An update of recent developments in select sectors in Kuwait published by Economic Researchat NBK

Kuwait Economic Brief

March 2011

On-budget capital spending up 19% in FY2011/12...Real estate sales led by apartments/buildings

1

Kuwait’s crude oil price and production

Oil Output (left) Oil Price (right)

do

llars

per

bar

rel

mn

bar

rels

/day

2.26

2.27

2.28

2.29

2.30

2.31

2.32

2.33

2.34

2.35

2.36

Feb-10 May-10 Aug-10 Nov-10 Feb-11

70

75

80

85

90

95

100

Kuwait stocK eXcHanGe

mill

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ex

Value of Traded Shares (left) KSE Index (right)

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Feb-10 May-10 Aug-10 Nov-10 Feb-11

6000

6500

7000

7500

8000

total value of real estate sales (KdMn)

3-month average Actual total sales

0

50

100

150

200

250

300

2008 2009 2010 2011

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50

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Monetary indicators(y/y percent growth)

Money Supply (M2) Credit Facilities

-5

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Jan-10 Apr-10 Jul-10 Oct-10 Jan-11

oil Market...............................................page 2Oil prices surge on Mid-East political tensions, Libyan shut-ins… FY10/11 budget could see KD 4–5 billion surplus…

public finance.......................................page 4Another surplus this year…on-budget capital spending on track

Monetary developments......................page 5Real estate loans up considerably in January boosting credit growth

real estate.............................................page 6Trend positive despite drop in January… investment property strong

Kuwait stock exchange........................page 8Kuwait and regional markets down on regional unrest

Economic Brief - March 2011

Economic Brief - March 2011

�

Kuwait eXport crude

(dollars per barrel)

65707580859095

100105110115120125

4Q10 1Q11F 2Q11F 3Q11F 4Q11F 1Q12F

oil Market & Budget developments

Oil prices surge on Mid-East political tensions, Libyan shut-ins… FY10/11 budget could see KD 4–5 billion surplus…Oil prices surged in February on signs that the political turmoil engulfing parts of North Africa was intensifying and potentially spreading into the oil-rich Gulf. The price of Brent crude – the main European benchmark blend – leapt from around USD 100 per barrel (pb) in the middle of February to USD 117 on March 2nd, with some analysts predicting further increases if the regional security situation continues to deteriorate. The world’s other premier benchmark crude, West Texas Intermediate (WTI) – previously beset by oversupply issues at its US delivery point - rose by a dramatic USD 22 to USD 105 pb in the three weeks to early March, while the price of Kuwait Export Crude (KEC) rose by around USD 15 to USD 110.

Loss of Libyan output triggers OPEC response…Fighting between pro and anti-government forces in Libya has reportedly shut-in around 1 million barrels per day (mbpd) of Libyan crude production, representing around two-thirds of the country’s total output and much if not all of its exports. In response, other OPEC members – led by Saudi Arabia – are said to have increased their own output to compensate. Although the net loss to global production may therefore be minimal, the disruption could still have a major bearing on global oil markets. The loss of relatively high quality Libyan crude has led to a shake-up in the geographical pattern of oil deliveries and perhaps added a convenience premium to the price of sweeter oil.

More importantly, the shut-in has eroded some of OPEC’s spare production capacity, reducing its ability to respond to future shocks and accommodate rising global demand. There is also growing concern about escalating political tensions within Saudi Arabia itself, particularly in the Kingdom’s Eastern Province which represents the hub of the Saudi oil industry.

Oil demand growth to slow on weaker economic growth, higher prices…The growth in global oil demand is set to slow this year after last year’s dramatic rise of around 2.8 mbpd (3.3%), which some analysts have characterized as a ‘demand

shock’. The Centre for Global Energy Studies (CGES) and the International Energy Agency, for example, see oil demand growth of 1.3 mbpd and 1.5 mbpd (1.5%-1.7%), respectively, in 2011. The slowdown reflects a moderation in economic growth, partly the result of tighter fiscal and monetary policies. But increasingly, high oil prices may themselves begin to ration global oil demand as consumers either reduce energy consumption or switch to alternative fuels. Oil demand growth is likely to be strongest outside the OECD, where economic growth is faster and where strong revenue growth allows businesses to absorb rising energy costs more easily. Some analysts (including the IEA) expect oil demand in OECD countries to fall this year.

