City Bank Capital - IPO Notes Bashundhara Paper Mills Limited (DSE: BPML) 1 st July Bashundhara Paper Mills Limited (BPML)

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1 City Bank Capital - IPO Notes [Cut-off Price IPO Book Building: BDT 80.0 and Offer Price IPO Subscription: BDT 72.0 per share; with BDT 70.0 and BDT 62.0 premium, respectively] Key Data Summary Authorized Number of Shares, mn Authorized Capital, BDT mn Pre IPO Number of Shares, mn Pre IPO Paid Up Capital, BDT mn Post IPO Number of Shares, mn Post-IPO Paid Up Capital, BDT mn Face Value (BDT) 10.0 New shares Issued through IPO, mn IPO Size including Premium, BDT mn Cut-off Price IPO Book Building, BDT (incl BDT 70.0 premium) 80.0 Offer Price IPO Subscription, BDT (incl BDT 62.0 premium) 72.0 Directors Holding (post IPO basis), % 70.9% Pre IPO General Holding (post IPO basis), % 14.2% Free Float (post IPO basis, IPO portion), % 15.0% Financial Year End June 12MF PAT, BDT mn* MF EPS, BDT (pre IPO)* MF EPS, BDT (post IPO)* 2.47 *PAT/EPS data is derived based on 9M PAT data made available by the DSE (based on July-June year-end financial year) Out of million IPO shares mn shares are saleable on debut trade day (which is 70.0% of million IPO shares and 10.49% of million total post-ipo shares). So the lock-in provision will be free for Eligible investors in 6 months on 28 Sept 2018 for 3.91 mn shares and in 9 months on 27 Dec 2018 for 3.91 mn shares (from the issue date of prospectus) mn lock-in share will be free in 1 year on 19 th February 2019 for pre IPO general investors; and the rest mn lock in share of Sponsors will be free after 3 years on 19 th February 2021 (approx.). *Issue date of the final prospectus was on 01 April 2018 Issue Manager: AAA Finance & Investment Limited Auditor: Ahmed Zaker & Co. Financing of IPO Fund Price Multiple based on theoretical price (post IPO basis) Theoretical Market Price and 12MF EPS of BDT 2.47 Market Price PE (post IPO) Number of % of Number Shares (MN) of Shares Price IPO Fund (BDT MN) % of IPO Fund Eligible Investors % % General Public % Total % % Use of IPO Proceeds Particulars BDT mn % of Proceed Date of Completion Machineries 1, % Within 2 years of receiving IPO Proceeds Loan Repayment Within 30 days of receiving 30.0% Proceeds IPO Expanses % On Turnkey Basis Total 2, % (BPML) This IPO short note is initiated on (DSE Ticker: BPML) with no assigned rating. The company will be listed with the bourses on Monday, 2 nd July 2018 under N category. Bashundhara Paper Mills raised BDT million through IPO under Book Building method. The fund will be utilized for importing and setting up machinery for expansion of BDT million (67.5%), loan repayment of million (30.0%) and IPO expenses of BDT 50.0 million (2.5%). The capital of BPML is mostly financed through interest bearing debt. As of September 2017, the interest bearing debt stood at BDT 13.8 billion, having an interest rate for bank loan of around 10-12%. Debt to equity, debt to capital and debt to assets were 275.6%, 73.4% and 62.8%, respectively as on end-september On Post-IPO basis, the company is going to be listed with ROE (12MF) of 6.8% (including IPO fund). BPML will be trading at 29.2x forward PE, 2.0X PBV (at offer price of BDT 72.0). The company disclosed its nine month end numbers for the period from July 17 to March 18. For the nine-month of FY , the PAT was BDT So the pre-ipo and post-ipo basis 9M EPS was BDT 2.18 and BDT 1.85, respectively. Since January 2017 till June 2018, 10 companies were listed. The PE multiple of these 10-companies on debut-trade was 44.0x (meanwhile these companies are now trading at 19.8x trailing PE multiple). Most of these stocks faced price correction and registered 22.1% cumulative fall since their respective