KAMCO Research

MENA Markets Monthly Databank January-2016

Index Monthly YTD FY Country Benchmark Value Change 2016 2015 MENA Markets In this Report… Kuwait KSE Price Index ▼ 5,114.52 (8.9%) (8.9%) (14.1%) Kuwait ………………………………….2 Kuwait KSE Weighted Index ▼ 353.43 (7.4%) (7.4%) (13.0%) Saudi Arabia ……………………….9 Saudi Arabia TADAWUL All Share Index ▼ 5,996.57 (13.2%) (13.2%) (17.1%) UAE - Dubai ………………………….14 UAE - Dubai DFM General Index ▼ 2,997.77 (4.9%) (4.9%) (16.5%) UAE - Abu Dhabi ……………………17 UAE - Abu Dhabi ADX General Index ▼ 4,054.37 (5.9%) (5.9%) (4.9%) Qatar ……………………………………20 Qatar QE 20 Index ▼ 9,481.30 (9.1%) (9.1%) (15.1%) Bahrain …………………………………23 Bahrain Bahrain All Share ▼ 1,187.10 (2.4%) (2.4%) (14.8%) Oman ……………………………………26 Oman MSM 30 Index ▼ 5,179.36 (4.2%) (4.2%) (14.8%) Egypt ………………………………….29 Egypt EGX 30 ▼ 5,992.72 (14.5%) (14.5%) (21.5%) Jordan …………………………………..32 Jordan ASE Index ▲ 2,147.00 0.5% 0.5% (1.3%) Tunisia ………………………………….37 Lebanon Blom Stock Index ▼ 1,153.09 (1.4%) (1.4%) (0.1%) Lebanon ……………………………….40 Tunisia Tunisia Index ▲ 5,415.98 7.4% 7.4% (0.9%) Morocco……………………….. 42 Morocco MASI ▼ 8,898.99 (0.3%) (0.3%) (7.2%) Syria ……………………………… 45 Syria DSE Weighted Index ▲ 1,246.09 1.5% 1.5% (3.4%)

Emerging Markets China SSE Composite Index ▼ 2,737.60 (22.6%) (22.6%) 9.4% Russia RUSSIAN RTS INDEX ($) ▼ 745.30 (1.6%) (1.6%) (4.3%) India SENSEX ▼ 24,870.69 (4.8%) (4.8%) (5.0%) Brazil BOVESPA Stock Index ▼ 40,405.99 (6.8%) (6.8%) (13.3%) Mexico BOLSA Index ▲ 43,630.77 1.5% 1.5% (0.4%) Korea KOSPI Index ▼ 1,912.06 (2.5%) (2.5%) 2.4% Taiwan TAIEX Index ▼ 8,145.21 (2.3%) (2.3%) (10.4%)

Global Markets World MSCI World Index ▼ 1,562.18 (6.1%) (6.1%) (2.7%) Asia MSCI Asia Pacific ▼ 121.39 (8.0%) (8.0%) (4.3%) Europe DJ Stoxx 600 ▼ 342.27 (6.4%) (6.4%) 6.8% Europe FTSEurofirst 300 ▼ 1,348.08 (6.2%) (6.2%) 5.0% Emerging Markets MSCI EM Index ▼ 742.37 (6.5%) (6.5%) (17.0%) U.S.A S&P 500 ▼ 1,940.24 (5.1%) (5.1%) (0.7%) U.S.A DJIA ▼ 16,466.30 (5.5%) (5.5%) (2.2%) U.S.A NASDAQ Composite ▼ 4,613.95 (7.9%) (7.9%) 5.7% UK FTSE 100 ▼ 6,083.79 (2.5%) (2.5%) (4.9%) Germany DAX ▼ 9,798.11 (8.8%) (8.8%) 9.6% Japan NIKKEI 225 ▼ 17,518.30 (8.0%) (8.0%) 9.1% Hong Kong HANG SENG INDEX ▼ 19,683.11 (10.2%) (10.2%) (7.2%) Investment Research Department [email protected] Commodities ▼ P.O.Box 28873,Safat 13149 Kuwait Oil OPEC Crude 29.11 (6.9%) (6.9%) (40.5%) Tel: (965) 1852626, Extn: 1153 / 1146 Oil Brent ▼ 35.99 (6.6%) (6.6%) (44.1%) Fax: (965) 22492395 Oil Kuwait ▼ 26.00 (9.6%) (9.6%) (45.4%) http://www.kamconline.com Natural Gas NYMEX Natural Gas (USD/MMBtu) ▼ 2.30 (2.8%) (2.8%) (33.8%) KAMCO Investment Company - K.S.C ▲ (Public) Gold Gold Spot $/Oz 1,116.97 5.2% 5.2% (10.6%) Source: Bloomberg & KAMCO Research KAMCO Research

Kuwait Market Monthly Databank January-2016

Sector Weight by Market Cap Weighted Sectoral Indices Insurance Financial Services 1% Real Estate Technology KSE Weighted Monthly YTD-16 FY-2015 9% 9% 0.2% Indices % Chg % Chg % Chg

Oil & Gas KSE Weighted Index 353.4 ▼ (7.4%) (7.4%) (13.0%) 1% Oil & Gas 316.6 ▼ (11.6%) (11.6%) (32.7%) Basic Materials Basic Materials 537.6 ▼ (13.8%) (13.8%) (11.5%) 2% Industrials 498.5 ▼ (8.4%) (8.4%) (13.0%) Industrials 9% Consumer Goods 810.5 ▼ (11.5%) (11.5%) (18.2%) Health Care 473.3 ▲ 0.9% 0.9% (0.1%) Banks Consumer Goods 50% 4% Consumer Services 466.6 ▼ (6.2%) (6.2%) (6.1%) Telecommunications 296.6 ▼ (0.3%) (0.3%) (22.7%) Telecom Banks 463.5 ▼ (8.1%) (8.1%) (10.1%) 11% Health Care ▼ Consumer 0.8% Insurance 671.8 (5.3%) (5.3%) 9.8% Services Real Estate 581.6 ▼ (6.7%) (6.7%) (2.1%) 3% Financial Services 416.6 ▼ (8.8%) (8.8%) (24.6%) ▼ Top 10 Companies by Market Capitalization Technology 372.4 (2.3%) (2.3%) (11.5%)

Market Breadth 23 142 27 Company Name Market Cap. P/E ROE* Benchmark Return Closing Monthly Monthly YTD-16 FY-2015 (Mn KWD) (X) (%) Value Chg % Chg % Chg % Chg KSE Price Index 5,114.52 (500.6) (8.9%) (8.9%) (14.1%) 1- National Bank of Kuwait 3,628.6 12.7 10.6% KSE Weighted Index 353.43 (28.3) (7.4%) (7.4%) (13.0%) 2- Kuwait Finance House 2,382.5 16.8 8.2% Kuwait 15 Index 829.80 (70.6) (7.8%) (7.8%) (15.0%) 3- Zain 1,512.5 10.0 9.5% Market Cap (KWD Mn) 24,224 (1935.7) (7.4%) (7.4%) (11.9%) 4- Ahli United Bank - Bahrain 1,311.1 8.7 14.6% 480 Index Performance relative to Volume 500 5- Boubyan Bank 825.3 24.9 10.8% 460 6- Kuwait Projects Co. 781.0 15.2 10.7% 400 7- Mabanee Co. 747.7 15.4 16.8% 440 8- Commercial Bank of Kuwait 734.2 14.9 8.9% 420 300 9- Burgan Bank 727.5 10.1 11.2% 400 10- Ahli United Bank - Kuwait 724.4 15.3 13.4% 380 200 KSE Weighted Index KSEWeighted

Total 13,375 12.96 10.6% 360 Volumetraded (shr.mil.) *: ROE is calculated based on TTM 1H-2015 net profit & shareholders' equity as of 30-June-15 100 340 Monthly Top Movers and Most Active Stocks 320 0 Jul-15 Jan-15 Jan-16 Oct-15 Apr-15 Jun-15 Feb-15 Sep-15 Mar-15 Dec-15 Aug-15 Nov-15 Close Change Percent May-15 Best Return Performers (KWD) (KWD) Change

Gulf Finance House 0.047 0.009 22.4% Market Trading Data and Volatility Al-Mowasat Healthcare Co. 0.210 0.030 16.7% Real Estate Asset Management Co. 0.148 0.016 12.1% Trading Indicators Monthly Monthly Monthly Average Daily Real Estate Trade Centers Co. 0.026 0.002 8.5% Value Chg % Chg YTD 2016 YTD 2015 Contracting Marine Services 0.114 0.008 7.5% Volume (Shrs Mn) 2,697 357 15.3% 134.9 166.8 Value Traded (KWD Mn) 282 40 16.7% 14.1 15.9 Close Change Percent No. of Trades 64,653 5,359 9.0% 3,233 3,862 Worst Return Performers (KWD) (KWD) Change

Taiba Kuwaiti Holding Co. 0.070 (0.230) (76.7%) Munshaat Real Estate Projects Co. 0.051 (0.036) (41.4%) Market Volatility** Volatility Since January: United Foodstuff Industries Group Co. 0.096 (0.044) (31.4%) 2015 2014 2013 2012 2011 National International Holding Co. 0.043 (0.019) (30.3%) KSE Price Index 9.3% 9.9% 10.6% 10.0% 9.8% Nafais Holding Co. (formely IPE) 0.130 (0.054) (29.3%) KSE Weighted Index 11.1% 10.8% 9.9% 9.4% 10.3% **: Annualized Standard Deviation of Daily Returns

Close Change Volume Close Change Value Most Active Stocks by Volume Monthly Most Active by Value (KWD) (KWD) (Shares) (KWD) (KWD) (KWD)

Al Dar National Real Estate Co. 0.026 (0.002) 310,673,146 Kuwait Finance House 0.500 (0.040) 54,475,237 Ithmar Bank 0.034 (0.009) 278,786,060 National Bank of Kuwait 0.720 (0.080) 32,577,203 Gulf Finance House 0.047 0.009 230,782,124 kuwait Telecommunication Co. 0.940 (0.050) 16,486,954 Al Themar Real Estate Co. 0.075 (0.015) 115,668,580 Agility 0.430 (0.050) 14,806,560 Kuwait Finance House 0.500 (0.040) 113,347,971 Zain 0.350 0.000 12,341,929 Source: KAMCO Research & Kuwait Stock Exchange

Page 2 KAMCO Research

MENA Monthly Databank

KUWAIT 15 INDEX Monthly Databank January-2016

Closing Price Market Capitalization Valuation Multiples Monthly Trading Indicators

Monthly Weight in Weight in YTD-16 Turnover Value Kuwait 15 Index Constituents KWD KWD Mn P/E (X) P/BV (X) Yield Beta ROE Return Kuwait 15 KSE Price (Mn Shrs) (KWD Mn) Return

▼ National Bank of Kuwait 0.720 (10.00%) 3,629 24.5% 15.0% 12.7 1.34 3.9% 1.31 10.6% (10.0%) 45.3 32.6

▼ Kuwait Finance House 0.500 (7.41%) 2,383 16.1% 9.8% 16.8 1.37 2.7% 1.35 8.2% (7.4%) 113.3 54.5

═ Zain 0.350 0.00% 1,513 10.2% 6.2% 10.0 0.95 10.3% 1.48 9.5% 0.0% 36.8 12.3

▼ Boubyan Bank 0.400 (9.09%) 825 5.6% 3.4% 24.9 2.69 1.2% 1.19 10.8% (9.1%) 17.1 7.0

▼ Kuwait Projects Co. (Holding) 0.530 (8.62%) 781 5.3% 3.2% 15.2 1.62 4.3% 1.30 10.7% (8.6%) 21.6 11.4

▼ Kuwait Food Co. (Americana) 1.760 (12.00%) 708 4.8% 2.9% 15.6 2.02 5.0% 0.75 13.0% (12.0%) 1.6 3.2

▼ Mabanee Co. 0.880 (6.38%) 748 5.0% 3.1% 15.4 2.59 1.5% 1.27 16.8% (6.4%) 7.6 6.4

▼ Gulf Bank 0.216 (16.92%) 658 4.4% 2.7% 17.1 1.24 0.0% 0.76 7.3% (16.9%) 8.7 1.9

▼ Burgan Bank 0.355 (7.79%) 728 4.9% 3.0% 10.1 1.13 4.0% 1.14 11.2% (7.8%) 11.8 3.8

▲ Commercial Bank of Kuwait 0.520 4.00% 734 5.0% 3.0% 14.9 1.33 3.5% 0.66 8.9% 4.0% 1.2 0.6

▼ Ahli Bank of Kuwait 0.360 (4.00%) 583 3.9% 2.4% 14.7 1.05 3.6% 0.61 7.1% (4.0%) 1.5 0.5

▼ Agility (PWC Logistics) 0.430 (10.42%) 521 3.5% 2.2% 9.9 0.58 7.4% 1.69 5.9% (10.4%) 34.9 14.8

▼ Kuwait Telecommunication Co. 0.940 (5.05%) 469 3.2% 1.9% 10.7 5.67 0.0% NA 53.1% (5.1%) 16.7 16.5

▼ Mezzan Holding Co. 1.020 (12.07%) 302 2.0% 1.2% 15.7 3.21 2.9% NA 20.4% 4.1% 8.4 8.9

▼ Boubyan Petrochemicals 0.445 (16.04%) 238 1.6% 1.0% 7.5 0.89 8.4% 1.2 11.8% (16.0%) 6.3 2.8

Subtotal- Kuwait 15 Index 829.80 -7.84% 14,819 100% 61% 13.4 1.34 4.01% 10.0% -7.8% 333 177

Remaining of the Market 9,405 39% 15.8 0.77 5.44% 4.9% 2,365 105

Source: KAMCO Research & Kuwait Stock Exchange

Page 3 KAMCO Research

MENA Monthly Databank Kuwait Market Monthly Databank January-2016

Valuation Multiples Price (KWD) Monthly Trading Data YTD-16 YTD-16 Company Reuters Trailing Trailing Dividend Monthly MKT Cap 52-Week 52-Week Volume Value Capital Ticker P/E (X) P/BV (X) Yield Beta Closing Change (KWD Mn) High (KWD) Low (KWD) Return # (Shrs.) (KWD) Turnover ROE 18 19 20 21 11 14 16 27 28 15 24 25 32 22 ▲ Contracting & Marine Services Co. MARI.KW 63.7 0.56 4.38% 0.43 0.114 7.5% 26.1 0.126 0.096 7.5% 24,310 2,731 0.0% 0.9% ▼ IKARUS Petroleum Industries Co. IKAR.KW NM 0.65 14.08% 0.76 0.071 -21.1% 55.9 0.158 0.063 -21.1% 856,643 64,118 0.1% NM ▼ Al-Safat Energy Holding Co. SENE.KW NM 0.28 0.00% 1.29 0.010 -20.8% 5.7 0.024 0.008 -20.8% 74,305,947 685,591 12.3% NM ═ Independent Petroleum Group IPGK.KW 28.6 0.62 7.54% 0.48 0.315 0.0% 48.0 0.420 0.238 0.0% 24,602 7,452 0.0% 2.2% ▼ National Petroleum Services Co. NAPS.KW 6.6 1.78 7.28% 0.30 0.600 -7.7% 34.6 0.680 0.540 -7.7% 45,324 29,598 0.1% 26.9% ▼ The Energy House Co. ENER.KW NM 0.41 0.00% 0.64 0.035 -14.8% 25.9 0.116 0.032 -14.8% 596,968 21,912 0.1% NM ▼ Gulf Petroleum Investment GPIK.KW NM 0.36 11.90% 0.96 0.042 -17.6% 15.8 0.094 0.036 -17.6% 42,288,340 1,762,946 11.2% NM ▼ Burgan Co. for Drilling, Tdg. & Maint. ABAR.KW 5.9 0.37 0.00% 0.41 0.100 -19.4% 21.0 0.200 0.075 -19.4% 63,417 7,358 0.0% 6.3% Oil & Gas NM 0.56 7.31% 232.9 -32.7% 118,205,551 2,581,706 NM ▼ Kuwait Foundry Co. KFDC.KW NM 0.68 4.59% 0.42 0.218 -1.8% 33.5 0.345 0.204 -1.8% 229,513 48,820 0.1% NM ▼ Boubyan Petrochemicals Co.* BPCC.KW 7.5 0.89 8.38% 1.17 0.445 -16.0% 238.0 0.650 0.430 -16.0% 6,290,769 2,817,152 1.2% 11.8% ═ Al Kout for Industrial Projects Co. ALKK.KW 16.5 2.17 5.96% 0.04 0.610 0.0% 59.2 0.610 0.560 0.0% 0 0 0.0% 13.1% ▼ Qurain Petrochemical Industries Co. ALQK.KW 7.8 0.56 5.82% 0.91 0.164 -12.8% 180.4 0.216 0.140 -12.8% 5,888,032 996,996 0.5% 7.2% Basic Materials 9.1 0.77 6.95% 511.1 -11.5% 12,408,314 3,862,968 8.4% ═ Specialities Group Holding Co. SPEC.KW NM 0.39 7.57% NA 0.088 0.0% 13.2 0.134 0.072 0.0% 46,950 3,819 0.0% NM ▼ Kuwait Cement Co. KCEM.KW 14.3 1.49 4.61% 0.93 0.380 -3.8% 278.7 0.410 0.350 -3.8% 417,767 151,136 0.1% 10.5% ▼ Refrigeration Industries & Storage Co. REFR.KW 8.5 1.20 4.56% 0.52 0.310 -3.1% 29.1 0.400 0.300 -3.1% 1,523,451 458,889 1.6% 14.3% ▼ Gulf Cable & Electrical Ind. Co. CABL.KW NM 0.61 5.97% 0.86 0.335 -10.7% 70.3 0.670 0.300 -10.7% 934,681 304,201 0.4% NM ▼ Heavy Eng'g Ind. & Shipbuilding Co. SHIP.KW 4.8 0.62 3.52% 0.74 0.142 -4.1% 24.4 0.158 0.112 -4.1% 564,252 80,010 0.3% 12.9% ▼ Kuwait Portland Cement Co. PCEM.KW 19.9 1.51 6.54% 1.01 1.020 -5.6% 97.4 1.440 0.970 -5.6% 168,763 170,799 0.2% 7.6% ▼ Shuaiba Industrial Co. PAPE.KW 14.5 1.38 5.15% 0.35 0.380 -2.6% 24.5 0.420 0.246 -2.6% 63,517 24,212 0.1% 9.5% ▼ Metal & Recycling Co. MRCK.KW NM 0.29 0.00% 0.95 0.057 -27.8% 4.7 0.104 0.054 -27.8% 5,020 321 0.0% NM ▼ ACICO Industries Co. ACIC.KW 8.2 0.76 5.17% 0.77 0.275 -6.8% 75.4 0.350 0.255 -6.8% 305,657 83,172 0.1% 9.3% ▼ Gulf Glass Manufacturing Co. GGMC.KW 8.6 1.26 6.35% 0.22 0.450 -8.2% 21.0 0.630 0.450 -8.2% 1,300 585 0.0% 14.6% ═ Hilal Cement Co. HCCK.KW NM 0.66 0.00% 0.12 0.132 0.0% 10.1 0.174 0.130 0.0% 0 0 0.0% NM ▼ Kuwait Packing Materials Co. KPAK.KW 6.8 0.99 5.88% 0.19 0.340 -5.6% 15.8 0.415 0.315 -5.6% 179,226 61,081 0.4% 14.5% ═ Kuwait Building Materials Co. KBMM.KW 14.0 1.33 6.00% 0.09 0.250 0.0% 7.6 0.440 0.200 0.0% 0 0 0.0% 9.5% ▼ National Industries Co. NIBM.KW 9.3 0.88 6.73% 0.37 0.222 -5.1% 77.2 0.270 0.192 -5.1% 251,927 55,687 0.1% 9.5% ▼ Equipment Holding Co. EQUI.KW NM 0.41 0.00% 1.09 0.055 -5.2% 7.5 0.116 0.048 -5.2% 8,329,656 443,277 6.1% NM ═ National Co. for Consumer Industries NCCI.KW 59.9 1.19 0.00% 0.24 0.099 0.0% 8.9 0.134 0.084 0.0% 0 0 0.0% 2.0% ═ Kuwait Gypsum Manufacturing & Tdg. Co. GYPK.KW 9.4 0.67 9.77% 0.02 0.102 0.0% 3.1 0.170 0.100 0.0% 0 0 0.0% 7.1% ▼ Salbookh Trading Co. SALB.KW 13.4 0.72 0.00% 0.54 0.072 -12.2% 7.6 0.152 0.062 -12.2% 1,765,980 128,547 1.7% 5.3% ▼ Agility (PWC Logistics) AGLT.KW 9.9 0.58 7.36% 1.69 0.430 -10.4% 521.1 0.830 0.370 -10.4% 34,861,781 14,806,560 2.9% 5.9% ▼ Educational Holding Group* EDUK.KW 9.1 1.34 4.79% 0.48 0.208 -1.0% 51.0 0.270 0.140 -1.0% 8,213 1,818 0.0% 14.8% ▼ National Cleaning Co. CLEA.KW 38.4 0.25 0.00% 0.94 0.038 -5.0% 9.5 0.079 0.034 -5.0% 3,980,966 156,898 1.6% 0.6% ▼ City Group Co. TTGC.KW 6.2 1.53 11.69% 0.30 0.385 -4.9% 43.5 0.540 0.380 -4.9% 8,032 3,147 0.0% 24.9% ▼ Kuwait & Gulf Link Transport Co. KGLK.KW 4.7 0.21 0.00% 1.35 0.039 -8.2% 10.3 0.068 0.036 -8.2% 1,842,120 71,481 0.7% 4.4% ▼ Kuwait Co. For Process Plant Const. & Cont. KCPC.KW 7.4 0.71 2.12% 0.32 0.210 -3.7% 16.8 0.265 0.190 -3.7% 37,700 7,443 0.0% 9.6% ▼ Human Soft Holding Co. HUMN.KW 8.7 3.52 10.81% 0.10 0.830 -12.6% 101.5 1.280 0.410 -12.6% 24,877 21,023 0.0% 40.4% ▼ Nafais Holding Co. NAFA.KW 11.3 0.86 7.55% 0.17 0.130 -29.3% 54.8 0.204 0.084 -29.3% 314,068 36,922 0.1% 7.6% ▼ Safwan Trading & Contracting Co. SAFW.KW 5.7 0.99 0.00% 0.13 0.310 -3.1% 15.5 0.485 0.250 -3.1% 137,760 39,653 0.3% 17.6% ▼ Gulf Franchising Co. GFCI.KW NM 0.37 0.00% 0.73 0.029 -18.6% 0.9 0.116 0.023 -18.6% 575,252 15,783 1.8% NM ▼ National Ranges Co. MAYA.KW NM 0.21 0.00% 1.39 0.020 -9.3% 5.5 0.039 0.015 -9.3% 53,736,369 980,056 19.2% NM ═ Combined Group Contracting Co. CGCK.KW 22.5 2.40 4.02% 0.54 0.790 0.0% 97.0 0.910 0.680 0.0% 53,269 41,683 0.0% 10.6% ▲ Mishref General Trading & Contracting Co. MTCC.KW NM 0.70 0.00% 0.59 0.071 6.0% 28.4 0.080 0.041 6.0% 21,362,310 1,249,295 5.3% 0.9% ▼ United Projects Group UPAC.KW 7.9 1.91 11.42% 0.29 0.600 -7.7% 49.5 0.780 0.580 -7.7% 21,590 13,000 0.0% 24.1% ▼ ALAFCO Aviation Lease & Finance Co.* ALAF.KW 10.1 0.75 2.41% 0.97 0.188 -10.5% 161.6 0.240 0.188 -10.5% 2,964,208 581,057 0.3% 7.4% ▼ Mubarrad Transport Co. MBRD.KW 3.3 0.49 7.69% 1.03 0.065 -15.6% 10.6 0.092 0.053 -15.6% 23,495,380 1,436,768 14.4% 14.9% ▼ KGL Logistics Co. LOGK.KW 5.1 0.38 9.36% 0.94 0.053 -8.6% 32.1 0.108 0.043 -8.6% 8,063,086 396,776 1.3% 7.4% ▼ Sharjah Cement Co. SCEM.KW 9.3 0.40 12.05% 0.57 0.083 -4.6% 45.9 0.095 0.078 -4.6% 4,248,250 340,300 0.8% 4.3% Page 4 KAMCO Research

