MENA Markets Trends - January 2014

Kuwait Financial Centre Markaz R E S E A R C H Research Highlights: Review of global and regional stock markets for January 2014 Markaz Research is available on Bloomberg - Type MRKZ <Go> Thomson Research, Reuters Knowledge Nooz Zawya Markets ISI Emerging markets Capital IQ FactSet Research Connect TheMarkets.com M.R. Raghu, CFA, FRM Head of Research +965 2224 8280 rmandagolathur@markaz.com N.C. Karthik Ramesh Manager - Research +965 224 8000 Ext : 4611 kramesh@markaz.com Nivas Lakshminarasimhan Analyst +965 224 8000 Ext : 4606 nlakshminarasimhan@markaz.com Kuwait Financial Centre K.P.S.C Markaz P.O. Box 23444, Safat 13095, Kuwait Tel: +965 2224 8000 Fax: +965 2242 5828 markaz.com MENA Markets Trends - January 2014 Source: Reuters, Zawya, Markaz Research The Month That Was MENA, GCC and the World Country Index Liquidity Valuation Saudi Arabia 2.64 13.9% -0.4% Qatar 7.48 55.6% 1.7% Abu Dhabi 8.92 78.3% 3.3% Kuwait 1.59 63.3% 0.0% Dubai 11.89 68.7% 8.0% Egypt 8.55 68.8% 0.0% Morocco 0.08-84.2% -1.6% Jordan 7.34 95.1% 0.0% Bahrain 3.64 116.3% 2.2% Oman 3.70 27.8% 1.6% S&P Pan Arab 4.91 N.A. N.A. The only good news for equity markets came from the MENA region as nearly all indices ended the month on a positive note. Qatar, Dubai, Abu Dhabi, Egypt and Jordan indices rose over 7 per cent in January. Solid asset growth, wider interest margins, declining non-performing loans and improved earnings in the banking sector buoyed the markets. The S&P GCC index moved up 3.4 per cent in the month of January to close at 123 points. Dubai and Abu Dhabi indices produced returns of almost 12 per cent and 9 per cent respectively, while Egypt moved by 8.6 per cent. There was an overall improvement in market liquidity, with Morocco being the only exception to the trend. P/E of Egypt, Kuwait and Jordan remained unmoved, while valuations of Abu Dhabi, Dubai and Bahrain increased. The Kuwait weighted index has the highest P/E ratio of 18x followed closely by the Dubai index at 17.5x. Jordan, Qatar, Abu Dhabi and Morocco have dividend yields over 4 %. With relatively low P/E values and high dividend yields, Qatar and Abu Dhabi markets continue to be a bet for investors. Morocco, Saudi Arabia and Qatar have high price-to-book ratios (around 2x), while Jordan and Bahrain have low P/B ratios. The value traded in the MENA markets rose by 31.5 per cent in January, to USD 50.2billion compare to USD 38.2billion in December. Saudi Arabia and UAE together account for 85% of the total value traded in the MENA region. While Bahrain, Oman, Jordan, and Morocco together contributed just over 1.9% to the total value traded in January. While there were no changes in the top 10 large cap MENA companies, drastic changes were seen in the top 10 mid cap stock list. Only two companies,

