Please read the following terms and conditions carefully

The following are the terms and conditions for use of the AF Securities website (the "Site") and by accessing this Site you agree to be bound by them. The term "AF Securities" when used herein refers to AF Securities SAE (registered within the FRA license # 435).

Use of Site

AF Securities may in its sole discretion terminate your access to or use of this Site for any reason, including without limitation where we believe that you have not acted in accordance with the terms and conditions of this Site.

Regulator and responsibility

AF Securities Brokerage, S.A.E. (incorporated in Egypt) is authorized and regulated as a brokerage firm by the Egyptian Financial Regulatory Authority (FRA).

Purpose

Any information, communication or document provided by AF Securities is provided for informational purposes only. Nothing contained in any communication or document constitutes investment, legal, tax or other advice or guidance and should be disregarded when considering or making investment decisions. In preparing any communication or document, AF Securities did not consider the investment objectives, financial situation and particular needs of any particular person. Accordingly, before acting on any communication or document, investors should independently evaluate their investments and strategies and make their own determination of whether it is appropriate in light of their own financial circumstances and objectives.

Accuracy of information

The information contained on this Site or any communication or document from AF Securities is based on current trade, statistical and other public information we consider reliable. We do not represent or warrant that such information is accurate or complete and it should not be relied upon as such. Any opinions expressed reflect judgement at the date of issue of the relevant report and are subject to change without notice. Any mention of market rumours has been derived from the markets and is not purported to be fact or reflect our opinions. AF Securities has no obligation to update, modify or amend this document or to otherwise notify a recipient thereof in the event that any opinion, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. Any pricing is indicative and does not, and is not intended to, constitute either an offer to buy or sell nor a representation that a purchase or sale can be affected at that price. Past performance is not indicative of future results. AF Securities may, where permitted by law, act upon material available on the Site prior to its publication on the Site.

Sales and Marketing Restrictions

The restrictions in this section apply to all communications by or from AF Securities, including all matters on this Site, on any email, letter, facsimile, SWIFT or other communication sent by or from AF Securities and in any AF Securities document.

• No communication by AF Securities should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction, or to provide any investment advice or service unless expressly provided to the contrary in an AF Securities document in accordance with its terms.
• Any communication by AF Securities containing an offer or an invitation to subscribe for or purchase securities, or otherwise including an investment communication, is directed at and being distributed only to investors or prospective investors who meet certain qualifications and to whom any investment or service may be offered or promoted without breach of any applicable laws. No communication by AF Securities shall constitute an offer or invitation to subscribe for, or purchase, any securities in any jurisdiction in which it is unlawful to make to such person such an offer or invitation without compliance with any registration or other legal requirements. The distribution of any such communication in certain jurisdictions may be restricted and, accordingly, persons into whose possession such communication comes are required to inform themselves about, and observe, such restrictions.
• AF Securities expects it clients to make their own independent decision as to whether to enter a transaction and as to whether that transaction is appropriate or proper for it or its customers based upon its own judgment. Clients should not rely on any communication (written or oral) of AF Securities or its directors, officers, and employees as investment advice or as a recommendation to enter that particular transaction; it being understood that any recommendation by AF Securities will be of a non-specific nature on the basis of general trends and certain assumptions and without reference to the Client's particular circumstances. No communication (written or oral) received from AF Securities will be deemed to be an assurance or guarantee as to the expected results of that transaction.

AF Securities will make available to clients on its research distribution list any proprietary and non-proprietary research, market information and other publications that it from time to time prepares and makes available to its clients. AF Securities endeavours to, but does not warrant that, all clients on the research distribution list will receive the research at the same time as all other clients.

Research will only be provided to clients for information purposes and may not be relied upon, or copied, distributed, or quoted without AF Securities's prior written consent. Research must not be interpreted as an offer or solicitation for the purchase or sale of any investment. AF Securities shall not be liable for any losses a client incurs as a result of reliance on our research.

While AF Securities takes reasonable care to ensure that information contained in our research is true and not misleading at the time of publication, AF Securities does not make any representation about its accuracy or completeness. Clients should be aware that information contained in research is subject to change without notice and without any obligation to inform the client of that change. AF Securities may own or have a financial interest in securities which are referred to in our research.

AF Securities's investment research is based on the analysis of regional and country economics, industries, and company fundamentals.

In certain circumstances, ratings may differ from those implied by a fair value target using the criteria above. AF Securities's policy is to maintain up-to-date fair value targets on the companies under its coverage, reflecting any material changes to the analyst's outlook on a company. Share price volatility may cause a stock to move outside the rating range implied by AF Securities's fair value target. Analysts may not necessarily change their ratings if this happens but are expected to disclose the rationale behind their view to AF Securities's clients.

