Qatar Listed Stocks Handbook III

Qatar Listed Stocks Handbook
III Edition, 2012
www.cbinvest.com.qa
Foreword
Dear Investors in Qatar, It gives us great pleasure to introduce the 3 edition of Qatar listed stocks Handbook. It highlights the performance and forecast of the Qatar Economy and describes the Qatar Exchange and its actors. It also contains brief note on each of the 42 companies listed on the Qatar Exchange. The Qatar stock exchange has continuously rewarded investors over the past 15 years with CAGR in excess of 15%. After having delivered solid dividends circa 4% over the past few weeks, the Qatari stocks still trade at an attractive P/E of around 9 times. We believe Qatar Exchange has a bright upside potential for the rest of 2012 and beyond. The aim of this handbook is twofold. First, is to provide you with relevant benchmarks on past performance and relative valuation of each existing listed Qatari company, and second is to initiate or reinforce your appetite for increasing your exposure to the Qatar economy and listed Qatari companies.
rd
I hope you will find this handbook and future research editions of Commercialbank Capital (COMCAP) of interest.
Alex Carre de Malberg Global Head Commercialbank Capital
Dr. Abdulaziz A Al-Ghorairi Senior Vice - President & Chief Economist Commercialbank Capital
April 2012 Contents

Qatari Economy Economic indicators Qatar Exchange Recent announcements Overview List of Qatari funds Commercialbank Investment Services QE constituents Summary of companies traded in QE Company profiles Appendix 5 7 8 9 10 11 14 56 3 4
Summary
Qatar is one of the worlds fastest growing economies. The countrys GDP grew at an impressive rate of 14.7% during 2011, amid times when most of the global economies were struggling to recover from the financial crisis. For 2012, Qatars GDP growth is estimated to be 6.0%, according to the IMF. Qatars GDP growth surpassed other GCC nations during 2011; Saudi Arabias GDP grew 6.5%, UAEs 3.3% and Bahrains just 1.5%. Oil & gas are major contributors to the GDP, accounting for 58.3% of the nominal GDP, 87% of the export earnings and 55% of the government revenues in 2011. LNG forms a major portion of revenues from the hydrocarbons sector. Qatars economic indicators signal strong signs of growth surging revenues from oil & gas, strong government financing support, diversification in non-hydrocarbon sectors, external surpluses, and easing of deflationary pressure. According to EIA, Qatar had a total of 896 cubic feet of proved natural gas reserves. The Qatar Exchange (QE) Index comprises of 20 stocks, selected based on criteria that ensure transparency as well as liquidity in the market. Recently, the exchange has announced new equity indices to further strengthen the existing QE Index. These will be All Share Index and Total Return Index to monitor market benchmark and sector performance in real time. Currently, 42 companies are listed on the Qatar Exchange. Qatar benchmark index gained 0.43% to close at 8779 points in 2011. Stocks in the Services sector were the most traded with 41.7% of the total traded value and 55.8% of the total traded volume. Banking and Financial sector was the second most traded sector, followed by Industrial sector and the insurance sector. Qatar Exchange also announced formation of QE Venture Market, an SME market exclusively for the small and medium sized enterprises for listing and trading their securities. This has been done as the government realized the importance of SMEs in economic development, creation of job opportunities and increasing the countrys output.
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Contacts
Commercialbank Capital (Investment Banking & Research) Dr. Abdulaziz A Al-Ghorairi Senior Vice-President & Chief Economist Direct Tel: +974 4420 2663 abdulaziz.alghorairi@cbq.com.qa Rajat Gupta, CFA Associate Direct Tel: +974 4420 2627 rajat.gupta@cbq.com.qa
Qatar Economy Poised for continuing strong growth

Qatar has maintained its growth trajectory primarily due to the resilient nature of the economy backed by significant enhancements in the production capacity of liquefied natural gas (LNG), growth in the nonhydrocarbon sectors, substantial government support to the banking system, and rising public expenditure. The LNG production in Qatar increased from 55 mn tons per year (mtpy) in 2010 to 74.8 mtpy in 2011. As a result, earnings from LNG exports rose 46% to USD 62bn in 2011 and contributed 56% to the total export earnings. Qatars nominal GDP for 2011 rose 36.3% YoY to reach QAR631.6bn driven by expansion in the production levels of LNG, other gas-related products and condensates, coupled with increases in hydrocarbon prices. Growth in the Mining and Quarrying sector increased 52% and manufacturing sector rose 27.5% in 2011.
Exhibit 1: GDP growth rates GCC Countries

20.0% 15.0% 10.0% 5.0% 0.0% 2007 -5.0% -10.0% Bahrain Qatar Source: IMF Kuwait KSA Oman UAE 2012E 2010 463.5 16.6 55.0 8.4 25.3 70.8 1.7 2011E 631.6 14.7 74.8 9.0 32.6 87.4 1.8 2012F 654.9 6.0 77.0 9.0 30.1 89.5 1.8 2013F 680.9 4.3 77.0 9.0 26.8 93.4 1.9
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Exhibit 2: Qatar Economic Highlights

Economic Highlights Nominal GDP (QAR bn)* Real GDP Growth (%)* LNG Production (mn tones) Non-hydrocarbon GDP growth (%) CA/GDP (%) External Debt (USD bn) Population (mn)
Source: IMF, * QSA for 2011
Exhibit 3: GCC Long-Term Ratings, 2011

Sovereign Bahrain Kuwait Oman Qatar Saudi Arabia UAE Japan Singapore Germany S&P BBB AA A AA AAN/R AAAAA AAA Moody's Baa1 Aa2 A1 Aa2 Aa3 Aa2 Aa3 Aaa Aaa Fitch BBB AA N/R N/R AAN/R AA AAA AAA
Exhibit 6: Impressive credit growth continued in 2011

32% 28% 24% 20% 16% 12% 8% 4% 0% Bahrain Kuwait Oman 2010 UAE 2011 KSA Qatar 4% 2% 0% 14% 9% 1%2% 10% 5% 17% 17% 28%
U.S. AA+ Aaa AAA Source: S&P (29 Nov 2011), Moody's (9 Mar 2012)and Fitch (6 Jan 2012)
Source: GCC Central Banks .
Exhibit 4: GCC population Annual growth (2006-10)

Qatar UAE Bahrain GCC Kuwait KSA Oman 0% Total 5% 10% Expatriates 15% Nationals 20%
Exhibit 7: Deposit growth has outpaced peers

28% 24% 20% 16% 13% 12% 8% 4% 4% 0% Bahrain Kuwait Oman 2010 UAE 2011 KSA Qatar 1% 7% 4% 2% 5% 20% 14% 12% 23% 24%
Source: IMF
Source: GCC Central Banks
Exhibit 5: Qatar - Real GDP growth forecast

35% 30% 25% 29% 31%
Exhibit 8: Qatar - GDP per capita forecast

250 200 191 167 149 QAR '000 150 100 50 -0.30% 0 2009 2010 2011F 2012F 2013F 194 195
20% 15% 10%
18% 9% 3% 9% 9%
8% 5%
5% 0% -5% 2009 2010 2011
2012F
2013F
Hydrocarbon % Real GDP Growth %
Non-hydrocarbon %
GDP Per Capita (QAR '000)
Source: IMF
Source: IMF
Qatar Exchange: Core Indices

QE Index QE Total Return Index QE All Share Total Return Index
Contains 20 largest liquid stocks Ranked by free float and average daily turnover Single constituent weight capped at 15% Only captures price performance of constituent stocks
Contains 20 largest liquid stocks Ranked by free float and average daily turnover Single constituent weight capped at 15% Captures prices performance as well as reinvests dividend income in the overall index
Contains all stocks in the market with a minimum velocity of 1% No capping of single constituents Captures prices performance as well as reinvests dividend income in the overall index
Source: Qatar Stock Exchange
Qatar Exchange: Recent Announcements

The Qatar Exchange intends to offer a bond trading platform to capital market investors. The exchange plans to implement short selling as well as bond and Sukuk trading on the index as a measure to encourage the formation of a local debt market. Qatar Exchange recently announced launch of equity indices to complement the exchange. These will include All Share Index and Total Return Index, to help the investors monitor overall market benchmark and performance of various sectors on real time basis. These indices will go live from April st 1 , 2012. The new sectoral indices will be in conjunction with the new sector classification to be introduced on the exchange. This intends to offer investors better market visibility. Exhibit 9 & 10 shows that the average traded volumes and turnover have dropped in past few months due to the regional uncertainty and global risk aversion
Exhibit 9: Traded Volume

60 50 40 Millions 30 20 10 0 2006 2007 2008 2009 2010 2011 2012
Source: Zawya
Exhibit 10: Turnover (USD mn)

800 700 600 USD Millions 500 400 300 200 100 0 2006 2007 2008 2009 2010 2011 2012
Source: Zawya
Qatar Listed Stocks Handbook Also, the Qatar Exchange has recently announced the formation of Qatars new SME market The QE Venture Market. This market will provide the infrastructure to list and trade securities of small and medium sized enterprises. This move aims to provide an efficient capital raising platform for the cash-starved SMEs. Qatar exchange plans to successfully implement and develop the Venture market in association with Qatar Development Bank, Enterprise Qatar and Silatech. The exchange is also planning to launch Exchange Traded Funds (ETFs). Exhibit 12 showcases the drop in correlation between the QE Index, Gas prices and Crude Prices during past few months; hence, pointing to the fact that commodity no longer acts as a proxy exposure to QE Index. Qatar Exchange (QE) launched its own debt market by listing Qatari Government short term treasury bills (T-Bills) to trade on the bourse from December 29, 2011. The launch of debt market is expected to stimulate investment in debt instruments by commercial banks and other institutions. The Central Bank of Qatar (CBQ) has been issuing about QAR 2bn worth of T-bills per month, since May 2011 with maturities ranging from three to nine months, to drain excess liquidity from the banking system and help create a domestic yield curve. Qatari banks held about QAR 8bn of T-bills at the end of September 2011.
Exhibit 11: QE Index Performance
13,000 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 2006 2007 2008 2009 2010 2011 2012
Source: Zawya .
Exhibit 12: QE Index vs. Crude & Gas Prices

300 250 200 150 100 50 0 2007 2008 Natural Gas 2009 2010 WTI Crude 2011 2012 QE Index
Source: EIA, Zawya
Exhibit 13: QE Valuation vs. GCC indices

P/E (x) Qatar Exchange Bahrain Stock Exchange Kuwait Stock Exchange Saudi Arabia Stock Exchange Dubai Stock Exchange Abu Dhabi Stock Exchange Muscat Stock Exchange GCC Average
rd
P/BV (x) 1.7 0.9 1.2 2.2 0.8 1.1 1.5 1.3
Dividend Yield (%) 4.4 5.4 3.4 2.9 2.9 3.9 4.9 4.0
9.1 9.3 34.9 17.2 17.6 9.1 13.2 15.8
Source: Bloomberg as on 3 April, 2012
Qatar Listed Stocks Handbook Qatar Exchange Overview

Exhibit 14: QE All Share vs QE Total Return Index
The Qatar Exchange (previously Doha Securities Market) was established in 1995 to provide efficient capital market services in the country. It is regulated by the Qatar Financial Markets Authority (QFMA), and provides a common platform for capital transactions to corporate as well as investors. To further enhance the efficiency and transparency of the exchange, Qatar Holding (the investment arm of Qatar Investment Authority) and NYSE Euronext (worlds leading exchange group) signed an agreement of strategic partnership in 2009. The centerpiece of the collaboration is QEs participation in the NYSE-Euronexts electronic trading system, known as the Universal Trading Platform (UTP) using the NYSEs Secure Financial Transaction Infrastructure (SFTI) that links Qatari brokers directly to as many as eight major American and European exchanges. In a new step to develop its services to various types of investors, the Qatar Exchange (QE) launched a new improved Market Watch for its investor community. The new Market Watch features include: higher performance in term of orders and trades throughput, support for blackberry, iPad and iPhone, the ability to view the historical graphs of prices and correlate price variations with events and corporate actions, and improved blinking functionality. QE: Sector Reclassification
QE Index
16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 2007 2008 2009 2010 2011 2012
QE Total Return
QE All Share
Source: Qatar Exchange Report
Exhibit 15: Sectoral Weights in Qatar Benchmark Index
Transportation 8% Telecoms 6% Real Estate 7% Insurance 4% Banks and Financial Services 48%
Industrials 22%
Consumer Goods & Services 5%
QE All Share Total Return Index
Bank & Financial Services Industrials
Services Insurance
Bank & Financial Services Industrials Real Estate Transportation
Consumer Goods Insurance Telecoms
Exhibit 16: New Issues* in 2012

Company Name Al Ahli Bank National Leasing Holding Total value of No. of shares Rights Issue offered (QAR) 22,425,000 16,493,400 672,750,000 486,555,300 % of total capital 20% 50% Share Price (incl. Premium) 30.0 29.5 Record date 29/05/2012 12/04/2012 IPO start date 30/05/2012 15/04/2012 IPO end date Two weeks Two weeks
Source: Stock Exchange; * All are Rights Issues
List of Qatari Funds

Fund Name
Al Rayan GCC Fund (Q) Al Watani Fund Al Waseela Fund (Q Class) Al-Beit Al-Mali Shariah Compliant Fund Al Waseela Fund (F Class) Al Watani Fund 2 Qatar Gate Fund (N) Al Rayan GCC Fund (F) Qatar Gate Fund (Q) Source: Zawya as on 3rd April, 2012
Asset Types
Equity Equity Equity Equity Equity Equity Equity Equity Equity
Geographic Focus
GCC Qatar Qatar Qatar Qatar Qatar Qatar GCC Qatar
Fund Size (USD Mn)

44.7 23.1 19.6 17.3 15 14.2 12.1 10.3 5.2
3-year Performance (%)

N/A 96.71 71.2 97.42 70.28 99.51 135.68 N/A 130.57
Who can trade on QE

Potential investors (local as well as foreign), companies and any other establishments are allowed to trade on the Qatar Exchange after complying with the trading procedures and getting registered as an investor on the exchange. The investors are required to obtain an Investor Card that carries a National Identification Number (NIN) which allows them to trade in listed securities. Once registered, the investor can choose any of the licensed brokerage firms to buy and sell shares on the exchange. In 2010 the MFs assets as proportion of the Nominal GDP indicates that Qatar was 3% as compared to Bahrain 26.8%, United Kingdom 33.2% and United States 70.3%. Hence, it shows the MF industry in Qatar has more growth potential for new funds and equity assets. Source:
Investment Co. Institute, Washington
Asset allocation to Qatar

Every investor should carefully consider how much exposure he wishes to have to Qatari equities. A number of parameters will influence the Qatar equities asset allocation. A young Qatari student will have a different investment appetite than an Indian expatriate close to retirement, a Saudi family office or a financial institution from Northern Europe. The set of parameters to consider includes: expected duration of investment, geography of investor today and in the future, risk appetite and distribution objectives. However, the significant medium and long term GDP growth expected in Qatar, probably the highest in the world over the next 10, 20 or 50 years justifies a higher Qatar exposure.
In conclusion, Commercialbank Capital suggests the following equity allocation matrix for Qatar (As of March, 2012):
Investment Duration Region of Domicile
Qatar GCC MENA International ex. MENA
< 1 year
1 yr -5 yrs
5 yr -10 yrs
10 yr - 20 yrs
Over 20 yrs
% suggested of Qatar Equities within total portfolio

Opportunistic Opportunistic Opportunistic Opportunistic 5% 1.7% 1.3% 0.5% 15% 5.0% 3.8% 1.5% 30% 10.0% 7.5% 3.0% 60% 20% 15% 6%
Disclaimer: Suggested allocation may differ based on your goals, risk tolerance and time horizon. Please do not hesitate to consult your Cb relationship manager to perform a detailed analysis to determine which allocation suits you the best.
QE Index: Constituents and Index Methodology

The Qatar Exchange (QE) Index comprises of 20 stocks, selected based on criteria that ensure transparency as well as liquidity in the market. Currently, the index constituents are ranked and scored on the equally weighted selection criteria the free-float market capitalization and average daily traded value. In addition, there are two exclusion criteria, a minimum annual velocity of 5.0% and an individual shareholder ownership of at least 1.0%. Based on these four, the 20 highest ranking securities are selected for inclusion in the index.
The index value is then calculated on the basis of price return, which is arrived at by dividing the free-float market capitalization by the divisor. Here, the divisor is determined on the basis of the market capitalization (rebased to the index as on January 1, 1998) of the constituents and modified to incorporate the effects of various corporate actions and composition changes. To ensure the selection criteria meet the purpose of the index, QE conducts a semi-annual review of the index in contrast to the annual review done earlier. The new review methodology entails reconstituting the index towards the end of March and September based on a 12-month observation ending in December and June, respectively.
QETR Index Constituents: Comprising of 20 companies

Symbol QNBK IQCD MARK QIBK CBQK QTEL QEWS BRES QGTS DHBK QNNS UDCD QIIK KCBK QATI GISS VFQS NLCS MERS QMLS Company Name Qatar National Bank Industries Qatar Rayan Qatar Islamic Bank Comm. Bank of Qatar Qatar Telecom Electricity & Water Barwa Nakilat Doha Bank Qatar Navigation United Dev. Company Intl. Islamic Bank Al Khalij Commercial Bank Qatar Insurance Gulf International Vodafone Qatar National Leasing Al Meera Consumer Goods Qatar Co. For Meat & Livestock Trading
st
Free Float Shares 349,704,763 165,000,000 749,100,000 194,661,000 189,502,689 102,935,002 78,800,000 388,724,637 553,100,000 155,712,346 104,221,236 316,954,750 119,329,038 359,400,000 76,886,408 94,605,501 338,160,000 32,286,800 7,390,000 16,730,000
Weightage 15.0% 11.7% 10.4% 7.5% 7.3% 7.0% 5.7% 5.5% 4.9% 4.8% 3.9% 3.1% 3.1% 3.0% 2.9% 1.4% 1.3% 0.8% 0.6% 0.4%
Source: Qatar Exchange, as on April 1 2012
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Details of companies traded on Qatar Exchange