listing dates. In YTD 2018, 3-companies were listed. During 1st and 2nd trade sessions, about 75.0% of the free float shares changed hands. Comparison between listed peer company Particulars BPML HAKKANIPUL KPPL No. of Shares on issue Million Sponsor & Directors % 70.86% 55.52% 39.76% Free Float Shares % 29.14% 44.48% 60.24% Paid up Capital BDT Million 1, Market Capitalization BDT Million 12, , Net Profit After Tax (12MF) BDT Million (21.66) (17.53) Total Equity (including net IPO fund) BDT Million 6, , Total Assets (including net IPO fund) BDT Million 23, , , Trailing Revenue BDT Million 10, NA Diluted EPS (12MF) BDT ps 2.47 (1.14) (0.24) Diluted NAVPS (trailing) BDT ps Price Per Share BDT ps Net Profit Margin % 3.82% NA NA ROE (trailing), Post IPO % 6.8% -9.56% -1.42% P/E (trailing) X P/BV X Dividend Yield % 0.0% 0.0% 0.0% *T12M data except for BPML * Disclosures: A section at the end of the report is furnished for important required disclosures, including potential conflict of interests.

2 Revenue composition in FY (Unit wise) Company Overview Unit 3 50% Unit 1 37% (BPML) is one of the major concern of Bashundhara Group and the pioneer of paper producers which incorporated in Later on BPML converted into public limited company in 1994 and started its commercial operation on March The principal activity of the company is to manufacture different types of high quality and international standard paper, tissue and hygiene products. Unit 2 13% Earlier in 2010, two companies having same type of business namely Bashundhara Newsprint & Duplex Board Industries Limited and Bashundhara Tissue Industries Limited merged with BPML to form a single entity under Bashundhara Group. Post amalgamation, BPML is now operating three separate units as Unit-1, Unit-2, and Unit-3. Doesn t have any subsidiary, associate or holding company. The factory of BPML located at Meghnaghat, Naraynganj. Revenue contribution from Unit-1 in FY Paper Sack Product, 6.2% Export Sales, 5.5% Unit-1 BPML Unit-1, was commissioned in 1993 with an integrated paper plant with 36,000 MTA installed capacity and commenced commercial production in February 1997 to address the rapidly growing local demands of Paper and Paper products. Over the years, the production capacity has been enhanced with the addition of 3 more paper machines and 10 converting units. P.P. Woven Bag Product, 23.6% Paper Product, 64.6% This unit manufactures a diversified product range from 20 GSM to 110 GSM of different grades of White Writing & Printing Papers, Carbonless Paper, Coloured/ Offset Printing & Wrapping Papers, Colour Ledger Paper, Sticker Papers, Cigarette Papers, OGR Paper, Exercise Books, A4 Paper, Paper Sac etc. This very company was the pioneer to introduce local-made Offset Paper in the market and retains the leadership position in Bangladeshi Paper Industry. Furthermore, in a bid to retain the leadership, a turn-key agreement has been signed with Andritz AG, Austria in order to set-up the most sophisticated Tissue Paper production line, capacity of having 120 MT per day. It will come into operation by the end of BPML Unit-2 only sales Paper products locally and has revenue of BDT 1.3 billion (12.7% of Total BPML Revenue) for the year FY Unit-2 BPML Unit-2, formerly known as the Bashundhara Newsprint & Duplex Board Industries Limited, was set up in 1994 as the 3rd Paper Manufacturing Enterprise of the Group. BPML Unit-2 only sales paper products locally and has revenue of BDT 1.3 billion (12.7% of Total BPML Revenue) for the year FY The plant is comprised of three production lines for manufacturing Newsprint Rolls, White Writing and Printing Paper, Duplex Board, Liner Paper, Kraft Paper, Art Card, Art Paper and allied products. Also, precision runs through conservation