development in Beirut city center.

Projects BUA sq m Status

243 1,023,354 Completed

38 495,324 Under construction

9 20,900 Under restoration

36 344,147 Under permitting

26 425,452 Under study

15 505,564 Sold

10 23,994 On hold

377 2,838,735 Total

House of Arts and CultureThe House of Arts and Culture foundationstone was laid February 6. Prime MinisterFouad Siniora attended the ceremony,together with Oman and Lebanon cultureministers Haytham Bin Tarek Al Saïd and Tammam Salam.

The international competition resulted in 388 submissions. On March 23, a nine-member jury led by Mr. SuhaÖzkan awarded the design to a Milan-based architect team led by AlbertoCatalano. Their submission was selectedfor its “modestly urban and human scale,invested with a modern functionalityappropriate to Beirut’s emerging newidentity.”

A Dutch team led by Beatriz Ramo Lópezde Angulo, and the Moscow-based ProjectMeganom, won second and third prizes.Eight other submissions were awardedhonorable mentions.

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shopping and entertainment NewcomersBusinessHakim suppliers

RestaurantsChocolat Milano

ShopsBariq jewelryBlumarine boutiqueChakib RichaniGeorges HakimGift Mart InternationalMaqam art galleryMariella Burani boutiqueMirella home wareNews CaféSabouna soap shopSebastian boutiqueSécret Pon-pon

Opening soonAlberta FerrettiFacco jewelryLes AmisMissoniSabine Mazloum pearlsSergio RossiTerminus

OpeningsCitibank

Malia group, Mariella Burani,Sebastian, Sécret Pon-Pon,Chocolat Milano, March 18.

Fashion showsMalia group fashion show, March 19

Kids fashion show, organized by Aïshti Minis, March 19-20.

NightlifeBIELDance in the City, by Mix FMand Sky management, March 13.

Balima caféBlues on Thursdays and Jazzon Saturdays.

I-BarKaraoke night on Wednesdays,80’s night on Thursdays andDJ nights on Fridays andSaturdays.

CitrusKaraoke night on Thursdays.

Outdoor activitiesDrums for peacePoems and illustrations byLebanese schoolchildren,organized by Défi Liban,Nejmeh Square, March 20.

Souk el TayebWeekly organic farmers’market, Saturdays

BEIRUT SOUKSThe inauguration of theSouth Souks in summer2009 will mark the firstphase of Beirut Souks.This flagship projectoffers 138,000 sq m of floor space that willconsecrate Beirut city center as a global retail district.

Beirut Souks bring thecharm of traditional souks into the 21stcentury. The convenience and comfort associatedwith malls is offeredwithin an experientialwalk that includes openand shaded streets aswell as various levels.

Designed by Pritzker-award winning Spanish architect Rafael Moneo,with Samir Khairallah and Partners, the SouksCore has more than 200 retail outlets hostinglocal, regional and international names and a gourmet foodhall.

The Gold Souk, designedby Kevin Dash (Australia)and Rafik El Khoury,accommodates 80 jewelers’ boutiquesand offices.

As work wraps up on the superstructure, individual units continueto be delivered to tenantsfor interior designs and fittings.

Top left Souk Tawila.Top right Souks Core building interior.Bottom right Sayyour Street, adjacent to the Atrium, leading to Gold Souk.Opposite Souk Ayyas, leading to Intabli Square.Cover page Souks Core,chevron pattern cladding and bronze framed opening.

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Books etc.Beirut World Book CapitalDesignated UNESCO WorldBook Capital 2009, Beirutwill host many eventscelebrating books andreading from April 23 toApril 23, 2010.

Preceding events haveincluded Ayman Trawi’sbook Beirut’s Memoryreceiving the Guinness Bookof World Records award forlargest book in the world.The book features Beirutcity center pre- and post-reconstruction photos. Afterbeing displayed in UNESCOPalace, it went on tour inUruguay until April 9.

El Bourj bookstoreKissat al Kamiss el Ahmar, the Red Shirt, story tellingby Rola Saadeh, January 31

Rose Fountain Motel byJabbour Douaihy, February 26

Témoin au Liban avec leHezbollah by Thierry Levy-Tadjine, roundtablewith Demianos Khattar andScarlett Haddad, March 3.

Virgin MegastoreAndré Velter booksigning, in collaboration withMission CuturelleFrançaise, March 27.

Planet Discoveryrelocating to Beirut Souks.

Children’s MuseumAux horizons de laphysique, illustrations andphotography, March 5–15.

Instituto CervantesMorir en Beirut by RobertoAbou Eid, presented by Dr Antoine Khater, January 13

Spanish language courses,including classes forchildren.

books, exhibitions etc.

Performing artsMusic HallAhmed Ahmed and the guys,stand-up comedy, February 2-4.

Liban JazzNguyen Le Quartet, celebratingthe Jimi Hendrix experience,February 22

Tigran Hamasyan Trio,March 15.

Classical singing Evangelical Church, concert by Ghassan Yammine musicschool, March 30.

Quartiers des ArtsAlwaneCourant d’Art, five generations of Lebanese artists, January 1 – February 24

40 contemporary Lebaneseartists, until February 28.

