Key Data for QE-Listed Stocks As of May 10, 2012

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2 Key Data for QE-Listed Stocks As of May 10, 2012 Industry Banks and Financial Services Consumer Goods & Services Industrials Insurance Real Estate Telecom Services Transportation Company Market Cap (QR bn) TTM P/E (x) TTM P/B (x) Dividend Yield 2011 ROE Current FO Foreign Ownership Limit Ahli Bank N/A 19.3% 33.3%* 17.7% Al Khalij Commercial Bank % 9.1% 16.6% 25.0% Doha Bank % 18.9% 6.9% 18.8% Dlala Brokerage and Investment Holding % 9.7% 11.6% 24.4% Islamic Holding Group % 10.9% 11.1% 21.9% Masraf Al Rayan % 18.0% 15.6% 49.0% National Leasing Holding % 30.5% 11.9% 25.0% Qatar International Islamic Bank % 15.0% 2.9% 19.7% Qatar Islamic Bank % 13.5% 4.4% 20.6% Qatar National Bank % 22.7% 4.0% 12.5% Qatar Oman Investment Company % 4.5% 30.2%* 15.0% The Commercial Bank of Qatar % 14.1% 16.3% 19.1% Al Meera Consumer Goods Co % 29.7% 3.1% 18.5% Medicare Group % 5.3% 5.2% 20.5% Qatar Cinema and Film Distribution Co % 9.9% 5.5% 24.2% Qatar Co. for Meat and Livestock Trading % 26.1% 12.3% 23.2% Qatar Fuel Co % 26.1% 11.3% 15.0% Qatari German Co. for Medical Devices 0.1 N/M 0.5 N/A 0.2% 14.7% 25.0% Salam International Investment Ltd % 9.7% 10.9% No Limit Zad Holding Company N/A 9.1% 1.7% 22.8% Aamal Company N/A 8.8% 0.3% 25.0% Qatari Investors Group (Al Khalij Holding) % 3.8% 4.0% 24.9% Gulf International Services % 12.3% 9.9% 17.5% Industries Qatar % 33.1% 6.6% 7.5% Mannai Corp % 25.0% 0.3% 24.9% Qatar Electricity and Water Company % 38.1% 7.9% 25.0% Qatar Industrial Manufacturing Company % 17.2% 7.1% 25.0% Qatar National Cement Company % 19.9% 2.0% 14.2% Al Khaleej Takaful Group % 11.0% 1.7% 22.5% Doha Insurance Company N/A 15.0% 4.9% 24.4% Qatar General Insurance & Reinsurance % 6.8% 23.2%* 23.0% Qatar Insurance Company % 17.7% 9.2% 21.6% Qatar Islamic Insurance Company % 16.9% 3.7% 22.8% Barwa Real Estate Company % 10.8% 4.9% 25.0% Ezdan Real Estate Company 53.6 N/M % 1.3% 0.0% 22.5% Mazaya Qatar Real Estate Development N/A 4.6% 18.9% 24.9% United Development Company N/A 65.0% 13.0% 25.0% Qatar Telecom % 13.0% 22.2% No Limit Vodafone Qatar 7.4 N/M 1.1 N/A (8.2 %) 3.6% No Limit Gulf Warehousing Company % 12.0 % 24.6% 24.9% Milaha % 6.7% 6.5% 25.0% Qatar Gas Transport Company % 34.1% 10.9% 24.7% Source: Qatar Exchange, Bloomberg; Note: *Higher FO (foreign ownership) relative to foreign ownership limit is due to strategic holding and other factors TTM stands for trailing twelve months 1

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4 Banks and Financial Services Ahli Bank (ABQK)...4 Al Khalij Commercial Bank (KCBK)...7 Doha Bank (DHBK)...10 Dlala Brokerage and Investment Holding Company (DBIS)...13 Islamic Holding Group (IHGS)...16 Masraf Al Rayan (MARK)...19 National Leasing Holding (NLCS)...22 Qatar International Islamic Bank (QIIK)...25 Qatar Islamic Bank (QIBK)...28 Qatar Oman Investment Company (QOIS)...31 The Commercial Bank of Qatar (CBQK)...34 Consumer Goods and Services Al Meera Consumer Goods Co. (MERS)...37 Medicare Group (MCGS)...40 Qatar Cinema and Film Distribution Co. (QCFS)...43 Qatar Co. for Meat and Livestock Trading (QMLS)...46 Qatar Fuel Co. (QFLS or WOQOD)...49 Qatari German Co. for Medical Devices (QGMD)...52 Salam International Investment Ltd. (SIIS)...55 Zad Holding Company (ZHCD)...58 Industrials Aamal Company (AHCS)...61 Al Khalij Holding or Qatari Investors Group (KHCD)...64 Gulf International Services (GISS)...67 Industries Qatar (IQCD)...70 Mannai Corp. (MCCS)...73 Qatar Electricity and Water Company (QEWS)...76 Qatar Industrial Manufacturing Company (QIMD)...79 Qatar National Cement Company (QNCD)...82 Insurance Al Khaleej Takaful Group (AKHI)...85 Doha Insurance Company (DOHI)...88 Qatar General Insurance & Reinsurance Company (QGRI)...91 Qatar Insurance Company (QATI)...95 Qatar Islamic Insurance Company (QISI)...98 Real Estate Barwa Real Estate Company (BRES) Ezdan Real Estate Company (ERES) Mazaya Qatar Real Estate Development (MRDS) United Development Company (UDCD) Telecom Services Qatar Telecom (QTEL) Vodafone Qatar (VFQS) Transportation Gulf Warehousing Company (GWCS) Milaha (QNNS) Qatar Gas Transport Company (QGTS)

5 Ahli Bank (ABQK) Company Description Qatar s eighth largest publicly listed bank based on total assets. ABQK holds a 2.5% market share in terms of total assets (2011). 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 Market share (2011 loans) (%) 3.0 Market share (2011 deposits)* (%) 3.3 No. of domestic branches 18 No. of ATMs 46, Qatar Central Bank, Bloomberg (as of end 2011); Note: *% of combined customer deposits & Unrestricted investment accounts for the 8 listed Qatari banks Business Segments Corporate banking, treasury, investments and brokerage: Provides loans and other credit facilities, deposit and current accounts for corporate and institutional customers. The segment offers money market, trading and treasury services. This segment also includes the brokerage activities of the wholly-owned subsidiary, Ahli Brokerage Company SPC. Retail and private banking and wealth management: Offers deposit and current accounts, consumer loans, residential mortgages, overdrafts, credit cards and fund transfer facilities to individual clients. Private banking and wealth management represents servicing high net worth individuals through a range of investment products, funds, credit facilities, trusts and alternative investments. Net Interest Income (QR mn) Net Income (QR mn) Key Data Current market price (QR) Dividend yield# (%) Bloomberg ticker ADR/GDR ticker Reuters ticker ISIN Sector* N/A ABQK QD N/A AABQ.QA QA Banks & Financial Services 52wk high/52wk low (QR) 65.50/ m average volume ( 000) 9.4 Mkt. cap (USD bn/ QR bn) 1.9/6.8 Shares outstanding (mn) Foreign ownership limit* (%) 17.7 Current FO** (%) year total return (%) 48.1 Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Shareholders Key Parameters % stake Ahli United Bank 33.3 Qatar Investment Authority 16.7 (as of December 31, 2011) vs. Peers Income statement: ABQK posted a QR29.9mn (7.3%) YoY improvement in net profit for The primary driver for the improved performance was lower provision for credit losses on loans and advances, which declined by QR32.8mn (36.2%) YoY. Interest expense and share of profit on Islamic operations declined by QR232.9mn (48.8%) YoY, which more than offset the QR227.0mn (21.7%) YoY decline in interest income and share of profit on Islamic operations, resulting in a QR5.9mn (1.0%) YoY growth in net interest income and share of profit on Islamic operations. Net fees and income increased by QR 8.9mn (9.9%) YoY while net gain from dealing in foreign currencies declined by QR2.2mn (9.9%) YoY. Hence, net operating income improved by QR 46.6mn (7.8%) YoY. General and administrative Source: Bloomberg; Note: QNBK is Qatar National Bank and CBQK is Commercial Bank of Qatar 4

6 expenses increased by QR15.0mn (9.1%) YoY. The bank opted for a stock dividend of 60% in 2011 versus a cash dividend of QR5.0 per share in ABQK also plans to complete a 20% rights issue by end-may vs. Market Balance Sheet: Total assets declined by QR231.5mn (1.3%) YoY to stand at QR17.7bn in Cash and balances with Qatar central bank declined by QR2.1bn (72.8%) YoY. While lending to banks and other financial institutions increased by QR1.2bn (214.5%) YoY and loans and advances to customers increased by QR815.9mn (7.2%) YoY. On the liability side, customer deposits increased by QR1.2bn, while unrestricted account holders declined by QR1.3bn (conversion). Liabilities to banks, Qatar Central Bank and other financial institutions declined by QR517.9mn (19.9%) YoY, while total shareholder equity increased by QR448.8mn (21.7%) YoY. Hence, combined liabilities and equity declined by 1.3% YoY. Key Personnel Sheikh Faisal Bin Abdul Aziz Bin Jasem Al-Thani Hamad A. Al Marzouq Moataz El Rafie Designation Chairman Deputy Chairman Chief Executive Officer Source: Bloomberg; Note: QBNK INDEX is Qatar Exchange All Share Banks & Financial Services Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance 5 Years Sector Snapshot Qatar Total Assets Total 405, , , ,037 Conventional banks (%) Islamic banks (%) Foreign banks (%) Source: Qatar Central Bank Source: Bloomberg (as of April 8, 2012) Jaws* and Cost to Income Ratio Credit Facilities Total 242, , , ,773 Conventional banks (%) Islamic banks (%) Foreign banks (%) Source: Qatar Central Bank Total Deposits ; Note: *Difference between net operating income and operating expense Loan Mix FY2011 Total 212, , , ,612 Conventional banks (%) Islamic banks (%) Foreign banks (%) Source: Qatar Central Bank 5

7 Peer Companies Deposit Mix FY2011 Size Total assets (QR bn) Market share*(%) Qatar National Bank Largest Commercial Bank of Qatar 2nd largest , Qatar Central Bank (data as of 2011); Note: *Market share based on total assets Key Historical Financials Income Statement 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 P/B Multiples ABQK N/A QNBK CBQK P/E Multiples ABQK N/A QNBK CBQK Cash and balances with Central Bank , Due from banks & financial institutions 4,500 4, ,769 Net loans and advances 11,547 12,407 11,339 12,155 Financial investments ,656 2,637 Total assets 17,799 18,450 17,966 17,734 Due to banks and financial institutions 3,490 3,727 2,600 2,083 Customer deposits 10,261 10,983 11,461 12,690 Total equity 1,640 1,953 2,064 2,513 Total liabilities and equity 17,799 18,450 17,966 17,734 Ratios FY2008 FY2009 FY2010 FY2011 RoAE (%) RoAA (%) Tier 1 capital ratio (%) , Bloomberg 6

8 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 (FY2011). Established in January 2007, KCBK offers conventional banking products and services to retail, corporate and institutional customers. The bank holds a 3.9% market share in the State of Qatar based on total assets (FY2011). Besides the State of Qatar, Al Khaliji also has a presence in the UAE and France. Company Snapshot Market share (2011 loans) (%) 2.8 Market share (2011 deposits)* (%) 3.1 No. of domestic branches 2 No. of ATMs 23, Qatar Central Bank, Bloomberg (as of end 2011); Note: *% of combined customer deposits & Unrestricted investment accounts for the 8 listed Qatari banks Subsidiary Al Khaliji (France) S.A. is a wholly owned subsidiary, which offers deposits, equity trading, investment funds, trade finance and wealth management. Al Khaliji Capital S.P.C is a wholly owned subsidiary, incorporated in 2011 to offer brokerage services in the State of Qatar. Business Segment The Group has two main operating segments for management purposes, which comprise conventional banking and foreign operations. Net Interest Income (QR mn) Key Parameters Net Income (QR mn) Income statement: KCBK posted a QR60.3mn (14.1%) YoY improvement in net profit for The primary driver for the improved performance was QR94.6mn (31.4%) YoY decline in interest expense, complemented by the QR19.0mn (2.5%) YoY increase in interest income, resulting in a QR113.6mn (24.5%) YoY growth in net interest income. Net fees and income improved by QR19.2mn (18.9%) YoY. The major drag on the bottom-line was the decline in Income from Islamic financing and investing income, which fell by QR78.2mn (88.0%) YoY in Hence, net operating income improved by QR179.9mn (23.7%) YoY. General and Key Data Current market price (QR) Dividend yield# (%) 6.1 Bloomberg ticker KCBK QD ADR/GDR ticker N/A Reuters ticker KCBK.QA ISIN QA000A0M6MD5 Sector* Banks & Financial Services 52wk high/52wk low (QR) 18.79/ m average volume ( 000) Mkt. cap. (USD bn/ QR bn) 1.6/5.9 Shares outstanding (mn) Foreign ownership limit* (%) 25.0 Current FO** (%) year total return (%) (7.1) Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Shareholders Qatari Diar Real Estate Investment Company % stake 17.2 Qatar Holding Co General Retirement and 5.3 Pension Authority Qatar Qatar Health and Education 5.0 Fund Emirates NBD 5.0 Qatar Foundation 4.6 Union Investment House 4.2 (as of December 31, 2011) 7

9 administrative expenses decreased by QR22.1mn (6.9%) YoY, while impairment of loans and advances (net) declined by QR108.2mn YoY. The bank paid a dividend of QR1.0 per share in 2011, same as in Balance Sheet: Total assets grew by QR8.3bn (44.1%) YoY to QR27.0bn in The growth was, primarily driven by QR4.1bn (55.9%) YoY increase in loans and advances to customers and by QR3.9bn (55.7%) YoY increase in financial investments. However, cash and bank balances with central bank declined by QR527.7mn (38.0%) YoY. Lending to banks and other financial institutions increased by QR795.8mn (34.3%) YoY. The growth in assets was funded by QR4.3bn (95.9%) YoY borrowing from other financial institutions and QR4.3bn (54.9%) YoY by customer deposits. Total shareholder equity only increased by QR147.8mn (2.8%) YoY in Key Personnel vs. Peers Source: Bloomberg; Note: ABQK is Ahli Bank and DHBK is Doha Bank Sheikh Hamad Bin Faisal Bin Thani Al-Thani Robin McCall Sector Snapshot Qatar Total Assets Designation Chairman and Managing Director Group Chief Executive Officer vs. Market Total 405, , , ,037 Conventional banks (%) Islamic banks (%) Foreign banks (%) Source: Qatar Central Bank Credit Facilities Total 242, , , ,773 Conventional banks (%) Islamic banks (%) Foreign banks (%) Source: Qatar Central Bank Source: Bloomberg; Note: QBNK INDEX is Qatar Exchange All Share Banks & Financial Services Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance 5 Years* Total Deposits Total 212, , , ,612 Conventional banks (%) Islamic banks (%) Foreign banks (%) Source: Qatar Central Bank Source: Bloomberg (as of April 8, 2012); Note: Listed on August

10 Peer Metrics Size Total assets (QR bn) Market share* (%) Qatar National Bank Largest Commercial Bank of Qatar 2nd largest , Qatar Central Bank (data as of 2011); Note: *Market share based on total assets Jaws* and Cost to Income Ratio Key Historical Financials Income Statement Interest income Interest expense Net Interest Income (NII) Net Interest Margin (NIM) (%) N/A Net Islamic banking income Non-interest income Operating expenses Provisions for loans and other losses (70) 51 Net profit , Bloomberg Balance Sheet Cash and balances with Central Bank 1, , Due from banks and financial institutions 2,201 3,583 2,322 3,118 Net loans and advances 6,980 8,585 7,257 11,314 Financial investments 1,016 3,965 7,083 11,029 Total assets 11,955 17,524 18,737 27,003 Due to banks and financial institutions 2,392 3,131 4,492 8,799 Customer deposits 4,674 9,240 7,831 12,129 Total equity 4,546 4,830 5,255 5,402 Total liabilities and equity 11,955 17,524 18,737 27,003 Ratios FY2008 FY2009 FY2010 FY2011 RoAE (%) RoAA (%) Tier 1 capital ratio (%) , Bloomberg ; Note: *Difference between net operating income and operating expense Loan Mix FY2011 Deposit Mix FY2011 P/B Multiples P/E Multiples KCBK N/A ABQK N/A DHBK KCBK N/A ABQK N/A DHBK

11 Doha Bank (DHBK) Company Description DHBK is Qatar s fifth largest bank (third largest conventional) with a 7.5% market share based on 2011 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, 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 (2011 loans) (%) 7.6 Market share (2011 deposits)* (%) 8.2 No. of domestic branches 38 No. of ATMs 117, Qatar Central Bank, Bloomberg (as of end 2011); Note: *% of combined customer deposits & Unrestricted investment accounts for the 8 listed Qatari banks Key Subsidiaries / Associates Doha Bank Assurance Company (DBAC; 100% owned) provides all lines of general insurance to corporate clients. Dbank Tech LLC (DBT; 100%) offers information technology services. This subsidiary is incorporated in the UAE. Doha Brokerage and Financial Services Ltd. (DBFS; 44%): Based in India, DBFS offers broking services, wealth management and investment solutions. Business Segments Conventional banking offers corporate and retail banking services. Insurance offers various general insurance products to corporate clients. Net Interest Income (QR mn) Net Income (QR mn) Key Data Current market price (QR) Dividend yield# (%) 7.5 Bloomberg ticker DHBK QD ADR/GDR ticker N/A Reuters ticker DOBK.QA ISIN QA Banks & Sector* Financial Services 52wk high/52wk low (QR) 67.20/ m average volume ( 000) Mkt. cap. (USD bn/ QR bn) 3.4/12.5 Shares outstanding (mn) Foreign ownership limit* (%) 18.8 Current FO** (%) year total return (%) 11.6 Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Shareholders % stake Qatar Investment Authority 16.7 (as of December 31, 2011) vs. Peers Key Parameters Key Parameters Income statement: Doha bank posted a QR186.9mn (17.7%) YoY improvement in net profit for The primary driver for the improved performance was QR439.0mn (46.2%) YoY decline in interest expense, which more than offset the QR224.8mn (9.8%) YoY decline in interest income, resulting in a QR214.1mn (15.9%) YoY growth in net interest income. Net fees and income declined by QR12.6mn (3.2%) YoY while net income from insurance activities also declined by QR0.4mn (1.6%) YoY. Income from Islamic financing and investing income improved by QR24.8mn (16.1%) YoY in Hence, net operating income improved by QR238.4mn (11.4%) YoY. General and administrative expenses increased by QR55.0mn (8.1%) YoY, while impairment of loans and advances Source: Bloomberg; Note: QNBK is Qatar National Bank and CBQK is Commercial Bank of Qatar 10

12 (net) declined by QR55.0mn (17.6%) YoY, improving the flow to the bottomline. The bank paid a dividend of QR4.5 per share in 2011 versus QR5.0 in Balance Sheet: Total assets grew by QR5.2bn (11.0%) YoY to QR52.4bn in The growth was, primarily driven by QR6.5bn (179.2%) YoY increase in lending to banks and other financial institutions and by QR4.2bn (15.7%) YoY increase in loans and advances to customers. However, cash and bank balances with central bank declined by QR7.8bn (74.9%) YoY. The growth in assets was funded by QR3bn (34.0% YoY) borrowing from other financial institutions, QR1.0bn (17.3%) YoY by total shareholder equity and QR876.9mn (2.8%) YoY by customer deposits (including unrestricted investment depositors account). On the other asset front, financial investments increased by QR2.4bn (45.2%) YoY to QR7.6bn. The loan to deposit ratio stood at 98.8% at the end of 2011 versus 91.7% at the end of 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 Designation Chairman Vice Chairman Managing Director Group Chief Executive Officer vs. Market Source: Bloomberg; Note: QBNK INDEX is Qatar Exchange All Share Banks & Financial Services Index and QEAS INDEX is Qatar Exchange All Share Index 1-Year Forward P/B Band Sector Snapshot Qatar Total Assets Total 405, , , ,037 Conventional banks (%) Islamic banks (%) Foreign banks (%) Source: Qatar Central Bank Source: Bloomberg Absolute Price Performance 5 Years Credit Facilities Total 242, , , ,773 Conventional banks (%) Islamic banks (%) Foreign banks (%) Source: Qatar Central Bank Source: Bloomberg (as of April 8, 2012) Total Deposits Total 212, , , ,612 Conventional banks (%) Islamic banks (%) Foreign banks (%) Source: Qatar Central Bank 11

13 Peer Metrics Size Total assets (QR bn) Market share* (%) Qatar National Bank Largest Commercial Bank of Qatar 2nd largest , Qatar Central Bank (data as of 2011); Note: *Market share based on total assets Jaws* and Cost to Income Ratio Key Historical Financials Income Statement Interest income 1,986 2,253 2,299 2,074 Interest expense 1,061 1, Net Interest Income (NII) 925 1,086 1,349 1,563 Net Interest Margin (NIM) (%) Net Islamic banking income Non-interest income Operating expenses Provision for loans and other losses Net profit ,054 1,241, Bloomberg Balance Sheet Cash & balances with Central Bank 2,552 10,754 10,379 2,605 Due from banks & financial inst. 7,950 4,400 3,634 10,147 Net loans and advances 23,933 25,896 26,547 30,704 Financial investments 3,380 3,825 5,217 7,577 Total assets 38,970 45,996 47,230 52,420 Due to banks & financial institutions 8,161 10,489 8,683 11,636 Customer deposits 22,207 26,178 28,947 31,092 Total equity 4,913 5,851 6,034 7,081 Total liabilities and equity 38,970 45,996 47,230 52,420 Ratios FY2008 FY2009 FY2010 FY2011 RoAE (%) RoAA (%) Tier 1 capital ratio (%) , Bloomberg ; Note: *Difference between net operating income and operating expense Loan Mix FY2011 Deposit Mix FY2011 P/B Multiples P/E Multiples DHBK QNBK CBQK DHBK QNBK CBQK

14 Dlala Brokerage and Investment Holding Company (DBIS) Company Description A pure play conventional and Islamic broker. Incorporated in 2005, the company is engaged in brokerage and investment activities in the State of Qatar. DBIS was the first non-banking financial investment company to list on the Qatar Exchange. Recently DBIS entered into a MOU with a Qatari company to study the feasibility of entering into a strategic partnership. Company Snapshot Net income 4-year CAGR (%) (2.5) Market share# (%) 17.3 Enterprise value* (QR mn) 664 Total assets FY2011 (QR mn) 720, *Bloomberg (as of April 8, 2012), Qatar Exchange; Note: #Based on value of shares traded YTD until March 2012 and includes Islamic brokerage subsidiary possessing 3.4% 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 2006, 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 68.1% of revenue and 77.5% of total assets in Real estate accounted for 14.5% of revenue and 8.6% of total assets in The real estate segment reported a profit of almost QR5mn in 2011 versus a profit of QR273,000 in IT and international: This segment accounted for 0.6% of revenue and 2.7% of total assets in The IT and international segment reported a 54.7% YoY decline in net income in 2011 after witnessing an 81.2% growth in Revenue* By Segment (FY2011) Total Assets* By Segment (FY2011) Key Data Current market price (QR) Dividend yield# (%) 2.7 Bloomberg ticker DBIS QD ADR/GDR ticker N/A Reuters ticker DBIS.QA ISIN QA000A0KD6P2 Banking & Sector* Financial Services 52wk high/52wk low (QR) 36.95/ m average volume ( 000) Mkt. cap. (USD bn/ QR bn) 0.2/0.7 Shares outstanding (mn) 20.0 Foreign ownership limit* (%) 24.4 Current FO** (%) year total return (%) Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Subsidiaries % stake Dlala Brokerage Dlala Islamic Brokerage Dlala Real Estate Dlala Information Technology (Dormant) Dlala Investment Company (Dormant) 99.9 Dlala International (Dormant) 99.5, *Excludes intersegment eliminations, *Excludes intersegment eliminations 13

15 Key Parameters Income statement: Total operating income grew by 11.1% YoY in 2011 to QR63mn, due to an increase of 197.0% in investment income and a 971.3% growth (on a small base) in real estate income. Total operating expenses fell by 7.2% YoY to QR41mn, mainly due to a 5.6% reduction in general and administrative (G&A) expenses and no impairment provisions for available-for-sale investments. Net profit grew by 72.1% YoY in 2011 to QR23mn and the net profit margin improved significantly by 1268bps to 35.8%. DBIS increased its cash dividend per share to QR1.00 in 2011 from QR0.85 in Balance sheet: Total current assets decreased marginally by 0.8% YoY to QR666mn in 2011, due to a 44.1% decline in cash and bank balances offset by a 25.9% increase in customers funds. Non-current assets declined by 8.4% YoY to QR54mn. Overall, total assets decreased by 1.4% YoY to QR720mn. On the liabilities side, current liabilities decreased by 1.4% YoY to QR486mn, due to an 8.3% decline in amounts due to customers. Total equity decreased by 1.5% YoY to QR232mn, due to a 98.6% decrease in retained earnings and a negative QR1mn fair value reserve, offset by a QR20mn proposed dividend. vs. Peers Source: Bloomberg; Note: IHGS is Islamic Holding Group vs. Market Key Personnel Designation Rashid Ahmed Al-Manaai Chairman Sheikh Hamad Bin Nasser Al-Thani Vice Chairman Abdulhameed Sultan Al-Jaber Acting Chief Executive Officer Sector Snapshot Qatar Exchange FY2007 FY2008 FY2009 FY2010 FY2011 No. of listed companies Market capitalization (QR mn) 347, , , , ,352 Volume of shares traded (mn) 3,411 3,894 3,450 2,094 2,303 Value of shares traded (QR mn) 108, ,552 92,165 67,185 83,419 Number of transactions (mn) Avg. daily trading value (QR mn) N/A No. of new issues - IPOs Value of IPOs (QR mn) 7,500 1,229 8,454 1,000 0 Source: Qatar Exchange Source: Bloomberg; Note: QBNK INDEX is Qatar Exchange All Share Banks & Financial Services Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance 5 Years Source: Bloomberg (as of April 8, 2012) Property Market Snapshot Qatar Rental rates (QR/pm) Sales prices (QR/sq. m.) Apartment (per unit) 2,500-17,500 9,000-16,000 Villa (per unit) 7,000-30,000 N/A Office (per sq. m.) ,000 Source: Industry reports (as of 1Q2012) 14

16 Peer Metrics (all figures in QR mn) Mkt. cap.* Revenue Total assets Islamic Holding Company# 94 16** 576 (as of December 31, 2011), *Bloomberg (as of April 8, 2012); Note: #Islamic Holding is primarily focused on Islamic stock broking, **gross brokerage and commission income Brokerage Market in Qatar* (YTD March 2012) Key Historical Financials Income Statement Brokerage and commission income (net) Finance income Investment income Real estate income Other income Total operating income YoY growth (%) 24.4 (40.1) (12.5) 11.1 Operating expenses Net income 51 (1) Net margin (%) 46.6 (1.5) Balance Sheet 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 FY2008 FY2009 FY2010 FY2011 RoE (%) 21.8 (0.4) RoA (%) 5.9 (0.1) Efficiency ratio (%) Source: Bloomberg Source: Qatar Exchange, *Based on value of shares traded Net Income By Segment Total Assets* By Segment, *Excludes intersegment eliminations P/B Multiples DBIS N/A IHGS N/A P/E Multiples DBIS N/M N/A IHGS N/A 15

17 Islamic Holding Group (IHGS) Company Description A pure play Islamic broker. IHGS, incorporated in 2003, 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. Company Snapshot Net operating income 4-year CAGR (%) (7.4) Market share# (%) 7.8 No. of branches 3 Total assets FY2011 (QR mn) * 576, Qatar Exchange; Note: #Based on value of shares traded YTD until March 2012 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 13.1% YoY increase in gross brokerage and commission (B&C) income to QR16mn in This growth was driven by a rise in trading volumes. However, net B&C income grew by 12.8% YoY as the increase in B&C expenses (13.9%) outpaced the rise in gross B&C income. Hence, B&C expense to income ratio increased by 18 bps YoY to 27.3%. Income from savings accounts with Islamic banks as well as other remaining income declined by 16.8% and 4.6% YoY to QR2mn and QR0.9mn, respectively, leading to only a 6.1% increase in net operating income. Despite an increase in general and administrative (G&A) expenses by 2.9% YoY to QR9mn, the G&A expense to net operating income ratio declined by 195bps to 62.0%. Net profit grew by 16.0% YoY in 2011 to QR5mn and the net profit margin increased by 262bps to 30.8%. IHGS maintained its cash dividend per share at QR1.00 in Key Data Current market price (QR) Dividend yield# (%) 4.3 Bloomberg ticker IHGS QD ADR/GDR ticker N/A Reuters ticker IHGS.QA ISIN QA000A1C6VS5 Sector* Banks & Financial Services 52wk high/52wk low (QR) 32.00/ m average volume ( 000) 4.7 Mkt. cap. (USD mn/ QR mn) 25.8/94.0 Shares outstanding (mn) 4.0 Foreign ownership limit* (%) 21.9 Current FO** (%) year total return (%) (6.1) Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Shareholders % stake Qatar International Islamic Bank 20.0 Sheikh Khaled T. Al Thani 13.3 Qatar Islamic Insurance Co Medicare Co Source: Gulfbase Balance sheet: Total assets increased by 232.1% YoY to QR576mn in 2011 primarily driven by a 253.4% growth in cash and bank balances to QR568mn, partially offset by a 57.6% decline in other current assets. Property and equipment decreased by 19.1% YoY, while availablefor-sale investments increased by 22.0%. This lead to a 2.8% YoY increase in non-current assets to QR5mn. Current liabilities increased by 308.6% YoY to QR533mn mainly owing to QR400mn Wakala contracts. Total equity increased by 1.0% YoY to QR43mn mainly driven by a 5.6% increase in legal reserve to QR9mn. 16

