The Egyptian Stock Exchange Performance in 2009

Markets January 2010 EGX - 2009 in Review

Macro briefing

Though not at the same pace as the last three years that averaged 7% in its real GDP growth, the Egyptian economy kept its robust growth in fiscal year 2008/09, growing by 4.7%, despite the negative effects of the world recession, thanks to the economic reforms adopted by the government since 2004. It is worth noting that the Egyptian fiscal year ends in June, which in turn means that the 4.7% growth in GDP was a record by all means, as the period from July 2008 to June 2009 carried the worst phase of the world economic crisis. Egypt real GDP is projected to grow by at least 4.5% in 2009/10.

The Egyptian Stock Exchange Performance in 2009

The Egyptian stock exchange, represented in the EGX30 Index, struggled through 2009 to regain back what it lost since mid 2008, when the world financial crisis emerged. The EGX30 Index, which measures the performance of the most active stocks traded on the Egyptian exchange, grew by about 35.1% throughout 2009.

The downward spiral, which started in mid-2008 extended through the first 2 months of 2009. The EGX30 touched a bottom at 3,380 points on February 5th, 2009. Starting March 2009, the EGX30 started to recuperate following recovery witnessed in the international stock markets, until it reached highest mark at 7,280 points in late October 2009.

Despite the fact that the Index recorded a gain of 58.4% on the 26th of October 2009, compared to the end of 2008, a series of unpleasant events have had negative impacts on the Index performance and the stock market in general ever since.

The tax claim on Orascom Telecom Holding’s Algerian subsidiary, followed by France Telecom’s bid to acquire 100% of Mobinil, OTH’s telecom arm in Egypt, has all caused panic and forced investors to exit OTH’s share, which plummeted by almost 31.5% between the end of October and the end of the year, after these series of hideous news for the blue chip. It is worth mentioning that OTH’s weight in the EGX30 Index amounts to over 12%.

Also, the Dubai World debt crisis has negatively affected the stock market performance, as the Index severely dropped by almost 8% on one session, on the back of fears of the crisis spillovers over the local banks and companies and over reaction of investors, who randomly sold their positions, preferring a “wait and see” status.

The EGX70 Index, which measures the performance of the 70 most active stocks (excluding the EGX30 Index constituents) followed suit and grew by 33.3% in 2009, after attaining a gain of 95.8% in October, as opposed to 2008 closing. The drop was a result of the aforementioned reasons.

The Egyptian Stock Exchange EGX Indices performance in 2009 Yearly change Year Year 12/31/2008 12/31/2009 % high low Faisal Hasan, CFA EGX 30 4,596 6,209 35.1% 7,280 3,380 Head of Research EGX 70 482 643 33.3% 944 421 [email protected] Phone No:(965) 22951270 Source: Mubasher & Global research Mahmoud Soheim Head of Egypt Research Moderate growth expected at the beginning of 2010 and strong performance thereafter… [email protected] Tel: (+202) 37609526 Ahmed Abu Hussein, CFA We believe that the first quarter of 2010 will not witness any severe ups or downs, however as the 2009 Financial Analyst financial results will begin to appear, the stock market will react positively and is expected to restart its [email protected] journey north. Thereafter, as the world economic performance is anticipated to ameliorate, the Egyptian Tel: (+202) 37609526 stock market will gradually regain strength and surges are expected, led by the blue chips, especially after Cherine Fayez Farkouh, CFA Financial Analyst the first quarter of 2010 financial results are posted by May 2010. [email protected] Tel: (+202) 37609526 Afterwards, the stock market will witness relative stability and steadily confidence will be regained to the Radwa Weshahy investors, who were quick profit takers throughout 2009, which in turn halted any real gains for the Financial Analyst market. [email protected] Tel: (+202) 37609526 1

