Equity Weekly Global Equities Last week saw volatility return to equity markets amid mixed start to the earnings season and renewed concern over global economic growth. The MSCI World index dropped -1.1% on the back of weakness in the MSCI G7 index (-1.1% 5d) and the MSCI emerging markets index (-1.9% 5d). MENA markets were an exception with the MSCI Arabian Markets index adding +1.5% 5d. Volatility was higher in the US with the VIX index (US) jumping +25.6% 5d. The V2X index (Europe) and the JP Morgan EM Volatility index declined -3.0% 5d and -1.0% 5d respectively. Weekly 16 October Looking ahead, equity market movements are likely to be dictated by progress in Q3 earnings season and developments in the US presidential election. The European Central Bank meeting later this week will also be keenly watched given some comments earlier in the month about the efficacy of the QE program. Regionally, investors are likely to watch how the earnings season pans out. MENA Markets MENA equity markets closed mixed as oil prices held onto their recent gains and corporate earnings season started on a positive note. The S&P Pan Arab Composite index added +0.2% 5d mainly on the back of +1.1% 5d rebound in the Tadawul. The strength in Saudi equities can be put down to better than expected earnings from banks and retail sector companies. Arab National Bank and Bank Al Bilad gained +3.1% 5d and +10.7% 5d after reporting earnings that beat consensus estimates. Almarai and Jarir Marketing too gained +2.2% 5d and +3.7% 5d on strong set of Q3 numbers. In fact, Almarai reported a +10.0% y/y increase in Q3 net profit to beat analysts estimates of SAR 621mn by 5.5%. The much awaited news around the bond issue from Saudi Arabia also played a part in positive sentiment. UAE bourses closed lower with the DFM index and the ADX index losing -0.6% 5d and - 1.0% 5d respectively. Volumes continued to remain light with both exchange seeing value traded 25.0% below the 3-month ADV. MENA Equity Indices (wtd % chg) TUSISE 0.5% MADEX 0.7% DSM 0.3% MSM 0.9% Bahrain 0.7% KWSE 0.1% EGX 30 1.6% Aditya Pugalia Analyst +971 4 230 7802 adityap@emiratesnbd.com ISE 100 Tadawul ADX -1.0% -0.5% 1.1% DFM -0.6% www.emiratesnbdresearch.com -2% -1% -1% 0% 1% 1% 2% 2% Source: Bloomberg
Much of the decline on the ADX index was on account of weak performance from banks with NBAD and ADCB losing -2.5% 5d and -2.3% 5d respectively. Elsewhere, the EGX 30 index continued to benefit from speculation of an imminent devaluation which is yet to materialize. The EGX 30 index added +1.6% 5d to take its year to date gains to +21.4%. Having said that, there were jitters early in the week following reports that October s fuel installment from Saudi Arabia had