Sheet # Name

1 Contents Pciiiamx contents and description

2 Information Company basic informations
3 Spreads Historical and projected Financial Statements, Cash Flow and Fact Shee
4 Inc. Stat Proj Projections for Sales, COGS and depreciation by segment
5 Fixed Assets Proj. Detailed Projections of Fixed Assets (Additions, disposals and Capital g
6 LTD Runoff Exsiting debt and lease obligations runoff
7 New Finance Allocation of new debt requirements and its runoff
8 Add. Tools Debt service (Cash Flow available for debt service) & Tenor Matching (
9 Valuation-DCF Valuation using DCF methods (Equity & Firm) in addition to Discounte
10 Valuation-Multiples Valuation using Comparable companies
11 Valuation-Sensitivity Sensitivity of Valuation to value drivers used
12 Bond Rating Rating the company's proposed bond issue
 Description

Financial Statements, Cash Flow and Fact Sheet with basic projection assumptions
OGS and depreciation by segment
Fixed Assets (Additions, disposals and Capital gain)
obligations runoff
requirements and its runoff
w available for debt service) & Tenor Matching (Funding Structure)
ethods (Equity & Firm) in addition to Discounted Dividends method
rable companies
to value drivers used
oposed bond issue
 REPORT INFORMATION
Company Name: Auditors:

Business(es): Opinion: UNQUALIFIED

Years in Review
Beginning: 2012
Headquarters: Ending: 2014

Fiscal Year End: Prepared by:

Dept./Branch:
Report Figures
Denominated in: (LE 000's) Last Revision:
 Fact Sheet (Cont'd) Historical
2016 2017 2018

FINANCIAL STRUCTURE
% SHORT TERM DEBT 9.87% 3.20% 0.57%
% SPONTANEOUS FINANCING 9.66% 16.82% 17.27%
% LONG TERM DEBT 29.63% 31.67% 26.17%
% NET WORTH 46.72% 41.64% 48.60%
% OTHER LIABILITIES 0.57% 1.75% 1.26%
% OTHER (GREY AREA) 3.55% 4.92% 6.13%
---------------------- ---------------------- ----------------------
TOTAL 100.00% 100.00% 100.00%

LONG TERM CAPITAL 1,668,285 1,800,812 1,916,003

% SENIOR LONG TERM DEBT 38.80% 43.20% 35.00%
% LONG TERM LEASE 0.00% 0.00% 0.00%
% SUBORDINATED LTD 0.00% 0.00% 0.00%
% PREFERRED STOCK 0.00% 0.00% 0.00%
% COMMON STOCK 58.44% 53.88% 61.40%
% OTHER EQUITY 2.76% 2.92% 3.60%
---------------------- ---------------------- ----------------------
TOTAL 100.00% 100.00% 100.00%

GROWTH

823173945.xls Spreads 4
12/03/2024
 ASSET GROWTH 17.66% 12.41% 4.32%
SALES GROWTH 10.47% 16.26% 26.07%
NET INCOME GROWTH -26.93% -32.42% 150.41%
SELF-SUSTAIN. GROWTH RATE 9.41% 0.19% 17.72%

823173945.xls Spreads 5
12/03/2024
 Sales & COGS Analysis by segment

Income Statement Historical Projected Assumptions

(LE 000's) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Codes AVG 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
SEGMENT#1
UNIT VOLUME 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
AVERAGE PRICE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
NET SALES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
COST OF GOODS SOLD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,s 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
DEPRECIATION 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,a 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Dep/Gross Assets
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
GROSS PROFIT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 System generated

SEGMENT#2
UNIT VOLUME 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
AVERAGE PRICE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
NET SALES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
COST OF GOODS SOLD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,s 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
DEPRECIATION 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,a 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Dep/Gross Assets
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
GROSS PROFIT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 System generated

SEGMENT#3
UNIT VOLUME 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
AVERAGE PRICE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
NET SALES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
COST OF GOODS SOLD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,s 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
DEPRECIATION 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,a 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Dep/Gross Assets
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
GROSS PROFIT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 System generated

SEGMENT#4
UNIT VOLUME 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
AVERAGE PRICE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
NET SALES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
COST OF GOODS SOLD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,s 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
DEPRECIATION 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,a 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Dep/Gross Assets
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
GROSS PROFIT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 System generated

SEGMENT#5
UNIT VOLUME 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
AVERAGE PRICE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
NET SALES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
COST OF GOODS SOLD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,s 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
DEPRECIATION 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,a 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Dep/Gross Assets
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
GROSS PROFIT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 System generated

SEMENT#6
UNIT VOLUME 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
AVERAGE PRICE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
NET SALES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
COST OF GOODS SOLD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,s 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
DEPRECIATION 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,a 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Dep/Gross Assets
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
GROSS PROFIT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 System generated

SEGMENT#7
UNIT VOLUME 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
AVERAGE PRICE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
NET SALES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,g 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
COST OF GOODS SOLD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,s 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
DEPRECIATION 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 v,a 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Dep/Gross Assets
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
GROSS PROFIT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 System generated

SUMMARY OF ALL SEGMENTS

NET SALES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
COST OF GOODS SOLD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
DEPRECIATION 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
GROSS PROFIT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

823173945.xls Sales COGS Projections 6

12/03/2024
 Fixed Assets Projections

Property, Plant and Equipment Assumptions

(LE 000's) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

ADDITIONS:
LAND 0 0 0 0 0 0 0 0 0 0
BUILDING & IMPROVEMENT 0 0 0 0 0 0 0 0 0 0
MACHINERY & EQUIPMENT&SP 0 0 0 0 0 0 0 0 0 0
OTHER C.I.P 0 0 0 0 0 0 0 0 0 0
GROSS PLANT 0 0 0 0 0 0 0 0 0 0

DISPOSITIONS:
LAND
TOTAL PROCEEDS 0 0 0 0 0 0 0 0 0 0
GROSS BOOK VALUE 0 0 0 0 0 0 0 0 0 0
GAIN ON SALE 0 0 0 0 0 0 0 0 0 0

BUILDING & IMPROVEMENT

TOTAL PROCEEDS 0 0 0 0 0 0 0 0 0 0
GROSS BOOK VALUE 0 0 0 0 0 0 0 0 0 0
ACCUM. DEPRECIATION 0 0 0 0 0 0 0 0 0 0
GAIN ON SALE 0 0 0 0 0 0 0 0 0 0

MACHINERY & EQUIPMENT&SPARE PARTS

TOTAL PROCEEDS 0 0 0 0 0 0 0 0 0 0
GROSS BOOK VALUE 0 0 0 0 0 0 0 0 0 0
ACCUM. DEPRECIATION 0 0 0 0 0 0 0 0 0 0
GAIN ON SALE 0 0 0 0 0 0 0 0 0 0

OTHER DISPOSITIONS
TOTAL PROCEEDS 0 0 0 0 0 0 0 0 0 0
GROSS BOOK VALUE 0 0 0 0 0 0 0 0 0 0
ACCUM. DEPRECIATION 0 0 0 0 0 0 0 0 0 0
GAIN ON SALE 0 0 0 0 0 0 0 0 0 0

PPE SUMMARY:
GROSS ADDITIONS 0 0 0 0 0 0 0 0 0 0
BV OF DISPOSITIONS 0 0 0 0 0 0 0 0 0 0
NET BOOK ADDITIONS 0 0 0 0 0 0 0 0 0 0

DISPOSITION PROCEEDS 0 0 0 0 0 0 0 0 0 0
ACC DEP OF DISPOSITIONS 0 0 0 0 0 0 0 0 0 0
TOTAL GAIN ON DISPOSITIONS 0 0 0 0 0 0 0 0 0 0

NET PLANT EXPENDITURES 0 0 0 0 0 0 0 0 0 0

823173945.xls Fixed Assets Proj 7

 Debt & Lease Runoff (Existing Obligations)

LT Debt Runoff for Existing Debt

(LE 000's) 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
SENIOR LONG TERM DEBT:
SENIOR #1
CURRENT PORTION 0 107775 0 0 0 0 0 0 0 0 0
PRINCIPAL 379,374 271599 271599 271599 271599 271599 271599 271599 271599 271599 271599
RATE 17.75% 17.75% 17.75% 17.75% 17.75% 17.75% 17.75% 17.75% 17.75% 17.75% 17.75%

