Equity Weekly Global Equities Global equities declined as weak macroeconomic data coupled with renewed geopolitical tensions in the Middle East made investors cautious. The MSCI World index declined -1.7% amid broad based weakness across regions with the MSCI Emerging Markets index losing -1.2%, the S&P Pan Arab Composite index dropping -2.5% 5d and the MSCI G7 index declining -1.9%. Volatility increased across the broad with the exception of Asia as the VIX index and the V2X index added +15.8% 5d and +17.1% 5d respectively while the VHSI index dropped -5.6% 5d. Weekly 29 March The focus of investors is likely to remain on macroeconomic data especially the US nonfarm payrolls report at the end of the week as jobs remain a key component in the Fed s decision to embark on tightening monetary policy later this year. It is also likely that investors will start positioning themselves for the earnings season which is expected to start next week. Regionally, developments in Yemen are likely to sway market movements. MENA Markets It was a volatile week of trading for GCC equities as political issues in Yemen came to the forefront making investors nervous. The S&P Pan Arab Composite index declined - 2.5% 5d. The DFM index (-1.9%) declined for a fourth consecutive week to take its year to date losses to -9.7%. Arabtec (-15.2% 5d) led the drop on the DFM index after the company reported a disappointing set of Q4 earnings. The company reported a loss of AED 94.5mn compared to a profit of AED 122.8mn last year and consensus expectations of a AED 114.5mn profit. For the full year the company reported net profit of AED 214.6mn, a -43.2% y/y decline. Aldar Properties (+3.5% 5d) led the ADX index (+0.8% 5d) higher after reports that the company sold 281 villas worth AED 600mn at Al Merief development in one week. MENA Equity Indices (wtd % chg) TUSISE 0.1% MADEX -1.1% DSM -1.0% MSM -1.7% Bahrain -1.0% KWSE -3.3% EGX 30-4.9% Aditya Pugalia Analyst +971 4 230 7802 adityap@emiratesnbd.com ISE 100 Tadawul ADX DFM -3.0% -2.0% -1.9% 0.8% www.emiratesnbdresearch.com Source: Bloomberg -6% -5% -4% -3% -2% -1% 0% 1% 2%
The Tadawul (-3.0% 5d) declined for a second consecutive week as the geopolitical situation in Yemen coupled with Saudi cabinet s decision to impose white land tax unnerved investors. Unsurprisingly, real estate sector stocks were worst hit with the Tadawul Real Estate Sector index dropping -8.8% 5d. It must be noted here that the discussion on imposing fees on undeveloped plot within cities started sometime in September. Last week, the