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Evidence of Actionable Government Subsidies

Received by Etihad Airways, Qatar Airways, and Emirates Airline

January 25, 2015

Charles L. Anderson

Privileged and Confidential

Table of Contents
I.

Introduction ...................................................................................................................... 1

II.

Summary of Findings ....................................................................................................... 2
a.

Etihad Airways .......................................................................................................................... 3

b.

Qatar Airways............................................................................................................................ 4

c.

Emirates Airlines ....................................................................................................................... 5

d.

Designation of Air Transport Sectors as Strategic Industries.................................................... 6

III.

Methods Used to Identify and Quantify Actionable Subsidies ........................................ 7

a.

Reason for Applying World Trade Subsidy Analysis ............................................................... 7

b.

The Three Part Test for Identifying Actionable Subsidies ........................................................ 8

c.

Basic Principle of Subsidy Quantification ................................................................................ 8

IV. Etihad Airways............................................................................................................... 11
a.

Introduction ............................................................................................................................. 11

b.

A Note on Sources for Etihad.................................................................................................. 12

c.

Equity Infusions ...................................................................................................................... 13

d.

Shareholder Loans ................................................................................................................... 25

e.

Debt Forgiveness ..................................................................................................................... 30

f.

Government Grants ................................................................................................................. 34

g.

Government Assumption of Promotional Sponsorship Costs ................................................. 35

h.

Exemption from Indirect Airport Taxes .................................................................................. 37

i.

Purchases of Goods and Services For Less than Adequate Remuneration ............................. 38

j.

Tax and Import Duty Exemptions ........................................................................................... 41

k.

Etihad Future Capital Commitments ....................................................................................... 42

V.

Qatar Airways ................................................................................................................ 44

a.

Introduction ............................................................................................................................. 44

b.

A Note on Sources for Qatar ................................................................................................... 44

c.

Shareholder Loans through 2008............................................................................................. 46

d.

Debt Forgiveness ..................................................................................................................... 52

e.

Grants and Non-monetary Contributions ................................................................................ 55

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f.

Government Loan Guarantees ................................................................................................. 56

g.

Land Purchases For Less than Adequate Remuneration ......................................................... 61

h.

Exemption from and/or Rebates of Indirect Airport Taxes ..................................................... 63

i.

Provision of Airport Revenues with Little or No Corresponding Expenses ........................... 65

j.

Provision of Monopoly Right to Distribute Alcohol in Qatar for Less than Adequate
Remuneration .......................................................................................................................... 68

k.

Debt Forgiveness in the Form of Write-offs of Long Term Liabilities ................................... 69

l.

Purchases of Goods and Services for Less than Adequate Remuneration .............................. 70

m.

Qatar Airways Future Capital Commitments .......................................................................... 71

VI. Emirates Airline ............................................................................................................. 72
a.

A Note on Sources for Emirates .............................................................................................. 73

b.

Assumption of Jet Fuel Hedging Contracts (Debt Forgiveness) ............................................. 75

c.

Provision of Airport Terminals for Less than Adequate Remuneration .................................. 80

d.

Exemption from Indirect Airport Taxes .................................................................................. 84

e.

Purchases of Goods and Services for Less than Adequate Remuneration .............................. 86

f.

Emirates’ and Dubai’s Future Capital Commitments.............................................................. 91

List of Exhibits........................................................................................................................ 93
Appendix 1: Gulf Airlines’ Financial Benefits from Restrictive Labor Practices .................. 95
Appendix 2: Value of Emirates’ Income Tax Exemption ...................................................... 97
Appendix 3: Government Capital Contributions Treated as Equity Infusions ....................... 98

Privileged and Confidential
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Evidence of Government Subsidies
Received by Etihad Airways, Qatar Airways, and Emirates Airline

Capital Trade, Incorporated

I.

Introduction
Three Gulf state long-haul airlines – Etihad Airways (Etihad), Qatar Airways (Qatar

Airways) and Emirates Airline (Emirates) – have expanded rapidly since 2004. This massive
growth in international air travel capacity would not have occurred but for US $36.6 billion1 in
subsidies received and an additional $4.2 billion in known commitments for future subsidies.
These government subsidies, including equity infusions, interest-free loans, loan guarantees, debt
forgiveness, cash grants, free land, tax exemptions, and purchases of inputs for less than
adequate remuneration, constitute subsidies under internationally-accepted trade rules. The
benefits received by the three Gulf airlines are of such a magnitude and nature that they harm
competitors and distort trade flows in international air travel.
This report documents the nature and magnitude of the subsidies that these three Gulf state
airlines have received. We base our analysis primarily on information obtained from public
sources – in particular the three airlines’ own audited financial statements and government public
bond offerings. Using this information, we have conducted an analysis to determine whether

1

Unless otherwise noted, all values in this report are shown in U.S. dollars.

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each type of identifiable government assistance to the airlines meets the conditions for an
“actionable” subsidy; i.e., a subsidy that is considered unfair under international trade norms and
is potentially subject to countervailing action by international trading partners. We then
quantify, when possible, the magnitude of the benefit using methodologies commonly employed
in international trade subsidies analysis.
II.

Summary of Findings
Table 1 summarizes the type and magnitude of actionable subsidies received by the three

Gulf airlines between 2004 and 2014 that we have identified to date:
Table 1: Summary of Actionable Subsidies Received and Committed
In million US$
Gov’t Equity Infusions
Gov’t Loans at Preferential Rates
Gov’t Loan Guarantees
Debt Forgiveness/Fuel Hedging
Grants
Provision of Airport Terminal
Facilities for LTAR
Provision of Other Goods and
Services for LTAR*
Passenger Fee Exemptions and
Credits
Provision of Airport Revenues
Assumption of Promotional
Expenses
Total Received
Additional Subsidies Committed
*Less than adequate remuneration

Etihad
6,291
1,375

Qatar

1,392

Combined
6,291
1,993
6,809
14,781
133
1,104

452

1,855

2,307

616

871

1,988

618
6,809
7,756
22

4,630
111

501

Emirates

2,395

215

155
640

640
13,548
4,172

16,488

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6,513

36,550
4,172

The three airlines also have been the beneficiary of bans on labor unions, resulting in an
estimated savings in labor costs of $3.1 billion between 2004 and 20132. In addition, during this
time period, Emirates has benefited from as much as $4.6 billion in UAE income tax
exemptions3. A brief summary of the benefits receive by each of the three airlines follows:
a. Etihad Airways
Since 2004, Etihad has received $13.5 billion in actionable subsidies, in the following forms:
Government Equity Infusions: $ 6.3 billion in equity infusions made on noncommercial terms between 2007 through 2013.
Government Interest-Free Loans: $1.4 billion in avoided interest.
Debt Forgiveness: $ 4.6 billion in interest-free government “loans” that have been made
for which there is no reasonable expectation of repayment.
Grants: $111 million in outright, non-repayable grants.
Exemptions from Airport Taxes: $501 million attributable to the government’s
exemption of connecting passengers fees at Abu Dhabi Airport.
Government Assumption of Promotional Expenses: The Government of Abu Dhabi
Executive Council reportedly paid $640 million on behalf of Etihad for naming and
promotional rights for Manchester City Football Club.
There is also evidence that Etihad receives substantial benefits from the government in the
forms of:

Airport infrastructure and other air transport support services for less than
adequate remuneration

Exemptions from other taxes and duties

2

Labor benefit calculations are included in Appendix 1 to this report.
Income tax exemption benefit calculations are included in Appendix 2 to this report. Etihad and Qatar also
are exempt from income taxes; however, their lack of positive earned income on their financials suggests that the
exemption to date has bestowed minimal financial contributions to their core airline operations.
3

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In addition, the Government of Abu Dhabi has committed to provide Etihad with an
additional $4.2 billion in future capital infusions beyond the amounts listed above. Finally, the
combination of Etihad’s commitment as of March 2013 of at least $34.6 billion in future
expenditures for new aircraft and other capital investments, and their poor historical financial
performance, portends the need for substantial additional government subsidies in the coming
years.
b. Qatar Airways
Since 2004, Qatar Airways has received $16.5 billion in actionable subsidies in the following
forms:
Government Interest Free Loans: $618 million in avoided interest.
Debt Forgiveness: $7.8 billion in government loans, shareholder advances and in kind
contributions that are never expected to be repaid.
Government Loan Guarantees: At least $6.8 billion in lowered borrowing costs
attributable to government guarantees on loans extended by third parties.
Grants: $22 million in outright, non-repayable grants and other non-monetary
contributions.
Free Land: Government bestowal of free land valued at $452 million.
Provision of Airport Revenue Streams: $215 million in benefits between 2006-2014.
Airport Tax Exemptions and Rebates: $616 million in benefits attributable to the
government’s exemption of passenger fees.
Like Etihad, Qatar Airways also may receive substantial benefits from the government in the
form of airport infrastructure and services for less than adequate remuneration. The Qatari
government has also come up with other creative ways to funnel cash to its state airline, such as
bestowing upon Qatar monopoly rights to sell alcoholic beverages within the emirate.

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Notwithstanding its weak performance record, Qatar Airways, too, has committed to capital
expenditures of almost $40 billion, which strongly portends the need for additional government
assistance in the future.
c. Emirates Airlines
We conclude that between 2004 and 2014, Emirates has received at least $6.5 billion in
actionable subsidies, in the following forms:
Debt Forgiveness in the Form of Government Assumption of Fuel Hedging Contract
Obligations: an estimated $2.4 billion in costs avoided by virtue of the governmentowned parent company’s assumption of obligations associated with fuel hedging
contracts.
Provision of Airport Terminal Facilities and Services for Less than Adequate
Remuneration: $1.4 billion discount over 10 years, calculated as the difference
between the total operational and financing costs incurred by the Government of Dubai to
construct and operate terminals for Emirates’ exclusive use and Emirates’ payments for
use of those facilities.
Exemption from Airport Taxes: $871 million attributable to the government’s
exemption of connecting passenger fees payments.
Provision of Other Goods and Services for Less than Adequate Remuneration: $1.9
billion in lowered input costs associated with purchases of airline support services from
related parties for less than adequate remuneration.

In addition, Emirates’ commitment of least $75 billion in future expenditures for new aircraft
and other capital investments, as well as billions of dollars in commitments by the government to
fund additional airport capacity in Dubai, strongly suggests that substantial additional
government subsidies will be needed in the coming years to meet the government’s goal of
obtaining a major share of global international travel services.

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d. Designation of Air Transport Sectors as Strategic Industries
The generous benefits bestowed on these three airlines by their respective host governments
reflect the high priority assigned by the rulers of Dubai, Qatar, and Abu Dhabi t0 the
development of their air transport sector. The strategic plan of Dubai Airports Company clearly
enunciates the special status accorded this industry:
In the Middle East, governments' supportive approach to aviation as a key driver of
economic diversification and social development has led to significant investment in
long range aircraft and infrastructure to exploit the Middle East's geocentric location
to tap into emerging markets4.
In 2010, 3azba reported that Sheikh Mohammed bin Zayed al Nahyan, a key figure in
guiding Abu Dhabi's economic planning, stated that Etihad is "one of the principal veins of the
country's national economy" and praised its contribution to promoting and strengthening the
UAE and Abu Dhabi regionally and internationally5.
In a recent bond offering statement, Emirates describes its government-bestowed preferred
status as well as its close relationship to the state air transport authorities:
Notwithstanding that the [Emirates] Group is a separate commercial enterprise
operated independently of the Government of Dubai, its interests are closely aligned
with the interests of the Government of Dubai and it benefits from strong
relationships with regional air transportation regulators, Dubai Airports (which
operates and manages both DIA and AI Maktoum International Airport) and Dubai
Aviation City Corporation (which owns both DIA and AI Maktoum International
Airport), which is wholly owned by the Government of Dubai.6

4

Connecting the world today & tomorrow: Strategic Plan 2020, Dubai Airports at 19, available at
http://www.dubaiairports.ae/docs/default-source/Publications/dubai-airports---strategic-plan-2020.pdf?sfvrsn=0 (last
visited 14 Jan 2015).
5
Available at: http://www.3zba.com/vb/archive/index.php/t-64020.html. (last visited 14 Jan 2015.)
6
Emirates Bond offer prospectus issued on 1 February 2013 for notes due in 2025, at 88.

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Repeated statements of commitment such as these are not just government rhetoric. Perhaps
most telling, the multi-decade commitments by the governments of Abu Dhabi and Qatar to
provide ongoing financial support for Etihad and Qatar Airways, respectively, in order to keep
these enterprises operating as “going concerns” demonstrate the centrality of the air transport
sector to the governments’ economic development strategies. Notwithstanding their relatively
small domestic populations of approximately 2 million each (including guest workers), all three
Gulf governments have targeted their aviation sectors for massive growth, and have backed up
their sectoral development objectives with substantial capital and operational assistance.
III.

Methods Used to Identify and Quantify Actionable Subsidies
a. Reason for Applying World Trade Subsidy Analysis

In international trade law, the provision of government subsidies per se is not considered a
violation of the rules of international commerce. Only subsidies that meet certain conditions are
deemed to be harmful and potentially “actionable” by an aggrieved state. If the subsidies are
found to be actionable and are not eliminated, the aggrieved state can respond by imposing
compensatory duties or take certain other measures.
While air transport services are not subject to conventional international trade law
conventions for countervailing injurious subsidies, we believe that it is useful to use these
standards to assess the legitimacy of the government support that has been provided to the three
Gulf airlines. These standards are widely recognized as distinguishing legitimate government
economic activity from unfair intervention in markets that cause trade distortions and economic
injury to international competitors.

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b. The Three Part Test for Identifying Actionable Subsidies
To determine whether a specific government support program constitutes an actionable
subsidy, we have followed the three-part test set forth in the World Trade Organization’s
Agreement on Subsidies and Countervailing Measures (the “SCM Agreement”) and as
implemented in the national trade laws of many WTO members, including the U.S., as codified
in Title VII of the Tariff Act of 1930 (“Title VII”). For each potentially actionable government
support program, we apply the following three-part test:
1) Did the government provide a financial contribution (“Financial Contribution”)?
2) If “yes”, then did the Financial Contribution confer a benefit on the recipient?
(“Benefit”)
3) If “yes,” then was the program under which the financial contribution was provided
specific to an enterprise or industry? (“Specificity”)
If the answers to all three questions are “yes,” then we deem the subsidy to be “actionable”
and quantify the total amount of the subsidy using standard international trade law
methodologies.
c. Basic Principle of Subsidy Quantification
The fundamental guide for subsidies quantification under international trade law is the free
market commercial benchmark. In other words, the magnitude of the benefit from an actionable
subsidy is the difference between any consideration that the recipient returned to the government
for the financial contribution and what the recipient would have paid to receive the same
financial contribution from a private, commercial actor, such as a bank, a services provider, or an

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investor7. The principle behind the use of a private actor standard to quantify subsidies is that it
captures the magnitude of the distortion in markets created by selective government
intervention8. In the few cases where there is no known private sector benchmark for a particular
program, following standard international subsidy conventions, we rely on a “cost-to-thegovernment” standard.
As set forth in the next three sections of this report covering Etihad, Qatar Airways, and
Emirates, the Gulf state governments have repeatedly provided massive financial contributions to
their flag carriers on terms that would not have been available to their national flag carriers in
commercial markets. Each of the three airlines has received billions of dollars in government
benefits that constitute actionable subsidies under international trade law.
* * * * *
We do not believe that the estimates provided in this report encompass all of the subsidies
received by the Gulf state airlines. The almost complete lack of official government reports that
identify and quantify support provided to the airlines and their supporting industries make it
impossible to conduct a full subsidy review using public sources alone. The details of “off-thebook” government support, such as the reported Abu Dhabi payment of Etihad corporate
sponsorship fees, or Dubai’s assumption of Emirates’ fuel hedging losses, are shielded from
7

See, e.g., World Trade Organization, Canada – Measures Affecting the Export of Civilian Aircraft, Report
of the Panel, WT/DS70/R, 14 April 1999; paras 9.112-3 at 176; affirmed, by Appellate Body, at Paras V.9
8
See, e,g,, Identifying and Measuring Subsidies Under the Countervailing Duty Law: An Attempt at
Synthesis, Alan F. Holmer, Susan A. Haggerty, and William D. Hunter, in The Commerce Department Speaks on
Import and Export Administration, 1984, Practicing Law Institute, Volume One at 301, 304: “Subsidies distort the
market process and cause a misallocation of resources in favor of the product under consideration by artificially
increasing revenues or decreasing costs. It is this distortive aspect of the selective treatment that is the essential
element of a subsidy. Therefore, we ask what are the normal, marketplace costs and prices, the benchmarks, the
firm would face?”

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public view. Further complicating this subsidy analysis is the fact that each of the three stateowned Gulf airlines is part of a larger state- owned air transport ecosystem. The web of
interlocking business relationships and related party transactions among airlines, airport
authorities, aviation fuel providers, catering companies, leasing companies, duty free shops,
repair and maintenance operations, and other support services represents a major obstacle to a
complete subsidies analysis for each of the three airlines. In addition, complete sets of financial
statements for the airlines and all of the related party providers of goods and services, including
standard disclosures on related party transactions, are not available. Despite major gaps in the
public record, the information available demonstrates the breathtaking level of government
subsidies that benefit the three Gulf airlines.

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IV.

Etihad Airways
a. Introduction

Etihad, which commenced operations in 2003, is the youngest of the three Gulf carriers that
are the subject of this report. Since Etihad’s inception, the Government of Abu Dhabi has
supplied almost all of the airline’s capital needs. In the company financial statements, direct
government capital injections into the state-owned airline have been labelled as share capital
increases and loans from the shareholder. Notwithstanding these generous government cash
infusions, Etihad, as shown in Table 2 below, has incurred massive operating losses in almost
every year of its existence9:
Table 2: Etihad Financial Results
Thousand US$
2004

Revenue
86,247

2005
2006
2007
2008
2009
2010
2011
2012
2013

291,114
784,604
1,525,846
2,453,533
2,274,585
2,972,290
3,827,043
4,304,000
4,933,000

Net Income Accumulated Losses
Source
(108,375)
(108,375)
2005 F/S at 4-5*
(220,720)
(699,403)
(638,339)
(610,890)
(925,225)
(462,014)
(82,676)
(67,000)
(684,000)

(329,095)
(1,028,431)
(1,666,770)
(2,280,684)
(3,247,428)
(3,841,661)
(3,827,938)
(3,788,000)
(4,487,000)

2005 F/S at 4-5*
2007 F/S at 2-3
2007 F/S at 2-3
2008 F/S at 2-3
2009 F/S at 2&4
2010 F/S at 2&4
2011 F/S at 2&4
2012 F/S at 2&4
2013 F/S at 2&4

* 2004 and 2005 values converted at AED 3.67325 per US$ as shown in Exhibit 1.

9

Source: Etihad financial statements, for fiscal years ending 2004 through 2013. Note that, for the reasons
discussed in Section IV.c.iv.2, below, the net income and total accumulated losses included in Table 2 excludes the
$724 million gain from the disposal of Etihad Guest, although it does include "comprehensive income" items for
2010-2013. Moreover, the table above does not include Etihad’s share of losses in its foreign airline subsidiaries.
Had such losses been included, as shown in Exhibit 2, Etihad would have had an additional $135 million in losses
in 2013 alone.

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Indeed, Etihad’s operating performance and financial condition has been so poor that, despite
being in existence for over ten years, the airline has only been able to achieve the status of a
“going concern”; that is, an enterprise that is likely to remain in business in the foreseeable
future, by obtaining explicit commitments by the government to cover the airline’s financial
obligations10. Etihad continues to carry substantial negative retained earnings on its balance
sheet: as of the end of 2013, the amount totaled minus $3.763 billion.11 To put it plainly, the
available public information provides compelling evidence that without subsidies and
government guarantees, Etihad would not be in existence.
b. A Note on Sources for Etihad
Etihad is not a public company and does not publish any financial statements or summary
information showing its balance sheet or profit and loss results. However, certain jurisdictions in
other countries that are home to Etihad overseas operations require an annual filing of an audited
parent company financial statement. These financial statements are available to the public and –
in some cases – include notes. From these jurisdictions, we have been able to obtain Etihad
financial statements for every year between 2004 and 2013, with the exception of 200612. In
WTO and Title VII cases, audited financials are considered to be fundamental source documents
for valuing subsidies, particularly capital contributions, such as equity, loans, and loan
guarantees.

10

See Note 2.a. in Etihad’s financial statements for 2008 through 2011, Note 2.b. and the auditor’s opinion in
Etihad’s financial statement for 2012, and Note 2.1 of the Etihad financial statements for 2013.
11
See Etihad 2013 financial statement, at 4.
12
The most important 2006 information needed for the capital subsidies analysis, however, is included in the
prior year figures in the 2007 financials.

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Another important source of information for Etihad is a leaked 2010 Booz Allen PowerPoint
report on Etihad financing strategies.13 Because the Booz Allen PowerPoint appears to have
been prepared for the Crown Ruler of Abu Dhabi, we have assumed that the financial data and
other information presented therein are accurate and are derived from actual Etihad data.
c. Equity Infusions
Over the past decade, the Government of Abu Dhabi has disbursed or committed over $10
billion in direct subsidies to Etihad in the form of equity infusions. Table 3 below lists equity
infusions received by Etihad as of the end of March 2014, and additional capital that has been
committed by government but not disbursed:
Table 3: Government Equity Commitments and Infusions

Thousand US$
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2004-2014 Total
2007-2014 Total

Equity/Capital
Infusions Committed
54,436
81,655
1,238,977
5,272,841
3,504,000
10,151,909
10,015,818

Equity Infusions
Disbursed
54,436
81,655
1,238,977
575,845
330,765
1,247,842
438,672
1,242,000
1,217,000
Unknown
6,427,192
6,291,101

Source
2005 F/S, Note 18
2005 F/S, Note 18
2007 F/S, Note 16
2007 F/S, Note 16
2008 F/S, Note 21
2009 F/S, Note 20
2010 F/S, Note 20
2011 F/S, Note 22
2012 F/S, Note 22
2013 F/S, Note 18.1
2013 F/S, Note 2.1

Between 2004 and 2013, Abu Dhabi provided Etihad with equity infusions of $6.4 billion.
As of the end of 2013, the government had committed to provide Etihad with an additional $3.5
13

This report can be found on the internet at
http://images.smh.com.au/file/2014/05/22/5445995/etihad.pdf?rand=1400723164129 (last visited 14 Jan 2015).

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billion in capital in an unspecified form sometime in the future14. During this time period,
Etihad received no equity infusions from private investors: 100 percent of its shares continue to
be held by the state.
Equity infusions are included among the types of financial contributions that can constitute
subsidies under the SCM Agreement and the U.S. countervailing duty law.15 Article 14(a) of the
SCM Agreement lays out the standard for determining whether or not a government equity
infusion confers a benefit:
[G]overnment provision of equity capital shall not be considered as conferring a benefit,
unless the investment decision can be regarded as inconsistent with the usual investment
practice (including for the provision of risk capital) of private investors in the territory of
that Member.
Mirror language for identifying actionable equity infusions appears in the U.S. implementing
regulations for Title VII16.
In cases such as this, where there is no private commercial investor benchmark, then under
WTO and U.S. subsidy rules the investigating authority determines if the company was
“equityworthy,” i.e., whether a private investor examining the firm at the time of the equity
infusion would have concluded that the firm was likely to generate a reasonable rate of return
within a reasonable period of time17. Under international trade law, the private investor standard
is that of a potential investor who must decide among the alternative investment choices in that
country if the purchase of equity at the stated terms is reasonable. In making this determination,

14
15
16
17

See: Etihad 2013 financial statement, Note 2.1 at 9.
§ 771(5)(D)(i).
19 CFR §351.507(a)(1).
19 CFR §351.507(a)(4).

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investigating authorities place principal emphasis on the recent financial performance of the
company as derived from its financial statements. Other factors are also considered, such as
market projections, strengths and weaknesses of competitors in the industry, relative riskiness of
the industry in question, and general supply and demand conditions within the market segment18.
If, after weighing this evidence, an investigating authority concludes that a reasonable private
investor would not have made the equity infusion, the company is deemed “unequityworthy.” In
such cases, the magnitude of the subsidy is deemed to be equal to the cash value of the equity
infusions19. Thus, equity infusions to unequityworthy companies are treated as cash grants.
i.

Financial Contribution

Equity infusions are specifically listed as one of the “direct transfers of funds” that constitute
financial contributions under Article 1.1(a)(1)(i) of the SCM Agreement and Section
771(5)(D)(i) of Title VII.
ii.

Benefit

Where the government is the sole shareholder and where a reasonable private investor would
not have made the investment at the stated terms, equity infusions provide a direct benefit to the
recipient in the amount of total cash value of the equity received (see Section IV.c.iv., below, for
an assessment of the direct benefit received by Etihad). In addition, equity infusions can provide
a substantial secondary benefit to the recipient in that they strengthen the company’s balance
sheet, thus enabling the company to raise additional capital and purchase fixed assets from other
suppliers on better terms than it otherwise would have been able to obtain.

18
19

19 CFR §351.507(a)(4)(A).
19 CFR §351.507(a)(6).

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iii.

Specificity

There is no evidence that the government’s equity infusions into Etihad were anything other
than stand-alone financial contributions to a particular enterprise. That is, the equity infusions
were not made under a general law available to a broad group of industries in Dubai or the UAE.
In international trade subsidies law, such stand-alone contributions by their very nature are
considered to meet the specificity requirement, as the number of users of the program is limited
to certain enterprises20. Under U.S. countervailing duty law, for example if a benefit is found to
be bestowed on a limited number of users, the Commerce Department finds that it meets the
specificity criteria, and no further analysis of the distribution of benefits under the program is
required21.
In addition, as noted in Section II above, ample information exists that the Government of
Abu Dhabi considered airlines to be a “strategic” industry, and therefore targeted companies
within this industry for substantial support. Benefits that are limited to industries that are
deemed “strategic” also meet the condition of specificity under U.S. countervailing duty law22.

20

See, Article 2.1(a) of the SCM Agreement, which states: “Where the granting authority, or the legislation
pursuant to which the granting authority operates, explicitly limits access to a subsidy to certain enterprises, such
subsidy shall be specific.”
21
19 CFR §351.502(a). See also, Preamble to the U.S. Department of Commerce Countervailing Duties;
Final Rule, 63 FR 65348, 65355-6 (November 25, 1998).
22
See, e.g., Issues and Decision Memorandum for the Final Determination in the Countervailing
Duty Investigation of Dynamic Random Access Memory Semiconductors from the Republic of Korea
(June 23, 2013) at 13; available at: http://enforcement.trade.gov/frn/summary/korea-south/03-15793-1.pdf (last
visited 14 Jan 2015).

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iv.

Quantification of the Benefit
1. Background

Etihad received approximately $136 million in initial start-up capital in 2004 and 2005.
There is very little (if any) precedent in international subsidies analysis on how initial capital
infusions for start-up companies should be treated. Virtually all instances of equity infusions
assessed under international subsidy law relate to established companies in mature industries and
rely heavily on metrics of financial performance in the three or so years immediately preceding
the infusion. Given that Etihad had no operational record at the time these initial infusions were
made, we could not calculate the historic financial ratios that typically are the foundation of a
determination of equityworthiness under international trade law. Therefore, to be conservative,
we have not treated the equity infusions received in 2004 and 2005 as actionable subsidies. We
note, however, as shown in Exhibit 1, Etihad’s financial ratios in that period were dismal. In
addition, as noted in more detail below, at the time these initial equity infusions were made,
Etihad was entering a niche in the international air transport sector that already was being
serviced by two other companies.
As Table 3 illustrates, a second, much more substantial phase of government equity
infusions occurred in 2007 and 2008, when the Government approved two additional tranches of
equity ($1.24 billion in 2007 and $5.27 billion in 2008) that increased the airline’s total
capitalization by nearly 5,000 percent. Etihad received the entirety of the 2007 infusion that
year, and drew down the 2008 commitment between 2008 through 2013. As explained below,
we find that the entire $6.4 billion conferred a benefit on Etihad, and thus constitute subsidies.

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2. Assessment of Etihad’s Equityworthiness
To assess the equityworthiness of the infusions committed in this time period, we are able to
rely on the traditional prior three year analysis of financial ratios. As shown in Exhibit 1, and as
summarized below, virtually all of Etihad’s financial ratios were extremely poor, and
dramatically so during the three year periods preceding 2007 and 2008, when the Government of
Abu Dhabi committed the bulk of the second phase equity infusions:
Summary of Etihad Financial Ratios

Negative Net Income: In each year from 2004 to 2008.

Negative Equity, Return on Equity, and Debt to Equity Ratio: In each year from
2004 to 2008.

Negative Working Capital: And thus negative working capital to total asset and sales
to working capital ratios.

Extremely Poor Current and Quick Ratios: From 2004 to 2006, these ratios ranges
from 0.34 to 0.46—indicating that Etihad was short of liquidity needed to cover
current payment obligations.

Substantial Negative Operating Cash Flows: In 2006 and 2007, Etihad had
substantial negative operating cash flows, another clear indicator that the airline was
unable to cover its costs and financial obligations through its operating activities.
Annual injections of new capital from the government were needed to keep the
company afloat.

Large Accumulated Losses: By 2006 and 2007, Etihad had amassed accumulated
losses of $1.028 billion and $1.667 billion, respectively. These accumulated losses
represented approximately 62 percent and 47 percent, respectively, of the total funds
(equity and shareholder loans) provided by the Government of Abu Dhabi through
2006 and 2007.

Negative Returns on Equity: During the 2004 to 2007 period, the average return on
equity for similarly-placed airlines was approximately 9.2 percent23. For UAE
businesses, the average return on equity was 14.7 percent24.

23

The control group of similar airlines included those that had in excess of 15 wide body aircraft sometime
after 1980 and usable publicly available data from Capital IQ. In addition to airlines meeting these criteria, we

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These extremely poor financial ratios by themselves provide substantial evidence that the
Government of Abu Dhabi’s capital infusions were not commercially sound investments.
Indeed, the repeated capital infusions by the government appear to have been motivated
primarily by the need to cover Etihad’s continuing substantial operating losses, thereby allowing
the company to continue be classified as a going concern. As the now-expired “dark amber”
provisions of the SCM Agreement illustrate, there is substantial multilateral support to the notion
that cash to cover operating losses is a particularly distortive type of subsidy.25
While we believe that Etihad’s equityworthiness is most appropriately assessed at the time
that the equity infusions were committed (i.e., primarily in 2007 and 2008) rather than in the
subsequent years when these commitments were drawn down, a review of the firm’s financial
ratios between 2008 through 2012 provides little reason to believe that a reasonable private
investor would have found Etihad to be equityworthy in those later years. As shown in Exhibit
1, while the annual injections of new capital and shareholder loans slightly improved Etihad’s
liquidity position in the years between 2008 and 2013, the bulk of the improvement in Etihad’s
ratios was a mirage generated largely by the continuing government capital injections, as well as
the reclassification starting in 2010 of Etihad’s shareholder loans from the long-term liability to
equity sections of the balance sheet (discussed in more detail in Section IV.d below). This
accounting reclassification allowed Etihad to show non-negative equity and, thus, slightly

added JetBlue, which was a relatively contemporaneous start-up operation with a substantial fleet and route
structure. See Exhibit 3 for the other airlines control group data.
24
See Exhibit 4 for contemporaneous UAE company data.
25
See SCM Agreement, Art. 6.1(c) (subsidies to cover operating losses “deemed” to cause serious prejudice).

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positive debt to equity and equity to total assets ratio beginning in 2010. Without this accounting
reclassification, Etihad’s debt/equity ratios would have remained negative. Etihad continued to
show negative net income in each of these years (with a concomitant increase in the firm’s
accumulated losses) and continued to produce negative operating cash flow in all but one year
(2011). This failure to produce positive operating cash flow meant that Etihad was unable to
cover its ongoing operations, let alone to make the necessary capital investments to support its
growing operations without continuous injection of government funds.
As indicated above, a note in Etihad’s 2013 financial statement indicates that the
Government of Abu Dhabi has agreed to continue its support of Etihad well into the future by
approving an additional US$3.5 billion in shareholder funding. This additional commitment,
too, appears to be inconsistent with commercial considerations. While Etihad’s 2013 unadjusted
financial statement shows a positive net income, this result is driven solely by the recording of a
one-time $724 million gain in other income. This $724 million consists of $700 million from the
sale of ownership in its loyalty awards program, and a booked $24 million gain on the sale of
these same assets26. The financials indicate that Etihad sold half of the interest in the program
(valued at $350 million) to a newly-formed Etihad subsidiary (Etihad Guest L.L.C.). That same
amount is listed in the financials as an accounts payable to Etihad by its own new subsidiary27.
Etihad sold the remaining 50 percent to a company called “Global Loyalty Company”28. We
have not been able to find this company in any of the standard financial reporting services data.
However, the entire $700 million sales price is listed under related party transactions, meaning
26
27
28

Etihad 2013 financial statement, at 2 and Note 6 at 31; Note 13.4(e) at 39; Note 22(a) at 47.
See Etihad 2013 financial statements, Note 22(b) at 48.
Id., at Note 13.4(e) at 39.

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that the other party purchasing the loyalty rewards program is an Etihad affiliate29. Further, there
is no evidence in the financials or other public sources that Etihad actually received the $350
million nominally paid for half of the interest in the loyalty awards program30.
In addition, to the questionable sale of its loyalty program to affiliates, Etihad overstated its
net income by leaving out its share of losses associated with its shareholdings in other airlines,
including Air Berlin, Virgin Australia, Aer Lingus and Jet Airways. Had Etihad’s losses in its
investments in its partner airlines been reported in its financial statement, as shown in Exhibit 2,
the airline would have had an additional $135 million in losses in 2013 alone.
After adjusting Etihad’s financial results to remove the questionable sale of its loyalty awards
progam and adding in its share of the losses of its affiliated airlines, Etihad’s net loss for 2013 is
$797 million, and its accumulated losses over its first 10 years of operations (2004-2013) are
nearly $4.6 billion. This represents 42 percent of the total capital ($6.4 billion in direct equity
and $4.6 billion in shareholder loans) provided by the firm’s sole shareholder, the Government of
Abu Dhabi.
Over this same time period, for UAE businesses, as shown in Exhibit 4, the average return
on equity over this time period was 8.7 percent. As another point of comparison, as shown in
Exhibit 3 the median return on equity for similar airlines was over 5 percent, with the mean
return on equity exceeding 10 percent if one excludes the global financial crisis year of 2008.

29

Id., at Note 22(a) at 47.
Presumably, if Etihad had received the $350 million from “Global Services Company,” it would have
shown up in the cash flow statement under “Proceeds from disposal of property plant and equipment.” The detail
for this amount of $1,019 million, as shown in Note 11 of the 2103 Etihad financial statements (at 33-34) consist
almost entirely of aircraft. The remaining line items are too small to include a $350 million payment.
30

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Given the disparity in returns between Etihad and other UAE firms, as well as its poor
performance compared to other airlines, it is reasonable to conclude that a private investor with
multiple options for investing its capital in the UAE would not have invested in Etihad.
In assessing the commercial soundness of the equity commitments, we have also considered
certain forward-looking factors, as a private investor would have done at the time of each
additional commitment. One factor that a private investor would have considered in assessing a
possible equity investment into Etihad was the recent past general performance of airlines
industry. We acknowledge that airlines traditionally have been risky investment choices. In the
first half of the 2000s, the financial condition of the global airlines industry was especially poor.
The industry was saddled with substantial excess capacity and experienced occasional
bankruptcies31. The woeful state of the world’s airline industry in this time period would not
have been a factor favoring a commitment of a stream of substantial start-up capital extended
over many years.
However, even in a declining market, there can be successful start-ups that identify a niche
that is not being served, or a business model that is superior to those on offer from existing
suppliers. In the first decade of the 21st century, private investors considering an investment into
a start-up Middle Eastern long haul carrier would have taken into account the fact that Etihad
was pursuing a very specific airline business model (a Middle East-based international carrier
focused on long haul routes using wide body aircraft) already being pursued by two other major
31

See, e.g., Pricewaterhousecoopers, Aviation finance: Fasten your seatbelts, January 2013, at 14, available
at http://www.pwc.com/gx/en/aerospace-defence-and-security/publications/aviation-finance-fasten-yourseatbelts.jhtml (last visited 14 Jan 2015). From a position of modest profitability in 2000, the global commercial
airline industry swung to losses in excess of 5 billion from 2001 through 2004. Global industry losses continued
through 2005.

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state-backed entities – Emirates and Qatar Airways. Emirates is based less than 130 kilometers
from Etihad’s home airport while Qatar Airways’ home base in less than 320 kilometers away.
At the time that Etihad was founded in 2003, both Emirates and Qatar Airways already had
substantial existing or planned capacity32. While private investors may have found the level of
risk associated with this niche strategy to be acceptable for the first or most efficient enterprise,
those private investors would have recognized that the niche was probably too small to support
multiple parties. Such a minor niche market with established players would have been perceived
by private investors to be hostile to an unsubsidized start-up. As the “last to the party,” Etihad
undoubtedly would have had an especially difficult time persuading private investors to provide
it with equity financing.
Another major factor supporting the conclusion that Etihad was not equityworthy is an
analysis of the tolerance of private investors for losses in start-up airlines. Most start-up airlines
during this period began to report positive retained earnings, or at least positive net income, after
a just a few years of operations. For example, contemporaneous start-up airlines JetBlue and
Vueling achieved positive net income in their second and fifth years of operations,
respectively33. Air Asia X took more time to reach this critical financial threshold – 10 years34.
By contrast, as shown in Exhibit 1, Etihad has had substantial negative retained earnings over

32

In 2003, Emirates had revenues of AED 9.61 billion ($2.62 billion), was operating 46 aircraft (2003 annual
report at 40) and was on target to have a fleet of more than 100 aircraft by 2010 (2003 annual report at 11). Qatar
Airways had revenues of QR 1,534,736,000 (approximately US$424 million) . ( Qatar Airways 2003 financial
statement at 2) and 21 aircraft, with a substantial number of additional aircraft on order. ( Qatar Airways 2003
financial statement at 11-12)
33
See Exhibit 5. JetBlue commenced operations in 2000, had its first positive net income in 2001, and
positive retained earnings by 2002. Vueling commenced operations in 2004, and had positive net income in each
year from 2008 through 2013; and positive retained earnings by 2012.
34
Id.

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the entirety of its existence, failing to produce any significant net income in any year to offset
these massive losses accumulated over the prior years. Given the inherent riskiness of the
market, private investors would not have tolerated such losses indefinitely. The experience of
other failed airlines in this period, including Kingfisher and Air India (both of which were
pursuing a somewhat similar business model of offering premium service), are telling35.
Other salient factors in our equityworthiness analysis include:
1)

Notwithstanding the massive government support and statements of commitment,
no private investors purchased Etihad equity during that time period. Further,
Etihad received no long-term term loans from commercial sources between 2004
and 201236.

2)

Etihad continued to have massive negative retained earnings throughout this period
and, from at least 2008 onwards37, absent the explicit guarantees of government
financial support, would not have been classified as a “going concern”38.

For all of the reasons cited above, we find that Etihad was unequityworthy from 2007
onwards. Accordingly, the Government of Abu Dhabi’s equity infusions during that time period
conferred benefits on the company, and thus constituted subsidies.
To calculate the benefit from these equity infusions, we treated the cash payments as grants
received in the year of receipt, which is the U.S. Department of Commerce’s method pursuant to

35

Kingfisher operated from 2003 through 2013. http://en.wikipedia.org/wiki/Kingfisher_Airlines (last visited
14 Jan 2015). AirIndia is still operational, although clearly had substantial difficulties in 2007-2011, with positive
EBITDA beginning in 2013.
36
From 2004 through 2010, the only bank financing showing up on Etihad’s balance sheets are listed as
“bank overdrafts.” No term loans are listed as outstanding as of the end of 2011; while short term loans only are
listed at the end of 2012.
37
See Exhibit 1.
38
The “going concern” statement is found in Note 2.a. to the Etihad financial statements of 2008 through
2012. In each year, the note cites additional capital and government commitment in the language stating that the
financials are being prepared on a “going concern” basis. Because the “going concern” issue is more relevant to the
creditworthiness analysis, it is discussed in more detail in Section IV. d.iv.2., below.

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Title VII for calculating the benefit of equity infusions to unequityworthy companies for which
no private investor benchmark is available39. As shown in Table 3 above, using these valuation
methods, we calculate the total actionable equity infusions received by Etihad to date as $6.3
billion. An additional $221 million from the 2008 commitment has not been disbursed as of the
end of Etihad’s 2013 fiscal year. Finally, at the beginning of 2014, the Government of Abu
Dhabi committed an additional $3.5 billion in future capital infusions, the precise form not being
disclosed. For purposes of this report, we are classifying these additional capital infusions as
equity.
d. Shareholder Loans
At the same time that it was making massive equity injections into Etihad, the Government of
Dubai was also providing its airline with substantial loans. Article 14 (b) of the SCM Agreement
establishes criteria for determining whether government loans confer a benefit on the recipient:
[A] loan by a government shall not be considered as conferring a benefit, unless there is
a difference between the amount that the firm receiving the loan pays on the government
loan and the amount the firm would pay on a comparable commercial loan which the
firm could actually obtain on the market. In this case the benefit shall be the difference
between these two amounts.

The government loans to Etihad were interest free, and came with very lengthy – and even
indefinite – grace periods before commencement of repayment. The government reportedly
required no performance covenants and allowed its loans to be subordinate to all other Etihad
financial obligations40. On their face, these generous terms are inconsistent with commercial

39
40

19 CFR §351.507(a)(6).
See, e.g., Etihad 2008 financial statement, Note 23 at 27.

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considerations, as no private lender would provide a borrower with subordinated debt at zero
interest, long or indefinite grace periods for principal repayment, and set no financial
performance parameters to protect its interests.
The magnitude of the benefit from these interest free loans is measured by calculating the
amount the company would have paid to receive a comparable loan from a commercial lender41.
The cost of the commercial loan, in the form of the required interest rate, is a function of a
private creditor’s assessment of the borrower’s level of risk of default, or the company’s
creditworthiness at the time the loan is made42. Thus, the “benchmark” interest rate is the rate
that a company of comparable creditworthiness could expect to pay to a domestic commercial
lender. If a company is deemed uncreditworthy, a private investor will require an interest rate
that incorporates a sizeable risk premium43.
i.

Financial Contribution

Government loans are specifically included among the types of “direct transfers of funds”
that constitute financial contributions under Article 1.1(a)(1)(i) of the SCM Agreement and
section 771(5)(D) (i) of Title VII. Accordingly, the Government of Abu Dhabi’s loans to Etihad
constitute financial contributions.

41

§ 771(5)(E)(ii); 19 CFR §351.505(a)(1).
19 CFR §351.505(a)(4).
43
19 CFR §351.505(a)(3)(iii). The U.S. methodology we used here is a conservative measure of the subsidy
benefit compared to methods used by some other WTO Member states. The EU, for example, treats loans provided
to uncreditworthy firms as grants (i.e., the entire cash value of the loan is considered a subsidy benefit).
Countervailing Duties; Final Rule, 63 Fed. Reg. 65,348, 65,365 (November 25, 1998): “Finally, two commenters
noted that the European Union (‘EU’') takes a tougher stance on government loans to uncreditworthy borrowers by
treating the entire loan as a grant when the recipient company's financial position is so weak that it could not have
obtained a commercial loan, and implied that the Department should follow the EU's example.” . . . “We have not
adopted the suggestion that we follow the EU's practice of treating loans to uncreditworthy firms as grants.”
42

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ii.

Benefit

Interest free loans provide a benefit to the recipient in the form of generous repayment terms
and reduced interest costs.
iii.

Specificity

There is no evidence that the government’s interest free loans to Etihad were anything other
than stand-alone financial contributions to a particular enterprise considered to be part of a
strategic industry. As explained in Section IV.c.iii above, such stand-alone contributions to
specific enterprises meet the specificity requirement. In addition, as noted in Section II above,
ample information exists that the Government of Abu Dhabi considered airlines to be a
“strategic” industry, and therefore targeted companies within this industry for substantial
support. Benefits that are limited to industries that are deemed “strategic” meet the condition of
specificity under U.S. countervailing duty law.
iv.

Quantification of the Benefit
1. Background

Etihad received interest free government loans in all but one year between 2004 and 2013. In
the earlier years, the notes to the financial statements indicate that the terms of the loans had not
been finalized44. Because no prior three year track record of Etihad’s performance in 2004 and
2005 is available, we have no data to rely upon to determine the airline’s creditworthiness during
that period. Therefore, to be conservative, we have assumed that Etihad had an average credit
rating during that period and have used a published commercial borrowing rate for the UAE to

44

See Etihad financial statements for 2005 (Note 16, at 16), 2007 (Note 18, at 25).

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value the benefit45. Based on this conservative approach, the total value of foregone interest for
this initial period is $54 million.
2. Assessment of Etihad Creditworthiness
For loans received from 2006 onwards, we were able to assess the creditworthiness of Etihad
using the same type of standard financial ratio analysis that is used by the U.S. Department of
Commerce in Title VII proceedings. Much of the discussion in Section IV.c.iv., above,
regarding Etihad’s equityworthiness is also relevant to the assessment of its creditworthiness. In
particular, and as shown in Exhibit 1, Etihad’s basic ratios during this period were extremely
poor. To summarize, from 2006 to 2009 Etihad had substantial and increasing net losses in each
year; a negative times interest earned; negative or extremely low working capital ratios in each
year; quick and current ratios well below 1.0 in two of these years; increasing negative retained
earnings; negative debt to equity ratio; negative equity to total assets ratio; and negative return
on equity ratio. By contrast, between 2004 and 2009, comparable airlines on average had
positive net income and positive equity, with an average return on equity of 7.9 percent (after
excluding the financial crisis year of 2008); were able to meet their interest payments with their
income with an average times interest earned ratio of 1.51; had total sales were 81 percent of
total assets on average compared with 30 percent for Etihad; and had total equity accounted for
over 24 percent of total assets46.

45

For this analysis, we used published annual average lending rates for the UAE. Sources for these rates are
included in Exhibit 6.
46
See Exhibit 3.

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Also relevant to the Etihad creditworthiness analysis is the virtual absence of any nongovernment commercial long-term loans doing this period47, as well as the repeated statements
indicating that the company’s ability to be rated a “going concern” was dependent on explicit
government statements of financial support. Etihad’s 2010 audited financial statement, for
example, contains the following statement48:

The apparent inability of Etihad to be classified as a going concern absent explicit
government support is especially probative with respect to the company’s lack of
creditworthiness. According to the on-line Business Dictionary, “{a} going concern is the only
type of business banks lend{s} money to, and suppliers extend credit to”49. Under IFRS
accounting rules (the basis for preparing Etihad’s financial statements)50, the absence of a going
concern finding implies that the auditors have “significant doubt” that the company can continue
operating over the next twelve months51. Thus, the implication of the “going concern” language

47

Etihad did receive some financing from commercial sources in the form of aircraft leasing. However,
because aircraft leases are collateralized with an asset that is easily retrievable and sellable, it does not carry with it
the same level of risk as traditional debt financing.
48
Etihad 2010 financial statement, Note 2(a) at 9.
49
See http://www.businessdictionary.com/definition/going-concern-principle.html (last visited 14 Jan 2015).
50
See, e.g., Etihad 2013 financial statement Note 2.4, at 10.
51
See Interpretation and Application of International Financial Reporting Standards, 2014 ed., Wiley,
Appendix A, Disclosure Checklist, at 952-3.

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in the financial statements is that without government commitment, Etihad would not have been
able to obtain commercial lending.
For all of these reasons, we find that Etihad was uncreditworthy between 2006 and 2010.
Accordingly, to calculate the interest rate benefit for loans to an uncreditworthy company, we
used the standard U.S. Department of Commerce formula developed for Title VII proceedings52.
We believe that this benchmark for a loan to an uncreditworthy is conservative because it
assumes a default probability of 65 percent (based on published Moody’s bond ratings), whereas
Etihad’s default rate, in the absence of government support, was closer to 100 percent53. Even
using this conservative measure, the total value of foregone interest for this period was $1.321
billion. Adding to this amount the benefit of $54 million in interest free loans during the years
in which we conservatively assumed Etihad was creditworthy (2004 and 2005) generates a total
benefit from the interest-free loans, during the time between when they were granted and when
the Government of Abu Dhabi effectively forgave them in 2010 (as discussed in the next
section), of $1.375 billion. These loan benefit calculations are shown in Exhibit 6.
e. Debt Forgiveness
A fundamental change in the terms and classification of the shareholder loans appear in
Etihad’s 2010 financial statement. In its 2009 financial statement Etihad described its loans from
its shareholder as repayable in 20 installments beginning in 202754. In its 2010 financial
statement, the fixed repayment schedule disappeared from the note and was replaced with the
52

19 CFR §505(a)(3)(iii).
The near certainty of default is based on the reliance on expressions of additional government support in
order to classify Etihad as a “going concern.” The implication of the auditor’s statements is that, without
government support, Etihad would go bankrupt sometime in the foreseeable future.
54
See Etihad 2009 financial statement, Note 22, at 29.
53

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following:

From a subsidy evaluation perspective, the key elements of this note are: 1) from 2010
onwards, Etihad was no longer under any contractual obligation to repay the loans “in the
foreseeable future”55; and 2) the shareholder loans were reclassified from debt section of the
balance sheet to the equity section. These key elements were repeated in the company’s
financial statements for 2011, 2012, and 201356.
Under the methodology used by the U.S. Department of Commerce for valuing benefits from
debt (which has been upheld by the WTO), loans which have been restructured give rise to a new
subsidy as of the date of restructuring. If there is no foreseeable repayment date, such loans are

55

See Etihad 2010 financial statement, Note 22, at 30.
See Etihad 2011 financial statement, Note 24, at 27; Etihad 2012 financial statement, note 24, at 30; Etihad
2013 financial statement, note 18,2, at 42.
56

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treated as debt forgiveness at the time of restructuring57. Thus, from 2010 onwards, we have
treated all Government of Qatar shareholder loans or advances as forgiveness of debt58.
i.

Financial Contribution

Government debt forgiveness is an assumption of a company cash payment obligation and
therefore is a direct transfer of funds, under Article 1.1(a)(1)(i) of the SCM Agreement and
section 771(5)(D)(i) of Title VII.
ii.

Benefit

Debt forgiveness provides a benefit to the recipient in the form of the forgone principal and
any accrued interest up until the time of forgiveness. In addition, loan forgiveness can provide a
substantial secondary benefit to the extent that it strengthens the recipient’s balance sheet and
enables the company to raise additional capital from other sources.
iii.

Specificity

57

See Certain New Pneumatic Off-the-Road Tires From the People’s Republic of China: Final Affirmative
Countervailing Duty Determination and Final Negative Determination of Critical Circumstances, 73 Fed. Reg.
40,480 (July 15, 2008) and accompanying Issues and Decision Memorandum at Comment E.7 at 117:. “{D}ebt
forgiveness is a separately defined financial contribution from loans and, as such, is a new countervailable event at
the point of the debt forgiveness. . . . {C}onsistent with the Department‘s regulations regarding loans and debt
forgiveness, at the point when there is no reasonable expectation that a loan will be repaid, the Department may find
that the loan is forgiven and treat the forgiven amount as a grant at the point of loan forgiveness.” See also, Japan –
Countervailing Duties on Dynamic Random Access Memories from Korea, World Trade Organization, Report of
the Panel, WT/DS336/R (13 July 2007), paras 7.442; See, also, Issues and Decision Memorandum for the Final
Determination in the Countervailing Duty Investigation of Dynamic Random Access Memory Semiconductors from
the Republic of Korea (June 16, 2013) at 22; available at: http://enforcement.trade.gov/frn/summary/korea-south/0315793-1.pdf (last visited 14 Jan 2015).
58
We note that even if we were to consider these financial instruments as loans to a creditworthy company,
repayable beginning in 2027 in 20 equal installments, the net present of the interest forgiveness would be $6.4
billion, which is higher than the face value of the loans that is being used to quantify the subsidy) based on our
estimates. See Exhibit 8. The high net present value of these shareholder loans is a function three variables: 1) zero
interest; 2) the incredibly generous grace period before initial payment and long repayment periods, together
extending as long as 42 years, and 3) the risk premium a private lender would require for extending a loan with such
generous repayment terms to an airline. For purposes of this analysis, we used a discount rate of 9 percent, which is
conservative given the level of risk. These calculations show that, even if the principal were full repaid 30 years
from now, the time value of the money received under this program is substantial.

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There is no evidence that the government’s forgiveness of loans to Etihad were anything
other than stand-alone financial contributions to a particular enterprise. As explained in Section
IV.c.iii above, such stand-alone contributions to specific enterprises meet the specificity
requirement. In addition, as noted in Section II above, ample information exists that the
Government of Abu Dhabi considered airlines to be a “strategic” industry, and therefore targeted
companies within this industry for substantial support. Benefits that are limited to industries that
are deemed “strategic” meet the condition of specificity under U.S. countervailing duty law.
iv.

Quantification of the Benefit

We have treated the principal value of all government shareholder loans from 2010 onward
as forgiven debt. The total value of this subsidy is as follows:
Table 4: Etihad Debt Forgiven
Million US$
“Debt Forgiven
Source
2010
3,012.3*
2010 F/S, Note 22
2011
447.1
2011 F/S, Note 24
2012
155.0
2012 F/S, Note 24
2013
1,016.0
2013 F/S, Note 18.2
Total
4,630.4
* 2010 value is the amount of shareholder loans received from 2004-2010 and
outstanding as of 2010.

In addition to the $4.63 billion in forgiven loans to date, an additional $583 million in
shareholder loans has been committed by the government but had not been disbursed as of
March 31, 201359.

59

See Etihad 2013 financial statement, Note 2.1, at 9

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f. Government Grants
In 2008, Etihad received an outright grant from the Government of Abu Dhabi of $111
million for its role in the development of Abu Dhabi as a destination for tourism and commerce
in a campaign called “Abu Dhabi to the World”60.
i.

Financial Contribution

Outright government grants, with no strings attached, are perhaps the purest form of
actionable subsidy under international trade law. Government grants are specifically included
among the types of “direct transfers of funds” that constitute financial contributions under
Article 1.1(a)(1)(i) of the SCM Agreement and section 771(5)(D)(i) of Title VII.
ii.

Benefit

A grant provides a benefit to the recipient in the form of cash received. In addition, grants
can provide a substantial secondary benefit to the extent that they strengthen the recipient’s
balance sheet and enable the company to raise additional capital from other sources.
iii.

Specificity

There is no evidence that the government’s grant was anything other than a stand-alone
contribution to a specific enterprise. As explained in Section IV.c.iii. above, such stand-alone
contributions to specific enterprises meet the specificity requirement. In addition, as noted in
Section II above, ample information exists that the Government of Abu Dhabi considered airlines
to be a “strategic” industry, and therefore targeted companies within this industry for substantial

60

See Etihad 2008 financial statement , Note 8 at 21.

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support. Benefits that are limited to industries that are deemed “strategic” meet the condition of
specificity under U.S. countervailing duty law.
iv.

Quantification of the Benefit

The amount of the subsidy to Etihad was $111 million, the face amount of the grant.
g. Government Assumption of Promotional Sponsorship Costs
A leaked internal study prepared by Booz Allen in 2010 includes the following note
indicating that the Executive Council of Abu Dhabi “covers” the cost of Emirates’ sponsorship
of the Manchester City Football Club:

Elsewhere, it has been reported that Manchester City sold its stadium naming and jersey
advertising rights to Etihad for £400 million (or around U.S. $640 million, at prevailing
exchange rates at the time of the announcement)61. Thus, in paying for these rights, the
government provided Etihad with a service (promotional activities) for no consideration.
Article 14(d) of the SCM Agreement lays out the standard for determining whether or not a
government provision of a good or service confers a benefit:
[T]he provision of goods or services or purchase of goods by a government shall not be
considered as conferring a benefit unless the provision is made for less than adequate
remuneration, or the purchase is made for more than adequate remuneration. The
61

See “Manchester City bank record £400m sponsorship deal with Etihad Airways,” The Guardian, 8 July
2011, available at: http://www.theguardian.com/football/2011/jul/08/manchester-city-deal-etihad-airways (last
visited 14 Jan 2015).

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adequacy of remuneration shall be determined in relation to prevailing market conditions
for the good or service in question in the country of provision or purchase (including
price, quality, availability, marketability, transportation and other conditions of purchase
or sale).

i.

Financial Contribution

The Executive Council’s assumption of this promotional cost is a financial contribution
because it is a provision of goods and services within the meaning of Article 1.1(a)(1)(iii) of the
SCM Agreement and section 771(5)(D) (iii) of the Title VII.
ii.

Benefit

Etihad received valuable promotional support from this government contribution. This
assumption of an Etihad operating expense provides a benefit in the form of the cash that Etihad
would otherwise have had to pay itself. In addition, this government assistance provides a
substantial secondary benefit to the extent that it strengthens the recipient’s balance sheet and
enables the company to raise additional capital from other sources.
iii.

Specificity

There is no evidence that the government’s assumption of this expense was anything other
than a stand-alone gift to a specific enterprise. As explained in Section IV.c.iii. above, such
stand-alone contributions by their very nature meet the specificity requirement. In addition, as
noted in Section II above, ample information exists that the Government of Abu Dhabi
considered airlines to be a “strategic” industry, and therefore targets companies within this
industry for substantial support. Benefits that are limited to industries that are deemed
“strategic” meet the condition of specificity under U.S. countervailing duty law.

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iv.

Quantification of the Benefit

The total value of the subsidy is the cost assumed by the government for the sponsorship,
$640 million.
h. Exemption from Indirect Airport Taxes
Etihad’s home hub, Abu Dhabi International Airport (AUH), charges (including security
fees) are $21.78 per local departing passenger62. However, connecting passengers are exempt
from passenger fees63. Outside of the Gulf States that are the subject of this study, the universal
exemption from passenger fees for connecting passengers (at airports that charge fees for other
passengers) is highly unusual64. Even if connecting passengers are not making full use of arrival
or departure facilities, they nevertheless use airport facilities and services, including runways and
terminals, security, control tower and baggage handling, as well as requiring the airport to
operate larger terminal facilities, including passenger holding areas. Thus, connecting passenger
fees are an important source of revenues used by airport authorities throughout the world to pay
for facilities and services.
i.

Financial Contribution

Because the exemption is established by government decree, it represents a direct financial
contribution from the government to the beneficiary airlines in the form of a foregoing of a tax
revenue that is otherwise due, under Article 1.1.(a)(1)(ii) of the SCM Agreement and section
771(5)(D) (ii) of Title VII.

62

Gulf Airport Subsidies, Daniel M. Kasper, Compass Lexecon, ( Jan 16, 2015), (“Kasper”), Appendix C, at
viii (included at Exhibit 9 of this report).
63
Id. at vi.
64
Id., at 9.

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ii.

Benefit

Since airlines are responsible for paying the passenger fees, an airline will receive a benefit
in the form of tax payments to the government.
iii.

Specificity

Although all airlines using AUH to connect passengers benefit from this fee exemption, the
exemption is de facto specific to Etihad because Etihad accounts for 88 percent of all connecting
passengers at AUH65.
iv.

Quantification of the Benefit

A recent study by the aviation economics practice of the consulting firm Compass Lexecon
calculated the benefit from this program. To estimate the benefit, Compass Lexecon
conservatively assumed that a reasonable rate for a connecting passenger would be 50 percent of
the departing passenger fee66. Using this as the non-subsidized connecting passenger fee
benchmark, Compass Lexecon applied this amount to its estimate of the total number of Etihad
connecting passengers at AUH between 2005 and 2014 to derive a total benefit of $501
million67.
Other Potential Subsidies
i. Purchases of Goods and Services for Less than Adequate Remuneration
As noted above, Etihad’s financial statements have stated for many years that the company
purchases goods and services from other government-owned or controlled suppliers. Among the

65
66
67

Id., Appendix C, at vi.
Id., Appendix C, at viii.
The calculations are shown at Kasper, Appendix C at ix.

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most important of those suppliers are the Abu Dhabi National Oil Company, Abu Dhabi Catering
Company, and the Abu Dhabi Airports Company, which operates five airports, including
Etihad’s hub. Etihad’s home hub, Abu Dhabi International Airport, is in the midst of a major
expansion, reportedly costing $6.8 billion68. A recent study by Compass Lexecon demonstrates
that airport charges at AUH are among the lowest in the world69. These low fees and high
government costs suggest that Etihad is receiving an additional benefit in the form of receipt of
airport-related services for less than adequate remuneration.
The financial statements filed with local regulatory authorities are audited by an international
accounting firm. However, the auditor’s opinion letter for Etihad includes the following caveat,
which basically states that the financials are prepared for internal management purposes only70:

This is an unusual disclaimer for a formal financial statement prepared by an international
public accounting firm and suggests that the statements may not represent the complete picture
of the true financial condition of Etihad and its closely related affiliates. Among other things, the
financial statement does not adhere to International Financial Reporting Standards (“IFRS”)

68

See Government of Abu Dhabi website, General Secretariat of the Executive Council, “ADAC Invests
AED 3 Billion by the End of the Year, available at:
https://gsec.abudhabi.ae/Sites/GSEC/Navigation/EN/MediaCentre/government-news,did=146190.html (last
visited 30 Sep 2014)
69
See Kasper, at 15.
70
See, e.g., Etihad 2013 financial statement, auditors’ opinion letter, at 1.

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principles for consolidating the results of affiliated parties71. The results of Etihad’s investments
in other entities (principally failing airlines in other countries) are not reported in the available
financials72. In addition, as set forth in Section IV.i. below, Etihad does not provide complete
disclosure regarding the arm’s length nature of its transactions with related goods and services
providers. Thus, these audited financials, while useful for purposes of valuing capital subsidies,
do not provide a complete basis for assessing all subsidies – particularly purchases of goods and
services for less than adequate remuneration – which Etihad may have received.
While the version of Etihad’s financial statements we have obtained contain substantial
detail, they are virtually bereft of any meaningful information on related party transactions.
According to its 2013 financial statement, Etihad purchases substantial goods and services from
other entities owned or controlled by the government, including aviation fuel, aircraft
maintenance services, landing and parking rights, handling, in-flight catering, aircraft operating
leases, airport and lounge leases73. Collectively, these related party purchases are significant:
they represent almost 30 percent of Etihad’s total operating expenses74. In addition, Etihad
engages in substantial financial transactions with related government entities, including leasing
companies75.
The amount of subsidization realized through these procurements and financial transfers may
also be significant: while Etihad’s financial statements state explicitly that Etihad purchases from

71

See, e.g., Etihad 2013 financial statement, Note 2.4, at 10.
If Etihad had treated the results of its affiliates’ performance as an equity investment, Etihad’s losses would
have increased by approximately $135 million in 2013. See Exhibit 2.
73
See, e.g., Etihad 2013 financial statement, Note 22(a), at 47.
74
See Exhibit 10.
75
See Etihad 2013 financial statement, Note 22(a) at 47.
72

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government-owned infrastructure-related entities on an arm’s length basis, it does not include a
similarly straightforward statement with respect to the prices it pays for its procurements from
related parties for aviation fuel, in-flight catering, aircraft maintenance, handling and landing and
parking, describing them instead as being “based on” list prices that are at “agreed rates”76. The
absence of a clear “arm’s length” pronouncement makes it difficult to assess whether the
company is receiving additional government benefits in the form of purchases for less than arm’s
length prices (or in subsidy parlance, for less than adequate remuneration), but the inference that
can be drawn from the lack of a positive statement is that the company is receiving such benefits.
However, the financials do not contain enough information to calculate an estimate of the
subsidy from non-arm’s length purchases from affiliated goods and service providers.
j. Tax and Import Duty Exemptions
A review of an unofficial translation of the Amiri decree which established Etihad Law No. 1
of 2003 indicates that Etihad may receive substantial additional benefits in the form of indirect
tax and import duty exemptions. Article 11 of the decree states that Etihad Airways "or any
body affiliated or dealing directly therewith shall be exempted from all the taxes and duties
including:
1. Income taxes and customs duties imposed on all purchases thereof including aircraft,
goods, materials, equipment, machinery, devices and spare parts imported to achieve the
company's purposes and all other materials necessary to the use thereof or for sale on
board of its aircraft or distributed for publicity purposes whether imported in the name of
the company or any affiliates, contractors or subcontractors.
2. Any taxes resulting from the sale or transfer of ownership of quotas of the company or
the quotas or shares of any other affiliates.
76

Id.

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3. Any taxes resulting from the dividends of the company's partners or the partners of any
affiliate thereof.77”
Tax and import duty exemptions are financial contributions, in the form of tax revenues
foregone, as defined by Article 1.1(a)(1)(ii) of the SCM Agreement and Section 771(5)(D) (ii) of
Title VII. Furthermore, they clearly provide a benefit to the recipient in the form of forgiveness
of taxes and duties payment obligations. Finally, these exemptions are specific to a particular
industry, as they are established by special decree that applies only to Etihad. However, using
the information available to us, we have not been able to calculate the level of this subsidy.
k. Etihad Future Capital Commitments
In the past five years, Etihad has been on an aircraft ordering spree that will ensure a need for
substantial additional government capital commitments over the upcoming years. As of
September 17, 2014, Etihad had 169 wide body aircraft on order, and options or letters of intent
for another 56, with list prices totaling $70.9 billion78. During fiscal 2013 alone, Etihad’s future
capital commitments increased from $11.2 billion to $34.6 billion, or an additional $23.4 billion
from a company that has no equity79. Given its weak balance sheet, it is almost certain that
Etihad will need substantial additional capital – beyond the $4.3 billion in commitments not yet
received – in order to fund its planned aircraft purchases and route expansion. To gain access to
aircraft lease markets or other capital financing, the Abu Dhabi government most likely will have
to inject more capital into Etihad, or take the Qatar route (discussed in Section V.f. below) and
guarantee Etihad’s financial obligations. In sum, if Etihad persists in its pursuit of aggressive
77
78
79

Amiri decree establishing Etihad Law No. 1 of 2003.
See Exhibit 11.
See Etihad 2013 financial statement, Note 24 at 49.

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growth, its need for government support will continue – and likely increase from the already
substantial level provided to date.

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43

V.