18 Key Personnel Sheikh Khaled Thani Abdullah Al Thani Abdulbasit Ahmad Al-Sheibei Sector Snapshot Qatar Exchange Designation Chairman Managing Director vs. Peers FY2007 FY2008 FY2009 FY2010 FY2011 No. of listed companies Market capitalization (QR mn) 347, , , , ,352 Volume of shares traded (mn) 3,411 3,894 3,450 2,094 2,303 Value of shares traded (QR mn) 108, ,552 92,165 67,185 83,419 Number of transactions (mn) Avg. daily trading value (QR mn) N/A No. of new issues - IPOs Value of IPOs (QR mn) 7,500 1,229 8,454 1,000 0 Source: Qatar Exchange Source: Bloomberg; Note: DBIS is Dlala Brokerage and Investment Holding Company vs. Market Peer Companies (all figures in QR mn) Mkt. cap.* Revenue Total assets Dlala Brokerage and Investment Holding Company ** 720 (as of December 31,2011), *Bloomberg (as of April 8, 2012); Note: **Net operating income Key Historical Financials Income Statement B&C income B&C expenses Net B&C income YoY growth (%) 69.3 (60.6) (3.8) 12.8 Income from Islamic bank savings account Net operating income Total expenses Net income Net margin (%) Source: Bloomberg; Note: QBNK INDEX is Qatar Exchange All Share Banks & Financial Services Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance 5 Years* Source: Bloomberg (as of April 8, 2012), Note: *Listed on March 3,

19 Balance Sheet Cash & bank (including customers funds) Other current assets Property and equipment Other non-current assets Total assets Due to customers Due to Mudaraba contracts Due to Wakala contracts Other current liabilities Non-current liabilities Total equity Total liabilities and equity Brokerage Market in Qatar* (YTD March 2012) Source: Qatar Exchange, *Based on value of shares traded B&C Income Net Ratios FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Efficiency ratio (%) Source: Bloomberg Total Assets and RoA*, *Bloomberg P/B Multiples IHGS N/A DBIS N/A P/E Multiples IHGS N/A DBIS N/M N/A 18

20 Masraf Al Rayan (MARK) Company Description MARK is the fourth largest bank in Qatar with a 7.9% market share in terms of total assets (FY2011). It is the second largest Islamic bank in the country. 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 Saudi Arabia. Company Snapshot Market share (2011 Loans) (%) 8.6 Market share (2011 Deposits)* (%) 12.0 No. of domestic branches 10 No. of ATMs 44, Qatar Central Bank, Bloomberg (as of end 2011); Note: *% of combined customer deposits & Unrestricted investment accounts for the 8 listed Qatari banks Subsidiaries / Associates Al Rayan Investment (ARI), established in 2008, 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 2010, this subsidiary offers brokerage services. MARK also holds indirect ownership of 51% and 100% in Sapura Crest and Al Rayan Partners, respectively, through Al Rayan Investments. MARK s associate companies also include National Mass Housing, CI San Trading, Kirnaf Investment and Installment Co., Daman Insurance Beema, Lusail Waterfront Real Estate company and Linc Facility Services. Business Segments MARK offers corporate finance and advisory, financing products, cash management, treasury, trade finance services, current and savings accounts, time deposits, financing, credit cards, kids accounts, pay and go prepaid cards and other banking services Key Data Current market price (QR) Dividend yield# (%) Bloomberg ticker ADR/GDR ticker Reuters ticker ISIN Sector* MARK QD N/A MARK.QA QA000A0M8VM3 Banks & Financial Services 52wk high/52wk low (QR) 28.55/ m average volume ( 000) 1,102.9 Mkt. cap. (USD bn/ QR bn) 5.6/20.5 Shares outstanding (mn) Foreign ownership limit* (%) 49.0 Current FO** (%) year total return (%) 15.7 Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Shareholders % stake Qatar Holding 10.0 Qatar Armed Forces 6.2 Qatar Special Projects 2.3 Income from financing (QR mn) Net Income (QR mn) vs. Peers Source: Bloomberg; Note: QIBK is Qatar Islamic Bank and QIIK is Qatar International Islamic Bank 19

21 Key Parameters Income statement: MARK posted a QR197.0mn (16.3%) YoY improvement in net profit for The primary driver for the improved performance was income from investment returns from debt-type instruments, which contributed QR597.6mn in 2011 versus QR68.9mn in Net fees and income increased by QR150.9mn (158.5%) YoY. General and administrative expenses increased by QR78.0mn (35.9%). Impairment losses on financial investments increased by QR69.4mn. Return on equity of unrestricted investment payment increased marginally by QR7.0mn (1.2%). The bank declared a cash dividend of QR0.5 per share in Balance Sheet: Total assets grew by QR20.6bn (59.4%) YoY to QR55.3bn in The growth was driven by QR9.9bn (463.7%) YoY increase in financial investments, primarily in debt-type instruments, which increased by QR10.0bn (507.2%) YoY. Receivables and balances from financing activities increased by QR9.71bn (38.7%) YoY, while investment in associates increased by QR1.0bn (270.3%) YoY. The growth in assets was funded by QR16.4bn (63.6%) YoY increase in equity of unrestricted investment account holders in Customers current accounts contributed QR2.9bn (222.8%) YoY and total shareholder equity added another QR1.4bn (19.3%) YoY in Key Personnel vs. Market Source: Bloomberg; Note: QBNK INDEX is Qatar Exchange All Share Banks & Financial Services Index and QEAS INDEX is Qatar Exchange All Share Index 1-Year Forward P/B Band Dr. Hussain Ali Al Abdulla Sheikh Al Hussein Bin Ali Bin Ahmed Al Thani Adel Mustafawi Designation Chairman Deputy Chairman Group Chief Executive Officer Sector Snapshot Qatar Total Assets Total 405, , , ,037 Conventional banks (%) Islamic banks (%) Foreign banks (%) Source: Qatar Central Bank Source: Bloomberg Absolute Price Performance 5 Years Credit Facilities Total 242, , , ,773 Conventional banks (%) Islamic banks (%) Foreign banks (%) Source: Qatar Central Bank Source: Bloomberg (as of April 8, 2012) Jaws* and Cost to Income Ratio Total Deposits Total 212, , , ,612 Conventional banks (%) Islamic banks (%) Foreign banks (%) Source: Qatar Central Bank ; Note: *Difference between net operating income and operating expense 20

22 Key Historical Financials Income Statement Income from financing activities 523 1,083 1,618 1,283 Depositors profit sharing Net profit sharing , Total non-core income ,107 Net revenue 1,174 1,131 1,368 1,812 Total provisions (net of recoveries) (81) 87 Total operating income (net of provisions) 1,101 1,086 1,449 1,725 Operating expenses Net profit ,211 1,408 Balance Sheet Cash and balances with Central Bank ,482 2,253 Due from and investments with banks and financial institutions 1,286 4,257 4,989 4,274 Due from financing activities 13,326 17,750 25,064 34,766 Financial investments ,137 12,046 Total assets 16,769 24,124 34,683 55,271 Customer deposits 414 1,470 1,292 4,171 Unrestricted investment accounts 10,484 16,361 25,724 42,092 Total equity 5,694 5,962 7,127 8,504 Total liabilities and equity 16,769 24,124 34,683 55,271 Ratios, Bloomberg FY2008 FY2009 FY2010 FY2011 RoAE (%) RoAA (%) Tier 1 capital ratio (%) Loan Mix FY2011 Equity of Unrestricted Investment Account Holders FY2011 P/B Multiples P/E Multiples MARK QIBK QIIK N/A MARK QIBK QIIK N/A 21

23 National Leasing Holding (NLCS) Company Description A diversified leasing and property development company. NLCS, also known as Alijarah Holding, was incorporated in 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-year CAGR (%) 70.4 Total assets 2011 (QR bn) 1.7,* Bloomberg (as of April 8, 2012) Subsidiaries NLCS has four wholly-owned subsidiaries. Alijarah 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. Alijarah Property 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. Alijarah Equipment Company provides raw sand transportation and has a fiveyear agreement with Qatar National Cement Company. Alijarah Limousine Company offers transportation services to individuals, corporate houses and the government through its car fleet. Business Segments Financial leasing accounted for 11.8% of revenue in 2011 and the net profit from the segment increased by 11.6% YoY. Key Data Current market price (QR) Dividend yield# (%) Bloomberg ticker ADR/GDR ticker Reuters ticker ISIN Sector* NLCS QD N/A NLCS.QA QA000A0KD6Q0 Banks & Financial Services 52wk high/52wk low (QR) 51.40/ m average volume ( 000) Mkt. cap. (USD bn/qr bn) 0.4/1.6 Shares outstanding (mn) 33.0 Foreign ownership limit* 25.0 (%) Current FO** (%) year total return (%) 32.1 Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership vs. Peers Property development represented 78.8% of revenue in 2011 and registered a 22.8% increase in net profit due to a recovery in the property market. Transportation contributed 9.1% to revenue in 2011 and net profit from this segment declined by 65.0% YoY. Limousine and other services: This segment accounted for 0.4% of revenue in 2011 and net profit from the segment increased by 0.5%. This was led by the expansion in the hospitality and tourism sector Key Project Lusail: NLCS entered into an agreement with Qatari Diar in July 2008 to purchase and re-sell 895 plots of land over an area of 10.8mn 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 During April 2009, 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 2009, the company reached another Source: Bloomberg; Note: DBIS is Dlala Brokerage and Investment Holding Company 22

24 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 2010, NLCS awarded a QR1bn contract for infrastructure development covering an area of 1.8mn sq. ft. to Combined Group Co. for Trading and Contracting. In 2011, Alijarah Equipment signed a leasing equipment contract worth an estimated value of QR97mn with Combined Group Co. for the company s project area at Lusail. vs. Market Key Parameters Income statement: Revenue grew by 34.8% YoY to QR618mn in 2011 driven by a 39.4% increase in revenue from property development to QR518mn and a 51.5% rise in revenue from financial leasing to QR78mn. Net operating income went up by 32.0% to QR255mn in 2011 versus QR194mn in Net income grew by 19.8% YoY to QR215mn. NLCS announced a QR3.50 a share cash dividend for 2011 versus QR3.00 a share in 2010 (unadjusted for the rights issue). Balance sheet: Total assets went down by 16.1% to QR1.7bn in 2011 due to a 25.9% and 87.3% YoY decline in cash & cash equivalents and properties held as inventory, respectively. This was partially offset by a 10.7% YoY increase in loans and advances to customers driven by an increase in installments due from property sales. Total liabilities declined by 32.0% YoY to QR937mn. Shareholder s equity grew by 17.4% YoY for Post 2011 results, the company decided to increase its capital by 50% from QR329.9mn to QR494.8mn by issuing 16,493,400 new shares at a rate of one new share for each two shares. These shares had a nominal value of QR10 and premium value of QR19.50 per share. Source: Bloomberg; Note: QBNK INDEX is Qatar Exchange All Share Banks & Financial Services Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance 5 Years Key Personnel Sheikh Falah Bin Jassim Bin Jabr Al-Thani Hamad Abdulla Al-Emadi Sector Snapshot Qatar Construction Industry Designation Chairman & Managing Director Acting Chief Executive Officer Source: Bloomberg (as of April 8, 2012) Net Income By Segment (FY2011) QR bn FY2008 FY2009 FY2010 FY2011 Nominal construction GDP Real growth, YoY (%) (24.0) 2.3 Source: Qatar Central Bank Major Infrastructure Projects Commercial and Residential Construction Project name Timeframe Value (USD mn) Doha World Trade Center Lusail City ,000 Doha Festival City ,650 Doha Convention Center & Tower Convention Center Msheireb Downtown ,500 Marina Mall and Sidra residential project Source: Industry reports 23

25 Key Historical Financials Income Statement Total Assets By Segment (FY2011) Revenue YoY growth (%) General and administrative expenses* Other operating expenses* EBITDA** EBITDA margin** (%) EBIT EBIT margin (%) Net income Net margin (%) ; Note:* Excludes depreciation, ** Bloomberg ; Note: Intercompany not included Total Assets and RoA Balance Sheet Cash and cash equivalents Loans and advances to customers ,015 Properties held as inventory Other assets Total assets 688 1,789 2,027 1,700 Other current liabilities Islamic financing under Wakala agreements Amounts due on construction contracts 0 1, Total equity Total liabilities and equity 688 1,789 2,027 1,700 Ratios FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Debt/Equity (%) Source: Bloomberg P/B Multiples NLCS N/A DBIS N/A P/E Multiples NLCS N/A DBIS N/M N/A 24

26 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 1990, the bank now has a presence in local and international markets, including the GCC countries, Europe and North America. Company Snapshot Market share (2011 Loans) (%) 2.6 Market share (2011 Deposits)* (%) 4.7 No. of domestic branches 15 No. of ATMs 67, Qatar Central Bank, Bloomberg (as of end 2011); Note: *% of combined customer deposits & Unrestricted investment accounts for the 8 listed Qatari banks 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%): Based in the State of Qatar, Al Moqawil provides local contracting services. Mackeen Investment and Real Estate Development (49%): Based in the State of Qatar, Mackeen offers real estate and business solutions for public and private sector customers in Qatar and other regional countries. Syria International Islamic Bank (20%): This associate primarily provides commercial banking services in accordance with Shari a principles. Syria Islamic Insurance Company (20%): It offers general insurance services in compliance with Shari a principles. Business Segments QIIK offers commercial finance, foreign trade finance, Murabaha, Mudaraba, Musawama, Ijara and Istisna, current and savings accounts, time deposits, credit cards, consumer finance, electronic cards, safe deposit lockers, internet banking, mobile banking, phone banking services and investment banking related services. Key Data Current market price (QR) Dividend yield# (%) 6.8 Bloomberg ticker QIIK QD ADR/GDR ticker N/A Reuters ticker QIIB.QA ISIN QA Banks & Sector* Financial Services 52wk high/52wk low (QR) 56.50/ m average volume ( 000) Mkt. cap. (USD bn/ QR bn) 2.1/7.8 Shares outstanding (mn) Foreign ownership limit* (%) 19.7 Current FO** (%) year total return (%) 17.2 Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Shareholders % stake Qatar Investment Authority 16.7 vs. Peers Income from financing (QR mn) Net Income (QR mn) Source: Bloomberg; Note: MARK is Masraf Al Rayan and QIBK is Qatar Islamic Bank 25

27 Key Personnel Sheikh Khaled Bin Thani Bin A. Al Thani Sheikh Abdullah Bin Thani Bin A. Al Thani Abdulbasit Ahmed A. Al Shaibei Sector Snapshot Qatar Total Assets Designation Chairman and Managing Director Vice Chairman Chief Executive Officer, Board Director vs. Market Total 405, , , ,037 Conventional banks (%) Islamic banks (%) Foreign banks (%) Source: Qatar Central Bank Source: Bloomberg; Note: QBNK INDEX is Qatar Exchange All Share Banks & Financial Services Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance 5 years Credit Facilities Total 242, , , ,773 Conventional banks (%) Islamic banks (%) Foreign banks (%) Source: Qatar Central Bank Total Deposits Source: Bloomberg (as of April 8, 2012) Jaws* and Cost to Income Ratio Total 212, , , ,612 Conventional banks (%) Islamic banks (%) Foreign banks (%) Source: Qatar Central Bank ; Note: *Difference between net operating income and operating expense 26

28 Key Historical Financials Income Statement 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 Loan Mix FY2011 Equity of Unrestricted Investment Account Holders FY2011 Balance Sheet Cash and balances with Central Bank Due from banks and financial institutions 2,121 3,901 5,148 5,734 Due from financing activities 8,253 9,070 9,178 10,589 Financial investments ,694 4,259 Total assets 12,842 15,521 18,179 23,358 Customer deposits 2,327 2,452 2,836 3,952 Due to banks and financial institutions Unrestricted investment accounts 6,812 9,102 11,198 14,139 Total equity 2,780 3,799 3,817 4,893 Total liabilities and equity 12,842 15,521 18,179 23,358 Ratios FY2008 FY2009 FY2010 FY2011 RoA (%) RoE (%) Tier 1 capital ratio (%) Source: Bloomberg P/B Multiples QIIK N/A MARK QIBK P/E Multiples QIIK N/A MARK QIBK

29 Qatar Islamic Bank (QIBK) Company Description QIBK is the third largest bank in Qatar with an 8.4% market share in terms of total assets (FY2011). In fact, it is the largest Islamic bank in the country. Established in 1982, QIBK has a presence in Qatar and overseas, including Europe, Asia, the Middle East and North Africa. Company Snapshot Market share (2011 Loans) (%) 7.3 Market share (2011 Deposits)* (%) 7.2 No. of domestic branches 30 No. of ATMs 115, Qatar Central Bank, Bloomberg (as of end 2011); Note: *% of combined customer deposits & Unrestricted investment accounts for the 8 listed Qatari banks Subsidiaries / Associates Al Aqar Real Estate Development and Investment: 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 70%-owned Islamic investment banking subsidiary offers various services such as asset management, corporate finance, real estate and treasury. QIB Sukuk Funding Ltd: QIBK fully owns a financing subsidiary, QIB Sukuk Funding Ltd., which acts as the issuer and trustee for trust certificate holders (due in 2015) and operates as a special purpose vehicle. QInvest LLC: This 46.7%-owned subsidiary provides the entire suite of investment banking services in accordance with Shari a principles. QIBK s associate companies also include Al Jazeera Finance Co., Durat Al Doha, Retaj Marketing and Project Management, Al Daman Islamic Insurance, Panmure Gordon & Co. Plc, Asian Finance Bank and Arab Finance House. Business Segments Bank offers wholesale banking, personal banking and treasury products and services. Key Data Current market price (QR) Dividend yield# (%) 5.8 Bloomberg ticker QIBK QD ADR/GDR ticker N/A Reuters ticker QISB.QA ISIN QA Banks & Sector* Financial Services 52wk high/52wk low (QR) 86.10/ m average volume ( 000) Mkt. cap. (USD bn/ QR bn) 5.0/18.2 Shares outstanding (mn) Foreign ownership limit* (%) 20.6 Current FO** (%) year total return (%) (2.8) Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Shareholders % stake Qatar Investment Authority 16.7 Source: Zawya (as of November 29, 2011) vs. Peers Income from financing, net (QR mn) Net Income (QR mn) Source: Bloomberg; Note: MARK is Masraf Al Rayan Bank and QIIK is Qatar International Islamic Bank 28

30 Key Parameters Income statement: QIBK posted a QR102.9mn (8.2%) YoY improvement in net profit for The primary driver for the improved performance was income from investment returns from sukuks, which contributed QR553.4mn in 2011 versus QR75.5mn in Net fees and income increased by QR10.8mn (3.7%) YoY. General and administrative expenses increased by QR256.2mn (57.6%), primarily due to a QR118.2mn (46.5%) YoY increase in staff salaries and allowances and QR89.7mn (231.8%) YoY increase in other expenses. Equity of unrestricted investment account holders share from net profit declined by QR37mn (8.3%) YoY, while sukuk holder s share of profit increased by QR81.3mn (330.9%) YoY. The bank announced a cash dividend of QR4.5 per share in 2011 vs. QR5.0 in Balance Sheet: Total assets grew by QR6.4bn (12.4%) YoY to QR58.3bn in The growth was driven by QR11.4bn (331.4%) YoY increase in financial investments, primarily in sukuks, which increased by QR9.9bn (465.2%) YoY. On the other hand, due from and investments with banks and financial institutions declined by QR5.1bn (40.7%) YoY, while equity of unrestricted investment account holders declined by QR3.0bn (13.8%) YoY in The growth in assets was funded by QR4.9bn (58.6%) YoY borrowing from other financial institutions and QR2.2bn (23.8%) YoY increase in total shareholder equity. vs. Peers Source: Bloomberg; Note: MARK is Masraf Al Rayan Bank and QIIK is Qatar International Islamic Bank vs. Peers Key Personnel Sheikh Jassim Bin Hamad Bin Jassim Bin Jaber Al Thani Mohammed Bin Abdullatif Al Manaa Abdullatif Bin Abdulla Al Mahmoud Ahmad Meshari Sector Snapshot Qatar Total Assets Designation Chairman Vice Chairman Managing Director Acting Chief Executive Officer Source: Bloomberg; Note: MARK is Masraf Al Rayan Bank and QIIK is Qatar International Islamic Bank Absolute Price Performance 5 Years Total 405, , , ,037 Conventional banks (%) Islamic banks (%) Foreign banks (%) Source: Qatar Central Bank Source: Bloomberg (as of April 8, 2012) Credit Facilities Total 242, , , ,773 Conventional banks (%) Islamic banks (%) Foreign banks (%) Source: Qatar Central Bank 29

31 Total Deposits Total 212, , , ,612 Conventional banks (%) Islamic banks (%) Foreign banks (%) Source: Qatar Central Bank Jaws* and Cost to Income Ratio Key Historical Financials Income Statement Income from financing activities 1,328 1,816 1,751 1,775 Depositors profit sharing Net profit sharing 939 1,306 1,305 1,366 Total non-interest income 1, Net revenue 2,166 1,891 1,834 2,272 Total provisions (net of recoveries) Total operating income (net of provisions) 2,149 1,761 1,793 2,077 Operating expenses Net profit to shareholders 1,643 1,322 1,262 1,365 Balance Sheet Cash and balances with Central Bank 1,023 1,338 1,875 1,832 Due from banks and financial institutions 6,368 8,903 12,431 7,369 Due from financing activities 18,866 22,663 29,352 29,596 Financial investments 4,598 3,436 3,433 14,810 Total assets 33,543 39,273 51,877 58,286 Customer deposits 5,097 6,719 8,731 9,003 Due to banks and financial institutions 8,697 8,691 8,412 13,342 Unrestricted investment accounts 11,495 13,642 21,639 18,654 Total equity 7,143 9,005 9,052 11,202 Total liabilities and equity 33,543 39,273 51,877 58,286 Ratios Source: Bloomberg FY2008 FY2009 FY2010 FY2011 RoA (%) RoE (%) Tier 1 capital ratio (%) ; Note: *Difference between net operating income and operating expense Financing Mix FY2011 Equity of Unrestricted Investment Account Holders FY2011 P/B Multiples P/E Multiples QIBK QIIK N/A MARK QIBK QIIK N/A MARK

32 Qatar Oman Investment Company (QOIS) Company Description QOIS is a diversified investment company. The company, incorporated in July 2006, 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 12.8 Total assets FY2011 (QR mn) yr. CAGR (%) Enterprise value* (QR mn) 186 Investments FY2011 (QR mn) 118, *Bloomberg (as of April 8, 2012) 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 We note that the company has not released a segment breakdown for 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 Source: Zawya (as of March 30, 2012) Investment Strategy Country Oman Qatar Qatar Qatar UAE (Abu Dhabi) Company management has articulated the following long-term investment strategy: Key Data Current market price (QR) Dividend yield# (%) Bloomberg ticker ADR/GDR ticker Reuters ticker ISIN Sector* QOIS QD N/A QOIS.QA QA000A0NCQA3 Banks & Financial Services 52wk high/52wk low (QR) 10.35/ m average volume ( 000) Mkt. cap. (USD bn/ QR bn) 0.1/0.3 Shares outstanding (mn) 31.5 Foreign ownership limit* (%) 15.0 Current FO** (%) year total return (%) 11.7 Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Shareholders % stake Qatar Investment Authority 20.0 Government of Oman 20.0 (as of March 22, 2011) vs. Peers 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: Source: Bloomberg; Note: DBIS is Dlala Brokerage & Investment Holding Co. and IHGS is Islamic Holding Group 31

33 Qatar Oman Oil and gas Tourism Real estate and infrastructure Real estate and infrastructure Healthcare Healthcare Financial services Education (as of September 5, 2010) vs. Market Key Parameters Income statement: QOIS s investment and interest income increased 6.9%YoY to QR20mn in Total expenses increased by 2.0% YoY to QR5mn, mainly on account of increased depreciation. Other income increased from QR0.3mn to QR0.4mn. Accordingly, net profit for the year increased by 9.3% to QR15mn. QOIC announced QR0.50 a share cash dividend for 2011 versus QR0.50 a share (QR0.48 a share on an adjusted basis) in Balance sheet: Total assets of QOIS declined by 1.7%YoY from QR336mn in 2010 to QR330mn in Cash and bank balance decreased by 24.3% from QR122mn to QR92mn at the end of Other financial assets decreased from QR22mn to QR15mn, which was partially offset by increase in investments which increased by 35.6% from QR87mn to QR118mn.Total liabilities increased by 46.4% to QR7mn. Total shareholders equity declined from QR331mn to QR323mn at the end of Source: Bloomberg; Note: QBNK INDEX is Qatar Exchange All Share Banks & Financial Services Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance - 5 Years* Key Personnel Sheikh Abdulrahaman Bin Mohamed Bin Jabr Al-Thani Naser Mohammed Al-Khaldi Sector Snapshot Qatar Property Market Snapshot Designation Chairman Chief Executive Officer Source: Bloomberg(as of April 8, 2012); Note: *Listed on December 12, 2007 Investment and Interest Income and Net Margin Rental rates (QR/pm) Sales prices (QR/sq. m.) Apartment (per unit) 2,500-17,500 9,000-16,000 Villa (per unit) 7,000-30,000 N/A Office (per sq. m.) ,000 Source: Industry reports (as of 1Q2012) Total Assets and RoA 32

34 Key Historical Financials Income Statement Investment and interest income YoY growth (%) N/A (2.6) (24.0) 6.9 General and administrative expenses EBITDA* EBITDA margin (%) Profit to equity shareholders Net margin (%) , *Bloomberg P/B Multiples QOIS N/A P/E Multiples QOIS N/A Balance Sheet Cash and bank balances Prepayment and other debit balances Financial assets Investments Investment properties Property and equipment Total assets Total liabilities Total equity Total liabilities and equity Ratios FY2008 FY2009 FY2010 FY2011 RoE (%) N/A RoA (%) N/A Source: Bloomberg 33

35 The Commercial Bank of Qatar (CBQK) Company Description CBQK is the second largest bank in Qatar with a 10.2% market share in terms of total assets (FY2011). The bank currently offers conventional (commercial and retail) banking, investment banking and credit card services. Company Snapshot Market share (2011 Loans) (%) 10.3 Market share (2011 Deposits)* (%) 9.8 No. of domestic branches 27 No. of ATMs 148, Qatar Central Bank, Bloomberg (as of end 2011); Note: *% of combined customer deposits & Unrestricted investment accounts for the 8 listed Qatari banks Subsidiaries / Associates Orient 1: This 100%-owned subsidiary provides credit card services in the Sultanate of Oman. Global Card Services and CBQ Finance are also 100%-owned subsidiaries of the bank. Commercialbank Investment Services: This fully-owned subsidiary provides brokerage and investment services in the State of Qatar. The bank s associate companies include National Bank of Oman (34.9%), United Arab Bank (40.0%), Asteco (30.0%), Gekko (50.0%) and Massoun Insurance Services (50.0%). COMCAP: This unit provides advisory services on mergers and acquisitions, joint ventures, restructurings and disposals, financing through equity, debt or mezzanine capital, underwriting and merchant banking capabilities for private or listed shares held in Qatar and asset management Services. Business Segments Conventional banking offers corporate and retail banking services. Net Interest Income (QR mn) Net Income (QR mn) Key Data Current market price (QR) Dividend yield# (%) 7.9 Bloomberg ticker CBQK QD ADR/GDR ticker CBQS LI Reuters ticker COMB.QA ISIN QA Banks & Sector* Financial Services 52wk high/52wk low (QR) 87.20/ m average volume ( 000) Mkt. cap. (USD bn/ QR bn) 5.2/18.8 Shares outstanding (mn) Foreign ownership limit* (%) 19.1 Current FO** (%) year total return (%) 7.7 Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Shareholders % stake Qatar Holding 16.7 vs. Peers Source: Bloomberg; Note: QNBK is Qatar National Bank and DHBK is Doha Bank 34

