KAMCO Research

MENA Markets Monthly Databank March-2017

Index Monthly YTD FY Country Benchmark Value Change 2017 2016 MENA Markets In this Report… Kuwait Price Index ▲ 7,029.43 3.6% 22.3% 2.4% Kuwait ………………………………….2 Kuwait Weighted Index ▼ 413.27 (2.5%) 8.7% (0.4%) Saudi Arabia ……………………….9 Kuwait Kuwait 15 Index 933.84 (3.1%) 5.5% (1.7%) UAE - Dubai ………………………….14 Saudi Arabia TADAWUL All Share Index ▲ 7,001.63 0.4% (2.9%) 4.3% UAE - Nasdaq Dubai……… 17 UAE- Dubai DFM General Index ▼ 3,480.43 (4.1%) (1.4%) 12.1% UAE - Abu Dhabi ……………………19 UAE- Nasdaq Dubai FTSE NASDAQ Dubai UAE 20 Index ▼ 3,288.87 (2.4%) (0.2%) 7.5% Qatar ……………………………………22 UAE- Abu Dhabi ADX General Index ▼ 4,443.53 (2.4%) (2.3%) 5.6% Bahrain …………………………………25 Qatar QE 20 Index ▼ 10,390.60 (2.9%) (0.4%) 0.1% Oman ……………………………………28 Bahrain Bahrain All Share ▲ 1,355.99 0.5% 11.1% 0.4% Egypt ………………………………….31 Oman MSM 30 Index ▼ 5,550.60 (4.0%) (4.0%) 7.0% Jordan …………………………………..34 Egypt EGX 30 ▲ 12,994.80 8.9% 5.3% 76.2% Tunisia ………………………………….39 Jordan ASE Index ▲ 2,250.18 1.7% 3.7% 1.6% Lebanon ……………………………….42 Lebanon Blom Stock Index ▲ 1,235.82 0.4% 1.9% 3.7% Morocco……………………….. 44 Tunisia Tunisia Index ▼ 5,543.07 (1.1%) 1.0% 8.9% Syria ……………………………… 47 Morocco MASI ▼ 11,379.71 (4.6%) (2.3%) 30.5% Syria DSE Weighted Index ▲ 3,065.72 12.8% 89.5% 31.7% Emerging Markets China SSE Composite Index ▼ 3,222.51 (0.6%) 3.8% (12.3%) Russia RUSSIAN RTS INDEX ($) ▲ 1,113.76 1.3% (3.3%) 52.2% India SENSEX ▲ 29,620.50 3.1% 11.2% 1.9% Brazil BOVESPA Stock Index ▼ 64,984.07 (2.5%) 7.9% 38.9% Mexico BOLSA Index ▲ 48,541.56 3.6% 6.4% 6.2% Korea KOSPI Index ▲ 2,160.23 3.3% 6.6% 3.3% Taiwan TAIEX Index ▲ 9,811.52 0.6% 6.0% 11.0% Global Markets World MSCI World Index ▲ 1,853.69 0.8% 5.9% 5.3% Asia MSCI Asia Pacific ▲ 146.92 1.3% 8.8% 2.3% Europe DJ Stoxx 600 ▲ 381.14 2.9% 5.5% (1.2%) Europe FTSEurofirst 300 ▲ 1,503.03 3.0% 5.2% (0.6%) Emerging Markets MSCI EM Index ▲ 958.37 2.3% 11.1% 8.6% U.S.A S&P 500 ▼ 2,362.72 (0.0%) 5.5% 9.5% U.S.A DJIA ▼ 20,663.22 (0.7%) 4.6% 13.4% U.S.A NASDAQ Composite ▲ 5,911.74 1.5% 9.8% 7.5% UK FTSE 100 ▲ 7,322.92 0.8% 2.5% 14.4% Germany DAX ▲ 12,312.87 4.0% 7.2% 6.9% Japan NIKKEI 225 ▼ 18,909.26 (1.1%) (1.1%) 0.4% Hong Kong HANG SENG INDEX ▲ 24,111.59 1.6% 9.6% 0.4% Investment Research Department [email protected] Commodities ▼ P.O.Box 28873,Safat 13149 Kuwait Oil OPEC Crude 50.20 (6.0%) (5.8%) 67.1% Tel: (965) 1852626, Extn: 1153 / 1146 Oil Brent ▼ 53.53 (5.8%) (8.4%) 47.5% Fax: (965) 22492395 Oil Kuwait ▼ 49.98 (5.9%) (6.3%) 85.5% http://www.kamconline.com Natural Gas NYMEX Natural Gas (USD/MMBtu) ▲ 3.19 11.1% (10.0%) 57.6% KAMCO Investment Company - K.S.C ▲ (Public) Gold Gold Spot $/Oz 1,249.20 0.1% 8.9% 8.0% Source: Bloomberg & KAMCO Research KAMCO Research

Boursa Kuwait Monthly Databank March-2017

Sector Weight by Market Cap Weighted Sectoral Indices

Insurance Financial Services 1% Real Estate 10% Technology Weighted Monthly YTD-17 FY-2016 0.2% 8% Indices % Chg % Chg % Chg Oil & Gas Weighted Index 413.3 ▼ (2.5%) 8.7% (0.4%) 1% Oil & Gas 290.3 ▼ (2.7%) 8.1% (15.2%) Basic Materials Basic Materials 732.1 ▲ 1.3% 30.2% 4.6% 3% Industrials 644.0 ▲ 1.6% 9.6% 17.9% Industrials Consumer Goods 931.5 ▼ (3.5%) (1.4%) 16.5% Banks 10% Health Care 638.9 ▲ 8.0% 7.8% 25.2% 48% ▼ Consumer Goods Consumer Services 456.3 (4.1%) 0.8% (3.0%) 5% Telecommunications 352.5 ▼ (3.1%) 6.8% 11.3% Telecom 11% Banks 468.7 ▼ (3.5%) 8.9% (7.1%) Insurance 577.5 ▼ (6.0%) (3.6%) (10.8%) Consumer Health Care Services 0.9% Real Estate 582.8 ▼ (1.5%) 5.3% (4.8%) 2% Financial Services 502.6 ▼ (2.8%) 16.8% 3.3% ▼ Top 10 Companies by Market Capitalization Technology 414.5 (7.7%) 28.9% (13.7%)

Market Breadth 49 109 20 Company Name Market Cap. P/E ROE* Benchmark Return Closing Monthly Monthly YTD-17 FY-2016 (Mn KWD) (X) (%) Value Chg % Chg % Chg % Chg Price Index 7,029.43 246.4 3.6% 22.3% 2.4% 1- National Bank of Kuwait 3,905.5 14.3 9.4% Weighted Index 413.27 (10.8) (2.5%) 8.7% (0.4%) 2- Kuwait Finance House 3,055.8 18.7 9.0% Kuwait 15 Index 933.84 (30.2) (3.1%) 5.5% (1.7%) 3- Zain 1,968.8 12.3 10.6% Market Cap (KWD Mn) 28,354 (748.5) (2.6%) 8.0% 0.4% 4- Ahli United Bank - Bahrain 1,640.0 9.7 15.8% Index Performance relative to Volume 480 1,300 5- Kuwait Food Co. (Americana) 997.0 18.7 18.3% 1,200 460 6- Boubyan Bank 932.6 23.5 11.8% 1,100 440 7- Ahli United Bank - Kuwait 796.9 18.6 11.0% 1,000 900 8- Agility (PWC Logistics) 751.3 13.0 6.3% 420 800 9- Gulf Bank 749.8 17.8 7.5% 400 700 10- Mabanee Co. 749.4 15.5 14.7% 380 600 500 360 400

Total 15,547 14.79 10.4% Volumetraded (shr.mil.) Weighted Index Weighted 340 300 *: ROE is calculated based on TTM 9M-2016 net profit & shareholders' equity as of 30-Sep-16 200 320 100 Monthly Top Movers and Most Active Stocks 300 0 Jul-16 Apr-16 Oct-16 Jan-17 Jun-16 Feb-17 Sep-16 Mar-16 Dec-16 Mar-17 Aug-16 Nov-16 Close Change Percent May-16 Best Return Performers (KWD) (KWD) Change

National Co. for Consumer Industries 0.130 0.080 160.0% Market Trading Data and Volatility Amwal International Investment Co. 0.083 0.044 112.8% Real Estate Asset Management Co. 0.600 0.225 60.0% Trading Indicators Monthly Monthly Monthly Average Daily Educational Holding Group 0.270 0.066 32.4% Value Chg % Chg YTD 2017 YTD 2016 Hilal Cement Co. 0.216 0.046 27.1% Volume (Shrs Mn) 7,105 (1,752) (19.8%) 472.7 150.1 Value Traded (KWD Mn) 653 (213) (24.6%) 42.9 13.3 Close Change Percent No. of Trades 147,735 (24,083) (14.0%) 8,708 3,444 Worst Return Performers (KWD) (KWD) Change

Jeeran Holding Co. 0.047 (0.027) (36.3%) Credit Rating & Collection Co. 0.033 (0.016) (32.3%) Market Volatility** Volatility Since January: Kuwait Building Materials Co. 0.128 (0.042) (24.7%) 2016 2015 2014 2013 2012 Al-Mal Investment Co. 0.020 (0.006) (23.5%) Price Index 9.7% 9.1% 9.6% 10.2% 9.8% Ithmaar Bank 0.048 (0.013) (21.3%) Weighted Index 11.1% 10.2% 10.3% 9.7% 9.4% **: Annualized Standard Deviation of Daily Returns

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

Abyaar Real Estate Development Co. 0.028 (15.2%) 645,562,210 Alimtiaz Investment Group 0.180 2.3% 58,113,287 Ithmaar Bank 0.048 (21.3%) 490,442,363 Kuwait Finance House 0.530 (13.1%) 44,750,032 A'ayan Leasing & Investment Co. 0.046 (5.2%) 485,476,824 Zain 0.455 (5.2%) 41,804,910 Alimtiaz Investment Group 0.180 2.3% 312,222,014 National Bank of Kuwait 0.660 (10.8%) 37,092,714 Investors Holding Group Co. 0.029 (3.4%) 287,593,187 Ahli United Bank - Bahrain 0.218 (11.4%) 27,559,674 Source: KAMCO Research & Boursa Kuwait

2 KAMCO Research

MENA Monthly Databank

KUWAIT 15 INDEX Monthly Databank March-2017

Closing Price Market Capitalization Valuation Multiples Monthly Trading Indicators

Monthly Weight in Weight in YTD-17 Volume Value Kuwait 15 Index Constituents KWD KWD Mn P/E (X) P/BV (X) Yield Beta ROE Return Kuwait 15 Total Market Price (Mn Shrs) (KWD Mn) Return ▼ National Bank of Kuwait 0.660 (10.81%) 3,906 23.5% 13.8% 14.3 1.34 4.3% 1.35 9.4% 1.5% 51.3 37.1

▼ Kuwait Finance House 0.530 (13.11%) 3,056 18.4% 10.8% 18.7 1.69 2.9% 1.35 9.0% (1.9%) 74.2 44.8

▼ Zain 0.455 (5.21%) 1,969 11.8% 6.9% 12.3 1.29 6.9% 1.54 10.6% 11.0% 93.2 41.8

▼ Boubyan Bank 0.410 (3.53%) 933 5.6% 3.3% 23.5 2.77 1.4% 1.15 11.8% 3.8% 16.2 6.8

▼ Kuwait Food Co. (Americana) 2.480 (5.34%) 997 6.0% 3.5% 18.7 3.41 3.9% 0.75 18.3% (4.6%) 0.0 0.0

▼ Kuwait Projects Co. (Holding) 0.495 (1.00%) 729 4.4% 2.6% 13.4 1.51 4.6% 1.14 11.2% (1.0%) 7.3 3.6

▲ Ahli United Bank - Kuwait 0.460 4.55% 797 4.8% 2.8% 18.6 2.05 1.0% 0.83 11.0% 12.2% 2.9 1.3

═ Gulf Bank 0.246 0.00% 750 4.5% 2.6% 17.8 1.34 2.7% 0.73 7.5% 2.5% 22.8 5.6

═ Mabanee Co. 0.840 0.00% 749 4.5% 2.6% 15.5 2.27 1.2% 1.18 14.7% (1.2%) 5.2 4.4

▲ Burgan Bank 0.330 4.76% 676 4.1% 2.4% 10.3 1.08 1.5% 1.09 10.5% 8.2% 29.6 9.7

▲ Agility (PWC Logistics) 0.620 5.08% 751 4.5% 2.6% 13.0 0.82 0.0% 1.59 6.3% 0.0% 35.9 21.9

▲ Kuwait Telecommunication Co. 0.940 10.59% 469 2.8% 1.7% 12.0 3.85 1.1% 0.74 32.1% 1.1% 1.7 1.5

▲ Mezzan Holding Co. 1.020 3.03% 318 1.9% 1.1% 19.3 3.10 2.7% 0.91 16.0% 9.7% 2.3 2.3

▼ Boubyan Petrochemicals 0.570 (1.72%) 305 1.8% 1.1% 16.9 1.08 6.8% 1.03 6.4% 15.2% 3.4 2.0

▼ Kuwait International Bank 0.238 (2.46%) 247 1.5% 0.9% 13.9 1.00 3.8% 1.1 7.2% 15.5% 32.0 7.7

Subtotal- Kuwait 15 Index 933.84 -3.14% 16,652 100% 59% 15.2 1.52 3.41% 10.1% 5.5% 378 190

Remaining of the Market 11,702 41% 25.0 0.96 3.43% 4.0% 6,727 463

Source: KAMCO Research & Boursa Kuwait

3 KAMCO Research

MENA Monthly Databank Boursa Kuwait Monthly Databank March-2017

Valuation Multiples Price (KWD) Monthly Trading Data YTD-17 YTD-17 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 47 16 27 28 15 36 37 32 22 ▲ Contracting & Marine Services Co. MARI.KW 10.9 0.3 7.80% 0.30 0.064 10.3% 14.7 0.108 0.050 0.0% 480,326 28,451 5.8% 2.9% ▼ Senergy Holding Co. SENE.KW NM 0.56 0.00% 1.28 0.046 -17.9% 9.2 0.075 0.012 33.3% 40,806,997 2,058,753 138.9% NM ▼ Independent Petroleum Group IPGK.KW 10.1 0.75 5.79% 0.31 0.410 -7.9% 62.4 0.445 0.290 12.3% 502,628 204,249 0.6% 7.4% ▲ National Petroleum Services Co. NAPS.KW 9.9 2.93 5.02% 0.21 1.160 11.5% 66.8 1.360 0.670 41.5% 1,653,005 2,036,939 5.4% 29.7% ▼ The Energy House Co. ENER.KW NM 0.57 0.00% 0.63 0.038 -13.8% 28.1 0.062 0.036 -10.7% 4,713,264 184,845 6.7% NM ▼ Gulf Petroleum Investment GPIK.KW 56.6 0.53 0.00% 0.98 0.047 -9.6% 25.2 0.067 0.036 9.3% 169,458,869 8,191,505 116.2% 0.9% ▼ Burgan Co. for Drilling, Tdg. & Maint. ABAR.KW 10.3 0.30 0.00% 0.40 0.084 -1.2% 17.6 0.104 0.080 -15.2% 1,923,206 160,567 1.7% 2.9% Oil & Gas NM 0.69 3.62% -2.7% 224.0 8.1% 219,538,295 12,865,309 NM ▼ Kuwait Foundry Co. KFDC.KW 69.0 0.98 3.23% 0.48 0.310 -1.6% 47.7 0.370 0.162 70.3% 2,016,382 600,196 9.4% 1.4% ▼ Boubyan Petrochemicals Co.* BPCC.KW 16.9 1.08 6.79% 1.03 0.570 -1.7% 304.8 0.600 0.445 15.2% 3,413,618 1,959,288 5.6% 6.4% ═ Al Kout for Industrial Projects Co. ALKK.KW 11.2 2.35 5.71% 0.03 0.700 0.0% 70.6 0.700 0.550 6.1% 12,301 8,611 0.1% 21.0% ▲ Qurain Petrochemical Industries Co. ALQK.KW 13.1 1.19 0.00% 0.90 0.340 4.6% 373.7 0.370 0.188 47.8% 31,661,180 11,065,157 8.2% 9.1% Basic Materials 14.9 1.18 3.30% 1.3% 796.9 30.2% 37,103,481 13,633,252 7.7% ▲ Specialities Group Holding Co. SPEC.KW NM 0.42 0.00% 0.16 0.090 1.1% 13.5 0.110 0.066 12.5% 11,495,660 1,023,080 36.5% NM ▲ Kuwait Cement Co. KCEM.KW 21.4 2.11 0.00% 0.79 0.530 7.1% 388.7 0.530 0.360 29.3% 635,026 317,617 1.0% 9.9% ▼ Gulf Cable & Electrical Ind. Co. CABL.KW NM 0.84 0.00% 0.99 0.470 -16.1% 98.7 0.600 0.315 25.3% 2,396,334 1,207,104 10.3% NM ▼ Heavy Eng'g Ind. & Shipbuilding Co. SHIP.KW 7.2 0.90 2.29% 0.57 0.218 -0.9% 39.3 0.244 0.138 29.8% 2,894,450 613,894 6.3% 12.4% ▼ Kuwait Portland Cement Co. PCEM.KW 17.0 1.49 8.08% 1.03 0.990 -8.3% 99.2 1.120 0.890 8.8% 1,703,148 1,786,844 4.7% 8.7% ▼ Shuaiba Industrial Co. PAPE.KW 16.2 1.79 4.82% 0.33 0.410 -4.7% 33.0 0.510 0.230 39.0% 362,348 136,133 7.6% 11.0% ▼ Metal & Recycling Co. MRCK.KW NM 0.44 0.00% 0.93 0.076 -14.6% 6.3 0.095 0.051 26.7% 414,415 30,415 2.3% NM ▼ ACICO Industries Co. ACIC.KW 11.8 0.85 4.90% 0.71 0.305 -4.7% 87.8 0.335 0.255 10.9% 5,632,656 1,703,721 10.5% 7.2% ▲ Hilal Cement Co. HCCK.KW 43.3 1.24 0.00% 0.11 0.216 27.1% 18.3 0.216 0.110 83.1% 191,337 34,894 0.5% 2.9% ▼ Kuwait Building Materials Co. KBMM.KW 16.0 0.69 5.47% 0.08 0.128 -24.7% 3.9 0.250 0.096 -32.6% 554,215 78,739 1.8% 4.3% ▼ National Industries Co. NIBM.KW 17.2 0.90 9.26% 0.36 0.216 -0.9% 75.2 0.255 0.186 2.9% 596,216 125,589 1.8% 5.3% ▼ Equipment Holding Co. EQUI.KW NM 0.54 0.00% 1.11 0.056 -9.7% 7.6 0.080 0.041 -3.4% 34,061,955 1,954,285 168.8% NM ▲ National Co. for Consumer Industries NCCI.KW NM 1.55 0.00% 0.19 0.130 160.0% 11.7 0.130 0.010 188.9% 103,170 12,357 0.1% 1.0% ═ Kuwait Gypsum Manufacturing & Tdg. Co. GYPK.KW 8.9 0.59 0.00% 0.02 0.095 0.0% 2.9 0.100 0.095 0.0% 100 10 0.0% 6.6% ▼ Salbookh Trading Co. SALB.KW 7.7 0.68 0.00% 0.56 0.071 -5.3% 7.5 0.087 0.053 9.2% 26,378,678 2,063,596 74.6% 8.9% ▲ Agility (PWC Logistics) AGLT.KW 13.0 0.82 0.00% 1.59 0.620 5.1% 751.3 0.770 0.445 0.0% 35,909,521 21,896,337 14.9% 6.3% ▲ Educational Holding Group* EDUK.KW 14.1 1.65 5.53% 0.45 0.270 32.4% 66.2 0.285 0.190 31.1% 149,802 40,767 0.2% 11.7% ▼ National Cleaning Co. CLEA.KW 20.5 0.31 0.00% 0.86 0.049 -10.9% 12.2 0.061 0.038 5.4% 26,245,754 1,386,143 59.4% 1.5% ═ Kuwait & Gulf Link Transport Co. KGLK.KW 5.0 0.33 0.00% 1.30 0.067 0.0% 17.7 0.073 0.041 4.7% 19,505,807 1,316,504 36.0% 6.6% ▼ Kuwait Co. For Process Plant Const. & Cont. KCPC.KW 17.8 0.76 0.00% 0.28 0.184 -7.1% 18.5 0.218 0.144 7.0% 299,746 48,202 0.7% 4.3% ▲ Human Soft Holding Co. HUMN.KW 14.5 9.23 3.77% 0.14 3.040 1.3% 371.6 3.120 0.550 12.6% 2,978,195 9,031,657 13.7% 63.6% ▲ Nafais Holding Co. NAFA.KW 16.0 1.48 0.00% 0.17 0.230 9.5% 96.9 0.280 0.144 11.7% 56,501 13,400 3.1% 9.3% ▲ Gulf Franchising Co. GFCI.KW 0.5 0.88 0.00% 0.71 0.063 10.5% 2.0 0.069 0.020 110.0% 8,425,647 471,722 52.1% 182.3% ▼ National Ranges Co. MAYA.KW NM 0.36 0.00% 1.34 0.030 -9.2% 8.3 0.040 0.022 9.3% 63,045,671 1,905,827 197.1% NM ▲ Combined Group Contracting Co. CGCK.KW 27.5 1.71 3.91% 0.50 0.510 2.0% 68.9 0.790 0.480 -15.0% 5,497,890 2,740,527 4.9% 6.2% ═ Mishref General Trading & Contracting Co. MTCC.KW 18.3 0.42 0.00% 0.56 0.056 0.0% 17.2 0.085 0.047 0.0% 0 0 0.0% 2.3% ▼ United Projects Group UPAC.KW 7.7 2.27 10.91% 0.29 0.750 -9.6% 61.9 0.920 0.610 11.9% 177,255 152,217 0.6% 29.6% ▼ ALAFCO Aviation Lease & Finance Co.* ALAF.KW 16.4 0.89 0.00% 0.90 0.242 -5.1% 230.4 0.260 0.198 0.8% 2,010,915 486,558 1.0% 5.5% ▲ Mubarrad Transport Co. MBRD.KW NM 0.66 6.25% 1.00 0.080 9.6% 13.1 0.087 0.047 35.6% 71,578,736 5,709,160 90.0% NM ▲ KGL Logistics Co. LOGK.KW 8.1 0.55 0.00% 0.92 0.074 1.4% 49.3 0.089 0.066 1.4% 39,609,759 2,950,389 28.8% 6.8% ▲ Sharjah Cement Co. SCEM.KW 9.3 0.44 6.37% 0.45 0.091 4.6% 50.3 0.093 0.076 5.8% 4,022,120 354,673 2.5% 4.8%

