Qatar Equity FactBook

Transcription

1 Qatar Equity FactBook 211

2

3 TABLE of CONTENTS BANKING Ahli Bank (ABQK)... 3 Al Khalij Commercial Bank (KCBK)... 5 Doha Bank (DHBK)... 7 Masraf Al Rayan (MARK)... 9 Qatar International Islamic Bank (QIIK) Qatar Islamic Bank (QIBK) The Commercial Bank of Qatar (CBQK) BROKERAGE Dlala Brokerage and Investment Holding Company (DBIS) Islamic Holding Group (IHGS) CEMENT AND BUILDING MATERIALS Al Khalij Holding (KHCD) Qatar National Cement Company (QNCD) CONSUMER Al Meera Consumer Goods Co. (MERS) Qatar Co. for Meat and Livestock Trading (QMLS) Zad Holding Company (ZHCD) ENERGY AND UTILITY Gulf International Services (GISS) Qatar Electricity and Water Company (QEWS) Qatar Fuel (QFLS or WOQOD) HEALTHCARE Medicare Group (MCGS) Qatari German Co. for Medical Devices (QGMD) INDUSTRIAL AND DIVERSIFIED Aamal Company (AHCS) Industries Qatar (IQCD) Mannai Corporation (MCCS) Qatar Industrial Manufacturing Company (QIMD) Qatar Oman Investment Company (QOIS) Salam International Investment Ltd. (SIIS) INSURANCE Al Khaleej Takaful Group (AKHI) Doha Insurance Company (DOHI) Qatar General Insurance & Reinsurance Company (QGRI) Qatar Insurance Company (QATI) Qatar Islamic Insurance Company (QISI)... 61

4 MEDIA Qatar Cinema and Film Distribution Co. (QCFS) REAL ESTATE AND INFRASTRUCTURE Barwa Real Estate Company (BRES) Ezdan Real Estate Company (ERES) Mazaya Qatar Real Estate Development (MRDS) National Leasing Holding (NLCS) United Development Company (UDCD) TELECOM SERVICES Qatar Telecom (QTEL) Vodafone Qatar (VFQS) TRANSPORT AND LOGISTICS Gulf Warehousing Company (GWCS) Qatar Gas Transport Company (QGTS) Qatar Navigation (QNNS)... 83

5 Ahli Bank (ABQK) Company Description Qatar s eighth largest publicly listed bank based on total assets. ABQK holds a 3.1 market share in terms of total assets (21). Ahli United Bank of Bahrain has a significant stake in Ahli Bank and provides ABQK access to a network spanning an additional six countries, including Bahrain, Kuwait, Egypt, Oman, Iraq and UK. Company Snapshot No. of conventional branches 16 No. of ATMs 45 No. of Islamic branches* 4 Customer deposits, 1Q211 (QR bn) 1.5 ; Note: *Subject to the February-211 QCB directive Business Segments Corporate banking provides loans and other credit facilities, deposits and current accounts for corporate and institutional customers. This segment also offers money market, trading and treasury services. The bank recently signed an agreement with Qatar Development Bank (QDB) regarding financing for small and medium enterprises. contribution FY28 FY29 FY21 Net operating income Net profit Retail banking offers services such as individual customer deposits and current accounts, consumer loans, residential mortgages, overdrafts, credit cards and fund transfer facilities to retail customers. Retail banking also provides private banking and wealth management services to high net worth individuals. In 21, ABQK received preliminary approval from the Qatar Financial Markets Authority (QFMA) to offer brokerage services. contribution FY28 FY29 FY21 Net operating income Net profit Islamic banking: We note that as per the February-211 QCB directive, ABQK, like other Qatari conventional banks, is no longer allowed to undertake any new Islamic business and has to wind down its Islamic operations by year-end. contribution FY28 FY29 FY21 Net operating income Net profit Key Parameters Net Interest Income (NII): NII increased by 68.4 YoY in FY21 due to a 33.6 decline in interest expense. Consequently, the Net Interest Margin (NIM) increased to 2.9 in 21 from 1.7 in 29. Loans: Gross loans declined by 7.6 YoY in 21 driven by a 77.1 decrease in service loans, a 42.5 decline in government loans and a 4. decline in contracting loans. This was offset by a 27.5 increase in personal loans. Overall, conventional (corporate and retail) lending and Islamic banking loans fell by 7.6 and 7.9 YoY, respectively. Non-performing loans (NPLs): Gross NPLs grew by 23.5 YoY in 21. This was driven by a growth of 49.8 in NPLs outstanding for the period of one-to-three years. As a result, the NPL ratio increased by 63 bps to 2.5. Deposits: In 21, total customer deposits grew marginally by 4.4 YoY. This was mainly driven by a growth of 3.8 in current account and savings account (CASA) deposits, partly offset by a 1.9 decrease in term deposits. The CASA ratio improved by 483 bps to 23.9 in 21. 1Q211 performance: (1) ABQK reported 1Q211 net profit of QR116mn, up 48.7 YoY due to a significant growth (48.) in net interest income on account of lower borrowing costs. Net fee and commission income declined by 4.9 to QR22mn because of higher expenses. Total operating income increased by 34.8 YoY to QR179mn. (2) Total assets declined by 8.2 and 7.1 on a QoQ and YoY basis, respectively, to QR16.5bn. Total assets declined on a YoY basis mainly due to a decrease in loans and dues from banks and financial institutions. (3) On the liabilities side, customer deposits declined by 8.4 sequentially to reach QR1.5bn. Key Data Current market price (QR) 64.2 Dividend yield # () 7.7 Bloomberg ticker ABQK QD ADR/GDR ticker N/A Reuters ticker AABQ.QA ISIN QA12748 Sector* Banking 52wk high/52wk low (QR) 68.8/ m average volume ( ) 2.5 Mkt. cap. (USD bn/qr bn) 1.2/4.5 Shares outstanding (mn) 7.1 Float* () 7.7 Float* (mn) year total return () 28.5 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Ahli United Bank 33.3 Qatar Investment Authority 16.7 (as of March 31, 211) Relative Price Performance vs. Peers Jun-21 Oct-21 Feb-211 Jun-211 ABQK QNBK CBQK Source: Bloomberg; Note: QNBK is Qatar National Bank and CBQK is Commercial Bank of Qatar Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 ABQK QEBNKI INDEX QE INDEX Source: Bloomberg; Note: QEBNKI INDEX is Qatar Banking Index and QE INDEX is Qatar Exchange Index 3

6 Key Personnel Sheikh Faisal Bin Abdul Aziz Bin Jasem Al-Thani Hamad A. Al Marzouq Salah Jassim Murad Sector Snapshot Qatar Total Assets Designation Chairman Deputy Chairman Chief Executive Officer FY27 FY28 FY29 FY21 Total 296,45 45, , ,58 Conventional banks () Islamic banks () Foreign banks () Source: Qatar Central Bank Credit Facilities FY27 FY28 FY29 FY21 Total 16, , ,5 315,387 Conventional banks () Islamic banks () Foreign banks () Source: Qatar Central Bank Total Deposits FY27 FY28 FY29 FY21 Total 167,26 212, ,862 36,788 Conventional banks () Islamic banks () Foreign banks () Source: Qatar Central Bank Peer Companies Size Total assets (QR bn) Market share*() Qatar National Bank Largest Commercial Bank of Qatar 2 nd largest , Qatar Central Bank (data as of 21); Note: *Market share based on total assets Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Interest income Interest expense Net Interest Income(NII) Net Interest Margin (NIM) () Net Islamic banking Income Non-interest income Operating expenses Provisions for loans and losses Net profit , Bloomberg Balance Sheet FY27 FY28 FY29 FY21 Cash and balances with Central Bank Due from banks & financial institutions 3,285 4,5 4,348 3,62 Net loans and advances 1,16 11,547 12,47 11,339 Financial investments 1, ,156 Total assets 15,576 17,799 18,45 17,966 Due to banks and financial institutions 1,955 3,49 3,727 2,6 Customer deposits 1,54 1,261 1,983 11,461 Total equity 1,524 1,64 1,953 2,64 Total liabilities and equity 15,576 17,799 18,45 17,966 Ratios FY27 FY28 FY29 FY21 RoE () RoA () Tier 1 capital ratio () Source: Bloomberg Total Interest Income and Expense YoY Growth, Net Interest Margin (NIM) (2) (4) FY27 FY28 FY29 FY21 Interest Income (YoY growth) Interest Expense (YoY growth) NIM (RHS) Jaws* and Cost to Income Ratio FY27 FY28 FY29 FY21 Net operating income Operating expense Cost to Income Ratio (RHS) ; Note: *Difference between net operating income and operating expense Loan Mix FY Government & agencies Contracting Personal Deposit Mix FY Commerical Real estate Others Current accounts Saving accounts Term deposits P/B Multiples FY28 FY29 FY21 FY211* ABQK N/A QNBK CBQK P/E Multiples FY28 FY29 FY21 FY211* ABQK N/A QNBK CBQK

7 Al Khalij Commercial Bank (KCBK) Company Description KCBK, also known as Al Khaliji, is the sixth largest listed bank in Qatar based on total assets (FY21). Established in January 27, KCBK offers conventional banking products and services to retail, corporate and institutional customers. The bank holds a 3.6 market share in the State of Qatar based on total assets (21). Besides the State of Qatar, Al Khaliji also has a presence in the UAE and France. The company called off its merger with the International Bank of Qatar (IBQ) in June 211 as the parties failed to come to an agreement on the final terms of the deal. Company Snapshot No. of international branches # 5 No. of ATMs # 26 No. of domestic branches # 3 Enterprise value* (QR bn) 6.9 Source: # Company data (as of May 8, 211), *Bloomberg (as of June 9, 211) Subsidiary Al Khaliji (France) S.A. is a wholly-owned subsidiary, which offers deposits, equity trading, investment funds, trade finance and wealth management. This subsidiary contributed 16.3 to net operating income and 12. to net profit in 21. Business Segments Conventional banking comprises personal and corporate banking services. Islamic banking: We note that as per the February-211 QCB directive, KCBK, like other Qatari conventional banks, is no longer allowed to undertake any new Islamic business and has to wind down its Islamic operations by year-end. Net Profit* By Segment (FY 21) Total Assets* By Segment (FY21)* Conventional banking Al Khaliji France 8.4 Islamic banking ; Note: *Excludes unallocated items ; Note: *Excludes unallocated items Key Parameters Income statement: Net Interest Income (NII) increased by 66. YoY in 21 due to a 25.9 increase in interest income and an 8.2 decline in interest expense. Net Islamic banking income increased by 15. YoY. Total non-interest income increased by 25.6 primarily driven by a 73.5 growth in profit on sale of availablefor-sale investments. Net profit increased by to QR427mn in 21. Balance sheet: Financial investments increased by 78.6 YoY driven by a increase in available-for-sale investments. Gross loans, advances and financing activities to customers declined by 15.9 YoY. This was due to a 45.8 decrease in loans to the government, a 2. fall in service sector loans and a 13.3 decrease in real estate loans. Islamic financing activities, specifically, declined significantly by 74.6 YoY given the lack of financing to the government and the commercial sectors. Islamic financing to the real estate sector decreased by 39.2 YoY in 21. Overall, total assets grew by 16.3 YoY to QR2.4bn in 21. On the liabilities side, amounts due to banks and financial institutions increased by 95.8 YoY driven by a 178. rise in term deposits and a 17.2 growth in borrowings under repurchase agreements. 1Q211 performance: (1) KCBK reported a net profit of QR119mn in 1Q211, up 15.4 YoY. The sharp jump in net profit was mainly due to an 88.8 YoY growth in net interest income to QR148mn because of lower borrowing costs. Net fee and commission income declined by 9. YoY to QR27mn because of higher expenses. Net operating income increased by 39.8 YoY to QR231mn. (2) Total assets grew by 8. QoQ to QR22.bn. This was driven by a significant growth (22.5 QoQ) in financial investments. Loans and advances increased by 1.9 QoQ to QR8.bn. Customer deposits grew by 16.1 QoQ to QR9.3bn Conventional banking Al Khaliji France 79.9 Islamic banking Key Data Current market price (QR) 16.9 Dividend yield # () 5.9 Bloomberg ticker KCBK QD ADR/GDR ticker N/A Reuters ticker KCBK.QA ISIN QAAM6MD5 Sector* Banking 52wk high/52wk low (QR) 22.1/ m average volume ( ) Mkt. cap. (USD bn/qr bn) 1.7 /6.1 Shares outstanding (mn) 36. Float* () 99.8 Float* (mn) year total return () 4.5 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Qatari Diar Real Estate Investment Company 17.2 Qatar Holding Co. 1. Pension and Retirement General Authority Qatar 5. Qatar Health and Education Fund 5. Emirates NBD 5. Qatar Foundation 4.6 Union Investment House 4.2 (as of March 31, 211) Relative Price Performance vs. Peers Jun-21 Oct-21 Feb-211 Jun-211 KCBK ABQK DHBK Source: Bloomberg; Note: ABQK is Ahli Bank and DHBK is Doha Bank Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 KCBK QEBNKI INDEX QE INDEX Source: Bloomberg; Note: QEBNKI INDEX is Qatar Banking Index and QE INDEX is Qatar Exchange Index 5

8 Key Personnel Sheikh Hamad Bin Faisal Bin Thani Al-Thani Robin McCall Sector Snapshot Qatar Total Assets Designation Chairman and Managing Director Group Chief Executive Officer FY27 FY28 FY29 FY21 Total 296,45 45, , ,58 Conventional banks () Islamic banks () Foreign banks () Source: Qatar Central Bank Credit Facilities FY27 FY28 FY29 FY21 Total 16, , ,5 315,387 Conventional banks () Islamic banks () Foreign banks () Source: Qatar Central Bank Total Deposits FY27 FY28 FY29 FY21 Total 167,26 212, ,862 36,788 Conventional banks () Islamic banks () Foreign banks () Source: Qatar Central Bank Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Interest income Interest expense Net Interest Income (NII) Net Interest Margin (NIM) () N/A N/A Net Islamic banking income Non-interest income Net operating income Operating expenses Provisions for loans and other losses (7) Net profit , Bloomberg Balance Sheet FY27 FY28 FY29 FY21 Cash and balances with Central Bank 1, ,387 Due from banks and financial institutions 4,198 2,21 3,583 3,96 Net loans and advances 769 6,98 8,585 7,257 Financial investments 1,16 3,965 7,83 Total assets 5,151 11,955 17,524 2,375 Due to banks and financial institutions 5 2,392 3,131 6,13 Customer deposits 4,674 9,24 7,996 Total equity 4,561 4,546 4,83 5,255 Total liabilities and equity 5,151 11,955 17,524 2,375 Ratios FY27 FY28 FY29 FY21 RoE () N/A RoA () N/A Tier 1 capital ratio () Source: Bloomberg Net Interest Income (NII) and YoY Growth FY27 FY28 FY29 FY21 NII YoY growth (RHS) Jaws and Cost to Income Ratio FY27 FY28 FY29 FY21 Operating income Operating expense Cost to income ratio (RHS) ; Note: *Difference between net operating income and operating expense Loan Mix FY Government Services Real estate 12.4 Deposit Mix FY Demand and call accounts Term deposits Industry & commercial Contracting Personal & others Savings accounts Others P/B Multiples FY28 FY29 FY21 FY211* KCBK N/A ABQK N/A DHBK P/E Multiples FY28 FY29 FY21 FY211* KCBK N/A ABQK N/A DHBK

9 Doha Bank (DHBK) Company Description DHBK is Qatar s fourth largest bank with an 8.3 market share based on 21 total assets. The bank currently offers conventional banking services and provides credit card, foreign exchange and asset management services. DHBK has a presence in Qatar, USA, Kuwait and the UAE. The bank also has representative offices in Japan, China, Singapore, South Korea, Turkey, UK, Germany & the UAE. Company Snapshot Market share (FY21 loans) () 8.4 No. of ATMs 115+ No. of conventional branches 31 No. of Islamic branches* 5 No. of pay offices 12 No. of electronic branches 11 ; Note: *Subject to the February-211 QCB directive Key Subsidiaries / Associates Doha Bank Assurance Company (DBAC; 1 owned) provides all lines of general insurance to corporate clients. Dbank Tech LLC (DBT; 1) offers information technology services. This subsidiary is incorporated in the UAE. DB Capital (DBC; 1): Incorporated in the State of Qatar, DBC is yet to commence its operations. Doha Brokerage and Financial Services Ltd. (DBFS; 49): Based in India, DBFS offers broking services, wealth management and investment solutions. Business Segments Conventional banking offers retail and wholesale banking. The bank recently introduced mobile banking services. contribution FY27 FY28 FY29 FY21 Net operating income Net profit ; Note: *Percentage contributions by conventional, Islamic and insurance segments do not add up to 1 given unallocated items Islamic banking: We note that as per the February-211 QCB directive, DHBK, like other Qatari conventional banks, is no longer allowed to undertake any new Islamic business and has to wind down its Islamic operations by year-end. contribution FY27 FY28 FY29 FY21 Net operating income Net profit ; Note: *Percentage contributions by conventional, Islamic and insurance segments do not add up to 1 given unallocated items Insurance offers various general insurance products to corporate clients. contribution FY27 FY28 FY29 FY21 Net operating income Net profit ; Note: *Percentage contributions by conventional, Islamic and insurance segments do not add up to 1 given unallocated items Key Parameters Net Interest Income (NII): NII increased by 26.9 YoY in 21 due to a reduction in cost of funds from diversified sources. Consequently, the Net Interest Margin (NIM) increased to 4.6 in 21 from 3.8 in 29. Loans: Commercial loans and real estate & contracting loans increased by 36.4 and 15.1 YoY, respectively, in 21. However, gross loans grew by 4.1 as personal loans decreased by 6.4 along with an 18. reduction in services loans. Non-performing loans (NPLs): Gross NPLs grew by 27.6 YoY in 21. The NPL ratio increased by 8 bps to 3.9 given the slower growth in loans and advances as compared to the increase in NPLs. Deposits: Total deposits grew by 1.6 YoY in 21 driven by an increase of 3.6 in the current account and savings account (CASA) deposits and a 3.2 increase in term deposits. This also led to an improvement in the CASA ratio to 31.7 in 21 versus 26.8 in 29. 1Q211 performance: (1) Net operating income grew by 21.4 YoY due to higher NII and other income, partly offset by lower net fee and commission income. NII increased by 33.4 YoY as interest expense declined significantly by Net profit increased by 15.2 YoY to QR363mn with earnings per share at QR1.86. (2) Total assets declined by 1.7 QoQ to QR46.4bn while loans and advances fell by 1.6 QoQ to QR26.1bn. The NPL ratio increased to 4.2 (4Q21: 3.9). (3) On the liabilities side, customer deposits fell by 1.7 QoQ to QR25.8bn. Key Data Current market price (QR) 51.6 Dividend yield # () 9.7 Bloomberg ticker DHBK QD ADR/GDR ticker N/A Reuters ticker DOBK.QA ISIN QA Sector* Banking 52wk high/52wk low (QR) 7./ m average volume ( ) 27.4 Mkt. cap. (USD bn/qr bn) 2.9/1.7 Shares outstanding (mn) 26.7 Float* () 75.3 Float* (mn) year total return () 28.9 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Qatar Investment Authority 16.7 (as of March 31, 211) Relative Price Performance vs. Peers Jun-21 Oct-21 Feb-211 Jun-211 DHBK QNBK CBQK Source: Bloomberg; Note: QNBK is Qatar National Bank and CBQK is Commercial Bank of Qatar Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 DHBK QEBNKI INDEX QE INDEX Source: Bloomberg; Note: QEBNKI INDEX is Qatar Banking Index and QE INDEX is Qatar Exchange Index 1-Year Forward P/B Band QR Jan-26 Jan-27 Jan-28 Jan-29 Jan-21 Jan-211 Source: Bloomberg 2.9x 2.3x 1.7x 1.1x.5x 7

10 Key Personnel Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani Ahmed Abdul Rahman Yousuf Obaidan Fakhroo Sheikh Abdul Rahman Bin Mohammad Bin Jabor Al-Thani Raghavan Seetharaman, Bloomberg Sector Snapshot Qatar Total Assets Designation Chairman Vice Chairman Managing Director Group Chief Executive Officer FY27 FY28 FY29 FY21 Total 296,45 45, , ,58 Conventional banks () Islamic banks () Foreign banks () Source: Qatar Central Bank Credit Facilities FY27 FY28 FY29 FY21 Total 16, , ,5 315,387 Conventional banks () Islamic banks () Foreign banks () Source: Qatar Central Bank Total Deposits FY27 FY28 FY29 FY21 Total 167,26 212, ,862 36,788 Conventional banks () Islamic banks () Foreign banks () Source: Qatar Central Bank Peer Metrics Size Total assets (QR bn) Market share* () Qatar National Bank Largest Commercial Bank of Qatar 2 nd largest , Qatar Central Bank (data as of 21); Note: *Market share based on total assets Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Interest income 1,677 1,986 2,253 2,299 Interest expense 993 1,61 1, Net Interest Income (NII) ,86 1,378 Net Interest Margin (NIM) () Net Islamic banking income Non-interest income Operating expenses Provision for loans and other losses Net profit ,54, Bloomberg Balance Sheet FY27 FY28 FY29 FY21 Cash & balances with Central Bank 1,884 2,552 1,754 1,379 Due from banks & financial inst. 5,228 7,95 4,4 3,634 Net loans and advances 19,14 23,933 25,896 26,547 Financial investments 3,14 3,38 3,825 5,217 Total assets 3,58 38,97 45,996 47,23 Due to banks & financial institutions 4,371 8,161 1,489 8,683 Customer deposits 19,677 22,27 26,178 28,947 Total equity 3,619 4,913 5,851 6,34 Total liabilities and equity 3,58 38,97 45,996 47,23 Ratios FY27 FY28 FY29 FY21 RoE () RoA () Tier 1 capital ratio () Source: Bloomberg Total Interest Income and Expense YoY Growth, Net Interest Margin (NIM) (25) FY27 FY28 FY29 FY21 Interest income (YoY growth) Interest expense (YoY growth) NIM (RHS) Jaws* and Cost to Income Ratio 2,5 2, 1,5 1, 5 FY27 FY28 FY29 FY21 Operating income Operating expense Cost to income ratio (RHS) ; Note: *Difference between net operating income and operating expense Loan Mix FY Personal Real estate Government & agencies Deposit Mix FY Term deposits Saving accounts Commercial Contracting Others P/B Multiples FY28 FY29 FY21 FY211* DHBK QNBK CBQK P/E Multiples FY28 FY29 FY21 FY211* DHBK QNBK CBQK Current accounts Islamic banking current accounts 8

11 Masraf Al Rayan (MARK) Company Description Qatar s second largest pure play Islamic bank. MARK offers commercial banking services to retail and corporate customers in accordance with Shari a principles. Besides the State of Qatar, the bank also has a presence in markets such as Pakistan and Saudi Arabia. Incorporated in January 26, MARK was the first Shari a compliant bank in the State of Qatar to receive Moody s ratings of A3 and Prime-2 in 29. In March, the company announced plans to raise around USD1bn of capital in 4Q211 through a medium-term sukuk and stated that it was seeking a stake in an unnamed Saudi bank. Company Snapshot Market share* () 6.1 Market share* (Islamic banking) () 29.1 No. of Islamic branches 9 No. of ATMs 34 ; Note: *Based on 21 total assets Subsidiaries / Associates The following are the wholly-owned subsidiaries of MARK: Al Rayan Investment (ARI), established in 28, is the first Islamic institution authorized by the Qatar Financial Center Regulatory Authority (QFCRA). ARI provides investment banking and asset management services in the State of Qatar and rest of the GCC, with a focus on real estate and financial advisory. Al Rayan Financial Brokerage: Incorporated in November 21, this subsidiary will eventually offer brokerage services. Lusail Waterfront Real Estate provides real estate project management services. The bank s associate companies include Oman National Mass Housing, Pak-Qatar General Takaful, Pak-Qatar Family Takaful, CI San Trading, Kirnaf Investment and Installment Co., Daman Insurance (Beema) and Linc Facility Services. Business Segments Corporate banking offers corporate finance and advisory, financing products, cash management, treasury and trade finance services. This segment contributed QR1.4bn or 94.4 (before unallocated loss of QR236mn) to net profit in 21. Retail banking provides current and savings accounts, time deposits, financing, credit cards, kids accounts, pay and go prepaid cards and other banking services. This segment contributed 5.1 to net profit in 21. Al Rayan Investment offers asset management and real estate and financial advisory. This segment contributed.5 to net profit in 21. Key Parameters Income statement: Net revenue increased by 2.9 YoY driven by a 62.1 increase in net profit sharing. Depositors profit sharing increased by 3.8 YoY, despite a fall in depositors profit sharing rates, as there was a sizeable increase in unrestricted investment accounts. Total non-interest income declined by 34. YoY due to decreases in net income from commission and fees and other income by 51. and 47.2, respectively. Total operating income increased by 33.3 YoY in 21 to QR1.4bn. The corporate banking segment was a major contributor making up 93.3 of total operating income (on an as-reported basis). Overall, 21 witnessed a 37.5 YoY increase in net profit to QR1.2bn. Balance sheet: Amounts due from financing activities grew by 41.2 YoY in 21 driven by a substantial increase of 57.2 in amounts due from Murabaha. MARK s total assets grew by 43.8 YoY. On the liabilities side, unrestricted investment accounts increased by 57.2 YoY while customer deposits decreased by Due from financing activities (gross) by product contribution (21) Murabaha 86.3 Mudaraba 8.3 Ijara 4.7 Musharaka.6 1Q211 performance: (1) MARK reported an 8.7 YoY increase in net profit to QR328mn as total assets surged by 49.7 to QR42.2bn and financing activities grew by 29.1 to QR26.5bn. (2) Customer deposits plus unrestricted investment accounts rose by 56.5 YoY to QR33.7bn. (3) Overall, shareholders equity gained 19.4 YoY to QR7.5bn with earnings per share 1. higher at QR.44. (4) Relative to 4Q21, financing activities gained 5.8 from QR25.1bn. However, customer deposits and unrestricted investment accounts rose 24.9 from QR27.bn indicating that MARK received particular benefit from the regulatory requirement for conventional banks to wind down their Islamic financing activities. Key Data Current market price (QR) 22.7 Dividend yield* () N/A Bloomberg ticker MARK QD ADR/GDR ticker N/A Reuters ticker MARK.QA ISIN QAAM8VM3 Sector* Banking 52wk high/52wk low (QR) 25.3/ m average volume ( ) 1,86.8 Mkt. cap. (USD bn/qr bn) 4.7/17. Shares outstanding (mn) 75. Float* () 99.9 Float* (mn) year total return () 67. Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # FY21 dividend of QR2.635 a share not considered as the dividend reflects an increase in paid up capital Shareholders stake Qatar Investment Authority 1. Qatar Special Projects 2.3 Brooq Trading Company 1.9 Qatari Diar Real Estate Investment Company Source: Zawya (as of March 17, 211) Relative Price Performance vs. Peers Jun-21 Oct-21 Feb-211 Jun-211 Source: Bloomberg; Note: QIBK is Qatar Islamic Bank and QIIK is Qatar International Islamic Bank Relative Price Performance vs. Market Source: Bloomberg; Note: QEBNKI INDEX is Qatar Banking Index and QE INDEX is Qatar Exchange Index 1-Year Forward P/B Band Source: Bloomberg MARK QIBK QIIK 8 Jun-21 Oct-21 Feb-211 Jun-211 QR MARK QEBNKI INDEX QE INDEX Jun-26 Jun-27 Jun-28 Jun-29 Jun x 2.6x 1.9x 1.3x.7x

12 Key Personnel Hussain Ali Al Abdalla Sheikh Al Hussein Bin Ali Bin Ahmed Al-Thani Adel Mustafawi Sector Snapshot Qatar Total Assets Designation Chairman and Managing Director Vice Chairman Chief Executive Officer FY27 FY28 FY29 FY21 Total 296,45 45, , ,58 Conventional banks () Islamic banks () Foreign banks () Source: Qatar Central Bank Credit Facilities FY27 FY28 FY29 FY21 Total 16, , ,5 315,387 Conventional banks () Islamic banks () Foreign banks () Source: Qatar Central Bank Total Deposits FY27 FY28 FY29 FY21 Total 167,26 212, ,862 36,788 Conventional banks () Islamic banks () Foreign banks () Source: Qatar Central Bank Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Income from financing activities ,83 1,618 Depositors profit sharing Net profit sharing ,47 Total non-interest income 1, Net revenue 1,377 1,174 1,131 1,368 Total provisions (net of recoveries) (81) Total operating income (net of provisions) 1,377 1,11 1,86 1,449 Operating expenses Net profit 1, ,211 Balance Sheet FY27 FY28 FY29 FY21 Cash and balances with Central Bank ,482 Due from and investments with banks and financial institutions 2,324 1,286 4,257 4,989 Due from financing activities 6,738 13,326 17,75 25,64 Financial investments ,26 Total assets 1,191 16,769 24,124 34,683 Customer deposits ,47 1,292 Unrestricted investment accounts 4,537 1,484 16,361 25,724 Total equity 5,159 5,694 5,962 7,127 Total liabilities and equity 1,191 16,769 24,124 34,683 Ratios FY27 FY28 FY29 FY21 RoE () RoA () Tier 1 capital ratio () Source: Bloomberg Growth from Income from Financing Activities vs. Depositors Profit Sharing FY28 FY29 FY21 Income from financing activities (YoY growth) Depositors' share (YoY growth) Net Income and YoY Growth 1, , FY28 FY29 FY21 Net income YoY growth (RHS) Jaws* and Cost to Income Ratio (15) (3) 1,5 4 1, FY27 FY28 FY29 FY21 Total operating income Cost to income ratio (RHS) Operating expenses ; Note: *Difference between net operating income and operating expense P/B Multiples FY28 FY29 FY21 FY211* MARK QIBK QIIK N/A P/E Multiples FY28 FY29 FY21 FY211* MARK QIBK QIIK