Saudi cabinet approved it after reviewing the proposal submitted by the council of economic affairs and asked them to put together the relevant regulatory framework for eventual submission to the Shura council. The timing for this process is still unclear. Dar Al Arkan was among the worst hit with the stock losing -11.8% 5d. However, the company s chairman clarified that the tax does not apply to the company as they are in the process of developing it. Elsewhere, the Qatar Exchange changed the definition of foreign and local ownership. Previously GCC individuals and institutions were considered as foreigners. However, with the change in definition, now GCC individuals will be treated as locals. This will create more room for foreign owners. It is worth noting that the only stock currently at foreign ownership limit is Gulf Warehousing Co. Developed Markets US equities declined gave up their previous week s gains to lead developed market equities lower. The S&P 500 index declined -2.2% 5d, the Euro Stoxx 600 index dropped -2.1% 5d and the Nikkei index lost -1.4% 5d. With the US Fed out of the way and discussions between Greece and the Eurozone making little headway, the focus of investors shifted back to macroeconomic data. The GDP data from the US came in line with initial estimates but also showed that corporate profits dropped in the last three months of the year, capping the worst annual performance since the recession. In fact, analysts estimate that companies in S&P 500 index will see a contraction of 5.6% in Q1. Emerging Markets Emerging markets outperformed global equities with the MSCI Emerging market index losing -1.2% compared to a decline of -1.7% in the MSCI World index. However, BRIC markets underperformed broader emerging markets with the MSCI BRIC index losing -1.8% 5d. Chinese equities were an exception with the Shanghai Composite index adding +2.0% 5d amid reports that the government will take further steps to boost the economy including investments in overseas infrastructure projects to reduce overcapacity. This comes on the back of data that suggested profits of Chinese industrial companies declined -4.2% in the first two months of. 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 3,407-1.9% (USD mn) 108.2 10.6 1.5 6.0 18.18 ADX 4,373 0.8% 58.7 11.7 1.7 4.2 18.03 Tadawul 4,373-3.0% 2,657.3 16.0 2.0 2.9 20.25 ISE 100 80,894-1.2% 1,524.4 10.1 1.3 1.9 53.00 EGX 30 9,053-4.9% 52.3 12.6 1.6 1.6 23.33 KWSE 6,222-3.3% 49.9 - - 4.0 10.32 Bahrain 1,445-1.0% 0.5 - - 4.7 - MSM 6,113-1.7% 15.3 9.8 1.3 4.5 23.33 Qatar