4 KAMCO Research

MENA Monthly Databank Boursa Kuwait Monthly Databank March-2017

Valuation Multiples Price (KWD) Monthly Trading Data YTD-17 YTD-17 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 47 16 27 28 15 36 37 32 22 ▼ Gulf Cement Co. GCEM.KW 15.9 0.74 0.00% 0.77 0.087 -3.3% 71.4 0.095 0.072 16.0% 15,932,928 1,396,890 8.8% 4.7% ═ Umm Al-Qaiwain Cement Industries Co. QCEM.KW NM 0.57 8.14% 0.74 0.086 0.0% 31.2 0.091 0.066 14.7% 131,860 11,295 0.3% NM ▲ Fujairah Cement Industries Co. FCEM.KW 5.5 0.39 0.00% 0.56 0.092 3.4% 32.7 0.093 0.070 15.0% 8,117,702 724,701 24.4% 7.0% ═ Ras-Al-Khaimah for White Cement Co. RKWC.KW 29.5 0.74 7.50% 0.74 0.100 0.0% 50.0 0.108 0.082 11.1% 413,891 41,191 1.2% 2.5% Industrials 18.2 1.03 2.09% 1.6% 2,914.7 9.6% 391,529,408 61,766,436 5.7% ▼ Kuwait Slaughter House Co. KSHK.KW 9.6 1.38 10.30% 0.05 0.188 -1.1% 5.8 0.190 0.130 38.2% 71,015 13,107 1.7% 14.4% ▲ National Slaughter Houses Co. NSHK.KW NM 0.58 0.00% NA 0.055 1.9% 1.6 0.064 0.040 -14.1% 51,925 2,714 0.6% NM ▲ Palms Agro Production Co. PAPK.KW 7.5 0.61 9.60% 0.25 0.104 4.0% 5.4 0.112 0.090 9.5% 69,384 7,384 0.7% 8.2% ▼ Livestock Transport & Trading Co. CATT.KW 16.0 1.14 0.00% 0.43 0.214 -7.8% 46.4 0.260 0.130 0.0% 1,789,154 419,484 1.7% 7.1% ▼ Danah Alsafat Foodstuff Co. DANK.KW 10.5 0.70 0.00% 1.15 0.091 -3.2% 26.3 0.134 0.068 4.6% 125,258,247 12,169,117 123.1% 6.7% ▼ Kuwait Food Co. (Americana) FOOD.KW 18.7 3.41 3.92% 0.75 2.480 -5.3% 997.0 2.640 1.940 -4.6% 8,500 21,312 2.2% 18.3% ▲ Mezzan Holding Co. MEZZ.KW 19.3 3.10 2.75% 0.91 1.020 3.0% 317.6 1.200 0.890 9.7% 2,287,944 2,287,445 4.0% 16.0% Consumer Goods 18.5 2.86 3.50% -3.5% 1,400.0 (1.4%) 129,536,169.0 14,920,564 14.3% ▲ AL-Mowasat Healthcare Co. MHCK.KW 10.5 1.56 4.05% 0.05 0.370 13.8% 37.6 0.375 0.190 48.0% 103,092 38,168 0.3% 14.8% ▲ Advanced Technology Co. ATCK.KW 26.0 3.33 1.44% NA 1.040 13.0% 156.0 1.040 0.870 13.0% 51 46 0.0% 12.8% ▼ Yiaco Medical Co. YIAC.KW NM 1.90 0.00% 0.73 0.275 -8.3% 50.0 0.460 0.138 -23.6% 55,384 14,049 2.3% NM Health Care NM 2.50 1.55% 8.0% 243.6 7.8% 158,527 52,263 NM ▼ Kuwait National Cinema Co. KCIN.KW 15.1 2.09 3.58% 0.11 1.380 -6.8% 139.5 1.780 0.900 11.3% 37,437 55,785 0.2% 13.8% ═ Kuwait Hotels Co. KHOT.KW 16.9 2.21 0.00% 0.08 0.250 0.0% 14.4 0.300 0.206 -5.7% 0 0 0.1% 13.1% ▼ Sultan Center Food Products Co. SCFK.KW 26.3 0.95 0.00% 1.33 0.067 -13.0% 38.8 0.100 0.050 17.5% 14,595,189 987,319 9.2% 3.6% ▼ Kuwait Cable Vision Co. KWTV.KW NM 0.99 0.00% 0.07 0.023 -19.6% 0.7 0.061 0.018 -55.0% 1,419,213 33,458 6.2% NM ▲ EYAS for Higher & Technical Education Co.* EYAS.KW 10.1 1.62 0.00% 0.05 0.395 2.6% 47.9 0.415 0.335 2.6% 184,120 70,561 0.2% 16.1% ▼ IFA Hotels & Resorts Co.* IFAH.KW 10.8 1.88 0.00% 0.40 0.182 -5.2% 115.6 0.200 0.130 0.0% 260 48 0.0% 17.4% ▲ Oula Fuel Marketing Co. OULA.KW 12.3 0.88 0.00% 0.38 0.130 1.6% 52.6 0.142 0.106 10.2% 13,422,453 1,755,374 4.6% 7.2% ▼ Kuwait Resorts Co. MUNK.KW 6.6 0.72 5.43% 0.52 0.086 -2.3% 16.9 0.102 0.070 7.5% 4,346,951 371,933 64.2% 10.9% ▼ Jazeera Airways Co. JAZK.KW 9.0 3.04 2.59% 0.55 0.580 -4.9% 116.0 0.930 0.550 -24.7% 1,679,406 964,532 3.6% 33.8% ═ Soor Fuel Marketing Co. SOOR.KW 15.5 0.90 3.81% 0.45 0.130 0.0% 52.6 0.138 0.104 12.1% 4,127,580 544,179 2.4% 5.8% ═ Future Kid Entertainment and R.E Co. KIDK.KW 12.0 0.68 7.61% 0.08 0.124 0.0% 14.4 0.130 0.095 17.0% 80,432 9,551 0.7% 5.7% ▼ Al Rai Media Group Co. ALRA.KW 9.1 0.97 8.47% 0.61 0.176 -1.1% 41.0 0.180 0.132 27.5% 3,830,519 671,574 13.1% 10.7% ▼ Zima Holding Co. ZIMAH.KW NM 0.58 0.00% 0.40 0.060 -7.7% 6.0 0.073 0.039 41.2% 68,722,742 3,879,034 271.0% 0.4% Consumer Services 11.8 1.43 2.36% -4.1% 656.4 0.8% 112,446,302 9,343,347 12.5% ▼ Zain ZAIN.KW 12.3 1.29 6.94% 1.54 0.455 -5.2% 1,968.8 0.520 0.320 11.0% 93,243,965 41,804,910 9.4% 10.6% ▼ National Mobile Telecom Co. NMTC.KW 19.3 0.93 7.16% 0.85 1.180 -4.8% 594.8 1.380 1.000 -1.7% 568,919 687,188 0.4% 4.8% ▼ Hits Telecom Holding Co. HITS.KW NM 0.67 0.00% 1.00 0.049 -9.3% 42.7 0.074 0.027 18.1% 92,884,124 4,590,521 82.9% NM ▲ kuwait Telecommunication Co. VIVA.KW 12.0 3.85 1.06% 0.74 0.940 10.6% 469.4 1.060 0.800 1.1% 1,704,016 1,456,593 0.9% 32.1% Telecommunications 13.7 1.31 5.99% -3.1% 3,075.8 6.8% 188,401,024 48,539,212 9.7% ▼ National Bank of Kuwait NBKK.KW 14.3 1.34 4.26% 1.35 0.660 -10.8% 3,905.5 0.760 0.550 1.5% 51,345,312 37,092,714 2.9% 9.4% ═ Gulf Bank GBKK.KW 17.8 1.34 2.72% 0.73 0.246 0.0% 749.8 0.295 0.212 2.5% 22,790,623 5,646,511 2.8% 7.5% ═ Commercial Bank of Kuwait CBKK.KW 13.3 1.13 3.01% 0.56 0.430 0.0% 643.6 0.510 0.295 4.9% 418,008 185,321 0.1% 8.4% ═ Ahli Bank of Kuwait ABKK.KW 23.6 0.87 3.58% 0.46 0.305 0.0% 493.8 0.355 0.290 1.7% 808,507 242,856 0.4% 3.7% ▲ Ahli United Bank - Kuwait BKME.KW 18.6 2.05 0.99% 0.83 0.460 4.5% 796.9 0.475 0.375 12.2% 2,921,043 1,327,875 0.5% 11.0% ▼ Kuwait International Bank KIBK.KW 13.9 1.00 3.78% 1.13 0.238 -2.5% 246.9 0.250 0.178 15.5% 31,951,102 7,652,067 15.5% 7.2% ▲ Burgan Bank BURG.KW 10.3 1.08 1.49% 1.09 0.330 4.8% 676.3 0.350 0.295 8.2% 29,595,884 9,720,108 4.3% 10.5% ▼ Kuwait Finance House KFIN.KW 18.7 1.69 2.87% 1.35 0.530 -13.1% 3,055.8 0.630 0.440 -1.9% 74,179,580 44,750,032 4.6% 9.0% ▼ Boubyan Bank BOUK.KW 23.5 2.77 1.39% 1.15 0.410 -3.5% 932.6 0.455 0.370 3.8% 16,168,195 6,788,692 3.7% 11.8% ▼ Warba Bank WARB.KW NM 2.72 0.00% 0.85 0.255 -7.3% 255.0 0.285 0.160 14.9% 44,935,645 11,802,202 26.8% 0.7% ▼ Ahli United Bank - Bahrain AUBK.KW 9.7 1.53 7.50% 0.50 0.218 -11.4% 1,640.0 0.280 0.180 12.4% 108,811,107 27,559,674 2.7% 15.8% ▼ Ithmaar Bank ITHMR.KW NM 1.15 0.00% 1.08 0.048 -21.3% 145.5 0.082 0.030 26.3% 490,442,363 24,831,402 57.1% NM Banks 15.6 1.45 3.50% -3.5% 13,541.8 8.9% 874,367,369 177,599,454 9.4%

5 KAMCO Research

MENA Monthly Databank Boursa Kuwait Monthly Databank March-2017

Valuation Multiples Price (KWD) Monthly Trading Data YTD-17 YTD-17 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 47 16 27 28 15 36 37 32 22 ▼ Kuwait Insurance Co. KINS.KW NM 0.91 7.19% 0.14 0.265 -14.5% 51.4 0.315 0.226 -5.4% 84,206 23,297 0.2% NM ▼ Gulf Insurance Group GINS.KW 7.7 1.14 6.96% 0.17 0.550 -8.3% 102.9 0.720 0.550 -17.9% 98 54 0.1% 14.9% ▼ Ahleiah Insurance Co. AINS.KW 13.3 1.01 6.94% 0.15 0.495 -1.0% 99.0 0.500 0.430 8.8% 54,585 27,247 0.1% 7.6% ▼ Warba Insurance Co. WINS.KW 19.3 0.41 9.20% 0.19 0.102 -3.8% 17.6 0.114 0.096 0.0% 459,712 46,842 0.7% 2.1% ▲ Kuwait Reinsurance Co. KWRE.KW 18.5 0.71 5.21% NA 0.192 3.2% 28.8 0.200 0.180 6.7% 6,830 1,283 0.0% 3.8% ▼ First Takaful Insurance Co. FTIK.KW 24.3 0.56 0.00% 0.12 0.061 -10.3% 6.5 0.089 0.037 24.5% 5,275,584 322,180 19.3% 2.3% ▼ Wethaq Takaful Insurance Co. WETH.KW 6.4 0.47 0.00% 0.16 0.055 -3.5% 6.1 0.064 0.026 77.4% 5,661,914 305,256 28.8% 7.3% ═ Bahrain Kuwait Insurance Co. BKIK.KW 10.0 0.95 8.45% 0.02 0.355 0.0% 25.4 N/A N/A 0.0% 0 0 0.0% 9.4% Insurance 12.5 0.89 6.81% -6.0% 337.7 -3.6% 11,542,929 726,159 8.6% ▼ Sokouk Holding Co. SHCK.KW NM 0.36 0.00% 1.43 0.047 -3.1% 27.6 0.065 0.027 29.2% 254,836,125 12,016,160 119.8% NM ▼ Kuwait Real Estate Co. KREK.KW 9.8 0.46 0.00% 1.43 0.066 -12.0% 59.8 0.085 0.047 8.2% 209,858,243 15,196,474 49.4% 4.7% ▲ United Real Estate Co. UREK.KW 14.4 0.61 4.35% 1.05 0.104 6.1% 123.5 0.116 0.082 10.6% 3,572,204 346,002 0.8% 4.3% ▼ National Real Estate Co. NREK.KW 6.8 0.45 0.00% 1.47 0.102 -5.6% 100.9 0.138 0.072 -1.9% 45,877,234 4,811,679 40.0% 6.7% ▼ Salhia Real Estate Co. SREK.KW 17.8 1.39 5.20% 0.39 0.370 -5.1% 189.7 0.410 0.345 4.2% 1,947,380 742,072 0.8% 7.8% ▼ Tamdeen Real Estate Co. TAMK.KW 21.2 1.50 2.13% 0.55 0.445 -1.1% 192.2 0.560 0.420 -5.3% 13,716 5,850 0.1% 7.1% ▼ Ajial Real Estate Entertainment Co. AREC.KW 24.8 0.26 0.00% 0.28 0.174 -4.4% 30.7 0.200 0.130 -8.4% 650,333 112,737 2.0% 1.0% ▲ Al Massaleh Real Estate Co. MREC.KW NM 0.45 0.00% 0.37 0.050 3.1% 11.7 0.061 0.035 23.8% 795,578 38,180 1.3% NM ▼ Arab Real Estate Co. ARAB.KW 13.0 0.29 0.00% 1.30 0.038 -18.5% 19.1 0.062 0.025 21.0% 108,824,808 4,371,335 102.2% 2.2% ▼ AL-Enma'a Real Estate Co.* ENMA.KW NM 0.35 0.00% 0.61 0.044 -7.4% 19.8 0.061 0.037 17.3% 32,854,358 1,433,421 45.5% NM ═ Mabanee Co. MABK.KW 15.5 2.27 1.18% 1.18 0.840 0.0% 749.4 0.910 0.740 -1.2% 5,227,075 4,409,059 2.1% 14.7% ▲ Injazzat Real Estate Development Co. INJA.KW 11.3 0.55 5.19% 0.94 0.093 4.5% 32.1 0.099 0.066 25.7% 12,092,037 1,147,834 9.5% 4.9% ▼ Investors Holding Group Co. INVK.KW 66.0 0.38 0.00% 1.35 0.029 -3.4% 18.3 0.037 0.019 26.7% 287,593,187 8,206,826 251.9% 0.6% ▼ International Resorts Co. IRCK.KW NM 0.62 0.00% 1.36 0.036 -2.7% 5.6 0.047 0.023 30.9% 78,760,125 2,989,056 139.5% NM ▼ The Commercial Real Estate Co. TIJK.KW 6.5 0.50 6.33% 1.02 0.078 -8.2% 139.4 0.093 0.074 -2.5% 12,761,064 1,062,386 8.1% 7.6% ▲ Sanam Real Estate Co. SANK.KW NM 0.69 0.00% 0.34 0.057 7.5% 7.0 0.062 0.027 90.0% 3,723,484 209,931 20.4% NM ▲ A'ayan Real Estate Co. AYRE.KW 13.9 0.49 5.68% 0.99 0.088 15.8% 36.6 0.099 0.059 35.4% 24,890,287 2,246,355 11.2% 3.5% ═ Aqar Real Estate Investment Co. AQAR.KW 11.1 0.70 7.14% 0.31 0.080 0.0% 18.7 0.083 0.055 15.9% 383,418 30,925 2.0% 6.3% ▼ Kuwait Real Estate Holding Co. ALAQ.KW 47.6 0.89 0.00% 0.80 0.040 -13.2% 7.5 0.050 0.017 68.1% 4,880,130 196,070 13.9% 1.9% ▼ MAZAYA Holding Co. MAZA.KW 8.8 0.75 6.00% 1.07 0.120 -7.7% 82.6 0.150 0.104 11.1% 63,338,048 8,120,239 61.5% 8.6% ═ Al Dar National Real Estate Co. ADNC.KW NM 0.41 0.00% 0.96 0.011 0.0% 4.6 0.019 0.011 0.0% 0 0 0.0% NM ▲ AL-Themar International Holding Co. THMR.KW NM 0.85 0.00% 0.33 0.094 4.4% 72.6 0.116 0.080 5.6% 1,453,367 132,298 0.5% NM ▲ Tijara Real Estate & Investment Co. TIJA.KW 32.7 0.61 0.00% 0.45 0.063 6.8% 23.3 0.071 0.033 31.3% 2,700,521 162,988 11.1% 1.9% ▲ Al TAMEER Real Estate Investment Co. AMAR.KW NM 0.47 0.00% 0.45 0.037 5.8% 8.8 0.046 0.019 62.2% 149,777,301 5,246,631 176.3% NM ▼ Arkan Al-Kuwait Real Estate Co. ARKK.KW 8.5 0.64 9.61% 0.26 0.082 -2.4% 20.6 0.097 0.074 -10.9% 5,568,301 468,059 34.1% 7.5% ▼ Al-Argan International Real Estate Co. ARGK.KW NM 0.53 5.60% 0.32 0.172 -13.1% 45.6 0.202 0.142 3.6% 231,054 43,284 5.6% NM ▼ Abyaar Real Estate Development Co. ABYR.KW NM 0.33 0.00% 1.28 0.028 -15.2% 31.0 0.042 0.019 24.4% 645,562,210 20,032,589 217.0% NM ▼ Munshaat Real Estate Projects Co. MUNS.KW NM 0.23 0.00% 1.27 0.055 -11.3% 17.7 0.085 0.042 -1.8% 84,866,328 5,154,108 104.5% NM ▼ First Dubai For Real Estate Development FIRST.KW 20.8 0.92 0.00% 1.12 0.061 -9.0% 61.0 0.090 0.041 -3.2% 47,138,837 2,864,021 19.3% 4.4% ▼ Kuwait Business Town Real Estate Co. KBTK.KW 5.5 0.49 0.00% 0.85 0.055 -1.8% 29.8 0.066 0.034 32.5% 56,975,598 3,123,173 78.3% 8.8% ▲ Real Estate Asset Management Co. REAM.KW 73.3 4.02 0.00% 0.00 0.600 60.0% 62.7 0.600 0.166 206.1% 937 443 0.2% 5.5% ▼ MENA Real Estate Co. MENK.KW NM 0.53 0.00% 0.97 0.032 -3.0% 6.3 0.041 0.018 56.1% 6,944,460 220,470 192.4% NM ▼ Al Mudon International Real Estate Co. ALMK.KW NM 0.35 0.00% 0.84 0.045 -10.1% 4.5 0.070 0.025 15.6% 174,573,692 8,013,037 565.8% NM ▼ Real Estate Trade Centers Co. MARA.KW NM 0.29 0.00% 0.58 0.043 -6.6% 6.5 0.048 0.019 60.4% 25,027,715 1,085,081 27.5% 0.1% ▲ Kuwait Remal Real Estate Co. REMAL.KW NM 0.55 0.00% 0.88 0.081 11.0% 24.8 0.085 0.031 20.9% 193,657,943 14,902,638 186.6% NM ▼ AWJ Holding Co. AWJ.KW 6.5 0.43 7.98% 0.76 0.094 -5.1% 16.9 0.114 0.045 44.6% 23,271,390 2,276,015 94.6% 6.6% Real Estate 24.7 0.81 2.29% -1.5% 2,309.0 5.3% 2,570,628,488 131,417,426 3.7% ▲ Kuwait Investment Co. KINV.KW 35.8 0.45 0.00% 0.69 0.100 3.1% 55.1 0.110 0.075 16.3% 9,209,831 912,092 6.1% 1.2% ▲ Commercial Facilities Co. FACI.KW 12.4 0.60 8.78% 0.66 0.184 4.5% 98.8 0.192 0.152 17.9% 8,008,963 1,452,008 3.2% 4.8% ▼ Int'l Financial Advisors Co. IFIN.KW NM 0.63 0.00% 1.20 0.044 -5.4% 31.7 0.057 0.026 41.9% 165,142,713 7,051,653 71.1% NM ▼ National Investment Co. NINV.KW NM 0.56 0.00% 1.21 0.110 -19.1% 96.4 0.148 0.086 15.8% 45,426,249 5,312,457 28.3% NM

6 KAMCO Research

MENA Monthly Databank Boursa Kuwait Monthly Databank March-2017

Valuation Multiples Price (KWD) Monthly Trading Data YTD-17 YTD-17 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 47 16 27 28 15 36 37 32 22 ▼ Kuwait Projects Co.(Holding) KPRO.KW 13.4 1.51 4.62% 1.14 0.495 -1.0% 729.4 0.580 0.485 -1.0% 7,279,242 3,606,153 3.2% 11.2% ▼ Coast Invest. & Development Co. COAS.KW NM 0.56 0.00% 1.60 0.048 -5.9% 30.0 0.064 0.034 24.7% 92,205,280 4,389,582 83.0% NM ▼ The Securities House Co. SECH.KW NM 0.53 0.00% 0.62 0.049 -11.8% 23.3 0.070 0.037 10.2% 116,853,347 6,003,965 131.3% NM ═ Securities Group SGCK.KW NM 0.53 0.00% 0.36 0.099 0.0% 25.3 0.102 0.075 11.2% 8,743 835 0.2% NM ▼ Arzan Financial Group For Fin. & Invest. ARZA.KW NM 3.75 0.00% 0.53 0.038 -11.8% 30.1 0.050 0.029 15.4% 19,144,411 747,260 10.5% NM ▲ Kuwait Financial Centre MARKZ.KW 30.1 0.62 0.00% 1.21 0.106 17.8% 56.3 0.118 0.077 20.5% 593,286 58,084 0.4% 2.1% ▼ Kuwait & M.E. Financial Inv. Co. KMEF.KW NM 0.48 0.00% 0.30 0.031 -11.4% 8.2 0.043 0.019 31.9% 7,690,395 246,214 16.1% NM ▼ Al-Aman Investment Co. AMAN.KW NM 0.48 10.10% 0.81 0.050 -10.0% 9.7 0.067 0.043 2.1% 18,548,705 962,720 81.0% NM ▼ First Investment Co. OLAK.KW 46.3 0.34 0.00% 0.90 0.049 -10.9% 31.9 0.069 0.043 7.7% 48,572,965 2,536,950 54.7% 0.7% ▼ Al-Mal Investment Co. MALK.KW NM 0.58 0.00% 1.45 0.020 -23.5% 13.1 0.039 0.018 0.0% 120,894,659 2,650,762 145.3% NM ▼ Gulf Investment House GIHK.KW NM 0.74 0.00% 0.88 0.044 -6.4% 7.2 0.060 0.023 46.7% 106,677,335 4,678,957 253.4% NM ▼ A'ayan Leasing & Investment Co. AAYA.KW 21.9 0.47 0.00% 1.09 0.046 -5.2% 37.0 0.064 0.025 40.0% 485,476,824 23,504,055 152.3% 2.1% ▼ Bayan Investment Co. BAYK.KW NM 0.53 0.00% 1.44 0.044 -9.3% 17.3 0.065 0.028 31.3% 47,727,386 2,213,892 82.5% NM ▼ Osoul Investment Co. OSUL.KW NM 0.59 0.00% 0.82 0.066 -7.0% 12.5 0.075 0.037 8.2% 1,296,615 87,790 12.2% NM ▼ Kuwait Finance & Investment Co. KFSK.KW 28.6 0.37 0.00% 0.41 0.044 -8.4% 14.0 0.055 0.031 17.6% 1,560,503 67,769 1.8% 1.3% ▲ KIPCO Asset Mgt Co .(KAMCO) KAMC.KW 11.0 0.66 5.02% 0.31 0.090 4.7% 23.7 0.128 0.075 -7.2% 503,791 43,484 3.6% 6.0% ▼ National International Holding Co. NIHK.KW 4.4 0.43 0.00% 0.29 0.068 -10.5% 14.7 0.086 0.045 11.5% 14,991,993 1,089,721 27.5% 9.8% ▼ Housing Finance Co. ISKN.KW 11.2 0.47 0.00% 0.33 0.050 -5.7% 11.4 0.062 0.027 2.0% 26,564,503 1,348,553 89.0% 4.2% ═ Al Madar Finance & Investment Co. MADR.KW NM 0.19 0.00% 0.40 0.013 0.0% 2.7 0.018 0.012 0.0% 0 0 0.0% NM ▼ Al-Deera Holding DEER.KW NM 0.62 0.00% 0.89 0.036 -7.7% 7.1 0.051 0.028 12.5% 15,086,549 579,289 45.1% NM ▼ Al Salam Group Holding Co. SAGH.KW NM 0.40 0.00% 0.95 0.051 -15.0% 13.8 0.069 0.033 5.2% 55,496,219 2,931,661 122.2% NM ▼ Ekttitab Holding Co. EKTT.KW NM 0.60 0.00% 1.30 0.042 -8.8% 13.2 0.058 0.028 12.2% 30,285,512 1,279,992 62.4% NM ▼ Al Madina For Finance & Investment Co. MADI.KW NM 0.99 0.00% 1.16 0.052 -5.5% 21.2 0.064 0.031 19.5% 52,341,685 2,785,851 109.8% NM ▼ NOOR Financial Investment Co. NOOR.KW 16.0 0.51 0.00% 1.34 0.052 -7.1% 21.5 0.066 0.037 14.3% 32,832,908 1,797,799 55.0% 3.2% ▼ Tamdeen Investment Co. TAMI.KW 10.9 0.69 3.12% 0.61 0.320 -1.5% 110.4 0.385 0.260 14.3% 457,162 146,556 0.8% 6.3% ═ Kuwait Bahrain Int'l Exchange Co. EXCH.KW NM 1.10 0.00% 0.24 0.158 0.0% 7.3 0.158 0.074 0.0% 100 16 0.0% NM ▼ Kuwait Syrian Holding Co. KSHC.KW 33.1 0.39 7.50% 1.31 0.040 -18.4% 7.1 0.061 0.026 33.3% 45,577,213 1,903,785 143.9% 1.2% ═ Asiya Capital Investment Co. ASIYA.KW NM 0.39 0.00% 1.09 0.037 0.0% 29.6 0.047 0.028 17.5% 15,195,252 569,403 5.8% NM ▼ Gulf North Africa Holding Co. GNAH.KW 22.1 0.38 0.00% 1.52 0.039 -13.3% 5.9 0.054 0.028 8.3% 35,042,334 1,433,013 177.2% 1.7% ▲ Amwal International Investment Co. AMWA.KW NM 0.97 0.00% 0.46 0.083 112.8% 15.0 0.093 0.015 245.8% 88,915,440 5,528,741 92.6% NM ▲ Alimtiaz Investment Group ALIMk.KW 23.6 1.14 3.06% 1.00 0.180 2.3% 204.1 0.200 0.067 76.5% 312,222,014 58,113,287 85.3% 4.9% ▼ Safat Global Holding Co. SAFA.KW NM 0.30 0.00% 4.90 0.031 -6.1% 2.1 0.050 0.025 17.0% 31,503,356 1,018,295 242.2% NM ▲ Manazel Holding Co. MANK.KW NM 0.78 0.00% 1.74 0.055 14.6% 23.7 0.058 0.015 96.4% 266,351,986 13,110,300 157.1% NM ▼ National Industries Group NIND.KW 16.8 0.51 7.50% 1.73 0.130 -12.2% 176.8 0.168 0.102 6.6% 27,886,789 3,740,500 15.2% 3.0% ▼ Boubyan Int'l Industries Holding Co. BIIHC.KW NM 0.22 0.00% 1.30 0.022 -8.3% 6.6 0.033 0.018 -12.0% 39,327,155 903,052 132.7% NM ▲ Arabi Holding Group Co. AGHC.KW NM 0.67 0.00% 0.48 0.100 25.0% 17.3 0.110 0.048 53.8% 25,256,679 2,424,934 46.8% NM ▼ Privatization Holding Co. KPPC.KW NM 0.33 0.00% 1.25 0.053 -3.6% 32.3 0.063 0.042 23.3% 57,721,898 3,042,557 37.6% 0.1% ▼ Credit Rating & Collection Co. TAHS.KW NM 0.53 0.00% 0.12 0.033 -32.3% 5.4 0.059 0.027 -24.4% 286,498 9,569 0.3% NM ▼ Jeeran Holding Co.* JEER.KW 4.4 0.27 0.00% 0.34 0.047 -36.3% 7.0 0.077 0.044 -5.1% 3,512,142 222,846 6.9% 6.1% ▲ Egypt Kuwait Holding Co. EKHK.KW 18.2 1.31 0.00% 0.78 0.200 7.5% 204.9 0.216 0.110 13.6% 152,500 30,410 0.1% 7.2% ▼ Gulf Finance House GFHK.KW NM 2.19 0.00% 1.25 0.206 -13.4% 464.9 0.246 0.065 22.6% 15,671,547 3,415,171 5.0% NM ▲ Inovest INOV.KW NM 0.83 6.44% 0.87 0.108 1.9% 30.9 0.120 0.050 38.5% 47,061,698 5,075,184 46.9% NM Financial Services NM 0.86 2.49% -2.8% 2,807.6 16.8% 2,542,562,375 179,027,165 0.4%

7 KAMCO Research

MENA Monthly Databank Boursa Kuwait Monthly Databank March-2017

Boursa Kuwait 18.2 1.23 3.42% 28,353.7 8.7% 7,104,735,194 653,437,310 6.8%

8 KAMCO Research

Saudi Tadawul Monthly Databank March-2017

Index Performance relative to Volume Sector Returns

Monthly YTD 7,500 600 Index Value % Chg % Chg

550 Saudi Stock Exchange 7,001.63 0.4% (2.9%) Energy 4,343.53 (3.1%) (12.7%) 500 7,000 Materials 4,864.58 (1.7%) (2.4%) 450 Capital Goods 4,930.16 (0.5%) (1.2%) Commercial & Professional Svc 4,391.25 0.7% (12.9%) 400 Transportation 4,319.28 (0.2%) (15.3%) 6,500 Consumer Durables & Apparel 4,843.43 (3.6%) 4.3% 350 Consumer Services 4,270.86 (4.0%) (11.6%) 300 Media 4,290.03 2.2% (16.2%) TASI Value TASI Vol. Traded (Mln.Shares) Traded Vol. Retailing 5,281.94 3.9% 7.6% 250 6,000 Food & Staples Retailing 5,442.63 5.5% 7.7% 200 Food & Beverages 5,033.93 6.0% 2.7% Health Care Equipment & Svc 4,887.69 4.6% (2.6%) 150 Pharma, Biotech & Life Science 4,775.73 (2.4%) (11.3%) 5,500 100 Banks 4,868.32 1.0% (4.3%) Diversified Financials 4,868.32 1.0% (2.4%) 50 Insurance 5,057.17 (4.2%) 2.9%

5,000 0 Telecommunication Services 4,701.38 2.8% (6.0%) Utilities 4,996.43 (4.2%) 2.8% Jul-16 Apr-16 Oct-16 Jun-16 Jan-17 Mar-16 Feb-17 Mar-17 Nov-16 Dec-16 Aug-16 Sep-16 May-16 REITs 5,833.33 (0.4%) 16.7% Real Estate Mgmt & Dev't 4,839.36 2.8% (3.5%)

Monthly Top Movers and Most Active Stocks Trading Indicators

Closing Monthly Monthly YTD-17 FY-2016 Price Monthly Value Best Return Performers Market Return (SAR) % Chg (SAR 000's) Value Chg % Chg % Chg % Chg

United Electronics Co. 34.11 26.5% 647,383 Tadawul All Share Index 7,001.63 29.24 0.4% (2.9%) 4.3%

Bank Al-Jazira 16.53 23.0% 1,386,875 Market Cap (SAR Mn) 1,639,966 4,816 0.3% (2.5%) 6.4%

National Agriculture Development Co. 28.32 22.8% 493,054

Al Hammadi Co. For Dev. and Inv. 40.80 16.1% 408,157 Monthly Monthly Monthly Average Daily Trading Indicators Makkah Construction & Development Co. 105.44 15.5% 205,306 Value Chg % Chg YTD-17 YTD-16

