DECEMBER2012

AstraIndustrial Group (Astra)

Research DivisionCompany Reports

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Initiating Coverage

Aljazira Capital is a Saudi Investment Company licensed by the Capital Market Authority (CMA), License No. 07076-37

RESEARCHDIVISION

AGM - Head of ResearchAbdullah Alawi+966 2 6618275a.alawi@aljaziracapital.com.sa

Senior Analyst Syed Taimure Akhtar +966 2 6618271 s.akhtar@aljaziracapital.com.sa

AnalystSaleh Al-Quati+966 2 6618253s.alquati@aljaziracapital.com.sa

BROKERAGE AND INVESTMENT CENTERS

DIVISION

General Manager - Brokerage DivisionAla’a Al-Yousef+966 1 2256000a.yousef@aljaziracapital.com.sa

AGM-Head of international and institutional brokerageLuay Jawad Al-Motawa +966 1 2256277lalmutawa@aljaziracapital.com.sa

Regional Manager - West and South RegionsAbdullah Al-Misbahi+966 2 6618404a.almisbahi@aljaziracapital.com.sa

Area Manager - Qassim & Eastern ProvinceAbdullah Al-Rahit+966 6 3617547aalrahit@aljaziracapital.com.sa

December2012

1

Astra Industrial Group (Astra)Initiation | KSA | Industrial Investment Sector | Dec 2012

Rating: Overweight

Current Price: SAR37.1

12-month price target: SAR41.0

Upside/(Downside): 10.5%

Key Information

Reuters Code 1212.SE

Bloomberg Code ASTRA AB

Country: KSA

Sector: Industrial Investment

Primary Listing: TASI

M-Cap: SAR 2,749.8

52 Weeks H/L: SAR 45.8 / 32.1

Price Chart

A success story • An industrial conglomerate with varied offering mix - Astra Industrial Group (Astra)

with its existing wide range of products’ offering is categorized among the leading industrial investment company inside the Kingdom; and focusing to become among the prominent industrial investment entity in Middle East & North African (MENA) region. The company’s current product line, through its subsidiaries (please refer to the company’s operational overview in right column), is primarily comprised of pharmaceutical products1 (TPMC is ranked as the 2nd largest pharmaceutical company in KSA), specialty chemical products2 (a leading producers of such chemical in KSA & regional market), polymers product5 and engineering products4.

• Wide geographical presence - According to the company’s 3Q2012 financial statement, the company (through its investments) has strong regional and international presence. However, the level of presence in these respective areas varied from product to product i.e. the company’s is marketing pharmaceutical products in India, African & CIS5 markets, in addition to regional & local markets; whereas, other products are primarily sold inside the Kingdom and other Middle Eastern states.

• Expansions & new projects – Based on the given information, the company’s expansion plans are primarily focusing to fuel the (i) pharmaceutical segment; through the completion of new pharmaceutical plant at Dammam 2013; along with the establishment of commercial partnership with Canadian company to develop influenza vaccines, and (ii) steel & engineering segments; where the expansion is primarily linked with the commencement of commercial operation from newly completed Al Inma steel plant located in Iraq.

• Financial growth - We expect the timely completion of new projects will lead the company’s overall sales revenue to increase at a CAGR of 18.3%; with the noticeable shift in the existing revenues mix. However, the expected stability in profitability margins will lead the company’s net profitability to increase at a CAGR of 19.2%, during 2011-15.

• Investment consideration – We used discounted cash flow (DCF) valuation methodology to arrive at 12-months price target of SAR41.0/share. This indicates the stock at current market price of SAR37.1/share (as of 02nd Dec 2012) is offering a potential upside of 10.5% and trading at a prospective 2013P/E and 2013P/BV of 10.0x and 1.4x, respectively. We, therefore, initiate our coverage on Astra with ‘overweight’ recommendation.

Key risks to valuationThe following key risks are associated with our valuation for the company;

• Health protection regulations - Since pharmaceutical products are highly sensitive so any change in safety or precautionary regulations will force the company to adhere accordingly in respective country; and lead us to make subsequent changes in our estimations & valuations, which will be based on the exposure in respective country.

• Delay in expansion projects - The company’s sales forecasts are primarily based on the successful commencement of projects (mentioned earlier); hence, any unprecedented delay could lead us to make respective changes in our valuation.