13 Qatar International Islamic Bank (QIIK) Company Description A diversified Islamic bank. QIIK is a full-service bank offering commercial banking services to retail and corporate customers in accordance with Shari a principles. Established in 199, the bank now has a presence in local and international markets, including the GCC countries, Europe and North America. In March, QIIK made an unconditional cash offer of GBP25.5mn to buy up the remaining stake in Islamic Bank of Britain (IBB). Moody s recently rated the bank for the first time and assigned QIIK ratings of A3/P-2/D+ with a stable outlook. Company Snapshot Market share* () 3.4 Customer deposits FY21 (QR bn) 2.8 No. of branches 15 No. of ATMs 6, Zawya; Note: *Based on 21 total assets Associates Al Tashelat Islamic Company (49 owned): Based in the State of Qatar, this associate is involved in Islamic financing activities. Al Moqawil Company (49) provides local contracting services. Mackeen Investment and Real Estate Development (49) offers real estate and business solutions for public and private sector customers in Qatar and other regional countries. This associate provides land and property development, real estate investment, project management, property valuation, consulting and project marketing services. Syria International Islamic Bank (2): This associate primarily provides commercial banking services in accordance with Shari a principles. QIIK recently received an approval to increase its stake to 41 in this company. Syria Islamic Insurance Company (2) offers general insurance services in compliance with Shari a principles. First Educational Group (1): Based in the State of Qatar, this associate provides education-related services. Business Segments Corporate banking provides banking and financial services including commercial finance, foreign trade finance, Murabaha, Mudaraba, Musawama, Ijara and Istisna to corporate and institutional customers. Personal banking offers current and savings accounts, time deposits, credit cards, consumer finance, electronic cards, safe deposit lockers, internet banking, mobile banking and phone banking services. Investment banking manages QIIK s investment portfolio and offers investment banking related services. Key Parameters Income statement: In 21, income from financing activities increased by 9.2 YoY. Net profit sharing grew by 2.6 as the depositors profit sharing rose by Total non-interest income increased by 46.1 YoY because of a 59.5 growth in foreign exchange income and a 47.4 rise in income from investing activities. Total operating income increased by 8. YoY to QR724mn, accompanied by a 13.7 growth in net revenue, with provisions increasing at a faster rate. These factors resulted in a 9.3 YoY increase in net profit to QR559mn in 21. Balance sheet: Amounts due from and investments with banks and financial institutions grew by 32.3 YoY in 21. Financial investments also increased by (on a small base) YoY driven by a (on a small base) growth in heldto-maturity investments. Overall, the bank s total asset base grew by 16.8 over the period. The increase in total liabilities was driven by a 15.7 YoY increase in customer deposits, a 23. rise in unrestricted investment accounts and a significant growth in amounts due to banks and financial institutions. 1Q211 performance: (1) QIIK reported a net profit of QR159mn, up 12.8 YoY driven by a significant growth in income from investment activities. Net profit sharing declined by 4.1 YoY to QR126mn due to lower income from financing activities. (2) Net fee and commission income decreased by 15.7 YoY to QR22mn and income from investment activities grew by (on a small base) to QR52mn. General and administrative expenses increased by 15. YoY to QR34mn. (3) Total assets grew by 1.9 QoQ to QR2.2bn. Total loans (receivables and balances from financing activities) increased by 2.4 QoQ to QR11.1bn. Unrestricted investment accounts grew by 7.9 QoQ to QR12.1bn. Key Data Current market price (QR) 46. Dividend yield # () 8.2 Bloomberg ticker QIIK QD ADR/GDR ticker N/A Reuters ticker QIIB.QA ISIN QA Sector* Banking 52wk high/52wk low (QR) 58.4/ m average volume ( ) Mkt. cap. (USD bn/qr bn) 1.9/7. Shares outstanding (mn) Float* () 78.8 Float* (mn) year total return () 17.5 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Qatar Investment Authority 16.7 Relative Price Performance vs. Peers Jun-21 Oct-21 Feb-211 Jun-211 QIIK MARK QIBK Source: Bloomberg; Note: MARK is Masraf Al Rayan and QIBK is Qatar Islamic Bank Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 QIIK QEBNKI INDEX QE INDEX Source; Bloomberg; Note: QEBNKI INDEX is Qatar Banking Index and QE INDEX is Qatar Exchange Index 1-Year Forward P/B Band QR Jan-26 Jan-27 Jan-28 Jan-29 Jan-21 Jan-211 Source: Bloomberg 3.6x 2.8x 2.1x 1.3x.6x 11

14 Key Personnel Designation Sheikh Khaled Bin Thani Bin Abdullah Al-Thani Chairman and Managing Director Sheikh Abdullah Bin Thani Bin A. Al-Thani Abdulbasit Ahmed Al Shaibei Sector Snapshot Qatar Total Assets Vice Chairman Chief Executive Officer FY27 FY28 FY29 FY21 Total 296,45 45, , ,58 Conventional banks () Islamic banks () Foreign banks () Source: Qatar Central Bank Credit Facilities FY27 FY28 FY29 FY21 Total 16, , ,5 315,387 Conventional banks () Islamic banks () Foreign banks () Source: Qatar Central Bank Total Deposits FY27 FY28 FY29 FY21 Total 167,26 212, ,862 36,788 Conventional banks () Islamic banks () Foreign banks () Source: Qatar Central Bank Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Income from financing activities Depositors profit sharing Net profit sharing Total non-interest income Net revenue Total provisions (net of recoveries) Total operating income (net of provisions) Operating expenses Net profit Balance Sheet FY27 FY28 FY29 FY21 Cash and balances with Central Bank Due from banks and financial institutions 3,719 2,121 3,864 5,112 Due from financing activities 4,389 8,253 1,136 1,366 Financial investments ,694 Total assets 9,951 12,842 16,551 19,331 Customer deposits 2,33 2,327 2,452 2,836 Due to banks and financial institutions Unrestricted investment accounts 5,185 6,812 9,12 11,198 Total equity 2,356 2,78 3,799 3,817 Total liabilities and equity 9,951 12,842 16,551 19,331 Ratios FY27 FY28 FY29 FY21 RoA () RoE () Tier 1 capital ratio () Source: Bloomberg Growth in Income from Financing Activities vs. Growth in Depositors Profit Sharing FY27 FY28 FY29 FY21 Income from financing activities (YoY growth) Depositors' profit sharing (YoY growth) Net Profit and YoY Growth FY27 FY28 FY29 FY21 Net Profit YoY growth (RHS) Jaws* and Cost to Income Ratio FY27 FY28 FY29 FY21 Total operating income Operating expenses Cost to income ratio (RHS) ; Note: *Difference between net operating income and operating expense P/B Multiples FY28 FY29 FY21 FY211* QIIK N/A MARK QIBK P/E Multiples FY28 FY29 FY21 FY211* QIIK N/A MARK QIBK

15 Qatar Islamic Bank (QIBK) Company Description With a 43.4 share in the State of Qatar s Islamic banking sector, QIBK is the country s largest pure play Islamic bank. Established in 1982, QIBK has a presence in the State of Qatar and overseas, including Europe, Asia, the Middle East and North Africa. In May, the company announced its intention to raise as much as USD1bn this year through a sukuk offering. Company Snapshot Market share* () 9.1 Market share* (Islamic banking) () 43.4 No. of branches 3 No. of ATMs 115 ; Note: *Based on 21 total assets Subsidiaries / Associates Al Aqar Real Estate Development and Investment: Established in 2, this 49-owned subsidiary is involved in property investment, development and management, brokerage and consultancy services in the local real estate sector. QIB (UK): This 7-owned Islamic investment banking subsidiary offers various services such as asset management, corporate finance, real estate and treasury. QInvest LLC provides asset management, investment banking, private equity investments and wealth management services in accordance with Shari a principles. QInvest is also in the process of rolling out brokerage services. On March 1, QIBK bought up an additional interest in QInvest and currently owns a controlling interest of in this subsidiary. Associate companies also include Asian Finance Bank, Al Jazeera Finance Co. Ltd., Durat Al Doha, Bawabat Al-Shamal, Al Daman Islamic Insurance (Beema) and Arab Finance House. Business Segments Islamic banking provides several offerings including sukuks, Musawama, Murabaha, Mudaraba, Musharaka, Ijara, Istisna and Musharaka. Net profit sharing from financing activities contributed 74.3 to total operating income (before provisions) in 21. Key Parameters Income statement: QIBK reported a 2. growth in income from financing activities driven by a large increase in amounts due from financing activities. Depositors profit sharing declined by 12.5 YoY due to a fall in depositors profit sharing rates. This resulted in a 7.6 increase in net profit sharing to QR1.4bn. While net fee & commission income increased by 11.8, total non-interest income fell by 16.4 to QR49mn due to declining income from investment activities and foreign exchange. Overall, net profit increased by.9 to QR1.3bn in 21. Balance sheet: Total assets grew by 32. YoY in 21 driven by a 39.6 increase in amounts due from banks and financial institutions and a 29.5 rise in amounts due from financing activities. Customers deposits increased by 29.9 YoY while amounts due to banks and financial institutions declined by 3.2. Due from financing activities (gross) by product contribution (21) Murabaha and Musawama 69.7 Ijara 17.5 Istisna 9.5 Mudaraba 2.9 Musharaka and other.4 1Q211 performance: (1) QIBK reported a net profit of QR321mn, up 6.9 YoY over 1Q21 but below consensus expectations of QR344mn. (2) The core business of the bank delivered growth over the period as net operating income rose by 25.7 YoY to QR648mn. (3) While net financing income increased by 8.6 YoY to QR457mn, net fee and commission income fell by 25. to QR59mn. The unrestricted investment account (URIA) holders share of profit was QR114mn (1Q21: QR99mn, +14.8) reflecting YoY URIA growth of 31.2 to QR19.8bn. (4) QIBK s total assets grew by 25.6 YoY to stand at QR49.8bn reflecting a surge in its financial investments to QR15.1bn. This was due to an investment in a government sukuk designed to bolster the domestic bond market. However, the financing portfolio fell by 15.7 QoQ to QR24.7bn (21: QR29.4bn) while current and investment accounts fell by 15.1 to QR25.7bn (21: QR3.3bn). Key Data Current market price (QR) 77.9 Dividend yield # () 6.4 Bloomberg ticker QIBK QD ADR/GDR ticker N/A Reuters ticker QISB.QA ISIN QA Sector* Banking 52wk high/52wk low (QR) 92./7. 3-m average volume ( ) 26. Mkt. cap. (USD bn/qr bn) 5.1/18.4 Shares outstanding (mn) Float* () 82.4 Float* (mn) year total return () 17.4 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Qatar Investment Authority 16.7 Source: Zawya (as of May 11, 211) Relative Price Performance vs. Peers Jun-21 Oct-21 Feb-211 Jun-211 Source: Bloomberg; Note: MARK is Masraf Al Rayan Bank and QIIK is Qatar International Islamic Bank Relative Price Performance vs. Market Source: Bloomberg; Note: QEBNKI INDEX is Qatar Banking Index and QE INDEX is Qatar Exchange Index 1-Year Forward P/B Band Source: Bloomberg QIBK MARK QIIK 9 Jun-21 Oct-21 Feb-211 Jun-211 QR QIBK QEBNKI INDEX QE INDEX Jan-26Jan-27Jan-28Jan-29Jan-21Jan x 12.x 9.x 6.x 3.x 13

16 Key Personnel Designation Sheikh Jassim Bin Hamad Bin Jassim Bin Jabr Al-Thani Chairman Mohammed Bin Abdullatif Al Manaa Vice Chairman Abdullatif Bin Abdullah Al Mahmmoud Managing Director Ahmad Meshari Acting Chief Executive Officer Sector Snapshot Qatar Total Assets FY27 FY28 FY29 FY21 Total 296,45 45, , ,58 Conventional banks () Islamic banks () Foreign banks () Source: Qatar Central Bank Credit Facilities FY27 FY28 FY29 FY21 Total 16, , ,5 315,387 Conventional banks () Islamic banks () Foreign banks () Source: Qatar Central Bank Total Deposits FY27 FY28 FY29 FY21 Total 167,26 212, ,862 36,788 Conventional banks () Islamic banks () Foreign banks () Source: Qatar Central Bank Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Income from financing activities 839 1,328 1,827 1,863 Depositors profit sharing Net profit sharing ,316 1,417 Total non-interest income 855 1, Net revenue 1,352 2,166 1,92 1,96 Total provisions (net of recoveries) Total operating income (net of provisions) 1,334 2,149 1,771 1,866 Operating expenses Net profit 1,255 1,643 1,322 1,335 Balance Sheet FY27 FY28 FY29 FY21 Cash and balances with Central Bank 1,257 1,23 1,338 1,875 Due from banks and financial institutions 3,365 6,368 8,93 12,431 Due from financing activities 11,679 18,866 22,663 29,352 Financial investments 2,98 4,598 3,436 5,12 Total assets 21,336 33,543 39,273 51,84 Customer deposits 4,384 5,97 6,719 8,731 Due to banks and financial institutions 3,64 8,697 8,691 8,412 Unrestricted investment accounts 7,816 11,495 13,642 21,527 Total equity 4,629 7,143 9,5 9,124 Total liabilities and equity 21,336 33,543 39,273 51,84 Ratios FY27 FY28 FY29 FY21 RoE () RoA () Tier 1 capital ratio () N/A Source: Bloomberg Growth in Income from Financing Activities vs. Depositors Profit Sharing (15) FY27 FY28 FY29 FY21 Income from financing activities (YoY growth) Depositors' share (YoY growth) Net Income and YoY Growth 1,8 1,5 1, FY27 FY28 FY29 FY21 Net income YoY growth (RHS) (1) (2) Jaws* and Cost to Income Ratio 2,4 35 2, 3 1,6 1, FY27 FY28 FY29 FY21 Total operating income Operating expenses Cost to income ratio (RHS) ; Note: *Difference between net operating income and operating expense P/B Multiples FY28 FY29 FY21 FY211* QIBK QIIK N/A MARK P/E Multiples FY28 FY29 FY21 FY211* QIBK QIIK N/A MARK

17 The Commercial Bank of Qatar (CBQK) Company Description CBQK is the second largest bank in the State of Qatar with a 1.9 market share (21 total assets). The bank offers conventional (commercial and retail) banking and credit card services. CBQK recently launched brokerage services. Company Snapshot No. of conventional branches 28 No. of ATMs 141 No. of Islamic branches* 8 Customer deposits, 1Q211 (QR bn) 28.1 ; Note: *Subject to February-211 QCB directive Subsidiaries / Associates Orient 1, CBQ Finance and Global Card Services are 1-owned subsidiaries and are involved in credit card operations. Associate companies include National Bank of Oman, United Arab Bank, Asteco, Gekko and Massoun Insurance Services. Business Segments CBQK has three business segments, namely conventional banking (corporate and retail), Islamic banking and credit card services (Orient 1), with conventional banking being the largest contributor to both net operating income and net profit. Conventional banking offers corporate and retail banking services. contribution* FY27 FY28 FY29 FY21 Net operating income Net profit ; Note: *Percentage contributions by conventional, Islamic and credit card services do not add up to 1 given unallocated items Islamic banking: We note that per the February-211 QCB directive, CBQK, like other Qatari conventional banks, is no longer allowed to undertake any new Islamic business and has to wind down its Islamic operations by year-end. contribution* FY27 FY28 FY29 FY21 Net operating income Net profit ; Note: *Percentage contributions by conventional, Islamic and credit card services do not add up to 1 given unallocated items Credit card services: CBQK offers credit card services in Oman through Orient 1. contribution* FY27 FY28 FY29 FY21 Net operating income Net profit (.1) ; Note: *Percentage contributions by conventional, Islamic and credit card services do not add up to 1 given unallocated items Key Parameters Net Interest Income (NII): NII grew 7. YoY in 21 due to efficient balance sheet management, lending growth and reduced cost of funds. This also led to an increase in the Net Interest Margin (NIM) from 3.4 in 29 to 3.7 in 21. Loans: Gross loans grew by 5.8 YoY in 21 driven by a robust increase in loans to the government and agencies (85.1 YoY growth on a low base). This was partly offset by a 15. and a 27.2 YoY decline in commercial and contracting loans, respectively. Real estate and personal loans grew 7.3 and 12.5, respectively. Non-performing loans (NPLs): Gross NPLs increased by 5.7 YoY in 21 as the company changed its methodology of NPL recognition from a basis of 18 days to 9 days. The NPL ratio decreased by 4 bps to 3.2 (using 9 days as the threshold in 29) due to an increase in lending. Deposits: In 21, total customer deposits grew by 24.5 YoY. This was driven by robust increases of 33.9 and 1.3 in term deposits and current account and savings account (CASA) deposits, respectively. 1Q211 performance: (1) Net operating income grew by 11.3 YoY due to higher NII and gains from investment disposals. NII gained 8. with the NIM held at 3.7 as higher gains on investments & dividend income were partly offset by lower net fee & commission income. (2) Loans & advances grew 1.1 YoY to QR34.8bn while financial investments rose by QR2.3bn (reflecting the 3-year QR1.5bn bond issued by the government in January). The NPL ratio increased to 3.24 (4Q21: 3.16) due to the increase in provisioned accounts and interest in suspense, partly offset by higher levels of lending. The cost to income ratio improved to 28.2 versus 3.2 in 1Q21. (3) Customer deposits fell 9. vs. 4Q21 as CBQK reduced its excess liquidity and shed higher costing deposits to manage funding costs. Total assets rose 9.6 YoY to QR6.8bn but fell sequentially due to a reduction of QR6.4bn in cash held with the Central Bank, which was undertaken to reduce excess liquidity following changes relating to overnight funds. Key Data Current market price (QR) 7.4 Dividend yield # () 9.9 Bloomberg ticker CBQK QD ADR/GDR ticker CBQS LI Reuters ticker COMB.QA ISIN QA Sector* Banking 52wk high/52wk low (QR) 95./ m average volume ( ) Mkt. cap. (USD bn/qr bn) 4.8/17.4 Shares outstanding (mn) Float* () 76.6 Float* (mn) year total return () 21.3 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Qatar Investment Authority 16.7 Source: Zawya (as of March 14, 211) Relative Price Performance vs. Peers Jun-21 Oct-21 Feb-211 Jun-211 CBQK QNBK DHBK Source: Bloomberg; Note: QNBK is Qatar National Bank and DHBK is Doha Bank Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 CBQK QEBNKI INDEX QE INDEX Source: Bloomberg; Note: QEBNKI INDEX is Qatar Banking Index and QE INDEX is Qatar Exchange Index 1-Year Forward P/B Band QR Jan-26 Jan-27 Jan-28 Jan-29 Jan-21 Jan-211 Source: Bloomberg x 1.9x 1.5x 1.x.5x

18 Key Personnel H.E. Abdullah bin Khalifa Al Attiyah Hussain Ibrahim Alfardan Andrew Charles Stevens Sector Snapshot Qatar Total Assets Designation Chairman Managing Director Group CEO FY27 FY28 FY29 FY21 Total 296,45 45, , ,58 Conventional banks () Islamic banks () Foreign banks () Source: Qatar Central Bank Credit Facilities FY27 FY28 FY29 FY21 Total 16, , ,5 315,387 Conventional banks () Islamic banks () Foreign banks () Source: Qatar Central Bank Total Deposits FY27 FY28 FY29 FY21 Total 167,26 212, ,862 36,788 Conventional banks () Islamic banks () Foreign banks () Source: Qatar Central Bank Peer Metrics Size Total assets (QR bn) Market share* () Qatar National Bank Largest Doha Bank 4 rd largest , Qatar Central Bank (data as of 21); Note: *Market share based on total assets Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Interest income 2,244 2,692 2,98 2,828 Interest expense 1,368 1,475 1,324 1,133 Net Interest Income (NII) 876 1,218 1,584 1,695 Net Interest Margin (NIM) () Net Islamic banking income Non-interest income 1,14 1,477 1, Operating expenses Provisions for loans and losses Income from associates Net profit 1,391 1,72 1,524 1,635, Bloomberg Balance Sheet FY27 FY28 FY29 FY21 Cash and balances with Central Bank 2,249 3,15 4,374 8,73 Due from bank & financial institutions 9,19 14,316 5,644 4,238 Net loans and advances 25,21 33,898 31,929 33,567 Financial investments 4,665 4,775 9,747 1,24 Total assets 45,397 61,485 57,317 62,52 Due to banks and financial institutions 4,98 1,923 7,391 3,553 Customer deposits 24,657 29,338 24,21 29,911 Total equity 6,228 9,978 12,1 12,5 Total liabilities and equity 45,397 61,485 57,317 62,52 Ratios FY27 FY28 FY29 FY21 RoE () RoA () Tier 1 capital ratio () Source: Bloomberg Total Interest Income and Expense YoY Growth, Net Interest Margin (NIM) (2) FY27 FY28 FY29 FY21 Interest Income (YoY growth) Interest Expense (YoY growth) NIM (RHS) Jaws* and Cost to Income Ratio 3, 35 2,5 32 2, 29 1,5 1, FY27 FY28 FY29 FY21 Net operating income Operating expense Cost to income ratio (RHS) ; Note: *Difference between net operating income and operating expense Loan Mix FY Government & agencies Services Commerical Others Deposit Mix FY Current account Term deposits Personal Real estate Contracting Savings account Islamic demand deposits P/B Multiples FY28 FY29 FY21 FY211* CBQK QNBK DHBK P/E Multiples FY28 FY29 FY21 FY211* CBQK QNBK DHBK

19 Dlala Brokerage and Investment Holding Company (DBIS) Company Description A pure play conventional and Islamic broker. Incorporated in 25, the company is engaged in brokerage and investment activities in the State of Qatar. DBIS was the first non-banking financial investment company to be listed on the Qatar Exchange. Company Snapshot Net income 4-yr. CAGR () (2.2) Market share # () 22.7 Enterprise value* () 67 Total assets FY21 () 735, *Bloomberg (as of June 9, 211), Qatar Exchange; Note: # Based on value of shares traded during Jan.-April 211 and includes Islamic brokerage subsidiary possessing 3.1 market share Key Subsidiaries Dlala Brokerage provides brokerage services, including online e-trading, direct trading (through branches), client assistance via call centers and account managers. Dlala Islamic Brokerage: Established in January 26, this subsidiary provides brokerage services in accordance with Shari a principles. Dlala Real Estate offers property management and real estate related services. Business Segments Stock broking includes conventional as well as Islamic stock broking. The stock broking segment accounted for 86.9 of revenue and 81.6 of total assets in 21. Real estate accounted for 3.3 of revenue and 7.6 of total assets in 21. The real estate segment reported a profit of QR273, in 21 versus a loss of QR5mn in 29. IT and international: This segment accounted for 1.6 of revenue and 2.8 of total assets in 21. The IT and international segment reported an 8.8 YoY growth (on a small base) in net income in 21 as the demand for IT services rose in the State of Qatar. Revenue* By Segment (FY21) Total Assets By Segment (FY21) Key Data Current market price (QR) 15.4 Dividend yield # () 5.5 Bloomberg ticker DBIS QD ADR/GDR ticker N/A Reuters ticker DBIS.QA ISIN QAAKD6P2 Sector* Services 52wk high/52wk low (QR) 17.6/14. 3-m average volume ( ) 54.7 Mkt. cap. (USD bn/qr bn).1/.3 Shares outstanding (mn) 2. Float* () 98. Float* (mn) year total return ().5 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Subsidiaries stake Dlala Brokerage 1. Dlala Islamic Brokerage 1. Dlala Real Estate 1. Dlala Information Technology (Dormant) 1. Dlala Investment Company (Dormant) 1. Dlala International (Dormant) 99.5 Relative Price Performance vs. Peers 12 Stock broking IT & international 86.9 Real estate Others ; Note: *Total does not equal to 1 due to rounding Stock broking IT & international 81.6 Real estate Others Key Parameters Income statement: Total operating income declined by 12.5 YoY in 21 due to a 13.4 decrease in brokerage and commission (B&C) income (net) and a 29.8 decline in finance income from term deposits. Total operating expenses fell by 33.7 YoY given a significant reduction in impairment provisions for available-forsale investments and a decline in property and equipment. In 21, DBIS reported a net profit of QR13mn. Balance sheet: Current assets increased by 17.9 YoY in 21 due to an increase in amounts due from Qatar Exchange and other customers. Non-current assets grew by 12.9 YoY driven by a 48.2 growth (on a low base) in available-for-sale investments. Overall, total assets rose by 17.2 YoY. On the liabilities side, current liabilities increased by 21.5 YoY driven by a 22. growth in amounts due to customers. 1Q211 performance: (1) The company reported revenue of QR24mn, up 58.1 YoY driven by a 31.4 growth in B&C income (net) and a surge (on a small base) in net investment income. (2) With a significant increase in investment income, the share of B&C income to total revenue declined to 6.6 in 1Q211 from 72.9 in 1Q21. At the same time, the share of investment income rose to 32.6 in 1Q211 from 8.8 in 1Q21. (3) While total expenses increased by 33.8 YoY to QR12mn, the expense to revenue ratio declined by 95 bps to (4) Net profit rose 93. YoY to QR12mn with the net margin expanding to 5.1 in 1Q211 vs. 41 in 1Q Jun-21 Oct-21 Feb-211 Jun-211 DBIS IHGS Source: Bloomberg; Note: IHGS is Islamic Holding Group Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 DBIS QESRVI INDEX QE INDEX Source: Bloomberg; Note: QESRVI INDEX is Qatar Services Index and QE INDEX is Qatar Exchange Index 17

20 Key Personnel Rashid Ahmed Al Manaai* Sheikh Hamad Bin Nasser Al-Thani Waleed Jassim Al-Mosallam Designation Chairman Vice Chairman Chief Executive Officer, Qatar Exchange; Note: *Appointed on April 25, 211 according to Qatar Exchange filing Sector Snapshot Qatar Exchange FY26 FY27 FY28 FY29 FY21 No. of listed companies Market capitalization () 221,73 347, ,38 32,81 45,23 Volume of shares traded (mn) 1,865 3,411 3,894 3,45 2,94 Value of shares traded () 74,937 18, ,552 92,165 67,185 Number of transactions (mn) Avg. daily trading value () N/A No. of new issues Value of new issues () 1,8 7,5 19,459 8,665 1, Source: Qatar Exchange Property Market Snapshot Qatar Rental rates (QR/pm) Sales prices (QR/sq. m.) Apartment (per unit) 2,5-17,5 9,-16, Villa (per unit) 7,-3, N/A Office (per sq. m.) ,5-16,5 Source: Industry reports (as of 1Q211) Peer Metrics (all figures in ) Mkt. cap.* Revenue Total assets Islamic Holding Company # 14 15** 174 (as of December 31, 21), *Bloomberg (as of June 9, 211); Note: # Islamic Holding is primarily focused on Islamic stock broking, **gross brokerage and commission income Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Brokerage and commission income (net) Finance income Investment income Other income Total operating income YoY growth () (4.1) (12.5) Operating expenses Net income (1) 13 Net margin () (1.5) 23.1 Balance Sheet FY27 FY28 FY29 FY21 Cash and bank balances Bank balances customers funds Other current assets Non-current assets Total assets Due to customers Other current liabilities Non-current liabilities Total equity Total liabilities and equity Ratios FY27 FY28 FY29 FY21 RoE () (.4) 5.8 RoA () (.1) 1.9 Dividend yield* () Efficiency ratio () Source: Bloomberg; Note: *Based on trailing twelve month dividend and year-end price Brokerage Market in Qatar* (Jan.-April 211) The Group Securities Qatar Securities Gulf Investments Group Dlala-Islamic Brokerage Source: Qatar Exchange; Note: *Based on value of shares traded Net Income and Net Margin (2) FY27 FY28 FY29 FY21 Net income Net margin (RHS) Net Income By Segment (15) FY28 FY29 FY21 Stock broking Real estate IT & international Others Total Assets By Segment 1, Dlala Brokerage International Securities Islamic Securities 5 (1) FY28 FY29 FY21 Stock broking Real estate IT & international Others P/B Multiples FY28 FY29 FY21 FY211* DBIS N/A IHGS N/A P/E Multiples FY28 FY29 FY21 FY211* DBIS 8.1 N/A 22.7 N/A IHGS N/A

