Equity Weekly. Weekly 14 July 2013

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1 Equity Weekly Global Equities The MSCI World index gained +3.4% 5d, as central banks from the Federal Reserve, European Central Bank and Bank of Japan reiterated that stimulus measures will be maintained for the foreseeable future, and the US earnings season started on a positive note. Risk measures decreased across the board, with the VIX SPX -7.1% 5d to 14, VSTOXX -15.6% 5d to 19 and the VHSI -7.4% 5d to 21. Developed markets led the gains for the MSCI sub-indices, with the MSCI G7 markets index +3.4% 5d, followed by the MSCI Emerging markets index +3.0% 5d and MSCI Frontier markets index, +1.5% 5d. Weekly 14 July Whilst US markets are benefiting stronger economic and corporate data as well a measured approach to QE reduction, the coming week could see Emerging markets come to the fore. China s Finance Minister commented that he is confident of achieving 7% growth for, which is below the official 7.5% target, and also stated that a 6.5% growth rate would not be a big problem, with a slowdown is necessary for structural reform. Such a slowdown also has implications for China s trading partners, especially those companies in emerging markets providing raw materials and commodities. MENA Markets MSCI released indicative indices for the UAE and Qatar, together with member weights. According to Bloomberg consensus estimates the UAE companies to be included in the index are projected to witness strong income growth both in and 2014 and respectable 2014E dividend yields averaging 3.1%. Strong UAE stock market YTD (DMGI +47%) has resulted in the Qatari stocks trading on lower multiples (QE Index +12% ) and having higher projected 2014E dividend yields of 5.2%, with a majority of companies also projected to have double digit net income growth in In the global hunt for yield, both the UAE and Qatari markets have companies offering attractive dividend yields, supported by income growth, and unlike a majority of other emerging and frontier markets, the UAE and Qatar do not suffer from currency risk, given their dollar pegs. The UAE listed companies, with provisional weights, for MSCI Emerging market inclusion are Emaar (28.1%), DP World (16%), Aldar (12.9%), NBAD (11.6%), ADCB (9.95%), FGB (9.39%), DFM (6.34%) and Arabtec (5.73%). For Qatar, the companies are QNB (21.7%), Industries Qatar (18.59%), Al Rayan (16.48%), Ooreedoo (15.78%), QEWS (6.44%), CBQ (5.68%), QIB (5.53%), Doha Bank (4.94%) and Vodafone Qatar (4.87%. Based on Bloomberg data and our MENA coverage universe, the Real Estate sector (+4.9% 5d) was the best performing sector, led by Palm Hill Development (+22.4% 5d) and Emaar (+6.4% 5d). The Industrials sector was the worst performer, effectively flat for the week. Our MENA equity coverage universe shows the Financial Services sector (22.3x 2014, 2014 of 3.7%) as having the most upside of +27% based on consensus target prices. The Food and Retail sector (14.2x 2014 and 2014 of 27.9%) has the least upside of +0.8%. Irfan Ellam Head of MENA Equity Research mohammedie@emiratesnbd.com Aditya Pugalia Analyst adityap@emiratesnbd.com Developed Markets The S&P 500 index gained +3.0% 5d, to a new record of 1,680 during the week, as initial earnings from Alcoa and Wells Fargo beat estimates, and as the FOMC minutes showed many members want to see improving employment before reducing stimulus. Utility, consumer staples and healthcare companies the led gains, with 9 out of the 10 industry groups rising. UPS was one of the exceptions falling 1.6% as it reduced its earnings forecast. According to Bloomberg consensus Q2 earnings for the S&P 500 are projected to rise by 2%. The Euro Stoxx 600 index rose +2.7% 5d with mining companies showing some of the biggest gains as copper and lead prices increased. Invensys jumped +21% as it received a GBP 3bn bid from Schneider Electric. G4S fell -7.4% after the UK government referred it to the UK s Serious Fraud Office for overcharging for its electronic tagging service, including charging for monitoring dead people. Emerging and Frontier Markets Emerging markets gains were led by Eastern European markets with the MSCI Eastern Europe index +6.0% 5d, followed by the MSCI EM Asia index +2.9% 5d, with the MSCI Latin America index, +1.4% 5d. Frontier markets gains were led by the MSCI FM Africa index +1.9% 5d, followed by the MSCI Frontier Markets ex GCC index +1.5% 5d.

