Communication and Research Department

Monthly Stock Exchange Statistics As at August 31, 2016

Beirut Stock Exchange Briefing ………………………………………………………………………………………………...... Page 1 Monthly Market Activity ………………………………………………………………………………………………………...... Page 2 Monthly & YTD Stock Performance & Market Capitalization……………………………………………………………………... Page 3 Closing Prices, Free Float Market Cap. And Full Market Cap. Trends……………………………………………………………… Page 4 Monthly Volume Traded in Previous & Current Year ……………………………………………………………………………… Page 5 Monthly Value Traded in Previous & Current Year ………………………………………………………………………………... Page 6 Volume Traded By Issuer & Security in Previous & Current Year ……………………………………………………………….... Page 7 Value Traded By Issuer & Security in Previous & Current Year …………………………………………………………………... Page 8 Beirut Stock Exchange Monthly Briefing Communication and Research As At August 31, 2016 Beirut Stock Exchange (BSE) Performance measured For the Following Periods For August 2016 BDL All Shares Index Trend From 3 Years From 1 Week (5 From 1 Month From 3 Months (63 From 1 Year (252 From 2 Years From 3 Years (756 140.00 by The BDL Stock Index As Of The Report date From 6 Months (126 W.D.) HIGH LOW W.D.) (21 W.D.) W.D.) W.D.) (504 W.D.) W.D.) 120.00 100.00 87.14 88.76 90.67 93.49 96.04 103.86 119.11 102.67 91.31 87.14 ● BDL All Shares Index (Base Year 1996=100) 80.00 -1.82% -3.90% -6.79% -9.27% -16.10% -26.85% -15.13% -4.57% 60.00 40.00 BDL All Shares Index Performance ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▬ 20.00 0.00 673.84 671.46 672.34 667.93 677.38 662.94 649.14 635.01 673.84 669.59 From 3 Years From 2 Years From 1 Year From 6 Months From 3 From 1 Month From 1 Week As Of The ● BDL Banks Index (Base Year 1996=100) (756 W.D.) (504 W.D.) (252 W.D.) (126 W.D.) Months (63 (21 W.D.) (5 W.D.) Report date 0.35% 0.22% 0.89% -0.52% 1.64% 3.80% 6.11% 0.63% W.D.) BDL Banks Index Performance ▲ ▲ ▲ ▼ ▲ ▲ ▲ ▬ ▲ 10,965 10,970 11,024 11,346 11,168 12,233 11,861 11,303 11,059 10,948 ● Full Market Cap (Outstanding)(M $) -0.05% -0.53% -3.36% -1.82% -10.36% -7.56% -2.99% -0.85% 0.16% Banks Index Trend From 3 Years Outs. Market Cap. Performance ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▲ 700.00 10,972 10,978 11,074 11,031 11,048 11,368 10,964 10,389 11,067 10,955 680.00 ● Free Float Market cap (M $) -0.05% -0.92% -0.53% -0.69% -3.48% 0.08% 5.62% -0.85% 0.16% 660.00 FF Market Cap. Performance ▼ ▼ ▼ ▼ ▼ ▲ ▲ ▼ ▲ 640.00 Percenatge Of The Free Float 100.07% 100.07% 100.46% 97.22% 98.93% 92.93% 92.44% 91.91% 100.07% 100.07% 620.00 479.55 479.55 485.28 491.27 460.39 583.11 704.33 543.07 489.41 479.55 600.00 ● Dow Jones Mena Index (Base Year 2009=1000) From 3 Years From 2 Years From 1 Year From 6 Months From 3 From 1 Month From 1 Week As Of The -1.18% -2.39% 4.16% -17.76% -31.91% -11.70% -2.01% (756 W.D.) (504 W.D.) (252 W.D.) (126 W.D.) Months (63 (21 W.D.) (5 W.D.) Report date DJMENA Index Performance ▬ ▼ ▼ ▲ ▼ ▼ ▼ ▼ ▬ W.D.)

Trade Types In Report Market Summary ▼ End 2015 YTD August 2016 Previous & Current Year ▼ ● Nb. Of transactions 9,745 5,688 544 year Trade Type Volume Value ($) Nb of Trans. ● Volume Traded 74,774,129 55,171,953 8,614,040 2015 regular 55,437,360 499,066,363 9,739 ● Value Traded (Turnover) ($) 629,973,104 492,580,457 86,436,774 Block Trades 19,336,769 130,906,741 6 ● avg Value Per Working Day ($) 2,592,482 3,059,506 4,116,037 2015 Total 74,774,129 629,973,104 9,745 ● avg Volume Per Working Day 307,712 342,683 410,192 2016 regular 52,903,043 473,106,230 5,685 ● Market Avg (Value / Volume) 8.43 8.93 10.03 Block Trades 2,268,910 19,474,227 3 ● Nb. Of Trading days 243 161 21 2016 Total 55,171,953 492,580,457 5,688 2016 as of MARKET LIQUIDITY ▼ End 2015 the report date ●Turnover Ratio =YTD Value Traded / Avg Market Cap. 5.54% 4.44% ● Percentage of The Free Float 92.74% 100.07% 2016 as of BSE Turnover Ratio in Previous & current Year (Value MARKET SIZE ▼ End the report Free float Market cap Volume Value Traded / Avg Market Cap) date ● Total Number Of Listed Securities 29 As Of The 2016 as of the 2016 as of the 6.00% End 2015 2015 ● Total Number Of Listed Firms Report date date report date report 10 Market 5.00% Concentration Trend ● Average FF Market cap in Current Year ( M of $) 11,365 11,099 Dev and Rec 13.76% 10.37% 6.93% 13.41% 7.65% 4.00% in % From Total► Banking 83.15% 89.15% 92.96% 85.86% 92.18% MARKET STABILITY ▼ BSE Compared with other Countries Markets with approximately similar GDP 3.00% Trading 0.32% 0.07% 0.03% 2.00% (Volatility measured by the standard deviation of Stock Markets Indices on a Daily Basis) Industrial 2.77% 0.42% 0.11% 0.71% 0.17% 1.00% Average Index (Mean) 100.000% 100.00% 100.00% 100.00% 0.00% 2015 2016 ∆ in % 100.00% End 2015 2016 as of the report date BDL Beirut S.E Index 102.29 92.98 -9.10% Amman S.E index 2114.70 2117.95 0.15% Tunisia S.E Index 5339.11 5387.18 0.90% BSE Market Stability Compared to some other Mena S. E. Daily Avg. Vol. Per Year Daily Avg. Val. Per Year Dow jones mena Index 578.60 475.12 -17.88% Markets ( C/V of stock Markets indices on a daily basis) Standard Deviation (σ) 2015 2016 ∆ in % 1,200 9,000 10.00% BDL Beirut S.E Index 7.07 4.09 -42.21% 8,000 9.00% 1,000 Amman S.E index 55.80 22.93 -58.91% 7,000 8.00% 800 6,000 Tunisia S.E Index 262.81 108.55 -58.70% 7.00% 5,000 Dow jones mena Index 50.02 21.36 -57.31% 600 6.00% 4,000 Coefficient of Variation (C/V) = (σ) / (Mean) 2015 2016 ∆ in % 5.00% 400 3,000 BDL Beirut S.E Index 6.91% 4.39% -36.43% 4.00% 2015 2,000 200 Amman S.E index 2.64% 1.08% -58.97% 3.00% 2016 1,000 Tunisia S.E Index 4.92% 2.02% -59.06% 2.00% 0 0 Dow jones mena Index 8.65% 4.49% -48.01% 2009 2010 2011 2012 2013 2014 2015 2016 As 2009 2010 2011 2012 2013 2014 2015 2016 As 1.00% of The of The ●It is to be noted that the actual volatility for the Lebanese stock market could be slightly higher than that observed because of the likely Report Report market illiquidity during times of market turmoil. 0.00% Date Date BDL Beirut S.E Amman S.E Tunisia S.E Dow jones Index index Index mena Index

