Award Winner 2010 Excellence in Brokerage Business Awarded for Research Promotion and Website Content

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1 Buy companies with strong histories of profitability and with a dominant business franchise. ~ Warren Buffett Al Maha EYE Award Winner 2010 Excellence in Brokerage Business Awarded for Research Promotion and Website Content By Muscat Securities Global markets & Commodities Watch GLOBAL NEWS WATCH International Indices Index Value USA Dow Jones 16, S&P 500 1, NASDAQ 4, EUROPE FTSE 100 6, CAC 40 4, DAX 30 9, ASIA NIKKEI 15, Hang Seng 23, Strait Times 3, Regional Indices Index Value Muscat 6, Saudi Arabia 8, Dubai 3, Abu Dhabi 3, Kuwait (Price Index) 7, Bahrain 1, Qatar 10, Commodities Crude Oil ($/bbl) Value Crude Oil (WTI) Crude Oil (Brent) Metals Value Gold Future $/OZ 1, Silver Future $/OZ Aluminum $/T 1, Copper $/T 7, Nickel $/T 13, Forex Cross Currency Rates for Major currencies Currency $ Rs US $ Indian Rupees (Rs) Sterling ( ) Euro ( ) Japanese Yen ( ) Currency Rates against OMR Currency Value OMR/ $ OMR/ OMR/ OMR/ OMR/ Rs Debt market Interest Rates LIBOR EURIBOR 1M 3M 6M 1Y U.S. stocks halt five-day slide after November jobs data 8-Dec-13 U.S. stocks rose, halting a five-day slide for the Standard & Poor s 500 Index, as investors weighed better-than-forecast jobs growth to gauge the strength of the economy and timing of Federal Reserve stimulus cuts. The S&P 500 gained 1.1 percent to 1, The advance trimmed the index s drop last week to less than 0.1 percent, the first weekly slide in two months. The Dow Jones Industrial Average rose points, or 1.3 percent, to 16, The 203,000 increase in payrolls followed a revised 200,000 advance in October and the jobless rate fell to a five-year low of 7 percent. Asian stock index posts biggest weekly drop since August Most Asian stocks fell, with the regional benchmark index posting its biggest weekly drop since August, as improving U.S. economic data fueled speculation the Federal Reserve may bring forward stimulus cuts. The MSCI Asia Pacific Index added 0.1 percent to with about five shares falling for every four that that rose on the gauge. The measure fell 1.7 percent this week, the most since the period ended Aug. 23. Fed policy makers meet Dec after minutes of their October gathering showed they may reduce $85 billion of monthly bond buying should the U.S. economy improve as anticipated. WTI Crude caps biggest weekly gain since July on economy West Texas Intermediate crude capped the biggest weekly advance since July as the U.S.jobless rate dropped to a five-year low, bolstering the outlook for economic growth. Futures climbed 0.3 percent, bringing the weekly gain to 5.3 percent. WTI for January delivery rose 27 cents to $97.65 a barrel on the New York Mercantile Exchange, the highest settlement since Oct. 29. Brent for January settlement increased 63 cents, or 0.6 percent, to end the session at $ a barrel on the London-based ICE Futures Europe exchange. Euro has longest rally since June as ECB refrains from stimulus The euro rallied for a fourth week against the greenback and also strengthened versus most of its 16 major peers as Europe s central bank s stance outweighed labor and economic data in the U.S. that was stronger than forecast as traders bet the Federal Reserve will keep its benchmark interest rates unchanged even when it slows its bond-buying. Europe s 17-nation currency rallied 0.9 percent to $ last week in New York. The dollar rose 0.5 percent to yen, the sixth straight weekly gain and the longest streak since February. Japan s currency fell 1.3 percent to per euro. GCC Returns (YTD) Muscat Saudi Arabia Dubai Abu Dhabi Kuwait (Price Index) Bahrain Qatar Sources: Bloomberg, Reuters, Zawya, MSM Data as on 9.00 AM, 8-Dec-13

