CIBC 100_Handbook_2011 by huanghengdong

VIEWS: 68 PAGES: 230

									RESEARCH
                                         CI Capital Research Handbook 2011
                                         3 rd July 2011



                                         Unrest and the EGX
                                         A year is a long time. Indeed, in the twelve months since the last CI Capital Research 100
                                         Handbook, Egypt has been transformed with the country’s political and economic
                                         landscape now looking very different. The Mubarak regime is at an end, parliamentary
                                         elections are due at the end of this year while the country’s economy is at a cross-road.
                                         The Egyptian stock market has viewed these events with an uneasy eye. Year to date, the
Unrest has rocked the                    EXG 30 – our benchmark – is down 24.1%, significantly more than its regional peers, many
EGX; down 24.1% YTD                      of whom have also been afflicted by political upheaval. Tunisia for example – the catalyst
                                         for the ‘Arab Spring’ – has seen its primary bourse dip by 16.4%, while the GCC states of
                                         Oman, Kuwait and Bahrain are down between c.8-12% since the New Year. However, for
                                         all of these markets, the majority of their losses were sustained in a 6-10 week period of
                                         unprecedented political upheaval through February and March – a movement that, while
                                         capturing the imagination of some commentators, frayed the nerves of many investors.
                                         For Egypt, market volatility was such in February and March that the exchange was
                                         actually suspended. This period of inactivity did little to reassure investors; indeed, quite the
A prolonged suspension                   opposite. Reduced transparency and increased speculation served to significantly reduce
triggered investor flight on             the efficiency of the market and, all the while, ratcheted up the pressure on the exchange
                                                                                                rd
EGX reopening, with a                    authorities to re-open. On doing so – on March 23 – many investors promptly closed their
rebound following                        positions and exited the market. The EGX 30 lost an aggregate 12.3% in the first two days
                                         of trading on re-opening, but since then there has been a heartening pull-back. In the last
                                         three months, the EGX 30 has stabilized, down a mere 1.7% while the discount at which it
                                         trades (on a 12-month forward PER basis) to the MSCI Emerging Markets Index – our
                                         global benchmark – has reduced from the mid-30’s to c.28%.
                                         That said, trading volumes remain low while the exchange’s recovery continues to be
                                         hampered by a range of macroeconomic issues – from logistical disruptions to strikes and
                                         corruption trials, to low tourism levels, FDI outflows and rising inflation.

    Egypt vs. Regional Peers
    Country         Index                      Last     WoW (%)   MoM (%)    3M (%)   YTD (%) YoY (%)    P/E*    P/BV*    ROE* EV/EBITDA* Div Yield*

    Egypt           CIBC 100                    315.5     -2.2        0.9       3.7     -14.0     2.8      n/a     n/a      n/a         n/a       n/a
    Egypt           EGX 30                    5,419.5     -0.3        -1.6     -0.8     -24.1    -10.2    7.6x    1.0x   12.6%         5.5x       3.4
    Egypt           EGX 70                      640.7      0.6        -2.4     11.4     -11.2     21.4   11.6x     n/a      n/a         n/a       n/a
    Egypt           EGX 100                     984.1     -0.2        -2.5      6.5     -15.6      8.3   10.8x     n/a      n/a         n/a       n/a

    Bahrain         BHSE                      1,317.4     -1.5        -2.3     -7.5      -8.0     -4.5    6.5x    1.1x    16.5%         n/a       n/a
    Kuwait          KSE                       6,172.9     -1.5        -3.2     -1.9     -11.3     -5.7    0.6x    1.2x   197.9%         n/a       n/a
    Oman            MSM 30                    5,933.3     -1.2        -1.2     -3.8     -12.2     -2.1   10.8x    1.5x    14.2%         n/a       4.3
    Qatar           DSM                       8,478.8      3.3         1.8      0.3      -2.3     23.9   11.9x    1.8x    15.2%        9.9x       4.2
    Saudi Arabia    TASI                      6,654.5      2.2         0.4      0.7       0.5     10.9   12.8x    1.8x    14.2%        8.5x       3.3
    Tunisia         TUSISE                    4,272.6     -0.6         3.2     -1.9     -16.4    -13.3   23.8x    1.6x     6.9%         n/a       2.7
    UAE             ADI                       2,708.4     -0.3         2.6      3.9      -0.4      7.7    9.1x    1.2x    12.9%        5.5x       3.4
    UAE             DFM                       1,553.3      1.0        -0.4     -0.2      -4.7      6.3    8.5x    0.6x     7.5%        7.0x       2.3

  All data as at close on Thursday 30th June 2011                                                                                     Source: Bloomberg
  *Based on next 4 quarters consensus.
                              Enter the CIBC 100
The CIBC 100’s liquidity
                              As useful as the market-cap driven EGX 30 is as a headline index, the CIBC 100 index
provides a high sensitivity
                              gives a key insight into liquidity. An un-weighted index of the most actively traded stocks
market indicator
                              across 24 sectors (excl. OTC stocks), it allows investors to directly compare the
                              performance of their stock portfolios against a high-sensitivity market indicator, as well as
                              measuring the volatility of a particular sector via its standard deviation.
                              The Index has a base date of September 17 th, 1996, a base value of 100 points (to
                              measure the movement of 100 stocks with a 1% weight each) and is restructured on a
                              semi-annual basis, in January and July each year.
                              In terms of performance, the CIBC 100 index is significantly better off year-to-date than the
YTD the CIBC 100 is down
                              EGX, standing 3.7% up as at 30 th June 2011. This can in part be attributed to the fact that
only 14.7% vs. the EGX 30’s
                              this is an unweighted index – and thus reflective of the 100 companies as a whole in 2011,
24.1%
                              not just predominant large caps. Put another way, the EGX 30 index is more influenced by
                              the movements of its largest stocks than by market capitalization. Year to date, the CIBC
                              100 index is down 14.7% compared to the EGX 30’s 24.1%.
                              As referred to above, the key driving force behind the selection of CIBC 100 stocks is
We dropped CANA, ECMI,        liquidity – only those stocks with the highest turnover rate of the last 12 months make the
EGSA, and added JUFO,         cut. Having reviewed the liquidity of the100 constituent stocks, we have removed three
CCAP, and AMER                stocks from the index: CANA, ECMI, and EGSA. In their place, we have added JUFO,
                              CCAP, and AMER.
                                                                                         CI Capital Research | Handbook | 2-Jul-11



Table of Contents
Automotive                                                                 Contracting

GB Auto................................................................1   ICON ................................................................. 53
                                                                           General Giza for Contracting & Real Estate........ 55

Banking                                                                    Nasr for Civil Works ........................................... 57

Credit Agricole Egypt ............................................3        Orascom Construction Industries ....................... 59

Commercial International Bank .............................5               Upper Egypt Contracting .................................... 61

National Bank for Development .............................7
Egyptian Gulf Bank ...............................................9        Engineering & Cables

Export Development Bank of Egypt ..................... 11                  Electro Cable Egypt Company ........................... 63

Faisal Islamic Bank .............................................13        El Nasr Transformers & Electrical Products ........ 65

Housing & Development Bank ............................ 15                 El Sewedy Cables .............................................. 67

National Societe General Bank ........................... 17
Egyptian Saudi Finance Bank ............................. 19               Fertilisers
                                                                           Abu Qir Fertilisers .............................................. 69

Cement                                                                     Egyptian Financial & Industrial Company ........... 71

Misr Beni Suef Cement .......................................21            Samad Misr ....................................................... 73

Misr Cement (Qena) ...........................................23
Sinai Cement ...................................................... 25     Financial & Investment

Suez Cement ...................................................... 27      Egyptians Abroad for Invest. & Development ...... 75

South Valley Cement ..........................................29           Al Ahly Investment & Development..................... 77
                                                                           Citadel Capital ................................................... 79
Ceramics                                                                   Delta Insurance Company .................................. 81
Arab Ceramics (ARACEMCO) ............................ 31                   Egypt Kuwait Holding Company ......................... 83
Al-Ezz Ceramic & Porcelain ................................ 33             EFG Hermes Holding ......................................... 85
Lecico Egypt ....................................................... 35    Naeem Holding .................................................. 87
Ceramic & Porcelain ...........................................37          Pioneers Holding................................................ 89


Chemicals & Paints                                                         Food & Beverage
Misr Chemicals Company ...................................39               Bisco Misr .......................................................... 91
Paints & Chemical Industries .............................. 41             Juhayna Group .................................................. 93
                                                                           Misr Oil & Soap .................................................. 95
Consumer Goods                                                             Cairo Poultry ...................................................... 97
Al-Arafa Holding.................................................. 43      Delta Sugar........................................................ 99
Eastern Company ...............................................45          Extracted Oils .................................................. 101
El Nasr for Clothing.............................................47
Olympic Group.................................................... 49       Housing & Real Estate
Oriental Weavers Carpets ...................................51             Amer Group Holding ........................................ 103
                                                                           Development & Engineering Consultancy ......... 105
Table of Contents
Egyptian Housing Development ........................ 107                  Medical Union Pharmaceuticals ....................... 159
Cairo Housing & Development .......................... 109                 EIPICO ............................................................ 161
El Shams Housing & Development.................... 111
Heliopolis for Housing & Development .............. 113                    Steel
Nasr City for Hosuing & Development ............... 115                    Ezz Steel ......................................................... 163
SODIC .............................................................. 117   Ezz Al-Dekheila Steel – Alexandria .................. 165
Palm Hills Developments .................................. 119             Egyptian Iron & Steel ....................................... 167
Talaat Mostafa Group Holding .......................... 121
United Housing & Development ........................ 123                  Telecom Services
                                                                           Mobinil ............................................................. 169
Hydrocarbons & Related Services                                            Telecom Egypt ................................................. 171
Alexadria Mineral Oils Company ....................... 125                 Orascom Telecom............................................ 173
Egypt Gas......................................................... 127
Maradive & Oil Services .................................... 129           Textiles
Sidi Kerir Petrochemicals .................................. 131           Arab Cotton Ginning......................................... 175
                                                                           Arab Polvara .................................................... 177
Media & IT                                                                 Nile Cotton Ginning .......................................... 179
Media Production City ....................................... 133          Alexandria Spinning & Weaving ....................... 181
Raya Holding .................................................... 135
                                                                           Touristic Real Estate
Metals &Mining                                                             Egyptian for Tourism Resorts ........................... 183
ASEC Mining .................................................... 137       MENA for Touristic & Real Estate..................... 185
Egypt Aluminium Company ............................... 139                Sharm Dreams Co. for Tourism Investment ...... 187


Mills                                                                      Trading & Storage
Alexandria Mills ................................................ 141      General Silos & Storage Company ................... 189
Central Egypt Mills ............................................ 143       Misr Duty Free Shops ...................................... 191
East Delta Mills ................................................. 145
North Cairo Mills ............................................... 147      Transport & Logistics
South Cairo & Giza Mills ................................... 149           Alexandria Containers Handling ....................... 193
Upper Egypt Mills.............................................. 151        Canal Shipping Agencies ................................. 195
Middle & West Delta Mills ................................. 153            Egytrans .......................................................... 197
                                                                           United Arab Stevedoring .................................. 199
Paper & Packaging
General Company for Paper Manufacturing ...... 155


Pharmaceuticals
GlaxoSmithKline Egypt ..................................... 157
             AUTOMOTIVE
AUTOMOTIVE
                                                                         CI Capital Research | Handbook | 2-Jul-11



GB Auto
AUTO | Automotive | Covered
Ahmed Abdel Ghani | Ahmed.Abdelghani@cich.com.eg

Company Profile
GB Auto [AUTO] was founded by Sadek & Kamal Ghabbour in 1940. In 1956 the company was incorporated
for trade in automotive-related products and construction materials, and in the early 1970s, it began securing
agent licenses for passenger car, bus and automotive part distributors.
In July 2007, GB Auto shares began trading on the Egyptian Exchange (EGX) after the completion of a capital
increase through an IPO. GB Auto was the first (and currently the only) car assembly company to float shares
on the EGX. The company has an authorized capital of EGP400mn and an issued capital of EGP129mn,
distributed over 129mn shares at a par value of EGP1/share.

Recent Developments
 Hyundai to cease Egyptian production: In November 2010, in an address to the Dubai-based television
channel "Al-Arabiya," Dr. Raouf Ghabbour announced that the South-Korean based company Hyundai Motors
had informed his company that it will stop the assembly of its passenger cars models in Egypt by the end of
2013 and that from that date, all vehicles would instead be imported.

 Tata talks terminated: In December 2010, GB Auto announced that it had ended talks with Tata Motors
over the sale of the Indian group's vehicles in the Arab world's most populous market. GB Auto chairman and
chief executive Dr.Raouf Ghabbour explained that "priorities differed" during the negotiations.

 New consumer financing company: In April 2011, GB Auto announced the launch of its new consumer
financing company, Drive Car Trading (Drive), in partnership with the Egyptian-based company Blue Bay
Management. AUTO will hold a 90% share in this new company whilst Blue Bay will hold the balance. Drive
will begin its operations with an EGP50mn paid-in capital, which is expected to grow to EGP150mn by the fifth
year of its operations, depending on business growth. Drive will initially focus on serving GB Auto’s Hyundai
and Mazda Passenger Cars’ (PCs) sales outlets, which will be followed by an expansion to the firm’s
independent dealer network, as well as extending its credit service to finance other brands that are not
distributed by GB Auto.


Share Ownership & Contact Information
Shareholder Structure                            %        Contact Information

Dr.Raouf Ghabbour & Family                       73.5%    IR Contact:             Hoda Yehia
Free float                                       26.5%    Address:                Km 28 Cairo-Alexandria Desert Rd., Km 28
                                                                                  Industrial Zone, Abu Rawash, Egypt
                                                          Telephone:              02 3539 3037
                                                          Fax:                    02 3539 1198

                                                          Website:                www.ghabbourauto.com
                                                          Bloomberg | Reuters:    AUTO EY | AUTO.CA
Share Data & Performance
 ISIN                                                 EGS673T1C012                                            MoM               3M        YoY           Ytd
 Bloomberg / Reuters                             AUTO EY / AUTO.CA
                                                                                       AUTO                   -4.1%       13.2%         -22.3%       -29.9%
 Fiscal Year End                                            December

 Last Price (EGP)                                               30.46                  EGX 30                  0.2%       -1.7%         -10.9%      -24.8%
 52 Week High                                                   55.00                  EGX 70                 -2.8%           9.5%       19.3%      -12.7%
 52 Week Low                                                    24.10                  EGX 100                -2.1%           5.3%        7.1%      -16.6%

 No. of Shares (mn)                                             125.7                  MSCI EM                -0.2%       -2.4%          26.6%        0.5%
 Mkt Cap (EGPmn)                                              3,829.6                  MSCI World              1.4%           0.2%       29.6%        5.0%

 100-day Av. Volume (000' shares per day)                       122.0
                                                                                       All prices as at 30th June 2011.



52-Week Graph
EGP                                                                                                                                                 Shrs (mn)
                                            Volume              AUTO                 EGX 30 rebased
 55                                                                                                                                                       1.2

 50                                                                                                                                                       1.0

 45                                                                                                                                                       0.8

 40                                                                                                                                                       0.6

 35                                                                                                                                                       0.4

 30                                                                                                                                                       0.2

 25                                                                                                                                                      -
    Jul-10         Aug-10     Sep-10        Oct-10          Dec-10          Jan-11          Feb-11           Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 December                                         2006a         2007a            2008a               2009a            2010a            2011e         2012e

 Revenue                                             n/a        4,630            5,192            4,258               6,874            7,761        10,035
 Growth Rate                                          n/a          n/a           12.1%           -18.0%               61.4%            12.9%         29.3%


 EBITDA                                              n/a         487              646              406                 603               563          839
 Growth Rate (%)                                      n/a          n/a           32.7%           -37.2%               48.5%            -6.5%         48.9%
 EBITDA margin (%)                                    n/a       10.5%            12.4%             9.5%                8.8%             7.3%          8.4%

 Net Income                                          n/a         434              416              201                 258               238          423
 Growth Rate (%)                                      n/a          n/a           -4.1%           -51.6%               28.0%            -7.9%         78.3%
 Net margin (%)                                       n/a        9.4%             8.0%             4.7%                3.8%             3.1%          4.2%

 PER                                                 n/m             8.8x            9.2x            19.0x            14.9x            16.1x           9.0x
 P/BV                                                 n/a            2.8x            2.2x             2.1x             2.1x             1.9x           1.7x

 EV/EBITDA                                           n/a             8.9x            7.1x            11.0x             6.4x             9.7x           6.9x
 Net debt/EBITDA                                     n/a             1.0x            1.1x             1.6x             0.1x             2.9x           2.3x

 EPS (EGP)                                           n/a             3.45            3.31             1.60             2.05             1.89           3.37
 Dividend Yield                                      n/a              n/a             n/a            3.4%             3.4%             2.9%           5.2%

 Source (all): CI Capital Research & Bloomberg




Page 2 of 202
          BANKING
BANKING
                                                                       CI Capital Research | Handbook | 2-Jul-11



Credit Agricole Egypt
CIEB | Banking | Covered
Alia Abdoun | Alia.Abdoun@cich.com.eg

Company Profile
Crédit Agricole Indosuez-Egypt started operations in 2001 when, along with El Mansour & El Maghraby for
Investment & Development (MMID), it acquired 93.3% of Crédit International d’Egypte (CIE), previously
owned by Crédit Commercial de France (CCF) and National Bank of Egypt (NBE).
In 2005, Crédit Agricole Indosuez-Egypt merged with Crédit Lyonnais (Egypt Branch), thus jointly founding
CALYON Bank-Egypt, following the Crédit Lyonnais' acquisition by France’s Crédit Agricole. In February
2006, Crédit Agricole Group along with MMID acquired 74.6% of Egyptian American Bank (EAB).
Based on the decision of the extraordinary general meeting (EGM) held in June 2006, EAB and CALYON
Bank-Egypt merged operations under the name of Credit Agricole Egypt (CAE) [CIEB] in September 2006.
CAE currently operates a network of 117 branches and over 100 ATMs across the country, and is currently the
third largest publicly traded bank in Egypt.

Recent Developments
 Dividends: CAE paid a DPS of EGP1.2 for 2010.

 1Q11 Financials: In May, CAE released its 1Q11 financials, where consolidated NPAT showed a 45.6%
decline to EGP58.7mn (44% and 47% below Bloomberg consensus at EGP104mn and CICRe at
EGP111.2mn). Total banking income came aggregately in line, increasing 12.4% YoY but falling 5% QoQ.


Share Ownership & Contact Information
Shareholder Structure                           %       Contact Information

Credit Agricole SA                             60.0%    IR Contact:             Paul McInerney
Mansour & Maghrabi for Inv. & Dev.             20.0%    Address:                3 Al-Yemen Street, Giza, Egypt
Free Float                                     20.0%
                                                        Telephone:              02 2739 1676
                                                        Fax:                    02 2739 1503

                                                        Website:                www.ca-egypt.com
                                                        Bloomberg | Reuters:    CIEB EY | CIEB.CA
Share Data & Performance
 ISIN                                                EGS60041C018                              MoM              3M       YoY        Ytd
 Bloomberg / Reuters                              CIEB EY / CIEB.CA
                                                                           CIEB                -9.5%       -10.1%      -10.9%    -35.0%
 Fiscal Year End                                          December

 Last Price (EGP)                                              10.3        EGX 30              0.2%         -1.7%      -10.9%   -24.8%
 52 Week High                                                  16.5        EGX 70              -2.8%           9.5%     19.3%   -12.7%
 52 Week Low                                                     9.6       EGX 100             -2.1%           5.3%      7.1%   -16.6%

 No. of Shares (mn)                                           287.0        MSCI EM             -0.2%        -2.4%       26.6%     0.5%
 Mkt Cap (EGPmn)                                            2,941.8        MSCI World          1.4%            0.2%     29.6%     5.0%

 100-day Av. Volume (000' shares per day)                      91.7
                                                                            All prices as at 30th June 2011.



52-Week Graph
EGP                                                                                                                             Shrs (mn)
                                            Volume            CIEB      EGX 30 rebased
 17                                                                                                                                   1.2
 16
                                                                                                                                      1.0
 15
 14
                                                                                                                                      0.8
 13
 12                                                                                                                                   0.6
 11
                                                                                                                                      0.4
 10
  9
                                                                                                                                      0.2
   8
   7                                                                                                                                 -
      Jul-10       Aug-10       Sep-10           Oct-10      Dec-10    Jan-11         Feb-11           Mar-11         May-11



Financial Summary
 EGPmn
 December                                        2006a        2007a    2008a          2009a            2010a          2011e      2012e

 Revenue                                           n/a        4,630    5,192          4,258            6,874          7,761     10,035
 Growth Rate                                        n/a          n/a   12.1%         -18.0%            61.4%          12.9%      29.3%


 EBITDA                                            n/a         487      646            406              603             563       839
 Growth Rate (%)                                    n/a          n/a   32.7%         -37.2%            48.5%          -6.5%      48.9%
 EBITDA margin (%)                                  n/a       10.5%    12.4%           9.5%             8.8%           7.3%       8.4%

 Net Income                                        n/a         434      416            201              258             238       423
 Growth Rate (%)                                    n/a          n/a   -4.1%         -51.6%            28.0%          -7.9%      78.3%
 Net margin (%)                                     n/a        9.4%     8.0%           4.7%             3.8%           3.1%       4.2%

 PER                                               n/m          8.8x     9.2x         19.0x            14.9x          16.1x        9.0x
 P/BV                                               n/a         2.8x     2.2x          2.1x             2.1x           1.9x        1.7x

 EV/EBITDA                                          n/a         8.9x     7.1x         11.0x             6.4x           9.7x        6.9x
 Net debt/EBITDA                                    n/a         1.0x     1.1x          1.6x             0.1x           2.9x        2.3x

 EPS (EGP)                                          n/a        3.45     3.31            1.60            2.05           1.89        3.37
 Dividend Yield                                     n/a         n/a      n/a           3.4%            3.4%           2.9%        5.2%

 Source (all): CI Capital Research & Bloomberg




Page 4 of 202
                                                                           CI Capital Research | Handbook | 2-Jul-11



Commercial International Bank
COMI | Banking | Covered
Alia Abdoun | Alia.Abdoun@cich.com.eg

Company Profile
Commercial International Bank (CIB) [COMI] was established in 1975 under the Open Door Policy as a joint
venture between National Bank of Egypt (NBE) (51%) and Chase Manhattan Bank (CMB) (49%) with the
name “Chase National Bank of Egypt.” COMI has since become Egypt’s leading private-sector bank,
providing diversified services to multinationals and private-sector industrial companies. Since its successful IPO
in September 1993, the bank has been one of the Egyptian stock market’s blue chips.
Following Chase's decision to divest its equity stake in 1987, NBE increased its stake to 99.9%, and the bank
changed its name to Commercial International Bank (Egypt) S.A.E. Over the years, NBE’s stake gradually
decreased through several public offerings until it reached 18.7%. In 2006, a consortium led by Ripplewood
Holdings acquired the NBE stake, and in 2009, Actis, a leading emerging markets private equity firm, invested
USD244mn to acquire 50% of the stake held by Ripplewood’s consortium. Five months later, Ripplewood sold
its remaining position of 4.7% in CIB through the open market. This move marked CIB’s successful transition to
a strategic partnership with Actis, who has became the company’s largest shareholder with a 9.3% stake.

Recent Developments
 Awards and Recognition: In 2010, COMI was rated “Best Bank in Egypt” by Global Finance by Euromoney
(for the 15th year) among other accreditations. In 2011, CIB has won “Best Securitization Deal in EMEA” from
emeafinance. Moreover, Global Finance has recognized CIB as “Best Trade Finance provider” and “Best Sub-
Custodian Bank,” while Global Trade Review has named CIB as “Best Trade Finance Bank in Egypt.”

 Dividends paid: The bank paid a DPS of EGP1 for 2010.


Share Ownership & Contact Information
Shareholder Structure                              %        Contact Information

Actis                                              9.3%     IR Contact:             Sherif Khalil
Free Float                                         90.7%    Address:                21/23 Charles de Gaulle St., Giza, Egypt


                                                            Telephone:              02 3747 2543
                                                            Fax:                    02 3570 3632

                                                            Website:                www.cibeg.com
                                                            Bloomberg | Reuters:    COMI EY | COMI.CA
Share Data & Performance
 ISIN                                                 EGS60121C018                                               MoM               3M        YoY          Ytd
 Bloomberg / Reuters                             COMI EY / COMI.CA
                                                                                          COMI                   -0.7%        -8.9%        -11.9%      -37.2%
 Fiscal Year End                                             December

 Last Price (EGP)                                                29.76                    EGX 30                 0.2%         -1.7%        -10.9%     -24.8%
 52 Week High                                                    47.70                    EGX 70                 -2.8%            9.5%     19.3%      -12.7%
 52 Week Low                                                     27.04                    EGX 100                -2.1%            5.3%      7.1%      -16.6%

 No. of Shares (mn)                                              590.1                    MSCI EM                -0.2%        -2.4%        26.6%        0.5%
 Mkt Cap (EGPmn)                                              17,562.7                    MSCI World             1.4%             0.2%     29.6%        5.0%

 100-day Av. Volume (000' shares per day)                      2,491.9
                                                                                          All prices as at 30th June 2011.



52-Week Graph
EGP                                                                                                                                                   Shrs (mn)
                                             Volume              COMI                  EGX 30 rebased
 55                                                                                                                                                       30.0

 50                                                                                                                                                       25.0

 45                                                                                                                                                       20.0

 40                                                                                                                                                       15.0

 35                                                                                                                                                       10.0

 30                                                                                                                                                       5.0

 25                                                                                                                                                       -
  Jul-10          Aug-10     Sep-10         Oct-10          Dec-10           Jan-11            Feb-11        Mar-11          May-11          Jun-11



Financial Summary
 EGPmn
 December                                        2006a           2007a                2008a             2009a            2010a           2011e         2012e

 Revenue                                             n/m             n/m               n/m               n/m              n/m             n/m            n/m
 Growth Rate                                          n/a             n/a               n/a               n/a              n/a             n/a            n/a


 EBITDA                                              n/m             n/m               n/m               n/m              n/m             n/m            n/m
 Growth Rate (%)                                      n/a             n/a               n/a               n/a              n/a             n/a            n/a
 EBITDA margin (%)                                    n/a             n/a               n/a               n/a              n/a             n/a            n/a

 Net Income                                          852         1,286                1,371             1,744            2,006           1,892         2,070
 Growth Rate (%)                                      n/a        51.0%                 6.6%             27.2%            15.0%           -5.7%          9.4%
 Net margin (%)                                       n/a           n/a                  n/a               n/a              n/a             n/a           n/a

 PER                                              20.6x              13.7x            12.8x             10.1x              8.8x            9.3x          8.5x
 P/BV                                              5.7x               4.2x             3.3x              2.7x              2.3x            2.0x          1.7x

 EV/EBITDA                                            n/a              n/a               n/a               n/a              n/a             n/a           n/a
 Net debt/EBITDA                                      n/a              n/a               n/a               n/a              n/a             n/a           n/a

 EPS (EGP)                                         1.44               2.18              2.32              2.96             3.40            3.21          3.51
 Dividend Yield                                   1.1%               1.1%              1.7%              2.5%             3.4%            3.1%          3.4%

 Source (all): CI Capital Research & Bloomberg




Page 6 of 202
                                                                          CI Capital Research | Handbook | 2-Jul-11



National Bank for Development
DEVE | Banking | Not Covered

Company Profile
The National Bank for Development (NBD) was founded June 1980 as a commercial bank with the goal of
developing Egypt's private sector economy by supporting start-ups and financing companies across various
sectors. In the last quarter of 2007, Abu Dhabi Islamic Bank (ADIB), a bank operating in accordance with
Islamic Sharia principles and one of the first banks to promote Islamic Banking globally, acquired a controlling
49% in NBD.
NBD is now part of the Abu Dhabi Islamic banking group, which was established in 1997 with the aim of
becoming a leading Islamic banking institution, offering Islamic Sharia compliant products and services.
NBD offers a broad spectrum of Sharia-compliant banking products and solutions for corporations and
individuals alike. It has recently undertaken the renovation of all 70 of its current branches, spread across all
governorates of Egypt.


Recent Developments
 Additional asset sales: In August 2010, DEVE raised the number of assets it plans to sell to from eight to
14, said Chief Executive Officer and Managing Director Nevine Loufty. The planned sales included the bank’s
9% stake in National Co. for Maize Products.

 GoE approves acquisition plan: In December 2010, the Egyptian Financial Supervisory Authority
(EFSA) announced to the EGX that DEVE’s plan to purchase 24.8 % of El Kahera El Watania Investment had
been approved.

Share Ownership & Contact Information
Shareholder Structure                              %       Contact Information

Abou Dhabi Islamic Bank (UAE)                     49.0%    IR Contact:             Michael Mory
Free Float                                        26.3%    Address:                5A Al-Borsa Al-Gedida St., Downtown, Cairo,
National Investment bank                          11.8%                            Egypt
Abu Dhabi Commercial Bank (UAE)                    5.7%    Telephone:              02 2390 5572 / 02 2393 0290
Emarati International Company for Investment       5.0%    Fax:                    02 2393 6039 / 02 2395 2905
Others                                             2.2%
                                                           Website:                www.nbdegypt.com
                                                           Bloomberg | Reuters:    DEVE EY | DEVE.CA
Share Data & Performance
  ISIN                                            EGS60111C019                                           MoM               3M          YoY          Ytd
  Bloomberg / Reuters                      DEVE EY / DEVE.CA
                                                                                   DEVE                  34.8%       65.0%           98.9%         5.8%
  Fiscal Year End                                       December

  Last Price (EGP)                                               4.2               EGX 30                 0.2%       -1.7%          -10.9%       -24.8%
  52 Week High                                                   6.7               EGX 70                -2.8%           9.5%        19.3%       -12.7%
  52 Week Low                                                    3.7               EGX 100               -2.1%           5.3%         7.1%       -16.6%

  No. of Shares (mn)                                        200.0                  MSCI EM               -0.2%       -2.4%           26.6%         0.5%
  Mkt Cap (EGPmn)                                           840.0                  MSCI World             1.4%           0.2%        29.6%         5.0%

  100-day Av. Volume (000' shares per day)                  837.7
                                                                                    All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                              Shrs (mn)
                                         Volume             DEVE                 EGX 30 rebased
 7.0                                                                                                                                                 4.50
 6.5                                                                                                                                                 4.00

 6.0                                                                                                                                                 3.50
                                                                                                                                                     3.00
 5.5
                                                                                                                                                     2.50
 5.0
                                                                                                                                                     2.00
 4.5
                                                                                                                                                     1.50
 4.0                                                                                                                                                 1.00
 3.5                                                                                                                                                 0.50
 3.0                                                                                                                                                 -
   Jul-10         Aug-10    Sep-10       Oct-10         Dec-10         Jan-11          Feb-11           Mar-11           May-11        Jun-11




Financial Summary
 EGPmn
 December                                    2006a          2007a          2008a            2009a                2010a            2011e         2012e

 Revenue                                      n/a          4,630           5,192            4,258                6,874            7,761         10,035
 Grow th Rate                                  n/a            n/a          12.1%           -18.0%                61.4%            12.9%          29.3%


 EBITDA                                       n/a           487             646               406                  603              563          839
 Grow th Rate (%)                              n/a            n/a          32.7%           -37.2%                48.5%            -6.5%         48.9%
 EBITDA margin (%)                             n/a         10.5%           12.4%             9.5%                 8.8%             7.3%          8.4%

 Net Income                                   n/a             434             416             201                  258              238          423
 Grow th Rate (%)                              n/a             n/a          -4.1%          -51.6%                28.0%            -7.9%         78.3%
 Net margin (%)                                n/a           9.4%            8.0%            4.7%                 3.8%             3.1%          4.2%

 PER                                              n/m        8.8x               9.2x            19.0x            14.9x            16.1x           9.0x
 P/BV                                             n/a        2.8x               2.2x             2.1x             2.1x             1.9x           1.7x

 EV/EBITDA                                        n/a        8.9x               7.1x            11.0x             6.4x             9.7x           6.9x
 Net debt/EBITDA                                  n/a        1.0x               1.1x             1.6x             0.1x             2.9x           2.3x

 EPS (EGP)                                        n/a        3.45               3.31             1.60             2.05              1.89           3.37
 Dividend Yield                                   n/a         n/a                n/a            3.4%             3.4%              2.9%           5.2%

  Source (all): CI Capital Research & Bloomberg




Page 8 of 202
                                                                        CI Capital Research | Handbook | 2-Jul-11



Egyptian Gulf Bank
EGBE | Banking | Not Covered

Company Profile
Egyptian Gulf Bank [EGBE] was established in 1981 by a group of Egyptian & Arab businessmen. The bank
is engaged in a variety of commercial banking activities including documentary credits, foreign
exchange, capital markets, corporate finance, correspondent banking, equity investments, internet banking
and syndicated loans. In addition, EGB offers a diverse range of retail products, and has a dedicated Islamic
banking team which provides comprehensive banking services as well as several Shariah-compliant financial
products based on Islamic values.

Recent Developments
 2010 profit jump: In March, EGBE said its 2010 profit jumped more than 200%. Net income for the period
ending Dec. 31 came in at EGP151.5mn, compared with EGP48.2mn the same period a year ago.

 Dividends paid: The bank recently paid a DPS of USD0.11 for 2010.


Share Ownership & Contact Information
Shareholder Structure                            %       Contact Information

Free Float                                      46.5%    IR Contact:             Mostafa Ibrahim
Misr Insurance                                  19.4%    Address:                Ahmad Nassim St., Al Orman Area, Giza,
NAEEM Holding                                    9.7%                            Egypt
Abd Allah Taha Abd Allah Gakhsh                  7.1%    Telephone:              02 3336 8357 / 02 3336 8359
Abou Khamseen Holding Group                      6.7%    Fax:                    02 3349 0002
Abdel Rahman Hassan Abbas Sharbatly              5.6%
Others                                           5.0%    Website:                www.egbbank.com.eg
                                                         Bloomberg | Reuters:    EGBE EY | EGBE.CA
Share Data & Performance
  ISIN                                            EGS60182C010                                              MoM              3M        YoY        Ytd
  Bloomberg / Reuters                      EGBE EY / EGBE.CA
                                                                                     EGBE                    6.8%       18.1%        90.9%      30.3%
  Fiscal Year End                                        December

  Last Price (USD)                                                1.9                EGX 30                 0.2%        -1.7%        -10.9%    -24.8%
  52 Week High                                                    2.2                EGX 70                 -2.8%           9.5%     19.3%     -12.7%
  52 Week Low                                                     1.0                EGX 100                -2.1%           5.3%      7.1%     -16.6%

  No. of Shares (mn)                                        200.2                    MSCI EM                -0.2%       -2.4%        26.6%       0.5%
  Mkt Cap (USDmn)                                           378.4                    MSCI World             1.4%            0.2%     29.6%       5.0%

  100-day Av. Volume (000' shares per day)                  340.4
                                                                                      All prices as at 30th June 2011.


52-Week Graph
USD                                                                                                                                            Shrs (mn)
                                         Volume              EGBE                  EGX 30 rebased
 2.3                                                                                                                                              20.00
 2.1                                                                                                                                              18.00
                                                                                                                                                  16.00
 1.9
                                                                                                                                                  14.00
 1.7                                                                                                                                              12.00
 1.5                                                                                                                                              10.00
 1.3                                                                                                                                              8.00
                                                                                                                                                  6.00
 1.1
                                                                                                                                                  4.00
 0.9                                                                                                                                              2.00
 0.7                                                                                                                                              -
   Jul-10         Aug-10    Sep-10      Oct-10          Dec-10          Jan-11           Feb-11           Mar-11        May-11        Jun-11



Financial Summary
 EGPmn
 December                                    2006a          2007a            2008a                2009a            2010a           2011e       2012e

 Net Interest Income                             128             131              157               161              200             n/a          n/a
 Grow th Rate                                     n/a        2.9%            19.4%                2.8%             23.8%             n/a          n/a

 Net Income                                        86           71                  74             48             151                n/a          n/a
 Grow th Rate                                     n/a      -18.1%                5.5%         -35.2%           214.0%                n/a          n/a
 Net Loans & Advances                        1,142           1,743               2,673            2,828            3,439             n/a          n/a
 Customer Deposits                           3,784           4,276               4,263            4,958            4,897             n/a          n/a
 Total Assets                                4,587           5,156               5,071            6,110            6,222             n/a          n/a
 Shareholder Equity                            627             708                 690            1,001            1,192             n/a          n/a

 PER                                         26.2x           32.0x               30.3x            46.8x            14.9x             n/a          n/a
 P/BV                                         3.6x            3.2x                3.3x             2.3x             1.9x             n/a          n/a
 RoAE                                        27.4%          10.6%            10.7%                5.7%             13.8%             n/a          n/a
 NIM                                          3.0%           2.9%             3.4%                3.3%              3.7%             n/a          n/a
 Equity/Assets                               13.7%          13.7%            13.6%                16.4%            19.2%             n/a          n/a
 Net Loans/Deposits                          30.2%          40.8%            62.7%                57.0%            70.2%             n/a          n/a
 EPS (EGP)                                    0.43               0.35             0.37             0.24              0.76            n/a          n/a
 Dividend Yield                                n/a                n/a              n/a              n/a            35.9%             n/a          n/a

  Source (all): CI Capital Research & Bloomberg                                                   Using an exchange rate of EGP5.967 per USD




Page 10 of 202
                                                                         CI Capital Research | Handbook | 2-Jul-11



Export Development Bank of Egypt
EXPA | Banking | Not Covered

Company Profile
Established in 1983, the Export Development Bank of Egypt [EXPA] focuses on financing external trade and
promoting export-oriented projects, alongside other banking operations.
EXPA provides commercial banking services such as deposits, loans and credit cards, in addition to investment
banking services including corporate finance and M&A investment advisory, initial public offerings, and
underwriting. It also offers asset management services such as funds, wealth and portfolio management. Its
private equity investments in various sectors— including food and beverages, industrial manufacturing and
petrochemicals— serve to further promote Egyptian exports.

Recent Developments
 Cooperation agreement with Serbian bank: In a visit to Cairo in December 2010, Serbia's Jubmes Banka
A.D. Beograd announced that it had signed an agreement of cooperation with the EXPA, said Reuters. The
agreement aimed to establish a framework of cooperation between the two parties in the identification and
implementation of projects in Egypt, Serbia and elsewhere, while fostering the export of goods and services to
support the development of bilateral trade.

 Paid-in capital raise: EXPA received the Egyptian Financial Supervisory Authority (EFSA)’s approval to
raise its issued and paid in capital by EGP 240mn, up to EGP1,440mn financed by a 20% dividend.

Share Ownership & Contact Information
Shareholder Structure                            %        Contact Information

National Investment Bank                         40.8%    IR Contact:             Mohamed Moussa
Free Float                                       23.5%    Address:                108 Mohy Al-Din Abu Al-Ezz St.,
Banque Misr                                      23.1%                            Mohandessin, Giza, Egypt
National Bank of Egypt                           11.4%    Telephone:              02 3748 0583 / 02 3748 0579
Others                                            1.2%    Fax:                    02 3338 5938

                                                          Website:                www.edbebank.com
                                                          Bloomberg | Reuters:    EXPA EY | EXPA.CA
Share Data & Performance
  ISIN                                            EGS60241C014                                          MoM               3M         YoY         Ytd
  Bloomberg / Reuters                      EXPA EY / EXPA.CA
                                                                                   EXPA                  0.3%           -7.4%      -23.9%     -27.9%
  Fiscal Year End                                            June

  Last Price (EGP)                                               7.4               EGX 30               0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                               11.3                  EGX 70               -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                                    6.1               EGX 100              -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                       144.0                   MSCI EM              -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                         1,059.8                  MSCI World           1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                   71.4
                                                                                    All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                           Shrs (mn)
                                         Volume             EXPA                 EGX 30 rebased
 12.0                                                                                                                                             0.45
                                                                                                                                                  0.40
 11.0
                                                                                                                                                  0.35
 10.0                                                                                                                                             0.30
                                                                                                                                                  0.25
  9.0
                                                                                                                                                  0.20
  8.0                                                                                                                                             0.15
                                                                                                                                                  0.10
  7.0
                                                                                                                                                  0.05
  6.0                                                                                                                                             -
      Jul-10      Aug-10     Sep-10      Oct-10         Dec-10         Jan-11          Feb-11          Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 June                                        2006a         2007a           2008a            2009a               2010a            2011e        2012e

 Net Interest Income                           164               207            277             317              321               n/a           n/a
 Grow th Rate                                     n/a      25.8%           34.1%            14.1%               1.3%               n/a           n/a

 Net Income                                   -158             8                333           260              187                 n/a           n/a
 Grow th Rate                                   n/a      -104.8%                n/m        -21.8%           -28.2%                 n/a           n/a
 Net Loans & Advances                        3,955          4,907          6,755             7,215           6,729                 n/a           n/a
 Customer Deposits                           4,768          5,790          7,888             8,202           8,521                 n/a           n/a
 Total Assets                                7,339          8,783         13,412            12,502          12,294                 n/a           n/a
 Shareholder Equity                            649            865          1,262             1,310           1,572                 n/a           n/a

 PER                                           n/a         140.8x               3.2x            4.1x             5.7x              n/a           n/a
 P/BV                                         1.6x           1.2x               0.8x            0.8x             0.7x              n/a           n/a
 RoAE                                      -48.7%           1.0%           31.3%            20.3%           13.0%                  n/a           n/a
 NIM                                         2.4%           2.8%            2.7%             2.7%            3.0%                  n/a           n/a
 Equity/Assets                                8.8%          9.8%            9.4%            10.5%           12.8%                  n/a           n/a
 Net Loans/Deposits                          83.0%         84.7%           85.6%            88.0%           79.0%                  n/a           n/a
 EPS (EGP)                                     n/m           0.05               2.31            1.81             1.30              n/a           n/a
 Dividend Yield                                n/a            n/a                n/a             n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 12 of 202
                                                                         CI Capital Research | Handbook | 2-Jul-11



Faisal Islamic Bank
FAITA | Banking | Not Covered

Company Profile
Faisal Islamic Bank of Egypt [FAITA] is Egypt’s first Islamic commercial bank. Originally conceived and put
forth by Prince Mohamed Al-Faisal Al-Saud, the bank’s incorporation in 1979 as a joint stock company was well
received on official and popular levels. Indeed, at the time of subscription in the bank’s capital, demand for
shares five times exceeded the amount on offer, prompting a series of capital increases until it reached
USD500mn in authorized capital and USD198mn paid capital in 2007.
The bank is currently engaged in a full range of banking and investment activities, the financing of economic
and urban development projects, and performing various social services through its Zakat fund. Faisal Islamic
Bank was also a founding member of the International Association of Islamic Banks.

Recent Developments
 April dividends: In March 2011, the bank paid a 2.03 Egyptian pound dividend for holders of its pound-
denominated shares and a 35 cent dividend for holders of its dollar shares. The distribution was made on April
17 for shareholders as of April 12.

 2010 profits double: In April 2011, Al-Ahram reported that Islamic Bank of Egypt's stand-alone 2010 net
profit more than doubled to EGP338mn (USD57mn). The bank said its dividend was raised 23% to LE2.032,
and that its shares were up 0.3% to EGP22, while Egypt's benchmark share index was down 1.2 %.

Share Ownership & Contact Information
Shareholder Structure                            %        Contact Information

Free Float                                       42.2%    IR Contact:             Ibrahim Youssef
Endowment Authority                              15.4%    Address:                149 Al-Tahrir St., Dokki, Giza, Egypt
Shamil Bank (Bahrain)                             9.3%
Islamic Financial House                           9.1%    Telephone:              02 3762 1285 / 02 3762 1286
DMI Administrative Services Limited               9.0%    Fax:                    02 3762 1281
Faisal Islamic Bank Jersey                        3.3%
Others                                           11.8%    Website:                www.faisalbank.com.eg
                                                          Bloomberg | Reuters:    FAITA EY | FAITA.CA
                                                                                  FAIT EY |
Share Data & Performance
  ISIN                                            EGS60322C012                                           MoM               3M         Ytd         YoY
  Bloomberg / Reuters                     FAITA EY / FAITA.CA
                                                                                   FAITA                 16.4%        19.0%         32.9%        0.1%
  Fiscal Year End                                       December

  Last Price (USD)                                               3.7               EGX 30               11.6%         -2.5%         -13.3%     -22.9%
  52 Week High                                                   4.0               EGX 70                 6.5%        21.6%         19.6%       -9.5%
  52 Week Low                                                    2.8               EGX 100                8.1%        14.2%          8.3%      -13.4%

  No. of Shares (mn)                                         46.0                  MSCI EM               -1.4%            0.9%      28.0%       -0.5%
  Mkt Cap (USDmn)                                           170.2                  MSCI World            -3.8%        -2.8%         23.9%        1.7%

  100-day Av. Volume (000' shares per day)                   19.0
                                                                                   All prices as at 9th June 2011.


52-Week Graph
EGP                                                                                                                                            Shrs (mn)
                                         Volume             FAITA                EGX 30 rebased
 4.5                                                                                                                                               0.12

                                                                                                                                                   0.10
 4.0
                                                                                                                                                   0.08
 3.5
                                                                                                                                                   0.06
 3.0
                                                                                                                                                   0.04
 2.5
                                                                                                                                                   0.02

 2.0                                                                                                                                               -
   Jul-10         Aug-10    Sep-10       Oct-10         Dec-10         Jan-11          Feb-11           Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 December                                    2006a          2007a          2008a            2009a                2010a            2011e        2012e

 Net Interest Income                           114               176            390              500               652              n/a           n/a
 Grow th Rate                                     n/a      55.1%          121.2%            28.4%                30.3%              n/a           n/a

 Net Income                                    119           0.00                85           126              338                  n/a           n/a
 Grow th Rate                                   n/a           n/m               n/m         47.3%           169.1%                  n/a           n/a
 Net Loans & Advances                      14,043          15,929          15,719            6,890            7,177                 n/a           n/a
 Customer Deposits                         17,476          20,224          21,900           25,456           28,808                 n/a           n/a
 Total Assets                              19,235          21,719          23,816           27,706           31,654                 n/a           n/a
 Shareholder Equity                           677             800           1,451            1,610            2,162                 n/a           n/a

 PER                                         10.9x            n/a           15.2x               10.3x             3.8x              n/a           n/a
 P/BV                                         1.9x           1.6x            0.9x                0.8x             0.6x              n/a           n/a
 RoAE                                        35.0%           0.0%           7.6%                8.2%             17.9%              n/a           n/a
 NIM                                          0.7%           1.0%           1.9%                2.3%              2.6%              n/a           n/a
 Equity/Assets                                3.5%          3.7%            6.1%             5.8%                 6.8%              n/a           n/a
 Net Loans/Deposits                          80.4%         78.8%           71.8%            27.1%                24.9%              n/a           n/a
 EPS (EGP)                                     2.00              n/m            1.44          2.12                 5.69             n/a           n/a
 Dividend Yield                              26.1%               n/a             n/a        45.1%                55.7%              n/a           n/a

  Source (all): CI Capital Research & Bloomberg                                             Using an exchange rate of EGP5.967 per USD




Page 14 of 202
                                                                         CI Capital Research | Handbook | 2-Jul-11



Housing & Development Bank
HDBK | Banking | Covered
Alia Abdoun | Alia.Abdoun@cich.com.eg

Company Profile
Housing and Development Bank (HDB) [HDBK] was established under Ministerial Decree No. 147/1979 as
an Egyptian joint-stock company operating under the investment law and registered as an investment and
commercial bank. HDBK was originally envisioned as a specialized entity to finance real estate development,
fund national housing projects and provide investment trustee services, but has since expanded to offer a wider
array of services. HDBK’s commercial banking operation includes syndications, structured lending, SME
lending and trade finance whilst its retail business features personal loans, housing finance loans, mortgage
loans, credit/debt cards and other retail services.
The bank also operates in real estate development, and is well-known for its solid track record with projects
along the North Coast, including Marina, Marakia and Marabella. HDBK conducts most real estate ventures
through its subsidiaries.


Recent Developments
 Paid-in capital increase: In 2010, HDBK conducted a paid-in capital increase from EGP670mn to
EGP1,150mn through a public offering, which raised its capital adequacy ratio (CAR) from 13.7% in 2009 to
24.2% in 2010 (vs. 10% required by CBE).

 Emerati Brokerage Acquisition: In September 2010, HDBK acquired 51% stake in Egyptian Emirati
Brokerage, which is in total valued at EGP9.5mn.

 2010 Net Income Drops 16.9%: In late May, HDBK reported that its 2010 profit had fallen 16.9%, while net
income for the period ending Dec. 31 came in at EGP202.7mn, compared with EGP244.1mn during the same
period a year ago. 2010 total banking income (+11.2% YoY ) and non-interest expense (+18.3% YoY) came in
line with CI Capital Research estimates.

Share Ownership & Contact Information
Shareholder Structure                             %       Contact Information

New Urban Communities Authority                  29.8%    IR Contact:             Samir Soliman Nassar
Misr Insurance                                   14.9%    Address:                12 Syria St., Mohandessin, Giza, Egypt
Egyptian for Endowment Authority                 11.4%
Housing Finance Fund                              7.4%    Telephone:              02 3335 7327
Employee Associated & Insurance                   3.0%    Fax:                    02 3761 2738
Free Float                                       33.5%
                                                          Website:                www.hdb-egy.com
                                                          Bloomberg | Reuters:    HDBK EY | HDBK.CA
Share Data & Performance
 ISIN                                            EGS60301C016                                       MoM               3M         YoY             Ytd
 Bloomberg / Reuters                     HDBK EY / HDBK.CA
                                                                               HDBK                -8.4%            -8.6%       -9.3%         -29.2%
 Fiscal Year End                                       December

 Last Price (EGP)                                           17.0               EGX 30               0.2%        -1.7%         -10.9%          -24.8%
 52 Week High                                               27.3               EGX 70              -2.8%            9.5%       19.3%          -12.7%
 52 Week Low                                                16.5               EGX 100             -2.1%            5.3%        7.1%          -16.6%

 No. of Shares (mn)                                       115.0                MSCI EM             -0.2%        -2.4%          26.6%            0.5%
 Mkt Cap (EGPmn)                                        1,952.7                MSCI World           1.4%            0.2%       29.6%            5.0%

 100-day Av. Volume (000' shares per day)                 148.2
                                                                                All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                           Shrs (mn)
                                        Volume             HDBK              EGX 30 rebased
 28                                                                                                                                                 9.0
 26                                                                                                                                                 8.0

 24                                                                                                                                                 7.0
                                                                                                                                                    6.0
 22
                                                                                                                                                    5.0
 20
                                                                                                                                                    4.0
 18
                                                                                                                                                    3.0
 16                                                                                                                                                 2.0
 14                                                                                                                                                 1.0
 12                                                                                                                                                -
   Jul-10         Aug-10   Sep-10       Oct-10         Dec-10      Jan-11          Feb-11          Mar-11           May-11           Jun-11



Financial Summary
 EGPmn
 December                                   2006a         2007a        2008a            2009a           2010a               2011e             2012e

 Net Interest Income                          165           275             296             301              349              411               449
 Grow th Rate                                    n/a      66.5%         7.6%             1.5%           16.0%               17.9%              9.2%

 Net Income                                   110           182         201               244             203                  186              323
 Grow th Rate                                  n/a        65.6%       10.1%             21.5%          -16.9%                -8.1%            73.5%
 Net Loans & Advances                       4,160         4,702        5,181             5,792          6,563                6,894             7,759
 Customer Deposits                          4,898         4,805        5,231             6,568          7,505                7,827             8,870
 Total Assets                               9,089        10,603        9,494            10,619         12,657               13,571            15,275
 Shareholder Equity                           577           648          834               875          1,892                1,972             2,084

 PER                                        17.7x          10.7x            9.7x            8.0x            9.6x             10.5x              6.0x
 P/BV                                        3.4x           3.0x            2.3x            2.2x            1.0x              1.0x              0.9x
 RoAE                                       22.4%         29.8%       27.1%             28.6%           14.7%                9.6%             15.9%
 NIM                                         2.2%          3.5%        3.6%              3.9%            4.0%                4.2%              4.1%
 Equity/Assets                               6.3%          6.1%        8.8%              8.2%           14.9%               14.5%             13.6%
 Net Loans/Deposits                         84.9%         97.8%       99.1%             88.2%           87.5%               88.1%             87.5%
 EPS (EGP)                                   0.96           1.59         1.75             2.12               1.76             1.62              2.81
 Dividend Yield                             1.5%           4.2%         5.1%             8.6%               5.9%             4.8%              8.3%

 Source (all): CI Capital Research & Bloomberg




Page 16 of 202
                                                                       CI Capital Research | Handbook | 2-Jul-11



National Societe General Bank
NSGB | Banking | Covered
Alia Abdoun | Alia.Abdoun@cich.com.eg

Company Profile
National Société Générale Bank [NSGB] was established in April 1978 by the French Société Générale
Bank (SGB), one of the largest financial services groups in the Eurozone, and National Bank of Egypt (NBE),
Egypt’s largest public bank. In September 2005, NSGB acquired 90.7% of Egypt’s second largest private bank
at the time, Misr International Bank (MIBank).
NSGB is now the second largest publicly traded bank in Egypt. Currently, Société Générale owns 77.2% of
NSGB, after having acquired NBE’s 18% stake in addition to another 6% in August 2005.

Recent Developments
 Dividends, paid-in capital increase: The bank’s AGM and EGM recently approved a DPS of EGP1.25 for
2010, and a 10% paid-in capital increase to EGP4,032.1mn through stock dividends.

 1Q11 results: In late May, NSGB reported that its first-quarter profit had risen 3% YoY to EGP364mn
(USD61.2mn) from EGP353mn. Net loans and deposits showed QoQ increases of 4.5% and 6.5%,
respectively.

Share Ownership & Contact Information
Shareholder Structure                           %       Contact Information

Société Générale Bank (SGB)                    77.2%    IR Contact:             Mohamed Hassan
Free Float                                     22.8%    Address:                5 Champollion St., Downtown, Cairo, Egypt


                                                        Telephone:              02 2770 7717
                                                        Fax:                    02 2578 2838

                                                        Website:                www.nsgb.com.eg
                                                        Bloomberg | Reuters:    NSGB EY | NSGB.CA
Share Data & Performance
 ISIN                                            EGS60081C014                                    MoM               3M         YoY             Ytd
 Bloomberg / Reuters                     NSGB EY / NSGB.CA
                                                                              NSGB              -1.3%            -5.6%      13.0%          -28.0%
 Fiscal Year End                                       December

 Last Price (EGP)                                           36.0              EGX 30             0.2%        -1.7%         -10.9%          -24.8%
 52 Week High                                               52.5              EGX 70            -2.8%            9.5%       19.3%          -12.7%
 52 Week Low                                                30.0              EGX 100           -2.1%            5.3%        7.1%          -16.6%

 No. of Shares (mn)                                       366.6               MSCI EM           -0.2%        -2.4%          26.6%            0.5%
 Mkt Cap (EGPmn)                                       13,196.1               MSCI World         1.4%            0.2%       29.6%            5.0%

 100-day Av. Volume (000' shares per day)                 234.8
                                                                              All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                        Shrs (mn)
                                        Volume             NSGB             EGX 30 rebased
 55                                                                                                                                              4.0

 50                                                                                                                                              3.5
                                                                                                                                                 3.0
 45
                                                                                                                                                 2.5
 40
                                                                                                                                                 2.0
 35
                                                                                                                                                 1.5
 30
                                                                                                                                                 1.0
 25                                                                                                                                              0.5
 20                                                                                                                                             -
   Jul-10         Aug-10   Sep-10       Oct-10         Dec-10      Jan-11        Feb-11         Mar-11           May-11           Jun-11



Financial Summary
 EGPmn
 December                                   2006a         2007a        2008a           2009a         2010a               2011e             2012e

 Net Interest Income                          966          1,186       1,424            1,652            1,896            2,091             2,407
 Grow th Rate                                    n/a      22.8%       20.1%            16.0%         14.8%               10.3%             15.2%

 Net Income                                   148           653        1,137            1,293            1,338            1,480             1,673
 Grow th Rate                                  n/a           n/a      74.1%            13.8%             3.5%            10.6%             13.0%
 Net Loans & Advances                     15,636         19,734       25,011           26,569       31,345               33,070            37,438
 Customer Deposits                        33,312         39,299       36,889           43,715       50,084               53,124            60,286
 Total Assets                             39,436         47,403       46,047           53,220       60,885               64,676            73,361
 Shareholder Equity                        2,538          3,675        4,313            5,256        6,054                6,965             7,995

 PER                                        89.2x          20.2x       11.6x            10.2x             9.9x             8.9x              7.9x
 P/BV                                        5.2x           3.6x        3.1x             2.5x             2.2x             1.9x              1.7x
 RoAE                                       11.7%         21.0%       28.5%            27.0%         23.7%               22.7%             22.4%
 NIM                                         5.6%          3.1%        3.4%             3.7%          3.6%                3.6%              3.8%
 Equity/Assets                               6.4%          7.8%        9.4%             9.9%          9.9%               10.8%             10.9%
 Net Loans/Deposits                         46.9%         50.2%       67.8%            60.8%         62.6%               62.3%             62.1%
 EPS (EGP)                                   0.40           1.78         3.10            3.53             3.65             4.04              4.56
 Dividend Yield                               n/a          0.5%         2.9%            3.2%             3.5%             3.5%              3.9%

 Source (all): CI Capital Research & Bloomberg




Page 18 of 202
                                                                          CI Capital Research | Handbook | 2-Jul-11



Al Baraka Bank Egypt
SAUD | Banking | Not Covered

Company Profile
Established in 1980, Al Baraka Bank Egypt [SAUD] was established in 1980 and was originally named Al
Ahram Bank. In 1989, its name was changed to Egyptian Saudi Finance Bank and it began operating as a
national Shariah-compliant institution for both retail and corporate banking. In 2010, after divestures of stakes
owned by public banks and institutions, the bank’s name was finally changed to Al-Baraka Bank Egypt after its
controlling shareholders. Al Baraka Bank Egypt is one of the subsidiary banking units of the Bahrain-based
leading Islamic banking institution Al Baraka Banking Group, with operations in over ten countries.

Recent Developments
 Sukuk issuance: The bank recently obtained the approval of the Central Bank of Egypt (CBE) to issue
Sukuk worth USD150mn.

Share Ownership & Contact Information
Shareholder Structure                              %       Contact Information

Baraka Banking Group                              72.8%    IR Contact:             Sabri Makeen
Free Float                                        20.0%    Address:                60 Mohie Al-Din Abu Al-Ezz St., Giza, Cairo,
Misr Insurance                                     5.6%                            Egypt
Others                                             1.6%    Telephone:              02 3748 1222 / 02 3748 1777
                                                           Fax:                    02 3761 1437

                                                           Website:                www.esf-bank.com.
                                                           Bloomberg | Reuters:    SAUD EY | SAUD.CA
Share Data & Performance
  ISIN                                            EGS60101C010                                           MoM               3M         YoY         Ytd
  Bloomberg / Reuters                     SAUD EY / SAUD.CA
                                                                                   SAUD                  -1.5%       14.5%          85.7%       -8.9%
  Fiscal Year End                                       December

  Last Price (EGP)                                           11.4                  EGX 30                0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                               15.1                  EGX 70                -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                                    6.0               EGX 100               -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                         76.4                  MSCI EM               -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                          867.5                   MSCI World            1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                 578.2
                                                                                    All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                            Shrs (mn)
                                         Volume             SAUD                 EGX 30 rebased
 15.8                                                                                                                                              3.00

 13.8                                                                                                                                              2.50

 11.8                                                                                                                                              2.00

  9.8                                                                                                                                              1.50

  7.8                                                                                                                                              1.00

  5.8                                                                                                                                              0.50

  3.8                                                                                                                                              -
      Jul-10      Aug-10     Sep-10      Oct-10         Dec-10         Jan-11          Feb-11           Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 December                                    2006a         2007a           2008a            2009a                2010a            2011e        2012e

 Net Interest Income                              80             130            231              279              272               n/a           n/a
 Grow th Rate                                     n/a      62.9%           78.3%            20.8%                -2.7%              n/a           n/a

 Net Income                                         4          0               0                 123            108                 n/a           n/a
 Grow th Rate                                     n/a    -100.0%          -25.0%                 n/m         -11.9%                 n/a           n/a
 Net Loans & Advances                        3,341          3,817          4,743             4,423            5,270                 n/a           n/a
 Customer Deposits                           6,520          8,171          9,356            10,030           11,953                 n/a           n/a
 Total Assets                                7,341          9,014         10,423            11,612           13,670                 n/a           n/a
 Shareholder Equity                            527            527            503               722              823                 n/a           n/a

 PER                                       209.5x             n/a                n/a            7.0x              8.0x              n/a           n/a
 P/BV                                        1.6x            1.6x               1.7x            1.2x              1.1x              n/a           n/a
 RoAE                                        1.6%           0.0%            0.0%            20.1%            14.0%                  n/a           n/a
 NIM                                         1.2%           1.8%            2.7%             3.0%             2.6%                  n/a           n/a
 Equity/Assets                                7.2%          5.9%            4.8%             6.2%             6.0%                  n/a           n/a
 Net Loans/Deposits                          51.2%         46.7%           50.7%            44.1%            44.1%                  n/a           n/a
 EPS (EGP)                                    0.05               n/m            n/m              1.61             1.42              n/a           n/a
 Dividend Yield                                n/a               n/a            n/a             4.0%             9.3%               n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 20 of 202
         CEMENT
CEMENT
                                                                          CI Capital Research | Handbook | 2-Jul-11



Misr Beni Suef Cement
MBSC | Cement | Covered
Ghada Refky | Ghada.Refky@cich.com.eg

Company Profile
Misr Beni Suef Cement [MBSC] was incorporated in November 1997 as a shareholding company for the
production of cement and associated products, and in August 1999, the company had its shares listed on the
Egyptian Exchange (EGX). MBSC was established with a paid-in capital of EGP120mn distributed over 12mn
shares at a par value of EGP10/share; today, the figure stands at EGP400mn, distributed over 40mn shares at
a par value of EGP10/share. In December 2006, MBSC signed a supply and installation contract with the
French company Polysius in order to double its annual production capacity. Just over a year later, in February
2008, MBSC signed a contract to import two cement grinders. In 2010, MBSC reached 2% local market share,
selling 1,165k tons with no exports recorded.

Recent Developments
 Management cleared of bribery charges: Since June 2010, MBSC’s top management official has been
under investigation for charges of bribery related to the new production line. Fortunately, by the beginning of
2011, a final court decision cleared the official in question.

 Second line commences operations: Trial grinding for MBSC’s second 1.5mtpa-production line started via
two grinders on March 16 and 21, 2011. Accordingly, we believe phase II of this second line (cement
production) will operate at full capacity in May 2011.

 Dividends, paid-in capital increase approved: In its AGM held on April 30, 2011, MBSC approved a DPS
of EGP5 with a dividend yield of 7%, to be distributed on June 1, 2011, to shareholders through May 29, 2011.
Furthermore, its AGM approved the increase of MBSC’s issued and paid-in capital by EGP100mn to reach
EGP500mn via a 25% stock dividend. The date of this dividend distribution is still subject to the approval of the
company’s EGM and the Egyptian Financial Supervisory Authority (EFSA).

 License fees reimbursement: In May 2011, MBSC decided to cease payment of the remaining instalments
(amounting to EGP91mn, excluding interest) of license fees for its 1.5mtpa-second production line. Further, the
company is intending to sue the Industrial Development Authority (IDA) for a full reimbursement of the
EGP55mn (including interest) that had been paid through December 2010.

