KAMCO Research

Kuwait Stock Exchange Daily Briefing Monday, October 11, 2010

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 2,901.98 -0.06% 1.42% 12.99% 16.01% 40% ▼ Banking 4,575.73 -0.99% 2.41% 18.62% 28.28%

Services ▼ Investment 1,317.56 -0.25% 1.89% 8.96% -3.79% 28% ▼ Insurance 1,529.17 -0.22% -1.17% 7.30% -2.68% ▲ Real Estate 666.19 0.25% 1.39% 4.93% -8.72% ▲ Industrial 2,257.96 0.48% 0.66% 15.85% 14.73% ▲ Services 6,211.66 1.25% 0.48% 9.68% 21.32% Industrial ▼ Food 3,757.79 -0.11% -3.12% 8.45% 10.04% 9% Investment 9% Real Estate Insurance ▼ Non-Kuwaiti 2,349.26 -0.30% 1.88% 9.20% 7.27% 5% 1% 52 Week KAMCO TRW Index Return Relative to Volume Top 10 Stocks by Market Capitalization 2,950 1600 1400 2,850 Market Cap. P/E ROE* 1200 (Mln KD) (X) (%) 2,750 1000 1- ZAIN 5,907 6.30 36.2% 2,650 800 2- National Bank of Kuwait 5,109 17.97 15.3% 3- Kuwait Finance House 3,038 25.86 9.4% 600 4- Gulf Bank 1,304 NM NM 2,550 O TRW Index Value Index TRW O olume traded (shr. mil.) (shr. traded olume V Volume traded (shr. mil.) 5- Commercial Bank of Kuwait 1,158 NM 0.02% C 400

6- Boubyan Bank 1,101 NM NM Value Index TRW KAMCO 2,450 200 7- Ahli United Bank 964 19.20 2.3% 8- National Mobile Telecommunication Co. 938 14.35 14.3% 2,350 0 9- Al Ahli Bank of Kuwait 865 19.11 10.3% 8.7.10 7.1.10 4.2.10 4.3.10 1.4.10 5.8.10 2.9.10 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 24.12.09 14.10.10 10- Burgan Bank 680 NM NM 15.10.09 29.10.09 12.11.09 26.11.09 10.12.09

Total 21,063 12.53 13.8% Market Breadth 32 65 115

*: ROE is based on the net profit for TTM 1H-10 & equity figures as of 30 June 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 United Gulf Bank 0.395 0.025 6.76% Gulf Investment House 0.054 0.003 5.88% NOOR Financial Investment Co. 0.054 0.003 5.88% KSE Price Index 7,008.70 -4.50 -0.06% 0.34% 0.05% Kuwait Business Town Real Estate Co. 0.046 0.003 5.75% KSE Weighted Index 474.77 0.00 0.00% 1.88% 23.08% Combined Group Contracting Co. 1.900 0.100 5.56% Market Cap (KD Mil) 35,398 -10.85 -0.03% 2.35% 20.37%

Close Change Percent Today's DTD DTD Average Daily Today's Top % Losers Trading Indicators (KD) (KD) Change Value Chg % Chg YTD 2010 YTD 2009 Al-Mowasat Healthcare Co. 0.132 -0.020 -13.16% Kuwait Finance & Investment Co. 0.051 -0.005 -8.93% Kuwait Cable Vision 0.058 -0.005 -7.94% Volume (Million Shares) 377.74 114.64 43.57% 320.56 463.60 Jeezan Holding Co. 0.051 -0.004 -7.27% Value Traded (KD Million) 91.05 47.54 109.28% 53.18 99.15 Tijara & Real Estate Investment Co. 0.035 -0.003 -6.76% No. of Trades 7,139 2054 40.39% 5,376 8,511

Close Volume Market Volatility YTD Last 30 Last 30 Today's Most Active (KD) (Shares) Annualized Standard Deviation of Daily Returns 2010 Days 2009 Days 2010 Jeezan Holding Co. 0.051 37,800,000 Al-Mal Investment Co. 0.122 19,560,000 Kuwait International Bank 0.300 17,140,000 KAMCO Total Return Weighted Index 10.33% 11.49% 8.71% International Financial Advisers 0.063 15,680,000 KSE Price Index 9.77% 8.89% 6.09% Kuwait Finance House 1.220 12,657,500 KSE Weighted Index 13.97% 14.84% 11.65%

