3,744 3,709 3,675 3,640 3,606. UAE equity markets closed higher yesterday, lifted by gains in real estate and financial sector stocks.

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1 7 February 217 Daman Morning Call 1.19% UAE DFM Index % 4.54%.2% 21.53% %.28%.52% 15.4% % 6.59% 7.53% 1.54% % 16.59% 13.66% 28.71% % 2.5% 1.7% 19.79% %.55%.38% 9.74% % 1.66% 1.8% 1.28% Bloomberg GCC 2 Index Bahrain BSE index Kuwait KSE Index Saudi Arabia TASI Oman MSM3 Index Qatar DSM Index 3,79 4,652 3,675 4,576 3,64 4,5 3,66 4,424 UAE DFM Index (LHS) 6Feb.7%.55% 2.21% 2Feb Jan 29Jan ,728 25Jan Abu Dhabi Securities Market General 3,744 23Jan 1Y % P/E Multiple (x) 19Jan 1M % 17Jan YTD% 15Jan 1D % 11Jan 1D 9Jan Last Close UAE Indices 5Jan GCC MarketWatch ADSMI (RHS) UAE Market Commentary UAE equity markets closed higher yesterday, lifted by gains in real estate and financial sector stocks. Property sector stocks, Union Properties and Aldar Properties rose 2.8% and 2.%, respectively. Financial stocks, Amanat Holdings, Al Waha Capital, Amlak Finance and Dubai Investments surged 4.3%, 2.8%, 2.3% and 1.6%, respectively. Dubai Financial Market advanced 3.9%. The company s net profit for fourth quarter to December soared 46.% to AED78.5 million. Meanwhile, its annual net profit fell by a marginal 3.% in 216. Emaar Properties jumped 2.7%. The company announced sponsorship of the Microsoft UAE Imagine Cup 217 student competition. Gulf Finance House added.4%. The company announced plans to increase its capital base to $45. million by issuing up to 1.7 billion new shares at $.265 each for acquisition of a number of infrastructure projects and investment funds. The Abu Dhabi Securities Exchange (ADX) general index ended.7% higher at 4,521.58, while the Dubai Financial Market index closed 1.2% higher at 3, Upcoming UAE Economic Events This Week Release Date Event Month Survey Actual Prior Revised Relevance 5Feb17 Emirates NBD UAE PMI Jan Medium 2 Feb 9 Feb CPI YoY Nov 2.59% 1.89% High 2 Feb 9 Feb CPI MoM Nov.33%.5% High 9Feb17 Dubai Economy Tracker SA Jan 55.9 Low 1 Feb 13 Feb CPI YoY Dec 2.59% Low 1 Feb 13 Feb CPI MoM Dec.33% Low Events This Week Dubai Abu Dhabi Date 2/5/217 Abu Dhabi Aviation Co 2/6/217 Bank of Sharjah Takaful Emarat Insurance PSC 2/7/217 2/8/217 Air Arabia PJSC 2/8/217 2/9/217 2/9/217 Date 2/5/217 Dubai Insurance Co PSC, Commercial Bank of Dubai PSC 2/6/217 2/7/217 Event Address: Dubai World Trade Center, Suite 6, P.O. Box 9436, Dubai, UAE, T: (+971 4) , F: (+971 4) , E: info@daman.ae Event 1

2 Technical Picks Amanat Holdings SMAVG (2) on Close SMAVG (1) on Close O: 1.17 H: 1.22 L: 1.15 C: 1.22 Aug16 Sep16 Oct16 Nov16 Jan17 Feb The stock traded in the green in the last session and finished at AED1.22. As clearly visible on the daily chart, the MACD is pointing north along with the RSI and stochastic oscillators trading above their overbought regions, hinting at the presence of bullish momentum in the coming session. On the weekly chart, the momentum oscillators are trading with a bullish tone, further confirming the above stance. Key technical barrier is situated at the psychological AED1.25 level, a sustained break above which might lead to further upside momentum in the stock, clearing way for the AED1.3 and AED1.35 levels. On the contrary, key near term support is seen at the AED1.15 level, followed by the AED1.13 and AED1.1 levels. A breach below the latter might turn the main trend to bearish. Dubai Financial Market SMAVG (2) on Close SMAVG (1) on Close O: 1.28 H: 1.33 L: 