Share Ownership & Contact Information
Shareholder Structure                              %       Contact Information

Free Float                                        39.8%    IR Contact:             Mohamed Shabaka
Top Management                                    26.0%    Address:                8 Ahmed Nessim St., Dokki, Giza, Egypt
National Investment Bank                          20.1%
Individuals                                       11.2%    Telephone:              02 3760 8679 / 02 3761 8541
Others                                             2.9%    Fax:                    02 3749 2049 / 02 3761 3288

                                                           Website:                www.mbsc-co.com
                                                           Bloomberg | Reuters:    MBSC EY | MBSC.CA
Share Data & Performance
 ISIN                                            EGS3C371C019                                    MoM               3M         YoY             Ytd
 Bloomberg / Reuters                     MBSC EY / MBSC.CA
                                                                             MBSC                1.2%            -1.7%     -18.4%          -10.2%
 Fiscal Year End                                     December

 Last Price (EGP)                                         65.00              EGX 30              0.2%        -1.7%         -10.9%          -24.8%
 52 Week High                                             94.50              EGX 70             -2.8%            9.5%       19.3%          -12.7%
 52 Week Low                                              52.00              EGX 100            -2.1%            5.3%        7.1%          -16.6%

 No. of Shares (mn)                                       40.0               MSCI EM            -0.2%        -2.4%          26.6%            0.5%
 Mkt Cap (EGPmn)                                       2,600.0               MSCI World          1.4%            0.2%       29.6%            5.0%

 100-day Av. Volume (000' shares per day)                 26.8
                                                                             All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                        Shrs (mn)
                                        Volume            MBSC             EGX 30 rebased
 100                                                                                                                                             0.8
  95                                                                                                                                             0.7
 90
                                                                                                                                                 0.6
 85
 80                                                                                                                                              0.5
 75                                                                                                                                              0.4
 70                                                                                                                                              0.3
 65
                                                                                                                                                 0.2
 60
 55                                                                                                                                              0.1
 50                                                                                                                                             -
   Jul-10         Aug-10   Sep-10       Oct-10        Dec-10      Jan-11        Feb-11          Mar-11           May-11           Jun-11



Financial Summary
 EGPmn
 December                                   2006a        2007a        2008a           2009a          2010a               2011e             2012e

 Revenue                                     558           588        660               836            749               1,048             1,108
 Grow th Rate                                 n/a         5.5%       12.2%            26.6%         -10.4%               39.9%              5.8%


 EBITDA                                      383           401         421              497            477                 574              555
 Grow th Rate (%)                              n/a        4.8%        4.9%            18.1%          -4.0%               20.3%             -3.4%
 EBITDA margin (%)                          68.7%        68.2%       63.8%            59.5%          63.7%               54.8%             50.1%

 Net Income                                  228           193         202              391            304                 403           357
 Grow th Rate (%)                              n/a      -15.2%        4.8%            93.0%         -22.2%               32.5%         -11.4%
 Net margin (%)                             40.8%        32.8%       30.7%            46.7%          40.6%               38.4%          32.2%

 PER                                        11.4x         13.5x       12.8x              6.7x            8.6x              6.5x             7.3x
 P/BV                                        5.1x          3.7x        3.1x              1.8x            1.6x              1.5x             1.4x

 EV/EBITDA                                    6.1x         5.6x         5.8x            4.7x              4.8x             3.8x              3.6x
 Net debt/EBITDA                             -0.7x        -0.9x        -0.4x           -0.5x             -0.7x            -0.8x             -1.1x

 EPS (EGP)                                    5.69         4.83         5.06            9.76              7.60            10.07              8.92
 Dividend Yield                              2.1%         2.3%         3.1%            4.6%              7.4%             9.6%              9.1%

 Source (all): CI Capital Research & Bloomberg




Page 22 of 202
                                                                         CI Capital Research | Handbook | 2-Jul-11



Misr Cement (Qena)
MCQE | Cement | Covered
Ghada Refky | Ghada.Refky@cich.com.eg

Company Profile
Misr Cement (Qena) [MCQE] was incorporated in May 1997 as a shareholding company to produce and sell
cement and other related construction products. At the time, it operated a cement plant with a single 1.5-mtpa
capacity production line. In May 2000, MCQE had its shares listed on the Egyptian Exchange (EGX), and the
company began public trading with an issued and paid-in capital of EGP300mn distributed over 30mn shares at
a par value of EGP10/share. Currently, its paid-in capital stands at EGP298.8mn, distributed over 29.9mn
shares at a par value of EGP10/share.
In June 2009, MCQE provided FLSmidth the mechanical equipment, plant management and installation
services necessary for its 1.4mn ton per annum production line. The plant had a total investment cost of
EGP750mn, and began producing in April 2002. MCQE also provided technical management, maintenance and
supervision for the quarries’ raw materials deliveries to Arab Swiss Engineering Company. In 2010, MCQE
reached 4% local market share, selling 1,951k tons with no exports recorded.


Recent Developments
 Chairman passes away: In June 2010, MCQE’s Chairman Mr. Mohamed Mahmoud Ali Hasan passed away.

 Increase in ANCC stake: In its board meeting held on September 21st, 2010, MCQE approved the increase
of its stake in Arab National Cement Co. (ANCC) from 10% to 15%.

 ASEC begins production: On May 26th, 2010, ASEC Ready Mix (ARM) — a joint venture between MCQE
and ASEC Cement – began production. ARM’s total annual production capacity is 200k cu.mt, consisting of
three ready-mix stations in the governorates of Assiut, Menya and Qena (worth a total EGP43mn).


Share Ownership & Contact Information
Shareholder Structure                            %        Contact Information

ASEC Cement                                      27.6%    IR Contact:             Mohamed Fahmy
Misr Insurance                                   20.2%    Address:                22 Anwar Al-Mofty St., Nasr City, Cairo,
Free Float                                       15.7%                            Egypt
Egyptian Investment Projects                     10.0%    Telephone:              02 2403 2274 / 02 2263 3052
Egyptian Kuwaiti Investment                       9.9%    Fax:                    02 2260 6902 / 02 2403 9213
Al Ahly Capital Holding Co.                       7.5%
Misr Financial Investments                        7.5%    Website:                www.qenacement.com
Others                                            1.5%    Bloomberg | Reuters:    MCQE EY | MCQE.CA
Share Data & Performance
 ISIN                                            EGS3C391C017                                      MoM                3M          YoY         Ytd
 Bloomberg / Reuters                     MCQE EY / MCQE.CA
                                                                             MCQE                  -2.9%       -18.6%            7.3%        -0.3%
 Fiscal Year End                                     December

 Last Price (EGP)                                       100.26               EGX 30                 0.2%        -1.7%          -10.9%      -24.8%
 52 Week High                                           128.89               EGX 70                -2.8%            9.5%        19.3%      -12.7%
 52 Week Low                                             81.31               EGX 100               -2.1%            5.3%         7.1%      -16.6%

 No. of Shares (mn)                                       29.9               MSCI EM               -0.2%        -2.4%           26.6%        0.5%
 Mkt Cap (EGPmn)                                       2,995.6               MSCI World             1.4%            0.2%        29.6%        5.0%

 100-day Av. Volume (000' shares per day)                 30.3
                                                                             All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                        Shrs (mn)
                                        Volume           MCQE              EGX 30 rebased
 140                                                                                                                                           3.00
 130
                                                                                                                                               2.50
 120
                                                                                                                                               2.00
 110
 100                                                                                                                                           1.50
 90
                                                                                                                                               1.00
 80
                                                                                                                                               0.50
 70
 60                                                                                                                                            -
   Jul-10         Aug-10   Sep-10       Oct-10       Dec-10      Jan-11          Feb-11           Mar-11            May-11        Jun-11



Financial Summary
 EGPmn
 December                                   2006a       2007a        2008a            2009a                2010a             2011e         2012e

 Revenue                                     522         597          773                  845               888              756            656
 Grow th Rate                                 n/a       14.5%        29.5%                9.2%              5.2%           -14.9%          -13.2%


 EBITDA                                      292         343          406               448                  468              357            282
 Grow th Rate (%)                              n/a      17.5%        18.3%            10.3%                 4.3%           -23.7%          -20.9%
 EBITDA margin (%)                          56.0%       57.5%        52.5%            53.1%                52.6%            47.2%           43.1%

 Net Income                                  235         276           303              352                  428              346            257
 Grow th Rate (%)                              n/a      17.7%         9.6%            16.3%                21.6%           -19.2%          -25.7%
 Net margin (%)                             45.0%       46.3%        39.2%            41.7%                48.2%            45.8%           39.2%

 PER                                        12.8x        10.8x            9.9x            8.5x              7.0x              8.7x          11.7x
 P/BV                                        5.3x         4.7x            4.5x            4.5x              4.8x              5.1x           5.4x

 EV/EBITDA                                  10.0x         7.9x         6.2x                5.3x              4.7x              6.5x          8.5x
 Net debt/EBITDA                            -0.3x        -0.9x        -1.2x               -1.4x             -1.7x             -1.9x         -2.1x

 EPS (EGP)                                    7.86        9.25        10.14            11.79                14.34             11.58          8.60
 Dividend Yield                              3.0%        5.0%         8.2%            10.0%                13.7%             10.9%          8.1%

 Source (all): CI Capital Research & Bloomberg




Page 24 of 202
                                                                         CI Capital Research | Handbook | 2-Jul-11



Sinai Cement
SCEM | Cement | Covered
Basma Shebeta | Basma.Shebeta@cich.com.eg
Ghada Refky | Ghada.Refky@cich.com.eg

Company Profile
Sinai Cement [SCEM] was incorporated in 1998 as a shareholding company to produce cement, packaging
and other cement products, and had its shares listed on the Egyptian Exchange (EGX) in July 2000. It was
established with a paid-in capital of EGP250mn, distributed over 25mn shares at a par value of EGP10/share.
Currently, SCEM has a paid-in capital of EGP700mn, distributed over 70mn shares at a par value of
EGP10/share. In August 2006, SCEM signed a contract with ASEC, ARASCO and FLSmidth to double its
production capacity. It captured 8% local market share in 2010, selling 3,728k tons and 59% export market
share, selling 31k tons.

Recent Developments
 New stakes and subsidiaries: In 1Q10 SCEM added a 99% stake in Sinai Cement for International Trade
(SCIT) to its long-term investments. With a paid in capital of EGP 50K, SCIT specializes in importing and
exporting cement. Meanwhile, by the end of 2010, SCEM's subsidiary Sinai Cement for Services (SCS) had
begun to generate a profit
   th                                      th
 4 grinder installed: SCEM’s 4 grinder was installed in April 2010, leading to increased revenues.
 Electrical capacity expansion at plant: In order to provide room for future expansions, SCEM has issued a
new contract with the authorities to increase its plant’s electricity capacity from 35MW to 57MW. SCEM will pay
this value via 120 instalments at EGP843k/instalment.
 Al-Arish pipeline bombings: In February 2011, in the wake of the Egyptian uprising, the natural gas
pipeline in Al-Arish (which provides SCEM with its natural gas needs) was bombed. Consequently, the
company was forced to replace natural gas with costly mazut. On top of the cost challenges, mazut was then
facing a shortage, as transporting it was unsafe amidst reduced national security. Fortunately, the pipeline was
fixed and operations resumed by March 16; however, by the end of April, another explosion rocked the same
pipeline, which has resumed its operation in mid-June. This time SCEM is unlikely to suffer a shortage in mazut
supplies, although the resource’s higher cost detriments still apply.
 Bedouin attack on Sinai factory: On March 8, 2011, SCEM’s factory was attacked by Bedouin activists in
Sinai, forcing the factory to shut down. Fortunately, the management was able to resolve this problem and the
factory resumed its full operation, but only after 11 working days of closure, which affected the company’s
production and sales volumes in 1Q11.

Share Ownership & Contact Information
Shareholder Structure                             %        Contact Inform ation

Vika Misr Cement Industries                      39.6%     IR Contact:            Alaa Hussein Megahed
Free Float                                       28.3%     Address:               Sama Building, Ring Road, Qatameia,
Sama Cement                                       9.4%                            Egypt
Social Insurance Fund for Public Sector Labor     9.4%     Telephone:             02 2727 5106 / 02 2727 5107
Others                                            7.0%     Fax:                   02 2749 3528
Al Arabia Co. For Industrial Investment           6.2%
                                                           Website:               scc@link.net
                                                           Bloomberg | Reuters:   SCEM EY | SCEM.CA
Share Data & Performance
 ISIN                                            EGS3C401C014                                            MoM              3M         YoY         Ytd
 Bloomberg / Reuters                     SCEM EY / SCEM.CA
                                                                                  SCEM                   0.1%       -26.4%         11.6%        -6.4%
 Fiscal Year End                                     December

 Last Price (EGP)                                         45.12                   EGX 30                 0.2%        -1.7%        -10.9%      -24.8%
 52 Week High                                             63.20                   EGX 70                -2.8%            9.5%      19.3%      -12.7%
 52 Week Low                                              39.10                   EGX 100               -2.1%            5.3%       7.1%      -16.6%

 No. of Shares (mn)                                       70.0                    MSCI EM               -0.2%        -2.4%         26.6%        0.5%
 Mkt Cap (EGPmn)                                       3,158.4                    MSCI World             1.4%            0.2%      29.6%        5.0%

 100-day Av. Volume (000' shares per day)                 91.8
                                                                                  All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                           Shrs (mn)
                                        Volume            SCEM                  EGX 30 rebased
 68                                                                                                                                               0.70
 63                                                                                                                                               0.60
 58
                                                                                                                                                  0.50
 53
                                                                                                                                                  0.40
 48
                                                                                                                                                  0.30
 43
                                                                                                                                                  0.20
 38
 33                                                                                                                                               0.10

 28                                                                                                                                               -
  Jul-10          Aug-10   Sep-10      Oct-10        Dec-10          Jan-11           Feb-11           Mar-11        May-11          Jun-11



Financial Summary
 EGPmn
 December                                   2006a        2007a            2008a            2009a                2010a           2011e         2012e

 Revenue                                     540          656             906              1,513                1,628            1,325        1,245
 Grow th Rate                                 n/a        21.5%           38.1%             66.9%                 7.6%           -18.6%        -6.0%


 EBITDA                                      326          381             475                749                  796              588          490
 Grow th Rate (%)                              n/a       16.9%           24.8%             57.6%                 6.2%           -26.1%        -16.6%
 EBITDA margin (%)                          60.3%        58.0%           52.5%             49.5%                48.9%            44.4%         39.4%

 Net Income                                  287          342             414                678                  728              522          346
 Grow th Rate (%)                              n/a       19.1%           21.3%             63.6%                 7.5%           -28.3%        -33.8%
 Net margin (%)                             53.1%        52.0%           45.7%             44.8%                44.7%            39.4%         27.8%

 PER                                        11.0x             9.2x            7.6x             4.7x              4.3x             6.0x          9.1x
 P/BV                                        3.7x             2.6x            2.0x             1.7x              1.3x             1.3x          1.3x

 EV/EBITDA                                    9.2x            8.3x             6.4x             3.8x              3.1x            3.9x          4.6x
 Net debt/EBITDA                             -0.5x            0.0x            -0.2x            -0.4x             -0.9x           -1.5x         -1.8x

 EPS (EGP)                                    4.10         4.88            5.92                 9.68             10.40            7.46          4.94
 Dividend Yield                              1.4%         1.4%           11.1%                 8.9%             19.9%           14.8%          9.8%

 Source (all): CI Capital Research & Bloomberg




Page 26 of 202
                                                                          CI Capital Research | Handbook | 2-Jul-11



Suez Cement
SUCE | Cement | Not Covered

Company Profile
Suez Cement [SUCE] was incorporated in 1977 as a shareholding company with the objective of producing all
varieties of cement, and in February 1995, SUCE had its shares listed on the Egyptian Exchange (EGX). The
company started its activities by building its first plant in Suez, followed by the Kattameya plant with total
investment cost of c. EGP1.7bn. Currently, SUCE has a paid-in capital of EGP909mn distributed over 182mn
shares with a par value of EGP5/share. SUCE (as a group) operates with an annual cement production
capacity of 12mn tons. The company reached 23% local market share in 2010, selling 11,057k tons, and a 12%
export market share the same year, exporting 7k tons.

Recent Developments
 New production line: In December 2010, in step with the firm’s plans to transfer its plants away from
Helwan, SUCE announced that it was aiming to establish a new production line with a capacity of 2mn tons at a
cost of USD400mn.

 Helwan factory temporarily closed: As of February 2011, SUCE has temporarily closed one of its factories
located in Helwan governorate until stability returns to the area. The precautionary move is meant to ensure the
safety of workers and the company’s property there following protests by groups outside the factory demanding
immediate employment.


Share Ownership & Contact Information
Shareholder Structure                             %        Contact Information

MENAF SAS                                         25.6%    IR Contact:             Mohammed Ibrahim Mohammed
Free Float                                        20.7%    Address:                Km 30 Maadi Road, Katameya, P.O.Box
Ciment Francais                                   12.4%                            2691, Ein El-Sokhna, Cairo, Egypt
Ciments Du Marco Cimar                            11.7%    Telephone:              02 2706 8588
Abd El Meniem Rashed Abd Al Rahman Al Rashed       7.9%    Fax:                    02 2706 8579 / 02 2700 4435
Gazelle                                            7.6%
TERCIM SAS                                         5.0%    Website:                www.suezcement.com.eg
National Investment Bank                           3.8%    Bloomberg | Reuters:    SUCE EY | SUCE.CA
Others                                             5.4%
Share Data & Performance
  ISIN                                            EGS3C181C012                                      MoM               3M         YoY         Ytd
  Bloomberg / Reuters                      SUCE EY / SUCE.CA
                                                                              SUCE                   0.6%           -3.5%       9.9%        3.3%
  Fiscal Year End                                     December

  Last Price (EGP)                                        39.25               EGX 30                0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                            42.99               EGX 70                -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                             30.10               EGX 100               -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                     181.9                MSCI EM               -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                       7,137.9               MSCI World            1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                 41.7
                                                                               All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                       Shrs (mn)
                                         Volume           SUCE              EGX 30 rebased
 45.0                                                                                                                                         0.80
 43.0                                                                                                                                         0.70
 41.0
                                                                                                                                              0.60
 39.0
 37.0                                                                                                                                         0.50
 35.0                                                                                                                                         0.40
 33.0                                                                                                                                         0.30
 31.0
                                                                                                                                              0.20
 29.0
 27.0                                                                                                                                         0.10
 25.0                                                                                                                                         -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10      Jan-11          Feb-11           Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 December                                    2006a       2007a        2008a            2009a                2010a            2011e        2012e

 Revenue                                     3,543       4,196        5,542            6,380            6,152                 n/a           n/a
 Grow th Rate                                   n/a      18.4%        32.1%            15.1%            -3.6%                  n/a           n/a


 EBITDA                                      1,453       1,420        1,772            1,860            1,805                 n/a           n/a
 Grow th Rate (%)                               n/a      -2.3%        24.8%             4.9%            -2.9%                  n/a           n/a
 EBITDA margin (%)                           41.0%       33.8%        32.0%            29.1%            29.3%                  n/a           n/a

 Net Income                                   703         981         1,041            1,300            1,236                 n/a           n/a
 Grow th Rate (%)                               n/a      39.5%         6.1%            24.9%            -4.9%                  n/a           n/a
 Net margin (%)                              19.8%       23.4%        18.8%            20.4%            20.1%                  n/a           n/a

 PER                                         10.2x         7.3x            6.9x            5.5x              5.8x              n/m          n/m
 P/BV                                         1.4x         1.3x            1.2x            1.0x              1.0x              n/a          n/a

 EV/EBITDA                                    5.5x         5.5x         3.9x                3.2x             3.0x              n/a           n/a
 Net debt/EBITDA                              0.6x         0.4x        -0.1x               -0.7x            -0.9x              n/a           n/a

 EPS (EGP)                                    3.87         5.39            5.72            7.15              6.80              n/a           n/a
 Dividend Yield                                n/a          n/a             n/a             n/a               n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 28 of 202
                                                                         CI Capital Research | Handbook | 2-Jul-11



South Valley Cement
SVCE | Cement | Not Covered

Company Profile
South Valley Cement [SVCE] was incorporated in October 1997 as a shareholding company with the aim of
producing all varieties of cement and associated products, as well as other building materials. The company
also engages in secondary activities and building projects. In October 1998, SVCE had its shares listed on the
Egyptian Exchange (EGX). Originally established with a paid-in capital of EGP350mn, distributed over 35mn
shares with a par value of EGP10/share, the company's current paid-in capital stands at EGP2.5bn, distributed
over 493mn shares with a par value of EGP5/share. SVCE comprises a 1.5 mtpa cement plant in Beni Suef
governorate with a total investment cost of USD174mn, and at the end of April 2008, the company released its
trial cement production to the market. In addition, SVCE has 46% share in the jointly-owned 1.5-mtpa
production capacity factory at Assiut Governorate with Building Materials Industries Co. (a joint venture
company between SVCE and Egypt Kuwait Holding Co).


Recent Developments
 Cancelled M&A’s: In August 2010, shareholders in Golden Pyramids Plaza [GPPL], owner of the City-
Stars mega-mall in Cairo, rejected a share swap with SVCE, thus putting an end to their planned merger.
Meanwhile, SVCE approved an EGP15bn (USD2.6bn) capital increase in May to buy GPPL, in a bid to expand
its focus and diversify its operations outside of cement. Later, in October 2010, SVCE’s BoD decided not to
continue acquisition procedures over GPPL shares.

 Clinker oven delayed on unrest: Due to the repercussions of the 25th January revolution, the testing and
launch of a clinker oven in the Beni Suef cement factory has been delayed from last February to next April, as
foreign experts who supervised the oven had to leave the country during the unrest.

 Contract signed with ASEC: In May 2011, SVCE announced that the company has signed a management
and operating contract with Arab Swiss Engineering Co. (ASEC) for its cement plant located in Beni Suef
governorate. We believe this plant has been producing cement since the beginning of 2010, without producing
clinker. Instead, the clinker is outsourced, for which we believe SVCE is incurring extra costs. We expect the
clinker production to commence by the beginning of 2012, bringing the total local cement capacity to 62mtpa.


Share Ownership & Contact Information
Shareholder Structure                            %        Contact Information

Blue Nile                                        36.9%    IR Contact:             Mr. Tamer Abd El-Rahman
Free Float                                       27.2%    Address:                1 Ebn Affan Sq., Dokki, Giza, Egypt
Abd Allah Taha Adallah                            9.3%
Gazelle Ltd Inc.                                  9.2%    Telephone:              02 3338 3919 / 02 3338 4247
El Nahla for Trading and contracting              8.0%    Fax:                    02 3335 0698
Omer Ibn Abbas Ibn Ali Sharbatly                  5.5%
Others                                            3.9%    Website:                www.southvalleycement.com
                                                          Bloomberg | Reuters:    SVCE EY | SVCE.CA
Share Data & Performance
  ISIN                                            EGS3C351C011                                            MoM              3M        YoY        Ytd
  Bloomberg / Reuters                     SVCE EY / SVCE.CA
                                                                                  SVCE                    -2.9%       -10.4%       -18.0%    -13.7%
  Fiscal Year End                                      December

  Last Price (EGP)                                             4.41               EGX 30                  0.2%        -1.7%        -10.9%    -24.8%
  52 Week High                                                 6.03               EGX 70                  -2.8%           9.5%     19.3%     -12.7%
  52 Week Low                                                  3.42               EGX 100                 -2.1%           5.3%      7.1%     -16.6%

  No. of Shares (mn)                                      492.7                   MSCI EM                 -0.2%       -2.4%        26.6%       0.5%
  Mkt Cap (EGPmn)                                       2,172.8                   MSCI World              1.4%            0.2%     29.6%       5.0%

  100-day Av. Volume (000' shares per day)                562.8
                                                                                   All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                          Shrs (mn)
                                         Volume            SVCE                 EGX 30 rebased
 7.0                                                                                                                                            45.00
 6.5                                                                                                                                            40.00

 6.0                                                                                                                                            35.00
                                                                                                                                                30.00
 5.5
                                                                                                                                                25.00
 5.0
                                                                                                                                                20.00
 4.5
                                                                                                                                                15.00
 4.0                                                                                                                                            10.00
 3.5                                                                                                                                            5.00
 3.0                                                                                                                                            -
   Jul-10         Aug-10    Sep-10      Oct-10        Dec-10          Jan-11          Feb-11            Mar-11        May-11        Jun-11



Financial Summary
 EGPmn
 December                                    2006a        2007a            2008a               2009a             2010a           2011e       2012e

 Revenue                                      326           696               34                478                 423           n/a          n/a
 Grow th Rate                                  n/a       113.7%           -95.1%                 n/m             -11.5%            n/a          n/a


 EBITDA                                       304           675                1                  42                 26           n/a          n/a
 Grow th Rate (%)                               n/a      122.2%           -99.9%                  n/m            -38.0%            n/a          n/a
 EBITDA margin (%)                           93.3%        97.0%             2.7%                8.7%               6.1%            n/a          n/a

 Net Income                                   284           681                7                 151                 51           n/a          n/a
 Grow th Rate (%)                               n/a      139.6%           -99.0%                  n/m            -66.2%            n/a          n/a
 Net margin (%)                              87.3%        97.9%            19.3%               31.5%              12.0%            n/a          n/a

 PER                                          7.6x             3.2x             n/m            14.4x              42.7x            n/m         n/m
 P/BV                                         2.6x             1.0x            1.0x             0.7x               0.7x            n/a         n/a

 EV/EBITDA                                    7.8x          3.2x               n/m             55.9x              94.8x            n/a          n/a
 Net debt/EBITDA                              0.6x         -0.1x               n/m              3.7x              10.6x            n/a          n/a

 EPS (EGP)                                    0.58             1.38            0.01             0.31               0.10            n/a          n/a
 Dividend Yield                                n/a              n/a             n/a              n/a                n/a            n/a          n/a

  Source (all): CI Capital Research & Bloomberg




Page 30 of 202
           CERAMICS
CERAMICS
                                                                           CI Capital Research | Handbook | 2-Jul-11



Arab Ceramics (ARACEMCO)
CERA | Ceramics | Not Covered

Company Profile
The Arab Ceramics Company (Aracemco) [CERA], established in 1975, is one of the leading producers of
ceramic ware in Egypt. CERA ranks within Egypt’s top four players in both the domestic tile and sanitary ware
industry, with respective market shares of 4.5% and 10%. CERA is predominately a tile manufacturer, with tile
sales contributing to c.70% of its total revenues in 2010.
The company benefits from geographic-based production cost advantages versus its international peers (made
possible by the cheap labour and energy available in Egypt). As such, exports accounted for c.35% of total
sales in 2010. Tile exports to the Gulf region accounted for c.22% of CERA FY09 total sales, while sanitary
ware exports to Eastern Europe accounted for c.10% of FY09 revenues. The company also holds a 48% stake
in Egyptian Paper Manufacturing Company.

Recent Developments
 New Investments: Over late 2010, CERA confirmed a series of new plant/technology investments expected
to help cut costs and increase production capacity. CERA is set to complete construction on its new Frit (glaze
production) plant by Q1 2011, at a total investment cost of EGP10mn, and has confirmed plans to purchase
and install a colours production facility, at a total cost of EGP 20mn, over the course of 2011. The company
also announced that it has accepted SIMA’s offer to install a dry milling operating line (for ceramic production),
at a total cost of EGP15mn. Management expects to have the new line in operation by 1Q12.

 FY10 Financials and Dividends: In February 2011, CERA released its FY10 financial results, recording a
strong 46.8% YoY increase in net profit to LE 111.4mn vs. EGP 75.9mn FY09, as new tile capacity came on
stream. In its AGM on March 21, CERA approved both its FY10 financials and shareholder cash dividends of
EGP75mn (EGP3/share), implying a dividend yield of 12.4%, with an Ex. dividend date of 7 April 2011 and pay
out date of 12 April 2011.

 1Q11 Financials: On May 10th, CERA reported its 1Q11 financial results, posting an 18% YoY decline in net
profit to LE 18.3mn, compared to a net profit of EGP 31.7mn in 1Q10. The double-digit decline was
nevertheless expected as sales witnessed sharp disruption during Egypt’s 18-day uprising and consumer
confidence remained low over the quarter.

Share Ownership & Contact Information
Shareholder Structure                              %        Contact Information

Mosaad Al Saleh & Sons investment Group            42.1%    IR Contact:             Abu Bakr Yassin
Free Float                                         29.2%    Address:                Bld. 14, Dr. Michel Bakhoum St., Dokki, Giza,
Investment Real Estate Kuwaiti Group               24.4%                            Egypt
Nasser Social Bank                                  3.1%    Telephone:              02 3337 0812 / 02 3749 3571
Others                                              1.2%    Fax:                    02 3748 1898

                                                            Website:                www.aracemco.com
                                                            Bloomberg | Reuters:    CERA EY | CERA.CA
Share Data & Performance
  ISIN                                            EGS3C151C015                                      MoM               3M         YoY         Ytd
  Bloomberg / Reuters                     CERA EY / CERA.CA
                                                                              CERA                  -4.6%       -18.5%         29.3%      -24.2%
  Fiscal Year End                                     December

  Last Price (EGP)                                        23.52               EGX 30                0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                            35.00               EGX 70                -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                             17.00               EGX 100               -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                       25.0               MSCI EM               -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                        588.0                MSCI World            1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                 67.3
                                                                               All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                       Shrs (mn)
                                         Volume           CERA              EGX 30 rebased
 35.0                                                                                                                                         0.70

                                                                                                                                              0.60
 30.0
                                                                                                                                              0.50
 25.0                                                                                                                                         0.40

 20.0                                                                                                                                         0.30

                                                                                                                                              0.20
 15.0
                                                                                                                                              0.10

 10.0                                                                                                                                         -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10      Jan-11          Feb-11           Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 December                                    2006a       2007a        2008a            2009a                2010a            2011e        2012e

 Revenue                                      167         185          235               273              351                 n/a           n/a
 Grow th Rate                                  n/a       10.9%        27.4%            15.9%            28.6%                  n/a           n/a


 EBITDA                                         40          48           65               82              120                 n/a           n/a
 Grow th Rate (%)                               n/a      20.6%        35.4%            26.2%            45.7%                  n/a           n/a
 EBITDA margin (%)                           24.0%       26.1%        27.7%            30.2%            34.2%                  n/a           n/a

 Net Income                                     33          46           54               76              111                 n/a           n/a
 Grow th Rate (%)                               n/a      37.7%        16.1%            41.8%            46.9%                  n/a           n/a
 Net margin (%)                              20.1%       24.9%        22.7%            27.8%            31.8%                  n/a           n/a

 PER                                         17.6x        12.8x        11.0x               7.8x              5.3x              n/m          n/m
 P/BV                                         6.0x         4.7x         3.6x               2.8x              2.2x              n/a          n/a

 EV/EBITDA                                   13.0x        11.6x         8.5x                6.4x             4.0x              n/a           n/a
 Net debt/EBITDA                             -1.7x        -0.6x        -0.5x               -0.7x            -0.9x              n/a           n/a

 EPS (EGP)                                    1.34         1.84            2.14            3.03              4.46              n/a           n/a
 Dividend Yield                                n/a          n/a             n/a             n/a               n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 32 of 202
                                                                        CI Capital Research | Handbook | 2-Jul-11



Al-Ezz Ceramic & Porcelain
ECAP | Ceramics | Covered
Ahmed Abdel Ghani | Ahmed.Abdelghani@cich.com.eg

Company Profile
Al-Ezz Ceramic and Porcelain (GEMMA) [ECAP] was established in 1981 for the purpose of manufacturing,
trading and distributing ceramics, porcelain, sanitary ware and taps, and to carry out any related contracting.
The company currently specializes in the production and trade of high-quality ceramic and porcelain tiles.
In 1998, Al-Ezz Porcelain bought a 97.82% stake in Al-Ezz Ceramics and changed the former’s name to Al-
Ezz Ceramics & Porcelain (GEMMA). Six years later, in 2004, Al-Ezz Ceramics was merged into Al-Ezz
Ceramics & Porcelain (GEMMA). GEMMA currently has a 7% market share, with a total production capacity of
18mn sqm per annum.
The company has an authorized capital of EGP1.8bn and an issued capital of EGP255.2mn, distributed over
51.05mn fully-paid shares at a par value of EGP5/share.


Recent Developments
 Jordan lifts customs duties: In December 2010, Jordan decided to remove the custom duties of
JOD0.75/sqm (USD1.1/sqm) which the country levied on all ceramics imports since September 2010. This
decision should have a negligible impact on GEMMA, as its export volumes to Jordan account for less than 2%
of their total sale volumes.

 Production capacity reduced: Despite surviving the recent domestic unrest with all outlets, factories, and
inventory intact, GEMMA nonetheless decided in February to decrease its production capacity by 40%.


Share Ownership & Contact Information
Shareholder Structure                             %       Contact Inform ation

Al-Ezz Holding                                   63.9%    IR Contact:            Hatem Shahin
Free Float                                       30.3%    Address:               Km 25 Cairo-Alexandria Desert Rd.,
Financial Holding International Ltd.              5.7%                           Remayah Sq., Egypt
Others                                            0.1%    Telephone:             02 3377 8857 / 02 3377 8858/9
                                                          Fax:                   02 3778 850/2

                                                          Website:               w w w .gemma.com.eg
                                                          Bloomberg | Reuters:   ECAP EY | ECAP.CA
Share Data & Performance
  ISIN                                            EGS3C071C015                                         MoM               3M         YoY           Ytd
  Bloomberg / Reuters                      ECAP EY / ECAP.CA
                                                                                  ECAP                  5.5%       11.6%          -18.7%       -29.9%
  Fiscal Year End                                     December

  Last Price (EGP)                                             3.09               EGX 30                0.2%       -1.7%          -10.9%       -24.8%
  52 Week High                                                 5.22               EGX 70               -2.8%           9.5%        19.3%       -12.7%
  52 Week Low                                                  2.37               EGX 100              -2.1%           5.3%         7.1%       -16.6%

  No. of Shares (mn)                                       51.0                   MSCI EM              -0.2%       -2.4%           26.6%         0.5%
  Mkt Cap (EGPmn)                                         157.7                   MSCI World            1.4%           0.2%        29.6%         5.0%

  100-day Av. Volume (000' shares per day)                158.4
                                                                                   All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                            Shrs (mn)
                                         Volume           ECAP                  EGX 30 rebased
 5.5                                                                                                                                               1.60

 5.0                                                                                                                                               1.40
                                                                                                                                                   1.20
 4.5
                                                                                                                                                   1.00
 4.0
                                                                                                                                                   0.80
 3.5
                                                                                                                                                   0.60
 3.0
                                                                                                                                                   0.40
 2.5                                                                                                                                               0.20
 2.0                                                                                                                                               -
   Jul-10         Aug-10    Sep-10       Oct-10       Dec-10          Jan-11          Feb-11          Mar-11           May-11        Jun-11



Financial Summary
 EGPmn
 December                                    2006a        2007a           2008a            2009a               2010a            2011e         2012e

 Revenue                                      285           313            357               321                 385              434          524
 Grow th Rate                                  n/a         9.9%           13.8%           -10.0%               20.1%            12.7%         20.6%


 EBITDA                                         70          67               55               55                  62               70            76
 Grow th Rate (%)                               n/a      -5.0%           -17.1%             0.2%               12.9%            11.3%          9.3%
 EBITDA margin (%)                           24.6%       21.2%            15.5%            17.2%               16.2%            16.0%         14.5%

 Net Income                                      9           10              10                1               (1)                  3              9
 Grow th Rate (%)                               n/a        7.5%            4.6%           -93.7%          -184.0%                  n/m        157.3%
 Net margin (%)                               3.1%         3.1%            2.8%             0.2%            -0.1%                0.8%           1.6%

 PER                                         17.6x        16.3x            15.6x                n/m              n/m            47.1x          18.3x
 P/BV                                         0.7x         0.7x             0.5x               0.5x             0.5x             0.5x           0.5x

 EV/EBITDA                                    5.7x         5.7x                7.7x            8.3x             6.9x             6.4x           5.9x
 Net debt/EBITDA                              3.5x         3.4x                4.9x            5.4x             4.4x             4.2x           3.8x

 EPS (EGP)                                    0.18         0.19                0.20            0.01              n/m             0.07           0.17
 Dividend Yield                                n/a          n/a                 n/a             n/a              n/a              n/a            n/a

  Source (all): CI Capital Research & Bloomberg




Page 34 of 202
                                                                        CI Capital Research | Handbook | 2-Jul-11



Lecico Egypt
LCSW | Ceramics | Covered
Ahmed Abdel Ghani | Ahmed.Abdelghani@cich.com.eg
Yasmin.Ghanem | Yasmin.Ghanem@cich.com.eg

Company Profile
Lecico Egypt (Lecico) [LCSW], established in 1975, is one of the world’s largest sanitary ware (SW)
producers and a significant producer of tiles in the Middle East. The company’s core competitive advantage lies
in its ability to produce competitively-priced sanitary ware to exacting European quality standards. As such it
has developed into a major SW exporter- in 2010 SW exports accounted for c.58% of SW sales (c.30% of total
sales). In August 2010, LCSW also launched operations in its brassware segment- an entirely new LoB for the
company. In Egypt, LCSW has a leading SW market share of c.38%, with c.17% of the tiles market. In Lebanon
(another production location), it holds respective SW and tile market shares of 36% and 24%. The UK,
however, is LCSW’s most profitable market, with a c.24 % SW market share.


Recent Developments
 Cash and Stock Dividends: In late March 2011, LSCW’s AGM approved both its FY10 financials and cash
dividends of EGP60mn (EGP1/share) - implying a 5.7% dividend yield- which was payable on 12 April 2011. In
its EGM, held the same day, LCSW also approved a 1:3 bonus share issue set to increase outstanding shares
from 60mn to 80mn and issued and paid-in capital from EGP300mn to EGP400mn through capitalizing retained
earnings. The bonus issue’s distribution date has yet to be announced.

 1Q11 Financials: On May 5th, LCSW reported its 1Q11 financial results, posting a 54%YoY decline in net
profit to EGP 12.5mn, vs. EGP26.9mn in 1Q10. The decline was nonetheless expected, as uprisings in Egypt
and Libya (c.30% and c.14% of revenues) hurt productivity and sales, combined with weaker European
markets (c.50% of revenues), and higher COGS on a 20% increase in wages (following a 2-day workers strike
in February) and a higher energy bill.

 Insurance Settlement: On May 15th, LCSW signed the final settlement agreement with Al Mohandes
Insurance Co. amounting to EGP41mn, against claims relating to the loss of c.28% of SW inventory (and
nearly all SW accessories) during the SW export warehouse fire on June 2nd 2010. LCSW also confirmed
signing an EGP7mn settlement agreement with Arab Misr Insurance Co. against claims relating to the
damage of the warehouse building/furniture. In light of these insurance agreements, EGP7.5mn of provisions
booked in 2010 and custom fees/penalties (related to imported SW accessories for re-export) it is contesting,
LCSW does not anticipate any impact on its FY2011 bottom-line relating to its insurance claims.

Share Ownership & Contact Information
Shareholder Structure                             %       Contact Inform ation

Free Float                                       46.7%    IR Contact:            Taher Gargour
Top Management                                   25.4%    Address:               P.O. Box 358, Alexandria, Egypt
National Investment Bank                         20.1%
Individuals                                       6.5%    Telephone:             03 5180 011
Others                                            1.3%    Fax:                   03 5180 029

                                                          Website:               w w w .lecicoegypt.com
                                                          Bloomberg | Reuters:   LCSW EY | LCSW.CA
Share Data & Performance
  ISIN                                            EGS3C161C014                                      MoM               3M          YoY         Ytd
  Bloomberg / Reuters                     LCSW EY / LCSW.CA
                                                                              LCSW                   0.7%       -13.5%          15.8%      -10.9%
  Fiscal Year End                                     December

  Last Price (EGP)                                        15.08               EGX 30                0.2%        -1.7%          -10.9%      -24.8%
  52 Week High                                            19.72               EGX 70                -2.8%           9.5%        19.3%      -12.7%
  52 Week Low                                             12.56               EGX 100               -2.1%           5.3%         7.1%      -16.6%

  No. of Shares (mn)                                       60.0               MSCI EM               -0.2%       -2.4%           26.6%        0.5%
  Mkt Cap (EGPmn)                                        904.8                MSCI World            1.4%            0.2%        29.6%        5.0%

  100-day Av. Volume (000' shares per day)                 33.3
                                                                              All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                        Shrs (mn)
                                         Volume           LCSW              EGX 30 rebased
 20.0                                                                                                                                          0.60
 19.0
                                                                                                                                               0.50
 18.0
 17.0
                                                                                                                                               0.40
 16.0
 15.0                                                                                                                                          0.30
 14.0
                                                                                                                                               0.20
 13.0
 12.0
                                                                                                                                               0.10
 11.0
 10.0                                                                                                                                          -
    Jun-10        Jul-10     Aug-10      Oct-10       Nov-10      Dec-10          Feb-11           Mar-11           Apr-11        May-11



Financial Summary
 EGPmn
 December                                    2006a       2007a        2008a            2009a                2010a            2011e         2012e

 Revenue                                      719         989         1,081            1,055            1,019                1,004         1,193
 Grow th Rate                                  n/a       37.5%         9.2%            -2.3%            -3.4%                -1.5%         18.9%


 EBITDA                                       170         222          254               273              274                  261          300
 Grow th Rate (%)                               n/a      30.5%        14.1%             7.8%             0.3%                -4.8%         15.0%
 EBITDA margin (%)                           23.7%       22.5%        23.5%            25.9%            26.9%                26.0%         25.1%

 Net Income                                     79        107           109              110                95                  90          119
 Grow th Rate (%)                               n/a      35.0%         1.7%             1.2%            -13.9%               -5.1%         32.0%
 Net margin (%)                              11.0%       10.8%        10.1%            10.4%              9.3%                9.0%         10.0%

 PER                                         11.4x         8.5x            8.3x            8.2x              9.5x            10.1x          7.6x
 P/BV                                         1.4x         1.3x            1.3x            1.1x              1.1x             1.0x          1.0x

 EV/EBITDA                                    7.6x         6.0x            5.6x            4.9x              5.4x             5.5x          4.1x
 Net debt/EBITDA                              2.3x         2.0x            2.0x            1.6x              2.1x             2.1x          1.1x

 EPS (EGP)                                     1.32        1.78         1.81                1.84             1.58              1.50          1.98
 Dividend Yield                               2.1%        2.1%         6.6%                6.6%             6.6%              6.6%          8.8%

  Source (all): CI Capital Research & Bloomberg




Page 36 of 202
                                                                         CI Capital Research | Handbook | 2-Jul-11



Ceramic & Porcelain
PRCL | Ceramics | Not Covered

Company Profile
The General Company for Ceramic and Porcelain Products [PRCL] (Sheeni), established in 1955 and a
member of Metallurgical Industries Co., is an Egypt-based producer of both ceramic and porcelain products.
The company’s products are divided into four main categories: Sanitary Ware, which produces complete toilet
sets, wash-basins, shower trays and accessories; Ceramic Tile, for both wall and floors; Tableware, both in fine
and hard porcelain; and finally Art Ware, which includes the production of vases. PRCL’s products are widely
exported throughout Eastern Europe, Africa and the Middle East. Approximately 10% of PRCL’s Tableware and
Art ware products are exported, while c. 50% and c.30% of all sanitary ware and tile production is exported,
respectively.


Recent Developments
 FY09/10 Financials: In September 2010, PRCL’s AGM approved the company’s year-end FY09/10 results
(ended June 2010), posting a 54.9%YoY increase in net profit to EGP14.1mn vs. 9.1mn in FY08/09.

 EGP7mn in losses following unrest: In a company update following the 18-day Egyptian revolution,
PRCL sent a statement to Egyptian Stock Exchange (EGX) on Feb 28th, 2011, stating that operating losses
had reached EGP 4.5mn due to production-level declines. The firm also stated it had incurred further losses of
EGP 2.5mn on the back of sales-level decline.

 Estimated budget for FY11/12 Approved: On May 3rd 2011, PRCL sent a release to EGX stating that the
company’s BoD had approved in its meeting— held on February 27th – an estimated budget for 2011/12 with
an expected net income of EGP 26.1mn

 9M11 Financials: In mid-May, PRCL reported its 9M11 results (ended March 2011), posting a 48%YoY
increase in net profit to EGP15.2mn, vs. 10.2mn in 9M10. On a quarterly basis, net profit increased 14.3% to
EGP 3.2mn vs. EGP2.8mn in 3Q10.

Share Ownership & Contact Information
Shareholder Structure                             %        Contact Inform ation

Metallurgical Industries Holding Company         57.4%     IR Contact:            Emad Faw zy
Free Float                                       34.6%     Address:               Al Ataba, Mostorod, Kaliobia, Egypt
Misr Insurance                                    7.2%
Others                                            0.9%     Telephone:             02 2252 4535 / 02 2252 4366
                                                           Fax:                   02 2250 2229

                                                           Website:               w w w .sheeni-egypt.com
                                                           Bloomberg | Reuters:   PRCL EY | PRCL.CA
Share Data & Performance
  ISIN                                            EGS3C111C019                                            MoM               3M         YoY         Ytd
  Bloomberg / Reuters                      PRCL EY / PRCL.CA
                                                                                    PRCL                  21.3%        81.8%        145.7%       66.2%
  Fiscal Year End                                            June

  Last Price (EGP)                                               7.91               EGX 30                 0.2%        -1.7%         -10.9%     -24.8%
  52 Week High                                                   8.65               EGX 70                -2.8%            9.5%      19.3%      -12.7%
  52 Week Low                                                    2.99               EGX 100               -2.1%            5.3%       7.1%      -16.6%

  No. of Shares (mn)                                         52.4                   MSCI EM               -0.2%        -2.4%         26.6%        0.5%
  Mkt Cap (EGPmn)                                           414.7                   MSCI World             1.4%            0.2%      29.6%        5.0%

  100-day Av. Volume (000' shares per day)                  927.3
                                                                                     All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                             Shrs (mn)
                                         Volume             PRCL                  EGX 30 rebased
 9.0                                                                                                                                                7.00

 8.0                                                                                                                                                6.00

 7.0                                                                                                                                                5.00

 6.0                                                                                                                                                4.00

 5.0                                                                                                                                                3.00

 4.0                                                                                                                                                2.00

 3.0                                                                                                                                                1.00

 2.0                                                                                                                                                -
   Jul-10         Aug-10    Sep-10       Oct-10         Dec-10          Jan-11          Feb-11           Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 June                                        2006a          2007a           2008a            2009a                2010a            2011e        2012e

 Revenue                                          34          39               52               68                   99             n/a           n/a
 Grow th Rate                                     n/a      13.2%            32.9%            32.5%                44.9%              n/a           n/a


 EBITDA                                        (6)             (9)              2                3                   12             n/a           n/a
 Grow th Rate (%)                              n/a          44.4%         -123.8%            56.1%                   n/m             n/a           n/a
 EBITDA margin (%)                         -18.2%          -23.2%            4.2%             4.9%                12.0%              n/a           n/a

 Net Income                                  (46)              3                6                9                   14             n/a           n/a
 Grow th Rate (%)                             n/a        -106.1%           124.4%            44.8%                53.6%              n/a           n/a
 Net margin (%)                          -135.0%            7.2%            12.2%            13.4%                14.2%              n/a           n/a

 PER                                            n/m           n/m            65.6x               45.3x            29.5x              n/m          n/m
 P/BV                                        -10.0x        -11.5x           -13.9x                3.6x             1.7x              n/a          n/a

 EV/EBITDA                                   -84.1x        -61.2x              n/m                 n/m            29.6x              n/a           n/a
 Net debt/EBITDA                             -17.7x        -15.2x            53.1x                6.0x            -5.4x              n/a           n/a

 EPS (EGP)                                        n/m        0.05                0.12             0.17             0.27              n/a           n/a
 Dividend Yield                                   n/a         n/a                 n/a              n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 38 of 202
                       PAINTS
CHEMICALS AND PAINTS   CHEMICALS AND
                                                                        CI Capital Research | Handbook | 2-Jul-11



Misr Chemicals Company
MICH | Chemicals & Paints | Not Covered

Company Profile
Established in 1959, Misr Chemicals Company [MICH] is a leading local producer of chemicals with a
dominant 40% share in the Egyptian chemicals market. The company’s principal products are Liquid Caustic
Soda and Flakes, and Chlorine gas and its derivates (Liquid chlorine, Hydrochloric acid and sodium hypo-
chloride). Caustic soda (liquid and flakes) and Chlorine gas account for the bulk of the company’s revenues
with respective shares of 56% and 42%. The company’s primary clients include water companies in the grand
share of Egypt’s governorates, soap and detergent companies, as well as sugar and pharmaceutical
companies. The company is located in El-Max District, Alexandria, and is a subsidiary of Chemical Industries
Holding Company.


Recent Developments
 Capital Increase: On July 22nd, 2010, MICH announced that the Financial Supervisory Authority (FSA) had
approved the firm’s capital increase request to raise total issued capital from EGP128mn to EGP200mn-
representing an EGP72m raise through the issuance of 18mn new shares. MICH called for existing
shareholders to subscribe in the increase announcing the shares nominal value would stand at EGP4/share in
addition to EGP0.05/share issuance fees. MICH shareholders as of 11/08/2010 were entitled to subscribe in
their quota in capital before the increase and subscription opened on 15th August 2010 till 19th September
2010. On 12 Oct 2010, MICH announced that the subscription has been covered by 191.05 times with
allocation ratio of 0.0052%.

 FY09/10 Results: In September 2010, PACH’s AGM approved both the company’s year-end FY09/10 results
(ended June 2010), posting a 24.7%YoY decline in net profit to EGP43.1mn vs. EGP54.7mn in FY08/09.

 9M11 Results, potential new markets: On May 15th, MICH reported its 9M11 results (ended March 2011),
posting a 4.4% YoY increase in net profit to EGP37.9mn vs. 36.3 in 9M10. On a quarterly basis, net profit
declined 61.2% to EGP 6.1mn vs. EGP15.7mn in 3Q10. Following the release, management officials indicated
MICH is looking to enter new markets in Algeria and Sudan, though current plans for further capacity expansion
will likely be put on hold and MICH is not expected to take on any new long-term debt.


Share Ownership & Contact Information
Shareholder Structure                            %        Contact Inform ation

Chemical Industries Holding Company             53.1%     IR Contact:            Etmad Anw ar Mohamed
Free Float                                      30.4%     Address:               Al-Max, Alexandria, Egypt
Banque Misr                                     15.7%                            P.O.Box 21535
Others                                           0.8%     Telephone:             03 2208 644 / 03 2208 428
                                                          Fax:                   03 4406 661

                                                          Website:               w w w .mci-egypt.com
                                                          Bloomberg | Reuters:   MICH EY | MICH.CA
Share Data & Performance
  ISIN                                            EGS38211C016                                         MoM               3M         YoY         Ytd
  Bloomberg / Reuters                        MICH EY / MICH.CA
                                                                                  MICH                  4.8%       10.8%           -2.7%      -9.3%
  Fiscal Year End                                          June

  Last Price (EGP)                                             7.00               EGX 30                0.2%       -1.7%          -10.9%     -24.8%
  52 Week High                                                 8.57               EGX 70               -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                                  4.96               EGX 100              -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                       32.0                   MSCI EM              -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                         224.0                   MSCI World            1.4%           0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                273.9
                                                                                   All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                          Shrs (mn)
                                         Volume            MICH                 EGX 30 rebased
 9.5                                                                                                                                             2.50
 9.0
 8.5                                                                                                                                             2.00
 8.0
 7.5                                                                                                                                             1.50
 7.0
 6.5                                                                                                                                             1.00
 6.0
 5.5                                                                                                                                             0.50
 5.0
 4.5                                                                                                                                             -
   Jul-10         Aug-10    Sep-10       Oct-10       Dec-10          Jan-11          Feb-11          Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 June                                        2006a        2007a           2008a            2009a               2010a            2011e        2012e

 Revenue                                      141           106            124               167              143                n/a           n/a
 Grow th Rate                                  n/a       -25.1%           17.8%            34.4%           -14.3%                 n/a           n/a


 EBITDA                                         52           27              39               78               64                n/a           n/a
 Grow th Rate (%)                               n/a      -47.1%           41.1%           100.7%           -18.1%                 n/a           n/a
 EBITDA margin (%)                           36.7%        25.9%           31.1%            46.4%            44.4%                 n/a           n/a

 Net Income                                     24          40               25               57               43                n/a           n/a
 Grow th Rate (%)                               n/a      69.9%           -36.6%           126.6%           -24.8%                 n/a           n/a
 Net margin (%)                              16.7%       37.8%            20.4%            34.4%            30.1%                 n/a           n/a

 PER                                          9.5x         5.6x                8.8x            3.9x             5.2x              n/m          n/m
 P/BV                                         1.5x         1.6x                1.5x            1.3x             1.1x              n/a          n/a

 EV/EBITDA                                   10.9x        20.4x            12.4x               5.3x             5.6x              n/a           n/a
 Net debt/EBITDA                              6.5x        12.2x             6.6x               2.4x             2.1x              n/a           n/a

 EPS (EGP)                                    0.73         1.25                0.79            1.79             1.35              n/a           n/a
 Dividend Yield                                n/a          n/a                 n/a             n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 40 of 202
                                                                          CI Capital Research | Handbook | 2-Jul-11



Paints & Chemical Industries
PACH | Chemicals & Paints | Not Covered

Company Profile
Paints and Chemical Industries (PACHIN) [PACH] was established in 1958, and in 1962 and 1963, the
Ammonia & Chemical Co., the Hinshold Paints & Oil Co. and Bahari Paints Co. were all merged within it.
Today, the company is Egypt’s largest paint producer, with a diversified product portfolio of architectural and
industrial paints, capturing a 42% market share. It is also the sole local printer-ink producer with a market share
of 10%. PACH’s products are divided into four categories- namely industrial resins, industrial paints, decorative
paints and printing inks. It distributes its decorative paints under such brand names as Saniton, Syntal, Dyroton,
Flott and Mattat. The Company’s primary manufacturing plant is located in Al Obour City, with a secondary
manufacturing facility located in Libya and set up as a 50/50 joint venture (JV) with a Libyan investor.


Recent Developments
 FY09/10 Financials: In September 2010, PACH’s AGM approved both the company’s year-end FY09/10
results (ended June 2010), posting a 69.9%YoY surge in net profit to EGP154.6mn, vs. EGP91.0mn in
FY08/09.

 Libya operations suspended: Within their 9M11 financials release, PACH announced that all operations in
Libya had been suspended since February 20th 2011 following unrest in the country, and will resume activities
upon the return of relative stability. PACH’s Libyan JV, which began operations in September 2010, cost c.
EGP7mn and has a total paints capacity of 5,000 tonnes/annum (tpa) (half of which is for PACH, equivalent to
c.6% of its architectural paints capacity in Egypt). Thus, while PACH top and bottom-line will undoubtedly be
affected over the medium-term, we expect the overall impact to be limited. Over the long term, consensus
estimates project Libya to contribute c.2% to PACH architectural paints sales (c.1% of overall sales).

 9M11 (ended March 2011) Financials: On May 15th, PACH reported its 9M11 results posting a 4.4% YoY
increase in net profit to EGP109mn, vs. 114 in 9M10. On a quarterly basis, net profit declined 45.6% to EGP
15.5mn, vs. EGP28.5mn in 3Q10.


Share Ownership & Contact Information
Shareholder Structure                              %        Contact Inform ation

Free Float                                        46.7%     IR Contact:            Mohamed Ibrahim
Holding Comapny for Chemical Industries           39.5%     Address:               Al-Massanie St., P.O.Box 11887, Al-
Misr Bank                                         10.9%                            Amiriya, Cairo
Misr Insurance                                     2.9%     Telephone:             02 2282 1036 / 02 2826 731
                                                            Fax:                   02 2284 4473

                                                            Website:               w w w .pachin.net
                                                            Bloomberg | Reuters:   PACH EY | PACH.CA
Share Data & Performance
  ISIN                                            EGS38311C014                                      MoM               3M         YoY         Ytd
  Bloomberg / Reuters                     PACH EY / PACH.CA
                                                                              PACH                  -1.5%           -6.6%      -20.8%     -28.9%
  Fiscal Year End                                          June

  Last Price (EGP)                                        38.42               EGX 30                0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                            58.00               EGX 70                -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                             33.92               EGX 100               -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                       20.0               MSCI EM               -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                        768.4                MSCI World            1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                 20.6
                                                                               All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                       Shrs (mn)
                                         Volume           PACH              EGX 30 rebased
 65.0                                                                                                                                         0.35

 60.0                                                                                                                                         0.30

 55.0                                                                                                                                         0.25

 50.0                                                                                                                                         0.20

 45.0                                                                                                                                         0.15

 40.0                                                                                                                                         0.10

 35.0                                                                                                                                         0.05

 30.0                                                                                                                                         -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10      Jan-11          Feb-11           Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 June                                        2006a       2007a        2008a            2009a                2010a            2011e        2012e

 Revenue                                      477          522         598                  643              704              n/a           n/a
 Grow th Rate                                  n/a        9.5%        14.6%                7.4%             9.5%               n/a           n/a


 EBITDA                                         89          97         107                93              155                 n/a           n/a
 Grow th Rate (%)                               n/a       9.0%        10.1%           -13.5%            67.1%                  n/a           n/a
 EBITDA margin (%)                           18.7%       18.6%        17.9%            14.4%            22.0%                  n/a           n/a

 Net Income                                     81        101           108               91              155                 n/a           n/a
 Grow th Rate (%)                               n/a      24.0%         7.0%           -15.6%            69.9%                  n/a           n/a
 Net margin (%)                              17.1%       19.3%        18.0%            14.2%            22.0%                  n/a           n/a

 PER                                          9.4x         7.6x            7.1x            8.4x              5.0x              n/m          n/m
 P/BV                                         1.7x         1.6x            1.5x            1.5x              1.3x              n/a          n/a

 EV/EBITDA                                     8.0x        7.1x         7.0x                7.8x             4.8x              n/a           n/a
 Net debt/EBITDA                              -0.6x       -0.8x        -0.2x               -0.5x            -0.2x              n/a           n/a

 EPS (EGP)                                    4.07         5.04            5.40            4.55              7.73              n/a           n/a
 Dividend Yield                                n/a          n/a             n/a             n/a               n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 42 of 202
CONSUMER GOODS
                 GOODS
                 CONSUMER
                                                                         CI Capital Research | Handbook | 2-Jul-11



Al-Arafa for Investments & Consultancies
AIVC | Consumer Goods | Covered
Ingy Eldiwany | Ingy.Eldiwany@cich.com.eg

Company Profile
Al-Arafa for Investments & Consultancies [AIVC] was established in 2006 as a vertically integrated, textile
and garment manufacturer, exporter and retailer. The Group currently has three market-based sectors: (i) the
casual-wear market, with production planned to be carried out in Beni Suef, and targeting big US retailers such
as JC Penney, Macy’s and GAP, (ii) the formal wear market, accounting for a large portion of AIVC’s production
supplies its British retail arm, BMB, which holds a 12% market share in the UK formal suits market, and (iii) the
luxury market, with AIVC producing high quality suits for Concrete and eventually manufacturing for other
luxury brands. Furthermore, AIVC has exposure to the high-end local market through its 45 Concrete retail
stores. The company’s international revenue stream comprised almost 89% of AIVC’s revenues in 2010/11.
Exports are mainly directed to customers in the USA and Europe, particularly the UK. Customers include chain
retailers and department stores such as Marks & Spencer, GAP and TARGET, as well as international fashion
brands such as Valentino, Jaeger and Haggar.

Recent Developments
 Divestment of loss-making foreign subsidiaries: In early 2010, Al-Arafa managed to reshape its financial
performance following the divestment of its foreign-based subsidiaries (SRG and Melka) and their associated
high running costs.

 BoD approves restructuring: In its January 2011 BoD meeting, in order to account for a varied client base,
Al-Arafa approved a restructuring process, whereby AIVC subsidiaries are organized according to market-
based segments versus the previous structure of operational segmentation (Retail, Apparel & Tailoring and the
Textiles segment). The new structure aims to enable better economies of scale where each segment targets a
specific income-class, to be divided into a casual-wear, a formal wear and a luxury wear segment.

 Mild damage from unrest: All of AIVC’s manufacturing facilities remained operational during the uprising,
with an average of 50% utilization rates. Only a one week delay of shipment was observed- as a result of the
logistics interruptions - and four Concrete retail stores were damaged (8% of Concrete sales).

 Dividends approved: In its AGM meeting held on May 25, 2011, Al-Arafa approved a DPS of
USD0.02/share, implying a dividend yield of 3.3%, and a 20% stock dividend.

 New company: Al Arafa is setting up a new shirt-making company, Crystal for Shirts Manufacturing, in
which AIVC will hold a 60% stake.


Share Ownership & Contact Information
Shareholder Structure                             %        Contact Inform ation

Free Float                                        25.6%    IR Contact:            Mohamed Talaat Khalifa
Alaa Arafa                                        25.3%    Address:               Al Arafa Building, St. 15, Nasr City Public
Sammaa Ragab                                      16.5%                           Free Zone, Cairo, Egypt
Shereen Arafa                                     14.2%    Telephone:             02 2273 1093 / 02 2273 1095
Ashraf Arafa                                      11.9%    Fax:                   02 2275 5464
Postal Savings Fund                                4.2%
Export Development Bank                            2.4%    Website:               w w w .arafaholding.com
                                                           Bloomberg | Reuters:   AIVC EY | AIVC.CA
Share Data & Performance
  ISIN                                            EGS672I2C014                                     MoM               3M          YoY         Ytd
  Bloomberg / Reuters                        AIVC EY / AIVC.CA
                                                                              AIVC                 -1.4%       13.1%           22.4%       -5.5%
  Fiscal Year End                                       January

  Last Price (USD)                                         0.69               EGX 30               0.2%        -1.7%          -10.9%      -24.8%
  52 Week High                                             0.74               EGX 70               -2.8%           9.5%        19.3%      -12.7%
  52 Week Low                                              0.49               EGX 100              -2.1%           5.3%         7.1%      -16.6%

  No. of Shares (mn)                                     261.3                MSCI EM              -0.2%       -2.4%           26.6%        0.5%
  Mkt Cap (USDmn)                                        180.3                MSCI World           1.4%            0.2%        29.6%        5.0%

  100-day Av. Volume (000' shares per day)                 94.8
                                                                              All prices as at 30th June 2011.


52-Week Graph
USD                                                                                                                                       Shrs (mn)
                                         Volume           AIVC             EGX 30 rebased
 0.75                                                                                                                                         2.00
 0.70                                                                                                                                         1.80
                                                                                                                                              1.60
 0.65
                                                                                                                                              1.40
 0.60                                                                                                                                         1.20
 0.55                                                                                                                                         1.00
 0.50                                                                                                                                         0.80
                                                                                                                                              0.60
 0.45
                                                                                                                                              0.40
 0.40                                                                                                                                         0.20
 0.35                                                                                                                                         -
    Jul-10        Aug-10     Sep-10      Oct-10       Dec-10      Jan-11          Feb-11          Mar-11           May-11        Jun-11



Financial Summary
 USDmn
 January                                     2006a       2007a        2008a            2009a               2010a            2011e         2012e

 Revenue                                      275          292          304              389              332                283           328
 Grow th Rate                                  n/a        6.2%         3.9%            28.0%           -14.5%             -14.8%          15.9%


 EBITDA                                         27          36           33               31                3                  18            35
 Grow th Rate (%)                               n/a      30.5%        -7.7%            -4.8%           -91.7%                  n/m        98.9%
 EBITDA margin (%)                           10.0%       12.2%        10.9%             8.1%             0.8%                6.2%         10.7%

 Net Income                                     19          24           30               27               11                 23             28
 Grow th Rate (%)                               n/a      28.5%        23.8%           -11.5%           -56.8%             101.3%          19.9%
 Net margin (%)                               6.8%        8.3%         9.9%             6.8%             3.5%               8.2%           8.4%

 PER                                          9.6x         7.4x            6.0x            6.8x            15.7x             7.8x          6.5x
 P/BV                                         5.7x         1.2x            1.0x            1.0x             0.9x             0.8x          0.7x

 EV/EBITDA                                    8.9x         4.8x            7.1x            9.4x              n/m            19.8x          7.7x
 Net debt/EBITDA                              2.3x        -0.2x            1.7x            3.7x            49.7x             9.5x          2.6x

 EPS (USD)                                    0.07         0.09         0.11               0.10             0.04              0.09          0.11
 Dividend Yield                                n/a          n/a        4.0%                 n/a              n/a             2.9%          4.1%

  Source (all): CI Capital Research & Bloomberg




Page 44 of 202
                                                                         CI Capital Research | Handbook | 2-Jul-11



Eastern Company
EAST | Consumer Goods | Covered
Ingy Eldiwany | Ingy.Eldiwany@cich.com.eg

Company Profile
Eastern Company (EC) [EAST] is a state monopoly tobacco producer with a 72% local market share for its
own branded portfolio (as of December 2010). This balance is also supported through EC's toll manufacturing
for foreign producers like Philip Morris (PM), British American Tobacco (BAT) and International Tobacco
and Cigarette Company (ITCC) of Jordan. EC operates 20 factories in Giza, Talbeya, Alexandria, Monouf,
Tanta, and Assuit. Currently, EC is establishing a new integrated industrial complex in Sixth of October City
over an area of 357 acres, at total estimated investment cost of EGP5.5bn.
Imported tobacco leaf, EC’s major raw material, represents about 60% of EC's total cost. Forbidden by law from
growing tobacco in Egypt, EC imports all its tobacco needs from COMESA, China, India, Europe and Brazil.

Recent Developments
 Joint venture with Crown Tobacco: On July 13th, 2010, Jordanian Crown Tobacco inaugurated a new
tobacco plant in partnership with EAST. The new plant’s total investment cost is JOD10mn (equivalent to
USD14mn). According to the agreement, EAST will supply the Jordanian company with raw materials and
technical support, and in return Crown Tobacco Company will produce, market and distribute products
carrying Eastern Company's trademark. Products will be offered in the Jordanian market next month, and a
portion of production will be exported to the US, Europe, Asia and Africa.

 Salary and transportation cost increases: EAST’s BoD has approved a 15% salary increase (in addition to
other promotional increases) to approximately 14,000 workers starting April 1. A company official estimates that
this could increase costs by an average of EGP80mn annually. Moreover, the company is expected to incur
higher transportation costs, estimated at EGP20-25mn, once the relocation to the new industrial complex takes
place.