Volume (Mn Shares) 3,643 (526) (0.13) 207 281 Price Monthly Value Worst Return Performers (SAR) % Chg (SAR 000's) Value Traded (SAR Mn) 72,517 (2,715) (3.6%) 3,852 8,581

Emaar The Economic City 17.03 (13.5%) 536,697 No. of Trades 2,053,258 12,946 0.6% 133,406 143,065

The Qassim Cement Co. 50.66 (12.8%) 54,118

Al Sagr Co. for Cooperative Ins. 37.70 (12.6%) 573,823

Solidarity Saudi Takaful co. 18.30 (10.2%) 421,144 Market Breadth National Gas & Industrialization Co. 32.42 (10.2%) 82,261 59 110 7

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 15.02 1.9% 8,182 Alinma Bank 15.02 8,182 558,514 1.9%

Saudi Basic Industries Corp 96.82 (0.1%) 6,808 Dar Al Arkan Real Estate Dev. Co. 5.99 2,242 374,435 0.0%

Al-Tayyar Travel Group Co. 30.77 (5.6%) 3,316 Riyad REIT Fund 12.93 2,462 173,909 (0.2%)

Al-Rajhi Bank 63.84 (0.6%) 3,074 AlJazira Mawten REIT Fund 19.86 2,390 115,422 9.5%

Riyad REIT Fund 12.93 (0.2%) 2,462 Al-Tayyar Travel Group Co. 30.77 3,316 104,488 (5.6%)

Source: KAMCO Research & Tadawul Stock Exchange

9 KAMCO Research Saudi Tadawul Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-17 FY-2016 Index Value Change % Change % Change % Change March-2017 Tadawul All Share Index ▲ 7,001.63 29.24 0.42% (2.90%) 4.32% 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) ▼ Saudi Arabia Refineries Co * 2030.SE 34.01 (5.66%) 510,150 136,006 15,292 556,176 42.70 21.05 ▼ Rabigh Refining and Petrochemical Co. 2380.SE 12.70 (3.27%) 11,125,200 2,965,978 73,754 952,933 14.00 8.65 ▼ The National Shipping Co of Saudi Arabia 4030.SE 35.67 (1.95%) 11,236,050 2,995,531 13,575 483,139 48.50 28.30 ▼ Aldrees Petroleum & Transport Co. 4200.SE 27.63 (8.56%) 1,381,500 368,308 3,807 114,921 43.50 24.50 ▼ Energy -3.1% 24,252,900 6,465,823 106,428 2,107,168 ▼ Takween Advanced Industries 1201.SE 12.46 (3.04%) 1,183,700 315,574 25,074 316,012 26.90 10.30 ▲ Middle East Paper Company 1202.SE 16.91 3.11% 845,500 225,410 8,400 138,640 21.45 12.00 ▼ Basic Chemical Industries Co. 1210.SE 24.29 (0.41%) 667,975 178,082 4,762 115,520 34.80 19.25 ▲ Saudi Arabian Mining Co. 1211.SE 40.90 1.41% 47,790,761 12,741,017 7,762 310,960 43.80 27.80 ▼ United Wire Factories Company 1301.SE 23.08 (3.59%) 1,012,635 269,968 3,885 89,890 29.90 16.40 ▼ Al Yamamah Steel Industries Co. 1304.SE 28.31 (1.91%) 1,438,148 383,410 3,599 100,676 43.50 19.50 ▼ Saudi Steel Pipe Co. 1320.SE 16.87 (5.75%) 860,370 229,375 3,820 65,054 20.50 12.05 ▼ Methanol Chemical Co. 2001.SE 6.95 (7.58%) 838,170 223,456 39,935 281,975 8.35 4.90 ▲ National Petrochemical Co. 2002.SE 20.39 0.94% 9,787,200 2,609,268 3,010 60,551 22.80 13.40 ▼ Saudi Basic Industries Corp 2010.SE 96.82 (0.08%) 290,460,000 77,436,636 70,514 6,807,668 98.50 73.25 ▼ Saudi Arabia Fertilizers Co. 2020.SE 68.57 (2.57%) 28,570,833 7,616,984 3,131 214,598 82.00 58.00 ▼ National Gypsum Co. 2090.SE 13.70 (1.79%) 433,833 115,660 11,450 158,885 16.55 8.35 ▼ The National Co. for Glass Industries 2150.SE 18.80 (0.16%) 564,000 150,362 3,225 59,422 23.45 14.50 ▼ Alujain Corporation 2170.SE 20.49 (2.48%) 1,417,908 378,014 19,001 380,761 22.60 11.00 ▲ Filling & Packing Materials Manufacturing Co. 2180.SE 35.62 2.77% 409,630 109,207 9,025 320,694 48.30 24.10 ▲ Arabian Pipe Co. 2200.SE 16.85 2.56% 674,000 179,688 7,307 120,843 18.45 9.35 ▼ Nama Chemicals Co. 2210.SE 3.95 (5.73%) 507,654 135,341 7,769 31,305 7.20 3.60 ▲ National Metal Manufacturing & Casting Co. 2220.SE 23.28 0.13% 654,449 174,476 7,206 165,535 30.80 15.40 ▼ Saudi Chemical Co. 2230.SE 33.68 (3.72%) 2,129,923 567,838 3,212 109,034 50.00 27.00 ▼ Zamil Industrial Investment Co. 2240.SE 29.76 (0.07%) 1,785,600 476,041 2,022 56,844 32.60 18.90 ▼ Saudi Industrial Investment Group 2250.SE 20.61 (4.67%) 9,274,500 2,472,582 7,247 148,147 23.45 11.40 ▼ Sahara Petrochemical Co. 2260.SE 15.47 (0.71%) 6,788,159 1,809,723 30,227 451,395 15.90 8.30 ▲ Yanbu National Petrochemicals Co. 2290.SE 57.24 2.20% 32,197,500 8,583,854 9,426 544,426 59.75 37.00 ▼ Saudi Paper Manufacturing Co. 2300.SE 9.80 (2.00%) 441,000 117,571 33,331 334,401 15.50 6.95 ▲ Saudi International Petrochemical Co. 2310.SE 17.72 0.17% 6,497,333 1,732,189 12,467 211,277 19.75 11.80 ▼ Advanced Petrochemical Co. 2330.SE 46.12 (0.52%) 9,076,139 2,419,699 7,347 334,147 53.00 35.70 ▼ Saudi Kayan 2350.SE 7.93 (5.26%) 11,895,000 3,171,207 72,072 568,778 9.45 4.90 ▼ Hail Cement Co. 3001.SE 11.15 (4.46%) 1,091,585 291,017 5,711 64,430 13.15 9.00 ▼ Najran Cement Co. 3002.SE 10.87 (9.11%) 1,847,900 492,650 22,477 252,586 14.85 9.10 ▼ City Cement Co. 3003.SE 12.52 (5.65%) 2,368,784 631,518 6,353 80,666 15.70 10.90 ▼ Northern Region Cement Co. 3004.SE 10.62 (7.97%) 1,911,600 509,633 4,862 53,398 13.30 9.00 ▼ Umm Al-Qura Cement Company 3005.SE 19.09 (4.60%) 1,049,950 279,917 16,285 322,938 26.80 12.10 ▼ Arabian Cement Co. 3010.SE 38.01 (1.48%) 3,801,000 1,013,347 4,323 164,056 57.00 34.00 ▼ Yamamah Saudi Cement Co. 3020.SE 18.24 (4.65%) 3,693,600 984,714 3,035 55,554 30.40 15.55 ▼ Saudi Cement Co. 3030.SE 59.85 (2.70%) 9,157,050 2,441,270 1,565 95,110 71.75 47.00 ▼ The Qassim Cement Co. 3040.SE 50.66 (12.76%) 4,559,400 1,215,536 1,024 54,118 68.00 48.00 ▼ Southern Province Cement Co. 3050.SE 62.70 (10.02%) 8,778,000 2,340,215 628 40,620 83.50 52.50 ▼ Yanbu Cement Co. 3060.SE 36.70 (0.46%) 5,780,250 1,541,015 2,357 86,264 49.70 25.80 ▼ Eastern Province Cement Co. 3080.SE 29.20 (2.93%) 2,511,200 669,486 633 18,550 34.90 21.70 ▼ Tabuk Cement Co. 3090.SE 12.47 (2.96%) 1,122,300 299,205 1,337 16,944 17.70 10.25 ▼ Al Jouf Cement co. 3091.SE 8.50 (5.56%) 1,105,000 294,593 8,198 71,257 10.00 6.40 ═ Bishah Agriculture Development Co. (Suspended) 6080.SE 69.75 0.00% 348,750 92,977 - - 0.00 0.00 ▼ Materials -1.7% 517,328,290 137,919,722 495,015 13,873,931 ▲ Astra Industrial Group 1212.SE 16.60 3.81% 1,328,000 354,045 5,791 93,907 18.50 11.80 ▼ Bawan Company 1302.SE 19.36 (5.42%) 1,161,600 309,683 17,716 336,465 25.90 15.00 ▲ Electrical Industrial Company 1303.SE 24.92 7.32% 336,420 89,690 9,687 228,372 28.70 15.00 ═ Mohammad Al Mojil Group Co. 1310.SE 12.55 0.00% 1,568,750 418,229 - - 0.00 0.00 ▼ Abdullah A. M. Al-Khodari Sons Co. 1330.SE 12.55 (2.64%) 666,719 177,747 28,953 367,756 14.90 6.60 ▼ Saudi Ceramic Co. 2040.SE 28.98 (2.56%) 1,449,000 386,303 5,290 151,342 44.30 22.30 ▲ National Industrialization Co 2060.SE 17.53 0.57% 11,726,065 3,126,169 35,086 587,768 20.00 8.80 ═ Saudi Cable Co. 2110.SE 5.75 0.00% 437,000 116,504 - - 7.95 4.05 ▼ Al-Ahsa Development Co. 2140.SE 15.05 (8.12%) 737,450 196,604 37,922 592,588 17.00 8.55 ▼ Saudi Arabian Amintit Co. 2160.SE 6.80 (6.46%) 785,400 209,388 7,213 50,095 9.35 5.00 ▼ Saudi Industrial Services Co. 2190.SE 15.05 (4.81%) 1,023,400 272,838 24,571 370,246 16.85 11.40 ▲ Al-Babtain Power & Telecommunications Co. 2320.SE 30.45 8.44% 1,298,123 346,080 13,402 392,345 32.30 18.85 ▼ Saudi Vitrified Clay Pipes Co. 2360.SE 56.45 (0.96%) 846,750 225,744 1,825 102,319 97.00 52.25 ▼ Middle East Specialised Cables 2370.SE 7.82 (6.79%) 469,200 125,089 18,784 149,878 9.15 5.20 ▼ Saudi Industrial Export Co. 4140.SE 32.28 (5.48%) 348,624 92,943 11,735 380,618 48.40 21.15 10 KAMCO Research Saudi Tadawul Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-17 FY-2016 Index Value Change % Change % Change % Change March-2017 Tadawul All Share Index ▲ 7,001.63 29.24 0.42% (2.90%) 4.32% 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) ▼ Capital Goods -0.5% 24,182,502 6,447,055 217,975 3,803,699 ▲ Printing & Packing Co. 4270.SE 17.13 2.15% 1,027,800 274,011 37,410 658,312 24.70 9.55 ▲ Saudi Airlines Catering Co. 6004.SE 89.82 0.25% 7,365,240 1,963,573 1,030 91,891 117.75 79.75 Commercial & Professional Svc 0.7% 8,393,040 2,237,584 38,440 750,203 ▲ Saudi Ground Services 4031.SE 51.31 2.11% 9,646,280 2,571,698 3,811 192,775 69.25 37.70 ▼ Saudi Public Transport Co. 4040.SE 14.59 (7.83%) 1,823,750 486,212 21,434 322,062 16.20 10.30 ▲ Saudi Transport & Investment Co. 4110.SE 56.17 2.16% 1,348,080 359,398 3,179 176,597 69.25 34.50 ▲ United International Transportation Co. 4260.SE 28.89 4.83% 1,762,290 469,827 15,557 424,965 45.50 21.70 ▼ Transportation -0.2% 14,580,400 3,887,135 43,981 1,116,398 ▼ Al Sorayai Trading and Industrial Group Co. 1213.SE 10.80 (6.57%) 405,000 107,973 14,223 154,616 14.95 6.80 ▼ Saudi Industrial Development Co. 2130.SE 11.90 (4.95%) 476,000 126,902 35,953 440,361 13.10 6.65 ▼ Al-Abdulatif Industrial Group 2340.SE 14.57 (1.09%) 1,183,813 315,604 5,935 86,742 20.45 10.90 ▼ Lazurde Company for Jewelry 4011.SE 25.10 (1.72%) 1,079,300 287,741 6,828 168,214 40.70 15.75 ▼ Fitaihi Holding Group 4180.SE 12.64 (3.22%) 695,200 185,340 6,506 82,927 17.30 9.15 Consumer Durables & Apparel -3.6% 3,839,313 1,023,561 69,445 932,861 ▼ Al-Tayyar Travel Group Co. 1810.SE 30.77 (5.61%) 6,450,931 1,719,818 104,488 3,315,525 44.80 23.85 ▼ Al-Hokair Group for Tourism and Dev. Co. 1820.SE 32.10 (1.02%) 1,765,500 470,682 11,096 344,282 53.25 20.00 ▼ Saudi Hotels & Resort Areas Co. 4010.SE 21.85 (6.14%) 2,185,000 582,521 5,017 110,494 25.80 15.15 ▼ Tourism Enterprise Co. 4170.SE 31.22 (3.82%) 316,883 84,481 10,340 328,844 39.20 19.90 ▲ Al Khaleej Training & Education Co. 4290.SE 18.99 1.23% 759,600 202,509 13,177 252,699 30.60 12.00 ▲ Herfy Food Services Co 6002.SE 82.75 2.10% 3,823,050 1,019,225 1,767 140,853 87.50 61.50 ▼ Consumer Services -4.0% 15,300,964 4,079,237 145,886 4,492,696 ▼ Tihama Advertising & Public Relations Co. * 4070.SE 21.82 (5.30%) 327,300 87,258 18,542 429,337 40.50 21.65 ▲ Saudi Research and Marketing Group 4210.SE 28.32 2.05% 2,265,600 604,009 12,857 375,880 51.75 17.35 ▲ Media 2.2% 2,592,900 691,267 31,399 805,217 ▲ Al Hassan Ghazi Ibrahim Shaker 1214.SE 15.86 3.12% 999,180 266,381 25,472 400,822 27.70 11.55 ▲ United Electronics Co. 4003.SE 34.11 26.47% 1,227,960 327,374 18,640 647,383 39.60 15.50 ▼ Saudi Company for Hardware 4008.SE 90.24 (4.99%) 2,165,760 577,392 887 79,827 103.50 51.00 ▼ Saudi Automotive Services Co. 4050.SE 17.52 (0.57%) 946,080 252,225 17,391 299,504 21.60 10.40 ▲ Jarir Marketing Co. 4190.SE 135.04 3.19% 18,230,400 4,860,225 2,164 279,676 141.00 81.00 ▲ Fawaz Abdulaziz Al-Hokair Co. 4240.SE 32.15 6.46% 6,751,500 1,799,950 8,720 269,374 54.50 20.20 ▲ Retailing 3.9% 30,320,880 8,083,547 73,274 1,976,586 ▲ Abdullah Al Othaim Markets Co. 4001.SE 110.01 6.95% 4,950,450 1,319,790 1,446 150,352 111.00 63.00 ▲ Saudi Marketing Company 4006.SE 30.77 5.88% 1,384,650 369,148 9,640 282,341 51.75 18.60 ▼ Anaam International Holding Grp. 4061.SE 17.82 (2.89%) 349,272 93,116 16,338 306,065 21.85 10.85 ▲ National Agriculture Marketing Co. 4160.SE 37.40 0.16% 374,000 99,708 12,634 469,028 40.40 18.55 ▲ Food & Staples Retailing 5.5% 7,058,372 1,881,762 40,058 1,207,787 ▲ Savola Group 2050.SE 41.23 10.48% 22,016,024 5,869,472 6,737 264,238 44.90 27.80 ▼ Food Products Co. 2100.SE 23.66 (0.92%) 473,200 126,155 12,788 300,445 31.00 13.85 ▲ Saudi Dairy & Foodstuff Co. * 2270.SE 132.24 5.58% 4,297,800 1,145,793 629 79,470 161.75 111.00 ▲ AL-Marai Co. 2280.SE 70.54 3.36% 56,432,000 15,044,771 6,263 436,663 71.00 50.00 ▼ Halwani Brothers Co. 6001.SE 51.73 (9.23%) 1,478,000 394,035 1,787 93,631 67.00 40.80 ▲ National Agriculture Development Co. 6010.SE 28.32 22.76% 2,398,704 639,494 18,353 493,054 30.40 16.50 ▼ Qassim Agriculture Co. 6020.SE 13.86 (6.22%) 415,800 110,852 11,974 172,611 17.00 6.75 ▲ Tabouk Agriculture Development Co. 6040.SE 12.26 4.97% 551,700 147,083 57,211 693,967 16.60 7.80 ▼ Saudi Fisheries Co. 6050.SE 11.20 (7.36%) 599,620 159,859 13,235 156,222 14.80 8.10 ▼ Ash-Sharqiyah Development Co. 6060.SE 37.24 (2.74%) 279,300 74,461 5,134 192,646 50.25 22.25 ▼ Al-Jouf Agriculture Development Co. 6070.SE 31.14 (7.29%) 934,200 249,058 4,992 157,893 37.00 21.00 ▲ Jazan Development Co. 6090.SE 13.73 3.62% 686,500 183,021 21,954 295,760 16.20 7.40 ▲ Food & Beverages 6.0% 90,562,848 24,144,055 161,055 3,336,599 ▲ Mouwasat Medical Services Co. 4002.SE 142.50 2.48% 7,125,000 1,899,525 1,463 209,621 160.00 109.00 ▲ Dallah Healthcare Holding Co. 4004.SE 102.00 0.99% 6,018,000 1,604,399 1,319 135,339 108.25 69.75 ▲ National Medical Care Co. 4005.SE 53.40 4.81% 2,394,990 638,504 5,006 259,680 73.25 48.70 ▲ Al Hammadi Co. For Dev. and Inv. 4007.SE 40.80 16.14% 4,896,000 1,305,274 10,571 408,157 46.30 25.20 ▲ Middle East Healthcare Co. 4009.SE 73.99 5.35% 6,810,040 1,815,557 2,727 197,570 78.50 47.00 ▲ Health Care Equipment & Svc 4.6% 27,244,030 7,263,258 21,086 1,210,367

11 KAMCO Research Saudi Tadawul Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-17 FY-2016 Index Value Change % Change % Change % Change March-2017 Tadawul All Share Index ▲ 7,001.63 29.24 0.42% (2.90%) 4.32% 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) ▼ Saudi Pharmaceutical Indus Corp 2070.SE 36.20 (2.14%) 4,344,000 1,158,110 1,677 60,454 41.40 27.10 ▼ Pharma, Biotech & Life Science -2.4% 4,344,000 1,158,110 1,677 60,454 ▼ Riyad Bank 1010.SE 10.54 (1.03%) 31,620,000 8,429,892 19,254 202,479 11.80 8.55 ▲ Bank Al-Jazira 1020.SE 16.53 22.99% 6,612,000 1,762,759 94,050 1,386,875 16.80 9.45 ▼ The Saudi Investment Bank 1030.SE 13.93 (0.36%) 9,751,000 2,599,617 12,184 165,852 16.20 9.45 ▲ Saudi Hollandi Bank 1040.SE 11.10 3.35% 12,688,099 3,382,647 7,321 79,274 27.00 8.25 ▲ Banque Saudi Fransi 1050.SE 25.89 8.01% 31,206,697 8,319,705 5,935 142,599 27.80 18.00 ▲ SABB 1060.SE 22.60 9.23% 33,900,000 9,037,740 8,739 182,514 25.90 16.40 ▼ Arab National Bank 1080.SE 19.87 (1.34%) 19,870,000 5,297,342 5,511 108,917 22.50 14.25 ▲ Samba Financial Group 1090.SE 21.46 0.33% 42,920,000 11,442,472 11,520 242,336 25.20 15.90 ▼ Al-Rajhi Bank 1120.SE 63.84 (0.58%) 103,740,000 27,657,084 48,351 3,073,742 67.50 48.60 ▼ Al-Bilad Bank 1140.SE 18.35 (0.65%) 11,010,000 2,935,266 8,478 153,276 25.20 14.40 ▲ Alinma Bank 1150.SE 15.02 1.90% 22,530,000 6,006,498 558,514 8,182,154 15.50 10.75 ▼ National Commercial Bank 1180.SE 39.44 (2.42%) 78,880,000 21,029,408 13,904 545,093 46.30 32.00 Banks 1.0% 404,727,796 107,900,430 793,761 14,465,110 ▼ Saudi Advanced Industries Co. 2120.SE 13.55 (0.73%) 677,500 180,622 19,075 257,539 15.10 7.45 ▲ Assir Trading, Tourism & Manufacturing Co. 4080.SE 17.50 1.45% 2,211,806 589,667 2,713 46,814 22.85 11.00 ═ Al-Baha Investment & Development Co. 4130.SE 13.50 0.00% 202,500 53,987 - - 0.00 0.00 ▼ Kingdom Holding Co. 4280.SE 10.70 (4.29%) 39,652,941 10,571,474 3,611 39,347 13.15 9.90 Diversified Financials 1.0% 42,744,746 11,395,749 25,399 343,700 ▼ The Co for Cooperative Insurance 8010.SE 93.54 (0.27%) 11,692,500 3,117,221 3,538 395,719 127.00 70.25 ▼ MetLife AIG ANB Co-op. Insurance Co. 8011.SE 22.89 (2.39%) 801,150 213,587 7,059 162,303 28.50 17.10 ▲ Aljazira Takaful Taawuni Company 8012.SE 29.86 1.84% 1,045,100 278,624 6,695 200,423 36.70 18.90 ▼ Malath Cooperative Insurance & Reins. Co. 8020.SE 21.52 (1.17%) 258,240 68,847 24,083 213,149 21.90 7.10 ▼ Mediterranean & Gulf Insurance & Reins. Co 8030.SE 22.87 (6.42%) 2,287,000 609,714 12,638 305,811 30.00 15.60 ▼ Saudi Fransi Cooperative Insurance Co. 8040.SE 42.36 (6.12%) 847,200 225,864 5,616 245,670 49.00 17.50 ▼ SALAMA Cooperative Insurance Company 8050.SE 13.84 (3.01%) 138,400 36,897 20,210 287,894 19.10 7.75 ▲ Saudi United Cooperative Insurance Co. 8060.SE 27.82 3.08% 1,112,800 296,672 10,864 289,392 29.30 9.20 ▼ Arabian Shield Cooperative Insurance Co. 8070.SE 59.42 (6.75%) 1,188,400 316,827 5,038 308,607 68.25 17.55 ═ SABB Takaful 8080.SE 28.49 0.00% 968,660 258,245 6,480 180,037 33.10 17.55 ═ Sanad Insurance & Reinsurance 8090.SE 15.23 0.00% 304,600 81,206 - - 0.00 0.00 ▲ Saudi Arabian Cooperative Insurance Co. 8100.SE 21.37 1.71% 213,700 56,972 10,467 218,235 23.35 11.50 ▼ Saudi Indian Co. for Co- operative Insurance 8110.SE 18.07 (1.74%) 370,435 98,758 47,130 884,676 22.60 10.20 ▼ Gulf Union Cooperative Insurance Co. 8120.SE 12.17 (2.72%) 267,740 71,379 10,047 126,093 14.80 7.40 ▼ AL-Ahli Takaful Co. 8130.SE 38.26 (2.99%) 637,667 170,002 2,516 96,235 44.80 24.00 ▼ Al Ahlia Insurance Co. 8140.SE 12.05 (2.82%) 192,800 51,400 21,761 267,612 14.40 3.85 ▼ Allied Cooperative Insurance Group 8150.SE 15.64 (3.34%) 312,800 83,392 11,003 171,662 17.55 10.85 ▼ Arabia Insurance Cooperative Co. 8160.SE 13.11 (2.89%) 347,415 92,621 15,059 195,767 15.60 6.65 ▼ Trade Union Cooperative Insurance Co. 8170.SE 17.96 (7.09%) 493,900 131,674 9,075 161,137 21.00 7.80 ▼ Al Sagr Co. for Cooperative Insurance 8180.SE 37.70 (12.57%) 942,500 251,271 14,532 573,823 49.00 24.40 ▼ Union Cooperative Assurance Co. 8190.SE 14.10 (3.09%) 690,900 184,194 15,082 218,020 16.70 8.70 ▼ Saudi Re for Cooperative Reinsurance Co. 8200.SE 8.16 (0.61%) 816,000 217,546 49,273 400,709 9.50 4.30 ▼ BUPA Arabia for Cooperative Insurance 8210.SE 117.00 (8.73%) 9,360,000 2,495,376 1,980 244,479 151.00 97.00 ═ Weqaya Takaful Insurance & Reinsurance Co. 8220.SE 19.39 0.00% 387,800 103,387 - - 0.00 0.00 ▼ Al-Rajhi Co. for Cooperative Insurance 8230.SE 47.30 (0.40%) 1,892,000 504,407 9,919 458,928 53.00 17.60 ▼ ACE Arabia Cooperative Insurance Co. 8240.SE 45.24 (9.23%) 452,400 120,610 3,453 164,774 54.00 23.50 ▲ AXA Cooperative Insurance Co. 8250.SE 21.37 12.30% 961,650 256,376 18,345 375,079 22.20 9.60 ▼ Gulf General Cooperative Insurance Co. 8260.SE 17.92 (4.73%) 358,400 95,549 10,453 189,549 19.85 9.30 ▼ Buruj Cooperative Insurance Co. 8270.SE 31.04 (6.11%) 776,000 206,882 29,694 953,201 36.00 12.30 ▼ Al Alamiya for Cooperative Insurance Co. 8280.SE 23.80 (6.37%) 952,000 253,803 7,232 173,866 34.60 15.30 ▼ Solidarity Saudi Takaful co. 8290.SE 18.30 (10.21%) 457,500 121,970 26,894 421,144 21.50 5.35 ▼ Wataniya Insurance Co. 8300.SE 28.29 (3.51%) 565,800 150,842 11,198 325,962 55.25 15.60 ▼ Amana Cooperative Insurance 8310.SE 18.55 (2.62%) 259,700 69,236 24,752 480,413 21.90 5.35 ▲ Saudi Enaya Cooperative Insurance Co. 8311.SE 16.99 3.28% 339,800 90,591 11,647 197,986 19.35 5.75 ▼ Alinma Tokio Marine Co 8312.SE 17.32 (6.88%) 779,400 207,788 7,468 131,273 22.00 13.70 ▼ Insurance -4.2% 43,472,357 11,589,730 471,199 10,019,628

12 KAMCO Research Saudi Tadawul Monthly Databank MENA Monthly Databank

Subtotal: Saudi Tadawul 1,639,965,717 437,214,860 3,642,519 72,516,844

13 KAMCO Research Dubai Financial Market Monthly Databank March-2017

Index Performance relative to Volume Sector Returns

4,600 2400 Monthly YTD Index Value % Chg % Chg 2100 4,300 Dubai Financial Market 3,480.4 (4.1%) (1.4%)

1800 Banks 2,266.2 (6.2%) 0.1% 4,000

) Consumer Staples 611.58 (6.2%) (21.5%) 1500 3,700 Financial and Inv. Serv. 3,842.9 (5.3%) 3.0%