Heliopolis (UAE) and Al Maha Petroleum Products Marketing Co. (UAE), from the list in December made it to the top 10 list in January. In the small-cap segment, Jerusalem Insurance (Jordan), Cairo Development and Investment (Egypt), Delta Insurance (Egypt) and Jordanian Expatriates Investment Holding (Jordan) were new entries for the month of January. The Blue Chips list remained largely unchanged. Saudi Telecom Company recorded profits of SR 10billion in 2013 as compared to SR 7.3billion in 2012, with fourth quarter profits surging to SR 3.6billion, beating analyst expectations. Shares of the company rose by 11 per cent in the month of January after witnessing a 24 per cent rise in 2013. National Bank of Abu Dhabi posted a near 10 percent increase in share price, on the back of rising business confidence, increasing deposits and soaring real estate prices. Aldrees Petroleum and Transport services and Cairo Development and Investment Co. recorded the highest monthly increase in the month of January, in the mid-cap and small-cap categories. Shares of the former rose by 13 per cent, while the latter s shares posted a 23 per cent increase. Mesaieed Petrochemical Holding Co. (Qatar) and Saudi Marketing Company (KSA) went for an IPO. Shares of Mesaieed Petrochemical Holding Co (MPHC), a subsidiary of Qatar Petroleum (QP), were fully subscribed and raised QR 3.23billion (USD 880million). 323.19million shares, constituting a 25.7 per cent stake, were offered at QR 10.2 per share. The shares are expected to be listed on Qatar Exchange in. Saudi Marketing Company, engaged in retail and wholesale trading of foodstuff, household consumer goods, toys, fabrics, and stationery items, is offering 7.5million shares at SR 36 per share to raise SR 270million. This represents a 30 per cent stake of the company. Over 1.4million investors subscribed to the IPO and shares would be listed on Tadawul after completing legal documentation and obtaining necessary approvals from the Capital Market Authority. Investments in the non-hydrocarbon sector by Dubai and ongoing reforms in Abu Dhabi have turned the UAE into the most diversified economy in the region. Investments in airport capacity and facilities expansions in UAE after Dubai s win to host the World Expo 2020 will provide vast growth opportunities for the global aviation industry. Dubai is expected to invest more than USD 8billion in new infrastructure to host Expo 2020. Total spending related to the Expo, including private sector projects, could reach USD 18.3billion. Kuwait Financial Centre Markaz 2

Global Markets Review Equity close MTD% YTD% S&P GCC 123 3.4 3.4 MSCI World 1,598-3.8-3.8 S&P 500 1,774-4.0-4.0 MSCI EM 937-6.6-6.6 MSCI FM 1029 0.9 0.9 Fixed Income US Treasury 10Yr Bond Commodities 232 2.2 2.2 IPE Brent 106-4.0-4.0 Gold 1,243 3.2 3.2 Source: Reuters, Markaz Research Global equities were hit hard in January, as the MSCI world index dropped by close to 4 per cent. Emerging markets continued to slide due to slow growth in both China and