 Toll manufacturing fees raised: In the AGM dated May 5, 2011, EAST’s chairman revealed that the
company had agreed with Philip Morris (PM) and British American Tobacco (BAT) to raise toll
manufacturing fees, up from the current average of USD5.5/1000 cigarettes, in return for the use of EAST’s
production lines. The chairman added that the new fees – yet to be officially announced – will be considered
the highest toll manufacturing fees charged by regional tobacco companies for international players.


Share Ownership & Contact Information
Shareholder Structure                             %        Contact Inform ation

Holding Co. for Chemical Industries              55.0%     IR Contact:            Abd El Rahman Issa
Free Float                                       32.4%     Address:               450 Ahram St., Giza, Egypt
Lazard EM Equity Portfolio                        7.2%
Employee Shareholders' Association                5.4%     Telephone:             02 3572 4711 / 02 3572 4945
                                                           Fax:                   02 3568 7434

                                                           Website:               w w w .easternegypt.com
                                                           Bloomberg | Reuters:   EAST EY | EAST.CA
Share Data & Performance
 ISIN                                            EGS37091C013                                    MoM               3M         YoY         Ytd
 Bloomberg / Reuters                      EAST EY / EAST.CA
                                                                             EAST                0.1%            -0.3%      -15.2%     -12.4%
 Fiscal Year End                                          June

 Last Price (EGP)                                       105.10               EGX 30              0.2%        -1.7%          -10.9%     -24.8%
 52 Week High                                           134.80               EGX 70             -2.8%            9.5%       19.3%      -12.7%
 52 Week Low                                              89.30              EGX 100            -2.1%            5.3%        7.1%      -16.6%

 No. of Shares (mn)                                       50.0               MSCI EM            -0.2%        -2.4%          26.6%        0.5%
 Mkt Cap (EGPmn)                                       5,255.0               MSCI World          1.4%            0.2%       29.6%        5.0%

 100-day Av. Volume (000' shares per day)                 22.5
                                                                              All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                    Shrs (mn)
                                        Volume            EAST             EGX 30 rebased
 155.0                                                                                                                                     0.30

 145.0                                                                                                                                     0.25
 135.0
                                                                                                                                           0.20
 125.0
                                                                                                                                           0.15
 115.0
                                                                                                                                           0.10
 105.0

 95.0                                                                                                                                      0.05

 85.0                                                                                                                                      -
      Jul-10       Aug-10   Sep-10       Oct-10       Dec-10      Jan-11        Feb-11          Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 June                                       2006a        2007a        2008a           2009a          2010a                2011e        2012e

 Revenue                                    3,513       3,641        3,819            3,967          4,274                4,138        4,521
 Grow th Rate                                  n/a       3.6%         4.9%             3.9%           7.7%                -3.2%         9.3%


 EBITDA                                      884        1,130        1,130            1,253            985                1,000        1,118
 Grow th Rate (%)                              n/a      27.8%         0.1%            10.8%         -21.3%                 1.5%        11.8%
 EBITDA margin (%)                          25.1%       31.0%        29.6%            31.6%          23.0%                24.2%        24.7%

 Net Income                                  508         696           751              830            850                  682         689
 Grow th Rate (%)                              n/a      37.0%         8.0%            10.5%           2.4%               -19.8%         1.0%
 Net margin (%)                             14.5%       19.1%        19.7%            20.9%          19.9%                16.5%        15.2%

 PER                                        10.3x         7.6x         7.0x              6.3x             6.2x             7.7x         7.6x
 P/BV                                        3.3x         2.7x         2.0x              1.7x             1.4x             1.3x         1.2x

 EV/EBITDA                                    5.5x         4.3x        4.9x              4.4x             6.4x             6.3x         5.2x
 Net debt/EBITDA                             -0.5x        -0.3x        0.3x              0.2x             1.1x             1.0x         0.5x

 EPS (EGP)                                  10.16        13.92        15.03            16.61             17.01            13.64        13.78
 Dividend Yield                             4.8%         5.7%         6.7%             4.3%              5.2%             4.5%         5.0%

 Source (all): CI Capital Research & Bloomberg




Page 46 of 202
                                                                         CI Capital Research | Handbook | 2-Jul-11



El Nasr for Clothing
KABO | Consumer Goods | Not Covered

Company Profile
El-Nasr Clothes and Textile Company [KABO], 47.5%-owned by ACGC, was established in 1940. KABO is
engaged in manufacturing of cotton-based under and outer garments. Its range of products includes training
suits, sweat shirts, polo shirts, T-shirts, pajamas, and undergarments for men, women and children, sold under
the brands of Jill, Super Kabo and Kabo. Of these, KABO holds the exclusive rights to operate & sell Jill brand,
the largest distributed undergarment brand in Egypt, the Middle East and Africa. The company also supplies
major international clients such as Calvin Klein, Marks & Spencer, and Macy’s, and exports its products to
Europe, the Middle East, and North America. KABO's subsidiaries include Alexandria Spinning and Weaving
Company (Spinalex) and Wave Trading and Agencies Company.


Recent Developments
 Unrest losses: KABO estimated that its losses during the January 25 revolution reached EGP5mn. This
mainly resulted from ceasing operations for 10 days and increasing wages by responding to workers’ protests.

 1H10/11 Results: In its 1H10/11 financials, KABO reported lower net losses of EGP0.4mn, compared to
EGP2.6mn in losses in 1H09/10.

Share Ownership & Contact Information
Shareholder Structure                             %        Contact Inform ation

Amw al Elarabeya for Cotton                      39.6%     IR Contact:            Hany Salama
Free Float                                       37.3%     Address:               407 Canal Mahmoudiah St., Hadra,
Misr Insurance                                   10.2%                            Alexandria, Egypt
Egypt for Cotton Ginning                          7.9%     Telephone:             03 4286 585/6 /3
Textiles Holding Company                          4.6%     Fax:                   03 4282 132
Others                                            0.3%
                                                           Website:               w w w .kabo.com.eg
                                                           Bloomberg | Reuters:   KABO EY | KABO.CA
Share Data & Performance
  ISIN                                            EGS33061C010                                           MoM               3M        YoY        Ytd
  Bloomberg / Reuters                     KABO EY / KABO.CA
                                                                                KABO                      5.7%            4.5%     -11.4%    -18.4%
  Fiscal Year End                                             June

  Last Price (EGP)                                            0.93              EGX 30                   0.2%         -1.7%        -10.9%    -24.8%
  52 Week High                                                1.37              EGX 70                   -2.8%            9.5%     19.3%     -12.7%
  52 Week Low                                                 0.70              EGX 100                  -2.1%            5.3%      7.1%     -16.6%

  No. of Shares (mn)                                     338.6                  MSCI EM                  -0.2%        -2.4%        26.6%       0.5%
  Mkt Cap (EGPmn)                                        314.9                  MSCI World               1.4%             0.2%     29.6%       5.0%

  100-day Av. Volume (000' shares per day)              1,609.9
                                                                                 All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                          Shrs (mn)
                                         Volume           KABO                EGX 30 rebased
 1.4                                                                                                                                            14.00
 1.3                                                                                                                                            12.00
 1.2
                                                                                                                                                10.00
 1.1
                                                                                                                                                8.00
 1.0
                                                                                                                                                6.00
 0.9
                                                                                                                                                4.00
 0.8
 0.7                                                                                                                                            2.00

 0.6                                                                                                                                            -
   Jul-10         Aug-10    Sep-10      Oct-10       Dec-10          Jan-11          Feb-11            Mar-11        May-11         Jun-11



Financial Summary
 EGPmn
 June                                        2006a       2007a            2008a               2009a             2010a            2011e       2012e

 Revenue                                     (217)        (257)               n/a             (276)             (297)             n/a          n/a
 Grow th Rate                                  n/a       18.5%                 n/a              n/a             7.8%               n/a          n/a


 EBITDA                                        56           42                n/a               (12)            16                n/a          n/a
 Grow th Rate (%)                              n/a      -24.4%                 n/a               n/a       -239.5%                 n/a          n/a
 EBITDA margin (%)                         -25.7%       -16.4%                 n/a             4.2%          -5.4%                 n/a          n/a

 Net Income                                    25           16                n/a                 1                 (6)           n/a          n/a
 Grow th Rate (%)                              n/a      -38.2%                 n/a               n/a               n/m             n/a          n/a
 Net margin (%)                            -11.6%        -6.1%                 n/a            -0.2%              2.1%              n/a          n/a

 PER                                         12.5x        20.2x               n/m               n/m               n/m              n/m         n/m
 P/BV                                         0.6x         0.6x               n/a              0.6x              0.6x              n/a         n/a

 EV/EBITDA                                    6.8x            8.1x            n/a             -31.3x            30.7x              n/a          n/a
 Net debt/EBITDA                              1.1x            0.7x            n/a              -4.0x            11.1x              n/a          n/a

 EPS (EGP)                                    0.07            0.05            n/a              0.00               n/m              n/a          n/a
 Dividend Yield                                n/a             n/a            n/a               n/a               n/a              n/a          n/a

  Source (all): CI Capital Research & Bloomberg




Page 48 of 202
                                                                           CI Capital Research | Handbook | 2-Jul-11



Olympic Group
OLGR | Consumer Goods | Covered
Ingy Eldiwany | Ingy.Eldiwany@cich.com.eg

Company Profile
Although established as a holding company in 1995, Olympic Group’s [OLGR] origins date back to the 1930s,
when founder Abdallah Sallam started a manufacturing and trading operation selling radios, small appliances
and producing electric transformers. Following the acquisition of 79% of Ideal in late 1997, OLGR has
maintained a leading position in Egypt’s white goods market, in no small part due to its diverse portfolio, which
targets several different income groups. OLGR procures around 50% of the components it uses in
manufacturing locally – either from its subsidiaries or through local suppliers. Similarly, it satisfies its steel
needs half with locally-produced steel and half with imports.
Prior to the announcement of Electrolux’s acquisition of an up-to-100% stake in OLGR, the latter had originally
planned to begin exporting automatic washing machines to Electrolux markets starting 2Q11. However, it is
currently unclear whether Electrolux will follow this plan after the deal takes place. Exports contributed 9% to
OLGR’s core operations revenues in FY10. In early September 2008, OLGR spun-off Namaa and B.Tech by
distributing 0.5 shares Namaa shares and 0.4 B.Tech shares to each OLGR shareholder. In August 2009,
OLGR acquired Cairo Feeding Industries (CFI) by swapping its 2.47mn treasury shares with CFI shares. CFI
supplies OLGR with the heaters and the thermometers necessary for certain products.


Recent Developments
 Electrolux acquisition of OLGR: In October 2010, Electrolux (ELUXB), announced its intention to acquire
an up-to-100% stake in OG for EGP45.30/share. Upon completion of the transaction, Paradise Capital will
acquire up-to-100% stakes in Namaa and B.Tech at a preliminary price of EGP13.88/share for Namaa and
EGP3.44/share for B.Tech. Talks over the acquisition deal with Electrolux have resumed following a pause in
the proceedings during the uprising. Electrolux spokesman, Erik Zsiga, said the situation in Egypt has begun to
stabilize again, making it possible for the sale to move forward. "We are positive towards continuing the
acquisition," Zsiga told Dow Jones Newswires. Electrolux previously announced the acquisition was due to be
completed in 2Q11.

 Expansion plans put on hold: In light of prevailing economic instability, OLGR has put on hold its
expansion plans that were due to take place in 2011.


Share Ownership & Contact Information
Shareholder Structure                              %        Contact Information

Paradise Capital                                   52.0%    IR Contact:             Samar El Refai
Free Float                                         44.5%    Address:                Ramses St. Extension, Nasr City, Cairo,
Public Sector                                       3.5%                            Egypt
                                                            Telephone:              02 2488 0880 ext. 1415
                                                            Fax:                    02 2488 0886

                                                            Website:                www.olympicgroup.com
                                                            Bloomberg | Reuters:    OLGR EY | OLGR.CA
Share Data & Performance
  ISIN                                            EGS69031C010                                    MoM               3M          YoY         Ytd
  Bloomberg / Reuters                     OLGR EY / OLGR.CA
                                                                             OLGR                 -1.6%           4.7%        38.9%      -13.3%
  Fiscal Year End                                     December

  Last Price (EGP)                                        35.70              EGX 30               0.2%        -1.7%          -10.9%      -24.8%
  52 Week High                                            42.90              EGX 70               -2.8%           9.5%        19.3%      -12.7%
  52 Week Low                                             23.54              EGX 100              -2.1%           5.3%         7.1%      -16.6%

  No. of Shares (mn)                                       60.1              MSCI EM              -0.2%       -2.4%           26.6%        0.5%
  Mkt Cap (EGPmn)                                       2,144.7              MSCI World           1.4%            0.2%        29.6%        5.0%

  100-day Av. Volume (000' shares per day)                 76.6
                                                                             All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                      Shrs (mn)
                                         Volume           OLGR             EGX 30 rebased
 45.0                                                                                                                                        1.00
                                                                                                                                             0.90
 40.0
                                                                                                                                             0.80
                                                                                                                                             0.70
 35.0
                                                                                                                                             0.60
 30.0                                                                                                                                        0.50
                                                                                                                                             0.40
 25.0
                                                                                                                                             0.30
                                                                                                                                             0.20
 20.0
                                                                                                                                             0.10
 15.0                                                                                                                                        -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10      Jan-11        Feb-11           Mar-11           May-11        Jun-11



Financial Summary
 EGPmn
 December                                    2006a       2007a        2008a           2009a               2010a            2011e         2012e

 Revenue                                     2,183       2,296        2,707           2,629           2,879                2,659         2,907
 Grow th Rate                                   n/a       5.2%        17.9%           -2.9%            9.5%                -7.6%          9.3%


 EBITDA                                       298          324          271             285                 268              243          281
 Grow th Rate (%)                               n/a       8.8%       -16.5%            5.5%               -6.0%            -9.3%         15.4%
 EBITDA margin (%)                           13.6%       14.1%        10.0%           10.9%                9.3%             9.1%          9.7%

 Net Income                                   213         243           184            156               128                 136          145
 Grow th Rate (%)                               n/a      14.1%       -24.4%         -15.0%            -18.1%                6.1%          6.9%
 Net margin (%)                               9.8%       10.6%         6.8%           5.9%              4.4%                5.1%          5.0%

 PER                                         10.1x         8.8x        11.7x           13.7x              16.8x            15.8x         14.8x
 P/BV                                         2.4x         1.9x         2.5x            2.3x               2.2x             2.1x          2.0x

 EV/EBITDA                                    7.9x         7.6x        10.1x             9.7x             11.4x            11.4x          9.8x
 Net debt/EBITDA                              0.7x         1.0x         2.1x             2.2x              3.4x             2.6x          2.2x

 EPS (EGP)                                     3.54        4.04         3.06              2.60             2.13              2.26          2.41
 Dividend Yield                               2.8%        4.2%         2.1%              3.5%             2.8%              3.0%          3.2%

  Source (all): CI Capital Research & Bloomberg




Page 50 of 202
                                                                         CI Capital Research | Handbook | 2-Jul-11



Oriental Weavers Carpets
ORWE | Consumer Goods | Covered
Ingy Eldiwany | Ingy.Eldiwany@cich.com.eg

Company Profile
Oriental Weavers Carpets [ORWE] is the leading Egyptian carpet manufacturer, with a local market share of
85%. The company also has a strong position within the global market, with its US market share reaching 25%.
One of ORWE’s subsidiaries, MAC, captures about a third of the world’s jet printed rug market. Exports
contributed around 60% of ORWE's top line in FY10, with sales to the US and Europe constituting almost 51%
to total sales.
ORWE adopts the vertical integration method in its manufacturing process, processing its own polypropylene
fibre, converting it into yarn, and manufacturing and distributing the finished product. OPC, a 12% owned
subsidiary, supplies 80-90% of ORWE's requirement of polypropylene granules. Total fibre requirements are
supplied through its subsidiaries OWF and EFCO. Carpets and rugs production processes are carried out
through its main subsidiaries, namely Oriental Weavers Carpets (OWC), Oriental Weavers International
(OWI), MAC, and OW China.


Recent Developments
 Hannover exhibition: Confirmed orders received during Hannover exhibition (held in January 2011) grew
compared to 2010. Sales generated from the Hannover exhibition represented around 20% of ORWE's export
sales in FY10.

 Local unrest- production disruptions: Following the Egyptian uprising, ORWE halted all of its Egypt-based
production facilities for 12 days. However, with ORWE’s production facilities in the USA and China having the
same specifications as those in Egypt, export orders to the US and Europe were shifted to those foreign-based
facilities. Export shipments from Egypt ceased temporarily, but have since returned to normal, with 15
containers being shipped when the harbours resumed their operations. Production resumed on February 7,
operating at full capacities. Given the general wave of worker protests in Egypt, ORWE increased wages by
15% starting March, in addition to the annual increase implemented in January.

 MENA unrest- polypropylene prices driven higher: Continuing unrest in Libya and throughout the MENA
region has led to higher crude oil prices and in turn driven polypropylene prices higher. ORWE’s Chairman, Mr.
Farid Khamis, was quoted that local man-made fibre plants were at risk of halting operations, as these factories
rely on raw materials imported from Libya and Japan. ORWE currently holds an average polypropylene
inventory sufficient for two months production.

Share Ownership & Contact Information
Shareholder Structure                             %        Contact Inform ation

Moh.Farid Khamis & Family                        59.7%     IR Contact:            Haitham Abd El Moneim
Free Float                                       30.2%     Address:               8 Al-Shaheed Zakaria Khalil St., Oriental
Fitaihi Holding Group Co.                         5.6%                            Weavers Complex, Heliopolis, Cairo
Misr Insurance                                    4.6%     Telephone:             02 2268 5166
                                                           Fax:                   02 2268 8447

                                                           Website:               w w w .orientalw eavers.com
                                                           Bloomberg | Reuters:   ORWE EY | ORWE.CA
Share Data & Performance
  ISIN                                            EGS33041C012                                      MoM               3M          YoY         Ytd
  Bloomberg / Reuters                    ORWE EY / ORWE.CA
                                                                              ORWE                  -7.5%           -6.4%       -3.4%      -13.5%
  Fiscal Year End                                     December

  Last Price (EGP)                                        29.49               EGX 30                0.2%        -1.7%          -10.9%      -24.8%
  52 Week High                                            36.60               EGX 70                -2.8%           9.5%        19.3%      -12.7%
  52 Week Low                                             25.70               EGX 100               -2.1%           5.3%         7.1%      -16.6%

  No. of Shares (mn)                                       90.0               MSCI EM               -0.2%       -2.4%           26.6%        0.5%
  Mkt Cap (EGPmn)                                       2,654.1               MSCI World            1.4%            0.2%        29.6%        5.0%

  100-day Av. Volume (000' shares per day)               121.3
                                                                              All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                        Shrs (mn)
                                         Volume           ORWE              EGX 30 rebased
 40.0                                                                                                                                          5.00
 38.0                                                                                                                                          4.50
 36.0                                                                                                                                          4.00
                                                                                                                                               3.50
 34.0
                                                                                                                                               3.00
 32.0
                                                                                                                                               2.50
 30.0
                                                                                                                                               2.00
 28.0
                                                                                                                                               1.50
 26.0                                                                                                                                          1.00
 24.0                                                                                                                                          0.50
 22.0                                                                                                                                          -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10      Jan-11          Feb-11           Mar-11           May-11        Jun-11



Financial Summary
 EGPmn
 December                                    2006a       2007a        2008a            2009a                2010a            2011e         2012e

 Revenue                                     2,920       3,067        3,442            3,551            4,060                4,263         4,579
 Grow th Rate                                   n/a       5.0%        12.2%             3.1%            14.3%                 5.0%          7.4%


 EBITDA                                       483          517          550              518              591                  575          612
 Grow th Rate (%)                               n/a       7.1%         6.3%            -5.8%            14.0%                -2.7%          6.3%
 EBITDA margin (%)                           16.5%       16.9%        16.0%            14.6%            14.6%                13.5%         13.4%

 Net Income                                   271         328           311                 312              322               341          363
 Grow th Rate (%)                               n/a      21.0%        -5.2%                0.4%             3.1%              5.8%          6.6%
 Net margin (%)                               9.3%       10.7%         9.0%                8.8%             7.9%              8.0%          7.9%

 PER                                          9.8x         8.1x            8.5x            8.5x              8.2x             7.8x          7.3x
 P/BV                                         1.2x         1.1x            1.0x            1.0x              1.0x             0.9x          0.9x

 EV/EBITDA                                    7.8x         7.5x            7.6x            7.5x              7.2x             6.7x          6.1x
 Net debt/EBITDA                              2.3x         2.3x            2.7x            2.3x              2.7x             2.1x          1.8x

 EPS (EGP)                                     3.01        3.65         3.46                3.47             3.58              3.79          4.03
 Dividend Yield                               5.6%        3.1%        11.2%                8.4%             5.1%              8.7%          9.3%

  Source (all): CI Capital Research & Bloomberg




Page 52 of 202
              CONTRACTING
CONTRACTING
                                                                         CI Capital Research | Handbook | 2-Jul-11



Industrial Engineering Co. For Construction
ENGC | Contracting | Not Covered

Company Profile
Industrial Engineering Co. for Construction and Development [ENGC] was incorporated in 1977 as a
shareholding company with the objective of providing all-steel sheets to related industries in Egypt. In February
1982, ICON had its shares listed on the Egyptian Exchange (EGX). Currently, the company has a paid-in
capital of EGP47.52mn distributed over 11.88mn shares with a par value of EGP4/share. ICON owns and
operates several factories where it ensures high product quality using thorough quality management
techniques. It produces corrugated sheets & related accessories, sandwich panels, steel purloins & guard rails,
caravans and prefabricated units.

Recent Developments
 Financial results: ENGC released its 2010 financials, according to which its net income before unusual
items decreased by 30% to record EGP12.7mn, vs. EGP18.2mn in 2009.


Share Ownership & Contact Information
Shareholder Structure                             %        Contact Inform ation

Free Float                                        58.8%    IR Contact:            Mohamed El Said Abdallah
Arafat Mohamed Maged Sakr                         28.4%    Address:               Wady Hoof, Icon Industrial Zone,
Mona Mohamed Maged Sakr                            9.7%                           Helw an, Egypt
Others                                             3.2%    Telephone:             02 2369 2750 / 02 2369 1531
                                                           Fax:                   02 2369 3955

                                                           Website:               w w w .iconegypt.com
                                                           Bloomberg | Reuters:   ENGC EY | ENGC.CA
Share Data & Performance
  ISIN                                            EGS3F021C017                                       MoM               3M         YoY         Ytd
  Bloomberg / Reuters                     ENGC EY / ENGC.CA
                                                                                ENGC                 -6.5%           -6.2%       -8.1%     -30.4%
  Fiscal Year End                                       December

  Last Price (EGP)                                           7.47               EGX 30               0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                              12.97               EGX 70               -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                                6.25               EGX 100              -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                         14.3               MSCI EM              -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                          106.5                MSCI World           1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                 210.0
                                                                                All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                        Shrs (mn)
                                         Volume             ENGC              EGX 30 rebased
 14.0                                                                                                                                          1.60
 13.0                                                                                                                                          1.40
 12.0                                                                                                                                          1.20
 11.0
                                                                                                                                               1.00
 10.0
                                                                                                                                               0.80
  9.0
                                                                                                                                               0.60
  8.0
  7.0                                                                                                                                          0.40

  6.0                                                                                                                                          0.20
  5.0                                                                                                                                          -
      Jul-10      Aug-10     Sep-10      Oct-10         Dec-10      Jan-11          Feb-11          Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 December                                    2006a         2007a        2008a            2009a               2010a            2011e        2012e

 Revenue                                          54          74          150              116             179                 n/a           n/a
 Grow th Rate                                     n/a      35.5%       103.2%           -22.8%           54.4%                  n/a           n/a


 EBITDA                                         2              6           10                7                2                n/a           n/a
 Grow th Rate (%)                              n/a        166.2%        85.9%           -32.4%           -70.7%                 n/a           n/a
 EBITDA margin (%)                           3.9%           7.6%         7.0%             6.1%             1.2%                 n/a           n/a

 Net Income                                     5              7           13               19               16                n/a           n/a
 Grow th Rate (%)                              n/a         37.1%        80.5%            44.9%           -18.8%                 n/a           n/a
 Net margin (%)                              9.9%          10.0%         8.9%            16.6%             8.7%                 n/a           n/a

 PER                                         19.9x          14.5x            8.0x            5.5x             6.8x              n/m          n/m
 P/BV                                         2.7x           1.8x            1.1x            1.0x             0.9x              n/a          n/a

 EV/EBITDA                                   68.2x          24.3x        13.0x            14.4x              49.1x              n/a           n/a
 Net debt/EBITDA                             17.8x           5.4x         2.8x            -0.6x              -2.2x              n/a           n/a

 EPS (EGP)                                    0.38           0.52            0.93            1.35             1.10              n/a           n/a
 Dividend Yield                                n/a            n/a             n/a             n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 54 of 202
                                                                        CI Capital Research | Handbook | 2-Jul-11



General Giza for Contracting & Real Estate
GGCC | Contracting | Not Covered

Company Profile
Giza General Contracting and Real Estate Investment Co. [GGCC] was incorporated in 1988. In November
1997, GGCC became a shareholding company. It is involved in general contracting activities, particularly roads,
civil engineering, property investment, land reclamation, property development, and all types of housing. In
June 1997, GGCC had its shares listed on the Egyptian Exchange (EGX).
Currently, GGCC has an authorized capital of EGP1bn and a paid-in capital of EGP160mn distributed over
32mn shares with a par value of EGP5/share.


Recent Developments
 Financial results: GGCC released its 2010 financials, where net income before unusual items increased by
54% to record EGP19.5mn, vs. EGP12.7mn in 2009.


Share Ownership & Contact Information
Shareholder Structure                             %       Contact Inform ation

Free Float                                       62.2%    IR Contact:            Ismail Ahmed Ismail
National Company for Building & Construction     20.0%    Address:               46 El-Falaky St., Bab El-Louk, Cairo,
Ahmed Farouk Ibrahim                             10.1%                           Egypt
Employees Association                             7.6%    Telephone:             02 2390 5350 / 02 2395 4941
Others                                            0.1%    Fax:                   02 2399 0540

                                                          Website:               w w w .al-giza.com
                                                          Bloomberg | Reuters:   GGCC EY | GGCC.CA
Share Data & Performance
  ISIN                                            EGS21541C015                                        MoM               3M         YoY         Ytd
  Bloomberg / Reuters                     GGCC EY / GGCC.CA
                                                                                 GGCC                 -3.5%       21.1%          60.4%      -10.7%
  Fiscal Year End                                          June

  Last Price (EGP)                                        23.39                  EGX 30               0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                            32.70                  EGX 70               -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                             14.40                  EGX 100              -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                           6.0               MSCI EM              -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                        140.3                   MSCI World           1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)               205.5
                                                                                 All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                         Shrs (mn)
                                         Volume           GGCC                 EGX 30 rebased
 35.0                                                                                                                                           0.90
                                                                                                                                                0.80
 30.0                                                                                                                                           0.70
                                                                                                                                                0.60
 25.0
                                                                                                                                                0.50
                                                                                                                                                0.40
 20.0
                                                                                                                                                0.30
 15.0                                                                                                                                           0.20
                                                                                                                                                0.10
 10.0                                                                                                                                           -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10         Jan-11          Feb-11          Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 June                                        2006a       2007a           2008a            2009a               2010a            2011e        2012e

 Revenue                                      185          162            246               306             437                 n/a           n/a
 Grow th Rate                                  n/a      -12.5%           51.7%            24.4%           42.8%                  n/a           n/a


 EBITDA                                         7           10              11              22               31                 n/a           n/a
 Grow th Rate (%)                              n/a       37.5%            8.9%          104.1%            40.7%                  n/a           n/a
 EBITDA margin (%)                           3.9%         6.2%            4.4%            7.3%             7.2%                  n/a           n/a

 Net Income                                     1            1               4              10               20                 n/a           n/a
 Grow th Rate (%)                              n/a       28.6%          216.3%          137.7%            99.6%                  n/a           n/a
 Net margin (%)                              0.6%         0.8%            1.7%            3.3%             4.6%                  n/a           n/a

 PER                                           n/m          n/m           32.8x            13.8x               6.9x              n/m          n/m
 P/BV                                         6.6x         6.5x            5.5x             4.2x               2.0x              n/a          n/a

 EV/EBITDA                                   35.9x        25.8x           23.6x            10.6x               4.8x              n/a           n/a
 Net debt/EBITDA                             16.7x        11.8x           10.7x             4.3x               0.4x              n/a           n/a

 EPS (EGP)                                    0.18         0.23               0.71            1.69             3.38              n/a           n/a
 Dividend Yield                                n/a          n/a                n/a             n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 56 of 202
                                                                          CI Capital Research | Handbook | 2-Jul-11



Nasr for Civil Works
NCCW | Contracting | Not Covered

Company Profile
Incorporated in 1965, Nasr Co. for Civil Works [NCCW] is broadly engaged in contracting activities, as well as
property investment and development. More specifically, the company primarily concerns itself with
infrastructural projects related to electricity, utilities and maritime industries, although it is also involved in
property and tourism investment activities. In December 1997, NCCW had its shares listed on the Egyptian
Exchange (EGX). Currently, the NCCW has an authorized capital of EGP25mn and a paid-in capital of
EGP25mn, distributed over 5mn shares at a par value of EGP5/share.

Recent Developments
 Financial results: NCCW released its 2010 financials, reporting a 24% drop in net income to record
EGP21.2mn, vs. EGP17.1mn in 2009.

Share Ownership & Contact Information
Shareholder Structure                              %        Contact Inform ation

Medinet Nasr Housing & Development                52.5%     IR Contact:            Mohamed Hosny El-Orabi
National Company for Construction                 19.3%     Address:               26 Sharif St., Al-Imobilia Bld., Cairo,
Free Float                                        13.0%                            Egypt
Employees Association                              7.8%     Telephone:             02 2392 5619 / 02 2393 8364
Industrial & Engineering Projects                  5.0%     Fax:                   02 2392 5567
Misr Insurance                                     2.5%
                                                            Website:
                                                            Bloomberg | Reuters:   NCCW EY | NCCW.CA
Share Data & Performance
  ISIN                                            EGS23111C015                                           MoM               3M         YoY         Ytd
  Bloomberg / Reuters                    NCCW EY / NCCW.CA
                                                                                   NCCW                  -9.6%           -6.3%      22.2%      -19.8%
  Fiscal Year End                                            June

  Last Price (EGP)                                          38.26                  EGX 30                0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                              57.76                  EGX 70                -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                               29.00                  EGX 100               -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                             4.0               MSCI EM               -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                          153.0                   MSCI World            1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                   20.9
                                                                                   All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                            Shrs (mn)
                                         Volume             NCCW                 EGX 30 rebased
 60.0                                                                                                                                              0.12
 55.0
                                                                                                                                                   0.10
 50.0
                                                                                                                                                   0.08
 45.0
 40.0                                                                                                                                              0.06
 35.0
                                                                                                                                                   0.04
 30.0
                                                                                                                                                   0.02
 25.0
 20.0                                                                                                                                              -
      Jul-10      Aug-10     Sep-10      Oct-10         Dec-10         Jan-11          Feb-11           Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 June                                        2006a         2007a           2008a            2009a                2010a            2011e        2012e

 Revenue                                          86          70              89             245                  262              n/a           n/a
 Grow th Rate                                     n/a     -18.5%           27.5%          174.4%                 6.9%               n/a           n/a


 EBITDA                                         5             (1)              6              18                24                 n/a           n/a
 Grow th Rate (%)                              n/a       -112.2%              n/m         189.1%             34.5%                  n/a           n/a
 EBITDA margin (%)                           5.6%          -0.8%            7.0%            7.4%              9.3%                  n/a           n/a

 Net Income                                     5              6              12               17               21                 n/a           n/a
 Grow th Rate (%)                              n/a         17.3%          106.0%            42.6%            23.8%                  n/a           n/a
 Net margin (%)                              5.8%           8.3%           13.4%             7.0%             8.1%                  n/a           n/a

 PER                                         30.8x          26.3x           12.8x               8.9x              7.2x              n/m          n/m
 P/BV                                         3.0x           3.0x            3.3x               2.6x              2.0x              n/a          n/a

 EV/EBITDA                                   24.7x        -191.0x           18.1x                7.2x             5.1x              n/a           n/a
 Net debt/EBITDA                             -7.0x          68.0x           -6.3x               -1.2x            -1.2x              n/a           n/a

 EPS (EGP)                                    1.24           1.46               3.00            4.28              5.30              n/a           n/a
 Dividend Yield                                n/a            n/a                n/a             n/a               n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 58 of 202
                                                                            CI Capital Research | Handbook | 2-Jul-11



Orascom Construction Industries
OCIC | Contracting | Covered
Muhammad Elebrashi | Muhammed.Elebrashi@cich.com.eg

Company Profile
April 1998, Orascom Construction Industries (OCI) [OCIC] was incorporated as a shareholding company
under Law No. 159/1981 to undertake contracting and related activities. OCI's operations currently encompass
both construction and fertilisers (nitrogen) businesses; at one time, the company also ventured into the cement
business.
Starting in 2008, OCI ventured into the fertiliser business by merging with Egyptian Fertilizers Company
(EFC). The deal amounted to USD1.59bn (cash and shares), and OCI assumed EFC's USD1.1bn net debt.
Through EFC, OCI owns a 20% stake in Notore Fertilizers, a Nigerian company. In addition, OCI owns 60% of
Egyptian Basic Industries Company (EBIC), another Egyptian fertiliser manufacturer, and OCI has acquired
a 20% stake in Gavilon, a US fertiliser distribution company. Further, a third fertiliser plant, Sorfert, is underway
in Algeria, to be launched in 2H10, and OCI has planned a DAP/MAP (phosphate fertilisers) project for Algeria
or Morocco.


Recent Developments
 Geographic and operational diversification: OCIC is continuing to diversify its business both
geographically and operationally. In 2009, close to 80% of the company’s consolidated revenues were
generated outside Egypt. In April 2010, the company announced that it reached an agreement to acquire Royal
DSM’s Agro and Melamine assets for EUR310mn.

 Pandora acquisition completed, bidding for Burrup: OCIC announced that its wholly owned subsidiary,
OCI Nitrogen (Netherlands), has acquired an integrated ammonia-methanol plant located in Beaumont,
Texas, on the Gulf Coast of the United States. OCI acquired the plant through a joint venture with Janus
Methanol AG (Janus), named Pandora Methanol LLC, in which OCI holds 50% plus 1 share. The plant has a
capacity of 250,000 tons of ammonia and 750,000 tons of methanol per annum. In addition, it possesses an
ammonia tank with a capacity of 18,000 tons and two methanol storage tanks with a capacity of 22,000 tons
each. The plant also has pipeline connections to adjacent customers and port access with dedicated methanol
and ammonia import/export jetties and will ship both products along the Gulf Coast. Meanwhile, according to
Bloomberg, Orascom Construction Industries is preparing a bid for Burrup Fertilisers Pty, a private company
formed in Australia in 2001.

Share Ownership & Contact Information
Shareholder Structure                               %         Contact Inform ation

Saw iris Family                                    56.0%      IR Contact:            Hassan Badraw i
Free Float                                         44.0%      Address:               Nile City Tow ers, Corniche Al-Nil, Cairo,
                                                                                     Egypt
                                                              Telephone:             02 2246 1111
                                                              Fax:                   02 2461 9409 / 02 2461 9400

                                                              Website:               w w w .orascomci.com
                                                              Bloomberg | Reuters:   OCIC EY | OCIC.CA
Share Data & Performance
 ISIN                                            EGS65901C018                                  MoM               3M          YoY         Ytd
 Bloomberg / Reuters                        OCIC EY / OCIC.CA
                                                                            OCIC               3.1%            9.6%        18.6%       -6.1%
 Fiscal Year End                                     December

 Last Price (EGP)                                       269.64              EGX 30             0.2%        -1.7%          -10.9%      -24.8%
 52 Week High                                           294.50              EGX 70            -2.8%            9.5%        19.3%      -12.7%
 52 Week Low                                            183.94              EGX 100           -2.1%            5.3%         7.1%      -16.6%

 No. of Shares (mn)                                      208.9              MSCI EM           -0.2%        -2.4%           26.6%        0.5%
 Mkt Cap (EGPmn)                                      56,338.2              MSCI World         1.4%            0.2%        29.6%        5.0%

 100-day Av. Volume (000' shares per day)                200.2
                                                                             All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                   Shrs (mn)
                                        Volume            OCIC            EGX 30 rebased
 310.0                                                                                                                                    2.50
 290.0
                                                                                                                                          2.00
 270.0
 250.0                                                                                                                                    1.50
 230.0
 210.0                                                                                                                                    1.00

 190.0
                                                                                                                                          0.50
 170.0
 150.0                                                                                                                                    -
      Jul-10       Aug-10   Sep-10       Oct-10       Dec-10     Jan-11         Feb-11        Mar-11           May-11        Jun-11



Financial Summary
 USDmn
 December                                   2006a        2007a       2008a           2009a         2010a                2011e         2012e

 Revenue                                    2,181       2,392       3,717            3,819         4,896                5,288         6,127
 Grow th Rate                                  n/a       9.6%       55.4%             2.7%         28.2%                 8.0%         15.9%


 EBITDA                                      397         459         881              792          1,087                1,359         1,804
 Grow th Rate (%)                              n/a      15.5%       92.1%          -10.1%          37.2%                25.0%         32.8%
 EBITDA margin (%)                          18.2%       19.2%       23.7%           20.7%          22.2%                25.7%         29.4%

 Net Income                                  464       11,712         985             434            594                  717          917
 Grow th Rate (%)                              n/a         n/m     -91.6%          -55.9%          36.8%                20.6%         28.0%
 Net margin (%)                             21.3%      489.7%       26.5%           11.4%          12.1%                13.6%         15.0%

 PER                                          n/m         4.8x       57.2x              n/m            94.8x            78.6x         61.4x
 P/BV                                       37.4x        31.7x       17.9x            19.4x            18.3x            16.4x         16.3x

 EV/EBITDA                                    n/m          n/m       64.4x            72.7x            53.7x            45.0x         33.9x
 Net debt/EBITDA                             2.6x         3.0x        0.5x             1.5x             1.8x             3.5x          2.7x

 EPS (USD)                                    2.22       56.06         4.71            2.08             2.84              3.43          4.39
 Dividend Yield                              0.9%        0.4%         0.4%            0.7%             0.7%              0.6%          0.8%

 Source (all): CI Capital Research & Bloomberg




Page 60 of 202
                                                                       CI Capital Research | Handbook | 2-Jul-11



Upper Egypt Contracting
UEGC | Contracting | Not Covered

Company Profile
Established in March 1964, Upper Egypt General Contracting [UEGC] is a joint stock publically traded on the
Egyptian Stock Exchange (EGX), engaged in civil and electromechanical contracting for utilities, sewage and
industrial projects. The company also undertakes mining of aggregates and cut stones, as well as providing
real estate agents and brokers. UEGC’s shares are also open to foreign investors. After several capital
restructurings and increases, UEGC’s paid-in capital has reached EGP377.5mn, distributed over 377.5mn
share at a par value of EGP1/share. The capital increases have come as follows:

  2006: The company’s EGM decided to increase the UEGC authorized and paid in capital to EGP6.25mn.
  2007: Another EGM increased both of authorized and paid in capital was raised to EGP50mn.
  2008: A third EGM increased its authorized capital to EGP500mn while the paid in capital was increased to
    EGP302mn.
  2009: The company’s AGM approved the distribution of 1:4 stock dividends; accordingly, the company’s
    number of shares increased to 377.5mn shares.


Recent Developments
 Phase 1 of Darna project to begin in December: Upper Egypt Contracting Co. is planning to deliver phase
1 of its Darna project, opposite Carrefour Maadi, by the end of December. This phase includes 7 residential
towers out of the total 18, built at a total cost nearing EGP800mn.

 Hurghada Project for movie studio: The builder was also awarded a one-year worksite coordinating
agreement from Misr Company for Sound, Light and Cinema on a project to be built in Hurghada city over
44 thousand sq m. The project includes a replica of the River Nile running through Hurghada, with replicas of
cities on both banks so that tourists can have a bird’s eye view of an array of ancient Egyptian monuments.


Share Ownership & Contact Information
Shareholder Structure                            %       Contact Inform ation

Free Float                                      95.5%    IR Contact:            Mahmoud Abd El-Baset
National Bank of Egypt                           3.1%    Address:               5 26th July St., P.O. Box 11518, Cairo,
Misr Financial Investments                       1.3%                           Egypt
Others                                           0.1%    Telephone:             02 2590 1186 / 02 2591 2617
                                                         Fax:                   02 3591 2617

                                                         Website:               saeed@internetegypt.com
                                                         Bloomberg | Reuters:   UEGC EY | UEGC.CA
Share Data & Performance
  ISIN                                            EGS21531C016                                            MoM             3M        YoY        Ytd
  Bloomberg / Reuters                     UEGC EY / UEGC.CA
                                                                                   UEGC                  39.0%       56.2%        31.1%      14.9%
  Fiscal Year End                                              June

  Last Price (EGP)                                             1.39                EGX 30                 0.2%       -1.7%        -10.9%    -24.8%
  52 Week High                                                 1.49                EGX 70                 -2.8%          9.5%     19.3%     -12.7%
  52 Week Low                                                  0.77                EGX 100                -2.1%          5.3%      7.1%     -16.6%

  No. of Shares (mn)                                      377.5                    MSCI EM                -0.2%      -2.4%        26.6%       0.5%
  Mkt Cap (EGPmn)                                         524.7                    MSCI World             1.4%           0.2%     29.6%       5.0%

  100-day Av. Volume (000' shares per day)              6,012.6
                                                                                   All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                         Shrs (mn)
                                         Volume            UEGC                  EGX 30 rebased
 1.5                                                                                                                                           35.00
 1.4                                                                                                                                           30.00
 1.3
                                                                                                                                               25.00
 1.2
                                                                                                                                               20.00
 1.1
                                                                                                                                               15.00
 1.0
                                                                                                                                               10.00
 0.9
 0.8                                                                                                                                           5.00

 0.7                                                                                                                                           -
   Jul-10         Aug-10    Sep-10      Oct-10        Dec-10          Jan-11           Feb-11           Mar-11       May-11        Jun-11



Financial Summary
 EGPmn
 June                                        2006a        2007a            2008a                2009a            2010a          2011e       2012e

 Revenue                                  38,080         40,838           96,210          168,524           225,315              n/a          n/a
 Grow th Rate                                 n/a          7.2%           135.6%            75.2%             33.7%               n/a          n/a


 EBITDA                                      3,042        3,141            9,834           41,127            83,051              n/a          n/a
 Grow th Rate (%)                               n/a        3.3%           213.0%               n/m           101.9%               n/a          n/a
 EBITDA margin (%)                            8.0%         7.7%            10.2%            24.4%             36.9%               n/a          n/a

 Net Income                                  1,634        2,129           14,612           48,796            68,227              n/a          n/a
 Grow th Rate (%)                               n/a       30.3%               n/m          233.9%             39.8%               n/a          n/a
 Net margin (%)                               4.3%         5.2%            15.2%            29.0%             30.3%               n/a          n/a

 PER                                          0.3x          0.2x                0.0x             0.0x             0.0x            n/m         n/m
 P/BV                                        68.7x         56.3x                1.7x             1.4x             1.2x            n/a         n/a

 EV/EBITDA                                    0.2x             0.2x             0.0x             0.0x             0.0x            n/a          n/a
 Net debt/EBITDA                              0.0x             0.0x             0.0x             0.0x             0.0x            n/a          n/a

 EPS (EGP)                                    4.33             5.64            38.71        129.26            180.73              n/a          n/a
 Dividend Yield                                n/a              n/a              n/a     14388.5%           7194.2%               n/a          n/a

  Source (all): CI Capital Research & Bloomberg




Page 62 of 202
                         AND CABLES
ENGINEERING AND CABLES   ENGINEERING
                                                                                  CI Capital Research | Handbook | 2-Jul-11



Electro Cable Egypt Company
ELEC | Engineering & Cables | Not Covered

Company Profile
Established in 1954, Electro Cables Egypt [ELEC] is the largest diversified cables company in Egypt,
producing both power cables and telecommunication cables for local and export markets. Approximately two
thirds of revenues are derived from power cable sales to the electricity sector. In the early 1960s, ELEC was
nationalized. Later, in 1997, the company was privatized through a group of strategic investors who decided to
buy out the majority of shares held by the Holding Company. Consequently, ELEC currently operates under
Law No. 159/1981. ECE’s authorized capital is EGP850mn, with paid-in capital of EGP496mn distributed at a
par value of EGP1/share.
Low, medium and high tension power cables and telecom cables are all represented in ELEC's wide range of
products, and they can be manufactured to different specifications. ELEC’s products and services have
covered over 370,000 sqm along Ismaellia Canal Road in Qualubia Governorate, and are also exported to
overseas markets in Africa, Europe and the Arab countries.

Recent Developments
 New production lines: In July 2010, a board member declared that all the company’s new production lines
would come online in 2011.

 Cash dividends: In May 2011, ELEC’s board of directors proposed the distribution of an EGP0.075/share
cash dividend to be distributed over two instalments. The first will be paid on May 26, 2011, amounting to
EGP0.05/share, while the second instalment will be paid on September 26, 2011, amounting to
EGP0.025/share.

 COMESA contracts: Also in May, the company sent a release to the EGX announcing that the value of its
export contracts to COMESA (Common Market for Eastern and Southern Africa) countries hit EGP8mn, of
which only EGP4.5mn were implemented till now.


Share Ownership & Contact Information
Shareholder Structure                                       %       Contact Inform ation

Free Float                                                  83.0%   IR Contact:            Abd Al-Raouf Abd Al-Aleem Shoukr
Misr Insurance                                              9.5%    Address:               Km 4.6 Sixth of October Rd , Mostorod
Employees Association                                       2.6%                           Industrial Zone, Qualubia, Egypt
Social Insurance Fund for Workers in Governmental Sectors   2.4%    Telephone:             02 4220 5822
Others                                                      2.5%    Fax:                   02 2220 2103

                                                                    Website:               w w w .ece.com.eg
                                                                    Bloomberg | Reuters:   ELEC EY | ELEC.CA
Share Data & Performance
  ISIN                                            EGS3G231C011                                             MoM             3M        YoY        Ytd
  Bloomberg / Reuters                        ELEC EY / ELEC.CA
                                                                                    ELEC                  11.0%           9.6%      -3.2%     -7.1%
  Fiscal Year End                                       December

  Last Price (EGP)                                              0.91                EGX 30                 0.2%       -1.7%        -10.9%    -24.8%
  52 Week High                                                  1.09                EGX 70                 -2.8%          9.5%     19.3%     -12.7%
  52 Week Low                                                   0.67                EGX 100                -2.1%          5.3%      7.1%     -16.6%

  No. of Shares (mn)                                       496.4                    MSCI EM                -0.2%      -2.4%        26.6%       0.5%
  Mkt Cap (EGPmn)                                          451.7                    MSCI World             1.4%           0.2%     29.6%       5.0%

  100-day Av. Volume (000' shares per day)               4,535.2
                                                                                     All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                          Shrs (mn)
                                         Volume             ELEC                  EGX 30 rebased
 1.2                                                                                                                                            35.00

 1.1                                                                                                                                            30.00

                                                                                                                                                25.00
 1.0
                                                                                                                                                20.00
 0.9
                                                                                                                                                15.00
 0.8
                                                                                                                                                10.00
 0.7                                                                                                                                            5.00

 0.6                                                                                                                                            -
   Jul-10         Aug-10    Sep-10      Oct-10         Dec-10          Jan-11           Feb-11           Mar-11       May-11        Jun-11



Financial Summary
 EGPmn
 December                                    2006a         2007a            2008a                2009a            2010a          2011e       2012e

 Revenue                                      297            225              451                  412             n/a            n/a          n/a
 Grow th Rate                                  n/a        -24.4%           100.5%                -8.6%              n/a            n/a          n/a


 EBITDA                                          4            (3)              67                   84             n/a            n/a          n/a
 Grow th Rate (%)                               n/a      -169.6%               n/m               24.9%              n/a            n/a          n/a
 EBITDA margin (%)                            1.4%         -1.3%            14.8%                20.3%              n/a            n/a          n/a

 Net Income                                    (19)          (24)                 40                60             n/a            n/a          n/a
 Grow th Rate (%)                               n/a        24.7%                  n/m            49.4%              n/a            n/a          n/a
 Net margin (%)                              -6.5%        -10.8%                8.9%             14.6%              n/a            n/a          n/a

 PER                                           n/m               n/m            11.2x             7.5x              n/m            n/m         n/m
 P/BV                                         1.9x              1.4x             0.9x             0.8x              n/a            n/a         n/a

 EV/EBITDA                                     n/m        -212.9x                6.8x             4.5x              n/a            n/a          n/a
 Net debt/EBITDA                             64.5x         -56.2x                0.1x            -0.9x              n/a            n/a          n/a

 EPS (EGP)                                       n/m            n/m              0.08             0.12              n/a            n/a          n/a
 Dividend Yield                                  n/a            n/a               n/a              n/a              n/a            n/a          n/a

  Source (all): CI Capital Research & Bloomberg




Page 64 of 202
                                                                              CI Capital Research | Handbook | 2-Jul-11



El Nasr Transformers & Electrical Products
NASR | Engineering & Cables | Not Covered

Company Profile
El Nasr Transformers and Electrical Products (ELMACO) [NASR] was established in 1957 for the
production, distribution, and maintenance of industrial and electrical grids, power transformers, mercury lamps,
switches and circuit breakers.
The company has 1,135 employees and distributes around 10k transformers and 100 power transformers
annually.
Besides its local sales, ELMACO also caters to the international market; its key export markets are Arab
countries, Malta, Senegal and Nigeria. The company has an authorized capital of EGP150mn and a paid in
capital of EGP39.88mn, distributed over 39.88mn shares with a par value of EGP1/share.


Recent Developments
 Short term loan: In September 2010, NASR announced that it had acquired a short-term loan amounting to
EGP30mn from Banque Misr to finance its working capital.

 Arab exports: In December 2010, the company declared that would increase its exports to several Arab
countries, including Iraq, Libya and the KSA.

 Cash dividends: NASR’s board of directors approved the distribution of a EGP0.35/share cash dividend to
be distributed over four instalments.


Share Ownership & Contact Information
Shareholder Structure                                   %       Contact Inform ation

Egyptian German Co. for Electrical Products             79.0%   IR Contact:            Mohamed Ahmed
Free Float                                              10.0%   Address:               3 Al-Kablat St., Al Matrya, Cairo, Egypt
National Holding Company for Construction and Housing   10.0%
Others                                                   1.0%   Telephone:             02 2282 6021
                                                                Fax:                   02 2282 5100

                                                                Website:               w w w .elmaco-egypt.com
                                                                Bloomberg | Reuters:   NASR EY | NASR.CA
Share Data & Performance
  ISIN                                            EGS3G191C017                                      MoM               3M         YoY         Ytd
  Bloomberg / Reuters                     NASR EY / NASR.CA
                                                                              NASR                  -4.3%       19.6%          53.8%        7.1%
  Fiscal Year End                                      December

  Last Price (EGP)                                        12.03               EGX 30                0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                            15.59               EGX 70                -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                              7.52               EGX 100               -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                       39.9               MSCI EM               -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                        479.7                MSCI World            1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)               164.4
                                                                               All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                       Shrs (mn)
                                         Volume           NASR              EGX 30 rebased
 17.0                                                                                                                                         0.70

 15.0                                                                                                                                         0.60

                                                                                                                                              0.50
 13.0
                                                                                                                                              0.40
 11.0
                                                                                                                                              0.30
  9.0
                                                                                                                                              0.20
  7.0                                                                                                                                         0.10

  5.0                                                                                                                                         -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10      Jan-11          Feb-11           Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 December                                    2006a       2007a        2008a            2009a                2010a            2011e        2012e

 Revenue                                      319         356          433               365               324                n/a           n/a
 Grow th Rate                                  n/a       11.6%        21.8%           -15.8%            -11.2%                 n/a           n/a


 EBITDA                                         68          39           25              58                60                 n/a           n/a
 Grow th Rate (%)                               n/a     -41.9%       -35.7%          127.8%              4.0%                  n/a           n/a
 EBITDA margin (%)                           21.3%       11.1%         5.8%           15.8%             18.5%                  n/a           n/a

 Net Income                                     30          32           94               40               42                 n/a           n/a
 Grow th Rate (%)                               n/a       6.5%       192.6%           -57.3%             5.0%                  n/a           n/a
 Net margin (%)                               9.4%        9.0%        21.6%            11.0%            13.0%                  n/a           n/a

 PER                                         16.0x        15.0x            5.1x         12.0x               11.4x              n/m          n/m
 P/BV                                         4.2x         3.7x            2.3x          2.1x                1.9x              n/a          n/a

 EV/EBITDA                                     6.9x       11.5x        15.1x                6.4x             7.5x              n/a           n/a
 Net debt/EBITDA                              -0.1x       -0.7x        -3.8x               -2.0x            -0.5x              n/a           n/a

 EPS (EGP)                                    0.75         0.80            2.35            1.00              1.05              n/a           n/a
 Dividend Yield                                n/a          n/a             n/a             n/a               n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 66 of 202
                                                                           CI Capital Research | Handbook | 2-Jul-11



El Sewedy Cables
SWDY | Engineering & Cables | Covered
Muhammad Elebrashi | Muhammed.Elebrashi@cich.com.eg

Company Profile
El Sewedy Electric [SWDY] is an Egyptian joint stock company established under Investment Incentives &
Guarantees Law No. 8 of 1997 and listed in the Commercial Register in June 2005.
SWDY constructs and operates factories producing electric cables, electric light posts, towers, transformers
and PVCs in different shapes. The company also designs, constructs, operates and maintains electric
generation stations. It is one of the largest power cable manufacturers in the Middle East and Africa, with plants
in Egypt, Sudan, Syria, Ghana and elsewhere.

Recent Developments
 Expansion plans: SWDY has recently completed one capital increase and is about to complete another via
its retained earnings. In the electric devices and cables segments, SWDY’s management stated it has no plans
to increase production capacity (but could expand distribution) until it has fully capitalised on available business
opportunities in its current areas of operation. For the turnkey and wind lines, meanwhile, further opportunities
for expansion exist. SWDY has presented a study to the Ethiopian and Hungarian governments for the
development of 2mn square meters of land for the creation of an industrial complex and the establishment of a
wind farm with 100MW capacity. While having attained MoUs for such projects, the company is currently
awaiting further responses from both governments.

 Wind energy: Management sees 2010 as a soft launch year for the wind energy segment, with further
initiatives planned for 2012. This is primarily the result of SWDY acquiring an expensive EUR16mn stake in
MTORS, its Spanish turbine subsidiary. MTORS will continue to produce its 1.65MW turbine while developing
its 2.5MW prototype. In terms of wind towers, SWDY is in the process of negotiating additional deals. It intends
to establish a company in Egypt for blade manufacture in order to take advantage of the country’s relatively low
cost of labour (blade manufacture is a labour-intensive process).


Share Ownership & Contact Information
Shareholder Structure                               %        Contact Inform ation

El Sew edy Family                                  72.7%     IR Contact:            Ahmed Homosani
Free Float                                         25.0%     Address:               Plot No. 27, 1st District, 5th Settlement,
Hassan A Sallam                                     2.3%                            New Cairo, Cairo, Egypt
                                                             Telephone:             02 2759 9700 / 02 2759 9701
                                                             Fax:                   02 2759 9731 / 02 2759 9726

                                                             Website:               w w w .elsew edyelectric.com
                                                             Bloomberg | Reuters:   SWDY EY | SWDY.CA
Share Data & Performance
  ISIN                                            EGS3G0Z1C014                                       MoM               3M          YoY          Ytd
  Bloomberg / Reuters                    SWDY EY / SWDY.CA
                                                                               SWDY                  -3.6%           -6.2%      -29.2%       -32.2%
  Fiscal Year End                                      December

  Last Price (EGP)                                         36.51               EGX 30                0.2%        -1.7%          -10.9%       -24.8%
  52 Week High                                             56.89               EGX 70                -2.8%           9.5%        19.3%       -12.7%
  52 Week Low                                              33.81               EGX 100               -2.1%           5.3%         7.1%       -16.6%

  No. of Shares (mn)                                      171.9                MSCI EM               -0.2%       -2.4%           26.6%         0.5%
  Mkt Cap (EGPmn)                                        6,274.6               MSCI World            1.4%            0.2%        29.6%         5.0%

  100-day Av. Volume (000' shares per day)                237.2
                                                                               All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                          Shrs (mn)
                                         Volume            SWDY              EGX 30 rebased
 65.0                                                                                                                                            2.50

 60.0
                                                                                                                                                 2.00
 55.0
                                                                                                                                                 1.50
 50.0
                                                                                                                                                 1.00
 45.0
                                                                                                                                                 0.50
 40.0

 35.0                                                                                                                                            -
      Jul-10      Aug-10     Sep-10      Oct-10        Dec-10      Jan-11          Feb-11           Mar-11           May-11        Jun-11



Financial Summary
 EGPmn
 December                                    2006a        2007a        2008a            2009a                2010a            2011e         2012e

 Revenue                                     5,746        9,348       11,446            9,291           12,902              14,942          16,806
 Grow th Rate                                   n/a       62.7%        22.4%           -18.8%            38.9%               15.8%           12.5%


 EBITDA                                       648          971         1,234            1,035            1,363                1,296         1,525
 Grow th Rate (%)                               n/a       49.9%        27.1%           -16.1%            31.7%                -4.9%         17.7%
 EBITDA margin (%)                           11.3%        10.4%        10.8%            11.1%            10.6%                 8.7%          9.1%

 Net Income                                   508           724          828              634              796                  661          797
 Grow th Rate (%)                               n/a       42.6%        14.4%           -23.5%            25.6%               -16.9%         20.5%
 Net margin (%)                               8.8%         7.7%         7.2%             6.8%             6.2%                 4.4%          4.7%

 PER                                         12.4x          8.7x            7.6x            9.9x              7.9x             9.5x           7.9x
 P/BV                                         2.8x          2.0x            1.7x            1.5x              1.3x             1.1x           1.0x

 EV/EBITDA                                   11.2x          7.8x            7.9x            9.5x              7.7x             6.4x           5.2x
 Net debt/EBITDA                              1.5x          1.4x            2.9x            3.5x              3.1x             1.6x           1.1x

 EPS (EGP)                                     2.96         4.21         4.82                3.69          4.63                 3.85           4.64
 Dividend Yield                              11.2%         0.2%         2.3%                0.5%         11.2%                 2.3%           2.7%

  Source (all): CI Capital Research & Bloomberg




Page 68 of 202
CONTRACTING   FERTILIZERS
                            FERTILIZERS
                                                                        CI Capital Research | Handbook | 2-Jul-11



Abu Qir Fertilisers
ABUK | Fertilisers | Not Covered

Company Profile
Established in 1976, Abu Qir Fertilizers and Chemical Industries Company [ABUK] is an Egypt-based
producer, distributor and exporter of chemical fertilisers and related products. The company operates three
manufacturing plants in Egypt, and its products include prilled urea, prilled urea treated with zinc sulfate,
granulated ammonium nitrate, liquid ammonia, granular ammonium nitrate supplemented with micro nutrients,
granulated urea, granular urea treated with ammonium sulfate and granular urea treated with magnesium
sulfate. ABUK’s total number of shares has increased from 45,886,390 shares to 50,475,029 shares with a par
value of EGP15/share.

Recent Developments
 On the lookout for investments: Since the resolution of the ALEX Fert. issue, the company has had excess
liquidity to invest. The delay/cancellation of the EGYPHOS, another fertilizer company in which ABUK will
contribute approximately 20%+, has led the company’s management to look for other fertilizer related
investments. Accordingly, in its annual GAM, the company’s management has decided to retain cash from
distribution as dividends unless other investment opportunities arise, and has resolved to distribute EGP5 per
share cash dividend.


Share Ownership & Contact Information
Shareholder Structure                            %        Contact Inform ation

National Investment Bank                        24.6%     IR Contact:            Said Zamzam/ Financial Manager
Egyptian Petroleum Authority                    19.1%     Address:               El-Tabbia, Rashid Line, Abu Qir,
Industrial Development General Authority        12.7%                            Alexandria, Egypt
Misr Insurance                                  10.0%     Telephone:             03 5603 053
Free Float                                       9.3%     Fax:                   03 5603 032
El Ahly Capital Holding                          8.1%
Others                                          16.2%     Website:               w w w .abuqir.com
                                                          Bloomberg | Reuters:   ABUK EY | ABUK.CA
Share Data & Performance
 ISIN                                            EGS38191C010                                   MoM               3M         YoY         Ytd
 Bloomberg / Reuters                     ABUK EY / ABUK.CA
                                                                            ABUK                -2.5%           -1.4%       2.3%       -1.0%
 Fiscal Year End                                          June

 Last Price (EGP)                                       195.00              EGX 30              0.2%        -1.7%          -10.9%     -24.8%
 52 Week High                                           212.99              EGX 70             -2.8%            9.5%       19.3%      -12.7%
 52 Week Low                                            177.60              EGX 100            -2.1%            5.3%        7.1%      -16.6%

 No. of Shares (mn)                                       50.5              MSCI EM            -0.2%        -2.4%          26.6%        0.5%
 Mkt Cap (EGPmn)                                       9,842.6              MSCI World          1.4%            0.2%       29.6%        5.0%

 100-day Av. Volume (000' shares per day)                 30.6
                                                                             All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                   Shrs (mn)
                                        Volume           ABUK             EGX 30 rebased
 260.0                                                                                                                                    2.50

 240.0
                                                                                                                                          2.00
 220.0
                                                                                                                                          1.50
 200.0
                                                                                                                                          1.00
 180.0
                                                                                                                                          0.50
 160.0

 140.0                                                                                                                                    -
      Jul-10       Aug-10   Sep-10       Oct-10       Dec-10     Jan-11        Feb-11          Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 June                                       2006a        2007a       2008a           2009a          2010a                2011e        2012e

 Revenue                                    1,542       1,717       2,252            2,466          2,473                 n/a           n/a
 Grow th Rate                                  n/a      11.3%       31.2%             9.5%           0.3%                  n/a           n/a


 EBITDA                                      763          809       1,059             805             774                 n/a           n/a
 Grow th Rate (%)                              n/a       6.0%       30.9%          -24.0%           -3.9%                  n/a           n/a
 EBITDA margin (%)                          49.5%       47.1%       47.0%           32.7%           31.3%                  n/a           n/a

 Net Income                                  548         720         990             1,085          1,169                 n/a           n/a
 Grow th Rate (%)                              n/a      31.3%       37.6%             9.5%           7.7%                  n/a           n/a
 Net margin (%)                             35.5%       41.9%       44.0%            44.0%          47.3%                  n/a           n/a

 PER                                        18.0x        13.7x        9.9x              9.1x             8.4x              n/m          n/m
 P/BV                                        5.1x         4.5x        3.9x              3.6x             3.4x              n/a          n/a

 EV/EBITDA                                  11.6x        10.5x         7.6x           10.2x             10.5x              n/a           n/a
 Net debt/EBITDA                            -1.3x        -1.7x        -1.7x           -2.0x             -2.2x              n/a           n/a

 EPS (EGP)                                  10.86        14.26       19.62            21.49             23.15              n/a           n/a
 Dividend Yield                               n/a          n/a         n/a              n/a               n/a              n/a           n/a

 Source (all): CI Capital Research & Bloomberg




Page 70 of 202
                                                                        CI Capital Research | Handbook | 2-Jul-11



Egyptian Financial & Industrial Company
EFIC | Fertilisers | Covered
Muhammad Elebrashi | Muhammed.Elebrashi@cich.com.eg

Company Profile
Egyptian Financial & Industrial Company [EFIC] is a joint-stock company founded in 1929. EFIC's main
activities are producing and trading phosphate fertilisers and chemicals. It produces the following products:
 Single super phosphate (SSP) in two forms powdered (PSSP) and granulated (GSSP)

 Sulphuric acid

 Ammonium Sulphate (AS)

 Di-Calcium Phosphate (DCP)

 Mixture fertilisers NPK

EFIC is the largest producer of phosphate fertilisers in Egypt, accounting for around 70% of local SSP sales in
2007. This market share takes into account sales from Suez Co. for Fertilizers Production (SCFP), EFIC's
99.88%-owned subsidiary.
EFIC has an authorized capital of EGP1bn and an issued capital of EGP693mn, distributed over 69.3mn
shares at a par value of EGP10/share.


Recent Developments
 GAM decisions: In its GAM dated May 5th, Egyptian Financial & Industrial Co. has accepted the resignation
of Mr. Esmat Awad Sayyad, the newly inaugurated chairman and managing director, and the successor to Mr.
Yehia Kotb. In his place, the GAM has approved the election of Mr. Ali Awad Sayyad. In addition, the
company’s management changed its accounting policy for inventory, and wrote off c.EGP20mn of inventory.
Finally, the company decided to increase its paid in capital as well as its SSP production capacities, and to
restructure its bank loans.