21 Islamic Holding Group (IHGS) Company Description A pure play Islamic broker. IHGS, incorporated in 23, is engaged in financial and investment services. The company, through its wholly-owned subsidiary, the Islamic Financial Securities Company, offers financial brokerage and investment management services to individuals and companies. Further, IHGS is engaged in issuing and marketing of shares and bonds for companies and banks in accordance with Shari a principles. In late June, IHGS received a buyout proposal for its subsidiary, or effectively its entire business operations, from an undisclosed local finance company. Company Snapshot Net operating income 4-yr. CAGR 3.9 Market share # () 4.6 No. of branches 3 Total assets FY21 () 174, Qatar Exchange; Note: # Based on value of shares traded during Jan.-April 211 Business Segments Islamic stock broking provides brokerage services in accordance with Shari a provisions. These services are restricted to buying and selling of permissible shares from an approved list of companies. IHGS also provides internet trading (e-trading) services through its website. Investment portfolio management: Manages investment portfolios for individuals and companies. This segment also includes other investment related services. IPO management and marketing: provides IPO management related services, including marketing and overall management of new issues of shares and bonds on the Qatar Exchange. Investment fund management provides fund management related services. Key Parameters Income statement: IHGS reported a 3.2 YoY decrease in gross brokerage and commission (B&C) income to QR15mn in 21 due to subdued trading volumes in first half of the year. Net B&C income declined by 3.8 YoY due to an increase in B&C expenses. B&C expense to income ratio increased by 42 bps to 27.1 in 21. Income from savings accounts with Islamic banks grew by 1.4 YoY to QR3mn and other income declined by 83.8 leading to an overall 12.5 decrease in net operating income. While general and administrative (G&A) expenses declined by 5. YoY to QR9mn, the G&A expense to net operating income ratio increased to 64. (up 51 bps). Net profit declined by 17.8 YoY in 21 to QR4mn. Balance sheet: Total assets increased by 48.7 YoY in 21, primarily driven by a 19. growth (on a small base) in customers funds and a 28. growth (on a small base) in dues from customers. While property and equipment increased by 12.2 YoY, available-for-sale investments declined by This lead to a 7.6 decrease in non-current assets. Current liabilities increased by 77.5 YoY to QR13mn driven by a 17.9 growth in amounts due to customers. 1Q211 performance: (1) IHGS reported a 45.4 YoY increase in net operating income driven by a 71.8 surge in net B&C income. This was partly offset by a 4.6 decline in income from savings accounts held with Islamic banks and a 91.7 decline in other income. (2) While G&A expenses were up 12.9 YoY, the G&A expense to net operating income ratio declined to 49.5 in 1Q211 from 63.8 in 1Q21. As a result, EBITDA was up 12.7 YoY to QR2mn with the EBITDA margin expanding from 36.2 in 1Q21 to 5.5 in 1Q211. (3) Net profit increased by YoY to QR2mn with the net profit margin expanding to 44.4 in 1Q211 from 25.1 in 1Q21. (4) The company s operating cash flow doubled to QR83mn. Key Data Current market price (QR) 26.1 Dividend yield # () 3.8 Bloomberg ticker IHGS QD ADR/GDR ticker N/A Reuters ticker IHGS.QA ISIN QAA1C6VS5 Sector* Services 52wk high/52wk low (QR) 33.6/23. 3-m average volume ( ) 6.3 Mkt. cap. (USD mn/) 28.7/14.4 Shares outstanding (mn) 4. Float* () 87.5 Float* (mn) year total return () (17.9) Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Qatar International Islamic Bank 2. Sheikh Khaled T. Al-Thani 13.3 Qatar Islamic Insurance Co. 1. Medicare Co. 1. Source: Gulfbase Relative Price Performance vs. Peers Jun-21 Oct-21 Feb-211 Jun-211 Source: Bloomberg; Note: DBIS is Dlala Brokerage and Investment Holding Company Relative Price Performance vs. Market IHGS DBIS 7 Jun-21 Oct-21 Feb-211 Jun-211 IHGS QESRVI INDEX QE INDEX Source: Bloomberg; Note: QESRVI Index is Qatar Services Index and QE Index is Qatar Exchange Index 19

22 Key Personnel Sheikh Khaled Bin Thani Bin Abdulla Al-Thani Abdulbasit Ahmad Al-Sheibi, Bloomberg Sector Snapshot Qatar Exchange Designation Chairman Managing Director FY26 FY27 FY28 FY29 FY21 No. of listed companies Market capitalization () 221,73 347, ,38 32,81 45,23 Volume of shares traded (mn) 1,865 3,411 3,894 3,45 2,94 Value of shares traded () 74,937 18, ,552 92,165 67,185 Number of transactions (mn) Avg. daily trading value () N/A No. of new issues Value of new issues () 1,8 7,5 19,459 8,665 1, Source: Qatar Exchange Peer Companies (all figures in ) Mkt. cap.* Revenue Total assets Dlala Brokerage and Investment Holding Company (as of December 31,21), *Bloomberg (as of June 9, 211) Key Historical Financials Income Statement FY27 FY28 FY29 FY21 B&C income B&C expenses Net B&C income YoY growth () (6.6) (3.8) Income from Islamic bank savings account Net operating income Total expenses Net income Net margin () Balance Sheet FY27 FY28 FY29 FY21 Cash & bank (including customers funds) Other current assets Property and equipment Other non-current assets Total assets Due to customers Due to Mudaraba contracts 6 Other current liabilities Non-current liabilities Total equity Total liabilities and equity Ratios FY27 FY28 FY29 FY21 RoE () RoA () Dividend yield* () N/A Efficiency ratio () , Bloomberg; Note: *Based on trailing twelve month dividend and year-end price Brokerage Market in Qatar (Jan.-April 211) Source: Qatar Exchange; Note: Based on value of shares traded B&C Income Gross B&C Income Net Total Assets and RoA P/B Multiples FY28 FY29 FY21 FY211* IHGS N/A DBIS N/A P/E Multiples The Group Securities Qatar Securities Gulf Investments Group Dlala-Islamic Brokerage FY28 FY29 FY21 FY211* IHGS N/A DBIS 8.1 N/M 22.7 N/A Dlala Brokerage International Securities Islamic Securities FY27 FY28 FY29 FY21 B&C income - gross 15 As a of total assets (RHS) FY27 FY28 FY29 FY21 B&C income - net As a of total B&C income (RHS) FY27 FY28 FY29 FY21 Total assets RoA (RHS)

23 Al Khalij Holding (KHCD) Company Description A diversified conglomerate with a focus on cement. KHCD, incorporated in 26, is engaged in cement manufacturing, building materials, industrial equipment works, IT and security systems, real estate and investments. KHCD also provides logistics, marine, aviation and catering services. KHCD was formerly known as Gulf Holding Co. Company Snapshot Cement revenue 3-yr. CAGR () 57. Enterprise value* (QR bn) 2.8 Total assets FY21 () 3,489 Total assets YoY growth () 3.8, *Bloomberg (as of June 9, 211) Key Subsidiaries KHCD owns 1 of Qatari Investors Group, which in turn, holds 1 stakes in 2 subsidiaries. We provide details of key subsidiaries below: Gulf Cement Company (GCC) is yet to start commercial operations. GCC is currently involved in setting up a Greenfield plant with a capacity of 5, tons/day. The company is currently testing limited production of cement and clinker. GCC is also involved in investment activities in addition to financing all stages of the plant s construction. The subsidiary quarries limestone, one of the main raw materials used in the cement production, from a leased land located at Umm Bab. The land for the quarry and the factory has been leased for a period of 25 years. Gulf Cement Trading Company is involved in the sales and trading of cement. Qatar Security System is engaged in maintenance and repair services of mechanical, electrical and electronic security equipment including security systems, fire alarms, fire sprinkler monitoring and supervision, central station monitoring and wireless monitoring. International Technical and Trading Co. is involved in general equipment trading. QIG Industries Company provides industrial support services such as project engineering, fabrication and erection job works, commissioning of turnkey projects and logistics support. QIG Marine Services Company is involved in the trading of yachts and provides shipping and marine services. QIG Properties is engaged in real estate investment and management activities. Segments Cement contributed 26.9 and 72.3 to net profit and total assets, respectively, in 21. This segment includes limited production and sale and trading of cement. Contracting and engineering comprises of construction materials and general equipment related businesses and contributed 38.1 to net profit in 21. Real estate accounted for 35.7 of net profit in 21. Industrial comprises of project management and support services and contributed 21.2 to net profit in 21. Marine and aviation comprises of shipping, marine and aviation maintenance services and accounted for 9.9 of net profit in 21. Others include other activities of KHCD such as investments, insurance, logistics and catering services. In total, other segments posted a net loss in 21. Key Parameters Income statement: Cement revenue increased by more than 5x in 21. The gross margin from cement operations increased to 21.6 vs. 16. in 29. Other operating income (contract and service income) declined by 14.8 YoY to QR48mn. Operating expenses declined by 4.7 to QR55mn. Investment and other income decreased by 45.8 YoY driven by substantial declines in income from short-term deposits and rental income. Moreover, gain from fair value of investment properties declined by KHCD reported a 79.3 YoY decrease in finance costs over the period. Overall, net profit remained flat at QR71mn in 21. Balance sheet: Total assets grew by 3.8 YoY in 21 primarily driven by a significant rise (371.) in cash and bank balances and a 12.3 increase in property, plant and equipment. KHCD took on additional loans of QR748mn to finance its cement/clinker plant. 1Q211 performance: (1) KHCD reported a 69.7 YoY increase in cement revenue to QR53mn in 1Q211. Contract and service income (net of costs) increased by 16.9 to QR9mn. (2) Operating income increased by 36.4 given a 68. YoY increase in operating expenses. (3) Net profit was up 53.3 YoY to QR17mn. (4) Total assets declined by 1.3 on a sequential basis. Key Data Current market price (QR) 16.6 Dividend yield # () 3. Bloomberg ticker KHCD QD ADR/GDR ticker N/A Reuters ticker GHCD.QA ISIN QAANAT7 Sector* Industrial 52wk high/52wk low (QR) 19.6/13. 3-m average volume ( ) Mkt. cap. (USD bn/qr bn).6/2.1 Shares outstanding (mn) Float* () 93. Float* (mn) year total return () 12.1 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Key Subsidiaries stake Gulf Cement Co. 1. Gulf Cement Trading Co. 1. Qatar Security System 1. International Technical & Trading Co. 1. QIG Industries Co. 1. QIG Marine Services Co. 1. QIG Properties 1. Relative Price Performance vs. Peers Jun-21 Oct-21 Feb-211 Jun-211 KHCD QNCD Source: Bloomberg; Note: QNCD is Qatar National Cement Company Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 KHCD QEINDI INDEX QE INDEX Source: Bloomberg; Note: QEINDI INDEX is Qatar Industrial Index and QE INDEX is Qatar Exchange Index 21

24 Key Personnel Abdullah Bin Nasser Al Misnad Omar Ibrahim Yagi, Bloomberg Sector Snapshot Qatar Cement Sector Designation Chairman and Managing Director General Manager FY27 FY28 FY29 FY21 Total production capacity (mn tons) of total GCC capacity Source: Industry reports Peer Metrics Mkt. cap.* Revenue Total assets Qatar National Cement Company 5,548 1,9 2,68 (as of December 31, 21); *Bloomberg (as of June 9, 211) Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Revenue from cement operations YoY growth () N/A 1, Gross profit from cement operations Gross margin () Other operating income Operating expenses* EBITDA (13) (12) 3 3 EBITDA margin () N/M N/M Finance costs Investment and other income (net) Net profit Net margin () N/M ; Note: *Excludes depreciation Balance Sheet FY27 FY28 FY29 FY21 Cash and bank balances Accounts and other receivables Other current assets Available-for-sale investments Property, plant and equipment ,568 1,761 Investment properties Other non-current assets Total assets 894 1,675 2,668 3,489 Trade and other payables Accruals and other credit balances Total debt (short and long term) ,383 Other non-current liabilities Total equity ,852 1,928 Total liabilities and equity 894 1,675 2,668 3,489 Ratios FY27 FY28 FY29 FY21 RoE () N/A RoA () N/A Debt/Equity () , Bloomberg Revenue and Net Profit FY28 FY29 FY21 Revenue Net profit Net Profit By Segment (FY21) Cement Real estate Marine and aviation ; Note: Excludes other segments which posted a net loss in 21 Total Assets By Segment (FY21) Cement Real estate Marine and aviation Total Assets and RoA QR bn Contracting & engineering Industrial 72.3 Contracting & engineering Industrial Others FY27 FY28 FY29 FY21 Total assets RoA (RHS) 6 EV/EBITDA Multiples FY28 FY29 FY21 FY211* KHCD N/M N/M 95.4 N/A QNCD N/A P/E Multiples FY28 FY29 FY21 FY211* KHCD N/A QNCD N/A

25 Qatar National Cement Company (QNCD) Company Description With a near-monopoly status in the domestic cement market, QNCD is a proxy for the Qatar growth story. Established in 1965, QNCD is engaged in the production and sale of cement, washed sand and lime. The company is the leading producer and distributer of Ordinary Portland Cement (OPC), Sulfate Resistant Portland Cement (SRC) and hydrated and calcined lime. QNCD also owns a fleet of tankers for delivery and distribution of construction materials. Company Snapshot Production capacity # cement 4.5 Production capacity # clinker 3.6 Revenue 5-yr. CAGR () 11.7 Enterprise value* (QR bn) 5.9, *Bloomberg (as of June 9, 211); Note: # Capacity is in mn tons/year in 21 Associates Qatar Quarries and Building Materials (QQBM) is involved in the supply of gabbro aggregate for the construction sector. QQBM reported QR237mn of revenue with assets of QR117mn in 21. QNCD has a 2 stake in QQBM. Qatar Saudi Gypsum Industries (QSGI) is involved in gypsum production with a capacity of around 6, tons per year. National Gypsum Company of Saudi Arabia (33.3), QNCD (33.3) and Qatar Industrial Manufacturing Company (33.3) own this associate. QSGI reported QR7mn of revenue with assets of QR67mn in 21. Business Segments Cement is the key business driver and QNCD produces several categories of cement, including OPC and SRC. The company s total cement production was 3.8mn tons in 21 compared to 4.1mn tons in 29. During 21, the final handover of the cement plant 4 was fully completed and the plant is currently operational with a daily capacity of 5, tons of clinker and 5,5 tons of cement. Lime produces hydrated and calcined lime suitable for steel manufacturing, sulfite pulp, silica brick, water treatment, calcium carbide, greases, calcium silicate products, hypochlorite and paint and construction work. In 21, QNCD produced 18.6 thousand tons of lime as compared to 22.2 thousand tons in 29. Washed sand produces washed sand suitable for civil construction work, earth filling and preparation of cement blocks. The company has two washed sand plants with a total installed capacity of 4, tons per day. QNCD produced 5.6mn tons of washed sand in 21 compared to 7.5mn tons in 29. Key Parameters Revenue: Due to the economic slowdown and increasing competition in the domestic market, QNCD reported a 28.2 YoY decline in revenue. Unit sales of cement, washed sand and lime decreased by 5. (excluding the impact of imported cement that declined to zero versus 1.1mn tons in 29), 28.8 and 16.9 YoY, respectively, in 21. In order to optimize domestic production and improve margins, the company discontinued cement imports in 21. Profit margin: The gross profit margin improved from 27.8 in 29 to 46.7 in 21 driven by a significant 47.1 decline in cost of sales as QNCD discontinued cement imports. Further, net profit grew by 12. YoY due to a 7.2 fall in impairment losses on available-for-sale assets, a 57.4 decline in finance costs, partly offset by a 62.5 decline in other income. Balance sheet: Current assets grew by 32.2 YoY in 21 driven by a 48.1 increase in inventories. Non-current assets declined by 4.2 due to a 5.5 YoY decline in property, plant and equipment, offset by an 8.1 increase in investment securities. Overall, total assets grew by 3.2 YoY over the period. On the liabilities side, current liabilities declined by 36.8 YoY as the company repaid its bank overdraft. Shareholders equity grew by 12.3 YoY over the period. 1Q211 performance: (1) Revenue declined by 8.6 YoY to QR275mn. The gross profit margin expanded to 44.8 vs in 1Q21. Net income expanded by 2. to QR114mn translating into a net margin of 41.3 (1Q21: 37.). (2) Total assets fell 5.2 sequentially to QR2.5bn. Recent expansion: The company recently started trial operations at its QR22mn calcium carbonate plant. With a capacity of 25 tons a day, the plant will provide calcium carbonate to Kahramaa for water treatment operations under a 25-year contract. QNCD has also installed two new cement plants with a capacity of 13 tons per hour and a specialized plant for grinding slag. Key Data Current market price (QR) 113. Dividend yield # () 4.8 Bloomberg ticker QNCD QD ADR/GDR ticker N/A Reuters ticker QANC.QA ISIN QA Sector* Industrial 52wk high/52wk low (QR) 118./ m average volume ( ) 2.8 Mkt. cap. (USD bn/qr bn) 1.5/5.5 Shares outstanding (mn) 49.1 Float* () 56.8 Float* (mn) year total return () 7.4 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Government of Qatar 43. (as of December 31, 21) Relative Price Performance vs. Peers Jun-21 Oct-21 Feb-211 Jun-211 QNCD KHCD Source: Bloomberg; Note: KHCD is Al Khalij Holding Co. Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 QNCD QEINDI INDEX QE INDEX Source: Bloomberg; Note: QEINDI INDEX is Qatar Industrial Index and QE INDEX is Qatar Exchange Index 23

26 Key Personnel Salem Bin Butti Al-Naimi Sulaiman Khalid Al-Mana Mohammad Ali Al Sulaity Sector Snapshot Qatar Cement Sector Designation Chairman and Managing Director Deputy Chairman General Manager FY27 FY28 FY29 FY21 Total production capacity (mn tons) of total GCC capacity Source: Industry reports Peer Metrics (all figures in ) Mkt. cap.* Revenue** Total assets** Al Khalij Holding Company # 2,65 159* 2,524* (**from cement operations as of December 31, 21), *Bloomberg (as of June 9, 211); Note: # Previously known as Gulf Holding Company Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Revenue 1,15 1,413 1,519 1,9 YoY growth () (28.2) Gross profit Gross margin () General and administrative expenses EBITDA EBITDA margin () Finance cost Net profit Net margin () , Bloomberg Balance Sheet FY27 FY28 FY29 FY21 Cash and bank balances Other current assets Property, plant and equipment 1,252 1,86 1,79 1,692 Investment securities Investment in associates Investment properties Finance lease receivables 1 1 Total assets 2,117 2,853 2,526 2,68 Total debt (short and long term) Other current liabilities and bank OD Employees end of services benefits Total equity 1,642 1,643 1,923 2,16 Total liabilities and equity 2,117 2,853 2,526 2,68 Ratios FY27 FY28 FY29 FY21 RoE () RoA () Debt/Equity () Source: Bloomberg Revenue and YoY Growth 1,6 1,2 8 4 FY27 FY28 FY29 FY21 Revenue YoY growth (RHS) Production mn tons FY27 FY28 FY29 FY21 Cement Washed sand & lime EBITDA and EBITDA Margin Net Profit and Net Margin FY27 FY28 FY29 FY21 EBITDA EBITDA margin (RHS) FY27 FY28 FY29 FY21 Net profit Net margin (RHS) 4 (2) (4) EV/EBITDA Multiples FY28 FY29 FY21 FY211* QNCD N/A KHCD N/A N/A 95.4 N/A P/E Multiples FY28 FY29 FY21 FY211* QNCD N/A KHCD N/A

27 Al Meera Consumer Goods Co. (MERS) Company Description A large supermarket retailer. MERS, incorporated in 25, is engaged in wholesale and retail trading of consumer goods and commodities. MERS owns and manages various consumer outlets and offers a range of fast moving consumer goods such as cooking oil, rice, assorted beverages, snacks, etc. The company also sells a range of non-food items such as plastic-wares and car accessories. Company Snapshot No. of retail outlets 22 Customer visits ( s/month) 2 Revenue 4-yr. CAGR () 15.8 Enterprise value* (QR bn).7, *Bloomberg (as of June 9, 211) Expansion Plans The company invited tenders in May 211 for the construction of six new branches over the next two years. MERS currently has retail space of 26, sq. m. and the company is planning for new stores in the next two years. This expansion is expected to add 4, sq. m. of additional space and 2, sq. m. of shopping mall space. As of May 211, MERS had two stores under construction, three on hold (pending municipality approvals) and two in the design phase. Masraf Al Rayan (MARK) has agreed to provide up to QR2bn in funding to help finance MERS expansion plans. New mall developments Area ( sq. m.) Abu Nakhla 15. Nuijja 8.7 Muraikh 13.5 Jeriyan Nejaima 18.5 Ain Khalid Mall 47. Al Sailia Mall 94. Al Khor Mall 13.9 Al Khessa Mall 33.8 Recent Developments Acquisition of Giant Stores: The company plans to take over Qatari-based Giant Stores by purchasing a 1 stake in Qatar Market Company and Al Oumara Bakery Company. Key Parameters Income statement: Revenue increased by 5.9 YoY to QR915mn in 21. Gross profit grew by 18.3 YoY as cost of sales rose by a slower rate of 4.2. The gross margin improved to 13.4 in 21 from 12. in 29. Shop rental income increased by 27. YoY and finance income declined by MERS reported a 3.1 YoY growth in general and administrative (G&A) expenses while depreciation and amortization expenses were up by Overall, net profit increased by 4.8 YoY to QR64mn over the period. Balance sheet: Total assets grew by 1.6 YoY to QR435mn in 21 driven by a 16.6 rise in property and equipment and a 3.2 increase in available-for-sale investments. This was partly offset by a 37.1 decline in trade and other receivables. Cash and cash equivalents and inventories increased by 6.6 and 7.3, respectively. Trade and other payables increased by 7.. 1Q211 performance: (1) In 1Q211, revenue increased by 1.5 YoY to QR221mn. (2) Gross profit grew by 5.3 YoY with the gross margin expanding by 47 bps to 12.8 as cost of sales grew at a slower rate than revenue. (3) Shop rental income and other operating income rose by 18.4 and 1.8, respectively. (4) Despite a 4.6 YoY increase in G&A expenses, EBITDA grew by 19.. The EBITDA margin expanded by 56 bps to 3.8 as shop rental and other operating income grew at a faster rate. (5) Overall, net profit increased by 36.2 YoY to QR13mn (net profit margin up by 145 bps to 5.7) driven by a 11 growth in other income (income and dividends from investments), offset by a 54.4 decline in finance income. (6) Total assets grew by 6.2 QoQ driven by an 8. increase in inventories, a 23.1 growth in trade and other receivables and a 6.7 rise in cash and cash equivalents. Key Data Current market price (QR) 87. Dividend yield # () 5.7 Bloomberg ticker MERS QD ADR/GDR ticker N/A Reuters ticker MERS.QA ISIN QAAYDSW8 Sector* Services 52wk high/52wk low (QR) 99.2/ m average volume ( ) 78.5 Mkt. cap. (USD bn/qr bn).2/.9 Shares outstanding (mn) 1. Float* () 73.9 Float* (mn) year total return () 68.8 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Government of Qatar 26. (as of December 31, 21) Relative Price Performance vs. Peers Jun-21 Oct-21 Feb-211 Jun-211 MERS ZHCD QMLS Source: Bloomberg; Note: ZHCD is Zad Holding Company and QMLS is Qatar Company for Meat & Livestock Trading Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 MERS QESRVI INDEX QE INDEX Source: Bloomberg; Note: QESRVI INDEX is Qatar Services Index and QE INDEX is Qatar Exchange Index 25

28 Key Personnel H.E. Abdulla Bin Khalid Al Qahtani Saif Saeed Al Sowaidi Guy Sauvage Sector Snapshot Qatar Food and Retail Industry Designation Chairman Vice Chairman Chief Executive Officer Food consumption growth () 29.9 Food consumption growth FY21 () 5.9 Mass grocery retail sales growth () 37.7 Mass grocery retail sales growth FY21 () 28. Hypermarket sales growth () 44.7 Hypermarket sales growth FY21 () 28.8 Source: Industry reports (as of 1Q211) Peer Metrics (all figures in ) Mkt. cap.* Revenue Total assets Zad Holding Company Qatar Company for Meat & Livestock Trading (as of December 31, 21), *Bloomberg (as of June 9, 211) Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Revenue YoY growth () Gross profit Gross margin () General and administrative expenses EBITDA EBITDA margin () Depreciation and amortization EBIT EBIT margin () Finance costs (net) (5) (7) (8) (5) Net profit Net margin () Balance Sheet FY27 FY28 FY29 FY21 Cash and cash equivalents Checks under collection 6 6 Trade and other receivables Inventories Available-for-sale investments Property and equipment Total assets Trade and other payables Employees' end of service benefits Total equity Total liabilities and equity Ratios FY27 FY28 FY29 FY21 RoE () RoA () Fixed asset turnover (x) Source: Bloomberg Revenue and YoY Growth 1, EBITDA and EBITDA Margin FY27 FY28 FY29 FY21 Revenue YoY growth (RHS) Net Profit and Net Margin Total Assets and RoA FY27 FY28 FY29 FY21 EBITDA EBITDA margin (RHS) FY27 FY28 FY29 FY21 Net profit, Bloomberg P/B Multiples FY28 FY29 FY21 FY211* MERS N/A N/A ZHCD N/A QMLS N/A P/E Multiples FY28 FY29 FY21 FY211* MERS N/A N/A ZHCD N/A QMLS N/A Net margin (RHS) FY27 FY28 FY29 FY21 Total assets RoA (RHS)

29 Qatar Co. for Meat and Livestock Trading (QMLS) Company Description Qatar s largest meat and livestock trading company by market share. The company, also known as Mawashi, was incorporated in 23. Mawashi is engaged in the business of wholesale trading and transportation of livestock and feeds as well as treatment of animal skins and production of organic fertilizers. QMLS, which markets its packaged meat under the name Al Baraka, also operates slaughterhouses. The company also has a branch in Sudan. QMLS received an acquisition proposal by Hassad Food, a subsidiary of Qatar Investment Authority, in February 211. Company Snapshot Revenue 4-yr. CAGR () 21.5 Net Income 4-yr. CAGR () 44.6 Total assets 4-yr. CAGR () 11.3 Enterprise value* () 338, *Bloomberg (as of June 9, 211) Associates Qatari Bahraini Food Trade Company (QBFTC; 5 interest): Based in Doha, QBFTC is a partnership with General Trading and Food Processing Company (Bahrain). Key Projects Central markets project Qatar: The company is in the process of establishing three mini central markets in Qatar with assistance from the Ministry of Municipal Affairs and Agriculture. These central markets are expected to include wholesale markets for fruits and vegetables, fish markets and slaughterhouses. Doha livestock and agriculture project Sudan is involved in reclaiming 2,5 acres of land to establish an agricultural plot for plant fodder and farms. QMLS has also purchased land near the Nile River for plant fodder and plans reclamation of another 5, acres of land in the Al Kadro region in Khartoum for similar purposes. Key Parameters Income statement: Revenue increased by 16.1 YoY driven by a growth of 21.5 in livestock sales and fresh and frozen meat. This was partly offset by a 73.7 decline in gain arising from changes in fair value of livestock and agricultural production. While the cost of livestock sold grew by 34.8 YoY over the period, government compensation for meat price stabilization increased by 53.4 YoY and general and administrative expenses declined by 2.8. Overall, net profit increased by 74.5 YoY to QR33mn in 21. Balance sheet: Total assets grew by 1.8 YoY in 21 due to an 81.8 increase in accounts receivable and prepayments. This was partially offset by declines in cash and bank balances and inventories by 88.3 and 2.5, respectively. Capital work in progress (on a gross basis) declined by 17.3 YoY in 21 given completion of the automated slaughterhouses project. Current liabilities increased by 14.7 YoY due to Murabaha borrowings of QR17mn despite a 25.6 decline in bank acceptances. Capital work in progress by project (FY21) Umm Ouena 24.7 Sudan branch 5.6 Umm Salal.9 Australian farm.5 Al Wakra.4 Al Rayyan.4 Sudan sheep farm.2 IT and infrastructure 1.5 1Q211 performance: (1) Though the company posted a gross loss of QR37m, net profit more than tripled to QR9mn helped by a 75.8 growth in government compensation. (2) QMLS reported a nominal 2.4 QoQ growth in assets; however, total assets grew by 23.3 YoY to QR322mn. Total liabilities also reported minor growth sequentially but were up by 73.6 YoY to QR88mn. Key Data Current market price (QR) 19.6 Dividend yield # () 7.7 Bloomberg ticker ADR/GDR ticker Reuters ticker ISIN Sector* QMLS QD N/A QMLS.QA QAAKD6N7 Services 52wk high/52wk low (QR) 23.4/ m average volume ( ) Mkt. cap. (USD bn/qr bn).1/.4 Shares outstanding (mn) 18. Float* () 92.9 Float* (mn) year total return () 17.1 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Hassad Food 6.6 Source: Zawya (as of June 3, 211) Relative Price Performance vs. Peers Jun-21 Oct-21 Feb-211 Jun-211 QMLS MERS ZHCD Source: Bloomberg; Note: MERS is Al Meera Consumer Goods Company and ZHCD is Zad Holding Company Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 QMLS QESRVI INDEX QE INDEX Source: Bloomberg; Note: QESRVI INDEX is Qatar Services Index and QE INDEX is Qatar Exchange Index 27