Qatar Airways
a. Introduction
Throughout its existence, Qatar Airways has relied primarily on the government for its

substantial capital needs, The Qatari government has provided its airline with support primarily
in the forms of 1) interest free loans with no repayment obligations; 2) cash injections that
effectively were grants; 3) guarantees on loans provided by third parties; 4) land at no cost; 5)
exemptions from, and rebates of, indirect airport taxes; and 5) conferral of significant streams of
revenue from non-airline related activities, including airport operations and alcohol sales and
distribution. As shown in Exhibit 12, notwithstanding massive government support, Qatar
Airways has reported either marginal profits or operating losses since 2004.
Like Etihad, Qatar Airways has received explicit statements of government support,
including an open-ended government commitment to fund Qatar Airway’s obligations “as they
fall due”, in order to be classified as a “going concern,” i.e., likely to stay in business over the
foreseeable future80. In other words, Qatar’s audited financial statements suggest that, but for the
explicit sovereign guarantee, Qatar Airways would not continue to exist as a “going concern.”
b. A Note on Sources for Qatar
Qatar Airways is not a public company and does not publish any financial information
showing its balance sheet or operating results. However, certain jurisdictions in other countries
that are home to Qatar Airways overseas operations require an annual filing of an audited parent
80

See, e.g., Qatar Airways 2009 financial statement, Note 2, at 9.

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company financial statement. These financial statements are available to the public and – in
some cases – include notes. From these jurisdictions, we have been able to obtain versions of
Qatar Airways financial statements for every year between 1995 and 2014.
For the years 1996 through 2006 and 2010 through 2013, Qatar Airways has not submitted
the official audited financial statements to these jurisdictions, but instead has filed speciallyprepared financial statement “summaries81.” These financial statement “summaries” do not
contain all of the information disclosed in typical official audited financial statements82. As
discussed in more detail below, particularly with respect to those for the most recent years83, the
decision on what to exclude from the financial statement summaries appears to have been
motivated at least in part by a desire not to disclose government subsidies84.
The copy of the Qatar Airways 2014 financials used to prepare this report does appear to be
the official audited version and contains detailed notes, auditor’s opinion, and required
disclosures.
Notwithstanding these gaps in the record, the financials we have reviewed contain a wealth
of information on the types and magnitude of support provided by the government on Qatar
Airways over the past 17 years. In particular, the financial statements for the years 2007 through

81

A summary of the Qatar Airways financials used in this study is included at Exhibit 13.
See, e.g., the statement in the Auditor’s Report to the Board of Directors of Qatar Airways Q.C.S.C on the
2013 Summary Consolidated Financial Statements at1: “The summary consolidated financial statements do not
contain all of the disclosure required by International Financial Reporting Standards.”
83
The Auditor’s Reports for the “Summary” statements for 2010 through 2013 are all dated August 26, 2014.
84
Missing from the “Summary” financial statements are disclosures on the terms of the shareholder
loans/advances, grants, and detailed notes on other sources of revenue that have been directed to Qatar Airways by
the government, including revenues from airport operations, alcohol distribution, and tax credits.
82

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2009 (the most complete audited financials available to us) demonstrate a myriad of methods
used by the government to channel cash and non-cash benefits to its flagship airline.
While Qatar Airways’ financial statement contains substantial detail about its financing, the
report has no information on transactions between the airline and related parties.

That such

transactions exist is evident from their disclosure in the sections of the financials on accounts
payable and accounts receivable85. In its 2012 summary consolidated financial statement, Qatar
Airways indicates that it is using the government supplier/purchaser exception allowed under
IFRS for not providing information on the arm’s length nature of related party transactions86.
The absence of detail for purchases of goods and services from related parties makes it difficult
to assess the extent to which the company is receiving additional subsidies in the form of
purchases for less than adequate remuneration. Another important source of information for
Qatar Airways is public offerings for government bonds. These bond offering confirm
statements in the audited financials indicating that the Qatari government regularly provides
sovereign guarantees to commercial banks that lend money to Qatar Airways.
c. Shareholder Loans through 2008
In a 2006 interview, Qatar’s CEO Akbar Al Baker stated that “I never borrow from the state,
the state does not subsidize the airline.”87 An analysis of the Qatar Airways’ financials,
85

See, e.g., Qatar Airways 2012 financial statement at Note 14, at 27; Note 23 at 30.
Id., Note 3.3 at 11.
87
See Total Control: Interview with Qatar Airways’ Akbar Al Baker, Flight International (Mar. 2006).
Similarly, in a November 2011 speech, Al Baker described the allegation that Qatar is subsidized as “crap” and
asserted that:
86

There is a level playing field; we operate as a business the same way they operate as a business,” he
told Arabian Business in May. I know they [European airlines] are always crying wolf that Gulf carriers are
subsidised by the state. Subsidised no, but supported yes.

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however, shows that Qatar Airways has been borrowing heavily from the state – on clearly
subsidized terms – for many years.
Qatar Airways’ financial statements show that, in most years since 1998, the Government of
Qatar provided its flag carrier with some form of debt financing, either classified upon
disbursement as either loans or shareholder advances. As shown in Table 5, between 1998 and
2008, Qatar Airways received $1.517 billion in cash that was classified originally as shareholder
loans:
Table 5: Shareholder Loans Received, 1998 to 2009

1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Total

Amount (US$)
19,230,769
19,009,066
36,171,703
39,455,769
9,718,407
54,733,516
595,911,813
742,303,022
1,516,534,065

Source
1998 F/S at 2
2000 F/S at 2
2001 F/S at 2
2002 F/S at 3
2003 F/S at 3
2004 F/S at 3

2007 F/S at 4
2008 F/S at 4

Note 22 of the airline’s 2007 financial statement (which was the first time that the Qatar
Airways financial disclosed the terms of this financing) indicates that these loans were at zero
interest, with no set repayment schedule. Note 22 in the 2008 financial statement repeated those

See “Talk of unfair subsidies is ‘crap’, says Al Baker, arabianbusiness.com, November 15, 2011, available at:
http://www.arabianbusiness.com/talk-of-unfair-subsidies-is-crap-says-al-baker-430018.html (last visited 14 Jan
2015).

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terms, and further stated that “management believes that the loan will have to be repaid when
sufficient funds are available for settlement.” In the following year (2009), the relevant note
(number 23) stated that the outstanding government loan balance had been reported under the
equity section of the balance sheet, as the settlement of these obligations “is neither planned nor
likely to occur in the foreseeable future.” Thus, consistent with their treatment by Qatar Airways
(which has been blessed by their auditors), we treated these capital contributions as loans
through 2008.
i.

Financial Contribution

Government loans are specifically included among the types of “direct transfers of funds”
that constitute financial contributions under Article 1.1(a)(1)(i) of the SCM Agreement and
section 771(5)(D) (i) of Title VII. Accordingly, the Government’s loans to Qatar are financial
contributions.
ii.

Benefit

Interest free loans provide a direct benefit to the recipient in the form of the foregone interest
payments.
iii.

Specificity

There is no evidence that the Government of Qatar’s interest free loans to Qatar Airways
were anything other than stand-alone financial contributions to a particular company. As
explained in Section IV.c.iii. above, such stand-alone contributions meet the specificity
requirement. In addition, as noted in Section II above, ample information exists that the
Government of Qatar considered airlines to be a “strategic” industry, and therefore targeted

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companies within this industry for substantial support. Benefits that are limited to industries that
are deemed “strategic” meet the condition of specificity under U.S. countervailing duty law.
iv.

Quantification of the Benefit
1. Background

As shown in Table 6 above, Qatar Airways received interest free loans from the Government
of Qatar totaling $ 1.517 billion between 1998 and 2008. Thus, the benefit is the difference
between a zero interest loan and the interest rate Qatar Airways would have paid commercial
lenders. The benchmark interest rate is dependent upon the creditworthiness of Qatar Airways at
the time the Government committed the funds.
2. Assessment of Qatar Airways Creditworthiness
For all of the years during that period, we were able to assess the creditworthiness of Qatar
Airways using standard financial ratios calculated from its unadjusted financial statements. As
shown in Exhibit 12, and as summarized below, even using the unadjusted financials, the ratios
were extremely poor:
Summary of Qatar Airways Financial Ratios

Negative Net Income: In every year but three from 1995 to 2009.

Negative Equity, Return on Equity, and Debt to Equity Ratio: In each year from
1996 to 2008, except for 2005.

Negative Working Capital: In each year from 1995 to 2009 (and thus negative
working capital to total asset and sales to working capital ratios).

Extremely Poor Current and Quick Ratios: In every year from 1995 to 2009, these
ratios were well below the standard 1.0 benchmark, ranging from 0.28 to 0.62
through 2008—indicating that the firm was unsurprisingly short of liquid funds to
cover upcoming obligations in each of these years.
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Large Accumulated Losses: Qatar Airways accumulated substantial losses
throughout its existence, due to its inability to produce any positive net income
through 2003 and only inconsistently thereafter.

Negative Returns on Equity: During the 2004 to 2007 period, the average return on
equity for similarly-placed airlines was approximately 9.2 percent88. For Qatari
businesses, the average return on equity was 12.6 percent89.

Like those for Etihad, Qatar Airway’s financial ratios show some improvement in the later
years under consideration (2011 and after). However, much of that improvement is misleading,
as it is the result of the reclassification of shareholder loans to equity (discussed in Section V.d.
below), as well as substantial government cash infusions through other mechanisms (discussed in
Sections V.i. and V.j. below). In every year since 2000 at least, it appears that the Qatari
government has kept its commitment to provide sufficient funds for Qatar Airways to continue
operations through a number of revenue streams that total in the multiple millions of dollars,
including receipts from airport operations and alcohol sales. If those revenue streams from noncore operations were excluded, Qatar Airways financial performance – and specifically, its cashbased financial metrics – would be much worse90.
Other factors informing our creditworthiness analysis included the virtual absence of any
non-government-guaranteed commercial long-term loans doing this period, as well as the
auditor’s repeated statements that the company’s ability to be rated a “going concern” was
dependent on explicit and unlimited government guarantees “to make funds available to the

88

See Exhibit 3 for comparable airline company data.
See Exhibit 4 for Qatar company data.
90
For example, as shown in Exhibit 13, between 1996 and 2014, “Other Income” and “Other Operating
Income” typically exceeded total reported profits (or losses). While some of these revenues may have corresponding
expenses in the Qatar Airways financials, some clearly do not. Thus, without these activities, Qatar Airways’
financial performance would be much worse.
89

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Company to allow it to meet its liabilities as they fall due”. For example, the 2009 Qatar
financial statement contains the following passage91:

This statement (or one very similar to it) appears in all of the Qatar Airways financial
statements from 1996 through 2013. Like Etihad, Qatar Airways in recent years has prepared its
financials in accordance with IFRS. These accounting standards do not allow a “going concern”
finding if there is “significant doubt” that the company will cease operating sometime within the
following twelve months92. In light of these factors, we find that Qatar Airways was
uncreditworthy between 1998 and 201093. Accordingly, to calculate the interest rate benefit for
loans to an uncreditworthy company, we used the standard U.S. Department of Commerce
91

Qatar Airways 2009 financial statement, Note 2, at 9.
See Section IV.d.iv. 2. above for a further discussion of the “going concern” standard under IFRS.
93
Even though we are calculating the subsidies received by Qatar Airways from 2004 onwards, we are
making creditworthiness determinations from 1998 onwards, as benefits from pre-2004 loans carry into the post2004 period, assuming commercial repayment terms. Since creditworthiness determinations are made at the time
the loan is received, we need to analyze creditworthiness in the earlier years.
92

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formula developed for Title VII countervailing duty proceedings. The total value of foregone
interest between 2004 and 2009 was calculated as $618 million. These calculations are shown in
Exhibit 14.
d. Debt Forgiveness (Shareholder Loans and Advances, 2009-2014)
The Qatar 2009 financial statement contains a fundamental change in the description of terms
of the shareholder loans. The document states:

As this excerpt demonstrates, from March 31, 2009, the shareholder loans were no longer
payable upon demand, but at the option of the company94. Further, as the government was not
expecting payment in the foreseeable future, the loans were reclassified to the equity section of
its balance sheet. While the notes indicate that the advances might potentially be converted to
share capital sometime in the future, such reclassification did not occur at the time of the change
in terms. Thus, at the time of announcement of the new terms, the government obtained no
additional rights to dividends. Moreover, any future reclassification would provide no additional
call on the company’s assets or results, as the Government of Qatar was the company’s sole
shareholder. In 2011, the shareholder loans received prior to that year were moved to the “legal
reserve” account in the equity portion of the balance sheet and specifically described as a “share

94

Qatar Airways 2009 financial statement, Note 23 at 30.

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premium arising from conversion of shareholder advances.95” Thus, there is no doubt that in
2011, the 1996 through 2010 “shareholder advances” were re-characterized as not likely to be
repaid any time in the foreseeable future. At that point, any prior fixed repayment obligations
associated with the shareholder loans disappeared. Even as late as the end of 2014, the pre 2011
shareholder advances continued to be classified somewhere between debt and equity, obligating
Qatar Airways to pay neither dividends nor interest, nor return any of the principal96.
Additional government cash infusions received between fiscal years 2011 through 2014
continued to be described in the summary financials as “shareholder advances”. Sometime
before the end of 2014, the 2011-14 shareholder advances, were converted to equity, and new
shares were issued97. Therefore, we have treated all infusion of shareholder advances from 2009
through 2014 as debt forgiveness, as any repayment obligations either disappeared or never
existed, and no additional equity shares were issued at the time of disbursement98.
i.

Financial Contribution

95

Qatar Airways 2011 financial statement, Statement of Changes in Equity, at 7. As part of this
recharacterization, Qatar Airways issued one additional share to the government. See Qatar Airways 2014 financial
statement, Note 17(a) at 41. We do not consider the issuance of one share to be equivalent to a debt to equity
conversion.
96
See Qatar Airways 2014 financial statement at 5.
97
Id., The Consolidated Statement of Cash Flows (at 7) shows the 2014 cash disbursement of
QR3,616,700,00 going into the company under shareholder advances. This amount, plus the QR8,316,722,000
balance in prior year shareholder advance account (See Balance Sheet at 5), equals the QR 11,933,422,000 in
shareholder advances that was converted to additional share capital prior to the end of fiscal year 2014. See
Consolidated Statement of Changes in Equity at 8; Note 17 at 41.
98
In light of the nature of these infusions as neither debt nor equity, imposing no obligations on the recipient,
they could arguably also be treated as grants. If these funds were treated as equity infusions rather than debt
forgiveness, we believe that the subsidy amount would be the same. See Appendix 3 for an alternative analysis of
the 2010 to 2014 cash disbursements by the Qatari government as equity. In short, because Qatar Airways clearly
was unequityworthy during this period, and since there were no private investor share purchases, then, consistent
with U.S. countervailing duty law, the subsidy benefit would be the face value of the infusions, or the same value of
the subsidy if they were treated as a grant.

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Government debt forgiveness is considered a direct transfer of funds under Article
1.1(a)(1)(i) of the SCM Agreement and section 771(5)(D) (i) of Title VII, and thus constitutes a
financial contribution.
ii.

Benefit

Debt forgiveness provides a direct benefit to the recipient in the form of the forgone principal
repayments. In addition, loan forgiveness can provide a substantial secondary benefit to the
extent that it strengthens the recipient’s balance sheet and enables the company to raise
additional capital from other sources.
iii.

Specificity

There is no evidence that the government’s forgiveness of its loans to Qatar Airways were
anything other than stand-alone decisions with respect to a particular company. As explained in
Section IV.c.iii. above, such stand-alone contributions to companies deemed strategic by the
government meet the specificity requirement. In addition, as noted in Section II above, ample
information exists that the Government of Qatar considered airlines to be a “strategic” industry,
and therefore targeted companies within this industry for substantial support. Benefits that are
limited to industries that are deemed “strategic” meet the condition of specificity under U.S.
countervailing duty law.
iv.

Quantification of the Benefit

Pursuant to Title VII, the U.S. Department of Commerce treats government loans that have
no foreseeable repayment date as debt forgiveness. Thus, we have classified the principal value

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of all government shareholder loans from the date of forgiveness forward as forgiven debt. The
total value of this subsidy is as follows:
Table 6: Forgiven Shareholder Loans
Million US$
Amount Forgiven ($m)
Source
2009 *
3,251.7
2009 F/S at 4 and Note 23
2010
1,226.3
2010 F/S at 5
2011
1,193.8
2011 F/S at 5
2012
811.1
2012 F/S at 5
2013
279.9
2013 F/S at 5
2014
993.6
2014 F/S at 7
2009-2013 Total
7,756.4
Note: Values converted at QR 3.64 QR to the dollar.
* 2009 value is the amount of shareholder loans outstanding as of that year, including
balance from prior years.

If the loans disbursed prior to 2004 are excluded, the total amount of forgiven debt in 2009 is
$3.128 billion, and the total for 2009-2013 is $7.633 billion99.
e. Grants and Non-monetary Contributions
In 2013 and 2014, Qatar reported a total of $22 million in other income for “route subsidies
and incentives”100.
i.

Financial Contribution

Grants are a direct transfers of funds, and are identified as such in Article 1.1(a)(1)(i) of the
SCM Agreement and section 771(5)(D)(i) of Title VII. Accordingly, the $719 million grant
constituted a financial contribution.
99

See Table 5 above, showing total shareholder loan disbursements prior to 2004 of $123.6 million.
See Qatar Airways 2014 financial statement, Note 6, at 28 (sum of current and prior year amounts of QR
40,316,000 and QR39,842,000, respectively converted at QR3.64 to the dollar). These contributions may have been
received in prior years as well; however, the prior year financials do not contain as much detail.
100

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ii.

Benefit

A grant or non-monetary contribution provides a benefit to the recipient in the form of the
value of cash or in-kind goods or services received with no corresponding repayment obligation.
In addition, grants can provide a substantial secondary benefit to the extent that it strengthens the
recipient’s balance sheet and enables the company to raise additional capital from other sources.
iii.

Specificity

There is no evidence that the government’s grant and non-monetary contributions to Qatar
Airways were anything other than stand-alone contributions to a specific enterprise. As
explained in Section IV.c.iii above, such stand-alone contributions to specific enterprises meet
the specificity requirement. In addition, as noted in Section II above, ample information exists
that the Government of Qatar considered airlines to be a “strategic” industry, and therefore
targeted companies within this industry for substantial support. Benefits that are limited to
industries that are deemed “strategic” meet the condition of specificity under U.S. countervailing
duty law.
iv.

Quantification of the Benefit

The total grant received was $22 million.

f. Government Loan Guarantees
Table 7 shows the $7.7 billion in term loans received by Qatar Airways between 1998 and
2010 from non-Qatari government lenders:

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Table 7: Non-Qatari Government Term Loans Obtained by Qatar Airways
Year
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Total

Loans Received $ Million
$6.12
$3.26
$8.55
$75.01
$179.33
$528.97
$493.72
$449.88
$817.02
$2,058.66
$1,339.71
$1,397.50
$319.74
$7,677.46

Source
1998 F/S at 4
1999 F/S at 4
2000 F/S at 4
2001 F/S at 4
2002 F/S at 4
2003 F/S at 4
2004 F/S at 4
2005 F/S at 4
2006 F/S at 4
2007 F/S at 4-5
2008 F/S at 4-5
2009 F/S at 4-5
2010 F/S at 4-5

In every year since 1998, the Government of Qatar has explicitly or implicitly guaranteed
term loans received by its flag carrier. Qatar Airways’ 2007 financial statement was the first
time that the airline’s financials disclosed any detail on the term loans it carried on its balance
sheet. Note 23 indicated that “most of the loans are secured by mortgages over assets and/or
guarantees given by the Government of the State of Qatar101.” Note 23 in the company’s 2008
financial statement and note 24 in its 2009 financial statement repeated the same terms. This
language indicates that at least some of Qatar Airways’ term loans are backed by an explicit
government guarantee.
Furthermore, a comparison of term loan balances disclosed in Qatar Airways financial
statements with the guaranteed debt identified in Government of Qatar bond offerings reveals
that the government granted explicit government guarantees to Qatar Airways on virtually all
term loans outstanding in 2009, 2010, and 2012:
101

Qatar Airways 2007 financial statement, Note 23 at 22

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The Government of Qatar secured $4.86 billion in Qatar Airways loans as of December
2008, according to its bond offering dated 3 April 2009102. As of March 2009, Qatar
Airways’ balance sheet listed $4.65 billion in term loans103.

The Government of Qatar secured $4.95 billion in Qatar Airways loans as of March
2010, according to its bond offerings dated 31March 2010 and 30 November 2010104. As
of March 2010, Qatar Airways’ balance sheet listed $5.04 billion in term loans105.

The Government of Qatar secured $3.74 billion in Qatar Airways loans as of March
2012, according to its bond offering dated 16 July 2012106. As of March 2012, Qatar
Airways’ balance sheet listed $3.95 billion in term loans107.

In addition, even if some of the term loans listed on the Qatar Airways balance sheet are not
explicitly guaranteed by the Government of Qatar, the debt is implicitly guaranteed by the
“going concern” commitments laid out elsewhere in the Qatar financial statements. Those
conditions specifically note that the shareholders (i.e., the Government of Qatar) have promised
to “continue to make funds available to the Company to allow it to meet its liabilities as they fall
due.” This open-ended commitment, repeated year-in and year-out in financials that are
necessarily reviewed by potential lenders to inform their decision whether and under what terms
to extend loans or credit to Qatar Airways, amounts to an implicit guarantee of all of Qatar
Airways’ debt obtained from commercial sources.
Article 14 (c) of the SCM Agreement establishes the rules for determining whether
government loan guarantees provide a benefit to the recipient:

102

Qatar Bond Offering, 3 April 2009, at 69.
Qatar Airways 2009 financial statement at 4, sum of non-current and current portions of term loans
(QR14,732,241,000 and QR2,183,610,000), converted at QR 3.64 to the dollar).
104
Qatar Bond Offerings, 30 November 2011, at 86.
105
Qatar Airways 2010 financial statement at 5-6, sum of non-current and current portions of term loans
(QR15,740,358,000 and QR2,609,456,000), converted at QR3.64 to the dollar).
106
Qatar Bond Offering, 16 July 2012, at 109.
107
Qatar Airways 2011 financial statement at 5-6, sum of non-current and current portions of term loans
(QR13,664,060,000 and QR2,156,447,000), converted at QR3.64 to the dollar).
103

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[A] loan guarantee by a government shall not be considered as conferring a benefit,
unless there is a difference between the amount that the firm receiving the guarantee pays
on a loan guaranteed by the government and the amount that the firm would pay on a
comparable commercial loan absent the government guarantee. In this case the benefit
shall be the difference between these two amounts adjusted for any differences in fees;
Equivalent language is found at section 771(5)(E)(iii) of the Title VII.
i.

Financial Contribution

Government loan guarantees are a potential direct transfers of funds, and are specifically
identified as such in Article 1.1(a)(1)(i) of the SCM Agreement and section 771(5)(D)(i) of Title
VII. . Accordingly, the Government of Qatar’s guarantees of Qatar Airways’ term loans
constituted financial contributions.
ii.

Benefit

Government-provided loan guarantees provide a benefit to the recipient in the form of lower
interest payments, i.e., the difference between a commercial interest rate and the interest rate
provided on the government-guaranteed loan, adjusted for any difference in fees. As described
in detail below, the Government of Qatar’s loan guarantees significantly reduced the amount that
Qatar Airways would have paid on its term loans without the government guarantees. Therefore,
they conferred benefits on Qatar Airways, and thus constituted subsidies.
iii.

Specificity

There is no evidence that the government’s guarantees of Qatar Airways’ term loans were
anything other than stand-alone financial contributions to a specific enterprise. As explained in
Section IV.c.iii. above, such stand-alone contributions to specific enterprises meet the specificity
requirement. In addition, as noted in Section II above, ample information exists that the

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Government of Qatar considered airlines to be a “strategic” industry, and therefore targeted
companies within this industry for substantial support. Benefits that are limited to industries that
are deemed “strategic” meet the condition of specificity under U.S. countervailing duty law.
iv.

Quantification of the Benefit

As shown in Table 7 above, Qatar Airways received guarantees from the Government of
Qatar on loans totaling $7.67 billion between 1998 and 2010. There is no evidence that Qatar
Airways received any commercial loan guarantees during that time period. Moreover, there is no
indication that the government received any fees in exchange for the provision of the loan
guarantees, which would typically be assessed by private guarantors. Finally, the company
would not have had access to commercial loan guarantees in any event because it was
uncreditworthy at the time. Therefore, we calculated the benefit as the difference between what
Qatar Airways would have paid (in terms of interest) for a non-guaranteed loan and what it
actually paid for the debt backed by the Government of Qatar’s guarantees.
The benchmark interest rate is determined by an assessment of Qatar Airways’
creditworthiness in each year in which guaranteed loans were received. As set forth in Section
V.c.iv. above, we found Qatar Airways to be uncreditworthy from 2004 to 2010, i.e., no
reasonable commercial lender would have provided credit to Qatar Airways at the time.
To calculate the interest rate benefit for guaranteed loans received in years Qatar was found
to be uncreditworthy, we used the methodology employed by the U.S. Department of
Commerce108. As noted in Section IV.d.iv. above, this formula conservatively measures the
108

19 CFR §351.505.(a)(3)(iii).

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benefit for a company that was effectively bankrupt in the absence of additional government
support. The total value of foregone interest between 2004 and 2014 was calculated as $6.8
billion. These calculations are shown in Exhibit 16. We believe that this estimate is extremely
conservative, in that it assumes zero benefit for any new loan guarantees provided after fiscal
year 2010. Moreover, it excludes any benefit from government loan guarantees related to leasebuyback arrangements involving Special Purpose Companies (“SPCs”) that are closely affiliated
with Qatar Airways109.
g. Land for Less than Adequate Remuneration
Qatar Airways’ 2005 balance sheet lists a government grant of $710,000,110 which elsewhere
is described as the value of land gifted by the government111. In addition, a note to the
company’s 2011 cash flow statement identifies a non-monetary contribution, identified as three
plots of land, from the Government of Qatar of $451.6 million112. The amount was booked in
the equity section of the balance sheet as a capital reserve113.
Article 14(d) of the SCM Agreement lays out the standard for determining whether or not a
government provision of a good or service confers a benefit:
[T]he provision of goods or services or purchase of goods by a government shall not be
considered as conferring a benefit unless the provision is made for less than adequate
remuneration, or the purchase is made for more than adequate remuneration. The
109

See Qatar Airways 2014 financial statement, Note 23(a), at 43 (disclosing the existence of Qatari
government guarantees on mortgage loans received by SPCs). The government guaranteed mortgage loans
referenced in the note are carried on Qatar Airways’ balance sheet.
110
Qatar Airways 2005 financial statement at 3 (QR2,583,000, converted at QR3.64 to the dollar)
111
Id., Note 4, at 14.
112
Qatar Airways 2011 financial statement at 7 (QR 1,643,816,000, converted at QR3.64 to the dollar); and
Qatar Airways 2012 financial statement Note 10, at 25. These parcels of land reportedly were “disposed” by Qatar
Airways in 2013. See Qatar 2014 financial statement, Note 10(c), at 33.
113
See Qatar Airways 2011 financial statement at 5.

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adequacy of remuneration shall be determined in relation to prevailing market conditions
for the good or service in question in the country of provision or purchase (including
price, quality, availability, marketability, transportation and other conditions of purchase
or sale).
v.

Financial Contribution

The government’s bestowal of free land is a financial contribution because it is a provision of
goods and services within the meaning of Article 1.1(a)(1)(iii) of the SCM Agreement and
section 771(5)(D) (iii) of the Title VII.
vi.

Benefit

This assumption of a Qatar Airways capital expense provides a benefit in the form of the
cash that the airline would otherwise have had to pay for the land. In addition, this government
assistance provides a substantial secondary benefit to the extent that it strengthens the recipient’s
balance sheet and enables the company to raise additional capital from other sources.
vii.

Specificity

There is no evidence that the government’s assumption of this expense was anything other
than a stand-alone gift to a specific enterprise. As explained in Section IV.c.iii. above, such
stand-alone contributions by their very nature meet the specificity requirement. In addition, as
noted in Section II above, ample information exists that the Government of Qatar considered
airlines to be a “strategic” industry, and therefore targets companies within this industry for
substantial support. Benefits that are limited to industries that are deemed “strategic” meet the
condition of specificity under U.S. countervailing duty law.

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viii.

Quantification of the Benefit

The total value of the subsidy is the cost assumed by the government for the sponsorship,
$452 million.
h. Exemption from and/or Rebates of Indirect Airport Taxes
Doha International Airport (DOH) in Doha charges a passenger fee, established by
government decree, of $10.98 per local departing passenger114. However, connecting passengers
are exempt from all passenger fees115.
In many airports outside the U.S., fees are set lower for connecting passengers compared to
departing passengers116. However, outside the UAE and Qatar, a complete exemption from fees
for connecting passengers (at airports that charge fees for other passengers) is highly unusual117.
Even if connecting passengers are not making full use of arrival or departure facilities, they
nevertheless use airport facilities and services, including runways and terminals, security, control
tower and baggage handling as well as requiring the airport to operate larger terminal facilities,
including passenger holding areas118. Thus, connecting passenger fees are an important source
of revenues used by airport authorities throughout the world to pay for facilities and services.
In addition, as shown in Exhibit 13, the Qatar Airways financial statements for 2006 through
2014 lists a Passenger Tax credit, which is referred to in later years as a “Tax Release”. In these
years, the total value of the tax credits is $129 million119. The fact that it is listed as an “other

114
115
116
117
118
119

Kasper, Appendix C, at 9..
Id., at 9.
Id., at 10.
Id., at 28-9.
Id. at 30.
See Exhibit 13 (468,229 thousand converted at QR 3.64 to the dollar).

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income” item indicates that it is a refund of Passenger Taxes that were assessed and paid, and not
an exemption. Therefore, this appears to be an additional indirect tax subsidy.
i.

Financial Contribution

Because the exemption is established by government decree, it represents a direct financial
contribution from the government to the beneficiary airlines in the form of a foregoing of a tax
revenue that is otherwise due, under Article 1.1.(a)(1)(ii) of the SCM Agreement and section
771(5)(D) (ii) of Title VII.
ii.

Benefit

Since airlines are responsible for paying the passenger fees, an airline will receive a benefit
in the form of tax payments to the government.
iii.

Specificity

Although all airlines using DOH to connect passengers benefit from this fee exemption, the
exemption is de facto specific to Qatar Airways as it accounts for 98 percent of all connecting
passengers at DOH120.
iv.

Quantification of the Benefit

To estimate the benefit, based on other airport fee levels, Compass Lexecon conservatively
assumed that a reasonable rate for a connecting passenger would be 50 percent of the departing
passenger fee121. Using this as the non-subsidized connecting passenger fee benchmark,
Compass Lexecon applied this amount to its estimate of the total number of Qatar Airways
connecting passengers at DOH in each year from 2004 through 2014 to derive a total benefit
120
121

Id., Appendix C at v.
Id., Appendix C at viii.

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over this time period of $487 million122 Combined with the $129 million tax credit discussed
above, the total benefit from this program is $616 million.
i. Provision of Airport Revenues with Little or No Corresponding Expenses
On June 1, 2006, the Qatari Civil Aviation Authority (a branch of the government) appointed
Qatar Airways as the manager and operator of Doha International Airport. According to its
FY2007 financial statement (for the year ending March 31, 2007), as a result of this change,
Qatar Airways booked QR 147million ($40 million) in “Other Income” related to Doha
International airport operations123. According to the note in the financial statement, the revenues
were intended to cover management and operations backdated to 1 April 2001. The identifiable
airport revenues, by year, are as follows:
2007
2008
2009
2013
2014

Amount (QR)
QR 50 million
QR 68 million
QR 82 million
QR109 million
QR 121 million

Amount $
$13.7 million
$18.7 million
$22.5 million
$30.0 million
$33.2 million

Source
2008 F/S, Note 31 at 34
2008 F/S, Note 31 at 34
2009 F/S, Note 32 at 34
2014 F/S, Note 6 at 28
2014 F/S, Note 6 at 28

Over these five years, the total management fee revenues received by Qatar from its CAA for
airport operations were $118.1 million for an average of $23.6 million. Between FY 2009 and
2012, it is not possible to determine the airport revenues received by Qatar Airways, as the notes
to the financials laying out these revenue streams are not available. The financials for these

122

Id., at ix.
Qatar Airways 2007 financial statement Note 31, at 26. Note that the QR 147 million reported in Note 31
does not easily reconcile to the detail for the total of QR 231 million in Other Income shown in Note 8 at 16. As
shown in the financials from 2007 through 2009, the amounts seem to be split in the financials into different
categories, including: airport development fee (DIA), car park income (DIA), rental income (DIA), infrastructure
facility income, and management fees. See Exhibit 13.
123

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years, however, do show substantial “Other Income” still being recorded in the profit and loss
statement.
While transferring the airport revenues to Qatar Airways, per se, is not a subsidy, this action
can result in an unfair financial benefit if the full amount of corresponding expenses – both
operating and capital – are not also assumed by the recipient. Based on an analysis of its
financial statements, it appears that Qatar Airways did not assume any additional expenses of
operating and financing Doha International at the time it was assigned the revenue stream. On
the operating cost side, since the revenue is being reported in the income statement under “Other
Income”, then, according to the matching principle in accounting, any costs assumed by Qatar
for DHX management and operations should be reported in a line item labelled “Other
Expenses.” There is no such category of expenses shown in the Qatar Airways financial
statement124. Nor is there any evidence in the financial statement that Qatar Airways assumed
any of the capital costs associated with financing Doha Airport125. For example, if Qatar
Airways had assumed the capital costs for the airport in June 2006, then one would expect a
substantial increase in building, furniture, vehicles and office equipment on the balance sheet and
a corresponding increase in depreciation for those categories. A review of the Property, Plant
and Equipment note to the FY2007 financial statement does not show these increases126.
Moreover, the financials do not show a corresponding increase in general expenses, nor does it

124

Id., at 3
Id.,Note 23 at 22. The note on term loans indicates that almost all of the outstanding debt is to finance
aircraft and spare engines.
126
Id., Note 12 at 18. While the assumption of airport capital expenses would entail a major increase in these
items during the fiscal year, the PPE table for FY2007 shows only minor increases in building and furniture,
vehicles, ground and office equipment.
125

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show a major increase in other operating expenses127. Thus, it appears that Qatar Airways is
receiving the revenues for operating the airport, while incurring very little, if any of the airport
operating and financial expenses.
The ex post assignment of revenues back to 1 April 2001 also calls into question the
commercial validity of this action. Either Qatar Airways was performing these services from
that date and receiving no compensation, or received compensation for services it did not
perform. The former seems highly unlikely. Overall, the sudden appearance of a backdated
revenue stream for managing and operating the airport, with no corresponding increase in
expenses, appears to be a means of providing a government subsidy to Qatar Airways.
i.

Financial Contribution

The excess revenues are a form of grant. Grants are considered a direct transfer of funds
under Article 1.1(a)(1)(i) of the SCM Agreement and section 771(5)(D) (i) of Title VII.
ii.

Benefit

Grants provide a direct benefit to the recipient in the form of the revenues received. In
addition, grants can provide a substantial secondary benefit to the extent that it strengthens the
recipient’s balance sheet and enables the company to raise additional capital from other sources.
iii.

Specificity

There is no evidence that the government’s transfer of airport revenue streams to Qatar
Airways were anything other than a stand-alone benefit provided to a specific enterprise. As
explained in Section IV.c.iii. above, such stand-alone contributions to specific enterprises meet
127

Id., Note 5, at 15. Operating expenses in that year grew only in proportion to operating revenue (which
excluded airport operations). Moreover, there is no new category listed for airport operating costs.

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the specificity requirement. In addition, as noted in Section II above, ample information exists
that the Government of Qatar considered airlines to be a “strategic” industry, and therefore
targeted companies within this industry for substantial support. Benefits that are limited to
industries that are deemed “strategic” meet the condition of specificity under U.S. countervailing
duty law.
iv.

Quantification of the Benefit

Pursuant to Title VII, the U.S. Department of Commerce quantifies the benefit of grants at
their face value. To value the total benefit between 2004 and 2013, we relied on the available
disclosures in the financials. In 2007, Qatar Airways appears to have received a one-time
payment of QR 97 million ($26.6 million) in 2006/7 to cover the period 1 April 2001 through
March 31 2006128. The average payment for years 2007 through 2009 and 2013 to 2014 was
$23.6 million. Because we lack detailed notes to the financials for years 2008 through 2013, we
used the average revenue the years for which detailed financials are available. Therefore, the
total benefit is as follows:
One-time payment in 2007

:

$26.6 million

Payments for 2007 through 2014:

$23.6 million x 8 years =

$188.8 million

Total benefit, 2007 through 2014:

$215.4 million

Other Potential Subsidies
j. Provision of Monopoly Right to Distribute Alcohol in Qatar for Less than
Adequate Remuneration

128

QR 147 million (total payment per 2007 financials) minus QR 50 million (2007 payment, per 2008
financials).

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Since the turn of the millennium, the Government of Qatar has granted to its airline the
exclusive rights for the distribution of alcohol. A division of Qatar Airlines, the Qatar
Distribution Company, is the sole license holder for the legal retail sale of alcoholic
beverages in Qatar129. Press reports indicate that alcoholic beverages in Qatar are highly
priced – and thus, given the absence of multiple distribution tiers, extremely profitable to
Qatar Airways130. While Qatar enjoys the excess rents from the monopoly granted by the
government, there is no evidence that it pays any fee for this right. Thus, this right is a
potentially actionable subsidy that takes the form of the provision of a service (alcohol
distribution rights) for less than adequate remuneration – a benefit that is multiplied by the
government by the bestowal of monopoly rights.
The available evidence does not allow for the calculation of the precise benefit from this
program. However, in the years between 2007 and 2009, the Qatar Airways financial
statements disclosed total revenues from the sales of “Duty Free and Beverages” totaling
over $500 million131. Assuming a profit rate of 20%, this program could have provided
Qatar Airways with a benefit over those three years alone of an additional $100 million.
k. Debt Forgiveness in the Form of Write-offs of Long Term Liabilities
In the years in which it filed complete financial statements, Qatar Airlines reported in “Other
Income” in its annual profit and loss statements write-offs of long-standing liabilities that were
no longer “required.” Between 2006 and 2013, the amount written off totaled $35 million132.

129
130
131
132

See: http://www.qatarairways.com/us/en/group-companies.page (last visited 14 Jan 2015).
See: http://www.qatarvisitor.com/residents/buying-alcohol (last visited 14 Jan 2015).
See calculations in Exhibit 13.
Id.

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Because the detail on “Other Income” is not broken out in prior and subsequent year financials, it
is not possible to assess the total amount written off in the past ten years.
The financials do not contain any additional information on what these write-offs are or the
identity of the beneficiary of the liabilities. However, the description suggests that some entity
was withdrawing its claim as the beneficiary of long-term liabilities held by Qatar Airways.
Long-term liabilities typically are loans or other forms of capital. To the extent that these writeoffs were of liabilities for which the government was the creditor, then these would amount to
debt forgiveness and constitute additional countervailable subsidies.
l. Purchases of Goods and Services for Less than Adequate Remuneration
Qatar Airways financial statements indicate that the company may be purchasing goods and
services from other government-owned or controlled suppliers. One indication that Qatar
Airways may be receiving government support through its business transactions involving
suppliers is an entry in its 2014 financials of QR 981 million ($270 million) labelled “Liquidated
and compensation claims from suppliers133”. An income inflow from suppliers of this magnitude
is unusual, and could indicate material rebates or discounts on purchases of goods or services.
However, since we lack information on the the terms and conditions on which Qatar Airways
obtained these goods and services, we have not been able to quantify these benefits.

133

See Qatar Airways 2014 financial statement, Note 6 at 28.

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m. Qatar Airways Future Capital Commitments
In its 2014 financial statement, Qatar Airways discloses total capital commitments of $39.6
billion134. As of mid-2014, Qatar Airways had 155 widebody aircraft on order with options or
letter of intent of another 127, with list prices totaling $84.2 billion135. While Qatar Airways is
not paying list prices, the above numbers demonstrate the magnitude of the capital commitments.
Given its thin capitalization and the long history of reliance of government loans and guarantees
to meet its capital needs, it is difficult to see how Qatar Airways will be able to realize its
expansion plans without future government subsidies.

134
135

Id., Note 30 at 46.(QR 144,019,368,000 converted at QR 3.64 to the dollar).
See Exhibit 11.

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VI.

Emirates Airline

Emirates was founded in 1985 by the Dubai government. In 2008, the government
transferred its shares in Emirates to the state-owned Investment Corporation of Dubai (“ICD”).
Thus, in one form or another, Emirates has been wholly owned by the government since its
inception.
The Government of Dubai has long considered air transport to be a priority sector for
Dubai’s overall economy. Dubai’s state industrial policy is reflected by his Highness Sheikh
Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler
of Dubai, in his introductory message in the 2014 Emirates annual report:
The aviation sector is a strategic pillar for the UAE economy without which tourism
and trade cannot flourish, and the Emirates Group plays a vital role in this eco-system136.
In a recent bond offering statement, Emirates describes its special status:
Notwithstanding that the Group is a separate commercial enterprise operated
independently of the Government of Dubai, its interests are closely aligned with the
interests of the Government of Dubai and it benefits from strong relationships with
regional air transportation regulators, Dubai Airports (which operates and manages
both DIA and AI Maktoum International Airport) and Dubai Aviation City Corporation
(which owns both DIA and AI Maktoum International Airport), which is wholly owned by
the Government of Dubai137.
This 2005 bond offering also stated: "The rapid growth of Emirates in recent years, and
projected growth in future years, is in part attributable to Government policy for the development

136
137

Emirates 2014 annual report at 1.
Emirates Bond offer prospectus issued on 1 February 2013 for notes due in 2025, at 88.

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of Dubai”138. The publicly released strategic plan of Dubai Airports Company echoes this
special status:
In the Middle East, governments' supportive approach to aviation as a key driver of
economic diversification and social development has led to significant investment in long
range aircraft and infrastructure to exploit the Middle East's geocentric location to tap
into emerging markets139.
As set forth below, consistent with these policies favoring its air transport sector, the
Government of Dubai has intervened in capital markets to shield Emirates from major financial
losses, and has provided the airline with substantial support in the form of infrastructure, goods
and services for which Emirates has paid its government less than adequate remuneration.
a. A Note on Sources for Emirates
Of the three major Gulf state long haul carrier included in this study, Emirates is the only one
that has published its financial statements. However, those financial statements provide only a
partial picture of government support provided to Emirates and the air transport sector. Emirates
and airport services provider dnata are part of the so-called “Dubai, Inc.” group of affiliated
companies, and Emirates’ published financial statements suggest that the airline likely receives
subsidies through its dealings with these related parties. According to the IMF, Dubai Inc.
dominates the Dubai economy through the three major holding companies: Dubai Holding
(owned by Dubai's ruler, Sheikh Mohammed bun Rashid AI Maktoum), Dubai World (owned by
the government), and the Investment Corporation of Dubai (also owned by the government).140
Emirates' close relationship with the Government of Dubai and Dubai Inc. is exemplified by the

138
139
140

Id.
"Connecting the world today and tomorrow: Strategic Plan 2020," Dubai Airports Company, at 19..
IMF, United Arab Emirates: 2009 Article IV Consultation - Staff Report; Public, at 39.

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multiple directorships held by Emirates chairman Sheikh Ahmed Bin Saeed AI Maktoum
("Sheikh Ahmed"), uncle to the ruler of Dubai, in both government and government-owned
companies. Besides Emirates, Sheikh Ahmed serves as chief executive for the following entities
that have oversight or provide goods or services to the flagship airline of Dubai141:
dnata: Air service provider, including cargo, ground handling and catering
Dubai Airports: owner and operator of Dubai International (DXB) and Dubai World
Central (DWC)
Emirates National Bank of Dubai (ENBD)
Dubai Aerospace Enterprise/DAE Capital: aircraft leasing and aircraft maintenance and
repair
Dubai Civil Aviation Authority: oversees civil aviation in Dubai.
Sheikh Ahmed also serves on the board of the Emirates’ parent, ICD, and a number of
government councils, including the Economic Development Committee (Chairman), Dubai
Executive Council (Second Vice Chairman), Dubai Supreme Fiscal Committee (Chairman).142
Emirates’ financial statements disclose that Emirates purchases significant amounts of goods
and services from related parties143. However, there is no statement in the note on related party
transactions that these purchases of goods and services are provided upon arm’s length terms;
such statements are typical when clarifying that related party transactions are at arm’s length.

141

See, e.g., The Emirates Group, His Highness Sheikh Ahmed bin Saeed Al Maktoum, available at:
http://www.theemiratesgroup.com/english/our-company/leadership/hh-sheikh-ahmed-bin-saeed-al-maktoum.aspx
(last visited 15 Jan 2015).
142
143

Id.
See, e.g., Emirates 2014 annual report at 103.

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The amounts of goods and services that Emirates purchases from each affiliated entity are also
not disclosed, making even an estimate of the magnitude of these potential subsidies impossible.
Another important source of information for Emirates are public bond offerings to raise
funds for Dubai airport expansion. These offerings provide insight into the revenues and costs
associated with operating the government’s two airports.
b. Assumption of Jet Fuel Hedging Contracts (Debt Forgiveness)
In 2009, Emirates’ financial viability was threatened by massive losses from complicated
hedging contracts it had entered into to protect itself from volatility in jet fuel prices. Although
the information about the event is incomplete, Emirates’ financial statements indicate that the
Government of Dubai granted a multi-billion dollar subsidy to the airline by stepping in and
shielding its airline from these massive losses.
Oil prices were extraordinarily volatile in the 2008-09 time period, hitting a record high of
$147 per barrel in July 2008, with analysts predicting that prices might ultimately exceed $200.
But the analysts were wrong, and airlines that had hedged against these anticipated increases
took enormous losses when prices sharply declined instead, falling below $40 by February 2009.
Air France and KLM, for example, reported fuel hedging losses of €1.35 billion in their 2008-09
and 2009-10 financials144.
When Emirates’ fiscal year began on April 1, 2008, it held fuel price contracts with a
notional value of $4.13 billion – an enormous position, higher even than its $3 billion fuel costs
144

Air France-KLM 2008-09 Annual Report (English) version at 60 (fuel hedging losses equals 78% of the
total €911 million in financial costs= €711 million) and Air France-KLM 2009-10 annual report at 56 (€637 million
in pre-2009 fuel hedging losses booked 2009/10 fiscal year).

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for the previous year.145 According to the financial statements, the contracts leveraged the risk to
Emirates in the case of oil price declines.146 Thus, like other airlines, Emirates should have
reported massive losses when prices subsequently crashed.147 And indeed, according to one
published account, the counterparties to the contracts made a $4 billion margin call – a demand
for additional cash from the airline to cover its heding losses. 148 At the time, Emirates did not
have $4 billion in cash and would have had to declare bankruptcy or restructure, as it would have
been in violation of its other debt covenants.149
Instead, Emirates novated (i.e., transferred) its fuel hedging contracts to its parent, the
Investment Corporation of Dubai (ICD).150 Although the description of the transaction in the
financial statements is extraordinarily vague (among other matters, they do not explain exactly
when, how or why the novation took place), it is clear that the airline had already lost $428
million by the time the ICD stepped in to take over the contracts and shield Emirates from any
further losses151. It is also clear that the value of the company’s outstanding fuel hedging

145

See Emirates 2009 annual report at 61 (fuel costs of AED 14,443 million, converted at AED 3.6725 to the
dollar) and 103 (fuel price contracts notional principal amounts outstanding as of the end of FY 2008 of AED
15,180,000 thousand, converted at AED 3.6725 to the dollar).
146
Id. at 108.
147
At a 65 percent loss rate, Emirates would have incurred a loss of $2.7 billion. See Section VI.b.iv. below.
148
Kate Kelly, The Secret Club that Runs the World, at 80 (2014). Kelly reports that Emirates was using
exotic forms of hedging instruments that effectively protected the company from unanticipated changes in jet fuel
prices as long as prices stayed within a fairly broad – but fixed – band. That strategy backfired spectacularly in
2008-09.
149
Emirates 2009 annual report at 73. As of the end of March 31, 2009, Etihad had $1.24 billion in cash
(4,549,439 AED converted at 3.6725 AED to the dollar). Emirates’ substantial leasing and other commercial bank
borrowing undoubtedly included covenants requiring the company to have positive levels of cash on hand.
150
Emirates 2009 annual report, Note 34, at 103 (stating that “[d]uring the year, the majority of Emirates fuel
hedging contracts have been novated to the parent company”).
151
See Emirates 2009 annual report at 72 (other gains and losses of AED 1,572,361,000 or $428 million), and
Note 7 at 86.(identifying fuel costs derivatives as the source of the other gains and losses).

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contracts plunged from $4.13 billion at the start of the fiscal year to just US$1.5 million at the
end of the year152.

The financial statements also disclose that the ICD provided $1.6 billion in letters of credit to
Emirates during the fiscal year.153 Although the financial statements fail to explain the purpose
of the letters of credit, it is likely that the ICD provided them to help satisfy the $4 billion margin
call discussed above. As noted above, given its limited cash on hand, Emirates could not have
made the payment itself without calling into question its ability to continue as a going concern.
The ICD’s takeover of Emirates’ obligation under the hedging contracts and the provision of
the letter of credit eliminated Emirates’ need to deposit substantial cash with the counterparty to
cover its potential losses, and also shielded the airline from further losses as the hedging
contracts expired. Neither Emirates nor the Government of Dubai has released any information
152

Id., Note 32 at 103 (FYE 2009 fuel price contracts notional value of AED 5,600 thousand, converted at
AED 3.6725 to the dollar)
153
Id. at 105 (Note 34, Related party transactions, item (vi))(AED 5,887,819 thousand converted at AED
3.6725 to the dollar). The statements disclose another $250 million in letters of credit in the following fiscal year.
Emirates 2010 financial statement at 84 (Note 36, Related party transactions, AED 918 million converted at AED
3.6725 to the dollar).

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on these transactions, including the reasons for the novation, the impact on Emirates if the
novation had not taken place, the total cost that the Government incurred as a result of the
novation or the full benefit to Emirates.
i.

Financial Contribution

By agreeing to the novation of the hedging contracts, the Government of Dubai assumed the
obligations that Emirates owed to its counterparty. Thus, this action is a form of debt
forgiveness, i.e., a government assumption of a companies’ cash payment obligation.
Government debt forgiveness is considered a direct transfer of funds under Article 1.1(a)(1)(i) of
the SCM Agreement and section 771(5)(D) (i) of Title VII.
ii.

Benefit

The assumption of the hedging contracts conferred several benefits on Emirates. First, the
novation apparently eliminated the immediate need for the posting of a cash deposit for the
counter-party’s benefit, reportedly in the neighborhood of $4 billion. Second, the transfer of the
obligation meant that the government ultimately absorbed the losses associated with the hedging
contracts, as the contracts came due. To the extent that the losses exceeded the amount
deposited, this represents an additional benefit. Finally, the novation had substantial
implications for Emirates’ financial well-being. By assuming this obligation, the government
eliminated the need for Emirates to post a major financial loss at the end of its fiscal year. Such
a loss would have entailed additional capital costs to Emirates, as it would have been in violation
of covenants in its borrowing and leasing contracts. Without government assumption, the airline

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could have faced calls by financial institutions for repayment, leading possibly to bankruptcy, or
at a minimum costly debt restructuring.
iii.

Specificity

There is no evidence that the government’s assumption of Emirates’ hedging contract
obligations was anything other than a stand-alone policy decision with respect to a specific
enterprise. As explained in Section IV.c.iii. above, such stand-alone contributions to specific
enterprises meet the specificity requirement. In addition, as noted in Section II above, ample
information exists that the Government of Dubai considered airlines to be a “strategic” industry,
and therefore targeted companies within this industry for substantial support. Benefits that are
limited to industries that are deemed “strategic” meet the condition of specificity under U.S.
countervailing duty law.
iv.

Quantification of the Benefit

As noted in Section VI.b.iii. above, the benefit is equal to the value of the obligation at the
time of the assumption by the government. Because none of the parties involved in this
transaction has disclosed the value of the obligation, we have estimated the subsidy by applying
to the total value of Emirates’ hedging position on March 31, 2008 the average loss on hedging
contracts incurred by other airlines during this period that can be calculated from publicly
available financial statements, less the fuel hedging losses reported in the 2009 Emirates annual
reports154. Using this method, we calculate a benefit of $2.4 billion155. This estimate is slightly

154

A number of airlines hedged fuel jet purchases in 2008-09, and incurred substantial losses when prices
dropped in 2009. A few U.S. airlines, including Delta, United, and American, disclosed sufficient detail in their
financial statements to calculate the losses as a percentage of their hedging positions.

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less than the $2.8 billion midpoint between the $1.6 billion letter of credit provided to Emirates
and the $4 billion margin call discussed above.
c. Provision of Airport Terminals for Less than Adequate Remuneration
The Government of Dubai’s goal of growing Emirates into a “mega” international long haul
carrier connecting passengers travelling to and from Europe, Asia, and North America through
the Middle East necessitates huge investments in airport capacity, far beyond levels needed to
serve direct travel to and from the UAE. Since the mid-1980s, the Government of Dubai has
invested multiple billions of dollars in runways, taxiways, terminals, and other air transport
infrastructure, initially at Dubai International (DXB), and more recently, at the recently opened
Dubai World Central (DWC). The accompanying Compass Lexecon report, Gulf Airport
Subsidies, describes in detail some of the subsidies bestowed by the Dubai government on Dubai
through the mechanism of artificially low airport user fees156.
i.

Financial Contribution

The conventional method of financing airports is to set user charges (principally landing fees
and commercial lease rates for gates, lounges, concessions and other retail establishments) at
levels sufficient to generate enough revenue to cover both airport operating and capital costs.
Indeed, regulations in the U.S. and the EU require that airports generally charge user fees that are
sufficient to cover costs, partially so as not to unfairly compete with each other157. Thus, a

155

The calculations are shown in Exhibit 17. We have not reduced subsidies received by Emirates by their
dividend payments; as such payments are not recognized as offsets to subsidies under international trade law. See
Preamble to the Commerce Department Regulations on Valuing Subsidies, 63 FR 65348, at 65372 and 65374-5
(November 25, 1998)
156
See Exhibit 9.
157
See Kasper at 7-8 and 16.

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financial contribution is bestowed by a government if it sets user fees at such low levels that they
generate a shortfall between total revenues collected and total airport costs158. The government’s
partial assumption of this operational cost is a financial contribution because it is a provision of
goods and services for less than adequate remuneration within the meaning of Article
1.1(a)(1)(iii) of the SCM Agreement and section 771(5)(D) (iii) of Title VII.
ii.

Benefit

As noted above, an airline receives a benefit when it avails itself of dedicated (i.e., not
general) infrastructure provided by the government without paying adequate remuneration in
exchange for such use.
iii.

Specificity

While government provision of general infrastructure does not bestow an actionable subsidy,
this form of support can give arise to an unfair benefit if the infrastructure is limited to an
industry, or disproportionately benefits a specific enterprise or enterprises159. However, for this
analysis, we have not considered potential benefits from common airport infrastructure
(runways, taxiways, towers, etc.), which likely are disproportionally received by Emirates (and
thus potentially an actionable subsidy), but have focused this analysis only on Terminal 3 and
158

Under U.S. international trade law, a “cost to the government” standard can be used to measure the benefit
from sales of goods and services for less than adequate remuneration if there is no commercial benchmark. See
Preamble to the Commerce Department Regulations on Valuing Subsidies, 63 FR 65348, at 65378 (November 25,
1998): “Where the government is the sole provider of a good or service, and there are no world market prices
available or accessible to the purchaser, we will assess whether the government price was set in accordance with
market principles through an analysis of such factors as the government’s price setting philosophy, costs (including
rates of return sufficient to ensure future operations), or possible price discrimination.”
159
One example of such a benefit that was found to be actionable under U.S. countervailing duty law was the
government reimbursement to lumber companies to cover the cost of road building. See Softwood Lumber Subsidies
Report to the Congress, U.S. Department of Commerce (June 2014), at 13-14, available at:
http://enforcement.trade.gov/sla2008/reports/Softwood-Lumber-Subsidies-Report-2014-06-16.pdf (last visited 15
Jan 2015).

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Concourse 2, as well as Concourse A, of DXB160. These terminal facilities are used almost
exclusively by Emirates. Because the benefits effectively is limited to one enterprise,
considered to be in an industry designated by the government as strategic, as explained in
Section IV.c.iii. above, the specificity requirement is met.
iv.

Quantification of the Benefit

Dubai Airport’s Terminal 3 (and the attached Concourse 2), the largest terminal in the world,
opened in 2008 at a cost of $4.5 billion. Concourse A (specially designed for Emirates’ A380s),
a part of Terminal 3, was completed in 2013 at a cost of $3.2 billion. In total, the Government of
Dubai has spent $7.8 billion for terminal facilities that are for Emirates’ near-exclusive use161.
In 2004, the Government of Dubai issued trust certificates for the principal purpose of raising
funds for the construction of Terminal 3. The 2004 prospectus describing the trust certificates
stated that the revenues from the airport had not been sufficient to recover the capital costs
incurred to build and update the airport162. Thus, the statement provides compelling evidence
that these terminals represent a subsidy to Emirates, equal to its share of the difference between
the total operating and financing costs for these facilities and the total revenues received by the
airport authority from all sources.
As mentioned, the total cost to the government for providing these Emirates specific facilities
are equal to the total operating costs plus the total costs to finance their construction. To
estimate the cost of financing these two airport expansions, Compass Lexecon used the stipulated

160
161
162

Kasper. at 20.
Id.
Id., at 15.

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“profit rate” of 6.45 percent, as set forth in the Government of Dubai prospectus for 10 year
Sukuk medium term $650 million fixed rate certificates (an offering that was used to finance
airport construction)163 as a measure of the financial interest rate that the market would have
required for this financing. The term was set at 20 years, an estimate of the average useful life of
a terminal164. Using these parameters, Compass Lexecon calculated an average annual
financings cost (interest plus principal) of $705 million165.
To estimate the revenue surplus over operational costs generated by user fees, Compass
Lexecon relied on the annual revenue and expense reported by the Dubai Department of Civil
Aviation for the period 2006 through 2013. The average annual surplus of revenues over
expenses during that time period was $102 million166. In other words, on average, each year,
fees and leases generated $102 million in revenues over operational expenses that would have
been available for paying the airport capital expenses. Because the Government of Dubai had
other capital expenses besides those related to Terminal 3, Compass Lexecon conservatively
allocated three quarters of the amount as an offset to the cost of financing the Emirates-specific
terminal facilities. The total terminal subsidy for 2013, therefore, would be $705 million minus
$121 million, or $584 million167.
However, since low airport user fees can also benefit non-aeronautical users (e.g., retailers,
restaurants, concessions, etc.) that lease space, a portion of the benefit should be allocated to the
non-aeronautical terminal users. To estimate the potential benefit flowing to the non-airlines
163
164
165
166
167

Id., at 22. A “profit rate” in Sukuk financing is equivalent to an interest rate in conventional financing.
Id.
Id., at 23.
Id., at 23-25.
Id., at 26.

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businesses, Compass Lexecon relied on the average proportion of non-airline business revenue to
total airport revenue for twenty-one large airports, which is around 50 percent168. In other words,
Compass Lexecon assumed that any subsidy from lower fees equally benefited all airport
terminal users.
In sum, for 2013, 50 percent of $584 million is $292 million, which is the estimate of the
annual subsidy received by Emirates in the form of airport terminal user fees for less than
adequate remuneration169. The benefit was estimated by Compass Lexecon to be $1.392
billion170.
d. Exemption from Indirect Airport Taxes
Dubai World Airport charges a passenger fee (including a security fee), established by
government decree, of $21.78 per local departing passenger171. However, connecting passengers
are exempt from all passenger fees172. The exemption applies even if the passengers leave the
airport premises and return within 24 hours173.
In many airports outside the U.S., fees are set lower for connecting passengers compared to
departing passengers174. However, outside the UAE and Qatar, a complete exemption from fees
for connecting passengers (where there are fees for other passengers)is highly unusual175. Even
if connecting passengers are not making full use of arrival or departure facilities, they

168
169
170
171
172
173
174
175

Id., at 26-7.
Id., at 28.
Id., Appendix B at v.
Id., at 28-9.
Id.
Id. at 29 (footnote 49).
Id., at 28-29.
Id. at 9.

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nevertheless use airport facilities and services, including runways and terminals, security, control
tower and baggage handling, as well as requiring the airport to operate larger terminal facilities,
including passenger holding areas176. Thus, connecting passenger fees are an important source
of revenues used by airport authorities throughout the world to pay for facilities and services.
i.

Financial Contribution

Because the exemption is established by government decree, it represents a direct financial
contribution from the government to the beneficiary airlines in the form of a foregoing of a tax
revenue that is otherwise due, under Article 1.1.(a)(1)(ii) of the SCM Agreement and section
771(5)(D) (ii) of Title VII.
ii.

Benefit

Since airlines are responsible for paying the passenger fees, an airline will receive a benefit
in the form of lower tax payments to the government.
iii.

Specificity

Although all airlines using DXB to connect passengers benefit from this fee exemption, the
exemption is de facto specific to Emirates because Emirates accounts for approximately 91
percent of all connecting passengers at DXB177. In addition, as noted in Section II above, ample
information exists that the Government of Dubai considered airlines to be a “strategic” industry,
and therefore targeted companies within this industry for substantial support. Benefits that are
limited to industries that are deemed “strategic” meet the condition of specificity under U.S.
countervailing duty law.
176
177

Id. at 29-30.
Id., at 30.

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iv.

Quantification of the Benefit

To estimate the benefit, based on other airport fee levels, Compass Lexecon conservatively
assumed that a reasonable rate for a connecting passenger would be 50 percent of the departing
passenger fee178. Using this as the non-subsidized connecting passenger fee benchmark,
Compass Lexecon applied this amount to its estimate of the total number of Emirates connecting
passengers at DXB in 2013 to derive an annual benefit of $248 million179. To avoid double
counting, Compass Lexecon calculated the impact of the imputed additional passenger fees on
the estimate of total Terminal User Fee benefits calculated in Section VI. c. above. The offset is
equal to $103 million, giving an annual net benefit from this program of $145 million180. The
estimate for this program for the period 2004 to 2014 is estimated by Compass Lexecon as $871
million.181

e. Purchases of Goods and Services for Less than Adequate Remuneration
As noted above, for many years, Emirates’ annual reports have stated that the company
purchases goods and services from government-owned or controlled suppliers182. Among the
probable related suppliers are dnata (cargo, ground handling and catering), DAE Capital (aircraft
leasing ), Dubai Airports (landing and facilities leasing), Dubai Aerospace Enterprise (aircraft
maintenance and repair). The identities of the affiliated suppliers, however, are not disclosed in
Emirates’ financials. Collectively, for FY 2014, Emirates’ reported related party purchases
178
179
180
181
182

Id., at 32.
Id.
Id., at 33.
Id., Appendix B at v.
See, e.g., Emirates 2014 annual report, Note 37, at 103.

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totaled AED 8,066 million, or over 10 percent of its total reported operating costs of AED
78,376 million183. The identities of the specific affiliated companies and what the goods and
services they supply, however, are not identified in the notes to the financials.
As the following excerpt from Emirates’ FY 2014 financial statements demonstrates,
Emirates does not assert that it transacts with its related parties on arm’s length terms:

Emirates’ failure to make such an assertion is significant, as international accounting
standards state that a company should not do so unless it can substantiate that it transacts at

183

Id., and at Note 7, at 79.

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arm’s length.184 Given the financial statements’ silence on this point, it is reasonable to assume
that Emirates does not transact with its related parties on arm’s length terms.
i.

Financial Contribution

A financial contribution is bestowed by a government if it sets its prices for goods and
services for less than market prices. The government’s provision of goods and services for less
than adequate remuneration within the meaning of Article 1.1(a)(1)(iii) of the SCM Agreement
and section 771(5)(D) (iii) of Title VII.
The market price standard is analogous to the arm’s length standard in accounting. The
Emirates’ annual reports lack the standard disclosure on related party purchases indicating that
these transactions are at arm’s length.185 While, under IFRS, Emirates technically may not be
required to make such a pronouncement for transactions with government-owned or controlled
entities, the fact is that many companies do so, in order to provide potential investors with
assurance that financials are not being inflated by non-arm’s length transactions.186 If Emirates’
absence of an arm’s length statement is based on government ownership of suppliers, then it is in
violation of IFRS’ even more stringent rules for disclosing information related to such

184

IAS 24, ¶23. In addition, International Standards on Auditing (ISA) 550 (Related Parties) ¶24 notes that if
management has made an assertion in the financial statements to the effect that a related party transaction was
conducted on terms equivalent to those prevailing in an arm’s length transaction, the auditor shall obtain sufficient
appropriate audit evidence about the assertion. In the case of Emirates, its financial statements do not make such an
assertion, so the auditors would not be required to evaluate such an assertion in the course of their audit.
185
See, e.g., Emirates 2014 annual report, Note 37, at 103.
186
For example, Etihad, which prepares its financial statements in compliance with IFRS, have some form of
arm’s length pronouncement related to purchases from government owned entities. See Etihad 2013 financial
statement, Note 22(a) at 46-7.

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transactions.187 Thus, the absence of an affirmative arm’s length statement or any other
supplementary information on related party transactions implies that purchases are not at arm’s
length prices.
ii.

Benefit

As noted above, an airline receives a benefit when it purchases goods or services from
government-owned or controlled entities at below-market prices.

iii.

Specificity

There is no evidence that the government’s provision of airline support goods and services
were anything other than stand-alone decisions with respect to a specific enterprise. As
explained in Section IV.c.iii. above, such stand-alone contributions meet the specificity
requirement. In addition, as noted in Section II above, ample information exists that the
Government of Dubai considered airlines to be a “strategic” industry, and therefore targeted
companies within this industry for substantial support. Benefits that are limited to industries that
are deemed “strategic” meet the condition of specificity under U.S. countervailing duty law.
iv.

