Slide 1 Introduction Panel today promoting

Slide 1. Introduction • Panel today – promoting the Qatar story. Carson Wolfer, Head of Investor Relations, Qtel International Hugh Barker, Senior Vice President, Financial Dynamics Christiaan de Beer, Group CFO, Al Khaliji Samer Solh, Managing Director, Asset Management Amwal Colin Milton, Deputy Director of Listing Qatar Exchange 1 www. qe. com. qa

Slide 2. ‘Equity Story’ – Setting the Context • Designed to effectively present the merits of an investment in the company. Critical tool for marketing a company, stimulating interest/demand for translating interest into share value. Ability to create ‘equity story’ Clarity of strategy and future plans from management 2 Development of indepth understanding of issuers operations and business strategy Full appreciation of potential drivers of investor appetite www. qe. com. qa

Slide 3. ‘Equity Story’ – Setting the Context • The characteristics represent the “established case”. Typical ‘equity story’ Leading market position High barriers to entry Strong shareholder/sponsor group Above market growth prospects Scalable business Robust financial model Brand strength Track record Quality management team 3 www. qe. com. qa

Slide 4 a. ‘Equity Story’ – Qatar • Issuers will naturally leverage on the macro story. It provides the backdrop to the business. • Qatar owns the world’s third largest gas reserves after Russia and Iran. • Energy revenues continue to underpin GDP growth rates (the IMF expects Qatar to be the world’s fastest growing economy in 2011) and double digit population growth. • Qatar invests a substantial proportion of energy revenues in improving the country’s infrastructure and diversifying its economic base. • The extent of Qatar’s outperformance is clear. The real GDP growth rates underpin attractive micro investment opportunities. Real GDP(%) 2006 2007 2008 2009 2010 2011(F) Qatar 18. 6 26. 8 25. 4 8. 6 16. 0 18. 6 Saudi Arabia 3. 2 2. 0 4. 2 0. 6 3. 4 4. 5 Kuwait 5. 3 4. 5 5. 5 (4. 8) 2. 3 4. 4 UAE 8. 7 6. 1 5. 1 (2. 5) 2. 4 3. 2 Bahrain 6. 7 8. 4 6. 3 3. 1 4. 0 4. 5 Oman 5. 5 6. 8 12. 8 3. 6 4. 7 Source: IMF 4 www. qe. com. qa

Slide 4 b. ‘Equity Story’ – Qatar • What other factors are worth considering? Qatar Highest sovereign rating in GCC Real GDP growth 17. 4% 2005 -2009 Forecast nominal GDP growth 20% plus Population growth 21. 3% 2004 -2010 Young population (46% between 25 -39) Diversifying economy (non oil and gas over 50%) QR 112 billion budgeted for projects 2010 -2014 US$ 170 billion infrastructure in next 10 years Strong and liquid banking sector Deflationary environment Spending focused on small local population 5 ? www. qe. com. qa

Slide 5 a. ‘Equity Story’ – Telco Example 1 • The following reflect analysts view on key investment themes. …. . superior network coverage and aggressive marketing skills have fostered continued operational growth. In the wireless business, the company continues to be the market leader. To support its 4 G services, …. . announced significant new product launches. Reasons To Buy Focus on gaining market share through deployment of service offerings will lead to improved revenue, operating income and help gain market share. …. . has significantly improved its competitive position. …. . continues to focus on maximising free cash flow, maintaining a strong balance sheet and reducing debt. …. . local phone business contracting due to competitive pressure…… impacting revenue and margins. Largest competitor…. . threatens customer retention initiative across all the company’s segments. Heavy investment in infrastructure. Reasons To Sell ……. businesses are subject to regulation and regulatory risk. …. . long term technology poses a major risk if it does not become a global standard. 6 www. qe. com. qa

Slide 5 b. ‘Equity Story’ – Financial Services Example 1 • The following reflect analysts view on key investment themes. Well justified reputation as a growth stock among the large cap banks with cross selling its strength. Credit quality continued to improve. …. . growth plans have historically included a large number of acquisitions and company has demonstrated an ability to build local franchises. Reasons To Buy …. . focuses on innovation, launching products and services that create win-win situations. Significant potential for increased growth prospects and above average profitability in the long term. Higher than normal costs. Significant expansion in lower margin business areas may hamper P/E expansion. Regulatory risk. Reasons To Sell 7 www. qe. com. qa

Slide 6. ‘Equity Story’ – Communication (Who? ) • The audience for the equity story is multi-faceted. Typical audience Institutional Investors Private Investors Analysts Media Domestic financial institutions Retail and HNW Sell-side Print Overseas financial institutions Financial advisors Buy-side Broadcast Pension funds and hedge funds Employees Company sponsored On-line Insurance and life assurance companies 8 www. qe. com. qa

Slide 7. ‘Equity Story’ – ‘Blind’ Example 1 • Bring together the macro, micro and industry favourites. Dominant position in the …. . market. Taking steps to build position in …. . space. …. business is a major beneficiary of replacement cycle. One of the three largest suppliers of …. Reasons To Buy …. [product] taking market share. Active on the mergers and acquisitions front. Management execution. Softness in core…. . market. Growing popularity of competing products. As a dominant provider any new player results in market erosion. New product areas have not been too successful. Reasons To Sell …. . is also seeing increasing competition from all quarters. Small player in …. . market a key growth area for competitors. 9 www. qe. com. qa

Slide 8. ‘Equity Story’ – ‘Blind’ Example 2 • Bring together the macro, micro and industry favourites. …. . is the industry leader by a stretch. In an effort to achieve long term sales target…. . plans to aggressively expand operations in emerging markets. During quarter under review, company revenue grew 7%. Reasons To Buy Company has strong balance sheet. Customers remain sensitive to macroeconomic factors …. . which may impact discretionary spending and in turn company’s growth and profitability. …. . faces intense competition in both domestic and international markets from local players as well as established competitors. Company is exposed to political, social and economic risks. Reasons To Sell Due to its exposure to international markets …. . remains prone to currency fluctuation. 10 www. qe. com. qa

Slide 9. ‘Equity Story’ – ‘Blind’ Example 3 • Bring together the macro, micro and industry favourites. …. . focuses on innovation, launching products and services that create win-win situations. Company’s history of execution is unparalleled. Over the past five years revenue has grown at CAGR of 22. 3%. Company’s [product] is advanced, simple and adaptable. This is the main reason for …. . leading market share. Reasons To Buy Management continues to invest in new technologies. …. . has been making a large number of acquisitions …. with specific [products] that enhance the customer experience. …. . remains the leader in …. . However, recent statistics show that the company’s market share is see-sawing. Growth of [competing product] could result in revenue loss. Although management doesn’t seem to think so, the emergence of [product] could be cannibalistic. Reasons To Sell Lack of diversification in …… revenues. …. . has locked horns with the …… government. Political risk. 11 www. qe. com. qa

Slide 10. Final Thoughts • Some quotes to take away re the equity story. “The secret of getting your message across to fund managers is to keep it simple. ” “The better a fund manager understands your business the more support your company is likely to have in the market. ” “We like companies which under promise and over deliver. ” AND “Essentially, as investors we are backing the management team and their ability to deliver their strategy and provide returns for their investors. ” 12 www. qe. com. qa