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

Kuwait Stock Exchange Daily Briefing Monday, October 11, 2010

Company Reuters Trailing Trailing Dividend Closing MKT Cap 52-Week 52-Week YTD-10 Volume Beta Ticker P/E (X) P/B (X) Yield Price (KD) (KD Mln.) High Low Return # (Mln.shrs.) ▼ National Bank of Kuwait NBKK.KW 17.97 2.46 2.28% 1.42 1.420 5109.1 1.520 0.940 38.3% 4.26 ▼ Gulf Bank GBKK.KW NM 3.27 0.00% 0.83 0.520 1304.0 0.560 0.270 73.3% 6.81 ═ Commercial Bank of Kuwait CBKK.KW NM 2.64 0.00% 0.83 0.910 1157.5 1.000 0.680 -2.2% 0.08 ▲ Ahli Bank of Kuwait ABKK.KW 19.11 1.95 1.99% 0.73 0.600 864.7 0.600 0.440 20.1% 0.31 ▼ United Ahli Bank ALMUTAHED.KW 51.21 2.53 0.00% 1.01 0.610 654.7 0.630 0.465 23.2% 0.40 ═ Kuwait International Bank KIBK.KW NM 1.57 0.00% 1.43 0.300 311.2 0.305 0.170 64.8% 17.14 ▲ Burgan Bank BURG.KW NM 1.58 0.00% 1.34 0.485 679.6 0.510 0.300 34.6% 5.54 ▼ Kuwait Finance House KFIN.KW 25.86 2.41 1.89% 1.48 1.220 3037.6 1.320 0.920 18.0% 12.66 ▼ Boubyan Bank BOUK.KW NM 4.68 0.00% 1.56 0.630 1101.4 0.650 0.390 50.0% 2.32 ▼ Average Banking 26.38 2.56 1.34% Total 14,219.9 28.3% 49.5 ▼ Kuwait Investment Co. KINV.KW NM 0.69 0.00% 1.06 0.140 77.2 0.152 0.092 12.9% 0.48 ═ Commercial Facilities Co. FACI.KW 19.34 1.24 5.36% 0.89 0.360 193.2 0.390 0.275 6.6% 0.15 ▼ Int'l Financial Advisors Co. IFIN.KW NM 0.32 0.00% 1.36 0.063 45.4 0.116 0.045 -30.8% 15.68 ▼ National Investment Co. NINV.KW NM 2.19 0.00% 1.38 0.495 433.7 0.570 0.255 35.6% 9.76 ▲ Kuwait Projects Co.(Holding) KPRO.KW 17.00 0.98 4.57% 1.61 0.480 581.9 0.540 0.290 6.2% 4.07 ═ Al-Ahlia Holding Co. AINV.KW NM 0.25 0.00% 1.29 0.029 24.0 0.060 0.028 -31.8% 0.00 ▼ Coast Invest. & Development Co. COAS.KW NM 1.79 0.00% 1.24 0.138 86.3 0.186 0.095 19.0% 9.96 ▲ The International Investor Co. TIIK.KW NM 1.12 0.00% 1.08 0.028 13.5 0.050 0.023 -42.7% 0.56 ═ The Securities House Co. SECH.KW NM 1.29 0.00% 0.79 0.130 88.4 0.160 0.097 -16.7% 0.00 ═ Industrial & Financial Invest. Co. IICK.KW NM NM 0.00% 1.08 0.044 19.8 0.070 0.036 -15.4% 0.00 ▼ Securities Group SGCK.KW NM 0.85 6.30% 0.84 0.238 60.8 0.295 0.232 -5.4% 0.14 ▼ International Finance Co. IMCK.KW NM 1.50 0.00% 0.50 0.244 113.6 0.285 0.212 -7.9% 0.12 ▼ Kuwait Financial Centre MARKZ.KW 35.82 0.70 0.00% 1.65 0.128 64.8 0.144 0.091 10.3% 5.26 ═ Kuwait & M.E. Financial Investment Co. KMEF.KW NM 0.47 0.00% 0.40 0.075 19.8 0.144 0.075 -13.8% 0.00 ═ International Investment Group. IIGK.KW NM 0.35 0.00% 1.08 0.044 20.1 0.086 0.044 -15.4% 0.00 ▼ AREF Investment Group AIGK.KW NM 0.29 0.00% 1.33 0.067 71.1 0.156 0.045 -39.1% 3.76 ═ 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 0.98 0.00% 0.67 0.064 31.1 0.086 0.051 -11.1% 0.20 ═ First Investment Co. OLAK.KW NM 0.64 0.00% 1.17 0.092 59.9 0.146 0.080 -14.8% 0.00 ▲ Al-Mal Investment Co. MALK.KW NM 1.05 0.00% 1.60 0.122 64.5 0.134 0.064 47.0% 19.56 ▲ Gulf Investment House GIHK.KW NM 0.57 0.00% 1.04 0.054 23.9 0.102 0.047 -35.7% 0.12 ═ A'ayan Leasing & Investment Co. AAYA.KW NM 0.61 0.00% 1.45 0.071 45.4 0.099 0.059 -12.3% 0.00 ═ Bayan Investment Co. BAYK.KW NM 0.57 0.00% 1.92 0.068 26.7 0.110 0.043 -1.4% 4.12 ═ Global Investment House GLOB.KW NM 0.55 0.00% 1.26 0.056 73.5 0.120 0.048 -43.4% 2.24 ═ Osoul Investment Co. OSUL.KW NM 1.14 0.00% 1.15 0.062 21.6 0.096 0.051 -29.5% 0.00 ═ Gulfinvest International Co. GVES.KW NM 0.31 0.00% 1.06 0.021 4.0 0.062 0.020 -55.4% 0.00 ▼ Kuwait Finance & Investment Co. KFSK. KW NM 0830.83 0.00% 0460.46 0.051 17.4 0.152 0.051 -56-56. 0% 0560.56 ═ Kuwait Inv. Projects Asset Mgt Co.