WEDNESDAY May 26, 2010

Shurooq Investment Research

Shailendra Singh Investment Manager [email protected]

Haseeb Al Zaabi Brokerage Manager [email protected]

Mohammed Raza Kamdar Financial Analyst

Daily Market Snap Shot Oman Market & Economy News


Al Maha Petroleum Products Marketing Co. SAOG has won a tender worth OMR 13.7 million to supply diesel to certain power stations operated by Rural Areas Electricity Company S.A.O.C in Dhofar Governorate for a st period of two years commencing on 1 June 2010.




Oman Arab Bank and Zain Property Development signed an agreement which facilitates Zain Property Developers’ customers purchasing either Dar al Zain villa or townhouse or a Zain Heights apartment to approach Oman Arab Bank for a competitive housing loan.

[email protected]

Shurooq Securities Co. LLC PO BOX: 982; PC: 112 Ruwi, Oman Tel: 24818200/300/400 www.shurooqsecurities.com www.shurooqinvest.com

View Reports at: http://www.shurooqsecurities.com/reports.asp

May 26 2010

Market Snap Shot Market Summary MSM30 index ignored gains witnessed in GCC & Asian markets and opted for a downward slide to decline by about 1% to close the day at 6,183. MSM index month-to-date performance for the month of May plunged further to stand at -9.48%, followed by year-to-date performance which retreated to -2.92%. Selling pressure continued amongst all three sectors with Industrial sector declining ng by more than 2%. Banking & Investment sector dipped by 1.58% and Services & Insurance sector decreased by 0.78%.

MSM - 0.96%

Market breadth remained in negative to support the declining stocks with advance to decline ratio standing at 6:38, whereas only 8 stocks ended flat out of 52 traded counters. Marke Market activity remained low as total market volumes declined by 12% to trade over 20.31 million shares and market turnover decreased by 20% at OMR 6.97 million. Market Capitalization for the MSM declined further by 0.58% to stand at OMR 8.33 billion for today.

________________________________________________________ ______________________________________________________________________________________________________________ ___________________________________________________________________ Index Movement

Group Participation

Index

High

Low

Close

Prv. Close

Change

% Change

P/E

Nationality

Buy Turnover

Sell Turnover

MSM30

6287

6182

6183

6242

-60

-0.96

11.28

OMANIS

78%

80%

Banks and Investment

8921

8637

8642

8781

-139

-1.58

16.32

GCC

7%

8%

Services and Insurance

2412

2376

2387

2406

-19

-0.78

9.87

ARABS

2%

2%

Industry

6785

6612

6619

6762

-142

-2.11

10.42

OTHERS

12%

9%

100.00%

100.00%

Source: MSM Website

GCC Indices GCC

Close

Prev. Close

% Chg

% YTD

P/E

GCC

Close

Prev. Close

% Chg

% YTD

P/E

Light Crude (BBL/USD)

71.09

69.58

2.17

7:00 am OST

N/A

Brent Crude (BBL/USD)

71.30

70.15

1.64

7:00 am OST

N/A

MSM

6183

6242

-0.96

-2.92

11.28

Gold 100 OZ (t oz./USD)

1215

1203

1.01

7:00 am OST

N/A

Saudi

5862

5764

1.71

-4.24

14.18

Abu Dhabi

2647

2650

-0.14

-3.54

9.62

Amman

2431

2474

-1.76

-4.75

18.53

Doha

6696

6647

0.74

-3.74

10.10

Kuwait

6807

6802

0.08

-2.83

14.71

Bahrain

1472

1455

1.20

0.96

11.09

Dubai FM

1591

1570

1.31

-11.79

9.36

Egypt

6200

5938

4.43

-0.14

10.49

Source: Zawya & Bloomberg

Global Markets – May 26, 2010 US Close Dow Jones 9974 Nasdaq 2196 S&P 500 1068 Source: Reuters

2

Prev. Close 10044 2211 1074

% Change -0.69 -0.68 -0.57

Europe FTSE UK Dax--Germany CAC40 CAC40-Euronext

Close 5038 5758 3409

Prev. Close 4941 5670 3331

% Change 1.97 1.55 2.32

Asia Nikkei N225 HSI Hong Kong BSE- India

Close 9523 19196 16388

Prev. Close 9460 18986 16022

% Change 0.66 1.11 2.28

Shurooq Investment Research

Market Snap Shot

May 26 2010

Stock Performance Oman Fisheries (+4.92%) was the top performer for today on low volumes of 10K shares traded. Bank Muscat (-0.39%) remained most active in terms of both market volumes and turnover to trade over 2.02 million shares at OMR 1.54 million. Major gainers for today were; National Aluminum (+1.00%), Ahli Bank (+0.78%), Bank Dhofar (+0.26%), and Omantel (+0.17%). Financial Services (-8.33%) was the top decliner for the day on heavy volumes of over 1.42 million shares traded. For the second consecutive day, MSM index ended the day in red mainly led by decline in index heavyweights.