Global – EGX – 2009 in Review

EGX30 & EGX70 Indices performance in 2008 and 2009

Source: Mubasher & Global research

Stock Market Indicators since 2005 2005 2006 2007 2008 * 2009 * 1- Trading Aggregates Total Volume (bn) 5.3 9.1 15.1 25.5 36.6 Volume of Listed Securities 4.2 7.8 11.4 21.9 28.6 Volume of Unlisted Securities 1.1 1.3 3.7 3.6 8.0 Total Value traded (LE bn) 160.6 287.0 363.0 529.6 448.2 Value traded (Listed Securities) 150.9 271.1 321.5 475.9333.5 Value traded (unlisted securities) 9.7 15.9 41.5 53.7114.7 Total number of transactions (mn) 4.2 6.8 9.0 13.5 14.6 Number of transactions (Listed securities) 4.0 6.6 8.7 12.8 13.5 Number of transactions (unlisted securities) 0.2 0.2 0.3 0.7 1.1 Average daily value traded (LE mn) 645 1,176 1,488 1,656 1,822 Average daily value traded (listed securities) 606 1,111 1,318 1,436 1,356 Average daily value traded (unlisted securities) 39 65 170 220 466 Turnover Ratio ** 31.1% 48.7% 38.7% 70.3% 49.9% Non-Arab foreign participation as a % of total value traded 16.4% 16.6% 19.2% 20.0% 12.7% Arab participation as a % of total value traded 13.9% 13.6% 12.5% 10.0% 6.3% Number of trading days 249 244 244 244 249 2- Listed Companies Number of listed companies 744 595 435 373 306 Average Company Size (LE mn) *** 613 897 1,766 1,259 1,633 Number of traded companies 441 407 337 322 289 Number of Traded Companies as a % of Listed Companies 59.3% 68.4% 77.5% 86.3% 94.4% Market capitalization end of year (LE bn) **** 456 534 768 474 500 Market capitalization as % of GDP 74% 72% 86% 46% 48% 3 - Market Indices Performance EGX 30 Index (LE) 146% 10% 51% -56% 35% EGX 30 Index (US$) 157% 11% 57% -56% 36% EGX 70 Index 0% 0% 0% -52% 33% EGX 100 Index 0% 0% 52% -49% 36% DJ EGX Egypt Titans 20 143% 11% 44% -56% 35% S&P/IFCI Price Index 159% 10% 52% -56% 35% MSCI Price Index 155% 15% 55% -54% 33% * After excluding deals ** Turnover Ratio (%) = value traded of listed shares/ market capitalization *** Average Company Size = market capitalization end of year / no. of listed companies **** Market Capitalization = no. of listed shares x market price end of year Source: EGX Annual Report 2009

Global – EGX – 2009 in Review

Monthly Performance in 2009

Market Capitalization (as % of GDP)

Source: EGX

Traded Volume

Source: EGX

Traded Value

Source: EGX

Global – EGX – 2009 in Review

Price to Earnings Ratio in 2009*

Source: EGX Annual Report 2009

Dividend Yield in 2009*

Source: EGX Annual Report 2009 *P/E and DY ratios are based on the most active companies only.

Sectors’ Indices YTD Performance Sector Indices 12/31/2008 12/31/2009 Yearly change % Construction and Materials 864 1,481 71.4% Real Estate 670 1,118 66.9% Banking 845 1,249 47.9% Basic Resources 550 763 38.7% Financial Services (Excluding Banks) 528 725 37.2% Health Care and Pharmaceuticals 972 1,273 31.0% Personal and Household Products 492 533 8.4% Food and Beverage 915 974 6.4% Industrial Goods and Services and Automobiles 1,560 1,651 5.8% Telecommunications 478 502 5.0% Travel and Leisure 565 585 3.5% Chemicals 789 762 -3.4% Source: EGX

Global – EGX – 2009 in Review

Banking and Financial Services Sectors

The Egyptian banking sector kept its robust position amid the financial crisis. This came on the back of the sectoral reforms that were implemented by the government since 2004, as well as the successful decisions undertaken by the Central Bank of Egypt (CBE), which prevented the Egyptian banks from the implications of the turmoil that hit the international banks all over the world. This was reflected on the performance of banks in the stock market, as the sector’s index was among the best performers in 2009, realizing a growth of 47.9%, as investors eyed the banks’ stocks as good investment opportunities, and the sector regained approximately its levels prior to the crisis.