MENA Monthly Databank Kuwait Market Monthly Databank January-2016

Valuation Multiples Price (KWD) Monthly Trading Data YTD-16 YTD-16 Company Reuters Trailing Trailing Dividend Monthly MKT Cap 52-Week 52-Week Volume Value Capital Ticker P/E (X) P/BV (X) Yield Beta Closing Change (KWD Mn) High (KWD) Low (KWD) Return # (Shrs.) (KWD) Turnover ROE 18 19 20 21 11 14 16 27 28 15 24 25 32 22 ▼ Gulf Cement Co. GCEM.KW 21.5 0.61 NM 0.83 0.071 -11.3% 58.3 0.094 0.063 -11.3% 736,188 51,992 0.1% 2.8% ▼ Umm Al-Qaiwain Cement Industries Co. QCEM.KW NM 0.47 10.00% 0.71 0.070 -12.5% 25.4 0.099 0.068 -12.5% 401,982 28,814 0.1% NM ▼ Fujairah Cement Industries Co. FCEM.KW 9.2 0.31 0.00% 0.71 0.071 -5.3% 25.3 0.080 0.064 -5.3% 985,496 68,843 0.3% 3.4% ▼ Ras-Al-Khaimah for White Cement Co. RKWC.KW 46.4 0.69 5.26% 0.88 0.095 -5.0% 47.5 0.136 0.090 -5.0% 629,599 59,579 0.1% 1.5% Industrials 12.0 0.77 8.05% 2,188.5 -13.0% 173,046,643 22,374,626 6.4% ▼ Kuwait Slaughter House Co. KSHK.KW 8.8 1.57 5.53% 0.04 0.210 -4.5% 6.5 0.230 0.206 -4.5% 26,000 5,460 0.1% 17.9% ═ National Slaughter Houses Co. NSHK.KW 7.2 0.50 20.97% NA 0.062 0.0% 1.8 0.162 0.061 0.0% 10,466 647 0.0% 6.9% ▼ Palms Agro Production Co. PAPK.KW 7.7 0.62 9.79% 0.27 0.102 -8.9% 5.3 0.128 0.093 -8.9% 11,331 1,164 0.0% 8.0% ▼ Livestock Transport & Trading Co. CATT.KW 7.8 0.72 0.00% 0.55 0.126 -1.6% 27.3 0.152 0.099 -1.6% 1,870,430 233,243 0.9% 9.2% ▼ Danah Alsafat Foodstuff Co. DANK.KW NM 0.58 0.00% 1.27 0.071 -11.3% 20.5 0.097 0.066 -11.3% 3,985,152 293,717 1.4% NM ═ Kuwait United Poultry Co. POUL.KW 7.4 1.14 7.43% 0.42 0.196 0.0% 22.6 0.216 0.158 0.0% 0 0 0.0% 15.4% ▼ Kuwait Food Co. (Americana) FOOD.KW 15.6 2.02 4.98% 0.75 1.760 -12.0% 707.5 3.020 1.740 -12.0% 1,595,237 3,151,397 0.4% 13.0% ▼ Mezzan Holding Co. MEZZ.KW 15.7 3.21 2.88% NA 1.020 -12.1% 302.4 1.220 0.920 4.1% 8,387,738 8,876,260 2.8% 20.4% Consumer Goods 15.1 1.97 4.28% 1,094.0 (18.2%) 15,886,354.0 12,561,888 13.1% ▲ AL-Mowasat Healthcare Co. MHCK.KW 7.6 0.99 4.54% 0.06 0.210 16.7% 21.3 0.240 0.156 16.7% 469,773 87,634 0.5% 12.9% ═ Advanced Technology Co. ATCK.KW 29.8 3.21 1.63% NA 0.920 0.0% 138.0 0.920 0.910 0.0% 0 0 0.0% 10.8% ▼ Yiaco Medical Co. YIAC.KW 24.6 0.68 0.00% 0.73 0.138 -2.8% 25.1 0.180 0.104 -2.8% 512,919 65,885 0.3% 2.8% Health Care 21.8 1.82 1.74% 184.4 -0.1% 982,692 153,519 8.3% ▲ Kuwait National Cinema Co. KCIN.KW 10.2 1.62 4.88% 0.17 0.980 6.5% 99.0 1.140 0.880 6.5% 45,266 40,807 0.0% 15.9% ═ Kuwait Hotels Co. KHOT.KW NM 2.23 0.00% 0.09 0.220 0.0% 12.7 0.220 0.156 0.0% 0 0 0.0% NM ▼ Sultan Center Food Products Co. SCFK.KW NM 0.84 0.00% 1.54 0.059 -11.9% 34.2 0.096 0.049 -11.9% 3,871,323 218,893 0.7% NM ▲ Kuwait Cable Vision Co. KWTV.KW 4.0 0.85 0.00% 0.36 0.026 2.0% 0.8 0.037 0.020 2.0% 139,012 3,124 0.5% 21.4% ▲ EYAS for Higher & Technical Education Co.* EYAS.KW 10.5 1.49 5.97% 0.07 0.335 1.5% 40.6 0.335 0.270 1.5% 450,690 148,353 0.4% 14.2% ▼ IFA Hotels & Resorts Co.* IFAH.KW NM 3.05 0.00% 0.42 0.194 -4.9% 123.3 0.214 0.098 -4.9% 206 42 0.0% NM ▼ Oula Fuel Marketing Co. OULA.KW 11.4 0.72 0.00% 0.37 0.108 -1.8% 43.7 0.166 0.098 -1.8% 3,950,705 405,497 1.0% 6.3% ▼ Kuwait Resorts Co. MUNK.KW 4.8 0.79 6.09% 0.53 0.088 -11.1% 17.3 0.116 0.082 -11.1% 1,231,948 108,172 0.6% 16.5% ▼ Jazeera Airways Co. JAZK.KW NM 2.43 20.08% 0.57 0.770 -14.4% 154.0 0.960 0.435 -14.4% 1,512,996 1,247,252 0.8% NM ═ Soor Fuel Marketing Co. SOOR.KW 12.7 0.78 0.00% 0.44 0.110 0.0% 44.5 0.164 0.099 0.0% 2,364,835 243,200 0.6% 6.1% ═ Future Kid Entertainment and R.E Co. KIDK.KW 10.8 0.61 5.15% 0.07 0.110 0.0% 12.8 0.120 0.080 0.0% 50 6 0.0% 5.7% ▲ Al-Nawadi Holding Co. ALNA.KW 5.1 0.59 5.41% 0.02 0.084 1.2% 15.3 0.120 0.074 1.2% 95,705 7,885 0.1% 11.4% ▼ Al Rai Media Group Co. ALRA.KW 5.3 0.78 5.40% 0.66 0.138 -4.2% 32.2 0.210 0.104 -4.2% 469,242 63,144 0.2% 14.8% ▼ Zima Holding Co. ZIMAH.KW NM 0.88 0.00% NA 0.091 -21.6% 9.1 0.160 0.067 -21.6% 13,385,383 1,231,378 13.4% NM ▼ United Foodstuff Industries Group Co. UFIG.KW 7.8 0.66 0.00% 0.01 0.096 -31.4% 3.2 0.210 0.096 -31.4% 12 1 0.0% 8.5% ▼ Kout Food Group KOUT.KW 6.4 1.02 6.25% 0.12 0.560 -12.5% 41.0 0.880 0.520 -12.5% 65,061 42,148 0.1% 15.8% Consumer Services 68.5 1.31 6.58% 683.6 -6.1% 27,582,434 3,759,900 1.9% ═ Zain ZAIN.KW 10.0 0.95 10.30% 1.48 0.350 0.0% 1,512.5 0.590 0.320 0.0% 36,774,724 12,341,929 0.9% 9.5% ▲ National Mobile Telecom Co. NMTC.KW 20.5 0.82 6.11% 0.97 1.140 3.6% 574.6 1.720 0.980 3.6% 105,507 112,441 0.0% 4.0% ▼ Hits Telecom Holding Co. HITS.KW NM 0.33 0.00% 0.96 0.027 -7.0% 23.1 0.036 0.023 -7.0% 26,392,033 702,861 3.0% NM ▼ kuwait Telecommunication Co. VIVA.KW 10.7 5.67 0.00% NA 0.940 -5.1% 469.4 0.750 0.475 -5.1% 16,679,383 16,486,954 3.3% 53.1% Telecommunications 11.8 1.05 7.40% 2,579.7 -22.7% 79,951,647 29,644,185 8.9% ▼ National Bank of Kuwait NBKK.KW 12.7 1.34 3.89% 1.31 0.720 -10.0% 3,628.6 0.950 0.650 -10.0% 45,347,476 32,577,203 0.9% 10.6% ▼ Gulf Bank GBKK.KW 17.1 1.24 0.00% 0.76 0.216 -16.9% 658.4 0.310 0.202 -16.9% 8,681,316 1,925,757 0.3% 7.3% ▲ Commercial Bank of Kuwait CBKK.KW 14.9 1.33 3.46% 0.66 0.520 4.0% 734.2 0.660 0.495 4.0% 1,238,253 621,487 0.1% 8.9% ▼ Ahli Bank of Kuwait ABKK.KW 14.7 1.05 3.60% 0.61 0.360 -4.0% 582.9 0.405 0.300 -4.0% 1,482,264 513,428 0.1% 7.1% ▼ Ahli United Bank - Kuwait BKME.KW 15.3 2.05 1.98% 0.88 0.460 -13.2% 724.4 0.660 0.405 -13.2% 5,872,746 2,735,575 0.4% 13.4% ▼ Kuwait International Bank KIBK.KW 13.3 0.86 4.09% 1.26 0.198 -12.4% 205.4 0.270 0.188 -12.4% 6,263,597 1,256,451 0.6% 6.5% ▼ Burgan Bank BURG.KW 10.1 1.13 3.98% 1.14 0.355 -7.8% 727.5 0.485 0.295 -7.8% 11,847,280 3,843,934 0.6% 11.2% ▼ Kuwait Finance House KFIN.KW 16.8 1.37 2.73% 1.35 0.500 -7.4% 2,382.5 0.800 0.435 -7.4% 113,347,971 54,475,237 2.4% 8.2% ▼ Boubyan Bank BOUK.KW 24.9 2.69 1.19% 1.19 0.400 -9.1% 825.3 0.485 0.375 -9.1% 17,080,478 6,965,736 0.8% 10.8% ▼ Warba Bank WARB.KW NM 1.88 0.00% NA 0.174 -11.2% 174.0 0.242 0.156 -11.2% 20,619,455 3,524,802 2.1% 1.1% ═ Ahli United Bank - Bahrain AUBK.KW 8.7 1.27 5.95% 0.50 0.208 0.0% 1,311.1 0.248 0.184 0.0% 11,346,875 2,247,046 0.2% 14.6% ▼ Ithmaar Bank ITHMR.KW NM 0.67 0.00% 1.02 0.034 -21.8% 103.0 0.053 0.029 -21.8% 278,786,060 10,147,879 9.2% NM Banks 13.8 1.36 3.25% 12,057.4 -10.1% 521,913,771 120,834,534 9.8% Page 5 KAMCO Research

MENA Monthly Databank Kuwait Market Monthly Databank January-2016

Valuation Multiples Price (KWD) Monthly Trading Data YTD-16 YTD-16 Company Reuters Trailing Trailing Dividend Monthly MKT Cap 52-Week 52-Week Volume Value Capital Ticker P/E (X) P/BV (X) Yield Beta Closing Change (KWD Mn) High (KWD) Low (KWD) Return # (Shrs.) (KWD) Turnover ROE 18 19 20 21 11 14 16 27 28 15 24 25 32 22 ▲ Kuwait Insurance Co. KINS.KW 11.9 1.07 5.98% 0.18 0.320 4.9% 62.1 0.345 0.275 4.9% 118,254 36,413 0.1% 9.0% ═ Gulf Insurance Group GINS.KW 9.9 1.63 4.40% 0.20 0.750 0.0% 140.3 0.800 0.530 0.0% 0 0 0.0% 16.4% ▼ Ahleiah Insurance Co. AINS.KW 7.9 0.85 7.22% 0.15 0.435 -17.9% 87.0 0.530 0.375 -17.9% 40,974 19,759 0.0% 10.7% ▼ Warba Insurance Co. WINS.KW 9.8 0.37 9.58% 0.28 0.098 -9.3% 16.9 0.126 0.096 -9.3% 114,325 11,693 0.1% 3.8% ═ Kuwait Reinsurance Co. KWRE.KW 20.1 0.74 5.00% 0.00 0.200 0.0% 30.0 0.206 0.176 0.0% 0 0 0.0% 3.7% ▼ First Takaful Insurance Co. FTIK.KW NM 0.54 0.00% 0.15 0.052 -7.1% 5.5 0.090 0.052 -7.1% 7,010 365 0.0% NM ▼ Wethaq Takaful Insurance Co. WETH.KW NM 0.28 0.00% 0.14 0.030 -26.8% 3.3 0.061 0.030 -26.8% 19,290 625 0.0% NM ═ Bahrain Kuwait Insurance Co. BKIK.KW 11.5 0.93 9.86% 0.01 0.355 0.0% 25.4 NA NA 0.0% 0 0 0.0% 8.1% Insurance 10.5 0.97 5.88% 370.5 9.8% 299,853 68,854 9.2% ▼ Sokouk Holding Co. SHCK.KW 8.8 0.27 0.00% 1.47 0.036 -23.4% 21.4 0.075 0.028 -23.4% 59,189,458 2,141,725 10.0% 3.1% ▼ Kuwait Real Estate Co. KREK.KW 6.8 0.34 10.72% 1.27 0.047 -13.9% 42.2 0.078 0.041 -13.9% 38,001,895 1,782,533 4.2% 5.0% ▼ United Real Estate Co. UREK.KW 13.0 0.53 4.97% 1.22 0.091 -4.2% 108.1 0.102 0.088 -4.2% 1,355,028 124,757 0.1% 4.1% ═ National Real Estate Co. NREK.KW 8.0 0.38 0.00% 1.65 0.086 0.0% 81.1 0.152 0.074 0.0% 21,233,990 1,773,864 2.3% 4.8% ▼ Salhia Real Estate Co. SREK.KW 14.8 1.33 5.43% 0.39 0.355 -4.1% 182.0 0.375 0.300 -4.1% 395,324 131,604 0.1% 9.0% ▼ Tamdeen Real Estate Co. TAMK.KW 26.5 1.97 1.55% 0.66 0.630 -3.1% 259.2 0.650 0.415 -3.1% 437,185 262,146 0.1% 7.5% ▼ Ajial Real Estate Entertainment Co. AREC.KW 24.5 0.20 0.00% 0.36 0.132 -15.4% 23.3 0.226 0.122 -15.4% 1,111,197 145,835 0.6% 0.8% ▲ Al Massaleh Real Estate Co. MREC.KW NM 0.43 0.00% 0.54 0.060 7.1% 14.1 0.080 0.046 7.1% 1,663 97 0.0% NM ▼ Arab Real Estate Co. ARAB.KW NM 0.19 0.00% 1.39 0.025 -13.8% 12.7 0.049 0.022 -13.8% 8,761,043 215,366 1.7% NM ▼ AL-Enma'a Real Estate Co.* ENMA.KW 5.4 0.39 0.00% 0.73 0.056 -6.7% 25.2 0.075 0.051 -6.7% 2,979,240 164,512 0.7% 7.1% ▼ Mabanee Co. MABK.KW 15.4 2.59 1.48% 1.27 0.880 -6.4% 747.7 1.080 0.790 -6.4% 7,594,563 6,421,675 0.9% 16.8% ▲ Injazzat Real Estate Development Co. INJA.KW 9.3 0.51 0.00% 1.02 0.086 4.9% 29.7 0.094 0.063 4.9% 3,287,309 260,952 1.0% 5.4% ▼ Investors Holding Group Co. INVK.KW NM 0.26 0.00% 1.46 0.022 -14.0% 13.8 0.063 0.017 -14.0% 63,904,550 1,308,817 9.9% NM ▼ International Resorts Co. IRCK.KW NM 0.34 0.00% 1.35 0.025 -13.8% 3.9 0.045 0.020 -13.8% 4,791,276 114,696 3.1% NM ▼ The Commercial Real Estate Co. TIJK.KW 7.3 0.51 7.43% 1.07 0.076 -3.8% 135.8 0.102 0.071 -3.8% 30,085,148 2,415,871 1.7% 7.1% ▼ Sanam Real Estate Co. SANK.KW NM 0.50 0.00% 0.34 0.044 -2.2% 5.3 0.063 0.035 -2.2% 4,049 170 0.0% NM ▼ A'ayan Real Estate Co. AYRE.KW 17.8 0.38 7.00% 0.98 0.068 -12.8% 28.3 0.114 0.064 -12.8% 2,348,589 163,736 0.6% 2.1% ═ Aqar Real Estate Investment Co. AQAR.KW 7.2 0.64 6.46% 0.32 0.075 0.0% 17.6 0.095 0.075 0.0% 11,074,146 885,625 4.7% 9.0% ▼ Kuwait Real Estate Holding Co. ALAQ.KW 7.6 0.46 0.00% 0.82 0.021 -16.3% 3.9 0.038 0.016 -16.3% 365,393 6,911 0.2% 6.0% ▲ MAZAYA Holding Co. MAZA.KW 8.1 0.74 5.00% 1.09 0.108 5.9% 74.3 0.144 0.092 5.9% 16,202,893 1,595,110 2.4% 9.1% ▼ Al Dar National Real Estate Co. ADNC.KW NM 0.92 0.00% 1.00 0.026 -5.6% 10.7 0.043 0.017 -5.6% 310,673,146 7,199,205 74.0% NM ▼ AL-Themar International Holding Co. THMR.KW 25.0 0.69 6.66% 0.36 0.075 -16.7% 75.9 0.095 0.075 -16.7% 115,668,580 10,269,365 11.4% 2.8% ▼ Tijara Real Estate & Investment Co. TIJA.KW 6.5 0.41 0.00% 0.45 0.040 -7.1% 15.2 0.060 0.039 -7.1% 1,540,270 62,048 0.4% 6.2% ▼ Al TAMEER Real Estate Investment Co. AMAR.KW NM 0.25 0.00% 0.41 0.021 -16.3% 4.9 0.038 0.016 -16.3% 5,724,794 104,443 2.4% NM ▼ Arkan Al-Kuwait Real Estate Co. ARKK.KW 6.2 0.82 10.95% 0.26 0.108 -1.8% 25.8 0.140 0.099 -1.8% 70,923 7,598 0.0% 13.2% ▼ Al-Argan International Real Estate Co. ARGK.KW 1.6 0.45 11.94% 0.31 0.162 -12.9% 42.9 0.220 0.150 -12.9% 1,335,585 217,557 0.5% 28.4% ▼ Abyaar Real Estate Development Co. ABYR.KW NM 0.30 0.00% 1.28 0.026 -10.3% 28.8 0.037 0.021 -10.3% 11,909,799 305,537 1.1% 0.3% ▼ Munshaat Real Estate Projects Co. MUNS.KW 2.6 0.20 9.80% 1.27 0.051 -41.4% 16.4 0.128 0.046 -41.4% 57,966,987 2,996,615 18.0% 7.6% ▼ First Dubai For Real Estate Development FIRST.KW 13.0 0.59 0.00% 1.09 0.038 -21.9% 37.5 0.086 0.034 -21.9% 7,826,972 302,762 0.8% 4.5% ▼ Kuwait Business Town Real Estate Co. KBTK.KW 5.9 0.34 0.00% 0.75 0.037 -15.1% 18.8 0.048 0.031 -15.1% 37,325,157 1,393,055 7.2% 5.7% ▲ Real Estate Asset Management Co. REAM.KW 18.4 1.04 12.44% NA 0.148 12.1% 15.5 0.186 0.100 12.1% 27,025 3,624 0.0% 5.7% ▼ MENA Real Estate Co. MENK.KW NM 0.29 0.00% 0.88 0.020 -15.2% 3.8 0.040 0.016 -15.2% 4,900,344 91,006 2.5% NM ▼ Al Mudon International Real Estate Co. ALMK.KW NM 0.20 0.00% 0.71 0.031 -3.1% 3.1 0.118 0.025 -3.1% 11,217,591 313,225 11.2% NM ▲ Real Estate Trade Centers Co. MARA.KW 30.7 34.09 0.00% NA 0.026 8.5% 3.4 0.040 0.016 27.9% 1,866,746 38,867 1.4% 111.0% ═ Kuwait Remal Real Estate Co. REMAL.KW 45.0 0.21 0.00% NA 0.034 0.0% 10.3 0.078 0.028 0.0% 2,158,015 66,605 0.7% 0.5% ▼ Mashaer Holding Co. MASK.KW NM 0.45 0.00% 0.75 0.095 -8.7% 17.0 0.140 0.095 -8.7% 453,130 45,449 0.3% NM Real Estate 12.4 0.77 3.16% 2,159.7 -2.1% 843,789,003 43,332,963 6.2% ▼ Kuwait Investment Co. KINV.KW 29.7 0.39 10.69% 0.87 0.093 -7.0% 51.3 0.146 0.085 -7.0% 278,729 25,805 0.1% 1.3% ▼ Commercial Facilities Co. FACI.KW 11.0 0.52 11.98% 0.75 0.160 -8.0% 85.9 0.270 0.130 -8.0% 3,878,640 593,102 0.7% 4.7% ▼ Int'l Financial Advisors Co. IFIN.KW NM 0.38 0.00% 1.28 0.025 -13.8% 18.0 0.048 0.020 -13.8% 25,112,685 629,694 3.5% NM ▼ National Investment Co. NINV.KW 12.9 0.35 8.21% 1.33 0.071 -19.3% 62.2 0.152 0.063 -19.3% 13,226,083 940,993 1.5% 2.7%

Page 6 KAMCO Research

MENA Monthly Databank Kuwait Market Monthly Databank January-2016

Valuation Multiples Price (KWD) Monthly Trading Data YTD-16 YTD-16 Company Reuters Trailing Trailing Dividend Monthly MKT Cap 52-Week 52-Week Volume Value Capital Ticker P/E (X) P/BV (X) Yield Beta Closing Change (KWD Mn) High (KWD) Low (KWD) Return # (Shrs.) (KWD) Turnover ROE 18 19 20 21 11 14 16 27 28 15 24 25 32 22 ▼ Kuwait Projects Co.(Holding) KPRO.KW 15.2 1.62 4.33% 1.30 0.530 -8.6% 781.0 0.730 0.495 -8.6% 21,574,256 11,354,295 1.5% 10.7% ▼ Coast Invest. & Development Co. COAS.KW NM 0.28 0.00% 1.40 0.027 -15.6% 16.9 0.066 0.020 -15.6% 19,350,490 479,959 3.1% NM ▼ The Securities House Co. SECH.KW 9.4 0.37 0.00% 0.70 0.031 -16.4% 20.7 0.088 0.026 -16.4% 106,308,272 3,131,264 15.6% 4.0% ▼ Securities Group SGCK.KW 6.5 0.44 10.31% 0.60 0.097 -8.5% 24.8 0.130 0.090 -8.5% 2,162,534 196,503 0.8% 6.8% ▼ Arzan Financial Group For Fin. & Invest. ARZA.KW 17.0 0.23 0.00% 0.50 0.033 -13.3% 26.1 0.054 0.033 -13.3% 1,773,658 59,553 0.2% 1.4% ▼ Kuwait Financial Centre MARKZ.KW NM 0.48 6.39% 1.37 0.085 -16.7% 45.2 0.120 0.085 -16.7% 417,862 40,384 0.1% 0.1% ▼ Kuwait & M.E. Financial Inv. Co. KMEF.KW NM 0.30 0.00% 0.35 0.026 -7.1% 6.9 0.049 0.022 -7.1% 445,030 11,434 0.2% NM ▼ Al-Aman Investment Co. AMAN.KW 8.7 0.47 9.62% 0.66 0.052 -7.1% 10.2 0.085 0.048 -7.1% 9,367,207 470,816 4.8% 5.4% ▼ First Investment Co. OLAK.KW 5.5 0.31 10.95% 0.98 0.046 -21.6% 29.6 0.114 0.041 -21.6% 7,601,356 373,846 1.2% 5.7% ▼ Al-Mal Investment Co. MALK.KW 2.5 0.45 0.00% 1.49 0.026 -21.5% 17.1 0.048 0.020 -21.5% 34,458,076 794,446 5.1% 17.9% ▼ Gulf Investment House GIHK.KW NM 0.38 0.00% 0.97 0.023 -15.1% 3.7 0.063 0.018 -15.1% 34,193,544 735,421 20.8% NM ▼ A'ayan Leasing & Investment Co. AAYA.KW 4.8 0.45 0.00% 1.15 0.043 -9.6% 34.9 0.076 0.039 -9.6% 4,299,503 182,320 0.5% 9.3% ▼ Bayan Investment Co. BAYK.KW NM 0.38 0.00% 1.59 0.033 -4.4% 12.8 0.069 0.027 -4.4% 32,141,050 995,796 8.2% NM ▼ Osoul Investment Co. OSUL.KW NM 0.30 0.00% 0.85 0.032 -23.2% 5.9 0.075 0.030 -23.2% 460,395 15,496 0.2% NM ▼ Kuwait Finance & Investment Co. KFSK.KW 19.7 0.27 0.00% 0.36 0.032 -13.5% 10.3 0.073 0.029 -13.5% 1,816,854 59,377 0.6% 1.4% ▲ KIPCO Asset Mgt Co .(KAMCO) KAMC.KW NM 0.75 4.43% 0.39 0.102 2.0% 26.9 0.122 0.090 2.0% 5,510 555 0.0% NM ▼ National International Holding Co. NIHK.KW NM 0.27 6.71% 0.28 0.043 -30.3% 9.2 0.077 0.036 -30.3% 18,868,006 927,300 8.7% NM ▼ Housing Finance Co. ISKN.KW 5.1 0.26 0.00% 0.32 0.028 -12.7% 6.3 0.062 0.021 -12.7% 30,239,838 790,091 13.3% 5.1% ═ Al Madar Finance & Investment Co. MADR.KW 50.1 0.25 0.00% 0.41 0.021 0.0% 4.4 0.025 0.016 0.0% 0 0 0.0% 0.5% ▼ Al-Deera Holding DEER.KW NM 0.35 0.00% 0.88 0.027 -14.3% 5.3 0.056 0.009 -14.3% 3,538,419 86,995 1.8% NM ▼ Al Salam Group Holding Co. SAGH.KW NM 0.24 0.00% 0.95 0.032 -10.0% 8.5 0.069 0.025 -10.0% 21,596,618 636,171 8.0% NM ▼ Ekttitab Holding Co. EKTT.KW NM 0.31 0.00% 1.33 0.027 -11.7% 8.4 0.056 0.022 -11.7% 10,699,267 276,542 3.4% NM ▼ Al Madina For Finance & Investment Co. MADI.KW NM 0.42 0.00% 1.15 0.029 -18.6% 11.6 0.064 0.024 -18.6% 51,321,747 1,471,134 12.6% NM ▲ NOOR Financial Investment Co. NOOR.KW NM 0.44 0.00% 1.34 0.049 1.0% 20.2 0.106 0.043 1.0% 3,059,864 145,318 0.7% NM ▼ Tamdeen Investment Co. TAMI.KW 11.4 0.94 0.00% 0.64 0.405 -3.6% 126.3 0.430 0.280 -3.6% 190,930 75,071 0.1% 8.2% ═ Kuwait Bahrain Int'l Exchange Co. EXCH.KW 45.9 0.91 7.69% 0.27 0.130 0.0% 6.0 0.170 0.108 0.0% 0 0 0.0% 2.0% ▼ Taiba Kuwaiti Holding Co. DAMK.KW NM 0.62 7.14% 0.32 0.070 -76.7% 12.6 0.300 0.070 -76.7% 167,010 12,402 0.1% NM ▼ Kuwait Syrian Holding Co. KSHC.KW 6.8 0.22 0.00% 1.29 0.023 -8.0% 4.1 0.035 0.019 -8.0% 6,046,081 129,867 3.4% 3.2% ▲ Strategia Investment Co. STRAT.KW 27.8 0.31 0.00% 0.58 0.035 4.5% 10.4 0.079 0.033 4.5% 11,000 383 0.0% 1.1% ▲ Asiya Capital Investment Co. ASIYA.KW NM 0.37 12.94% 1.16 0.038 1.4% 30.0 0.059 0.035 1.4% 6,703,113 242,599 0.8% NM ▼ Gulf North Africa Holding Co. GNAH.KW 13.8 0.24 0.00% 1.46 0.024 -12.7% 3.6 0.047 0.020 -12.7% 15,798,492 363,642 10.5% 1.7% ▼ Amwal International Investment Co. AMWA.KW NM 0.26 0.00% NA 0.022 -29.0% 4.0 0.037 0.019 -29.0% 897,258 19,515 0.5% NM ▲ Alimtiaz Investment Group ALIMk.KW 6.2 0.49 6.32% NA 0.077 1.3% 87.3 0.085 0.065 1.3% 15,367,369 1,157,710 1.4% 7.9% ▼ Manazel Holding Co. MANK.KW NM 0.42 0.00% 1.71 0.021 -10.9% 14.7 0.054 0.016 -10.9% 103,523,155 1,975,753 14.5% NM ▼ National Industries Group NIND.KW 5.4 0.41 10.53% 1.72 0.114 -9.5% 155.0 0.200 0.093 -9.5% 19,579,250 2,095,231 1.4% 7.6% ▼ Boubyan Int'l Industries Holding Co. BIIHC.KW NM 0.25 0.00% 1.22 0.027 -8.5% 8.1 0.081 0.022 -8.5% 25,898,654 676,787 8.6% NM ▼ Arabi Holding Group Co. AGHC.KW 14.8 0.47 0.00% 0.68 0.073 -11.0% 12.0 0.158 0.070 -11.0% 3,444,411 246,910 2.1% 3.2% ▼ Privatization Holding Co. KPPC.KW 13.6 0.35 10.81% 1.26 0.046 -9.8% 34.0 0.064 0.040 -9.8% 8,889,335 402,169 1.2% 2.6% ▼ Credit Rating & Collection Co. TAHS.KW NM 0.56 0.00% 0.14 0.035 -16.7% 5.8 0.055 0.032 -16.7% 92,690 3,277 0.1% NM ▲ Jeeran Holding Co.* JEER.KW NM 0.40 0.00% 0.34 0.064 6.7% 9.6 0.071 0.046 6.7% 39,850 2,280 0.0% NM ═ Egypt Kuwait Holding Co. EKHK.KW 22.1 0.80 6.41% 0.68 0.156 0.0% 152.2 0.220 0.156 0.0% 0 0 0.0% 3.6% ▲ Gulf Finance House GFHK.KW NM 0.28 0.00% 1.33 0.047 22.4% 58.8 0.070 0.015 22.4% 230,782,124 9,634,327 18.2% NM ▼ Inovest INOV.KW NM 0.30 0.00% 0.89 0.051 -7.3% 14.6 0.067 0.049 -7.3% 2,038,000 105,664 0.7% NM Financial Services 24.6 0.59 5.05% 2,113.2 -24.6% 897,664,215 42,568,196 2.4%

Page 7 KAMCO Research

MENA Monthly Databank Kuwait Market Monthly Databank January-2016

Kuwait Stock Exchange 14.3 1.04 4.57% 24,223.7 (13.0%) 2,697,287,839 282,017,720 7.3%

Page 8 KAMCO Research

Saudi Tadawul Monthly Databank January-2016

Index Performance relative to Volume Sector Returns

Monthly YTD 10,500 600 Index Value % Chg % Chg

Saudi Stock Exchange 5,996.57 (13.2%) (13.2%) 10,000 550 Banks & Fin. Serv. 13,988.78 (10.3%) (10.3%) 500 9,500 Petrochemical 3,746.87 (12.3%) (12.3%) 450 9,000 Cement 4,065.26 (10.5%) (10.5%) 400 8,500 Retail 10,396.29 (17.2%) (17.2%)

350 Energy & Utilities 4,997.00 (12.7%) (12.7%) 8,000 300 Agriculture & Food 7,359.50 (19.4%) (19.4%) TASI Value TASI 7,500 (Mln.Shares) Traded Vol. 250 Telecom & IT 1,391.46 (14.2%) (14.2%) 7,000 Insurance 1,056.59 (15.1%) (15.1%) 200