World Markets – May 26, 2010 (Courtesy: Reuters, Gulf base, Zawya, CNBC & various websites) Asian markets ended higher after a late-session recovery on Wall Street helped whet appetite for stocks, with shipping and resource companies leading the charge on upbeat freight rates and a rebound in commodity prices. Nikkei stock average 225 climbed 0.66% to 9,523, Shanghai composite index inched up 0.1%, Hang Seng index gained 1.11% to 19,196, and India’s Sensex expanded 2.28% at 16,388. South Korean shares bounced in and out of positive territory as foreign investors continued selling amid persisting concerns over tensions with North Korea and a weakening Korean won. North Korea said Tuesday it will "totally freeze" relations with South Korea and pull out of a nonaggression pact with Seoul, marking the widest rift between the Koreas in two decades. JFE Holdings rose 0.5% after the Nikkei reported that the company will spend about 700 billion yen ($7.76 billion) over the next two years to expand operations in emerging nations, taking stakes in businesses that supply local markets. European markets rebounded with investors picking up shares in companies bruised by heavy selling in the previous session on fluctuating sentiment toward prospects for economic growth. The Stoxx Europe 600 index rose 2.5% to 237.95, with markets volatile amid worries that sovereign-debt issues will curtail growth and spur a rerun of the 2008 banking crisis. Banks were slammed on Tuesday but took back some ground on Wednesday, with Swiss lender UBS shares up 1.9% and French bank Credit Agricole up 2.8%. Italy joined other European countries in setting out austerity measures to bring its debt down. Of the major regional benchmarks, FTSE 100 index moved back over 5,000 to close up 1.97% at 5,038, the CAC-40 index climbed 2.32% to 3,409, and the DAX index jumped 1.55% to 5,758. Shares of BHP Billiton rose 5.3%, Xstrata shares gained 5.7% and Rio Tinto shares climbed 7.3%. In the oil sector, Repsol shares rose 1.9% and Total shares gained 1.5%. BP shares climbed 1.4%, reversing early losses. The oil giant is attempting a "top-kill" procedure to stem the Gulf of Mexico oil spill. BP said the procedure may take up to two days. Burberry shares jumped 7.6%. The luxury retailer swung to a fiscal-year net profit of 81.4 million pounds ($116.9 million), as exceptional charges fell sharply and sales of shoes and non-apparel accessories climbed. U.S. markets ended lower after a late-session lapse that coincided with a drop in the euro below a key threshold, as investors focused on reports that China might review its European bond holders. Dow Jones industrial average closed off by 0.69% to 9,974, the first time the benchmark index closed below 10,000 since early February. The S&P 500 index closed down by 0.57% to 1,068. The NASDAQ composite index shed 0.68% to 2,196. Leading decliners on the Dow, Microsoft shares fell 4.1% and McDonald's Corp fell 2.7%. On the S&P 500, industrials were the only sector of 10 that managed to cling to gains. Telecoms and tech stocks led decliners, with Sprint shares falling 7.2%, Western Digital Corp. losing 2.3% and McAfee shares falling 2.1%. The Financial Times Wednesday said China is reviewing its euro-zone debt holdings in the wake of Europe's financial problems. China's State Administration of Foreign Exchange, which manages the reserves, has expressed concern about its exposure to the five euro-zone markets of Greece, Ireland, Italy, Portugal and Spain, the newspaper said. Crude oil futures jumped 4% as investors focused on the good economic news and picked through a government report on inventories to cheer indications of growing demand. July crude oil delivery gained $2.76 to settle at $71.51 a barrel on the NYME. Gold futures finished higher tracking U.S. stocks and other commodities such as oil. Buyers kept piling up on gold as they remained concerned about the pace of the global economic recovery and the impact of a potential European sovereign debt crisis. June gold delivery was up 1.3% to $1,213 an ounce on the NYME.