MCap (QAR mn) 94,534 19,004 20,661 18,171 12,588 7,690 5,904 1,544 671 279 96 6,728 12,734 1,463 1,670 780 836 661 380 100 77,275 14,500 9,430 3,158 5,229 3,918 2,138 2,017 6,564 2,331 830 598 571 10,934 6,562 961 52,785 30,889 6,324 9,707 8,544 Dividend Yield (%)** 2.7 7.8 4.0 5.8 7.4 6.9 6.1 7.5 2.9 5.5 4.2 0.0 3.3 7.1 4.2 6.8 4.1 N.A. 2.1 N.A. 5.6 4.5 N.A. 6.0 5.7 4.4 0.6 3.0 4.6 2.5 5.3 7.1 0.0 3.6 0.0 0.0 0.8 1.7 0.0 4.8 4.7 Current P/E (x)** 12.6 10.1 14.8 13.4 10.1 11.9 12.1 7.2 31.0 19.4 20.6 15.2 11.0 9.2 21.7 12.4 19.4 7.3 28.4 261.4 10.4 11.1 16.8 11.3 11.7 13.5 10.2 27.6 10.9 13.7 18.7 9.5 8.7 8.8 1.8 20.0 152.1 11.8 NM 11.8 11.9 Foreign Ownership Limit (%)* 12.5 19.2 49.0 20.6 18.8 19.7 25.0 25.0 24.4 15.0 21.9 17.7 15.0 No limit 18.5 23.2 20.5 22.8 24.2 25.0 7.5 25.0 25.0 24.9 14.2 17.5 25.0 24.9 21.6 23.0 22.8 22.5 24.4 25.0 25.0 24.9 22.5 No limit No limit 24.7 25.0 YTD Price Movement (%)* 10.9 9.4 1.4 8.4 4.9 5.9 4.2 -0.3 -55.8 13.0 4.4 37.7 -1.2 -7.7 -9.5 -29.2 -15.8 -8.0 22.8 -5.1 -6.1 -3.1 -8.6 7.4 5.2 -11.4 11.8 -4.6 6.9 15.9 6.6 6.4 19.8 6.3 39.3 -20.8 11.2 5.6 0.7 -1.1 2.3 Company Profile (Refer Page) 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53
Sector
Company Name QNB Comm. Bank of Qatar Rayan Qatar Islamic Bank Doha Bank
Symbol QNBK CBQK MARK QIBK DHBK QIIK KCBK NLCS DBIS QOIS IHGS ABQK QFLS SIIS MERS QMLS MCGS ZHCD QCFS QGMD IQCD QEWS AHCS MCCS QNCD GISS QIMD KHCD QATI QGRI QISI AKHI DOHI BRES UDCD MRDS ERES QTEL VFQS QGTS QNNS
Banking & Financial
Intl. Islamic Bank Al khalij Commercial Bank National Leasing Dlala Qatar Oman Islamic Holding Al Ahli Bank Qatar Fuel Salam International Al Meera
Consumer goods & services
Qatar Meat & Livestock Medicare Zad Holding Company Cinema Qatar German Co. Med Industries Qatar Electricity & Water Aamal Mannai Corp. National Cement Co. Gulf International Ind. Manf. Co. The Investors Qatar Insurance General Insurance
Industrial
Insurance
Islamic Insurance Al Kaleej Takaful Group Doha Insurance Barwa United Dev. Company Mazaya Ezdan Q Telecom Vodafone Qatar Nakilat
Real Estate
Telecoms
Transportation
54 4.1 23.8 24.9 -0.8 Gulf Warehousing Co. GWCS 1,486 55 Source: Thomson Reuters; * Qatar Stock Exchange, Data as of April 2nd2012; ** Qatar exchange Financial indicators report (29th March, 2012)
Qatar Navigation
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Top 5 stocks by Dividend Yield** Company Name Comm. Bank of Qatar National Leasing Doha Bank Salam International Al Kaleej Takaful Symbol COMB.QA NLCS.QA DOBK.QA SALM.QA KINS.QA Dividend Yield (%) 7.8 7.5 7.4 7.1 7.1
Top 5 stocks by YTD Price Performance* Company Name United Dev. Company Al Ahli Bank Cinema Doha Insurance General Insurance Symbol UDCD.QA ABQK.QA QCFS.QA DOHI.QA QGRI.QA Change YTD 2012 (%) 39.3 37.7 22.8 19.8 15.9
Top 5 stocks by ROE Company Name United Dev. Company Electricity & Water Nakilat Industries Qatar National Leasing Symbol UDCD.QA QEWS.QA QGTS.QA IQCD.QA NLCS.QA ROA (%) 65.0 38.1 34.1 33.1 30.5 Company Name Qatar Fuel
Top 5 stocks by ROA Symbol QFLS.QA QMLS.QA QISI.QA QIMD.QA MERS.QA ROE (%) 17.6 16.3 15.3 14.8 12.9
Qatar Meat & Livestock Islamic Insurance Ind. Manf. Co. Al Meera
Top 5 stocks with lowest P/E** Company Name United Dev. Company National Leasing Zad Holding Company Doha Insurance Barwa Symbol UDCD.QA NLCS.QA ZHCD.QA DICO.QA BRES.QA P/E (x) 1.8 7.2 7.3 8.7 8.8
Top 5 stocks with lowest P/BV** Company Name Qatar Telecom United Dev. Company Qatar Navigation Salam International Qatar Oman Symbol QTEL.QA UDCD.QA QNNC.QA SIIS.QA QOIS.QA P/BV (x) 0.8 0.8 0.8 0.9 0.9
Source: Thomson Reuters, **Qatar Stock Exchange, Values as on 29th March 2012; * Qatar Stock Exchange, Data as of April 2nd2012
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Worst 5 stocks by YTD Price Performance* Company Name Dlala Qatar Meat & Livestock Mazaya Medicare Gulf International Symbol DBIS.QA QMLS.QA MRDS.QA MCGS.QA GISS.QA Change YTD 2012 (%) -55.8 -29.2 -20.8 -15.8 -11.4
Top 5 stocks by Market Capitalization Company Name QNB Industries Qatar Ezdan Qatar Telecom Rayan Symbol QNBK.QA IQCD.QA ERES.QA QTEL.QA MARK.QA Market Cap (QAR mn) 94,534 77,275 52,785 30,889 20,661
Top 5 stocks by Volume traded YTD* Average monthly volume/ free float (%) 40
Top 5 stocks by Turnover YTD* Company Name Rayan Industries Qatar Symbol MARK.QA QGTS.QA QNBK.QA UDCD.QA CBQK.QA Value (QAR Mn) 2528 2161 1506 1419 1210
Company Name
Symbol
Qatar Meat & Livestock Dlala Qatar Oman Mazaya National Leasing
QMLS.QA DBIS.QA QOIS.QA MRDS.QA NLCS.QA
28 QNB 24 United Dev. Company 12 9 Comm. Bank of Qatar
Top 5 stocks with highest Foreign Ownership* Company Name Al Ahli Bank Qatar Oman Gulf Warehousing General Insurance Qatar Telecom Symbol ABQK.QA QOIS.QA GWCS.QA QGRI.QA QTEL.QA Foreign Ownership (%) 33.3 29.1 24.4 23.2 22.7
Top 5 stocks with least Foreign Ownership Availability* Ownership available** (%) 0.5 0.9 2.2 3.6 4.4
Company Name
Symbol
Gulf Warehousing Industries Qatar Comm. Bank of Qatar Qatar Fuel Mazaya
GWCS.QA IQCD.QA CBQK.QA QFLS.QA MRDS.QA
Source: Thomson Reuters, *Qatar Stock Exchange, Values as on 2nd April 2012, ** excluding negative values
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QATAR NATIONAL BANK

Reuters / Bloomberg code QNBK.QA / QNBK QD
Company Overview Qatar National Bank (QNB), the largest in Qatar, operates a network of 59 local branches and 189 ATMs. Established in 1964, the bank offers a full range of conventional retail products and services. QNBs assets account for QAR 301bn, or 40%, of total commercial bank assets in Qatar. Through its sovereign wealth fund, Qatar Investment Authority, the government owns 50% stake in QNB. The bank has presence in several markets outside Qatar, such as London, Paris, Kuwait, Oman and Singapore. Business Description
Market Data
CMP (QAR) 135.0 Shares outstanding (Mn) 699.7 Market cap (QAR Mn) 94,463 Market cap (USD Mn) 25,952 52-week range H/L (QAR) 142.7/116.0
Foreign Ownership (%)

Limit Allowed (%) Current Exposure 12.5% 4.2%
Shareholding Pattern
QNB offers banking services, such as corporate banking, retail banking, treasury, asset management, investment services, and asset/wealth management services, for high net worth clients. Recent Developments QNB Group has acquired 49% stake in the Bank of Commerce and Development, a private bank in the Libya. The Bank of Commerce and Development has a network of 32 branches, 82 ATMs, and total assets worth USD 2bn. In March 2012, Qatar National Bank won the Best Mobile Services 'mServices' award at QITCOM Awards 2012 for promoting mobile payment services. QNB Group completed its debut US Dollar bonds issue under its Euro Medium Term Note Program in international capital markets on 14 February 2012, amounting to USD 1.0bn with a five year maturity and a coupon rate of 3.375%. In October 2011, QNB inaugurated its first branch in Juba, the largest city and the capital of the Republic of South Sudan. In August 2011, Fitch Ratings affirmed QNB Group (QNB)s Long-term Issuer Default Rating (IDR) at 'A+' with a Stable Outlook. In August 2011, QNB, the largest lender in the Gulf Arab state, plans to set up a USD 7.5bn medium-term note program to help fund its banking activities. The bank has appointed Barclays, HSBC and QNB Capital to manage the sale. Company Financials
QAR million unless otherwise mentioned 2008 Interest Income Operating Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents Net Operating Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR) Dividend Per Share (QAR) 6,116 5,091 151,974 16,643 28,707 6,270 83.2% 21.9% 2.4% 12.3 69.1 7.5 2009 6,395 5,657 179,329 19,876 29,604 9,880 88.5% 21.1% 2.3% 10.7 66.0 4.0 2010 9,932 7,609 223,382 24,793 26,480 33,913 76.6% 23.0% 2.6% 10.6 63.2 5.0 2011 10,694 10,184 301,955 42,635 51,633 10,279 95.2% 17.7% 2.5% 12.5 67.0 4.0 YoY (%) 7.7% 33.8% 35.2% 72.0% 95.0% -69.7% 17.9% 6.0% -20.0% CAGR (%) (2008-11) 20.5% 26.0% 25.7% 36.8% 21.6% 17.9% 0.5% -1.0% -18.9%
QIA 50%
Public 50%
Chairman / V.Chairman / MD
H.E. Yousef Hussain Kamal Chairman
Management
Mr. Ali Shareef Al-Emadi CEO Mr. Ali Ahmed Al-Kuwari EGM & Chief Business Officer
Key Ratios P/E (x) P/BV (x) Dividend Yield (%) PEG(x) 12.6 2.3 2.7 0.9
Price Performance
Segmental Revenues in 2011

International Asset and Bkg. wealth Mgt. 17% 5% QNB Intl Hlds. Ltd 1% Consumer Bkg. 8%
Corporate Bkg. 69%
Source: Company filing, Qatar Exchange
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COMMERCIAL BANK OF QATAR

Reuters / Bloomberg code COMB.QA / CBQK QD
Company Overview Headquartered in Doha, Commercial Bank of Qatar (CBQ) is the second largest commercial bank in Qatar with 12% of total commercial bank assets. The bank was established in 1975 as the countrys first private bank. CBQ offers conventional, corporate and retail banking services including deposits, loans and credit cards. The bank operates through a network of 34 full service branches and 148 ATMs, in Qatar. CBQ increased its presence in the region through strategic alliances with National Bank of Oman (NBO) in Oman and United Arab Bank (UAB) in the UAE. CBQs GDRs are listed on the London Stock Exchange. Business Description CBQs principal segments are retail banking, corporate banking, and investment services. For corporate banking customers, CBQ offers an extensive range of commercial and investment banking services and products to enterprises. Retail banking provides current and deposit accounts, wealth management, mortgage lending, personal and vehicle loans, as well as credit and other card services to retail customers in Qatar. COMCAP, a division of Commercialbank, the largest private bank in Qatar provides "onshore" local investment banking and merchant banking services in Qatar, Oman and the United Arab Emirates Recent Developments CBQ has raised USD 500mn from the sale of five-year dollar denominated bonds. The bonds are expected to be priced at yield 235 basis points over the midswap rate. BNP Paribas, HSBC Holdings and Morgan Stanley are expected to manage the sale. CBQ witnessed a 24.0% growth in its public sector lending in 2011. CBQ's would continue focusing on public sector projects, which grew by 40% in 2011, to further expand its public sector portfolio. Moreover, the bank recorded a significant increase in real estate lending by 95% in 2011. In November 2011, CBQ inked an agreement with Tata Consultancy Services to outsource back office processing and IT services of CBQ. Company Financials
QAR million 2008 Interest Income Operating Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents Net Operating Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR) Dividend Per Share (QAR) 2,692 2,769 61,485 9,978 17,800 3,015 102.8% 21.0% 3.2% 8.8 48.4 7.0 2009 2,908 2,778 57,317 12,010 17,683 4,374 95.5% 13.9% 2.6% 7.1 55.5 6.0 2010 2,989 2,562 62,520 12,500 15,454 8,703 85.7% 13.3% 2.7% 7.2 55.1 7.0 2011 2,876 2,864 71,540 14,230 18,043 2,576 99.6% 14.1% 2.8% 7.7 57.5 6.0 YoY (%) -3.8% 11.8% 14.4% 13.8% 16.8% -70.4% 6.9% 4.4% -14.3% CAGR (%) (2008-11) 2.2% 1.1% 5.2% 12.6% 0.5% -5.1% -4.4% 5.9% -5.0%
Market Data
CMP (QAR) Shares outstanding (Mn) Market cap (QAR Mn) Market cap (USD Mn) 52-week range H/L (QAR) 76.7 247.4 18,979 5,214 87.2/67.6

Qatar National Deutsche bank Bank 2% 3% Others 8% Qatar Hldg 16% Public 71%
H.E Abdullah Bin Khalifa al Attiyah Chairman Sh. Abdullah Bin Ali Bin Jabor Al Thani - Vice Chairman Mr. Hussain Ebrahim Alfardan - Managing Director
Management
Mr. Andrew Charles Stevens - Group CEO Mr. Abdullah Al Raisi Deputy CEO
Price Performance

Corp.Bkg 69.9% Retail Bkg 22.7% Islam. Bkg 6.1% Unallocated 1.1% Subsi. 0.3%
15
MASRAF AL RAYAN
Reuters / Bloomberg code MARK.QA / MARK QD
Market Data
Company Overview Doha-based Masraf Al Rayan QSC (Al Rayan) is a publicly listed Islamic bank established in 2006. The bank conducts banking, financing, investment and brokerage activities in Qatar. Al Rayan offers Shariah-compliant products to government entities, corporates and retail customers. The bank accounts for approximately 7% of the total assets held by commercial banks in Qatar. Al Rayan offers commercial banking, asset management and private equity investment services in accordance with the Islamic principles. The bank operates through a network of nine branches and 22 ATMs in Qatar. Al Rayan also has presence in markets such as Pakistan and Saudi Arabia. Business Description Al Rayan primarily operates under four main business segments: Retail, Corporate, Treasury and Trade Finance. Retail banking includes deposits, loans and credit cards. The bank also provides asset management services (including fund, wealth and portfolio management) under its private banking arm. Recent Developments In April 2012, Al Rayan signed an agreement with Alijarah Holding to ease procedures for the planned increase in capital through a rights issue. Alijarah plans to increase its capital by 50% from QAR 329.87mn to QAR 494.80mn by issuing 16.49mn new shares. In April 2011, the bank entered into an agreement with Al Meera Consumer Goods Company for project management services. The bank would provide its services during the design and construction phase of eight new Al Meera branches being developed across Qatar. Al Rayan signed MoU with Qatar Development Bank to offer indirect finance facility (targeted at SMEs in the country). Company Financials
QAR million unless otherwise mentioned 2008 Interest Income Operating Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents Net Operating Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR) Dividend Per Share (QAR) 1,328 1,429 16,769 5,694 501 107.6% 16.1% 5.5% 1.2 7.6 0.8 2009 1,150 1,568 24,124 5,962 716 136.3% 14.8% 3.6% 1.2 7.9 1.3 2010 1,705 1,939 34,683 7,127 1,482 113.7% 17.0% 3.5% 1.6 9.5 2.6 2011 1,889 2,390 55,271 8,504 2,253 126.5% 16.6% 2.5% 1.9 11.3 0.5 YoY (%) 10.8% 23.3% 59.4% 19.3% 52.1% 18.8% 18.9% -80.8% CAGR (%) (2008-11) 12.5% 18.7% 48.8% 14.3% 65.0% 16.6% 14.1% -14.5%
CMP (QAR) Shares outstanding (Mn) Market cap (QAR Mn) Market cap (USD Mn) 52-week range H/L (QAR)
27.8 750.0 20,813 5,718 28.6/22.1

Others 15.3% QIA 10.0%
Public 74.7%
Dr Hussain Ali Al Abdulla Chairman Sh. Al Hussein Bin Ali Bin Ahmed Al-Thani Vice Chairman
Management
Mr. Adel Mustafawi Group CEO Mr. Jamal Darwiche COO
Price Performance

