Closing Bell March 01 2017

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Mar 1, 2017 - Close. 1 Day Change YTD Change. EGX30. 11,999. △0.5%. ▽2.8% ... 4. 1. Market Breadth. # of Stocks. EGP
THE CLOSING BELL BULLETIN

JAZIRA SECURITIES BROKERAGE

Wednesday, March 01, 2017

Indices EGX30

Close 11,999

EGX70

472

▼0.4%

▲24.4%

EGX100

1138

▼0.2%

▲43.9%

EGP mn

% of Market

Trading Activity

1 Day Change YTD Change ▲0.5% ▼2.8%

Top Gainers

Closing Price

% Change

5

▲9.9

Belton Financial Holding

8.61

▲8.6

Egypt Aluminum

18.12

▲7.5

Sharkia National Food

4.57

▲6.3

Arab Aluminum

10.43

▲6.1

El Arabia Engineering Industries

GDRs (as of 15:00 CLT)

US$

% Change

COMIq.L

4.35

▼3.0

ETELq.L

2.60

-

HRHOq.L

2.62

▲3.2

OTMTq.L

0.15

-

Exchange Rates

Bid

Ask

Total Market

771

EGX30

788

102

EGX70

117

15

OTC

0

0

Alexandria National Company

6.95

▼9.4

EGP/ 1S$

15.7586

15.8841

Bonds

4

1

Nozha International Hospital

75.96

▼9.3

EGP/ 1€

16.7026

16.8419

# of Stocks

EGP mn

% of Market

Suez Cement

11.63

▼9.1

EGP/ 1£

19.6006

19.7614

Advancers

▲187

762

52

Rubex International for Plastic

5.88

▼7.0

EGP/ 1SAR

4.2019

4.2355

Decliners

▼82

530

36

62

184

12

EDRs Of Al Salam Holding

2.17

▼5.7

EGP/ 1AED

4.2899

4.3253

Buyers

Sellers

% of Market

EGP mn

% Change

Regional Indices

Close

% Change

Retail (EGP mn)

497

533

67

Global Telecom

133

▲2.6

Tadawul (KSA)

6,967

▼0.1

Institutions (EGP mn)

269

233

33

Hermes

113

▲2.7

Dubai General

3,621

▼0.3

Abu Dhabi Gen.

4,570

▲0.4

Kuwait General

6,740

▼0.6

Bahrain All share

1,344

▼0.4

Muscat 30

5,791

▲0.2

Market Breadth

Unchanged Market Participants

Investor Type Egyptians (EGP mn)

Buyers

Sellers

Net Flow

532

580

-49

90

58

32

Foreigners (EGP mn)

144

127

17

EGX30 Intraday Chart

Arab (EGP mn)

12,0 60

Top Losers

Closing Price

Top Traded by Value

% Change

T M G Holding

67

▼2.3

CIB

40

▲0.2

Arab Cotton Ginning

31

▼1.4

Insider Trading Stock (Latest available)

Type Volume

Market Headlines

12,0 40 12,0 20

Board Member

Alex. Spin. & Weav.

Buy

200,000

Related Parties

Golden Coast Co.

Buy

20,000

Bank Manag.

CIB

Sell

1,000

Board Member

Pharaoh tech

Buy

100

Co. Manag.

ICON

Buy

90

12,0 00 11,9 80 11,9 60 11,9 40 11,9 20 11,9 00 11,8 80 10:00 10:20 10:40 11:00 11:20 11:40 12:00 12:20 12:40 13:00 13:20 1 3:40 14:00 14:20

Naeem Holding posted profits of US$3.75 mn in 4Q FY16, jumped by 3105%, versus US$117,000 in 4Q FY15. Profits for FY16 increased by 225% to US$5.2 mn from US$1.6 mn in same period last year