3

Shurooq Investment Research

Market Snap Shot

May 26 2010

GCC Market & Economy News




Drydocks World LLC, Dubai World’s ship-repair unit, has sued Singaporean tycoon Tan Boy Tee for breaching an agreement tied to a $1.7 billion takeover deal.




Dubai Group doesn’t plan to sell its holdings in Marfin Investment Group SA and Marfin Popular Bank SA of Greece, Dubai group. Dubai Group owns 17.8% of Marfin Investment and has a 17.3% stake in Marfin Popular.




Ratings agency Fitch downgraded Dubai Bank on Tuesday as concerns mount that other Dubai companies to which it is connected including Dubai Holding face financial difficulties. Fitch cut its individual rating on Dubai Bank to 'D', which means there are concerns regarding its profitability and balance sheet integrity, management, operating environment or prospects. The downgrade, which cited rising loan losses and a weak profit outlook, comes as worries intensify about the health of Dubai Holding.




Dubai Bank is reviewing its strategy and business model to cope with the difficult market environment, the lender's chief financial officer said on Tuesday. Dubai Bank is looking at its strategy, business model and processes, all the key elements of its business to make sure they are fine-tuned and in tandem with the challenging financial environment, the CFO said. He feels that going forward with prudent provisioning the bank should be able to improve ratings.




Dubai Financial Market paid two thirds of its acquisition of Nasdaq Dubai and transferred 80 million of its shares to NASDAQ OMX Group Inc. The company will pay the remaining third to Borse Dubai Ltd. concurrently with the completion of the consolidation between DFM and Nasdaq Dubai in due course.




Emirates Aluminum is considering issuing bonds worth up to USD 1 billion this year, a financial advisor said on Tuesday. The original EMAL financing foresaw a USD 1 billion bond issue but was cancelled due to market conditions. EMAL's USD 5.7 billion phase one, greenfield aluminum smelter was scheduled for completion last month with capacity of 700,000 tpa of primary aluminum. Phase two of the project has now begun and will increase capacity to 1.4 million tpa by 2013-14.




Saudi Arabia's Arriyadh Development Company expects to receive government approval for a project worth more than 13 billion riyals ($3.47 billion) in the country's capital Riyadh, its chief executive said on Tuesday.




Bank of Bahrain and Kuwait has delayed a bond sale as investors demanded higher yields to buy emerging-market securities, said a banker with direct knowledge of the plan.




Qatar Investment Authority has expressed interest in buying some of the shares held by the US government in Citigroup. A deal would depend on price, market conditions and the government’s willingness to sell its shares to a sovereign wealth fund at a discount. The first portion of shares to be sold by the government may be completed within days.

4

Shurooq Investment Research

May 26 2010

Market Snap Shot

Market Movers & Shakers – May 26, 2010 Top Movers

Price

Change %

Change

OMAN FISHERIES (OFCI )

0.128

4.92%

0.006

MSM Summary MSM30

6,182.550

GULF INT. CHEMICALS (GICI )

0.279

4.89%

0.013

Turnover

6,974,763.239

NATIONAL ALUMINUIM (NAPI )

0.404

1.00%

0.004

Volume

20,312,972

AHLI BANK (ABOB )

0.260

0.78%

0.002

Trades

3,559

BANK DHOFAR (BKDB )

0.760

0.26%

0.002

Sec Traded

52

OMANTEL (OTEL )

1.198

0.17%

0.002

Up

6

Down

38

Change%

-0.960%

Banking and Investment Sector

Top Shakers

Index

8,642.170

Change%

-1.590%

Turnover

3,342,736.601

Sec Traded

10

Volume

9,118,542

Up

1

Trades

1,495

Down

9

FINANCIAL SERVICES (FSCI )

0.099

-8.33%

-0.009

Industrial Sector

A SAFFA FOODS (SPFI )

0.235

-7.48%

-0.019

Index

6,619.130

Change%

-2.110%

OMAN UNITED INS. (OUIS )

0.184

-7.07%

-0.014

Turnover

1,164,628.684

Sec Traded

9

MUSCAT GASES (MGMC )

0.509

-6.61%

-0.036

Volume

2,620,827

Up

0

DHOFAR INT. DEV. (DIDI )

0.360

-6.01%

-0.023

Trades

550

Down

9

VOLTAMP ENERGY (VOES )