Quantification of the Benefit

Because Emirates does not disclose the identity of its related party suppliers or the specific
goods and services purchased, it is not possible to calculate the precise amount of the benefit.
One way of establishing the benefit magnitude is to estimate the percentage below market prices

187

IFRS 24 requires, among other things, that in the case the related party is government owned, the name of
each government related entity be disclosed, along with the nature and amount of each individually significant
transaction.

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Emirates pays to related party suppliers, and apply that percentage to all related party purchases.
To calculate the percentage discount, we used the following information.

In its 2008 annual

report, Emirates reported other income of AED 553.8 million ($151million) as well as AED
720.4 million ($196 million) related to gains on the sale and leaseback of aircraft and the sale of
purchase rights to certain aircraft188. Elsewhere in the financials are listed transactions for “Sale
of assets,” and “Sale of purchase rights in assets,” respectively, to unnamed company or
companies under common control189. In that year, DAE Capital, an affiliated leasing company,
announced that it had concluded the following two transactions with Emirates: 1) the purchase
and leaseback of eight A330-200 aircraft190; and 2) the rights to purchase 18 freighter aircraft (10
Boeing 747-8F and eight 777F)191. Connecting the dots, it appears that $350 million in other
income in that year was generated entirely from generous payments received by Emirates from
companies under government control. These transactions improved Emirates cash flow and
financial performance at the expense of other government-controlled entities.
The $151 million gain reported by Emirates is simply a reduction in its aircraft expenses.
These expenses were absorbed by a related party. We divided this gain by the total estimated
value of the eight aircraft at issue to arrive at a 16.7 percent discount rate. We applied this
discount rate to the total of related party purchases for the past ten years to arrive at a subsidy
total of $1.9 billion. These calculations are shown in Exhibit 18.

188

Emirates 2008 annual report, Note 5 at 84.
Id.,Note 33, at 103.
190
http://www.daecapital.com/en/aboutus/key-milestone.html (last visited 15 Jan 2015).
191
http://uk.reuters.com/article/2008/07/16/airshow-boeing-freighters-idUKL1675332120080716 (last visited
15 Jan 2015.)
189

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We believe that these estimates are conservative in that all purchases from related parties
may not be disclosed in the Emirates financials. For example the related party purchase total for
the Emirates 2014 financials of AED 8,066 million ($2.2 billion) may exclude jet fuel purchases
from affiliates. Elsewhere in its financials, Emirates reports AED 30,685 million in total jet fuel
purchases for FY 2014, a figure that dwarfs total reported related party purchases192. Since
virtually all of its flights either originate or terminate in DHX, the lion’s share of Emirates’ fuel
purchases must be made in Dubai. The Emirates National Oil Company (ENOC), owned by
Emirates parent, the ICD, is a significant supplier of jet fuel in Dubai. In bond offerings in 2013,
Emirates listed ENOC as among its fuel suppliers193. Moreover, an ENOC press release from
2008 states that “ENOC is the largest supplier of jet fuel to Emirates in Dubai”194. To the extent
that Emirates may be purchasing substantial portions of its fuel from its sister company (directly
or indirectly), it does not appear to be reporting such transactions under the related party
disclosure note.
f. Emirates’ and Dubai’s Future Capital Commitments
Emirates’ 2014 annual report indicates that the airline is committed to capital investments
totaling AED 277 billion ($75 billion), principally for aircraft195. This amount is up from AED
151 billion ($41 billion) at the end of its fiscal year 2013. Emirates has placed orders for 292
wide body aircraft and options for another 70, with list prices totaling $136.2 billion196. As these

192
193
194
195
196

Emirates 2014 annual report, Note 7, at 79
Emirates Bond Prospectus, U.S. $750,000,000, 4.5 percent. Notes due 2025, dated February 1, 2013, at 80.
http//:www.enocaviation.com/enoc_aviation/News.aspx (last visited August 1, 2013) .
Emirates 2014 annual report, Note 31, at 98.
See Exhibit 11.

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aircraft are delivered, competition in the Middle East long haul market will increase, as Etihad
and Qatar add to their wide body fleets and chase the same customers.
In addition, the Government of Dubai has made major commitments to expand airport
facilities so that Emirates can operate these additional aircraft. As recently as September 8,
2014, the government announced a major expansion program, costing $32 billion, to raise
capacity at the newly opened Dubai World Central (DWC) to 120 million passengers by 2022197.
Eventually, DWC will be able to handle 100 A380s simultaneously and have the capacity to
serve 120 million passengers annually198. Emirates is scheduled to transfer all of its operations
to the new airport.
Thus, the conditions for continuing, and perhaps even increasing need for government
support are recognizable.

197

gulfnew.com, $32b Dubai World Central development will take airport to 120m passenger capacity,
September 8, 2014, available at http://gulfnews.com/business/aviation/32b-dubai-world-central-developmentwill-take-airport-to-120m-passenger-capacity-1.1382441 (last visited 15 Jan 2015).
198

Id.

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List of Exhibits
1. Etihad Financial Data and Ratio Calculations
2. Additional Etihad Losses If Investments In Partners Were Reported
3. Comparable Airline Financial Data and Ratio Calculations
4. UAE and Qatar Industry Financial Data and Ratio Calculations
5. Retained Earnings of Start-up Airlines
6. Etihad Shareholder Loan Benefit Calculations
7. UAE Commercial Borrowing Rates and Weighted Average Loan Terms
8. Present Value of Etihad Interest Free Shareholder Loans
9. Gulf Airport Subsidies, by Daniel M. Kasper, Compass Lexecon
10. Etihad Related Party Purchases
11. Orders, Options and Letters of Intent To Purchase Gulf Carriers
12. Qatar Airways Financial Data and Ratio Calculations
13. Qatar Airways Summary of Financial Statements
14. Qatar Airways Shareholder Loan Benefit Calculations
15. Qatar Commercial Borrowing Rates
16. Qatar Airways Loan Guarantee Benefit Calculations
17. Emirates Calculation of Benefits from Government Assumption of Fuel Hedging
Losses

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18. Emirates Estimate of Benefit from Purchases of Goods and Services at LTAR
Calculations
19. Benefit From Restrictive Labor Practices
20. Emirates’ Income Tax Exemption Calculation

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Appendix 1: Gulf Airlines’ Financial Benefits from Restrictive Labor Practices

Under U.S. trade law, denying workers the right of association or the right to organize and
bargain collectively is "unreasonable" conduct that can provide a basis for the imposition of trade
sanctions199. All three Gulf airlines that are the subject of this report benefit from restrictive
labor practices. Emirates and Etihad benefit from such unreasonable conduct, as trade unions are
illegal in the UAE200. In Qatar, trade unions are effectively illegal in its transportation sector201.
Effective bans on unions are partially responsible for the Gulf carriers' extremely low labor
costs and provide them with a substantial, government-conferred advantage. An in-depth
empirical analysis by Stephen B. Jarrell and T. D. Stanley demonstrated that the mid-point of the
gap between union and non-union wages was 10.65 percent. Thus, for purposes of this study, we
have assumed that the three Gulf airlines’ labor costs are 10.65 percent lower than they would
be, absent the laws prohibiting unions.

199

19 U.S.C. § 24ll(d)(3)(B)(iii)(I)-(II). The United States recently initiated a trade action against Bahrain for
limitations the government placed on freedom of association in 2011; by contrast, the UAE and Qatar do not allow
unions at all.
200
U.S. Department of State, 2012 Human Rights Report for the United Arab Emirates, at 30.
201
U.S. Department of State, 2013 Human Rights Report for Qatar, at 21.

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Using the three airlines’ annual labor costs over the past 10 years, as reported in their annual
reports, we estimate the potential cost savings as follows:

Etihad

$255 million

Qatar Airways

$984 million

Emirates

$1,878 million

Total:

$3,108 million

The calculations are shown in Exhibit 19.

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Appendix 2: Value of Emirates’ Income Tax Exemption
For the past ten fiscal years, Emirates has reported positive net income. However, income
earned in its home country of Dubai is exempt from corporate income taxes. Under Dubai’s
corporate tax regime, tax rates are calculated on a sliding scale up to a maximum of 55%202.
Based on Emirates’ reported pre-tax earnings, the Government’s decision not to enforce the law
with respect to Emirates saved the airline somewhere between $190 million and $511 million in
fiscal year 2013-2014 alone. Total benefits to Emirates over the past ten years could be as high
as $4.6 billion over the past 10 years.203 Calculations of this potential tax benefit are shown in
Exhibit 20.

202

Taxation in the United Arab Emirates, Galadari and Associates, available at
http://www.galadarilaw.com/uploads/brochures/172113_Tax.pdf (last visited 15 Jan 2015).
203
As shown in Exhibit 20, this figure nets out taxed paid in other jurisdictions.

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Appendix 3: Government Capital Contributions Treated as Equity Infusions
Up through fiscal year 2008, Qatar Airways reported annual shareholder cash injections as
long term loans. Thus, for purposes of this report, we have treated these cash injections using
subsidy methodologies that are consistent with how the contributions are classified for financial
reporting purposes. In its 2009 financial statements, Qatar Airways moved new shareholder
advances out of the long term liabilities segment of the balance sheet and into the equity
segment. However, up through 2013, the new contributions were not classified as shareholder
capital, but as “reserves.” These new contributions were not accompanied by the issuance of new
shares. In its 2014 financial statement, Qatar Airways changed its reporting practices once
again, transferring the 2009-2014 shareholder advances to equity and issuing new shares.
Because the capital contributions made by the Qatari government between 2009 through
2014 fall appear to fall somewhere between forgiven debt and equity, we present this alternative
analysis of this potential subsidy, treating them as equity infusions. As set forth below, we find
that these contributions constitute actionable subsidies, if treated as as equity infusions. The
magnitude of the subsidy is the face value of the contributions – equivalent to the subsidy value
if they were treated as forgiven debt or grants.

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i.

Background on Equity Infusions

Equity infusions are included among the types of financial contributions that can constitute
subsidies under the SCM Agreement and the U.S. countervailing duty law.204 Article 14(a) of
the SCM Agreement lays out the standard for determining whether or not a government equity
infusion confers a benefit:
[G]overnment provision of equity capital shall not be considered as conferring a benefit,
unless the investment decision can be regarded as inconsistent with the usual investment
practice (including for the provision of risk capital) of private investors in the territory of
that Member.
Mirror language for identifying actionable equity infusions appears in the U.S. implementing
regulations for Title VII205.
In cases such as this, where there is no private commercial investor benchmark, then under
WTO and U.S. subsidy rules the investigating authority determines if the company was
“equityworthy,” i.e., whether a private investor examining the firm at the time of the equity
infusion would have concluded that the firm was likely to generate a reasonable rate of return
within a reasonable period of time206. Under international trade law, the private investor
standard is that of a potential investor who must decide among the alternative investment choices
in that country if the investment at issue is reasonable. In making this determination,
investigating authorities place principal emphasis on the recent financial performance of the
company as derived from its recent financial statements. They also consider other factors, such
as market projections, strengths and weaknesses of competitors in the industry, relative riskiness
of the industry in question, and general supply and demand conditions within the market
204
205
206

§ 771(5)(D)(i).
19 CFR §351.507(a)(1).
19 CFR §351.507(a)(4).

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segment207. If, after considering all of these factors, an investigating authority concludes that a
reasonable private investor would not have made the equity infusion, the company is deemed
“unequityworthy.” In such cases, the magnitude of the subsidy is deemed to be equal to the cash
value of the equity infusions208. In essence, the equity infusions are treated as grants.
ii.

Financial Contribution

Equity infusions are specifically listed as one of the “direct transfers of funds” that constitute
financial contributions under Article 1.1(a)(1)(i) of the SCM Agreement and Section
771(5)(D)(i) of Title VII.
iii.

Benefit

Where the government is the sole shareholder and where a reasonable private investor would
not have made the investment, equity infusions provide a direct benefit to the recipient in the
amount of total equity (cash) received (see Section V.a. of this Appendix, below, for an
assessment of the direct benefit received by Qatar Airways). In addition, equity infusions can
provide a substantial secondary benefit to the recipient in that they strengthen the company’s
balance sheet, thus enabling the company to raise additional capital from other private sources on
better terms than it otherwise would have been able to obtain.
iv.

Specificity

There is no evidence that the government’s equity infusions into Qatar Airways were
anything other than stand-alone financial contributions to a particular enterprise. That is, the
equity infusions were not made under a general law available to a broad group of industries in
207
208

19 CFR §351.507(a)(4)(A).
19 CFR §351.507(a)(6).

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Qatar. In international trade subsidies law, such stand-alone contributions by their very nature
are considered to meet the specificity requirement, as the number of users of the program is
limited to certain enterprises209. Under U.S. countervailing duty law, for example if a benefit is
found to be bestowed on a limited number of users, the Commerce Department finds that it
meets the specificity criteria, and no further analysis of the range of distribution of benefits under
the program is required210.
In addition, as noted in the body of this report, ample information exists that the Government
of Qatar considered airlines to be a “strategic” industry, and therefore targeted companies within
this industry for substantial support. Benefits that are limited to industries that are deemed
“strategic” meet the condition of specificity under U.S. countervailing duty law211.

209

See, Article 2.1(a) of the SCM Agreement, which states: “Where the granting authority, or the legislation
pursuant to which the granting authority operates, explicitly limits access to a subsidy to certain enterprises, such
subsidy shall be specific.”
210
19 CFR §351.502(a). See also, Preamble to the U.S. Department of Commerce Countervailing Duties;
Final Rule, 63 FR 65348, 65355-6 (November 25, 1998).
211
See, e.g., See, e.g., Issues and Decision Memorandum for the Final Determination in the Countervailing
Duty Investigation of Dynamic Random Access Memory Semiconductors from the Republic of Korea
(June 23, 2013) at 13; available at: http://enforcement.trade.gov/frn/summary/korea-south/03-15793-1.pdf (last
visited 14 Jan 2015).

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v.

Quantification of the Benefit

As the following table illustrates, between 2009 and 2014, the Qatari government provided
capital contributions totaling $6.2399 billion. As explained below, the entire amount conferred a
benefit on Qatar Airways, and thus constitutes subsidies.
Year
2009
2010
2011
2012
2013
2014
2009-2014 Total

Amount (Million US$)
1,735.2
1,226.3
1,193.8
811.1
279.9
993.6
6,239.9

Source
2009 F/S at 6
2010 F/S at 5
2011 F/S at 5
2012 F/S at 5
2013 F/S at 5
2014 F/S at 5

To assess the equityworthiness of the infusions committed in this time period, we are able to
rely on the traditional prior three year analysis of financial ratios. As shown in Exhibit 12, and
as summarized below, virtually all of Qatar’s financial ratios were extremely poor, and
dramatically so during the three year periods preceding 2009 through 2014, when the
Government of Qatar committed the bulk of the second phase equity infusions:
Summary of Qatar Airways Financial Ratios

Negative or Marginally Positive Net Income: In each year from 2006 to 2014.
Moreover, the company reported losses in each year back to its inception in 1995.

Negative or Marginally Positive Returns on Equity: Other than one year (2005)
which is a statistical anomaly, Qatar Airways reported negative or only marginally
positive returns on equity in every year since its inception. The transfer of
shareholder loans to equity, while improving Qatar Airways’ creditworthiness, had a
major negative impact on its equityworthiness, as it diluted its return on equity ratio.
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Negative or Marginally Positive Working Capital: And thus negative or extremely
low working capital to total asset and sales to working capital ratios.

Extremely Poor Current and Quick Ratios: From 2007 to 2014, these ratios were
well below the standard 2.0 benchmark.

Consistent Accumulated Losses: By 2006, Qatar Airways had amassed accumulated
losses of $271 million. Accumulated earnings remained negative through 2014,
notwithstanding massive amounts of annual revenues reported as “other income” in
the Qatar Airways financial statement.

These poor financial ratios by themselves provide substantial evidence that the Government
of Qatari’s capital infusions were not commercially sound investments that could expected to
earn an acceptable rate of return within a reasonable period of time.
As shown in Exhibit 12, the bulk of the improvement in Qatar Airway’s ratios was a mirage
generated largely by the reclassification starting in 2009 of shareholder loans from the long-term
liability to equity sections of the balance sheet (discussed in more detail below). This accounting
reclassification allowed Qatar Airways to show non-negative equity and, thus, slightly positive
debt to equity and equity to total assets ratio beginning in 2009.
Over this same time period, for Qatari businesses, as shown in Exhibit 4, the average return
on equity over this time period was in the double digits. Between 2004 and 2013, the median
return was 14.3 percent. As another point of comparison, as shown in Exhibit 3 the median
return on equity for similar airlines was over 5 percent, with the mean return on equity exceeding
10 percent if one excludes the global financial crisis year of 2008. Given the disparity in returns
between Qatar Airways and other Qatari firms, as well as its poor performance compared to
other airlines, it is reasonable to conclude that a private investor with multiple options for
investing its capital in the Qatar would not have invested in the airline.

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In assessing the commercial soundness of the equity commitments, we have also considered
certain forward-looking factors, as a private investor would have done at the time of each
additional commitment. One factor that a private investor would have considered in assessing a
possible equity investment into Qatar Airways was the recent past general performance of
airlines industry. Airlines traditionally have been risky investment choices. In the first half of
the 2000s, the financial condition of the global airlines industry was especially poor. The
industry was saddled with substantial excess capacity and experienced occasional
bankruptcies212. The woeful state of the world’s airline industry in this time period would not
have been a factor favoring a commitment of a stream of substantial start-up capital extended
over many years.
However, even in a declining market, there can be successful start-ups that identify a niche
that is not being served, or a business model that is superior to those on offer from existing
suppliers. In the first decade of the 21st century, private investors considering an investment into
a start-up Middle Eastern long haul carrier would have taken into account the fact that Qatar
Airways was pursuing a niche business model (a Middle East-based international carrier focused
on long haul routes using wide body aircraft) already being pursued by two other major statebacked entities – Emirates and Etihad. Emirates is based less than 400 kilometers from Qatari’s
home airport while Etihad’s home base in less than 320 kilometers away. At the time these
capital contributions were made, both Emirates and Qatar Airways already had substantial
212

See, e.g., Pricewaterhousecoopers, Aviation finance: Fasten your seatbelts, January 2013, at 14, available
at http://www.pwc.com/gx/en/aerospace-defence-and-security/publications/aviation-finance-fasten-yourseatbelts.jhtml (last visited 14 Jan 2015). From a position of modest profitability in 2000, the global commercial
airline industry swung to losses in excess of 5 billion from 2001 through 2004. Global industry losses continued
through 2005.

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existing or planned capacity. While this niche strategy may have appeared to be financially
viable for the first, or the most efficient party, a private investor would have understood that the
market was too narrow to support multiple parties and certainly would be hostile to an
unsubsidized start-up. As “second to the party,” Qatar Airways undoubtedly would have had an
especially difficult time persuading private investors to inject equity.
Another major factor supporting the conclusion that Qatar Airways was not equityworthy is
an analysis of the tolerance of private investors for losses in start-up airlines. Most start-up
airlines during this period began to report positive retained earnings, or at least positive net
income, after a few years of operations. For example, contemporaneous start-up airlines JetBlue
and Vueling achieved positive net income in their second and fifth years of operations,
respectively213. Air Asia X took more time to reach this critical financial threshold – 10 years214.
By contrast, as shown in Exhibit 12, Qatar Airways had substantial negative retained earnings
for many years prior to the contributions in questions, failing to produce any significant net
income in any year to offset these losses accumulated over the prior years. Given the inherent
riskiness of the market, private investors would not have tolerated such losses indefinitely. The
experience of other failed airlines in this period, including Kingfisher and Air India (both of
which were pursuing a somewhat similar business model of offering premium service), are
telling215.

213

See Exhibit 5. JetBlue commenced operations in 2000, had its first positive net income in 2001, and
positive retained earnings by 2002. Vueling commenced operations in 2004, and had positive net income in each
year from 2008 through 2013; and positive retained earnings by 2012.
214
Id.
215
Kingfisher operated from 2003 through 2013. http://en.wikipedia.org/wiki/Kingfisher_Airlines. (last
visited 14 Jan 2015). AirIndia is still operational, although clearly had substantial difficulties in 2007-2011, with
positive EBITDA beginning in 2013.

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Other salient factors in our equityworthiness analysis include:
3)

No private investors purchased Qatar Airways equity during that time period.
Further, Qatar Airways received no non-guaranteed long-term term loans from
commercial sources between 2004 and 2012216.

4)

Absent the explicit guarantees of government financial support, Qatar Airways
would not have been classified by its auditors to be a “going concern”.

For all of the reasons cited above, we find that Qatar Airways was unequityworthy from 2009
onwards. Accordingly, the Government of Qatar’s equity infusions during that time period
conferred benefits on the company, and thus constituted subsidies.
To calculate the benefit from these equity infusions, we treated the cash payments as grants
received in the year of receipt, which is the U.S. Department of Commerce’s method pursuant to
Title VII for calculating the benefit of equity infusion to an unequityworthy company for which
no private investor benchmark is available217. Thus, if these cash contributions are treated as
equity, the total actionable equity infusions received by Qatar Airways to date is $6.2 billion.

216

As set forth in Section V.f. above, it appears that all of Qatar’s term loans were guaranteed, either explicitly
or implicitly, by the Qatari government.
217
19 CFR §351.507(a)(2)-(6).

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Exhibit 1

EXHIBIT 1
Etihad Financial Data and Ratio Calculations
Financial Ratios, 2004 - 2013

Current Ratio
Quick Ratio
Debt to Equity Ratio
Working Capital to Total Assets
Sales to Working Capital
Total Sales to Total Assets
Equity to Total Assets
Times Interest Earned
Return on Equity

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

0.43
0.38
negative
-0.12
-1.24
0.15
negative
negative
negative

0.46
0.43
negative
-0.17
-1.20
0.20
negative
negative
negative

0.35
0.34
negative
-0.32
-0.90
0.29
negative
negative
negative

1.81
1.79
negative
0.16
2.02
0.32
negative
negative
negative

1.11
1.09
negative
0.03
16.20
0.43
negative
negative
negative

0.61
0.60
negative
-0.10
-4.09
0.39
negative
negative
negative

0.78
0.77
0.85
-0.05
-9.16
0.43
0.42
negative
negative

1.08
1.06
0.83
0.01
35.09
0.47
0.46
0.34
negative

1.28
1.26
0.69
0.05
8.46
0.42
0.49
0.39
negative

1.18
1.17
0.53
0.03
10.36
0.36
0.53
negative
negative

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

86,247
(107,949)
(426)
(108,375)

291,114
(217,731)
(2,989)
(220,720)

784,604
(640,051)
(70,652)
(699,403)

1,525,846
(552,728)
(118,889)
(638,339)

2,453,533
(519,540)
(140,580)
(610,890)

2,274,585
(821,710)
(136,302)
(925,225)

2,972,290
(324,013)
(142,693)
(462,014)

3,827,043
47,515
(139,285)
(82,676)

4,304,000
57,000
(146,000)
(67,000)

4,933,000
(546,000)
(169,000)
(684,000)

Financial Data, 2004-2013
thousand US$
Income statement
Revenue
EBIT
Interest expense
Net income1
Balance sheet
Current Assets
Inventories
Total Assets
Current Liabililites
Total Debt
Total Equity, book value
Total Accumulated Losses
Cash Flow statement
Operating Cash Flow

51,676
5,119
594,373

209,182
13,588
1,453,064

471,441
14,967
2,735,359

1,684,409
19,040
4,781,609

1,503,703
25,104
5,650,807

866,658
19,757
5,833,981

1,178,796
21,931
6,850,878

1,440,308
23,416
8,093,063

2,350,000
36,000
10,229,000

3,067,000
43,000
13,666,000

121,428
491,316
(53,927)
(108,375)

452,064
1,114,190
(146,015)
(329,095)

1,342,286
2,207,496
(845,388)
(1,028,431)

930,718
4,009,490
(158,599)
(1,666,770)

1,352,257
4,815,077
(516,527)
(2,280,684)

1,423,310
5,316,466
(905,795)
(3,247,428)

1,503,366
2,455,181
2,892,331
(3,841,661)

1,331,234
3,066,381
3,695,448
(3,827,938)

1,841,000
3,412,000
4,976,000
(3,788,000)

2,591,000
3,852,000
7,223,000
(4,487,000)

(13,584)

(220,431)

(389,263)

(92,745)

(122,168)

(434,152)

(282,653)

(51,000)

(329,000)

330,050

Source: Etihad Annual Financial Statements, 2005 - 2013, original statement
1

2013 Net Income and Total Accumulated Losses excludes $724 million gain from the disposal of Etihad Guest, and is inclusive of "comprehensive income" items for 2010-2013

EXHIBIT 1 (cont.)
Etihad Financials in AED
Income statement
Revenue
EBIT
Interest expense
Net income

2004

2005

316,806
(396,523)
(1,566)
(398,089)

1,069,335
(799,780)
(10,979)
(810,759)

Balance sheet
Current Assets
Inventories
Total Assets

189,820
18,805
2,183,280

768,377
49,912
5,337,467

Current Liabililites
Total Debt
Total Equity BV
Total Accumlated Losses

446,035
1,804,728
(198,089)
(398,089)

1,660,545
4,092,699
(536,348)
(1,208,848)

(49,896)

(809,699)

3.67

3.67

Operating Cash Flow

AED per USD

Exhibit 2

Exhibit 2
Additional 2013 Losses If Etihad Airways Partnership Airlines Were Reported

Partner

Partnership
Inception

Net Income

Source

2013
Exchange
Rate

Net Income
(USD)
Attributable to
Etihad

Etihad's
Ownership^

Etihad's
Income (USD)

Air Berlin

Dec 2011

Euro

-315,512,000

2013 F/S at 119

0.783

-402,952,746

29.21%

Virgin Australia

Jun 2012

A$

-98,100,000

2013 F/S at 76

1.078

-91,001,855

12.85%

1

Aer Lingus

May 2012

Euro

34,088,000

2013 F/S at 79

0.783

43,535,121

2.99%

2

Jet Airways

Nov 2013

Rp

-15,142,800,000

60.9360

-27,611,483

24.00%

(6,626,756)

Total:

(134,722,597)

Q3 FY 2014

(117,702,497)
(11,693,738)
1,300,394

Note: Etihad also has a 40% ownership interest in Air Seychelles. However, we were unable to obtain copies of Air Seychelles financial statements
^ Ownership for Air Berlin and Jet Airways, Eithad 2013 F/S at 36.
1

http://gulfbusiness.com/2013/10/etihad-raises-virgin-australia-stake-to-19-9-per-cent/#.VCnSmPldWoo. This article also indicates that Etihad's
ownership stake was 10.5% prior to October 2013.
2

Aer Lingus 2012 F/S at 5.

Exhibit 3

EXHIBIT 3
Comparable Airline Industry Financial Ratios, 2004 ‐ 2013
Period Averages

Median
Current Ratio
Quick Ratio
Debt to Equity Ratio
Total Sales to Total Assets
Equity to Total Assets
Times Interest Earned
Return on Equity
Mean
Current Ratio
Quick Ratio
Debt to Equity Ratio
Total Sales to Total Assets
Equity to Total Assets
Times Interest Earned
Return on Equity

2004

2005

2006

2007

2008

2009

2010

0.7583
0.5329
2.5259
0.7114
0.2836
2.4785
0.1122

0.9163
0.4800
2.1747
0.7226
0.3150
0.9775
0.0352

0.7152
0.3625
2.7761
0.6903
0.2648
1.0005
0.0170

0.6308
0.3770
2.1876
0.6656
0.3137
0.8901
0.0877

0.5581
0.2955
4.8833
0.6272
0.1605
0.5109
(0.3841)

0.4872
0.2256
4.3383
0.5559
0.1844
1.0408
0.0414

0.5132
0.4309
2.8009
0.7427
0.2631
3.5082
0.3041

0.8116
0.5886
4.4639
0.8495
0.2892
2.4936
0.3267

0.8485
0.6052
3.0437
0.8563
0.3096
1.4973
(0.0915)

0.8235
0.6097
3.3450
0.8905
0.3063
2.1001
0.0586

0.7827
0.5516
3.4529
0.8373
0.2907
1.0457
0.0746

0.5258
0.3423
4.2819
0.7636
0.1098
0.5109
(0.9189)

0.5989
0.4204
7.8407
0.6723
0.1554
1.4018
0.0309

0.7108
0.5252
8.2473
0.8253
0.2522
4.0068
0.2733

2011

2012

2013

0.4387
0.3372
2.8573
0.7655
0.2593
2.0567
0.0504

0.4515
0.3320
2.0005
0.7656
0.2994
2.3112
0.0976

0.5635
0.4034
1.9397
0.7546
0.3402
2.1658
0.0652

0.6902
0.5225
16.6752
0.8563
0.2360
2.5317
(0.0596)

0.6187
0.4555
2.7723
0.8804
0.2343
2.1529
0.2621

0.6610
0.4987
2.2277
0.7685
0.3327
2.1453
0.0526

'04‐'07

'04‐'09*

'04‐'13*

0.7367
0.4285
2.3568
0.7009
0.2987
0.9890
0.0614

0.6730
0.3697
2.6510
0.6779
0.2742
0.9890
0.0383

0.5608
0.3697
2.6510
0.7170
0.2742
1.5488
0.0578

0.8165
0.5888
3.5764
0.8584
0.2989
1.7842
0.0921

0.7318
0.5196
4.4047
0.8116
0.2435
1.5082
0.0799

0.7072
0.5120
5.6351
0.8200
0.2516
1.9886
0.1031

Source: The control group of similar airlines included those that had in excess of 15 wide body aircraft sometime after 1980 and usable publicly available data from Capital IQ.  In addition to airlines meeting this 
criteria we added JetBlue, which was a contemporaneous start‐up operation with a substantial fleet and route structure.  The airlines included Asiana, AirChina, ChinaEastern, ChinaSouthern, EVA, JetAirways, 
JetBlue, TAM and USAirways
* Note:  2008 data excluded from ROE averages due to global financial crisis year.

EXHIBIT 3 (Cont.)
Asiana
Current Ratio
Quick Ratio
Debt to Equity Ratio
Total Sales to Total Assets
Equity to Total Assets
Times Interest Earned
Return on Equity
AirChina
Current Ratio
Quick Ratio
Debt to Equity Ratio
Total Sales to Total Assets
Equity to Total Assets
Times Interest Earned
Return on Equity
ChinaEastern
Current Ratio
Quick Ratio
Debt to Equity Ratio
Total Sales to Total Assets
Equity to Total Assets
Times Interest Earned
Return on Equity
ChinaSouthern
Current Ratio
Quick Ratio
Debt to Equity Ratio
Total Sales to Total Assets
Equity to Total Assets
Times Interest Earned
Return on Equity

12 months 12 months
Dec-31-2004 Dec-31-2005

0.6021
0.2962
2.5574
0.7728
0.2811
1.6971
0.3657

0.6683
0.3769
2.1379
0.8336
0.3187
0.9775
0.0352

12 months 12 months
Dec-31-2004 Dec-31-2005

0.7014
0.5329
1.8850
0.5447
0.3466
2.4585
0.1935

0.3202
0.2416
1.5432
0.5444
0.3932
1.1861
0.1248

12 months 12 months
Dec-31-2004 Dec-31-2005

0.4345
0.3641
4.0355
0.5095
0.1986
1.5779
0.1122

0.2980
0.2219
6.0851
0.5300
0.1411
0.2115
0.0146

12 months 12 months
Dec-31-2004 Dec-31-2005

0.2781
0.2138
2.5315
0.4734
0.2832
1.3155
0.0113

0.2180
0.1648
3.7529
0.5725
0.2104
NM
(0.1429)

12 months
12 months 12 months
12 months
Dec-31-2006 Dec-31-2007 Dec-31-2008 Dec-31-2009

0.6045
0.3403
2.1170
0.9088
0.3208
1.2133
0.1308

0.5620
0.3770
2.0811
0.8964
0.3246
1.5213
0.0924

0.3414
0.4041
0.1918
0.2256
5.2306
5.1795
0.8486
0.6722
0.1605
0.1618
NM
NM
(0.2549)
(0.3620)

12 months
12 months 12 months
12 months
Dec-31-2006 Dec-31-2007 Dec-31-2008 Dec-31-2009

0.4124
0.3241
1.1799
0.5704
0.4587
0.5230
0.1241

0.3656
0.2647
1.3692
0.5650
0.4221
1.0611
0.1303

0.2438
0.1412
2.6137
0.5514
0.2767
NM
(0.3658)

0.2299
0.1611
2.6591
0.4928
0.2733
4.5791
0.2163

12 months
12 months 12 months
12 months
Dec-31-2006 Dec-31-2007 Dec-31-2008 Dec-31-2009

0.2666
0.1521
11.5044
0.6322
0.0800
NM
(0.6643)

0.2742
0.1462
12.8312
0.6656
0.0723
0.0752
0.0690

0.1931
0.1933
0.1141
0.1184
NM
26.7633
0.5892
0.5559
(0.2909)
0.0360
NM
1.0408
NM
NM

12 months
12 months 12 months
12 months
Dec-31-2006 Dec-31-2007 Dec-31-2008 Dec-31-2009

0.1720
0.1231
4.0622
0.6289
0.1975
0.1507
0.0170

0.2063
0.1640
3.3821
0.6920
0.2282
0.6975
0.1539

0.2226
0.1769
5.7543
0.6700
0.1481
NM
(0.4024)

0.2535
0.1880
4.4220
0.6165
0.1844
0.9065
0.0463

12 months
Dec-31-2010

0.3786
0.2573
3.5532
0.8849
0.2196
3.6459
0.2451
12 months
Dec-31-2010

0.4386
0.3759
2.0889
0.6159
0.3237
8.5697
0.3777
12 months
Dec-31-2010

0.3077
0.1896
3.4999
0.8501
0.2222
3.5082
0.5795
12 months
Dec-31-2010

0.4906
0.4309
1.8413
0.7427
0.3520
5.1439
0.2951

12 months 12 months 12 months
Dec-31-2011 Dec-31-2012 Dec-31-2013

0.3782
0.2706
3.4636
0.9359
0.2240
1.9304
(0.0313)

0.5248
0.3510
3.2479
0.9951
0.2354
1.1119
0.0670

0.7159
0.5562
4.1771
0.8739
0.1932
NM
(0.1202)

12 months 12 months 12 months
Dec-31-2011 Dec-31-2012 Dec-31-2013

0.3808
0.3372
1.8582
0.5791
0.3499
3.7800
0.1575

0.3781
0.3130
1.9545
0.5549
0.3385
3.4551
0.0980

0.3684
0.3013
1.9397
0.5030
0.3402
1.5331
0.0652

12 months 12 months 12 months
Dec-31-2011 Dec-31-2012 Dec-31-2013

0.3159
0.2178
2.8573
0.7655
0.2593
3.2497
0.2386

0.2607
0.1819
2.7650
0.7292
0.2656
2.4914
0.1211

0.2376
0.1640
2.8093
0.6784
0.2625
NM
0.0917

12 months 12 months 12 months
Dec-31-2011 Dec-31-2012 Dec-31-2013

0.4387
0.3077
1.6852
0.7510
0.3724
4.4911
0.1789

0.3445
0.2939
1.8614
0.7321
0.3495
3.6940
0.0976

0.4180
0.3351
2.1912
0.6380
0.3134
0.1563
0.0648

EXHIBIT 3 (Cont.)
EVA
Current Ratio
Quick Ratio
Debt to Equity Ratio
Total Sales to Total Assets
Equity to Total Assets
Times Interest Earned
Return on Equity
JetAirways
Current Ratio
Quick Ratio
Debt to Equity Ratio
Total Sales to Total Assets
Equity to Total Assets
Times Interest Earned
Return on Equity
JetBlue
Current Ratio
Quick Ratio
Debt to Equity Ratio
Total Sales to Total Assets
Equity to Total Assets
Times Interest Earned
Return on Equity
TAM
Current Ratio
Quick Ratio
Debt to Equity Ratio
Total Sales to Total Assets
Equity to Total Assets
Times Interest Earned
Return on Equity

12 months 12 months
Dec-31-2004 Dec-31-2005

0.7583
0.4301
1.2821
0.7114
0.4382
2.4985
0.0798

0.9163
0.4800
1.3808
0.7226
0.4200
0.8701
0.0371

12 months 12 months
Mar-31-2005 Mar-31-2006

1.4715
1.0628
1.5066
0.7966
0.3989
2.9844
0.3080

1.7474
1.0874
2.1747
0.7426
0.3150
2.2203
0.2095

12 months 12 months
Dec-31-2004 Dec-31-2005

1.0598
1.0030
2.0429
0.5080
0.3286
2.5321
0.0665

0.9393
0.8550
2.5532
0.5086
0.2814
0.5934
(0.0240)

12 months 12 months
Dec-31-2004 Dec-31-2005

1.0582
0.8159
2.5259
1.8150
0.2836
4.8849
2.8991

1.5664
1.2932
0.7179
2.0488
0.5821
4.4220
0.3918

12 months
12 months 12 months
12 months
Dec-31-2006 Dec-31-2007 Dec-31-2008 Dec-31-2009

1.0148
0.5984
1.5721
0.6903
0.3888

0.9770
0.6230
0.8193
0.5981
0.3347
0.4876
1.8596
3.2863
2.9160
0.6467
0.6272
0.5219
0.3497
0.2333
0.2554
NM
NM
NM
NM
(0.0307)
(0.0330) (0.4383)
(0.0808)
12 months
12 months 12 months
12 months
Mar-31-2007 Mar-31-2008 Mar-31-2009 Mar-31-2010

0.7152
0.3625
2.7761
0.7211
0.2648
NM
0.0123

0.6308
0.5581
0.3587
0.2955
2.8907
4.8833
0.6347
0.5686
0.2570
0.1700
NM
NM
(0.2014) (0.2506)

0.4872
0.2193
4.2545
0.5081
0.1903
0.0906
(0.1238)

12 months
12 months 12 months
12 months
Dec-31-2006 Dec-31-2007 Dec-31-2008 Dec-31-2009

1.0855
0.9087
2.9832
0.5410
0.2511
0.7877
(0.0011)

0.8885
0.7373
2.9421
0.5444
0.2537
0.8901
0.0181

0.8899
0.6078
2.5020
0.5831
0.2856
0.5109
(0.0662)

1.3157
1.0411
2.1468
0.5227
0.3178
1.4632
0.0414

12 months
12 months 12 months
12 months
Dec-31-2006 Dec-31-2007 Dec-31-2008 Dec-31-2009

1.9035
1.6627
0.8150
1.7324
0.5510
7.9429
0.5031

1.8276
1.3197
1.5325
1.3920
0.3949
0.7597
0.0877

0.8662
0.7763
5.7032
0.8458
0.1492
NM
(0.8405)

0.8518
0.7746
14.3844
0.7344
0.0650
1.1533
0.4792

12 months
Dec-31-2010

1.0884
0.7154
2.1052
0.7164
0.3220
7.7047
0.3131
12 months
Mar-31-2011

12 months 12 months 12 months
Dec-31-2011 Dec-31-2012 Dec-31-2013

1.2618
0.8046
2.0336
0.7328
0.3296
1.3865
0.0175

1.3115
0.9339
2.0005
0.7990
0.3333
1.7211
0.0253

1.1905
0.9411
1.8983
0.8056
0.3450
2.1658
0.0321

12 months 12 months
Mar-31-2012 Mar-31-2013

0.5132
0.3431
0.3616
0.2032
0.2030
0.2405
4.1216
101.6392 NM
0.6537
0.8131
0.9686
0.1953
0.0097
(0.1879)
0.6174 NM
0.0153
(0.0256)
(1.6443) NM
12 months
Dec-31-2010

1.2535
0.9622
1.8337
0.5751
0.3529
2.0511
0.0606
12 months
Dec-31-2010

0.9022
0.8279
2.8009
0.8294
0.2631
2.4344
0.3412

12 months 12 months 12 months
Dec-31-2011 Dec-31-2012 Dec-31-2013

1.1530
0.9398
1.7849
0.6593
0.3591
1.8506
0.0504

0.6841
0.5205
1.5101
0.7046
0.3984
2.1310
0.0702

0.5635
0.4034
1.2127
0.7546
0.4519
2.8311
0.0835

12 months 12 months 12 months
Dec-31-2011 Dec-31-2012 Dec-31-2013

0.9753
0.9023
4.3146
0.8537
0.1882
2.1829
(0.1101)

EXHIBIT 3 (Cont.)
USAirways
Current Ratio
Quick Ratio
Debt to Equity Ratio
Total Sales to Total Assets
Equity to Total Assets
Times Interest Earned
Return on Equity

12 months 12 months
Dec-31-2004 Dec-31-2005

0.9402
0.9624
0.5786
0.7258
21.8083
7.0476
1.5141
1.2032
0.0438
0.1243
NM
NM
(1.0961) (1.4693)

12 months
12 months 12 months
12 months
Dec-31-2006 Dec-31-2007 Dec-31-2008 Dec-31-2009

1.2367
1.0151
3.0948
1.5897
0.2442
1.9831
0.4360

1.3120
0.9988
2.1876
1.4985
0.3137
2.3150
0.3545

12 months
Dec-31-2010

0.7943
0.8358
1.0243
0.4425
0.5679
0.7641
NM
NM
52.3810
1.5888
1.4260
1.5594
(0.1447)
(0.0851)
0.0187
NM
0.5789
2.3860
(4.7323) NM
NM

12 months 12 months 12 months
Dec-31-2011 Dec-31-2012 Dec-31-2013

0.9649
0.7196
30.4400
1.6163
0.0318
1.3823
0.6068

1.0845
0.8096
6.0671
1.5601
0.1415
2.6035
1.3553

1.1331
0.7897
1.3656
1.1257
0.4227
4.0402
0.1509

Exhibit 4

Exhibit 4

Data Source: McGraw-Hill Companies' S&P Capital IQ
Report Generated On Date: Tue May 06 13:32:58 EDT 2014 ; Data as of FY2012

Note: This report does not replace full in-depth analysis of financial statements. Use data with caution as accuracy depends on vendor data.

Total Debt to Equity ratio
No

Company Name

Country GVKEY

Industry Segment

Sector

Currency

2004

UAE

2005
7.2%

# negative

No

Company Name

Country GVKEY

Industry Segment

Sector

1

AXIUS INC

UAE

179660

Distributors

Consumer Discretionary

USD

2

EMIRATES DRIVING

UAE

284155

Education Services

Consumer Discretionary

USD

3

KINGDOM HOTEL INVESTMENTS

UAE

276929

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

4

ABU DHABI NATIONAL HOTELS

UAE

282983

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

5

NATL CORP FOR TOURISM & HOT

UAE

284158

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

6

AL FIRDOUS HOLDINGS

UAE

287151

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

7

QATAR CINEMA & FILM

Qatar

275063

Movies & Entertainment

Consumer Discretionary

USD

8

DAMAS INTERNATIONAL LTD

UAE

293285

Specialty Stores

Consumer Discretionary

USD

9.3%

2008

2009

2010

2011

2012

Median

2013

25.0%

81.9%

83.4%

81.0%

82.8%

108.9%

49.5%

-

-

-

-

-

-

-

-

-

11.1%

23.0%

18.1%

29.8%

32.0%

35.2%

40.4%

44.8%

30.3%

-

-

-

-

-

-

-

-

-

2004

2007
30.2%

-

Qatar
# negative
Currency

2006
29.3%

2005

2006
13.13%
0.80%

2007
0.00%

2008

10.38%

44.41%

57.9%

30.0%

27.4%

Median

Average

2010

2011

2012

2013

83.72%

0.12%

0.29%

9.27%

4.78%

0.00%

0.00%

0.00%

0.00%

1.64%

111.99%

108.37%

0.00%

0.00%

0.00%

112.14%

111.99%

100.98%

23.35%

0.43%

0.71%

0.32%

16.34%

48.83%

73.90%

44.52%

8.57%

23.23%

53.47%

94.91%

63.61%

69.06%

56.17%

38.72%

26.23%

56.17%

57.45%

0.00%

0.01%

0.06%
0.00%

2009

Average

65.2%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

30.52%

19.29%

7.31%

7.69%

253.63%

1,205.62%

692.71%

134.02%

9

FOODCO HOLDING PJSC

UAE

282986

Food Distributors

Consumer Staples

USD

10

DUBAI REFRESHMENTS

UAE

283433

Food Distributors

Consumer Staples

USD

11

ALMEERA CONSUMER GOODS CO

Qatar

293086

Hypermarkets & Super Cen Consumer Staples

USD

12

AMIRA NATURE FOODS LTD

UAE

14033

Packaged Foods & Meats

Consumer Staples

USD

13

ZAD HOLDING CO

Qatar

274901

Packaged Foods & Meats

Consumer Staples

USD

8.40%

0.18%

1.71%

8.30%

0.00%

0.00%

14

WIDAM FOOD COMPANY QSC

Qatar

274902

Packaged Foods & Meats

Consumer Staples

USD

0.00%

0.00%

0.00%

0.00%

12.33%

16.98%

15

UNITED FOODS CO P.S.C.

UAE

283483

Packaged Foods & Meats

Consumer Staples

USD

92.50%

37.22%

14.20%

8.74%

7.50%

9.19%

473.17%

571.50%

40.40%

69.72%

60.61%

55.21%

101.63%

172.73%

79.24%

60.61%

70.48%

10.15%

0.00%

1.58%

5.38%

1.36%

7.39%

14.64%

5.38%

5.79%

0.00%

0.00%

16.32%

25.87%

0.00%

0.00%

8.44%

55.21%

25.79%

40.50%

40.50%

50.01%

43.67%

32.56%

8.30%

16.09%

25.74%

11.36%

12.86%

11.36%

8.81%

32.99%

5.00%

6.85%

23.60%

31.46%

16

AGTHIA GROUP PJSC

UAE

284156

Packaged Foods & Meats

Consumer Staples

USD

0.01%

2.95%

18.75%

9.11%

11.55%

21.63%

23.82%

16.00%

13.78%

12.98%

17

INTL FISH FARMING CO

UAE

284187

Packaged Foods & Meats

Consumer Staples

USD

0.00%

0.00%

0.05%

0.07%

3.53%

0.00%

19.35%

19.57%

0.06%

5.32%

18

RAS AL KHAIMAH PLTRY & FEED

UAE

284876

Packaged Foods & Meats

Consumer Staples

USD

2.29%

1.53%

0.97%

0.75%

0.99%

4.16%

0.76%

0.99%

1.63%

19

EMIRATES REFRESHMENTS CO

UAE

283375

Soft Drinks

Consumer Staples

USD

4.50%

9.74%

8.98%

14.38%

11.06%

3.43%

9.36%

8.68%

20

GULFA MINERAL WATER

UAE

291230

Soft Drinks

Consumer Staples

USD

5.00%

5.10%

4.90%

1.39%

0.00%

4.90%

3.28%

21

DANA GAS

UAE

282884

Integrated Oil & Gas

Energy

USD

57.44%

69.27%

114.42%

117.00%

49.73%

63.35%

65.39%
23.95%

22

GULF INTL SVCS

Qatar

288907

Oil & Gas Drilling

Energy

USD

23

LAMPRELL

UAE

279384

Oil & Gas Equipment & Ser Energy

USD

24

MARITIME INDL SVCS CO

UAE

284079

Oil & Gas Equipment & Ser Energy

USD

25

POLARCUS LTD

UAE

292880

Oil & Gas Equipment & Ser Energy

USD

26

DRAGON OIL

UAE

201676

Oil & Gas Exploration & ProEnergy

USD

27

EXILLON ENERGY

UAE

293578

Oil & Gas Exploration & ProEnergy

USD

13.73%

1.50%

0.00%

26.51%

88.73%
36.88%

18.82%

20.24%

26.76%

34.87%

6.10%

23.50%

0.00%

0.00%

3.52%

5.29%

0.00%

23.10%

40.06%

20.40%

4.41%

11.55%

32.94%

360.84%

195.46%

27.32%

15.81%

32.94%

126.48%

161.88%

109.54%

282.44%

132.45%

178.64%

161.88%

172.99%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

1.52%

0.47%

6.76%

7.78%

22.46%

21.78%

7.78%

11.85%

0.00%

Exhibit 4

Total Debt to Equity ratio
No

Company Name

Country GVKEY

Industry Segment

Sector

Currency

2004

UAE

2005
7.2%

# negative

Sector

9.3%

2007

2008

2009

2010

2011

2012

Median

2013

30.2%

25.0%

81.9%

83.4%

81.0%

82.8%

108.9%

49.5%

-

-

-

-

-

-

-

-

-

11.1%

23.0%

18.1%

29.8%

32.0%

35.2%

40.4%

44.8%

30.3%

-

-

-

-

-

-

-

-

-

-

Qatar
Industry Segment

2006
29.3%

# negative
Currency

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

0.81%

0.77%

0.55%

0.12%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

98.77%

58.04%

158.93%

186.06%

228.05%

252.58%

279.95%

30.15%

112.50%

115.98%

132.78%

305.45%

206.63%

No

Company Name

Country GVKEY

28

QATAR FUEL

Qatar

258641

Oil & Gas Refining & Marke Energy

USD

29

QATAR GAS TRANSPORT(NAKILAT)

Qatar

274295

Oil & Gas Storage & TranspEnergy

USD

30

GULF NAVIGATION HOLDING

UAE

282951

Oil & Gas Storage & TranspEnergy

USD

31

CRESCENT PETROLEUM CORP

UAE

3597

Unclassified

Energy

USD

120 MEDICARE GROUP

Qatar

274886

Health Care Facilities

Health Care

USD

121 GULF MEDICAL PROJECTS

UAE

284186

Health Care Facilities

Health Care

USD

-

43.46%

83.77%

Average

65.2%

57.9%

30.0%

27.4%

Median

Average

0.00%

0.23%

203.74%

194.90%

183.26%

118.65%

118.65%

146.02%

35.97%

1.09%

5.45%

0.98%

0.00%

0.00%

0.00%

1.09%

18.97%

21.48%

16.99%

22.99%

25.53%

30.68%

47.50%

25.65%

25.53%

27.26%
36.69%

122 NMC HEALTH PLC

UAE

312098

Health Care Facilities

Health Care

USD

50.97%

22.41%

36.69%

123 QATAR GERMAN CO ME

Qatar

258642

Health Care Supplies

Health Care

USD

6.28%

15.38%

45.10%

24.20%

16.66%

25.70%

16.07%

22.01%

24.96%

39.09%

23.10%

23.54%

124 GULF PHARMACEUTICALS

UAE

282886

Pharmaceuticals

Health Care

USD

5.52%

10.83%

16.34%

13.02%

32.46%

23.92%

29.44%

31.45%

24.11%

28.07%

24.02%

21.51%

3.85%

4.93%

23.95%

0.06%

21.65%

116.58%

199.88%

75.10%

22.80%

55.75%

1.85%

1.42%

4.24%

1.08%

0.65%

1.54%

1.33%

3.95%

1.42%

1.81%

7.17%

6.67%

16.27%

17.73%

36.85%

28.56%

47.51%

47.56%

23.14%

26.04%
60.55%

125 ABU DHABI SHIP BUILDING

UAE

284185

Aerospace & Defense

Industrials

USD

126 ARAMEX PJSC

UAE

274887

Air Freight & Logistics

Industrials

USD

127 GULF WAREHOUSING CO

Qatar

274893

Air Freight & Logistics

Industrials

USD

0.19%

128 ABU DHABI AVIATION

UAE

284151

Air Freight & Logistics

Industrials

USD

129 AIR ARABIA PJSC

UAE

285482

Airlines

Industrials

USD

15.16%

130 NATL CNTL COOLING (TABRD)

UAE

274899

Building Products

Industrials

USD

131 RAS AL KHAIMAH CERAMIC CO

UAE

284191

Building Products

Industrials

USD

132 ARAB TECHNICAL CONST.

UAE

274386

Construction & EngineeringIndustrials

USD

133 DRAKE & SKULL INTL

UAE

291718

Construction & EngineeringIndustrials

USD

134 DEPA LTD

UAE

179766

Diversified Support Service Industrials

USD

135 AVEC CORP

UAE

151594

Heavy Electrical Equipment Industrials

USD

136 INDUSTRIES OF QATAR

Qatar

258696

Industrial Conglomerates

Industrials

USD

137 MANNAI CORP. Q.S.C

Qatar

285864

Industrial Conglomerates

Industrials

USD

138 AAMAL HLDG

Qatar

287946

Industrial Conglomerates

Industrials

USD

139 QATAR NAT NAVIGAT

Qatar

258649

Marine

Industrials

USD

6.30%

6.00%

12.41%

8.85%

0.00%

43.42%

46.47%

125.44%

84.96%

63.03%

62.04%

64.25%

40.22%

62.04%

0.00%

0.00%

0.00%

6.02%

36.40%

35.05%

33.35%

6.02%

15.83%

63.87%

411.98%

418.01%

1,082.38%

875.20%

380.08%

186.74%

380.08%

427.01%

327.79%

97.06%
81.54%

101.52%

318.55%

193.38%

104.97%

173.63%

205.49%

72.98%

139.30%

156.51%

0.00%

5.66%

4.01%

42.88%

27.02%

26.70%

18.77%

20.43%

9.94%

18.77%

17.27%

33.19%

33.78%

47.41%

79.91%

33.24%

33.78%

45.50%

31.70%

16.93%

19.57%

25.47%

39.74%

16.16%

22.52%

24.93%

3.07%

346.28%

3.07%

3.07%

8.81%

2.21%

5.13%

4.47%

10.91%

9.56%

9.94%

9.33%

6.86%

1.93%

6.86%

6.70%

10.22%

10.60%

3.74%

1.43%

18.66%

70.45%

48.91%

10.60%

23.43%

5.41%

7.10%

7.77%

10.44%

12.78%

10.02%

8.90%

8.92%

19.78%

21.68%

18.35%

22.43%

35.34%

23.71%

20.73%

19.25%

15.30%

16.32%

15.86%

23.11%

1,716.46%

140 QATAR SHIPPING

Qatar

258663

Marine

Industrials

USD

141 NATL MARINE DREDGING

UAE

284159

Marine Ports & Services

Industrials

USD

142 DP WORLD

UAE

284856

Marine Ports & Services

Industrials

USD

143 QATAR NATIONAL CEMENT

Qatar

254656

Construction Materials

Materials

USD

8.94%

7.73%

3.85%

24.56%

13.92%

6.21%

2.98%

144 UNION CEMENT CO

UAE

274921

Construction Materials

Materials

USD

0.00%

7.95%

1.87%

2.75%

1.16%

0.74%

0.00%

145 GULF CEMENT CO

UAE

275275

Construction Materials

Materials

USD

28.93%

8.50%

4.03%

7.74%

7.33%

2.89%

0.00%

146 NATIONAL CEMENT CO

UAE

278373

Construction Materials

Materials

USD

0.00%

0.00%

0.00%

0.00%

1.80%

19.25%

147 RAS AL KHAIMAH CO FOR WHITE

UAE

282157

Construction Materials

Materials

USD

148 RAS AL KHAIMAH CEMENT CO

UAE

282895

Construction Materials

Materials

USD

149 ABU DHABI NATL CO FOR BLDG

UAE

284080

Construction Materials

Materials

USD

0.70%

0.00%
24.23%

15.30%

10.46%

21.87%

25.02%

20.38%

13.04%

4.65%

0.00%

0.00%

0.00%

0.00%

23.83%

42.54%

2.33%

10.51%

97.79%

75.12%

100.31%

68.96%

87.91%

45.81%

33.19%

75.12%

72.73%

1.56%

0.00%

5.03%

7.04%

11.79%

3.95%

1.87%

3.36%

3.91%

14.23%

7.33%

8.62%

39.42%

28.23%

0.90%

11.09%
7.96%

0.00%

0.53%

0.20%

8.47%

6.40%

9.49%

12.62%

14.54%

27.39%

7.43%

0.19%

0.00%

0.00%

6.79%

1.84%

0.00%

0.00%

1.34%

1.56%

0.19%

1.30%

11.79%

32.38%

24.05%

30.89%

38.59%

54.89%

117.64%

188.92%

60.29%

35.49%

58.37%

150 FUJAIRAH BUILDING INDUSTRIES

UAE

284104

Construction Materials

Materials

USD

7.67%

22.00%

22.41%

33.53%

62.75%

68.17%

105.20%

33.53%

45.96%

151 ARKAN BUILDING MATERIALS

UAE

284154

Construction Materials

Materials

USD

0.00%

4.20%

20.52%

0.00%

57.77%

107.75%

68.66%

20.52%

36.98%

Materials

USD

1.01%

42.68%

35.15%

66.53%

51.76%

36.10%

19.32%

36.10%

36.08%

66.95%

88.14%

101.64%

111.73%

106.18%

96.03%

90.45%

89.30%

66.64%

152 QATARI INV GRP

Qatar

285366

Construction Materials

153 OOREDOO

Qatar

135709

Integrated TelecommunicatTelecommunication Service USD

0.00%

2.41%

154 ETISALAT

UAE

274234

Integrated TelecommunicatTelecommunication Service USD

0.00%

0.00%

155 EMIRATE INTEGRATED TELECOM

UAE

279381

Integrated TelecommunicatTelecommunication Service USD

156 VODAFONE QATAR

Qatar

292438

Wireless Telecommunicatio Telecommunication Service USD

157 QATAR ELECT & WATER

Qatar

258639

Multi-Utilities

Utilities

USD

158 ABU DHABI NATIONAL ENERGY

UAE

279336

Multi-Utilities

Utilities

USD

159 3POWER ENERGY GROUP INC

UAE

187366

Renewable Electricity

Utilities

USD

38.92%

25.41%

2.88%
10.74%

4.33%

4.31%

5.64%

7.44%

9.14%

7.53%

5.79%

5.71%

5.49%

0.00%

0.00%

32.03%

27.00%

31.04%

17.20%

13.62%

13.06%

15.41%

16.74%

5.37%

11.16%

16.40%

15.69%

10.17%

11.16%

11.76%

40.22%

42.34%

74.35%

120.43%

111.45%

99.30%

100.86%

20.49%

58.35%

67.38%

400.52%

314.02%

859.32%

657.69%

686.23%

838.62%

787.98%

628.91%

671.96%

646.66%

0.70%

5.42%

12.63%

5.42%

6.25%

Exhibit 4

Total Sales to Total Assets
2004
Country Averages

2005

2006

2007

2008

2009

2010

2011

2012

2013

Median

Average

UAE

74.5%

58.2%

54.1%

50.2%

56.5%

49.6%

49.7%

48.7%

47.8%

45.0%

50.0%

53.4%

Qatar

29.9%

27.9%

35.6%

43.9%

45.8%

43.4%

43.5%

40.7%

41.5%

42.7%

42.1%

39.5%

No

Company Name

Country GVKEY Industry Segment

Sector

Currency 2004

1

AXIUS INC

UAE

179660 Distributors

Consumer Discretionary

USD

2

EMIRATES DRIVING

UAE

284155 Education Services

Consumer Discretionary

USD

0.32

0.32

0.45

0.52

0.56

3

KINGDOM HOTEL INVESTMENTS

UAE

276929 Hotels, Resorts & Cruise Lines

Consumer Discretionary

USD

0.08

0.07

0.07

0.10

0.15

4

ABU DHABI NATIONAL HOTELS

UAE

282983 Hotels, Resorts & Cruise Lines

Consumer Discretionary

USD

0.49

0.36

0.45

0.39

5

NATL CORP FOR TOURISM & HOT

UAE

284158 Hotels, Resorts & Cruise Lines

Consumer Discretionary

USD

0.34

0.31

0.25

0.21

6

AL FIRDOUS HOLDINGS

UAE

287151 Hotels, Resorts & Cruise Lines

Consumer Discretionary

USD

7

QATAR CINEMA & FILM

Qatar

275063 Movies & Entertainment

Consumer Discretionary

USD

0.20

0.12

8

DAMAS INTERNATIONAL LTD

UAE

293285 Specialty Stores

Consumer Discretionary

USD

1.04

0.94

9

FOODCO HOLDING PJSC

UAE

282986 Food Distributors

Consumer Staples

USD

0.27

10

DUBAI REFRESHMENTS

UAE

283433 Food Distributors

Consumer Staples

USD

1.31

11

ALMEERA CONSUMER GOODS CO

Qatar

293086 Hypermarkets & Super Centers Consumer Staples

USD

n/a

12

AMIRA NATURE FOODS LTD

UAE

14033

Packaged Foods & Meats

Consumer Staples

USD

n/a

13

ZAD HOLDING CO

Qatar

274901 Packaged Foods & Meats

Consumer Staples

USD

0.15

0.06

0.09

0.11

0.56

0.36

14

WIDAM FOOD COMPANY QSC

Qatar

274902 Packaged Foods & Meats

Consumer Staples

USD

0.00

0.23

0.43

0.49

0.50

15

UNITED FOODS CO P.S.C.