Corporate 94% Retail 5% Al Rayan Investments 1%
16
QATAR ISLAMIC BANK

Reuters / Bloomberg code QISB.QA / QIBK QD
Company Overview Qatar Islamic Bank (QIB), the largest Islamic bank in Qatar, accounts for 9% of the total commercial bank assets in the country. Established in 1982, QIB provides banking services in accordance with the provisions of Islamic Shariah and regulations of Qatar Central Bank (QCB). The bank is headquartered in Doha and operates through a network of 30 branches in Qatar. Business Description QIB and its subsidiaries offer diverse banking products and services. They are also involved in investment and financial activities. These services are provided through Islamic financing modes, including Murabaha, Mudaraba, Musharaka, Musawama and Istisna. The bank offers Islamic products in Qatar as well as Europe, Asia and MENA. Under commercial banking, QIB provides deposits, loans and credit card services. Recent Developments QIBs chairman is optimistic that the year 2012 would bring strong opportunities for growth in Qatar. The bank witnessed higher activity in 2011 through greater co-operation with large governmental institutions and semi-governmental companies across the transport, infrastructure and energy sectors. The bank recently launched a new banking program for micro enterprises. The program aims to provide customized financial solutions for smaller start-up firms as well as help entrepreneurs expand businesses by funding their fixed assets and working capital. The bank introduced a new investment plan, Themar, to allow clients to invest in the Sukuk market and Islamic financial institutions stocks worldwide. In October 2011, QIB announced to distribute Takaful products of its subsidiary Damaan Islamic Insurance Company (also known as Beema) through a BancaTakaful agreement. Company Financials
QAR million unless otherwise mentioned 2008 Interest Income Operating Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents Net Operating Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR) Dividend Per Share (QAR) 2,399 2,555 33,543 7,143 8,697 1,023 106.5% 23.0% 4.9% 8.5 36.3 7.0 2009 2,092 2,402 39,273 9,005 8,691 1,338 114.8% 14.7% 3.4% 6.1 43.6 6.0 2010 1,965 2,281 51,877 9,052 11,125 1,875 116.1% 13.9% 2.4% 5.9 41.8 5.0 2011 2,407 2,682 58,286 11,202 16,059 1,833 111.4% 12.2% 2.3% 5.9 47.4 4.5 YoY (%) 22.5% 17.6% 12.4% 23.8% 44.3% -2.2% 0.0% 13.4% -10.0% CAGR (%) (2008-11) 0.1% 1.6% 20.2% 16.2% 22.7% 21.4% -11.5% 9.3% -13.7%
Market Data

QIA 17%
Public 83%
Sh. Jassim Bin Hamad Bin Jassim Bin Jaber AI-Thani Chairman Mr. Mohammad Bin Abdullatif Al Mana Vice Chairman Mr. Abdullatif Bin Abdulla Al Mahmoud MD
Management
Mr. Ahmad Meshari CEO
Price Performance

Personal 10% Group Function 19% Subsidiaries 12% Wholesale 59%
17
DOHA BANK
Reuters / Bloomberg code DOBK.QA / DHBK QD
Market Data
Company Overview Established in 1978, Doha Bank is one of the largest private commercial banks in Qatar. The bank, which is headquartered in Doha, is the third largest commercial bank in Qatar in terms of total asset base. Doha Bank provides conventional banking services in Qatar and abroad. The bank has 37 branches in Qatar. Internationally, Doha Bank operates through three overseas branches in the United States, the United Arab Emirates and Kuwait. It also has representative offices in United Kingdom, Singapore, Turkey, China, Japan, South Korea and Romania. Business Description Doha Bank primarily operates in the retail segment, and is engaged in wholesale banking and treasury services. Doha Bank operates an insurance arm, Doha Bank Assurance Company (DBAC). Its international operations include Doha Brokerage and Financial Services (DBFS), a joint venture based in India; and Dbank Tech, which provides research and investment services in the UAE. Recent Developments In March 2012, Doha Bank completed a 5-year USD 500mn bond issue. The proceeds of the bond issue will be used to fund the bank's growth plans.
60.8 206.7 12,567 3,453 67.2/49.9

QIA 17%
Public 83%
Sh. Fahad Bin Mohammad Bin Jabor AlThani Chairman Mr. Ahmed Abdul Rahman Yousuf Obaidan Fakhroo Vice Chairman Sh. Abdul Rehman Bin Mohammad Bin Jabor Al-Thani MD
Company Financials
QAR million unless otherwise mentioned 2008 Interest Income Operating Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents Net Operating Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR) Dividend Per Share (QAR) 1,986 1,675 38,970 4,913 9,393 2,552 84.3% 25.8% 2.7% 5.7 28.6 5.0 2009 2,253 2,044 45,996 5,851 11,314 10,754 90.7% 21.7% 2.3% 5.4 32.3 5.0 2010 2,299 2,096 47,230 6,034 9,451 10,379 91.2% 21.4% 2.3% 5.6 31.8 5.0 2011 2,074 2,334 52,420 7,081 12,405 2,605 112.5% 22.0% 2.5% 6.0 34.2 4.5 YoY (%) -9.8% 11.4% 11.0% 17.4% 31.3% -74.9% 7.1% 7.5% -10.0% CAGR (%) (2008-11) 1.5% 11.7% 10.4% 13.0% 9.7% 0.7% 1.7% 6.1% -3.5%
Management
Mr. R. Seetharaman CEO
Price Performance

Convent. Bkg 90.5% Islamic Bkg 8.4% Insurance 1.1%
18
QATAR INTERNATIONAL ISLAMIC BANK

Reuters / Bloomberg code QIIB.QA / QIIK QD
Company Overview Qatar International Islamic Bank (QIIB) is a leading Islamic bank in Qatar. Established in 1991, QIIB offers retail and corporate products/services in the country. The bank is headquartered in Doha, and operates through a network of 13 branches. QIIB has been increasing presence in regional markets outside the country. The bank is one of the founders of the Islamic Bank of Britain, and Syria International Islamic Bank. Moodys recently rated the bank for the first time, and assigned A3/P-2/D+ with a stable outlook. Business Description Personal Banking offers private banking, current & savings account, consumer financing, and safe deposit services. QIIB provides deposits, loans and credit card facilities under private banking services. Corporate Banking offers corporate banking, Murabahah (cost plus), Musawamah, Mudarabah (project finance), Istisna (construction finance), foreign trade finance, and commercial finance services. The bank facilitates private equity investments in various sectors. QIIBs services are in accordance to the Shariah principles. Recent Developments In February 2012, QIIB won the Best Islamic bank in Qatar award for 2012 from World Finance, a London-based magazine. In September 2011, the bank announced that it is likely to issue US dollardominated benchmark-sized sukuk late in the year, or in early 2012 depending on market conditions. A benchmark offering is usually USD 500mn in size. Standard Chartered Bank and HSBC have been hired to advice on the deal. QIIB announced a liberal lending product for expatriate residents known as Unique Financing in May 2011. Expatriates who transfer their salary (minimum of QAR 5,000) to the bank are eligible to avail this facility. Company Financials
QAR million unless otherwise mentioned 2008 Interest Income Operating Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents Net Operating Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR) Dividend Per Share (QAR) 883 933 12843 2780 25 600 105.7% 18.0% 3.9% 4.0 22.1 4.0 2009 870 958 15521 3799 22 642 110.2% 13.4% 3.3% 3.9 27.3 4.0 2010 983 1085 18179 3817 100 955 110.4% 14.6% 3.1% 4.0 27.5 3.8 2011 1056 1134 23358 4893 16 935 107.4% 13.3% 2.8% 4.4 32.4 3.5 YoY (%) 7.5% 4.5% 28.5% 28.2% -84.0% -2.1% 10.0% 17.8% -7.9% CAGR (%) (2008-11) 6.1% 6.7% 22.1% 20.7% -13.9% 15.9% 3.2% 13.6% -4.4%
Market Data

Others 18.0%
QIA 20.0%
Public 62.0%
H.E. Sh. Dr. Khalid Bin Thani A. Al-Thani Chairman & MD H.E. Sh. Abdullah Bin Thani A. Al-Thani Vice Chairman
Management
Mr. Abdulbasit Ahmed A. Al-Shaibei CEO Mr. Jamal Abdullah Al-Jamal Dy. CEO Mr. Mohsen Tawfik Moustafa Dy. CEO
Price Performance

Corporate 46% Invt. 24%
Commercial 9%
Retail 21%
19
AL KHALIJ COMMERCIAL BANK

Reuters / Bloomberg code KCBK.QA / KCBK QD
Company Overview Al Khalij Commercial Bank (Al Khaliji), established in 2007, is headquartered in Doha. The bank offers a full range of conventional and Shariah-compliant products. Al Khaliji accounts for 4% of the total commercial bank assets in Qatar. The banks target customers comprise retail, corporate and institutional clients in Qatar, the UAE and France. Al Khaliji is a member of the Qatar Exchange 20 Index with QAR 23.8bn in assets and QAR 9.9bn in customer deposits as of June 30, 2011. The bank has three branches in Qatar, one in France and four in the UAE. Business Description Al Khalijis services are divided into three segments: Personal Banking, Corporate Banking and Premium Banking. Al Khaliji France, a subsidiary, operates in Paristhe branch network in the UAE encompasses Dubai, Sharjah, Ras Al Khaima and Abu Dhabi. For retail customers, Al Khaliji offers savings accounts, fusion accounts, call accounts, current accounts, fixed deposits, personal loans and credit cards. For corporate customers, the banks offerings include working capital finance, overdrafts, short/ medium/ long-term loans, club/syndicated loans, structured finance and project finance. Recent Developments In February 2012, Fitch awarded Long Term Issuer Default Rating of Awith a stable outlook. According to latest reports, Al Khaliji plans to launch a Qatar stock brokerage firm via an investment of QAR 50mn (USD 13.7mn). In June 2011, the bank announced its proposed merger with International Bank of Qatar would not proceed. Al Khalij launched a specialized contracting finance division to support infrastructure projects undertaken for the FIFA 2022 World Cup in Qatar. Company Financials
QAR million unless otherwise mentioned 2008 Interest Income Operating Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents Net Operating Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR) Dividend Per Share (QAR) 568 551 11,955 4,546 2,562 1,030 97.0% 2.3% 0.9% 0.3 12.6 2009 608 522 17,524 4,830 3,263 644 85.9% 3.5% 1.0% 0.5 13.4 2010 765 760 18,737 5,255 4,613 1,387 99.3% 8.1% 2.3% 1.2 14.6 1.0 2011 783 940 27,003 5,402 8,916 860 120.1% 9.0% 1.8% 1.4 15.0 1.0 YoY (%) 2.4% 23.7% 44.1% 2.8% 93.3% -38.0% 16.7% 2.7% 0.0% CAGR (%) (2008-11) 11.3% NA 31.2% 5.9% 51.5% -5.8% 67.1% 6.0% NA
Market Data

Qatar Govt. 10% Qatar Hld. Co. 36% Public 54%
H.E. Sh. Hamad Bin Faisal Bin Thani AlThani Chairman & MD Mr. Abdulla bin Nasser Al-Misnad Vice Chairman
Management
Mr. Robin McCall Group CEO Mr. Christiaan De Beer Group CFO
Key Ratios P/E (x) P/BV (x) Dividend Yield (%) PEG(x) 12.1 1.1 6.1 NA
Price Performance

Conventional 79% Islamic 2% France 19%
20
NATIONAL LEASING
Reuters / Bloomberg code NLCS.QA / NLCS QD
Market Data
Company Overview
National Leasing Holding (also known as Al-Ijarah Holding), headquartered in Doha, was established in July 2003. The companys business portfolio covers a wide range of activities, including leasing, equipment and transportation, property development, and hospitality services. These activities (conducted in accordance with Islamic Shariah guidelines) are restricted to Qatar. Foreign Ownership (%) Business Description
Limit Allowed (%) Current Exposure
46.9 33.0 1, 547 425 51.4/35.0
25.0% 12.0%
National Leasing Holding operates through its following subsidiaries: Shareholding Pattern National Equipment is involved in the transportation of raw materials. The subsidiary currently has a five-year sand transportation agreement with Doha Bank -1% Qatar National Cement Company. Qatar National Property Development has launched its flagship project, which Navigation involves infrastructure development of Lusail Northern and West 13% Public 87% Waterfront Areas. The subsidiary also provides leasing and a comprehensive range of property management services. National Property Development accounts for a major proportion of the companys revenues. National Limousine is engaged in the hospitality industry. This subsidiary Chairman / V.Chairman / MD maintains an efficient car fleet to provide personal transportation services Sh. Falah Bin Jassim Bin Jabr Al- Thani to individuals, corporate houses and the government. Chairman
Mr. Salem Bin Butti Al-Nuaimi Vice
Recent Developments Chairman In September 2011, National Leasing Holdings board proposed a 50% increase in the share capital by issuing 16,493,400 new shares to existing Management shareholders in the ratio of 1:2 with nominal value of QAR 10 and a Mr. Khalid Nasser Al-Hail CEO premium of QAR 19.50. Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 122 72 55 688 460 223 111 59.1% 45.2% 12.0% 8.0% 1.7 14 0.5 2009 214 91 90 1789 539 1231 593 42.5% 42.2% 16.7% 5.0% 2.7 16.3 2 2010 459 208 180 2027 649 1115 530 45.2% 39.2% 27.7% 8.9% 5.5 19.7 3 2011 602 273 215 1,700 762 676 392 45.3% 35.8% 28.3% 12.7% 6.5 23.1 3.5 YoY (%) 31.2% 31.5% 19.8% -16.1% 17.4% -39.4% -25.9% 18.2% 17.3% 16.7% CAGR (%) (2008-11) 70.3% 55.8% 57.5% 35.2% 18.3% 44.8% 52.5% 56.4% 18.2% 91.3%
Transport 9% Fin Leasing 12%
Price Performance

Limousine 0% Property Devp 79%
Source: *Bloomberg, Company filing, Qatar Exchange
21
DLALA BROKERAGE AND INVESTMENT HOLDING COMPANY

Reuters / Bloomberg code DBIS.QA / DBIS QD
Company Overview Dlala Brokerage and Investment Holding Company (Dlala), headquartered in Doha, was established in 2005 as a brokerage and investment house in Qatar. The company was the first non-banking financial institution to be listed on Qatar Exchange. Dlala offers brokerage services for conventional/Shariah-compliant stocks and real estate as well as property management services. Business Description Through its wholly owned subsidiaries, the company provides brokerage services in the equity and real estate markets. Established in 2006, Dlala Brokerage offers brokerage services for public listed companies. The company provides a number of channels such as online e-trading, direct trading through branches, call centers and account managers for the purchase and sale of shares listed on Qatar Exchange. Dlala Islamic Brokerage was established in 2006 to provide brokerage services in accordance with Islamic Shariah guidelines for Shariah-compliant listed companies. The company has a separate Islamic Panel for Fatwa and Shariah compliance control; it comprises Islamic scholars who determine the compliance of equities with Shariah rules. Dlala Real Estate, which offers real estate brokerage services, is Dlala Holdings latest subsidiary. It was established to diversify investments in the Qatari real estate sector. Dlala Real Estate also provides property management services to landlords and property owners through an electronic portal that facilitates access to information such as rent payments, occupancy rates and others. In addition, it offers buy and sell brokerage services.
Market Data
CMP (QAR) Shares outstanding (Mn) Market cap (QAR Mn) Market cap (USD Mn) 52-week range H/L (QAR) 35.1 20.0 701 193 37.0/13.8

Shareholding Pattern* 100% Publicly owned

*Ahli Bank, Amwal, Doha Bank, Education and Health Fund, General Retirement and Social Insurance Authority - Qatar, International Bank of Qatar, Qatar Foundation, and Qatar National Bank are part of the public stake.
Mr. Rashid Ahmed Al Manaai Chairman
Management
Mr. Waleed J. Al Musallam CEO
Recent Developments In February 2012, Dlala Brokerage and Investment signed a memorandum of understanding (MoU) with a Qatari company to study the feasibility of a Price Performance strategic partnership with them.
Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 148 58 51 878 241 28 248 39.3% 34.2% 21.0% 5.8% 2.5 12 2 2009 71 15 -1 627 216 190 20.8% -1.4% -0.5% -0.2% -0.1 10.8 2010 74 19 13 735 236 172 25.9% 17.8% 5.6% 1.8% 0.7 11.8 0.9 2011 69 28 23 720 232 31 96 41.0% 32.8% 9.7% 3.1% 1.1 11.6 1.0 YoY (%) -6.5% 48.2% 72.5% -2.0% -1.4% NA -43.9% 57.1% -1.7% 11.1% CAGR (%) (2008-11) -22.4% -21.3% -23.5% -6.4% -1.1% 3.3% -27.0% -23.9% -1.1% -20.6%
Others 17% IT and International 1% Real Estate 14%

Stock Broking 68%
22
QATAR OMAN INVESTMENT COMPANY

Reuters / Bloomberg code QOIS.QA / QOIS QD
Company Overview
Market Data
CMP (QAR) 9.1 31.5 287 79 10.4/7.7
Founded in 2006, Qatar Oman Investment Company is a public shareholding Shares outstanding (Mn) company based in Doha, Qatar. The company is primarily engaged in tapping all Market cap (QAR Mn) Market cap (USD Mn) types of investment opportunities in Qatar and Oman.
52-week range H/L (QAR)
Business Description
Qatar Oman Investment Company aims to establish industrial, commercial, Limit Allowed (%) 15.0% agricultural, real estate, tourist and service projects in the State of Qatar and the Current Exposure 29.1% Sultanate of Oman. The company mainly invests in quoted and unquoted financial *Due to change in nationality of investors, ownership might appear to be higher than limit instruments in the two countries, and in new IPOs. Qatar Oman Investment Company also invests in real estate for lease or rental purposes, and infrastructure Shareholding Pattern development projects. The company plans to invest in small- and medium-sized projects with a two to three year investment horizon.
Oman Govt 20%
Recent Developments In October 2011, the Board announced an increase in stake in Al Tilal to 10% from 5%. The Board also announced that the companys participation in the Al Dar money exchange project would rise by 15%, and the project would be postponed.
QIA 20%
Public 60%
Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 25 5 4 283 283 132 18.2% 15.0% 1.3% 1.3% 0.1 9 2009 25 21 21 319 318 114 84.1% 84.1% 6.5% 6.5% 0.7 10.1 0.5 2010 19 14 14 336 331 122 72.7% 72.2% 4.1% 4.0% 0.4 10.5 0.5 2011 20 15 15 330 323 92 74.6% 73.6% 4.6% 4.5% 0.5 10.2 0.5 YoY (%) 7.5% 10.3% 9.6% -1.7% -2.4% -24.3% 25.0% -2.9% 0.0% CAGR (%) (2008-11) -7.4% 48.3% 57.3% 5.3% 4.5% -11.3% 71.0% 4.3% NA
Sh. Abdul Rahman Jab'r Al-Thani Chairman Mr. Saoud Naser Al-Shikili Vice Chairman
Management
Mr. Nasser Mohamed Alkhaldi CEO
Price Performance
Segmental Revenues in 2011 100% from Investment and interest income
23
ISLAMIC HOLDING GROUP

