Weekly 13 April 2014

Aditya Pugalia

Analyst

+971 4 230 7802

adityap@emiratesnbd.com

Equity Weekly Global Equities Global equities declined as concerns over valuations among developed market stocks saw investors hedge their bets ahead of the earnings season. Emerging market and Frontier market stocks remained an exception on a relatively better valuation matrix. The MSCI Emerging Market index is currently trading at 11.9x earnings compared to the MSCI World index which is trading at 17.5x earnings. The MSCI World index lost -2.3% 5d as weakness in G7 markets persisted. The MSCI G7 index dropped -2.6% 5d. Volatility increased across the board with the VIX index adding +22.0% 5d, the VDAX index +21.9% 5d and the VHSI index +12.2% 5d. While earnings in developed markets will be keenly watched, investors will also keep an eye on key economic data including the GDP data coming out of China next week. Within GCC, we could see cautious trading amid heightened volatility in global markets even as earnings season gathers pace.

MENA Markets MENA markets shrugged off volatility in global markets to have yet another strong week of trading. The S&P Pan Arab Composite index (+1.5% 5d) rallied for a third consecutive week. All major markets except the Tadawul index (-0.5% 5d) closed in positive territory. UAE bourses and the Qatar Exchange continued to outperform their regional peers as investors positioned themselves ahead of formal inclusion in the MSCI Emerging Market index sometime in May 2014. With increased liquidity the number of stocks eligible for inclusion in the index has increased, thereby raising the possibility of an increased weightage on the index and the sub-indices. Both the DFM index (+4.8% 5d) and the ADX index (+5.0% 5d) made sharp gains for the week. Emirates NBD gained +11.0% 5d on positive news flow around Dubai World. The DFM stock rallied +5.0% after the CEO of ICD said that the merger between the DFM and ADX exchange may take place very soon. The Tadawul declined -0.5% for the week as the earnings season got off to a muted start. The Tadawul Banking index declined -0.8% 5d as most banks reported earnings that were either inline or marginally missing estimates. Saudi Fransi Bank (+2.2% 5d) was an exception as it beat estimates by 11.0%. Among retail stocks, Almarai declined -1.5% 5d as it reported earnings that missed estimates by 7.7%.

Developed Markets US equities had a volatile week as investors expressed concern over valuations at the start of the earnings season even as the Fed minutes allayed fears of an earlier than anticipated rate hike. The volatility in the US equities had a spillover effect on European equities as investors locked their gains after three consecutive weeks of strength. Within the US equities, technology stocks continue to suffer the most with the Nasdaq index losing -3.1% 5d. It is worth noting that the Nasdaq index trades at 35x reported earnings, double the ratio for the S&P 500 index which trades at about 17x reported earnings. JP Morgan, the first major bank to report earnings, declined -7.5% 5d as it reported earnings that missed analysts’ estimates. Technology stocks on the Euro Stoxx 600 index followed the trend of its US peers as they dropped -4.1% 5d. Logitech International dropped -9.2% 5d while Infineon Technologies declined -6.9%. The Nikkei 225 index dropped -7.3% 5d to take its year to date declines to -14.3%. Strength in JPY (+1.6% 5d) coupled with company specific news weighed on the market. Toyota Motors declined -8.3% 5d after the company announced one of the biggest recalls in automotive history. Hong Kong Exchanges & Clearing Ltd rallied +12.0% 5d after confirming plans for share investing between the Hong Kong and Shanghai bourses.

Emerging Markets Emerging market equities outperformed global equity markets with the MSCI Emerging Market index adding +1.3% 5d compared to a decline of -2.2% 5d in the MSCI World index. The China’s Shanghai Composite index was a standout performer as it rallied +4.2% 5d to move into positive territory for the year (+0.7% ytd). Latin American markets exhibited strength with the MSCI EM Latin America index adding +2.1% 5d. Gains in commodity prices (S&P GS Commodity index +1.1% 5d) boosted the rally in Latin American stocks.

Major Equity Markets

MENA Sector PE/EPS Growth 2014E

MENA Equity Indices PE/EPS Growth 2014E

Developed Market Indices PE/EPS Gr. 2014E

Source: Bloomberg, Emirates NBD Research, BEst – Bloomberg Estimates

MENA Sector PB/ROA 2014

MENA Equity Indices PB/ROA 2014

Developed Market Indices PB/ROA 2014

Real Estate

Construction & building

materials

Food & retail

Petrochemicals & fert

Industrial

Transport & logistics

Banks

Telecom

y = 0.0064x + 0.1562 R² = 0.0112

-20%

0%

20%

40%

60%

4.0 12.0 20.0 28.0

EP

S G

row

th 2

014

BEst PE 2014

ADX

Tadawul

MSM

DSM

MADEX

y = -0.0145x + 0.3228 R² = 0.1079

0%

10%

20%

8.0 9.0 10.0 11.0 12.0 13.0 14.0

EP

S G

row

th 2

014

BEst PE 2014

Dow Jones

S&P 500

FTSE 100

Dax

Cac 40

SMI

Nikkei

AS51 Index

Stoxx 600

y = 0.0104x - 0.0183 R² = 0.3491

6%

9%

12%

15%

18%

10.0 15.0 20.0

EP

S G

row

th 2

014

BEst PE 2014

Real Estate Construction &

building materials

Food & retail

Petrochemicals & fert

Energy & utilities

Industrial

Transport & logistics

Banks

Telecom

y = 2.959x + 0.2413 R² = 0.5245

0.0

5.0

10.0

15.0

0.0 1.0 2.0 3.0 4.0 5.0

BE

st R

OA

2014

BEst PB 2014

DFM ADX

Tadawul

ISE 100 MSM

DSM

y = 0.9582x + 1.4115 R² = 0.149

1.0

2.0

3.0

4.0

1.0 1.5 2.0

BE

st R

OA

2014

BEst PB 2014

Dow Jones

S&P 500

Nasdaq

FTSE 100

Dax

Cac 40 SMI Nikkei

AS51 Index

Stoxx 600

y = 3.2311x - 3.1622 R² = 0.6268

0.0

3.0

6.0

9.0

1.0 2.0 3.0

BE

st R

OA

2014

BEst PB 2014

Major Equity Markets

Emerging Market Indices PE/EPS Gr. 2014E

Source: Bloomberg, Emirates NBD Research, BEst – Bloomberg Estimates

Emerging Market Indices PB/ROA 2014

Hong Kong

Shanghai

Korea Sensex Nifty

Karachi

Taiwan Bovespa

Micex Jo'burg

Vietnam

Jakarta

Malaysia

Mexico

y = 0.0065x + 0.0495 R² = 0.1997

0%

7%

14%

21%

28%

35%

0.0 6.0 12.0 18.0

EP

S G

row

th 2

014

BEst PE 2014

Hong Kong Shanghai

Korea

Sensex

Nifty Karachi

Taiwan Bovespa

Micex Vietnam

Jakarta

Malaysia

Mexico

y = 2.3108x + 1.9159 R² = 0.0368

0.0

3.0

6.0

9.0

0.0 1.0 2.0 3.0B

Est R

OA

2014

BEst PB 2014

MENA Markets

MENA Equity Indices (5d% chg)