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THE CLOSING BELL BULLETIN

JAZIRA SECURITIES BROKERAGE

Wednesday, March 01, 2017

Daily Price Sheet Sectors / Companies Prices are in EGP unless stated otherwise

EGX30 Jazira Securities Focus Companies Banking & Finance Commercial International Bank* Qatar National Bank Alahly Credit Agricole Egypt Bank* Abu Dhabi Islamic Bank Al Baraka Bank Egyptian Kuwaiti Holding (USD) EFG-Hermes Holding* Pioneers Holding* Citadel Capital* Naeem Holding (USD) Arabia For Investment & Development Egyptians Abroad for Inv. and Dev. Belton Financial Holding Stevedoring United Arab Stevedoring Construction & Related Ezz Aldekhela Steel Ezz Steel Rebars* Sewedy Cables* Suez Cement Misr Beni Suef Cement Misr Cement (Qena) South Valley Cement Sinai Cement Paint & Chemicals Industries Lecico Egypt Aracemco Upper Egypt Contracting Egyptian Electrical Cables Orascom Construction limited* Real Estate for National Banks Development Modern Water Proofing-Bitumode Egyptians For Investments Arabian Cement*

Reuters Last Code Price .EGX30 11,999

Close Price

COMI QNBA CIEB ADIB SAUD EKHO HRHO PIOH CCAP NAHO AIND ABRD BTFH

71.6 40.0 35.0 6.86 9.5 0.65 22.85 9.34 1.02 0.60 0.97 3.02 8.72

72.0 40.0 35.0 6.90 9.57 0.64 22.88 9.36 1.03 0.60 0.97 3.04 8.61

UAGS

0.69

0.70

IRAX ESRS SWDY SUCE MBSC MCQE SVCE SCEM PACH LCSW CERA UEGC ELEC ORAS NRPD WATP EIUD ARCC

390.0 16.55 77.0 11.5 18.5 90.0 4.57 21.0 23.9 3.21 2.24 0.74 0.73 86.5 7.73 0.63 1.46 7.92

390.0 16.17 77.1 11.6 89.5 4.57 21.0 24.0 0.0 2.28 0.74 0.74 86.3 0.0 0.63 1.49 8.02

DoD % Change ▲0.5 ▲1.5 ▲1.2 ▼0.3 ▲2.9 ▼1.2 ▼2.8 ▲1.6 ▲2.6 ▲1.3 ▼1.0 ▼1.3 ▲10.0 ▼0.0 ▼1.4 ▲12.3 ▼1.6 ▲4.2 ▼1.2 ▼9.8 ▲1.0 ▲0.2 ▲0.2 ▼4.2 ▼7.2 ▼2.2 ▼1.4 ▼0.6 ▲1.6 ▼0.7 ▼0.6

YTD % Change ▼2.8 ▼2.8 ▼0.8 ▼2.0 ▲7.4 ▼3.5 ▼2.3 ▼4.6 ▲12.1 ▼10.5 ▼18.7 ▼1.0 ▼11.8 ▼8.5 ▼7.9 ▼22 ▼21.6 ▼0.2 ▲7.5 ▼16.7 ▼6.8 ▲3.8 ▼26.9 ▼13.7 ▲8.6 ▼12.1 ▲6.6 ▲27.1 ▼18.1 ▼15.5 ▼14.9 ▼15.1 ▼18.7 ▼7.1 ▼13.7 ▼17.5 ▲16.1

Volume k 114,882 153,254 52,355 551 21,113 279 860 1 742 4,957 1,755 21,113 237 747 26 192 10,552 1,036 5,126 0 1,490 6 122 0 1 253 14 1 1 46 1,527 809 13 0 107 212 525

Value Yr. Yr. Market Cap % Free EGP mn High Low (EGP mn) Float 647 13,544 11,845 330,814 43 666 421,010 42 213 155,846 50 39.7 82.3 28.9 82,617 66 0.1 43.5 25.2 29,681 3 9.8 42.5 18.1 10,882 34 5.9 9.6 3.1 1,372 38 0.2 11.3 7.0 1,300 26 4.2 0.7 0.4 5,846 45 113.4 29.2 6.4 14,050 68 16.4 12.9 4.9 6,728 31 21.8 1.7 0.6 1,447 94 1.2 0.7 0.3 1,496 41 0.7 1.2 0.8 427 98 0.1 4.1 2.5 121 43 1.7 21.9 2.9 1,474 39 67 110,135 49 0.7 1.10 0.60 138 49 35 56,527 35 0.1 500 188 5,212 33 24.1 22.8 6.1 8,991 32 0.5 93 28 17,203 32 1.4 25.5 8.7 2,099 47 0.0 27 17 1,391 55 0.1 111.0 70.0 2,689 50 1.2 6 3 2,204 50 0.3 25.7 19.0 1,469 57 0.0 30 17 575 33 0.0 4.5 2.0 257 55 0.1 4 2 280 33 1.1 1.0 0.6 419 67 0.6 1 1 380 69 1.1 115.5 48.2 10,186 10 0.0 10.5 6.0 40 76 0.1 1.0 0.5 75 64 0.3 2.2 1.2 58 74 4.2 10.6 4.3 3,000 22

