Phoenician Corporation V Limited Annual Financial Report

PHOENICIAN CORPORATION V LIMITED ("the Company")

REPORT OF THE DIRECTORS AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2010

CHAIRMAN'S STATEMENT

FOR THE YEAR 31 AUGUST 2010

Since admission to PLUS in January 2009, the Company has sought investment opportunities, if deemed commercially appropriate, not only in the Eastern and Central Asia regions but also Western Asia, which includes the Middle East.

As announced on 24 December 2010, the Company has entered into a share purchase agreement with the shareholders of Prime Investments Group ("Prime") for the purchase of Prime's entire issued share capital.  The consideration for the purchase of these shares, to be met by the allotment of consideration shares in the Company, is an aggregate of GBP312,458,091.

The shareholders of the Company have approved the transaction at a shareholders' meeting held on 31 January 2011.  The Company must now wait for final approval for admission from PLUS Markets ("PLUS"), which is expected imminently.  The reason for the delay of the timetable set out in the Admission Document sent to shareholders of the Company on 24 December is due to finalizing queries from PLUS which is to be expected in a matter of this size and importance.  Admission cannot occur without PLUS approval.

Jason R. Futko
Chairman
31 January 2011

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