India. For FY13, India revised down its GDP from 5 per cent to 4.5 per cent, while China expanded by its lowest rate in 14 years at 7.7 per cent during 2013. Oil prices remained above USD 100/bbl at month s close, despite a drop in value of 4 percent due to profit-selling. Gold prices witnessed an upswing, as investors moved away from risky assets, closing at USD 1243 up 3.2 per cent from December close. The US markets were driven by a combination of positive economic data, with increasing retail sales growth and decreasing unemployment, and falling corporate earnings. Concerns about monetary policy tapering caused the fall in S&P 500 index by 4 per cent. At the end of the month, the Federal Reserve decided to trim its bond purchases by another USD 10billion and to keep interest rates low, as Ben Bernanke prepares to exit as the Fed Chairman. Despite persisting deflationary concerns, Europe had a good start to the year, as data released in January showed an improved growth in industrial and services output, and declining unemployment. But FTSE, CAC and DAX declined in the month of January by 3 per cent, 3.2 per cent and 2.3 per cent respectively. Nikkei Index closed the month at 15,384 points, falling 4.9 per cent since December close. The slowdown continued in emerging markets as Shanghai Index dropped 3.1 per cent and BSE Sensex (India) fell by 2.3 per cent. The MSCI EM Index fell by 6.6 per cent in the month of January. Kuwait Financial Centre Markaz 3

Appendix MENA Index Returns Jan S&P ADVT* P/E P/B Index (USD Bn) close 2013% 2014% correlation** (USD mn) TTM TTM S&P Pan Arab Composite LargeMid Cap 140 168 32.2 4.9 N.A N.A 15.35 1.85 2.80 Saudi Arabia 476 8,761 25.5 2.6 0.096 1,342.08 14.98 2.23 3.53 Qatar 131 11,156 24.2 7.5 0.052 124.99 13.51 1.94 4.34 Abu Dhabi 120 4,673 63.1 8.9 0.016 282.90 13.17 1.68 4.20 Kuwait Weighted Index 106 460 8.4 1.6 0.067 108.77 17.98 1.40 2.70 Dubai 70 3,770 107.7 11.9 0.066 446.59 17.49 1.41 2.48 Egypt 65 733 22.6 8.6 0.004 93.63 9.90 1.53 3.05 Morocco 55 9,121-2.6 0.1-0.004 2.90 15.19 2.26 4.16 Jordan 22 4,655-5.6 7.3-0.021 18.60 14.24 1.28 4.74 Bahrain 20 1,294 17.2 3.6 0.002 2.31 8.51 0.99 3.60 Oman 19 7,087 18.6 3.7 0.000 25.41 11.05 1.77 3.76 Source: Reuters, Markaz Research, * - Monthly Average Daily Value Traded, ** - 3-year daily return correlation MENA TOP 10 LARGE CAP Companies Country (USD bn) Close MTD % YTD % 2013% P/E P/B Beta Saudi Basic Industries Corp SJSC Saudi Arabia 89.20 111.50 0.0 0.0 24.2 13.26 2.14 1.27 4.44 Qatar National Bank SAQ Qatar 35.46 184.50 7.3 7.3 31.4 13.62 2.44 0.98 3.79 Saudi Telecom Co SJSC Saudi Arabia 32.53 61.00 14.0 14.0 23.6 12.22 2.17 1.04 3.36 Industries Qatar QSC Qatar 29.87 179.80 6.5 6.5 19.8 13.39 3.38 1.07 4.30 Al Rajhi Banking and Investment Corp SJSC Saudi Arabia 28.70 71.75-1.7-1.7 12.3 13.79 2.92 1.12 4.95 Emirates Telecommunication Corp Ltd UAE 25.30 11.75 0.4 0.4 29.0 14.34 2.36 0.88 