The Tax Appeals Committee ordered Housing and Development Bank [HDBK.CA] yesterday to pay EGP100 million to the Tax Authority for the years 2005-09. The tax obligation refers back to HDB getting breaks on T-Bills. The committee announced that it is in negotiations with HDB over the means of payment and that HDB has the right to appeal the court's ruling. HDB had booked a booked a provision of EGP157 million in 9M2015 for a potential tax liability arising from this case; hence, it should not have an impact on 4Q2015 or FY2016 results. (Al Borsa, Elena Sanchez-Cabezudo, CFA)   Housing & Dev. Bank: EGP21.16 as of 08 February 2016, Rating: Buy, FV: EGP29.65 per share, MCap: USD342 million, HDBK EY / HDBK.CA