Signs of rising OPEC output; Iraqi production jumps…The crisis in Libya is not yet visible in the latest figures for oil output quoted by OPEC. January in fact saw crude oil production of the OPEC-11 (i.e. excluding Iraq) stage its second consecutive big monthly increase, rising by 137,000 bpd to 27.01 mbpd. This follows on from a 198,000 bpd rise in December. Libyan output stood at 1.57 mbpd. These OPEC increases increasingly look like a concerted effort to supply more oil to the market, despite the absence of an official change in quotas and the organization’s publicly-aired view that oil markets had been well supplied.

It should also be noted that crude output in Iraq - which is not subject to OPEC quotas – surged by 258,000 bpd in January to 2.71 mbpd on new production from the southern Rumaila and Zubair fields. This is Iraq’s highest level of output for more than 20 years and fuels ambitious hopes of a ‘great Iraqi oil rush’ over the next few years, with production rising as far as 10 mbpd. More sober analysts, however, predict that Iraqi output could rise to a more modest 3.5 mbpd by end-2014, and highlight significant downside risks.

Prices seen hovering close to USD 100 mark for much of this year…Our latest central projection for oil prices over the coming quarters incorporates an increase in oil demand of 1.3

Kec price scenarios (dollars per barrel)

scenario

low price Base case High price

4Q10 8�.1 8�.1 8�.1

2010 76.2 76.2 76.2

1Q11f 9�.9 94.8 94.8

FY10/11f 80.8 81.3 81.3

�Q11f 90.6 98.0 10�.0

3Q11f 84.0 98.0 109.5

4Q11f 74.0 94.0 116.3

2011f 85.4 96.2 105.6

1Q1�f 7�.4 93.1 118.1

FY11/12f 80.3 95.8 111.5

3

mbpd this year, in line with that forecast by the CGES. On the supply side, non-OPEC oil production is projected to rise by the same amount, which incorporates a 0.5 mbpd increase in OPEC Natural Gas Liquids (NGLs), originating largely from Qatar. This arithmetic implies that the balance in the oil market will remain unchanged from last year. But some analysts believe that OPEC will move to avoid a continued drawdown in global stock levels, generating a need for it to increase its own output by as much as 1 mbpd. If achieved, this may be enough to stabilize crude prices through the mid-year. The price of KEC would remain at just under the USD 100 pb mark in 1Q11 and 2Q11, before easing back to USD 93 by 1Q012 as the additional OPEC output is felt more fully.

Prices could push much higher if OPEC supply increases disappoint…In addition to market jitters over unrest in the Middle East, one upside risk for oil prices stems from OPEC proving unwilling or unable to supply this extra crude. This might be because of some members’ enthusiasm for higher prices, or because of problems with sustaining higher output in security-threatened countries. If OPEC supplies increase by just 0.6 mbpd this year, the price of KEC would continue to climb, heading towards USD 120 pb by early 2012.

Slowdown in global economic growth provides main downside risk to prices…If, on the other hand, tighter economic policy or a loss of momentum causes global economic growth to slow more than expected, world oil demand could rise by just 1.1 mbpd this year. In this event, the price of KEC could drop to USD 74 by end-year. Even if OPEC moved to restrict supplies in 4Q11, this would probably be too late to deliver any major near-term lift to prices.

BudGet forecast(million KD, unless otherwise noted)

under alternative oil price scenarios fy 2010/11 fy 2011/12

official low Base High prelim. low Base HighBudget case case case Budget case case case

Oil Price ($/barrel) 43.0 80.8 81.3 81.3 60.0 80.3 95.8 111.5

total revenues 9,719 20,377 20,492 20,718 13,445 19,615 23,639 28,306Oil Revenues 8,617 19,�75 19,390 19,616 1�,307 18,477 ��,501 �7,168Non-Oil Revenues 1,10� 1,10� 1,10� 1,10� 1,138 1,138 1,138 1,138

Expenditures (official) 16,160 16,160 16,160 16,160 17,93� 17,93� 17,93� 17,93�surplus (deficit) -6,441 4,217 4,332 4,558 -4,487 1,683 5,707 10,374

After RFFG -7,413 �,179 �,�83 �,486 -5,83� -�78 3,343 7,544

Expenditures (NBK estimate) 16,45� 16,048 15,644 17,035 16,587 16,139surplus (deficit), nBK estimate 3,925 4,444 5,074 2,580 7,052 12,168

After RFFG 1,887 �,395 3,00� 618 4,688 9,337

Note: FY2010/11 NBK government expenditure scenarios include KD 1.1 billion in unplanned spending arising from the February 2011 Amiri grant.

