Daily Bulletin / Sunday April 6 2014

th Daily Bulletin / Sunday April 6 2014

Iraqi Dinar Value Daily Value Traded Best and Worst Performers

(CBI Auction Price: 1166 / Market Exchange Rate: 1218) IQD1,406,803,000 Closing Trading Vol. Best Performers Code % Chg. RSISX Index Price(IQD) ($'000)/d 2200 14 For any inquiries, contact: Al-Mosul for Funfairs SMOF 23.000 4.5% 3.2 2000 12 Research 1800 10 Ahliya Insurance NAHF 1.200 4.3% 0.0 1600 Aysegul Ozge Ozgur, SVP ([email protected]) 8 1400 Kharkh Tour Amusement City SKTA 8.500 3.0% 0.4 Tugba Tan, Analyst ([email protected]) 6 1200 ($ mn) Al -Hilal Industries IHLI 0.700 2.9% 20.3 1000 4 [email protected] Dar Es Salaam Inv. Bank BDSI 1.050 1.9% 7.5 800 2 Trading 600 0 [email protected] 11 12 13 14 11 11 12 12 13 13 14 13 13 11 11 11 12 12 12 13 14 12 11 11 11 12 12 13 13 13 14 13 13 11 11 12 12 11 12 13 ------J J J J J J J J J J F F F F A A S A S A A S A A N D N D N D O O O M Address: 903/14/19 M M M M M M Closing Trading Vol. Karada Worst Performers Code % Chg. ISX-Daily Trading Vol. (Right) IQD RSISX Index USD RSISX Index Price(IQD) ($'000)/d Baghdad-Iraq sa Tel: +964 (0) 727 002 0407 Al-Ameen Estate Investment SAEI 0.800 -7.0% 38.5 [email protected] AL-Nukhba Construction SNUC 0.940 -6.0% 1.2 The RSISX Performance RS Website: RS.IQ Close Change YTD Change Economy Bank BEFI 0.700 -4.1% 3.6 RS Bloomberg page: IQD RSISX 1818 -0.2% -2.6% Iraqi for Seed Production AISP 6.500 -3.6% 76.4 Closing prices for the shares traded on the USD RSISX 1937 -0.2% -2.5% Ashour Hotel HASH 8.500 -2.9% 19.2 ISX are now available on Bloomberg.