Reuters / Bloomberg code IHGS.QA / IHGS QD
Market Data
Company Overview Islamic Holding Group (IHG) is a brokerage company that provides services in line with Islamic Sharia guidelines. It was incorporated in 2003 as a private company known as Islamic Financial Securities Company. IHG became a publicly traded company and was listed on the Qatar Exchange in 2006. The Doha-based company has operations in Qatar. Business Description
24.0 4.0 96 26 32.0/21.3

Islamic stock broking: IHG provides brokerage services in accordance with Shareholding Pattern* Sharia guidelines. These services are restricted to buying and selling of Medica Qatar re Co. permissible shares from an approved list of companies. IHGS also provides Islamic 10% Ins. internet trading (e-trading) services through its website. 10% Investment portfolio management: IHG manages investment portfolios for Sheikh Public individuals and companies. It also provides other investment-related Khalid 47% Alservices. Thani QIIB IPO management and marketing: IHG provides IPO management related 13% 20% services, including marketing and overall management of new issues of shares and bonds on the Qatar Exchange. It also offers fund management *Dr Youssef Ahmad Al Neama, Qatar International Islamic Bank, HE Sh. Khaled Bin Thani Bin Abdullah Alservices. Thani, Medicare Group and Qatar Islamic Insurance
Company are part of the public stake.
Recent Developments
Dr Yousef Ahmed Al Naima Chairman
In March 2012, IHG eshuffled its Board of Directors. New board members include Dr Yousef Ahmed Al Naima is the new chairman. Abdullah Management Mohammed Al Emadi(QIIB); Ali Abdurehman Ali Hashmi (Tahama for Mr. Abdulbasit Ahmad Al Shaibei MD Business Development Company)); Jamal Abdullah Al Jamal (Abrar Doha Building Company): Khaled Mohammed Al Emadi (Qatar Islamic Holding Company) and Rashid bin Nasser Al Kaabi (Islamic Insurance Company). Key Ratios Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 48 20 18 759 44 749 42.9% 38.7% 41.6% 2.4% 4.6 11.1 1.7 2009 20 7 5 117 43 97 33.2% 24.3% 11.5% 4.2% 1.2 10.6 1.0 2010 18 5 4 174 42 161 28.2% 22.1% 9.4% 2.3% 1 10.6 1.0 2011 17 6 5 576 43 437 33.5% 27.1% 10.7% 0.8% 1.2 10.7 1.0 YoY (%) -6.1% 11.8% 15.0% 232.2% 0.9% 172.1% 20.0% 0.9% 0.0% CAGR (%) (2008-11) -29.0% -34.6% -37.0% -8.8% -1.1% -16.4% -36.1% -1.2% -16.2%
P/E (x) P/BV (x) Dividend Yield (%) PEG(x)
20.7 2.2 4.2 NA
Price Performance
Segmental Revenues in 2011 100% of IHGs revenues come through commissions on brokerage activities
24
AHLI BANK
Reuters / Bloomberg code AABQ.QA / ABQK QD
Market Data
Company Overview Ahli Bank (Ahli), established in 1983, is a publicly listed bank offering commercial, retail and Islamic banking services in Qatar. Ahli United Bank Group (a leading commercial banking group with presence in seven countries: Bahrain, Qatar, Kuwait, Egypt, Oman, Iraq and the UK) holds one-third stake in the bank. Al Ahli is headquartered in Doha and has around 20 branches in Qatar. Business Description Ahli primarily operates under three segments: Retail/Private Banking and Wealth Management; Corporate Banking, Treasury and Investments; and Islamic Banking. Retail/Private Banking division offers a wide range of services (including deposits/current accounts, loans, residential mortgages, overdrafts and credit cards) to individuals as well as investment advisory services to high net worth customers. Corporate Banking segment provides money market, trading and treasury services to corporate and institutional customers. Recent Developments In February 2012, Ahli Bank increased its share capital through a secondary offering of 22.42mn shares, which were issued at QAR 30 per share. In July 2011, Doha based Al Arab reported that Ahli Bank plans to start brokerage operations at the local bourse after it was licensed by the market regulator. Company Financials
QAR million unless otherwise mentioned 2008 Interest Income Operating Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents Net Operating Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR) Dividend Per Share (QAR)* 874 641 17,799 1,640 3,672 668 73.3% 26.0% 2.6% 7.3 28.1 5 2009 883 510 18,450 1,953 3,909 4,136 57.8% 17.5% 1.7% 4.9 31.9 5 2010 1044 688 17,966 2,064 2,782 2,874 65.9% 21.0% 2.3% 6.5 32.2 5 2011 817 702 17,734 2,513 2,265 781 85.9% 17.6% 2.5% 6.4 35.8 YoY (%) -21.7% 2.0% -1.3% 21.7% -18.6% -72.8% -1.5% 11.2% NA CAGR (%) (2008-11) -2.2% 3.1% -0.1% 15.3% -14.9% 5.4% -4.3% 8.4% NA
60.0 112.1 6,728 1,848 65.0/38.1

Limit Allowed (%) Current Exposure 17.7% 33.3%*
*Due to change in nationality of investors, ownership might appear to be higher than limit
Qatar Hldg 17%
Ahli Unitd 33%
Public 50%
Sh. Faisal Bin AbdulAziz Bin Jasem AlThani Chairman Mr. Hamad A. Al Marzouq Vice Chairman
Management
Mr. Salah Jassim Murad CEO Mr. Mahmoud Yahya Malkawi Dy. CEO Mr. Yehia Gamaleldin El Batrawi Dy. CEO
Price Performance

Retail 38%
Corporate 62%
25
QATAR FUEL WOQOD

Reuters / Bloomberg code QFLS.QA / QFLS QD
Company Overview Qatar Fuel "WOQOD" was established in 2002 as a joint stock company listed on the Doha Securities Exchange. The company was formed from the fuels storage and distribution assets owned at that time by Qatar Petroleum under the name National Oil Distribution Company (NODCO). NODCO owned Qatars fuel distribution depot in Abu Hamour; it distributed the countrys entire diesel, gasoline and aviation fuel requirement through a fleet of road tankers. Qatar Petroleum's refinery at Mesaieed supplies these fuels. Business Description Qatar Fuel "WOQOD" distributes various fuels for contractors and infrastructure projects; supplies and distributes liquefied petroleum gas requirements; provides bunker fuel services to ships; and offers bitumen and associated products to road contractors. The company also provides various lubricant products under the WOQOD brand for commercial and retail applications. Additionally, it operates service stations that offer gasoline and diesel fuels, and convenience stores (which provide bakery, Internet cafe, fast foods, freshly brewed coffee, postal services, and laundry services). Qatar Fuel "WOQOD" also offers car wash, lube change, workshop, and tire bay services through its service stations. Furthermore, the company provides vehicle inspection and marine transport services. Recent Developments In February 2012, Qatar Fuel announced plans to implement over 20 new projects, which includes new petrol pumps and expansion projects. Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 7,509 1,232 1,206 4,075 2,574 1,284 16.4% 16.1% 46.8% 29.6% 30.4 61.7 7.6 2009 6,177 802 870 4,945 3,444 1,864 13.0% 14.1% 25.3% 17.6% 19.4 78.7 7.6 2010 7,663 1,163 1,074 6,154 4,237 2,904 15.2% 14.0% 25.4% 17.5% 25.8 96.7 8.3 2011 10,504 1,149 1,155 6,958 5,096 2,749 10.9% 11.0% 22.7% 16.6% 27.8 92.6 10.0 YoY (%) 37.1% -1.2% 7.5% 13.1% 20.3% NA -5.3% 7.6% -4.2% NA CAGR (%) (2008-11) 11.8% -2.3% -1.4% 19.5% 25.6% NA 28.9% -3.0% 14.5% NA
Market Data

Qatar Petroleum 40% Public 60%
H.E. Mr. Abdullah Bin Hamad Al-Attiyah Chairman Mr. Mohamed Khalifa Turki Al Sobai Vice Chairman & MD
Management
Mr. Nasser Ibrahim Fakhroo Operations Director Mr. Khalil Makki - Finance Manager
Price Performance
Segmental Revenues in 2011 100% of revenues come from refining activities
26
SALAM INTERNATIONAL
Reuters / Bloomberg code SALM.QA / SIIS QD
Company Overview Salam International undertakes all activities related to commercial, industrial, educational, tourism and services projects as well as financial investment companies. The company owns and operates over 32 business units across Qatar, the UAE, Palestine, Kuwait, Saudi Arabia, Oman, Bahrain, Jordan and Lebanon. Salam International is currently focused on expansions in the pan-Arab area. Business Description
Market Data
CMP (QAR) Shares outstanding (Mn) Market cap (QAR Mn) Market cap (USD Mn) 52-week range H/L (QAR) 12.8 114.3 1,463 402 13.4/9.4

Limit Allowed (%) Current Exposure No Limit 10.7%
As a leading conglomerate, Salam International specializes in five business lines: (i) construction and development; (ii) energy and industry; (iii) technology, Shareholding Pattern* communications and media; (iv) luxury and consumer products; and (v) investment 100% publicly owned and real estate. Recent Developments
* Issa Abdulsalam Mohammed Abu Issa, Houssam Abdulsalam Mohammed Abu Issa, Al Houssam Holding Co., Bassam Abdulsalam Mohammed Abu Issa, Qatar National Bank and Raeda Abdulsalam Mohammed Abu Issa are part of the public stake.
In February 2012, the company cancelled its plans to acquire a stake in Jordans Al Tajamouat for Tourism Projects Company after reviewing the Chairman / V.Chairman / MD results of the financial and legal investigation. Mr. Issa Abdul Salam Abu Issa In October 2011, Salam Internationals shareholders approved the purchase Chairman of additional 17.5mn shares in Salam Bunyan Real Estate Development, at Mr. Hussam Abdul Salam Abu Issa Vice QAR 8.5 each. Chairman
Management
Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 637 243 154 2764 1486 510 164 38.2% 24.1% 10.4% 5.6% 1.5 14.2 0.6 2009 620 219 129 2692 1554 459 173 35.4% 20.8% 8.3% 4.8% 1.2 14.9 0.7 2010 623 249 140 2815 1620 569 103 40.0% 22.5% 8.7% 5.0% 1.4 15.6 1.0 2011 1,867 280 160 4,364 1,927 1,598 174 15.0% 8.6% 8.3% 3.7% 1.5 14.6 0.9 YoY (%) 199.6% 12.2% 14.0% 55.0% 19.0% 180.8% 68.3% 7.1% -6.4% -10.0% CAGR (%) (200811) 43.1% 4.7% 1.3% 16.4% 9.0% 46.3% 2.0% 0.0% 0.9% 14.5%
Mr. Issa Abdul Salam Abu Issa CEO Mr. Hussam Abdul Salam Abu Issa COO
Price Performance

Tech./Tel. 6% RE/Invest. 1% Cons.&Luxury 41%
Ener/Pow 13%
Contract. 39%
27
AL MEERA CONSUMER GOODS COMPANY

Reuters / Bloomberg code MERS.QA / MERS QD
Company Overview Established in 2005, Al Meera Consumer Goods Company (Al Meera) is the largest supermarket retailer in Qatar. Al Meera operates through various branches and malls located across the country. The company currently operates 22 stores in Qatar and plans to expand it to 40 by 2013. The Government of Qatar owns 26% stake in Al Meera. Business Description
Market Data

Al Meera is primarily engaged in the wholesale and retail trading of various types of consumer goods. It owns and manages consumer outlets. The companys major Shareholding Pattern products can be categorized into FMCG, Wholesale and Fresh Food. The FMCG range of products include cooking oil, rice, assorted beverages, snacks, household detergents, as well as non-food items such as plasticware and car accessories. Al Govt Meera offers various products in wholesale at lower prices. It also provides a 26% diverse range of fruits and vegetables, cheese, pickle, butchery fish, etc. The company recently added products under the brand of Al Meera. This would enable the company to maintain quality of products keeping consumers taste in mind. Recent Developments
Public 74%
In February 2012, Al Meera Holding entered into a joint venture with French Chairman retail giant Casino Guichard-Perrachon. The joint venture will be registered Dr Saif Said Al Sowaidi Vice Chairman under the name ALGE Retail Corporation and will be based in Geneva, & MD Switzerland. The projects will be initially managed in Tunisia, Libya, Egypt and Jordan Management In November 2011, the company completed the acquisition of the retail chain Mr. Guy Sauvage CEO Giant Stores, including Al Oumara Baking Company. The deal is expected to Dr Mohammed Al-Qahtani Dy. CEO yield additional revenue of QAR 350mn (USD 96mn).
H.E. Abdulla Bin Khalid Al Qahtani
Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 749 31 64 412 220 168 4.2% 8.5% 28.9% 15.5% 6.4 22.0 2009 864 27 54 406 230 129 3.1% 6.3% 23.5% 13.3% 5.4 22.9 4.5 2010 915 33 64 435 249 142 3.6% 7.0% 25.7% 14.7% 6.4 24.9 5.0 2011 1,166 50 77 766 272 247 117 4.3% 6.6% 28.5% 10.1% 7.7 27.1 7.0 YoY (%) 27.5% 53.4% 20.8% 76.2% 8.9% NM -17.9% 20.3% 8.8% 40.0% CAGR (%) (2008-11) 15.9% 17.1% 6.6% 23.0% 7.2% NM -11.3% 6.4% 7.2% NA
Price Performance

Leasing 3% Investment 1% Retail 96%
28
QATAR COMPANY FOR MEAT & LIVESTOCK TRADING (MAWASHI)

Reuters / Bloomberg code QMLS.QA / QMLS QD
Company Overview Qatar Company for Meat & Livestock Trading (Mawashi), established in January 2004, is primarily involved in selling slaughtered and unslaughtered livestock in Qatar. The company is based in Doha and accounts for the highest share in the Qatari meat market. Mawashi is also involved in trading and transportation of livestock and feed as well as treatment of skin and organic fertilizers. Business Description
Market Data

The company operates three slaughterhouses Al Khor, Al Ahali and Automated Slaughterhouses across Qatar. Mawashi has also set up a branch in Sudan. Shareholding Pattern Mawashis product offerings comprise slaughtered Australian, Syrian, Sudanese, Georgian and Somali livestock; chilled Pakistani and Indian goats; Australian, Hassad Food 7% Somali and Brazilian frozen and chilled beef; and chicken and eggs. The companys customers include butcheries, fast food restaurants and other restaurants. Mawashis products are sold under the brand Al-Baraka. Going forward, Mawashi seeks to increase its market share, especially in the hotels and restaurant segment. The company has entered into a contract with Bahrain Mawashi Company for co-operation in the meat or chicken markets in Qatar and Bahrain. Furthermore, it seeks to establish a meat manufacturing unit Chairman / V.Chairman / MD and export the same to European countries. Recent Developments
Public 93%
In September 2011, Mawashi has been permitted by Iran to import sheep despite the ban imposed for other countries. Mawashi will import 70,000 Management sheep from Iran. Mr. Ahmad Nasser Sraiya In May 2011, the company signed a MOU with the Arab Organization for CEO Agricultural Development (Sudan) for technical consulting and feasibility studies for the development of its branch in Sudan.
Key Ratios
H.E. Sh. Nayef Bin Eid Al-Thani Chairman Mr. Abdulaziz Ali Ajlan Al-Mirreikhi Vice President
Al-Kaabi
Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 132 -52 39 264 224 10 48 -39.1% 29.7% 17.6% 14.9% 2.2 12.4 1.7 2009 165 -99 19 284 208 50 47 -60.4% 11.5% 9.1% 6.7% 1.1 11.5 0.5 2010 191 -144 33 315 229 39 6 -75.3% 17.3% 14.4% 10.5% 1.8 12.7 1.5 2011 260 -264 64 474 265 158 27 -101.3% 24.7% 24.3% 13.6% 3.6 14.7 3 YoY (%) 36.1% 83.1% 94.8% 50.6% 15.6% 301.0% 394.5% 100.0% 15.7% 100.0% CAGR (%) (2008-11) 25.3% 72.1% 17.8% 21.5% 5.8% 150.9% -17.4% 17.8% 5.8% 20.8%
12.4 3.0 6.8 NA
Price Performance
Segmental Revenues in 2008*

Skin 7% Livestock 7% Meat 77%
Other 9%
* 2011 segmental revenues not available as of 1st April 2012
29
MEDICARE GROUP
Reuters / Bloomberg code MCGS.QA / MCGS QD
Company Overview Established in December 1996, Medicare Group was formerly known as Al Ahli Specialized Hospital Company until June 2006. The company primarily operates a specialized hospital and promotes medical services in Qatar. Medicare provides services in the field of andrology, anesthesiology, dental care, dermatology, emergency, family medicine, general surgery, gastroenterology, internal medicine, neurology, obstetrics and gynecology, ophthalmology, orthopedic and traumatology, pediatrics, psychiatry, pulmonary and chest, and urology. Business Description
Market Data

Medicare owns Al Ahli Hospital in Doha with various clinical departments such as HH Sheikh Thani anesthesiology, cardiology, dentistry, dermatology, emergency, family medicine, Abdullah Thani Al Thani and sons general surgery, gastroenterology, internal medicine, neurology, nursing, 45% orthopedic, pathology and laboratory, pediatrics, pharmacy, physiotherapy, and radiology. The hospital has 250 guest rooms, including royal suits, rooms for day surgery, neonatal intensive care unit, intensive care unit, and coronary care unit. Specialized Center for Ophthalmology and ENT W.L.L., the companys subsidiary, operates specialized clinics, eye clinics, hospitals with accommodation utilities, and integrated medical services. The subsidiary is under liquidation. Chairman / V.Chairman / MD Recent Developments
Public 55%
In April 2012, Medicare Group announced plans for a major expansion of Al Ahli Hospital by developing the medical facility to increase occupancy rates and capacity utilization of ancillary services. The company plans to add Management 35,000sqm of built up area to increase bed capacity to 350, and add Mr. Abdulwahed Abdullah Al-Mawlawi specialist centers that would be used to cure diabetes and spine related MD & CEO problems.
Key Ratios
Sh. Thani Bin Abdullah Al-Thani Chairman Sh. Abdullah Bin Thani Bin Abdulla Al-Thani Dy. Chairman
Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 139 2 19 831 776 3 7 1.2% 13.8% 2.5% 2.3% 0.7 27.5 2009 190 11 0.1 767 693 14 10 6.0% 0.1% NM NM 0 24.5 2010 246 58 46 814 739 5 36 23.5% 18.5% 6.2% 5.6% 1.6 26.2 1.0 2011 294 56 39 829 750 0 60 19.0% 13.3% 5.2% 4.7% 1.4 26.7 1.1 YoY (%) 19.3% -3.8% -14.3% 1.8% 1.6% -100.0% 68.2% -12.5% 1.9% 10.0% CAGR (%) (2008-11) 28.3% 226.5% 26.8% -0.1% -1.1% -100.0% 103.0% 26.0% -1.0% NA
19.4 1.0 4.1 NA
Price Performance
Segmental Revenues in 2011 100% of the revenues come from speciality hospitals.
30
ZAD HOLDING COMPANY