We expect a better performance for the sector in 2010, given the continuing prospering monitoring of the CBE, as well as the forecasted recovery in the international economy.

Though it did not rebound at the same pace of the banking sector index, the financial services sector was also among the top performers over 2009, despite the fact that the crisis mainly hit the world financial sectors.

The financial services sector index excluding banks was able to realize a 37.2% gain in 2009, and we expect a better performance in the year to come, especially as the effects of the financial crisis are anticipated to be diminishing in 2010.

Real Estate Sector

Although the real estate sector in Egypt witnessed some turbulence during late 2008 and early 2009, the sector started to show signs of recovery throughout 2009. Owing to the fact that the real estate market in Egypt is a cash market and developers adopt an off-plan sales model, the slow-down witnessed in the sector was an outcome of the wait and see status that prevailed the market by both developers and investors, not because of a real decline in demand. Furthermore, developers shifted their focus from high-end properties to middle and lower-middle housing projects, after the high-end segment showed signs of saturation.

The real estate sector index surged by 66.9% throughout 2009, reflecting investors’ confidence in the sector.

We believe that the highest potential lies in developing lower income housing, where the vast majority of housing demand exists. In addition, the supply of class “A” commercial spaces is still limited in the Egyptian market, therefore, we believe that this segment also offer a good investment opportunity with lucrative returns. On the hospitality real estate front, the outlook is positive, especially after Egypt’s tourism sector showed some recovery during the last quarter of 2009.

Generally, the outlook of the real estate sector is positive, but it varies across different segments. We prefer companies that are involved in developing different project types, with different types of revenue streams, as this will diversify their exposure among different real estate segments. 5

Global – EGX – 2009 in Review

Construction and Materials Sector

The Cement sector witnessed a vigorous growth in 2009, where cement demand soared by more than 20% during 9M- 2009, reaching 34.5mn tons, compared to 28.6mn tons consumed in 9M-2008.

This growth in local cement consumption came on the back of the on-going high activity in the construction sector, which was the second best performing sector in the overall economy in 2009/10, recording a growth rate of 11.4%. Earlier in late 2007, the government granted new cement licenses, in order to meet the growing local cement demand.

The sector index surged by 71.4% over 2009, to record the highest growth among the sector indices.

We believe that the cement sector will keep its momentum at least on the short-term, supported by the government infrastructure development projects within the context of Public Private Partnership (PPP) programs, in addition to the private sector various real estate development projects.

We also believe that the local cement market will provide a safety cushion to the cement industry against turbulences witnessed in the export markets. The threat to the local cement sector is that the capacities additions in Egypt are expected to come on stream along with the new capacities installation in the MENA region over the next 3 years, especially in Saudi Arabia and UAE. This is expected to create an oversupply situation in the region and might lead to price wars, which in turn will impact the cement companies’ profitability.

Basic Resources Sector

Despite the weakening international demand on steel that followed the US subprime crisis and the world recession, the Egyptian steel sector witnessed abnormal activity in the first half of 2009. This came on the back of the various projects that are under establishment in Egypt, which benefitted from the plunge in the international steel prices to finish their projects at lower costs.

We believe that the year 2010 will witness recovery in the steel prices internationally, which in turn will boost the local steel companies profitability. The steel sector is considered one of the promising sectors in Egypt, based on a robust local construction sector.

Throughout the course of 2009, the basic resources index grew by 38.7%.