2 Al Maha EYE Round up REGIONAL & OMAN NEWS WATCH MSM Indices Movement 5-Dec-13 Index Last Prev. MSM 30 MSM30 6, , Financial BKINV 8, , Services SINSI 3, , Industry INDSI 10, , Shariah 1, , MSM Sectorial Snapshot Index MSM 30 Financial Industry Services MSM Movers Nat. Securitie National Gas Oman Textile Aluminium Prod. Oman Cable MSM Shakers Areej Oil Construction M. Al Sharqia Inv. Al Batinah Dev. Onic. Holding Mcap P/E Dividend P/BV (RO '000) (Ann.) Yield 6,772, ,450, ,132, ,189, Volume ,284, ,318, , ,727, , Volume , , ,627, , , REGIONAL Sipchem, Sahara sign merger deal to form SR6.67bn petrochem giant The Saudi International Petrochemical Company (Sipchem) and Sahara Petrochemical Company (Sahara) have jointly signed a memorandum of understanding (MoU) to start the due diligence process over a proposed business merger between the two companies, according to a statement posted on the Saudi stock exchange. If the proposed merger is completed, Sahara will become a subsidiary of Sipchem and new million shares will be issued to Sahara shareholders thus bringing the total number of the issued shares to million and raising the capital to SR6.67 billion, the statement said. Dubai utility DEWA increases 2014 budget by USD1.8bn from 2013 Dubai Electricity and Water Authority (DEWA) said on Saturday it had increased its budget by 6.7 billion dirhams ($1.8 billion) for 2014 to pay for projects and purchases. DEWA's 2014 budget has been set at billion dirhams compared with billion in Expenditures on projects and purchases will reach billion (dirhams), the state-owned utility said. Net Position Nationality Buy Sell Net Buy / Vol () Val () Vol () Val () Sell Musanada signs Dh2.138bn contracts for Abu Dhabi-Dubai Road OMANIS GCC ARABS OTHERS Abu Dhabi General Services Musanada has signed two contracts for the implementation of the Abu Dhabi-Dubai Road Project, in its first and second phases, with Ghantoot Transport & General Contracting Establishment, Tristar Engineering & Construction, and Abu Dhabi Salini Costruttori SPA. The signing of the contracts follows the Abu Dhabi Executive Council s approval of awarding the said road project works at an approximate cost of Dh2.138 billion. The length of the new road is 62 km and is an extension to Mohammad bin Zayed St. OMAN Oman s oil exports jump 9.7 in Jan-Oct period; output up 2.8 to 286mn barrels The sultanate s crude oil exports jumped 9.7 per cent to 251.7mn barrels during the first ten months of 2013 against 229.5mn barrels in the corresponding period of last year, statistics released by National Center for Statistics and Information showed. While Oman s total oil production increased 2.8 per cent to 286mn barrels in the January-October period of this year, compared with 278.3mn barrels in the same period last year, daily average production rose to 940,800 barrels per day from 912,500 barrels per day, an increase of over 28,000 barrels per day. Oman s net oil revenues increased 2.2 per cent to RO8.91bn in the ten-month period of 2013 from RO8.71bn in the same period last year. MSM Volume Leaders Dhofar Insurance Gulf Investment Al Sharqia Inv. Aluminium Prod. Global Finc. In. Volume ,075, ,478, ,627, ,727, ,512, MSM Returns (YTD) MSM Value Leaders Dhofar Insurance Al Sharqia Inv. Gulf Investment National Gas Aluminium Prod. Turnover ,882, ,309, ,293, ,247, , Breadth Advances 14 Declines 24 Total Securities Traded 54 Activity Statistics Traded volume Turnover R.O 43,570,614 13,919,635 Sources:Bloomberg,Reuters,Zawya,MSM MSM Financial Industry Services

3 Al Maha Financial Services LLC Technical Analysis MSM General Index Resistance Support EMA 10 EMA 25 RSI(14) ADX(14) 6, ,830 6,675 6,763 6, MSM General Index ended last trading session of the week at , showing a decline of 0.18 with million shares traded. showed a gain of 0.64 in the previous week, while foreign investors were net buyers by 2. Key indicators suggest continuation of broad positive bias and the index is likely to show further up side if it succeeds on a convincing break out at 6830 levels. Gulf Investment Services Holding Company (GISI) alert alert Resistance Support EMA 10 EMA 25 RSI(14) ADX(14) Gulf Investment Services closed Thursday's trading session at 0.200, advancing 1.01 with the counter attracting 6.5 million shares. GISI shows bullish bias with its positive structure on charts and recording a gain of 2.6 in the previous week, supported by volumes. Trajectories of key indicators on intraday charts also point to continuation of positive bias for the scrip. The stock is likely to test immediate resistance at levels before showing further up side. Source:Tickerchart Al Maha Financial Services LLC

4 Al Maha Financial Services LLC ` Technical Analysis Oman Cement Company (OCOI) 0.78 Resistance Support EMA 10 EMA 25 RSI(14) ADX(14) Oman Cement ended the previous session at 0.804, gaining 0.5 with million shares traded. Though OCOI showed an advancement managing to surpass short term moving averages, a sharp up move looks unlikely at the counter as signaled by the trajectory of daily ADX. The scrip is likely to undergo resistance at levels. National Bank of Oman (NBOB) Resistance Support EMA 10 EMA 25 RSI(14) ADX(14) National Bank of Oman closed flat on Thursday at 0.304, with million shares changing hands. NBOB looks to be on a distribution mode after the recent run up and the trajectories of key momentum and directional indicators point to continuation of range bound move and lacking strength for the scrip to continue the run up. The stock is likely to find immediate resistance at Source:Tickerchart Al Maha Financial Services LLC