30 Key Personnel Sheikh Nayef Bin Eid Al-Thani Ahmed Nasser Al Kaabi, Bloomberg Sector Snapshot Qatar Food and Retail Industry Designation Chairman CEO and Managing Director Food consumption growth () 29.9 Food consumption growth FY21 () 5.9 Mass grocery retail growth () 37.7 Mass grocery retail growth FY21 () 28. Source: Industry reports (as of 1Q211) Peer Metrics (all figures in ) Mkt. cap.* Revenue Total assets Al Meera Consumers Goods Co Zad Holding Co (as of December 31, 21), *Bloomberg (as of June 9, 211) Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Revenue YoY growth () Gross profit (4) (82) (132) Gross margin ().3 (3.) (49.7) (68.9) General & administrative expenses* (9) (14) (2) (16) Compensation from the government EBITDA # (2) EBITDA margin () (1.5) Net profit Net margin () ; Note: *Excludes depreciation, # includes government subsidy on sales price calculated by the management Balance Sheet FY27 FY28 FY29 FY21 Cash and bank balances Accounts receivable & prepayments Inventories Property, plant and equipment Investments available for sale Investments in land Capital work in progress Total assets Accounts payable and accruals Bank acceptance 4 29 Murabaha 17 Employees terminal benefits Due to the government Total equity Total liabilities and equity Ratios FY27 FY28 FY29 FY21 RoE () RoA () Debt/Equity () Source: Bloomberg Revenue and YoY Growth FY27 FY28 FY29 FY21 Revenue YoY growth (RHS) Net Profit and Net Margin FY27 FY28 FY29 FY21 Net profit Net margin (RHS) Total Assets and RoA FY27 FY28 FY29 FY21 Total assets RoA (RHS) Capital Expenditure and Fixed Assets Turnover FY27 FY28 FY29 FY21 Capital expenditure Fixed assets turnover (RHS) P/B Multiples FY28 FY29 FY21 FY211* QMLS N/A MERS N/A N/A ZHCD N/A P/E Multiples FY28 FY29 FY21 FY211* QMLS N/A MERS N/A N/A ZHCD N/A x

31 Zad Holding Company (ZHCD) Company Description A supplier of flour and bakery products. Incorporated in 1969 as Qatar Flour Mills Co., the company changed its name to Zad Holding Co. in April 28. ZHCD imports wheat and produces and markets different types of flour, pasta, bakery products, biscuits and baby foods (the latter two businesses are currently up for sale). ZHCD also undertakes investments in financial instruments and is involved in transportation services. The company recently acquired National Food Company and is currently in the process of acquiring a real estate firm called Meda Projects Company through the issuance of 8.5mn new shares. ZHCD is also venturing into a Greenfield poultry project. Company Snapshot Revenue 4-yr. CAGR () 55.3 Total assets FY21 () 72 Flour production capacity (tons/day) 6 Enterprise value* () 588, *Bloomberg (as of June 9, 211) Subsidiaries ZHCD has 1 stakes in the following subsidiaries: Qatar Flour Mills Company (QFM): Incorporated in 29, this subsidiary is engaged in the manufacturing and distribution of different kinds of flour and in the trading of bran and barley through tenders. QFM is also responsible for the transport division of the company. Umm Said Bakery (USB), established in 29, manufactures fresh and dry bakery and sweet products. Qatar Food Industries Company (QFI): Incorporated in 29, this company produces biscuits and pasta products. Arzak Marketing Company (AMC): Formed in 28, this company is engaged in the trading of grains and foodstuffs. Zain Trading Company (ZTC): Incorporated in 29, this subsidiary was formed for foodstuffs and animal feed trading but is yet to commence operations. Recent Acquisition National Food Company (NFC): A recent acquisition, this subsidiary produces and markets processed frozen meat products under the Al Arabia brand. Business Segments Trading, manufacturing, distribution and services: This segment includes contributions from QFM, AMC and ZTC. This segment contributed 92.6 to net profit and 36.4 to total assets in 21. Manufacturing and distribution: This segment comprises contributions from USB and QFI and made up 5.6 of total assets in 21. Investment and managed services include management of affiliates, investments in financial instruments and establishment of companies for specific purposes. This segment accounted for 58. of total assets in 21. Key Parameters Income statement: Revenue increased by 42.5 YoY to QR33mn in 21 driven by a 92.9 rise in the sale of grains and related commodities and a 38.1 growth in the sale of unsubsidized products. General and administrative (G&A) expenses and selling and distribution (S&D) expenses increased by 2.8 and (on a small base), respectively. Impairment losses, government compensation for sale of subsidized flour and other operating income fell by 95.3, 22.3 and 47.1, respectively, in 21. Overall, net profit grew by 7.4 YoY to QR63mn. Balance sheet: Available-for-sale (AFS) financial assets (quoted/unquoted equities) increased by 33.3 YoY while accounts and other receivables grew by 7.9. Assets classified as held for sale declined by 61. YoY as ZHCD decided to consider the transport division as a continuing operation (earlier classified as a disposal group). Overall, total assets increased by 21.6 YoY. The fair value reserve grew by 45.7 YoY due to a revaluation of AFS financial assets. 1Q211 performance: (1) Revenue fell by 19.4 YoY to QR68mn. (2) Direct costs fell at a faster rate of 2.. These factors, along with a 5.2 YoY increase in compensation received from the government, caused net profit to jump by 5.4 to QR35mn. (3) Growth in total assets was around 4 both sequentially and on a YoY basis. Total liabilities declined by 31.5 YoY due to a fall in accounts and other payables by 3.4. Total liabilities grew by 15.2 QoQ while accounts and other payables grew by Key Data Current market price (QR) 53.6 Dividend yield # () 4.7 Bloomberg ticker ZHCD QD ADR/GDR ticker N/A Reuters ticker ZHCD.QA ISIN QA Sector* Industrial 52wk high/52wk low (QR) 63.7/ m average volume ( ) 16.2 Mkt. cap. (USD bn/qr bn).2/.7 Shares outstanding (mn) 13.1 Float* () 91. Float* (mn) year total return () 13.2 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Subsidiaries stake Qatar Flour Mills Co. 1. Umm Said Bakery 1. Qatar Food Industries Co. 1. Arzak Marketing Co. 1. Zain Trading Co. 1. (as of December 31, 21) Relative Price Performance vs. Peers Jun-21 Oct-21 Feb-211 Jun-211 Source: Bloomberg; Note: MERS is Al Meera Consumer Goods Co. and QMLS is Qatar Co. for Meat & Livestock Trading Relative Price Performance vs. Market ZHCD MERS QMLS 8 Jun-21 Oct-21 Feb-211 Jun-211 ZHCD QEINDI INDEX QE INDEX Source: Bloomberg; Note: QEINDI INDEX is Qatar Industrial Index and QE INDEX is Qatar Exchange Index 29

32 Key Personnel Sheikh Nasser Bin Mohammad Bin Jabor Al-Thani Sheikh Talal Bin Mohammed Bin Jabor Al-Thani Sheikh Nawaf Bin Mohammed Bin Jabor Al-Thani Tarique Mohammad Sector Snapshot Qatar Food and Retail Industry Designation Chairman Vice Chairman Managing Director Chief Executive Officer Food consumption growth () 29.9 Food consumption growth FY21 () 5.9 Mass grocery retail sales growth () 37.7 Mass grocery retail sales growth FY21 () 28. Hypermarket sales growth () 44.7 Hypermarket sales growth FY21 () 28.8 Source: Industry reports (as of 1Q211) Peer Metrics (all figures in ) Mkt. cap.* Revenue Total assets Al Meera Consumer Goods Company Qatar Company for Meat and Livestock Trading (as of December 31, 21), *Bloomberg (as of June 9, 211) Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Revenue YoY growth () (36.8) 42.5 Gross profit (39) (1) (4) 1 Gross margin () (26.8) (29.7) (18.7).2 Compensation from the government Operating expenses* Other operating income EBITDA EBITDA margin () Depreciation EBIT EBIT margin () Finance costs (net) 1 1 Net profit Net margin () ; Note: *Excludes depreciation Balance Sheet FY27 FY28 FY29 FY21 Cash in hand and at bank Inventories Accounts and other receivables Assets classified as held for sale Due from the government Property, plant and equipment Available-for-sale financial assets Total assets Accounts and other payables Employees end of service benefits Total equity Total liabilities and equity Ratios FY27 FY28 FY29 FY21 RoE () RoA () Fixed assets turnover () Source: Bloomberg Revenue and YoY growth FY27 FY28 FY29 FY21 Revenue YoY growth (RHS) EBITDA and EBITDA Margin FY27 FY28 FY29 FY21 EBITDA EBITDA margin (RHS) Capital Expenditure and Fixed Assets Turnover x FY27 FY28 FY29 FY21 Capital expenditure Fixed assets turnover (RHS), Bloomberg Total Assets and RoA FY27 FY28 FY29 FY21 Total assets RoA (RHS), Bloomberg P/B Multiples FY28 FY29 FY21 FY211* ZHCD N/A MERS N/A N/A QMLS N/A P/E Multiples FY28 FY29 FY21 FY211* ZHCD N/A MERS N/A N/A QMLS N/A 3

33 Gulf International Services (GISS) Company Description A holding company with exposure to the downstream hydrocarbon sector. Qatar Petroleum (QP) founded GISS in February 28. The company has investments in oil and gas related service companies, with interests in offshore and onshore drilling, helicopter maintenance and transportation and catering. GISS also offers insurance, reinsurance and related advisory services and has a presence across the Middle East and North African (MENA) region. Over , GISS drilling segment is likely to drive revenue growth with an expected capex of more than QR1.6bn. GISS expects an overall top line CAGR of 5 over this period. Company Snapshot Revenue 2-yr. CAGR () 11.4 Net Income 2-yr. CAGR () 1.8 No. of rigs 9 Enterprise value* (QR bn) 3.8, *Bloomberg (as of June 9, 211) Subsidiaries / Joint Venture Gulf Drilling International Ltd. (GDI): Established in 24 as a joint venture, GDI provides contract land and offshore drilling services to QP group and its international co-ventures. GDI s current operating rig fleet consists of 5 offshore jack-up rigs and 4 land rigs. GDI recently signed a LOI for the construction of 2 jackup rigs and purchased an additional rig. GISS has a interest in this JV. Al Koot Insurance and Reinsurance Company (AKIR): Incorporated in 23, this 1-owned subsidiary provides various insurance, reinsurance and risk management services to QP and its subsidiaries and affiliates. Al Koot reported good traction with non-qp related companies as well in 21. AKIR has a 33 equity share in Al Fareej Real Estate Company. Gulf Helicopters Company (GHC) provides services such as offshore operations, visual flight rules and instrument flight rules, onshore transport, VIP transport, load lifting (both short and long line), photo flights and emergency medical support. This subsidiary is the sole provider of helicopter transport in Qatar with a presence in the MENA region and in India. GHC had a fleet of 37 helicopters as of 21. The company also owns an executive housing complex in West Bay and a procurement office in London. GISS has a 1 stake in GHC and plans to expand its fleet to more than 7 helicopters longer term in order to meet increasing demand. Revenue By Segment (FY21) Net Profit By Segment (FY21) Insurance Drilling Aviation Key Parameters Income statement: Total revenue declined by 5.3 to QR1.5bn in 21. Revenue from the drilling business declined 19.1 YoY due to lower offshore rig utilization and rate reductions. This was partly offset by revenue increases of 4.6 and 6.7 from the insurance and aviation segments, respectively. Gross profit declined by 19.6 YoY to QR498mn in 21. The gross margin from drilling fell to 5.3 vs. 53. in 29 while the aviation segment gross margin improved slightly to Net insurance revenue (net of gross expenses) declined due to increased claims. Overall, net profit decreased by 24.2 YoY to QR439mn. Balance sheet: Total assets grew by 14.6 YoY to QR4.2bn in 21 driven primarily by a 72.8 growth in receivables and prepayments and a 33.5 increase in insurance receivables. Property, plant and equipment grew by 8.2 and cash increased by On the liabilities side, current liabilities grew by 38.6 YoY due to a 56. increase in trade payables, insurance payables and accruals, partly offset by a decline in amounts due to related parties. 1Q211 performance: (1) Revenue declined by 14.9 YoY to QR329mn driven by weakness in the insurance and drilling segments. (2) The company s gross profit declined by 43.5 to QR92mn and net profit declined by 41.9 to QR86mn. (3) Total assets fell by 2. QoQ to QR4.1bn in 1Q Insurance Drilling Aviation Key Data Current market price (QR) 29. Dividend yield # () 4.5 Bloomberg ticker GISS QD ADR/GDR ticker N/A Reuters ticker GISS.QA ISIN QAAQ6LH4 Sector* Services 52wk high/52wk low (QR) 3.3/23. 3-m average volume ( ) Mkt. cap. (USD bn/qr bn) 1.1/3.9 Shares outstanding (mn) Float* () 7. Float* (mn) year total return () 5.4 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Qatar Petroleum 3. General Retirement and Pension Authority 1.4 Qatar Education and Health Fund 1.4 Qatar Foundation 1.4 Source: Zawya (as of December 22, 21) Subsidiaries stake Al Koot Insurance and Reinsurance Company 1. Gulf Helicopters Company 1. Gulf Drilling International Ltd. 7. Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 GISS QESRVI INDEX QE INDEX Source: Bloomberg; Note: QESRVI INDEX is Qatar Service Index and QE INDEX is Qatar Exchange Index 31

34 Key Personnel H.E. Mohammed Bin Saleh Al-Sada Saeed Mubarak Al Muhanadi Ahmad Rafi a Al Emadi Mohamed Ibrahim Al Mohannadi Ibrahim Jassim Abd Alrahman Al Osman Fakhro Sector Snapshot Qatar Oil & Gas Sector 21 Designation Chairman and Managing Director Vice Chairman CEO AKIR CEO GHC CEO GDI Reserves Proven oil reserve (bn barrels) 25.9 Proven natural gas reserve (tn cubic feet) 894 Crude oil production ( barrels/day) 1,569 Natural gas production (bn cubic feet/day) 11.3 Source: BP Statistical Review of World Energy (June 211) Insurance Sector FY28 FY29 FY21 Gross Premiums Written 3,443 3,412 3,57 YoY growth () 14.7 (.9) 2.8 Net Premiums Earned 1,364 1,546 1,64 YoY growth () Total assets 11,358 12,332 14,39 YoY growth () ; Note: Based on data for publicly listed insurance companies Key Historical Financials Income Statement FY28* FY29 FY21 Revenue 1,197 1,57 1,486 YoY growth () N/A 31.2* (5.3) Gross profit Gross margin () General and administrative expenses # EBITDA EBITDA margin () Finance income net (1.6) Net profit Net margin () (*from February 12, 28), Bloomberg; Note: # Excludes depreciation Balance Sheet FY28 FY29 FY21 Cash and bank balances Receivables, prepayments and other dues Insurance receivables Financial assets at fair value Property, plant and equipment 1,87 1,797 1,945 Investment properties Total assets 3,312 3,685 4,221 Loans and borrowings (short and long term) 1, Trade and other payables ,17 Total equity 1,653 2,5 2,243 Total liabilities and equity 3,312 3,685 4,221 Ratios FY28* FY29 FY21 RoE () N/A RoA () N/A Debt/Equity () Source: Bloomberg Total Assets By Segment (FY21) Insurance Drilling Aviation EBITDA and EBITDA Margin FY28 FY29 FY21 EBITDA EBITDA margin (RHS) Net Profit and Net Margin FY28 FY29 FY21 Net profit Net margin (RHS) Total Assets and RoA 5, 18 4, 16 3, 14 2, 1, 12 1 FY28 FY29 FY21 Total assets RoA (RHS), Bloomberg EV/EBITDA Multiples FY28 FY29 FY21 FY211* GISS N/A P/E Multiples FY28 FY29 FY21 FY211* GISS N/A 32

35 Qatar Electricity and Water Company (QEWS) Company Descriptions Qatar s leading listed provider of utility services. QEWS, established in 199, owns and operates power generation and water desalination plants in the State of Qatar. The company holds a dominant position in Qatar s power and water sector. Company Snapshot Electricity installed capacity # (MW) 5,875 Water production capacity # (MGPD) 273 Revenue 5-yr. CAGR () 18.3 Enterprise value* (QR bn) 27., *Bloomberg (as of June 9, 211); Note: # Capacity is proportionate to QEWS and includes Ras Girtas, MW megawatt, MGPD mn gallons per day Subsidiaries / Joint Ventures Ras Laffan Power Company (RLPC) operates the Ras Laffan A project. This plant has an installed electricity generation capacity of 75 MW and a seawater desalination unit producing around 4 MGPD of potable water. The station supplies water & electricity to Qatar General Electricity & Water Corporation (Kahramaa) under a 25-year agreement. QEWS has an 8 shareholding in RLPC. Ras Laffan Operating Co. (RLOC) is a 1-owned entity and is engaged in the management, operation, maintenance and development of the Ras Laffan A plant. Q Power operates the Ras Laffan B project with an installed capacity of 1,25 MW of electricity and 6 MGPD of potable water. QEWS (55), International Power (4) and Chubu Electric Power Company (5) own Q Power. Mesaieed Power Company (MPC) operates the 2,7 MW Combined Cycle Gas Turbine power plant & supplies output to the national grid & the Mesaieed aluminum smelter. Owners: QEWS & Marubeni Corp. (4 each) & Qatar Petroleum (2). Ras Girtas Power Company (RGPC) was incorporated to install and operate the Ras Girtas power project with a total capacity of 2,73 MW of power and 63 MGPD of water. The project became fully operational in April 211 (officially inaugurated on May 31). QEWS has a 45 shareholding in RGPC alongside QP s stake of 15. Business Segments Electricity generation is the primary business segment contributing 52.5 to total revenue in 21. Water comprises various water desalination plants and contributed 32.4 to total revenue in 21. Water desalination revenue grew by 19.3 YoY. Lease generates lease rentals from power and water plants. This segment is directly related to the production of power and water but comes about because of the different accounting treatment of new plants (accounted as finance leases). Lease rentals of QR519mn contributed 15.1 to total 21 revenue. Key Parameters Income statement: Revenue increased by 29.4 to QR3.4bn in 21 primarily driven by a significant growth in lease rentals (up 154.1) and an 18.8 rise in electricity revenue. Total net profit increased by 23.5 due to an improved gross profit margin and an increase in share of liquidated damages from contractors, partly offset by higher finance costs and higher liquidated damages to Kahramaa. Balance sheet: Total assets grew by 22.6 YoY to QR22.1bn in 21 due to a 59.3 increase in finance lease receivables (excluding transfer of QR5.7bn from property, plant and equipment) and a rise in accounts & other receivables. On the liabilities side, total debt increased by 19.6 YoY over the period. Despite its high level of debt, close to 9 of QEWS debt is long-term in nature and the company s interest coverage (EBITDA/finance costs) remains comfortable at 3.94x. 1Q211 performance: (1) QEWS reported a 55.6 YoY increase in revenue to QR922mn. As expected, lease income was the fastest growing segment, up YoY. This segment made up 26.3 of 1Q211 total revenue (1Q21 contribution: 14.5). Net income (net of minority interest) jumped 47.2 to QR228mn. (2) Total assets declined by 2.4 on a QoQ basis to QR21.6bn. New projects and developments: QEWS completed the first phase (1,833 MW) of the Ras Girtas power plant in August 21 (fully functional in April 211). The company is currently bidding to expand this plant by as much as 75 MW and 25 MGPD by 214. Besides the Middle East, the company is also exploring power sector investments in countries like India, South Korea and Vietnam. Recently, it was reported that QEWS won the 1,5 MW-Oman Sur power plant construction project (yet to be confirmed by the company) and was bidding to buy a stake in a Jordanian power plant. Key Data Current market price (QR) 146. Dividend yield # () 4.1 Bloomberg ticker QEWS QD ADR/GDR ticker N/A Reuters ticker QEWC.QA ISIN QA Sector* Services 52wk high/52wk low (QR) 154.9/1. 3-m average volume ( ) 79.3 Mkt. cap. (USD bn/qr bn) 4./14.6 Shares outstanding (mn) 1. Float* () 78.8 Float* (mn) year total return () 5. Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Government of Qatar 43. Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 QEWS QESRVI INDEX QE INDEX Source: Bloomberg; Note: QESRVI INDEX is Qatar Services Index and QE INDEX is Qatar Exchange Index 1-Year Forward P/E Band QR Jan-26 Jan-27 Jan-28 Jan-29 Jan-21 Jan-211 Source: Bloomberg 13.5x 11.3x 9.1x 7.x 4.8x 33

36 Key Personnel H.E. Abdulla Bin Hamad Al Attiyah H.E. Issa Shahin Al Ghanim Fahad Hamad Al Mohannadi, Bloomberg Sector Snapshot Electricity and Water Designation Chairman Vice Chairman General Manager Total installed capacity for power generation in Qatar 211 (MW) 9,192 Expected growth in power demand 5-yr. CAGR () 1.8 Total installed capacity for water production in Qatar 211 (MGPD) 343 Expected growth in water demand 5-yr. CAGR () 9.5 Budgeted spending on electricity and power (QR bn) 15 Qatar s expected contribution to ME & Africa power generation 215 () 2.6 Source: Industry reports Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Revenue 1,927 2,273 2,651 3,43 YoY growth () Gross profit 1,149 1,286 1,522 1,993 Gross margin () General and administrative expenses* EBITDA 1,45 1,129 1,362 1,835 EBITDA margin () Finance cost Net profit ,167 Net margin () , Bloomberg; Note: *Excludes depreciation Balance Sheet FY27 FY28 FY29 FY21 Cash and bank balances 654 1,615 2,37 2,74 Finance lease receivables (short term) Accounts receivable and prepayments ,454 Inventories Property, plant and equipment 6,19 9,334 1,664 5,974 Finance lease receivables (long term) 1,148 1,479 3,821 11,7 Other non-current assets Total assets 9,189 13,588 18,48 22,123 Accounts payable and other current liabilities ,19 1,864 Derivatives 322 2,967 1,22 1,86 Total debt (short and long term) 4,526 8,29 12,55 14,417 Other non-current liabilities Total equity 3,79 1,38 3,59 3,938 Total liabilities and equity 9,189 13,588 18,48 22,123 Ratios FY27 FY28 FY29 FY21 RoE () RoA () Debt/Equity () Source: Bloomberg Revenue Contribution By Segment FY27 FY28 FY29 FY21 Electricity Water Lease Revenue and Net Margin 3,5 36 2,8 35 2,1 34 1, FY27 FY28 FY29 FY21 Revenue Net margin (RHS) EBITDA and EBITDA Margin 2, 1,6 1,2 8 4 FY27 FY28 FY29 FY21 EBITDA EBITDA margin (RHS), Bloomberg Capital Expenditure and Fixed Assets Turnover x 4,5.5 3,6.4 2,7 1, FY27 FY28 FY29 FY21 Capital expenditure Fixed assets turnover (RHS) EV/EBITDA Multiples FY28 FY29 FY21 FY211* QEWS P/E Multiples FY28 FY29 FY21 FY211* QEWS

37 Qatar Fuel (QFLS or WOQOD) Company Description WOQOD, established in 22, is the sole distributor of fuels in Qatar. Originally formed from Qatar Petroleum s fuel storage and distribution assets, WOQOD supplies diesel and gasoline to vehicles, boats and industries. Qatar Fuel is the only supplier of aviation fuel to the Doha International Airport and trades in bunker fuels, bitumen, LPG and own-branded lubricants. Company Snapshot No. of fuel ships 6 Fleet size (road tankers) 2+ Revenue 5-yr. CAGR () 26.4 Enterprise value* (QR bn) 8.4, *Bloomberg (as of June 9, 211) Subsidiaries The company operates through five subsidiaries. All the subsidiaries are whollyowned except Qatar Jet Fuel Company (6 shareholding). WOQOD Marine Services Company owns and operates vessels and offers marine related services. This subsidiary provides fuel-bunkering facilities to visiting ships within Qatari waters and currently holds six vessels. WOQOD Vehicle Inspection Company provides vehicle inspections, road assistance services and motor vehicle repair and maintenance services. WOQOD International Company Is engaged in foreign investments. WOQOD Kingdom Company (WKC), incorporated in Saudi Arabia, is involved in establishing petrol stations and providing related services. Qatar Jet Fuel (Q-JET) is involved in the supply of aviation fuel to commercial and private aircrafts. Q-JET delivers to more than 35 international airlines, including Qatar Airways. Qatar Industrial & Manufacturing Co. holds a 4 stake in Q-JET. Business Segments Refined petroleum products were the largest contributor to revenue (92.6) and increased by 23.5 YoY in 21. WOQOD has discontinued providing separate disclosures for the jet fuel segment (34.7 of total revenue in 29). However, we believe the jet fuel segment remains important considering the growth seen in Qatar s air traffic and the ongoing fleet expansion at Qatar Airways. Petrol stations include revenue generated through petrol or gas stations. These stations market various gasoline grades and diesel. Moreover, the company provides modern convenience stores (Sidra) as a value-added service. This segment contributed 4.4 to 21 revenue and increased 42.8 YoY. Transportation and storage contributed 2.4 to total revenue and reported a 6.9 YoY growth in 21. Inspection services, lubricants and supplies remain a relatively minor part of the business with a.6 contribution to 21 total revenue. Key Parameters Income statement: WOQOD reported an increase of 24.1 YoY in revenue to QR7.7bn. Gross profit grew by 26.9 YoY with the gross margin increasing to 21.1 versus 2.7 in 29. We note that the government fixes prices at the retail level with WOQOD earning a set margin but commercial fuels retain some pricing flexibility. Net profit increased by 23.2 to QR1.2bn driven by the significant growth in revenue and stable general and administrative (G&A) expenses. Balance sheet: Total assets grew by 24.5 YoY driven by a substantial 55.7 increase in cash and bank balances. Property, plant and equipment increased by 9.4 YoY in 21. Total equity increased by Q211 performance: (1) Revenue increased by 38.2 YoY to reach QR2.3bn. The gross margin was however more subdued at 17.3 vs in 1Q21. Net profit increased by 5.9 YoY to QR294mn with the increase in revenue and other income being partially offset by increases in cost of sales, G&A expenses and depreciation charges. (2) Total assets reached QR6.4bn, up 3.3 and 14.6 on a sequential and YoY basis, respectively. Future expansion plans: The company has approved a QR95mn budget for new projects in 211. WOQOD has an aggressive plan to open around 1 gas stations across the State of Qatar over the next five years effectively becoming the top player in the fragmented retail market. As of 1Q211, the company had 12 gas stations under construction with 4 more in the tendering process. WOQOD also plans to offer its automotive lubricants in the UAE and Iraq and has aggressive growth plans to expand regionally. Other initiatives include spending on LPG and bitumen plants, storage and distribution assets, etc. Key Data Current market price (QR) Dividend yield # () 3.3 Bloomberg ticker QFLS QD ADR/GDR ticker N/A Reuters ticker QFLS.QA ISIN QA12771 Sector* Services 52wk high/52wk low (QR) 263./ m average volume ( ) 21.1 Mkt. cap. (USD bn/qr bn) 2.9/1.6 Shares outstanding (mn) 41.6 Float* () 6. Float* (mn) year total return () 93.3 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Qatar Petroleum 4. Source: Zawya (as of March 31, 211) Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 WOQOD QESRVI INDEX QE INDEX Source: Bloomberg; Note: QESRVI INDEX is Qatar Services Index and QE INDEX is Qatar Exchange Index 35