SENIOR #2
CURRENT PORTION 0 74401.24 0 0 0 0 0 0 0 0 0
PRINCIPAL 218906.5 144505.26 144505.26 144505.26 144505.26 144505.26 144505.26 144505.26 144505.26 144505.26 144505.26
RATE 6.34% 6.34% 6.34% 6.34% 6.34% 6.34% 6.34% 6.34% 6.34% 6.34% 6.34%

SENIOR #3
CURRENT PORTION 0 6349.2 0 0 0 0 0 0 0 0 0
PRINCIPAL 63512.35 57163.15 57163.15 57163.15 57163.15 57163.15 57163.15 57163.15 57163.15 57163.15 57163.15
RATE 6.14% 6.14% 6.14% 6.14% 6.14% 6.14% 6.14% 6.14% 6.14% 6.14% 6.14%

SENIOR #4
CURRENT PORTION 0 0 0 0 0 0 0 0
PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

SENIOR #5
CURRENT PORTION 0 0 0 0 0 0 0
PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0
SENIOR #6
CURRENT PORTION 0 0 0 0 0 0 0 0
PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

SUBORDINATED LONG TERM DEBT:

SUBORDINATED #1
CURRENT PORTION 0 0 0 0 0 0 0 0
PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

SUBORDINATED #2
CURRENT PORTION 0 0 0 0 0 0 0 0
PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

SUBORDINATED #3
CURRENT PORTION 0 0 0 0 0 0
PRINCIPAL 0 0 0 0 0 0 0 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Capital Lease Runoff

(LE 000's) 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
CAPITAL LEASE #1
TOTAL PRINCIPAL (P.V.)--BEGIN 0 0 0 0 0 0 0 0 0 0 0
LAST YEAR'S CP (PD THIS YR) 0 0 0 0 0 0 0 0 0 0 0
INT EXPENSE 0 0 0 0 0 0 0 0 0 0 0
EXEC COSTS 0 0 0 0 0 0 0 0 0 0 0
MINIMUM LEASE PAYMENT 0 0 0 0 0 0 0 0 0 0 0
TOTAL PRINCIPAL (P.V.)--END 0 0 0 0 0 0 0 0 0 0 0 0
Imputed Interest Rate 0.00%

CAPITAL LEASE #2
TOTAL PRINCIPAL (P.V.)--BEGIN 0 0 0 0 0 0 0 0 0 0 0
LAST YEAR'S CP (PD THIS YR) 0 0 0 0 0 0 0 0 0 0 0
INT EXPENSE 0 0 0 0 0 0 0 0 0 0 0
EXEC COSTS 0 0 0 0 0 0 0 0 0 0 0
MINIMUM LEASE PAYMENT 0 0 0 0 0 0 0 0 0 0 0
TOTAL PRINCIPAL (P.V.)--END 0 0 0 0 0 0 0 0 0 0 0 0
Imputed Interest Rate 0.00%

Summary of Exisiting LT Debt

(LE 000's) 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
TOTAL CP SENIOR 0 188,525 0 0 0 0 0 0 0 0 0
TOTAL CP SUBORDINATED 0 0 0 0 0 0 0 0 0 0 0
TOTAL CP CAPITAL LEASE 0 0 0 0 0 0 0 0 0 0 0
TOTAL LT SENIOR 661,793 473,267 473,267 473,267 473,267 473,267 473,267 473,267 473,267 473,267 473,267
TOTAL LT SUBORDINATED 0 0 0 0 0 0 0 0 0 0 0
TOTAL LT CAPITAL LEASE 0 0 0 0 0 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
TOTAL LT DEBT 661,793 661,793 473,267 473,267 473,267 473,267 473,267 473,267 473,267 473,267 473,267

REC TO WORKSHEET A (8,794) 194,229

Interest Expenese
(LE 000's) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
SENIOR #1 67,339 57,774 48,209 48,209 48,209 48,209 48,209 48,209 48,209 48,209
SENIOR #2 13,870 11,513 9,156 9,156 9,156 9,156 9,156 9,156 9,156 9,156
SENIOR #3 3,897 3,702 3,508 3,508 3,508 3,508 3,508 3,508 3,508 3,508
SENIOR #4 0 0 0 0 0 0 0 0 0 0
SENIOR #5 0 0 0 0 0 0 0 0 0 0
SENIOR #6 0 0 0 0 0 0 0 0 0 0
SUBORDINATED #1 0 0 0 0 0 0 0 0 0 0
SUBORDINATED #2 0 0 0 0 0 0 0 0 0 0
SUBORDINATED #3 0 0 0 0 0 0 0 0 0 0
CAPITAL LEASE #1 0 0 0 0 0 0 0 0 0 0
CAPITAL LEASE #2 0 0 0 0 0 0 0 0 0 0
INT ADJ FOR SEASONAL DEBT 0 0 0 0 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
TOTAL INTEREST EXPENSE FROM LTD 85,106 72,989 60,872 60,872 60,872 60,872 60,872 60,872 60,872 60,872

INT ADJ FOR SEASONAL DEBT 0 0 0 0 0 0 0 0 0 0

823173945.xls LTD Runoff 8
12/03/2024
 Assumptions for New Funding requirements

Assumptions for New Funding Requirements

(LE 000's) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
NEW MONEY NEED 0 0 0 0 0 0 0 0 0 0
EXCESS MARKETABLE SECURITIES 487,113 2 2 2 2 2 2 2 2 2
------------------------------------------------------ ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
SHORT TERM REVOLVER
OUTSTANDING PRINCIPAL 0 0 0 0 0 0 0 0 0 0
INTEREST RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

SENIOR LONG TERM DEBT:

SENIOR #1
CURRENT PORTION 0 0 0 0 0 0 0 0 0 0
PRINCIPAL 0 0 0 0 0 0 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

SENIOR #2
CURRENT PORTION 0 0 0 0 0 0 0 0 0 0
PRINCIPAL 0 0 0 0 0 0 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

SENIOR #3
CURRENT PORTION 0 0 0 0 0 0 0 0 0 0
PRINCIPAL 0 0 0 0 0 0 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

SENIOR #4
CURRENT PORTION 0 0 0 0 0 0 0 0 0 0
PRINCIPAL 0 0 0 0 0 0 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

SENIOR #5
CURRENT PORTION 0 0 0 0 0 0 0 0 0 0
PRINCIPAL 0 0 0 0 0 0 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

SENIOR #6
CURRENT PORTION 0 0 0 0 0 0 0 0 0 0
PRINCIPAL 0 0 0 0 0 0 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

SUBORDINATED LONG TERM DEBT

SUBORDINATED #1
CURRENT PORTION 0 0 0 0 0 0 0 0 0 0
PRINCIPAL 0 0 0 0 0 0 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

SUBORDINATED #2
CURRENT PORTION 0 0 0 0 0 0 0 0 0 0
PRINCIPAL 0 0 0 0 0 0 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

SUBORDINATED #3
CURRENT PORTION 0 0 0 0 0 0 0 0 0 0
PRINCIPAL 0 0 0 0 0 0 0 0 0 0
RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Summary for New Debt

(LE 000's) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
SHORT TERM REVOLVER 0 0 0 0 0 0 0 0 0 0
TOTAL CP--SENIOR 0 0 0 0 0 0 0 0 0 0
TOTAL CP--SUBORDINATED 0 0 0 0 0 0 0 0 0 0
TOTAL PRINCIPAL--SENIOR 0 0 0 0 0 0 0 0 0 0
TOTAL PRINCIPAL--SUBORDINATED 0 0 0 0 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
TOTAL NEW DEBT 0 0 0 0 0 0 0 0 0 0

