Share performance during the 4th quarter 2009

Share A - Daily Closing Prices Volume

Volume

300,000

225,000

150,000

75,000

0

300,000

225,000

150,000

75,000

0

The market recovery startedin the previous six monthscontinued its course duringthe first part of the quarter.The formation of the newministerial cabinet pushedthe shares to a nine-monthhigh around the beginning ofNovember. Since then, profittaking pulled the shares backto a negative conclusion inDecember, as most marketparticipants moved back tothe sideline due to lack ofmarket moving news.

Share A fluctuated between a low of US$23.70 and a highof US$27.91, closing atUS$23.98, a 4.57% decreasecompared to the previousquarter. Share B tradedbetween a low of US$23.66and a high of US$27.66,closing at US$23.78, a 5.4%decrease from the previousquarter closing level.

Trading activity decreasedduring the quarter, witharound 7 million shares ofboth classes traded in thelocal market, 26.31% lessthan in the previous quarter.

The GDRs traded in theLondon Stock Exchangefollowed the locally tradedshares, closing the quarter at around US$24.5, a 2.39%decrease compared to theprevious quarter.

Share B - Daily Closing Prices

$29

$27

$25

$23

$21

$29

$27

$25

$23

$21

Share price (US dollars) Trading volume

1 Oct 09

316.583

1 Oct 09

29 Oct 09

29 Oct 09

30 Nov 09

30 Nov 09

30 Dec09

30 Dec09

New Waterfront District

The Hotel District at night

Beirut city center at night

Development newsA total of 390 projects, representing close to 3 million sq m of built-up area, are in various stages of development in Beirut city center.

Projects BUA sq m Status

256 1,160,161 Completed38 406,893 Under construction11 31,875 Under restoration23 233,277 Under permitting40 648,229 Under study11 419,578 Sold plots11 67,520 On hold

390 2,967,533 Total

Conferences Solidere general manager Mounir Douaidy togetherwith members of his team took part in investor andbusiness conferences, where they met with:

• 16 investment funds at EFG Hermes and AuerbachGrayson Manhattan MENA conference, New York,October 19-20;

• 24 funds at Bank of America Merrill Lynch MENAand Frontiers conference, Dubai, November 9-11.

In the answers to the queries on Company status,performance and future prospects, the teamstressed the strong fundamentals that have carriedSolidere through, even in a volatile global financialenvironment.

The Hotel District seen from the Corniche

& FINANCE BUSINESS

BEIRUT SOUKSSHOPS AND NEWS

Souk ArwamAccessorizeAdidasAu Petit Point AxaraCalvin KleinCortefielGeox shoesH&MI HeartLinea Max MajeMilord Minelli shoesNike WomenOfficine PaneraiOriginal MarinesOutdoorPorsche DesignPumaQuicksilverReebokRoom OneSocksSonyTimberland Toy WatchZara Home

Souk AyyasArmani BaramodeCarollGuess KidsFrancesco BiasiaJacadiKenzoKookaiMaria PinoMothercareNeck & Neck NougatOkaidi-ObaibyPabloskySinéquanoneTommy Hilfiger

Souk Bab IdrissEllaLoft by AspucesMephisto/TBS/ShoeboxPaul SalonRony Nacuzy RoseaShow Off

Bab Idriss SquareBalthazar

Gold SoukBurberryGirard Perregaux

Fakhry BeyChloéC&FThe Counter

HoyekBershkaNana BPull & BearStradivarius

Souk JamilG 2000GuessH&M men & children La Senza MexxMonsoon Motivi Oysho Pieces Punto RomaSalsa jeansSunglass HutVero Moda

Souk TawilaAizoneBoggiCarolina HerreraDépèche Mode D&GFacesFurlaHallak opticiansK-LynnL'OccitaneMangoMango TouchMassimo DuttiPerso naPromod UturqueVictoria Cazal coutureZara

Souk BoustrosAldo shoesBisou StoreElie Khoubbieh hatsRectangle JauneVicky’s

Openings and eventsMitsulift: Save the Environment,October 1Beirut Jazz Festival, October 7-11H&M, October 2Cortefiel, December 4Faces cosmetics, December 10Chloé, December 19The Counter, December 19Ukrainian dancers, December 23-30

Award for Beirut SouksSolidere received the Capital Issues Award 2009 inthe category of Architectural Excellence for BeirutSouks. The award was collected on behalf of theCompany by Angus Gavin, December 22.

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BEIRUT JAZZ FESTIVAL

An international jazz festival inaugurated the activities accompanying the opening of Beirut Souks.