(KAMCO) KAMC.KW 14.62 1.07 2.52% 0.55 0.385 101.4 0.480 0.290 -1.8% 0.00 ═ International Leasing & Investment Co. ILIC.KW NM NM 0.00% 0.72 0.094 29.4 NA NA 0.0% 0.00 ═ Kuwait Invest Holding Co. KTIN.KW NM 1.54 0.00% 0.64 0.210 68.7 0.265 0.152 -14.6% 0.00 ═ National International Holding Co. NIHK.KW NM 0.27 0.00% 0.21 0.056 11.9 0.164 0.048 -54.1% 0.00 ═ Housing Finance Co. ISKN.KW NM 1.63 0.00% 0.32 0.122 36.4 0.180 0.096 -18.7% 0.00 ═ Al Madar Finance & Investment Co. MADR.KW NM 0.55 0.00% 0.57 0.055 20.2 0.104 0.050 -30.4% 0.00 ▼ Al-Deera Holding DEER.KW NM 0.34 0.00% 0.53 0.044 32.4 0.118 0.043 -54.7% 5.12 ▼ Al Safat Investment Co. SAFT.KW NM 0.48 0.00% 1.62 0.075 58.0 0.162 0.069 -31.8% 5.68 ▼ Al Salam Group Holding Co. ALSALAM.KW NM 0.61 0.00% 0.83 0.057 13.7 0.158 0.051 -29.6% 3.08 ▼ Ekttitab Holding Co. EKTT.KW NM 0.57 0.00% 1.49 0.026 13.4 0.066 0.024 -50.0% 0.56 ═ Al Qurain Holding Co. QURK.KW NM 0.96 0.00% 1.42 0.036 10.7 0.049 0.020 -35.9% 0.00 ▼ Sokouk Holding Co. SHCK.KW NM 0.35 0.00% 1.64 0.031 31.0 0.060 0.027 -39.2% 7.68 ▼ Al Madina For Finance & Investment Co. MADI.KW NM 0.20 0.00% 1.37 0.039 15.7 0.094 0.038 -48.1% 2.56 ▲ NOOR Financial Investment Co. NOOR.KW NM 0.56 0.00% 1.87 0.054 40.5 0.118 0.038 -40.0% 11.92 ═ Tamdeen Investment Co. TAMI.KW 32.50 1.21 1.67% 0.81 0.360 112.3 0.450 0.116 149.8% 0.64 ═ Kuwait Bahrain International Exchange Co. EXCH.KW 20.40 2.42 8.20% 0.43 0.305 14.1 0.315 0.188 41.4% 0.01 ═ Damac Kuwaiti Holding Co. DAMK.KW NM 1.04 0.00% 0.42 0.087 15.7 0.114 0.048 -8.4% 0.00 ═ Kuwait Syrian Holding Co. KSHC.KW NM 0.72 0.00% 1.55 0.077 23.1 0.134 0.061 1.3% 2.76 ═ Strategia Investment Co. STRAT.KW NM 1.03 0.00% 1.11 0.029 5.0 0.073 0.028 -45.2% 0.00 ▼ Kuwait China Investment Co. KCIC.KW NM 0.70 0.00% NA 0.073 58.4 0.126 0.064 -21.5% 1.00 ═ Manafae Investment Co. MANFAE.KW NM 0.49 0.00% NA 0.065 13.1 0.138 0.060 -52.9% 0.00 ▼ Gulf North Africa Holding Co. GNAHC.KW 9.57 0.59 0.00% NA 0.077 11.6 0.112 0.059 -30.0% 0.24 ═ Amwal International Investment Co. AMWAL.KW NM 0.65 0.00% NA 0.090 16.2 0.102 0.090 -11.8% 0.00 ═ Al Masar Leasing & Investment Co. MASAR.KW NM 0.43 0.00% NA 0.048 7.6 0.082 0.048 -42.1% 0.00 ▼ Average Investment NM 0.77 1.49% Total 3,112.4 -3.8% 118.0 ═ Kuwait Insurance Co. KINS.KW 46.43 1.38 6.06% 0.23 0.330 64.0 0.390 0.300 -2.3% 0.04 ▼ Gulf Insurance Co. GINS.KW 20.32 1.51 6.27% 0.27 0.620 105.2 0.660 0.375 26.6% 0.02 ▲ Ahleiah Insurance Co. AINS.KW 12.05 1.12 3.57% 0.20 0.495 85.1 0.530 0.385 4.3% 0.01 ▲ Warba Insurance Co. WINS.KW 15.39 0.71 0.00% 0.32 0.176 30.4 0.320 0.166 -26.7% 0.34 ═ Kuwait Reinsurance Co. KWRE.KW 16.45 0.65 2.16% 0.02 0.220 24.2 0.220 0.220 -1.1% 0.00 ═ First Takaful Insurance Co. FTIK.KW NM 0.84 0.00% 0.16 0.086 8.6 0.500 0.075 -82.8% 0.00 ═ Wethaq Takaful Insurance Co. WETH.KW NM 0.56 0.00% 0.06 0.056 6.2 0.073 0.052 -3.4% 0.00 ▼ Average Insurance 29.25 1.12 4.34% Total 323.7 -2.7% 0.4 ▼ Kuwait Real Estate Co. KREK.KW NM 0.44 0.00% 1.28 0.063 57.1 0.094 0.051 -7.4% 8.52 ═ United Real Estate Co. UREK.KW 8.69 0.40 0.00% 1.50 0.078 61.5 0.091 0.069 -2.5% 1.64 ═ National Real Estate Co. NREK.KW 6.04 0.55 0.00% 1.92 0.182 148.2 0.350 0.114 -8.1% 3.04 ▲ Salhia Real Estate Co. SREK.KW 9.02 0.83 6.01% 0.42 0.244 97.4 0.275 0.200 9.3% 0.18 ═ Pearl of Kuwait Real Estate Co. PEAR.KW NM NM 0.00% 0.58 0.234 58.9 NA NA 0.0% 0.00 ▼ Tamdeen Real Estate Co. TAMK.KW 24.61 1.10 3.44% 0.87 0.290 108.2 0.380 0.248 0.0% 0.72 ═ Ajial Real Estate Entertainment Co. AREC.KW NM 0.37 0.00% 0.47 0.126 22.2 0.184 0.116 -27.6% 0.00 ═ Al Massaleh Real Estate Co. MREC.KW 32.33 0.40 0.00% 0.69 0.073 17.2 0.114 0.065 -27.0% 0.00 ▲ Arab Real Estate Co. ARAB.KW NM 0.40 0.00% 1.47 0.051 26.0 0.076 0.038 -5.9% 4.88 ═ Union Real Estate Co. UREC.KW 16.29 0.79 5.89% 0.36 0.110 22.1 0.118 0.102 6.6% 0.00 ▼ AL-Enma'a Real Estate Co.* ENMA.KW NM 0.67 0.00% 0.82 0.079 35.6 0.108 0.051 -11.2% 2.24 ▲ Mabanee Co. MABK.KW 26.45 3.61 1.12% 1.40 0.810 409.1 0.810 0.520 27.3% 0.64 ▼ Injazzat Real Estate Development Co. INJA.KW NM 0.46 0.00% 1.26 0.073 25.2 0.184 0.069 -58.5% 0.32 ▼ Jeezan Holding Co. JEZK.KW NM 0.67 0.00% 1.51 0.051 13.8 0.093 0.031 -8.9% 37.80 ▼ Investors Holding Group Co. INVK.KW NM 0.31 0.00% 1.70 0.022 23.0 0.053 0.017 -43.4% 8.16 ▼ ItInterna tiona lRl Resort s C o. IRCK.KW NM 0400.40 0.00% 1481.48 0.045 696.9 0.080 0.041 -24.6% 0400.40 ▼ The Commercial Real Estate Co. TIJK.KW 11.08 0.60 0.00% 1.32 0.083 152.3 0.134 0.070 -19.1% 7.48 ▲ Sanam Real Estate Co. SANK.KW NM 0.56 0.00% 0.37 0.085 10.4 0.172 0.082 -18.3% 0.08 KAMCO Research