Benchmark Equity Indices

Index

BEst

P/E

BEst

P/B

Div

Yield

5d

chg

1m

chg Ytd

MSCI World 14.94 1.93 2.66 -2.3% -0.2% -1.4%

MSCI G7 14.86 1.95 2.46 -2.6% -0.8% -2.2%

MSCI Emerging

Markets 10.23 1.29 3.15 1.3% 8.3% 1.3%

MSCI Frontier

Markets 12.42 1.71 3.75 2.9% 9.5% 10.8%

S&P Pan Arab 13.75 1.76 3.12 1.5% 4.8% 13.3%

MENA Equity Indices

Index Last Price 5d chg

T.Value 5d avg

(USD mn) BEst P/E BEst P/B Div Yield

% above 200d

MA

DFM 4,839 221.1 544.6 18.4 1.9 2.1 95.5

ADX 5,172 248.4 331.0 14.5 2.0 3.5 91.9

Tadawul 9,509 -49.9 3,133.6 14.9 2.2 3.1 86.5

ISE 100 72,736 153.5 1,498.3 10.7 1.3 2.3 54.0

EGX 30 7,899 198.4 75.3 5.9 0.7 2.4 90.0

KWSE 7,574 1.4 117.4 - - 3.9 40.3

Bahrain 1,382 14.7 3.2 - - 5.0 81.3

MSM 6,809 33.6 27.0 11.7 1.6 3.9 60.0

Qatar Exchange 12,397 413.3 218.9 13.8 2.2 4.1 100.0

MADEX 7,843 71.2 5.6 13.6 2.1 4.2 88.5

TUSISE 4,590 11.8 1.3 - - 2.2 45.5

DUAE INDEX 4,482 282.6 618.8 - - 2.1 100.0

DKUW INDEX 4,429 25.3 - - - - -

DQAT INDEX 7,291 211.6 115.8 - - 4.1 100.0

DKUS INDEX 3,389 14.0 39.0 - - 4.0 57.1

DQAS INDEX 9,476 352.0 143.0 - - 4.3 100.0

Relative to Benchmark Indices

Index PE PB Dvd Yld Index PE PB Dvd Yld

Relative to S&P Pan Arab Relative to MSCI Emerging Market Index

DFM 34.0% 10.0% -33.3% EGX 30 -42.4% -46.3% -24.2%

ADX 5.2% 12.7% 11.3% MADEX 32.9% 64.2% 33.3%

Tadawul 8.2% 22.6% -0.2% ISE 100 4.6% 0.5% -26.8%

KWSE - - 26.5%

Bahrain -50.1% -57.3% 59.2%

0.3%

0.9%

0.2%

2.6%

0.5%

1.1%

0.0%

3.5%

-0.5%

5.1%

4.8%

-4% 0% 4% 8%

TUSISE

MADEX

ISE 100

EGX 30

MSM

Bahrain Bourse

KWSE

DSM

Tadawul

ADX

DFM

Index PE PB Dvd Yld Index PE PB Dvd Yld

MSM -15.1% -11.7% 24.5%

Qatar

Exchange

0.3% 24.0% 31.3%

TUSISE - - -28.8%

Source: Bloomberg, Emirates NBD Research, BEst – Bloomberg Estimates

Developed Markets

Developed Market Equity Indices (5d% chg)

Emerging Market Equity Indices (5d% chg)