Share Ownership & Contact Information
Shareholder Structure                             %       Contact Inform ation

Free Float                                       52.0%    IR Contact:            Suzi El Nahas
Holding Companies                                26.6%    Address:               25 Al Sherif St., Dow ntow n, Cairo, Egypt
Others                                           10.3%
Banks                                            10.0%    Telephone:             02 2392 8651
Insurance Companies                               1.1%    Fax:                   02 2393 8578

                                                          Website:               w w w .sfie.com.eg
                                                          Bloomberg | Reuters:   EFIC EY | EFIC.CA
Share Data & Performance
  ISIN                                            EGS38381C017                                     MoM               3M          YoY          Ytd
  Bloomberg / Reuters                         EFIC EY / EFIC.CA
                                                                              EFIC                 -7.5%           -8.0%      -12.4%       -23.1%
  Fiscal Year End                                     December

  Last Price (EGP)                                        14.55               EGX 30               0.2%        -1.7%          -10.9%       -24.8%
  52 Week High                                            21.07               EGX 70               -2.8%           9.5%        19.3%       -12.7%
  52 Week Low                                             12.00               EGX 100              -2.1%           5.3%         7.1%       -16.6%

  No. of Shares (mn)                                       71.4               MSCI EM              -0.2%       -2.4%           26.6%         0.5%
  Mkt Cap (EGPmn)                                       1,038.9               MSCI World           1.4%            0.2%        29.6%         5.0%

  100-day Av. Volume (000' shares per day)               209.5
                                                                              All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                        Shrs (mn)
                                         Volume           EFIC             EGX 30 rebased
 23.0                                                                                                                                          3.50

 21.0                                                                                                                                          3.00

                                                                                                                                               2.50
 19.0
                                                                                                                                               2.00
 17.0
                                                                                                                                               1.50
 15.0
                                                                                                                                               1.00
 13.0                                                                                                                                          0.50

 11.0                                                                                                                                          -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10      Jan-11          Feb-11          Mar-11           May-11        Jun-11



Financial Summary
 EGPmn
 December                                    2006a       2007a        2008a            2009a               2010a            2011e         2012e

 Revenue                                      428         525          931               576             650                  799         1,013
 Grow th Rate                                  n/a       22.6%        77.4%           -38.2%           13.0%                22.8%         26.9%


 EBITDA                                       129         164          296               117               90                 163          214
 Grow th Rate (%)                               n/a      27.6%        80.3%           -60.5%           -23.5%               82.4%         31.2%
 EBITDA margin (%)                           30.1%       31.3%        31.8%            20.3%            13.8%               20.5%         21.2%

 Net Income                                   102         116          226                26              (8)                  42             87
 Grow th Rate (%)                               n/a      13.9%        94.2%           -88.7%         -131.9%                   n/m        108.8%
 Net margin (%)                              23.9%       22.2%        24.3%             4.5%           -1.3%                 5.2%           8.6%

 PER                                         10.2x         8.9x            4.6x         40.5x                n/m            25.0x          12.0x
 P/BV                                         1.7x         1.5x            1.2x          1.2x               1.2x             1.1x           1.0x

 EV/EBITDA                                   10.2x         8.1x            6.2x         17.1x              20.6x            11.3x           9.0x
 Net debt/EBITDA                              2.1x         1.8x            2.7x          8.2x               9.0x             5.0x           4.2x

 EPS (EGP)                                     1.43        1.63         3.16               0.36              n/m              0.58           1.22
 Dividend Yield                               5.0%        6.3%         5.0%                 n/a            0.1%              0.3%           0.6%

  Source (all): CI Capital Research & Bloomberg




Page 72 of 202
                                                                         CI Capital Research | Handbook | 2-Jul-11



Samad Misr
SMFR | Fertilisers | Covered
Muhammad Elebrashi | Muhammed.Elebrashi@cich.com.eg

Company Profile
Samad Misr (EGYFERT) [SMFR] is a joint stock company engaged in the import, export and trading of
fertilisers, agriculture chemicals and related raw materials. The company was established in 1997 and listed
publically in 1999, with its shares also open to foreign investors. After several capital restructurings and
increases, SMFR’s paid-in capital has reached EGP48mn, distributed over 9.6mn share at a par value of
EGP5/share.
SMFR owns a c.8.5% equity stake in Polyserve Fertilizers & Chemical Co. (PSFC) through 7.57% stake in
that company and a less than 1% stake (eq. to 28k shares) in Abu Zaabal Fertilizers and Chemicals (AZFC),
which is 99%-owned by PSFC. PSFC has several production facilities for phosphate (P) fertilisers and its
products include single and triple superphosphate, sulphuric acid, phosphoric acid and dicalcium phosphate.
SMFR’s investment cost in PSFC amounts to EGP24.9mn for its 1.7mn shares.
SMFR also owns 50% equity stake (eq. to 0.3mn shares) in Arab Sulfur Company (ASC), which is one of the
leading companies in Egypt specialized in crushing, milling and packing sulphur and other fertilisers. ASC was
established in 1979.


Recent Developments
 Potential capital gains: In January 2011, PSFC (in which SMFR owns a c.8.5% equity stake) revealed that it
is preparing for an IPO. Should PSFC successfully complete its IPO, SMFR might realize capital gains that
could be shared with investors. Indeed, positive investor sentiment was reflected by a 5% gain in share price by
close of January 13th following the announcement. However, signs of possible political entanglements following
the revolution have since led to a likely postponement of any such capital gains for SMFR.


Share Ownership & Contact Information
Shareholder Structure                             %        Contact Inform ation

Free Float                                       85.5%     IR Contact:
Sherif Abdulbaki                                 10.8%     Address:               13 Abdel Hussein Rostom St.
Insurance Companies                               2.7%
Banks                                             1.0%     Telephone:             02 3749 1360 / 02 3749 1361
                                                           Fax:                   02 3749 1362

                                                           Website:               w w w .egyfert.com
                                                           Bloomberg | Reuters:   SMFR EY | SMFR.CA
Share Data & Performance
  ISIN                                            EGS51191C012                                        MoM                3M         YoY         Ytd
  Bloomberg / Reuters                     SMFR EY / SMFR.CA
                                                                                  SMFR                -4.0%           -0.5%        1.0%      -17.5%
  Fiscal Year End                                       December

  Last Price (EGP)                                           8.43                 EGX 30              0.2%          -1.7%        -10.9%      -24.8%
  52 Week High                                              11.89                 EGX 70              -2.8%             9.5%      19.3%      -12.7%
  52 Week Low                                                6.89                 EGX 100             -2.1%             5.3%       7.1%      -16.6%

  No. of Shares (mn)                                             9.6              MSCI EM             -0.2%         -2.4%         26.6%        0.5%
  Mkt Cap (EGPmn)                                            80.9                 MSCI World          1.4%              0.2%      29.6%        5.0%

  100-day Av. Volume (000' shares per day)                 136.4
                                                                                   All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                          Shrs (mn)
                                         Volume             SMFR                EGX 30 rebased
 12.0                                                                                                                                            1.20

 11.0                                                                                                                                            1.00

 10.0                                                                                                                                            0.80

  9.0                                                                                                                                            0.60

  8.0                                                                                                                                            0.40

  7.0                                                                                                                                            0.20

  6.0                                                                                                                                            -
      Jul-10      Aug-10     Sep-10      Oct-10         Dec-10         Jan-11        Feb-11          Mar-11           May-11        Jun-11



Financial Summary
 EGPmn
 December                                    2006a         2007a           2008a           2009a              2010a            2011e         2012e

 Revenue                                          99        116             173              59                 60                64            71
 Grow th Rate                                     n/a      17.0%           49.4%         -66.1%               2.1%              6.1%         12.1%


 EBITDA                                         4             15              10             (0)                  (1)              2             2
 Grow th Rate (%)                              n/a            n/m         -34.7%        -102.2%                  n/m              n/m        27.0%
 EBITDA margin (%)                           3.6%          12.7%            5.6%          -0.4%               -1.4%             2.8%          3.1%

 Net Income                                     2             11               5              3              (2)               0.4               1
 Grow th Rate (%)                              n/a            n/m         -53.2%         -47.5%         -177.4%            -120.7%           32.6%
 Net margin (%)                              2.1%           9.7%            3.0%           4.7%           -3.6%               0.7%            0.8%

 PER                                         39.8x           7.2x           15.4x           29.3x               n/m              n/m           n/m
 P/BV                                         3.2x           1.5x            1.4x            1.3x              1.3x             1.2x          1.2x

 EV/EBITDA                                   25.4x           4.2x            8.3x        -359.5x          -98.6x               48.6x         38.5x
 Net debt/EBITDA                              2.5x          -1.3x           -0.1x          20.9x           -2.4x                2.6x          2.2x

 EPS (EGP)                                    0.21           1.17            0.55             0.29              n/m              0.05          0.06
 Dividend Yield                              2.0%           9.4%            3.8%               n/a              n/a             0.0%          0.2%

  Source (all): CI Capital Research & Bloomberg




Page 74 of 202
                           INVESTMENT
FINANCIAL AND INVESTMENT   FINANCIAL AND
                                                                           CI Capital Research | Handbook | 2-Jul-11



Egyptians Abroad for Invest. & Development
ABRD | Financial & Investment | Not Covered

Company Profile
Egyptians Abroad for Investment & Development [ABRD] was established under Ministerial Decree
No.294/1984 as an Egyptian corporation operating under Investment Law 43/1974 and its amendments: Law
230/1989, Law 8/1997 and Law 95/1992.
Since its establishment, ABRD has participated in the launch of companies and projects in various investment
fields, depending on its strong ties with businessmen (both within Egypt and abroad), banks and experts in
related fields. The company has been responsible for the promotion & establishment processes of various
projects, as well as extending legal & financial consultancy to most investment fields.

Recent Developments
 Paid capital increase: In its meeting held on January 11, 2011, ABRD’s BoD approved the increase of the
company’s paid capital by 100%, from EGP100,517,000 to EGP201,035,000, to be distributed over 80,414,000
shares. It is worth noting that the company will finance the capital increase by inviting its existing shareholders
to subscribe to a 100% rights-issue at a nominal value of EGP2.5/share, in addition to issuance fees of
EGP0.05/share.


Share Ownership & Contact Information
Shareholder Structure                              %         Contact Inform ation

Free Float                                        53.3%      IR Contact:            Ahmed Kamal Hafez
Yamir Equities                                    20.0%      Address:               Nile Tow er, 21 Giza St., Orman Area,
Egyptian Abroadfor Portfolio Management           12.9%                             Giza, Egypt
Egyptians Housing Development & Reconstruction    12.1%      Telephone:             02 3572 9062 / 02 3573 5642
Others                                             1.8%      Fax:                   02 357 29106

                                                             Website:               w w w .egyptiansabroad.com
                                                             Bloomberg | Reuters:   ABRD EY | ABRD.CA
Share Data & Performance
  ISIN                                            EGS67181C015                                            MoM               3M         YoY         Ytd
  Bloomberg / Reuters                     ABRD EY / ABRD.CA
                                                                                    ABRD                  -2.3%           8.2%       16.5%      -30.1%
  Fiscal Year End                                       December

  Last Price (EGP)                                               5.01               EGX 30                 0.2%       -1.7%          -10.9%     -24.8%
  52 Week High                                                   8.32               EGX 70                -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                                    4.19               EGX 100               -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                         32.0                   MSCI EM               -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                           160.3                   MSCI World             1.4%           0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                  743.4
                                                                                     All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                             Shrs (mn)
                                         Volume             ABRD                  EGX 30 rebased
 9.0                                                                                                                                                3.50

 8.0                                                                                                                                                3.00

                                                                                                                                                    2.50
 7.0
                                                                                                                                                    2.00
 6.0
                                                                                                                                                    1.50
 5.0
                                                                                                                                                    1.00
 4.0                                                                                                                                                0.50

 3.0                                                                                                                                                -
   Jul-10         Aug-10    Sep-10       Oct-10         Dec-10          Jan-11          Feb-11           Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 December                                    2006a          2007a           2008a            2009a                2010a            2011e        2012e

 Revenue                                           3             12            28               11                 7                n/a           n/a
 Grow th Rate                                     n/a            n/m       130.8%           -62.0%            -35.3%                 n/a           n/a


 EBITDA                                          1            11               26                7                 3                n/a           n/a
 Grow th Rate (%)                               n/a           n/m          145.4%           -71.5%            -55.3%                 n/a           n/a
 EBITDA margin (%)                           47.5%         86.9%            92.3%            69.2%             47.8%                 n/a           n/a

 Net Income                                      2            11               21                7                 5                n/a           n/a
 Grow th Rate (%)                               n/a           n/m           85.8%           -65.4%            -33.5%                 n/a           n/a
 Net margin (%)                              61.4%         93.6%            75.4%            68.6%             70.6%                 n/a           n/a

 PER                                         83.3x          14.0x                7.6x            21.8x            32.8x              n/m          n/m
 P/BV                                         4.7x           2.7x                1.4x             1.4x             0.8x              n/a          n/a

 EV/EBITDA                                      n/m         13.7x             6.1x               19.7x            45.3x              n/a           n/a
 Net debt/EBITDA                              -5.5x         -1.4x            -0.1x               -2.0x            -3.1x              n/a           n/a

 EPS (EGP)                                    0.06           0.36                0.66             0.23             0.15              n/a           n/a
 Dividend Yield                                n/a            n/a                 n/a              n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 76 of 202
                                                                        CI Capital Research | Handbook | 2-Jul-11



Al Ahly Investment & Development
AFDI | Financial & Investment | Not Covered

Company Profile
Incorporated in 1995, Al Ahly Investment and Development [AFDI] was the first venture capital company to
be established in Egypt as a joint stock company. As a venture capital company, it is involved in a wide
spectrum of investment banking activates including acquisitions, restructuring, underwriting, portfolio & fund
management and investment & financial advisory services.
In 1997, AFDI had its shares listed on the Egyptian Exchange (EGX). The company currently has a paid-in
capital of EGP200mn distributed over 20mn shares at a par value of EGP10/share.


Recent Developments
 Acquisitions: In June 2010, AFDI’s BoD decided to acquire a 50% stake in Tamweel Al Emarat Real
Estate Finance Company. The latter will increase its paid-in capital to EGP50mn from EGP25mn, of which
EGP15mn will be paid by the former. It is worth mentioning that the company’s name will be changed
accordingly to “Tamleek Masr” following the acquisition.


Share Ownership & Contact Information

Shareholder Structure                            %        Contact Inform ation

Free Float                                      39.9%     IR Contact:            Ahmed Walid Hasan
Nile Mortgage                                   10.0%     Address:               37 Cornich Al Nil St., Maadi, Cairo, Egypt
Southern Valley Cement                           9.9%
Pico Investment                                  9.9%     Telephone:             02 2751 5271 / 02 2751 5272/3/4
Misr Insurance                                   9.8%     Fax:                   02 2578 0793
Others                                          20.6%
                                                          Website:               w w w .adi-alahly.com
                                                          Bloomberg | Reuters:   AFDI EY | AFDI.CA
Share Data & Performance
  ISIN                                            EGS69021C011                                       MoM               3M         YoY         Ytd
  Bloomberg / Reuters                        AFDI EY / AFDI.CA
                                                                               AFDI                  -2.7%           5.2%       -18.4%     -28.3%
  Fiscal Year End                                       December

  Last Price (EGP)                                          11.16              EGX 30                0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                              17.90              EGX 70                -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                                8.57              EGX 100               -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                         20.0              MSCI EM               -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                          223.2               MSCI World            1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                 135.2
                                                                                All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                        Shrs (mn)
                                         Volume             AFDI             EGX 30 rebased
 18.0                                                                                                                                          1.20
 17.0
                                                                                                                                               1.00
 16.0
 15.0
                                                                                                                                               0.80
 14.0
 13.0                                                                                                                                          0.60
 12.0
                                                                                                                                               0.40
 11.0
 10.0
                                                                                                                                               0.20
  9.0
  8.0                                                                                                                                          -
      Jul-10      Aug-10     Sep-10      Oct-10         Dec-10      Jan-11          Feb-11          Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 December                                    2006a         2007a        2008a            2009a               2010a            2011e        2012e

 Revenue                                          27          22           35               29              46                 n/a           n/a
 Grow th Rate                                     n/a     -19.7%        57.0%           -15.0%           57.6%                  n/a           n/a


 EBITDA                                         20            15           24               22              35                 n/a           n/a
 Grow th Rate (%)                               n/a       -28.4%        66.7%            -8.8%           56.2%                  n/a           n/a
 EBITDA margin (%)                           74.8%         66.7%        70.8%            75.9%           75.3%                  n/a           n/a

 Net Income                                      8            31          (31)              5               15                 n/a           n/a
 Grow th Rate (%)                               n/a           n/m     -202.8%         -116.8%           177.5%                  n/a           n/a
 Net margin (%)                              31.0%        138.6%       -90.8%           18.0%            31.7%                  n/a           n/a

 PER                                         26.3x           7.3x             n/m        42.3x               15.2x              n/m          n/m
 P/BV                                         1.0x           0.9x            1.8x         1.3x                1.1x              n/a          n/a

 EV/EBITDA                                   11.1x          16.1x        10.4x           11.9x                8.9x              n/a           n/a
 Net debt/EBITDA                              0.3x           0.9x         1.3x            1.9x                2.5x              n/a           n/a

 EPS (EGP)                                    0.42           1.53            n/m             0.26             0.73              n/a           n/a
 Dividend Yield                                n/a            n/a            n/a              n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 78 of 202
                                                                            CI Capital Research | Handbook | 2-Jul-11



Citadel Capital
CCAP | Financial & Investment | Not Covered

Company Profile
Citadel Capital [CCAP] is a private equity firm based in Cairo, listed on the Egyptian Exchange (EGX) and
trading under the stock symbol CCAP.CA. Majority controlled by its senior management and employees,
Citadel Capital makes controlled private equity investments in the Middle East and Africa and has more than
USD8.6bn in investments under its control, spanning 19 Platform Companies in 15 industries across 14
countries. Specifically, the firm focuses on opportunities in the Middle East and Africa, and was recently ranked
the number one private equity firm in Africa for the third year in a row by Private Equity International. In addition
to its Cairo headquarters, the firm has an office in Algiers and is opening offices in Nairobi, Kenya, as well as in
Dubai, to be closer to its investors. Since it began operations in 2004, the firm has raised and invested equity of
more than USD4.3bn, including over USD750mn of its own capital. In the same period, Citadel Capital has
generated more than USD2.5bn in cash proceeds from five successful exits (three full and two partial) on
investments of USD650mn, more than any other private equity firm in the region.
To date, Citadel Capital has raised 19 Opportunity-Specific Funds (OSFs) that control platform investments in
industries including energy, cement, specialty real estate, mining, finance, agribusiness, glass manufacturing,
transportation, metallurgy and solid waste management. The firm has completed a total of 54 acquisitions and
new company formations, and pursues control investments across the deal-type spectrum, including
turnarounds, buyouts, consolidations / industry roll-ups and green fields.


Recent Developments
 IPO of energy unit delayed: In light of local and regional instability, the firm will delay the initial public
offering of its energy unit, Taqa Arabia, said head of investor relations Amr El Kadi, adding that the company
would delay the share sale until the end of this year or the beginning of 2012. The IPO was planned for the first
half of this year.


Share Ownership & Contact Information
Shareholder Structure                               %         Contact Inform ation

Free Float                                         47.7%      IR Contact:            Amr Elqady
Citadel Capital Partners LTD                       39.3%      Address:               Four Seasons Nile Plaza Office Bld.,
Emirates International Company for investment       8.4%                             Third Floor, 1089 Corniche Al-Nil, Cairo,
Alaa Ahmed Abd El Maksood Arafa                     3.3%      Telephone:             Egypt
                                                                                     02 2791 4440
Export Development Bank of Egypt                    1.4%      Fax:                   02 2791 4448

                                                              Website:               info@citadelcapital.com
                                                              Bloomberg | Reuters:   CCAP EY | CCAP.CA
Share Data & Performance
  ISIN                                            EGS73541C012                                             MoM             3M        YoY         Ytd
  Bloomberg / Reuters                     CCAP EY / CCAP.CA
                                                                                    CCAP                   -4.4%          1.2%      -9.5%     -37.8%
  Fiscal Year End                                       December

  Last Price (EGP)                                               5.69               EGX 30                 0.2%       -1.7%        -10.9%     -24.8%
  52 Week High                                                   9.65               EGX 70                -2.8%           9.5%     19.3%      -12.7%
  52 Week Low                                                    4.10               EGX 100               -2.1%           5.3%      7.1%      -16.6%

  No. of Shares (mn)                                        496.2                   MSCI EM               -0.2%       -2.4%        26.6%        0.5%
  Mkt Cap (EGPmn)                                         2,823.5                   MSCI World             1.4%           0.2%     29.6%        5.0%

  100-day Av. Volume (000' shares per day)                3,383.6
                                                                                     All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                           Shrs (mn)
                                         Volume             CCAP                  EGX 30 rebased
 10.5                                                                                                                                            20.00
                                                                                                                                                 18.00
  9.5
                                                                                                                                                 16.00
  8.5                                                                                                                                            14.00
  7.5                                                                                                                                            12.00
                                                                                                                                                 10.00
  6.5                                                                                                                                            8.00
  5.5                                                                                                                                            6.00
                                                                                                                                                 4.00
  4.5
                                                                                                                                                 2.00
  3.5                                                                                                                                            -
      Jul-10      Aug-10    Sep-10       Oct-10         Dec-10          Jan-11          Feb-11           Mar-11       May-11         Jun-11



Financial Summary
 EGPmn
 December                                    2006a          2007a            2008a           2009a                2010a          2011e        2012e

 Revenue                                      n/a                n/a             304           458                58              n/a           n/a
 Grow th Rate                                  n/a                n/a             n/a        50.7%            -87.2%               n/a           n/a


 EBITDA                                       n/a                n/a           87              213            (1,348)             n/a           n/a
 Grow th Rate (%)                              n/a                n/a          n/a          145.5%                n/m              n/a           n/a
 EBITDA margin (%)                             n/a                n/a       28.5%            46.5%                n/m              n/a           n/a

 Net Income                                   n/a                n/a          (51)             159            (1,355)             n/a           n/a
 Grow th Rate (%)                              n/a                n/a          n/a              n/m               n/m              n/a           n/a
 Net margin (%)                                n/a                n/a      -16.7%            34.7%                n/m              n/a           n/a

 PER                                           n/m               n/m              n/m            17.7x              n/m            n/m          n/m
 P/BV                                          n/a               n/a             1.0x             0.8x             1.2x            n/a          n/a

 EV/EBITDA                                        n/a            n/a         40.2x               15.8x            -2.8x            n/a           n/a
 Net debt/EBITDA                                  n/a            n/a          7.7x                2.5x            -0.7x            n/a           n/a

 EPS (EGP)                                        n/a            n/a             n/m              0.32              n/m            n/a           n/a
 Dividend Yield                                   n/a            n/a             n/a               n/a              n/a            n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 80 of 202
                                                                          CI Capital Research | Handbook | 2-Jul-11



Delta Insurance Company
DEIN | Financial & Investment | Not Covered

Company Profile
Delta Insurance Company [DEIN] was incorporated in 1980 by Delta International Bank and Nasser Social
Bank. It provides a full range of insurance and financial services offered through multiple distribution channels.
Insurance products include life and non-life insurance, including automotive, fire, health, commercial insurance,
reinsurance, administrative services, annuities, mutual funds, pensions and long-term savings plan, among
others. In July 1996, DEIN had its shares listed on the Egyptian Exchange (EGX).

Recent Developments
 6-month results: Delta Insurance [DEIN] reported its consolidated financial results, posting a net profit of
EGP6.46mn for the 6-month period from July 2010 to December 2010, compared to a net profit of EGP 7.53mn
during the same period the previous year.

Share Ownership & Contact Information
Shareholder Structure                              %        Contact Inform ation

Free Float                                        37.9%     IR Contact:            Nabil Beshai Atallah
Egyptian Kuw ait Holding Company                  20.5%     Address:               14 Hassan Mohamed Al-Razaz St.,
Gulf Company for Arab Investments                 11.3%                            Agouza, Giza, Egypt
Hoda Abbas Mahmoud abd ElKerim                    10.0%     Telephone:             02 3337 5009 / 02 3749 4594
Nasser Social bank                                 6.7%     Fax:                   02 3335 8990 / 02 3762 3562
Equity Holding International                       5.5%
Yaseen Yaseen El Hamzaw i                          3.1%     Website:               w w w .deltains.org
Others                                             5.1%     Bloomberg | Reuters:   DEIN EY | DEIN.CA
Share Data & Performance
  ISIN                                            EGS63031C016                                        MoM               3M         YoY         Ytd
  Bloomberg / Reuters                         DEIN EY / DEIN.CA
                                                                                DEIN                   7.5%       23.8%           3.3%       -5.1%
  Fiscal Year End                                            June

  Last Price (EGP)                                           7.13               EGX 30                0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                               9.06               EGX 70                -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                                4.74               EGX 100               -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                         22.5               MSCI EM               -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                          160.4                MSCI World            1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                   56.3
                                                                                All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                         Shrs (mn)
                                         Volume             DEIN             EGX 30 rebased
 10.0                                                                                                                                           0.50
                                                                                                                                                0.45
  9.0
                                                                                                                                                0.40
                                                                                                                                                0.35
  8.0
                                                                                                                                                0.30
  7.0                                                                                                                                           0.25
                                                                                                                                                0.20
  6.0
                                                                                                                                                0.15
                                                                                                                                                0.10
  5.0
                                                                                                                                                0.05
  4.0                                                                                                                                           -
      Jul-10      Aug-10     Sep-10      Oct-10         Dec-10      Jan-11          Feb-11           Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 June                                        2006a         2007a        2008a            2009a                2010a            2011e        2012e

 Revenue                                          13           3             15             23                   23             n/a           n/a
 Grow th Rate                                     n/a     -75.4%             n/m         55.5%                -0.9%              n/a           n/a


 EBITDA                                       13               3           15              23                23                 n/a           n/a
 Grow th Rate (%)                             n/a         -75.4%           n/m          55.5%             -0.9%                  n/a           n/a
 EBITDA margin (%)                        100.0%          100.0%       100.0%          100.0%            100.0%                  n/a           n/a

 Net Income                                   20              21           19                1               19                 n/a           n/a
 Grow th Rate (%)                             n/a           5.1%       -10.1%           -92.5%               n/m                 n/a           n/a
 Net margin (%)                           155.4%          664.8%       128.7%             6.2%            84.8%                  n/a           n/a

 PER                                          8.0x           7.6x            8.5x             n/m              8.3x              n/m          n/m
 P/BV                                         1.1x           1.1x            1.1x            1.1x              1.0x              n/a          n/a

 EV/EBITDA                                    -4.0x         -3.2x         1.6x               -2.9x            -2.9x              n/a           n/a
 Net debt/EBITDA                             -16.5x        -53.8x        -9.3x               -9.9x            -9.9x              n/a           n/a

 EPS (EGP)                                    0.89           0.94            0.84            0.06              0.85              n/a           n/a
 Dividend Yield                                n/a            n/a             n/a             n/a               n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 82 of 202
                                                                        CI Capital Research | Handbook | 2-Jul-11



Egypt Kuwait Holding Company
EKHO | Financial & Investment | Not Covered

Company Profile
Established in 1997 by Kuwaiti and Egyptian businessmen, Egyptian Kuwaiti Holding [EKHO] has a
diversified portfolio of investment in the fertilizer, energy, manufacturing, insurance and IT sectors. The
company possesses an authorized capital of USD500mn and a subscribed and paid-up capital of USD210mn.
Its shareholders include several prominent institutional investors and over 15,000 retail investors.


Recent Developments
 Fertilizer Plant Deal: In January 2011, National Fertilizers & Industries Co., a unit of Egyptian Kuwaiti
Holding Co., signed a EGP1.5bn (USD259mn) contract with a French company to build a phosphate fertilizer
plant in Sadat City in Egypt which would produce 1.5mn tons of fertilizer a year, the company said.

 Financials approved: In its meeting held on May 9, EKHO’s BOD approved both consolidated and
standalone financial results for the fiscal period ending on March 31, 2011. Consolidated profits hit USD31.4,
compared to USD33.3mn in the same period of the previous year, representing a decline of 5.7%. Moreover,
standalone profits hit USD28.9mn in1Q11, compared to USD30.1mn in the same period of the previous year.


Share Ownership & Contact Information
Shareholder Structure                            %        Contact Inform ation

Free Float                                      79.0%     IR Contact:            Moataz Salah
National Khier Co. for Shares & Real Estate     13.9%     Address:               14 Mohammed al Razzaz St., Agouza,
Gulf International Co. for Investment            5.0%                            Giza, Egypt
Others                                           2.1%     Telephone:             02 3336 3300
                                                          Fax:                   02 3335 8989

                                                          Website:               w w w .ekholding.com
                                                          Bloomberg | Reuters:   EKHO EY | EKHO.CA
Share Data & Performance
  ISIN                                            EGS69082C013                                           MoM               3M         YoY         Ytd
  Bloomberg / Reuters                     EKHO EY / EKHO.CA
                                                                                    EKHO                 -5.1%           -6.5%      -15.7%     -24.1%
  Fiscal Year End                                       December

  Last Price (USD)                                               1.29               EGX 30                0.2%       -1.7%          -10.9%     -24.8%
  52 Week High                                                   1.84               EGX 70               -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                                    1.03               EGX 100              -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                        839.3                   MSCI EM              -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (USDmn)                                         1,082.7                   MSCI World            1.4%           0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                  920.8
                                                                                    All prices as at 30th June 2011.


52-Week Graph
USD                                                                                                                                            Shrs (mn)
                                         Volume             EKHO                  EGX 30 rebased
 2.0                                                                                                                                               6.00
 1.9
                                                                                                                                                   5.00
 1.8
 1.7
                                                                                                                                                   4.00
 1.6
 1.5                                                                                                                                               3.00
 1.4
                                                                                                                                                   2.00
 1.3
 1.2
                                                                                                                                                   1.00
 1.1
 1.0                                                                                                                                               -
   Jul-10         Aug-10    Sep-10       Oct-10         Dec-10          Jan-11          Feb-11          Mar-11           May-11       Jun-11



Financial Summary
 USDmn
 December                                    2006a          2007a           2008a            2009a               2010a            2011e        2012e

 Revenue                                      103            224              450              363                 438             n/a           n/a
 Grow th Rate                                  n/a        117.4%           100.9%           -19.3%               20.5%              n/a           n/a


 EBITDA                                         63          117              216               150                 204             n/a           n/a
 Grow th Rate (%)                               n/a        87.4%            84.5%           -30.6%               36.4%              n/a           n/a
 EBITDA margin (%)                           60.7%         52.3%            48.0%            41.3%               46.7%              n/a           n/a

 Net Income                                     56          104              120               131                 145             n/a           n/a
 Grow th Rate (%)                               n/a        85.2%            15.0%             9.5%               10.9%              n/a           n/a
 Net margin (%)                              54.5%         46.4%            26.6%            36.0%               33.2%              n/a           n/a

 PER                                         19.3x          10.4x                9.1x            8.3x             7.5x              n/m          n/m
 P/BV                                          n/a            n/a                1.9x            1.7x             1.2x              n/a          n/a

 EV/EBITDA                                        n/a            n/a             6.0x            8.1x             5.9x              n/a           n/a
 Net debt/EBITDA                                  n/a            n/a             1.0x            0.9x             0.6x              n/a           n/a

 EPS (USD)                                    0.07           0.12                0.14            0.16             0.17              n/a           n/a
 Dividend Yield                                n/a            n/a                 n/a             n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 84 of 202
                                                                       CI Capital Research | Handbook | 2-Jul-11



EFG Hermes Holding
HRHO | Financial & Investment | Not Covered

Company Profile
EFG-Hermes Holding Company [HRHO], founded in 1984, is a leading Egypt-based investment bank
providing a complete spectrum of investment services, including securities brokerage, asset management,
investment banking, private equity and research services.
EFG-Hermes has expanded its operation to the UAE, Saudi Arabia, Qatar, Lebanon, Oman, and Kuwait.


Recent Developments
 Credit Libanais acquisition: In November 2010, EFG Hermes Holding Company [HRHO] completed the
acquisition of a 65% interest in Crédit Libanais S.A.L. following receipt of the requisite approvals from the
Central Bank of Lebanon. The transaction is valued at USD542mn and EFG Hermes has an option over the
next 2 years to acquire a further 25% at the same price.

 Capital increase: EFG Hermes Holding Company’s BoD meeting held on April 21, 2011 proposed a 10%
capital increase from EGP1,913.6mn to EGP2,104.9mn via use of a 10% stock dividend financed through
retained earnings. Nevertheless, in EFG's AGM and EGM, held on June 13, 2011, EGF shareholders approved
the decision to further increase the capital and bonus distribution through a 25% stock dividend instead.


Share Ownership & Contact Information
Shareholder Structure                            %       Contact Inform ation

Free Float                                      68.8%    IR Contact:            Nada Al Hamalaw y
DF EFG 1 Limited                                11.7%    Address:               Bld. No. B129, Smart Village, Km 28 Cairo-
Gazelle                                          7.0%                           Alexandria Desert Rd., Sixth of October,
DF EFG 2 Limited                                 6.7%    Telephone:             Egypt 6710
                                                                                02 3535
Others                                           5.8%    Fax:                   02 3535 7017

                                                         Website:               w w w .efg-hermes.com
                                                         Bloomberg | Reuters:   HRHO EY | HRHO.CA
Share Data & Performance
  ISIN                                            EGS69101C011                                        MoM               3M        YoY         Ytd
  Bloomberg / Reuters                     HRHO EY / HRHO.CA
                                                                               HRHO                   -4.9%           -8.2%     -31.2%     -40.7%
  Fiscal Year End                                     December

  Last Price (EGP)                                        20.10                EGX 30                 0.2%        -1.7%         -10.9%     -24.8%
  52 Week High                                            35.99                EGX 70                -2.8%            9.5%      19.3%      -12.7%
  52 Week Low                                             16.10                EGX 100               -2.1%            5.3%       7.1%      -16.6%

  No. of Shares (mn)                                      382.7                MSCI EM               -0.2%        -2.4%         26.6%        0.5%
  Mkt Cap (EGPmn)                                       7,692.6                MSCI World             1.4%            0.2%      29.6%        5.0%

  100-day Av. Volume (000' shares per day)              1,315.1
                                                                               All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                        Shrs (mn)
                                         Volume           HRHO               EGX 30 rebased
 40.0                                                                                                                                         12.00

                                                                                                                                              10.00
 35.0
                                                                                                                                              8.00
 30.0
                                                                                                                                              6.00
 25.0
                                                                                                                                              4.00
 20.0
                                                                                                                                              2.00

 15.0                                                                                                                                         -
      Jul-10      Aug-10    Sep-10       Oct-10       Dec-10      Jan-11           Feb-11           Mar-11        May-11          Jun-11



Financial Summary
 EGPmn
 December                                    2006a        2007a        2008a            2009a                2010a            2011e        2012e

 Revenue                                      899        1,720        1,620               772                  917             n/a           n/a
 Grow th Rate                                  n/a       91.4%        -5.8%            -52.3%                18.8%              n/a           n/a


 EBITDA                                       579         921           733                63                  890             n/a           n/a
 Grow th Rate (%)                               n/a      58.9%       -20.4%            -91.4%                   n/m             n/a           n/a
 EBITDA margin (%)                           64.5%       53.5%        45.2%              8.1%                97.0%              n/a           n/a

 Net Income                                   702        1,281          933               552                  700             n/a           n/a
 Grow th Rate (%)                               n/a      82.5%       -27.1%            -40.9%                26.9%              n/a           n/a
 Net margin (%)                              78.1%       74.5%        57.6%             71.5%                76.4%              n/a           n/a

 PER                                         11.0x         6.0x            8.2x             13.9x            11.0x              n/m          n/m
 P/BV                                         1.0x         0.8x            1.0x              0.9x             0.9x              n/a          n/a

 EV/EBITDA                                     7.7x        4.8x             8.9x           n/m                -1.7x             n/a           n/a
 Net debt/EBITDA                              -5.6x       -3.5x            -1.6x        -14.6x               -10.4x             n/a           n/a

 EPS (EGP)                                    1.83         3.35            2.44              1.44             1.83              n/a           n/a
 Dividend Yield                                n/a          n/a             n/a               n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 86 of 202
                                                                      CI Capital Research | Handbook | 2-Jul-11



Naeem Holding
NAHO | Financial & Investment | Not Covered

Company Profile
Naeem Holding [NAHO] was incorporated in 2005 as a way of consolidating pre-existing operations
encompassing brokerage, portfolio & fund management, corporate finance and private equity in the Kingdom of
Saudi Arabia (KSA), United Arab Emirates (UAE) and Egypt. NAHO has four key lines of business: Investment
Banking, Asset Management, Private Equity and Brokerage. In November 2006, NAHO had its shares listed on
the Egyptian Exchange (EGX).

Recent Developments
 Arabeya Online share sale: In August 2010 and in a deal worth EGP266mn, NAHO sold its shares of
Arabeya Online to Audi Bank, giving the bank ownership of over 90% of the company. NAHO sold its 80%
share at EGP213mn, and the deal included an additional 10% share from the firm’s chairman, Hisham Tawfik,
who will retain 50% of his original share in order to continue managing the company.


Share Ownership & Contact Information
Shareholder Structure                           %       Contact Inform ation

Free Float                                     43.4%    IR Contact:            Sherif Abdellatif
Youssif Mohamed Medhat Youssif El Far          19.5%    Address:               40 Lebanon St., P.O. Box 12411,
Regional Investment Holding                    14.9%                           Mohandessin, Giza, Egypt
Others                                         22.2%    Telephone:             02 3302 3799 / 02 3346 9227
                                                        Fax:                   02 3303 4099

                                                        Website:               w w w .naeemholding.com
                                                        Bloomberg | Reuters:   NAHO EY | NAHO.CA
Share Data & Performance
  ISIN                                            EGS69182C011                                            MoM               3M         YoY         Ytd
  Bloomberg / Reuters                     NAHO EY / NAHO.CA
                                                                                    NAHO                  -5.3%       -18.2%         -16.3%     -26.5%
  Fiscal Year End                                       December

  Last Price (USD)                                               0.36               EGX 30                 0.2%        -1.7%         -10.9%     -24.8%
  52 Week High                                                   0.57               EGX 70                -2.8%            9.5%      19.3%      -12.7%
  52 Week Low                                                    0.33               EGX 100               -2.1%            5.3%       7.1%      -16.6%

  No. of Shares (mn)                                        309.0                   MSCI EM               -0.2%        -2.4%         26.6%        0.5%
  Mkt Cap (USDmn)                                           111.2                   MSCI World             1.4%            0.2%      29.6%        5.0%

  100-day Av. Volume (000' shares per day)                  612.0
                                                                                    All prices as at 30th June 2011.


52-Week Graph
USD                                                                                                                                             Shrs (mn)
                                         Volume             NAHO                  EGX 30 rebased
 0.6                                                                                                                                                7.00

 0.6                                                                                                                                                6.00

 0.5                                                                                                                                                5.00

 0.5                                                                                                                                                4.00

 0.4                                                                                                                                                3.00

 0.4                                                                                                                                                2.00

 0.3                                                                                                                                                1.00

 0.3                                                                                                                                                -
   Jul-10         Aug-10    Sep-10       Oct-10         Dec-10          Jan-11          Feb-11           Mar-11           May-11       Jun-11



Financial Summary
 USDmn
 December                                    2006a          2007a           2008a            2009a                2010a            2011e        2012e

 Revenue                                          29         137               47               31               68                 n/a           n/a
 Grow th Rate                                     n/a         n/m          -65.3%           -34.6%           120.3%                  n/a           n/a


 EBITDA                                         25          113                19               12                   46             n/a           n/a
 Grow th Rate (%)                               n/a           n/m          -83.3%           -37.7%                   n/m             n/a           n/a
 EBITDA margin (%)                           84.8%         82.4%            39.7%            37.8%                67.2%              n/a           n/a

 Net Income                                     21          108                 5               (6)                  25             n/a           n/a
 Grow th Rate (%)                               n/a           n/m          -95.5%          -226.4%                   n/m             n/a           n/a
 Net margin (%)                              71.3%         78.7%            10.2%           -19.6%                36.7%              n/a           n/a

 PER                                          5.4x           1.0x            23.1x                n/m              4.4x              n/m          n/m
 P/BV                                         0.4x           0.3x             0.4x               0.4x              0.4x              n/a          n/a

 EV/EBITDA                                     1.1x          -0.1x           -2.2x                3.9x             3.1x              n/a           n/a
 Net debt/EBITDA                              -3.4x          -1.1x           -8.2x               -5.6x             0.6x              n/a           n/a

 EPS (USD)                                    0.07           0.35                0.02             n/m              0.08              n/a           n/a
 Dividend Yield                                n/a            n/a                 n/a             n/a               n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 88 of 202
                                                                        CI Capital Research | Handbook | 2-Jul-11



Pioneers Holding
PIOH | Financial & Investment | Not Covered

Company Profile
Pioneers Holding Company [PIOH] was incorporated in 2007 as a shareholding company to provide
investment management, asset & fund administration and banking solutions for corporations, institutions, and
affluent individuals. It has organized its services around both its retail and institutional clients. The group
provides securities brokerage trading services, asset management, custody & financial advisory and
investment banking services. In June 2008, PIOH had its shares listed on the Egyptian Exchange (EGX).

Recent Developments
 Treasury buyback: Pioneers Holding Company sent a release to Egyptian Exchange (EGX), stating that in
its May 7th meeting, the company’s BOD approved to buy back 7,586,067 treasury stocks in order to complete
the buyback program to support company’s share price in the market. The move also aims to enhance
company’s performance and increase stock profitability and expected revenue.


Share Ownership & Contact Information
Shareholder Structure                             %       Contact Inform ation

Free Float                                       50.0%    IR Contact:            Ayman Taha
Taha Ibrahim El Telbani                          18.8%    Address:               169 Al Oroba St., Heliopolis, Cairo, Egypt
Mohaydeb Holding Company                         13.9%
Waleed Mohamed Zaki                              12.2%    Telephone:             02 2266 8452 / 02 2266 8464
Others                                            5.1%    Fax:                   02 2266 8447

                                                          Website:               w w w .pioneersholding.com
                                                          Bloomberg | Reuters:   PIOH EY | PIOH.CA
Share Data & Performance
  ISIN                                            EGS691L1C018                                              MoM              3M        YoY        Ytd
  Bloomberg / Reuters                        PIOH EY / PIOH.CA
                                                                                     PIOH                  43.3%        81.7%        21.7%      33.4%
  Fiscal Year End                                        December

  Last Price (EGP)                                               4.27                EGX 30                 0.2%        -1.7%        -10.9%    -24.8%
  52 Week High                                                   4.50                EGX 70                 -2.8%           9.5%     19.3%     -12.7%
  52 Week Low                                                    1.99                EGX 100                -2.1%           5.3%      7.1%     -16.6%

  No. of Shares (mn)                                        500.0                    MSCI EM                -0.2%       -2.4%        26.6%       0.5%
  Mkt Cap (EGPmn)                                         2,135.0                    MSCI World             1.4%            0.2%     29.6%       5.0%

  100-day Av. Volume (000' shares per day)                2,929.5
                                                                                     All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                            Shrs (mn)
                                         Volume              PIOH                 EGX 30 rebased
 5.0                                                                                                                                              90.00

 4.5                                                                                                                                              80.00
                                                                                                                                                  70.00
 4.0
                                                                                                                                                  60.00
 3.5                                                                                                                                              50.00
 3.0                                                                                                                                              40.00
                                                                                                                                                  30.00
 2.5
                                                                                                                                                  20.00
 2.0                                                                                                                                              10.00
 1.5                                                                                                                                              -
   Jul-10         Aug-10    Sep-10      Oct-10          Dec-10          Jan-11           Feb-11           Mar-11        May-11        Jun-11



Financial Summary
 EGPmn
 December                                    2006a          2007a            2008a                2009a            2010a           2011e       2012e

 Revenue                                         n/a             56              394             242                   86           n/a          n/a
 Grow th Rate                                     n/a            n/a              n/m         -38.5%               -64.6%            n/a          n/a


 EBITDA                                          n/a           24             227                   224                69           n/a          n/a
 Grow th Rate (%)                                 n/a          n/a              n/m               -1.2%            -69.2%            n/a          n/a
 EBITDA margin (%)                                n/a       42.8%            57.6%                92.5%             80.5%            n/a          n/a

 Net Income                                      n/a           18             276               258                    54           n/a          n/a
 Grow th Rate (%)                                 n/a          n/a              n/m           -6.4%                -79.0%            n/a          n/a
 Net margin (%)                                   n/a       31.8%            70.0%           106.6%                 63.3%            n/a          n/a

 PER                                             n/m           n/m               7.7x              8.3x             39.3x            n/m         n/m
 P/BV                                            n/a         32.1x               0.8x              0.9x              0.9x            n/a         n/a

 EV/EBITDA                                        n/a        82.7x                5.8x             9.4x             30.6x            n/a          n/a
 Net debt/EBITDA                                  n/a        -6.5x               -3.6x            -0.1x             -0.3x            n/a          n/a

 EPS (EGP)                                        n/a            0.04            0.55              0.52              0.11            n/a          n/a
 Dividend Yield                                   n/a             n/a             n/a               n/a               n/a            n/a          n/a

  Source (all): CI Capital Research & Bloomberg




Page 90 of 202
                     BEVERAGES
FOOD AND BEVERAGES   FOOD AND
                                                                        CI Capital Research | Handbook | 2-Jul-11



Bisco Misr
BISM | Food & Beverage | Not Covered

Company Profile
The Egyptian Company for Foods (Bisco Misr) is an Egypt-based public shareholding food manufacturing
and exporting company, founded in 1957 during Egypt’s nationalization program. At that time, it was the
country’s main provider of baked goods and confectionaries, originally established to provide the army and
national schools with quick snacks. In January 2005, the company was fully privatized as part of broader GoE
privatization program, with shareholders taking over management in May of that year.
Bisco Misr is currently specialized in manufacturing baked goods and sweets, with a product portfolio including
such brands as 3 Cat, Marena, Datto, Bisco Ramsis, Minto and Happy Cake. The Company operates through
three factories, one in Cairo and two in Alexandria, from where it exports to Arab countries, Africa, Canada,
Australia and Europe.

Recent Developments
 New production lines: In May 2011, Bisco Misr announced that it will invest an amount of EGP46mn in
adding new production lines for sweets and baked goods, two of which will join the Alexandria factory.


Share Ownership & Contact Information
Shareholder Structure                             %       Contact Inform ation

Free Float                                       31.3%    IR Contact:            Mahmoud Abdel Sattar
The Egyptian Direct Investment Fund Limited      18.1%    Address:               32 El Saw ah St., El Ameriya, Cairo, Egypt
Commercial International Bank - CIB              10.6%
Egyptian International Fund                       9.8%    Telephone:             02 2286 6600 / 02 2286 6666
Misr Insurance                                    6.8%    Fax:                   02 2284 4132 / 02 2283 6010
Karnak Investments LTD                            6.8%
Misr Bank - Account No. 2                         5.7%    Website:               w w w .biscomisr.com
Moon Capital Master Fund LTD                      5.5%    Bloomberg | Reuters:   BISM EY | BISM.CA
Egyptian Endow ment Authority                     5.4%
Share Data & Performance
  ISIN                                            EGS30481C013                                        MoM               3M         YoY         Ytd
  Bloomberg / Reuters                        BISM EY / BISM.CA
                                                                                 BISM                  0.2%           -3.7%      14.4%        5.4%
  Fiscal Year End                                     December

  Last Price (EGP)                                        33.72                  EGX 30               0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                            36.87                  EGX 70               -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                             29.00                  EGX 100              -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                       11.5                  MSCI EM              -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                        387.8                   MSCI World           1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                     0.9
                                                                                 All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                         Shrs (mn)
                                         Volume           BISM                EGX 30 rebased
 38.0                                                                                                                                           0.04
 36.0
                                                                                                                                                0.03
 34.0
 32.0                                                                                                                                           0.03
 30.0                                                                                                                                           0.02
 28.0
 26.0                                                                                                                                           0.02
 24.0                                                                                                                                           0.01
 22.0
                                                                                                                                                0.01
 20.0
 18.0                                                                                                                                           -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10         Jan-11          Feb-11          Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 December                                    2006a       2007a           2008a            2009a               2010a            2011e        2012e

 Revenue                                      140         177             219                  228          290                 n/a           n/a
 Grow th Rate                                  n/a       26.6%           23.5%                4.3%        27.2%                  n/a           n/a


 EBITDA                                          1           7              12               23               20                n/a           n/a
 Grow th Rate (%)                               n/a         n/m          61.8%            88.2%           -10.2%                 n/a           n/a
 EBITDA margin (%)                            1.0%        4.2%            5.5%             9.9%             7.0%                 n/a           n/a

 Net Income                                     24          25              30               24               21                n/a           n/a
 Grow th Rate (%)                               n/a       6.1%           20.7%           -20.9%           -12.0%                 n/a           n/a
 Net margin (%)                              16.9%       14.2%           13.9%            10.5%             7.3%                 n/a           n/a

 PER                                         16.4x        15.4x           12.8x            16.1x              18.3x              n/m          n/m
 P/BV                                         2.3x         2.4x            2.7x             2.8x               2.8x              n/a          n/a

 EV/EBITDA                                      n/m       47.9x           29.9x            15.8x              18.3x              n/a           n/a
 Net debt/EBITDA                             -40.8x       -4.4x           -2.4x            -1.3x              -0.8x              n/a           n/a

 EPS (EGP)                                    2.06         2.19               2.64            2.09             1.84              n/a           n/a
 Dividend Yield                                n/a          n/a                n/a             n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 92 of 202
                                                                         CI Capital Research | Handbook | 2-Jul-11



Juhayna Group
JUFO | Food & Beverage | Not Covered

Company Profile
Juhayna Food Industries Company [JUFO] is a leading producer and distributor of milk, juice and yogurt
products. Since commencing operations in 1987, Juhayna has established itself as a household name
throughout Egypt. The group operates through eight subsidiaries, divided into four business segments: dairy,
which includes UHT milk, cream and cheese; yogurt, which includes spoonable and drinkable yogurts; juice;
and concentrates. This latter segment is manufactured and sold by the company both locally and for export.
Indeed, the group’s extensive range of products under the brand name “Juhayna” are designed for and
marketed toward a diverse range of consumer and business customers.

Recent Developments
 Full recovery of yogurt operations by 2Q11: In April 2010, a fire erupted in the group’s yogurt factory,
Egyfood. Management expects full recovery of the yogurt segment by 2Q11.

 Floating shares through IPO: In June 2010, JUFO floated 206mn shares in an Initial Public Offering (IPO),
80% were allocated in a private placement and 20% in a public offering. The IPO proceeds, amounting to
EGP999mn, will be used to fund expansion projects in the food and beverage segments and vertical integration
to secure raw materials.

 Accusation of Anti Monopoly Law violation: Egyptian Competition Authority (ECA) has disclosed that
JUFO, International Company for Agro-Industrial Projects (Beyti), and the Nile Company for Food
Industries (Enjoy) violated Anti Monopoly law in fixing prices of raw milk bought from farmers. However, JUFO
clarified it was abiding by the decisions of the Ministry of Trade and Industry and the Ministry of
Agriculture, which are in conflict with the decisions of the Competition Authority.

 Production to start in two facilities: In August 2011, JUFO will start production in its two facilities in Beni
Suef with a total investment cost of EGP75mn. The two plants are part of its subsidiaries El Marwa Food
Industries Co., which focuses on the concentrates segment, and Tiba for Trade & Distribution.


Share Ownership & Contact Information
Shareholder Structure                             %        Contact Inform ation

Pharon Investment Limited                         50.8%    IR Contact:            Fadw a Eissa
Free Float                                        45.8%    Address:               11 El Gahad St., Lebanon Sq.,
Others                                             3.4%                           Mohandessin, Giza, Egypt
                                                           Telephone:             02 3828 6417
                                                           Fax:                   02 3828 6567

                                                           Website:               w w w .juhayna.com
                                                           Bloomberg | Reuters:   JUFO EY | JUFO.CA
Share Data & Performance
  ISIN                                            EGS30901C010                             MoM              3M        YoY       Ytd
  Bloomberg / Reuters                      JUFO EY / JUFO.CA
                                                                        JUFO               -0.5%          -0.7%      34.4%    -8.7%
  Fiscal Year End                                       December

  Last Price (EGP)                                          5.55        EGX 30             0.2%         -1.7%       -10.9%   -24.8%
  52 Week High                                              6.50        EGX 70             -2.8%          9.5%      19.3%    -12.7%
  52 Week Low                                               3.93        EGX 100            -2.1%          5.3%        7.1%   -16.6%

  No. of Shares (mn)                                      726.4         MSCI EM            -0.2%        -2.4%       26.6%      0.5%
  Mkt Cap (EGPmn)                                        4,031.6        MSCI World         1.4%           0.2%      29.6%      5.0%

  100-day Av. Volume (000' shares per day)               1,638.8
                                                                         All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                          Shrs (mn)
                                         Volume            JUFO       EGX 30 rebased
 7.0                                                                                                                            35.00
 6.5                                                                                                                            30.00
 6.0
                                                                                                                                25.00
 5.5
                                                                                                                                20.00
 5.0
                                                                                                                                15.00
 4.5
                                                                                                                                10.00
 4.0
 3.5                                                                                                                            5.00

 3.0                                                                                                                            -
   Jul-10         Aug-10      Sep-10         Oct-10       Dec-10    Jan-11        Feb-11           Mar-11          May-11



Financial Summary
 EGPmn
 December                                    2006a        2007a    2008a         2009a         2010a              2011e      2012e

 Revenue                                       n/a        1,061    1,463         1,578         1,861               n/a         n/a
 Grow th Rate                                   n/a          n/a   37.9%          7.9%         18.0%                n/a         n/a


 EBITDA                                        n/a         122        103          372           416               n/a         n/a
 Grow th Rate (%)                               n/a          n/a   -15.8%           n/m        11.6%                n/a         n/a
 EBITDA margin (%)                              n/a       11.5%      7.0%        23.6%         22.3%                n/a         n/a

 Net Income                                    n/a           43         5          185           228               n/a         n/a
 Grow th Rate (%)                               n/a          n/a   -88.5%           n/m        23.3%                n/a         n/a
 Net margin (%)                                 n/a        4.0%      0.3%        11.7%         12.2%                n/a         n/a

 PER                                           n/m         94.4x      n/m         21.8x        17.7x                n/m        n/m
 P/BV                                          n/a         15.6x    15.2x          7.0x         2.5x                n/a        n/a

 EV/EBITDA                                        n/a      37.4x    50.6x         13.4x            9.8x             n/a         n/a
 Net debt/EBITDA                                  n/a       4.3x    11.3x          2.6x            0.1x             n/a         n/a

 EPS (EGP)                                        n/a       0.06     0.01          0.25            0.31             n/a         n/a
 Dividend Yield                                   n/a        n/a      n/a           n/a             n/a             n/a         n/a

  Source (all): CI Capital Research & Bloomberg




Page 94 of 202
                                                                         CI Capital Research | Handbook | 2-Jul-11



Misr Oil & Soap
MOSC | Food & Beverage | Not Covered

Company Profile
Founded in 1938 by Talaat Harb, Misr Oil and Soap Company [MOSC] is engaged in processing, trading and
distributing edible oils and detergents. The company’s production portfolio includes ghee, butter, sun flower
oils, corn oils, soya oils, cotton seeds oils, glycerine, animal feed, hand wash soap, washing soaps and several
other types of detergents. MOSC operates five factories distributed across major Egyptian cities.


Recent Developments
                                                                                               th
 2010 financial results: MOSC released its 2010 financial results (ending June 30 ), wherein revenue
showed a 12.5% YoY drop to EGP240.04mn. Net income, however, grew by 107% YoY to reach EGP8.57mn.


Share Ownership & Contact Information
Shareholder Structure                             %        Contact Inform ation

Free Float                                       29.8%     IR Contact:            Omar Mohamed Farag
Food Industries Holding Company                  27.0%     Address:               6 Adly St., Dow ntow n, Cairo, Egypt
Physical Shares                                  17.0%
Ahmed Diaa El din Mohamed Hussein                10.0%     Telephone:             02 2391 6188
National Investment Company                       8.4%     Fax:                   02 2391 8286
Misr Insurance                                    7.0%
Others                                            0.9%     Website:
                                                           Bloomberg | Reuters:   MOSC EY | MOSC.CA
Share Data & Performance
  ISIN                                            EGS38421C011                                        MoM               3M         YoY         Ytd
  Bloomberg / Reuters                     MOSC EY / MOSC.CA
                                                                                 MOSC                  0.9%       16.3%          34.8%        3.4%
  Fiscal Year End                                          June

  Last Price (EGP)                                        15.30                  EGX 30               0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                            20.33                  EGX 70               -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                             11.05                  EGX 100              -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                           6.0               MSCI EM              -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                          91.8                  MSCI World           1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                 45.2
                                                                                 All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                         Shrs (mn)
                                         Volume           MOSC                 EGX 30 rebased
 22.0                                                                                                                                           0.40

 20.0                                                                                                                                           0.35
                                                                                                                                                0.30
 18.0
                                                                                                                                                0.25
 16.0
                                                                                                                                                0.20
 14.0
                                                                                                                                                0.15
 12.0
                                                                                                                                                0.10
 10.0                                                                                                                                           0.05
  8.0                                                                                                                                           -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10         Jan-11          Feb-11          Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 June                                        2006a       2007a           2008a            2009a               2010a            2011e        2012e

 Revenue                                      256         283             332               274              240                n/a           n/a
 Grow th Rate                                  n/a       10.7%           17.2%           -17.3%           -12.5%                 n/a           n/a


 EBITDA                                        17            7              16               14              18                 n/a           n/a
 Grow th Rate (%)                              n/a      -59.6%          129.5%           -11.3%           28.4%                  n/a           n/a
 EBITDA margin (%)                           6.7%         2.4%            4.8%             5.1%            7.5%                  n/a           n/a

 Net Income                                    10           10               4                6               9                 n/a           n/a
 Grow th Rate (%)                              n/a        2.2%          -59.0%            53.0%           40.2%                  n/a           n/a
 Net margin (%)                              3.7%         3.4%            1.2%             2.2%            3.6%                  n/a           n/a

 PER                                          9.6x         9.4x           23.0x            15.0x              10.7x              n/m          n/m
 P/BV                                         1.4x         1.4x            1.3x             1.3x               1.1x              n/a          n/a

 EV/EBITDA                                   10.3x        24.2x           10.1x               9.1x             6.3x              n/a           n/a
 Net debt/EBITDA                              4.9x        10.8x            4.3x               2.5x             1.2x              n/a           n/a

 EPS (EGP)                                    1.59         1.63               0.67            1.02             1.43              n/a           n/a
 Dividend Yield                                n/a          n/a                n/a             n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 96 of 202
                                                                              CI Capital Research | Handbook | 2-Jul-11



Cairo Poultry
POUL | Food & Beverage | Not Covered

Company Profile
Cairo Poultry Company (CPC) [POUL] was established in 1977 by Al-Kharafi Group (Kuwait
Food/Americana). It is an integrated poultry complex specializing in poultry operations and poultry feed, with a
production capacity of 300k chickens/day. POUL holds the dominant 30% market share in the local poultry
industry and accounts for c.12% of broiler chicken production.
POUL is a market leader in nearly every phase of the poultry production cycle (except for the production of
table eggs). Its operations include the production of poultry compounds, feed & concentrates, the raising of
grandparent stocks for the production of one-day old parent chicks, the raising of parent stocks for the
production of hatching eggs, the production of broilers, the production of frozen chicken, and a number of
processed value-added products.
The company produces both frozen and processed chicken under the brand name Koki, which is sold to end-
users as well as Americana’s chain of restaurants both within Egypt and throughout the Gulf region. POUL’s
export markets therefore include the UAE, Kuwait, Bahrain, Qatar, Oman and Saudi Arabia.


Recent Developments
 Dividends Distribution: On March 17th, 2011, POUL announced it would pay-out cash dividends of
EGP1.25 per share, payable on March 30th, 2011 to shareholders as of March 27th, 2011.

 1Q11 financials: On May 5th, POUL reported its 1Q11 results, posting a 3.2% decline in net profit to
EGP47.8mn vs. 49.4 in 1Q10. POUL announced the decline in sales came on the back of lower
January/February revenues and higher expenses during and following the 18-day Egyptian uprising. Chick and
Feed sales declined 25% and 13%, respectively in January; while by early February, POUL was also forced to
cull 175,000 chicks due to a shortage in diesel fuel used for heating. The company also agreed to the demands
of striking workers by raising salaries retroactively, starting from February.

Share Ownership & Contact Information
Shareholder Structure                                   %       Contact Inform ation

Free Float                                              37.0%   IR Contact:            Hazem Zayed
Americana Group for Food & Tourism Projects             33.0%   Address:               32 (H) Mourad St., Giza, Egypt
Egyptian Company for International Touristic Projects   15.3%
Nasser Social Bank                                       5.1%   Telephone:             02 3571 9558 / 02 3571 4124
Kuw ait Food (Americana) (Kuw ait)                       4.4%   Fax:                   02 3572 6485 / 02 3569 6246
NAGEL CO                                                 2.8%
Others                                                   2.5%   Website:               w w w .cpg.com.eg
                                                                Bloomberg | Reuters:   POUL EY | POUL.CA
Share Data & Performance
  ISIN                                            EGS02051C018                                     MoM               3M         YoY         Ytd
  Bloomberg / Reuters                      POUL EY / POUL.CA
                                                                              POUL                 -8.9%           -0.6%      34.0%      -10.7%
  Fiscal Year End                                     December

  Last Price (EGP)                                        13.88               EGX 30               0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                            17.08               EGX 70               -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                             10.00               EGX 100              -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                     145.2                MSCI EM              -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                       2,015.4               MSCI World           1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                 75.7
                                                                               All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                      Shrs (mn)
                                         Volume           POUL              EGX 30 rebased
 18.0                                                                                                                                        0.90
 17.0                                                                                                                                        0.80
 16.0                                                                                                                                        0.70
 15.0
                                                                                                                                             0.60
 14.0
                                                                                                                                             0.50
 13.0
                                                                                                                                             0.40
 12.0
                                                                                                                                             0.30
 11.0
 10.0                                                                                                                                        0.20
  9.0                                                                                                                                        0.10
  8.0                                                                                                                                        -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10      Jan-11          Feb-11          Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 December                                    2006a       2007a        2008a            2009a               2010a            2011e        2012e

 Revenue                                     1,814       1,627        1,962            1,935           1,962                 n/a           n/a
 Grow th Rate                                   n/a     -10.3%        20.6%            -1.4%            1.4%                  n/a           n/a


 EBITDA                                       131          145         209               231             225                 n/a           n/a
 Grow th Rate (%)                               n/a      11.1%        44.1%            10.3%           -2.6%                  n/a           n/a
 EBITDA margin (%)                            7.2%        8.9%        10.7%            11.9%           11.5%                  n/a           n/a

 Net Income                                     92         147          163              205             228                 n/a           n/a
 Grow th Rate (%)                               n/a      59.5%        10.6%            26.0%           11.0%                  n/a           n/a
 Net margin (%)                               5.1%        9.1%         8.3%            10.6%           11.6%                  n/a           n/a

 PER                                         21.8x        13.7x        12.4x               9.8x             8.8x              n/m          n/m
 P/BV                                         2.7x         2.3x         2.3x               2.0x             1.9x              n/a          n/a

 EV/EBITDA                                   18.0x        17.2x        12.4x            10.9x              10.8x              n/a           n/a
 Net debt/EBITDA                              2.6x         3.3x         2.8x             2.2x               1.9x              n/a           n/a

 EPS (EGP)                                    0.64         1.01            1.12            1.41             1.57              n/a           n/a
 Dividend Yield                                n/a          n/a             n/a             n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 98 of 202
                                                                        CI Capital Research | Handbook | 2-Jul-11



Delta Sugar
SUGR | Food & Beverage | Covered
Mirette Mohamed Ghozzi | Mirette.Ghozzi@cich.com.eg

Company Profile
Delta Sugar [SUGR] was established in 1978 for the manufacturing of sugar beet and its by-products, namely
molasses and fodder. As it does not own its own cultivated land, SUGR contracts with farmers during the last
quarter of the year for a quantity of beet, and runs sugar production from February to June. During its off-
season period, extending from July to December, the company refines imported raw sugar. SUGR operates a
factory located in Kafr El-Sheikh governorate consisting of two production lines with a combined annual
production capacity of 245k tons of sugar beet, 100k tons of molasses and 100k tons of fodder. Occupying a
13% overall market share along with Dakhalia Sugar, SUGR is the second key player in the Egyptian sugar
production capacity after Sugar and Integrated Industries Co. (SIIC) (the country’s sole sugar cane producer),
while occupying a market share of 28% in sugar beet production capacity in 2011. SUGR's authorized capital
stands at EGP1bn and it has a paid-in capital of EGP618,252,500 distributed over 123,650,500 shares at a par
value EGP5/share.