Weight in EGX 100.0% 124% 50.6% 38.8% 2.6% 6.7% 1.5% 1.0% 2.1% 2.1% 3.9% 0.7% 0.5%

Weight in Focus 80.8% 100.0% 45.9% 32.2% 0.5% 2.2% 0.3% 0.2% 1.5% 5.6% 1.2% 0.8% 0.4% 0.2% 0.0% 0.3% 0.0% 0.0% 10.2% 1.0% 1.7% 3.2% 0.6% 0.5% 0.8% 0.6% 0.5% 0.1% 0.1% 0.1% 0.2% 0.2% 0.6% 0.0% 0.0% 0.0% 0.4%

Jazira Securities focus companies include EGX30 in addition to other companies included in the Daily price sheet which Jazira Securities Research believe are worth following on a daily basis DoD change in the daily price sheet are based on last price and historical close while performers percent change in page one are based on the closing VWAP and today’s session opening price Sectors DOD & YTD changes are value weighted Index, Jazira Focus and Sectors PER & DY are based on their respective market capitalizations, total earnings and dividends* EGX constituent NI: Not Included Weight in EGX & Jazira Securities focus companies are based on free float market capitalization

2015 (a) 28.4 22.6 15.9 19.7 10.3 11.6 6.5 5.7 13.5 32.1 8.4 n/a 141.3 n/a 10.0 340.0 n/a n/a 123.0 n/a n/a 12.8 n/a 17.8 11.7 31.0 n/a 14.0 n/a 7.3 6.1 15.6 n/a 13.9 n/a 33.7 11.0

PER (x) 2016 (e) 14.7 13.5 13.3 15.5 7.9 8.9 3.5 2.9 11.2 30.5 7.6 n/a 282.6 n/a 8.9 566.7 n/a n/a 26.3 n/a n/a 6.1 n/a 18.8 11.2 29.5 36.0 7.9 3.3 5.0 8.7 14.8 n/a 34.9 n/a 33.0 10.0

2017 (e) 12.6 11.0 9.9 12.4 6.1 6.6 2.2 2.0 10.2 27.8 7.3 n/a 269.1 74.9 8.4 539.7 n/a n/a 19.9 n/a n/a 5.8 n/a 17.9 10.2 25.7 34.3 7.2 3.1 4.2 8.5 14.1 n/a 33.2 0.9 32.4 9.5

DY (% ) 2015 (a) 2016 (e) 2017 (e) 1.1 1.3 1.9 2.3 2.3 3.0 2.1 1.7 2.8 1.9 1.0 1.9 5.6 7.5 10.8 7.9 7.8 12.7 3.8 3.0 3.4 0.2 0.1 2.6 2.5 2.0 0.0 21.3 16.0 0.7 2.9 1.4 2.6 9.1 8.0 23.0 2.6 2.3 3.6 2.5 2.1 5.1 5.8 6.4 4.8 4.1 3.2 4.2 8.4 10.7 31.2 7.1 7.5 2.2 10.0 14.4 1.7 2.3 6.8 11.9 8.2 6.7 5.8 6.5

Daily Price Sheet continued next page... 2

THE CLOSING BELL BULLETIN

JAZIRA SECURITIES BROKERAGE

Wednesday, March 01, 2017

Daily Price Sheet (continued) Sectors / Companies Prices are in EGP unless stated otherwise

Egyptian Iron and Steel* Durable Goods Ghabour Auto* Food & Related Abu Kier Fertilizers Egyptian Financial & Industrial Juhayna Food Industries* Delta Sugar National Co. for Maize Products Edita food industries Eastern Company* Arabian Food Industries* Milling Upper Egypt Flour Mills Middle & West Delta Flour Mills East Delta Flour Mills North Cairo Mills Middle Egypt Flour Mills South Cairo Flour Mills Alexandria Flour Mills Oil Related Sidi Kerir Petrochemicals* Alexandria Minerals Oil Company Maridive & Oil Services (USD) Egypt Gas Extracted Oils Cairo Oils and Soap* Pharmaceutical Egyptian Int. Pharmaceuticals Ind. (EIPICO) Glaxo Smith Kline