1200 Insurance 1540.43 (6.3%) 0.8% 3,400 Industrial 127.6 6.9% 6.9%

DFMGeneral Index Value 900 Real Estate and Const. 7062.47 (2.5%) (1.4%) 3,100 Vol. Vol. Traded (Mln.Shares 600 Telecommunication 1,026.3 1.3% (1.9%)

2,800 Transportation 830.63 (5.4%) 0.6% 300 Services 607.0 (3.2%) 6.6%

2,500 0 Jul-16 Apr-16 Oct-16 Jun-16 Jan-17 Feb-17 Mar-17 Mar-16 Aug-16 Sep-16 Nov-16 Dec-16 May-16

Monthly Top Movers and Most Active Stocks Trading Indicators

Closing Monthly Monthly YTD-17 YTD-16 Price Monthly Value Market Return Best Return Performers (AED) % Chg ('000 AED) Value Chg % Chg % Chg % Chg

Arab Insurance Group 1.660 18.6% 106 DFM General Index 3,480.43 (150) (4.1%) (1.4%) 12.1%

National General Insurance 2.070 15.0% 21 Market Cap (AED Mn) 371,474 (12,559) (3.3%) 11.8% 10.3%

Al Mazaya Holding Co. 1.890 14.5% 1

National Cement Co. 3.100 6.9% 59 Trading Indicators Monthly Monthly Monthly Average Daily

Mashreq Bank 80.000 6.7% 2,316 Value Chg % Chg YTD-17 YTD-16

Volume (Mn Shares) 5,785 (4,611) (44.4%) 544 515 Price Monthly Value Worst Return Performers (AED) % Chg ('000 AED) Value Traded (AED Mn) 9,583 (6,004) (38.5%) 752 626

Islamic Arab Insurance Co. 0.443 (20.9%) 228,425 No. of Trades 82,856 (48,142) (36.8%) 6,418 6,763

Al Salam Bank - Bahrain 0.965 (15.4%) 55,779

Dubai Islamic Ins.& Reins Co.(AMAN) 0.813 (15.1%) 22,346

Dubai Financial Market 1.250 (14.4%) 314,510 Market Breadth Ekttitab Holding Co. 0.490 (14.0%) 16,211 14 29 17

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

Gulf Finance House 2.500 (13.8%) 2,361,503 Gulf Finance House 2.500 2,361,503 887,687 (13.8%)

EMAAR Properties 7.300 (2.0%) 946,893 DXB Entertainments 1.020 609,271 597,330 (5.6%)

DXB Entertainments 1.020 (5.6%) 609,271 Arabtec Holding P.J.S.C. 0.893 516,693 573,293 (2.9%)

Dubai Islamic Bank 5.600 (10.4%) 565,541 Islamic Arab Insurance Co. 0.443 228,425 488,293 (20.9%)

Aramex 4.950 2.1% 555,727 Drake and Scull International 0.446 214,590 460,842 (8.2%)

Source: KAMCO Research & DFM

14 KAMCO Research Dubai Financial Market Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-17 FY-2016 Index Value Change % Change % Change % Change March-2017 DFM General Index ▼ 3,480.43 (149.91) (4.13%) (1.43%) 12.06%

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% 312,215 85,016 - - NA NA ▼ Ajman Bank AJBNK.DU 1.290 (9.79%) 2,094,315 570,282 100,295.3 139,223.0 2.240 1.270 ▲ Al Salam Bank - Sudan SSUD.DU 1.960 6.52% 205,800 56,039 26,514.9 53,027.7 2.300 1.150 ▼ Amlak Finance AMLK.DU 1.090 (8.40%) 1,635,000 445,211 59,449.9 68,728.2 1.720 1.060 ▼ Commercial Bank of Dubai CBD.DU 4.800 (4.00%) 13,453,123 3,663,285 0.4 2.1 5.850 4.800 ▼ Dubai Islamic Bank DISB.DU 5.600 (10.40%) 27,676,258 7,536,245 100,559.3 565,541.1 6.310 4.900 ▼ Emirates Islamic Bank EIB.DU 11.000 (7.95%) 43,234,642 11,772,793 4.0 42.8 11.950 1.800 ▲ Emirates NBD ENBD.DU 8.300 0.73% 46,129,533 12,561,072 6,011.0 49,380.7 9.000 7.560 ▼ Gulf Finance House GFH.DU 2.500 (13.79%) 6,205,604 1,689,786 887,686.9 2,361,503.4 2.970 0.772 ▲ Mashreq Bank MASB.DU 80.00 6.67% 13,526,158 3,683,173 29.4 2,316.4 100.05 59.95 ▼ Al Salam Bank - Bahrain SALAM.DU 0.965 (15.35%) 2,065,998 562,571 53,812.6 55,779.5 1.270 0.800 ▼ Banking (6.21%) 157,608,646 42,916,834 1,234,363.7 3,295,545.0 ═ Dubai Refreshments Co. DRC.DU 18.850 0.00% 1,696,500 461,957 1.4 26.2 23.200 15.10 ▼ Dubai Parks And Resorts DUBA.DU 1.020 (5.56%) 8,159,911 2,221,944 597,330.2 609,271.0 1.770 0.99 ═ Gulfa Mineral Water & Processing Ind. Co. GULF.DU 2.910 0.00% 87,300 23,772 - - 3.500 2.910 ▼ Emirates Refreshments Co. ERC.DU 4.050 (8.16%) 121,500 33,084 1.1 4.7 4.500 4.050 ▼ Marka MARKA.DU 1.260 (10.00%) 630,000 171,549 603.5 790.0 1.630 1.000 ═ United Foods Co. UFC.DU 5.150 0.00% 155,788 42,421 - - 6.000 5.150 ═ United Kaipara Dairies Co. UNIK.DU 9.03 0.00% 273,158 74,381 - - 9.700 7.860 ▼ Consumer Staples (6.18%) 11,124,156 3,029,108 597,936.2 610,091.9 ═ Al Firdous Holding PJSC* ALFH.DU 0.700 0.00% 420,000 114,366 - - NA NA ▼ Al-Madina for Finance & Investment MADI.DU 0.639 (7.39%) 260,115 70,829 7,706.2 4,857.2 0.760 0.381 ▼ Al Salam Group Holding SAGH.DU 0.639 (8.58%) 172,300 46,917 11,032.8 7,188.3 0.841 0.410 ▼ Dubai Financial Market DFM.DU 1.250 (14.38%) 10,000,000 2,723,000 237,003.5 314,509.5 1.640 1.060 ▼ Dubai Investment DINV.DU 2.440 (3.17%) 9,880,884 2,690,565 148,859.9 365,846.7 2.630 1.860 ▼ Ekttitab Holding Co. EKTT.DU 0.490 (14.04%) 156,126 42,513 32,140.8 16,211.0 0.649 0.350 ▼ Gulf General Investment Co. GGIC.DU 0.433 (11.63%) 775,647 211,209 41,365.0 18,956.9 0.725 0.420 ▼ Int'l Financial Advisors Co. IFIN.DU 0.549 (0.18%) 395,280 107,635 3,668.7 1,816.1 0.669 0.330 ▲ SHUAA Capital SHUA.DU 1.780 0.56% 1,895,700 516,199 183,411.4 341,548.8 2.020 0.555 ▼ Investment & Financial (5.25%) 23,956,051 6,523,233 665,188.4 1,070,934.6 ═ Alliance Insurance ALL.DU 383.50 0.00% 383,500 104,427 - - NA NA ▼ Dubai Islamic Ins.& Reins Co.(AMAN) AMAN.DU 0.813 (15.14%) 183,535 49,977 24,763.5 22,345.6 1.240 0.468 ═ Orient Insurance Co. AOIC.DU 88.35 0.00% 441,750 120,289 - - NA NA ▲ Arab Insurance Group ARIG.DU 1.660 18.57% 365,200 99,444 63.7 105.7 1.710 1.080 ▲ Arabian Scandinavian Insurance Co. ASCI.DU 2.310 0.43% 355,740 96,868 917.9 2,119.8 2.310 2.300 ═ Al Sagr National Insurance Co. ASNC.DU 4.550 0.00% 1,046,500 284,962 - - 4.550 4.550 ═ Takaful House DTKF.DU 1.160 0.00% 116,000 31,587 42,138.3 50,845.5 1.610 0.455 ═ Dubai Insurance Co. DINC.DU 3.330 0.00% 333,000 90,676 - - 2.750 1.840 ▲ Dubai National Insurance & Reinsurance DNIN.DU 2.750 6.59% 317,625 86,489 173.5 511.8 2.960 2.240 ▼ Islamic Arabic Insurance Co. IAIC.DU 0.443 (20.89%) 536,030 145,961 488,292.8 228,425.2 0.680 0.404 ▲ National General Insurance NGIN.DU 2.070 15.00% 310,405 84,523 10.0 20.7 3.300 1.670 ▲ Oman Insurance Co. OIC.DU 1.790 4.07% 826,751 225,124 0.1 0.2 1.790 1.300 ▼ Takaful Emarat TKFE.DU 2.310 (2.53%) 346,500 94,352 445.6 1,037.4 3.590 1.670 ▼ Insurance (6.28%) 5,562,536 1,514,679 556,805.4 305,411.8 ▲ National Cement Co. NCC.DU 3.100 6.90% 1,112,280 302,874 19.6 59.1 3.490 2.880 ═ National Industries Group Holding NIND.DU 1.970 0.00% 2,678,914 729,468 - - 2.18 1.51 ▲ Industrials 6.90% 3,791,194 1,032,342 19.6 59.1

15 KAMCO Research Dubai Financial Market Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-17 FY-2016 Index Value Change % Change % Change % Change March-2017 DFM General Index ▼ 3,480.43 (149.91) (4.13%) (1.43%) 12.06%

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 0.893 (2.93%) 3,925,003 1,068,778 573,292.6 516,693.4 1.810 0.813 ▼ DAMAC Properties Dubai DAMAC.DU 2.820 (4.08%) 14,100,000 3,839,430 62,489.2 177,289.9 2.970 1.910 ═ Dubai Development. DDC.DU 4.550 0.00% 45,500 12,390 - - NA NA ▼ Deyaar Development DEYR.DU 0.569 (4.37%) 3,287,682 895,236 231,211.8 133,056.5 0.707 0.501 ▼ Drake and Scull International DSI.DU 0.446 (8.23%) 1,019,853 277,706 460,842.2 214,590.2 0.640 0.431 ▼ EMAAR Properties EMAR.DU 7.300 (2.01%) 52,266,094 14,232,057 129,225.0 946,893.5 7.790 5.880 ▲ EMAAR Malls Group EMAA.DU 2.640 0.76% 34,357,752 9,355,616 104,811.4 274,367.4 3.100 2.470 ▲ Al Mazaya Holding Co. MAZA.DU 1.890 14.55% 944,011 257,054 0.5 0.9 1.890 1.140 ▼ Union Properties UPRO.DU 0.968 (6.02%) 3,844,699 1,046,912 237,916.0 235,615.0 1.220 0.671 ▼ Real Estate (2.50%) 113,790,594 115,691,014 1,799,788.7 2,498,506.8

▲ Emirates Integrated Telecom. (DU) DU.DU 6.080 1.33% 27,794,286 7,568,384 68,687.4 413,330.1 6.990 5.560 ▼ Hits Telecom Holding Co. HITS.DU 0.700 (12.50%) 504,642 137,414 126,839.8 84,464.0 0.918 0.338 ▲ Telecommunication 1.33% 28,298,928 7,705,798 195,527.2 497,794.1 ▼ Air Arabia Co. AIRA.DU 1.060 (13.82%) 4,946,702 1,346,987 348,047.7 404,557.5 1.490 1.060 ▲ Aramex ARMX.DU 4.950 2.06% 7,247,295 1,973,438 106,624.4 555,727.3 5.500 3.020 ▼ Gulf Navigation Holding GNAV.DU 1.370 (10.46%) 755,783 205,800 13,510.3 19,988.3 1.730 0.861 ═ Agility (PWC Logistics) WARE.DU 9.43 0.00% 10,365,254 2,822,459 - - 12.800 5.500 ▼ Transportation (5.37%) 23,315,034 6,348,684 468,182.3 980,273.1

▼ National General Cooling Co. (Tabreed) TABR.DU 1.900 (0.52%) 1,252,221 340,980 32,053.7 60,869.1 2.220 1.160 ═ Amanat Holdings AMANT.DU 1.110 0.00% 2,775,000 755,633 235,233.1 263,326.5 1.220 0.780 ▼ Services (3.16%) 4,027,221 1,096,612 267,286.8 324,195.5

▼ Subtotal: Dubai Financial Market (4.13%) 371,474,360 185,858,303 5,785,098.3 9,582,812

16 KAMCO Research

Nasdaq Dubai Monthly Databank March-2017

Index Performance relative to Volume Stock Returns

3,600 20 M-Cap Monthly YTD USD Mn % Chg % Chg 18 3,500 16 Nasdaq Dubai 43,598.4 10.6% 13.2% DP World 17,845.0 1.6% 22.8% 3,400 14 Hikma Pharmaceuticals GDR 12,001.1 0.0% 12.6% 12 3,300 Nasdaq, Inc. 11,635.6 0.0% 4.0% 10 Orascom Construction Limited 647.7 3.0% 5.0% 3,200 8 Vol. Traded (Mln.Shares) Traded Vol. Al Baraka Banking Group 543.0 0.0% 0.5% 6 3,100 Emirates REIT (CEIC) Limited 323.6 (2.2%) (6.1%)

FTSE Nasdaq DubaiI UAE Nasdaq20 UAE FTSEDubaiIIndex ENBD REIT (CEIC) Limited 287.1 0.0% 5.4% 3,000 2 DEPA Limited 184.2 8.2% (13.4%)

2,900 0 BLME Holdings plc 131.1 0.0% 0.0% Jul-16 Apr-16 Oct-16 Jun-16 Jan-17 Feb-17 Mar-17 Mar-16 Aug-16 Sep-16 Nov-16 Dec-16 May-16

Monthly Top Movers and Most Active Stocks Trading Indicators

Closing Monthly Monthly YTD-17 FY-2016 Price Monthly Value Best Return Performers Market Return (USD) % Chg (USD) Value Chg % Chg % Chg % Chg

DEPA Limited 0.30 8.2% 1,139,929 FTSE Nasdaq Dubai UAE 20 3,288.87 (79.49) (2.4%) (0.2%) 7.5%

Orascom Construction Limited 5.50 3.0% 4,241,951 Market Cap (USD Mn) 43,598.4 325 0.8% 13.2% (7.6%)

DP World 21.50 1.6% 147,122,756

Trading Indicators Monthly Monthly Monthly Average Daily

Value Chg % Chg YTD-17 YTD-16

Volume (Mn Shares) 14.74 5.29 55.9% 0.57 0.53 Price Monthly Value Worst Return Performers (USD) % Chg (USD) Value Traded (USD Mn) 156.65 26.63 20.5% 6.37 5.37

Emirates REIT (CEIC) Limited 1.08 (2.2%) 4,139,738 No. of Trades 3,805 1,002 35.7% 145 105

Market Breadth 3 1 5

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

DP World 21.50 1.6% 147,122,756 DP World 21.50 147,122,756 6,634,262 1.6%

Orascom Construction Limited 5.50 3.0% 4,241,951 Emirates REIT (CEIC) Limited 1.08 4,139,738 3,819,427 (2.2%)

Emirates REIT (CEIC) Limited 1.08 (2.2%) 4,139,738 DEPA Limited 0.30 1,139,929 3,478,556 8.2%

DEPA Limited 0.30 8.2% 1,139,929 Orascom Construction Limited 5.50 4,241,951 801,267 3.0%

ENBD REIT (CEIC) Limited 1.17 0.0% 2,340 ENBD REIT (CEIC) Limited 1.17 2,340 2,000 0.0%

Source: KAMCO Research & ADX

17 KAMCO Research Nasdaq Dubai Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-17 FY-2016 Index Value Change % Change % Change % Change March-2017 FTSE Nasdaq Dubai UAE 20 Index ▼ 3,288.87 (79.49) (2.36%) (0.15%) 7.52%

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

═ Al Baraka Banking Group BARKA.DI 0.450 0.00% 543,006 1,996,344 - - 0.475 0.450 ═ BLME Holdings plc BLME.DI 0.670 0.00% 131,142 482,138 - - 0.700 0.670 ▲ DEPA Limited DEPA.DI 0.303 8.21% 184,182 677,139 3,478,556 1,139,929 0.360 0.280 ▲ DP World DPW.DI 21.500 1.56% 17,845,000 65,606,618 6,634,262 147,122,756 22.250 15.530 ▼ Emirates REIT (CEIC) Limited REIT.DI 1.080 (2.17%) 323,590 1,189,670 3,819,427 4,139,738 1.210 1.070 ═ ENBD REIT (CEIC) Limited ENBDREIT.DI 1.170 0.00% 287,119 1,055,585 2,000 2,340 1.170 1.170 ═ Hikma Pharmaceuticals GDR HIK.DI 50.010 0.00% 12,001,116 44,121,749 - - NA NA ═ Nasdaq, Inc. NDAQ.DI 69.850 0.00% 11,635,576 42,777,852 - - NA NA ▲ Orascom Construction Limited OC.DI 5.500 3.00% 647,688 2,381,204 801,267 4,241,951 NA NA

▲ Nasdaq Dubai Securities Exchange 0.75% 43,598,417 160,288,299 14,735,512 156,646,713

18 KAMCO Research

Abu Dhabi Securities Exchange Monthly Databank March-2017

Index Performance relative to Volume Sector Returns

5,200 1,000 Monthly YTD Index Value % Chg % Chg 900 ADX 4,443.53 (2.4%) (2.3%) 4,900 800 Banks 7,532.44 (3.7%) 6.0% 700 Investment & Fin. Serv. 2,688.66 (12.1%) (8.7%)

4,600 600 Real Estate 3,806.98 (7.3%) (10.4%)

500 Energy 866.07 (7.7%) (16.6%)

Vol. Traded (Mln.Shares) Traded Vol. Consumer Staples 2,856.17 0.4% (5.1%) 4,300 400 ADX Value ADX Index General Industrial 1,952.14 (2.9%) (14.2%) 300 Insurance 2,269.48 1.8% 29.8%

4,000 200 Telecommunication 4,471.89 2.6% (2.4%)

100 Services 2,718.88 (1.8%) (0.6%)

3,700 0 Jul-16 Apr-16 Oct-16 Jun-16 Jan-17 Feb-17 Mar-17 Mar-16 Aug-16 Sep-16 Nov-16 Dec-16 May-16

Monthly Top Movers and Most Active Stocks Trading Indicators

Closing Monthly Monthly YTD-17 FY-2016 Price Monthly Value Best Return Performers Market Return (AED) % Chg ('000 AED) Value Chg % Chg % Chg % Chg

Ras Al Khaimah Poultry & Feeding Co. 3.70 32.1% 4 ADX General Index 4,443.53 (108.56) (2.4%) (2.3%) 5.6%

National Takaful Co. (Watania) 0.66 20.0% 1,541 Market Cap (AED Mn) 459,065 (7,498) (1.6%) 7.2% 9.2%

Invest Bank 2.40 15.9% 32,628

AL Khaleej Investment 1.33 15.7% 350 Trading Indicators Monthly Monthly Monthly Average Daily

Abu Dhabi National Insurance Co. 3.21 15.1% 381 Value Chg % Chg YTD-17 YTD-16

Volume (Mn Shares) 1,756 (1,055) (37.5%) 147.0 140.5 Price Monthly Value Worst Return Performers (AED) % Chg ('000 AED) Value Traded (AED Mn) 4,433 (560) (11.2%) 258.4 234.5

Ras Al Khaimah Properties 0.63 (18.2%) 107,752 No. of Trades 30,365 (8,751) (22.4%) 1,991 1,886

Gulf Medical Projects 2.62 (17.9%) 1,051

Umm Al-Qaiwain Cement Ind. Co. 0.95 (17.4%) 11,583

Abu Dhabi National Co. for Bldg. Materials 0.50 (16.7%) 819 Market Breadth Ooredoo 91.00 (15.7%) 302 19 33 14

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

First Gulf Bank 12.90 (5.5%) 850,153 Eshraq Properties Co. 1.07 697,161 621,760 (8.5%)

Eshraq Properties Co. 1.07 (8.5%) 697,161 Dana Gas 0.42 84,156 190,549 (8.7%)

Emirates Telecom. Co. 18.05 2.6% 593,435 AL DAR Properties Co. 2.26 442,771 188,567 (5.8%)

National Bank Of Abu Dhabi 10.25 (2.4%) 579,337 Ras Al Khaimah Properties 0.63 107,752 151,434 (18.2%)

AL DAR Properties Co. 2.26 (5.8%) 442,771 Sharjah Islamic Bank 1.35 102,640 74,304 (14.6%)

Source: KAMCO Research & ADX

19 KAMCO Research Abu Dhabi Securities Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value Change % Change % Change % Change March-2017 ADX General Index ▼ 4,443.53 (108.56) (2.38%) (2.26%) 5.55% 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 6.80 (4.09%) 38,050,062 10,361,032 42,172.8 295,788.8 8.91 5.05 ═ Abu Dhabi Islamic Bank ADIB.AD 3.90 0.00% 11,700,399 3,186,019 17,544.4 68,875.3 6.71 4.12 ▲ Bank Of Sharjah BOS.AD 1.40 0.72% 2,940,000 800,562 9,465.5 13,250.6 2.20 1.44 ▼ Commercial Bank International CBI.AD 1.72 (13.13%) 2,988,299 813,714 893.1 1,564.7 2.25 1.50 ▼ First Gulf Bank FGB.AD 12.90 (5.49%) 58,050,000 15,807,015 64,834.4 850,153.3 19.35 12.95 ▼ Finance House FH.AD 1.58 (9.20%) 477,950 130,146 724.7 1,270.2 4.80 2.70 ▲ Invest Bank INVB.AD 2.40 15.94% 3,465,000 943,520 13,655.7 32,627.6 3.05 2.21 ▼ National Bank Of Abu Dhabi NBAD.AD 10.25 (2.38%) 53,399,657 14,540,727 55,947.9 579,336.9 14.50 8.51 ▼ National Bank of Fujairah NBF.AD 3.00 (14.29%) 3,300,000 898,590 240.5 732.8 5.39 4.06 ▲ National Bank of Umm Al-Qaiwain NBQ.AD 3.10 3.33% 5,208,000 1,418,138 287.2 844.9 3.75 2.87 ▼ National Bank of Ras Al-Khaimah RAKB.AD 4.80 (2.04%) 8,045,979 2,190,920 5,056.2 24,201.5 9.65 6.67 ▼ Sharjah Islamic Bank SIB.AD 1.35 (14.56%) 3,274,425 891,626 74,303.7 102,639.7 2.07 1.47 ▲ United Arab Bank UAB.AD 1.73 3.59% 1,982,340 539,791 54,623.2 102,505.2 7.00 5.50 ═ Union National Bank UNB.AD 4.38 0.00% 12,051,248 3,281,555 19,059.9 80,448.9 7.15 4.55

▼ Banks (3.74%) 204,933,360 55,803,354 358,809.3 2,154,240.4 ▲ AL Khaleej Investment KICO.AD 1.33 15.65% 133,000 36,216 265.0 350.0 3.56 2.45 ▼ Oman & Emirates Inv. Holding Co. OEIH.AD 0.95 (9.52%) 115,781 31,527 0.7 0.7 1.38 1.08 ▼ Waha Capital Co. WAHA.AD 1.94 (12.22%) 3,772,358 1,027,213 27,715.1 60,488.7 3.30 2.11

▼ Investment & Financial Services (12.12%) 3,888,140 1,058,740 27,715.8 60,489.4 ▼ AL DAR Properties Co. ALDR.AD 2.26 (5.83%) 17,769,543 4,838,647 188,566.7 442,770.7 3.48 1.89 ▼ Eshraq Properties Co. ESHR.AD 1.07 (8.55%) 2,487,750 677,414 621,759.9 697,161.1 1.35 0.55 ▼ Ras Al Khaimah Properties RPRO.AD 0.63 (18.18%) 1,260,000 343,098 151,434.0 107,752.5 0.94 0.49 ═ Sharjah Group Co. SG.AD 1.50 0.00% 118,352 32,227 - - 1.50 1.35

▼ Real Estate (7.27%) 21,635,645 5,859,159 961,760.6 1,247,684.2 ▼ Dana Gas PJSC DANA.AD 0.42 (8.70%) 2,772,000 754,816 190,548.8 84,156.3 0.67 0.38 ▼ Abu Dhabi National Energy TAQA.AD 0.46 (4.17%) 2,863,500 779,731 8,052.6 3,726.1 1.05 0.48

▼ Energy (7.71%) 5,635,500 1,534,547 198,601.5 87,882.4 ▼ AGTHIA Group AGTH.AD 6.43 (0.62%) 3,858,000 1,050,533 2,678.2 16,918.2 9.01 4.95 ▲ International Fish Farming Co. ASMK.AD 2.00 2.04% 1,020,000 277,746 63,220.9 127,488.8 8.37 4.74 ▼ FOODCO Holding Company FOOD.AD 6.00 (6.25%) 600,000 163,380 38.5 245.8 4.70 3.50 ▲ Ras Al Khaimah Poultry & Feeding Co. RAKP.AD 3.70 32.14% 319,680 87,049 1.1 3.8 1.65 1.27

▲ Consumer Staples 0.41% 5,797,680 1,578,708 65,938.8 144,656.6 ▼ Arkan Building Materials Co. ARKN.AD 0.71 (10.13%) 1,242,500 338,333 22,427.3 16,474.8 1.72 0.83 ═ Fujairah Building Industrial Co. FBI.AD 1.56 0.00% 212,141 57,766 - - 1.90 1.31 ▲ Fujairah Cement Industries Co. FCI.AD 1.13 14.14% 402,128 109,499 2.6 2.9 1.35 1.25 ▼ Gulf Cement Co. GCEM.AD 1.07 (4.46%) 878,574 239,236 658.5 696.3 1.57 0.95 ▼ Umm Al-Qaiwain Cement Industries Co. QCEM.AD 0.95 (17.39%) 344,850 93,903 11,113.8 11,583.0 1.40 1.08 ▼ Ras Al Khaimah Cement Co. RKCC.AD 0.85 (5.56%) 475,167 129,388 2,104.2 1,849.9 1.14 0.65 ▼ Ras Al Khaimah Ceramic Co. RKCE.AD 2.15 (10.42%) 1,845,558 502,545 9,753.1 21,284.9 4.00 2.66 ═ Ras Al Khaimah White Cement RAKC.AD 1.20 0.00% 600,188 163,431 4,223.3 5,069.2 1.84 1.17 ▲ Sharjah Cement & Industrial Development Co. SCID.AD 1.07 4.90% 591,665 161,110 1,736.3 1,780.3 1.24 0.96 ▲ Union Cement Co. UCC.AD 1.21 2.54% 810,020 220,568 117.4 150.4 1.45 0.99 ▲ Abu Dhabi Ship Building Co. ADSB.AD 2.93 7.72% 621,137 169,135 173.1 466.7 4.00 1.30 ▼ Abu Dhabi National Co. for Building Materials BILD.AD 0.50 (16.67%) 150,000 40,845 1,530.8 819.4 1.06 0.47 ▲ Gulf Pharmaceutical Co. GPHI.AD 2.27 5.58% 2,478,840 674,988 1,197.6 2,665.7 3.24 2.38