DISCLAIMER News from Iraq This publication may not be reproduced, Politics modified, or re-disseminated in whole or in part Share in • Iraqi foreign minister Hoshiar Zebari discussed with the US ambassador to Iraq Stephen Trading Vol. Trading Vol. without the prior written permission of Rabee Top 5 Traded Volume Code total T. Beecroft the preparations for the coming parliamentary elections, on 30th of this month. In (IQDmn)/d ($'000)/d Securities. The information provided herein is of Volume a general nature and for informational purposes a statement, that both sides discussed political and security situations in Iraq and the Arab only and is not intended to serve as an offer or region. (Aswat al-Iraq) solicitation with respect to the purchase or sale • The head of the Supreme Iraqi Islamic Council, Ammar al-Hakim, and the head of Sadr Credit Bank of Iraq BROI 357.1 293.2 25.4% of any security, or as a recommendation to adopt Trend, Muqtada al-Sadr, discussed the political situation and the next elections. A Mamoura Realestate SMRI 246.9 202.7 17.5% any particular trading strategy. Such information statement cited “Hakim confirmed the necessity of adopting national unified stances and to Gulf Commercial Bank BGUC 191.3 157.1 13.6% is subject to change without prior notice. consolidate dialogue among the political sides.” (Iraqi News) Although Rabee Securities obtains information from sources it considers reliable, Rabee Economics Bank of Baghdad BBOB 117.3 96.3 8.3% Securities makes no representations or • Around 39bn barrels of oil in Iraq has been secured by the Korea National Oil Iraqi for Seed Production AISP 93.1 76.4 6.6% warranties, express or implied, as to the Corporation. It is estimated that with this reserve Korea can manage its 18 to 20 days oil information's accuracy or completeness. consumption. The KNOC said that it has detected an oil reserve equivalent to 258mn barrels Distribution of Trading Volumes by Sectors Furthermore, such information may be in the Demir Dagh well at the Hawler minefield in Iraq's Kurdish region. (Iraq Directory) incomplete or condensed. Rabee Securities, • Hanwha Engineering and Construction Corp., one of South Korea's leading builders, said Trading Vol. Trading Vol. Share in Total its affiliates, directors, employees, assigns, Sector agents, and successors bear no liability for any Thursday that it has received an additional IQD540bn($510.6mn) won in advance payment (IQD mn)/d ('000 $)/d Trading Volume (%) errors or omissions in this publication or for any for its Iraq city project that will kick off next month. This brings the amount of money the losses arising from the use of or reliance upon builder has received so far for the $8bn Bismayah New City Project (BNCP) to around Telecom Sector 0.7 0.6 0.0% this information. This limitation on liability $1.6bn, or 20% of the total. The company won the contract in May 2012. (Iraq Directory) Banking Sector 757.0 621.5 53.8% applies to direct, indirect, consequential, special, ISX - Company Announcements punitive, or other damages, as well as damages • In a press conference on Apr. 3, 2014 CBI announced that the bank's reserves of pure Industry Sector 132.1 108.5 9.4% for loss of profits or business interruption. Investors shall bear all responsibility for gold reached 90 tons after it bought 60 tons in the last two months in the framework of Hotels & Tourism Sec. 109.5 89.9 7.8% investment decisions taken on the basis of the diversification of its reserves and supporting the value of the Iraqi dinar. contents of this report. Rabee Securities strongly • ISC has approved to extend one more month for Mosul Bank (BMFI) for its new shares Services Sector 301.0 247.1 21.4% advises potential investors to seek to resume trading from the capital increase through 17.3% rights issue and 7.4% bonus Agriculture Sector 106.4 87.4 7.6% financial guidance when determining whether an issue. investment is appropriate to their needs. All Insurance Sector 0.0 0.0 0.0% • A cross transaction occurred on IQD220mn Credit Bank of Iraq (BROI) shares today estimates included in this report constitute Rabee Securities’ opinion as of the date published on (April 6, 2014). This represents 0.1% of BROI capital. Investment Sector 0.1 0.1 0.0% the report and are subject to change without *(Please note that the ex-date for capital increases and dividend distributions is referred to as Total 1,406.8 1,155.0 100.0% notice. “Trading-Suspension day” which is normally one week before the General Assembly Meetings.)

6th April 2014

Daily Transactions in Brief

The RSISX index ended the day at IQD1,818 / $1,937, -0.2%. The number of traded shares was 0.8bn and the trading volume was IQD1.4bn ($1.2mn). Non Iraqi's Transactions (IQD mn)

Non Iraqis executed 97 transactions in this session: 600 Buys Buys - 65 transactions in 4 companies operating in banking, industry and services sectors. 424 356 Sells - 32 transactions in 2 companies operating in banking and services sectors. 400 Sells Net purchases reached IQD68mn ($56K), while their share in total trading volume was 28.7%. 200 Net Buy (Sell) (IQD) 68 Note: Follow Rabee Securities (RS) on Twitter, join Facebook and LinkedIn groups. 0

Performance of Traded Shares

Opening Price at Session Previous Change in Avrg. daily Highest Price Lowest Price No.of Trades No. of Traded Trading Vol. Mcap Last P/E P/BV Company Names ISX Code Price Close Closing Price Closing trading vol. (IQD/share) (IQD/share) (#/d) Shares (mn)/d (IQDmn) /d ($mn) Fin.** (Last) (Last) (IQD/share) (IQD/share) (IQD/share) Price ('000 $)*