36 Key Parameters Income statement: CBQK posted a QR248.7mn (15.2%) YoY improvement in net profit for The primary driver for the improved performance was QR272.5mn (22.5%) YoY decline in interest expense and share of profit on Islamic operations, which more than offset the QR112.6mn (3.8%) YoY decline in interest income and share of profit on Islamic operations, resulting in a QR160.0mn (9.0%) YoY growth in net interest income and share of profit on Islamic operations. Net fees and income increased by QR59.3mn (11.3%) YoY while profit from financial investments improved by QR72.8mn (114.6%) YoY. Hence, net operating income improved by QR301.6mn (11.8%) YoY. General and administrative expenses increased by QR78.2mn (11.4%) YoY, while impairment of loans and advances (net) increased by QR72.9mn (43.8%) YoY. Impairment losses on financial investments declined by QR59.8mn (46.7%) YoY. The dip in 4QFY2011 net income is due to higher provisioning by the bank in the quarter. The bank announced a cash dividend of QR6.0 per share for Balance Sheet: Total assets grew by QR9.0bn (14.4%) YoY to QR71.5bn in The growth was primarily driven by QR8.0bn (24.0%) YoY increase in loans and advances to customers and by QR 5.0bn (118.8%) YoY increase in lending to banks and other financial institutions. However, cash and bank balances with the central bank declined by QR6.1bn (70.4%) YoY. The growth in assets was funded by QR4.7bn (14.1%) YoY from customer deposits & unrestricted investment accounts and QR2.3bn (64.3%) YoY borrowing from other financial institutions and QR1.7bn (13.8% YoY) by total shareholder equity. On the other asset front, financial investments increased by QR1.7bn (17.0%) YoY. vs. Market Source: Bloomberg; Note: QBNK INDEX is Qatar Exchange All Share Banks & Financial Services Index and QEAS INDEX is Qatar Exchange All Share Index 1-Year Forward P/B Band 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 Source: Bloomberg Absolute Price Performance 5 Years Total 405, , , ,037 Conventional banks (%) Islamic banks (%) Foreign banks (%) Source: Qatar Central Bank Credit Facilities Total 242, , , ,773 Conventional banks (%) Islamic banks (%) Foreign banks (%) , *Bloomberg Source: Bloomberg (as of April 8, 2012) Jaws* and Cost to Income Ratio ; Note: *Difference between net operating income and operating expense 35

37 Total Deposits Loan Mix FY2011 Total 212, , , ,612 Conventional banks (%) Islamic banks (%) Foreign banks (%) Source: Qatar Central Bank Peer Metrics Size Total assets (QR bn) Market share* (%) FY2011 Qatar National Bank Largest Doha Bank 5th largest Deposit Mix FY2011, Qatar Central Bank (data as of 2011); Note: *Market share based on total assets Key Historical Financials Income Statement Interest income (Islamic & Conv.) 2,873 3,117 2,989 2,876 Interest expense (Islamic & Conv.) 1,581 1,456 1, Net Interest Income (NII) 1,292 1,661 1,778 1,938 Net Interest Margin (NIM) (%) Non-interest income 1,477 1, Operating expense Provisions for loans and losses Income from associates Net profit 1,702 1,524 1,635 1,884 Balance Sheet Cash and balances with Central Bank 3,015 4,374 8,703 2,576 Due from bank & financial institutions 14,316 5,644 4,238 9,272 Net loans and advances 33,898 31,929 33,567 41,614 Financial investments 4,775 9,747 10,024 11,733 P/B Multiples CBQK QNBK DHBK P/E Multiples CBQK QNBK DHBK Total assets 61,485 57,317 62,520 71,540 Due to banks and financial institutions 10,923 7,391 3,553 5,838 Customer deposits 29,338 24,021 29,911 37,989 Total equity 9,978 12,010 12,500 14,230 Total liabilities and equity 61,485 57,317 62,520 71,540 Ratios FY2008 FY2009 FY2010 FY2011 RoAE (%) RoAA (%) Tier 1 capital ratio (%) , Bloomberg 36

38 Al Meera Consumer Goods Co. (MERS) Company Description Qatar s largest supermarket retailer. Incorporated in 2005, MERS owns and manages various consumer retail outlets and offers a range of fast moving consumer goods and fresh foods. The company also has a wholesale presence. MERS aspires to expand its presence domestically/regionally, into the hypermarket segment and in non-food segments, such as furniture, electronics, books, etc. over the next five years. To this end, MERS has entered into several strategic agreements and hired QNB Capital to study various financing alternatives. Company Snapshot No. of retail outlets 23** Revenue 3-year CAGR (%) 15.9 EBITDA 3-year CAGR (%) 10.2 Enterprise value* (QR bn) 1.9, *Bloomberg (as of April 8, 2012), **Company website Expansion Plans MERS is designing two new malls in Doha one in Ain Khalid (to open in 2014) and the other in Al Mansoura. The former is spread over 45,000 sq.m., of which 10,000 sq. m. will be dedicated for a hypermarket, which will house megastores for electronics and furniture. Aiming to expand beyond mass food retailing, MERS has been quite active in undertaking strategic deals (more details below). Recent Developments Strategic partnerships: In March 2012, MERS agreed to be the Qatari franchisee of Thailand-based Index Living Mall (ILM), a premium home furnishings company. The company also earned a three-year exclusive right to develop and operate the ILM brand in Egypt, Jordan and Oman. MERS expects to operate 10,000 sq.m. of megastores under the ILM brand. In February 2012, the company signed a 50/50 JV (QR200,000 total capital investment) with United Electronics Co. (Saudi Arabia) to establish and operate 4,000 sq. m. of consumer electronic stores in Qatar under the extra brand. In January 2012, MERS entered into an exclusive franchise agreement with UK-based WH Smith Travel to operate their branded bookstores in Qatar. This agreement will see MERS opening at least 10 stores within five years. In December 2011, MERS signed a franchise deal with the French retailer, Grupo Casino, to establish three of their Geant hypermarkets in Qatar (by rebranding the acquired Giant Stores) and at least two in Oman over a three-year period. The agreement also gives MERS access to a global infrastructure to market their private label items. MERS further expanded this relationship by forming a 51% JV with Casino in February 2012 to expand retail operations in Tunisia, Libya, Egypt and Jordan. Key Data Current market price (QR) Dividend yield# (%) 3.9 Bloomberg ticker MERS QD ADR/GDR ticker N/A Reuters ticker MCCS.QA ISIN QA000A0YDSW8 Sector* Consumer Goods & Services 52wk high/52wk low (QR) / m average volume ( 000) 25.6 Mkt. cap. (USD bn/ QR bn) 0.5/1.8 Shares outstanding (mn) 10.0 Foreign ownership limit* (%) 18.5 Current FO** (%) year total return (%) Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Shareholders % stake Government of Qatar 26.0 (as of December 31, 2011) vs. Peers Expansion in Oman: MERS signed an agreement with Oman s National Investment Funds Co. (NIFCO) in January Currently, MERS is evaluating various locations and aims to start operating shopping malls by Domestic operations: In Feb. 2012, MERS launched its Abu Nakhla branch. Also in Jan., MERS agreed to sublease the Dasman Hypermarket building (New Airport road) and has launched a hypermarket there. Further, construction at the Nauija branch should be completed by end In its annual report, MERS announced its intention to launch construction tenders for two branches during 1Q2012. MERS has also entered into a deal with an engineering firm for the design of six branches Source: Bloomberg; Note: ZHCD is Zad Holding Company and QMLS is Qatar Company for Meat & Livestock Trading 37

39 in Al Aziziya, Al Khor, Al Wajba, Al Wakra, Al Maizer and Al Rawdat Al Dima. Key Parameters Income statement: Revenue grew by 27.5% YoY to QR1,166mn in Q2011 revenue almost doubled QoQ to QR458mn from QR247mn. The Giant Stores/Al Oumara Bakery acquisition (closed on July 13) contributed QR208mn in revenue and QR10.3mn in net profit, respectively, for This deal provided five new sales outlets totaling 15,000 sq. m. along with a company-owned bakery. Gross margin improved to 15.2% from 13.4% in Shop rental income grew by 15.8% and interest income fell by 46.2%. MERS reported a 39.3% growth in general and administrative expenses, while depreciation and amortization expenses were up by 26.5%. Interest costs climbed to more than QR6mn. Net profit increased by 18.0%. MERS increased its cash dividend per share to QR7 in 2011 from QR5 in Balance sheet: Total assets grew by 76.2% YoY to QR766mn in 2011, primarily due to the addition of goodwill of QR238mn (absent in 2010) and a 57.3% rise in property and equipment. The goodwill represents the value of the expected synergies of the aforementioned acquisition in July Cash and cash equivalents declined 17.8% YoY as inventories grew by 67.9% while trade and other receivables grew by 87.7%. Trade and other payables increased by 32.7%. In 2011, MERS availed a long-term Murabaha facility of QR245mn (through MARK) and a short-term loan of QR22mn, of which the current portion is QR2mn. vs. Market Source: Bloomberg; Note: QCON INDEX is Qatar Exchange All Share Consumer Goods & Services Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance 5 Years* 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 (CEO) Source: Bloomberg (as of April 8, 2012); Note: *Listed on October 28, 2009 EBITDA and EBITDA Margin Food consumption growth (%) 28.7 Food consumption growth FY2011 (%) 11.2 Mass grocery retail sales growth (%) 31.4 Mass grocery retail sales growth FY2011 (%) 7.6 Supermarket sales growth (%) 15.7 Supermarket sales growth FY2011 (%) 4.2 Source: Industry reports (as of 1Q2012) Net Profit and Net Margin Peer Metrics (all figures in QR mn) Mkt. cap.* Revenue Total assets Zad Holding Company ,978 Qatar Company for Meat & Livestock Trading (as of December 31, 2011), *Bloomberg (as of April 8, 2012) 38

40 Key Historical Financials Income Statement Revenue ,166 YoY growth (%) Gross profit Gross margin (%) General and administrative expenses EBITDA EBITDA margin (%) Depreciation and amortization EBIT EBIT margin (%) Finance costs (6) Net profit Net margin (%) Balance Sheet Cash and cash equivalents Goodwill and other intangible assets Checks under collection Trade and other receivables Inventories Available-for-sale investments Property and equipment Total assets Trade and other payables Employees' end of service benefits Borrowings (long and short term) Total equity Total liabilities and equity Ratios Total Assets and RoA, Bloomberg P/B Multiples FY2009 FY2010 FY2011* FY2012* MERS N/A ZHCD N/A QMLS N/A P/E Multiples MERS N/A ZHCD N/A QMLS N/A FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Fixed asset turnover (x) Source: Bloomberg 39

41 Medicare Group (MCGS) Company Description An end-to-end medical services provider. MCGS, incorporated in 1996, provides healthcare and hospital services in the State of Qatar through the Al Ahli Hospital. The company s previously 50%-owned subsidiary, Maghrabi Specialized Center for Ophthalmology and ENT, is currently under liquidation. We note that the overall healthcare market remains substantial in the State of Qatar with over QR10.8bn in healthcare spending in 2011, up 11.8% YoY. Company Snapshot No. of patient rooms 250 Revenue 4-year CAGR (%) 46.2 Enterprise value* (QR mn) Total assets FY2011 (QR mn) 829, *Bloomberg (as of April 8, 2012) Hospital Al Ahli Hospital: Started in 2004, Al Ahli is one of the leading hospitals in the State of Qatar with 250 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) Dividend yield# (%) 3.8 Bloomberg ticker MCGS QD ADR/GDR ticker N/A Reuters ticker MCGS.QA ISIN QA Consumer Sector* Goods & Services 52wk high/52wk low (QR) 31.33/ m average volume ( 000) 83.3 Mkt. cap. (USD bn/ QR bn) 0.2/0.8 Shares outstanding (mn) 28.1 Foreign ownership limit* (%) 20.5 Current FO** (%) year total return (%) 37.2 Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership vs. Peers Expansion Plans MCGS plans to expand its bed capacity from 250 to 350 in the medium term. The company plans to add to its outpatient clinics and establish specialty centers, including a diabetes center, spine center and a wellness center. The operation room suite will be expanded by adding another four surgical theatres. In order to facilitate this expansion, about 35,000 sq. m. of built up area and 30,000 sq. m. of parking space will be added at the Al Ahli Hospital. Source: Bloomberg; Note: QGMD is Qatari German Company for Medical Devices Key Parameters Income statement: Revenue grew by 19.3% YoY to QR294mn in The number of admissions at OPD clinics went up to 172,000 in 2011 from 134,000 in On the other hand, the operating expenses increased by 27.8% YoY to QR189mn. Hence, the gross margin declined to 35.5% in 2011 from 39.8% in 2010, while the gross profit was up only 6.4% YoY to QR104mn. Other income, which comprises of rental, dividend and miscellaneous income, decreased by 32.5% YoY to QR9mn. Overall, net profit declined by 14.1% YoY to QR39mn. MCGS increased its cash 40

42 dividend per share to QR1.10 in 2011 from QR1.00 in Balance sheet: Current assets increased by 21.9% YoY to QR157mn in 2011 due to a 67.9% rise in cash and bank balances to QR60mn and a 13.6% increase in accounts receivable to QR81mn. Non-current assets decreased by 1.9% YoY to QR672mn due to a decline of 2.3% in property, plant and equipment to QR628mn. Overall, total assets grew by 1.8% YoY to QR829mn in On the liabilities side, accounts payable grew by 23.8% YoY to QR21mn. Equity rose by 1.6% YoY to QR750mn. vs. Market 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 Source: Bloomberg; Note: QCON INDEX is Qatar Exchange All Share Consumer Goods & Services Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance 5 Years Revenue YoY growth (%) Gross profit Gross margin (%) General and administrative expenses EBITDA* EBITDA margin (%) Finance costs (net) Net profit Net margin (%) , *Bloomberg Source: Bloomberg (as of April 8, 2012) Net profit and Net Margin Working Capital (WC) and WC Turnover 41

43 Balance Sheet Cash and bank balances Accounts receivable and prepayments Inventories Assets of disposal group classified as held for sale 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 Source: Bloomberg FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Debt/Equity (%) Total Assets and RoA*, *Bloomberg P/B Multiples MCGS N/A QGMD N/A P/E Multiples MCGS N/M N/A QGMD 59.5 N/M N/M N/A 42

44 Qatar Cinema and Film Distribution Co. (QCFS) Company Description An entertainment and media company. QCFS, established in 1970, 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-year CAGR (%) 4.6 Aggregate seating capacity 3,759 Net Income 4-year CAGR (%) 22.2 Enterprise value* (QR mn) 398, *Bloomberg (as of April 8, 2012) 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, Hindi and other Indian language movies in the company s theaters. Investments primarily focus on real estate assets and stocks. Movie Business Revenue (FY2011) Investment Income (FY2011) Key Data Current market price (QR) Dividend yield# (%) 2.0 Bloomberg ticker QCFS QD ADR/GDR ticker N/A Reuters ticker QCFD.QA ISIN QA Consumer Sector* Goods & Services 52wk high/52wk low (QR) 89.09/ m average volume ( 000) 0.4 Mkt. cap. (USD bn/ QR bn) 0.1/0.4 Shares outstanding (mn) 5.7 Foreign ownership limit* (%) 24.2 Current FO** (%) year total return (%) 80.9 Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Cinemas Recent Developments In a February 2012 deal with Pin Point Holdings, QCFS agreed to operate a 12- screen multiplex in Tawar Mall (Duhail). This mall is spread across an area of 242,000 sq.m. and is scheduled for completion by late Tawar Mall will host nine movie halls, two VIP theatres and one hall for screening 4-D children movies. Q.Media deal still in the works. According to company disclosures, QCFS expects to complete its combination with Q.Media this year. Back in June 2011, Q.Media, a wholly-owned subsidiary of Qatari Diar, announced its intention to acquire a 60% stake in QCFS as a 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 cinemarelated activities. Q.Media plans to open more than 50 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. of cinema No. of seats Gulf Cinema 972 Doha Cinema 1,085 Amir Cinema 600 The Mall (3 cinemas) 408 Landmark (3 cinemas) 344 Royal Plaza Ruby Hall 161 Royal Plaza Sapphire Hall 114 Royal Plaza Golden Hall 75 43

45 Key Parameters Income statement: Total revenue grew by 6.3% YoY in Movie income increased by 9.5% YoY, while film rent grew 188.4%, albeit off a small base. This was partially offset by declines of 38.9% and 65.9% in cinema rental income and advertising, respectively. The gross margin contracted to 10.1% in 2011 from 14.2% in 2010 as growth in direct costs outpaced revenue growth. General and administrative (G&A) expenses increased by 11.2% YoY, primarily due to rising employee and pension costs along with professional and governmental fees. Overall, net profit increased by 5.1% YoY in 2011, aided by a 58.3% YoY rise in rental income. The company announced a QR1.50 a share cash dividend and a 10% stock dividend for For 2010, QCFS had declared a cash dividend of QR2.50 a share (QR2.27 a share on an adjusted basis). Balance sheet: Cash and equivalents declined by around QR10mn. Property and equipment declined by 88.7% YoY while investment properties grew 14.6 times YoY due to the transfer of completed buildings from work-in-progress into investment property. Available-for-sale investments fell by 4.1%. Overall, total assets grew by 2.4% YoY in Borrowings (short and long term) were flat YoY. Key Personnel vs. Market Source: Bloomberg; Note: QCON INDEX is Qatar Exchange All Share Consumer Goods & Services Index and QEAS INDEX is Qatar Exchange All Share Index Absolute price performance 5 Years Ahmed Nasser Obaidan Ali Ishak Hussein Al Ishak Designation Chairman Managing Director Sector Snapshot Qatar Macroeconomic Snapshot FY2010 FY2011 FY2012* FY2013* Nominal GDP (USD bn) Real GDP (% change) GDP per capita (USD) 74,281 96, , ,326 Population (mn) Source: Qatar Statistics Authority, *QNB Group estimates Source: Bloomberg (as of April 8, 2012) Revenue and YoY Growth EBITDA and EBITDA Margin, Bloomberg 44

46 Key Historical Financials Income Statement Revenue YoY growth (%) (6.0) 6.3 Gross profit Gross margin (%) General and administrative expenses EBITDA 1 0 (2) (3) EBITDA margin (%) (13.9) (19.3) Depreciation EBIT (1) (1) (3) (5) EBIT margin (%) (3.5) (5.4) (21.1) (27.8) Rental income Dividend income Gain from sale of investments Net profit Net margin (%) , Bloomberg Total Assets and RoA, Bloomberg P/B Multiples FY2009 FY2009 FY2009 FY2009 QCFS N/A P/E Multiples FY2009 FY2009 FY2009 FY2009 QCFS N/A Balance Sheet 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 FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Debt/Equity (%) , Bloomberg 45

47 Qatar Co. for Meat and Livestock Trading (QMLS) Company Description Qatar s largest meat and livestock trading company by market share. QMLS, also known as Mawashi, was incorporated in 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. Mawashi receives government subsidies enabling it to sell Australian lamb (around 70% of its business) at a steep discount. The company also has a branch in Sudan. Company Snapshot Revenue 4-year CAGR (%) 24.6 Net Income 4-year CAGR (%) 66.9 Total assets 4-year CAGR (%) 21.0 Enterprise value* (QR mn) 872, *Bloomberg (as of April 8, 2012) Associates Qatari Bahraini Food Trade Co. (QBFTC; 50% 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 (Al Rayyan, Umm Salal and Al Wakra) 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. In January 2012, the Central Municipal Council (CMC) cited intentions to take away the project from QMLS due to delays in project completion. Doha Project for Animal and Agricultural Production Sudan: The company has undertaken three projects in Sudan cultivation of fodder, poultry and cattle. In December 2011, the company stated that these projects would start production within the next two years. QMLS is involved in reclaiming 2,500 acres of land to establish an agricultural plot for plant fodder and livestock farms. It has also purchased land near the Nile River for plant fodder and plans reclamation of another 5,000 acres of land in the Al Kadro region in Khartoum for similar purposes. From the fodder project (spread over an area of 42mn sq. m.), the company targets an annual production of 100,000 tons of green and dry fodder. From the Al Baraka Poultry Project (spread over 8.4mn sq. m.), QMLS aims to produce 6 million chickens per year at the outset, which would rise to 12 million chickens per year over the next four years. The third project, the International Khartoum Slaughterhouse (spread over 21mn sq. m.) includes construction of a quarantine area, a slaughterhouse and a processing and freezing section. Key Data Current market price (QR) Dividend yield# (%) 6.8 Bloomberg ticker QMLS QD ADR/GDR ticker N/A Reuters ticker QMLS.QA ISIN QA000A0KD6N7 Sector* Consumer Goods & Services 52wk high/52wk low (QR) 45.50/ m average volume ( 000) Mkt. cap. (USD bn/ QR bn) 0.2/0.8 Shares outstanding (mn) 18.0 Foreign ownership limit* (%) 23.2 Current FO** (%) year total return (%) Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Shareholders % stake Hassad Food 6.6 vs. Peers Source: Bloomberg; Note: MERS is Al Meera Consumer Goods Company and ZHCD is Zad Holding Company 46

48 Key Parameters Income statement: Revenue increased by 36.1% YoY while the cost of sales grew by a faster rate of 58.2% in Consequently, gross loss aggravated to QR246mn in 2011 from QR129mn in On the other hand, government compensation for meat price stabilization increased by 84.7% YoY to QR333mn. General and administrative expenses declined by 10.1%, primarily due to board of directors remuneration expenses (NIL in 2011 vs. QR3.0mn in 2010) and lower rent and professional expenses. Overall, net profit increased by 90.0% YoY to QR64mn in The company proposed a cash dividend per share of QR3.0 in 2011 as compared to QR1.5 per share in Balance sheet: Total assets grew by 49.7% YoY in 2011 due to a steep rise of 83.5% in total accounts receivable. This was partially offset by a decline of 74.2% in inventories. Cash and cash equivalents increased to QR27mn from QR6mn in Current liabilities increased by 162.4% YoY as QMLS availed Murabaha facilities of QR93mn and short-term bank acceptances of QR55mn in Capital work in progress by project (FY2011) QR mn Umm Ouena 25.7 Sudan branch 4.5 Umm Salal 0.9 Australian farm 0.5 Al Wakra 0.4 Al Rayyan 0.4 Sudan sheep farm 0.2 Key Personnel Sheikh Nayef Bin Eid Al-Thani Ahmed Nasser Al Kaabi Designation Chairman CEO and Managing Director vs. Market Source: Bloomberg; Note: QCON INDEX is Qatar Exchange All Share Consumer Goods & Services Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance 5 Years Source: Bloomberg (as of April 8, 2012) Revenue and YoY Growth Sector Snapshot Qatar Food and Retail Industry Food consumption growth (%) 28.7 Food consumption growth FY2011 (%) 11.2 Mass grocery retail sales growth (%) 31.4 Mass grocery retail sales growth FY2011 (%) 7.6 Source: Industry reports (as of 1Q2012) Net Profit and Net Margin Peer Metrics (all figures in QR mn) Mkt. cap.* Revenue Total assets Al Meera Consumers Goods Co. 1,790 1, Zad Holding Co ,978 (as of December 31, 2011), *Bloomberg (as of April 8, 2012) 47

49 Key Historical Financials Income Statement Revenue YoY growth (%) Gross profit (40) (82) (129) (246) Gross margin (%) (30.0) (49.7) (67.4) (94.6) General & administrative expenses* Compensation from the government EBITDA# EBITDA margin (%) Net profit Net margin (%) ; Note: *Excludes depreciation, #includes government subsidy on sales price calculated by the management Balance Sheet Cash and bank balances Accounts receivable & prepayments Inventories Due from associate Property, plant and equipment Investments available for sale Investments in land Capital work in progress Biological assets Investments in associates Total assets Accounts payable and accruals Bank acceptance/due to banks Murabaha (short term) Employees terminal benefits Due to the government Total equity Total liabilities and equity Net Profit and Net Margin P/B Multiples QMLS N/A MERS N/A ZHCD N/A P/E Multiples QMLS N/A MERS N/A ZHCD N/A Ratios FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Debt/Equity (%) , Bloomberg 48

50 Qatar Fuel (QFLS or WOQOD) Company Description WOQOD, established in 2002, 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) 350+ Revenue 5-year CAGR (%) 24.6 Enterprise value* (QR bn) 10.2, *Bloomberg (as of April 8, 2012) Subsidiaries The company operates through five subsidiaries. All the subsidiaries are whollyowned except Qatar Jet Fuel Company (60% 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 40% stake in Q-JET. Business Segments Refined petroleum products were the largest contributor to revenue (93.3%) and increased by 38.0% YoY in WOQOD has discontinued providing separate revenue disclosures for the jet fuel segment (34.7% of total revenue in 2009). 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. Jet Fuel (A1) sales volume grew more than 16% in 2011 to 1,713.8mn liters (31.9% of the total sales volume of 5,369.3mn liters in petroleum products). 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 4.5% to 2011 revenue and grew by 39.9% YoY. Transportation and storage contributed 1.8% to total revenue (up 2.0%). Inspection services, lubricants and supplies posted a small 0.5% contribution to total revenue in This segment increased 11.2% YoY in Key Data Current market price (QR) Dividend yield# (%) 3.3 Bloomberg ticker QFLS QD ADR/GDR ticker N/A Reuters ticker QFLS.QA ISIN QA Sector* Consumer Goods & Services 52wk high/52wk low (QR) / m average volume ( 000) 34.1 Mkt. cap. (USD bn/ QR bn) 3.5/12.6 Shares outstanding (mn) 52.0 Foreign ownership limit* (%) 15.0 Current FO** (%) year total return (%) 29.7 Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Shareholders % stake Qatar Petroleum 40.0 Source: Zawya (as of September 7, 2011) vs. Market Source: Bloomberg; Note: QCON INDEX is Qatar Exchange All Share Consumer Goods & Services Index and QEAS INDEX is Qatar Exchange All Share Index 49

51 Key Parameters Income statement: WOQOD reported an increase of 37.1% YoY in revenue to QR10.5bn in Gross profit grew only by 3.2% YoY to QR 1.7bn with gross margin decreasing to 15.9% versus 21.1% in 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 7.5% to QR1.2bn though margins were lower at 11.0% as compared to 14.0% in The company announced a 100% cash dividend or QR10.00 per share and 25% bonus shares, which translates into 2.5 shares per 10 outstanding shares for Balance sheet: Total assets grew by 13.1% YoY driven mainly by a substantial 38.4% increase in trade and other receivables and an 18.5% increase in property, plant and equipment in Accounts and other payables increased by 4.0% YoY to QR1.8bn while total equity increased by 20.3% to QR5.1bn. Future expansion plans: The company has approved a QR930mn budget for new projects (including projects under construction) in WOQOD has an aggressive plan to open around 100 gas stations across the State of Qatar over the long term effectively becoming the top player in the fragmented retail market. Currently, QFLS website lists 24 gas stations. Woqod states in its annual report that 9 gas stations are scheduled to open in 2012 and 4 more are in the design stage. Further, there are expansion plans for 5 existing gas stations. The completion of pipeline projects to supply Jet Fuel to the Doha Depot and the New Doha International Airport are expected by 1Q2012 and early 2013, respectively. Among other projects, WOQOD is studying the feasibility to open a lube blending oil plant. QFLS has a presence in Saudi Arabia through WOQOD Kingdom and plans to establish gas stations and commercial spaces in the country by end Key Personnel Absolute Price Performance 5 Years Source: Bloomberg (as of April 8, 2012) Revenue and YoY Growth EBITDA and EBITDA Margin H.E. Abdulla Bin Hamad Al Attiyah Mohamed Khalifa Turki Al Sobai Designation Chairman Vice Chairman and Managing Director Sector Snapshot Qatar FY2007 FY2008 FY2009 FY2010 Oil product consumption ( 000 barrels/day) YoY growth (%) Source: BP Statistical Review of World Energy (June 2011) Working Capital (WC) and WC Turnover Oil consumption 2020 ( 000 barrel/day) Oil consumption growth (%) 79.0 Source: Industry reports (as of 3Q2011) 50

52 Key Historical Financials Income Statement Revenue 7,509 6,176 7,663 10,504 YoY growth (%) 59.2 (17.7) Gross profit* 1,539 1,277 1,621 1,672 Gross margin (%) General and administrative expenses* EBITDA 1, ,166 1,153 EBITDA margin (%) Net profit 1, ,169 1,289 Minority (106) (79) (95) (134) Profit to equity shareholders 1, ,074 1,155 Net margin (%) ; Note: *Excludes depreciation and amortization expenses included by the company EV/EBITDA Multiples WOQOD N/A P/E Multiples WOQOD N/A Balance Sheet Cash and bank balances 1,284 1,864 2,903 2,749 Trade and other receivables 1,420 1,339 1,306 1,806 Inventories Property, plant and equipment 1,055 1,269 1,389 1,645 Goodwill Other non-current assets Total assets 4,075 4,945 6,154 6,958 Accounts and other payables 1,485 1,478 1,749 1,819 Non-current liabilities Equity of shareholders 2,443 3,271 4,019 4,813 Minority Total liabilities and equity 4,075 4,945 6,154 6,958 Ratios FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Debt/Equity (%) Source: Bloomberg 51