Large budget surplus seen this year; another possible in FY11/12…These scenarios have little bearing on oil prices for the current fiscal year, which seem set to average close to USD 81 pb. This should generate budget oil revenues of some KD 19-20 billion, or 17-19% higher than in the closing accounts of last year. If, as we expect, actual government spending comes in 5-10% below budget, this year’s budget surplus could end-up between KD 3.9 and 5.1 billion before allocations to the Reserve Fund for Future Generations (RFFG). This incorporates unplanned spending of KD1.1 billion arising from the recent Amiri national day/independence day anniversary grant.

Although there is still a great deal of uncertainty surrounding the budget outcome for FY2011/12, the three price scenarios described above – which generate oil prices of between USD 80 and USD 112 pb - would seem likely to yield another big budget surplus. Based upon preliminary government statements, total budget spending could be set at KD 17.9 billion next year. Based upon our assumptions, this would yield a surplus of anywhere between KD 2.6 billion and KD 12.2 billion, before allocations to the RFFG. This is substantially better than the government’s projection of a KD 4.5 billion deficit.

Economic Brief - March 2011

4

public finance

Another surplus this year…on-budget capital spending on track The latest public finance figures provide further evidence that, at least on-budget spending, is on track and that higher oil prices should help Kuwait post another massive annual budget surplus this year, its 12th in a row.

In the first 10 months of fiscal year 2011/11 (FY2010/11) which ends in March, total spending stood at KD 9.1 billion, up a significant 36% on the same period last year. This increase partly reflects the impact of two special intra-governmental transfers: a one-off payment to the social security fund and the impact of higher oil prices on fuel subsidies. Excluding these two items, the increase in spending is more moderate at 7.8% for the period.

Spending is on pace elsewhere as well. Total spending stood at 56% of the planned budget target for the year, slightly above the rate usually seen at this time of the year. (See table.) But the improvement in the important capital spending category has been more pronounced: 52% of the annual budget has already been spent, compared to just 37% on average in previous years. (Chart 1.) Although these rates still appear low, reported spending typically speeds up in the final months of the year and is adjusted upwards in the closing statements.

Stripping out the impact of transfers and other similar payments, we estimate that demand-impacting expenditures1 rose by 9% in the first 10 months of this year compared to the previous fiscal year. While much less impressive than the rise in total spending, this should still provide a decent boost to the economy. Ultimately, we expect demand-impacting expenditures to grow by nearly 15% for the year. (Chart 2.)

The 15% year-on-year improvement in total revenues largely reflects the rise in oil prices, which at USD 78 per barrel on average in the first 10 months were 16% higher than a year ago. Oil revenues accounted for 93% of total budget revenues. Non-oil revenues have also risen by an

impressive 41%. This was partly due to a 17% increase in customs receipts, reflecting an improvement in trade activity. However, the bulk of the increase represented large payments from the United Nations Compensation Committee invasion (UNCC) for losses arising from the 1990 Iraqi.

The full-year budget looks certain to see another large surplus. For the first 10 months, the surplus stood at KD 7.8 billion, but this is likely to fall as spending accelerates in the final months. We project a budget surplus for the entire year of KD 4.4 billion (Chart 4). This figure includes an estimated KD 1.1 billion in additional appropriations to cover an Amiri grant of KD 1,000 for each Kuwaiti national which was paid in February 2011.

Note: 1. Demand impacting expenditures are those spending categories that drive domestic demand. They exclude items such as transfers to Public Institute for Social Security, transfers abroad, spending on military procurement, fuel costs and subsidies, and housing loan forgiveness.

revenues & eXpenditures - ten MontHs of fiscal year 2010/11

10 Mos: actual to Budget

levels change fy10/11 v/s

average*mmKD mm KD % %

total revenues 16,909 2,191 174.0 183.4

Oil Revenues 15,793 1,865 183.3 196.7

Non-Oil Revenues 1,116 3�6 101.� 91.6

total expenditures 9,115 2,421 56.4 53.8

Wages & Salaries 1,878 66 5�.5 50.5

Goods & Services 1,571 381 53.5 49.7

Vehicles & Equipments 74 -7� 3�.7 �3.6

Projects. Maintenance & Land Purchases 1,089 339 51.9 36.7

Misc. Exp. & Transfers 4,503 1,708 61.5 6�.1

surplus (before rffG) 7,794 ... ... ...