Toufic Farroukh & Absolute Orchestra,Walid Itayim & Friends, October 7Walid Tawil Quartet, Matt Bianco, October 8The Real Deal Blues Band, Ilene Barnes, October 9Arthur Satyan Quartet, Koharapayl Armenojazz, October 10Randa Ghossoub Quintet, Freddy Cole Quartet, October 11

OpeningsAlberta Ferretti Ayyam GalleryDesigner’s EntourageDiorCanaliEnvyFour Seasons HotelLe Gray HotelNatuzziViviane DebbasVivienne Westwood

NewcomersBirdcageBlackberry storeLes Petits ParisiensNatuzziPolliniQ-Contemporary galleryRanda Tabbah Rodeo DriveTrovaré InoriViva Footwear

Coming soonAbed MahfouzAristocracyBrazilian EmbassyDragonflyEGOGilbertoJAHLancelLittle PRochester Real Estate ltdSaïd Kobeisy haute coutureSiraj Hindi CarpetsZadig & Voltaire

DESIGNFEAST

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Ulysses literary voyage through La Valette, Tunis, Limassol and Beirut, to celebrate essentialMediterranean figures; Ile-de-Franceparticipation as guest of honor; PavillonSud housing 2,500 French books.

Held in Biel, October 23 - November 1with the participation of 150 authors,the Salon was an intellectual andesthetic feast, of which it is hoped that this non-exhaustive coverage may convey an idea.

BEIRUT WORLD BOOK CAPITAL

Salon du Livre FrancophoneBeirut has the largest Francophonebookfair after Paris and Montreal. AsWorld Book Capital 2009, its bookfairtook a special dimension, with suchevents of international importance as:announcement of literary prizes,including the Five Continents Prize;

BEIRUT WORLD BOOK CAPITAL

Other books etc.Ahliah SchoolA World I Loved, The Story of anArab Woman by Wadad MakdissiCortas, Mariam Cortas Said andNidal Al Ashkar reading followedby commentary and booksigning,November 18.

Instituto CervantesStorytelling of Mexican legendsand fairytales for children,November 3

Mexico, a country of colors andfriendship, lecture by AntonioLópez Rios, Mexican embassycultural attaché, November 4

Cuaderno de Chihuahua,Mexican poet Jeanette Lozano,December 8

Emilio Ruiz Barrachinadocumentaries projection: Orson Welles y Goya, La Espanade la Copla, December 16-17.

Balima Nucleus, booksigning by DianeMazloum, October 8.

Aida CherfanMadi sculptures, booksigning byHussein Madi, October 9.

Ceramic Lounge Au temps de la mouné byYoumna Jazzar Medlej andJoumana Medlej, October 8

Amalgam by Maya Zankoul,October 28.

El Bourj library Temps Interdits by ThérèseAouad Basbous, Survivre byGilberte Favre, December 3

Beyrouth, naissance d’unecapitale by Carla Eddé,December 16

La Phénicie: un Liban d’autrefois,Christelle Halal, December 19.

INTERNATIONALARAB BOOKFAIRThe 53rd Beirut Arab bookfair washeld at Biel, December 11- 24.

About 176 Lebanese and 22 Araband foreign publishing housestook part in the event, organizedby the Arab Cultural Club, withthe collaboration of LebanesePublisher’s union.

Discussions and gatherings byrenowned Arab writers, andactivities to encourage studentsto read and write, were included.

Rabih Jaber was shortlistedamong six others for ArabicBooker 2010 prize, that provideshigh exposure to arabic writershelping them to translate anddiffuse their books.

The blind read, culture for all, a project aiming to transform a selection of Dar Al Saqi books in Braille

Arab Society and Culture,booksigning by Samir andRoseanne Khalaf, December 11

Premio Mediterraneo del Libro,round tables and literary award,organized by Italian CulturalInstitute, December 16

L’Animal qui pleure by MichaelKleeberg, Arabic translation by Abbas Beydoun, lecture andbooksigning, December 12

Books: the best present, in collaboration with the Ministryof Culture, in presence ofchildren

Meeting of Arabic storytellersunder the theme of Tales andexile, December 15.

