KAMCO Research

Kuwait Stock Exchange Daily Briefing Wednesday, January 19, 2011

Sector Weight by Market Cap KAMCO Total Return Weighted (TRW) Market & Sector Indices

Non‐Kuwaiti 6% Closing DTD MTD 90-Day YTD Food KAMCO TRW Indices 2% Value % Chg % Chg % Chg % Chg

Banking ▲ Market Index 2,951.02 0.29% 0.39% 2.68% 0.39% 42% ▲ Banking 4,794.15 1.11% 2.73% 6.12% 2.73% Services ▼ Investment 1,287.10 -0.07% 1.29% -1.04% 1.29% 28% ▼ Insurance 1,548.68 -0.46% -0.36% 0.40% -0.36% ▼ Real Estate 666.57 -0.07% -2.28% -0.78% -2.28% ▲ Industrial 2,144.09 0.05% 0.19% -2.29% 0.19% ▼ Services 6,402.17 -0.62% -2.28% 2.98% -2.28% Industrial 8% Investment ▲ Food 3,810.01 2.31% 0.06% 2.31% 0.06% 8% Real Estate Insurance ▼ Non-Kuwaiti 2,241.96 -0.39% -1.22% -2.57% -1.22% 5% 1% 52 Week KAMCO TRW Index Return Relative to Volume Top 10 Kuwaiti Companies by Market Capitalization 3,000 1000

2,900 Market Cap. P/E ROE* 800 (Mln KD) (X) (%) 2,800 600 1- ZAIN 6,250 6.38 37.2% 2,700 2- National Bank of Kuwait 5,253 18.23 14.6% 3- Kuwait Finance House 3,137 28.60 8.6% 400 4- Gulf Bank 1,404 NM NM 2,600 5- Commercial Bank of Kuwait 1,208 54.13 4.81% (shr. mil.) traded Volume MCO TRW Index Value

A 200

6- Boubyan Bank 1,119 NM NM KAMCO TRW Index Value 2,500 7- Al Ahli Bank of Kuwait 1,009 17.87 12.3% 8- National Mobile Telecom. Co. 938 14.49 13.6% 2,400 0 9- Ahli United Bank (Kuwait) 826 44.17 7.8% 8.7.10 4.2.10 4.3.10 1.4.10 5.8.10 2.9.10 6.1.11 22.7.10 27.5.10 21.1.10 18.2.10 18.3.10 15.4.10 29.4.10 13.5.10 10.6.10 24.6.10 19.8.10 16.9.10 30.9.10 9.12.10 20.1.11

10- Burgan Bank 757 NM NM 14.10.10 28.10.10 11.11.10 25.11.10 23.12.10

Total 21,901 12.67 17.1% Market Breadth 35 42 139

*: ROE is based on the net profit for TTM 9M-10 & equity figures as of 30 Sep. 2010 Top Movers and Most Active Stocks Market Trading Data and Volatility

Close Change Percent Closing DTD DTD MTD YTD Today's Top % Gainers Performance (KD) (KD) Change Value Chg % Chg % Chg % Chg First Dubai For Real Estate Development 0.039 0.003 6.94% Zima Holding Co. 0.160 0.010 6.67% Future Kid Entertainment and Real Estate Co. 0.132 0.008 6.45% KSE Price Index 6,915.50 -2.50 -0.04% -0.58% -0.58% Heavy Engineering Ind. & Shipbuilding Co. 0.365 0.020 5.80% KSE Weighted Index 486.22 1.54 0.32% 0.42% 0.42% National Ranges Co. 0.019 0.001 5.56% Market Cap (KD Mil) 36,442 202.44 0.56% 0.45% 0.45%

Close Change Percent Today's DTD DTD Average Daily Today's Top % Losers Trading Indicators (KD) (KD) Change Value Chg % Chg YTD 2011 YTD 2010 Pearl of Kuwait Real Estate Co. 0.032 -0.003 -7.35% United Foodstuff Industries Group Co. 0.350 -0.025 -6.67% Real Estate Trade Centers Co. 0.370 -0.025 -6.33% Volume (Million Shares) 141.24 27.89 24.60% 249.40 533.92 United Gulf Bank 0.335 -0.020 -5.56% Value Traded (KD Million) 25.45 -2.72 -9.65% 38.76 58.50 Al-Ahlia Holding Co. 0.017 -0.001 -5.56% No. of Trades 2,255 -205 -8.33% 3,682 6,656

Close Volume Market Volatility Volatility Since January Today's Most Active (KD) (Shares) Annualized Standard Deviation of Daily Returns 2010 2009 2008 National Ranges Co. 0.019 13,920,000 Al Safat Investment Co. 0.070 11,840,000 International Financial Advisers 0.068 11,440,000 KAMCO Total Return Weighted Index 9.88% 14.94% 16.85% Al-Ahlia Holding Co. 0.017 9,600,000 KSE Price Index 9.15% 12.76% 14.69% AREF Investment Group 0.081 7,240,000 KSE Weighted Index 13.27% 19.83% 21.37%

Source: Investment Research Dept. - KAMCO Source: Investment Research Dept. - KAMCO KAMCO Research

Kuwait Stock Exchange Daily Briefing Wednesday, January 19, 2011

Company Reuters Dividend MKT Cap 52-Week 52-Week YTD-11 Volume Trailing Trailing Closing Ticker Yield Beta (KD Mln.) High Low # (Mln.shrs.) P/E (X) P/B (X) Price (KD) Return