Exchange 11,411-1.0% 93.8 12.9 2.1 4.3 25.00 MADEX 8,449-1.1% 9.4 15.4 2.3 4.3 56.86 TUSISE 5,318 0.0% 2.6 - - 1.6 55.81 Developed Market Indices Dow Jones 17,713-2.3% 6,786.3 16.1 2.9 2.4 60.00 S&P 500 2,061-2.2% 33,059.2 17.4 2.6 2.1 65.87 Nasdaq 4,891-2.7% 19,714.6 21.5 3.5 1.1 56.80 FTSE 100 6,855-2.4% 8,413.7 15.8 1.8 3.9 77.00 Dax 11,868-1.4% 4,828.9 15.7 2.0 2.5 93.33 Cac 40 5,034-1.1% 4,976.5 17.0 1.7 3.0 90.00 Swiss 9,084-3.3% 3,023.8 18.6 2.9 3.0 75.00 Nikkei 19,286-1.4% 14,255.1 20.9 1.8 1.4 88.00 Australia 5,920-0.9% 3,475.8 17.3 2.1 4.4 68.56 Stoxx 600 396-2.1% 36,649.2 16.6 1.9 3.1 84.90 Emerging Market Indices Hong Kong 24,486 0.5% 3,301.1 11.7 1.3 3.7 62.00 Shanghai 3,691 2.0% 102,535.6 14.7 1.8 1.8 99.89 Korea 2,020-0.9% 4,410.1 11.4 1.0 1.3 70.90 Sensex 27,459-2.8% 92.6 18.1 2.8 1.4 50.00 Nifty 8,341-2.7% 1,454.5 18.2 2.8 1.4 62.00 Karachi 29,958-5.8% 76.7 8.3 1.7 5.4 48.39 Taiwan 9,504-2.5% 3,148.3 13.2 1.7 3.1 55.43 Bovespa 50,095-3.6% 1,637.5 11.9 1.2 5.0 35.29 Micex 1,572-3.5% 551.0 5.9 0.5 4.8 63.27 Jo'burg 1,572-1.6% 1,466.3 18.1 2.2 3.1 65.06 Vietnam 551-4.2% 67.5 11.7 1.9 4.0 55.76 Jakarta 551-0.8% 386.6 0.6 0.1 1.8 44.06 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 1,745-1.7% -1.6% 2.1% 17.37 2.16 2.38 MSCI G7 1,548-1.9% -1.7% 1.7% 17.45 2.20 2.19 MSCI EM 958-1.2% -3.2% 0.2% 12.15 1.39 2.70 MSCI FM 581-1.9% -3.7% -5.0% 10.27 1.51 4.19 S&P Pan Arab 793-2.5% -6.3% -0.3% 12.84 1.66 3.74 DUAE INDEX 3,393-0.6% -11.3% -9.0% 11.13 1.35 7.24 DKUW INDEX 3,540-3.6% -8.1% -5.6% - - - DQAT INDEX 6,423-1.1% -6.8% -3.3% 15.87 2.04 4.14 DKUS INDEX 2,715-3.2% -5.8% -2.2% 14.86 1.82 3.04 DQAS INDEX 8,840-1.0% -6.9% -0.7% 17.36 2.09 3.69 Relative to S&P Pan Arab Composite Index Index PB Dvd Yield Index PB Dvd Yield DFM -17.6% -7.6% 60.3% Bahrain - - 26.5% ADX -9.0% 2.7% 12.7% MSM -23.5% -24.4% 21.3% Tadawul 24.4% 23.0% -22.4% Qatar 0.2% 23.7% 14.1% KWSE - - 6.5% Exchange TUSISE - - -57.1% Relative to MSCI G7 Index Dow Jones -7.8% 33.1% 10.1% Cac 40-2.5% -24.9% 37.9% S&P 500-0.2% 18.8% -5.0% Swiss 6.7% 32.7% 37.5% Nasdaq 23.1% 59.6% -47.9% Nikkei 19.7% -17.0% -35.6% FTSE 100-9.2% -18.9% 79.0% Australia -1.1% -6.7% 98.7% Dax -10.3% -11.3% 14.6% Stoxx 600-4.8% -14.2% 43.4% Relative to MSCI Emerging Market Index Hong Kong -3.4% -8.5% 36.5% Jo'burg 48.6% 57.3% 13.4% Shanghai 20.8% 32.8% -34.1% Vietnam -3.4% 35.5% 49.7% Korea -6.6% -26.9% -52.0% Jakarta -94.7% -92.8% -32.5% Sensex 48.7% 99.0% -47.5% Nifty 49.7% 102.0% -49.9% Karachi -31.4% 19.2% 100.1% Taiwan 8.6% 22.6% 13.4% Bovespa -1.9% -15.7% 85.5% Micex -51.2% -67.0% 76.7% Source: Bloomberg, Bloomberg Estimate Page 4