1.27 C: 1.33 Aug16 Sep16 Oct16 Nov16 Jan17 Feb The stock formed a long bullish candlestick pattern on the daily chart in the previous session and closed at AED1.33. A possible positive centreline crossover by the daily MACD along with the RSI and stochastic indicators heading upwards, reflects at a bullish technical picture. On the weekly chart, the momentum oscillators are trading above their midlines, further endorsing the positive view. Key resistance is placed at the 2day SMA (currently trading at AED1.34), followed by the AED1.36 and AED1.38 levels. A break above the latter might lead to further bullishness in the stock. On the other side, intraday support is located at the AED1.31 level, followed by the 2day SMA (currently trading at AED1.29) and daily lower Bollinger band (currently trading at AED1.26) levels. A breach below the latter might trigger weakness in the stock. Union Properties SMAVG (2) on Close SMAVG (1) on Close O: 1.9 H: 1.13 L: 1.9 C: 1.12 Aug16 Sep16 Oct16 Nov16 Jan17 Feb The stock traded with a bullish tone in the prior session and settled at AED1.12, after notching a high at AED1.13. With the weekly momentum oscillators trading at a higher level above their midlines, the near term technical outlook appears to be strong. On the daily chart, the RSI and stochastic oscillators are directing towards north, further validating the above stance. Important short term resistance is positioned at the 2day SMA (currently trading at AED1.13), followed by the AED1.15 and AED1.17 levels. A surge above the latter might trigger further positivity in the stock. On the contrary, key support is placed at the 5day SMA (currently trading at AED1.1), followed by the AED1.8 and daily lower Bollinger band (currently trading at AED1.7) levels. A breach below the latter might trigger bearish momentum in the stock. 2

3 Technical Picks Abu Dhabi Commercial Bank SMAVG (2) on Close SMAVG (1) on Close O: 7.14 H: 7.24 L: 7.11 C: 7.24 Aug16 Sep16 Oct16 Nov16 Jan17 Feb Following a lower Bollinger band crossover on the daily chart on 2 February, the stock traded higher for the second consecutive session yesterday and closed at AED7.24. As of now, the daily RSI and stochastic oscillators are sharply heading north, hinting at positive momentum in the near term. On the weekly chart, the MACD and RSI indicators are trading with a positive showing, further affirming the above view. Key intraday resistance is seen at the 2day SMA (currently placed at AED7.31), followed by the AED7.4 and AED7.5 levels. A move back above the latter might lead to further acceleration to the upside. On the negative side, key support resides at the AED7.15 level, followed by the AED7.5 and 5day SMA (currently placed at AED6.99) levels. A breach below the latter might generate bearishness in the stock. Dubai Investments SMAVG (2) on Close SMAVG (1) on Close O: 2.53 H: 2.57 L: 2.52 C: 2.54 Aug16 Sep16 Oct16 Nov16 Jan17 Feb The stock traded in the green in the previous session and ended at AED2.54, after making a high at AED2.57. On the weekly chart, the MACD is trading in its positive territory accompanied by the RSI and stochastic indicators tranquil above their 5lines, reflects at a strong technical scenario. On the daily chart, the momentum oscillators are trading with a bullish showing, further affirming the above stance. Intraday resistance is aligned at the AED2.57 level, followed by the AED2.6 and daily upper Bollinger band (currently trading at AED2.62) levels. A clear break and stability above the latter