▲ National Bank of Kuwait NBKK.KW 18.23 2.40 2.22% 1.42 1.460 5253.0 1.520 1.040 1.4% 4.02 ═ Gulf Bank GBKK.KW NM 3.46 0.00% 0.84 0.560 1404.3 0.590 0.275 -1.8% 0.00 ═ Commercial Bank of Kuwait CBKK.KW 54.13 2.76 0.00% 0.83 0.950 1208.4 0.980 0.680 3.3% 0.00 ═ Ahli Bank of Kuwait ABKK.KW 17.87 2.18 1.70% 0.73 0.700 1008.8 0.720 0.440 0.0% 0.02 ▲ Ahli United Bank - Kuwait BKME.KW 44.17 3.10 0.00% 1.00 0.770 826.4 0.790 0.475 16.7% 0.92 ▼ Kuwait International Bank KIBK.KW 39.12 1.80 0.00% 1.43 0.360 373.4 0.380 0.180 5.9% 4.35 ═ Burgan Bank BURG.KW NM 1.76 0.00% 1.33 0.540 756.7 0.560 0.300 1.9% 1.87 ▲ Kuwait Finance House KFIN.KW 28.60 2.42 1.83% 1.48 1.260 3137.2 1.280 0.920 8.6% 0.65 ▲ Boubyan Bank BOUK.KW NM 4.74 0.00% 1.56 0.640 1118.9 0.670 0.390 1.6% 0.07 ▲ Average Banking 28.86 2.61 1.27% 1.02 Total 15,087.2 2.7% 11.9 ═ Kuwait Investment Co. KINV.KW NM 0.67 0.00% 1.06 0.132 72.8 0.168 0.092 -2.9% 0.24 ▲ Commercial Facilities Co. FACI.KW 19.62 1.29 5.02% 0.88 0.385 206.7 0.400 0.295 1.3% 0.99 ▲ Int'l Financial Advisors Co. IFIN.KW NM 0.36 0.00% 1.35 0.068 49.0 0.116 0.045 13.3% 11.44 ▼ National Investment Co. NINV.KW 29.59 1.78 0.00% 1.41 0.430 376.8 0.570 0.255 -5.5% 0.26 ▼ Kuwait Projects Co.(Holding) KPRO.KW 16.13 0.95 4.77% 1.61 0.460 557.7 0.540 0.290 5.7% 0.11 ▼ Al-Ahlia Holding Co. AINV.KW NM 0.32 0.00% 1.29 0.017 14.1 0.045 0.015 -2.9% 9.60 ▼ Coast Invest. & Development Co. COAS.KW NM 1.17 0.00% 1.27 0.116 72.5 0.186 0.100 -3.3% 0.54 ═ The International Investor Co. TIIK.KW NM 1.02 0.00% 1.08 0.025 12.3 0.040 0.023 0.0% 0.00 ═ The Securities House Co. SECH.KW NM 3.10 0.00% 0.78 0.130 88.4 0.130 0.097 0.0% 0.00 ═ Industrial & Financial Invest. Co. IICK.KW NM NM 0.00% 1.07 0.038 17.1 0.061 0.036 -5.0% 0.00 ═ Securities Group SGCK.KW NM 1.13 5.36% 0.83 0.280 71.5 0.280 0.232 0.0% 0.00 ═ International Finance Co. IMCK.KW NM 1.58 0.00% 0.48 0.275 128.1 0.285 0.212 0.0% 0.00 ▼ Kuwait Financial Centre MARKZ.KW 14.81 0.79 0.00% 1.65 0.156 78.9 0.160 0.091 8.3% 1.38 ═ Kuwait & M.E. Financial Investment Co. KMEF.KW NM 0.46 0.00% 0.39 0.070 18.5 0.144 0.070 -10.3% 0.00 ═ International Investment Group. IIGK.KW NM 0.35 0.00% 1.07 0.044 20.1 0.063 0.044 0.0% 0.00 ▲ AREF Investment Group AIGK.KW NM 0.66 0.00% 1.32 0.081 86.0 0.132 0.045 30.6% 7.24 ═ The Investment Dar TIDK.KW NM NM 0.00% 0.97 0.074 70.6 NA NA 0.0% 0.00 ▼ Al-Aman Investment Co. AMAN.KW NM 0.90 0.00% 0.67 0.057 27.7 0.082 0.050 7.5% 1.68 ▲ First Investment Co. OLAK.KW NM 0.85 0.00% 1.16 0.120 78.1 0.124 0.067 50.0% 3.44 ▼ Al-Mal Investment Co. MALK.KW NM 0.98 0.00% 1.62 0.114 60.2 0.150 0.064 -6.6% 0.28 ═ Gulf Investment House GIHK.KW NM 0.57 0.00% 1.03 0.054 23.9 0.077 0.046 17.4% 0.16 ═ A'ayan Leasing & Investment Co. AAYA.KW NM 2.09 0.00% 1.43 0.071 45.4 0.090 0.067 0.0% 0.00 ═ Bayan Investment Co. BAYK.KW NM 0.40 0.00% 1.92 0.053 20.8 0.094 0.043 -5.4% 0.12 ▲ Global Investment House GLOB.KW NM 0.67 0.00% 1.27 0.059 77.4 0.114 0.048 13.5% 5.80 ▼ Osoul Investment Co. OSUL.KW NM 0.95 0.00% 1.13 0.053 18.4 0.096 0.051 0.0% 0.04 ═ Gulfinvest International Co. GVES.KW NM 0.31 0.00% 1.05 0.021 4.0 0.044 0.020 0.0% 0.00 ═ Kuwait Finance & Investment Co. KFSK.KW NM 0.96 0.00% 0.44 0.031 10.6 0.148 0.029 -11.4% 0.00 ═ Kuwait Inv. Projects Asset Mgt Co.(KAMCO) KAMC.KW 11.36 0.82 3.23% 0.54 0.300 79.0 0.410 0.285 -6.3% 0.05 ═ International Leasing & Investment Co. ILIC.KW NM NM 0.00% 0.71 0.094 29.4 NA NA 0.0% 0.00 ═ Kuwait Invest Holding Co. KTIN.KW NM 1.57 0.00% 0.63 0.220 72.0 0.234 0.152 0.0% 0.00 ═ National International Holding Co. NIHK.KW NM 0.24 0.00% 0.22 0.052 11.1 0.112 0.048 -1.9% 0.00 ═ Housing Finance Co. ISKN.KW NM 1.32 0.00% 0.34 0.100 29.8 0.180 0.096 -12.3% 0.00 ═ Al Madar Finance & Investment Co. MADR.KW NM 0.67 0.00% 0.57 0.051 18.7 0.075 0.050 -7.3% 0.00 ▼ Al-Deera Holding DEER.KW NM 0.31 0.00% 0.54 0.038 28.3 0.112 0.035 7.0% 2.48 ═ Al Safat Investment Co. SAFT.KW NM 0.51 