Equity Indices

Index Last Price 5d chg

T.Value 5d avg

(USD mn) BEst P/E BEst P/B Div Yield

% above 200d

MA

Dow Jones 16,027 -386.0 5,785.8 14.5 2.6 2.4 70.0

S&P 500 1,816 -49.4 34,355.8 15.5 2.4 2.1 73.0

Nasdaq 4,000 -128.0 23,186.3 19.8 3.1 1.2 54.2

FTSE 100 6,562 -133.9 6,954.2 13.4 1.8 3.9 62.0

Dax 9,315 -380.5 4,515.4 13.1 1.6 3.0 66.7

Cac 40 4,366 -118.7 5,062.0 13.7 1.4 3.5 70.0

Swiss 8,299 -204.2 2,904.8 15.9 2.5 3.3 70.0

Nikkei 13,960 -1103.7 13,960.9 15.7 1.4 1.8 28.7

Australia 5,429 5.8 3,206.2 15.3 2.0 4.4 66.0

Stoxx 600 329 -10.4 36,170.0 14.4 1.7 3.5 71.0

Emerging Markets & Frontier Markets

Hong Kong 23,004 493.6 4,385.0 10.5 1.3 3.4 64.0

Shanghai 2,131 86.8 17,594.4 8.3 1.2 2.9 60.9

Korea 1,997 9.4 3,762.5 - - 1.1 63.9

Sensex 22,629 119.9 73.8 14.4 2.3 1.4 90.0

Nifty 6,776 40.2 1,333.9 14.0 2.2 1.5 94.0

Karachi 29,249 841.4 113.9 8.6 1.9 4.8 93.9

Taiwan 8,908 19.5 3,114.4 9.5 0.9 2.7 76.2

Bovespa 51,867 785.5 2,861.8 10.4 1.1 4.6 56.9

Micex 1,362 -20.0 1,243.7 4.6 0.5 4.2 37.8

Jo'burg 1,362 -315.3 1,720.9 14.4 1.6 2.9 79.1

Vietnam 601 11.1 97.2 13.2 2.3 2.8 90.1

Jakarta 4,389 -34.4 695.5 15.2 2.7 2.0 30.9

Malaysia 1,853 -4.0 292.7 16.4 2.2 3.3 75.9

Mexico 40,381 -217.6 464.2 18.6 2.4 1.9 34.3

Source: Bloomberg, Emirates NBD Research, BEst – Bloomberg Estimate

0.1%

-7.3%

-3.1%

-2.4%

-2.7%

-3.9%

-2.0%

-3.1%

-2.7%

-2.4%

-8% -7% -6% -5% -4% -3% -2% -1% 0% 1%

S&P / ASX 200

Nikkei

Stoxx 600

SMI

CAC 40

DAX

FTSE 100

Nasdaq

S&P 500

DJIA

2.2%

4.2%

0.5%

0.5%

0.6%

3.0%

0.2%

1.5%

-1.5%

-0.7%

1.9%

-0.8%

-0.2%

-0.5%

-2% -1% 0% 1% 2% 3% 4% 5%

Hang Seng

SHCOMP

KOSPI

Sensex

Nifty

KSE 100

TWSE

Bovespa

Micex

FTSE / JSE Africa

Ho Chi Minh

JSE

KLCI

MEXBOL

Relative to Benchmark Indices

Index PE PB Dvd Yld Index PE PB Dvd Yld

Relative to MSCI G7 Index Relative to MSCI Emerging Markets Index

Dow Jones -2.5% 35.7% -3.3% Hong Kong 2.3% -1.2% 7.6%

S&P 500 4.3% 21.3% -13.1% Shanghai -19.3% -9.7% -9.3%

Nasdaq 32.9% 57.4% -49.6% Korea - - -64.9%

FTSE 100 -9.8% -8.4% 56.4% Sensex 40.5% 79.2% -54.3%

Dax -11.9% -18.2% 21.1% Nifty 37.0% 73.6% -53.7%

Cac 40 -7.6% -28.6% 43.0% Karachi -16.0% 48.2% 52.5%

Swiss 7.1% 27.8% 34.9% Taiwan -7.2% -26.7% -14.4%

Nikkei 5.4% -28.7% -25.3% Bovespa 2.0% -13.5% 45.1%

Australia 3.2% 1.3% 80.4% Micex -55.3% -59.8% 32.5%

Stoxx 600 -2.8% -12.1% 42.2% Jo'burg 40.2% 27.8% -6.7%

Vietnam 28.8% 76.6% -11.7%

Jakarta 48.6% 111.7% -36.7%

Malaysia 60.2% 68.1% 4.9%

Mexico 81.4% 88.6% -41.0%

Source: Bloomberg, Emirates NBD Research, BEst – Bloomberg Estimate

Telecoms Sector

PE/EPS Growth 2014E

PB/ROA 2014E

Company Price LLC

Market Cap

(USD mn)

PE

2013

BEst

PE

2014

ROE

2013

BEst

ROE

2014

PB

2013

ROA

2013

Dvd

Yld

2013

BEst

DvdYld

2014 RSI

Avg Value

Traded 3m

(USD mn)

Global Telecom 4.54 3384.3 - 9.8 -80.4 9.8 4.4 -11.8 - 0.0 46 4.7

Telecom Egypt 15.40 3769.0 8.5 10.5 10.5 9.1 0.9 9.1 6.8 8.6 44 2.1

NMTC 1860.00 3301.6 11.7 11.7 9.4 9.7 1.1 4.9 7.1 7.0 51 0.1

Zain 700.00 10618.2 12.3 11.1 13.5 14.3 1.8 7.2 7.2 7.8 60 5.7

Oredoo 147.90 12930.7 17.1 14.2 9.8 12.8 1.8 2.7 2.9 3.4 62 4.9

Etihad Etisalat 96.00 19505.1 9.9 10.4 29.8 27.2 2.7 15.7 5.5 5.5 71 25.4

STC 68.50 36397.1 10.7 12.3 18.6 19.0 1.9 9.7 4.2 3.8 65 25.6

Zain KSA 9.95 2836.8 - - -21.7 -18.6 1.5 -6.1 0.0 0.0 45 45.8

Etisalat 11.55 24753.8 13.0 11.2 17.5 18.1 2.3 8.3 6.0 6.4 37 7.3

Du 6.00 7467.6 15.5 15.0 27.1 24.4 4.3 13.2 2.9 5.6 50 3.3

Average 12.3 11.8 3.4 12.6 2.3 5.3 4.7 4.8

Source: Bloomberg, Emirates NBD Research, BEst – Bloomberg Estimate

News flow

Telecom Egypt

NMTC Zain

Qtel

Etihad Etisalat STC

Etisalat

Du

y = -0.0281x + 0.3665 R² = 0.7027

-10%

-5%

0%

5%

10%

15%

8.0 10.0 12.0 14.0 16.0

EP

S G

row

th 2

014

BEst PE 2014

NMTC

Zain

Qtel

Etihad Etisalat

STC

Zain KSA

Etisalat

Du

y = 4.1756x + 1.1397 R² = 0.2776

-5.0

0.0

5.0

10.0

15.0

20.0

1.0 2.0 3.0 4.0B

Est R

OA

2014

BEst PB 2014

Petrochemicals & Fertilisers Sector

PE/EPS Growth 2014E

PB/ROA 2014E

Company Price LLC

Market Cap

(USD mn)

PE

2013

BEst

PE

2014

ROE

2013

BEst

ROE

2014

PB

2013

ROA

2013

Dvd

Yld

2013

BEst

DvdYld

2014 RSI

Avg Value

Traded 3m

(USD mn)

IQ 184.50 30237.5 12.8 12.7 25.0 24.7 3.0 23.0 6.5 6.1 51 17.7

Sahara Petchem 20.95 2410.3 15.0 12.7 10.3 11.9 1.5 6.7 4.3 4.5 45 23.1

Sabic 117.00 93192.5 13.2 12.3 16.8 17.0 2.1 7.5 4.5 4.7 56 123.8

SIPCHEM 30.00 2913.5 18.8 13.8 10.9 12.8 2.0 3.9 3.9 4.9 40 7.1

Saudi Kayan 15.90 6279.5 - 20.0 -2.4 7.6 1.7 -0.7 - 0.0 43 73.4

Sidi Kerir Petchem 19.71 1486.5 6.9 9.7 48.7 39.4 3.1 34.7 10.5 9.7 50 0.6

Yansab 72.00 10649.1 15.7 12.8 18.9 19.9 2.8 11.7 4.1 5.6 54 10.0

Chemanol 17.40 551.5 25.4 18.6 4.6 6.9 1.2 2.5 - 3.0 63 9.5

APPC 40.50 1757.9 12.0 11.9 25.9 22.3 3.0 17.2 3.1 5.6 29 8.2

Safco 159.00 13998.9 16.5 15.0 36.9 43.3 6.3 32.4 7.7 7.0 31 9.6

Ma'aden 35.20 8583.3 17.8 25.4 8.9 5.5 1.5 2.8 0.0 0.0 41 34.2

Tasnee 31.40 5511.4 19.0 11.0 9.8 13.8 1.9 2.5 4.5 5.5 39 17.1

Average 15.7 14.7 17.8 18.8 2.5 12.0 4.9 4.7

Source: Bloomberg, Emirates NBD Research, BEst – Bloomberg Estimate

News flow

IQ

Sahara Petchem

Sabic

SIPCHEM Saudi Kayan Sidi Kerir

Petchem Chemanol APPC

Safco

Ma'Aden

Tasnee

y = 0.0136x - 0.0267 R² = 0.0128

0%

40%

80%

120%

8.0 10.0 12.0 14.0 16.0 18.0

EP

S G

row

th

2014

BEst PE 2014

IQ

Sahara Petchem

Sabic

SIPCHEM Saudi Kayan

Sidi Kerir Petchem

Yansab

Chemanol

APPC

Safco

Ma'Aden Tasnee

y = 7.8516x - 5.4637 R² = 0.9102

0.0

10.0

20.0

30.0

40.0

50.0

1.0 2.0 3.0 4.0 5.0 6.0 7.0

BE

st R

OA

2014

BEst PB 2014

Banking Sector

PE/EPS Growth 2014E

PB/ROA 2014E

Company Price LLC

Market Cap

(USD mn)