Recent Developments
 Significant increase in beet price: Pursuant to demonstrations throughout Egypt, farmers also went on
strike, refusing to supply SUGR with its crop until its price was increased to EGP350/ton, up from the initial
contracted price of EGP280/ton.
 Fixing sugar price in 2011: In an attempt to fix sugar price at EGP5/kg for end-consumers throughout 2011,
public sugar beet producers, SUGR included, made an agreement to sell their production at EGP4,345/ton (net
of sales tax) to Holding Company for Food Industries. The latter will sell sugar at EGP4,500/ton.
 New expansion still pending land purchase: SUGR is looking to buy a land plot in Kafr El-Skeikh to
establish its new factory after the company decided offers it had received for land in Sharkia Governorate were
overpriced. According to the feasibility study, the factory will consist of a production line with an annual
production capacity of 150k tons of sugar beet, 66k tons of fodder and 60k tons of molasses in Sharkia
Governorate. The investment cost of the project is estimated at EGP1.1bn, to be financed by debt and equity in
equal share.


Share Ownership & Contact Information
Shareholder Structure                             %       Contact Inform ation

Sugar & Integrated Industries Co.                55.7%    IR Contact:            Amin Farid
Misr Insurance Company                           13.0%    Address:               Block 17- Markaz El-Khadamat St., Sixth
Public Banks                                      9.4%                           of October City, Egypt
Egyptian Endow ment Auth.                         8.1%    Telephone:             02 3830 8212 / 02 3831 1060
KIMA                                              6.5%    Fax:                   02 3749 8887
Free Float                                        7.3%
                                                          Website:               w w w .deltasugar.com
                                                          Bloomberg | Reuters:   SUGR EY | SUGR.CA
Share Data & Performance
  ISIN                                            EGS30201C015                                    MoM               3M          YoY         Ytd
  Bloomberg / Reuters                     SUGR EY / SUGR.CA
                                                                             SUGR                 -4.0%           0.0%        31.5%       -11.9%
  Fiscal Year End                                     December

  Last Price (EGP)                                        19.82              EGX 30               0.2%        -1.7%          -10.9%      -24.8%
  52 Week High                                            25.00              EGX 70               -2.8%           9.5%        19.3%      -12.7%
  52 Week Low                                             14.00              EGX 100              -2.1%           5.3%         7.1%      -16.6%

  No. of Shares (mn)                                     123.7               MSCI EM              -0.2%       -2.4%           26.6%        0.5%
  Mkt Cap (EGPmn)                                       2,450.8              MSCI World           1.4%            0.2%        29.6%        5.0%

  100-day Av. Volume (000' shares per day)                 65.2
                                                                             All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                      Shrs (mn)
                                         Volume           SUGR             EGX 30 rebased
 27.0                                                                                                                                        0.60
 25.0
                                                                                                                                             0.50
 23.0
                                                                                                                                             0.40
 21.0
 19.0                                                                                                                                        0.30
 17.0
                                                                                                                                             0.20
 15.0
                                                                                                                                             0.10
 13.0
 11.0                                                                                                                                        -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10      Jan-11        Feb-11           Mar-11           May-11        Jun-11



Financial Summary
 EGPmn
 December                                    2006a       2007a        2008a           2009a               2010a            2011e         2012e

 Revenue                                      807        1,076          734           1,000           1,373                1,780          1,465
 Grow th Rate                                  n/a       33.2%       -31.8%           36.3%           37.3%                29.7%         -17.7%


 EBITDA                                       328         431           295            127              498                 419           462
 Grow th Rate (%)                               n/a      31.5%       -31.5%         -57.0%               n/m             -15.8%          10.2%
 EBITDA margin (%)                           40.6%       40.1%        40.3%          12.7%            36.3%               23.6%          31.6%

 Net Income                                   252         321           193            102              354               316.2           364
 Grow th Rate (%)                               n/a      27.1%       -39.9%         -46.9%           246.5%              -10.7%          15.0%
 Net margin (%)                              31.3%       29.8%        26.3%          10.2%            25.8%               17.8%          24.8%

 PER                                          9.7x         7.6x        12.7x           24.0x               6.9x             7.8x           6.7x
 P/BV                                         3.6x         2.9x         3.0x            3.0x               2.5x             2.4x           2.4x

 EV/EBITDA                                     7.2x        5.0x         7.6x           17.9x               4.1x              4.7x          4.0x
 Net debt/EBITDA                              -0.3x       -0.7x        -0.7x           -1.4x              -0.8x             -1.1x         -1.3x

 EPS (EGP)                                     2.04        2.59         1.56              0.83             2.86              2.56          2.94
 Dividend Yield                               8.3%       10.5%         7.6%              3.8%             6.3%             11.5%         13.3%

  Source (all): CI Capital Research & Bloomberg




Page 100 of 202
                                                                       CI Capital Research | Handbook | 2-Jul-11



Extracted Oils
ZEOT | Food & Beverage | Not Covered

Company Profile
Extracted Oils & Derivatives Company [ZEOT] is an affiliate of Food Industries Holding Company (FIHC),
founded in 1959 and privatized in 1995 and in 1997 as an Egypt-based joint stock company. ZEOT is primarily
engaged in the extraction and production of edible vegetable oils and ghee, as well as the manufacturing,
packaging and trade of different types of soaps and detergents. The company’s products include fat and
margarine, soya bean oil, corn oil, soap, industrial and liquid detergents, glycerine and animal feed.

Recent Developments
 9M10/11 Financials: In May 2011, in its financial statements for 9M10/11, Extracted Oils & Derivatives
displayed EGP9mn in net profits, marking a YoY growth of 22.2 %.

Share Ownership & Contact Information
Shareholder Structure                           %       Contact Information

Free Float                                     61.3%    IR Contact:             Bahaa Saleh
Food Industries Holding Company                26.5%    Address:                35 Suez Canal St., Moharam Bek Bld.,
Misr Insurance                                  7.0%                            Alexandria, Egypt
Employees Association                           5.0%    Telephone:              03 3817 928 / 03 3818 093
Others                                          0.2%    Fax:                    03 3813 199

                                                        Website:                extractedoils@hotmail.com
                                                        Bloomberg | Reuters:    ZEOT EY | ZEOT.CA
Share Data & Performance
  ISIN                                            EGS38251C012                                             MoM             3M        YoY        Ytd
  Bloomberg / Reuters                      ZEOT EY / ZEOT.CA
                                                                                    ZEOT                    3.4%          9.9%      3.4%      -8.3%
  Fiscal Year End                                               June

  Last Price (EGP)                                              1.22                EGX 30                 0.2%       -1.7%        -10.9%    -24.8%
  52 Week High                                                  1.72                EGX 70                 -2.8%          9.5%     19.3%     -12.7%
  52 Week Low                                                   0.84                EGX 100                -2.1%          5.3%      7.1%     -16.6%

  No. of Shares (mn)                                       157.2                    MSCI EM                -0.2%      -2.4%        26.6%       0.5%
  Mkt Cap (EGPmn)                                          191.8                    MSCI World             1.4%           0.2%     29.6%       5.0%

  100-day Av. Volume (000' shares per day)               1,331.4
                                                                                     All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                          Shrs (mn)
                                         Volume             ZEOT                  EGX 30 rebased
 1.8                                                                                                                                            16.00
 1.7                                                                                                                                            14.00
 1.6
                                                                                                                                                12.00
 1.5
 1.4                                                                                                                                            10.00
 1.3                                                                                                                                            8.00
 1.2                                                                                                                                            6.00
 1.1
                                                                                                                                                4.00
 1.0
 0.9                                                                                                                                            2.00
 0.8                                                                                                                                            -
   Jul-10         Aug-10    Sep-10      Oct-10         Dec-10          Jan-11           Feb-11           Mar-11       May-11        Jun-11



Financial Summary
 EGPmn
 June                                        2006a         2007a            2008a                2009a            2010a          2011e       2012e

 Revenue                                      212            192             245                216                 214           n/a          n/a
 Grow th Rate                                  n/a         -9.8%            27.6%            -11.7%               -0.8%            n/a          n/a


 EBITDA                                       (23)           (22)               6                    6                8           n/a          n/a
 Grow th Rate (%)                              n/a         -1.0%          -125.7%                -1.8%            46.0%            n/a          n/a
 EBITDA margin (%)                         -10.7%         -11.7%             2.4%                 2.6%             3.9%            n/a          n/a

 Net Income                                    (12)            3                9                   9                12           n/a          n/a
 Grow th Rate (%)                               n/a      -128.1%           178.5%                1.1%             30.4%            n/a          n/a
 Net margin (%)                              -5.6%          1.7%             3.8%                4.4%              5.7%            n/a          n/a

 PER                                           n/m          57.4x               20.6x            20.4x            15.6x            n/m         n/m
 P/BV                                         3.3x           1.1x                1.1x             1.1x             1.0x            n/a         n/a

 EV/EBITDA                                   -13.9x         -8.4x               35.9x            32.7x            18.5x            n/a          n/a
 Net debt/EBITDA                              -5.5x          0.1x                2.6x            -1.2x            -4.7x            n/a          n/a

 EPS (EGP)                                       n/m            0.02             0.06             0.06             0.08            n/a          n/a
 Dividend Yield                                  n/a             n/a              n/a              n/a              n/a            n/a          n/a

  Source (all): CI Capital Research & Bloomberg




Page 102 of 202
HOUSING AND REAL ESTATE
                          REAL ESTATE
                          HOUSING AND
                                                                        CI Capital Research | Handbook | 2-Jul-11



Amer Group Holding
AMER | Housing & Real Estate | Not Covered

Company Profile
Amer Group Holding [AMER] is a real estate development company which specializes in luxury resorts —
most notably, its flagship Porto resorts on the Egyptian Mediterranean and Red seas. The company also
develops malls, educational buildings, and restaurants, and provides contracting services.

Recent Developments
 Joint venture: In October 2010, Amer Group announced the creation of a joint venture with the Arabtec
Holding Co., the biggest publicly traded builder in the United Arab Emirates, awarding it a $53 million
residential project in Egypt., Amer also announced plans to expand to other countries in the Middle East,
including an announced $1 billion resort in Syria.

 Contract with Emeriti Bahsa: In May 2011, Amer Group sent a statement to Egyptian Stock Exchange
announcing that it has signed a contract with Emeriti Balhsa Co. to inaugurate 5 restaurants in UAE, first of
which will be in Dubai Mall.

 Land plot cancelation: Also in May, Marsa Matrouh Governorate decided to cancel the sale of 584 feddans
to Amer Group upon a request from the company in order to reduce its land liability. Amer Group BOD had
decided earlier in its meeting on April 19, 2011 to scrap land plot allocated to the firm by Marsa Matrouh
Governorate. Amer Group aimed at completing third stage of Golf Porto project.

 Turkey Project: The company’s Board of Directors recently approved a major building project in Turkey,
leading to a rally for the stock on the EGX.

Share Ownership & Contact Information
Shareholder Structure                            %       Contact Information

SOL Global Holding Limited                      30.6%    IR Contact:             Riad Refat
Amer Wakf Ltd.                                  28.0%    Address:                11 Cleopatra St., Heliopolis, Cairo, Egypt
Free Float                                      25.0%
Mansour Abd El Magid                            10.4%    Telephone:              02 2413 2000 / 02 2414 2065
Mohammed EL Ameen Ragab Ahmed Gomaa              5.9%    Fax:                    02 2690 2940
Others                                           0.3%
                                                         Website:                Agents@amer-group.com
                                                         Bloomberg | Reuters:    AMER EY | AMER.CA
Share Data & Performance
  ISIN                                            EGS675S1C011                           MoM              3M         YoY       Ytd
  Bloomberg / Reuters                     AMER EY / AMER.CA
                                                                       AMER              13.1%           6.5%     -47.5%    -47.3%
  Fiscal Year End                                       December

  Last Price (EGP)                                          1.47       EGX 30            0.2%        -1.7%        -10.9%    -24.8%
  52 Week High                                              3.00       EGX 70            -2.8%           9.5%     19.3%     -12.7%
  52 Week Low                                               1.01       EGX 100           -2.1%           5.3%        7.1%   -16.6%

  No. of Shares (mn)                                     2,040.5       MSCI EM           -0.2%       -2.4%        26.6%       0.5%
  Mkt Cap (EGPmn)                                        2,999.5       MSCI World        1.4%            0.2%     29.6%       5.0%

  100-day Av. Volume (000' shares per day)               7,218.4
                                                                       All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                         Shrs (mn)
                                         Volume            AMER      EGX 30 rebased
 3.3                                                                                                                           25.00


 2.8                                                                                                                           20.00


 2.3                                                                                                                           15.00


 1.8                                                                                                                           10.00

 1.3                                                                                                                           5.00


 0.8                                                                                                                           -
   Dec-10                    Feb-11                      Mar-11              Apr-11                         May-11



Financial Summary
 EGPmn
 December                                    2006a        2007a    2008a        2009a        2010a              2011e       2012e

 Revenue                                      n/a           n/a     n/a         1,492        1,548               n/a          n/a
 Grow th Rate                                  n/a           n/a     n/a           n/a        3.8%                n/a          n/a


 EBITDA                                       n/a           n/a     n/a           470          557               n/a          n/a
 Grow th Rate (%)                              n/a           n/a     n/a           n/a       18.6%                n/a          n/a
 EBITDA margin (%)                             n/a           n/a     n/a        31.5%        36.0%                n/a          n/a

 Net Income                                   n/a           n/a     n/a           504          558               n/a          n/a
 Grow th Rate (%)                              n/a           n/a     n/a           n/a       10.8%                n/a          n/a
 Net margin (%)                                n/a           n/a     n/a        33.7%        36.0%                n/a          n/a

 PER                                           n/m           n/m     n/m         6.0x            5.4x             n/m         n/m
 P/BV                                          n/a           n/a     n/a         2.9x            1.6x             n/a         n/a

 EV/EBITDA                                        n/a        n/a     n/a         6.5x             4.4x            n/a          n/a
 Net debt/EBITDA                                  n/a        n/a     n/a         0.1x            -0.9x            n/a          n/a

 EPS (EGP)                                        n/a        n/a     n/a         0.25            0.27             n/a          n/a
 Dividend Yield                                   n/a        n/a     n/a          n/a             n/a             n/a          n/a

  Source (all): CI Capital Research & Bloomberg




Page 104 of 202
                                                                        CI Capital Research | Handbook | 2-Jul-11



Development & Engineering Consultancy
DAPH | Housing & Real Estate | Not Covered

Company Profile
Development and Engineering Consultants [DAPH] was established in 1954 under the name Development
and Popular Housing. In 1997 it became a private sector company operating under Law 159, at which time its
name was changed to DAPH.
Development and Engineering Consultants is a joint stock company with an issued capital of EGP119.9mn,
distributed over 8.571mn shares at a par value of EGP14 per share.
DAPH’s activities include urban planning, design, development and contracting both within Egypt and abroad.
Construction: Real estate activities specializing in low-income housing as well as tourism and administrative
units.


Recent Developments
 1Q11 Financials: DAPH reported its 1Q11 financials ending March 11, posting a net income of EGP5.83mn,
up 58% QoQ from EGP3.70mn, and 51% YoY from EGP3.87mn.


Share Ownership & Contact Information
Shareholder Structure                            %       Contact Information

Free Float                                      33.7%    IR Contact:             Narges Mogahed
W asika Holding                                 13.6%    Address:                4 Latin America St., First Floor, Garden City,
Asman Investment Co.                            10.2%                            Cairo, Egypt
Aly Youssef Youssef El Alamy                     9.7%    Telephone:              02 2794 3408 / 02 2794 8355
W asika Al Malia Co.                             6.8%    Fax:                    02 2796 4269 / 02 2796 4660
Misr Insurance                                   5.6%
Tohama International Real Estate Co.             5.6%    Website:                www.decc.com.eg
Khaled Ali Youssef Youssef                       5.1%    Bloomberg | Reuters:    DAPH EY | DAPH.CA
Allenby Samir Gargour                            5.0%
Sherif Aly Yousef Yousef                         4.7%
Share Data & Performance
  ISIN                                            EGS65081C019                                        MoM               3M         YoY         Ytd
  Bloomberg / Reuters                     DAPH EY / DAPH.CA
                                                                                DAPH                  -2.0%           3.9%       13.7%      -16.8%
  Fiscal Year End                                       December

  Last Price (EGP)                                          14.42               EGX 30                0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                              21.30               EGX 70                -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                               11.91               EGX 100               -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                         10.7               MSCI EM               -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                          154.4                MSCI World            1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                   57.3
                                                                                 All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                         Shrs (mn)
                                         Volume             DAPH              EGX 30 rebased
 22.0                                                                                                                                           0.45

 20.0                                                                                                                                           0.40
                                                                                                                                                0.35
 18.0
                                                                                                                                                0.30
 16.0                                                                                                                                           0.25
 14.0                                                                                                                                           0.20
                                                                                                                                                0.15
 12.0
                                                                                                                                                0.10
 10.0                                                                                                                                           0.05
  8.0                                                                                                                                           -
      Jul-10      Aug-10     Sep-10      Oct-10         Dec-10      Jan-11          Feb-11           Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 December                                    2006a         2007a        2008a            2009a                2010a            2011e        2012e

 Revenue                                          30          44           67               55              100                 n/a           n/a
 Grow th Rate                                     n/a      46.0%        49.7%           -17.6%            81.8%                  n/a           n/a


 EBITDA                                          5            14           23               20               36                 n/a           n/a
 Grow th Rate (%)                               n/a       205.6%        60.1%           -14.1%            85.2%                  n/a           n/a
 EBITDA margin (%)                           15.3%         32.1%        34.3%            35.8%            36.5%                  n/a           n/a

 Net Income                                     (2)           50           23               17               30                 n/a           n/a
 Grow th Rate (%)                               n/a           n/m      -54.3%           -27.5%            82.0%                  n/a           n/a
 Net margin (%)                              -5.1%        113.1%        34.6%            30.4%            30.4%                  n/a           n/a

 PER                                           n/m           3.1x            6.7x            9.3x              5.1x              n/m          n/m
 P/BV                                         2.1x           1.2x            1.1x            0.8x              0.7x              n/a          n/a

 EV/EBITDA                                   57.0x           9.9x            7.2x             7.6x             3.9x              n/a           n/a
 Net debt/EBITDA                             23.9x          -0.9x            0.4x            -0.3x            -0.4x              n/a           n/a

 EPS (EGP)                                     n/m           4.69            2.15            1.56              2.83              n/a           n/a
 Dividend Yield                                n/a            n/a             n/a             n/a               n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 106 of 202
                                                                       CI Capital Research | Handbook | 2-Jul-11



Egyptian Housing Development
EHDR | Housing & Real Estate | Not Covered

Company Profile
Egyptians Housing Development and Reconstruction [EHDR] was incorporated in 1986 as a shareholding
company engaged in real estate development and investments, with the objective of acquiring, developing,
buying, selling and managing real estate properties.
The company is also engaged in housing project development and the construction of residential and
commercial complexes. In August 1994, EHDR had its shares listed on the Egyptian Exchange (EGX). The
company has a paid-in capital of EGP183.39mn, distributed over 91.70mn shares with a par value of
EGP2/share.

Recent Developments
 1Q11 Financials: EHDR reported its 1Q11 financials ending March 11th, posting a net income of
EGP0.13mn, down from EGP.46mn in 4Q10 and down from 4.71 in 1Q10. EBITDA also declined to
EGP.19mn, down 594% YoY from EGP6.13mn in 1Q10.

Share Ownership & Contact Information
Shareholder Structure                           %       Contact Information

Free Float                                      33.9%   IR Contact:             Ahmed Hafez
Egyptians Abroad for Investment & Development   19.8%   Address:                10 Mesaha St., Dokki, Giza, Egypt
Yamir Equities INC                              17.9%
Misr Iran Development Bank                      17.2%   Telephone:              02 3336 4282
The Arab World for Real Estate Development       5.5%   Fax:                    02 3749 6097
Others                                           5.9%
                                                        Website:
                                                        Bloomberg | Reuters:    EHDR EY | EHDR.CA
Share Data & Performance
  ISIN                                            EGS65341C017                                            MoM               3M         YoY         Ytd
  Bloomberg / Reuters                      EHDR EY / EHDR.CA
                                                                                    EHDR                  -0.9%           0.3%        0.3%      -28.5%
  Fiscal Year End                                       December

  Last Price (EGP)                                               3.31               EGX 30                 0.2%       -1.7%          -10.9%     -24.8%
  52 Week High                                                   5.60               EGX 70                -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                                    2.92               EGX 100               -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                         75.0                   MSCI EM               -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                           248.3                   MSCI World             1.4%           0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                1,080.6
                                                                                     All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                             Shrs (mn)
                                         Volume             EHDR                  EGX 30 rebased
 6.0                                                                                                                                                9.00

 5.5                                                                                                                                                8.00
                                                                                                                                                    7.00
 5.0
                                                                                                                                                    6.00
 4.5                                                                                                                                                5.00
 4.0                                                                                                                                                4.00
                                                                                                                                                    3.00
 3.5
                                                                                                                                                    2.00
 3.0                                                                                                                                                1.00
 2.5                                                                                                                                                -
   Jul-10         Aug-10    Sep-10       Oct-10         Dec-10          Jan-11          Feb-11           Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 December                                    2006a          2007a           2008a            2009a                2010a            2011e        2012e

 Revenue                                          24             n/a               0              43                 52             n/a           n/a
 Grow th Rate                                     n/a             n/a             n/a             n/m             21.1%              n/a           n/a


 EBITDA                                          4            (1)              (1)               8                 3                n/a           n/a
 Grow th Rate (%)                               n/a      -133.7%             7.2%               n/m           -66.3%                 n/a           n/a
 EBITDA margin (%)                           15.9%            n/a         -846.0%            19.0%              5.3%                 n/a           n/a

 Net Income                                    (6)             1               11                9                 5                n/a           n/a
 Grow th Rate (%)                              n/a       -119.5%               n/m          -17.1%            -50.3%                 n/a           n/a
 Net margin (%)                            -24.8%             n/a         7144.6%            22.3%              9.1%                 n/a           n/a

 PER                                           n/m            n/m            21.7x               26.2x            52.7x              n/m          n/m
 P/BV                                        43.8x           4.7x             1.5x                1.4x             0.9x              n/a          n/a

 EV/EBITDA                                   64.2x        -162.9x          -147.0x               25.6x            84.5x              n/a           n/a
 Net debt/EBITDA                             -2.1x          33.6x            36.4x               -5.0x            -6.3x              n/a           n/a

 EPS (EGP)                                        n/m        0.02                0.15             0.13             0.06              n/a           n/a
 Dividend Yield                                   n/a         n/a                 n/a              n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 108 of 202
                                                                          CI Capital Research | Handbook | 2-Jul-11



Cairo Housing & Development
ELKA | Housing & Real Estate | Not Covered

Company Profile
Cairo Housing and Development [ELKA] was established in 1969 as Egypt's first urban planning company,
and was privatized in 1997. The company's activities include urban planning, infrastructure construction
activities in Cairo, Alexandria, and new urban communities. In addition, it takes on the planning and
construction of housing, touristic and leisure projects, as well as operations and real estate projects build
operate transfer (BOT). It also provides engineering and architecture designs consulting services.

Recent Developments
 Stake in Lotus Hotels: In its board meeting held on October 12th, 2010, Cairo Housing & Development
[ELKA] concluded an initial agreement to acquire a 51% stake in Lotus Hotels & Resorts.

 Treasury buyback: ELKA announced in a release sent to Egyptian Exchange (EGX) that it would buy back
2,827,328 local shares (treasury stocks) during the period from May 10th, 2011 through June 9th, 2011.

 General assembly- dividends and new auditor: On May 1, ELKA announced that its General Assembly
had approved the distribution of EGP 0.40 per share as cash dividends for the fiscal year 2010. It also has
approved the appointment of Ernst & Young as the company’s external auditor for the fiscal year 2011,
replacing the company’s current auditor, KPMG Hazem Hassan.


Share Ownership & Contact Information
Shareholder Structure                              %       Contact Information

Free Float                                         56.4%   IR Contact:             Laila Ismail
Pioneers Holding                                   29.5%   Address:                17 Abdulsalam Aref St., P.O. Box 94, Bab Al
Giza New Development and Real Estate Development    6.3%                           Louk Area, Cairo, Egypt
Ahmed Youssef Nasr El Din El Husseiny               5.7%   Telephone:              02 2271 1131 / 02 2271 1160
Others                                              2.1%   Fax:                    02 2271 1155

                                                           Website:
                                                           Bloomberg | Reuters:    ELKA EY | ELKA.CA
Share Data & Performance
  ISIN                                            EGS65071C010                                            MoM               3M         YoY         Ytd
  Bloomberg / Reuters                      ELKA EY / ELKA.CA
                                                                                    ELKA                   1.1%           9.9%       18.0%      -13.5%
  Fiscal Year End                                       December

  Last Price (EGP)                                               5.43               EGX 30                 0.2%       -1.7%          -10.9%     -24.8%
  52 Week High                                                   7.05               EGX 70                -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                                    3.81               EGX 100               -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                         93.8                   MSCI EM               -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                           509.1                   MSCI World             1.4%           0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                  913.6
                                                                                     All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                             Shrs (mn)
                                         Volume              ELKA                 EGX 30 rebased
 7.5                                                                                                                                                7.00
 7.0                                                                                                                                                6.00
 6.5
                                                                                                                                                    5.00
 6.0
 5.5                                                                                                                                                4.00
 5.0                                                                                                                                                3.00
 4.5
                                                                                                                                                    2.00
 4.0
 3.5                                                                                                                                                1.00

 3.0                                                                                                                                                -
   Jul-10         Aug-10    Sep-10       Oct-10         Dec-10          Jan-11          Feb-11           Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 December                                    2006a          2007a           2008a            2009a                2010a            2011e        2012e

 Revenue                                          15          22                21              30                   39             n/a           n/a
 Grow th Rate                                     n/a      49.1%             -5.1%           44.6%                27.9%              n/a           n/a


 EBITDA                                          6            10               13               18                   27             n/a           n/a
 Grow th Rate (%)                               n/a        73.9%            29.9%            44.7%                45.4%              n/a           n/a
 EBITDA margin (%)                           37.7%         44.0%            60.2%            60.2%                68.4%              n/a           n/a

 Net Income                                      6             6               11               36               40                 n/a           n/a
 Grow th Rate (%)                               n/a        11.7%            83.2%           213.7%            11.7%                  n/a           n/a
 Net margin (%)                              37.6%         28.2%            54.5%           118.1%           103.1%                  n/a           n/a

 PER                                         90.8x          81.2x            44.4x               14.1x            12.7x              n/m          n/m
 P/BV                                         4.7x           4.5x             1.0x                1.0x             0.9x              n/a          n/a

 EV/EBITDA                                   92.2x          59.1x            24.6x            16.1x               14.7x              n/a           n/a
 Net debt/EBITDA                              1.5x           6.9x           -15.6x           -11.7x               -4.4x              n/a           n/a

 EPS (EGP)                                    0.06           0.07                0.12             0.38             0.43              n/a           n/a
 Dividend Yield                                n/a            n/a                 n/a              n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 110 of 202
                                                                       CI Capital Research | Handbook | 2-Jul-11



El Shams Housing & Development
ELSH | Housing & Real Estate | Not Covered

Company Profile
El Shams Housing and Urbanization [ELSH] was incorporated in 1946 under the name Egyptian Co. for
Modern Buildings, the result of a merger between four different companies. ELSH is a shareholding company
engaging in leasing, purchasing, development, building maintenance, construction and management of all
types of housing and touristic real estate. In September 1995, ELSH had its shares listed on the Egyptian
Exchange (EGX).

Recent Developments
 2010 Results: El Shams Housing reported its 2010 financial results, posting EGP12.07mn in net income, up
144% from EGP10.63mn the previous year.

Share Ownership & Contact Information
Shareholder Structure                           %       Contact Information

National Co for Building & Construction        44.5%    IR Contact:             Mohamed Galal
Misr Insurance Company                         29.2%    Address:                26 B Sharif St., El Imobelia Bld., Cairo, Egypt
Free Float                                     25.5%
Others                                          0.7%    Telephone:              02 2392 3612
                                                        Fax:                    02 2393 8070

                                                        Website:
                                                        Bloomberg | Reuters:    ELSH EY | ELSH.CA
Share Data & Performance
  ISIN                                            EGS65091C018                                            MoM               3M         YoY         Ytd
  Bloomberg / Reuters                      ELSH EY / ELSH.CA
                                                                                    ELSH                   2.3%           7.8%        8.9%      -31.0%
  Fiscal Year End                                       December

  Last Price (EGP)                                               3.60               EGX 30                 0.2%       -1.7%          -10.9%     -24.8%
  52 Week High                                                   6.73               EGX 70                -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                                    2.66               EGX 100               -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                         45.0                   MSCI EM               -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                           162.0                   MSCI World             1.4%           0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                  694.7
                                                                                     All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                             Shrs (mn)
                                         Volume              ELSH                 EGX 30 rebased
 7.0                                                                                                                                                3.00
 6.5
                                                                                                                                                    2.50
 6.0
 5.5                                                                                                                                                2.00
 5.0
                                                                                                                                                    1.50
 4.5
 4.0                                                                                                                                                1.00
 3.5
                                                                                                                                                    0.50
 3.0
 2.5                                                                                                                                                -
   Jul-10         Aug-10    Sep-10       Oct-10         Dec-10          Jan-11          Feb-11           Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 December                                    2006a          2007a           2008a            2009a                2010a            2011e        2012e

 Revenue                                          24           23              19               17                   35             n/a           n/a
 Grow th Rate                                     n/a       -5.4%          -17.4%            -8.7%                97.8%              n/a           n/a


 EBITDA                                         12             10              12               10                   19             n/a           n/a
 Grow th Rate (%)                               n/a        -12.6%           17.2%           -14.9%                89.9%              n/a           n/a
 EBITDA margin (%)                           47.5%          43.9%           62.3%            58.2%                55.8%              n/a           n/a

 Net Income                                     11           (24)              10               11                   12             n/a           n/a
 Grow th Rate (%)                               n/a           n/m         -142.4%             4.8%                13.6%              n/a           n/a
 Net margin (%)                              45.0%       -103.2%            53.0%            60.9%                35.0%              n/a           n/a

 PER                                         14.7x            n/m            16.0x               15.2x            13.4x              n/m          n/m
 P/BV                                         1.9x           2.4x             2.2x                1.9x             1.7x              n/a          n/a

 EV/EBITDA                                   13.7x          16.6x            13.5x               16.9x             6.4x              n/a           n/a
 Net debt/EBITDA                             -0.2x           0.6x            -0.1x                0.9x            -2.0x              n/a           n/a

 EPS (EGP)                                    0.24               n/m             0.23             0.24             0.27              n/a           n/a
 Dividend Yield                                n/a               n/a              n/a              n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 112 of 202
                                                                         CI Capital Research | Handbook | 2-Jul-11



Heliopolis for Housing & Development
HELI | Housing & Real Estate | Covered
Hany Mohamed Samy | Hany.Samy@cich.com.eg

Company Profile
Heliopolis Housing and Development [HELI] was established in 1906 and currently operates under the
provisions of Law No. 203/1991 as a subsidiary of the National Company for Construction and
Development. In May 1995, HELI had its shares listed on the Cairo and Alexandria Stock Exchange (now the
Egyptian Exchange). The company's current paid-in capital is EGP200mn, with an issued capital of
EGP111.3mn distributed over 111,257,100 shares at a par value of EGP1/share. HELI’s primary activities
include real estate and land development, with revenues generated mainly from the sale of housing units and
land plots.

Recent Developments
 Aftermath of unrest: Amidst the economic uncertainty following the revolution, Egypt’s middle class is
expected to curtail spending and demand fewer real-estate units. This will put significant pressure to HELI,
which relies heavily on the middle class as its target market. Moreover, while the company possesses a huge
land bank amounting to 33.4mn sqm, it has not been able to effectively utilize this asset by developing housing
projects with more favourable margins.

 Legal issues: The company has a pending legal land issue with businessman Mohamed Abu Eleinen
regarding legal entitlement over 280 feddans (3.5% of total land bank) in New Heliopolis.

 Financial Results: In May 2011, HELI reported its consolidated financial results, posting a net profit of
EGP116.6 in 9M10/11 compared to a net profit of EGP121.8 in 9M09/10. Bottom line came in line with CICRe
of EGP113.9mn.

Share Ownership & Contact Information
Shareholder Structure                             %       Contact Information

National Company for Construction & Development   72.3%   IR Contact:             Mohammed Ajlan
Banks, Insurance Companies & Others                0.9%   Address:                28 Ibrahim Al-Liqani St., Heliopolis, Cairo,
Free Float                                        26.8%                           Egypt
                                                          Telephone:              02 2291 9428
                                                          Fax:                    02 2291 0522

                                                          Website:                www.heliopoliscompany.com
                                                          Bloomberg | Reuters:    HELI EY | HELI.CA
Share Data & Performance
  ISIN                                            EGS65591C017                                    MoM               3M          YoY         Ytd
  Bloomberg / Reuters                         HELI EY / HELI.CA
                                                                             HELI                 -5.1%           -7.9%        9.9%      -24.3%
  Fiscal Year End                                          June

  Last Price (EGP)                                        18.87              EGX 30               0.2%        -1.7%          -10.9%      -24.8%
  52 Week High                                            26.61              EGX 70               -2.8%           9.5%        19.3%      -12.7%
  52 Week Low                                             16.07              EGX 100              -2.1%           5.3%         7.1%      -16.6%

  No. of Shares (mn)                                     111.3               MSCI EM              -0.2%       -2.4%           26.6%        0.5%
  Mkt Cap (EGPmn)                                       2,099.4              MSCI World           1.4%            0.2%        29.6%        5.0%

  100-day Av. Volume (000' shares per day)               133.3
                                                                              All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                      Shrs (mn)
                                         Volume           HELI             EGX 30 rebased
 28.0                                                                                                                                        1.60
 26.0                                                                                                                                        1.40
 24.0                                                                                                                                        1.20
 22.0                                                                                                                                        1.00
 20.0                                                                                                                                        0.80
 18.0                                                                                                                                        0.60
 16.0                                                                                                                                        0.40
 14.0                                                                                                                                        0.20
 12.0                                                                                                                                        -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10      Jan-11        Feb-11           Mar-11           May-11        Jun-11



Financial Summary
 EGPmn
 June                                        2006a       2007a        2008a           2009a               2010a            2011e         2012e

 Revenue                                      154         292           280             143             321                  200          250
 Grow th Rate                                  n/a       89.3%        -4.1%          -48.8%          123.9%               -37.7%         25.1%


 EBITDA                                         73        143          165               92             191                  105          127
 Grow th Rate (%)                               n/a      95.8%        15.2%          -44.0%          106.6%               -44.8%         21.0%
 EBITDA margin (%)                           47.3%       49.0%        58.8%           64.3%           59.4%                52.6%         50.9%

 Net Income                                     72        113          133               99             152                  100          110
 Grow th Rate (%)                               n/a      56.4%        18.2%          -25.4%           52.4%               -33.8%          9.2%
 Net margin (%)                              46.7%       38.6%        47.6%           69.3%           47.2%                50.2%         43.8%

 PER                                         29.1x        18.6x        15.8x           21.1x              13.9x            20.9x         19.1x
 P/BV                                         8.8x         7.2x         6.2x            7.6x               6.0x             7.8x          6.9x

 EV/EBITDA                                   29.4x        14.6x        12.4x           23.2x              11.4x            22.1x         18.9x
 Net debt/EBITDA                              0.7x        -0.1x        -0.3x            0.5x               0.3x             2.2x          2.4x

 EPS (EGP)                                    0.65         1.01         1.20              0.89             1.36              0.90          0.99
 Dividend Yield                                n/a          n/a        3.5%              4.4%             3.1%              2.0%          2.2%

  Source (all): CI Capital Research & Bloomberg




Page 114 of 202
                                                                         CI Capital Research | Handbook | 2-Jul-11



Nasr City for Housing & Development
MNHD | Housing & Real Estate | Covered
Hany Mohamed Samy | Hany.Samy@cich.com.eg

Company Profile
Nasr City Housing and Development [MNHD] is one of Egypt's oldest real-estate developers, primarily
targeting the middle class. With the issue of Law No. 97/1983, the company became a subsidiary of the Public
Sector Housing Authority. In 1991, following Law No. 203/1991, it became a subsidiary of the National
Company for Construction and Development.
MNHD’s shares were listed on the Cairo and Alexandria Stock Exchange (now the Egyptian Exchange) in
1995, and in 1996, 75% of its shares were floated as MNHD became a shareholding company. The company
has an authorized capital of EGP150mn, with an issued capital of EGP100mn distributed over 100mn shares at
a par value of EGP1 per share.
MNHD’s main activities are real estate and land development. It owns c.10.2mn sqm of land in Nasr City, New
Cairo and Sixth of October City.

Recent Developments
 Defended land disputes: MNHD’s management has proven its mettle by facing off against both the Civil
Aviation Authority and the Ministry of Defense in land disputes involving some 9.3mn sqm.

 Al-Nasr Gardens project: Company management is partnering with reputable developer ODM to develop
the ANG land bank, amounting to 3.6mn sqm. They have been able to increase the limit on building heights in
Al-Nasr Gardens (ANG) to 36 meters (12 floors), from a previous 12 meter limit (equivalent to 4 floors). This
should increase the number of units MNHD is able to develop, thus leading to expanded operations and
improved stock performance.

 Financial results: MNHD issued its unaudited financial results for the fiscal period ending March 31st, 2011.
Net income witnessed a drop of 66.67 % to reach EGP7.2mn compared to EGP21.2mn the same period a year
ago.

Share Ownership & Contact Information
Shareholder Structure                             %       Contact Information

Nat. Co. for Const. and Dev.                     15.1%    IR Contact:             Gomaa Abdel W ahab
Beltone Group                                    31.2%    Address:                4 Youssef Abbas St., 2nd District, Nasr City,
Banks, Ins Co., Others                            5.9%                            Cairo, Egypt
ESOP                                              5.0%    Telephone:              02 2261 9552
Treasury Shares                                   0.9%    Fax:                    02 2260 1929
Free Float                                       42.0%
                                                          Website:
                                                          Bloomberg | Reuters:    MNHD EY | MNHD.CA
Share Data & Performance
  ISIN                                            EGS65571C019                                       MoM               3M         YoY         Ytd
  Bloomberg / Reuters                     MNHD EY / MNHD.CA
                                                                                MNHD                 -7.6%           -1.2%      -28.9%     -31.4%
  Fiscal Year End                                            June

  Last Price (EGP)                                          20.79               EGX 30               0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                              31.68               EGX 70               -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                               18.37               EGX 100              -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                       100.0                MSCI EM              -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                         2,079.0               MSCI World           1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                   92.2
                                                                                All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                        Shrs (mn)
                                         Volume             MNHD              EGX 30 rebased
 35.0                                                                                                                                          5.00
 33.0                                                                                                                                          4.50
 31.0                                                                                                                                          4.00
                                                                                                                                               3.50
 29.0
                                                                                                                                               3.00
 27.0
                                                                                                                                               2.50
 25.0
                                                                                                                                               2.00
 23.0
                                                                                                                                               1.50
 21.0                                                                                                                                          1.00
 19.0                                                                                                                                          0.50
 17.0                                                                                                                                          -
      Jul-10      Aug-10     Sep-10      Oct-10         Dec-10      Jan-11          Feb-11          Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 June                                        2006a         2007a        2008a            2009a               2010a            2011e        2012e

 Revenue                                          79         241         320               500                504               489         521
 Grow th Rate                                     n/a     204.1%        32.7%            56.2%               0.8%             -3.0%         6.4%


 EBITDA                                         11          111          128               143              110                  95           96
 Grow th Rate (%)                               n/a           n/m       15.3%            11.5%           -23.0%              -13.8%         1.4%
 EBITDA margin (%)                           13.3%         46.0%        39.9%            28.5%            21.7%               19.3%        18.4%

 Net Income                                     58            87         105               107               76                  68           79
 Grow th Rate (%)                               n/a        50.2%        21.1%             2.1%           -28.9%              -10.8%        15.8%
 Net margin (%)                              72.7%         35.9%        32.8%            21.4%            15.1%               13.9%        15.1%

 PER                                         36.0x          24.0x        19.8x            19.4x              27.3x            30.6x        26.4x
 P/BV                                         8.7x           8.8x         7.6x             8.5x               8.3x             7.5x         6.7x

 EV/EBITDA                                      n/m         17.2x        15.3x            14.0x              18.4x            21.2x        20.6x
 Net debt/EBITDA                             -14.3x         -1.6x        -1.0x            -0.6x              -0.6x            -0.8x        -1.1x

 EPS (EGP)                                    0.58           0.87            1.05            1.07             0.76             0.68         0.79
 Dividend Yield                                n/a            n/a             n/a             n/a              n/a              n/a          n/a

  Source (all): CI Capital Research & Bloomberg




Page 116 of 202
                                                                              CI Capital Research | Handbook | 2-Jul-11



SODIC
OCDI | Housing & Real Estate | Not Covered

Company Profile
Sixth of October Development and Investment Company (SODIC) [OCDI] was incorporated in 1996
through ministerial decree no. 322/1996 as a public joint stock company working under law no. 159/1981.
SODIC’s main activities are real-estate and land development. The company pioneered the development of
new urban communities through its mixed-use, Beverly Hills project situated over c.1.75mn sqm.
SODIC is currently developing a vast number of projects over 6.1mn sqm ranging from residential to retail,
commercial and even full-fledged city centers aimed at becoming the main urban hubs of both east and west
Cairo, slated for completion over the next 8-10 years. Further, the company has formed a joint venture with the
Lebanese real estate giant SOLIDERE to develop “downtown” style centers for Sheikh Zayed City and New
Cairo.

Recent Developments
 Tax exemption extension: In January 2011, OCDI was granted an extension for tax exemptions until 2012
from the original end date of 2007, accounting for the fact that its actual operations only began in 2002.

 FY2010 financial results, dividends: In March 2011, the company released its consolidated financial results
for FY2010, reporting a net profit of EGP135mn with revenues of EGP519m. This included record high new
contracted sales of EGP2bn, a 150% increase year-on-year. Moreover, in May 2011, the company distributed a
cash dividend amounting to EGP4.0 per share. The same month, the Egyptian Financial Supervisory
Authority (EFSA) sent a statement to Egyptian Stock Exchange announcing its approval for OCDI to start
stock split for company’s stock nominal value to EGP4 per share

 Chairman resigns on corruption allegations: In May, OCDI announced that Mr. Mohamed Magdy Hussein
Rasekh, OCDI’s chairman had resigned following allegations of corruption and wasting public funds.

 Letter of guarantee: The Urban Communities Authority requested that OCDI increase the value of its
letter of guarantee from EGP30mn to EGP50mn. The company had submitted an EGP30mn guarantee letter to
the Shikh Zayed authorities as a sign of good faith for its Beverly Hills projects, in light of a report by the Illicit
Gains Authority.


Share Ownership & Contact Information
Shareholder Structure                                %         Contact Information

Free Float                                           60.8%     IR Contact:             Abdelfattah Allam
October Development Property Limited                 15.6%     Address:                Km 38 Cairo-Alexandria Desert Rd., Sheikh
Olayan Saudi Investment Ltd.                         12.4%                             Zayed City, Sixth of October, Egypt
Soliman ibn Abd Elmohsan ibn Abd Allah               10.0%     Telephone:              02 3857 0061/2/3
Others                                                1.2%     Fax:                    02 3857 0060

                                                               Website:                www.sodic.com.eg
                                                               Bloomberg | Reuters:    OCDI EY | OCDI.CA
Share Data & Performance
 ISIN                                            EGS65851C015                                     MoM               3M         YoY         Ytd
 Bloomberg / Reuters                        OCDI EY / OCDI.CA
                                                                             OCDI                 -5.4%           -2.1%      -25.6%     -42.3%
 Fiscal Year End                                     December

 Last Price (EGP)                                         62.08              EGX 30               0.2%        -1.7%          -10.9%     -24.8%
 52 Week High                                           117.00               EGX 70              -2.8%            9.5%       19.3%      -12.7%
 52 Week Low                                              54.77              EGX 100             -2.1%            5.3%        7.1%      -16.6%

 No. of Shares (mn)                                       28.4               MSCI EM             -0.2%        -2.4%          26.6%        0.5%
 Mkt Cap (EGPmn)                                       1,763.9               MSCI World           1.4%            0.2%       29.6%        5.0%

 100-day Av. Volume (000' shares per day)                 89.8
                                                                              All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                     Shrs (mn)
                                        Volume            OCDI             EGX 30 rebased
 120.0                                                                                                                                      0.60

 110.0                                                                                                                                      0.50
 100.0
                                                                                                                                            0.40
 90.0
                                                                                                                                            0.30
 80.0
                                                                                                                                            0.20
 70.0

 60.0                                                                                                                                       0.10

 50.0                                                                                                                                       -
      Jul-10       Aug-10   Sep-10       Oct-10       Dec-10      Jan-11         Feb-11          Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 December                                   2006a        2007a        2008a           2009a           2010a                2011e        2012e

 Revenue                                     363         493           232               31               520               n/a           n/a
 Grow th Rate                                 n/a       35.8%       -52.9%           -86.8%                n/m               n/a           n/a


 EBITDA                                      225         262           (12)            (160)             38                 n/a           n/a
 Grow th Rate (%)                              n/a      16.2%      -104.5%               n/m        -123.6%                  n/a           n/a
 EBITDA margin (%)                          62.0%       53.1%        -5.0%          -522.8%            7.3%                  n/a           n/a

 Net Income                                  227         331            27             (114)            135                 n/a           n/a
 Grow th Rate (%)                              n/a      46.1%       -91.8%               n/m        -217.6%                  n/a           n/a
 Net margin (%)                             62.5%       67.2%        11.7%          -372.8%           25.9%                  n/a           n/a

 PER                                         7.8x         5.3x        64.7x                n/m            13.1x              n/m          n/m
 P/BV                                        1.3x         1.0x         1.0x               1.0x             0.8x              n/a          n/a

 EV/EBITDA                                    4.3x         5.0x     -131.2x            -8.6x           31.3x                 n/a           n/a
 Net debt/EBITDA                             -3.5x        -1.8x       20.3x             2.4x          -15.3x                 n/a           n/a

 EPS (EGP)                                   7.98        11.66         0.96               n/m              4.74              n/a           n/a
 Dividend Yield                               n/a          n/a          n/a               n/a               n/a              n/a           n/a

 Source (all): CI Capital Research & Bloomberg




Page 118 of 202
                                                                           CI Capital Research | Handbook | 2-Jul-11



Palm Hills Developments
PHDC | Housing & Real Estate| Covered
Hany Mohamed Samy | Hany.Samy@cich.com.eg

Company Profile
Palm Hills Developments Company [PHDC] is an elite local real estate developer, associated with high-end
residential real estate and resort projects. PHDC was incorporated in 2005 as a joint stock company, operating
under the provisions of the Investment Guarantees and Incentives Law No. 8/1997, Company Law No.
159/1981 and Capital Market Law No. 95/1992. The company’s core activities include the construction of
integrated projects, management of residential compounds and resorts after construction is completed,
investment in real estate and the sale/lease of properties. PHDC owns 11 subsidiaries and has also entered
into strategic partnerships to pursue development projects on its well-diversified land bank: 47.8mn sqm spread
all over Egypt. PHDC’s key strengths lie in its experienced management, well-recognized designs, and
vertically integrated business model.

Recent Developments
 Chairman charged: In February 2011, Egypt’s Public prosecutor referred PHDC’s chairman, Mr. Yasseen
Mansour, to criminal court on charges of wasting public funds. PHDC has asserted that its financial resources
remain independent from its Chairman, its Board of Directors, and its direct & indirect shareholders, since the
company is a going concern entity, regardless of any current investigations on its Chairman. Moreover, the
company’s BoD has decided to assign Mr. Mohamed Sultan as the company’s CEO to replace Mr. Yasseen
Mansour. Although the allegations are as yet unproven, they have still had a negative effect on PHDC’s stock
price.
 Land plot sales: In order to enhance the company’s cash position, PHDC announced plans to reduce
existing land liability by 50% by returning selected raw land plots to GoE and using the instalments paid for
these selected plots to settle other land plots’ liability. Recently, the company requested to return a land bank in
Sixth of October City to the New Urban Communities Authority (NUCA) amounting to c.800k sqm.
Furthermore, Marsa Matrouh Governorate decided to cancel the sale of 9.36mn sqm to PHDC upon a request
from the company in order to reduce its land liability.
 Land plot legal challenges: In April 2011, Egypt’s Administrative Court ruled that the sale of state land to
PHDC was illegal and has scrapped the contract, since it was sold to the company via a direct order and not
publicly auctioned. That said, PHDC does still have the chance to appeal this decision until a final court rule is
reached. However, PHDC is also mired in legal challenges over the ownership of part of a land bank located to
the west of Cairo, spread over 475k sqm. This land bank was earmarked by the company for its Palm Parks
project.


Share Ownership & Contact Information
Shareholder Structure                               %        Contact Inform ation

Top Management                                      8.6%     IR Contact:            Bassem EL Shaw y
MMID                                               54.2%     Address:               Smart Village, A4-B83, Cairo-Alexandria
Banks, Insurance Companies & Others                 0.6%                            Desert Rd., Abu Raw ash, Egypt
Free Float                                         36.6%     Telephone:             02 3535 1200
                                                             Fax:                   02 3535 1208

                                                             Website:               w w w .palmhillsdevelopments.com
                                                             Bloomberg | Reuters:   PHDC EY | PHDC.CA
Share Data & Performance
  ISIN                                            EGS655L1C012                                             MoM              3M        YoY        Ytd
  Bloomberg / Reuters                      PHDC EY / PHDC.CA
                                                                                    PHDC                    6.9%          -9.7%     -52.4%    -63.2%
  Fiscal Year End                                        December

  Last Price (EGP)                                               2.33               EGX 30                 0.2%       -1.7%         -10.9%    -24.8%
  52 Week High                                                   6.42               EGX 70                 -2.8%          9.5%      19.3%     -12.7%
  52 Week Low                                                    1.44               EGX 100                -2.1%          5.3%       7.1%     -16.6%

  No. of Shares (mn)                                      1,048.3                   MSCI EM                -0.2%      -2.4%         26.6%       0.5%
  Mkt Cap (EGPmn)                                         2,442.6                   MSCI World             1.4%           0.2%      29.6%       5.0%

  100-day Av. Volume (000' shares per day)                4,620.7
                                                                                     All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                           Shrs (mn)
                                         Volume              PHDC                 EGX 30 rebased
 7.0                                                                                                                                             20.00
                                                                                                                                                 18.00
 6.0
                                                                                                                                                 16.00
                                                                                                                                                 14.00
 5.0
                                                                                                                                                 12.00
 4.0                                                                                                                                             10.00
                                                                                                                                                 8.00
 3.0
                                                                                                                                                 6.00
                                                                                                                                                 4.00
 2.0
                                                                                                                                                 2.00
 1.0                                                                                                                                             -
   Jul-10         Aug-10    Sep-10      Oct-10          Dec-10          Jan-11          Feb-11           Mar-11       May-11         Jun-11



Financial Summary
 EGPmn
 December                                    2006a          2007a            2008a               2009a            2010a           2011e       2012e

 Revenue                                          79             535         1,235               1,146            1,410           3,800       5,234
 Grow th Rate                                     n/a             n/m       130.8%               -7.2%            23.1%          169.4%       37.7%


 EBITDA                                         42           283               744              530                 687           1,673       2,482
 Grow th Rate (%)                               n/a            n/m          162.9%           -28.7%               29.6%          143.5%       48.4%
 EBITDA margin (%)                           53.0%          52.9%            60.2%            46.3%               48.7%           44.0%       47.4%

 Net Income                                     39           189               658              476                 497           1,210       1,877
 Grow th Rate (%)                               n/a            n/m          248.3%           -27.7%                4.6%          143.3%       55.1%
 Net margin (%)                              49.4%          35.3%            53.3%            41.5%               35.3%           31.8%       35.9%

 PER                                         62.7x           12.9x               3.7x             5.1x             4.9x            2.0x        1.3x
 P/BV                                         7.0x            2.4x               0.9x             0.8x             0.5x            0.5x        0.4x

 EV/EBITDA                                   53.0x               9.6x            4.1x             6.5x             4.1x            2.0x        1.2x
 Net debt/EBITDA                             -5.4x               1.0x            0.8x             1.9x             0.6x            0.6x        0.2x

 EPS (EGP)                                    0.04               0.18            0.63             0.45             0.47            1.15        1.79
 Dividend Yield                                n/a                n/a             n/a              n/a              n/a             n/a         n/a

  Source (all): CI Capital Research & Bloomberg




Page 120 of 202
                                                                         CI Capital Research | Handbook | 2-Jul-11



Talaat Mostafa Group Holding
TMGH | Housing & Real Estate | Covered
Hany Mohamed Samy | Hany.Samy@cich.com.eg

Company Profile
Talaat Moustafa Group (TMG) is a leading local and regional real estate developer with a reputable track
record and a 50mn sqm land bank. Incorporated in April 2007 with a paid-in capital of EGP20.3bn, TMG is a
full- fledged touristic, housing, and real-estate company.
With more than 20 years of experience in the development industry, TMG is considered one of the leading
businesses operating in Egypt. TMG's vision is "community development" through establishing self-sustained
residential city and community complexes for the upper and middle classes. The “Madinaty” project, spread
over 33.6 mn sqm of land, is the biggest all-inclusive enclosed city in the Middle East. TMG's activities also
extend to the Hotels & Resorts segment. Its three hotels, Nile Plaza in Cairo, San Stefano in Alexandria and
Four Seasons in Sharm El Sheikh are managed by the internationally reputable Four Seasons chain, while a
fourth hotel, Nile Hotel, recently began operations. Finally, Arab for Hotels & Tourism Investment, 74% owned
by TMG, signed a 50-year renewable concession-right agreement for Sultana Malak land in Luxor, earmarked
for constructing a luxury hotel and a 5-star Nile cruiser, both to be managed by the Four Seasons Hotel
management. The group also started a JV in KSA to develop 3.1 mn sqm at a total cost of SAR 6 bn.

Recent Developments
 KSA residential project sales: In October 2010, the company began sales for its KSA project, Nasamat Al
Riyadh, which is expected to be completed over six years and will consist of 4145 residences divided into
residential buildings and villas, in addition to other amenities.

 New Madinaty contract: In November 2010, TMHG signed a new contract for its Madinaty project with the
government, after a legal battle over ownership of the land. The terms and conditions of the contract with the
state-run New Urban Communities Authority (NUCA) are the same as those in the original contract signed in
2005.

 2010 Results: TMGH released its 2010 financial results, showing a drop of 15% YoY in bottom line to
EGP940mn in 2010, compared to EGP1,106mn in 2009. On the other hand, top line showed a 10% increase to
EGP5,339mn in 2010 compared to EGP4,822mn in 2009. Moreover, TMGH released its 1Q11 financial results,
showing a drop of 48% YoY in bottom line to EGP169mn in 1Q11 compared to EGP324mn in 1Q10 and came
lower than CICRe by 11% that stood at EGP190mn.

Share Ownership & Contact Information
Shareholder Structure                            %        Contact Information

TMG for Touristic and Real Estate Investment     47.1%    IR Contact:             Jihad Al-Sawaftah
Free Float                                       45.6%    Address:                36 Mossadak St., Dokki, Giza, Egypt
Banks, Insurance Companies & Others               7.3%
                                                          Telephone:              02 3335 5708
                                                          Fax:                    02 3301 6894

                                                          Website:                www.tmgholding.com
                                                          Bloomberg | Reuters:    TMGH EY | TMGH.CA
Share Data & Performance
  ISIN                                            EGS691S1C011                                              MoM             3M        YoY        Ytd
  Bloomberg / Reuters                     TMGH EY / TMGH.CA
                                                                                     TMGH                  11.3%       11.1%        -31.4%    -41.7%
  Fiscal Year End                                        December

  Last Price (EGP)                                               4.91                EGX 30                 0.2%       -1.7%        -10.9%    -24.8%
  52 Week High                                                   8.48                EGX 70                 -2.8%          9.5%     19.3%     -12.7%
  52 Week Low                                                    3.02                EGX 100                -2.1%          5.3%      7.1%     -16.6%

  No. of Shares (mn)                                      2,013.2                    MSCI EM                -0.2%      -2.4%        26.6%       0.5%
  Mkt Cap (EGPmn)                                         9,885.0                    MSCI World             1.4%           0.2%     29.6%       5.0%

  100-day Av. Volume (000' shares per day)                5,710.1
                                                                                     All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                           Shrs (mn)
                                         Volume              TMGH                  EGX 30 rebased
 9.5                                                                                                                                             90.00

 8.5                                                                                                                                             80.00
                                                                                                                                                 70.00
 7.5
                                                                                                                                                 60.00
 6.5                                                                                                                                             50.00
 5.5                                                                                                                                             40.00
                                                                                                                                                 30.00
 4.5
                                                                                                                                                 20.00
 3.5                                                                                                                                             10.00
 2.5                                                                                                                                             -
   Jul-10         Aug-10    Sep-10      Oct-10          Dec-10          Jan-11           Feb-11           Mar-11       May-11        Jun-11



Financial Summary
 EGPmn
 December                                    2006a          2007a            2008a                2009a            2010a          2011e       2012e

 Revenue                                         n/a        1,876            5,455             4,822               5,597          6,791       7,941
 Grow th Rate                                     n/a          n/a          190.8%            -11.6%               16.1%          21.3%       16.9%


 EBITDA                                          n/a         642             1,678             1,253               1,643          2,186       2,682
 Grow th Rate (%)                                 n/a          n/a          161.3%            -25.3%               31.1%          33.0%       22.7%
 EBITDA margin (%)                                n/a       34.2%            30.8%             26.0%               29.4%          32.2%       33.8%

 Net Income                                      n/a        1,341            1,443             1,106               1,429          1,586       1,774
 Grow th Rate (%)                                 n/a          n/a            7.6%            -23.3%               29.1%          11.0%       11.9%
 Net margin (%)                                   n/a       71.5%            26.5%             22.9%               25.5%          23.3%       22.3%

 PER                                             n/m             7.4x             6.9x             8.9x             6.9x           6.2x        5.6x
 P/BV                                            n/a             0.5x             0.5x             0.4x             0.3x           0.3x        0.3x

 EV/EBITDA                                        n/a        20.4x               17.3x            13.1x             9.7x           9.2x        8.8x
 Net debt/EBITDA                                  n/a         5.0x               11.4x             5.2x             3.6x           4.6x        5.1x

 EPS (EGP)                                        n/a            0.67             0.72             0.55             0.71           0.79        0.88
 Dividend Yield                                   n/a             n/a              n/a              n/a              n/a            n/a         n/a

  Source (all): CI Capital Research & Bloomberg




Page 122 of 202
                                                                          CI Capital Research | Handbook | 2-Jul-11



United Housing & Development
UNIT | Housing & Real Estate | Not Covered

Company Profile
United Housing and Development [UNIT] dates to 1907 under the name of El-Kabbary Lands Company. In
1965, the company was merged with a number of other real-estate companies and renamed United Housing
and Development.
UNIT is engaged in real estate investment in Alexandria and other governorates, with operations ranging from
purchasing, developing, selling and leasing land to real estate development. The company’s authorized capital
stands at EGP400mn, with a paid in capital of EGP108.75mn distributed over 87mn shares with a par value of
EGP1.25/share.

Recent Developments
 New land plots, authorization: In December 2010, UNIT announced that it acquired two new land plots in
Marsa Matrouh and Gamasa cities. On a different note, the company revealed that its 107 feddans in Syouf,
Alexandria was included among the areas permitted for urban construction. Meanwhile, the UNIT has added
nine residential units to the second phase of its Sixth of October project, at an initial value of about EGP21mn.

 Land plot sale: On January 9, 2011, the company announced that it intends to sell some area plots of its 107
feddans which it owns in Al-Syouf to finance some housing projects which it intends to implement on this area.

 Cash dividends: In May 2011, UNIT declared cash dividends of EGP0.30/share payable for 2010 profits.

Share Ownership & Contact Information
Shareholder Structure                              %       Contact Information

Free Float                                        69.9%    IR Contact:             Salem Ramadan Salem
Misr Insurance                                    16.2%    Address:                95 July 26th Rd. (El Selsela Tower), Al
Employees Association                              5.0%                            Azzarita, Alexandria, Egypt
El Maadi Housing & Development                     2.9%    Telephone:              03 4860 317 / 03 4869 585
Others                                             6.0%    Fax:                    03 4878 146

                                                           Website:
                                                           Bloomberg | Reuters:    UNIT EY | UNIT.CA
Share Data & Performance
  ISIN                                            EGS65061C011                                              MoM              3M        YoY        Ytd
  Bloomberg / Reuters                         UNIT EY / UNIT.CA
                                                                                     UNIT                  11.7%            3.0%     26.9%     -30.3%
  Fiscal Year End                                        December

  Last Price (EGP)                                               4.48                EGX 30                 0.2%        -1.7%        -10.9%    -24.8%
  52 Week High                                                   6.87                EGX 70                 -2.8%           9.5%     19.3%     -12.7%
  52 Week Low                                                    3.40                EGX 100                -2.1%           5.3%      7.1%     -16.6%

  No. of Shares (mn)                                             42.2                MSCI EM                -0.2%       -2.4%        26.6%       0.5%
  Mkt Cap (EGPmn)                                           189.1                    MSCI World             1.4%            0.2%     29.6%       5.0%

  100-day Av. Volume (000' shares per day)                1,258.3
                                                                                      All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                            Shrs (mn)
                                         Volume              UNIT                  EGX 30 rebased
 7.0                                                                                                                                              12.00
 6.5
                                                                                                                                                  10.00
 6.0
 5.5                                                                                                                                              8.00
 5.0
                                                                                                                                                  6.00
 4.5
 4.0                                                                                                                                              4.00
 3.5
                                                                                                                                                  2.00
 3.0
 2.5                                                                                                                                              -
   Jul-10         Aug-10    Sep-10      Oct-10          Dec-10          Jan-11           Feb-11           Mar-11        May-11        Jun-11



Financial Summary
 EGPmn
 December                                    2006a          2007a            2008a                2009a            2010a           2011e       2012e

 Revenue                                          16           23               30                  33                48            n/a          n/a
 Grow th Rate                                     n/a       47.4%            29.7%                8.4%             45.5%             n/a          n/a


 EBITDA                                         12             16               17                   26               27            n/a          n/a
 Grow th Rate (%)                               n/a         32.0%            11.4%                49.5%             5.6%             n/a          n/a
 EBITDA margin (%)                           74.4%          66.6%            57.2%                78.9%            57.3%             n/a          n/a

 Net Income                                     12             15               16                   24               27            n/a          n/a
 Grow th Rate (%)                               n/a         28.3%             7.9%                44.1%            15.2%             n/a          n/a
 Net margin (%)                              74.7%          65.0%            54.1%                71.9%            57.0%             n/a          n/a

 PER                                         15.9x           12.4x               11.5x             8.0x             6.9x             n/m         n/m
 P/BV                                         5.3x            4.1x                3.2x             2.6x             1.0x             n/a         n/a

 EV/EBITDA                                   14.2x           10.4x                8.9x             5.8x              2.6x            n/a          n/a
 Net debt/EBITDA                             -1.8x           -1.8x               -2.0x            -1.5x             -4.3x            n/a          n/a

 EPS (EGP)                                    0.28               0.36             0.39             0.56             0.65             n/a          n/a
 Dividend Yield                                n/a                n/a              n/a              n/a              n/a             n/a          n/a

  Source (all): CI Capital Research & Bloomberg




Page 124 of 202
                      AND RELATED SERVICES
HYDROCARBONS AND                      HYDROCARBONS


   RELATED SERVICES
                                                                                CI Capital Research | Handbook | 2-Jul-11



Alexandria Mineral Oils Company
AMOC | Hydrocarbons | Not Covered

Company Profile
Alexandria Mineral Oils Company [AMOC] is one of Egypt’s ten refineries, specializing in a wide range of
mineral oils. The company was established in May 1997 as a joint stock company operating under Law No.
230/1989 and Investment Law No. 8/1997, with an authorized capital of EGP2bn , issued and paid-in capital of
EGP820mn and investment cost of EGP1900mn. Later, the company’s issued and paid-in capital was raised to
EGP861mn. Located in the Salina area over an area of 500k sqm adjacent to Alexandria Petroleum
Company, AMOC satisfies local demand for petroleum products and exports excess production to international
markets.
AMOC houses two processing complexes: a lubricant & special oils complex and a gas oil complex. The
company specializes in the production of base oils, transformers oils, automatic transmission fluids, paraffin
waxes and two bi-products (soft/slack waxes and aromatic extracts).