6.81 Kingdom Holding Co Saudi Arabia 24.11 24.40-0.4-0.4 18.4 121.79 2.86 1.08 2.08 Etihad Etisalat SJSC Saudi Arabia 18.07 88.00 2.9 2.9 23.7 10.15 2.83 0.59 5.45 National Bank of Abu Dhabi PJSC UAE 17.88 15.25 9.7 9.7 48.4 13.95 1.97 0.98 2.62 Saudi Electricity Co SJSC Saudi Arabia 16.39 14.75 1.4 1.4 8.2 20.24 1.10 0.39 4.75 Source: Retuers, Markaz Research MENA TOP 10 MID CAP Companies Country (USD mn) Close MTD % YTD % 2013% P/E P/B Beta Cairo Amman Bank PSC Jordan 416.31 2.94 5.8 5.8 1.1 7.86 1.17 0.44 5.78 Capital Bank of Jordan PSC Jordan 415.89 1.75 11.3 11.3 55.8 11.72 1.18 0.32 0.00 Gulf Medical Projects Co PSC UAE 414.28 2.32 2.6 2.6 86.1 16.88 1.67 0.69 1.98 United Wire Factories Co JSC UAE 410.79 39.50-1.0-1.0 38.0 12.67 3.25 1.02 3.16 Medicare Group QSC Qatar 409.66 53.00 1.0 1.0 47.1 24.27 1.93 0.45 3.40 Aldrees Petroleum and Transport Services Saudi Arabia 403.99 50.50 12.2 12.2 30.1 14.90 2.92 0.72 3.92 Heliopolis Housing and Construction UAE 400.02 25.34 1.7 1.7 6.9 17.39 6.17 1.14 3.40 Allianz Saudi Fransi Cooperative Insurance Saudi Arabia 398.66 74.75-6.6-6.6 51.7 116.65 8.65 1.80 0.00 Al Maha Petroleum Products Marketing Co UAE 396.08 22.10-0.3-0.3 20.2 15.13 3.55 0.27 4.07 - Al Themar International Holding Co KSCC Kuwait 388.48 108.00-1.8-1.8 15.8 16.02 1.02 0.25 0.00 Source: Retuers, Markaz Research Kuwait Financial Centre Markaz 4

MENA TOP 10 SMALL CAP Companies Country (USD mn) Close MTD % YTD % 2013% P/E P/B Beta United Paper Industries BSC Bahrain 21.87 0.42 0.0 0.0 10.0 9.64 1.54 0.00 4.33 Zellidja Ste SA Morocco 21.62 302.50 0.0 0.0-46.6 0.00 0.48 0.07 0.00 Jerusalem Insurance Co PLC Jordan 21.52 1.90 2.7 2.7-2.6 0.00 1.22 0.08 4.74 Beltone Financial Holding SAE Egypt 20.98 17.70 5.8 5.8 11.0 1.57 0.00-0.04 0.00 Masafat for Specialised Transport Co PLC Jordan 20.98 0.83 6.4 6.4 16.4 11.47 0.74-0.07 0.00 Industrial Engineering Co for Construction and Development SAE Egypt 20.86 8.16-1.9-1.9 60.7 12.08 1.12 1.32 0.00 Cairo Development and Investment Co SAE Egypt 20.76 36.45 23.3 23.3 69.8 5.24 2.79 1.08 1.25 - Hayat Pharmaceutical Industries Co PLC Jordan 20.58 1.53 3.4 3.4-29.5 7.57 1.15 0.28 6.54 Delta Insurance Co SAE Egypt 20.14 6.25 4.0 4.0-1.2 4.83 0.90 0.88 15.25 Jordanian Expatriates Investment Holding Jordan 20.09 0.88 12.8 12.8 85.7 N.M 0.77 0.56 0.00 Source: Retuers, Markaz Research Blue Chips Company (USD bn) Close MTD % YTD % 2013% P/E P/B Beta Saudi Arabia Saudi Basic Industries Corp SJSC 89.2 111.50 0.0 0.0 24.2 13.26 2.14 1.27 4.44 Saudi Telecom Co SJSC 32.5 61.00 14.0 14.0 23.6 12.22 2.17 1.04 3.36 Al Rajhi Banking and Investment Corp SJSC 28.7 71.75-1.7-1.7 12.3 13.79 2.92 1.12 4.95 Kingdom Holding Co 24.1 24.40-0.4-0.4 18.4 121.79 2.86 1.08 2.08 Etihad Etisalat SJSC 18.1 88.00 2.9 2.9 23.7 10.15 2.83 0.59 5.45 Qatar Qatar National Bank SAQ 35.5 184.50 7.3 7.3 31.4 13.62 2.44 0.98 3.79 Industries Qatar QSC 29.9 179.80 6.5 6.5 19.8 