not arrived. Developed Markets It was a volatile week of trading for developed market equities as sentiment swung on earnings, perception of global economic growth and the US elections. Most markets closed lower with the exception of European equities which closed flat. The S&P 500 index and the Nikkei index dropped -1.0% 5d and -0.3% 5d respectively. The earnings season in the US kicked off on a mixed note. Nearly 7% of the companies in the S&P 500 index have reported earnings so far with 76% reporting profits above the mean estimate and 62% reporting sales above the mean estimate. According to Factset, the blended earnings decline for the S&P 500 index so far is - 1.8%. If the index reports a decline in earnings for Q3 then it will mark the first time in over a decade that it has recorded six consecutive quarters of y/y decline. Emerging Markets Emerging market equities underperformed global equity markets with the MSCI emerging markets index losing -1.9% 5d compared to a drop of -1.1% in the MSCI World index. The underperformance can be out down to creeping uncertainty around the central bank policies in the developed world. Despite the underperformance, emerging markets continue to witness inflows from foreign investors. According to market reports, EM saw inflows for a third consecutive week with USD 2.3bn flowing in last week. On an accumulated basis, EM has seen inflows of USD 9.2bn so far in. Page 2
Market Data MENA Equity Indices Index Last Price wtd % chg T.Value 5d avg (USDmn) P/E P/B Div Yield % above 200d MA DFM 3,335-0.6% (USD mn) 58.7 11.2 1.2 4.1 50.00 ADX 4,347-1.0% 28.4 11.6 1.4 5.6 54.84 Tadawul 5,694 1.1% 805.6 12.0 1.3 4.1 15.20 ISE 100 77,554-1.5% 1,211.6 9.4 1.1 3.0 64.00 EGX 30 8,505 1.6% 79.7 11.6 1.4 1.8 55.17 KWSE 5,328 0.1% 16.4 - - 4.4 37.25 Bahrain 1,145 0.7% 0.6 - - 4.9 - MSM 5,660 0.9% 8.6 8.8 1.1 5.1 50.00 Qatar Exchange 10,390 0.3% 45.1 13.0 1.8 3.9 70.00 MADEX 8,409 0.8% 13.1 17.2 2.3 3.9 79.17 TUSISE 5,420 0.3% 2.2 24.1 4.1 2.0 48.84 Developed Market Indices Dow Jones 18,138-0.6% 5,786.6 16.9 3.1 2.7 66.67 S&P 500 2,133-1.0% 29,733.9 18.1 2.7 2.2 64.27 Nasdaq 5,214-1.5% 16,224.2 21.9 3.4 1.3 61.57 FTSE 100 7,014-0.4% 5,956.4 17.1 1.7 4.1 72.28 Dax 10,580 0.9% 3,149.8 13.5 1.6 3.1 68.97 Cac 40 4,471 0.5% 3,299.4 14.6 1.3 3.8 65.00 Swiss 8,090-0.4% 2,531.3 17.5 2.3 3.6 65.00 Nikkei 16,856 0.0% 11,072.0 16.9 1.5 2.0 50.89 Australia 5,434-0.6% 2,937.3 16.5 1.9 4.4 68.53 Stoxx 600 340 0.1% 25,061.3 16.1 1.7 3.6 67.45 Emerging Market Indices Hong Kong 23,233-2.6% 3,226.9 12.7 1.2 3.5 78.00 Shanghai 3,064 2.0% 25,189.5 14.4 1.5 1.9 67.14 Korea 2,023-1.5% 4,100.0 11.4 1.0 1.6 50.54 Sensex 27,674-1.4% 88.8 18.2 2.8 1.5 73.33 Nifty 8,583-1.3% 1,247.8 18.6 2.8 1.4 78.43 Karachi 41,464 0.6% 96.2 9.6 1.6 5.1 86.96 Taiwan 9,165-1.1% 2,077.6 14.8 1.7 3.9 56.56 Bovespa 61,767 1.1% 2,178.2 15.5 1.6 2.8 93.10 Micex 1,966-0.7% 494.3 6.8 0.8 4.4 68.00 Jo'burg 51,147-1.0% 1,730.4 15.9 1.8 2.9 61.88 Vietnam 687 0.4% 88.2 16.2 2.2 2.3 58.63 Jakarta 5,400 0.4% 359.4 17.8 2.5 1.7 63.45 Source: Bloomberg, Bloomberg Estimate Page 3
