Brochure

1) Philosophy & Methodology

2) The Team

3) Research Offerings

A. Periodicals

B. Company

C. Sector

D. Strategic

4) Panel Events

5) Readership

6) Accessing Markaz Research

A. The Markaz website: Markaz.com

B. Social Media

C. Subscribing to Markaz Researches

7) List of Published Markaz Researches

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Table of Contents

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Philosophy & Methodology1) The Research Department at Markaz is positioned to provide the very best investment ideas to its clients in addition to enriching the local/regional investment landscape with a full range of quantitative, unbiased research. The department aims to be thematic in selecting research ideas with a clear focus on investment actions and merits.

Being a regionally focused company, research is invariably aimed towards GCC/MENA topics and issues confronting the region. However, there is also a clear and concerted effort towards continuously benchmarking the region with developed and emerging market peers in order to obtain the requisite positioning.

The Markaz research team uses highly specialized databases, both outsourced and developed in-house, in order to be statistically rich in its presentations and analysis. The team aims to be as objective as possible. In this spirit, the analyst team also uses advanced quantitative finance techniques to the extent that they can be successfully adapted to the region.

The Team 2) Mandagolathur R. Raghu Senior Vice PresidentMandagolathur R. Raghu joined Markaz in September 2006 as Senior Vice President - Research from Wealth Management Group where he served as Director of Investment Management. Prior to that, he worked for CCFI, Saudi Arabia in the area of investment research and advisory. He has over 20 years of experience with specialization in investment analysis and research. Bachelor of Commerce - Loyola College (Chennai, India) AICWA CFA Charterholder - CFA Institute (USA) and the President of CFA Kuwait Society FRM - Global Association for Risk Professionals (USA)

Layla Al-AmmarSenior Investment Analyst Prior to Markaz, she was an analyst at Global Investment House. She is a graduate, with distinction, of the Kuwait Investment Authority – Investment Training Program. She received a Bachelors’ degree in Economics from Kuwait University.

Humoud Al-SabahAssistant AnalystHolds a B.A. Finance degree, from Gulf University for Science and Technology & has completed the rigors Graduate Training Program from Kuwait Investment Authority.

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Research Offerings3) The Research Department at Markaz provides a wide range of products spanning a vast array of topics and areas. This research is in the form of Periodicals (daily, weekly, monthly, quarterly, etc) in addition to Strategic or ad hoc research which covers a specific topic or addresses a certain issue in the market/region. There is also a focus on Real Estate in addition to an in-depth GCC Infrastructure series. The department also issues up-to-date coverage of the majority of GCC stocks, specifically Large and Mid-cap.

PeriodicalsA. Markaz Research releases a wide range of periodical reports covering a large array of topics;

Daily; Daily issues take the form of a Morning Brief on markets, blue chips, interest rates, commodities etc. A Kuwait Daily is also issued at the end of each day detailing Kuwait Stock Exchange trading and performance for the day (including sector indices, stocks changes, gainers & losers, liquidity, and derivatives activity etc). A Daily Fixed Income report covers activity in the conventional and Islamic Bond Market.

Weekly; These take the form of a Kuwait Market commentary (an expansion on the Kuwait Daily, detailing liquidity, performance etc) and a MENA Market Intelligence report. This report provides weekly updates on analyst/broker recommendations, views on the MENA economy, sector developments and Fixed Income news. There is also a Real Estate commentary.

Monthly; The monthly report takes the form of an extensive Market Review which aims to analyze, and more importantly, decipher the forces moving global/local markets each month. The review includes a succinct summary of any economic/political news which influenced market movements. The review also tracks international economic/market indicators such as Fed Funds rate, U.S. House Market, Commodities, Ted Spread etc. Moreover, a tracking of GCC liquidity (volume and value traded, market concentration etc) is provided in addition to a short commentary on market valuations and volatility as measured by the Markaz Volatility Index (a proprietary model designed, developed and maintained by Markaz to evaluate risk).

The Options Report highlights activity in the equity options market specifically through the Markaz Forsa Fund.