Reuters / Bloomberg code ZHCD.QA / ZHCD QD
Company Overview Zad Holding Company (ZHC), headquartered in Doha, is a public shareholding company operating in the food processing sector. Established in 1969 as Qatar Flour Mills Company SAQ, the company assumed its present name in April 2008. ZHC operates through its subsidiaries Umm Said Bakery, Qatar Food Industries and Azrak Marketing Company. The company is also venturing into a Greenfield poultry project. Business Description ZHC is engaged in the import of wheat; manufacture and marketing of pasta, biscuits, bakery products and baby food; and sale of grains and related commodities. The companys manufacturing facility is equipped with a laboratory, a sifter and a packing section. ZHC also has its own sea port with specialized technical unloading facilities to accommodate larger ships (cargo capacity of about 40,000 metric tonnes). The company's products fall under three main divisions: Mill, Foodco and Bakery. The Mill unit generates flour and flour byproducts; Foodco offers various types of pasta and biscuits; and the Bakery unit encompasses bread and bakery products (such as pastries, cookies and cakes). Recent Developments In June 2011, the company announced the approval of the boards proposal to acquire Meeda Projects Company by increasing share capital through an issue of 8.46mn shares of ZHC to the shareholders of Meeda (1 share of Zad for every 7.73 shares of Meeda). Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 337 -101 39 598 410 31 29 -29.8% 11.6% 9.6% 6.6% 3 37.6 0.6 2009 213 19 59 592 479 61 9.1% 27.7% 12.3% 9.9% 4.9 43.8 1.1 2010 303 17 63 720 603 84 5.7% 20.8% 10.5% 8.8% 5.8 55.2 2.3 2011 405 61 85 1978 1260 289 54 15.1% 21.0% 6.7% 4.3% 6.8 96.4 YoY (%) 33.6% 254.7% 34.5% 174.8% 109.1% NM -35.5% 17.2% 74.6% NA CAGR (%) (2008-11) 6.3% 184.7% 29.4% 49.0% 45.4% 110.5% 22.6% 31.4% 36.9% NA
Market Data

Shareholding Pattern 100% Publicly owned

Source: Zawya
Sh. Nasser Bin Mohammad Bin Jabor AlThani Chairman Sh. Talal Bin Mohammad Bin Jabor AlThani Vice Chairman Sh. Nawaf Bin Mohammed Bin Jabor AlThani MD
Management
Mr. Tarique Mohammad CEO
Price Performance

Foods 37%
Mills 61%
Transport 2%
31
QATAR CINEMA AND FILM DISTRIBUTION COMPANY

Reuters / Bloomberg code QCFD.QA / QCFS QD
Company Overview Established in January 1970, Qatar Cinema and Film Distribution Company (Qatar Cinema) operates in the field of arts and cultural entertainment. The company imports and distributes movies in Qatar. It also undertakes construction and management of cinema theaters and sale/rental of movies. Furthermore, Qatar Cinema produces and distributes commercial advertisements, and presents public shows. Other than the entertainment business, the company has investments in equity market and real estate. Headquartered in Doha, its operations are primarily focused in Qatar.
Market Data [ Current]


Business Description Shareholding Pattern[ Post Qatar Cinema owns and operates cinemas and theaters. It owns five cinemas acquisition by Qatar Media] (Aspire Ladies Cinema, Gulf/Doha Cinema, Landmark Cinema, Royal Plaza Cinema, and The Mall Cinema), which screen various English, Hindi and Arabic Qatar Media Public 60% 40% films. The company also presents shows in clubs, schools, people compounds and festivals. Qatar Cinema sells and rents movies recorded on compact discs (CDs) and video home systems (VHS), produces and distributes commercial advertisements, and invests in shares and real estate. The companys revenues can be classified into movies income, cinema rent income, films rent income and advertisement income; movies income accounted for approximately 88% of total revenues for the period ended December 31, 2010.
Q.Media plans to open more than 50 new cinema halls across the country over the next three to four years. The company is also looking to invest in screening equipment and enhanced services such as online and mobile booking.
Mr. Ahmed Nassir Obedan Chairman Mr. Khalid Abdulaziz Al Baker Vice Chairman
Management Recent Developments In June 2011, Qatar Media acquired a majority stake in Qatar Cinema. Mr. Ali Ishaq Hussein Al Ishaq Under the deal, the companys capital would be increased to QAR 129.7mn Executive President through the issuance of 7.78mn of new shares to Qatar Media, which Key Ratios subsequently is expected to own 60% of Qatar Cinemas capital. P/E (x) P/BV (x) Dividend Yield (%) PEG(x)
2009 17 0 7 102 65 22 5 -0.6% 40.5% 10.8% 6.9% 2.0 18.2 0.7 2010 16 -2 13 177 137 31 32 -14.1% 77.9% 9.3% 7.2% 2.9 24.0 2.3 2011 17 -3 13 182 134 31 22 -19.1% 77.5% 10.0% 7.4% 2.6 23.4 1.4 YoY (%) 6.1% 43.5% 5.5% 2.4% -2.3% 0.0% -32.4% -10.3% -2.5% -39.1% CAGR (%) (2008-11) 1.2% -276.5% 12.1% 40.2% 32.1% NA 43.1% -1.3% 13.0% 26.0%
Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 17 1 10 66 58 7 3.6% 56.9% 16.4% 14.4% 2.7 16.2 0.7
28.4 2.8 2.1 NA
Price Performance

Advertising 1% Films rent 4% Cinema rent 5% Movies 90%
32
QATARI GERMAN COMPANY FOR MEDICAL DEVICES

Reuters / Bloomberg code QGMS.QA / QGMD QD
Company Overview Qatari German Company for Medical Devices Company (QG Medical Devices), Qatar-based public shareholding company, primarily manufactures single-use disposable syringes (such as intravenous (IV) catheters), standard syringes and safety syringes. Established in 2000 in Doha, Qatar, QG Medical Devices is a leading manufacturer of medical devices in the Middle East. With presence in 20 countries, the company exports products to Russia, Ukraine, Greece, the UAE, Mexico, Palestine, South Africa, Turkey, Sudan, the US, Saudi Arabia, and several other European countries. QG Medical Devices is ISO 9001:2008, CE Mark, FDA 510K, GMP and PCT certified. Business Description QG Medical Devices manufacturing facility at Abu Hamour is equipped with automated machines, as well as physiochemical, microbiological and biological laboratories. It markets products under four brand names: Q-Safe It is a safety single-use syringe offered with additional safety features over the traditional single-use syringes. Q-Ject It is a single-use syringe developed with detailed specifications and designed for patient comfort. Q-Need It is a disposable hypodermic needle with an ultra-sharp stainless steel needle to reduce penetration force during administration. Q-Flow It is a single-use intravenous cannula designed to accommodate all types of IV therapy.
Market Data

Others 4.9% Qatar Nat Bk 10.0% Qatar Dev Bk 10.0% Public 75.1%
Mr. Abdulaziz Bin Naser Al Khalifa Chairman Dr Saif Ali Al Hajary Vice Chairman
Management
Mr. Hazem Abdulrahman Al Shareef GM
Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 3 -2 7 237 211 22 54 -70.6% 200.0% 3.2% 2.9% 0.8 18.3 0.5 2009 7 -2 2 233 204 27 32 -21.7% 24.6% 0.8% 0.7% 0.2 17.7 2010 8 -2 -3 220 201 18 9 -22.8% -43.0% -1.7% -1.5% -0.3 17.4 2011 8 -6 0.4 225 201 19 4 53.3% 5.3% 0.2% 0.2% 0.03 17.4 YoY (%) -5.1% -233.3% -111.8% 2.0% 0.2% NM -58.2% -110.0% 0.0% NA CAGR (%) (2008-11) 30.2% -35.7% -61.1% -1.8% -1.7% -4.3% -58.7% -66.5% -1.7% NA
Key Ratios P/E (x) P/BV (x) Dividend Yield (%) PEG(x) NM 0.5 0.0 NA
Price Performance
Segmental Revenues in 2011 100% revenues are generated from Healthcare supplies and manufacturing
33
INDUSTRIES QATAR
Reuters / Bloomberg code IQCD.QA / IQCD QD
Market Data
Company Overview Doha-based Industries Qatar (IQ), established in 2003, is one of Qatars biggest companies. With facilities in Qatar, UAE and Bahrain, the group operates under four segments (petrochemicals, fertilisers, steel and real estate, and property development) through its subsidiaries. The company exports its products to Australia, India and the US. Qatar Petroleum owns a majority stake (70%) in IQ. Business Description Industries Qatar currently operates through its five subsidiaries and joint ventures. Qatar Petrochemical Company Limited QSC (QAPCO) 80% owned by IQ Qatar Fertiliser Company SAQ (QAFCO) 75% owned by IQ Qatar Steel Company QSC (QS) 100% owned by IQ Qatar Fuel Additives Company Limited QSC (QAFAC) 50% owned by IQ Fereej Real Estate Company QSC (Fereej) 34% owned by IQ These companies have further invested in subsidiaries and joint ventures, thereby increasing the groups size. The group is engaged in the manufacture and sale of steel billets, pellets, coil and reinforcing bars; ethylene, polyethylene, and hexane; linear low-density polyethylene and sulphur as by-products; ammonia and urea, and urea formaldehyde condensate; and methyl-tertiarybutyl-ether and methanol. Recent Developments In March 2012, Industries Qatar confirmed the commercial launch of the Group's Qafco 5 ammonia and urea plant. One ammonia/urea train has been operational at around 80% utilization since the end of February 2012. In February 2012, S&P assigned the company's long-term corporate credit rating of 'AA-', with a stable outlook In February 2012, Industries Qatar's subsidiary, Qatar Petrochemical company signed an agreement with Qatar Petroleum for the development of a petrochemical complex in Ras Laffan Industrial City. The project is expected to be completed in 2018 and the company will hold a 20% stake. Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 14,743 7,199 7,276 27,450 18,255 6,037 9,445 48.8% 49.3% 39.9% 26.5% 13.2 33.2 8 2009 9,857 3,921 4,959 27,432 19,069 6,216 5,990 39.8% 50.3% 26.0% 18.1% 9 34.6 5 2010 12,331 5,807 5,575 31,908 21,762 7,542 5,290 47.1% 45.2% 25.6% 17.5% 10.1 39.5 5.5 2011 16,549 8,683 7,924 36,778 26,631 6,863 6,960 52.5% 47.9% 29.8% 21.5% 14.4 47.7 7.5 YoY (%) 34.2% 49.5% 42.1% 15.3% 22.4% -9.0% 31.6% 42.6% 20.8% 36.4% CAGR (%) (2008-11) 3.9% 6.4% 2.9% 10.2% 13.4% 4.4% -9.7% 2.9% 12.8% -2.1%

Pvt Comp 4% Qatar Petroleum 70% Public 26%
H.E. Abdullah bin Hamad Al-Attiyah Chairman & MD H.E. Yousef Hussain Kamal Vice Chairman
Management
Mr. Hamad Rashid Al-Mohannadi CEO, RasGas Company Mr. Faisal Mohammed Al-Suwaidi CEO, QatarGas Operating Company
Key Ratios P/E (x) P/BV (x) Dividend Yield (%) PEG(x)
9.7 3.0 5.3 0.7
Price Performance

Petrochemical 38%
Steel 35%
Fertilisers 26%
34
QATAR ELECTRICITY AND WATER COMPANY

Reuters / Bloomberg code QEWC.QA / QEWS QD
Company Overview Doha-based Qatar Electricity and Water Company (QEWC), established in 1990, is an electricity and water company. The firm owns and manages power generation plants and water desalination stations to provide electricity and water in the State of Qatar. The Qatari government owns a 43% stake in the company, while the remaining 57% is held by institutions and private individuals. QEWCs operations are limited to Qatar; however, the company plans to extend its footprint in other regional markets.
Market Data
CMP (QAR) 144.0 Shares outstanding (Mn) 100 Market cap (QAR Mn) 14,400 Market cap (USD Mn) 3,956 52-week range H/L (QAR) 154.9/124.6

Business Description QEWC is primarily engaged in the production of electricity and water. The Shareholding Pattern companys power plants and desalination stations have the capability to Others meet the countrys requirement for electricity and water. 15% The company has consistently increased its production capacity over the past two decades by establishing new plants and enhancing the output of existing projects. The companys projects include major ventures such as Mesaieed A Power Station (2,007MW) and Ras Girtas (2,730MW). Qatar govt 43% Following the completion of the ongoing projects, QEWCs contribution to total power generation and water desalination capacity in Qatar is expected to increase to more than 60% and 70%, respectively . Recent Developments In March 2012, the company completed the acquisition of 38.89% stake in AES Jordan Holdco. In August 2011, QEWC was assigned a rating of A1 by Moodys. In July 2011, the company signed an agreement with Oman Power and Water Procurement Company to start the construction of the Sur Independent Power Project in Oman. Once completed, the project would have a total capacity of 2,000 megawatts. Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 2,273 1,129 757 13,588 1,308 8,290 1,615 49.7% 33.3% 57.9% 5.6% 7.6 13.1 4.5 2009 2,651 1,362 945 18,048 3,590 12,055 2,307 51.4% 35.6% 26.3% 5.2% 9.5 35.9 5.0 2010 3,430 1,835 1,163 22,123 3,938 14,417 2,074 53.5% 33.9% 29.5% 5.3% 11.6 37.6 6.0 2011 4,473 2,458 1,300 22,486 3,228 14,060 3,023 54.9% 29.1% 40.3% 5.8% 13.0 30.3 6.5 YoY (%) 30.4% 34.0% 11.8% 1.6% -18.0% -2.5% 45.7% 12.1% -19.4% 8.3% CAGR (%) (2008-11) 25.3% 29.6% 19.8% 18.3% 35.1% 19.3% 23.2% 19.6% 32.2% 13.0%
Lease Inc. 23%
Public 42%
H.E. Mr. Abdullah Bin Hamad Al-Attiyah Chairman H.E. Mr. Essa Shaheen Al-Ghanim Vice Chairman
Management
Mr. Fahad Hamad Al-Mohannadi GM
Price Performance

Electricity 46%
Water 31%
35
AAMAL COMPANY
Reuters / Bloomberg code AHCS.QA / AHCS QD
Company Overview Aamal Company (Aamal) is one of the largest public shareholding and diversified conglomerates in Qatar. The company operates in the property, trading and distribution, industrial manufacturing and managed services sectors. Formed in January 2001 as a private shareholding company, Aamal mainly focuses on Qatar. In 2007, it became a public shareholding company and was listed on the Qatar Exchange. Business Description Aamal has 22 business units and four divisions. The Industrial Manufacturing division is engaged in the production and distribution of products, such as electric cables, equipment/tools, readymixed concrete, paving stones and cement blocks, required to develop infrastructure. The division comprises Aamal Readymix, Aamal Cement Industries, Advanced Pipes & Casts Company, Senyar Industries Qatar Holding, Doha Cables, Elsewedy Cables Qatar and Doha Transformers. The Trading and Distribution division is primarily engaged in trading and distributing pharmaceuticals, healthcare products, medical equipment, tires, lubricants and air conditioners. The division operates through Ebn Sina Medical, Aamal Medical and Aamal Trading & Distribution. The Property division (owning City Center Doha and Aamal Real Estates) manages, develops and leases retail, residential and commercial properties. The Managed Services division offers commercial facilities management, property maintenance and support to corporate clients. It includes Aamal Services, Aamal Travel & Tourism and ECCO Gulf. Recent Developments In January 2012, Aamal announced full commissioning and operation of Aamal Readymix's new ELBA ready mix concrete batching factory. The factory is expected to increase the total concrete production capacity by 60% to 0.6mn per annum from 0.37mn. In November 2011, the company received an award for the quality and professionalism of its Investor Relations program at the Middle East Investor Relations Society Awards Ceremony in Abu Dhabi. In June 2011, Aamal postponed the offering of global depositary receipts (GDRs) in London due to unfavorable market conditions. Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 651 178 624 5661 4646 846 562 27.3% 95.8% 13.4% 11.0% 1.3 9.3 2009 705 210 250 6022 4896 954 506 29.8% 35.4% 5.1% 4.1% 0.5 9.8 2010 1217 283 527 6586 5467 803 127 23.2% 43.3% 9.6% 8.0% 1.1 10.8 2011 1910 307 492 7613 5974 828 176 16.0% 25.8% 8.2% 6.5% 1.0 12.1 YoY (%) 56.9% 8.5% -6.5% 15.6% 9.3% 3.1% 37.9% -9.1% 12.0% NA CAGR (%) (2008-11) 43.2% 20.0% -7.6% 10.4% 8.7% -0.7% -32.1% -8.4% 9.2% NA
Market Data

Al Faisal Holding 24%
Public 76%
Sh. Faisal Bin Qassim Al-Thani Chairman Sh. Mohamed Bin Faisal Al-Thani Vice Chairman
Management
Mr. Tarek M. El Sayed MD Mr. Mohamed Ramahi CFO Mr. Mohamed Dobashi COO
Price Performance