●The Dow Jones Mena Index covers 11 countries in the Mena region: Bahrain,Egypt,Jordan, Kuwait,,Morocco, Oman, , Saudi Arabia, Tunisia and the United Arab Emirates 1 Market Activity For August 2016 Total Volume 8,614,040 Total Value 86,436,774 Rank to Market Rank to Sector Month Start SECURITY Cur Volume Value ($) Open High Low Close Change % by Volume By Value by Volume By Value Closing Price Official Market Dev and Rec Solidere A USD 237,820 2,273,946 9.67 9.79 9.12 9.16 -3.88% 9.53 5 4 1 1 Solidere B USD 104,697 985,591 9.41 9.66 9.03 9.14 -3.08% 9.43 6 7 2 2 Banking BLC Bank - Listed shares USD 1.69 BLC Bank Pref. Class A USD 100.50 BLC Bank Pref. Class B USD 100.00 BLC Bank Pref. Class C USD 750 75,000 100.00 100.00 100.00 100.00 100.00 18 14 15 12 Bank Audi USD 277,133 1,691,371 6.10 6.20 6.10 6.10 6.10 2 5 2 4 Bank Audi - GDR USD 21,343 130,583 6.20 6.25 6.10 6.10 -1.61% 6.20 9 12 7 10 Bank Audi Pref. Class F USD 3,965 400,465 101.00 101.00 101.00 101.00 0.10% 100.90 14 10 12 8 Bank Audi Pref. Class G USD 1,900 190,570 100.30 100.30 100.30 100.30 100.30 16 11 13 9 Bank Audi Pref. Class H USD 4,300 435,230 100.80 101.30 100.80 101.30 1.30% 100.00 13 9 11 7 Bank of Beirut - Listed shares USD 6,019 113,157 18.80 18.80 18.80 18.80 18.80 12 13 10 11 Bank Of Beirut Priority Shares 2014 USD 21.00 Bank of Beirut Pref. Class H USD 25.50 Bank of Beirut Pref. Class I USD 25.50 Bank of Beirut Pref. Class J USD 1,860 47,709 25.65 25.65 25.65 25.65 0.59% 25.50 17 17 14 15 USD 269,358 435,790 1.66 1.66 1.60 1.62 -2.41% 1.66 3 8 3 6 Byblos Bank Pref. Class 2008 USD 14,898 1,494,084 100.20 101.00 100.10 101.00 0.90% 100.10 10 6 8 5 Byblos Bank Pref. Class 2009 USD 27,024 2,705,927 100.10 101.00 100.10 101.00 0.90% 100.10 8 2 6 2 Banque BEMO - Listed shares USD 44,315 66,384 1.49 1.50 1.49 1.72 14.67% 1.50 7 16 5 14 Banque BEMO Pref. Class 2013 USD 100.00 BLOM Bank GDR USD 248,600 2,500,073 10.02 10.15 10.00 10.15 1.20% 10.03 4 3 4 3 BLOM Bank - Listed shares USD 7,340,095 72,782,164 9.95 10.04 9.90 9.90 -0.50% 9.95 1 1 1 1 BLOM Bank Pref. Class 2011 USD 7,419 74,373 10.00 10.05 10.00 10.05 0.50% 10.00 11 15 9 13 Trading Rasamny Younis Motor Co. B USD 3.23 Industrial HOLCIM Liban USD 2,384 33,925 14.25 14.25 14.10 14.25 1.06% 14.10 15 18 1 1 Ciments Blancs Bearer USD 160 432 2.70 2.70 2.70 2.70 -10.00% 3.00 19 19 2 2 Ciments Blancs Nominal USD 3.10 Over The Counter Market Banking Byblos Bank GDR USD 76.45 USD

This Market Performance By Traded Stocks

20.00%

15.00%

10.00%

5.00%

0.00%

-5.00%

-10.00%

-15.00% Banque BEMO - Bank Audi Pref. BLOM Bank GDR Byblos Bank Pref. Byblos Bank Pref. Bank of Beirut Pref. BLOM Bank Pref. Bank Audi Pref. HOLCIM Liban BLOM Bank - Listed Bank Audi - GDR Byblos Bank Solidere B Solidere A Ciments Blancs BLC Bank Pref. Bank Audi Pref. Bank of Beirut - Bank Audi Listed shares Class H Class 2009 Class 2008 Class J Class 2011 Class F shares Bearer Class C Class G Listed shares Banking Industrial Banking Dev and Rec Industrial Banking Gainers Losers Unchanged