2 ROA ROA ROA Research from Emirates NBD Major Equity Markets MENA Sector / E y = x R² = Banks Telecom Industrials Petchem & Fert Construction Real Estate Food & Retail Transport & Logistics Energy & Utilities MENA Sector PB/ROA y = x R² = 0.84 Telecom Petchem & Fert Real Estate Industrials Construction PB Food & Retail Transport & Logistics Banks Energy & Financial Utilities Services MENA Equity Indices / E y = x R² = MSM ADSMI EGX 30 ISE 100 DSM Tadawul MADEX DFMGI MENA Equity Indices PB/ROA EGX 30 y = x R² = DFMGI PB Tadawul ADSMI MSM DSM XU100 Developed Market Indices / E y = x R² = Stoxx 600 Cac FTSE 100 Dax AS51 Index S&P 500 Dow Jones SMI Nasdaq Nikkei Developed Market Indices PB/ROA y = x R² = Dax Nikkei Stoxx 600 Cac Nasdaq S&P 500 SMI AS51 Index PB FTSE 100 Dow Jones Source: Bloomberg, Emirates NBD Research, Bloomberg Estimates

3 ROA Research from Emirates NBD Major Equity Markets Emerging Market Indices / E Bovespa Karachi Malaysia Shanghai Vietnam Micex Jakarta Jo'burg Taiwan y = x R² = HSI Mexico Sensex Nifty Emerging Market Indices PB/ROA y = x R² = Jo'burg Karachi Taiwan Jakarta 4.00 Micex Vietnam Malaysia Bovespa HSI Mexico Shanghai PB Sensex Nifty Source: Bloomberg, Emirates NBD Research, Bloomberg Estimates

4 Research from Emirates NBD MENA Markets MENA Equity Indices (5d% chg) DFM 5.6% ADX 4.0% Tadawul 0.3% DSM 0.5% KWSE -1.0% Bahrain Bourse -0.1% MSM 0.8% EGX % ISE % MADEX 0.6% TUSISE -0.3% -12% -7% -2% 3% 8% Benchmark Equity Indices Div 5d 1m Index P/E P/B Yield chg chg Ytd MSCI World % 2.4% 11.9% MSCI G % 2.8% 13.7% MSCI Emerging Markets % -0.9% % MSCI Frontier Markets % -1.1% 10.5% S&P Pan Arab % 0.4% 9.2% MENA Equity Indices Index Last Price 5d chg T.Value 5d avg P/E P/B Div Yield % above 200d MA DFM 2, ADX 3, Tadawul 7, , ISE , , EGX 30 5, KWSE 7, Bahrain 1, MSM 6, Qatar Exchange 9, MADEX 7, TUSISE 4, DUAE INDEX 2, DKUW INDEX 3, DQAT INDEX 5, DKUS INDEX 2, DQAS INDEX 7, Relative to Benchmark Indices Index PB Dvd Yld Index PB Dvd Yld Relative to S&P Pan Arab DFM 10.7% -32.4% -11.2% Relative to MSCI Emerging Market Index ADX -13.2% -6.8% 24.9% EGX % -44.0% 97.4% Tadawul 3.1% 17.0% -3.7% MADEX 24.8% 80.5% 49.8% KWSE % ISE % 4.8% -17.0% Bahrain %

5 Research from Emirates NBD Index PB Dvd Yld Index PB Dvd Yld MSM -16.5% -5.8% 12.8% Qatar -8.7% 4.3% 30.5% TUSISE -5% % Source: Bloomberg, Emirates NBD Research, Bloomberg Estimates

