1. Desperately Seeking Gamal Researching his assets Nicholas Hildyard The Corner House

2. Looking for Clues What’s Gamal himself said about his companies? Intelligence from Egyptian and other social movements Newspaper reports

3. Google Search : “Gamal Mubarak + Linkedin”

4. Google Search: “Gamal Mubarak + Wiki”

6. Search: “Mubarak” + EFG Hermes

7. Three potential assets... Medinvest Associates, UK Bullion Company Limited, ???? EFG Hermes Private Equity, ????

8. Opencorporates search: EFG Hermes Private Equity

9. Opencorporates: Bullion

10. Duedil: Medinvest Associates

11. Getting a snapshot through Duedil

12. But Medinvest had no substantive assets..

13. Dissolved AFTER EU Freezing Order

14. QUESTION Why did UK authorities permit company to be wound up, given its links to Gamal Mubarak and the EU Council freezing regulation?

15. Medinvest Shareholders

16. Off to Companies House...

21. Gamaldirector

22. Annual return for 2000 gives Gamal’s address – a potentially seizable asset

23. Bullion’s country of registration

24. Company Registrars in other Countries

25. Cyprus

26. Searches on Bullion in Cyprus Registry reveal... Incorporated: 23 August 1996 in Cyprus, Co Number: ΗΕ 80915 Current status: Active Mubarak-related Directors: Ala’a Mubarak, 23 August 1996 to 22 February 2011 Walid Kaba (British), 29 August 1996 to 7 February 2008 Ownership: CP Palema Services Beneficial owners are unknown. · Previous major shareholders have included Panworld Investments Inc, Nakoda Limited, Walid Kaba and Said Kaba. Assets: No details available.

27. Bullion Co Limited Registered in Cyprus Walid KabaSaid Kaba Marrash Panworld Investments INC BVI or Mauritius? Medinvest Associates Limited UK 100% 50%25% After 2003? EFG-Hermes Private Equity BV 35% or 36% International Securities Fund Established 2001 Managed by Bullion Skin the game? Bullion Shareholders Aug 1996 – Jan 2008

28. Bullion Co Limited Registered in Cyprus Walid Kaba Said Kaba Marrash Nakoda Limited Cyprus 50% Medinvest Associates Limited UK 100% 50%25% After 2003? EFG-Hermes Private Equity BV 35% or 36% International Securities Fund Established 2001 Managed by Bullion Skin the game? CP Palema Administrator Registered in Cyprus Nominee shareholder? ACTING FOR WHOM? CP Palema Services Limited Registered in Cyprus Nominee shareholder? ACTING FOR WHOM? 99%1% Bullion Co Limited ownership structure 5 February 2008 to 30 October 2010*

29. Bullion Current Shareholders Bullion Co Cyprus CP Palema Services Limited ACTING FOR WHOM? Nakoda Medinvest Associates Limited After 2003? EFG-Hermes Private Equity International Securities Karlstem Limited 50% 50 99 %1% ???35% or 36%100% ΧΑΡΑΛΑΜΠ ΟΣ ΠΑΠΑΣ 100 % ΠΑΜΠΟΣ ΠΑΠΑΣ 100%

30. Three more companies Nakoda Panworld Investments Inc C.P. Palema Services

31. Search: “EFG Hermes Annual Reports”

32. What the EFG Hermes accounts tell... EFG Hermes Private Equity not mentioned until 2000,thus a number of years after 1997 when Mubarak refered to it in interview. Shareholding pattern for EFG Hermes Private Equity does not accord with Mubarak having a stake In 2003, EFG Hermes Private Equity disappears from the list of subsidiaries A third company – EFG-Hermes Private Equity (BVI) – also appears in the 2003 accounts. This British Virgin Island- registered company is the only one with a shareholding patter that accords with Mubarak having a 18% stake

33. “EFG-Hermes Private Equity”, as recorded in EFG-Hermes Annual Reports NameDate first recorded in Annual Report EFG-Hermes Holding Direct Stake EFG-Hermes Holding Indirect Stake Current Status EFG-Hermes Private Equity Accounts for year ending 31 December 2000 96.2%3.8%No mention after 2003 EFG-Hermes Private Equity (Egypt) Accounts for year ending 31 December 2003 96.3%3.7%No mention after 2003 EFG-Hermes Private Equity (BVI) Accounts for year ending 31 December 2003 65% Current?

34. Questions to EFG Hermes Is EFG Hermes Private Equity (BVI) the same as the EFG Hermes referred to in the statement of 2011? Does Mubarak hold a beneficial interest and if so how? Invitation to comment on specific statements

35. Bingo! EFG Hermes confirms Gamal Mubarak’s interest in EFG Hermes Private Equity BVI