6,500 Multi - Investment 2,591.26 (21.5%) (21.5%) 150 Industrial Inv. 5,460.32 (15.0%) (15.0%) 6,000 100 Building & Const. 1,827.29 (20.5%) (20.5%) 5,500 50 Real Estate 5,290.25 (11.3%) (11.3%)

5,000 0 Transport 6,406.67 (17.7%) (17.7%)

Media & Pub. 2,970.19 (14.2%) (14.2%) Jul-15 Apr-15 Oct-15 Jan-15 Jun-15 Jan-16 Feb-15 Mar-15 Nov-15 Dec-15 Aug-15 Sep-15 May-15 Hotel & Tourism 11,754.35 (30.1%) (30.1%)

Monthly Top Movers and Most Active Stocks Trading Indicators

Closing Monthly Monthly YTD-16 FY-2015 Price Monthly Value Best Return Performers Market Return (SAR) % Chg (SAR 000's) Value Chg % Chg % Chg % Chg

Saudi Dairy & Foodstuff Co. 119.83 7.0% 184,109 Tadawul All Share Index 5,996.57 (915.19) (13.2%) (13.2%) (17.1%)

BUPA Arabia for Cooperative Ins. 116.42 1.3% 1,144,072 Market Cap (SAR Mn) 1,373,329 (207,732) (13.1%) (13.1%) (12.9%)

Monthly Monthly Monthly Average Daily Trading Indicators Value Chg % Chg YTD-16 YTD-15

Volume (Mn Shares) 6,425 413 6.9% 306 281 Price Monthly Value Worst Return Performers (SAR) % Chg (SAR 000's) Value Traded (SAR Mn) 115,145 (11,193) (8.9%) 5,483 8,581

Saudi Indian Co. for Cooperative Ins. 6.41 (52.8%) 205,648 No. of Trades 2,775,331 87,070 3.2% 151,382 143,065

Al Alamiya for Cooperative Insurance Co. 31.25 (47.3%) 767,010

Trade Union Cooperative Ins. Co. 11.58 (46.2%) 372,332

Takween Advanced Industries 20.04 (46.1%) 380,825 Market Breadth National Agriculture Development Co. 18.92 (41.0%) 630,338 2 164 4

Price Monthly Value Price Monthly Val Monthly Vol Monthly Most Active Stocks By Value Most Active Stocks By Volume (SAR) % Chg (SAR Mn) (SAR) (SAR Mn) ('000 Shrs) % Chg

Alinma Bank 13.47 (8.8%) 19,785 Alinma Bank 13.47 19,785 1,502,102 (8.8%)

Saudi Basic Industries Corp 70.39 (8.0%) 13,752 The National Shipping Co of Saudi Arabia 38.54 10,773 1,016,168 (17.2%)

The National Shipping Co of Saudi Arabia 38.54 (17.2%) 10,773 Dar Al Arkan Real Estate Dev. Co. 4.99 2,774 510,703 (19.5%)

Tihama Advertising & Public Relations Co. 27.00 (9.4%) 5,899 Saudi Kayan 5.00 2,484 489,614 (26.1%)

Al-Tayyar Travel Group Co. 49.43 (31.6%) 3,875 Saudi Basic Industries Corp 70.39 13,752 206,018 (8.0%)

Source: KAMCO Research & Tadawul Stock Exchange

Page 9 KAMCO Research

Saudi Tadawul Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value Change % Change % Change % Change January-2016 Tadawul All Share Index ▼ 5,996.57 (915.19) (13.24%) (13.24%) (17.06%) Monthly Reuters Last Trade Monthly % Mkt Cap Mkt Cap Monthly Volume 52-Week 52-Week Company Name Value Traded Ticker Price (SAR) Change ('000 SAR) ('000 USD) ('000 Shares) High (SAR) Low (SAR) ('000 SAR) ▼ Riyad Bank 1010.SE 11.60 (6.60%) 34,800,000 9,277,680 16,610 191,570 18.95 10.80 ▼ Bank Al-Jazira 1020.SE 12.84 (20.79%) 5,136,000 1,369,258 129,849 1,676,878 33.20 11.50 ▼ The Saudi Investment Bank 1030.SE 15.41 (10.61%) 10,016,500 2,670,399 2,608 40,655 29.00 14.75 ▼ Saudi Hollandi Bank 1040.SE 26.44 (8.35%) 15,111,412 4,028,702 3,086 79,474 52.50 23.05 ▼ Banque Saudi Fransi 1050.SE 24.70 (11.79%) 29,772,322 7,937,301 4,420 107,504 40.90 22.20 ▼ SABB 1060.SE 22.08 (10.79%) 33,120,000 8,829,792 5,065 108,377 60.00 19.45 ▼ Arab National Bank 1080.SE 20.20 (14.23%) 20,200,000 5,385,320 6,156 127,545 36.20 19.05 ▼ Samba Financial Group 1090.SE 20.33 (12.86%) 40,660,000 10,839,956 19,577 386,897 51.50 17.55 ▼ Al-Rajhi Bank 1120.SE 49.61 (4.76%) 80,616,250 21,492,292 72,907 3,599,447 69.00 44.70 ▼ Al-Bilad Bank 1140.SE 22.01 (10.56%) 11,005,000 2,933,933 23,210 471,208 53.50 17.25 ▼ Alinma Bank 1150.SE 13.47 (8.80%) 20,205,000 5,386,653 1,502,102 19,785,281 25.00 11.80 ▼ National Commercial Bank 1180.SE 42.04 (17.70%) 84,080,000 22,415,728 20,272 851,616 72.75 36.60 ▼ Banks & Financial (11.31%) 384,722,484 102,567,014 1,805,863 27,426,453 ▼ Methanol Chemical Co. 2001.SE 5.39 (24.62%) 650,034 173,299 41,508 237,419 15.10 4.95 ▼ National Petrochemical Co. 2002.SE 14.31 (14.31%) 6,868,800 1,831,222 21,475 305,666 30.40 12.70 ▼ Saudi Basic Industries Corp 2010.SE 70.39 (7.99%) 211,170,000 56,297,922 206,018 13,752,282 110.50 59.50 ▼ Saudi Arabia Fertilizers Co. 2020.SE 69.26 (15.69%) 28,858,333 7,693,632 5,725 400,178 158.75 62.00 ▼ National Industrialization Co 2060.SE 8.54 (19.51%) 5,712,527 1,522,960 32,940 292,660 29.20 7.50 ▼ Alujain Corporation 2170.SE 11.35 (21.24%) 785,420 209,393 22,514 251,977 24.75 9.50 ▼ Nama Chemicals Co. 2210.SE 5.55 (22.27%) 713,286 190,162 24,438 139,561 14.05 4.95 ▼ Saudi Industrial Investment Group 2250.SE 11.93 (13.61%) 5,368,500 1,431,242 41,054 463,765 29.90 9.80 ▼ Sahara Petrochemical Co. 2260.SE 8.20 (19.92%) 3,598,119 959,259 74,294 635,213 18.25 7.60 ▼ Yanbu National Petrochemicals Co. 2290.SE 30.77 (5.06%) 17,308,125 4,614,346 20,015 562,873 57.50 23.80 ▼ Saudi International Petrochemical Co. 2310.SE 11.42 (18.49%) 4,187,333 1,116,343 27,805 313,493 36.10 9.75 ▼ Advanced Petrochemical Co. 2330.SE 37.48 (0.74%) 6,146,533 1,638,666 27,839 970,111 61.00 31.90 ▼ Saudi Kayan 2350.SE 5.00 (26.14%) 7,500,000 1,999,500 489,614 2,483,617 14.15 4.40 ▼ Rabigh Refining and Petrochemical Co. 2380.SE 9.69 (21.09%) 8,488,440 2,263,018 71,297 660,142 26.70 7.00 ▼ Petrochemical Industries (10.34%) 307,355,450 81,940,963 1,106,536 21,468,957 ▼ Hail Cement Co. 3001.SE 12.00 (16.43%) 1,174,800 313,202 7,740 89,877 26.70 10.20 ▼ Najran Cement Co. 3002.SE 12.08 (17.26%) 2,053,600 547,490 51,966 592,127 31.80 10.05 ▼ City Cement Co. 3003.SE 12.21 (18.82%) 2,310,132 615,881 22,405 275,925 27.30 10.90 ▼ Northern Region Cement Co. 3004.SE 12.13 (18.81%) 2,183,400 582,094 12,151 148,788 23.80 10.65 ▼ Umm Al-Qura Cement Company 3005.SE 19.99 (26.32%) 1,099,450 293,113 8,927 167,907 46.00 16.00 ▼ Arabian Cement Co. 3010.SE 45.49 (4.37%) 4,549,000 1,212,763 11,836 487,569 82.50 37.40 ▼ Yamamah Saudi Cement Co. 3020.SE 28.33 (9.95%) 5,736,825 1,529,438 8,382 232,489 52.00 24.90 ▼ Saudi Cement Co. 3030.SE 52.80 (18.61%) 8,078,400 2,153,701 3,740 200,552 102.50 47.00 ▼ The Qassim Cement Co. 3040.SE 64.45 (8.01%) 5,800,500 1,546,413 2,041 125,850 101.00 55.75 ▼ Southern Province Cement Co. 3050.SE 69.25 (1.11%) 9,695,000 2,584,687 1,202 78,267 109.75 57.00 ▼ Yanbu Cement Co. 3060.SE 42.80 (1.90%) 6,741,000 1,797,151 6,682 257,338 72.00 34.50 ▼ Eastern Province Cement Co. 3080.SE 29.93 (5.61%) 2,573,980 686,223 6,842 193,188 62.50 25.50 ▼ Tabuk Cement Co. 3090.SE 14.25 (1.59%) 1,282,500 341,915 3,497 48,978 27.40 12.95 ▼ Al Jouf Cement co. 3091.SE 8.43 (20.40%) 1,095,900 292,167 42,523 360,035 18.35 7.40 ▼ Cement (9.91%) 54,374,487 14,496,238 189,936 3,258,891 ▼ Abdullah Al Othaim Markets Co. 4001.SE 81.61 (8.23%) 3,672,450 979,075 2,365 176,703 118.75 62.25 ▼ Mouwasat Medical Services Co. 4002.SE 112.74 (7.44%) 5,637,000 1,502,824 2,842 317,459 154.50 94.00 ▼ United Electronics Co. 4003.SE 26.58 (33.63%) 956,880 255,104 14,638 422,540 113.00 24.40 ▼ Dallah Healthcare Holding Co. 4004.SE 70.07 (0.26%) 4,134,130 1,102,159 5,907 357,016 148.00 49.50 ▼ National Medical Care Co. 4005.SE 48.80 (12.07%) 2,188,680 583,502 4,673 226,788 69.00 41.00 ▼ Saudi Marketing Company 4006.SE 47.24 (23.24%) 1,653,400 440,796 2,475 121,095 87.00 40.90 ▲ Al Hammadi Co. For Dev. and Inv. 4007.SE 44.40 (9.41%) 5,328,000 1,420,445 5,451 212,416 103.50 32.00 ▲ Saudi Company for Hardware 4008.SE 79.50 (20.12%) 1,908,000 508,673 1,551 134,656 148.25 70.00 ▼ Saudi Automotive Services Co. 4050.SE 14.91 (32.96%) 805,140 214,650 29,306 463,867 35.00 12.60 ▼ National Agriculture Marketing Co. 4160.SE 31.94 (20.17%) 319,400 85,152 27,312 820,606 89.25 22.60 ▼ Fitaihi Holding Group 4180.SE 12.10 (19.49%) 665,500 177,422 13,091 160,383 29.20 9.50 ▼ Jarir Marketing Co. 4190.SE 139.73 (12.63%) 18,863,550 5,029,022 4,465 584,434 241.00 110.00 ▼ Aldrees Petroleum & Transport Co. 4200.SE 35.01 (18.92%) 1,400,400 373,347 14,519 470,102 73.00 27.50 ▼ Fawaz Abdulaziz Al-Hokair Co. 4240.SE 48.10 (31.93%) 10,101,000 2,692,927 11,048 551,388 117.00 41.00 ▼ Al Khaleej Training & Education Co. 4290.SE 22.21 (35.60%) 888,400 236,847 20,933 527,008 70.00 18.75 ▼ Retail (17.05%) 58,521,930 15,601,947 160,577 5,546,460

Page 10 KAMCO Research

Saudi Tadawul Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value Change % Change % Change % Change January-2016 Tadawul All Share Index ▼ 5,996.57 (915.19) (13.24%) (13.24%) (17.06%) Monthly Reuters Last Trade Monthly % Mkt Cap Mkt Cap Monthly Volume 52-Week 52-Week Company Name Value Traded Ticker Price (SAR) Change ('000 SAR) ('000 USD) ('000 Shares) High (SAR) Low (SAR) ('000 SAR) ▼ National Gas & Industrialization Co. 2080.SE 19.97 (21.47%) 1,497,750 399,300 4,021 85,299 33.90 18.50 ▼ Saudi Electricity Co. 5110.SE 13.88 (11.65%) 57,832,322 15,418,097 33,899 482,276 21.00 12.40 ▼ Energy & Utilities (11.93%) 59,330,072 15,817,397 37,921 567,575 ▼ Savola Group 2050.SE 39.50 (21.38%) 21,092,237 5,623,190 25,631 975,028 85.00 29.40 ▼ Food Products Co. 2100.SE 19.47 (24.12%) 389,400 103,814 12,195 254,288 44.00 17.25 ▲ Saudi Dairy & Foodstuff Co. * 2270.SE 119.83 6.98% 3,894,475 1,038,267 1,650 184,109 153.00 99.50 ▼ AL-Marai Co. 2280.SE 66.04 (15.59%) 39,624,000 10,563,758 16,676 1,128,682 98.00 54.50 ▼ Anaam International Holding Grp. 4061.SE 15.62 (28.87%) 306,152 81,620 15,819 261,133 33.80 12.00 ▼ Halwani Brothers Co. 6001.SE 64.96 (7.73%) 1,856,000 494,810 949 60,022 95.25 56.50 ▼ Herfy Food Services Co 6002.SE 74.12 (26.32%) 3,424,344 912,930 4,912 364,165 134.00 65.25 ▼ Saudi Airlines Catering Co. 6004.SE 101.64 (17.40%) 8,334,480 2,221,972 9,005 862,142 202.75 82.00 ▼ National Agriculture Development Co. 6010.SE 18.92 (41.04%) 1,456,840 388,394 30,755 630,338 41.60 16.65 ▼ Qassim Agriculture Co. 6020.SE 10.60 (21.19%) 530,000 141,298 32,959 352,607 17.80 8.50 ▼ Tabouk Agriculture Development Co. 6040.SE 9.57 (26.21%) 430,650 114,811 24,032 242,785 20.95 8.20 ▼ Saudi Fisheries Co. 6050.SE 12.75 (21.25%) 682,603 181,982 30,724 413,225 34.70 9.80 ▼ Ash-Sharqiyah Development Co. 6060.SE 36.71 (33.41%) 275,325 73,402 21,032 801,502 95.75 28.80 ▼ Al-Jouf Agriculture Development Co. 6070.SE 22.52 (32.45%) 675,600 180,115 6,800 155,663 51.25 18.60 ▼ Jazan Development Co. 6090.SE 11.57 (32.58%) 578,500 154,228 58,629 747,948 17.95 9.95 ▼ Agriculture & Food Industries (18.00%) 83,899,356 22,367,568 291,766 7,433,637 ▼ Saudi Telecom 7010.SE 60.80 (11.15%) 121,600,000 32,418,560 14,774 910,481 73.25 52.75 ▼ Al-Etihad Etisalat Co. 7020.SE 23.47 (17.04%) 18,071,900 4,817,969 48,641 1,111,081 46.20 18.85 ▼ ZAIN KSA 7030.SE 5.94 (29.03%) 3,467,351 924,396 71,201 464,869 13.45 5.65 ▼ Etihad Atheeb Telecommunication Co. 7040.SE 4.04 (25.87%) 636,300 169,638 73,399 325,087 8.35 3.80 ▼ Telecommunication & I.T. (12.54%) 143,775,551 38,330,562 208,014 2,811,517 ▼ The Co for Cooperative Insurance 8010.SE 72.16 (8.93%) 7,216,000 1,923,786 10,149 677,333 111.00 56.00 ▼ MetLife AIG ANB Co-op. Insurance Co. 8011.SE 53.75 (4.24%) 940,625 250,771 5,003 277,445 72.00 40.50 ▼ Aljazira Takaful Taawuni Company 8012.SE 25.29 (24.33%) 885,150 235,981 11,720 334,297 68.00 22.00 ▼ Malath Cooperative Insurance & Reins. Co. 8020.SE 13.85 (36.50%) 415,500 110,772 50,915 805,600 38.20 12.30 ▼ Mediterranean & Gulf Insurance & Reins. Co 8030.SE 17.51 (37.08%) 1,751,000 466,817 59,701 1,178,434 71.75 15.20 ▼ Saudi Fransi Cooperative Insurance Co. 8040.SE 34.49 (16.41%) 689,800 183,901 3,127 113,802 62.00 29.00 ▼ SALAMA Cooperative Insurance Company 8050.SE 9.28 (29.16%) 92,800 24,740 14,851 149,426 32.90 8.00 ▼ Saudi United Cooperative Insurance Co. 8060.SE 8.84 (18.68%) 353,600 94,270 17,288 164,545 27.40 7.40 ▼ Arabian Shield Cooperative Insurance Co. 8070.SE 21.40 (19.06%) 428,000 114,105 12,036 272,969 47.00 16.15 ▼ SABB Takaful 8080.SE 21.78 (33.78%) 740,520 197,423 25,162 633,800 52.25 18.50 ═ Sanad Insurance & Reinsurance 8090.SE 15.23 0.00% 304,600 81,206 - - NA NA ▼ Saudi Arabian Cooperative Insurance Co. 8100.SE 14.95 (16.01%) 149,500 39,857 17,409 268,680 53.50 12.70 ▼ Saudi Indian Co. for Co- operative Insurance 8110.SE 6.41 (52.76%) 131,405 35,033 24,210 205,648 36.10 6.25 ▼ Gulf Union Cooperative Insurance Co. 8120.SE 8.34 (31.19%) 183,480 48,916 10,261 96,304 21.50 7.50 ▼ AL-Ahli Takaful Co. 8130.SE 38.44 (13.38%) 640,667 170,802 3,126 123,713 71.50 31.40 ▼ Al Ahlia Insurance Co. 8140.SE 5.40 (27.71%) 172,800 46,068 15,335 98,580 18.65 4.95 ▼ Allied Cooperative Insurance Group 8150.SE 12.10 (29.32%) 242,000 64,517 15,664 205,368 43.20 10.45 ▼ Arabia Insurance Cooperative Co. 8160.SE 6.08 (18.93%) 243,200 64,837 14,412 92,864 23.10 5.30 ▼ Trade Union Cooperative Insurance Co. 8170.SE 11.58 (46.24%) 318,450 84,899 24,651 372,332 45.90 10.55 ▼ Al Sagr Co. for Cooperative Insurance 8180.SE 26.79 (14.02%) 669,750 178,555 33,693 956,842 37.20 18.00 ▼ Union Cooperative Assurance Co. 8190.SE 8.21 (32.48%) 402,290 107,251 8,254 80,428 23.15 7.35 ▼ Saudi Re for Cooperative Reinsurance Co. 8200.SE 6.03 (15.66%) 603,000 160,760 20,000 122,414 12.70 5.05 ▲ BUPA Arabia for Cooperative Insurance 8210.SE 116.42 1.31% 9,313,600 2,483,006 10,545 1,144,072 280.00 92.00 ═ Weqaya Takaful Insurance & Reinsurance Co. 8220.SE 19.39 0.00% 387,800 103,387 - - NA NA ▼ Al-Rajhi Co. for Cooperative Insurance 8230.SE 18.11 (18.61%) 724,400 193,125 10,907 212,579 48.00 16.65 ▼ ACE Arabia Cooperative Insurance Co. 8240.SE 40.96 (24.75%) 409,600 109,199 2,440 105,586 85.00 33.20

Page 11 KAMCO Research

Saudi Tadawul Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value Change % Change % Change % Change January-2016 Tadawul All Share Index ▼ 5,996.57 (915.19) (13.24%) (13.24%) (17.06%) Monthly Reuters Last Trade Monthly % Mkt Cap Mkt Cap Monthly Volume 52-Week 52-Week Company Name Value Traded Ticker Price (SAR) Change ('000 SAR) ('000 USD) ('000 Shares) High (SAR) Low (SAR) ('000 SAR) ▼ AXA Cooperative Insurance Co. 8250.SE 12.07 (27.72%) 543,150 144,804 21,965 287,191 39.70 10.70 ▼ Gulf General Cooperative Insurance Co. 8260.SE 12.27 (39.97%) 245,400 65,424 11,166 155,003 34.90 10.85 ▼ Buruj Cooperative Insurance Co. 8270.SE 15.76 (12.05%) 394,000 105,040 17,976 292,309 61.75 11.90 ▼ Al Alamiya for Cooperative Insurance Co. 8280.SE 31.25 (47.26%) 1,250,000 333,250 22,017 767,010 122.00 26.10 ▼ Solidarity Saudi Takaful co. 8290.SE 7.22 (2.83%) 400,710 106,829 38,144 275,936 23.00 5.95 ▼ Wataniya Insurance Co. 8300.SE 50.02 (22.50%) 500,200 133,353 2,778 145,493 111.00 43.00 ▼ Amana Cooperative Insurance 8310.SE 6.09 (26.00%) 194,880 51,955 15,379 101,385 17.00 5.30 ▼ Saudi Enaya Cooperative Insurance Co. 8311.SE 11.45 (31.07%) 458,000 122,103 12,087 159,127 34.40 10.00 ▼ Alinma Tokio Marine Co 8312.SE 17.95 (25.36%) 807,750 215,346 47,620 908,930 63.00 13.60 ▼ Insurance (16.87%) 33,203,627 8,852,087 609,993 11,785,444 ▼ Saudi Arabia Refineries Co * 2030.SE 30.47 (26.19%) 457,050 121,850 8,461 267,906 70.00 26.00 ▼ Saudi Advanced Industries Co. 2120.SE 9.81 (27.97%) 490,500 130,767 14,587 152,499 25.00 8.25 ▼ Al-Ahsa Development Co. 2140.SE 10.80 (12.48%) 529,200 141,085 7,264 79,415 17.90 9.80 ▼ Saudi Industrial Services Co. 2190.SE 12.02 (18.06%) 817,360 217,908 15,253 177,890 20.70 10.20 ▼ Assir Trading, Tourism & Manufacturing Co. 4080.SE 20.79 (11.34%) 2,627,625 700,525 3,524 72,672 30.60 18.20 ═ Al-Baha Investment & Development Co. 4130.SE 13.50 0.00% 202,500 53,987 - - NA NA ▼ Kingdom Holding Co. 4280.SE 11.38 (27.97%) 42,172,941 11,243,306 21,952 270,755 23.55 9.80 ▼ Multi-Investment (26.81%) 47,297,176 12,609,427 71,041 1,021,137 ▼ Takween Advanced Industries 1201.SE 20.04 (46.10%) 701,400 186,993 18,508 380,825 88.25 17.05 ▼ Middle East Paper Company 1202.SE 16.96 (33.49%) 848,000 226,077 13,270 252,474 51.25 14.85 ▼ Basic Chemical Industries Co. 1210.SE 19.43 (4.61%) 534,325 142,451 5,292 96,398 40.20 14.70 ▼ Saudi Arabian Mining Co. 1211.SE 29.77 (10.25%) 34,785,598 9,273,840 65,970 1,970,563 48.40 25.70 ▼ Astra Industrial Group 1212.SE 15.11 (23.65%) 1,208,800 322,266 10,173 163,584 39.20 13.00 ▼ Al Sorayai Trading and Industrial Group Co. 1213.SE 9.89 (38.76%) 370,875 98,875 12,876 130,093 22.50 8.65 ▼ Al Hassan Ghazi Ibrahim Shaker 1214.SE 20.52 (27.54%) 1,292,760 344,650 16,968 361,193 89.75 17.45 ▼ Saudi Pharmaceutical Indus Corp 2070.SE 28.62 (13.80%) 3,434,400 915,611 11,322 287,194 49.70 21.80 ▼ The National Co. for Glass Industries 2150.SE 18.68 (29.00%) 560,400 149,403 6,873 128,448 44.00 15.85 ▼ Filling & Packing Materials Manufacturing Co. 2180.SE 32.61 (13.80%) 375,015 99,979 7,169 229,331 59.00 26.00 ▼ National Metal Manufacturing & Casting Co. 2220.SE 20.32 (20.63%) 571,238 152,292 8,535 183,096 42.50 18.30 ▼ Saudi Chemical Co. 2230.SE 51.21 (10.68%) 3,238,520 863,390 5,802 291,316 84.50 43.10 ▼ Saudi Paper Manufacturing Co. 2300.SE 14.50 (21.83%) 652,500 173,957 45,552 636,882 31.00 10.30 ▼ Al-Abdulatif Industrial Group 2340.SE 18.82 (37.16%) 1,529,125 407,665 11,530 223,705 43.40 17.65 ▼ Saudi Industrial Export Co. 4140.SE 29.39 (25.76%) 317,412 84,622 16,764 530,626 61.75 23.40 ▼ Industrial Investment (14.71%) 50,420,368 13,442,070 256,605 5,865,728 ▼ United Wire Factories Company 1301.SE 16.65 (24.25%) 730,519 194,756 5,781 105,236 40.70 14.55 ▼ Bawan Company 1302.SE 16.50 (29.34%) 990,000 263,934 11,294 208,016 59.75 14.80 ▼ Electrical Industrial Company 1303.SE 23.66 (30.21%) 319,410 85,155 9,400 246,845 69.25 20.60 ═ Mohammad Al Mojil Group Co. 1310.SE 12.55 0.00% 1,568,750 418,229 - - NA NA ▼ Saudi Steel Pipe Co. 1320.SE 17.04 (21.66%) 869,040 231,686 3,896 68,773 35.00 14.80 ▼ Abdullah A. M. Al-Khodari Sons Co. 1330.SE 9.84 (38.58%) 522,750 139,365 16,451 180,650 35.30 9.00 ▼ Saudi Ceramic Co. 2040.SE 39.39 (15.80%) 1,969,500 525,069 15,889 605,350 118.75 32.30 ▼ National Gypsum Co. 2090.SE 12.29 (23.33%) 389,183 103,756 13,534 171,985 30.80 10.60 ▼ Saudi Cable Co. 2110.SE 6.71 (12.74%) 509,960 135,955 15,412 116,323 67.75 5.60 ▼ Saudi Industrial Development Co. 2130.SE 9.17 (35.01%) 366,800 97,789 41,883 408,968 21.20 7.85 ▼ Saudi Arabian Amintit Co. 2160.SE 7.74 (13.23%) 893,970 238,332 19,664 147,182 14.90 6.50 ▼ Arabian Pipe Co. 2200.SE 8.70 (35.56%) 348,000 92,777 36,112 336,005 22.80 7.70 ▼ Zamil Industrial Investment Co. 2240.SE 29.39 (9.71%) 1,763,400 470,122 11,524 327,411 68.00 24.25 ▼ Al-Babtain Power & Telecommunications Co. 2320.SE 23.22 (24.39%) 989,899 263,907 11,180 243,872 51.00 17.50 ▼ Saudi Vitrified Clay Pipes Co. 2360.SE 78.03 (17.06%) 1,170,450 312,042 1,076 80,452 106.50 69.50 ▼ Middle East Specialised Cables 2370.SE 7.74 (16.32%) 464,400 123,809 19,468 154,871 26.90 6.25 ▼ Red Sea Housing 4230.SE 19.39 (20.60%) 1,163,400 310,162 9,683 186,621 47.20 15.90 ▼ Building & Construction (19.25%) 15,029,431 4,006,846 242,246 3,588,561

Page 12 KAMCO Research

Saudi Tadawul Monthly Databank MENA Monthly Databank

▼ Subtotal: Saudi Tadawul (13.2%) 1,364,400,442 363,749,158 6,425,174 115,145,096

Page 13 KAMCO Research

Dubai Financial Market Monthly Databank January-2016

Index Performance relative to Volume Sector Returns

4,600 2400 Monthly YTD Index Value % Chg % Chg 2100 4,300 Dubai Financial Market 2,997.8 (4.9%) (4.9%)

1800 Banks 2,211.7 0.2% 0.2% 4,000

) Consumer Staples 621.8 (2.6%) (2.6%) 1500 3,700 Financial and Inv. Serv. 2,790.3 (10.8%) (10.8%)