Kuwait Stock Exchange Daily Briefing Monday, October 11, 2010

Company Reuters Trailing Trailing Dividend Closing MKT Cap 52-Week 52-Week YTD-10 Volume Beta Ticker P/E (X) P/B (X) Yield Price (KD) (KD Mln.) High Low Return # (Mln.shrs.) ▼ A'ayan Real Estate Co. AYRE.KW 13.19 0.42 0.00% 1.19 0.077 29.0 0.130 0.067 -22.7% 0.04 ═ Aqar Real Estate Investment Co. AQAR.KW NM 0.80 0.00% 0.60 0.080 18.7 0.110 0.080 -27.3% 0.00 ═ Kuwait Real Estate Holding Co. ALAQ.KW NM 0.42 0.00% 1.12 0.036 11.3 0.053 0.036 -26.5% 0.00 ▼ MAZAYA Holding Co. MAZA.KW NM 0.30 0.00% 1.10 0.084 42.0 0.182 0.078 -30.0% 0.44 ▼ Al Dar National Real Estate Co. ADNC.KW NM 0.66 0.00% 0.93 0.021 8.6 0.050 0.019 -48.8% 0.72 ═ AL-Themar International Holding Co. THMR.KW NM 1.06 0.00% 0.60 0.104 105.3 0.130 0.100 -20.0% 0.10 ▼ Grand Real Estate Projects Co. GRND.KW NM 0.17 0.00% 1.50 0.021 7.7 0.064 0.020 -35.4% 0.96 ▼ Tijara Real Estate & Investment Co. TIJA.KW NM 0.31 0.00% 0.44 0.035 13.3 0.062 0.034 -32.4% 0.08 ═ Al TAMEER Real Estate Investment Co. AMAR.KW NM 0.46 0.00% 0.36 0.052 12.5 0.071 0.048 -24.6% 0.00 ═ Arkan Al-Kuwait Real Estate Co. ARKK.KW NM 0.56 0.00% 0.29 0.063 13.9 0.076 0.046 0.0% 0.00 ═ 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 9.17 0.79 0.00% 0.48 0.192 50.9 0.210 0.178 -4.0% 0.00 ▼ Abyaar Real Estate Development Co. ABYR.KW NM 0.26 0.00% 1.26 0.027 28.5 0.073 0.022 -44.9% 3.52 ▼ Munshaat Real Estate Projects Co. MUNS.KW NM 0.24 0.00% 1.74 0.038 12.2 0.098 0.038 -56.8% 1.52 ═ First Dubai For Real Estate Development FIRST.KW NM 0.31 0.00% 1.08 0.026 26.0 0.066 0.026 -48.0% 0.16 ▲ Kuwait Business Town Real Estate Co. KBTK.KW NM 0.49 0.00% 0.73 0.046 36.1 0.060 0.043 -11.5% 0.16 ▼ Manazel Holding Co. MANK.KW NM 0.36 0.00% 1.98 0.028 20.0 0.059 0.021 -26.3% 0.72 ═ Real Estate Asset Management Co. REAM.KW 13.62 0.62 0.00% NA 0.091 9.5 0.150 0.091 -25.4% 0.00 ═ MENA Real Estate Co. MENA.KW 3.35 0.37 0.00% NA 0.051 10.0 0.110 0.037 -50.0% 0.12 ═ Al Mudon International Real Estate Co. ALMUDON.KW NM 1.44 0.00% NA 0.244 24.4 0.260 0.238 -4.3% 0.02 ▲ Average Real Estate NM 0.71 0.87% Total 1,776.7 -8.7% 84.7 ═ National Industries Group NIND.KW NM 1.27 0.00% 1.96 0.390 505.1 0.435 0.222 27.9% 11.23 ═ Kuwait Pipes Industries & Oil services PIPE.KW NM 2.31 0.00% 1.82 0.320 72.1 0.405 0.156 77.8% 3.73 ▲ Kuwait Cement Co. KCEM.KW 46.30 3.11 1.30% 1.16 0.710 431.2 0.780 0.500 25.4% 0.29 ═ Refrigeration Industries & Storage Co. REFR.KW NM 1.02 0.00% 0.69 0.220 18.7 0.290 0.210 -13.7% 0.00 ═ Gulf Cable & Electrical Ind. Co. CABL.KW 17.13 2.31 2.45% 0.86 2.040 428.3 2.060 1.220 21.2% 0.04 ▼ Heavy Eng'g Ind. & Shipbuilding Co. SHIP.KW 18.86 2.49 0.00% 0.95 0.385 62.9 0.630 0.335 -12.3% 0.49 ═ Contracting & Marine Services Co. MARI.KW 31.47 2.09 0.00% 