Global – EGX – 2009 in Review

Chemicals Sector

The Egyptian fertilizers sector performance was negatively impacted by the world’s financial and economic downturn. The waning demand on the fertilizers in both, the local and export markets, coupled with the plunge witnessed in fertilizers prices have harshly hit the fertilizers companies’ profitability in the first half of 2009. Also, the fertilizers companies were burdened by costly raw materials, after the hike witnessed in prices in mid 2008. It is worthy to mention that the chemicals index, which includes the local fertilizers companies, has reported a decline of 3.4%, as opposed to a 35.1% growth in the EGX30 Index over 2009.

Nevertheless, the depleted fertilizers inventory along with the expected rise in the crop prices will most likely trigger farmers to consume more fertilizers in 2010. Accordingly, the world’s fertilizers consumption is forecasted to rise by more than 6% in 2010, as per the IFA. Moreover, the companies’ profit margins are expected to improve in 2010, on the back of the drop witnessed in the raw material prices.

In turn, we have a bullish outlook on the fertilizers sector performance in 2010.

Telecommunications Sector

The telecommunications sector index grew by only 5.0% during 2009, despite a steady flow of profitability for the telecom companies throughout 2009. The increased competition between the local mobile service providers has led to squeezed margins.

We believe 2010 will not be very promising for the telecom companies, it will be an ordinary year with satisfactory profitability. However, if the companies begin introducing new services and technologies to the market, it will boost their profits over 2010.

If France Telecom won the bid on Mobinil shares, it will be delisted from the Egyptian stock exchange and Orascom Telecom Holding will lose a considerable contributor to its performance.

In addition OTH is currently facing the tax claims on its Algerian subsidiary, amounting to almost US$600mn, which will negatively impact the OTH stock performance during 2010.

Global – EGX – 2009 in Review

Other Sector Indices

The rest of the sectors indices, which are depicted below, reflect the performance of the different sectors over the course of 2009 and compared to 2008. It is worth mentioning that these sectors performance in 2010 is subject to overall improvement in the world economy, which will boost the investors’ confidence and will lead to an overall surge in all the sectors indices.

Global – EGX – 2009 in Review

Investors Types in 2009 *

* After excluding deals Source: EGX Annual Report 2009

Listing during 2008 and 2009 2008 2009 No. of Traded Value No. of Traded Value

Companies (LE bn) Companies (LE bn) New Listing 24 6.4 6 3.3 Secondary Public Offering (SPO) 39 7.9 21 2.1 Capital Increase Others * 59 7.3 46 3.0 De-Listing 83 6.0 65 7.5 * Refer to capital increase done through cash, bonus shares, adjusting par value, mergers and acquisitions. Source: EGX Annual Report 2009

Acquisition Deals in 2009 Value Acquirer Security Date % (LE mn) Samcrete for Engineering Investment Samcrete Misr (Preferred Shares) Dec-09 98.8% 4,036 Beltone Partners Holding Ltd Beltone Financial Holding Dec-09 99.8% 73 El Gouna for Tourism Transportation International Hotels Holdings Dec-09 99.7%1,944 Individual Investors Alkan Holding Dec-09 12.7% 13 Lafarge Building Materials Trading Egypt Lafarge Cement - Egypt Nov-09 53.7% 15,466 Olympic Group for Financial Investments * Cairo Feeding Industries Aug-09 98.8% 66 Orascom Fertilizer Plant Maintenance ** Egyptian Fertilizers Company (EFC) Jun-09 100.0% 3,469 Global Investment & Management Group Ltd Mansoura for Resins & Chemical Industries Apr-09 69.1% 29 National Development Bank National Glass & Crystal Co. Apr-09 88.3% 183 International Finance Corporation (IFC) Bank of Alexandria Mar-09 9.8% 1,107 Indian Investor Alexandria Medical Services Mar-09 86.4% 97 * Share SWAP deal ** In US$ Source: EGX Annual Report 2009