1200 Insurance 1,333.3 (10.7%) (10.7%) 3,400 Industrial 144.1 0.6% 0.6%

DFMGeneral Index Value 900 Real Estate and Const. 5,523.9 (9.7%) (9.7%) 3,100 Vol. Vol. Traded (Mln.Shares 600 Telecommunication 911.5 5.9% 5.9%

2,800 Transportation 683.4 (8.0%) (8.0%) 300 Services 399.3 (4.6%) (4.6%)

2,500 0 Jul-15 Oct-15 Apr-15 Jan-16 Jan-15 Jun-15 Feb-15 Mar-15 Aug-15 Sep-15 Nov-15 Dec-15 May-15

Monthly Top Movers and Most Active Stocks Trading Indicators

Closing Monthly Monthly YTD-16 YTD-15 Price Monthly Value Market Return Best Return Performers (AED) % Chg ('000 AED) Value Chg % Chg % Chg % Chg

Gulf Navigation Holding 0.829 33.7% 107,924 DFM General Index 2,997.77 (153) (4.9%) (4.9%) (16.5%)

Al Salam Bank - Sudan 1.620 16.5% 6,376 Market Cap (AED Mn) 289,535 (11,625) (3.9%) (3.9%) (10.1%)

Gulf Finance House 0.558 13.6% 1,072,902

Emirates Integrated Telecom. (DU) 5.400 5.9% 93,971 Trading Indicators Monthly Monthly Monthly Average Daily

Ajman Bank 2.160 4.3% 8,821 Value Chg % Chg YTD-16 YTD-15

Volume (Mn Shares) 7,972 2,038 34.3% 380 443 Price Monthly Value Worst Return Performers (AED) % Chg ('000 AED) Value Traded (AED Mn) 9,241 2,541 37.9% 440 763

Drake and Scull International 0.335 (19.5%) 148,141 No. of Trades 121,266 31,171 34.6% 5,775 7,961

Al-Madina for Finance & Investment 0.335 (19.3%) 9,131

Gulf General Investment Co. 0.531 (19.2%) 82,104

Al Salam Group Holding 0.365 (18.9%) 486 Market Breadth Oman Insurance Co. 1.760 (18.5%) 176 10 31 19

Price Monthly Value Price Value Traded Volume Monthly Most Active Stocks by Value Most Active Stocks by Volume (AED) % Chg ('000 AED) (AED) (AED '000) ('000 Shrs) % Chg

Arabtec Holding P.J.S.C. 1.200 (4.0%) 1,993,691 Gulf Finance House 0.558 1,072,902 2,103,860 13.6%

EMAAR Properties 5.110 (10.2%) 1,784,931 Arabtec Holding P.J.S.C. 1.200 1,993,691 1,680,570 (4.0%)

Gulf Finance House 0.558 13.6% 1,072,902 Amlak Finance 1.250 579,752 477,200 (11.3%)

Dubai Investment 1.770 (12.4%) 660,028 Drake and Scull International 0.335 148,141 429,604 (19.5%)

Dubai Islamic Bank 6.040 (2.3%) 601,319 Dubai Investment 1.770 660,028 403,814 (12.4%)

Source: KAMCO Research & DFM

Page 14 KAMCO Research Dubai Financial Market Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value Change % Change % Change % Change January-2016 DFM General Index ▼ 2,997.77 (153.23) (4.86%) (4.86%) (16.51%)

Company Name Reuters Closing Monthly % Current Market Current Market Monthly Volume 52-Week High 52-Week Low

Ticker Price (AED) Change Cap. ('000 AED) Cap. ('000 USD) ('000 Shares) Monthly Value ('000 AED) (AED) (AED)

═ Emirates Investment Bank AEIB.DU 446.00 0.00% 289,915 78,944 - - 495.000 446.000 ▲ Ajman Bank AJBNK.DU 2.160 4.35% 2,268,000 617,576 4,058.6 8,821.1 2.600 1.500 ▲ Al Salam Bank - Sudan SSUD.DU 1.620 16.55% 178,200 48,524 4,505.1 6,376.5 2.160 1.190 ▼ Amlak Finance AMLK.DU 1.250 (11.35%) 1,875,000 510,563 477,200.1 579,751.7 2.920 0.750 ▼ Commercial Bank of Dubai CBD.DU 6.000 (4.76%) 13,453,123 3,663,285 856.7 5,153.7 8.500 5.800 ▼ Dubai Islamic Bank DISB.DU 6.040 (2.27%) 23,880,656 6,502,703 109,204.3 601,319.4 7.670 4.940 ═ Emirates Islamic Bank EIB.DU 1.510 0.00% 5,934,937 1,616,083 - - NA NA ▲ Emirates NBD ENBD.DU 7.690 3.92% 42,739,290 11,637,909 16,872.6 115,046.6 10.950 6.250 ▲ Gulf Finance House GFH.DU 0.558 13.65% 1,259,174 342,873 2,103,859.5 1,072,902.2 0.869 0.186 ▲ Mashreq Bank MASB.DU 85.00 3.66% 14,371,543 3,913,371 13.4 1,137.6 148.00 79.20 ▼ Al Salam Bank - Bahrain SALAM.DU 0.829 (9.60%) 1,774,832 483,287 28,918.3 24,012.1 1.560 0.735 ▲ Banking 0.68% 109,094,669 29,706,478 2,745,488.8 2,414,520.8 ═ Dubai Refreshments Co. DRC.DU 20.500 0.00% 1,845,000 502,394 - - 22.500 18.45 ▼ Dubai Parks And Resorts DUBA.DU 1.090 (3.54%) 6,890,793 1,876,363 102,897.6 110,648.5 1.320 0.68 ═ Gulfa Mineral Water & Processing Ind. Co. GULF.DU 3.500 0.00% 87,500 23,826 1.0 3.5 3.700 2.890 ═ Emirates Refreshments Co. ERC.DU 4.900 0.00% 147,000 40,028 - - 4.900 4.890 ▲ Marka MARKA.DU 1.250 4.17% 625,000 170,188 1,723.7 2,097.0 1.450 1.080 ═ United Foods Co. UFC.DU 6.300 0.00% 173,250 47,176 - - 6.300 6.300 ═ United Kaipara Dairies Co. UNIK.DU 9.08 0.00% 274,670 74,793 - - 7.910 6.880 ▼ Consumer Staples (2.22%) 10,043,213 2,734,767 104,622.4 112,749.0 ═ Al Firdous Holding PJSC* ALFH.DU 0.700 0.00% 420,000 114,366 - - NA NA ▼ Al-Madina for Finance & Investment MADI.DU 0.335 (19.28%) 136,367 37,133 25,650.9 9,131.4 0.733 0.300 ▼ Al Salam Group Holding SAGH.DU 0.365 (18.89%) 98,419 26,799 1,394.5 486.4 0.870 0.300 ▼ Dubai Financial Market DFM.DU 1.190 (3.25%) 9,520,000 2,592,296 229,348.8 252,843.4 2.240 0.980 ▼ Dubai Investment DINV.DU 1.770 (12.38%) 7,167,690 1,951,762 403,814.1 660,028.0 3.200 1.480 ▼ Ekttitab Holding Co. EKTT.DU 0.320 (15.12%) 101,960 27,764 8,624.4 2,733.2 0.610 0.255 ▼ Gulf General Investment Co. GGIC.DU 0.531 (19.18%) 951,198 259,011 143,985.8 82,104.0 1.200 0.486 ▼ Int'l Financial Advisors Co. IFIN.DU 0.530 (10.17%) 381,600 103,910 100.0 53.1 0.600 0.423 ▼ SHUAA Capital SHUA.DU 0.351 (13.55%) 373,815 101,790 40,171.4 14,619.6 0.830 0.305 ▼ Investment & Financial (8.30%) 19,151,048 5,214,830 853,089.9 1,021,999.1 ═ Alliance Insurance ALL.DU 383.50 0.00% 383,500 104,427 - - NA NA ▼ Dubai Islamic Ins.& Reins Co.(AMAN) AMAN.DU 0.487 (10.64%) 109,940 29,937 4,029.1 1,957.3 0.770 0.406 ═ Orient Insurance Co. AOIC.DU 88.35 0.00% 441,750 120,289 - - NA NA ▼ Arab Insurance Group ARIG.DU 1.630 (18.50%) 358,600 97,647 5.7 9.8 2.100 1.630 ═ Arabian Scandinavian Insurance Co. ASCI.DU 2.150 0.00% 331,100 90,159 - - 2.360 2.140 ═ Al Sagr National Insurance Co. ASNC.DU 4.550 0.00% 1,046,500 284,962 5,700.0 25,935.0 4.550 4.550 ▲ Takaful House DTKF.DU 0.433 2.36% 43,300 11,791 1,202.1 496.1 0.790 0.370 ▼ Dubai Insurance Co. DINC.DU 2.250 (10.00%) 225,000 61,268 9.3 21.0 2.750 1.840 ═ Dubai National Insurance & Reinsurance DNIN.DU 2.400 0.00% 277,200 75,482 39.3 93.6 3.400 2.250 ▼ Islamic Arabic Insurance Co. IAIC.DU 0.344 (12.69%) 416,240 113,342 157,165.6 54,931.7 0.675 0.301 ▼ National General Insurance NGIN.DU 3.420 (10.00%) 512,843 139,647 10.0 34.2 3.800 3.310 ▼ Oman Insurance Co. OIC.DU 1.760 (18.52%) 812,895 221,351 100.0 176.4 2.900 1.760 ▼ Takaful Emarat TKFE.DU 1.480 (16.85%) 222,000 60,451 10,701.4 15,240.2 2.170 0.900 ▼ Insurance (8.25%) 5,180,868 1,410,750 178,962.5 98,895.4 ▲ National Cement Co. NCC.DU 3.500 0.57% 1,255,800 341,954 23.9 83.4 5.170 3.020 ▼ National Industries Group Holding NIND.DU 1.450 (9.94%) 1,971,790 536,918 19.6 28.4 3.54 1.45 ▼ Industrials (6.12%) 3,227,590 878,873 43.5 111.8

Page 15 KAMCO Research Dubai Financial Market Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value Change % Change % Change % Change January-2016 DFM General Index ▼ 2,997.77 (153.23) (4.86%) (4.86%) (16.51%)

Company Name Reuters Closing Monthly % Current Market Current Market Monthly Volume 52-Week High 52-Week Low

Ticker Price (AED) Change Cap. ('000 AED) Cap. ('000 USD) ('000 Shares) Monthly Value ('000 AED) (AED) (AED)

▼ Arabtec Holding P.J.S.C. ARTC.DU 1.200 (4.00%) 5,274,360 1,436,208 1,680,569.9 1,993,691.2 3.280 0.930 ═ DAMAC Properties Dubai DAMAC.DU 2.320 0.00% 11,600,000 3,158,680 108,635.9 237,996.4 3.870 1.830 ═ Dubai Development. DDC.DU 4.550 0.00% 45,500 12,390 - - 4.550 4.550 ▼ Deyaar Development DEYR.DU 0.457 (11.09%) 2,640,546 719,021 196,023.2 86,979.5 0.951 0.391 ▼ Drake and Scull International DSI.DU 0.335 (19.47%) 766,033 208,591 429,604.0 148,141.5 0.925 0.291 ▼ EMAAR Properties EMAR.DU 5.110 (10.19%) 36,586,266 9,962,440 368,552.9 1,784,930.7 8.390 4.220 ▼ EMAAR Malls Group EMAA.DU 2.400 (13.04%) 31,234,320 8,505,105 115,168.1 266,777.4 3.500 2.020 ═ Al Mazaya Holding Co. MAZA.DU 1.700 0.00% 849,111 231,213 - - 1.700 1.350 ▼ Union Properties UPRO.DU 0.635 (14.42%) 2,357,094 641,837 272,914.8 174,799.0 1.560 0.550 ▼ Real Estate (9.84%) 91,353,230 101,322,537 3,171,468.7 4,693,315.6

▲ Emirates Integrated Telecom. (DU) DU.DU 5.400 5.88% 24,685,714 6,721,920 18,344.8 93,970.5 5.590 4.630 ▼ Hits Telecom Holding Co. HITS.DU 0.316 (10.99%) 227,810 62,033 144,401.1 46,633.8 0.465 0.284 ▲ Telecommunication 5.70% 24,913,524 6,783,953 162,745.9 140,604.3 ▼ Air Arabia Co. AIRA.DU 1.200 (11.76%) 5,600,040 1,524,891 234,298.9 282,609.7 1.730 1.090 ▼ Aramex ARMX.DU 2.930 (7.28%) 4,289,813 1,168,116 29,656.0 85,930.6 3.650 2.550 ▲ Gulf Navigation Holding GNAV.DU 0.829 33.71% 457,332 124,531 157,946.5 107,924.4 0.844 0.207 ═ Agility (PWC Logistics) WARE.DU 12.35 0.00% 13,574,855 3,696,433 - - 14.100 11.400 ▼ Transportation (3.89%) 23,922,040 6,513,971 421,901.5 476,464.7

▼ National General Cooling Co. (Tabreed) TABR.DU 0.985 (17.92%) 649,177 176,771 68,535.6 68,890.6 1.780 0.913 ═ Amanat Holdings AMANT.DU 0.800 0.00% 2,000,000 544,600 265,478.4 213,696.4 0.999 0.615 ▼ Services (4.65%) 2,649,177 721,371 334,014.0 282,587.0

▼ Subtotal: Dubai Financial Market (3.86%) 289,535,360 155,287,531 7,972,337.1 9,241,248

Page 16 KAMCO Research

Abu Dhabi Securities Exchange Monthly Databank January-2016

Index Performance relative to Volume Sector Returns

4,900 1,000 Monthly YTD Index Value % Chg % Chg 900 ADX 4,054.37 (5.9%) (5.9%) 800 4,600 Banks 6,834.72 (9.1%) (9.1%) 700 Investment & Fin. Serv. 2,762.60 (8.1%) (8.1%)

600 Real Estate 3,471.84 (2.4%) (2.4%)

4,300 500 Energy 869.28 (14.3%) (14.3%)

Vol. Traded (Mln.Shares) Traded Vol. Consumer Staples 2,872.91 (4.5%) (4.5%) 400 ADX Value ADX IndexGeneral Industrial 2,200.04 (5.3%) (5.3%) 300 4,000 Insurance 1,781.73 (0.3%) (0.3%) 200 Telecommunication 4,001.16 0.3% 0.3%

100 Services 2,601.51 (1.2%) (1.2%)

3,700 0 Jul-15 Oct-15 Apr-15 Jan-16 Jan-15 Jun-15 Feb-15 Mar-15 Aug-15 Sep-15 Nov-15 Dec-15 May-15

Monthly Top Movers and Most Active Stocks Trading Indicators

Closing Monthly Monthly YTD-16 FY-2015 Price Monthly Value Best Return Performers Market Return (AED) % Chg ('000 AED) Value Chg % Chg % Chg % Chg

Commercial Bank International 2.39 29.2% 277 ADX General Index 4,054.37 (252.89) (5.9%) (5.9%) (4.9%)

National Bank of Fujairah 5.31 14.9% 16 Market Cap (AED Mn) 411,617 (16,522) (3.9%) (3.9%) (7.7%)

Emirates Driving Co. 5.80 14.9% 657

Sharjah Group Co. 1.50 11.1% 1 Trading Indicators Monthly Monthly Monthly Average Daily

National Corp for Tourism & Hotels 3.80 8.6% 38 Value Chg % Chg YTD-16 YTD-15

Volume (Mn Shares) 1,534 (261) (14.6%) 73.1 230.6 Price Monthly Value Worst Return Performers (AED) % Chg ('000 AED) Value Traded (AED Mn) 3,308 (1,812) (35.4%) 157.5 584.7

Union National Bank 3.48 (25.6%) 101,663 No. of Trades 32,127 2,728 9.3% 1,530 3,443

International Fish Farming Co. 5.20 (25.2%) 23

Invest Bank 1.60 (20.0%) 3,147

Dana Gas 0.43 (15.7%) 239,411 Market Breadth Methaq Takaful Insurance Co. 0.52 (13.3%) 11,951 10 35 21

Price Monthly Value Price Value Volume Monthly Most Active Stocks by Value Most Active Stocks by Volume (AED) % Chg ('000 AED) (AED) (AED Mn) ('000 Shrs) % Chg

Emirates Telecom. Co. 16.15 0.3% 831,227 Dana Gas 0.43 239,411 529,721 (15.7%)

AL DAR Properties Co. 2.29 (1.3%) 614,663 AL DAR Properties Co. 2.29 614,663 294,438 (1.3%)

First Gulf Bank 11.35 (10.3%) 611,173 Eshraq Properties Co. 0.52 121,142 250,857 (5.5%)

Abu Dhabi Commercial Bank 6.00 (9.0%) 278,466 Ras Al Khaimah Properties 0.48 35,823 73,129 (12.7%)

Dana Gas 0.43 (15.7%) 239,411 First Gulf Bank 11.35 611,173 56,914 (10.3%)

Source: KAMCO Research & ADX

Page 17 KAMCO Research

Abu Dhabi Securities Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value Change % Change % Change % Change January-2016 ADX General Index ▼ 4,054.37 (252.89) (5.87%) (5.87%) (4.89%) Monthly Value Reuters Monthly % Mkt. Cap Mkt. Cap Monthly Volume 52-Week 52-Week Company Name Closing Price (AED) Traded Ticker Change ('000 AED) ('000 USD) ('000 Shares) High (AED) Low (AED) ('000 AED) ▼ Abu Dhabi Commercial Bank ADCB.AD 6.00 (8.95%) 33,573,584 9,142,087 48,479.5 278,465.6 8.91 5.05 ▼ Abu Dhabi Islamic Bank ADIB.AD 3.55 (9.90%) 10,650,363 2,900,094 29,685.6 101,886.7 6.71 4.12 ▼ Bank Of Sharjah BOS.AD 1.48 (3.90%) 3,108,000 846,308 10,597.7 15,971.9 2.20 1.44 ▲ Commercial Bank International CBI.AD 2.39 29.19% 4,152,345 1,130,684 134.1 277.1 2.25 1.50 ▼ First Gulf Bank FGB.AD 11.35 (10.28%) 51,075,000 13,907,723 56,914.2 611,173.1 19.35 12.95 ▼ Finance House FH.AD 1.91 (11.16%) 577,775 157,328 305.0 623.8 4.80 2.70 ▼ Invest Bank INVB.AD 1.60 (20.00%) 2,310,000 629,013 1,940.1 3,146.8 3.05 2.21 ▼ National Bank Of Abu Dhabi NBAD.AD 7.67 (3.64%) 36,325,975 9,891,563 14,795.4 107,759.4 14.50 8.51 ▲ National Bank of Fujairah NBF.AD 5.31 14.94% 5,841,000 1,590,504 3.0 15.9 5.39 4.06 ═ National Bank of Umm Al-Qaiwain NBQ.AD 3.30 0.00% 5,544,000 1,509,631 7.4 23.7 3.75 2.87 ▼ National Bank of Ras Al-Khaimah RAKB.AD 5.45 (12.80%) 9,135,539 2,487,607 3,043.7 16,353.1 9.65 6.67 ▼ Sharjah Islamic Bank SIB.AD 1.39 (7.33%) 3,371,445 918,044 7,939.7 10,639.3 2.07 1.47 ▼ United Arab Bank UAB.AD 4.84 (10.04%) 5,545,970 1,510,168 166.6 806.4 7.00 5.50 ▼ Union National Bank UNB.AD 3.48 (25.64%) 9,574,964 2,607,263 26,247.8 101,662.8 7.15 4.55

▼ Banks (11.74%) 180,785,961 49,228,017 200,259.7 1,248,805.6 ═ AL Khaleej Investment KICO.AD 2.45 0.00% 245,000 66,714 - - 3.56 2.45 ═ Oman & Emirates Inv. Holding Co. OEIH.AD 1.38 0.00% 168,188 45,797 - - 1.38 1.08 ▼ Waha Capital Co. WAHA.AD 1.98 (8.33%) 3,850,139 1,048,393 48,315.0 92,417.0 3.30 2.11

▼ Investment & Financial Services (8.01%) 4,018,327 1,094,190 48,315.0 92,417.0 ▼ AL DAR Properties Co. ALDR.AD 2.29 (1.29%) 18,005,422 4,902,876 294,438.3 614,662.8 3.48 1.89 ▼ Eshraq Properties Co. ESHR.AD 0.52 (5.45%) 1,209,000 329,211 250,857.3 121,141.5 1.35 0.55 ▼ Ras Al Khaimah Properties RPRO.AD 0.48 (12.73%) 960,000 261,408 73,128.7 35,823.4 0.94 0.49 ▲ Sharjah Group Co. SG.AD 1.50 11.11% 118,352 32,227 1.0 1.4 1.50 1.35

▼ Real Estate (6.20%) 20,174,422 5,493,495 618,424.3 771,627.7 ▼ Dana Gas PJSC DANA.AD 0.43 (15.69%) 2,838,000 772,787 529,720.8 239,410.6 0.67 0.38 ▼ Abu Dhabi National Energy TAQA.AD 0.43 (8.51%) 2,676,750 728,879 10,043.6 4,229.4 1.05 0.48

▼ Energy (12.35%) 5,514,750 1,501,666 539,764.4 243,639.9 ▼ AGTHIA Group AGTH.AD 7.40 (3.52%) 4,440,000 1,209,012 2,240.8 16,279.1 9.01 4.95 ▼ International Fish Farming Co. ASMK.AD 5.20 (25.18%) 442,000 120,357 4.2 23.2 8.37 4.74 ═ FOODCO Holding Company FOOD.AD 4.00 0.00% 400,000 108,920 - - 4.70 3.50 ▼ Ras Al Khaimah Poultry & Feeding Co. RAKP.AD 2.24 (9.68%) 193,536 52,700 42.9 96.1 1.65 1.27

▼ Consumer Staples (5.48%) 5,475,536 1,490,988 2,287.9 16,398.4 ▼ Arkan Building Materials Co. ARKN.AD 0.88 (2.22%) 1,540,000 419,342 1,507.6 1,284.9 1.72 0.83 ═ Fujairah Building Industrial Co. FBI.AD 1.71 0.00% 232,539 63,320 - - 1.90 1.31 ═ Fujairah Cement Industries Co. FCI.AD 1.25 0.00% 444,832 121,128 1,843.0 2,211.7 1.35 1.25 ▼ Gulf Cement Co. GCEM.AD 0.93 (3.12%) 763,620 207,934 326.1 295.6 1.57 0.95 ▼ Umm Al-Qaiwain Cement Industries Co. QCEM.AD 0.90 (10.00%) 326,700 88,960 26.0 23.4 1.40 1.08 ═ Ras Al Khaimah Cement Co. RKCC.AD 0.90 0.00% 503,118 136,999 2,944.5 2,569.3 1.14 0.65 ▼ Ras Al Khaimah Ceramic Co. RKCE.AD 3.09 (11.46%) 2,296,496 625,336 12,632.6 40,285.1 4.00 2.66 ▼ Ras Al Khaimah White Cement RAKC.AD 1.27 (9.93%) 635,199 172,965 10.0 12.7 1.84 1.17 ▼ Sharjah Cement & Industrial Development Co. SCID.AD 1.03 (5.50%) 569,547 155,088 4,714.5 4,896.8 1.24 0.96 ═ Union Cement Co. UCC.AD 1.19 0.00% 796,631 216,923 32.4 37.8 1.45 0.99 ▲ Abu Dhabi Ship Building Co. ADSB.AD 2.99 3.10% 633,856 172,599 104.1 289.7 4.00 1.30 ▼ Abu Dhabi National Co. for Building Materials BILD.AD 0.41 (8.89%) 123,000 33,493 1,251.9 522.3 1.06 0.47 ▼ Gulf Pharmaceutical Co. GPHI.AD 2.49 (0.40%) 2,614,500 711,928 4,764.9 11,965.9 3.24 2.38

▼ Industrial (4.41%) 11,480,037 3,126,014 30,157.7 64,395.1

Page 18 KAMCO Research

Abu Dhabi Securities Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value Change % Change % Change % Change January-2016 ADX General Index ▼ 4,054.37 (252.89) (5.87%) (5.87%) (4.89%) Monthly Value Reuters Monthly % Mkt. Cap Mkt. Cap Monthly Volume 52-Week 52-Week Company Name Closing Price (AED) Traded Ticker Change ('000 AED) ('000 USD) ('000 Shares) High (AED) Low (AED) - ('000 AED) ▲ Al Buhaira National Insurance Co. ABNI.AD 2.70 8.00% 675,000 183,803 2,909.9 7,279.8 3.00 2.43 ▲ Abu Dhabi National Insurance Co. ADNI.AD 2.90 0.69% 1,087,500 296,126 8.5 24.8 6.90 3.10 ═ Al Fujairah National Insurance Co. AFNI.AD 300.00 0.00% 300,000 81,690 - - 300.00 300.00 ═ Al Khazna Insurance Co. AKIC.AD 0.29 0.00% 121,800 33,166 1,092.8 316.5 0.65 0.33 ═ Al Ain Al Ahlia Insurance Co. AAIC.AD 60.00 0.00% 900,000 245,070 - - 60.00 38.75 ═ Al Wathba National Insurance Co. AWNI.AD 4.50 0.00% 931,500 253,647 - - 5.35 4.33 ═ Al Dhafra Insurance Co. DHAF.AD 4.80 0.00% 480,000 130,704 - - 7.70 4.80 ═ Emirates Insurance Co. EIC.AD 6.72 0.00% 907,200 247,031 - - 7.70 6.80 ═ Green Crescent Insurance Co. GCIC.AD 0.75 0.00% 75,000 20,423 - - 1.15 0.47 ▼ Methaq Takaful Insurance Co. METH.AD 0.52 (13.33%) 78,000 21,239 23,622.2 11,950.5 1.35 0.59 ═ Ras Al Khaimah National Insurance Co. RAKN.AD 4.10 0.00% 451,000 122,807 - - 4.10 3.60 ═ Sharjah Insurance Co. SIC.AD 3.85 0.00% 529,375 144,149 - - 3.90 3.85 ▼ Abu Dhabi National Takaful Co. TKFL.AD 4.26 (9.94%) 426,000 116,000 0.5 2.1 7.24 5.25 ═ United Insurance Co. UIC.AD 2.00 0.00% 200,000 54,460 - - NA NA ═ Union Insurance Co. UNIN.AD 1.21 0.00% 400,436 109,039 10,384.5 12,559.3 1.20 1.00 ═ Insurance House IH.AD 0.81 0.00% 97,200 26,468 - - 1.14 0.81 ═ National Takaful Co. (Watania) WATA.AD 1.08 0.00% 162,000 44,113 - - 1.19 0.58

▼ Insurance (0.02%) 7,822,011 2,129,934 38,018.4 32,133.0 ▲ Emirates Telecom. Co. ETEL.AD 16.15 0.31% 140,452,577 38,245,237 51,826.7 831,227.3 15.85 10.35 ▲ Ooredoo ORDS.AD 80.00 8.11% 25,625,600 6,977,851 0.1 4.5 143.50 73.90 ▼ Sudan Telecom. Co. SDTL.AD 0.52 (1.89%) 584,950 159,282 3,196.3 1,527.5 1.01 0.54

▼ Telecommunication (5.86%) 166,663,127 45,382,369 55,023.0 832,759.3 ▼ Abu Dhabi Aviation Co. ADAV.AD 2.85 (5.00%) 1,267,644 345,179 719.9 2,016.8 3.90 2.70 ▼ Abu Dhabi National Hotels ADNH.AD 2.85 (1.72%) 2,850,000 776,055 805.9 2,353.6 4.00 2.23 ▲ Emirates Driving Co. DRIV.AD 5.80 14.85% 520,761 141,803 126.0 657.3 7.00 4.30 ▼ Gulf Medical Projects GMPC.AD 2.20 (12.00%) 1,464,396 398,755 145.4 344.6 2.86 1.71 ▲ National Corp for Tourism & Hotels NCTH.AD 3.80 8.57% 2,052,000 558,760 10.0 38.0 6.99 3.80 ▼ National Marine Dredging Co. NMDC.AD 5.11 (6.75%) 1,164,306 317,040 8.0 39.3 7.65 4.30

▼ Services (1.81%) 9,319,106 2,537,593 1,815.3 5,449.5

▼ Abu Dhabi Securities Exchange (8.44%) 411,253,277 111,984,267 1,534,065.7 3,307,625.5