38 Key Personnel H.E. Abdulla Bin Hamad Al Attiyah Mohamed Khalifa Turki Al Sobai Sector Snapshot Qatar Designation Chairman Vice Chairman and Managing Director FY27 FY28 FY29 FY21 Oil product consumption ( barrels/day) YoY growth () Source: BP Statistical Review of World Energy (June 211) Revenue and YoY Growth 8, 6, 4, 2, FY27 FY28 FY29 FY21 Revenue YoY growth (RHS) (2) Oil consumption 22 ( barrel/day) 39. Oil consumption growth () 77.2 Source: Industry reports (as of 1Q211) Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Revenue 4,716 7,59 6,176 7,663 YoY growth () (17.7) 24.1 Gross profit 788 1,539 1,277 1,62 Gross margin () General and administrative expenses EBITDA 65 1, ,166 EBITDA margin () Net profit 633 1, ,169 Net margin () Balance Sheet FY27 FY28 FY29 FY21 Cash and bank balances 675 1,284 1,864 2,93 Trade and other receivables 975 1,42 1,339 1,36 Inventories Property, plant and equipment 726 1,55 1,269 1,389 Goodwill Other non-current assets Total assets 2,699 4,75 4,945 6,154 Accounts and other payables 1,149 1,485 1,478 1,749 Non-current liabilities Total equity 1,539 2,574 3,444 4,237 Total liabilities and equity 2,699 4,75 4,945 6,154 Ratios FY27 FY28 FY29 FY21 RoE () RoA () Debt/Equity ().4... Source: Bloomberg EBITDA and EBITDA Margin 1,5 18 1, FY27 FY28 FY29 FY21 EBITDA EBITDA Margin (RHS) Working Capital (WC) and WC Turnover x 3, 1 2,5 8 2, 6 1,5 4 1, 5 2 FY27 FY28 FY29 FY21 WC WC turnover (RHS) Total Assets and RoA 6,5 4 5, ,9 25 2,6 2 1, FY27 FY28 FY29 FY21 Total assets RoA (RHS) EV/EBITDA Multiples FY28 FY29 FY21 FY211* WOQOD N/A P/E Multiples FY28 FY29 FY21 FY211* WOQOD N/A 36

39 Medicare Group (MCGS) Company Description An end-to-end medical services provider. MCGS, incorporated in 1989, provides healthcare and hospital services in the State of Qatar through the Al Ahli Hospital. The company s 5-owned subsidiary, Specialized Center for Ophthalmology, is currently under liquidation. We note that the overall healthcare market remains substantial in the State of Qatar with over QR9.5bn in healthcare spending in 21, up 1.6 YoY. Company Snapshot No. of patient rooms 25 Revenue 4-yr. CAGR () 68.2 Enterprise value* () 621 Total assets FY21 () 814, *Bloomberg (as of June 9, 211) Hospital Al Ahli Hospital: Started in 24, Al Ahli is one of the leading hospitals in the State of Qatar with 25 patient rooms. It offers a comprehensive range of medical services including: anesthesiology, cardiology, dentistry, dermatology, emergency, family medicine, general surgery, gastroenterology, internal medicine, neurology, nephrology, nursing, obstetrics and gynecology, orthopedic and traumatology, pathology and laboratory, pediatrics, pharmacy, physiotherapy, psychiatry and pulmonary. Patients (In-house) Patients (Walk-in and Appointment) Key Data Current market price (QR) 23.5 Dividend yield # () 4.3 Bloomberg ticker MCGS QD ADR/GDR ticker N/A Reuters ticker MCGS.QA ISIN QA Sector* Services 52wk high/52wk low (QR) 25.6/ m average volume ( ) 12.2 Mkt. cap. (USD bn/qr bn).2/.7 Shares outstanding (mn) 28.1 Float* () 82. Float* (mn) year total return () 63.7 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency 3,5 2,8 2,1 1,4 7 9, 75, 6, 45, 3, 15, Relative Price Performance vs. Peers QFY21 2QFY21 3QFY21 4QFY21 Key Parameters Income statement: Revenue increased by 29.6 YoY to QR246mn in 21. The gross margin improved substantially to 39.8 in 21 from 28.8 in 29. Gross profit was up 79. YoY to QR98mn. Other income, which comprises of rental, dividend and miscellaneous income, increased by 26.7 YoY to QR13mn. Overall, net profit rose to QR46mn in 21 from QR1mn in 29. Balance sheet: Current assets increased by 64.4 YoY to QR129mn in 21 due to a 77.7 rise in accounts receivable to QR72mn and a significant increase in cash and bank balances. Non-current assets decreased by.4 YoY to QR685mn due to a decline of 1. in property, plant and equipment. Overall, total assets grew by 6.2 YoY to QR814mn in 21. Equity rose by 6.5 YoY and MCGS proposed a dividend of 1 of the share capital. On the liabilities side, accounts payable grew by 23.3 YoY and accruals and other credit balances grew by Q211 performance: (1) In 1Q211, the company reported revenue of QR73mn, an increase of 23.5 YoY. Gross profit improved by 47.9 YoY with the gross margin expanding to 42.5 vs in 1Q21. (2) Net profit more than doubled to QR16mn in 1Q211 versus QR6mn in 1Q21. (3) Total assets grew by 1. YoY to QR846mn. Accounts receivable, which more than doubled to QR78mn and cash and bank balances, which almost quadrupled to QR59mn, mainly drove this increase. There was a 4. growth in total assets on a QoQ basis. Total liabilities grew by 31.6 YoY to QR92mn due to increases in accounts payable and accruals and other credit balances. 1QFY21 2QFY21 3QFY21 4QFY Jun-21 Oct-21 Feb-211 Jun-211 Source: Bloomberg; Note: QGMD is Qatari German Company for Medical Devices Relative Price Performance vs. Market MCGS QGMD 8 Jun-21 Oct-21 Feb-211 Jun-211 MCGS QESRVI INDEX QE INDEX Source: Bloomberg; Note: QESRVI INDEX is Qatar Services Index and QE INDEX is Qatar Exchange Index 37

40 Key Personnel Sheikh Thani Bin Abdullah Al-Thani Sheikh Abdullah Bin Thani Bin Abdulla Al-Thani Abdulwahed Abdullah Al-Mawlawi Key Historical Financials Income Statement Designation Chairman Deputy Chairman Managing Director and CEO FY27 FY28 FY29 FY21 Revenue YoY growth () Gross profit Gross margin () General and administrative expenses EBITDA (7) EBITDA margin () (1.7) Finance costs (net) Net profit ( 24) Net margin () (36.9) , Bloomberg Balance Sheet FY27 FY28 FY29 FY21 Cash and bank balances Accounts receivable and prepayments Inventories Assets of disposal group classified as held for sale 1 2 Investments Property, plant and equipment Total assets Borrowings (short and long term) Accounts payable Accruals and other credit balances Retention payables and other current liabilities Employees end of service benefits Total equity Total liabilities and equity Ratios FY27 FY28 FY29 FY21 RoE () (8.) RoA () (4.3) Debt/Equity () Source: Bloomberg Revenue and YoY Growth Net profit and Net Margin FY27 FY28 FY29 FY21 Revenue YoY growth (RHS) Working Capital (WC) and WC Turnover (2) Total Assets and RoA 1, FY27 FY28 FY29 FY21 Net profit Net margin (RHS) FY27 FY28 FY29 FY21 Working Capital WC turnover (RHS) FY27 FY28 FY29 FY21 Total assets RoA (RHS) P/B Multiples FY28 FY29 FY21 FY211* MCGS N/A QGMD N/A P/E Multiples FY28 FY29 FY21 FY211* MCGS 13.2 N/M 11.2 N/A QGMD N/M N/A x (5) (15) (25)

41 Qatari German Co. for Medical Devices (QGMD) Company Description A disposable syringe manufacturer. QGMD, incorporated in 2, is engaged in the manufacturing and distribution of single use disposable syringes, such as intravenous (IV) catheters and traditional and safety syringes. In 26, the company entered into a 5-year contract with Siegfried Schumacher GmbH for the distribution of over 1mn disposable syringes. In 27, QGMD acquired certain patents related to syringe manufacturing from Siekmann GmbH. Since beginning commercial production in late 28, QGMD has been marketing its products under the following brands: Q Ject, Q Safe, Q Flow and Q Need. QGMD exports its products to several countries including Russia, Ukraine, Greece, the UAE, Mexico, Palestine, South Africa, Turkey, Sudan, USA, Saudi Arabia, Iran and other European countries. The company is ISO 91:28, CE Mark, FDA 51K, GMP and PCT certified. Company Snapshot Revenue 3-yr. CAGR () 82.7 Enterprise value* () 111 Total assets 3-yr. CAGR () 8. Gross profit 3-yr. CAGR () 2.8, *Bloomberg (as of June 9, 211) Products Q Safe is a single use syringe manufactured according to ISO 7886 specifications. The re-use prevention feature of the syringe and retractable design of its needle ensures automatic destruction of used syringes. Q Safe is made of non-toxic materials and is free of latex and pyrogen. Q Ject is a single use syringe with medical grade components for improving clarity. Q Ject is developed using USP Class 6 compliant raw materials that facilitate a shelf life of 5 years without any risk of contamination. Q Need is a disposable hypodermic needle designed in accordance with ISO 69 specifications that improves the visibility of fluid flow and identification of its gauge. Q Flow is a single use intravenous cannula for all types of intravenous therapies. The design of Q Flow minimizes patient discomfort and risk of perforation. Key Parameters Income statement: Revenue increased by 14. YoY to QR8mn in 21. The gross margin declined to 9.4 in 21 from 1.3 in 29 due to a 15.2 YoY rise in cost of sales. Staff costs increased by 2.6 YoY while interest and bank charges decreased by The company did not record any non-cash gains related to an increase in fair market value of its investment property in 21. This was in contrast to 29 when QGMD reported a profit of QR3mn for this line item. Overall, the company incurred a net loss of QR3mn in 21 vs. a gain of QR2mn in 29. Balance sheet: Total assets declined by 5.6 YoY to QR22mn in 21. Cash and bank balances decreased by 71.6 or QR23mn YoY due to a decline of QR27mn in term deposits. Advances towards the purchase of property and equipment increased by 57.3 YoY (on a small base) and inventories grew by The recorded value of QGMD s patent portfolio increased by 1.3 to QR29mn. On the liabilities side, trust receipts declined by 81.1 YoY and bank loans (short and long term) decreased by Payables, accruals and other credit balances declined by 55.3 YoY. 1Q211 performance: (1) Revenue increased by YoY to QR3mn in 1Q211. With cost of sales increasing at a slower rate of 155.5, gross profit increased by 328.6YoY and the gross margin expanded by 645 bps to (2) In 1Q211, QGMD reported a loss of QR584,57 despite the improvement in gross profitability as other income declined by QR414,171. (3) QGMD s current assets decreased by 39.2 YoY with cash and bank balances declining by On a sequential basis, current assets declined by 7.4 with cash and bank balances down by almost QR3mn. However, total assets remained flat QoQ at QR221mn as a portion of cash balances was deployed for advances towards property and equipment, which posted an increase of QR2.3mn. (4) Total liabilities grew by 5.7 QoQ to QR21mn. Long-term bank loans declined by 2.1 QoQ, partly offset by increases in payables, accruals and other credit balances and short-term loans. Key Data Current market price (QR) 8.7 Dividend yield # () N/A Bloomberg ticker QGMD QD ADR/GDR ticker N/A Reuters ticker QGMS.QA ISIN QA12763 Sector* Industrial 52wk high/52wk low (QR) 1.9/8.1 3-m average volume ( ) 63.1 Mkt. cap. (USD mn/) 27.5/1.1 Shares outstanding (mn) 11.6 Float* () 84. Float* (mn) year total return () (6.8) Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Relative Price Performance vs. Peers Jun-21 Oct-21 Feb-211 Jun-211 QGMD MCGS Source: Bloomberg; Note: MCGS is Medicare Group Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 QGMD QESRVI INDEX QE INDEX Source: Bloomberg; Note: QEINDI INDEX is Qatar Industrial Index and QE INDEX is Qatar Exchange Index 39

42 Key Personnel Sheikh Hamad Nasser Al-Thani Saif Ali Al Hajary Hazem Abdulrahman Al Sharief Sector Snapshot Qatar Pharmaceutical Market Designation Chairman Vice Chairman General Manager Pharmaceutical market FY21 (QR bn) 1.4 Drug expenditure CAGR () 12.6 Drug expenditure 215 (QR bn) 2.6 Source: Industry reports (as of 1Q211) Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Revenue YoY growth () N/M Gross profit Gross margin () Operating expenses EBITDA (1) (2) (2) (2) EBITDA margin () (96.9) (71.8) (21.7) (22.7) Finance costs (net) Net profit (1) 7 2 (3) Net margin () (85.8) (42.6), Bloomberg Balance Sheet FY27 FY28 FY29 FY21 Cash and bank balances Accounts receivable Other current assets Property, plant and equipment Investment property 6 6 Intangible assets Advances against property and equipment Total assets Accounts payable and other accruals Due to banks Bank loan (short and long term) Employees end of service benefits 1 Total equity Total liabilities and equity Ratios FY27 FY28 FY29 FY21 RoE () (1.3) (1.7) RoA () (.8) (1.5) Debt/Equity () Source: Bloomberg Revenue Net Profit (2) (4) FY27 FY28 FY29 FY21 Working Capital (WC) and WC Turnover (1) (2) FY27 FY28 FY29 FY21 Total Assets and RoA FY27 FY28 FY29 FY21 WC WC Turnover (RHS) FY27 FY28 FY29 FY21 Total assets RoA (RHS), Bloomberg P/B Multiples FY28 FY29 FY21 FY211* QGMD N/A MCGS N/A P/E Multiples FY28 FY29 FY21 FY211* QGMD N/M N/A MCGS 13.2 N/M 11.2 N/A x (.2) (.5) (2.) 4

43 Aamal Company (AHCS) Company Description A diversified firm with a regional focus. AHCS, incorporated in January 21, operates across 22 business units with interests in industrial manufacturing, retail, property, managed services, medical equipment and pharmaceuticals. The company recently postponed a GDR issue on the London Stock Exchange opting to wait for more favorable market conditions. Company Snapshot Revenue 5-yr. CAGR () 28.5 Investment properties FY 21 (QR bn) 5.3 Enterprise value* (QR bn) 11.2 Total assets FY21 (QR bn) 6.6, *Bloomberg (as of June 9, 211) Subsidiaries / Associates The company s subsidiaries include Aamal Readymix, Aamal Cement Industries, IMO Qatar, Advanced Pipes and Cast Company, Senyar Industries Qatar Holding (Doha Cables, Doha Transformers and El Sewedy Cables Qatar), Aamal Trading and Distribution, Aamal Medical, Ebn Sina Medical, City Center Pharmacy, Good Life Chemist, Bottega Verde, Foot Care Center, Aamal Qatar Holding Company (Bahrain), City Center Doha, Aamal Real Estate, Aamal Travel and Tourism and Aamal Services. AHCS has associate investments in Ci-San Trading, Frijns Steel Constructions Middle East and Al Farazdaq. Business Segments Industrial manufacturing is involved in the manufacturing of electric cables and tools, readymix concrete, cement blocks, concrete pipes, glass reinforced plastic pipes, etc. Trading and distribution is involved in pharmaceuticals, medical equipment, Bridgestone tires, Total lubricants, air conditioners, etc. Property management and development is engaged in real estate development and management of residential and commercial properties in prime locations in Doha, which include the City Center Doha and Souq Al Najma. Managed services provides property and facilities support services in the corporate sector as well as travel agency services, housekeeping services, business process outsourcing, training and development services, etc. Revenue By Segment (FY21) Net Profit* By Segment (FY21) Key Data Current market price (QR) 21.9 Dividend yield # () N/A Bloomberg ticker AHCS QD ADR/GDR ticker Z LI Reuters ticker AHCS.QA ISIN QAANCQB1 Sector* Services 52wk high/52wk low (QR) 25./ m average volume ( ) 67.2 Mkt. cap. (USD bn/qr bn) 3./1.8 Shares outstanding (mn) 495. Float* () 1. Float* (mn) year total return () 31.6 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Al Faisal Holding 6. Key Subsidiaries stake Aamal Cement Industries 99. Aamal Qatar Holding Co. 99. Foot Care Center 99. Bottega Verde 99. Aamal Qatar Medical Co. 99. IMO Qatar Co. 6. Doha Cables Qatar 45.6 Relative Price Performance vs. Peers Industrial manufacturing Property Trading & distribution Managed services 81.9 Industrial manufacturing Property Trading & distribution Managed services 12 1 ; Note: *Excludes head office losses of QR3mn Key Parameters Income statement: Revenue increased by 72.6 YoY to QR1.2bn in 21 driven primarily by significant increases in revenue from the industrial manufacturing and the trading and distribution segments. The gross margin declined to 31.5 in 21 from 4.6 in 29 primarily due to higher inventory expenses. Overall, net profit more than doubled in 21 to QR562mn driven by a significant increase in fair value gains on investment properties and a slower growth in operating expenses. Balance sheet: Total assets grew by 9.4 YoY to QR6.6bn in 21 driven primarily by an 8.3 increase in investment properties to QR5.3bn and accounts and other receivables, including dues from related parties, which more than doubled to QR468mn. On the liabilities side, accounts and other payables (including dues to related parties) almost doubled to QR31mn versus QR161mn last year. 1Q211 performance: (1) Revenue was up 36.5 YoY to QR357mn while gross profit increased by 22.4 to QR14mn. (2) The net profit margin, excluding income from associates, declined to 16.5 as compared to 23. last year. This was mainly due to weakness in prices for readymix concrete, a 43.3 increase in operating expenses, a 48.6 fall in other income and a 75.8 YoY jump in finance costs to QR16mn. (3) Capital expenditure was subdued at QR9mn in 1Q211 as compared to QR59mn in 1Q21. 8 Jun-21 Oct-21 Feb-211 Jun-211 Source: Bloomberg; Note: QIMD is Qatar Industrial Manufacturing Company and SIIS is Salam International Investment Ltd. Relative Price Performance vs. Market AHCS QIMD SIIS 8 Jun-21 Oct-21 Feb-211 Jun-211 AHCS QESRVI INDEX QE INDEX Source: Bloomberg; Note: QESRVI INDEX is Qatar Services Index and QE INDEX is Qatar Exchange Index 41

44 Key Personnel Sheikh Faisal Bin Qassim Al-Thani Tarek Mahmoud El Sayed, Bloomberg Sector Snapshot Qatar Construction Industry Designation Chairman and CEO Managing Director QR bn FY27 FY28 FY29 FY21* Construction industry value Real growth, YoY () (21.8) (5.1) Source: Industry reports (as of 1Q211); Note: *21 figures are estimated Pharmaceutical Market QR bn Market size (21) 1.4 Expected market size (215) 2.6 Expected CAGR () 12.6 Source: Industry reports (as of 1Q211) Peer Metrics (all figures in ) Mkt. Cap.* Revenue Total assets Mannai Corporation 3,8 1,975 1,577 Qatar Industrial Manufacturing Co. 2, ,348 Salam International Investment Ltd. 1,169 1,688 2,815 (as of December 31, 21), *Bloomberg (as of June 9, 211) Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Revenue ,217 YoY growth () Gross profit Gross margin () General and administrative expenses EBITDA EBITDA margin () Net finance cost Fair value gains on investments properties Net profit Net margin () , Bloomberg Balance Sheet FY27 FY28 FY29 FY21 Cash and bank balances Accounts and other receivables Inventories Investment properties 4,264 4,738 4,861 5,262 Property, plant and equipment Other non-current assets Total assets 5,775 5,661 6,22 6,586 Accounts and other payables Total debt (short and long term) 1, Total equity 4,326 4,646 4,896 5,467 Total liabilities and equity 5,775 5,661 6,22 6,586 Ratios FY27 FY28 FY29 FY21 RoE () RoA () Debt/Equity () Source: Bloomberg Revenue and YoY Growth 1,25 1, EBITDA and EBITDA Margin FY27 FY28 FY29 FY21 EBITDA EBITDA margin (RHS) Investment Properties and Rental Income 5,5 4,4 3,3 2,2 1,1 Source: Bloomberg FY27 FY28 FY29 FY21 Revenue YoY growth (RHS) Total Assets and RoA 6,6 5,5 4,4 3,3 2,2 1,1 FY27 FY28 FY29 FY21 Investment properties Rental income ( of Investment properties) FY27 FY28 FY29 FY21 Total assets RoA (RHS), Bloomberg 8 EV/EBITDA Multiples FY28 FY29 FY21 FY211* AHCS N/A QIMD N/A SIIS N/A P/E Multiples FY28 FY29 FY21 FY211* AHCS N/A QIMD N/A SIIS N/A

45 Industries Qatar (IQCD) Company Description A regional heavyweight. Incorporated in 23, IQCD, through its subsidiaries and joint ventures, is engaged in petrochemicals, fertilizers, steel and fuel additives. The company exports its products to the Middle East and North Africa (MENA) region, emerging Asia and the Americas. IQCD s competitive advantage, relative to the global players, lies in its ability to source natural gas feedstock at a subsidized price (USD1.91/mmbtu in 21) from the government. Company Snapshot Projected capital investment (211-15) (QR bn) 15.4 Revenue 5-yr. CAGR () 13.4 Capital investment (26-1) (QR bn) 9.8 Enterprise value* (QR bn) 8.9, *Bloomberg (as of June 9, 211) Subsidiaries / Joint Ventures Qatar Steel (QS; 1 owned) produces steel billets and reinforcing bars (rebar). QS is the GCC s first integrated steel producing company and is Qatar s sole steel producer with a capacity of 1.8mn tons per year (mtpa) of steel bars in 21. Qatar Petrochemical (QAPCO; 8) produces petrochemicals including ethylene (.7 mtpa capacity), variable grade low-density polyethylene (LDPE;.4 mtpa) and linear low-density polyethylene (LLDPE;.3 mtpa annualized). Qatar Fertilizer (QAFCO; 75) produces ammonia and urea (primarily sold in the Indian sub-continent) and urea formaldehyde condensate. QAFCO is the world s largest single site producer of ammonia and urea with a production capacity of 2.1 mtpa and 2.9 mtpa, respectively. Qatar Fuel Additives (QAFAC; 5) is involved in the production and export of methyl-tertiary-butyl-ether (MTBE) and methanol with an installed capacity of.6 mtpa and 1. mtpa, respectively. Fereej Real Estate (34): Incorporated in 28, Fereej invests in residential and commercial buildings and provides facilities and construction management services. Business Segments Petrochemicals accounted for 38.1 and 47.9 of total revenue and net profit, respectively, in 21. This segment also includes fuel additives. Fertilizer contributed 23.6 and 29.4 to total revenue and net profit, respectively. Steel accounted for 38.3 and 22.7 of total revenue and net profit, respectively. Revenue Mix* By Segment Net Profit Mix* By Segment FY27 FY28 FY29 FY21 Petrochemicals Fertilizer Steel Real estate ; Note: Real estate contribution is negligible 1 ; Note: *Excludes unallocated income and real estate segment that posted a loss Key Parameters Income statement: Revenue increased by 25.1 YoY in 21 with all segments showing strength. Petrochemical revenue grew significantly by 38.5 YoY and revenue from the steel and fertilizer segments increased by 18.5 and 17.3, respectively. Gross profit grew by 43.9 YoY due to lower cost of sales over the period. Other income fell significantly given a QR1.2bn one-off steel segment government grant in 29. Investment income decreased by 52.4 YoY due to lower interest on bank deposits. Overall, net profit increased by 12.4 YoY. Balance sheet: Total assets grew by 16.3 YoY due to a 31.4 increase in projects under development, a 12. rise in property, plant and equipment and a 4.6 increase in current assets. On the liabilities side, total debt increased by 21.3 YoY and accounts and other payables grew by 16.6 over the period. 1Q211 performance: (1) Revenue increased by 47.6 YoY to QR4.bn driven by improved selling prices across all products, high utilization rates at MTBE and rebar plants and the start of commercial production at Qatofin and Qatar Melamine. Sequentially, revenue grew by 4 mainly helped by prices. (2) EBITDA increased by 75.6 to QR2.2bn (EBITDA margin: 55.) vs. QR1.3bn (46.) in 1Q21. (3) Net income increased by 72.3 YoY to reach QR2.1bn. (4) Utilization rates averaged 99. for the quarter FY27 FY28 FY29 FY21 Petrochemicals Fertilizer Steel Key Data Current market price (QR) 139. Dividend yield # () 4. Bloomberg ticker IQCD QD ADR/GDR ticker N/A Reuters ticker IQCD.QA ISIN QAAKD6K3 Sector* Industrial 52wk high/52wk low (QR) 154.5/ m average volume ( ) Mkt. cap. (USD bn/qr bn) 21./76.5 Shares outstanding (mn) 55. Float* () 3. Float* (mn) year total return () 48. Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Qatar Petroleum 7. (as of April 27, 211) Relative Price Performance vs. Peers Jun-21 Oct-21 Feb-211 Jun-211 Source: Bloomberg; Note: SABIC is Saudi Basic Industries Relative Price Performance vs. Market Source: Bloomberg; Note: QEINDI INDEX is Qatar Industrial Index and QE INDEX is Qatar Exchange Index 1-Year Forward P/E Band Source: Bloomberg IQCD SABIC 8 Jun-21 Oct-21 Feb-211 Jun-211 QR IQCD QEINDI INDEX QE INDEX Jan-26 Jan-27 Jan-28 Jan-29 Jan-21 Jan x 11.9x 9.2x 6.5x 3.9x 43

46 Key Personnel H.E. Mohammed Bin Saleh Al-Sada Hamad Rashid Al-Mohannadi Sector Snapshot Qatar Petrochemical Market Designation Chairman and Managing Director Vice Chairman mtpa Estimated ethylene production capacity (215) 5.5 Estimated polyethylene production capacity (215) 2.9 Source: Industry reports (as of October 21) Peer Metrics (all figures in ) Revenue Mkt. cap.* Total assets Saudi Basic Industries Corporation 147, ,31 38,333 (as of December 31, 21), *Bloomberg (as of June 9, 211) Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Revenue 9,326 14,743 9,857 12,331 YoY growth () (33.1) 25.1 Gross profit 4,931 7,331 4,12 5,93 Gross margin () General and administrative expenses Selling expenses EBITDA 4,875 7,199 3,921 5,86 EBITDA margin () Finance cost Net profit 4,985 7,277 4,961 5,578 Net margin () , Bloomberg Balance Sheet FY27 FY28 FY29 FY21 Cash and short-term deposits 6,171 9,587 5,99 5,29 Accounts and other receivables 1,96 1,948 2,68 2,737 Inventories 1,373 2,549 1,41 1,833 Other current assets Property, plant and equipment 6,364 6,569 7,926 8,874 Projects under development 2,276 5,186 8,121 1,669 Investment in associates 1,171 1,96 1,33 1,46 Other non-current assets Total assets 2,142 27,782 27,432 31,98 Accounts and other payables 2,765 2,256 1,676 1,953 Other financial liabilities Debt (short term) 1,84 2, ,424 Debt (long term) 2,358 3,593 5,868 6,118 Total debt 3,442 6,299 6,216 7,542 Other non-current liabilities Total equity 13,678 18,292 19,69 21,762 Total liabilities and equity 2,142 27,782 27,432 31,98 Ratios FY27 FY28 FY29 FY21 RoE () RoA () Debt/Equity () Source: Bloomberg Revenue and YoY Growth QR bn (2) (4) FY27 FY28 FY29 FY21 Revenue YoY growth (RHS) EBITDA and EBITDA Margin QR bn FY27 FY28 FY29 FY21 EBITDA EBITDA margin (RHS), Bloomberg Total Assets By Segment (FY21)* QR bn FY27 FY28 FY29 FY21 Petrochemicals Fertilizer Steel Real estate ; Note: *Excludes adjustments Total Assets and RoA QR bn FY27 FY28 FY29 FY21 Total assets ROA (RHS), Bloomberg EV/EBITDA Multiples FY28 FY29 FY21 FY211* IQCD SABIC P/E Multiples FY28 FY29 FY21 FY211* IQCD SABIC