5 MSM Corporate Score Sheet Company Price 52-Weeks (Closing) Revenue Result as on (Values in RO '000) 5-Dec-13 High Low Capital Cap Latest Previous Financial National Bank of Oman , , Sep-13 77,535 73, ,164 30, Bank Muscat ,226 1,317, Sep , , , , Ahli Bank , , Sep-13 35,460 32, ,010 17, Bank Sohar , , Sep-13 22,702 20, ,110 15, Bank Dhofar , , Sep-13 67,025 63, ,933 28, HSBC Bank Oman , , Sep-13 51,912 41, ,747 10, Bank Nizwa , , Sep Ominvest , , Sep-13 49,901 45, ,037 8, ONIC Holding ,342 88, Sep-13 8,753 5, ,982 3, Al Anwar Holding* ,000 45, Sep-13 1, , Gulf Inv. Services ,023 30, Sep-13 2,402 1, , Al Madina Investment* ,832 28, Sep (669) NM NM Global Investment ,000 32, Sep-13 2,965 1, ,260 3, Oman United Insurance ,000 39, Sep-13 6,555 4, ,964 2, DIDIC , , Sep-13 2,704 2, ,436 7, Oman and Emirates Hldg ,188 23, Sep-13 3,834 2, ,988 2, Aggregate Industry Oman Cement , , Sep-13 39,008 41, ,263 12, Raysut Cement , , Sep-13 70,191 70, ,942 16, Al Anwar Ceramic , , Sep-13 20,478 16, ,246 4, Oman Cables , , Sep , , ,483 11, Galfar Engineering , , Sep , , ,635 3, National Aluminium ,357 13, Sep-13 14,895 13, Al Hassan Engineering ,521 19, Sep-13 45,682 35, (3,638) Aggregate Services Shell Oman ing , , Sep , , ,020 9, Al Jazeira Services ,172 64, Sep-13 8,823 9, ,890 3, Renaissance Services , , Sep , , ,264 8, Omantel ,000 1,113, Sep , , ,634 90, Nawras , , Sep , , ,133 26, Oman Inv. & Finance* ,000 57, Sep-13 6,270 5, , Al Maha Petroleum , , Sep , , ,542 8, Aggregate 2,189, MSM-30-6,772, Others ACWA Power Barka ,000 96, Sep-13 31,629 31, ,085 6, Port Services Corp ,504 49, Sep-13 16,938 16, ,940 4, Oman Chlorine ,177 39, Sep-13 6,439 5, ,452 2, Construction Material ,500 6, Sep-13 2,743 2,668 3 (44) NM NM Salalah Mills ,816 69, Sep-13 44,349 37, ,783 3, Oman Flour Mills** ,750 98, Sep-13 18,466 15, ,315 1, United Finance ,501 42, Sep-13 5,632 4, ,705 2, A Saffa Foods , , Sep-13 21,481 18, ,042 3, Dhofar Cattlefeed ,700 19, Sep-13 21,956 20,844 5 (923) NM NM Voltamp Energy ,050 29, Sep-13 17,020 12, , Jazeera Steel Product ,490 43, Sep-13 67,546 77, ,633 3, Gulf Int. Chemicals ,100 4, Sep-13 2,690 2, Oman Oil ing , , Sep , , ,501 6, Oman Refreshment , , Sep-13 52,117 49, ,301 6, Oman Fisheries* ,500 13, Sep-13 8,495 9,373-9 (356) (57) NM NM NM * FY March.** FY June Note : PBV is based on the latest available Financial Statements. Valuations are based on adjusted earnings. NM - Not Meaningful. Source:MSM Financial Sector & MSM-30 PE is excluding Bank Nizwa Corporate Score Sheet includes MSM-30 Index stocks and other 15 most active stocks Y-o-Y Latest Net Profit Previous Y-o-Y EPS (Ann.) BVPS PE PBV Dividend Yield (FY12)

6 Al Maha EYE PO Box 1065 PC 117, Al Wadi Al Kabir, Sultanate of Oman Contacts Telephone Customer service & Operations: Zakia Al Ghammari Muna Al Hashmi Pravin Sivan Research: Suresh Kumar Radhika Gadhia Khushboo Badlani Portfolio Management: Shailendra Kumar Singh Brokerage: Mahmoud Al Hamsaidi Halima Al Mahrooqi Nasser Al Banna Disclaimer The information contained in this report has been obtained from the sources believed to be reliable and in good faith, but which may not be verified independently. While utmost care has been taken in preparing the above report, Al Maha Financial Services LLC makes no guarantee, representation or warranty, whether expressed or implied, and accepts no responsibility or liability to its accuracy and completeness of the data, being provided. Opinion expressed is our current opinion as of the date appearing on this material only. We do not undertake to advise you as to any change of our views expressed in this document. The investments discussed in this report may not be suitable for all the investors. Investors must take their own decision based on their specific investment objectives and financial position, and using such independent advisors, as they believe necessary. Income from investments may fluctuate. The price or value of the investments, to which this report relates, either directly or indirectly, may fall against the interest of investors. This document is strictly for the use of recipients only. None of the material provided herein may be reproduced, rewritten, rehashed, published, resold or distributed in any manner whatsoever without the prior and explicit written permission of