• Increase in steel exposure - The expected change in revenue mix (as explained earlier) will lead the company to become more sensitive to steel prices. Hence, any movement in prices beyond our expectations will force us to make respective adjustment in our valuation.

Astra Industrial Group (Astra) established in 2006 and now engaged in the production and selling of pharmaceuticals, specialized chemi-cals and steel structure through the following subsidiaries;

Tabuk Pharmaceutical Manufacturing Co. (TPMC) Astra owns 100% (direct & indirect) stakes; where the principle activities are to manufacture and market numbers of branded generic pharmaceutical products. TPMC has three subsidiaries, of which one is located inside the Kingdom.

Astra Industrial Complex (Astrachem) 100% wholly owned subsidiary; where the operational scope is mainly based on the production and selling of several specialized chemical products including agrochemicals, compound fertilizers and pesticides

Astra Polymers Compounding Co. (Polymers)The subsidiary’s key operational activities are to produce color matchbatch, additives and ther-moplastic compounds for the plastic industry. Astra owns 100% stakes in polymers.

International Building Systems Factory Co. (IBSF)

The wholly owned subsidiary is specialized in design & fabrication of pre-engineered building and steel structure.

Al Tanmiya Co. is 51% owned by Astra group; whereas, the subsidiary owns 100% stakes in Al Inma Co. which is under construction phase & designed to produce steel billets and rebars.

50.0

8,000.0

7,500.0

7,000.0

6,500.0

6,000.0

5,500.0

5,000.0

8,500.0

45.0

40.0

35.0

30.0

25.0

Astra (SAR)-RHSTASI-LHS

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Syed Taimure Akhtar(Senior Analyst)

s.akhtar@aljaziracapital.com.sa+966-2-6618271

1 TPMC products’ offering is primarily based on capsules, ointment, liquids, suppositories and injections. Till date Astra’s pharmaceutical facility has developed and registered more than 200 brands. According to the company’s 2011 annual report; the top selling pharmaceutical products are (i) DIVIDO & RAPIDUS; analgesic and anti-inflammatory, (ii) MEIACT, ZINOXIMORE & FACTIVE; oral antibiotic, (iii) OMIZ; drug treatment for ulcers, (iv) PEDOVEX; anti-platelet agent, (v) EZIPAN; expectorant apothegmatic, (vi)TRIAXONE; antibiotic injection and (vii) TABUNEX; nose sprat antihistamine.2 The product line is broadly based on (i) agriculture chemicals; pesticides, herbicides & fungicides, (ii) public health pesticides, (iii) compound fertilizer; NPK soluble, single fertilizers, suspension & liquid and florabelle & trace elements, (iv) green-house & open field vegetable seeds, (v) potato seeds and (vi) soil substrates and other agriculture inputs. 3 This includes (i) high quality master-batch products, (ii) one or multi-layer blankets that are used in greenhouse, (iii) polyolefin, (iv) styrenics and (v) engineering thermoplastics. 4 Includes (i) pre-engineered steel buildings; usually used in warehousing and production , (ii) steel structure; for heavy industries and (iii) panels & insulated walls; for industrial building. 5 Commonwealth of Independent States

Key financial indicators

SAR mn (unless specified) 2011 2012e 2013e 2014e 2015eRevenues 1,382 1,454 1,966 2,362 2,708 EBITDA 215 221 286 400 532 Net income 248 229 276 380 501 EPS (SAR) 3.3 3.1 3.7 5.1 6.8 P/E 10.5 12.0 10.0 7.2 5.5 P/BV 1.5 1.5 1.4 1.3 1.2 EV/EBITDA 1.8 2.2 1.6 1.3 1.1

Source: Aljazira Capital* We have taken respective December closing prices for 2010 &2011, while for years 2012 & onwards we used closing price of 2nd December 2012.

December2012

2

Source: Aljazira Capital * Country risk is taken from Damodaran’s Jan 2012 country default spreads (CDS) based on Moody’s rating. ** Tadawul All Share Index; a KSA bourse.

Key variables estimations

Valuation summary

The company’s existing highly diversified operation structure remained a key reason that leads us to apply DCF based valuation methodology; where the suitable peer group, with similar scope of operational dimensions, is not available.

The table below highlights the sensitivity of Astra DCF based 12-month price target with different terminal growth & WACC.