Risk warnings

Any prices, valuations or forecasts are indicative and are not intended to predict actual results, which may differ substantially from those reflected.

The value of an investment may go up as well as down. The value of and income from any investment may fluctuate from day to day because of changes in relevant economic markets (including, without limitation, foreseeable or unforeseeable changes in interest rates, foreign exchange rates, default rates, prepayment rates, political or financial conditions, etc.).

Past performance is not indicative of future results. Any opinions, estimates, valuations, or projections (target prices and ratings in particular) are inherently imprecise and a matter of judgement. They are statements of opinion and not of fact, based on current expectations, estimates and projections, and rely on beliefs and assumptions. Actual outcomes and returns may differ materially from what is expressed or forecasted. There are no guarantees of future performance.

Communications or documents do not propose to identify or to suggest all the risks (direct or indirect) which may be associated with the investments and strategies referred to herein.

Conflict

AF Securities provide full brokerage services, and they and their directors, officers, and employees, may take positions which conflict with the views expressed in any communication or document. Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients and our proprietary trading desks that reflect opinions that are contrary to the opinions expressed in any communication or document.

Facts and views presented in any communication or document have not been reviewed by, and may not reflect information known to, professionals in other AF Securities business areas.

Forward Looking Statements

Any statements in any document or communication that are not historical facts are forward-looking statements. These forward-looking statements are based on current expectations, estimates and projections, and rely on beliefs and assumptions. Words such as "expects", "targeted", "anticipates", "should", "intends", "plans", "believes", "seeks", "estimates", "forecasts", "projects", variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict. Therefore, actual outcomes and returns may differ materially from what is expressed or forecasted in such forward-looking statements.

No warranty

Although AF Securities has taken all reasonable care to ensure that the information provided on this Site is accurate, we give no warranties of any kind. ALL CONTENT AND THE WEB SITE ITSELF ARE PROVIDED "AS IS" WITHOUT ANY WARRANTY OF ANY KIND. AF SECURITIES MAKES NO REPRESENTATIONS OR WARRANTIES AND, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY EXPRESSLY DISCLAIMS ANY AND ALL EXPRESS, IMPLIED AND STATUTORY REPRESENTATIONS AND WARRANTIES OF ANY KIND TO USER AND/OR ANY THIRD PARTY INCLUDING, WITHOUT LIMITATION, ANY WARRANTY AS TO ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, AND/OR FREEDOM FROM COMPUTER VIRUS. Opinions and any other content on the Site are provided by us for personal use and informational purposes only and are subject to change without notice. Nothing contained on the Site constitutes investment, legal, tax or other advice and is not to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision.

No liability

AF Securities will accept no liability in any event including (without limitation) negligence for any damages or loss of any kind, including (without limitation) direct, indirect, incidental, special or consequential damages, expenses or losses arising out of, or in connection with your use or inability to use the Site, or in connection with any error, omission, defect, computer virus or system failure, or loss of any profit, goodwill or reputation, even if expressly advised of the possibility of such loss or damages, arising out of or in connection with the access of, use of, performance of, browsing in or linking to other sites from this Site. We reserve the right to modify, suspend or discontinue, temporarily or permanently, the Site or any part of it, with or without notice, at any time. You agree that we shall not be liable to you or to any third party for any such modification, suspension, or discontinuance of the Site.

Copyright

The entire content of this Site is subject to copyright with all rights reserved and the information held is for your own personal use only. You may reproduce this information in hard copy solely for your personal use. The information may not otherwise be reproduced, distributed, or transmitted to any other person or incorporated in any way into another document or other material. The information and software on this Site may not be taken out of context or presented in an unfair, misleading, or discriminating manner. You agree not to remove any copyright notice or other notice signifying AF Securities or any third party's intellectual property rights. Except as expressly provided herein, nothing contained on this Site shall be deemed or construed to confer any license or right, expressly, by implication, estoppel or otherwise, under any of AF Securities's intellectual property rights.

Trademarks and Service marks

Our logos, trademarks and service marks on this Site may not be used without our prior written consent.

Translations

This Site and any AF Securities document or communication may be translated into other languages. Any such translation shall have the same meaning as the Arabic language version. To the extent that there is any inconsistency between the Arabic language version and any translated version, the Arabic language version will prevail, except, to the extent (but only to the extent) required by the laws of any jurisdiction.

Governing law

Egyptian law governs these terms and conditions, and you agree that the Egyptian Courts shall have exclusive jurisdiction to determine any matter or dispute in connection with or arising out of this Site and these terms and conditions.