UAE

283483 Packaged Foods & Meats

Consumer Staples

USD

2.25

1.86

1.70

1.83

0.54

0.53

0.48

0.58

n/a

n/a

2005

2006

2007

2008

2009

n/a

n/a

n/a

n/a

n/a

2011

2012

2013

n/a

n/a

Median

CAGR

0.42

0.03

0.54

0.42

0.35

0.12

0.13

0.12

0.20

0.20

0.19

0.18

0.19

0.13

0

(14.0%)

0.42

0.40

0.43

0.46

0.49

0.58

0

6.0%

0.14

0.00

0.00

0.01

0.02

0.02

0.19

0.21

0.25

0.17

0.09

0.29

0.70

0.97

0.82

0.80

0.22

0.25

0.20

0.34

0.20

0.22

0.19

0.21

0.14

0

(7.0%)

1.17

1.18

1.23

1.75

1.68

1.60

1.43

1.06

0.81

1

(5.3%)

1.52

1.82

2.13

2.11

1.52

1.44

1.08

2

1.01

1.42

1.27

n/a

0.42

0.15

0.27

n/a

0.58

0.61

0.55

0.55

0.65

1

73.0%

2.85

2.03

1.59

1.92

1.82

1.69

2

(3.2%)

0.67

0.81

0.77

0.75

0.80

0.77

0.77

1

0.46

0.31

0.26

0.53

0.30

0.18

0.22

0

0.11

0.12

0.21

0.17

0.16

0.15

0.08

0.07

0

0.19

0.31

0.32

0.60

0.50

0.58

0.56

0.74

1.06

1

1.20

1.21

0.77

0.74

0.83

0.96

0.89

0.83

0.79

1

0.00

0.06

0.06

0.08

0.11

0.16

0.14

0.13

0

n/a

-

n/a

n/a

n/a

n/a

n/a

n/a

n/a

0.34
n/a

0.10
n/a

0
0.37

n/a

0
0.09

n/a

0

1
0

AGTHIA GROUP PJSC

UAE

284156 Packaged Foods & Meats

Consumer Staples

USD

INTL FISH FARMING CO

UAE

284187 Packaged Foods & Meats

Consumer Staples

USD

18

RAS AL KHAIMAH PLTRY & FEED

UAE

284876 Packaged Foods & Meats

Consumer Staples

USD

n/a

19

EMIRATES REFRESHMENTS CO

UAE

283375 Soft Drinks

Consumer Staples

USD

n/a

20

GULFA MINERAL WATER

UAE

291230 Soft Drinks

Consumer Staples

USD

21

DANA GAS

UAE

282884 Integrated Oil & Gas

Energy

USD

22

GULF INTL SVCS

Qatar

288907 Oil & Gas Drilling

Energy

USD

n/a

0.20

0.18

0.24

0.26

0.30

0.24

0.32

0.35

23

LAMPRELL

UAE

279384 Oil & Gas Equipment & Services Energy

USD

n/a

1.52

1.85

1.28

1.48

1.05

0.84

0.91

0.98

n/a

1

24

MARITIME INDL SVCS CO

UAE

284079 Oil & Gas Equipment & Services Energy

USD

0.99

0.94

1.10

1.22

n/a

1

25

POLARCUS LTD

UAE

292880 Oil & Gas Equipment & Services Energy

USD

n/a

26

DRAGON OIL

UAE

201676 Oil & Gas Exploration & ProductioEnergy

USD

27

EXILLON ENERGY

UAE

293578 Oil & Gas Exploration & ProductioEnergy

USD

28

QATAR FUEL

Qatar

258641 Oil & Gas Refining & Marketing Energy

USD

29

QATAR GAS TRANSPORT(NAKILAT)

Qatar

274295 Oil & Gas Storage & Transportati Energy

USD

30

GULF NAVIGATION HOLDING

UAE

282951 Oil & Gas Storage & Transportati Energy

USD

31

CRESCENT PETROLEUM CORP

UAE

3597

Energy

USD

120 MEDICARE GROUP

Qatar

274886 Health Care Facilities

Health Care

USD

0.00

0.01

0.06

0.10

0.17

0.25

0.30

0.35

121 GULF MEDICAL PROJECTS

UAE

284186 Health Care Facilities

Health Care

USD

0.62

0.66

0.49

0.47

0.33

0.24

0.22

0.24

122 NMC HEALTH PLC

UAE

312098 Health Care Facilities

Health Care

USD

0.88

0.92

1.25

0.68

123 QATAR GERMAN CO ME

Qatar

258642 Health Care Supplies

Health Care

USD

0.03

0.04

0.03

0.06

n/a
1.31

n/a

n/a

1.16
n/a

1.58
n/a

0.24
n/a

0.37
n/a

1.78
n/a

0.82
n/a
0.36
n/a

1.44
n/a

1.60
n/a

0.23
n/a

n/a

0.45

-

0.40
-

n/a

n/a

0.12

0.27

0.38

0.29

0.29

0.34

0.30

0.05

0.16

0.30

0.39

0.43

(4.2%)

(5.5%)

0

0
0.24

n/a

0

(0.2%)

0

1.57

1.75

1.84

1.27

1.25

1.51

1.43

1.33

1

0.00

0.00

0.00

0.05

0.09

0.10

0.10

0.10

0

0.10

0

(26.9%)

0.41

0.46

0

156.8%

0.23

0.25

0

(9.7%)

n/a

0.10
n/a

n/a
-

-

n/a

n/a

n/a
-

n/a

(9.0%)

1

16

0.32

1.5%

0

n/a

0.14
n/a

0

17

Unclassified

n/a

2010

n/a
0.00

0.13
n/a

n/a
0.01

0.12
n/a

0.01

0.13
n/a

0.10
n/a

0.09
n/a

(3.2%)

n/a

n/a

1
0.05

0

Exhibit 4

Total Sales to Total Assets
2004
Country Averages

No

Company Name

Country GVKEY Industry Segment

2005

2006

2007

2008

2009

2010

2011

2012

2013

Median

Average

UAE

74.5%

58.2%

54.1%

50.2%

56.5%

49.6%

49.7%

48.7%

47.8%

45.0%

50.0%

53.4%

Qatar

29.9%

27.9%

35.6%

43.9%

45.8%

43.4%

43.5%

40.7%

41.5%

42.7%

42.1%

39.5%

Median

CAGR

Sector

Currency 2004

124 GULF PHARMACEUTICALS

UAE

282886 Pharmaceuticals

Health Care

USD

0.61

0.53

0.53

0.43

0.37

0.42

0.45

0.44

0.46

0.45

0

125 ABU DHABI SHIP BUILDING

UAE

284185 Aerospace & Defense

Industrials

USD

0.54

0.65

0.64

0.32

0.49

0.52

0.46

0.52

0.58

0.61

1

1.3%

126 ARAMEX PJSC

UAE

274887 Air Freight & Logistics

Industrials

USD

2.46

0.37

0.90

1.07

1.13

0.95

0.97

1.03

1.14

1.11

1

(8.4%)

127 GULF WAREHOUSING CO

Qatar

274893 Air Freight & Logistics

Industrials

USD

0.03

0.11

0.15

0.19

0.14

0.34

0.30

0.28

0

128 ABU DHABI AVIATION

UAE

284151 Air Freight & Logistics

Industrials

USD

0.34

0.31

0.30

0.25

0.35

0.45

0.52

0.52

0.50

0.50

0

4.3%

129 AIR ARABIA PJSC

UAE

285482 Airlines

Industrials

USD

1.92

2.11

2.04

0.15

0.35

0.32

0.33

0.34

0.37

0.34

0

(17.5%)

-

2005

2006

n/a

2007

2008

2009

2010

2011

2012

2013

(3.5%)

130 NATL CNTL COOLING (TABRD)

UAE

274899 Building Products

Industrials

USD

0.15

0.15

0.11

0.12

0.10

0.10

0.12

0.13

0.13

0.13

0

(1.2%)

131 RAS AL KHAIMAH CERAMIC CO

UAE

284191 Building Products

Industrials

USD

0.65

0.48

0.44

0.53

0.58

0.72

0.59

0.58

0.60

0.62

1

(0.5%)

132 ARAB TECHNICAL CONST.

UAE

274386 Construction & Engineering

Industrials

USD

1.36

1.20

0.88

1.03

0.84

0.63

0.57

0.63

0.58

1

133 DRAKE & SKULL INTL

UAE

291718 Construction & Engineering

Industrials

USD

n/a

n/a

1.44

0.86

0.98

0.50

0.38

0.54

0.52

0.68

1

134 DEPA LTD

UAE

179766 Diversified Support Services

Industrials

USD

n/a

n/a

0.83

0.76

0.51

0.80

0.60

0.57

0.62

135 AVEC CORP

UAE

151594 Heavy Electrical Equipment

Industrials

USD

136 INDUSTRIES OF QATAR

Qatar

258696 Industrial Conglomerates

Industrials

USD

n/a

137 MANNAI CORP. Q.S.C

Qatar

285864 Industrial Conglomerates

Industrials

USD

n/a

138 AAMAL HLDG

Qatar

287946 Industrial Conglomerates

Industrials

USD

n/a

139 QATAR NAT NAVIGAT

Qatar

258649 Marine

Industrials

USD

140 QATAR SHIPPING

Qatar

258663 Marine

Industrials

USD

141 NATL MARINE DREDGING

UAE

284159 Marine Ports & Services

Industrials

USD

n/a

142 DP WORLD

UAE

284856 Marine Ports & Services

Industrials

USD

n/a

143 QATAR NATIONAL CEMENT

Qatar

254656 Construction Materials

Materials

USD

0.37

144 UNION CEMENT CO

UAE

274921 Construction Materials

Materials

USD

145 GULF CEMENT CO

UAE

275275 Construction Materials

Materials

146 NATIONAL CEMENT CO

UAE

278373 Construction Materials

147 RAS AL KHAIMAH CO FOR WHITE

UAE

282157 Construction Materials

148 RAS AL KHAIMAH CEMENT CO

UAE

149 ABU DHABI NATL CO FOR BLDG
150 FUJAIRAH BUILDING INDUSTRIES

n/a

-

-

-

0.54

n/a

n/a

n/a

n/a

n/a

n/a

n/a

1

n/a

0

0.52

0.46

0.54

0.36

0.39

0.45

0.47

0.16

1.59

1.58

1.48

1.48

1.25

0.79

0.70

0.84

1

0.10

0.09

0.09

0.11

0.12

0.18

0.25

0.27

0.25

0

0.14

0.09

0.19

0.13

0.20

0.16

0.14

0

0.20

0.10

0.19

0.15

0.27

0.10

n/a

0.23

0.14
n/a

0.16
n/a

0.17
n/a

n/a

0

(0.0%)

0

0.39

0.45

0.46

0.49

0.56

0.68

0.64

0.50

0

0.13

0.16

0.21

0.15

0.16

0.16

0.19

0.18

0

0.30

0.45

0.52

0.50

0.60

0.42

0.38

0.36

0.36

0

0.48

0.33

0.26

0.46

0.72

0.48

0.40

0.47

0.42

0.38

0

(2.6%)

USD

0.63

0.41

0.38

0.41

0.60

0.45

0.38

0.45

0.44

0.41

0

(4.6%)

Materials

USD

0.25

0.17

0.21

0.18

0.20

0.21

0.13

0.09

0.09

0.11

0

(9.1%)

Materials

USD

0.16

0.11

0.20

0.19

0.30

0.35

0.35

0.43

0.44

0.34

0

8.8%

282895 Construction Materials

Materials

USD

0.39

0.46

0.42

0.43

0.47

0.33

0.29

0.24

0.28

0.30

0

(3.0%)

UAE

284080 Construction Materials

Materials

USD

(28.3%)

UAE

284104 Construction Materials

Materials

USD

151 ARKAN BUILDING MATERIALS

UAE

284154 Construction Materials

Materials

USD

152 QATARI INV GRP

Qatar

285366 Construction Materials

Materials

USD

n/a

1.27
n/a
0.63
n/a

0.71

0.80

1.17

1.16

0.89

0.61

0.38

0.24

0.06

1

0.55

0.52

0.72

0.77

0.57

0.46

0.46

0.56

0.60

1

0.59

0.15

0.16

0.27

0.23

0.10

0.12

0.11

0

0.04

0.06

0.06

0.08

0.14

n/a

-

n/a

n/a

n/a

(0.3%)

(17.6%)

0

153 OOREDOO

Qatar

135709 Integrated Telecommunication S Telecommunication Service USD

0.46

0.47

0.57

0.22

0.27

0.28

0.27

0.31

0.36

0.35

0

(3.2%)

154 ETISALAT

UAE

274234 Integrated Telecommunication S Telecommunication Service USD

0.51

0.53

0.35

0.41

0.42

0.43

0.42

0.44

0.41

0.45

0

(1.3%)

155 EMIRATE INTEGRATED TELECOM

UAE

279381 Integrated Telecommunication S Telecommunication Service USD

n/a

0.35

0.51

0.56

0.57

0.73

0.71

0.67

1

156 VODAFONE QATAR

Qatar

292438 Wireless Telecommunication ServTelecommunication Service USD

n/a

157 QATAR ELECT & WATER

Qatar

258639 Multi-Utilities

Utilities

USD

158 ABU DHABI NATIONAL ENERGY

UAE

279336 Multi-Utilities

Utilities

USD

n/a

159 3POWER ENERGY GROUP INC

UAE

187366 Renewable Electricity

Utilities

USD

n/a

n/a
0.28
n/a

-

0.00

0.04

0.11

0.15

0.19

0.26

n/a
0.24

0.21

0.17

0.15

0.16

0.20

0.20

0.26

0

0.05

0.09

0.12

0.19

0.18

0.18

0.20

0.22

0.20

0

n/a

n/a

n/a

n/a

-

n/a

0.43

-

n/a

n/a

0

0

(0.5%)

Exhibit 4

Equity to Total Assets
2004
Country Averages

UAE

2005

65.0%

2006

68.8%

2007

63.6%

2008

64.1%

2009

61.2%

61.3%

2010

2011

56.1%

2012

2013

Median Average

60.2%

60.0%

61.0%

61.3%

62.1%

56.6%

58.3%

64.1%

64.6%

65.2%

UAE Excludes Avec and 3Power Energy Group due to aberational data
Qatar

74.7%

73.8%

66.9%

64.8%

61.9%

66.3%

64.4%

Median CAGR

No

Company Name

Country GVKEY Industry Segment

Sector

Currency 2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

1

AXIUS INC

UAE

179660 Distributors

Consumer Discretionary

USD

n/a

n/a

n/a

n/a

n/a

n/a

-0.92

0.78

n/a

n/a

-0.07

2

EMIRATES DRIVING

UAE

284155 Education Services

Consumer Discretionary

USD

0.79

0.74

0.73

0.88

0.86

0.89

0.86

0.85

0.86

0.86

0.86

3

KINGDOM HOTEL INVESTMENTS

UAE

276929 Hotels, Resorts & Cruise LinConsumer Discretionary

USD

0.77

0.82

0.82

0.75

0.68

0.63

0.61

0.63

n/a

n/a

0.72

4

ABU DHABI NATIONAL HOTELS

UAE

282983 Hotels, Resorts & Cruise LinConsumer Discretionary

USD

0.81

0.87

0.85

0.89

0.93

0.93

0.86

0.81

0.80

0.81

0.86

0.0%

5

NATL CORP FOR TOURISM & HOT

UAE

284158 Hotels, Resorts & Cruise LinConsumer Discretionary

USD

0.46

0.59

0.45

0.56

0.43

0.49

0.49

0.50

0.51

0.56

0.50

2.2%

6

AL FIRDOUS HOLDINGS

UAE

287151 Hotels, Resorts & Cruise LinConsumer Discretionary

USD

n/a

n/a

0.95

0.88

1.00

1.00

1.00

0.99

0.99

n/a

0.99

7

QATAR CINEMA & FILM

Qatar

275063 Movies & Entertainment

Consumer Discretionary

USD

0.92

0.92

0.90

0.91

0.88

0.64

0.77

0.74

0.78

0.81

0.85

8

DAMAS INTERNATIONAL LTD

UAE

293285 Specialty Stores

Consumer Discretionary

USD

0.43

0.55

0.42

0.37

0.46

0.24

0.27

n/a

n/a

n/a

0.42

1.0%

(1.4%)

9

FOODCO HOLDING PJSC

UAE

282986 Food Distributors

Consumer Staples

USD

0.55

0.59

0.55

0.64

0.48

0.56

0.58

0.56

0.50

0.60

0.56

0.9%

10

DUBAI REFRESHMENTS

UAE

283433 Food Distributors

Consumer Staples

USD

0.76

0.77

0.64

0.67

0.76

0.72

0.71

0.72

0.70

0.67

0.72

(1.4%)

11

ALMEERA CONSUMER GOODS CO

Qatar

293086 Hypermarkets & Super Cen Consumer Staples

USD

n/a

n/a

n/a

0.60

0.54

0.57

0.57

0.35

0.29

0.78

0.57

12

AMIRA NATURE FOODS LTD

UAE

14033

USD

n/a

n/a

n/a

n/a

n/a

n/a

0.15

0.20

0.44

n/a

0.20

Packaged Foods & Meats

Consumer Staples

13

ZAD HOLDING CO

Qatar

274901 Packaged Foods & Meats

Consumer Staples

USD

0.74

0.97

0.95

0.89

0.69

0.81

0.84

0.64

0.64

n/a

0.81

14

WIDAM FOOD COMPANY QSC

Qatar

274902 Packaged Foods & Meats

Consumer Staples

USD

0.93

0.87

0.85

0.84

0.85

0.73

0.73

0.56

0.46

0.46

0.79

(7.6%)

15

UNITED FOODS CO P.S.C.

UAE

283483 Packaged Foods & Meats

Consumer Staples

USD

0.63

0.54

0.47

0.41

0.23

0.54

0.68

0.63

0.77

0.81

0.59

2.8%

16

AGTHIA GROUP PJSC

UAE

284156 Packaged Foods & Meats

Consumer Staples

USD

n/a

0.89

0.83

0.83

0.75

0.76

0.74

0.72

0.66

0.64

0.75

17

INTL FISH FARMING CO

UAE

284187 Packaged Foods & Meats

Consumer Staples

USD

0.96

0.96

0.95

0.95

0.96

0.96

0.36

0.63

0.58

0.49

0.95

18

RAS AL KHAIMAH PLTRY & FEED

UAE

284876 Packaged Foods & Meats

Consumer Staples

USD

n/a

n/a

0.81

0.93

0.90

0.91

0.85

0.83

0.83

0.88

0.86

19

EMIRATES REFRESHMENTS CO

UAE

283375 Soft Drinks

Consumer Staples

USD

n/a

0.95

0.92

0.92

0.77

0.65

0.58

0.47

0.56

0.67

0.67

20

GULFA MINERAL WATER

UAE

291230 Soft Drinks

Consumer Staples

USD

0.47

0.39

0.59

0.48

0.52

0.56

0.60

0.64

0.70

0.71

0.57

21

DANA GAS

UAE

282884 Integrated Oil & Gas

Energy

USD

n/a

n/a

1.00

0.66

0.67

0.67

0.67

0.67

0.69

0.72

0.67

22

GULF INTL SVCS

Qatar

288907 Oil & Gas Drilling

Energy

USD

n/a

0.55

0.41

0.45

0.50

0.56

0.53

0.51

0.42

0.58

0.51

23

LAMPRELL

UAE

279384 Oil & Gas Equipment & ServEnergy

USD

n/a

0.55

0.50

0.43

0.42

0.58

0.47

0.42

0.38

n/a

0.45

24

MARITIME INDL SVCS CO

UAE

284079 Oil & Gas Equipment & ServEnergy

USD

0.29

0.40

0.45

0.37

0.30

0.35

0.60

n/a

n/a

n/a

0.37

25

POLARCUS LTD

UAE

292880 Oil & Gas Equipment & ServEnergy

USD

n/a

n/a

n/a

n/a

0.51

0.46

0.40

0.39

0.35

n/a

0.40

26

DRAGON OIL

UAE

201676 Oil & Gas Exploration & ProEnergy

USD

0.73

0.83

0.83

0.80

0.82

0.79

0.79

0.77

0.74

0.74

0.79

(7.2%)

4.7%

0.0%

Exhibit 4

Equity to Total Assets
2004
Country Averages

UAE

2005

65.0%

2006

68.8%

2007

63.6%

64.1%

2008
61.2%

2009
61.3%

2010
56.1%

2011

2012

2013

Median Average

60.2%

60.0%

61.0%

61.3%

62.1%

56.6%

58.3%

64.1%

64.6%

65.2%

UAE Excludes Avec and 3Power Energy Group due to aberational data
Qatar
Sector

74.7%

73.8%

66.9%

64.8%

61.9%

66.3%

64.4%

Median CAGR

No

Company Name

Country GVKEY Industry Segment

Currency 2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

27

EXILLON ENERGY

UAE

293578 Oil & Gas Exploration & ProEnergy

USD

n/a

n/a

n/a

n/a

1.00

0.82

0.76

0.77

0.73

n/a

0.77

28

QATAR FUEL

Qatar

258641 Oil & Gas Refining & Marke Energy

USD

0.55

0.53

0.46

0.57

0.63

0.69

0.69

0.73

0.72

0.69

0.66

29

QATAR GAS TRANSPORT(NAKILAT)

Qatar

274295 Oil & Gas Storage & TranspEnergy

USD

n/a

n/a

0.23

0.30

0.00

0.13

0.11

0.05

0.06

0.14

0.12

30

GULF NAVIGATION HOLDING

UAE

282951 Oil & Gas Storage & TranspEnergy

USD

0.62

0.53

n/a

0.66

0.56

0.57

0.56

0.51

0.54

0.20

0.56

(11.9%)

31
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159

CRESCENT PETROLEUM CORP
MEDICARE GROUP
GULF MEDICAL PROJECTS
NMC HEALTH PLC
QATAR GERMAN CO ME
GULF PHARMACEUTICALS
ABU DHABI SHIP BUILDING
ARAMEX PJSC
GULF WAREHOUSING CO
ABU DHABI AVIATION
AIR ARABIA PJSC
NATL CNTL COOLING (TABRD)
RAS AL KHAIMAH CERAMIC CO
ARAB TECHNICAL CONST.
DRAKE & SKULL INTL
DEPA LTD
AVEC CORP
INDUSTRIES OF QATAR
MANNAI CORP. Q.S.C
AAMAL HLDG
QATAR NAT NAVIGAT
QATAR SHIPPING
NATL MARINE DREDGING
DP WORLD
QATAR NATIONAL CEMENT
UNION CEMENT CO
GULF CEMENT CO
NATIONAL CEMENT CO
RAS AL KHAIMAH CO FOR WHITE
RAS AL KHAIMAH CEMENT CO
ABU DHABI NATL CO FOR BLDG
FUJAIRAH BUILDING INDUSTRIES
ARKAN BUILDING MATERIALS
QATARI INV GRP
OOREDOO
ETISALAT
EMIRATE INTEGRATED TELECOM
VODAFONE QATAR
QATAR ELECT & WATER
ABU DHABI NATIONAL ENERGY
3POWER ENERGY GROUP INC

UAE
Qatar
UAE
UAE
Qatar
UAE
UAE
UAE
Qatar
UAE
UAE
UAE
UAE
UAE
UAE
UAE
UAE
Qatar
Qatar
Qatar
Qatar
Qatar
UAE
UAE
Qatar
UAE
UAE
UAE
UAE
UAE
UAE
UAE
UAE
Qatar
Qatar
UAE
UAE
Qatar
Qatar
UAE
UAE

3597
274886
284186
312098
258642
282886
284185
274887
274893
284151
285482
274899
284191
274386
291718
179766
151594
258696
285864
287946
258649
258663
284159
284856
254656
274921
275275
278373
282157
282895
284080
284104
284154
285366
135709
274234
279381
292438
258639
279336
187366

USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
ServicesUSD
ServicesUSD
ServicesUSD
ServicesUSD
USD
USD
USD

n/a
0.38
0.69
n/a
0.84
0.80
0.16
0.52
0.97
0.77
0.41
0.34
0.54
n/a
n/a
n/a

n/a
0.51
0.75
n/a
0.69
0.73
0.27
0.86
n/a
0.71
0.42
0.43
0.42
0.30
n/a
n/a

n/a
0.47
0.49
n/a
0.57
0.78
0.23
0.77
0.90
0.69
0.47
0.31
0.33
0.35
0.22
0.46
0.74
0.40
0.77
0.80
0.75
0.84
0.08
0.71
0.85
0.80
0.96
0.95
0.96
0.49
0.59
0.91
0.97
0.65
0.47
0.82
n/a
0.52
0.15
n/a

n/a
0.90
0.47
0.24
0.87
0.76
0.15
0.79
0.75
0.47
0.90
0.19
0.38
0.30
0.57
0.59
n/a
0.70
0.56
0.81
0.82
0.81
0.76
0.42
0.76
0.95
0.90
0.90
0.87
0.95
0.39
0.54
0.63
0.69
0.35
0.57
0.29
0.91
0.20
0.14
-175.71

n/a
0.91
0.51
0.25
0.91
0.72
0.20
0.79
0.57
0.53
0.84
0.19
0.40
0.36
0.52
0.56
n/a
0.68
0.55
0.83
0.81
n/a
0.73
0.44
0.83
0.94
0.92
0.92
0.84
0.96
0.41
0.52
n/a
0.55
0.34
0.56
0.41
0.84
0.18
0.13
n/a

n/a
0.91
0.49
0.28
0.90
0.68
0.23
0.76
0.55
0.53
0.74
0.45
0.39
0.38
0.47
0.58
n/a
0.72
0.47
0.78
0.80
n/a
0.72
0.44
0.88
0.92
0.92
0.90
0.76
0.93
0.38
0.48
0.54
0.63
0.39
0.57
0.52
0.00
0.14
0.11
-130.96

n/a
0.90
0.52
0.46
0.81
0.67
0.18
0.75
0.45
0.57
0.68
0.52
0.43
0.37
0.43
0.51
n/a
0.76
0.38
0.79
0.77
n/a
0.63
0.53
0.91
0.89
0.89
0.75
0.75
0.94
0.40
0.46
0.51
0.61
0.39
0.58
0.54
0.77
0.18
0.11
-501.29

n/a
0.89
0.57
n/a
0.73
0.62
0.24
0.71
0.43
0.67
0.59
0.55
0.46
0.45
0.42
n/a
n/a
0.92
0.37
0.83
0.81
n/a
0.66
0.54
0.93
0.89
0.82
0.80
0.71
0.94
0.49
0.50
0.49
n/a
0.33
0.58
0.44
n/a
0.58
0.10
n/a

9.9%
(2.2%)

0.78
n/a
0.83
0.91
0.85
0.76
n/a
0.70
0.95
0.85
0.97
0.97
0.94
0.69
0.70
0.91
n/a
0.67
0.65
0.99
n/a
0.55
0.20
n/a

n/a
0.93
0.53
n/a
0.89
0.77
0.16
0.78
0.76
0.44
0.92
0.37
0.36
0.22
0.21
0.55
n/a
0.67
0.48
0.82
0.83
0.73
0.90
0.46
0.58
0.91
0.86
0.92
0.85
0.89
0.30
0.55
0.63
0.52
0.39
0.54
0.32
0.61
0.10
0.09
n/a

0.89
0.53
0.26
0.82
0.75
0.19
0.78
0.74
0.56
0.71
0.36
0.40
0.35
0.42
0.55

n/a
n/a
n/a
0.90
0.55
n/a
n/a
0.94
0.94
0.83
0.95
0.96
0.79
0.31
n/a
0.89
n/a
0.76
0.65
n/a
n/a
0.47
n/a
n/a

n/a
0.59
0.60
n/a
0.68
0.79
0.11
0.78
0.74
0.55
0.94
0.30
0.33
0.29
0.16
0.38
n/a
0.68
0.53
0.75
0.78
0.83
0.85
0.49
0.78
0.93
0.85
0.94
0.93
0.93
0.53
0.63
0.96
n/a
0.35
0.49
0.58
n/a
0.40
0.12
n/a

Unclassified
Energy
Health Care Facilities
Health Care
Health Care Facilities
Health Care
Health Care Facilities
Health Care
Health Care Supplies
Health Care
Pharmaceuticals
Health Care
Aerospace & Defense
Industrials
Air Freight & Logistics
Industrials
Air Freight & Logistics
Industrials
Air Freight & Logistics
Industrials
Airlines
Industrials
Building Products
Industrials
Building Products
Industrials
Construction & Engineering Industrials
Construction & Engineering Industrials
Diversified Support ServicesIndustrials
Heavy Electrical Equipment Industrials
Industrial Conglomerates Industrials
Industrial Conglomerates Industrials
Industrial Conglomerates Industrials
Marine
Industrials
Marine
Industrials
Marine Ports & Services
Industrials
Marine Ports & Services
Industrials
Construction Materials
Materials
Construction Materials
Materials
Construction Materials
Materials
Construction Materials
Materials
Construction Materials
Materials
Construction Materials
Materials
Construction Materials
Materials
Construction Materials
Materials
Construction Materials
Materials
Construction Materials
Materials
Integrated TelecommunicatTelecommunication
Integrated TelecommunicatTelecommunication
Integrated TelecommunicatTelecommunication
Wireless Telecommunicatio Telecommunication
Multi-Utilities
Utilities
Multi-Utilities
Utilities
Renewable Electricity
Utilities

0.72
0.47
0.81
0.81
0.78
0.76
0.45
0.80
0.92
0.86
0.92
0.86
0.94
0.41
0.54
0.63
0.62
0.39
0.57
0.52
0.77
0.30
0.12
-175.71

2.4%

(1.6%)
(2.9%)
5.0%
3.6%
(8.7%)
(1.6%)
4.3%
5.4%
(1.7%)

(1.2%)

(0.2%)
(0.6%)
(0.2%)
(2.0%)
(3.3%)
2.0%
5.1%
(6.5%)
(8.7%)
(1.3%)

2.2%

Exhibit 4

Times Interest Earned
2004
Country Averages

2005

2006

2007

2008

2009

2010

2011

2012

Median Average

2013

UAE

67.03

29.46

79.23

84.65

152.92

11.03

13.48

3.03

39.20

11.51

34.33

49.16

Qatar

56.60

137.89

11.97

(4.57)

(80.09)

7.49

17.62

26.31

17.59

110.89

17.60

30.17

No

Company Name

Country

GVKEY

Industry Segment

Sector

Currency 2004

1

AXIUS INC

UAE

179660

Distributors

Consumer Discretionary

USD

n/a

2

EMIRATES DRIVING

UAE

284155

Education Services

Consumer Discretionary

USD

n/a

3

KINGDOM HOTEL INVESTMENTS

UAE

276929

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

0.57

0.16

4

ABU DHABI NATIONAL HOTELS

UAE

282983

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

70.72

200.61

311.62

347.29

709.08

5

NATL CORP FOR TOURISM & HOT

UAE

284158

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

2.18

1.84

6.42

4.69

8.79

6

AL FIRDOUS HOLDINGS

UAE

287151

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

n/a
n/a

2005

2006

2007

2008

2009

2010

2011

2012

2013

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

(1.23) n/a

n/a

n/a

n/a

10.17

28.66

(0.24)

0.57

n/a

n/a
6.68
n/a

1.73

1.01

71

(37.6%)

5.67

5.10

5.13

8.88

5

16.9%

n/a

Qatar

275063

Movies & Entertainment

Consumer Discretionary

USD

UAE

293285

Specialty Stores

Consumer Discretionary

USD

3.40

3.58

2.11

2.71

2.79

(12.95)

1.30

9

FOODCO HOLDING PJSC

UAE

282986

Food Distributors

Consumer Staples

USD

(1.82)

(3.22)

(1.05)

(0.52)

0.57

(0.35)

0.29

10

DUBAI REFRESHMENTS

UAE

283433

Food Distributors

Consumer Staples

USD

11

ALMEERA CONSUMER GOODS CO

Qatar

293086

Hypermarkets & Super Cen Consumer Staples

USD

n/a
n/a

12

AMIRA NATURE FOODS LTD

UAE

14033

Packaged Foods & Meats

Consumer Staples

USD

ZAD HOLDING CO

Qatar

274901

Packaged Foods & Meats

Consumer Staples

USD

14

WIDAM FOOD COMPANY QSC

Qatar

274902

Packaged Foods & Meats

Consumer Staples

USD

15

UNITED FOODS CO P.S.C.

UAE

283483

Packaged Foods & Meats

Consumer Staples

USD

16

AGTHIA GROUP PJSC

UAE

284156

Packaged Foods & Meats

Consumer Staples

USD

n/a
(7.04)

n/a

n/a

n/a
n/a
n/a

17

INTL FISH FARMING CO

UAE

284187

Packaged Foods & Meats

Consumer Staples

USD

n/a

n/a

RAS AL KHAIMAH PLTRY & FEED

UAE

284876

Packaged Foods & Meats

Consumer Staples

USD

n/a

n/a

n/a

n/a

(15.44)

n/a

24

27.46

10

1.33

1.68

2.33

n/a

2

99.35

188.17

7.32

n/a

-7

n/a

n/a

n/a

12.39

34.83

14.50

26.64

14.92

13

20.73

28.90

24.81

11.91

13.82

17.16

19

2.87

(0.22)

1

(9.26)

(15.75)

(27.16)

(28.66)

-5

n/a

n/a

n/a

0.16

15.35

4.67

n/a

283375

Soft Drinks

Consumer Staples

USD

n/a

n/a

n/a

(1.61)

4.49

1.40

(9.33)

(10.60)

291230

Soft Drinks

Consumer Staples

USD

n/a

n/a

n/a

5.09

2.16

6.47

12.44

38.50

n/a

21

DANA GAS

UAE

282884

Integrated Oil & Gas

Energy

USD

n/a

22

GULF INTL SVCS

Qatar

288907

Oil & Gas Drilling

Energy

USD

n/a

23

LAMPRELL

UAE

279384

Oil & Gas Equipment & Ser Energy

USD

n/a

24

MARITIME INDL SVCS CO

UAE

284079

Oil & Gas Equipment & Ser Energy

USD

25

POLARCUS LTD

UAE

292880

Oil & Gas Equipment & Ser Energy

USD

26

DRAGON OIL

UAE

201676

Oil & Gas Exploration & ProEnergy

USD

27

EXILLON ENERGY

UAE

293578

Oil & Gas Exploration & ProEnergy

USD

28

QATAR FUEL

Qatar

258641

Oil & Gas Refining & Marke Energy

USD

29

QATAR GAS TRANSPORT(NAKILAT)

Qatar

274295

Oil & Gas Storage & TranspEnergy

USD

n/a

30

GULF NAVIGATION HOLDING

UAE

282951

Oil & Gas Storage & TranspEnergy

USD

n/a

31

CRESCENT PETROLEUM CORP

UAE

3597

Unclassified

Energy

USD

n/a

120 MEDICARE GROUP

Qatar

274886

Health Care Facilities

Health Care

USD

n/a

121 GULF MEDICAL PROJECTS

UAE

284186

Health Care Facilities

Health Care

USD

122 NMC HEALTH PLC

UAE

312098

Health Care Facilities

Health Care

USD

n/a

123 QATAR GERMAN CO ME

Qatar

258642

Health Care Supplies

Health Care

USD

n/a

(11.76)

(3.51)

(0.88)

124 GULF PHARMACEUTICALS

UAE

282886

Pharmaceuticals

Health Care

USD

18.46

11.02

8.74

10.19

8.85

125 ABU DHABI SHIP BUILDING

UAE

284185

Aerospace & Defense

Industrials

USD

10.26

11.01

15.66

5.80

19.82

126 ARAMEX PJSC

UAE

274887

Air Freight & Logistics

Industrials

USD

67.68

32.69

35.47

51.30

127 GULF WAREHOUSING CO

Qatar

274893

Air Freight & Logistics

Industrials

USD

(2.21)

(1.32)

n/a

n/a
7.80

n/a

34.96

(2.60)

2.89

3.57

3.52

3.14

3

32.71

25.74

21.68

15.51

25.75

18

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

27.51

3.51
n/a

32.83

8.95

2.11

6.90

13.92

(2.16)

(1.52)

0.00

n/a

n/a
(279.78)

n/a

14.57
n/a
0.20
n/a

(3.81)
n/a

(8.92) n/a

12

n/a

13

n/a
1.24
n/a
1.99

n/a

4.35
n/a

n/a

0

n/a

35

n/a

-1

n/a

716

3.65

1.39

1.30

1.36

1.32

1.32

1

4.42

1.33

0.43

(0.43)

1.89

4.31

2

n/a

n/a

n/a

n/a

n/a

n/a

(5.06)

(1.85)

(2.00)

(26.05)

(13.99)

23.47

87.19

24.20

12.95

5.47

5.01

4.62

4.15

2.60

4.22

1.34

2.74

3.88

6.24

(2.33)

(3.46)

(7.16)

(4.44)

(5.33)

-4

12.50

11.71

8.61

8.96

8.53

10

(8.2%)

17.69

26.43

5.74

2.69

4.63

11

(8.5%)

113.12

196.43

145.55

105.77

41.48

68

(5.3%)

2.08

3.25

10.49

7.27

4.14

3

n/a

n/a

n/a

n/a
n/a

0

0.60

12.54

4.8%

9

14.09

n/a

1,158.98

2.16
n/a

7.68

n/a
191.71

0.46
994.25

1.42
n/a
23.29

n/a

n/a
273.12

n/a

n/a

12.1%

n/a

(5.86)

UAE

19.35

0 (204.5%)

102.16

UAE

n/a

3
2.71

7.44

EMIRATES REFRESHMENTS CO

3.56

(0.36)

-8

292.71

GULFA MINERAL WATER

16.40

(8.15)
n/a

70.09

19

n/a

(3.21)

37

10.12

20

18.30

n/a

n/a
(0.73)

31.39

36.64

n/a

n/a

n/a

n/a

n/a

n/a
2.83

16.99

(84.70)

3.52

n/a

n/a

n/a
(160.21)

3.76

n/a

5.61
n/a

n/a
(81.23)

17.64

18

3.01
n/a

n/a
(13.33)

9.74
n/a

5.74
n/a

0

4.05

n/a

n/a

29

3.80

QATAR CINEMA & FILM

6.14

n/a

n/a
0.99

DAMAS INTERNATIONAL LTD

n/a

n/a

n/a

n/a
1.96

7

36.58

n/a

n/a

(0.13)

8

13

n/a

37.48

559.97

Median CAGR

n/a

n/a

n/a

n/a

n/a

-2
2.26

n/a

5

(24.2%)

3

Exhibit 4

Times Interest Earned
2004
Country Averages

No

Company Name

2005

2006

2007

2008

2009

2010

2011

2012

Median Average

2013

UAE

67.03

29.46

79.23

84.65

152.92

11.03

13.48

3.03

39.20

11.51

34.33

49.16

Qatar

56.60

137.89

11.97

(4.57)

(80.09)

7.49

17.62

26.31

17.59

110.89

17.60

30.17

Country

GVKEY

Industry Segment

Sector

Currency 2004

128 ABU DHABI AVIATION

UAE

284151

Air Freight & Logistics

Industrials

USD

129 AIR ARABIA PJSC

UAE

285482

Airlines

Industrials

USD

(5.27)

62.18

22.12

130 NATL CNTL COOLING (TABRD)

UAE

274899

Building Products

Industrials

USD

2.37

2.36

2.04

1.76

6.97

1.90

131 RAS AL KHAIMAH CERAMIC CO

UAE

284191

Building Products

Industrials

USD

10.34

3.72

1.78

1.40

1.98

132 ARAB TECHNICAL CONST.

UAE

274386

Construction & EngineeringIndustrials

USD

n/a

25.02

171.19

149.21

133 DRAKE & SKULL INTL

UAE

291718

Construction & EngineeringIndustrials

USD

n/a

n/a

39.22

20.33

134 DEPA LTD

UAE

179766

Diversified Support Service Industrials

USD

n/a

n/a

37.38

33.99

135 AVEC CORP

UAE

151594

Heavy Electrical Equipment Industrials

USD

n/a

2005

2006

n/a

n/a

(288.41) n/a

136 INDUSTRIES OF QATAR

Qatar

258696

Industrial Conglomerates

Industrials

USD

n/a

137 MANNAI CORP. Q.S.C

Qatar

285864

Industrial Conglomerates

Industrials

USD

n/a

138 AAMAL HLDG

Qatar

287946

Industrial Conglomerates

Industrials

USD

n/a

139 QATAR NAT NAVIGAT

Qatar

258649

Marine

Industrials

USD

140 QATAR SHIPPING

Qatar

258663

Marine

Industrials

USD

141 NATL MARINE DREDGING

UAE

284159

Marine Ports & Services

Industrials

USD

n/a

142 DP WORLD

UAE

284856

Marine Ports & Services

Industrials

USD

n/a

n/a

143 QATAR NATIONAL CEMENT

Qatar

254656

Construction Materials

Materials

USD

n/a

n/a

144 UNION CEMENT CO

UAE

274921

Construction Materials

Materials

USD

586.86

145 GULF CEMENT CO

UAE

275275

Construction Materials

Materials

USD

159.22

2007

2008
1.88

n/a

2010
3.74

2011

Median CAGR

2013
7.36

7.49

7

8.80

10.18

7.96

9 (204.7%)

1.39

1.34

2.73

3.26

2

3.6%

2.62

2.89

1.75

1.95

4.42

2

(9.0%)

44.12

10.89

10.48

9.28

2.48

7.73

11

19.54

11.05

3.52

7.86

3.35

4.56

9

(8.91)

2.80

n/a

n/a

n/a

n/a

n/a

9.79

2012
7.12

n/a

(118.57) n/a
55.92

2009
3.97

n/a

n/a

n/a

(16.76) n/a

3

n/a

-203

n/a

74.02

55.99

46.89

33.31

35.17

51.19

32.12

26.83

47

7.58

12.94

18.22

21.60

43.71

9.93

1.70

2.62

11

7.30

4.61

1.54

2.78

3.65

3.72

4.98

4.38

6.28

4

8.81

9.12

4.77

3.85

11.55

11.66

(0.30)

10.43

11.27

14.92

10

4.28

3.03

3.49

4.26

6.05

4.42

8.98

37.59

3,328.28

15.64

7.65

1.13

1.01

2.08

1.63

1.73

1.70

2.47

2.80

2

31.28

10.12

10.32

15.29

44.51

77.96

193.04

1,336.63

38

12.80

320.94

313.96

38.88

116.04

(16.73)

(47.52)

135.87

30.95

77

30.07

68.18

26.79

36.78

23.04

(5.20)

n/a

4.26

n/a

n/a

n/a

(77.25) n/a

6.0%

4

n/a

12

(27.9%)

28

UAE

278373

Construction Materials

Materials

USD

780.61

177.93

591.76

1,727.02

0.93

(0.37)

46.78

112

(26.9%)

UAE

282157

Construction Materials

Materials

USD

7.15

0.62

7.32

23.38

26.70

32.51

207.01

27.93

19.72

6.57

22

(0.9%)

148 RAS AL KHAIMAH CEMENT CO

UAE

282895

Construction Materials

Materials

USD

21.81

62.41

751.94

143.37

513.71

224.16

(36.17)

(80.96)

(54.52)

20.64

42

(0.6%)

149 ABU DHABI NATL CO FOR BLDG

UAE

284080

Construction Materials

Materials

USD

10.41

6.27

4.33

1.98

8.94

5.76

3.01

(1.22)

(1.15)

(1.10)

150 FUJAIRAH BUILDING INDUSTRIES

UAE

284104

Construction Materials

Materials

USD

n/a

151 ARKAN BUILDING MATERIALS

UAE

284154

Construction Materials

Materials

USD

n/a

Materials

55.19
n/a
n/a

43.31
n/a

52.26
n/a

152 QATARI INV GRP

Qatar

285366

Construction Materials

USD

n/a

n/a

153 OOREDOO

Qatar

135709

Integrated TelecommunicatTelecommunication Service USD

n/a

n/a

154 ETISALAT

UAE

274234

Integrated TelecommunicatTelecommunication Service USD

n/a

n/a

155 EMIRATE INTEGRATED TELECOM

UAE

279381

Integrated TelecommunicatTelecommunication Service USD

n/a

n/a

n/a

n/a

156 VODAFONE QATAR

Qatar

292438

Wireless Telecommunicatio Telecommunication Service USD

n/a

n/a

n/a

n/a

(1,210.65)

157 QATAR ELECT & WATER

Qatar

258639

Multi-Utilities

Utilities

USD

158 ABU DHABI NATIONAL ENERGY

UAE

279336

Multi-Utilities

Utilities

USD

n/a

3.83

159 3POWER ENERGY GROUP INC

UAE

187366

Renewable Electricity

Utilities

USD

n/a

n/a

n/a
85.74

n/a
3.03

21.94

4 (177.9%)

5.58

1.45

(1.53)

0.64

0.62

6

1.31

5.62

(2.13)

(3.19)

(3.33)

-2

2.75

4.79

7.20

17.77

2.63

2.53

2.96

3.17

2.95

3

16.30

22.45

30.18

16.94

23.60

20.80

21

(10.58)

15.76

12.08

10.17

29.64

26.36

(37.01)

(22.45)

(16.51)

3.01

13.66

(8.57)

n/a

146 NATIONAL CEMENT CO

19.80

n/a

n/a

147 RAS AL KHAIMAH CO FOR WHITE

n/a

n/a

n/a

n/a

n/a

6

(15.99) n/a

14
-22

6.71

10.61

9.08

5.73

5.00

3.00

2.69

2.72

6.18

5

1.78

1.36

1.22

1.72

1.15

1.57

1.98

1.57

1.30

2

(32.98)

(10.94)

(67.58)

n/a

n/a

n/a

(16.23) n/a

-25

5.5%

Exhibit 4

Return on equity, year-end
2004
Country Averages

UAE

2005

Qatar
Company Name

Country

GVKEY

Industry Segment

Sector

# negative
Currency

2007

2008

2009

2010

2011

16.1%

14.1%

14.4%

9.9%

5.7%

9.1%

5.00

2.00

3.00

1.00

7.00

5.00

7.00

# negative

No

2006

14.1%

10.7%

14.2%

3.00

11.7%

1.00

13.9%

2.00

18.5%

2.00

13.3%

2.00

16.5%

2.00

2004

2005

2006

2007

2008

2009

2010

5.6%

-2.2%

8.00

4.00

16.1%

1.00
2011

Median

2013

11.00

14.7%

2.00

2012
1.1%

14.4%

2.00

9.5%

14.3%

Average
8.8%

14.4%

1.00

2012

2013

9.9%

11.8%

Average

1

AXIUS INC

UAE

179660

Distributors

Consumer Discretionary

USD

2

EMIRATES DRIVING

UAE

284155

Education Services

Consumer Discretionary

USD

-13.1%

8.8%

4.6%

41.2%

35.5%

28.5%

21.5%

13.4%

3

KINGDOM HOTEL INVESTMENTS

UAE

276929

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

1.0%

1.4%

3.9%

2.9%

1.5%

1.9%

1.4%

-2.6%

4

ABU DHABI NATIONAL HOTELS

UAE

282983

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

13.7%

12.8%

13.0%

15.6%

3.6%

5.2%

3.7%

3.2%

2.6%

2.7%

4.5%

7.6%

5

NATL CORP FOR TOURISM & HOT

UAE

284158

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

11.6%

13.9%

3.1%

11.1%

17.6%

21.8%

21.1%

18.4%

16.0%

17.8%

16.8%

15.3%

6

AL FIRDOUS HOLDINGS

UAE

287151

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

-4.2%

3.1%

-0.2%

-0.1%

0.4%

0.4%

0.1%

0.1%

-0.1%

7

QATAR CINEMA & FILM

Qatar

275063

Movies & Entertainment

Consumer Discretionary

USD

9.7%

10.6%

11.8%

9.4%

16.4%

10.8%

9.3%

10.0%

8.7%

8.0%

9.9%

10.5%

Specialty Stores

Consumer Discretionary

USD

10.0%

8.5%

13.5%

11.3%

7.6%

-191.2%

5.1%

8.5%

-19.3%

8

DAMAS INTERNATIONAL LTD

UAE

293285

-312.9%

Median
-312.9%

-312.9%

12.6%

16.2%

1.4%

1.4%

9

FOODCO HOLDING PJSC

UAE

282986

Food Distributors

Consumer Staples

USD

41.9%

48.6%

23.6%

7.2%

13.7%

9.5%

11.0%

7.0%

5.4%

8.6%

10.3%

17.6%

10

DUBAI REFRESHMENTS

UAE

283433

Food Distributors

Consumer Staples

USD

14.8%

11.1%

8.0%

7.3%

5.3%

10.7%

18.6%

26.7%

24.4%

16.6%

12.9%

14.3%

11

ALMEERA CONSUMER GOODS CO

Qatar

293086

Hypermarkets & Super Cen Consumer Staples

USD

15.6%

28.9%

23.5%

14.4%

12

AMIRA NATURE FOODS LTD

UAE

14033

Packaged Foods & Meats

USD

Consumer Staples

25.7%

28.5%

34.9%

16.3%

26.1%

11.5%

13

ZAD HOLDING CO

Qatar

274901

Packaged Foods & Meats

Consumer Staples

USD

5.8%

1.3%

1.9%

4.1%

11.5%

12.1%

10.5%

6.7%

8.4%

14

WIDAM FOOD COMPANY QSC

Qatar

274902

Packaged Foods & Meats

Consumer Staples

USD

-0.5%

12.8%

4.3%

4.5%

17.6%

9.1%

14.4%

24.3%

28.0%

5.7%

15

UNITED FOODS CO P.S.C.

UAE

283483

Packaged Foods & Meats

Consumer Staples

USD

16

AGTHIA GROUP PJSC

UAE

284156

Packaged Foods & Meats

Consumer Staples

USD

17

INTL FISH FARMING CO

UAE

284187

Packaged Foods & Meats

Consumer Staples

USD

18

RAS AL KHAIMAH PLTRY & FEED

UAE

284876

Packaged Foods & Meats

Consumer Staples

USD

19

EMIRATES REFRESHMENTS CO

UAE

283375

Soft Drinks

Consumer Staples

USD

20

GULFA MINERAL WATER

UAE

291230

Soft Drinks

Consumer Staples

USD

21

DANA GAS

UAE

282884

Integrated Oil & Gas

Energy

USD

22

GULF INTL SVCS

Qatar

288907

Oil & Gas Drilling

Energy

USD

23

LAMPRELL

UAE

279384

Oil & Gas Equipment & ServEnergy

USD

24

MARITIME INDL SVCS CO

UAE

284079

Oil & Gas Equipment & ServEnergy

USD

25

POLARCUS LTD

UAE

292880

Oil & Gas Equipment & ServEnergy

USD

26

DRAGON OIL

UAE

201676

Oil & Gas Exploration & ProEnergy

USD

27

EXILLON ENERGY

UAE

293578

Oil & Gas Exploration & ProEnergy

USD

28

QATAR FUEL

Qatar

258641

Oil & Gas Refining & Marke Energy

USD

29

QATAR GAS TRANSPORT(NAKILAT)

Qatar

274295

Oil & Gas Storage & TranspEnergy

USD

30

GULF NAVIGATION HOLDING

UAE

282951

Oil & Gas Storage & TranspEnergy

USD

31

CRESCENT PETROLEUM CORP

USD

-17.4%

-16.6%
16.9%

24.5%
18.0%

6.7%

6.9%

13.6%

13.7%
6.3%

7.7%

5.5%

13.3%

-90.4%

53.2%

36.4%

14.0%

9.5%

8.2%

8.8%

4.4%

4.2%

5.3%

9.1%

11.8%

11.8%

8.3%

11.0%

12.8%

9.1%

8.7%

-3.2%

-9.3%

0.5%
2.7%

-8.0%

22.0%

25.7%
16.3%

-18.7%

-10.2%

1.3%

-3.5%

-2.9%

18.8%

4.7%

-22.1%

-61.9%

2.5%

11.3%

15.2%

4.6%

1.6%

-0.2%

-1.7%

3.0%

2.7%

4.5%

5.7%

3.0%

4.0%

5.5%

-21.4%

9.4%

1.8%

1.3%

3.0%

1.3%
4.2%

1.1%

9.4%

9.7%

9.3%

8.9%

8.8%

10.5%

10.5%

9.1%

11.9%

1.5%

1.7%

1.1%

2.0%

6.2%

6.8%

6.1%

4.1%

4.7%

11.8%

16.4%

22.7%

25.6%

27.6%

19.6%

12.0%

17.6%

21.9%

19.6%

19.5%

39.4%

37.6%

45.1%

40.3%

12.1%

23.0%

11.9%

-27.2%

8.8%

23.0%

21.2%

34.8%

19.9%

18.9%

6.6%

19.2%

19.1%

19.1%

14.5%

-1.3%

-6.5%

-7.2%

19.0%

20.2%

26.5%

47.3%

15.3%

24.3%

28.7%

43.9%

41.1%

1.8%

2.7%

-7.3%

2.0%

8.4%

-3.9%

-2.0%
21.0%

25.6%

15.2%

18.4%

25.0%

21.0%

15.8%

20.0%

-0.6%

47.0%

-0.9%

-2.0%

2.1%

5.8%

0.8%

8.6%

49.4%

27.2%

26.7%

24.0%

20.9%

19.1%

26.6%

29.9%

16.8%

22.3%

1.6%

-31.8%

15.1%

19.4%

57.1%

43.5%

16.8%

6.5%

8.8%

1.6%

-17.5%

-5.6%

-12.5%

-329.9%

UAE

3597

Unclassified

Energy

120 MEDICARE GROUP

Qatar

274886

Health Care Facilities

Health Care

USD

-6.2%

-18.6%

-20.5%

-6.4%

2.5%

-0.4%

6.2%

5.2%

5.8%

11.1%

1.0%

-2.1%

121 GULF MEDICAL PROJECTS

UAE

284186

Health Care Facilities

Health Care

USD

24.4%

23.0%

20.0%

28.5%

7.8%

15.5%

7.8%

12.9%

14.0%

9.1%

14.7%

16.3%

8.5%

20.8%

43.3%

17.9%

19.5%

19.5%

22.0%

-8.8%

3.1%

-7.9%

-0.9%

3.2%

0.9%

-1.7%

0.2%

-3.6%

-4.4%

-1.3%

-2.0%

122 NMC HEALTH PLC

UAE

312098

Health Care Facilities

Health Care

USD

123 QATAR GERMAN CO ME

Qatar

258642

Health Care Supplies

Health Care

USD

Exhibit 4

Return on equity, year-end
2004
Country Averages

UAE
# negative
Qatar

No

Company Name

Sector

# negative
Currency

2005

2006

2007

2008

2009

2010

2011

14.1%

16.1%

14.1%

14.4%

9.9%

5.7%

9.1%

5.00

2.00

3.00

1.00

7.00

5.00

7.00

10.7%

14.2%

3.00

11.7%

1.00

13.9%

2.00

18.5%

2.00

13.3%

2.00

16.5%

2.00

Median

2013

11.00

14.7%

2.00

2012
1.1%

5.6%

-2.2%

8.00

4.00

16.1%

1.00

14.4%

2.00

9.5%

14.3%

Average
8.8%

14.4%

1.00

Country

GVKEY

Industry Segment

124 GULF PHARMACEUTICALS

UAE

282886

Pharmaceuticals

Health Care

USD

10.1%

14.6%

7.3%

17.2%

10.4%

8.9%

10.4%

10.8%

11.8%

12.3%

10.6%

11.4%

125 ABU DHABI SHIP BUILDING

UAE

284185

Aerospace & Defense

Industrials

USD

29.0%

19.2%

22.6%

17.1%

36.7%

33.2%

17.8%

7.5%

7.0%

11.0%

18.5%

20.1%

126 ARAMEX PJSC

UAE

274887

Air Freight & Logistics

Industrials

USD

35.6%

4.9%

8.3%

9.5%

10.5%

11.5%

11.5%

11.3%

12.1%

13.3%

11.4%

12.8%

127 GULF WAREHOUSING CO

Qatar

274893

Air Freight & Logistics

Industrials

USD

2.4%

0.2%

0.9%

-5.7%

3.3%

14.6%

9.0%

12.0%

12.6%

3.3%

5.5%

128 ABU DHABI AVIATION

UAE

284151

Air Freight & Logistics

Industrials

USD

10.9%

11.5%

4.5%

6.6%

8.8%

10.0%

16.2%

14.9%

13.2%

10.5%

10.7%

10.7%

129 AIR ARABIA PJSC

UAE

285482

Airlines

Industrials

USD

-1.1%

38.0%

58.1%

5.6%

9.5%

8.3%

5.7%

5.1%

7.7%

7.6%

7.7%

14.4%

130 NATL CNTL COOLING (TABRD)

UAE

274899

Building Products

Industrials

USD

5.7%

4.7%

8.8%

5.8%

2.9%

-78.3%

9.2%

4.8%

5.4%

6.0%

5.6%

131 RAS AL KHAIMAH CERAMIC CO

UAE

284191

Building Products

Industrials

USD

13.5%

132 ARAB TECHNICAL CONST.

UAE

274386

Construction & Engineering Industrials

USD

133 DRAKE & SKULL INTL

UAE

291718

Construction & Engineering Industrials

134 DEPA LTD

UAE

179766

Diversified Support ServicesIndustrials

135 AVEC CORP

UAE

151594

Heavy Electrical Equipment Industrials

USD

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Median

Average

-2.5%

12.8%

12.1%

11.7%

12.7%

13.9%

12.9%

9.9%

10.6%

11.4%

12.4%

12.2%

28.9%

27.7%

42.8%

50.6%

20.7%

11.4%

8.8%

4.7%

6.9%

20.7%

22.5%

USD

78.3%

69.4%

51.4%

13.5%

6.3%

7.2%

3.5%

5.7%

10.3%

29.4%

USD

16.4%

23.8%

10.8%

12.5%

-12.4%

3.3%

-7.5%

10.8%

6.7%

136 INDUSTRIES OF QATAR

Qatar

258696

Industrial Conglomerates

Industrials

USD

137 MANNAI CORP. Q.S.C

Qatar

285864

Industrial Conglomerates

Industrials

USD

34.4%

138 AAMAL HLDG

Qatar

287946

Industrial Conglomerates

Industrials

USD

139 QATAR NAT NAVIGAT

Qatar

258649

Marine

Industrials

USD

4.6%
16.2%

140 QATAR SHIPPING

Qatar

258663

Marine

Industrials

USD

141 NATL MARINE DREDGING

UAE

284159

Marine Ports & Services

Industrials

USD

142 DP WORLD

UAE

284856

Marine Ports & Services

Industrials

USD

143 QATAR NATIONAL CEMENT

Qatar

254656

Construction Materials

Materials

USD

15.0%

32.7%

36.5%

39.9%

25.6%

25.6%

30.2%

27.8%

23.7%

30.2%

30.7%

22.2%

19.0%

23.4%

25.4%

26.7%

20.4%

17.6%

20.1%

21.3%

21.8%

46.7%

12.4%

19.3%

13.6%

5.2%

9.8%

8.4%

9.3%

7.3%

9.8%

14.7%

3.5%

6.1%

7.2%

10.2%

8.0%

10.2%

6.7%

7.8%

7.5%

7.4%
13.0%

12.3%

15.5%

13.3%

7.2%

6.4%

13.3%

13.0%

13.0%

12.2%

10.2%

3.7%

15.5%

16.5%

21.5%

18.9%

16.6%

11.0%

6.2%

41.2%

6.4%

7.5%

4.6%

4.9%

9.2%

9.3%

7.5%

7.5%

11.3%

14.9%

21.6%

25.2%

21.7%

21.6%

19.2%

17.5%

16.9%

18.3%

18.5%

11.7%

144 UNION CEMENT CO

UAE

274921

Construction Materials

Materials

USD

23.6%

45.6%

13.9%

12.6%

11.1%

4.0%

-2.4%

-2.1%

3.9%

3.3%

7.6%

11.3%

145 GULF CEMENT CO

UAE

275275

Construction Materials

Materials

USD

29.2%

38.1%

7.9%

24.0%

0.1%

2.4%

5.0%

-4.5%

-0.6%

5.6%

5.3%

10.8%

146 NATIONAL CEMENT CO

UAE

278373

Construction Materials

Materials

USD

9.0%

10.0%

10.5%

7.3%

7.5%

7.3%

3.6%

3.4%

4.4%

5.5%

7.3%

6.9%

147 RAS AL KHAIMAH CO FOR WHITE

UAE

282157

Construction Materials

Materials

USD

4.9%

7.7%

6.9%

14.5%

-11.7%

9.7%

10.6%

9.7%

5.2%

5.7%

7.3%

6.3%

148 RAS AL KHAIMAH CEMENT CO

UAE

282895

Construction Materials

Materials

USD

19.3%

19.6%

16.9%

7.6%

10.0%

8.8%

-0.5%

-2.7%

-1.0%

1.1%

8.2%

7.9%

35.9%

149 ABU DHABI NATL CO FOR BLDG

UAE

284080

Construction Materials

Materials

USD

150 FUJAIRAH BUILDING INDUSTRIES

UAE

284104

Construction Materials

Materials

USD

151 ARKAN BUILDING MATERIALS

UAE

284154

Construction Materials

Materials

USD

152 QATARI INV GRP

Qatar

285366

Construction Materials

Materials

USD

24.9%

11.1%

14.8%

10.7%

24.0%

13.3%

8.0%

-1.8%

-7.4%

-5.2%

10.9%

10.3%

13.6%

14.6%

19.5%

19.2%

18.6%

6.4%

-11.4%

0.6%

1.4%

13.6%

9.2%

8.8%

9.7%

2.5%

29.2%

2.4%

-18.1%

0.2%

1.3%

2.8%

3.9%

3.8%

3.7%

3.8%

7.6%

2.8%

6.8%

3.8%

4.2%

153 OOREDOO

Qatar

135709

Integrated TelecommunicatTelecommunication ServicesUSD

40.0%

27.9%

34.1%

24.3%

17.1%

17.8%

15.2%

12.4%

10.8%

10.3%

17.5%

21.0%

154 ETISALAT

UAE

274234

Integrated TelecommunicatTelecommunication ServicesUSD

25.7%

27.1%

30.5%

30.3%

29.8%

24.3%

19.7%

14.8%

16.6%

17.5%

25.0%

23.6%

155 EMIRATE INTEGRATED TELECOM

UAE

279381

Integrated TelecommunicatTelecommunication ServicesUSD

-0.9%

-18.0%

-35.3%

0.2%

9.5%

25.7%

17.6%

26.3%

27.8%

9.5%

5.9%

156 VODAFONE QATAR

Qatar

292438

Wireless Telecommunicatio Telecommunication ServicesUSD

-2.7%

-8.8%

-8.5%

-7.4%

-6.5%

-7.4%

-6.8%

157 QATAR ELECT & WATER

Qatar

258639

Multi-Utilities

Utilities

USD

158 ABU DHABI NATIONAL ENERGY

UAE

279336

Multi-Utilities

Utilities

USD

159 3POWER ENERGY GROUP INC

UAE

187366

Renewable Electricity

Utilities

USD

30.1%

21.0%

21.0%

16.5%

57.9%

25.7%

30.9%

42.9%

37.4%

22.6%

27.9%

30.6%

16.1%

7.7%

14.6%

25.5%

1.8%

7.8%

6.7%

5.6%

-28.9%

7.7%

6.3%

Exhibit 4

Net Income After Extraordinary Items (as reported by Compustat)
No

Company Name

Country

GVKEY

Industry Segment

Sector

Currency

2004

UAE
# negative

2005

Country

GVKEY

Industry Segment

Sector

2008

2009

2010

2011

2012

2013

39.00

42.00

39.00

41.00

40.00

35.00

36.00

6.00

3.00

4.00

1.00

6.00

7.00

9.00

12.00

9.00

13%

15%

18%

8%

9%

2%

26%

37.00
4.00

20%

10%

Qatar

9.00

13.00

16.00

16.00

18.00

19.00

17.00

18.00

17.00

15.00

# negative

3.00

1.00

2.00

2.00

2.00

1.00

2.00

1.00

2.00

1.00

11%

11%

10%

25%
Company Name

2007

35.00

18%

No

2006

27.00

Currency

2004

7%
2005

2006

2007

2008

USD

5%
2009
0

11%

5%

2010

2011

0

-1

11%

6%

2012

2013

9

12

14%

10%
Median CAGR

1

AXIUS INC

UAE

179660

Distributors

Consumer Discretionary

2

EMIRATES DRIVING

UAE

284155

Education Services

Consumer Discretionary

USD

-1

2

1

16

19

20

18

12

3

KINGDOM HOTEL INVESTMENTS

UAE

276929

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

3

7

43

34

17

22

18

0

4

ABU DHABI NATIONAL HOTELS

UAE

282983

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

64

90

80

128

80

118

83

72

54

5

NATL CORP FOR TOURISM & HOT

UAE

284158

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

10

19

3

23

25

41

35

30

26

6

AL FIRDOUS HOLDINGS

UAE

287151

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

0

5

4

0

1

1

0

7

QATAR CINEMA & FILM

Qatar

275063

Movies & Entertainment

Consumer Discretionary

USD

1

2

2

2

3

2

3

4

3

8

DAMAS INTERNATIONAL LTD

UAE

293285

Specialty Stores

Consumer Discretionary

USD

25

36

62

56

59

-520

14

9

FOODCO HOLDING PJSC

UAE

282986

Food Distributors

Consumer Staples

USD

20

36

17

7

8

7

8

5

4

10

10

DUBAI REFRESHMENTS

UAE

283433

Food Distributors

Consumer Staples

USD

8

8

5

6

4

9

18

36

44

33

11

ALMEERA CONSUMER GOODS CO

Qatar

293086

Hypermarkets & Super Cen Consumer Staples

USD

10

18

15

18

21

29

54

18

12

AMIRA NATURE FOODS LTD

UAE

14033

Packaged Foods & Meats

Consumer Staples

USD

6

12

15

13

ZAD HOLDING CO

Qatar

274901

Packaged Foods & Meats

Consumer Staples

USD

3

3

3

6

13

16

17

23

30

13

(100.0%)

14

WIDAM FOOD COMPANY QSC

Qatar

274902

Packaged Foods & Meats

Consumer Staples

USD

0

6

2

2

11

5

9

18

21

15

8

(260.7%)

15

UNITED FOODS CO P.S.C.