Page 19 KAMCO Research

Qatar Exchange Monthly Databank January-2016

Index Performance relative to Volume Sector Returns

13,000 90 Monthly YTD Index Value % Chg % Chg 12,500 80

12,000 Qatar Exchange 9,481.30 (9.1%) (9.1%) 70

11,500 Banks & Fin. Serv. 2,545.74 (9.3%) (9.3%) 60

11,000 Cons. Goods & Serv. 5,248.63 (12.5%) (12.5%) 50 QE QE 20 Index Value 10,500 Industrials 2,847.73 (10.6%) (10.6%) Vol. Vol. TradedShares)(Mln 40 Insurance 4,058.22 0.6% 0.6% 10,000 30 Real Estate 2,053.99 (11.9%) (11.9%) 9,500

20 Telecoms 984.62 (0.2%) (0.2%) 9,000 Transportation 2,205.10 (9.3%) (9.3%) 8,500 10

8,000 0 Jul-15 Apr-15 Oct-15 Jan-15 Jun-15 Jan-16 Feb-15 Mar-15 Aug-15 Sep-15 Nov-15 Dec-15 May-15

Monthly Top Movers and Most Active Stocks Trading Indicators

Closing Monthly Monthly YTD-16 YTD-15 Price Monthly Value Best Return Performers Market Return (QAR) % Chg ('000 QAR) Value Chg % Chg % Chg % Chg

Ooredoo 79.30 5.7% 163,085 QE 20 Index 9,481.30 (948.06) (9.1%) (9.1%) (15.1%)

Al Ahli Bank of Qatar 48.00 4.2% 8,682 Market Cap (QAR Mn) 506,722 (46,612) (8.4%) (8.4%) (18.2%)

Qatar General Insurance & Reins. Co. 52.00 1.8% 9,820

Qatar International Islamic Bank 65.30 1.6% 75,106 Monthly Monthly Monthly Average Daily Trading Indicators Qatar Insurance Co. 83.00 1.2% 61,184 Value Chg % Chg YTD-16 YTD-15

Volume ('000 Shares) 149,706 5,537 3.8% 7,129 10,386 Price Monthly Value Worst Return Performers (QAR) % Chg ('000 QAR) Value Traded (QAR Mn) 5,050 (806) (13.8%) 240 504

Dlala Brokerage & Inv. Hldg. Co. 12.85 (30.5%) 29,205 No. of Trades 84,665 843 1.0% 4,032 6,278

Islamic Holding Group 55.90 (29.0%) 108,055

Medicare Group 87.80 (26.4%) 69,589

Qatari Investors Group 28.40 (24.7%) 98,908 Market Breadth Qatari German Co. for Medical Devices 10.45 (23.8%) 46,850 5 37 1

Price Monthly Value Price Value Volume Monthly Most Active Stocks by Value Most Active Stocks by Volume (QAR) % Chg ('000 QAR) (QAR) (QAR 000's) (Shares 000's) % Chg

Gulf International Services 42.90 (16.7%) 659,071 Gulf International Services 42.90 659,071 15,411 (16.7%)

Qatar National Bank 163.90 (6.3%) 657,377 Vodafone Qatar 10.64 160,271 14,787 (16.2%)

Masraf Al Rayan 34.00 (9.6%) 389,979 Ezdan Holding Group Co. 14.41 195,957 14,527 (9.4%)

Industries Qatar 104.80 (5.7%) 316,478 Masraf Al Rayan 34.00 389,979 11,836 (9.6%)

Barwa Real Estate Co. 32.80 (18.0%) 306,624 Mazaya Qatar R.E Development Co. 11.59 124,154 10,510 (18.4%)

Source: KAMCO Research & Qatar Exchange

Page 20 KAMCO Research

Qatar Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value Change % Change % Change % Change January-2016

QE 20 Index ▼ 9,481.30 (948.06) (9.09%) (9.09%) (15.11%)

Closing Current Market Current Market Monthly Volume ('000 Monthly Value 52-Week 52-Week Company Name Reuters Ticker Monthly % Change Price (QAR) Cap ('000 QAR) Cap ('000 USD) Shares) ('000 QAR) High (QAR) Low (QAR)

▼ Qatar National Bank QNBK.QA 163.90 (6.34%) 114,685,655 31,504,149 4,230 657,377 208.50 147.00 ▼ Qatar Islamic Bank QISB.QA 88.00 (17.53%) 20,793,802 5,712,057 2,857 247,701 121.00 75.10 ▼ Commercial Bank of Qatar COMB.QA 41.20 (10.24%) 13,457,123 3,696,672 3,842 153,420 72.00 36.90 ▼ Doha Bank DOBK.QA 36.30 (18.43%) 9,378,913 2,576,387 7,341 275,573 59.00 33.45 ▲ Ahli Bank AABQ.QA 48.00 4.23% 8,722,428 2,396,051 190 8,682 59.40 41.35 ▲ Qatar International Islamic Bank QIIB.QA 65.30 1.56% 9,884,379 2,715,239 1,243 75,106 90.10 52.10 ▼ Masraf Al Rayan MARK.QA 34.00 (9.57%) 25,500,000 7,004,850 11,836 389,979 51.70 28.60 ▼ Al Khaleej Commercial Bank KCBK.QA 17.25 (4.01%) 6,210,000 1,705,887 920 15,789 22.75 16.01 ▼ National Leasing Holding NLCS.QA 11.90 (15.60%) 588,814 161,747 2,896 34,654 23.00 10.90 ▼ Dlala Brokerage & Investment Hldg. Co. DBIS.QA 12.85 (30.50%) 365,146 100,305 2,179 29,205 47.90 12.35 ▼ Qatar Oman Investment Co. QOIS.QA 10.69 (13.09%) 336,735 92,501 1,280 13,681 17.25 9.90 ▼ Islamic Holding Group IHGS.QA 55.90 (28.97%) 335,400 92,134 1,678 108,055 150.00 51.60 ▼ Banking & Financial Services (8.19%) 210,258,395 57,757,981 40,492 2,009,222 ▼ Zad Holding Co. ZHCD.QA 71.40 (15.80%) 933,988 256,567 7 473 106.00 65.50 ▼ Qatari German Co. for Medical Devices QGMS.QA 10.45 (23.83%) 120,698 33,156 4,400 46,850 19.89 9.30 ▼ Salam International Investment SALM.QA 10.40 (12.01%) 1,188,872 326,583 8,702 89,129 17.20 8.99 ▼ Medicare Group MCGS.QA 87.80 (26.40%) 2,471,052 678,798 807 69,589 204.00 73.40 ▼ Qatar Cinema & Film Distribution QCFD.QA 28.15 (17.21%) 176,804 48,568 5 166 52.00 28.15 ▼ Qatar Fuel Co. (Wokod) QFLS.QA 137.20 (6.98%) 11,587,826 3,183,176 1,062 135,288 225.00 108.00 ▼ Widam(Qatar Meat & Livestock Co.) WDAM.QA 43.30 (17.99%) 779,400 214,101 206 9,212 65.00 38.70 ▼ Al Meera Consumer Goods Co. MERS.QA 192.50 (12.50%) 3,850,000 1,057,595 280 53,333 288.90 165.30 ▼ Consumer Goods & Services (12.04%) 21,108,640 5,798,543 15,469 404,040 ▼ Qatar Industrial Manufacturing Co. QIMC.QA 37.15 (6.78%) 1,765,368 484,947 103 3,742 52.50 34.00 ▼ Qatar National Cement QANC.QA 90.00 (11.76%) 4,860,959 1,335,305 703 64,026 146.00 85.40 ▼ Industries Qatar IQCD.QA 104.80 (5.67%) 63,404,000 17,417,079 3,250 316,478 157.00 88.00 ▼ Qatari Investors Group (Gulf Holding) QIGD.QA 28.40 (24.67%) 3,530,880 969,933 3,483 98,908 56.50 23.15 ▼ Qatar Electricity & Water Co. QEWC.QA 187.00 (13.59%) 20,570,000 5,650,579 506 96,014 228.00 175.10 ▼ Mannai Corporation MCCS.QA 86.70 (9.02%) 3,955,185 1,086,489 64 5,459 117.40 80.10 ▼ Aamal Co. AHCS.QA 12.20 (12.79%) 7,686,000 2,111,344 2,627 31,303 19.29 10.60 ▼ Gulf International Services GISS.QA 42.90 (16.70%) 7,972,573 2,190,066 15,411 659,071 112.50 36.05 ▼ Mesaieed Petrochemical Holding Co. MPHC.QA 17.50 (9.79%) 21,985,556 6,039,432 3,199 52,397 30.90 14.01 ▼ Industrials (9.64%) 135,730,522 37,285,174 29,347 1,327,397 ▲ Qatar Insurance Co. QINS.QA 83.00 1.22% 15,323,579 4,209,387 799 61,184 108.50 69.00 ═ Doha Insurance Co. DICO.QA 21.00 0.00% 1,050,000 288,435 70 1,434 28.95 18.50 ▲ Qatar General Insurance & Reins. Co. QGIR.QA 52.00 1.76% 4,136,681 1,136,346 196 9,820 77.90 41.15 ▼ Al Khaleej Takaful Group KINS.QA 28.00 (8.20%) 714,781 196,350 111 3,073 55.90 25.80 ▼ Qatar Islamic Insurance QIIC.QA 67.90 (5.69%) 1,018,500 279,782 100 6,490 90.00 59.10 ▲ Insurance 0.59% 22,243,541 6,110,301 1,277 82,001 ▼ United Development Co. UDCD.QA 18.45 (11.08%) 6,532,891 1,794,585 3,637 66,684 26.40 16.50 ▼ Barwa Real Estate Co. BRES.QA 32.80 (18.00%) 12,763,288 3,506,075 9,306 306,624 54.40 28.00 ▼ Ezdan Holding Group Co. ERES.QA 14.41 (9.37%) 38,222,477 10,499,715 14,527 195,957 21.78 12.10 ▼ Mazaya Qatar Real Estate Dev. Co. MRDS.QA 11.59 (18.38%) 1,216,950 334,296 10,510 124,154 22.17 10.50 ▼ Real Estate (11.78%) 58,735,607 16,134,671 37,980 693,419

Page 21 KAMCO Research

Qatar Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value Change % Change % Change % Change January-2016

QE 20 Index ▼ 9,481.30 (948.06) (9.09%) (9.09%) (15.11%)

▲ Ooredoo (formerly Q-Tel) ORDS.QA 79.30 5.73% 25,401,376 6,977,758 2,218 163,085 119.00 60.00 ▼ Vodafone Qatar VFQS.QA 10.64 (16.22%) 8,995,056 2,470,942 14,787 160,271 19.50 9.70 ▼ Telecoms (1.05%) 34,396,432 9,448,700 17,005 323,356 ▼ Qatar Navigation QNNC.QA 89.40 (5.89%) 10,238,553 2,812,530 544 47,884 109.90 84.00 ▼ Gulf Warehousing Co. GWCS.QA 47.90 (15.82%) 2,278,171 625,813 251 11,559 85.50 40.05 ▼ Qatar Gas Transport Co. QGTS.QA 20.95 (10.28%) 11,732,000 3,222,780 7,342 150,727 25.30 18.70 ▼ Transportation (9.05%) 24,248,724 6,661,124 8,137 210,171

▼ Subtotal: Qatar Exchange (8.42%) 506,721,860 139,196,495 149,706 5,049,605.20

Page 22 KAMCO Research

Bahrain Bourse Monthly Databank January-2016

Index Performance relative to Volume Sector Returns

1,550 70 Monthly YTD % Chg 1,500 Index Value % Chg 60 1,450 Bahrain Bourse 1,187 (2.4%) (2.4%)

1,400 50 Commercial Banks 2,347 (4.7%) (4.7%) 1,350 Investment 641 4.4% 4.4% 40 1,300 Insurance 1,649 (0.3%) (0.3%) 1,250 30 Vol. Traded (Mln. Shares) (Mln. Traded Vol. Services 1,308 (4.0%) (4.0%) Bahrain All Index Share All Bahrain 1,200 Hotels & Tourism 3,703 (2.0%) (2.0%) 1,150 20 Industrial 568 (6.2%) (6.2%) 1,100 10 1,050

1,000 0 Jul-15 Oct-15 Apr-15 Jan-16 Jan-15 Jun-15 Feb-15 Mar-15 Nov-15 Dec-15 Aug-15 Sep-15 May-15

Monthly Top Movers and Most Active Stocks Trading Indicators

Closing Monthly Monthly YTD-16 YTD-15 Price Monthly Value Best Return Performers Market Return (BHD) % Chg ('000 BHD) Value Chg % Chg % Chg % Chg

Arab Banking Corporation. (USD) 0.500 17.6% 108.6 Bahrain All Share Index 1,187.10 (28.79) (2.4%) (2.4%) (14.8%)

Bahrain Duty Free Complex 0.895 4.1% 210.5 Market Cap (BHD Mln) 7,024.95 (104.84) (1.5%) (1.5%) (11.4%)

Bahrain Toursim Co. 0.228 1.8% 11.6

Monthly Monthly Monthly Average Daily Trading Indicators Value Chg % Chg YTD-16 YTD-15

Volume ('000 Shares) 23,428 (16,053) (40.7%) 1,171 4,558 Price Monthly Value Worst Return Performers (BHD) % Chg ('000 BHD) Value Traded (BHD '000) 3,855 (3,384) (46.7%) 193 1,093

ITHMAR Bank (USD) 0.110 (26.7%) 169.5 No. of Trades 759 (277) (26.7%) 38 66

Bank of Bahrain and Kuwait 0.392 (10.1%) 419.1

Bahrain Cinema Co. 1.170 (10.0%) 7.4

Al Salam Bank 0.083 (9.8%) 108.4 Market Breadth AlKhaleeji Commercial Bank 0.065 (8.5%) 333.5 3 18 19

Price Monthly Value Price Value Volume Monthly Most Active Stocks by Value Most Active Stocks by Volume (BHD) % Chg ('000 BHD) (BHD) ('000 BHD) (Shares) % Chg

Zain Bahrain B.S.C 0.168 (6.7%) 925 AlKhaleeji Commercial Bank 0.065 334 5,257,181 (8.5%)

Bank of Bahrain and Kuwait 0.392 (10.1%) 419 Zain Bahrain B.S.C 0.168 925 5,207,260 (6.7%)

Ahli United Bank (USD) 0.680 (2.2%) 378 ITHMAR Bank (USD) 0.110 169 3,505,236 (26.7%)

National Bank of Bahrain 0.690 (1.4%) 335 Ahli United Bank (USD) 0.680 378 1,520,676 (2.2%)

AlKhaleeji Commercial Bank 0.065 (8.5%) 334 Al Salam Bank 0.083 108 1,244,815 (9.8%)

Source: KAMCO Research

Page 23 KAMCO Research

Bahrain Bourse Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value Change % Change % Change % Change January-2016 Bahrain All Share Index ▼ 1,187.10 (28.79) (2.37%) (2.37%) (14.77%)

Reuters Current Monthly % Current Mkt. Current Mkt. Monthly Volume Monthly Value ('000 52-Week 52-Week Company Name Ticker Price (BHD) Change Cap ('000 BHD) Cap ('000 USD) ('000 Shares) BHD) High (BHD) Low (BHD)

▼ Ahli United Bank (Price in USD) AUBB.BH 0.680 (2.16%) 1,664,320 4,414,443 1,520.7 377.6 0.840 0.135 ▼ Bahrain Islamic Bank BISB.BH 0.140 (2.10%) 132,870 352,424 29.4 4.0 0.153 0.100 ▼ Bank of Bahrain and Kuwait BBKB.BH 0.392 (10.09%) 424,006 1,124,634 1,068.2 419.1 0.484 0.386 ▼ National Bank of Bahrain NATB.BH 0.690 (1.43%) 727,322 1,929,148 493.1 335.1 0.890 0.650 ▼ Al Salam Bank SALAM.BH 0.083 (9.78%) 177,697 471,324 1,244.8 108.4 0.156 0.081 ▼ AlKhaleeji Commercial Bank KHCB.BH 0.065 (8.45%) 75,020 198,984 5,257.2 333.5 0.071 0.043 ▼ Commercial Banks Sector (2.25%) 3,201,235 8,490,957 9,613.3 1,577.7 ═ Inovest (Price in USD) INOV.BH 0.160 0.00% 17,282 45,840 0.0 0.0 0.190 0.160 ▲ Arab Banking Corp. (Price in USD) ABCB.BH 0.500 17.65% 586,235 1,554,930 611.2 108.6 0.770 0.425 ═ Bahrain Commercial Facilities Co. BCFC.BH 0.765 0.00% 124,963 331,451 0.0 0.0 0.825 0.650 ═ Bahrain Middle East Bank BMEB.BH 0.031 0.00% 7,502 19,899 0.0 0.0 0.034 0.031 ▼ Al Baraka Banking (Price in USD) BARKA.BH 0.560 (1.75%) 235,556 624,790 662.2 140.2 0.850 0.535 ▼ Esterad Investment Company EICB.BH 0.196 (1.01%) 27,440 72,782 56.1 10.9 0.240 0.190 ▼ Gulf Finance House (Price in USD) GFHB.BH 0.150 (6.25%) 127,610 338,472 506.3 27.7 0.230 0.070 ═ Investcorp Bank (Price in USD) INVB.BH 6.600 0.00% 199,056 527,976 0.0 0.0 650.000 650.000 ▼ ITHMAR Bank (Price in USD) ITHMR.BH 0.110 (26.67%) 125,685 333,368 3,505.2 169.5 0.170 0.105 ═ Taib Bank (Price in USD) TAIB.BH 2.730 0.00% 115,645 306,736 0.0 0.0 NA NA ═ United Gulf Bank UGBB.BH 0.390 0.00% 325,495 863,343 0.0 0.0 0.396 0.300 ═ United Gulf Investment Corporation UGIC.BH 0.100 0.00% 20,000 53,048 0.0 0.0 0.100 0.100 ▼ Investment Sector (2.25%) 1,912,469 5,072,633 5,341.0 456.7 ═ Al-Ahlia Insurance Co. AAIC.BH 0.300 0.00% 18,566 49,244 0.0 0.0 0.374 0.270 ▼ Arab Insurance Group (Price in USD) ARIG.BH 0.375 (1.32%) 31,103 82,496 47.5 6.7 0.615 0.375 ═ Bahrain and Kuwait Insurance Co. BKIC.BH 0.600 0.00% 42,900 113,788 0.0 0.0 0.690 0.540 ═ Bahrain National Holding Co. BNHB.BH 0.420 0.00% 47,670 126,440 0.0 0.0 0.440 0.396 ═ Takaful International Co. TAKA.BH 0.100 0.00% 6,250 16,578 0.0 0.0 0.100 0.084 ▼ Insurance Sector (0.28%) 146,488 388,546 47.5 6.7 ═ Bah. Ship. Repairing and Engineering Co. BSRC.BH 1.810 0.00% 32,580 86,415 0.0 0.0 2.100 1.810 ═ Bahrain Car Park Co. PARK.BH 0.180 0.00% 12,657 33,572 16.1 2.6 0.183 0.164 ▼ Bahrain Cinema Co. CNMA.BH 1.170 (10.00%) 77,336 205,125 6.3 7.4 1.620 1.170 ▲ Bahrain Duty Free Complex DUTY.BH 0.895 4.07% 105,234 279,123 234.4 210.5 0.920 0.820 ▼ BMMI BMMI.BH 0.850 (2.30%) 124,464 330,129 29.2 25.7 0.890 0.340 ▼ Bahrain Telecommunications Co. BTEL.BH 0.302 (5.63%) 502,286 1,332,264 730.5 224.4 0.350 0.300 ═ TRAFCO GTFP.BH 0.240 0.00% 19,362 51,356 2.4 0.5 0.252 0.204 ═ Nass Corporation NASS.BH 0.118 0.00% 25,960 68,856 1,088.3 128.0 0.194 0.115 ▼ Seef Properties SEEF.BH 0.198 (1.98%) 91,080 241,581 619.0 122.7 0.210 0.192 ▼ Zain Bahrain B.S.C ZAIN.BH 0.168 (6.67%) 61,824 163,982 5,207.3 925.5 0.188 0.162 ▲ Services Sector 2.24% 990,960 2,628,421 7,933.6 1,647.4

Page 24 KAMCO Research

Bahrain Bourse Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value Change % Change % Change % Change January-2016 Bahrain All Share Index ▼ 1,187.10 (28.79) (2.37%) (2.37%) (14.77%)

═ Bahrain Family Leisure Co. FMLY.BH 0.116 0.00% 4,640 12,307 0.0 0.0 NA NA ▼ Gulf Hotels Group BHTL.BH 0.780 (3.11%) 135,412 359,167 6.1 4.7 0.940 0.750 ▲ Bahrain Toursim Co. BTCB.BH 0.228 1.79% 16,416 43,542 51.7 11.6 0.264 0.220 ═ BANADER Co. For Hotels BANA.BH 0.072 0.00% 10,800 28,646 16.0 1.1 0.077 0.060 ═ National Hotels Co. NHTL.BH 0.280 0.00% 30,870 81,880 2.2 0.6 0.300 0.280 ▲ Hotel & Tourism Sector 2.84% 198,138 525,542 76.0 18.0 ▼ Aluminum Bahrain ALBH.BH 0.348 (6.45%) 494,160 1,310,710 417.0 148.8 0.520 0.348 ═ Bahrain Flour Mills Co. BFMC.BH 0.390 0.00% 9,685 25,688 0.0 0.0 0.396 0.390 ═ Delmon Poultry Co. DPCB.BH 0.320 0.00% 9,987 26,489 0.0 0.0 0.350 0.320 ▼ Industrial Sector (4.23%) 513,832 1,362,887 417.0 148.8

▼ Subtotal: Bahrain Bourse ** (1.57%) 6,963,123 18,468,986 23,428.4 3,855.3

** Excluding IPO Shares, Preferred Shares, Closed Companies, and Non-Bahraini Companies. Prices of Highlighted Companies are in USD, while Traded Value and Market Capitalization data is in BHD. 1 USD = 377 Bahraini Fils

Page 25 KAMCO Research

Muscat Securities Market Monthly Databank January-2016

Index Performance relative to Volume Sector Returns

6,800 100 Monthly YTD 90 Index Value % Chg % Chg 6,400 80

70 Muscat Securities Mkt 5,179.36 (4.2%) (4.2%) 6,000 60 Financial 6,337 (2.2%) (2.2%) 5,600 50

40 Industrial 6,530 (3.6%) (3.6%) 5,200 MSM 30 Index Value IndexMSM 30

30 (Mln.Shares) Traded Vol. Services 2,902 (5.0%) (5.0%) 20 4,800 10

4,400 0 Jul-15 Apr-15 Oct-15 Jan-15 Jun-15 Jan-16 Feb-15 Mar-15 Aug-15 Sep-15 Nov-15 Dec-15 May-15

Monthly Top Movers and Most Active Stocks Trading Indicators

Market Return Closing Monthly Monthly YTD-16 YTD-15 Price Monthly Value Best Return Performers (OMR) % Chg ('000 OMR) Value Chg % Chg % Chg % Chg

Al Jazeera Steel Products Co. 0.157 15.4% 1,050 MSM 30 Index 5,179.36 (226.86) (4.2%) (4.2%) (14.8%)

Bank Dhofar 0.239 11.7% 629 Market Cap (OMR Mn) 6,651.27 (262.13) (3.8%) (3.8%) (10.3%)

Gulf International Chemicals 0.275 5.8% 278

Gulf Investment Services 0.095 5.6% 531 Trading Indicators Monthly Monthly Monthly Average Daily

Al Sharqia Inv. Holding 0.094 2.2% 359 Value Chg % Chg YTD-16 YTD-15

Volume ('000 Shares) 266,540 (114,541) (30.06%) 12,660 18,062 Price Monthly Value Worst Return Performers (OMR) % Chg ('000 OMR) Value Traded ('000 OMR) 72,917 (81,758) (52.86%) 3,470 5,050

Renaissance Services 0.127 (22.1%) 1,123 No. of Trades 12,401 2,667 27.40% 588 1,259

Galfar Engineering 0.056 (20.0%) 420

Al Jazeira Services Co. 0.250 (19.9%) 397

Oman United Insurance 0.186 (14.3%) 911 Market Breadth Al Madina Takaful 0.070 (12.5%) 211 9 25 21

Price Monthly Value Price Value Volume Monthly Most Active Stocks by Value Most Active Stocks by Volume (OMR) % Chg ('000 OMR) (OMR) (OMR 000's) (Shares 000's) % Chg

Bank Muscat 0.438 (7.2%) 16,797 Al Anwar Holding 0.166 7,178 46,109 0.6%

Oman Telecom Co. 1.460 (6.7%) 9,395 Bank Muscat 0.438 16,797 40,769 (7.2%)

Al Anwar Holding 0.166 0.6% 7,178 United Finance 0.123 2,556 21,862 (5.4%)

OMINVEST 0.450 1.8% 4,879 Al Suwadi Power 0.191 3,173 16,658 0.0%

Ooredoo 0.640 (9.6%) 4,339 Al Batinah power 0.191 3,144 16,517 0.0%

Source: KAMCO Research & MSM

Page 26 KAMCO Research

Muscat Securities Market Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value Change % Change % Change % Change January-2016 MSM 30 Index ▼ 5,179.36 (226.86) (4.20%) (4.20%) (14.77%)

▼ Bank Sohar BKSB.OM 0.143 (8.92%) 173,408 450,634 11,200.6 1,486.1 0.278 0.120 ▲ Al Anwar Holding AITC.OM 0.166 0.61% 24,912 64,740 46,109.0 7,178.4 0.379 0.135 ▼ Al Batinah Dev. Inv. Holding ALBI.OM 0.072 (7.69%) 2,160 5,613 673.7 48.7 0.224 0.070 ▲ Al Sharqia Inv. Holding SINV.OM 0.094 2.17% 8,460 21,985 3,986.4 359.1 0.354 0.078 ▼ Ahli Bank ABOB.OM 0.187 (4.59%) 266,482 692,506 2,487.7 469.4 0.285 0.175 ▲ Bank Dhofar BDOF.OM 0.239 11.68% 369,190 959,414 2,821.0 628.6 0.530 0.206 ▼ Bank Muscat BMAO.OM 0.438 (7.20%) 1,003,818 2,608,623 40,769.3 16,797.3 0.784 0.376 ═ Dhofar Intl. Dev.& Invest. Holding DIDI.OM 0.398 0.00% 87,560 227,542 0.1 0.0 0.644 0.380 ▼ Global Financial Investment Co. GFIC.OM 0.107 (3.60%) 21,400 55,612 399.8 41.0 0.188 0.100 ▲ Gulf Investment Services GIS.OM 0.095 5.56% 14,272 37,089 5,972.6 531.0 0.320 0.074 ▼ National Bank of Oman NBO.OM 0.259 (3.00%) 347,244 902,383 11,838.0 2,858.8 0.410 0.215 ▼ Oman & Emirates Investment OEIO.OM 0.084 (6.67%) 10,238 26,604 357.1 29.9 0.295 0.080 ▲ HSBC Bank Oman HBOM.OM 0.101 1.00% 202,032 525,019 943.0 93.1 0.184 0.092 ═ Dhofar Insurance DIPP.OM 0.205 0.00% 41,000 106,547 0.2 0.0 0.302 0.200 ▼ Oman United Insurance OUIC.OM 0.186 (14.29%) 18,600 48,336 5,021.4 910.6 0.504 0.157 ▲ OMINVEST OMAN.OM 0.450 1.81% 151,534 393,792 10,993.3 4,879.0 0.506 0.420 ═ ONIC. Holding ONIC.OM 0.480 0.00% 83,243 216,324 - 0.0 0.572 0.390 ═ Taageer Finance TFC.OM 0.130 0.00% 32,966 85,669 7.3 1.0 0.178 0.130 ▲ Al Madina Investment company AMI.OM 0.055 1.85% 11,393 29,608 404.1 20.8 0.133 0.049 ▼ United Finance UFIN.OM 0.123 (5.38%) 38,224 99,333 21,862.3 2,556.4 0.167 0.102 ▼ Al Madina Takaful AMAT.OM 0.070 (12.50%) 12,250 31,834 2,983.3 210.7 0.097 0.068 ▼ Financial (2.71%) 2,953,499 7,675,258 168,156.5 39,051.1 (0.0) ▼ Al Anwar Ceramic Tiles Co. AACT.OM 0.280 (7.89%) 82,940 215,536 1,593.9 461.5 0.624 0.280 ▲ Al Jazeera Steel Products Co. AJTM.OM 0.157 15.44% 19,609 50,958 7,108.6 1,050.5 0.480 0.116 ═ A Saffa Foods SPFI.OM 0.860 0.00% 103,199 268,185 0.0 0.0 1.140 0.780 ▼ Galfar Engineering GECS.OM 0.056 (20.00%) 18,480 48,024 7,337.2 420.1 0.316 0.050 ▼ National Aluminium Products NAP.OM 0.217 (5.65%) 7,285 18,932 3,349.9 699.9 0.448 0.195 ▲ Gulf International Chemicals GIC.OM 0.275 5.77% 5,775 15,007 1,058.2 277.8 0.306 0.198 ▼ Oman Cable Industry OCAB.OM 1.550 (12.43%) 139,035 361,310 306.3 466.1 2.640 1.450 ▼ Oman Cement Co. OCCO.OM 0.450 (2.17%) 148,893 386,928 583.4 267.1 0.876 0.430 ▼ Raysut Cement RAYC.OM 0.956 (4.40%) 191,200 496,871 193.1 189.7 2.280 0.948 ═ Salalah Mills Co. SFM.OM 1.490 0.00% 71,763 186,490 3.6 5.0 1.575 1.400 ═ Voltamp Energy VOES.OM 0.430 0.00% 26,015 67,605 223.7 94.0 0.510 0.380 ▼ Al Maha Ceramics AMCI.OM 0.376 (2.59%) 18,800 48,856 1,159.0 427.5 0.568 0.334 ▼ Industrial (4.58%) 866,073 2,250,664 22,922.1 4,361.7