53 Qatari German Co. for Medical Devices (QGMD) Company Description A disposable syringe manufacturer. QGMD, incorporated in 2000, is engaged in the manufacturing and distribution of single use disposable syringes, such as intravenous (IV) catheters and traditional and safety syringes. In 2006, the company entered into a 5-year contract with Siegfried Schumacher GmbH for the distribution of over 100mn disposable syringes. In 2007, QGMD acquired certain patents related to syringe manufacturing from Siekmann GmbH. Since beginning commercial production in late 2008, QGMD has been marketing its products under the following brands: Q Safe, Q Ject, Q Need and Q Flow. 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 9001:2008, CE Mark, FDA 510K, GMP and PCT certified. Company Snapshot Revenue 3-year CAGR (%) 30.9 Enterprise value* (QR mn) Total assets 3-year CAGR (%) (1.8) Gross profit 3-year CAGR (%) 0.1, *Bloomberg (as of April 8, 2012) 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. Key Data Current market price (QR) Dividend yield# (%) Bloomberg ticker ADR/GDR ticker Reuters ticker ISIN Sector* 8.50 N/A QGMD QD N/A QGMS.QA QA Consumer Goods & Services 52wk high/52wk low (QR) 10.19/ m average volume ( 000) 44.6 Mkt. cap. (USD mn/ QR mn) 27.0/98.2 Shares outstanding (mn) 11.6 Foreign ownership limit* (%) 25.0 Current FO** (%) year total return (%) (3.4) Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership vs. Peers 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 6009 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 Source: Bloomberg; Note: MCGS is Medicare Group Income statement: Revenue decreased by 4.2% YoY to QR8mn in The gross margin increased marginally to 9.5% in 2011 from 9.4% in 2010 due to a 3.4% YoY decline in cost of sales. Staff costs increased by 26.6% YoY while interest and bank charges decreased by 1.3%. Other income, which comprises of rent, interest and miscellaneous income, decreased by 71.3% YoY to QR0.3mn, mainly due to an 86.9% YoY decline in interest income. Gain on revaluation of investment properties of QR9.9mn in 2011 allowed the company to report a net profit of QR0.3mn in 2011 vs. a net loss of QR3mn in QGMD did not announce any cash dividend for 2011, same as in

54 Balance sheet: Total assets increased by 1.9% YoY to QR224mn in Cash and bank balances decreased by 58.0% YoY to QR4mn, due to a decline of QR8mn in current and call accounts, partially offset by an increase of QR3mn in fixed deposit account. Advances towards the purchase of property and equipment decreased by 43.4% YoY while investment property increased by QR17mn YoY. The recorded value of QGMD s patent portfolio decreased by 5.3% YoY to QR28mn. On the liabilities side, term loans (short and long term) increased by 14.8% YoY to QR19mn. Payables and other credit balances increased by 20.6% YoY. Equity rose marginally by 0.2% YoY to QR201mn. vs. Market Key Personnel Abdul Aziz Bin Nasser Al-Khalifa Saif Ali Al Hajary Hazem Abdulrahman Al Shareef Sector Snapshot Qatar Pharmaceutical Market Designation Chairman Vice Chairman General Manager Source: Bloomberg; Note: QCON INDEX is Qatar Exchange All Share Consumer Goods & Services Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance 5 Years Pharmaceutical market FY2011 (QR bn) 1.4 Drug expenditure CAGR (%) 12.6 Drug expenditure 2015 (QR bn) 2.6 Source: Industry reports (as of 1Q2012) Key Historical Financials Income Statement Revenue YoY growth (%) (4.2) Gross profit Gross margin (%) Operating expenses EBITDA* (2) (2) (2) (5) EBITDA margin (%) (71.8) (21.7) (22.7) (68.7) Finance costs (net) Net profit 7 2 (3) 0 Net margin (%) (42.6) 5.2, *Bloomberg Source: Bloomberg (as of April 8, 2012) Net Profit Working Capital (WC) and WC Turnover 53

55 Balance Sheet Cash and bank balances Accounts receivable and prepayments Inventories Intangible assets Advances against property and equipment Investment property Property, plant and equipment Total assets Term loans (short and long term) Accounts payable Due to bank Employees end of service benefits Total equity Total liabilities and equity Ratios FY2008 FY2009 FY2010 FY2011 RoE (%) (1.7) 0.2 RoA (%) (1.5) 0.2 Debt/Equity (%) Source: Bloomberg Total Assets and RoA*, *Bloomberg P/B Multiples QGMD N/A MCGS N/A P/B Multiples QGMD 59.5 N/M N/M N/A MCGS N/M N/A 54

56 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) 3.2 Total assets FY 2011 (QR mn) 4,364 Revenue 5-year CAGR (%) 10.0 YoY growth in assets (%) 55.0, *Bloomberg (as of April 8, 2012) Subsidiaries / Associates SIIS has more than 30 subsidiaries primarily located in the State of Qatar and the UAE. Most of the subsidiaries are wholly-owned by SIIS except Holmsglen (98% owned), Adabisc Future Qatar (60%), Salam Enterprise Company Bahrain (80%) and Salam Bounian Development Company (62.55%). SIIS s important associates include Qatar Aluminum Extrusion Company Q.S.C (20%) and Serene Real Estate S.A.L. (48.99%). 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 services and executes turnkey projects for upstream oil and gas industry (Salam Petroleum Services) and in sectors such as petrochemicals, metals and steel, cement and utilities, etc. (Stream Industrial and Engineering). 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). Key Data Current market price (QR) Dividend yield# (%) 7.0 Bloomberg ticker SIIS QD ADR/GDR ticker N/A Reuters ticker SALM.QA ISIN QA Sector* Consumer Goods& Services 52wk high/52wk low (QR) 13.38/ m average volume ( 000) Mkt. cap. (USD bn/ QR bn) 0.4/1.5 Shares outstanding (mn) Foreign ownership limit* (%) No Limit Current FO** (%) year total return (%) 30.7 Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Key Subsidiaries % stake Gulf Industries Salam Petroleum Services Salam Technical Services Omnix Qatar Salam Bounian 62.6 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 (FY2011) Net Profit By Segment (FY2011) 55

57 Key Parameters Income statement: Operating income increased by 10.6% YoY in 2011 to QR1.9bn primarily due to a 22.9% and a 16.2% increase in operating income from the C&D and C&LP segments, respectively, partially offset by a 34.1% decline in operating income from the T&T segment. However, operating cost increased by 11.0%, higher than revenue growth, leading to a slight decline in gross margin from 29.1% to 28.8%. Other income declined to QR20mn from QR43mn in Separately, SIIS recorded a gain of QR28mn on acquisition of an additional stake in Salam Bounian Development Company(SBDC). Staff expenses and general & administrative expenses increased by 5.2% and 7.1%, respectively. Share of loss from associates increased significantly to QR24mn in 2011 from QR6mn in Consequently, net profit grew by 13.2% to QR159mn. SIIS announced a QR1.0 per share cash dividend and a stock dividend of 10% for 2011 vs. QR1.0 per share cash dividend and a 5% stock dividend in Balance sheet: Total assets increased by 55.0% YoY in Cash balance and inventories increased by 68.2% and 30.3%, respectively. Importantly, investment properties increased by 199.6% while investment in associates declined by 51.0%, primarily due to acquisition of additional stake in Salam Bounian Development Company (earlier accounted as associate). The acquisition also led to a 190.8% increase in borrowings while non-controlling interest increased from QR2mn to QR257mn. vs. Peers Source: Bloomberg; Note: AHCS is Aamal Company and MCCS is Mannai Corporation vs. Peers Key Personnel Issa Abdul Salam Abu Issa Hussam Abdul Salam Abu Issa Sector Snapshot Qatar Construction Industry Designation Chairman and Chief Executive Officer Vice Chairman and COO Source: Bloomberg; Note: AHCS is Aamal Company and MCCS is Mannai Corporation Absolute Price Performance 5 Years QR bn FY2008 FY2009 FY2010 FY2011 Nominal construction GDP Real growth, YoY (%) (24.0) 2.3 Source: Qatar Statistics Authority Peer Metrics (All figures in QR mn) Mkt. cap.* Revenue Total assets Aamal Co. 8,608 1,910 7,613 Mannai Corp. 3,182 2,293 2,894 (as of December 31, 2011), *Bloomberg (as of April 8, 2012) Source: Bloomberg (as of April 8, 2012) EBITDA and EBITDA Margin Source: Bloomberg 56

58 Key Historical Financials Income Statement Revenue 1,752 1,751 1,688 1,867 YoY growth (%) 29.5 (0.1) (3.6) 10.6 Gross profit Gross margin (%) Salaries and staff benefits General and administrative expenses EBITDA* EBITDA margin (%) Finance cost Net profit Minority Profit to equity shareholders Net margin (%) , *Bloomberg Balance Sheet Cash and bank balances Trade and other receivables Inventories Other current assets Property, plant &equipment Investment properties ,188 Other non-current assets Total assets 2,764 2,692 2,815 4,364 Trade and other payables Other current liabilities Total debt (short and long term) ,550 Other non-current Liabilities Equity of shareholders 1,479 1,551 1,618 1,670 Minority Total liabilities and equity 2,764 2,692 2,815 4,364 Net Profit and Net Margin Total Assets and RoA EV/EBITDA Multiples SIIS N/A AHCS N/A MCCS N/A P/E Multiples SIIS N/A AHCS N/A MCCS N/A Ratios FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Debt/Equity (%) Source: Bloomberg 57

59 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 ZHCD imports wheat and produces and markets different types of flour, pasta, bakery products, biscuits and baby foods. ZHCD also undertakes investments in financial instruments and is involved in transportation services. With an aim of business expansion, ZHCD acquired a real estate firm named Meeda Projects Company (MPC) in June 2011 (after acquiring National Food Company earlier) and is also developing a Greenfield poultry project. Company Snapshot Revenue 4-year CAGR (%) 19.0 Total assets FY2011 (QR mn) 1,978 Flour production capacity (tons/day) 600 Enterprise value* (QR mn) 884, *Bloomberg (as of April 8, 2012) Subsidiaries ZHCD has 100% stakes in the following subsidiaries: Qatar Flour Mills Company (QFM): Incorporated in 2009, 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 2009, manufactures fresh and dry bakery and sweet products. Qatar Food Industries Company (QFI): Incorporated in 2009, this company produces biscuits and pasta products. Arzak Marketing Company (AMC): Formed in 2008, this company is engaged in the trading of grains and foodstuffs. Zain Trading Company (ZTC): Incorporated in 2009, this subsidiary was formed for foodstuffs and animal feed trading. National Food Company (NFC): Acquired in 2011, this subsidiary produces and markets processed frozen meat products under the Al Arabia brand. Recent Acquisition Key Data Current market price (QR) Dividend yield# (%) Bloomberg ticker ADR/GDR ticker Reuters ticker ISIN Sector* N/A ZHCD QD N/A ZHCD.QA QA Consumer Goods & Services 52wk high/52wk low (QR) 63.70/ m average volume ( 000) 8.0 Mkt. cap. (USD bn/ QR bn) 0.2/0.6 Shares outstanding (mn) 13.1 Foreign ownership limit* (%) 22.8 Current FO** (%) year total return (%) (7.0) Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Key Subsidiaries % stake Qatar Flour Mills Co Umm Said Bakery Qatar Food Industries Co Arzak Marketing Co Zain Trading Co National Food Co Meeda Projects Company (MPC): In June 2011, ZHCD acquired MPC through the issuance of 8.5mn new shares ( shares of MPC to 1 share for ZHCD). However, these shares are yet to be listed. Business Segments Trading, manufacturing, distribution and services: This segment includes contributions from QFM, AMC and ZTC. This segment contributed 66.3% to net profit and 33.2% to total assets in 1H2011. We note that the company has not released a segment breakdown for 2H2011. Manufacturing and distribution: This segment comprises contributions from USB and QFI and made up 4.9% of total assets and 7.1% of net profit in 1H

60 Investment and managed services include management of affiliates, investments in financial instruments and establishment of companies for specific purposes. This segment accounted for 61.9% of total assets and 26.5% of net profit in 1H2011. vs. Peers Key Parameters Income statement: Revenue declined by 3.2% YoY to QR294mn in 2011, while cost of revenue grew by 4.6% to QR317mn. General and administrative (G&A) expenses and selling and distribution (S&D) expenses increased by 14.6% and 67.7% YoY, respectively. Impairment losses grew almost six-fold from QR2mn in 2010 to QR13mn in 2011, while other operating income declined 14.4% in the same period. Despite this, net profit grew by 34.4% YoY to QR85mn, primarily due to the growth of 30.6% YoY in government compensation and a one-time gain of QR42mn on bargain purchase of a subsidiary. ZHCD is yet to announce dividends for 2011 and paid a cash dividend of QR2.3 a share (adjusted) for Balance sheet: Accounts, prepayments and other receivables grew by 115.8% YoY, while inventories increased sharply by 188.3% YoY. Assets classified as held for sale declined by 81.3% YoY. The company recorded an investment property of QR1,040mn at the end of the year. Overall, total assets increased by 174.8% YoY. On the liabilities side, accounts payable grew sharply by 168.9% YoY. Total shareholders equity more than doubled to QR1,260mn at the end of The company implemented a rights issue of QR106mn in April 2011 to raise funds for expansion and issued 8.5mn shares reserved for the MPC acquisition. ZHCD raised total borrowings (short and long term) of QR311mn during the year. Source: Bloomberg; Note: MERS is Al Meera Consumer Goods Co. and QMLS is Qatar Co. for Meat & Livestock Trading vs. Market Key Personnel Sheikh Nasser Bin Mohammad Bin Jabor Al-Thani Sheikh Talal Bin Mohammad 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 Source: Bloomberg; Note: QCON Index is Qatar Exchange All Share Consumer Goods & Services Index and QEAS Index is Qatar Exchange All Share Index Absolute Price Performance 5 Years Food consumption growth (%) 28.7 Food consumption growth FY2011 (%) 11.2 Mass grocery retail sales growth (%) 31.4 Mass grocery retail sales growth FY2011 (%) 7.6 Supermarket sales growth (%) 15.7 Supermarket sales growth FY2011 (%) 4.2 Source: Industry reports (as of 1Q2012) Source: Bloomberg (as of April 8, 2012) Revenue and YoY growth Peer Metrics (all figures in QR mn) Mkt. cap.* Revenue Total assets Al Meera Consumer Goods Company 1,790 1, Qatar Company for Meat and Livestock Trading (as of December 31, 2011), *Bloomberg (as of April 8, 2012) 59

61 Key Historical Financials Income Statement Revenue YoY growth (%) (36.8) Gross profit (loss) (100) (40) 1 (23) Gross margin (%) (29.7) (18.7) 0.2 (7.9) Compensation from the government Operating expenses* Other operating income EBITDA EBITDA margin (%) Depreciation EBIT EBIT margin (%) Finance costs (net) Net profit Net margin (%) ; Note: *Includes depreciation Balance Sheet Cash in hand and at bank Inventories Accounts and other receivables Property, plant and equipment Investment property ,040 Other assets Total assets ,978 Accounts and other payables Borrowings - long and short term Other liabilities Total equity ,260 Total liabilities and equity ,978 EBITDA and EBITDA Margin Total Assets and RoA, Bloomberg P/B Multiples ZHCD N/A MERS N/A QMLS N/A P/E Multiples ZHCD N/A MERS N/A QMLS N/A Ratios FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Fixed assets turnover (%) Source: Bloomberg 60

62 Aamal Company (AHCS) Company Description A diversified firm with a regional focus. AHCS, incorporated in January 2001, operates across various business verticals with interests in industrial manufacturing, retail, property, managed services, medical equipment and pharmaceuticals. Qatar General Electricity & Water Corporation recently awarded a two-year contract to Doha Cables (subsidiary of AHCS). According to the contract, which is expected to generate revenue of QR1.8bn, AHCS will supply low and medium voltage power transmission cables. Company Snapshot Revenue 5-year CAGR (%) 35.3 Investment properties FY 2011 (QR bn) 5.6 Enterprise value* (QR bn) 9.4 Total assets FY2011 (QR bn) 7.6, *Bloomberg (as of April 8, 2012) Subsidiaries / Associates The company s subsidiaries include Aamal Cement Industries, Advanced Pipes and Casts Company, Senyar Industries Qatar Holding (Doha Cables, Doha Transformers and El Sewedy Cables Qatar), Johnson Controls Qatar, ECCO Gulf, and Aamal Qatar Holding Company (Bahrain). AHCS has associate investments in Ci-San Trading, Frijns Structural Steel Middle East and Al Farazdaq. Business Segments Industrial manufacturing: The segment includes manufacturing, wholesale and retail distribution of electric cables and tools, ready-mix concrete and cement blocks and provision of services in relation to industrial investment, repair and construction of power plants and management of industrial enterprises. Trading and distribution: The segment involves wholesale and retail distribution of pharmaceutical and consumable items, medical equipment, tires and lubricants, perfumes and cosmetic items. Property: The segment consists of City Center Qatar Branch and Aamal Real Estate Branch, which are involved, in leasing the facilities of retail outlet complex, real estate investments and property rental businesses. Managed services: The segment involves provision of housekeeping and cleaning services, facilities management services, energy services, building maintenance and acting as travel agents. Key Data Current market price (QR) Dividend yield# (%) N/A Bloomberg ticker AHCS QD ADR/GDR ticker Z LI Reuters ticker AHCS.QA ISIN QA000A0NCQB1 Sector* Industrials 52wk high/52wk low (QR) 25.00/ m average volume ( 000) 80.3 Mkt. cap. (USD bn/ QR bn) 2.4/8.6 Shares outstanding (mn) Foreign ownership limit* (%) 25.0 Current FO** (%) year total return (%) (3.1) Fiscal year end Dec 31 Source: Bloomberg (as of April 08, 2012), *Qatar Exchange (as of April 08, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Key Subsidiaries % stake Aamal Cement Industries 99.0 Senyar Industries 50.0 Advanced Pipes and Casts 60.0 Company Doha Cables Qatar 45.9 vs. Peers Revenue By Segment (FY2011) Net Profit By Segment (FY2011) ; Note: *Excludes head office expenses of QR48mn Source: Bloomberg; Note: QIMD is Qatar Industrial Manufacturing Company and SIIS is Salam International Investment Ltd. 61

63 Key Parameters Income statement: Revenue increased by 56.9% YoY to QR1.9bn in 2011 driven by significant increase in revenue from the Industrial Manufacturing segment (106.4% YoY increase). Gross margin declined to 23.1% in 2011 from 31.5% in 2010, primarily due to a change in business mix, with a greater focus on the higher volume, lower margin industrial manufacturing segment in line with the company s medium term growth strategy. Net profit to equity holders declined from QR527mn in 2010 to QR492mn in Balance sheet: Total assets grew by 15.6% YoY to QR7.6bn in 2011 driven primarily by 92.5% increase account and other receivables. Investment properties increased to QR5.6bn. On the liabilities side, accounts and other payables more than doubled to QR784mn versus QR301mn in Total shareholders equity rose by 9.3% to QR6.0bn, after excluding non-controlling interests, equity attributable to equity holders increased by 8.9% to QR5.8bn. Key Personnel Sheikh Faisal Bin Qassim Al-Thani Tarek M. El Sayed, Bloomberg Designation Chairman Managing Director vs. Market Source: Bloomberg; Note: QIND INDEX is Qatar Exchange All Share Industrials Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance 5 Years* Sector Snapshot Qatar Construction Industry QR bn FY2008 FY2009 FY2010 FY2011 Nominal construction GDP Real growth, YoY (%) (24.0) 2.3 Source: Qatar Statistics Authority Source: Bloomberg (as of April 8, 2012); Note: *Listed on December 5, 2007 Revenue and YoY Growth Pharmaceutical Market Market size (2011) QR bn 1.4 Expected market size (2015) QR bn 2.6 Expected CAGR (%) 12.6 Source: Industry reports (as of 1Q2012) Peer Metrics (all figures in QR mn) Mkt. cap.* Revenue Total assets Mannai Corporation 3,182 2,293 2,894 Qatar Industrial Manufacturing Co. 2, ,436 Salam International Investment Ltd. 1,487 1,867 4,364 (as of December 31, 2011), *Bloomberg (as of April 8, 2012) EBITDA and EBITDA Margin Source: Bloomberg 62

64 Key Historical Financials Income Statement Revenue ,217 1,910 YoY growth (%) Gross profit Gross margin (%) General and administrative expenses EBITDA* (before fair value gain) EBITDA margin (before fair value gain) % Net finance cost Fair value gains on investments properties Net profit Non-controlling interests Profit to equity shareholders Net margin to equity shareholders (%) , *Bloomberg Balance Sheet Cash and bank balances Accounts and other receivables Inventories Investment properties 4,738 4,861 5,262 5,552 Property, plant and equipment Other non-current assets Total assets 5,661 6,022 6,586 7,613 Accounts and other payables Total debt (short and long term) Equity of shareholders 4,580 4,829 5,356 5,832 Non-controlling interests Total liabilities and equity 5,661 6,022 6,586 7,613 Total Assets and RoA, Bloomberg EV/EBITDA Multiples AHCS N/A QIMD N/A SIIS N/A P/E Multiples AHCS N/A QIMD N/A SIIS N/A Ratios FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Debt/Equity (%) Source: Bloomberg 63

65 Qatari Investors Group (KHCD) Company Description A diversified conglomerate with a focus on cement. KHCD, which recently changed its name to Qatari Investors Group, is engaged in cement manufacturing, building materials, industrial equipment works, IT and security systems, real estate and investments. KHCD, which was incorporated in 2006, also provides logistics, marine, aviation and catering services. Company Snapshot Cement revenue 3-year CAGR (%) Enterprise value* (QR bn) 2.9 Total assets FY2011 (QR mn) 3,056 Total assets YoY growth (%) (12.4), *Bloomberg (as of April 8, 2012) Key Subsidiaries KHCD owns 100% stakes in 20 subsidiaries. We provide some details below: Gulf Cement Company (GCC) is yet to start commercial operations and is currently involved in setting up a Greenfield plant with a capacity of 5,000 tons/day. The company is currently testing limited production of cement and clinker and is involved in investment activities in addition to financing all stages of the plant s construction. GCC 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 ending in Gulf Cement Trading Company is involved in the sales and trading of cement. Qatari Investors Group is involved in investments and other trading. 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. Key Data Current market price (QR) Dividend yield# (%) 3.1 Bloomberg ticker KHCD QD ADR/GDR ticker N/A Reuters ticker GHCD.QA ISIN QA000A0NA0T7 Sector* Industrials 52wk high/52wk low (QR) 18.86/ m average volume ( 000) Mkt. cap. (USD bn/ QR bn) 0.5/2.0 Shares outstanding (mn) Foreign ownership limit* (%) 24.9 Current FO** (%) year total return (%) (5.4) Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Key Subsidiaries % stake Gulf Cement Co Gulf Cement Trading Co Qatar Security System International Technical & Trading Co QIG Industries Co QIG Marine Services Co QIG Properties QIG Properties is engaged in real estate investment and management activities. Segments Cement contributed 35.2% and 65.3% to net profit and total assets, respectively, in This segment includes limited production, sale and trading of cement. Contracting and engineering comprises of construction materials and general equipment related businesses and contributed 20.9% to net profit in Real estate accounted for 32.7% of net profit in

66 Industrial comprises of project management and support services and contributed 25.8% to net profit in Marine and aviation comprises of shipping, marine and aviation maintenance services and accounted for 3.7% of net profit in vs. Peers Others include other activities of KHCD such as investments, insurance, logistics and catering services. In total, other segments posted a net loss in Key Parameters Income statement: KHCD reported a 22.3% YoY increase in cement revenue to QR194mn in The gross margin from cement operations increased to 23.9% versus 21.6% in Other operating income (contract and service income) remained flat at QR48mn. Operating expenses increased by 21.7% YoY to QR67mn due to a 60.8% rise in contract and services expense. Investment and other income remained flat at QR58mn, with declines in income from short-term deposits, rental income, other income and gain from fair value of investment properties fully offset by a gain on sale of investment properties. KHCD reported a 20.8% YoY decrease in finance costs over the period. Overall, net profit improved by 3.9% YoY to QR74mn in The company announced a cash dividend of QR0.50 a share for 2011, which was flat YoY. Source: Bloomberg; Note: QNCD is Qatar National Cement Company vs. Market Balance sheet: Total assets declined by 12.4% YoY in 2011 primarily driven by a substantial decrease of QR593mn (-83.7% YoY) in cash and bank balances. However, KHCD repaid loans of QR427mn in 2011, lowering its debt/equity ratio to 51.0% versus 73.2% in Key Personnel Abdullah Bin Nasser Al Misnad Omar Ibrahim Yagi, Bloomberg Sector Snapshot Qatar Cement Sector Designation Chairman and Managing Director General Manager Source: Bloomberg; Note: QIND INDEX is Qatar Exchange All Share Industrials Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance 5 Years FY2008 FY2009 FY2010 FY2011 Total production capacity (mn tons) % of total GCC capacity Source: Industry reports Peer Metrics (all figures in QR mn) Mkt. cap.* Revenue Total assets Qatar National Cement Company 5, ,619 (as of December 31, 2011), *Bloomberg (as of April 8, 2012) Source: Bloomberg (as of April 8, 2012) Revenue and Net Profit 65

67 Key Historical Financials Income Statement Revenue from cement operations YoY growth (%) 1, Gross profit from cement operations Gross margin (%) Other operating income Operating expenses* EBITDA (12) EBITDA margin (%) N/M Finance costs Investment and other income (net) Net profit Net margin (%) ; Note: *Excludes depreciation Net Profit By Segment (FY2011) ; Note: Excludes other segments which posted a net loss in 2011 Total Assets and RoA Balance Sheet Cash and bank balances Accounts and other receivables Other current assets Available-for-sale investments Property, plant and equipment 760 1,568 1,761 1,776 Investment properties Other non-current assets Total assets 1,675 2,668 3,489 3,056 Trade and other payables Accruals and other credit balances Total debt (short and long term) , Other non-current liabilities Total equity 874 1,852 1,928 1,936 Total liabilities and equity 1,675 2,668 3,489 3,056 EV/EBITDA Multiples KHCD N/M N/A QNCD P/E Multiples KHCD N/A QNCD Ratios FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Debt/Equity (%) Source: Bloomberg 66

68 Gulf International Services (GISS) Company Description A holding company with exposure to the downstream hydrocarbon sector. Qatar Petroleum (QP) founded GISS in February GISS has investments in oil and gas related services, 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). Over , GISS expects revenues and net profit to reach QR2.2bn (8.4% CAGR) and QR0.6bn (15.3% CAGR), respectively. Company Snapshot Revenue 3-year CAGR (%) 7.1 Net Income 3-year CAGR (%) (12.6) No. of rigs 9 Enterprise value* (QR bn) 3.5, *Bloomberg (as of April 8, 2012) Subsidiaries / Joint Venture Gulf Drilling International Ltd. (GDI): 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, all under contract. GDI currently has ~50% and 100% shares of the Qatari offshore and onshore market, respectively. GDI has placed an order for two land rigs (GDI-5 and GDI-6) with Lanco Well Services, with delivery expected in 2H2012. GISS plans to acquire three new jack-up rigs, two land rigs (mentioned above) and two jack-up accommodation barges over the next three years. Al Koot Insurance and Reinsurance Company (AKIR): Incorporated in 2003, this 100%-owned subsidiary provides various insurance, reinsurance and risk management services to QP and its subsidiaries and affiliates. GISS continues to enjoy good traction with non-qp clients in medical insurance. Gulf Helicopters Company (GHC): 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 operated a fleet of 40 helicopters in 2011 compared to 37 in The company has recently signed a preliminary contract for 15 AW189 helicopters for offshore transport missions. Revenue By Segment (FY2011) Net Profit By Segment (FY2011) Key Data Current market price (QR) Dividend yield# (%) 4.7 Bloomberg ticker GISS QD ADR/GDR ticker N/A Reuters ticker GISS.QA ISIN QA000A0Q6LH4 Sector* Industrials 52wk high/52wk low (QR) 27.55/ m average volume ( 000) Mkt. cap. (USD bn/ QR bn) 1.0/3.7 Shares outstanding (mn) Foreign ownership limit* (%) 17.5 Current FO** (%) year total return (%) 6.3 Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Key Subsidiaries Source: Zawya (as of December 22, 2010) Subsidiaries % stake Qatar Petroleum 30.0 General Retirement and 1.4 Pension Authority Qatar Foundation 1.4 Al Koot Insurance and Reinsurance Company % stake Gulf Helicopters Company Gulf Drilling International 70.0 Ltd. 67