0.419

-5.84%

-0.026

Services and Insurance Sector

MAJAN COLLEGE (BACS )

0.244

-5.79%

-0.015

Index

2,387.350

Change%

-0.780%

AL JAZEIRA SERVICES (AJSS )

0.187

-5.56%

-0.011

Turnover

1,225,278.759

Sec Traded

10

OMAN CABLE INDUSTRY (OCAI )

1.059

-5.11%

-0.057

Volume

2,439,033

Up

2

BANK SOHAR (BKSB )

0.200

-3.85%

-0.008

Trades

539

Down

7

Company

Price

Change %

Volume

BANK MUSCAT (BKMB )

0.766

-0.39%

2,021,820

Most Active By Volume

Most Active By Turnover Company

Price

Change%

Turnover

BANK MUSCAT (BKMB )

0.766

-0.39%

1,549,432 574,480

BANK SOHAR (BKSB )

0.200

-3.85%

1,891,737

RENAISSANCE SERVICES (RNSS )

0.691

-1.29%

OM. EMIRATES (OM) (OEIO )

0.184

-3.67%

1,824,410

BANK SOHAR (BKSB )

0.200

-3.85%

377,852

FINANCIAL SERVICES (FSCI )

0.099

-8.33%

1,425,308

OM. EMIRATES (OM) (OEIO )

0.184

-3.67%

335,175

GULF INV. SER. (GISI )

0.093

-1.06%

1,115,964

ONIC. HOLDING (ONIC )

0.404

-2.42%

326,944

AL ANWAR HOLDING (AAIT )

0.201

-0.50%

847,042

OMAN CEMENT (OCOI )

0.640

-0.31%

309,329

RENAISSANCE SERVICES (RNSS )

0.691

-1.29%

831,632

GALFAR ENGINEERING (GECS )

0.404

-0.49%

273,558

OMAN INV. & FIN. (OIFC )

0.274

-1.79%

829,391

NATIONAL ALUMINUIM (NAPI )

0.404

1.00%

233,452

Global Investment (GFIC )

0.077

-1.28%

813,650

OMAN INV. & FIN. (OIFC )

0.274

-1.79%

227,240

ONIC. HOLDING (ONIC )

0.404

-2.42%

808,880

JAZEERA STEEL PRODCT (ATMI )

0.288

-3.68%

225,675

5

Shurooq Investment Research

May 26 2010

Market Snap Shot MSM Market Snap Shot Share Price

Company

Capital (in mn)

Banking & Fin

Net Profit FY 09

Net Profit Q1' 09

Net Profit Q1' 10

(mn)

(mn)

(mn)

% Chg

BV

P/BV

EPS Q1'2010

P/E

CMP as of Dec 31, 09

YTD Perf. %

Dividend Cash FY09

Dividend Stock FY09

Dividend Yield %

Market Cap RO (in mn)