Interest Expense
(LE 000's) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
SHORT TERM REVOLVER 0 0 0 0 0 0 0 0 0 0
SENIOR #1 0 0 0 0 0 0 0 0 0 0
SENIOR #2 0 0 0 0 0 0 0 0 0 0
SENIOR #3 0 0 0 0 0 0 0 0 0 0
SENIOR #4 0 0 0 0 0 0 0 0 0 0
SENIOR #5 0 0 0 0 0 0 0 0 0 0
SENIOR #6 0 0 0 0 0 0 0 0 0 0
SUBORDINATED #1 0 0 0 0 0 0 0 0 0 0
SUBORDINATED #2 0 0 0 0 0 0 0 0 0 0
SUBORDINATED #3 0 0 0 0 0 0 0 0 0 0
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
TOTAL INT EXP FROM NEW DEBT 0 0 0 0 0 0 0 0 0 0

823173945.xls New Finance 9

12/03/2024
 Free Cash Flow Available for Debt Service
(LE 000's) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
CACO 0 331,008 13,191 680,464 339,322 230,491 366,217 183,605 183,605 183,605 183,605 183,605 183,605 183,605 183,605
Dep 0 54,608 71,834 79,313 105,825 103,673 103,673 103,673 103,673 103,673 103,673 103,673 103,673 103,673 103,673
Maintenance 0 54,608 71,834 79,313 105,825 103,673 103,673 103,673 103,673 103,673 103,673 103,673 103,673 103,673 103,673
CF af DS 0 440,224 156,859 839,090 550,972 437,838 573,563 390,952 390,952 390,952 390,952 390,952 390,952 390,952 390,952
Interest X 0 (28,477) (52,670) (96,648) ### (85,106) (72,989) (60,872) (60,872) (60,872) (60,872) (60,872) (60,872) (60,872) (60,872)
FCF after int. payment 0 411,747 104,189 742,442 437,530 352,732 500,574 330,080 330,080 330,080 330,080 330,080 330,080 330,080 330,080
CPLTD 0 123,649 128,287 161,489 203,023 188,525 0 0 0 0 0 0 0 0 0
FCF 0 288,098 (24,098) 580,953 234,507 164,206 500,574 330,080 330,080 330,080 330,080 330,080 330,080 330,080 330,080
T. Debt 0 513,159 862,972 856,444 685,190 661,793 473,267 473,267 473,267 473,267 473,267 473,267 473,267 473,267 473,267
Years to pay #DIV/0! 1.2 8.3 1.2 1.6 1.9 0.9 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4

823173945.xls
Additional Analysis Tools 10
12/03/2024
 % of Depreciation as Maintenance 100.00%

823173945.xls
Additional Analysis Tools 11
12/03/2024
 FUNDING STRUCTURE
(LE 000's) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
ST ASSETS 0 285,413 356,256 162,052 300,051 482,470 577,101 943,398 ### ### ### ### ### ### ###
LT ASSETS 0 ### ### ### ### ### ### ### ### ### ### ### ### ### 899,596
TOTAL 0 ### ### ### ### ### ### ### ### ### ### ### ### ### ###

ST FUNDING 0 212,010 372,897 388,459 357,922 328,821 140,296 140,296 140,296 140,296 140,296 140,296 140,296 140,296 140,296
LT FUNDING 0 ### ### ### ### ### ### ### ### ### ### ### ### ### ###
TOTAL 0 ### ### ### ### ### ### ### ### ### ### ### ### ### ###

MATCH/MISMATCH OK MISMAT OK MISMAT MISMAT MISMAT MISMAT MISMAT MISMAT MISMAT MISMAT MISMAT MISMAT MISMAT MISMATCH

MISMATCH RANGE +/- 5.00%

% PERMANENT WI TO TOTAL WI 40.00%

FUNDING STRUCTURE
% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
ST ASSETS #DIV/0! 17% 18% 7% 13% 21% 25% 36% 47% 58% 66% 74% 80% 85% 88%
LT ASSETS #DIV/0! 83% 82% 93% 87% 79% 75% 64% 53% 42% 34% 26% 20% 15% 12%
TOTAL #DIV/0! 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

ST FUNDING #DIV/0! 13% 19% 18% 16% 14% 6% 5% 5% 4% 4% 3% 3% 2% 2%

LT FUNDING #DIV/0! 87% 81% 82% 84% 86% 94% 95% 95% 96% 96% 97% 97% 98% 98%
TOTAL #DIV/0! 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

823173945.xls
Additional Analysis Tools 12
12/03/2024
 Valuation Analysis - Discounted Cash Flow & DividendsMethod

Valuation Analysis: General Assumptions

Financial Statements Data Base Year

(LE 000's) 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Residual
REVENUE 3,038,119 3,524,218 4,088,093 4,742,188 5,500,938 6,381,088 7,402,062 8,586,392 9,960,215 11,553,849 13,402,465
EBIT 402,057 385,533 467,295 562,139 672,158 799,779 947,821 1,119,548 1,318,753 1,549,830 1,817,879
NET INCOME 326,019 227,925 300,681 383,576 468,840 567,747 682,479 815,568 969,951 1,149,036 1,356,774
COMMON DIVIDENDS #N/A 106,293 106,293 106,293 106,293 106,293 106,293 106,293 106,293 106,293 106,293
DEPRECIATION & AMORTIZATION 105,825 103,673 103,673 103,673 103,673 103,673 103,673 103,673 103,673 103,673 103,673
CHANGE IN FUNDED DEBT #N/A (23,397) (188,525) 0 0 0 0 0 0 0 0
INTEREST EXPENSE #N/A 85,106 72,989 60,872 60,872 60,872 60,872 60,872 60,872 60,872 60,872
INVESTMENT IN WORKING INVESTMENT #N/A 40,589 (3,839) (4,453) (5,166) (5,992) (6,951) (8,063) (9,353) (10,850) (12,586)
INVESTMENT IN FIXED ASSETS #N/A 0 0 0 0 0 0 0 0 0 0
TAX RATE #N/A 24.13% 23.74% 23.48% 23.30% 23.16% 23.05% 22.96% 22.89% 22.83% 22.78% 0.00%

Cost of Capital
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Residual
RISK FREE RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
MARKET RISK PREMIUM 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
BETA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
AVG BEF TAX DEBT RATE 12.86% 15.42% 12.86% 12.86% 12.86% 12.86% 12.86% 12.86% 12.86% 12.86% 0.00%
TARGET DEBT/TOTAL CAPITAL 32.89% 23.64% 20.92% 18.14% 15.50% 13.10% 10.99% 9.18% 7.66% 6.38% 0.00%

PREFERRED STOCK RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
TARGET PREF STK/TOTAL CAPITAL 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

CAPM RESULTS:
COST OF COMMON EQUITY 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
COST OF PREFERRED EQUITY 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
AFTER TAX DEBT COST 9.76% 11.76% 9.84% 9.86% 9.88% 9.90% 9.91% 9.92% 9.93% 9.93% 0.00%
WEIGHTED AVG COST OF CAPITAL 3.21% 2.78% 2.06% 1.79% 1.53% 1.30% 1.09% 0.91% 0.76% 0.63% 0.00%

IF CAPM IS NOT PREFERRED,

USER DEFINED DISCOUNT RATE 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

REDUNDANT ASSETS 18,031 CASH RESIDUAL VALUE: OPTIONAL RESIDUAL VALUE INPUTS:
INTANGIBLE ASSETS 169,921 DEFAULT COMPUTATION INPUTS: RESIDUAL CASH FLOW BASE
MKT VALUE OF DEBT 685,190 BOOK VALUE FCF TERMINAL GROWTH RATE 0.00% OTHER THAN LAST FORECAST YEA 0
TOTAL EQUITY 1,245,416 DIVIDEND TERMINAL GROWTH RAT 0.00% DIRECT ESTMATION FROM
CURRENT SHARE PRICE 0 PAR VALUE ANOTHER METHOD (define) 0

823173945.xls
Valuation-DCF 13
12/03/2024
COMMON SHARES OUTSTANDING 0 DCF OPTION: 1 = FCF to all providers 1
Terminal Year 0 0 = FCF to equity holders