Page 27 KAMCO Research

Muscat Securities Market Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value Change % Change % Change % Change January-2016 MSM 30 Index ▼ 5,179.36 (226.86) (4.20%) (4.20%) (14.77%)

Company Name Monthly % Monthly Volume Reuters Ticker Closing Price (OMR) Current Mkt Cap ('000 OMR) Current Mkt Cap ('000 USD) Monthly Value ('000 OMR) 52-Week High (OMR) 52-Week Low (OMR) ( Regular Market) Change ('000 Shares) (0.0) ▼ ACWA Power Barka Co. AESB.OM 0.652 (10.93%) 104,320 271,096 112.4 74.2 0.852 0.648 ▼ Al Jazeira Services Co. AJS.OM 0.250 (19.87%) 27,929 72,580 1,407.2 397.3 0.616 0.230 ▼ Oman Investment & Finance Co. OIFL.OM 0.184 (7.07%) 36,800 95,632 15,540.5 2,766.4 0.310 0.152 ▼ Ooredoo ORDS 0.640 (9.60%) 416,604 1,082,630 6,760.0 4,338.5 0.812 0.608 ═ National Gas Co. NGCI.OM 0.302 0.00% 15,100 39,240 78.2 23.3 1.705 0.294 ▼ Oman Telecom Co. OTL.OM 1.460 (6.71%) 1,095,000 2,845,577 6,349.4 9,395.0 1.810 1.390 ▼ Port Services Corporation PSC.OM 0.130 (2.99%) 12,355 32,107 295.3 35.6 0.598 0.115 ▼ Renaissance Services RSC.OM 0.127 (22.09%) 35,826 93,101 8,300.6 1,123.4 0.820 0.110 ▼ Shell Oman Marketing SHEL.OM 1.965 (1.75%) 196,500 510,645 392.8 776.1 2.360 1.900 ▼ United Power UPC.OM 2.580 (5.84%) 7,197 18,703 4.9 12.6 3.470 1.530 ═ Sohar Power SHPS.OM 0.352 0.00% 77,796 202,167 6.8 2.4 3.760 0.330 ═ SMN Power Holding SMNP.OM 0.740 0.00% 147,730 383,907 946.0 700.0 0.764 0.652 ═ Sharqiyah Desalination SHRQ.OM 4.650 (4.12%) 30,319 78,789 48.6 227.0 4.850 3.290 ═ Al Suwadi Power SUWP.OM 0.191 0.00% 136,452 354,597 16,658.1 3,172.8 0.230 0.184 ═ Al Batinah power BATP.OM 0.191 0.00% 128,903 334,982 16,517.4 3,144.1 0.230 0.175 ═ Sembcorp Salalah SSPW.OM 2.450 0.00% 233,870 607,758 1,263.8 3,084.9 2.740 2.320 ▼ Services (5.39%) 2,831,701 7,358,743 74,681.9 29,273.5 -5.4%

▼ Subtotal: Muscat Secutrities Market (4.11%) 6,651,274 17,284,665 266,540.3 72,917.4

Page 28 KAMCO Research

The Egyptian Exchange Monthly Databank January-2016 (The bulletin covers the top 60 companies by Mkt. Cap)

Index Performance relative to Volume Sector Returns 10,000 300 Market Cap. MTD YTD (EGP Mn) % Chg % Chg 9,500 The Egyptian Exchange 199,319 (11.5%) (11.5%) 250 9,000 Banking & Finance 50,352 (12.6%) (12.6%)

Basic Resources 11,757 (9.6%) (9.6%) 8,500 200 Chemical 17,619 (3.7%) (3.7%)

8,000 Construction & Material 12,856 (9.2%) (9.2%)

Financial Services 12,965 (16.2%) (16.2%) 7,500 150 EGX 30Index Food & Beverage 6,643 (7.2%) (7.2%)

7,000 Healthcare & Pharma. 5,236 (8.3%) (8.3%) Volume Traded Volume Traded (Mn Shrs) 100 Ind. Goods,Services, Auto. 9,332 (4.1%) (4.1%) 6,500 Media 482 1.6% 1.6%

6,000 Oil & Gas 2,036 (6.2%) (6.2%) 50 Personal & Household 12,252 (11.2%) (11.2%) 5,500 Real Estate 26,830 (18.9%) (18.9%)

Telecommunication 28,161 (10.2%) (10.2%) 5,000 0 Travel & Leisure 2,798 (13.8%) (13.8%) Jul-15 Apr-15 Oct-15 Jan-15 Jun-15 Jan-16 Mar-15 Feb-15 Aug-15 Sep-15 Nov-15 Dec-15 May-15

Sectors' MTD Return is based on the Change in market cap. and it might not conform with the benchmark return for each sector

Monthly Top Movers and Most Active Stocks Trading Indicators

Closing Monthly Monthly YTD-16 YTD-15 Last Price Monthly Best Return Performers Market Return (EGP) % Chg Value Chg % Chg % Chg % Chg

El Nasr Clothes & Textiles (Kabo) 0.90 25.0% EGX 30 Index 5,992.72 (1,013.29) (14.5%) (14.5%) (21.5%)

Egyptian Iron & Steel Co. 6.26 23.2% Market Cap (EGP Mn) 199,319 (25,964) (11.5%) (11.5%) (30.3%)

Alexandria Cement 7.53 8.8%

Egyptian Media Production City 2.54 1.6% Monthly Monthly Monthly Average Daily Trading Indicators Value Chg % Chg YTD-16 YTD-15

Volume (Mn Shares) 1,980 (813.59) (29.1%) 104 86 Last Price Monthly Worst Return Performers (EGP) % Chg Value Traded (EGP Mn) 6,232 (1,455.71) (18.9%) 328 503

GB AUTO S.A.E 2.59 (24.5%) No. of Trades 248,959 (13,286) (5.1%) 13,103 15,329

Six of October Dev. & Inv. (SODIC) 7.26 (22.8%)

T M G Holding 4.99 (22.0%)

El Ezz Steel Rebars 7.10 (20.9%) Market Breadth Egyptian Financial Group-Hermes Hldg Co. 6.96 (20.4%) 4 54 2

Last Price Value Last Price Volume Monthly Most Active Stocks By Value Most Active Stocks By Volume (EGP) (EGP Mn) (EGP) ('000 Shrs) % Chg

Commercial Int'l Bank (Egypt) 30.80 1,501 Amer Group Holding 0.37 497,918 (15.9%)

Palm Hills Developments 2.12 639 Palm Hills Developments 2.12 296,335 (13.1%)

T M G Holding 4.99 570 Citadel Capital 1.29 249,541 (18.9%)

Egyptian Financial Group-Hermes Hldg Co. 6.96 498 Global Telecom Hldg. (Orascom Telecom) 1.72 128,321 (16.1%)

Citadel Capital 1.29 339 Egyptian Resorts Co. 0.69 106,276 (17.9%) Source: KAMCO Research

Page 29 KAMCO Research

The Egyptian Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value January-2016 Change % Change % Change % Change EGX 30 Index ▼ 5,992.72 (1,013.29) (14.46%) (14.46%) (21.52%) Last Market Cap Market Cap Monthly Volume Monthly Value 52-Week 52-Week Company Name Reuters Ticker Monthly % Change Price (EGP) ('000 EGP) ('000 USD) ('000 Shares) (EGP) High (EGP) Low (EGP) ▼ Commercial International Bank (Egypt) COMI.CA 30.80 (18.95%) 27,971,742 3,970,309 44,558 1,501,475,841 59.20 28.90 ▼ Credit Agricole Egypt CIEB.CA 19.00 (9.09%) 5,453,000 773,999 728 14,139,608 25.30 18.11 ▼ National Bank of Kuwait - Egypt - NBK NBKE.CA 19.18 (8.01%) 1,918,000 272,241 8 161,274 23.30 18.00 ═ Qatar National Bank AlAhli QNBA.CA 30.00 0.00% 14,636,685 2,077,531 100 3,039,715 39.00 27.83 ▼ Faisal Islamic Bank of Egypt FAIT.CA 8.09 (3.69%) 372,151 52,823 158 1,358,026 44.50 7.25 ▼ Banking (12.61%) 50,351,578 7,146,903 45,553 1,520,174,464 ▼ Asec Company for Mining - Ascom ASCM.CA 5.59 (2.78%) 195,650 27,771 140 759,280 11.07 4.70 ▼ Al Ezz Dekheila Steel Co. Alexandria IRAX.CA 244.34 (18.12%) 3,265,461 463,499 2 566,481 570.00 237.09 ▼ Aluminium Co. of Egypt EGAL.CA 11.05 (5.15%) 1,381,250 196,055 18 220,874 17.69 10.85 ▲ Egyptian Iron & Steel Co. IRON.CA 6.26 23.23% 3,057,610 433,997 41,057 233,025,228 8.24 3.30 ▼ El Ezz Steel Rebars ESRS.CA 7.10 (20.94%) 3,857,182 547,488 10,346 77,679,264 16.91 6.11 ▼ Basic Resources (9.60%) 11,757,153 1,668,810 51,564 312,251,127 ▼ ABU Qir Fertilizers & Chemical Ind. Co. ABUK.CA 139.34 (1.18%) 11,722,219 1,663,852 11 1,612,884 175.00 127.04 ▼ Egyptian Financial & Industrial EFIC.CA 6.15 (10.87%) 426,205 60,496 629 4,106,304 10.06 5.59 ▼ Sidi Kerir Petrochemicals SKPC.CA 10.42 (8.19%) 5,470,500 776,483 3,756 41,167,100 16.00 9.95 ▼ Chemicals (3.72%) 17,618,924 2,500,830 4,396 46,886,288 ▼ Misr Cement Co. MCQE.CA 78.60 (8.07%) 2,348,411 333,333 199 16,050,090 89.40 75.60 ▼ National Cement Co. - Egypt NCEM.CA 6.00 (10.45%) 619,200 87,889 39 287,859 13.00 6.00 ▼ Orascom Construction Industries (OCI) * OCIC.CA 225.00 (6.27%) 47,011,144 6,672,762 1 127,010 347.06 195.01 ▼ South Valley Cement SVCE.CA 3.77 (9.38%) 1,857,375 263,636 6,254 23,565,741 7.28 3.28 ▼ Suez Cement Co. SUCE.CA 19.19 (12.69%) 3,489,826 495,346 24 472,577 42.50 18.01 ▼ Tourah cement Co. TORA.CA 12.45 (10.43%) 890,476 126,394 25 323,581 18.50 11.70 ▼ Upper Egypt Contracting UEGC.CA 0.74 (13.95%) 279,350 39,651 84,723 66,244,993 1.72 0.65 ▼ Misr Beni Suef Cement MBSC.CA 19.14 (18.55%) 1,435,500 203,755 15 323,807 47.00 19.14 ▲ Alexandria Cement ALEX.CA 7.53 8.82% 1,935,643 274,745 18 130,473 10.41 6.25 ▼ Construction and Materials (9.17%) 12,855,781 1,824,750 91,298 107,526,131 ▼ Egyptian Financial Group-Hermes Holding Co. HRHO.CA 6.96 (20.37%) 3,991,452 566,547 67,695 498,089,833 17.92 6.40 ▼ Egyptian Kuwaiti Holding EKHO.CA 0.48 (7.69%) 468,316 66,473 12,217 6,053,160 0.73 0.47 ▼ Egyptians Abroad for Investment & Development ABRD.CA 3.21 (15.30%) 129,064 18,319 1,338 4,786,059 6.03 2.64 ▼ El Ahli Investment and Development AFDI.CA 4.96 (12.21%) 99,200 14,080 652 3,406,661 11.36 4.41 ▼ Housing and Development Bank HDBK.CA 21.69 (2.69%) 2,494,350 354,048 50 1,020,754 27.50 19.00 ▼ Pioneers Holding Co. PIOH.CA 7.16 (4.41%) 3,580,000 508,145 22,352 158,487,018 13.21 5.73 ▼ Citadel Capital CCAP.CA 1.29 (18.87%) 516,000 73,241 249,541 339,182,113 3.37 1.16 ▼ Amer Group Holding AMER.CA 0.37 (15.91%) 1,687,032 239,457 497,918 196,375,332 1.29 0.33 ▼ Financial Services excluding Banks (16.22%) 12,965,414 1,840,311 851,763 1,207,400,930 ▼ Delta Sugar Co. SUGR.CA 8.99 (7.89%) 1,278,361 181,451 9 87,673 16.80 8.89 ▼ Extracted Oils ZEOT.CA 0.71 (11.25%) 111,612 15,842 16,409 12,313,048 1.10 0.59 ▼ Juhayna Food Industries JUFO.CA 7.44 (7.00%) 5,253,040 745,617 14,496 105,360,382 11.80 6.60 ▼ Food and Beverage (7.25%) 6,643,013 942,909 30,914 117,761,103 ▼ Egyptian International Pharmaceutical PHAR.CA 66.00 (8.33%) 5,236,202 743,227 162 11,079,754 88.75 62.17 ▼ Healthcare (8.33%) 5,236,202 743,227 162 11,079,754 ▼ Canal Shipping Agencies Co. CSAG.CA 5.36 (2.90%) 1,072,000 152,160 8,740 49,551,228 10.94 4.60 ▼ Elswedy Cables SWDY.CA 35.00 (2.97%) 7,819,630 1,109,918 3,580 116,905,008 52.95 27.92 ▼ GB AUTO S.A.E AUTO.CA 2.59 (24.49%) 333,833 47,384 35,782 100,939,345 38.88 2.45 ▼ Maridive & Oil Services MOIL.CA 0.26 (13.33%) 106,496 15,116 4,063 1,110,518 0.56 0.25 ▼ Industrial Goods, Services, Automobiles (4.07%) 9,331,959 1,324,578 52,166 268,506,099 ▲ Egyptian Media Production City MPRC.CA 2.54 1.60% 481,660 68,367 6,149 16,520,103 3.85 2.12 ▲ Media 1.60% 481,660 68,367 6,149 16,520,103 ▼ Alexandria Mineral Oils Company AMOC.CA 23.65 (6.15%) 2,036,265 289,027 1,825 46,499,055 59.99 22.05 ▼ Oil and Gas (6.15%) 2,036,265 289,027 1,825 46,499,055

Page 30 KAMCO Research

The Egyptian Exchange Monthly Databank MENA Monthly Databank

▼ Subtotal: Egyptian Exchange (11.53%) 199,318,615 28,291,284 1,980,064 6,232,127,741

Page 31 KAMCO Research

Amman Stock Exchange Monthly Databank January-2016

Index Performance relative to Volume Sector Returns

2,250 45 Market Cap. MTD YTD (JD Mn) % Chg % Chg 42 2,225 Amman Stock Exchange 13,530 (2.0%) (2.0%) 39 Banks 9,686 (0.7%) (0.7%) 2,200 Insurance 100 0.9% 0.9% 36 Diversified Financial Services 193 1.2% 1.2% 2,175 33 Real Estate 265 2.4% 2.4% Health Care Services 33 (0.9%) (0.9%) 30 2,150 Educational Services 317 (2.8%) (2.8%) 27 Hotels and Tourism 130 1.5% 1.5% 2,125 24 Transportation 134 (7.4%) (7.4%) Technology & Communications 686 (23.0%) (23.0%) Vol. Traded (Mln. Shares) Traded Vol. ASE ASE Index Value 2,100 21 Media 12 22.8% 22.8%

18 Utilities & Energy 617 4.6% 4.6% 2,075 Commercial Services 72 0.0% 0.0% 15 Pharmaceutical & Medical Ind. 94 3.1% 3.1% 2,050 12 Chemical Industries 19 (9.0%) (9.0%) Paper & Cardboard Industries 9 0.0% 0.0% 9 2,025 Printing & Packaging 8 1.3% 1.3% 6 Food & Beverages 63 (9.3%) (9.3%) 2,000 Tobacco & Cigarettes 379 (3.5%) (3.5%) 3 Mining & Extraction Industries 527 (0.6%) (0.6%) 1,975 0 Engineering & Construction 83 (2.5%) (2.5%) Electrical Industries 17 4.1% 4.1% Jul-15 Apr-15 Oct-15 Jan-15 Jun-15 Jan-16 Mar-15 Feb-15 Aug-15 Sep-15 Nov-15 Dec-15 May-15 Textiles , Leathers & Clothings 80 0.8% 0.8% Glass & Ceramic Industries 6 0.0% 0.0% Sectors' MTD Return is based on the Change in market cap. and it might not conform with the benchmark return for each sector

Monthly Top Movers and Most Active Stocks Trading Indicators

Closing Monthly Monthly YTD-16 YTD-15 Price Monthly Best Return Performers Market Return (JD) % Chg Value Chg % Chg % Chg % Chg

AMAD INVESTMENT & REAL ESTATE DEVELOPMENT 1.80 55.2% ASE Index 2,147.00 10.68 0.5% 0.5% (1.3%)

TRANSPORT& INVESTMENT BARTER CO. 0.64 48.8% Market Cap (JD Mn) 13,530.37 (277) (2.0%) (2.0%) (0.7%)

ARAB ELECTRICAL INDUSTRIES 0.74 39.6%

UNIVERSAL CHEMICAL INDUSTRIES 0.75 38.9% Monthly Monthly Monthly Average Daily Trading Indicators THE JORDAN PIPES MANUFACTURING 1.13 28.4% Value Chg % Chg YTD-16 YTD-15

Volume ('000 Shares) 142,659 46,734 48.7% 6,793 8,228 Price Monthly Worst Return Performers (JD) % Chg Value Traded (JD '000) 137,006 15,967 13.2% 6,524 7,553

EJADA FOR FINANCIAL INVESTMENTS 0.49 (43.0%) No. of Trades 64,431 11,503 21.7% 3,068 2,651

COMPREHENSIVE MULTIPLE PROJECT CO. 1.18 (31.0%)

JORDAN DAIRY 4.33 (28.5%)

JORDAN TELECOM 2.69 (23.4%) Market Breadth JORDAN DUBAI PROPERTIES 0.57 (14.9%) 55 37 27

Price Value Price Volume YTD-15 Most Active Stocks By Value Most Active Stocks By Volume (JD) ('000 JD) (JD) ('000 Shrs) % Chg

UNITED FINANCIAL INVESTMENTS 1.59 14,731 TRANSPORT& INVESTMENT BARTER CO. 0.64 22,559 48.8%

AL-AMAL FINANCIAL INVESTMENTS CO. 0.94 13,431 AL-AMAL FINANCIAL INVESTMENTS CO. 0.94 14,031 13.3%

TRANSPORT& INVESTMENT BARTER CO. 0.64 12,831 UNITED FINANCIAL INVESTMENTS 1.59 9,682 28.2%

AD-DULAYL INDUSTRIAL PARK & REAL ESTATE CO. 1.25 11,227 SPECIALIZED INVESTMENT COMPOUNDS 0.29 9,416 3.6%

ARAB BANK $USD 6.09 6,284 AD-DULAYL INDUSTRIAL PARK & REAL ESTATE CO. 1.25 8,742 (6.7%)

Source: KAMCO Research

Page 32 KAMCO Research Amman Stock Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value January-2016 Change % Change % Change %Change ASE Index ▲ 2,147.00 10.68 0.50% 0.50% (1.35%)

Market Cap Market Cap Monthly Volume 52 Weeks 52 Weeks Company Name Reuters Ticker Closing Price(JD) Monthly % Change Monthly Value (JD) ('000 JD) ('000 USD) (Shares) High (JD) Low (JD)

▼ JORDAN ISLAMIC BANK JOIB.AM 3.51 (1.13%) 526,500 740,849 505,155 1,755,664 3.92 3.16 ═ JORDAN KUWAIT BANK JOKB.AM 4.10 0.00% 410,000 576,919 100,794 408,705 4.40 3.43 ▲ JORDAN COMMERCIAL BANK JCBK.AM 1.44 23.08% 144,000 202,625 946,627 1,350,399 1.49 1.03 ▲ HOUSING BANK FOR TRADING & FINANCE THBK.AM 9.65 2.12% 2,431,800 3,421,834 21,911 205,655 9.65 9.02 ═ ARAB JORDAN INVESTMENT BANK AJIB.AM 1.91 0.00% 286,500 403,140 113,590 210,009 2.33 1.60 ▲ JORDAN DUBAI ISLAMIC BANK JDIB.AM 1.16 8.41% 116,000 163,226 2,878,675 3,311,857 1.20 0.76 ▲ BANK AL-ETIHAD UBSI.AM 1.67 9.87% 208,750 293,736 167,935 266,956 1.91 1.41 ▲ ARAB BANKING CORPORATION /(JORDAN) ABCO.AM 1.22 5.17% 134,200 188,836 275,264 326,803 1.26 1.02 ▲ INVEST BANK INVB.AM 1.39 3.73% 139,000 195,590 174,451 236,885 1.45 1.08 ▲ CAPITAL BANK OF JORDAN EXFB.AM 1.03 3.00% 205,995 289,859 963,305 989,581 1.71 0.99 ▲ SOCIETE GENERALE DE BANQUE - JORDANIE SGBJ.AM 1.02 0.99% 107,100 150,703 9,114 9,254 1.25 0.90 ▼ CAIRO AMMAN BANK CABK.AM 2.50 (1.96%) 400,000 562,848 1,183,080 2,846,166 3.54 2.11 ▲ BANK OF JORDAN BOJX.AM 2.91 11.92% 451,341 635,091 1,785,764 5,091,160 3.02 2.32 ▲ JORDAN AHLI BANK AHLI.AM 1.27 1.60% 222,250 312,732 696,948 875,880 1.39 1.14 ▼ ARAB BANK $USD ARBK.AM 6.09 (5.58%) 3,902,472 5,491,246 1,024,974 6,284,128 8.26 5.58 ▼ Banks (0.71%) 9,685,908 13,629,234 10,847,587 24,169,102 ═ MIDDLE EAST INSURANCE MEIN.AM 1.43 0.00% 30,030 42,256 0 0 1.58 1.34 ═ THE UNITED INSURANCE UNIN.AM 1.39 0.00% 11,120 15,647 950 1,321 1.46 0.96 ▲ THE HOLY LAND INSURANCE HOLI.AM 0.70 16.67% 4,200 5,910 1,328 930 0.70 0.59 ▲ ARAB LIFE & ACCIDENT INSURANCE ARIN.AM 0.64 4.92% 5,120 7,204 2,200 1,408 0.64 0.54 ▼ ARAB UNION INTERNATIONAL INSURANCE AIUI.AM 1.07 (0.93%) 8,560 12,045 142,248 147,667 1.17 0.67 ═ NATIONAL INSURANCE NAAI.AM 1.12 0.00% 8,960 12,608 0 0 1.12 1.00 ▲ JORDAN INTERNATIONAL INSURANCE JIJC.AM 0.75 4.17% 13,613 19,154 31,440 23,507 0.77 0.50 ▼ THE ISLAMIC INSURANCE TIIC.AM 1.40 (1.41%) 16,800 23,640 31,737 44,137 1.49 1.25 ▼ THE ARAB ASSURERS ARAS.AM 0.30 (6.25%) 1,950 2,744 28,400 8,690 0.45 0.28 ▲ Insurance 0.94% 100,352 141,208 238,303 227,660 ▲ NATIONAL PORTFOLIO SECURITIES MHFZ.AM 0.55 14.58% 5,500 7,739 140,562 77,273 0.75 0.45 ▲ JORDANIAN EXPATRIATES INVESTMENT HLDG JEIH.AM 0.62 5.08% 9,998 14,068 849,126 539,288 1.01 0.57 ▲ JORDAN INVESTMENT TRUST JOIT.AM 0.76 5.56% 22,419 31,546 18,440 13,565 0.82 0.42 ▼ UNION INVESTMENT CORPORATION UINV.AM 1.24 (6.77%) 62,000 87,241 2,147,112 2,731,482 1.84 1.20 ▲ JORDAN LOAN GUARANTEE CORP. JLGC.AM 1.07 5.94% 10,700 15,056 297,995 304,354 1.07 0.49 ═ UNITED ARAB INVESTORS UAIC.AM 0.03 0.00% 4,635 6,522 0 0 NA NA ▲ ARAB EAST INVESTMENT AEIV.AM 0.58 1.75% 27,260 38,358 2,497,979 1,430,659 0.74 0.49 ▼ EJADA FOR FINANCIAL INVESTMENTS EJAD.AM 0.49 (43.02%) 1,225 1,724 24,739 11,805 1.30 0.43 ▼ AL-AMIN FOR INVESTMENT AAFI.AM 0.79 (2.47%) 7,900 11,116 273,375 215,617 1.17 0.75 ▲ UNITED FINANCIAL INVESTMENTS UCFI.AM 1.59 28.23% 12,720 17,899 9,681,928 14,731,082 1.70 0.87 ═ INT'L BROKERAGE & FINANCIAL MARKETS IBFM.AM 0.23 0.00% 4,370 6,149 365,871 83,853 0.30 0.19 ═ INVESTMENT HOUSE FOR FINANCIAL SERVICES INVH.AM 0.22 0.00% 660 929 0 0 NA NA ═ AMWAL INVEST AMWL.AM 0.21 0.00% 9,450 13,297 0 0 NA NA ▲ AL-AMAL FINANCIAL INVESTMENTS CO. AMAL.AM 0.94 13.25% 14,100 19,840 14,031,470 13,430,819 1.70 0.55 ▲ Diversified Financial Services 1.18% 192,937 271,485 30,328,597 33,569,797

Page 33 KAMCO Research Amman Stock Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value January-2016 Change % Change % Change %Change ASE Index ▲ 2,147.00 10.68 0.50% 0.50% (1.35%)

Market Cap Market Cap Monthly Volume 52 Weeks 52 Weeks Company Name Reuters Ticker Closing Price(JD) Monthly % Change Monthly Value (JD) ('000 JD) ('000 USD) (Shares) High (JD) Low (JD)