185

Recommended Overview

1

Ahli Bank

0.260

71.24

8.54

1.41

3.15

124

0.128

2.03

0.004

15

0.217

19.82

0.007

5%

2.7

2

Al Anwar Holding FY'2009

0.201

11.00

2.03

1.45

2.33

61

0.177

1.14

0.021

9

0.261

-22.99

0.006

9%

3.0

22

3

Al Omaniya Financial Svcs

0.239

15.56

3.75

0.79

0.88

12

0.209

1.15

0.006

11

0.266

-10.15

0.015

10%

6.3

37

4

Al Sharqiya Investment

0.103

8.00

0.54

0.06

0.15

167

0.168

0.61

0.002

14

0.126

-18.25

5

Bank Dhofar

0.760

81.36

25.39

6.55

8.84

35

0.248

3.06

0.011

17

0.731

3.97

0.015

10%

2.0

618

Reduce

6

Bank Muscat

0.766

134.64

73.70

48.42

24.48

-49

0.531

1.44

0.018

11

0.824

-7.04

0.020

25%

2.6

1031

Add, Hold

7

Bank Sohar

0.200

100.00

8.02

-0.78

2.83

465

0.109

1.84

0.003

18

0.225

-11.11

8

DIDIC

0.360

20.00

6.05

3.56

3.70

4

1.005

0.36

0.018

5

0.407

-11.55

9

Financial Services

0.099

6.50

0.26

-0.70

-0.48

-32

0.115

0.86

-0.007

-3

0.163

-39.26

10

Gulf Investment Services

0.093

15.02

1.15

-0.21

1.01

578

0.138

0.67

0.007

3

0.124

-25.00

11

Global Financial Investment

0.077

30.00

-0.73

-0.06

0.80

1421

0.115

0.67

0.003

7

0.112

-31.25

12

Muscat Finance

0.290

11.00

2.70

0.74

0.78

5

0.145

2.00

0.007

10

0.305

-4.92

0.015

5.2

32

13

National Bank of Oman

0.329

108.10

21.11

7.33

6.58

-10

0.226

1.46

0.006

14

0.321

2.49

0.012

3.6

356

Hold

14

Oman International Bank

0.290

91.33

21.52

6.37

5.66

-11

0.173

1.68

0.006

12

0.297

-2.36

0.022

7.6

265

Neutral

15

OIFC FY'2009

0.274

10.00

2.52

2.03

3.13

54

0.153

1.80

0.031

9

0.331

-17.22

27

Add

16

Ominvest

0.373

23.00

9.48

9.74

7.53

-23

0.199

1.87

0.033

3

0.495

-24.65

0.010

15%

2.7

86

Buy

17

Oman Oryx Leasing

0.170

13.42

2.00

0.49

0.52

6

0.132

1.29

0.004

11

0.231

-26.41

0.008

22%

4.7

23

18

ONIC Holding

0.404

16.52

5.09

-19.24

0.79

104

0.136

2.97

0.005

21

0.512

-21.09

0.020

5%

5.0

67

19

Tageer Finance

0.254

9.10

2.20

0.51

0.51

0

0.158

1.61

0.006

11

0.236

7.63

0.008

7%

3.1

23

20

United Finance

0.125

23.39

0.93

-0.22

0.42

288

0.133

0.94

0.002

17

0.130

-3.85

6.9%

29

Hold

4.94

1.26

1.44

14

0.123

2.36

0.009

8

0.420

-30.95

45%

47

Hold

Hold

8

200 0.030

8.3

72

Hold

6 0.007

7.5

14

Hold

23 10%

Reduce

Industry 1

Al Anwar Ceramic Tiles

0.290

16.22

2

Asaffa Foods

0.235

10.00

2.90

0.57

0.78

35

0.119

1.98

0.008

8

0.101

132.67

0.010

4.3

24

3

Al Hassan Engineering

0.445

7.52

2.64

0.52

0.60

15

0.174

2.55

0.008

14

0.403

10.42

0.014

3.1

33

4

Cons Material Industry

0.071

8.50

0.50

0.15

-0.08

-153

0.102

0.70

-0.001

-19

0.110

-35.45

0.008

11.3

5

Dhofar Cattlefeed

0.233

7.00

-1.27

-0.25

5.75

2407

0.551

0.42

0.082

1

0.217

7.37

6

Al Jazeera Steel Product

0.288

12.49

-0.77

-2.99

0.55

118

0.240

1.20

0.004

16

0.322

-10.56

36

Hold

7

Majan Glass

0.775

3.32

3.09

0.44

0.73

68

0.376

2.06

0.022

9

0.651

19.05

0.040

5.2

26

Reduce

8

Muscat Gases

0.509

2.42

1.38

0.40

0.47

17

0.209

2.44

0.019

7

0.500

1.80

0.040

7.9

12

9

National Aluminum

0.404

3.36

2.54

0.17

0.52

202

0.169

2.40

0.015

7

0.502

-19.52

0.060

14.9

14

10

National Detergent

0.794

1.70

1.17

0.16

0.48

190

0.720

1.10

0.028

7

0.600

32.33

0.040

5.0

14

11

Oman Cable Industry

1.059

8.97

6.60

-0.95

1.70

279

0.462

2.29

0.019

14

1.454

-27.17

0.030

2.8

95

12

Oman Cement

0.640

33.09

24.23

4.66

7.12

53

0.396

1.61

0.022

7

0.748

-14.44

0.037

5.8

212

Hold

13

Oman Chlorine

0.342

5.88

2.48

0.65

0.61

-6

0.204

1.67

0.010

8

0.370

-7.57

0.010

2.9

20

Add, Hold

6

6 16

5%

Buy

Hold

Shurooq Investment Research

May 26 2010

Market Snap Shot

Company

Share Price

Capital (in mn)