Reuters Code IRON

Last Price 4.74

Close Price 4.82

AUTO

2.78

2.80

ABUK EFIC JUFO SUGR NCMP EFID EAST DOMT

104.1 10.65 7.20 12.0 13.50 17.4 195.0 8.1

104.8 10.74 7.20 12.5 13.5 17.2 199.5 8.1

UEFM WCDF EDFM MILS CEFM SCFM AFMC

94.0 75.0 73.3 18.4 24.1 17.99 19.4

94.0 75.0 73.2 18.8 24.4 18.0 -

SKPC AMOC MOIL EGAS ZEOT COSG

18.7 96.5 0.27 51.5 0.8 22.2

18.7 97.0 0.27 49.7 0.8 21.9

PHAR BIOC

103.0 9.0

103.0 0.0

DoD % Change ▼4.4 ▲2.2 ▲2.2 ▼0.6 ▼0.7 ▲0.2 ▲2.4 ▲2.0 ▲1.3 ▲2.5 ▼3.3 ▲0.2 ▲0.2 ▲0.2 ▲0.5 ▼0.1 ▲2.2 ▲1.0 ▼0.1 ▲0.3 ▲3.8 ▲2.3 ▲1.3 ▲5.4 ▲0.3 ▲1.0 ▼8.7

YTD % Change ▼0.3 ▼14.2 ▼14.2 ▼10.1 ▼0.1 ▲16.0 ▲16.3 ▼7.1 ▲2.0 ▲20.2 ▼29.8 ▲24.4 ▲26.6 ▲25.2 ▲19.6 ▲26.4 ▲23.2 ▲46.8 ▲29.7 ▲22.9 ▲17.1 ▲8.9 ▲30.4 ▲3.8 ▲0.1 ▼3.6 ▼17.0 ▲13.5 ▲17.7 ▼4.0

Volume k 2,336 1,734 1,734 735 7 260 401 6 1 27 32 91 48 13 5 0 4 3 23 0 937 678 74 181 5 192 963 254 14 0

Value EGP mn 0.5 5 4.8 13 0.7 2.8 2.9 0.1 0.0 0.5 6.4 1.1 2 1.2 0.4 0.0 0.1 0.1 0.4 0.0 20 12.7 7.1 0.4 0.2 0.2 21.0 2 1.5 0.0

Yr. High 5.4

Yr. Low 2.9

3.6

1.8

143 13.1 9 14.8 17 20.0 220.0 10.9

95 5.6 4 8.0 11 7.5 71.3 4.2

102 75.0 80 21.0 29 19.8 20

56 37.0 35 11.3 10 8.6 13

22.2 121.1 0.3 66.0 1.0 28.4

10.0 21.3 0.2 26.1 0.6 14.2

103.8 11.6

55.8 7.8

Market Cap % Free Weight (EGP mn) Float in EGX 2,315 9 0.1% 3,041 54 1.2% 3,041 54 1.2% 34,454 39 5.7% 8,758 30 738 55 6,778 49 2.3% 1,706 38 398 57 6,325 9 9,750 39 2.7% 2,289 43 19.4% 2,475 0 658 48 563 38 440 45 197 43 355 33 108 29 155 17 19,694 43 3.5% 9,797 49 3.4% 8,309 39 971 34 618 20 126 68 889 30 0.2% 9,945 0 8,172 56 754 8 -

Weight in Focus 0.1% 1.0% 1.0% 6.5% 1.6% 0.2% 1.9% 0.4% 0.1% 0.3% 2.2% 0.0% 0.6% 0.2% 0.1% 0.1% 0.0% 0.1% 0.0% 0.0% 5.0% 2.8% 1.9% 0.2% 0.1% 0.1% 0.2% 2.9% 2.7% 0.0%

Jazira Securities focus companies include EGX30 in addition to other companies included in the Daily price sheet which Jazira Securities Research believe are worth following on a daily basis DoD change in the daily price sheet are based on last price and historical close while performers percent change in page one are based on the closing VWAP and today’s session opening price Sectors DOD & YTD changes are value weighted Index, Jazira Focus and Sectors PER & DY are based on their respective market capitalizations, total earnings and dividends* EGX constituent NI: Not Included Weight in EGX & Jazira Securities focus companies are based on free float market capitalization

