Interest Rates Exchange Rate Gold Brent Crude Oil. Lending Deposit USD/EGP USD/ounce USD/barrel 17.75% 16.75% ,

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1 Interest Rates Exchange Rate Gold Brent Crude Oil Lending Deposit USD/EGP USD/ounce USD/barrel 17.75% 16.75% , % -0.58% Source: CBE & Bloomberg MACROECONOMICS Suez Canal Revenues in 2018 Expected to Reach USD6bn (Positive) Fitch Solutions: Egypt's Fiscal Deficit is Expected to Fall to 6.4% in FY2018/2019 (Positive / Negative) SECTORS «European Reconstruction» is Studying with the Government Financing the Establishment of Electric Power Stations for Cars (Positive) COMPANIES Heliopolis Sends Development 50% of the Land Portfolio to the Minister of Enterprise (Positive) Banque Misr Executes Acquisition Deal for 6% of Iron and Steel Next Month (Neutral) Orascom Develops Real Estate Project with Urban Communities with Expected Sales of EGP77bn (Positive) Suez Cement Announces the Sale of a Land Plot Owned by a Subsidiary with an Amount of EGP1.06bn (Neutral) Gas Egypt announces 2019 Budget with a 22% Increase in Revenues (Positive)

2 Suez Canal Revenues in 2018 Expected to Reach USD6bn (Positive) Suez Canal Authority Chairman said that the expected revenues of navigation in Suez Canal for 2018 will reach USD6bn, compared withusd5.3bn in 2017, an of 13.7%. The expected revenues in Egyptian pounds will reach EGP106.4bn during 2018, against EGP93.8bn last year. (Al Borsa Newspaper) Fitch Solutions: Egypt's Fiscal Deficit is Expected to Fall to 6.4% in FY2018/2019 (Positive / Negative) Fitch Solutions for global credit ratings Egypt's fiscal deficit will fall from 9.4% of GDP in FY2017/2018 to 7.8% in FY2018/2019 and to 6.4% of GDP in 2019/2020. Fitch Solutions added that the debt maturity in Egypt is relatively short, increasing the risk of extending the deadlines, as about 50% of Egypt's debt is repayable by the end of (Al Borsa Newspaper)

3 «European Reconstruction» is Studying with the Government Financing the Establishment of Electric Power Stations for Cars (Positive) The European Bank for Reconstruction and Development is studying with the Ministry of Electricity and Renewable Energy to finance the construction of charge stations for electric cars in Egypt during the coming period. Janet Heikman, executive director of the European Bank for Reconstruction and Development of the Southern and Eastern Mediterranean Region, said that the bank discussed with the Ministry of Electricity last week financing the construction of electric power stations in Egypt in the coming period, as well as financing a number of new energy projects of the wind. She added that the European Bank for Reconstruction and Development is currently working with the Ministry of Transport to discuss the financing of a number of projects, including subway and rail projects in Alexandria, a number of dry ports in partnership with the private sector (PPP) and the health sector in Egypt, He has experience in the health sector financing system partnership in the private sector, and the bank financed about 7 hospitals in Turkey, noting that the health sector in Egypt is a good future for projects in partnership with the private sector. (Al Borsa Newspaper) Heliopolis Sends Development 50% of the Land Portfolio to the Minister of Enterprise (Positive) Heliopolis Housing and Development (HELI.CA) has announced the launch of new spaces in the new Heliopolis and Helio Park projects during 1Q2019. Sources said that the company offered to the minister of public Enterprise sector Hisham Tawfiq, plan to develop 50% of the unused land portfolio last month and is being reviewed by a committee of the ministry, to be discussed with the company at a date to be determined by the minister. The sources added that Heliopolis will launch a new phase of the Heliopolis project in new Cairo with an area of 484 acres in 1Q2019, in addition to the introduction of the penultimate phase of the new Heliopolis project. (Al Borsa Newspaper)

4 Month (Neutral) Banque Misr Executes Acquisition Deal for 6% of Iron and Steel Next Banque Misr will execute a EGP375mn equity acquisition in Egyptian Iron and Steel (IRON.CA) as part of a USD59.5mn debt settlement agreement. Government sources said the settlement agreement enabled Banque Misr to acquire a 6% stake in Iron and Steel. (Al Borsa Newspaper) Orascom Develops Real Estate Project with Urban Communities with Expected Sales of EGP77bn (Positive) Orascom Development Egypt (ORHD.CA) has signed a final partnership agreement with the New Urban Communities Authority to develop an integrated residential project with an area of 4.2mn sqm in 6th of October City. The company added that the share of the new urban communities is about 26% of the total cash collections of real estate sales over the first 8 years of the project. The new Urban Communities Authority will receive total payments of EGP11.4bn over the course of 8 years, in addition to a basic stake in the construction area of 130k sqm received in the eighth year. (Al Borsa Newspaper) Suez Cement Announces the Sale of a Land Plot Owned by a Subsidiary with an Amount of EGP1.06bn (Neutral) Suez Cement Company (SUCA.CA) announced the sale of the land owned by Tourah Portland Cement (TORA.CA) (66.12% owned by Suez Cement) located in Nile Corniche. The highest price reached during the auction was EGP2,7k/sqm for a total area of 392,800sqm, Bringing the total land value to EGP1.06bn. (Company Disclosures)

5 Gas Egypt announces 2019 Budget with a 22% Increase in Revenues (Positive) Egypt Gas (EGAS.CA) announced the budget for 2019 with a total revenue of EGP3.2bn, an increase of 22% compared toegp2.6bn in (Company Disclosures) This report is based on publicly available information. It is not intended as an offer to buy or sell, nor is it a solicitation of an offer to buy or sell the securities mentioned. The information and opinions in this report were prepared by the AOLB Research Department from sources it believed to be reliable at the time of publication. AOLB accepts no liability or legal responsibility for losses or damages incurred from the use of this publication or its contents. AOLB has the right to change opinions expressed in this report without prior notice.

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