Equity Weekly Global Equities Global equity markets closed marginally higher as both the economic data and the earnings season continue to surprise positively. The pledge of Donald Trump to overhaul business taxes within weeks added further impetus towards the end of the week. The MSCI World index gained +0.5% 5d on the back of +1.2% 5d rally in the MSCI EM index and +0.6% 5d gain in the MSCI G7 index. Volatility declined across the board with the VIX index losing -1.1% 5d, the V2X index -0.1% 5d and the JP Morgan EM Volatility index -1.0% 5d. Weekly 12 February 2017 This week the focus is likely to remain on the ongoing earnings season and emerging geo-political scenarios. Regionally, markets are likely to follow the broad global trend as earnings season comes to a close. MENA Markets Most regional equities, with the exception of the Tadawul, closed in positive territory as interest from institutional investors returned. The Bloomberg GCC 200 index added +0.5% 5d. UAE bourses closed higher with the DFM index and the ADX index adding +1.6% 5d and +2.8% 5d respectively. Emaar Properties closed the week with gains of +4.0% 5d after it signed an accord of AED 1.2bn with Orient Insurance against claims for the Address Hotel. Air Arabia closed -8.0% 5d after the company reported its first quarterly loss on record and reduced its dividend. The company reported a loss of AED 33mn for Q4 with revenues dropping -15.0%. The airline reduced its dividend from AED 0.09 per share to AED 0.07 per share. The Qatar Exchange (+0.6% 5d) closed marginally higher despite weak earnings from Industries Qatar and Gulf International Services. Both stocks ended the week with losses of -1.7% 5d and -8.6% 5d respectively. Industries Qatar reported a Q4 net profit of QAR 230mn, missing consensus estimates of QAR 886mn by 74%. The company also reduced its dividend to QAR 4.0 per share in from QAR 5.0 per share in. MENA Equity Indices (wtd % chg) TUSISE 0.5% MADEX 0.1% DSM 0.6% MSM 0.3% Bahrain -0.1% KWSE -3.8% EGX 30 2.4% Aditya Pugalia Analyst +971 4 230 7802 adityap@emiratesnbd.com ISE 100 Tadawul ADX -1.8% -1.0% 2.8% DFM 1.6% www.emiratesnbdresearch.com -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% Source: Bloomberg
Gulf International Services reported net income of QAR 67mn versus QAR 801mn in. The company proposed a cash dividend of QAR 1.0 per share. The Tadawul dropped -1.8% 5d on the back of continued weakness in the banking sector stocks. The Tadawul Banks index declined -3.0% 5d with Al Rajhi Bank losing -2.5% 5d and Samba dropping -7.5% 5d. Yanbu Cement added +7.0% 5d after the company recommended a cash dividend of SAR 2.0 per share. In other developments, the Finance Ministry in Saudi Arabia said that it has settled all private contractor bills which were 60 days and older. There were also reports that the government is looking to IPO 30% stake in Saudi Post. Elsewhere, the