2015 (a) n/a 15.9 15.9 8.8 9.7 12.4 7.1 63.3 8.4 286.8 8.6 17.8 12.4 9.8 10.8 39.0 10.1 17.2 31.8 5.8 23.2 13.0 27.4 n/a 207.1 217.6 n/a 18.9 22.8 10.9

PER (x) 2016 (e) n/a 15.1 15.1 8.0 8.6 15.5 7.1 37.2 5.9 234.0 7.4 23.2 8.1 8.1 6.4 6.9 22.1 6.0 n/a 6.4 15.1 13.7 21.4 4.5 197.3 n/a 0.0 17.1 19.9 9.1

DY (% ) 2017 (e) 2015 (a) 2016 (e) 2017 (e) n/a 14.4 14.4 7.8 5.3 6.4 7.1 8.2 8.1 9.6 11.6 15.2 5.8 2.4 2.8 7.1 2.1 3.1 2.3 35.4 5.4 11.2 15.8 17.3 203.5 7.0 5.1 6.2 6.8 13.2 6.4 7.0 7.4 10.8 7.4 7.2 8.0 9.1 5.1 7.3 10.7 16.6 6.0 7.2 9.2 10.8 21.0 8.7 5.4 4.8 5.7 5.0 1.9 5.6 6.0 5.6 22.3 6.1 8.8 8.8 7.7 14.6 5.6 4.9 4.7 12.5 6.7 6.4 5.6 23.7 5.2 3.9 4.5 4.3 187.9 3.9 1.8 2.3 n/a 0.0 15.7 3.8 4.6 5.0 18.0 3.4 4.1 4.5 8.3 8.0 10.4 11.4

Daily Price Sheet continued next page... 3

THE CLOSING BELL BULLETIN

JAZIRA SECURITIES BROKERAGE

Wednesday, March 01, 2017

Daily Price Sheet (continued)

Sectors / Companies Prices are in EGP unless stated otherwise

Real Estate & Related T M G Holding* Nasr City Housing Heliopolis Housing* Palm Hills Development Company* Amer Group* SODIC* Egyptian Resorts Company* United Housing & Development Cairo Housing Remco for Touristic Villages Construction Emaar Misr * Porto Group Holding* Telecom, Media & IT Telecom Egypt* Global Telecom Holding* Orange Egypt Orascom Technology, Media and Telecom* Egyptian Media Production City Raya Holding Textile & Related Oriental Weavers* Arab Cotton Ginning*

Reuters Last Code Price

Close Price

TMGH MNHD HELI PHDC AMER OCDI EGTS UNIT ELKA RTVC EMFD PORT

7.7 20.3 25.9 3.1 0.29 12.4 1.07 7.5 14.4 2.0 2.7 0.3

7.8 20.2 25.8 3.1 0.29 12.4 1.08 7.6 14.0 2.0 2.7 0.3

ETEL GTHE EMOB OTMT MPRC RAYA

11.1 6.5 82.5 0.68 2.8 7.0

11.0 1.23 82.5 0.67 2.8 7.0

ORWE ACGC

16.6 4.3

16.9 4.3

DoD % Change ▲0.3 ▼3.0 ▲2.2 ▲1.1 ▲0.7 ▲2.5 ▼0.9 ▼1.6 ▲2.2 ▲0.5 ▲1.5 ▲2.4 ▼0.4 ▲4.5 ▼0.1 ▲3.0 ▲3.3 ▲6.5 ▼29.9 ▼2.2 ▼3.0

YTD % Change ▼6.6 ▼15.7 ▼1.9 ▲4.6 ▼1.6 ▼6.5 ▼17.9 ▼0.9 ▼6.9 ▲21.9 ▲10.3 ▼8.6 ▼13.8 ▼10.4 ▼5.5 ▼10.2 ▼19.0 ▼19.0 ▼16.2 ▲31.5 ▼26.3 ▲7.2 ▼10.9

Volume k 31,138 8,672 753 440 6,283 3,763 2,434 5,025 26 3 280 3,458 7,514 53,281 2,443 20,933 1 29,484 287 132 7,647 146 7,099

Value EGP mn 160 67.2 15.2 11.4 19.2 1.1 30.1 5.4 0.2 0.0 0.6 9.2 1.9 181 27.0 132.8 0.1 19.8 0.8 0.9 34 2.5 30.7