Quarterly; Markaz Research’s quarterly reports are comprised of:

GCC Equity Funds;1)

This report details and analyzes the performance of nearly 140 equity funds in the region. The report categorizes funds by focus providing for 7 sections (GCC focused funds and 6 country specific sections), funds are further segregated by type (conventional or Shariah compliant). The funds’ performances are measured by returns (both absolute and risk-adjusted); it also ranks funds by performance and details top holdings of top ranking funds. Fund allocations (country and asset) are also provided. An aggregate ranking of fund managers in terms of assets under management is also provided both at the GCC level and country level. There is a short discussion of market performance and how it affected fund performance during the period.

GCC Corporate Earnings2)

The GCC Corporate Earnings report is a quarterly screening of earnings releases by approximately 500 GCC companies. The earnings are presented by country and further analyzed by sector within each country section providing quarterly and annual trends. The results of Top companies within each sector are also presented.

Equity Research Statistics3)

This report aims to present a scanning of the equity research coverage available across the GCC region. It analyzes broker coverage of GCC stocks and highlights the companies, sectors, and countries which enjoy the most coverage versus those which are under-researched. Furthermore, an analysis of the coverage is provided, in terms of the number and types of recommendations given to companies, thereby enabling readers to observe analyst/broker sentiment and assess stocks with the highest potential performance.

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Thought Speaks4)

This report is born from a desire to share the vast amount of independent market/economic research that the department makes use of during the quarter. It is also used as a venue to present certain economic/market views by reputable persons within the industry (both regional and global) such as ministers, regulators, thought leaders etc. There is no subjective, quantitative/qualitative input provided by Markaz in this report. It is simply a collation of regional/international views during the quarter by leading experts.

Bi-Annual

Fixed Income (Market Surveys published Bi-annually); - this report offers a semi-annual survey of the MENA fixed income market, both the conventional and Sukuk space in addition to sovereign versus corporate issues. The report classifies these issues and analyzes them in terms of denomination, maturity etc.

Company B. Markaz research has wide ranging and in-depth coverage of GCC/MENA companies, specifically Large and Mid Cap. Coverage across the GCC stands at 63% of local index market cap and 79% and 93%, respectively, of MSCI Arabian Markets Conventional and Islamic indices. The coverage (105 companies) spans the 6 GCC countries in addition to 3 MENA countries, namely, Egypt, Morocco and Jordan.

The company research is buy side in nature, i.e. the team does not provide explicit recommendations and/or target prices for the stock, but aims to present the operational aspect of the company rather than its market favorability. As a result, the research is focused on fundamentals (earnings, segments, debt etc) while providing an overview of market performance and valuation. There is brief mention of industry performance and/or economic factors as much as it pertains to specific company performance; however, by-and-large the research is focused as directly as possible on company performance and its drivers. Consequently, the end result of each report is a series of forecasts for end of year financials in addition to a view on expected stock return and volatility (as measured by the Markaz Volatility Index).

Sector C. Markaz research offers two main Sector researches; Real Estate and Infrastructure.

Real Estate-

The Real Estate research delves into one of the most important sectors in the region. The research provided covers both Market Outlooks and Strategic Reports. Market outlook reports focus on specific countries in the GCC/MENA region with focus on trends in both the Residential and Commercial space. Strategic reports delve more deeply into specific market issues, such as financing, the distressed state of the sector etc.

Infrastructure-

The other main sector research provided is an in-depth and unique series covering GCC infrastructure, which continues to be a woefully under-researched topic in the GCC, but one which is of high interest. The Markaz Infrastructure series covers, Power, Ports, Water, Airports, Roads & Railways, and ICT (Communication & Technology).

The series provides a primer for each sector detailing major players, history, financial trend and developments. Using the historical trend, independent data and subjective assumptions, we have extrapolated the data to provide a forecast of the sectors’ performance going forward in addition to any foreseeable challenges these sectors may face in the near future.

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StrategicD.