Managed Ser 2% Property 11% Trad. & Distri. 27% Industrial Mfg. 60%
36
MANNAI CORPORATION
Reuters / Bloomberg code MCCS.QA / MCCS QD
Company Overview Established in 1951, Mannai Corporation (Mannai) is a leading trading and services company in Qatar. The company began operations by trading in auto parts, and thereafter expanded to a large spectrum of activities ranging from offshore rigs to telecommunications. Mannais shares were listed on the Qatar Exchange in 2007. Headquartered in Doha, the company expanded operations globally. Business Description
Market Data

Mannai is a conglomerate with diverse interests in the oil & gas sector, automotive Shareholding Pattern Others and heavy equipment distribution and services, information and communication 15% technology, office and educational supplies, consumer products, medical HH Sh equipment, facilities management, travel services, and freight forwarding and Amina Bint logistics. The companys Automobile and Information Technology segments Md Al-Thani 10% contribute the most to its revenues. Mannais major subsidiaries include Mannai Al Sakhama Trading Company, which is engaged in the trading of construction, electrical and T&CC industrial machinery as well as healthcare equipment; and Qatar Logistics that 21% provides freight forwarding, relocation and record management services. Recent Developments In March 2012, Mannais shareholders approved the proposal to acquire majority stake in Damas. Financial and legal due diligence to evaluate the feasibility of the deal has already commenced. Earlier this year, the company confirmed the possibility of making a cash offer for Damas in collaboration with one or more investors. In October 2011, Mannai, the exclusive distributor of JCB heavy equipment in Qatar, announced the delivery of the first batch of machines (17) for Urbacon International (UCC), a leading construction company based in Qatar. Mannai acquired 35% stake in Dubais Axiom Telecom in June 2011 for an undisclosed amount, after Axiom decided against a share listing. Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 1,953 176 147 1,316 627 184 27 9.0% 7.5% 23.4% 11.1% 5.1 22 3.0 2009 1,921 219 184 1,296 725 84 169 11.4% 9.6% 25.4% 14.2% 6.5 25.4 2.8 2010 1,975 263 231 1,577 866 47 87 13.3% 11.7% 26.6% 14.6% 8.1 30.4 5.8 2011 2,293 357 279 2,894 1,370 632 88 15.6% 12.2% 20.4% 9.6% 9.0 40 5.5 YoY (%) 16.1% 35.8% 21.0% 83.5% 58.1% 1239.0% 1.7% 11.1% 31.6% -5.2% CAGR (%) (2008-11) 5.5% 26.5% 24.0% 30.0% 29.7% 51.0% 48.6% 20.8% 22.1% 22.4%
Eng 5% Industrial Heavy equip 6% 7% Others 15%
Qatar Inv & Proj Dev Hldg Co 54%
H.E. Sh. Hamad Bin Abdulla Bin Khalifa Al-Thani Chairman H.E. Sh. Suhaim Bin Abdullah Bin Khalifa Al-Thani Vice Chairman
Management
Mr. Alekh Grewal CEO
Price Performance

IT 39%
Auto 28%
37
QATAR NATIONAL CEMENT COMPANY

Reuters / Bloomberg code QANC.QA / QNCD QD
Market Data
Company Overview Established in 1965, Qatar National Cement Company (QNCC) is a Qatar-based public shareholding company operating in the construction materials sector. Headquartered in Doha, QNCC has set up manufacturing units at Umm Bab and Mekenis in Qatar. The company was established to produce ordinary Portland cement in the country. Subsequently, it began producing: Sulfate-resistant cement Calcined and hydrated lime Washed sand Business Description In 1969, QNCC commenced commercial cement operations (based on the semidry process) at its first production line with a capacity of 100,000 tonnes per annum (tpa). The second and third lines, each with the same capacity, were set up and commercialized in 1974 and 1976, respectively. Through the years, the company has established three additional cement plants in Qatar. It diversified into calcined lime in 1978 and hydrated lime in 1985. In 2003, QNCC purchased a washed sand plant, which is periodically upgraded/ expanded. Recent Developments In March 2012, QNCC announced plans to expand daily production to 20,000 tons from 15,000 tons currently to meet the anticipated increase in demand in 2013 and 2014. QNCC commenced trial operations at its QAR 22mn calcium carbonate plant in Umm Bab. The plant would produce calcium carbonate for use in water treatment and have a production capacity of 250 tons per day. QNCC signed an agreement with Stream Industrial Engineering Company to construct a calcium carbonate plant on turnkey basis. The Ras Girtas power station at Ras Laffan would serve as a supporting station for the plant. Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 1,413 329 414 2,853 1,643 874 5 23.3% 29.3% 25.2% 14.5% 8.4 33.5 2.9 2009 1,519 420 417 2,526 1,923 490 54 27.7% 27.5% 21.7% 16.5% 8.5 39.2 5.5 2010 1,090 577 467 2,608 2,160 324 100 53.0% 42.8% 21.6% 17.9% 9.5 44 5.5 2011 990 557 445 2,619 2,315 164 255 56.2% 44.9% 19.2% 17.0% 9.1 47.1 6.0 YoY (%) -9.2% -3.6% -4.8% 0.4% 7.2% -49.4% 155.1% -4.2% 7.0% 9.1% CAGR (%) (2008-11) -11.2% 19.1% 2.4% -2.8% 12.1% -42.8% 281.1% 2.7% 12.0% 27.4%

Qatar Govt 43%
Public 57%
Mr. Salem Bin Butti Al-Naimi Chairman & MD Mr. Sulaiman Khalid Al Mana Vice Chairman
Management
Mr. Mohammad Ali Al Sulaity GM
Price Performance
Segmental Revenues in 2011 100% revenues come from cement manufaturing
38
GULF INTERNATIONAL SERVICES

Reuters / Bloomberg code GISS.QA / GISS QD
Company Overview Gulf International Services (Gulf International) was established by Qatar Petroleum in February 2008. Headquartered in Doha, Gulf International is a holding company with investments in national and international firms. Also, the company offers services to oil and gas companies in the MENA region. Gulf International owns stakes in Al Koot Insurance and Reinsurance Company (100%), Gulf Drilling International Limited (69.99%) and Gulf Helicopters Company (100%). Business Description
Market Data

Gulf Internationals subsidiaries provide services such as well support, offshore Shareholding Pattern and onshore drilling, helicopter transportation and maintenance, life and non-life Others insurance and reinsurance. 3% Formed in 1970, Gulf Helicopters offers helicopter transportation services in the MENA region through a fleet of 32 helicopters; the company is the sole Qatar provider of helicopter transportation in Qatar. Gulf Helicopters provides Public Petroleum 67% 30% emergency flight services for hospitals, onshore/offshore transport, WIP transport, load lifting, and assistance for search and rescue operations. Incorporated in 2003, Al Koot provides a range of insurance/reinsurance and risk management services to Qatar Petroleum. The former reviews Chairman / V.Chairman / MD contracts, offers detailed project-specific insurance advice and other services across operations, onshore/offshore construction and marine Dr. Mohammed S. Al Sade Chairman Mr. Saeed Mubarak Al-Muhanadi Vice (hull/cargo) sectors. Chairman Established in 2004, Gulf Drilling offers drilling and related services to Qatar Petroleum and its international co-ventures. The former operates a fleet of Management offshore and onshore drilling rigs.
Ibrahim J. Fakhro MD
Recent Developments In March 2012, Gulf International Services (GIS) was expected to acquire Amwaj Catering Services Company for a cash consideration of QAR 353.1mn from Qatar Petroleum. Post acquisition, Qatar Petroleum would continue to maintain a significant interest in Amwajs future profitability through its 30% stake in GIS. In June 2011, Gulf Drilling, 70% owned subsidiary, acquired ENSCO-95, a drilling rig, from ENSCO Offshore International Company. Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 947 551 423 3312 1653 1020 593 58.2% 44.7% 25.6% 12.8% 3.1 12.2 1.2 2009 1570 691 580 3685 2050 862 717 44.0% 36.9% 28.3% 15.7% 4.3 15.2 1.7 2010 1486 554 439 4221 2243 858 827 37.3% 29.6% 19.6% 10.4% 3.3 16.6 1.3 2011 1470 443 283 4605 2355 949 1094 30.1% 19.3% 12.0% 6.1% 2.1 15.8 1.2 YoY (%) -1.1% -20.0% -35.6% 9.1% 5.0% 10.6% 32.3% -36.4% -4.8% -7.7% CAGR (%) (2008-11) 15.8% -7.0% -12.6% 11.6% 12.5% -2.4% 22.6% -12.2% 9.0% 0.0%
Price Performance

Insurance 37%
Aviation 30%
Drilling 33%
39
QATAR INDUSTRIAL MANUFACTURING COMPANY

Reuters / Bloomberg code QIMC.QA / QIMC QD
Company Overview Established in 1990, Qatar Industrial Manufacturing Company (QIMC) operates in the chemicals, petrochemicals, construction materials and food processing industries in Qatar and the Arabian Gulf markets such as Saudi Arabia, Bahrain and Oman. QIMC operates through its subsidiaries and associated companies. Business Description QIMC invests in industrial projects that utilize locally/regionally available natural resources/intermediate products. Currently, the company has an equity interest in 14 operational projects in various industrial sectors including chemicals, petrochemicals, construction materials and food processing. Projects under implementation include: (i) Qatar Aluminium Extrusion Company, a joint venture company producing a variety of non-colored (mill finished) and colored (powder coated) aluminum profiles; and (ii) KLI Organic Qatar, a joint venture manufacturing high quality chlorinated paraffin waxes used as plasticizers in downstream plastic industries or in flame retardant paints. Other projects comprise Amiantit Qatar Pipes Company Ltd, a joint venture company primarily producing fiber glass pipes and fittings; Qatar Paving Stones, a company manufacturing paving stones in different patterns and colors; and Gasal, a joint venture company producing industrial gases. Recent Developments In July 2011, Qatar Sand Treatment Plant (QSTP), a wholly owned subsidiary of QIMC, signed an agreement with Malaysia-based Romilly, to upgrade its operational quality through an additional washing plant for a total cost of USD 6.9mn. The project would be completed by mid 2012. Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 343 49 184 1199 998 37 120 14.4% 53.7% 18.5% 15.4% 4.7 23.7 3.0 2009 299 63 145 1187 1032 53 114 21.0% 48.5% 14.0% 12.2% 3.1 20.2 1.3 2010 298 65 203 1348 1214 51 136 21.7% 68.1% 16.7% 15.0% 5.1 28.9 2.3 2011 326 52 206 1436 1282 43 153 15.8% 63.3% 16.1% 14.4% 5.2 31.6 3.0 YoY (%) 9.6% -20.1% 1.8% 6.6% 5.6% -15.4% 12.8% 2.2% 9.3% 30.4% CAGR (%) (2008-11) -1.7% 1.5% 3.8% 6.2% 8.7% 4.7% 8.5% 3.5% 10.1% 0.0%
Market Data

Qatar Govt 20%
Public 80%
H.E. Sh. Abdulrahman Bin Mohad.Jabor Al-Thani Chairman Mr. Nasser Rashid Al-Kaabi Vice Chairman
Management
Mr. Abdulrahman A. Al Ansari CEO
Price Performance
Segmental Revenues in 2011 100% of revenue comes from Industrial Manufacturing related activities.
40
QATARI INVESTORS GROUP

Reuters / Bloomberg code KHCD .QA / KHCD QD
Company Overview Doha-based Qatari Investors Group (Al-Khalij Holding previously) is primarily engaged in the production and sale of cement. The company is also involved in building factories, importing/exporting cement, investing in shares and real estate, and installing and maintaining solutions for mechanical, electrical and electronic security equipment. Incorporated in May 2006, the company has diversified its business into various new sectors across the Gulf. Business Description Qatari Investors Group manages Al-Khalijs industrial and investment operations. The company reports revenues under two operating segments: cement (accounted for 82.3% of total revenues in H1 2011) and contract and service income (17.1%). The companys product portfolio includes ordinary portland cement, sulphate resistance cement, portland slag cement and building material. Under its Green Field Cement Project, the company has a clinkerisation unit that has a guaranteed daily capacity of 5,000 metric tons (production is based on modern rotary kiln technology that adopts nature friendly environment protection strategies). Recent Developments In April 2012, Al-Khalij Holding has been rebranded as Qatari Investors Group. In May 2011, Al-Khalij Cement Co., Al-Khalij Holdings subsidiary, obtained a conformity certificate with specified requirements of the Qatar Construction Specification from Ministry of Environment, Quality and Conformity Department. In May 2011, Alkhalij Cement Company, a subsidiary of Al-Khalij, successfully obtained a conformity certificate for technical requirements in the fields of construction and building products manufacturer/supplier. The company conformed to the requirements of the Qatar Construction Specification (QCS) laid by the Ministry of Environments Quality and Conformity Department. Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 11 -14 34 1675 874 571 508 -128.2% 310.0% 3.9% 2.0% 0.4 10.9 2009 27 3 72 2668 1852 680 151 12.0% 269.5% 3.9% 2.7% 0.6 14.9 2010 159 30 71 3489 1928 1411 709 18.8% 44.8% 3.7% 2.0% 0.6 15.5 0.5 2011 242 33 74 3056 1936 956 116 13.7% 30.6% 3.8% 2.4% 0.6 15.6 0.5 YoY (%) 52.3% 10.7% 3.9% -12.4% 0.4% -32.2% -83.6% 0.0% 0.6% 0.0% CAGR (%) (2008-11) 180.2% -232.9% 29.5% 22.2% 30.3% 18.7% -38.9% 14.5% 12.7% NA
Market Data

Others 23.0%
Public 77.0%
H.E. Abdullah Bin Nasser Al Misnad Chairman & MD H.E. Sh. Hamad Bin Faisal Al-Thani Vice Chairman
Management
Mr. Hossam El Araby Group Finance Head
Price Performance

Others 1% Investment 2% Contracting & engineering 17%
Cement 80%
41
QATAR INSURANCE COMPANY

Reuters / Bloomberg code QINS.QA / QATI QD
Market Data
Company Overview Founded in 1964, Qatar Insurance Company is the first domestic insurance company, in which the government held a 12% stake that it continues to retain. It is the largest insurance company in the State of Qatar with a circa 60% market share based on Gross Premium Written (GPW) in 2010. The company and its subsidiaries are engaged in the business of insurance, re-insurance, real estate, and financial advisory services. They operate in Qatar, the UAE, Oman, Kuwait, Bermuda, and Malta. Qatar Insurance Company accounts for about 50% of the domestic market share. With such a strong competitive position, the company currently has a credit and insurer financial strength rating of 'A', with stable outlook from Standard & Poor's Ratings Services. Business Description Qatar Insurance Company provides personal insurance products such as home care, travel, and premier automobile insurance. Its business insurance product portfolio includes energy, marine and aviation, property and commercial, medical, and motor insurance. Recent Developments In July 2011, Qatar Insurance Company announced that it received an approval from Qatar Finance Centre to form a new life and medical insurance company, Q-Life & Medical. The new company would be a limited liability company (wholly owned by Qatar Insurance Company) with a capital of QAR 100mn.
72.5 89.2 6,466 1,776 74.8/63.3

Burooq TC 5% Others 10% Qatar govt 12% Public 73%
Sheikh Khalid Bin Mohammed Bin Ali AlThani Chairman & MD Mr. Abdullah Bin Khalifa Al-Attiya Dy. Chairman
Management
Mr. Khalifa A. Al Subaey - Group President & Chief Executive Officer Mr. Sunil Talwar Dy. CEO & CFO
Company Financials
QAR million unless otherwise mentioned 2008 Gross Revenues Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR) 1,972 530 6,039 2,689 957 1,542 26.9% 19.7% 8.8% 6.9 63.3 3.0 2009 2,149 561 6,796 2,979 923 2,203 26.1% 18.8% 8.3% 7.3 40.1 5.0 2010 2,153 623 7,237 3,522 229 1,736 28.9% 17.7% 8.6% 7.9 47.4 6.5 2011 2,383 603 7,777 3,529 182 2,081 25.3% 17.1% 7.8% 8.0 47.5 4.0 YoY (%) 10.7% -3.2% 7.5% 0.2% -20.6% 19.8% 1.3% 0.2% -38.5% CAGR (%) (2008-11) 6.5% 4.4% 8.8% 9.5% -42.5% 10.5% 5.1% -9.1% 10.1%
Price Performance

Real Estate 3% Advisory 1% Marine 8% Investments 24% Fire & General 64%
42
QATAR GENERAL INSURANCE AND REINSURANCE COMPANY

Reuters / Bloomberg code QGIR.QA / QGRI QD
Company Overview
Market Data
Qatar General Insurance and Reinsurance Company, established in 1979, is a Qatari national company providing general and reinsurance products. The company operates five local branches and one overseas branch in Dubai, the UAE. Qatar General Insurance and Reinsurance Company is currently expanding to cover domestic as well as regional markets in Algeria, Libya, Syria and Oman. The company has maintained its strong financial strength rating of "B++" and Foreign Ownership* (%) 23.0% insurer credit rating of "BBB+" assigned by the international credit rating agency Limit Allowed (%) Current Exposure 23.2% AM Best as well as "BBB" "pi" rating assigned by Standard and Poor's. *Due to change in nationality of investors, ownership
might appear to be higher than limit
Business Description Qatar General Insurance and Reinsurance Company operates through its two subsidiaries: Qatar General Holding Company S.P.C. and General Takaful Company S.P.C. The companys general insurance products include medical, travel, marine, motor, plant and equipment, contractors all risk, personal accident, workmens compensation, money (cash-in-safe/cash-in-transit), fidelity guarantee, general public liability, school public liability, and fire and allied perils (buildings and contents). The company has five branches at Al Khor, Musherib, Salwa Road, Industrial Area and Al Ruwais.
HH Sh Nasser Bin Ali Bin Saud Al-Thani 5% Mohd. Hamad Abdullah Al Mana 6% Others 17%
Public 72%
Recent Developments
In February 2012, the company opened new branches at al Wakra and al Rowais. In October 2011, A.M. Best Europe - Rating Services Limited affirmed the Management financial strength rating of B++ (Good) and issuer credit rating of 'bbb+' of Ghazi Abu Nahl - Group CEO Jamal Abu Nahl - CEO (Insurance & Qatar General Insurance and Reinsurance Company with a positive outlook. Investment) The company is issuing plastic cards for new motor insurance policies. The Abdullah Barrage - Deputy CEO new and existing policyholders who opt for plastic cards over paper policies ( Investment) are entitled to avail better rates on their personal line products.
Key Ratios
H.E. Sh.Nasser Bin Ali Bin Saud AlThani Chairman & Managing Director H.E. Sh. Mohammed Bin Ali Bin Saood Al-Thani Vice Chairman
Company Financials
QAR million unless otherwise mentioned 2008 Gross Revenues Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 528 226 1872 1160 158 162 42.9% 19.5% 12.1% 5.1 25.9 1.4 2009 400 136 3463 2247 263 110 34.0% 6.1% 3.9% 2.4 50.2 1.4 2010 354 120 3876 2486 357 54 33.8% 4.8% 3.1% 2.7 55.5 1.1 2011 471 170 4283 2548 631 150 36.1% 6.7% 4.0% 3.8 50.8 1.3 YoY (%) 33.1% 42.3% 10.5% 2.5% 76.7% 175.4% 40.7% -8.5% 18.2% CAGR (%) (2008-11) -3.7% -9.1% 31.8% 30.0% 58.5% -2.6% -9.3% 25.2% -2.4%
13.7 0.9 2.5 4.4
Price Performance