6 Research from Emirates NBD Developed Markets Developed Market Equity Indices (5d% chg) Emerging Market Equity Indices (5d% chg) DJIA 2.2% S&P % Nasdaq 3.5% FTSE % DAX 5.2% CAC % SMI 2.6% Stoxx % Nikkei 1.4% S&P / ASX % 0% 1% 2% 3% 4% 5% 6% MEXBOL -0.7% KLCI JSE Ho Chi Minh FTSE / JSE Africa Micex Bovespa -0.5% TWSE KSE 100 Nifty Sensex KOSPI SHCOMP Hang Seng 0.8% 0.7% 1.7% 2.7% 2.4% 2.4% 2.0% 1.6% 2.0% 4.0% 4.1% 3.9% -1% 0% 1% 2% 3% 4% 5% Equity Indices Index Last Price 5d chg T.Value 5d avg P/E P/B Div Yield % above 200d MA Dow Jones 15, , S&P 500 1, , Nasdaq 3, , FTSE 100 6, , Dax 8, , Cac 40 3, , Swiss 7, , Nikkei 14, , Australia 4, , Stoxx , Emerging Markets & Frontier Markets Hong Kong 21, , Shanghai 2, , Korea 1, , Sensex 19, Nifty 6, Karachi 23, Taiwan 8, , Bovespa 45, , Micex 1, Jo'burg 1, , Vietnam Jakarta 4, Malaysia 1, Mexico 40, Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate

7 Research from Emirates NBD Relative to Benchmark Indices Index PB Dvd Yld Index PB Dvd Yld Relative to MSCI G7 Index Relative to MSCI Emerging Markets Index Dow Jones -4.4% 47.0% 0.8% Hong Kong -3.5% -7.3% 19.5% S&P % 22.5% -14.0% Shanghai -14.5% -1% 4.4% Nasdaq 27.3% 50.2% -45.7% Korea -1.9% -20.2% -58.4% FTSE % -10.4% 58.0% Sensex 33.5% 61.9% -45.9% Dax -16.8% -25.5% 36.2% Nifty 33.5% 59.6% -47.0% Cac % -36.8% 61.3% Karachi -2% 29.0% 79.4% Swiss 3.7% 24.7% 32.9% Taiwan 44.7% 22.3% 5.9% Nikkei 25.9% -18.3% -34.6% Bovespa 19.5% -42.5% 55.4% Australia -2.9% -5.4% 94.6% Micex -49.2% -52.2% 29.7% Stoxx % -21.7% 51.0% Jo'burg 26.9% 30.6% -0.9% Vietnam 13.9% 50.1% 20.7% Jakarta 43.8% 111.7% -28.4% Malaysia 59.0% 63.8% 12.9% Mexico 56.7% 86.0% -51.5% Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate

8 ROA Research from Emirates NBD Telecoms Sector / E y = x R² = OT STC Etihad Etisalat Etisalat NMTC du Telecom Egypt Zain Qtel PB/ROA E Telecom Egypt NMTC Qtel STC y = x R² = Vodafone Zain KSA - Qatar PB Etihad Etisalat Etisalat Du Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI Orascom Telecom Telecom Egypt NMTC Zain Qtel Etihad Etisalat STC Zain KSA Etisalat Du Average Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News Flow Ooredoo plans to invest USD 15bn in Myanmar to expand the nation s mobile-phone network. (Bloomberg)

9 ROA Research from Emirates NBD Petrochemicals & Fertilisers Sector / E PB/ROA E Yansab Sidi Kerir APPC Tasnee SIPCHEM IQ Chemanol SAFCO Sabic Sahara y = x R² = Maaden y = x R² = APPC SIPCHEM Sahara Chemanol Maaden Sidi Kerir Sabic Saudi Kayan IQ Yansab Tasnee PB SAFCO Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI IQ Sahara Petchem SABIC SIPCHEM Saudi Kayan Sidi Kerir Petchem Yansab Chemanol APPC Safco Ma'aden Tasnee Average Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News Flow Saudi Kayan said its unit Saudi Butanol has signed contractual agreement with Daelim to construct a butanol plant for SAR 1.1bn. The construction is scheduled to start in January 2014 and completion is expected in May (Bloomberg) Advanced Petrochem reported Q2 net profit of SAR 137mn (+16.1% q/q, % y/y), beating analysts estimates of SAR 121mn by 13.2%. The company attributed the increase to higher sales and lower feedstock prices. (Bloomberg) Safco s board recommended SAR 6 per share as dividend for 1H. (Bloomberg)