EGX 30 index rallied +2.4% 5d with consumer sector stock leading the gains. Juhayna Food Industries added +31.6% 5d and Arabian Food Industries gained +26.0% 5d. Talaat Moustafa Group dropped -6.8% 5d following reports of suspension of construction licenses for Madinaty project. Developed Markets Developed market equities closed higher amid continued strength in corporate earnings and a pledge from the US President to overhaul business taxes in weeks. The S&P 500 index, the Euro Stoxx 600 index and the Nikkei index added +0.8% 5d, +0.9% 5d and +2.4% 5d respectively. Around 30% of companies in the Euro Stoxx 600 index have reported Q4 earnings. Nearly 53% of those companies have beaten the EPS estimate and 55% have beaten the sales estimate. In the US, nearly 71% of companies in the S&P 500 index have reported Q4 earnings. According to Factset, 67% of those companies have beaten the mean EPS estimate and 52% have beaten the mean sales estimate. So far, the blended earnings growth for Q4 is 5.0%. If the index reports earnings growth for Q4, it will mark the first time the index will see y/y growth in earnings for two consecutive quarters since Q1. Emerging Markets Emerging market equities outperformed global equity markets with the MSCI emerging markets index adding +1.2% 5d compared to +0.5% 5d rally in the MSCI World index. Gains were led by the BRIC bloc with the MSCI BRIC index adding +2.0% 5d. India s Nifty index (+0.6% 5d) held steady despite the Reserve Bank of India surprising the markets by keeping rates on hold. Not only was the decision surprising, the tone was also more hawkish with the RBI changing its stance to neutral from accommodative. The bank said the change in stance was to gain more flexibility which in turn suggests that the easing cycle in India may be coming to a premature end, at least in the short term. 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 3,683 1.6% (USD mn) 184.5 10.6 1.2 3.6 63.89 ADX 4,569 2.8% 68.5 12.2 1.5 5.4 61.29 Tadawul 6,969-1.8% 1,048.3 14.3 1.5 3.4 73.41 ISE 100 87,473 0.5% 1,379.3 8.8 1.1 2.6 79.05 EGX 30 13,115 2.4% 63.3 11.9 1.9 1.6 83.33 KWSE 6,583-3.8% 159.3 - - 3.6 87.40 Bahrain 1,307-0.1% 2.1 - - 4.3 - MSM 5,820 0.3% 5.8 9.7 1.1 4.9 60.00 Qatar Exchange 10,629 0.6% 65.5 13.1 1.8 3.8 80.00 MADEX 10,037 0.7% 12.0 18.7 2.9 4.1 86.67 TUSISE 5,527 0.2% 1.0 22.7-2.0 50.00 Developed Market Indices Dow Jones 20,269 1.0% 5,535.5 16.9 3.3 2.5 76.67 S&P 500 2,316 0.8% 32,053.1 17.8 2.8 2.1 76.10 Nasdaq 5,734 1.2% 19,297.5 21.7 3.6 1.2 66.86 FTSE 100 7,259 1.0% 6,221.7 14.8 1.8 4.2 74.00 Dax 11,667 0.1% 3,484.0 13.5 1.6 3.0 93.10 Cac 40 4,828 0.1% 3,434.1 14.3 1.4 3.6 71.79 Swiss 8,456 1.3% 2,907.8 17.0 2.3 3.6 70.00 Nikkei 19,379 2.4% 12,358.9 18.6 1.7 1.7 89.33 Australia 5,721 1.8% 3,224.1 16.1 1.9 4.4 61.31 Stoxx 600 367 0.9% 28,707.9 15.1 1.7 3.6 76.39 Emerging Market Indices Hong Kong 23,575 1.9% 