This publication is compiled and published by Watheeqa Capital Company [hereinafter referred to as “WATHEEQA”] – is a licensed investment company regulated by the Central Bank of Kuwait, Capital Market Authority of Kuwait and Egyptian Financial Supervisory Authority of Egypt. By accepting this publication you agree to be bound by the foregoing terms and conditions:

This publication is strictly private and confidential and is distributed to a limited number of recipients and has not been reviewed by, deposited or registered with a registry, licensing authority or government agencies in any jurisdiction specifically Kuwait and Egypt. This publication is not intended to be distributed in any jurisdiction where its distribution would be contrary to the law or regulations or require registration or licensing. WATHEEQA shall not be liable for the consequences, direct or indirect of such non-compliance in these specific jurisdictions.

This publication is for general information purposes only and does not constitute a prospectus or solicitation to purchase or sell any security, financial product or other investment instrument ("Investments") discussed herein.

In preparing this publication, WATHEEQA did not take into account the investment objectives, financial situation and particular needs of the recipient. Past performance of any investment is not indicative of future performance. Prices set out in this publication are for indicative purposes only; such prices may vary in accordance with market fluctuations and other market conditions. The information contained herein has been obtained from sources believed to be reliable but have not been independently verified. WATHEEQA makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness and it should not be relied upon as such.

This publication contains forward looking statements which are based on assumptions and information currently available to WATHEEQA and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed. Recipients are cautioned not to place undue relevance on these forward looking statements. Opinions or forward looking statements expressed are subject to change without notice.

WATHEEQA, its shareholders, associates, subsidiaries, their respective Directors, officers and employees ("Group") may from time to time deal in, trade or have positions in securities/investments mentioned in this publication. WATHEEQA may also act as market maker, underwriter, placement agent, investment banker, advisor to any issuer (or party related to the issuer) of the investments referred to herein; and any member of the Group may have received or may expect to receive remuneration or other benefits for such services or Investments.

The views or opinions expressed herein reflect WATHEEQA's view as of the date of this publication. WATHEEQA accepts no obligation to correct or update the information, opinions or statements in this publication. Copyright protection exists in this publication and it may not be reproduced, distributed or published in whole or in part by any person for any purpose. If you are not the intended recipient you must not use, disclose or distribute the information in this publication in any way.

WATHEEQA accepts no liability whatsoever for any direct, indirect, consequential, special, incidental, punitive, exemplary or other damages and loss (including loss of profits) arising from use of this publication.

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