Free Cash Flow Valuation

(LE 000's) CASH DISCOUNT PRESENT
YEAR FLOW RATE VALUE
2019 0 3.21% 0
2020 0 2.78% 0
2021 0 2.06% 0
2022 0 1.79% 0
2023 0 1.53% 0
2024 0 1.30% 0
2025 0 1.09% 0
2026 0 0.91% 0
2027 0 0.76% 0
2028 0 0.63% 0
Residual Err:520 3.21% Err:520

TOTAL VALUE Err:520

ADD REDUNDANT ASSETS 18,031
LESS MARKET VALUE OF DEBT 685,190
TOTAL SHAREHOLDER VALUE Err:520
SHAREHOLDER VALUE PER SHARE Err:520

Free Cash Flow Calculations

(LE 000's) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Residual
OP INCOME (B/F INT & TAX) 385,533 467,295 562,139 672,158 799,779 947,821 1,119,548 1,318,753 1,549,830 1,817,879
INCOME TAX 93,041 110,956 131,983 156,630 185,261 218,502 257,087 301,863 353,818 414,099

NET OP PROFIT AFTER TAX 292,492 356,339 430,156 515,527 614,519 729,318 862,462 1,016,890 1,196,011 1,403,780

+ DEPREC AND AMORT 103,673 103,673 103,673 103,673 103,673 103,673 103,673 103,673 103,673 103,673
- INVEST IN WORKING INVESTMENT 40,589 (3,839) (4,453) (5,166) (5,992) (6,951) (8,063) (9,353) (10,850) (12,586)
- INVEST IN FIXED ASSETS 0 0 0 0 0 0 0 0 0 0
OTHER ADJUSTMENT 0 0 0 0 0 0 0 0 0 0
OTHER ADJUSTMENT 0 0 0 0 0 0 0 0 0 0
FREE CASH FLOW 355,576 463,852 538,282 624,367 724,184 839,943 974,198 1,129,916 1,310,535 1,520,039

NET CHANGE IN DEBT (23,397) (188,525) 0 0 0 0 0 0 0 0

INTEREST AFTER TAX 64,567 55,658 46,580 46,687 46,772 46,839 46,894 46,939 46,975 47,006
CASH AVAIL. TO SHAREHOLDERS 267,612 219,668 491,702 577,679 677,413 793,103 927,305 1,082,978 1,263,559 1,473,033

823173945.xls
Valuation-DCF 14
12/03/2024
 Divideneds Valuation
(LE 000's) DISCOUNT PRESENT
YEAR DIVIDEND RATE VALUE
2019 0 0.00% 0
2020 0 0.00% 0
2021 0 0.00% 0
2022 0 0.00% 0
2023 0 0.00% 0
2024 0 0.00% 0
2025 0 0.00% 0
2026 0 0.00% 0
2027 0 0.00% 0
2028 0 0.00% 0
Residual Err:520 0.00% Err:520

TOTAL SHAREHOLDER VALUE Err:520

VALUE PER SHARE Err:520

823173945.xls
Valuation-DCF 15
12/03/2024
 VALUATION ANALYSIS
MULTIPLES
0

Valuation Analysis: Comparable Transactions (LE 000's)

TARGET Deal 1 Deal 2 Deal 3 Deal 4 Deal 5 Deal 6 User's Estimates for
ACQUIRER Company Valuation
PRICE/EARNINGS RATIO 0.00 0.00 0.00 0.00 0 0.00 0
PRICE/TANGIBLE BOOK 0.00 0.00 0.00 0.00 0 0.00 0
TOT CONSIDERATION/REVENUE 0.00 0.00 0.00 0.00 0 0.00 0
TOT CONSIDERATION/EBIT 0.00 0.00 0.00 0.00 0 0.00 0
TOT CONSIDERATION/EBITD 0.00 0.00 0.00 0.00 0 0.00 0
OTHER RELATIVE (define) #N/A #N/A #N/A #N/A #N/A #N/A #N/A

DEBT/TOTAL CAPITAL 0.00% 0.00% 0.00% 0.00% 0 0.00% 0

% HIGHER (LOWER) THAN MARKET 0.00% 0.00% 0.00% 0.00% 0 0.00% #N/A

Valuation Analysis: Comparable Companies Company Company Company Company

User's Estimates for
TICKER SYMBOL/EXCHANGE (LE 000's) Tick/Exch Tick/Exch Tick/Exch Tick/Exch Company Valuation
SALES BY SEGMENT
SEGMENT#1
SEGMENT#2
SEGMENT#3
SEGMENT#4

COMPANY BETA 0.00 0.00 0.00 0.00 0

UNLEVERED BETA 0.00 0.00 0.00 0.00 0
MARKET DATA
COMMON PRICE AS OF XX/XX/XX 0.00 0.00 0.00 0.00 0.00
52-WEEK HIGH-LOW RANGE $0-$0 $0-$0 $0-$0 $0-$0 $0-$0
COMMON SHARES OUTSTANDING 0 0 0 0 0
MARKET VALUE OF COMMON STOCK 0.00 0.00 0.00 0.00 $0

P/E LAST 12 MONTHS EARNINGS 0.00 0.00 0.00 0.00 0

P/E FOR 19XX EST. EARNINGS 0.00 0.00 0.00 0.00 0

MARKET CAP/REVENUES #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

MARKET CAP/EBIT 0.00 0.00 0.00 0.00 0
MARKET CAP/EBITD 0.00 0.00 0.00 0.00 0

OPERATING PROFIT PER SHARE 0.00 0.00 0.00 0.00 0

MARKET CAP/OPERATING PROFIT #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

OPERATING CASH FLOW PER SHARE 0.00 0.00 0.00 0.00 0

MARKET CAP/OP CASH FLOW #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
823173945.xls Valuation-Multiples 16
12/03/2024
TANGIBLE BOOK VALUE PER SHARE 0.00 0.00 0.00 0.00 0
PRICE/TANG BV PER SHARE 0.00 0.00 0.00 0.00 0

STATED DIVIDEND PER SHARE 0.00 0.00 0.00 0.00 0

DIVIDEND YIELD 0.0% 0.0% 0.0% 0.0% 0

Valuation Analysis: Comparable Companies Company Company Company Company

User's Estimates for
TICKER SYMBOL/EXCHANGE (LE 000's) Tick/Exch Tick/Exch Tick/Exch Tick/Exch Company Valuation
Operating Data
LATEST 12 MONTHS ENDED XX/XX

NET REVENUES 0 0 0 0 0
GROSS PROFIT (MARGIN) 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0!
OPERATING PROFIT (MARGIN) 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0!
BEFORE-TAX INCOME (MARGIN) 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0!
NET INCOME (MARGIN) 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0!

OPERATING CASH FLOW 0 0 0 0 0

EPS--LATEST 12 MONTHS 0.00 0.00 0.00 0.00 0

EPS--ESTIMATED FOR 19XX 0.00 0.00 0.00 0.00 0
Balance Sheet
LATEST 12 MONTHS ENDED XX/XX
CASH & EQUIVALENTS 0 0 0 0 0
SHORT TERM DEBT 0 0 0 0 0
LONG TERM DEBT 0 0 0 0 0
DEFERRED TAXES & OTHER LT LIABS 0 0 0 0 0
PREFERRED EQUITY 0 0 0 0 0
COMMON EQUITY 0 0 0 0 0
---------------- ---------------- ---------------- ---------------- ----------------
TOTAL CAPITALIZATION 0 0 0 0 0
Key Ratios
LT DEBT/EQUITY #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
LT DEBT/TOTAL CAPITALIZATION #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
TOTAL DEBT/TOTAL EQUITY #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

MARKET CAPITALIZATION 0 0 0 0 0

DUPONT ANALYSIS:
RET ON SALES (NPAT/SALES) 0.00 0.00 0.00 0.00 0
ASSET UTIL. (SALES/TA) 0.00 0.00 0.00 0.00 0
TOTAL ASSETS/EQUITY 0.00 0.00 0.00 0.00 0