0.00% 1.63 0.070 54.1 0.162 0.051 11.1% 11.84 ═ Al Salam Group Holding Co. ALSALAM.KW NM 0.62 0.00% 0.85 0.056 13.4 0.158 0.051 1.8% 1.24 ═ Ekttitab Holding Co. EKTT.KW NM 0.79 0.00% 1.52 0.034 17.6 0.054 0.024 -2.9% 0.16 ▼ Al Qurain Holding Co. QURK.KW NM 0.38 0.00% 1.41 0.031 9.2 0.049 0.020 -3.1% 0.48 ═ Sokouk Holding Co. SHCK.KW NM 0.36 0.00% 1.64 0.032 31.5 0.060 0.027 10.5% 1.92 ▼ Al Madina For Finance & Investment Co. MADI.KW NM 0.24 0.00% 1.38 0.044 17.7 0.078 0.038 -3.3% 1.60 ═ NOOR Financial Investment Co. NOOR.KW NM 0.51 0.00% 1.85 0.045 33.8 0.095 0.038 7.1% 0.00 ═ Tamdeen Investment Co. TAMI.KW 29.60 0.74 2.42% 0.82 0.248 77.3 0.450 0.142 -4.6% 0.00 ═ Kuwait Bahrain International Exchange Co. EXCH.KW 22.27 2.44 7.94% 0.43 0.315 14.6 0.315 0.220 0.0% 0.00 ═ Damac Kuwaiti Holding Co. DAMK.KW NM 1.25 0.00% 0.42 0.112 20.2 0.122 0.087 0.0% 0.00 ═ Kuwait Syrian Holding Co. KSHC.KW NM 0.63 0.00% 1.57 0.067 20.1 0.134 0.061 -2.9% 0.00 ═ Strategia Investment Co. STRAT.KW NM 1.00 0.00% 1.08 0.029 5.0 0.073 0.028 0.0% 0.00 ▲ Kuwait China Investment Co. KCIC.KW NM 0.66 0.00% NA 0.072 57.6 0.126 0.064 0.0% 1.28 ═ Manafae Investment Co. MANFAE.KW NM 0.56 0.00% NA 0.074 14.9 0.138 0.060 -6.3% 0.00 ═ Gulf North Africa Holding Co. GNAH.KW 9.58 0.54 0.00% NA 0.071 10.7 0.112 0.059 -4.1% 0.04 ═ Amwal International Investment Co. AMWA.KW NM 0.59 0.00% NA 0.079 14.3 0.102 0.079 -6.0% 0.00 ═ Al Masar Leasing & Investment Co. MASAR.KW NM 0.41 0.00% NA 0.043 6.8 0.082 0.043 0.0% 0.00 ▼ Average Investment NM 0.85 1.55% 0.88 Total 2,994.3 1.3% 64.4 ═ Kuwait Insurance Co. KINS.KW 52.14 1.39 5.19% 0.24 0.385 74.7 0.385 0.300 4.1% 0.00 ▼ Gulf Insurance Co. GINS.KW 17.58 1.40 6.48% 0.27 0.600 101.8 0.680 0.375 0.0% 0.01 ═ Ahleiah Insurance Co. AINS.KW 16.51 1.14 3.33% 0.20 0.530 91.1 0.540 0.385 0.0% 0.00 ▼ Warba Insurance Co. WINS.KW 13.63 0.57 0.00% 0.32 0.152 26.3 0.255 0.152 -12.6% 0.02 ═ Kuwait Reinsurance Co. KWRE.KW 14.12 0.64 2.16% 0.02 0.220 24.2 0.240 0.220 0.0% 0.00 ═ First Takaful Insurance Co. FTIK.KW NM 0.78 0.00% 0.17 0.080 8.0 0.500 0.075 -11.1% 0.00 ═ Wethaq Takaful Insurance Co. WETH.KW NM 0.45 0.00% 0.06 0.046 5.0 0.070 0.046 -5.2% 0.00 ▼ Average Insurance 24.57 1.07 4.24% 0.13 Total 331.1 -0.4% 0.0 ▲ Kuwait Real Estate Co. KREK.KW 76.46 0.42 0.00% 1.28 0.063 57.1 0.094 0.051 8.6% 1.48 ▲ United Real Estate Co. UREK.KW 16.69 0.47 0.00% 1.50 0.092 109.3 0.110 0.069 -4.2% 0.28 ═ National Real Estate Co. NREK.KW 6.49 0.47 0.00% 1.92 0.156 127.0 0.236 0.114 -7.1% 0.38 ═ Salhia Real Estate Co. SREK.KW 9.53 0.91 5.43% 0.42 0.270 107.8 0.295 0.216 -8.5% 0.00 ▼ Pearl of Kuwait Real Estate Co. PEAR.KW NM NM 0.00% 0.56 0.032 7.9 0.096 0.018 -20.3% 0.16 ▼ Tamdeen Real Estate Co. TAMK.KW 11.15 0.94 3.77% 0.88 0.265 98.9 0.380 0.248 -1.9% 0.01 ═ Ajial Real Estate Entertainment Co. AREC.KW NM 0.34 0.00% 0.47 0.118 20.8 0.176 0.110 -20.3% 0.00 ═ Al Massaleh Real Estate Co. MREC.KW 23.35 0.41 0.00% 0.68 0.076 17.9 0.114 0.065 -15.6% 0.00 ═ Arab Real Estate Co. ARAB.KW NM 0.32 0.00% 1.47 0.041 20.9 0.075 0.038 -5.7% 0.00 ═ Union Real Estate Co. UREC.KW 16.90 0.73 5.89% 0.35 0.110 22.1 0.116 0.106 3.8% 0.00 ▲ AL-Enma'a Real Estate Co.* ENMA.KW NM 0.73 0.00% 0.82 0.086 38.7 0.098 0.051 8.9% 2.16 ═ Mabanee Co. MABK.KW 25.39 3.21 1.15% 1.39 0.790 399.0 0.900 0.520 -1.3% 0.48 ▼ Injazzat Real Estate Development Co. INJA.KW NM 0.70 0.00% 1.26 0.112 38.7 0.176 0.067 7.7% 1.64 ▼ Jeezan Holding Co. JEZK.KW NM 0.66 0.00% 1.50 0.051 13.8 0.076 0.031 -3.8% 0.08 ═ Investors Holding Group Co Co.. INVK.KWINVK.KW NM 0.260.26 0.00%0.00% 1.681.68 0.019 19.819.8 0.0420.042 0.0170.017 -2.6%2.6% 2.562.56 ═ International Resorts Co. IRCK.KW NM 0.38 0.00% 1.46 0.042 6.5 0.079 0.039 7.7% 0.00 ▼ The Commercial Real Estate Co. TIJK.KW 27.20 0.57 0.00% 1.31 0.078 143.1 0.120 0.070 -2.5% 2.00 ═ Sanam Real Estate Co. SANK.KW NM 0.56 0.00% 0.37 0.088 10.8 0.172 0.079 4.8% 0.00 KAMCO Research

