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Beltone Trading, Beltone Holding, Office Building 1, SODIC Eastown Road 90 South, 11865 New Cairo, Egypt

beltonetrading@beltoneholding.com

https://www.beltoneholding.com

Tel: +20 (0)2 2461 6300 | Fax: +20 (0)2 2461 9850

Important Notice and Disclosures

1. Author, Regulator and Responsibility

This document has been issued by Beltone Securities Brokerage S.A.E (“BSB”) a joint stock company incorporated under the laws of Arab Republic of Egypt (“Egypt”) and authorized and regulated by the Financial Regulatory Authority (“FRA”) to carry on financial services through the Egyptian Exchange (“EGX”).

Beltone Holding or any of its subsidiaries or officers (other than the Author(s) of this report) may have a financial interest in one or any of the securities that are the subject of this report. Funds managed by Beltone Holding and its subsidiaries (together and separately, “Beltone”) for third parties may own the securities that are the subject of this report. Beltone may own shares in one or more of the aforementioned funds, or in funds managed by third parties. The Author(s) of this report may own shares in funds open to the public that invest in the securities mentioned in this report as part of a diversified portfolio, over which the author(s) has/have no discretion. The Investment Banking division of Beltone may be in the process of soliciting or executing fee-earning mandates for companies (or affiliates of companies) that are either the subject of this report or are mentioned in this report. Research reports issued by BSB are prepared and issued in accordance with the requirements of the local exchange conduct of business rules, where the stock is primarily listed.

2. Analyst Certification

We, Beltone, in our capacity as the authors, hereby certify that the views expressed in this document accurately reflect our personal views about the securities and companies that are the subject of this report. Beltone also certify that neither its employees nor their spouse(s) or dependents (if relevant) hold a beneficial interest in the securities that are subject of this report. Beltone also certify that no part of our respective compensations, was, is, or will be directly or indirectly related to the specific ratings or view expressed in this report.

3. Purpose

This document is provided for informational purposes only and has been produced by marketing personnel for marketing purposes to professional investors. It shall not constitute under any circumstances an independent research and nothing should be construed as a solicitation or offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction or, to provide any investment advice or service whether investment related, legal, tax or other guidance.

4. Suitability

Any information disclosed in this document, shouldn’t be construed as Client specific advice and no account has been taken of the investment objectives, preferences, risk tolerances, finances or other needs of any particular person. In regulatory terms, Client specific advice has therefore not been provided and no suitability obligations are owed to any person. Investors should, before relying and/or acting on any information mentioned in this document, independently evaluate any investments and strategies referred to herein and make their own determination as to whether they are appropriate or suitable in light of their own financial circumstances, objectives and other matters important to them.

5. Accuracy of Information

The information contained in this document is based on current trade, statistical and other public information we consider reliable. Any statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current expectations, estimates and projections, and rely on beliefs and assumptions. They are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict. Therefore, actual outcomes and returns may differ materially from what is expressed or forecasted in such forward-looking statements. Any pricing is indicative and does not, and is not intended to, constitute an offer to buy or sell or a representation that a purchase or sale can be executed at that price. Past performance is not indicative of future results. Any mention of market rumors has been derived from the markets and is not purported to be fact or reflect our opinions. BSB has no obligation to update, modify or amend this document or to otherwise notify a recipient thereof in the event that any opinion, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. BSB does not represent or warrant that such information is accurate or complete and it should not be relied upon as such.

6. Validity

All opinions and estimates included in this report constitute our judgment as of the date hereof and are subject to change without prior notice. Readers should understand that fair values, financial projections, all value and price estimates, and statements regarding future prospects may not be realized throughout the three-month validity of this issuance. BSB has no obligation to update, modify, or amend this report or to otherwise notify a recipient thereof if any opinion, forecast, or estimate contained herein changes or subsequently becomes inaccurate. Coverage and the frequency of changes in market conditions and in both general and company specific economic prospects make it difficult to update research at defined intervals. Updates are at the sole discretion of BSB and as such the majority of reports are published at irregular intervals.