PE

2013

BEst

PE

2014

ROE

2013

BEst

ROE

2014

PB

2013

ROA

2013

Dvd

Yld

2013

BEst

DvdYld

2014 RSI

Avg Value

Traded 3m

(USD mn)

CIB 37.21 4828.3 9.8 9.7 26.5 27.0 2.5 2.9 - 3.4 54 7.9

Al Rajhi Bank 74.75 28997.7 14.7 13.2 19.9 21.1 2.9 2.7 3.4 4.4 57 56.0

Samba 41.10 12927.0 10.0 10.0 13.6 13.5 1.3 2.2 3.3 3.5 36 9.1

Riyad Bank 35.10 13998.9 11.1 12.6 12.0 12.3 1.3 2.0 5.0 4.3 42 12.4

Bank Aljazira 43.00 3431.7 17.3 18.4 12.1 12.0 2.0 1.2 0.0 0.9 63 19.9

NBK 990.00 16916.1 16.8 13.6 9.7 13.5 1.6 1.4 3.4 3.4 63 10.1

Burgan Bank 580.00 3584.0 42.3 11.8 4.2 13.7 1.8 0.3 1.3 2.8 63 3.4

DIB 6.50 6846.1 13.0 12.3 13.8 19.6 1.5 1.5 4.7 4.3 68 15.8

NBAD 15.00 19083.7 12.6 14.4 14.4 15.2 1.7 1.5 2.9 2.6 73 2.5

FGB 17.70 18528.5 11.8 13.1 15.8 18.5 1.8 2.6 5.3 5.0 69 14.1

ADCB 8.15 12431.3 10.3 12.4 15.1 16.2 1.4 1.8 4.6 4.2 74 3.8

QNB 195.90 37085.8 12.7 12.8 19.0 19.4 2.3 2.3 4.1 3.5 66 15.9

CBQ 69.70 5487.8 10.9 10.1 10.4 12.8 1.1 1.7 2.8 3.8 77 9.4

DB 62.10 4384.8 9.2 11.1 13.9 15.3 1.3 2.1 7.7 6.8 56 7.0

QIB 79.70 5093.8 12.2 13.0 11.4 12.7 1.4 1.8 5.8 5.3 70 4.0

Bank Muscat 0.62 4011.6 8.8 8.3 13.3 12.7 1.1 1.9 3.9 4.5 28 2.4

Average 14.0 12.3 14.1 16.0 1.7 1.9 3.9 3.9

Source: Bloomberg, Emirates NBD Research, BEst – Bloomberg Estimate

CIB

Samba

Riyad Bank

NBK

Burgan Bank

NBAD

FGB

ADCB

QNB

CBQ

DB

QIB Bank Muscat

y = 0.0013x + 0.1261 R² = 0.005

10%

15%

20%

8.0 10.0 12.0

EP

S G

row

th 2

014

BEst PE 2014

CIB Al Rajhi Bank

Samba

Riyad Bank

Bank Aljazira

NBK

Burgan Bank

DIB

NBAD

FGB

ADCB

QNB

CBQ

DB

QIB

Bank Muscat

y = 0.8089x + 0.6792 R² = 0.371

1.0

2.0

3.0

1.0 1.5 2.0 2.5 3.0B

Est R

OA

2014

BEst PB 2014

News flow

Real Estate Sector

PE/EPS Growth 2014E

PB/ROA 2014E

Company Price LLC

Market Cap

(USD mn)

PE

2013

BEst

PE

2014

ROE

2013

BEst

ROE

2014

PB

2013

ROA

2013

Dvd

Yld

2013

BEst

DvdYld

2014 RSI

Avg Value

Traded 3m

(USD mn)

Aldar 4.10 9119.2 8.1 24.1 18.3 9.2 1.3 5.9 2.5 1.4 81 69.4

Barwa Real Estate 37.00 3937.7 7.4 - 10.3 - 0.8 2.9 6.7 - 61 17.3

Dar AL Arkan 11.85 3369.3 15.6 15.4 4.1 5.1 0.6 3.0 - 0.0 43 107.0

Deyaar Development 1.59 2438.3 37.4 48.4 - 4.2 - - - - 69 34.2

Emaar Economic City 16.75 3739.7 41.4 55.0 3.5 3.2 1.4 1.9 0.0 - 54 35.5

Emaar Properties 10.50 18341.0 18.2 22.9 7.7 7.6 1.4 4.1 2.0 1.4 76 46.2

TMG Holding 7.74 2307.6 21.8 19.7 2.3 3.1 0.5 1.1 0.0 0.0 46 4.3

Palm Hill Developments 3.71 713.3 11.6 16.6 7.2 5.5 0.9 1.7 0.0 - 52 8.2

Average 20.2 28.9 7.6 5.4 1.0 2.9 1.9 0.7

Source: Bloomberg, Emirates NBD Research, BEst – Bloomberg Estimate

News flow

Aldar

Dar AL Arkan

Emaar Economic

City

Emaar Properties

Palm Hill Developme

nts

y = 0.0176x + 0.0993 R² = 0.0125

-35%

0%

35%

70%

105%

140%

175%

10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0

EP

S G

row

th 2

014

BEst PE 2014

Aldar

Dar AL Arkan

Emaar Economic

City

Emaar Properties

Palm Hill Developme

nts y = 1.8985x + 1.4286 R² = 0.3803

1.0

2.0

3.0

4.0

5.0

6.0

0.2 0.6 1.0 1.4 1.8

BE

st R

OA

2014

BEst PB 2014

Food & Retail Sector

PE/EPS Growth 2014E

PB/ROA 2014E

Company Price LLC

Market Cap

(USD mn)

PE

2013

BEst

PE

2014

ROE

2013

BEst

ROE

2014

PB

2013

ROA

2013

Dvd

Yld

2013

BEst

DvdYld

2014 RSI

Avg Value

Traded 3m

(USD mn)

Almarai 64.25 10199.2 21.0 21.5 17.0 18.5 3.1 7.0 1.9 1.9 57 10.3

Othaim 86.00 1034.9 14.6 18.4 25.9 24.4 3.5 10.2 - 2.3 47 11.2

Alhokair 177.25 4955.6 14.0 24.9 36.2 33.5 4.3 18.6 2.4 1.7 49 6.7

Jarir Marketing 201.00 4919.6 21.9 23.9 59.4 61.9 12.2 31.2 3.5 3.6 53 6.3

Savola 72.25 10251.6 18.6 19.9 19.0 19.0 3.5 7.1 3.2 2.8 70 9.0

Agthia 5.12 802.1 16.6 15.2 13.5 14.9 2.1 8.7 2.3 2.1 66 0.4

Average 17.8 20.6 28.5 28.7 4.8 13.8 2.7 2.4

Source: Bloomberg, Emirates NBD Research, BEst – Bloomberg Estimate

News flow

Almarai

Othaim

Alhokair

Jarir Marketing

Savola

Agithia

y = 0.0122x - 0.0311 R² = 0.5854

10%

12%

14%

16%

18%

20%

22%

24%

26%

28%

12.0 14.0 16.0 18.0 20.0 22.0

EP

S G

row

th 2

014

BEst PE 2014

Almarai

Othaim

Alhokair

Jarir Marketing

Savola

Agithia y = 2.4723x + 2.3833 R² = 0.9487

0.0

10.0

20.0

30.0

40.0

0.0 2.0 4.0 6.0 8.0 10.0 12.0

BE

st R

OA

2014

BEst PB 2014

The CMA Board has issued

Construction & Building Materials Sector

PE/EPS Growth 2014E

PB/ROA 2014E

Company Price LLC

Market Cap

(USD mn)