2 As At August 31, 2016 This Month Volume Traded 8,614,040 YTD Volume Traded 55,171,953 Market Cap & Shares Number of Listed Companies This Month Value Traded ($) 86,436,774 YTD Value Traded ($) 492,580,457 August 31, 2016 year month day Data

in % From in % From Full Market Cap Free Float Outstanding Listed Shares 5 Most Active Securities By: 5 Most Active Securities By: Total Total GDR type of company Security (M $) Market Cap M($) Shares (M) (M) BLOM Bank - Listed shares 7,340,095 85.21% BLOM Bank - Listed shares 29,846,622 54.10% Dev and Solidere A 916 916 100 100 Bank Audi 277,133 3.22% Bank Audi - GDR 5,798,053 10.51% Rec Solidere B 594 594 65 65 Volume Byblos Bank 269,358 3.13% Volume Byblos Bank 5,439,616 9.86% BLC Bank - Listed shares 86 86 51 51 BLOM Bank GDR 248,600 2.89% Bank Audi 4,245,418 7.69% Bank Audi 2,438 2,438 400 400 Solidere A 237,820 2.76% BLOM Bank GDR 2,883,050 5.23% Bank of Beirut - Listed shares 316 316 17 17 Banking Total 8,373,006 97.20% Total 48,212,759 87.39% common Byblos Bank 916 916 566 566 BLOM Bank - Listed shares 72,782,164 84.20% BLOM Bank - Listed shares 289,420,784 58.76% shares Banque BEMO - Listed shares 88 88 51 51 Byblos Bank Pref. Class 2009 2,705,927 3.13% Bank Audi - GDR 35,102,566 7.13% BLOM Bank - Listed shares 2,129 2,129 215 215 Value ($) BLOM Bank GDR 2,500,073 2.89% Value ($) BLOM Bank GDR 28,948,853 5.88% Trading Rasamny Younis Motor Co. B 35 35 11 11 Solidere A 2,273,946 2.63% Bank Audi 25,838,898 5.25% HOLCIM Liban 278 278 20 20 Bank Audi 1,691,371 1.96% Solidere A 20,412,064 4.14% Industrial Ciments Blancs Bearer 16 16 6 6 Total 81,953,481 94.81% Total 399,723,165 81.15% Ciments Blancs Nominal 9 9 3 3 monthly tradeTraded Yearly trade Traded common shares Total 7,823 7,823 1504 1,504 This Month Stocks Performance YTD Stocks Performance Month To Date Perf monthly company MTD Perf. Year To Date Perf Yearly company YTD Perf. Bank Audi - GDR 701 709 115 116

GDR Banking BLOM Bank GDR Gainers Gainers 750 750 74 74 Banque BEMO - Listed shares 14.67% Banque BEMO - Listed shares 16.67% Byblos Bank GDR 100 100 1 1 Bank Audi Pref. Class H 1.30% Solidere A 8.75% GDR Total 1,552 1,559 190 191 BLOM Bank GDR 1.20% Byblos Bank GDR 8.00% HOLCIM Liban 1.06% Solidere B 5.49% BLC Bank Pref. Class A 40 40 0 0 Byblos Bank Pref. Class 2009 0.90% Bank of Beirut Pref. Class I 3.92% BLC Bank Pref. Class B 55 55 1 1 Byblos Bank Pref. Class 2008 0.90% Bank of Beirut Pref. Class H 3.92% BLC Bank Pref. Class C 35 35 0 0 Bank of Beirut Pref. Class J 0.59% Bank Audi Pref. Class H 1.50% Bank Audi Pref. Class F 152 152 2 2 BLOM Bank Pref. Class 2011 0.50% Byblos Bank 1.23% Bank Audi Pref. Class G 150 150 2 2 Bank Audi Pref. Class F 0.10% BLC Bank Pref. Class B 1.00% Pref Bank Audi Pref. Class H 76 76 1 1 BLOM Bank - Listed shares 0.91% Banking Bank of Beirut Pref. Class H 138 138 5 5 shares Losers BLOM Bank GDR 0.69% Bank of Beirut Pref. Class I 128 128 5 5 BLOM Bank - Listed shares -0.50% BLOM Bank Pref. Class 2011 0.10% Byblos Bank Pref. Class 2008 202 202 2 2 Bank Audi - GDR -1.61% Byblos Bank Pref. Class 2009 202 202 2 2 Byblos Bank -2.41% Losers BLOM Bank Pref. Class 2011 201 201 20 20 Solidere B -3.08% Byblos Bank Pref. Class 2008 -0.20% Banque BEMO Pref. Class 2013 35 35 0 0 Solidere A -3.88% Bank Audi Pref. Class F -0.30% Bank of Beirut Pref. Class J 77 77 3 3 Ciments Blancs Bearer -10.00% HOLCIM Liban -0.42% Pref shares Total 1,490 1,490 43 43 Bank Audi -5.65% Priority Banking Bank Of Beirut Priority Shares 2014 Unchanged Bank Audi - GDR -6.13% shares 100 100 5 5 BLC Bank Pref. Class C Priority shares Total 100 100 5 5 Bank Audi Pref. Class G Unchanged Bank Audi Bank Audi Pref. Class G Grand Total 10,965 10,972 1742 1,743 Bank of Beirut - Listed shares Bank of Beirut - Listed shares Banque BEMO Pref. Class 2013 Bank of Beirut Pref. Class E This Month Stocks Performance Rasamny Younis Motor Co. B BLC Bank - Listed shares 20.00% 15.00% BLC Bank Pref. Class C 10.00% 5.00% BLC Bank Pref. Class A 0.00% Bank Of Beirut Priority Shares 2014 -5.00% -10.00% Byblos Bank Pref. Class 2009 -15.00%

Ciments Blancs Bearer

Bank Audi Bank

Solidere B Solidere A Solidere

Bearer

Class F Class

Class C Class

Class H Class

Class G Class

Listed shares Listed

Pref. Class Class J Pref.