demand impacting expenditures 5,582 449 52.1 51.0* Change from comparable period year ago

# Average for comparable period, last 5 years

projects, Maintenance & land purcHases

5 year historical average FY 10/11

(spending pace: % actual spending / budget)

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20

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60

Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar

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Monetary developments

Real estate loans up considerably in January boosting credit growth Credit grew by 0.2% month on month (m/m) in January, up KD 55 million, and improving slightly to 0.6% year on year (y/y) from 0.4% in December. Despite this growth, money supply (M2) shrank 0.5% m/m, down KD 116 million. As a result, M2 growth slowed to 1.0% y/y from 2.4% in December. Real estate lending picks up… otherwise credit was weakLending to the real estate sector led the increase in credit, rising KD 168 million m/m, its largest m/m growth since March 2009. The only other sector to grow was the household/consumer sector, up KD 16 million, growing around the same pace as last year. All other sectors were either flat or down, led by a KD 82 million drop in personal loans for the purchase of securities.

Deposit growth slows, matching creditTotal private deposits rose by KD 30 million m/m, resulting from a KD 130 million increase in non-resident deposits. Meanwhile, resident deposits were down KD 100 million, on falling foreign currency accounts.

Meanwhile, average rates offered on KD private deposits are hovering close to record lows on the back of ample liquidity at banks. Average rates offered on KD private deposits for the 1-month maturity fell 2 bps to 0.97%.

Monetary HiGHliGHts - january 2011change

jan 2011 mom 3-mnth yoymn KD % % %

local Bank assets 41,364 0.0 0.0 3.0of which:

Claims on Government 1,903 -0.4 0.1 -1.1Credit to Residents �5,�59 0.� 0.7 0.6Foreign Assets 7,185 -1.� -3.1 -0.3

Money supply (M2) 25,374 -0.5 0.7 1.0Private Deposits �4,547 -0.4 0.6 0.8

KD Sight Deposits 4,716 1.7 3.1 1�.0KD Savings Deposits 3,000 0.3 1.� 8.0KD Time Deposits & CDs 14,864 -0.� 0.1 1.4FC Deposits 1,967 -7.� -�.9 -�7.6

eXcHanGe rates

Dinar/Dollar (LHS) Dinar/Euro (RHS)

0.26

0.27

0.28

0.29

0.30

0.31

0.32

Oct-08 Feb-09 Jun-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11

0.33

0.35

0.37

0.39

0.41

0.43

0.45

Monetary indicators (year-on-year percent growth)

Money Supply (M2) KD Resident DepositsCredit Facilities

-5

0

5

10

15

20

25

Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11

Rates on 6-month and 12-month KD deposits were up 1-3 bps in January to 1.44 and 1.72%, respectively. 3-month rates was flat.

Banks assets flat in JanuaryTotal bank assets were flat in January as the increase in credit was offset by falling placements with foreign banks. Growth is now at 3.0% y/y.

Economic Brief - March 2011

6

real estate

Trend positive despite drop in January… investment property strongThe improving trend in real estate continues, led by the investment sector (apartments).

The total volume of real estate transactions in January 2011 reached 533. This was a drop of 11% on the previous month, but still an improvement of 37% on January 2010.

The total value of real estate transactions amounted to KD 194 million, a decrease of 18% on the previous month. The overall trend remains positive, however, despite the monthly fluctuations, as both annual sales and average transaction sizes have increased over the last year.

The residential sector (villas) registered sales of 394

units totaling KD 121 million, with Ahmadi, Hawalli, and Mubarak Al-Kabeer governorates witnessing the greatest activity.

In the investment sector (apartments and buildings) the number of units sold in January increased by almost 13% over December to register 133. Both the volume and value of investment units sold in January increased by 25% over Jan 2010 – reflecting an improvement in the appetite of investors towards purchases in this sector since the end of the recession.