Total Bond Turnover in 2009 Trading Value Trading Volume (LE mn) (000) Government Bonds 40,548 39,372 Housing Bonds 00 Treasury Bonds -- Treasury Bonds (Primary Dealers) 40,548 39,372 Corporate Bonds 52 792 Total 40,600 40,164 Source: EGX

Global – EGX – 2009 in Review

Annual Percentage Change in Egyptian GDRs' Prices No. of GDRs GDR Closing GDR Closing Change Company Name to Local Price Price % Share (US$) 31/12/2008 (US$) 31/12/2009 Palm Hills Development 0.20 3.60 6.50 80.6% EFG - Hermes Holding 0.50 6.00 9.20 53.3% Commercial International Bank (CIB) 1.00 6.85 10.00 46.0% Suez Cement 1.00 5.30 7.55 42.5% GB Auto * 0.20 18.60 22.47 20.8% Naeem Holding 0.25 1.64 1.80 9.8% Telecom Egypt 0.20 15.50 16.00 3.2% Pachin 3.00 2.80 2.80 0.0% El Ezz Steel Rebars 0.33 32.50 32.50 0.0% LAKAH Group ** 0.33 0.44 0.44 0.0% Orascom Construction Industries (OCI) *** 1.00 50.00 45.26 -9.5% Orascom Telecom Holding (OTH) 0.20 27.29 22.99 -15.8% Lecico Egypt 1.00 6.50 4.00 -38.5% * Trading started on 28/5/2009 ** Closing price as of 3/3/2005 *** The conversion ratio has changed to be 1 share:1 GDR, effective 7/5/2009 Source: EGX Annual Report 2009

Global – EGX – 2009 in Review

Free Last Market Floating Enterprise RIC FYE # Shares YoY PE PBV DY% Sector/ Company Float Price Capitalization Capitalizing Value as of LE 000s % Chg. LE 000s LE 000s 2008 2009 2008 2008 LE 000s 30/06/09 31/12/09

Building Materials & Construction Orascom Construction Industries * OCIC Dec. 206,918 39.37% 246.01 77.0% 50,904,011 20,040,909 36.71 21.78 2.99 2.24% 56,541,511 Sector Average 20,040,909 36.71 21.78 2.99

Ezz Porcelain Gemma ECAP Dec. 51,045 30.30% 5.13 22.1% 261,863 79,345 27.13 43.89 0.84 0.00% 524,274