Relative Valuations Benchmark Equity Indices Index Last Price wtd % chg 1m % chg Ytd % chg P/E P/B Div Yield MSCI World 1,694-1.1% -0.2% 1.9% 17.18 2.03 2.58 MSCI G7 1,523-1.1% -0.2% 2.4% 17.31 2.09 2.41 MSCI EM 897-1.9% 1.3% 13.0% 13.66 1.50 2.53 MSCI FM 496-0.5% 1.8% -1.9% 11.79 1.46 4.12 S&P Pan Arab 607 0.2% -3.8% -7.9% 11.69 1.28 4.21 DUAE INDEX 3,162-1.0% -4.0% 3.2% 11.02 1.36 4.57 DKUW INDEX 2,699-1.1% -2.2% -12.0% - - - DQAT INDEX 5,935 0.6% 3.2% 6.7% 12.96 1.73 3.65 DKUS INDEX 2,094-0.3% -0.7% -6.5% 11.70 1.26 4.33 DQAS INDEX 7,814 0.9% 3.8% 4.5% 14.94 1.79 4.34 Relative to S&P Pan Arab Composite Index Index PB Dvd Yield Index PB Dvd Yield DFM -4.5% -8.8% -2.0% Bahrain - - 16.4% ADX -1.1% 9.8% 33.8% MSM -24.4% -17.0% 20.6% Tadawul 2.2% -0.2% -1.7% Qatar 11.3% 37.6% -7.3% KWSE - - 5.6% Exchange TUSISE 105.7% 218.76% -52.6% Relative to MSCI G7 Index Dow Jones -2.6% 46.8% 10.2% Cac 40-15.5% -36.1% 55.9% S&P 500 4.4% 28.3% -9.8% Swiss 1.3% 8.4% 49.2% Nasdaq 26.6% 64.6% -48.0% Nikkei -2.3% -28.9% -18.9% FTSE 100-1.2% -16.9% 72.1% Australia -4.6% -11.3% 81.7% Dax -21.8% -24.9% 28.9% Stoxx 600-7.0% -19.6% 50.9% Relative to MSCI Emerging Market Index Hong Kong -6.7% -21.5% 39.3% Jo'burg 16.4% 19.7% 16.0% Shanghai 5.4% -2.2% -25.2% Vietnam 18.9% 46.6% -7.9% Korea -16.4% -34.8% -35.5% Jakarta 30.4% 67.7% -32.1% Sensex 33.3% 88.4% -39.5% Nifty 36.0% 85.9% -44.9% Karachi -29.9% 3.7% 103.3% Taiwan 8.1% 11.4% 56.2% Bovespa 13.9% 4.4% 12.7% Micex -49.9% -48.3% 75.9% Source: Bloomberg, Bloomberg Estimate Page 4
ROA ROA ROA Relative Valuations MENA Equity Indices / E MENA Equity Indices PB/ROA E 22.0 16.0 10.0 EGX30 DFMGI MSM DSM ADSMI Tadawul MADEX 3.0 2.5 2.0 1.5 1.0 EGX30 DFMGI MSM DSM ADSMI Tadawul MADEX y = 0.79x + 3.6241 R² = 0.6135 4.0 8.0 10.0 12.0 14.0 16.0 18.0 0.5 y = -0.2254x + 2.4104 R² = 0.0265 0.0 0.0 0.5 1.0 1.5 2.0 2.5 PB D. Market Equity Indices / E 24.0 20.0 16.0 12.0 y = 0.7982x - 2.0793 R² = 0.0876 Dax Nikkei 8.0 Cac Stoxx FTSE 100 4.0 600 10.0 12.0 14.0 16.0 18.0 20.0 Dow Jones SMI S&P 500 AS51 Index D. Market Equity Indices PB/ROA E 4.0 2.0 y = 1.0866x - 0.7218 R² = 0.4438 Nikkei AS51 Index SMI FTSE 100 Cac Dax Stoxx 600 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 PB S&P 500 Dow Jones E. Market Equity Indices / E 25.0 20.0 15.0 10.0 5.0 y = 0.3795x + 6.8308 R² = 0.1017 Micex Karachi ISE 100 Kospi Vietnam Taiwan 0.0 0.0 5.0 10.0 15.0 20.0 Shanghai Jakarta Nifty Jo'burg Bovespa E. Market Equity Indices PB/ROA E 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 Micex Kospi Karachi ISE 100 Vietnam Taiwan Bovespa Shanghai y = -0.0253x + 2.1662 R² = 0.0003 0.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 PB Jo'burg Nifty Jakarta Source: Bloomberg Page 5