Recent Developments
 76% leap in Net Profit: AMOC released its 9-month financials for the current FY10/11, recording a 76%
year-on-year leap in bottom line to EGP675mn, compared to EGP384mn, a year earlier.


Share Ownership & Contact Information
Shareholder Structure                                    %       Contact Information

Free Float                                               20.0%   IR Contact:             Mohamed Magdy Hussein
Alexandria Petroleum Company                             20.0%   Address:                Al-Sad Al-Ali St., Wady El-Kamar, El-Max,
National Capital Holding Company                         18.8%                           Alexandria, Egypt
Egyptian Banks                                           14.3%   Telephone:              03 2205 646/7 / 03 4443 255
Misr Insurance                                            9.8%   Fax:                    03 2205 637 / 03 4443 253
Social Insurance Fund for Government Sector Employees     4.9%
Social Insurance Fund for General Public Sector Wokers    5.0%   Website:                www.amocalex.com
Petroleum Co-operative Society                            3.6%   Bloomberg | Reuters:    AMOC EY | AMOC.CA
Misr Petroleum Company                                    3.6%
Share Data & Performance
  ISIN                                            EGS380P1C010                                     MoM               3M         YoY         Ytd
  Bloomberg / Reuters                    AMOC EY / AMOC.CA
                                                                              AMOC                 -0.6%       20.1%          67.6%       50.0%
  Fiscal Year End                                          June

  Last Price (EGP)                                        65.96               EGX 30               0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                            78.76               EGX 70               -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                             38.80               EGX 100              -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                       86.1               MSCI EM              -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                       5,679.2               MSCI World           1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)               112.4
                                                                              All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                      Shrs (mn)
                                         Volume           AMOC              EGX 30 rebased
 78.0                                                                                                                                        4.50
 73.0                                                                                                                                        4.00
 68.0                                                                                                                                        3.50
 63.0
                                                                                                                                             3.00
 58.0
                                                                                                                                             2.50
 53.0
                                                                                                                                             2.00
 48.0
                                                                                                                                             1.50
 43.0
 38.0                                                                                                                                        1.00
 33.0                                                                                                                                        0.50
 28.0                                                                                                                                        -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10      Jan-11          Feb-11          Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 June                                        2006a       2007a        2008a            2009a               2010a            2011e        2012e

 Revenue                                     4,031       4,135        6,262            4,701           5,657                 n/a           n/a
 Grow th Rate                                   n/a       2.6%        51.4%           -24.9%           20.3%                  n/a           n/a


 EBITDA                                       873          950        1,161              535             721                 n/a           n/a
 Grow th Rate (%)                               n/a       8.8%        22.2%           -53.9%           34.8%                  n/a           n/a
 EBITDA margin (%)                           21.7%       23.0%        18.5%            11.4%           12.8%                  n/a           n/a

 Net Income                                   796          867          918              460             557                 n/a           n/a
 Grow th Rate (%)                               n/a       9.0%         5.8%           -49.9%           21.1%                  n/a           n/a
 Net margin (%)                              19.7%       21.0%        14.7%             9.8%            9.9%                  n/a           n/a

 PER                                          7.1x         6.5x            6.2x         12.3x              10.2x              n/m          n/m
 P/BV                                         3.0x         2.6x            2.4x          2.8x               2.6x              n/a          n/a

 EV/EBITDA                                    6.8x         5.7x         4.5x            10.5x               7.8x              n/a           n/a
 Net debt/EBITDA                              0.3x        -0.2x        -0.3x            -0.1x              -0.1x              n/a           n/a

 EPS (EGP)                                    9.24        10.07        10.66               5.34             6.47              n/a           n/a
 Dividend Yield                                n/a          n/a          n/a                n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 126 of 202
                                                                           CI Capital Research | Handbook | 2-Jul-11



Egypt Gas
EGAS | Hydrocarbons | Not Covered

Company Profile
Egypt Gas [EGAS] is a joint stock company established in 1983 under Investment Law No.43/1974. Located in
Giza, EGAS has an issued & paid-in capital of EGP120mn. The company is engaged in both the urban
distribution of natural gas and the implementation of natural gas projects. It handles the process from feasibility
studies and installation up through the operation of the main and supplementary gas networks themselves.
EGAS major activities comprise: implementing natural gas projects, pipeline construction, compressed natural
gas stations, maintenance projects, air conditioning projects and LPG projects.
In its recent EGM held in March 2011, the company witnessed a change in ownership with the transfer of the
80% shares of the Egyptian General Petroleum Authority to the Egyptian Natural Gas Holding Company
(EGAS).

Recent Developments
 Natural Gas delivery in 2010: EGAS delivered natural gas to 177K commercial & residential clients, raising
the number of total clients since establishment to 2.64mn.

 2010 Financials: EGAS released its 2010 financials ending December 31, 2010, recording a marginal 2%
rise in net profit to EGP162mn. Such a rise was attributed to a 23% leap in non-operational income amounting
to EGP43mn.

Share Ownership & Contact Information
Shareholder Structure                               %       Contact Information

Egypt Natural Holding Co.                          80.0%    IR Contact:             Mohamed Fathi
Public                                             20.0%    Address:                Egypt Gas Building, Corniche Al-Nil, Al
                                                                                    W arrak, Giza, Egypt
                                                            Telephone:              02 3540 6682 / 02 3540 6081
                                                            Fax:                    02 5408 882

                                                            Website:                www.egyptgas.com.eg
                                                            Bloomberg | Reuters:    EGAS EY | EGAS.CA
Share Data & Performance
  ISIN                                            EGS39011C019                                         MoM               3M         YoY         Ytd
  Bloomberg / Reuters                     EGAS EY / EGAS.CA
                                                                                 EGAS                   3.0%           -1.2%      12.8%       -1.6%
  Fiscal Year End                                     December

  Last Price (EGP)                                        75.02                  EGX 30                0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                            82.99                  EGX 70                -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                             65.21                  EGX 100               -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                       12.0                  MSCI EM               -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                        900.2                   MSCI World            1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                     5.7
                                                                                  All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                          Shrs (mn)
                                         Volume           EGAS                 EGX 30 rebased
 85.0                                                                                                                                            0.04
 80.0                                                                                                                                            0.04
 75.0                                                                                                                                            0.03
 70.0                                                                                                                                            0.03
 65.0                                                                                                                                            0.02
 60.0                                                                                                                                            0.02
 55.0                                                                                                                                            0.01
 50.0                                                                                                                                            0.01
 45.0                                                                                                                                            -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10         Jan-11          Feb-11           Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 December                                    2006a       2007a           2008a            2009a                2010a            2011e        2012e

 Revenue                                      433         498             670               830                  787             n/a           n/a
 Grow th Rate                                  n/a       15.0%           34.5%            23.9%                -5.2%              n/a           n/a


 EBITDA                                         80          47              58               71                  72              n/a           n/a
 Grow th Rate (%)                               n/a     -41.0%           23.7%            22.3%                1.2%               n/a           n/a
 EBITDA margin (%)                           18.4%        9.4%            8.7%             8.6%                9.1%               n/a           n/a

 Net Income                                   124          126            144               159              162                 n/a           n/a
 Grow th Rate (%)                               n/a       1.6%           14.3%            10.0%             2.1%                  n/a           n/a
 Net margin (%)                              28.7%       25.3%           21.5%            19.1%            20.6%                  n/a           n/a

 PER                                          7.2x         7.1x               6.2x            5.7x              5.6x              n/m          n/m
 P/BV                                         1.3x         1.1x               1.1x            0.9x              0.9x              n/a          n/a

 EV/EBITDA                                     9.1x       14.1x           11.9x                9.2x             9.6x              n/a           n/a
 Net debt/EBITDA                              -2.2x       -5.0x           -3.6x               -3.4x            -2.9x              n/a           n/a

 EPS (EGP)                                   10.36        10.52           12.02            13.22               13.50              n/a           n/a
 Dividend Yield                                n/a          n/a             n/a              n/a                 n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 128 of 202
                                                                          CI Capital Research | Handbook | 2-Jul-11



Maridive & Oil Services
MOIL | Hydrocarbons | Covered
Noran Ali | Noran.Ali@cich.com.eg

Company Profile
Maridive & Oil Services [MOIL] is a free-zone joint stock company established in 1978, operating under
Investment Law No. 8/1997. The company is based in Port Said, with offices in Cairo, Alexandria, and Abu
Dhabi. MOIL's operations are executed through the mother company Maridive & Oil Services (MOS), as well as
its subsidiaries: Maritide Offshore Oil Services, Valentine Maritime, and Maridive Offshore Projects
(MOP). MOIL has an authorized capital of USD200mn and a paid-in capital of USD122.8mn distributed over
307.2mn shares at a par value of USD0.40/share.
Maridive is a highly-integrated marine and offshore oil services company, providing its services to E&P clients
through (1) Offshore Construction Services (OCS) and (2) Offshore Support Vessels (OSV). With over 30 years
of experience, MOIL is currently the largest Egyptian marine and offshore oil services company and one of the
largest regional players in terms of fleet size. The company currently owns 68 marine units (11 barges and 57
vessels) and has contracted for a further 7 units to be delivered by 2011. The group has won a number of
contracts in such diverse regions as the Persian Gulf, the Caspian Sea, the Gulf of Mexico, West Africa, and
the Far East.

Recent Developments
 MOIL reports weaker 2010 results: Net profit slumped by 32.6% YoY to USD48.5mn, missing CICRe by
30% and consensus by 29%. The unexpected weak profitability was due to a dispute between Valentine
(MOIL’s main profit generator accounting for 71% of net profit in 2010) and one of its clients in India over
incorrect technical information which led to operational difficulties and higher incurred cost. This resulted in an
unprecedented USD244,574 net loss reported by Valentine in 4Q10 and a 12.2 pp rise in cogs/sales ratio to
62% in 2010.

 Helix Cooperation MOU: In March 2011 MOIL signed a five-year memorandum of understanding (MoU) with
the American Canyon Offshore LTD owned by Helix, which is a leading supplier of subsea intervention
services, operating a modern fleet of support vessels. The agreement will grant MOIL a technical edge when
applying for deepwater tender offers, especially in the Mediterranean region.

 Cash dividends distribution: In May 2011, MOIL announced the distribution of cash dividend
USD0.06/share over two equal tranches to shareholders as of May 26, as follows: (1) the first tranche of
USD0.03/share (amounting to USD9.126mn) to be paid on May 31, 2011 (2) the second one of USD0.03/share
(amounting to USD9.126mn) to be paid on September 30, 2011.

Share Ownership & Contact Information
Shareholder Structure                              %        Contact Inform ation

Free Float                                        30.0%     IR Contact:            Emad Faw zy
Offshore Oil Projects                             21.0%     Address:               37 Corniche Al-Nil, El Maadi, Cairo, Egypt
Eleish Family                                     14.0%
Zeid Family                                       14.0%     Telephone:             03 5852 899 / 03 5837 170
Nadim Family                                      13.0%     Fax:                   03 5837 170 / 03 5840 481
CIB                                                4.0%
EFG Private Equity                                 4.0%     Website:               w w w .maridivegroup.net
                                                            Bloomberg | Reuters:   MOIL EY | MOIL.CA
Share Data & Performance
  ISIN                                            EGS44012C010                                            MoM              3M         YoY        Ytd
  Bloomberg / Reuters                        MOIL EY / MOIL.CA
                                                                                   MOIL                   -5.3%           2.1%      29.1%      -4.5%
  Fiscal Year End                                      December

  Last Price (USD)                                             3.40                EGX 30                 0.2%        -1.7%        -10.9%     -24.8%
  52 Week High                                                 3.80                EGX 70                 -2.8%           9.5%      19.3%     -12.7%
  52 Week Low                                                  2.48                EGX 100                -2.1%           5.3%       7.1%     -16.6%

  No. of Shares (mn)                                      307.2                    MSCI EM                -0.2%       -2.4%         26.6%       0.5%
  Mkt Cap (USDmn)                                       1,044.5                    MSCI World             1.4%            0.2%      29.6%       5.0%

  100-day Av. Volume (000' shares per day)                459.5
                                                                                    All prices as at 30th June 2011.


52-Week Graph
USD                                                                                                                                           Shrs (mn)
                                         Volume            MOIL                  EGX 30 rebased
 4.0                                                                                                                                             12.00
 3.8
                                                                                                                                                 10.00
 3.6
 3.4
                                                                                                                                                 8.00
 3.2
 3.0                                                                                                                                             6.00
 2.8
                                                                                                                                                 4.00
 2.6
 2.4
                                                                                                                                                 2.00
 2.2
 2.0                                                                                                                                             -
   Jul-10         Aug-10    Sep-10      Oct-10        Dec-10          Jan-11           Feb-11           Mar-11        May-11         Jun-11



Financial Summary
 USDmn
 December                                    2006a        2007a            2008a                2009a            2010a           2011e        2012e

 Revenue                                      250           264              258                  247              322             408         487
 Grow th Rate                                  n/a         5.5%            -2.3%                -4.2%            30.5%           26.6%        19.5%


 EBITDA                                         95         108               109                  100               96             159         196
 Grow th Rate (%)                               n/a       13.0%             1.5%                -8.3%            -4.3%           65.6%        23.3%
 EBITDA margin (%)                           38.2%        40.9%            42.5%                40.7%            29.8%           39.0%        40.2%

 Net Income                                     65           80               69                   72                48           80.3           97
 Grow th Rate (%)                               n/a       23.0%           -13.8%                 4.3%            -32.6%          65.6%        21.2%
 Net margin (%)                              26.0%        30.4%            26.8%                29.1%             15.0%          19.7%        20.0%

 PER                                         16.0x         13.0x               15.1x            14.5x             21.5x          13.0x        10.7x
 P/BV                                          n/a           n/a                4.9x             3.8x              4.2x           3.8x         3.4x

 EV/EBITDA                                   10.8x          9.6x               10.0x            11.9x             13.3x           8.4x         6.7x
 Net debt/EBITDA                             -0.2x         -0.1x                0.5x             1.5x              2.4x           1.8x         1.3x

 EPS (USD)                                     0.21         0.26                0.22             0.23              0.16            0.26         0.32
 Dividend Yield                               5.5%         5.6%                5.6%             4.0%              1.8%            4.9%         6.1%

  Source (all): CI Capital Research & Bloomberg




Page 130 of 202
                                                                                         CI Capital Research | Handbook | 2-Jul-11



Sidi Kerir Petrochemicals
SKPC | Hydrocarbons | Not Covered

Company Profile
Sidi Kerir Petrochemicals Company (SIDPEC) [SKPC] is an Egyptian joint stock company established on 16
November 1997 under Egyptian investment law, and became fully operational in 2000. SKPC’s creation was
considered an integral step towards the future of petrochemicals in Egypt. The company utilizes the latest
available technology and designs in order to meet Egyptian environmental regulation and requirements.
Located at Alexandria Port, SKPC produces ethylene and polyethylene, both of which are required for the
manufacture of petrochemical products. The company’s current production capacity includes: 300ktpa of
ethylene; 225ktpa of linear low-density polyethylene (LLDPE) and high-density polyethylene (HDPE), using
ethylene as a feedstock; in addition to 10ktpa of butane and 50ktpa of butane gas. In June 2005, SKPC made
the petroleum sector’s first public offering by selling 20% of the state-owned stake.
SKPC competes in export markets, and its range of products includes polyethylene for use in the film, blow
molding and injection molding processes. The company recently established a new ethylene venture with 400
ktpa with the Egyptian Petrochemicals Holding Company (Echem) and GASCO. SKPC is expected to own
20% of the new company.

Recent Developments
 New joint ethylene venture: Jointly with the Egyptian Petrochemicals Holding Company (Echem) and
GASCO, SKPC announced the establishment of the Egyptian Company for Ethylene and Derivatives’
Investments with a production capacity of 400ktpa of complex ethylene from propane gas in Alexandria. The
project, due to be completed in three years, will be financed by local banks, including National Bank of Egypt,
Banque Misr SAE, Commercial International Bank SAE, National Societe Generale Bank SAE, and Arab
African Bank. SKPC will own 20% of the new venture. The project is part of Egypt's Petrochemical Master
Plan.

 4% higher profits in 1Q11: SKPC posted 4.2% gain in 1Q11 net profit amounting to EGP223mn vs.
EGP214mn a year earlier.


Share Ownership & Contact Information
Shareholder Structure                                             %       Contact Information

Free Float                                                        23.0%   IR Contact:             Mohamed Fathy
Egyptian Petrochemicals Holding Company (Echem)                   20.0%   Address:                Km 36 Cairo-Alexandria Desert Rd., El-
Misr Bank                                                         21.0%                           Amerya, El-Nahda Territory, Alexandria
National Bank of Egypt                                             7.0%   Telephone:              03 4770 141 / 03 4770 142
National Investment Bank                                           7.0%   Fax:                    03 4770 126/7
Egyptian Petrochemicals Company                                    7.0%
Social Insurance Fund for Employees of General & Private Sector    5.0%   Website:                www.sidpec.com
Social Insurance Fund for Employees of Government Sector           5.0%   Bloomberg | Reuters:    SKPC EY | SKPC.CA
Misr Insurance                                                     3.0%
Naser Social Bank                                                 2.0%
Share Data & Performance
  ISIN                                            EGS380S1C017                                         MoM             3M        YoY         Ytd
  Bloomberg / Reuters                      SKPC EY / SKPC.CA
                                                                                SKPC                   1.4%           0.6%     21.2%        1.1%
  Fiscal Year End                                       December

  Last Price (EGP)                                          14.59               EGX 30                 0.2%       -1.7%        -10.9%     -24.8%
  52 Week High                                              15.48               EGX 70                -2.8%           9.5%     19.3%      -12.7%
  52 Week Low                                               11.01               EGX 100               -2.1%           5.3%      7.1%      -16.6%

  No. of Shares (mn)                                        525.0               MSCI EM               -0.2%       -2.4%        26.6%        0.5%
  Mkt Cap (EGPmn)                                         7,659.8               MSCI World             1.4%           0.2%     29.6%        5.0%

  100-day Av. Volume (000' shares per day)                  567.9
                                                                                 All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                       Shrs (mn)
                                         Volume             SKPC              EGX 30 rebased
 16.0                                                                                                                                        10.00
 15.0                                                                                                                                        9.00
 14.0                                                                                                                                        8.00
                                                                                                                                             7.00
 13.0
                                                                                                                                             6.00
 12.0
                                                                                                                                             5.00
 11.0
                                                                                                                                             4.00
 10.0
                                                                                                                                             3.00
  9.0                                                                                                                                        2.00
  8.0                                                                                                                                        1.00
  7.0                                                                                                                                        -
      Jul-10      Aug-10    Sep-10       Oct-10         Dec-10      Jan-11          Feb-11           Mar-11       May-11         Jun-11



Financial Summary
 EGPmn
 December                                    2006a          2007a        2008a           2009a                2010a          2011e        2012e

 Revenue                                           2           2                2        1,683                1,891           n/a           n/a
 Grow th Rate                                     n/a       5.8%             1.7%           n/m               12.4%            n/a           n/a


 EBITDA                                          1             1            1              648                  623           n/a           n/a
 Grow th Rate (%)                               n/a        14.1%       -16.9%               n/m               -3.8%            n/a           n/a
 EBITDA margin (%)                           51.4%         55.4%        45.3%            38.5%                33.0%            n/a           n/a

 Net Income                                      1             1            1              760                  821           n/a           n/a
 Grow th Rate (%)                               n/a        16.6%       -14.0%               n/m                8.1%            n/a           n/a
 Net margin (%)                              50.8%         56.0%        47.3%            45.1%                43.4%            n/a           n/a

 PER                                           n/m            n/m             n/m            10.1x             9.3x            n/m          n/m
 P/BV                                         3.2x           2.9x            3.0x             3.3x             3.2x            n/a          n/a

 EV/EBITDA                                    n/m             n/m          n/m               10.3x            11.0x            n/a           n/a
 Net debt/EBITDA                          -905.7x        -1074.0x     -1200.9x               -1.5x            -1.3x            n/a           n/a

 EPS (EGP)                                    0.00           0.00            0.00             1.45             1.56            n/a           n/a
 Dividend Yield                                n/a            n/a             n/a              n/a              n/a            n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 132 of 202
               MEDIA AND IT
MEDIA AND IT
                                                                           CI Capital Research | Handbook | 2-Jul-11



Media Production City
MPRC | Media & IT | Not Covered

Company Profile
Media Production City [MPRC], located in the Sixth of October City, was established in 1997 under the
umbrella of the Sixth of October Media Free Zone, catering primarily to private satellite stations. Since
January 2001, the company has been operating under the Free Zone System, enjoying tax and tariff
exemptions. The company operates studios and production facilities for both local and foreign productions on a
nearly two million square meter land plot. By the end of 2010, MPRC’s 69 studios were distributed among 6
studio complexes (designated A, B, C, D, E, and F). The company also owns an amusement park (Magic Land)
and the Movenpick Hotel (which it presently intends to sell) in Sixth of October City. The hotel was established
by MPRC's 10%-owned subsidiary, Arab Hotels Company. MPRC also owns the International Academy for
Media.

Recent Developments
 Establishment of three studios: MPRC has resumed plans to establish three new studios during 1H11, for
which it had already completed the necessary designs. The studios are scheduled to be completed by the end
of 2011 on a total area of 3,000 square meters. It is worth noting that the plan to establish the studios had been
put on hold during 1Q11 as a result of the January 25th Revolution, and the consequent expected decline in
demand for studio-renting. However, the media free-zone had recently approved the airing of 14 new channels
from Egypt, four of which agreed to rent MPRC's studios including Egypt 25 and Rotana. MPRC's CEO
commented that media freedom after the revolution eased the way for investors to establish media channels in
Egypt, instead of airing such channels from Jordan, Dubai, or London.

 Booking capital gains in 1Q11: MPRC will be eligible to book an amount of EGP41.2mn in its 1Q11
financial results related to the capital gains from the sale of two pieces of land, which the Central Accounting
Agency (CAA) had refused to book during the 4Q10 results. As per the conditions of its contract, the sale will
not be considered complete until the buyers acquire their free-zone operating licences from the General
Authority for Investment & Free Zones (GAFI). MPRC is currently in the process of selling the remaining five
pieces of land with a total area reaching to 50,000 square meters at an expected average price of EGP3,100
per square meter valued at around EGP155mn.

Share Ownership & Contact Information
Shareholder Structure                              %        Contact Information

Radio & Television Union                           43.0%    IR Contact:             Mahmoud Mostafa Mahmoud
Free Float                                         20.0%    Address:                Al-Wahat Rd, P.O. Box 31, Sixth of October
National Investment Bank                           17.8%                            City, Egypt
Misr Insurance                                      5.5%    Telephone:              02 3855 5064
National Bank of Egypt                              4.8%    Fax:                    02 3855 5261
Others                                              8.9%
                                                            Website:                www.empc.com.eg
                                                            Bloomberg | Reuters:    MPRC EY | MPRC.CA
Share Data & Performance
  ISIN                                            EGS78021C010                                          MoM               3M         YoY         Ytd
  Bloomberg / Reuters                     MPRC EY / MPRC.CA
                                                                                  MPRC                  -2.7%           -5.3%      -29.0%     -22.2%
  Fiscal Year End                                     December

  Last Price (EGP)                                             4.28               EGX 30                 0.2%       -1.7%          -10.9%     -24.8%
  52 Week High                                                 7.40               EGX 70                -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                                  3.60               EGX 100               -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                      189.4                   MSCI EM               -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                         810.6                   MSCI World             1.4%           0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                351.0
                                                                                  All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                           Shrs (mn)
                                         Volume           MPRC                  EGX 30 rebased
 8.0                                                                                                                                              3.50
 7.5                                                                                                                                              3.00
 7.0
                                                                                                                                                  2.50
 6.5
 6.0                                                                                                                                              2.00
 5.5                                                                                                                                              1.50
 5.0
                                                                                                                                                  1.00
 4.5
 4.0                                                                                                                                              0.50

 3.5                                                                                                                                              -
   Jul-10         Aug-10    Sep-10       Oct-10       Dec-10          Jan-11          Feb-11           Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 December                                    2006a        2007a           2008a            2009a                2010a            2011e        2012e

 Revenue                                      214         237              261                  270               266             n/a           n/a
 Grow th Rate                                  n/a       10.5%            10.2%                3.4%             -1.6%              n/a           n/a


 EBITDA                                         46          56               83               79                59                n/a           n/a
 Grow th Rate (%)                               n/a      22.4%            46.6%            -3.9%            -25.5%                 n/a           n/a
 EBITDA margin (%)                           21.5%       23.8%            31.7%            29.4%             22.3%                 n/a           n/a

 Net Income                                     35          47               71               77                   90             n/a           n/a
 Grow th Rate (%)                               n/a      36.7%            50.0%             8.5%                17.7%              n/a           n/a
 Net margin (%)                              16.1%       19.9%            27.1%            28.4%                34.0%              n/a           n/a

 PER                                         23.5x        17.2x            11.5x               10.6x             9.0x              n/m          n/m
 P/BV                                         0.4x         0.4x             0.4x                0.4x             0.4x              n/a          n/a

 EV/EBITDA                                   20.5x        16.2x            10.8x               11.1x            14.2x              n/a           n/a
 Net debt/EBITDA                              2.9x         1.8x             1.0x                0.9x             0.5x              n/a           n/a

 EPS (EGP)                                    0.18         0.25                0.37             0.41             0.48              n/a           n/a
 Dividend Yield                                n/a          n/a                 n/a              n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 134 of 202
                                                                          CI Capital Research | Handbook | 2-Jul-11



Raya Holding
RAYA | Media & IT | Covered
Ingy Eldiwany | Ingy.Eldiwany@cich.com.eg

Company Profile
Raya Holding [RAYA] consists of four business segments: retail & distribution (c.77% of the company’s
operations), IT, Contact Centre and the newly-introduced Raya Smart Buildings segment. In 2Q10, RAYA
launched its land transportation business targeting Egypt and Sudan. RAYA is also set to establish a new
plastic recycling company (Bariq) in December 2011 in what will be the first of its kind in Egypt.
RAYA is currently one of Egypt’s flagship CIT companies, commanding a large share of the local mobile
distribution market and a broad share of the IT segment, offering a wide array of services. RAYA’s IT segment
has a presence in Algeria, Nigeria, Saudi Arabia, the UAE and the US. As of 1Q11, the company had 33 outlets
(up from 30 in 2010) operating under the names “Raya,” “Nokia Care,” and “Samsung.”

Recent Developments
 New stores: In line with Raya Trade's expansion strategy, the company opened three new stores in May in
New Cairo, Sixth of October City and Luxor. The current number of outlets in Egypt has reached 33 under the
brands: “Raya”, “Nokia Care”, and “Samsung.”
 Unrest losses: RAYA’s estimated losses incurred during the uprising reached almost EGP7mn, according to
a company official. The company’s trade segment witnessed a loss of EGP3mn on the damage of four of its
stores. The damaged outlets were restored and all outlets are operating normally. Furthermore, the Contact
Center segment incurred losses of EGP4mn on the cancelation of four local projects and the postponement of
three offshore projects.
 Delay of new segments: RAYA has slowed down investments in the new business segments for better cash
management. Three out of four of its planned smart buildings are expected to be launched in 2013, rather than
previous plans for 4Q11 and 2012. As it stands, only one building is to be completed in May 2011. Also, the trial
operation of BariQ, its plastic recycling company, is expected to take place in late 2011 instead of mid-2011.
 Dividends postponed: In its April 5 meeting, the BoD suggested a 3.4% stock dividend and the
postponement of cash dividend distribution until a later stage.
 Joint acquisition of RAMEDA: In an OTC transaction executed mid January 2011, 10th of Ramadan for
Pharmaceuticals and Diagnostic Reagents Company (RAMEDA) was fully acquired by a consortium
comprised of Raya Holding [RAYA] with a 30% stake and the remaining 70% stake belongs to Granville
Investment Limited, an offshore company established to execute the acquisition.

Share Ownership & Contact Information
Shareholder Structure                              %       Contact Information

Medhat Khalil & Family                            21.4%    IR Contact:             Reem Asaad/ Marian Zakaria
Free Float                                        62.6%    Address:                26th July St., Tourisitic Zone, P.O. Box
Financial Holdings international Ltd              12.0%                            12568, Sixth of October City, Egypt
W athiqa Financial Company                         3.1%    Telephone:              02 3827 6000 / 01 0340 7291
Public Sector                                      0.9%    Fax:                    02 3827 6001

                                                           Website:                www.rayacorp.com
                                                           Bloomberg | Reuters:    RAYA EY | RAYA.CA
Share Data & Performance
  ISIN                                            EGS690C1C010                                          MoM               3M          YoY         Ytd
  Bloomberg / Reuters                    RAYA EY / RAYA.CA
                                                                                  RAYA                  -3.6%           -6.0%       -9.6%      -29.3%
  Fiscal Year End                                     December

  Last Price (EGP)                                             4.25               EGX 30                 0.2%       -1.7%          -10.9%      -24.8%
  52 Week High                                                 6.25               EGX 70                -2.8%           9.5%        19.3%      -12.7%
  52 Week Low                                                  3.57               EGX 100               -2.1%           5.3%         7.1%      -16.6%

  No. of Shares (mn)                                       62.2                   MSCI EM               -0.2%       -2.4%           26.6%        0.5%
  Mkt Cap (EGPmn)                                         264.2                   MSCI World             1.4%           0.2%        29.6%        5.0%

  100-day Av. Volume (000' shares per day)                153.7
                                                                                   All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                            Shrs (mn)
                                         Volume           RAYA                  EGX 30 rebased
 6.5                                                                                                                                               2.00
                                                                                                                                                   1.80
 6.0
                                                                                                                                                   1.60
                                                                                                                                                   1.40
 5.5
                                                                                                                                                   1.20
 5.0                                                                                                                                               1.00
                                                                                                                                                   0.80
 4.5
                                                                                                                                                   0.60
                                                                                                                                                   0.40
 4.0
                                                                                                                                                   0.20
 3.5                                                                                                                                               -
   Jul-10         Aug-10    Sep-10       Oct-10       Dec-10          Jan-11          Feb-11           Mar-11           May-11        Jun-11



Financial Summary
 EGPmn
 December                                    2006a        2007a           2008a            2009a                2010a            2011e         2012e

 Revenue                                     1,652       2,273            2,176            1,870                2,554            2,327         2,643
 Grow th Rate                                   n/a      37.6%            -4.3%           -14.1%                36.6%            -8.9%         13.6%


 EBITDA                                         76         110              138               86                  138               92          124
 Grow th Rate (%)                               n/a      44.9%            24.7%           -37.4%                60.6%           -33.4%         34.4%
 EBITDA margin (%)                            4.6%        4.9%             6.3%             4.6%                 5.4%             4.0%          4.7%

 Net Income                                     68          95               54               42                  44                43            42
 Grow th Rate (%)                               n/a      40.5%           -43.2%           -22.9%                4.8%             -0.9%         -2.9%
 Net margin (%)                               4.1%        4.2%             2.5%             2.2%                1.7%              1.9%          1.6%

 PER                                          3.9x         2.8x                4.9x            6.3x              6.1x             6.1x          6.3x
 P/BV                                         0.6x         0.6x                0.6x            0.5x              0.5x             0.5x          0.5x

 EV/EBITDA                                    5.8x         4.3x                4.6x            5.3x              3.7x             6.5x          7.1x
 Net debt/EBITDA                              2.3x         1.9x                2.7x            2.3x              1.8x             3.6x          5.0x

 EPS (EGP)                                     1.09        1.53             0.87                0.67             0.70              0.70          0.68
 Dividend Yield                               8.6%       26.5%             4.5%                5.4%               n/a             5.6%          5.7%

  Source (all): CI Capital Research & Bloomberg




Page 136 of 202
                    MINING
METALS AND MINING   METALS AND
                                                                         CI Capital Research | Handbook | 2-Jul-11



ASEC Mining
ASCM | Metals & Mining | Not Covered

Company Profile
Founded in 1981, ASEC Company for Mining (ASCM) operates in the non-metal sector, in which it is
engaged in geological exploration, mining and quarrying raw materials, feeding cement and building materials
industries. Its services include full geological investigation programs, complete geotechnical investigations,
geological studies, survey works, drilling works, mining planning, quarries total management, supply of raw
materials and blasting services. Its products include ground calcium carbonate, glass sand, gravel for
aggregates and gypsum. It has strong presence in North and East Africa, the Gulf and the Levant. The
company has several subsidiaries, including ASCOM Carbonated & Chemical Manufacturing, ASCOM
Emirates, ASCOM Syria and ASCOM Mining Ethiopia.


Recent Developments
 Gold exploration: In March 2011, ASEC Company for Mining announced the exploration for gold during its
excavation in three potential areas at Dish Mountain in Ethiopia.


Share Ownership & Contact Information
Shareholder Structure                            %        Contact Information

Citadel Capital                                  39.2%    IR Contact:             Amr Allam
Free Float                                       26.4%    Address:                Bld 26, Street 265, New Maadi, Cairo, Egypt
Financial Holdings International LTD             22.6%
Gamal Abd el Kader Abd el Baseer                 11.7%    Telephone:              02 2520 3371
                                                          Fax:                    02 2520 3373

                                                          Website:                www.ascom.com.eg
                                                          Bloomberg | Reuters:    ASCM EY | ASCM.CA
Share Data & Performance
  ISIN                                            EGS10001C013                                     MoM               3M         YoY         Ytd
  Bloomberg / Reuters                     ASCM EY / ASCM.CA
                                                                              ASCM                 -5.5%       11.6%           -5.9%     -11.1%
  Fiscal Year End                                     December

  Last Price (EGP)                                        11.26               EGX 30               0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                            14.80               EGX 70               -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                              7.43               EGX 100              -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                       35.0               MSCI EM              -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                        394.1                MSCI World           1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)               104.2
                                                                              All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                      Shrs (mn)
                                         Volume           ASCM              EGX 30 rebased
 15.0                                                                                                                                        0.70
 14.0                                                                                                                                        0.60
 13.0
                                                                                                                                             0.50
 12.0
                                                                                                                                             0.40
 11.0
                                                                                                                                             0.30
 10.0
                                                                                                                                             0.20
  9.0
  8.0                                                                                                                                        0.10

  7.0                                                                                                                                        -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10      Jan-11          Feb-11          Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 December                                    2006a       2007a        2008a            2009a               2010a            2011e        2012e

 Revenue                                      214         241          306               430             561                 n/a           n/a
 Grow th Rate                                  n/a       12.6%        26.9%            40.4%           30.6%                  n/a           n/a


 EBITDA                                         27          34           19              40                27                n/a           n/a
 Grow th Rate (%)                               n/a      26.2%       -44.0%          110.8%            -33.1%                 n/a           n/a
 EBITDA margin (%)                           12.5%       14.0%         6.2%            9.3%              4.8%                 n/a           n/a

 Net Income                                     22          28           31               14               10                n/a           n/a
 Grow th Rate (%)                               n/a      27.2%         8.4%           -54.3%           -27.0%                 n/a           n/a
 Net margin (%)                              10.4%       11.7%        10.0%             3.3%             1.8%                 n/a           n/a

 PER                                         17.7x        13.9x        12.8x            28.1x              38.4x              n/m          n/m
 P/BV                                         5.3x         2.1x         1.1x             1.0x               0.8x              n/a          n/a

 EV/EBITDA                                   13.4x        10.7x        19.4x            11.0x              20.2x              n/a           n/a
 Net debt/EBITDA                             -1.3x        -1.0x        -1.4x             1.2x               5.5x              n/a           n/a

 EPS (EGP)                                    0.64         0.81            0.88            0.40             0.29              n/a           n/a
 Dividend Yield                                n/a          n/a             n/a             n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 138 of 202
                                                                          CI Capital Research | Handbook | 2-Jul-11



Egypt Aluminium Company
EGAL | Metals & Mining | Not Covered

Company Profile
Founded in 1976, Egypt Aluminium Company (Egyptalum) serves as a holding company for Metallurgical
Industries, and deals primarily with the production and export of aluminium products and by-products. The
company operates a complex at Naga Hammady, 100 kilometers north of Luxor, covering 6.3 million square
meters of industrial area and comprising a smelter plant, a casting house, a rolling mill and an anode plant. The
company was listed on Cairo and Alexandria Stock Exchange on July 29th, 1997, and currently exports its
production to over 40 countries across Europe, the USA, Asia, Africa and the Gulf.

Recent Developments
 Truck drivers’ strike: In late December 2010, a strike by truck drivers in Egypt disrupted a number of
companies, including EGAL. As one company official disclosed, the strikes temporarily prevented the company
from transporting 14,000 tonnes of export-bound products to Alexandria.


Share Ownership & Contact Information
Shareholder Structure                              %       Contact Information

Metallurgical Industries Co.                      90.0%    IR Contact:             Desokki Tahaa
Free Float                                         8.6%    Address:                48-50 Abdel Khalek Sarwat Street, Cairo,
Misr Insurance                                     1.4%                            Egypt
                                                           Telephone:              09 6659 0001 / 09 6658 0471
                                                           Fax:                    09 6658 8195

                                                           Website:                www.egyptalum.com.eg
                                                           Bloomberg | Reuters:    EGAL EY | EGAL.CA
Share Data & Performance
  ISIN                                            EGS3E181C010                                     MoM               3M         YoY         Ytd
  Bloomberg / Reuters                     EGAL EY / EGAL.CA
                                                                              EGAL                  2.7%       26.4%          32.4%       18.4%
  Fiscal Year End                                          June

  Last Price (EGP)                                        32.04               EGX 30               0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                            34.78               EGX 70               -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                             20.89               EGX 100              -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                     125.0                MSCI EM              -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                       4,005.0               MSCI World           1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                 25.4
                                                                               All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                      Shrs (mn)
                                         Volume           EGAL              EGX 30 rebased
 35.0                                                                                                                                        0.90
 33.0                                                                                                                                        0.80
 31.0                                                                                                                                        0.70
 29.0                                                                                                                                        0.60
 27.0                                                                                                                                        0.50
 25.0                                                                                                                                        0.40
 23.0                                                                                                                                        0.30
 21.0                                                                                                                                        0.20
 19.0                                                                                                                                        0.10
 17.0                                                                                                                                        -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10      Jan-11          Feb-11          Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 June                                        2006a       2007a        2008a            2009a               2010a            2011e        2012e

 Revenue                                     3,484       4,407        4,472            3,211           3,250                 n/a           n/a
 Grow th Rate                                   n/a      26.5%         1.5%           -28.2%            1.2%                  n/a           n/a


 EBITDA                                      1,122       1,611        1,389               55             153                 n/a           n/a
 Grow th Rate (%)                               n/a      43.6%       -13.8%           -96.0%          178.4%                  n/a           n/a
 EBITDA margin (%)                           32.2%       36.6%        31.1%             1.7%            4.7%                  n/a           n/a

 Net Income                                   676         801          906               146             246                 n/a           n/a
 Grow th Rate (%)                               n/a      18.5%        13.2%           -83.9%           68.7%                  n/a           n/a
 Net margin (%)                              19.4%       18.2%        20.3%             4.5%            7.6%                  n/a           n/a

 PER                                          5.9x         5.0x            4.4x         27.4x              16.3x              n/m          n/m
 P/BV                                         1.6x         1.2x            1.1x          1.1x               1.0x              n/a          n/a

 EV/EBITDA                                     3.5x        2.1x         2.4x            68.4x              25.8x              n/a           n/a
 Net debt/EBITDA                              -0.1x       -0.4x        -0.5x            -4.3x              -0.3x              n/a           n/a

 EPS (EGP)                                    5.41         6.41            7.25            1.17             1.97              n/a           n/a
 Dividend Yield                                n/a          n/a             n/a             n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 140 of 202
        MILLS
MILLS
                                                                         CI Capital Research | Handbook | 2-Jul-11



Alexandria Mills
AFMC | Mills | Covered
Ahmed Abdel Ghani | Ahmed.Abdelghani@cich.com.eg
Mirette Mohamed Ghozzi | Mirette.Ghozzi@cich.com.eg

Company Profile
Alexandria Mills [AFMC] was established in 1965 under Presidential Decree No. 2475 and 2483/1965, and
was later re-established under Law No. 203/1991 as a subsidiary of the Holding Company for Food
Industries. AFMC's purpose is to manufacture, import and distribute flour, cereals and their related products.
The company operates 11 mills with an annual production capacity of 579,000 tons, in addition to 5 bakeries
and 3 macaroni factories.
In FY09/10, AFMC held a market share of 9% in the production of subsidized flour and 1% in the production of
fine flour. The company has an authorized capital of EGP100mn and a paid-in capital of EGP40mn, distributed
over 4mn shares at a par value of EGP10/share.


Recent Developments
 Operational performance in FY09/10: AFMC maintained its 9% market                  share in the production of
subsidized flour in FY09/10 – a small figure compared to that of its local peers.   The amount of wheat AFMC
crushed to produce subsidized flour declined 4% YoY to 438.9k tons. In fine         flour production, meanwhile,
AFMC held onto a minor market share of 1% in FY09/10, down from 3% a year           ago, as the amount of wheat
AFMC crushed to produce fine flour dropped 54% to 3.7k tons.


Share Ownership & Contact Information
Shareholder Structure                             %       Contact Information

Holding Company for Food Industries              60.0%    IR Contact:             Fayda Mahmoud
Mr.Ahmed Diaa El-Din                             10.0%    Address:                Al-Zaeim Gamal Abdel Nasser St.,
Employee Association                             10.0%                            Alexandria, Egypt
Others                                            2.1%    Telephone:              03 4868 755 / 03 4861 954
Free float                                       17.9%    Fax:                    03 4868 755

                                                          Website:
                                                          Bloomberg | Reuters:    AFMC EY | AFMC.CA
Share Data & Performance
  ISIN                                            EGS30471C014                                         MoM               3M          YoY         Ytd
  Bloomberg / Reuters                     AFMC EY / AFMC.CA
                                                                                 AFMC                  -0.5%       13.6%            9.0%       -3.3%
  Fiscal Year End                                          June

  Last Price (EGP)                                        21.67                  EGX 30                0.2%        -1.7%          -10.9%      -24.8%
  52 Week High                                            29.74                  EGX 70                -2.8%           9.5%        19.3%      -12.7%
  52 Week Low                                             15.77                  EGX 100               -2.1%           5.3%         7.1%      -16.6%

  No. of Shares (mn)                                           4.0               MSCI EM               -0.2%       -2.4%           26.6%        0.5%
  Mkt Cap (EGPmn)                                          86.7                  MSCI World            1.4%            0.2%        29.6%        5.0%

  100-day Av. Volume (000' shares per day)                 12.0
                                                                                  All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                           Shrs (mn)
                                         Volume           AFMC                 EGX 30 rebased
 32.0                                                                                                                                             0.12
 30.0
                                                                                                                                                  0.10
 28.0
 26.0
                                                                                                                                                  0.08
 24.0
 22.0                                                                                                                                             0.06
 20.0
                                                                                                                                                  0.04
 18.0
 16.0
                                                                                                                                                  0.02
 14.0
 12.0                                                                                                                                             -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10         Jan-11          Feb-11           Mar-11           May-11        Jun-11



Financial Summary
 EGPmn
 June                                        2006a       2007a           2008a            2009a                2010a            2011e         2012e

 Revenue                                      274         424              343              281                  261              261          268
 Grow th Rate                                  n/a       54.7%          -19.0%           -18.1%                -6.9%            -0.4%          3.0%


 EBITDA                                        15           16              44               11                  12                18            18
 Grow th Rate (%)                              n/a        3.6%          175.2%           -74.8%                9.6%             46.3%          3.0%
 EBITDA margin (%)                           5.6%         3.8%           12.8%             3.9%                4.6%              6.8%          6.8%

 Net Income                                     9            4              10                7                   7                11            11
 Grow th Rate (%)                              n/a      -49.8%          132.5%           -36.5%                2.6%             61.5%          1.9%
 Net margin (%)                              3.3%         1.1%            3.0%             2.4%                2.6%              4.2%          4.2%

 PER                                          9.7x        19.4x               8.3x         13.1x               12.8x             7.9x          7.8x
 P/BV                                         1.6x         1.6x               1.5x          1.6x                1.6x             1.4x          1.3x

 EV/EBITDA                                    5.1x         6.8x            0.7x                4.9x             5.0x              2.7x          2.0x
 Net debt/EBITDA                             -0.5x         1.4x           -1.2x               -3.0x            -2.1x             -2.1x         -2.7x

 EPS (EGP)                                    2.23         1.12            2.60                1.65             1.70              2.74          2.79
 Dividend Yield                              3.2%         2.3%            3.5%                3.5%             3.2%              4.9%          5.0%

  Source (all): CI Capital Research & Bloomberg




Page 142 of 202
                                                                          CI Capital Research | Handbook | 2-Jul-11



Central Egypt Mills
CEFM | Mills | Covered
Ahmed Abdel Ghani | Ahmed.Abdelghani@cich.com.eg
Mirette Mohamed Ghozzi | Mirette.Ghozzi@cich.com.eg

Company Profile
Central Egypt Mills [CEFM] was established in 1965 under Presidential Decree No. 2478/1965 for the
purpose of manufacturing, importing, transporting and distributing flour, cereals and their related products. It
was later re-established under Public Sector Companies Law No.203/1991. CEFM operates 10 mills with an
annual production capacity of 1mn tons, in addition to 8 bakeries and 2 macaroni production lines. In FY09/10,
CEFM held a market share of 15% in the production of subsidized flour and 19% in the production of fine flour.
The company has an authorized capital of EGP200mn and a paid-in capital of EGP147.2mn distributed over
14.7mn shares at a par value EGP10/share.

Recent Developments
 Operational performance in FY09/10: CEFM’s market share in the production of subsidized flour increased
from 14% to 15% in FY09/10, and its volume of crushed wheat for subsidized flour grew 2% to 774.3k tons.
Meanwhile, CEFM maintained its market share of 19% in the production of fine flour.

 Sale of land plots: CEFM sold land plots in Beni Suef and Al-Minya governorates at a total value of
EGP13mn. The sale proceeds, to be received in quarterly installments, will be used for the development of the
company’s mills.

Share Ownership & Contact Information
Shareholder Structure                             %        Contact Information

Holding Company for Food Industries               51.1%    IR Contact:             Noshi Zaki
Free Float                                        26.9%    Address:                Ard Sultan, Corniche Al-Nil, Minya, Egypt
Mr. Ahmed Diaa El-Din Hussien                     10.0%
Employee Association                               6.4%    Telephone:              08 6363 074 / 08 6363 824
Misr Insurance Company                             5.5%    Fax:                    08 6364 811 / 08 6364 814
Others                                             0.2%
                                                           Website:
                                                           Bloomberg | Reuters:    CEFM EY | CEFM.CA
Share Data & Performance
  ISIN                                            EGS30401C011                                      MoM               3M          YoY         Ytd
  Bloomberg / Reuters                      CEFM EY / CEFM.CA
                                                                              CEFM                  -2.7%           0.5%         5.8%       -7.6%
  Fiscal Year End                                          June

  Last Price (EGP)                                        11.11               EGX 30                0.2%        -1.7%          -10.9%      -24.8%
  52 Week High                                            14.60               EGX 70                -2.8%           9.5%        19.3%      -12.7%
  52 Week Low                                              8.00               EGX 100               -2.1%           5.3%         7.1%      -16.6%

  No. of Shares (mn)                                       14.7               MSCI EM               -0.2%       -2.4%           26.6%        0.5%
  Mkt Cap (EGPmn)                                        163.6                MSCI World            1.4%            0.2%        29.6%        5.0%

  100-day Av. Volume (000' shares per day)                 47.8
                                                                               All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                        Shrs (mn)
                                         Volume           CEFM              EGX 30 rebased
 15.0                                                                                                                                          0.45
 14.0                                                                                                                                          0.40

 13.0                                                                                                                                          0.35
                                                                                                                                               0.30
 12.0
                                                                                                                                               0.25
 11.0
                                                                                                                                               0.20
 10.0
                                                                                                                                               0.15
  9.0                                                                                                                                          0.10
  8.0                                                                                                                                          0.05
  7.0                                                                                                                                          -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10      Jan-11          Feb-11           Mar-11           May-11        Jun-11



Financial Summary
 EGPmn
 June                                        2006a       2007a        2008a            2009a                2010a            2011e         2012e

 Revenue                                      559          591         720               561                  544              511          520
 Grow th Rate                                  n/a        5.8%        21.7%           -22.1%                -3.1%            -6.0%          1.8%


 EBITDA                                        34           34           69               38                29                  31            32
 Grow th Rate (%)                              n/a       -0.7%       104.2%           -44.9%            -23.5%                8.1%          1.8%
 EBITDA margin (%)                           6.1%         5.7%         9.6%             6.8%              5.3%                6.1%          6.1%

 Net Income                                    20           19           25               18                 8                   8             8
 Grow th Rate (%)                              n/a       -5.1%        30.0%           -30.2%            -52.0%                0.1%         -7.4%
 Net margin (%)                              3.7%         3.3%         3.5%             3.1%              1.6%                1.7%          1.5%

 PER                                          8.0x         8.4x            6.5x            9.3x             19.4x            19.3x         20.9x
 P/BV                                         1.1x         1.0x            1.0x            0.9x              0.9x             0.9x          0.9x

 EV/EBITDA                                    4.0x         4.6x         1.9x               5.3x              4.7x             6.0x          5.6x
 Net debt/EBITDA                             -0.8x        -0.3x        -0.4x               1.0x             -0.9x             0.8x          0.5x

 EPS (EGP)                                    1.39         1.32         1.71                1.19             0.57              0.57          0.53
 Dividend Yield                              6.5%         5.4%         7.2%                4.5%               n/a             3.6%          3.4%

  Source (all): CI Capital Research & Bloomberg




Page 144 of 202
                                                                          CI Capital Research | Handbook | 2-Jul-11



East Delta Mills
EDFM | Mills | Covered
Ahmed Abdel Ghani | Ahmed.Abdelghani@cich.com.eg
Mirette Mohamed Ghozzi | Mirette.Ghozzi@cich.com.eg

Company Profile
East Delta Mills [EDFM] was established in 1965 for the purpose of manufacturing, importing, transporting and
distributing flour, cereals and their related products. EDFM operates 13 mills with an annual production capacity
of 926k tons in addition to 9 bakeries and a macaroni plant. In FY09/10, the company had a market share of
14% and 2% in the production of subsidized flour and flour, respectively. The firm has an authorized capital of
EGP150mn and a paid in capital of EGP60mn, distributed over 6mn shares at a par value EGP10/share.

Recent Developments
 Operational Performance in FY09/10: East Delta Mills [EDFM] captured a solid 13.5% of subsidized flour
production (82%-extraction) in FY09/10, though its share of fine flour production (72%-extraction) declined from
2.5% to 1.8% during the same period. EDFM’s total crushed wheat for subsidized flour decreased by 6%,
reaching 684k tons in FY09/10. The total crushed wheat for fine flour fell 29% to 5k tons during the same
period.

Share Ownership & Contact Information
Shareholder Structure                              %       Contact Information

Free Float                                        40.1%    IR Contact:             Mohamed Abdel Ghaffar
Holding Company for Food Industries               25.5%    Address:                Al-Ahrar Rd., Kafr Mohamed Hussien, Al-
Others                                             3.1%                            Zakazik, Egypt
Mr. Mohamed Abdel Hamid Al-Feky                   11.3%    Telephone:              05 5230 2759 / 05 5234 9695
Labor Association                                 10.0%    Fax:                    05 5322 779
Mr.Mohamed Salah Al-Ragehy                        10.0%
                                                           Website:
                                                           Bloomberg | Reuters:    EDFM EY | EDFM.CA
Share Data & Performance
  ISIN                                            EGS30351C018                                         MoM               3M          YoY         Ytd
  Bloomberg / Reuters                      EDFM EY / EDFM.CA
                                                                                 EDFM                   2.8%       13.0%           20.0%       12.6%
  Fiscal Year End                                          June

  Last Price (EGP)                                        36.00                  EGX 30                0.2%        -1.7%          -10.9%      -24.8%
  52 Week High                                            37.00                  EGX 70                -2.8%           9.5%        19.3%      -12.7%
  52 Week Low                                             27.00                  EGX 100               -2.1%           5.3%         7.1%      -16.6%

  No. of Shares (mn)                                           6.0               MSCI EM               -0.2%       -2.4%           26.6%        0.5%
  Mkt Cap (EGPmn)                                        216.0                   MSCI World            1.4%            0.2%        29.6%        5.0%

  100-day Av. Volume (000' shares per day)                     2.4
                                                                                  All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                           Shrs (mn)
                                         Volume           EDFM                 EGX 30 rebased
 38.0                                                                                                                                             0.03
 36.0
 34.0                                                                                                                                             0.02
 32.0
                                                                                                                                                  0.02
 30.0
 28.0
                                                                                                                                                  0.01
 26.0
 24.0                                                                                                                                             0.01
 22.0
 20.0                                                                                                                                             -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10         Jan-11          Feb-11           Mar-11           May-11        Jun-11



Financial Summary
 EGPmn
 June                                        2006a       2007a           2008a            2009a                2010a            2011e         2012e

 Revenue                                      497          505            582               579                  538              536          553
 Grow th Rate                                  n/a        1.7%           15.3%            -0.5%                -7.1%            -0.4%          3.1%


 EBITDA                                        25           37              68               25                19                  33            35
 Grow th Rate (%)                              n/a       45.1%           85.1%           -63.3%            -24.5%               76.9%          5.6%
 EBITDA margin (%)                           5.1%         7.2%           11.6%             4.3%              3.5%                6.2%          6.3%

 Net Income                                    36           35              41               34                25                  26            28
 Grow th Rate (%)                              n/a       -4.8%           18.0%           -16.7%            -25.2%                1.8%          6.3%
 Net margin (%)                              7.3%         6.9%            7.0%             5.9%              4.7%                4.8%          5.0%

 PER                                          5.9x         6.2x               5.3x            6.3x              8.5x             8.3x          7.8x
 P/BV                                         1.7x         1.6x               1.5x            1.4x              1.4x             1.4x          1.3x

 EV/EBITDA                                    7.3x         4.9x            1.7x                8.5x            10.5x              6.2x          5.6x
 Net debt/EBITDA                             -1.3x        -1.0x           -1.5x               -0.2x            -1.0x             -0.3x         -0.6x

 EPS (EGP)                                    6.07         5.78            6.82                5.68             4.25              4.33          4.60
 Dividend Yield                              8.8%         8.9%            9.3%                9.3%             9.3%              9.5%         10.1%

  Source (all): CI Capital Research & Bloomberg




Page 146 of 202
                                                                           CI Capital Research | Handbook | 2-Jul-11



North Cairo Mills
MILS | Mills | Covered
Ahmed Abdel Ghani | Ahmed.Abdelghani@cich.com.eg
Mirette Mohamed Ghozzi | Mirette.Ghozzi@cich.com.eg

Company Profile
North Cairo Mills [MILS] was established in 1967 as a joint stock company operating under Law No. 203. The
company specializes in the production of flour, bread and macaroni. MILS operates 13 mills with a total annual
production capacity of 1.2mn tons. The mills all specialize in the production of subsidized flour, with the
exception of one mill specialized in fine flour production. MILS also operates bakeries and a macaroni factory. It
holds a market share of 10% in the production of subsidized flour and it was the fourth market player in the
production of fine flour, with a market share of 19% in FY09/10. The company has an authorized capital of
EGP150mn and an issued and paid-in capital of EGP107mn distributed over 10.7mn shares at a par value
EGP10/share.


Recent Developments
 Operational performance in FY09/10: MILS’ market share in the production of subsidized flour decreased
to 10% in FY09/10 vs. 11% a year ago. MILS’ crushed wheat to produce subsidized flour dropped 13% to
506.6k tons in FY09/10. On the other hand, MILS managed to capture a larger market share in fine flour of
19% in FY09/10 vs. 17% the previous year, attributed to 9% higher volumes of crushed wheat.


Share Ownership & Contact Information
Shareholder Structure                              %        Contact Information

Holding Company for Food Industries                51.0%    IR Contact:             Adel Ragheb
Free Float                                         39.5%    Address:                Al-Abd Al-Gedida Bld., Al-Salam City, Cairo,
Employees Association                               5.6%                            Egypt
Misr Insurance Company                              2.3%    Telephone:              02 2281 7233 / 02 2280 2284
Others                                              1.6%    Fax:                    02 2280 2282

                                                            Website:                www.northcairomills.com
                                                            Bloomberg | Reuters:    MILS EY | MILS.CA
Share Data & Performance
  ISIN                                            EGS30361C017                                      MoM               3M          YoY         Ytd
  Bloomberg / Reuters                        MILS EY / MILS.CA
                                                                              MILS                   0.9%           9.7%        15.8%        6.1%
  Fiscal Year End                                          June

  Last Price (EGP)                                        19.76               EGX 30                0.2%        -1.7%          -10.9%      -24.8%
  52 Week High                                            21.95               EGX 70                -2.8%           9.5%        19.3%      -12.7%
  52 Week Low                                             14.31               EGX 100               -2.1%           5.3%         7.1%      -16.6%

  No. of Shares (mn)                                       10.7               MSCI EM               -0.2%       -2.4%           26.6%        0.5%
  Mkt Cap (EGPmn)                                        211.4                MSCI World            1.4%            0.2%        29.6%        5.0%

  100-day Av. Volume (000' shares per day)                 31.1
                                                                              All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                        Shrs (mn)
                                         Volume           MILS             EGX 30 rebased
 24.0                                                                                                                                          0.35

 22.0                                                                                                                                          0.30

 20.0                                                                                                                                          0.25

 18.0                                                                                                                                          0.20

 16.0                                                                                                                                          0.15

 14.0                                                                                                                                          0.10

 12.0                                                                                                                                          0.05

 10.0                                                                                                                                          -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10      Jan-11          Feb-11           Mar-11           May-11        Jun-11



Financial Summary
 EGPmn
 June                                        2006a       2007a        2008a            2009a                2010a            2011e         2012e

 Revenue                                      436         518          626               429               372                 365          376
 Grow th Rate                                  n/a       18.9%        20.8%           -31.5%            -13.3%               -1.8%          3.1%


 EBITDA                                        38           44           75               28                18                  21            21
 Grow th Rate (%)                              n/a       17.0%        70.2%           -63.0%            -34.2%               13.7%          3.1%
 EBITDA margin (%)                           8.6%         8.5%        12.0%             6.5%              4.9%                5.7%          5.7%

 Net Income                                    29           32           51               32                18                  26            26
 Grow th Rate (%)                              n/a        7.7%        60.5%           -37.1%            -43.1%               43.3%          1.0%
 Net margin (%)                              6.7%         6.1%         8.1%             7.5%              4.9%                7.1%          7.0%

 PER                                          7.2x         6.7x            4.2x            6.6x             11.6x             8.1x          8.0x
 P/BV                                         1.5x         1.5x            1.3x            1.3x              1.4x             1.4x          1.4x

 EV/EBITDA                                    4.2x         3.0x         1.3x                3.1x             5.2x              4.9x          4.7x
 Net debt/EBITDA                             -1.4x        -1.8x        -1.6x               -4.5x            -6.4x             -5.2x         -5.1x

 EPS (EGP)                                    2.74         2.95         4.74             2.99                1.70              2.43          2.46
 Dividend Yield                              8.4%         8.9%        10.1%            10.1%                7.6%             10.9%         11.0%

  Source (all): CI Capital Research & Bloomberg




Page 148 of 202
                                                                         CI Capital Research | Handbook | 2-Jul-11



South Cairo & Giza Mills
SCFM | Mills | Covered
Ahmed Abdel Ghani | Ahmed.Abdelghani@cich.com.eg
Mirette Mohamed Ghozzi | Mirette.Ghozzi@cich.com.eg

Company Profile
South Cairo & Giza Mills [SCFM] was established in 1965 under Presidential Decree No. 2472/1965 for the
purpose of manufacturing, importing, transporting and distributing flour, cereals and related products. As per
Prime Ministerial Decree No. 4313/1999, SCFM later became a subsidiary of the Holding Company for Food
Industries, operating under law No. 203/1991. The company operates 10 mills with an annual production
capacity of 510k tons, as well as four bakeries. In FY09/10 it held a 7% share of the production of subsidized
flour and 2% of fine flour. SCFM has an authorized and paid-in capital of EGP30mn, distributed over 3mn
shares at a par value of EGP10/share.

Recent Developments
 Operational performance in FY09/10: SCFM’s market share of crushed wheat for fine flour declined to 2%
in FY09/10 (vs. 8% the year before), while the company held onto a market share of 7& in the production of
subsidized flour. The company’s total crushed wheat for subsidized flour decreased by 17% to 366k tons in
FY09/10, while the total crushed wheat for fine flour decreased 76% to 5k tons in during the same period.


Share Ownership & Contact Information
Shareholder Structure                            %        Contact Information

Holding Company for Food Industries              51.0%    IR Contact:             Bahaa El-Din Mohamed
Mr. Mahmoud Ali Abou Seif                        10.3%    Address:                366 Al-Malek Faisal St., El-Talbia Haram,
Employee Association                             10.0%                            Giza, Egypt
Others                                            0.2%    Telephone:              02 3586 9816 / 02 3586 9507
Free Float                                       28.5%    Fax:                    02 3779 4411

                                                          Website:                www.scgmills.com
                                                          Bloomberg | Reuters:    SCFM EY | SCFM.CA
Share Data & Performance
  ISIN                                            EGS30411C010                                         MoM               3M          YoY         Ytd
  Bloomberg / Reuters                     SCFM EY / SCFM.CA
                                                                                 SCFM                  -1.7%           -4.7%        1.6%      -13.5%
  Fiscal Year End                                          June

  Last Price (EGP)                                        29.26                  EGX 30                0.2%         -1.7%         -10.9%      -24.8%
  52 Week High                                            38.99                  EGX 70                -2.8%            9.5%       19.3%      -12.7%
  52 Week Low                                             25.12                  EGX 100               -2.1%            5.3%        7.1%      -16.6%

  No. of Shares (mn)                                           3.0               MSCI EM               -0.2%        -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                          87.8                  MSCI World            1.4%             0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                     3.5
                                                                                  All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                           Shrs (mn)
                                         Volume           SCFM                 EGX 30 rebased
 40.0                                                                                                                                             0.05
 38.0                                                                                                                                             0.05
 36.0                                                                                                                                             0.04
                                                                                                                                                  0.04
 34.0
                                                                                                                                                  0.03
 32.0
                                                                                                                                                  0.03
 30.0
                                                                                                                                                  0.02
 28.0
                                                                                                                                                  0.02
 26.0                                                                                                                                             0.01
 24.0                                                                                                                                             0.01
 22.0                                                                                                                                             -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10         Jan-11          Feb-11           Mar-11           May-11        Jun-11



Financial Summary
 EGPmn
 June                                        2006a       2007a           2008a            2009a                2010a            2011e         2012e

 Revenue                                      294          307             296                 305            243                 228          235
 Grow th Rate                                  n/a        4.4%           -3.5%                3.0%         -20.4%               -5.9%          3.0%


 EBITDA                                         8           14              29                4                  (12)            7                7
 Grow th Rate (%)                              n/a       90.5%           98.8%           -86.2%                   n/m      -155.0%             3.0%
 EBITDA margin (%)                           2.6%         4.7%            9.7%             1.3%                -5.1%          3.0%             3.0%

 Net Income                                    10           22              29               10               (4)                  11            11
 Grow th Rate (%)                              n/a      123.7%           33.4%           -65.2%          -135.7%                   n/m         2.4%
 Net margin (%)                              3.3%         7.1%            9.7%             3.3%            -1.5%                 4.8%          4.7%

 PER                                          9.1x         4.1x               3.0x            8.7x               n/m             8.1x          7.9x
 P/BV                                         1.6x         1.3x               1.0x            1.0x              1.2x             1.1x          1.0x

 EV/EBITDA                                    9.1x         3.8x            0.8x            13.4x               -3.3x              5.3x          4.0x
 Net debt/EBITDA                             -2.5x        -2.3x           -2.3x            -8.9x                3.8x             -7.6x         -8.6x

 EPS (EGP)                                    3.22         7.21            9.62                3.35              n/m              3.63          3.72
 Dividend Yield                              4.6%         5.0%            6.8%                6.8%             5.1%              5.0%          5.1%

  Source (all): CI Capital Research & Bloomberg




Page 150 of 202
                                                                         CI Capital Research | Handbook | 2-Jul-11



Upper Egypt Mills
UEFM | Mills | Covered
Ahmed Abdel Ghani | Ahmed.Abdelghani@cich.com.eg
Mirette Mohamed Ghozzi | Mirette.Ghozzi@cich.com.eg

Company Profile
Upper Egypt Mills [UEFM] was established in 1965 as a joint stock company and operates under law No.
159/1981. The company specializes in the production of flour and bread, covering the areas of Sohad, Qena,
Aswan, Luxor, and the Red Sea. Unlike its local public-sector peers, UEFM does not own any macaroni
factories. The company owns a majority stake of 54.5% in Kings’ Valley Mills, established in 1998 and
operating under law No.8/1997. Kings’ Valley Mills has a paid-in capital of EGP70mn and specializes in the
production of fine flour and covers the Sixth of October Governorate. UEFM itself has an authorized capital of
EGP200mn and a paid-in capital of EGP70mn distributed over 7mn shares at a par value EGP10/share.