47 Mannai Corporation (MCCS) Company Description A holding company providing a broad range of products and services. MCCS is engaged in automobiles (sales and services), heavy equipment (sales), travel services and logistics, engineering services, geotechnical services, information technology solutions, oil field services, warehousing services, etc. The company recently entered into an agreement to acquire 35 of UAE-based mobile handset retailer and distributor Axiom Telecom. Company Snapshot Enterprise value (QR bn)* 3. Total assets FY 21 () 1,577 Revenue growth 4-yr. CAGR () 14.7 YoY growth in assets () 21.7, *Bloomberg (as of June 9, 211) Subsidiaries The company has 14 subsidiaries situated in the State of Qatar, Oman, Bahrain, India, Jordan and the UAE. All the subsidiaries are wholly-owned except Utility Networks Information Systems (75.). Business Segments Information technology provides IT services, telecommunication equipment and office automation products. This segment was the largest contributor to revenue and total assets with a contribution of 34.3 and 4.7, respectively, in 21. Automotive holds exclusive franchises for various vehicle manufacturers such as Cadillac, GMC, Opel and Subaru and manages sales and after-sales support for various heavy equipment lines. This segment contributed 29.7 to revenue and 18.3 to total assets in 21. Industrial supplies and building materials sells a variety of industrial products such as industrial tools, hand tools, personal protection gears, road construction and water proofing materials. This segment contributed 8.6 to revenue and 5.3 to total assets in 21. Heavy equipment specializes in sales and after-sale services of heavy equipment for the construction and industrial sectors. This segment contributed 5.9 to revenue with a share of 6.3 of total assets in 21. Others include travel, freight forwarding and logistics, engineering, geotechnical services and other divisions. These segments contributed 21.4 to revenue and 29.3 to total assets in 21. Revenue* By Segment (FY21) Gross Profit* By Segment (FY21) Key Data Current market price 15.5 Dividend yield # () 5.5 Bloomberg ticker MCCS QD ADR/GDR ticker N/A Reuters ticker MCCS.QA ISIN QAANBGK5 Sector* Services 52wk high/52wk low (QR) 137.5/ m average volume ( ) 1.4 Mkt. cap. (USD bn/qr bn).8/3. Shares outstanding (mn) 28.5 Float* () 99.4 Float* (mn) year total return () 7. Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Qatar Investment and Project Development Holding Company 53.7 Al Sakhama Trading and Contracting Company 21.3 Sheikha Amina Bint Mohammed Al-Thani 9.8 Ahmad Mannai 3. Source: Zawya (as of October 6, 21) Key Subsidiaries stake Mannai Trading Company 1. Manweir 1. Gulf Laboratories 1. Mansoft Qatar 1. Mideast Constructors 1. Relative Price Performance vs. Peers Auto Heavy equipment Others 34.3 Information technology Industrial supplies ; Note: *Total does not equal to 1 due to rounding Key Parameters Income statement: Revenue increased by 2.8 in 21 driven by increases of 18.9 and 11.1 in revenue from industrial supplies and information technology, respectively. This growth was partly offset by a 37.7 decline in revenue from the heavy equipment segment. Net profit increased by 25.3 in 21 due to higher gross profit and lower operating and finance expenses. Balance sheet: Total assets grew by 21.7 YoY to QR1.6bn in 21 driven primarily by a 31.2 increase in inventories, a 44.5 rise in accounts receivable and a 32.5 growth in property, plant and equipment. On the liabilities side, advances from customers increased significantly over the period. 1Q211 performance: (1) MCCS reported an 11.2 YoY increase in revenue to QR554mn. (2) Net profit was up 5.2 YoY to QR68mn despite the weaker-thanexpected trading conditions during the quarter. (3) Total assets fell to QR1.5bn from QR1.6bn in 4Q Auto Information technology 1 Heavy equipment Industrial supplies Others 9 ; Note: *Total does not equal Jun-21 Oct-21 Feb-211 Jun-211 to 1 due to rounding MCCS SIIS AHCS Source: Bloomberg; Note: SIIS is Salam International Investment Co. and AHCS is Aamal Co. Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 MCCS QESRVI INDEX QE INDEX Source: Bloomberg; Note: QESRVI INDEX is Qatar Services Index and QE INDEX is Qatar Exchange Index 45

48 Key Personnel Sheikh Hamad Bin Abdullah Bin Khalifa Al-Thani Sheikh Suhaim Bin Abdullah Bin Khalifa Al-Thani Khalid Mannai Alekh Grewal, Bloomberg Sector Snapshot Qatar Construction Industry Designation Chairman Vice Chairman Executive Director Chief Executive Officer QR bn FY27 FY28 FY29 FY21* Construction industry value Real growth, YoY () (21.8) (5.1) Source: Industry reports (as of 1Q211); Note: *21 figures are estimated Information Technology (IT) Industry Revenue and YoY Growth 2,5 2, 1,5 1, 5 FY27 FY28 FY29 FY21 Revenue YoY Growth (RHS) EBITDA and EBITDA Margin (1) 15 Estimated IT spending 4-yr. CAGR () 1. IT market 215 (USD mn) 61 Computer hardware market 211 (USD mn) 227 Software market 211 (USD mn) 8 IT services market 215 (USD mn) 169 Source: Industry reports Peer Metrics (All figures in ) Mkt. Cap.* Revenue Total assets Aamal Co. 1,841 1,217 6,586 Salam International Investment Ltd. 1,169 1,688 2,815 (as of December 31, 21), *Bloomberg (as of June 9, 211) Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Revenue 1,589 1,953 1,921 1,975 YoY growth () (1.6) 2.8 Gross profit Gross margin () General and administrative expenses Sales and distribution expenses EBITDA EBITDA margin () Finance cost Net profit Net margin () Balance Sheet FY27 FY28 FY29 FY21 Cash and bank balances Inventories Accounts and other receivables Other current assets Property, plant & equipment Other non-current assets Total assets 1,7 1,315 1,296 1,577 Accounts payable and other accruals Advances from customers Bank overdrafts and loans Non-current liabilities Total equity Total liabilities and equity 1,7 1,315 1,296 1,577 Ratios FY27 FY28 FY29 FY21 RoE () N/A RoA () N/A Debt/Equity () , Bloomberg Source: Bloomberg Net Profit and Net Margin Total Assets* By Segment (FY21) ; Note: *Total does not equal to 1 due to rounding EV/EBITDA Multiples FY28 FY29 FY21 FY211* MCCS N/A SIIS N/A AHCS N/A P/E Multiples FY27 FY28 FY29 FY21 EBITDA FY28 FY29 FY21 FY211* MCCS N/A SIIS N/A AHCS N/A EBITDA margin (RHS) FY27 FY28 FY29 FY21 Net profit Auto Heavy equipment Others Net margin (RHS) Information technology Industrial supplies

49 Qatar Industrial Manufacturing Company (QIMD) Company Description A manufacturing company with diverse industrial interests. QIMD, established in 199, is involved in industrial projects in the State of Qatar and other Gulf countries, such as Saudi Arabia, Bahrain and Oman. The company is engaged in various sectors including chemicals, sand treatment, steel, paper and food processing and invests in small and medium-sized companies. Company Snapshot Revenue 5-yr. CAGR () 3.2 Total assets FY21 () 1,348 Net income 5-yr. CAGR () 14. Enterprise value* (QR bn) 2.1, *Bloomberg (as of June 9, 211) Subsidiaries Qatar Acids Company (Q-ACIDS) produces sulfuric acid for local and export markets and has an installed capacity of 1, tons/year. QIMD has a 1 stake in Q-ACIDS. Qatar Sand Treatment Plant (QSTP) is engaged in the production of treated (washed) sand for construction and agricultural uses and has a production capacity of 12mn tons/year. QIMD has a 1 stake in QSTP. National Paper Industries Company (NAPICO) manufactures facial tissues, toilet, kitchen and hospital rolls and other related paper products. QIMD has a 1 stake in NAPICO. Qatar Paving Stones is engaged in the manufacturing of paving and kerb stones. KLJ Organic Qatar is involved in the development of high quality chlorinated paraffin waxes, which are used as plasticizers in downstream plastic industries and in flame-retardant paints. With a total investment of circa QR3mn, QIMD (51) and KLJ Organic Ltd. (49) own this subsidiary. This subsidiary is expected to start commercial production from 1Q212. Qatar Metal Coating Company (Q-COAT) produces epoxy coated steel bars (8-4mm) which are used in the construction of buildings. QIMD (5) and Qatar Steel Co. (5) jointly own Q-COAT. Qatar Nitrogen Company (QAN) is engaged in the production of nitrogen gas and liquid nitrogen. QIMD (5) and Qatar Petroleum (5) jointly own QAN. This subsidiary is currently under liquidation. Associates QIMD has associate investments in Amiantit Qatar Pipes Company (4 stake), Qatar Saudi Gypsum Industries Company (33), Qatar Clay Bricks Company (46.35), Qatar Plastic Products Company (33), Qatar Jet Fuel Company (4), Qatar Aluminum Extrusion Company (4), Gasal Company (29.5) and National Food Company (2). Gasal recently signed an agreement with Qatargas to supply gaseous nitrogen via Gasal's five-km. pipeline at Qatar's industrial city of Ras Laffan. Gaseous nitrogen is an industrial gas used in oil, gas and chemical downstream industries. Expansion Plans In November 21, QIMD announced that it would invest QR4mn to increase the production capacity of Qatar Acids Company from 1, tons/year to 43, tons/year. This new capacity is expected to become operational in 2Q212. The company also plans to invest QR38mn in a project for the production of wooden pallets. This production plant is expected to be commissioned by 1Q211. Key Parameters Income statement: Revenue declined marginally to QR297mn in 21 from QR299mn in 29. The gross margin improved slightly from 31.4 in 29 to 31.9 in 21. Overall, net profit increased by 34.3 YoY to QR29mn due to a significant 76.5 increase in the share of results of associates and a 1.4 uptick in other income. Balance sheet: Total assets grew by 13.5 YoY to QR1.3bn in 21. This was primarily due to a 31.2 increase in investment in associates, a 73.1 rise in due from related parties and a 76.3 increase in accounts and other receivables. 1Q211 performance: (1) QIMD reported a 3.1 YoY increase in revenue to QR96mn in 1Q211. (2) The gross margin rose by 229 bps to 3.5. (3) QIMD s net profit margin rose 544 bps to 57.2 due to a rise in gross profit, a 13. increase in the share of results of associates and higher other income. (4) Total assets increased by 12.7 YoY to QR1.4bn due to a QR76mn growth in due to related parties, a 26.4 increase in cash and equivalents and a 2.8 rise in investment in associates. Key Data Current market price (QR) 52.8 Dividend yield # () 4.3 Bloomberg ticker QIMD QD ADR/GDR ticker N/A Reuters ticker QIMC.QA ISIN QA Sector* Industrial 52wk high/52wk low (QR) 56.9/ m average volume ( ) 24.2 Mkt. cap. (USD bn/qr bn).6/2.1 Shares outstanding (mn) 39.6 Float* () 79.6 Float* (mn) year total return () 48.1 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Government of Qatar 2. Source: Zawya (as of June 7, 211) Subsidiaries stake Qatar Acids Company 1. Qatar Sand Treatment Plant 1. National Paper Industries Company 1. Qatar Paving Stones 1. KLJ Organic Qatar 51. Qatar Metal Coating Company 5. Qatar Nitrogen Company 5. Relative Price Performance vs. Peers Jun-21 Oct-21 Feb-211 Jun-211 QIMD AHCS SIIS Source: Bloomberg; Note: AHCS is Aamal Company and SIIS is Salam International Investment Ltd. Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 QIMD QEINDI INDEX QE INDEX Source: Bloomberg; Note: QEINDI INDEX is Qatar Industrial Index and QE INDEX is Qatar Exchange Index 47

50 Key Personnel Designation Sheikh Abdulrahman Bin Mohammed Bin Jabor Al-Thani Chairman Abdulrahman Al Ansari Chief Executive Officer Peer Companies (all figures in ) Mkt. cap.* Revenue Total assets Aamal Company 1,841 1,217 6,586 Mannai Corp. 3,8 1,975 1,577 Salam International Investment Ltd. 1,169 1,688 2,815 (as of December 31, 21), *Bloomberg (as of June 9, 211) Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Revenue YoY growth () (3.6) 33.8 (12.8) (.6) Gross profit Gross margin () General and administrative expenses* EBITDA EBITDA margin () Share of results of associates Other income Net profit Net margin () ; Note: *Excludes depreciation Balance Sheet FY27 FY28 FY29 FY21 Cash and bank balances Accounts and other receivables Inventories Other current assets Available-for-sale investments Investment in associates Property, plant and equipment Other non-current assets Total assets 988 1,199 1,187 1,348 Accounts and other payables Other current liabilities Total debt (short and long term) Other non-current liabilities Total equity ,32 1,214 Total liabilities and equity 988 1,199 1,187 1,348 Ratios FY27 FY28 FY29 FY21 RoE () RoA () Fixed asset turnover (x) Source: Bloomberg Revenue and Net Margin FY27 FY28 FY29 FY21 Revenue Net margin (RHS) EBITDA and EBITDA Margin FY27 FY28 FY29 FY21 EBITDA EBITDA margin (RHS) Total Assets and RoA 1,4 2 1,3 18 1,2 16 1,1 14 1, FY27 FY28 FY29 FY21 Total assets RoA (RHS) EV/EBITDA Multiples FY28 FY29 FY21 FY211* QIMD N/A SIIS N/A AHCS N/A P/E Multiples FY28 FY29 FY21 FY211* QIMD N/A SIIS N/A AHCS N/A 48

51 Qatar Oman Investment Company (QOIS) Company Description QOIS is a diversified investment company. The company, incorporated in July 26, has a mandate to invest across several sectors, including oil and gas, real estate, infrastructure, tourism, healthcare, education and financial services. Company Snapshot Investment & interest income 2-yr. CAGR () (14.) Total assets FY21 () 336 Enterprise value* () 176 Investments FY21 () 87, *Bloomberg (as of June 9, 211) Business Segments Securities investments: Invests in quoted and unquoted financial instruments in Qatar and Oman as well as in new IPOs. This segment contributed 86.2 to total investment and interest income in 21. Investment properties: Invests in real estate for leasing or rental purposes and infrastructure development projects. The company plans to invest in small and medium-sized projects with a two-to-three year time horizon. The company s investments include: Al Tilal Project National Mass Housing Company Qatar Driving School Qatar Aluminum Company Siraj Finance Country Oman Oman Qatar Qatar UAE (Abu Dhabi) (as of September 5, 21) Investment Strategy Company management has articulated the following long-term investment strategy: First phase: Leverage QOIS founding shareholders network of relationships to invest in existing projects and investment funds. Second phase: Establish and develop private projects. Third phase: Focus on acquiring distressed companies. QOIS s priority investment sectors include: Qatar Oil and gas Real estate and infrastructure Healthcare Financial services Oman Tourism Real estate and infrastructure Healthcare Education (as of September 5, 21) Key Parameters Income statement: QOIS reported a 32.8 YoY increase in trading income to QR4mn, offset by interest, rent and dividend income declining by 28.7, 18.9 and 16.8, respectively. Moreover, the company did not record any gains on disposal of available-for-sale investments in 21 (compared with a gain of QR3mn in 29). Consequently, investment and interest income declined by 24. YoY to QR18mn in 21. Net profit fell by 34.3 to QR14mn in 21 with the company s general and administrative (G&A) expenses growing by Balance sheet: Total assets increased by 5.4 YoY in 21 as prepayment and other debit balances with QOIS trading partner, Dlala Brokerage and Investment Holding Co., increased significantly. QOIS also disposed investments amounting to QR1mn during the year. On the liabilities side, accruals and other credit balances grew more than five-fold to QR5mn. 1Q211 performance: (1) Investment and interest income more than doubled to QR11mn in 1Q211 versus QR5mn in 1Q21. (2) A decline in G&A expenses and an increase in other income helped net profit to grow more than 2.5x to QR1mn. (3) Prepayment and other debit balances fell by 47. YoY while investments rose by 2.3. Overall, total assets fell marginally by 1.8 YoY to QR323mn. On a QoQ basis, total assets declined by 3.9 while total liabilities increased by 72.3 to QR9mn. Key Data Current market price (QR) 8.6 Dividend yield # () 5.5 Bloomberg ticker QOIS QD ADR/GDR ticker N/A Reuters ticker QOIS.QA ISIN QAANCQA3 Sector* Services 52wk high/52wk low (QR) 9.7/7.6 3-m average volume ( ) 22.1 Mkt. cap. (USD bn/qr bn).1/.3 Shares outstanding (mn) 31.5 Float* () 6. Float* (mn) year total return () 17.8 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Qatar Investment Authority 2. Government of Oman 2. (as of March 22, 211) Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 QOIS QESRVI INDEX QE INDEX Source: Bloomberg; Note: QESRVI INDEX is Qatar Services Index and QE INDEX is Qatar Exchange Index 49

52 Key Personnel Sheikh Abdulrahman Bin Mohammed Bin Jabor Al-Thani Saud Bin Nasser Al Shikili Nasser Mohamed Al-Khaldi, Bloomberg Sector Snapshot Qatar Property Market Rental rates (QR/month) Designation Chairman Vice Chairman Chief Executive Officer Sales prices (QR/sq. m.) Apartment (per unit) 2,5-17,5 9,-16, Villa (per unit) 7,-3, N/A Office (per sq. m.) ,5-16,5 Source: Industry reports (as of 1Q211) Key Historical Financials Income Statement FY28 FY29 FY21 Investment and interest income YoY growth () N/A (2.6) (24.) General and administrative expenses EBITDA EBITDA margin () Net profit Net margin () , Bloomberg Balance Sheet FY28 FY29 FY21 Cash and bank balances Prepayment and other debit balances Financial assets 2 22 Investments Investment properties Property and equipment 1 Total assets Total liabilities 1 5 Total equity Total liabilities and equity Ratios FY28 FY29 FY21 RoE () N/A RoA () N/A Dividend yield* () Source: Bloomberg; Note: *Dividend yield is based on trailing twelve month dividend and year-end price Investment and Interest Income By Segment (FY21) 13.8 Income from securities Investment and Interest Income and Net Margin FY28 FY29 FY21 Investment & interest income Net margin (RHS) Total Assets and RoA Rental income FY28 FY29 FY21 Total assets RoA (RHS) 1 P/B Multiples FY28 FY29 FY21 FY211* QOIS N/A P/E Multiples FY28 FY29 FY21 FY211* QOIS N/A

53 Salam International Investment Ltd. (SIIS) Company Description A diversified Qatari conglomerate. SIIS is engaged in various businesses including construction and development, energy and power, technology and telecom, consumer and luxury products, real estate and investments, etc. Company Snapshot Enterprise value* (QR bn) 1.7 Total assets FY 21 () 2,815 Revenue 5-yr. CAGR () 24.5 YoY growth in assets () 4.5, *Bloomberg (as of June 9, 211) Subsidiaries/Associates The company has more than 3 subsidiaries primarily located in the State of Qatar and the UAE. Most of the subsidiaries are wholly-owned by SIIS except Holmsglen (98 owned), Adabisca Future Qatar (6) and Salam Enterprise Company Bahrain (8). SIIS has associate investments in SAJ Emirates Trading (43), Salam Bounian Development (4, which could go up to 5 given a recent offer), Salam Media Cast KSA (4) and PC Deal Net Qatar (51). Business Segments Construction and development (C&D) is involved in project management, turnkey residential and commercial projects, designing and fabrication, water treatment, joinery refurbishment and interior designing services. Energy and power (E&P) provides upstream oil and gas equipment (Salam Petroleum Services) and downstream turnkey projects and services (Stream Industrial and Engineering) in sectors such as petrochemicals, metals and steel, cement and utilities, etc. Consumer and luxury products (C&LP) segment operates retail outlets (Salam Group) and is involved in the marketing and distribution of toys, gifts and consumer products (Middle East Marketing). Technology and telecom (T&T) offers information technology services (Omnix Qatar), system integration (Salam Media Cast) and business system services (Salam Technical Services). Real estate and investments (RE&I) invests in real estate and other businesses and is involved in facilities management, financial and investment services, etc. Revenue By Segment (FY21) Net Profit By Segment (FY21) Key Data Current market price (QR) 11.3 Dividend yield # () 8.5 Bloomberg ticker SIIS QD ADR/GDR ticker N/A Reuters ticker SALM.QA ISIN QA Sector* Services 52wk high/52wk low (QR) 13.9/9.2 3-m average volume ( ) Mkt. cap. (USD bn/qr bn).3/1.2 Shares outstanding (mn) 13.9 Float* () 99.9 Float* (mn) year total return () 23.7 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Key Subsidiaries stake Gulf Industries 1. Salam Petroleum Services 1. Salam Technical Services 1. Omnix Qatar 1. Salam Group Companies 1. Relative Price Performance vs. Peers Construction & development Consumer & luxury products Real estate & investment 15. Energy & power Technology & telecom Construction & development Consumer & luxury products Real estate & investment Energy & power Technology & telecom Key Parameters Income statement: Revenue declined by 3.6 YoY in 21 primarily due to a 26. and a 15.4 decline in revenue from the T&T and E&P segments, respectively, offset by a 9.9 rise in revenue from the C&L segment. Net profit grew by 7.7 due to a 3.3 decline in cost of sales, an 18.6 increase in investment income and an 8.2 (on a small base) rise in other income. Moreover, impairment of AFS and bonus expenses declined by 72.7 and 35.8, respectively, contributing to the growth in net income. Balance sheet: Total assets increased by 4.5 YoY in 21 primarily driven by a 34.9 growth in trade and other receivables and a 1.9 rise in investment properties. This was partly offset by a 4.3 decline in cash and bank balances and a 13. decline in property, plant and equipment. On the liabilities side, total borrowings (short and long term) increased by 29.8 YoY over the period. 1Q211 performance: (1) Revenue declined by 4.4 YoY in 1Q211 to QR421mn primarily due to a 47.8 and a 19.3 decline in revenue from the T&T and E&P segments, respectively, offset by a 16.4 rise in revenue from the C&LP segment. (2) The net margin rose by 157 bps to 1.6 during 1Q211 due to a 6.6 fall in cost of sales and an increase of 37.1 in investment income. (3) Total assets rose by 6.6 QoQ primarily due to a 22.1 increase in total non-current assets. (4) Total liabilities rose by 2.7 QoQ to QR1.4bn Jun-21 Oct-21 Feb-211 Jun-211 SIIS AHCS MCCS Source: Bloomberg; Note: AHCS is Aamal Company and MCCS is Mannai Corporation Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 SIIS QESRVI INDEX QE INDEX Source: Bloomberg; Note: QESRVI INDEX is Qatar Services Index and QE INDEX is Qatar Exchange Index 51

54 Key Personnel Issa Abdul Salam Abu Issa Hussam Abdul Salam Abu Issa Designation Chairman and Chief Executive Officer Vice Chairman and COO Revenue and YoY Growth 2, 1,5 1, Sector Snapshot Qatar Construction Industry QR bn FY27 FY28 FY29 FY21* Construction industry value Real growth, YoY () (21.8) (5.1) Source: Industry reports (as of 1Q211); Note: *21 figures are estimated Peer Metrics (All figures in ) Mkt. Cap.* Revenue Total assets Aamal Co. 1,841 1,217 6,586 Mannai Corp. 3,8 1,975 1,577 (as of December 31, 21), *Bloomberg (as of June 9, 211) Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Revenue 1,352 1,752 1,751 1,688 YoY growth () (.1) (3.6) Gross profit Gross margin () Salaries and staff benefits General and administrative expenses EBITDA EBITDA margin () Finance cost Net profit Net margin () , Bloomberg Balance Sheet FY27 FY28 FY29 FY21 Cash and bank balances Trade and other receivables Inventories Other current assets Property, plant &equipment Investment properties Other non-current assets Total assets 2,368 2,764 2,692 2,815 Trade and other payables Other current liabilities Total debt (short and long term) Other non-current Liabilities Total equity 1,344 1,486 1,554 1,62 Total liabilities and equity 2,368 2,764 2,692 2,815 Ratios FY27 FY28 FY29 FY21 RoE () RoA () Debt/Equity () Source: Bloomberg 5 (1) FY27 FY28 FY29 FY21 Revenue YoY growth (RHS) EBITDA and EBITDA Margin FY27 FY28 FY29 FY21 EBITDA EBITDA margin (RHS) Source: Bloomberg Net Profit and Net Margin FY27 FY28 FY29 FY21 Net profit Net margin (RHS) Total Assets and RoA 3, 8 2,5 6 2, 1,5 4 1, 2 5 FY27 FY28 FY29 FY21 Total assets RoA (RHS) EV/EBITDA Multiples FY28 FY29 FY21 FY211* SIIS N/A AHCS N/A MCCS N/A Source: Bloomberg(*estimated) P/E Multiples FY28 FY29 FY21 FY211* SIIS N/A AHCS N/A MCCS N/A 52

55 Al Khaleej Takaful Group (AKHI) Company Description A diversified general and life insurance company. AKHI is engaged in insurance, reinsurance, life insurance (Takaful) and real estate investments. The company conducts its business according to Shari a principles. AKHI is the fourth largest insurance company in the State of Qatar, based on Gross Premiums Written (GPW) in 21. Company Snapshot S&P rating BBBpi Market share # () 8.2 Net Premiums Earned (NPE) 5-yr. CAGR 21.5 Enterprise value* () 67, *Bloomberg (as of June 9, 211); Note: # Based on GPW for publicly listed insurance companies in FY21 Subsidiaries / Associate Qatar Takaful Company (QTC; 1 owned): This subsidiary provides insurance products in accordance with Shari a principles. Methaq Holding Company (MHC; 1): This subsidiary is primarily engaged in real estate investments. The Bahrain National Life Assurance Company (BNLAC; 25): Incorporated in Bahrain, this associate mainly offers life insurance services. Business Segments Motor insurance offers comprehensive and third party insurance services. This segment was the largest contributor to total Net Premiums Earned (NPE) and Net Underwriting Income (NUI), contributing 84.8 and 48.2, respectively, in 21. General accidents provide insurance coverage for worker compensation, personal accident, loan protection, etc. This segment contributed 8.2 and 26. to total NPE and NUI, respectively, in 21. Life insurance provides medical and life insurance services. AKHI recently introduced four new products ExpatKAIR, TravelKAIR, TravelKAIR Plus and PilgrimKAIR. Marine and aviation insurance provides coverage for goods during transportation by sea, road or air against losses, damages and expenses. Fire insurance provides fire and lightning insurance. This segment accounted for.9 and 6.6 of total NPE and NUI, respectively, in 21. Net Premiums Earned By Segment (FY21) Net Underwriting Income By Segment (FY21) Key Data Current market price (QR) 46.8 Dividend yield # () 6.4 Bloomberg ticker AKHI QD ADR/GDR ticker N/A Reuters ticker KINS.QA ISIN QA Sector* Insurance 52wk high/52wk low (QR) 59./ m average volume ( ) 44.9 Mkt. cap. (USD bn/qr bn).2/.7 Shares outstanding (mn) 14.2 Float* () 9. Float* (mn) year total return () 18. Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Mohammed Hamad Abdullah Al Mannai 5.5 Abdulaziz Mohammed Hamad Al Mannai 4.8 Al Jabr Real Estate Co. 4.7 Qatar Detergents Co. 4.4 Doha Bank 2.5 Gulf Trading & Contr. Co. 2.3 Source: Zawya (as of November 26, 21) Relative Price Performance vs. Peers Motor Life Fire 84.8 General accidents Marine & aviation Motor Life Fire 26. General accidents Marine & aviation Key Parameters Income statement: The company reported YoY increases of 1.6 and 1.8 in GPW and NPE, respectively, for 21. Investment and other income grew by 57.8 YoY in 21 with Wakala fee income growing fivefold (on a small base) to QR51mn over the period. Net profit increased by 7.1 YoY to QR73mn in 21. Balance Sheet: Financial investments grew by 11.7 YoY to QR387mn. AKHI s total assets increased by 19.9 YoY to QR977mn. Insurance contract liabilities rose by 4.5 to QR225mn. Shareholders equity increased by 15.6 to QR576mn. 1Q211 performance: (1) GPW increased by 18.6 YoY to QR86mn and NPE increased by 1. to QR32mn. (2) Investment and other income decreased by 4.3 YoY to QR55mn while total expenses grew by 3.2 to QR11mn. (3) In 1Q211, AKHI reported a net profit of QR44mn, down 1.1 YoY. (4) Total assets declined by 4.7 QoQ to QR931mn with policyholders assets increasing by 3.5 to QR285mn and shareholders assets declining by 7.9 to QR646mn. (5) Shareholders equity contracted by 5.1 QoQ to QR546mn. 8 Jun-21 Oct-21 Feb-211 Jun-211 AKHI DOHI QATI Source: Bloomberg; Note: DOHI is Doha Insurance Co. and QATI is Qatar Insurance Co. Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 AKHI QEINSI INDEX QE INDEX Source: Bloomberg; Note: QEINSI INDEX is Qatar Insurance Index and QE INDEX is Qatar Exchange Index 53

