2015-01-25 CapTrade Gulf Airlines Subsidies Report

Privileged and Confidential

Evidence of Actionable Government Subsidies

Received by Etihad Airways, Qatar Airways, and Emirates Airline

January 25, 2015

Charles L. Anderson


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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


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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$ Etihad Qatar Emirates Combined

Gov’t Equity Infusions 6,291 6,291

Gov’t Loans at Preferential Rates 1,375 618 1,993

Gov’t Loan Guarantees 6,809 6,809

Debt Forgiveness/Fuel Hedging 4,630 7,756 2,395 14,781

Grants 111 22 133

Provision of Airport Terminal Facilities for LTAR

1,392 1,104

Provision of Other Goods and Services for LTAR*

452 1,855 2,307

Passenger Fee Exemptions and Credits

501 616 871 1,988

Provision of Airport Revenues 215 155

Assumption of Promotional Expenses

640 640

Total Received 13,548 16,488 6,513 36,550

Additional Subsidies Committed 4,172 4,172

*Less than adequate remuneration


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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 non-

commercial 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.

3 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.


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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 government-

owned 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.

http://www.dubaiairports.ae/docs/default-source/Publications/dubai-airports---strategic-plan-2020.pdf?sfvrsn=0

http://www.3zba.com/vb/archive/index.php/t-64020.html


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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-the-

government” 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-the-

book” 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 state-

owned 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$ Revenue Net Income Accumulated Losses Source

2004 86,247 (108,375) (108,375) 2005 F/S at 4-5*

2005 291,114 (220,720) (329,095) 2005 F/S at 4-5*

2006 784,604 (699,403) (1,028,431) 2007 F/S at 2-3

2007 1,525,846 (638,339) (1,666,770) 2007 F/S at 2-3

2008 2,453,533 (610,890) (2,280,684) 2008 F/S at 2-3

2009 2,274,585 (925,225) (3,247,428) 2009 F/S at 2&4

2010 2,972,290 (462,014) (3,841,661) 2010 F/S at 2&4

2011 3,827,043 (82,676) (3,827,938) 2011 F/S at 2&4

2012 4,304,000 (67,000) (3,788,000) 2012 F/S at 2&4

2013 4,933,000 (684,000) (4,487,000) 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$ Equity/Capital

Infusions Committed Equity Infusions

Disbursed Source

2004 54,436 54,436 2005 F/S, Note 18

2005 81,655 81,655 2005 F/S, Note 18

2006 - - 2007 F/S, Note 16

2007 1,238,977 1,238,977 2007 F/S, Note 16

2008 5,272,841 575,845 2008 F/S, Note 21

2009 - 330,765 2009 F/S, Note 20

2010 - 1,247,842 2010 F/S, Note 20

2011 - 438,672 2011 F/S, Note 22

2012 - 1,242,000 2012 F/S, Note 22

2013 - 1,217,000 2013 F/S, Note 18.1

2014 3,504,000 Unknown 2013 F/S, Note 2.1

2004-2014 Total 10,151,909 6,427,192

2007-2014 Total 10,015,818 6,291,101

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).

http://images.smh.com.au/file/2014/05/22/5445995/etihad.pdf?rand=1400723164129


14

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

See: Etihad 2013 financial statement, Note 2.1 at 9. 15

§ 771(5)(D)(i). 16

19 CFR §351.507(a)(1). 17

19 CFR §351.507(a)(4).


15

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 CFR §351.507(a)(4)(A). 19

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).

http://enforcement.trade.gov/frn/summary/korea-south/03-15793-1.pdf


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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.


18

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


19

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).


20

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

Etihad 2013 financial statement, at 2 and Note 6 at 31; Note 13.4(e) at 39; Note 22(a) at 47. 27

See Etihad 2013 financial statements, Note 22(b) at 48. 28

Id., at Note 13.4(e) at 39.


21

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. 30

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.


22

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-your-

seatbelts.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.

http://www.pwc.com/gx/en/aerospace-defence-and-security/publications/aviation-finance-fasten-your-seatbelts.jhtml



23

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.


24

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.

http://en.wikipedia.org/wiki/Kingfisher_Airlines


25

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

19 CFR §351.507(a)(6). 40

See, e.g., Etihad 2008 financial statement, Note 23 at 27.


26

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

.


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). 42

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.”


27

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.


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).


28

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.


29

Also relevant to the Etihad creditworthiness analysis is the virtual absence of any non-

government 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.

http://www.businessdictionary.com/definition/going-concern-principle.html


30

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). 53

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.


31

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. 56

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.


32

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

.


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/03-

15793-1.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.




33

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.


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


34

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

.


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.


35

support. Benefits that are limited to industries that are deemed “strategic” meet the condition of

specificity under U.S. countervailing duty law.


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


http://www.theguardian.com/football/2011/jul/08/manchester-city-deal-etihad-airways


36

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).


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.


37


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.


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.


38

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

.


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

Id., Appendix C, at vi. 66

Id., Appendix C, at viii. 67

The calculations are shown at Kasper, Appendix C at ix.


39

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.

https://gsec.abudhabi.ae/Sites/GSEC/Navigation/EN/MediaCentre/government-news,did=146190.html


40

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. 72

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.


41

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.


42

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

Amiri decree establishing Etihad Law No. 1 of 2003. 78

See Exhibit 11. 79

See Etihad 2013 financial statement, Note 24 at 49.


43

growth, its need for government support will continue – and likely increase from the already

substantial level provided to date.


44

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.


45

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 specially-

prepared 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. 82

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.


46

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. 86

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:

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.


47

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

Amount (US$) Source

1998 19,230,769 1998 F/S at 2

1999 -

2000 19,009,066 2000 F/S at 2

2001 36,171,703 2001 F/S at 2

2002 39,455,769 2002 F/S at 3

2003 9,718,407 2003 F/S at 3

2004 54,733,516 2004 F/S at 3

2005 -

2006 -

2007 595,911,813 2007 F/S at 4

2008 742,303,022 2008 F/S at 4

Total 1,516,534,065

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).

http://www.arabianbusiness.com/talk-of-unfair-subsidies-is-crap-says-al-baker-430018.html


48

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.


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


Government of Qatar considered airlines to be a “strategic” industry, and therefore targeted


49




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.


50

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 non-

core operations were excluded, Qatar Airways financial performance – and specifically, its cash-

based 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. 89

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.


51

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. 92

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 post-

2004 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.


52

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.


53

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

.


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.


54

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.


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


55

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

.


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. 100

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.


56

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.


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:


57

Table 7: Non-Qatari Government Term Loans Obtained by Qatar Airways

Year Loans Received $ Million Source

1998 $6.12 1998 F/S at 4

1999 $3.26 1999 F/S at 4

2000 $8.55 2000 F/S at 4

2001 $75.01 2001 F/S at 4

2002 $179.33 2002 F/S at 4

2003 $528.97 2003 F/S at 4

2004 $493.72 2004 F/S at 4

2005 $449.88 2005 F/S at 4

2006 $817.02 2006 F/S at 4

2007 $2,058.66 2007 F/S at 4-5

2008 $1,339.71 2008 F/S at 4-5

2009 $1,397.50 2009 F/S at 4-5

2010 $319.74 2010 F/S at 4-5

Total $7,677.46

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


58

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. 103

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).


59

[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.


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



60

Government of Qatar considered airlines to be a “strategic” industry, and therefore targeted




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).


61

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 lease-

buyback 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.


62

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.


63

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

Kasper, Appendix C, at 9.. 115

Id., at 9. 116

Id., at 10. 117

Id., at 28-9. 118

Id. at 30. 119

See Exhibit 13 (468,229 thousand converted at QR 3.64 to the dollar).


64

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.






ii. 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

.


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

Id., Appendix C at v. 121

Id., Appendix C at viii.


65

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:

Amount (QR) Amount $ Source 2007 QR 50 million $13.7 million 2008 F/S, Note 31 at 34 2008 QR 68 million $18.7 million 2008 F/S, Note 31 at 34 2009 QR 82 million $22.5 million 2009 F/S, Note 32 at 34 2013 QR109 million $30.0 million 2014 F/S, Note 6 at 28 2014 QR 121 million $33.2 million 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. 123

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.


66

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 3 125

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.


67

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.


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.


68

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.


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).


69

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

See: http://www.qatarairways.com/us/en/group-companies.page (last visited 14 Jan 2015). 130

See: http://www.qatarvisitor.com/residents/buying-alcohol (last visited 14 Jan 2015). 131

See calculations in Exhibit 13. 132

Id.

http://www.qatarairways.com/us/en/group-companies.page

http://www.qatarvisitor.com/residents/buying-alcohol


70

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 write-

offs 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.


71

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

Id., Note 30 at 46.(QR 144,019,368,000 converted at QR 3.64 to the dollar). 135

See Exhibit 11.


72

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

Emirates 2014 annual report at 1. 137

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


73

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

Id. 139

"Connecting the world today and tomorrow: Strategic Plan 2020," Dubai Airports Company, at 19.. 140

IMF, United Arab Emirates: 2009 Article IV Consultation - Staff Report; Public, at 39.


74

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 Id.

143

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

http://www.theemiratesgroup.com/english/our-company/leadership/hh-sheikh-ahmed-bin-saeed-al-maktoum.aspx


75

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).


76

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).


77

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).


78

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.


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


79

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,





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.


80

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

.


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.


81

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).

http://enforcement.trade.gov/sla2008/reports/Softwood-Lumber-Subsidies-Report-2014-06-16.pdf


82

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.


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

Kasper. at 20. 161

Id. 162

Id., at 15.


83

“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

Id., at 22. A “profit rate” in Sukuk financing is equivalent to an interest rate in conventional financing. 164

Id. 165

Id., at 23. 166

Id., at 23-25. 167

Id., at 26.


84

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

Id., at 26-7. 169

Id., at 28. 170

Id., Appendix B at v. 171

Id., at 28-9. 172

Id. 173

Id. at 29 (footnote 49). 174

Id., at 28-29. 175

Id. at 9.


85

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.






ii. 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,




176

Id. at 29-30. 177

Id., at 30.


86


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

Id., at 32. 179

Id. 180

Id., at 33. 181

Id., Appendix B at v. 182

See, e.g., Emirates 2014 annual report, Note 37, at 103.


87

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.


88

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.


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.


89

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


Government of Dubai considered airlines to be a “strategic” industry, and therefore targeted




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.


90

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. 189

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.)

http://www.daecapital.com/en/aboutus/key-milestone.html

http://uk.reuters.com/article/2008/07/16/airshow-boeing-freighters-idUKL1675332120080716


91

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

Emirates 2014 annual report, Note 7, at 79 193

Emirates Bond Prospectus, U.S. $750,000,000, 4.5 percent. Notes due 2025, dated February 1, 2013, at 80. 194

http//:www.enocaviation.com/enoc_aviation/News.aspx (last visited August 1, 2013) . 195

Emirates 2014 annual report, Note 31, at 98. 196

See Exhibit 11.


92

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-development-

will-take-airport-to-120m-passenger-capacity-1.1382441 (last visited 15 Jan 2015).

198

Id.

http://gulfnews.com/business/aviation/32b-dubai-world-central-development-will-take-airport-to-120m-passenger-capacity-1.1382441

http://gulfnews.com/business/aviation/32b-dubai-world-central-development-will-take-airport-to-120m-passenger-capacity-1.1382441


93

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


94

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


95

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.


96

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.


97

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.

http://www.galadarilaw.com/uploads/brochures/172113_Tax.pdf


98

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.


99

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

§ 771(5)(D)(i). 205

19 CFR §351.507(a)(1). 206

19 CFR §351.507(a)(4).


100

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

19 CFR §351.507(a)(4)(A). 208

19 CFR §351.507(a)(6).


101

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




102

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 Amount (Million US$) Source 2009 1,735.2 2009 F/S at 6 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 5

2009-2014 Total 6,239.9

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.


103

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.


104

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 state-

backed 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-your-

seatbelts.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.




105

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.

http://en.wikipedia.org/wiki/Kingfisher_Airlines.%20(last


106

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).