RETURN ON AVG EQUITY 0.00% 0.00% 0.00% 0.00% 0

RETURN ON AVG ASSETS 0.00% 0.00% 0.00% 0.00% 0

823173945.xls Valuation-Multiples 17
12/03/2024
Comparable Companies (Cont'd) Company Company Company Company
User's Estimates for
TICKER SYMBOL/EXCHANGE (LE 000's) Tick/Exch Tick/Exch Tick/Exch Tick/Exch Company Valuation
Income Statement
HISTORICAL DATA:
LATEST 12 MONTHS ENDED XX/XX/XX XX/XX/XX XX/XX/XX XX/XX/XX XX/XX/XX
LATEST FISCAL YEAR ENDED XX/XX/XX XX/XX/XX XX/XX/XX XX/XX/XX XX/XX/XX

NET SALES
LATEST 12 MONTHS 0 0 0 0 0
LATEST FISCAL YEAR 0 0 0 0 0
Y-1 0 0 0 0 0
Y-2 0 0 0 0 0
Y-3 0 0 0 0 0
Y-4 0 0 0 0 0
5-YR AVERAGE GROWTH RATE #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

OPERATING PROFIT
LATEST 12 MONTHS 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0!
LATEST FISCAL YEAR 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0!
Y-1 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0!
Y-2 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0!
Y-3 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0!
Y-4 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0! 0 #DIV/0!
5-YR AVERAGE GROWTH RATE #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

EARNINGS PER SHARE (FULLY DILUTED)

LATEST 12 MONTHS $0.00 $0.00 $0.00 $0.00 0
LATEST FISCAL YEAR 0.00 0.00 0.00 0.00 0
Y-1 0.00 0.00 0.00 0.00 0
Y-2 0.00 0.00 0.00 0.00 0
Y-3 0.00 0.00 0.00 0.00 0
Y-4 0.00 0.00 0.00 0.00 0
5-YR AVERAGE GROWTH RATE #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

OTHER RELATIVE (define) #N/A #N/A #N/A #N/A #N/A

OTHER RELATIVE (define) #N/A #N/A #N/A #N/A #N/A
OTHER RELATIVE (define) #N/A #N/A #N/A #N/A #N/A
OTHER RELATIVE (define) #N/A #N/A #N/A #N/A #N/A

823173945.xls Valuation-Multiples 18
12/03/2024
Valuation Analysis: Summary Report Given User's Estimated Relative Values: Comparable Transactions

(LE 000's) MARKET DCF DIVIDEND PRICE/ PRICE/ TOT CON/ TOT CON/ TOT CON/ Other Other Other
Valuation Results PRICE METHOD METHOD EARNINGS TANG BK REVENUES EBIT EBITD Relative Relative Relative

TOTAL CORPORATE VALUE 685,190 Err:520 Err:520 685,190 685,190 0 0 0 #N/A #N/A #N/A
TOTAL SHAREHOLDER VALUE 0 Err:520 Err:520 0 0 (685,190) (685,190) (685,190) #N/A #N/A #N/A
VALUE PER SHARE 0.00 Err:520 Err:520 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #N/A #N/A #N/A

% HIGHER (LOWER) THAN MARKET NA Err:520 Err:520 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #N/A #N/A #N/A

IMPLIED P/E RATIO 0.0 Err:520 Err:520 0.0 0.0 -2.1 -2.1 -2.1 #N/A #N/A #N/A
IMPLIED PRICE/TANG BOOK 0.0 Err:520 Err:520 0.0 0.0 -0.6 -0.6 -0.6 #N/A #N/A #N/A
IMPLIED CORP VALUE/REV 0.2 Err:520 Err:520 0.2 0.2 0.0 0.0 0.0 #N/A #N/A #N/A
IMPLIED CORP VALUE/EBIT 1.7 Err:520 Err:520 1.7 1.7 0.0 0.0 0.0 #N/A #N/A #N/A
IMPLIED CORP VALUE/EBITD 1.3 Err:520 Err:520 1.3 1.3 0.0 0.0 0.0 #N/A #N/A #N/A
OTHER RELATIVE (define) #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A
OTHER RELATIVE (define) #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

Valuation Analysis: Summary Report Given User's Estimated Relative Values: Comparable Companies

(LE 000's) PRICE/ PRICE/ MKT CAP/ MKT CAP/ MKT CAP/ Other Other Other
Valuation Results EARNINGS TANG BK REVENUES EBIT EBITD Relative Relative Relative

TOTAL CORPORATE VALUE 685,190 685,190 #DIV/0! 0 0 #N/A #N/A #N/A

TOTAL SHAREHOLDER VALUE 0 0 #DIV/0! (685,190) (685,190) #N/A #N/A #N/A
VALUE PER SHARE #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #N/A #N/A #N/A

PREMIUM/DISCOUNT TO MKT #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #N/A #N/A #N/A

IMPLIED P/E RATIO 0.0 0.0 #DIV/0! -2.1 -2.1 #N/A #N/A #N/A
IMPLIED PRICE/TANG BOOK 0.0 0.0 #DIV/0! -0.6 -0.6 #N/A #N/A #N/A
IMPLIED CORP VALUE/REV 0.2 0.2 #DIV/0! 0.0 0.0 #N/A #N/A #N/A
IMPLIED CORP VALUE/EBIT 1.7 1.7 #DIV/0! 0.0 0.0 #N/A #N/A #N/A
IMPLIED CORP VALUE/EBITD 1.349112589 1.349112589 #DIV/0! 0 0 #N/A #N/A #N/A
OTHER RELATIVE (define) #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A
OTHER RELATIVE (define) #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

823173945.xls Valuation-Multiples 19
12/03/2024
 VALUATION ANALYSIS
SENSITIVITY ANALYSIS OF FCF VALUE DRIVERS
0

VALUE DRIVER ASSUMPTIONS IN BASE CASE SCENARIO:

(LE 000's) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Resid
REVENUE GROWTH 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 16.00%
PROFIT MARGIN (EBIT) 10.94% 11.43% 11.85% 12.22% 12.53% 12.80% 13.04% 13.24% 13.41% 13.56%
INCREMENTAL FIXED CAPITAL INVESTMENT
(AS A % OF SALES INCREASE) -21.33% -18.39% -15.85% -13.66% -11.78% -10.15% -8.75% -7.55% -6.51% -5.61%
INCREMENTAL W.I. INVESTMENT
(AS A % OF SALES INCREASE) 8.35% -0.68% -0.68% -0.68% -0.68% -0.68% -0.68% -0.68% -0.68% -0.68%
CASH INCOME TAX 24.13% 23.74% 23.48% 23.30% 23.16% 23.05% 22.96% 22.89% 22.83% 22.78%
COST OF CAPITAL 3.21% 2.78% 2.06% 1.79% 1.53% 1.30% 1.09% 0.91% 0.76% 0.63% 3.21%

A CHANGE IN THE BASIC INCREASE (DECREASE) % CHANGE VALUE

ASSUMPTIONS OF: % CHANGE IN SH' HOLDER VALUE IN SH' HOLDER VALUE PER SHARE

REVENUE GROWTH 1.00% Err:520 Err:520 Err:520

PROFIT MARGIN (EBIT) 1.00% Err:520 Err:520 Err:520

INCREMENTAL FIXED CAP INVESTMENT 1.00% Err:520 Err:520 Err:520

INCREMENTAL W.I. INVESTMENT 1.00% Err:520 Err:520 Err:520

CASH INCOME TAX 1.00% Err:520 Err:520 Err:520

COST OF CAPITAL 1.00% Err:520 Err:520 Err:520

823173945.xls Valuation - Sensitvity Analysis 20

12/03/2024
VALUE DRIVERS AND CASH FLOWS: REV GROWTH SENSITIVITY
(LE 000's) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Resid
REVENUE GROWTH 17.00% 17.00% 17.00% 17.00% 17.00% 17.00% 17.00% 17.00% 17.00% 17.00%
PROFIT MARGIN (EBIT) 10.94% 11.43% 11.85% 12.22% 12.53% 12.80% 13.04% 13.24% 13.41% 13.56%
INCREMENTAL FIXED CAPITAL INVESTMENT
(AS A % OF SALES INCREASE) -21.33% -18.39% -15.85% -13.66% -11.78% -10.15% -8.75% -7.55% -6.51% -5.61%
INCREMENTAL W.I. INVESTMENT
(AS A % OF SALES INCREASE) 8.35% -0.68% -0.68% -0.68% -0.68% -0.68% -0.68% -0.68% -0.68% -0.68%
CASH INCOME TAX 24.13% 23.74% 23.48% 23.30% 23.16% 23.05% 22.96% 22.89% 22.83% 22.78%
COST OF CAPITAL 3.21% 2.78% 2.06% 1.79% 1.53% 1.30% 1.09% 0.91% 0.76% 0.63% 3.21%