69 Key Parameters Income statement: Total revenue declined by 1.1% YoY to QR1.5bn in Revenue from the drilling business declined 14.4% due to lower offshore day rates and fewer rig-operating days. Insurance revenue increased by 14.5% with growth in the sums insured, premium inflation in the energy business and traction in the medical segment. Aviation revenue declined 1.1% as domestic growth was offset by a regional decline given the social unrest in Net margin from the drilling, aviation and insurance segments declined to 19.5% (vs. 38.8% in 2010), 37.6% (vs. 43.0%) and 6.6% (vs. 8.4%), respectively. GISS announced a cash dividend of QR1.30 a share for 2011 (similar to 2010) and a 10% stock dividend. Balance sheet: Total assets grew by 9.1% YoY to QR4.6bn in 2011 driven by 17.9% and 32.3% growth in property, plant & equipment and cash and bank balances, respectively. On the liabilities side, current liabilities grew by 14.7% YoY mainly due to a 16.1% increase in payables, accruals and due to related parties. Total debt increased by 10.6% in 2011, while total equity improved by 5.0% YoY. Acquisition of Amwaj: In late March, GISS announced that it had agreed to acquire Amwaj from QP for a cash consideration of ~QR353mn. Amwaj primarily provides catering services to QP and has plans to diversify its clientele and services. Key Personnel vs. Market Source: Bloomberg; Note: QIND INDEX is Qatar Exchange All Share Industrials Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance 5 Years* 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 Othman Fakhro Designation Chairman and Managing Director Vice Chairman CEO AKIR CEO GHC CEO GDI Sector Snapshot Qatar Oil & Gas Sector 2010 Reserves Proven oil reserves (bn barrels) 25.9 Proven natural gas reserves (tn cubic feet) 894 Crude oil production ( 000 barrels/day) 1,569 Natural gas production (bn cubic feet/day) 11.3 Source: BP Statistical Review of World Energy (June 2011) Source: Bloomberg (as of April 8, 2012); Note: *Listed on May 26, 2008 EBITDA and EBITDA Margin Insurance Sector Gross Premiums Written 3,443 3,412 3,507 3,759 YoY growth (%) 14.7 (0.9) Net Premiums Earned 1,364 1,546 1,604 1,827 YoY growth (%) Total assets 11,358 12,332 14,390 14,927 YoY growth (%) ; Note: Based on data for publicly listed insurance companies 68

70 Key Historical Financials Income Statement QR mn FY2008* FY2009 FY2010 FY2011 Revenue 1,197 1,570 1,486 1,469 YoY growth (%) N/A 31.2* (5.3) (1.1) Gross profit Gross margin (%) General and administrative expenses** EBITDA EBITDA margin (%) Net finance income (10.6) Net profit Net margin (%) (*from February 12, 2008), Bloomberg; Note: **Excludes depreciation Net Profit and Net Margin Total Assets and RoA Balance Sheet Cash and bank balances ,094 Receivables, prepayments and other dues Insurance receivables Financial assets at fair value Property, plant and equipment 1,807 1,797 1,945 2,293 Investment properties Total assets 3,312 3,685 4,221 4,605 Loans and borrowings (short and long term) 1, Trade and other payables ,107 1,285 Total equity 1,653 2,050 2,243 2,355 Total liabilities and equity 3,312 3,685 4,221 4,605 EV/EBITDA Multiples GISS N/A P/E Multiples GISS N/A Ratios FY2008 FY2009 FY2010 FY2011 RoE (%) N/A RoA (%) N/A Debt/Equity (%) Source: Bloomberg 69

71 Industries Qatar (IQCD) Company Description A regional heavyweight. Incorporated in 2003, 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, 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 (USD2.04/mmbtu in 2011) from the government. Company Snapshot Projected capital investment ( ) (QR bn) Capital Investment ( ) (QR bn), *Bloomberg (as of April 8, 2012) Subsidiaries / Joint Venture Qatar Steel (QS; 100% 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. Qatar Petrochemical (QAPCO; 80%) produces petrochemicals including ethylene (2.0 mtpa capacity; ~50% used for low-density polyethylene [LDPE]), LDPE (0.4 mtpa) and linear low-density PE (LLDPE: 0.45 mtpa). The company is undergoing an expansion of its LDPE capacity and will expand it to 0.7mtpa in Qatar Fertilizer (QAFCO; 75%) primarily produces ammonia (~80% used for urea and some ammonium phosphate production) and urea. QAFCO is the world s largest single site producer of ammonia and urea with production capacities of 2.1 mtpa and 2.9 mtpa, respectively. QAFCO launched its QAFCO-5 project recently and is building QAFOC-6, thereby expanding production capacity of ammonia and urea by 1.5 mtpa and 2.7 mtpa, respectively, by end Qatar Fuel Additives (QAFAC; 50%) produces methyl-tertiary-butyl-ether (MTBE) and methanol with installed capacities of 0.6 mtpa and 1.0 mtpa, respectively. Business Segments 8.2 Revenue 5-year CAGR (%) Enterprise value* (QR bn) 78.2 Petrochemicals accounted for 39.3% and 47.4% of total revenue and net profit, respectively, in This segment also includes fuel additives. Fertilizer contributed 25.9% and 31.9% to total revenue and net profit, respectively. Steel accounted for 34.8% and 20.6% of total revenue and net profit, respectively. Key Data Current market price (QR) Dividend yield# (%) 5.3 Bloomberg ticker IQCD QD ADR/GDR ticker N/A Reuters ticker IQCD.QA ISIN QA000A0KD6K3 Sector* Industrials 52wk high/52wk low (QR) / m average volume ( 000) Mkt. cap. (USD bn/ QR bn) 21.4/77.9 Shares outstanding (mn) Foreign ownership limit* (%) 7.5 Current FO** (%) year total return (%) 6.5 Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Shareholders % stake Qatar Petroleum 70.0 (as of February 26, 2012) vs. Peers Revenue Mix By Segment Net Profit Mix* By Segment Source: Bloomberg; Note: SABIC is Saudi Basic Industries ; Note: Real estate is negligible and was liquidated in 2011, *Excludes unallocated income 70

72 Recent Announcement Qatar Petroleum and QAPCO entered into an 80:20 joint venture to build a petrochemical plant at Ras Laffan, with a completion date of The project will produce 1.4 mtpa of ethylene, 0.85 mtpa of HDPE, 0.76 mtpa of polypropylene, 0.43 mtpa of LLDPE, 125,000 tpa of pyrolysis gasoline and 83,000 tpa of butadiene. vs. Market Key Parameters Income statement: Revenue increased by 34.2% YoY in 2011 with all segments showing strength. Fertilizer segment revenue grew significantly by 47.3% YoY and revenue from the petrochemical and steel segments increased by 38.6% and 21.9%, respectively. The company disposed off its loss-making real estate segment in November Gross profit grew by 45.9% YoY due to lower cost of sales over the period. Overall, net profit increased by 44.8% YoY. The company announced a cash dividend of QR7.50 per share for 2011 as compared to QR5.50 per share in 2010, which translates into 36.4% YoY growth. Balance sheet: Total assets grew by 15.3% YoY due to an 11.6% increase in projects under development, an 8.1% rise in property, plant and equipment and a 24.0% increase in current assets. On the liabilities side, total debt decreased by 2.5% YoY while accounts and other payables grew by 21.6% over the period. Source: Bloomberg; Note: QIND INDEX is Qatar All Share Industrials Index and QEAS INDEX is Qatar Exchange All Share Index 1-Year Forward P/E Band 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 Source: Bloomberg Absolute Price Performance 5 Years mtpa Estimated ethylene production capacity (2016) 6.0 Estimated polyethylene production capacity (2016) 2.9 Source: Industry reports (as of January 2012) Peer Metrics (all figures in QR mn) Revenue Mkt. cap.* Total assets Saudi Basic Industries Corporation 184, , ,687 (as of December 31, 2011), *Bloomberg (as of April 8, 2012) Source: Bloomberg (as of April 8, 2012) 71

73 Key Historical Financials Revenue and YoY Growth Income Statement Revenue 14,743 9,857 12,331 16,549 YoY growth (%) Gross profit* 7,752 4,643 6,544 9,550 Gross margin (%) General and administrative expenses* Selling expenses* EBITDA 7,199 3,921 5,806 8,682 EBITDA margin (%) Finance cost Net Profit 7,277 4,961 5,480 7,924 Minority (2) (2) (2) 7 Profit to equity shareholders 7,276 4,959 5,478 7,931 Net margin (%) ; Note: *Excludes depreciation expenses included by the company EBITDA and EBITDA Margin Balance Sheet Cash and short-term deposits 9,587 5,990 5,290 6,960 Accounts and other receivables 1,948 2,068 2,737 3,259 Inventories 2,549 1,410 1,833 2,231 Other current assets Property, plant and equipment 6,569 7,926 8,874 9,589 Projects under development 5,186 8,121 10,669 11,906 Investment in associates 1,096 1,033 1,406 1,743 Other non-current assets ,087 Total assets 27,782 27,432 31,908 36,778 Accounts and other payables 2,256 1,676 2,051 2,493 Other financial liabilities Debt (short term) 2, ,424 1,327 Debt (long term) 3,593 5,868 6,118 5,535 Total debt 6,299 6,216 7,542 6,862 Other non-current liabilities Total equity 18,292 19,069 21,664 26,631 Total liabilities and equity 27,782 27,432 31,908 36,778 Ratios FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Debt/Equity (%) Source: Bloomberg, Bloomberg Total Assets and RoA, Bloomberg EV/EBITDA Multiples IQCD SABIC P/E Multiples IQCD SABIC

74 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 continues to pursue growth through acquisitions and recently announced a deal to acquire a majority stake (66%) in Damas International, a jewelry and watch retailer based in the UAE. Company Snapshot Enterprise value (QR bn)* 3.7 Total assets FY 2011 (QR mn) 2,894 Revenue 4-year CAGR (%) 9.6 YoY growth in assets (%) 83.5, *Bloomberg (as of April 8, 2012) Subsidiaries The company has 13 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 (75.0%). 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 38.8% and 26.3%, respectively, in FY2011. Automotive holds exclusive franchises for various vehicle manufacturers such as Cadillac, GMC, Opel and Subaru and also provides after-sales support. This segment contributed 28.2% to revenue and 7.6% to total assets in FY2011. 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 6.5% to revenue and 1.9% to total assets in FY2011. Heavy equipment specializes in sales and after-sale services of heavy equipment for the construction and industrial sectors. This segment contributed 6.5% to revenue with a share of 2.6% of total assets in FY2011. Others include travel, freight forwarding and logistics, engineering, geotechnical services and other divisions. These segments contributed 19.9% to revenue Revenue* By Segment (FY2011) Gross Profit By Segment (FY2011) Key Data Current market price (QR) Dividend yield# (%) 5.9 Bloomberg ticker MCCS QD ADR/GDR ticker N/A Reuters ticker MCCS.QA ISIN QA000A0NBGK5 Sector* Industrials 52wk high/52wk low (QR) / m average volume ( 000) 1.5 Mkt. cap. (USD bn/ QR bn) 0.9/3.2 Shares outstanding (mn) 34.2 Foreign ownership limit* (%) 24.9 Current FO** (%) year total return (%) (0.8) Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Shareholders Source: Zawya (as of February 20, 2012) Key Subsidiaries % stake Qatar Investment and Project Development Holding 51.9 Company Al Sakhama Trading and Contracting Company 17.8 Qatar Foundation Fund 14.9 Other 15.4 ; *Note: Total may not equal to 100% due to rounding % stake Mannai Trading Company Manweir Gulf Laboratories Mansoft Qatar Mansoft Solutions

75 Key Parameters Income statement: Revenue increased by 16.1% in FY2011 to QR2.29bn driven by growth of 31.2% and 10.1% in revenue from information technology and automotive segment, respectively. This growth was partly offset by an 11.7% decline in revenue from industrial supplies. However, gross profit lagged revenue growth considerably, up by a modest 4.1% because of a 19.9% increase in direct costs. Accordingly, gross margin declined from 24% to 21.6%. Net profit increased by 20.9% in FY2011 due to increases in gross profit, share of profits from joint venture and associates and other income. The largest contribution to net income growth came from Axiom Limited, an associate company based in the UAE, which was acquired during MCCS announced a QR5.50 a share cash dividend for 2011 versus QR7 a share (QR5.52 a share on an adjusted basis) in Balance sheet: Total assets grew by 83.5% YoY to QR2.9bn in FY2011 driven primarily by the acquisition of Axiom Limited, a 7.4% rise in inventories and a 16.8% growth in property, plant and equipment. On the liabilities side, advances from customers almost doubled on a YoY basis. Further, primarily due to the Axiom acquisition undertaken in 2011, financial leverage increased with debt to equity ratio rising to 46.2% from 5.4% in vs. Peers Source: Bloomberg; Note: SIIS is Salam International Investment Co. and AHCS is Aamal Co. vs. Market Key Personnel Designation Sheikh Hamad Bin Abdullah Bin Khalifa Al-Thani Chairman Sheikh Suhaim Bin Abdullah Bin Khalifa Al-Thani Vice Chairman Khalid Mannai Executive Director Alekh Grewal Chief Executive Officer, Bloomberg Sector Snapshot Qatar Construction Industry QR bn FY2008 FY2009 FY2010 FY2011 Nominal construction GDP Real growth, YoY (%) (24.0) 2.3 Source: Qatar Statistics Authority Source: Bloomberg; Note: QIND INDEX is Qatar Exchange All Share Industrials Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance 5 Years* Information Technology (IT) Industry Estimated IT spending 4-year CAGR (%) 14.0 Computer hardware market 2012 (USD mn) 264 Software market 2012 (USD mn) 104 Estimated IT services spending 4-year CAGR (%) 15.0 IT services market 2016 (USD mn) 289 Source: Industry reports Source: Bloomberg (as of April 8,2012); Note: *Listed on August 8, 2007 Peer Metrics (All figures in QR mn) Mkt. cap.* Revenue Total assets Aamal Co. 8,608 1,910 7,613 Salam International Investment Ltd. 1,487 1,867 4,364 (as of December 31, 2011), *Bloomberg (as of April 8, 2012) 74

76 Key Historical Financials Income Statement Revenue 1,953 1,921 1,975 2,293 YoY growth (%) 22.9 (1.6) Gross profit Gross margin (%) General and administrative expenses Sales and distribution expenses EBITDA EBITDA margin (%) Finance cost Profit to equity shareholders Net margin (%) EBITDA and EBITDA Margin Net Profit and Net Margin Balance Sheet Cash and bank balances Inventories Accounts and other receivables Other current assets Property, plant & equipment Investment in an associate company ,147 Other non-current assets Total assets 1,315 1,296 1,577 2,894 Accounts payable and other accruals Advances from customers Bank overdrafts and loans Non-current liabilities Equity of shareholders ,369 Minority Total liabilities and equity 1,315 1,296 1,577 2,894 Ratios FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Debt/Equity (%) , Bloomberg Total Assets By Segment (FY2011) EV/EBITDA Multiples MCCS N/A SIIS N/A AHCS N/A P/E Multiples MCCS N/A SIIS N/A AHCS N/A 75

77 Qatar Electricity and Water Company (QEWS) Company Description Qatar s leading listed provider of utility services. QEWS, established in 1992, 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) 5,432 Water production capacity# (MIGD) 258 Revenue 5-year CAGR (%) 21.2 Enterprise value* (QR bn) 25.8, *Bloomberg (as of April 8, 2012); Note: #Capacity is proportionate to QEWS and includes Ras Girtas, MW megawatt, MIGD mn imperial 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 756MW and a seawater desalination unit producing around 40 MIGD of potable water. The station supplies water and electricity to Qatar General Electricity & Water Corporation (Kahramaa) under a 25-year agreement. QEWS has an 80% shareholding in RLPC. Ras Laffan Operating Co. (RLOC) is a 100%-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 1,025 MW of electricity and 60 MIGD of potable water. QEWS (55%), International Power (40%) and Chubu Electric Power Company (5%) own Q Power. Mesaieed Power Company (MPC) operates the 2,007 MW Combined Cycle Gas Turbine power plant and supplies the output to the national grid and the Mesaieed aluminum smelter. Owners: QEWS (40%), Marubeni Corp. (30%), Qatar Petroleum or QP (20%) and Chubu Electric Power Company (10%). Ras Girtas Power Company (RGPC) was incorporated to install and operate the Ras Girtas power project with a total capacity of 2,730 MW of power and 63 MIGD of water. The project became operational in April 2011 (officially inaugurated on May 31, 2011). QEWS has a 45% stake in RGPC alongside QP s stake of 15%. Business Segments Key Data Current market price (QR) Dividend yield# (%) 4.5 Bloomberg ticker QEWS QD ADR/GDR ticker N/A Reuters ticker QEWC.QA ISIN QA Sector* Industrials 52wk high/52wk low (QR) / m average volume ( 000) 34.2 Mkt. cap. (USD bn/ QR bn) 4.0/14.6 Shares outstanding (mn) Foreign ownership limit* (%) 25.0 Current FO** (%) year total return (%) 11.2 Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Shareholders % stake Government of Qatar 43.0 vs. Market Electricity generation is the primary business segment contributing 45.7% to total revenue in Water comprises various water desalination plants and contributed 31.7% to total revenue in Water desalination revenue grew by 27.5% YoY. Lease income: QEWS generates lease rentals from independent plants. Lease income is directly linked to the production of power & water and comes about because of the different accounting treatment of new plants (accounted as finance leases). Lease rentals of QR1,013.6mn contributed to 22.7% of total 2011 revenue. Source: Bloomberg; Note: QIND INDEX is Qatar Exchange All Share Industrials Index and QEAS INDEX is Qatar Exchange All Share Index 76

78 Key Parameters Income statement: Revenue increased by 30.4% to QR4.5bn in 2011 primarily driven by a significant growth in lease rentals (up 95.5% YoY). Revenue from electricity and water grew by 13.5% and 27.5% YoY, respectively, in Net profit increased by 8.5% due to an improved gross profit margin (59.6% in 2011, up from 58.1% in 2010) and a decrease in liquidated damages to Kahramaa, partly offset by higher finance costs. QEWS announced a cash dividend of QR6.50 per share for 2011 versus QR6.00 per share in Balance sheet: Total assets grew by 1.5% YoY to QR22.5bn in Bank balances and cash improved by 45.7% YoY to QR3.0bn, while financial lease receivables increased by 2.3% YoY. On the other hand, property, plant and equipment registered a decline of 11.9% YoY in 2011 to QR5.3bn. On the liabilities side, total debt decreased by 2.5% YoY over the period, with a significant decline in shortterm debt. Despite its high level of debt, 97% of QEWS debt is long-term in nature and the company s interest coverage (EBITDA/finance costs) remains comfortable at 3.4x (vs. 4.0x in 2010). Industry developments and new projects: Electricity and water demand is expected to grow rapidly in the medium term boosted by strong GDP growth and expansion plans for the 2022 FIFA World Cup. Being the dominant power and water producer, QEWS will benefit from the rising demand and investments in this sector. Recently, QEWS agreed to buy a 23.3% stake in Jordan s 370-MW Amman East power plant. QEWS has also won the Sur IPP in Oman in a consortium with Marubeni and Chubu; the plant capacity is 2,000 MW and QEWS share is 15%. The company continues to look for attractive growth opportunities outside of Qatar. vs. Market Source: Bloomberg; Note: QIND INDEX is Qatar Exchange All Share Industrials Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance 5 Years Key Personnel H.E. Abdulla Bin Hamad Al Attiyah H.E. Issa Shahin Al Ghanim Fahad Hamad Al Mohannadi, Bloomberg Sector Snapshot Qatar Electricity and Water Designation Chairman Vice Chairman General Manager Source: Bloomberg (as of April ) Revenue Contribution By Segment Total installed capacity for power generation in Qatar 2011 (MW) 8,750 Expected growth (approx.) in power demand 10-year CAGR (%) 7.0 Total installed capacity for water production in Qatar 2011 (MIGD) 328 Expected growth (approx.) in water demand 4-year CAGR (%) 6.0 Budgeted spending on electricity and water projects (USD bn) 33.5 Qatar s per capita water consumption 2011 (liters) 430 Source: Industry reports 77

79 Key Historical Financials Income Statement Revenue 2,273 2,651 3,430 4,473 YoY growth (%) Gross profit* 1,286 1,522 1,993 2,665 Gross margin (%) General and administrative expenses* EBITDA 1,129 1,362 1,852 2,472 EBITDA margin (%) Net Finance cost Net profit ,202 1,333 Minority 0 0 (4) (33) Profit to equity shareholders ,198 1,300 Net margin (%) , Bloomberg; Note: *Excludes depreciation Revenue and Net Margin EBITDA and EBITDA Margin Balance Sheet Cash and bank balances 1,615 2,307 2,074 3,023 Finance lease receivables (short term) Accounts receivable and prepayments ,454 1,244 Inventories Property, plant and equipment 9,334 10,664 5,974 5,264 Finance lease receivables (long term) 1,479 3,821 11,700 11,647 Other non-current assets Total assets 13,588 18,048 22,159 22,486 Accounts payable and other current liabilities 931 1,109 1,864 1,843 Derivatives 2,967 1,202 1,806 3,233 Total debt (short and long term) 8,290 12,055 14,417 14,060 Other non-current liabilities Total equity 1,308 3,590 3,974 3,228 Total liabilities and equity 13,588 18,048 22,159 22,486 EV/EBITDA Multiples QEWS P/E Multiples QEWS Ratios FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Debt/Equity (%) Source: Bloomberg 78

80 Qatar Industrial Manufacturing Company (QIMD) Company Description A manufacturing company with diverse industrial interests. QIMD, established in 1990, 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-year CAGR (%) 4.2 Total assets FY2011 (QR mn) 1,436 Net income 5-year CAGR (%) 14.1 Enterprise value* (QR bn) 2.0, *Bloomberg (as of April 8, 2012) Subsidiaries Qatar Acids Company (Q-ACIDS) produces sulfuric acid for local and export markets and has an installed capacity of 10,000 tons/year. QIMD has a 100% 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 100% stake in QSTP. National Paper Industries Company (NAPICO) manufactures facial tissues, toilet, kitchen and hospital rolls and other related paper products. QIMD has a 100% 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 QR300mn, QIMD (51%) and KLJ Organic Ltd. (49%) own this subsidiary. KLJ Organic-Qatar is expected to start commercial production by the middle of Qatar Metal Coating Company (Q-COAT) produces epoxy coated steel bars (8-40mm) which are used in the construction of buildings. QIMD (50%) and Qatar Steel Co. (50%) jointly own Q-COAT. Associates QIMD has associate investments in Amiantit Qatar Pipes Company (40% stake), Qatar Saudi Gypsum Industries Company (33%), Qatar Clay Bricks Company (46.35%), Qatar Plastic Products Company (33%), Qatar Jet Fuel Company (40%), Qatar Aluminum Extrusion Company (40%), Gasal Company (29.5%) and National Food Company (20%). Key Data Current market price (QR) Dividend yield# (%) 5.6 Bloomberg ticker QIMD QD ADR/GDR ticker N/A Reuters ticker QIMC.QA ISIN QA Sector* Industrials 52wk high/52wk low (QR) 58.90/ m average volume ( 000) 8.0 Mkt. cap. (USD bn/ QR bn) 0.6/2.1 Shares outstanding (mn) 39.6 Foreign ownership limit*(%) (%) 25.0 Current FO** (%) year total return (%) 6.8 Fiscal year end Dec 31 Source: Bloomberg (as of April 08, 2012), *Qatar Exchange (as of April 08, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Shareholders Source: Zawya (as of June 7, 2011) Subsidiaries % stake Government of Qatar 20.0 % stake Qatar Acids Company Qatar Sand Treatment Plant National Paper Industries Co Qatar Paving Stones KLJ Organic Qatar 51.0 Qatar Metal Coating Company

81 Expansion Plans In November 2010, QIMD had announced that it would invest QR40mn to increase the production capacity of Q-ACIDS from 10,000 tons/year to 43,000 tons/year. As per the latest company announcement, the new capacity is expected to be operational in early Besides, Qatar Aluminum Extrusion Company (an associate company) is expected to commence the production of 8,000 tons of extruded aluminum profiles per year from the 1Q2012. vs. Peers Key Parameters Income statement: Revenue increased by 9.6% to QR326mn in 2011 from QR297mn in However, as cost of sales increased by 16.3% resulting in lower gross profit for General and administrative expenses increased 21.3% YoY to QR31mn. However, increase in cost/expenses was more than offset by the increase in income from associates, which rose 18.0% YoY to QR155mn. Resultantly, net profit increased 1.8% YoY to QR206mn. QIMD announced a QR3.00 a share cash dividend for 2011 versus QR2.50 a share (QR2.27 a share on an adjusted basis) in Balance sheet: Total assets grew by 6.6% YoY to QR1.4bn in This was primarily due to a 21.4% increase in investment in associates and a 53.0% increase in trade and other receivables. Cash and cash equivalents also increased 12.8% to QR153mn. On the liabilities side, dues to related parties increased to QR28mn in 2011 from QR0.08mn in Total equity increased from QR1,214.2mn to QR1, mn due to increase in retained earnings partially offset by decrease in minority interest. Minority interest decreased from QR69mn to QR29mn on account of disposal of a subsidiary. Equity attributable to holders of the parent increased to QR1,253.0bn in 2011 from QR1,144.8mn in Key Personnel Source: Bloomberg; Note: AHCS is Aamal Company and SIIS is Salam International Investment Ltd. vs. Market Source: Bloomberg; Note: QIND INDEX is Qatar Exchange All Share Industrials Index and QEAS INDEX is Qatar Exchange All Share Index Sheikh Abdulrahman Bin Mohammed Bin Jabor Al-Thani Abdulrahman Al Ansari Peer Companies Designation Chairman Chief Executive Officer Absolute Price Performance 5 Years (all figures in QR mn) Mkt. cap.* Revenue Total assets Aamal Company 8,608 1,910 7,613 Mannai Corp. 3,182 2,293 2,894 Salam International Investment Ltd. 1,487 1,867 4,364 (as of December 31, 2011), *Bloomberg (as of April 8, 2012) Source: Bloomberg (as of April 8,2012) 80

82 Key Historical Financials Income Statement Revenue YoY growth (%) 33.8 (12.8) (0.6) 9.6 Gross profit* Gross margin* (%) General and administrative expenses* EBITDA EBITDA margin (%) Share of results of associates Other income Net profit Minority Profit to equity shareholders Net margin (%) ; Note: *Excludes depreciation Absolute Price Performance 5 Years Source: Bloomberg (as of April 8,2012) Absolute Price Performance 5 Years Balance Sheet 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 1,199 1,187 1,348 1,436 Accounts and other payables Other current liabilities Total debt (short and long term) Other non-current liabilities Equity of shareholders ,145 1,253 Minority Total liabilities and equity 1,199 1,187 1,348 1,436 Source: Bloomberg (as of April 8,2012) EV/EBITDA Multiples QIMD N/A SIIS N/A AHCS N/A P/E Multiples QIMD N/A SIIS N/A AHCS N/A Ratios FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Fixed asset turnover (x) Source: Bloomberg 81

83 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. We expect the company to be a major beneficiary of the expected spending on infrastructure and construction in Qatar over the next decade leading up the World Cup. 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-year CAGR (%) 3.0 Enterprise value* (QR bn) 5.1, *Bloomberg (as of April 8, 2012); Note: #Capacity is in mn tons/ year in 2011 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 QR121mn in QNCD has a 20% stake in QQBM. Qatar Saudi Gypsum Industries (QSGI) is involved in gypsum production with a capacity of ~60,000 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 QR13mn of revenue with assets of QR74mn in Business Segments Cement remains the key driver. QNCD produces several categories of cement, including OPC and SRC production was 3.5mn tons vs. 3.8mn tons in 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 2011, QNCD produced 14.4 thousand tons of lime as compared to 18.6 thousand tons in 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 40,000 tons per day. QNCD produced 3.6mn tons of washed sand in 2011 compared to 5.6mn tons in Key Data Current market price (QR) Dividend yield# (%) 5.7 Bloomberg ticker QNCD QD ADR/GDR ticker N/A Reuters ticker QANC.QA ISIN QA Sector* Industrials 52wk high/52wk low (QR) / m average volume ( 000) 10.8 Mkt. cap. (USD bn/ QR bn) 1.4/5.2 Shares outstanding (mn) 49.1 Foreign ownership limit* (%) 14.2 Current FO** (%) year total return (%) 2.6 Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Shareholders % stake Government of Qatar 43.0 (as of December 31, 2011) vs. Peers Key Parameters Income Statement: QNCD reported a 9.2% YoY decline in revenue to QR990mn, as unit sales remained soft and the company faced increasing competition in the domestic market. Moreover, QNCD s main client for lime, Qatar Steel, stopped purchases from June In terms of unit sales, all business segments reported negative YoY growth in 2011, with cement down 7.9%, washed sand declining 17.0% and lime falling 30.2%. We estimate cement prices remained stable at around QR250/ton in Other income also declined by 4.1% YoY to QR45mn owing Source: Bloomberg; Note: KHCD is Qatari Investors Group 82