7. Recipients and Sales and Marketing Restrictions

This document is addressed to and/or directed at Professional Clients and not Retail Clients as defined in Beltone rules. Any investments or financial products referred to herein will only be made available to Clients, who classified as Professional Clients, as per Beltone’s discretion. Any other persons in receipt of this document must not rely upon or otherwise act upon it. This document is only being provided to investors who meet certain qualifications and to whom an investment or service may be offered or promoted in accordance with relevant country restrictions. This excludes the US except for SEC registered broker-dealers (or banks in permissible "broker” or “dealer” capacity) acting on a principal or agency capacity, and major US institutional investors in accordance with SEC Rules 15a-6(a)(2). In reliance on the exemption from registration provided by Rule 15a-6 of the Exchange Act and interpretations thereof by the SEC in order to conduct certain business with Major Institutional Investors. Particularly to EU investors, the content of this promotion has not been approved by an authorized person within the meaning of the Markets in Financial Instruments Directive MiFID/2014/65/EU. In relation to UK investors in particular, the content of this promotion has not been approved by an authorized person within the meaning of the Financial Services and Markets Act 2000. Reliance on this promotion for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. Recipients of this document shall thoroughly review, study, and apply such restrictions and should not rely upon or otherwise act upon this document where it is unlawful to make to such person such an offer or invitation or recommendation without compliance with any authorisation, registration or other legal requirements.

8. Foreign Collective Investment Funds (“FCIFs”)

Any foreign collective investment funds (as stipulated in Beltone’s rules) mentioned herein is not subject to any form of regulation or approval by the FRA. The FRA has no responsibility for reviewing or verifying any document or other documents in connection with FCIFs. Accordingly, the FRA has not approved any information about FCIFs or any other associated documents nor taken any steps to verify the information set out in this document, and has no responsibility for it. Any FCIFs mentioned herein may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of any FCIF units, mentioned in this document, should conduct their own due diligence on the FCIF.

9. Risk Warnings

Any prices, valuations or forecasts are indicative and are not intended to predict actual results, which may differ substantially from those reflected. The value of an investment may go up as well as down. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including, without limitation, foreseeable or unforeseeable changes in interest rates, foreign exchange rates, default rates, prepayment rates, political or financial conditions, etc.). Past performance is not indicative of future results. Any opinions, estimates, valuations or projections (target prices and ratings in particular) are inherently imprecise and a matter of judgement. They are statements of opinion and not of fact, based on current expectations, estimates and projections, and rely on beliefs and assumptions. Actual outcomes and returns may differ materially from what is expressed or forecasted. There are no guarantees of future performance. Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. This document does not propose to identify or to suggest all of the risks (direct or indirect) which may be associated with the investments and strategies referred to herein.

10. Conflicts Interest

Beltone, or any of its subsidiaries, does and seeks to do business with companies mentioned in its research reports or any of their affiliates. As a result, investors should be aware that the firm, or any of its subsidiaries, may have a material conflict of interest that could affect the objectivity of this report. Beltone provides non-banking financial services and its directors, officers and employees, may take positions which conflict with the views expressed in this document. Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to Beltone Clients and our proprietary trading desks that reflect opinions that are contrary to the opinions expressed in this document.

11. No Warranty

BSB makes no representations or warranties and, to the fullest extent permitted by applicable law, we hereby expressly disclaim any and all express, implied and statutory representations and warranties of any kind, including, without limitation, any warranty as to accuracy, timeliness, completeness, merchantability, and fitness for a particular purpose and/or non-infringement.

12. No Liability

BSB shall not be liable in any event including (without limitation) negligence for any damages or loss of any kind, including (without limitation) direct, indirect, incidental, special or consequential damages, expenses or losses arising out of, or in connection with Client use or inability to use this document, or in connection with any error, omission, defect, computer virus or system failure, or loss of any profit, goodwill or reputation, even if expressly advised of the possibility of such loss or damages, arising out of or in connection with your use of this document.

13. Copyright and Confidentiality

The entire content of this document is subject to copyright with all rights reserved and the information is private and confidential for your own personal use only. This document and the information contained herein may not be reproduced, distributed or transmitted to any other person or incorporated in any way into another document or other material without our prior written consent.

14. Governing Law

This Declaimer shall be construed and governed in accordance with the Egyptian laws and any dispute arises out of or in connection to it shall be subjected to the Egyptian Courts.

15. Contacts

BSB Head Quarter, Office Building 1, SODIC Eastown Road 90 South, 11865 New Cairo, Egypt, beltonetrading@beltoneholding.com

https://www.beltoneholding.com