ROA ROA ROA Relative Valuations MENA Equity Indices / E 22.0 16.0 10.0 ISE 100 MSM ADSMI DFMGI y = 0.3076x + 10.48 R² = 0.0608 4.0 8.0 10.0 12.0 14.0 16.0 18.0 DSM EGX 30 Tadawul MADEX MENA Equity Indices PB/ROA E 3.5 3.0 2.5 2.0 1.5 1.0 MSM ISE 100 ADSMI EGX 30 0.5 y = 0.5165x + 1.4652 R² = 0.0793 0.0 1.0 1.5 2.0 2.5 PB Tadawul DSM MADEX D. Market Equity Indices / E 22.0 18.0 14.0 10.0 y = 0.9521x - 3.9073 R² = 0.1623 Dax AS51 Index Dow Jones Stoxx Cac 600 FTSE 100 Nikkei 6.0 10.0 15.0 20.0 25.0 S&P 500 SMI Nasdaq D. Market Equity Indices PB/ROA E 6.0 4.0 2.0 y = 1.5292x - 1.3327 R² = 0.6374 FTSE 100 Dax Dow Jones Nikkei AS51 Index Cac Stoxx 600 0.0 0.5 1.5 2.5 3.5 4.5 PB S&P 500 SMI Nasdaq E. Market Equity Indices / E 25.0 20.0 15.0 10.0 Shanghai Nifty Kospi y = 0.087x + 11.981 Jo'burg 5.0 R² = 0.0039 Bovespa 0.0 0.0 5.0 10.0 15.0 20.0-5.0 Micex -10.0 Vietnam Karachi Taiwan Jakarta E. Market Equity Indices PB/ROA E 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 Micex Bovespa Kospi Jo'burg Vietnam Shanghai y = 0.1037x + 2.4714 R² = 0.0127 0.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 PB Karachi Jakarta Taiwan Nifty Source: Bloomberg Page 5
Key Indicators Top Dividend Yielding Stocks GCC* Stock Price (LCL) M. Cap (USD) Dvd Yld P/E P/B Astra Industrial 32.27 637.64m 7.80% 9.65 1.15 Yanbu 43.03 6.45b 7.46% 12.97 1.55 Damac 2.10 2.86b 7.20% 3.10 1.37 ADCB 6.05 9.22b 7.14% 7.81 1.25 Arabian Cement 74.76 1.99b 7.06% 11.20 2.34 GISS 87.20 4.45b 6.93% 12.70 4.09 DIB 5.95 6.40b 6.82% 9.12 1.76 Industries Qatar 132.20 21.96b 6.79% 12.38 2.34 *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 3.25 2312.8-12.2 - - - -6.2-4.5 20 4.0 Telecom Egypt 10.72 2430.2 10.02 8.2 7.3 8.1 0.7 6.2-9.0 24 1.4 NMTC 1370.00 2424.2 15.38 10.1 5.9 7.4 1.0 2.9 5.0 9.0 48 0.2 Zain 460.00 6792.6 10.6 9.0 12.0 12.5 1.4 6.1 7.5 9.6 27 6.6 Oredoo 103.00 9060.5 19.01 12.6 8.8 8.5 1.7 2.2 3.2 4.4 31 2.6 Etihad Etisalat 38.43 8067.0-13.0-4.3 10.9 1.7-1.9 8.5 5.0 48 108.5 STC 62.81 33855.8 11.99 10.5 18.8 18.4 2.2 12.3 5.3 6.2 37 18.8 Zain KSA 10.48 1641.7 - - -20.8-19.2 1.3-4.9 0.0-25 42.9 Etisalat 12.30 26799.4 9.608 10.8 21.5 18.9 2.0 8.3 6.4 6.0 64 6.7 Du 4.90 6210.7 10.95 3227 11.8 28.2 28.4 2.9 12.5 6.3 7.3 36 1.0 Average 6522 12.5 10.9 8.6 10.4 1.7 3.7 5.3 6.8 Petrochemicals & Fertilisers Sector IQ 132.20 22097.3 16.03 12.6 18.8 17.4 3.0 17.3 4.2 6.6 27 11.4 Sahara Petchem 16.30 1965.2 17.30 0534 15.0 6.6 8.8 1.1 4.5 5.6 4.3 38 18.6 Sabic 83.17 67178.5 10.73 6818 12.9 14.6 11.3 1.5 6.9 