Telecom Sector Asiacell Communications PJSC TASC 17.25 17.25 17.25 0.0% 17.25 17.25 4 0 1 23.1 3,824.1 9M13 7.4 2.5 Telecom Sector Total 4 0 1 3,824.1 Banking Sector Ashur International Bank BASH 0.71 0.71 0.71 0.0% 0.71 0.71 1 2 1 2.4 145.7 FY13 11.2 0.8 Babylon Bank*** BBAY 0.60 0.60 0.60 0.0% 0.60 0.59 9 25 15 17.8 123.2 FY13 34.8 0.9 Bank of Baghdad BBOB 1.91 1.91 1.92 -0.5% 1.92 1.91 29 61 117 209.4 392.0 FY13 14.5 1.6 Commercial Bank of Iraq*** BCOI - no trade 0.90 ------40.0 184.7 FY13 25.3 1.1 Dijlah & Furat Bank*** BDFD 0.70 0.70 0.70 0.0% 0.70 0.70 1 1 0 3.7 89.7 FY13 19.9 0.9 Dar Es Salaam Inv. Bank BDSI 1.03 1.05 1.03 1.9% 1.05 1.03 7 9 9 43.3 129.3 FY13 9.6 0.9 Economy Bank*** BEFI 0.71 0.70 0.73 -4.1% 0.71 0.70 5 6 4 0.3 143.7 FY13 28.8 0.8 Elaf Islamic Bank*** BELF 0.73 0.73 0.73 0.0% 0.73 0.73 4 7 5 0.6 149.8 FY13 23.1 1.1 Gulf Commercial Bank BGUC 1.10 1.08 1.09 -0.9% 1.10 1.08 47 177 191 125.2 221.7 FY13 5.6 0.9 Investment Bank of Iraq BIBI 1.00 1.00 1.00 0.0% 1.00 1.00 3 1 1 46.2 205.3 FY13 9.0 1.2 Iraqi Islamic Bank BIIB 1.06 1.06 1.06 0.0% 1.06 1.06 2 23 24 16.5 217.6 FY13 9.4 1.1 Iraqi Middle East Bank BIME - Suspend/GA 1.60 ------164.6 197.0 FY13 11.5 1.1 Kurdistan Int. Bank BKUI 2.89 2.90 2.89 0.3% 2.90 2.89 2 1 2 17.3 714.3 FY13 23.9 2.0 Mosul Bank*** BMFI 0.73 0.73 0.74 -1.4% 0.73 0.73 11 33 24 58.4 151.3 FY13 4.8 0.7 Al-Mansour Bank BMNS - no trade 1.70 ------48.4 348.9 FY13 16.8 1.5 National Bank of Iraq BNOI - no trade 0.90 ------6.3 184.7 FY13 16.0 1.3 North Bank BNOR 1.91 1.92 1.91 0.5% 1.92 1.91 5 2 3 133.7 417.7 FY13 12.5 1.6 Credit Bank of Iraq BROI 1.56 1.56 1.55 0.6% 1.56 1.56 13 229 357 57.6 320.2 FY13 31.5 2.0 Sumer Commercial Bank BSUC - no trade 0.90 ------0.6 184.7 FY13 168.9 1.1 United Bank BUND 1.10 1.10 1.08 1.9% 1.10 1.10 1 1 1 27.0 270.9 FY13 9.4 1.0 Union Bank BUOI - Suspend/GA 1.32 ------94.9 273.1 FY13 7.6 1.5 Banking Sector Total 140 577 757 5,065.6