0.56 0.480 95.0 0.560 0.365 11.1% 0.00 ═ Kuwait Portland Cement Co. PCEM.KW 9.68 1.95 6.49% 1.14 1.540 127.3 1.600 0.620 47.3% 0.30 ═ Shuaiba Industrial Co. PAPE.KW 6.26 0.77 7.64% 0.48 0.192 10.7 0.242 0.144 2.5% 0.00 ▼ Metal & Recycling Co. MRCK.KW NM 0.52 0.00% 1.16 0.138 11.4 0.180 0.097 -2.8% 0.42 ═ Kuwait Foundry Co. KFDC.KW 11.65 1.88 2.33% 0.47 0.780 94.5 1.000 0.710 14.7% 0.01 ═ ACICO Industries Co. ACIC.KW 20.74 1.05 2.56% 0.95 0.370 83.5 0.450 0.330 1.6% 0.21 ▲ United Industries Co. UICK.KW 49.04 0.77 0.00% 1.38 0.150 74.3 0.160 0.074 36.7% 11.78 ═ Boubyan Petrochemicals Co.* BPCC.KW 13.12 1.25 5.44% 1.41 0.550 266.8 0.580 0.375 26.2% 3.77 ▲ Gulf Glass Manufacturing Co. GGMC.KW 13.22 2.74 0.00% 0.34 0.840 32.2 0.840 0.405 14.7% 0.04 ═ Hilal Cement Co. HCCK.KW 17.81 1.06 0.00% 0.13 0.240 16.8 0.375 0.222 2.1% 0.00 ═ Al K Koutout f foror I Industrialndustrial P Projectsrojects CoCo. ALKK.KW 15.09 1711.71 3.90% 0050.05 0.385 34.0 0.385 0.350 51%5.1% 0000.00 ═ Kuwait Packing Materials Co. KPAK.KW 10.36 1.42 6.15% 0.25 0.325 13.7 0.520 0.325 -32.4% 0.00 ═ Kuwait Building Materials Co. KBMM.KW 33.93 1.82 4.84% 0.12 0.310 8.1 0.430 0.222 -12.7% 0.00 ▲ National Industries Building Materials Co. NIBM.KW 34.35 1.80 0.00% 0.49 0.390 135.0 0.420 0.295 -7.1% 0.10 ═ Gulf Rocks Co. ROCK.KW 21.88 1.10 3.57% 0.36 0.250 22.9 0.315 0.220 19.2% 0.00 ═ Equipment Holding Co. EQUI.KW NM 0.69 0.00% 1.17 0.067 9.1 0.082 0.051 24.1% 0.00 ▼ Mena Holding Co. MENA.KW 12.50 0.72 0.00% 1.13 0.180 118.8 0.530 0.162 -41.7% 1.32 ═ National Co. for Consumer Industries NCCI.KW NM 0.96 0.00% 0.39 0.100 9.0 0.138 0.067 -21.9% 0.00 ═ Kuwait Gypsum Manufacturing & Trading Co. GYPK.KW 12.42 1.14 8.49% 0.07 0.176 5.3 0.202 0.176 -4.3% 0.00 ▲ Qurain Petrochemical Industries Co. ALQK.KW NM 1.52 0.00% 1.18 0.250 275.0 0.250 0.156 35.9% 5.98 ▲ Salbookh Trading Co. SALB.KW NM 0.58 0.00% 0.48 0.077 15.8 0.104 0.046 -9.4% 9.12 ═ IKARUS Petroleum Industries Co. IKAR.KW 30.93 0.97 0.00% NA 0.138 103.5 0.176 0.102 16.9% 3.30 ▲ Average Industrial 29.04 1.52 1.55% Total 3,080.9 14.7% 52.1 ═ Kuwait National Cinema Co. KCIN.KW 17.34 1.88 4.45% 0.23 0.800 80.9 0.910 0.630 -2.0% 0.00 ═ Kuwait Hotels Co. KHOT.KW 11.85 1.54 0.00% 0.16 0.270 14.9 0.285 0.232 3.8% 0.00 ═ Agility (PWC Logistics) AGLT.KW 4.83 0.58 7.14% 1.90 0.540 565.3 1.260 0.265 1.3% 7.30 ▼ Market Complex Co. SHOP.KW NM 0.54 0.00% 1.17 0.114 30.4 0.160 0.100 -19.7% 0.08 ▲ Zain ZAIN.KW 6.30 2.06 11.09% 1.56 1.380 5907.2 1.460 0.860 40.6% 6.16 ═ Al-Safat Energy Holding Co. SENE.KW NM 0.56 0.00% 1.28 0.057 34.4 0.102 0.048 -13.6% 4.28 ▼ Educational Holding Group* EDUK.KW NM 0.63 0.00% 0.60 0.083 20.4 0.122 0.083 -18.6% 0.12 ═ Independent Petroleum Group IPGK.KW 12.43 0.97 6.26% 0.73 0.455 69.3 0.475 0.415 5.8% 