Kuwait Stock Exchange Daily Briefing Wednesday, January 19, 2011

Company Reuters Dividend MKT Cap 52-Week 52-Week YTD-11 Volume Trailing Trailing Closing Ticker Yield Beta (KD Mln.) High Low # (Mln.shrs.) P/E (X) P/B (X) Price (KD) Return ▼ A'ayan Real Estate Co. AYRE.KW 9.55 0.42 0.00% 1.18 0.080 30.2 0.118 0.067 5.3% 0.20 ═ Aqar Real Estate Investment Co. AQAR.KW NM 0.89 0.00% 0.60 0.090 21.1 0.102 0.075 0.0% 0.00 ▲ Kuwait Real Estate Holding Co. ALAQ.KW NM 0.41 0.00% 1.10 0.035 10.9 0.048 0.034 -10.4% 0.16 ═ MAZAYA Holding Co. MAZA.KW NM 0.44 0.00% 1.10 0.120 77.9 0.170 0.078 0.0% 0.66 ═ Al Dar National Real Estate Co. ADNC.KW NM 0.67 0.00% 0.93 0.021 8.8 0.042 0.019 0.0% 0.00 ═ AL-Themar International Holding Co. THMR.KW 48.41 1.02 0.00% 0.59 0.110 111.4 0.128 0.099 -3.5% 0.00 ═ Grand Real Estate Projects Co. GRND.KW NM 0.32 0.00% 1.49 0.018 6.8 0.054 0.017 0.0% 0.08 ═ Tijara Real Estate & Investment Co. TIJA.KW NM 0.35 0.00% 0.44 0.039 14.8 0.058 0.032 2.7% 0.00 ═ Al TAMEER Real Estate Investment Co. AMAR.KW NM 0.47 0.00% 0.36 0.054 13.0 0.069 0.049 5.9% 0.00 ▼ Arkan Al-Kuwait Real Estate Co. ARKK.KW NM 0.55 0.00% 0.29 0.065 14.4 0.076 0.046 6.6% 0.08 ═ Safat Global Holding SAFA.KW NM NM 0.00% 0.25 0.049 1.5 NA NA 0.0% 0.00 ═ Al-Argan International Real Estate Co. ARGK.KW 14.02 0.86 0.00% 0.49 0.208 55.1 0.208 0.168 0.0% 0.00 ═ Abyaar Real Estate Development Co. ABYR.KW NM 0.36 0.00% 1.31 0.036 37.5 0.062 0.022 1.4% 1.68 ▲ Munshaat Real Estate Projects Co. MUNS.KW NM 0.23 0.00% 1.71 0.036 11.4 0.096 0.032 9.2% 0.08 ▲ First Dubai For Real Estate Development FIRST.KW NM 0.47 0.00% 1.08 0.039 38.5 0.055 0.025 -10.5% 0.16 ═ Kuwait Business Town Real Estate Co. KBTK.KW NM 0.45 0.00% 0.72 0.044 34.6 0.056 0.042 0.0% 0.00 ═ Manazel Holding Co. MANK.KW NM 0.35 0.00% 1.93 0.027 18.9 0.059 0.021 -1.9% 0.48 ═ Real Estate Asset Management Co. REAM.KW 28.22 0.78 0.00% NA 0.116 12.1 0.150 0.091 0.0% 0.00 ═ MENA Real Estate Co. MENK.KW 3.32 0.35 0.00% NA 0.048 9.3 0.110 0.037 -3.1% 0.00 ═ Al Mudon International Real Estate Co. ALMK.KW NM 1.45 0.00% NA 0.240 24.0 0.260 0.238 0.0% 0.00 ▼ Real Estate Trade Centers Co. MARA.KW 18.08 2.15 0.00% NA 0.370 38.9 0.600 0.370 -36.2% 0.01 ▲ Kuwait Remal Real Estate Co. REMAL.KW 5.05 1.82 0.00% NA 0.320 64.0 0.320 0.220 6.7% 5.28 ▼ Average Real Estate NM 0.74 0.81% 1.00 Total 1,915.2 -2.3% 20.1 ▲ National Industries Group NIND.KW NM 1.00 0.00% 1.96 0.360 466.2 0.425 0.222 4.3% 1.08 ═ Kuwait Pipes Industries & Oil services PIPE.KW NM 1.88 0.00% 1.83 0.255 57.5 0.405 0.184 -5.6% 0.25 ═ Kuwait Cement Co. KCEM.KW 45.71 2.56 1.34% 1.15 0.690 419.0 0.780 0.510 -1.4% 0.00 ═ Refrigeration Industries & Storage Co. REFR.KW NM 1.05 0.00% 0.69 0.226 19.2 0.290 0.210 0.0% 0.00 ▼ Gulf Cable & Electrical Ind. Co. CABL.KW 15.87 1.82 2.58% 0.87 1.940 407.3 2.260 1.400 -3.0% 0.02 ▲ Heavy