Key Indicators Top Dividend Yielding Stocks GCC* Stock Price (LCL) M. Cap (USD) Dvd Yld P/E P/B Jarir Marketing 85.08 2.04b 8.66% 9.63 4.37 FGB 11.25 13.78b 7.93% 8.87 1.46 Saudi Telecom Co 53.63 28.60b 7.86% 10.39 1.68 Al Tayyar Travel 27.65 1.55b 7.67% 6.53 0.95 DIB 5.28 7.10b 7.57% 7.62 1.32 Al Hokair 24.92 1.40b 7.44% 7.89 1.53 Saudi Airlines Catering Co 87.52 1.91b 6.86% 11.98 5.19 APPC 38.76 2.03b 6.62% 11.74 2.72 National Shipping 32.10 3.37b 6.23% 6.77 1.12 Sabic 84.39 67.50b 5.50% 14.61 1.45 *Stocks whose average daily value traded over 20 days exceeds USD 5mn are only included Source: Bloomberg Page 6
Stocks Avg Value Dvd Traded Price Market Cap PB ROA Yld DvdYl 3m (USD Company LLC (USD mn) d RSI mn) Telecom Sector Global Telecom 5.16 3036.8-24.1-21.2 4.1-2.3 0.0 0.0 81 5.0 Telecom Egypt 8.75 1675.8 3.7 5.1 10.8 10.5 0.4 9.0 11.7 9.8 38 2.5 NMTC 1120.00 1863.7 20.8 9.4 3.7 6.3 0.8 1.8 9.1 10.3 51 0.0 Zain 335.00 4785.6 8.8 8.4 9.7 10.3 0.9 4.6 8.6 9.0 49 2.2 Oredoo 98.00 8620.4 11.3 14.0 9.4 9.6 1.1 2.2 4.0 3.8 54 6.0 Etihad Etisalat 19.17 3935.2-52.4-6.2 1.2 1.4-2.4 0.0 0.0 34 6.6 STC 53.63 28595.0 14.8 11.0 15.3 15.6 2.3 9.9 5.8 7.6 41 7.2 Zain KSA 7.15 1112.7 - - -19.4-23.0 1.1-3.7 0.0 0.0 53 5.5 Etisalat 19.85 46999.9 16.5 19.4 19.3 19.3 3.2 6.4 5.0 4.3 49 6.6 Du 6.30 7841.0 12.1 16.2 24.8 22.6 3.0 10.8 8.4 5.5 31 1.1 Average 12.6 17.8 7.5 9.4 1.8 3.6 5.3 5.0 Petrochemicals & Fertilisers Sector IQ 107.00 17777.0 15.1 18.0 13.2 10.9 2.0 12.3 4.5 4.6 50 8.0 Sahara Petchem 10.77 1259.9 102.4 16.1 0.8 5.6 0.8 0.5 4.9 4.6 59 5.4 Sabic 84.39 67494.0 12.2 15.6 11.6 10.1 1.4 5.6 7.2 5.2 57 121.4 SIPCHEM 13.06 1276.6 17.7 18.7 4.9 4.3 0.9 1.7 4.3 3.2 49 1.0 Saudi Kayan 6.29 2515.3 - - -9.3 0.9 0.8-2.8 0.0 0.0 55 25.1 Sidi Kerir Petchem 12.83 755.7 7.1 8.0 32.1 29.8 2.3 23.6 11.0 10.7 61 0.3 Yansab 48.20 7228.1 15.1 15.0 7.8 12.4 1.2 5.6 6.2 5.4 63 4.7 Chemanol 5.63 181.0 - - -9.5-7.6 0.6-5.3-4.0 45 1.5 APPC 38.76 2033.5 8.7 11.5 29.2 24.9 2.5 18.5 7.9 6.7 53 4.9 Safco 65.85 7314.7 16.1 21.7 27.6 18.1 4.5 23.8 7.3 4.9 52 3.4 Ma'aden 33.77 10519.7 63.8 55.7 2.2 2.7 1.4 0.7 0.0 0.0 58 8.5 Tasnee 13.45 2398.5-30.0-14.5 3.4 0.9-3.1 0.0 0.0 58 4.5 Average 28.7 21.0 8.0 9.6 1.6 6.8 4.8 4.1 Food & Retail Sector Almarai 55.36 11807.0 24.4 22.4 16.7 16.4 3.9 7.5 1.5 1.7 56 4.8 Othaim 76.20 914.2 17.3 13.7 22.4 19.9 3.6 8.5 2.2 2.6 40 1.3 Alhokair 24.92 1395.1 25.3 8.3 33.3 22.7 8.5 13.6 2.3 6.7 21 7.3 Jarir Marketing 85.08 2041.4 17.4 10.4 57.9 46.9 9.6 34.0 4.8 7.9 28 3.8 Savola 29.97 4266.4 15.0 12.8 17.5 10.7 2.5 6.7 4.0 4.1 34 4.6 Agthia 6.15 1004.6 19.9 14.3 15.8 16.3 3.0 10.1 1.6 2.1 52 1.1 Average 19.9 13.6 27.3 22.1 5.2 13.4 2.7 4.2 Page 7