0.00 ▼ National Cleaning Co. CLEA.KW 13.79 0.93 0.00% 1.06 0.192 19.8 0.375 0.102 37.6% 1.16 ═ Sultan Center Food Products Co. SCFK.KW 51.66 0.96 0.00% 1.94 0.198 114.6 0.260 0.140 -6.6% 0.82 ═ Arabi Holding Group Co. AGHC.KW 55.11 0.88 0.00% 0.93 0.132 17.9 0.176 0.091 20.0% 0.24 ═ City Group Co. CITYGROUP.KW NM 2.56 0.00% 0.39 0.600 67.8 0.760 0.580 -0.5% 0.00 ═ National Mobile Telecom Co. NMTC.KW 14.35 2.05 2.67% 1.24 1.860 937.5 1.900 1.360 20.0% 0.10 ▼ Kuwait & Gulf Link Transport Co. KGLK.KW 19.36 0.73 0.00% 1.54 0.202 53.4 0.420 0.099 40.3% 4.34 ▼ Kuwait Cable Vision Co. KWTV.KW NM 2.58 0.00% 0.54 0.058 3.3 0.094 0.058 -27.5% 0.04 ═ Automated Systems Co. ASCK.KW 21.87 1.16 NM 0.41 0.260 10.4 0.455 0.244 12.0% 0.00 ═ National Petroleum Services Co. NAPS.KW 11.82 1.17 9.75% 0.42 0.250 13.7 0.330 0.204 0.0% 0.00 ▲ Kuwait Co. For Process Plant Const. & Cont. KCPC.KW 27.19 1.85 0.95% 0.37 0.465 26.6 0.510 0.214 102.4% 1.11 ═ Kuwait Slaughter House Co. KSHK.KW 23.33 2.59 4.76% 0.07 0.315 9.8 0.375 0.315 -11.1% 0.00 ═ EYAS for Higher & Technical Education Co.* EYAS.KW NM 1.87 0.00% 0.13 0.305 33.6 0.335 0.305 -3.2% 0.00 ═ Hits Telecom Holding Co. HITS.KW NM 0.35 0.00% 0.80 0.051 36.8 0.120 0.048 -45.2% 3.72 ▼ Al-Safwa Group Co. (Holding) SAFK.KW NM 0.70 0.00% 1.71 0.026 33.8 0.068 0.026 -48.0% 10.48 ═ Human Soft Holding Co. HUMN.KW NM 1.96 0.00% 0.14 0.310 35.4 0.320 0.216 1.6% 0.00 ▲ Privatization Holding Co. KPPC.KW NM 0.41 0.00% 1.50 0.060 47.6 0.102 0.046 -14.3% 1.08 ═ Nafais Holding Co. NAFA.KW NM 0.45 0.00% 0.15 0.037 23.1 0.138 0.035 -64.4% 0.00 ═ National Slaughter Houses Co. NSHK.KW 79.83 1.69 0.00% 0.00 0.182 5.3 0.192 0.174 -6.2% 0.00 ▼ Aref Energy Holding Co. AREF.KW 51.41 1.64 0.00% 0.65 0.170 127.5 0.300 0.154 -27.4% 0.22 ═ Safwan Trading & Contracting Co. SAFW.KW 5.32 1.23 8.99% 0.14 0.220 11.0 0.265 0.178 10.2% 0.00 ▼ Gulf Petroleum Investment GPIK.KW NM 0.39 0.00% 1.08 0.043 9.3 0.082 0.037 -21.3% 0.48 ═ Gulf Franchising Co. GFCI.KW NM 0.63 0.00% 0.85 0.033 3.9 0.051 0.029 -22.6% 0.00 ═ Credit Rating & Collection Co. TAHS.KW NM 3.35 0.00% 0.19 0.400 66.0 0.400 0.400 -4.8% 0.00 ═ National Ranges Co. MAYA.KW NM 0.27 0.00% 1.33 0.019 19.0 0.050 0.019 -51.3% 1.84 ═ Burgan Co. for Drilling, Trading, & Maintenance ABAR.KW 15.12 2.03 0.00% 0.65 0.495 103.8 0.620 0.400 -14.7% 0.00 ▼ IFA Hotels & Resorts Co.* IFAH.KW 12.54 3.59 0.00% 0.56 0.550 249.6 0.670 0.430 -11.3% 0.01 ▼ Combined Group Contracting Co. CGCK.KW 19.20 5.25 3.39% 0.78 1.900 151.7 1.900 1.120 40.6% 0.76 ═ Jeeran Holding Co.* JEER.KW NM 0.78 0.00% 0.50 0.136 19.4 0.200 0.095 33.3% 0.00 ▼ PalmsPl AAgro PProduction d i CCo. PAPK.KWPAPK KW 10 10.16 16 119 1.194 4.29% 29% 038 0.38 0.1860 186 9.797 0 0.242 242 0 0.148 148 17 17.3% 3% 006 0.06 KAMCO Research