10 Research from Emirates NBD Sabic said it will pay SAR 2 per share as dividend for H1. (Bloomberg) Sabic said its joint venture with Albemarle with start producing 6,000 metric tons of Tri-Ethyl aluminium at its Jubail plant. (Bloomberg) Sabic and Celanese joint venture awarded a USD 386.7mn contract to Dragados Industrial to build a polyacetal production facility in Jubail Industrial City in Saudi Arabia. The project is expected to be completed in Q (Bloomberg)

11 ROA Research from Emirates NBD Banking Sector / E NBAD DIB QIB CIB FGB QNB Samba y = 622x R² = NBK CBQ DB QIB ADCB Riyad Bank Burgan Bank Al Rajhi Bank Aljazira PB/ROA E y = x R² = FGB Riyad Bank DIB Bank Aljazira CIB NBAD ADCB Samba CBQ Burgan Bank QNB NBK QIB DB PB Al Rajhi Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI CIB Al Rajhi Bank Samba Riyad Bank Bank Aljazira NBK Burgan Bank DIB NBAD FGB ADCB QNB CBQ DB QIB Bank Muscat Average Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate

12 Research from Emirates NBD News Flow Abu Dhabi Islamic Bank closed a AED 1.32bn syndicated Islamic facility for Gulf Marine Services. The funds will be used to meet the company s financing needs, including refinancing existing facilities and providing finance for acquisition of 2 vessels. (Bloomberg) Riyad Bank reported a Q2 net profit of SAR 968mn (+1.8% q/q, +6.0% y/y), beating analysts estimates of SAR 935mn by 3.5%. (Bloomberg) Alinma Bank reported Q2 net profit of SAR 241mn (+9.0% q/q, +34.3% y/y), beating analysts estimates of SAR 230mn by %. (Bloomberg) Bank Albilad reported Q2 net profit of SAR 176mn (+23.9% q/q, +14.7% y/y), beating analysts estimates of SAR 159mn by 10.6%. (Bloomberg) Tamweel shareholders approved delisting of shares from the DFM exchange. (Bloomberg) Banque Saudi Fransi reported Q2 net profit of SAR 763mn (+11.5% q/q, +1.0% y/y), beating analysts estimates of SAR 753mn by 1.3%. (Bloomberg) Saudi Hollandi Bank reported Q2 net profit of SAR 365mn (+8.3% q/q, +13.0% y/y), beating analysts estimates of SAR 340mn by 7.3%. (Bloomberg) National Commercial Bank reported a +24.0% y/y increase in Q2 013 net profit to SAR 1.99bn. (Bloomberg) National Bank of Bahrain reported Q2 net profit of BHD 11.94mn (-19.4% q/q, +8.64% y/y). (Bloomberg) Arab National Bank reported Q2 net profit of SAR 717.9mn (flat y/y), beating analysts estimates of SAR 663mn by 8.2%. (Bloomberg) Saudi British Bank reported Q2 net profit of SAR 1bn (+1% y/y), beating analysts estimates of SAR 933mn by 7.2%. (Bloomberg) Samba reported Q2 net profit of SAR 1.18bn (+1.5% y/y), beating analysts estimates of SAR 1.17bn by 1.0%. The company announced a H1 dividend of SAR 0.80 per share. (Bloomberg) Al Rajhi Bank reported Q2 net profit of SAR 2.12bn (+1.4% y/y), missing analysts estimates of SAR 2.16bn by 1.8%. (Bloomberg) Qatar National Bank reported Q2 net profit of QAR 2.56bn (+21.3% y/y, +19.8% q/q), beating analysts estimates of QAR 2.35bn by 9.0%. (Bloomberg)

13 ROA Research from Emirates NBD Real Estate Sector / E Dar Al Arkan 4.0 TMG Holding 3.0 Barwa RE Deyaar y = x R² = Aldar Emaar PB/ROA E y = x R² = Emaar 6.0 Dar Al Arkan Aldar 4.0 TMG Holding 2.0 Deyaar -2.0 Emaar Eco City PB Barwa RE Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI Aldar Barwa Real Estate Dar AL Arkan Deyaar Development Emaar Economic City Emaar Properties TMG Holding Palm Hill Developments Average Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News Flow Nakheel said its H1 net profit increased +57.0% y/y to AED 1.2bn while revenues increased +36.0% y/y to AED 4.23bn. In H1 the company handed over 1,400 properties to customers and said it estimates to deliver about 3,000 properties in all of. (Bloomberg) Emaar Properties said it has started hand over of serviced apartments in Makkah Tower, Saudi Arabia. (Bloomberg)