Stocks Avg Value Dvd Traded Price Market Cap PB ROA Yld DvdYl 3m (USD Company LLC (USD mn) d RSI mn) Real Estate Sector Aldar 2.57 5501.5 7.2 8.7 13.3 11.8 0.9 6.8 4.3 4.2 39 6.9 Barwa Real Estate 33.65 3595.8 5.1-18.3-0.9 10.7 5.5-39 2.6 Dar AL Arkan 4.70 1353.2 18.8 14.1 2.0 1.6 0.4 1.4 0.0 0.0 39 40.9 Deyaar Development 0.54 852.6 10.2 38.7 6.4 1.7 0.6 4.7 0.0-31 1.2 Emaar Economic City 13.08 2964.0 35.9 26.2 3.6 4.8 1.3 1.8 0.0-56 5.4 Emaar Properties 6.70 13060.2 10.0 10.5 11.5 11.6 1.1 5.3 2.6 2.7 34 15.1 TMG Holding 5.62 1301.1 17.5 8.6 2.9 4.6 0.5 1.3-3.5 53 3.1 Palm Hill Developments 2.45 658.3 5.3 7.1 20.3 13.6 0.9 6.1 0.0 1.4 52 3.9 Average 13.8 16.3 9.8 7.1 0.8 4.8 1.8 2.3 Banking & Financials Sector CIB 53.28 6897.4 9.4 11.4 30.2 30.7 2.6 2.9 2.0 2.1 67 7.9 Al Rajhi Bank 51.45 22289.1 11.9 10.9 16.1 16.6 1.8 2.3 2.9 3.5 44 27.2 Samba 17.06 9096.2 8.9 7.1 13.2 11.9 1.2 2.3 3.9 5.7 44 3.1 Riyad Bank 9.23 7382.0 9.2 7.1 11.2 10.0 1.0 1.8 5.6 7.4 27 2.1 Bank Aljazira 10.37 1105.8 5.0 5.0 19.0 8.9 0.9 2.0 0.0-46 6.3 NBK 580.00 10791.3 14.3 10.2 10.2 11.5 1.4 1.2 3.8 5.3 44 2.5 Burgan Bank 320.00 2165.1 18.9 9.7 10.1 10.0 1.2 1.0 4.7 4.7 37 0.6 DIB 5.28 7104.5 7.6 8.0 25.5 20.0 1.9 2.6 7.3 7.3 45 7.5 NBAD 8.67 12297.4 8.2 9.1 14.3 12.8 1.1 1.3 5.0 4.7 30 1.5 FGB 11.25 13783.0 9.6 9.1 19.1 16.8 1.8 2.7 7.9 8.0 36 6.0 ADCB 6.22 9475.8 7.1 8.0 20.3 15.7 1.5 2.3 6.8 6.5 40 3.4 QNB 154.90 35717.6 10.9 10.3 19.1 19.3 2.0 2.2 2.0 2.6 45 10.7 CBQ 39.10 3507.1 11.5 11.5 8.8 8.2 1.0 1.2 6.5 6.4 46 2.2 DB 37.35 2650.1 9.2 8.3 13.5 12.3 1.2 1.7 6.7 7.2 51 1.7 QIB 104.00 6748.5 13.0 12.0 16.3 15.3 2.2 1.8 4.0 4.1 44 5.4 Bank Muscat 0.42 2748.9 6.1 6.1 13.0 11.9 0.8 1.6 5.3 6.1 86 1.4 DFM 1.23 2679.0 37.3 35.1 3.2 3.5 1.2 3.0 4.1 3.5 37 1.7 EFG Hermes 14.23 981.7 11.7 32.5 4.8 6.8 0.5 0.6-1.7 73 6.0 Dubai Investments 2.02 2227.1 7.5 8.4 10.7 9.2 0.8 7.5 5.9 6.4 40 2.9 Average 11.4 11.6 14.7 13.2 1.4 2.2 4.7 5.2 Page 8
Stocks Avg Value Dvd Traded Price Market Cap PB ROA Yld DvdYl 3m (USD Company LLC (USD mn) d RSI mn) Energy & Utilities Sector Dana Gas 0.55 1043.5 6.6 30.6 5.2 1.3 0.3 3.9 0.0 0.0 44 1.0 QEWC 210.30 6352.6 15.9 14.5 21.2 20.6 3.2 11.4 3.5 3.6 40 2.5 Saudi Electricity 16.86 18728.0 42.5 36.7 2.6 3.1 1.1 0.5 4.5 4.2 46 7.8 Tabreed 1.78 357.9 10.9 13.4 7.7 8.4 0.2 4.2-3.7 64 1.2 Average 19.0 23.8 9.2 8.3 1.2 5.0 2.6 2.8 Industrials Sector El Ezz Steel Rebars 207.70 311.4 - - -15.7-13.9 1.6-2.0-9.6 