Eng'g Ind. & Shipbuilding Co. SHIP.KW 13.75 2.15 0.00% 0.94 0.365 59.7 0.630 0.335 -2.7% 0.03 ═ Contracting & Marine Services Co. MARI.KW 29.33 1.63 0.00% 0.56 0.350 69.3 0.560 0.330 1.4% 0.00 ═ Kuwait Portland Cement Co. PCEM.KW 9.26 1.88 5.95% 1.14 1.680 138.8 1.800 0.880 1.2% 0.06 ▲ Shuaiba Industrial Co. PAPE.KW 6.31 0.79 7.33% 0.47 0.200 11.1 0.242 0.144 2.0% 0.02 ═ Metal & Recycling Co. MRCK.KW NM 0.56 0.00% 1.15 0.148 12.2 0.180 0.097 2.8% 0.00 ═ Kuwait Foundry Co. KFDC.KW 20.49 1.61 2.42% 0.47 0.750 90.8 0.980 0.710 -2.6% 0.00 ═ ACICO Industries Co. ACIC.KW 22.18 0.96 2.79% 0.95 0.340 76.7 0.415 0.330 -5.6% 0.00 ▼ United Industries Co. UICK.KW 70.65 0.67 0.00% 1.38 0.130 64.4 0.160 0.074 10.2% 0.08 ═ Boubyan Petrochemicals Co.* BPCC.KW 13.36 1.28 5.35% 1.41 0.560 271.7 0.580 0.410 3.7% 2.77 ═ Gulf Glass Manufacturing Co. GGMC.KW 13.12 2.17 0.00% 0.34 0.710 27.2 0.840 0.405 1.4% 0.00 ═ Hilal Cement Co. HCCK.KW NM 1.14 0.00% 0.13 0.255 17.8 0.375 0.222 0.0% 0.00 ═ Al Kout for Industrial Projects Co. ALKK.KW 12.93 1.65 3.90% 0.05 0.385 34.0 0.385 0.385 0.0% 0.00 ═ Kuwait Packing Materials Co. KPAK.KW 13.32 1.55 5.56% 0.25 0.360 15.2 0.520 0.325 0.0% 0.00 ═ Kuwait Building Materials Co. KBMM.KW 34.04 1.60 5.45% 0.11 0.275 7.2 0.430 0.222 -5.2% 0.00 ═ National Industries Building Materials Co. NIBM.KW 42.83 1.65 0.00% 0.49 0.375 129.8 0.415 0.295 -3.8% 0.04 ═ Gulf Rocks Co. ROCK.KW 18.38 0.46 8.76% 0.34 0.102 9.3 0.315 0.100 0.0% 0.00 ▼ Equipment Holding Co. EQUI.KW NM 0.61 0.00% 1.16 0.066 9.0 0.082 0.056 -1.5% 0.04 ═ Mena Holding Co. MENA.KW 10.33 0.59 0.00% 1.13 0.146 96.4 0.315 0.134 -3.9% 1.70 ═ National Co. for Consumer Industries NCCI.KW NM 0.89 0.00% 0.39 0.093 8.4 0.122 0.088 0.0% 0.00 ═ Kuwait Gypsum Manufacturing & Trading Co. GYPK.KW 11.06 1.10 8.49% 0.07 0.176 5.3 0.176 0.176 0.0% 0.00 ▼ Qurain Petrochemical Industries Co. ALQK.KW NM 1.21 0.00% 1.17 0.196 215.6 0.260 0.158 4.3% 0.60 ▲ Salbookh Trading Co. SALB.KW NM 0.58 0.00% 0.50 0.076 15.6 0.095 0.046 5.6% 0.28 ═ IKARUS Petroleum Industries Co. IKAR.KW 32.12 0.87 0.00% NA 0.150 112.5 0.176 0.118 1.4% 0.92 ═ Boubyan International Industries Holding Co. BIIHC.KW 10.25 0.70 0.00% NA 0.122 36.6 0.144 0.110 5.7% 3.88 ▲ Average Industrial 25.64 1.29 1.65% 1.01 Total 2,903.8 0.2% 11.8 ═ Kuwait National Cinema Co. KCIN.KW 19.23 2.08 3.87% 0.22 0.920 93.0 0.920 0.630 5.7% 0.00 ═ Kuwait Hotels Co. KHOT.KW 15.52 1.47 0.00% 0.15 0.255 14.0 0.270 0.232 0.0% 0.00 ▼ Agility (PWC Logistics) AGLT.KW 5.56 0.51 8.03% 1.91 0.480 502.5 0.700 0.265 -7.7% 0.64 ═ Market Complex Co. SHOP.KW NM 0.57 0.00% 1.17 0.118 31.4 0.140 0.100 -7.8% 0.00 ▼ Zain ZAIN.KW 6.38 2.14 10.49% 1.56 1.460 6249.7 1.560 0.860 -3.9% 0.49 ▲ Al-Safat Energy Holding Co. SENE.KW NM 0.58 0.00% 1.28 0.059 35.6 0.102 0.048 13.5% 1.48 ═ Educational Holding Group* EDUK.KW NM 0.56 0.00% 