In the commercial sector there were 6 transactions totaling KD 9 million in January. This was a sizeable drop in both the number and the value of transactions - 46% and 86% respectively, compared to the previous month.

real estate sales & scB HousinG loansMonthly avg. nov dec jan % %

real estate sales 2009 2010 2010 2010 2011 M/M y/y

sales values (mn Kd) 108.7 166.1 143.6 236.4 193.6 -18.1 66.3Residential Property 55.5 91.7 84.9 103.0 1�1.4 17.9 8�.8Apartments 36.9 54.4 53.1 71.3 63.3 -11.3 �6.4Commercial 16.3 �0.0 5.7 6�.1 9.0 -85.5 N/A

number of transactions 382 561 542 601 533 -11.3 37.7Residential Property �77 4�5 388 471 394 -16.3 38.�Apartments 100 130 150 118 133 1�.7 30.4Commercial 6 6 4 1� 6 -50.0 N/A

average transaction size (000 Kd) 281.2 302.2 265.0 393.3 363.3 -7.6 20.8Residential Property 199.3 �15.8 �18.8 �18.6 308.1 40.9 3�.3Apartments 373.3 437.4 353.7 604.� 475.7 -�1.3 -3.1Commercial �880.6 3�95.� 14�0.0 5176.7 1498.8 -71.0 N/A

Monthly avg. nov dec jan % %scB Housing loans 2009 2010 2010 2010 2011 M/M y/y

value of approved loans (mn Kd) 13.5 7.8 6.3 6.4 7.6 19.6 -14.6New Construction 8.0 �.3 1.7 �.0 �.4 18.� -16.�Purchase of Existing Homes 3.9 3.9 3.� 3.0 3.4 13.5 -�9.6Additions & Renovations 1.6 1.6 1.4 1.4 1.9 34.8 44.0

number of approved loans 371 265 168 169 199 17.8 -38.2New Construction 1�6 44 �8 36 41 13.9 -34.9Purchase of Existing Homes 77 83 7� 61 70 14.8 -�1.3Additions & Renovations 167 138 68 7� 88 ��.� -48.�

value of disbursed loans (mn Kd) 12.8 11.4 8.3 10.2 8.9 -12.2 -31.6New Construction 7.8 5.9 4.1 5.� 5.0 -4.9 -36.8Purchase of Existing Homes 3.3 3.7 �.8 3.� �.4 -�4.9 -�9.5Additions & Renovations 1.6 1.7 1.4 1.7 1.5 -10.9 -11.4

residential real estate (3-MontH averaGes)

Avg. transaction size (KD 000s, RHS) Value sales (KD mn, LHS)

20

40

60

80

100

120

140

160

2008 2009 2010 2011

150

200

250

300

350

400

apartMent/BlGds sales (3-MontH averaGes)

Avg. transaction size (KD 000s, RHS) Value of sales (KD mn, LHS)

20

30

40

50

60

70

80

90

100

2008 2009 2010 2011

200

300

400

500

600

700

800

900

1,000

1,100

1,200

7

Both the volume and value of approved Savings and Credit Bank loans (SCB) in January increased by between 17-20% over the previous month – the third consecutive month of increases. The average size of approved SCB loans, at KD 38,417, is the highest monthly figure in 21 months. The expectation this year is that the government will speed up the rate of SCB loan approvals in order to deal with the backlog.

SCB loans continue to be dispensed predominantly for government usage and private home renovation purposes.

scB loan approvals

Number of loans (LHS) KD value of loans (% y/y, RHS)

-100

-50

0

50

100

150

200

250

150

200

250

300

350

400

450

500

550

600

2008 2009 2010 2011

coMMercial real estate (3-MontH averaGes)

Avg. transaction size (KD 000s, RHS) Value of sales (KD mn LHS)

0

5

10

15

20

25

30

35

40

45

50

2008 2009 2010 2011

0

2

4

6

8

10

12

14

16

18

Economic Brief - March 2011

8

Kuwait stock exchange

Kuwait and regional markets down on regional unrestIn February, the Kuwait Stock Exchange (KSE) saw one of its worst months since the peak of the crisis in early 2009. The Kuwaiti market like its regional peers stood vulnerable as unrest spread wider across the Arab world and indices plunged to recent lows. The KSE price index fell 5.5%, its biggest month on month (m/m) decline since May last year. Even the usually more defiant large caps were unable to resist the adamant selling pressure and the value-weighted index fell 5.8%. Unfortunately, apart from the regional turbulence, locally the market was also hit by the seeming failure of the much anticipated Zain-Etisalat deal, or at least its postponement to a later time. All sector indices were down on the month with “investment” being the worst performer while “insurance” and “food” fared the best. Also, trading days cut short with the national holidays seem to have affected market liquidity as well and daily average traded value which was 31% lower than January’s. After major losses the previous month, KSE lost almost KD 1.5 bn in February and so far losses since end of 2010 exceed KD 2 bn. Both market indices are down more than 6% year-to-date (ytd).