14 ROA Research from Emirates NBD Food & Retail Sector / E PB/ROA E 7 6 y = x R² = y = x R² = Alhokair Jarir Mktg 2 2 Alhokair Jarir 3 Othaim 2 Agithia 1 Savola Almarai Agithia 1 Othaim Savola Almarai PB Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI Almarai Othaim Alhokair Jarir Marketing Savola Agthia Average Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News Flow Almarai reported a Q2 net income of SAR 398mn (+56.0% q/q, +% y/y), missing analysts estimates of SAR 404mn by 1.5%. (Bloomberg) Jarir Marketing reported a Q2 net income of SAR 126.2mn (-30.1% q/q, +18% y/y), missing analysts estimates of SAR 130mn by 2.9%. The company attributed the y/y increase in profit to rise in sales of smartphones and opening of one new showroom. (Bloomberg)

15 ROA Research from Emirates NBD Construction & Building Materials Sector / E OCIC Depa y = x R² = DSI Arabtec PB/ROA E y = x R² = Depa DSI PB Arabtec OCIC Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI Arabtec Depa DSI OCIC Average Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News Flow Yamamah Cement reported Q net profit of SAR 268mn (-2.9% q/q, +28% y/y), beating analysts estimates of SAR 247mn by 8.5%. (Bloomberg) Arabtec completed AED 2.4bn rights share sale with the company issuing 1.56bn new shares at AED 1.5 per share. The company will use proceeds for expansion. (Bloomberg) Yanbu Cement reported Q2 net profit of SAR 274mn (+10.9% q/q, +27.0% y/y), beating analysts estimates of SAR 242mn by 13.2%. (Bloomberg) Saudi BinLadin Group raised SAR 1bn from the sale of one-year Islamic bonds. It was sold below par to provide a 2.5% profit rate. (Bloomberg)

16 ROA Research from Emirates NBD Energy & Utilities Sector / E QEWC Dana Gas Tabreed y = x R² = Saudi Electricity PB/ROA E y = x R² = Elsewedy PB GB Auto KIPCO Amiantit Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI Dana Gas QEWC Saudi Electricity Tabreed Average Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News Flow

17 ROA Research from Emirates NBD Industrials Sector / E y = x R² = Saudi Cable El swedy Oriental Weavers Amiantit KIPCO GB Auto PB/ROA E y = x R² = Elsewedy PB GB Auto KIPCO Amiantit Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI El Ezz Steel Rebars Elswedy ElectriC GB Auto Oriental Weavers Saudi Arabian Amiantit Saudi Cable KIPCO Dubai Investments Average Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News Flow Maaden awarded a USD 825mn contract to Daelim Industrial to build ammonia plant in Ras Al Khair. The plant will have production capacity of 1.1m tons and is expected to be completed in late (Bloomberg) Maaden reported Q2 net profit of SAR 41mn (-68.0% y/y), missing analysts estimates of SAR 167mn by 75.5%. The company attributed the decline to lower ammonia sales after technical maintenance shutdown of plant. (Bloomberg)

18 ROA Research from Emirates NBD Transport & Logistics Sector / E PB/ROA E 6 5 QGTS y = x R² = y = x R² = Aramex 4 3 Aramex 2 N. Shipping DPW 1 Air Arabia Agility Air Arabia 6.0 DPW PB Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI Air Arabia Aramex DPW National Shipping Co Agility QGTS Average Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News Flow DP World s rating was affirmed at BBB- with stable outlook at Fitch. (Bloomberg) Etihad reported Q2 total revenue of USD 1.33bn (+6.4% y/y). The seat factor for the airline came in at 77.3%. Passenger revenues for the company increased to USD 921mn (+7.7% y/y) and cargo revenues to USD 216mn (+2% y/y) (Bloomberg)

19 Research from Emirates NBD Financial Services Sector Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI DFM EFG-Hermes Tamweel Average Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News Flow

