Statement by Mr Ahmed Ezz

LONDON, February 14, 2011 - As a result of a number of baseless rumours and allegations
circulating in the press in recent days, Mr. Ahmed Ezz, Chairman of ezzsteel
and Member of the Egyptian People's Assembly, today released the following
statement:

"During this momentous time in Egypt, there are many
allegations and counter allegations offered on every side, often with little
or no evidence or factual basis to support them. I wholly refute all of the
allegations made by some parts of the media in recent days and in particular
the groundless allegations of corruption and embezzlement of public funds."

"If required to respond to any charges that may be brought
against me, I have complete faith in the Egyptian judicial authorities and
that a fair and equitable legal process would prove my innocence beyond
doubt. In this unprecedented time, people should not jump to conclusions or
look for scapegoats."

"I have always been, and remain, committed to Egypt, my
lifelong home. The last three weeks have been remarkable and I support the
current transitional political process which aims to achieve greater
democratic reform."

For further information, please contact: Capital MSL: Tom Fraser, Tom.fraser at capitalmsl.com, +44(0)207-307-5338 / +44(0)7949-954-500; Nick.bastin at capitalmsl.com, +44(0)207-307-5330 / +44(0)7931-500-066