CASH FLOW FORECAST WITH CHANGED REVENUE GROWTH

(LE 000's) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Resid
REVENUE 3,554,599 4,158,881 4,865,891 5,693,092 6,660,918 7,793,274 9,118,131 10,668,213 12,481,809 14,603,717
EBIT 388,857 475,387 576,803 695,637 834,852 997,915 1,188,880 1,412,493 1,674,306 1,980,814
CASH INCOME TAXES 93,843 112,877 135,426 162,101 193,385 230,051 273,008 323,320 382,236 451,214
EBIAT 295,014 362,510 441,377 533,535 641,467 767,864 915,872 1,089,173 1,292,070 1,529,600

FIXED CAPITAL INVEST (110,153) (111,103) (112,060) (113,026) (114,001) (114,984) (115,975) (116,975) (117,983) (119,000)
WORKING CAPITAL INVEST 43,126 (4,114) (4,813) (5,632) (6,589) (7,709) (9,020) (10,553) (12,347) (14,446)
OTHER ADJUSTMENT 0 0 0 0 0 0 0 0 0 0
OTHER ADJUSTMENT 0 0 0 0 0 0 0 0 0 0
FREE CASH FLOW 362,041 477,726 558,250 652,194 762,057 890,557 1,040,867 1,216,701 1,422,401 1,663,046

NET CHANGE IN DEBT (23,397) (188,525) 0 0 0 0 0 0 0 0

INTEREST AFTER TAX 64,567 55,658 46,580 46,687 46,772 46,839 46,894 46,939 46,975 47,006

CASH AVAIL. TO SHAREHOLDERS 274,076 233,543 511,670 605,506 715,285 843,717 993,973 1,169,762 1,375,425 1,616,040

Change in Rev Growth by: 1.00%

FREE PRESENT
YEAR CASH FLOW VALUE

2,019 0.00% 0
2,020 0.00% 0
2,021 0.00% 0
2,022 0.00% 0
2,023 0.00% 0
2,024 0.00% 0
2,025 0.00% 0
2,026 0.00% 0
2,027 0.00% 0
2,028 0.00% 0
Residual Err:520 Err:520
PV - FORECAST FLOWS Err:520
ADD REDUNDANT ASSETS 18,031
LESS MARKET VALUE OF DEBT 685,190
TOTAL SHAREHOLDER VALUE Err:520
VALUE PER SHARE Err:520

VALUE DRIVERS AND CASH FLOWS: PROFIT MARGIN SENSITIVITY

(LE 000's) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Resid

REVENUE GROWTH 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 0.00%

823173945.xls Valuation - Sensitvity Analysis 21

12/03/2024
PROFIT MARGIN (EBIT) 11.94% 12.43% 12.85% 13.22% 13.53% 13.80% 14.04% 14.24% 14.41% 14.56% 1.00%
INCREMENTAL FIXED CAPITAL INVESTMENT
(AS A % OF SALES INCREASE) -21.33% -18.39% -15.85% -13.66% -11.78% -10.15% -8.75% -7.55% -6.51% -5.61% 0.00%
INCREMENTAL W.I. INVESTMENT
(AS A % OF SALES INCREASE) 8.35% -0.68% -0.68% -0.68% -0.68% -0.68% -0.68% -0.68% -0.68% -0.68% 0.00%
CASH INCOME TAX 24.13% 23.74% 23.48% 23.30% 23.16% 23.05% 22.96% 22.89% 22.83% 22.78% 0.00%
COST OF CAPITAL 3.21% 2.78% 2.06% 1.79% 1.53% 1.30% 1.09% 0.91% 0.76% 0.63% 3.21%

CASH FLOW FORECAST WITH CHANGED PROFIT MARGIN

(LE 000's) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
REVENUE 3,524,218 4,088,093 4,742,188 5,500,938 6,381,088 7,402,062 8,586,392 9,960,215 11,553,849 13,402,465
EBIT 420,775 508,176 609,561 727,167 863,590 1,021,841 1,205,412 1,418,355 1,665,368 1,951,904
CASH INCOME TAXES 101,546 120,663 143,117 169,449 200,042 235,567 276,804 324,662 380,195 444,629
EBIAT 319,229 387,513 466,444 557,718 663,548 786,275 928,608 1,093,693 1,285,173 1,507,275

FIXED CAPITAL INVEST (103,673) (103,673) (103,673) (103,673) (103,673) (103,673) (103,673) (103,673) (103,673) (103,673)
WORKING CAPITAL INVEST 40,589 (3,839) (4,453) (5,166) (5,992) (6,951) (8,063) (9,353) (10,850) (12,586)
OTHER ADJUSTMENT 0 0 0 0 0 0 0 0 0 0
OTHER ADJUSTMENT 0 0 0 0 0 0 0 0 0 0
FREE CASH FLOW 382,314 495,026 574,570 666,557 773,214 896,899 1,040,345 1,206,720 1,399,696 1,623,534

NET CHANGE IN DEBT (23,397) (188,525) 0 0 0 0 0 0 0 0

INTEREST AFTER TAX 64,567 55,658 46,580 46,687 46,772 46,839 46,894 46,939 46,975 47,006

CASH AVAIL. TO S'HOLDERS 294,349 250,842 527,990 619,870 726,442 850,060 993,451 1,159,781 1,352,721 1,576,528

Change in Profit Margin by: 1.00%

FREE PRESENT
YEAR CASH FLOW VALUE

2019 0 0
2020 0 0
2021 0 0
2022 0 0
2023 0 0
2024 0 0
2025 0 0
2026 0 0
2027 0 0
2028 0 0
Residual Err:520 Err:520
PV - FORECAST FLOWS Err:520
ADD REDUNDANT ASSETS 18,031
LESS MARKET VALUE OF DEBT 685,190
TOTAL SHAREHOLDER VALUE Err:520
VALUE PER SHARE Err:520

VALUE DRIVERS AND CASH FLOWS: CAP INVEST SENSITIVITY

YEAR 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Resid

REVENUE GROWTH 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 0.00%
PROFIT MARGIN (EBIT) 10.94% 11.43% 11.85% 12.22% 12.53% 12.80% 13.04% 13.24% 13.41% 13.56% 0.00%
INCREMENTAL FIXED CAPITAL INVESTMENT
(AS A % OF SALES INCREASE) -20.33% -17.39% -14.85% -12.66% -10.78% -9.15% -7.75% -6.55% -5.51% -4.61% 1.00%
INCREMENTAL W.I. INVESTMENT
823173945.xls Valuation - Sensitvity Analysis 22
12/03/2024
(AS A % OF SALES INCREASE) 8.35% -0.68% -0.68% -0.68% -0.68% -0.68% -0.68% -0.68% -0.68% -0.68% 0.00%
CASH INCOME TAX 24.13% 23.74% 23.48% 23.30% 23.16% 23.05% 22.96% 22.89% 22.83% 22.78% 0.00%
COST OF CAPITAL 3.21% 2.78% 2.06% 1.79% 1.53% 1.30% 1.09% 0.91% 0.76% 0.63% 3.21%

CASH FLOW FORECAST WITH CHANGED NET CAP INVEST

(LE 000's) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Resid
REVENUE 3,524,218 4,088,093 4,742,188 5,500,938 6,381,088 7,402,062 8,586,392 9,960,215 11,553,849 13,402,465
EBIT 385,533 467,295 562,139 672,158 799,779 947,821 1,119,548 1,318,753 1,549,830 1,817,879
CASH INCOME TAXES 93,041 110,956 131,983 156,630 185,261 218,502 257,087 301,863 353,818 414,099
EBIAT 292,492 356,339 430,156 515,527 614,519 729,318 862,462 1,016,890 1,196,011 1,403,780