might lead to further positive momentum in the stock. Meanwhile, key support resides at the AED2.52 level, followed by the AED2.5 and AED2.48 levels. A breach below the latter might trigger downside momentum in the stock. Ajman Bank SMAVG (2) on Close SMAVG (1) on Close O: 1.49 H: 1.5 L: 1.44 C: 1.47 Aug16 Sep16 Oct16 Nov16 Jan17 Feb Following two straight bullish sessions, the stock reversed its trend in the last session and finished at AED1.47, after making a low at AED1.44. Although the weekly MACD is pointing north, the RSI and stochastic oscillators are trading with a slight negative bias, hinting at bearish momentum in the coming week. On the daily chart as well, the MACD and RSI indicators are moving downwards, further supporting the bearish view. Immediate support is located at the AED1.45 level, followed by the 1day SMA (currently placed at AED1.44) and the daily lower Bollinger band (currently trading at AED1.43) levels. A move back below the latter might lead to further selling pressure on the stock. On the bright side, key resistance is situated at the AED1.5 level, followed by the 2day SMA (currently trading at AED1.52) and AED1.55 levels. 3

4 13 January 216 Market Roundup Dubai Top Gainers & Losers Abu Dhabi Top Gainers & Losers 2.3% Takaful Emarat Insurance PSC Amanat Holdings PJSC 4.3% 8.4% Ras Al Khaimah Cement Co PSC Al Khazna Insurance Co PSC 1.5% 1.9% Dubai Islamic Insurance & Reinsurance Co Dubai Financial Market PJSC 3.9% 6.8% National Takaful Co Watania PJSC Al Waha Capital PJSC 2.8% 1.8% SHUAA Capital PSC Union Properties PJSC 2.8% 6.6% International Fish Farming Holding Co PJSC Aldar Properties PJSC 2.% 1.3% Ajman Bank PJSC Emaar Properties PJSC 2.7% 4.1% Ras Al Khaimah Ceramics Abu Dhabi Commercial Bank PJSC 2.% 1.% National Central Cooling Co PJSC Amlak Finance PJSC 2.3% 2.1% National Marine Dredging Co Dana Gas PJSC 1.9% 6% 3% % 3% 6% 12% 6% % 6% 12% Top Volume Volume Gainers Top Volume Volume Gainers Amanat Holdings PJSC 58,25,357 Gulf Navigation Holding PJSC 936% Eshraq Properties Co PJSC 33,974,116 Al Khazna Insurance Co PSC 31897% Union Properties PJSC 34,136,8 Drake & Scull International PJSC Dubai Financial Market PJSC 33,386,33 33,9,277 Arabtec Holding PJSC 17,913,266 Dubai Financial Market PJSC 648% Amlak Finance PJSC 428% Dubai Investments PJSC 229% DAMAC Properties Dubai Co PJSC 198% Aldar Properties PJSC 16,44,79 Arkan Building Materials Co 11,42,785 RAK Properties PJSC 1,7,113 International Fish Farming Holding Co PJSC 9,94,242 Abu Dhabi National Insurance Co PSC 132% Arkan Building Materials Co 838% Union National Bank PJSC 494% Abu Dhabi Islamic Bank PJSC 29% Sector Performance Sector Performance Real Estate & Construction Investment & Financial Services Telecommunication Transportation Consumer Staples Insurance Services Industrials Banks.5%.2%.4%.1%.%.8% 1.7% 1.7% 2.7% Energy Investment & Financial Services Telecommunication Industrial Services Consumer Staples Insurance Real Estate Banks 1.7%.3%.5% 1.5%.3%.3% 1.7%.9% 2.6% Market Overview Market Overview 6Feb17 5Feb17 Change % Change 6Feb17 5Feb17 Change % Change Index (Last) % Volume ('s) % Deals % Value (mill) % Traded % Gainers % Laggards % No Change % Index (Last) % Volume ('s) % Deals % Value (mill) % Traded % Gainers % Laggards % No Change % 52 Week High 52 Week Low 52 Week High 52 Week Low