Cement South Valley Cement * SVCE Dec. 492,698 23.62% 6.90 32.7% 3,399,619 802,990 4.99 17.25 1.03 0.00% 3,408,394 Misr Beni Suef Cement MBSC Dec. 20,000 46.89% 127.00 154.0% 2,540,000 1,191,121 13.15 6.58 1.73 3.15% 2,367,636 Misr Cement - Qena MCQE Dec. 29,878 15.47% 85.01 9.0% 2,539,929 392,853 9.19 7.47 2.74 9.70% 1,998,362 National Cement Company NCEM June 103,200 1.87% 19.07 19.1% 1,968,024 36,763 7.78 7.23 2.64 9.96% 1,416,626 Sinai Cement SCEM Dec. 70,000 26.34% 40.25 18.2% 2,817,500 742,026 8.25 4.38 1.69 12.42% 2,671,216 Suez Cement SUCE Dec. 181,857 14.00% 46.00 117.0% 8,365,399 1,171,194 8.53 6.33 1.32 4.35% 8,149,653 Sector Average 4,336,947 9.15 8.20 1.58 Chemicals Misr Chemicals MICH June 32,000 29.24% 9.86 43.5% 315,520 92,255 12.45 5.49 1.54 10.14% 500,205 PACHIN PACH June 20,000 51.91% 41.00 57.1% 820,000 425,637 7.60 9.01 1.56 8.54% 776,486 Sector Average 517,892 8.46 8.38 1.56 Communication Mobinil * EMOB Dec. 100,000 27.59% 240.99 66.2% 24,099,000 6,648,914 13.20 11.05 7.26 0.83% 28,145,505 Orascom Telecom Holding * ORTE Dec. 899,403 47.61% 25.01 -15.8% 22,494,066 10,709,425 11.06 10.67 3.18 4.00% 51,253,514 Telecom Egypt * ETEL Dec. 1,707,072 18.04% 18.29 14.3% 31,222,340 5,632,510 12.32 7.26 1.17 7.11% 30,484,932 RAYA RAYA Dec. 56,985 68.76% 5.84 8.1% 332,791 228,827 8.21 9.59 0.69 3.60% 466,163 Sector Average 23,219,676 11.95 9.94 3.84 Fertilizers Abu Kir Fertilizers ABUK June 50,475 13.00% 221.10 22.8% 11,160,029 1,450,804 11.27 10.29 4.12 7.24% 9,509,872 Egyptian Financial & Industrial Co. EFIC Dec. 69,302 50.60% 20.70 -17.5% 1,434,544 725,879 12.33 18.17 1.59 3.62% 2,440,641 Sector Average 2,176,683 11.62 12.92 3.28 Financial Services Al Ahly for Development & Investment * AFDI Dec. 20,000 36.56% 19.37 -23.1% 387,400 141,633 12.69 N.A 2.39 0.00% 460,782 Egyptians Abroad for Inv. & Dev. * ABRD Dec. 32,000 62.33% 6.91 -1.3% 221,120 137,824 19.36 19.62 1.90 1.81% 212,835 EFG-Hermes Holding * HRHO Dec. 382,714 65.06% 25.13 46.0% 9,617,603 6,257,212 7.45 16.84 1.11 2.02% 9,012,056 Egypt Kuwait Holding ($) * EKHO Dec. 762,995 68.91% 2.00 52.7% 1,525,990 1,051,560 14.16 11.51 2.28 1.56% 1,793,959 NAEEM Holding ($) NAHO Dec. 320,000 57.02% 0.44 7.3% 140,800 80,284 1.31 48.97 0.47 9.09% 74,830 Sector Average 7,668,514 8.62 16.19 1.30

