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Investment case

Banking – Commercial International Bank (CIB). COMI.CA/COMI EY | N/R*| Analyst: Alia Abdoun *Not Rated as it owns c.100% of CICH. Investment case

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Investment case

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  1. Banking – Commercial International Bank (CIB) COMI.CA/COMI EY | N/R*| Analyst: Alia Abdoun *Not Rated as it owns c.100% of CICH Investment case • Egypt’s largest private bank, and one of its most profitable (RoAE averaged c.29% last 3 years). • One of the most cost efficient amongst covered peers, with strong revenue generation ability. • One of the most liquid versus peers in terms of loans/deposits ratio. • Leading corporate lender, while retail portfolio started to take-off (c.10% of total loans). Benefits from ACTIS’s expertise in retail and SME lending. • Strong risk management and low NPLs ratio of (2.9%) and over 125% provisions coverage ratio. • Solid CAR (15.7%) well above CBE requirement (10%). • Led by strong management. • Fully integrated banking model, with exposure to capital market through its almost fully owned subsidiary CI Capital Holding (CICH). • Business exposure mainly in Egypt. Upside Catalysts • Faster-than-expected recovery from the current political and economic unrest reflecting on operations. • Any unexpected one-off gain or better than expected operating performance. Downside Risks • Larger or longer than expected economic slowdown due to political unrest, and lower balance sheet growth, both loans and deposits. • Worse than expected banking revenues. • Lower asset quality and higher provision charge or one-off expenses. • Shareholder Structure • ACTIS 9.3% • Free Float (of which around 9.25% in GDRs) 90.7% • 52-Week Performance & (*EGX suspended between 27th Jan – 23rd Mar 2011) Key Performance Indicators Company Profile Founded by National Bank of Egypt (NBE) and Chase Manhattan Bank (CMB) in 1975. COMI has since become Egypt’s leading private-sector bank. After its successful IPO in September 1993, the bank has been one of the Egyptian stock market’s blue chips. CIB offers a full-fledged business exposure varying among corporate and retail banking, investment banking, securities brokerage, mutual funds, asset management, research and insurance. CIB presence amounted to over 150 branches and 502 ATMs.

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