Exhibit 1

EXHIBIT 1

Etihad Financial Data and Ratio Calculations

Financial Ratios, 2004 - 2013

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Current Ratio 0.43 0.46 0.35 1.81 1.11 0.61 0.78 1.08 1.28 1.18 Quick Ratio 0.38 0.43 0.34 1.79 1.09 0.60 0.77 1.06 1.26 1.17 Debt to Equity Ratio negative negative negative negative negative negative 0.85 0.83 0.69 0.53 Working Capital to Total Assets -0.12 -0.17 -0.32 0.16 0.03 -0.10 -0.05 0.01 0.05 0.03 Sales to Working Capital -1.24 -1.20 -0.90 2.02 16.20 -4.09 -9.16 35.09 8.46 10.36 Total Sales to Total Assets 0.15 0.20 0.29 0.32 0.43 0.39 0.43 0.47 0.42 0.36 Equity to Total Assets negative negative negative negative negative negative 0.42 0.46 0.49 0.53 Times Interest Earned negative negative negative negative negative negative negative 0.34 0.39 negativeReturn on Equity negative negative negative negative negative negative negative negative negative negative

Financial Data, 2004-2013thousand US$

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013Income statementRevenue 86,247 291,114 784,604 1,525,846 2,453,533 2,274,585 2,972,290 3,827,043 4,304,000 4,933,000 EBIT (107,949) (217,731) (640,051) (552,728) (519,540) (821,710) (324,013) 47,515 57,000 (546,000) Interest expense (426) (2,989) (70,652) (118,889) (140,580) (136,302) (142,693) (139,285) (146,000) (169,000) Net income1 (108,375) (220,720) (699,403) (638,339) (610,890) (925,225) (462,014) (82,676) (67,000) (684,000)

Balance sheetCurrent Assets 51,676 209,182 471,441 1,684,409 1,503,703 866,658 1,178,796 1,440,308 2,350,000 3,067,000 Inventories 5,119 13,588 14,967 19,040 25,104 19,757 21,931 23,416 36,000 43,000 Total Assets 594,373 1,453,064 2,735,359 4,781,609 5,650,807 5,833,981 6,850,878 8,093,063 10,229,000 13,666,000

Current Liabililites 121,428 452,064 1,342,286 930,718 1,352,257 1,423,310 1,503,366 1,331,234 1,841,000 2,591,000 Total Debt 491,316 1,114,190 2,207,496 4,009,490 4,815,077 5,316,466 2,455,181 3,066,381 3,412,000 3,852,000 Total Equity, book value (53,927) (146,015) (845,388) (158,599) (516,527) (905,795) 2,892,331 3,695,448 4,976,000 7,223,000 Total Accumulated Losses (108,375) (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)

Cash Flow statementOperating Cash Flow (13,584) (220,431) (389,263) (92,745) (122,168) (434,152) (282,653) 330,050 (51,000) (329,000)

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 AEDIncome statement 2004 2005

Revenue 316,806 1,069,335 EBIT (396,523) (799,780) Interest expense (1,566) (10,979) Net income (398,089) (810,759)

Balance sheet

Current Assets 189,820 768,377 Inventories 18,805 49,912 Total Assets 2,183,280 5,337,467

Current Liabililites 446,035 1,660,545 Total Debt 1,804,728 4,092,699 Total Equity BV (198,089) (536,348) Total Accumlated Losses (398,089) (1,208,848)

Operating Cash Flow (49,896) (809,699)

AED per USD 3.67 3.67

Exhibit 2

Exhibit 2

Additional 2013 Losses If Etihad Airways Partnership Airlines Were Reported

PartnerPartnership

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% (117,702,497)

Virgin Australia Jun 2012 A$ -98,100,000 2013 F/S at 76 1.078 -91,001,855 12.85% 1 (11,693,738)

Aer Lingus May 2012 Euro 34,088,000 2013 F/S at 79 0.783 43,535,121 2.99% 2 1,300,394

Jet Airways Nov 2013 Rp -15,142,800,000 Q3 FY 2014 60.9360 -27,611,483 24.00% (6,626,756)

Total: (134,722,597)

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.

2 Aer Lingus 2012 F/S at 5.

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.

Exhibit 3

EXHIBIT 3

Comparable Airline Industry Financial Ratios, 2004 ‐ 2013Period Averages

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 '04‐'07 '04‐'09* '04‐'13*MedianCurrent Ratio 0.7583 0.9163 0.7152 0.6308 0.5581 0.4872 0.5132 0.4387 0.4515 0.5635 0.7367 0.6730 0.5608 Quick Ratio 0.5329 0.4800 0.3625 0.3770 0.2955 0.2256 0.4309 0.3372 0.3320 0.4034 0.4285 0.3697 0.3697 Debt to Equity Ratio 2.5259 2.1747 2.7761 2.1876 4.8833 4.3383 2.8009 2.8573 2.0005 1.9397 2.3568 2.6510 2.6510 Total Sales to Total Assets 0.7114 0.7226 0.6903 0.6656 0.6272 0.5559 0.7427 0.7655 0.7656 0.7546 0.7009 0.6779 0.7170 Equity to Total Assets 0.2836 0.3150 0.2648 0.3137 0.1605 0.1844 0.2631 0.2593 0.2994 0.3402 0.2987 0.2742 0.2742 Times Interest Earned 2.4785 0.9775 1.0005 0.8901 0.5109 1.0408 3.5082 2.0567 2.3112 2.1658 0.9890 0.9890 1.5488 Return on Equity 0.1122 0.0352 0.0170 0.0877 (0.3841) 0.0414 0.3041 0.0504 0.0976 0.0652 0.0614 0.0383 0.0578 MeanCurrent Ratio 0.8116 0.8485 0.8235 0.7827 0.5258 0.5989 0.7108 0.6902 0.6187 0.6610 0.8165 0.7318 0.7072 Quick Ratio 0.5886 0.6052 0.6097 0.5516 0.3423 0.4204 0.5252 0.5225 0.4555 0.4987 0.5888 0.5196 0.5120 Debt to Equity Ratio 4.4639 3.0437 3.3450 3.4529 4.2819 7.8407 8.2473 16.6752 2.7723 2.2277 3.5764 4.4047 5.6351 Total Sales to Total Assets 0.8495 0.8563 0.8905 0.8373 0.7636 0.6723 0.8253 0.8563 0.8804 0.7685 0.8584 0.8116 0.8200 Equity to Total Assets 0.2892 0.3096 0.3063 0.2907 0.1098 0.1554 0.2522 0.2360 0.2343 0.3327 0.2989 0.2435 0.2516 Times Interest Earned 2.4936 1.4973 2.1001 1.0457 0.5109 1.4018 4.0068 2.5317 2.1529 2.1453 1.7842 1.5082 1.9886 Return on Equity 0.3267 (0.0915) 0.0586 0.0746 (0.9189) 0.0309 0.2733 (0.0596) 0.2621 0.0526 0.0921 0.0799 0.1031

* Note: 2008 data excluded from ROE averages due to global financial crisis year.

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

EXHIBIT 3 (Cont.)

Asiana 12 months

Dec-31-2004 12 months









Dec-31-2013

Current Ratio 0.6021 0.6683 0.6045 0.5620 0.3414 0.4041 0.3786 0.3782 0.5248 0.7159 Quick Ratio 0.2962 0.3769 0.3403 0.3770 0.1918 0.2256 0.2573 0.2706 0.3510 0.5562 Debt to Equity Ratio 2.5574 2.1379 2.1170 2.0811 5.2306 5.1795 3.5532 3.4636 3.2479 4.1771 Total Sales to Total Assets 0.7728 0.8336 0.9088 0.8964 0.8486 0.6722 0.8849 0.9359 0.9951 0.8739 Equity to Total Assets 0.2811 0.3187 0.3208 0.3246 0.1605 0.1618 0.2196 0.2240 0.2354 0.1932 Times Interest Earned 1.6971 0.9775 1.2133 1.5213 NM NM 3.6459 1.9304 1.1119 NMReturn on Equity 0.3657 0.0352 0.1308 0.0924 (0.2549) (0.3620) 0.2451 (0.0313) 0.0670 (0.1202)

AirChina 12 months










Dec-31-2013

Current Ratio 0.7014 0.3202 0.4124 0.3656 0.2438 0.2299 0.4386 0.3808 0.3781 0.3684 Quick Ratio 0.5329 0.2416 0.3241 0.2647 0.1412 0.1611 0.3759 0.3372 0.3130 0.3013 Debt to Equity Ratio 1.8850 1.5432 1.1799 1.3692 2.6137 2.6591 2.0889 1.8582 1.9545 1.9397 Total Sales to Total Assets 0.5447 0.5444 0.5704 0.5650 0.5514 0.4928 0.6159 0.5791 0.5549 0.5030 Equity to Total Assets 0.3466 0.3932 0.4587 0.4221 0.2767 0.2733 0.3237 0.3499 0.3385 0.3402 Times Interest Earned 2.4585 1.1861 0.5230 1.0611 NM 4.5791 8.5697 3.7800 3.4551 1.5331 Return on Equity 0.1935 0.1248 0.1241 0.1303 (0.3658) 0.2163 0.3777 0.1575 0.0980 0.0652

ChinaEastern 12 months










Dec-31-2013

Current Ratio 0.4345 0.2980 0.2666 0.2742 0.1931 0.1933 0.3077 0.3159 0.2607 0.2376 Quick Ratio 0.3641 0.2219 0.1521 0.1462 0.1141 0.1184 0.1896 0.2178 0.1819 0.1640 Debt to Equity Ratio 4.0355 6.0851 11.5044 12.8312 NM 26.7633 3.4999 2.8573 2.7650 2.8093 Total Sales to Total Assets 0.5095 0.5300 0.6322 0.6656 0.5892 0.5559 0.8501 0.7655 0.7292 0.6784 Equity to Total Assets 0.1986 0.1411 0.0800 0.0723 (0.2909) 0.0360 0.2222 0.2593 0.2656 0.2625 Times Interest Earned 1.5779 0.2115 NM 0.0752 NM 1.0408 3.5082 3.2497 2.4914 NMReturn on Equity 0.1122 0.0146 (0.6643) 0.0690 NM NM 0.5795 0.2386 0.1211 0.0917

ChinaSouthern 12 months










Dec-31-2013

Current Ratio 0.2781 0.2180 0.1720 0.2063 0.2226 0.2535 0.4906 0.4387 0.3445 0.4180 Quick Ratio 0.2138 0.1648 0.1231 0.1640 0.1769 0.1880 0.4309 0.3077 0.2939 0.3351 Debt to Equity Ratio 2.5315 3.7529 4.0622 3.3821 5.7543 4.4220 1.8413 1.6852 1.8614 2.1912 Total Sales to Total Assets 0.4734 0.5725 0.6289 0.6920 0.6700 0.6165 0.7427 0.7510 0.7321 0.6380 Equity to Total Assets 0.2832 0.2104 0.1975 0.2282 0.1481 0.1844 0.3520 0.3724 0.3495 0.3134 Times Interest Earned 1.3155 NM 0.1507 0.6975 NM 0.9065 5.1439 4.4911 3.6940 0.1563 Return on Equity 0.0113 (0.1429) 0.0170 0.1539 (0.4024) 0.0463 0.2951 0.1789 0.0976 0.0648

EXHIBIT 3 (Cont.)