DCF based valuation methodology

SAR mn (unless specified) 2011 2012e 2013e 2014e 2015eRevenues 1,382 1,454 1,966 2,362 2,708EBITDA 215 221 286 400 532Margin (%) 15.5% 15.2% 14.5% 16.9% 19.7%EBIT 187 178 231 337 462Margin (%) 13.5% 12.2% 11.7% 14.3% 17.0%Net income 248 229 276 380 501Margin (%) 18.0% 15.7% 14.0% 16.1% 18.5%Cash from operations 23 (251) 234 350 478Total assets 2,962 3,705 3,835 4,004 4,165Shareholders' equity 1,791 1,872 2,000 2,145 2,344Total liabilities & equity 2,962 3,705 3,835 4,004 4,165Free Cash Flow Analysis (FCF)NOPLAT 153 190 254 361 486Depriciation & amortization 28 43 55 63 71Change in net working capital (187) (484) (75) (74) (78)CAPEX (227) (166) (75) (117) (84)FCF (233) (416) 160 233 394Discount Factor 0.99 0.89 0.79 0.71PV of FCF (412) 141 184 279Sum of PV of FCF 193Terminal value 4,589PV of Terminal value 3,249Net present value 3,442Add: Net debts (402)Total equity value 3,039Shares (mn) 74.1DCF based value (SAR/share) 41.0Terminal growth 3.0%WACC 11.9%

Source: Aljazira capital

Sensitivity analysis

Terminal growth rates

WA

CC

41.0 2.0% 2.5% 3.0% 3.5% 4.0%9.9% 49.2 53.0 57.3 62.3 68.210.9% 41.9 44.8 48.1 51.8 56.111.9% 36.1 38.4 41.0 43.8 47.012.9% 31.4 33.3 35.3 37.5 40.013.9% 27.5 29.0 30.7 32.5 34.5

Source: Aljazira Capital

CoE

, 15.

6%

WA

CC

, 11.

9%

ERP,

11.

2%

Cos

t of D

ebt,

3.5%

1.0% 3.0% 5.0% 7.0% 9.0% 11.0% 13.0% 15.0% 17.0%

RFR,

2.7

%

Risk free rate is the sum of - 10 years US bond yield of 2.0%;

and- Country risk premium of KSA

0.7%*

Total market return (TMR) of TASI** is taken at 13.94%from

Bloomberg. The ERP calculation is based on

‘TMR less RFR’

We assumed 69.2% equity financing and 30.8% debt financing as the company’s

prospective capital structure (2012-15) to calculate weighted average cost of

capital (WACC).

We used Capital Asset Pricing Model

(CAPM) to derive the company’s Cost

of Equity; where two years weekly

raw beta of Astra is taken at 1.14 from

Bloomberg

December2012

3

• The group was established in 2008; and act as a holding company to several local industrial projects.

• The listed on KSA exchange in 2008 following a successful IPO; in which Astra issued new share equivalent to 30% of then share capital of SAR630.0mn at SAR42/share (i.e. a premium of SAR32/share).

• At present, 30.0% stakes are owned by general public; whereas, Arab supply & trading corporation owns 43.8% and the remainder is owned by private individuals.

TPMC The company started its commercial operation in 1994 and become a leading producer & manufacturer and seller & distributor of branded generic pharmaceutical products globally. TPMC is a fully owned subsidiary of Astra.

By the end of 2011, the company has developed and registered around 200 products covering a broad range of therapeutic categories. On the other hand, as per 2011 annual report, the company has more than 60 formulations under different stages of development & refrigeration.

The company is ranked as the 2nd largest producer of pharmaceutical products in the Kingdom. The company is planning to expand its production capacity through the construction of new plant in Dammam.

The company has overall capacity to produce (i) 500mn tablets, (ii) 250mn capsules, (iii) 19mn injection vials, (iv) 12mn oral syrups & suspension, (v) 12mn sachets, (vi) 10mn suppositories, (vii) 5mn ointments & creams, (viii) 5mn dry oral suspensions, (ix) 2mn external solutions & lotions, (x) 2mn nasal spray and (xi) 2mn shampoos.

AstraChemA wholly owned subsidiary of Astra was established in 1988 as Astra Agriculture; where the start of new plant laid the foundation for Astra Industrial Complex Company at Dammam in 1995.