of materials in this Plant that has led to a 125 MT per day Sludge- Board producing unit. Revenue contribution from Unit-3 in FY Unit-3 Hygiene Product, 5.6% Export Sales, 2.1% Paper Product, 24.9% Bashundhara Paper Mills Ltd. (Unit-3) was set up at Anarpura, Gazaria, Munshiganj in This first basic tissue paper manufacturing facility in Bangladesh later emerged as the pioneer in the trade at the backdrop of rising demands of tissue products thanks to changing lifestyle of urban to suburban consumers Bashundhara Tissue has become a trusted name with solid brand equity. Tissue Product, 67.4% Out of five production lines, dozens of tissue products are being successfully manufactured to cater the consumer demands, where diverse types of Tissues range from Facial Tissue to Pocket Tissue, from Napkin Tissue to Kitchen Towel Tissue, from Toilet Rolls to Clinical Bed Sheets, from Wet Tissue to MG Hard Tissue. Not only pure Tissue products, but also different hygiene to other paper items e.g. Monalisa Sanitary Napkin, Bashundhara Baby Diaper, Bashundhara Diapant, Hand Gloves, Cotton Bud, Drinking Straw, Tooth Pick, Paper Carton Container, MG Poster Paper, Ledger Print Paper, Colour Printing Paper (Pink, Yellow, Green, Blue), Liner Paper, Manifold Paper (White, Pink, Yellow, Green, Blue), Plug-wrap Paper are among the premier products of this Plant. 2

3 Revenue Composition of BPML of FY (Product wise) Hygiene Product, Paper Sack 2.8% Product, 2.3% Export Sales, 3.1% P.P. Woven Bag Product, 8.9% Tissue Product, 33.6% Shareholding Structures (post-ipo basis) Paper Product, 49.3% Key investment positives of BPML Growth prospect of the paper, tissue and hygiene industry in Bangladesh is immense. All the three industries are seeing double digit growth for the last few years indicating a good future for BPML BPML had a healthy cash flow statement with positive cash balance throughout the years. Cash receipts from customers matches the revenue earned for the year which reflects a good revenue collection. BPML has very diverse product base which contributes to the revenue of BPML. The major contributors to it s revenue stream are paper products (A4 and other paper products)(49.3%) and tissue products (33.6%) which together accounts for 80% of the revenue of BPML. Export revenue growth of BPML for the year end June 2017 was 128% reflecting the companies intention to increase its footprint in the international market. Export sales in the year FY was 3.1% of total sales. Key risk and challenges for BPML IPO Shareholders, 15.0% Pre-IPO General Shareholders, 14.2% Sponsor/Directors, 70.9% The debt to equity and debt to assets ratios of BPML stood at 276% (2.7x) and 65.5% (0.6x) respectively on 31 st June 2017 which generally means that the company has been aggressive in financing its growth with debt. The average interest rate for the bank loan was %. The amount of outstanding shortterm and long-term interest-bearing debt was BDT 13.8 billion as of 31 st September The post IPO debt repayment worth BDT mn from IPO fund will release some of company s burden. The average 3-year growth (CAGR) in revenue remained flat of only 0.7% from Year 2012 to BPML witnessed a negative revenue growth (-7.7%) for the year end June 2017 compared with June BPML also saw degrowth in Profit after tax (-10.4%) for the year end June 2017 compared with June Key Shareholders (Post IPO total No of Shares Million) Shareholders % Hold No of Shares Sponsor/Directors 70.9% 123,140,775 Pre-IPO General Shareholders 14.2% 24,609,000 IPO Shareholders 15.0% 26,041,666 Total Share (post IPO basis) 100.0% 173,791,441 Name of Directors % Hold No of Shares Mr. Ahmed Akbar Sobhan, Chairman 2.3% 4,000,000 Mrs. Afroza Begum, Sponsor Shareholder 3.4% 5,885,200 Mr. Safwan