EVA 12 months










Dec-31-2013

Current Ratio 0.7583 0.9163 1.0148 0.9770 0.6230 0.8193 1.0884 1.2618 1.3115 1.1905 Quick Ratio 0.4301 0.4800 0.5984 0.5981 0.3347 0.4876 0.7154 0.8046 0.9339 0.9411 Debt to Equity Ratio 1.2821 1.3808 1.5721 1.8596 3.2863 2.9160 2.1052 2.0336 2.0005 1.8983 Total Sales to Total Assets 0.7114 0.7226 0.6903 0.6467 0.6272 0.5219 0.7164 0.7328 0.7990 0.8056 Equity to Total Assets 0.4382 0.4200 0.3888 0.3497 0.2333 0.2554 0.3220 0.3296 0.3333 0.3450 Times Interest Earned 2.4985 0.8701 NM NM NM NM 7.7047 1.3865 1.7211 2.1658 Return on Equity 0.0798 0.0371 (0.0307) (0.0330) (0.4383) (0.0808) 0.3131 0.0175 0.0253 0.0321

JetAirways 12 months

Mar-31-2005 12 months








Mar-31-2013

Current Ratio 1.4715 1.7474 0.7152 0.6308 0.5581 0.4872 0.5132 0.3431 0.3616 Quick Ratio 1.0628 1.0874 0.3625 0.3587 0.2955 0.2193 0.2032 0.2030 0.2405 Debt to Equity Ratio 1.5066 2.1747 2.7761 2.8907 4.8833 4.2545 4.1216 101.6392 NMTotal Sales to Total Assets 0.7966 0.7426 0.7211 0.6347 0.5686 0.5081 0.6537 0.8131 0.9686 Equity to Total Assets 0.3989 0.3150 0.2648 0.2570 0.1700 0.1903 0.1953 0.0097 (0.1879) Times Interest Earned 2.9844 2.2203 NM NM NM 0.0906 0.6174 NM 0.0153 Return on Equity 0.3080 0.2095 0.0123 (0.2014) (0.2506) (0.1238) (0.0256) (1.6443) NM

JetBlue 12 months










Dec-31-2013

Current Ratio 1.0598 0.9393 1.0855 0.8885 0.8899 1.3157 1.2535 1.1530 0.6841 0.5635 Quick Ratio 1.0030 0.8550 0.9087 0.7373 0.6078 1.0411 0.9622 0.9398 0.5205 0.4034 Debt to Equity Ratio 2.0429 2.5532 2.9832 2.9421 2.5020 2.1468 1.8337 1.7849 1.5101 1.2127 Total Sales to Total Assets 0.5080 0.5086 0.5410 0.5444 0.5831 0.5227 0.5751 0.6593 0.7046 0.7546 Equity to Total Assets 0.3286 0.2814 0.2511 0.2537 0.2856 0.3178 0.3529 0.3591 0.3984 0.4519 Times Interest Earned 2.5321 0.5934 0.7877 0.8901 0.5109 1.4632 2.0511 1.8506 2.1310 2.8311 Return on Equity 0.0665 (0.0240) (0.0011) 0.0181 (0.0662) 0.0414 0.0606 0.0504 0.0702 0.0835

TAM 12 months










Dec-31-2013

Current Ratio 1.0582 1.5664 1.9035 1.8276 0.8662 0.8518 0.9022 0.9753 Quick Ratio 0.8159 1.2932 1.6627 1.3197 0.7763 0.7746 0.8279 0.9023 Debt to Equity Ratio 2.5259 0.7179 0.8150 1.5325 5.7032 14.3844 2.8009 4.3146 Total Sales to Total Assets 1.8150 2.0488 1.7324 1.3920 0.8458 0.7344 0.8294 0.8537 Equity to Total Assets 0.2836 0.5821 0.5510 0.3949 0.1492 0.0650 0.2631 0.1882 Times Interest Earned 4.8849 4.4220 7.9429 0.7597 NM 1.1533 2.4344 2.1829 Return on Equity 2.8991 0.3918 0.5031 0.0877 (0.8405) 0.4792 0.3412 (0.1101)

EXHIBIT 3 (Cont.)

USAirways 12 months










Dec-31-2013

Current Ratio 0.9402 0.9624 1.2367 1.3120 0.7943 0.8358 1.0243 0.9649 1.0845 1.1331 Quick Ratio 0.5786 0.7258 1.0151 0.9988 0.4425 0.5679 0.7641 0.7196 0.8096 0.7897 Debt to Equity Ratio 21.8083 7.0476 3.0948 2.1876 NM NM 52.3810 30.4400 6.0671 1.3656 Total Sales to Total Assets 1.5141 1.2032 1.5897 1.4985 1.5888 1.4260 1.5594 1.6163 1.5601 1.1257 Equity to Total Assets 0.0438 0.1243 0.2442 0.3137 (0.1447) (0.0851) 0.0187 0.0318 0.1415 0.4227 Times Interest Earned NM NM 1.9831 2.3150 NM 0.5789 2.3860 1.3823 2.6035 4.0402 Return on Equity (1.0961) (1.4693) 0.4360 0.3545 (4.7323) NM NM 0.6068 1.3553 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 FY2012Note: 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 ratioNo Company Name Country GVKEY Industry Segment Sector Currency 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Median Average

UAE 7.2% 29.3% 30.2% 25.0% 81.9% 83.4% 81.0% 82.8% 108.9% 49.5% 65.2% 57.9%

# negative - - - - - - - - - -

Qatar 9.3% 11.1% 23.0% 18.1% 29.8% 32.0% 35.2% 40.4% 44.8% 30.3% 30.0% 27.4%

# negative - - - - - - - - - - No Company Name Country GVKEY Industry Segment Sector Currency 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Median Average

1 AXIUS INC UAE 179660 Distributors Consumer Discretionary USD 83.72% 0.12% 0.29% 9.27% 4.78% 23.35%

2 EMIRATES DRIVING UAE 284155 Education Services Consumer Discretionary USD 13.13% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.64%

3 KINGDOM HOTEL INVESTMENTS UAE 276929 Hotels, Resorts & Cruise LinConsumer Discretionary USD 112.14% 111.99% 100.98% 111.99% 108.37%

4 ABU DHABI NATIONAL HOTELS UAE 282983 Hotels, Resorts & Cruise LinConsumer Discretionary USD 0.80% 0.43% 0.71% 0.32% 16.34% 48.83% 73.90% 44.52% 8.57% 23.23%

5 NATL CORP FOR TOURISM & HOT UAE 284158 Hotels, Resorts & Cruise LinConsumer Discretionary USD 53.47% 94.91% 63.61% 69.06% 56.17% 38.72% 26.23% 56.17% 57.45%

6 AL FIRDOUS HOLDINGS UAE 287151 Hotels, Resorts & Cruise LinConsumer Discretionary USD 0.06% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01%

7 QATAR CINEMA & FILM Qatar 275063 Movies & Entertainment Consumer Discretionary USD 0.00% 0.00% 0.00% 30.52% 19.29% 7.31% 7.69% 8.74% 7.50% 9.19%

8 DAMAS INTERNATIONAL LTD UAE 293285 Specialty Stores Consumer Discretionary USD 253.63% 1,205.62% 692.71% 134.02% 473.17% 571.50%

9 FOODCO HOLDING PJSC UAE 282986 Food Distributors Consumer Staples USD 10.38% 44.41% 40.40% 69.72% 60.61% 55.21% 101.63% 172.73% 79.24% 60.61% 70.48%

10 DUBAI REFRESHMENTS UAE 283433 Food Distributors Consumer Staples USD 10.15% 0.00% 1.58% 5.38% 1.36% 7.39% 14.64% 5.38% 5.79%

11 ALMEERA CONSUMER GOODS CO Qatar 293086 Hypermarkets & Super CenConsumer Staples USD 0.00% 0.00% 16.32% 25.87% 0.00% 0.00% 8.44%

12 AMIRA NATURE FOODS LTD UAE 14033 Packaged Foods & Meats Consumer Staples USD 55.21% 25.79% 40.50% 40.50%

13 ZAD HOLDING CO Qatar 274901 Packaged Foods & Meats Consumer Staples USD 8.40% 0.18% 1.71% 8.30% 0.00% 0.00% 50.01% 43.67% 32.56% 8.30% 16.09%

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% 25.74% 11.36% 12.86% 11.36% 8.81%

15 UNITED FOODS CO P.S.C. UAE 283483 Packaged Foods & Meats Consumer Staples USD 92.50% 37.22% 14.20% 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 0.00% 26.51% 88.73% 57.44% 69.27% 114.42% 117.00% 49.73% 63.35% 65.39%

22 GULF INTL SVCS Qatar 288907 Oil & Gas Drilling Energy USD 36.88% 18.82% 20.24% 26.76% 34.87% 6.10% 23.50% 23.95%

23 LAMPRELL UAE 279384 Oil & Gas Equipment & Ser Energy USD 0.00% 0.00% 3.52% 5.29% 0.00% 23.10% 40.06% 20.40% 4.41% 11.55%

24 MARITIME INDL SVCS CO UAE 284079 Oil & Gas Equipment & Ser Energy USD 32.94% 360.84% 195.46% 27.32% 15.81% 32.94% 126.48%

25 POLARCUS LTD UAE 292880 Oil & Gas Equipment & Ser Energy USD 161.88% 109.54% 282.44% 132.45% 178.64% 161.88% 172.99%

26 DRAGON OIL UAE 201676 Oil & Gas Exploration & ProEnergy USD 13.73% 1.50% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.52%

27 EXILLON ENERGY UAE 293578 Oil & Gas Exploration & ProEnergy USD 0.47% 6.76% 7.78% 22.46% 21.78% 7.78% 11.85%

Exhibit 4

Total Debt to Equity ratioNo Company Name Country GVKEY Industry Segment Sector Currency 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Median Average

UAE 7.2% 29.3% 30.2% 25.0% 81.9% 83.4% 81.0% 82.8% 108.9% 49.5% 65.2% 57.9%

# negative - - - - - - - - - -

Qatar 9.3% 11.1% 23.0% 18.1% 29.8% 32.0% 35.2% 40.4% 44.8% 30.3% 30.0% 27.4%

# negative - - - - - - - - - - No Company Name Country GVKEY Industry Segment Sector Currency 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Median Average

28 QATAR FUEL Qatar 258641 Oil & Gas Refining & MarkeEnergy USD 0.81% 0.77% 0.55% 0.12% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.23%

29 QATAR GAS TRANSPORT(NAKILAT) Qatar 274295 Oil & Gas Storage & TranspEnergy USD 98.77% 58.04% 158.93% 186.06% 228.05% 252.58% 279.95% 203.74% 194.90% 183.26%

30 GULF NAVIGATION HOLDING UAE 282951 Oil & Gas Storage & TranspEnergy USD 30.15% 112.50% 115.98% 132.78% 305.45% 206.63% 118.65% 118.65% 146.02%

31 CRESCENT PETROLEUM CORP UAE 3597 Unclassified Energy USD

120 MEDICARE GROUP Qatar 274886 Health Care Facilities Health Care USD 43.46% 83.77% 35.97% 1.09% 5.45% 0.98% 0.00% 0.00% 0.00% 1.09% 18.97%

121 GULF MEDICAL PROJECTS UAE 284186 Health Care Facilities Health Care USD 21.48% 16.99% 22.99% 25.53% 30.68% 47.50% 25.65% 25.53% 27.26%

122 NMC HEALTH PLC UAE 312098 Health Care Facilities Health Care USD 50.97% 22.41% 36.69% 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%

125 ABU DHABI SHIP BUILDING UAE 284185 Aerospace & Defense Industrials USD 3.85% 4.93% 23.95% 0.06% 21.65% 116.58% 199.88% 75.10% 22.80% 55.75%

126 ARAMEX PJSC UAE 274887 Air Freight & Logistics Industrials USD 0.19% 1.85% 1.42% 4.24% 1.08% 0.65% 1.54% 1.33% 3.95% 1.42% 1.81%

127 GULF WAREHOUSING CO Qatar 274893 Air Freight & Logistics Industrials USD 7.17% 6.67% 16.27% 17.73% 36.85% 28.56% 47.51% 47.56% 23.14% 26.04%

128 ABU DHABI AVIATION UAE 284151 Air Freight & Logistics Industrials USD 15.16% 43.42% 46.47% 125.44% 84.96% 63.03% 62.04% 64.25% 40.22% 62.04% 60.55%

129 AIR ARABIA PJSC UAE 285482 Airlines Industrials USD 0.00% 0.00% 0.00% 6.02% 36.40% 35.05% 33.35% 6.02% 15.83%

130 NATL CNTL COOLING (TABRD) UAE 274899 Building Products Industrials USD 327.79% 97.06% 63.87% 411.98% 418.01% 1,082.38% 875.20% 380.08% 186.74% 380.08% 427.01%

131 RAS AL KHAIMAH CERAMIC CO UAE 284191 Building Products Industrials USD 81.54% 101.52% 318.55% 193.38% 104.97% 173.63% 205.49% 72.98% 139.30% 156.51%

132 ARAB TECHNICAL CONST. UAE 274386 Construction & EngineeringIndustrials USD 0.00% 5.66% 4.01% 42.88% 27.02% 26.70% 18.77% 20.43% 9.94% 18.77% 17.27%