RochaneNada Hobeiche Sidani, January 15-24

Photo exhibition by BelindaIbrahim and David Sahyoun,February 5-14

Mon univers 2009, digital artwork by Nada Raad, February 26 – March 8.

Maqam art galleryLandscapes cityscapes,Lebanese contemporarycollective exhibition, February 3 – March 31.

Other exhibitionsAida CherfanPetits Formats, small scaleartworks, February 6-28

Michel Harmouch, latestworks, March 6-27.

Instituto CervantesLa Maleta, the luggage,collages by British Lebaneseartist Sean Mackaoui, March 4 – April 3.

Mouawad MuseumClaire Chevolleau, selection of figurative paintings, March 17-27.

BIELWedding Folies, February 5-8

Forward, job fair with employers from local andinternational organizationsMarch 19-22.

Salon d’AutomneThe Nicolas SursockMuseum twenty-ninthSalon d’Automne was held for the second timein Planet Discoveryexhibition hall, February 12 – March 15.

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Visitors

Official visitorsSecretary General Abdou Dioufwith Francophonie delegationof 25; Oman culture ministerHaytham Bin Tarek Al Saidwith Farouk Kamal, BeirutWaterfront Developmentgeneral manager; Iraqambassador Omar Al Barzenji;Philippines ambassadorGilberto Asuque; Frenchcultural attaché Jany Bourdaiswith representatives fromRégion Ile-de-France andInstitut d’Aménagement et d’Urbanisme; World Bankinspection panel chairmanWerner Kiene with SergeSelwan; US Federal Agenciesconsultant Suzy Dietrich; SaoPaolo municipality presidentGilberto Kassab with 60officials and businessmen;members of municipality andof Khatib & Alami, Baghdad;Barbara Wilson, internationaltrade adviser, UK Trade and Investment, with WissamSharara, trade and investmentofficer British embassy Beirut,and Marc Ribo, managingdirector :tmtfactory).

Business and delegationsArab Bank head of corporateand investment banking WaelSanyoura with Abdul HamidAmmash, senior relationshipmanager corporate banking;chairman Hussein Derar andCEO Nayla Abousleiman, EFGHermes Lebanon with PatrickGaffney and Simon Kitchen,VPs for equity research; Sir Win Bischoff, Citigroupchairman, with William Mills,CEO Western Europe, ME and

Africa, Mohammed Shroogi,managing director for ME, and Walter Sioufi, generalmanager Lebanon; FUENSOregional managing director ME Africa Antonio Gonzalez,with R&D manager AlexanderTenvorde; Fairmont-RafflesHotels International presidentfor ME and Africa J. DavidWalmsley, executive directordesign and construction Chris Lee and manager RamiMoukarzel; Baglioni Hotelsvice-president operationsGuido Polito; Moroccancompanies representativesAkram Abou Hamdan, CEO Mawared InternationalLuxembourg, with generalmanager Emad Omar andlawyer Raed Bou Hamdan,CDG group CEO MoustaphaBakkoury and deputy generalmanager Mohamed Hafnaoui,Mohamed Merini and HishamSouleimani, CDG/Mawared,with Abderrahman El Ouzzani,general director and RalphNader, general managerAmber International Hotelsand Resorts; MS&L regionalcommunication director Jo Chemali and executiveTamara Hamdan; CreativeEntertainment Group CEOPeter Brightman; NathalieAbou Jaoudé and Shady Fayad,from International CorporateEvents (ICE); cohn&wolfe PRconsultant Lady AnouskaWeinberg with Hugh Tuffleyand Carolynne Shenton,Anouska Hempel Design;Marie José Abed;

Florence Cane, Chefs&Chefsdirector, with Yannick Alleno of Group Yannick Alleno; TonyKazal, vice-chairman AustraliaWorld Trading Co; Hani Koltah,Dak Tronic; Omar Nasreddine,Grey Beirut regional directorwith Randa Samaha accountdirector; SWA Group CEOKinder Baumgarden withconsultant Nayla Al-Akl; Gary Smith from Orris CapitalServices with David Dorseyfrom Alden Global Capital.

Professionals and academicsPablo Vaggione, InternationalCity and Regional PlannersSociety secretary general;Hasan Wehbi and MirielleAzzam, Jones Lange Lasallestrategic consulting MENA;White and Case LLP attorneysJames Bouillion, Vincent Morinand Paule Biensan; architectsGaddo Cardini, Italy, JensWittfoht, Germany, AssiaOuadah, Algeria, UrsulaHurzeler and TobiasWinkelmann from Herzog & de Meuron, Hazem Sayedfrom Rafael Vinoly Architects,Mark Darbon and Andy Youngfrom Rogers Stirk Harbour;associate professor VivaBarkus with a delegation fromUniversity of Notre Dame, US;35 professors and masterprofessionals, DamascusUniversity sustainable urbandevelopment program; artistSamir Khaddaj; Barbara DePoorter, Group Monument;Arne Quinze, Studio ArneQuinze, Belgium; Englishphotographer David Partner.

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1. Mr. Diouf with M. Douaidy2. Minister Al Said with M. Hammoud3. Ambassador Acevedo with H. Ghaziri in Beirut Souks4. Mr. Kassab with Braziliandelegation5,6. Ambassadors Asuque andAl Barzenji with AR Solh

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