Kuwait Stock Exchange Daily Briefing Monday, October 11, 2010

Company Reuters Trailing Trailing Dividend Closing MKT Cap 52-Week 52-Week YTD-10 Volume Beta Ticker P/E (X) P/B (X) Yield Price (KD) (KD Mln.) High Low Return # (Mln.shrs.) ▼ Al Safat TEC Holding Co. SAFH.KW 24.82 0.39 0.00% 1.32 0.043 17.0 0.086 0.037 -16.7% 0.72 ▼ Mishref General Trading & Contracting Co. MTCC.KW 47.95 1.19 0.00% 0.43 0.154 30.8 0.218 0.102 -10.5% 0.60 ═ United Projects Group UPAC.KW 7.80 1.00 8.69% 0.41 0.390 32.2 0.410 0.230 57.5% 0.01 ═ Al-Abraj Holding Co. ABRAJ.KW 0.38 0.18 0.00% 0.70 0.025 4.2 0.048 0.023 -21.0% 0.00 ▲ ALAFCO Aviation Lease & Finance Co.* ALAF.KW 11.38 1.43 0.00% 1.25 0.184 136.6 0.214 0.150 -7.1% 2.28 ▼ AL-Mowasat Healthcare Co. MHCK.KW 35.23 0.86 0.00% 0.06 0.132 12.8 0.190 0.130 -26.7% 0.02 ═ Mashaer Holding Co. MASK.KW 19.89 0.63 0.00% 0.99 0.238 42.7 0.345 0.226 3.6% 1.40 ▲ Oula Fuel Marketing Co. OULA.KW 35.01 2.95 2.67% 0.41 0.375 112.4 0.550 0.325 -10.0% 1.12 ═ 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 7.95 1.90 7.22% 0.33 0.330 26.7 0.370 0.305 1.6% 0.00 ═ Network Holding Co. VEND.KW NM NM 0.00% 0.49 0.045 6.8 NA NA 0.0% 0.00 ▼ Hayat Communications Co. HAYK.KW 10.45 1.37 0.00% 0.39 0.164 14.8 0.385 0.132 3.5% 0.82 ═ Mubarrad Transport Co. MBRD.KW NM 0.67 0.00% 1.15 0.082 17.8 0.182 0.056 16.3% 0.60 ▲ Kuwait Resorts Co. MUNK.KW NM 0.57 0.00% 0.52 0.060 11.2 0.096 0.055 -35.5% 0.04 ═ Advanced Technology Co. ATCK.KW 18.99 3.37 0.00% NA 0.800 96.0 0.800 0.510 77.0% 0.00 ═ Yiaco Medical Co. YIAC.KW 24.11 1.63 4.13% 0.91 0.242 39.9 0.242 0.138 55.6% 0.34 ═ Jazeera Airways Co. JAZK.KW NM 1.46 0.00% 0.88 0.100 22.0 0.240 0.096 -47.4% 0.00 ▲ Soor Fuel Marketing Co. SOOR.KW 23.66 2.94 3.33% 0.65 0.360 107.9 0.380 0.270 6.1% 0.35 ▲ Kuwait National Airways Co. KNAK.KW NM 1.28 0.00% 1.19 0.083 41.5 0.122 0.082 -27.2% 0.40 ═ Future Kid Entertainment and Real Estate Co. KIDK.KW 22.36 0.73 0.00% 0.07 0.124 14.7 0.132 0.102 -2.1% 0.00 ▼ KGL Logistics Co. LOGISTICS.KW 9.28 1.54 0.00% NA 0.280 64.4 0.490 0.102 69.5% 0.86 ═ Al-Nawadi Holding Co. ALNAWADI.KW 8.08 0.78 0.00% NA 0.100 10.0 0.148 0.100 0.0% 0.00 ▲ Average Services 8.49 1.67 7.63% Total 9,859.0 21.3% 54.0 ═ Livestock Transport & Trading Co. CATT.KW NM 1.38 4.57% 0.70 0.320 69.3 0.370 0.260 1.1% 0.00 ▼ Danah Alsafat Foodstuff Co. DANK.KW 7.74 0.79 7.34% 1.50 0.120 34.7 0.210 0.096 6.9% 0.84 ▲ Kuwait United Poultry Co. POUL.KW 17.06 1.07 0.00% 0.64 0.106 12.2 0.112 0.100 6.0% 1.52 ═ Kuwait Foods Co. (Americana) FOOD.KW 12.55 2.20 3.65% 0.80 1.600 643.2 1.920 1.180 11.4% 0.06 ═ United Foodstuff Industries Group Co. UFIG.KW 21.81 2.36 5.10% 0.02 0.390 13.0 0.455 0.315 16.3% 0.01 ▼ Kout Food Group KOUT.KW 6.59 1.07 4.41% 0.15 0.340 24.9 0.410 0.270 17.3% 0.03 ▼ Average Food 13.16 1.91 3.88% Total 797.3 10.0% 2.5 ═ Sharjah Cement Co. SCEM.KW 34.70 0.46 7.98% 0.67 0.090 49.8 0.170 0.084 -6.8% 0.00 ▲ Gulf Cement Co. GCEM.KW NM 1.00 5.80% 0.87 0.138 113.3 0.180 0.110 8.9% 1.52 ▼ Umm Al-Qaiwain Cement Industries Co. QCEM.KW NM 0.45 0.00% 0.77 0.057 20.7 0.066 0.048 11.8% 0.52 ═ Fujairah Cement Industries Co. FCEM.KW 40.70 0.39 5.41% 0.83 0.085 30.2 0.222 0.082 -32.3% 0.00 ═ Ras-Al-Khaimah for White Cement Co. RKWC.KW 11.12 0.80 10.00% 1.14 0.090 42.0 0.098 0.065 18.9% 0.00 ═ Arab Insurance Group ARIG.KW 10.79 0.41 11.99% 0.27 0.144 31.7 0.174 0.144 4.0% 0.00 ▲ United Gulf Bank UGBK.KW 30.25 2.23 0.90% 0.68 0.395 324.1 0.395 0.250 8.1% 0.03 ▼ Egypt Kuwait Holding Co. EKHK.KW 11.69 2.03 0.67% 0.75 0.490 411.3 0.720 0.395 -2.8% 1.14 ═ Bahrain Kuwait Insurance Co. BKIK.KW 7.99 1.54 4.43% 0.01 0.455 22.8 NA NA -10.3% 0.00 ▼ Gulf Finance House GFHK.KW NM 0.48 0.00% 1.56 0.035 64.3 0.134 0.031 -56.3% 7.04 ▼ Inovest INOV.KW NM 0.51 0.00% 1.04 0.120 34.4 0.192 0.116 -16.9% 0.32 ▼ Ahli United Bank AUBK.KW 19.20 1.64 3.74% 0.55 0.214 964.4 0.250 0.124 58.9% 3.70 ▼ Ithmaar Bank ITHMR.KW NM 0.44 0.00% 1.16 0.038 119.6 0.070 0.030 -39.8% 2.40 ▼ Average Non Kuwaiti 20.18 0.65 2.82% Total 2,228.4 7.3% 16.7