FIXED CAPITAL INVESTMENT (98,812) (98,035) (97,132) (96,086) (94,872) (93,464) (91,830) (89,935) (87,737) (85,187)
WORKING CAPITAL INVEST 40,589 (3,839) (4,453) (5,166) (5,992) (6,951) (8,063) (9,353) (10,850) (12,586)
OTHER ADJUSTMENT 0 0 0 0 0 0 0 0 0 0
OTHER ADJUSTMENT 0 0 0 0 0 0 0 0 0 0
FREE CASH FLOW 350,715 458,213 531,741 616,779 715,383 829,733 962,355 1,116,178 1,294,598 1,501,553

NET CHANGE IN DEBT (23,397) (188,525) 0 0 0 0 0 0 0 0

INTEREST AFTER TAX 64,567 55,658 46,580 46,687 46,772 46,839 46,894 46,939 46,975 47,006

CASH AVAIL. TO S'HOLDERS 262,751 214,029 485,161 570,092 668,611 782,894 915,461 1,069,240 1,247,623 1,454,547

Change in Net Cap Inv by: 1.00%

FREE PRESENT
Year CASH FLOW VALUE

2019 0 0
2020 0 0
2021 0 0
2022 0 0
2023 0 0
2024 0 0
2025 0 0
2026 0 0
2027 0 0
2028 0 0
Residual Err:520 Err:520
PV - FORECAST FLOWS Err:520
ADD REDUNDANT ASSETS 18,031
LESS MARKET VALUE OF DEBT 685,190
TOTAL SHAREHOLDER VALUE Err:520
VALUE PER SHARE Err:520

VALUE DRIVERS AND CASH FLOWS: WC INVEST SENSITIVITY

YEAR 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Resid

REVENUE GROWTH 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 0.00%
PROFIT MARGIN (EBIT) 10.94% 11.43% 11.85% 12.22% 12.53% 12.80% 13.04% 13.24% 13.41% 13.56% 0.00%
INCREMENTAL FIXED CAPITAL INVESTMENT
(AS A % OF SALES INCREASE) -21.33% -18.39% -15.85% -13.66% -11.78% -10.15% -8.75% -7.55% -6.51% -5.61% 0.00%
INCREMENTAL W.I. INVESTMENT
(AS A % OF SALES INCREASE) 9.35% 0.32% 0.32% 0.32% 0.32% 0.32% 0.32% 0.32% 0.32% 0.32% 1.00%
CASH INCOME TAX 24.13% 23.74% 23.48% 23.30% 23.16% 23.05% 22.96% 22.89% 22.83% 22.78% 0.00%
COST OF CAPITAL 3.21% 2.78% 2.06% 1.79% 1.53% 1.30% 1.09% 0.91% 0.76% 0.63% 3.21%

823173945.xls Valuation - Sensitvity Analysis 23

12/03/2024
CASH FLOW FORECAST WITH CHANGED W. I. INVESTMENT
(LE 000's) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Resid
REVENUE 3,524,218 4,088,093 4,742,188 5,500,938 6,381,088 7,402,062 8,586,392 9,960,215 11,553,849 13,402,465
EBIT 385,533 467,295 562,139 672,158 799,779 947,821 1,119,548 1,318,753 1,549,830 1,817,879
CASH INCOME TAXES 93,041 110,956 131,983 156,630 185,261 218,502 257,087 301,863 353,818 414,099
EBIAT 292,492 356,339 430,156 515,527 614,519 729,318 862,462 1,016,890 1,196,011 1,403,780

FIXED CAPITAL INVEST (103,673) (103,673) (103,673) (103,673) (103,673) (103,673) (103,673) (103,673) (103,673) (103,673)
WORKING CAPITAL INVEST 45,450 1,800 2,088 2,422 2,809 3,259 3,780 4,385 5,087 5,900
OTHER ADJUSTMENT 0 0 0 0 0 0 0 0 0 0
OTHER ADJUSTMENT 0 0 0 0 0 0 0 0 0 0
FREE CASH FLOW 350,715 458,213 531,741 616,779 715,383 829,733 962,355 1,116,178 1,294,598 1,501,553

NET CHANGE IN DEBT (23,397) (188,525) 0 0 0 0 0 0 0 0

INTEREST AFTER TAX 64,567 55,658 46,580 46,687 46,772 46,839 46,894 46,939 46,975 47,006

CASH AVAIL TO S'HOLDERS 262,751 214,029 485,161 570,092 668,611 782,894 915,461 1,069,240 1,247,623 1,454,547

Change in WC by: 1.00%

FREE PRESENT
YEAR CASH FLOW VALUE

2019 0 0
2020 0 0
2021 0 0
2022 0 0
2023 0 0
2024 0 0
2025 0 0
2026 0 0
2027 0 0
2028 0 0
Residual Err:520 Err:520
PV - FORECAST FLOWS Err:520
ADD REDUNDANT ASSETS 18,031
LESS MARKET VALUE OF DEBT 685,190
TOTAL SHAREHOLDER VALUE Err:520
VALUE PER SHARE Err:520

VALUE DRIVERS AND CASH FLOWS: INCOME TAX SENSITIVITY

YEAR 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Resid

REVENUE GROWTH 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 0.00%
PROFIT MARGIN (EBIT) 10.94% 11.43% 11.85% 12.22% 12.53% 12.80% 13.04% 13.24% 13.41% 13.56% 0.00%
INCREMENTAL FIXED CAPITAL INVESTMENT
(AS A % OF SALES INCREASE) -21.33% -18.39% -15.85% -13.66% -11.78% -10.15% -8.75% -7.55% -6.51% -5.61% 0.00%
INCREMENTAL W.I. INVESTMENT
(AS A % OF SALES INCREASE) 8.35% -0.68% -0.68% -0.68% -0.68% -0.68% -0.68% -0.68% -0.68% -0.68% 0.00%
CASH INCOME TAX 25.13% 24.74% 24.48% 24.30% 24.16% 24.05% 23.96% 23.89% 23.83% 23.78% 1.00%
COST OF CAPITAL 3.21% 2.78% 2.06% 1.79% 1.53% 1.30% 1.09% 0.91% 0.76% 0.63% 3.21%

CASH FLOW FORECAST WITH CHANGED INCOME TAX RATE

(LE 000's) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Resid
REVENUE 3,524,218 4,088,093 4,742,188 5,500,938 6,381,088 7,402,062 8,586,392 9,960,215 11,553,849 13,402,465
EBIT 385,533 467,295 562,139 672,158 799,779 947,821 1,119,548 1,318,753 1,549,830 1,817,879
823173945.xls Valuation - Sensitvity Analysis 24
12/03/2024
CASH INCOME TAX 96,896 115,629 137,605 163,352 193,258 227,981 268,282 315,050 369,317 432,278
EBIAT 288,637 351,666 424,534 508,806 606,521 719,840 851,266 1,003,702 1,180,513 1,385,601

FIXED CAPITAL INVEST (103,673) (103,673) (103,673) (103,673) (103,673) (103,673) (103,673) (103,673) (103,673) (103,673)
WORKING CAPITAL INVEST 40,589 (3,839) (4,453) (5,166) (5,992) (6,951) (8,063) (9,353) (10,850) (12,586)
OTHER ADJUSTMENT 0 0 0 0 0 0 0 0 0 0
OTHER ADJUSTMENT 0 0 0 0 0 0 0 0 0 0
FREE CASH FLOW 351,721 459,179 532,661 617,645 716,187 830,464 963,003 1,116,729 1,295,036 1,501,861

NET CHANGE IN DEBT (23,397) (188,525) 0 0 0 0 0 0 0 0

INTEREST AFTER TAX 64,567 55,658 46,580 46,687 46,772 46,839 46,894 46,939 46,975 47,006

CASH AVAIL. TO SHAREHOLDERS 263,757 214,995 486,081 570,958 669,415 783,625 916,109 1,069,790 1,248,061 1,454,855

Change in Tax Rate by: 1.00%

FREE PRESENT
YEAR CASH FLOW VALUE

2019 0 0
2020 0 0
2021 0 0
2022 0 0
2023 0 0
2024 0 0
2025 0 0
2026 0 0
2027 0 0
2028 0 0
Residual Err:520 Err:520
PV - FORECAST FLOWS Err:520
ADD REDUNDANT ASSETS 18,031
LESS MARKET VALUE OF DEBT 685,190
TOTAL SHAREHOLDER VALUE Err:520
VALUE PER SHARE Err:520