5 3Jan17 31Jan17 1Feb17 2Feb17 5Feb17 6Feb17 3Jan17 31Jan17 1Feb17 2Feb17 5Feb17 6Feb17 In AED millions In AED millions Foreign Activity Abu Dhabi Foreign Ownership Limit Name Allow Foreign Ownership Allowed For Current Foreigner Share NBAD OneShare MSCI UAE ETF Yes 1.% 4.9% Al Buhaira Insurance Yes 25.% 1.8% AD Aviation No.%.% AD Commercial Bank Yes 49.% 14.4% Emirate of Abu Dhabi No.%.% AD Islamic Bank No.%.% ADIB Right Issue Shares 215 No.%.% AD National Hotels Yes 25.% 1.16% AD National Insurance Yes 25.%.19% AD Ship Building Yes 25.%.68% Fujairah National Insurance No.%.% AGTHIA GROUP PJSC Yes 25.% 13.74% Al Khazna Insurance Yes 25.% 3.14% Al Ain Al Ahlia Insurance No.%.% ALDAR Properties Yes 4.% 24.2% Arkan Building Materials No.% 2.46% International Fish Farming Yes 49.% 11.79% Al Wathba Insurance No.% 1.17% Green Crescent Insurance Yes 25.% 24.11% AD for Building & M Yes 25.% 4.2% Bank of Sharjah Yes 3.% 21.2% Commercial Bank International Yes 49.% 48.89% Dana Gas Yes 49.% 6.14% Al Dhafra Insurance No.%.% Emirates Driving No.%.% Emirates Insurance Yes.%.24% Eshraq properties Co. Yes 49.% 27.9% Etisalat Yes 2.% 6.2% Fujairah Building Industries No.%.% Fujairah Cement Yes.% 7.31% First Gulf Bank Yes 25.% 16.8% Finance House Yes 2.% 11.34% Foodco Holding No.78% Gulf Cement Yes 49.% 17.97% Gulf Medical Projects Yes 49.% 7.93% Insurance House P.S.C Yes 25.%.37% Name Allow Foreign Ownership Allowed For Current Foreigner Share Invest Bank Yes 2.% 1.53% Gulf Pharmaceutical Yes 49.% 33.59% Gulf Livestock Yes 49.% 67.17% MANZEL Real Estate Yes 2.37% Methaq Takaful Insurance Yes 25.% 23.15% National Bank of AD Yes 25.% 5.31% NBAD Convertible Notes Yes 1.%.% National Bank of Fujairah No.%.% National Bank of Um AlQaiwain No.%.% National for Tourism & Hotels No.%.% National Marine Dredging Yes 5.% 1.26% Oman & Emirates Holding Yes.%.2% Ooredoo Yes 1.% 87.57% Umm AlQaiwain Cement Yes 49.% 7.46% National Bank of RAK Yes 4.% 17.86% RAK Cement Yes 49.% 28.16% RAK Ceramic Yes 49.% 52.2% RAK National Insurance Yes 25.%.% RAK Properties Yes 49.% 32.97% RAK White Cement Yes 49.% 18.65% RAK Poultry & Feeding Yes 14.% 15.91% Sharjah Cement Yes 15.% 1.34% Sharjah Group Yes 49.% 2.91% Sharjah Islamic Bank Yes.% 2.21% Sharjah Insurance Yes.%.% Sudatel Yes 1.% 79.74% AD National Energy No.%.% AD National Takaful No.%.% The National Investor company No.%.% United Arab Bank Yes 49.% 47.2% Union Cement Yes 49.% 2.96% United Insurance Yes 25.%.% Union National Bank Yes 4.% 13.% Union Insurance Yes 25.%.31% Waha Capital PJSC Yes 49.% 1.29% National Takaful Yes 25.% 11.72% Dubai Foreign/Domestic Market Activity Value of Stocks Bought 861 Value of Stocks Sold UAE Nationals UAE Nationals 5

6 Disclaimer All opinions, news, analysis, prices or other information contained in this report are provided as general market commentary and does not constitute investment advice, nor a solicitation or recommendation for you to buy or sell any overthecounter product or other instrument. Daman Securities, its employees and its independent third party provider make no representation as to the accuracy or completeness of this report. This report should therefore not be relied on as accurate or complete. The facts and opinions on this report are subject to change without notice. Daman Securities, its employees and its independent third party provider have no obligation to modify or update this report in the event that any information on this report becomes inaccurate. Shares Risk Warning The value of stocks and shares, and the income from them, can fall as well as rise and you may not get back the full amount you originally invested. Past performance is not necessarily a guide to future performance. 6