▼ Industrial (2.94%) 10,652,766 2,900,748 55,038.1 62,843.7

20 KAMCO Research Abu Dhabi Securities Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-16 FY-2015 Index Value Change % Change % Change % Change March-2017 ADX General Index ▼ 4,443.53 (108.56) (2.38%) (2.26%) 5.55% 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 2.39 1.70% 597,500 162,699 255.6 579.9 3.00 2.43 ▲ Abu Dhabi National Insurance Co. ADNI.AD 3.21 15.05% 1,203,750 327,781 135.2 381.2 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 0.42 (6.67%) 176,400 48,034 1,983.6 815.6 0.65 0.33 ═ Al Ain Al Ahlia Insurance Co. AAIC.AD 55.00 0.00% 825,000 224,648 - - 60.00 38.75 ═ Al Wathba National Insurance Co. AWNI.AD 12.75 0.00% 2,639,250 718,668 - - 5.35 4.33 ▼ Al Dhafra Insurance Co. DHAF.AD 3.85 (2.53%) 385,000 104,835 136.1 535.3 7.70 4.80 ═ Emirates Insurance Co. EIC.AD 5.98 0.00% 996,567 271,365 - - 7.70 6.80 ▼ Green Crescent Insurance Co. GCIC.AD 0.72 (2.70%) 72,000 19,606 35.0 25.2 1.15 0.47 ▼ Methaq Takaful Insurance Co. METH.AD 0.80 (11.11%) 120,000 32,676 16,655.5 14,125.4 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 5.15 14.44% 515,000 140,234 98.7 489.1 7.24 5.25 ═ United Insurance Co. UIC.AD 2.00 0.00% 200,000 54,460 - - NA NA ═ Union Insurance Co. UNIN.AD 1.86 0.00% 615,547 167,613 - - 1.20 1.00 ▼ Insurance House IH.AD 0.75 (9.64%) 90,000 24,507 5.0 3.8 1.14 0.81 ▲ National Takaful Co. (Watania) WATA.AD 0.66 20.00% 99,000 26,958 2,380.0 1,541.2 1.19 0.58

▲ Insurance 1.84% 9,815,389 2,672,730 21,684.8 18,496.7 ▲ Emirates Telecom. Co. ETEL.AD 18.05 2.56% 156,976,410 42,744,676 33,379.2 593,435.1 15.85 10.35 ▼ Ooredoo ORDS.AD 91.00 (15.74%) 29,149,120 7,937,305 3.2 301.6 143.50 73.90 ═ Sudan Telecom. Co. SDTL.AD 0.66 0.00% 742,436 202,165 21,974.9 14,626.1 1.01 0.54

▲ Telecommunication 2.56% 186,867,966 50,884,147 55,357.3 608,362.8 ▼ Abu Dhabi Aviation Co. ADAV.AD 2.90 (3.33%) 1,289,883 351,235 1,126.1 3,189.9 3.90 2.70 ▲ Abu Dhabi National Hotels ADNH.AD 3.14 4.67% 3,140,000 855,022 3,670.6 10,772.3 4.00 2.23 ▲ Emirates Driving Co. DRIV.AD 9.60 9.09% 861,949 234,709 2,530.5 22,259.0 7.00 4.30 ▼ Gulf Medical Projects GMPC.AD 2.62 (17.87%) 1,743,962 474,881 389.8 1,050.5 2.86 1.71 ▼ National Corp for Tourism & Hotels NCTH.AD 2.90 (3.33%) 1,644,300 447,743 3,517.1 10,301.8 6.99 3.80 ▼ National Marine Dredging Co. NMDC.AD 4.50 (10.00%) 1,025,318 279,194 4.6 21.2 7.65 4.30

▼ Services (1.77%) 9,705,413 2,642,784 11,238.8 47,594.7

▼ Abu Dhabi Securities Exchange (2.38%) 458,931,858 124,934,918 1,756,144.9 4,432,250.8

21 KAMCO Research

Qatar Exchange Monthly Databank March-2017

Index Performance relative to Volume Sector Returns

13,000 50 Monthly YTD Index Value % Chg % Chg 12,500

12,000 40 Qatar Exchange 10,390.60 (2.9%) (0.4%)

11,500 Banks & Fin. Serv. 3,011.36 (0.3%) 3.4%

11,000 30 Cons. Goods & Serv. 6,422.11 0.2% 8.9%

QE QE 20 Index Value 10,500 Industrials 3,300.48 (2.9%) (0.2%) Vol. Shares) Vol. Traded(Mln Insurance 4,279.45 (3.0%) (3.5%) 10,000 20 Real Estate 2,385.61 1.0% 6.3% 9,500 Telecoms 1,187.35 (4.7%) (1.5%) 9,000 10 Transportation 2,328.07 (6.7%) (8.6%) 8,500

8,000 0 Jul-16 Apr-16 Oct-16 Jun-16 Jan-17 Mar-16 Feb-17 Mar-17 Aug-16 Sep-16 Nov-16 Dec-16 May-16

Monthly Top Movers and Most Active Stocks Trading Indicators

Closing Monthly Monthly YTD-17 FY-16 Price Monthly Value Best Return Performers Market Return (QAR) % Chg ('000 QAR) Value Chg % Chg % Chg % Chg

Medicare Group 95.70 19.6% 472,278 QE 20 Index 10,390.60 (311.52) (2.9%) (0.4%) 0.1%

National Leasing Holding 19.05 17.6% 362,523 Market Cap (QAR Mn) 556,345 (21,339) (3.7%) (1.2%) 1.8%

Dlala Brokerage & Inv. Hldg. Co. 22.62 11.7% 108,907

The Commercial Bank of Qatar 33.95 9.5% 342,953 Monthly Monthly Monthly Average Daily Trading Indicators Al Khaleej Takaful Group 21.70 7.4% 8,625 Value Chg % Chg YTD-17 YTD-16

Volume ('000 Shares) 286,659 99,074 52.8% 10,399 9,776 Price Monthly Value Worst Return Performers (QAR) % Chg ('000 QAR) Value Traded (QAR Mn) 10,292 3,569 53.1% 369 329

Doha Bank 31.40 (19.2%) 306,549 No. of Trades 103,716 22,009 26.9% 4,193 4,896

Qatar Navigation 76.50 (12.3%) 212,261

Qatar Industrial Manufacturing Co. 43.70 (10.8%) 40,085

Barwa Real Estate Co. 35.75 (10.3%) 688,454 Market Breadth Doha Insurance Co. 16.64 (10.0%) 6,360 16 28 0

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

Qatar National Bank 146.10 (3.2%) 1,200,931 Vodafone Qatar 9.34 454,808 49,740 0.5%

Industries Qatar 110.30 (7.7%) 825,567 Ezdan Holding Group Co. 15.80 401,833 25,871 3.8%

Masraf Al Rayan 42.15 5.1% 823,824 National Leasing Holding 19.05 362,523 20,418 17.6%

Qatar International Islamic Bank 68.50 (1.4%) 767,300 Masraf Al Rayan 42.15 823,824 19,635 5.1%

Barwa Real Estate Co. 35.75 (10.3%) 688,454 Barwa Real Estate Co. 35.75 688,454 19,390 (10.3%)

Source: KAMCO Research & Qatar Exchange

22 Qatar Exchange Monthly Databank KAMCO Research MENA Monthly Databank

MTM Point Monthly YTD-17 FY-2016 Index Value Change % Change % Change % Change March-2017 QE 20 Index ▼ 10,390.60 (311.52) (2.91%) (0.44%) 0.07%

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 146.10 (3.25%) 134,944,221 37,069,178 8,199 1,200,931 173.00 133.50 ▲ Qatar Islamic Bank QISB.QA 102.30 0.29% 24,172,794 6,640,267 2,679 271,175 117.00 91.00 ▲ Commercial Bank of Qatar COMB.QA 33.95 9.52% 13,086,120 3,594,757 10,819 342,953 47.00 30.20 ▼ Doha Bank DOBK.QA 31.40 (19.18%) 8,112,889 2,228,611 9,405 306,549 40.50 29.90 ▼ Ahli Bank AABQ.QA 34.00 (3.12%) 6,811,671 1,871,166 9 310 48.00 33.05 ▼ Qatar International Islamic Bank QIIB.QA 68.50 (1.44%) 10,368,759 2,848,298 11,196 767,300 71.50 58.10 ▲ Masraf Al Rayan MARK.QA 42.15 5.11% 31,612,500 8,683,954 19,635 823,824 44.20 32.10 ▼ Al Khaleej Commercial Bank KCBK.QA 14.60 (3.76%) 5,256,000 1,443,823 589 8,653 18.49 13.65 ▲ National Leasing Holding NLCS.QA 19.05 17.59% 942,598 258,932 20,418 362,523 22.49 13.51 ▲ Dlala Brokerage & Investment Hldg. Co. DBIS.QA 22.62 11.70% 642,770 176,569 4,803 108,907 26.40 17.90 ▼ Qatar Oman Investment Co. QOIS.QA 9.79 (5.14%) 308,385 84,713 698 6,976 12.70 9.03 ▲ Islamic Holding Group IHGS.QA 66.60 6.05% 377,194 103,615 2,432 159,578 78.90 51.30 ▼ Qatar First Bank QFC.QA 8.63 (11.85%) 1,726,000 474,132 13,865 125,116 16.80 8.50 ▼ Banking & Financial Services (1.77%) 238,361,903 65,478,015 104,747 4,484,795 ▲ Zad Holding Co. ZHCD.QA 89.50 6.55% 1,170,756 321,607 8 730 93.90 76.00 ▲ Qatari German Co. for Medical Devices QGMS.QA 9.90 1.43% 114,345 31,411 558 5,442 13.45 9.11 ▼ Salam International Investment SALM.QA 10.55 (2.94%) 1,206,019 331,293 1,987 20,988 13.40 10.30 ▲ Medicare Group MCGS.QA 95.70 19.63% 2,693,390 739,874 4,970 472,278 125.80 55.00 ▲ Qatar Cinema & Film Distribution QCFD.QA 30.00 1.01% 188,424 51,760 2 50 40.00 23.10 ▼ Qatar Fuel Co. (Wokod) QFLS.QA 136.00 (7.47%) 13,521,878 3,714,460 963 137,184 165.00 132.00 ▲ Widam(Qatar Meat & Livestock Co.) WDAM.QA 65.20 1.09% 1,173,600 322,388 509 33,166 72.90 52.80 ▼ Al Meera Consumer Goods Co. MERS.QA 168.40 (7.47%) 3,368,000 925,190 607 104,593 224.30 149.50 ▼ Consumer Goods & Services (3.58%) 23,436,412 6,437,982 9,605 774,431 ▼ Qatar Industrial Manufacturing Co. QIMC.QA 43.70 (10.82%) 2,076,624 570,449 870 40,085 49.20 37.00 ▼ Qatar National Cement QANC.QA 78.60 (8.31%) 5,136,737 1,411,062 411 32,584 94.80 73.10 ▼ Industries Qatar IQCD.QA 110.30 (7.70%) 66,731,500 18,331,143 7,296 825,567 122.00 94.50 ▲ Qatari Investors Group (Gulf Holding) QIGD.QA 61.20 2.00% 7,608,799 2,090,137 3,104 192,237 70.40 43.10 ▼ Qatar Electricity & Water Co. QEWC.QA 220.00 (2.22%) 24,200,000 6,647,740 1,077 237,239 247.90 199.00 ▼ Mannai Corporation MCCS.QA 80.00 (6.98%) 3,649,536 1,002,528 67 5,557 93.00 75.10 ▼ Aamal Co. AHCS.QA 14.35 (6.82%) 9,040,500 2,483,425 7,075 102,839 16.10 12.40 ▼ Gulf International Services GISS.QA 28.30 (3.74%) 5,259,297 1,444,729 4,686 131,089 39.10 26.50 ▼ Mesaieed Petrochemical Holding Co. MPHC.QA 14.93 (4.48%) 18,756,820 5,152,499 3,650 54,435 21.00 14.42

▼ Industrials (5.76%) 142,459,813 39,133,711 28,236 1,621,633 ▼ Qatar Insurance Co. QINS.QA 70.30 (3.17%) 19,494,855 5,355,237 3,950 285,330 91.70 69.10 ▼ Doha Insurance Co. DICO.QA 16.64 (9.96%) 832,000 228,550 374 6,360 22.00 16.03 ▼ Qatar General Insurance & Reins. Co. QGIR.QA 39.20 (6.22%) 3,430,263 942,293 3,057 125,550 51.60 38.10 ▲ Al Khaleej Takaful Group KINS.QA 21.70 7.43% 553,955 152,172 432 8,625 28.60 18.50 ▼ Qatar Islamic Insurance QIIC.QA 63.00 (7.76%) 945,000 259,592 1,298 89,423 71.50 47.80 ▼ Insurance (3.80%) 25,256,073 6,937,843 9,111 515,288 ▼ United Development Co. UDCD.QA 19.70 (9.63%) 6,975,499 1,916,170 10,665 217,965 22.94 18.01 ▼ Barwa Real Estate Co. BRES.QA 35.75 (10.29%) 13,911,206 3,821,408 19,390 688,454 41.50 29.00 ▲ Ezdan Holding Group Co. ERES.QA 15.80 3.81% 41,909,448 11,512,525 25,871 401,833 20.24 14.63 ▲ Mazaya Qatar Real Estate Dev. Co. MRDS.QA 14.43 1.91% 1,590,908 437,022 8,761 122,688 15.70 11.69 ▼ Real Estate (1.18%) 64,387,060 17,687,125 64,687 1,430,940

23 Qatar Exchange Monthly Databank KAMCO Research MENA Monthly Databank

MTM Point Monthly YTD-17 FY-2016 Index Value Change % Change % Change % Change March-2017 QE 20 Index ▼ 10,390.60 (311.52) (2.91%) (0.44%) 0.07%

▼ Ooredoo (formerly Q-Tel) ORDS.QA 96.60 (8.87%) 30,942,912 8,500,018 4,442 451,376 116.10 81.50 ▲ Vodafone Qatar VFQS.QA 9.34 0.54% 7,896,036 2,169,041 49,740 454,808 12.90 8.61 ▼ Telecoms (7.10%) 38,838,948 10,669,059 54,182 906,184 ▼ Qatar Navigation QNNC.QA 76.50 (12.27%) 8,761,178 2,406,696 2,700 212,261 97.00 75.60 ▼ Gulf Warehousing Co. GWCS.QA 52.40 (6.93%) 3,070,805 843,550 1,708 89,606 66.10 48.90 ▼ Qatar Gas Transport Co. QGTS.QA 21.25 (9.77%) 11,773,060 3,234,060 11,684 256,637 25.20 21.05

▼ Transportation (10.36%) 23,605,043 6,484,305 16,092 558,503

▼ Subtotal: Qatar Exchange (3.69%) 556,345,252 152,828,041 286,659 10,291,775

24 KAMCO Research

Bahrain Bourse Monthly Databank March-2017

Index Performance relative to Volume Sector Returns

1,550 70 Monthly YTD % Chg 1,500 Index Value % Chg 60 1,450 Bahrain Bourse 1,356 0.5% 11.1%

1,400 50 Commercial Banks 2,795.82 (2.3%) 23.9% 1,350 Investment 782.38 (0.5%) 28.1% 40 1,300 Insurance 1,638.75 1.6% (0.1%) 1,250 30 Vol. Traded (Mln. Shares) (Mln. Traded Vol. Services 1,210.36 (3.0%) (3.2%) Bahrain All Index Share All Bahrain 1,200 Hotels & Tourism 3,244.88 3.6% (12.2%) 1,150 20 Industrial 653.15 37.8% 34.2% 1,100 10 1,050

1,000 0 Jul-16 Apr-16 Oct-16 Jun-16 Jan-17 Mar-16 Feb-17 Mar-17 Aug-16 Sep-16 Nov-16 Dec-16 May-16

Monthly Top Movers and Most Active Stocks Trading Indicators

Closing Monthly Monthly YTD-17 YTD-16 Price Monthly Value Best Return Performers Market Return (BHD) % Chg ('000 BHD) Value Chg % Chg % Chg % Chg

Aluminum Bahrain 0.402 39.6% 5,378.4 Bahrain All Share Index 1,355.99 6.32 0.5% 11.1% 0.4%

AlKhaleeji Commercial Bank 0.118 12.4% 1,245.3 Market Cap (BHD Mln) 7,683.33 (311.37) (3.9%) 7.8% (11.4%)

Arab Insurance Group (USD) 0.440 8.6% 2.9

Nass Corporation 0.124 3.3% 920.0 Monthly Monthly Monthly Average Daily Trading Indicators Bahrain Commercial Facilities Co. 0.730 2.8% 304.6 Value Chg % Chg YTD-17 YTD-16

Volume ('000 Shares) 96,129 10,206 11.9% 5,043 1,494 Price Monthly Value Worst Return Performers (BHD) % Chg ('000 BHD) Value Traded (BHD '000) 24,006 6,221 35.0% 1,068 309

ITHMAR Bank (USD) 0.160 (17.9%) 755.2 No. of Trades 1,865 243 15.0% 90 40

Bahrain Telecommunications Co. 0.268 (4.3%) 343.1

Bahrain Cinema Co. 1.250 (3.8%) 47.9

Seef Properties 0.220 (2.7%) 560.7 Market Breadth BMMI 0.800 (2.4%) 667.3 9 7 24

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

Ahli United Bank (USD) 0.720 0.9% 5,857 Ahli United Bank (USD) 0.720 5,857 21,406,831 0.9%

Aluminum Bahrain 0.402 39.6% 5,378 Aluminum Bahrain 0.402 5,378 16,650,687 39.6%

Bank of Bahrain and Kuwait 0.364 0.0% 4,473 Bank of Bahrain and Kuwait 0.364 4,473 12,021,354 0.0%

Bahrain Duty Free Complex 0.765 0.0% 1,640 ITHMAR Bank (USD) 0.160 755 11,780,500 (17.9%)

AlKhaleeji Commercial Bank 0.118 12.4% 1,245 AlKhaleeji Commercial Bank 0.118 1,245 10,937,491 12.4%

Source: KAMCO Research

25 KAMCO Research

Bahrain Bourse Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-17 FY-2016 Index Value March-2017 Change % Change % Change % Change Bahrain All Share Index ▲ 1,355.99 6.32 0.47% 11.11% 0.37%

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 0.720 0.89% 1,856,375 4,923,848 21,406.8 5,856.8 7.000 0.600 ▲ Bahrain Islamic Bank BISB.BH 0.137 1.48% 138,834 368,244 466.5 62.2 0.140 0.082 ═ Bank of Bahrain and Kuwait BBKB.BH 0.364 0.00% 393,720 1,044,303 12,021.4 4,473.4 4.000 0.310 ▼ National Bank of Bahrain NATB.BH 0.675 (2.32%) 782,662 2,075,931 130.9 87.7 0.770 0.575 ═ Al Salam Bank SALAM.BH 0.103 0.00% 220,516 584,896 2,207.4 229.6 0.130 0.084 ▲ AlKhaleeji Commercial Bank KHCB.BH 0.118 12.38% 123,900 328,632 10,937.5 1,245.3 0.130 0.055 ▼ Commercial Banks Sector (2.32%) 3,516,006 9,325,855 47,170.5 11,955.0 ═ Inovest (Price in USD) INOV.BH 0.275 0.00% 29,704 78,787 38.1 4.1 0.280 0.180 ═ Arab Banking Corp. (Price in USD) ABCB.BH 0.360 0.00% 422,089 1,119,549 715.1 98.1 0.395 0.310 ▲ Bahrain Commercial Facilities Co. BCFC.BH 0.730 2.82% 119,246 316,287 423.1 304.6 0.730 0.645 ═ Bahrain Middle East Bank BMEB.BH 0.027 0.00% 6,534 17,331 0.0 0.0 0.027 0.027 ═ Al Baraka Banking (Price in USD) BARKA.BH 0.455 0.00% 197,131 522,871 1,703.4 299.9 2.000 0.370 ═ Esterad Investment Company EICB.BH 0.140 0.00% 19,600 51,987 46.4 6.5 0.190 0.140 ═ Gulf Finance House (Price in USD) GFHB.BH 0.705 0.00% 599,766 1,590,819 1,530.5 430.7 1.000 0.220 ▲ Investcorp Bank (Price in USD) INVB.BH 8.600 1.18% 259,376 687,969 75.9 245.4 6.600 6.000 ▼ ITHMAR Bank (Price in USD) ITHMR.BH 0.160 (17.95%) 182,815 484,899 11,780.5 755.2 1.000 0.095 ═ Taib Bank (Price in USD) TAIB.BH 2.740 0.00% 116,068 307,859 0.0 0.0 NA NA ═ United Gulf Bank UGBB.BH 0.390 0.00% 325,495 863,343 468.0 167.8 0.390 0.300 ═ United Gulf Investment Corporation UGIC.BH 0.100 0.00% 20,000 53,048 0.0 0.0 NA 1.050 ▼ Investment Sector (0.46%) 2,297,824 6,094,749 16,781.0 2,312.3 ═ Al-Ahlia Insurance Co. AAIC.BH 0.256 0.00% 15,843 42,022 0.0 0.0 0.288 0.242 ▲ Arab Insurance Group (Price in USD) ARIG.BH 0.440 8.64% 36,494 96,796 17.8 2.9 0.440 0.260 ═ Bahrain and Kuwait Insurance Co. BKIC.BH 0.550 0.00% 39,325 104,306 3.1 1.7 0.550 0.550 ═ Bahrain National Holding Co. BNHB.BH 0.420 0.00% 47,670 126,440 50.2 20.2 0.420 0.358 ═ Takaful International Co. TAKA.BH 0.100 0.00% 6,250 16,578 0.0 0.0 NA NA ▲ Insurance Sector 1.56% 145,582 386,141 71.0 24.8 ═ Bah. Ship. Repairing and Engineering Co. BSRC.BH 1.600 0.00% 28,800 76,389 0.0 0.0 1.700 1.600 ═ Bahrain Car Park Co. PARK.BH 0.145 0.00% 10,196 27,044 102.0 14.8 0.149 0.136 ▼ Bahrain Cinema Co. CNMA.BH 1.250 (3.85%) 82,623 219,150 37.0 47.9 1.350 1.000 ═ Bahrain Duty Free Complex DUTY.BH 0.765 0.00% 98,944 262,438 1,951.5 1,640.3 2.000 0.730 ▼ BMMI BMMI.BH 0.800 (2.44%) 117,143 310,710 827.1 667.3 0.910 0.780 ▼ Bahrain Telecommunications Co. BTEL.BH 0.268 (4.29%) 445,738 1,182,274 1,240.9 343.1 1.000 0.266 ▼ TRAFCO GTFP.BH 0.228 (1.72%) 18,394 48,788 24.7 5.7 0.240 0.228 ▲ Nass Corporation NASS.BH 0.124 3.33% 27,280 72,357 7,723.8 920.0 5.000 0.088 ▼ Seef Properties SEEF.BH 0.220 (2.65%) 101,200 268,423 2,800.1 560.7 6.000 0.178 ▼ Zain Bahrain B.S.C ZAIN.BH 0.094 (1.05%) 34,592 91,752 569.8 53.8 0.147 0.094 ▼ Services Sector (3.03%) 964,909 2,559,326 15,277.0 4,253.5

26 KAMCO Research

Bahrain Bourse Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-17 FY-2016 Index Value March-2017 Change % Change % Change % Change Bahrain All Share Index ▲ 1,355.99 6.32 0.47% 11.11% 0.37%

▲ Bahrain Family Leisure Co. FMLY.BH 0.084 1.20% 3,360 8,912 50.0 4.2 0.085 0.080 ═ Gulf Hotels Group BHTL.BH 0.585 0.00% 101,559 269,376 129.0 77.8 0.705 0.585 ═ Bahrain Toursim Co. BTCB.BH 0.228 0.00% 16,416 43,542 0.0 0.0 NA NA ═ BANADER Co. For Hotels BANA.BH 0.070 0.00% 10,500 27,850 0.0 0.0 0.071 0.066 ═ National Hotels Co. NHTL.BH 0.280 0.00% 30,870 81,880 0.0 0.0 NA 3.150 ▲ Hotel & Tourism Sector 3.61% 162,705 431,559 179.0 82.0 ▲ Aluminum Bahrain ALBH.BH 0.402 39.58% 570,840 1,514,096 16,650.7 5,378.4 1.000 0.260 ═ Bahrain Flour Mills Co. BFMC.BH 0.386 0.00% 9,585 25,424 0.0 0.0 0.386 0.282 ═ Delmon Poultry Co. DPCB.BH 0.320 0.00% 9,987 26,489 0.0 0.0 0.330 0.320 ═ United Paper Industries B.S.C.(c) UPIB.BH 0.300 0.00% 5,890 15,622 0.0 0.0 7.000 0.600 ▲ Industrial Sector 37.78% 596,302 1,566,010 16,650.7 5,378.4

▲ Subtotal: Bahrain Bourse ** 0.47% 7,683,329 20,363,639 96,129.2 24,005.9

** 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

27 KAMCO Research

Muscat Securities Market Monthly Databank March-2017

Index Performance relative to Volume Sector Returns

7,200 100 Monthly YTD 90 Index Value % Chg % Chg 6,800 80

6,400 70 Muscat Securities Mkt 5,550.60 (4.0%) (4.0%)

60 6,000 Financial 7,834 (4.0%) 2.1% 50 5,600 40 Industrial 7800.9 (1.3%) 5.3% MSM 30 Index Value IndexMSM 30

30 (Mln.Shares) Traded Vol. 5,200 Services 2,886 (4.1%) (5.7%) 20 4,800 10

4,400 0 Jul-16 Apr-16 Oct-16 Jun-16 Jan-17 Mar-16 Feb-17 Mar-17 Aug-16 Sep-16 Nov-16 Dec-16 May-16

Monthly Top Movers and Most Active Stocks Trading Indicators

Market Return Closing Monthly Monthly YTD-17 FY-16 Price Monthly Value Best Return Performers (OMR) % Chg ('000 OMR) Value Chg % Chg % Chg % Chg

Oman Textile Holding 0.764 28.2% 57 MSM 30 Index 5,550.60 (229.43) (4.0%) (4.0%) 7.0%

Al Anwar Holding 0.203 5.7% 6,071 Market Cap (OMR Mn) 6,105.10 (293.75) (4.6%) (6.1%) (5.9%)

Oman Cable Industry 1.700 5.6% 3,452

Oman Telecom Co. 1.420 4.0% 11,249 Trading Indicators Monthly Monthly Monthly Average Daily

Oman Cement Co. 0.089 1.2% 1,081 Value Chg % Chg YTD-17 YTD-16

Volume ('000 Shares) 257,795 (22,094) (7.89%) 1,580 14,625 Price Monthly Value Worst Return Performers (OMR) % Chg ('000 OMR) Value Traded ('000 OMR) 73,464 10,528 16.73% 1,143 3,690

Port Services Corporation 0.235 (24.2%) 2,431 No. of Trades 12,395 115 0.94% 139 758

Bank Muscat 0.384 (19.7%) 13,347

Al Madina Takaful 0.084 (16.0%) 1,662

Sohar Power 0.190 (14.0%) 22 Market Breadth National Gas Co. 0.466 (12.4%) 185 4 21 30

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 0.384 (19.7%) 13,347 Bank Sohar 0.149 9,721 61,242 (3.9%)

Oman Telecom Co. 1.420 4.0% 11,249 Bank Muscat 0.384 13,347 32,000 (19.7%)

Bank Sohar 0.149 (3.9%) 9,721 Al Anwar Holding 0.203 6,071 29,863 5.7%

Ooredoo 0.540 (3.6%) 9,387 Al Madina Investment company 0.071 1,711 24,785 0.0%

Al Anwar Holding 0.203 5.7% 6,071 Al Madina Takaful 0.084 1,662 17,434 (16.0%)

