Investment case Market leader for plain packaged milk with a market share of 69%.

1. Juhayna Food Industries – JUFO JUFO.CA/JUFO EY | Not covered by CI Capital Investment case • Market leader for plain packaged milk with a market share of 69%. • Government efforts to educate people about risks associated with loose milk consumption influencing switches to packaged milk. • Low per-capita juice consumption offering an opportunity to benefit from underdeveloped market. • Use of IPO proceeds of EGP999mn to fund expansion projects: • - Vertical integration to secure raw materials. • - R&D to develop innovative products. • - Expansion in food and beverage segments. • - Enhancement of exports (representing10.4% of total sales on average). Upside Catalysts • Growing population with 32% below the age of 15, 50% between 15 and 45. • Shift from loose to packaged milk consumption through awareness campaigns. • Full recovery of yogurt segment operations from fire by 2Q11. • Backward vertical integration for securing raw milk needs, planting fruit farms. Downside Risks • Intense competition from international and regional players in the local market. • Any increase in raw materials prices pushing margins downward. • Disruption of majority of exports, which are directed to Libya. • Shareholder Structure • Pharon Investment Limited 50.8% • Treasury 2.8% • Others 0.6% • Free Float 45.8% • 52-Week Performance & Share Data (*EGX suspended 27th Jan – 23rd Mar 2011) Key Performance Indicators Company Profile Juhayna Food Industries is a leading producer and distributor of milk, juice and yogurt products. Since it commenced operations in 1987, Juhayna established itself as a household name throughout Egypt. The Group’s products are sold to both consumer and business customers. Juhayna manufactures and sells concentrate products to both local and export business customers.