6.6 5.2 33 109.9 SIPCHEM 27.98 2805.3 16.08 2648 15.3 10.3 10.3 1.6 3.6 4.7 4.8 35 4.4 Saudi Kayan 10.96 4458.6 4848-111.5-0.3 1.1 1.2-0.1 0.0 0.0 29 68.5 Sidi Kerir Petchem 14.01 1024.9-8.1-33.3 - - - 11.5 23 0.5 Yansab 43.03 6537.9 10.82 13.9 16.2 12.0 1.7 10.9 6.3 7.0 33 14.9 Chemanol 13.31 443.7 43.81 7273 35.7 2.1 2.9 0.9 1.2-4.3 41 9.3 APPC 43.50 1901.7 8.781 4815 12.9 32.4 22.5 2.8 21.3 7.5 5.9 33 14.4 Safco 150.74 13395.7 14.79 3933 15.3 39.4 38.9 6.0 34.5 5.0 6.0 45 5.1 Ma'aden 39.38 12397.5 22.15 4118 16.9 5.8 6.7 1.3 1.8 0.0 0.0 42 136.1 Tasnee 22.94 4226.2 16.62 942 10.6 9.1 10.7 1.5 2.2 3.8 6.3 21 18.4 Average 17.7 5 23.4 14.1 14.7 2.1 9.5 4.4 5.1 Food & Retail Sector Almarai 87.90 14195.5 27.30 26.1 15.9 18.9 4.2 7.1 1.3 1.4 58 7.6 Othaim 106.00 1295.6 22.06 4454 19.5 24.4 24.2 5.0 9.9-2.0 48 6.1 Alhokair 102.00 5878.1 24.48 9182 26.7 34.7 39.6 7.8 17.0 1.5 2.3 45 12.2 Jarir Marketing 210.56 5224.3 22.43 9796 22.2 58.9 61.1 12.3 32.0 3.3 3.7 52 5.9 Savola 71.33 10249.1 20.78 9614 17.7 21.1 20.2 4.2 8.1 2.9 3.3 38 10.4 Agthia 7.15 1168.0 19.25 8044 17.8-16.6 - - - 2.0 63 0.5 Average 4658 22.7 21.7 31.0 30.1 6.7 14.8 2.3 2.4 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 2.30 5094.9 9.330 11.3 13.0 8.8 1.2 5.4 3.4 3.2 40 12.8 Barwa Real Estate 45.40 4851.5 5.868-18.8-1.0 7.3 5.3-39 19.3 Dar AL Arkan 8.62 2533.6 15.33 12.2 3.3 4.3 0.5 2.3 0.0 2.1 32 159.2 Deyaar Development 0.60 948.6 17.41-6.7-1.1 4.5 0.0-27 6.7 Emaar Economic City 13.60 3172.3 26.61 33.3 4.7 4.3 1.2 2.5 0.0-40 30.3 Emaar Properties 6.43 12690.2 15.12 14.1 9.8 10.5 1.6 4.7 2.1 2.5 35 31.5 TMG Holding 10.20 2822.6 29.84 20.2 2.6 3.7 0.8 1.2 0.0 0.9 33 4.5 Palm Hill Developments 4.05 732.3 15.76 13.4 10.0 8.8 1.4 2.5 0.0-43 3.1 Average 1975 16.9 17.4 8.6 6.7 1.1 3.8 1.3 2.2 Banking & Financials Sector CIB 56.96 6904.7 11.94 12.0 28.0 28.1 3.0 2.9-3.0 53 11.2 Al Rajhi Bank 58.81 25883.4 12.22 0013 13.9 17.0 17.1 2.0 2.3 3.4 3.8 34 59.5 Samba 26.30 14448.7 9.256 0903 11.2 13.6 12.2 1.2 2.4 3.5 3.5 30 13.0 Riyad Bank 17.06 13875.6 11.71 5947 11.6 12.5 12.6 1.4 2.1 4.3 4.6 35 6.3 Bank Aljazira 28.40 3092.3 19.43 7241 16.4 9.6 12.0 1.8 0.9 0.0 0.7 38 24.0 NBK 800.00 13971.2 16.25 3566 11.7 10.1 14.1 1.6 1.3 3.3 3.9 27 4.3 Burgan Bank 450.00 2998.7 13.33 11.8-11.7 - - - 3.0 25 1.3 DIB 5.95 6394.2 8.725 3333 9.4 17.8 20.2 1.8 2.2 5.8 6.7 41 14.5 NBAD 11.20 15957.2 11.83 4076 10.4 15.4 15.5 1.7 1.6 2.9 3.5 35 1.9 FGB 14.45 17397.7 11.72 6801 10.9 17.3 19.0 1.9 2.8 5.9 6.4 51 11.4 ADCB 6.05 9445.6 9.004 2885 8.1 16.0 17.0 1.4 2.1 5.7 6.8 30 3.9 QNB 187.10 