Source: KAMCO Research & MSM

28 Muscat Securities Market Monthly Databank KAMCO Research MENA Monthly Databank

MTM Point Monthly YTD-17 FY-2016 Index Value Change % Change % Change % Change March-2017 MSM 30 Index ▼ 5,550.60 (229.43) (3.97%) (4.01%) 6.96%

▼ Bank Sohar BKSB.OM 0.149 (3.87%) 236,252 613,948 61,241.8 9,720.9 0.317 0.139 ▲ Al Anwar Holding AITC.OM 0.203 5.73% 30,465 79,170 29,862.7 6,070.8 0.373 0.159 ═ Al Batinah Dev. Inv. Holding ALBI.OM 0.089 0.00% 2,670 6,939 4,249.7 387.3 0.109 0.077 ═ Al Sharqia Inv. Holding SINV.OM 0.131 0.00% 11,790 30,639 1,123.2 139.7 0.285 0.100 ═ Ahli Bank ABOB.OM 0.190 0.00% 270,757 703,616 3,806.6 757.3 0.381 0.168 ═ Bank Dhofar BDOF.OM 0.235 0.00% 399,312 1,037,693 3,916.0 968.6 0.503 0.205 ▼ Bank Muscat BMAO.OM 0.384 (19.67%) 958,560 2,491,010 31,999.8 13,347.2 0.932 0.376 ═ Dhofar Intl. Dev.& Invest. Holding DIDI.OM 0.400 0.00% 88,000 228,686 346.3 114.9 0.422 0.310 ═ Global Financial Investment Co. GFIC.OM 0.165 0.00% 33,000 85,757 1,539.3 258.3 0.190 0.124 ▼ Gulf Investment Services GIS.OM 0.115 (2.54%) 17,277 44,898 4,581.2 522.0 0.237 0.100 ▼ National Bank of Oman NBO.OM 0.224 (8.94%) 300,319 780,439 8,329.9 2,048.3 0.487 0.218 ═ National Finance Co. NFC.OM 0.138 0.00% 36,326 94,399 361.8 56.4 0.156 0.128 ═ Oman & Emirates Investment OEIO.OM 0.137 0.00% 16,697 43,390 13,187.5 1,814.7 0.168 0.101 ═ HSBC Bank Oman HBOM.OM 0.098 0.00% 196,031 509,425 8,306.0 1,069.0 0.133 0.095 ═ Dhofar Insurance DIPP.OM 0.206 0.00% 41,200 107,066 - 0.0 0.208 0.197 ▼ Oman United Insurance OUIC.OM 0.380 (5.00%) 38,000 98,751 3,413.5 1,398.4 0.722 0.238 ▼ OMINVEST OMAN.OM 0.494 (7.14%) 314,081 816,202 525.6 280.1 0.570 0.448 ═ ONIC. Holding ONIC.OM 0.480 0.00% 83,243 216,324 - 0.0 - - ═ Taageer Finance TFC.OM 0.124 0.00% 31,445 81,715 902.7 117.8 0.262 0.108 ═ Al Madina Investment company AMI.OM 0.071 0.00% 14,708 38,221 24,785.5 1,711.2 0.133 0.052 ▼ United Finance UFIN.OM 0.150 (3.23%) 48,945 127,195 93.3 14.0 0.162 0.128 ▼ Al Madina Takaful AMAT.OM 0.084 (16.00%) 14,700 38,201 17,433.6 1,661.6 0.195 0.068 ▼ Financial (4.05%) 2,621,388 6,812,202 182,266.8 36,774.3 (0.1) ▼ Al Anwar Ceramic Tiles Co. AACT.OM 0.152 (6.75%) 45,024 117,005 3,957.6 630.9 0.318 0.139 ▼ Al Jazeera Steel Products Co. AJTM.OM 0.224 (10.76%) 27,977 72,704 4,402.7 978.1 0.540 0.141 ═ A Saffa Foods SPFI.OM 0.856 0.00% 102,719 266,937 101.7 70.2 0.856 0.656 ═ Galfar Engineering GECS.OM 0.104 0.00% 34,320 89,187 10,995.1 950.4 0.180 0.076 ▼ National Aluminium Products NAP.OM 0.205 (0.00%) 6,882 17,885 823.4 142.5 0.363 0.165 ═ Gulf International Chemicals GIC.OM 0.262 0.00% 5,502 14,298 4,008.0 1,152.0 0.310 0.243 ▲ Oman Cable Industry OCAB.OM 1.700 5.59% 152,490 396,276 2,076.9 3,451.7 1.850 1.480 ▲ Oman Cement Co. OCCO.OM 0.502 1.21% 166,098 431,639 2,179.5 1,080.7 0.504 0.426 ▼ Raysut Cement RAYC.OM 1.350 (6.25%) 270,000 701,649 569.5 813.9 1.625 0.948 ═ Salalah Mills Co. SFM.OM 1.475 0.00% 71,041 184,613 15.8 22.0 1.500 1.395 ▼ Voltamp Energy VOES.OM 0.470 (9.62%) 28,435 73,894 1,102.5 611.2 1.018 0.410 ▼ Al Maha Ceramics AMCI.OM 0.440 (8.71%) 23,100 60,030 545.0 256.3 0.500 0.368 ▲ Oman Textile Holding OTHI.OM 0.764 28.19% 4,584 11,912 71.9 56.7 0.840 0.310 ▼ Industrial (1.35%) 930,886 2,419,094 14,905.4 7,879.5

29 Muscat Securities Market Monthly Databank KAMCO Research MENA Monthly Databank

MTM Point Monthly YTD-17 FY-2016 Index Value Change % Change % Change % Change March-2017 MSM 30 Index ▼ 5,550.60 (229.43) (3.97%) (4.01%) 6.96%

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 0.700 0.00% 112,000 291,054 1,738.3 1,289.8 0.000 0.000 ▼ Al Jazeira Services Co. AJS.OM 0.174 (10.31%) 19,439 50,516 2,680.8 518.8 0.780 0.680 ▼ Oman Investment & Finance Co. OIFL.OM 0.210 (4.11%) 42,000 109,145 10,656.6 2,417.7 0.384 0.170 ═ Al Maha Petroleum Products Mktg. Co. MAHA.OM 1.595 0.00% 110,055 286,000 64.6 98.7 1.450 0.312 ═ Majan College BAC.OM 0.000 0.00% - - - 0.0 1.675 1.385 ▼ Ooredoo ORDS 0.540 (3.57%) 351,510 913,469 16,346.8 9,387.3 0.648 0.500 ═ Oman Oil Marketing Co. BPO.OM 1.875 0.00% 120,938 314,280 7.6 13.1 0.000 0.000 ▼ National Gas Co. NGCI.OM 0.466 (12.41%) 25,630 66,605 360.5 184.7 1.900 0.596 ▲ Oman Telecom Co. OTL.OM 1.420 4.03% 1,065,000 2,767,616 8,150.9 11,249.2 1.495 0.280 ▼ Port Services Corporation PSC.OM 0.235 (24.19%) 22,334 58,040 8,247.9 2,430.8 2.875 0.231 ▼ Renaissance Services RSC.OM 0.222 (11.20%) 62,625 162,744 4,489.4 1,025.3 0.510 0.180 ═ Shell Oman Marketing SHEL.OM 1.900 0.00% 190,000 493,753 1,586.4 3,173.4 0.648 0.616 ═ United Power UPC.OM 3.395 0.00% 16,975 44,113 0.1 0.2 3.060 1.850 ▼ Sohar Power SHPS.OM 0.190 (14.03%) 41,992 109,124 105.2 21.8 3.500 3.060 ═ SMN Power Holding SMNP.OM 0.712 0.00% 142,141 369,381 567.2 397.0 0.350 0.189 ═ Sharqiyah Desalination SHRQ.OM 4.500 0.00% 29,341 76,248 5.7 25.1 0.728 0.696 ═ Al Suwadi Power SUWP.OM 0.180 0.00% 128,593 334,175 4,993.8 954.6 4.745 0.185 ═ Al Batinah power BATP.OM 0.180 (7.69%) 121,480 315,689 4,615.8 864.3 0.379 0.180 ═ Sembcorp Salalah SSPW.OM 0.244 (0.41%) 232,916 605,278 35,383.0 8,602.0 0.373 0.179 ═ Phoenix Power PHPC.OM 0.140 (3.45%) 204,764 532,121 4,968.9 710.3 0.317 0.139 ▼ Services (4.06%) 2,552,822 6,634,019 60,622.8 28,810.2 0.0%

▼ Subtotal: Muscat Secutrities Market (3.97%) 6,105,097 15,865,315 257,795.0 73,464.0

30 KAMCO Research

The Egyptian Exchange Monthly Databank March-2017 (The bulletin covers the top 60 companies by Mkt. Cap)

Index Performance relative to Volume Sector Returns 16,000 500 15,500 Market Cap. MTD YTD (EGP Mn) % Chg % Chg 15,000 450 14,500 The Egyptian Exchange 426,901 10.5% 11.2% 14,000 400 Banking & Finance 132,286 5.6% 6.1% 13,500 13,000 Basic Resources 25,293 34.6% 19.9% 350 12,500 Chemical 22,279 15.0% 21.1% 12,000 11,500 300 Construction & Material 35,011 16.2% 163.6%

11,000 Financial Services 30,120 15.2% 3.7% 10,500 250 EGX 30Index 10,000 Food & Beverage 9,771 16.1% 25.4%

9,500 200 Healthcare & Pharma. 8,410 4.0% 21.2%

9,000 Volume Traded (Mn Shrs) Ind. Goods,Services, Auto. 23,663 8.8% 9.5% 8,500 150 8,000 Media 550 7.0% (13.2%) 7,500 100 Oil & Gas 9,023 8.9% 41.7% 7,000 6,500 Personal & Household 21,487 8.6% (6.9%) 50 6,000 Real Estate 41,610 13.1% 4.6% 5,500 Telecommunication 64,163 7.5% (5.6%) 5,000 0 Travel & Leisure 3,233 3.0% (0.1%) Jul-16 Apr-16 Oct-16 Jan-17 Jun-16 Mar-16 Mar-17 Feb-17 Aug-16 Sep-16 Nov-16 Dec-16 May-16

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-17 FY-16 Last Price Monthly Best Return Performers Market Return (EGP) % Chg Value Chg % Chg % Chg % Chg

Aluminium Co. of Egypt 36.07 135.3% EGX 30 Index 12,994.80 1,057.13 8.9% 5.3% 76.2%

National CementCo. - Egypt 9.08 46.7% Market Cap (EGP Mn) 426,901 40,664 10.5% 11.2% (30.3%)

Suez Cement Co. 17.63 37.8%

Egyptian Financial & Industrial 13.91 37.4% Monthly Monthly Monthly Average Daily Trading Indicators Tourah cement Co. 11.74 30.3% Value Chg % Chg YTD-17 YTD-16

Volume (Mn Shares) 3,052 101 3.4% 184 117 Last Price Monthly Worst Return Performers (EGP) % Chg Value Traded (EGP Mn) 18,982 (2,003) (9.5%) 1,079 378

GB AUTO S.A.E 2.62 (3.7%) No. of Trades 426,247 16,542 4.0% 21,110 13,774

Alexandria Spinning & Weaving (SPINALEX) 1.24 (3.1%)

El Kahera Housing 13.99 (0.7%)

United Housing & Development 7.62 (0.1%) Market Breadth 53 4 3

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

Egyptian Financial Group-Hermes Hldg Co. 26.08 2,797 Citadel Capital 1.10 791,849 6.8%

Global Telecom Hldg. (Orascom Telecom) 6.79 1,592 Amer Group Holding 0.31 488,105 6.9%

Commercial Int'l Bank (Egypt) 75.53 1,538 Palm Hills Developments 3.24 283,781 6.9%

Medinet Nasr Housing 23.08 1,106 Global Telecom Hldg. (Orascom Telecom) 6.79 233,576 9.9%

T M G Holding 9.18 1,078 Arab Cotton Ginning 4.74 142,050 8.0% Source: KAMCO Research

31 The Egyptian Exchange Monthly Databank KAMCO Research MENA Monthly Databank

MTM Point Monthly YTD-17 FY-2016 Index Value March-2017 Change % Change % Change % Change EGX 30 Index ▲ 12,994.80 1,057.13 8.86% 5.26% 76.20% 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 75.53 5.14% 86,637,464 12,297,322 20,170 1,537,941,568 82.29 37.91 ▲ Credit Agricole Egypt CIEB.CA 37.20 9.41% 11,566,112 1,641,694 4,349 155,139,479 42.45 20.00 ▲ National Bank of Kuwait - Egypt - NBK NBKE.CA 31.72 25.77% 3,172,000 450,234 40 1,148,892 32.00 18.00 ▲ Qatar National Bank AlAhli QNBA.CA 41.10 2.75% 26,519,111 3,764,123 418 17,103,400 43.50 26.27 ▲ Faisal Islamic Bank of Egypt FAIT.CA 19.09 9.27% 4,390,832 623,235 1,656 31,230,999 20.80 8.00 ▲ Banking 5.55% 132,285,520 18,776,607 26,633 1,742,564,338 ▲ Asec Company for Mining - Ascom ASCM.CA 7.99 14.47% 375,530 53,303 1,477 11,539,305 8.99 4.25 ▲ Al Ezz Dekheila Steel Co. Alexandria IRAX.CA 512.63 29.28% 6,850,999 972,431 32 15,495,764 520.00 190.00 ▲ Aluminium Co. of Egypt EGAL.CA 36.07 135.33% 4,508,750 639,972 1,194 36,610,360 38.85 9.47 ▲ Egyptian Iron & Steel Co. IRON.CA 5.39 8.67% 2,632,671 373,681 73,032 396,089,027 7.65 4.09 ▲ El Ezz Steel Rebars ESRS.CA 20.11 26.64% 10,925,060 1,550,703 43,179 818,530,430 22.80 6.38 ▲ Basic Resources 26.38% 25,293,010 3,590,090 118,915 1,278,264,886 ▲ ABU Qir Fertilizers & Chemical Ind. Co. ABUK.CA 130.74 24.68% 10,998,729 1,561,160 937 118,281,286 135.85 95.00 ▲ Egyptian Financial & Industrial EFIC.CA 13.91 37.40% 963,986 136,828 23,113 301,268,442 14.70 6.00 ▲ Sidi Kerir Petrochemicals SKPC.CA 19.65 5.19% 10,316,250 1,464,289 25,468 494,763,362 22.21 10.70 ▲ Chemicals 15.05% 22,278,965 3,162,276 49,518 914,313,090 ▲ Misr Cement Co. MCQE.CA 91.57 2.74% 2,735,928 388,338 15 1,406,871 111.00 70.00 ▲ National Cement Co. - Egypt NCEM.CA 9.08 46.69% 937,056 133,006 392 3,182,459 9.67 5.85 ▲ Orascom Construction Industries (OCI) * OCIC.CA 99.01 13.80% 20,686,993 2,936,312 1,080 107,715,291 115.50 84.01 ▲ South Valley Cement SVCE.CA 5.04 10.53% 2,430,574 344,996 16,534 80,774,760 5.98 3.62 ▲ Suez Cement Co. SUCE.CA 17.63 37.84% 3,206,130 455,078 1,120 16,176,829 18.01 8.72 ▲ Tourah cement Co. TORA.CA 11.74 30.30% 839,694 119,186 807 8,367,310 13.44 7.25 ▲ Upper Egypt Contracting UEGC.CA 0.78 5.41% 441,675 62,691 84,346 64,425,165 1.16 0.73 ▲ Misr Beni Suef Cement MBSC.CA 21.88 18.02% 1,641,000 232,924 117 2,506,423 27.00 16.81 ▲ Alexandria Cement ALEX.CA 8.14 25.62% 2,092,448 297,002 338 2,500,064 8.35 5.43 ▲ Construction and Materials 16.22% 35,011,499 2,033,220 104,749 287,055,172 ▲ Egyptian Financial Group-Hermes Holding Co. HRHO.CA 26.08 17.11% 16,036,451 2,276,214 109,612 2,796,966,745 29.16 9.36 ▲ Egyptian Kuwaiti Holding EKHO.CA 0.67 4.69% 686,376 97,424 9,400 6,218,609 0.70 0.36 ▲ Egyptians Abroad for Investment & Development ABRD.CA 3.48 13.73% 139,920 19,860 3,586 11,877,313 3.95 2.51 ▲ El Ahli Investment and Development AFDI.CA 7.54 19.49% 150,800 21,405 2,782 19,783,817 8.50 4.51 ▲ Housing and Development Bank HDBK.CA 34.90 24.60% 4,414,850 626,644 942 30,303,728 35.00 15.01 ▲ Pioneers Holding Co. PIOH.CA 10.09 9.44% 5,718,255 811,649 94,339 967,240,265 13.73 7.62 ▲ Citadel Capital CCAP.CA 1.10 6.80% 1,560,087 221,439 791,849 851,045,355 1.72 0.63 ▲ Amer Group Holding AMER.CA 0.31 6.90% 1,413,459 200,626 488,105 149,650,629 0.45 0.22 ▲ Financial Services excluding Banks 12.90% 30,120,198 4,275,261 1,500,614 4,833,086,461 ▲ Delta Sugar Co. SUGR.CA 13.70 16.40% 1,948,114 276,515 427 5,710,956 14.80 8.00 ▲ Extracted Oils ZEOT.CA 0.84 6.33% 132,048 18,743 8,762 7,370,461 1.02 0.61 ▲ Juhayna Food Industries JUFO.CA 8.17 16.22% 7,691,280 1,091,700 18,726 143,579,381 8.50 3.60 ▲ Food and Beverage 16.11% 9,771,441 1,386,958 27,916 156,660,798 ▲ Egyptian International Pharmaceutical PHAR.CA 106.01 3.97% 8,410,452 1,193,780 3,728 393,577,944 108.00 55.75 ▲ Healthcare 3.97% 8,410,452 1,193,780 3,728 393,577,944 ▲ Canal Shipping Agencies Co. CSAG.CA 7.54 20.45% 1,508,000 214,046 7,939 58,423,527 7.97 4.16 ▲ Elswedy Cables SWDY.CA 85.86 10.20% 19,182,669 2,722,788 3,029 250,450,835 93.00 40.60 ▼ GB AUTO S.A.E AUTO.CA 2.62 (3.68%) 2,866,306 406,843 46,463 130,750,566 3.52 1.79 ═ Maridive & Oil Services MOIL.CA 0.26 0.00% 106,496 15,116 5,623 1,469,970 0.31 0.21 ▲ Industrial Goods, Services, Automobiles 8.84% 23,663,471 3,358,793 63,054 441,094,898 ▲ Egyptian Media Production City MPRC.CA 2.90 7.01% 549,927 78,057 5,977 17,327,493 3.75 2.42 ▲ Media 7.01% 549,927 78,057 5,977 17,327,493 ▲ Alexandria Mineral Oils Company AMOC.CA 104.80 8.88% 9,023,280 1,280,764 6,218 649,315,125 121.12 24.80 ▲ Oil and Gas 8.88% 9,023,280 1,280,764 6,218 649,315,125

32 The Egyptian Exchange Monthly Databank KAMCO Research MENA Monthly Databank

▲ Subtotal: Egyptian Exchange 9.18% 426,900,744 57,657,980 3,051,946 18,981,852,483

33 KAMCO Research

Amman Stock Exchange Monthly Databank March-2017

Index Performance relative to Volume Sector Returns

2,300 45 Market Cap. MTD YTD (JD Mn) % Chg % Chg 42 2,275 Amman Stock Exchange 14,282 2.6% 3.4% 39 Banks 10,507 2.3% 7.7% 2,250 Insurance 112 (1.0%) 12.3% 36 2,225 Diversified Financial Services 190 9.0% (0.2%) 33 Real Estate 284 6.4% 9.7% 2,200 Health Care Services 25 3.9% (25.8%) 30 Educational Services 278 (0.9%) (14.6%) 2,175 27 Hotels and Tourism 129 0.3% 0.7%

2,150 24 Transportation 97 (2.2%) (33.0%) Technology & Communications 474 0.8% (46.8%) Vol. Traded (Mln. Shares) Traded Vol. ASE ASE Index Value 2,125 21 Media 8 (1.3%) (21.8%)

18 Utilities & Energy 615 3.4% 4.3% 2,100 Commercial Services 67 0.3% (6.9%) 15 2,075 Pharmaceutical & Medical Ind. 81 0.9% (11.2%) 12 Chemical Industries 17 (5.6%) (19.0%) 2,050 Paper & Cardboard Industries 8 0.0% (9.7%) 9 Printing & Packaging 14 (0.4%) 77.4% 2,025 6 Food & Beverages 67 (2.3%) (4.0%) Tobacco & Cigarettes 794 (0.4%) 102.0% 2,000 3 Mining & Extraction Industries 352 30.6% (33.5%) 1,975 0 Engineering & Construction 48 4.0% (43.4%) Electrical Industries 14 (3.4%) (18.1%) Jul-16 Apr-16 Oct-16 Jun-16 Jan-17 Mar-16 Mar-17 Feb-17 Aug-16 Sep-16 Nov-16 Dec-16 May-16 Textiles , Leathers & Clothings 95 (2.3%) 19.8% 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-17 YTD-16 Price Monthly Best Return Performers Market Return (JD) % Chg Value Chg % Chg % Chg % Chg

UNION TOBACCO & CIGARETTE INDUSTRIES 4.92 111.2% ASE Index 2,250.18 37.42 1.7% 3.7% 1.6%

JORDAN PHOSPHATE MINES 2.43 36.5% Market Cap (JD Mn) 14,281.71 368 2.6% 3.4% (3.5%)

THE JORDAN CEMENT FACTORIES 1.78 31.9%

UNION INVESTMENT CORPORATION 1.51 26.9% Monthly Monthly Monthly Average Daily Trading Indicators UNION LAND DEVELOPMENT CORP. 2.94 22.5% Value Chg % Chg YTD-17 YTD-16

Volume ('000 Shares) 86,516 7,987 10.2% 3,864 5,857 Price Monthly Worst Return Performers (JD) % Chg Value Traded (JD '000) 127,274 16,737 15.1% 5,010 33,580

JORDAN DUBAI PROPERTIES 0.44 (21.4%) No. of Trades 51,939 14,089 37.2% 47 2,624

EL-ZAY READY WEAR MANUFACTURING 0.40 (14.9%)

UNITED FINANCIAL INVESTMENTS 0.93 (11.4%)

ARAB ELECTRICAL INDUSTRIES 0.64 (11.1%) Market Breadth JORDAN LOAN GUARANTEE CORP. 0.77 (9.4%) 44 54 21

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

ARAB BANK $USD 6.87 14,646 UNION INVESTMENT CORPORATION 1.51 8,478 26.9%

UNION INVESTMENT CORPORATION 1.51 11,253 AL-TAJAMOUAT FOR CATERING AND HOUSING CO. 0.51 6,813 13.3%

AL-EQBAL INVESTMENT CO. 24.00 10,624 SPECIALIZED INVESTMENT COMPOUNDS 1.12 6,003 3.7%

GENERAL MINING CO. 1.90 10,624 AL-AMAL FINANCIAL INVESTMENTS CO. 0.69 5,772 (4.2%)

NATIONAL STEEL INDUSTRY 1.56 10,624 ARAB EAST INVESTMENT 0.62 3,530 6.9%

Source: KAMCO Research

34 KAMCO Research Amman Stock Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-17 FY-2016 Index Value Change % Change % Change %Change March-2017 ASE Index ▲ 2,250.18 37.42 1.69% 3.68% 1.59%

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 4.31 2.62% 646,500 909,703 738,358 3,155,384 4.37 3.16 ▼ JORDAN KUWAIT BANK JOKB.AM 3.75 (1.06%) 375,000 527,670 85,390 322,264 4.07 3.43 ▼ JORDAN COMMERCIAL BANK JCBK.AM 1.33 (0.75%) 133,000 187,147 72,877 97,615 1.75 1.03 ▼ HOUSING BANK FOR TRADING & FINANCE THBK.AM 10.57 (1.49%) 2,663,640 3,748,061 10,296 107,957 10.73 9.06 ▲ ARAB JORDAN INVESTMENT BANK AJIB.AM 1.80 1.69% 270,000 379,922 15,130 27,094 1.93 1.61 ▼ JORDAN DUBAI ISLAMIC BANK JDIB.AM 1.25 (2.34%) 125,000 175,890 427,681 534,824 1.83 0.89 ▼ BANK AL-ETIHAD UBSI.AM 1.85 (5.61%) 231,250 325,397 232,304 457,026 2.11 1.41 ▲ ARAB BANKING CORPORATION /(JORDAN) ABCO.AM 1.32 0.76% 145,200 204,314 184,467 239,313 1.34 1.05 ▼ INVEST BANK INVB.AM 1.44 (5.88%) 144,000 202,625 98,774 146,094 1.55 1.08 ▼ CAPITAL BANK OF JORDAN EXFB.AM 0.86 (3.37%) 171,996 242,018 1,244,348 1,108,617 1.04 0.76 ▲ SOCIETE GENERALE DE BANQUE - JORDANIE SGBJ.AM 1.07 4.90% 112,350 158,090 26,317 28,518 1.98 0.92 ▼ CAIRO AMMAN BANK CABK.AM 1.88 (2.08%) 300,800 423,262 685,566 1,284,770 2.45 1.78 ▼ BANK OF JORDAN BOJX.AM 2.82 (2.42%) 564,000 793,616 781,586 2,226,584 3.40 2.15 ▲ JORDAN AHLI BANK AHLI.AM 1.27 10.43% 222,250 312,732 1,422,274 1,734,656 6.23 1.09 ▲ ARAB BANK $USD ARBK.AM 6.87 7.01% 4,402,296 6,194,559 2,180,502 14,646,450 6.94 5.58 ▼ Banks (2.79%) 10,507,282 14,785,006 8,205,870 26,117,166 ▼ MIDDLE EAST INSURANCE MEIN.AM 1.70 (0.58%) 35,700 50,234 7,919 13,485 1.74 1.34 ▼ THE UNITED INSURANCE UNIN.AM 1.72 (2.82%) 13,760 19,362 2,695 4,537 1.83 1.30 ═ THE HOLY LAND INSURANCE HOLI.AM 0.58 0.00% 3,480 4,897 0 0 0.61 0.58 ═ ARAB LIFE & ACCIDENT INSURANCE ARIN.AM 1.09 0.00% 8,720 12,270 4,026 4,157 1.16 0.56 ═ ARAB UNION INTERNATIONAL INSURANCE AIUI.AM 1.13 0.00% 9,040 12,720 577,920 657,813 1.77 0.89 ▼ NATIONAL INSURANCE NAAI.AM 1.14 (5.79%) 9,120 12,833 1,624 1,836 1.21 0.98 ▼ JORDAN INTERNATIONAL INSURANCE JIJC.AM 0.67 (4.29%) 12,161 17,111 284,965 197,514 0.79 0.54 ▲ THE ISLAMIC INSURANCE TIIC.AM 1.50 2.74% 18,000 25,328 55,080 81,511 1.52 1.28 ▲ THE ARAB ASSURERS ARAS.AM 0.25 4.17% 1,625 2,287 7,490 1,859 0.32 0.20 ═ Insurance 0.00% 111,605 157,042 941,719 962,712 ▼ NATIONAL PORTFOLIO SECURITIES MHFZ.AM 0.59 (1.67%) 5,900 8,302 512,694 291,390 0.77 0.43 ▲ JORDANIAN EXPATRIATES INVESTMENT HLDG JEIH.AM 0.57 3.64% 9,191 12,933 750,403 446,354 0.64 0.46 ▼ JORDAN INVESTMENT TRUST JOIT.AM 0.68 (1.45%) 20,059 28,226 4,000 2,738 1.22 0.43 ▲ UNION INVESTMENT CORPORATION UINV.AM 1.51 26.89% 75,500 106,238 8,478,091 11,253,237 1.51 1.11 ▼ JORDAN LOAN GUARANTEE CORP. JLGC.AM 0.77 (9.41%) 7,700 10,835 28,095 22,749 1.04 0.53 ═ UNITED ARAB INVESTORS UAIC.AM 0.03 0.00% 4,635 6,522 0 0 0.52 NA ▲ ARAB EAST INVESTMENT AEIV.AM 0.62 6.90% 29,140 41,003 3,530,331 2,080,918 0.62 0.45 ▼ EJADA FOR FINANCIAL INVESTMENTS EJAD.AM 0.26 (7.14%) 650 915 175,451 46,491 0.70 0.25 ▲ AL-AMIN FOR INVESTMENT AAFI.AM 0.67 6.35% 6,700 9,428 564,906 379,291 1.10 0.62 ▼ UNITED FINANCIAL INVESTMENTS UCFI.AM 0.93 (11.43%) 7,440 10,469 1,999,858 2,002,366 1.50 0.87 ▼ INT'L BROKERAGE & FINANCIAL MARKETS IBFM.AM 0.15 (6.25%) 2,850 4,010 154,420 23,022 0.22 0.14 ═ 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 0.77 NA ▼ AL-AMAL FINANCIAL INVESTMENTS CO. AMAL.AM 0.69 (4.17%) 10,350 14,564 5,771,650 4,050,439 0.94 0.55 ═ Diversified Financial Services 0.00% 190,225 267,670 21,969,899 20,598,995