BLOM Bank - Bank BLOM

Bank of Beirut of Bank

Byblos Bank Byblos

Listed shares Listed

Class 2009 Class Class 2008 Class

Class 2011 Class

HOLCIM Liban HOLCIM

Listed shares Listed

Bank of Beirut - Beirut of Bank BLC Bank Pref. Bank BLC

Ciments Blancs Ciments

Bank Audi Pref. Audi Bank Pref. Audi Bank Pref. Audi Bank

Banque BEMO - BEMO Banque

Bank Audi - GDR - Audi Bank

BLOM Bank GDR Bank BLOM

Byblos Bank Pref. Bank Byblos Byblos Bank Pref. Bank Byblos BLOM Bank Pref. Bank BLOM This Month 5 Most Active Securities BY Volume This Month 5 Most Active Securities By Value Gainers Losers Unchanged

8,000,000 80,000,000 70,000,000 60,000,000 6,000,000 50,000,000 40,000,000 YTD Stocks Performance 4,000,000 30,000,000 20,000,000 20.00% 2,000,000 10,000,000 0 15.00% 0 BLOM Bank - Byblos Bank BLOM Bank Solidere A Bank Audi 10.00% BLOM Bank - Bank Audi Byblos Bank BLOM Bank Solidere A Listed shares Pref. Class GDR 5.00% 2009 Listed shares GDR 0.00% -5.00% YTD 5 Most Active Securities By Volume YTD 5 Most Active Securities By Value -10.00%

40,000,000 400,000,000

30,000,000 300,000,000

Bank Audi Bank

Solidere A Solidere B Solidere

Bearer

Class F Class

Class B Class Class A Class

Class C Class

Class H Class Class G Class 20,000,000 shares

200,000,000 I Class

shares

Class E Class

ClassH

Byblos Bank Byblos

Listed shares Listed

Motor Co. B Co. Motor

Class 2008 Class 2009 Class

Class 2011 Class

HOLCIM Liban HOLCIM

Listed shares Listed

BLC Bank Pref. Bank BLC - Beirut of Bank Pref. Bank BLC BLC Bank Pref. Bank BLC

Ciments Blancs Ciments

Bank Audi Pref. Bank Audi Pref. Bank Audi Pref. Bank Audi

Class2013

Banque BEMO - BEMO Banque Rasamny Younis Rasamny

10,000,000 100,000,000 GDR - Audi Bank

Bank Of Beirut Of Bank

BLOM Bank GDR Bank BLOM

Byblos Bank Pref. Bank Byblos Pref. Bank Byblos

Byblos Bank GDR Bank Byblos

BLOM Bank Pref. Bank BLOM Listed - Bank BLC

Bank of Beirut Pref. Bank Beirut of Pref. Bank Beirut of Bank Pref.of Beirut

BLOM Bank - Listed - Bank BLOM Priority Shares 2014 Shares Priority 0 0 BanqueBEMOPref. BLOM Bank - Bank Audi - Byblos Bank Bank Audi BLOM Bank BLOM Bank - Bank Audi - BLOM Bank Bank Audi Solidere A Gainers Losers Unchanged Listed shares GDR GDR Listed shares GDR GDR 3 regular regular regular (Multiple Items) Closing Prices Trend By Security (M $) (Multiple Items) Free Float Market Cap Trend by security (M $) (Multiple Items) Full Market Cap Trend by security (M$) (Multiple Items) (Multiple Items) (Multiple Items)

year Current Day month year Current Day month year Current Day month 2015 2016 2015 2016 2015 2016 Yearly Change Monthly month end (%) Change (%) month end month end type of company Company August July August type of company Company August July August type of company Company August July August Dev and Solidere A 10.16 9.56 9.16 -9.84% -4.18% Dev and Solidere A 1,016 956 916 Dev and Solidere A 1,016 956 916 Rec Solidere B 10.34 9.59 9.14 -11.61% -4.69% Rec Solidere B 672 623 594 Rec Solidere B 672 623 594 BLC Bank - Listed shares 1.70 1.69 1.69 -0.59% BLC Bank - Listed shares 87 86 86 BLC Bank - Listed shares 260 86 86 BLC Bank Pref. Class A 100.50 100.50 100.50 BLC Bank Pref. Class A 40 40 40 BLC Bank Pref. Class A 40 40 40 BLC Bank Pref. Class B 100.00 100.00 100.00 BLC Bank Pref. Class B 55 55 55 BLC Bank Pref. Class B 55 55 55 BLC Bank Pref. Class C 101.00 100.00 100.00 -0.99% BLC Bank Pref. Class C 35 35 35 BLC Bank Pref. Class C 35 35 35 Bank Audi 5.95 6.19 6.10 2.52% -1.45% Bank Audi 2,379 2,474 2,438 Bank Audi 2,379 2,474 2,438 Bank Audi - GDR 6.00 6.20 6.10 1.67% -1.61% Bank Audi - GDR 697 721 709 Bank Audi - GDR 697 713 701 Bank Audi Pref. Class E 102.20 Bank Audi Pref. Class E 128 Bank Audi Pref. Class E 128 Bank Audi Pref. Class F 100.50 100.90 101.00 0.50% 0.10% Bank Audi Pref. Class F 151 151 152 Bank Audi Pref. Class F 151 151 152 Bank Audi Pref. Class G 100.50 100.30 100.30 -0.20% Bank Audi Pref. Class G 151 150 150 Bank Audi Pref. Class G 151 150 150 Bank Audi Pref. Class H 100.60 100.00 101.30 0.70% 1.30% Bank Audi Pref. Class H 75 75 76 Bank Audi Pref. Class H 75 75 76 Bank of Beirut - Listed shares 18.40 18.80 18.80 2.17% Bank of Beirut - Listed shares 310 316 316 Bank of Beirut - Listed shares 929 316 316 Bank Of Beirut Priority Shares 2014 Bank Of Beirut Priority Shares 2014 Bank Of Beirut Priority Shares 2014 21.00 21.00 21.00 100 100 100 100 100 100 Banking Banking Banking Bank of Beirut Pref. Class E 25.80 Bank of Beirut Pref. Class E 62 Bank of Beirut Pref. Class E 62 Bank of Beirut Pref. Class H 25.75 25.50 25.50 -0.97% Bank of Beirut Pref. Class H 139 138 138 Bank of Beirut Pref. Class H 139 138 138 Bank of Beirut Pref. Class I 25.75 25.50 25.50 -0.97% Bank of Beirut Pref. Class I 129 128 128 Bank of Beirut Pref. Class I 129 128 128 Bank of Beirut Pref. Class J 25.75 25.50 25.65 -0.39% 0.59% Bank of Beirut Pref. Class J 77 77 77 Bank of Beirut Pref. Class J 77 77 77 Byblos Bank 1.64 1.62 1.62 -1.22% Byblos Bank 927 916 916 Byblos Bank 927 916 916 Byblos Bank Pref. Class 2008 100.80 100.10 101.00 0.20% 0.90% Byblos Bank Pref. Class 2008 202 200 202 Byblos Bank Pref. Class 2008 202 200 202 Byblos Bank Pref. Class 2009 100.70 100.10 101.00 0.30% 0.90% Byblos Bank Pref. Class 2009 201 200 202 Byblos Bank Pref. Class 2009 201 200 202 Banque BEMO - Listed shares 1.90 1.50 1.72 -9.47% 14.67% Banque BEMO - Listed shares 98 77 88 Banque BEMO - Listed shares 118 77 88 Banque BEMO Pref. Class 2013 100.00 100.00 100.00 Banque BEMO Pref. Class 2013 35 35 35 Banque BEMO Pref. Class 2013 35 35 35 BLOM Bank GDR 9.75 10.05 10.15 4.10% 1.00% BLOM Bank GDR 720 743 750 BLOM Bank GDR 720 743 750 BLOM Bank - Listed shares 9.40 9.95 9.90 5.32% -0.50% BLOM Bank - Listed shares 2,021 2,139 2,129 BLOM Bank - Listed shares 2,021 2,139 2,129 BLOM Bank Pref. Class 2011 10.10 10.00 10.05 -0.50% 0.50% BLOM Bank Pref. Class 2011 202 200 201 BLOM Bank Pref. Class 2011 202 200 201 Byblos Bank GDR 75.00 76.45 76.45 1.93% Byblos Bank GDR 98 100 100 Byblos Bank GDR 98 100 100 Trading Rasamny Younis Motor Co. B 3.23 3.23 3.23 Trading Rasamny Younis Motor Co. B 35 35 35 Trading Rasamny Younis Motor Co. B 88 35 35 HOLCIM Liban 14.99 14.10 14.25 -4.94% 1.06% HOLCIM Liban 293 275 278 HOLCIM Liban 293 275 278 Industrial Ciments Blancs Bearer 3.50 3.00 2.70 -22.86% -10.00% Industrial Ciments Blancs Bearer 21 18 16 Industrial Ciments Blancs Bearer 21 18 16 Ciments Blancs Nominal 3.10 3.10 3.10 Ciments Blancs Nominal 9 9 9 Ciments Blancs Nominal 9 9 9 Grand Total 11,165 11,074 10,972 Grand Total 12,030 11,066 10,965