SALON DU LIVREFRANCOPHONEBooksigningsEnterrer la haine et la vengeance,une vie pour le Liban, GhassanTueni, Albin Michel

Conquérir et reconquérir la ville,Ziad Akl and Nabil Beyhum, ALBA

La forêt de l’amour en nous byAdonis, Mercure de France

Les œuvres complètes by SalahStétié, Laffont

Images chrétiennes du Levant:Syro-Lebanese medieval churchpaintings by Mahmoud Zibawi,National Center for ScientificResearch

Beyrouth 1920-1940 by RobertSaliba, Editions Parenthèses

Bonaparte à la conquête del’Egypte by Sole Robert, Seuil

Réflexion sur l’histoire du Liban,Antoine Assaf

Le Dessous des Cartes 2 byJean-Christophe Victor andVirginie Raisson

Gouvernance, la clé du succès bySalah Bouraad, Librairie Orientale

Tyr et son histoire by YoumnaMedlej and Joumana Medlej

La Revenante by Vénus Khoury-Ghata.

Lectures and round tablesUlysse 2009 authors’ debate,moderated by Daniel Rondeau:Robert Sole, Nedim Gürsel,Adonis, Olivier Frebourg,Alexandre Najjar, Salah Stétié,Antoine Assaf, Charles Dantzig,Salim Bachi

Joseph Mayla, Gérard Khoury,Henry Laurens, around GhassanTueni’s book

Sami Karkabi and SamarMougharbel, on L’esprit du pot,by Dorothy Salhab

Karim Mroué and ElisabethLonguenesse, on Mroué’s Undemi-siècle d’utopie: mémoiresd’un dirigeant de la gauchelibanaise, organized by FrenchInstitute for the Near East, IFPO

Histoire de Berytos etd’Héliopolis d’après leursmonnaies, Ziad Sawaya lecture,IFPO

Tintin à travers le 20ème siècle,lecture by Benoît Peeters,Wallonie Bruxelles.

Plays, screenings, concertsProust lu, animation around themovie by Véronique Aubouy

Street festival, presentationcelebrating Beirut World BookCapital 2009, Zico House incollaboration with the Ministry of Culture

From the alphabet to the Nahda,animated presentation of theproject on Zokak El Blatt byBalamand university, ALBA, USJ,Orient-Institut, in collaborationwith the Ministry of Culture

Several classical music andother concerts, including aclosing concert by Juliette inMusic Hall, November 1.

ExhibitionsPhotographic promenade inGibran’s Prophet

Lis avec Samir Kassir, photos

Seven days in Djibouti, photos

Les 50 ans des Schtroumpfs,Wallonie Bruxelles.

FRANCOPHONEGAMESVillage des PartenairesOrganized by the FrancophoneGames Committee, Saifi tenniscourt, September 26 - October 6

Closing ceremonyBiel, October 6.

BeyrouthPublished by Take Five, Geneva,a very fine limited edition, thispoetic book includes 16 photossigned by Gabriele Basilico anda notebook by Wajdi Mouawad;graphics by Philippe Millot;case design by Robert Stadler.

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Aida CherfanSculptures by Hussein Madi,October 9-30Loco-Motifs, photography byMarc Nader, November 6-27Clay Diary, ceramics by AmalMuraywed, December 4-25.

AyyamOpening exhibition, SafwanDahoul and Nadim Karam,October 8 – November 27Les masques du corps, paintings by Asaad Arabi,December 10 – January 22.

RochanePhotography by Johnny Karlitch,October 15-24People on Canvas, acrylics byGeorges Bassil, November 5-14Collective exhibition, December 10-24.

Pièce UniqueDigital artwork, Francophonecommittee, September 26 –October 9Vibrant Canvas by Wahid Nahle,October 15-30La Grande Bouffe by AnnieKurkdjian, November 23 –December 12Mémoire d’errance, GulèneTorossian Der Boghossian,December 16 – January 9.

AlwaneContemporary Lebanese artists,continued to December 31Vibrations by Missak Terzian,November 4-18Jewellery exhibition by AldaChahine, November 20-28A little Beirut, paintings by ZenaAssi, November 20 – December 5.

Souk el NajjarinMartin Giesen paintings,October 29 – November 11Paintings by Mustafa Khalidi,December 3-23.

MaqamRediscovering Veho, VeraYeramian October 1 –December 10.

City Center DomeThe Waves by Yolla Njeim,September 26 - November 6A heap of broken images byMohamad Said Baalbaki, October 8 – November 1Live Lebanon, November 1223 Visions, photography andbooksigning, December 10-20.

Infiniti showroomPaintings by Salwa Zeidan,sculptures by Rudy Rahmé andphotography by Georges Zouein, November 4-30.

Q-ContemporaryCollective exhibition, November 12.

EXHIBITIONS

Ghandour galleryLianes Mathes Rabbath,paintings and collages,November 12-15.

