Hikma is a publicly traded company, and has been listed on the London Stock Exchange since November 2005. The shareholding of the Company as at August 31st 2010 was 31 percent owned by Darhold Limited and 6 percent by Capital Research and Management Company, with the remainder held by other institutional and non-institutional investors. IFC has a 1.33 percent shareholding in the Company.

IFC’s proposed investment entails a corporate loan of up to $110 million to support Hikma’s $300 investment program in MENA for 2010 and 2011.

137.50 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	110.0
Equity	27.50

* These investment figures are indicative

Hikma’s investment plan will involve acquisitions in the MENA region and other emerging markets, along with capital expenditures for its facilities in MENA.

- The investment will support south to south expansion. - Hikma will have a demonstration effect increasing the number of FDA approved manufacturing facilities in the MENA region. - Hikma will increase the availability of a wide range of quality medicines in the MENA region. - The regional expansion will increase generic competition and increase access to affordable medicines.

- Provide long-term financing with a tenor and size not otherwise available in the region. - Share international best practices with the client in Life Sciences. - Support Hikma to identify opportunities to improve energy efficiency, reduce water and solvent usage in their operations.

Key environmental, health, safety and social issues typically associated with pharmaceutical manufacturing include safe and healthy working conditions; process hygiene and product quality; storage, handling and use of hazardous chemicals; responsible handling of hazardous waste and emissions; fire protection and emergency response; potential impacts on nearby communities). The appraisal of this project also assessed potential risks and impacts associated with proposed strategic acquisitions.

As Hikma is an existing client, IFC recently (March 2010) conducted a routine supervision visit to its offices and plants in Amman. In addition, IFC reviewed detailed information on Hikma’s recent and proposed acquisitions, and met with Hikma’s Environment, Quality and Human Resources management teams to discuss ongoing environmental, labor, health and safety, and corporate social responsibility issues and performance. IFC reviewed information related to environmental and social (E&S) management and monitoring contained in the Annual Environmental and Social Monitoring Reports (AMRs) that Hikma has been submitted as a requirement of IFC’s earlier investments in the Company. A detailed description of IFC’s environmental and social due diligence of this investment can be found in the Environmental and Social Review Summary (ESRS), which is also available on IFC’s website at http://www.ifc.org/projects.