133 DRAKE & SKULL INTL UAE 291718 Construction & EngineeringIndustrials USD 33.19% 33.78% 47.41% 79.91% 33.24% 33.78% 45.50%

134 DEPA LTD UAE 179766 Diversified Support Service Industrials USD 31.70% 16.93% 19.57% 25.47% 39.74% 16.16% 22.52% 24.93%

135 AVEC CORP UAE 151594 Heavy Electrical Equipment Industrials USD 0.00% 3.07% 3.07% 8.81% 1,716.46% 3.07% 346.28%

136 INDUSTRIES OF QATAR Qatar 258696 Industrial Conglomerates Industrials USD 2.21% 5.13% 4.47% 10.91% 9.56% 9.94% 9.33% 6.86% 1.93% 6.86% 6.70%

137 MANNAI CORP. Q.S.C Qatar 285864 Industrial Conglomerates Industrials USD 10.22% 10.60% 3.74% 1.43% 18.66% 70.45% 48.91% 10.60% 23.43%

138 AAMAL HLDG Qatar 287946 Industrial Conglomerates Industrials USD 5.41% 7.10% 7.77% 10.44% 12.78% 10.02% 8.90% 8.92%

139 QATAR NAT NAVIGAT Qatar 258649 Marine Industrials USD 6.30% 6.00% 15.86% 23.11% 19.78% 21.68% 18.35% 22.43% 35.34% 23.71% 20.73% 19.25%

140 QATAR SHIPPING Qatar 258663 Marine Industrials USD 12.41% 8.85% 15.30% 10.46% 21.87% 25.02% 20.38% 15.30% 16.32%

141 NATL MARINE DREDGING UAE 284159 Marine Ports & Services Industrials USD 13.04% 4.65% 0.00% 0.00% 0.00% 0.00% 23.83% 42.54% 2.33% 10.51%

142 DP WORLD UAE 284856 Marine Ports & Services Industrials USD 97.79% 75.12% 100.31% 68.96% 87.91% 45.81% 33.19% 75.12% 72.73%

143 QATAR NATIONAL CEMENT Qatar 254656 Construction Materials Materials USD 0.70% 8.94% 7.73% 3.85% 24.56% 13.92% 6.21% 2.98% 1.56% 0.00% 5.03% 7.04%

144 UNION CEMENT CO UAE 274921 Construction Materials Materials USD 0.00% 7.95% 1.87% 2.75% 1.16% 0.74% 0.00% 11.79% 3.95% 1.87% 3.36%

145 GULF CEMENT CO UAE 275275 Construction Materials Materials USD 28.93% 8.50% 4.03% 7.74% 7.33% 2.89% 0.00% 3.91% 14.23% 7.33% 8.62%

146 NATIONAL CEMENT CO UAE 278373 Construction Materials Materials USD 0.00% 0.00% 0.00% 0.00% 1.80% 19.25% 39.42% 28.23% 0.90% 11.09%

147 RAS AL KHAIMAH CO FOR WHITE UAE 282157 Construction Materials Materials USD 0.00% 0.00% 0.53% 0.20% 8.47% 6.40% 9.49% 12.62% 14.54% 27.39% 7.43% 7.96%

148 RAS AL KHAIMAH CEMENT CO UAE 282895 Construction Materials Materials USD 0.19% 0.00% 0.00% 6.79% 1.84% 0.00% 0.00% 1.34% 1.56% 0.19% 1.30%

149 ABU DHABI NATL CO FOR BLDG UAE 284080 Construction Materials Materials USD 24.23% 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%

152 QATARI INV GRP Qatar 285366 Construction Materials Materials USD 1.01% 42.68% 35.15% 66.53% 51.76% 36.10% 19.32% 36.10% 36.08%

153 OOREDOO Qatar 135709 Integrated TelecommunicatTelecommunication Service USD 0.00% 2.41% 2.88% 66.95% 88.14% 101.64% 111.73% 106.18% 96.03% 90.45% 89.30% 66.64%

154 ETISALAT UAE 274234 Integrated TelecommunicatTelecommunication Service USD 0.00% 0.00% 10.74% 4.33% 4.31% 5.64% 7.44% 9.14% 7.53% 5.79% 5.71% 5.49%

155 EMIRATE INTEGRATED TELECOM UAE 279381 Integrated TelecommunicatTelecommunication Service USD 0.00% 0.00% 32.03% 27.00% 31.04% 17.20% 13.62% 13.06% 15.41% 16.74%

156 VODAFONE QATAR Qatar 292438 Wireless TelecommunicatioTelecommunication Service USD 5.37% 11.16% 16.40% 15.69% 10.17% 11.16% 11.76%

157 QATAR ELECT & WATER Qatar 258639 Multi-Utilities Utilities USD 38.92% 25.41% 40.22% 42.34% 74.35% 120.43% 111.45% 99.30% 100.86% 20.49% 58.35% 67.38%

158 ABU DHABI NATIONAL ENERGY UAE 279336 Multi-Utilities Utilities USD 400.52% 314.02% 859.32% 657.69% 686.23% 838.62% 787.98% 628.91% 671.96% 646.66%

159 3POWER ENERGY GROUP INC UAE 187366 Renewable Electricity Utilities USD 0.70% 5.42% 12.63% 5.42% 6.25%

Exhibit 4

Total Sales to Total Assets2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Median Average

Country Averages 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 2005 2006 2007 2008 2009 2010 2011 2012 2013 Median CAGR

1 AXIUS INC UAE 179660 Distributors Consumer Discretionary USD n/a n/a n/a n/a n/a n/a 0.42 0.03 n/a n/a 0

2 EMIRATES DRIVING UAE 284155 Education Services Consumer Discretionary USD 0.32 0.32 0.45 0.52 0.56 0.54 0.42 0.35 0.34 0.37 0 1.5%

3 KINGDOM HOTEL INVESTMENTS UAE 276929 Hotels, Resorts & Cruise Lines Consumer Discretionary USD 0.08 0.07 0.07 0.10 0.15 0.12 0.13 0.12 n/a n/a 0

4 ABU DHABI NATIONAL HOTELS UAE 282983 Hotels, Resorts & Cruise Lines Consumer Discretionary USD 0.49 0.36 0.45 0.39 0.20 0.20 0.19 0.18 0.19 0.13 0 (14.0%)

5 NATL CORP FOR TOURISM & HOT UAE 284158 Hotels, Resorts & Cruise Lines Consumer Discretionary USD 0.34 0.31 0.25 0.21 0.42 0.40 0.43 0.46 0.49 0.58 0 6.0%

6 AL FIRDOUS HOLDINGS UAE 287151 Hotels, Resorts & Cruise Lines Consumer Discretionary USD n/a n/a - 0.14 0.00 0.00 0.01 0.02 0.02 n/a 0

7 QATAR CINEMA & FILM Qatar 275063 Movies & Entertainment Consumer Discretionary USD 0.20 0.12 0.19 0.21 0.25 0.17 0.09 0.10 0.14 0.09 0 (9.0%)

8 DAMAS INTERNATIONAL LTD UAE 293285 Specialty Stores Consumer Discretionary USD 1.04 0.94 0.29 0.70 0.97 0.82 0.80 n/a n/a n/a 1

9 FOODCO HOLDING PJSC UAE 282986 Food Distributors Consumer Staples USD 0.27 0.22 0.25 0.20 0.34 0.20 0.22 0.19 0.21 0.14 0 (7.0%)

10 DUBAI REFRESHMENTS UAE 283433 Food Distributors Consumer Staples USD 1.31 1.17 1.18 1.23 1.75 1.68 1.60 1.43 1.06 0.81 1 (5.3%)

11 ALMEERA CONSUMER GOODS CO Qatar 293086 Hypermarkets & Super Centers Consumer Staples USD n/a n/a n/a 1.52 1.82 2.13 2.11 1.52 1.44 1.08 2

12 AMIRA NATURE FOODS LTD UAE 14033 Packaged Foods & Meats Consumer Staples USD n/a n/a n/a n/a n/a n/a 1.01 1.42 1.27 n/a 1

13 ZAD HOLDING CO Qatar 274901 Packaged Foods & Meats Consumer Staples USD 0.15 0.06 0.09 0.11 0.56 0.36 0.42 0.15 0.27 n/a 0

14 WIDAM FOOD COMPANY QSC Qatar 274902 Packaged Foods & Meats Consumer Staples USD 0.00 0.23 0.43 0.49 0.50 0.58 0.61 0.55 0.55 0.65 1 73.0%

15 UNITED FOODS CO P.S.C. UAE 283483 Packaged Foods & Meats Consumer Staples USD 2.25 1.86 1.70 1.83 2.85 2.03 1.59 1.92 1.82 1.69 2 (3.2%)

16 AGTHIA GROUP PJSC UAE 284156 Packaged Foods & Meats Consumer Staples USD n/a 0.54 0.53 0.67 0.81 0.77 0.75 0.80 0.77 0.77 1

17 INTL FISH FARMING CO UAE 284187 Packaged Foods & Meats Consumer Staples USD 0.32 0.48 0.58 0.46 0.31 0.26 0.53 0.30 0.18 0.22 0 (4.2%)

18 RAS AL KHAIMAH PLTRY & FEED UAE 284876 Packaged Foods & Meats Consumer Staples USD n/a n/a 0.11 0.12 0.21 0.17 0.16 0.15 0.08 0.07 0

19 EMIRATES REFRESHMENTS CO UAE 283375 Soft Drinks Consumer Staples USD n/a 0.19 0.31 0.32 0.60 0.50 0.58 0.56 0.74 1.06 1

20 GULFA MINERAL WATER UAE 291230 Soft Drinks Consumer Staples USD 1.31 1.20 1.21 0.77 0.74 0.83 0.96 0.89 0.83 0.79 1 (5.5%)

21 DANA GAS UAE 282884 Integrated Oil & Gas Energy USD n/a n/a 0.00 0.06 0.06 0.08 0.11 0.16 0.14 0.13 0

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 0.43 0

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 1.16 1.58 0.82 0.99 0.94 1.10 1.22 n/a n/a n/a 1

25 POLARCUS LTD UAE 292880 Oil & Gas Equipment & Services Energy USD n/a n/a n/a n/a - - 0.12 0.27 0.38 n/a 0

26 DRAGON OIL UAE 201676 Oil & Gas Exploration & ProductioEnergy USD 0.24 0.37 0.36 0.45 0.40 0.29 0.29 0.34 0.30 0.24 0 (0.2%)

27 EXILLON ENERGY UAE 293578 Oil & Gas Exploration & ProductioEnergy USD n/a n/a n/a n/a - 0.05 0.16 0.30 0.39 n/a 0

28 QATAR FUEL Qatar 258641 Oil & Gas Refining & Marketing Energy USD 1.78 1.44 1.57 1.75 1.84 1.27 1.25 1.51 1.43 1.33 1 (3.2%)

29 QATAR GAS TRANSPORT(NAKILAT) Qatar 274295 Oil & Gas Storage & TransportatiEnergy USD n/a n/a 0.00 0.00 0.00 0.05 0.09 0.10 0.10 0.10 0

30 GULF NAVIGATION HOLDING UAE 282951 Oil & Gas Storage & TransportatiEnergy USD 1.60 0.23 n/a 0.10 0.13 0.12 0.13 0.10 0.09 0.10 0 (26.9%)

31 CRESCENT PETROLEUM CORP UAE 3597 Unclassified Energy USD n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

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 0.41 0.46 0 156.8%

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 0.23 0.25 0 (9.7%)

122 NMC HEALTH PLC UAE 312098 Health Care Facilities Health Care USD n/a n/a n/a n/a n/a 0.88 0.92 1.25 0.68 n/a 1

123 QATAR GERMAN CO ME Qatar 258642 Health Care Supplies Health Care USD - - 0.00 0.01 0.01 0.03 0.04 0.03 0.06 0.05 0

Exhibit 4

Total Sales to Total Assets2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Median Average


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%


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 (3.5%)

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 - n/a 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%)

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 n/a 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 n/a 1