Markaz Strategic reports are those researches which deal with specific sectors or market issues that arise on an ad hoc basis and which the team believes call for further study, such as the Kuwait investment sector (The New Regulations Jun-10) or market regulatory changes (Kuwait Capital Market Law, Mar-10). Conversely, strategic researches can also be of a more academic nature, i.e. a study or exploration of a specific hypothesis, such as the relationship between GCC market performance and oil prices (Diworsification: The GCC Oil Stranglehold, Jan-09) or an analysis of fund manager performances (Persistence in Performance, Sept-10).

The Strategic section also includes an exploration of investment themes for the GCC, such as outlooks (What to expect in 2010, Jan-10) or portfolio structuring (The Golden Portfolio Sept-10). Certain ideas, such as investment outlooks or certain sector studies, may be revisited and updated at later dates.

Panel Events4) Markaz roundtable events are closed-door panel discussions on various topics featuring analysts and senior representatives from around the globe: Ask Investment Managers, Beltone Financial, Credit Agricole Asset Management, Deutsche Bank, Investec, Mckinsey, MIBC, Morgan Stanley, Nomura, OPEC, Qatar Financial Centre Regulatory Authority, Schroder Investment Management LTD, Standard Chartered Bank. The events are moderated by experts.

More information on Markaz panel events is available on www.markaz.com/panel

Readership5) Markaz research has found a high level of acceptance and readership in the investment community. The research is widely available, both on the Markaz website in addition to regional/international portals such as Reuters, Bloomberg, Zawya, etc. Moreover, many factions of the investment community have made use of Markaz research; specific interest has been noticed by independent institutions (such as the IMF), consultants, and sovereign wealth funds, in addition to high analyst readership, specifically to company research. There is extensive coverage by print media for all Markaz research views.

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Accessing Markaz Research6) The Markaz website: Markaz.comA.

Markaz researches are free and available to the public on www.markaz.com/research

There are two ways of receiving researches on the Markaz website:Subscribing to receive the researches by email by becoming a Markaz online registered member is recommended 1) as it entitles you to many benefits, such as the following:

Automated delivery of Markaz research: Every time Markaz issues a research on its website, −−you will immediately be notified through an email alert with a download link to the full version of the report.

Customized delivery of research: In case you don’t want to receive certain information or wish −−to subscribe to more items, you can easily do that by clicking on the Subscription Preferences link in the emails you receive from Markaz.

Ability to use interactive features: Commenting on Markaz Blog and Markaz Videocasts.−−

Easy opting out: If your email id or scope changes, or just wish to access researches through −−other means, all it takes is one click on the Unsubscribe link in the emails you receive from Markaz.

Alternatively, Markaz researches can be subscribed to using 2) RSS feeds using any browser or dedicated newsfeed reader.

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Social MediaB. Following the latest social media trends, Markaz launched Facebook and Twitter pages that update “followers” and “fans” on market researches and market updates. Markaz website went social too with the launch of the fully interactive blog, featuring opinion articles from senior analysts at Markaz. Videocasts, which are on demand video clips presented by research analysts, are streamed from the Markaz website, and on the Markaz Channel on Reuters Insider. Additionally, these pages are fully interactive, allowing visitors to post their comments and ratings and easily share Markaz content with friends using various social sites.Markaz Videocasts are presented by Markaz research analysts summarizing latest Markaz researches on various topics including equity markets, real estate, corporate earnings, etc. Markaz Videocasts can be viewed on demand by visiting www.markaz.com/videocast or subscribed to using software such as iTunes and searching for Markaz in the podcast directory.

The Markaz blog is the first corporate blog in Kuwait launched in February 2009 and one of a handful of local financial blogs. It features posts from Markaz Analysts, collating their many varied and diverse viewpoints. It aims to create an open and thought provoking dialogue where learning is both reciprocal and fun.

Markaz Social media links:Follow @markaztweets Become a fan of Markaz on facebook.com/Markaz.Kuwait.Financial.Centre Blog markaz.com/blog Videocast markaz.com/videocast Youtube youtube.com/markazvideos

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Subscribing to Markaz ResearchesC. If you are interested in receiving Markaz research and join our growing online community, the quickest way is by 1) registering yourself on Markaz.com. Just click the register link in the top right corner of the Markaz website. Enter the verification code, your contact details, subscription settings and the optional profile information. If you wish, you can unsubscribe anytime.