Yr. High

Yr. Low

10.0 22.7 31.3 3.6 0.5 16.7 1.3 9.4 14.5 3.1 3.3 0.4

4.4 11.2 9.3 1.7 0.2 6.6 0.6 5.8 9.4 1.2 1.9 0.2

14.2 7.9 143.0 1.0 3.8 7.4

5.5 1.5 81.8 0.5 2.1 3.4

20.0 5.6

4.9 2.3

Market Cap % Free Weight (EGP mn) Float in EGX 65,873 43 19.4% 15,889 50 5.6% 10,140 59 4.2% 11,544 28 2.2% 7,042 55 2.8% 1,322 44 0.4% 4,192 74 2.2% 1,124 77 0.6% 817 67 1,296 66 503 27 12,003 11 0.9% 1,140 53 0.4% 65,891 22 9.7% 18,948 20 2.6% 33,887 25 6.0% 8,250 4 3,567 41 1.0% 531 39 707 55 7,263 62 2.6% 4,590 57 1.9% 1,128 96 0.8%

Weight in Focus 16.7% 4.7% 3.5% 1.9% 2.3% 0.3% 1.8% 0.5% 0.3% 0.5% 0.1% 0.8% 0.4% 8.6% 2.2% 5.0% 0.2% 0.9% 0.1% 0.2% 2.6% 1.6% 0.6%

2015 (a) 29.7 23.4 58.0 73.2 18.9 7.6 29.4 n/a 28.5 16.3 7.0 31.7 30.8 n/a 7.4 n/a n/a n/a 70.4 7.5 22.3 22.5 34.0

PER (x) 2016 (e) 17.0 21.8 49.9 79.2 6.6 8.6 13.5 3.5 27.0 16.1 9.0 15.5 13.1 9.6 6.4 n/a 158.8 1.0 67.0 6.2 23.2 22.3 32.4

DY (% ) 2017 (e) 2015 (a) 2016 (e) 2017 (e) 18.8 1.3 1.2 1.4 18.9 1.9 1.9 1.9 38.4 40.5 1.3 2.6 2.9 16.5 4.9 0.7 1.0 6.0 3.7 9.2 15.0 13.0 17.7 16.4 21.5 11.3 12.9 11.9 2.2 8.9 0.6 1.7 2.2 5.8 1.8 5.4 7.2 128.7 132.3 1.0 63.8 5.7 9.5 18.1 16.2 6.3 3.1 3.1 9.9 7.0 3.0 3.0 9.6 30.9 -

Jazira Securities focus companies include EGX30 in addition to other companies included in the Daily price sheet which Jazira Securities Research believe are worth following on a daily basis DoD change in the daily price sheet are based on last price and historical close while performers percent change in page one are based on the closing VWAP and today’s session opening price Sectors DOD & YTD changes are value weighted Index, Jazira Focus and Sectors PER & DY are based on their respective market capitalizations, total earnings and dividends* EGX constituent NI: Not Included Weight in EGX & Jazira Securities focus companies are based on free float market capitalization

4

THE CLOSING BELL BULLETIN

JAZIRA SECURITIES BROKERAGE

Wednesday, March 01, 2017

Jazira Securities Brokerage 15 Shooting Club Street, Dokki, Giza, Egypt Tel: (+202) 3760 9915 - 37609941 Fax: (+202) 3760 9883 www.jaziracapital.com

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Title

Land Line

Email

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Managing Director

(+202) 3760 9915

[email protected]

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Head of Sales & Trading

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Nada Safeer

Research Department

(+202) 37609883

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Mohamed Mamdooh, CETA, CFTe

Senior Technical Analyst

(+202) 3760 98 73

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+20122 921 4069

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Disclaimer • Jazira Securities Brokerage (JSB) is a licensed Egyptian Stock Market Broker, regulated by the General Authority for Financial Supervision. • Opinions, estimates and projections contained in the research reports or documents are of the author as of the date published and are subject to change without notice • JSB research reports or documents are not, and are not to be construed as, an offer to sell or solicitation of an offer to buy any securities. • Unless otherwise noted, all JSB research reports and documents provide information of a general nature and do not address the circumstances of any particular investor. • Neither JSB nor its mother company (Jazira Capital), or any of its affiliates accept liability whatsoever for any investment loss arising from any use of the research reports or their contents. • The information and opinions contained in JSB research reports or documents have been compiled or arrived at from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness.

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