Source: Iraq Stock Exchange

6th April 2014

Performance of Traded Shares

Industry Sector Baghdad for Packing Materials IBPM - no trade 2.00 ------2.1 1.8 3M13 - 3.9 Baghdad Soft Drinks IBSD 2.99 3.02 3.03 -0.3% 3.02 2.99 45 31 92 89.5 329.8 FY13 18.6 2.3 Electronic Industries IELI 1.85 1.85 1.85 0.0% 1.85 1.85 11 4 8 5.1 27.3 6M13 - 1.1 Fallujah for Construction Mat.*** IFCM - no trade 2.90 ------1.9 7.4 6M13 156.2 3.1 Nationality Househ. Furniture IHFI - no trade 1.00 ------0.0 1.0 3M13 11.4 0.7 Al-Hilal Industries IHLI 0.68 0.70 0.68 2.9% 0.70 0.68 17 36 25 8.6 7.1 6M13 - - Iraqi for Carton Manufact. and IICM - no trade 0.61 ------0.2 1.9 6M13 - 3.2 Trading Iraqi Date Processing&Mark. IIDP - Suspend/ISC 1.24 ------9.4 17.6 3M12 8.3 1.1 Iraqi Engineering Works IIEW - no trade 1.20 ------0.2 1.5 6M13 - 1.0 Iraqi For Tufted Carpets IITC 4.30 4.30 4.30 0.0% 4.30 4.30 1 0 1 0.1 1.8 9M13 5.4 1.1 Al -Khazer for Construction M. IKHC 1.95 1.95 1.95 0.0% 1.95 1.95 1 0 0 0.0 1.8 3M12 - 2.0 AL- Kindi of Veterinary Vac. IKLV 1.82 1.83 1.84 -0.5% 1.83 1.82 3 0 1 8.1 8.1 6M13 1.0 1.7 Al-Mansour Pharma. Ind. IMAP - no trade 0.84 ------3.1 4.5 6M13 7.6 0.7 Modern Chemical Industries(NR) IMCI - no trade 39.80 ------4.4 6M13 - 1.1 Modern Construction Mat. IMCM - no trade 0.65 ------0.0 2.9 9M13 - 0.7 Metallic Ind. and Bicycles IMIB - no trade 0.85 ------0.2 5.2 6M13 - 1.6 Modern Sewing IMOS 2.65 2.65 2.65 0.0% 2.65 2.65 2 0 1 0.3 2.0 3M13 23.1 3.0 Modern Paint Industries IMPI - no trade 1.04 ------2.4 7.9 6M13 - 1.0 National Chemical Industries INCP 0.88 0.88 0.88 0.0% 0.88 0.88 2 4 4 4.8 11.0 6M13 - 1.6 North Soft Drinks INSD - Suspend/ISC 0.35 ------11.9 3M13 - 0.4 Ready Made Clothes IRMC - no trade 4.91 ------0.1 6.4 6M13 - 5.1 The Light Industries ITLI 0.70 0.70 0.72 -2.8% 0.70 0.70 6 2 1 5.4 9.7 6M13 - 3.2 Industry Sector Total 88 77 132 472.8 Hotels & Tourism Sector Ashour Hotel HASH 8.80 8.50 8.75 -2.9% 8.80 8.50 19 3 23 0.5 2.6 3M13 64.0 12.9 Baghdad Hotel HBAG 11.50 11.50 11.50 0.0% 11.50 11.50 1 0 0 9.0 36.3 9M13 33.6 15.1 Babylon Hotel HBAY 65.50 65.51 65.01 0.8% 66.00 65.50 7 1 50 39.0 72.6 6M13 - - Ishtar Hotels*** HISH - no trade 33.50 ------7.3 61.9 6M13 42.2 23.4 Karbala Hotels HKAR 1.60 1.60 1.60 0.0% 1.60 1.60 6 3 4 6.7 6.6 6M13 - 1.5 Mansour Hotel HMAN 27.25 27.25 27.00 0.9% 27.25 27.25 2 0 0 9.4 65.4 6M13 - 38.8 National for Tourist Invest.*** HNTI 20.50 20.50 20.50 0.0% 20.50 20.50 4 1 12 9.1 91.5 6M13 68.0 15.7 Palestine Hotel HPAL 16.40 16.45 16.40 0.3% 16.45 16.40 9 1 16 58.5 60.4 FY09 - 25.6 Al-Sadeer Hotel HSAD 29.00 29.00 29.00 0.0% 29.00 29.00 1 0 2 4.6 29.5 9M13 - 33.6 Mosul Dam Tourist Village HTVM - no trade 8.10 ------1.7 1.6 6M13 - - Hotel&Tourism Sector Total 49 8 109 428.4 Services Sector Al-Ameen Estate Inv.(NR) SAEI - 0.80 0.86 -7.0% 0.80 0.80 4 59 47 0.1 4.6 9M13 - 0.8 AL-Badia for General Trans*** SBAG - no trade 2.85 ------2.8 5.1 9M13 - 1.5 Baghdad Motor Cars Servicing SBMC - Suspend/ISC 1.69 ------1.5 9M12 4.9 1.0 Baghdad Passengers Transport SBPT - Suspend/GA 83.00 ------0.6 34.1 9M13 42.2 63.7

