1st Half 2004 change in N. W.

Commercial Intnl Bank (Egypt) SAE
27 July 2004


Commercial International Bank (Egypt) S.A.E
Statement of changes in Shareholders' equity as of
Jun. 30,2004
                                                                                 
                                                                                  
2003                       Capital   Legal Reserve  General       Special       Reserve for Profits of             
                                                    Reserve       Reserve       investment   the Year       Total
                                                                                revaluation
                                                                                  Diff.
                             L.E           L.E          L.E           L.E          L.E          L.E           L.E
-  Balance at 
   beginning                                                        
   of The Year           650,000,000   308,719,566  453,901,139   162,709,903          -     380,886,150   1,956,216,758

-  Transfer to
   reserves                        -    16,280,434  125,803,809             -          -   (142,084,243)              -
                                                                                      
-  Distributed                     
   profits                         -             -            -             -          -   (238,801,907)   (238,801,907)
                                                     
-  Capital
   Increase              650,000,000   (70,295,052)(579,704,948)            -          -              -               - 
                                                                          
-  Net Profits
   of the year                     -              -             -           -          -    412,581,083     412,581,083
                                         
-  Reserve
   Increase                        -              -             -           - 20,618,560              -      20,618,560
                                                                 
   Balance at 
   beginning
   of The Year         1,300,000,000    254,704,948             - 162,709,903 20,618,560    412,581,083   2,150,614,494
                                                         


2004                        Capital   Legal Reserve    General         Special Reserve for  Profits of             
                                                       Reserve         Reserve  investment   the Year       Total
                                                                               revaluation
                                                                                  Diff.

                                L.E          L.E          L.E            L.E       L.E         L.E           L.E
-    Balance at 
     beginning
     of The period      1,300,000,000 254,704,948            -    162,709,903  20,618,560   412,581,083 2,150,614,494
                                                         
-    Transfer to
     reserves                       -  20,629,054   149,505,205             -           - (170,134,259)             -
                                                                         
-    Distributed
     profits                        -           -             -             -           - (242,446,824) (242,446,824)
                                         
-    Net Profits
     of the period                  -           -             -             -           -  230,734,147    230,734,147
                                         
     Balance At 
     The End Of
     The period         1,300,000,000  275,334,002   149,505,205   162,709,903 20,618,560  230,734,147 2,138,901,817


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