135 AVEC CORP UAE 151594 Heavy Electrical Equipment Industrials USD - - - n/a n/a n/a n/a n/a n/a n/a 0

136 INDUSTRIES OF QATAR Qatar 258696 Industrial Conglomerates Industrials USD n/a 0.54 0.52 0.46 0.54 0.36 0.39 0.45 0.47 0.16 0

137 MANNAI CORP. Q.S.C Qatar 285864 Industrial Conglomerates Industrials USD n/a n/a 1.59 1.58 1.48 1.48 1.25 0.79 0.70 0.84 1

138 AAMAL HLDG Qatar 287946 Industrial Conglomerates Industrials USD n/a 0.10 0.09 0.09 0.11 0.12 0.18 0.25 0.27 0.25 0

139 QATAR NAT NAVIGAT Qatar 258649 Marine Industrials USD 0.14 0.09 0.19 0.13 0.20 0.16 0.14 0.16 0.17 0.14 0 (0.0%)

140 QATAR SHIPPING Qatar 258663 Marine Industrials USD 0.20 0.10 0.19 0.15 0.27 0.10 n/a n/a n/a n/a 0

141 NATL MARINE DREDGING UAE 284159 Marine Ports & Services Industrials USD n/a 0.23 0.39 0.45 0.46 0.49 0.56 0.68 0.64 0.50 0

142 DP WORLD UAE 284856 Marine Ports & Services Industrials USD n/a n/a 0.13 0.16 0.21 0.15 0.16 0.16 0.19 0.18 0

143 QATAR NATIONAL CEMENT Qatar 254656 Construction Materials Materials USD 0.37 0.30 0.45 0.52 0.50 0.60 0.42 0.38 0.36 0.36 0 (0.3%)

144 UNION CEMENT CO UAE 274921 Construction Materials Materials USD 0.48 0.33 0.26 0.46 0.72 0.48 0.40 0.47 0.42 0.38 0 (2.6%)

145 GULF CEMENT CO UAE 275275 Construction Materials Materials USD 0.63 0.41 0.38 0.41 0.60 0.45 0.38 0.45 0.44 0.41 0 (4.6%)

146 NATIONAL CEMENT CO UAE 278373 Construction Materials 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%)

147 RAS AL KHAIMAH CO FOR WHITE UAE 282157 Construction Materials 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%

148 RAS AL KHAIMAH CEMENT CO UAE 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%)

149 ABU DHABI NATL CO FOR BLDG UAE 284080 Construction Materials Materials USD 1.27 0.71 0.80 1.17 1.16 0.89 0.61 0.38 0.24 0.06 1 (28.3%)

150 FUJAIRAH BUILDING INDUSTRIES UAE 284104 Construction Materials Materials USD n/a 0.55 0.52 0.72 0.77 0.57 0.46 0.46 0.56 0.60 1

151 ARKAN BUILDING MATERIALS UAE 284154 Construction Materials Materials USD 0.63 0.59 0.15 0.16 0.27 0.23 n/a 0.10 0.12 0.11 0 (17.6%)

152 QATARI INV GRP Qatar 285366 Construction Materials Materials USD n/a n/a - n/a 0.04 0.06 0.06 0.08 0.14 n/a 0

153 OOREDOO Qatar 135709 Integrated Telecommunication S Telecommunication ServiceUSD 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 ServiceUSD 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 ServiceUSD 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 ServiceUSD n/a n/a n/a n/a 0.00 0.04 0.11 0.15 0.19 n/a 0

157 QATAR ELECT & WATER Qatar 258639 Multi-Utilities Utilities USD 0.28 0.26 0.24 0.21 0.17 0.15 0.16 0.20 0.20 0.26 0 (0.5%)

158 ABU DHABI NATIONAL ENERGY UAE 279336 Multi-Utilities Utilities USD n/a 0.05 0.09 0.12 0.19 0.18 0.18 0.20 0.22 0.20 0

159 3POWER ENERGY GROUP INC UAE 187366 Renewable Electricity Utilities USD n/a n/a n/a n/a n/a - n/a 0.43 - n/a 0

Exhibit 4

Equity to Total Assets2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Median Average


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% 56.6% 58.3% 64.1% 64.6% 65.2%


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 1.0%

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 (1.4%)

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

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 Packaged Foods & Meats Consumer Staples USD n/a n/a n/a n/a n/a n/a 0.15 0.20 0.44 n/a 0.20

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 (7.2%)

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 4.7%

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 0.0%

Exhibit 4

Equity to Total Assets2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Median Average


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% 56.6% 58.3% 64.1% 64.6% 65.2%


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 2.4%

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 CRESCENT PETROLEUM CORP UAE 3597 Unclassified Energy USD n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 120 MEDICARE GROUP Qatar 274886 Health Care Facilities Health Care USD 0.38 0.51 0.47 0.59 0.93 0.90 0.91 0.91 0.90 0.89 0.89 9.9%121 GULF MEDICAL PROJECTS UAE 284186 Health Care Facilities Health Care USD 0.69 0.75 0.49 0.60 0.53 0.47 0.51 0.49 0.52 0.57 0.53 (2.2%)122 NMC HEALTH PLC UAE 312098 Health Care Facilities Health Care USD n/a n/a n/a n/a n/a 0.24 0.25 0.28 0.46 n/a 0.26 123 QATAR GERMAN CO ME Qatar 258642 Health Care Supplies Health Care USD 0.84 0.69 0.57 0.68 0.89 0.87 0.91 0.90 0.81 0.73 0.82 (1.6%)124 GULF PHARMACEUTICALS UAE 282886 Pharmaceuticals Health Care USD 0.80 0.73 0.78 0.79 0.77 0.76 0.72 0.68 0.67 0.62 0.75 (2.9%)125 ABU DHABI SHIP BUILDING UAE 284185 Aerospace & Defense Industrials USD 0.16 0.27 0.23 0.11 0.16 0.15 0.20 0.23 0.18 0.24 0.19 5.0%126 ARAMEX PJSC UAE 274887 Air Freight & Logistics Industrials USD 0.52 0.86 0.77 0.78 0.78 0.79 0.79 0.76 0.75 0.71 0.78 3.6%127 GULF WAREHOUSING CO Qatar 274893 Air Freight & Logistics Industrials USD 0.97 n/a 0.90 0.74 0.76 0.75 0.57 0.55 0.45 0.43 0.74 (8.7%)128 ABU DHABI AVIATION UAE 284151 Air Freight & Logistics Industrials USD 0.77 0.71 0.69 0.55 0.44 0.47 0.53 0.53 0.57 0.67 0.56 (1.6%)129 AIR ARABIA PJSC UAE 285482 Airlines Industrials USD 0.41 0.42 0.47 0.94 0.92 0.90 0.84 0.74 0.68 0.59 0.71 4.3%130 NATL CNTL COOLING (TABRD) UAE 274899 Building Products Industrials USD 0.34 0.43 0.31 0.30 0.37 0.19 0.19 0.45 0.52 0.55 0.36 5.4%131 RAS AL KHAIMAH CERAMIC CO UAE 284191 Building Products Industrials USD 0.54 0.42 0.33 0.33 0.36 0.38 0.40 0.39 0.43 0.46 0.40 (1.7%)132 ARAB TECHNICAL CONST. UAE 274386 Construction & Engineering Industrials USD n/a 0.30 0.35 0.29 0.22 0.30 0.36 0.38 0.37 0.45 0.35 133 DRAKE & SKULL INTL UAE 291718 Construction & Engineering Industrials USD n/a n/a 0.22 0.16 0.21 0.57 0.52 0.47 0.43 0.42 0.42 134 DEPA LTD UAE 179766 Diversified Support ServicesIndustrials USD n/a n/a 0.46 0.38 0.55 0.59 0.56 0.58 0.51 n/a 0.55 135 AVEC CORP UAE 151594 Heavy Electrical Equipment Industrials USD n/a n/a n/a n/a n/a n/a n/a 136 INDUSTRIES OF QATAR Qatar 258696 Industrial Conglomerates Industrials USD n/a 0.78 0.74 0.68 0.67 0.70 0.68 0.72 0.76 0.92 0.72 137 MANNAI CORP. Q.S.C Qatar 285864 Industrial Conglomerates Industrials USD n/a n/a 0.40 0.53 0.48 0.56 0.55 0.47 0.38 0.37 0.47 138 AAMAL HLDG Qatar 287946 Industrial Conglomerates Industrials USD n/a 0.83 0.77 0.75 0.82 0.81 0.83 0.78 0.79 0.83 0.81 139 QATAR NAT NAVIGAT Qatar 258649 Marine Industrials USD 0.90 0.91 0.80 0.78 0.83 0.82 0.81 0.80 0.77 0.81 0.81 (1.2%)140 QATAR SHIPPING Qatar 258663 Marine Industrials USD 0.55 0.85 0.75 0.83 0.73 0.81 n/a n/a n/a n/a 0.78 141 NATL MARINE DREDGING UAE 284159 Marine Ports & Services Industrials USD n/a 0.76 0.84 0.85 0.90 0.76 0.73 0.72 0.63 0.66 0.76 142 DP WORLD UAE 284856 Marine Ports & Services Industrials USD n/a n/a 0.08 0.49 0.46 0.42 0.44 0.44 0.53 0.54 0.45 143 QATAR NATIONAL CEMENT Qatar 254656 Construction Materials Materials USD 0.94 0.70 0.71 0.78 0.58 0.76 0.83 0.88 0.91 0.93 0.80 (0.2%)144 UNION CEMENT CO UAE 274921 Construction Materials Materials USD 0.94 0.95 0.85 0.93 0.91 0.95 0.94 0.92 0.89 0.89 0.92 (0.6%)145 GULF CEMENT CO UAE 275275 Construction Materials Materials USD 0.83 0.85 0.80 0.85 0.86 0.90 0.92 0.92 0.89 0.82 0.86 (0.2%)146 NATIONAL CEMENT CO UAE 278373 Construction Materials Materials USD 0.95 0.97 0.96 0.94 0.92 0.90 0.92 0.90 0.75 0.80 0.92 (2.0%)147 RAS AL KHAIMAH CO FOR WHITE UAE 282157 Construction Materials Materials USD 0.96 0.97 0.95 0.93 0.85 0.87 0.84 0.76 0.75 0.71 0.86 (3.3%)148 RAS AL KHAIMAH CEMENT CO UAE 282895 Construction Materials Materials USD 0.79 0.94 0.96 0.93 0.89 0.95 0.96 0.93 0.94 0.94 0.94 2.0%149 ABU DHABI NATL CO FOR BLDG UAE 284080 Construction Materials Materials USD 0.31 0.69 0.49 0.53 0.30 0.39 0.41 0.38 0.40 0.49 0.41 5.1%150 FUJAIRAH BUILDING INDUSTRIES UAE 284104 Construction Materials Materials USD n/a 0.70 0.59 0.63 0.55 0.54 0.52 0.48 0.46 0.50 0.54 151 ARKAN BUILDING MATERIALS UAE 284154 Construction Materials Materials USD 0.89 0.91 0.91 0.96 0.63 0.63 n/a 0.54 0.51 0.49 0.63 (6.5%)152 QATARI INV GRP Qatar 285366 Construction Materials Materials USD n/a n/a 0.97 n/a 0.52 0.69 0.55 0.63 0.61 n/a 0.62 153 OOREDOO Qatar 135709 Integrated TelecommunicatTelecommunication ServicesUSD 0.76 0.67 0.65 0.35 0.39 0.35 0.34 0.39 0.39 0.33 0.39 (8.7%)154 ETISALAT UAE 274234 Integrated TelecommunicatTelecommunication ServicesUSD 0.65 0.65 0.47 0.49 0.54 0.57 0.56 0.57 0.58 0.58 0.57 (1.3%)155 EMIRATE INTEGRATED TELECOM UAE 279381 Integrated TelecommunicatTelecommunication ServicesUSD n/a 0.99 0.82 0.58 0.32 0.29 0.41 0.52 0.54 0.44 0.52 156 VODAFONE QATAR Qatar 292438 Wireless Telecommunicatio Telecommunication ServicesUSD n/a n/a n/a n/a 0.61 0.91 0.84 0.00 0.77 n/a 0.77 157 QATAR ELECT & WATER Qatar 258639 Multi-Utilities Utilities USD 0.47 0.55 0.52 0.40 0.10 0.20 0.18 0.14 0.18 0.58 0.30 2.2%158 ABU DHABI NATIONAL ENERGY UAE 279336 Multi-Utilities Utilities USD n/a 0.20 0.15 0.12 0.09 0.14 0.13 0.11 0.11 0.10 0.12 159 3POWER ENERGY GROUP INC UAE 187366 Renewable Electricity Utilities USD n/a n/a n/a n/a n/a -175.71 n/a -130.96 -501.29 n/a -175.71