═ ALSHAMEKHA FOR REAL ESTATE & FINANCIAL INV. VFED.AM 1.34 0.00% 1,608 2,263 300 402 1.80 0.92 ▼ JORDAN DUBAI PROPERTIES JDPC.AM 0.57 (14.93%) 26,772 37,671 50,205 30,070 0.82 0.39 ▲ UNION LAND DEVELOPMENT CORP. ULDC.AM 1.98 3.13% 89,100 125,374 891,422 1,758,500 2.90 1.82 ▲ AL-TAJAMOUAT FOR CATERING AND HOUSING CO. JNTH.AM 0.46 15.00% 4,600 6,473 7,684,301 3,504,687 1.62 0.32 ▲ SPECIALIZED INVESTMENT COMPOUNDS SPIC.AM 0.29 3.57% 7,470 10,512 9,416,453 2,843,850 1.07 0.17 ═ REAL ESTATE DEVELOPMENT REDV.AM 0.40 0.00% 36,600 51,501 940,829 376,089 0.48 0.14 ═ ARAB REAL ESTATE DEVELOPMENT ARED.AM 0.05 0.00% 2,000 2,814 0 0 NA NA ▲ ARAB EAST FOR REAL ESTATE INVESTMENTS CO. REAL.AM 1.49 5.67% 14,894 20,958 95,479 142,276 1.95 1.26 ▼ INT'L ARABIAN DEV. & INVESTMENT TRADING CO. INMA.AM 0.42 (2.33%) 2,940 4,137 53,095 22,837 0.58 0.41 ▲ JORDANIAN REAL ESTATE CO. FOR DEVELOPMENT JRCD.AM 0.65 12.07% 22,425 31,555 2,864,647 1,931,538 0.75 0.48 ▲ AMAD INVESTMENT & REAL ESTATE DEVELOPMENT AMAD.AM 1.80 55.17% 14,400 20,263 1,558,679 2,475,426 1.87 1.00 ═ IHDATHIAT CO-ORDINATES IHCO.AM 0.62 0.00% 1,860 2,617 0 0 0.68 0.48 ▲ EMMAR INVESTMENTS & REAL ESTATE DEV. EMAR.AM 0.35 12.90% 7,000 9,850 1,823,020 651,991 0.66 0.28 ▲ CONTEMPRO FOR HOUSING PROJECTS COHO.AM 1.24 3.33% 7,440 10,469 4,478,284 5,820,907 1.50 0.96 ▼ AD-DULAYL INDUSTRIAL PARK & REAL ESTATE CO. IDMC.AM 1.25 (6.72%) 26,250 36,937 8,741,761 11,227,445 2.29 0.41 ▲ Real Estate 2.42% 265,359 373,392 38,598,475 30,786,018 ▲ AL-BILAD MEDICAL SERVICES ABMS.AM 1.08 2.86% 23,760 33,433 7,043 7,497 1.65 1.03 ▼ INTERNATIONAL FOR MEDICAL INVESTMENT ICMI.AM 2.02 (9.42%) 9,090 12,791 147,567 303,648 3.19 1.38 ▼ Health Care Services (0.86%) 32,850 46,224 154,610 311,145 ▲ AL-ZARQA EDUCATIONAL AND INVESTMENT ZEIC.AM 3.00 0.33% 45,000 63,320 35,426 104,365 3.20 2.60 ▼ ARAB INT'L FOR EDUCATION AND INVESTMENT AIEI.AM 3.98 (0.50%) 161,190 226,814 24,059 96,502 4.60 3.95 ▼ ITTIHAD SCHOOLS ITSC.AM 1.25 (1.57%) 18,750 26,384 75,651 93,100 1.50 1.08 ▼ PETRA EDUCATION CO. PEDC.AM 5.75 (8.15%) 92,000 129,455 6,626 38,244 6.26 4.50 ▼ Educational Services (2.80%) 316,940 445,973 141,762 332,211 ▲ ARAB INTERNATIONAL HOTELS AIHO.AM 1.37 4.58% 43,840 61,688 3,905 5,332 1.77 1.28 ═ AL-TAJAMOUAT FOR TOURISTIC PROJECTS CO. TAJM.AM 0.48 0.00% 48,000 67,542 1,906,052 931,374 0.67 0.44 ═ AL-DAWLIYAH FOR HOTELS & MALLS MALL.AM 0.89 0.00% 38,448 54,101 361,151 322,465 1.06 0.86 ▲ Hotels and Tourism 1.50% 130,288 183,331 2,271,108 1,259,171 ═ JORDAN NATIONAL SHIPPING LINES SHIP.AM 1.32 0.00% 19,800 27,861 1,092,196 1,420,794 1.45 1.10 ▼ SALAM INTERNATIONL TRANSPORT & TRADING SITT.AM 0.40 (2.44%) 6,971 9,809 4,316,512 1,683,520 0.56 0.39 ═ JORDAN EXPRESS TOURIST TRANSPORT JETT.AM 1.41 0.00% 15,228 21,428 23,411 33,012 2.10 1.35 ▲ TRANSPORT& INVESTMENT BARTER CO. NAQL.AM 0.64 48.84% 8,906 12,531 22,559,011 12,831,439 0.98 0.38 ▼ ALIA- THE ROYAL JORDANIAN AIRLINES RJAL.AM 0.98 (14.04%) 82,686 116,349 3,778,627 3,916,974 1.15 0.37 ▼ Transportation (7.45%) 133,591 187,978 31,769,757 19,885,739 ▼ JORDAN TELECOM JTEL.AM 2.69 (23.36%) 672,500 946,288 267,332 779,024 3.52 2.00 ▼ AL-FARIS NATIONAL CO. FOR INV. & EXPORT CEBC.AM 0.41 (2.38%) 13,940 19,615 60,964 27,051 0.56 0.38 ▼ Technology & Communications (23.03%) 686,440 965,903 328,296 806,075 ▲ JORDAN PRESS FOUNDATION/AL-RA'I PRES.AM 1.10 26.44% 11,000 15,478 301,054 292,749 2.25 0.85 ═ JORDAN PRESS & PUBLISHING JOPP.AM 0.31 0.00% 1,395 1,963 0 0 0.38 0.29 ▲ Media 22.78% 12,395 17,441 301,054 292,749 ▲ JORDAN ELECTRIC POWER JOEP.AM 2.87 8.30% 216,972 305,306 729,696 2,012,089 3.12 2.01 ▲ IRBID DISTRICT ELECTRICITY IREL.AM 8.90 1.37% 71,200 100,187 666 5,825 10.50 8.25 ▲ JORDAN PETROLEUM REFINERY JOPT.AM 4.38 3.06% 328,500 462,239 1,111,383 4,808,272 6.49 3.77 ▲ Utilities & Energy 4.64% 616,672 867,732 1,841,745 6,826,186

Page 34 KAMCO Research Amman Stock Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value January-2016 Change % Change % Change %Change ASE Index ▲ 2,147.00 10.68 0.50% 0.50% (1.35%)

Market Cap Market Cap Monthly Volume 52 Weeks 52 Weeks Company Name Reuters Ticker Closing Price(JD) Monthly % Change Monthly Value (JD) ('000 JD) ('000 USD) (Shares) High (JD) Low (JD)

▼ JORDAN INTERNATIONAL TRADING CENTER JITC.AM 1.33 (4.32%) 4,522 6,363 59,298 78,114 1.47 1.08 ▲ JORDAN TRADE JOTF.AM 1.40 1.45% 23,100 32,504 2,050 2,835 1.42 0.94 ═ AL AHLIA ENTERPRISES ABLA.AM 1.07 0.00% 42,042 59,158 0 0 NA NA ▼ SPECIALIZED TRADING & INVESTMENT SPTI.AM 1.28 (4.48%) 1,280 1,801 1,743 2,231 1.34 0.69 ▼ SPECIALIZED JORDANIAN INVESTMENT SIJC.AM 0.34 (2.86%) 1,530 2,153 30,475 10,748 0.48 0.33 ▲ Commercial Services 0.03% 72,474 101,980 93,566 93,928 ▲ DAR AL DAWA DEVELOPMENT & INVESTMENT DADI.AM 2.43 4.74% 60,750 85,483 84,176 200,951 3.71 2.17 ▲ ARAB CENTER FOR PHARM.& CHEMICALS APHC.AM 0.86 13.16% 4,300 6,051 1,002 771 1.23 0.70 ═ M. E PHARMA. & CHMICAL IND. & MEDICAL APPLIANCE MPHA.AM 1.33 0.00% 13,127 18,471 0 0 1.98 0.53 ▼ JORDANIAN PHARMACEUTICAL MANUFACTURING JPHM.AM 0.77 (2.53%) 15,400 21,670 11,431 8,766 0.96 0.56 ▲ Pharmaceutical & Medical Ind. 3.14% 93,577 131,673 96,609 210,488 ▲ PREMIER BUSINESS AND PROJECTS CO. ACDT.AM 1.02 17.24% 1,357 1,909 5,554 5,544 1.91 0.87 ▲ UNIVERSAL CHEMICAL INDUSTRIES UNIC.AM 0.75 38.89% 1,125 1,583 8,048 5,095 1.07 0.37 ▲ NATIONAL CHLORINE INDUSTRIES NATC.AM 0.66 1.54% 5,940 8,358 62,432 40,673 0.76 0.55 ▲ JORDAN INDUSTRIAL RESOURCES JOIR.AM 0.24 9.09% 3,990 5,614 6,288,478 1,535,139 0.60 0.18 ▼ COMPREHENSIVE MULTIPLE PROJECT CO. INOH.AM 1.18 (30.99%) 6,195 8,717 12,590 16,435 2.08 0.73 ▼ Chemical Industries (9.02%) 18,607 26,182 6,377,102 1,602,886 ═ PEARL- SANITARY PAPER CONVERTING PERL.AM 3.60 0.00% 9,000 12,664 0 0 4.32 3.37 ═ Paper & Cardboard Industries 0.00% 9,000 12,664 0 0 ▲ AL-EKBAL PRINTING AND PACKAGING EKPC.AM 1.57 1.29% 7,850 11,046 115 181 1.70 1.10 ▲ Printing & Packaging 1.29% 7,850 11,046 115 181 ▼ JORDAN DAIRY JODA.AM 4.33 (28.55%) 17,320 24,371 1,798 9,589 8.00 1.86 ▼ UNIVERSAL MODERN INDUSTRIES UMIC.AM 1.79 (3.76%) 10,740 15,112 597,729 1,070,390 1.94 1.22 ═ THE ARAB INTERNATIONAL FOOD FACTORIES AIFF.AM 2.15 0.00% 22,575 31,766 0 0 2.24 1.85 ▲ NUTRIDAR NDAR.AM 0.53 6.00% 5,300 7,458 6,378 3,316 0.91 0.36 ▲ JORDAN VEGETABLE OIL INDUSTRIES JVOI.AM 1.80 9.09% 7,200 10,131 9,371 16,100 1.80 0.63 ▼ Food & Beverages (9.26%) 63,135 88,839 3,369,307 4,029,568 ▼ AL-EQBAL INVESTMENT CO. EICO.AM 16.95 (2.59%) 339,000 477,014 48,450 819,474 18.00 10.07 ▼ UNION TOBACCO & CIGARETTE INDUSTRIES UTOB.AM 2.68 (10.67%) 40,424 56,882 76,184 208,268 7.97 2.60 ▼ Tobacco & Cigarettes (3.52%) 379,424 533,895 124,634 1,027,742 ═ GENERAL MINING CO. EICO.AM 1.99 0.00% 2,985 4,200 48,450 819,474 2.80 1.98 ▲ ARAB ALUMINIUM INDUSTRY /ARAL UTOB.AM 2.04 2.00% 13,770 19,376 76,184 208,268 2.78 1.84 ▲ NATIONAL STEEL INDUSTRY EICO.AM 0.93 3.33% 1,089 1,533 48,450 819,474 0.94 0.72 ▼ JORDAN PHOSPHATE MINES UTOB.AM 5.40 (1.28%) 405,000 569,884 76,184 208,268 7.21 5.28 ▲ THE JORDAN CEMENT FACTORIES EICO.AM 1.30 0.78% 78,578 110,568 48,450 819,474 1.97 1.08 ▼ JORDAN STEEL UTOB.AM 0.46 (2.13%) 16,100 22,655 76,184 208,268 0.69 0.44 ▲ NATIONAL ALUMINIUM INDUSTRIAL EICO.AM 0.65 20.37% 5,850 8,232 48,450 819,474 0.76 0.50 ▲ TRAVERTINE CO. UTOB.AM 0.70 11.11% 3,220 4,531 76,184 208,268 0.85 0.56 ▼ Mining & Extraction Industries (0.64%) 526,592 740,978 4,509,468 3,533,786 ▲ THE JORDAN PIPES MANUFACTURING JOPI.AM 1.13 28.41% 4,040 5,684 976,347 983,220 1.79 0.82 ▼ JORDAN WOOD INDUSTRIES / JWICO WOOD.AM 1.49 (4.49%) 7,450 10,483 4,396 6,740 1.84 1.37 ▼ READY MIX CONCRETE & CONSTRUCTION SUPPLIES RMCC.AM 2.29 (2.97%) 57,250 80,558 55,598 125,502 2.95 2.19 ═ RUM ALADDIN INDUSTRIES IENG.AM 0.26 0.00% 1,866 2,625 0 0 0.48 0.25 ▼ ARABIAN STEEL PIPES MANUFACTURING ASPMM.AM 1.36 (6.85%) 12,240 17,223 63,130 85,030 2.50 1.26 ▼ Engineering & Construction (2.48%) 82,845 116,573 1,099,471 1,200,492

Page 35 KAMCO Research Amman Stock Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value January-2016 Change % Change % Change %Change ASE Index ▲ 2,147.00 10.68 0.50% 0.50% (1.35%)

Market Cap Market Cap Monthly Volume 52 Weeks 52 Weeks Company Name Reuters Ticker Closing Price(JD) Monthly % Change Monthly Value (JD) ('000 JD) ('000 USD) (Shares) High (JD) Low (JD)

▼ NATIONAL CABLE & WIRE MANUFACTURING WIRE.AM 0.37 (2.63%) 7,141 10,048 778,109 293,447 0.79 0.36 ▼ MIDDLE EAST SPECIALIZED CABLES CO. JNCC.AM 0.15 (6.25%) 5,833 8,208 1,296,927 207,507 0.25 0.12 ▲ ARAB ELECTRICAL INDUSTRIES AEIN.AM 0.74 39.62% 4,440 6,248 5,005,613 3,082,954 0.81 0.48 ▲ Electrical Industries 4.05% 17,414 24,504 7,080,649 3,583,908 ▲ CENTURY INVESTMENT GROUP CEIG.AM 2.44 7.96% 12,667 17,825 1,171,492 2,755,551 2.65 1.21 ▼ THE JORDAN WORSTED MILLS JOWM.AM 4.10 (0.97%) 61,500 86,538 18,071 73,750 4.44 3.85 ═ AKARY FOR INDUSTRIES & REAL ESTATE INV. WOOL.AM 1.90 0.00% 2,280 3,208 0 0 2.90 1.52 ▲ EL-ZAY READY WEAR MANUFACTURING ELZA.AM 0.22 10.00% 3,300 4,643 1,897,698 428,302 0.38 0.19 ▲ Textiles , Leathers & Clothings 0.80% 79,747 112,214 3,087,261 3,257,603 ═ JORDAN CERAMIC INDUSTRIES JOCF.AM 1.24 0.00% 4,650 6,543 0 0 1.49 0.86 ═ INTERNATIONAL CERAMIC INDUSTRIES ICER.AM 0.22 0.00% 1,320 1,857 0 0 NA NA ═ Glass & Ceramic Industries 0.00% 5,970 8,401 0 0

▼ Subtotal: Amman Stock Exchange (2.01%) 13,530,367 19,038,850 142,659,476 137,006,435

Page 36 KAMCO Research

Tunisia Stock Exchange Monthly Databank January-2016

Index Performance relative to Volume Sector Returns

5,850 10,500 Market Cap. MTD YTD 9,500 5,650 (DT Mn) % Chg % Chg

8,500 5,450 Tunis Stock Exchange 17,850 5.8% 5.8% 7,500 Banking 7,789 6.3% 6.3% 5,250 6,500 Insurance 755 3.0% 3.0% 5,050 5,500 Leasing 624 (7.3%) (7.3%)

Tunisia Index Tunisia 4,500 Financial Services 4,850 1,334 0.4% 0.4% Vol. Traded ('000. ('000. Shares) Traded Vol. 3,500 Industrial 1,195 8.9% 8.9% 4,650 2,500 Chemical Industry 454 (2.5%) (2.5%)

4,450 1,500 Food & Beverage 3,236 13.2% 13.2% Retailing 1,403 6.7% 6.7% 4,250 500 Others 1,060 (1.7%) (1.7%) Jul-15 Oct-15 Apr-15 Jun-15 Jan-16 Jan-15 Feb-15 Mar-15 Aug-15 Sep-15 Nov-15 Dec-15 May-15 Sectors' MTD Return is based on the Change in market cap. and it might not conform with the benchmark return for each sector

Monthly Top Movers and Most Active Stocks Trading Indicators

Closing Monthly Monthly YTD-16 YTD-15 Price Monthly Best Return Performers Market Return (DT) % Change Value Chg % Chg % Chg % Chg

Banque de l'Habitat 15.97 31.4% Tunisia Index 5,415.98 373.82 7.4% 7.4% (0.9%)

Société Tunisienne de Verreries 3.79 28.9% Market Cap (DT Mn) 17,850 971 5.8% 5.8% 3.9%

Société Tunis. d'Entreprises de Télécom. 1.45 20.8%

Automobile Reseau Tunisien et Services 7.29 19.9% Monthly Monthly Monthly Average Daily Trading Indicators Société Frigorifique et Brasserie de Tunis 27.20 19.6% Value Chg % Chg YTD-16 YTD-15

Volume ('000 Shares) 16,044 1,056 7.0% 844 687 Worst Return Performers Price Monthly (DT) % Change Value Traded ('000 DT) 90,359 (21,535) (19.2%) 4,756 6,266

Société des Industries Pharm. de Tunisie 4.66 (19.2%) No. of Trades 30,083 9,209 44.1% 1,583 1,475

TUNISAIR 0.66 (17.5%)

Attijari Leasing Company 18.31 (16.7%)

SOPAT 2.09 (14.3%) Market Breadth TelNet Holding 2.95 (14.2%) 30 33 2

Most Active Stocks By Value Price Value Most Active Stocks By Volume Price Volume Monthly (DT) ('000 DT) (DT) ('000 Shrs) % Change

Union Internationale de Banques 17.78 12,342 TUNISAIR 0.66 5,927 (17.5%)

Société d’Articles Hygiéniques 11.15 6,412 Société Moderne de Céramique 2.00 901 (3.4%)

Attijari Bank 26.55 6,404 Union Internationale de Banques 17.78 753 14.0%

Société Frigorifique et Brasserie de Tunis 27.20 6,278 Société Tunisienne de Verreries 3.79 720 28.9%

Euro-Cycles 39.00 5,900 Société d’Articles Hygiéniques 11.15 600 14.9% Source: KAMCO Research

Page 37 KAMCO Research Tunisia Stock Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value Change % Change % Change % Change January-2016 Tunisia SE Index ▲ 5,415.98 373.82 7.41% 7.41% (0.94%)

Reuters Closing Current Mkt Current Mkt Monthly Volume Monthly Value 52-Week 52-Week Company Name Monthly % Change Ticker Price (DT) Cap ('000 DT) Cap ('000 USD) (Shares) (DT) High (DT) Low (DT)

▼ Amen Bank AB.TN 21.80 (6.80%) 532,879 321,827 57,555 1,295,422 27.69 21.80 ▲ Arab Tunisian Bank ATB.TN 4.33 3.10% 433,000 261,506 166,889 704,005 5.37 4.10 ▲ Banque de l'Habitat BH.TN 15.97 31.44% 542,980 327,927 267,220 3,860,579 22.77 10.49 ▲ Banque Internationale Arabe de Tunisie BIAT.TN 78.50 2.76% 1,334,500 805,958 19,586 1,507,530 86.00 70.50 ▲ Banque Nationale Agricole BNA.TN 11.65 4.02% 372,800 225,149 262,875 3,152,229 15.20 7.45 ▲ Banque de Tunisie BT.TN 9.95 10.56% 1,492,500 901,380 316,927 3,063,537 14.63 1.48 ▲ Banque de Tunisie et des Emirats BTEI.TN 19.46 10.38% 87,570 52,887 13,698 281,139 24.80 2.50 ▼ Société Tunisienne de Banque STB.TN 5.40 (3.57%) 839,025 506,721 101,546 556,820 8.15 4.15 ▲ Banque Attijari De Tunisie BS.TN 26.55 12.03% 1,055,317 637,348 248,175 6,403,990 28.60 22.10 ▲ Union Bancaire pour le Commerce et l'Industrie UBCI.TN 25.97 0.04% 519,440 313,710 3,969 103,056 30.50 24.45 ▲ Union Internationale de Banques UIB.TN 17.78 14.05% 578,917 349,631 753,145 12,341,810 18.00 13.80 ▲ Banking 6.26% 7,788,928 4,704,045 2,211,585 33,270,115 ▼ Cie Assurance Et Reassurance Astree SA AST.TN 40.12 (3.09%) 160,480 96,920 11 436 55.00 38.96 ▲ Société Tunisienne d'Assurances et de Réassurances STAR.TN 169.00 8.89% 390,000 235,537 6,355 1,042,326 184.99 150.00 ▼ SOCIETE D'ASSURANCES SALIM SALIM.TN 25.09 (8.76%) 66,739 40,307 768 19,767 28.50 2.52 ▲ Société Tunisienne de Réassurance TRE.TN 9.20 1.43% 138,000 83,344 268,871 2,499,943 9.84 7.50 ▼ Insurance (52.87%) 755,220 456,107 276,005 3,562,472 ▲ Arab Tunisian Lease ATL.TN 3.02 6.34% 75,500 45,597 147,915 432,114 3.03 2.54 ▲ Compagnie Internationale de Leasing CIL.TN 15.30 3.03% 76,500 46,201 24,235 360,674 15.30 13.11 ▼ Attijari Leasing Co. TJL.TN 18.31 (16.73%) 38,909 23,499 59,527 1,083,239 29.34 17.80 ▲ Tunisie Leasing TLS.TN 17.00 2.97% 146,200 88,296 67,706 1,175,257 23.00 16.51 ▼ Société El Wifack Leasing WIFAK.TN 6.89 (2.96%) 206,700 124,834 8,977 61,123 19.63 6.40 ▼ Best Lease BL.TN 1.83 (3.68%) 54,900 33,156 36,780 69,063 1.92 1.64 ▼ Modern Leasing ML.TN 4.15 (7.78%) 24,900 15,038 4,574 19,546 5.52 3.87 ▲ Leasing 43.60% 623,609 376,622 349,714 3,201,016 ▲ Poulina Group Holding POULA.TN 4.99 1.01% 898,218 542,470 113,310 561,582 5.59 4.80 ═ Les Placements de Tunisie – SICAF PLTU.TN 43.00 0.00% 43,000 25,969 25 1,075 50.90 43.00 ▼ Société de Placement et de Dév. Indust. et Touristique SPDI.TN 13.61 (1.02%) 381,080 230,149 54,344 747,404 15.12 9.62 ▲ Tuninvest – Sicar TINV.TN 11.70 5.41% 11,302 6,826 36,380 417,437 12.75 10.60 ▲ Financial Services 0.43% 1,333,600 805,414 204,059 1,727,498 ▲ Laboratoires Adwya ADWYA.TN 7.21 13.01% 114,206 68,974 134,665 879,343 8.59 5.93 ═ L'Accumulateur Tunisien ASSAD ASSAD.TN 5.30 0.00% 63,600 38,411 237,996 1,253,472 9.10 4.59 ▼ Société Générale Industrielle de Filtration GIF.TN 2.36 (0.42%) 24,235 14,636 313,854 752,592 3.80 2.27 ▼ Société Indust. d'Appareillage et Matériel Electrique SIAM.TN 2.18 (3.96%) 30,607 18,485 337,179 729,750 2.75 1.95 ▼ Société des Industries Pharmaceutiques de Tunisie SIPHA.TN 4.66 (19.24%) 8,388 5,066 5,474 25,924 9.03 4.51 ▼ Société Moderne de Céramique SOMOC.TN 2.00 (3.38%) 65,050 39,286 901,395 1,895,577 3.14 1.78 ▲ Société Tunisienne de Verreries STVR.TN 3.79 28.91% 88,830 53,648 719,599 2,662,212 5.30 2.79 ▼ Tunisie Profilés Aluminium TPR.TN 3.10 (1.27%) 139,500 84,250 278,446 896,370 4.48 3.04 ▲ Société d’Articles Hygiéniques SAH.TN 11.15 14.95% 489,256 295,481 599,853 6,411,893 14.34 1.95 ▼ CELLCOM CELL.TN 8.25 (2.48%) 36,808 22,230 120,533 992,110 9.40 7.52 ▲ SOTIPAPIER STPAP.TN 4.12 5.10% 98,674 59,593 298,181 1,230,644 5.00 3.88 ▲ Manufacture de Panneaux Bois du Sud MPBS.TN 5.86 13.13% 36,039 21,765 175,365 1,028,440 7.55 4.87 ▲ Industrial 13.58% 1,195,193 721,825 4,124,739 18,760,790 Page 38 KAMCO Research Tunisia Stock Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value Change % Change % Change % Change January-2016 Tunisia SE Index ▲ 5,415.98 373.82 7.41% 7.41% (0.94%)

Reuters Closing Current Mkt Current Mkt Monthly Volume Monthly Value 52-Week 52-Week Company Name Monthly % Change Ticker Price (DT) Cap ('000 DT) Cap ('000 USD) (Shares) (DT) High (DT) Low (DT)

▼ Air Liquide Tunisie AL.TN 147.70 (1.16%) 178,906 108,049 745 107,214 229.00 139.38 ▼ Société Chimique Alkimia ALKM.TN 45.40 (1.80%) 88,405 53,391 586 26,750 59.99 44.00 ▼ Industries Chimiques du Fluor ICF.TN 25.88 (2.34%) 54,348 32,823 1,548 41,236 37.00 25.01 ▼ Ciments De Bizerte SCB.TN 3.00 (4.76%) 132,142 79,806 80,118 248,979 6.30 2.86 ▼ Chemical Industry (2.50%) 453,802 274,069 82,997 424,179 ▲ Société Frigorifique et Brasserie de Tunis SFBT.TN 27.20 19.56% 2,448,000 1,478,445 250,560 6,278,077 32.79 20.19 ▼ Elbene Industrie ELBEN.TN 3.68 (3.16%) 36,800 22,225 124,040 456,468 4.05 2.82 ▼ Societe de Production Agricole Teboulba SOPAT.TN 2.09 (14.34%) 27,157 16,401 70,917 158,719 3.42 2.08 ▼ Delice Holding DH.TN 13.18 (2.30%) 723,678 437,058 33,052 431,034 17.60 12.65 ▲ Food & Beverage 13.22% 3,235,635 1,954,129 478,569 7,324,297 ▲ Automobile Reseau Tunisien et Services ARTES.TN 7.29 19.90% 278,843 168,404 139,131 881,160 7.75 5.70 ▼ Electrostar LSTR.TN 3.56 (6.32%) 8,722 5,268 75,491 283,762 9.46 3.50 ▲ Société Magasin Général SMG.TN 24.79 8.35% 284,620 171,894 75,791 1,722,411 33.50 21.25 ▲ Société Tunisienne des Marchés de Gros MGR.TN 2.22 9.36% 26,640 16,089 567,903 1,165,735 2.30 1.72 ▼ Société Nouvelle Maison de la Ville de Tunis MNP.TN 13.67 (3.73%) 227,484 137,387 71,468 985,377 21.42 11.86 ▼ Société Tunisienne d'Equipement STEQ.TN 11.65 (4.43%) 16,310 9,850 - - 12.21 4.77 ▲ City Cars CITY.TN 14.88 10.30% 200,880 121,319 85,705 1,221,048 15.45 11.75 ▲ ENNAKL Automobiles NAKL.TN 12.00 2.56% 360,000 217,418 92,189 1,087,189 12.00 1.80 ▲ Retailing 6.70% 1,403,499 847,629 1,107,678 7,346,682 ▼ Société Immobilière et de Participation SIMP.TN 28.60 (13.33%) 31,460 19,000 13,878 400,532 50.99 27.60 ▼ Société Immobilière Tuniso-Séoudienne SITS.TN 2.08 (9.57%) 27,040 16,331 427,256 955,897 2.69 1.70 ▼ Société Essoukna SOKNA.TN 3.76 (3.59%) 18,990 11,469 20,986 81,218 5.97 3.75 ▲ Société Tunisienne d'Entreprises de Télécom. SOTE.TN 1.45 20.83% 6,723 4,061 93,570 121,463 3.19 1.17 ▲ Société Tunisienne de Transp. des Hydro. par Pipelines STPIL.TN 9.67 7.44% 33,221 20,063 8,272 76,699 9.67 7.40 ▼ TUNISAIR TAIR.TN 0.66 (17.50%) 70,092 42,331 5,926,910 4,202,045 1.19 0.65 ▼ TelNet Holding TLNET.TN 2.95 (14.24%) 32,533 19,648 220,486 696,556 5.39 2.80 ▼ One Tech Holding OTH.TN 6.90 (1.43%) 369,840 223,361 177,041 1,198,664 8.00 6.50 ▲ Euro-Cycles ECYCL.TN 39.00 13.41% 210,600 127,190 159,953 5,900,049 39.02 17.80 ▼ Hannibal Lease HANL.TN 8.20 (2.38%) 47,068 28,426 1,418 11,628 8.44 7.18 ▼ Universal Auto Distributors Holding UADH.TN 6.90 (5.22%) 212,520 128,349 158,626 1,097,531 7.70 6.69 ▼ Others (1.20%) 1,060,086 640,228 7,208,396 14,742,281