PE

2013

BEst

PE

2014

ROE

2013

BEst

ROE

2014

PB

2013

ROA

2013

Dvd

Yld

2013

BEst

DvdYld

2014 RSI

Avg Value

Traded 3m

(USD mn)

Arabtec 7.00 5957.6 17.9 45.6 8.9 8.9 1.6 3.5 3.5 0.9 89 91.2

Depa 0.71 435.8 - 19.6 - 3.7 - - - - 62 0.8

DSI 1.76 1094.9 19.7 18.9 5.9 7.7 1.1 2.4 - 1.6 56 27.7

OCIC 283.00 8477.2 - 11.7 - - - - - - 38 0.1

Average 18.8 23.9 7.4 6.8 1.4 3.0 3.5 1.2

Source: Bloomberg, Emirates NBD Research, BEst – Bloomberg Estimate

News flow

Arabtec

DSI

OCIC y = 0.0123x - 0.0621 R² = 0.6092

0%

10%

20%

30%

40%

10.0 15.0 20.0 25.0 30.0 35.0

EP

S G

row

th 2

014

BEst PE 2014

Depa

Arabtec

Depa

DSI

y = 0.5338x + 2.1742 R² = 0.5952

2.0

2.2

2.4

2.6

2.8

3.0

3.2

3.4

3.6

3.8

0.0 1.0 2.0 3.0

BE

st R

OA

20

14

BEst PB 2014

Energy & Utilities Sector

PE/EPS Growth 2014E

PB/ROA 2014E

Company Price LLC

Market Cap

(USD mn)

PE

2013

BEst

PE

2014

ROE

2013

BEst

ROE

2014

PB

2013

ROA

2013

Dvd

Yld

2013

BEst

DvdYld

2014 RSI

Avg Value

Traded 3m

(USD mn)

Dana Gas 0.88 1626.4 10.6 10.2 6.3 6.2 0.6 4.5 - - 59 13.9

QEWC 185.20 5573.3 13.1 14.2 24.5 24.7 3.0 12.3 4.1 3.8 79 3.6

Saudi Electricity 15.65 17276.1 20.0 21.9 5.5 5.2 1.1 1.2 - 4.5 53 17.4

Tabreed 2.48 439.6 30.0 27.2 6.1 - 0.3 3.2 - 2.0 65 9.1

Average 18.4 18.4 10.6 12.0 1.3 5.3 4.1 3.5

Source: Bloomberg, Emirates NBD Research, BEst – Bloomberg Estimate

News flow

Dana Gas

QEWC Saudi

Electricity

Tabreed y = -0.2131x + 3.6637 R² = 0.7007

-100%

0%

100%

200%

300%

400%

4.0 9.0 14.0 19.0 24.0

EP

S G

row

th 2

014

BEst PE 2014

Dana Gas

QEWC

Saudi Electricity

y = 4.7659x - 2.5217 R² = 0.9332

0.0

2.0

4.0

6.0

8.0

10.0

12.0

0.0 1.0 2.0 3.0

BE

st R

OA

2014

BEst PB 2014

Industrials Sector

PE/EPS Growth 2014E

PB/ROA 2014E

Company Price LLC

Market Cap

(USD mn)

PE

2013

BEst

PE

2014

ROE

2013

BEst

ROE

2014

PB

2013

ROA

2013

Dvd

Yld

2013

BEst

DvdYld

2014 RSI

Avg Value

Traded 3m

(USD mn)

El Ezz Steel Rebars 704.26 1349.4 - 9.8 - - - - - 8.7 46 0.1

Elswedy ElectriC 33.99 1088.7 74.4 13.2 2.0 12.0 1.5 0.7 - 2.8 57 0.5

GB Auto 37.00 684.3 39.9 16.4 5.6 12.8 2.3 1.6 - 3.3 52 1.7

Oriental Weavers 47.99 645.2 8.8 9.8 11.0 14.0 0.9 5.6 - 5.0 69 0.5

Saudi Arabian Amiantit 17.90 548.2 15.4 15.1 7.2 8.6 1.1 2.4 6.5 5.7 65 7.4

Saudi Cable 12.30 250.3 - 20.9 -28.8 3.9 1.4 -6.6 0.0 - 48 5.5

KIPCO 790.00 4144.3 - 19.8 7.2 - 1.5 0.5 3.2 2.5 76 2.6

Dubai Investments 4.04 3878.5 10.8 - - - - - - - 75 30.9

Average - 15.0 0.7 10.2 1.5 0.7 3.2 4.7

Source: Bloomberg, Emirates NBD Research, BEst – Bloomberg Estimate

News flow

El Ezz Steel Rebars

Elswedy Electric

GB Auto Oriental weavers

Saudi Arabian Amiantit

KIPCO

y = 0.0175x + 0.1424 R² = 0.0499

0%

35%

70%

8.0 12.0 16.0

EP

S G

row

th 2

014

BEst PE 2014

Saudi Arabian Amiantit

KIPCO

y = -10.962x + 17.026 R² = 1

0.0

0.5

1.0

1.5

2.0

2.5

3.0

1.0 1.5

BE

st R

OA

2014

BEst PB 2014

Transport & Logistics Sector

PE/EPS Growth 2014E

PB/ROA 2014E

Company Price LLC

Market Cap

(USD mn)

PE

2013

BEst

PE

2014

ROE

2013

BEst

ROE

2014

PB

2013

ROA

2013

Dvd

Yld

2013

BEst

DvdYld

2014 RSI

Avg Value

Traded 3m

(USD mn)

Air Arabia 1.45 1829.6 17.2 14.0 - 8.2 - - - 5.0 47 14.0

Aramex 3.31 1315.4 16.0 15.4 - 13.8 - - - 4.1 59 1.5

DPW 19.60 15778.3 23.0 24.3 7.7 7.3 1.7 3.9 1.3 1.3 71 2.9

National Shipping Co 31.80 2721.4 11.9 16.5 13.3 - 1.5 6.5 3.5 3.8 47 12.2

Agility 800.00 3091.3 15.7 13.2 - - - - - 5.1 73 5.3

QGTS 21.35 3238.7 15.3 14.1 23.9 - 2.6 2.4 5.4 5.6 59 4.1

Average 16.5 16.3 15.0 9.8 1.9 4.2 3.4 4.1

Source: Bloomberg, Emirates NBD Research, BEst – Bloomberg Estimate

News flow

Air Arabia

Aramex DPW

National Shipping Co

Agility

QGTS

y = -0.0176x + 0.4492 R² = 0.2785

0%

10%

20%

30%

40%

50%

10.0 15.0 20.0 25.0

EP

S G

row

th 2

014

BEst PE 2014

Air Arabia

Aramex

DPW

y = 4.0263x + 0.3667 R² = 0.3765

3.0

6.0

9.0

12.0

1.0 1.5 2.0

BE

st R

OA

2014

BEst PB 2014

Air

Financial Services Sector

Company Price LLC

Market Cap

(USD mn)

