Investment case• Market leader for plain packaged milk with a market share of 69%.• Government efforts to educate people about risks associated with loose milk

consumption influencing switches to packaged milk. • Low per-capita juice consumption offering an opportunity to benefit from

underdeveloped market.• Use of IPO proceeds of EGP999mn to fund expansion projects: - Vertical integration to secure raw materials. - R&D to develop innovative products. - Expansion in food and beverage segments. - Enhancement of exports (representing10.4% of total sales on average).

Upside Catalysts• Growing population with 32% below the age of 15, 50% between 15 and 45. • Shift from loose to packaged milk consumption through awareness campaigns.• Full recovery of yogurt segment operations from fire by 2Q11.• Backward vertical integration for securing raw milk needs, planting fruit farms.

Downside Risks• Intense competition from international and regional players in the local market.• Any increase in raw materials prices pushing margins downward.• Disruption of majority of exports, which are directed to Libya.

Juhayna Food Industries – JUFO

Company ProfileJuhayna Food Industries is a leading producer and distributor of milk, juice and yogurt products. Since it commenced operations in 1987, Juhayna established itself as a household name throughout Egypt. The Group’s products are sold to both consumer and business customers. Juhayna manufactures and sells concentrate products to both local and export business customers.

Shareholder Structure• Pharon Investment Limited 50.8%• Treasury 2.8%• Others 0.6%• Free Float 45.8%

52-Week Performance & Share Data (*EGX suspended 27th Jan – 23rd Mar 2011)

JUFO.CA/JUFO EY | Not covered by CI Capital

Key Performance IndicatorsSector: Food & BeverageEGP mn/ FY End:J une 2008a 2009a 2010a

Revenue 1,154.5 775.7 1034.80Growth Rate (%) n/a -32.8 33.4EBITDA 194.4 2.8 63.30Growth Rate (%) n/a -98.6 n/mEBITDA margin (%) 16.8 0.4 6.1Net Income 383.5 28.90 204.40Growth Rate (%) n/a (92.5) 607.3 Net margin (%) 33.2% 3.7% 19.8%

P ER 2.2x 28.9x 4.1xP /BV 0.4x 0.4x 0.4xEV/EBITDA 2.5x 244.1x 11.7xNet debt/EBITDA -1.8x -52.7x -1.5xDividend Yield 8.0% n/a 31.0%

Source: CICR Database

Sector: Food & BeveragesISIN: EGS30901C010Last P rice (EGP ) 5.5452 Week High 6.5052 Week Low 3.93100-day Av. Volume 1,598 (000' shares per day)

No. of Shares (mn) 726.4 Market Cap (EGP mn) 4,024 *P rices as at close on 30th May 2011

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Shrs (mn)EGP Volume JUFO EGX 30 rebased