56 Key Personnel Sheikh Abdulla Bin Mohamed Jabor Al-Thani Sheikh Abdulla Bin Ahmed Al Ahmed Al-Thani Sheikh Saud Bin Abdulla Mohammad Jabor Al-Thani Jassim Ali Abdulrahman Al Muftah Sector Snapshot Qatar Insurance Sector Designation Chairman Vice Chairman Managing Director Chief Executive Officer FY28 FY29 FY21 Gross Premiums Written 3,443 3,412 3,57 YoY growth () 14.7 (.9) 2.8 Net Premiums Earned 1,364 1,546 1,64 YoY growth () Total assets 11,358 12,332 14,39 YoY growth () ; Note: Based on data for publicly listed insurance companies Peer Companies (all figures in ) Mkt. cap.* GPW Total assets Qatar Insurance Co. 6,5 2,153 7,237 Qatar General Insurance & Reinsurance Co. 1, ,876 Qatar Islamic Insurance Co Doha Insurance Co ,687 (as of December 31, 21), *Bloomberg (as of June 9, 211) Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Gross Premiums Written (GPW) YoY growth () Net Premiums Earned (NPE) YoY growth () Net commission income Net claims incurred Net Underwriting Income (NUI) YoY growth () (8.6) Net shareholders profit Net margin () Balance Sheet FY27 FY28 FY29 FY21 Cash and cash equivalents Financial investments Retakaful related assets Insurance and other receivables Total assets Insurance contract liabilities Accounts payable and other liabilities Participants' fund Employees end of service benefits Total equity Total liabilities and equity Ratios FY27 FY28 FY29 FY21 RoE () RoA () Dividend yield* () Source: Bloomberg; Note: *Based on trailing twelve month dividend and year end price Gross Premiums Written and Net Margin FY27 FY28 FY29 FY21 GPW Net margin (RHS) Key Operating Ratios (Non-life) Source: Bloomberg 35 FY27 FY28 FY29 FY21 Loss ratio Expense ratio Combined ratio Net Premiums Earned and Shareholders Funds FY27 FY28 FY29 FY21 NPE NPE/Shareholders' funds (RHS) P/B Multiples FY28 FY29 FY21 FY211* AKHI N/A DOHI N/A QATI N/A, Bloomberg (*estimated) P/E Multiples FY28 FY29 FY21 FY211* AKHI N/A DOHI N/A QATI N/A, Bloomberg (*estimated)

57 Doha Insurance Company (DOHI) Company Description A diversified general insurance company. Incorporated in 1999, DOHI is engaged in the business of insurance and reinsurance. The company is the third largest insurance provider in the State of Qatar based on Gross Premiums Written (GPW) in 21. DOHI offers motor, marine, aviation, fire and general insurance products. The company also operates an Islamic Takaful branch under the brand name Doha Takaful, offering insurance and reinsurance activities in accordance with Shari a principles. Company Snapshot S&P rating BBB+ Market share # () 1.5 Net Premiums Earned (NPE) 5-yr. CAGR () 26. Enterprise value* (QR bn).4, *Bloomberg (as of June 9, 211); Note: # Based on GPW for publicly listed insurance companies in FY21 Associate Yemeni Qatari Insurance Company: 4 owned by DOHI and incorporated in the Republic of Yemen, this company is engaged in insurance and reinsurance activities. Business Segments Motor offers third party liability, comprehensive and auto fleet insurance products. This segment was the largest contributor to total NPE, accounting for 66.7 of NPE in 21. Marine and aviation provide insurance cover for the marine and aviation industries including cargo, marine hull, aviation hull and liability, aviation hull war, aviation loss of license, etc. This segment contributed 8.9 and 17.4 to total NPE and Net Underwriting Income (NUI), respectively, in 21. Fire and general: Provides fire, general and engineering insurance products including contractors insurance. This segment contributed 45.9 to total NUI in 21. In 21, conventional insurance accounted for 94.9 of total NPE with the balance coming from DOHI s Takaful insurance segment. Net Premiums Earned By Segment (FY21) 24.4 Net Underwriting Income By Segment (FY21) Key Data Current market price (QR) 28.4 Dividend yield # () 8.8 Bloomberg ticker DOHI QD ADR/GDR ticker N/A Reuters ticker DICO.QA ISIN QA Sector* Insurance 52wk high/52wk low (QR) 32.5/ m average volume ( ) 19.1 Mkt. cap. (USD bn/qr bn).1/.5 Shares outstanding (mn) 18. Float* () 96.9 Float* (mn) year total return () 13.5 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Relative Price Performance vs. Peers Jun-21 Oct-21 Feb-211 Jun-211 DOHI AKHI QGRI Source: Bloomberg; Note: AKHI is Al Khaleej Takaful Group and QGRI is Qatar General Insurance & Reinsurance Co Motor Marine & aviation Fire & general Motor Marine & aviation Fire & general Key Parameters Gross and net premiums: DOHI reported a 16.9 YoY increase in GPW driven by a significant growth of 26.5 in the fire and general insurance segment. NPE increased by 4.2 YoY driven by a 6. growth in NPE from the motor segment. The company reported a 6.8 YoY decrease in investment income in 21. Net income: Based on higher earnings from the core net underwriting business, DOHI posted a 13.6 YoY increase in net profit to QR61mn in 21. The bulk of the company s NUI was generated from the motor segment. 1Q211 performance: (1) GPW increased by 32.3 YoY to QR146mn in 1Q211. (2) NPE declined by 1.4 YoY in 1Q211 due to a 46.2 increase in reinsurers share of GPW. (3) Claims paid in 1Q211 increased by YoY to QR28mn. However, net profit growth was supported by an increase in reinsurer s share of claims (61.4 of claims paid in 1Q211 vs of claims paid in 1Q21) along with higher investment and other income. As a result, net profit went up by 4.4 YoY to QR19mn. (4) Total shareholders equity declined by 6.6 QoQ and increased by 13.2 YoY to QR41mn. Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 DOHI QEINSI INDEX QE INDEX Source: Bloomberg; Note: QEINSI INDEX is Qatar Insurance Index and QE INDEX is Qatar Exchange Index 55

58 Key Personnel Sheikh Nawaf Bin Nasser Bin Khaled Al-Thani Dahlan Jamaan Basheer Al Hamad Adel Ali Bin Ali Sector Snapshot Qatar Insurance Sector Designation Chairman Vice Chairman Managing Director FY28 FY29 FY21 Gross Premiums Written 3,443 3,412 3,57 YoY growth () 14.7 (.9) 2.8 Net Premiums Earned 1,364 1,546 1,64 YoY growth () Total assets 11,358 12,332 14,39 YoY growth () ; Note: Based on data for publicly listed insurance companies Peer Companies (all figures in ) Mkt. cap.* GPW Total assets Qatar Insurance Co. 6,5 2,153 7,237 Qatar General Insurance and Reinsurance Co. 1, ,876 Al Khaleej Takaful Group Qatar Islamic Insurance Co (as of December 31, 21), *Bloomberg (as of June 9, 211) Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Gross Premiums Written (GPW) YoY growth () Net Premiums Earned (NPE) YoY growth () Net commission income Net claims incurred Net Underwriting Income (NUI) YoY growth () Investment and other income Net profit Net margin () Balance Sheet FY27 FY28 FY29 FY21 Cash and bank balances Financial investments Reinsurance contract assets ,93 Insurance and other receivables Total assets ,687 Insurance contract liabilities ,191 Bank loan 1 Provisions, insurance and other payables Employees end of service benefits Total equity Total liabilities and equity ,687 Ratios FY27 FY28 FY29 FY21 RoE () RoA () Dividend yield* () Source: Bloomberg; Note: *Based on trailing twelve month dividend and year-end price Gross Premiums Written and Net Margin FY27 FY28 FY29 FY21 GPW Net margin (RHS) Key Operating Ratios (Non-Life) FY27 FY28 FY29 FY21 Loss ratio Expense ratio Combined ratio Source: Bloomberg Net Premiums Earned and Shareholders Funds FY27 FY28 FY29 FY21 NPE NPE/Shareholders' funds (RHS) P/B Multiples FY28 FY29 FY21 FY211* DOHI N/A AKHI N/A QGRI N/A P/E Multiples FY28 FY29 FY21 FY211* DOHI N/A AKHI N/A QGRI N/A

59 Qatar General Insurance and Reinsurance Company (QGRI) Company Description A diversified general insurance company. QGRI is the second largest insurance company in the State of Qatar based on Gross Premiums Written (GPW) in 21. QGRI is engaged in general insurance, reinsurance, real estate and investment management services. The company has five branches in the State of Qatar and a branch in Dubai. Company Snapshot S&P rating BBBpi Market share # () 14.8 Net Premiums Earned (NPE) 5-yr. CAGR () 15.3 Enterprise value* (QR bn) 2.3, *Bloomberg (as of June 9, 211); Note: # Based on GPW for publicly listed insurance companies in FY21 Subsidiaries / Associates Qatar General Holding Company (1 owned): Incorporated in the State of Qatar, this subsidiary manages the investment portfolio of QGRI. General Takaful Company (1) is engaged in insurance services in accordance with Shari a principles. The company has 13 associates including Qatari United Insurance Bureau, International Financial Securities, Gulf Petroleum Ltd., Trust Algeria Assurances- Reassurances, Trust Investment Holding Co. Algeria, Trust Bank Algeria, Trust Syria Insurance Co., Trust Insurance Co. Libya, Oman Reinsurance Co., Gulf Assist B.S.C., Lebanese Canadian Bank, Arabian Insurance Institute Syria and Tabadul shares and bonds. Business Segments Insurance provides insurance services including general accident, fire, war and marine, engineering and others. General accident and engineering and other insurance lines were the primary contributors to total Net Premiums Earned (NPE) and accounted for 83.3 and 13.3 of NPE, respectively, in 21. These two product lines contributed 53.6 and 32.7 to Net Underwriting Income (NUI), respectively, over this period. Overall, the insurance business accounted for 82.6 of net profit in 21. Investments: Invests in equities, bonds and other related businesses. This segment, managed by Qatar General Holding Company, contributed 17.5 to net profit in 21. Real estate is engaged in the development, lease and rental of real estate properties. Rental income amounted to QR1mn in 21 and the real estate segment reported a net loss of almost QR2mn due to higher interest expense. Others include Islamic insurance services and other operations of QGRI. The company is also currently involved in the development of the World Trade Center in the State of Qatar at a cost of circa QR52mn with completion expected by 212. Key Parameters Income statement: GPW grew by 2.8 YoY to QR519mn in 21. NPE declined by 9.2 YoY in 21 due to a 7.5 increase in reinsurers share and a rise in unearned premiums. NUI increased by 34.7 YoY primarily driven by a 26.9 decline in net claims incurred. Net investment income increased by 14.7 YoY and fair value gains on investment properties declined significantly by 95.4 YoY in 21. QGRI reported a 79.3 rise in finance costs. Overall, net profit declined by 12.3 to QR119mn in 21. Balance sheet: Total assets grew by 11.9 YoY in 21 driven by a 29.8 increase in investments, a 42.3 rise in insurance and other receivables and a 3.1 growth in investment properties. Reinsurance contract assets also increased by 13.4 YoY over the period. Fair value reserves grew by 51.7 and short-term borrowings increased by 35.8 over this period. 1Q211 performance: (1) NPE decreased by 18.2 YoY to QR59mn primarily due to a decline in GPW. Investment income declined by 38.6 YoY to QR32mn. Though gross claims paid increased by 9.4 YoY to QR66mn, net claims incurred declined by 1.2 YoY to QR28mn due to higher reinsurers claims and other recoveries. (2) In 1Q211, net profit declined by 51.9 YoY to QR33mn because of a decline in NPE and lower investment income. (3) Total shareholders equity decreased by 1.7 QoQ and increased by 6.7 YoY to QR2.4bn. Key Data Current market price (QR) 41.8 Dividend yield # () 2.6 Bloomberg ticker QGRI QD ADR/GDR ticker N/A Reuters ticker QGIR.QA ISIN QA Sector* Insurance 52wk high/52wk low (QR) 51.4/ m average volume ( ) 11.3 Mkt. cap. (USD bn/qr bn).5/1.9 Shares outstanding (mn) 44.8 Float* () 92. Float* (mn) year total return () 9. Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Mohammed Hamad Abdullah Al Mana 6. Sk. Nasser Bin Ali Bin Saud Al-Thani 4.8 Sk. Abdullah Mohammed Al-Thani 4.4 Others 12.9 Source: Zawya (as of November 12, 21) Relative Price Performance vs. Peers Jun-21 Oct-21 Feb-211 Jun-211 QGRI QATI DOHI Source: Bloomberg; Note: QATI is Qatar Insurance Co. and DOHI is Doha Insurance Co. Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 QGRI QEINSI INDEX QE INDEX Source: Bloomberg; Note: QEINSI INDEX is Qatar Insurance Index and QE INDEX is Qatar Exchange Index 57

60 Key Personnel Sheikh Nasser Bin Ali Bin Saud Al-Thani Sheikh Mohammed Bin Ali Bin Saud Al-Thani Ghazi Kamel Abu Nahl Sector Snapshot Qatar Insurance Sector Designation Chairman/Managing Director Deputy Chairman Group Chief Executive Officer FY28 FY29 FY21 Gross Premiums Written 3,443 3,412 3,57 YoY growth () 14.7 (.9) 2.8 Net Premiums Earned 1,364 1,546 1,64 YoY growth () Total assets 11,358 12,332 14,39 YoY growth () ; Note: Based on data for publicly listed insurance companies Peer Companies (all figures in ) Mkt. cap.* GPW Total assets Qatar Insurance Co. 6,5 2,153 7,237 Al Khaleej Takaful Group Qatar Islamic Insurance Co Doha Insurance Co ,687 (as of December 31, 21), *Bloomberg (as of June 9, 211) Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Gross Premiums Written (GPW) YoY growth () 35.8 (12.1) (29.8) 2.8 Net Premiums Earned (NPE) YoY growth () (1.2) (9.2) Net commission income Net claims incurred Net Underwriting Income (NUI) YoY growth () 91.2 (1.1) (1.4) 34.7 Investment and other income Net profit Net margin () Balance Sheet FY27 FY28 FY29 FY21 Cash and bank balances Financial investments 1, Reinsurance contract assets Insurance and other receivables Total assets 1,732 3,35 3,463 3,876 Insurance contract liabilities Short-term borrowings Provisions, insurance and other payables Employees end of service benefits Total equity 1,162 2,22 2,247 2,486 Total liabilities and equity 1,732 3,35 3,463 3,876 Ratios FY27 FY28 FY29 FY21 RoE () RoA () Dividend yield* () Source: Bloomberg; Note: *Based on trailing twelve month dividend and year-end price Gross Premiums Written and Net Margin FY27 FY28 FY29 FY21 GPW Net margin (RHS) Net Premiums Earned By Product Line (FY 21) 13.3 General accident War & marine Engineering & others Fire Net Underwriting Income By Product Line (FY 21) Net Premiums Earned and Shareholders Funds General accident War & marine Engineering & others Fire FY27 FY28 FY29 FY21 NPE NPE/Shareholders' funds (RHS) 35 P/B Multiples FY28 FY29 FY21 FY211* QGRI N/A QATI N/A DOHI N/A P/E Multiples FY28 FY29 FY21 FY211* QGRI ` N/A QATI N/A DOHI N/A

61 Qatar Insurance Company (QATI) Company Description The market leading diversified insurance company. QATI is the largest insurance company in the State of Qatar with circa 61 market share based on Gross Premiums Written (GPW) in 21. The company offers insurance, reinsurance, real estate and financial advisory services and has a presence in the State of Qatar, the UAE, Oman, Kuwait, Bermuda and Malta. Company Snapshot S&P rating A Total assets FY21 (QR bn) 7.2 Net Premiums Earned (NPE) 5-yr. CAGR () 43.2 GPW FY21 (QR bn) 2.2 Subsidiaries / Associates QIC International (QICI; 84.6 owned) is engaged in insurance and reinsurance and manages the international operations of QATI. The company has two overseas branches in Dubai and Abu Dhabi and a representative office in Malta. QICI also has interests in four subsidiaries: Oman Qatar Insurance Co. (7 owned by QICI), Kuwait Qatar Insurance Co. (4), Q-Re LLC (8 owned by QICI and 12 owned by QATI) and QANIT Ltd. (1). Qatar Insurance Company Real Estate (1) operates real estate businesses in the State of Qatar. Qatar Economic Advisors (1) provides financial and other advisory services. Qatar Insurance Group (1) is engaged in the management of QATI and its subsidiaries. CATCo-Re Ltd (1) is engaged in the issuance of fully collateralized reinsurance contracts for CATCo-Re Fund. CATCo Investment Management Ltd (1) provides investment management services for CATCo-Re Ltd. Q-Life and Medical Company (1) is a Qatar Financial Center-registered specialized medical and group life insurance company. This company was established in July 211 with a capital of QR1mn and is yet to commence operations. QATI has associate investments in Al Daman Islamic Insurance Company (23.1), Asteco Qatar LLC (2) and Massoun Insurance Services (5). Business Segments Fire and general insurance offers retail insurance, including home, travel and automobile insurance. This segment also provides corporate insurance products covering property, engineering, pecuniary, liabilities, employee benefits, automobiles, medical, etc. This segment was the largest contributor to total NPE with a contribution of 87.4 in 21. Marine and aviation insurance provides marine cargo, marine hull and aviation insurance products, including hull and machinery, war, loss of hire, charterers legal liability, social responsibility and other insurance products. This segment contributed 12.6 to total NPE in 21. Real estate: Rental income contributed 4.6 to total income in 21. Investments are engaged in investments in financial instruments, properties and other related businesses. Investment income accounted for 44.5 of total income in 21. Key Parameters Income statement: QATI generated stable GPW at QR2.2bn in 21. Net Underwriting Income (NUI) grew by 7.8 YoY in 21 primarily driven by a 9.1 rise in NUI from the fire and general insurance segment. Investment income increased by 21.7 YoY to QR37mn over this period. Overall, net profit increased by 11. YoY to QR623mn in 21. Balance sheet: Total assets grew by 6.5 YoY in 21 primarily due to a 49.8 increase in reinsurance contract assets and an 11.3 rise in investments. On the liabilities side, insurance contract liabilities increased by 3.5 and fair value reserves grew by This was offset by a 75.2 decline in short-term borrowings. 1Q211 performance: (1) NPE increased 18.9 YoY to QR386mn driven by higher GPW (up 4.9 YoY) and lower premiums ceded to reinsurers. (2) Investment income grew by 36.5 YoY to QR15mn. While gross claims paid increased by 18.9 YoY to QR299mn, reinsurance recoveries increased by 13.2 to QR141mn. Operating and administrative expenses increased by 6.4 YoY to QR44mn. (3) Net profit declined by 9.5 YoY to QR24mn due to a rise in claims and expenses. (4) Shareholders equity declined by 11.8 QoQ to QR2.9bn. Key Data Current market price (QR) 8.8 Dividend yield # () 8. Bloomberg ticker QATI QD ADR/GDR ticker N/A Reuters ticker QINS.QA ISIN QA Sector* Insurance 52wk high/52wk low (QR) 94./61. 3-m average volume ( ) 22.3 Mkt. cap. (USD bn/qr bn) 1.6/ 6. Shares outstanding (mn) 74.3 Float* () 85.8 Float* (mn) year total return () 33.9 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Government of Qatar 12. Burooq Trading Company 5. Others 1.1 Source: Zawya (as of December 17, 21) Relative Price Performance vs. Peers Jun-21 Oct-21 Feb-211 Jun-211 QATI QGRI DOHI Source: Bloomberg; Note: QGRI is Qatar General Insurance and DOHI is Doha Insurance Co. Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 QATI QEINSI INDEX QE INDEX Source: Bloomberg; Note: QEINSI INDEX is Qatar Insurance Index and QE INDEX is Qatar Exchange Index 59

62 Key Personnel Sheikh Khalid Bin Mohammed Bin Ali Al-Thani H.E. Abdullah Bin Khalifa Al Attiyah Khalifa Abdulla Turki Al Subaey Sector Snapshot Qatar Insurance Sector Designation Chairman and Managing Director Deputy Chairman Group President and CEO FY28 FY29 FY21 Gross Premiums Written 3,443 3,412 3,57 YoY growth () 14.7 (.9) 2.8 Net Premiums Earned 1,364 1,546 1,64 YoY growth () Total assets 11,358 12,332 14,39 YoY growth () ; Note: Based on data for publicly listed insurance companies Peer Companies (all figures in ) Mkt. cap.* GPW Total assets Qatar General Insurance & Reinsurance Co. 1, ,876 Al Khaleej Takaful Group Qatar Islamic Insurance Co Doha Insurance Co ,687 (as of December 31, 21), *Bloomberg (as of June 9, 211) Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Gross Premiums Written (GPW) 1,518 1,972 2,15 2,153 YoY growth () Net Premiums Earned (NPE) ,56 1,118 YoY growth () Net commission income (26) (59) (88) (17) Net claims incurred Net Underwriting Income (NUI) YoY growth () Investment and other income Net profit Net margin () Balance Sheet FY27 FY28 FY29 FY21 Cash and bank balances 1,387 1,542 2,23 1,736 Investments 3,59 2,722 2,57 2,86 Reinsurance contract assets ,79 1,616 Insurance and other receivables Total assets 5,861 6,39 6,796 7,237 Insurance contract liabilities 1,3 1,732 2,99 2,74 Short-term borrowings Provisions, insurance and other payables Total equity 3,496 2,689 2,979 3,522 Total liabilities and equity 5,861 6,39 6,796 7,237 Ratios FY27 FY28 FY29 FY21 RoE () RoA () Dividend yield* () Source: Bloomberg; Note: *Based on trailing twelve month dividend and year-end price Net Premiums Earned By Geography Net Premiums Earned and Shareholders Funds 1, Key Operating Ratios (Non-Life) Source: Bloomberg FY27 FY28 FY29 FY21 Qatar International FY27 FY28 FY29 FY21 NPE NPE/Shareholders' funds (RHS) Gross Premiums Written and Net Margin 2,2 1,76 1, FY27 FY28 FY29 FY21 Loss ratio Expense ratio Combined ratio FY27 FY28 FY29 FY21 GPW Net margin (RHS) P/B Multiples FY28 FY29 FY21 FY211* QATI N/A QGRI N/A DOHI N/A P/E Multiples FY28 FY29 FY21 FY211* QATI N/A QGRI N/A DOHI N/A

63 Qatar Islamic Insurance Company (QISI) Company Description A diversified general and life insurance company. QISI is the fifth largest insurance company in the State of Qatar based on Gross Premiums Written (GPW) in 21. The company offers general, life (Takaful) and health non-interest insurance in accordance with Shari a principles. QISI is also engaged in real estate and related capital investment businesses. Company Snapshot Moody s rating Baa2 Total assets FY21 () 614 Net Premiums Earned (NPE) 5-yr. CAGR () 1.4 GPW FY21 () 179 Associates QISI s associate companies include Tashelaat Islamic Company (51 owned) and Al Muqawel Company (51), which are engaged in Islamic financing and construction, respectively. Business Segments Motor provides motor compulsory, motor optional and motor comprehensive insurance as well as orange cards for road travelers. This segment was the largest contributor to NPE with a 65.2 contribution in 21. Takaful and health offers life insurance services through various Takaful products as well as medical insurance for individuals, families and groups. This segment contributed 28.3 and 72. to NPE and Net Underwriting Income (NUI), respectively, in 21. General accident provides burglary and theft, office multi cover, travel and personal and accident insurance services. This segment contributed 4. and 15.2 to NPE and NUI, respectively, in 21. Marine and aviation offers marine cargo, marine hull, aviation hull and machinery and freight insurance services. This segment contributed 2.4 and 11.6 to NPE and NUI, respectively, in 21. NPE By Segment (FY21) NUI By Segment (FY21) Key Data Current market price (QR) 57.1 Dividend yield # () 4.7 Bloomberg ticker QISI QD ADR/GDR ticker N/A Reuters ticker QIIC.QA ISIN QA Sector* Insurance 52wk high/52wk low (QR) 61.9/ m average volume ( ) 38.5 Mkt. cap. (USD bn/qr bn).2/.9 Shares outstanding (mn) 15. Float* () 91. Float* (mn) year total return () 34.3 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders Sheikh Thani Bin Abdulla Al- Thani and Family Abdul Rahman Abduljalil Al Abdulghani Source: Zawya (as of February 28, 211) stake Relative Price Performance vs. Peers 16 Motor General accident Takaful & health Marine & aviation ; Note: Total does not equal to 1 due to rounding Motor General accident Takaful & health Marine & aviation The company also generates significant income through its investments and real estate businesses. Investments accounted for 15.2 and 57.6 of policyholders surplus and shareholders net profit, respectively, in 21. Real estate contributed 5.2 to policyholders surplus. Key Parameters Income statement: GPW increased by 12.2 YoY to QR179mn in 21. NPE grew by 14.8 YoY primarily driven by increases of 15.6 and 26.7 in NPE from the motor segment and the Takaful and health segment, respectively. QISI reported a 92.9 YoY increase in NUI because of a positive contribution from the motor segment and a 22.5 NUI growth from the Takaful and health segment. This was offset by a 28.8 YoY decline in NUI from the general accident segment. Wakala income grew by 14.6 YoY to QR31mn. The company reported a 19.9 YoY increase in total investment income. Rental income increased by 16.4 YoY over this period. Overall, net profit grew by 43.2 YoY to QR46mn in 21. Balance sheet: Available-for-sale investments grew by 14.1 YoY to QR195mn. Investment properties declined by 2.5 YoY to QR17mn. Overall, QISI s total assets increased by 5. YoY to QR614mn. Shareholders equity increased by.9 YoY. 1Q211 performance: (1) GPW grew by 21.8 YoY to QR52mn while underwriting expenses increased by 19.3 to QR35mn. Wakala fees increased by 43.5 YoY to QR1mn. (2) Net profit increased by 49.8 YoY to QR21mn. (3) Shareholders equity declined by 1.5 QoQ to QR236mn Jun-21 Oct-21 Feb-211 Jun-211 QISI AKHI DOHI Source: Bloomberg; Note: AKHI is Al Khaleej Takaful Group and DOHI is Doha Insurance Co. Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 QISI QEINSINDEX QE INDEX Source: Bloomberg; Note: QEINSI INDEX is Qatar Insurance Index and QE INDEX is Qatar Exchange Index 61

64 Key Personnel Sheikh Abdulla Bin Thani Al-Thani Abdul Rahman Abduljalil Al Abdulghani Jamal Abdullah Al Jamal Sector Snapshot Qatar Insurance Sector Designation Chairman Deputy Chairman Managing Director FY28 FY29 FY21 Gross Premiums Written 3,443 3,412 3,57 YoY growth () 14.7 (.9) 2.8 Net Premiums Earned 1,364 1,546 1,64 YoY growth () Total assets 11,358 12,332 14,39 YoY growth () ; Note: Based on data for publicly listed insurance companies Gross Premiums Written and Net Margin FY27 FY28 FY29 FY21 GPW Net margin (RHS) Peer Companies (All figures in ) Mkt. cap.* GPW Total assets Qatar Insurance Co. 6,5 2,153 7,237 Qatar General Insurance & Reinsurance Co. 1, ,876 Al Khaleej Takaful Group Doha Insurance Co ,687 (as of December 31, 21), *Bloomberg (as of June 9, 211) Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Gross Premiums Written (GPW) YoY growth () (5.3) 12.2 Net Premiums Earned (NPE) YoY growth () 26.3 (.3) (2.7) 14.8 Net commission income Net claims incurred Net Underwriting Income (NUI) YoY growth () (28.7) 92.9 Net shareholders profit Net margin () Balance Sheet FY27 FY28 FY29 FY21 Cash and cash equivalents Available-for-sale investments Reinsurance contract assets Investment properties Properties under construction Total assets Policyholders' liabilities and surplus Shareholders' liabilities Total liabilities Total equity Total liabilities and equity Ratios FY27 FY28 FY29 FY21 RoE () RoA () Dividend yield* () Source: Bloomberg; Note: *Based on trailing twelve month dividend and year-end price Net Premiums Earned and Shareholders Funds NPE NPE/Shareholders' funds (RHS) P/B Multiples FY28 FY29 FY21 FY211* QISI N/A AKHI N/A DOHI N/A P/E Multiples FY28 FY29 FY21 FY211* QISI N/A AKHI N/A DOHI N/A