Sobhan, Managing Director 4.7% 8,203,000 Md. Nazmul Alam (Nominated by: East West Property Development), Director 58.1% 101,050,575 Md. Imrul Hassan, Director 2.3% 4,002,000 Directors & sponsors 70.9% 123,140,775 Mr. Sadat Sobhan, Director 3.4% 2,561,820 Mr. Shafiat Sobhan, Director 3.0% 2,265,000 Mr. Sayem Sobhan, Director 4.6% 3,445,694 Other Key Shareholders 14.2% 24,609,000 The major competitors of the company are Karnaphuli Paper Mills (utmost close competitor of BPML with 30,000 MT production capacity per year), Hakkani Pulp & Paper Mills Limited, Asia Paper & Board Mills Limited, Pioneer Paper & Board Mills Limited. The paid-up capital of the company increased by 7.8x to BDT 1,477.5 mn (pre-ipo basis) in last three years (BDT mn in 2013). In its history, BPML never paid either any cash or stock dividend. Despite having a good Gross profit margin (GPM 18.2%) for the year end June BPML could not control its expenses properly and had a poor Net Profit margin (NPM 3.8%) for the year end June Board and management The board of BMBL consists of 5 members. Mr. Ahmed Akbar Sobhan is the chairman of the company and also the founder of Bashundhara Group. He has a strong leadership presence in the commercial arena at home and abroad. He works diligently to put the economic status of Bangladesh to a higher extent on global map. Currently he leads a group of enterprises consisting of nearly three dozen medium to large ventures in steel & engineering, paper, tissue, cement, LP Gas, sanitary napkin, multi-paper, dredging, shipping, food and beverage industries. Throughout his business career Mr. Sobhan was awarded with many accolades both in nationally and internationally for his excellent business performance. Mr. Safwan Sobhan is the Managing Director of. Mr. Safwan graduated from American Intercontinental University, USA. He joined in the board in 2005 and contributing actively in every sector of the company and Bashundhara Group. Mr. Safwan is performing as the chairman of the board of trustee of Bashundhara Paper Mills. He is also the vice chairman of Bashandhara Group, the largest conglomerate business of the country. Mr. Safwan is a keen sportsman and one of the patrons of Army Golf club and also the member of Dhaka club. 3

4 Lock-in-provision Lock-in Provision (from issue date of prospectus)* Shareholder Type No. of Shares (in mn) % of total Shares Lock-in Period Lock Free Date Sponsor Portion % 3 Year 16-Mar-2021 General (pre-ipo) % 1 Year 27-Mar-2019 EII including MF % 25% for 6 months 27-Dec-2018 EII including MF % 25% for 3 months 28-Sept-2018 EII including MF % First Trading Day 02-Jul-2018 General (IPO subscription) % First Trading Day 02-Jul-2018 Total Shares (Post IPO) % *Issue Date of Vetted Prospectus: 01 April 2018 Expiry of lock-in provision will create room for share sale by both directors and general public (who is now under lock-in provision). So, all issued shares of the issuer at the time of according this consent shall be subject to a lock-in period of 3-years from the date of issuance of prospectus or commercial operation, whichever comes later. Provided that the persons (other than directors and those who hold 5% or more shares in the company), who have subscribed to the shares of the company within immediately preceding two years of according consent shall be subject to a lock-in period of 1-year from the date of issuance of prospectus or commercial operation, whichever comes later. Summary on Bashundhara Group Bashundhara Group has started operation in 1987 with a real estate venture under the aegis of the Group s flagship concern the East-West Property Development (Pvt.) Limited (EWPD). This project turned out to be a very successful one and had helped foster the growth of trust and confidence