84 to declines in interest, transportation and other miscellaneous income. The gross profit margin improved from 46.7% in 2010 to 48.4% in 2011 driven by a 12.0% decline in cost of sales. Operating expenses declined by 2.1% YoY due to a 22.6% fall in selling and distribution expense. Impairment loss on available-for-sales assets and finance charges declined by 37.7% YoY and 46.6% YoY, respectively. Overall, net profit declined by 4.8% YoY to QR445mn, implying a net margin of 44.9%, an improvement of 210bps YoY. QNCD declared a QR6 a share dividend for 2011 versus a QR6/5.45 (unadjusted/adjusted) per share dividend for vs. Market 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 Source: Bloomberg; Note: QIND INDEX is Qatar Exchange All Share Industrials Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance 5 Years FY2008 FY2009 FY2010 FY2011 Total production capacity (mn tons) % of total GCC capacity Source: Industry reports Peer Metrics (all figures in QR mn) Mkt. cap.* Revenue** Total assets** Qatari Investors Group# 1, * 1,997* (**from cement operations as of December 31, 2011), *Bloomberg (as of April 8, 2012); Note: #Previously known as Al Khalij Holding Company Source: Bloomberg (as of April 8, 2012) Revenue and YoY Growth Key Historical Financials Income Statement Revenue 1,413 1,519 1, YoY growth (%) (28.2) (9.2) Gross profit Gross margin (%) General and administrative expenses EBITDA* EBITDA margin (%) Finance cost Net profit Net margin (%) , *Bloomberg Production 83

85 Balance Sheet Cash and bank balances Other current assets Property, plant and equipment 1,806 1,790 1,692 1,730 Investment securities Investment in associates Investment properties Finance lease receivables Total assets 2,853 2,526 2,608 2,619 Total debt (short and long term) Other current liabilities and bank OD Employees end of services benefits Total equity 1,643 1,923 2,160 2,315 Total liabilities and equity 2,853 2,526 2,608 2,619 Ratios FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Debt/Equity (%) Source: Bloomberg EBITDA and EBITDA Margin, Bloomberg EV/EBITDA Multiples QNCD KHCD N/M N/A P/E Multiples QNCD KHCD N/A 84

86 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 Company Snapshot S&P rating BBBu Market share# (%) 7.3 Net Premiums Earned (NPE) 5-y. CAGR (%) 8.9 Enterprise value* (QR mn) 558.8, *Bloomberg (as of April 8, 2012); Note: #Based on GPW for publicly listed insurance companies in FY2011 Subsidiaries / Associate Qatar Takaful Company (QTC; 100% owned): This subsidiary provides insurance products in accordance with Shari a principles on a non-usury basis in all areas of insurance. Methaq Holding Company (MHC; 100% owned): MHC is primarily engaged in real estate investments. The Bahrain National Life Assurance Company (BNLAC; 25% stake): Incorporated in Bahrain, BNLAC 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 83.8% and 44.8%, respectively, in General accidents provide insurance coverage for worker compensation, personal accident, loan protection, etc. This segment contributed 11.5% and 34.0% to total NPE and NUI, respectively, in Key Data Current market price (QR) Dividend yield# (%) 7.1 Bloomberg ticker AKHI QD ADR/GDR ticker N/A Reuters ticker KINS.QA ISIN QA Sector* Insurance 52wk high/52wk low (QR) 51.00/ m average volume ( 000) 11.4 Mkt. cap. (USD mn/ QR mn) 164.2/597.6 Shares outstanding (mn) 14.2 Foreign ownership limit*(%) 22.5 Current FO** (%) year total return (%) 3.0 Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership. Shareholders Abdulaziz Mohammed Hamad Al Mannai % stake 4.8 Al Jabr Real Estate Company 4.7 Life insurance provides medical and life insurance services. Qatar Flour Mills Company 4.7 Mohammed Hamad Abdullah 4.6 Marine and aviation insurance provides coverage for goods during transportation Al Mannai by sea, road or air against losses, damages and expenses. Ghanem Al Thani Holdings 3.9 Fire insurance provides fire and lightning insurance. This segment accounted for 0.5% and 6.9% of total NPE and NUI, respectively, in HH Sheikh Jassim Bin Abdullah Mohammed Jabor 3.4 Net Premiums Earned By Segment Net Underwriting Income By Al Thani (FY2011) Segment (FY2011) Source: Zawya (as of February 20, 2012) 85

87 Key Parameters Income statement: AKHI posted net profit of QR63.4mn in 2011 versus QR72.8mn in 2010, decline of 12.9% YoY. The company reported YoY decline of 4.0% and 10.5% in GPW and NPE, respectively, for Total investment and other income was QR113.6mn in 2011 versus QR117.4mn in 2010, decline of 3.3% YoY. Wakala fee income fell by 2.6% to QR49mn for The company maintained the cash dividend at QR3 per share in Balance Sheet: Total assets declined 5.8% to QR920mn due to a 60.9% fall in Insurance and other receivables were QR59.7mn at the end of 2011 versus QR152.7mn at the end of 2010, decline of 60.9% YoY. On the other hand, investment properties went up to QR245.2mn in 2011 versus QR201.5mn in 2010, growth of 21.7% YoY. Total liabilities fell to QR337.1mn in 2011 versus QR400.6mn in 2010, decline of 15.9% YoY. Shareholders equity increased by 1.1% to QR582mn. Balance Sheet: Total assets declined 5.8% to QR920mn due to a 60.9% fall in Insurance and other receivables were QR59.7mn at the end of 2011 versus QR152.7mn at the end of 2010, decline of 60.9% YoY. On the other hand, investment properties went up to QR245.2mn in 2011 versus QR201.5mn in 2010, growth of 21.7% YoY. Total liabilities fell to QR337.1mn in 2011 versus QR400.6mn in 2010, decline of 15.9% YoY. Shareholders equity increased by 1.1% to QR582mn. vs. Peers Source: Bloomberg; Note: DOHI is Doha Insurance Company and QATI is Qatar Insurance Company vs. Market Key Personnel Designation Sheikh Abdulla Bin Mohamed Jaber Al-Thani Chairman Sheikh Abdulla Bin Ahmed Al-Thani Vice Chairman Jassim Ali Abdul Rahman Al Moftah Chief Executive Officer Sector Snapshot Qatar Insurance Sector Gross Premiums Written 3,443 3,412 3,507 3,759 YoY growth (%) 14.7 (0.9) Net Premiums Earned 1,364 1,546 1,604 1,827 YoY growth (%) Total assets 11,358 12,332 14,390 14,927 YoY growth (%) ; Note: Based on data for publicly listed insurance companies Peer Companies (all figures in QR mn) Mkt. cap.* GPW Total assets Qatar Insurance Co. 6,689 2,383 7,777 Qatar General Insurance & Reinsurance Co. 2, ,283 Qatar Islamic Insurance Co Doha Insurance Co ,311 (as of December 31, 2011), *Bloomberg (as of April 8, 2012) Source: Bloomberg; Note: QINS INDEX is Qatar Exchange All Share Insurance Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance 5 Years Source: Bloomberg (as of April 8, 2012) 86

88 Key Historical Financials Income Statement Gross Premiums Written (GPW) YoY growth (%) (4.0) Net Premiums Earned (NPE) YoY growth (%) (10.5) Net commission income Net claims incurred Net Underwriting Income (NUI) YoY growth (%) (8.6) (1.0) Net shareholders profit Net margin (%) Gross Premiums Written and Net Margin Key Operating Ratios (Nonlife) Balance Sheet Cash and cash equivalents Financial investments Retakaful related assets Insurance and other receivables Investment properties Investment in associates Property and equipment Total assets Insurance contract liabilities Accounts payable and other liabilities Participants' fund (5) Loans and Borrowings Employees end of service benefits Total equity Total liabilities and equity Ratios FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Source: Bloomberg Source: Bloomberg Net Premiums Earned and Shareholders Funds P/B Multiples AKHI N/A DOHI N/A QATI N/A P/E Multiples AKHI N/A DOHI N/A QATI N/A 87

89 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 DOHI offers motor, marine, aviation, fire and general insurance products. The company also operates an Islamic Takaful branch (started in 2006) 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# (%) 11.2 Net Premiums Earned (NPE) 5-yr. CAGR (%) 14.8 Enterprise value* (QR mn) 401.8, *Bloomberg (as of April 8, 2012); Note: #Based on GPW for publicly listed insurance companies in FY2011 Associate Yemeni Qatari Insurance Company: 40% owned by DOHI and incorporated in the Republic of Yemen, this company is engaged in insurance and reinsurance activities. Business Segments DOHI operates in the state of Qatar only and is organized into three business segments. Motor offers third party liability, comprehensive and auto fleet insurance products. This segment was the largest contributor to total NPE, accounting for 68.3% of NPE in Key Data Current market price (QR) Dividend yield# (%) N/A Bloomberg ticker DOHI QD ADR/GDR ticker N/A Reuters ticker DICO.QA ISIN QA Sector* Insurance 52wk high/52wk low (QR) 28.46/ m average volume ( 000) 24.2 Mkt. cap. (USD mn/ QR mn) 156.5/569.8 Shares outstanding (mn) 23.4 Foreign ownership limit*(%) 24.4 Current FO** (%) year total return (%) 12.1 Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership. vs. Peers 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 8.5% and 16.8% to total NPE and Net Underwriting Income (NUI), respectively, in Fire and general: Provides fire, general and engineering insurance products including contractors insurance. This segment contributed 41.3% to total NUI in Net Premiums Earned By Segment (FY2011) Net Underwriting Income By Segment (FY2011) Source: Bloomberg; Note: AKHI is Al Khaleej Takaful Group and QGRI is Qatar General Insurance & Reinsurance Company 88

90 Key Parameters Gross and net premiums: DOHI reported a 13.4% YoY increase in GPW driven by a significant growth of 24.2% in the Marine and Aviation segment and supported by an 11.5% growth in the Fire & General segment. NPE increased by 3.9% YoY driven by a 6.4% growth in NPE from the motor segment. The company reported a 5.5% YoY increase in investment income in vs. Market Further, in 2011, Takaful insurance grew by 91.9% YoY, contributing 8.6% of the total NPE (5.1% in FY2010), with the balance coming from DOHI s Conventional insurance segment. Net income: Driven by higher earnings from the core net underwriting business, DOHI posted an 8.5% YoY increase in net profit to QR66mn in The bulk of the company s NUI was generated from the motor segment (41.9%). Furthermore, the company announced a bonus issue of 5.4mn shares (30% of issued share capital) for the year Key Personnel Sheikh Nawaf Bin Nasser Bin Khaled Al Thani Dahlan Jamaan Basheer Al Hamad Adel Ali Bin Ali Designation Chairman Vice Chairman Managing Director Source: Bloomberg; Note: QINS INDEX is Qatar Exchange All Share Insurance Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance 5 Years Sector Snapshot Qatar Insurance Sector Gross Premiums Written 3,443 3,412 3,507 3,759 YoY growth (%) 14.7 (0.9) Net Premiums Earned 1,364 1,546 1,604 1,827 YoY growth (%) Total assets 11,358 12,332 14,390 14,927 YoY growth (%) ; Note: Based on data for publicly listed insurance companies Source: Bloomberg (as of April 8, 2012) Gross Premiums Written and Net Margin Peer Companies (all figures in QR mn) Mkt. cap.* GPW Total assets Qatar Insurance Co. 6,689 2,383 7,777 Qatar General Insurance and Reinsurance Co. 2, ,283 Al Khaleej Takaful Group Qatar Islamic Insurance Co (as of December 31, 2011), *Bloomberg (as of April 8, 2012) 89

91 Key Historical Financials Income Statement 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 (%) Key Operating Ratios (Non-Life) Source: Bloomberg Net Premiums Earned and Shareholders Funds Balance Sheet Cash and bank balances Financial investments Reinsurance contract assets , Insurance and other receivables Investment in an associate Investment properties Property and Equipment Total assets ,708 1,311 Insurance contract liabilities , Provisions, insurance and other payables Employees end of service benefits Total equity Total liabilities and equity ,708 1,311 Ratios P/B Multiples DOHI N/A AKHI N/A QGRI N/A P/E Multiples DOHI N/A AKHI N/A QGRI N/A FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Source: Bloomberg 90

92 Qatar General Insurance & 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 QGRI is engaged in general insurance, reinsurance, real estate and investment management services. The company has seven branches in the State of Qatar and a branch in Dubai. During FY2011, the company changed its Islamic takaful insurance model from Mudaraba to Hybrid model. The Hybrid model uses the principles of both Wakala and Mudaraba, whereby the shareholder receives a fixed Wakala fee of 20% of gross insurance premium, along with the share in the realized investment gains on the policyholders contributions. Company Snapshot S&P rating BBBpi Market share# (%) 12.5 Net Premiums Earned (NPE) 5-yr. CAGR (%) 5.3 Enterprise value* (QR bn) 2.7, *Bloomberg (as of April 8, 2012); Note: #Based on GPW for publicly listed insurance companies in FY2011 Subsidiaries / Associates Qatar General Holding Company (100% owned): Incorporated in the State of Qatar, this subsidiary manages the investment portfolio of QGRI. General Takaful Company (100%) is engaged in insurance services in accordance with Shari a principles. General Real Estate Company (100%) is engaged in real estate business. World Trade Centre (100%) is an official authorized licensee of World Trade Center Association. Mazoon Real Estate Company (50% through Qatar General Holding Company) is engaged in real estate business. Arab Danish Diary (60%) manufactures and processes dairy products. Key Data Current market price (QR) 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) 55.50/ m average volume ( 000) 14.8 Mkt. cap. (USD bn/ QR bn) 0.6/2.3 Shares outstanding (mn) 50.1 Foreign ownership limit* (%) 23.0 Current FO** (%) year total return (%) 14.3 Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Shareholders Mohammed Hamad Abdullah Al Mana Sk. Nasser Bin Ali Bin Saud Al-Thani Sk. Abdullah Mohammed Al-Thani % stake Others 12.9 Source: Zawya (as of November 30, 2011) In addition, the company has 12 associates including Qatari United Insurance Bureau, International Financial Securities, Gulf Petroleum Ltd., Trust Algeria Assurances-Reassurances, Trust Algeria Investment Company, Trust Bank Algeria, Trust Syria Insurance Co., Trust Insurance Co. Libya, Oman Reinsurance Co., Gulf Assist B.S.C., 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 others were the principal contributors to total Net Premiums Earned (NPE) and accounted 91

93 for 74.7% and 21.9% of NPE, respectively, in These two product lines contributed 47.6% and 38.6% to Net Underwriting Income (NUI), respectively, over this period. Overall, the insurance business accounted for 54.0% of net profit in FY2011 as against 82.6% in FY2010. vs. Peers Investments: The company invests in equities, bonds and other related businesses. This segment, managed by Qatar General Holding Company, incurred a net loss of QR4.7mn in FY2011 compared to a profit of QR20.9mn in FY2010. Real estate is engaged in the development, lease and rental of real estate properties. The real estate segment reported a net profit of QR83.0mn versus a net loss of QR1.9mn in FY2010. Others include Islamic insurance services, World Trade Centre and other operations of QGRI. Key Parameters Income statement: GPW declined by 9.1% YoY to QR471mn whereas NPE grew by 1.7% YoY to QR199mn in NUI increased by 17.5% YoY primarily driven by a 15.0% YoY decline in net claims incurred. Net investment income increased by 32.2% YoY and fair value gains on investment properties increased significantly to QR30.0mn from QR2.0mn in QGRI reported a 21.6% rise in finance costs. Overall, net profit grew by 42.6% to QR170mn in In 2011, the company paid a cash dividend of 13% and issued 12% bonus shares. Balance sheet: Total assets grew by 10.5% YoY in 2011 to QR4,283mn primarily driven by an 11.4% increase in investment properties to QR1,857mn, supported by a 387.6% YoY jump in Property and Equipment to QR104mn and 175.3% YoY increase in cash to QR150mn. On the liabilities side, total liabilities increased by 24.8% YoY to QR1,735mn due to 76.7% YoY increase in short term borrowings to QR631mn. Provisions & other payables increased to QR551mn (up 32.6% YoY) partly offset by a 10.9% YoY decline in Insurance contract liabilities to QR533mn. Source: Bloomberg; Note: QATI is Qatar Insurance Company and DOHI is Doha Insurance Company vs. Market Source: Bloomberg; Note: QINS INDEX is Qatar Exchange All Share Insurance Index and QEAS INDEX is Qatar Exchange All Share Index Key Personnel Sheikh Nasser Bin Ali Bin Saud Al-Thani Ghazi Kamel Abu Nahl Sector Snapshot Qatar Insurance Sector Designation Chairman/Managing Director Group Chief Executive Officer Absolute Price Performance 5 Years Gross Premiums Written 3,443 3,412 3,507 3,759 YoY growth (%) 14.7 (0.9) Net Premiums Earned 1,364 1,546 1,604 1,827 YoY growth (%) Total assets 11,358 12,332 14,390 14,927 YoY growth (%) ; Note: Based on data for publicly listed insurance companies Source: Bloomberg (as of April 8, 2012) 92

94 Peer Companies (all figures in QR mn) Mkt. cap.* GPW Total assets Qatar Insurance Co. 6,689 2,383 7,777 Al Khaleej Takaful Group Qatar Islamic Insurance Co Doha Insurance Co ,311 (as of December 31, 2011); *Bloomberg (as of April 8, 2012) Key Historical Financials Income Statement Gross Premiums Written (GPW) YoY growth (%) (12.1) (29.8) 2.8 (9.1) Net Premiums Earned (NPE) YoY growth (%) 13.2 (10.2) (9.2) 1.7 Net commission income Net claims incurred Net Underwriting Income (NUI) YoY growth (%) (10.1) (10.4) Investment and other income Net profit Non-controlling interests - - (0) 0 Profit for shareholders Net margin (%) Gross Premiums Written and Net Margin Net Underwriting Income By Product Line (FY 2011) Net Premiums Earned and Shareholders Funds 93

95 Balance Sheet QR mn FY2008* FY2009* FY2010 FY2011 Cash and bank balances Financial investments ,049 Reinsurance contract assets Insurance and other receivables Investment properties 1,552 1,618 1,668 1,857 Property and Equipment Takaful participants assets Others Total assets 3,350 3,463 3,876 4,283 Insurance contract liabilities Short-term borrowings Provisions, insurance and other payables Employees end of service benefits Total liabilities 1,148 1,217 1,390 1,735 Non-controlling interests Equity of shareholders 2,202 2,246 2,486 2,547 Total equity 2,202 2,247 2,486 2,548 Total liabilities and equity 3,350 3,463 3,876 4,283 P/B Multiples QGRI N/A QATI N/A DOHI N/A P/E Multiples QGRI N/A QATI N/A DOHI N/A Ratios FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Source: Bloomberg 94

96 Qatar Insurance Company (QATI) Company Description The market leading diversified insurance company. QATI is the largest insurance company in the State of Qatar with a 63.4% market share based on Gross Premiums Written (GPW) in 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 Market share# (%) 63.4 Net Premiums Earned (NPE) 5-yr.CAGR (%) 28.9 Enterprise value* (QR mn) 5.0, *Bloomberg (as of April 8, 2012); Note: #Based on GPW for publicly listed insurance companies in FY2011 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. (70% owned by QICI), Kuwait Qatar Insurance Co. (40%), Q-Re LLC (66% owned by QICI and 26% owned by QATI) and QANIT Ltd. (100%). Qatar Insurance Company Real Estate (100%) operates real estate businesses in the State of Qatar. Qatar Economic Advisors (100%) provides financial and other advisory services. Qatar Insurance Group (100%) is engaged in the management of QATI and its subsidiaries. CATCo-Re Ltd (100%) is engaged in the issuance of fully collateralized reinsurance contracts for CATCo-Re Fund. CATCo Investment Management Ltd (100%) provides investment management services for CATCo-Re Ltd. Q-Life and Medical Insurance Company (85%) is a Qatar Financial Centerregistered specialized medical and group life insurance company. Key Data Current market price (QR) Dividend yield# (%) 4.4 Bloomberg ticker QATI QD ADR/GDR ticker N/A Reuters ticker QINS.QA ISIN QA Sector* Insurance 52wk high/52wk low (QR) 76.00/ m average volume ( 000) 40.4 Mkt. cap. (USD bn/ QR bn) 1.8/ 6.7 Shares outstanding (mn) 89.2 Foreign ownership limit* (%) 21.6 Current FO** (%) year total return (%) 14.2 Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Shareholders % stake Government of Qatar 12.0 Burooq Trading Company 5.0 HH Sheikh Khalifa Khaled Bin 4.9 Mohd. Bin Ali Al Thani HH Sheikh Khaled Bin 2.2 Mohammed Bin Ali Al Thani Source: Zawya (as of November 29, 2011) QATI has associate investments in Al Daman Islamic Insurance Company (12.5% Directly and 12.5% through QICI), Asteco Qatar LLC (20%) and Massoun Insurance Services (50%). 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 88.1% in

97 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 11.9% to total NPE in vs. Peers Real estate: Rental income contributed 5.5% to total income in Investments relate to investments in financial instruments, properties and other related businesses. Investment income accounted for 51.9% of total income in Advisory services: Advisory services income contributed 2.6% to total income in Key Parameters Income statement: QATI s GPW grew by 10.7% YoY to QR2.3bn in However, Net Underwriting Income (NUI) declined by 20.5% YoY in 2011 significantly impacted by a 25.9% YoY decrease in NUI from the fire and general insurance segment slightly offset by a 10.1% YoY increase in Marine & aviation NUI. Investment and advisory fee income increased by 23.6% YoY to QR457mn over this period. Overall, net profit declined by 3.1% YoY to QR603mn in On the dividend front, the company announced a cash dividend of QR4 (QR6.5 in 2010) in 2011 in addition to a 20% bonus issue. Balance sheet: Total assets grew by 7.5% YoY in 2011 primarily due to an 11.7% increase in reinsurance contract assets and a 19.8% rise in cash and bank balances partially offset by a 5.0% decline in investments. Total liabilities increased by 14.4% led by a 19.0% growth in insurance contract liabilities partially offset by a 20.6% decline in short-term borrowings. Key Personnel Sheikh Khalid Bin Mohammed Bin Ali Al-Thani H.E. Abdullah Bin Khalifa Al Attiyah Khalifa Abdulla Turki Al Subaey Designation Chairman and Managing Director Deputy Chairman Group President and CEO Source: Bloomberg; Note: QGRI is Qatar General Insurance & Reinsurance Company and DOHI is Doha Insurance Company vs. Market Source: Bloomberg; Note: QINS INDEX is Qatar Exchange All Share Insurance Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance 5 Years Sector Snapshot Qatar Insurance Sector Gross Premiums Written 3,443 3,412 3,507 3,759 YoY growth (%) 14.7 (0.9) Net Premiums Earned 1,364 1,546 1,604 1,827 YoY growth (%) Total assets 11,358 12,332 14,390 14,927 YoY growth (%) ; Note: Based on data for publicly listed insurance companies Source: Bloomberg (as of April 8, 2012) 96

98 Peer Companies (all figures in QR mn) Mkt. cap.* GPW Total assets Qatar General Insurance & Reinsurance Co. 2, ,283 Al Khaleej Takaful Group Qatar Islamic Insurance Co Doha Insurance Co ,311 (as of December 31, 2011), *Bloomberg (as of April 8, 2012) Key Historical Financials Income Statement Gross Premiums Written (GPW) 1,972 2,150 2,153 2,383 YoY growth (%) Net Premiums Earned (NPE) 867 1,056 1,118 1,321 YoY growth (%) Net commission income (59) (88) (107) (123) Net claims incurred Net Underwriting Income (NUI) YoY growth (%) (20.5) Investment and other income Net profit Minority interest Profit for equity shareholders Net margin (%) Balance Sheet Cash and bank balances 1,542 2,203 1,736 2,081 Investments 2,722 2,570 2,860 2,718 Reinsurance contract assets 901 1,079 1,616 1,805 Insurance and other receivables Total assets 6,039 6,796 7,237 7,777 Insurance contract liabilities 1,732 2,099 2,740 3,260 Short-term borrowings Provisions, insurance and other payables Shareholders' equity 2,563 2,854 3,339 3,339 Minority interest Total equity 2,689 2,979 3,522 3,529 Total liabilities and equity 6,039 6,796 7,237 7,777 Ratios FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Source: Bloomberg Net Premiums Earned and Shareholders Funds Key Operating Ratios (Non- Life) Source: Bloomberg Gross Premiums Written and Net Margin P/B Multiples QATI N/A QGRI N/A DOHI N/A P/E Multiples QATI N/A QGRI N/A DOHI N/A 97

99 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 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 WR1 Market share# (%) 5.6 Net Premiums Earned (NPE) 5-yr. CAGR (%) 13.5 Enterprise value* (QR mn) 748.4, *Bloomberg (as of April 8, 2012); Note:1WR is Withdrawn Rating, #Based on GPW for publicly listed insurance companies in FY2011 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 The company operates in three business segments Underwriting, Investments and Real Estate. The company provides following insurance services in its underwriting segment. Motors 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 69.7% contribution in Takaful and health offers life insurance services through various Takaful products as well as medical insurance for individuals, families and groups. This segment contributed 23.8% and 80.3% to NPE and Net Underwriting Income (NUI), respectively, in General accident provides burglary and theft, office multi cover, travel and personal and accident insurance services. This segment contributed 4.8% and 19.6% to NPE and NUI, respectively, in Marine and aviation offers marine cargo, marine hull, aviation hull & machinery and freight insurance services. This segment contributed 1.7% and 9.7% to NPE and NUI, respectively, in NPE By Segment (FY2011) NUI By Segment (FY2011) Key Data Current market price (QR) Dividend yield# (%) 5.6 Bloomberg ticker QISI QD ADR/GDR ticker N/A Reuters ticker QIIC.QA ISIN QA Sector* Insurance 52wk high/52wk low (QR) 66.20/ m average volume ( 000) 5.2 Mkt. cap. (USD mn/ QR mn) 220.8/804.0 Shares outstanding (mn) 15.0 Foreign ownership limit* (%) 22.8 Current FO** (%) year total return (%) 16.4 Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership. Shareholders Sheikh Thani Bin Abdullah Al Thani and Family Abdulrahman Abduljalil Al Abdulghani % stake 23.0 vs. Peers 4.0 Source: Bloomberg; Note: AKHI is Al Khaleej Takaful Group and DOHI is Doha Insurance Company 98

100 Investments, a significant income generating business, did not perform well in In 2011, net investment income fell by 53.9% to QR2.7mn. The company also booked QR9.0mn impairment loss on available for sale investments. Key Parameters Income statement: GPW increased by 17.6% YoY to QR210mn in NPE grew by 34.0% YoY to QR101mn primarily driven by increases of 43.1% and 12.7% in NPE from the motors segment and the Takaful & health, respectively. QISI reported a modest 2.9% YoY increase in NUI driven primarily by 14.8% increase in Takaful & health and 32.5% increase in General Accident segments, respectively. This was offset by a loss of QR2.2mn in the Motors segment. Net profit decreased by 4.6% YoY to QR45mn in QISI distributed a cash dividend of 30% amounting to QR45mn for 2011 compared to QR40.5mn in Balance sheet: QISI s total assets increased by 3.7% YoY to QR637mn led by a 27.7% growth in cash & cash equivalents. On the other hand, available-for-sale investments declined by 7.2% YoY. Shareholders equity increased by 1.7% YoY to QR268mn. Total liabilities was up 5.3% to QR369mn led by 4.9% growth in policyholders liabilities. Key Personnel vs. Market Source: Bloomberg; Note: QINS INDEX is Qatar Exchange All Share Insurance Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance 5 years Sheikh Abdullah Bin Thani Al-Thani Abdul Rahman A. Al-Abdulghani Jamal Abdullah Al Jamal Designation Chairman Deputy Chairman Managing Director Sector Snapshot Qatar Insurance Sector Gross Premiums Written 3,443 3,412 3,507 3,759 YoY growth (%) 14.7 (0.9) Net Premiums Earned 1,364 1,546 1,604 1,827 YoY growth (%) Total assets 11,358 12,332 14,390 14,927 YoY growth (%) ; Note: Based on data for publicly listed insurance companies Source: Bloomberg (as of April 8, 2012) Gross Premiums Written and Net Margin Peer Companies (All figures in QR mn) Mkt. cap.* GPW Total assets Qatar Insurance Co. 6,689 2,383 7,777 Qatar General Insurance & Reinsurance Co. 2, ,283 Al Khaleej Takaful Group Doha Insurance Co ,311 (as of December 31, 2011), *Bloomberg (as of April 8, 2012) 99

101 Key Historical Financials Income Statement Gross Premiums Written (GPW) YoY growth (%) 5.4 (5.3) Net Premiums Earned (NPE) YoY growth (%) (0.3) (2.7) Net commission income (1) Net claims incurred Net Underwriting Income (NUI) YoY growth (%) 27.9 (28.7) Net shareholders profit Net margin (%) Balance Sheet Cash and cash equivalents Available-for-sale investments Reinsurance contract assets Investment properties Other assets Total assets Policyholders' liabilities and surplus Shareholders' liabilities Total liabilities Total equity Total liabilities and equity Ratios Net Premiums Earned and Shareholders Funds P/B Multiples QISI N/A AKHI N/A DOHI N/A P/E Multiples QISI N/A AKHI N/A DOHI N/A FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Source: Bloomberg 100