36145.2 14.24 0704 11.6 19.0 19.4 2.6 2.2 3.3 4.1 35 10.7 CBQ 56.80 5085.9 10.81 9322 8.8 11.4 12.8 1.2 1.6 5.1 4.1 27 5.1 DB 49.65 3533.5 10.87 7356 9.4 12.0 15.7 1.3 1.9 0.0 7.7 28 4.0 QIB 99.50 6456.6 15.09 8575 13.1 13.2 14.3 1.9 1.8 4.2 4.7 46 3.1 Bank Muscat 0.51 3131.2 8565 7.76 7.2 12.9 12.2 1.0 1.8 4.3 4.8 35 2.2 DFM 1.50 3310.7 21.15 22.4 9.3 5.7 1.9 8.8 3.5 4.7 29 6.7 EFG Hermes 15.78 1199.5 15.54 7895 12.8 5.9 9.9 0.9 0.8-3.2 36 2.8 Dubai Investments 2.27 2433.9 6.8-14.0-0.9 9.9 5.0-43 11.7 Average 12.5 11.8 14.2 15.0 1.6 2.7 3.8 4.4 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 0.38 758.1 7.575 8.0-3.7 - - - - 28 1.2 QEWC 186.00 5733.5 13.47 13.2 23.7 21.5 3.0 12.8 4.0 4.3 47 2.8 Saudi Electricity 16.94 19049.1 17.12 23.6 6.3 5.2 1.0 1.2 4.7 4.1 40 20.7 Tabreed 1.05 213.1 12.11 9.6 6.9 7.3 0.2 3.9-4.7 40 1.1 Average 12.6 13.6 12.3 9.4 1.4 6.0 4.3 4.4 Industrials Sector El Ezz Steel Rebars 495.92 880.2 - - - -9.2 - - - 5.0 35 0.1 Elswedy ElectriC 46.36 1375.5-19.0-9.3 - - - 2.0 40 1.3 GB Auto 34.14 618.3 22.46 15.5 8.4 11.2 2.0 2.0 0.0 4.6 47 0.8 Oriental Weavers 10.92 651.4 14.81 3768 12.0 10.8 13.7 1.5 5.6-3.5 30 0.8 Saudi Arabian Amiantit 12.26 384.9 17.84 1212 16.2 5.5 6.1 1.0 1.9 0.0 5.8 26 7.9 Saudi Cable 10.10 204.6 9315 - - -36.9-1.6-7.0 - - 50 3.1 KIPCO 640.00 3149.9 21.21 16.0 7.6-1.6 0.5 3.6 3.9 23 2.3 Average 2121 19.1 15.8-0.9 6.2 1.6 0.6 1.2 4.1 Transport & Logistics Sector Air Arabia 1.36 1740.7 12.5 9.5 10.4 13.0 1.4 5.5 6.0 6.5 26 5.7 Aramex 3.28 1315.5 14.25 13.6 15.0 15.5 2.1 10.3 4.5 4.5 51 1.3 DPW 20.31 17430.0 24.87 0056 22.1 8.2 8.1 2.1 4.0 1.1 1.4 53 3.4 National Shipping Co 40.05 4272.1 21.50 8569 17.6 7.8-1.7 3.7 2.9 2.9 49 13.1 Agility 780.00 3045.3 6329-16.1 - - - - - 5.1 37 2.8 QGTS 22.20 3429.5 14.34 13.1 22.0 19.3 3.4 2.9 5.2 5.8 26 2.6 Average 7826 17.5 15.3 12.7 14.0 2.1 5.3 4.0 4.4 Construction & Building Materials Arabtec 2.22 2788.3 136.6 11.8 3.8 12.9 2.3 1.6-2.1 21 32.5 Depa 0.46 279.7 987-12.9-4.8 - - - - 73 1.1 DSI 0.65 423.1 18.64 6.4-7.9 - - - 1.5 30 1.9 OCIC 272.41 7558.6 5833 - - - - - - - - 41 0.0 Average 77.7 10.3 3.8 8.5 2.3 1.6-1.8 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 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 Athanasios Tsetsonis Sector Economist +9714 230 7629 athanasiost@emiratesnbd.com Saudi Arabia Sales Numair Attiyah +966 11 282 5656 numaira@emiratesnbd.com Egypt Shahinaz Foda +20 22 726 5050 shahinaz.foda@bnpparibas.com Edward Bell Commodity Analyst +9714 230 7701 edwardpb@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