Alternatively2) , you may fill out and email or fax the following form.

Editing subscription settings is easy, just tick the checkbox adjacent to the reports you wish to receive

Markaz Research Subscription Form

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Strategic ResearchKuwait Investment Sector (Sept-10)The Golden Portfolio (Sept-10)The New Regulations on Kuwait Investment Sector (Jun-10)Persistence in Performance (Jun-10)Kuwait Capital Market Law (Mar-10)What to expect in 2010 (Jan-10) GCC Banks - Done with Provisions? (Jan-10)What is left for 2009? (Sept-09)Missing The Rally (Jun-09)Shelter in a Storm (Mar-09) Diworsification: The GCC Oil Stranglehold (Jan-09)This Too Shall Pass ( Jan-09)Fishing in Troubled Waters(Dec-08)Down and Out: Saudi Stock Outlook (Oct-08)Mr. GCC Market-Manic Depressive (Sept-08)Global Investment Themes (June-08)To Yield or Not To Yield (May-08)Banking Sweet spots (Apr-08)The “Vicious Square” Monetary Policy options for Kuwait (Feb-08)China and India: Too Much Too Fast (Oct-07)A Potential USD 140b Industry: Review of Asset Management Industry in Kuwait (Sep-07)A Gulf Emerging Portfolio: And Why Not? (Jun-07)To Leap or To Lag: Choices before GCC Regulators (Apr-07)Derivatives Market in GCC (Mar-07)Managing GCC Volatility (Feb-07)GCC for Fundamentalists (Dec-06)GCC Leverage Risk (Nov-06)

Periodic ResearchDaily

Markaz Daily Morning Brief Markaz Kuwait Watch Daily Fixed Income Update

Weekly KSE Market Weekly Review International Market Update Real Estate Market Commentary

Monthly

Market Review Quarterly

GCC Equity Funds Thought Speaks Equity Research StatisticsGCC Quants GCC Corporate Earnings

Sector ResearchInfrastructure

GCC PowerGCC PortsGCC WaterGCC AirportsGCC Roads & RailwaysGCC ICT

Real Estate – Market OutlookQatar Residential – An Update (Aug-10)Dubai Real Estate - Trends and Outlook(Apr-10)Egypt Real Estate - Trends and Outlook(Feb-10)Kuwait Real Estate Outlook(Dec-09)Abu Dhabi Residential (Nov-09)Office Investment in KSA (Jul-09)Saudi Arabia – Residential Real Estate Outlook (Jun-09)Saudi Arabia (Sep-08)

Abu Dhabi (July-08)Algeria (Mar-08) Jordan (Mar-08)Kuwait (Feb-08)Lebanon (Dec-07)Qatar (Sep-07)Saudi Arabia (Jul-07)U.S.A. (May-07) Syria (Apr-07)

Real Estate Strategic ResearchGCC Distressed Real Estate Opportunities (Sep-09)GCC Real Estate Financing (Sept-09)Real Estate Earnings -2009 (May-09)Supply Adjustments Are we done? (Apr-09)Dubai Real Estate Meltdown (Feb-09)

Company ResearchSaudi Arabia

Samba Financial Group (Aug-10)Jabal Omar Development (Jul-10)Arabian Cement Co (Jul-10)Yanbu Cement Co. (Jun-10)Saudi Telecom Co. (Jun-10)Emaar Economic City (Jun-10)Qassim Cement Company (Jun-10)Savola Group (May-10)Alinma Bank (May-10)Jarir Marketing (May-10)Bank Al Bilad (May-10)Bank Al Jazira (Apr-10)Makkah Construction (Apr-10)Saudi Cement Company(Apr-10)Southern Province Cement Co(Mar-10)Saudi Electricity Company(Feb-10)Saudi Arabian Mining Co(Feb-10)Yamama Saudi Cement (Feb-10)Etihad Etisalat (Feb-10)Al Marai Company (Dec-09)Arab National Bank (Oct-09)SAFCO (Oct-09)Al Rajhi Bank (Aug-09) Riyad Bank (Jul-09)Sabic (Mar-09)Saudi Investment Bank (Jan-09)Kingdom Holding Co (Dec-08)Saudi Kayan Petro Co. (Aug-08)Banque Saudi Fransi (Jun-08)

