Investment case Egypt’s leading fully-integrated poultry feed producer.

1. Cairo Poultry Company POUL.CA/POUL EY | Not covered by CI Capital Investment case • Egypt’s leading fully-integrated poultry feed producer. • Holds dominant market share in fragmented market. • Beneficiary of strong market synergies as subsidiary of Kuwait Food Company (Americana) and preferred supplier to Americana’s local and regional restaurant chains. • Well positioned in defensive and under-supplied sector. • Forecasted 3- yr Net Income CAGR of 15% with an average dividend yield of 10%, one of the highest within our Egypt coverage. Upside Catalysts • Higher-than- expected growth of poultry consumption in Egypt’s under-developed market. • Faster-than-expected consumer conversion to chilled/frozen products from live poultry. • Strong forecasted dividend yields going forward– c.10%— should help maintain investor interest. Downside Risks • Larger-than-expected market share loss to lower priced poultry imports (priced c.20% below average local prices) should the government continue to encourage poultry imports to fulfil market shortages • Delays in the governmental enforcement of the live-bird trading ban and conversion to packaged poultry. • Shareholder Structure • Kuwait Food Company (Americana) 51.97% • Free Float 48.03% • 52-Week Performance & Share Data(*EGX suspended 27th Jan – 23rd Mar 2011) Key Performance Indicators Company Profile Cairo Poultry, a subsidiary of Kuwait Food Company, is an Egypt-based company that operates in the farming and food processing sectors. The Company's operations are divided into four main divisions, namely i) Poultry Processing (slaughter and frozen food product production); ii) Broilers (hatchery production of one-day old broilers), iii) Chicken Feed Production and Trading and iv) Starch and Glucose Manufacture. The Company operates through subsidiaries and affiliated companies.