102 Barwa Real Estate Company (BRES) Company Description Qatar s 2nd largest diversified real estate company by market value. BRES, incorporated in 2005, is involved in real estate investment and management, hotel ownership and management, advertising, banking, financing, project consulting and other services. Sovereign-owned Qatari Diar maintains a 45% stake in BRES, which remains a key player in the government s long-term strategy concerning the real estate development of Qatar. BRES also pursues international real estate investments. Among recent deal newsflow, in late 2011, BRES signed a QR11bn sales agreement with Qatar Petroleum for the Barwa Financial District in West Bay. Company Snapshot Properties under development*, 2011 (QR bn) 37.7 Key project Barwa Al Khor EBITDA 4-year CAGR (%) 52.5 Rev. 4-year CAGR (%) 54.8, *Bloomberg (as of April 8, 2012); Note: #Based on GPW for publicly listed insurance companies in FY2011 Subsidiaries / Associates BRES has 18 subsidiaries spread across various locations such as Qatar, UK, Bahrain and Luxemburg and these account for over 95% of the Group s assets. The company s other subsidiaries make up less than 5% of the overall assets. In April 2011, BRES lost de facto control over Barwa Bank (38% stake) due to the changes at the board of directors and key management personnel at the bank. Thus, Barwa Bank is now treated as an associate. Barwa Bank (Qatar) offers Islamic banking, Islamic real estate finance, structured finance, investments and asset management services. Business Segments Real estate involves the development, management, buying, selling and leasing of real estate projects. This segment accounted for 89.9% of total revenue (as reported by BRES) in Business services involve project management, development management and asset, property and facility management services. This segment contributed 2.6% to total revenue in Financial institution and other services: BRES offers Shari a compliant private equity services through Cavendish Capital Ltd. (London). This segment accounted for 7.5% of the total revenue in Key Data Current market price Dividend yield# (%) 3.5 Bloomberg ticker ADR/GDR ticker Reuters ticker ISIN Sector* BRES QD N/A BRES.QA QA000A0KD6J5 Real Estate 52wk high/52wk low (QR) 35.35/ m average volume ( 000) Mkt. cap. (USD bn/ QR bn) 3.0/11.0 Shares outstanding (mn) Foreign ownership limit* (%) 25.0 Current FO** (%) year total return (%) (17.4) Fiscal year end Dec 31 Source: Bloomberg (as of April 08, 2012), *Qatar Exchange (as of April 08, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Shareholders Subsidiaries % stake Qatari Diar Real Estate Co % stake Barwa International Qatar Real Estate Investment Co. Barwa Village Barwa Al-Doha Real Estate 65.0 Co. Key Projects The local projects of BRES include Barwa Al Sadd, Barwa City, Barwa Financial District, Barwa Al Doha, Barwa Al Khor, Barwa Commercial Avenue, Barwa Village, among others. As discussed previously, in December 2011, Qatar Petroleum entered into an agreement worth around QR11bn to buy the Barwa Financial District, which is slated to be handed over to the state-owned energy 101

103 company by In January 2012, BRES announced that it had completed the construction of its QR2.4bn Barwa Al Sadd project. In addition, in October 2011, BRES reiterated its commitments to the New Cairo project in Egypt, which is worth more than QR30bn. vs. Peers Key Parameters Income statement: Revenue grew by 87.4% YoY to QR2.9bn due to a rise in consulting and rental revenue. Additionally, results from associates recorded a positive QR0.3bn contribution in 2011 compared to a QR0.2bn loss in However, in 2010 BRES enjoyed non-recurring gains of QR3.1bn from discharge of interests in subsidiaries and QR2.3bn of bargain purchase income on the step acquisition of Barwa Al-Khor. General and administrative expenses fell by 38.4% YoY to 0.8bn while net impairment losses dropped to QR0.8bn in 2011 from QR3.8bn in Hence, total net profit fell by 8.9% in 2011 due to the absence of non-recurring gains recorded in BRES announced a QR1.00 a share cash dividend for 2011, same as in Balance sheet: Total assets declined by 11.1% YoY in 2011 to QR65.8bn due to a 79.8% decrease in cash and bank balances and a 52.7% fall in advances for projects and investments. On the liabilities side, amounts due to related parties fell by 29.6% YoY to QR16.8bn in 2011, primarily on account of a steep decline in the balances of Qatari Diar and associate entities. However, decline in liabilities was partially offset by a 17.3% YoY growth in obligations under Islamic finance contracts to QR28.4bn. Equity share capital declined 4.3% YoY to QR12.5bn in Source: Bloomberg; Note: ERES is Ezdan Real Estate Company and UDCD is United Development Company vs. Market Key Personnel H.E. Hitmi Ali Khalifa Al Hitmi Abdulla bin Abdulaziz Turki Al-Subaie Sector Snapshot Qatar Designation Chairman Group Chief Executive Officer Major Infrastructure Projects Commercial and Residential Construction Project name Timeframe Value (USD mn) Doha World Trade Center Lusail City ,000 Doha Festival City ,650 Doha Convention Center & Tower Convention Center Msheireb Downtown ,500 Marina Mall and Sidra residential project Source: Industry reports Source: Bloomberg; Note: QREA INDEX is Qatar Exchange All Share Real Estate Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance 5 Years Source: Bloomberg (as of April 8, 2012) Peer Metrics (all figures in QR mn) Mkt. cap.* Revenue Total assets Ezdan Real Estate Company 52, ,886 United Development Company 6,492 1,907 19,056 (as of December 31, 2011), *Bloomberg (as of April 8, 2012) 102

104 Key Historical Financials Income Statement Revenue* 1,347 1,363 1,564 2,931 YoY growth* (%) General & administrative expenses** , Impairment losses (net) , EBITDA* (8) 1,786 EBITDA margin* (%) (0.5) 60.9 Finance cost (net) ,562 1,017 Net profit ,411 1,286 Minority 4 22 (5) (33) Profit to equity shareholders ,406 1,252 Net margin (%) , *Bloomberg; Note: **Excludes depreciation Revenue and YoY Growth, Bloomberg Net Profit and Net Margin Balance Sheet Cash and bank balances 539 1,928 12,983 2,626 Advances for projects and investments 3,097 3,678 6,048 2,861 Properties under development 10,473 14,580 31,695 38,270 Investment properties 1,506 5,800 12,584 10,663 Available for sale financial assets 1, ,736 3,042 Finance lease receivables 0 0 1,807 3,056 Other assets 6,849 7,990 6,129 5,288 Total assets 24,317 34,893 73,982 65,807 Payables and accruals 1,851 2,740 8,823 5,080 Liabilities for purchase of land 3,415 3,432 3,273 2,486 Due to related parties ,907 16,823 Obligations under Islamic finance contracts 12,476 20,051 24,179 28,371 Equity to shareholders 4,443 5,177 11,231 12,056 Non-controlling interests , Total liabilities and equity 24,317 34,893 73,982 65,807, Bloomberg Ratios FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Debt/Equity (%) Source: Bloomberg, Bloomberg Total Assets and RoA, Bloomberg EV/EBITDA Multiples BRES 63.0 N/M N/M N/A ERES N/M N/M N/M N/A UDCD N/A P/E Multiples BRES N/A ERES 12.5 N/M N/M N/A UDCD N/A 103

105 Ezdan Real Estate Company (ERES) Company Description Qatar s largest real estate company by market value. ERES, established in 1960 as Thani Bin Abdulla Housing Group and ultimately spun-off (rent yielding real estate investments only), is involved in Shari a compliant investment, development, management and consultancy services in the real estate sector. The company primarily develops shopping malls and residential properties (including serviced properties) in the State of Qatar. Company Snapshot Key project Galaxy Mall Revenue 4-year CAGR (%) 28.6 Enterprise value* (QR bn) 56.7 Total assets FY2011 (QR bn) 32.9, *Bloomberg (as of April 8, 2012) 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 Mall Company is engaged in managing commercial malls and complexes. Ezdan Facility Management Company is engaged in providing building maintenance services. Key Data Current market price (QR) Dividend yield# (%) 0.8 Bloomberg ticker ERES QD ADR/GDR ticker N/A Reuters ticker ERES.QA ISIN QA000A0NE8B44 Sector* Real Estate 52wk high/52wk low (QR) 25.00/ m average volume ( 000) 16.3 Mkt. cap. (USD bn/ QR bn) 14.5/52.7 Shares outstanding (mn) 2,652.5 Foreign ownership limit* (%) 22.5 Current FO** (%) year total return (%) (13.9) Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership. Revenue Mix By Segment (FY2011) Total assets By Segment (FY2011) Shareholders % stake Al-Tadawul Holding Group 77.1 vs. Peers Key Projects Galaxy Mall (Ezdan Mall 1): The project includes a shopping mall with a total built up area of 90,000 sq. m. in Gharrafa. The mall also includes a garden, cinemas, restaurants and fast-food outlets. ERES expects to complete this mall in Al Wakra / Al Wukair Malls (Ezdan Malls 2 & 3): Being built on a land area of more than 75,600 sq. m., mall 2 will include a LuLu Hypermarket. It is expected to be completed by Mall 3 will consist of 11 commercial buildings of two floors including shops, offices and clinics along with 510 parking lots. The built-up area is 31,899 sq. m., while the land area is 53,369 sq. m. Source: Bloomberg; Note: BRES is Barwa Real Estate Company and UDCD is United Development Company In addition to these malls, ERES is building Asia Towers in the West Bay section of Doha and is also involved in several other projects. 104

106 Key Parameters Income statement: Revenue jumped by 39.8% YoY to QR654mn in 2011 led by a 38.0% rise in rental revenue, which comprise almost 94% of the total. Operating expenses shot up by 78.0% to QR153mn, driven primarily by costs incurred for generators and equipment rental, maintenance, sewage and diesel and fuel costs. General and administrative expenses rose by a modest 5.9% in As a result, EBITDA increased almost 36% to QR416mn. ERES reported a 132.5% YoY increase in the net fair value gains on investment properties and other non-operating income. At the same time, Islamic financing costs grew 49.2% to QR184mn. Overall, net profit rose by almost 185% to QR345mn in ERES announced a cash dividend of QR0.15 a share for 2011 compared to nil in Balance sheet: Total assets grew by 3.0% YoY to QR32.9bn in This was driven by a QR456mn increase in dues from related parties (both current and non-current), including around QR451mn from the parent company, Al-Tadawul Holding Group, and a QR324mn increase in invested properties. Total liabilities rose 13.8% to QR5.1bn as a sharp 33.6% rise in current and non-current Islamic financing facilities was partially offset by a steep 98.2% fall in dues to related parties. Islamic financing facilities increased to QR4.8bn due to a QR1.7bn rise in a secured Ijara facility in Shareholders equity grew by 1.2% over the period. Key Personnel vs. Market Source: Bloomberg; Note: QREA INDEX is Qatar Exchange All Share Real Estate Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance 5 Years H.E. Sheikh Thani Bin Abdulla Bin Thani Al-Thani Sheikh Abdulla Bin Thani Bin Abdulla Bin Thani Al-Thani Hesham Al-Sahtari Designation Chairman Deputy Chairman Chief Executive Officer Sector Snapshot Qatar Construction Industry QR bn FY2008 FY2009 FY2010 FY2011 Nominal construction GDP Real growth, YoY (%) (24.0) 2.3 Source: Qatar Statistics Authority Source: Bloomberg (as of April 8, 2012) Revenue and YoY Growth Property Market Rental rates (QR/pm) Sales prices (QR/sq. m.) Apartment (per unit) 2,500-17,500 9,000-16,000 Villa (per unit) 7,000-30,000 N/A Office (per sq. m.) ,000 Source: Industry reports (as of 1Q2012) Peer Metrics (all figures in QR mn) Mkt. cap.* Revenue Total assets Barwa Real Estate Company 10,992 2,931 65,807 United Development Company 6,492 1,907 19,056 (as of December 31, 2011), *Bloomberg (as of April 8, 2012) 105

107 Key Historical Financials Income Statement Revenue* YoY growth* (%) (1.0) 39.8 Operating expenses General and administrative expenses EBITDA* EBITDA margin* (%) Fair value gain on prop. & other income* 1,063 8, Islamic finance costs Net profit* 1,357 8, Net margin* (%) , EBITDA and EBITDA margin Total Assets and RoA, *Bloomberg Balance Sheet Cash and bank balances Accounts receivable and prepayments Inventories Investment properties* 6,697 29,612 30,952 31,277 Property, plant and equipment Due from related parties Total assets 6,921 30,060 31,924 32,887 Accounts payable and accruals Islamic financing (short and long term) 366 2,043 3,623 4,842 Total equity 6,487 27,285 27,403 27,740 Total liabilities and equity 6,921 30,060 31,924 32,887 ; Note: *Investment properties includes projects under development Ratios FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Debt/Equity (%) Source: Bloomberg, Bloomberg EV/EBITDA Multiples ERES N/M N/M N/M N/A BRES 63.0 N/M N/M N/A UDCD N/A P/E Multiples ERES 12.5 N/M N/M N/A BRES N/A UDCD N/A 106

108 Mazaya Qatar Real Estate Development (MRDS) Company Description A Shari a compliant real estate investment company. MRDS, established in 2008, is primarily focused on investing in and developing real estate projects in the state of Qatar. The company is also involved in managing residential compounds. Al Mazaya Holding (Kuwait) manages MRDS. The company was listed on the Qatar Exchange in October Company Snapshot Enterprise value* (QR mn) 782 Key project, *Bloomberg (as of April 8, 2012); Note: #As of December 31, 2011 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 Value of investment properties# (QR mn) Value of projects in progress# (QR mn) Marina Mall: In October 2010, MRDS signed a 30-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 QR1.5+bn Marina Mall shopping center in Lusail. The shopping center is expected to extend over 57,605 sq. m. and will be surrounded by hotels, commercial and residential units and various leisure and entertainment facilities. MRDS expects acceptance of the detailed design by July 2012 with a slated completion date of 36 months or around July Sidra Village: Also in October 2010, MRDS signed a 20-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 total cost of construction is estimated to be more than QR627mn. Enabling works has finished and a construction contract has been given out to Sinohydro in January (a contract worth QR473mn; advance payment made) with delivery expected by July Key Data Current market price (QR) Dividend yield# (%) N/A Bloomberg ticker MRDS QD ADR/GDR ticker N/A Reuters ticker MRDS.QA ISIN QA000A1C6VZ0 Sector* Real Estate 52wk high/52wk low (QR) 11.18/ m average volume ( 000) Mkt. cap. (USD bn/ QR bn) 0.3/1.1 Shares outstanding (mn) Foreign ownership limit* (%) 24.9 Current FO** (%) year total return (%) 20.7 Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Shareholders % stake Qatar Foundation 21.2 Qatar Investment Projects Company (QIPCO) 17.2 United International for 12.8 Projects Management Al Mazaya Holding Co. 5.0 Qatar Real Estate Investment 4.0 Co. Asas Real Estate Co. 2.5 Al Sukhama for Contracting & Trading Co. 2.5 (as of December 31, 2011) Tala Residence: MRDS signed an MOU with QFESCD on January 18, 2010 to develop a 346 unit-housing complex for employees of the Qatar National Convention Center as well as a 10-year exclusive leasing mandate after completion. Unit deliveries began in April. Construction cost for the project was around QR160mn. 107

109 The company s other projects include the Seven Zones mall and the Gloria hotel. MRDS usually targets IRRs of 13-15% on most of its projects, a majority of which are fairly low-risk in nature given their underlying exposure to the sovereign. vs. Peers Key Parameters Income statement: Total revenue fell by 31.8% YoY to QR20mn mainly due to a 71.4% decline in income from deposits with banks and Islamic financial institutions in 2011 partially offset by an increase in rental income. General and administrative (G&A) expenses were up by 84.4% YoY in 2011 due to an increase in staff costs and administrative expenses. MRDS realized a profit of QR11mn from the sale of its land in Lebanon and a portion of its land at Al Gharafa. Fair value changes of investment properties due to the adoption of IAS 40 resulted in a gain of QR44mn during the same period. Accordingly, net profit for 2011 grew to QR49mn. Balance sheet: Total assets contracted by 6.8% YoY to QR1.1bn in 2011 primarily due to a 51% YoY decline in cash and bank balances. The value of investment properties almost doubled to QR656mn due to the addition of MRDS Daghayn land (QR174mn) and a QR119mn transfer of the Al Gharafa compound from projects in progress. Current liabilities declined 85.2% YoY to QR22mn primarily due to the repayment of a QR138mn Musawama loan in February Shareholders equity was up 4.6% to QR1bn due to increases in retained earnings and legal reserve. Source: Bloomberg; Note: BRES is Barwa Real Estate Company and ERES is Ezdan Real Estate Company vs. Market Key Personnel Rashid Fahad Al Naimi Sheikh Suhaim Abdulla Al Thani Seraj Saleh Al Baker Designation Chairman Vice Chairman Chief Executive Officer Source: Bloomberg; Note: QREA INDEX is Qatar Exchange All Share Real Estate Index and QEAS INDEX is Qatar Exchange All Share Index Sector Snapshot Qatar Major Infrastructure Projects Commercial and Residential Construction Project name Timeframe Value (USD mn) Doha World Trade Center Lusail City ,000 Doha Festival City ,650 Doha Convention Center & Tower Convention Center Msheireb Downtown ,500 Marina Mall and Sidra residential project Source: Industry reports Absolute Price Performance 5 Years* Source: Bloomberg (as of April 8, 2012); Note: *Listed on October 10, 2010 Peer Metrics (all figures in QR mn) Mkt. cap.* Revenue Total assets Ezdan Real Estate Company 52, ,886 Barwa Real Estate Company 10,992 2,931 65,807 (as of December 31, 2011), *Bloomberg (as of April 8, 2012) 108

110 Key Historical Financials Income Statement Revenue and Net Profit QR mn FY2010 FY2011 Revenue# YoY growth (%) N/A (31.8) General and administrative expenses* EBITDA** 16 (5) EBITDA margin (%) 53.2 (27.3) Net profit EBITDA and EBITDA Margin Net margin (%) , **Bloomberg; Note: #Includes profit from deposits with Islamic banks and financial institutions, *includes management fees of QR2mn each year Balance Sheet QR mn FY2010 FY2011 Cash and bank balances Accounts receivable and prepayments Due from related parties 7 5 Wakala Investments 65 65, Bloomberg Total Assets Available-for-sale investments Projects in progress 68 9 Property and equipment 1 1 Investment properties Total assets 1,182 1,101 Borrowings Accounts pay. & other current liabilities Employees end of service benefits 1 1 Total equity 1,030 1,078 Total liabilities and equity 1,182 1,101 Ratios FY2010 FY2011 RoE (%) N/A 4.6 RoA (%) N/A 4.3 Debt/Equity (%) Source: Bloomberg EV/EBITDA Multiples MRDS N/A 30.0 N/M N/A BRES 63.0 N/M N/M N/A ERES N/M N/M N/M N/A P/E Multiples MRDS N/A N/A BRES N/A ERES 12.5 N/M N/M N/A 109

111 United Development Company (UDCD) Company Description A Qatari investment and development company. UDCD, established in 1999, is engaged in the investment, development and sale of real estate properties in the State of Qatar. UDCD invests in infrastructure and utilities, hydrocarbon and energy, urban development, hospitality and leisure and environment-related businesses. The company recently announced Qatar s Pension and Social Insurance Authority as a 33% shareholder by issuing 112mn new shares for QR1.6bn. UDCD s 45.9%-owned associate, Medco, also won a QR4.5bn, 4-year contract for dredging and reclamation works for the New Doha Port project. Company Snapshot Key project The Pearl-Qatar Revenue 4-year CAGR (%) 0.7 Enterprise value* (QR bn) 12.3 Total assets FY2011 (QR bn) 19.1, *Bloomberg (as of April 8, 2012) Key Subsidiaries UDCD operates through 21 subsidiaries and has investments in four associates. The Pearl Qatar Company (TPQ; 100% owned) is engaged in planning, developing and operating The Pearl-Qatar project. Qatar District Cooling Company (51%) is building the world s largest district cooling plant with a capacity of 130,000+ tons at The Pearl-Qatar. Two other plants are operational in West Bay producing 67,000 tons of refrigeration and providing district cooling to 46 West Bay towers. A third plant is also in the planning stages. Hospitality Development Company (HDC; 100%) is engaged in the investment and management of restaurants, hotels and resorts. The company also trades fast moving consumer goods in the hospitality sector. Key Business Segments Urban development is involved in real estate development and construction. Hydrocarbon and energy includes production and sale of chemicals and hydrocarbon materials. Hospitality and leisure is engaged in the investment and development of hotels and leisure facilities and sale of luxurious items. Infrastructure and utilities comprises construction and management of district cooling systems and marina activities. Key Data Current market price (QR) Dividend yield# (%) N/A Bloomberg ticker UDCD QD ADR/GDR ticker N/A Reuters ticker UDCD.QA ISIN QA000A0KD6M9 Sector* Real Estate 52wk high/52wk low (QR) 20.68/ m average volume ( 000) 1,183.2 Mkt. cap. (USD bn/ QR bn) 1.8/6.5 Shares outstanding (mn) Foreign ownership limit* (%) 25.0 Current FO** (%) year total return (%) 21.4 Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Key Subsidiaries and Associates % stake The Pearl Qatar Co Hospitality Development Co United Fashion Co Qatar District Cooling Co Middle East Dredging Co Al Seef Limited 20.0 Revenue Mix By Segment (FY2011) Total assets By Segment (FY2011) 110

112 Key Project The Pearl-Qatar: UDCD s flagship project, The Pearl-Qatar, is one of the largest urban developments in the State of Qatar. This project has reclaimed an area of 4.2mn square meters adding a 32-kilometer coastline and is converting it into a manmade island for commercial and residential purposes. With phase 1 completed in 2009, development of The Pearl-Qatar s 10 precincts is well underway. Upon completion, close to 19,000 residential dwellings will be available for use on the island. The Pearl- Qatar is the first project in the State of Qatar to offer freehold and residential permit rights to the international investors. Key Parameters Income statement: Revenue increased by 34.3% YoY to QR1.9bn in 2011 due to a 32.5% increase in revenue from the urban development segment and a 34.1% increase in revenue from infrastructure and utilities. In addition, QR3.1bn in fair value gains on the revaluation of investment properties at The Peal-Qatar resulted in a more than fivefold increase in net profit. Excluding this revaluation gain, total net profit would have increased 15.8% in Balance sheet: Total assets grew by 75.2% YoY to QR19.0bn in 2011 led by a 369.3% growth in Investment property, a significant increase in inventories (from land and properties held for sale) and a 32.2% growth in property, plant and equipment. Total liabilities increased by 47.5% mainly due to a significant rise in term loans and accounts and other payables in Equity more than doubled in 2011 to QR8.9bn due to a significant increase in UDCD s asset revaluation reserve. Key Personnel vs. Peers Source: Bloomberg; Note: BRES is Barwa Real Estate Company. and ERES is Ezdan Real Estate Company vs. Market Hussain Ibrahim Al Fardan H.E. Abdullah Bin Khalifa Al Attiyah Ebrahim Mubarak Al Sulaiti Sector Snapshot Qatar Construction Industry Designation Chairman Deputy Chairman Chief Executive Officer Source: Bloomberg; Note: QREA INDEX is Qatar Exchange All Share Real Estate Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance 5 Years QR bn FY2008 FY2009 FY2010 FY2011 Nominal construction GDP Real growth, YoY (%) (24.0) 2.3 Source: Qatar Statistics Authority Property Market Rental rates (QR/pm) Sales prices (QR/sq. m.) Apartment (per unit) 2,500-17,500 9,000-16,000 Villa (per unit) 7,000-30,000 N/A Office (per sq. m.) ,000 Source: Industry reports (as of 1Q2012) Source: Bloomberg (as of April 8, 2012) Peer Metrics (all figures in QR mn) Mkt. cap.* Revenue Total assets Ezdan Real Estate Company 52, ,886 Barwa Real Estate Company 10,992 2,931 65,807 (as of December 31, 2011), *Bloomberg (as of April 8, 2012) 111

113 Key Historical Financials Income Statement QR mn FY2008* FY2009 FY2010 FY2011 Revenue 1,059 1,492 1,420 1,907 YoY growth (%) (43.0) 40.9 (4.9) 34.3 Gross profit General & administrative expenses EBITDA EBITDA margin (%) Net finance income Net share of results of associates Net profit ,772 Minority 15 (10) (20) (25) Profit to equity shareholders ,747 Net margin (%) ; Note: *Restated due to a change in revenue recognition accounting policy for real estate properties Revenue and YoY Growth Net Profit and Net Margin Balance Sheet QR mn FY2008* FY2009 FY2010 FY2011 Cash and cash equivalents 1, ,020 Accounts and other receivables ,468 Work in progress 2,280 2,764 3,941 2,317 Inventories ,804 Available-for-sale investments Property, plant and equipment 2,483 2,530 3,050 4,033 Investment property 0 1,134 1,347 6,319 Others Total assets 8,349 8,964 10,878 19,056 Accounts and other payables 2,448 2,004 1,772 3,423 Term loans (short and long term) 2,516 3,281 4,540 6,136 Retention payables (short & long term) Total equity attributable to owners 2,548 2,664 3,387 8,146 Non-controlling interests Total liabilities and equity 8,349 8,964 10,878 19,056 ; Note: *Restated due to a change in revenue recognition accounting policy for real estate properties Ratios Source: Bloomberg FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Debt/Equity (%) Total Assets and RoA, Bloomberg EV/EBITDA Multiples UDCD N/A BRES 63.0 N/M N/M N/A ERES N/M N/M N/M N/A P/E Multiples UDCD N/A BRES N/A ERES 12.5 N/M N/M N/A 112

114 Qatar Telecom (QTEL) Company Description QTEL, formed in 1987, is Qatar s largest integrated telecom operator. With a total subscriber base of more than 83mn as of 2011, QTEL has a presence in 17 markets across the Middle East and North Africa (MENA) region, the Asian subcontinent and South East Asia. Company Snapshot Proportional subscribers, FY11 ( 000s) 47,903 International revenue, FY11 (%) 82.0 Proportional subscribers YoY growth (%) 14.9 Enterprise value* (QR bn) 72.3, *Bloomberg (as of April 8, 2012) Key Subsidiaries PT Indosat Tbk (Indosat) is Indonesia s second largest mobile operator with close to 52mn subscribers (20.6% market share) as of QTEL owns a 65.0% stake in this subsidiary. National Mobile Telecommunications Company K.S.C. (Wataniya Telecom) offers a wide range of mobile voice and data services to individuals and corporates in Kuwait, MENA and the Maldives. QTEL owns 52.5% of Wataniya Telecom. Omani Qatari Telecommunications Company S.A.O.G. (Nawras): Incorporated in 2004, Nawras is Oman s second largest mobile operator and was listed in late QTEL owns 55.0% of Nawras. Business Segments Wireless: In 2011, wireless revenue increased by 17.2% YoY driven by significant revenue growth in Wataniya (+37.4%), Iraq (+17.4%) and Indonesia (+8.3%). Wireline: The company s wireline revenue increased by 7.4% in FY2011 to QR3.7 bn. Revenue from Qatar increased by 7.4% YoY, principally driven by a 5.0% growth in the company s subscriber base. Similarly, revenue from Indonesia increased by 5.0% YoY primarily due to improving ARPUs slightly offset by declining subscribers (-58.4% YoY) whereas wireline revenue from Nawras jumped 95.4% in 2011, albeit on a smaller base. Key Parameters Subscriber base growth: QTEL s proportional subscriber base grew by 14.9% YoY in The company s total subscriber base in Indonesia grew by 15.9% YoY due to a significant 17.0% increase in pre-paid subscribers. At the same time, the total subscriber base grew by 10.4% and 10.0% YoY in Iraq and Kuwait, respectively. Total Tunisian subscribers increased 11.6% YoY. ARPU: Blended quarterly ARPU in 4Q11 increased by 7.8% YoY in the State of Qatar while ARPU declined by 23.9% YoY in Indonesia due to increasing price competition by Telkom Indonesia and other small players in Indonesia. Key Data Current market price (QR) Dividend yield# (%) 1.8 Bloomberg ticker QTEL QD ADR/GDR ticker QTED LI Reuters ticker QTEL.QA ISIN QA Sector* Telecoms 52wk high/52wk low (QR) / m average volume ( 000) 48.3 Mkt. cap. (USD bn/ QR bn) 8.1/29.4 Shares outstanding (mn) Foreign ownership limit* (%) No Limit Current FO** (%) year total return (%) 14.7 Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Shareholders Shareholders % stake Government of Qatar 55.0 Qatari Government Institutions Abu Dhabi Investment Authority (as of March 31, 2012) Prop. Subscribers By Geography Revenue Contribution By Geography (as of March 31, 2012) 113

