ABOUT BELTONE FINANCIAL

Beltone Financial is one of the MENA's fastest-growing investment banks, offering a full range of financial services to institutions and high-net-worth individuals in the region as well as to international investors based in Europe, North and Latin America and Asia.

www.beltonefinancial.com


Beltone's business divisions include:

Beltone Securities Brokerage (Cairo) which commands an 8% share of daily trading on the Cairo and Alexandria Stock Exchange (CASE). Ranked among the top 12 brokerages nationwide, Trust's client base is 40% retail (high-net-worth individuals) and 60% institutional.

Beltone Financial Securities Emirates (Dubai and Abu Dhabi) recently was granted a license to operate investment banking and brokerage activities in the United Arab Emirates and will be operational in early 2008.

Beltone Research (Cairo) is a leading provider of independent equity research on companies listed in Egypt and the GCC. Our publications range from company-specific analysis to specialized industry reports and economic analysis.

Beltone Investment Banking (Cairo) has developed an impressive pipeline of business including the sole lead manager mandate for the upcoming Bank of Alexandria IPO.  In addition to IPO's, IB focuses on: mergers and acquisitions, corporate restructuring, equity financing, corporate finance advisory and specialized services. Landmark transactions in the past twelve months include work for Weather Investments, Raya Holding, Vodafone, KABO and Enjoy, among many others.

Beltone Asset Management (Cairo) offers a broad range of portfolio management and mutual fund products to leading local banks and institutional investors.

BMG Financial Group (Riyadh), granted one of the first licenses under the Saudi Capital Market law, provides a full range of financial advisory services with particular emphasis on merger and acquisition transactions and public offerings through offices in Jeddah and Damascus.

MENA Capital (London) provides specialized investment management and advisory services from its headquarters in London and an office in Istanbul. In spring 2006, it launched the Middle East and North Africa's first hedge fund.

Beltone Private Equity (Cairo) is currently raising its first fund in partnership with Hazem Barakat. The fund will seek opportunities including existing private-sector companies, privatization offerings and turnarounds. The fund may also consider greenfield projects.

RISK FACTORS

An investment in MENA securities involves certain risks, including the risks specified below:


Emerging Market Risk
While the prospects for economic growth in MENA markets are considerable, generally accepted accounting, auditing and financial reporting practices in those markets may be, and frequently are, significantly different from those in developed markets. In relation to mature markets, some MENA markets may have a low level of regulation, enforcement of regulations and monitoring of investment activities. The securities markets of MENA markets are not as large as more established securities markets and may at times have substantially less trading volume, resulting in high price volatility and a lack of liquidity. The MENA markets have at times exhibited high volatility and sudden declines in prices and therefore cannot be assured to give stable and/or positive returns in the future.

Currency Risk
Most MENA markets operate under a fixed exchange rate regime with their currencies pegged to that of the U.S. Dollar. Any shift in the fixed exchange rate of a country may potentially expose investors to adverse fluctuation in returns.

Term of Investment
Equity investments by their nature are high-risk investments with possible sudden decline in prices due to various factors resulting in a potential loss of capital.

Liquidity
In many MENA markets, the liquidity and marketability of quoted securities may be limited due to lack of depth and narrow investor participation. The market capitalization of these markets is lower than that of more developed markets.

Economic and Political Stability
Investment in MENA markets may carry a high degree of economic and political risks. The economies of MENA markets while striving to diversify are primarily oil driven economies. A prolonged period of low oil prices can potentially affect the economic health of the MENA economies and may result in an overall recession in the region.


The foregoing is not a comprehensive list of investment risk factors, and potential investors are urged to consult with their professional advisors as to the legal, regulatory, tax and business risks involved in investing in MENA markets.

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