Monthly & Yearly Closing Prices Change (%)

17.00% 16.00% 15.00% 14.00% 13.00% 12.00% 11.00% 10.00% 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% -1.00% -2.00% -3.00% -4.00% -5.00% -6.00% Yearly Change -7.00% Monthly Change -8.00% -9.00% -10.00% -11.00% -12.00% -13.00% -14.00% -15.00% -16.00% -17.00% -18.00% -19.00% -20.00% -21.00% -22.00% -23.00% -24.00% -25.00% Bank Audi Bank Audi - Bank Audi Bank Audi Bank Audi Bank of Bank of Bank of Banque BLC Bank - BLC Bank BLC Bank BLC Bank BLOM BLOM BLOM Byblos Byblos Byblos Byblos Ciments Ciments HOLCIM Rasamny Solidere A Solidere B Banque Bank Of Bank of Bank Audi Bank of GDR Pref. Class Pref. Class Pref. Class Beirut - Beirut Pref. Beirut Pref. BEMO - Listed Pref. Class Pref. Class Pref. Class Bank - Bank Pref. Bank GDR Bank Bank GDR Bank Pref. Bank Pref. Blancs Blancs Liban Younis BEMO Beirut Beirut Pref. Pref. Class Beirut Pref. F G H Listed Class H Class I Listed shares A B C Listed Class 2011 Class 2008 Class 2009 Bearer Nominal Motor Co. Pref. Class Priority Class J E Class E shares shares shares B 2013 Shares 2014 4 Current Year(Multiple Items) Volume Traded in Previous & Current Year

Activity Codetype of company Data 1 2 3 4 Total Dev and Rec Banking Trading Industrial Total Volume Cumulative Volume Cumulative Volume Cumulative Volume Cumulative Volume Cumulative Traded Volume year month Traded Volume Traded Volume Traded Volume Traded Volume July 437,308 437,308 2,847,922 2,847,922 85,804 85,804 3,371,034 3,371,034 Jan 420,519 857,827 2,450,436 5,298,358 51,187 51,187 2,301 88,105 2,924,443 6,295,477 Feb 626,127 1,483,954 21,248,251 26,546,609 51,187 5,925 94,030 21,880,303 28,175,780 Mar 877,587 2,361,541 9,135,733 35,682,342 51,187 2,192 96,222 10,015,512 38,191,292 Apr 369,038 2,730,579 645,787 36,328,129 51,187 3,450 99,672 1,018,275 39,209,567 May 763,001 3,493,580 2,885,886 39,214,015 51,187 2,575 102,247 3,651,462 42,861,029 June 938,178 4,431,758 4,491,758 43,705,773 51,187 6,150 108,397 5,436,086 48,297,115 2015 August 423,860 4,855,618 2,209,589 45,915,362 51,187 125,110 233,507 2,758,559 51,055,674 Septemb er 348,116 5,203,734 9,685,759 55,601,121 51,187 10,752 244,259 10,044,627 61,100,301 October 507,745 5,711,479 2,995,712 58,596,833 51,187 18,311 262,570 3,521,768 64,622,069 Novembe r 1,230,492 6,941,971 4,719,933 63,316,766 51,187 43,372 305,942 5,993,797 70,615,866 Decembe r 808,685 7,750,656 3,342,825 66,659,591 51,187 6,753 312,695 4,158,263 74,774,129 2015 Total 7,750,656 66,659,591 51,187 312,695 74,774,129

July 332,814 332,814 2,548,277 2,548,277 5,422 5,422 2,886,513 2,886,513 May 351,946 684,760 4,056,906 6,605,183 2,940 8,362 4,411,792 7,298,305 June 287,085 971,845 2,570,968 9,176,151 1,000 9,362 2,859,053 10,157,358 August 342,517 1,314,362 8,268,979 17,445,130 2,544 11,906 8,614,040 18,771,398 2016 January 323,371 1,637,733 4,150,969 21,596,099 4,256 16,162 4,478,596 23,249,994 February 1,448,349 3,086,082 2,892,880 24,488,979 32,167 48,329 4,373,396 27,623,390 March 229,948 3,316,030 24,183,149 48,672,128 3,533 51,862 24,416,630 52,040,020 April 504,636 3,820,666 2,618,215 51,290,343 9,082 60,944 3,131,933 55,171,953 2016 Total 3,820,666 51,290,343 60,944 55,171,953