Recent Developments
 Operational performance in FY09/10: UEFM held the lion’s share in the production of fine flour among the
public sector with a market share of 48% in FY09/10, thanks to its 54.5% owned subsidiary, King’s Valley Mills.
It was also the second-largest player in the subsidized flour market with a 20% share in FY09/10. UEFM’s total
crushed wheat for subsidized flour decreased by 4% YoY to 1mn tons in FY09/10, while its total crushed wheat
for fine flour production increased by 60% to 135.4k tons during the same period.


Share Ownership & Contact Information
Shareholder Structure                             %       Contact Information

Free Float                                       39.0%    IR Contact:             Ossama Eid
Holding Company for Food Industries              27.0%    Address:                Al-Teraa Al-Gergawyia St., Sohag, Egypt
Employee Association                             14.7%
Arab Cotton Ginning                              10.0%    Telephone:              09 3232 3097 / 09 3235 0010
Others                                            9.3%    Fax:                    09 3233 3434 / 09 3235 0010

                                                          Website:                www.upperegyptmills.com
                                                          Bloomberg | Reuters:    UEFM EY | UEFM.CA
Share Data & Performance
  ISIN                                            EGS30451C016                                         MoM               3M          YoY         Ytd
  Bloomberg / Reuters                      UEFM EY / UEFM.CA
                                                                                 UEFM                   1.5%       17.8%           16.3%       19.1%
  Fiscal Year End                                          June

  Last Price (EGP)                                        65.08                  EGX 30                0.2%        -1.7%          -10.9%      -24.8%
  52 Week High                                            70.00                  EGX 70                -2.8%           9.5%        19.3%      -12.7%
  52 Week Low                                             44.84                  EGX 100               -2.1%           5.3%         7.1%      -16.6%

  No. of Shares (mn)                                           7.0               MSCI EM               -0.2%       -2.4%           26.6%        0.5%
  Mkt Cap (EGPmn)                                        455.6                   MSCI World            1.4%            0.2%        29.6%        5.0%

  100-day Av. Volume (000' shares per day)                     9.0
                                                                                  All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                           Shrs (mn)
                                         Volume           UEFM                 EGX 30 rebased
 75.0                                                                                                                                             0.08

 70.0                                                                                                                                             0.07
                                                                                                                                                  0.06
 65.0
                                                                                                                                                  0.05
 60.0
                                                                                                                                                  0.04
 55.0
                                                                                                                                                  0.03
 50.0
                                                                                                                                                  0.02
 45.0                                                                                                                                             0.01
 40.0                                                                                                                                             -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10         Jan-11          Feb-11           Mar-11           May-11        Jun-11



Financial Summary
 EGPmn
 June                                        2006a       2007a           2008a            2009a                2010a            2011e         2012e

 Revenue                                      671         746            1,113            1,093            1,090                 766           789
 Grow th Rate                                  n/a       11.2%           49.3%            -1.8%            -0.3%              -29.7%           3.0%


 EBITDA                                        44           52              91              110                  103              73             75
 Grow th Rate (%)                              n/a       17.0%           75.0%            20.7%                -6.4%          -29.2%           3.0%
 EBITDA margin (%)                           6.6%         7.0%            8.2%            10.0%                 9.4%            9.5%           9.5%

 Net Income                                    37           43              88                  95                90              56             58
 Grow th Rate (%)                              n/a       14.5%          106.1%                8.1%             -5.4%          -37.0%           2.1%
 Net margin (%)                              5.5%         5.7%            7.9%                8.7%              8.2%            7.4%           7.3%

 PER                                         12.3x        10.7x               5.2x            4.8x              5.1x             8.1x          7.9x
 P/BV                                         3.1x         3.0x               2.6x            2.0x              1.7x             1.5x          1.4x

 EV/EBITDA                                    9.0x         7.2x            2.7x                2.4x             2.6x              3.4x          2.9x
 Net debt/EBITDA                             -1.3x        -1.5x           -2.3x               -1.8x            -1.9x             -2.8x         -3.2x

 EPS (EGP)                                    5.31         6.08           12.53            13.54               12.81              8.06          8.23
 Dividend Yield                              4.8%         5.1%            9.2%             9.2%                9.2%              5.8%          5.9%

  Source (all): CI Capital Research & Bloomberg




Page 152 of 202
                                                                        CI Capital Research | Handbook | 2-Jul-11



Middle & West Delta Mills
WCDF | Mills | Covered
Ahmed Abdel Ghani | Ahmed.Abdelghani@cich.com.eg
Mirette Mohamed Ghozzi | Mirette.Ghozzi@cich.com.eg

Company Profile
Established in 1967, Middle & West Delta Mills [WCDF] operates under Law No.159/1981. The company
specializes in the production of flour, bread and macaroni. WCDF operates 12 mills with a combined annual
production capacity of 1.5mn tons, in addition to bakeries and a macaroni factory. The company is the market
leader among the public sector for the production of subsidized flour, with a market share of 26% as of
FY09/10, and a 9% market share in the production of fine flour for the same period. WCDF has an authorized
capital of EGP200mn and an issued and paid-in capital of EGP75mn distributed over 7.5mn shares at a par
value EGP10/share.

Recent Developments
 Operational performance in FY09/10: WCDF has been a leader in the production of subsidized flour,
capturing a larger market share of 26% in FY09/10, up from 24% a year ago. WCDF’s volume of crushed wheat
for subsidized flour grew 4% to 1.3mn tons in FY09/10. However, its share of volume in crushed wheat for fine
flour dropped to 9% in FY09/10, down from 21% a year ago, attributable to a 57% decline in volume of crushed
wheat for fine flour to 25.3k tons.


Share Ownership & Contact Information
Shareholder Structure                            %       Contact Information

Free Float                                      36.5%    IR Contact:             Ragheb Gaafar
Holding Company for Food Industries             27.0%    Address:                19 Al-Galaa St., Tanta, Egypt
Mr. Mohemd Al-Feky                              11.6%
Employee Association                            10.0%    Telephone:              04 0329 4582 / 04 0329 4259
Ms. Fatma Nasr.                                  6.8%    Fax:                    04 0328 1180 / 04 0329 2137
Others                                           8.1%
                                                         Website:
                                                         Bloomberg | Reuters:    W CDF EY | WCDF.CA
Share Data & Performance
  ISIN                                            EGS30421C019                                         MoM               3M          YoY         Ytd
  Bloomberg / Reuters                     WCDF EY / WCDF.CA
                                                                                 WCDF                   6.6%       19.9%           20.5%       20.2%
  Fiscal Year End                                          June

  Last Price (EGP)                                        42.65                  EGX 30                0.2%        -1.7%          -10.9%      -24.8%
  52 Week High                                            44.50                  EGX 70                -2.8%           9.5%        19.3%      -12.7%
  52 Week Low                                             28.20                  EGX 100               -2.1%           5.3%         7.1%      -16.6%

  No. of Shares (mn)                                           7.5               MSCI EM               -0.2%       -2.4%           26.6%        0.5%
  Mkt Cap (EGPmn)                                        319.9                   MSCI World            1.4%            0.2%        29.6%        5.0%

  100-day Av. Volume (000' shares per day)                     5.8
                                                                                 All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                           Shrs (mn)
                                         Volume           WCDF                 EGX 30 rebased
 50.0                                                                                                                                             0.20
                                                                                                                                                  0.18
 45.0                                                                                                                                             0.16
                                                                                                                                                  0.14
 40.0                                                                                                                                             0.12
                                                                                                                                                  0.10
 35.0                                                                                                                                             0.08
                                                                                                                                                  0.06
 30.0                                                                                                                                             0.04
                                                                                                                                                  0.02
 25.0                                                                                                                                             -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10         Jan-11          Feb-11           Mar-11           May-11        Jun-11



Financial Summary
 EGPmn
 June                                        2006a       2007a           2008a            2009a                2010a            2011e         2012e

 Revenue                                      712         922            1,090              960            1,091                 881           907
 Grow th Rate                                  n/a       29.5%           18.2%           -12.0%            13.7%              -19.3%           3.0%


 EBITDA                                        36           46              61               31               74                  56             58
 Grow th Rate (%)                              n/a       29.1%           31.6%           -49.4%           139.5%              -24.2%           3.0%
 EBITDA margin (%)                           5.0%         5.0%            5.6%             3.2%             6.8%                6.4%           6.4%

 Net Income                                    38           40              41               38               53                  31             31
 Grow th Rate (%)                              n/a        5.9%            1.8%            -6.9%            40.3%              -42.3%           2.1%
 Net margin (%)                              5.3%         4.3%            3.7%             3.9%             4.9%                3.5%           3.4%

 PER                                          8.5x         8.0x               7.9x            8.5x              6.0x            10.5x         10.2x
 P/BV                                         2.4x         2.2x               2.2x            2.1x              2.0x             1.8x          1.7x

 EV/EBITDA                                    6.2x         5.3x            4.4x                9.0x             3.9x              5.5x          4.9x
 Net debt/EBITDA                             -2.7x        -1.7x           -0.8x               -1.4x            -0.4x             -0.2x         -0.6x

 EPS (EGP)                                    5.02         5.31            5.41                5.04             7.06              4.08          4.16
 Dividend Yield                              7.5%         7.7%            8.4%                8.4%             9.1%              6.6%          6.7%

  Source (all): CI Capital Research & Bloomberg




Page 154 of 202
                      PACKAGING
PAPER AND PACKAGING   PAPER AND
                                                                           CI Capital Research | Handbook | 2-Jul-11



General Company for Paper Manufacturing
RAKT | Paper & Packaging | Not Covered

Company Profile
General Company for Paper Industry (RAKTA) was first established in 1958 by the government of Egypt as
a public sector company to produce printing paper and carton products. To this day, its major clients are still in
the public sector, including the government press. RAKTA was listed on the Egypt Stock Exchange (EGX) in
November 1994. The company relies on rice straws and sugar pulps in manufacturing its products that include
White Paper, Kraft Paper, Fluting and Special Fluting Paper, Test Liner Paper, Super Kraft Liner Paper, Duplex
and Brestol, and Manila paper. RAKTA has two purchasing offices in Cairo and Alexandria.

Recent Developments
 Loan for boiler conversion: In October 2010, National Bank of Egypt (NBE) provided a EGP20.2mn loan
to RAKTA Paper Company to part-finance a project to convert its boilers to use natural gas instead of mazut.

 Equipment renewal offers: In January 2011, RAKTA received financial and technical offers from eight
global companies to implement replacing and renewal works at investment cost of EGP95mn.


Share Ownership & Contact Information
Shareholder Structure                              %        Contact Information

Holding Company for Chemical Industries            80.3%    IR Contact:             Mohamed Said
Free Float                                         18.1%    Address:                El Tabya, Rasheed Line, Alexandria, Egypt
Others                                              1.5%
                                                            Telephone:              03 5615 860 / 03 5615 861
                                                            Fax:                    03 5615 866 / 03 5615 867

                                                            Website:                www.rakta-eg.com
                                                            Bloomberg | Reuters:    RAKT EY | RAKT.CA
Share Data & Performance
  ISIN                                            EGS36021C011                                     MoM               3M         YoY         Ytd
  Bloomberg / Reuters                     RAKT EY / RAKT.CA
                                                                              RAKT                -10.5%       -26.1%         71.8%      -43.6%
  Fiscal Year End                                          June

  Last Price (EGP)                                        12.18               EGX 30               0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                            22.48               EGX 70               -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                              6.50               EGX 100              -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                       19.1               MSCI EM              -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                        233.0                MSCI World           1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)               242.0
                                                                               All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                      Shrs (mn)
                                         Volume           RAKT              EGX 30 rebased
 25.0                                                                                                                                        1.40
 23.0
                                                                                                                                             1.20
 21.0
 19.0                                                                                                                                        1.00
 17.0                                                                                                                                        0.80
 15.0
 13.0                                                                                                                                        0.60
 11.0                                                                                                                                        0.40
  9.0
                                                                                                                                             0.20
  7.0
  5.0                                                                                                                                        -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10      Jan-11          Feb-11          Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 June                                        2006a       2007a        2008a            2009a               2010a            2011e        2012e

 Revenue                                      139          150          152               81               69                n/a           n/a
 Grow th Rate                                  n/a        7.6%         1.3%           -47.0%           -14.5%                 n/a           n/a


 EBITDA                                         4           (4)           5              (23)             (32)               n/a           n/a
 Grow th Rate (%)                              n/a     -193.1%      -223.2%               n/m           40.6%                 n/a           n/a
 EBITDA margin (%)                           2.9%        -2.5%         3.1%           -28.5%           -46.9%                 n/a           n/a

 Net Income                                     2            3            4              (26)             (38)               n/a           n/a
 Grow th Rate (%)                              n/a       31.7%        35.6%               n/m           44.4%                 n/a           n/a
 Net margin (%)                              1.4%         1.8%         2.4%           -32.9%           -55.6%                 n/a           n/a

 PER                                           n/m        88.3x        65.1x                n/m              n/m              n/m          n/m
 P/BV                                         1.7x         2.0x         2.1x               2.9x             5.6x              n/a          n/a

 EV/EBITDA                                   65.9x       -65.1x        52.3x           -10.2x              -5.9x              n/a           n/a
 Net debt/EBITDA                              8.5x        -3.4x         2.2x            -0.1x               1.4x              n/a           n/a

 EPS (EGP)                                    0.10         0.14            0.19            n/m               n/m              n/a           n/a
 Dividend Yield                                n/a          n/a             n/a            n/a               n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 156 of 202
PHARMACEUTICALS   PHARMACEUTICALS
                                                                         CI Capital Research | Handbook | 2-Jul-11



GlaxoSmithKline Egypt
BIOC | Pharmaceuticals | Not Covered

Company Profile
Glaxo SmithKline Egypt [BIOC], a member of Glaxo Group Ltd., is an Egyptian-based company established
in 1981 to manufacture, pack, market, sell and distribute pharmaceutical products. The company also
manufactures and distributes several licensed products from other companies.
The company’s wholly-owned subsidiary, Amoun Pharmaceutical Industries, is engaged in the production of
medical appliances.
Glaxo has an authorized capital of EGP1bn and an issued and paid-in capital of EGP835mn at a par value of
EGP10/share.

Recent Developments
 Purchase of Britsol-Myers Squibb’s Egyptian business: Glaxo SmithKline Egypt has announced buying
Bristol-Myers Squibb Co.’s Egyptian mature products business for USD210mn, extending the British drug
company’s recent expansion into emerging markets, as we mentioned in our 2010 Handbook.

 CHMP approval of new drug: On the global front, in May 2011, GlaxoSmithKline (GSK) and Human
Genome Sciences, Inc. announced that the European Medicines Agency’s Committee for Medicinal
Products for Human Use (CHMP) has issued a positive assessment and recommended marketing
authorization for Benlysta (belimumab) as an add-on therapy in adult patients with active autoantibody-positive
systemic lupus erythematosus and a high degree of disease activity. Belimumab is the first in a new class of
drugs called BLyS-specific inhibitors. Belimumab received approval from the U.S. Food and Drug
Administration (FDA) on March 9th, 2011. Regulatory applications have been submitted and are currently
under review in Canada, Australia, Switzerland, Russia, Brazil, The Philippines, Israel and Colombia.


Share Ownership & Contact Information
Shareholder Structure                             %       Contact Information

Glaxo Limited Group                              91.2%    IR Contact:             Mansour Manaai
National Societe General Bank                     6.0%    Address:                No. 46 Boomerang Bld., City Center, 5th
Free Float                                        2.8%                            District, New Cairo, Egypt
                                                          Telephone:              02 2618 5000
                                                          Fax:                    02 2618 5001

                                                          Website:                www.gsk.com/worldwide/eg
                                                          Bloomberg | Reuters:    BIOC EY | BIOC.CA
Share Data & Performance
  ISIN                                            EGS38171C012                                     MoM               3M         YoY         Ytd
  Bloomberg / Reuters                        BIOC EY / BIOC.CA
                                                                              BIOC                 -9.5%           3.1%        -0.7%     -15.9%
  Fiscal Year End                                     December

  Last Price (EGP)                                        13.28               EGX 30               0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                            19.35               EGX 70               -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                              9.84               EGX 100              -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                       83.5               MSCI EM              -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                       1,109.1               MSCI World           1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                 33.9
                                                                              All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                      Shrs (mn)
                                         Volume           BIOC             EGX 30 rebased
 20.0                                                                                                                                        0.35

 18.0                                                                                                                                        0.30

                                                                                                                                             0.25
 16.0
                                                                                                                                             0.20
 14.0
                                                                                                                                             0.15
 12.0
                                                                                                                                             0.10
 10.0                                                                                                                                        0.05

  8.0                                                                                                                                        -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10      Jan-11          Feb-11          Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 December                                    2006a       2007a        2008a            2009a               2010a            2011e        2012e

 Revenue                                      589          584          641                 667             727              n/a           n/a
 Grow th Rate                                  n/a       -1.0%         9.8%                4.0%            9.0%               n/a           n/a


 EBITDA                                       150          153          130               84             125                 n/a           n/a
 Grow th Rate (%)                               n/a       1.8%       -14.9%           -35.2%           48.7%                  n/a           n/a
 EBITDA margin (%)                           25.5%       26.2%        20.3%            12.6%           17.2%                  n/a           n/a

 Net Income                                     64          90           84               29              93                 n/a           n/a
 Grow th Rate (%)                               n/a      40.7%        -6.6%           -65.5%          222.1%                  n/a           n/a
 Net margin (%)                              10.8%       15.4%        13.1%             4.3%           12.8%                  n/a           n/a

 PER                                         17.4x        12.4x        13.2x            38.4x              11.9x              n/m          n/m
 P/BV                                         1.5x         1.3x         1.2x             1.2x               1.2x              n/a          n/a

 EV/EBITDA                                     7.2x        7.1x         8.1x            13.1x               8.4x              n/a           n/a
 Net debt/EBITDA                              -0.2x       -0.1x        -0.4x            -0.1x              -0.5x              n/a           n/a

 EPS (EGP)                                    0.76         1.07            1.00            0.35             1.11              n/a           n/a
 Dividend Yield                                n/a          n/a             n/a             n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 158 of 202
                                                                          CI Capital Research | Handbook | 2-Jul-11



Medical Union Pharmaceuticals
MEDU | Pharmaceuticals | Not Covered

Company Profile
Medical Union Pharmaceuticals [MEDU] was established in 1984 as a modern pharmaceutical manufacturer.
It incorporates contemporary construction design features such as raw materials handling, production flow
concepts, air and water processing units, and state of art manufacturing equipment rivaling that of its American,
European and Japanese counterparts. MEDU offers a wide range of product lines including both original and
licensed products.
MEDU’s management ensures the transparency of its quality control system through a series of periodic audits
carried out by internal auditors and external teams from the companies from which it licenses medicines.

Recent Developments
 Financial Results: MEDU released its 2010 financial results, recording a net annual profit of EGP167mn,
compared to EGP158.8mn in 2009.

Share Ownership & Contact Information
Shareholder Structure                              %       Contact Information

Arab Co For Medical & Pharmaceutical Industries   40.6%    IR Contact:             Ibrahim Gad
Free Float                                        11.0%    Address:                36 Dr. Mohamed Hassan Al-Gamal St., Nasr
Medical Union for Investment                      10.6%                            City, Cairo, Egypt
Fund Subsidies and Pensions                       10.6%    Telephone:              02 2270 9535 / 02 2270 9316
Industrial Investment                             10.0%    Fax:                    02 2270 9315
Libyan Company for Foreign Investment             10.0%
Nomas Commercial                                   5.0%    Website:                www.mupeg.com
Others                                             2.2%    Bloomberg | Reuters:    MEDU EY | MEDU.CA
Share Data & Performance
  ISIN                                            EGS38281C019                                         MoM               3M         YoY         Ytd
  Bloomberg / Reuters                     MEDU EY / MEDU.CA
                                                                                 MEDU                   2.8%           -2.5%      13.1%       -2.7%
  Fiscal Year End                                     December

  Last Price (EGP)                                        27.80                  EGX 30                0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                            31.00                  EGX 70                -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                             22.23                  EGX 100               -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                       31.3                  MSCI EM               -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                        871.2                   MSCI World            1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                     4.6
                                                                                 All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                          Shrs (mn)
                                         Volume           MEDU                 EGX 30 rebased
 32.0                                                                                                                                            0.04
 30.0                                                                                                                                            0.04
 28.0                                                                                                                                            0.03
 26.0                                                                                                                                            0.03
 24.0                                                                                                                                            0.02
 22.0                                                                                                                                            0.02
 20.0                                                                                                                                            0.01
 18.0                                                                                                                                            0.01
 16.0                                                                                                                                            -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10         Jan-11          Feb-11           Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 December                                    2006a       2007a           2008a            2009a                2010a            2011e        2012e

 Revenue                                      501          537            591               713                 781              n/a           n/a
 Grow th Rate                                  n/a        7.2%           10.1%            20.6%                9.5%               n/a           n/a


 EBITDA                                       123          123            137               167              171                 n/a           n/a
 Grow th Rate (%)                               n/a      -0.1%           11.7%            22.2%             2.1%                  n/a           n/a
 EBITDA margin (%)                           24.5%       22.8%           23.1%            23.5%            21.9%                  n/a           n/a

 Net Income                                     95         101            117               159              167                 n/a           n/a
 Grow th Rate (%)                               n/a       6.4%           16.3%            35.3%             5.3%                  n/a           n/a
 Net margin (%)                              18.9%       18.8%           19.8%            22.3%            21.4%                  n/a           n/a

 PER                                          9.2x         8.6x               7.4x            5.5x              5.2x              n/m          n/m
 P/BV                                         1.7x         1.6x               1.5x            1.3x              1.1x              n/a          n/a

 EV/EBITDA                                     5.8x        5.4x            4.9x                3.8x             3.5x              n/a           n/a
 Net debt/EBITDA                              -1.3x       -1.7x           -1.5x               -1.5x            -1.6x              n/a           n/a

 EPS (EGP)                                    3.02         3.22               3.74            5.07              5.33              n/a           n/a
 Dividend Yield                                n/a          n/a                n/a             n/a               n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 160 of 202
                                                                          CI Capital Research | Handbook | 2-Jul-11



EIPICO
PHAR | Pharmaceuticals | Covered
Ahmed Abdel Ghani | Ahmed.Abdelghani@cich.com.eg

Company Profile
Established in 1980, EIPICO [PHAR] began production in 1985. At present, the company's product line is
comprised of approximately 276 generic products. As the largest local private-sector pharmaceuticals producer,
EIPICO’s market share hovers around 6.5%, and exports to about 64 countries. Currently, EIPICO is in the
process of expanding its factory. EIPICO has two subsidiaries: the first is the Egyptian International Ampoule
Manufacturing Company (EIACO), a 98% ownership, and the second is Saudi Arabia-based Universal, a
30% ownership.
EIPICO has an authorized capital of EGP850mn and an issued capital of EGP793mn, distributed over 79.3mn
shares at a par value of EGP10/share.

Recent Developments
 New price reductions: On January 3, 2011, the former Minister of Health Dr. Hatem El-Gabaly announced a
new reduction in the sales prices of 50 medicines (2 for EIPICO), taking effect that same month. This was the
fourth such reduction in pharmaceutical selling prices (altogether they have applied to 182 products, 5 of which
are sold by EIPICO) since a decision made by the Ministry of Health on September 15th, 2009 which modified
the Egyptian pharmaceutical pricing policy.

 Plant inauguration postponement: In January 2011, EIPICO announced the postponement of the
inauguration of its EGP250-330mn new plant, delayed from management’s original plan to begin operations
late in 2010. The expansion has now been re-scheduled (as per EIPICO’s chairman) to inaugurate its
warehouses in July or August 2011, while plant operations are expected to start by the end of the year.

 Amendments allow manufacturing for other companies: In its EGM held on April 19, 2011, EIPICO
decided to amend its articles of incorporation to be able to manufacture in and for other companies.

Share Ownership & Contact Information
Shareholder Structure                             %        Contact Information

ACDIMA                                            43.2%    IR Contact:             Mohamed Nadr
Free Float                                        44.4%    Address:                Industrial Zone B1, P.O. Box 149, Tenth of
Others                                             6.8%                            Ramadan City, Egypt
Medical Union Pharma                               5.6%    Telephone:              02 0153 61663 / 02 0153 64377
                                                           Fax:                    02 0153 64377

                                                           Website:                www.eipico.com.eg
                                                           Bloomberg | Reuters:    PHAR EY | PHAR.CA
Share Data & Performance
  ISIN                                            EGS38081C013                                    MoM               3M          YoY         Ytd
  Bloomberg / Reuters                     PHAR EY / PHAR.CA
                                                                             PHAR                 -0.6%           6.9%        20.2%        3.2%
  Fiscal Year End                                     December

  Last Price (EGP)                                        38.22              EGX 30               0.2%        -1.7%          -10.9%      -24.8%
  52 Week High                                            40.00              EGX 70               -2.8%           9.5%        19.3%      -12.7%
  52 Week Low                                             30.73              EGX 100              -2.1%           5.3%         7.1%      -16.6%

  No. of Shares (mn)                                       79.3              MSCI EM              -0.2%       -2.4%           26.6%        0.5%
  Mkt Cap (EGPmn)                                       3,032.2              MSCI World           1.4%            0.2%        29.6%        5.0%

  100-day Av. Volume (000' shares per day)                 67.8
                                                                              All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                      Shrs (mn)
                                         Volume           PHAR             EGX 30 rebased
 42.0                                                                                                                                        0.80
 40.0                                                                                                                                        0.70
 38.0
                                                                                                                                             0.60
 36.0
 34.0                                                                                                                                        0.50
 32.0                                                                                                                                        0.40
 30.0                                                                                                                                        0.30
 28.0
                                                                                                                                             0.20
 26.0
 24.0                                                                                                                                        0.10
 22.0                                                                                                                                        -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10      Jan-11        Feb-11           Mar-11           May-11        Jun-11



Financial Summary
 EGPmn
 December                                    2006a       2007a        2008a           2009a               2010a            2011e         2012e

 Revenue                                      745         850           910           1,005           1,109                1,209         1,379
 Grow th Rate                                  n/a       14.1%         7.0%           10.4%           10.4%                 9.0%         14.0%


 EBITDA                                       318         364           359             411             469                  484          537
 Grow th Rate (%)                               n/a      14.6%        -1.6%           14.5%           14.1%                 3.2%         11.1%
 EBITDA margin (%)                           42.7%       42.9%        39.4%           40.9%           42.3%                40.0%         39.0%

 Net Income                                   197         232          257              298             342                  345          375
 Grow th Rate (%)                               n/a      18.1%        10.9%           15.9%           14.6%                 1.0%          8.5%
 Net margin (%)                              26.4%       27.3%        28.3%           29.7%           30.8%                28.5%         27.2%

 PER                                         15.4x        13.1x        11.8x           10.2x               8.9x             8.8x          8.1x
 P/BV                                         3.1x         2.9x         2.6x            2.4x               2.1x             1.9x          1.8x

 EV/EBITDA                                     8.3x        7.2x         7.4x              6.3x             5.2x              4.9x          4.2x
 Net debt/EBITDA                              -1.2x       -1.1x        -1.0x             -1.1x            -1.3x             -1.4x         -1.5x

 EPS (EGP)                                     2.48        2.93         3.24              3.76             4.31              4.35          4.72
 Dividend Yield                               3.3%        4.3%         4.5%              5.0%             6.5%              7.4%          8.0%

  Source (all): CI Capital Research & Bloomberg




Page 162 of 202
        STEEL
STEEL
                                                                          CI Capital Research | Handbook | 2-Jul-11



Ezz Steel
ESRS | Steel | Covered
Hany Mohamed Samy | Hany.Samy@cich.com.eg

Company Profile
Ezz Steel [ESRS] - previously known as Al-Ezz Steel Rebars Co. (ESR) - is a joint-stock company and
leading regional steel producer established in April 1994 to manufacture steel rebars in Sadat City. In 1995,
ESRS acquired 90.7% of National Al-Baraka for Iron & Steel – currently known as Al-Ezz Rolling Mills
(ERM) – which produces straight and coiled rebars in 10th of Ramadan City.
ESRS' facilities in Sadat and 10th of Ramadan have a combined production capacity of 1.4mn tons per annum.
Furthermore, ESRS owns 63.1% directly and indirectly of Al-Ezz Flat Steel (EFS), established in July 1998
under the provisions of Law No. 8. Its capacity is 1.3mn tons of flat steel per annum, most of which is directed
to export markets. EFS plans to increase its production capacity by an additional 1.2mtpa by mid-2012.
ESRS also owns a 55% stake in Al-Ezz Dekheila for Steel- Alexandria (EZDK), previously known as
Alexandria National Iron & Steel Company (ANSDK). EZDK is the largest integrated steel plant in Egypt, with
an annual production capacity of 1.78mn tons of long products and 1mn tons of flat products. This structure has
made ESRS a strong entity both locally (where it holds a 40% market share of long and flat products) and
internationally. ESRS is ranked among the top 60 steel producers worldwide.


Recent Developments
 Charges against chairman: In the wake of the revolution, economic uncertainty is far from the only
challenge faced by the regional steel giant, as Mr. Ahmed Ezz, ESRS’s Chairman and major shareholder, has
been accused of corruption and monopolistic practices. Although the allegations are as yet unproven we
nonetheless expect them to hurt ESRS’s stock price. The allegations include: (1) unfair practices regarding the
acquisition of EZDK; (2) unfairly monopolizing the steel rebars market and violating the Egyptian competition
law; (3) acquiring a license for the production of 1.8mtpa of Direct Reduced Iron (DRI) in the EFS facility while
failing to pay licensing fees amounting to EGP350mn. In light of these charges, Ezz resigned in May 2011, with
the company appointing Mr. Paul Chekaiban as chairman. Chekaiban will also function as the company’s
managing director.


Share Ownership & Contact Information
Shareholder Structure                              %       Contact Information

Ezz Industries                                    64.6%    IR Contact:             Kamel Galal
Banks, Insurance Companies & Others                0.3%    Address:                10 Shehab St., Mohandessin, Giza, Egypt
Free Float                                        35.1%
                                                           Telephone:              02 3762 2144
                                                           Fax:                    02 3762 0845

                                                           Website:                www.ezzindustries.com
                                                           Bloomberg | Reuters:    ESRS EY | ESRS.CA
Share Data & Performance
  ISIN                                            EGS3C251C013                                           MoM             3M         YoY         Ytd
  Bloomberg / Reuters                      ESRS EY / ESRS.CA
                                                                                  ESRS                   6.2%           1.7%      -39.6%     -45.9%
  Fiscal Year End                                     December

  Last Price (EGP)                                        10.61                   EGX 30                 0.2%       -1.7%        -10.9%      -24.8%
  52 Week High                                            21.50                   EGX 70                -2.8%           9.5%      19.3%      -12.7%
  52 Week Low                                                  7.05               EGX 100               -2.1%           5.3%       7.1%      -16.6%

  No. of Shares (mn)                                      543.3                   MSCI EM               -0.2%       -2.4%         26.6%        0.5%
  Mkt Cap (EGPmn)                                       5,764.0                   MSCI World             1.4%           0.2%      29.6%        5.0%

  100-day Av. Volume (000' shares per day)              1,507.8
                                                                                   All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                          Shrs (mn)
                                         Volume           ESRS                  EGX 30 rebased
 24.0                                                                                                                                           12.00
 22.0
                                                                                                                                                10.00
 20.0
 18.0                                                                                                                                           8.00
 16.0
                                                                                                                                                6.00
 14.0
 12.0                                                                                                                                           4.00
 10.0
                                                                                                                                                2.00
  8.0
  6.0                                                                                                                                           -
      Jul-10      Aug-10    Sep-10       Oct-10       Dec-10          Jan-11          Feb-11           Mar-11       May-11         Jun-11



Financial Summary
 EGPmn
 December                                    2006a        2007a            2008a           2009a                2010a          2011e        2012e

 Revenue                                  11,643        16,159           21,843           12,589            15,225            13,564        15,267
 Grow th Rate                                 n/a        38.8%            35.2%           -42.4%             20.9%            -10.9%         12.6%


 EBITDA                                      3,582       3,937            4,439            1,636                2,204           1,815       2,054
 Grow th Rate (%)                               n/a       9.9%            12.7%           -63.1%                34.7%          -17.6%       13.2%
 EBITDA margin (%)                           30.8%       24.4%            20.3%            13.0%                14.5%           13.4%       13.5%

 Net Income                                   995        1,122            1,245               88                 327              136         274
 Grow th Rate (%)                               n/a      12.8%            10.9%           -92.9%                  n/m          -58.2%       100.9%
 Net margin (%)                               8.5%        6.9%             5.7%             0.7%                2.1%             1.0%         1.8%

 PER                                          5.8x         5.1x                4.6x            65.4x            17.7x           42.3x        21.0x
 P/BV                                         2.0x         1.6x                1.1x             1.3x             1.2x            1.1x         1.1x

 EV/EBITDA                                    3.5x         2.8x                2.1x             7.3x             5.9x            6.6x         5.5x
 Net debt/EBITDA                              1.8x         1.3x                0.8x             3.8x             3.3x            3.4x         2.7x

 EPS (EGP)                                    1.83         2.07                2.29             0.16             0.60            0.25         0.50
 Dividend Yield                                n/a          n/a                 n/a              n/a              n/a             n/a          n/a

  Source (all): CI Capital Research & Bloomberg




Page 164 of 202
                                                                           CI Capital Research | Handbook | 2-Jul-11



Ezz Al-Dekheila Steel – Alexandria
IRAX | Steel | Covered
Hany Mohamed Samy | Hany.Samy@cich.com.eg

Company Profile
Al-Ezz Dekheila for Steel - Alexandria [IRAX] - previously known as Alexandria National Iron & Steel
Company (ANSDK) - was established in 1982 under Law No. 43 as a joint venture between Egyptian public
sector companies, Nippon Kokan, Kobe Steel & Tomen and the International Finance Corporation (IFC).
IRAX currently operates under Law No. 8/1997.
IRAX operates Egypt’s largest fully-integrated steel factory, producing 2.8mtpa of long and flat products every
year. 64% of this consists of long products, with flat products making up the remainder. IRAX owns 55% of Ezz
Flat Steel (EFS) that has a flat products capacity of 1.3mtpa.
Ezz Steel [ESRS] owns 55% of IRAX, which provides synergies for the entire group - an entity capable of
competing both locally and internationally.


Recent Developments
 Revolution aftermath: The current instability is expected to influence the demand for housing units over the
coming period, thereby negatively affecting the demand for steel rebars. Furthermore, the rising oil prices in the
wake of current unrest in the MENA region are expected to delay the global economic recovery, with an
expected lower demand for steel products and prices than pre-crisis expectations would have implied.

 Chairman under investigation: Following the revolution, Mr. Ahmed Ezz, ESRS’s Chairman and major
shareholder, has been accused of corruption and monopolistic practices. Although the allegations are as yet
unproven— and laid against Mr. Ahmed Ezz rather than ESRS itself— we nonetheless expect them to
negatively affect IRAX’s stock price. As such, Mr. Ahmed Azz has been excluded from his position as the
company’s chairman. Mr. Farouk Zaki Ibrahim would be appointed as an unexecutive chairman for the
company while Mr. Mohamed Beblawi has been appointed as its managing director, replacing Mr. Alaa Abu El-
Khair.

 2010 Results: In May 2011, IRAX announced its 2010 unaudited financial results, showing no YoY change in
its bottom line figure of EGP724mn, while top line witnessed an increase of 21% YoY to EGP9.9bn. Net income
came lower than market consensus of EGP805mn but in line with CICRe of EGP722mn. Moreover, top line
came lower than market consensus and CICRe of EGP11bn and EGP10.8bn, respectively.

Share Ownership & Contact Information
Shareholder Structure                              %        Contact Information

Ezz Steel                                          55.0%    IR Contact:             Mostafa Kamel Breqae
Banks, Insurance Companies & Others                31.7%    Address:                Dekheila Port, Dekheila, Alexandria, Egypt
Ahli Capital Holdings                               5.8%
Free Float                                          7.5%    Telephone:              03 3082 300
                                                            Fax:                    03 3082 667

                                                            Website:                www.ezzindustries.com
                                                            Bloomberg | Reuters:    IRAX EY | IRAX.CA
Share Data & Performance
  ISIN                                            EGS3D041C017                                   MoM               3M          YoY          Ytd
  Bloomberg / Reuters                        IRAX EY / IRAX.CA
                                                                             IRAX                -0.8%            2.1%       -31.5%      -18.9%
  Fiscal Year End                                     December

  Last Price (EGP)                                       647.12              EGX 30               0.2%        -1.7%          -10.9%      -24.8%
  52 Week High                                           925.00              EGX 70              -2.8%            9.5%       19.3%       -12.7%
  52 Week Low                                            503.10              EGX 100             -2.1%            5.3%        7.1%       -16.6%

  No. of Shares (mn)                                       13.7              MSCI EM             -0.2%        -2.4%          26.6%         0.5%
  Mkt Cap (EGPmn)                                       8,844.7              MSCI World           1.4%            0.2%       29.6%         5.0%

  100-day Av. Volume (000' shares per day)                  5.6
                                                                              All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                      Shrs (mn)
                                         Volume            IRAX            EGX 30 rebased
 1,190.0                                                                                                                                     0.60

 1,090.0                                                                                                                                     0.50
  990.0
                                                                                                                                             0.40
  890.0
                                                                                                                                             0.30
  790.0
                                                                                                                                             0.20
  690.0

  590.0                                                                                                                                      0.10

  490.0                                                                                                                                      -
         Jul-10     Aug-10    Sep-10       Oct-10       Dec-10    Jan-11         Feb-11          Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 December                                    2006a        2007a      2008a            2009a           2010a                2011e        2012e

 Revenue                                     8,102       8,826     11,639            8,161           10,873             10,032          11,172
 Grow th Rate                                   n/a       8.9%      31.9%           -29.9%            33.2%              -7.7%           11.4%


 EBITDA                                      3,334       3,339       4,292           1,595            1,938               1,719         2,020
 Grow th Rate (%)                               n/a       0.2%       28.5%          -62.8%            21.5%              -11.3%         17.5%
 EBITDA margin (%)                           41.2%       37.8%       36.9%           19.5%            17.8%               17.1%         18.1%

 Net Income                                  2,008       2,296       2,985             705                 722              520          691
 Grow th Rate (%)                               n/a      14.4%       30.0%          -76.4%                2.4%           -28.0%         33.0%
 Net margin (%)                              24.8%       26.0%       25.6%            8.6%                6.6%             5.2%          6.2%

 PER                                          4.4x         3.9x        3.0x            12.5x              12.3x            17.0x         12.8x
 P/BV                                         2.8x         2.7x        2.8x             3.0x               3.0x             2.8x          2.6x

 EV/EBITDA                                    3.6x         3.3x        2.4x               8.6x             7.7x             8.5x          7.2x
 Net debt/EBITDA                              1.0x         0.6x        0.4x               3.1x             3.2x             3.3x          2.8x

 EPS (EGP)                                 146.88        167.96     218.38             51.61              52.83            38.03         50.58
 Dividend Yield                               n/a           n/a        n/a               n/a                n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 166 of 202
                                                                            CI Capital Research | Handbook | 2-Jul-11



Egyptian Iron & Steel
IRON | Steel | Not Covered

Company Profile
The Egyptian Iron and Steel Company (IRON), a subsidiary of the Holding Company for Metallurgical
Industries, was founded in 1954 as a joint stock company. The largest integrated steel mill in Egypt, IRON
manufactures and exports metallurgical products including steel and iron sheets, metal coils, plates, hot and
cold rolled strips, and galvanized and corrugated iron.


Recent Developments
 Smelter delayed, transformer planned: In July 2010, following a rise in electricity fees, Egyptian Iron &
Steel delayed the upgrade of its smelter, which was designed to increase the temperature of melted steel.
Ismail Maeen, head of the steel sector, said the firm has plans to install an electrical transformer in its plant, to
be financed through its own resources.

 Joint-venture with ArcelorMittal: In October 2010, ArcelorMittal, the world's number one steelmaker,
approached Egyptian Iron and Steel to forge a partnership. The pair-up would help the latter raise EGP15bn
(USD2bn). The talks could also lead to ArcelorMittal helping develop IRON through major investments and
transfer of technology and equipment to the Egyptian company's factory.

 Financial results: Egyptian Iron & Steel reported financial results, posting a net loss of EGP195mn for the 9
                               st
month period ending March 31 2011, compared to a net loss of EGP167mn for the 9 month period ending
        st
March 31 2010.

Share Ownership & Contact Information
Shareholder Structure                               %        Contact Information

Holding Company for Metallurgical Industries        91.0%    IR Contact:             Mohamed Abdel Wahhab
Free Float                                           3.2%    Address:                Al-Tebbin, Helwan, Egypt
National Investment Bank                             2.5%
Egypt Aluminum                                       2.1%    Telephone:              02 2501 1639 / 02 2501 1591
Others                                               1.2%    Fax:                    02 2501 2373

                                                             Website:                www.iron-steel.com.eg
                                                             Bloomberg | Reuters:    IRON EY | IRON.CA
Share Data & Performance
  ISIN                                            EGS3D061C015                                     MoM               3M         YoY         Ytd
  Bloomberg / Reuters                        IRON EY / IRON.CA
                                                                              IRON                 -0.9%           -1.2%      -12.8%     -20.4%
  Fiscal Year End                                          June

  Last Price (EGP)                                         7.50               EGX 30               0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                            11.39               EGX 70               -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                              5.63               EGX 100              -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                     488.4                MSCI EM              -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                       3,663.3               MSCI World           1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)               152.5
                                                                              All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                      Shrs (mn)
                                         Volume           IRON             EGX 30 rebased
 11.5                                                                                                                                        1.20

 10.5                                                                                                                                        1.00

  9.5                                                                                                                                        0.80

  8.5                                                                                                                                        0.60

  7.5                                                                                                                                        0.40

  6.5                                                                                                                                        0.20

  5.5                                                                                                                                        -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10      Jan-11          Feb-11          Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 June                                        2006a       2007a        2008a            2009a               2010a            2011e        2012e

 Revenue                                     2,454       2,666        3,658            2,111           2,313                 n/a           n/a
 Grow th Rate                                   n/a       8.6%        37.2%           -42.3%            9.5%                  n/a           n/a


 EBITDA                                       422         661          792                61             (493)               n/a           n/a
 Grow th Rate (%)                               n/a      56.6%        19.8%           -92.3%               n/m                n/a           n/a
 EBITDA margin (%)                           17.2%       24.8%        21.7%             2.9%           -21.3%                 n/a           n/a

 Net Income                                     56         197          356              177               49                n/a           n/a
 Grow th Rate (%)                               n/a         n/m       80.4%           -50.2%           -72.4%                 n/a           n/a
 Net margin (%)                               2.3%        7.4%         9.7%             8.4%             2.1%                 n/a           n/a

 PER                                         65.2x        18.6x        10.3x            20.7x              74.9x              n/m          n/m
 P/BV                                         4.7x         3.9x         2.4x             2.5x               2.5x              n/a          n/a

 EV/EBITDA                                   15.7x         9.1x         2.6x            65.9x              -7.7x              n/a           n/a
 Net debt/EBITDA                              7.0x         3.5x        -2.0x             6.0x              -0.3x              n/a           n/a

 EPS (EGP)                                    0.11         0.40            0.73            0.36             0.10              n/a           n/a
 Dividend Yield                                n/a          n/a             n/a             n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 168 of 202
                   TELECOM SERVICES
TELECOM SERVICES
                                                                             CI Capital Research | Handbook | 2-Jul-11



Mobinil
EMOB | Telecom Services | Covered
Amr Hussein Elalfy, CFA | Amr.Elalfy@cich.com.eg
Mohamed Hamdy | Mohamed.Hamdy@cich.com.eg
Yehia El Sherbiny | Yehia.Elsherbiny@cich.com.eg

Company Profile
The Egyptian Company for Mobile Services (Mobinil) [EMOB] was established in November 1997 under
Investment Law No. 8/1997, granting it a 5-year tax holiday that ended in December 2003. The company began
operation on May 21, 1998, when all of Telecom Egypt’s mobile assets were sold to Mobinil
Telecommunications, a consortium comprised of one local and two international telecom giants: Orascom
Telecom (OT), France Telecom Mobiles International (FTMI), and Motorola. Mobinil Telecom currently
controls EMOB through its 51% stake. In early 2001, both FTMI and OT purchased Motorola’s stake on a pro-
rata basis. In July 2002, FTMI was replaced by Orange, which then controlled 71.25% of Mobinil Telecom. On
April 18, 1998, EMOB was formally awarded a 15-year license (renewable for a 5-year period) to operate and
expand the existing GSM 900 network. In 2005, EMOB was granted access to 7.5 mhz of the 1800 mhz
spectrum for a total payment of EGP1.24bn. In July 2007, Mobinil decided to apply for a 3G license for
EGP3.4bn, with the goal of launching commercial 3G services in early September 2008. EMOB is currently the
second largest local GSM mobile operator in terms of subscribers (c. 30.4mn subs), and its network covers 35
urban areas.

Recent Developments
7-year MTL signed: EMOB signed an agreement to secure a 7-year medium-term loan (MTL) of EGP2bn,
which was used to repay an EGP1bn syndicated bridge loan and to finance capital expansions. With the new
facility in place, EMOB ended 2010 with a net debt-to-EBITDA of 1.5x, thus keeping the ratio below the safe
threshold of 2x.
MERIS rates EMOB at “+A”: Middle East Rating & Investors Service (MERIS) reaffirmed the ratings of
EMOB and its second bond issue at “+A” and “A”, respectively, with a ‘Stable’ outlook for both. Egypt’s telco is
facing great challenges in its bid to continue its pioneering position in the Egyptian market, such as regulatory
restrictions and limited new mobile lines. In spite of the positive initiatives taken by the board, including efficient
turnover and line usage rate, such risks may hurt EMOB’s expansions in the short and medium terms, MERIS
said. The rating agency saw that mobile operators, especially EMOB, would have a tough go in the coming
period. The rating is also based on the company’s solid business activities and financial structure, higher
profitability and operating inflows. However, risks may include the high dividend policy and the need to lower
operating expenses in a highly competitive market.


Share Ownership & Contact Information
Shareholder Structure                                %         Contact Inform ation

Mobinil Telecom                                     51.0%      IR Contact:            Nora Fouad
Free Float                                          29.0%      Address:               Nile City Bld. No. 2005C, Corniche Al-Nil,
OT                                                  20.0%                             Cairo, Egypt
                                                               Telephone:             01232 06172 / 01 2320 0000
                                                               Fax:                   01 2320 7111

                                                               Website:               w w w .mobinil.com
                                                               Bloomberg | Reuters:   EMOB EY | EMOB.CA
Share Data & Performance
 ISIN                                            EGS48011C018                                   MoM               3M         YoY          Ytd
 Bloomberg / Reuters                     EMOB EY / EMOB.CA
                                                                            EMOB               -10.0%      -17.9%          -23.2%      -21.5%
 Fiscal Year End                                     December

 Last Price (EGP)                                       129.52              EGX 30              0.2%        -1.7%          -10.9%      -24.8%
 52 Week High                                           192.00              EGX 70             -2.8%            9.5%       19.3%       -12.7%
 52 Week Low                                            116.50              EGX 100            -2.1%            5.3%        7.1%       -16.6%

 No. of Shares (mn)                                      100.0              MSCI EM            -0.2%        -2.4%          26.6%         0.5%
 Mkt Cap (EGPmn)                                      12,952.0              MSCI World          1.4%            0.2%       29.6%         5.0%

 100-day Av. Volume (000' shares per day)                 44.8
                                                                            All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                    Shrs (mn)
                                        Volume           EMOB             EGX 30 rebased
 210.0                                                                                                                                     0.30
 200.0
                                                                                                                                           0.25
 190.0
 180.0
                                                                                                                                           0.20
 170.0
 160.0                                                                                                                                     0.15
 150.0
                                                                                                                                           0.10
 140.0
 130.0
                                                                                                                                           0.05
 120.0
 110.0                                                                                                                                     -
      Jul-10       Aug-10   Sep-10       Oct-10       Dec-10     Jan-11        Feb-11          Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 December                                   2006a        2007a       2008a           2009a          2010a                2011e        2012e

 Revenue                                    6,362       8,200      10,003          10,807          10,576              10,689         10,933
 Grow th Rate                                  n/a      28.9%       22.0%            8.0%           -2.1%                1.1%           2.3%


 EBITDA                                     3,216       3,700       4,681            5,122          4,309                4,278        4,348
 Grow th Rate (%)                              n/a      15.1%       26.5%             9.4%         -15.9%                -0.7%         1.7%
 EBITDA margin (%)                          50.5%       45.1%       46.8%            47.4%          40.7%                40.0%        39.8%

 Net Income                                 1,526       1,824       1,970            2,038          1,365               1,200         1,291
 Grow th Rate (%)                              n/a      19.5%        8.0%             3.4%         -33.0%              -12.1%          7.6%
 Net margin (%)                             24.0%       22.2%       19.7%            18.9%          12.9%               11.2%         11.8%

 PER                                         8.5x         7.1x        6.6x              6.4x             9.5x            10.8x         10.0x
 P/BV                                        7.9x         7.4x        5.8x              4.4x             3.1x             2.8x          2.5x

 EV/EBITDA                                   4.7x         4.5x        3.8x              3.3x             4.5x             4.3x          4.0x
 Net debt/EBITDA                             0.6x         1.0x        1.0x              0.8x             1.5x             1.3x          1.1x

 EPS (EGP)                                   15.26       18.24       19.70            20.38             13.65            12.00         12.91
 Dividend Yield                             10.8%       12.9%        9.8%             7.3%              9.5%             5.1%          5.5%

 Source (all): CI Capital Research & Bloomberg




Page 170 of 202
                                                                           CI Capital Research | Handbook | 2-Jul-11



Telecom Egypt
ETEL | Telecom Services | Covered
Amr Hussein Elalfy, CFA | Amr.Elalfy@cich.com.eg
Mohamed Hamdy | Mohamed.Hamdy@cich.com.eg
Yehia El Sherbiny | Yehia.Elsherbiny@cich.com.eg

Company Profile
Delivering on a promise to privatize its state-run telecom company, the Government of Egypt (GoE) converted
its Arab Republic of Egypt National Telecommunication Organization (ARENTO) into a joint stock
company in 1998 according to Law No. 19/1998. Subsequently, ARENTO became known as Telecom Egypt
(TE). TE is Egypt's sole fixed-line telecommunication operator. It offers retail telecommunication services
including access, voice, and internet and data through its ISP subsidiary TE Data. It is also the sole provider of
wholesale services (including broadband capacity leasing to ISPs) and both national and international
interconnection services. ETEL is one of the largest providers of fixed-line services in the Middle East & Africa,
with more than 9.3mn subscribers as of March 2011, implying a penetration rate of c.12%. ETEL competes in
Egypt’s fast-growing mobile market through its 45% stake in Vodafone Egypt (VFE), Egypt’s largest mobile
operator in terms of subs. ETEL’s ISP subsidiary TE Data has a leading market share of 63%.


Recent Developments
CEO steps down: ETEL announced that its Chief Executive Officer (CEO) and Managing Director, Tarek
Tantawy, has decided to step down, effective May 1, 2011, to pursue other career opportunities. Chief
Technology Officer (CTO), Mohammed Abdel Rehim Hassanein, will be interim CEO until a permanent
replacement for Tantawy is appointed.
 OGM approves 2010 financials, EGP1.30 DPS: In its OGM held on April 26, 2011, ETEL approved its
financial statements for 2010 ended December 31, 2010. Meanwhile, ETEL approved a DPS of EGP1.30,
implying a dividend yield of 8%. ETEL had a net cash position at around EGP4.1bn at end of 2010.

 Unrest damages, reactivation of lines: ETEL stated that the total damages during the events of the
revolution reached about EGP17.6mn, representing about 0.12% of TE’s book value. Meanwhile, the company
reactivated service to more than 1.4mn customers who were unable to pay their bills on time, a decision taken
in consideration of the events of the Revolution and resultant customer need to communicate with relatives and
the various security services.


Share Ownership & Contact Information
Shareholder Structure                              %        Contact Information

Government of Egypt (GoE)                          80.0%    IR Contact:             Mohamed Kamal
Free Float                                         20.0%    Address:                Smart Village B7, Cairo, Egypt


                                                            Telephone:              02 3131 5219 / 02 3131 5217
                                                            Fax:                    02 3131 6115 / 02 3131 6116

                                                            Website:                www.telecomegypt.com.eg
                                                            Bloomberg | Reuters:    ETEL EY | ETEL.CA
Share Data & Performance
  ISIN                                            EGS48031C016                                      MoM               3M          YoY          Ytd
  Bloomberg / Reuters                        ETEL EY / ETEL.CA
                                                                              ETEL                  -2.5%       -13.5%          -5.1%       -17.4%
  Fiscal Year End                                     December

  Last Price (EGP)                                        14.93               EGX 30                0.2%        -1.7%          -10.9%       -24.8%
  52 Week High                                            19.51               EGX 70                -2.8%           9.5%        19.3%       -12.7%
  52 Week Low                                             12.99               EGX 100               -2.1%           5.3%         7.1%       -16.6%

  No. of Shares (mn)                                    1,707.1               MSCI EM               -0.2%       -2.4%           26.6%         0.5%
  Mkt Cap (EGPmn)                                      25,486.6               MSCI World            1.4%            0.2%        29.6%         5.0%

  100-day Av. Volume (000' shares per day)               927.4
                                                                              All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                         Shrs (mn)
                                         Volume           ETEL             EGX 30 rebased
 20.0                                                                                                                                           4.00
 19.0                                                                                                                                           3.50
 18.0                                                                                                                                           3.00
 17.0                                                                                                                                           2.50
 16.0                                                                                                                                           2.00
 15.0                                                                                                                                           1.50
 14.0                                                                                                                                           1.00
 13.0                                                                                                                                           0.50
 12.0                                                                                                                                           -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10      Jan-11          Feb-11           Mar-11           May-11        Jun-11



Financial Summary
 EGPmn
 December                                    2006a       2007a        2008a            2009a                2010a            2011e         2012e

 Revenue                                     9,517       9,993       10,117            9,961           10,318              10,071          10,161
 Grow th Rate                                   n/a       5.0%         1.2%            -1.5%             3.6%               -2.4%            0.9%


 EBITDA                                      5,277       5,389        5,163            5,022            4,865               4,228          4,217
 Grow th Rate (%)                               n/a       2.1%        -4.2%            -2.7%            -3.1%              -13.1%          -0.3%
 EBITDA margin (%)                           55.4%       53.9%        51.0%            50.4%            47.1%               42.0%          41.5%

 Net Income                                  2,427       2,534        2,790            2,896            3,229               2,890          3,076
 Grow th Rate (%)                               n/a       4.4%        10.1%             3.8%            11.5%              -10.5%           6.4%
 Net margin (%)                              25.5%       25.4%        27.6%            29.1%            31.3%               28.7%          30.3%

 PER                                         10.5x        10.1x            9.1x            8.8x              7.9x             8.8x           8.3x
 P/BV                                         1.0x         1.0x            1.0x            0.9x              0.9x             0.9x           0.9x

 EV/EBITDA                                    6.1x         5.4x            5.0x             4.8x             4.4x              4.7x           4.3x
 Net debt/EBITDA                              1.3x         0.7x            0.1x            -0.3x            -0.8x             -1.3x          -1.7x

 EPS (EGP)                                     1.42        1.48         1.63                1.70             1.89              1.69           1.80
 Dividend Yield                               4.7%        6.7%         8.7%                8.7%             8.7%              8.5%           9.1%

  Source (all): CI Capital Research & Bloomberg




Page 172 of 202
                                                                        CI Capital Research | Handbook | 2-Jul-11



Orascom Telecom
ORTE | Telecom Services | Covered
Amr Hussein Elalfy, CFA | Amr.Elalfy@cich.com.eg
Mohamed Hamdy | Mohamed.Hamdy@cich.com.eg
Yehia El Sherbiny | Yehia.Elsherbiny@cich.com.eg

Company Profile
Orascom Telecom [ORTE] is one of the leading regional mobile operators and among the largest in the
Middle East and Africa. ORTE’s GSM networks cover 10 main countries with a total population of around
490mn, including Egypt, Pakistan, Algeria, and Bangladesh. In December 2007, ORTE sold its GSM operator
in Iraq to Zain for USD1.2bn, and in 4Q10 ORTE sold its 50% stake in Tunisiana (Tunisia) for USD1.2bn. By
end of January 2008, ORTE has been granted the first commercial license to provide mobile services in North
Korea, with an exclusivity period of four years. In partnership with Canada-based Globalive, ORTE won an
AWS spectrum in Canada and started operations at end of 2009 under the brand name WIND Mobile.


Recent Developments
 VimpelCom-Wind Telecom merger: In October 2010, Russia’s VimpelCom signed an agreement with
Wind Telecom to merge their telecom assets, creating the world’s sixth-largest mobile phone company by
subs with pro forma EBITDA of USD9.4bn for 2009. Accordingly, a refinancing plan worth USD2.73bn was
approved by ORTE shareholders, as well as increasing its authorized capital to EGP14bn.

 Assets De-merger: As per the merger agreement, ORTE will spin off a number of its assets into a new
company, Orascom Telecom Media and Technology (OTMT), which will hold assets not intended to be part
of the VimpelCom-Wind Telecom group, including interests in Egyptian Company for Mobile Services
[EMOB], Koryolink in North Korea, OT Ventures, and other media and technology investments. OTMT will
hold the similar shareholder structure as ORTE's, as of the spin-off date. Then, a voluntary share buyback by
OTMT is planned to be offered to OTMT minorities in exchange for shares in EMOB and cash.

 Alfa management contract: ORTE extended its management contract with the Lebanese mobile operator
Alfa for another year, starting February 2011. The agreement comes under the same terms, whereby ORTE
receives a monthly sum of USD2.5mn plus 8.5% of total revenues, whilst the government is responsible for the
capex during the contract period.

Share Ownership & Contact Information
Shareholder Structure                            %       Contact Information

W ind Telecom                                   51.9%    IR Contact:             Noha Khalil
Free Float                                      48.1%    Address:                Nile City Towers, South Tower, P.O. Box
                                                                                 1121, Corniche Al-Nil, Cairo, Egypt
                                                         Telephone:              02 2461 5050 / 02 2461 5051
                                                         Fax:                    02 2461 5055

                                                         Website:                www.otelecom.com
                                                         Bloomberg | Reuters:    OLTD LI | ORTEq.L
Share Data & Performance
  ISIN                                            US68554W2052                           MoM            3M     YoY       Ytd
  Bloomberg / Reuters                        OTLD LI / ORTEq.L
                                                                     ORTE                -0.9%       -9.3%   -20.4%    -5.5%
  Fiscal Year End                                      December

  Last Price (USD)                                         3.45      EGX 30                0.2%      -1.7%   -10.9%   -24.8%
  52 Week High                                             5.05      EGX 70              -2.8%        9.5%   19.3%    -12.7%
  52 Week Low                                              2.92      EGX 100             -2.1%        5.3%    7.1%    -16.6%

  No. of Shares (mn)                                    1,049.1      MSCI EM             -0.2%       -2.4%   26.6%      0.5%
  Mkt Cap (USDmn)                                       3,617.4      MSCI World            1.4%       0.2%   29.6%      5.0%

  100-day Av. Volume (000' shares per day)              1,667.8
                                                                      GDR used instead of stock; All prices as at 30th June 2011.


52-Week Graph
USD                                                                                                                      Shrs (mn)
                                        Volume         ORTE (GDR)       EGX 30 rebased
 6.0                                                                                                                        10.00
 5.5                                                                                                                        9.00
                                                                                                                            8.00
 5.0
                                                                                                                            7.00
 4.5                                                                                                                        6.00
 4.0                                                                                                                        5.00
 3.5                                                                                                                        4.00
                                                                                                                            3.00
 3.0
                                                                                                                            2.00
 2.5                                                                                                                        1.00
 2.0                                                                                                                        -
   Jul-10         Aug-10      Sep-10       Oct-10       Dec-10      Jan-11        Feb-11           Mar-11    May-11



Financial Summary
 USDmn
 December                                   2006a        2007a      2008a         2009a            2010a     2011e       2012e

 Revenue                                   3,881         5,020      5,327         5,065            3,826     4,000       4,220
 Grow th Rate                                 n/a        29.4%       6.1%         -4.9%           -24.5%      4.6%        5.5%


 EBITDA                                    1,704         2,053      2,381         2,172            1,584     1,608       1,697
 Grow th Rate (%)                             n/a        20.5%      16.0%         -8.8%           -27.1%      1.5%        5.5%
 EBITDA margin (%)                         43.9%         40.9%      44.7%         42.9%            41.4%     40.2%       40.2%

 Net Income                                 721          1,891         428         318               743     1,002        305
 Grow th Rate (%)                             n/a       162.3%      -77.3%      -25.7%            133.6%     34.8%      -69.5%
 Net margin (%)                            18.6%         37.7%        8.0%        6.3%             19.4%     25.1%        7.2%

 PER                                         5.0x         1.9x        8.4x        11.4x              4.9x      3.6x      11.8x
 P/BV                                        1.8x         1.1x        3.3x         2.8x              1.3x      0.9x       0.8x

 EV/EBITDA                                   4.1x         3.7x        3.7x          4.0x             4.8x      3.8x        3.3x
 Net debt/EBITDA                             2.0x         1.9x        2.1x          2.4x             2.5x      1.6x        1.2x

 EPS (USD)                                    0.69         1.80       0.41          0.30             0.71      0.96        0.29
 Dividend Yield                              3.9%         3.6%       4.6%          2.5%               n/a       n/a         n/a

  Source (all): CI Capital Research & Bloomberg




Page 174 of 202
           TEXTILES
TEXTILES
                                                                         CI Capital Research | Handbook | 2-Jul-11



Arab Cotton Ginning
ACGC | Textiles | Not Covered

Company Profile
Arab Cotton Ginning [ACGC] is one of the leading players in the textiles and clothing industry. With roots
dating back to 1963, ACGC was originally established as a public sector pure-ginning company. It was only
after the company’s privatization in 1996 that the ginning mills were modernized and new pressing technology
was introduced. In 2006, jointly with Amwal Al-Khaleej, ACGC established Amwal Al-Arabia with a paid in
capital over EGP1bn. Amwal Al-Arabia has the following subsidiaries: (i) almost 39.64% stake in KABO, (ii)
44% stake indirect stake in Alexandria Spinning & Weaving (Spinalex), (iii) 99.89% stake in Modern Nile
Cotton, and (iv) 88.75% stake in Egyptian Spinning & Weaving. Later, in 2007, the company’s EGM
approved the acquisition of 56.75% stake of Amwal Al-Arabia Company, bringing its stake to 100% through a
share swap deal with the target remaining shareholders. ACGC increased its paid-in capital twice from
EGP231.5mn in June 2005 to EGP925.87mn in 2006 (via a public subscription), and then to 1,354mn in June
2010.
Following the acquisition of Amwal Al-Arabia, ACGC was given the edge to turn into a holding company,
specialized in cotton trading, ginning, spinning and weaving, and the retail business.


Recent Developments
 Egyptian uprising: Like other textile companies, the uprising brought about logistical disruptions. In ACGC’s
case, this meant a temporary cessation of operations; however, no incurred damages were reported during the
unrest.

 1H10/11 Financials: In 1H10/11 financials, ACGC’s net profits jumped to EGP56.2mn up from EGP20.7mn a
year ago.