Exhibit 4

Times Interest Earned2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Median Average

Country Averages 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


1 AXIUS INC UAE 179660 Distributors Consumer Discretionary USD n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

2 EMIRATES DRIVING UAE 284155 Education Services Consumer Discretionary USD n/a n/a 10.17 28.66 559.97 n/a n/a n/a n/a n/a 29

3 KINGDOM HOTEL INVESTMENTS UAE 276929 Hotels, Resorts & Cruise LinConsumer Discretionary USD 0.57 0.16 (0.24) 0.57 (0.13) 1.96 0.99 (1.23) n/a n/a 0

4 ABU DHABI NATIONAL HOTELS UAE 282983 Hotels, Resorts & Cruise LinConsumer Discretionary USD 70.72 200.61 311.62 347.29 709.08 n/a 3.80 4.05 1.73 1.01 71 (37.6%)

5 NATL CORP FOR TOURISM & HOT UAE 284158 Hotels, Resorts & Cruise LinConsumer Discretionary USD 2.18 1.84 6.42 4.69 8.79 6.68 5.67 5.10 5.13 8.88 5 16.9%

6 AL FIRDOUS HOLDINGS UAE 287151 Hotels, Resorts & Cruise LinConsumer Discretionary USD n/a n/a n/a 37.48 n/a n/a n/a n/a n/a n/a 37

7 QATAR CINEMA & FILM Qatar 275063 Movies & Entertainment Consumer Discretionary USD n/a n/a n/a n/a n/a n/a n/a (15.44) (3.21) (8.15) -8

8 DAMAS INTERNATIONAL LTD UAE 293285 Specialty Stores Consumer Discretionary USD 3.40 3.58 2.11 2.71 2.79 (12.95) 1.30 n/a n/a n/a 3

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 (0.73) (0.36) 2.71 0 (204.5%)

10 DUBAI REFRESHMENTS UAE 283433 Food Distributors Consumer Staples USD 36.58 6.14 5.74 3.01 5.61 16.99 31.39 70.09 292.71 102.16 24 12.1%

11 ALMEERA CONSUMER GOODS CO Qatar 293086 Hypermarkets & Super CenConsumer Staples USD n/a n/a n/a n/a n/a n/a n/a 10.12 7.44 27.46 10

12 AMIRA NATURE FOODS LTD UAE 14033 Packaged Foods & Meats Consumer Staples USD n/a n/a n/a n/a n/a n/a 1.33 1.68 2.33 n/a 2

13 ZAD HOLDING CO Qatar 274901 Packaged Foods & Meats Consumer Staples USD (7.04) (13.33) (81.23) (160.21) (84.70) 36.64 99.35 188.17 7.32 n/a -7

14 WIDAM FOOD COMPANY QSC Qatar 274902 Packaged Foods & Meats Consumer Staples USD n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

15 UNITED FOODS CO P.S.C. UAE 283483 Packaged Foods & Meats Consumer Staples USD 9.74 17.64 3.76 3.52 (5.86) 12.39 34.83 14.50 26.64 14.92 13 4.8%

16 AGTHIA GROUP PJSC UAE 284156 Packaged Foods & Meats Consumer Staples USD n/a n/a n/a n/a 20.73 28.90 24.81 11.91 13.82 17.16 19

17 INTL FISH FARMING CO UAE 284187 Packaged Foods & Meats Consumer Staples USD n/a n/a n/a n/a n/a n/a n/a n/a 2.87 (0.22) 1

18 RAS AL KHAIMAH PLTRY & FEED UAE 284876 Packaged Foods & Meats Consumer Staples USD n/a n/a 2.83 0.16 15.35 4.67 (9.26) (15.75) (27.16) (28.66) -5

19 EMIRATES REFRESHMENTS CO UAE 283375 Soft Drinks Consumer Staples USD n/a n/a n/a (1.61) 4.49 1.40 (9.33) (10.60) 0.46 2.16 0

20 GULFA MINERAL WATER UAE 291230 Soft Drinks Consumer Staples USD n/a n/a n/a 5.09 2.16 6.47 12.44 38.50 994.25 n/a 9

21 DANA GAS UAE 282884 Integrated Oil & Gas Energy USD n/a n/a n/a 1.42 0.60 (2.60) 2.89 3.57 3.52 3.14 3

22 GULF INTL SVCS Qatar 288907 Oil & Gas Drilling Energy USD n/a 18.30 16.40 7.68 14.09 32.71 25.74 21.68 15.51 25.75 18

23 LAMPRELL UAE 279384 Oil & Gas Equipment & Ser Energy USD n/a n/a n/a n/a n/a 32.83 8.95 14.57 (8.92) n/a 12

24 MARITIME INDL SVCS CO UAE 284079 Oil & Gas Equipment & Ser Energy USD 3.56 19.35 23.29 12.54 2.11 6.90 13.92 n/a n/a n/a 13

25 POLARCUS LTD UAE 292880 Oil & Gas Equipment & Ser Energy USD n/a n/a n/a n/a (2.16) (1.52) 0.00 0.20 1.24 n/a 0

26 DRAGON OIL UAE 201676 Oil & Gas Exploration & ProEnergy USD 7.80 34.96 191.71 n/a n/a n/a n/a n/a n/a n/a 35

27 EXILLON ENERGY UAE 293578 Oil & Gas Exploration & ProEnergy USD n/a n/a n/a n/a n/a (279.78) (3.81) 1.99 4.35 n/a -1

28 QATAR FUEL Qatar 258641 Oil & Gas Refining & MarkeEnergy USD 273.12 1,158.98 n/a n/a n/a n/a n/a n/a n/a n/a 716

29 QATAR GAS TRANSPORT(NAKILAT) Qatar 274295 Oil & Gas Storage & TranspEnergy USD n/a n/a n/a n/a 3.65 1.39 1.30 1.36 1.32 1.32 1

30 GULF NAVIGATION HOLDING UAE 282951 Oil & Gas Storage & TranspEnergy USD n/a n/a n/a 3.51 4.42 1.33 0.43 (0.43) 1.89 4.31 2

31 CRESCENT PETROLEUM CORP UAE 3597 Unclassified Energy USD n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

120 MEDICARE GROUP Qatar 274886 Health Care Facilities Health Care USD n/a (5.06) (1.85) (2.00) (26.05) (13.99) 23.47 87.19 n/a n/a -2

121 GULF MEDICAL PROJECTS UAE 284186 Health Care Facilities Health Care USD 27.51 24.20 12.95 5.47 5.01 4.62 4.15 2.60 4.22 2.26 5 (24.2%)

122 NMC HEALTH PLC UAE 312098 Health Care Facilities Health Care USD n/a n/a n/a n/a n/a 1.34 2.74 3.88 6.24 n/a 3

123 QATAR GERMAN CO ME Qatar 258642 Health Care Supplies Health Care USD n/a n/a (11.76) (3.51) (0.88) (2.33) (3.46) (7.16) (4.44) (5.33) -4

124 GULF PHARMACEUTICALS UAE 282886 Pharmaceuticals Health Care USD 18.46 11.02 8.74 10.19 8.85 12.50 11.71 8.61 8.96 8.53 10 (8.2%)

125 ABU DHABI SHIP BUILDING UAE 284185 Aerospace & Defense Industrials USD 10.26 11.01 15.66 5.80 19.82 17.69 26.43 5.74 2.69 4.63 11 (8.5%)

126 ARAMEX PJSC UAE 274887 Air Freight & Logistics Industrials USD 67.68 n/a 32.69 35.47 51.30 113.12 196.43 145.55 105.77 41.48 68 (5.3%)

127 GULF WAREHOUSING CO Qatar 274893 Air Freight & Logistics Industrials USD n/a n/a n/a (2.21) (1.32) 2.08 3.25 10.49 7.27 4.14 3

Exhibit 4

Times Interest Earned2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Median Average

Country Averages 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


128 ABU DHABI AVIATION UAE 284151 Air Freight & Logistics Industrials USD n/a n/a n/a 1.88 3.97 3.74 9.79 7.12 7.36 7.49 7

129 AIR ARABIA PJSC UAE 285482 Airlines Industrials USD (5.27) 62.18 22.12 n/a n/a n/a n/a 8.80 10.18 7.96 9 (204.7%)

130 NATL CNTL COOLING (TABRD) UAE 274899 Building Products Industrials USD 2.37 2.36 2.04 1.76 6.97 1.90 1.39 1.34 2.73 3.26 2 3.6%

131 RAS AL KHAIMAH CERAMIC CO UAE 284191 Building Products Industrials USD 10.34 3.72 1.78 1.40 1.98 2.62 2.89 1.75 1.95 4.42 2 (9.0%)

132 ARAB TECHNICAL CONST. UAE 274386 Construction & EngineeringIndustrials USD n/a 25.02 171.19 149.21 44.12 10.89 10.48 9.28 2.48 7.73 11

133 DRAKE & SKULL INTL UAE 291718 Construction & EngineeringIndustrials USD n/a n/a 39.22 20.33 19.54 11.05 3.52 7.86 3.35 4.56 9

134 DEPA LTD UAE 179766 Diversified Support Service Industrials USD n/a n/a 37.38 33.99 n/a n/a (8.91) 2.80 (16.76) n/a 3

135 AVEC CORP UAE 151594 Heavy Electrical Equipment Industrials USD (288.41) n/a (118.57) n/a n/a n/a n/a n/a n/a n/a -203

136 INDUSTRIES OF QATAR Qatar 258696 Industrial Conglomerates Industrials USD n/a 55.92 74.02 55.99 46.89 33.31 35.17 51.19 32.12 26.83 47

137 MANNAI CORP. Q.S.C Qatar 285864 Industrial Conglomerates Industrials USD n/a n/a 7.58 12.94 18.22 21.60 43.71 9.93 1.70 2.62 11

138 AAMAL HLDG Qatar 287946 Industrial Conglomerates Industrials USD n/a 7.30 4.61 1.54 2.78 3.65 3.72 4.98 4.38 6.28 4

139 QATAR NAT NAVIGAT Qatar 258649 Marine Industrials USD 8.81 9.12 4.77 3.85 11.55 11.66 (0.30) 10.43 11.27 14.92 10 6.0%

140 QATAR SHIPPING Qatar 258663 Marine Industrials USD 4.28 3.03 3.49 4.26 6.05 4.42 n/a n/a n/a n/a 4

141 NATL MARINE DREDGING UAE 284159 Marine Ports & Services Industrials USD n/a 4.26 8.98 37.59 3,328.28 n/a n/a n/a 15.64 7.65 12

142 DP WORLD UAE 284856 Marine Ports & Services Industrials USD n/a n/a 1.13 1.01 2.08 1.63 1.73 1.70 2.47 2.80 2

143 QATAR NATIONAL CEMENT Qatar 254656 Construction Materials Materials USD n/a n/a 31.28 10.12 10.32 15.29 44.51 77.96 193.04 1,336.63 38

144 UNION CEMENT CO UAE 274921 Construction Materials Materials USD 586.86 12.80 320.94 313.96 38.88 116.04 (16.73) (47.52) 135.87 30.95 77 (27.9%)

145 GULF CEMENT CO UAE 275275 Construction Materials Materials USD 159.22 30.07 68.18 26.79 36.78 23.04 (5.20) (77.25) n/a n/a 28

146 NATIONAL CEMENT CO UAE 278373 Construction Materials Materials USD 780.61 177.93 591.76 1,727.02 n/a n/a (8.57) 0.93 (0.37) 46.78 112 (26.9%)

147 RAS AL KHAIMAH CO FOR WHITE 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) 4 (177.9%)

150 FUJAIRAH BUILDING INDUSTRIES UAE 284104 Construction Materials Materials USD n/a 19.80 55.19 43.31 52.26 5.58 1.45 (1.53) 0.64 0.62 6