Cumulative Volume Traded in Previous & Current year 80,000,000

75,000,000

70,000,000

65,000,000

60,000,000

55,000,000

50,000,000

45,000,000 4 - Industrial 40,000,000 3 - Trading 2 - Banking 35,000,000 1 - Dev and Rec 30,000,000

25,000,000

20,000,000

15,000,000

10,000,000

5,000,000

0 2015 2016 2015 2015 2015 2015 2015 2016 2015 2016 2015 2016 2015 2015 2015 2015 2016 2016 2016 2016 July Jan Feb Mar Apr May June August September October NovemberDecember January February March April

5 Current Year(Multiple Items) Value Traded in Previous & Current Year ($)

Activity Codetype of company Data 1 2 3 4 Total Dev and Rec Banking Trading Industrial Total Value Cumulative Cumulative Cumulative Cumulative Cumulative Traded Value Traded Value Traded Value Traded Value Traded Value year month Value Value Value Value July 5,020,432 5,020,432 21,784,919 21,784,919 1,252,715 1,252,715 28,058,066 28,058,066 Jan 4,652,058 9,672,490 13,948,973 35,733,892 165,334 165,334 30,099 1,282,814 18,796,464 46,854,530 Feb 6,946,433 16,618,923 149,337,944 185,071,836 165,334 89,679 1,372,493 156,374,056 203,228,586 Mar 10,206,057 26,824,980 64,447,073 249,518,909 165,334 10,380 1,382,873 74,663,510 277,892,096 Apr 4,100,725 30,925,705 6,352,050 255,870,959 165,334 55,813 1,438,686 10,508,588 288,400,684 May 8,667,084 39,592,789 32,374,308 288,245,267 165,334 40,891 1,479,577 41,082,283 329,482,967 June 10,832,620 50,425,409 39,008,165 327,253,432 165,334 33,264 1,512,841 49,874,049 379,357,016 2015 August 4,560,405 54,985,814 29,713,621 356,967,053 165,334 1,776,549 3,289,390 36,050,575 415,407,591 Septemb er 3,549,298 58,535,112 92,346,050 449,313,103 165,334 155,208 3,444,598 96,050,556 511,458,147 October 4,940,266 63,475,378 23,231,420 472,544,522 165,334 274,781 3,719,379 28,446,467 539,904,613 Novembe r 12,152,772 75,628,150 45,198,419 517,742,941 165,334 643,853 4,363,232 57,995,044 597,899,657 Decembe r 8,822,287 84,450,437 23,153,542 540,896,483 165,334 97,618 4,460,850 32,073,447 629,973,104 2015 Total 84,450,437 540,896,483 165,334 4,460,850 629,973,104

July 3,198,575 3,198,575 15,168,049 15,168,049 77,756 77,756 18,444,380 18,444,380 May 3,473,783 6,672,358 29,068,342 44,236,391 42,780 120,536 32,584,905 51,029,285 June 2,701,560 9,373,918 19,649,568 63,885,959 14,310 134,846 22,365,438 73,394,723 2016 August 3,259,537 12,633,455 83,142,880 147,028,839 34,357 169,203 86,436,774 159,831,497 January 3,326,126 15,959,581 35,105,110 182,133,949 61,687 230,890 38,492,923 198,324,420 February 14,465,063 30,424,644 22,216,765 204,350,714 457,420 688,310 37,139,248 235,463,668 March 2,258,863 32,683,507 220,111,638 424,462,352 45,824 734,134 222,416,325 457,879,993 April 4,982,765 37,666,272 29,618,315 454,080,667 99,384 833,518 34,700,464 492,580,457 2016 Total 37,666,272 454,080,667 833,518 492,580,457

Cumulative Value Traded In Previous & Current Year 700,000,000

600,000,000

500,000,000

400,000,000

4 - Industrial 3 - Trading 2 - Banking 300,000,000 1 - Dev and Rec

200,000,000

100,000,000

0 2015 2016 2015 2015 2015 2015 2015 2016 2015 2016 2015 2016 2015 2015 2015 2015 2016 2016 2016 2016 July Jan Feb Mar Apr May June August September October November December January February March April

