In today's Pre-Session Views:

• Strategy| Jirian impact on PHDC is contingent on deal metrics
• ETEL| Vodafone Egypt - MNOs cashflows giant remains a key value driver for ETEL
• CSAG management call| AD ports agreement and recovery in Suez Canal traffic shall pave the way for a better performance

Weekly Commodities Update

| | Last Price | WoW Change, %
| Brent, USD/bbl | 63.9 | -1.4%
| Diesel-HSFO Spread, USD/ton | 189.2 | -6.1%
| Egypt Urea, USD/ton | 401.0 | 0.0%
| Polyethylene, USD/ton | 920.0 | 0.0%
| Polypropylene, USD/ton | 965.0 | 0.0%
| Iron Ore 65%, USD/ton | 115.4 | -0.6%
| Steel/Iron Ore Spreads, USD/ton | 374.4 | -1.0%
| LME Aluminum Cash Price, USD/ton | 2,438.3 | -0.8%
| LME Copper Cash Price, USD/ton | 9,548.1 | -1.0%
| Egyptian Retail Cement, EGP/ton | 3,784.0 | 1.1%
| Steam Coal FOB Newcastle Australia, USD/ton | 100.8 | 0.4%
| SMP, USD/MT | 2,817.0 | 0.0%

- Market Overview

- GBCO

- TMGH

- CCAP

- CIEB

prepared by: Mayada Amin- CETA, CFTe

Strategy| Maintain UW commodity plays ex EGAL on gas shortage, gas price, OPEC and a strong EGP

MTIE| How much is MTIE’s Basata ePayments at 20% discount to FWRY?

MCQE| Factors to consider ahead of 1Q25 results

POUL| Brazil’s bird flu outbreak drives short term uncertainty in Egypt’s poultry prices

CICH| Hidden value in CICH obscured by illiquidity drag

- Market Overview

- COMI

- CIEB

- TMGH

- EGAL

- HRHO

- HELI

- Prepared by: Mayada Amin- CETA, CFTe

In today's Pre-Session Views:

• Strategy| HRHO at EGP31/share is closer to a SELL
• ATLC| ATLC is a rare cash cow within the universe of bank and NBFIs but its valuation largely reflects its story.
• ISPH| Management call reinforces our positive view
• JUFO| Expanding concentrates capacity remains value accretive but materially lower juice prices makes us less excited on the stock at the current price level

- Market Overview

- COMI

- HRHO

- ORHD

- TMGH

-.prepared by: Mayada Amin- CETA, CFTe

In today's Pre-Session Views:

• Strategy| Property stocks to outpace banks during 2H25
• HRHO| Key Takeaways from EFG Hermes Group Presentation on ValU
• ETEL| Positioned to benefit from interest rate cuts
• ORAS| A solid start to the year, 1Q perfectly in line with estimates

- Market Overview

- COMI

- TMGH

- ORHD

- ISPH

- JUFO

- prepared by: Mayada Amin- CETA, CFTe