▲ Subtotal: Tunisian Market 2.24% 17,849,570 10,780,069 16,043,742 90,359,331

Page 39 KAMCO Research

Beirut Stock Exchange Monthly Databank January-2016

Index Performance relative to Volume Sector Returns

1,260 8,000 Market Cap. MTD YTD

1,240 7,000 (USD Mn) % Chg % Chg

1,220 6,000 Beirut Stock Exchange 11,539 (1.1%) (1.1%)

1,200 5,000 Banking 9,514 0.2% 0.2% 1,180 Industrial 314 (0.6%) (0.6%) 4,000 1,160 Trading 35 0.0% 0.0% 3,000 1,140 Real Estate & Const. 1,676 (8.2%) (8.2%)

2,000 Vol. Traded ('000.Shares) 1,120 Sectors' MTD Return is based on the Change in market cap. and it might not conform with the benchmark return for each sector Blom Stock Index 1,100 1,000

1,080 0 Jul-15 Apr-15 Oct-15 Jan-15 Jun-15 Jan-16 Feb-15 Mar-15 Aug-15 Sep-15 Nov-15 Dec-15 May-15

Monthly Top Movers and Most Active Stocks Trading Indicators

Closing Monthly Monthly YTD-16 YTD-15 Price Monthly Best Return Performers Market Return (USD) Return Value Chg % Chg % Chg % Chg

Bank of Beirut Preferred Class J 26.50 2.9% Blom Stock Index 1,153.09 (16.43) (1.4%) (1.4%) (0.1%)

Bank Audi GDR 6.10 1.7% Market Cap (USD Mn) 11,519.36 (130.66) (1.1%) (1.1%) 3.8%

Byblos Bank 1.63 1.2%

Bank Audi 6.08 0.5%

Byblos Bank Preferred 2009 101.00 0.4% Monthly Monthly Monthly Average Daily Trading Indicators Value Chg % Chg YTD-16 YTD-15

Worst Return Performers Price Monthly (USD) Return Volume ('000s shares) 4,479 320 7.7% 211 662

Solidere B 10.10 (8.8%) Value Traded ('000s USD) 38,493 6,419 20.0% 1,767 2,878

Solidere A 10.19 (7.9%)

Bank Of Beirut 18.20 (3.2%)

BLOM Bank GDR 9.65 (1.0%) Market Breadth BLC Bank Preferred B 101.50 (1.0%) 5 8 17

Most Active Stocks by Value Price Value Most Active Stocks by Volume Price Volume Monthly (USD) ('000 USD) (USD) (Shares) Return

Bank Audi 6.08 15,878,660 Bank Audi 0.000 6.08 2,619,893 0.5%

BLOM Bank 9.40 5,580,437 BLOM Bank 0.000 9.40 593,297 0.0%

Byblos Bank Preferred 2008 101.00 5,076,335 BLOM Bank GDR 0.000 9.65 404,669 (1.0%)

BLOM Bank GDR 9.65 3,913,630 Solidere A 0.000 10.19 224,423 (7.9%)

Solidere A 10.19 2,304,507 Bank Audi GDR 0.000 6.10 220,381 1.7%

Source: KAMCO Research

Page 40 KAMCO Research

Beirut Stock Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value January-2016 Change % Change % Change Change Blom Stock Index ▼ 1,153.09 (16.43) (1.40%) (1.40%) (0.06%)

Reuters Current Monthly Market Cap Monthly Traded 52-Week 52-Week Company Name Monthly Value (USD) Ticker Price (USD) % Change ('000 USD) Volume (Shares) High (USD) Low (USD)

▲ Bank Audi AUDI.BY 6.08 0.50% 2,734,475 2,619,893 15,878,660 6.99 5.50 ▲ Bank Audi GDR AUSR.BY 6.10 1.67% 709,053 220,381 1,322,996 7.40 5.58 ═ Bank Audi Preferred E AUPRE.BY 102.20 0.00% 127,750 - - 102.20 100.00 ▲ Bank Audi Preferred F AUPRF.BY 102.00 0.29% 153,000 5,742 584,987 103.80 100.00 ▼ Bank Audi Preferred G AUPRG.BY 100.90 (0.10%) 151,350 5,964 602,110 103.00 99.00 ═ Bank Audi Preferred H AUPRH.BY 101.50 0.00% 76,125 - - 103.00 6.25 ▼ Bank of Beirut BOB.BY 18.20 (3.19%) 306,169 5,200 94,760 19.00 18.10 ═ Bank of Beirut Preferred Class E BOBPE.BY 26.35 0.00% 63,240 - - 26.50 10.11 ═ Bank of Beirut Preferred Class H BOBPH.BY 26.50 0.00% 143,100 - - 26.50 25.05 ═ Bank of Beirut Preferred Class I BOBPI.BY 26.50 0.00% 132,500 18,900 500,850 26.50 25.00 Bank of Beirut Preferred Class J BOBPJ.BY 26.50 2.91% 79,500 2,500 66,250 26.50 25.00 ═ Bank Of Beirut Priority Shares 2014 BOBPT.BY 21.00 0.00% 100,002 - - 21.00 21.00 ═ BEMO Bank BEMO.BY 1.90 0.00% 97,660 - - 1.90 1.40 ═ BEMO Bank Preferred Class 2013 BMO13.BY 100.00 0.00% 35,000 - - 101.20 100.00 ═ BLC Bank BLC.BY 1.70 0.00% 86,757 - - 1.80 1.70 ═ BLC Bank Preferred A BLCPA.BY 100.00 0.00% 40,000 125 12,500 104.00 18.40 ▼ BLC Bank Preferred B BLCPb.BY 101.50 (0.98%) 55,825 600 60,900 103.00 100.00 ═ BLC Bank Preferred C BLCPc.BY 101.00 0.00% 35,350 - - 101.00 100.00 ═ BLOM Bank BLOM.BY 9.40 0.00% 2,021,000 593,297 5,580,437 9.80 8.50 ▼ BLOM Bank GDR BLBD.BY 9.65 (1.03%) 713,096 404,669 3,913,630 10.10 8.80 ═ BLOM Preferred 2011 BLBD.BY 10.15 0.00% 203,000 35,070 355,962 10.25 10.10 ▲ Byblos Bank BYB.BY 1.63 1.24% 921,790 180,779 294,418 1.76 1.48 ▼ Byblos Bank Preferred- 2008 BYB08.BY 101.00 (0.20%) 202,000 50,260 5,076,335 103.00 25.50 ▲ Byblos Bank Preferred- 2009 BYB09.BY 101.00 0.40% 202,000 7,289 736,315 103.00 100.00 ═ Byblos Bank GDR BYBDR.BY 80.00 0.00% 104,726 300 24,000 80.00 1.60 ▲ Banking Sector 4.51% 9,494,467 4,150,969 35,105,110 ═ Ciments Blancs B CBB.BY 3.90 0.00% 23,400 - - 4.00 3.00 ═ Ciments Blancs N CBN.BY 3.10 0.00% 9,300 - - 3.10 2.75 ▼ Holcim Liban HOLC.BY 14.42 (0.69%) 281,421 4,256 61,687 16.30 1.59 ▼ Industrial Sector (4.34%) 314,121 4,256 61,687 ═ Rasamny-Younis Motors RYM.BY 3.23 0.00% 35,272 - - 3.50 2.69 ═ Trading Sector 0.00% 35,272 - - ▼ Solidere A SOLA.BY 10.19 (7.87%) 1,019,000 224,423 2,304,507 13.90 8.14 ▼ Solidere B SOLB.BY 10.10 (8.76%) 656,500 98,948 1,021,619 13.84 8.00 ▼ Real Estate & Construction Sector (10.36%) 1,675,500 323,371 3,326,126 ▲ Beirut Stock Exchange 1.79% 11,519,360 4,478,596 38,492,923

Page 41 KAMCO Research

Casablanca Stock Exchange Monthly Databank January-2016 (The Bulletin covers the 41 Stocks listed on the Main Market)

Index Performance relative to Volume Sector Returns

22000 10,750 Market Cap. MTD YTD (MAD Mn) % Chg % Chg 20000 10,500 Casablanca Stock Exchange 393,643 (0.9%) (0.9%) 18000 Banking 158,403 (3.3%) (3.3%)

10,250 Beverages 2,457 (2.0%) (2.0%) 16000 Chemicals 192 0.0% 0.0%

14000 10,000 Construction & Bldg. Material 51,821 (0.2%) (0.2%) Distributors 9,148 2.4% 2.4% 12000

MASI MASI Index 9,750 Electrical & Electronic Equipment 314 0.0% 0.0%

10000 Volume Traded ('ooo shares) Electricity 1,356 6.3% 6.3% Food Producers & Processors 4,333 12.1% 12.1% 9,500 8000 Holding Companies 1,645 (5.2%) (5.2%) 6000 Insurance 17,588 (4.7%) (4.7%) 9,250 Investment & other Finance 2,943 (8.2%) (8.2%) 4000 Leisures & Hotel 877 (3.3%) (3.3%) 9,000 2000 Materials, Software & Computer 760 0.1% 0.1% Mining 10,015 (16.3%) (16.3%) 8,750 0 Oil & Gas 9,252 (3.1%) (3.1%) Jul-15 Apr-15 Oct-15 Jan-15 Jan-16 Jun-15 Feb-15 Mar-15 Aug-15 Sep-15 Nov-15 Dec-15 May-15 Real Estate 16,599 5.3% 5.3% Telecommunications 101,755 3.7% 3.7% Transport 552 7.4% 7.4% Utilities 3,600 5.9% 5.9% Forestry & Paper 34 (2.3%) (2.3%)

Sectors' MTD Return is based on the Change in market cap. and it might not conform with the benchmark return for each sector

Monthly Top Movers and Most Active Stocks Trading Indicators

Price Monthly Closing Monthly Monthly YTD-16 YTD-15 Best Return Performers Market Return (MAD) % Chg Value Chg % Chg % Chg % Chg

Lesieur Cristal 128.00 12.3% MASI Index 8,898.99 (26.7) (0.3%) (0.3%) (7.2%)

Comp Suc Maroc Et De Raff 190.00 11.4% MADEX Index 7,256.97 1.8 0.0% 0.0% (7.5%)

Douja Prom Addoha 26.39 11.3% Market Cap (MAD Mn) 393,643 (3,654) (0.9%) (0.9%) (8.0%)

Ciments Du Maroc 1,125.00 9.8%

Compagnie de Transport au Maroc 450.00 7.4%

Monthly Monthly Monthly Average Daily Trading Indicators Price Monthly Value Chg % Chg YTD-16 YTD-15 Worst Return Performers (MAD) % Chg

Managem 533.00 (22.6%) Volume ('000 Shares) 10,115.47 (37,920) (78.9%) 532 516

Credit Du Maroc 408.10 (20.8%) Value Traded (MAD Mn) 488.58 (3,566.85) (88.0%) 26 70

Banque Morocaine Due Commerce Et De L'Industries 530.00 (17.2%)

Credit EQDOM (SOC D'EQUIP DOM ET MN) 787.10 (16.0%) Market Breadth Societe Metallurgique D'Imiter 2,245.00 (12.0%) 12 24 5

Price Value Price Volume Monthly Most Active Stocks By Value Most Active Stocks By Volume (MAD) ('000 MAD) (MAD) ('000 Shrs) % Chg

Itissalat Al-Maghrib 115.75 119,289 Douja Prom Addoha 26.39 5,951 11.3%

Attijariwafa Bank 328.25 82,702 Itissalat Al-Maghrib 115.75 1,758 3.7%

Douja Prom Addoha 26.39 78,448 Attijariwafa Bank 328.25 478 (2.9%)

Banque Centrale Populaire 215.00 36,615 Alliances Developpement Immobilier 40.05 445 (2.3%)

SAHAM ASSURANCE 920.00 20,883 Banque Centrale Populaire 215.00 339 0.0%

Source: KAMCO Research

Page 42 KAMCO Research Casablanca Stock Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value Change % Change % Change % Change January-2016 MASI Index ▼ 8,898.99 (26.72) (0.30%) (0.30%) (7.22%)

Closing Monthly Current Mkt Current Mkt Monthly Volume Monthly Value 52-Week 52-Week Company Name Reuters Ticker Price (MAD) % Change Cap (Mln. MAD) Cap (Mln. USD) (Shrs) ('000 MAD) High (MAD) Low (MAD)

▼ Attijariwafa Bank ATW.CS 328.25 (2.86%) 66,058 7,831 478,088 82,702 382.00 320.50 ═ Banque Centrale Populaire BCP.CS 215.00 0.00% 37,226 4,413 338,593 36,615 238.95 208.10 ▼ Banque Marocaine Du Commerce Exterieur BMCE.CS 210.90 (1.45%) 37,849 4,487 144,353 15,854 245.00 210.00 ▼ Banque Morocaine Du Commerce Et De L'Industries BMCI.CS 530.00 (17.19%) 7,038 834 3,142 843 747.00 502.00 ▼ Credit Du Maroc CDM.CS 408.10 (20.85%) 3,764 446 116 25 555.00 390.00 ▼ Credit Immobilier Et Hotelier CIH.CS 243.10 (6.98%) 6,468 767 22,915 2,924 372.00 243.10 ▼ Banking Sector (3.32%) 158,403 18,777 987,207 138,963 ▼ Les Eaux Minerales D Oulmes OULM.CS 1,241.00 (1.97%) 2,457 291 1,138 682 1,266.00 870.00 ▼ Beverages Sector (1.97%) 2,457 291 1,138 682 ═ Societe Nationale D'Electrolse Et De Petrochimie SNP.CS 80.00 0.00% 192 23 4,882 212 224.85 71.45 ═ Chemicals Sector 0.00% 192 23 4,882 212 ▲ Ciments Du Maroc SCM.CS 1,125.00 9.76% 16,241 1,925 14,545 8,056 1,320.00 995.00 ▼ Holcim (Maroc) HOL.CS 1,670.00 (2.91%) 7,031 833 9,628 8,891 2,470.00 1,600.00 ▼ Lafarge Ciments LAC.CS 1,545.00 (4.51%) 26,990 3,199 16,359 12,769 1,965.00 1,503.00 ▼ Societe Nationale De Siderurgie SOND.CS 400.00 (4.76%) 1,560 185 8,897 1,925 1,075.00 400.00 ▼ Construction & Building Materials Sector (0.23%) 51,821 6,143 49,429 31,641 ▲ Auto Hall AUTO.CS 99.90 4.17% 4,807 570 217,883 10,487 105.70 82.21 ▼ Fenie Brossette FBR.CS 95.20 (4.80%) 137 16 427 22 219.50 94.05 ═ Label Vie LBV.CS 1,180.00 0.00% 3,003 356 587 342 1,320.00 950.00 ▲ ENNAKL Automobiles NAKL.CS 40.00 2.59% 1,200 142 128,455 2,493 43.35 37.03 ▲ Distributors Sector 2.42% 9,148 1,084 347,352 13,344 ═ Nexans Maroc NEX.CS 140.00 0.00% 314 37 2,455 172 210.00 132.40 ═ Electircal & Electronic Equipment Sector 0.00% 314 37 2,455 172 ▲ TAQA MOROCCO TQM.CS 607.00 6.30% 1,356 161 19,270 7,427 607.00 490.00 ▲ Electricity 6.30% 1,356 161 19,270 7,427 ▲ Comp Suc Maroc Et De Raff CSMR.CS 190.00 11.44% 796 94 171,065 20,187 193.00 163.20 ▲ Lesieur Cristal SA LESU.CS 128.00 12.28% 3,537 419 151,954 9,579 129.90 100.70 ▲ Food producers & Processors Sector 12.12% 4,333 514 323,019 29,766 ▼ Delta Holding DHO.CS 18.78 (5.15%) 1,645 195 38,623 407 31.55 18.00 ▼ Holding Companies Sector (5.15%) 1,645 195 38,623 407 ▼ Compagnie D'Assurances Et De Reassurances Atlanta ATL.CS 49.89 (1.21%) 3,003 356 22,488 708 76.24 45.78 ▼ SAHAM ASSURANCE SAH.CS 920.00 (4.56%) 3,788 449 29,660 20,883 1,200.00 1,044.00 ▼ Wafa Assurances WASS.CS 3,085.00 (5.66%) 10,798 1,280 4,968 8,000 4,452.00 2,980.00 ▼ Insurance Sector (4.69%) 17,588 2,085 57,116 29,592 ▼ Credit Eqdom (Soc D'equip Dom Et MN) EQDM.CS 787.10 (15.97%) 1,315 156 127 54 1,564.00 787.00 ▼ Salafin SLF.CS 679.90 (0.74%) 1,628 193 7,115 2,355 720.00 600.00 ▼ Investment & Financial Institutions Sector (8.18%) 2,943 349 7,242 2,409

Page 43 KAMCO Research Casablanca Stock Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value Change % Change % Change % Change January-2016 MASI Index ▼ 8,898.99 (26.72) (0.30%) (0.30%) (7.22%)

▼ Risma RIS.CS 111.25 (3.26%) 877 104 12,211 1,154 249.90 96.00 ▼ Leisure and Hotels Sector (3.26%) 877 104 12,211 1,154 ▲ Disway MAT.CS 222.00 0.91% 419 50 18,962 2,077 233.20 169.20 ▼ Hightech Payment Systems SA (HPS) HPS.CS 485.00 (0.82%) 341 40 25,390 6,124 525.00 366.00 ▲ Materials, Software & Computer Services Sector 0.13% 760 90 44,352 8,201 ▼ Managem MNG.CS 533.00 (22.64%) 4,882 579 7,880 2,436 1,093.00 508.00 ▼ Miniere Touissit CMT.CS 970.00 (1.02%) 1,440 171 1,885 979 1,340.00 970.00 ▼ Societe Metallurgique D'imiter SMI.CS 2,245.00 (11.96%) 3,693 438 116 136 3,170.00 2,245.00 ▼ Mining Sector (16.26%) 10,015 1,187 9,881 3,551 ▼ Afriquia Gaz AGAZ1.CS 2,249.00 (3.68%) 7,731 916 3,220 3,876 2,430.00 1,900.00 ═ Marocaine De L Industrie Du Raffinage (SAMIR) SAMI.CS 127.80 0.00% 1,521 180 - - 240.00 127.80 ▼ Oil & Gas Sector (3.10%) 9,252 1,097 3,220 3,876 ▼ Alliances Developpement Immobilier ADI.CS 40.05 (2.32%) 500 59 445,216 10,978 227.00 25.38 ▲ CIE Generale Immobiliere CGI.CS 423.00 0.04% 7,787 923 - - 725.00 422.85 ▲ Douja Prom Addoha ADH.CS 26.39 11.26% 8,313 985 5,950,899 78,448 34.50 22.33 ▲ Real Estate Sector 5.17% 16,599 1,968 6,396,115 89,426 ▲ Itissalat Al-Maghrib IAM.CS 115.75 3.67% 101,755 12,062 1,758,176 119,289 140.00 104.80 ▲ Telecommunications Sector 3.67% 101,755 12,062 1,758,176 119,289 ▲ Compagnie De Transport Au Maroc CTM.CS 450.00 7.40% 552 65 3,342 789 465.00 330.50 ▲ Transport Sector 7.40% 552 65 3,342 789 ▲ Lyonnaise Des Eaux De Casablanca LYD.CS 449.95 5.87% 3,600 427 34,804 7,581 449.95 250.00 ▲ Utilities Sector 5.87% 3,600 427 34,804 7,581 ▼ Med Paper PAP.CS 13.00 (2.26%) 34 4 15,633 103 27.94 12.24 ▼ Forestry & Paper Sector (2.26%) 34 4 15,633 103

▼ Subtotal: Casablanca Stock Exchange (0.92%) 393,643 46,662 10,115,467 488,583

Page 44 KAMCO Research

Damascus Securities Exchange Monthly Databank January-2016

Index Performance relative to Volume Sector Returns

1,275 1,000 Market Cap. MTD YTD (SRY Mn) % Chg % Chg

800 1,250 Damascus SE 128,960 1.6% 1.6%

Banking 114,557 1.5% 1.5% 600

1,225 Services 1,470 0.0% 0.0%

DSE TRW Index 400 Industrial 4,526 5.0% 5.0%

Vol. Traded ('000. Shares) Insurance 7,868 1.7% 1.7% 1,200 200 Agricultural 539 0.0% 0.0%

Sectors' MTD Return is based on the Change in market cap. and it might not conform with the benchmark return for each sector

1,175 0 Jul-15 Apr-15 Oct-15 Jan-15 Jun-15 Jan-16 Feb-15 Mar-15 Aug-15 Sep-15 Nov-15 Dec-15 May-15

Monthly Top Movers & Most Active Stocks Trading Indicators

Price Monthly Closing Monthly Monthly YTD-16 FY-2015 Best Return Performers Market Return (SRY) % Chg Value Chg. % Chg. % Chg. % Chg. United Insurance Co. 180.00 12.5% DSE Weighted Index 1,246.09 18.23 1.5% 1.5% (3.4%) Syria International Islamic Bank 106.83 8.9% Market Cap (SRY Mn) 128,960 1,992 1.6% 1.6% (4.1%) Qatar National Bank Syria 107.00 5.3% Cham Bank 97.39 5.0% Alahliah Vegtable Oil Company E.S.A 301.75 5.0% Monthly Monthly Monthly Average Daily Trading Indicators Value Chg. % Chg. YTD-16 YTD-15

Price Monthly Volume (Shrs) 958,620 485,897 50.7% 59,914 1,688 Worst Return Performers (SRY) % Chg Value Traded ('000 SRY) 129,467 77,041 59.5% 8,092 2,899 The Int'l Bank For Trade & Finance 136.50 (3.9%) No. of Trades 601 238 39.7% 38 2.93 Al-Aqeelah Takaful Insurance 79.50 (2.5%) Bank of Jordan Syria 97.29 (0.7%) Al Baraka Bank - Syria 140.54 (0.2%) Market Breadth Bank Audi Syria 226.33 (0.1%) 6 5 13

Price Value Price Monthly Most Active Stocks by Value Most Active Stocks by Volume (SRY) ('000 SRY) (SRY) Volume % Chg

United Insurance Co. 180.00 45,768 Syria International Islamic Bank 106.83 283,117 8.9% Syria International Islamic Bank 106.83 29,266 United Insurance Co. 180.00 254,630 12.5% Qatar National Bank Syria 107.00 18,206 Qatar National Bank Syria 107.00 175,526 5.3% Bank Audi Syria 226.33 14,574 Cham Bank 97.39 84,741 5.0% Cham Bank 97.39 8,005 Bank Audi Syria 226.33 64,404 (0.1%) Source: Investment Research Dept. - KAMCO

Page 45 KAMCO Research Damascus Securities Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value Change % Change % Change % Change January-2016 DSE Weighted Index ▲ 1,246.09 18.23 1.48% 1.48% (3.41%)

Closing MTD % Market Cap Market Cap Monthly 52-Week 52-Week Company Name Monthly Value (SRY) Ticker Price (SRY) Chg ('000 SRY) ('000 USD) Volume (Shrs) High (SRY) Low (SRY) ═ Arab Bank- Syria ARBS 184.18 0.00% 9,301,090 132,075 - - 185.00 178.50 ▼ Bank Audi Syria BASY 226.33 (0.06%) 12,956,261 183,979 64,404 14,574,421 228.00 222.00 ▲ Bank Of Syria And Overseas BSO 240.00 2.13% 9,600,000 136,320 3,310 794,400 245.00 229.00 ═ Banque Bemo Saudi Fransi BBSF 332.25 0.00% 16,612,500 235,898 5,815 1,894,236 365.00 325.75 ═ Byblos Bank Syria BBS 122.50 0.00% 7,497,000 106,457 - - 128.00 96.50 ▲ Syria International Islamic Bank SIIB 106.83 8.93% 9,079,915 128,935 283,117 29,265,965 112.00 89.25 ▼ The International Bank For Trade & Finance IBTF 136.50 (3.87%) 7,166,250 101,761 27,582 3,827,478 162.75 94.75 ▲ Qatar National Bank - Syria QNBS 107.00 5.25% 16,050,000 227,910 175,526 18,205,537 116.00 90.25 ▼ Bank of Jordan Syria BOJS 97.29 (0.72%) 2,918,700 41,446 4,535 440,793 98.00 85.25 ═ Syria Gulf Bank SGB 102.55 0.00% 3,076,500 43,686 207 20,804 115.00 100.50 ═ Bank Al Sharq SHRQ 135.00 0.00% 3,375,000 47,925 - - 136.75 127.75 ═ Fransabank Syria FSBS 95.75 0.00% 5,026,875 71,382 1,900 180,500 100.00 90.00 ▲ Cham Bank CHB 97.39 5.01% 4,869,500 69,147 84,741 8,004,973 100.00 86.25 ▼ Al Baraka Bank - Syria BBSY 140.54 (0.16%) 7,027,000 99,783 29,185 3,924,329 142.50 105.25 ▼ Banking Sector (3.61%) 114,556,591 1,626,704 680,322 81,133,435 ═ Alahliah Co. For Transport AHT 162.00 0.00% 324,000 4,601 2,611 787,454 185.75 160.00 ═ United Group For Publishing, Advertising & Marketing UG 254.68 0.00% 1,146,060 16,274 - - 249.75 249.75 ▼ Services Sector (2.00%) 1,470,060 20,875 2,611 787,454 ▲ Alahliah Vegtable Oil Co. E.S.A AVOC 301.75 4.96% 4,526,250 64,273 76 12,920 316.75 205.50 ▲ Industrial Sector 37.16% 4,526,250 64,273 76 12,920 ▲ United Insurance Co. UIC 180.00 12.50% 1,530,000 21,726 254,630 45,768,320 NA NA ═ Syria International Insurance AROP 159.75 0.00% 1,597,500 22,685 500 78,375 169.50 156.75 ═ National Insurance Co. NIC 118.25 0.00% 1,005,125 14,273 - - 150.25 124.00 ▼ Al-Aqeelah Takaful Insurance ATI 79.50 (2.45%) 1,590,000 22,578 19,231 1,538,324 86.75 79.50 ═ Solidarity Alliance Insurance SAIC 112.00 0.00% 1,120,000 15,904 - - 118.25 92.25 ═ Syrian Kuwaiti Insurance Company SKIC 120.66 0.00% 1,025,610 14,564 1,250 147,813 100.00 86.25 ▼ Insurance Sector (3.58%) 7,868,235 111,729 275,611 47,532,832 ═ Agricultural Engineering Co For Investments - Nama NAMA 943.50 0.00% 539,000 7,654 - - NA NA ═ Agricultural Sector 0.00% 539,000 7,654 - -

▼ Damascus Securities Exchange (2.56%) 128,960,136 1,831,234 958,620 129,466,641

Page 46 Disclaimer & Important Disclosures

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Conflict of Interest KAMCO and its affiliates provide full investment banking services, and they and their directors, officers and employees, may take positions which conflict with the views expressed in this document. Salespeople, traders, and other professionals of KAMCO may provide oral or written market commentary or trading strategies to our clients and our proprietary trading desks that reflect opinions that are contrary to the opinions expressed in this document. Our asset management area, our proprietary trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this document. KAMCO may have or seek investment banking or other business relationships for which it will receive compensation from the companies that are the subject of this document. Facts and views presented in this document have not been reviewed by, and may not reflect information known to, professionals in other KAMCO business areas, including investment banking personnel. United Gulf Bank, Bahrain owns majority of KAMCO’s shareholding and this ownership may create, or may create the appearance of, conflicts of interest.

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KAMCO Investment Company

KAMCO Investment Company - K.S.C. (Public) Al-Shaheed Tower, Khalid Bin Al-Waleed Street- Sharq P.O. BOX : 28873, Safat 13149, State of Kuwait Tel: (+965) 1852626 Fax: (+965) 22492395 Email : [email protected] Website : http://www.kamconline.com

KAMCO Investment Company