▼ Average Market 17.92 1.46 3.28% Total 35,398.2 16.0% 377.7

YTD-2010 Top Movers & Most Active Stocks Forex & Treasury

Close Percent 11-Oct-10 YTD Top % Gainers (KD) Change Currencies Tamdeen Investment Co. 0.360 149.75% KD USD Euro GBP Kuwait Co. For Process Plant Const. & Cont. 0.465 102.42% Kuwaiti Dinar (KD) 1.0000 0.2822 0.3935 0.4499 Kuwait Pipe Industries & Oil Services Co. 0.320 77.78% U.S. Dollar (USD) 3.5436 1.0000 1.3945 1.5941 Advanced Technology Co. 0.800 76.99% Japanese Yen 290.68 82.03 114.39 130.76 Gulf Bank 0.520 73.33% Euro 2.541 0.717 1.000 1.143 Source: KAMCO Treasury Dept./ Reuters Close Percent YTD Top % Losers (KD) Change Indicative Deposit Rates 11-Oct-10 First Takaful Insurance Co. 0.086 -82.80% 1 Mth. 3 Mth. 6 Mth. 1 Year Nafais Holding Co. 0.037 -64.42% Injazzat Real Estate Development Co. 0.073 -58.52% Kuwaiti Dinar (KIBOR) 0.63% 0.88% 1.13% 1.38% Munshaat Real Estate Projects Co. 0.038 -56.82% Saudi Riyal 0.23% 0.48% 0.53% 0.69% Gulf Finance House 0.035 -56.33% UAE Dirham 0.25% 0.45% 0.75% 1.07% US Dollar 0.20% 0.27% 0.45% 0.74% Close Volume Euro 0.70% 0.87% 1.13% 1.39% YTD Most Active (KD) (Shares) Pound Sterling 0.52% 0.65% 0.95% 1.20% Gulf Finance House 0.035 3,630,100,000 International Financial Advisers 0.063 3,105,840,000 Source: Central Bank of Kuwait for KD / Reuters for other currencies. Investors Holding Group Co. 0.022 3,042,880,000 Note: Indicative interbanks deposit rates for other currnecies Al-Safwa Group Co. Holding 0.026 2,885,200,000 Kuwait Real Estate Co. 0.063 2,660,560,000 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 1H‐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 30/6/2010 equity and current market cap .Valuation multiples (P/E, P/B and Dividend Yield) for companies that have not yet disclosed their financials for 1H10 are still based on the TTM Q1‐10 arnings and equity figures as of 31/3/2010 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. 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‐10 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‐10 is calculated based on the KAMCO TRW Index calculation. We have excluded financial results of the 30 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 independent verification. KAMCO accepts no responsibility or liability for losses or damages incurred as a result of opinions formed and decisions made based on information presented in this report. This document is not an offer to sell or solicitation to buy any securities. The opinions and estimates expressed herein are those of the issuer.

Investment Research Dept.,Dept., Email: [email protected],[email protected], PP.O.Box.O.Box 2887328873,Safat,Safat 13149 KuwaitKuwait,, Tel: ((965)965) 18058851805885,, Fax: (96(9655)) 22492395,22492395, http://www.kamconline.comhttp://www.kamconline.com © KIPCO Asset Management CoCo. KSCC 2010