Full Consolidated Financial S

We have reviewed the accompanying Consolidated Financial Statements of Palm Hills Development Company (S.A.E.) represented in the Consolidated Financial Position as of 31 March 2008, and the related Consolidated statements of income, changes in shareholders’ equity and cash flows for the period from first of January 2008 till 31 March 2008 , These Consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these Consolidated financial statements based on our review.

We conducted our review in accordance with the Egyptian Standards on Auditing concerning the limited review. This standard requires that we plan and perform the review to obtain reasonable assurance about whether these Consolidated financial statements are free of material misstatement. A limited review includes implementation of the analytical procedures on the financial data and obtaining information from the Company's management, accordingly, it is limited in scope compared with the audit procedures performed under the Egyptian Standards on Auditing for the purpose of expressing an opinion on these Consolidated financial statements, accordingly we do not express such an opinion.