0.59 0.072 17.7 0.122 0.072 0.0% 0.00 ═ Independent Petroleum Group IPGK.KW 14.72 0.99 6.26% 0.72 0.455 69.3 0.480 0.430 2.2% 0.00 ▼ National Cleaning Co. CLEA.KW 14.56 0.78 0.00% 1.06 0.162 16.7 0.375 0.126 2.5% 0.08 ═ Sultan Center Food Products Co. SCFK.KW NM 0.86 0.00% 1.92 0.180 104.2 0.228 0.140 -1.1% 0.00 ═ Arabi Holding Group Co. AGHC.KW 29.19 0.87 0.00% 0.93 0.130 17.7 0.176 0.104 -12.2% 0.04 ═ City Group Co. TTGC.KW NM 2.47 0.00% 0.39 0.580 65.5 0.760 0.530 0.0% 0.00 ═ National Mobile Telecom Co. NMTC.KW 14.49 1.96 2.67% 1.23 1.860 937.5 1.960 1.520 -2.1% 0.07 ▲ Kuwait & Gulf Link Transport Co. KGLK.KW 18.16 0.61 0.00% 1.53 0.164 43.3 0.420 0.132 5.1% 0.80 ═ Kuwait Cable Vision Co. KWTV.KW NM 2.17 0.00% 0.54 0.070 4.0 0.094 0.058 0.0% 0.00 ═ Automated Systems Co. ASCK.KW 13.34 1.02 NM 0.41 0.234 9.4 0.455 0.234 -4.1% 0.00 ═ National Petroleum Services Co. NAPS.KW 16.32 1.50 7.39% 0.42 0.330 18.1 0.330 0.204 0.0% 0.15 ▼ Kuwait Co. For Process Plant Const. & Cont. KCPC.KW 13.96 1.67 1.02% 0.37 0.430 24.6 0.510 0.214 -6.5% 0.08 ═ Kuwait Slaughter House Co. KSHK.KW 18.03 2.12 5.88% 0.07 0.255 7.9 0.325 0.255 0.0% 0.00 ═ EYAS for Higher & Technical Education Co.* EYAS.KW 19.05 1.92 0.00% 0.13 0.330 35.2 0.330 0.305 -3.0% 0.00 ▲ Hits Telecom Holding Co. HITS.KW 38.71 0.52 0.00% 0.81 0.076 54.8 0.118 0.048 -5.0% 1.08 ═ Al-Safwa Group Co. (Holding) SAFK.KW NM 0.68 0.00% 1.72 0.023 29.9 0.068 0.021 0.0% 2.88 ═ Human Soft Holding Co. HUMN.KW 67.62 1.93 0.00% 0.14 0.310 35.4 0.320 0.236 0.0% 0.00 ═ Privatization Holding Co. KPPC.KW NM 0.35 0.00% 1.51 0.055 43.7 0.099 0.046 3.8% 0.48 ═ Nafais Holding Co. NAFA.KW NM 0.63 0.00% 0.15 0.053 33.0 0.092 0.030 -10.2% 0.00 ═ National Slaughter Houses Co. NSHK.KW 55.85 1.65 0.00% 0.00 0.182 5.3 0.192 0.174 0.0% 0.00 ▲ Aref Energy Holding Co. AREF.KW 56.78 1.66 0.00% 0.64 0.168 126.0 0.300 0.154 -6.7% 0.06 ▲ Safwan Trading & Contracting Co. SAFW.KW 7.95 1.66 6.48% 0.14 0.305 15.3 0.310 0.188 1.7% 0.46 ═ Gulf Petroleum Investment GPIK.KW NM 0.34 0.00% 1.08 0.037 8.1 0.064 0.033 -9.8% 0.00 ═ Gulf Franchising Co. GFCI.KW NM 0.73 0.00% 0.83 0.035 4.2 0.043 0.029 6.1% 0.00 ═ Credit Rating & Collection Co. TAHS.KW NM 1.57 0.00% 0.19 0.188 31.0 0.400 0.150 -30.4% 0.00 ▲ National Ranges Co. MAYA.KW NM 0.27 0.00% 1.33 0.019 19.0 0.042 0.017 11.8% 13.92 ═ BurBurgangan Co. for Drilling,Drilling, Trading,Trading, & Maintenance AABAR.KWBAR.KW38.69 1.93 0.00% 0.64 0.470 98.5 0.590 0.400 -2.1%2.1% 0.00 ═ IFA Hotels & Resorts Co.* IFAH.KW 30.03 3.65 0.00% 0.58 0.530 240.6 0.620 0.425 -1.9% 0.00 ═ Combined Group Contracting Co. CGCK.KW 20.35 5.19 2.87% 0.77 2.040 179.2 2.100 1.480 2.0% 0.01 ═ Jeeran Holding Co.* JEER.KW NM 0.70 0.00% 0.49 0.124 17.7 0.200 0.095 8.8% 0.00 ═ Palms Agro Production Co. PAPK.KW 13.43 1.05 4.81% 0.37 0.166 8.7 0.242 0.156 0.0% 0.00 KAMCO Research