6 Current Year Volume Traded By Issuer in Previous & Current year Trade Type VOLUME month GDR type of company Issuer Company year Jan Feb Mar Apr May June July August September October November December January February March April Grand Total 2015 279,263 398,551 533,204 311,304 519,960 803,148 317,661 285,630 285,838 355,062 900,417 575,588 5,565,626 Solidere A 2016 253,384 200,481 233,626 237,820 224,423 404,746 170,420 339,976 2,064,876 Dev and Rec Solidere 2015 141,256 227,576 344,383 57,734 243,041 135,030 119,647 138,230 62,278 152,683 330,075 233,097 2,185,030 Solidere B 2016 98,562 86,604 99,188 104,697 98,948 193,671 59,528 164,660 905,858 2015 165,350 18,890,004 126,950 203,833 133,609 1,154,204 80,932 181,763 174,994 971,528 143,578 859,441 23,086,186 Audi Bank Audi 2016 292,904 450,282 441,056 277,133 1,420,791 317,628 847,083 198,541 4,245,418 2015 123,374 1,000 15,500 74,210 1,000 5,000 5,000 225,084 Bemo Banque BEMO - Listed shares 2016 34,883 85,976 44,315 74,604 239,778 2015 BLC BLC Bank - Listed shares 2016 1,000 1,000 Banking 2015 504,580 12,072 1,584,240 74,857 953,324 1,233,691 1,360,850 420,524 8,917,596 477,135 3,752,130 318,972 19,609,971 BLOM BLOM Bank - Listed shares common 2016 138,356 99,282 46,794 7,340,095 593,297 120,685 20,298,364 1,209,749 29,846,622 2015 1,535,492 878,268 985,342 227,993 813,813 1,439,279 1,089,013 149,747 121,953 454,007 167,869 532,476 8,395,252 shares Byblos Byblos Bank 2016 1,037,094 706,960 1,470,061 269,358 180,779 901,972 485,016 388,376 5,439,616 2015 226 414,861 30 544 2,114 4,110 800,000 36,456 7,136 113,869 1,379,346 Of Beirut Bank of Beirut - Listed shares 2016 44,992 69,352 5,000 6,019 5,200 96,173 11,999 3,767 242,502 Rasamny Younis 2015 51,187 51,187 Trading Rasamny Younis Motor Co. B Motor Co. B 2016 2015 1,851 5,925 192 3,450 2,575 1,150 83,304 116,610 10,200 18,311 42,772 6,623 292,963 HOLCIM Liban HOLCIM Liban 2016 2,940 1,000 5,422 2,384 4,256 31,867 3,063 6,382 57,314 2015 450 2,000 5,000 2,500 2,500 552 600 130 13,732 Industrial Ciments Blancs Bearer S L des Ciments 2016 160 300 470 2,700 3,630 Blancs 2015 6,000 6,000 Ciments Blancs Nominal 2016 2015 26,653 421,996 6,327,066 72,509 96,646 91,505 61,676 266,699 134,335 276,376 213,525 1,236,531 9,225,517 Audi Bank Audi - GDR 2016 1,911,163 689,138 194,265 21,343 220,381 350,622 1,996,129 415,012 5,798,053 2015 36,564 13,720 35,750 10,562 459,183 202,584 146,043 133,280 206,241 390,638 380,689 193,355 2,208,609 GDR Banking BLOM BLOM Bank GDR 2016 379,348 216,729 203,100 248,600 404,669 835,658 429,564 165,382 2,883,050 2015 390 261 1,692 124 626 3,093 Byblos Byblos Bank GDR 2016 50 44 200 300 463 271 1,328 Dev and Rec Solidere Solidere B 2016 849,932 849,932 2015 272,920 272,920 Bank Audi 2016 1,199,102 1,199,102 Bank Audi Pref. Class E 2015 2015 2,620 750 1,346 17,373 15,157 14,649 4,992 6,270 4,473 2,713 1,000 7,600 78,943 Bank Audi Pref. Class F Audi 2016 2,671 2,086 3,965 3,965 5,742 200 200 9,838 28,667 2015 2,500 2,550 6,400 2,750 5,875 4,030 4,870 400 10,650 600 40,625 Bank Audi Pref. Class G 2016 1,550 6,771 4,279 1,900 5,964 200 15,090 35,754 2015 4,554 1,000 1,500 14,623 3,500 2,000 5,639 12,500 1,300 46,616 Bank Audi Pref. Class H 2016 11,225 3,200 3,300 4,300 22,025 2015 2,400 5,900 1,000 2,500 1,000 7,700 1,000 500 22,000 Bemo Banque BEMO Pref. Class 2013 2016 2,500 6,000 6,800 6,900 17,500 16,400 56,100 2015 10,000 1,000 400 1,400 300 500 250 13,850 BLC Bank Pref. Class A 2016 125 850 975 2015 10,000 250 500 2,200 2,700 250 1,000 16,900 BLC BLC Bank Pref. Class B 2016 1,000 300 600 250 2,150 2015 3,500 200 3,050 2,000 8,750 Pref BLC Bank Pref. Class C 2016 500 750 1,250 shares 2015 1,150 31,049 45,841 7,920 145,568 194,074 62,684 143,956 67,160 30,370 11,593 51,331 792,696 Banking BLOM BLOM Bank Pref. Class 2011 2016 91,477 133,239 31,668 7,419 35,070 20,688 20,620 138,235 478,416 2015 12,060 1,770 5,295 1,749 49,514 26,815 7,330 9,440 8,990 8,835 17,220 1,660 150,678 Byblos Bank Pref. Class 2008 2016 7,413 2,202 4,105 14,898 50,260 115 870 46,430 126,293 Byblos 2015 4,646 800 8,999 2,561 47,099 54,079 8,215 4,553 7,178 3,534 1,654 3,781 147,099 Byblos Bank Pref. Class 2009 2016 29,372 13,363 7,064 27,024 7,289 500 10,024 94,636 Bank of Beirut - Listed shares 2016 219,876 219,876 2015 77 43,700 4,654 29,200 12,200 8,000 7,100 115 105,046 Bank of Beirut Pref. Class E 2016 2015 2,400 128,000 500 20,552 10,100 2,200 2,800 11,800 45,200 3,500 333 227,385 Bank of Beirut Pref. Class H 2016 8,668 22,400 6,080 10,000 47,148 2015 4,400 186,300 600 33,100 33,466 3,247 39,087 400 8,000 2,100 21,000 331,700 Bank of Beirut Pref. Class I Of Beirut 2016 42,740 42,244 24,350 18,900 11,400 139,634

2015 Bank of Beirut Pref. Class J 16,200 4,400 4,725 32,100 57,425 2016 8,500 20,700 11,840 1,860 2,500 45,400 Priority 2015 200,100 13,800 213,900 Bank Of Beirut Priority Shares 2014 shares 2016 12,000 83,550 95,550 7 Trade Type Value Traded By Issuer in Previous & Current year Current Year VALUE month