35 KAMCO Research Amman Stock Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-17 FY-2016 Index Value Change % Change % Change %Change March-2017 ASE Index ▲ 2,250.18 37.42 1.69% 3.68% 1.59%

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 1.00 (0.99%) 1,200 1,689 6,354 6,354 1.35 1.00 ▼ JORDAN DUBAI PROPERTIES JDPC.AM 0.44 (21.43%) 20,666 29,079 12,730 5,720 2.14 0.39 ▲ UNION LAND DEVELOPMENT CORP. ULDC.AM 2.94 22.50% 132,300 186,162 3,257,782 8,846,546 3.17 1.82 ▲ AL-TAJAMOUAT FOR CATERING AND HOUSING CO. JNTH.AM 0.51 13.33% 5,100 7,176 6,812,919 3,402,469 0.98 0.32 ▲ SPECIALIZED INVESTMENT COMPOUNDS SPIC.AM 1.12 3.70% 9,072 12,765 6,002,739 6,792,405 1.42 0.17 ▼ REAL ESTATE DEVELOPMENT REDV.AM 0.47 (4.08%) 43,005 60,513 591,880 283,445 0.50 0.20 ═ ARAB REAL ESTATE DEVELOPMENT ARED.AM 0.05 0.00% 2,000 2,814 0 0 1.36 NA ▲ ARAB EAST FOR REAL ESTATE INVESTMENTS CO. REAL.AM 1.67 1.83% 16,693 23,490 20,215 32,615 1.74 1.26 ▼ INT'L ARABIAN DEV. & INVESTMENT TRADING CO. INMA.AM 0.38 (2.56%) 2,660 3,743 175,420 70,836 0.72 0.36 ▼ JORDANIAN REAL ESTATE CO. FOR DEVELOPMENT JRCD.AM 0.52 (1.89%) 17,940 25,244 364,278 190,964 1.63 0.48 ▼ AMAD INVESTMENT & REAL ESTATE DEVELOPMENT AMAD.AM 1.35 (5.59%) 10,800 15,197 148,077 203,604 1.79 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 0.26 4.00% 5,200 7,317 256,399 63,452 0.33 0.23 ═ CONTEMPRO FOR HOUSING PROJECTS COHO.AM 1.09 0.00% 6,540 9,203 1,375,730 1,650,566 1.26 0.96 ▼ AD-DULAYL INDUSTRIAL PARK & REAL ESTATE CO. IDMC.AM 0.44 (2.22%) 9,240 13,002 2,644,908 1,170,440 1.29 0.43 ═ Real Estate 0.00% 284,276 400,011 21,669,431 22,719,416 ▲ AL-BILAD MEDICAL SERVICES ABMS.AM 0.95 4.40% 20,900 29,409 41,315 39,228 1.69 0.89 ▲ INTERNATIONAL FOR MEDICAL INVESTMENT ICMI.AM 0.82 1.23% 3,690 5,192 216,373 184,424 1.92 0.69 ▼ Health Care Services (10.70%) 24,590 34,601 257,688 223,652 ▼ AL-ZARQA EDUCATIONAL AND INVESTMENT ZEIC.AM 2.46 (8.89%) 36,900 51,923 24,104 60,237 3.83 2.39 ▲ ARAB INT'L FOR EDUCATION AND INVESTMENT AIEI.AM 3.18 1.60% 128,790 181,223 33,438 103,568 4.10 3.01 ▼ ITTIHAD SCHOOLS ITSC.AM 1.17 (0.85%) 17,550 24,695 18,387 21,313 1.21 1.05 ▼ PETRA EDUCATION CO. PEDC.AM 5.95 (0.83%) 95,200 133,958 380 2,170 6.30 5.10 ═ Educational Services 0.00% 278,440 391,798 76,309 187,288 ▲ ARAB INTERNATIONAL HOTELS AIHO.AM 1.29 2.38% 41,280 58,086 3,027 3,862 1.40 1.19 ▼ AL-TAJAMOUAT FOR TOURISTIC PROJECTS CO. TAJM.AM 0.47 (2.08%) 47,000 66,135 1,517,246 713,517 0.88 0.44 ▲ AL-DAWLIYAH FOR HOTELS & MALLS MALL.AM 0.95 1.06% 41,040 57,748 89,319 84,262 0.95 0.83 ═ Hotels and Tourism 0.00% 129,320 181,969 1,609,592 801,641 ▲ JORDAN NATIONAL SHIPPING LINES SHIP.AM 1.82 2.82% 27,300 38,414 70,701 123,915 1.87 1.19 ▲ SALAM INTERNATIONL TRANSPORT & TRADING SITT.AM 0.42 7.69% 7,320 10,300 598,695 236,033 0.49 0.31 ▼ JORDAN EXPRESS TOURIST TRANSPORT JETT.AM 1.78 (3.78%) 19,224 27,050 24,125 42,903 1.87 1.32 ▼ TRANSPORT& INVESTMENT BARTER CO. NAQL.AM 0.53 (1.85%) 7,375 10,377 2,153,031 1,131,532 0.65 0.38 ▼ ALIA- THE ROYAL JORDANIAN AIRLINES RJAL.AM 0.42 (6.67%) 35,437 49,864 593,243 253,400 0.86 0.41 ▲ Transportation 19.76% 96,656 136,006 3,439,795 1,787,783 ▲ JORDAN TELECOM JTEL.AM 2.31 1.32% 433,125 609,459 190,255 436,296 2.94 2.00 ▼ AL-FARIS NATIONAL CO. FOR INV. & EXPORT CEBC.AM 1.21 (3.97%) 41,140 57,889 274,126 333,339 1.31 0.35 ═ Technology & Communications 0.00% 474,265 667,348 464,381 769,635 ▼ JORDAN PRESS FOUNDATION/AL-RA'I PRES.AM 0.65 (1.52%) 6,500 9,146 82,961 53,245 0.93 0.62 ═ JORDAN PRESS & PUBLISHING JOPP.AM 0.31 0.00% 1,395 1,963 0 0 NA 0.29 ═ Media 0.00% 7,895 11,109 82,961 53,245 ▲ JORDAN ELECTRIC POWER JOEP.AM 2.28 1.79% 176,677 248,606 720,234 1,617,077 2.65 2.01 ▲ IRBID DISTRICT ELECTRICITY IREL.AM 10.90 4.81% 87,200 122,701 1,344 14,464 10.95 8.25 ▲ JORDAN PETROLEUM REFINERY JOPT.AM 3.51 3.85% 351,000 493,899 2,508,945 8,649,764 4.76 3.17 ▲ Utilities & Energy 16.65% 614,877 865,206 3,230,523 10,281,305

36 KAMCO Research Amman Stock Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-17 FY-2016 Index Value Change % Change % Change %Change March-2017 ASE Index ▲ 2,250.18 37.42 1.69% 3.68% 1.59%

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 1.25 (0.79%) 4,250 5,980 18,684 23,287 1.30 1.08 ═ JORDAN TRADE JOTF.AM 1.08 0.00% 17,820 25,075 2,650 2,792 1.30 1.01 ═ AL AHLIA ENTERPRISES ABLA.AM 1.07 0.00% 42,042 59,158 0 0 1.06 NA ▲ SPECIALIZED TRADING & INVESTMENT SPTI.AM 1.98 18.56% 1,980 2,786 5,071 9,283 2.02 0.69 ▼ SPECIALIZED JORDANIAN INVESTMENT SIJC.AM 0.30 (6.25%) 1,350 1,900 34,580 10,872 0.33 0.27 ═ Commercial Services 0.00% 67,442 94,899 60,985 46,234 ▲ DAR AL DAWA DEVELOPMENT & INVESTMENT DADI.AM 2.27 0.89% 56,750 79,854 41,413 93,044 2.55 2.10 ▼ ARAB CENTER FOR PHARM.& CHEMICALS APHC.AM 0.69 (4.17%) 3,450 4,855 277 191 0.96 0.69 ▼ M. E PHARMA. & CHMICAL IND. & MEDICAL APPLIANCE MPHA.AM 0.87 (4.40%) 8,587 12,082 400 348 1.27 0.53 ▲ JORDANIAN PHARMACEUTICAL MANUFACTURING JPHM.AM 0.59 7.27% 11,800 16,604 93,395 53,518 0.69 0.53 ═ Pharmaceutical & Medical Ind. 0.00% 80,587 113,395 135,485 147,101 ▼ PREMIER BUSINESS AND PROJECTS CO. ACDT.AM 2.07 (8.00%) 2,753 3,874 123,415 272,457 2.48 0.83 ═ UNIVERSAL CHEMICAL INDUSTRIES UNIC.AM 0.64 0.00% 960 1,351 0 0 0.73 0.37 ▼ NATIONAL CHLORINE INDUSTRIES NATC.AM 0.59 (4.84%) 5,310 7,472 23,910 13,830 0.72 0.55 ▼ JORDAN INDUSTRIAL RESOURCES JOIR.AM 0.16 (5.88%) 2,660 3,743 513,158 83,811 1.00 0.15 ▼ COMPREHENSIVE MULTIPLE PROJECT CO. INOH.AM 0.93 (6.06%) 4,883 6,870 498,552 478,288 1.59 0.73 ═ Chemical Industries 0.00% 16,566 23,310 1,159,035 848,386 ═ PEARL- SANITARY PAPER CONVERTING PERL.AM 3.25 0.00% 8,125 11,433 0 0 3.25 3.25 ═ Paper & Cardboard Industries 0.00% 8,125 11,433 0 0 ▼ AL-EKBAL PRINTING AND PACKAGING EKPC.AM 2.75 (0.36%) 13,750 19,348 12,548 35,618 3.03 1.52 ═ Printing & Packaging 0.00% 13,750 19,348 12,548 35,618 ▲ JORDAN DAIRY JODA.AM 2.72 1.87% 10,880 15,309 30,234 81,916 3.02 2.34 ▲ UNIVERSAL MODERN INDUSTRIES UMIC.AM 2.26 5.12% 13,560 19,081 50,991 113,896 2.55 1.22 ▼ THE ARAB INTERNATIONAL FOOD FACTORIES AIFF.AM 1.93 (5.85%) 20,265 28,515 200 386 2.22 1.93 ▼ NUTRIDAR NDAR.AM 1.54 (7.23%) 15,400 21,670 131,392 216,664 1.95 0.36 ═ JORDAN VEGETABLE OIL INDUSTRIES JVOI.AM 1.68 0.00% 6,720 9,456 0 0 1.88 0.95 ═ Food & Beverages 0.00% 66,825 94,031 221,281 420,686 ▼ AL-EQBAL INVESTMENT CO. EICO.AM 24.00 (5.51%) 720,000 1,013,126 435,796 10,623,804 26.25 11.60 ▲ UNION TOBACCO & CIGARETTE INDUSTRIES UTOB.AM 4.92 111.16% 74,212 104,425 2,289,280 7,712,041 5.24 1.80 ═ Tobacco & Cigarettes 0.00% 794,212 1,117,551 2,725,076 18,335,845 ═ GENERAL MINING CO. EICO.AM 1.90 0.00% 2,850 4,010 435,796 10,623,804 1.99 1.90 ▲ ARAB ALUMINIUM INDUSTRY /ARAL UTOB.AM 2.00 14.29% 13,500 18,996 2,289,280 7,712,041 2.23 1.61 ▼ NATIONAL STEEL INDUSTRY EICO.AM 1.56 (0.64%) 1,827 2,571 435,796 10,623,804 3.00 0.72 ▲ JORDAN PHOSPHATE MINES UTOB.AM 2.43 36.52% 200,475 282,092 2,289,280 7,712,041 5.15 1.68 ▲ THE JORDAN CEMENT FACTORIES EICO.AM 1.78 31.85% 107,591 151,394 435,796 10,623,804 1.92 1.08 ▲ JORDAN STEEL UTOB.AM 0.53 6.00% 18,550 26,102 2,289,280 7,712,041 0.57 0.33 ▲ NATIONAL ALUMINIUM INDUSTRIAL EICO.AM 0.60 5.26% 5,400 7,598 435,796 10,623,804 0.62 0.50 ▼ TRAVERTINE CO. UTOB.AM 0.44 (4.35%) 2,024 2,848 2,289,280 7,712,041 0.58 0.40 ▼ Mining & Extraction Industries (88.91%) 352,217 495,612 15,174,594 14,915,500 ▲ THE JORDAN PIPES MANUFACTURING JOPI.AM 0.86 4.88% 3,075 4,326 332,671 280,409 1.17 0.75 ▼ JORDAN WOOD INDUSTRIES / JWICO WOOD.AM 0.83 (8.79%) 4,150 5,840 412 350 1.20 0.83 ▲ READY MIX CONCRETE & CONSTRUCTION SUPPLIES RMCC.AM 1.10 1.85% 27,500 38,696 614,740 666,634 1.37 1.05 ═ RUM ALADDIN INDUSTRIES IENG.AM 0.26 0.00% 1,866 2,625 0 0 NA 0.25 ▲ ARABIAN STEEL PIPES MANUFACTURING ASPMM.AM 1.28 16.36% 11,520 16,210 83,061 101,935 1.50 1.00 ═ Engineering & Construction 0.00% 48,110 67,697 1,030,884 1,049,328

37 KAMCO Research Amman Stock Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-17 FY-2016 Index Value Change % Change % Change %Change March-2017 ASE Index ▲ 2,250.18 37.42 1.69% 3.68% 1.59%

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 0.33 0.00% 6,369 8,962 829,519 277,267 0.39 0.31 ═ MIDDLE EAST SPECIALIZED CABLES CO. JNCC.AM 0.09 0.00% 3,500 4,925 134,049 11,946 1.43 0.08 ▼ ARAB ELECTRICAL INDUSTRIES AEIN.AM 0.64 (11.11%) 3,840 5,403 823,849 523,978 1.50 0.48 ═ Electrical Industries 0.00% 13,709 19,290 1,787,417 813,191 ▼ CENTURY INVESTMENT GROUP CEIG.AM 2.76 (8.00%) 27,600 38,837 2,036,731 5,854,906 5.26 1.94 ▲ THE JORDAN WORSTED MILLS JOWM.AM 3.91 1.56% 58,650 82,528 9,521 36,899 4.07 3.70 ▲ AKARY FOR INDUSTRIES & REAL ESTATE INV. WOOL.AM 2.10 14.75% 2,520 3,546 128,577 229,835 2.10 1.64 ▼ EL-ZAY READY WEAR MANUFACTURING ELZA.AM 0.40 (14.89%) 6,000 8,443 85,881 37,878 0.57 0.17 ═ Textiles , Leathers & Clothings 0.00% 94,770 133,353 2,260,710 6,159,518 ═ JORDAN CERAMIC INDUSTRIES JOCF.AM 1.24 0.00% 4,650 6,543 0 0 NA 1.15 ═ 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 (17.48%) 14,281,714 20,096,085 86,516,183 127,274,245

38 KAMCO Research Tunisia Stock Exchange Monthly Databank March-2017

Index Performance relative to Volume Sector Returns

5,800 4,000 Market Cap. MTD YTD (DT Mn) % Chg % Chg 3,500 5,700 Tunis Stock Exchange 17,595 (1.6%) 1.8% 3,000 5,600 Banking 7,619 (2.0%) 0.9%

2,500 Insurance 679 (0.6%) 3.7% 5,500 Leasing 624 (7.7%) (4.6%) 2,000

Tunisia Index Tunisia Financial Services 1,626 1.1% 5.9%

5,400 ('000. Shares) Traded Vol. 1,500 Industrial 1,209 0.5% (2.7%) Chemical Industry 387 (0.2%) (16.1%) 5,300 1,000 Food & Beverage 2,744 0.1% 4.9%

Retailing 1,400 (2.7%) (2.5%) 5,200 500 Others 1,307 (4.8%) 16.5% Jul-16 Apr-16 Oct-16 Jun-16 Jan-17 Mar-16 Feb-17 Mar-17 Aug-16 Sep-16 Nov-16 Dec-16 May-16 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-17 YTD-16 Price Monthly Best Return Performers Market Return (DT) % Change Value Chg % Chg % Chg % Chg

Electrostar 4.12 53.2% Tunisia Index 5,543.07 (63.91) (1.1%) 1.0% 8.9%

Elbene Industrie 3.79 18.4% Market Cap (DT Mn) 17,595 (292.4) (1.6%) 1.8% 2.4%

Ciments De Bizerte 2.89 12.5%

Société Essoukna 4.00 8.7% Monthly Monthly Monthly Average Daily Trading Indicators Assurances Salim 35.30 7.4% Value Chg % Chg YTD-17 YTD-16

Volume ('000 Shares) 10,136 604 6.3% 436 679 Worst Return Performers Price Monthly (DT) % Change Value Traded ('000 DT) 71,741 11,299 18.7% 3,116 4,863

Société des Industries Pharm. de Tunisie 6.94 (19.3%) No. of Trades 22,759 2,911 14.7% 985 1,441

L'Accumulateur Tunisien ASSAD 6.10 (12.2%)

City Cars 14.20 (11.3%)

Banque Nationale Agricole 8.28 (10.9%) Market Breadth CELLCOM 5.15 (10.1%) 23 40 3

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

Euro-Cycles 34.92 13,147 Société Moderne de Céramique 1.31 1,108 3.1%

Société d’Articles Hygiéniques 13.00 10,187 Société Tunisienne des Marchés de Gros 1.98 928 1.5%

Laboratoires Adwya 5.90 4,365 Société d’Articles Hygiéniques 13.00 796 4.7%

Banque Internationale Arabe de Tunisie 93.00 4,063 Laboratoires Adwya 5.90 783 (1.7%)

Société Frigorifique et Brasserie de Tunis 19.80 3,987 TUNISAIR 0.55 680 1.9% Source: KAMCO Research

39 KAMCO Research Tunisia Stock Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-17 FY-2016 Index Value Change % Change % Change % Change March-2017 Tunisia SE Index ▼ 5,543.07 (63.91) (1.14%) 0.99% 8.86%

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 22.30 (2.15%) 567,814 342,925 37,660 809,942 26.47 20.21 ▼ Arab Tunisian Bank ATB.TN 4.29 (4.67%) 429,000 259,090 292,205 1,260,119 5.40 4.20 ▼ Banque de l'Habitat BH.TN 19.31 (5.34%) 656,540 396,511 61,911 1,221,812 21.26 15.35 ▲ Banque Internationale Arabe de Tunisie BIAT.TN 93.00 1.14% 1,581,000 954,829 43,941 4,062,890 94.80 81.80 ▼ Banque Nationale Agricole BNA.TN 8.28 (10.87%) 264,960 160,020 63,440 568,689 10.05 8.06 ═ Banque de Tunisie BT.TN 8.12 0.00% 1,218,000 735,599 313,861 2,542,324 14.63 7.75 ▲ Banque de Tunisie et des Emirats BTEI.TN 16.45 2.68% 74,025 44,707 2,874 45,663 20.00 14.70 ▼ Société Tunisienne de Banque STB.TN 3.79 (7.11%) 588,871 355,643 74,196 296,667 5.23 3.50 ▲ Banque Attijari De Tunisie BS.TN 28.15 0.18% 1,118,914 675,757 51,625 1,457,332 29.49 26.50 ▼ Union Bancaire pour le Commerce et l'Industrie UBCI.TN 25.50 (1.92%) 510,039 308,033 21,521 548,313 29.00 23.48 ▼ Union Internationale de Banques UIB.TN 18.72 (2.95%) 609,523 368,115 118,341 2,245,626 19.40 16.93 ▼ Banking (1.99%) 7,618,687 4,601,230 1,081,575 15,059,376 ═ Cie Assurance Et Reassurance Astree SA AST.TN 37.62 0.00% 150,480 90,881 15 564 39.40 36.00 ▼ Société Tunisienne d'Assurances et de Réassurances STAR.TN 133.80 (3.73%) 308,769 186,478 3,994 551,724 169.49 115.50 ▲ SOCIETE D'ASSURANCES SALIM SALIM.TN 35.30 7.43% 93,898 56,709 382 13,143 43.00 22.46 ▲ Société Tunisienne de Réassurance TRE.TN 8.39 0.96% 125,850 76,006 34,356 285,301 9.24 7.82 ▼ Insurance (0.63%) 678,997 410,074 38,747 850,732 ▼ Arab Tunisian Lease ATL.TN 2.89 (2.03%) 72,250 43,635 59,355 172,108 3.23 2.86 ▼ Compagnie Internationale de Leasing CIL.TN 15.57 (1.95%) 77,850 47,017 4,516 71,042 17.12 14.25 ▲ Attijari Leasing Co. TJL.TN 20.28 1.40% 43,095 26,027 14,819 296,028 21.99 17.95 ▼ Tunisie Leasing TLS.TN 16.00 (5.66%) 137,600 83,102 57,764 923,312 19.45 15.51 ▼ Société El Wifack Leasing WIFAK.TN 7.18 (2.05%) 215,400 130,089 2,349 16,950 7.60 5.24 ▲ Best Lease BL.TN 1.82 2.82% 54,600 32,975 257,730 449,333 2.09 1.65 ▼ Modern Leasing ML.TN 3.84 (1.54%) 23,040 13,915 5,006 19,283 4.12 3.60 ▼ Leasing (2.21%) 623,835 376,759 401,539 1,948,056 ▲ Poulina Group Holding POULA.TN 7.48 1.63% 1,346,427 813,161 149,074 1,078,035 7.74 4.58 ═ Les Placements de Tunisie – SICAF PLTU.TN 39.00 0.00% 39,000 23,554 - - 39.03 39.00 ▼ Société de Placement et de Dév. Indust. et Touristique SPDI.TN 8.30 (1.78%) 232,400 140,356 31,897 267,699 12.70 8.02 ▼ Tuninvest – Sicar TINV.TN 8.75 (0.57%) 8,453 5,105 205 1,824 11.90 8.75 ▲ Financial Services 1.08% 1,626,279 982,175 181,176 1,347,558 ▼ Laboratoires Adwya ADWYA.TN 5.90 (1.67%) 93,456 56,442 783,286 4,365,420 9.12 5.33 ▼ L'Accumulateur Tunisien ASSAD ASSAD.TN 6.10 (12.23%) 73,200 44,208 177,826 1,119,645 7.04 3.88 ▲ Société Générale Industrielle de Filtration GIF.TN 1.63 3.16% 16,738 10,109 239,603 388,083 2.30 1.32 ▼ Société Indust. d'Appareillage et Matériel Electrique SIAM.TN 2.31 (1.70%) 32,432 19,587 21,644 50,006 2.62 2.00 ▼ Société des Industries Pharmaceutiques de Tunisie SIPHA.TN 6.94 (19.30%) 12,492 7,544 6,690 53,799 9.90 4.83 ▲ Société Moderne de Céramique SOMOC.TN 1.31 3.15% 42,607 25,732 1,107,809 1,479,167 1.83 1.24 ▼ Société Tunisienne de Verreries STVR.TN 4.26 (6.17%) 99,846 60,301 132,931 579,164 4.68 3.47 ▼ Tunisie Profilés Aluminium TPR.TN 2.87 (2.38%) 129,150 77,999 481,744 1,386,701 3.44 2.79 ▲ Société d’Articles Hygiéniques SAH.TN 13.00 4.67% 570,433 344,507 795,879 10,187,205 14.60 11.37 ▼ CELLCOM CELL.TN 5.15 (10.12%) 22,977 13,877 32,857 172,478 8.99 4.95 ▲ SOTIPAPIER STPAP.TN 4.00 6.67% 95,800 57,857 242,109 936,810 4.32 3.45 ▲ Manufacture de Panneaux Bois du Sud MPBS.TN 3.25 0.62% 19,988 12,071 377,301 1,233,095 5.16 2.96 ▲ Industrial 0.48% 1,209,120 730,236 4,401,672 21,956,132

40 KAMCO Research Tunisia Stock Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-17 FY-2016 Index Value Change % Change % Change % Change March-2017 Tunisia SE Index ▼ 5,543.07 (63.91) (1.14%) 0.99% 8.86%