of the urban people in Bashundhara. Driven by the notifications of this success, Bashundhara geared up to invest in new arenas. Most of the enterprises were established in the 1990s, covering diverse activities involving the production of cement, paper and pulp, tissue paper, steel, LP Gas bottling and distribution. The Group s first publicly- traded company, the Meghna Cement Mills Limited, listed with the two Stock Exchanges of Bangladesh since At present, the group has more than 20 major concerns located in different areas of the country. The multi-faceted shopping mall-cum-recreation centre called Bashundhara City has added glamour to the growth of the group. Latest addition to the group is its media house titled East West Media Group Ltd which was established in It now owns Bangla dailies- The Kaler Kantho, The Bangladesh Pratidin, English daily The Daily Sun, online portal Banglanews24.com and a fortnightly Diplomatic journal. The media house is also launched an FM radio and a television channel naming News 24 as well. The Group has come a long way in reaching its goals by complimenting to client needs, learning real-time lessons from past projects, innovating and partnering its project implementation process. Through major investment undertakings in all key sectors, Bashundhara has meaningfully contributed to the country s economic stability in financial and capital markets. Underlying all of the Group s activities are the common threads of change, flexibility, and fostering closer ties with the Government, the City Corporation and Bashundhara clients. 4

5 , May 2018 Market share of Paper and Packaging Industry Azad, 0.5% Amber, 0.2% Others, 27.8% Partex Boards & Doors, 0.3% Market share of Diaper Industry Pampers, Neocare (local), 4.13% 4.96% Supermom (local), 6.61% Chu Chu (local), 33.06% Whisper, 11.00% Monalisa (Bashundhara Paper), 17.00% Revenue of P.P Woven Bag for FY MN Hakkani Pulp & Paper Industries, 25.5% Market share of Sanitary Napkin Industry Others, Freedom, 5.00% 11.00% MN Bashundhara Paper Mills Ltd., 42.6% Beebam, 1.65% Bashundahra, 16.53% Molfix, 16.53% MN Huggies, 16.53% Senora, 56.00% Industry Outlook in its three separate Units produces different types of paper, tissue, woven bag, paper sack and hygiene products. BPML operates mainly in three different industry: paper industry, tissue industry and hygiene industry. And with all its diverse products it is operating in and industry size of BDT 80 billion. Paper and Packaging Industry The paper industry has grown vastly through the years and is now a playing a vital role in our national economy. Local private mills account for a market share of around BDT 50 Billion per year with annual growth of Industry Size Industry Growth BDT 50 Billion 13% annually 13%. At present there are 100 paper mills in the country with total production capacity of 1.5 million MT a year on average. According to the Export Promotion Bureau (EPB) paper products exports totaled BDT million (USD 920,488) in the fiscal year Currently around MT of paper products are imported each month to meet the existing demand. Seasonality exists in this industry as demand peaks at the end of the year from December due to new fiscal year, book fair and school and college demand. Tissue Paper Industry Having a industry size of BDT 15 billion and annual growth of 25% is the impact of the change in lifestyle and increase in the per capita income. The tissue industry is booming and is dominated by local manufacturers. Industry Size Industry Growth BDT 15 Billion 25% annually Almost 50% of the factories are now producing its raw materials paper pulp locally. More than one million families use toilet paper rolls every week and fascial tissue box every month while 25,000 restaurants consume 10 million pieces of table napkin annually. 