Kuwait Stock Exchange Daily Briefing Wednesday, January 19, 2011

Company Reuters Dividend MKT Cap 52-Week 52-Week YTD-11 Volume Trailing Trailing Closing Ticker Yield Beta (KD Mln.) High Low # (Mln.shrs.) P/E (X) P/B (X) Price (KD) Return ▲ Al Safat TEC Holding Co. SAFH.KW 22.51 0.40 0.00% 1.32 0.044 17.6 0.086 0.037 7.3% 0.80 ═ Mishref General Trading & Contracting Co. MTCC.KW 26.54 1.00 0.00% 0.44 0.128 25.6 0.218 0.102 -3.0% 0.26 ═ United Projects Group UPAC.KW 8.84 1.06 7.97% 0.42 0.425 35.1 0.445 0.255 -3.4% 1.10 ═ Al-Abraj Holding Co. ABRAJ.KW 0.38 0.18 0.00% 0.69 0.025 4.2 0.030 0.023 0.0% 0.00 ═ ALAFCO Aviation Lease & Finance Co.* ALAF.KW 31.18 2.78 1.24% 1.25 0.385 300.2 0.395 0.150 20.3% 3.38 ═ AL-Mowasat Healthcare Co. MHCK.KW 16.02 0.75 0.00% 0.06 0.116 11.2 0.180 0.104 -3.3% 0.00 ▼ Mashaer Holding Co. MASK.KW NM 0.40 0.00% 0.98 0.148 26.6 0.345 0.130 4.2% 0.04 ▼ Oula Fuel Marketing Co. OULA.KW 36.30 2.77 2.82% 0.41 0.355 106.4 0.550 0.325 -10.1% 0.22 ═ Villa Moda Life Style Co. VILK.KW NM NM 0.00% NA 0.188 12.7 NA NA 0.0% 0.00 ═ Future Communications Global Co. FUTK.KW 7.80 1.74 7.44% 0.32 0.320 25.9 0.370 0.305 -5.9% 0.00 ═ Network Holding Co. VEND.KW NM NM 0.00% 0.48 0.045 6.8 NA NA 0.0% 0.00 ▼ Hayat Communications Co. HAYK.KW 11.38 1.18 0.00% 0.41 0.142 12.8 0.360 0.132 -5.3% 0.02 ▼ Mubarrad Transport Co. MBRD.KW NM 0.77 0.00% 1.14 0.094 20.4 0.182 0.061 -2.1% 0.76 ═ Kuwait Resorts Co. MUNK.KW NM 0.42 0.00% 0.54 0.046 8.6 0.096 0.046 -8.0% 0.00 ═ Advanced Technology Co. ATCK.KW 20.77 3.22 0.00% NA 0.790 94.8 0.800 0.520 0.0% 0.00 ▼ Yiaco Medical Co. YIAC.KW 25.43 2.24 2.94% 0.91 0.340 56.1 0.365 0.158 3.0% 0.02 ▼ Jazeera Airways Co. JAZK.KW NM 2.00 0.00% 0.86 0.124 27.3 0.232 0.096 0.0% 0.02 ▲ Soor Fuel Marketing Co. SOOR.KW 21.26 2.58 3.69% 0.64 0.325 97.4 0.375 0.300 -5.8% 0.05 ═ Kuwait National Airways Co. KNAK.KW NM 1.18 0.00% 1.15 0.072 36.0 0.118 0.066 -10.0% 0.00 ▲ Future Kid Entertainment and Real Estate Co. KIDK.KW 24.22 0.76 0.00% 0.06 0.132 15.6 0.132 0.102 6.5% 0.04 ▼ KGL Logistics Co. LOGK.KW 8.11 1.49 0.00% NA 0.285 65.6 0.490 0.180 -1.7% 0.69 ═ Al-Nawadi Holding Co. ALNA.KW 5.14 0.65 0.00% NA 0.086 8.6 0.148 0.086 0.0% 0.00 ▼ Al Rai Media Group Co. ALRA.KW 11.28 1.01 0.00% NA 0.110 25.6 0.170 0.100 -3.5% 0.36 ▲ Zima Holding Co. ZIMAH.KW 14.92 1.34 0.00% NA 0.160 16.0 0.160 0.140 14.3% 0.82 ▼ Average Services 8.98 1.71 7.34% 1.29 Total 10,304.5 -2.3% 31.3 ═ Livestock Transport & Trading Co. CATT.KW NM 1.34 4.80% 0.70 0.305 66.1 0.360 0.265 3.4% 0.00 ═ Danah Alsafat Foodstuff Co. DANK.KW 6.87 0.72 8.01% 1.50 0.110 31.8 0.210 0.104 0.0% 0.16 ═ Kuwait United Poultry Co. POUL.KW 21.32 1.21 0.00% 0.63 0.122 14.1 0.122 0.100 0.0% 0.00 ▲ Kuwait Foods Co. (Americana) FOOD.KW 12.05 2.02 3.56% 0.80 1.640 659.3 1.820 1.300 0.0% 0.04 ▼ United Foodstuff Industries Group Co. UFIG.KW 22.87 2.13 5.68% 0.01 0.350 11.7 0.455 0.315 -6.7% 0.04 ═ Kout Food Group KOUT.KW 7.44 1.19 3.85% 0.15 0.390 28.5 0.410 0.300 -2.5% 0.00 ▲ Average Food 12.82 1.81 3.81% 0.73 Total 811.4 0.1% 0.2 ▼ Sharjah Cement Co. SCEM.KW 20.36 0.43 8.55% 0.66 0.084 46.4 0.146 0.083 -4.5% 0.04 ═ Gulf Cement Co. GCEM.KW NM 0.87 6.67% 0.87 0.120 98.5 0.180 0.110 -4.8% 0.38 ═ Umm Al-Qaiwain Cement Industries Co. QCEM.KW NM 0.46 0.00% 0.77 0.057 20.7 0.065 0.048 1.8% 0.00 ═ Fujairah Cement Industries Co. FCEM.KW 70.46 0.38 5.61% 0.83 0.082 29.2 0.168 0.078 -5.7% 0.00 ═ Ras-Al-Khaimah for White Cement Co. RKWC.KW 9.25 0.82 9.00% 1.14 0.100 46.7 0.106 0.072 -2.0% 0.20 ═ Arab Insurance Group ARIG.KW 6.64 0.40 12.16% 0.27 0.142 31.2 0.174 0.140 0.0% 0.00 ▼ United Gulf Bank UGBK.KW 22.22 1.77 1.06% 0.67 0.335 274.8 0.395 0.250 -11.8% 0.02 ▼ Egypt Kuwait Holding Co. EKHK.KW 11.19 1.77 0.69% 0.76 0.470 394.5 0.720 0.395 -1.1% 0.36 ═ Bahrain Kuwait Insurance Co. BKIK.KW 8.35 1.47 4.43% 0.01 0.455 22.8 NA NA 0.0% 0.00 ═ Gulf Finance House GFHK.KW NM 0.52 0.00% 1.54 0.034 63.4 0.104 0.031 0.0% 0.00 ═ Inovest INOV.KW NM 0.51 0.00% 1.04 0.112 32.1 0.170 0.104 -6.7% 0.12 ▲ Ahli United Bank - Bahrain AUBK.KW 14.71 1.54 3.92% 0.55 0.204 919.3 0.250 0.138 2.0% 0.14 ▲ Ithmaar Bank ITHMR.KW NM 0.42 0.00% 1.15 0.036 114.8 0.063 0.030 0.0% 0.24 ▼ Average Non Kuwaiti 16.57 1.10 3.00% 0.53 Total 2,094.4 -1.2% 1.5