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 110.00 (8.33%) 133,241 80,470 1,028 107,199 153.45 98.37 ▼ Société Chimique Alkimia ALKM.TN 42.20 (6.01%) 82,174 49,628 - - 48.80 27.99 ▲ Industries Chimiques du Fluor ICF.TN 21.18 5.90% 44,478 26,862 28 594 28.00 18.90 ▲ Ciments De Bizerte SCB.TN 2.89 12.45% 127,297 76,880 40,760 108,694 3.71 2.44 ▼ Chemical Industry (0.21%) 387,190 233,839 41,816 216,488 ▼ Société Frigorifique et Brasserie de Tunis SFBT.TN 19.80 (0.50%) 1,782,000 1,076,221 199,949 3,987,463 26.85 18.90 ▲ Elbene Industrie ELBEN.TN 3.79 18.44% 37,900 22,889 1,046 3,581 4.18 3.00 ▼ Societe de Production Agricole Teboulba SOPAT.TN 1.17 (1.68%) 15,203 9,182 151,371 175,926 1.54 1.01 ▲ Delice Holding DH.TN 16.55 0.61% 908,715 548,809 22,958 379,201 17.40 11.00 ▲ Food & Beverage 0.08% 2,743,818 1,657,101 375,324 4,546,171 ▼ Automobile Reseau Tunisien et Services ARTES.TN 8.49 (3.19%) 324,743 196,125 69,327 589,408 9.27 7.28 ▲ Electrostar LSTR.TN 4.12 53.16% 10,094 6,096 300,375 1,048,116 4.20 2.65 ▼ Société Magasin Général SMG.TN 23.19 (0.86%) 266,250 160,799 20,872 478,658 28.70 22.31 ▲ Société Tunisienne des Marchés de Gros MGR.TN 1.98 1.54% 23,760 14,350 928,007 1,800,566 2.26 1.82 ▼ Société Nouvelle Maison de la Ville de Tunis MNP.TN 8.80 (1.01%) 146,442 88,442 50,510 445,526 13.86 8.70 ▼ Société Tunisienne d'Equipement STEQ.TN 5.56 (0.36%) 7,784 4,701 659 3,744 12.10 4.79 ▼ City Cars CITY.TN 14.20 (11.25%) 191,700 115,775 50,557 752,472 16.54 14.07 ▼ ENNAKL Automobiles NAKL.TN 14.30 (1.04%) 429,000 259,090 84,582 1,215,128 15.00 12.81 ▼ Retailing (2.74%) 1,399,773 845,379 1,504,889 6,333,617 ▼ Société Immobilière et de Participation SIMP.TN 39.81 (0.97%) 43,791 26,447 593 23,388 47.89 24.39 ▼ Société Immobilière Tuniso-Séoudienne SITS.TN 1.92 (5.88%) 24,960 15,074 88,129 173,011 2.65 1.70 ▲ Société Essoukna SOKNA.TN 4.00 8.70% 20,202 12,201 12,526 46,631 4.39 3.42 ▼ Société Tunisienne d'Entreprises de Télécom. SOTE.TN 3.28 (0.61%) 15,209 9,185 188,444 619,510 3.81 2.29 ▼ Société Tunisienne de Transp. des Hydro. par Pipelines STPIL.TN 7.82 (3.46%) 26,865 16,225 47,876 376,785 9.85 7.47 ▲ TUNISAIR TAIR.TN 0.55 1.85% 58,410 35,276 679,866 374,125 0.69 0.53 ▲ TelNet Holding TLNET.TN 3.35 1.52% 36,944 22,312 297,896 994,481 3.78 2.60 ▼ One Tech Holding OTH.TN 8.71 (9.27%) 466,856 281,953 305,671 2,753,730 9.99 6.50 ▼ Euro-Cycles ECYCL.TN 34.92 (4.59%) 188,568 113,884 371,425 13,146,977 56.00 32.82 ▲ Hannibal Lease HANL.TN 9.03 0.44% 51,832 31,304 101,571 913,721 9.50 8.14 ▼ Universal Auto Distributors Holding UADH.TN 3.95 (5.95%) 121,660 73,475 14,779 60,174 6.44 3.01 ▼ Unimed Laboratories UNIMED.TN 9.90 (1.00%) 251,955 152,166 122,950 1,222,141 10.15 9.71 ▼ Others (4.85%) 1,307,251 789,501 2,108,776 19,482,534

▼ Subtotal: Tunisian Market (1.43%) 17,594,950 10,626,294 10,135,514 71,740,664

41 KAMCO Research

Beirut Stock Exchange Monthly Databank March-2017

Index Performance relative to Volume Sector Returns

1,270 8,000 1,260 Market Cap. MTD YTD 1,250 7,000 (USD Mn) % Chg % Chg 1,240 1,230 1,220 6,000 Beirut Stock Exchange 12,558 1.5% 5.8% 1,210 1,200 5,000 Banking 10,804 2.5% 9.6% 1,190 1,180 4,000 Industrial 248 (7.5%) (2.2%) 1,170 1,160 Trading 35 0.0% 0.0% 1,150 3,000 1,140 Real Estate & Const. 1,471 (4.1%) (14.5%) 1,130

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 1,110 1,000 1,100 1,090 1,080 0 Jul-16 Apr-16 Oct-16 Jun-16 Jan-17 Feb-17 Mar-17 Mar-16 Aug-16 Sep-16 Nov-16 Dec-16 May-16

Monthly Top Movers and Most Active Stocks Trading Indicators

Closing Monthly Monthly YTD-17 YTD-16 Price Monthly Best Return Performers Market Return (USD) Return Value Chg % Chg % Chg % Chg

Ciments Blancs B 3.14 8.3% Blom Stock Index 1,235.82 5.49 0.4% 1.9% 3.7%

BLOM Bank 12.10 3.4% Market Cap (USD Mn) 12,474.63 181.19 1.5% 5.8% 2.1%

Bank Audi GDR 6.88 2.7%

Bank Audi 6.90 2.2%

Byblos Bank 1.74 1.2% Monthly Monthly Monthly Average Daily Trading Indicators Value Chg % Chg YTD-17 YTD-16

Price Monthly Worst Return Performers (USD) Return Volume ('000s shares) 2,875 (255) (8.2%) 166 662

Solidere B 8.80 (4.6%) Value Traded ('000s USD) 30,759 688 2.3% 1,634 2,878

Solidere A 8.99 (3.9%)

Byblos Bank Preferred 2009 103.50 (1.9%)

BEMO Bank 1.69 (0.6%) Market Breadth 8 5 21

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

Bank Of Beirut 18.80 13,260,122 Bank Of Beirut 0.000 18.80 827,001 0.0%

BLOM Bank 12.10 6,559,092 BLOM Bank 0.000 12.10 549,661 3.4%

Solidere A 8.99 3,243,243 Solidere A 0.000 8.99 412,591 (3.9%)

Bank Audi 6.90 1,751,637 Byblos Bank 0.000 1.74 410,834 1.2%

Solidere B 8.80 1,636,824 Bank Audi 0.000 6.90 258,154 2.2%

Source: KAMCO Research

42 KAMCO Research Beirut Stock Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-17 FY-2016 Index Value March-2017 Change % Change % Change Change Blom Stock Index ▲ 1,235.82 5.49 0.45% 1.90% 3.69%

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 6.90 2.22% 2,758,270 258,154 1,751,637 7.00 5.85 ▲ Bank Audi GDR AUSR.BY 6.88 2.69% 825,082 96,183 647,934 7.00 5.60 ═ Bank Audi Preferred F AUPRF.BY 102.50 0.00% 153,750 - - 103.00 100.00 ═ Bank Audi Preferred G AUPRG.BY 102.50 0.00% 153,750 3,130 320,825 102.50 100.00 ═ Bank Audi Preferred H AUPRH.BY 102.30 0.00% 76,725 - - 103.00 100.00 ═ Bank Audi Pref. I AUPRI.BY 101.20 0.00% 253,000 - - 103.00 100.00 ═ Bank of Beirut BOB.BY 18.80 0.00% 333,633 827,001 13,260,122 18.80 18.10 ═ Bank of Beirut Preferred Class H BOBPH.BY 26.25 0.00% 141,750 10,106 265,283 26.25 25.00 ═ Bank of Beirut Preferred Class I BOBPI.BY 26.25 0.00% 131,250 70 1,838 26.25 25.25 ═ Bank of Beirut Preferred Class J BOBPJ.BY 26.25 0.00% 78,750 600 15,750 26.25 25.25 ═ Bank of Beirut Pref. Class K BOBPK.BY 25.25 0.00% 101,000 - - 25.25 25.00 ═ Bank Of Beirut Priority Shares 2014 BOBPT.BY 21.00 0.00% 100,002 - - 21.00 21.00 ▼ BEMO Bank BEMO.BY 1.69 (0.59%) 86,866 51 86 1.85 1.49 ═ BEMO Bank Preferred Class 2013 BMO13.BY 99.75 0.00% 34,913 - - 100.00 99.00 ═ BLC Bank BLC.BY 0.99 0.00% 70,323 - - 1.69 0.99 ═ BLC Bank Preferred B BLCPB.BY 100.00 0.00% 55,000 600 60,000 101.00 100.00 ═ BLC Bank Preferred C BLCPC.BY 100.00 0.00% 35,000 - - 100.00 100.00 ═ BLC Bank Preferred D BLCPD.BY 100.00 0.00% 75,000 - - 101.00 100.00 ▲ BLOM Bank BLOM.BY 12.10 3.42% 2,601,500 549,661 6,559,092 12.10 9.60 ▲ BLOM Bank GDR BLBD.BY 12.80 0.39% 945,869 118,437 1,508,774 12.80 9.90 ▲ BLOM Preferred 2011 BLBD.BY 10.35 0.49% 207,000 35,314 363,979 10.50 10.00 ▲ Byblos Bank BYB.BY 1.74 1.16% 983,996 410,834 710,774 1.75 1.60 ▲ Byblos Bank Preferred- 2008 BYB08.BY 103.00 0.88% 206,000 1,042 106,880 103.00 100.00 ▼ Byblos Bank Preferred- 2009 BYB09.BY 103.50 (1.90%) 207,000 1,036 107,226 105.50 100.00 ═ Byblos Bank GDR BYBDR.BY 80.00 0.00% 104,726 - - 81.00 75.00 ▲ Banking Sector 1.71% 10,720,154 2,312,219 25,680,200 ▲ Ciments Blancs B CBB.BY 3.14 8.28% 18,840 1,010 3,171 3.70 2.20 ═ Ciments Blancs N CBN.BY 1.57 0.00% 4,710 - - 1.57 1.57 ▼ Holcim Liban HOLC.BY 11.50 (8.73%) 224,434 15,784 186,793 15.90 10.26 ▼ Industrial Sector (7.47%) 247,984 16,794 189,964 ═ Rasamny-Younis Motors RYM.BY 3.25 0.00% 35,490 3,000 9,210 3.25 3.25 ═ Trading Sector 0.00% 35,490 3,000 9,210 ▼ Solidere A SOLA.BY 8.99 (3.85%) 899,000 412,591 3,243,243 13.25 8.60 ▼ Solidere B SOLB.BY 8.80 (4.56%) 572,000 130,170 1,636,824 13.00 8.25 ▼ Real Estate & Construction Sector (4.13%) 1,471,000 542,761 4,880,067

▲ Beirut Stock Exchange 0.79% 12,474,629 2,874,774 30,759,441

43 KAMCO Research

Casablanca Stock Exchange Monthly Databank March-2017 (The Bulletin covers the 41 Stocks listed on the Main Market)

Index Performance relative to Volume Sector Returns

Market Cap. MTD YTD (MAD Mn) 13,000 24000 % Chg % Chg

12,750 Casablanca Stock Exchange 523,393 (4.2%) (2.7%) 22000 12,500 Banking 187,409 (3.0%) (5.1%) 12,250 20000 Beverages 2,980 6.0% 3.8%

12,000 18000 Chemicals 756 (17.1%) 92.7% 11,750 Construction & Bldg. Material 72,933 (8.6%) (6.0%) 16000 11,500 Distributors 10,637 (3.8%) (0.2%)

11,250 14000

MASI MASI Index Electrical & Electronic Equipment 335 (7.1%) 0.8% 11,000 Volume Volume Traded ('ooo shares) Electricity 18,281 (3.1%) (0.6%) 12000 10,750 Food Producers & Processors 18,960 0.7% 4.7% 10000 10,500 Holding Companies 2,409 (8.3%) (5.2%) 10,250 8000 Insurance 24,243 (1.3%) 1.1% 10,000 Investment & other Finance 3,852 (0.1%) 5.3% 6000 9,750 Leisures & Hotel 1,547 (12.2%) (8.3%) 9,500 4000 Materials, Software & Computer 1,306 7.6% 7.7% 9,250 2000 Mining 17,179 (2.3%) 8.4% 9,000 Oil & Gas 10,802 1.6% 1.8% 8,750 0 Real Estate 23,604 (8.0%) 3.4% Jul-16 Apr-16 Oct-16 Jun-16 Jan-17 Mar-16 Feb-17 Mar-17 Nov-16 Dec-16 Aug-16 Sep-16 May-16 Telecommunications 120,700 (5.4%) (3.3%) Transport 899 15.1% 20.4% Utilities 4,488 0.2% 3.9% Forestry & Paper 72 (15.3%) 9.7%

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-17 YTD-16 Best Return Performers Market Return (MAD) % Chg Value Chg % Chg % Chg % Chg

Societe Nationale de Siderurgie 408.00 16.6% MASI Index 11,379.71 (546.8) (4.6%) (2.3%) 30.5%

Compagnie de Transport au Maroc 733.00 15.1% MADEX Index 9,264.29 (499.9) (5.1%) (3.0%) 31.6%

Hightech Payment Systems SA 869.90 14.8% Market Cap (MAD Mn) 523,393 (23,172) (4.2%) (2.7%) 27.6%

Ciments Du Maroc 1,440.00 10.8%

Societe Metallurgique D'Imiter 2,975.00 7.8%

Monthly Monthly Monthly Average Daily Trading Indicators Price Monthly Value Chg % Chg YTD-17 YTD-16 Worst Return Performers (MAD) % Chg

Fenie Brossette 129.00 (17.8%) Volume ('000 Shares) 9,944.21 (6,028) (37.7%) 925 516

Miniere Touissit 1,260.00 (17.6%) Value Traded (MAD Mn) 960.92 (195.60) (16.9%) 78 70

Societe Nationale d'Electrolyse et de Petrochimie 315.00 (17.1%)

Lafarge Ciments 2,160.00 (15.3%) Market Breadth Med Paper 27.71 (15.3%) 15 23 3

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

Attijariwafa Bank 400.00 98,308 Douja Prom Addoha 43.00 3,622 (11.3%)

Comp Suc Maroc Et De Raff 360.00 93,410 Itissalat Al-Maghrib 137.30 1,112 (5.4%)

Lesieur Cristal 140.15 93,410 Banque Marocaine Du Commerce Exterieur 200.00 576 0.1%

Douja Prom Addoha 43.00 83,728 Alliances Developpement Immobilier 154.00 546 (12.0%)

Itissalat Al-Maghrib 137.30 78,444 Delta Holding 27.50 517 (8.3%)

Source: KAMCO Research

44 Casablanca Stock Exchange Monthly Databank KAMCO Research MENA Monthly Databank

MTM Point Monthly YTD-17 FY-2016 Index Value Change % Change % Change % Change March-2017 MASI Index ▼ 11,379.71 (546.78) (4.58%) (2.27%) 30.46%

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 400.00 (3.61%) 81,411 9,650 470,655 98,308 462.00 335.00 ▼ Banque Centrale Populaire BCP.CS 263.25 (5.98%) 47,979 5,687 393,085 52,989 338.90 215.05 ▲ Banque Marocaine Du Commerce Exterieur BMCE.CS 200.00 0.05% 35,893 4,255 576,387 57,889 234.95 194.00 ▲ Banque Morocaine Du Commerce Et De L'Industries BMCI.CS 639.00 6.50% 8,485 1,006 6,834 2,131 657.50 570.00 ▼ Credit Du Maroc CDM.CS 480.00 (3.64%) 5,223 619 2,077 507 550.00 386.10 ▲ Credit Immobilier Et Hotelier CIH.CS 316.40 0.76% 8,419 998 126,375 19,693 338.00 253.65 ▼ Banking Sector (0.73%) 187,409 22,216 1,575,413 231,517 ▲ Les Eaux Minerales D Oulmes OULM.CS 1,505.00 5.99% 2,980 353 10,405 7,917 1,600.00 1,200.00 ▲ Beverages Sector 5.99% 2,980 353 10,405 7,917 ▼ Societe Nationale D'Electrolse Et De Petrochimie SNP.CS 315.00 (17.11%) 756 90 121,669 21,330 417.90 71.00 ▼ Chemicals Sector (17.11%) 756 90 121,669 21,330 ▲ Ciments Du Maroc SCM.CS 1,440.00 10.77% 20,788 2,464 73,932 50,289 1,552.00 1,110.00 ▼ Lafarge Holcim Maroc LAC.CS 2,160.00 (15.26%) 50,554 5,993 41,542 48,648 2,700.00 1,702.00 ▲ Societe Nationale De Siderurgie SOND.CS 408.00 16.57% 1,591 189 160,837 32,741 512.00 285.00 ▲ Construction & Building Materials Sector 12.79% 72,933 8,645 276,311 131,677 ▼ Auto Hall AUTO.CS 108.00 (5.26%) 5,319 630 354,549 19,715 119.75 96.00 ▼ Fenie Brossette FBR.CS 129.00 (17.81%) 186 22 13,652 985 185.00 80.00 ▼ Label Vie LBV.CS 1,339.00 (0.81%) 3,408 404 113,549 75,716 1,449.00 980.00 ▼ ENNAKL Automobiles NAKL.CS 57.50 (2.87%) 1,725 204 17,091 502 62.00 52.00 ▼ Distributors Sector (2.62%) 10,637 1,261 498,841 96,918 ▼ Nexans Maroc NEX.CS 149.25 (7.10%) 335 40 945 75 168.40 112.20 ▼ Electircal & Electronic Equipment Sector (7.10%) 335 40 945 75 ▼ TAQA MOROCCO TQM.CS 775.00 (3.13%) 18,281 2,167 52,721 20,601 840.00 601.00 ▼ Electricity (3.13%) 18,281 2,167 52,721 20,601 ▲ Comp Suc Maroc Et De Raff CSMR.CS 360.00 1.41% 15,088 1,789 506,626 93,410 439.00 177.37 ▼ Lesieur Cristal SA LESU.CS 140.15 (1.99%) 3,873 459 256,283 18,169 165.00 119.00 ▲ Food producers & Processors Sector 0.69% 18,960 2,248 762,909 111,578 ▼ Delta Holding DHO.CS 27.50 (8.33%) 2,409 286 516,879 7,394 32.85 18.82 ▼ Holding Companies Sector (8.33%) 2,409 286 516,879 7,394 ▼ Compagnie D'Assurances Et De Reassurances Atlanta ATL.CS 51.00 (3.23%) 3,070 364 495,881 12,744 56.50 44.00 ▲ SAHAM ASSURANCE SAH.CS 1,200.00 3.27% 4,940 586 1,276 761 1,290.00 1,044.00 ▼ Wafa Assurances WASS.CS 4,638.00 (2.26%) 16,233 1,924 969 2,274 5,146.00 3,218.00 ▼ Insurance Sector (1.30%) 24,243 2,874 498,126 15,779 ▼ Credit Eqdom (Soc D'equip Dom Et MN) EQDM.CS 1,045.00 (4.13%) 1,745 207 2,282 1,224 1,199.00 874.50 ▲ Salafin SLF.CS 879.90 3.52% 2,107 250 1,490 654 880.00 700.00 ▼ Investment & Financial Institutions Sector (0.09%) 3,852 457 3,772 1,879

45 Casablanca Stock Exchange Monthly Databank KAMCO Research MENA Monthly Databank

MTM Point Monthly YTD-17 FY-2016 Index Value Change % Change % Change % Change March-2017 MASI Index ▼ 11,379.71 (546.78) (4.58%) (2.27%) 30.46%

▼ Risma RIS.CS 108.00 (12.20%) 1,547 183 24,312 1,434 135.90 98.30 ▲ Leisure and Hotels Sector 59.58% 1,547 183 24,312 1,434 ▲ Disway MAT.CS 368.00 1.94% 694 82 16,851 3,252 405.10 230.05 ▲ Hightech Payment Systems SA (HPS) HPS.CS 869.90 14.76% 612 73 19,959 8,889 970.00 488.00 ▲ Materials, Software & Computer Services Sector 7.57% 1,306 155 36,810 12,141 ▼ Managem MNG.CS 1,110.00 (2.89%) 10,166 1,205 68,062 44,076 1,390.00 602.00 ▼ Miniere Touissit CMT.CS 1,260.00 (17.65%) 2,118 251 60,758 44,804 1,695.00 1,004.00 ▲ Societe Metallurgique D'imiter SMI.CS 2,975.00 7.79% 4,894 580 314 454 3,160.00 2,311.00 ▼ Mining Sector (0.59%) 17,179 2,036 129,134 89,333 ▲ Afriquia Gaz AGAZ1.CS 2,700.00 1.89% 9,281 1,100 218 291 2,790.00 1,850.00 ═ Marocaine De L Industrie Du Raffinage (SAMIR) SAMI.CS 127.80 0.00% 1,521 180 - - 127.80 127.80 ▲ Oil & Gas Sector 1.62% 10,802 1,280 218 291 ▼ Alliances Developpement Immobilier ADI.CS 154.00 (12.00%) 1,948 231 546,335 46,049 195.00 46.10 ▼ Douja Prom Addoha ADH.CS 43.00 (11.34%) 13,870 1,644 3,622,291 83,728 57.00 33.54 ▼ Real Estate Sector (6.75%) 23,604 2,798 4,168,626 129,777 ▼ Itissalat Al-Maghrib IAM.CS 137.30 (5.41%) 120,700 14,308 1,111,792 78,444 162.50 118.75 ▼ Telecommunications Sector (5.41%) 120,700 14,308 1,111,792 78,444 ▲ Compagnie De Transport Au Maroc CTM.CS 733.00 15.07% 899 107 1,116 381 734.00 500.50 ▲ Transport Sector 15.07% 899 107 1,116 381 ▲ Lyonnaise Des Eaux De Casablanca LYD.CS 561.00 0.18% 4,488 532 553 151 645.00 250.00 ▲ Utilities Sector 0.18% 4,488 532 553 151 ▼ Med Paper PAP.CS 27.71 (15.26%) 72 8 153,658 2,303 41.07 13.10 ▼ Forestry & Paper Sector (15.26%) 72 8 153,658 2,303

▼ Subtotal: Casablanca Stock Exchange (0.41%) 523,393 62,043 9,944,210 960,920

46 KAMCO Research

Damascus Securities Exchange Monthly Databank March-2017

Index Performance relative to Volume Sector Returns

3,175 3,200 Market Cap. MTD YTD 3,000 2,975 2,800 (SRY Mn) % Chg % Chg

2,775 2,600 2,400 Damascus SE 332,914 33.6% 89.6%

2,575 2,200 2,000 Banking 309,552 34.9% 96.0% 2,375 1,800

2,175 1,600 Services 1,493 1.1% 1.1%

1,400

DSE TRW Index 1,975 Industrial 7,158 (7.2%) (2.0%) 1,200

1,000 1,775 Vol. Traded ('000. Shares) Insurance 14,182 42.1% 69.6% 800 1,575 600 Agricultural 528 0.0% 0.0% 400 1,375 Sectors' MTD Return is based on the Change in market cap. and it might not conform with the benchmark return for each sector 200

1,175 0 Jul-16 Apr-16 Oct-16 Jun-16 Jan-17 Mar-16 Feb-17 Mar-17 Aug-16 Sep-16 Nov-16 Dec-16 May-16

Monthly Top Movers & Most Active Stocks Trading Indicators

Price Monthly Closing Monthly Monthly YTD-17 FY-2016 Best Return Performers Market Return (SRY) % Chg Value Chg. % Chg. % Chg. % Chg. Syria Gulf Bank 263.36 95.2% DSE Weighted Index 3,065.72 348.35 12.8% 89.5% 31.7% Al-Aqeelah Takaful Insurance 379.83 73.1% Market Cap (SRY Mn) 332,914 83,693 33.6% 89.6% 38.3% Bank of Jordan Syria 394.50 39.0% Fransabank Syria 451.50 17.0% Bank Of Syria And Overseas 307.50 15.6% Monthly Monthly Monthly Average Daily Trading Indicators Value Chg. % Chg. YTD-17 YTD-16

Price Monthly Volume (Shrs) 2,058,387 (1,180,348) (36.4%) 201,336 6,498 Worst Return Performers (SRY) % Chg Value Traded ('000 SRY) 734,665 (286,126) (28.0%) 54,544 14,873 Alahliah Vegtable Oil Company E.S.A 477.22 (6.1%) No. of Trades 1,999 (108) (5.1%) 123 59.80

Market Breadth 13 1 10

Price Value Price Monthly Most Active Stocks by Value Most Active Stocks by Volume (SRY) ('000 SRY) (SRY) Volume % Chg Syria International Islamic Bank 441.49 153,496 Syria International Islamic Bank 441.49 360,976 7.9% Qatar National Bank Syria 438.11 135,461 Syria Gulf Bank 263.36 323,473 95.2% Cham Bank 445.12 68,165 Qatar National Bank Syria 438.11 308,991 1.9% Fransabank Syria 451.50 68,051 Bank Audi Syria 259.00 286,225 10.2% Bank Audi Syria 259.00 67,263 Al-Aqeelah Takaful Insurance 379.83 212,725 73.1% Source: Investment Research Dept. - KAMCO

47 KAMCO Research Damascus Securities Exchange Monthly Databank MENA Monthly Databank

MTM Point Monthly YTD-17 FY-2016 Index Value Change % Change % Change % Change March-2017 DSE Weighted Index ▲ 3,065.72 348.35 12.82% 89.53% 31.73%

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 224.50 0.00% 11,337,250 160,989 - - 235.50 173.50 ▲ Bank Audi Syria BASY 259.00 10.21% 14,826,455 210,536 286,225 67,262,875 235.00 209.25 ▲ Bank Of Syria And Overseas BSO 307.50 15.60% 12,300,000 174,660 7,200 2,141,500 307.50 250.00 ═ Banque Bemo Saudi Fransi BBSF 357.00 0.00% 17,850,000 253,470 150 56,213 374.75 325.75 ═ Byblos Bank Syria BBS 142.75 0.00% 8,736,300 124,055 - - 138.00 129.25 ▲ Syria International Islamic Bank SIIB 441.49 7.93% 37,524,026 532,841 360,976 153,496,298 441.50 161.00 ▲ The International Bank For Trade & Finance IBTF 425.27 15.25% 22,326,675 317,039 107,442 43,785,888 436.00 129.00 ▲ Qatar National Bank - Syria QNBS 438.11 1.89% 65,716,500 933,174 308,991 135,460,974 459.75 135.25 ▲ Bank of Jordan Syria BOJS 394.50 39.03% 11,835,000 168,057 24,307 8,493,612 407.00 103.75 ▲ Syria Gulf Bank SGB 263.36 95.17% 26,336,000 373,971 323,473 64,609,590 263.50 96.75 ═ Bank Al Sharq SHRQ 185.00 0.00% 4,625,000 65,675 - - 168.00 140.25 ▲ Fransabank Syria FSBS 451.50 16.99% 23,703,750 336,593 158,571 68,051,061 476.00 100.00 ▲ Cham Bank CHB 445.12 6.74% 22,256,000 316,035 157,798 68,165,486 461.00 131.00 ▲ Al Baraka Bank - Syria BBSY 603.58 12.72% 30,179,000 428,542 82,437 45,674,329 604.50 210.00 ▲ Banking Sector 160.45% 309,551,956 4,395,638 1,817,570 657,197,824 ▲ Alahliah Co. For Transport AHT 173.50 4.99% 347,000 4,927 26,542 12,833,045 173.50 147.00 ═ United Group For Publishing, Advertising & Marketing UG 254.68 0.00% 1,146,060 16,274 - - 249.75 249.75 ▼ Services Sector (0.47%) 1,493,060 21,201 26,542 12,833,045 ▼ Alahliah Vegtable Oil Co. E.S.A AVOC 477.22 (6.06%) 7,158,300 101,648 - - 534.00 332.50 ▲ Industrial Sector 116.92% 7,158,300 101,648 - - ═ United Insurance Co. UIC 175.25 0.00% 1,489,625 21,153 - - NA NA ═ National Insurance Co. NIC 124.50 0.00% 1,058,250 15,027 - - 124.50 124.50 ▲ Al-Aqeelah Takaful Insurance ATI 379.83 73.08% 7,596,600 107,872 212,725 64,376,932 380.00 97.25 ═ Solidarity Alliance Insurance SAIC 112.00 0.00% 1,120,000 15,904 - - 166.25 128.75 ▲ Syrian Kuwaiti Insurance Company SKIC 166.25 4.89% 1,413,125 20,066 1,550 257,688 461.00 131.00 ▲ Insurance Sector 73.79% 14,181,900 201,383 214,275 64,634,620 ═ Agricultural Engineering Co For Investments - Nama NAMA 943.50 0.00% 528,360 7,503 - - NA NA ▼ Agricultural Sector (1.97%) 528,360 7,503 - -

▲ Damascus Securities Exchange 151.54% 332,913,576 4,727,373 2,058,387 734,665,488

48 Disclaimer & Important Disclosures

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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