54 0.0 Elswedy ElectriC 60.17 1508.2 6.6 6.3 21.6 28.7 1.3 7.2 2.7 6.1 79 0.7 GB Auto 2.05 251.6 10.4 6.5 8.5 9.0 1.2 2.2 0.0 6.6 31 0.5 Oriental Weavers 9.27 468.0 9.8 9.1 9.7 13.1 0.9 5.3 6.3 6.4 76 1.8 Saudi Arabian Amiantit 5.85 180.1 10.0 7.1 7.0-0.7 2.2 0.0 11.1 32 0.7 Saudi Cable 4.69 95.0 384.5-0.4-35.6 1.3 0.1 0.0-39 1.2 KIPCO 500.00 2432.4 14.8 11.1 8.1-1.2 0.6 4.3 6.8 18 0.6 Average 72.7 8.0 5.7 0.3 1.2 2.2 2.2 7.8 Transport & Logistics Sector Air Arabia 1.30 1651.7 12.4 10.5 10.2 10.7 1.3 4.7 6.6 7.2 38 2.4 Aramex 3.77 1502.8 14.8 14.0 14.4 16.1 2.1 9.4 4.7 4.5 42 2.3 DPW 18.60 15438.0 19.1 16.3 10.2 10.5 1.9 4.6 1.5 1.8 49 3.7 National Shipping Co 32.10 3369.6 10.1 6.3 21.3 20.2 2.0 10.0 2.1 6.2 47 15.3 Agility 470.00 1880.4 10.3-5.9 4.5 0.6 3.7 6.3-48 1.0 QGTS 23.79 3619.5 13.2 12.9 23.9 24.0 2.9 3.2 5.4 5.4 53 2.4 Average 13.3 12.0 14.3 14.3 1.8 5.9 4.4 5.0 Construction & Building Materials Arabtec 1.39 1746.5 - - -51.8-8.2 1.7-17.2 0.0 0.0 35 12.3 Depa 0.35 215.2-18.4-20.2 3.1 0.8-9.7 0.0 3.5 58 0.0 DSI 0.48 300.5 - - -31.9-12.6 0.4-9.9-0.0 47 4.2 Average - 18.4-34.6-5.9 1.0-12.3 0.0 1.2 Source: Bloomberg, Bloomberg Estimate Page 9
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Emirates NBD Research& Treasury Contact List Emirates NBD Head Office 12thFloor Baniyas Road, Deira P.OBox777 Dubai Aazar Ali Khwaja Group Treasurer & EVP Global Markets & Treasury +971 4 609 3000 aazark@emiratesnbd.com Tim Fox Head of Research & Chief Economist +9714 230 7800 timothyf@emiratesnbd.com Research Khatija Haque Head of MENA Research +9714 230 7803 khatijah@emiratesnbd.com Jean Paul Pigat Senior Economist +9714 230 7807 jeanp@emiratesnbd.com Aditya Pugalia Analyst +9714 230 7802 adityap@emiratesnbd.com Anita Yadav Head of Fixed Income Research +9714 230 7630 anitay@emiratesnbd.com Athanasios Tsetsonis Sector Economist +9714 230 7629 athanasiost@emiratesnbd.com Edward Bell Commodity Analyst +9714 230 7701 edwardpb@emiratesnbd.com Mohammed Al-Tajir Research Analyst +9714 609 3005 mohammedtaj@emiratesnbd.com Sales & Structuring Group Head Treasury Sales Tariq Chaudhary +971 4 230 7777 tariqmc@emiratesnbd.com London Sales James Symington +44 (0) 20 7838 2240 jamess@emiratesnbd.com Shady Shaher Elborno Head of Macro Strategy +9714 2012300 shadyb@emiratesnbd.com Saudi Arabia Sales Numair Attiyah +966 11 282 5656 numaira@emiratesnbd.com Egypt Gary Boon +20 22 726 5040 garyboon@emiratesnbd.com Singapore Sales Supriyakumar Sakhalkar +65 65785 627 supriyakumars@emiratesnbd.com Group Corporate Affairs Ibrahim Sowaidan +9714 609 4113 ibrahims@emiratesnbd.com Claire Andrea +9714 609 4143 clairea@emiratesnbd.com Investor Relations Patrick Clerkin +9714 230 7805 patricke@emiratesnbd.com Page 11