151 ARKAN BUILDING MATERIALS UAE 284154 Construction Materials Materials USD n/a n/a n/a n/a n/a 1.31 5.62 (2.13) (3.19) (3.33) -2

152 QATARI INV GRP Qatar 285366 Construction Materials Materials USD n/a n/a n/a n/a n/a 2.75 4.79 7.20 17.77 n/a 6

153 OOREDOO Qatar 135709 Integrated TelecommunicatTelecommunication Service USD n/a n/a 85.74 3.03 3.01 2.63 2.53 2.96 3.17 2.95 3

154 ETISALAT UAE 274234 Integrated TelecommunicatTelecommunication Service USD n/a n/a 21.94 13.66 16.30 22.45 30.18 16.94 23.60 20.80 21

155 EMIRATE INTEGRATED TELECOM UAE 279381 Integrated TelecommunicatTelecommunication Service USD n/a n/a n/a n/a (10.58) 15.76 12.08 10.17 29.64 26.36 14

156 VODAFONE QATAR Qatar 292438 Wireless TelecommunicatioTelecommunication Service USD n/a n/a n/a n/a (1,210.65) (37.01) (22.45) (16.51) (15.99) n/a -22

157 QATAR ELECT & WATER Qatar 258639 Multi-Utilities Utilities USD 3.83 6.71 10.61 9.08 5.73 5.00 3.00 2.69 2.72 6.18 5 5.5%

158 ABU DHABI NATIONAL ENERGY UAE 279336 Multi-Utilities Utilities USD n/a 1.78 1.36 1.22 1.72 1.15 1.57 1.98 1.57 1.30 2

159 3POWER ENERGY GROUP INC UAE 187366 Renewable Electricity Utilities USD n/a n/a n/a n/a n/a (32.98) (10.94) (67.58) (16.23) n/a -25

Exhibit 4

Return on equity, year-end2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Median Average

Country Averages UAE 14.1% 16.1% 14.1% 14.4% 9.9% 5.7% 9.1% 1.1% 5.6% -2.2% 9.5% 8.8%

# negative 5.00 2.00 3.00 1.00 7.00 5.00 7.00 11.00 8.00 4.00

Qatar 10.7% 14.2% 11.7% 13.9% 18.5% 13.3% 14.7% 16.5% 16.1% 14.4% 14.3% 14.4%

# negative 3.00 1.00 2.00 2.00 2.00 2.00 2.00 1.00 2.00 1.00 No Company Name Country GVKEY Industry Segment Sector Currency 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Median Average

1 AXIUS INC UAE 179660 Distributors Consumer Discretionary USD -312.9% -312.9% -312.9%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% 9.9% 11.8% 12.6% 16.2%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% 1.4% 1.4%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%8 DAMAS INTERNATIONAL LTD UAE 293285 Specialty Stores Consumer Discretionary USD 10.0% 8.5% 13.5% 11.3% 7.6% -191.2% 5.1% 8.5% -19.3%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% 25.7% 28.5% 34.9% 14.4% 25.7% 24.5%12 AMIRA NATURE FOODS LTD UAE 14033 Packaged Foods & Meats Consumer Staples USD 16.3% 26.1% 11.5% 16.3% 18.0%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% 6.7% 6.9%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% 22.0% 13.6% 13.7%15 UNITED FOODS CO P.S.C. UAE 283483 Packaged Foods & Meats Consumer Staples USD 5.7% 7.7% 5.5% 13.3% -90.4% 53.2% 36.4% 14.0% 9.5% 8.2% 8.8% 6.3%16 AGTHIA GROUP PJSC UAE 284156 Packaged Foods & Meats Consumer Staples USD 4.4% 4.2% 5.3% 9.1% 11.8% 11.8% 8.3% 11.0% 12.8% 9.1% 8.7%17 INTL FISH FARMING CO UAE 284187 Packaged Foods & Meats Consumer Staples USD -17.4% 0.5% -10.2% 1.3% -3.5% -2.9% 18.8% 4.7% -22.1% -61.9% -3.2% -9.3%18 RAS AL KHAIMAH PLTRY & FEED UAE 284876 Packaged Foods & Meats Consumer Staples USD 2.5% 11.3% 15.2% 4.6% 1.6% -0.2% -1.7% 3.0% 2.7% 4.5%19 EMIRATES REFRESHMENTS CO UAE 283375 Soft Drinks Consumer Staples USD 2.7% 5.7% 3.0% 4.0% 5.5% -21.4% 9.4% 1.8% 1.3% 3.0% 1.3%20 GULFA MINERAL WATER UAE 291230 Soft Drinks Consumer Staples USD -8.0% -18.7% 1.1% 9.4% 9.7% 9.3% 8.9% 8.8% 10.5% 10.5% 9.1% 4.2%21 DANA GAS UAE 282884 Integrated Oil & Gas Energy USD 11.9% 1.5% 1.7% 1.1% 2.0% 6.2% 6.8% 6.1% 4.1% 4.7%22 GULF INTL SVCS Qatar 288907 Oil & Gas Drilling Energy USD 11.8% 16.4% 22.7% 25.6% 27.6% 19.6% 12.0% 17.6% 21.9% 19.6% 19.5%23 LAMPRELL UAE 279384 Oil & Gas Equipment & ServEnergy USD 39.4% 37.6% 45.1% 40.3% 12.1% 23.0% 11.9% -27.2% 8.8% 23.0% 21.2%24 MARITIME INDL SVCS CO UAE 284079 Oil & Gas Equipment & ServEnergy USD -16.6% 34.8% 19.9% 18.9% 6.6% 19.2% 19.1% 19.1% 14.5%25 POLARCUS LTD UAE 292880 Oil & Gas Equipment & ServEnergy USD -1.3% -6.5% -7.2% -7.3% 2.0% 8.4% -3.9% -2.0%26 DRAGON OIL UAE 201676 Oil & Gas Exploration & ProEnergy USD 16.9% 19.0% 24.3% 28.7% 25.6% 15.2% 18.4% 25.0% 21.0% 15.8% 20.0% 21.0%27 EXILLON ENERGY UAE 293578 Oil & Gas Exploration & ProEnergy USD -0.6% 47.0% -0.9% -2.0% 2.1% 5.8% 0.8% 8.6%28 QATAR FUEL Qatar 258641 Oil & Gas Refining & Marke Energy USD 20.2% 26.5% 43.9% 41.1% 49.4% 27.2% 26.7% 24.0% 20.9% 19.1% 26.6% 29.9%29 QATAR GAS TRANSPORT(NAKILAT) Qatar 274295 Oil & Gas Storage & TranspEnergy USD 1.8% 2.7% 15.1% 19.4% 57.1% 43.5% 16.8% 16.8% 22.3%30 GULF NAVIGATION HOLDING UAE 282951 Oil & Gas Storage & TranspEnergy USD 47.3% 15.3% 6.5% 8.8% 1.6% -17.5% -5.6% -12.5% -329.9% 1.6% -31.8%31 CRESCENT PETROLEUM CORP UAE 3597 Unclassified Energy USD 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%122 NMC HEALTH PLC UAE 312098 Health Care Facilities Health Care USD 8.5% 20.8% 43.3% 17.9% 19.5% 19.5% 22.0%123 QATAR GERMAN CO ME Qatar 258642 Health Care Supplies Health Care USD -8.8% 3.1% -7.9% -0.9% 3.2% 0.9% -1.7% 0.2% -3.6% -4.4% -1.3% -2.0%

Exhibit 4

Return on equity, year-end2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Median Average

Country Averages UAE 14.1% 16.1% 14.1% 14.4% 9.9% 5.7% 9.1% 1.1% 5.6% -2.2% 9.5% 8.8%

# negative 5.00 2.00 3.00 1.00 7.00 5.00 7.00 11.00 8.00 4.00

Qatar 10.7% 14.2% 11.7% 13.9% 18.5% 13.3% 14.7% 16.5% 16.1% 14.4% 14.3% 14.4%

# negative 3.00 1.00 2.00 2.00 2.00 2.00 2.00 1.00 2.00 1.00 No Company Name Country GVKEY Industry Segment Sector Currency 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Median Average

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% -2.5%131 RAS AL KHAIMAH CERAMIC CO UAE 284191 Building Products Industrials USD 13.5% 12.8% 12.1% 11.7% 12.7% 13.9% 12.9% 9.9% 10.6% 11.4% 12.4% 12.2%132 ARAB TECHNICAL CONST. UAE 274386 Construction & EngineeringIndustrials USD 28.9% 27.7% 42.8% 50.6% 20.7% 11.4% 8.8% 4.7% 6.9% 20.7% 22.5%133 DRAKE & SKULL INTL UAE 291718 Construction & EngineeringIndustrials USD 78.3% 69.4% 51.4% 13.5% 6.3% 7.2% 3.5% 5.7% 10.3% 29.4%134 DEPA LTD UAE 179766 Diversified Support ServicesIndustrials USD 16.4% 23.8% 10.8% 12.5% -12.4% 3.3% -7.5% 10.8% 6.7%135 AVEC CORP UAE 151594 Heavy Electrical Equipment Industrials USD 136 INDUSTRIES OF QATAR Qatar 258696 Industrial Conglomerates Industrials USD 34.4% 32.7% 36.5% 39.9% 25.6% 25.6% 30.2% 27.8% 23.7% 30.2% 30.7%137 MANNAI CORP. Q.S.C Qatar 285864 Industrial Conglomerates Industrials USD 22.2% 19.0% 23.4% 25.4% 26.7% 20.4% 17.6% 20.1% 21.3% 21.8%138 AAMAL HLDG Qatar 287946 Industrial Conglomerates Industrials USD 46.7% 12.4% 19.3% 13.6% 5.2% 9.8% 8.4% 9.3% 7.3% 9.8% 14.7%139 QATAR NAT NAVIGAT Qatar 258649 Marine Industrials USD 4.6% 3.5% 6.1% 7.2% 10.2% 8.0% 10.2% 6.7% 7.8% 7.5% 7.4% 7.2%140 QATAR SHIPPING Qatar 258663 Marine Industrials USD 16.2% 6.4% 13.3% 13.0% 13.0% 12.2% 13.0% 12.3%141 NATL MARINE DREDGING UAE 284159 Marine Ports & Services Industrials USD 10.2% 3.7% 15.5% 16.5% 21.5% 18.9% 16.6% 11.0% 6.2% 15.5% 13.3%142 DP WORLD UAE 284856 Marine Ports & Services Industrials USD 41.2% 6.4% 7.5% 4.6% 4.9% 9.2% 9.3% 7.5% 7.5% 11.3%143 QATAR NATIONAL CEMENT Qatar 254656 Construction Materials Materials USD 15.0% 11.7% 14.9% 21.6% 25.2% 21.7% 21.6% 19.2% 17.5% 16.9% 18.3% 18.5%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%149 ABU DHABI NATL CO FOR BLDG UAE 284080 Construction Materials Materials USD 35.9% 11.1% 14.8% 10.7% 24.0% 13.3% 8.0% -1.8% -7.4% -5.2% 10.9% 10.3%150 FUJAIRAH BUILDING INDUSTRIES UAE 284104 Construction Materials Materials USD 13.6% 14.6% 19.5% 19.2% 18.6% 6.4% -11.4% 0.6% 1.4% 13.6% 9.2%151 ARKAN BUILDING MATERIALS UAE 284154 Construction Materials Materials USD 24.9% 29.2% 8.8% 9.7% -18.1% 0.2% 1.3% 2.8% 2.5% 2.8% 6.8%152 QATARI INV GRP Qatar 285366 Construction Materials Materials USD 2.4% 3.9% 3.8% 3.7% 3.8% 7.6% 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 30.1% 21.0% 21.0% 16.5% 57.9% 25.7% 30.9% 42.9% 37.4% 22.6% 27.9% 30.6%158 ABU DHABI NATIONAL ENERGY UAE 279336 Multi-Utilities Utilities USD 16.1% 7.7% 14.6% 25.5% 1.8% 7.8% 6.7% 5.6% -28.9% 7.7% 6.3%159 3POWER ENERGY GROUP INC UAE 187366 Renewable Electricity Utilities USD