▲ Average Market 19.61 1.60 3.20% 1.00 Total 36,442.0 0.4% 141.2

YTD-2011 Top Movers & Most Active Stocks Forex & Treasury

Close Percent 19-Jan-11 YTD Top % Gainers (KD) Change Currencies First Investment Co. 0.120 50.00% KD USD Euro GBP AREF Investment Group 0.081 30.65% Kuwaiti Dinar (KD) 1.0000 0.2798 0.3765 0.4479 ALAFCO Aviation Lease & Finance Co. 0.385 20.31% U.S. Dollar (USD) 3.5746 1.0000 1.3460 1.6011 Gulf Investment House 0.054 17.39% Japanese Yen 293.78 82.19 110.62 131.59 United Ahli Bank 0.770 16.67% Euro 2.656 0.743 1.000 1.190 Source: KAMCO Treasury Dept./ Reuters Close Percent YTD Top % Losers (KD) Change Indicative Deposit Rates 19-Jan-11 Real Estate Trade Centers Co. 0.370 -36.21% 1 Mth. 3 Mth. 6 Mth. 1 Year Credit Rating & Collection Co. 0.188 -30.37% Ajial Real Estate & Entertainment Co. 0.118 -20.27% Kuwaiti Dinar (KIBOR) 0.63% 0.88% 1.13% 1.38% Pearl of Kuwait Real Estate Co. 0.032 -20.25% Saudi Riyal 0.24% 0.52% 0.56% 0.76% Al Massaleh Real Estate Co. 0.076 -15.56% UAE Dirham 0.35% 0.29% 0.70% 1.10% US Dollar 0.35% 0.55% 0.70% 0.95% Close Volume Euro 0.70% 0.92% 1.16% 1.32% YTD Most Active (KD) (Shares) Pound Sterling 0.54% 0.68% 1.04% 1.57% International Financial Advisers 0.068 305,280,000 Al Safat Investment Co. 0.070 220,520,000 Source: Central Bank of Kuwait for KD / Reuters for other currencies. ALSAFAT Energy Holding Co. 0.059 158,760,000 Note: Indicative interbanks deposit rates for other currnecies ALAFCO Aviation Lease & Finance Co. 0.385 146,070,000 Investors Holding Group Co. 0.019 138,160,000 Source: Investment Research Dept. - KAMCO

Notes: NM: Not Meaningful. NA: Not Available. CP: Current Price, Trailing P/E calculated based on the net profit for TTM 9M‐10 and current market cap. If calculated P/E is negative or greater than 80, it is represented by NM.Trailing P/B is based on 30/9/2010 equity and current market cap .Valuation multiples (P/E, P/B and Dividend Yield) for companies that have not yet disclosed their financials for 9M‐10 are still based on the TTM 1H‐10 earnings and equity figures as of 30/6/2010 while Dividend Yield is calculated based on FY‐09 cash dividends. Dividend Yield for individual stocks is based on Full Year 2009 Dividends & current market cap, and Average for sector is a weighted average based on market cap. Beta is calculated on daily share prices returns against KAMCO TRW index for the companies which have minimum trading history for two years. Sectors' Beta is calculated based on five year daily returns against KAMCO TRW Index. DTD: daily change. MTD: Beginning of Current Month to Date YTD: Beginning of Year to Date. KD: Kuwaiti Dinars. * Companies that vary in their fiscal years are treated separately to adjust for recent results announcements. KIBOR: Kuwait Inter‐Bank Offered Rate. #YTD‐11 return for individual stocks is calculated based on total returns which accounts in addition to the change in price the cash & share dividends announced during the year and the sectors YTD‐11 is calculated based on the KAMCO TRW Index calculation. We have excluded financial results of the 20 companies that reported the highest losses while calculating the Price‐to‐Earning Multiple (P/E) for the aggregate market and their respective sectors.

This document has been compiled and issued by KIPCO Asset Management Co. KSCC (KAMCO), which has obtained the information from sources it believes to be reliable, but KAMCO makes no guarantee as to either its accuracy or completeness and has not carried out an independentverification verification.. KAMCOaccepts no responsibility or liability for losses or damages incurred as a result resultof opinions formed and decisions made based on informationpresented in this report report.. Thisdocument is not an offer to sell or solicitation to buy any securities securities.. The opinions and estimates expressed herein are those of the issuer issuer..

Investment Research Dept., Email: [email protected], P.O.Box 28873,Safat 13149 Kuwait, Tel: (965) 1805885, Fax: (965) 22492395, http://www.kamconline.com © KIPCO Asset Management Co. KSCC 2011