20 Research from Emirates NBD Foreign Ownership Limits Stock Allowed (%) Owned (%) 1 wk chg (%) 1 m chg (%) Stock Allowed (%) Owned (%) 1 wk chg (%) 1 m chg (%) Dubai Insurance House Air Arabia ASMAK Ajman Bank Investbank Arabtec Holdings METHAQ Aramex NBAD Drake & Scull Intl RAK Bank DFM NMDC Dubai Investments Qatar Telecom Dubai Islamic Bank RAK Properties DNIR RAK Poultry & Feeding Emaar RAK Cement Co Du RAK Ceramics Emirates NBD RAK Co for White Cement GGICO RAK National Ins Gulf Navigation SCIDC National Cement Co Sudan Telecom TABREED UAQ Cement Shuaa Capital Union Cement TAKAFUL UNB Takaful House United Arab Bank Tamweel United Insurance Co Union Properties Waha Capital Abu Dhabi Qatar ADCB Al Khaliji BILDCO Al Khalij Holding AD National Hotel Barwa Real Estate ADNIC CBQ AD Ship Building Doha Bank Agthia Group Gulf Intl Services Al Buhairah Ins. Co Industries Qatar Al Khazna Ins. Co Masraf Al Rayan Aldar Properties National Leasing Bank of Sharjah QEWS Comm. Bank Intl Qatar Gas Transport Dana Gas Qatar Insurance Co Eshraq Properties QIIB Finance House Qatar Islamic Bank First Gulf Bank Qatar National Bank Foodco Holding Qatar Navigation Green Crescent Ins Qatar Telecom Gulf Cement Co United Development Gulf Livestock Co Vodafone Qatar Gulf Medical Projects Source: Bloomberg, Emirates NBD Research

21 Research from Emirates NBD Other Asset Classes Currencies Close %5d chg 1 year fwd Close %5d chg Close %5d chg EURUSD USDTRY EURAED GBPUSD USDEGP GBPAED USDJPY USDSAR JPYAED USDCAD USDQAR CADAED AUDUSD USDKWD AUDAED USDCHF USDBHD CHFAED EURGBP USDOMR TRYAED USDCNY USDMAD INRAED Rates Interbank 1 month 3 month 6 month 1 year Swaps Close 5d chg (bps) EIBOR USD 2 yr USD LIBOR USD 5 yr GBP LIBOR USD 10 yr EURIBOR EUR 2 yr JPY LIBOR EUR 5 yr CHF LIBOR EUR 10 yr Commodities & Fixed Income Commodities Close %5d chg Bonds / Sukuk YTM 5d chg (bps) CDS Close 5d chg (bps) CRB CMDT Index ADGB Abu Dhabi Gold DUGB Dubai 22 + Silver QATAR Qatar Oil (WTI) BHRAIN Saudi Arabia Oil (Brent) EGYPT Bahrain Aluminium TURKEY Egypt Copper MOROC Turkey Tin (LME) BTUN Morocco 22-1 Zinc (LME) US Tsy 2 yr US Tsy 10 yr Source: Bloomberg, Emirates NBD Research

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23 Research from Emirates NBD 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 aazark@emiratesnbd.com Tim Fox Head of Research & Chief Economist timothyf@emiratesnbd.com Research Khatija Haque Senior Economist khatijah@emiratesndb.com Irfan Ellam Head of MENA Equity Research Mohammedie@emiratesnbd.com Aditya Pugalia Analyst adityap@emiratesnbd.com Jean-Paul Pigat MENA Economist jeanp@emiratesnbd.com Sales & Structuring Head of Sales & Structuring Sayed Sajjid Sadiq sayeds@emiratesnbd.com London Sales Lee Sims +44 (0) simsl@emiratesnbd.com Saudi Arabia Sales Numair Attiyah numaira@emiratesnbd.com Egypt Shahinaz Foda shahinaz.foda@bnpparibas.com Singapore Sales Supriyakumar Sakhalkar supriyakumars@emiratesnbd.com Group Corporate Communications Ibrahim Sowaidan ibrahims@emiratesnbd.com Claire Andrea clairea@emiratesnbd.com Page 23

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