TIDMEGP 
 
 




  The Egypt Trust 


 




  Interim Management StatementFor the quarter ended 30 June 2009 


 




  The Egypt Trust Fund (the "Fund"), is publishing this Interim Management Statement in accordance with DTR 4.3 of the FSA Handbook. 


 




  This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose. 


 




  This interim management statement relates to the period from 1 April 2009 to 30 June 2009, and contains information that covers this period, and up to the date of publication of this interim management statement. 


 




  The Fund seeks to achieve medium- to long-term capital appreciation through investments, principally in equities, listed on the Cairo and Alexandria Stock Exchanges (CASE). The fund's investment strategy is to invest in undervalued assets with a tangible discount to their fair value on a relative basis. 


 




  Highlights: 


 




  Over the 3 month period from 1 April 2009 to 30 June 2009: 


 
 
    -- The Fund's net asset value (NAV) rose by 27.89% to US$ 27.15 per share 




       compared to a gain of 35.09% in the benchmark index (IFC Investable 


       Egypt in USD). 


 
    -- During the same period the Fund's share price rose by 45.09% to US$ 




       24.13 per share. 


 
    -- By the end of the quarter, the fund was trading at -12.5% discount 




       compared to a discount of -21.6% the previous quarter. 


 




  After recording their worst quarterly loss in Q4 2008, the Cairo and Alexandria Stock Exchanges continued to fall in the first few weeks of Q1 2009 to near 4 year low. By March, the stock market has started to rebound driven by cheap valuation, a recovery in global equity markets and improvement in sentiment. Average daily trading values nearly tripled in Q2 2009 over trading levels in Q4 08 and Q1 09 triggered mainly by a return of local investors to the market. We continue to position the portfolio more on the defensive side, and maintain our view that more time will be needed to recover from the current crises. Furthermore, we consider this to be a time to select strong companies that will emerge with an improved market position and outlook. 


 




  Long Term Performance: 


 
                  1-Year   3-Year  5-Year   Inception 
Net Asset Value   -38.38%  +7.10%  +26.26%  +8.32% 
Price             -49.08%  +3.26%  +27.05%  +7.25% 
S&P IFCI Egypt    -43.84%  +5.04%  +34.26%  +6.26% 
 
 
 




  Top Ten Holdings: 


 
                                     30/6/09  31/3/09 
=---------------------------------------------------- 
Orascom Construction Industries      6.55%    6.99% 
=---------------------------------------------------- 
National Société Générale Bank       6.32%    6.19% 
=---------------------------------------------------- 
Egyptian Intl Pharma Industries Co   5.80%    8.45% 
=---------------------------------------------------- 
Orascom Telecom Holding              5.71%    6.92% 
=---------------------------------------------------- 
Telecom Egypt                        5.61%    7.66% 
=---------------------------------------------------- 
Commercial Intl Bank Ltd             4.57%    4.43% 
=---------------------------------------------------- 
Alexandria Mineral Oils Co           4.38%    4.99% 
=---------------------------------------------------- 
EFIC                                 4.03%    5.16% 
=---------------------------------------------------- 
Talaat Moustafa Group Holding        3.77%    4.24% 
=---------------------------------------------------- 
EFG-Hermes Holding                   3.57%    4.46% 
=---------------------------------------------------- 
 
 




  Sector Allocation 


 
                         30/6/09  31/3/09 
=---------------------------------------- 
Financial                19.92%   18.48% 
=---------------------------------------- 
Telecom                  11.32%   20.95% 
=---------------------------------------- 
Real Estate              11.24%   10.57% 
=---------------------------------------- 
Material                 9.97%    11.16% 
=---------------------------------------- 
Industrial               9.14%    9.64% 
=---------------------------------------- 
Petrochemicals           7.42%    8.29% 
=---------------------------------------- 
Healthcare               6.18%    9.08% 
=---------------------------------------- 
Consumer Discretionary   5.79%    5.57% 
=---------------------------------------- 
Other                    19.02%   6.26% 
=---------------------------------------- 
 
 




  Material Transactions and Events: 


 




  On 20th July 2009 the Fund announced that valid redemption requests representing 14,945 shares in the capital of the Fund had been received in accordance with its quarterly redemption facility. These shares were redeemed at a price of US$25.32 per share (net of redemption fees). 


 




  The Board of Directors is not aware of any other significant events or transactions that have occurred between 1 April 2009 and the date of this interim management statement that would have a material impact on the financial position or performance of the Company. 


 




  For further information please contact: 


 




  Arbuthnot Securities Limited +44 (0)20 7012 2000Alastair MoretonHannah Pearce
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