PE

2013

BEst

PE

2014

ROE

2013

BEst

ROE

2014

PB

2013

ROA

2013

Dvd

Yld

2013

BEst

DvdYld

2014 RSI

Avg Value

Traded 3m

(USD mn)

DFM 3.60 7688.5 70.6 52.7 3.7 5.7 2.5 3.6 2.0 1.7 69 36.4

EFG-Hermes 12.44 1007.2 - 16.2 -6.1 4.9 0.6 -0.9 - 1.3 52 4.6

Average 70.6 34.4 -1.2 5.3 1.5 1.4 2.0 1.5

Source: Bloomberg, Emirates NBD Research, BEst – Bloomberg Estimate

News flow

Foreign Ownership Limits

Stock Allowed

(%)

Owned

(%)

1 wk chg

(%)

1 m chg

(%) Stock

Allowed

(%)

Owned

(%)

1 wk chg

(%)

1 m chg

(%)

Dubai

Air Arabia 49.00 21.22 -0.16 -1.30 Insurance House 25.00 0.32 0.00 0.00

Ajman Bank 49.00 3.77 0.00 1.57 ASMAK 49.00 0.55 0.02 -0.05

Arabtec Holdings 49.00 9.43 0.69 0.47 Investbank 20.00 3.45 0.00 0.01

Aramex 49.00 36.25 0.01 0.05 METHAQ 25.00 21.86 -0.28 1.17

Drake & Scull Intl 49.00 8.97 0.05 0.07 NBAD 25.00 3.03 -0.01 0.00

DFM 49.00 3.77 0.02 0.03 RAK Bank 20.00 19.03 0.01 0.09

Dubai Investments 20.00 4.20 -0.03 -0.10 NMDC 5.00 1.12 0.00 -0.10

Dubai Islamic Bank 15.00 7.21 0.02 0.21 Qatar Telecom 100.00 87.26 0.01 0.01

DNIR 25.00 0.20 0.00 0.02 RAK Properties 49.00 32.93 -0.47 -0.69

Emaar 49.00 21.34 1.04 4.68 RAK Poultry & Feeding 49.00 15.84 0.00 0.00

Du 100.00 0.25 0.00 -0.01 RAK Cement Co. 49.00 30.54 0.61 -0.13

Emirates NBD 5.00 2.03 0.04 0.05 RAK Ceramics 49.00 16.51 -0.06 -0.02

GGICO 49.00 1.72 0.05 -0.25 RAK Co for White Cement 49.00 19.57 -0.13 -0.06

Gulf Navigation 20.00 6.93 -0.06 0.27 RAK National Ins. 25.00 1.15 0.00 0.00

National Cement Co. 25.00 1.03 0.00 0.00 SCIDC 0.00 0.00 0.00 0.00

TABREED 49.00 5.75 -0.09 -0.09 Sudan Telecom 15.00 1.94 -0.04 0.11

Shuaa Capital 49.00 16.56 0.00 -0.21 UAQ Cement 100.00 79.93 -0.01 -0.03

TAKAFUL 25.00 18.29 -0.02 -0.08 Union Cement 49.00 8.04 0.06 0.07

Takaful House 25.00 6.20 0.11 0.16 UNB 49.00 2.91 0.00 -0.01

Tamweel 40.00 1.42 0.00 0.00 United Arab Bank 40.00 9.33 0.01 0.01

Union Properties 15.00 3.84 0.20 -0.51 United Insurance Co. 49.00 45.94 0.01 0.01

Abu Dhabi Waha Capital 25.00 0.01 0.00 0.00

ADCB 49.00 8.67 -0.08 -0.19 Qatar

BILDCO 25.00 8.80 -0.06 0.87 Al Khaliji 0.00 0.00 0.00 0.00

AD National Hotel 25.00 1.67 0.00 -0.01 Al Khalij Holding 24.97 13.96 0.02 0.07

ADNIC 25.00 0.09 0.00 0.00 Barwa Real Estate 24.86 1.63 -0.23 -0.26

AD Ship Building 25.00 2.16 -0.08 0.15 CBQ 24.97 5.45 0.05 -0.17

Agthia Group 25.00 12.19 -0.05 -0.07 Doha Bank 20.27 15.17 0.06 0.46

Al Buhairah Ins. Co. 25.00 9.38 0.00 0.00 Gulf Intl Services 25.00 11.33 -0.02 0.27

Al Khazna Ins. Co. 25.00 2.18 0.00 0.02 Industries Qatar 22.50 11.87 0.08 -0.16

Aldar Properties 40.00 14.08 -0.01 0.08 Masraf Al Rayan 12.25 6.44 -0.04 -0.04

Bank of Sharjah 30.00 19.64 0.09 0.01 National Leasing 49.00 13.71 -0.08 -0.17

Comm. Bank Intl 49.00 48.65 0.00 0.15 QEWS 25.00 13.01 0.14 -0.61

Dana Gas 49.00 63.76 0.00 -0.12 Qatar Gas Transport 25.00 8.01 0.05 0.17

Eshraq Properties 49.00 35.16 1.31 3.38 Qatar Insurance Co. 24.47 11.30 0.01 0.08

Finance House 20.00 10.74 0.01 0.01 QIIB 24.75 4.66 0.07 0.36

First Gulf Bank 25.00 14.50 -0.06 -0.14 Qatar Islamic Bank 19.39 2.86 -0.09 -0.11

Foodco Holding 0.00 1.12 0.00 0.00 Qatar National Bank 20.59 3.83 0.06 0.17

Green Crescent Ins. 25.00 8.49 0.00 -0.23 Qatar Navigation 12.49 6.28 0.02 0.13

Gulf Cement Co. 49.00 20.71 0.05 -0.63 Qatar Telecom 25.00 6.24 -0.03 -0.09

Gulf Livestock Co. 49.00 66.97 0.00 0.00 United Development - - -

-

Gulf Medical Projects 49.00 8.26 0.00 0.00 Vodafone Qatar 25.00 13.87 -0.24 -0.27