Al Tanmiya Co.Al Tanmiya Co. is a Jordanian offshore holding. At present, it is jointly owned by Astra, Al-Massira International Co. and Shamara group (a Jordanian group).

Astra owns 51% stakes in Al Tanmiya Co. that was acquired during late 4Q-2009; with an aim to diversify its operational focus on steel segment.

Astra Mining Company Limited

The company was established in 2011; where, Astra owns 60% stakes. The company was formed to explore mining opportunities within the Kingdom & investing in local min-eral production and downstream industries; based on locally avail-able minerals.

Astra Energy LLCThe company is locat-ed in Jordan and was founded in 2010. The company is currently operated in Iraq with a power generation facil-ity within Al Inma plant; which will be used to generate power re-quired for operating the steel plant. At present, Astra owns 76% stakes in Astra Energy LLC.

IBSFAstra owns 100% stakes (directly 95%; and indirectly 5%).

PolymersThe company was established in 1993; where Astra owns 100% stakes (directly 95%; and indirectly 5%).

Al Bareq Pharmaceutical Manufacturing Company Ltd. (Al Barek)

TPMC owns 95% stakes in Al Barek; whereas, Astra owns the remaining stakes. Hence, Al Bareq is indirectly a wholly owned subsidiary of Astra.

Astra Nova; 67% owned subsidiary of AstraChem; located in Turkey.

Al Inma Company for Constructional Material Production (Al Inma)

Al Inma is 100% owned subsidiary of Al Tanmiya Co.; located in Iraq. The construction of production facility of Al Inma is completed and the plant is ready to start trail operation.

Constab ME Polimer A.S. (CMEP): Polymer purchased CMEP in 2010 with an aim to expand geo-graphically. As per 3Q2012 financial statement, CMEP is a fully owned subsidiary of Polymers.

AstraChem Tashqand; wholly owned subsid-iary of AstraChem; responsible to conduct opera-tions in CIS and located in Uznekistan.

AstraChem Morocco; wholly owned subsidiary of AstraChem; responsible to conduct operations in the Maghreb region.

AstraChem Turkey; wholly owned subsidiary of AstraChem; responsible to conduct operations in Turkey.

AstraChem Jordan; 50% owned JV of AstraChem; responsible to conduct operations in Jordan.

AstraChem Syria; wholly owned subsidiary of AstraChem; responsible to conduct operations in Syria.

AstraChem Saudia; wholly owned subsidiary of AstraChem; responsible to conduct operations in Algeria.

Aggis International Ltd; wholly owned subsidiary of AstraChem; responsible to conduct operations in Western Hemisphere and located in British Virgin Islands.

Tabuk Pharmaceutical Research Company (TPRC) - Jordan

100% owned subsidiary of TPMC; responsible to carry out operations in Jordan.

Tabuk Pharmaceutical Company Limited (TPCL) - Sudan

Astra, through TPMC, acquired 80% stakes in Sudanese pharmaceutical company in 2010; where, TPMC acquired the remaining 20% stakes in 1Q-2012 (as appeared in the respective quarter financial statement). According to the given information, TPCL is considered as a gateway for TPMC to Horns of Africa and Sub Saharan countries.

Astra Industrial Group (Astra)

December2012

4

We believe the company’s capability to sustain its growth trajectory is broadly based on its diversification strategy; where the key aim is to intact with the businesses having reasonable growth potential (as we witnessed in past the company’s frequent divestments and acquisitions). On the other hand, the expansion in existing product line i.e. pharmaceuticals and commencement of recently completed steel facility in Iraq will also remain crucial in the company’s future growth.

(i) Expansion in pharmaceutical products; Expansion in pharmaceutical products; Astra has started the construction of new pharmaceuticals production facility at Dammam; which is expected to commence its commercial operations in early 1Q-2014. According to the given information, the start of new plant will make the addition of new capacity; on the other hand, it will also lead to ease operational load from existing facility. Consequently, the company would be able to focus in product specialization and attain more operation & functional efficiencies. It should be noted that the construction activities at the facility will complete in 2H-2013; where the late commercial start is mainly associated with the regulations and approvals issues.