Global – EGX – 2009 in Review

Banks Egyptian Gulf Bank ($) EGBE Dec. 200,192 41.34% 1.22 -23.8% 244,234 100,967 19.25 17.05 1.27 22.13% N.A CIB * COMI Dec. 292,500 90.15% 54.55 47.4% 15,955,875 14,384,221 14.02 10.21 2.37 1.83% N.A Credit Agricole Bank CIEB Dec. 287,000 20.48% 10.47 30.2% 3,004,890 615,401 5.86 8.56 1.52 10.51% N.A Housing and Development Bank HDBK Dec. 67,000 21.47% 19.90 -17.8% 1,333,300 286,260 7.06 5.02 1.26 7.54% N.A NSGB NSGB Dec. 333,235 21.52% 29.94 73.5% 9,977,059 2,147,063 15.28 6.90 1.67 4.18% N.A Export Development Bank of Egypt EXPA June 120,000 23.34% 11.35 43.3% 1,362,000 317,891 4.38 5.23 0.93 8.81% N.A Sector Average 17,851,803 13.64 9.62 2.21 Food & Beverage Delta Sugar SUGR Dec. 123,651 6.26% 18.31 0.3% 2,264,041 141,774 7.06 N.A 2.38 8.19% 1,864,002 Extracted Oils * ZEOT June 157,200 61.25% 1.49 -5.7% 234,228 143,465 25.16 N.A 1.30 0.00% 227,614 Eastern Company EAST June 50,000 38.32% 114.02 -36.6% 5,701,000 2,184,680 7.59 6.87 1.85 3.95% 5,953,556 Sector Average 2,469,919 8.58 6.07 1.85 Household Appliances Olympic Group OLGR Dec. 60,076 48.00% 27.25 13.5% 1,637,065 785,791 6.74 12.58 1.76 2.75% 2,214,235 Sector Average 785,791 6.74 12.58 1.76 Housing & Real Estate Cairo Housing * ELKA Dec. 93,750 86.49% 7.71 78.5% 722,813 625,161 115.34 15.85 1.43 2.59% 520,796 Egyptian Resorts Company * EGTS Dec. 1,050,000 36.75% 1.65 -6.8% 1,732,500 636,694 6.07 133.43 1.65 12.12% 1,667,905 Nasr City Housing MNHD June 100,000 41.69% 27.33 -2.5% 2,733,000 1,139,388 26.04 23.69 11.20 2.93% 2,588,422 Orascom Hotels & Development ORHD Dec. 221,962 2.00% 19.60 15.0% 4,350,462 87,009 10.86 9.85 1.32 0.00% 6,225,886 SODIC * OCDI Dec. 28,413 56.60% 80.00 93.5% 2,273,072 1,286,559 6.86 93.52 1.31 0.00% 2,046,409 United Housing UNIT Dec. 42,207 64.12% 5.40 13.7% 227,919 146,142 14.98 10.55 2.72 0.00% 195,909 Heliopolis Housing HELI June 74,171 21.29% 28.05 3.5% 2,080,508 442,940 15.61 20.93 10.80 3.57% 2,124,121 Development & Engineering Consultants DAPH Dec. 8,571 46.82% 18.09 26.1% 155,057 72,598 3.08 11.06 1.03 2.21% 192,997 Remco for Touristic Villages Construction RTVC Dec. 225,325 26.40% 6.00 9.1% 1,351,952 356,915 9.47 3.71 0.40 0.00% 2,111,971 Upper Egypt General Contracting * UEGC June 302,000 82.00% 1.93 -17.9% 582,860 477,945 39.89 11.94 1.41 0.00% 512,246 Egyptians Housing Dev. & Reconstruction * EHDR Dec. 75,000 48.01% 5.00 50.2% 375,000 180,038 108.13 28.86 2.13 0.00% 341,138 Palm Hills * PHDC Dec. 698,880 34.17% 7.61 20.2% 5,318,477 1,817,324 26.08 13.73 1.79 0.00% 7,093,142 Talaat Mostafa Group Holding * TMGH Dec. 2,030,204 39.61% 6.95 130.9% 14,109,915 5,588,937 53.25 11.27 0.61 0.00% 19,455,586 Sector Average 12,857,648 39.79 27.60 2.30 Iron & Steel Ezz Steel * ESRS Dec. 543,265 32.97% 17.05 74.3% 9,262,669 3,053,902 8.26 26.07 2.04 19.35% 14,689,515 Ezz - Dekhila Steel - Alex IRAX Dec. 13,364 9.29% 740.20 -7.5% 9,892,339 918,742 4.31 14.15 3.16 28.37% 13,006,045 Sector Average 3,972,644 7.34 23.32 2.30