Source: Iraq Stock Exchange

6th April 2014

Performance of Traded Shares

Services Sector (Cont.) Iraqi for General Transp. SIGT - Suspend/ISC 7.21 ------8.9 6M13 - 2.1 Iraqi Land Transport SILT 2.00 2.00 2.02 -1.0% 2.00 2.00 4 1 1 24.6 23.0 6M13 - 1.3 Kharkh Tour Amuzement City SKTA 8.45 8.50 8.25 3.0% 8.50 8.45 2 0 0 0.6 2.6 3M13 11.1 5.7 Al-Mosul for Funfairs SMOF 22.50 23.00 22.00 4.5% 23.00 22.50 6 0 4 1.0 7.6 9M13 9.6 3.6 Mamoura Realestate Inv. SMRI 5.08 5.10 5.08 0.4% 5.10 5.02 13 49 247 62.4 62.8 FY13 177.2 4.8 AL-Nukhba for Construction SNUC 0.94 0.94 1.00 -6.0% 0.94 0.94 2 2 1 1.8 1.5 9M12 - 0.7 Services Sector Total 31 110 301 151.7 Agriculture Sector Al-Ahlyia for Agricultural Prod. AAHP - no trade 1.20 ------0.0 0.6 9M13 19.7 3.2 Iraqi Agricultural Prod. Mark. AIPM - no trade 7.10 ------1.4 26.2 6M13 41.5 4.2 Meat*** Iraqi Agricultural Products AIRP 13.00 13.25 13.00 1.9% 13.25 13.00 2 1 13 0.1 3.9 6M13 15.7 4.1 Iraqi for Seed Production*** AISP 6.74 6.50 6.74 -3.6% 6.74 6.10 58 15 93 7.7 27.4 3M12 - 5.2 Modern Animal & Agr. Production AMAP 0.82 0.82 0.82 0.0% 0.82 0.82 1 0 0 0.2 2.4 6M13 - 0.6 Middle East for Prod.- Fish AMEF - no trade 12.00 ------0.2 3.0 FY12 10.8 2.5 Agriculture Sector Total 61 16 106 63.5 Insurance Sector AHliya For Insurance NAHF 1.20 1.20 1.15 4.3% 1.20 1.20 1 0 0 0.6 2.5 9M13 14.4 1.0 Al-Ameen for Insurance NAME - no trade 2.25 ------1.0 3.7 9M13 4.5 1.3 Dar Al-Salam for Insurance NDSA - no trade 2.15 ------0.2 5.1 9M13 25.3 1.5 Gulf Insurance&Reinsurance NGIR - no trade 0.69 ------0.1 1.1 3M13 2.4 0.5 Al-Hamraa for Insurance (NR) NHAM - no trade 1.71 ------4.2 9M12 4.0 1.2

Insurance Sector Total 1 0 0 16.6 Investment Sector Al-Ameen Financial Inv. (NR) VAMF - no trade 1.70 ------0.6 1.4 9M12 - 2.3 AL- Batek Investment(NR) VBAT - no trade 0.90 ------0.0 0.7 3M13 - 0.6 Al-Khair for Financial Inv. (NR) VKHF - Suspend/ISC 0.42 ------2.4 FY12 - 0.4 Bain Al-Nahrain Financial Inv.(NR) VMES - no trade 1.00 ------0.8 3M13 - 0.8 AL-Wiaam for Financial Inv. VWIF 1.32 1.30 1.32 -1.5% 1.32 1.30 2 0 0 0.0 2.1 3M13 35.0 1.1 Al-Zawraa for Financial Inv. VZAF - no trade 1.00 ------0.0 0.9 9M12 124.2 0.9 Investment Sector Total 2 0 0 8.4 Grand Total 376 788 1,407 10,031.0