(ii)Steel plant in Iraq; Based on the given information, Al Inma plant at Iraq (with a designed capacity to produce 435K tonne and 560K tonne of steel billets and rebar, respectively) is ready for trail operation, we, therefore, believe the newly constructed facility will commence its operation in early 1Q-2013. We expect the company’s main objective to enter in Iraq is to capitalize the upcoming demand of steel to re-build the country’s infrastructure. Furthermore, the huge influx of steel capacity will also lead to lift the revenue contribution from engineering & construction segment (which is, at present, primarily based on IBSF operation) in the company’s overall sales revenue. Consequently, we are anticipating the noticeable shift in the company’s revenue mix during 2012-15; as indicated in the following charts:

Based on our calculations, the company’s sales revenue will increase at a CAGR of 18.3%, during 2011-15; whereas, the expected improvement in operational efficiency will provide the company to overcome the rise in cost (on account of expansions). Thus, the company is expected to sustain its gross margin at 40.0% in 2015. Consequently, the company’s operating income is expected to increase at a CAGR of 25.4%, during 2011-15, which will lead the company’s net profitability to increase at a CAGR of 19.2%, during 2011-15.

Key growth factors & financial growth

Net profitability growth

Source:Companyannualreports&AljaziraCapital

Sales revenue composition 2011

Source:Company’sannualreports&Aljaziracapital

Sales revenue composition 2015e

Source:Company’sannualreports&Aljaziracapital

7.6%

23.3%

5.2%

35.2%

20.1%

14.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

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2010 2011 2012e 2013e 2014e 2015e

Net profitability (SARmn) - LHS YoY growth (%) - RHS

Pharmaceuticals segment, 39.4%

Speciality chemicals, 37.6%

Engg. & construction, 22.9%

Pharmaceuticals segment, 26.8%

Speciality chemicals, 22.7%

Engg. & construction,

50.5%

December2012

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Financial Statements

SAR mn (unless specified) 2010 2011 2012e 2013e 2014e 2015e Income statement Sales revenues 1,120 1,382 1,454 1,966 2,362 2,708 Cost of sales (613) (828) (837) (1,185) (1,428) (1,627) Gross profit 508 554 617 781 934 1,081 Selling & marketing expenses (219) (222) (244) (282) (293) (299) General & administration expenses (103) (131) (186) (254) (288) (301) Research & development (11) (14) (9) (14) (17) (19) Operating profit 175 187 178 231 337 462 Share in net gain/(loss) of unconsolidated subsidiaries & associates (5) (0) 2 - - - Financial charges (12.9) (16.3) (19.7) (25.0) (30.3) (36.9) Other income, net 65 61 39 27 28 29 Income from continuing operation before minority interest 222 232 199 233 335 454 Gain on sale of a subsidiary 29 - - - - - Minority interest 9 16 30 43 45 47 Net income attributable to the parent company 259 248 229 276 380 501 Balance sheet Cash and bank balance 188 119 123 135 140 160 Other current assets 1,782 1,722 2,334 2,430 2,537 2,662 Property plant & equipment 873 1,072 1,195 1,214 1,269 1,282 Other non-current assets 45 49 53 55 58 61 Total assets 2,889 2,962 3,705 3,835 4,004 4,165 Total current liabilities 819 845 1,439 1,431 1,444 1,396 Murabaha loan 103 - - - - - Other non-current liabilities 222 284 351 360 369 378 Minority interest 61 42 43 44 45 46 Share capital 741 741 741 741 741 741 Statutory reserves 407 407 407 407 407 407 Retained earnings 541 658 734 862 1,009 1,208 Foreign currency translation reserve (4) (9) (7) (7) (8) (8) Change in fair value of cash flow hedges - (6) (3) (3) (3) (3) Total shareholders equity 1,684 1,791 1,872 2,000 2,145 2,344 Total equity & liability 2,889 2,962 3,705 3,835 4,004 4,165 Cash flows statement Cash flow from operating activities 159 23 (251) 234 350 478 Cash flow from investing activities (621) 57 (134) (55) (104) (82) Cash flow from financing activities 562 (150) 388 (167) (242) (377) Change in Cash 99.6 (69.6) 4.3 12.1 4.7 19.8 Net Cash at End 188 119 123 135 140 160 Key fundamental ratios Current ratio (x) 2.4 2.2 1.7 1.8 1.9 2.0 Cash ratio (x) 0.2 0.1 0.1 0.1 0.1 0.1 Gross profit margin 45.3% 40.1% 42.5% 39.7% 39.6% 39.9% Operating margin 15.6% 13.5% 12.2% 11.7% 14.3% 17.0% Net profit margin 23.1% 18.0% 15.7% 14.0% 16.1% 18.5% EBITDA margin 18.2% 15.5% 15.2% 14.5% 16.9% 19.7% ROAA 10.43% 8.48% 6.9% 7.3% 9.7% 12.3% ROAE 15.4% 13.9% 12.2% 13.9% 17.9% 21.9% Debt / equity (x) 0.3 0.3 0.5 0.5 0.4 0.4 EV/revenues (x) 2.3 1.8 2.2 1.6 1.3 1.1 EV/EBITDA (x) 10.6 12.6 11.9 14.3 10.9 7.7 EPS (SAR) 3.5 3.3 3.1 3.7 5.1 6.8 Book value per share (SAR) 22.7 24.2 25.3 27.0 28.9 31.6 Market price (SAR) * 39.0 35.2 37.1 37.1 37.1 37.1 Market capitalization (SAR mn) 2,890.6 2,608.9 2,749.8 2,749.8 2,749.8 2,749.8 Dividend Yield 3.2% 4.3% 4.7% 4.5% 7.6% 10.0% P/E ratio (x) 11.2 10.5 12.0 10.0 7.2 5.5 P/BV ratio (x) 1.7 1.5 1.5 1.4 1.3 1.2