Share Ownership & Contact Information
Shareholder Structure                             %       Contact Information

Free Float                                       60.0%    IR Contact:             Nihal Gaafar
AK III Limited                                   21.2%    Address:                28 Talaat Harb St., Cairo, Egypt
Land Reform Association                           5.4%
Employees Association                             5.1%    Telephone:              01 1000 9169 / 02 2575 8623
Others                                            8.3%    Fax:                    02 5773 0024

                                                          Website:                www.arabcot.com
                                                          Bloomberg | Reuters:    ACGC EY | ACGC.CA
Share Data & Performance
  ISIN                                            EGS32221C011                                             MoM              3M        YoY        Ytd
  Bloomberg / Reuters                     ACGC EY / ACGC.CA
                                                                                   ACGC                   12.4%        12.1%        24.4%      -7.5%
  Fiscal Year End                                              June

  Last Price (EGP)                                             4.08                EGX 30                  0.2%        -1.7%        -10.9%    -24.8%
  52 Week High                                                 6.43                EGX 70                  -2.8%           9.5%     19.3%     -12.7%
  52 Week Low                                                  2.52                EGX 100                 -2.1%           5.3%      7.1%     -16.6%

  No. of Shares (mn)                                      270.8                    MSCI EM                 -0.2%       -2.4%        26.6%       0.5%
  Mkt Cap (EGPmn)                                       1,104.9                    MSCI World              1.4%            0.2%     29.6%       5.0%

  100-day Av. Volume (000' shares per day)              1,464.5
                                                                                   All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                           Shrs (mn)
                                         Volume            ACGC                  EGX 30 rebased
 7.0                                                                                                                                             18.00
 6.5                                                                                                                                             16.00
 6.0                                                                                                                                             14.00
 5.5                                                                                                                                             12.00
 5.0                                                                                                                                             10.00
 4.5                                                                                                                                             8.00
 4.0                                                                                                                                             6.00
 3.5                                                                                                                                             4.00
 3.0                                                                                                                                             2.00
 2.5                                                                                                                                             -
   Jul-10         Aug-10    Sep-10      Oct-10        Dec-10          Jan-11           Feb-11            Mar-11        May-11        Jun-11



Financial Summary
 EGPmn
 June                                        2006a        2007a            2008a                2009a             2010a           2011e       2012e

 Revenue                                      164            42            1,154               776                1,035            n/a          n/a
 Grow th Rate                                  n/a       -74.1%               n/m           -32.8%                33.4%             n/a          n/a


 EBITDA                                          6            4             194                  3                   63            n/a          n/a
 Grow th Rate (%)                               n/a      -38.1%               n/m           -98.6%                   n/m            n/a          n/a
 EBITDA margin (%)                            3.6%         8.6%            16.8%              0.4%                 6.1%             n/a          n/a

 Net Income                                     49          139              383                29                  204            n/a          n/a
 Grow th Rate (%)                               n/a      183.3%           176.8%            -92.5%                   n/m            n/a          n/a
 Net margin (%)                              29.9%       327.7%            33.2%              3.7%                19.8%             n/a          n/a

 PER                                         22.6x             8.0x            2.9x             38.2x              5.4x             n/m         n/m
 P/BV                                         1.1x             1.0x            0.5x              0.6x              0.6x             n/a         n/a

 EV/EBITDA                                  64.3x            n/m                3.9x               n/m            16.0x             n/a          n/a
 Net debt/EBITDA                          -123.3x        -138.1x               -1.8x            -52.7x            -1.5x             n/a          n/a

 EPS (EGP)                                    0.18             0.51            1.42              0.11              0.75             n/a          n/a
 Dividend Yield                                n/a              n/a             n/a               n/a               n/a             n/a          n/a

  Source (all): CI Capital Research & Bloomberg




Page 176 of 202
                                                                              CI Capital Research | Handbook | 2-Jul-11



Arab Polvara
APSW | Textiles | Not Covered

Company Profile
Arab Polvara Spinning and Weaving [APSW] is a textile-producing company established in 1968. The
company was privatized in 1997 through the merger of United Arab Polvara Spinning, Weaving and Silk
Company, and UNIRAB International for Marketing and Trading. The company's activities include spinning,
weaving and yarn production, in addition to manufacturing and exporting wool, cotton yarns and coloured
polyester sewing threads, as well as offering cotton and blended and silk fabrics.

Recent Developments
 New chairman appointed: APSW's Board of Directors announced the appointment of Mr. Ayman Mousa
Ismail in the position of Chairman, during the annual general meeting (AGM) held on July 11, 2010. Mr. Mousa
will replace Mr. Mohammed Hussein Alawi, who had been appointed on April 24, 2010.

 Holding land plot sale: APSW does not intend to sell any land plots over the current period due to the
recession in the real estate market. This decision followed the company’s previous announcement of its
intentions to reoffer its Alseyouf land plot for sale in a public auction, in an effort to raise liquidity in the coming
period to complete its restructuring plan.

 Revolution Aftermath: In the aftermath of the January 25th Revolution, APSW suffered EGP4.68mn of
revenue losses during 1Q11 as a result of a 10-day production suspension due to national unrest.


Share Ownership & Contact Information
Shareholder Structure                                 %        Contact Information

Free Float                                           68.7%     IR Contact:             Fouad Ahmed El Sheikh
Spinning & Weaving Holding Company                   16.3%     Address:                Gamila St, El Seyouf, Montazah, Alexandria,
Misr Insurance                                        8.0%                             Egypt
Employees Association                                 4.8%     Telephone:              03 3320 333 / 03 3300 284
Others                                                2.3%     Fax:                    03 5050 573

                                                               Website:
                                                               Bloomberg | Reuters:    APSW EY | APSW.CA
Share Data & Performance
  ISIN                                            EGS32331C018                                           MoM               3M        YoY        Ytd
  Bloomberg / Reuters                    APSW EY / APSW.CA
                                                                                  APSW                    1.1%            7.5%     -17.0%    -28.5%
  Fiscal Year End                                     December

  Last Price (EGP)                                            2.73                EGX 30                 0.2%         -1.7%        -10.9%    -24.8%
  52 Week High                                                4.44                EGX 70                 -2.8%            9.5%     19.3%     -12.7%
  52 Week Low                                                 1.96                EGX 100                -2.1%            5.3%      7.1%     -16.6%

  No. of Shares (mn)                                          93.7                MSCI EM                -0.2%        -2.4%        26.6%       0.5%
  Mkt Cap (EGPmn)                                        255.8                    MSCI World             1.4%             0.2%     29.6%       5.0%

  100-day Av. Volume (000' shares per day)              1,165.2
                                                                                  All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                          Shrs (mn)
                                         Volume           APSW                  EGX 30 rebased
 4.6                                                                                                                                            12.00

 4.1                                                                                                                                            10.00

 3.6                                                                                                                                            8.00

 3.1                                                                                                                                            6.00

 2.6                                                                                                                                            4.00

 2.1                                                                                                                                            2.00

 1.6                                                                                                                                            -
   Jul-10         Aug-10    Sep-10      Oct-10       Dec-10          Jan-11           Feb-11           Mar-11         May-11        Jun-11



Financial Summary
 EGPmn
 December                                    2006a       2007a            2008a                2009a            2010a            2011e       2012e

 Revenue                                      256          218                 222            199                 246             n/a          n/a
 Grow th Rate                                  n/a      -14.8%                1.7%         -10.3%               23.3%              n/a          n/a


 EBITDA                                        13          (18)             (37)             (79)                  (39)           n/a          n/a
 Grow th Rate (%)                              n/a     -241.9%            99.5%           114.5%                -51.1%             n/a          n/a
 EBITDA margin (%)                           5.1%        -8.4%           -16.5%           -39.5%                -15.7%             n/a          n/a

 Net Income                                    13            1              (40)              (72)                 (30)           n/a          n/a
 Grow th Rate (%)                              n/a      -93.5%               n/m            80.7%               -59.1%             n/a          n/a
 Net margin (%)                              5.2%         0.4%           -18.0%            -36.2%               -12.0%             n/a          n/a

 PER                                         19.0x             n/m             n/m               n/m               n/m             n/m         n/m
 P/BV                                         0.4x            0.4x            0.4x              0.4x              0.4x             n/a         n/a

 EV/EBITDA                                   12.5x       -14.5x               -7.1x            -2.8x             -3.8x             n/a          n/a
 Net debt/EBITDA                             -7.2x        -0.6x               -0.2x             0.4x              2.8x             n/a          n/a

 EPS (EGP)                                    0.14            0.01             n/m               n/m               n/m             n/a          n/a
 Dividend Yield                                n/a             n/a             n/a               n/a               n/a             n/a          n/a

  Source (all): CI Capital Research & Bloomberg




Page 178 of 202
                                                                        CI Capital Research | Handbook | 2-Jul-11



Nile Cotton Ginning
NCGC | Textiles | Not Covered

Company Profile
Originally established in 1965 as a public limited company and later privatized in 1997, Nile Cotton Ginning
[NCGC] currently stands as a shareholding service company engaged cotton ginning and trading & exporting,
as well as the production of ghee, oil, and animal feed. NCGC’s current authorized capital is EGP500mn. Its
paid-in capital is EGP264.9mn distributed over 52.9mn shares at a par value of EGP5/share.


Recent Developments
 1H10/11 net profits: Nile Cotton Ginning posted a net profit of EGP1.56mn in its H110/11 ending December
2010, compared to a net loss of EGP19.5mn recorded in the same period the previous year.

 Restart of seven factories: The Government of Egypt (GoE) is in talks with NCGC's management to restart
seven of the company's factories. The GoE aims to appoint a panel of consultants to advise the company on
reviving these plants, which have been inactive since 2008.

 Sale of poultry farms: NCGC announced the sale of two poultry farms to Mansourah Poultry [MPCO] for a
total value of EGP12.5mn.


Share Ownership & Contact Information
Shareholder Structure                           %        Contact Information

Free Float                                      56.4%    IR Contact:             Ihab Sayyid
Samir Tahseen Afify                              9.3%    Address:                134 Nile St., Al-Agouza, Giza , Egypt
Gamal Abd El Qader Abd El Baseer                 7.2%
Employees Association                            6.6%    Telephone:              02 3748 2596
Abdelrahman Nasser Taha                          6.4%    Fax:                    02 3748 2592
Pioneers Holding                                 5.3%
Others                                           8.8%    Website:
                                                         Bloomberg | Reuters:    NCGC EY | NCGC.CA
Share Data & Performance
  ISIN                                            EGS32131C012                                       MoM               3M         YoY         Ytd
  Bloomberg / Reuters                     NCGC EY / NCGC.CA
                                                                                NCGC                  1.3%           2.2%        0.7%      -27.6%
  Fiscal Year End                                            June

  Last Price (EGP)                                          11.77               EGX 30               0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                              17.63               EGX 70               -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                                9.20               EGX 100              -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                         53.0               MSCI EM              -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                          623.7                MSCI World           1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                 262.4
                                                                                All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                        Shrs (mn)
                                         Volume             NCGC              EGX 30 rebased
 18.0                                                                                                                                          3.00
 17.0
                                                                                                                                               2.50
 16.0
 15.0                                                                                                                                          2.00
 14.0
                                                                                                                                               1.50
 13.0
 12.0                                                                                                                                          1.00
 11.0
                                                                                                                                               0.50
 10.0
  9.0                                                                                                                                          -
      Jul-10      Aug-10     Sep-10      Oct-10         Dec-10      Jan-11          Feb-11          Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 June                                        2006a         2007a        2008a            2009a               2010a            2011e        2012e

 Revenue                                          23          21           30               12                  12             n/a           n/a
 Grow th Rate                                     n/a     -11.3%        47.6%           -59.9%               -3.9%              n/a           n/a


 EBITDA                                      (31)            (13)         (12)            (18)             (25)                n/a           n/a
 Grow th Rate (%)                             n/a         -57.9%        -8.7%           49.7%            42.7%                  n/a           n/a
 EBITDA margin (%)                       -131.9%          -62.6%       -38.7%         -144.5%          -214.7%                  n/a           n/a

 Net Income                                  (31)              2          148              24              (22)                n/a           n/a
 Grow th Rate (%)                             n/a        -104.9%           n/m         -83.8%          -192.8%                  n/a           n/a
 Net margin (%)                          -135.3%            7.5%       488.0%          197.1%          -190.4%                  n/a           n/a

 PER                                           n/m            n/m            4.2x         26.0x                n/m              n/m          n/m
 P/BV                                         2.6x           2.6x            1.4x          1.3x               1.3x              n/a          n/a

 EV/EBITDA                                   -26.7x        -65.2x       -55.0x           -37.9x          -26.9x                 n/a           n/a
 Net debt/EBITDA                              -6.3x        -16.9x        -2.1x            -2.5x           -2.1x                 n/a           n/a

 EPS (EGP)                                     n/m           0.03            2.80            0.45              n/m              n/a           n/a
 Dividend Yield                                n/a            n/a             n/a             n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 180 of 202
                                                                        CI Capital Research | Handbook | 2-Jul-11



Alexandria Spinning & Weaving
SPIN | Textiles | Not Covered

Company Profile
Established in 1947, Alexandria Spinning & Weaving (SPINALEX) is one of the leading spinning companies
in Egypt, operating in the producing, spinning, weaving and trading of cottons. The company was nationalized
in 1961 to operate as a subsidiary of the Egyptian General Foundation for Spinning & Weaving. According
to law 203/1991, SPINALEX became a subsidiary of Spinning Manufacturing and Trade Company in December
1992. Then, in 1998, the government approved the merger between SPINALEX and the Egyptian Co. for
Preparing, Dyeing, and Trading Spins.
In 2006, Arab Cotton Ginning [ACGC], in partnership with Amwal Al-Khaleej, established Amwal Al-Arabia
with a paid in capital of over EGP1bn. Amwal Al-Arabia had almost 39.64% ownership stake in KABO, with the
latter owning almost 44% stake in SPINALEX. Pursuant to EGM approval in 2007, ACGC acquired the
remaining stake in Amwal Al-Arabia through a share swap deal with the target remaining shareholders.
Accordingly, SPIN became the main spinning subsidiary in the ACGC organizational structure.
In 2009/10, SPINALEX held a market share of 6.6% of the total cotton delivered by the Holding Company for
Cotton, Spinning & Weaving. SPINALEX produces 100% cotton yarn varying from coarse count to fine count,
and possesses almost 160,000 spindles across four mills with a 96% utilization rate. The company is currently
adding new capacity in the form of a new facility in Sadat City that will encompass around 48,000 new compact
spindles. It is worth mentioning that only 3% of the world’s yarn producers use the sate-of-the-art "Compact"
technology expected to be included in the Sadat project. SPIN exported almost 43% of volume produced in
June 2010.

Recent Developments
 Revenue drop during unrest: SPINALEX sent a statement to Egyptian Exchange (EGX), stating that
revenues dropped EGP8mn due to a production pause in the period from January 28, 2011 to February 4,
2011.

 1H10/11 Financial results: SPINALEX reported its consolidated financial results for 1H10/11 ending
December 31, 2010, posting a net profit of EGP14.9mn, compared to a net profit of EGP6.2mn in the same
period a year ago.

Share Ownership & Contact Information
Shareholder Structure                            %       Contact Information

El Nasr Clothes & Textiles (Kabo)               43.7%    IR Contact:             Nihal Gaafar
Free Float                                      27.2%    Address:                Al-Bar Al-Kebly, El Mahmoudeia, El Nozha,
Misr Insurance                                  17.5%                            Alexandria, Egypt
Ibrahim Ibrahim Ibrahim El Saeedy                8.9%    Telephone:              03 3818 046 / 03 3818 664
Others                                           2.7%    Fax:                    03 3810 485 / 03 3818 512

                                                         Website:                www.spinalex.com
                                                         Bloomberg | Reuters:    SPIN EY | SPIN.CA
Share Data & Performance
  ISIN                                            EGS32041C013                                          MoM               3M         YoY         Ytd
  Bloomberg / Reuters                         SPIN EY / SPIN.CA
                                                                                 SPIN                    6.8%           9.2%       14.5%      -16.5%
  Fiscal Year End                                          June

  Last Price (EGP)                                             1.42              EGX 30                  0.2%       -1.7%          -10.9%     -24.8%
  52 Week High                                                 1.87              EGX 70                 -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                                  1.05              EGX 100                -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                      298.2                  MSCI EM                -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                         423.5                  MSCI World              1.4%           0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                933.9
                                                                                  All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                           Shrs (mn)
                                         Volume            SPIN                EGX 30 rebased
 2.0                                                                                                                                              7.00

 1.8                                                                                                                                              6.00

                                                                                                                                                  5.00
 1.6
                                                                                                                                                  4.00
 1.4
                                                                                                                                                  3.00
 1.2
                                                                                                                                                  2.00
 1.0                                                                                                                                              1.00

 0.8                                                                                                                                              -
   Jul-10         Aug-10    Sep-10       Oct-10       Dec-10          Jan-11          Feb-11           Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 June                                        2006a        2007a           2008a            2009a                2010a            2011e        2012e

 Revenue                                      221           217                n/a             178                197             n/a           n/a
 Grow th Rate                                  n/a        -1.8%                 n/a             n/a             11.0%              n/a           n/a


 EBITDA                                         38           29                n/a                4            14                 n/a           n/a
 Grow th Rate (%)                               n/a      -21.8%                 n/a              n/a       247.3%                  n/a           n/a
 EBITDA margin (%)                           17.0%        13.5%                 n/a            2.2%          7.0%                  n/a           n/a

 Net Income                                     32           25                n/a               17             14                n/a           n/a
 Grow th Rate (%)                               n/a      -20.9%                 n/a              n/a        -17.2%                 n/a           n/a
 Net margin (%)                              14.3%        11.5%                 n/a            9.6%           7.1%                 n/a           n/a

 PER                                         13.4x        16.9x                n/m             25.0x            30.1x              n/m          n/m
 P/BV                                         0.8x         0.7x                n/a              0.7x             0.7x              n/a          n/a

 EV/EBITDA                                     9.7x            n/a             n/a               n/m            34.4x              n/a           n/a
 Net debt/EBITDA                              -1.5x            n/a             n/a             -0.6x             3.5x              n/a           n/a

 EPS (EGP)                                    0.11         0.08                n/a              0.06             0.05              n/a           n/a
 Dividend Yield                                n/a          n/a                n/a               n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 182 of 202
                        ESTATE
TOURISTIC REAL ESTATE   TOURISTIC REAL
                                                                         CI Capital Research | Handbook | 2-Jul-11



Egyptian for Tourism Resorts
EGTS | Touristic Real Estate | Covered
Hany Mohamed Samy | Hany.Samy@cich.com.eg

Company Profile
Egyptian Resorts Company (EGTS) was incorporated in April 1996 as a shareholding company operating
under Law no. 159/1981 and its executive regulations.
EGTS is a leader in touristic resorts development, which it undertakes either by supplying land with
infrastructure and selling it to developers, or developing the land by itself or in cooperation with other
developers. The company is currently undergoing the establishment of a fully-integrated touristic-residential
resort community in Sahl Hasheesh, 17 km south of Hurghada. EGTS owns 69.38% of Sahl Hasheesh
Company (SHC), which itself owns and manages the commercial aspect of the community, as well as
constructing its residential apartments and related services. This company has not started operations yet.

Recent Developments
Revolution aftermath: Tourism is expected to be the industry hardest hit by the current instability, leading us
to expect no further land sales for EGTS over 2011 and early 2012. Indeed, EGTS has been unable to sell any
land plots since the onset of the global recession in early 2008.
Allegations against chairman: Political allegations surrounding EGTS' founder and former chairman, Ibrahim
Kamel, are placing additional negative pressure on the company’s stock performance.
Land bank withdrawal: In April 2011 The Egyptian Touristic Development Authority (TDA) decided to
withdraw the land bank for phase three of EGTS’ Sahl Hashish project, amounting to 28mn sqm (68% of the
total land bank) and leaving EGTS with only 5mn sqm of land. The company is planning to appeal the TDA’s
decision, which could drastically impact revenues should the appeal be refused.


Share Ownership & Contact Information
Shareholder Structure                             %       Contact Information

Misr Insurance                                   13.1%    IR Contact:             Abu Bakr Makhlouf
Kato for Investment                              12.0%    Address:                4A Aziz Abaza St., Zamalek, Cairo, Egypt
Rowad Tourism Company                            10.0%
First Arabian Company                            10.0%    Telephone:              02 2735 8427
Al Ahly Capital Holding                           9.0%    Fax:                    02 2735 2743
Orascom Development Holding                       4.5%
Banks, Insuranc Company & Others                 11.4%    Website:                www.erc-egypt.com
Free Float                                       30.1%    Bloomberg | Reuters:    EGTS EY | EGTS.CA
Share Data & Performance
  ISIN                                            EGS70431C019                                            MoM              3M         YoY         Ytd
  Bloomberg / Reuters                      EGTS EY / EGTS.CA
                                                                                     EGTS                 20.2%          -4.0%      -37.0%      -40.5%
  Fiscal Year End                                        December

  Last Price (EGP)                                               1.19                EGX 30               0.2%       -1.7%         -10.9%      -24.8%
  52 Week High                                                   2.23                EGX 70               -2.8%          9.5%       19.3%      -12.7%
  52 Week Low                                                    0.77                EGX 100              -2.1%          5.3%        7.1%      -16.6%

  No. of Shares (mn)                                       1,050.0                   MSCI EM              -0.2%      -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                          1,249.5                   MSCI World           1.4%           0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                 7,596.9
                                                                                      All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                            Shrs (mn)
                                         Volume              EGTS                  EGX 30 rebased
 2.5                                                                                                                                             100.00
 2.3                                                                                                                                             90.00
 2.1                                                                                                                                             80.00
 1.9                                                                                                                                             70.00
 1.7                                                                                                                                             60.00
 1.5                                                                                                                                             50.00
 1.3                                                                                                                                             40.00
 1.1                                                                                                                                             30.00
 0.9                                                                                                                                             20.00
 0.7                                                                                                                                             10.00
 0.5                                                                                                                                             -
   Jul-10         Aug-10   Sep-10       Oct-10          Dec-10          Jan-11           Feb-11       Mar-11        May-11           Jun-11



Financial Summary
 EGPmn
 December                                    2006a          2007a                2008a            2009a         2010a            2011e         2012e

 Revenue                                      326             352                  348            26               16                 9           48
 Grow th Rate                                  n/a           8.0%                -1.1%        -92.6%           -39.9%            -45.2%           n/m


 EBITDA                                       238            288               297                (3)           (21)             (22)               6
 Grow th Rate (%)                               n/a         21.0%             3.4%           -100.9%             n/m            6.7%          -125.2%
 EBITDA margin (%)                           73.0%          81.8%            85.5%             -9.9%        -135.0%          -262.7%            11.8%

 Net Income                                   236            285               265                (4)             (13)           (19)               3
 Grow th Rate (%)                               n/a         21.0%            -7.2%           -101.5%           227.5%          48.3%          -114.8%
 Net margin (%)                              72.4%          81.1%            76.1%            -15.3%           -83.4%        -225.6%             5.9%

 PER                                             5.3x            4.4x             4.7x              n/m            n/m              n/m           n/m
 P/BV                                            2.6x            1.1x             1.2x             1.2x           1.2x             1.2x          1.2x

 EV/EBITDA                                     4.9x           2.7x                3.0x        -367.7x           -49.4x           -47.3x           n/m
 Net debt/EBITDA                              -0.3x          -1.6x               -1.2x            n/m            10.3x             8.6x        -39.0x

 EPS (EGP)                                       0.22            0.27             0.25              n/m           n/m               n/m          0.00
 Dividend Yield                                   n/a             n/a              n/a              n/a           n/a               n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 184 of 202
                                                                                    CI Capital Research | Handbook | 2-Jul-11



MENA for Touristic & Real Estate
MENA | Touristic Real Estate | Not Covered
Company Profile
Established in 1980, Mena for Touristic & Real Estate Investment [MENA] is an Egyptian company
operating in the fields of construction, real estate investment, project management and urban development both
locally and regionally. Over the past 28 years, MENA has developed more than 125 unique housing projects in
Egypt, Sudan and Lebanon.
Recently, MENA introduced a new service oriented business model by providing project management, sales
and marketing services to investors, development institutes and other organizations in Egypt and other Arab
countries. Mena was a pioneer in its penetration of the North Coast of Egypt with Mena resorts in 1986, and
among the first to tackle the development of the outskirts of Cairo through the introduction of high class gated
communities.

Recent Developments
 Revolution Aftermath: Despite its increasing market share amongst real estate developers in Egypt, in the
aftermath of the January 25th Revolution, MENA admitted facing liquidity problems for the completion of its
projects. Such difficulties spring from not only a decline in sales, but clients defaulting on instalments and banks
restricting facilities to the real estate and tourism sectors under the current economic conditions. The
company’s 1Q11 operating financial results show a decline in both sales and cash collections. On the other
hand, MENA's market share amongst real estate developers has increased due to the exits of several other
players from the currently high risk sector— conditions further fuelled by the withdrawals of land concessions
and building licenses. In light of the instability, then, it’s worth highlighting that MENA’s CEO has announced
that the company's licenses and other documentation are in order, and that it is not facing any legal charges.

 Stake Sale: MENA is currently negotiating the sale of its 15% stake (valued at EGP78mn) in Mena Plaza
project (Mena Business), to help it raise liquidity to finance current projects.

 International projects: MENA is not currently operating in any countries exhibiting political unrest, and it has
frozen negotiations for projects in Libya, Syria and Yemen for this reason, despite having signed a
memorandum of understanding to develop an industrial zone under the B.O.T. system in Yemen. MENA added
that it is satisfied with the project it undertook in Sudan and is not considering bidding for more projects at the
present time.

 New projects: MENA is currently finalising the primary designs for the Doctor Plaza project in 6th October
city, while construction is expected to start in 2H10.


Share Ownership & Contact Information
Shareholder Structure                                        %       Contact Information

Free Float                                                   37.2%   IR Contact:             Hazem Ezz Eldin
 Fathallah Fawzy Mohamed                                     9.6%    Address:                23 Shehab St., Mohandessin, Giza,Egypt
Lamar Holding Company                                        9.3%
AREF Investment Group (Kuwait)                               9.0%    Telephone:              02 3302 2288
Asman Investment Company                                     9.0%    Fax:                    02 3584 5000
Al Roaya Investment Company                                  8.3%
Zomoroda Investment Company (Kuwait)                         7.5%    Website:                www.mena.com.eg
Kuwait & Middle East Financial Investment Company (Kuwait)   7.4%    Bloomberg | Reuters:    MENA EY | MENA.CA
Others                                                       2.8%
Share Data & Performance
  ISIN                                            EGS65441C015                                          MoM                3M         YoY         Ytd
  Bloomberg / Reuters                     MENA EY / MENA.CA
                                                                                  MENA                  -0.8%            6.8%       -24.9%     -32.8%
  Fiscal Year End                                     December

  Last Price (EGP)                                             2.50               EGX 30                 0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                                 4.49               EGX 70                -2.8%            9.5%       19.3%      -12.7%
  52 Week Low                                                  2.01               EGX 100               -2.1%            5.3%        7.1%      -16.6%

  No. of Shares (mn)                                       75.0                   MSCI EM               -0.2%        -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                         187.5                   MSCI World             1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                548.8
                                                                                  All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                            Shrs (mn)
                                         Volume           MENA                  EGX 30 rebased
 5.0                                                                                                                                               9.00

 4.5                                                                                                                                               8.00
                                                                                                                                                   7.00
 4.0
                                                                                                                                                   6.00
 3.5                                                                                                                                               5.00
 3.0                                                                                                                                               4.00
                                                                                                                                                   3.00
 2.5
                                                                                                                                                   2.00
 2.0                                                                                                                                               1.00
 1.5                                                                                                                                               -
   Jul-10         Aug-10    Sep-10       Oct-10       Dec-10          Jan-11          Feb-11           Mar-11            May-11       Jun-11



Financial Summary
 EGPmn
 December                                    2006a        2007a           2008a            2009a                2010a             2011e        2012e

 Revenue                                      117         147              211               118                51                 n/a           n/a
 Grow th Rate                                  n/a       25.7%            43.8%           -43.9%            -56.8%                  n/a           n/a


 EBITDA                                         42           30              24               17               (13)                n/a           n/a
 Grow th Rate (%)                               n/a      -28.3%          -21.4%           -28.3%           -178.7%                  n/a           n/a
 EBITDA margin (%)                           36.0%        20.5%           11.2%            14.4%            -26.2%                  n/a           n/a

 Net Income                                     21          23               14               (4)              (21)                n/a           n/a
 Grow th Rate (%)                               n/a      10.4%           -40.9%          -128.6%                n/m                 n/a           n/a
 Net margin (%)                              18.2%       16.0%             6.6%            -3.3%            -41.8%                  n/a           n/a

 PER                                          8.8x         8.0x            13.5x                 n/m              n/m               n/m          n/m
 P/BV                                         1.0x         1.1x             1.0x                0.9x             0.8x               n/a          n/a

 EV/EBITDA                                     3.5x         6.0x               9.7x            12.6x            -16.2x              n/a           n/a
 Net debt/EBITDA                              -1.0x        -0.2x               1.8x             1.5x             -2.2x              n/a           n/a

 EPS (EGP)                                    0.28         0.31                0.18             n/m               n/m               n/a           n/a
 Dividend Yield                                n/a          n/a                 n/a             n/a               n/a               n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 186 of 202
                                                                          CI Capital Research | Handbook | 2-Jul-11



Sharm Dreams Co. for Tourism Investment
SDTI | Touristic Real Estate | Not Covered

Company Profile
Sharm Dreams Company for Tourism Investment [SDTI] was established in 1996 and specializes in
building and managing hotels and touristic villages both for itself and other clients. The company’s main
activities include construction, accommodation & food services, with secondary activities including
entertainment and recreation. SDTI also owns villages, hotels, resorts and commercial centres both locally and
globally, including Hilton Sharm Dreams Resort, Hilton Sharm Dreams Vacation Club (Holiday Ownership), and
Water Pharaonic Park – Cleo Park. Most recently, the company is constructing a high-end real estate complex.

Recent Developments
 Revolution aftermath: In the aftermath of the January 25th Revolution, SDTI announced that the occupancy
rate at its hotels in Sharm El Shikh had fallen to c.20%. However, the figure started to rebound in the following
months, reaching an average of 80% for April 2011.

 Hotel inauguration: SDTI plans to inaugurate its 5-star hotel, Hilton Mars Allam, in the beginning of 2H11,
with a capacity of 400 rooms and an investment cost of EGP400mn.


Share Ownership & Contact Information
Shareholder Structure                              %       Contact Information

Hamada Mohamed Kamal El Din Ahmed Abu El Einen    24.0%    IR Contact:             Amr Helmy
General Mediterranean Holding                     21.8%    Address:                Kambiz St. (off Mossadak St.), Dokki, Giza,
Free Float                                        16.7%                            Egypt
Suez Canal Bank                                   10.4%    Telephone:              02 3748 8748
Oval Development Corporation                      10.2%    Fax:                    02 3749 2378
Misr Insurance                                     9.8%
National Bank of Egypt                             7.1%    Website:
                                                           Bloomberg | Reuters:    SDTI EY | SDTI.CA
Share Data & Performance
  ISIN                                            EGS70571C012                                       MoM               3M         YoY         Ytd
  Bloomberg / Reuters                         SDTI EY / SDTI.CA
                                                                                SDTI                 -7.8%           -8.3%      18.0%      -15.2%
  Fiscal Year End                                       December

  Last Price (EGP)                                          12.85               EGX 30               0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                              22.00               EGX 70               -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                               10.42               EGX 100              -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                         45.0               MSCI EM              -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                          578.3                MSCI World           1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                   69.1
                                                                                All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                        Shrs (mn)
                                         Volume             SDTI             EGX 30 rebased
 22.0                                                                                                                                          2.50

 20.0
                                                                                                                                               2.00
 18.0

 16.0                                                                                                                                          1.50

 14.0                                                                                                                                          1.00
 12.0
                                                                                                                                               0.50
 10.0

  8.0                                                                                                                                          -
      Jul-10      Aug-10     Sep-10      Oct-10         Dec-10      Jan-11          Feb-11          Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 December                                    2006a         2007a        2008a            2009a               2010a            2011e        2012e

 Revenue                                          42          64           39               51                 52              n/a           n/a
 Grow th Rate                                     n/a      54.2%       -38.8%            30.3%               2.4%               n/a           n/a


 EBITDA                                         30            43           33               34              34                 n/a           n/a
 Grow th Rate (%)                               n/a        45.2%       -23.8%             4.5%           -0.6%                  n/a           n/a
 EBITDA margin (%)                           71.1%         66.9%        83.4%            66.9%           64.9%                  n/a           n/a

 Net Income                                     13            20           31               31               28                n/a           n/a
 Grow th Rate (%)                               n/a        56.6%        50.0%             1.5%           -10.8%                 n/a           n/a
 Net margin (%)                              31.4%         31.9%        78.3%            60.9%            53.1%                 n/a           n/a

 PER                                        44.2x          28.2x        18.8x             18.5x              20.8x              n/m          n/m
 P/BV                                     2091.3x        1243.0x       955.8x            908.9x               0.9x              n/a          n/a

 EV/EBITDA                                   19.5x          13.5x        17.6x            16.9x              21.3x              n/a           n/a
 Net debt/EBITDA                              0.0x           0.0x         0.0x             0.0x               4.3x              n/a           n/a

 EPS (EGP)                                    0.29           0.46            0.68            0.69             0.62              n/a           n/a
 Dividend Yield                                n/a            n/a             n/a             n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 188 of 202
                      STORAGE
TRADING AND STORAGE   TRADING AND
                                                                      CI Capital Research | Handbook | 2-Jul-11



General Silos & Storage Company
GSSC | Trading & Storage | Not Covered

Company Profile
General Silos and Storage Company [GSSC] was established in 1988 to serve flour mills by transporting,
storing and unloading grain. The company operates in Alexandria, Damietta, Safaga and Cairo, where it
fumigates stores, packs export grain for transport to mills, and operates warehouses. The company has an
authorized capital of EGP300mn, with paid-in-capital amounting to EGP100mn, distributed over 10mn shares.


Recent Developments
 Annual Results: GSSC has reported its 2010 financial results, posting a net income of EGP33.08mn in
2010, down 41% from EGP56.34mn the previous year.


Share Ownership & Contact Information
Shareholder Structure                          %       Contact Information

Holding Companies                              51.0%   IR Contact:             Adel Morsy
Free Float                                     23.5%   Address:                Al Sawah Sq., Cairo, Egypt
Employees Association                          10.0%
Banks & Insurance                               6.1%   Telephone:              02 2284 5561
Individuals                                     9.4%   Fax:                    02 2284 5582

                                                       Website:                www.gcss-egy.com
                                                       Bloomberg | Reuters:    GSSC EY | GSSC.CA
Share Data & Performance
  ISIN                                            EGS30441C017                                        MoM               3M         YoY         Ytd
  Bloomberg / Reuters                     GSSC EY / GSSC.CA
                                                                                 GSSC                 -0.2%           3.0%        -4.3%      -1.3%
  Fiscal Year End                                          June

  Last Price (EGP)                                        26.81                  EGX 30               0.2%        -1.7%          -10.9%     -24.8%
  52 Week High                                            35.00                  EGX 70               -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                             19.62                  EGX 100              -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                       10.0                  MSCI EM              -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                        268.1                   MSCI World           1.4%            0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                     8.1
                                                                                 All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                         Shrs (mn)
                                         Volume           GSSC                 EGX 30 rebased
 36.0                                                                                                                                           0.20
 34.0                                                                                                                                           0.18
 32.0                                                                                                                                           0.16
                                                                                                                                                0.14
 30.0
                                                                                                                                                0.12
 28.0
                                                                                                                                                0.10
 26.0
                                                                                                                                                0.08
 24.0
                                                                                                                                                0.06
 22.0                                                                                                                                           0.04
 20.0                                                                                                                                           0.02
 18.0                                                                                                                                           -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10         Jan-11          Feb-11          Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 June                                        2006a       2007a           2008a            2009a               2010a            2011e        2012e

 Revenue                                      255          274            530               469              401                n/a           n/a
 Grow th Rate                                  n/a        7.2%           93.7%           -11.4%           -14.6%                 n/a           n/a


 EBITDA                                         27          13              49               53               26                n/a           n/a
 Grow th Rate (%)                               n/a     -51.2%              n/m            8.9%           -50.4%                 n/a           n/a
 EBITDA margin (%)                           10.5%        4.8%            9.2%            11.3%             6.6%                 n/a           n/a

 Net Income                                     44          33              51               49               33                n/a           n/a
 Grow th Rate (%)                               n/a     -24.1%           51.9%            -2.9%           -33.1%                 n/a           n/a
 Net margin (%)                              17.3%       12.2%            9.6%            10.5%             8.2%                 n/a           n/a

 PER                                          6.1x         8.0x               5.3x            5.4x             8.1x              n/m          n/m
 P/BV                                         1.4x         1.4x               1.4x            1.4x             1.2x              n/a          n/a

 EV/EBITDA                                   12.0x        25.2x               6.1x            5.7x            11.5x              n/a           n/a
 Net debt/EBITDA                              2.0x         4.7x               0.6x            0.7x             1.4x              n/a           n/a

 EPS (EGP)                                    4.41         3.35               5.09            4.94             3.31              n/a           n/a
 Dividend Yield                                n/a          n/a                n/a             n/a              n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 190 of 202
                                                                          CI Capital Research | Handbook | 2-Jul-11



Misr Duty Free Shops
MFSC | Trading & Storage | Not Covered

Company Profile
Misr Duty Free Shops Company [MFSC] is an Egyptian shareholding company established in 1975. Also
known as Egypt Free Shops Company, it was originally part of Egypt Air, specializing in sales of all duty free
goods. After separating from Egypt Air it became a public-sector company supervised by the government, until
it was privatized in 1997 and is now regulated by private sector law.
Egypt Free Shops Company is one of only three companies entitled to import and sell duty free goods in Egypt,
including alcoholic beverages, fragrances, tobacco and gift items. Since 1999, the company has introduced
duty paid sales to all Egyptian nationals and foreign residents in Egypt without any customs restrictions. The
duty paid sector offers sales of all kinds, from electrical appliances to fragrances, accessories and gift items,
and a special website for the segment is currently in the works. The company’s authorized capital is
EGP100mn, with paid-in-capital amounting to EGP93.75mn, distributed over 93.75mn shares.


Recent Developments
 Added to EGX Same Day Trading: In August 2010, the Egyptian Exchange (EGX) included MFSC in a
group of 33 new companies to be added to its Same Day Trading list of securities, raising the number of stocks
therein to 83. Trading on the new securities will begin August 15th, 2010.

Share Ownership & Contact Information
Shareholder Structure                              %       Contact Information

Employees' Association                            76.6%    IR Contact:             Hamed Abdel Wahab
Free Float                                        23.4%    Address:                106 Gameat Al-Dewal Al-Arabiya St.,
                                                                                   Mohandessin, Giza, Egypt
                                                           Telephone:              02 3748 0968 / 02 3749 7095
                                                           Fax:                    02 3748 6948 / 02 3336 8735

                                                           Website:                www.egyptfreeshops.com
                                                           Bloomberg | Reuters:    MFSC EY | MFSC.CA
Share Data & Performance
  ISIN                                            EGS53051C016                                          MoM               3M         YoY         Ytd
  Bloomberg / Reuters                     MFSC EY / MFSC.CA
                                                                                  MFSC                   0.2%       20.4%           -5.6%     -15.2%
  Fiscal Year End                                          June

  Last Price (EGP)                                             4.07               EGX 30                 0.2%       -1.7%          -10.9%     -24.8%
  52 Week High                                                 5.48               EGX 70                -2.8%           9.5%       19.3%      -12.7%
  52 Week Low                                                  3.10               EGX 100               -2.1%           5.3%        7.1%      -16.6%

  No. of Shares (mn)                                       93.8                   MSCI EM               -0.2%       -2.4%          26.6%        0.5%
  Mkt Cap (EGPmn)                                         381.6                   MSCI World             1.4%           0.2%       29.6%        5.0%

  100-day Av. Volume (000' shares per day)                109.5
                                                                                   All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                           Shrs (mn)
                                         Volume           MFSC                  EGX 30 rebased
 5.8                                                                                                                                              1.80
                                                                                                                                                  1.60
 5.3
                                                                                                                                                  1.40
 4.8                                                                                                                                              1.20
                                                                                                                                                  1.00
 4.3
                                                                                                                                                  0.80
 3.8                                                                                                                                              0.60
                                                                                                                                                  0.40
 3.3
                                                                                                                                                  0.20
 2.8                                                                                                                                              -
   Jul-10         Aug-10    Sep-10       Oct-10       Dec-10          Jan-11          Feb-11           Mar-11           May-11       Jun-11



Financial Summary
 EGPmn
 June                                        2006a        2007a           2008a            2009a                2010a            2011e        2012e

 Revenue                                      251         279              355               337                  326             n/a           n/a
 Grow th Rate                                  n/a       11.0%            27.4%            -5.1%                -3.3%              n/a           n/a


 EBITDA                                         38          41               68               62                   68             n/a           n/a
 Grow th Rate (%)                               n/a       8.3%            64.9%            -9.0%                 9.0%              n/a           n/a
 EBITDA margin (%)                           15.2%       14.8%            19.2%            18.4%                20.7%              n/a           n/a

 Net Income                                     40          50               61               61                   71             n/a           n/a
 Grow th Rate (%)                               n/a      24.5%            22.0%             0.0%                17.1%              n/a           n/a
 Net margin (%)                              16.0%       17.9%            17.1%            18.0%                21.8%              n/a           n/a

 PER                                          9.5x         7.7x                6.3x            6.3x              5.4x              n/m          n/m
 P/BV                                         3.4x         3.2x                2.8x            1.7x              1.6x              n/a          n/a

 EV/EBITDA                                     6.9x         7.2x            5.0x                4.2x             3.8x              n/a           n/a
 Net debt/EBITDA                              -3.1x        -2.0x           -0.6x               -2.0x            -1.9x              n/a           n/a

 EPS (EGP)                                    0.43         0.53                0.65            0.65              0.76              n/a           n/a
 Dividend Yield                                n/a          n/a                 n/a             n/a               n/a              n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 192 of 202
TRANSPORT AND LOGISTICS
                          LOGISTICS
                          TRANSPORT AND
                                                                        CI Capital Research | Handbook | 2-Jul-11



Alexandria Containers Handling
ALCN | Transport & Logistics | Covered
Sherif Helmy | Sherif.Helmy@cich.com.eg

Company Profile
Alexandria Containers & Cargo Handling Company [ALCN] operated Egypt’s first specialized container
handling terminal. It was established in 1984 to carry out all activities related to container handling. The
company operates two major terminals: Alexandria container terminal at the port of Alexandria and El Dekheila
terminal at the port of Dekheila. The company has a paid-in capital of EGP123.2mn distributed over 24.6mn
shares at a par value of EGP5/share.


Recent Developments
 Share issuance approved: In October 2010, ALCN’s EGM approved issuing new shares to the public in the
amount of 236,736, through which the company’s capital will reach 24,880,000 shares. The shares were valued
at a total of EGP33,143,040, equivalent to EGP140/share, as per the valuation completed by its independent
financial consultant. The new shares are earmarked for increasing ALCN’s free float from the current 4.3% to
5.2% in order to comply with the Egyptian Exchange (EGX)’s listing rules.

 Quay expansion: In November 2010, the Chairman of the Holding Company for Maritime & Land
Transport (HCMLT) announced that ALCN will expand horizontally through the development of quay No. 100
in El Dekheila sea terminal. The project comprises the construction and development of the quay with the
appropriate water draft in order to accommodate new generations of containers ships. The quay will cover a
total length of 1,000 meters with an expected total investment cost of EGP2bn.


Share Ownership & Contact Information
Shareholder Structure                            %       Contact Information

HCMLT                                           55.8%    IR Contact:             Sabah Abel Fattah Mujahid
Alexandria Port Authority                       39.9%    Address:                Dock 49/54 Port of Alexandria, Al Gomrok,
Free Float                                       4.3%                            Alexandria, Egypt
                                                         Telephone:              03 4800 551 / 03 4835 085
                                                         Fax:                    03 4862 124

                                                         Website:                www.alexcont.com
                                                         Bloomberg | Reuters:    ALCN EY | ALCN.CA
Share Data & Performance
 ISIN                                            EGS42111C012                                    MoM               3M          YoY         Ytd
 Bloomberg / Reuters                     ALCN EY / ALCN.CA
                                                                             ALCN                -2.0%           7.3%        39.6%       -8.6%
 Fiscal Year End                                          June

 Last Price (EGP)                                         91.56              EGX 30              0.2%        -1.7%          -10.9%      -24.8%
 52 Week High                                           124.50               EGX 70             -2.8%            9.5%        19.3%      -12.7%
 52 Week Low                                              65.59              EGX 100            -2.1%            5.3%         7.1%      -16.6%

 No. of Shares (mn)                                       24.6               MSCI EM            -0.2%        -2.4%           26.6%        0.5%
 Mkt Cap (EGPmn)                                       2,256.3               MSCI World          1.4%            0.2%        29.6%        5.0%

 100-day Av. Volume (000' shares per day)                 15.8
                                                                              All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                     Shrs (mn)
                                        Volume           ALCN              EGX 30 rebased
 130.0                                                                                                                                      0.12
 120.0
                                                                                                                                            0.10
 110.0
 100.0                                                                                                                                      0.08
 90.0
                                                                                                                                            0.06
 80.0
 70.0                                                                                                                                       0.04
 60.0
                                                                                                                                            0.02
 50.0
 40.0                                                                                                                                       -
      Jul-10       Aug-10   Sep-10       Oct-10       Dec-10      Jan-11        Feb-11          Mar-11           May-11        Jun-11



Financial Summary
 EGPmn
 June                                       2006a        2007a        2008a           2009a          2010a                2011e         2012e

 Revenue                                     269         310            286             420                405              436          472
 Grow th Rate                                 n/a       15.4%         -7.7%           46.6%              -3.6%             7.8%          8.2%


 EBITDA                                      170         204           176              283            258                  279          306
 Grow th Rate (%)                              n/a      19.9%       -13.9%            60.8%          -8.8%                 8.2%          9.7%
 EBITDA margin (%)                          63.3%       65.8%        61.4%            67.3%          63.7%                63.9%         64.8%

 Net Income                                  140          154          154              237            220                  247          270
 Grow th Rate (%)                              n/a       9.6%         0.4%            54.1%          -7.6%                12.3%          9.4%
 Net margin (%)                             52.1%       49.5%        53.8%            56.6%          54.2%                56.5%         57.2%

 PER                                        16.1x        14.7x        14.6x              9.5x            10.3x             9.2x          8.4x
 P/BV                                       10.8x         9.1x         7.8x              5.9x             3.7x             3.1x          2.5x

 EV/EBITDA                                  12.5x        10.1x        11.7x             6.7x              7.6x              6.6x          5.6x
 Net debt/EBITDA                            -0.7x        -0.9x        -1.1x            -1.2x             -1.1x             -1.5x         -1.7x

 EPS (EGP)                                    5.69        6.23         6.25             9.64              8.91            10.00         10.95
 Dividend Yield                              4.1%          n/a          n/a            5.8%                n/a            5.5%          6.0%

 Source (all): CI Capital Research & Bloomberg




Page 194 of 202
                                                                           CI Capital Research | Handbook | 2-Jul-11



Canal Shipping Agencies
CSAG | Transport & Logistics | Covered
Sherif Helmy | Sherif.Helmy@cich.com.eg

Company Profile
Canal Shipping Agencies Company [CSAG] was established in 1965. The company now serves as agent for
over 2000 shipping lines, with branches in 12 cities. The company has four shipping agencies in Port Said, four
major branches located in Suez and offices throughout Egypt's ports. CSAG’s activities include the handling of
imports & exports, transit, trans-shipment cargo, and transit storage. It also has a containers yard and assists in
clearing and forwarding agents and tourist agents. Beyond that, it owns 7 large workable stores as a part of its
warehousing activity. Finally, CSAG acts as a travel and tourist agent, and it is a member of the International
Air Transport Association (IATA). The company’s authorized and paid-in-capital amount to EGP400mn and
EGP200mn, respectively. Capital is distributed over 200mn shares with a par value of EGP1/share.

Recent Developments
 3Q10/11 results: CSAG released its 3Q10/11 financial results, in which revenues showed a 30% fall quarter-
on-quarter (QoQ) to EGP11.1mn (close to CICRe of EGP12.3mn). Meanwhile, EBITDA margin shifted to the
red as expected (just 90bps better than CICRe). Earnings experienced a drop of 11% QoQ to EGP10.6mn
(close to CICRe of EGP9.9mn). These weaker QoQ results came as consequence of the January revolution,
especially the Tourism line of business, which plummeted 77%. However, this weakness in operational
performance was offset by a 72% increase in the investment income.


Share Ownership & Contact Information
Shareholder Structure                               %       Contact Information

HCMLT                                              91.7%    IR Contact:             Atef Al Iraqi
Port Said Engineering W orks                        3.4%    Address:                26 Palestine St., Al-Sharq District, Port Said,
Free Float                                          4.9%                            Egypt
                                                            Telephone:              06 6322 7500
                                                            Fax:                    06 6323 9896

                                                            Website:                www.canalshipping.net
                                                            Bloomberg | Reuters:    CSAG EY | CSAG.CA
Share Data & Performance
  ISIN                                            EGS44031C010                                      MoM                3M          YoY          Ytd
  Bloomberg / Reuters                     CSAG EY / CSAG.CA
                                                                               CSAG                30.1%         36.8%           19.6%         5.4%
  Fiscal Year End                                            June

  Last Price (EGP)                                           8.00              EGX 30               0.2%         -1.7%          -10.9%       -24.8%
  52 Week High                                               9.73              EGX 70               -2.8%            9.5%        19.3%       -12.7%
  52 Week Low                                                4.15              EGX 100              -2.1%            5.3%         7.1%       -16.6%

  No. of Shares (mn)                                       200.0               MSCI EM              -0.2%        -2.4%           26.6%         0.5%
  Mkt Cap (EGPmn)                                         1,600.0              MSCI World           1.4%             0.2%        29.6%         5.0%

  100-day Av. Volume (000' shares per day)                 167.4
                                                                               All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                          Shrs (mn)
                                         Volume             CSAG             EGX 30 rebased
 10.0                                                                                                                                            1.20

  9.0                                                                                                                                            1.00

  8.0                                                                                                                                            0.80

  7.0                                                                                                                                            0.60

  6.0                                                                                                                                            0.40

  5.0                                                                                                                                            0.20

  4.0                                                                                                                                            -
      Jul-10      Aug-10     Sep-10      Oct-10         Dec-10      Jan-11        Feb-11           Mar-11            May-11        Jun-11



Financial Summary
 EGPmn
 June                                        2006a         2007a        2008a           2009a               2010a             2011e          2012e

 Revenue                                          31          48           54              53                 57                 59             62
 Grow th Rate                                     n/a      56.9%        11.4%           -1.6%               7.2%               4.0%           5.7%


 EBITDA                                         1              2           (0)             (3)                 (3)              (8)             (8)
 Grow th Rate (%)                              n/a        186.3%      -102.1%              n/m               0.9%           156.1%           -6.7%
 EBITDA margin (%)                           2.1%           3.9%        -0.1%           -5.9%               -5.6%           -13.8%          -12.2%

 Net Income                                   44              47           49              50              51                   37              40
 Grow th Rate (%)                             n/a           5.7%         5.7%            1.4%            2.4%               -28.8%            9.2%
 Net margin (%)                           144.5%           97.3%        92.3%           95.1%           90.8%                62.2%           64.3%

 PER                                         36.1x          34.2x        32.3x           31.9x              31.2x             43.7x          40.1x
 P/BV                                         5.1x           5.1x         5.0x            4.3x               4.3x              4.2x           4.1x

 EV/EBITDA                                    n/m             n/m   -33877.2x         -440.6x          -438.9x              -168.1x         -179.1x
 Net debt/EBITDA                          -280.8x         -105.2x         n/m           69.9x            67.3x                29.6x           32.8x

 EPS (EGP)                                    0.22           0.23         0.25              0.25             0.26               0.18           0.20
 Dividend Yield                              2.3%           2.4%         2.5%              2.6%             2.6%               1.9%           2.1%

  Source (all): CI Capital Research & Bloomberg




Page 196 of 202
                                                                             CI Capital Research | Handbook | 2-Jul-11



Egytrans
ETRS | Transport & Logistics | Covered
Sherif Helmy | Sherif.Helmy@cich.com.eg

Company Profile
Egyptian Transport and Commercial Services Company (EGYTRANS) [ETRS] was established as a limited
liability company with a capital of EGP10,000 in December 1973 under Egypt’s open door policy. However, its
transport activities and experience date back to 1939. It is now a corporation with EGP156.1mn of capital. The
company’s mission is to facilitate easy, integrated, cost-effective transport for its clients. ETRS ships all types of
cargo, including general, break bulk, containerized (or Ro/Ro cargo) internationally at competitive tariffs. The
company also provides air freight service for imports, exports, consolidation and hanging garment containers at
competitive rates. ETRS owns and operates several warehouses strategically located at or near industrial
areas in Cairo.

Recent Developments
 New river port approved: In September 2010, according to the memorandum of understanding with
Egytrans for River Ports (fully-owned by ETRS and the General Authority for River Transport (RTA)
signed on July 29th, 2009, ETRS obtained preliminary approval from the Military Authority for the location of
its new river port in Qalioubeya governorate, after turning in all the required paperwork and documentation, and
pending some approvals from the governorate. The port is earmarked for handling containers and cargo
transiting the Nile.
 Subsidiary paid-in capital increase: Also in September 2010, ETRS announced increasing the paid-in
capital for its subsidiary Egyptian Transport & Logistics (ETAL) from EGP328k to EGP8mn.
 Integrated transport contract: In November 2010, ETRS signed a new contract worth EGP10mn with
Toyota Tsusho Corporation on behalf of Mitsubishi Heavy Industries. By virtue of this contract, the former
will perform integrated transport works, including two steam turbines with a total weight of 404 tons each for the
latter in the Abu Qir power plant.
 Power plant contract: In December 2010, ETRS signed a new contract worth EGP10mn with Kharafi
National for Mechanical and Electrical Works S.A.E. to carry out integrated works for a power plant. The
contract is valid until mid-2011.
 Treasury share buyback: In February 2011, ETRS announced in a release sent to the Egyptian Exchange
(EGX) that it would buy back 780,312 local shares (Treasury Stocks) during the period from February 13th,
2011 through March 13th, 2011.


Share Ownership & Contact Information
Shareholder Structure                                %        Contact Information

Free Float                                          59.2%     IR Contact:             Mohamed Sanaa
National Bank for Investment                        24.0%     Address:                15 Ahmed Orabi St., Giza, Egypt
Leheta Family                                       16.8%
                                                              Telephone:              02 3344 8787
                                                              Fax:                    02 25430 3373 / 02 3344 7285

                                                              Website:                www.egytrans.com
                                                              Bloomberg | Reuters:    ETRS EY | ETRS.CA
Share Data & Performance
  ISIN                                            EGS42051C010                                      MoM               3M         YoY           Ytd
  Bloomberg / Reuters                      ETRS EY / ETRS.CA
                                                                              ETRS                  -3.4%       12.9%           -5.6%       -22.2%
  Fiscal Year End                                     December

  Last Price (EGP)                                        10.99               EGX 30                0.2%        -1.7%          -10.9%       -24.8%
  52 Week High                                            16.84               EGX 70                -2.8%           9.5%        19.3%       -12.7%
  52 Week Low                                              7.60               EGX 100               -2.1%           5.3%         7.1%       -16.6%

  No. of Shares (mn)                                       15.6               MSCI EM               -0.2%       -2.4%           26.6%         0.5%
  Mkt Cap (EGPmn)                                        171.5                MSCI World            1.4%            0.2%        29.6%         5.0%

  100-day Av. Volume (000' shares per day)               194.0
                                                                               All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                         Shrs (mn)
                                         Volume           ETRS              EGX 30 rebased
 19.0                                                                                                                                           1.80
                                                                                                                                                1.60
 17.0
                                                                                                                                                1.40
 15.0                                                                                                                                           1.20
                                                                                                                                                1.00
 13.0
                                                                                                                                                0.80
 11.0                                                                                                                                           0.60
                                                                                                                                                0.40
  9.0
                                                                                                                                                0.20
  7.0                                                                                                                                           -
      Jul-10      Aug-10     Sep-10      Oct-10       Dec-10      Jan-11          Feb-11           Mar-11           May-11        Jun-11



Financial Summary
 EGPmn
 December                                    2006a       2007a        2008a            2009a                2010a            2011e         2012e

 Revenue                                      121         150          196                  201            134                 242          392
 Grow th Rate                                  n/a       24.2%        30.2%                3.0%         -33.3%               80.3%         61.9%


 EBITDA                                         8            8            8               11               (5)                  14             31
 Grow th Rate (%)                              n/a       10.5%        -0.9%            36.4%          -143.0%                   n/m        116.2%
 EBITDA margin (%)                           6.3%         5.6%         4.3%             5.6%            -3.6%                 5.9%           7.8%

 Net Income                                     (1)          5           11                  11               12                17            26
 Grow th Rate (%)                               n/a         n/m      104.0%                4.2%             4.1%             45.2%         52.5%
 Net margin (%)                              -0.7%        3.6%         5.6%                5.7%             8.9%              7.1%          6.7%

 PER                                           n/m        31.9x        15.6x            15.0x               14.4x             9.9x           6.5x
 P/BV                                         3.3x         2.9x         2.5x             3.1x                1.0x             1.0x           0.6x

 EV/EBITDA                                   28.7x        25.4x        24.8x            17.8x           -26.8x               19.5x           9.5x
 Net debt/EBITDA                              6.2x         5.0x         4.2x             2.8x             8.3x                7.5x           3.9x

 EPS (EGP)                                     n/m         0.34            0.70             0.73             0.76             1.11           1.69
 Dividend Yield                                n/a          n/a             n/a            6.5%               n/a              n/a            n/a

  Source (all): CI Capital Research & Bloomberg




Page 198 of 202
                                                                         CI Capital Research | Handbook | 2-Jul-11



United Arab Stevedoring
UASG | Transport & Logistics | Covered
Sherif Helmy | Sherif.Helmy@cich.com.eg

Company Profile
United Arab Stevedoring [UASG], a subsidiary of the Holding Company for Maritime & Land Transport
(HCMLT), is an Egyptian-based joint stock company established in May 1963. It has an authorized, issued and
paid in capital of EGP100mn for the purpose of loading and unloading shipments at the ports of Alexandria and
El Dekheila. This is in addition to shipping, clearing, cargo handling and transporting operations to and from
barns and export centers outside the customs houses. UASG offers different services and deals with a wide
range of goods, packages and weights. It also owns transportation vehicles and trailers it uses to deliver the
shipments to destinations outside the ports.

Recent Developments
 Quarterly results: UASG’s 3Q10/11 results ending March 31st, 2011 showed 7% lower revenues quarter-
on-quarter (QoQ) at EGP1mn - 44% below CI Capital Research estimates (CICRe) of EGP1.8mn. This was
mainly driven by the lower value from general cargo due to severe competition. On the other hand, while
EBITDA remained in the red territory and unchanged QoQ, and its margin dipped further on a lower operational
performance, this is still 14% better than CICRe. Net losses, however, widened QoQ due to the plummet in the
other non-operating items to EGP0.4mn, as opposed to EGP2.1mn in the preceding quarter. That said, net
losses came in 12% narrower than CICRe of EGP2.8mn.


Share Ownership & Contact Information
Shareholder Structure                            %        Contact Information

HCMLT                                            51.2%    IR Contact:             Mohamed Al Ghannam
Free Float                                       48.8%    Address:                13 Ahmed Orabi St., Al Manshiya, Alexandria,
                                                                                  Egypt
                                                          Telephone:              03 4878 550 / 03 4878 559
                                                          Fax:                    03 4870 205

                                                          Website:                www.arload.com
                                                          Bloomberg | Reuters:    UASG EY | UASG.CA
Share Data & Performance
  ISIN                                            EGS47021C018                                               MoM              3M         YoY         Ytd
  Bloomberg / Reuters                     UASG EY / UASG.CA
                                                                                    UASG                      5.3%       11.1%        -19.4%      -16.7%
  Fiscal Year End                                                June

  Last Price (EGP)                                               1.00               EGX 30                   0.2%        -1.7%        -10.9%      -24.8%
  52 Week High                                                   1.58               EGX 70                   -2.8%           9.5%      19.3%      -12.7%
  52 Week Low                                                    0.70               EGX 100                  -2.1%           5.3%       7.1%      -16.6%

  No. of Shares (mn)                                        200.0                   MSCI EM                  -0.2%       -2.4%         26.6%        0.5%
  Mkt Cap (EGPmn)                                           200.0                   MSCI World               1.4%            0.2%      29.6%        5.0%

  100-day Av. Volume (000' shares per day)                1,685.0
                                                                                     All prices as at 30th June 2011.


52-Week Graph
EGP                                                                                                                                               Shrs (mn)
                                         Volume              UASG                 EGX 30 rebased
 1.6                                                                                                                                                 10.00
 1.5                                                                                                                                                 9.00
 1.4                                                                                                                                                 8.00
 1.3                                                                                                                                                 7.00
 1.2                                                                                                                                                 6.00
 1.1                                                                                                                                                 5.00
 1.0                                                                                                                                                 4.00
 0.9                                                                                                                                                 3.00
 0.8                                                                                                                                                 2.00
 0.7                                                                                                                                                 1.00
 0.6                                                                                                                                                 -
   Jul-10         Aug-10    Sep-10      Oct-10          Dec-10          Jan-11           Feb-11            Mar-11        May-11         Jun-11



Financial Summary
 EGPmn
 June                                        2006a          2007a            2008a                2009a             2010a           2011e        2012e

 Revenue                                          13           13               13                10                     7              7            8
 Grow th Rate                                     n/a        4.0%            -1.8%            -25.6%                -30.6%           5.5%        10.2%


 EBITDA                                      (19)             (18)             (16)             (17)                  (19)            (18)          (16)
 Grow th Rate (%)                             n/a           -3.8%            -9.6%             3.2%                 11.6%           -2.7%        -12.3%
 EBITDA margin (%)                       -149.6%          -138.4%          -127.4%          -176.7%                    n/m             n/m           n/m

 Net Income                                  (25)             (21)             (15)             (18)                  (21)          (10)             (7)
 Grow th Rate (%)                             n/a          -14.0%           -30.0%            22.2%                 16.6%        -54.2%          -24.9%
 Net margin (%)                          -195.1%          -161.3%          -114.9%          -188.7%                    n/m      -137.7%          -93.8%

 PER                                            n/m            n/m                 n/m               n/m               n/m            n/m           n/m
 P/BV                                         -2.4x          -3.4x               -2.6x             -2.2x              5.5x           6.9x          9.1x

 EV/EBITDA                                   -11.8x         -14.7x           -17.3x               -17.1x             -9.0x           -9.2x       -10.8x
 Net debt/EBITDA                              -1.2x          -3.6x            -5.1x                -5.3x              1.6x            1.7x         1.6x

 EPS (EGP)                                       n/m             n/m              n/m               n/m                n/m            n/m           n/m
 Dividend Yield                                  n/a             n/a              n/a               n/a                n/a            n/a           n/a

  Source (all): CI Capital Research & Bloomberg




Page 200 of 202
Research                                                         CI Capital Securities Brokerage (Egypt & UAE)                           Dynamic Securities
Mark Rorison | Group Director & Head of Research                 Khaled Abd El Rahman | MD & Global Head of Securities                   Ahmed Roushdy | MD
Mark.Rorison@cich.com.eg                                         Brokerage                                                               Ahmed.Roushdy@cich.com.eg
Amr Hussein Elalfy, CFA | Co-Head of Research                    Khaled.Abdelrahman@cich.com.eg
Amr.Elalfy@cich.com.eg
Mona Mansour | Co-Head of Research
Mona.Mansour@cich.com.eg



CI Capital Holding
8 Nadi El-Seid Street, 3rd Floor,
Dokki
Giza, Cairo, Egypt

Tel: +2 (02) 333 862 59
Research@cich.com.eg
www.cich.com.eg




Disclaimer

The information used to produce this market commentary is based on sources that CI Capital Research (CICR) believes to be reliable and accurate. This information has
not been independently verified and may be condensed or incomplete. CICR does not make any guarantee, representation or warranty and accepts no responsibility or
liability to the accuracy and completeness of such information. Expression of opinion contained herein is based on certain assumptions and with the use of specific
financial techniques that reflect the personal opinions of the authors of the commentary and is subject to change without notice. It is acknowledged that different
assumptions can always be made and that there is a wide choice of techniques that can be adopted each of which can lead to a different conclusion. Therefore, all that
is stated herein is of an indicative and informative nature as forward-looking statements, projections and fair values quoted may not be realized. Accordingly, CICR does
not take any responsibility for decisions made on the basis of the content of this commentary. This commentary is made for the sole use of CICR’s customers and no part
or excerpt of its content may be redistributed, reproduced or conveyed in any form, written or oral, to any third party without the prior written consent of CICR. This
commentary does not constitute a solicitation or an offer to buy or sell securities.



Rating System

In February 2008, CI Capital Research (CICR) launched a new rating system to give analysts more freedom to be market responsive. This is to make one element of our
research more dynamic, namely the advertising of target prices and recommendations. What we did not change is our assessment of the Long Term Fair Value (LTFV),
nor have we stopped our detailed industry and company research. What we did is change the target price to trade in the balance of where a share should trade and
where we think it will trade.

LTFV: As before we continue to estimate a fundamental valuation, largely DCF and/or NAV based.

Target Price: The price, which is not necessarily the LTFV, is where the analyst, given all (qualitative as well as financial) information available, thinks the share price can
get to within the next 3-12 months. This can be changed at any time on changing facts and perceptions.

Recommendations: Our new rating system falls out from the total return relating to the share price performance to the target price, and including any distributions may
not be included in the target price calculation. This is shown in the table below, and to be BUY must return over 19%, an arbitrary hurdle rate we think reasonable given
prevailing interest rates and risks (Please see table below.)



Rating                                     Potential Upside/Downside

Strong Buy                                  >30%
Buy                                         >20%<30%
Hold                                        >10%<20%
Underweight                                 >0% <10%
Sell                                        <0%

								
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