Source: Iraq Stock Exchange *Average data was calculated according to recent six months, by dividing the total daily trading volume (excluding two highest trading vol.) to total number of trading days (excluding the No. of days share were suspended due to GA or by ISC). ** Last Financials: The date of the most recent financial statements. P/E (Last): We divide "Current MCap" to "annualized YTD profit". P/BV (Last): Calculated by dividing “Current Mcap” to “BV in its Last Financials”. ***When the original shares resume trading, we start using the number of shares that the company will reach after the capital increase with the assumption that the capital increase was reflected to the price of the shares. We use the new capital in calculating Mcap.

Note: “Suspend/ISC” companies are not trading due to ISC Instructions. “Suspend/GA” companies are not trading due to General Assembly Meetings. "(NR)": These are the companies which are trading in the Non-Regular market (in compliance with Iraq Securities Commission law numbered 132/9 on 20/12/2012).These companies were moved to the secondary market (non-regular) because of the decrease in their trading volume and the number of days that these companies are being traded for. Please note, according to the Regulations of the Secondary Market, in each trading session, the average share price will be calculated for each share. The maximum increase and decrease of +/- 20% will be based on the average price in the previous session. The price should be valid during three effective trading sessions after the listing, and it will be free in the first trading session after capital increasing. 4

6th April 2014

For any inquiries, contact:

Research Aysegul Ozge Ozgur, SVP ([email protected]) Tugba Tan, Analyst ([email protected])

[email protected] Tel: +90 212 219 2524 Asiacell was named the winner of the corporate finance Mob: +90 539 456 4566 category in the 2013 Association of Corporate Treasures Middle East Deals (ACTME) of the Year Awards Trading (Arranger of the deal: Rabee Securities (RS)) [email protected] Tel: +964 727 002 0407

Info [email protected] Tel: +964 (790) 133 1492

RS Bloomberg page: RS Website: RS.IQ RS is a proud sponsor of the Iraq Pavilion of Venice Biennale 2013.

Baghdad HQ Erbil Sulaymaniyah Istanbul Rep. Office 903/14/19 Italian Village offices Rand Gallery Halaskargazi cad. No: 103/7A Karada, Baghdad, Iraq Office Number: 32, Erbil, Iraq Office No: 9, Floor:3 , Sulaymaniyah, Iraq Osmanbey, Istanbul, Turkey Tel: +964 727 002 0407 Tel: +964 770 493 9999 Tel: +964 770 651 9944 Tel: +90 212 219 2524 Mob: +90 539 456 4566

DISCLAIMER

This publication may not be reproduced, modified, or re-disseminated in whole or in part without the prior written permission of Rabee Securities. The information provided herein is of a general nature and for informational purposes only and is not intended to serve as an offer or solicitation with respect to the purchase or sale of any security, or as a recommendation to adopt any particular trading strategy . Such information is subject to change without prior notice. Although Rabee Securities obtains information from sources it considers reliable, Rabee Securities makes no representations or warranties, express or implied, as to the information's accuracy or completeness. Furthermore, such information may be incomplete or condensed. Rabee Securities, its affiliates, directors, employees, assigns, agents, and successors bear no liability for any errors or omissions in this publication or for any losses arising from the use of or reliance upon this information. This limitation on liability applies to direct, indirect, consequential, special, punitive, or other damages, as well as damages for loss of profits or business interruption. Investors shall bear all responsibility for investment decisions taken on the basis of the contents of this report. Rabee Securities strongly advises potential investors to seek financial guidance when determining whether an investment is appropriate to their needs. All estimates includ ed in this report constitute Rabee Securities’ opinion as of the date published on the report and are subject to change without notice. 5