Global – EGX – 2009 in Review

Mills & Storage Alexandria Flour Mills AFMC June 4,000 30.00% 26.24 119.0% 104,960 31,488 10.08 15.87 1.70 2.86% 90,098 East Delta Flour Mills EDFM June 6,000 64.50% 29.50 38.2% 177,000 114,165 4.33 5.19 0.97 11.36% 175,354 General Silos & Storage GSSC June 10,000 39.00% 33.00 33.1% 330,000 128,700 5.94 5.86 1.65 10.15% 365,729 Middle & West Delta Flour Mills WCDF June 7,500 63.00% 31.50 37.6% 236,250 148,838 5.37 6.26 1.54 11.43% 193,483 Middle Egypt Flour Mills CEFM June 14,723 42.55% 12.60 3.9% 185,509 78,934 7.36 10.55 0.98 3.97% 222,230 North Cairo Flour Mills MILS June 10,700 43.68% 19.90 13.7% 212,930 93,001 4.20 6.67 1.12 10.05% 181,023 South Cairo & Giza Mills & Bakeries SCFM June 3,000 39.00% 39.54 9.7% 118,620 46,262 4.11 11.81 1.22 5.06% 83,569 Upper Egypt Flour Mills UEFM June 7,000 61.00% 67.01 -0.5% 469,070 286,133 7.11 5.35 2.10 8.95% 307,387 Sector Average 927,521 6.01 6.80 1.56 Mining, Gas & Petrochemicals Asek Company for Mining - Ascom ASCM Dec. 25,000 26.57% 21.70 -10.7% 542,500 144,142 19.14 32.22 1.41 0.00% 589,832 Egypt Gas EGAS Dec 12,000 20.00% 71.50 36.1% 858,000 171,600 6.80 4.46 0.93 9.09% 648,498 Sidi Kerir Petrochemicals * SKPC Dec. 525,000 22.55% 10.45 1.7% 5,486,250 1,237,149 4.70 8.49 2.91 16.27% 4,787,115 Alexandria Mineral Oils Co. AMOC June 86,100 19.62% 37.45 -20.4% 3,224,445 632,636 3.51 7.01 1.57 10.68% 3,179,208 Sector Average 2,185,528 5.47 9.31 2.27 Pharmaceutical Industries EIPICO PHAR Dec. 72,124 39.77% 33.00 21.3% 2,380,092 946,539 10.26 8.69 1.73 6.06% 2,012,670 Sector Average 946,539 10.26 8.69 1.73 Textiles & Clothing Arab Cotton Ginning * ACGC June 251,742 65.83% 4.10 12.3% 1,032,141 679,458 3.52 35.71 0.53 7.32% 969,385 Arab Polvara Spinning & Weaving * APSW Dec. 93,687 68.47% 3.89 41.5% 364,441 249,533 415.27 N.A 0.56 5.91% 354,452 KABO * KABO June 338,613 36.12% 1.49 13.7% 504,533 182,237 N.A N.A 0.99 0.00% 579,838 Nile Cotton Ginning * NCGC June 52,993 69.22% 13.02 5.5% 689,962 477,592 N.A 26.59 1.47 0.00% 733,718 Oriental Weavers Carpets ORWE Dec. 74,607 31.84% 32.90 46.4% 2,454,561 781,532 7.48 8.57 0.95 12.16% 3,909,746 SPINALEX * SPIN June 298,234 36.60% 1.52 -14.1% 453,315 165,913 18.61 26.73 0.71 3.29% 448,363 Sector Average 2,536,266 45.32 18.96 0.89 Utilities & others Sewedy Cables * SWDY Dec. 132,200 32.98% 68.00 -8.1% 8,989,600 2,964,770 12.41 15.41 2.18 1.47% 12,756,974 Canal Shipping Agency CSAG June 200,000 4.52% 8.18 -3.5% 1,636,000 73,947 33.06 32.83 4.44 2.57% 1,416,857 Maridive and Oil Services ($) * MOIL Dec. 256,000 40.92% 3.95 46.3% 1,011,200 413,783 12.63 14.40 3.95 5.75% 1,135,729 Electric Cables * ELEC Dec. 496,388 87.53% 1.16 -4.1% 575,810 504,006 N.A 11.44 1.02 0.00% 506,822 Media Production City MPRC Dec. 189,630 20.50% 4.93 20.8% 934,876 191,650 19.82 9.80 0.43 0.00% 1,020,776 GB Auto AUTO Dec. 129,000 23.80% 24.51 49.1% 3,161,790 752,506 7.29 17.33 1.80 0.00% 4,036,511 Sector Average 4,900,662 10.97 15.26 2.12 Weighted Average 309,583,634 107,474,286 20.07 15.49 2.59 * EGX 30 index constituent N.A = Not Applicable

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