Net Profit FY 09

Net Profit Q1' 09

Net Profit Q1' 10

% Chg

BV

P/BV

EPS Q1'2010

P/E

CMP as of Dec 31, 09

YTD Perf. %

Dividend Cash FY09

Dividend Stock FY09

14

Oman Flour Q3' FY09

0.629

15.75

5.24

3.44

7.79

127

0.299

2.11

0.049

10

0.639

-1.56

15

Raysut Cement

1.483

20.00

28.68

7.84

6.81

-13

0.468

3.17

0.034

11

1.491

-0.54

0.100

6.7

297

Hold

16

Salalah Mills

0.640

4.13

3.57

0.95

1.01

7

0.280

2.29

0.025

7

0.705

-9.22

0.030

10%

4.7

26

Add Hold

17

Voltamp Energy

0.419

5.50

2.20

0.53

0.65

22

0.291

1.44

0.012

9

0.624

-32.85

0.035

10%

8.4

23

Buy

1

AES Barka

1.339

16.00

8.04

1.84

1.78

-3

0.245

5.46

0.022

15

1.573

-14.88

2

Al Jazeera Services

0.187

11.17

3.47

-1.08

0.31

129

0.140

1.33

0.003

17

0.276

-32.25

0.010

5.3

3

Dhofar Insurance

0.247

20.00

3.52

2.01

2.82

41

0.170

1.45

0.014

4

0.275

-10.18

0.010

4.0

4

Dhofar Power

1.520

19.70

3.09

0.94

0.65

-31

0.852

1.78

0.033

11

1.820

-16.48

5

Galfar Engineering

0.404

30.00

3.75

4.64

-0.84

-118

0.263

1.54

-0.003

-36

0.578

-30.10

0.010

6

Maha Petroleum

9.135

6.90

5.67

1.26

1.72

36

4.018

2.27

0.249

9

10.13

-9.83

0.550

7

Oman Oil Marketing

0.955

6.45

5.36

1.08

1.58

46

0.364

2.63

0.025

10

0.921

3.69

0.035

8

Oman Telecommunication

1.198

75.00

125.23

38.09

32.36

-15

0.528

2.27

0.043

7

1.298

-7.70

0.100

9

Oman United Insurance

0.184

10.00

3.79

0.65

1.05

61

0.185

0.99

0.010

4

0.245

-24.90

0.013

6.8

10

Port Services

0.556

9.50

5.36

1.28

1.66

30

0.331

1.68

0.017

8

0.610

-8.85

0.050

11

Renaissance Services

0.691

28.21

28.51

4.79

5.30

11

0.604

1.14

0.019

9

0.765

-9.67

0.012

12

Salalah Port Services

0.497

17.98

4.54

0.30

1.94

547

0.214

2.32

0.011

12

0.571

-12.96

13

Shell Oman Marketing

1.854

10.00

13.00

2.87

3.54

23

0.199

9.33

0.035

13

2.045

-9.34

14

Sohar Power

1.330

27.80

3.26

0.55

0.45

-18

1.050

1.27

0.016

20

1.435

-7.32

15

United Power

0.950

19.18

1.69

0.18

0.65

259

1.732

0.55

0.034

7

0.950

0.00

Dividend Yield %

Market Cap RO (in mn)

Recommended Overview

99

Hold

Ser. & Ins. 107 21 49

Buy

30 2.5

121

Reduce

6.0

63

Buy, Hold

3.7

62

Hold

8.3

899

Hold

18

Neutral

9.0

53

Reduce

1.7

195

Hold

0.010

2.0

89

0.120

6.5

185

Hold

37

Reduce

18

Reduce

0.080

10%

8.4

Disclaimer This report is not directed to, or intended to or use by any person or entity who is a citizen of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which subject Shurooq Securities Co LLC to any registration or licensing requirements within such jurisdiction. This is report is provided for information purpose only. This report is based on information generally available and is deemed reliable but no assurance is given as to its accuracy or completeness. Shurooq Securities Co LLC is not accountable for any decision based on the content of this report. The investor will not indemnify Shurooq Securities Co LLC and its officers, employees and staff against any loss or damage or other liabilities (including Cost), which may suffer as a result of reliance on such reports. Neither the information nor the opinions contained are to be construed as an offer to buy and sell securities mentioned above. This report is not to be relied upon in substitution for the exercise of independent judgment. Investor should judge the suitability of the securities to their need.

7

Shurooq Investment Research