80% of the people now use tissue papers at least ones a month. As more urbanization is taking place in the country the demand for tissue papers will increase at a rapid pace. Diaper industry Industry Size BDT Billion Local manufacturers are slowly beginning to capture the market share of the diaper industry which was Industry Growth 25-35% annually ones fully dominated on imported diapers and now has a market size of BDT billion. As more women started participating in economic activities and increase in the purchasing power of people further increased the demand for diapers in the market, having an industry growth of 25-35% annually. Sanitary Napkin Industry Industry Size BDT 250 Million The country's local sanitary napkin industry has grown fast in the past 15 years, as consumers are increasingly getting locally made products at competitive prices. Industry insiders attributed the growth to consciousness of reproductive health and hygiene issue, and the increased number of workingwomen in the recent years. Industry experts estimate the existing market size of the product at around BDT 250 million, with around 20 local brands available in the market now. The local brands that currently hold more than 80% of the total market share include Senora, Monalisa, Savlon Freedom, Smile, Cottex, Rose, Nirapad, Modex and Softex, with Senora as the market leader and Monalisa already in the export basket. The major stakeholders in the industry are Square Group (launched Senora, the first-ever local sanitary napkin in the country in 1989), Bashundhara Group (In 2004 started exporting its Monalisa brand napkin to India, Nepal and Bhutan) and ACI Limited (launched Savlon Freedom brand in January 2008). P.P Woven Bag product Bashundhara Paper Mills Limited Khan Brothers PP Woven Bag Industries Deshbandhu Polymer Limited BPML is one of the key players in PP Woven Bag segment. The company generated BDT million revenue in FY and this is 8.86% of total revenue of BPML. Khan Brothers Woven Bag Industries and Deshbandhu Polymer Limited are major competitors of BPML in the P.P Woven Bag industry with BDT million and million in sales respectively for FY Source : IPO Prospectus, Annual Report, Newspapers and CBC Research, June

6 Income Statement BDT million FY' FY' Q1' Q1' Revenue 9, , , , , , , , ,127.0 Cost of Sales and Services 7, , , , , , , , ,581.7 Gross Profit (Loss) 1, , , , , , , Operating Expenses Operating Profit 1, , , , , , , Financial Expenses , , Contribution to WPPF Other Income (10.1) (7.1) (5.3) (9.4) (1.7) (1.4) (1.1) 0.0 (0.4) Net Profit before Tax Provision for Tax Net Profit after Tax Balance Sheet BDT million FY' FY' Q1' Q1' Property, Plant & Equipment 6, , , , , , ,531.7 NA 8,681.6 Capital work in Process ,252.1 NA 1,407.3 Investment NA Non-Current Assets 6, , , , , , ,230.8 NA 10,535.4 Inventory 2, , , , , , ,404.5 NA 6,315.3 Trade & Other receivables 1, , , , , , ,924.1 NA 2,737.4 Advances, deposits & pre-payments 1, NA Cash & cash equivalent NA Advance income tax NA Intercompany current account NA Current Assets 7, , , , , , ,447.1 NA 11,391.3 Total Assets 13, , , , , , ,677.9 NA 21,926.7 Long term bank loan 2, , , , , , ,951.2 NA 5,203.9 Deferred tax liability , , , , ,354.5 NA 1,336.0 Intercompany payable NA Total non-current liabilities 3, , , , , , ,734.8 NA 7,121.3 Short-term loan & Overdrafts 4, , , , , , ,177.4 NA 6,620.6 Trade payable ,127.1 NA 1,014.4 Secured Loan ( Current Portion) , , , , ,407.0 NA 1,363.3 Intercompany payable NA - Provision for expenses 1, NA Income tax provision NA Current Liabilities 7, , , , , , , ,809.9 Share Source Capital : IPO Prospectus, (Paid up) DSE and CBC Research, April , , ,477.5 NA 1,477.5 Retained Earnings ,269.8 NA 1,384.4 Revaluation Reserve 1, , , , ,141.3 NA 2,133.5 Share Money Deposit 1, NA - Shareholders' equity 2, , , , , , ,888.6 NA 4,995.4 Total Equity & Liabilities 13, , , , , , ,677.9 NA 21,