65 Qatar Cinema and Film Distribution Co. (QCFS) Company Description An entertainment and media company. QCFS, established in 197, is engaged in the business of importing and distributing cinema movies, sales and rentals of movies in different formats and construction and management of cinemas and theaters. The company also produces and distributes various commercial advertisements and invests in financial securities and real estate. Company Snapshot Revenue 4-yr. CAGR () 9.2 Aggregate seating capacity 3,759 Net Income 4-yr. CAGR () 18.9 Enterprise value* () 22, *Bloomberg (as of June 9, 211) Business Segments Movie business includes distribution of movies, cinema management, production and distribution of commercial advertisements as well as retail sales and rentals of movies in different formats. QCFS exhibits English, Arabic and Hindi movies in the company s theaters. Investments primarily focus on real estate assets and stocks. Movie Business Revenue (FY21) Investment Income (FY21) Key Data Current market price (QR) 41. Dividend yield* () 6.1 Bloomberg ticker QCFS QD ADR/GDR ticker N/A Reuters ticker QCFD.QA ISIN QA Sector* Services 52wk high/52wk low (QR) 46.1/25. 3-m average volume ( ).5 Mkt. cap. (USD bn/qr bn).1/.2 Shares outstanding (mn) 5.2 Float* () 96.1 Float* (mn) 5. 1-year total return () 54.4 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Movie income Advertising Cinema rent Film rent Rental income Dividend income Potential Business Consolidation Recently, Q.Media, a wholly-owned subsidiary of Qatari Diar, announced its intention to acquire a 6 stake in QCFS as part of its expansion drive. Under the terms of the deal, QCFS will issue 7.8mn new shares to Q.Media, subject to shareholder and regulatory approvals. Moreover, Q.Media has stated that it will invest QR1bn in cinema-related activities. Q.Media plans to open more than 5 new cinema halls across the country over the next three to four years. The company is also looking to invest heavily in screening equipment and enhanced services such as online and mobile booking. Key Parameters Income statement: Total revenue decreased by 6. YoY in 21 due to declines in movie income, advertising income and film rent by 7.1, 27.2 and 6.2, respectively, despite a 24.4 increase in cinema rental income. The gross margin contracted to 14.2 in 21 from 16.7 in 29 as revenue declined at a faster rate relative to the decrease in direct costs. General and administrative (G&A) expenses increased by 63. YoY primarily due to an inclusion of provision for directors remuneration of QR1mn. Overall, net profit increased by 81.1 YoY in 21 driven by a gain of QR8mn on sale of investments and a 59.3 increase in other income. Balance sheet: Cash and cash equivalents increased by QR27mn, property and equipment grew by 87.3 YoY and available-for-sale investments increased by 23.. Overall, total assets grew by 76.1 YoY in 21. Borrowings (short and long term) increased by 11.3 YoY. The company doubled its share capital to QR52mn through a rights issue at QR2 per share in 21. 1Q211 performance: (1) QCFS reported a 19.5 YoY increase in revenue to QR4mn. (2) The company s direct costs were up 48.4 YoY leading to a 27.9 decline in gross profit and a 1,52 bps fall in the gross profit margin to (3) G&A expenses decreased by 16. YoY resulting in a 948 bps improvement in the G&A expense to revenue ratio to 22.4 in 1Q211. (4) QCFS reported a 16.8 YoY increase in its net profit driven by a 21.5 rise in fair value of investments. (5) Total assets declined by 5.1 sequentially to QR168mn. Cinemas of cinema No. of seats Gulf Cinema 972 Doha Cinema 1,85 Amir Cinema 6 The Mall (3 cinemas) 48 Landmark (3 cinemas) 344 Royal Plaza Ruby Hall 161 Royal Plaza Sapphire Hall 114 Royal Plaza Golden Hall 75 Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 QCFS QESRVI INDEX QE INDEX Source: Bloomberg; Note: QESRVI is Qatar Services Index and QE INDEX is Qatar Exchange Index 63

66 Key Personnel Ahmed Nasser Obaidan Ali Ishaq Husain Al Ishaq Sector Snapshot Qatar Macroeconomic Snapshot Gross Domestic Product at constant prices (QR bn) Gross Domestic Product at constant prices ( change) Gross Domestic Product per capita at constant prices (QR) Designation Chairman Executive President FY27 FY28 FY29 FY , , ,17 173,857 Population (mn) Source: International Monetary Fund World Economic Outlook Database (as of April 211) Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Revenue YoY growth () (6.) Gross profit Gross margin () General and administrative expenses EBITDA 1 1 (2) EBITDA margin () (13.9) Depreciation EBIT (1) (1) (1) (3) EBIT margin () (5.) (3.5) (5.4) (21.1) Rental income Dividend income Gain from sale of investments 8 Net profit Net margin () , Bloomberg Balance Sheet FY27 FY28 FY29 FY21 Cash and cash equivalents Accounts receivable and inventories Property and equipment Investment properties Available-for-sale investments Total assets Accounts payable Borrowings (short and long term) End of service indemnity Other liabilities Total equity Total liabilities and equity Ratios FY27 FY28 FY29 FY21 RoE () RoA () Debt/Equity () , Bloomberg Revenue and YoY Growth FY27 FY28 FY29 FY21 Revenue YoY growth (RHS) EBITDA and EBITDA Margin 1 4 (1) (2) (3) FY27 FY28 FY29 FY21 EBITDA EBITDA margin (RHS) Net Profit and Net Margin Total Assets and RoA, Bloomberg P/B Multiples FY28 FY29 FY21 FY211* QCFS N/A P/E Multiples FY28 FY29 FY21 FY211* QCFS N/A (2) (5) (8) (11) (14) FY27 FY28 FY29 FY21 Net profit Net margin (RHS) FY27 FY28 FY29 FY21 Total assets RoA (RHS)

67 Barwa Real Estate Company (BRES) Company Description Qatar s 2 nd largest diversified real estate company by market value. BRES, incorporated in 25, is involved in real estate investment and management, hotel ownership and management, advertising, banking, financing, project consulting, brokerage and other services. BRES acquired 1 of Qatar Real Estate Investment Company last year in an all-stock deal worth QR3.3bn. Barwa s owned subsidiary, Barwa Bank, is anticipated to list as early as this year. Company Snapshot Properties under development, FY21 (QR bn) 31.6 Key project Barwa Al Khor Enterprise value* (QR bn) 35.3 Revenue 4-yr. CAGR 29.6, *Bloomberg (as of June 9, 211) Subsidiaries / Associates BRES has 39 subsidiaries located in the State of Qatar, UK, Cayman Islands, Bahrain, the UAE, Egypt, Sudan, Luxemburg and Saudi Arabia. The company has 14 associate investments located in the State of Qatar, Bahrain, UK and Kuwait. Business Segments Real estate is involved in the development & management of real estate including buying, selling and leasing of agricultural, industrial and commercial properties. This segment accounted for 98.1 of total income (characterized as revenues and gains in the reported income statement) and 88.7 of total assets in 21. Investment and others are involved in project management, marketing, public relations and advertising, education and research and utility services for sustainable city development (district cooling, water treatment and power transmission). Investment and others contributed 2. and.9 to total income and total assets, respectively. Banking and financing: Barwa Bank (Qatar) offers Islamic banking, Islamic real estate finance, structured finance, investments and asset management services. BRES provides investments, advisory and asset management services through Al Imtiaz Investment Co. (Kuwait) and offers Shari a compliant private equity services through Cavendish Capital Ltd. (London). This segment reported negative total income and made up 1.4 of assets in 21. Key Projects The local projects of BRES include Barwa Al Sadd, Barwa Motor City, Barwa Financial District, Barwa Al Doha, Barwa Al Baraha, Barwa Al Khor, Barwa City, Barwa Ain Khalid Commercial Avenue, Barwa Interim Doha Convention Center, Barwa Housing Program and Barwa U Street. Almost 7, residential units are scheduled for delivery within the next one year. Project name Timeframe Area (mn sq. m) Value () Barwa Al Khor , Baraha Motor City , (1 st phase) Barwa City 211 (1 st phase) 2.7 7,1 (1 st phase) Key Parameters Income statement: Revenue grew by 14.7 YoY due to income of QR.9bn from an unconditional discharge of borrowings, offset by a significant decline in the share of results from associates. General and administrative expenses increased by 58.1 YoY and impairment losses of properties under development grew by QR3.2bn. Overall, net profit increased by 89.8 driven by a QR3.1bn gain from discharge of interests in subsidiaries and QR2.3bn of bargain purchase income on the step acquisition of Barwa Al-Khor. Balance sheet: Total assets grew by 112. YoY in 21 driven by a increase in properties under development and a increase in investment properties. On the liabilities side, amounts due to related parties increased significantly primarily as the company obtained QR18.2bn of Islamic financing through Qatari Diar. These funds were earmarked for further project development and BRES has already repaid around QR5.5bn (a bridge facility) as of February 211. Obligations under Islamic finance contracts grew by 2.6 YoY. 1Q211 performance: (1) Net profit more than doubled to QR549mn versus QR21mn posted in 1Q21. A robust top line of QR482mn (1Q21: QR27mn) drove this growth. (2) Total assets grew by 76.7 YoY and were flattish QoQ. Cash did decline substantially to QR6.9bn from QR13.bn in 21 but this was accompanied by growth in available-for-sale financial assets (investments in equities and fixed income assets), which increased to QR7.9bn from QR2.7bn. Properties under development gained 4.3 QoQ. Due to related parties declined to QR17.2bn from QR23.9bn in 21. Overall, total liabilities came in flat sequentially. Key Data Current market price 29.3 Dividend yield # () 3.4 Bloomberg ticker BRES QD ADR/GDR ticker N/A Reuters ticker BRES.QA ISIN QAAKD6J5 Sector* Services 52wk high/52wk low (QR) 41.4/ m average volume ( ) 1,233.5 Mkt. cap. (USD bn/qr bn) 3.1/11.4 Shares outstanding (mn) 389 Float* () 389 Float* (mn) year total return () 4.2 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Qatari Diar Real Estate Co. 45. Relative Price Performance vs. Peers Jun-21 Oct-21 Feb-211 Jun-211 BRES ERES UDCD Source: Bloomberg; Note: ERES is Ezdan Real Estate Company and UDCD is United Development Company Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 BRES QESRVI INDEX QE INDEX Source: Bloomberg; Note: QESRVI INDEX is Qatar Services Index and QE INDEX is Qatar Exchange Index 65

68 Key Personnel H.E. Hitmi Ali Al Hitmi Abdulla bin Abdulaziz Turki Al-Subai i Designation Chairman Group Chief Executive Officer Sector Snapshot Qatar Major Infrastructure Projects Commercial and Residential Construction Project name Timeframe Value (USD mn) Doha World Trade Center Lusail City 211 (1 st phase) 14, Doha Multipurpose Complex 215 1,6 Phase II (B) of the Doha Convention Center and Tower Heart of Doha 216 5,5 Marina Mall and Sidra residential project N/A 411 Source: Industry reports (as of 1Q211) Peer Metrics (all figures in ) Mkt. Cap.* Revenue Total assets Ezdan Real Estate Company 62, ,924 United Development Company 3,396 1,195 1,878 (as of December 31, 21), *Bloomberg (as of June 9, 211) Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Revenue 511 1,347 1,363 1,564 YoY growth () (84.7) General & administrative expenses* ,572 EBITDA (8) EBITDA margin () (.5) EBIT (246) (3,45) EBIT margin () (18.) (194.7) Finance cost ,37 Net profit ,411 Net margin () , Bloomberg; Note: *Excludes depreciation Balance Sheet FY27 FY28 FY29 FY21 Cash and bank balances ,928 12,983 Advances for projects and investments 4,157 3,97 3,678 6,48 Properties under development 3,246 1,473 14,58 31,571 Investment properties 1,659 1,56 5,8 12,63 Total assets 15,696 24,317 34,893 73,982 Payables and accruals 687 1,851 2,74 4,374 Accounts for Islamic banking contracts 1,89 2,79 Due to related parties 1, ,888 Obligations under Islamic finance 9,142 12,476 2,51 24,179 Total equity 3,225 4,773 5,763 13,11 Total liabilities and equity 15,696 24,317 34,893 73,982 Ratios FY27 FY28 FY29 FY21 RoE () RoA () Debt/Equity () Source: Bloomberg Revenue and YoY Growth 1,8 1,5 1, FY27 FY28 FY29 FY21 Revenue YoY growth (RHS), Bloomberg Net Profit and Net Margin 1,5 1, FY27 FY28 FY29 FY21 Net profit Net margin (RHS), Bloomberg Total Assets and RoA QR bn FY27 FY28 FY29 FY21 Total assets RoA (RHS), Bloomberg EV/EBITDA Multiples FY28 FY29 FY21 FY211* BRES N/M N/A ERES 42. N/M N/M N/A UDCD N/M N/A P/E Multiples FY28 FY29 FY21 FY211* BRES N/A ERES N/M N/A UDCD N/A

69 Ezdan Real Estate Company (ERES) Company Description Qatar s largest real estate company by market value. ERES, established in 196, is involved in Shari a compliant investment, development, management and consultancy services in the real estate sector. The company develops shopping malls and residential properties in the State of Qatar. Company Snapshot Key project Galaxy Mall Revenue-4 yr. CAGR () 5.9 Enterprise value* (QR bn) 65.4 Total assets FY21 (QR bn) 31.9, *Bloomberg (as of June 9, 211) Subsidiaries Ezdan Trading and Contracting Company: This subsidiary is involved in general contracting for buildings, road paving, trading in building materials and equipment, electricity works and maintenance. Ezdan Hotel and Suites Company is involved in the management of hotels, suites and restaurants. Ezdan Real Estate Investment is engaged in buying, selling and managing properties. This subsidiary is also involved in the construction of buildings. Revenue Mix By Segment (FY21) Total assets By Segment (FY21) Investment properties Hotel & suites 2. Trading & contracting Investment properties Hotel & suites Key Projects Galaxy Mall (Ezdan Mall 1): The project includes a shopping mall on a plot of 66, sq. m. (with a total built up area of 12, sq. m.) in Gharrafa. The mall also includes a garden, cinemas, restaurants and fast-food outlets. ERES expects to complete the Galaxy Mall in 212. Al Wakrah Mall (Ezdan Mall 2): Under construction on a total area of 1, sq. m., this mall will include a LuLu Hypermarket. This project is scheduled for completion in 213. In addition to these malls, ERES is also building the Ezdan International School in Gharrafa and the Asia Towers project in the West Bay section of Doha. Key Parameters Income statement: Revenue declined by.6 YoY to QR454mn in 21 due to a 3.1 fall in rental income, offset by QR11mn in contract revenue. Operating expenses and general and administrative expenses increased by 1.4 and 51., respectively, over this period. As a result, EBIT fell by 13.8 to QR294mn. The company reported net fair value gains on investment properties and projects under development of QR19mn in 21 versus QR8.3bn in 29. At the same time, Islamic financing costs grew almost three-fold to QR123mn in 21. Overall, net profit declined by 98.6 to QR121mn. Balance sheet: Total assets grew by 6.2 YoY to QR31.9bn in 21 driven by a QR5.2bn increase in investment properties. On the liabilities side, total Islamic financing facilities increased by 72.9 YoY to QR3.5bn. 1Q211 performance: (1) The company reported revenue of QR119mn in 1Q211, an increase of 9.7 YoY. (2) Net profit fell by 48.6 YoY to QR37mn in 1Q211 versus QR72mn in 1Q21 primarily due to a significant increase in Islamic financing costs. (3) Total assets grew marginally to QR32.bn in 1Q211 from QR31.9bn in Trading & contracting Key Data Current market price (QR) 23.5 Dividend yield # () N/A Bloomberg ticker ERES QD ADR/GDR ticker N/A Reuters ticker ERES.QA ISIN QAANE8B4 Sector* Services 52wk high/52wk low (QR) 35.8/ m average volume ( ) 1.2 Mkt. cap. (USD bn/qr bn) 17.1/62.3 Shares outstanding (mn) 2,652.5 Float* () 9. Float* (mn) 2, year total return () (19.) Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Tadawul Holding Group Source: Zawya (as of March 24, 211) Subsidiaries stake Ezdan Trading & Contracting Co. 1. Ezdan Hotel & Suites Co. 1. Ezdan Real Estate Investment 1. Relative Price Performance vs. Peers Jun-21 Oct-21 Feb-211 Jun-211 Source: Bloomberg; Note: BRES is Barwa Real Estate Co. and UDCD is United Development Co. Relative Price Performance vs. Market ERES BRES UDCD 6 Jun-21 Oct-21 Feb-211 Jun-211 ERES QESRVI INDEX QE INDEX Source: Bloomberg; Note: QESRVI INDEX is Qatar Services Index and QE INDEX is Qatar Exchange Index 67

70 Key Personnel Sheikh Thani Bin Abdulla Bin Thani Al-Thani Designation Chairman Sheikh Abdulla Bin Thani Bin Abdulla Bin Thani Al-Thani Deputy Chairman Hesham Al-Sahtari Sector Snapshot Qatar Construction Industry CEO and Managing Director QR bn FY27 FY28 FY29 FY21 Construction industry value Real growth, YoY () (21.8) (5.1) Source: Industry reports (as of 1Q211) Property Market Rental rates (QR/month) Sales prices (QR/sq. m.) Apartment (per unit) 2,5-17,5 9,-16, Villa (per unit) 7,-3, N/A Office (per sq. m.) ,5-16,5 Source: Industry reports (as of 1Q211) Peer Metrics (all figures in ) Mkt. Cap.* Revenue Total assets Barwa Real Estate Company 11,41 1,564 73,982 United Development Company 3,396 1,195 1,878 (as of December 31, 21), *Bloomberg (as of June 9, 211) Key Historical Financials Income Statement FY27 FY28 FY29 FY21 Revenue YoY growth () (34.3) (.6) Operating expenses General and administrative expenses* EBITDA EBITDA margin () EBIT EBIT margin () Fair value gain on properties & projects 368 1,63 8,35 19 Islamic finance costs Net profit 561 1,357 8, Net margin () , ; Note: *Excludes depreciation Balance Sheet FY27 FY28 FY29 FY21 Cash and bank balances Accounts receivable and prepayments Inventories Projects under development 1 1,955 2,966 17,129 Investment properties 5,12 4,741 8,645 13,823 Property, plant and equipment Total assets 5,192 6,921 3,6 31,924 Accounts payable and accruals Islamic financing (short and long term) 366 2,43 3,531 Total equity 5,13 6,487 27,285 27,43 Total liabilities and equity 5,192 6,921 3,6 31,924 Ratios FY27 FY28 FY29 FY21 RoE () RoA () Debt/Equity () Source: Bloomberg Revenue and YoY Growth (2) (4) FY27 FY28 FY29 FY21 Revenue YoY growth (RHS) EBITDA and EBITDA margin FY27 FY28 FY29 FY21 EBITDA EBITDA margin (RHS) Net Profit QR bn FY27 FY28 FY29 FY21 Total Assets and RoA QR bn FY27 FY28 FY29 FY21 Total assets RoA (RHS), Bloomberg EV/EBITDA Multiples FY28 FY29 FY21 FY211* ERES 42. N/M N/M N/A BRES N/M N/A UDCD N/M N/A P/E Multiples FY28 FY29 FY21 FY211* ERES N/M N/A BRES N/A UDCD N/A 68

71 Mazaya Qatar Real Estate Development (MRDS) Company Description A real estate investment company. MRDS, established in 28, offers services such as investment, brokerage, portfolio and fund management and market research for the real estate sector. The company also provides property valuation, project management, consultancy, and facilities management services. Al Mazaya Holding (Kuwait) manages MRDS. The company was listed on the Qatar Exchange in October 21. Company Snapshot Enterprise value* () 185 Value of investment properties # () 331 Key project Marina Mall Value of projects in progress # () 68, *Bloomberg (as of June 9, 211); Note: # As of December 31, 21 Key Subsidiaries MRDS has four wholly-owned subsidiaries: Qortuba Real Estate Investment Company, Granada Real Estate Investment Company, Gulf Spring Real Estate Investment Company and Mazaya Lebanon for Tourism Development and Real Estate S.A.R.L. (Lebanon). All these subsidiaries are engaged in real estate investments. Key Projects Marina Mall: In October 21, MRDS signed a 3-year Build, Operate and Transfer (BOT) agreement with the Qatar Foundation for Education, Science and Community Development (QFESCD). Under the terms of this deal, MRDS plans to develop and manage the QR1.bn Marina Mall shopping center in Lusail. The shopping center is expected to extend over 57,65 sq. m. and will be surrounded by hotels, commercial and residential units and various leisure and entertainment facilities. MRDS is now undertaking detailed design work on this project. Sidra Residential project: Also in October 21, MRDS signed a 2-year BOT agreement with QFESCD to develop and manage the Sidra Medical and Research Center s Residential project. MRDS is constructing various two-storey buildings (1,165 residential units in total), green parks and a community club on the Sidra Residential plot, which is wholly-owned by QFESCD. The initial cost of project is estimated to be circa QR5mn. Key Parameters Income statement: In 4Q21, revenue decreased by 3.3 QoQ due to a decline in income from deposits with banks and Islamic financial institutions. MRDS reported revenue of QR29mn for 21. General and administrative (G&A) expenses increased by 78.6 QoQ in 4Q21 due to a rise in marketing expenses. The company posted a net profit of QR2mn for 4Q21 and QR15mn for 21. Balance sheet: Total assets grew by YoY to QR1.2bn in 21. With the issuance of 5mn shares at QR1 per share in 21, the issued share capital of MRDS increased to QR1.bn. The company invested these proceeds in the Sidra Residential project and term deposits. MRDS raised QR138mn through debt for the purchase of a hotel property in Dubai. This Musawama financing facility was subsequently paid down in February Q211 performance: (1) Revenue declined by 47.5 YoY and 34.8 QoQ to QR4mn in 1Q211. The company did not receive any consulting income in 1Q211 versus an income of QR5mn in 1Q21. Moreover, income from deposits with banks and Islamic financial institutions declined by 66.7 YoY. (2) G&A expenses fell by 14.9 QoQ while depreciation expenses were up 9.7 in 1Q211. (3) Net profit declined by 98.2 QoQ. (4) Total assets contracted by 11.7 QoQ due to a repayment of borrowings. Key Data Current market price (QR) 8.7 Dividend yield # () N/A Bloomberg ticker MRDS QD ADR/GDR ticker N/A Reuters ticker MRDS.QA ISIN QAA1C6VZ Sector* Services 52wk high/52wk low (QR) 11.6/8. 3-m average volume ( ) 16.3 Mkt. cap. (USD bn/qr bn).2/.9 Shares outstanding (mn) 1. Float* () 99.6 Float* (mn) year total return () N/A Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Qatar Foundation 21.2 Qatar Investment & Projects Development Holding Co Global Investment House 15.3 Al Mazaya Holding Co. 5. Qatar Real Estate Investment Co. 4. ASAS Real Estate 2.5 Al Sakama Trading & Contracting Co. 2.5 Source: Zawya (as of February 8, 211) Relative Price Performance vs. Peers Oct-21 Dec-21 Feb-211 Apr-211 Source: Bloomberg; Note: BRES is Barwa Real Estate Company and ERES is Ezdan Real Estate Company Relative Price Performance vs. Market MRDS BRES ERES 9 8 Oct-21 Dec-21 Feb-211 Apr-211 MRDS QESRVI INDEX QE INDEX Source: Bloomberg; Note: QESRVI INDEX is Qatar Services Index and QE INDEX is Qatar Exchange Index 69

72 Key Personnel Rashid Fahad Al Naimi Sheikh Suhaim Abdulla Khalifa Al-Thani Seraj Saleh Al Baker Designation Chairman Vice Chairman Chief Executive Officer Sector Snapshot Qatar Major Infrastructure Projects Commercial and Residential Construction Project Timeframe Value (USD mn) Doha World Trade Center Lusail City 211 (1 st phase) 14, Doha multipurpose complex 215 1,6 Phase II (B) of the Doha Convention Center and Tower Heart of Doha 216 5,5 Marina Mall and Sidra residential project N/A 411 Source: Industry reports (as of 1Q211) Peer Metrics (all figures in ) Mkt. cap.* Revenue Total assets Ezdan Real Estate Company 62, ,924 Barwa Real Estate Company 11,41 1,564 73,982 (as of December 31, 21), *Bloomberg (as of June 9, 211) Key Historical Financials Income Statement 2QFY21 3QFY21 4QFY21 1QFY211 Revenue # QoQ growth () (6.5) (1.9) (3.3) (34.8) General and administrative expenses* EBITDA EBITDA margin () Net profit Net margin () ; Note: # Includes profit from deposits with Islamic banks and financial institutions, *includes management fees of QR5, a quarter Balance Sheet 2QFY21 3QFY21 4QFY21 1QFY211 Cash and bank balances Wakala investments Accounts receivable and prepayments Due from related parties Available-for-sale investments Projects in progress Property and equipment Investment properties Total assets 1,37 1,42 1,182 1,43 Borrowings 138 Accounts pay. & other current liabilities Employees end of service benefits Total equity 1,25 1,29 1,3 1,3 Total liabilities and equity 1,37 1,42 1,182 1,43 Ratios FY21 RoE () 1.9 RoA () 1.8 Debt/Equity () 13.4 Revenue QFY21 3QFY21 4QFY21 1QFY211 EBITDA and EBITDA Margin QFY21 3QFY21 4QFY21 1QFY211 EBITDA EBITDA margin (RHS) Net Profit and Net Margin QFY21 3QFY21 4QFY21 1QFY211 Net profit Net margin (RHS) Total Assets 1, QFY21 3QFY21 4QFY21 1QFY211 EV/EBITDA Multiples FY28 FY29 FY21 FY211* MRDS N/A N/A 21.2 N/A BRES N/M N/A ERES 42. N/M N/M N/A, Bloomberg (*estimated) P/E Multiples FY28 FY29 FY21 FY211* MRDS N/A N/A 5.5 N/A BRES N/A ERES N/M N/A, Bloomberg (*estimated) 7

73 National Leasing Holding (NLCS) Company Description A diversified leasing and property development company. NLCS, also known as Al-Ijarah Holding, was incorporated in 23. The company is engaged in leasing, real estate, property development, transportation and limousine services. NLCS conducts its operations in accordance with Shari a principles. Company Snapshot Key project Lusail Enterprise value* (QR bn) 1.9 Revenue 5-yr. CAGR () 66.4 Total assets 21 (QR bn) 2.,* Bloomberg (as of June 9, 211) Subsidiaries NLCS has four wholly-owned subsidiaries. National Leasing Company offers various leasing and financing solutions in accordance with Islamic regulations. The company provides leasing solutions for automobiles, equipment, real estate and technology development. National Property Development is engaged in real estate and infrastructure development as well as property management. The company s key project involves the development of Lusail northern residential and west-waterfront areas. National Equipment Company provides raw sand transportation and has a fiveyear agreement with Qatar National Cement Company. National Limousine Company offers transportation services to individuals, corporates and the government through its car fleet. Business Segments Islamic leasing accounted for 11. of revenue in 21. The segment s net profit declined by 34.2 YoY due to a decrease in income from Murabaha leasing operations. Property development represented 79.7 of revenue in 21 and delivered a increase in net profit due to a recovery in the property market. Transportation contributed 8.8 to revenue in 21 and net profit from this segment declined by 51.6 YoY. Limousine and other services: With expansion in the hospitality and tourism sector, this segment turned profitable in 21. Key Project Lusail: NLCS entered into an agreement with Qatari Diar in July 28 to purchase and re-sell 895 plots of land over an area of 1.8mn square feet in the northern and west-waterfront areas of Lusail. The total purchase price was QR1.3bn, which was payable in nine installments from 29. During April 29, the company allocated plots covering a total area of 5.9mn sq. ft. to Qatari citizens in a public lottery scheme and is currently in the process of selling the remaining land plots under a five-year deferred-payment plan. During 29, the company reached another agreement with Qatari Diar to undertake infrastructure development of its land plots. This agreement was structured so that NLCS could utilize its remaining payments, due to Qatari Diar, to offset its infrastructure development costs. In May 21, NLCS awarded a QR1bn contract for infrastructure development covering an area of 1.8mn sq. ft. to Combined Group Co. for Trading and Contracting. Key Parameters Income statement: Revenue increased by to QR459mn driven by a 43.8 increase in revenue from property development to QR372mn. Net income grew by 99.3 YoY to QR18mn. Balance sheet: Total assets grew by 13.3 in 21 due to a 51.4 increase in loans and advances to customers, offset by a 23.3 decline in properties held as inventory. Growth in loans and advances to customers was driven by an increase in installments due from property sales. Total liabilities increased by 1.2 to QR1.4bn due to a significant growth in advances from customers and accrued expenses. Further, the contribution to amounts due on construction contracts in 29 & 21 reflect the infrastructure development agreement for the Lusail project. 1Q211 performance: (1) Revenue from financial leasing and property development grew by 44. and 41.4 YoY, respectively. (2) Net profit rose by only 1.6 YoY primarily due to lower income from the financial leasing segment (QR4mn as compared to QR15mn a year ago). (3) Cash declined by 25.1 QoQ to QR397mn. Net installments due from property sales grew by 32.2 QoQ to QR1.bn. (4) National Equipment Company signed a contract worth QR97mn with Combined Group Company to provide equipment rentals, support and logistics services for the Lusail project. Key Data Current market price (QR) 38.1 Dividend yield # () 7.9 Bloomberg ticker NLCS QD ADR/GDR ticker N/A Reuters ticker NLCS.QA ISIN QAAKD6Q Sector* Services 52wk high/52wk low (QR) 5.1/ m average volume ( ) Mkt. cap. (USD bn/qr bn).3/1.3 Shares outstanding (mn) 33. Float* () 97.9 Float* (mn) year total return () 61.6 Fiscal year end Dec 31 Source: Bloomberg (as of June 9, 211), *Qatar Exchange (as of May 17, 211); Note: # Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency Shareholders stake Qatar Navigation 13. Doha Bank.5 Source: Zawya (as of March 17, 211) Relative Price Performance vs. Peers Jun-21 Oct-21 Feb-211 Jun-211 NLCS BRES UDCD Source: Bloomberg; Note: BRES is Barwa Real Estate Company and UDCD is United Development Company Relative Price Performance vs. Market Jun-21 Oct-21 Feb-211 Jun-211 NLCS QESRVI INDEX QE INDEX Source: Bloomberg; Note: QESRVI INDEX is Qatar Services Index and QE INDEX is Qatar Exchange Index 71