Fire 6% War and Marine 8% Engineering & Others 39% General Accident 47%
43
QATAR ISLAMIC INSURANCE COMPANY

Reuters / Bloomberg code QIIC.QA / QISI QD
Company Overview Transacting since 1995, Qatar Islamic Insurance Company offers insurance services on life and property in compliance with the Islamic Shariah standards and principles. The company introduced Islamic insurance in Pakistan and Syria. It provides Takaful insurance products through Pak-Qatar Family Takaful Co, Pak-Qatar General Takaful Co., and Syrian Islamic Insurance Co. in Pakistan, Qatar and Syria. Qatar Islamic Insurance Company is the first Qatar-based company to provide call center services to clients in the country. Moodys has assigned the company a financial rating of BAA2.
Market Data

Business Description Qatar Islamic Insurance Company provides insurance products for businesses, including aviation, marine, freight, banking, electronics, computer, construction, engineering, energy, and agriculture. The company also offers cover for business premises and other commercial needs. Balsam medical plans and Aman Takaful (life) insurance policies are available in individual, family and group form for employees. Products in the personal lines segment include medical, Takaful (life), motor, property, general accidents, and travel insurance. The companys leading offerings include Marino Cargo Insurance, Workmens Compensation Insurance, Property Insurance, and Fidelity Guarantee Insurance. Qatar Islamic Insurance Company is also engaged in real estate and related capital investment businesses. Associate companies include Tashelaat Islamic Company (51% owned) and Al Muqawel Company (51%) engaged in Islamic financing and construction, respectively. .
QNB Others 2% Abdulrahman 4% Abduljalil Al Abdulghani 4% HH Sh Thani Bin Abdullah AlThani and family 23%
Public 67%
Sh. Abdullah Bin Thani Al-Thani Chairman Mr. Abdul Rahman A. Al-Abdulghani Vice Chairman Mr. Jamal Abdullah Al Jamal MD
Management
Mr. Jassim Ali Al-Saadi GM
Key Ratios
Company Financials
QAR million unless otherwise mentioned 2008 Gross Revenues Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 91 69 294 283 75.3% 24.2% 23.3% 4.6 18.9 3.0 2009 52 32 286 261 70 61.3% 12.3% 11.2% 2.1 17.4 2.5 2010 61 46 290 264 52 75.2% 17.4% 15.9% 3.1 17.6 2.7 2011 76 45 297 268 56 59.2% 16.8% 15.2% 3.0 17.9 3.0 YoY (%) 24.2% -2.2% 2.4% 1.6% NA 8.5% -3.2% 1.7% 11.1% CAGR (%) (2008-11) -5.8% -13.1% 0.3% -1.8% NA NA -13.3% -1.8% 0.0%
18.7 3.1 5.3 NA
Price Performance

Takaful & Health 1% Motors 4% Marine 95%
44
AL KHALEEJ TAKAFUL
Reuters / Bloomberg code KINS.QA / AKHI QD
Market Data
Company Overview Since its incorporation in 1978 as a national insurance company in Qatar, Al Khaleej Takaful Group QSC (Al Khaleej) and its subsidiaries have been providing all types of general insurance and reinsurance services. Formerly known as Al Khaleej Insurance & Reinsurance Company QSC, the company was renamed in January 2010. Locally, the company has four branches. Standard & Poors has assigned the company an insurer credit rating of BBBpi. It is the fourth largest insurance company in Qatar based on Gross Premium Written (GPW) in 2010. Business Description Al Khaleej Takaful Group offers life and general insurance services that can be broadly classified into Energy, Manufacturing, Transportation and Trading, and further categorized into the following product lines: motor, marine cargo, marine hull, aviation, fire, general accident, liability, engineering, energy, property (including household and commercial assets), health and travel. The companys latest offerings include four categories of medical assurance products. Takaful Islamic Insurance handles the companys Islamic insurance products. Al Khaleej also invests in real estate properties. It deals with notable international reinsurers with S&Ps rating of not less than A- signifying greater security to policyholders.
42.3 14.2 601 165 51.0/39.5

Abdulaziz Md Hamad Al Mannai 4% Md Hamad Abdullah Al Mannai 5% Others 24%
Public 67%
Sh. Abdulla Bin Mohamed Jabor Al-Thani Director Sh. Abdulla Bin Ahmed Al Ahmed AlThani Director Sh. Saud Bin Abdulla Moh'd Jabor AlThani MD
Company Financials
QAR million unless otherwise mentioned 2008 Gross Revenues Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 264 87 745 475 51 33.0% 18.3% 11.7% 6.1 33.4 3.0 2009 224 68 814 498 69 30.4% 13.6% 8.4% 4.8 35 3.0 2010 268 73 977 576 59 27.1% 12.6% 7.5% 5.1 40.5 3.0 2011 275 64 920 583 46 46 23.1% 10.9% 6.9% 4.5 40.9 3.0 YoY (%) 2.4% -12.8% -5.8% 1.1% NA -22.2% -11.8% 1.0% 0.0% CAGR (%) (2008-11) 1.4% -10.0% 7.3% 7.0% NA -3.5% -9.6% 7.0% 0.0%
Management
Mr. Jassim Ali Abdul Rahman Al Moftah CEO Mr. Emad Hasan Abu Reziq Dy. CEO
Price Performance

Marine 3% Life 3% Fire 4% General 17%
Motor 73%
45
DOHA INSURANCE
Reuters / Bloomberg code DICO.QA / DOHI QD
Company Overview Established in the State of Qatar in October 1999, Doha Insurance Company QSC (Doha Insurance) is a shareholding company. In 2006, Doha Insurance established an Islamic Takaful branch Doha Takaful (brand name) to carry out insurance and reinsurance activities in accordance with Islamic Shariah principles on a non-usury basis across all areas of insurance. The company was assigned BBB/Stable rating by Standard & Poor's in March 2006. Al Mana Group and Nasser Bin Abdullah Company are among the major shareholders.
Market Data

Business Description Doha Insurances product portfolio comprises offerings for various sectors including aviation (for Hull, Satellite and Airports), travel, engineering (mainly Contractors Insurance Policy), fire, marine (Marine Cargo Policy), and Liability Insurance and Motor (Third-Party Liability Insurance, Comprehensive Insurance and Companies Auto-fleet Insurance). Associate company: Yemeni Qatari Insurance Company, which is 40% owned by Doha Insurance and incorporated in the Republic of Yemen; the company is engaged in insurance and reinsurance activities. Recent Developments In March 2012, Doha Insurance approved the proposal to increase capital by distributing 30% bonus shares (three for every ten shares) to shareholders. This is expected to increase the companys total capital to QAR 234mn with 23.4mn shares outstanding (each valued at QAR10).
Shareholding Pattern*
100% Publicly owned. Nasser Bin Abdullah Company and Almana Group's shareholding is part of the public stake.
*Source: Zawya
Sh. Nawaf Bin Nasser Bin Khaled AlThani Chairman Gen. Dahlan Jamaan Basheer AlHamad Vice Chairman Mr. Adel Ali Bin Ali MD
Management
Mr. Bassam Hussein GM
Company Financials
QAR million unless otherwise mentioned 2008 Gross Revenues Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 126 47 639 363 146 37.6% 13.0% 7.4% 2.8 20.1 2.5 2009 140 53 674 373 152 38.2% 14.3% 7.9% 3 20.7 2.5 2010 143 61 1687 429 163 42.5% 14.1% 3.6% 3.4 23.8 2.5 2011 419 66 1311 446 168 15.7% 14.7% 5.0% 3.7 19.1 YoY (%) 193.6% 8.4% -22.3% 4.0% NA 3.4% 8.8% -19.7% NA CAGR (%) (2008-11) 49.4% 11.7% 27.1% 7.2% NA 4.8% 9.7% -1.7% NA
Price Performance
Segmental Premiums in 2011

Marine & Aviation 29%
Motor 17%
Fire & gen. Accident 54%
46
BARWA REAL ESTATE COMPANY

Reuters / Bloomberg code BRES.QA / BRES QD
Company Overview Founded in November 2005, Barwa Real Estate Company (Barwa) is a leading real estate and investment company in Qatar. The company aims to contribute to Qatar Vision 2030, the governments development plan. Barwa is headquartered in Doha, and has presence in Qatar, the UK, North Africa as well as other GCC and European countries. Business Description Barwa is engaged in investing, developing and managing domestic as well as international real estate projects. The companys flagship projects include Barwa Financial District, Barwa Commercial Avenue, Barwa Al Sadd, Barwa Village, Barwa City, Masaken Al Sailiyah and Musaimeer. Barwa has over 40 investments in five segments: Real Estate Qatar, International, Business Services, Infrastructural Services and Financial Services. The company is engaged in hotel ownership and management, banking, project financing, advisory, advertising and brokerage services. Recent Developments In March 2012, Barwa Real Estate signed a Memorandum of Understanding (MoU) with Milaha (Qatar Navigation), under which the latter would hire housing utilities to accommodate up to 3,000 workers in the Barwa Al Baraha project for 10 years (from 2014). In January 2012, the company announced that over 99% of the 'Barwa Al Sadd' project has been completed. The project is expected to be handed over during Q2 2012. In November 2011, Barwa signed a lease agreement with Dragon Mart, a Chinese company, to set up a market for Chinese products in the formers Commercial Avenue project. In October 2011, the company announced an investment of USD 8.39bn in its project in New Cairo city. Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 1,347 798 310 24,317 4,773 12,476 539 59.3% 23.0% 6.5% 1.3% 1.5 16.9 2009 1,363 369 766 34,893 5,763 20,051 1,928 27.1% 56.2% 13.3% 2.2% 2.9 19.7 2.0 2010 1,564 -8 1,406 73,982 13,101 24,179 12,983 -0.5% 89.9% 10.7% 1.9% 4.0 28.9 2011 2,810 1,786 1,252 65,807 12,531 28,371 2,626 63.6% 44.6% 10.0% 1.9% 3.2 31 1.0 YoY (%) 79.7% NM -10.9% -11.1% -4.3% 17.3% -79.8% -20.0% 7.3% NA CAGR (%) (2008-11) 27.8% 30.8% 59.3% 39.4% 38.0% 31.5% 69.6% 28.7% 22.4% NA
Market Data

Qatari Diar 45%
Public 55%
Mr. Hitmi Ali Khalifa Al Hitmi Chairman Mr. Mohammed Abd Al Aziz Saad Al Saad Dy. Chairman
Management
Mr. Abdulla Abdulaziz Al Subaie CEO
Price Performance

Business Ser 3% Fin. Institutions 7% Real Estate 90%
47
UNITED DEVELOPMENT COMPANY

Reuters / Bloomberg code UDCD.QA / UDCD QD
Market Data
Company Overview As one of the leading private sector shareholding companies in Qatar, United Development Company (UDC) has invested in the energy sector, obtained concessions for oil and gas discovery and evolved in industrial and petrochemical products. UDC was established in 1999 and is headquartered in Doha. Business Description UDC operates in the hydrocarbons and energy, infrastructure and utilities, maritime and environmental related businesses, residential and retail real estate development, property management, information technology, hospitality and leisure, fashion, media and communications, payment solutions and marketing sectors. Pearl-Qatar, UDCs single largest project, is a multi-billion dollar mixed use urban development project. Its scope entails provision of upscale housing for more than 41,000 people. UDC has substantial interests in marine and reclamation works, utilities, service and petrochemical companies. Recent Developments In February 2012, Pension and Social Insurance Authority acquired 112mn new shares of UDC for a value of QAR 1.6bn and became its strategic partner. At the extraordinary AGM, UDCs shareholders approved an increase in capital to facilitate the move. UDC has announced the distribution of 64,350,000 shares as bonus shares at the rate of 4 shares for each ten shares (40% of the capital) and thus increasing the capital of the Company to QAR 2.25bn and amend the Memorandum and Articles of Association accordingly. Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR) Dividend Per Share (QAR) 1,059 108 297 8,349 2,975 2,516 1,532 10.2% 28.0% 10.0% 3.6% 2.9 27.8 3.5 2009 1,492 414 515 8,964 3,105 3,281 375 27.7% 34.5% 16.6% 5.7% 3.8 29.0 2010 1,420 843 617 10,878 3,962 4,540 373 59.4% 43.5% 15.6% 5.7% 3.7 29.6 2011 1,907 732 3,772** 19,056 8,852 6,137 1,020 38.4% 197.8% 42.6% 19.8% 23.29 55.0 YoY (%) 34.3% -13.2% 511.3% 75.2% 123.4% 35.2% 173.9% 529.5% 85.8% NA CAGR (%) (2008-11) 21.6% 89.2% 133.3% 31.7% 43.8% 34.6% -12.7% 100.3% 25.5% NA
19.4 337.2 6,542 1,797 20.7/13.3

Pension and Social Insurance Authority 33% Public 67%
Mr. Hussain Ibrahim Alfardan Chairman H.E. Abdulla Bin Khalifa Al-Attiyah Dy. Chairman Mr. Khalil P. Sholy Board member, MD & President
Management
Mr. Abdullah Araj Executive Vice President, Finance Mr. Joseph Bou Sleiman Vice President, Operations
Price Performance

Hospitality and leisure 4% Others 14% Urban Development 82%
Source: Company filing, Qatar Exchange Note: **Fair value gain from revaluation of investment properties QAR 3.1bn
48
MAZAYA QATAR REAL ESTATE DEVELOPMENT

Reuters / Bloomberg code MRDS.QA / MRDS QD
Market Data
Company Overview Mazaya Qatar Real Estate Development (Mazaya Qatar) develops, sells/purchases, rents and manages real estate properties in Qatar. Established in 2008, the company was publicly listed on the Qatar Exchange in October 2010. Mazaya Qatar undertakes real estate investment and development in accordance with the provisions of the Islamic law in the Middle East. Business Description Mazaya Qatar develops residential, commercial and industrial projects. The companys service and operations include: Real estate development Project management & consultancy Property valuation Strategic partnership Real estate brokerage Master developments Assets & facility management Marketing management & consultancy Real estate portfolio & fund management Real estate market research Mazaya Qatar has also been involved in projects covering architecture, professional building and engineering. The companys flagship projects include Housing Complex for Qatar National Convention Centre (for employees), Sidra Residential Compound (Sidra Medical and Research Center), and Marina Mall Shopping Center. Recent Developments In January 2012, the company signed a 20-month, QAR 473mn contract with Sinohydro Corporation (China) to construct the Sidra Village project. In October 2011, Mazaya Qatar received the 'Best Real Estate Investment Strategy' award at the 2011 Arabian Business Achievement Awards in Qatar. In June 2011, the company announced it has joined the list of founding members of the Qatar Green Buildings Council. Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* NA NA NA NA NA NA NA NA NA NA NA NA NA NA 2009 0 -11 16 528 516 0 241 NM NM 3.1% 3.0% 0.3 NA NA 2010 0.5 -11 15 1182 1030 138 678 NM NM 1.5% 1.3% 0.2 NA NA 2011 23 2 48 1,101 1,078 0 332.00 8.6% 206.0% 4.5% 4.4% 0.5 NA NA YoY (%) 4560.0% 118.2% 220.0% -6.9% 4.7% -100.0% -51.0% 145.0% NA NA CAGR (%) (200811) NA NA NA NA NA NA NA NA NA NA
9.8 100.0 977 268

Qatar Inv& Proj Dev Hldg Co 17% Qatar Foundation 21% Public 30%
Others 32%
Mr. Rashid Fahad Al Naimi Chairman Sh. Suhaim Abdulla Khalifa Al-Thani Vice Chairman
Management
Mr. Seraj Saleh Al Baker CEO
Price Performance
Rental 2% Consulting 17%
Islam. Deposits 81%
49
EZDAN REAL ESTATE COMPANY

Reuters / Bloomberg code ERES.QA / ERES QD
Market Data
Company Overview Established in 1960 as Thani Bin Abdulla Housing Group, Doha-based Ezdan Real Estate Company (Ezdan) was subsequently reorganized into a limited liability company. In 2006, Ezdans real estate investments were transferred to a new entity, Iskan Real Estate Company (later renamed as Ezdan Real Estate Company). Ezdans shares were listed on the Qatar Stock Exchange in 2008. The company operates directly and through its subsidiaries (Ezdan Trading and Contracting Company, Ezdan Hotel and Suites and Ezdan Real Estate Investment) in Qatar. Business Description Ezdan contributes to infrastructure development in Qatar by complying with Islamic Shariah guidelines. The company is primarily involved in real estate property investment, development and management. Besides this, Ezdan offers real estate brokerage and business consulting services. The company primarily focuses on shopping malls and residential properties. Ezdans key projects include Ezdan Mall 1, Ezdan Mall 2 and Ezdan International School. Ezdan Trading and Contracting Company undertakes contracts for buildings, road paving, trading of building materials, electricity work and maintenance. Ezdan Hotel and Suites Company offers management services for hotels, suites and restaurants, while Ezdan Real Estate Investment is involved in real estate development. Recent Developments In January 2012, Ezdan announced the sale of certain real estate properties to Al Tadawul Holding Group for a total value of QAR 1.53bn. In June 2011, the company sold two labor lodgings (located at Al Sailiyyah and Al Mesaimeer) for a consideration of QAR 516mn. In April 2011, Ezdan commenced construction of its first commercial center, Ezdan Mall 1, in Al Gharafa on an area of nearly 66,000sqm. The company also announced plans to construct the tallest tower in the world, subject to the procurement of land. Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 379 299 1357 6921 6487 366 165 78.8% 357.8% 20.9% 19.6% 1.4 6.6 2009 472 355 8686 30060 27285 2043 121 75.1% 1839.4% 31.8% 28.9% 2.5 4.8 2010 468 307 121 31924 27403 3531 675 65.6% 25.9% 0.4% 0.4% 0.1 10.3 2011 623 416 345 32887 27740 4842 763 66.8% 55.4% 1.2% 1.0% 0.1 10.5 0.2 YoY (%) 33.2% 35.6% 184.4% 3.0% 1.2% 37.1% 13.1% 160.0% 1.9% NA CAGR (%) (2008-11) 18.0% 11.7% -36.7% 68.1% 62.3% 136.5% 66.6% -54.7% 16.7% NA
20.0 2,652.5 53,050 14,574 25.0/18.0