Mouawad museumLet it be, jewellery exhibition incollaboration with designers andartists like Zaha Hadid bySayegh, November 24-28Louis Ingea, December 11-19.

Ceramic LoungeCtrl+Z, jewellery by ZinabChahine, December 2-28Fleurs en Couleur by Salam Bsat,until December 31.

ON-OFF galleryDark Matter by Cécile andWyssem Nochi, December 17-31.

Independence DayThe official parade took place on Trieste Street, November 22.

At the November 21 Grand Serailconcert, Italian opera and RudyRahmé work premiere wereperformed by the LebaneseNational Symphony Orchestra led by Maestro Marco Guidarini,soprano Rima Tawil and thechoirs of National Conservatory,Notre-Dame Louaize andAntonine universities.

Throughout Independence Day, Eid Al Adha, New Year Hijra,Christmas and the New Year, Beirut city center sparkled with joyand celebrations.

Other solemn anniversaries were observed too; while performingarts and openings of new hotel and store created exciting events.

In Beirut Souks and elsewhere, boutiques rivaled in windowdesign and quality merchandise.

Beirut ChantsSpirituality and majesty marked theSacred Music Festival. Six churchesof the city center hosted 20 concertsperformed by 600 musicians,December 12-30.

St George Maronite cathedralPetits chanteurs à la croix de boisNDU choirNidaa Abou Mrad ensemble

St George Orthodox cathedralSt Romanos choir of BeirutMount Lebanon Byzantine choirAntonine University choir

St Louis Capuchin churchArakelot Armenian choirJoseph Khalifé and Rudy RahméTania Kassis

National Evangelical churchAUB choirLAU choirUSEK choirGargatch children choir FayhaaFestival of carols

St Elie Maronite churchGhada ChbeirShnorhali Armenian choirAl fersen el arbaaLes voix d’antan

St Maron churchAntonine university choirClassical Arabic music ensembleTriorientAbeer Nehmé

FESTIVITIES

CommemorationsHariri musical memorialMajida Roumi and Lebaneseartists, Biel, November 2.

Day of the DeadInstituto Cervantes withMexican embassy.

ESCWA 35th anniversary East and West met throughBach music, St Georgecathedral, November 12.

Beirut Arab University BAU’s 50th anniversary drewhundreds of alumni, academicsand officials, Biel, November 26.

Other eventsBielRichie Hawtin, DJ, October 30Despina Vandi, Fadel Chaker and Melissa, November 26Little Big Club, December 18-22Armin Van Buren, December 30Viva Las Vegas, December 31.

Music HallJuliette, November 1Manu Codjia, December 2.

All Saints Anglican churchCarols by candlelight

National Evangelical churchGhassan Yammine musical school

Mouawad museumChristmas at the museum, opera,baryton Fernando Affara, sopranoMarie-Christine Fakhoury,December 21.

St Vincent ChurchNativity grotto along with acelebration mass, to announcethe launching of the churchrestoration, December 22.

Beirut CelebratesFestivities were launched with the lighting of the Christmas tree.Children activities, music, fairs,light and sound conveyed theholiday spirit.

Children’s activities, Santa’s Village, animations andworkshops; Ukrainian childrendancers; High School Musical 2.

Quartier des Arts en FêteWorks by 150 designers, artistsand artisans, December 16-23.

New Year’s eve, light and soundcrowds converged to the historicNejmeh and Martyrs’ squares,expressing their conviviality andsharing wishes for a happy future.

CELEBRATIONS, HAPPENINGS

17

& FAIRSSPORTS

SPORTS &AWARENESSHarley Davidson rally of Lebanon, departure, arrival, trophies, Martyr'sSquare, October 1-4

Every cap counts, fundraising to provide 100 wheel chairs, CeramicLounge, October 1-4

Compete for safety, awareness for teenagers, New Waterfront open space,October 22-26

Nike human race, 10 km race for a cause or NGO, start at Starco, October 24

Eco bike rally paper, Biel,November 1.

BEIRUTMARATHONBeirut’s seventh InternationalMarathon was attended by thePresident of the Republic and the Prime Minister.

A total of 30,000 participantsentered the 42 km race, 42 kmwheelchair race, 10 km fun raceand 5 km mini marathon.Ethiopian Mohammad Husseinwon the men’s marathon race and Mihret Begna the women’s,setting race records of 2 hrs 16 min 13 sec.

Beirut marathon, sponsored byBLOM bank, was held on SundayDecember 6.

18

FAIRS &MARKETSQuartier des ArtsOrganized by Afkart,Quartier des Arts en Fêtepresented works by 150designers, artists andartisans, December 16-23.