GDR type of company Issuer Company year Jan Feb Mar Apr May June July August September October November December January February March April Grand Total 2015 Solidere A 3,093,646 4,440,039 6,182,742 3,459,543 5,913,738 9,267,485 3,643,166 3,075,675 2,916,080 3,472,294 8,982,144 6,302,225 60,748,777 2016 2,502,492 1,906,555 2,253,430 2,273,946 2,304,507 4,124,273 1,672,648 3,374,213 20,412,064 Dev and Rec Solidere 2015 Solidere B 1,558,412 2,506,394 4,023,315 641,182 2,753,346 1,565,135 1,377,266 1,484,730 633,218 1,467,972 3,170,628 2,520,062 23,701,660 2016 971,291 795,005 945,145 985,591 1,021,619 1,968,960 586,215 1,608,552 8,882,378 2015 996,554 122,955,082 860,798 1,274,768 825,425 6,934,695 494,477 1,081,005 988,744 5,774,333 849,729 5,156,773 148,192,383 Audi Bank Audi 2016 1,718,240 2,726,190 2,749,760 1,691,371 8,624,093 1,959,801 5,206,240 1,163,203 25,838,898 2015 220,273 1,900 27,230 140,257 1,895 7,750 9,500 408,805 Bemo Banque BEMO - Listed shares 2016 61,045 128,964 66,384 130,598 386,991 2015 BLC BLC Bank - Listed shares 2016 1,690 1,690 Banking 2015 4,458,896 109,288 14,529,038 714,636 9,030,234 11,926,970 13,135,726 3,991,340 83,825,817 4,487,313 35,450,937 3,008,379 184,668,574 BLOM BLOM Bank - Listed shares common 2016 1,390,900 989,990 465,374 72,782,164 5,580,437 1,151,233 194,878,303 12,182,383 289,420,784 2015 2,477,759 1,468,454 1,687,136 396,262 1,318,908 2,305,398 1,739,869 245,897 197,651 724,997 270,254 864,314 13,696,899 shares Byblos Byblos Bank 2016 1,688,914 1,167,621 2,414,240 435,790 294,418 1,479,046 801,270 654,292 8,935,591 2015 4,158 7,633,442 552 10,010 38,898 75,624 14,720,000 670,790 131,302 2,114,190 25,398,966 Of Beirut Bank of Beirut - Listed shares 2016 845,691 1,303,817 94,000 113,157 94,760 1,806,192 225,581 70,820 4,554,018 Rasamny 2015 165,334 165,334 Trading Younis Motor Rasamny Younis Motor Co. B Co. B 2016 2015 28,524 89,679 2,880 55,813 40,891 18,164 1,244,465 1,749,199 153,000 274,781 642,053 97,111 4,396,560 HOLCIM Liban HOLCIM Liban 2016 42,780 14,310 77,756 33,925 61,687 456,370 44,085 91,284 822,197 2015 1,575 7,500 15,100 8,250 8,750 2,208 1,800 507 45,690 Industrial Ciments Blancs Bearer S L des Ciments 2016 432 1,050 1,739 8,100 11,321 Blancs 2015 18,600 18,600 Ciments Blancs Nominal 2016 2015 173,530 3,057,872 44,295,262 480,974 636,426 565,332 367,638 1,599,044 805,641 1,650,464 1,269,741 7,493,759 62,395,683 Audi Bank Audi - GDR 2016 11,300,694 4,156,113 1,200,959 130,583 1,322,996 2,126,591 12,410,060 2,454,570 35,102,566 2015 365,278 136,631 357,550 103,770 4,591,826 2,023,386 1,455,485 1,318,129 2,000,016 3,758,937 3,641,283 1,869,024 21,621,315 GDR Banking BLOM BLOM Bank GDR 2016 3,897,490 2,203,158 2,041,993 2,500,073 3,913,630 8,258,598 4,369,481 1,764,430 28,948,853 2015 29,880 20,097 126,900 9,548 50,080 236,505 Byblos Byblos Bank GDR 2016 3,900 3,300 15,286 24,000 37,966 21,951 106,403 Dev and Rec Solidere Solidere B 2016 8,371,830 8,371,830 2015 1,621,145 1,621,145 Bank Audi 2016 7,254,567 7,254,567 Bank Audi Pref. Class E 2015 2015 269,336 77,250 139,715 1,737,300 1,517,167 1,466,198 502,021 630,135 449,874 274,299 101,400 772,571 7,937,266 Bank Audi Pref. Class F Audi 2016 267,546 209,186 399,609 400,465 584,987 20,400 20,540 984,220 2,886,953 2015 Bank Audi Pref. Class G 257,500 262,650 640,000 275,450 589,700 404,041 489,461 40,240 1,091,235 60,650 4,110,927 2016 155,000 677,929 428,516 190,570 602,110 20,240 1,509,500 3,583,865 2015 Bank Audi Pref. Class H 468,951 100,250 150,750 1,465,696 352,200 201,300 568,389 1,264,649 131,950 4,704,135 2016 1,122,877 320,073 330,000 435,230 2,208,180 2015 242,400 590,000 100,000 250,000 101,200 773,000 100,000 50,000 2,206,600 Bemo Banque BEMO Pref. Class 2013 2016 250,000 600,000 680,000 689,700 1,750,000 1,640,000 5,609,700 2015 1,000,000 104,000 40,000 141,500 30,150 50,000 25,000 1,390,650 BLC Bank Pref. Class A 2016 12,500 85,425 97,925 2015 1,000,000 25,000 50,000 220,275 270,000 25,125 102,500 1,692,900 BLC BLC Bank Pref. Class B 2016 100,000 30,000 60,900 25,250 216,150 2015 350,500 20,000 306,600 202,000 879,100 BLC Bank Pref. Class C Pref 2016 50,000 75,000 125,000 shares 2015 11,730 316,700 467,578 80,913 1,471,122 1,962,892 634,854 1,459,986 679,817 308,479 117,780 521,091 8,032,942 BLOM BLOM Bank Pref. Class 2011 Banking 2016 918,024 1,338,625 316,730 74,373 355,962 209,983 209,293 1,390,736 4,813,726 2015 1,230,130 180,542 541,768 179,049 4,963,904 2,702,276 737,835 953,034 906,535 892,101 1,730,715 167,879 15,185,768 Byblos Bank Pref. Class 2008 2016 742,796 220,621 411,487 1,494,084 5,076,335 11,625 88,342 4,652,188 12,697,478 Byblos 2015 470,176 81,760 921,497 262,346 4,716,788 5,456,615 831,748 460,300 723,346 355,613 167,330 382,007 14,829,526 Byblos Bank Pref. Class 2009 2016 2,940,547 1,337,564 707,660 2,705,927 736,315 50,700 1,019,347 9,498,060 Bank of Beirut - Listed shares 2016 3,847,830 3,847,830 2015 2,021 946,105 123,331 744,600 311,100 206,400 183,180 3,030 2,519,767 Bank of Beirut Pref. Class E 2016 2015 63,001 2,808,000 13,250 524,076 257,550 56,320 72,100 306,600 1,179,750 92,225 8,825 5,381,697 Bank of Beirut Pref. Class H 2016 218,867 567,220 155,040 265,000 1,206,127 2015 114,400 4,092,120 15,600 839,086 848,364 82,581 1,006,490 10,400 210,800 55,335 556,500 7,831,676 Of Beirut Bank of Beirut Pref. Class I 2016 1,079,186 1,071,447 620,925 500,850 302,100 3,574,508

2015 Bank of Beirut Pref. Class J 405,000 110,000 119,779 826,575 1,461,354 2016 214,625 527,750 301,920 47,709 66,250 1,158,254 Priority Bank Of Beirut Priority Shares 2015 4,202,100 289,800 4,491,900 shares 2014 2016 252,000 1,754,550 2,006,550 8