VALUE DRIVERS AND CASH FLOWS: COST OF CAPITAL SENSITIVITY

YEAR 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Resid

REVENUE GROWTH 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 16.00% 0.00%
PROFIT MARGIN (EBIT) 10.94% 11.43% 11.85% 12.22% 12.53% 12.80% 13.04% 13.24% 13.41% 13.56% 0.00%
INCREMENTAL FIXED CAPITAL INVESTMENT
(AS A % OF SALES INCREASE) -21.33% -18.39% -15.85% -13.66% -11.78% -10.15% -8.75% -7.55% -6.51% -5.61% 0.00%
INCREMENTAL W.I. INVESTMENT
(AS A % OF SALES INCREASE) 8.35% -0.68% -0.68% -0.68% -0.68% -0.68% -0.68% -0.68% -0.68% -0.68% 0.00%
CASH INCOME TAX 24.13% 23.74% 23.48% 23.30% 23.16% 23.05% 22.96% 22.89% 22.83% 22.78% 0.00%
COST OF CAPITAL 4.21% 3.78% 3.06% 2.79% 2.53% 2.30% 2.09% 1.91% 1.76% 1.63% 4.21%

CASH FLOW FORECAST WITH CHANGED COST OF CAPITAL

(LE 000's) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Resid
REVENUE 3,524,218 4,088,093 4,742,188 5,500,938 6,381,088 7,402,062 8,586,392 9,960,215 11,553,849 13,402,465
EBIT 385,533 467,295 562,139 672,158 799,779 947,821 1,119,548 1,318,753 1,549,830 1,817,879
CASH INCOME TAXES 93,041 110,956 131,983 156,630 185,261 218,502 257,087 301,863 353,818 414,099
EBIAT 292,492 356,339 430,156 515,527 614,519 729,318 862,462 1,016,890 1,196,011 1,403,780

FIXED CAPITAL INVEST (103,673) (103,673) (103,673) (103,673) (103,673) (103,673) (103,673) (103,673) (103,673) (103,673)
WORKING CAPITAL INVEST 40,589 (3,839) (4,453) (5,166) (5,992) (6,951) (8,063) (9,353) (10,850) (12,586)

823173945.xls Valuation - Sensitvity Analysis 25

12/03/2024
OTHER ADJUSTMENT 0 0 0 0 0 0 0 0 0 0
OTHER ADJUSTMENT 0 0 0 0 0 0 0 0 0 0
FREE CASH FLOW 355,576 463,852 538,282 624,367 724,184 839,943 974,198 1,129,916 1,310,535 1,520,039

NET CHANGE IN DEBT (23,397) (188,525) 0 0 0 0 0 0 0 0

INTEREST AFTER TAX 64,567 55,658 46,580 46,687 46,772 46,839 46,894 46,939 46,975 47,006

CASH AVAIL. TO SHAREHOLDERS 267,612 219,668 491,702 577,679 677,413 793,103 927,305 1,082,978 1,263,559 1,473,033

Change in Cost of Capital by: 1.00%

FREE PRESENT
YEAR CASH FLOW VALUE

2019 0 0
2020 0 0
2021 0 0
2022 0 0
2023 0 0
2024 0 0
2025 0 0
2026 0 0
2027 0 0
2028 0 0
Residual Err:520 Err:520
PV - FORECAST FLOWS Err:520
ADD REDUNDANT ASSETS 18,031
LESS MARKET VALUE OF DEBT 685,190
TOTAL SHAREHOLDER VALUE Err:520
VALUE PER SHARE Err:520

823173945.xls Valuation - Sensitvity Analysis 26

12/03/2024
 ESTIMATED BOND RATING
0

ESTIMATED BOND RATIN 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

PROJECTED SCORE #REF! #REF! #REF! #REF! #REF! #REF! 9.00360482 9.34986221 9.59580869 9.8030254
ESTIMATED RATING #REF! #REF! #REF! #REF! #REF! #REF! AAA AAA AAA AAA

*** W A R N I N G *** D O N O T U S E *** W A R N I N G ***

THE BOND RATING SECTION OF THIS TEMPLATE SHOULD ONLY BE USED WHEN
THE COMPANY IS SPREAD IN THOUSANDS OR MILLIONS OF U.S. DOLLARS.

SCALE BBB- BBB A AA AAA

<───────|───────|───────|───────|───────|───────>
2.3 3.3 4.3 5.0 6.2

LAST WEIGHTING FACTOR UPDATE: August 1, 1991

(produced yearly by CHASE FRS)
WEIGHTING FACTORS:
TOTAL ASSETS 0.5481
RISK ADJUSTED 5YR AVG RETURN ON AVG CAPITAL EMPLOYED 0.0955
TOTAL FUNDED DEBT/TOTAL CAPITAL EMPLOYED -0.0409
TOTAL LIABILITIES/NET WORTH -0.0715
INVESTMENT & ADVANCES TO NON-CONSOLIDATED SUBSIDIARIES/TOT CAP -0.0144

CALCULATIONS:
YEAR 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

RET ON AVG CAP 0.18884053 0.07165075 0.03646092 0.09808123 #REF! #REF! 0.09297054 0.11822082 0.12894909 0.13636912 0.14108728 0.14372854 0.14484814 0.14489844
TOT ASSETS (mil) 0 1857203 2185093 2456330 2562541 2707722.18 2752736.67 3078065.79 3498977.29 4030764.36 4691167.1 5500764 6483426.16 7666844 9083138.4
TOT FUNDED DEBT 0 513159 862972 856444 685190 661792.85 473267.41 473267.41 473267.41 473267.41 473267.41 473267.41 473267.41 473267.41 473267.41
TOTAL CAPITAL 0 1597127 1947146 1985264 2064295 2012400.9 2001823.51 2262666 2608773.1 3053787 3613532.91 4306367.87 5153586.16 6179889.1 7413930.25
TOTAL LIABILITIES 0 761388 1086598 1312609 1160130 1200119.13 1067185.57 1131672.16 1206476.6 1293249.75 1393906.6 1510668.55 1646112.41 1803227.29 1985480.56
TOTAL NET WORTH 0 1008056 1020927 1022891 1245416 1350608 1528556.1 1789398.63 2135505.69 2580519.62 3140265.5 3833100.46 4680318.75 5706621.69 6940662.84
INVEST & ADVANCES 0 87692 124477 124477 124477 124477 124477 124477 124477 124477 124477 124477 124477 124477 124477
5 YR AVG ROACE 0.09875836 #REF! #REF! #REF! #REF! #REF! #REF! 0.12351937 0.13367097 0.13899643 0.1421863
STD DEV 0.05641598 #REF! #REF! #REF! #REF! #REF! #REF! 0.01711452 0.00921347 0.00581135 0.00322078
RISK ADJ ROACE 0.04234238 #REF! #REF! #REF! #REF! #REF! #REF! 0.10640484 0.1244575 0.13318508 0.13896553
LOG OF TOT ASSETS 14.7565099 14.8116183 14.8281061 14.939812 15.0679813 15.2094666 15.361192 15.5203976 15.6847597 15.8524156 16.0219303
TFD/CAPITAL 0.4431984 0.43140056 0.33192446 0.32885736 0.23641815 0.20916362 0.18141379 0.15497722 0.13097083 0.10989944 0.09183264 0.07658186 0.06383489
TOT LIAB/NW 0.93152007 0.88857691 0.69816579 0.63243156 0.56496061 0.50115866 0.44388177 0.39411139 0.35170947 0.31598858 0.28606498
INV & ADV/CAPITAL 0.06030001 0.06185497 0.06218181 0.05501342 0.04771477 0.04076152 0.03444745 0.02890533 0.02415347 0.02014227 0.01678961
823173945.xls Bond Rating 27