3,712.8 11.8 1.1 3.5 86.00 Shanghai 3,197 1.8% 26,445.2 13.6 1.5 1.7 61.30 Korea 2,075 0.1% 3,710.9 9.7 0.9 1.2 38.02 Sensex 28,334 0.3% 84.5 19.3 2.7 1.5 66.67 Nifty 8,794 0.6% 1,377.3 19.6 2.7 1.4 72.55 Karachi 49,925 0.7% 122.3 11.0 1.9 4.4 92.39 Taiwan 9,666 2.2% 3,332.5 13.8 1.6 3.8 78.19 Bovespa 66,125 1.8% 1,904.6 13.0 1.5 2.6 83.05 Micex 2,162-2.9% 539.7 6.6 0.8 4.1 84.00 Jo'burg 52,687 0.8% 1,392.2 14.9 1.8 2.8 61.64 Vietnam 704 0.5% 112.5 14.5 2.1 3.2 51.64 Jakarta 5,372 0.2% 516.6 15.6 2.2 1.5 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 1,815 0.5% 1.5% 3.6% 16.89 2.15 2.43 MSCI G7 1,642 0.6% 1.5% 3.5% 17.05 2.23 2.26 MSCI EM 930 1.2% 3.8% 7.9% 12.49 1.46 2.41 MSCI FM 535-0.2% 3.2% 7.2% 11.61 1.53 3.89 S&P Pan Arab 690-0.4% 1.2% 1.0% 12.79 1.40 3.69 DUAE INDEX 3,381 2.8% -1.6% 3.0% 10.92 1.37 4.26 DKUW INDEX 3,370-1.3% 8.1% 11.4% - - - DQAT INDEX 6,185-0.3% -1.7% 0.9% 13.20 1.74 3.54 DKUS INDEX 2,735-2.3% 8.5% 12.7% 13.12 1.34 3.24 DQAS INDEX 8,360 0.7% 0.3% 3.8% 16.25 1.85 4.12 Relative to S&P Pan Arab Composite Index Index PB Dvd Yield Index PB Dvd Yield DFM -17.1% -13.5% -2.0% Bahrain - - 16.0% ADX -4.9% 4.2% 45.1% MSM -24.3% -23.3% 32.9% Tadawul 11.9% 7.6% -9.1% Qatar 2.7% 25.6% 3.5% KWSE - - -3.2% Exchange TUSISE 77.5% - -47.1% Relative to MSCI G7 Index Dow Jones -1.0% 48.7% 11.0% Cac 40-16.0% -38.2% 58.8% S&P 500 4.6% 25.6% -6.7% Swiss -0.3% 4.9% 58.8% Nasdaq 27.3% 60.1% -46.0% Nikkei 9.0% -23.0% -23.5% FTSE 100-13.4% -18.6% 84.9% Australia -5.7% -12.9% 94.6% Dax -20.6% -26.5% 32.7% Stoxx 600-11.5% -21.6% 58.3% Relative to MSCI Emerging Market Index Hong Kong -5.2% -21.5% 43.6% Jo'burg 19.1% 25.4% 18.2% Shanghai 8.7% -0.4% -28.4% Vietnam 16.0% 44.4% 32.2% Korea -22.5% -35.7% -49.4% Jakarta 24.6% 49.4% -36.4% Sensex 54.4% 83.5% -36.4% Nifty 56.9% 84.4% -42.7% Karachi -11.8% 30.6% 82.4% Taiwan 10.6% 12.8% 57.6% Bovespa 3.9% 6.0% 6.4% Micex -47.1% -48.0% 69.4% 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 DFMGI Tadawul EGX30 MSM DSM ADSMI MADEX y = 0.6479x + 4.58 R² = 0.5227 4.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 0.5 y = -0.2464x + 2.6114 R² = 0.1785 0.0 0.0 1.0 2.0 3.0 4.0 PB D. Market Equity Indices / E 24.0 20.0 16.0 12.0 y = 1.1442x - 6.2635 R² = 0.2067 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 = 1.0475x - 0.63 R² = 0.4551 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 20.0 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 Karachi Micex y = 0.4741x + 7.0132 R² = 0.221 ISE 100 Kospi Taiwan 0.0 5.0 10.0 15.0 20.0 25.0 Vietnam Jakarta Nifty Jo'burg Shanghai Bovespa E. Market Equity Indices PB/ROA E 3.5 3.0 2.5 2.0 Micex ISE 100 Karachi Vietnam Taiwan 1.5 Jo'burg Kospi Shanghai 1.0 0.5 y = 0.2423x + 1.7105 Bovespa R² = 0.0287 0.