UAE

283483

Packaged Foods & Meats

Consumer Staples

USD

1

2

1

4

-12

15

15

6

4

4

4

13.9%

16

AGTHIA GROUP PJSC

UAE

284156

Packaged Foods & Meats

Consumer Staples

USD

8

8

10

20

29

31

24

34

44

24

17

INTL FISH FARMING CO

UAE

284187

Packaged Foods & Meats

Consumer Staples

USD

-9

0

-5

1

-3

-4

18

10

-39

-68

-3

18

RAS AL KHAIMAH PLTRY & FEED

UAE

284876

Packaged Foods & Meats

Consumer Staples

USD

3

14

15

5

2

0

-1

3

3

19

EMIRATES REFRESHMENTS CO

UAE

283375

Soft Drinks

Consumer Staples

USD

1

1

1

1

1

1

-3

1

0

0

1

(17.3%)

20

GULFA MINERAL WATER

UAE

291230

Soft Drinks

Consumer Staples

USD

0

-1

0

1

1

1

1

1

1

1

1

(219.2%)

21

DANA GAS

UAE

282884

Integrated Oil & Gas

Energy

USD

222

30

33

24

43

138

165

156

91

22

GULF INTL SVCS

Qatar

288907

Oil & Gas Drilling

Energy

USD

40

76

116

155

121

78

127

186

116

24

23

LAMPRELL

UAE

279384

Oil & Gas Equipment & ServEnergy

USD

10

30

34

72

24

MARITIME INDL SVCS CO

UAE

284079

Oil & Gas Equipment & ServEnergy

USD

-3

10

19

22

25

POLARCUS LTD

UAE

292880

Oil & Gas Equipment & ServEnergy

USD

26

DRAGON OIL

UAE

201676

Oil & Gas Exploration & Pro Energy

USD

27

EXILLON ENERGY

UAE

293578

Oil & Gas Exploration & Pro Energy

USD

28

QATAR FUEL

Qatar

258641

Oil & Gas Refining & MarketEnergy

USD

29

QATAR GAS TRANSPORT(NAKILAT)

Qatar

274295

Oil & Gas Storage & TranspEnergy

USD

30

GULF NAVIGATION HOLDING

UAE

282951

Oil & Gas Storage & TranspEnergy

USD

31

CRESCENT PETROLEUM CORP

UAE

3597

Unclassified

USD

Energy

50
25
2

106
61
10

180

304

85

28

65

8

29

36

-2

-19

-28

0
12

(229.5%)

17

(100.0%)

59

80

(1.0%)

34

25

14.9%

1
3

2

11.3%

36

(100.0%)

8

(7.6%)

8

17.9%

12

25.2%

63

-110

36

35

15.2%

19

(100.0%)

-31

10

43

-11
336

369

259

386

648

600

513

0

180

-4

-10

12

32

29.6%

6

118

169

331

239

295

317

316

334

267

12

35

35

162

183

229

210

200

172

32

40

7

-64

-20

-40

-253

2

33.5%

(267.3%)

Exhibit 4

Net Income After Extraordinary Items (as reported by Compustat)
No

Company Name

Country

GVKEY

Industry Segment

Sector

Currency

2004

UAE
# negative

2005

2008

2009

2010

2011

2012

42.00

39.00

41.00

40.00

35.00

36.00

6.00

3.00

4.00

1.00

6.00

7.00

9.00

12.00

9.00

13%

15%

18%

8%

9%

2%

26%

37.00
4.00

20%

10%

Qatar

9.00

13.00

16.00

16.00

18.00

19.00

17.00

18.00

17.00

15.00

# negative

3.00

1.00

2.00

2.00

2.00

1.00

2.00

1.00

2.00

1.00

11%

11%

10%

2005

2008

-13

-7

5

8

19

9

120 MEDICARE GROUP

Qatar

274886

Health Care Facilities

Health Care

USD

-3

-14

121 GULF MEDICAL PROJECTS

UAE

284186

Health Care Facilities

Health Care

USD

7

9

122 NMC HEALTH PLC

UAE

312098

Health Care Facilities

Health Care

USD

123 QATAR GERMAN CO ME

Qatar

258642

Health Care Supplies

Health Care

USD

-1

0

-1

0

124 GULF PHARMACEUTICALS

UAE

282886

Pharmaceuticals

Health Care

USD

18

32

18

125 ABU DHABI SHIP BUILDING

UAE

284185

Aerospace & Defense

Industrials

USD

10

13

126 ARAMEX PJSC

UAE

274887

Air Freight & Logistics

Industrials

USD

13

14

127 GULF WAREHOUSING CO

Qatar

274893

Air Freight & Logistics

128 ABU DHABI AVIATION

UAE

284151

Air Freight & Logistics

Industrials

USD

23

27

14

21

29

36

68

69

67

129 AIR ARABIA PJSC

UAE

285482

Airlines

Industrials

USD

0

9

28

77

139

123

83

73

114

130 NATL CNTL COOLING (TABRD)

UAE

274899

Building Products

Industrials

USD

9

14

28

20

20

-304

37

50

64

131 RAS AL KHAIMAH CERAMIC CO

UAE

284191

Building Products

Industrials

USD

35

38

41

45

56

71

74

56

61

132 ARAB TECHNICAL CONST.

UAE

274386

Construction & Engineering Industrials

USD

45

59

146

261

135

84

71

133 DRAKE & SKULL INTL

UAE

291718

Construction & Engineering Industrials

USD

16

27

42

91

42

134 DEPA LTD

UAE

179766

Diversified Support ServicesIndustrials

USD

25

44

51

64

-54

135 AVEC CORP

UAE

151594

Heavy Electrical Equipment Industrials

USD

136 INDUSTRIES OF QATAR

Qatar

258696

Industrial Conglomerates

Industrials

USD

137 MANNAI CORP. Q.S.C

Qatar

285864

Industrial Conglomerates

Industrials

USD

138 AAMAL HLDG

Qatar

287946

Industrial Conglomerates

Industrials

USD

388

117

226

171

69

145

135

139 QATAR NAT NAVIGAT

Qatar

258649

Marine

Industrials

USD

45

79

72

120

156

130

302

195

140 QATAR SHIPPING

Qatar

258663

Marine

Industrials

USD

61

114

126

168

142

145

141 NATL MARINE DREDGING

UAE

284159

Marine Ports & Services

Industrials

USD

21

33

142 DP WORLD

UAE

284856

Marine Ports & Services

Industrials

USD

143 QATAR NATIONAL CEMENT

Qatar

254656

Construction Materials

Materials

USD

47

144 UNION CEMENT CO

UAE

274921

Construction Materials

Materials

USD

39

145 GULF CEMENT CO

UAE

275275

Construction Materials

Materials

USD

51

146 NATIONAL CEMENT CO

UAE

278373

Construction Materials

Materials

USD

147 RAS AL KHAIMAH CO FOR WHITE

UAE

282157

Construction Materials

Materials

USD

148 RAS AL KHAIMAH CEMENT CO

UAE

282895

Construction Materials

Materials

149 ABU DHABI NATL CO FOR BLDG

UAE

284080

Construction Materials

150 FUJAIRAH BUILDING INDUSTRIES

UAE

284104

Construction Materials

151 ARKAN BUILDING MATERIALS

UAE

284154

Construction Materials

152 QATARI INV GRP

Qatar

285366

Construction Materials

883

11

2012
12

6%
2013

10%
Median CAGR

25

3

(227.1%)

24

14

24

30

25

16

15.2%

21

43

59

68

43

2

0

-1

0

-2

-2

-1

4.8%

56

36

33

42

46

55

63

39

14.8%

13

7

28

31

24

11

7

13

13

2.8%

26

33

40

50

56

58

66

76

45

21.7%

-5

3

14

17

23

28

3

58

33

10.9%

115

80

(315.0%)

74

24

27.1%

77

56

9.1%

38

103

84

53

26

45

15

-33

1

13

2011

14%

8

0

0

2010

11%

Currency

-11

2009

5%

Sector

-5

2007

11%

Industry Segment

1

2006

5%

GVKEY

USD

2004

7%

Country

Industrials

2013

39.00

25%
Company Name

2007

35.00

18%

No

2006

27.00

48.0%

42
25

-14

-11

(100.0%)

994

1,369

1,998

1,339

1,533

2,178

2,318

2,200

18

28

40

51

63

77

110

122

57

163

139

145

229

261

143

21.6%

134

(100.0%)
11.4%

1,533

12

58

72

112

123

128

92

56

65

254

1,105

482

333

375

683

749

640

561

48

55

98

114

115

128

122

117

120

114

11.0%

143

49

47

42

15

-8

-7

13

11

27

(13.1%)

137

30

113

1

10

20

-15

-2

19

19

(10.5%)

31

69

59

55

53

36

17

18

19

28

34

(1.1%)

11

30

18

44

-22

19

23

19

10

14

19

2.6%

USD

26

33

34

15

22

20

-1

-5

-2

2

17

(24.2%)

Materials

USD

12

12

(193.1%)

Materials

USD

Materials

USD

Materials

USD

25

19

20

16

25

13

8

-2

-6

-6

3

6

10

11

12

4

-6

0

1

4

36

48

55

-79

1

14

6

13

12

14

9

19

20

20

42

5

153 OOREDOO

Qatar

135709

Integrated TelecommunicatTelecommunication ServicesUSD

406

327

467

460

625

763

794

715

808

708

154 ETISALAT

UAE

274234

Integrated TelecommunicatTelecommunication ServicesUSD

926

1,159

1,596

1,987

2,359

2,405

2,077

1,590

1,835

1,927

155 EMIRATE INTEGRATED TELECOM

UAE

279381

Integrated TelecommunicatTelecommunication ServicesUSD

-10

-166

-241

1

72

357

299

539

541

156 VODAFONE QATAR

Qatar

292438

Wireless Telecommunicatio Telecommunication ServicesUSD

-36

-185

-165

-133

-110

157 QATAR ELECT & WATER

Qatar

258639

Multi-Utilities

Utilities

USD

158 ABU DHABI NATIONAL ENERGY

UAE

279336

Multi-Utilities

Utilities

USD

159 3POWER ENERGY GROUP INC

UAE

187366

Renewable Electricity

Utilities

USD

206

(8.1%)

19
667

6.4%

1,881

8.5%

72
-133

179

212

169

208

253

320

357

394

380

233

229

132

282

497

50

277

203

177

-686

203

-2

-1

-10

-2

-2

7.0%

Exhibit 4

Assets - Total
No

Company Name

Country GVKEY

Industry Segment

Sector

Currency

2004

2005

2006

2007

2008

2009

2010

2011

1

AXIUS INC

UAE

179660

Distributors

Consumer Discretionary

USD

0

0

0

2

EMIRATES DRIVING

UAE

284155

Education Services

Consumer Discretionary

USD

11

29

31

44

64

82

99

107

3

KINGDOM HOTEL INVESTMENTS

UAE

276929

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

498

795

1,478

1,736

1,894

2,084

2,184

2,167

4

ABU DHABI NATIONAL HOTELS

UAE

282983

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

578

810

718

926

2,385

2,420

2,562

2,760

2,665

2,685

5

NATL CORP FOR TOURISM & HOT

UAE

284158

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

180

231

231

363

327

381

340

320

318

338

6

AL FIRDOUS HOLDINGS

UAE

287151

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

3

192

170

170

171

173

173

7

QATAR CINEMA & FILM

Qatar

275063

Movies & Entertainment

Consumer Discretionary

USD

13

22

16

19

18

28

49

50

48

8

DAMAS INTERNATIONAL LTD

UAE

293285

Specialty Stores

Consumer Discretionary

USD

573

778

1,130

1,381

1,700

1,100

1,006

9

FOODCO HOLDING PJSC

UAE

282986

Food Distributors

Consumer Staples

USD

85

126

128

149

138

140

138

132

144

190

138

9.4%

10

DUBAI REFRESHMENTS

UAE

283433

Food Distributors

Consumer Staples

USD

67

90

107

116

98

113

133

188

258

300

115

18.1%

493

119

2012

2013

110

117

Median

CAGR
0
73

30.2%

1,815

(100.0%)

2,402

18.6%

323

7.3%

171
48

25

15.3%

1,100

(100.0%)

11

ALMEERA CONSUMER GOODS CO

Qatar

293086

Hypermarkets & Super Cen Consumer Staples

USD

104

113

111

119

210

287

12

AMIRA NATURE FOODS LTD

UAE

14033

Packaged Foods & Meats

Consumer Staples

USD

255

232

327

13

ZAD HOLDING CO

Qatar

274901

Packaged Foods & Meats

Consumer Staples

USD

79

220

156

160

164

163

198

543

559

164

(100.0%)

14

WIDAM FOOD COMPANY QSC

Qatar

274902

Packaged Foods & Meats

Consumer Staples

USD

45

56

56

61

72

78

87

130

160

150

75

14.4%

15

UNITED FOODS CO P.S.C.

UAE

283483

Packaged Foods & Meats

Consumer Staples

USD

34

41

49

65

59

53

59

65

57

60

58

6.6%

16

AGTHIA GROUP PJSC

UAE

284156

Packaged Foods & Meats

Consumer Staples

USD

202

224

236

289

324

364

390

466

535

324

17

INTL FISH FARMING CO

UAE

284187

Packaged Foods & Meats

Consumer Staples

USD

18

RAS AL KHAIMAH PLTRY & FEED

UAE

284876

Packaged Foods & Meats

Consumer Staples

USD

19

EMIRATES REFRESHMENTS CO

UAE

283375

54

54

255

49

50

80

77

259

346

396

337

78

127

133

110

112

119

101

107

132

116

Soft Drinks

Consumer Staples

USD

0

36

25

32

22

30

25

24

20

18

20

GULFA MINERAL WATER

UAE

291230

Soft Drinks

Consumer Staples

USD

7

7

9

14

14

15

15

15

15

17

21

DANA GAS

UAE

282884

Integrated Oil & Gas

Energy

USD

1,864

2,960

2,946

3,111

3,228

3,307

3,520

3,521

3,170

22

GULF INTL SVCS

Qatar

288907

Oil & Gas Drilling

Energy

USD

380

590

747

909

1,012

1,161

1,264

1,730

1,473

1,012

1,263

1,067

1,108

1,372

23

LAMPRELL

UAE

279384

Oil & Gas Equipment & ServEnergy

USD

0

138

178

366

502

406

598

24

MARITIME INDL SVCS CO

UAE

284079

Oil & Gas Equipment & ServEnergy

USD

66

69

217

311

413

435

315

25

POLARCUS LTD

UAE

292880

Oil & Gas Equipment & ServEnergy

USD

372

639

974

26

DRAGON OIL

UAE

201676

Oil & Gas Exploration & ProEnergy

USD

27

EXILLON ENERGY

UAE

293578

Oil & Gas Exploration & ProEnergy

USD

28

QATAR FUEL

Qatar

258641

Oil & Gas Refining & Marke Energy

USD

29

QATAR GAS TRANSPORT(NAKILAT)

Qatar

274295

Oil & Gas Storage & TranspEnergy

USD

30

GULF NAVIGATION HOLDING

UAE

282951

Oil & Gas Storage & TranspEnergy

USD

31

CRESCENT PETROLEUM CORP

401

676

234

454

8

121

894
613
2,960

1,318
741

1,769

2,148

2,658

3,351

3,843

470

540

674

776

1,119

1,337

1,692

24
14

1,911

2,212

10.5%

406
311

57

22.7%

(100.0%)

974
4,396

1,958

30.5%

540
2,664

1,228

4,419

6,721

8,580

8,808

8,624

8,484

8,429

8,456

732

827

799

656

683

599

388

656

31.1%
53.0%

UAE

3597

Unclassified

Energy

USD

120 MEDICARE GROUP

Qatar

274886

Health Care Facilities

Health Care

USD

119

152

133

177

228

211

224

228

235

250

217

8.6%

121 GULF MEDICAL PROJECTS

UAE

284186

Health Care Facilities

Health Care

USD

41

50

87

117

231

367

391

420

463

513

299

32.3%

Exhibit 4

122 NMC HEALTH PLC

UAE

312098

Health Care Facilities

Health Care

USD

384

418

355

716

123 QATAR GERMAN CO ME

Qatar

258642

Health Care Supplies

Health Care

USD

19

24

27

48

65

64

61

62

66

67

61

14.8%

124 GULF PHARMACEUTICALS

UAE

282886

Pharmaceuticals

Health Care

USD

223

279

315

424

455

497

559

628

693

831

476

15.7%

125 ABU DHABI SHIP BUILDING

UAE

284185

Aerospace & Defense

Industrials

USD

227

243

249

376

467

607

667

660

602

503

485

9.2%

126 ARAMEX PJSC

UAE

274887

Air Freight & Logistics

Industrials

USD

77

337

412

456

502

560

622

679

739

813

531

30.0%

127 GULF WAREHOUSING CO

Qatar

274893

Air Freight & Logistics

117

105

110

167

343

434

516

117

34.9%

128 ABU DHABI AVIATION

UAE

284151

Air Freight & Logistics

Industrials

USD

271

327

442

568

834

862

864

949

976

901

848

14.3%

129 AIR ARABIA PJSC

UAE

285482

Airlines

Industrials

USD

26

53

100

1,453

1,596

1,653

1,734

1,937

2,190

2,558

1,624

66.8%

130 NATL CNTL COOLING (TABRD)

UAE

274899

Building Products

Industrials

USD

450

726

1,140

1,227

1,981

2,100

2,231

2,380

2,312

2,294

2,041

19.8%

131 RAS AL KHAIMAH CERAMIC CO

UAE

284191

Building Products

Industrials

USD

487

733

1,042

1,162

1,234

1,418

1,545

1,559

1,446

1,546

1,326

13.7%

132 ARAB TECHNICAL CONST.

UAE

274386

Construction & Engineering Industrials

USD

515

636

1,318

2,575

2,480

2,363

2,395

2,437

3,485

2,395

133 DRAKE & SKULL INTL

UAE

291718

Construction & Engineering Industrials

USD

94

261

395

1,198

1,326

1,563

1,750

1,950

1,262

134 DEPA LTD

UAE

179766

Diversified Support ServicesIndustrials

USD

345

510

897

918

827

825

856

135 AVEC CORP

UAE

151594

Heavy Electrical Equipment Industrials

USD

136 INDUSTRIES OF QATAR

Qatar

258696

Industrial Conglomerates

Industrials

USD

137 MANNAI CORP. Q.S.C

Qatar

285864

Industrial Conglomerates

Industrials

USD

138 AAMAL HLDG

Qatar

287946

Industrial Conglomerates

Industrials

USD

139 QATAR NAT NAVIGAT

Qatar

258649

Marine

Industrials

USD

1,075

140 QATAR SHIPPING

Qatar

258663

Marine

Industrials

USD

141 NATL MARINE DREDGING

UAE

284159

Marine Ports & Services

Industrials

USD

142 DP WORLD

UAE

284856

Marine Ports & Services

Industrials

USD

143 QATAR NATIONAL CEMENT

Qatar

254656

Construction Materials

Materials

USD

332

144 UNION CEMENT CO

UAE

274921

Construction Materials

Materials

USD

178

145 GULF CEMENT CO

UAE

275275

Construction Materials

Materials

USD

146 NATIONAL CEMENT CO

UAE

278373

Construction Materials

Materials

USD

147 RAS AL KHAIMAH CO FOR WHITE

UAE

282157

Construction Materials

Materials

148 RAS AL KHAIMAH CEMENT CO

UAE

282895

Construction Materials

149 ABU DHABI NATL CO FOR BLDG

UAE

284080

150 FUJAIRAH BUILDING INDUSTRIES

UAE

151 ARKAN BUILDING MATERIALS
152 QATARI INV GRP

Industrials

USD

35

0

95

0
3,344

401

827

0

0

(100.0%)

4,088

5,532

7,537

7,447

8,774

10,098

11,042

10,100

197

276

361

356

434

795

1,888

1,826

398

997

1,230

1,586

1,554

1,653

1,811

2,090

2,301

2,343

1,653

2,488

1,477

2,142

1,851

1,976

3,659

3,655

3,867

4,298

2,315

16.6%

691

2,084

1,252

1,560

1,493

1,460

1,477

(100.0%)

0

426

7,537

388

440

487

691

897

1,075

1,327

1,388

17,470

17,190

15,499

18,961

19,360

18,758

16,434

16,761

584

523

581

783

694

717

719

736

763

705

9.7%

329

413

402

418

401

381

358

386

383

385

8.9%

208

421

472

548

493

449

434

365

374

412

427

7.9%

355

712

587

804

763

552

523

567

563

627

577

6.5%

USD

231

397

281

321

226

226

253

253

266

339

260

4.3%

Materials

USD

170

179

211

211

246

236

217

218

209

201

211

1.8%

Construction Materials

Materials

USD

107

254

281

276

357

262

242

226

216

241

248

9.4%

284104

Construction Materials

Materials

USD

32

65

79

101

120

124

114

121

116

114

UAE

284154

Construction Materials

Materials

USD

598

587

954

637

Qatar

285366

Construction Materials

Materials

USD

113

135

236

153 OOREDOO

Qatar

135709

Integrated TelecommunicatTelecommunication ServicesUSD

1,388

154 ETISALAT

UAE

274234

Integrated TelecommunicatTelecommunication ServicesUSD

5,522

155 EMIRATE INTEGRATED TELECOM

UAE

279381

Integrated TelecommunicatTelecommunication ServicesUSD

156 VODAFONE QATAR

Qatar

292438

Wireless Telecommunicatio Telecommunication ServicesUSD

157 QATAR ELECT & WATER

Qatar

258639

Multi-Utilities

Utilities

USD

158 ABU DHABI NATIONAL ENERGY

UAE

279336

Multi-Utilities

Utilities

USD

159 3POWER ENERGY GROUP INC

UAE

187366

Renewable Electricity

Utilities

USD

1,449

1,751

2,143

12,980

697

675

0

808

882

460

733

959

839

915

20,401

23,321

27,883

28,059

25,877

589
17,330

26.8%

786
26,752

21,861

38.9%

6,550

12,502

14,280

16,899

19,430

20,584

19,844

21,820

23,338

18,165

17.4%

1,091

1,126

1,184

2,117

2,595

3,408

3,282

3,790

4,406

2,595

2,235

2,309

2,314

2,253

2,212

2,253

1,563

1,950

2,524

3,731

4,955

6,083

6,174

6,113

3,028

3,379

8,303

14,098

18,472

23,519

25,002

31,597

31,224

33,375

33,196

25,002

0

0

0

0

0

8.5%

Exhibit 4

Revenue (not applicable to financial companies)
No

Company Name

Country GVKEY

Industry Segment

Sector

Currency

2004

2005

2006

2007

2008

2009

2010

2011

1

AXIUS INC

UAE

179660

Distributors

Consumer Discretionary

USD

0

0

0

2

EMIRATES DRIVING

UAE

284155

Education Services

Consumer Discretionary

USD

3

9

14

23

36

44

42

38

3

KINGDOM HOTEL INVESTMENTS

UAE

276929

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

38

55

99

179

279

246

293

258

4

ABU DHABI NATIONAL HOTELS

UAE

282983

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

283

293

326

360

474

491

476

495

503

337

417

2.0%

5

NATL CORP FOR TOURISM & HOT

UAE

284158

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

62

72

58

75

137

154

146

147

156

195

141

13.7%

6

AL FIRDOUS HOLDINGS

UAE

287151

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

0

27

0

0

2

3

4

7

QATAR CINEMA & FILM

Qatar

275063

Movies & Entertainment

Consumer Discretionary

USD

3

3

3

4

5

5

4

5

6

8

DAMAS INTERNATIONAL LTD

UAE

293285

Specialty Stores

Consumer Discretionary

USD

598

735

332

963

1,642

899

804

9

FOODCO HOLDING PJSC

UAE

282986

Food Distributors

Consumer Staples

USD

23

28

32

30

47

29

30

25

30

27

29

1.7%

10

DUBAI REFRESHMENTS

UAE

283433

Food Distributors

Consumer Staples

USD

88

105

125

143

171

190

212

269

273

243

181

11.9%

534

252

2012

2013

38

43

Median

CAGR
0
37

32.2%

212

(100.0%)

2
4

4

4.9%

804

(100.0%)

11

ALMEERA CONSUMER GOODS CO

Qatar

293086

Hypermarkets & Super Cen Consumer Staples

USD

159

206

237

252

320

413

12

AMIRA NATURE FOODS LTD

UAE

14033

Packaged Foods & Meats

Consumer Staples

USD

257

330

414

13

ZAD HOLDING CO

Qatar

274901

Packaged Foods & Meats

Consumer Staples

USD

12

12

14

18

92

58

83

81

154

58

(100.0%)

14

WIDAM FOOD COMPANY QSC

Qatar

274902

Packaged Foods & Meats

Consumer Staples

USD

0

13

24

30

36

45

53

72

88

98

41

98.0%

15

UNITED FOODS CO P.S.C.

UAE

283483

Packaged Foods & Meats

Consumer Staples

USD

76

77

84

118

168

107

94

124

104

101

102

3.2%

16

AGTHIA GROUP PJSC

UAE

284156

Packaged Foods & Meats

Consumer Staples

USD

109

118

158

232

251

274

312

361

412

251

17

INTL FISH FARMING CO

UAE

284187

Packaged Foods & Meats

Consumer Staples

USD

18

RAS AL KHAIMAH PLTRY & FEED

UAE

284876

Packaged Foods & Meats

Consumer Staples

USD

17

26

330

28

23

25

20

137

102

69

73

27

14

16

23

19

19

15

9

10

15

17.6%

19

EMIRATES REFRESHMENTS CO

UAE

283375

Soft Drinks

Consumer Staples

USD

7

7

8

10

13

15

14

13

15

19

13

11.2%

20

GULFA MINERAL WATER

UAE

291230

Soft Drinks

Consumer Staples

USD

9

9

11

11

10

12

14

14

13

13

12

4.4%

21

DANA GAS

UAE

282884

Integrated Oil & Gas

Energy

USD

1

165

181

238

350

521

500

460

294

22

GULF INTL SVCS

Qatar

288907

Oil & Gas Drilling

Energy

USD

108

177

239

305

277

403

601

632

277

1,148

1,045

76

23

LAMPRELL

UAE

279384

Oil & Gas Equipment & ServEnergy

USD

106

209

330

467

741

426

504

24

MARITIME INDL SVCS CO

UAE

284079

Oil & Gas Equipment & ServEnergy

USD

77

109

177

308

387

478

385

25

POLARCUS LTD

UAE

292880

Oil & Gas Equipment & ServEnergy

USD

0

0

119

26

DRAGON OIL

UAE

201676

Oil & Gas Exploration & ProEnergy

USD

27

EXILLON ENERGY

UAE

293578

Oil & Gas Exploration & ProEnergy

USD

28

QATAR FUEL

Qatar

258641

Oil & Gas Refining & Marke Energy

USD

29

QATAR GAS TRANSPORT(NAKILAT)

Qatar

274295

Oil & Gas Storage & TranspEnergy

USD

30

GULF NAVIGATION HOLDING

UAE

282951

Oil & Gas Storage & TranspEnergy

USD

31

CRESCENT PETROLEUM CORP

UAE

3597

Unclassified

USD

Energy

97

249

415

652

14

28

320

597

295

525

706

623

780

1,151

1,155

0

23

85

203

302
3,155

467

(100.0%)

308

(100.0%)

119
1,048

665

30.3%

85

959

1,295

2,062

1,696

2,107

2,884

10

13

22

428

759

852

856

847

594

74

108

92

85

70

55

37

3,531

70

11.9%

1,879

26.8%

120 MEDICARE GROUP

Qatar

274886

Health Care Facilities

Health Care

USD

0

2

8

18

38

52

68

81

95

115

45

178.8%

121 GULF MEDICAL PROJECTS

UAE

284186

Health Care Facilities

Health Care

USD

26

33

43

55

77

89

87

99

108

127

82

19.5%

122 NMC HEALTH PLC

UAE

312098

Health Care Facilities

Health Care

USD

339

387

444

490

123 QATAR GERMAN CO ME

Qatar

258642

Health Care Supplies

Health Care

USD

2

2

2

4

0

0

0

0

1

415
3

1

Exhibit 4

124 GULF PHARMACEUTICALS

UAE

282886

Pharmaceuticals

Health Care

USD

137

148

167

184

170

207

251

279

321

371

196

11.7%

125 ABU DHABI SHIP BUILDING

UAE

284185

Aerospace & Defense

Industrials

USD

122

157

160

122

229

316

308

341

348

305

267

10.7%

126 ARAMEX PJSC

UAE

274887

Air Freight & Logistics

Industrials

USD

189

125

371

486

566

534

602

701

845

905

550

19.0%

127 GULF WAREHOUSING CO

Qatar

274893

Air Freight & Logistics

Industrials

USD

0

3

12

16

20

24

115

132

145

20

128 ABU DHABI AVIATION

UAE

284151

Air Freight & Logistics

Industrials

USD

92

101

131

145

294

392

452

496

484

446

343

19.2%

129 AIR ARABIA PJSC

UAE

285482

Airlines

Industrials

USD

49

112

204

219

562

537

566

663

801

867

550

37.6%

130 NATL CNTL COOLING (TABRD)

UAE

274899

Building Products

Industrials

USD

66

109

128

150

200

202

279

303

307

300

201

18.4%

131 RAS AL KHAIMAH CERAMIC CO

UAE

284191

Building Products

Industrials

USD

315

354

459

620

717

1,026

908

908

863

957

790

13.2%

132 ARAB TECHNICAL CONST.

UAE

274386

Construction & Engineering Industrials

USD

699

765

1,163

2,647

2,086

1,487

1,362

1,541

2,006

1,487

133 DRAKE & SKULL INTL

UAE

291718

Construction & Engineering Industrials

USD

135

223

388

602

505

847

904

1,328

553

134 DEPA LTD

UAE

179766

Diversified Support ServicesIndustrials

USD

285

387

461

732

494

473

530

135 AVEC CORP

UAE

151594

Heavy Electrical Equipment Industrials

USD

136 INDUSTRIES OF QATAR

Qatar

258696

Industrial Conglomerates

USD

2,561

4,048

2,651

3,391

4,544

5,135

137 MANNAI CORP. Q.S.C

Qatar

285864

Industrial Conglomerates

138 AAMAL HLDG

Qatar

287946

Industrial Conglomerates

Industrials

USD

95

116

147

179

194

335

524

627

139 QATAR NAT NAVIGAT

Qatar

258649

Marine

Industrials

USD

154

229

274

286

368

320

518

589

646

614

344

16.6%

140 QATAR SHIPPING

Qatar

258663

Marine

Industrials

USD

140

209

244

230

401

148

220

(100.0%)

141 NATL MARINE DREDGING

UAE

284159

Marine Ports & Services

Industrials

USD

101

100

150

197

226

341

500

727

846

693

283

23.9%

142 DP WORLD

UAE

284856

Marine Ports & Services

Industrials

USD

2,292

2,731

3,283

2,929

3,189

2,978

3,121

3,073

143 QATAR NATIONAL CEMENT

Qatar

254656

Construction Materials

Materials

USD

124

173

235

304

388

417

300

272

265

276

274

9.3%

144 UNION CEMENT CO

UAE

274921

Construction Materials

Materials

USD

85

109

109

184

302

191

151

169

164

144

157

6.0%

145 GULF CEMENT CO

UAE

275275

Construction Materials

Materials

USD

131

172

181

224

294

202

166

164

165

170

171

2.9%

146 NATIONAL CEMENT CO

UAE

278373

Construction Materials

Materials

USD

88

123

124

145

152

116

66

51

52

66

102

(3.2%)

147 RAS AL KHAIMAH CO FOR WHITE

UAE

282157

Construction Materials

Materials

USD

37

44

56

61

68

80

89

109

116

116

148 RAS AL KHAIMAH CEMENT CO

UAE

282895

Construction Materials

Materials

USD

67

82

89

91

116

77

62

52

60

60

72

(1.2%)

149 ABU DHABI NATL CO FOR BLDG

UAE

284080

Construction Materials

Materials

USD

137

180

225

323

415

234

147

85

51

15

163

(21.6%)

150 FUJAIRAH BUILDING INDUSTRIES

UAE

284104

Construction Materials

Materials

USD

18

34

57

78

68

57

52

68

69

57

151 ARKAN BUILDING MATERIALS

UAE

284154

Construction Materials

Materials

USD

79

87

94

189

153

67

82

108

105

91

152 QATARI INV GRP

Qatar

285366

Construction Materials

Materials

USD

18

47

59

70

131

Industrials
Industrials

0

0

0

1,807

2,137

USD

314

71

473
0

436

0

536

527

543

630

1,312

1,599

2,651

1,542

540

583

194

3,025

74

13.5%

4.5%

53

153 OOREDOO

Qatar

135709

Integrated TelecommunicatTelecommunication ServicesUSD

645

819

1,214

2,849

5,579

6,597

7,474

8,722

9,258

9,296

6,088

34.5%

154 ETISALAT

UAE

274234

Integrated TelecommunicatTelecommunication ServicesUSD

2,826

3,503

4,436

5,810

7,111

8,393

8,693

8,778

8,970

10,578

7,752

15.8%

155 EMIRATE INTEGRATED TELECOM

UAE

279381

Integrated TelecommunicatTelecommunication ServicesUSD

0

0

419

1,076

1,453

1,926

2,411

2,679

2,940

1,453

156 VODAFONE QATAR

Qatar

292438

Wireless Telecommunicatio Telecommunication ServicesUSD

0

99

257

335

419

157 QATAR ELECT & WATER

Qatar

258639

Multi-Utilities

Utilities

USD

407

471

529

624

728

943

1,228

1,242

797

158 ABU DHABI NATIONAL ENERGY

UAE

279336

Multi-Utilities

Utilities

USD

452

1,318

2,268

4,509

4,480

5,681

6,309

7,200

6,595

159 3POWER ENERGY GROUP INC

UAE

187366

Renewable Electricity

Utilities

USD

0

0

0

0

400

257
676
4,509
0

8.0%

Exhibit 4

Shareholders' Equity, Total book value including minority interest
No

Company Name

Country GVKEY Industry Segment

1

AXIUS INC

UAE

Sector

Currency 2004

179660 Distributors

Consumer Discretionary

USD

2005

2006

2007

2008

2009

2010

2011

-0.02

-0.06

0.20

2012

2013

2

EMIRATES DRIVING

UAE

284155 Education Services

Consumer Discretionary

USD

8.57

21.62

22.68

38.53

55.58

72.91

84.90

90.98

KINGDOM HOTEL INVESTMENTS

UAE

276929 Hotels, Resorts & Cruise LinConsumer Discretionary

USD

382.42

650.52

1,217.23

1,306.90

1,292.44

1,310.36

1,340.48

1,373.93

4

ABU DHABI NATIONAL HOTELS

UAE

282983 Hotels, Resorts & Cruise LinConsumer Discretionary

USD

468.42

707.86

612.34

824.08

2,218.45

2,248.08

2,215.10

2,243.20

2,123.20

2,179.55

5

NATL CORP FOR TOURISM & HOT

UAE

284158 Hotels, Resorts & Cruise LinConsumer Discretionary

USD

82.53

136.27

103.86

204.08

140.43

186.08

168.27

160.17

163.22

188.51

6

AL FIRDOUS HOLDINGS

UAE

287151 Hotels, Resorts & Cruise LinConsumer Discretionary

USD

2.69

168.58

170.06

169.85

170.60

171.21

171.34

36.75

37.29

7

QATAR CINEMA & FILM

Qatar

275063 Movies & Entertainment

Consumer Discretionary

USD

12.33

19.95

14.88

17.47

15.92

17.87

37.67

DAMAS INTERNATIONAL LTD

UAE

293285 Specialty Stores

Consumer Discretionary

USD

248.93

429.35

469.41

506.37

785.05

261.92

273.10

CAGR

-0.02

3

8

Median

94.38

101.18

64.25

31.6%

1,299.67

(100.0%)

2,151.38

18.6%

161.70

9.6%

170.06
39.19

18.91

13.7%

429.35

(100.0%)

9

FOODCO HOLDING PJSC

UAE

282986 Food Distributors

Consumer Staples

USD

46.58

74.59

70.06

94.75

66.02

78.25

79.58

73.51

72.86

113.30

74.05

10.4%

10

DUBAI REFRESHMENTS

UAE

283433 Food Distributors

Consumer Staples

USD

51.47

69.53

68.66

78.23

74.51

81.48

94.94

134.89

181.24

201.59

79.86

16.4%

11

ALMEERA CONSUMER GOODS CO

Qatar

293086 Hypermarkets & Super CenConsumer Staples

USD

62.76

60.52

63.01

385.55

68.54

12

AMIRA NATURE FOODS LTD

UAE

14033

Packaged Foods & Meats

Consumer Staples

USD

13

ZAD HOLDING CO

Qatar

274901 Packaged Foods & Meats

Consumer Staples

USD

58.14

213.67

147.81

142.79

113.48

14

WIDAM FOOD COMPANY QSC

Qatar

274902 Packaged Foods & Meats

Consumer Staples

USD

41.81

48.76

47.81

51.10

15

UNITED FOODS CO P.S.C.

UAE

283483 Packaged Foods & Meats

Consumer Staples

USD

21.11

22.51

23.36

16

AGTHIA GROUP PJSC

UAE

284156 Packaged Foods & Meats

Consumer Staples

USD

178.66

17

INTL FISH FARMING CO

UAE

284187 Packaged Foods & Meats

Consumer Staples

USD

52.12

18

RAS AL KHAIMAH PLTRY & FEED

UAE

284876 Packaged Foods & Meats

Consumer Staples

USD

51.60

68.54

74.53

83.82

39.27

45.68

143.63

45.68

131.37

165.76

346.08

360.47

147.81

61.35

56.96

62.90

72.64

73.52

68.60

59.16

5.7%

26.48

13.37

28.31

40.41

40.83

44.34

48.09

27.39

9.6%

186.61

196.95

216.53

244.72

267.95

281.90

307.35

340.29

244.72

46.65

47.37

76.59

73.96

93.74

217.76

229.24

166.29

75.27

103.38

124.00

99.17

101.86

101.43

83.95

89.23

115.79

101.65

34.47

23.02

29.55

17.07

19.69

14.29

11.04

11.39

11.78

17.07

2.79

5.49

6.65

7.36

8.11

8.91

9.77

10.91

12.19

1,855.66

1,939.00

1,971.00

2,099.00

2,174.00

2,224.00

2,417.00

2,543.00
847.38

19

EMIRATES REFRESHMENTS CO

UAE

283375 Soft Drinks

Consumer Staples

USD

20

GULFA MINERAL WATER

UAE

291230 Soft Drinks

Consumer Staples

USD

21

DANA GAS

UAE

282884 Integrated Oil & Gas

Energy

USD

22

GULF INTL SVCS

Qatar

288907 Oil & Gas Drilling

Energy

USD

207.88

242.20

336.07

453.91

562.93

616.85

646.67

724.09

23

LAMPRELL

UAE

279384 Oil & Gas Equipment & Ser Energy

USD

75.72

89.87

158.76

212.25

234.79

283.97

533.90

406.07

24

MARITIME INDL SVCS CO

UAE

284079 Oil & Gas Equipment & Ser Energy

USD

27.57

97.25

116.54

122.16

151.24

187.27

25

POLARCUS LTD

UAE

292880 Oil & Gas Equipment & Ser Energy

USD

189.60

294.68

391.56

429.76

481.41

26

DRAGON OIL

UAE

201676 Oil & Gas Exploration & ProEnergy

USD

27

EXILLON ENERGY

UAE

293578 Oil & Gas Exploration & ProEnergy

USD

28

QATAR FUEL

Qatar

258641 Oil & Gas Refining & MarkeEnergy

USD

29

QATAR GAS TRANSPORT(NAKILAT)

Qatar

274295 Oil & Gas Storage & TranspEnergy

USD

30

GULF NAVIGATION HOLDING

UAE

282951 Oil & Gas Storage & TranspEnergy

USD

31

CRESCENT PETROLEUM CORP

UAE

3597

USD

Unclassified

Energy

3.30

19.58
294.24
129.16
5.20

561.01
240.07
63.49

741.93

1,060.43

7.73

1,442.35

1,703.22

2,092.95

2,588.55

2,859.32

383.81

408.02

521.45

567.53

13.9%

15.6%

2,136.50
562.93
223.52
116.54

56.74

(100.0%)

(100.0%)

391.56
3,239.50

1,572.79

30.5%

408.02

279.39

422.67

706.76

924.85

1,165.10

1,399.05

1,594.42

1,826.25

815.80

672.44

1,317.26

-0.19

1,073.36

942.77

401.90

484.65

1,193.60

807.60

483.48

459.54

458.22

367.53

350.79

321.18

76.56

350.79

34.2%
34.8%

Exhibit 4

120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159

MEDICARE GROUP
GULF MEDICAL PROJECTS
NMC HEALTH PLC
QATAR GERMAN CO ME
GULF PHARMACEUTICALS
ABU DHABI SHIP BUILDING
ARAMEX PJSC
GULF WAREHOUSING CO
ABU DHABI AVIATION
AIR ARABIA PJSC
NATL CNTL COOLING (TABRD)
RAS AL KHAIMAH CERAMIC CO
ARAB TECHNICAL CONST.
DRAKE & SKULL INTL
DEPA LTD
AVEC CORP
INDUSTRIES OF QATAR
MANNAI CORP. Q.S.C
AAMAL HLDG
QATAR NAT NAVIGAT
QATAR SHIPPING
NATL MARINE DREDGING
DP WORLD
QATAR NATIONAL CEMENT
UNION CEMENT CO
GULF CEMENT CO
NATIONAL CEMENT CO
RAS AL KHAIMAH CO FOR WHITE
RAS AL KHAIMAH CEMENT CO
ABU DHABI NATL CO FOR BLDG
FUJAIRAH BUILDING INDUSTRIES
ARKAN BUILDING MATERIALS
QATARI INV GRP
OOREDOO
ETISALAT
EMIRATE INTEGRATED TELECOM
VODAFONE QATAR
QATAR ELECT & WATER
ABU DHABI NATIONAL ENERGY
3POWER ENERGY GROUP INC

Qatar
UAE
UAE
Qatar
UAE
UAE
UAE
Qatar
UAE
UAE
UAE
UAE
UAE
UAE
UAE
UAE
Qatar
Qatar
Qatar
Qatar
Qatar
UAE
UAE
Qatar
UAE
UAE
UAE
UAE
UAE
UAE
UAE
UAE
Qatar
Qatar
UAE
UAE
Qatar
Qatar
UAE
UAE

274886
284186
312098
258642
282886
284185
274887
274893
284151
285482
274899
284191
274386
291718
179766
151594
258696
285864
287946
258649
258663
284159
284856
254656
274921
275275
278373
282157
282895
284080
284104
284154
285366
135709
274234
279381
292438
258639
279336
187366

Health Care Facilities
Health Care
Health Care Facilities
Health Care
Health Care Facilities
Health Care
Health Care
Health Care Supplies
Health Care
Pharmaceuticals
Aerospace & Defense
Industrials
Air Freight & Logistics
Industrials
Air Freight & Logistics
Industrials
Air Freight & Logistics
Industrials
Airlines
Industrials
Industrials
Building Products
Building Products
Industrials
Construction & EngineeringIndustrials
Construction & EngineeringIndustrials
Diversified Support Service Industrials
Heavy Electrical EquipmentIndustrials
Industrial Conglomerates Industrials
Industrial Conglomerates Industrials
Industrial Conglomerates Industrials
Marine
Industrials
Marine
Industrials
Industrials
Marine Ports & Services
Industrials
Marine Ports & Services
Materials
Construction Materials
Materials
Construction Materials
Materials
Construction Materials
Materials
Construction Materials
Materials
Construction Materials
Materials
Construction Materials
Construction Materials
Materials
Materials
Construction Materials
Construction Materials
Materials
Materials
Construction Materials
Integrated Telecommunica Telecommunication
Integrated Telecommunica Telecommunication
Integrated Telecommunica Telecommunication
Wireless TelecommunicatioTelecommunication
Multi-Utilities
Utilities
Multi-Utilities
Utilities
Utilities
Renewable Electricity

USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Service USD
Service USD
Service USD
Service USD
USD
USD
USD

45.37
28.74

77.46
37.28

62.99
42.66

104.86
69.55

212.93
123.05

16.17
179.14
35.20
39.70
33.79
209.84
10.41
154.59
265.18

16.24
205.18
65.17
290.24

32.54
334.86
41.42
356.84
86.50
311.68
1,369.36
374.33
388.95
377.93
41.49
196.08

58.04
349.23
76.59
391.08
79.86
369.74
1,465.68
728.01
444.28
576.61
84.64
494.92

3,756.51
145.18
1,187.99
1,668.26
1,294.82
375.57
8,372.78
450.98
373.59
468.61
753.08
300.50
196.95
147.41
49.65
566.42

1,018.70
2,213.28

5,012.27
172.20
1,275.62
1,535.42
1,093.89
438.29
7,173.26
451.00
381.99
425.81
703.56
191.07
218.62
107.58
55.83
439.81
240.04
7,952.22
9,147.79
683.32
1,356.27
359.04
2,109.14

1,050.97
3,598.74

1,177.48
4,282.17
1,079.23

15.46
247.02
56.80
317.94
85.25
304.17
47.38
356.67
343.01
220.61
20.16
159.51
-12.61
3,039.73
79.15
947.91
1,177.20
944.52
324.54
1,318.83
369.87
350.89
378.52
562.30
266.20
202.11
138.48
38.65
544.72
228.49
1,388.15
5,826.36
923.49

685.92

853.58
1,681.82

1,009.15
2,061.16

-0.85

972.40
379.05

312.78
167.68
172.97
338.69
222.83
134.81
33.66
100.06

231.68
22.46
311.99
306.46
156.28

-5.30
2,595.81
830.20
2,275.16
1,778.23
324.41
406.79
314.05
358.68
689.53
386.02
168.10
176.01
22.15
123.05

4,533.05
7,050.36
682.25

190.38
171.72
90.89
55.99
376.72
93.88
442.03
82.10
406.05
1,488.57
393.81
545.39
742.61
684.74
537.44

203.11
201.10
102.98
55.15
403.68
136.37
491.57
95.94
456.93
1,463.87
430.76
621.45
844.61
692.00
465.68

206.01
207.14
100.35
55.17
427.37
151.07
516.20
188.58
503.19
1,429.12
1,065.58
609.08
916.89
739.84
474.82

210.44
238.95
331.60
53.26
465.22
106.51
557.04
194.21
559.25
1,481.22
1,205.14
614.73
910.77
753.80
439.31

5,233.29
199.05
1,344.17
1,623.25
1,186.55
524.22
8,037.45
527.98
382.33
402.08
499.92
196.08
223.00
103.27
64.84
425.73
508.59
8,081.20
10,994.65
759.90
2,102.95
985.61
3,378.21
-2.46

5,984.08
238.26
1,503.32
2,981.50

7,312.07
376.03
1,640.16
2,916.41

8,429.64
720.97
1,812.04
2,960.58

9,275.72
673.19
1,949.22
3,471.73

652.12
8,495.93
593.88
357.96
399.95
481.80
212.76
208.19
99.78
64.40
431.76
530.27
9,411.70
11,588.41
1,387.32
1,946.36
1,082.97
4,148.54
-3.26

775.38
8,221.47
635.62
329.20
336.83
509.59
192.35
202.74
86.74
54.86
437.60
531.51
10,815.93
11,353.59
1,693.06

836.74
8,729.85
668.51
341.89
331.53
424.94
199.70
195.90
86.84
55.31
450.90
553.61
10,130.46
12,598.36
2,049.40
1,694.84
1,113.81
3,636.72
-8.52

909.48
9,021.54
706.89
342.23
335.79
499.74
240.85
189.29
117.69
57.41
463.75

886.21
3,427.54
-6.42

222.15
291.61
48.74
513.68
121.29
579.07
220.57
603.23
1,518.21
1,266.33
718.63
1,569.35
809.95

8,905.02
13,502.45
1,944.99
1,741.21
3,352.70

196.75
147.39
101.66
51.00
362.98
85.23
416.55
86.50
387.90
1,446.50
412.29
494.83
742.61
688.37
465.68
-5.30
5,233.29
218.65
1,344.17
1,971.71
1,140.22
524.22
8,297.12
489.49
346.56
368.60
504.76
217.79
199.53
105.42
55.31
438.71
519.43
8,016.71
10,071.22
1,079.23
1,820.60
997.38
3,352.70
-4.84

19.3%
29.4%
13.0%
12.4%
14.7%
34.7%
23.2%
12.4%
73.9%
26.3%
11.7%

(100.0%)

15.2%
(100.0%)

9.5%
8.2%
7.6%
4.4%
0.9%
3.8%
14.9%
18.6%
26.8%
15.8%

10.9%

Exhibit 4

Interest and Related Expense - Total
No

Company Name

GVKEY

Industry Segment

Sector

Currency

1

AXIUS INC

179660

Distributors

Consumer Discretionary

USD

2004

2005

2006

2007

2008

2

EMIRATES DRIVING

284155

Education Services

Consumer Discretionary

USD

0.4

0.4

0.0

3

KINGDOM HOTEL INVESTMENTS

276929

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

2.9

3.4

11.2

17.4

20.3

4

ABU DHABI NATIONAL HOTELS

282983

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

0.7

0.3

0.2

0.3

0.2

5

NATL CORP FOR TOURISM & HOT

284158

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

1.7

2.0

1.6

1.5

4.5

6

AL FIRDOUS HOLDINGS

287151

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

2009

2010

0.0

0.0

2011

2012

29.1

28.3

32.8

19.3

17.3

34.6

6.2

6.1

4.9

6.8

275063

Movies & Entertainment

Consumer Discretionary

USD

293285

Specialty Stores

Consumer Discretionary

USD

8.4

10.3

19.7

21.2

35.0

31.1

39.1

9

FOODCO HOLDING PJSC

282986

Food Distributors

Consumer Staples

USD

1.3

1.1

2.4

2.6

2.5

3.1

3.1

3.0

2.4

10

DUBAI REFRESHMENTS

283433

Food Distributors

Consumer Staples

USD

0.2

0.9

1.2

1.2

0.4

0.5

0.5

0.5

11

ALMEERA CONSUMER GOODS CO

293086

Hypermarkets & Super Cen Consumer Staples

USD

14033

Packaged Foods & Meats

Consumer Staples

USD

274901

Packaged Foods & Meats

Consumer Staples

USD

14

WIDAM FOOD COMPANY QSC

274902

Packaged Foods & Meats

Consumer Staples

USD

15

UNITED FOODS CO P.S.C.

283483

Packaged Foods & Meats

Consumer Staples

USD

16

AGTHIA GROUP PJSC

284156

Packaged Foods & Meats

Consumer Staples

USD

17

INTL FISH FARMING CO

284187

Packaged Foods & Meats

Consumer Staples

USD

18

RAS AL KHAIMAH PLTRY & FEED

284876

Packaged Foods & Meats

Consumer Staples

USD

19

EMIRATES REFRESHMENTS CO

283375

Soft Drinks

Consumer Staples

USD

(100.0%)

31.0

0.7

53.0%

3.3

3.9

7.8%

0.1

QATAR CINEMA & FILM

AMIRA NATURE FOODS LTD

18.9

0.1

DAMAS INTERNATIONAL LTD

ZAD HOLDING CO

0.1

0.9

0.9

0.1

0.1

0.1

0.1

0.4

1.1

0.6

CAGR
0.4

7

12

Median
0.0

8

13

2013

0.4

0.3

0.5

0.4

0.4
21.2

(100.0%)

2.2

2.4

5.9%

0.1

0.3

0.5

6.0%

1.8

3.3

1.0

1.8

19.7

21.8

21.8

21.8

0.1

0.0

3.6

0.3

(100.0%)
9.0%

2.0

1.2

0.4

0.6

0.2

0.3

0.4

1.1

1.0

1.2

1.9

2.6

2.7

1.6

6.7

6.0

6.3

0.6

0.1

0.2

0.2

0.1

0.1

0.1

0.2

0.0

0.1

0.3

0.3

0.3

0.2

0.1

0.2

20

GULFA MINERAL WATER

291230

Soft Drinks

Consumer Staples

USD

0.1

0.2

0.1

0.1

0.0

0.0

21

DANA GAS

282884

Integrated Oil & Gas

Energy

USD

36.0

72.0

55.0

56.0

87.0

86.0

78.0

72.0

9.8

8.1

4.2

4.4

22

GULF INTL SVCS

288907

Oil & Gas Drilling

Energy

USD

1.3

2.3

23

LAMPRELL

279384

Oil & Gas Equipment & Ser Energy

USD

0.0

0.0

24

MARITIME INDL SVCS CO

284079

Oil & Gas Equipment & Ser Energy

USD

0.5

0.8

25

POLARCUS LTD

292880

Oil & Gas Equipment & Ser Energy

USD

26

DRAGON OIL

201676

Oil & Gas Exploration & ProEnergy

USD

27

EXILLON ENERGY

293578

Oil & Gas Exploration & ProEnergy

USD

28

QATAR FUEL

258641

Oil & Gas Refining & Marke Energy

USD

29

QATAR GAS TRANSPORT(NAKILAT)

274295

Oil & Gas Storage & TranspEnergy

USD

30

GULF NAVIGATION HOLDING

282951

Oil & Gas Storage & TranspEnergy

USD

31

CRESCENT PETROLEUM CORP

3597

Unclassified

Energy

USD

120 MEDICARE GROUP

274886

Health Care Facilities

Health Care

USD

121 GULF MEDICAL PROJECTS

284186

Health Care Facilities

Health Care

USD

122 NMC HEALTH PLC

312098

Health Care Facilities

Health Care

USD

0.4
7.3
0.1

0.3

4.7

0.1

4.6

4.4

3.4

7.3

0.9

5.1

5.4

9.6

3.0

5.3

5.9

2.6

5.2

13.2

47.1

60.7

73.6

47.1

0.7

0.8

0.6

3.7

5.3

209.0

363.3

383.3

380.9

358.5

360.9

7.5

9.1

12.9

11.8

13.8

16.2

16.3

12.9

6.4

2.3

2.3

1.1

4.7
0.1

3.2

3.0

0.1

0.2

0.4

0.1

0.4

0.7

2.7

4.6

5.8

6.0

11.7

6.7

14.2

15.0

15.1

11.6

(100.0%)

0.8

0.1

2.7

(100.0%)

(100.0%)

0.4
5.2

42.6%

14.6

123 QATAR GERMAN CO ME

258642

Health Care Supplies

Health Care

USD

0.0

0.1

0.8

0.4

0.3

0.3

0.3

0.5

0.3

124 GULF PHARMACEUTICALS

282886

Pharmaceuticals

Health Care

USD

1.0

1.9

3.1

2.8

2.9

3.2

3.7

5.9

6.4

7.1

3.2

24.5%

125 ABU DHABI SHIP BUILDING

284185

Aerospace & Defense

Industrials

USD

0.8

1.4

0.7

0.6

1.1

1.8

1.1

3.2

5.3

2.4

1.3

13.2%

0.2

29.0%

126 ARAMEX PJSC

274887

Air Freight & Logistics

Industrials

USD

127 GULF WAREHOUSING CO

274893

Air Freight & Logistics

Industrials

USD

0.9

1.1

0.9

0.5

0.3

0.5

0.8

2.3

0.8

0.9

1.7

1.7

1.1

1.6

3.4

7.7

1.7

Exhibit 4

128 ABU DHABI AVIATION

284151

Air Freight & Logistics

Industrials

USD

129 AIR ARABIA PJSC

285482

Airlines

Industrials

USD

0.1

0.1

0.9

130 NATL CNTL COOLING (TABRD)

274899

Building Products

Industrials

USD

5.5

9.6

14.0

3.6

131 RAS AL KHAIMAH CERAMIC CO

284191

Building Products

Industrials

USD

132 ARAB TECHNICAL CONST.

274386

Construction & EngineeringIndustrials

USD

7.5
18.7

20.6%
22.0%

34.2

30.1

27.2

21.5

27.2

9.0

12.3

14.2

9.0

2.0

4.7

10.9

5.8

1.3

135 AVEC CORP

151594

Heavy Electrical Equipment Industrials

USD

136 INDUSTRIES OF QATAR

258696

Industrial Conglomerates

USD
USD

16.6

11.4

1.2

USD

29.8

37.1

0.4

Industrials

35.5

15.3

0.5

Industrials

71.7%

61.3

26.8

USD

Industrial Conglomerates

3.3

6.6

USD

Industrial Conglomerates

9.6

11.8

29.8

Construction & EngineeringIndustrials

285864

7.8

9.5

1.0

Diversified Support Service Industrials

287946

9.6

5.7

27.1

291718

137 MANNAI CORP. Q.S.C

53.3

10.2

0.3

179766

138 AAMAL HLDG

14.5

9.0

10.9

134 DEPA LTD

Industrials

6.8

11.2

1.6

133 DRAKE & SKULL INTL

0.0

10.1

9.1

7.0

10.4

5.2

7.5

3.1

40.3

42.9

74.5

3.1

0.0

0.1

15.3

12.1
2.4

2.2

2.2

2.3

1.4

6.2

45.4

27.7

2.4

4.2

7.0

25.5

16.4

14.9

19.0

16.4

17.0

12.3

16.4

21.0

12.1

14.3

12.1

11.4

19.2%

13.7

(100.0%)

0.0
22.0

39.5

27.4

139 QATAR NAT NAVIGAT

258649

Marine

Industrials

USD

2.5

4.3

10.7

16.2

8.8

6.2

140 QATAR SHIPPING

258663

Marine

Industrials

USD

10.4

13.1

16.0

16.0

14.2

10.9

141 NATL MARINE DREDGING

284159

Marine Ports & Services

Industrials

USD

4.4

4.4

1.3

0.0

142 DP WORLD

284856

Marine Ports & Services

Industrials

USD

344.3

546.3

348.8

353.6

368.5

378.6

16.3

5.9

7.2

350.2

321.0

(100.0%)

27.4

4.4
351.9

143 QATAR NATIONAL CEMENT

254656

Construction Materials

Materials

USD

1.1

6.7

6.5

6.5

2.8

1.5

0.6

0.1

2.1

144 UNION CEMENT CO

274921

Construction Materials

Materials

USD

0.1

3.0

0.1

0.1

1.2

0.2

0.2

0.1

0.1

0.4

0.2

25.1%

145 GULF CEMENT CO

275275

Construction Materials

Materials

USD

0.2

1.8

1.0

2.4

2.3

1.8

0.9

0.3

1.4

(100.0%)

146 NATIONAL CEMENT CO

278373

Construction Materials

Materials

USD

0.0

0.3

0.1

0.0

0.7

-9.2

1.4

0.0

0.1

4.0%

147 RAS AL KHAIMAH CO FOR WHITE

282157

Construction Materials

Materials

USD

0.1

0.9

1.5

0.2

0.2

0.5

0.1

0.6

0.5

1.4

0.5

39.5%

148 RAS AL KHAIMAH CEMENT CO

282895

Construction Materials

Materials

USD

1.2

0.5

0.0

0.1

0.0

0.1

0.1

0.1

0.0

0.1

0.1

(26.2%)

149 ABU DHABI NATL CO FOR BLDG

284080

Construction Materials

Materials

USD

0.9

1.2

3.8

7.8

2.8

2.8

3.7

1.5

4.1

4.2

3.3

19.0%

150 FUJAIRAH BUILDING INDUSTRIES

284104

Construction Materials

Materials

USD

0.2

0.1

0.2

0.2

2.3

2.8

2.8

2.6

2.4

2.3

1.3

1.7

151 ARKAN BUILDING MATERIALS

284154

Construction Materials

Materials

USD

7.9

1.9

1.7

1.3

152 QATARI INV GRP

285366

Construction Materials

Materials

USD

8.3

1.7

1.4

2.2

153 OOREDOO

135709

Integrated TelecommunicatTelecommunication Service USD

527.4

647.7

698.1

648.8

154 ETISALAT

274234

Integrated TelecommunicatTelecommunication Service USD

71.3

137.0

112.6

104.5

71.8

155.8

155 EMIRATE INTEGRATED TELECOM

279381

Integrated TelecommunicatTelecommunication Service USD

0.0

0.0

2.5

3.5

25.1

32.0

156 VODAFONE QATAR

292438

Wireless Telecommunicatio Telecommunication Service USD

0.0

5.0

7.0

7.6

6.4

157 QATAR ELECT & WATER

258639

Multi-Utilities

Utilities

USD

158 ABU DHABI NATIONAL ENERGY

279336

Multi-Utilities

Utilities

USD

159 3POWER ENERGY GROUP INC

187366

Renewable Electricity

Utilities

USD

0.0

33.6

4.9

268.4

437.9

2.0
608.4

527.4

80.3

105.2

104.9

18.2

21.0

10.9
42.2

6.4

19.7

14.6

20.5

36.4

52.3

125.9

198.8

197.7

48.1

116.8

365.1

680.5

993.7

942.1

1,000.0

1,136.6

1,240.9

1,228.5

0.0

0.1

0.1

0.1

993.7
0.1

4.0%

Exhibit 4

EBIT - Earnings before interest and taxes (not applicable to financial companies)
No

Company Name

GVKEY

Industry Segment

Sector

Currency

1

AXIUS INC

179660

Distributors

Consumer Discretionary

USD

2

EMIRATES DRIVING

284155

Education Services

Consumer Discretionary

USD

-1

2

4

10

18

17

15

9

3

KINGDOM HOTEL INVESTMENTS

276929

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

2

1

-3

10

-3

57

28

-40

4

ABU DHABI NATIONAL HOTELS

282983

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

48

59

72

96

124

79

73

70

60

5

NATL CORP FOR TOURISM & HOT

284158

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

4

4

10

7

40

45

35

31

25

6

AL FIRDOUS HOLDINGS

287151

Hotels, Resorts & Cruise LinConsumer Discretionary

USD

0

3

-1

0

1

1

1

-1

-2

2004

2005

2006

2007

2008

2009

2010

2011

0

0

-1

7

QATAR CINEMA & FILM

275063

Movies & Entertainment

Consumer Discretionary

USD

1

-1

0

0

0

0

-1

8

DAMAS INTERNATIONAL LTD

293285

Specialty Stores

Consumer Discretionary

USD

29

37

42

57

98

-403

51

2012

2013

Median

CAGR
0

8

11

10

(228.2%)

1

(100.0%)

31

71

(4.5%)

30

27

26.1%

1
-3

-1

(212.5%)

42

(100.0%)

9

FOODCO HOLDING PJSC

282986

Food Distributors

Consumer Staples

USD

-2

-3

-3

-1

1

-1

1

-2

-1

6

-1

(210.7%)

10

DUBAI REFRESHMENTS

283433

Food Distributors

Consumer Staples

USD

7

6

7

4

2

8

16

34

41

31

8

18.8%

11

ALMEERA CONSUMER GOODS CO

293086

Hypermarkets & Super Cen Consumer Staples

USD

6

11

10

13

18

25

28

13

12

AMIRA NATURE FOODS LTD

14033

Packaged Foods & Meats

Consumer Staples

USD

26

37

51

13

ZAD HOLDING CO

274901

Packaged Foods & Meats

Consumer Staples

USD

-6

-12

-11

-17

-31

10

13

5

26

-6

(100.0%)

14

WIDAM FOOD COMPANY QSC

274902

Packaged Foods & Meats

Consumer Staples

USD

-1

-1

0

-4

-15

-28

-41

-74

-99

16

-9

(238.2%)

15

UNITED FOODS CO P.S.C.

283483

Packaged Foods & Meats

Consumer Staples

USD

1

2

1

4

-12

15

15

9

5

4

4

14.3%

16

AGTHIA GROUP PJSC

284156

Packaged Foods & Meats

Consumer Staples

USD

8

7

10

23

29

31

23

36

46

23

17

INTL FISH FARMING CO

284187

Packaged Foods & Meats

Consumer Staples

USD

18

RAS AL KHAIMAH PLTRY & FEED

284876

Packaged Foods & Meats

Consumer Staples

USD

-10

19

EMIRATES REFRESHMENTS CO

283375

Soft Drinks

Consumer Staples

USD

0

20

GULFA MINERAL WATER

291230

Soft Drinks

Consumer Staples

USD

-1

21

DANA GAS

282884

Integrated Oil & Gas

Energy

USD

22

GULF INTL SVCS

288907

Oil & Gas Drilling

Energy

USD

23

LAMPRELL

279384

Oil & Gas Equipment & Ser Energy

USD

24

MARITIME INDL SVCS CO

284079

Oil & Gas Equipment & Ser Energy

USD

25

POLARCUS LTD

292880

Oil & Gas Equipment & Ser Energy

USD

26

DRAGON OIL

201676

Oil & Gas Exploration & ProEnergy

USD

27

EXILLON ENERGY

293578

Oil & Gas Exploration & ProEnergy

USD

28

QATAR FUEL

258641

Oil & Gas Refining & Marke Energy

USD

29

QATAR GAS TRANSPORT(NAKILAT)

274295

Oil & Gas Storage & TranspEnergy

USD

30

GULF NAVIGATION HOLDING

282951

Oil & Gas Storage & TranspEnergy

USD

31

CRESCENT PETROLEUM CORP

3597

Unclassified

Energy

USD

-4

37

-6

-1

-3

-2

8

8

19

-1

-2

2

0

2

1

-2

-2

-2

-2

-1

-1

-1

0

0

0

-3

-4

0

0

0

(9.2%)

-1

0

1

0

1

1

1

1

1

1

(211.8%)

-2

51

43

-143

162

311

303

245

107

24

38

75

114

150

113

74

114

107

107

10

29

33

63

81

30

46

79

-85

2

10

19

29

11

41

36

-11

-20

0

57
27
2

164
63

212

365

12

91

474

314

488

856

791

0

-207

-3

1

16

(20.1%)

33

(100.0%)

19

(100.0%)

0
688

420

31.9%

0

115

159

325

202

296

287

336

348

245

9

13

19

292

472

521

503

473

382

26

40

17

5

-6

31

70

17

45.1%

10

32.7%

120 MEDICARE GROUP

274886

Health Care Facilities

Health Care

USD

-4

-14

-6

-6

-4

-3

9

8

9

21

-3

(221.3%)

121 GULF MEDICAL PROJECTS

284186

Health Care Facilities

Health Care

USD

7

9

8

15

23

27

25

30

28

14

19

8.1%

122 NMC HEALTH PLC

312098

Health Care Facilities

Health Care

USD

19

41

58

73

50

123 QATAR GERMAN CO ME

258642

Health Care Supplies

Health Care

USD

0

-1

-1

0

-1

-1

-1

-2

-1

-3

-1

24.8%

124 GULF PHARMACEUTICALS

282886

Pharmaceuticals

Health Care

USD

18

21

27

28

26

40

43

51

58

61

34

14.3%

Exhibit 4

125 ABU DHABI SHIP BUILDING

284185

Aerospace & Defense

Industrials

USD

8

15

11

4

22

31

29

19

14

11

15

3.6%

126 ARAMEX PJSC

274887

Air Freight & Logistics

Industrials

USD

16

12

29

40

48

56

62

70

82

96

52

22.2%

127 GULF WAREHOUSING CO

274893

Air Freight & Logistics

Industrials

USD

-1

-2

-2

-2

3

4

17

25

32

3

(251.8%)

128 ABU DHABI AVIATION

284151

Air Freight & Logistics

Industrials

USD

11

9

24

14

40

42

88

73

71

58

41

20.0%

129 AIR ARABIA PJSC

285482

Airlines

Industrials

USD

0

7

21

42

79

68

54

50

96

94

52

(279.8%)

130 NATL CNTL COOLING (TABRD)

274899

Building Products

Industrials

USD

13

23

28

33

47

28

74

82

97

97

40

25.0%

131 RAS AL KHAIMAH CERAMIC CO

284191

Building Products

Industrials

USD

37

40

48

42

53

97

99

53

53

95

53

11.1%

132 ARAB TECHNICAL CONST.

274386

Construction & EngineeringIndustrials

USD

40

56

148

292

166

119

84

30

109

109

50

37

133 DRAKE & SKULL INTL

291718

Construction & EngineeringIndustrials

USD

15

27

38

52

32

55

35

134 DEPA LTD

179766

Diversified Support Service Industrials

USD

19

40

51

58

-46

21

-52

135 AVEC CORP

151594

Heavy Electrical Equipment Industrials

USD

136 INDUSTRIES OF QATAR

258696

Industrial Conglomerates

USD

Industrials

-5

21

-11

-12

853

899
18

28

40

49

62

62

77

73

56

31

33

39

46

54

71

82

75

77

54

-6

127

161

180

67

26.4%

52

(100.0%)
15.6%

-11
1,229

1,850

912

1,418

2,199

2,392

437

(100.0%)

1,229

137 MANNAI CORP. Q.S.C

285864

Industrial Conglomerates

Industrials

USD

138 AAMAL HLDG

287946

Industrial Conglomerates

Industrials

USD

139 QATAR NAT NAVIGAT

258649

Marine

Industrials

USD

22

39

51

63

102

72

140 QATAR SHIPPING

258663

Marine

Industrials

USD

45

40

56

68

86

48

141 NATL MARINE DREDGING

284159

Marine Ports & Services

Industrials

USD

15

19

39

50

77

108

116

126

92

55

66

142 DP WORLD

284856

Marine Ports & Services

Industrials

USD

391

553

727

577

637

643

865

899

640

143 QATAR NATIONAL CEMENT

254656

Construction Materials

Materials

USD

28

24

33

68

67

100

124

116

112

111

84

16.4%

144 UNION CEMENT CO

274921

Construction Materials

Materials

USD

30

39

32

31

46

23

-3

-6

11

12

26

(9.8%)

145 GULF CEMENT CO

275275

Construction Materials

Materials

USD

36

55

65

63

86

43

-5

-20

-8

1

39

(34.3%)

146 NATIONAL CEMENT CO

278373

Construction Materials

Materials

USD

18

46

42

50

19

23

-6

-9

-1

2

18

(24.0%)

147 RAS AL KHAIMAH CO FOR WHITE

282157

Construction Materials

Materials

USD

1

1

11

4

7

16

17

18

10

9

9

38.2%

148 RAS AL KHAIMAH CEMENT CO

282895

Construction Materials

Materials

USD

27

33

33

14

21

17

-2

-6

-2

2

15

(26.7%)

9

(192.6%)

149 ABU DHABI NATL CO FOR BLDG

284080

Construction Materials

Materials

USD

150 FUJAIRAH BUILDING INDUSTRIES

284104

Construction Materials

Materials

USD

151 ARKAN BUILDING MATERIALS

284154

Construction Materials

Materials

USD

152 QATARI INV GRP

285366

Construction Materials

Materials

USD

24

8

17

15

25

16

11

-2

-5

-5

10

3

5

9

10

13

4

-4

2

1

4

36

35

-4

18

34

-1

54

10

11

-4

-4

11

23

8

10

39

(182.4%)

10

153 OOREDOO

135709

Integrated TelecommunicatTelecommunication Service USD

366

404

421

815

1,320

1,389

1,638

2,065

2,055

1,797

1,355

19.3%

154 ETISALAT

274234

Integrated TelecommunicatTelecommunication Service USD

941

1,154

1,564

1,872

1,835

2,347

2,166

2,640

1,895

2,188

1,883

9.8%

155 EMIRATE INTEGRATED TELECOM

279381

Integrated TelecommunicatTelecommunication Service USD

-11

-258

-251

-26

55

304

326

541

554

-34

-185

-158

-125

-103

133

155

186

208

262

377

534

537

297

208

497

828

1,712

1,083

1,569

2,251

1,949

1,594

-2

-1

-7

-2

156 VODAFONE QATAR

292438

Wireless Telecommunicatio Telecommunication Service USD

157 QATAR ELECT & WATER

258639

Multi-Utilities

Utilities

USD

158 ABU DHABI NATIONAL ENERGY

279336

Multi-Utilities

Utilities

USD

159 3POWER ENERGY GROUP INC

187366

Renewable Electricity

Utilities

USD

129

55
-125
235
1,569
-2

9.7%

Exhibit 4

Output Data Item
Data Item

Mnemonic

Assets - Total

AT

Interest Expenses

XINT_M

Return on equity, year-end

ROE

Interest and Related Expense - Total

XINT

Shareholder's Equity, Total market
value including minority interest

SEQ_MKT

Total Debt to Equity ratio (not
applicable to financial companies)
EBIT - Earnings before interest and
taxes (not applicable to financial
companies)

EBIT

Net Income After Extraordinary Items
(as reported by Compustat)

NI_CS

Revenue (not applicable to financial
companies)

SALE

DE

Data Description

Total value of assets reported
on the Balance Sheet
Net Interest Expense after
deducting Capitalized Interest.
This is the net figure that
Income before extraordinary
items / book value of common
equity
Gross Interest Expense before
deducting Capitalized
Interests. This item should be
Market value of total equity +
book value of preferred stock
+ book value of minority
This item is calculated by
dividing the Total Debt by sum
of Common Equity, Preferred
This item is calculated by
deducting the COGS, SG&A,
Depreciation and Amortization
This item represents the
income or loss reported by a
company after expenses and
This item represents company
net revenues during their fiscal
year. It is often used as a size

Data Arranged By

FY

FY

FY

FY

FY

FY

FY

FY

FY

Caveat Text

Applicability

Current assets plus net
property, plant, and
equipment plus other
noncurrent assets,
including intangible
assets, deferred items
and investments and
advances
Y
Net Interest Expense is
not appropriate for
calculating Coverage
Y
Negative book value of
common equity not
allowed
Y

Book values are used
for preferred stock and
minority interest due
Market Value of
Common Equity used
along with Book Values
This item does not
apply to Financial
companies.
This item, for banks,
includes securities
gains and losses
This item does not
apply to Financial
companies. For

Y

Y

N

N

Y

N

Exhibit 4

Company details
Company Name
AXIUS INC
EMIRATES DRIVING
KINGDOM HOTEL INVESTMENTS
ABU DHABI NATIONAL HOTELS
NATL CORP FOR TOURISM & HOT
AL FIRDOUS HOLDINGS
QATAR CINEMA & FILM
DAMAS INTERNATIONAL LTD
FOODCO HOLDING PJSC
DUBAI REFRESHMENTS
ALMEERA CONSUMER GOODS CO
AMIRA NATURE FOODS LTD
ZAD HOLDING CO
WIDAM FOOD COMPANY QSC
UNITED FOODS CO P.S.C.
AGTHIA GROUP PJSC
INTL FISH FARMING CO
RAS AL KHAIMAH PLTRY & FEED
EMIRATES REFRESHMENTS CO
GULFA MINERAL WATER
DANA GAS
GULF INTL SVCS
LAMPRELL
MARITIME INDL SVCS CO
POLARCUS LTD
DRAGON OIL
EXILLON ENERGY
QATAR FUEL
QATAR GAS TRANSPORT(NAKILAT)
GULF NAVIGATION HOLDING
CRESCENT PETROLEUM CORP
DUBAI INVST.
QATAR & OMAN INVESTMENT CO
AMLAK FINANCE
FINANCE HOUSE
ABU DHABI COMMERCIAL BK
ABU DHABI ISLAMIC BK
QATAR NATIONAL BK
QATAR ISLAMIC BK

Company Search Name
GICS Sector
AXIUS INC
Consumer Discretionary
EMIRATES DRIVING
Consumer Discretionary
KINGDOM HOTEL INVESTMENTConsumer Discretionary
ABU DHABI NATIONAL HOTELSConsumer Discretionary
NATL CORP FOR TOURISM & HConsumer Discretionary
AL FIRDOUS HOLDINGS
Consumer Discretionary
QATAR CINEMA & FILM
Consumer Discretionary
DAMAS INTERNATIONAL LTD Consumer Discretionary
FOODCO HOLDING PJSC
Consumer Staples
DUBAI REFRESHMENTS
Consumer Staples
ALMEERA CONSUMER GOODS Consumer Staples
AMIRA NATURE FOODS LTD Consumer Staples
ZAD HOLDING CO
Consumer Staples
WIDAM FOOD COMPANY QSC Consumer Staples
UNITED FOODS CO P.S.C.
Consumer Staples
AGTHIA GROUP PJSC
Consumer Staples
INTL FISH FARMING CO
Consumer Staples
RAS AL KHAIMAH PLTRY & FEEConsumer Staples
EMIRATES REFRESHMENTS COConsumer Staples
GULFA MINERAL WATER
Consumer Staples
DANA GAS
Energy
GULF INTL SERVICES CO
Energy
LAMPRELL PLC
Energy
MARITIME INDL SVCS CO
Energy
POLARCUS LTD
Energy
DRAGON OIL PLC
Energy
EXILLON ENERGY PLC
Energy
QATAR FUEL CO
Energy
QATAR GAS TRANSPORT(NAKIEnergy
GULF NAVIGATION HOLDING Energy
CRESCENT PETROLEUM CORP Energy
Financials
DUBAI INVESTMENTS
QATAR & OMAN INVESTMENT Financials
AMLAK FINANCE
Financials
FINANCE HOUSE
Financials
ABU DHABI COMMERCIAL BANFinancials
ABU DHABI ISLAMIC BANK
Financials
QATAR NATIONAL BANK
Financials
QATAR ISLAMIC BANK
Financials

GVKey
179660
284155
276929
282983
284158
287151
275063
293285
282986
283433
293086
14033
274901
274902
283483
284156
284187
284876
283375
291230
282884
288907
279384
284079
292880
201676
293578
258641
274295
282951
3597
274891
287712
274384
284102
251138
251139
251221
251223

Last Reporting Currency
USD
AED
USD
AED
AED
AED
QAR
AED
AED
AED
QAR
USD
QAR
QAR
AED
AED
AED
AED
AED
AED
USD
QAR
USD
USD
USD
USD
USD
QAR
QAR
AED
USD
AED
QAR
AED
AED
AED
AED
QAR
QAR

Company Region
North America
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Other Americas
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Rest of Europe
Middle East
Other Americas
Original 15 EU Members
Rest of Europe
Middle East
Middle East
Middle East
North America
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East

Exhibit 4

Company details
Company Name
AXIUS INC
EMIRATES DRIVING
KINGDOM HOTEL INVESTMENTS
ABU DHABI NATIONAL HOTELS
NATL CORP FOR TOURISM & HOT
AL FIRDOUS HOLDINGS
QATAR CINEMA & FILM
DAMAS INTERNATIONAL LTD
FOODCO HOLDING PJSC
DUBAI REFRESHMENTS
ALMEERA CONSUMER GOODS CO
AMIRA NATURE FOODS LTD
ZAD HOLDING CO
WIDAM FOOD COMPANY QSC
UNITED FOODS CO P.S.C.
AGTHIA GROUP PJSC
INTL FISH FARMING CO
RAS AL KHAIMAH PLTRY & FEED
EMIRATES REFRESHMENTS CO
GULFA MINERAL WATER
DANA GAS
GULF INTL SVCS
LAMPRELL
MARITIME INDL SVCS CO
POLARCUS LTD
DRAGON OIL
EXILLON ENERGY
QATAR FUEL
QATAR GAS TRANSPORT(NAKILAT)
GULF NAVIGATION HOLDING
CRESCENT PETROLEUM CORP
DUBAI INVST.
QATAR & OMAN INVESTMENT CO
AMLAK FINANCE
FINANCE HOUSE
ABU DHABI COMMERCIAL BK
ABU DHABI ISLAMIC BK
QATAR NATIONAL BK
QATAR ISLAMIC BK

Headquarter Location
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
Qatar
United Arab Emirates
United Arab Emirates
United Arab Emirates
Qatar
United Arab Emirates
Qatar
Qatar
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
Qatar
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
Qatar
Qatar
United Arab Emirates
United Arab Emirates
United Arab Emirates
Qatar
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
Qatar
Qatar

Ticker
AXIU

ANFI

CRES.