7 Other Key Indicators Debt Burden FY' FY' Q1' Q1' Interest bearing liabilities 7, , , , , , ,964.7 NA 13,769.2 Debt to Capital 73.9% 79.9% 82.1% 81.7% 73.4% 72.9% 72.6% NA 73.4% Debt to Equity 283.1% 375.5% 466.3% 465.0% 334.8% 268.4% 276.0% NA 275.6% Debt to Assets 55.6% 67.7% 74.4% 73.3% 66.3% 63.9% 65.5% NA 62.8% EBIT/Interest, X NOCFPS (pre-ipo basis) (5.50) EPS (restated - pre IPO basis), BDT EPS (restated - post IPO basis), BDT BV per share (pre IPO basis), BDT NA Margin Gross Profit Margin 17.3% 16.0% 16.3% 17.3% 17.3% 18.1% 18.2% 20.0% 17.4% Operating Profit Margin 12.6% 11.3% 12.1% 13.0% 13.2% 14.0% 14.2% 15.6% 13.2% Net Profit Margin 1.2% 0.6% 0.9% 2.1% 2.5% 4.0% 3.8% 3.4% 3.4% COGS as % of Revenue 82.7% 84.0% 83.7% 82.7% 82.7% 81.9% 81.8% 80.0% 82.6% Effective Tax Rate 56.8% 65.0% 59.4% 20.2% 27.5% 18.0% 35.0% 35.0% 35.0% Growth Revenue Growth NA 12.6% 2.6% -1.6% 1.0% NA -7.7% NA 27.7% Gross Profit Margin 17.3% 16.0% 16.3% 17.3% 17.3% 18.1% 18.2% 20.0% 17.4% Op. Profit Growth NA 1.8% 9.8% 5.2% 3.0% NA -6.0% NA 8.1% PAT Growth NA -38.0% 49.3% 124.7% 21.3% NA -10.4% NA 27.7% Receipt from customers 9, , , , , , , , ,494.7 Payment to suppliers 5, , , , , , , , ,281.2 Return and valuation ROE, % 3.9% 2.5% 3.9% 8.3% 7.6% 9.5% 8.2% NA 2.1% ROA, % 0.8% 0.5% 0.6% 1.3% 1.5% 2.3% 1.9% NA 0.5% PE, X (pre IPO basis) P/BV, X (pre IPO basis) NA 2.1 Dividend History Cash dividend (as % of paid-up cap) Nil Nil Nil Nil Nil Nil Nil Stock dividend (as % of paid-up cap) Nil Nil Nil Nil Nil Nil Nil 7

8 Analyst Certification All of the views expressed in this document accurately reflect the personal views of the responsible analyst(s) about any and all of the subject securities or issuers. No part of the compensation of the responsible analyst(s) named herein is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the responsible analyst(s) in this report. Disclaimer This Document/Report has been prepared and issued by City Bank Capital Resources Limited (CBC) on the basis of the public information available in the market, internally developed data and other sources believed to be reliable. Whilst all reasonable care has been taken to ensure that the facts and information stated in the Documents are accurate as on the date mentioned herein. Neither CBC nor any of its director, shareholder, member of the management or employee in the research team or employee represents or warrants expressly or impliedly that the information or data of the sources used in the document are genuine, accurate, complete, authentic, and correct. Moreover, none of the director, shareholder, member of the management or employee in the research team or employee represents in any way be responsible about the completeness, authenticity and correctness of the sources that are publicly available to prepare the Document. It does not solicit any action based on the materials contained herein and should not be construed as an offer or solicitation to BUY or SELL or SUBSCRIBE to any security. If any person takes any action relying on this Document, shall be responsible solely by himself/herself/themselves for the consequences thereof any claim or demand for such consequences shall be rejected outright by CBC or by any court of law. Analyst Mehedee Hasan Head of Research Moinul Amin Research Analyst Nahid Hasan Research Analyst Afeef Ahmed Research Associate Contact City Bank Capital Resources Limited (subsidiary of The City Bank Limited) City Centre, 13th Floor, Level-14, Unit ID: 13D, 90/1 Motijheel C/A, Dhaka-1000, Bangladesh Land Line: + (880) Fax: + (880) Web: 8