BielMother & Baby, October 1-4In Shape, October 15-18Regulators globalsymposium, November 4-6Christmas exhibition, November 5 – January 7Termium, December 2-6.

OfficialsFrench minister of economy,industry and labour ChristineLagarde with ambassador DenisPietton and delegation; Jean-Francois Copé, president of the UMP group at the FrenchNational Assembly; Senegalsports minister Hadj MamadouMoussa Dia with internationalambassador Universal PeaceFederation Salam Khaizaran;Geneva mayor Rémy Pagani;Bucharest council memberGabriel Burlacu with Malaysianambassador Paduka HalimahAbdullah; Spanish embassy first counselor Luis PradosCovarrubias.

Business and delegations25-member degation, US TaskForce for Lebanon; UK Trade andInvestment delegation from theBritish Embassy in Beirut led bydirector Nicholas Armour, withBrian Harrington, director ESLgroup, UK; 25 internationalmunicipalities representatives;Marks & Spencer international

business development managerJames Harvey; Nomura AssetManagement, UK vice-presidentSalman Siddiqui; Louis Vuittondirector Europe marketing andcommunication Anne-CatherineGrimal; Mitsulift & Equipmentvice-president Nabil Abillamawith Mitsubishi Electric generalmanager Jörg Schambach anddelegation; Fain Ascensores,Spain director Nicolas Cesteros;Bank Invest Denmark portfoliomanagers Hans-Henrik Skov and Soren Milo Christensen;Bombardier, Canada Europe andME sales account representativeHani Haddadin; Ludendo, Francevice-president Daniel Velascowith delegation; Centro Esteroper l’Internazionalizzazione chiefoperations officer Giuliano Lengowith Elisabetta Francesia andKatia Franchini, Piemonte InContract; Brigit Rapp, Le GrayHotel, Germany public relationsmanager; Elexon chairman NickDurlacher; directors AbdellahOmari and Abdel Wahab Chaoui,

C&O Marketing, Morocco; EFGHermes associate Mina Iskander,Sika construction chairmanWalid Zaccak and delegation,Egypt; HVS, Dubai associate Elie Milky; Swiss natural historymuseum manager DanielleDecrouez with a delegation; Hu Noakun, China enterpriseinvestment association directorwith a delegation ; developmentmanager Aaron Tesnow, AEScorporation, US; US Hedge Fundand Private Equity principals; sixUS architects with developmentmanager Elie Abou Ghazaly,Erga Group U-Boat head officerepresentative Italo Fontana,Italy; 10 members from Icarda,International center of agricultureresearch in the dry area; Jacobsinternational holdings seniorquality manager Khaled Haddad.

Professionals and academicsArchitects Renzo Piano withAntoine Chaaya; Vincent Roux-Trescases, general managerAtelier Christian de Portzamparc;Elvis Velatta with Andreas

Ferrariffe, Italy; Jaques FerrierArchitectures, France; MarthaSchwartz Partners UK presidentand director Martha Schwarz andPeter Piet; Mrs. Christiane AbouAdal with Dr. Gilbert Kabbabe andMrs. Eliane Daudignon-Kabbabe,tourism professor, MarseillesUpper Institute, Turkish musicianSami Ozer and Mrs. YoumnaAbou Adal-Ozer; ESADE Spanishbusiness school director PatricaMartinez; interior designersOlivier Gagnere and DidierGomez; AUB Provost AhmadDallal and 35 international AUBstudents; 15 USEK students withtheir professors; Germanuniversity student Felix Kuhnel;35 international MBA students,Stanford University.

MediaMsgr Duc d’Orléans, Medialarge,Morocco; Philippe Desplaces, Le Figaroscope; two journalists,The Observer; eight internationaljournalists; freelance journalistMatt Nash, Now Lebanon.

IN & ABOUT

01. Madame Christine Lagarde 02. Renzo Piano 03,06. US Hedge Fund and Equitywith Solidere Chairman NasserChammaa and General ManagerMounir Douaidy04. US Task Force for Lebanon withVice-Chairman Maher Beydoun05. Jean-François Copé with LegalCounsel Ghaleb Mahmassani

THE CITY CENTER

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Copyright 2009 © SolidereThe Lebanese Company for the Development andReconstruction of BeirutCentral District s.a.l.

POBox 119493 Beirut 2012 7305 Lebanon

Tel 961 1 980650 - 980660Fax961 1 980661 - 980662

solidere@solidere.com.lbwww.solidere.com