Source: Bloomberg, Emirates NBD Research

Other Asset Classes

Currencies

Close %5d chg 1 year fwd Close %5d chg Close %5d chg

EURUSD 1.3885 +1.31 1.3881 USDTRY 2.1136 -0.01 EURAED 5.1000 -1.30

GBPUSD 1.6733 +0.95 1.6676 USDEGP 6.9760 -0.08 GBPAED 6.1462 -0.96

USDJPY 101.6200 +1.64 101.3505 USDSAR 3.7503 +0.03 JPYAED 0.0361 -1.62

USDCAD 1.0980 +0.01 1.1078 USDQAR 3.6413 +0.01 CADAED 3.3452 -0.01

AUDUSD 0.9397 +1.13 0.9159 USDKWD 0.2811 +0.32 AUDAED 3.4510 -1.09

USDCHF 0.8761 +1.83 0.8729 USDBHD 0.3770 -- CHFAED 4.1924 -1.78

EURGBP 0.8298 -0.37 0.8324 USDOMR 0.3850 -- TRYAED 1.7400 --

USDCNY 6.2104 +0.03 14.8104 USDMAD 8.1153 +1.08 INRAED 0.0609 +0.90

Rates

Interbank 1 month 3 month 6 month 1 year Swaps Close 5d chg (bps)

EIBOR 0.4543 0.7800 0.9686 1.1657 USD 2 yr 0.4908 -4.8

USD LIBOR 0.1522 0.2265 0.3220 0.5460 USD 5 yr 1.6853 -10.8

GBP LIBOR 0.4853 0.5247 0.6226 0.9019 USD 10 yr 2.7428 -9.2

EURIBOR 0.2221 0.2929 0.3899 0.5514 EUR 2 yr 0.4675 0.2

JPY LIBOR 0.1014 0.1350 0.1911 0.3436 EUR 5 yr 0.9165 -1.8

CHF LIBOR -0.0070 0.0160 0.0754 0.1944 EUR 10 yr 1.7250 -3.3

Commodities & Fixed Income

Commodities Close %5d chg Bonds / Sukuk YTM 5d chg (bps) CDS Close 5d chg (bps)