Kuwait (For Internal Use Only)

Qurain Petrochem. Ind. (Aug-10)Wataniya (Jul-10)Boubyan Bank (June-10)Agility (June-10)Gulf Bank of Kuwait (May -10)National Bank of Kuwait (Mar-10)Al Deera Holding (Aug-09)Kuwait Finance House (Apr-09)Kuwait Financial Centre (Dec-08)Commercial Bank of Kuwait (Oct-08)National Industries Group (Sept-08)Zain (Sept-08)Global Investment House (Sept-08)Kipco (Sept-08)The Investment Dar (Sept-08)Burgan Bank (Sept-08)Automated Systems Co (Aug-08)Al Safat Investment Co (July-08)

7) List of Published Markaz Researches

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UAEUnion National Bank (Sept-10)FGB (Aug-10)Etisalat (Aug-10)Dubai Financial Market (Sept-09)ADCB (Jun-09)DP World (Jun-09)NBAD (Feb-09)Sorouh Real Estate (Feb-09)Aldar Properties (Feb-09)Gulf Cement Company (Jan-09)Abu Dhabi National Hotels (Dec-08)Dubai Investments (Dec-08)Arabtec Holding (Dec-08)Air Arabia ( Nov-08)Union Properties (Nov-08)Dubai Islamic bank (Oct-08)Emaar Properties (July-08)Dana Gas (July-08)

QatarQatar Gas Transport Co. (Sept-10)QISB (Sept-10) Masraf Al-Rayan (Jun-10)Commercial Bank of Qatar (Mar-10)Qatar Telecom (Jun-09)Industries Qatar (Apr-09)Qatar National Bank (Feb-09)United Development Co. (Feb-09)Qatar Fuel Co. (Dec-08)Qatar Shipping Co (Dec-08)Barwa Real Estate Co. (Nov-08)Qatar Int’l Islamic bank (Nov-08)Qatar Insurance Co. (Nov-08)Doha Bank (Aug-08)QEWC (July-08)

BahrainBatelco (Aug-10)Al Salam Bank (Aug-10)Gulf Finance House (Oct-08)Esterad Inv. Company (Aug-08)Bahrain Islamic Bank (Aug-08)Ithmaar Bank (July-08)Tameer (July-08)

OmanShell Oman Marketing (Apr-10)Galfar Engineering & Cont. (Nov-08)Oman Telecommunications (Sept-08)Bank Muscat(Sept-08)Oman cement (Sept-08)Raysut Cement Company (Aug-08)National Bank of Oman (Aug-08)OIB (July-08)

JordanArab Bank (Sept-08)Cairo Amman Bank (Oct-08)

MoroccoMaroc Telecom (Mar-10)

EgyptSidi Kerir Petrochemicals (Jul-10)Egypt Kuwait Holding (Mar-10)Commercial Int’l Bank (Oct-08)Orascom Telecom (Sep-08)Mobinil (Sep-08)Telecom Egypt (Aug-08)EFG-Hermes (Jun-08)

Markaz Company Research Coverage

MSCI Arabian Markets Conventional

MSCI Arabian Markets Islamic Local Index

Saudi Arabia 60% 64% 78%

Kuwait 83% 92% 56%

Qatar 92% 90% 95%

UAE 79% 25% 58%

Bahrain 79% 100% 21%

Oman 63% 100% 50%

Egypt 62% 100% 45%

Jordan 39% 0% 32%

Morocco 50% 70% 24%

MENA 79% 93% 63%

Markaz Research is available on: Bloomberg Type “MRKZ” <GO>, Thomson Financial, Reuters Knowledge, Zawya Investor & Noozz.

To obtain a print copy, kindly contact: Kuwait Financial Centre “Markaz” Media and Communications Department Tel: +965 2224 8000 Ext. 1814 Fax: +965 2249 8740Postal Address: P.O. Box 23444, Safat, 13095, State of Kuwait Email: [email protected] markaz.com/research