The market now continues to monitor the remainder of 2010 corporate earnings announcements as we move closer to the reporting deadline. However; attention is now shifted to the much awaited Capital Market Authority bylaws, due to be released in the 2nd week of March.

Kse perforMance By sector, feBruary 2011

price- % change in Kse index Market cap. % of trading activity price to

Kse index price-weighted value-weighted (million KD) Market (daily average) earnings +

�4-Feb-11 Feb-11 YTD 10 Feb-11 YTD 10 �4-Feb-11 �4-Feb-11 mn shares mn KD �4-Feb-11

Banking 11,75� -4.5 -1.� -4.� -3.5 14,�33 41.9% 16.5 1�.8 ��Investment 4,488 -7.9 -7.7 -9.7 -9.1 �,690 7.9% 30.8 �.9 ...Insurance �,661 -�.1 -1.3 -�.5 0.� 3�9 1.0% 0.� 0.1 16Real Estate �,161 -4.8 -8.3 -7.3 -11.6 1,6�8 4.8% 38.� �.7 ...Industrial 4,833 -7.7 -9.� -9.� -10.1 �,574 7.6% 13.9 �.5 �5Services 14,355 -5.0 -6.3 -6.1 -8.6 9,66� �8.5% 37.8 5.8 7Food 4,3�0 -1.5 -6.9 -3.7 -6.4 744 �.�% 0.8 0.� 11Non-Kuwaiti 6,51� -4.4 -10.5 -6.� -7.6 �,096 6.�% 4.5 0.7 8total Market 6,481 -5.5 -6.8 -5.8 -6.6 33,956 100.0% 142.8 27.7 11Kuwaiti companies 31,860Source: Kuwait Stock Exchange and Zawya.

Note: * PE is calculated using market cap as of month close and 1� months trailing earnings.

Kse daily perforMance

mill

ion

KD

inde

x

Value of Traded Shares (left) KSE Index (right)February 2011

6200

6400

6600

6800

7000

24222015139731

0

10

20

30

40

50

60

reGional MarKets reBased perforMance

S&P Kuwait S&P GCCS&P Pan Arab

95

100

105

110

115

120

125

130

135

Dec-09

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

Nov-10

Dec-10

Jan-11

Kse reBased perforMance

Value Weighted Price Index

80

90

100

110

120

Feb.10 Apr.10 Jun.10 Aug.10 Oct.10 Dec.10 Feb.11

Head Office

KuwaitNational Bank of Kuwait SAKAbdullah Al-Ahmed StreetP.O. Box 95, Safat 13001Kuwait City, KuwaitTel: +965 2242 2011Fax: +965 2243 1888Telex: 22043-22451 NATBANK

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ChinaNational Bank of Kuwait SAKShanghai Representative OfficeSuite 1003, 10th Floor, Azia Center1233 Lujiazui Ring RoadShanghai 200120ChinaTel: +86 21 6888 1092Fax: +86 21 5047 1011

NBK Capital

Kuwait NBK Capital 38th Floor, Arraya II BuildingShuhada’a Street, SharqP.O. Box 4950, Safat 13050KuwaitTel: +965 2224 6900Fax: +965 2224 6904 United Arab EmiratesNBK Capital Limited Precinct Building 3, Office 404Dubai International Financial CenterP.O. Box 506506, DubaiUnited Arab EmiratesTel: +971 4 365 2800Fax: +971 4 365 2805

TurkeyNBK CapitalArastima ve Musavirlik ASSUN Plaza, 30th FloorDereboyu Sk. No.24Maslak 34398, Istanbul, TurkeyTel: +90 212 276 5400Fax: +90 212 276 5401

Associates

QatarInternational Bank of Qatar (QSC)Suhaim bin Hamad StreetP.O. Box 2001Doha, QatarTel: +974 4447 3700Fax: +974 4447 3710

TurkeyTurkish BankValikonagl CAD. 7Nisantasi 34371,Istanbul, TurkeyTel: +90 212 373 6373Fax: +90 212 225 0353

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