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 PB 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 Al Mazaya Holding 122.00 275.12m 8.20% 12.20 0.62 Air Arabia 1.27 1.61b 7.78% 9.49 1.11 FGB 13.30 16.29b 6.96% 10.53 1.71 Zain Kuwait 490.00 6.95b 6.79% 10.62 1.20 Al Tayyar Travel 35.77 2.00b 6.69% 9.31 1.28 Dubai Islamic Bank 6.20 8.34b 6.36% 9.22 1.60 Saudi Telecom Co 64.91 34.61b 6.35% 13.33 2.00 Arabian Cement 38.29 1.02b 6.30% 10.90 - Sabic 96.10 76.87b 5.04% 15.70 1.69 Etisalat 17.75 42.03b 4.86% 17.33 3.02 *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 7.31 2189.7-13.5-28.7 4.1-2.3 0.0 0.0 53 6.8 Telecom Egypt 13.16 1251.8 3.7 7.0 10.8 11.1 0.4 9.0 11.7 5.5 58 1.7 NMTC 1260.00 2114.2 20.8 4.5 3.7 6.3 0.8 1.8 9.1 31.0 61 0.1 Zain 490.00 6877.4 8.8 11.3 9.7 11.0 0.9 4.6 8.6 6.2 57 8.1 Oredoo 104.90 9500.9 11.3 16.0 9.4 9.4 1.1 2.2 4.0 3.2 51 2.3 Etihad Etisalat 21.60 4475.8-55.8-6.2 0.8 1.4-2.4 0.0 2.3 42 6.4 STC 64.91 34529.6 14.8 13.4 15.3 15.8 2.3 9.9 5.8 6.4 28 15.1 Zain KSA 8.70 1361.9 - - -19.4-16.7 1.1-3.7 0.0 0.0 56 11.5 Etisalat 17.75 42146.0 16.5 17.6 19.3 19.3 3.2 6.4 5.0 4.8 37 6.4 Du 5.98 7455.2 12.1 15.4 24.8 22.3 3.0 10.8 8.4 5.6 45 0.7 Average 12.6 17.2 7.5 10.8 1.8 3.6 5.3 6.5 Petrochemicals & Fertilisers Sector IQ 113.50 19057.9 15.1 17.6 13.2 11.3 2.0 12.3 4.5 4.3 42 4.7 Sahara Petchem 15.00 1807.6 102.4 17.4 0.8 6.6 0.8 0.5 4.9 3.8 53 13.7 Sabic 96.10 76991.8 12.2 15.8 11.6 10.7 1.4 5.6 7.2 5.0 60 98.7 SIPCHEM 18.19 1769.6 17.7 14.8 4.9 7.0 0.9 1.7 4.3 4.6 49 4.0 Saudi Kayan 8.25 3339.6-26.3-9.3 3.4 0.8-2.8 0.0 0.0 39 22.5 Sidi Kerir Petchem 20.25 584.3 7.1 12.9 32.1 33.5 2.3 23.6 11.0 6.8 60 1.0 Yansab 56.99 8549.1 15.1 15.3 7.8 12.9 1.2 5.6 6.2 5.2 51 6.6 Chemanol 7.04 228.3-14.5-9.5 4.5 0.6-5.3-6.3 43 6.2 APPC 44.60 2340.3 8.7 13.3 29.2 22.4 2.5 18.5 7.9 5.9 41 5.7 Safco 70.69 7860.3 16.1 22.1 27.6 19.4 4.5 23.8 7.3 4.3 40 4.2 Ma'aden 41.54 13054.4 63.8 50.2 2.2 4.0 1.4 0.7 0.0 0.0 57 14.4 Tasnee 15.76 2844.8-14.5-14.5 8.5 0.9-3.1 0.0 2.2 31 5.1 Average 28.7 19.5 8.0 12.0 1.6 6.8 4.8 4.0 Food & Retail Sector Almarai 67.50 14398.5 24.4 24.2 16.7 16.1 3.9 7.5 1.5 1.6 40 29.9 Othaim 102.00 1229.9 17.3 16.3 22.4 20.7 3.6 8.5 2.2 2.2 57 1.6 Alhokair 31.09 1769.4 25.3 15.0 33.3 14.2 8.5 13.6 2.3 4.3 40 6.0 Jarir Marketing 128.40 3119.7 17.4 15.6 57.9 45.6 9.6 34.0 4.8 5.4 65 3.8 Savola 38.40 5538.6 15.0 18.1 17.5 10.7 2.5 6.7 4.0 3.1 53 6.0 Agthia 6.76 1107.5 19.9 16.7 15.8 14.5 3.0 10.1 1.6 2.1 46 0.6 Average 19.9 17.6 27.3 20.3 5.2 13.4 2.7 3.1 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 5480.1 7.2 7.4 13.3 12.6 0.9 6.8 4.3 4.1 45 6.3 Barwa Real Estate 38.40 4114.4 5.1-18.3-0.9 10.7 5.5-72 4.6 Dar AL Arkan 5.82 1684.6 18.8 19.6 2.0 1.8 0.4 1.4 0.0 1.1 43 101.4 Deyaar Development 0.62 970.6 10.2 21.3 6.4 3.5 0.6 4.7 0.0-44 5.6 Emaar Economic City 18.69 4226.9 35.9 29.4 3.6 7.3 1.3 1.8 0.0-68 7.6 Emaar Properties 7.54 14892.6 10.0 11.3 11.5 11.9 1.1 5.3 2.6 2.3 54 16.0 TMG Holding 7.94 931.2 17.5 15.4 2.9 3.7 0.5 1.3-2.0 33 5.1 Palm Hill Developments 2.99 403.9 6.3 9.4 