Investment Themes A robust business model, which serves almost all the clients’ needs

1. Egyptian Transport & Commercial Services – Egytrans ETRS.CA/ETRS EY | Hold Recommendation | High Risk | LTFV EGP11.2 | Target Price EGP12,4 | Analyst: Sherif Helmy Investment Themes • A robust business model, which serves almost all the clients’ needs • A big free float of 59.2% • Entering a high-margin LoB in Land and River Transport industries • Failure to secure the required debt for financing the EGP530mn capex plan could jeopardise planned operations. • Delay in River Transport industry’s infrastructure development will strongly curb the company’s potential growth. Upside Catalysts • Faster-than-expected recovery from the current political and economic unrest. • Improved separate YoY earnings by 41%. • Entry into untapped River Transport industry remains on schedule. • Benefits of river transport (time & cost savings, safety & lower CO2 emissions). • Well -integrated supply chain. Downside Risks • Continued political & economic instability. • Obstacle or default in sourcing the required debt to finance the EGP530mn capex plan may negatively impact Egytrans’ future business plans, considered a key driver to forecasted growth. • Current delay in developing River Transport industry’s infrastructure could curb potential growth. • Shareholder Structure • Leheta Family 16.8% • National Investment Bank 24.0% • Free Float 59.2% • 52-Week Performance & Share Data(*EGX suspended between 27th Jan – 23rd Mar 2011) Key Performance Indicators Company Profile The Egyptian Transport and Commercial Services Company (Egytrans) [ETRS] was established in December 1973 under Egypt’s open door policy. However, its transport activities and experience date back to 1939 and Gamal El-Din Leheta & Co. Following its nationalization in 1976, Egytrans became one of Egypt’s largest companies, offering shipping, tourism and other transport services.