115 FY2011 performance: (1) Revenue increased by 16.0% YoY to QR31.8bn with 103 bps expansion in the EBITDA margin to 46.6%. The robust growth in revenue was driven by strong performances in Iraq, Kuwait and Algeria and full consolidation of the Tunisian results. Indonesia contributed 26.9% to FY2011 revenue, followed by Iraq (18.7%), Qatar (18.0%) and Kuwait (10.1%). (2) Total subscribers increased by 1.1% QoQ to 83.4mn and proportional customers grew by 0.9% QoQ to 47.9mn. Indonesia contributed 62.3% to total subscribers in 2011, followed by Iraq (10.8%), Algeria (10.2%) and Tunisia (7.9%). (3) QTEL comprehensively beat revenue (guidance range 8-13%) and EBITDA growth (~19% vs. guidance of 8-13%) for (4) QTEL announced a QR3 per share cash dividend and a 30% stock dividend for 2011 vs. QR5 per share in cash and a 20% stock dividend in The company is also undertaking a 40% rights issue at QR75 a share. Key Personnel vs. Market (as of March 31, 2012) Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani Ali Shareef Al-Emadi Nasser Marafih Sheikh Saud Bin Nasser Al-Thani Telecom Sector Snapshot Qatar Designation Chairman Deputy Chairman Group Chief Executive Officer Chief Executive Officer QTEL Qatar Absolute Price Performance 5 Years Qatar Telecom Vodafone Qatar Wireless subscriber base ( 000s) 2, Wireless subscribers market share (%) Wireless revenue market share (%) Wireless ARPU (QR)* (as of December 31, 2011); Note: *Quarterly ARPU Source: Bloomberg Revenue and YoY growth Telecom Sector Snapshot Indonesia Indosat Telkom Indonesia Wireless Market share (%) Wireless ARPU ( 000 IDR) Wireless ARPU YoY growth (%) (18.2) (7.0) (as of December 31, 2011) EBITDA and EBITDA Margin 114

116 Key Historical Financials Income Statement Revenue 20,319 24,025 27,377 31,765 YoY growth (%) Operating expenses* 10,685 12,804 14,782 16,918 Adjusted EBITDA 9,634 11,221 12,594 14,848 Adjusted EBITDA margin (%) Depreciation and amortization 4,022 5,484 6,317 7,015 EBIT 5,612 5,737 6,277 7,833 EBIT margin (%) Finance cost 1,596 1,498 1,804 1,902 Share of results of associates (51) 9 (130) (57) Net profit 2,842 3,942 4,088 5,943 Minority interest 565 1,103 1,200 3,338 Profit to equity shareholders 2,277 2,839 2,888 2,606 Net margin (%) , Bloomberg; Note: *Excludes depreciation Balance Sheet Cash and bank balances 7,845 11,512 25,576 21,250 Accounts receivable and prepayments 3,862 4,200 4,740 5,817 Inventories Property, plant and equipment 23,352 29,767 32,173 33,065 Intangible assets 32,671 34,104 33,279 36,741 Other non-current assets 5,147 5,125 5,314 4,978 Total assets 73,150 84, , ,194 Accounts payable and accruals 9,709 9,674 10,476 11,218 Other current liabilities 3,245 4,207 4,704 2,036 Loans and borrowings 27,975 35,683 46,262 45,783 Other non-current liabilities 5,282 5,943 5,731 3,764 Shareholders equity 11,260 15,620 19,030 21,056 Minority interest 15,678 13,835 15,197 18,337 Total liabilities and equity 73,150 84, , ,194 Total Assets and RoA, Bloomberg EV/EBITDA Multiples QTEL VFQS N/M 45.4* P/E Multiples QTEL VFQS N/M N/M N/M N/M Ratios FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Debt/Equity (%) Source: Bloomberg 115

117 Vodafone Qatar (VFQS) Company Description Qatar s fast emerging telecom company. Vodafone Qatar (VFQS), incorporated in June 2008, is the only other licensed telecom service provider in the State of Qatar apart from Qatar Telecom (QTEL). The company has circa 27.8% market share of Qatar s total mobile subscriber base and 25.6% mobile revenue market share. Company Snapshot Mobile subscribers 47,903 International revenue, FY11 (%) 82.0 Mobile subscriber YoY growth (%) 12.1 ARPU YoY growth (%) (7.5) (as of December 31, 2011); Note: *Quarterly ARPU Business Segments Mobile: The mobile segment provides wireless services and VFQS currently considers it the company s only operating segment (although the company provides fixed-line services at The Pearl, and money transfer services, etc). Revenue increased by 158.6% in FY2011 to QR935mn. The company s subscriber market share increased to 26.7% in FY2011 from 6.6% in September Fixed-line: In April 2010, Qatari telecom regulator ictqatar, issued VFQS the country s second fixed-line license for a fee of QR10mn. Terms included full coverage of The Pearl-Qatar, a large-scale residential and commercial development project, where broadband internet services and fixed-line voice services were to be provided within 3 and 12 months, respectively. The license contained further obligations to provide 100% coverage in the rest of Qatar. Currently, VFQS offers fixed-line services at The Pearl, which is to be followed by the launch of fixed-line services in Barwa City, West Bay CBD and then a nationwide roll-out as Qatar National Broadband Network (QNBN) delivers last-mile connectivity. Key Parameters Network: VFQS has 100% geographic coverage for its 2G services and circa 99% population coverage for its 3G services and has about 497 outdoor and 123 indoor cell sites. The company expects to launch 50 additional cell sites by end-march QFY2012 performance: (1) In 3QFY2012, total revenue grew by 18.5% YoY to QR315.8mn principally driven by a 12.1% growth in subscriber base. (2) EBITDA improved to QR37mn (EBITDA margin of 11.7%) from just QR1mn in the year ago period. (3) The company s subscriber market share improved to 27.8% from 25.3% in 3QFY2011 whereas its revenue market share improved to 25.6% from 22.7% in the same quarter previous year. As of December 2011, 46.7% of Qatar s population actively used VFQS services. (4) Mobile subscriber base grew by 12.1% YoY to 797,000 during 3QFY2012 driven by branding initiatives, various innovative service offerings and promotional activities for the international calling business. (5) Average Revenue Per User (ARPU) grew by about 4.7% QoQ to QR111 during 3QFY2012 driven by an increase in mobile data usage as the company promoted data packages bundled with smartphones. Key Data Current market price (QR) 7.53 Dividend yield# (%) N/A Bloomberg ticker VFQS QD ADR/GDR ticker N/A Reuters ticker VFQS.QA ISIN QA000A0Q5NE Sector* Telecoms 52wk high/52wk low (QR) 8.17/ m average volume ( 000) Mkt. cap. (USD bn/ QR bn) 1.7/6.4 Shares outstanding (mn) Foreign ownership limit* (%) No Limit Current FO** (%) year total return (%) (5.6) Fiscal year end Mar 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership Shareholders Vodafone Group (51%) and Qatar Foundation (49%) LLC % stake vs. Peers 45.0 (as of December 31, 2011) Mobile Revenue Market Share Mobile Penetration Qatar Source: Bloomberg; Note: QTEL is Qatar Telecom 116

118 Key Personnel Sheikh Abdulrahman Bin Saud Al-Thani Richard Daly Steve Walters Designation Chairman Chief Executive Officer Chief Financial Officer vs. Market Telecom Sector Snapshot Qatar Qatar Telecom Vodafone Qatar Wireless subscriber base ( 000s) 2, Wireless subscribers market share (%) Wireless revenue market share (%) Wireless ARPU (QR)* (as of December 31, 2011); Note: *Quarterly ARPU Key Historical Financials Source: Bloomberg; Note: QTLC INDEX is Qatar Exchange All Share Telecoms Index and QEAS INDEX is Qatar Exchange All Share index Absolute Price Performance 5 Years* Income Statement QR mn FY2009* FY2010 FY2011 Revenue Gross profit (0) Gross margin (%) (10.7) Operating expenses EBITDA (124) (225) (27) EBITDA margin (%) N/M (62.3) (2.9) Depreciation Amortization of license EBIT (125) (675) (576) EBIT margin (%) N/M (186.6) (61.6) Interest expense (net) 8 (1) 25 Net profit (133) (673) (601) Net income margin (%) N/M (186.3) (64.3) (*from June 23, 2008) Source: Bloomberg (as of April 8, 2012); Note: *Listed on July 22, 2009 Revenue Mobile Subscribers and Market Share 117

119 Balance Sheet QR mn FY2009 FY2010 FY2011 Cash and cash equivalents Trade and other receivables Inventories Property, plant and equipment ,161 Intangible assets 7,716 7,347 6,954 Other non-current assets Total assets 8,141 8,409 8,416 Total debt (short and long term) Trade and other payables 3, Other non-current liabilities Total equity 4,939 7,659 7,078 Total liabilities and equity 8,141 8,409 8,416 EV/EBITDA Multiples VFQS N/M N/M 45.4* 21.0 QTEL ; Note: We have used FY-1 multiples for QTEL as QTEL s FY ends in December P/E Multiples VFQS N/M N/M N/M* N/M QTEL ; Note: We have used FY-1 multiples for QTEL as QTEL s FY ends in December Ratios FY2009 FY2010 FY2011 FY2011 RoE (%) N/M N/M N/M 13.0 RoA (%) N/M N/M N/M 2.6 Debt/Equity (%) Source: Bloomberg 118

120 Gulf Warehousing Company (GWCS) Company Description A key player in the logistics sector. GWCS, established in March 2004, is a leading Qatari third party logistics (3PL) company. The company provides diversified services such as warehousing, freight forwarding, transportation, supply chain management consultancy and other ancillary services. In November 2010, the company took over Agility s Qatar operations to augment its freight forwarding business. GWCS successfully completed the acquisition in January Company Snapshot Number of vehicles & trailers 1,111 Storage capacity pallets locations ( 000) 133 Revenue 4-year CAGR (%) 74.4 Enterprise value* (QR bn) 1.8, *Bloomberg (as of April 8, 2012) Expansion Plans Logistics Village Qatar (LVQ): Located in the new industrial area, LVQ occupies more than 1mn sq. m. of space. This complex will provide a gamut of facilities and services making GWCS the largest logistics operator in Qatar. The first phase of this project became operational in 1Q2011. GWCS commenced work on the second phase during 2011 and expects to launch it by April The company expects to achieve 80% occupancy on the completion of the second phase. GWC Mesaieed Warehouse: Located near Mesaieed Industrial City (total land area: around 65,000 sq. m.). Warehouse serves the petrochemical, steel and chemical industries. The first phase of this project became operational in 1Q2011. Imdad: Imdad is providing a one-window solution for clients in all of its foodrelated needs. The company owns 51% of the firm. Business Segments Logistic operations include services such as storage, handling, packing and transportation. The segment also provides inventory management with internet access, tailored pick/pack services, flexible temperature controlled operations and other value added services. This also includes RMS and Asset management services, international moving, and relocation services. Key Data Current market price (QR) Dividend yield# (%) 4.0 Bloomberg ticker GWCS QD ADR/GDR ticker N/A Reuters ticker GWCS.QA ISIN QA000A0KD6H9 Sector* Transportation 52wk high/52wk low (QR) 41.90/ m average volume ( 000) 30.4 Mkt. cap.* (USD bn/ QR bn) 0.4/1.5 Shares outstanding* (mn) 39.6 Foreign ownership limit* (%) 24.9 Current FO** (%) year total return (%) 21.5 Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership vs. Peers Freight forwarding offers freight services through air, land and sea, with tracking tool facility, as well as services such as customs clearance and consultation. Revenue By Segment (FY2011) Total Assets By Segment (FY2011) Source: Bloomberg; Note: QNNS is Milaha and QGTS is Qatar Gas Transport Company 119

121 Key Parameters Income statement: The acquisition of Agility s Qatar operations in 2011 has made the YoY comparison insignificant. Overall revenue stood at QR420mn in 2011 from QR87.6mn (excluding Agility Qatar s revenues) in However, the gross margin declined to 27.2% in 2011 from 37.5% in In 2010, the firm booked valuations gains from investment properties to the tune of QR35.8mn that dropped to only QR4.0mn. General and administrative expenses grew by 188.9% YoY. Hence, net profit for 2011 was QR61.7mn, up 21% YoY, despite a 248.0% YoY improvement in gross profit. The company announced cash DPS of QR1.5 in 2011 vs. QR1.0 in Balance sheet: In 2011, property, plant and equipment increased by 59.1% YoY due to capital expenditure of QR192mn related to the LVQ project. Investments more than doubled YoY due to the Agility Qatar acquisition, while trade receivables jumped fourfold YoY. In relation to this acquisition, GWCS recorded intangible assets of QR155mn in Overall, total assets grew by 105.1% YoY. In liabilities, total borrowings grew by 92.3% YoY to QR421mn due to a rise in debt related to the LVQ project, while total equity grew 96.8% to QR687mn. vs. Market Source: Bloomberg; Note: QTRN Index is Qatar Exchange All Share Transportation Index QEAS Index is Qatar Exchange All Share Index Key Personnel Mohammad Ismail Al Emadi Sheikh Fahed Bin Hamad Bin Jasim Al-Thani Ranjeev Menon Sector Snapshot Qatar Designation Chairman Vice Chairman Chief Executive Officer Absolute Price Performance 5 Years Transportation Sector Data Qatar air cargo volume ('000 tons) YoY growth Source: Industry reports Source: Bloomberg (as of April 8, 2012) Revenue and *Gross Margin FY2010 FY2011 FY2012 Qatar real GDP growth rate (%) * No. of containers handled at Doha port ( 000 TEUs) # Source: Qatar Statistics Authority, Industry reports (as of 1Q2012), *QNB Group estimates, #Industry estimates; Note: TEUs Twenty-foot Equivalent Unit ; Note: *Excludes depreciation 120

122 Key Historical Financials Income Statement Revenue Gross profit Gross margin (%) Staff cost General and administrative expenses EBITDA* EBITDA margin (%) Valuation gains Net finance cost Net profit (24) Non controlling interest Net profit attributable to shareholders (24) Net margin (%) (41.7) , *Bloomberg Balance Sheet Bank balances and cash Trade receivables and inventories Property, plant and equipment Intangible assets Total investments Total assets ,249 Total loans and borrowings Total payables and other accruals Total shareholders equity Non controlling interest Total liabilities and equity ,249 EBITDA and EBITDA Margin Net Income and Margin EV/EBITDA Multiples GWCS QNNS P/E Multiples GWCS QNNS Ratios FY2008 FY2009 FY2010 FY2011 RoE (%) (7.8) RoA (%) (5.9) Debt/Equity (%) , Bloomberg 121

123 Milaha (QNNS) Company Description Established in 1957, QNNS is engaged in marine transportation, shipping and logistics services. The company provides marine transport agency services to foreign shipping lines and offers offshore services, ship repairs, fabrication and installation of offshore structures, logistics services and chartering of vessels. QNNS also has a presence in Dubai. The company dominates the feeder traffic between the State of Qatar and the UAE with roughly 90% market share of total export and import of containers in the State of Qatar. QNNS also owns a 30% stake in Qatar Gas Transport (Nakilat). In November 2011, the company announced its new name of Milaha and restructured its internal segments. Company Snapshot No. of vessels (owned and operated) 59 Enterprise value* (QR bn) 9.6 Revenue 5-year CAGR (%) 14.5 Total assets, FY2011 (QR bn) 13.3, *Bloomberg (as of April 8, 2012) Key Subsidiaries / Associates Halul Offshore Service Company (HOSC) offers offshore support services to oil and gas exploration and construction industries. HOSC provides vessels on hire, diving services, construction services and maintenance of offshore installations. Qatar Shipping (Q-Ship): In 2010, QNNS upped its stake in Qatar Shipping from 15% to 100%. Q-Ship manages a mixed fleet of 27 ships for trading crude oil and transporting Liquefied Petroleum Gas (LPG) and ammonia. This subsidiary has stakes in 9 Liquefied Natural Gas (LNG) ships. Q-Ship also owns a marine fabrication yard and has a JV with ExxonMobil for owning Aframax tankers. Other subsidiaries include Qatar Quarries and Building Materials (QQBM), Gulf Shipping Investment, Qatar Shipping (India) Private Ltd. and Ocean Marine Services. Besides Nakilat, QNNS other associates include Macgregor Qatar Navigation, Iraq-Qatar Transport and Shipping Services and United Arab Shipping Agency. Business Segments Halul offshore services is the company s single largest segment. Halul contributed 26.4% to revenue and 39.4% to segment operating profit in Commercial activities provide maintenance and repair of boats and dhows. Navigation Marine Services Center is the sole distributor of several marine-related products. This segment contributed 16.0% to revenue and 0.1% to segment operating profit in Key Data Current market price (QR) Dividend yield# (%) 4.6 Bloomberg ticker QNNS QD ADR/GDR ticker N/A Reuters ticker QNNC QA ISIN QA Sector* Transportation 52wk high/52wk low (QR) 88.00/ m average volume ( 000) 59.7 Mkt. cap. (USD bn/ QR bn) 2.4/8.7 Shares outstanding (mn) Foreign ownership limit* (%) 25.0 Current FO** (%) year total return (%) (10.8) Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend, annualized based on dividend frequency and **FO is foreign ownership vs. Peers Marine transport is engaged in the export and import of containers. This segment contributed 11.7% to revenue and 5.2% to segment operating profit in Shipping agencies provides stevedoring and agency services. This segment accounted for 2.2% of revenue and 2.3% of segment operating profit in Others include the company s Dubai operations, Q-Ship and Qatar Quarries and Building Materials as well as port services, navigation freight services, ship repair and fabrication and real estate and financial investments. We note that Q-Ship contributed 11.9% to revenue and 8.5% to segment operating profit in Key Parameters Income statement: Revenue grew by 0.7% YoY to QR2.1bn in 2011, mainly due to a 52.8% and 12.3% YoY increase in revenues from commercial activities and Halul offshore, respectively. On the other hand, 47.0% and 38.6% YoY decline in investment income and revenues from Qatar Quarries & Building Materials, respectively, restricted the overall growth. Operating profit declined by 11.4% YoY, majorly due to an approximate 11% increase in both salaries & wages and depreciation & amortization. Net profit fell by 35.3% YoY to QR711mn in 2011, primarily due absence of one-off gains of QR298mn and QR236mn reported in 2010 Source: Bloomberg; Note: ARMX is Aramex (UAE) and QGTS is Qatar Gas Transport Company 122

124 related to the acquisition of Q-Ship and fair value gains from sales of available-forsale investments, respectively. QNNS announced a QR3.50 a share cash dividend for 2011 versus QR4.00 a share in vs. Market Balance sheet: Total assets remained flat YoY in While property vessels & equipment and available-for-sale investments increased by 8.6% and 12.6%, respectively, investment in associates fell by 13.8% in On the liabilities side, the group received an interest free advance payment of QR187m from a customer to construct harbor tugs, pilot boats and mooring boat services in Total debt increased by QR7mn, while obligations under finance lease declined by 6mn. Key Personnel Sheikh Ali Bin Jassim Bin Mohammed Al-Thani Salem Bin Butti Al Naimi Khalifa Bin Ali Al Hetmi Sector Snapshot Qatar Transportation Sector Data Designation Chairman & Managing director Vice Chairman Chief Executive Officer Source: Bloomberg; Note: QTRN INDEX is Qatar Exchange All Share Transportation Index and QEAS INDEX is Qatar Exchange All Share Index Absolute Price Performance 5 Years FY2010 FY2011 FY2012 Qatar real GDP growth rate (%) * No. of containers handled at Doha port ( 000 TEUs) # Source: Qatar Statistics Authority, Industry reports (as of 1Q2012), *QNB Group estimates, #Industry estimates; Note: TEUs Twenty-foot Equivalent Unit Peer Metrics (all figures in QR mn) Mkt. cap.* Revenue Total assets Aramex (UAE) # 2,598 2,553 2,471 Qatar Gas Transport 9,946 3,420 31,408 (as of December 31, 2011), *Bloomberg (as of April 8, 2012); Note: #ARMX operates primarily in the air freight and courier services sector Source: Bloomberg (as of April 8, 2012) Revenue Contribution By Segment (FY2011) Revenue and Net margin 123

125 Key Historical Financials Income Statement Revenue 1,540 1,359 2,129 2,144 YoY growth (%) 22.2 (11.7) EBITDA* EBITDA margin (%) Operating profit Operating profit margin (%) Finance cost Profit to equity shareholders Net margin (%) , *Bloomberg Balance Sheet Cash and bank balances Inventories Trade receivables Other current assets Property, vessels and equipment 1,310 1,268 3,191 3,466 Investment in associates ,198 3,617 Available-for-sale investments 4,417 4,474 2,916 3,283 Other non-current assets ,191 1,095 Total assets 6,741 7,198 13,308 13,313 Trade and other payables Other current liabilities Term debt (short and long term) ,953 1,960 Other non-current liabilities Total equity 5,592 5,912 10,843 10,622 Total liabilities and equity 6,741 7,198 13,308 13,313 Total Assets and RoA EV/EBITDA Multiples QNNS ARMX QGTS P/E Multiples QNNS ARMX QGTS Ratios FY2008 FY2009 FY2010 FY2011 RoE (%) RoA (%) Debt/Equity (%) , Bloomberg 124

126 Qatar Gas Transport Company (QGTS) Company Description The world s largest owner of Liquefied Natural Gas (LNG) ships. QGTS or Nakilat was established in With a total effective LNG shipping capacity of circa 8.6mn cubic meters, the company owns ~16.0% of the global LNG shipping capacity. Apart from LNG, QGTS also jointly owns 4 vessels for transporting Liquefied Petroleum Gas (LPG). Nakilat enjoys stable revenue and cash flows due to long-term (25 years) and fixed-rate (with operating cost inflation adjustments) time charter contracts with Qatargas, RasGas and Tasweeq. Company Snapshot S&P long-term corp. credit rating AA- No. of LNG vessels* 54 No. of LPG vessels 4 Total assets FY2011 (QR bn) 31.4 ; Note: *Includes 29 jointly-owned LNG vessels Key Subsidiaries Nakilat Inc. (100% owned): Founded in April 2006, this subsidiary was set up for the sole purpose of obtaining financing for acquiring wholly owned LNG vessels. Nakilat Shipping (Qatar) Ltd. (100%): Incorporated in March 2007, this subsidiary manages the operations of all wholly owned LNG vessels of QGTS and the LPG vessels owned by Gulf LPG Transport Company W.W.L. Nakilat Agency Company Ltd. (95%) acts as an exclusive agent for all local and international ships arriving at the Ras Laffan Port. Other subsidiaries include Nakilat Marine Services, QGTC Nakilat Investment and QGTC Nakilat Holding. Key Joint Ventures (JVs) Nakilat-Keppel Offshore and Marine Ltd.: Incorporated in November 2008, this 80%-owned JV with Keppel Offshore and Marine Limited is engaged in the development and management of the shipyard facility at the Ras Laffan Port. Nakilat Damen Shipyards Qatar Ltd.: Incorporated in July 2010, this 70%-owned JV with Damen Shipyards Group manages the ship building facility for the construction of high-value ships at the Ras Laffan Port shipyard. Key Data Current market price (QR) Dividend yield# (%) 4.8 Bloomberg ticker QGTS QD ADR/GDR ticker N/A Reuters ticker QGTS.QA ISIN QA000A0KD6L1 Sector* Transportation 52wk high/52wk low (QR) 19.83/ m average volume ( 000) Mkt. cap. (USD bn/ QR bn) 2.7/9.9 Shares outstanding (mn) Foreign ownership limit* (%) 24.7 Current FO** (%) year total return (%) (0.9) Fiscal year end Dec 31 Source: Bloomberg (as of April 8, 2012), *Qatar Exchange (as of April 8, 2012); Note: #Dividend yield reflects the most recently announced gross dividend annualized based on dividend frequency and **FO is foreign ownership Shareholders % stake Milaha (Qatar Navigation) 30.0 Qatar Pension Fund 7.0 Qatar Foundation Fund 4.0 Source: Zawya (as of September 14, 2011) vs. Peers Nakilat Svitzerwijsmuller W.L.L.: Founded in September 2006, this 70%-owned JV with Svitzer Middle East Limited owns and operates tugboats, pilot boats and harbor crafts at the Ras Laffan Port. Gulf LPG Transport Company W.L.L.: Founded in March 2008, this 50%-owned JV owns and operates 4 LPG vessels. QNNS (through Q-Ship) owns the remaining 50% interest. In total, QGTS owns stakes in 12 JVs. Source: Bloomberg; Note: QNNS is Milaha (Qatar Nav.) 125

127 Key Parameters Income statement: Total income increased by 10.6% YoY in 2011 driven by a 10.1% increase in revenue from wholly owned vessels. This was supported by increases of 28.3% YoY and 9.8% YoY in income from marine and agency services and share of profits from joint ventures, respectively. Profit from Islamic banks and interest and dividend income declined 76.2% YoY and 9.4% YoY, respectively, while other income grew almost three-fold (on a small base). QGTS reported a 16.0% YoY growth in operating costs of wholly-owned vessels and a 26.6% rise in general and administrative expenses in Depreciation and finance charges increased by 6.2% and 5.7%, respectively. Overall, net profit grew by 25.3% YoY to QR833mn over the period. QGTS announced a cash dividend of QR0.85 a share for 2011 as compared to QR0.75 a share in Balance sheet: Total assets declined by 1.9% YoY to QR31.4bn in Cash and bank balances increased 5.2% to QR2.2bn, while trade and other receivables grew 38.5%. This was offset by a decline of 2.2% YoY in property, plant and equipment to QR25.8bn. On the liabilities side, fair value of interest rate swaps grew by 70.8% YoY to QR5mn, while borrowings declined by 3.0% YoY to QR24.8bn, primarily due to the repayment of QR0.9bn during the year. Total equity declined 57.3% YoY, primarily due to a rise of 67.7% YoY in hedge reserves. Although the company remains highly leveraged, QGTS interest payments are supported by stable cash flow generation. The company s net operating cash flow increased 40.7% YoY to QR1.0bn in vs. Market Source: Bloomberg; Note: QTRN INDEX is Qatar Exchange All Share Transportation Index and QEAS INDEX is Qatar Exchange All Share Index 1-Year Forward P/E Band Key Personnel Hamad Rashid Al Mohannadi Khaled Bin Khalifa AI Thani Mohammed Ghannam Sector Snapshot Qatar LNG Sector Designation Chairman Vice Chairman Managing Director Source: Bloomberg Absolute price performance 5 Years Contracted LNG exports (mn tons per year or mtpa) Contracted LNG exports (mtpa) Contracted LNG export CAGR (%) 19.4 Source: Qatargas, RasGas Source: Bloomberg (as of April 8, 2012) EBITDA and EBITDA Margin Peer Companies (all figures in QR mn) Mkt. cap.* Revenue Total assets Milaha 8,681 2,144 13,313 (as of December 31, 2011), *Bloomberg (as of April 8, 2012) 126

128 Key Historical Financials Income Statement Working Capital (WC) and WC Turnover Total income 291 1,914 3,092 3,420 Rev. 100%-owned ships, marine etc. 60 1,523 2,759 3,044 YoY growth (%) , Gross profit 56 1,318 2,300 2,511 Gross margin (%) General and administrative expenses EBITDA 10 1,259 2,230 2,422 EBITDA margin (%) Other income Depreciation and amortization Finance cost ,321 1,396 Fair value hedge loss from JVs 84 (20) 20 (23) Net profit Minority (1) (1) (0) (1) Net profit after minority interest Net margin (%) , *Bloomberg Balance Sheet Cash and bank balances 1,990 1,779 2,126 2,237 Trade and other receivables Inventories Property and equipment 2,284 22,450 26,338 25,751 Loans to joint ventures companies 588 1,108 1,121 1,119 Investment in joint ventures companies 1,464 2,077 2,038 1,810 Construction in progress 17,664 3, Other non-current assets Total assets 24,478 31,249 32,030 31,408 Accounts and other payables Total debt (short and long term) 19,232 25,015 25,552 24,781 Fair value of interest rate swaps 5,016 2,131 2,828 4,831 Provision for end of service benefits Total equity before hedge reserve 5,910 6,514 6,909 7,302 Hedge reserve (5,915) (2,609) (3,485) (5,843) Non-controlling interests Total equity (1) 3,909 3,428 1,464 Total liabilities and equity 24,478 31,249 32,030 31,408 Ratios Total Assets and RoA, Bloomberg EV/EBITDA Multiples QGTS QNNS P/E Multiples QGTS QNNS FY2008 FY2009 FY2010 FY2011 RoE (%) N/A N/A RoA (%) Debt/Equity (%) N/A ,693.3 Source: Bloomberg 127

129 Contacts Ahmed M. Shehada Head of Trading Tel: (+974) Saugata Sarkar Head of Research Tel: (+974) Keith Whitney Head of Sales Tel: (+974) Khalid Ibrahim Al-Mana Head of Business Development Tel: (+974) Sahbi Kasraoui Manager HNWI Tel: (+974) QNB Financial Services SPC Contact Center: (+974) PO Box Doha, Qatar DISCLAIMER: This publication has been prepared by QNB Financial Services SPC ( QNBFS ). QNBFS is a wholly-owned subsidiary of Qatar National Bank ( QNB ). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts, QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. 128

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