18.3 11.5 0.9 5.4 0.0 1.1 44 4.3 Average 13.9 16.3 9.5 7.5 0.8 4.7 1.8 2.1 Banking & Financials Sector CIB 80.22 5142.0 9.4 12.5 30.2 30.8 2.6 2.9 2.0 1.7 66 5.0 Al Rajhi Bank 65.02 28380.3 11.9 13.0 16.1 15.7 1.8 2.3 2.9 3.2 53 38.4 Samba 20.77 11358.8 8.9 8.5 13.2 11.3 1.2 2.3 3.9 4.8 26 6.8 Riyad Bank 10.80 8719.1 9.2 9.4 11.2 9.3 1.0 1.8 5.6 6.0 39 3.8 Bank Aljazira 13.15 1423.8 5.0 8.4 19.0 5.0 0.9 2.0 0.0 0.0 35 8.9 NBK 720.00 13297.3 14.3 11.8 10.2 11.4 1.4 1.2 3.8 4.4 56 5.2 Burgan Bank 320.00 2149.1 18.9 9.7 10.1 9.7 1.2 1.0 4.7 5.0 46 1.5 DIB 6.20 8423.1 7.6 9.4 25.5 17.4 1.9 2.6 7.3 6.3 67 10.2 NBAD 10.10 14127.1 8.2 9.9 14.3 12.7 1.1 1.3 5.0 4.2 48 3.4 FGB 13.30 16417.1 9.7 10.7 19.1 16.1 1.8 2.7 7.9 6.9 58 6.2 ADCB 7.39 10359.7 7.1 9.3 20.3 15.1 1.5 2.3 6.8 5.5 58 3.9 QNB 145.00 37263.3 10.9 10.6 19.1 19.7 2.0 2.2 2.0 2.8 37 7.2 CBQ 32.90 2861.5 11.5 25.2 8.8 3.8 1.0 1.2 6.5 4.5 52 2.8 DB 38.10 2710.6 9.7 9.8 12.8 11.9 1.3 1.7 6.7 6.9 61 2.0 QIB 108.40 7086.5 13.4 13.0 14.7 15.0 1.9 1.7 4.0 3.9 55 2.9 Bank Muscat 0.46 2956.6 6.1 6.5 13.0 10.9 0.8 1.6 5.3 5.3 45 1.3 DFM 1.39 3288.9 37.3 33.6 3.2 4.6 1.2 3.0 4.1 3.3 64 9.0 EFG Hermes 24.60 839.4 11.7 31.0 4.8 2.1 0.5 0.6-4.1 45 6.9 Dubai Investments 2.52 2822.4 7.5 9.4 10.7 9.2 0.8 7.5 5.9 5.1 52 5.6 Average 11.5 13.2 14.5 12.2 1.4 2.2 4.7 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 0.53 967.6 6.6 15.0 5.2 1.4 0.3 3.9 0.0 0.0 42 1.8 QEWC 225.00 6712.6 15.9 14.3 21.2 20.4 3.2 11.4 3.5 3.5 42 1.5 Saudi Electricity 23.26 26274.5 42.5 32.5 2.6 4.9 1.1 0.5 4.5 3.1 65 17.4 Tabreed 1.87 374.0 10.9 12.2 7.7 9.2 0.2 4.2-3.8 44 2.9 Average 19.0 18.5 9.2 9.0 1.2 5.0 2.6 2.6 Industrials Sector El Ezz Steel Rebars 466.56 334.2 - - -15.7-1.6-2.0-4.5 57 0.0 Elswedy ElectriC 91.38 1121.7 6.6 6.4 21.6 43.0 1.3 7.2 2.7 4.6 68 1.3 GB Auto 3.19 195.6 10.4 42.8 8.5 3.8 1.2 2.2 0.0 2.2 51 1.0 Oriental Weavers 18.51 451.8 9.8 15.6 9.7 12.1 0.9 5.3 6.3 3.6 62 1.4 Saudi Arabian Amiantit 7.40 229.4 10.0 21.3 7.0 3.0 0.7 2.2 0.0-48 2.4 Saudi Cable 5.75 116.5 384.5-0.4-35.6 1.3 0.1 0.0-40 3.3 KIPCO 520.00 2462.8 14.8 12.8 8.1-1.2 0.6 4.3 7.8 40 1.4 Average 72.7 19.8 5.7-46.0 1.2 2.2 2.2 4.5 Transport & Logistics Sector Air Arabia 1.27 1562.8 12.4 9.2 10.2 12.9 1.3 4.7 6.6 8.0 29 4.8 Aramex 4.19 1674.2 14.8 14.7 14.4 15.1 2.1 9.4 4.7 4.1 51 2.3 DPW 20.01 16790.9 19.1 15.4 10.2 11.9 1.9 4.6 1.5 1.7 61 5.5 National Shipping Co 36.51 3884.6 10.1 9.1 21.3 15.0 2.0 10.0 2.1-30 16.3 Agility 700.00 2581.3 10.3-5.9-0.6 3.7 6.3-50 4.9 QGTS 24.12 3674.5 13.2 13.7 23.9 18.5 2.9 3.2 5.4 5.4 53 1.6 Average 13.3 12.4 14.3 14.7 1.8 5.9 4.4 4.8 Construction & Building Materials Arabtec 1.35 1658.6 - - -51.8-20.0 1.7-17.2 0.0 0.0 46 19.1 Depa 0.33 202.9-17.3-20.2 3.1 0.8-9.7 0.0 4.1 31 0.4 DSI 0.52 329.7 - - -31.9-13.2 0.4-9.9-0.0 45 13.6 Average - 17.3-34.6-10.0 1.0-12.3 0.0 1.4 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