Company ID
559538
341978
450138
58897
342010
387484
76473
539277
432343
61151
487664
596319
61323
313727
531249
59388
285998
341958
70356
429468
145041
285947
56657
341949
479161
28368
477876
58792
56716
145042
1887
58657
497233
58574
60540
24551
58556
37294
56717

Sedol
B2QG801
B138CQ7
B15CLM6
B12M7V0
6566603
B3BFFM1
6051303
B1MJWQ1
B51SZP7
B8PPRT3
6566625
B00H5Q1
B19RVV6
B0LWKV5
B1K9VV1
6549637
B0N7449
B2418T7
B0VR4L8
B39HD70
B1CL524
B1G4F63
B3BJC77
5323218
B58FMW7
6516556
B0MLBC9
B16B4G7
6388357
B1XCLL7
B1JNJ09
6545464
6001728
6148197
6713982

Business Description
Axius Inc., a development stag
Emirates Driving Company P.J.
Kingdom Hotel Investments (K
Abu Dhabi National Hotels Com
National Corporation for Touris
Al Firdous Holdings (P.J.S.C.) e
Qatar Cinema and Film Distribu
Damas International Limited, t
Foodco Holding P.J.S.C. engag
Dubai Refreshments (P.J.S.C.)
Al Meera Consumer Goods Com
Amira Nature Foods Ltd engag
Zad Holding Company S.A.Q. im
Widam Food Company Q.S.C. i
United Foods Company (PSC) e
Agthia Group PJSC is engaged
International Fish Farming Hold
Ras Al Khaimah Poultry and Fe
Emirates Refreshments (P.S.C)
Gulfa Mineral Water and Proce
Dana Gas PJSC, through its sub
Gulf International Services Q.S
Lamprell plc, through its subsid
Maritime Industriai Services Co
Polarcus Limited, a marine geo
Dragon Oil plc operates as an i
Exillon Energy PLC, through its
Qatar Fuel Company Q.S.C., to
Qatar Gas Transport Company
Gulf Navigation Holding PJSC, t
Crescent Petroleum Company I
Dubai Investments PJSC, toget
Amlak Finance PJSC operates a
Finance House P.J.S.C. provide
Abu Dhabi Commercial Bank P
Abu Dhabi Islamic Bank PJSC p
Qatar National Bank S.A.Q., to
Qatar Islamic Bank (S.A.Q.), to

Exhibit 4

Company details
Company Name
AXIUS INC
EMIRATES DRIVING
KINGDOM HOTEL INVESTMENTS
ABU DHABI NATIONAL HOTELS
NATL CORP FOR TOURISM & HOT
AL FIRDOUS HOLDINGS
QATAR CINEMA & FILM
DAMAS INTERNATIONAL LTD
FOODCO HOLDING PJSC
DUBAI REFRESHMENTS
ALMEERA CONSUMER GOODS CO
AMIRA NATURE FOODS LTD
ZAD HOLDING CO
WIDAM FOOD COMPANY QSC
UNITED FOODS CO P.S.C.
AGTHIA GROUP PJSC
INTL FISH FARMING CO
RAS AL KHAIMAH PLTRY & FEED
EMIRATES REFRESHMENTS CO
GULFA MINERAL WATER
DANA GAS
GULF INTL SVCS
LAMPRELL
MARITIME INDL SVCS CO
POLARCUS LTD
DRAGON OIL
EXILLON ENERGY
QATAR FUEL
QATAR GAS TRANSPORT(NAKILAT)
GULF NAVIGATION HOLDING
CRESCENT PETROLEUM CORP
DUBAI INVST.
QATAR & OMAN INVESTMENT CO
AMLAK FINANCE
FINANCE HOUSE
ABU DHABI COMMERCIAL BK
ABU DHABI ISLAMIC BK
QATAR NATIONAL BK
QATAR ISLAMIC BK

Fiscal Year - End Month
10
12
12
12
12
3
12
3
12
12
12
3
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
9
12
12
12
12
12
12
12
12

ISIN No
US05461J1097
AEE000601014
AEA000301019
AEN001001017
QA0006929796
AEDFXA0Q3724
AEF000101012
AED000501018
QA000A0YDSW8
VGG0335L1022
QA0006929788
QA000A0KD6N7
AEU000901014
AEA001901015
AEI000201014
AER000201015
AEJ000101014
AEG000501011
AED000701014
QA000A0Q6LH4
GB00B1CL5249
PAP644621073
KYG7153K1085
IE0000590798
IM00B58FMW76
QA0001200771
QA000A0KD6L1
AEG000601019
AED000601016
QA000A0NCQA3
AEF000401016
AEA000201011
AEA000801018
QA0006929895
QA0006929853

Industry Group
Retailing
Consumer Services
Consumer Services
Consumer Services
Consumer Services
Consumer Services
Media
Retailing
Food & Staples Retailing
Food & Staples Retailing
Food & Staples Retailing
Food Beverage & Tobacco
Food Beverage & Tobacco
Food Beverage & Tobacco
Food Beverage & Tobacco
Food Beverage & Tobacco
Food Beverage & Tobacco
Food Beverage & Tobacco
Food Beverage & Tobacco
Food Beverage & Tobacco
Energy
Energy
Energy
Energy
Energy
Energy
Energy
Energy
Energy
Energy
Energy
Diversified Financials
Diversified Financials
Diversified Financials
Diversified Financials
Banks
Banks
Banks
Banks

Industry Segment
Exchange Name
Distributors
Other-OTC
Education Services
Abu Dhabi Securities Exchange
Hotels, Resorts & Cruise Lines
Hotels, Resorts & Cruise Lines Abu Dhabi Securities Exchange
Hotels, Resorts & Cruise Lines Abu Dhabi Securities Exchange
Hotels, Resorts & Cruise Lines
Movies & Entertainment
Qatar Exchange
Specialty Stores
Nasdaq Dubai
Food Distributors
Abu Dhabi Securities Exchange
Food Distributors
Dubai Financial Market
Hypermarkets & Super CentersQatar Exchange
Packaged Foods & Meats
New York Stock Exchange
Packaged Foods & Meats
Qatar Exchange
Packaged Foods & Meats
Qatar Exchange
Packaged Foods & Meats
Dubai Financial Market
Packaged Foods & Meats
Abu Dhabi Securities Exchange
Packaged Foods & Meats
Abu Dhabi Securities Exchange
Packaged Foods & Meats
Abu Dhabi Securities Exchange
Soft Drinks
Dubai Financial Market
Soft Drinks
Dubai Financial Market
Integrated Oil & Gas
Abu Dhabi Securities Exchange
Oil & Gas Drilling
Qatar Exchange
Oil & Gas Equipment & Service London Stock Exchange
Oil & Gas Equipment & Service OTC
Oil & Gas Equipment & Service Oslo Bors ASA
Oil & Gas Exploration & ProducIrish Stock Exchange All Marke
Oil & Gas Exploration & ProducLondon Stock Exchange
Oil & Gas Refining & MarketingQatar Exchange
Oil & Gas Storage & TransportaQatar Exchange
Oil & Gas Storage & TransportaDubai Financial Market
Unclassified
OTC Bulletin Board
Asset Management & Custody OTC
Asset Management & Custody Qatar Exchange
Consumer Finance
Consumer Finance
Abu Dhabi Securities Exchange
Diversified Banks
OTC
Diversified Banks
OTC
Diversified Banks
Qatar Exchange
Diversified Banks
Qatar Exchange

Exhibit 4

Company Name
DOHABK
DUBAI ISLAMIC BK
NATIONAL BK OF ABU DHABI
EMIRATES BANK INTL LTD
COMMERCIAL BK OF QATAR
AHLI BK Q.S.C.
QATAR INT ISLAM BK
MASHREQ BK
COMMERCIAL BK OF DUBAI
SHARJAH ISLAMIC BK
MASRAF AL-RAYAN
UNION NATIONAL BK
FIRST GULF BK
BK OF SHARJAH
COMM BANK INTL (UAE)
EMIRATES ISLAMIC BANK
INVEST BK
UNITED ARAB BK
NATL BK OF UMM AL-QAIWAIN
NATIONAL BK OF FUJAIRAH
NATL BK OF RAS AL KHAIMAH
AL KHALIJ COMMERCIAL BK
AJMAN BANK
AL SALAM BANK SUDAN
QATAR REAL ESTATE INVT CO
BARWA REAL ESTATE
UNION PROPERTIES
ALDAR PROPERTIES
RAS AL KHAIMAH PROPERTIES
SOROUH REAL ESTATE
DEYAAR DEV. PJSC
EZDAN REAL ESTATE COMPANY
MAZAYA QATAR REAL EST DEV
DLALA HOLDING
SHUAA CAPITAL
EMIRATES INVESTMENT BANK
ISLAMIC HOLDING GROUP
TAKAFUL EMARAT
GREEN CRESCENT INSURANCE CO
QATAR IND. MFG
SALAM INTERNATIONAL INVT CO

Company Search Name
GICS Sector
DOHA BANK
Financials
DUBAI ISLAMIC BANK LTD
Financials
NATIONAL BANK OF ABU DHA Financials
EMIRATES BANK INTL LTD
Financials
COMMERCIAL BANK OF QATARFinancials
AHLI BANK Q.S.C.
Financials
QATAR INT ISLAM BK
Financials
MASHREQBANK PSC
Financials
COMMERCIAL BANK OF DUBAIFinancials
SHARJAH ISLAMIC BANK
Financials
MASRAF AL-RAYAN
Financials
UNION NATIONAL BANK
Financials
FIRST GULF BANK
Financials
BANK OF SHARJAH
Financials
COMM BANK INTL (UAE)
Financials
EMIRATES ISLAMIC BANK
Financials
INVEST BANK
Financials
UNITED ARAB BANK
Financials
NATL BANK OF UMM AL-QAIW Financials
NATIONAL BANK OF FUJAIRAHFinancials
NATL BANK OF RAS AL KHAIMAFinancials
AL KHALIJ COMMERCIAL BANKFinancials
AJMAN BANK
Financials
AL SALAM BANK SUDAN
Financials
QATAR REAL ESTATE INVT COFinancials
BARWA REAL ESTATE
Financials
UNION PROPERTIES
Financials
ALDAR PROPERTIES
Financials
RAS AL KHAIMAH PROPERTIESFinancials
SOROUH REAL ESTATE
Financials
DEYAAR DEVELOPMENT PJSC Financials
EZDAN HOLDING GROUP
Financials
MAZAYA QATAR REAL EST DEVFinancials
DLALA HOLDING
Financials
SHUAA CAPITAL
Financials
EMIRATES INVESTMENT BANKFinancials
ISLAMIC HOLDING GROUP
Financials
TAKAFUL EMARAT
Financials
GREEN CRESCENT INSURANCEFinancials
QATAR INDUSTRIES MFG
Financials
SALAM INTERNATIONAL INVT Financials

GVKey
251243
251246
251249
251250
254642
258623
258646
260797
274393
278810
279152
282075
282949
282984
282985
283434
284157
284163
284188
284425
284899
285891
289096
291941
258650
275422
275442
284153
284161
284162
286064
288383
295967
275089
275784
283339
288627
289326
291787
251225
274903

Last Reporting Currency
QAR
AED
AED
AED
QAR
QAR
QAR
AED
AED
AED
QAR
AED
AED
AED
AED
AED
AED
AED
AED
AED
AED
QAR
AED
SDG
QAR
QAR
AED
AED
AED
AED
AED
QAR
QAR
QAR
AED
AED
QAR
AED
AED
QAR
QAR

Company Region
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East

Exhibit 4

Company Name
DOHABK
DUBAI ISLAMIC BK
NATIONAL BK OF ABU DHABI
EMIRATES BANK INTL LTD
COMMERCIAL BK OF QATAR
AHLI BK Q.S.C.
QATAR INT ISLAM BK
MASHREQ BK
COMMERCIAL BK OF DUBAI
SHARJAH ISLAMIC BK
MASRAF AL-RAYAN
UNION NATIONAL BK
FIRST GULF BK
BK OF SHARJAH
COMM BANK INTL (UAE)
EMIRATES ISLAMIC BANK
INVEST BK
UNITED ARAB BK
NATL BK OF UMM AL-QAIWAIN
NATIONAL BK OF FUJAIRAH
NATL BK OF RAS AL KHAIMAH
AL KHALIJ COMMERCIAL BK
AJMAN BANK
AL SALAM BANK SUDAN
QATAR REAL ESTATE INVT CO
BARWA REAL ESTATE
UNION PROPERTIES
ALDAR PROPERTIES
RAS AL KHAIMAH PROPERTIES
SOROUH REAL ESTATE
DEYAAR DEV. PJSC
EZDAN REAL ESTATE COMPANY
MAZAYA QATAR REAL EST DEV
DLALA HOLDING
SHUAA CAPITAL
EMIRATES INVESTMENT BANK
ISLAMIC HOLDING GROUP
TAKAFUL EMARAT
GREEN CRESCENT INSURANCE CO
QATAR IND. MFG
SALAM INTERNATIONAL INVT CO

Headquarter Location
Qatar
United Arab Emirates
United Arab Emirates
United Arab Emirates
Qatar
Qatar
Qatar
United Arab Emirates
United Arab Emirates
United Arab Emirates
Qatar
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
Qatar
United Arab Emirates
United Arab Emirates
Qatar
Qatar
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
Qatar
Qatar
Qatar
United Arab Emirates
United Arab Emirates
Qatar
United Arab Emirates
United Arab Emirates
Qatar
Qatar

Ticker

Company ID
58655
28382
34840
156672
58859
58562
58794
58746
58639
58957
58936
145036
56807
58911
478364
518265
58929
76038
58939
341969
341972
209818
419387
498199
58795
58912
58876
76567
58951
145047
145071
248786
503347
209771
58814
520183
387571
570959
567218
59413
59274

Sedol
6273420
6283452
6624471
6150448
6566443
6571544
6606071
B0LNDK8
B102875
B0VR7W0
6917847
6122782
B0MLBF2
6550907
B0N9XC6
B0MLBG3
B1JQJN1
B1JNJ32
B11ZKG6
B0YDCM0
B23X0G5
B3B53V6
B39T105
6566562
B0YTG26
6388380
B0LX3Y2
B12B5X5
B128CD5
B24F8T9
B2PWTM9
B502312
B0JW6Z3
6344832
B0L4WD7
B2QGJB9
B3BVLM1
B3P0N40
6713960
6539285

Business Description
Doha Bank Q.S.C., together wi
Dubai Islamic Bank P.J.S.C., to
National Bank of Abu Dhabi PJS
Emirates NBD Bank PJSC, toge
The Commercial Bank of Qatar
Ahli Bank Q.S.C. provides a ran
Qatar International Islamic Ban
Mashreqbank psc provides ban
Commercial Bank of Dubai PSC
Sharjah Islamic Bank PJSC eng
Masraf Al Rayan (Q.S.C) engag
Union National Bank PJSC prov
First Gulf Bank PJSC provides v
Bank of Sharjah P.S.C., togethe
Commercial Bank International
Emirates Islamic Bank PJSC pro
Invest bank PSC provides a ran
United Arab Bank Public Joint S
National Bank of Umm Al-Qaiw
National Bank of Fujairah PSC
The National Bank of Ras Al-Kh
Al Khalij Commercial Bank (al k
Ajman Bank PJSC provides var
ALSalam Bank Sudan provide
Qatar Real Estate Investment C
Barwa Real Estate Company is
Union Properties Public Joint St
Aldar Properties PJSC engages
RAK Properties P.J.S.C. is enga
As of June 30, 2013, Sorouh R
Deyaar Development PJSC, tog
Ezdan Holding Group Company
Mazaya Qatar Real Estate Deve
Dlala Brokerage and Investmen
SHUAA Capital PSC provides va
Emirates Investment Bank P.J.
Islamic Holding Group (Q.S.C),
Takaful Emarat - Insurance (PS
Green Crescent Insurance Com
Qatar Industrial Manufacturing
Salam International Investmen

Exhibit 4

Company Name
DOHABK
DUBAI ISLAMIC BK
NATIONAL BK OF ABU DHABI
EMIRATES BANK INTL LTD
COMMERCIAL BK OF QATAR
AHLI BK Q.S.C.
QATAR INT ISLAM BK
MASHREQ BK
COMMERCIAL BK OF DUBAI
SHARJAH ISLAMIC BK
MASRAF AL-RAYAN
UNION NATIONAL BK
FIRST GULF BK
BK OF SHARJAH
COMM BANK INTL (UAE)
EMIRATES ISLAMIC BANK
INVEST BK
UNITED ARAB BK
NATL BK OF UMM AL-QAIWAIN
NATIONAL BK OF FUJAIRAH
NATL BK OF RAS AL KHAIMAH
AL KHALIJ COMMERCIAL BK
AJMAN BANK
AL SALAM BANK SUDAN
QATAR REAL ESTATE INVT CO
BARWA REAL ESTATE
UNION PROPERTIES
ALDAR PROPERTIES
RAS AL KHAIMAH PROPERTIES
SOROUH REAL ESTATE
DEYAAR DEV. PJSC
EZDAN REAL ESTATE COMPANY
MAZAYA QATAR REAL EST DEV
DLALA HOLDING
SHUAA CAPITAL
EMIRATES INVESTMENT BANK
ISLAMIC HOLDING GROUP
TAKAFUL EMARAT
GREEN CRESCENT INSURANCE CO
QATAR IND. MFG
SALAM INTERNATIONAL INVT CO

Fiscal Year - End Month
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12

ISIN No
QA0006929770
AED000201015
AEN000101016
QA0007227752
QA0001200748
QA0006929879
AEM000101018
AEC000201017
AES000201013
QA000A0M8VM3
AEU000401015
AEF000201010
AEB000101011
AEC000101019
AEE000501016
AEI000101016
AEU000601010
AEN000701013
AEN000801011
AEN000601015
QA000A0M6MD5
AEA003201018
SD000A0JC6U1
QA0007227711
QA000A0KD6J5
AEU000101011
AEA002001013
AER000601016
AES000501016
AED001001018
QA000A0NE8B4
QA000A1C6VZ0
QA000A0KD6P2
AES000101015
AEA001301018
QA000A1C6VS5
AET000201011
AEG000801015
QA0006929846
QA0007227745

Industry Group
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Diversified Financials
Diversified Financials
Diversified Financials
Diversified Financials
Insurance
Insurance
Diversified Financials
Diversified Financials

Industry Segment
Exchange Name
Diversified Banks
Qatar Exchange
Diversified Banks
Dubai Financial Market
Diversified Banks
Abu Dhabi Securities Exchange
Diversified Banks
Diversified Banks
Qatar Exchange
Diversified Banks
Qatar Exchange
Diversified Banks
Qatar Exchange
Diversified Banks
Dubai Financial Market
Diversified Banks
Dubai Financial Market
Diversified Banks
Abu Dhabi Securities Exchange
Diversified Banks
Qatar Exchange
Diversified Banks
Abu Dhabi Securities Exchange
Diversified Banks
Abu Dhabi Securities Exchange
Diversified Banks
Abu Dhabi Securities Exchange
Diversified Banks
Abu Dhabi Securities Exchange
Diversified Banks
Dubai Financial Market
Diversified Banks
Abu Dhabi Securities Exchange
Diversified Banks
Abu Dhabi Securities Exchange
Diversified Banks
Abu Dhabi Securities Exchange
Diversified Banks
Abu Dhabi Securities Exchange
Diversified Banks
Abu Dhabi Securities Exchange
Diversified Banks
Qatar Exchange
Diversified Banks
Dubai Financial Market
Diversified Banks
Dubai Financial Market
Diversified Real Estate ActivitieQatar Exchange
Diversified Real Estate ActivitieQatar Exchange
Diversified Real Estate ActivitieDubai Financial Market
Diversified Real Estate ActivitieAbu Dhabi Securities Exchange
Diversified Real Estate ActivitieAbu Dhabi Securities Exchange
Diversified Real Estate ActivitieAbu Dhabi Securities Exchange
Diversified Real Estate ActivitieDubai Financial Market
Diversified Real Estate ActivitieQatar Exchange
Diversified Real Estate ActivitieQatar Exchange
Investment Banking & Brokera Qatar Exchange
Investment Banking & Brokera Dubai Financial Market
Investment Banking & Brokera Dubai Financial Market
Investment Banking & Brokera Qatar Exchange
Life & Health Insurance
Dubai Financial Market
Life & Health Insurance
Abu Dhabi Securities Exchange
Multi-Sector Holdings
Qatar Exchange
Multi-Sector Holdings
Qatar Exchange

Exhibit 4

Company Name
GULF GENERAL INVESTMENT CO
AABAR IINVESTMENTS PJSC
AL KHAZNA INSURANCE CO
ALLIANCE INSURANCE (PSC)
AL DHAFRA INSURANCE CO
AL AIN AHLIA INSURANCE CO
EMIRATES INSURANCE CO (PSC)
DUBAI INSURANCE CO (P.S.C.)
OMAN INSURANCE CO PSC
ABU DHABI NATIONAL INS CO
RAS AL KHAIMAH NATL INS CO
AL SAGR NATIONAL INSURANCE
ISLAMIC INS CO
DUBAI NATL INS & REINS
NATIONAL GENERAL INS CO
ARABIAN SCANDINAVIAN INS CO
UNION INSURANCE CO (UAE)
AL BUHAIRA NATIONAL INS
SHARJAH INSURANCE CO
ABU DHABI NATIONAL TAKAFUL
AL WATHBA NAT INSURANCE CO
METHAQ TAKAFUL INSURANCE CO
NATIONAL TAKAFUL CO WATANIA
FIRST FINANCE COMPANY
QATAR INS.
DOHA INSURANCE
ALKHALEEJ TAKAFUL GROUP
QATAR GENERAL INS & REINS
AMAN
ISLAMIC ARAB INSURANCE CO
UNITED INSURANCE CO
TAKAFUL HOUSE
EMAAR PROPERTIES PJSC
UNITED DEV.
ESHRAQ PROPERTIES CO
NATIONAL LEASING HLDG Q.S.C.
WAHA CAPITAL PJSC
DUBAI FINAN. MARKET
TAMWEEL PJSC
MEDICARE GROUP
GULF MEDICAL PROJECTS

Company Search Name
GICS Sector
GULF GENERAL INVESTMENT CFinancials
AABAR IINVESTMENTS PJSC Financials
AL KHAZNA INSURANCE CO Financials
ALLIANCE INSURANCE (PSC) Financials
AL DHAFRA INSURANCE CO Financials
AL AIN AHLIA INSURANCE CO Financials
EMIRATES INSURANCE CO (PSFinancials
DUBAI INSURANCE CO (P.S.C. Financials
OMAN INSURANCE CO PSC
Financials
ABU DHABI NATIONAL INS COFinancials
RAS AL KHAIMAH NATL INS COFinancials
AL SAGR NATIONAL INSURANCFinancials
ISLAMIC INS CO
Financials
DUBAI NATL INS & REINS
Financials
NATIONAL GENERAL INS CO Financials
ARABIAN SCANDINAVIAN INS Financials
UNION INSURANCE CO (UAE) Financials
AL BUHAIRA NATIONAL INS Financials
SHARJAH INSURANCE CO
Financials
ABU DHABI NATIONAL TAKAFUFinancials
AL WATHBA NAT INSURANCE Financials
METHAQ TAKAFUL INSURANCEFinancials
NATIONAL TAKAFUL CO WATAFinancials
FIRST FINANCE COMPANY
Financials
QATAR INSURANCE CO
Financials
DOHA INSURANCE
Financials
ALKHALEEJ TAKAFUL GROUP Financials
QATAR GENERAL INS & REINS Financials
AMAN
Financials
ISLAMIC ARAB INSURANCE COFinancials
UNITED INSURANCE CO
Financials
TAKAFUL HOUSE
Financials
EMAAR PROPERTIES PJSC
Financials
UNITED DEVELOPMENT CO
Financials
ESHRAQ PROPERTIES CO
Financials
NATIONAL LEASING HLDG Q.SFinancials
WAHA CAPITAL PJSC
Financials
DUBAI FINANCIAL MARKET
Financials
TAMWEEL PJSC
Financials
MEDICARE GROUP
Health Care
GULF MEDICAL PROJECTS
Health Care

GVKey
275440
284150
104579
104580
260793
260794
260795
260796
268793
268827
269640
269641
274834
274892
274898
283342
284084
284086
284110
284152
284859
289054
311415
279335
258644
258667
268686
268687
275439
275441
284426
289398
251248
258713
301091
258737
251233
282945
282848
274886
284186

Last Reporting Currency
AED
AED
AED
AED
AED
AED
AED
AED
AED
AED
AED
AED
QAR
AED
AED
AED
AED
AED
AED
AED
AED
AED
AED
QAR
QAR
QAR
QAR
QAR
AED
AED
AED
AED
AED
QAR
AED
QAR
AED
AED
AED
QAR
AED

Company Region
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East

Exhibit 4

Company Name
GULF GENERAL INVESTMENT CO
AABAR IINVESTMENTS PJSC
AL KHAZNA INSURANCE CO
ALLIANCE INSURANCE (PSC)
AL DHAFRA INSURANCE CO
AL AIN AHLIA INSURANCE CO
EMIRATES INSURANCE CO (PSC)
DUBAI INSURANCE CO (P.S.C.)
OMAN INSURANCE CO PSC
ABU DHABI NATIONAL INS CO
RAS AL KHAIMAH NATL INS CO
AL SAGR NATIONAL INSURANCE
ISLAMIC INS CO
DUBAI NATL INS & REINS
NATIONAL GENERAL INS CO
ARABIAN SCANDINAVIAN INS CO
UNION INSURANCE CO (UAE)
AL BUHAIRA NATIONAL INS
SHARJAH INSURANCE CO
ABU DHABI NATIONAL TAKAFUL
AL WATHBA NAT INSURANCE CO
METHAQ TAKAFUL INSURANCE CO
NATIONAL TAKAFUL CO WATANIA
FIRST FINANCE COMPANY
QATAR INS.
DOHA INSURANCE
ALKHALEEJ TAKAFUL GROUP
QATAR GENERAL INS & REINS
AMAN
ISLAMIC ARAB INSURANCE CO
UNITED INSURANCE CO
TAKAFUL HOUSE
EMAAR PROPERTIES PJSC
UNITED DEV.
ESHRAQ PROPERTIES CO
NATIONAL LEASING HLDG Q.S.C.
WAHA CAPITAL PJSC
DUBAI FINAN. MARKET
TAMWEEL PJSC
MEDICARE GROUP
GULF MEDICAL PROJECTS

Headquarter Location
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
Qatar
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
Qatar
Qatar
Qatar
Qatar
Qatar
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
Qatar
United Arab Emirates
Qatar
United Arab Emirates
United Arab Emirates
United Arab Emirates
Qatar
United Arab Emirates

Ticker

Company ID
58692
58895
286005
631549
320991
308728
59389
531153
512202
531275
308705
587086
59399
461033
524101
560460
499785
450141
341950
341951
387516
419390
674236
342004
58793
61148
58993
59249
313757
58712
70431
570927
28676
209751
659071
209752
58942
64308
58850
66645
341963

Sedol
B125MW5
B0S02G1
B1JNHY9
B0N9YY5
6011136
6051251
6313973
B01RGG7
B0YY7K6
B138CW3
B13NN14
6586032
6486176
B11DP43
B0MLBL8
6086510
B0MLBJ6
B1JNJ76
B1JNJ87
6518507
B39VMP3
B71K9G6
B172L80
6148045
6630694
6566595
6566636
6561039
B0LKM46
B1JQQN0
B3C9VM4
B01RM25
6651093
B5VJ8Z1
6693329
B1X5Y51
B1GPBP7
B0ZL4D8
6080040
B13MNJ9

Business Description
Gulf General Investment Comp
Aabar Investments PJSC opera
Al Khazna Insurance Company
Alliance Insurance P.S.C. provi
Al Dhafra Insurance Company
Al Ain Ahlia Insurance Compan
Emirates Insurance Company P
Dubai Insurance Company (PS
Oman Insurance Company P.S
Abu Dhabi National Insurance
Ras Al Khaimah National Insura
Al-Sagr National Insurance Com
Qatar Islamic Insurance Compa
Dubai National Insurance & Re
National General Insurance Co
Arabian Scandinavian Insuranc
Union Insurance Company P.S
Al Buhaira National Insurance C
Sharjah Insurance Company P.
Abu Dhabi National Takaful Co
Al Wathba National Insurance
Methaq Takaful Insurance Com
National Takaful Company (Wa
First Finance Company (Q.S.C.
Qatar Insurance Company S.A.
Doha Insurance Company Q.S.
Al Khaleej Takaful Group Q.S.C
Qatar General Insurance and R
Dubai Islamic Insurance & Rein
Islamic Arab Insurance Co. (Sa
United Insurance Company P.S
Dar Al Takaful PJSC, an Islamic
Emaar Properties PJSC, togeth
United Development Company
Eshraq Properties Co. PJSC eng
Alijarah Holding (Q.S.C.), toget
Al Waha Capital P.J.S.C., inves
Dubai Financial Market, PJSC o
Tamweel PJSC, together with i
Medicare Group Q.S.C. provide
Gulf Medical Projects Company

Exhibit 4

Company Name
GULF GENERAL INVESTMENT CO
AABAR IINVESTMENTS PJSC
AL KHAZNA INSURANCE CO
ALLIANCE INSURANCE (PSC)
AL DHAFRA INSURANCE CO
AL AIN AHLIA INSURANCE CO
EMIRATES INSURANCE CO (PSC)
DUBAI INSURANCE CO (P.S.C.)
OMAN INSURANCE CO PSC
ABU DHABI NATIONAL INS CO
RAS AL KHAIMAH NATL INS CO
AL SAGR NATIONAL INSURANCE
ISLAMIC INS CO
DUBAI NATL INS & REINS
NATIONAL GENERAL INS CO
ARABIAN SCANDINAVIAN INS CO
UNION INSURANCE CO (UAE)
AL BUHAIRA NATIONAL INS
SHARJAH INSURANCE CO
ABU DHABI NATIONAL TAKAFUL
AL WATHBA NAT INSURANCE CO
METHAQ TAKAFUL INSURANCE CO
NATIONAL TAKAFUL CO WATANIA
FIRST FINANCE COMPANY
QATAR INS.
DOHA INSURANCE
ALKHALEEJ TAKAFUL GROUP
QATAR GENERAL INS & REINS
AMAN
ISLAMIC ARAB INSURANCE CO
UNITED INSURANCE CO
TAKAFUL HOUSE
EMAAR PROPERTIES PJSC
UNITED DEV.
ESHRAQ PROPERTIES CO
NATIONAL LEASING HLDG Q.S.C.
WAHA CAPITAL PJSC
DUBAI FINAN. MARKET
TAMWEEL PJSC
MEDICARE GROUP
GULF MEDICAL PROJECTS

Fiscal Year - End Month
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12

ISIN No
AEG000301016
AE000A0LF2F3
AEA000401017
AEA002201019
AEA000601012
AEA000101013
AEE000101015
AED000301013
AEA001101012
AER000501018
AEA002101011
QA0006929861
AED000101017
AEN000301012
AEA001401016
AEU000501012
AEA001701019
AES000301011
AEA001801017
AEA001601011
AEM000201016
AEN001101015
QA000A0NBF00
QA0006929838
QA0007227794
QA0006929762
QA0006929820
AED000401011
AEI000301012
AEU000301017
AET000301019
AEE000301011
QA000A0KD6M9
AEE000901018
QA000A0KD6Q0
AEA000701010
AED000901010
AET000101013
QA0006929754
AEG000401014

Industry Group
Industry Segment
Exchange Name
Diversified Financials
Multi-Sector Holdings
Dubai Financial Market
Diversified Financials
Multi-Sector Holdings
Abu Dhabi Securities Exchange
Insurance
Multi-line Insurance
Abu Dhabi Securities Exchange
Insurance
Multi-line Insurance
Dubai Financial Market
Insurance
Multi-line Insurance
Abu Dhabi Securities Exchange
Insurance
Multi-line Insurance
Abu Dhabi Securities Exchange
Insurance
Multi-line Insurance
Abu Dhabi Securities Exchange
Insurance
Multi-line Insurance
Dubai Financial Market
Insurance
Multi-line Insurance
Insurance
Multi-line Insurance
Abu Dhabi Securities Exchange
Insurance
Multi-line Insurance
Abu Dhabi Securities Exchange
Insurance
Multi-line Insurance
Dubai Financial Market
Insurance
Multi-line Insurance
Qatar Exchange
Insurance
Multi-line Insurance
OTC
Insurance
Multi-line Insurance
Dubai Financial Market
Insurance
Multi-line Insurance
Dubai Financial Market
Insurance
Multi-line Insurance
Abu Dhabi Securities Exchange
Insurance
Multi-line Insurance
Abu Dhabi Securities Exchange
Insurance
Multi-line Insurance
Abu Dhabi Securities Exchange
Insurance
Multi-line Insurance
Abu Dhabi Securities Exchange
Insurance
Multi-line Insurance
Abu Dhabi Securities Exchange
Insurance
Multi-line Insurance
Abu Dhabi Securities Exchange
Insurance
Multi-line Insurance
Abu Dhabi Securities Exchange
Diversified Financials
Other Diversified Financial ServQatar Exchange
Insurance
Property & Casualty Insurance Qatar Exchange
Insurance
Property & Casualty Insurance Qatar Exchange
Insurance
Property & Casualty Insurance Qatar Exchange
Insurance
Property & Casualty Insurance Qatar Exchange
Insurance
Property & Casualty Insurance Dubai Financial Market
Insurance
Property & Casualty Insurance Dubai Financial Market
Insurance
Property & Casualty Insurance Abu Dhabi Securities Exchange
Insurance
Property & Casualty Insurance Dubai Financial Market
Real Estate
Real Estate Development
Dubai Financial Market
Real Estate
Real Estate Development
Qatar Exchange
Real Estate
Real Estate Development
Abu Dhabi Securities Exchange
Real Estate
Real Estate Operating Compan Qatar Exchange
Diversified Financials
Specialized Finance
Abu Dhabi Securities Exchange
Diversified Financials
Specialized Finance
Dubai Financial Market
Banks
Thrifts & Mortgage Finance
Dubai Financial Market
Health Care Equipment & Serv Health Care Facilities
Qatar Exchange
Health Care Equipment & Serv Health Care Facilities
Abu Dhabi Securities Exchange

Exhibit 4

Company Name
NMC HEALTH PLC
QATAR GERMAN CO ME
GULF PHARMACEUTICALS
ABU DHABI SHIP BUILDING
ARAMEX PJSC
GULF WAREHOUSING CO
ABU DHABI AVIATION
AIR ARABIA PJSC
NATL CNTL COOLING (TABRD)
RAS AL KHAIMAH CERAMIC CO
ARAB TECHNICAL CONST.
DRAKE & SKULL INTL
DEPA LTD
AVEC CORP
INDUSTRIES OF QATAR
MANNAI CORP. Q.S.C
AAMAL HLDG
QATAR NAT NAVIGAT
QATAR SHIPPING
NATL MARINE DREDGING
DP WORLD
QATAR NATIONAL CEMENT
UNION CEMENT CO
GULF CEMENT CO
NATIONAL CEMENT CO
RAS AL KHAIMAH CO FOR WHITE
RAS AL KHAIMAH CEMENT CO
ABU DHABI NATL CO FOR BLDG
FUJAIRAH BUILDING INDUSTRIES
ARKAN BUILDING MATERIALS
QATARI INV GRP
OOREDOO
ETISALAT
EMIRATE INTEGRATED TELECOM
VODAFONE QATAR
QATAR ELECT & WATER
ABU DHABI NATIONAL ENERGY
3POWER ENERGY GROUP INC

Company Search Name
GICS Sector
NMC HEALTH PLC
Health Care
QATAR GERMAN CO ME
Health Care
GULF PHARMACEUTICALS
Health Care
ABU DHABI SHIP BUILDING Industrials
ARAMEX PJSC
Industrials
GULF WAREHOUSING CO
Industrials
ABU DHABI AVIATION
Industrials
AIR ARABIA PJSC
Industrials
NATL CNTL COOLING (TABRD)Industrials
RAS AL KHAIMAH CERAMIC COIndustrials
ARAB TECHNICAL CONSTRUCTIndustrials
DRAKE & SKULL INTL
Industrials
DEPA LTD
Industrials
AVEC CORP
Industrials
INDUSTRIES OF QATAR
Industrials
MANNAI CORPORATION Q.S.C Industrials
AAMAL HOLDING
Industrials
QATAR NAT NAVIGAT
Industrials
QATAR SHIPPING
Industrials
NATL MARINE DREDGING CO Industrials
DP WORLD LTD
Industrials
QATAR NATIONAL CEMENT COMaterials
UNION CEMENT CO
Materials
GULF CEMENT CO
Materials
NATIONAL CEMENT CO
Materials
RAS AL KHAIMAH CO FOR WH Materials
RAS AL KHAIMAH CEMENT CO Materials
ABU DHABI NATL CO FOR BLDMaterials
FUJAIRAH BUILDING INDUSTRMaterials
ARKAN BUILDING MATERIALS Materials
QATARI INVESTORS GROUP Materials
OOREDOO QSC
Telecommunication
ETISALAT
Telecommunication
EMIRATE INTEGRATED TELECOTelecommunication
VODAFONE QATAR QSC
Telecommunication
QATAR ELECT & WATER
Utilities
ABU DHABI NATIONAL ENERG Utilities
3POWER ENERGY GROUP INC Utilities

Services
Services
Services
Services

GVKey
312098
258642
282886
284185
274887
274893
284151
285482
274899
284191
274386
291718
179766
151594
258696
285864
287946
258649
258663
284159
284856
254656
274921
275275
278373
282157
282895
284080
284104
284154
285366
135709
274234
279381
292438
258639
279336
187366

Last Reporting Currency
USD
QAR
AED
AED
AED
QAR
AED
AED
AED
AED
AED
AED
AED
USD
QAR
QAR
QAR
QAR
QAR
AED
USD
QAR
AED
AED
AED
AED
AED
AED
AED
AED
QAR
QAR
AED
AED
QAR
QAR
AED
USD

Company Region
Original 15 EU Members
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
North America
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
North America

Exhibit 4

Company Name
NMC HEALTH PLC
QATAR GERMAN CO ME
GULF PHARMACEUTICALS
ABU DHABI SHIP BUILDING
ARAMEX PJSC
GULF WAREHOUSING CO
ABU DHABI AVIATION
AIR ARABIA PJSC
NATL CNTL COOLING (TABRD)
RAS AL KHAIMAH CERAMIC CO
ARAB TECHNICAL CONST.
DRAKE & SKULL INTL
DEPA LTD
AVEC CORP
INDUSTRIES OF QATAR
MANNAI CORP. Q.S.C
AAMAL HLDG
QATAR NAT NAVIGAT
QATAR SHIPPING
NATL MARINE DREDGING
DP WORLD
QATAR NATIONAL CEMENT
UNION CEMENT CO
GULF CEMENT CO
NATIONAL CEMENT CO
RAS AL KHAIMAH CO FOR WHITE
RAS AL KHAIMAH CEMENT CO
ABU DHABI NATL CO FOR BLDG
FUJAIRAH BUILDING INDUSTRIES
ARKAN BUILDING MATERIALS
QATARI INV GRP
OOREDOO
ETISALAT
EMIRATE INTEGRATED TELECOM
VODAFONE QATAR
QATAR ELECT & WATER
ABU DHABI NATIONAL ENERGY
3POWER ENERGY GROUP INC

Headquarter Location
United Arab Emirates
Qatar
United Arab Emirates
United Arab Emirates
United Arab Emirates
Qatar
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
Qatar
Qatar
Qatar
Qatar
Qatar
United Arab Emirates
United Arab Emirates
Qatar
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
United Arab Emirates
Qatar
Qatar
United Arab Emirates
United Arab Emirates
Qatar
Qatar
United Arab Emirates
United Arab Emirates

Ticker

AVEC

PSPW

Company ID
587065
67951
73641
71316
58579
209764
145045
145065
58760
58950
58578
478361
479169
23878
40732
387600
248785
54854
54855
209802
77711
54853
58967
58690
58759
59255
59414
145044
341970
145046
146382
54856
387535
58662
474501
54852
58896
559229

Sedol
B7FC076
6630649
6131205
B138C78
B0LWK71
B00LQ59
6051347
B23DL40
6388379
6706636
B02PY44
B3BPVY5
B2QVTT2
B02H7D0
6673570
B241789
B29VJZ5
6148205
6566573
6625838
B291WY5
6085960
6549648
6518499
B0V7W47
6737658
B0LX4Y9
6518488
B1N32X9
B1MJYK9
B1CFJN5
6158174
6322173
B13TMN7
B3WYBN0
6566614
B0G3DP8
B0F71T1

Business Description
NMC Healthcare LLC owns and
Qatari German Company for M
Gulf Pharmaceutical Industries
Abu Dhabi Ship Building PJSC i
Aramex PJSC, together with its
Gulf Warehousing Company (Q
Abu Dhabi Aviation, together w
Air Arabia P.J.S.C., together wi
National Central Cooling Comp
Ras Al Khaimah Ceramics PSC
Arabtec Holding PJSC, togethe
Drake and Scull International P
Depa Limited operates as an in
AVEC Corporation engages in t
Industries Qatar Q.S.C., throug
Mannai Corporation Q.S.C., tog
Aamal Company Q.S.C. is enga
Qatar Navigation Q.S.C., toget
Qatar Shipping Company S.P.C
National Marine Dredging Com
DP World Limited is engaged in
Qatar National Cement Compa
Union Cement Company (PSC)
Gulf Cement Company P.S.C. p
National Cement Company (Pu
Ras Al Khaimah Co. for White C
Ras Al Khaimah Cement Compa
Abu Dhabi National Company f
Fujairah Building Industries Co
Arkan Building Materials Comp
Qatari Investors Group Q.S.C.
Ooredoo Q.S.C., together with
Emirates Telecommunications
Emirates Integrated Telecomm
Vodafone Qatar Q.S.C. provide
Qatar Electricity & Water Comp
Abu Dhabi National Energy Com
3Power Energy Group, Inc. foc

Exhibit 4

Company Name
NMC HEALTH PLC
QATAR GERMAN CO ME
GULF PHARMACEUTICALS
ABU DHABI SHIP BUILDING
ARAMEX PJSC
GULF WAREHOUSING CO
ABU DHABI AVIATION
AIR ARABIA PJSC
NATL CNTL COOLING (TABRD)
RAS AL KHAIMAH CERAMIC CO
ARAB TECHNICAL CONST.
DRAKE & SKULL INTL
DEPA LTD
AVEC CORP
INDUSTRIES OF QATAR
MANNAI CORP. Q.S.C
AAMAL HLDG
QATAR NAT NAVIGAT
QATAR SHIPPING
NATL MARINE DREDGING
DP WORLD
QATAR NATIONAL CEMENT
UNION CEMENT CO
GULF CEMENT CO
NATIONAL CEMENT CO
RAS AL KHAIMAH CO FOR WHITE
RAS AL KHAIMAH CEMENT CO
ABU DHABI NATL CO FOR BLDG
FUJAIRAH BUILDING INDUSTRIES
ARKAN BUILDING MATERIALS
QATARI INV GRP
OOREDOO
ETISALAT
EMIRATE INTEGRATED TELECOM
VODAFONE QATAR
QATAR ELECT & WATER
ABU DHABI NATIONAL ENERGY
3POWER ENERGY GROUP INC

Fiscal Year - End Month
12
12
12
12
12
12
12
12
12
12
12
12
12
6
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
3
12
12
3

ISIN No
GB00B7FC0762
QA0001200763
AEG000201018
AEA000901016
AEA002301017
QA000A0KD6H9
AEA001001014
AEA003001012
AEN000501017
AER000301013
AEA001501013
AED001101016
AEDFXA0NFP81
US0022881082
QA000A0KD6K3
QA000A0NBGK5
QA000A0NCQB1
QA0007227695
QA0007227729
AEN000401010
AEDFXA0M6V00
QA0007227687
AEU000201019
KW0EQ0802128
AEN000901019
AE000A0M7YB6
AER000401011
AEA000501014
AEF000501013
AEA002801016
QA000A0NA0T7
QA0007227737
AEE000401019
AEE000701012
QA000A0Q5NE9
QA0006929812
AEA002401015
US88580V1044

Industry Group
Industry Segment
Exchange Name
Health Care Equipment & Serv Health Care Facilities
London Stock Exchange
Health Care Equipment & Serv Health Care Supplies
Qatar Exchange
Pharmaceuticals, BiotechnologyPharmaceuticals
Abu Dhabi Securities Exchange
Capital Goods
Aerospace & Defense
Abu Dhabi Securities Exchange
Transportation
Air Freight & Logistics
Dubai Financial Market
Transportation
Air Freight & Logistics
Qatar Exchange
Transportation
Air Freight & Logistics
Abu Dhabi Securities Exchange
Transportation
Airlines
Dubai Financial Market
Capital Goods
Building Products
Dubai Financial Market
Capital Goods
Building Products
Abu Dhabi Securities Exchange
Capital Goods
Construction & Engineering
Dubai Financial Market
Capital Goods
Construction & Engineering
Dubai Financial Market
Commercial & Professional Ser Diversified Support Services Dubai Financial Market
Capital Goods
Heavy Electrical Equipment
Other-OTC
Industrial Conglomerates
Qatar Exchange
Capital Goods
Capital Goods
Industrial Conglomerates
Qatar Exchange
Capital Goods
Industrial Conglomerates
Qatar Exchange
Transportation
Marine
Qatar Exchange
Transportation
Marine
Qatar Exchange
Transportation
Marine Ports & Services
Abu Dhabi Securities Exchange
Transportation
Marine Ports & Services
Abu Dhabi Securities Exchange
Materials
Construction Materials
Qatar Exchange
Materials
Construction Materials
Abu Dhabi Securities Exchange
Materials
Construction Materials
Abu Dhabi Securities Exchange
Materials
Construction Materials
Dubai Financial Market
Materials
Construction Materials
Abu Dhabi Securities Exchange
Materials
Construction Materials
Abu Dhabi Securities Exchange
Materials
Construction Materials
Abu Dhabi Securities Exchange
Materials
Construction Materials
Abu Dhabi Securities Exchange
Materials
Construction Materials
Abu Dhabi Securities Exchange
Materials
Construction Materials
Qatar Exchange
Telecommunication Services Integrated Telecommunication Qatar Exchange
Telecommunication Services Integrated Telecommunication Abu Dhabi Securities Exchange
Telecommunication Services Integrated Telecommunication Dubai Financial Market
Telecommunication Services Wireless Telecommunication SeQatar Exchange
Utilities
Multi-Utilities
Qatar Exchange
Utilities
Multi-Utilities
Abu Dhabi Securities Exchange
Utilities
Renewable Electricity
Other-OTC

Exhibit 5

JetBlue Airways Corporation (NasdaqGS:JBLU) > Financials > Income Statement
In Millions of USD, except per share items.

Template:
Period Type:
Currency:
Units:
Source:

Standard
Annual
US Dollar
S&P Capital IQ (Default
Capital IQ & Proprietary

Restatement:
Order:
Conversion:
Decimals:

Original Filings
Latest on Right
Historical
Capital IQ (Default)

Income Statement

For the Fiscal Period Ending
Currency
Revenue
Other Revenue
Total Revenue
Cost Of Goods Sold
Gross Profit
Selling General & Admin Exp.
R & D Exp.
Depreciation & Amort.
Other Operating Expense/(Income)
Other Operating Exp., Total

12 months
Dec-31-1999
USD

12 months
Dec-31-2000
USD

12 months
Dec-31-2001
USD

12 months
Dec-31-2002
USD

12 months
Dec-31-2003
USD

12 months
Dec-31-2004
USD

12 months
Dec-31-2005
USD

12 months
Dec-31-2006
USD

12 months
Dec-31-2007
USD

12 months
Dec-31-2008
USD

12 months
Dec-31-2009
USD

12 months
Dec-31-2010
USD

12 months
Dec-31-2011
USD

12 months
Dec-31-2012
USD

12 months
Dec-31-2013
USD

LTM
Press Release
12 months
Mar-31-2014
USD

-

101.7
3.0
104.6

310.5
9.9
320.4

615.2
20.0
635.2

965.1
33.3
998.4

1,220.8
45.2
1,266.0

1,620.0
81.0
1,701.0

2,223.0
140.0
2,363.0

2,636.0
206.0
2,842.0

3,056.0
332.0
3,388.0

2,928.0
358.0
3,286.0

3,412.0
367.0
3,779.0

4,080.0
424.0
4,504.0

4,550.0
432.0
4,982.0

4,971.0
470.0
5,441.0

5,015.0
476.0
5,491.0

6.8
(6.8)

75.7
28.9

191.4
129.0

332.1
303.1

566.4
431.9

798.8
467.2

1,166.0
535.0

1,653.0
710.0

1,987.0
855.0

2,501.0
887.0

2,209.0
1,077.0

2,523.0
1,256.0

3,218.0
1,286.0

3,595.0
1,387.0

3,899.0
1,542.0

3,931.0
1,560.0

0.9
0.1
6.4

17.0
4.0
29.1

28.3
10.4
63.5

44.3
26.9
126.8

53.6
50.4
159.1

63.2
76.5
214.5

81.0
115.0
285.0

104.0
151.0
340.0

121.0
176.0
396.0

151.0
197.0
445.0

151.0
228.0
420.0

179.0
220.0
496.0

199.0
233.0
532.0

204.0
258.0
567.0

223.0
290.0
610.0

227.0
300.0
632.0
1,159.0

7.4

50.1

102.2

198.1

263.1

354.2

481.0

595.0

693.0

793.0

799.0

895.0

964.0

1,029.0

1,123.0

(14.2)

(21.2)

26.8

105.0

168.8

112.9

54.0

115.0

162.0

94.0

278.0

361.0

322.0

358.0

419.0

401.0

0.7
0.7

(2.9)
2.5
(0.4)

(6.1)
2.5
(3.6)

(15.7)
5.3
(10.4)

(23.7)
5.3
(18.4)

(44.6)
8.5
(36.1)

(91.0)
19.0
(72.0)

(146.0)
28.0
(118.0)

(182.0)
54.0
(128.0)

(184.0)
(184.0)

(190.0)
8.0
(182.0)

(176.0)
4.0
(172.0)

(174.0)
5.0
(169.0)

(168.0)
5.0
(163.0)

(148.0)
2.0
(146.0)

(144.0)
0
(144.0)

Other Non-Operating Inc. (Exp.)
EBT Excl. Unusual Items

(13.5)

(21.6)

23.2

94.6

2.2
152.7

76.8

(18.0)

(3.0)

34.0

34.0
(56.0)

96.0

189.0

(2.0)
151.0

(3.0)
192.0

273.0

(1.0)
256.0

Impairment of Goodwill
Gain (Loss) On Sale Of Invest.
Gain (Loss) On Sale Of Assets
Asset Writedown
Other Unusual Items
EBT Incl. Unusual Items

(13.5)

(21.6)

18.7
41.9

0.4
95.0

22.8
175.4

76.8

(6.0)
(24.0)

12.0
9.0

7.0
41.0

(53.0)
23.0
(8.0)
18.0
(76.0)

1.0
2.0
99.0

(6.0)
(22.0)
161.0

(6.0)
145.0

10.0
7.0
209.0

9.0
(3.0)
279.0

9.0
(3.0)
262.0

Operating Income
Interest Expense
Interest and Invest. Income
Net Interest Exp.

Income Tax Expense
Earnings from Cont. Ops.

0.2
(13.8)

(0.2)
(21.3)

3.4
38.5

40.1
54.9

71.5
103.9

29.4
47.5

(4.0)
(20.0)

10.0
(1.0)

23.0
18.0

(76.0)

41.0
58.0

64.0
97.0

59.0
86.0

81.0
128.0

111.0
168.0

104.0
158.0

Earnings of Discontinued Ops.
Extraord. Item & Account. Change
Net Income to Company

(13.8)

(21.3)

38.5

54.9

103.9

47.5

(20.0)

(1.0)

18.0

(76.0)

58.0

97.0

86.0

128.0

168.0

158.0

Minority Int. in Earnings
Net Income

(13.8)

(21.3)

38.5

54.9

103.9

47.5

(20.0)

(1.0)

18.0

(76.0)

58.0

97.0

86.0

128.0

168.0

158.0

4.7

14.1

17.0

6.0

-

-

-

-

-

-

-

-

-

-

-

-

(18.4)
(18.4)

(35.4)
(35.4)

21.6
21.6

49.0
49.0

103.9
103.9

47.5
47.5

(20.0)
(20.0)

(1.0)
(1.0)

18.0
18.0

(76.0)
(76.0)

58.0
58.0

97.0
97.0

86.0
86.0

128.0
128.0

168.0
168.0

158.0
158.0

Per Share Items
Basic EPS
Basic EPS Excl. Extra Items
Weighted Avg. Basic Shares Out.

($10.91)
(10.91)
1.7

($7.9)
(7.9)
4.5

$2.93
2.93
7.4

$0.49
0.49
100.6

$0.71
0.71
145.9

$0.31
0.31
154.8

($0.13)
(0.13)
159.9

($0.01)
(0.01)
175.1

$0.1
0.1
179.8

($0.34)
(0.34)
226.3

$0.22
0.22
260.5

$0.35
0.35
275.4

$0.31
0.31
278.7

$0.45
0.45
282.3

$0.59
0.59
282.8

$0.55
0.55
286.5

Diluted EPS
Diluted EPS Excl. Extra Items
Weighted Avg. Diluted Shares Out.

($10.91)
(10.91)
1.7

($7.9)
(7.9)
4.5

$0.34
0.34
113.9

$0.37
0.37
146.5

$0.65
0.65
161.3

$0.29
0.29
166.2

($0.13)
(0.13)
159.9

($0.01)
(0.01)
175.1

$0.1
0.1
184.3

($0.34)
(0.34)
226.3

$0.2
0.2
332.1

$0.31
0.31
346.6

$0.28
0.28
346.5

$0.4
0.4
344.1

$0.52
0.52
343.4

$0.48
0.48
340.5

($5.01)
(5.01)

($3.01)
(3.01)

$1.97
0.13

$0.59
0.4

$0.65
0.59

$0.31
0.29

($0.07)
(0.07)

($0.01)
(0.01)

$0.12
0.12

($0.15)
(0.15)

$0.23
0.18

$0.43
0.34

$0.34
0.27

$0.43
0.35

$0.6
0.5

$0.56
0.47

Pref. Dividends and Other Adj.
NI to Common Incl Extra Items
NI to Common Excl. Extra Items

Normalized Basic EPS
Normalized Diluted EPS
Dividends per Share
Supplemental Items
EBITDA
EBITA
EBIT
EBITDAR
As Reported Total Revenue*
Effective Tax Rate %
Current Domestic Taxes
Total Current Taxes
Deferred Domestic Taxes
Total Deferred Taxes
Normalized Net Income
NI per SFAS 123 (after Options)
Interest Capitalized
Interest on Long Term Debt
Filing Date
Restatement Type
Calculation Type
Supplemental Operating Expense Items
Advertising Exp.
Selling and Marketing Exp.
R&D Exp.
Net Rental Exp.
Imputed Oper. Lease Interest Exp.
Imputed Oper. Lease Depreciation
Maintenance & Repair Exp.
Stock-Based Comp., COGS
Stock-Based Comp., Unallocated
Stock-Based Comp., After-tax
Stock-Based Comp., Total

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

(14.1)
(14.2)
(14.2)
(13.3)
NA
NM
0.2
0.2
NA
-

(17.2)
(21.1)
(21.2)
3.0
104.6
NM
(0.2)
(0.2)
NA
-

37.2
27.3
26.8
86.9
320.4
8.1%
0.0
0.0
3.4
3.4

131.9
107.2
105.0
196.4
635.2
42.2%
0.5
0.5
39.7
39.7

219.7
175.6
168.8
318.8
998.4
40.8%
1.8
1.8
69.8
69.8

190.4
123.9
112.9
310.2
1,266.0
38.2%
(0.4)
(0.4)
29.7
29.7

171.0
70.0
54.0
308.0
1,701.0
NM
NA
(4.0)
(4.0)

269.0
133.0
115.0
459.0
2,363.0
111.1%
NA
10.0
10.0

342.0
181.0
162.0
567.0
2,842.0
56.1%
NA
NA
23.0

304.0
115.0
94.0
547.0
3,388.0
NA
NA
1.0
NA
(1.0)

512.0
322.0
278.0
1,087.0
3,286.0
41.4%
NA
1.0
NA
40.0

591.0
397.0
361.0
836.0
3,779.0
39.8%
NA
2.0
62.0
62.0

569.0
356.0
322.0
838.0
4,504.0
40.7%
NA
1.0
58.0
58.0

627.0
397.0
358.0
911.0
4,982.0
38.8%
NA
5.0
76.0
76.0

707.0
449.0
419.0
1,002.0
5,441.0
39.8%
NA
4.0
107.0
107.0

689.0
401.0
401.0
NA
5,491.0
39.7%
NA
4.0
107.0
107.0

(8.5)
(18.5)
0.7
NA
Apr-12-2002
O
REP

(13.5)
(35.6)
4.5
NA
Apr-12-2002
O
REP

14.5
4.4
8.0
NA
Apr-12-2002
O
REP

59.1
43.7
5.3
NA
Feb-18-2003
O
REP

95.4
94.5
5.2
NA
Feb-11-2004
O
REP

48.0
28.5
8.9
NA
Feb-14-2005
O
REP

(11.3)
(121.0)
16.0
NA
Feb-14-2006
O
REP

(1.9)
NA
27.0
NA
Feb-14-2007
O
REP

21.3
NA
43.0
NA
Feb-21-2008
O
REP

(35.0)
NA
48.0
NA
Feb-13-2009
O
REP

60.0
NA
7.0
NA
Feb-05-2010
O
REP

118.1
NA
4.0
172.0
Feb-25-2011
O
REP

94.4
NA
5.0
NA
Feb-28-2012
O
REP

120.0
NA
8.0
NA
Feb-21-2013
O
REP

170.6
NA
13.0
154.0
Feb-19-2014
O
REP

160.0
NA
NA
NA
Apr-24-2014
P
LTM

12.7
0.9
NA
0.8
0.0

12.7
17.0
NA
20.2
1.1

15.6
28.3
NA
49.7
20.4
29.3
4.7

24.1
44.3
NA
64.5
20.0
44.5
8.9

25.8
53.6
NA
99.1
25.2
73.9
23.1

27.4
63.2
NA
119.8
38.6
81.2
44.9

35.0
81.0
NA
137.0
60.6
76.4
64.0

40.0
104.0
NA
190.0
101.8
88.2
87.0

41.0
121.0
NA
225.0
137.6
87.4
106.0

52.0
151.0
NA
243.0
145.4
97.6
127.0

53.0
151.0
NA
575.0
281.1
293.9
149.0

55.0
179.0
NA
245.0
111.3
133.7
172.0

57.0
199.0
NA
269.0
124.9
144.1
227.0

57.0
204.0
13.0
284.0
133.6
150.4
338.0

61.0
223.0
NA
295.0
139.4
155.6
432.0

NA
227.0
NA
NA
NA

-

-

-

1.0
1.0

1.0
1.0

1.1
1.1

9.0
9.0

21.0
21.0

15.0
15.0

16.0
16.0

16.0
16.0

17.0
17.0

13.0
13.0

13.0
13.0

14.0
14.0

14.0
14.0

USD
1.0
H

USD
1.0
H

USD
1.0
H

USD
1.0
H

USD
1.0
H

USD
1.0
H

USD
1.0
H

Currency
USD
USD
USD
USD
USD
USD
USD
USD
USD
Exchange Rate
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
Conversion Method
H
H
H
H
H
H
H
H
H
* Occasionally, certain items classified as Revenue by the company will be re-classified as other income if it is deemed to be non-recurring and unrelated to the core business of the firm. This field shows Total Revenue exactly as reported by the firm on its consolidated statement of income.
Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as primary ADRs, per share items are ADR-equivalent.