Islamic Endowment 22% Public 1%
Al-Tadawul Holding Group 77%
H.E. Sh. Thani Bin Abdulla Bin Thani AlThani Chairman Sh. Abdulla Bin Thani Bin Abdulla Bin Thani Al-Thani Vice Chairman
Management
Mr. Hesham Al-Sahtari CEO & MD
Price Performance
Rent 76% Suites & Hotels 24%
50
QATAR TELECOM
Reuters / Bloomberg code QTEL.QA / QTEL QD
Market Data
Company Overview Qatar Telecom (Qtel) is licensed by the Supreme Council of Information and Communication Technology (ictQATAR) to provide fixed and mobile telecommunications services in Qatar. The company partners with several leading telecommunications players worldwide and has a presence in 17 countries; Qtels customer base is spread across the Middle East and North Africa, the Indian subcontinent and South East Asia. The companys consolidated subscriber base stood at 83.4mn as of December, 2011. Business Description Qtel focuses on three business segments: Consumer Wireless, Consumer Broadband and Corporate Managed Services. The company generated more than 80.0% of revenues from outside Qatar in 2010. Recent Developments In March 2012, Qtel announced plans to raise USD 1.9bn through a planned rights issue to increase its authorized share capital from QAR 2bn to QAR 5bn and expand its overseas presence through acquisitions. In March 2012, the company completed a comprehensive framework agreement with China-based ZTE. The agreement would make available new network solutions from ZTE, including the latest innovations in WCDMA and LTE technology, across Qtels operations in the Middle East, North Africa and Asia. In February 2012, S&P affirmed Qtel's long-term Issuer Default Rating (IDR) as 'A+', with a stable outlook. In February 2012, the company announced PT Indosat Tbk, a 65% owned subsidiary, sold 2,500 towers to PT Tower Bersama Infrastructure Tbk and its subsidiary PT Solusi Menara Indonesia for a total consideration of USD 519mn. Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 20,319 8,785 2,306 73,150 26,938 29,881 7,845 43.2% 11.4% 8.6% 3.2% 14.7 72.2 8.3 2009 24,025 10,762 2,825 84,961 29,454 38,486 11,512 44.8% 11.8% 9.6% 3.3% 16 88.7 5.8 2010 27,179 12,274 2,888 101,399 34,227 49,153 25,576 45.2% 10.6% 8.4% 2.8% 16.4 108.1 4.2 2011 31,765 14,536 2,606 102,194 39,393 45,783 21,250 45.8% 8.2% 6.6% 2.5% 14.8 119.6 3.0 YoY (%) 16.9% 18.4% -9.8% 0.8% 15.1% -6.9% -16.9% -9.8% 10.6% -28.6% CAGR (%) (2008-11) 16.1% 18.3% 4.1% 11.8% 13.5% 15.3% 39.4% 0.2% 18.3% -28.8%

Limit Allowed (%) Current Exposure No limit 22.7%
Other Qatari Govt inst 13% Public 32%
Qatar Govt 55%
H.E. Sh. Abdullah Bin Mohammed Bin Saud Al-Thani Chairman
Management
Dr Nasser Marafih Group CEO Sh. Saud Bin Nasser Al-Thani CEO
Price Performance

Others 2% Nawras 6% Qtel 18% Wataniya 30%
Indosat 26% Asiacell 18%
51
VODAFONE QATAR
Reuters / Bloomberg code VFQS.QA / VFQS QD
Company Overview Vodafone Qatar Q.S.C. is the holder of the second public mobile telecommunications networks and services license in Qatar. The company also holds the second public fixed networks and services license in the country. After winning a bid in December 2007, Vodafone Qatar was granted the second mobile license in June 2008; the company switched on its mobile network in March 2009. Vodafone Qatar launched an Initial Public Offering (IPO) in May 2009. The company has four branches in the country. As of June 30, 2011, Vodafone Qatar catered to 761,000 mobile customers. Business Description Vodafone Qatar provides a host of telecommunication services including prepaid plans, monthly account plans, BlackBerry services, mobile broadband and mobile Internet. Recent Developments
Market Data

Limit Allowed (%) Current Exposure No Limit 3.5%
Others 15% Vodafone Europe 23% Qatar Foundation 27% Public 35%
In September 2011, Vodafone Qatar introduced prepaid Blackberry services, guaranteed for 10 years. In the same month, the company launched an Chairman / V.Chairman / MD innovative solution to purchase/download BlackBerry Apps with its prepaid H.E. Sh. Abdulrahman bin Saud AlBlackBerry Application Card. Thani Chairman In July 2011, the company announced the appointment of Richard Daly as Mr. Abdulla Nasser Al-Misnad Vice Chief Executive Officer (CEO) and Steve Walters as Chief Financial Officer Chairman (CFO). Previously, Richard served as CEO for Vodafone Partner Markets, while Steve, an experienced finance executive, was Interim Head of Finance Management at Vodafone Essar Ltd.
Mr. Richard Daly CEO
Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* NA NA NA NA NA NA NA NA NA NA NA NA NA 2009 362 -225 -673 8409 7659 379 85 -62.3% -186.3% -8.8% -8.0% -0.8 9.1 2010 935 -27 -601 8416 7078 727 83 -2.9% -64.3% -8.5% -7.1% -0.7 9.1 9M 2011** 906 102 -359 8184 6696 813 77 11.3% -39.6% -5.4% -4.4% -0.4 NA YoY (%) NA NA NA NA NA NA NA NA NA NA CAGR (%) (2008-11) NA NA
Key Ratios P/E (x) P/BV (x) Dividend Yield (%) PEG(x) NA 1.0 0.0 NA
Price Performance
NA NA NA NA NA NA NA NA
Oth. 4% Wireless 84% Mob. Dev. 12%
Source: *Bloomberg, Company filing, Qatar Exchange Note: **The company has March 2012 as year ending
52
QATAR GAS TRANSPORT COMPANY (NAKILAT)

Reuters / Bloomberg code QGTS.QA / QGTS QD
Market Data
Company Overview Qatar Gas Transport Company (Nakilat), established in June 2004, is a leading midstream player in the GCC hydrocarbon sector. The company provides shipping and marine-related services in the sector. Nakilat is the largest LNG shipping company worldwide with a fleet of 54 vessels (25 wholly owned and 29 jointly owned) having a capacity of over 8.5 million cubic meters of cargo. The fleet comprises Q-Max and Q-Flex LNG vessels, which incorporate the latest technologies with large capacities. Business Description Nakilat owns, operates and maintains a fleet of vessels to transport LNG and its derivatives. The company plays a key role in some of the largest and most advanced energy projects of Qatar Petroleum, Qatargas, RasGas and their joint venture partners worldwide. Nakilat transports LNG from Qatars North Field, the worlds largest non-associated gas field holding approximately 15% of the global proven reserves, to markets in North America, Europe and the Far East. The company owns four very large gas carriers through a joint agreement with Qatar Shipping Company. These carriers are used to transport LPG. Nakilat diversified business into shipyard and repair facilities. Recent Developments In March 2012, N-KOM, a joint venture between Nakilat and Keppel Offshore & Marine, signed a technical agreement with France-based engineering company Gaztransport & Technigaz (GTT). As per the deal, N-KOM would enhance its range of services and provide membrane tank servicing for liquefied natural gas (LNG) carriers repaired in its shipyard. In October 2011, Nakilat announced favorable conclusion of the study entailing the analysis of circumstances under which the use of LNG fuels would optimize the operation of vessels distributing LNG cargo to specific destinations and markets. In June 2011, the company increased its capital to QAR 5.6bn by issuing 6.2mn new shares. Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 56 10 129 24,478 -1 19,232 1,990 18.5% 231.4% NM 0.5% 0.2 0 2009 1,523 1,259 588 31,249 3909 25,015 1,779 82.7% 38.6% 15.1% 1.9% 1.1 7.1 0.5 2010 2,759 2,230 665 32,030 3429 25,552 2,126 80.8% 24.1% 19.4% 2.1% 1.2 6.2 0.8 2011 3,104 2,422 833 31,408 7302 24,781 2,237 78.0% 26.8% 11.4% 2.7% 1.5 2.6 0.9 YoY (%) 12.5% 8.6% 25.3% -1.9% 113.0% NA 5.2% 25.0% -58.1% NA CAGR (%) (2008-11) 281.7% 517.3% 86.1% 8.7% NM NA 4.0% 95.7% NA NA
17.6 560.0 9,828 2,700 20.0/16.0

Others 15% Qatar Shipping Co 15% Qatar Navigation 30% Public 40%
Mr. Hamad Rashid Al Mohannadi Chairman Mr. Ahmed Yousef Al Khulaifi Vice Chairman
Management
Mr. Muhammad Ghannam MD Eddy Saputra - CFO
Price Performance

Others 4% Joint Ventures 8%
vessels 88%
53
QATAR NAVIGATION (MILAHA)

Reuters / Bloomberg code QNNC.QA / QNNS QD
Company Overview Qatar Navigation (Milaha) was launched as a shipping agency and cargo handling business in June 1957. Milaha also provides shipping and transportation, as well as associated services, primarily in Qatar and Dubai. The companys major subsidiaries are Haul Offshore Services Company and Qatar Shipping. Business Description Milaha is a mini-conglomerate engaged in a diverse range of activities. The companys core businesses are marine transportation, shipping agency services, logistics management and navigation freight services. Milaha provides agency services to foreign shipping lines, offshore services, ship repair, fabrication and installation of offshore structures, land transport, and chartering of vessels. The company also sells heavy vehicles. Milaha operates through 11 business segments: Dubai Operations, Commercial Activities, Shipping Agencies, Port Services, Marine Transport, Navigation Freight Services (NFS), Ship Repair and Fabrication, Real Estate, Qatar Shipping, Haul Offshore, and Qatar Quarries and Building Materials. Milahas major revenue contributors are Qatar Shipping, Qatar Quarries and Building Materials, Commercial Activities and Marine Transport.
Market Data

Shareholding Pattern 100% Publicly owned. Qatar Petroleum, Buzwair Real Estate and H.E. Kahlid Bin Hamad Bin Abdullah Al-Thani are part of the public stake.
Source: Zawya
Recent Developments Sh. Ali bin Jassim bin Mohammad In March 2012, the companys subsidiary, Halul Offshore Services secured Al-Thani Chairman & MD Mr. Salem Bin Butti Al-Naimi Vice an eight-year, QAR 220mn (USD 60mn) ship financing facility with Sumitomo Mitsui Banking Corp. (SMBC). The latter acts as the mandated Chairman lead arranger, facility agent, security agent and hedging bank. In February 2012, Qatar Shipping Company, a subsidiary, acquired a 15% Management stake in Maersk LNG (Denmark) through two LNG carriers, Maersk Ras Mr. Khalifa bin Ali Al-Hetmi CEO Mr. Najeb Khalifa Al-Sada Dy. CEO, Laffan and Maersk Qatar, thereby increasing its total stake to 40%. In November 2011, the company launched its new corporate identity, Operations Mr. Mohammad Ebrahim Al-Sulaiti Dy. Milaha, to deliver synchronized solutions that mobilize a business.
CEO, Finance and Administration
Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 1,342 427 569 6,741 5,592 857 335 31.8% 42.4% 10.2% 8.4% 8.2 77.6 3.3 2009 1,164 349 472 7,198 5,912 1,009 283 30.0% 40.6% 8.0% 6.6% 6.6 82.1 4.0 2010 1,885 529 1,099 13,308 10,843 1,970 910 28.1% 58.3% 10.1% 8.3% 9.6 94.2 4.0 2011 2,144 817 711 13,313 10,622 1,961 923 38.1% 33.2% 6.7% 5.3% 6.2 92.3 3.5 YoY (%) 13.7% 54.4% -35.3% 0.0% -2.0% -0.5% 1.5% -35.4% -2.0% -12.5% CAGR (%) (2008-11) 16.9% 24.2% 7.7% 25.5% 23.8% 31.8% 40.2% -8.9% 6.0% 2.0%
Price Performance

Halul Offs. 23% Oth. 11% Investment 6% RE Port Ser. 7% 8% Mar. Trans 11% Q. Ship. 10% Q.Quar/Buld Mat 6% Comm. Act. 18%
54
GULF WAREHOUSING COMPANY

Reuters / Bloomberg code GWCS.QA / GWCS QD
Market Data
Company Overview
Gulf Warehousing Company (GWC), a leading supply chain and logistics solutions provider headquartered in Doha, offers transport and storage services. Established in 2004, the company acquired Agility (Qatar) in November 2010, and subsequently renamed it as GWC-Agility Company. GWC has a global network with 550 offices in 125 countries. The company has a storage capacity of over 133,000 pallets in warehouse, 20,000sqm bulk storage and 60,000sqm open yard Foreign Ownership (%) Limit Allowed (%) storage, with more than 400 trucks and 700 trailers.
Current Exposure
37.1 39.6 1,468 403 41.9/29.0
24.9% 24.4%
Business Description
Al Tameez
Trad GWC offers a wide range of integrated services, including warehousing, 5% distribution, HAZMAT logistics, freight forwarding, sports logistics, transportation, Al Sanam international moving, records management, asset management, and supply chain Trad 5% consulting solutions. The companys services can be broadly classified into three: Public Others Warehouse Storage, Transportation, and Outsourcing (including management of 80% 10% third-party warehouses). Warehouse Storage is the leading contributor to revenues. GWC serves both manufacturers and retailers across industry segments, including automotive, chemical, electronics, food & beverage, healthcare, high-value commodities, industrial products, ministries, retail, oil, gas, Chairman / V.Chairman / MD Mr. Mohammad Ismail Al Emadi chemicals, and steel.
Recent Developments In November 2011, GWC was awarded a contract to manage the storage of chemicals used in the Pearl GTL project at Ras Laffan. Management In May 2011, the company was awarded the Supply Chain and Transport Mr. Ranjeev Menon CEO Award (SCATA 2011) for 3PL Service Provider of the Year. Company Financials
QAR million unless otherwise mentioned 2008 Net Revenues EBITDA* Net Income Total Assets Shareholders Equity Total Debt Cash & Cash Equivalents EBIDTA Margin (%) Net Margin (%) ROE (%) ROA (%) EPS (QAR) Book Value Per Share (QAR)* Dividend Per Share (QAR)* 57 13 -24 380 290 79 60 22.7% -41.7% -8.2% -6.2% -0.9 11.6 2009 74 34 10 400 299 91 56 46.0% 13.2% 3.3% 2.5% 0.4 12 2010 88 32 51 609 349 219 97 37.0% 58.2% 14.6% 8.4% 2 14 1 2011 420 102 62 1249 687 422 81 24.2% 14.7% 9.0% 4.9% 1.6 17.2 1.5 YoY (%) 379.0% 213.6% 21.0% 105.1% 96.8% 92.3% -16.7% -20.0% 22.9% 50.0% CAGR (%) (2008-11) 94.8% 99.0% -237.6% 48.7% 33.3% 74.5% 10.7% -221.1% 14.0% NA
others 10% Freight Forwarding 37%
Chairman Sh. Fahed Bin Hamad Bin Jasim AlThani Vice Chairman
Price Performance

Logistic operations 53%
55
Appendix
CAGR CMP EBIDTA EIA EPS GDP IMF Mcap P/BV P/E PEG QAR ROA ROE USD YoY YTD
Compounded Annual Growth Rate Current Market Price Earnings before interest, taxes, depreciation and amortization Energy Information Administration Earnings Per Share Gross Domestic Product International Monetary Fund Market Capitalization Price-to-Book Value Price-Earnings Ratio Price/Earnings to Growth Qatar Riyal Return on Assets Return on Equity United States Dollar Year-on-Year Year-to-date
56
Qatar listed Stocks Handbook Disclaimer: It is understood that any opinions expressed by CBQ or CBIS or its affiliates as to the commentary, market information, and future direction of prices of specific securities reflects the views of the individual analyst who issued them, and not necessarily represent the views of CBQ or CBIS or its affiliates in any way. In no event shall CBQ or CBIS or its affiliates have any liability for any direct or indirect losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this materials or for any delays, inaccuracies, errors in, or omissions of the said information. Cover page credits: http://elaysnetwork1.wordpress.com/2010/12/02/qatar-to-host-2022-world-cup/ and Qatar Gas website.
Commercialbank Capital (Investment Banking & Research) Dr Abdulaziz A Al-Ghorairi

Direct Tel: +974 4420 2663 abdulaziz.alghorairi@cbq.com.qa
Rajat Gupta, CFA

Direct Tel: +974 4420 2627 rajat.gupta@cbq.com.qa
Commercialbank Investment Services (Brokerage) Ossama K Alasadi

Direct Tel: +974 44490521 Ossama@cbq.com.qa
57
About Commercialbank Capital (COMCAP)
On disposals, acquisitions, mergers, joint ventures, restructurings, and/or financing through equity, debt or mezzanine
Our clients are individuals, families, corporate, government owned companies or government agencies. Our clients originate from Qatar, Oman or the UAE or intend to execute transactions with parties in/from Qatar, Oman or UAE in their home countries or abroad.
For any queries please feel free to reach us at: 974 4420 2282
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Qatar Listed Stocks Handbook

III Edition, 2012