Investment case• Egypt’s leading fully-integrated poultry feed producer.• Holds dominant market share in fragmented market.• Beneficiary of strong market synergies as subsidiary of Kuwait Food Company

(Americana) and preferred supplier to Americana’s local and regional restaurant chains.• Well positioned in defensive and under-supplied sector.• Forecasted 3- yr Net Income CAGR of 15% with an average dividend yield of 10%, one

of the highest within our Egypt coverage.

Upside Catalysts• Higher-than- expected growth of poultry consumption in Egypt’s under-developed market.• Faster-than-expected consumer conversion to chilled/frozen products from live poultry.• Strong forecasted dividend yields going forward– c.10%— should help maintain investor

interest.

Downside Risks• Larger-than-expected market share loss to lower priced poultry imports (priced c.20%

below average local prices) should the government continue to encourage poultry imports to fulfil market shortages

• Delays in the governmental enforcement of the live-bird trading ban and conversion to packaged poultry.

Cairo Poultry Company

Company ProfileCairo Poultry, a subsidiary of Kuwait Food Company, is an Egypt-based company that operates in the farming and food processing sectors. The Company's operations are divided into four main divisions, namely i) Poultry Processing (slaughter and frozen food product production); ii) Broilers (hatchery production of one-day old broilers), iii) Chicken Feed Production and Trading and iv) Starch and Glucose Manufacture. The Company operates through subsidiaries and affiliated companies.

Shareholder Structure• Kuwait Food Company (Americana)

51.97%• Free Float

48.03%

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

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

Key Performance IndicatorsSector: Food & BeveragesEGP mn/ FY End:December 2007a 2008a 2009a

Revenue 1,627 1,962 1,935 Growth Rate (%) -10.3 20.6 -1.4EBITDA 176 283 275 Growth Rate (%) 11.4 61.1 -2.7EBITDA margin (%) 10.8 14.4 14.2Net Income 146 163 205 Growth Rate (%) 63.5 11.7 25.7Net margin (%) 9.0% 8.3% 10.6%

P ER 12.9x 11.5x 9.2xP /BV 2.1x 2.1x 2.1xEV/EBITDA 13.4x 8.7x 8.6xNet debt/EBITDA 2.6x 2.0x 1.8xDividend Yield 1.9% 5.8% 5.8%

Source: CICR Database

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Shrs (mn)EGP Volume POUL EGX 30 rebased Sector: Food & BeveragesISIN: EGS02051C018Last P rice (EGP ) 15.1652 Week High 17.0852 Week Low 10.00100-day Av. Volume 102 (000' shares per day)

No. of Shares (mn) 145.2 Market Cap (EGP mn) 2,201 *P rices as at close on 30th May 2011