Vueling Airlines SA > Financials > Balance Sheet
In Millions of USD, except per share items.

Template:
Period Type:
Currency:
Units:
Source:

Standard
Annual
US Dollar
S&P Capital IQ (Default
Capital IQ & Proprietary

Restatement:
Order:
Conversion:
Decimals:

Original Filings
Latest on Right
Historical
Capital IQ (Default)

Balance Sheet
Balance Sheet as of:
Dec-31-2004
USD

Dec-31-2005
USD

Dec-31-2006
USD

Dec-31-2007
USD

Dec-31-2008
USD

Dec-31-2009
USD

Dec-31-2010
USD

Dec-31-2011
USD

Dec-31-2012
USD

Press Release
Mar-31-2013
USD

8.1
27.0
35.2

4.7
18.7
23.4

144.6
27.1
171.8

122.5
1.3
123.9

29.1
30.4
59.6

173.8
31.9
205.7

48.2
261.5
309.7

19.4
337.2
356.7

425.0
42.0
467.1

463.1
84.1
547.2

0.0
1.2
1.2

0.1
1.5
1.6

0.9
4.1
5.0

5.1
6.3
11.4

12.1
7.1
19.2

42.4
14.6
4.1
61.2

40.4
9.0
8.8
58.2

52.5
18.1
70.5

64.0
30.7
94.7

154.0
154.0

Inventory
Other Current Assets
Total Current Assets

0.1
3.0
39.5

0.4
3.4
28.9

1.0
4.3
182.1

2.0
8.7
145.9

3.0
6.4
88.3

0.2
3.8
271.0

0.2
9.7
377.8

0.5
40.7
468.3

12.1
573.9

21.4
722.6

Gross Property, Plant & Equipment
Accumulated Depreciation
Net Property, Plant & Equipment

0.6
(0.1)
0.5

2.0
(0.3)
1.7

4.4
(1.2)
3.2

7.7
(2.5)
5.2

7.9
(2.9)
4.9

23.1
(10.8)
12.3

22.1
(13.8)
8.3

20.0
(16.2)
3.8

9.0
(5.5)
3.5

3.6

Long-term Investments
Goodwill
Other Intangibles
Loans Receivable Long-Term
Deferred Tax Assets, LT
Deferred Charges, LT
Other Long-Term Assets
Total Assets

0.0
0.3
7.5
4.6
52.4

3.5
0.7
5.9
14.2
55.1

2.9
20.3
208.6

9.2
37.8
198.2

10.9
27.3
66.8
7.4
205.7

22.7
64.8
122.7
113.6
607.1

20.7
62.4
134.4
78.9
3.0
685.5

116.0
20.0
64.0
73.9
34.0
780.0

136.7
20.3
76.9
78.7
10.8
900.8

150.2
101.5
75.6
1,053.5

LIABILITIES
Accounts Payable
Accrued Exp.
Short-term Borrowings
Curr. Income Taxes Payable
Unearned Revenue, Current
Other Current Liabilities
Total Current Liabilities

13.9
0.7
5.4
20.1

21.5
0.6
5.9
0.2
7.3
35.6

48.4
2.7
10.6
13.3
75.0

91.5
4.5
19.9
33.1
149.1

75.9
6.6
28.2
110.7

79.4
27.7
18.6
54.1
33.1
212.9

78.4
85.0
32.1
2.7
27.0
225.3

84.4
103.4
3.0
3.2
38.0
232.0

108.5
122.0
1.0
68.2
299.6

215.0
207.5
17.7
440.2

Unearned Revenue, Non-Current
Def. Tax Liability, Non-Curr.
Other Non-Current Liabilities
Total Liabilities

0.2
20.3

3.2
1.1
39.8

11.0
86.0

27.4
176.5

1.1
29.3
141.2

19.1
163.9
396.0

18.8
174.1
418.2

36.8
197.5
466.3

24.9
263.5
588.0

30.6
280.3
751.1

Common Stock
Additional Paid In Capital
Retained Earnings
Treasury Stock
Comprehensive Inc. and Other
Total Common Equity

0.1
40.5
(8.5)
32.2

0.1
35.3
(20.3)
0.2
15.3

0.2
197.3
(75.0)
(0.3)
0.3
122.6

21.8
195.2
(162.3)
(1.9)
(31.2)
21.7

20.9
186.6
(145.8)
(1.0)
3.8
64.5

42.9
285.5
(109.8)
(1.0)
(6.3)
211.2

40.1
267.1
(41.0)
(1.0)
2.1
267.3

38.9
258.8
(27.8)
(0.9)
44.8
313.7

39.4
262.6
8.2
(0.9)
3.5
312.8

270.6
31.8
302.4

Total Equity

32.2

15.3

122.6

21.7

64.5

211.2

267.3

313.7

312.8

302.4

Total Liabilities And Equity

52.4

55.1

208.6

198.2

205.7

607.1

685.5

780.0

900.8

1,053.5

9.5
9.5
$3.39
31.8
$3.35
0
(35.2)
33.1
NA
NA
NA
NA
Mar-01-2005
O
REP

9.4
9.4
$1.63
14.6
$1.56
5.9
(17.5)
172.1
NA
NA
NA
NA
Mar-01-2006
O
REP

14.7
14.7
$8.32
119.7
$8.12
0
(171.8)
404.9
NA
NA
NA
NA
May-24-2007
O
REP

14.7
14.7
$1.47
12.4
$0.84
0
(123.9)
769.0
FIFO
NA
5.4
NA
Feb-29-2008
O
REP

14.7
14.7
$4.38
53.6
$3.64
0
(59.6)
781.9
Avg Cost
NA
6.3
NA
Apr-02-2009
O
REP

29.7
29.7
$7.11
123.6
$4.16
18.6
(187.1)
850.6
Avg Cost
NA
21.4
NA
Apr-21-2010
O
REP

29.7
29.7
$9.01
184.3
$6.21
32.1
(277.6)
1,036.0
Avg Cost
2.9
20.5
0.8
Mar-28-2011
O
REP

29.7
29.7
$10.57
229.7
$7.74
3.0
(353.7)
1,130.6
Avg Cost
NA
18.5
0.8
Mar-26-2012
O
REP

29.7
29.7
$10.54
215.5
$7.26
0
(467.1)
1,281.3
NA
NA
8.2
0.7
Feb-25-2013
O
REP

29.7
29.7
$10.19
200.9
$6.77
0
(547.2)
NA
NA
NA
NA
NA
May-09-2013
P
REP

USD
1.354
H

USD
1.185
H

USD
1.32
H

USD
1.46
H

USD
1.397
H

USD
1.433
H

USD
1.341
H

USD
1.299
H

USD
1.318
H

USD
1.281
H

Currency
ASSETS
Cash And Equivalents
Short Term Investments
Total Cash & ST Investments
Accounts Receivable
Other Receivables
Notes Receivable
Total Receivables

Supplemental Items
Total Shares Out. on Filing Date
Total Shares Out. on Balance Sheet Date
Book Value/Share
Tangible Book Value
Tangible Book Value/Share
Total Debt
Net Debt
Debt Equivalent Oper. Leases
Inventory Method
Other Inventory Accounts
Machinery
Accum. Allowance for Doubtful Accts
Filing Date
Restatement Type
Calculation Type

Currency
Exchange Rate
Conversion Method

Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are ADR-equivalent.

AirAsia X Berhad (KLSE:AAX) > Financials > Balance Sheet
In Millions of USD, except per share items.

Template:
Period Type:
Currency:
Units:
Source:

Standard
Annual
US Dollar
S&P Capital IQ (Defaul
Capital IQ & Proprietary

Restatement:
Order:
Conversion:
Decimals:

Original Filings
Latest on Right
Historical
Capital IQ (Default)

Balance Sheet
Balance Sheet as of:
Dec-31-2009
USD

Dec-31-2010
USD

Dec-31-2011
USD

Dec-31-2012
USD

Press Release
Dec-31-2013
USD

18.7
18.7

32.1
81.0
113.1

14.1
21.8
35.9

37.1
19.7
56.9

65.3
24.1
89.4

0.6
8.3
9.0

15.9
7.8
23.7

11.4
8.5
19.9

15.0
11.7
26.7

18.1
15.9
34.0

0.2
6.3
11.0
45.1

0.2
8.7
2.4
14.3
162.4

0.3
11.9
9.4
77.4

0.3
7.9
13.9
105.6

0.5
13.5
15.5
153.0

Gross Property, Plant & Equipment
Accumulated Depreciation
Net Property, Plant & Equipment

457.5
(17.4)
440.1

519.5
(30.4)
489.0

510.9
(62.7)
448.2

533.4
(99.9)
433.5

689.0

Long-term Investments
Deferred Tax Assets, LT
Other Long-Term Assets
Total Assets

45.0
126.0
656.2

66.0
88.2
805.6

75.6
155.9
757.2

76.8
178.0
793.9

26.1
110.5
240.9
1,219.5

LIABILITIES
Accounts Payable
Accrued Exp.
Curr. Port. of LT Debt
Curr. Port. of Cap. Leases
Curr. Income Taxes Payable
Unearned Revenue, Current
Other Current Liabilities
Total Current Liabilities

16.9
83.9
0.1
81.3
16.5
198.7

17.0
40.7
0.2
164.2
19.0
241.1

32.1
79.9
0.1
131.5
18.0
261.6

55.6
1.3
170.4
63.8
28.0
319.2

48.3
148.3
0.0
127.4
56.5
380.6

Long-Term Debt
Capital Leases
Other Non-Current Liabilities
Total Liabilities

341.6
540.3

355.9
597.0

323.2
584.8

284.8
604.0

461.1
0.0
841.7

Common Stock
Additional Paid In Capital
Retained Earnings
Treasury Stock
Comprehensive Inc. and Other
Total Common Equity

48.6
63.0
4.3
115.9

86.5
70.0
52.2
0.0
208.6

84.1
68.1
20.3
0
172.4

87.2
70.6
32.1
0
189.9

108.6
259.4
3.5
6.4
377.8

Total Equity

115.9

208.6

172.4

189.9

377.8

Total Liabilities And Equity

656.2

805.6

757.2

793.9

1,219.5

1,111.1
1,111.1
$0.1
115.9
$0.1
425.6
406.9
124.3
NA
NA
456.3
NA
NA
Oct-25-2012
O
REP

1,777.8
1,777.8
$0.12
208.6
$0.12
396.6
283.5
195.5
NA
NA
519.5
NA
NA
Oct-25-2012
O
REP

1,777.8
1,777.8
$0.1
172.4
$0.1
403.1
367.2
373.3
NA
Avg Cost
510.9
1,211
0.1
Oct-25-2012
O
REP

1,777.8
1,777.8
$0.11
189.9
$0.11
455.2
398.3
403.9
NA
Avg Cost
533.4
1,024
0.3
May-02-2013
O
REP

2,370.4
2,370.4
$0.16
377.8
$0.16
609.4
520.1
455.9
6.0
NA
NA
NA
0.4
Feb-25-2014
P
REP

USD
0.292
H

USD
0.324
H

USD
0.315
H

USD
0.327
H

USD
0.305
H

Currency
ASSETS
Cash And Equivalents
Short Term Investments
Total Cash & ST Investments
Accounts Receivable
Other Receivables
Total Receivables
Inventory
Prepaid Exp.
Restricted Cash
Other Current Assets
Total Current Assets

Supplemental Items
Total Shares Out. on Filing Date
Total Shares Out. on Balance Sheet Date
Book Value/Share
Tangible Book Value
Tangible Book Value/Share
Total Debt
Net Debt
Debt Equivalent Oper. Leases
Equity Method Investments
Inventory Method
Machinery
Full Time Employees
Accum. Allowance for Doubtful Accts
Filing Date
Restatement Type
Calculation Type

Currency
Exchange Rate
Conversion Method

Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are ADR-equivalent.

Exhibit 6

EXHIBIT 6
Etihad Shareholder Loan Benefit Calculations

Year

Shareholder
Loan Received
(US$)

2004
2005
2006
2007
2008
2009
2010

491,416,746
622,545,254
343,529,000
532,185,000
662,426,000
360,196,000
-

Source
2005 F/S, Balance Sheet
2005 F/S, Balance Sheet
2007 F/S, Note 18(a)
2007 F/S, Note 18(a)
2008 F/S, Note 23
2009 F/S, Note 22

Cumulative
Outstanding
(mid-year)

Cumulative
Outstanding
(year end)

245,708,373
802,689,373
1,285,726,500
1,723,583,500
2,320,889,000
2,832,200,000
3,012,298,000

491,416,746
1,113,962,000
1,457,491,000
1,989,676,000
2,652,102,000
3,012,298,000
3,012,298,000

Notes:
1

National
Avg
Interest
rate1
5.1%
5.7%
6.5%
6.9%
6.0%
5.8%
n/a

Term
(years)2
8.1
6.8
6.3
10.5
3.8
6.0

Adjusted
Interest
Rate3

Annual
Interest
Savings

5.1%
5.3%
17.7%
18.2%
19.7%
17.5%

12,543,412
41,442,627
88,131,984
166,816,038
280,458,863
377,257,653
408,764,115

Total:

1,375,414,694

National Average Interest Rate obtained from Central Bank of UAE and Haver Analytics (see attached)
Term Based on weighted average maturity of airline industry debt (see attached).
3
Etihad found be be uncreditworthy from 2006 through 2010. Accordingly, benchmark interest rate calculated based on US Department of
Commerce methodology for uncreditworthy benchmarks.
2

Default Rates Used to Calculate Uncreditworthy Benchmark

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

Investment 
grade default 
rate
0.05%
0.16%
0.34%
0.60%
0.84%
1.11%
1.40%
1.71%
2.05%
2.40%
2.77%
3.17%
3.55%
3.94%
4.35%
4.79%

Investment grade default 
rate
20.51%
28.55%
34.10%
37.60%
41.44%
47.24%
51.52%
56.91%
60.82%
63.13%
65.96%
65.96%
65.96%
65.96%
65.96%
65.96%

Exhibit 7

EXHIBIT 7
UAE Commercial Borrowing Rates

Calculated Lending
Period Lending Series (Interbank + 3.08%)* Lending
Dec‐01
6.59%
6.59%
Mar‐02
6.30%
6.30%
Jun‐02
6.23%
6.23%
Sep‐02
6.05%
6.05%
Dec‐02
5.80%
5.80%
Mar‐03
5.56%
5.56%
Jun‐03
5.36%
5.36%
Sep‐03
5.24%
5.24%
Dec‐03
5.05%
5.05%
Mar‐04
4.97%
4.97%
Jun‐04
4.89%
4.89%
Sep‐04
5.19%
5.19%
Dec‐04
5.37%
5.37%
Mar‐05
5.24%
5.24%
Jun‐05
5.57%
5.57%
Sep‐05
5.91%
5.91%
Dec‐05
6.10%
6.10%
Mar‐06
6.22%
6.22%
Jun‐06
6.75%
6.75%
Sep‐06
6.56%
6.56%
Dec‐06
6.65%
6.65%
Mar‐07
6.54%
6.54%
Jun‐07
7.18%
7.18%
Sep‐07
7.20%
7.20%
Dec‐07
6.82%
6.82%
Mar‐08
5.71%
5.71%
Apr‐08
5.12%
5.12%
May‐08
5.14%
5.14%
Jun‐08
5.18%
5.18%
Jul‐08
5.52%
5.52%
Aug‐08
5.88%
5.88%
Sep‐08
6.41%
6.41%
Oct‐08
7.32%
7.32%
Nov‐08
7.06%
7.06%
Dec‐08
6.97%
6.97%
Jan‐09
6.37%
6.37%
Feb‐09
6.14%
6.14%
Mar‐09
6.04%
6.04%
Apr‐09
5.80%
5.80%
May‐09
6.00%
6.00%
Jun‐09
5.59%
5.59%
Jul‐09**
5.57%
5.57%
Aug‐09**
5.57%
5.57%
Sep‐09**
5.57%
5.57%
Oct‐09
5.56%
5.56%
Nov‐09
5.51%
5.51%
Dec‐09
5.50%
5.50%
Jan‐10
5.51%
5.51%
Feb‐10
5.63%
5.63%
Mar‐10
5.72%
5.72%
Apr‐10
5.74%
5.74%
May‐10
5.76%
5.76%
Jun‐10
5.80%
5.80%
Jul‐10
5.80%
5.80%
Aug‐10
5.78%
5.78%
Sep‐10
5.78%
5.78%
Oct‐10
5.70%
5.70%
Nov‐10***
5.68%
5.68%
Dec‐10
5.67%
5.67%
Source:

Interbank 
Deposits

2.04%
2.06%
2.10%
2.44%
2.80%
3.33%
4.24%
3.98%
3.89%
3.29%
3.06%
2.96%

2.72%
2.92%
2.51%

Difference
3.08%

Period
Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
Jun‐11
Jul‐11
Aug‐11
Sep‐11
Oct‐11
Nov‐11
Dec‐11
Jan‐12
Feb‐12
Mar‐12
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Sep‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Feb‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Sep‐13
Oct‐13
Nov‐13
Dec‐13
Jan‐14
Feb‐14
Mar‐14
Apr‐14
May‐14
Jun‐14

Lending 
Series
5.66%
5.65%
5.65%
5.57%
5.43%
5.21%
5.06%
5.02%
5.01%
5.03%
5.03%
5.04%
5.06%
5.07%
5.07%
5.07%
5.06%
5.05%
4.92%
4.78%
4.70%
4.71%
4.71%
4.71%
4.70%
4.68%
4.60%
4.52%
4.45%
4.42%
4.38%
4.35%
4.34%
4.31%
4.28%
4.27%
4.26%
4.26%
4.26%
4.23%
4.20%
4.18%

Calculated Lending
(Interbank + 3.08%)*
5.66%
5.65%
5.65%
5.57%
5.43%
5.21%
5.06%
5.02%
5.01%
5.03%
5.03%
5.04%
5.06%
5.07%
5.07%
5.07%
5.06%
5.05%
4.92%
4.78%
4.70%
4.71%
4.71%
4.71%
4.70%
4.68%
4.60%
4.52%
4.45%
4.42%
4.38%
4.35%
4.34%
4.31%
4.28%
4.27%
4.26%
4.26%
4.26%
4.23%
4.20%
4.18%

Annual Average:
2.48%
2.43%
2.42%
2.43%
2.55%
2.64%
2.66%
2.68%
2.72%
2.72%
2.70%
2.70%
2.62%
2.59%

2001.Dec
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014.Jan‐Jun

6.59%
6.10%
5.30%
5.11%
5.71%
6.55%
6.94%
6.03%
5.77%
5.71%
5.28%
4.91%
4.44%
4.23%

Dec‐01 to Mar‐08 and Jun‐08  from Central Bank of United Arab Emirates Economic Bulletins 2003‐2008 (Lending Rate)
Apr‐08 to Jun‐09 from Central Bank of United Arab Emirates Statistical Bulletins 2008‐2009 (Interbank Rate, 1 Year, Average)
Oct‐09 to Jun‐14 from Haver Analytics, Emirates Interbank Offered Rate Fixings: 1 Year (AVG, %)
* Interbank plus 3.08% (the difference between the lending and interbank rate for Jun‐08)
**average of Jun‐2009 and Oct‐2009
***average of Oct‐2010 and Dec‐2010

Lending

Interbank 
Deposits
2.58%
2.57%
2.57%
2.49%
2.35%
2.13%
1.98%
1.94%
1.93%
1.95%
1.95%
1.96%
1.98%
1.99%
1.99%
1.99%
1.98%
1.97%
1.84%
1.70%
1.62%
1.63%
1.63%
1.63%
1.62%
1.60%
1.52%
1.44%
1.37%
1.34%
1.30%
1.27%
1.26%
1.23%
1.20%
1.19%
1.18%
1.18%
1.18%
1.15%
1.12%
1.10%

EXHIBIT 7 (Cont.)
Calculation of Weighted Average Term of Airline Industry Debt, by Issue Year

Deal
Pricing
Date
28-Jan-92
31-Mar-92
21-May-92
9-Jun-92
29-Jul-92
1-Sep-92
1-Sep-92
4-Nov-92
24-Nov-92
16-Feb-93
16-Feb-93
2-Mar-93
5-Mar-93
5-Mar-93
5-Mar-93
5-Mar-93
5-Mar-93
5-Mar-93
5-Mar-93
30-Mar-93
30-Mar-93
6-May-93
6-May-93
6-May-93
6-May-93
4-Jun-93
17-Jun-93
17-Jun-93
24-Jun-93
24-Jun-93
25-Jun-93
28-Jun-93
28-Jun-93
30-Jun-93
30-Jun-93
30-Jun-93
30-Jun-93
7-Jul-93
5-Aug-93
14-Sep-93
20-Sep-93
20-Sep-93
5-Oct-93

Issuer
Delta USA Corp
Japan Airlines Corp
Aerovias de Mexico SA de CV - Aeromexico
JAL Finance Europe BV
AMR Corp
Japan Airlines Corp
Japan Airlines Corp
Air France SA
Japan Airlines Corp
Japan Airlines Corp
Japan Airlines Corp
All Nippon Airways Co Ltd - ANA
American Airlines Inc
American Airlines Inc
American Airlines Inc
American Airlines Inc
American Airlines Inc
American Airlines Inc
American Airlines Inc
Delta Air Lines Inc
Delta Air Lines Inc
United Air Lines Inc - UAL
United Air Lines Inc - UAL
United Air Lines Inc - UAL
United Air Lines Inc - UAL
Qantas Airways Ltd
Delta Air Lines Inc
Delta Air Lines Inc
Qantas Airways Ltd
Qantas Airways Ltd
Swissair (Schweizerische Luftverkehr AG)
Southwest Airlines Co
Southwest Airlines Co
Japan Airlines Corp
Japan Airlines Corp
Japan Airlines Corp
US Air Inc
Japan Airlines Corp
Philippine Airlines Inc
Southwest Airlines Co
All Nippon Airways Co Ltd - ANA
All Nippon Airways Co Ltd - ANA
AMR Corp

Deal Total
Value $
(Proceeds)
9,323,720
228,678,817
99,050,000
45,210,024
350,000,000
82,767,315
165,534,630
108,189,856
410,754,592
338,209,632
169,104,816
258,176,434
112,346,938
112,346,938
112,346,938
112,346,938
112,346,938
112,346,938
112,346,938
171,320,000
104,670,000
83,983,000
700,000
4,200,000
87,035,000
199,220,000
183,248,000
183,248,000
173,635,000
199,220,000
132,318,889
96,000,000
96,000,000
190,683,929
143,329,581
143,329,581
300,000,000
252,162,500
99,477,500
72,000,000
293,142,274
195,140,647
299,463,000

Years
to
Maturity
5.00
7.26
3.00
2.01
20.01
10.27
7.27
10.00
10.26
5.27
5.02
5.27
1.01
2.01
3.01
4.01
5.01
18.51
22.51
23.07
15.07
23.69
1.69
3.69
17.69
5.00
15.52
22.52
10.00
10.00
10.00
15.98
21.98
9.27
10.00
10.27
9.98
10.00
3.00
19.00
8.00
7.25
2.09

Weighted
Average Term
(# Years)
year
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013

Total
11.0
10.1
12.8
15.4
14.3
11.8
12.3
15.2
11.5
10.6
10.9
8.8
8.1
6.8
6.3
10.5
3.8
6.0
6.6
6.3
8.6
8.8

EXHIBIT 7 (Cont.)
22-Oct-93
22-Oct-93
22-Oct-93
17-Nov-93
17-Nov-93
17-Nov-93
17-Nov-93
18-Nov-93
18-Nov-93
23-Nov-93
23-Nov-93
30-Nov-93
3-Dec-93
22-Dec-93
26-Jan-94
3-Mar-94
3-Mar-94
15-Mar-94
11-Apr-94
11-Apr-94
5-May-94
13-May-94
13-May-94
13-May-94
13-May-94
13-May-94
17-Jun-94
30-Jun-94
30-Jun-94
30-Jun-94
Aug-94
14-Sep-94
Sep-94
5-Oct-94
5-Oct-94
5-Oct-94
5-Oct-94
15-Dec-94
15-Dec-94
15-Dec-94
15-Dec-94
31-Jan-95
31-Jan-95
31-Jan-95
31-Jan-95
28-Feb-95
9-Mar-95
9-Mar-95
9-Mar-95
14-Mar-95

USAir 1993-A Pass-Through Trust
USAir 1993-A Pass-Through Trust
USAir 1993-A Pass-Through Trust
United Air Lines Inc - UAL
United Air Lines Inc - UAL
United Air Lines Inc - UAL
United Air Lines Inc - UAL
Delta Air Lines Inc
Delta Air Lines Inc
United Air Lines Inc - UAL
United Air Lines Inc - UAL
Delta Air Lines Inc
CHC Helicopter Corp
Japan Airlines Corp
US Air Inc
NWA Trust [Northwest Airlines]
NWA Trust [Northwest Airlines]
Japan Airlines Corp
Aerovias de Mexico SA de CV - Aeromexico
Aerovias de Mexico SA de CV - Aeromexico
China Southern Airlines Co Ltd
American Airlines Inc
American Airlines Inc
American Airlines Inc
American Airlines Inc
American Airlines Inc
Japan Airlines Corp
United Air Lines Inc - UAL
United Air Lines Inc - UAL
United Air Lines Inc - UAL
Singapore Airlines Ltd
Swissair (Schweizerische Luftverkehr AG)
Singapore Airlines Ltd
Southwest Airlines Co
Southwest Airlines Co
Southwest Airlines Co
Southwest Airlines Co
NWA Trust [Northwest Airlines]
NWA Trust [Northwest Airlines]
NWA Trust [Northwest Airlines]
NWA Trust [Northwest Airlines]
NWA Trust [Northwest Airlines]
NWA Trust [Northwest Airlines]
NWA Trust [Northwest Airlines]
NWA Trust [Northwest Airlines]
Southwest Airlines Co
JAL Finance Europe BV
JAL Finance Europe BV
JAL Finance Europe BV
Swissair (Schweizerische Luftverkehr AG)

337,679,000
337,679,000
337,679,000
29,579,000
28,421,000
34,578,000
25,422,000
129,803,000
129,803,000
99,669,000
100,000,000
222,600,000
83,846,550
281,411,035
175,000,000
243,000,000
243,000,000
94,317,433
100,000,000
100,000,000
128,000,000
125,200,000
125,200,000
125,200,000
125,200,000
125,200,000
98,328,180
741,200,000
741,200,000

4.83
19.33
9.83
21.56
15.56
15.34
20.84
18.12
23.12
4.00
4.00
4.98
8.60
4.00
7.00
13.50
13.50
4.00
5.00
5.00
6.49
17.52
22.02
2.52
1.52
0.52
6.25
19.80
9.80

125,000,000
118,513,461
125,000,000
233,949,221
233,949,221
233,949,221
233,949,221
352,000,000
352,000,000
352,000,000
352,000,000
352,000,000
352,000,000
352,000,000
352,000,000
99,461,000
11,028,160
33,084,480
22,001,427
129,502,828

12.00
8.00
12.00
0.71
1.71
16.71
21.71
19.50
19.50
19.50
13.50
19.31
19.31
19.31
13.31
9.98
5.25
5.25
3.25
10.00

EXHIBIT 7 (Cont.)
31-Mar-95
31-Mar-95
2-May-95
2-May-95
8-Jun-95
22-Jun-95
20-Sep-95
20-Sep-95
20-Sep-95
20-Sep-95
24-Jan-96
24-Jan-96
24-Jan-96
24-Jan-96
30-Jan-96
30-Jan-96
9-Feb-96
9-Feb-96
9-Feb-96
29-Feb-96
29-Feb-96
11-Apr-96
18-Apr-96
9-May-96
9-May-96
9-May-96
9-May-96
3-Jun-96
3-Jun-96
3-Jun-96
3-Jun-96
4-Sep-96
4-Sep-96
20-Nov-96
20-Nov-96
20-Nov-96
20-Nov-96
20-Nov-96
21-Nov-96
21-Nov-96
4-Dec-96
19-Dec-96
19-Dec-96
19-Dec-96
25-Feb-97
12-Mar-97
12-Mar-97
12-Mar-97
12-Mar-97
13-Mar-97

LR Jet Corp
LR Jet Corp
United Air Lines Inc - UAL
United Air Lines Inc - UAL
American Airlines Inc
Comair Inc
Southwest Airlines Co
Southwest Airlines Co
Southwest Airlines Co
Southwest Airlines Co
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
United Air Lines Inc - UAL
United Air Lines Inc - UAL
US Air Inc
US Air Inc
US Air Inc
Delta Air Lines Inc
Delta Air Lines Inc
ValuJet Inc
Air Canada
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
Northwest Airlines Corp
Northwest Airlines Corp
Northwest Airlines Corp
Northwest Airlines Corp
Southwest Airlines Co
Southwest Airlines Co
America West Airlines Inc
America West Airlines Inc
America West Airlines Inc
America West Airlines Inc
America West Airlines Inc
Japan Airlines Corp
Japan Airlines Corp
Continental Airlines Inc
American Trans Air Inc
American Trans Air Inc
American Trans Air Inc
Southwest Airlines Co
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
Northwest Airlines Corp

227,000,000

16.29

243,248,045
243,248,045
65,898,000
62,000,000
237,496,336
237,496,336
237,496,336
237,496,336
489,267,000
489,267,000
489,267,000

16.93
23.43
21.55
10.00
1.74
2.74
17.74
22.24
19.21
19.21
17.71

164,700,000
164,700,000
263,000,000
263,000,000
263,000,000
48,894,000
30,706,000
150,000,000
167,805,266
171,749,000
171,749,000
171,749,000
171,749,000
524,502,000
524,502,000
524,502,000
524,502,000
146,195,000
146,195,000
218,557,000
218,557,000
218,557,000
218,557,000
218,557,000
179,291,799
268,937,699
250,000,000
70,729,000
70,729,000
70,729,000
99,639,000
707,302,000
707,302,000
707,302,000
707,302,000
249,637,000

16.98
22.98
12.16
12.16
12.16
15.60
21.60
4.99
5.00
18.12
18.12
18.12
11.87
18.56
18.56
18.56
8.56
17.29
24.29
12.60
11.10
7.60
5.60
7.60
5.00
10.00
5.01
16.00
13.25
7.25
30.01
19.53
11.53
11.53
17.53
6.99

EXHIBIT 7 (Cont.)
13-Mar-97
27-Mar-97
15-Apr-97
15-Apr-97
25-Apr-97
6-May-97
19-May-97
20-May-97
4-Jun-97
9-Jun-97
9-Jun-97
9-Jun-97
9-Jun-97
17-Jun-97
17-Jun-97
17-Jun-97
17-Jun-97
17-Jul-97
17-Jul-97
21-Jul-97
7-Aug-97
4-Sep-97
4-Sep-97
12-Sep-97
12-Sep-97
12-Sep-97
16-Sep-97
16-Sep-97
16-Sep-97
19-Sep-97
19-Sep-97
19-Sep-97
19-Sep-97
16-Oct-97
16-Oct-97
16-Oct-97
14-Nov-97

Northwest Airlines Corp
Trans World Airlines Inc - TWA
Japan Airlines Corp
Japan Airlines Corp
Aerolineas Argentinas SA - AA
Japan Airlines Corp
Malaysian Airlines Capital (L)
Malaysian Airlines Capital (L)
All Nippon Airways Co Ltd - ANA
America West Airlines Inc
America West Airlines Inc
America West Airlines Inc
America West Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
Amtran Inc
Japan Airlines Corp
Lauda Air Luftfahrt AG
ValuJet Inc
All Nippon Airways Co Ltd - ANA
All Nippon Airways Co Ltd - ANA
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
Northwest Airlines Corp
Northwest Airlines Corp
Northwest Airlines Corp
Atlantic Coast Airlines Holdings Inc
Atlantic Coast Airlines Holdings Inc
Atlantic Coast Airlines Holdings Inc
Atlantic Coast Airlines Holdings Inc
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
Kitty Hawk Inc

249,637,000
50,000,000
396,102,354
158,440,942
50,000,000
79,516,538
86,169,755
352,562,684
300,932,892
93,888,000
93,888,000
93,888,000
93,888,000
155,000,000
155,000,000
155,000,000
155,000,000
100,000,000
172,205,960
9,505,327
80,000,000
165,528,656
165,528,656
88,589,000
88,589,000
88,589,000
195,809,000
195,809,000
195,809,000
111,586,000
111,586,000
111,586,000
111,586,000
752,000,000
752,000,000
752,000,000
340,000,000

9.99
5.00
10.00
6.00
4.00
12.00
5.00
5.00
10.00
10.96
7.96
6.46
3.96
11.51
9.51
8.51
4.01
7.02
12.00
5.00
3.67
12.00
20.00
15.50
9.75
7.50
19.77
9.77
16.77
16.27
13.27
2.27
9.27
20.69
19.19
9.69
6.99

24-Nov-97
4-Dec-97
9-Dec-97
18-Dec-97
18-Dec-97
18-Dec-97
5-Jan-98
6-Jan-98
22-Jan-98
23-Jan-98
3-Feb-98
11-Feb-98
11-Feb-98

Aerovias Nacionales de Colombia (Avianca) SA
Trans World Airlines Inc - TWA
Air Canada
United Air Lines Inc - UAL
United Air Lines Inc - UAL
United Air Lines Inc - UAL
Southwest Airlines Co
Japan Airlines Corp
Offshore Logistics Inc
Japan Airlines Corp
Viacao Aerea Rio-Grandense SA - VARIG
Continental Airlines Inc
Continental Airlines Inc

75,000,000
138,350,800
114,177,081
552,426,000
552,426,000
445,700,000

8.00
7.02
7.00
6.19
6.19
6.19

74,833,493
99,723,000
158,397,018
99,824,000
771,000,000
771,000,000

20.00
9.97
9.99
7.00
21.07
19.07

EXHIBIT 7 (Cont.)
11-Feb-98
16-Feb-98
17-Feb-98
26-Feb-98
27-Feb-98
27-Feb-98
2-Mar-98
13-Mar-98
30-Mar-98
30-Mar-98
15-Apr-98
15-Apr-98
15-Apr-98
20-Apr-98
21-Apr-98
21-May-98
25-Jun-98
7-Jul-98
13-Jul-98
16-Jul-98
30-Jul-98
6-Aug-98
6-Aug-98
6-Aug-98
6-Aug-98
24-Sep-98
24-Sep-98
24-Sep-98
21-Oct-98
21-Oct-98
21-Oct-98
21-Oct-98
21-Oct-98
4-Dec-98
4-Dec-98
4-Dec-98
7-Dec-98
8-Dec-98
8-Dec-98
8-Dec-98
21-Jan-99
21-Jan-99
21-Jan-99
4-Feb-99
4-Feb-99
4-Feb-99
25-Feb-99
18-Mar-99
25-Mar-99
25-Mar-99

Continental Airlines Inc
Circle International Group Inc
Japan Airlines Corp
Trans World Airlines Inc - TWA
Northwest Airlines Corp
Northwest Airlines Corp
VARIG SA - Brazilian Airlines
All Nippon Airways Co Ltd - ANA
Ansett Airlines
Ansett Airlines
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
Canadian Airlines Corp
Trans World Airlines Inc - TWA
Southwest Airlines Co
Polskie Linie Lotnicze LOT International BV
Japan Airlines Corp
Continental Regional Jet
Japan Airlines Corp
Canadian Airlines Corp
Midway Airlines Corp
Midway Airlines Corp
Midway Airlines Corp
Midway Airlines Corp
America West Airlines Inc
America West Airlines Inc
America West Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
US Airways Inc
US Airways Inc
US Airways Inc
Japan Airlines Corp
Continental Airlines Inc
Amtran Inc
All Nippon Airways Co Ltd - ANA
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
Northwest Airlines Corp
Northwest Airlines Corp
Northwest Airlines Corp
Delta Air Lines Inc
Japan Airlines Corp
Japan Airlines Corp
All Nippon Airways Co Ltd - ANA

771,000,000

10.07

135,027,803
150,000,000
399,070,000
399,070,000

12.00
7.99
7.03
10.03

155,587,540

10.00

187,200,000
187,200,000
187,200,000
175,000,000
43,200,000
95,000,000
100,000,000
158,051,655

10.48
7.98
6.48
7.02
4.98
21.09
5.00
6.00

128,898,274
98,756,000
109,730,000
109,730,000
109,730,000
109,730,000
190,529,000
190,529,000
190,529,000
524,401,000
524,401,000
524,401,000
524,401,000
524,401,000
447,768,564
447,768,564
141,366,000
125,428,548
200,000,000
125,000,000
250,773,224
805,836,000
805,836,000
805,836,000
421,200,000
421,200,000
421,200,000
299,772,000
126,935,773
42,342,379
254,054,276

10.00
7.99
16.39
14.39
10.89
4.89
18.24
18.24
11.74
19.49
9.99
18.49
5.99
6.99
9.59
20.63
17.13
5.00
7.00
7.01
3.00
21.48
11.98
20.98
22.46
22.46
15.96
5.04
6.00
10.00
5.00

EXHIBIT 7 (Cont.)
25-Mar-99
31-Mar-99
1-Apr-99
28-Apr-99
25-May-99
3-Jun-99
3-Jun-99
3-Jun-99
3-Jun-99
3-Jun-99
10-Jun-99
11-Jun-99
18-Jun-99
18-Jun-99
18-Jun-99
7-Jul-99
14-Jul-99
15-Jul-99
28-Jul-99
19-Aug-99
24-Aug-99
24-Aug-99
31-Aug-99
31-Aug-99
6-Sep-99
6-Sep-99
14-Sep-99
14-Sep-99
23-Sep-99
23-Sep-99
23-Sep-99
23-Sep-99
25-Oct-99
29-Oct-99
17-Nov-99
2-Dec-99
2-Dec-99
2-Dec-99
2-Dec-99
2-Dec-99
2-Dec-99
7-Dec-99
7-Dec-99
7-Dec-99
16-Dec-99
7-Jan-00
19-Jan-00
19-Jan-00
19-Jan-00
19-Jan-00

All Nippon Airways Co Ltd - ANA
Lan Chile SA
Northwest Airlines Corp
British Airways Finance (Jersey) LP
SAirGroup Finance (NL) BV
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
Qantas Airways Ltd
SAirGroup Finance (NL) BV
Northwest Airlines Corp
Northwest Airlines Corp
Northwest Airlines Corp
AMR Corp
Delta Air Lines Inc
All Nippon Airways Co Ltd - ANA
All Nippon Airways Co Ltd - ANA
Northwest Airlines Corp
US Airways Inc
US Airways Inc
Iberbond 1999 plc
Iberbond 1999 plc
Aerovias de Mexico SA de CV - Aeromexico
Compania Mexicana de Aviacion SA de CV
America West Airlines Inc
America West Airlines Inc
American Airlines Inc
American Airlines Inc
American Airlines Inc
American Airlines Inc
SAirGroup Finance (USA) Inc
SAirGroup Finance (USA) Inc
Airtours International Airways Ltd
Northwest Airlines Corp
Northwest Airlines Corp
Northwest Airlines Corp
Northwest Airlines Corp
Northwest Airlines Corp
All Nippon Airways Co Ltd - ANA
Delta Air Lines Inc
Delta Air Lines Inc
Delta Air Lines Inc
Amtran Inc
SAirGroup
Evergreen Airlines Corp
Evergreen Airlines Corp
Evergreen Airlines Corp
Evergreen Airlines Corp

254,054,276
60,000,000
200,000,000

8.00
13.00
5.00

428,457,003
741,885,806
741,885,806
741,885,806
741,885,806
741,885,806
349,664,000
103,391,254
555,234,000
555,234,000
555,234,000
150,000,000
500,000,000
124,393,578
172,346,931
125,000,000
468,268,000
468,268,000
164,478,887
164,478,887
65,000,000
80,000,000
254,658,000
254,658,000
600,000,000
600,000,000
600,000,000
600,000,000
252,112,500
101,481,000
170,606,873
762,364,000
762,364,000
762,364,000
762,364,000
762,364,000
97,527,673
1,987,280,000
1,987,280,000
1,987,280,000
74,257,500
192,323,671
37,692,932
37,692,932
37,692,932
37,692,932

7.00
22.24
11.74
22.24
13.24
6.74
10.00
6.97
21.18
17.18
12.68
40.00
39.96
7.00
3.00
39.97
20.89
20.89
11.49
11.49
7.00
7.00
19.28
6.28
10.53
10.03
11.53
6.53
5.00
5.00
5.00
19.31
15.31
10.31
21.31
11.81
12.00
6.00
10.00
30.00
4.61
7.00
3.00
3.00
3.00
5.00

EXHIBIT 7 (Cont.)
19-Jan-00
19-Jan-00
19-Jan-00
24-Jan-00
24-Jan-00
24-Jan-00
24-Jan-00
24-Jan-00
24-Jan-00
24-Jan-00
24-Jan-00
24-Jan-00
24-Jan-00
24-Jan-00
2-Feb-00
2-Feb-00
8-Feb-00
8-Feb-00
8-Feb-00
17-Feb-00
17-Feb-00
25-Feb-00
1-Mar-00
1-Mar-00
1-Mar-00
1-Mar-00
1-Mar-00
27-Jun-00
27-Jun-00
27-Jun-00
20-Jul-00
20-Jul-00
20-Jul-00
20-Jul-00
20-Jul-00
24-Jul-00
24-Jul-00
12-Sep-00
21-Sep-00
27-Sep-00
16-Oct-00
26-Oct-00
27-Oct-00
7-Nov-00
7-Nov-00
7-Nov-00
7-Nov-00
14-Nov-00
14-Nov-00
14-Nov-00

Evergreen Airlines Corp
Evergreen Airlines Corp
Evergreen Airlines Corp
Far Eastern Air Transport Corp
Far Eastern Air Transport Corp
Far Eastern Air Transport Corp
Far Eastern Air Transport Corp
Far Eastern Air Transport Corp
Far Eastern Air Transport Corp
Far Eastern Air Transport Corp
Far Eastern Air Transport Corp
Far Eastern Air Transport Corp
Far Eastern Air Transport Corp
Far Eastern Air Transport Corp
Regional Jet Equipment Trust
Regional Jet Equipment Trust
American Trans Air Inc
American Trans Air Inc
American Trans Air Inc
All Nippon Airways Co Ltd - ANA
All Nippon Airways Co Ltd - ANA
US Airways Inc
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
CHC Helicopter Corp
America West Airlines Inc
America West Airlines Inc
United Air Lines Inc - UAL
United Air Lines Inc - UAL
United Air Lines Inc - UAL
United Air Lines Inc - UAL
United Air Lines Inc - UAL
US Airways Inc
US Airways Inc
Iberbond 2000 Ltd
SAirGroup Finance (NL) BV
Midway Airlines Corp
US Airways Inc
US Air Inc
Qantas Airways Ltd
Delta Air Lines Inc
Delta Air Lines Inc
Delta Air Lines Inc
Delta Air Lines Inc
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc

37,692,932
37,692,932
37,692,932
42,242,079
42,242,079
42,242,079
42,242,079
42,242,079
42,242,079
42,242,079
42,242,079
42,242,079
42,242,079
42,242,079
190,995,000
190,995,000
275,341,000
275,341,000
275,341,000
271,099,445
271,099,445
281,678,000
749,508,455
749,508,455
749,508,455
749,508,455
749,508,455
135,556,002
251,146,950
251,146,950
920,767,000
920,767,000
920,767,000
920,767,000
920,767,000
362,414,000
362,414,000
345,941,960
341,346,608
197,572,000
491,114,190
491,100,000
104,503,599
1,500,000,000
1,500,000,000
1,500,000,000
1,500,000,000
840,958,000
840,958,000
840,958,000

5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
4.57
4.57
5.92
15.92
5.92
6.00
10.00
16.96
22.13
11.63
22.13
11.13
6.63
7.03
5.99
19.99
10.94
9.92
13.42
7.42
13.42
18.51
20.01
12.51
10.00
18.51
18.43
19.83
3.00
6.51
11.51
11.51
11.01
11.34
21.84
11.84

EXHIBIT 7 (Cont.)
14-Nov-00
1-Dec-00
1-Dec-00
1-Dec-00
1-Dec-00
12-Dec-00
19-Dec-00
19-Dec-00
19-Dec-00
19-Dec-00
8-Jan-01
19-Jan-01
5-Feb-01
8-Feb-01
8-Mar-01
8-Mar-01
4-Apr-01
4-Apr-01
4-Apr-01
9-May-01
10-May-01
10-May-01
10-May-01
14-May-01
18-May-01
18-May-01
18-May-01
18-May-01
18-May-01
22-May-01
22-May-01
22-May-01
22-May-01
24-May-01
29-May-01
30-May-01
8-Jun-01
12-Jun-01
12-Jun-01
12-Jun-01
27-Jun-01
13-Jul-01
25-Jul-01
26-Jul-01
10-Aug-01
10-Aug-01
10-Aug-01
10-Aug-01
10-Aug-01
10-Aug-01

Continental Airlines Inc
United Air Lines Inc - UAL
United Air Lines Inc - UAL
United Air Lines Inc - UAL
United Air Lines Inc - UAL
Hainan Airlines Co Ltd
Longreach CP Ltd Series 2000 Qantas
Longreach CP Ltd Series 2000 Qantas
Longreach CP Ltd Series 2000 Qantas
Longreach CP Ltd Series 2000 Qantas
Asiana Airlines Inc
US Air Inc
Korean Air Lines Co Ltd
Air Canada
Air Canada
Air Canada
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
Air Canada
America West Airlines Inc
America West Airlines Inc
America West Airlines Inc
Scandinavian Airlines System AB - SAS AB
American Airlines Inc
American Airlines Inc
American Airlines Inc
American Airlines Inc
American Airlines Inc
Northwest Airlines Corp
Northwest Airlines Corp
Northwest Airlines Corp
Northwest Airlines Corp
Northwest Airlines Corp
Scandinavian Airlines System AB - SAS AB
Scandinavian Airlines System AB - SAS AB
Scandinavian Airlines System AB - SAS AB
EVA Airways Corp
EVA Airways Corp
Continental Airlines Inc
Northwest Airlines 2001-2 E-EETC
Continental Airlines Inc
Qantas Airways Ltd
British Airways plc
United Air Lines Inc - UAL
United Air Lines Inc - UAL
United Air Lines Inc - UAL
United Air Lines Inc - UAL
United Air Lines Inc - UAL
United Air Lines Inc - UAL

840,958,000
1,505,667,000
1,505,667,000
1,505,667,000
1,505,667,000
42,516,000
80,275,892
80,275,892
80,275,892
80,275,892
65,000,000
458,047,000
146,307,448
250,000,000
387,183,293
387,183,293
708,500,000
708,500,000
708,500,000
131,375,282
427,164,000
427,164,000
427,164,000
8,112,405
1,319,649,000
1,319,649,000
1,319,649,000
1,319,649,000
1,319,649,000
581,045,000
581,045,000
581,045,000
581,045,000
298,515,000
18,826,163
45,697,005
424,532,233
14,684,288
14,684,288
191,763,000
215,910,000
200,000,000
50,611,882
356,638,337
1,466,268,000
1,466,268,000
1,466,268,000
1,466,268,000
1,466,268,000
1,466,268,000

18.84
8.80
10.30
4.80
9.80
4.01
10.00
10.00
12.00
10.00
4.00
20.15
3.00
5.26
10.00
10.00
21.66
11.66
16.16
5.00
19.89
5.89
4.39
6.00
20.00
10.00
18.00
15.00
7.00
20.83
15.83
9.83
8.83
5.00
7.00
7.00
7.00
5.00
5.00
9.97
13.59
5.33
6.21
15.00
10.03
7.03
11.53
12.03
7.03
5.03

EXHIBIT 7 (Cont.)
29-Aug-01
6-Sep-01
6-Sep-01
6-Sep-01
6-Sep-01
7-Sep-01
25-Sep-01
25-Sep-01
25-Sep-01
8-Oct-01
17-Oct-01
18-Oct-01
18-Oct-01
18-Oct-01
9-Nov-01
3-Dec-01
3-Dec-01
3-Dec-01
6-Dec-01
4-Feb-02
4-Feb-02
26-Feb-02
11-Mar-02
11-Mar-02
15-Mar-02
15-Mar-02
15-Mar-02
18-Mar-02
17-Apr-02
23-Apr-02
23-Apr-02
23-Apr-02
5-Jul-02
5-Jul-02
5-Jul-02
29-Jul-02
29-Jul-02
29-Jul-02
29-Jul-02
2-Aug-02
17-Sep-02
21-Oct-02
23-Oct-02
2-Dec-02
2-Dec-02
6-Dec-02
24-Jan-03
11-Mar-03
11-Mar-03
31-Mar-03

Intelek Perkasa Bhd
Delta Air Lines Inc
Delta Air Lines Inc
Delta Air Lines Inc
Delta Air Lines Inc
All Nippon Airways Co Ltd - ANA
American Airlines Inc
American Airlines Inc
American Airlines Inc
Korean Air Lines Co Ltd
American Airlines Inc
Southwest Airlines Co
Southwest Airlines Co
Southwest Airlines Co
Singapore Airlines Ltd
Hainan Airlines Co Ltd
Hainan Airlines Co Ltd
Hainan Airlines Co Ltd
American Airlines Inc
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd
Southwest Airlines Co
Continental Airlines Inc
Continental Airlines Inc
Northwest Airlines Corp
American Trans Air Inc
American Trans Air Inc
Aeroflot Russian Airlines OAO
PHI Inc
Delta Air Lines Inc
Delta Air Lines Inc
Delta Air Lines Inc
MHS Aviation Sdn Bhd
MHS Aviation Sdn Bhd
MHS Aviation Sdn Bhd
Northwest Airlines Corp
Northwest Airlines Corp
Northwest Airlines Corp
Northwest Airlines Corp
Lan Chile SA
American Airlines Inc
Korean Air Lines Co Ltd
All Nippon Airways Co Ltd - ANA
Continental Airlines Inc
Continental Airlines Inc
All Nippon Airways Co Ltd - ANA
Delta Air Lines Inc
All Nippon Airways Co Ltd - ANA
All Nippon Airways Co Ltd - ANA
All Nippon Airways Co Ltd - ANA

213,822,579
1,247,930,000
1,247,930,000
1,247,930,000
1,247,930,000
166,597,253
1,331,252,000
1,331,252,000
1,331,252,000
226,827,586
281,000,000
614,250,000
614,250,000
614,250,000
493,718,800
133,713,000
133,713,000
133,713,000
258,848,477
301,492,941
301,492,941
382,797,800
194,522,000
134,600,000
298,545,000
260,000,000
260,000,000
32,149,172
200,000,000
1,125,800,000
1,125,800,000
1,125,800,000
88,157,895
88,157,895
88,157,895
749,131,000
749,131,000
749,131,000
749,131,000
40,000,000
617,000,000
23,375,709
160,526,526
200,000,000
200,000,000
80,925,791
391,583,000
170,750,447
170,750,447
254,301,939

5.00
6.50
11.50
11.50
11.00
6.99
9.99
9.99
9.49
2.00
4.93
5.00
5.00
4.50
10.00
6.01
6.01
6.01
4.80
3.00
3.00
10.00
9.90
9.91
4.99
12.38
7.38
1.99
7.02
9.67
9.67
20.67
3.00
12.00
7.55
13.29
11.79
20.79
9.79
7.00
5.00
3.00
3.00
7.00
5.00
6.00
4.99
6.00
8.00
3.00

EXHIBIT 7 (Cont.)
4-Apr-03
4-Apr-03
4-Apr-03
2-May-03
17-Jun-03
18-Jun-03
19-Jun-03
30-Jun-03
30-Jun-03
30-Jun-03
30-Jun-03
28-Aug-03
28-Aug-03
28-Aug-03
25-Sep-03
30-Sep-03
30-Sep-03
22-Oct-03
28-Nov-03
28-Nov-03
4-Dec-03
15-Dec-03
23-Jan-04
26-Jan-04
28-Jan-04
5-Feb-04
20-Feb-04
10-Mar-04
11-Mar-04
18-Mar-04
18-Mar-04
18-Mar-04
21-Apr-04
17-May-04
17-May-04
18-Jun-04
28-Jun-04
28-Jun-04
21-Jul-04
21-Jul-04
21-Jul-04
14-Sep-04
15-Sep-04
14-Oct-04
14-Oct-04
19-Oct-04
19-Oct-04
19-Oct-04
4-Nov-04
4-Nov-04

China Airlines Ltd
China Airlines Ltd
China Airlines Ltd
Continental Airlines Inc
Offshore Logistics Inc
Qantas Airways Ltd
Scandinavian Airlines System AB - SAS AB
American Airlines Inc
FRANs 2003 plc
FRANs 2003 plc
FRANs 2003 plc
Transmile Air Services Sdn Bhd
Transmile Air Services Sdn Bhd
Transmile Air Services Sdn Bhd
Korean Air Lines Co Ltd
Thai Airways International pcl
Thai Airways International pcl
Scandinavian Airlines System AB - SAS AB
Japan Airlines System Corp
Japan Airlines System Corp
Continental Airlines Inc
EVA Airways Corp
Japan Airlines System Corp
Northwest Airlines Corp
Korean Air Lines Co Ltd
American Airlines Inc
All Nippon Airways Co Ltd - ANA
Emirates Airlines
Samara Airlines OAO
JetBlue Airways Corp
JetBlue Airways Corp
JetBlue Airways Corp
CHC Helicopter Corp
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd
Continental Airlines Inc
Transmile Air Services Sdn Bhd
Transmile Air Services Sdn Bhd
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
Southwest Airlines Co
Korean Air Lines Co Ltd
All Nippon Airways Co Ltd - ANA
All Nippon Airways Co Ltd - ANA
Thai Airways International pcl
Thai Airways International pcl
Thai Airways International pcl
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd

114,728,239
114,728,239
114,728,239
100,000,000
230,000,000
449,685,000
48,806,941
254,863,000
500,518,928
500,518,928
500,518,928
15,881,435
15,881,435
15,881,435
252,428,542
249,987,494
249,987,494
68,485,063
182,473,428
182,473,428
414,600,000
14,690,759
93,641,726
288,681,000
160,672,635
180,500,000
91,738,910
500,000,000
12,252,542
431,004,000
431,004,000
431,004,000
248,637,500
166,219,252
166,219,252
173,629,000
21,062,886
21,062,886
44,201,499
44,201,499
44,201,499
347,861,500
172,027,245
182,473,428
182,473,428
362,945,658
362,945,658
362,945,658
262,647,410
262,647,410

3.00
4.00
5.00
4.58
9.99
10.00
10.00
7.02
13.04
13.04
13.04
3.00
1.00
5.00
3.00
5.00
7.00
9.67
10.00
5.00
15.05
5.00
7.00
5.01
3.00
5.02
10.00
7.00
2.99
11.23
11.48
5.48
10.01
2.00
3.00
15.19
3.00
5.00
5.00
5.00
5.00
10.04
3.00
7.00
10.00
5.00
7.00
10.00
3.00
5.00

EXHIBIT 7 (Cont.)
9-Nov-04
9-Nov-04
9-Nov-04
19-Nov-04
24-Nov-04
14-Dec-04
17-Dec-04
17-Dec-04
4-Feb-05
9-Feb-05
25-Feb-05
15-Mar-05
15-Mar-05
18-Mar-05
4-Apr-05
22-Apr-05
28-Apr-05
28-Apr-05
28-Apr-05
28-Apr-05
28-Apr-05
10-Jun-05
21-Jun-05
28-Jun-05
20-Jul-05
9-Aug-05
6-Sep-05
7-Sep-05
14-Sep-05
21-Sep-05
9-Nov-05
1-Dec-05
20-Dec-05
9-Feb-06
14-Mar-06
28-Mar-06
29-Mar-06
7-Apr-06
10-Apr-06
10-Apr-06
26-Apr-06
23-May-06
23-May-06
23-May-06
23-May-06
24-May-06
24-May-06
15-Jun-06
15-Jun-06
15-Jun-06

JetBlue Airways Corp
JetBlue Airways Corp
JetBlue Airways Corp
Asiana Airlines Inc
UTair Finance OOO
Evergreen Airlines Corp
Iberbond 2004 plc
Iberbond 2004 plc
CPA Finance (Cayman) Ltd
Southwest Airlines Co
Korean Air Lines Co Ltd
CHC Helicopter Corp
CHC Helicopter Corp
KAL Japan ABS 2 Ireland plc
Asiana Airlines Inc
Deutsche Lufthansa AG
Thai Airways International pcl
Thai Airways International pcl
Thai Airways International pcl
Scandinavian Airlines System AB - SAS AB
Scandinavian Airlines System AB - SAS AB
Wings FZCO
EVA Airways Corp
Air Jamaica Ltd
Asiana Airlines Inc
All Nippon Airways Co Ltd - ANA
Air China Ltd
Korean Air Lines Co Ltd
Continental Airlines Inc
Asiana Airlines Inc
All Nippon Airways Co Ltd - ANA
Scandinavian Airlines System AB - SAS AB
EVA Airways Corp
Transaero-Finance OOO
UTair Finance OOO
Qantas Airways Ltd
Gol Finance
PHI Inc
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd
Deutsche Lufthansa AG
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
Continental Airlines Inc
Continental Airlines Inc
Emirates Airlines
Emirates Airlines
Emirates Airlines

498,237,000
498,237,000
498,237,000
46,891,117
35,236,082
30,857,054
357,148,552
357,148,552
137,715,755
298,365,000
291,165,097
155,250,000
155,250,000
190,976,367
98,275,269
65,130,316
378,883,556
378,883,556
378,883,556
106,048,079
52,865,047
550,000,000
66,980,305
200,000,000
95,739,588
133,922,596
370,754,857
189,089,848
311,010,000
97,233,701
170,133,129
24,752,475
60,155,804
88,468,487
35,723,918
398,416,000

11.75
12.00
4.00
2.00
1.99
4.00
13.00
13.00
5.00
12.05
3.00
9.11
9.12
3.00
3.00
5.00
3.00
6.00
10.00
5.00
5.00
7.00
5.00
10.00
3.00
10.00
10.00
3.00
9.69
3.00
3.00
5.00
5.00
2.99
2.99
10.03

200,000,000
304,227,406
304,227,406
619,785,000
62,507,618
62,507,618
62,507,618
62,507,618
320,000,000
320,000,000
251,201,055
251,201,055
251,201,055

7.01
3.00
5.00
7.01
5.00
5.00
5.00
5.00
8.98
6.98
10.00
5.00
5.00

EXHIBIT 7 (Cont.)
22-Jun-06
11-Jul-06
18-Jul-06
1-Aug-06
22-Aug-06
11-Sep-06
14-Sep-06
14-Sep-06
23-Oct-06
2-Nov-06
2-Nov-06
7-Nov-06
7-Nov-06
8-Nov-06
11-Dec-06
19-Dec-06
30-Jan-07
30-Jan-07
1-Feb-07
19-Mar-07
27-Mar-07
27-Mar-07
27-Mar-07
3-Apr-07
20-Apr-07
16-May-07
16-May-07
5-Jun-07
7-Jun-07
7-Jun-07
19-Jun-07
19-Jun-07
19-Jun-07
24-Jul-07
7-Sep-07
7-Sep-07
19-Sep-07
19-Sep-07
2-Oct-07
2-Oct-07
4-Oct-07
4-Oct-07
4-Oct-07
30-Oct-07
30-Oct-07
14-Nov-07
14-Nov-07
20-Dec-07
27-Feb-08
27-Feb-08

China Airlines Ltd
Emirates Airlines
Asiana Airlines Inc
Transportes Aereos Meridionales SA - TAM
Transmile Air Services Sdn Bhd
Air France SA
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd
Ukrainian Aviation Transport Co OAO - UATK
Cathay Pacific Airways Ltd
Cathay Pacific Airways Ltd
JetBlue Airways Corp
JetBlue Airways Corp
Continental Airlines Inc
Southwest Airlines Co
UTair Finance OOO
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd
KAL Japan ABS 3 Cayman Ltd
Gol Finance
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
Air France SA
Tam Capital Inc
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd
Asiana Airlines Inc
Air Jamaica Ltd
Bristow Group Inc
United Air Lines Inc - UAL
United Air Lines Inc - UAL
United Air Lines Inc - UAL
Sibir Airlines OAO
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd
Southwest Airlines Co
Southwest Airlines Co
Northwest Airlines Inc (NWA)
Northwest Airlines Inc (NWA)
Delta Air Lines Inc
Delta Air Lines Inc
Delta Air Lines Inc
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd
Thai Airways International pcl
Thai Airways International pcl
AirUnion RRG
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd

199,017,466
499,863,871
104,308,679
228,963,938
6,800,223
692,528,232
401,989,450
401,989,450
14,858,252
256,172,148
256,172,148
123,546,000
123,546,000
200,000,000
298,602,000
75,949,031
315,232,747
315,232,747
331,600,720
221,116,500
1,146,810,000
1,146,810,000
1,146,810,000
264,140,557
294,819,000
211,898,632
211,898,632
161,797,287
123,686,250
350,000,000
693,657,000
693,657,000
693,657,000
90,585,418
207,117,775
207,117,775
500,000,000
500,000,000
454,343,000
454,343,000
1,409,877,000
1,409,877,000
1,409,877,000
192,589,977
192,589,977
237,800,818
237,800,818
80,759,788
311,673,956
311,673,956

5.00
7.00
3.00
6.00
3.99
7.33
3.00
5.00
4.98
5.00
5.00
7.13
7.13
5.05
10.00
3.99
3.00
5.00
3.00
10.03
15.03
15.03
7.03
6.75
10.00
3.00
5.00
3.00
20.00
10.26
15.02
12.02
7.02
4.98
3.00
5.00
14.83
14.83
12.06
10.06
14.83
14.83
6.83
3.00
3.00
5.00
3.00
2.99
3.00
5.00

EXHIBIT 7 (Cont.)
28-Feb-08
2-Apr-08
6-May-08
6-May-08
6-May-08
27-May-08
27-May-08
22-Aug-08
2-Oct-08
2-Oct-08
2-Oct-08
6-Nov-08
22-Dec-08
16-Jan-09
3-Feb-09
3-Feb-09
3-Feb-09
20-Feb-09
26-Feb-09
9-Mar-09
17-Mar-09
19-Mar-09
1-Apr-09
16-Jun-09
26-Jun-09
29-Jun-09
1-Jul-09
24-Jul-09
27-Jul-09
29-Jul-09
29-Jul-09
29-Jul-09
6-Aug-09

282,553,721
123,077,870
374,461,610
374,461,610
374,461,610
192,796,171
192,796,171
280,165,843
206,205,003
206,205,003
206,205,003
76,874,502
400,000,000
131,663,643
359,749,758
359,749,758
359,749,758
160,284,204
438,731,189
43,859,649
1,094,010,989
438,923,759
145,039,995
389,687,000
157,622,500
520,110,000
1,049,388,916
310,021,443
276,400,000
317,219,701
317,219,701
317,219,701
164,928,750

3.00
3.00
3.00
5.00
3.00
5.00
9.99
3.00
5.00
3.00
1.50
3.00
2.96
5.00
3.00
1.00
1.50
5.00
3.00
5.00
5.00
5.00
3.00
7.02
3.04
9.57
7.00
4.00
7.00
3.00
5.00
3.00
4.01

25-Aug-09 Aerovias Nacionales de Colombia (Avianca) SA

250,252,755

5.00

25-Aug-09 Aerovias Nacionales de Colombia (Avianca) SA

250,252,755

7.00

250,252,755
1,310,590,500
1,310,590,500
447,147,000
659,107,000
413,700,000
1,024,099,278
81,738,039
170,919,719
170,919,719
295,290,000
644,437,000
644,437,000

10.00
4.96
5.46
3.02
2.05
11.83
7.00
5.00
3.00
5.00
11.00
11.53
9.03

25-Aug-09
23-Sep-09
23-Sep-09
25-Sep-09
5-Oct-09
8-Oct-09
14-Oct-09
19-Oct-09
21-Oct-09
21-Oct-09
23-Oct-09
27-Oct-09
27-Oct-09

All Nippon Airways Co Ltd - ANA
Asiana Airlines Inc
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd
All Nippon Airways Co Ltd - ANA
All Nippon Airways Co Ltd - ANA
Korean Air Lines Co Ltd
Thai Airways International pcl
Thai Airways International pcl
Thai Airways International pcl
Korean Air Lines Co Ltd
Southwest Airlines Co
China Southern Air Holding Co
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd
Pakistan International Airlines Corp - PIAC
Air China Ltd
China Southern Air Holding Co
Deutsche Lufthansa AG
Air China Ltd
Korean Air Lines Co Ltd
Continental Airlines Inc
United Airlines Inc
American Airlines Inc
Deutsche Lufthansa AG
TAM Linhas Aereas SA
American Airlines Inc
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd
Global Aviation Holdings Inc