Source: Company financial reports & Aljazira Capital * we have taken respective Dec end prices for 2010 & 2011, while for years 2012 & onwards we used closing price of 2nd December 2012.

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Overweight: This rating implies that the stock is currently trading at a discount to its

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potential of over 10% from the current price levels over next twelve months.

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over 10% from the current price levels over next twelve months.

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company.

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Disclaimer

The purpose of producing this report is to present a general view on the company/economic sector/economic subject under research, and not to recommend a buy/sell/hold for any security or any other assets. Based on that, this report does not take into consideration the specific financial position of every investor and/or his/her risk appetite in relation to investing in the security or any other assets, and hence, may not be suitable for all clients depending on their financial position and their ability and willingness to undertake risks. It is advised that every potential investor seek professional advice from several sources concerning investment decision and should study the impact of such decisions on his/her financial/legal/tax position and other concerns before getting into such investments or liquidate them partially or fully. The market of stocks, bonds, macroeconomic or microeconomic are of a volatile nature and could witness sudden changes without any prior warning, therefore, the investor in securities or other assets might face some unexpected risks and fluctuations. All the information, views and expectations and fair values or target prices contained in this report have been compiled or arrived at by AlJazira Capital from sources believed to be reliable, but AlJazira Capital has not independently verified the contents obtained from these sources and such information may be condensed or incomplete. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information and opinions contained in this report. AlJazira Capital shall not be liable for any loss as that may arise from the use of this report or its contents or otherwise arising in connection therewith. The past performance of any investment is not an indicator of future performance. Any financial projections, fair value estimates or price targets and statements regarding future prospects contained in this document may not be realized. The value of the security or any other assets or the return from them might increase or decrease. Any change in currency rates may have a positive or negative impact on the value/return on the stock or securities mentioned in the report. The investor might get an amount less than the amount invested in some cases. Some stocks or securities maybe, by nature, of low volume/trades or may become like that unexpectedly in special circumstances and this might increase the risk on the investor. Some fees might be levied on some investments in securities. This report has been written by professional employees in AlJazira Capital, and they undertake that neither them, nor their wives or children hold positions directly in any listed shares or securities contained in this report during the time of publication of this report. This report has been produced independently and separately and no party (in-house or outside) who might have interest whether direct or indirect have seen the contents of this report. It should be also noted that the Research Division of AlJazira Capital had no information at the time of issuing this report regarding any conflict of interest between the company/companies mentioned in this report and any members of the board / executives / employees of AlJazira Capital or any of Bank AlJazira Group companies. No part of this document may be reproduced whether inside or outside the Kingdom of Saudi Arabia without the written permission of AlJazira Capital. Persons who receive this document should make themselves aware, of and adhere to, any such restrictions. By accepting this document, the recipient agrees to be bound by the foregoing limitations.

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