13.39 3.38 1.07 4.30 Ooredoo QSC 13.1 149.00 8.6 8.6 31.9 17.95 1.94 0.67 3.36 Ezdan Holding Group QSC 12.2 16.80-1.2-1.2-6.6 51.49 1.60 0.65 0.77 Masraf Al Rayan QSC 7.1 34.70 10.9 10.9 26.3 15.29 2.47 0.66 4.32 UAE Emirates Telecommunication Corp Ltd 25.3 11.75 0.4 0.4 29.0 14.34 2.36 0.88 6.81 National Bank of Abu Dhabi PJSC 17.9 15.25 9.7 9.7 48.4 13.95 1.97 0.98 2.62 First Gulf Bank PJSC 16.3 20.00 6.4 6.4 62.1 13.69 2.01 1.07 5.00 Emaar Properties PJSC 13.3 8.00 4.7 4.7 103.7 22.00 1.46 1.33 1.25 Emirates NBD Bank PJSC 10.9 7.20 13.4 13.4 122.8 12.29 0.96 1.14 3.47 Kuwait National Bank of Kuwait SAK 15.3 940.00 5.6 5.6-2.7 17.71 1.71 0.84 3.04 Kuwait Finance House KSC 10.9 800.00 0.0 0.0 15.6 28.23 1.78 0.83 1.07 Mobile Telecommunications Co KSC 10.4 680.00-1.4-1.4-11.5 12.28 1.85 0.89 7.35 Boubyan Bank KSC 3.7 560.00 0.0 0.0-8.1 87.36 3.99 0.69 0.00 Gulf Bank KSC 3.6 365.00-2.7-2.7-6.3 30.02 2.12 0.52 0.00 Kuwait Financial Centre Markaz 5

Company (USD bn) Close MTD % YTD % 2013% P/E P/B Beta Morocco Itissalat Al Maghrib Ste SA 10.5 97.00 1.0 1.0-9.4 12.13 6.47 0.82 7.56 Attijariwafa Bank SA 7.6 304.25 0.0 0.0-2.6 13.64 1.98 1.19 2.94 Banque Centrale Populaire SA 4.0 191.50-1.2-1.2-1.7 17.51 1.56 0.60 2.49 Douja Promotion Groupe Addoha SA 2.2 55.50 2.0 2.0-11.3 9.28 1.62 1.85 3.19 Centrale Laitiere SA 1.8 1457.00 9.2 9.2 3.0 56.37 12.25 0.59 3.28 Egypt Orascom Construction Industries SAE 8.8 293.59 0.0 0.0 16.3 0.00 5.02 0.86 0.00 Commercial International Bank Egypt SAE 4.3 33.79 3.2 3.2 41.4 10.88 2.65 0.96 2.48 Global Telecom Holding SAE 3.9 5.18 10.0 10.0 18.6 0.00 2.89 1.09 0.00 Telecom Egypt Co SAE 3.6 14.80 1.1 1.1 3.7 8.87 0.91 0.60 8.76 National Societe Generale Bank SAE 2.1 31.48 3.0 3.0-7.1 8.64 1.59 0.86 3.71 Jordan Arab Bank PLC 7.1 9.39 19.9 19.9 8.0 16.91 0.91 1.33 3.19 Arab Potash Co PLC 3.2 27.40-2.3-2.3-39.7 15.10 2.61 1.89 9.12 Jordan Telecommunications Co PLC 1.3 3.80-7.3-7.3-22.6 15.91 2.70 0.30 8.68 Jordan Phosphate Mines Co PLC 0.8 7.37 3.1 3.1-45.0 18.39 0.72 1.78 3.39 Jordan Islamic Bank Co PLC 0.7 3.88 13.5 13.5 21.7 10.90 1.97 0.50 3.87 Bahrain Ahli United Bank BSC 4.5 0.78 7.6 7.6 30.1 7.49 1.47 1.77 4.88 National Bank of Bahrain BSC 1.8 0.72 3.6 3.6 45.8 13.19 1.87 0.67 3.16 Bahrain Telecommunications Co BSC 1.3 0.30-0.7-0.7 44.2 8.67 0.89 0.45 6.41 Arab Banking Corporation BSC 1.2 0.36 0.0 0.0-18.3 5.18 0.30 0.62 0.00 BBK BSC 1.1 0.45 5.6 5.6-18.5 0.01 1.35 0.66 2.02 Oman Bank Muscat SAOG 3.7 0.65 1.9 1.9 11.1 0.00 1.16 1.32 3.81 Oman Telecommunications Co SAOG 3.1 1.58 4.6 4.6 2.8 10.16 2.34 0.84 7.32 Bank Dhofar SAOG 1.2 0.37 2.8 2.8 11.2 7.71 1.52 0.66 3.78 Raysut Cement Co SAOG 1.1 2.08 3.2 3.2 40.6 15.44 3.36 1.06 3.61 Omani Qatari Telecommunications Co SAOG 1.0 0.60 0.0 0.0 31.3 11.70 2.19 0.99 6.33 Source: Reuters, Markaz Research, * - Local currency Kuwait Financial Centre Markaz 6

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