Aerovias Nacionales de Colombia (Avianca) SA
Delta Air Lines Inc
Delta Air Lines Inc
American Airlines Inc
United Air Lines Inc - UAL
Emirates Airlines
Air France-KLM SA
Pakistan International Airlines Corp - PIAC
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd
Tam Capital Inc
Continental Airlines Inc
Continental Airlines Inc

EXHIBIT 7 (Cont.)
28-Oct-09
16-Nov-09
16-Nov-09
18-Nov-09
18-Nov-09
1-Dec-09
1-Dec-09
3-Dec-09
11-Jan-10
11-Jan-10
27-Jan-10
27-Jan-10
25-Mar-10
25-Mar-10
30-Mar-10
30-Mar-10
12-Apr-10
12-Apr-10
16-Apr-10
10-May-10
28-Jun-10
30-Jun-10
13-Jul-10
23-Jul-10
27-Jul-10
27-Jul-10
27-Jul-10
4-Aug-10
5-Aug-10
16-Sep-10
17-Sep-10
22-Sep-10
30-Sep-10
15-Oct-10
2-Nov-10
10-Nov-10
15-Nov-10
16-Nov-10
17-Nov-10
17-Nov-10
15-Dec-10
15-Dec-10
23-Dec-10
20-Jan-11
20-Jan-11
20-Jan-11
20-Jan-11
20-Jan-11
20-Jan-11
20-Jan-11

Transaero Airlines OAO
United Air Lines Inc - UAL
United Air Lines Inc - UAL
Delta Air Lines Inc
Delta Air Lines Inc
Asiana Airlines Inc
Asiana Airlines Inc
Norwegian Air Shuttle (NAS) ASA
United Air Lines Inc - UAL
United Air Lines Inc - UAL
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd
National Aviation Co of India Ltd
Air India Charters
UTair Finance OOO
UTair Finance OOO
Aeroflot Russian Airlines OAO
Aeroflot Russian Airlines OAO
All Nippon Airways Co Ltd - ANA
Scandinavian Airlines System AB - SAS AB
Delta Air Lines Inc
Singapore Airlines Ltd
Gol Finance
Korean Air Lines Co Ltd
Air Canada
Air Canada
Air Canada
Continental Airlines Inc
Asiana Airlines Inc
PHI Inc
Sayarra Ltd
CHC Helicopter Corp
Singapore Airlines Ltd
Sayarra Ltd
Air Berlin PLC & Co Luftverkehrs KG
King International Leasing II LLC
Delta Air Lines Inc
KAL Japan ABS 5 Cayman Ltd
Continental Airlines Inc
Continental Airlines Inc
US Airways Inc
US Airways Inc
UTair Finance OOO
American Airlines Inc
American Airlines Inc
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp

103,667,586
810,337,000
810,337,000
688,740,000
688,740,000
172,048,931
172,048,931
53,523,162
686,931,000
686,931,000
260,845,749
260,845,749
154,148,692
20,920,180
50,773,621
50,773,621
411,946,447
411,946,447
214,315,986
130,396,797
450,000,000
360,659,285
295,227,000
249,059,799
881,448,042
881,448,042
192,320,000
791,504,000
127,972,153
300,000,000
136,073,180
1,082,389,000
227,289,946
135,302,244
278,959,481
184,208,731
474,072,000
483,153,640
427,151,000
427,151,000
262,857,000
77,398,000
49,134,496
503,206,000
153,826,000
106,786,083
106,786,083
106,786,083
106,786,083
106,786,083

3.99
7.14
6.14
10.06
7.06
2.00
1.00
3.00
3.54
3.79
3.00
5.00
10.00
10.00
2.99
2.99
2.99
2.99
5.00
2.00
9.50
10.00
10.00
3.00
4.99
4.99
5.49
5.08
2.00
8.06
11.10
10.03
5.00
11.46
5.00
11.91
10.00
3.01
11.61
9.61
13.84
7.84
2.99
10.02
7.02
5.00
5.00
5.00
5.00
5.00

EXHIBIT 7 (Cont.)
27-Jan-11
7-Feb-11
7-Feb-11
21-Feb-11
8-Mar-11
9-Mar-11
16-Mar-11
16-Mar-11
30-Mar-11
30-Mar-11
30-Mar-11
1-Apr-11
1-Apr-11
11-Apr-11
21-Apr-11
29-Apr-11
29-Apr-11
29-Apr-11
29-Apr-11
29-Apr-11
6-May-11
6-May-11
20-May-11
20-May-11
20-May-11
20-May-11
24-May-11
24-May-11
30-May-11
1-Jun-11
13-Jun-11
21-Jun-11
21-Jun-11
22-Jun-11
24-Jun-11
30-Jun-11
12-Jul-11
28-Jul-11
29-Jul-11
29-Jul-11
1-Aug-11
10-Aug-11
12-Aug-11
31-Aug-11
31-Aug-11
31-Aug-11
31-Aug-11
31-Aug-11
31-Aug-11
2-Sep-11

Korean Air Lines Co Ltd
Delta Air Lines Inc
Delta Air Lines Inc
China Eastern Air Holding Co
SkyLink Aviation Inc
American Airlines Inc
Scandinavian Airlines System AB - SAS AB
Scandinavian Airlines System AB - SAS AB
Delta Air Lines Inc
UTair Finance OOO
UTair Finance OOO
Asiana Airlines Inc
Asiana Airlines Inc
Air Berlin PLC & Co Luftverkehrs KG
KAL Japan ABS 6 Cayman Ltd
Thai Airways International pcl
Thai Airways International pcl
Thai Airways International pcl
Thai Airways International pcl
Thai Airways International pcl
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd
China Airlines Ltd
China Airlines Ltd
China Airlines Ltd
China Airlines Ltd
Hainan Airlines Co Ltd
Hainan Airlines Co Ltd
Asiana Airlines Inc
Emirates Airlines
Blue Sky Fliers Co Ltd
US Airways Inc
US Airways Inc
US Airways Inc
VRG Linhas Aereas SA
US Airways Inc
King International Leasing II LLC
UTair Finance OOO
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd
Eastern Air Overseas (Hong Kong) Co Ltd
China Southern Air Holding Co
Delta Air Lines Inc
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
Air New Zealand Ltd

268,529,666
235,093,000
235,093,000
76,051,411
113,151,263
1,000,000,000
309,785,039
309,785,039
292,750,000
105,799,394
105,799,394
181,039,711
181,039,711
217,076,700
241,885,351
239,490,291
239,490,291
239,490,291
239,490,291
239,490,291
478,894,648
478,894,648
207,962,899
207,962,899
207,962,899
207,962,899
769,124,275
769,124,275
184,760,066
999,040,000
92,559,740
293,944,000
94,283,000
83,193,000
314,485,188
53,288,000
222,827,098
53,688,873
566,278,137
566,278,137
386,646,767
154,658,707
102,000,000
244,612,917
244,612,917
244,612,917
244,612,917
244,612,917
244,612,917
124,963,552

3.00
6.38
6.28
4.99
5.00
5.00
3.23
3.23
8.03
2.99
2.99
2.50
1.50
7.00
3.00
7.00
10.00
5.00
7.00
10.00
3.00
3.00
5.00
5.00
5.00
5.00
5.00
10.00
3.00
5.00
3.00
13.82
8.82
3.32
6.00
3.28
11.50
4.98
5.00
3.00
3.00
5.00
3.16
5.00
5.00
5.00
5.00
5.00
5.00
5.14

EXHIBIT 7 (Cont.)
8-Sep-11
27-Sep-11
28-Sep-11
4-Oct-11
25-Oct-11
17-Nov-11
21-Dec-11
16-Jan-12
16-Jan-12
17-Jan-12
31-Jan-12
31-Jan-12
31-Jan-12
10-Feb-12
15-Feb-12
15-Feb-12
8-Mar-12
8-Mar-12
8-Mar-12
8-Mar-12
19-Mar-12
21-Mar-12
27-Mar-12
27-Mar-12
27-Mar-12
27-Mar-12
27-Mar-12
27-Mar-12
27-Mar-12
27-Mar-12
5-Apr-12
10-Apr-12
12-Apr-12
23-Apr-12
24-Apr-12
30-Apr-12
30-Apr-12
30-Apr-12
3-May-12
29-May-12
6-Jun-12
12-Jun-12
12-Jun-12
12-Jun-12
25-Jun-12
27-Jun-12
27-Jun-12
27-Jun-12
13-Jul-12
13-Jul-12

Hainan Airlines (Hong Kong) Co Ltd
American Airlines Inc
Air India Charters
Cathay Pacific MTN Financing Ltd
Air Berlin PLC & Co Luftverkehrs KG
KAL ABS 8 Cayman Ltd
Thai Airways International pcl
Cathay Pacific MTN Financing Ltd
Hainan Airlines (Hong Kong) Co Ltd
Asiana Airlines Inc
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd
Cathay Pacific MTN Financing Ltd
Thai Airways International pcl
Thai Airways International pcl
Continental Airlines Inc
Continental Airlines Inc
Continental Airlines Inc
OZ Wing II Cayman Ltd
All Nippon Airways Co Ltd - ANA
Thai Airways International pcl
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
Cathay Pacific MTN Financing Ltd
Norwegian Air Shuttle (NAS) ASA
Northern Sky Investments 1F LLC
Cathay Pacific MTN Financing Ltd
China Eastern Air Holding Co
US Airways Group Inc
US Airways Group Inc
US Airways Group Inc
Cathay Pacific MTN Financing Ltd
UTair Finance OOO
Dragon 2012 LLC
Malaysian Airline System Bhd
Shandong Airlines Co Ltd
Helios Leasing I LLC
Asiana Airlines Inc
Delta Air Lines Inc
VRG Linhas Aereas SA
Delta Air Lines Inc
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd

156,544,744
725,694,000
1,195,747,054
84,534,003
138,840,680
300,000,000
63,928,196
29,457,684
79,207,921
103,823,742
441,424,035
441,424,035
441,424,035
80,224,629
97,289,830
97,289,830
1,092,138,000
1,092,138,000
1,092,138,000
370,000,000
359,544,098
48,767,007
219,648,022
219,648,022
219,648,022
219,648,022
219,648,022
219,648,022
219,648,022
219,648,022
25,755,108
103,381,434
138,640,436
15,849,290
110,854,211
379,785,000
243,594,000
243,594,000
80,198,893
46,861,235
134,456,000

3.00
11.54
14.99
7.00
3.00
2.93
5.00
5.00
3.00
3.00
3.00
4.00
3.00
5.00
7.00
10.00
13.55
9.55
6.05
4.95
3.99
12.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
3.00
9.87
5.00
5.00
13.91
8.91
3.41
5.00
2.99
11.75

79,071,386
142,034,000
86,299,892
353,689,000
39,108,000
126,203,000
347,599,392
347,599,392

3.00
11.94
3.00
9.34
2.00
8.34
5.00
3.00

EXHIBIT 7 (Cont.)
25-Jul-12
18-Sep-12
19-Sep-12
19-Sep-12
24-Sep-12
24-Sep-12
27-Sep-12
27-Sep-12
27-Sep-12
2-Oct-12
2-Oct-12
5-Oct-12
11-Oct-12
11-Oct-12
11-Oct-12
12-Oct-12
29-Oct-12
31-Oct-12
1-Nov-12
7-Nov-12
7-Nov-12
7-Nov-12
7-Nov-12
13-Nov-12
15-Nov-12
15-Nov-12
15-Nov-12
22-Nov-12
29-Nov-12
29-Nov-12
30-Nov-12
30-Nov-12
30-Nov-12
30-Nov-12
30-Nov-12
30-Nov-12
30-Nov-12
30-Nov-12
4-Dec-12
4-Dec-12
6-Dec-12
7-Dec-12
7-Dec-12
7-Dec-12
7-Dec-12
12-Dec-12
13-Dec-12
16-Jan-13
18-Jan-13
23-Jan-13

Helios Leasing I LLC
Malaysian Airline System Bhd
Continental Airlines Inc
Continental Airlines Inc
VRG Linhas Aereas SA
Asiana Airlines Inc
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd
Bristow Group Inc
CHC Helicopter Corp
Helios Leasing I LLC
Cathay Pacific MTN Financing Ltd
Thai Airways International pcl
Thai Airways International pcl
Thai Airways International pcl
Asiana Airlines Inc
China National Aviation Holding Co
Air China Ltd
Air Berlin PLC & Co Luftverkehrs KG
Turus Pesawat Sdn Bhd
Turus Pesawat Sdn Bhd
Turus Pesawat Sdn Bhd
Turus Pesawat Sdn Bhd
Finnair Oyj
Air India
Air India
Air India
Cathay Pacific MTN Financing Ltd
US Airways Group Inc
US Airways Group Inc
Weststar Capital Sdn Bhd
Weststar Capital Sdn Bhd
Weststar Capital Sdn Bhd
Weststar Capital Sdn Bhd
Weststar Capital Sdn Bhd
Weststar Capital Sdn Bhd
Weststar Capital Sdn Bhd
Weststar Capital Sdn Bhd
Era Group Inc
ABC Aerolineas SA de CV
Air France-KLM SA
Asiana Airlines Inc
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd
Korean Air Lines Co Ltd
Continental Airlines Inc
Yunnan Lucky Airlines Co Ltd
Durrah MSN 35603
Air China Ltd
Turus Pesawat Sdn Bhd

142,700,000

11.83

843,888,000
843,888,000
22,667,000
51,171,180
267,884,649
267,884,649
450,000,000
202,000,000
142,813,000
25,790,312
227,907,613
227,907,613
227,907,613
89,774,666
159,124,181
953,834,414
65,512,097
1,110,222,208
1,110,222,208
1,110,222,208
1,110,222,208

13.57
9.91
2.00
3.00
7.00
5.00
10.01
8.03
11.97
10.00
5.00
7.00
10.00
5.00
3.00
7.00
2.00
10.00
12.00
15.00
20.00

546,570,045
18,219,002
910,950
40,512,731
128,071,000
418,113,000
294,112,568
294,112,568
294,112,568
294,112,568
294,112,568
294,112,568
294,112,568
294,112,568
196,622,000
77,297,375
651,070,376
92,315,220
276,945,659
276,945,659
276,945,659
425,000,000
111,343,519
148,550,000
803,742,224
393,040,389

19.00
19.00
19.00
10.00
9.97
13.97
1.99
3.00
4.00
5.00
6.00
7.00
8.00
1.00
10.02
5.00
5.09
3.00
7.00
6.00
5.00
5.34
7.00
12.01
10.00
9.99

EXHIBIT 7 (Cont.)
23-Jan-13
23-Jan-13
25-Jan-13
31-Jan-13
31-Jan-13
1-Feb-13
7-Feb-13
20-Feb-13
26-Feb-13
27-Feb-13
27-Feb-13
27-Feb-13
5-Mar-13
5-Mar-13
5-Mar-13
12-Mar-13
18-Mar-13
18-Mar-13
18-Mar-13
18-Mar-13
18-Mar-13
18-Mar-13
19-Mar-13
4-Apr-13
10-Apr-13
10-Apr-13
22-Apr-13
23-Apr-13
23-Apr-13
24-Apr-13
24-Apr-13
24-Apr-13
2-May-13
2-May-13
3-May-13
7-May-13
8-May-13
14-May-13
14-May-13
17-May-13
20-May-13
21-May-13
22-May-13
29-May-13
30-May-13
19-Jun-13
25-Jun-13
25-Jun-13
28-Jun-13
4-Jul-13

Turus Pesawat Sdn Bhd
Turus Pesawat Sdn Bhd
Asiana Airlines Inc
Hainan Airlines (Hong Kong) Co Ltd
Emirates Airlines
Asiana Airlines Inc
VRG Linhas Aereas SA
KE Export Leasing (2013-A) LLC
Tianjin Airlines Co Ltd
Turus Pesawat Sdn Bhd
Turus Pesawat Sdn Bhd
Turus Pesawat Sdn Bhd
American Airlines Inc
American Airlines Inc
Eole Finance SPC
Medjool Ltd
China Eastern Airlines Corp Ltd
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
Korean Air Lines Co Ltd
Aeroflot Russian Airlines OAO
US Airways Inc
US Airways Inc
Qantas Airways Ltd
Asiana Airlines Inc
Asiana Airlines Inc
Air Canada
Air Canada
Air Canada
Bond Mission Critical Services plc
United Continental Holdings Inc
Avianca Holdings SA
Thai Airways International pcl
CHC Helicopter Corp
Hawaiian Airlines Inc
Hawaiian Airlines Inc
Qantas Airways Ltd
Helios Leasing I LLC
US Airways Group Inc
US Airways Inc
Eastern Air Overseas (Hong Kong) Co Ltd
American Airlines Inc
Scandinavian Air Ambulance
British Airways plc
British Airways plc
Korean Air Lines Co Ltd
China Southern Air Holding Co

393,040,389
393,040,389
44,761,405
496,185,000
749,557,500
32,945,329
197,012,000
149,197,000
119,271,016
230,500,169
230,500,169
230,500,169
506,746,000
156,632,000
187,100,000
993,310,000
765,220,718
151,382,119
151,382,119
151,382,119
151,382,119
151,382,119
100,000,000
158,926,925
819,613,000
819,613,000
127,849,288
133,903,465
133,903,465
424,389,000
290,145,000
290,145,000
308,727,948
300,000,000
296,118,000
168,928,336
300,000,000
444,540,000
444,540,000
124,859,599
142,980,000
500,000,000
100,000,000
355,981,295
119,769,000
38,659,893
926,982,000
926,982,000
182,626,164
161,694,559

12.00
15.00
3.00
7.00
12.00
3.00
10.00
12.01
2.00
10.00
15.00
18.00
13.84
13.34
10.97
10.00
10.00
5.00
5.00
5.00
5.00
5.00
3.25
2.99
12.56
8.56
7.00
5.00
3.00
13.52
9.02
5.02
5.98
5.07
7.00
5.00
8.05
14.14
14.14
6.93
11.97
5.02
4.99
3.00
5.11
5.00
10.96
6.96
30.00
5.00

EXHIBIT 7 (Cont.)
24-Jul-13
29-Jul-13
1-Aug-13
1-Aug-13
1-Aug-13
14-Aug-13
15-Aug-13
15-Aug-13
22-Aug-13
22-Aug-13
22-Aug-13
23-Aug-13
3-Sep-13
17-Sep-13
19-Sep-13
19-Sep-13
19-Sep-13
19-Sep-13
20-Sep-13
7-Oct-13
7-Oct-13
7-Oct-13
7-Oct-13
29-Oct-13
1-Nov-13
4-Nov-13
21-Nov-13
3-Dec-13
4-Dec-13
5-Dec-13
13-Dec-13
23-Dec-13
24-Dec-13
6-Jan-14
8-Jan-14
8-Jan-14
27-Jan-14
30-Jan-14
30-Jan-14
30-Jan-14
10-Feb-14
28-Feb-14
6-Mar-14
6-Mar-14
24-Mar-14
24-Mar-14
26-Mar-14
26-Mar-14
1-Apr-14
1-Apr-14

American Airlines Inc
AA AIRCRAFT FINANCING 2013-1 LLC
United Airlines Inc
United Airlines Inc
Fideicomiso Numero 80660 - Interjet
Lile Finance Ltd
Air China Ltd
Air China Ltd
Thai Airways International pcl
Thai Airways International pcl
Thai Airways International pcl
Finnair Oyj
Eole Finance SPC
Lile Finance Ltd
Air Canada
Air Canada
Scandinavian Airlines System AB - SAS AB
Air Canada
JetBlue Airways Corp
Virgin Australia Holdings Ltd
Virgin Australia Holdings Ltd
Virgin Australia Holdings Ltd
Virgin Australia Holdings Ltd
Transaero Airlines OAO
United Continental Holdings Inc
Guanay Finance Ltd
American Airlines Inc
HNA Tourism Holding (Group) Co Ltd
Fideicomiso F/1748 - Aeromexico
KAL Japan ABS 10 Cayman Ltd
American Airlines Inc
Mongolian Airline Co (MIAT)
Transaero Airlines OAO
Sandalwood 2013 LLC
Export Lease Eight Co Ltd
Export Lease Eight Co Ltd
Bond Mission Critical Services plc
Thai Airways International pcl
Thai Airways International pcl
Thai Airways International pcl
VRG Linhas Aereas SA
ANA Holdings Inc
PHI Inc
Eastern Air Overseas (Hong Kong) Co Ltd
United Airlines Inc
United Airlines Inc
Singapore Airlines Ltd
Singapore Airlines Ltd
Avianca Holdings SA
Sandalwood 2013 LLC

1,408,113,000
185,000,000
720,315,000
209,036,000
42,991,085
187,010,000
810,911,627
810,911,627
125,842,753
125,842,753
125,842,753
199,256,111
404,050,000
271,130,000
691,488,535
691,488,535
230,380,218
300,000,000
225,732,000
323,219,000
323,219,000
323,219,000
474,049,000
94,212,673
300,000,000
450,000,000
512,038,000
163,161,416
113,497,501
390,371,487
256,018,000
20,000,000
76,273,113
129,823,000
249,423,000
249,423,000
97,544,954
97,234,588
97,234,588
97,234,588
40,724,000
293,560,745
500,000,000
407,827,016
736,647,000
212,812,000
394,026,557
394,026,557
261,250,000
123,650,000

9.46
7.75
12.00
8.00
5.00
11.52
5.00
10.00
5.00
7.00
10.00
5.02
11.48
11.62
6.01
6.01
4.14
6.51
9.00
3.01
8.50
5.00
11.50
4.98
7.07
7.11
6.63
5.00
5.03
2.96
3.07
5.00
2.99
11.00
10.62
9.91
5.25
5.00
7.00
10.00
2.00
10.00
4.99
3.00
12.01
8.01
7.00
10.00
6.09
11.84

EXHIBIT 7 (Cont.)
10-Apr-14 Air Canada
22-Apr-14 Sichuan Airlines Co Ltd

Source: Dealogic

400,000,000
32,371,626

7.00
3.00

Exhibit 8

EXHIBIT 8: Present Value of Etihad Interest Free Shareholder Loan Benefit
-9

Principal Received (amt drawn down to date)
Discount factor
Discounted amount in 2013
Present value of pricipal received

Total Principal
Received
4,630,419,000
n
1/(1+r)^
PR*DF
7,072,122,139

-8

2004
2005
491,416,746
622,545,254
2.17
1.99
1,067,304,728 1,240,460,416

-7

-6

-5

-4

-3

-2

-1

0

2006
343,529,000
1.83
627,984,451

2007
532,185,000
1.68
892,527,522

2008
662,426,000
1.54
1,019,224,512

2009
360,196,000
1.41
508,446,050

2010
0
1.30
0

2011
447,121,000
1.19
531,224,460

2012
2013
155,000,000 1,016,000,000
1.09
1.00
168,950,000 1,016,000,000

Source: Etihad 2004-2013 financial statements

Year of Receipt
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Sum of loan repayments
Discount rate (input)
Discount factor
Discounted amount

0
2013

9%
1/(1+r)^n
RP*DF

Year of Receipt
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Sum of loan repayments
Discount rate (input)
Discount factor
Discounted amount

9%
1/(1+r)^n
RP*DF

Present value of future repaid principal

689,362,120

Summary as of 2013
Present value of principal received
Present value of loan repayments
Difference

7,072,122,139
689,362,120
6,382,760,020

14
2027
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950

15
2028
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950

16
2029
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950

17
2030
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950

18
2031
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950

19
2032
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950

20
2033
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950

21
2034
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950

22
2035
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950

23
2036
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950

0.299246465
69,281,826

0.274538041
63,561,308

0.251869763
58,313,127

0.231073177
53,498,281

0.21199374
49,080,992

0.19448967
45,028,433

0.17843089
41,310,489

0.163698064
37,899,531

0.15018171
34,770,212

0.137781385
31,899,277

24
2037
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950

25
2038
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950

26
2039
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950

27
2040
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950

28
2041
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950

29
2042
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950

30
2043
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950

31
2044
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950

32
2045
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950

33
2046
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950

0.126404941
29,265,392

0.115967836
26,848,983

0.10639251
24,632,095

0.097607807
22,598,252

0.089548447
20,732,341

0.082154538
19,020,497

0.075371136
17,449,997

0.069147831
16,009,172

0.063438377
14,687,313

0.058200346
13,474,599

Exhibit 9
(Provided Separately)

Exhibit 10

EXHIBIT 10
Etihad Related Party Purchases of Goods and Services, 2013
US$ M
Aviation Fuel
Aircraft Maintenance
Landing and Parking
Handling
Catering
Aircraft Operating Leases
Sales of Property, Plant and Equipment
Airport and Lounge Expenses

1,158
112
28
36
62
40
20
6

Total Related Party Expenses

1,462

Direct Operating Expenses

5,004

% Accounted for by Related Party Purchases
Source: Etihad 2013 Financial Statement
P&L at 2; Note 22(a) at 47

29%

Exhibit 11

Exhibit 11
Orders, Options, and Letters of Intent to Purchase for Three Gulf Carriers
As of 17 September 2014
Number of Aircraft
Type
Model

Emirates Airline
Series  

NB
NB
NB
NB

A320
A320
A321
A321

200
200 neo
200
200 neo

NB

Total

WB
WB
WB
WB
WB
WB
WB
WB
WB
WB
WB
WB

WB
rand Total

Orders

Options

Etihad Airways
Total

Orders
1

Qatar Airways

Options Letters of Intent

Total
1

Order

Options

36

30

7
26

7
26

14

Total

34

34

50

A350
A350
A380
777
777
777
777
777
787
787
787
787

900XWB
1000XWB
800
8X
9X
300
Series TBD
X Series TBD
8
9
10
Series TBD

40
22
10
8
17
1

40
22
20
8
17
13

43
37
10

Total
Total

Total
Total

88
35
115
54

20
50

292
292

70
70

88
35
115
74
50

362
362

5

5

7

5

12

12

41
30

12
10

41
42
10

169
203

36
36

20
20

225
259

Letters of Intent

Total
66
14

30

80

3

43
37
13

50

50
7
1

15

30

155
205

41
71

6

100
7
7
45

56
56

252
332

Exhibit 11 (Cont.)
List Prices
Type

Model

Series  

List Price
$ millions

NB
NB
NB
NB

A320
A320
A321
A321

200
200 neo
200
200 neo

93.9
102.8
110.1
120.5

NB

Total

Total

WB
WB
WB
WB
WB
WB
WB
WB
WB
WB
WB
WB

A350
A350
A380
777
777
777
777
777
787
787
787
787

900XWB
1000XWB
800
8X
9X
300
Series TBD
X Series TBD
8
9
10
Series TBD

WB
rand Total

Total
Total

Total
Total

295.2
340.7
414.4
360.5
388.7
330
360.5
360.5
218.3
257.1
297.5
218.3

Emirates Airline
Orders

Etihad Airways

Options
$
$
$
$

$
$
$
$

36,467
12,618
44,701
17,820

Total
94
103
110
121

$

Orders
94

$
$

771
3,133

Qatar Airways

Options Letters of Intent
$
$
$

Total
94
771
3,133

Order
$

3,701

$

1,687

Options
$

Letters of Intent

3,084

Total
$

6,785

$

1,687

$                      427

$               3,998

$               3,998

$              5,388 $              3,084

$           8,472

36,467
12,618
44,701
24,420

$
$
$
$
$
$

$
$
$
$
$
$

11,808
7,495
8,288
2,884
6,608
4,290

$
$
$

12,694
12,606
4,144 $

$
$
$

12,694
12,606
5,387

$

19,435

19,435 $
$
2,163 $

38,870
2,310
2,524

18,025

$

4,326
$

9,824

$
$
$

10,541
12,495
2,183

$

6,600

$
$
$
$

$

18,025

$

11,808
7,495
4,144
2,884
6,608
330

$

2,072

$

2,072

$

2,310

$

1,650

$

4,326

$

3,570

$
$
$

$             111,605 $               24,625 $             136,230
$             111,605 $               24,625 $             136,658

10,541
8,925

$
$

2,183

$             52,735 $             12,278 $               5,905 $             70,918
$             56,733 $             12,278 $               5,905 $             74,916

Sources:
Order Numbers: Ascend
List Prices
Boeing
http://www.boeing.com/boeing/commercial/prices/index.page
http://www.airbus.com/presscentre/hot‐topics/annual‐press‐conference‐2014/?eID=dam_frontend_push&docID=36716
Airbus

3,275

1,243
$

$
$

2,310
361

$

6,549

$

$           52,153 $           10,463 $               21,598 $         84,214
$           57,541 $           13,547 $               21,598 $         92,686

Exhibit 12

EXHIBIT 12
Qatar Airways Financial Data and Ratio Calculations
Financial Ratios, 1995 - 2013
F-Y end Dec. 31:
1995
Current Ratio
Quick Ratio
Debt to Equity Ratio
Working Capital to Total Assets
Sales to Working Capital
Total Sales to Total Assets
Equity to Total Assets
Times Interest Earned
Return on Equity

0.45
0.28
2.29
-0.40
-1.52
0.61
17.4%
0.83
-4.8%

F-Y end, Mar 31:
1998
1996 (15 month)
0.50
0.37
negative
-0.34
-3.73
1.27
negative
negative
negative

0.58
0.51
negative
-0.35
-4.68
1.65
negative
negative
negative

1999

2000

2001

2002

2003

2004

2005

0.59
0.54
negative
-0.55
-2.82
1.55
negative
negative
negative

0.60
0.52
negative
-0.48
-3.13
1.49
negative
negative
negative

0.62
0.53
negative
-0.27
-4.44
1.20
negative
negative
negative

0.42
0.36
negative
-0.34
-1.99
0.68
negative
negative
negative

0.45
0.39
negative
-0.18
-2.41
0.43
negative
negative
negative

0.60
0.55
negative
-0.13
-2.95
0.38
negative
0.71
negative

0.54
0.48
207.51
-0.14
-2.92
0.40
0.4%
negative
102.8%

EXHIBIT 12
Qatar Airways Financial
Financial Ratios, 1995 - 2013

Current Ratio
Quick Ratio
Debt to Equity Ratio
Working Capital to Total Assets
Sales to Working Capital
Total Sales to Total Assets
Equity to Total Assets
Times Interest Earned
Return on Equity

2006

2007

2008

2009

2010

2011

2012

2013

2014

0.49
0.43
negative
-0.16
-2.99
0.47
negative
negative
negative

0.47
0.42
negative
-0.17
-2.60
0.44
negative
negative
negative

0.45
0.39
negative
-0.17
-2.86
0.49
negative
1.06
negative

0.92
0.86
1.88
-0.02
-26.22
0.45
28.1%
0.60
-2.6%

1.40
1.34
1.17
0.08
4.69
0.38
38.8%
2.77
4.8%

1.90
1.82
0.68
0.16
2.76
0.43
50.7%
3.28
3.5%

1.56
1.48
0.57
0.12
4.39
0.52
52.8%
0.18
-1.1%

1.71
1.62
0.39
0.15
3.98
0.61
57.7%
1.63
0.6%

1.62
1.54
0.29
0.14
4.48
0.63
61.8%
negative
0.9%

Financial Data, 1995-2013
stated in thousand US$
Qatar 1995-2013 financial statements, converted to US$ at QAR3.64/US$

F-Y end Dec. 31:
1995

F-Y end, Mar 31:
1998
1996 (15 month)

1999

2000

2001

2002

2003

146,220
(27,614)
3,200
(37,576)

144,496
(24,758)
4,935
(31,127)

146,856
(21,956)
3,921
(25,407)

235,737
(12,290)
3,404
(16,735)

281,875
(13,810)
4,513
(18,496)

421,631
(19,324)
12,666
(27,520)

18,940
4,890
54,811

42,436
5,019
88,618

74,855
7,272
93,272

69,345
8,565
98,489

87,748
13,080
197,130

102,179
14,409
412,317

145,930
20,251
988,355

319,249
27,970
1,654,315

371,712
40,448
2,353,846

37,548
25,902
(18,442)
(28,321)

73,685
42,979
(46,142)
(65,896)

126,104
44,057
(77,269)
(97,024)

116,219
57,104
(83,718)
(121,548)

140,876
168,287
(93,899)
(133,462)

244,125
387,074
(111,735)
(151,958)

320,958
925,763
(139,439)
(179,478)

533,961
1,474,215
(97,763)
(160,329)

692,543
1,924,097
9,272
(151,752)

Income statement
Revenue
EBIT
Interest expense
Net income

32,950
779
939
(457)

69,391
(10,128)
2,642
(13,045)

Balance sheet
Current Assets
Inventories
Total Assets

17,842
6,747
54,119

Current Liabililites
Total Debt
Total Equity, book value
Accumulated Losses

39,525
21,641
9,436
(442)

2004
633,863
19,618
27,775
22,494

2005
935,766
(14,330)
49,479
9,529

Financial Data, 1995-2013
stated in thousand US$
Qatar 1995-2013 financial statements, c

2006

2007

Income statement
Revenue
EBIT
Interest expense
Net income

1,576,781
(32,988)
77,995
(118,413)

2,214,840
(29,198)
142,948
(181,860)

3,265,623
200,776
189,205
11,091

3,990,160
94,886
157,600
(63,193)

4,240,349
320,846
115,891
204,917

5,383,093
315,961
96,332
219,619

Balance sheet
Current Assets
Inventories
Total Assets

510,443
59,941
3,327,800

752,888
82,720
5,058,958

922,196
114,095
6,718,897

1,793,512
123,605
8,827,841

3,155,747
147,662
11,069,620

4,123,220
170,547
12,506,978

Current Liabililites
Total Debt
Total Equity, book value
Accumulated Losses

1,038,638
2,741,115
(77,314)
(270,845)

1,604,411
4,487,237
(386,062)
(452,722)

2,062,488
5,810,387
(272,223)
(319,186)

1,945,694
4,647,212
2,477,526
(388,176)

2008

2009

2010

2,252,251
5,041,158
4,292,959
(275,669)

2011

2,170,292
4,346,293
6,345,462
(56,372)

2012
6,828,155
16,082
90,215
(74,177)

4,348,556
207,192
13,089,566
2,793,639
3,954,804
6,907,556
(130,995)

2013
7,633,684
117,528
72,034
45,494

4,625,556
239,684
12,537,410
2,707,960
2,820,451
7,234,469
(85,997)

2014
8,417,780
(23,569)
49,626
73,197

4,891,194
248,268
13,314,237
3,012,139
2,373,924
8,229,131
(159,192)

Exhibit 13

EXHIBIT 13
Qatar Airways
Summary of Financial Statements
Type of Reporting
Basis of Reporting

Opinion

1996*
Summarized Financial 
Statements
International Standards on 
Auditing

Prior year restatements
Revenue
Other Operating Income
Other Income
Net (Loss) Profit
Detail from 2007
1 Op Rev
Airline revenues
Duty Free and beverages
Ground handling
Charters
Hotel Operations
Travel Agency
In flight catering
Ad revenue
Other Op Income
Credits/refunds suppliers
DIA Passenger tax credit/tax release
Forward sales adjustment
Frequent flyer
Passenger misc charges
In flight duty free
Misc Op /Income from Al Maja Services
Cargo secuirty
Commission
Other Income
Profits on Investments
Liquidated and compensation claims from suppliers
Insurance claims
Dividends
Rechargeable expenses from related parties
Interest
Long standing liabilities no longer required written back/09 
excess prov
Airport development fee (DIA)
Maintenance income
 Car park income (DIA)
Rental income
Miscellaneous income
Infrastructure facility income
Management fees
Incentives and Route Subsidies

1999

2000

2001

2002

2003

2004
Summarized Consolidated 
Financial Statements

2005

Summarized financials are 
consistent, in all material 
respects with the financial 
statements from which they 
were derived . . . For a better 
understanding of the 
Company's financial position 
and the results of its 
operations for the year and 
the scope fo our audit, the 
summarised financial 
statements should be read in 
conjunction with the financial 
statements from which the 
summarised financial 
statements were derived and 
our audit report therein.

Revenue
Other Operating Income
Other Income
Net (Loss) Profit before tax
Other Op Y + Other Y as a% of Revenue
Other Op Y + Other Y as a% of Net (Loss) Profit before tax
Activity of company

1998**

247,140

523,888

525,967

5,443
(47,484)
2%
11%

8,351
(136,775)
2%
6%

33,987
(113,304)
6%
30%

1996
248,840
3,742
(52,664)

Not Provided

858,083
53,481

(89,269)
6%
34%

(60,914)
6%
88%

1,026,025
69,909
(67,327)
7%
104%

Air transportation, duty free, 
ground handling, distribution 
of beverages
1999
2000

Air transportation service

Not Provided

534,556
30,757

Not Provided

Not Provided

525,967
5,779

534,556
30,630

113,304

(92,842)

Not Provided

1,534,736
139,133
(100,174)
9%
139%

Add in in‐flight catering

2,307,263
227,916
47,854
93,155
12%
296%

3,406,190
380,979
71,060
53,977
13%
837%

Add in PR, Advert. Airline 
reservations and travel agency
2003
1,530,640
121,335
16,344
(95,212)

Not Provided

Not Provided

Not Provided

2004
2,307,263
227,916
48,906
94,207

Not Provided

EXHIBIT 13
Qatar Airways
Summary of Financial Statements
1996*

1998**
The technical building is 
constructed on land owned by 
the Department of Civil 
Aviation, Doha

1999

2000
Takes over duty free and 
airport operations (ground 
handling and cargo at DIA in 
May/July 2000

2001

2002

2003

2004

2005

United Media and Amadesu 
Lambrini Holdings added to 
Qatar included in consolidation consolidation
First year where there is a 
note in the accounting practice 
section of government grants
Land valued at 2,583,360 
received from government, 
listed as grant in B/S

Other Information

Notes:  
* YE 21/31
** 15 month, YE 3/31/98
***Each year, a substantial amount of receivables from related 
parties are written off as "impaired."

EXHIBIT 13
Qatar Airways
Summary of Financial Statements
2006

2007
Consolidated Financial 
Statements w. Notes

Type of Reporting

2008

2009

2010
Summary Consolidated 
Financial Statements

2011

2012

2013

2014
Official Audited Consolidated 
Financials

2006‐2014 Total

Basis of Reporting

Summarized financials are 
consistent, in all material 
respects, with those 
consolidated financial 
statements  . . .does not 
contain all disclosures required 
by IFRS

Contains "unqualified" 
opinion, with reference to 
Ongoing Concern finding

Opinion

Revenue
Other Operating Income
Other Income
Net (Loss) Profit before tax
Other Op Y + Other Y as a% of Revenue
Other Op Y + Other Y as a% of Net (Loss) Profit before tax

4,874,134
691,024
192,968
(403,975)
18%
219%

8,062,018
143,128
230,914
(626,611)
5%
60%

11,768,223
118,646
754,438
42,119
7%
2073%

14,384,591
139,590
370,703
(228,280)
4%
224%

14,119,428
131,420
625,891
746,035
5%
102%

2005

2006

2007

2009

5,739,484
140,741
191,295
(403,975)

8,272,289
145,139
212,960
(461,625)

14,267,168
139,950
370,703
(329,310)

502,771
103,868
44,922

653,907
145,199
41,379

791,934
189,402
39,060

28,192
10,694
190,247

37,955
13,830
188,646

38,239
24,236
286,146

35,962
24,170
42,362

41,074
34,989
27,255

37,056

44,787

26,098
9,129

15,700
13,812
5,940
2,798
1,560

19,414,457
180,000
672,534
799,448
4%
107%

24,607,565
243,968
731,520
(269,843)
4%
362%

27,508,644
277,965
893,655
165,597
4%
708%

30,359,102
281,616
1,816,602
(266,437)
7%
-788%

25,464,550
1,355,825
320,118
169,627
111,248
34,141
32,250
20,885

28,076,974
1,546,415
363,078
168,875
114,582
38,875
29,350
20,953

69,178

72,541

75,541

No airline reservations or 
travel agency

Activity of company
Prior year restatements
Revenue
Other Operating Income
Other Income
Net (Loss) Profit
Detail from 2007
1 Op Rev
Airline revenues
Duty Free and beverages
Ground handling
Charters
Hotel Operations
Travel Agency
In flight catering
Ad revenue
Other Op Income
Credits/refunds suppliers
DIA Passenger tax credit/tax release
Forward sales adjustment
Frequent flyer
Passenger misc charges
In flight duty free
Misc Op /Income from Al Maja Services
Cargo secuirty
Commission
Other Income
Profits on Investments
Liquidated and compensation claims from suppliers
Insurance claims
Dividends
Rechargeable expenses from related parties
Interest
Long standing liabilities no longer required written back/09 
excess prov
Airport development fee (DIA)
Maintenance income
 Car park income (DIA)
Rental income
Miscellaneous income
Infrastructure facility income
Management fees
Incentives and Route Subsidies

No qualifications

3,408,419
378,750
74,681
53,977

 

358,345
84,558

1,943
1,337

50,933

59,034

25,184

39,458

39,641

48,094

83,881

118,538

111,550

16,218
37,654

18,440
34,756

18,987
19,778

22,801
47,597

26,123
61,848

28,091
55,586

30,693
61,188

2,583

2,149

2,938

3,209

2,444

354,385

2,081
Note on other

980,737
10,586
30,689
17,044

36,287
32,949
27,824

109,311
4,652
56,201
63,126

11,325
35,086
59,738
78,433
39,854

25,491

58,948

119,609

120,693

84,262

95,558
78,955
117,949
40,316

8,220

25,205

55,858

57,085
6,839
17,452
16,084
27,296

24,524
13,151
12,374
9,383
49,217

32,352
19,779
14,991
13,838
29,945

36,365
33,243
17,719

income no longer
included

30,701

28,767

421,937

353,357

109,362
39,842

                                       468,229

EXHIBIT 13
Qatar Airways
Summary of Financial Statements
2006

2007

Lambrini and Amadeus in 
consolidation

Listed as grants in B/S

Other Information

2009

2010

Land grant disappears from B/S

Restated overhaul accuals and 
Restatement of FF program 
depreciation costs responsible  Loan converted to shareholder  defers revenue from prior 
for major change in prior year  advances
year,leads to higher restated 
results
losses

Terms of loans from Qatari 
Govt disclosed for first time: 
interest free, no fixed 
repayment schedule

Amounts due from related 
parties are substantial: DIA, 
directors

Related party statement 
included for first time: limited  68 million in 2008 for DIA ops
to the rechargeable expenses

Note on operation of DIA, 
shows revenues of 146.691 
million included in other 
income.

Notes:  
* YE 21/31
** 15 month, YE 3/31/98
***Each year, a substantial amount of receivables from related 
parties are written off as "impaired."

2008

2011

2012

Qatar Media and Oryx 
Holdings included

DIA goes from 215 m to 0; 
other income included in rel 
party balances=DIA revenue 
82m

1,644m in "non‐monetary 
contributions received from 
government

DIA ops other income = 82m

Notes provided based on 
management's judgment of 
the relevance.  Note on terms 
of loans from Qatari 
government disappears
F/S prepared for the purposes 
of fulfiling the filing 
requirementswith the 
authorities In certain 
jusrisdictions in which the 
Company operates  Detail on 
related party transactions 
disappears; nothing on DIA 
revenues

1,644 million identified as 3 
plots of land contributed by 
GOV

Is relying on exemption for 
government entities to avoid 
related party disclosures under 
IAS 25

Is relying on exemption for 
government entities to avoid  638m in cash flow hedge loss 
related party disclosures under  for year not included above
IAS 24

2013

2014

2006‐2014 Total

Exhibit 13 (cont.)
Movement of Qatar Government Loans, Shareholder Advances, Reserves, and Equity Accounts
Account
No of Shares

Value of Share Capital

2009 Notes
14,380,000

143,800

2010 Notes
14,380,000

2011 Notes
14,380,001

2012 Notes
14,380,001

2013 Notes
14,380,001

143,800

One new
share issued
related to
reclassificatio
n to legal
143,800 reserve

143,800

143,800

71,900

Pre '11
shareholder
advances
(16,300,800)
transferred to
legal
reserve,
deemed a
shareholder
16,371,980 premium

16,371,980

16,371,980

Conversion of
Advances to
Shareholder Equity

Legal Reserve

Shareholder Advances

13,483

Converted from
Shareholder Loans to
11,836,605 Advances in '09

Shareholder Adv Rec
in Yr
Source: Qatar Airways Financials

Pre'10 and
'10 both
treated as
16,300,800 advances

4,463,871

New
advances
continue to
be classified
4,345,271 as advances

New
advances
continue to
be
classified
7,297,719 as advances

New
advances
continue to be
classified as
8,316,722 advances

4,345,271

2,952,448

1,019,003

2014 Notes
1,207,722,201 New shares issued

Advances from '11
to '14 reclassed as
equity; new shares
issued (8,316,722+
12,077,222 3,616,700)
Total Conversion
in '14 = 8,316,722
in 11-13 advances
plus 3,616,700 in
11,933,422 new advances

16,371,980

Prior year
advances
reclassified to
equity
New advance, later
reclassified as
3,616,700 equity

Exhibit 14

EXHIBIT 14
Qatar Airlines Shareholder Loan Benefit Calculations
Interest Savings Benefit, 2004 - 2009

Year
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009

Shareholder
Loan
Received
(QR'000)1
70,000
69,193
131,665
143,619
35,375
199,230
2,169,119
2,701,983
6,316,105
1998-2003 Total:
2004-2009 Total:
Combined:

Shareholder Loan
Received (US$)2
19,230,769
19,009,066
36,171,703
39,455,769
9,718,407
54,733,516
595,911,813
742,303,022
1,735,193,681

Cumulative
Cumulative
Outstanding,
Outstanding,
US$ (mid-year)3 US$ (year end)
9,615,385
19,230,769
28,735,302
56,325,687
94,139,423
118,726,511
150,952,473
178,319,231
178,319,231
476,275,137
1,145,382,555
2,384,130,907

123,585,714
3,128,142,033
3,251,727,747

19,230,769
19,230,769
38,239,835
74,411,538
113,867,308
123,585,714
178,319,231
178,319,231
178,319,231
774,231,044
1,516,534,066
3,251,727,747

National
Avg
Interest
rate4
10.47%
10.41%
8.25%
8.25%
6.09%
5.72%
8.48%
8.20%
8.71%
8.65%
8.55%
n/a

Term
(years)5
12.3
15.2
11.5
10.6
10.9
8.8
8.1
6.8
6.3
10.5
3.8

Adjusted
Interest
Rate6
20.2%
18.2%
18.5%
19.6%
16.8%
17.3%
20.2%
20.2%
20.1%
19.2%
22.6%

1998-2003 Total:
2004-2009 Total:
Combined:

Annual
Interest
Savings
1,945,953
3,891,907
5,653,652
10,954,789
17,811,436
21,969,185
28,328,524
33,847,368
33,847,368
91,158,589
232,488,951
198,362,160
62,226,922
618,032,960
680,259,883

Notes:
Shareholder loans as reported in QA's 1998-2009 balance sheets.
2
Converted to US$ at 3.64 Riyals/US$.
3
For purposes of interest savings calculations, we have assumed an even distribution of drawdowns throughout each year.
1

4

National Average Interest Rate obtained from Qatar Central Bank, Interest Rates on Credit Facilities: More Than 3-Years (Avg, %), annual
average of available monthly rates
5
Term Based on weighted average maturity of airline industry debt (see attached)
6
QA found be be uncreditworthy from 1998 through 2008. Accordingly, benchmark interest rate calculated based on US Department of
Commerce methodology for uncreditworthy benchmarks.
Default Rates Used to Calculate Uncreditworthy Benchmark

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

Investment 
grade default  Investment grade 
rate
default rate
0.05%
0.16%
0.34%
0.60%
0.84%
1.11%
1.40%
1.71%
2.05%
2.40%
2.77%
3.17%
3.55%
3.94%
4.35%
4.79%

20.51%
28.55%
34.10%
37.60%
41.44%
47.24%
51.52%
56.91%
60.82%
63.13%
65.96%
65.96%
65.96%
65.96%
65.96%
65.96%

Exhibit 15

Exhibit 15
Qatar Commercial Borrowing Rates

Year

1994

Interest
Rates,
Lending
Rate

8.863

Interest
Rates,
Deposit
Rate

Interest
Rates,
Savings
Rate

Interest
Rates,
Monetary
PolicyRelated
Interest
Rate

4.842

Spread

Constructe Notes
d Lending
Rate

4.021

Source

IMF, IFS

6.188

10.208 Deposit Rate + 1994 Spread

IMF, IFS

1996

6.500

10.521 Deposit Rate + 1994 Spread

IMF, IFS

1997

6.625

10.646 Deposit Rate + 1994 Spread

IMF, IFS

1998

6.563

10.583 Deposit Rate + 1994 Spread

IMF, IFS

1999

6.500

10.521 Deposit Rate + 1994 Spread

IMF, IFS

1995

2000

8.305 Average of 1999 & 2002 constructed lending rate

IMF, IFS

2001

8.305 Average of 1999 & 2002 constructed lending rate

IMF, IFS
IMF, IFS

2002

1.700

6.090 Monetary Policy Rate + 2004 Spread

2003

1.330

5.720 Monetary Policy Rate + 2004 Spread

IMF, IFS

6.990 IMF Lending Rate

IMF, IFS

2005

8.482 Qatar Central Bank, July-Dec average

QCB

2006

8.203 Qatar Central Bank, avg of monthly rates

QCB

2007

8.650 Qatar Central Bank, avg of monthly rates

QCB

2008

8.547 Qatar Central Bank, avg of monthly rates

QCB

2009

8.787 Qatar Central Bank, avg of monthly rates

QCB

2010

8.728 Qatar Central Bank, avg of monthly rates

QCB

2011

6.129 Qatar Central Bank, avg of monthly rates

QCB

2012

5.109 Qatar Central Bank, avg of monthly rates

QCB

2013

5.336 Qatar Central Bank, avg of monthly rates

QCB

2004

6.990

3.200

0.830

2.600

4.390

Exhibit 15
Qatar Commercial Borrowing Rates

Exhibit 15 (Cont.)
Qatar Commercial Borrowing Rates
Description: Qatar: Interest Rates on Credit Facilities: More Than 3-Years (Avg, %)
Source:

Jul-2004
Aug-2004
Sep-2004
Oct-2004
Nov-2004
Dec-2004
Jan-2005
Feb-2005
Mar-2005
Apr-2005
May-2005
Jun-2005
Jul-2005
Aug-2005
Sep-2005
Oct-2005
Nov-2005
Dec-2005
Jan-2006
Feb-2006
Mar-2006
Apr-2006
May-2006
Jun-2006
Jul-2006
Aug-2006
Sep-2006
Oct-2006
Nov-2006
Dec-2006
Jan-2007
Feb-2007
Mar-2007
Apr-2007
May-2007
Jun-2007
Jul-2007
Aug-2007
Sep-2007
Oct-2007
Nov-2007
Dec-2007

Qatar Central Bank

8.5
8.18
8.53
8.75
8.84
8.09
8.04
8.17
8.18
8.33
8.26
8.15
8.03
8.11
8.5
8.16
8.18
8.32
8.32
8.66
8.68
8.92
8.88
8.79
9.03
8.94
8.65
8.53
8.59
8.52
8.55
8.49
9.34
8
9.1
8.4
8.57
8.58
8.28
8.9
8.83
8.76

Jan-2008
Feb-2008
Mar-2008
Apr-2008
May-2008
Jun-2008
Jul-2008
Aug-2008
Sep-2008
Oct-2008
Nov-2008
Dec-2008
Jan-2009
Feb-2009
Mar-2009
Apr-2009
May-2009
Jun-2009
Jul-2009
Aug-2009
Sep-2009
Oct-2009
Nov-2009
Dec-2009
Jan-2010
Feb-2010
Mar-2010
Apr-2010
May-2010
Jun-2010
Jul-2010
Aug-2010
Sep-2010
Oct-2010
Nov-2010
Dec-2010

8.65
8.58
8.5
8.3
8.75
8.38
8.08
8.29
8.6
8.7
8.79
8.94
8.99
8.82
8.89
8.82
8.75
8.6
8.6
8.54
8.59
8.56
9.08
9.2
9.22
9.14
9.11
9.09
8.83
8.79
8.74
8.75
8.51
8.46
8.1
8

Jan-2011
Feb-2011
Mar-2011
Apr-2011
May-2011
Jun-2011
Jul-2011
Aug-2011
Sep-2011
Oct-2011
Nov-2011
Dec-2011
Jan-2012
Feb-2012
Mar-2012
Apr-2012
May-2012
Jun-2012
Jul-2012
Aug-2012
Sep-2012
Oct-2012
Nov-2012
Dec-2012
Jan-2013
Feb-2013
Mar-2013
Apr-2013
May-2013
Jun-2013
Jul-2013
Aug-2013
Sep-2013
Oct-2013
Nov-2013
Dec-2013

8.03
7.86
6.18
6.97
5.8
5.78
5.69
5.62
5.52
5.62
5.45
5.03
5.83
4.8
4.84
4.61
4.6
4.32
4.43
5.57
5.56
5.58
5.59
5.58
5.56
5.5
5.48
5.4
5.4
5.28
5.32
5.27
5.24
5.2
5.19
5.19

Exhibit 16

EXHIBIT 16
Qatar Airlines Loan Guarantee Benefit Calculations
Interest Savings Benefit, 2004 - 2013

Year
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

Source:
Guaranteed
Respective
Loan Received Year F/S
(QR'000)
Page
22,265
11,862
31,134
273,042
652,765
1,925,454
1,797,137
1,637,569
2,973,945
7,493,521
4,876,611
5,086,888
1,163,846

4
4
4
4
4
4
4
4
4
4&5
4&5
4&5
4&5

Guaranteed Loan
1
Received (US$)
6,116,758
3,258,791
8,553,297
75,011,538
179,331,044
528,970,879
493,718,956
449,881,593
817,017,857
2,058,659,615
1,339,706,319
1,397,496,703
319,737,912
-

National
Avg
Interest
2
rate
10.47%
10.41%
8.25%
8.25%
6.09%
5.72%
8.48%
8.20%
8.71%
8.65%
8.55%
8.79%
8.73%

Term
3
(years)
4.61
1.56
2.05
3.62
2.40
6.27
4.83
6.61
6.40
5.45
4.58
7.75
7.03

Adjusted
Interest
4
Rate
23.8%
36.8%
27.5%
23.1%
21.9%
16.9%
21.0%
20.5%
19.9%
19.7%
21.8%
21.0%
20.3%

Benchmark
Interest
728,637
2,057,389
3,832,388
13,070,843
39,626,125
101,998,930
177,978,162
247,468,295
366,206,987
650,117,255
998,459,065
1,194,639,820
1,277,460,880
1,309,879,424
979,913,475
504,169,287
211,614,068
7,867,606,961

Actual Interest
Paid

Total:
7,677,461,264
Total:
Notes:
1
Guaranteed loans as reported in QA's 1998-2008 balance sheets and cash flow statemetns. Converted to US$ at 3.64 Riyals/US$.

3,200,275
4,934,890
3,920,604
3,403,571
4,513,462
12,665,659
27,775,275
49,478,571
77,994,505
142,948,077
189,204,670
157,600,275
115,891,209
96,332,418
90,214,560
72,034,341
89,304,479
1,052,112,363

2

1998-2003: IMF interest rates (see attached) 2004-2010: National Average Interest Rate obtained from Qatar Central Bank,
Interest Rates on Credit Facilities: More Than 3-Years (Avg, %), annual average of available monthly rates (see attached)
Term Based on total outstanding loans to current portion of outstanding loans in each year (see below)
4
QA found be be uncreditworthy from 1998 through 2010. Accordingly, benchmark interest rate calculated based on US
Department of Commerce methodology for uncreditworthy benchmarks.
5
Total interest expense reported on respective year's income statement.
3

Default Rates Used to Calculate Uncreditworthy Benchmark

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

Investment 
grade default 
rate
0.05%
0.16%
0.34%
0.60%
0.84%
1.11%
1.40%
1.71%
2.05%
2.40%
2.77%
3.17%
3.55%
3.94%
4.35%
4.79%

Investment 
grade 
default rate
20.51%
28.55%
34.10%
37.60%
41.44%
47.24%
51.52%
56.91%
60.82%
63.13%
65.96%
65.96%
65.96%
65.96%
65.96%
65.96%

Year

Non‐current 
Current portion  portion loans 
loans (QAR)
(QAR)

1998
18,733
67,709
1999
57,960
32,409
2000
33,550
35,114
2001
94,362
247,344
2002
413,714
580,757
2003
465,879
2,454,046
2004
975,826
3,741,236
2005
1,057,005
5,927,626
2006
1,456,494
7,872,082
2007
2,480,936
11,034,036
2008
3,409,565
12,220,139
2009
2,183,610
14,732,241
2010
2,609,456
15,740,358
Source: Balance Sheet, respective years

Avoided
Interest
n/a
n/a
n/a
n/a
n/a
n/a
150,202,888
197,989,724
288,212,481
507,169,178
809,254,395
1,037,039,545
1,161,569,671
1,213,547,006
889,698,915
432,134,947
122,309,589
6,809,128,337

Exhibit 17

Exhibit 17
Emirates
Calculation of Benefit from Government Assumption of Fuel Hedging Losses
Emirates Fuel Price Contracts, as of March 31, 2008 (AED)
Loss Rate
Estimated Total Loss (AED)
Less Emirates Reported Loss (AED)
Net Loss AED
Net Loss Dollars

Source:
Emirates 2008 Annual Report, Note 31, at 101
See calculation below

15,180,000,000
-68.30%
10,367,903,209
1,572,361,000
8,795,542,209
2,394,974,053

Emirates 2009 Annual Report, Income Statement at 72; Note 7 at 86

Calculation of Loss Rate on Fuel Hedging Contracts, 2008/09
(A)

Airline

(B)

2008 Loss ($M)

(C)=A+B

(D)

2008 & 2009 
Combined  % of Fuel 
Loss ($M)
Hedged*

2009 Loss ($M)

Hedged 
Amount 
($M)

2007 Fuel 
Cost ($M)

Loss as % 
of Hedged 
Amount

American

380

1

-651

1

-270

24%

4

6,670

7

1,601

-16.87%

Delta

-666

2

-1,400

2

-2,064

38%

5

4,686

8

1,781

-115.91%

United

-608

3

104

3

-501

13%

6

5,918

9

Totals/Average

-894

-2,835

24%

1
2
3
4
5
6
7
8
9

Source Notes:
AA 2009 10-K at "Fuel" section
DAL 2009 10-K at 32.
UAL 2009 10-K at 122
AA 2007 10-K under "Fuel" section.
DAL 2007 10-K at p. 27.
UAL 2007 10-K at p. 125.
AA 2009 10-K at "Fuel" section
DAL 2007 10-K at p. 4.
UAL 2007 10-K at p. 7.

-1,947

17,274

769

-65.12%

4,151

-68.30%

Exhibit 18

EXHIBIT 18
Emirates
Estimate of Benefit from Purchases of Goods and Services at LTAR
AED'000
2004/05
2005/06
2006/07
2007/08
2008/09
2009/10
2010/11
2011/12
2012/13
2013/14

USD*

852,666
1,427,505
2,069,212
2,692,078
4,022,605
4,073,000
4,570,000
5,991,000
6,969,000
8,066,000

232,175,902
388,701,157
563,434,173
733,036,896
1,095,331,518
1,109,053,778
1,244,383,935
1,631,313,819
1,897,617,427
2,196,324,030

Total
40,733,066
percent below arm's length (see below):
Benefit estimate (USD):

11,091,372,634
16.7%
1,855,056,852

Source
2005/06 F/S, Note 31, p. 101
Note 31, p. 101
Note 32, p. 95
Note 33, p. 103
Note 34, p. 105
Note 36, p. 84
Note 35, p. 88
Note 35, p. 92
Note 36, p. 108
Note 37, p. 102

* Converted at AED 3.6725/USD
Estimate of Percent Below Arm's Length of Related Party Purchases:
Gain on sale and leaseback of aircraft
List Price for A330-200 (2008)
Emirates Discount
Number of aircraft
Total Value of Transaction
Percent below arm's length

$
$
$
$

151,000,000
181,000,000
37.65%
8
902,828,000
16.7%

A
B
C
D
E=B*(1-C)*D

Sources:
Emirates 2008 Financial Statement
http://www.independent.co.uk/travel/news-and-advice/fact-file-the-airbus-a330200-1694347.html
Price of an Emirates airline Airbus A380 superjumbo is $234 million, Bangalor Aviation, October 19, 2011

Exhibit 19

Exhibit 19
Benefit from Restrictive Labor Practices
Emirates

Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

A

B

C

 Employee Cost  
(AED '000) 
          2,254,113.00
          2,700,992.00
          3,254,022.00
          4,024,328.00
          5,515,905.00
          5,861,000.00
          6,345,000.00
          7,617,000.00
          7,936,000.00
          9,029,000.00
        10,230,000.00

 USD 
            613,781,620
            735,464,125
            886,050,919
         1,095,800,681
         1,501,948,264
         1,595,915,589
         1,727,705,922
         2,074,063,989
         2,160,925,800
         2,458,543,227
         2,785,568,414

 Savings (10.65% 
of B) 
            65,367,743
            78,326,929
            94,364,423
          116,702,772
          159,957,490
          169,965,010
          184,000,681
          220,887,815
          230,138,598
          261,834,854
          296,663,036

F/S Page
76
88
85
79
84
61
40
42
46
60
53

Total Benefit        1,878,209,351

Etihad 
A

B

C

Year

 Employee Cost  
(AED '000) 

 USD 

 Savings (10.65% 
of B) 

2004
2005

                67,394.00
 
               18,350,987
 
               1,954,380
 
              118,118.00                32,162,832
 
               3,425,342
 

2006
2007
2008
2009
2010
2011
2012
2013
2014

            100,468,000
            167,860,000
            182,814,000
            259,637,000
            313,724,000
            263,502,000
            443,000,000
            533,000,000
Not available
Total Benefit

          246,496,254

A

B

C

 Employee 
Expenses (QR '000) 

 G&A Expenses 
(QR '000) 

            10,699,842
            17,877,090
            19,469,691
            27,651,341
            33,411,606
            28,062,963
            47,179,500
            56,764,500

F/S Page
From the 2005 
financials
12
From the 2007 
financials
20
22
23
24
24
23
31

Qatar

Year
2004
2005

2006
2007
2008
2009
2010
2011
2012
2013
2014

          1,787,510.00
          1,121,557.00
          1,193,326.00
          1,842,052.00

               266,112.00
 
               364,006.00
 
               535,596.00
 
               611,497.00
 

          3,906,235.00
          4,525,781.00

           1,040,466.00
           1,243,120.00

D

E

F

G

 Total Labor Cost 
 Operating 
 Savings 
A+B (QR '000) 
Expenses (QR '000)   USD (Total Labor Cost)   USD (Operating cost)  (10.65% of E)  F/S Page
            529,791.77              2,284,172.00                     145,547,191
 
                    627,519,780
 
        15,500,776
            812,778.08              3,504,254.00                     223,290,683
 
                    962,707,143
 
        23,780,458

         2,053,622.00
         1,485,563.00
         1,728,922.00
         2,453,549.00
         2,861,702.03
         4,096,779.57
         5,503,265.71
         6,327,961.12
         5,768,901.00

             5,355,839.00
             7,737,622.00
           10,804,117.00
           12,758,371.00
           12,338,092.00
           17,663,070.00
           23,727,068.00
           27,282,703.00

                    564,181,868
 
                    408,121,703
 
                    474,978,571
 
                    674,051,923
 
                    786,181,876
 
                 1,125,488,893
 
                 1,511,886,184
 
                 1,738,450,858
 
                 1,584,862,912
 

                 1,471,384,341
 
                 2,125,720,330
 
                 2,968,164,011
 
                 3,505,046,978
 
                 3,389,585,714
 
                 4,852,491,758
 
                 6,518,425,275
 
                 7,495,248,077
 

        60,085,369
        43,464,961
        50,585,218
        71,786,530
        83,728,370
      119,864,567
      161,015,879
      185,145,016
      168,787,900
Ten Year Total Benefit       983,745,044

From the 
2007 
financials
16
20
19

* Source:  A Meta‐Analysis of the Union‐Nonunion Wage Gap, Stephen B. Jarrell and T.D. Stanley,  Industrial and Labor Relations Review, Bol 44, Not. 1 (Cot 1990), pp 54‐67
Note: this is the midpoint of the range of 8.9% to 12.4% found in this study.

Exhibit 20

Emirates
Estimate of Benefit from Income Tax Exemption
Fiscal
Year
Ending in
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

Profit before
Income Tax
(AED M)*
2,560
2,649
3,326
5,104
665
3,665
5,545
1,673
2,472
3,464

EBT (US$)
703,296,703
727,747,253
913,736,264
1,402,197,802
182,692,308
1,006,868,132
1,523,351,648
459,615,385
679,120,879
951,648,352

Min Tax
Rate
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%

Apr 2004-Mar 2014

MinimumTax
Max Tax Maximum Tax
Exemption
Rate
Exemption
140,659,341
55%
386,813,187
145,549,451
55%
400,260,989
182,747,253
55%
502,554,945
280,439,560
55%
771,208,791
36,538,462
55%
100,480,769
201,373,626
55%
553,777,473
304,670,330
55%
837,843,407
91,923,077
55%
252,788,462
135,824,176
55%
373,516,484
190,329,670
55%
523,406,593
1,710,054,945

Income Taxes in Other
Jurisdictions ($)
15,461,675
23,855,140
44,269,843
7,772,907
-23,246,018
13,614,704
21,238,938
14,431,586
17,426,821
12,797,822

4,702,651,099

* Profit before Income Tax

Source:  Emirates Consolidated Financial Statements
http://www.galadarilaw.com/uploads/brochures/172113_Tax.pdf
http://www2.deloitte.com/content/dam/Deloitte/global/Documents/Tax/dttl-tax-unitedarabemirateshighlights-2014.pdf
http://en.wikipedia.org/wiki/Taxation_in_the_United_Arab_Emirates

Net Maximum
Tax Exemption
371,351,512
376,405,849
458,285,102
763,435,884
123,726,787
540,162,769
816,604,469
238,356,875
356,089,663
510,608,772
4,555,027,682