CRB CMDT Index - -0.12 ADGB 5.5 14 #N/A N/A -0.0 Abu Dhabi 50.5 -2.2

Gold 1318.42 +1.13 DUGB 6.396 14 0.6650 -25.0 Dubai 169.0 +4.0

Silver 20.00 +0.18 QATAR 5.15 14 #N/A N/A -- Qatar 59.5 -4.2

Oil (WTI) 103.74 +2.57 BHRAIN 6.273 18 2.8300 -50.0 Saudi Arabia 51.0 -3.8

Oil (Brent) 107.33 +0.57 EGYPT 5.75 20 5.0510 -47.4 Bahrain 175.0 +5.5

Aluminium 1848.00 +3.49 TURKEY 7.25 15 1.6460 -3.5 Egypt 405.0 -17.7

Copper 6664.50 +0.69 MOROC 5.375 17 1.6530 +8.2 Turkey 204.5 -4.9

Tin (LME) 23424.00 +1.17 BTUN 4.5 20 4.3680 -18.8 Morocco 195.0 -5.0

Zinc (LME) 2016.00 +0.86 US Tsy 2 yr 0.3550 -5.6

US Tsy 10 yr 2.6247 -9.6

Source: Bloomberg, Emirates NBD Research

Disclaimer PLEASE READ THE FOLLOWING TERMS AND CONDITIONS OF ACCESS FOR THE PUBLICATION BEFORE THE USE THEREOF. By continuing to access and use the publication, you signify you accept these terms and conditions. Emirates NBD reserves the right to amend, remove, or add to the publication and Disclaimer at any time. Such modifications shall be effective immediately. Accordingly, please continue to review this Disclaimer whenever accessing, or using the publication. Your access of, and use of the publication, after modifications to the Disclaimer will constitute your acceptance of the terms and conditions of use of the publication, as modified. If, at any time, you do not wish to accept the content of this Disclaimer, you may not access, or use the publication. Any terms and conditions proposed by you which are in addition to or which conflict with this Disclaimer are expressly rejected by Emirates NBD and shall be of no force or effect. Information contained herein is believed by Emirates NBD to be accurate and true but Emirates NBD expresses no representation or warranty of such accuracy and accepts no responsibility whatsoever for any loss or damage caused by any act or omission taken as a result of the information contained in the publication. The publication is provided for informational uses only and is not intended for trading purposes. Charts, graphs and related data/information provided herein are intended to serve for illustrative purposes. The data/information contained in the publication is not designed to initiate or conclude any transaction. In addition, the data/information contained in the publication is prepared as of a particular date and time and will not reflect subsequent changes in the market or changes in any other factors relevant to their determination. The publication may include data/information taken from stock exchanges and other sources from around the world and Emirates NBD does not guarantee the sequence, accuracy, completeness, or timeliness of information contained in the publication provided thereto by or obtained from unaffiliated third parties. Moreover, the provision of certain data/information in the publication may be subject to the terms and conditions of other agreements to which Emirates NBD is a party. None of the content in the publication constitutes a solicitation, offer or recommendation by Emirates NBD to buy or sell any security, or represents the provision by Emirates NBD of investment advice or services regarding the profitability or suitability of any security or investment. Moreover, the content of the publication should not be considered legal, tax, accounting advice. The publication is not intended for use by, or distribution to, any person or entity in any jurisdiction or country where such use or distribution would be contrary to law or regulation. Accordingly, anything to the contrary herein set forth notwithstanding, Emirates NBD, its suppliers, agents, directors, officers, employees, representatives, successors, assigns, affiliates or subsidiaries shall not, directly or indirectly, be liable, in any way, to you or any other person for any: (a) inaccuracies or errors in or omissions from the publication including, but not limited to, quotes and financial data; (b) loss or damage arising from the use of the publication, including, but not limited to any investment decision occasioned thereby. (c) UNDER NO CIRCUMSTANCES, INCLUDING BUT NOT LIMITED TO NEGLIGENCE, SHALL EMIRATES NBD, ITS SUPPLIERS, AGENTS, DIRECTORS, OFFICERS, EMPLOYEES, REPRESENTATIVES, SUCCESSORS, ASSIGNS, AFFILIATES OR SUBSIDIARIES BE LIABLE TO YOU FOR DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, PUNITIVE, OR EXEMPLARY DAMAGES EVEN IF EMIRATES NBD HAS BEEN ADVISED SPECIFICALLY OF THE POSSIBILITY OF SUCH DAMAGES, ARISING FROM THE USE OF THE PUBLICATION, INCLUDING BUT NOT LIMITED TO, LOSS OF REVENUE, OPPORTUNITY, OR ANTICIPATED PROFITS OR LOST BUSINESS. The information contained in the publication does not purport to contain all matters relevant to any particular investment or financial instrument and all statements as to future matters are not guaranteed to be accurate. Anyone proposing to rely on or use the information contained in the publication should independently verify and check the accuracy, completeness, reliability and suitability of the information and should obtain independent and specific advice from appropriate professionals or experts regarding information contained in the publication. Further, references to any financial instrument or investment product is not intended to imply that an actual trading market exists for such instrument or product. In publishing this document Emirates NBD is not acting in the capacity of a fiduciary or financial advisor. Emirates NBD and its group entities (together and separately, "Emirates NBD") does and may at any time solicit or provide commercial banking, investment banking, credit, advisory or other services to the companies covered in its reports. As a result, recipients of this report should be aware that any or all of the foregoing services may at times give rise to a conflict of interest that could affect the objectivity of this report. The securities covered by this report may not be suitable for all types of investors. The report does not take into account the investment objectives, financial situations and specific needs of recipients. Data included in the publication may rely on models that do not reflect or take into account all potentially significant factors such as market risk, liquidity risk and credit risk. Emirates NBD may use different models, make valuation adjustments, or use different methodologies when determining prices at which Emirates NBD is willing to trade financial instruments and/or when valuing its own inventory positions for its books and records. In receiving the publication, you acknowledge and agree that there are risks associated with investment activities. Moreover, you acknowledge in receiving the publication that the responsibility to obtain and carefully read and understand the content of documents relating to any investment activity described in the publication and to seek separate, independent financial advice if required to assess whether a particular investment activity described herein is suitable, lies exclusively with you. You acknowledge and agree that past investment performance is not indicative of the future performance results of any investment and that the information contained herein is not to be used as an indication for the future performance of any investment activity. You acknowledge that the publication has been developed, compiled, prepared, revised, selected, and arranged by Emirates NBD and others (including certain other information sources) through the application of methods and standards of judgment developed and applied through the expenditure of substantial time, effort, and money and constitutes valuable intellectual property of Emirates NBD and such others. All present and future rights in and to trade secrets, patents, copyrights, trademarks, service marks, know-how, and other proprietary rights of any type under the laws of any governmental authority, domestic or foreign, shall, as between you and Emirates NBD, at all times be and remain the sole and exclusive property of Emirates NBD and/or other lawful parties. Except as specifically permitted in writing, you acknowledge and agree that you may not copy or make any use of the content of the publication or any portion thereof. Except as specifically permitted in writing, you shall not use the intellectual property rights connected with the publication, or the names of any individual participant in, or contributor to, the content of the publication, or any variations or derivatives thereof, for any purpose. YOU AGREE TO USE THE PUBLICATION SOLELY FOR YOUR OWN NONCOMMERCIAL USE AND BENEFIT, AND NOT FOR RESALE OR OTHER TRANSFER OR DISPOSITION TO, OR USE BY OR FOR THE BENEFIT OF, ANY OTHER PERSON OR ENTITY. YOU AGREE NOT TO USE, TRANSFER, DISTRIBUTE, OR DISPOSE OF ANY DATA/INFORMATION CONTAINED IN THE PUBLICATION IN ANY MANNER THAT COULD COMPETE WITH THE BUSINESS INTERESTS OF EMIRATES NBD. YOU MAY NOT COPY, REPRODUCE, PUBLISH, DISPLAY, MODIFY, OR CREATE DERIVATIVE WORKS FROM ANY DATA/INFORMATION CONTAINED IN THE PUBLICATION. YOU MAY NOT OFFER ANY PART OF THE PUBLICATION FOR SALE OR DISTRIBUTE IT OVER ANY MEDIUM WITHOUT THE PRIOR WRITTEN CONSENT OF EMIRATES NBD. THE DATA/INFORMATION CONTAINED IN THE PUBLICATION MAY NOT BE USED TO CONSTRUCT A DATABASE OF ANY KIND. YOU MAY NOT USE THE DATA/INFORMATION IN THE PUBLICATION IN ANY WAY TO IMPROVE THE QUALITY OF ANY DATA SOLD OR CONTRIBUTED TO BY YOU TO ANY THIRD PARTY. FURTHERMORE, YOU MAY NOT USE ANY OF THE TRADEMARKS, TRADE NAMES, SERVICE MARKS, COPYRIGHTS, OR LOGOS OF EMIRATES NBD OR ITS SUBSIDIARIES IN ANY MANNER WHICH CREATES THE IMPRESSION THAT SUCH ITEMS BELONG TO OR ARE ASSOCIATED WITH YOU OR, EXCEPT AS OTHERWISE PROVIDED WITH EMIRATES NBD’S PRIOR WRITTEN CONSENT, AND YOU ACKNOWLEDGE THAT YOU HAVE NO OWNERSHIP RIGHTS IN AND TO ANY OF SUCH ITEMS. MOREOVER YOU AGREE THAT YOUR USE OF THE PUBLICATION IS AT YOUR SOLE RISK AND ACKNOWLEDGE THAT THE PUBLICATION AND ANYTHING CONTAINED HEREIN, IS PROVIDED "AS IS" AND "AS AVAILABLE," AND THAT EMIRATES NBD MAKES NO WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, AS TO THE PUBLICATION, INCLUDING, BUT NOT LIMITED TO, MERCHANTABILITY, NON-INFRINGEMENT, TITLE, OR FITNESS FOR A PARTICULAR PURPOSE OR USE. You agree, at your own expense, to indemnify, defend and hold harmless Emirates NBD, its Suppliers, agents, directors, officers, employees, representatives, successors, and assigns from and against any and all claims, damages, liabilities, costs, and expenses, including reasonable attorneys’ and experts’ fees, arising out of or in connection with the publication, including, but not limited to: (i) your use of the data contained in the publication or someone using such data on your behalf; (ii) any deletions, additions, insertions or alterations to, or any unauthorized use of, the data contained in the publication or (iii) any misrepresentation or breach of an acknowledgement or agreement made as a result of your receiving the publication.

Page 23

Emirates NBD Research & Treasury Contact List

Emirates NBD Head Office 12th Floor Baniyas Road, Deira P.O Box 777 Dubai

Aazar Ali Khwaja

Group Treasurer & EVP Global Markets & Treasury +971 4 609 3000 aazark@emiratesnbd.com

Tim Fox

Head of Research & Chief Economist +971 4 230 7800 timothyf@emiratesnbd.com

Research

Khatija Haque

Senior Economist +971 4 509 3065 khatijah@emiratesndb.com

Jean-Paul Pigat

MENA Economist +971 4 230 7807 jeanp@emiratesnbd.com

Aditya Pugalia

Analyst +971 4 230 7802 adityap@emiratesnbd.com

Sales & Structuring

Head of Sales & Structuring

Sayed Sajjid Sadiq +971 4 230 7777 sayeds@emiratesnbd.com

Saudi Arabia Sales

Numair Attiyah +966 1 282 5625 numaira@emiratesnbd.com

Singapore Sales

Supriyakumar Sakhalkar +65 65785 627 supriyakumars@emiratesnbd.com

London Sales

Lee Sims +44 (0) 20 7838 2240 simsl@emiratesnbd.com

Egypt

Shahinaz Foda +20 22 726 5050 shahinaz.foda@bnpparibas.com

Group Corporate Communications

Ibrahim Sowaidan

+971 4 609 4113 ibrahims@emiratesnbd.com

Claire Andrea

+971 4 609 4143 clairea@emiratesnbd.com