Exhibit 4

Net Income After Extraordinary Items (as reported by Compustat)No Company Name Country GVKEY Industry Segment Sector Currency 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

UAE 27.00 35.00 39.00 42.00 39.00 41.00 40.00 35.00 36.00 37.00

# negative 6.00 3.00 4.00 1.00 6.00 7.00 9.00 12.00 9.00 4.00

18% 8% 9% 2% 13% 15% 18% 26% 20% 10% 14%

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

25% 7% 11% 11% 10% 5% 11% 5% 11% 6% 10%No Company Name Country GVKEY Industry Segment Sector Currency 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Median CAGR

1 AXIUS INC UAE 179660 Distributors Consumer Discretionary USD 0 0 -1 0

2 EMIRATES DRIVING UAE 284155 Education Services Consumer Discretionary USD -1 2 1 16 19 20 18 12 9 12 12 (229.5%)

3 KINGDOM HOTEL INVESTMENTS UAE 276929 Hotels, Resorts & Cruise LinConsumer Discretionary USD 3 7 43 34 17 22 18 0 17 (100.0%)

4 ABU DHABI NATIONAL HOTELS UAE 282983 Hotels, Resorts & Cruise LinConsumer Discretionary USD 64 90 80 128 80 118 83 72 54 59 80 (1.0%)

5 NATL CORP FOR TOURISM & HOT UAE 284158 Hotels, Resorts & Cruise LinConsumer Discretionary USD 10 19 3 23 25 41 35 30 26 34 25 14.9%

6 AL FIRDOUS HOLDINGS UAE 287151 Hotels, Resorts & Cruise LinConsumer Discretionary USD 0 5 4 0 1 1 0 1

7 QATAR CINEMA & FILM Qatar 275063 Movies & Entertainment Consumer Discretionary USD 1 2 2 2 3 2 3 4 3 3 2 11.3%

8 DAMAS INTERNATIONAL LTD UAE 293285 Specialty Stores Consumer Discretionary USD 25 36 62 56 59 -520 14 36 (100.0%)

9 FOODCO HOLDING PJSC UAE 282986 Food Distributors Consumer Staples USD 20 36 17 7 8 7 8 5 4 10 8 (7.6%)

10 DUBAI REFRESHMENTS UAE 283433 Food Distributors Consumer Staples USD 8 8 5 6 4 9 18 36 44 33 8 17.9%

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 12

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 25.2%

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 24 40 76 116 155 121 78 127 186 116

23 LAMPRELL UAE 279384 Oil & Gas Equipment & ServEnergy USD 10 30 34 72 85 28 65 63 -110 36 35 15.2%

24 MARITIME INDL SVCS CO UAE 284079 Oil & Gas Equipment & ServEnergy USD -3 10 19 22 8 29 36 19 (100.0%)

25 POLARCUS LTD UAE 292880 Oil & Gas Equipment & ServEnergy USD -2 -19 -28 -31 10 43 -11

26 DRAGON OIL UAE 201676 Oil & Gas Exploration & ProEnergy USD 50 106 180 304 369 259 386 648 600 513 336 29.6%

27 EXILLON ENERGY UAE 293578 Oil & Gas Exploration & ProEnergy USD 0 180 -4 -10 12 32 6

28 QATAR FUEL Qatar 258641 Oil & Gas Refining & MarketEnergy USD 25 61 118 169 331 239 295 317 316 334 267 33.5%

29 QATAR GAS TRANSPORT(NAKILAT) Qatar 274295 Oil & Gas Storage & TranspEnergy USD 12 35 35 162 183 229 210 200 172

30 GULF NAVIGATION HOLDING UAE 282951 Oil & Gas Storage & TranspEnergy USD 2 10 32 40 7 -64 -20 -40 -253 2 (267.3%)


Exhibit 4

Net Income After Extraordinary Items (as reported by Compustat)No Company Name Country GVKEY Industry Segment Sector Currency 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

UAE 27.00 35.00 39.00 42.00 39.00 41.00 40.00 35.00 36.00 37.00

# negative 6.00 3.00 4.00 1.00 6.00 7.00 9.00 12.00 9.00 4.00

18% 8% 9% 2% 13% 15% 18% 26% 20% 10% 14%

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

25% 7% 11% 11% 10% 5% 11% 5% 11% 6% 10%No Company Name Country GVKEY Industry Segment Sector Currency 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Median CAGR

120 MEDICARE GROUP Qatar 274886 Health Care Facilities Health Care USD -3 -14 -13 -7 5 0 13 11 12 25 3 (227.1%)

121 GULF MEDICAL PROJECTS UAE 284186 Health Care Facilities Health Care USD 7 9 8 19 9 24 14 24 30 25 16 15.2%

122 NMC HEALTH PLC UAE 312098 Health Care Facilities Health Care USD 8 21 43 59 68 43

123 QATAR GERMAN CO ME Qatar 258642 Health Care Supplies Health Care USD -1 0 -1 0 2 0 -1 0 -2 -2 -1 4.8%

124 GULF PHARMACEUTICALS UAE 282886 Pharmaceuticals Health Care USD 18 32 18 56 36 33 42 46 55 63 39 14.8%

125 ABU DHABI SHIP BUILDING UAE 284185 Aerospace & Defense Industrials USD 10 13 13 7 28 31 24 11 7 13 13 2.8%

126 ARAMEX PJSC UAE 274887 Air Freight & Logistics Industrials USD 13 14 26 33 40 50 56 58 66 76 45 21.7%

127 GULF WAREHOUSING CO Qatar 274893 Air Freight & Logistics Industrials USD 1 0 1 -5 3 14 17 23 28 3 48.0%

128 ABU DHABI AVIATION UAE 284151 Air Freight & Logistics Industrials USD 23 27 14 21 29 36 68 69 67 58 33 10.9%

129 AIR ARABIA PJSC UAE 285482 Airlines Industrials USD 0 9 28 77 139 123 83 73 114 115 80 (315.0%)

130 NATL CNTL COOLING (TABRD) UAE 274899 Building Products Industrials USD 9 14 28 20 20 -304 37 50 64 74 24 27.1%

131 RAS AL KHAIMAH CERAMIC CO UAE 284191 Building Products Industrials USD 35 38 41 45 56 71 74 56 61 77 56 9.1%

132 ARAB TECHNICAL CONST. UAE 274386 Construction & Engineering Industrials USD 45 59 146 261 135 84 71 38 103 84

133 DRAKE & SKULL INTL UAE 291718 Construction & Engineering Industrials USD 16 27 42 91 42 53 26 45 42

134 DEPA LTD UAE 179766 Diversified Support ServicesIndustrials USD 25 44 51 64 -54 15 -33 25

135 AVEC CORP UAE 151594 Heavy Electrical Equipment Industrials USD -5 -11 -14 -11 (100.0%)

136 INDUSTRIES OF QATAR Qatar 258696 Industrial Conglomerates Industrials USD 883 994 1,369 1,998 1,339 1,533 2,178 2,318 2,200 1,533

137 MANNAI CORP. Q.S.C Qatar 285864 Industrial Conglomerates Industrials USD 18 28 40 51 63 77 110 122 57

138 AAMAL HLDG Qatar 287946 Industrial Conglomerates Industrials USD 388 117 226 171 69 145 135 163 139 145

139 QATAR NAT NAVIGAT Qatar 258649 Marine Industrials USD 45 79 72 120 156 130 302 195 229 261 143 21.6%

140 QATAR SHIPPING Qatar 258663 Marine Industrials USD 61 114 126 168 142 145 134 (100.0%)

141 NATL MARINE DREDGING UAE 284159 Marine Ports & Services Industrials USD 21 33 12 58 72 112 123 128 92 56 65 11.4%

142 DP WORLD UAE 284856 Marine Ports & Services Industrials USD 254 1,105 482 333 375 683 749 640 561

143 QATAR NATIONAL CEMENT Qatar 254656 Construction Materials Materials USD 47 48 55 98 114 115 128 122 117 120 114 11.0%

144 UNION CEMENT CO UAE 274921 Construction Materials Materials USD 39 143 49 47 42 15 -8 -7 13 11 27 (13.1%)

145 GULF CEMENT CO UAE 275275 Construction Materials Materials USD 51 137 30 113 1 10 20 -15 -2 19 19 (10.5%)

146 NATIONAL CEMENT CO UAE 278373 Construction Materials Materials USD 31 69 59 55 53 36 17 18 19 28 34 (1.1%)

147 RAS AL KHAIMAH CO FOR WHITE UAE 282157 Construction Materials Materials USD 11 30 18 44 -22 19 23 19 10 14 19 2.6%

148 RAS AL KHAIMAH CEMENT CO UAE 282895 Construction Materials Materials USD 26 33 34 15 22 20 -1 -5 -2 2 17 (24.2%)

149 ABU DHABI NATL CO FOR BLDG UAE 284080 Construction Materials Materials USD 12 19 20 16 25 13 8 -2 -6 -6 12 (193.1%)

150 FUJAIRAH BUILDING INDUSTRIES UAE 284104 Construction Materials Materials USD 3 6 10 11 12 4 -6 0 1 4

151 ARKAN BUILDING MATERIALS UAE 284154 Construction Materials Materials USD 25 36 48 55 -79 1 14 6 13 12 14 (8.1%)

152 QATARI INV GRP Qatar 285366 Construction Materials Materials USD 5 9 19 20 20 42 19

153 OOREDOO Qatar 135709 Integrated TelecommunicatTelecommunication ServicesUSD 406 327 467 460 625 763 794 715 808 708 667 6.4%

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 1,881 8.5%

155 EMIRATE INTEGRATED TELECOM UAE 279381 Integrated TelecommunicatTelecommunication ServicesUSD -10 -166 -241 1 72 357 299 539 541 72

156 VODAFONE QATAR Qatar 292438 Wireless Telecommunicatio Telecommunication ServicesUSD -36 -185 -165 -133 -110 -133

157 QATAR ELECT & WATER Qatar 258639 Multi-Utilities Utilities USD 206 179 212 169 208 253 320 357 394 380 233 7.0%

158 ABU DHABI NATIONAL ENERGY UAE 279336 Multi-Utilities Utilities USD 229 132 282 497 50 277 203 177 -686 203

159 3POWER ENERGY GROUP INC UAE 187366 Renewable Electricity Utilities USD -2 -1 -10 -2 -2

Exhibit 4

Assets - Total No Company Name Country GVKEY Industry Segment Sector Currency 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Median CAGR

1 AXIUS INC UAE 179660 Distributors Consumer Discretionary USD 0 0 0 0 2 EMIRATES DRIVING UAE 284155 Education Services Consumer Discretionary USD 11 29 31 44 64 82 99 107 110 117 73 30.2%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 1,815 (100.0%)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 2,402 18.6%5 NATL CORP FOR TOURISM & HOT UAE 284158 Hotels, Resorts & Cruise LinConsumer Discretionary USD 180 231 231 363 327 381 340 320 318 338 323 7.3%6 AL FIRDOUS HOLDINGS UAE 287151 Hotels, Resorts & Cruise LinConsumer Discretionary USD 3 192 170 170 171 173 173 171 7 QATAR CINEMA & FILM Qatar 275063 Movies & Entertainment Consumer Discretionary USD 13 22 16 19 18 28 49 50 48 48 25 15.3%8 DAMAS INTERNATIONAL LTD UAE 293285 Specialty Stores Consumer Discretionary USD 573 778 1,130 1,381 1,700 1,100 1,006 1,100 (100.0%)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%11 ALMEERA CONSUMER GOODS CO Qatar 293086 Hypermarkets & Super Cen Consumer Staples USD 104 113 111 119 210 287 493 119 12 AMIRA NATURE FOODS LTD UAE 14033 Packaged Foods & Meats Consumer Staples USD 255 232 327 255 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 54 54 49 50 80 77 259 346 396 337 78 22.7%18 RAS AL KHAIMAH PLTRY & FEED UAE 284876 Packaged Foods & Meats Consumer Staples USD 127 133 110 112 119 101 107 132 116 19 EMIRATES REFRESHMENTS CO UAE 283375 Soft Drinks Consumer Staples USD 0 36 25 32 22 30 25 24 20 18 24 20 GULFA MINERAL WATER UAE 291230 Soft Drinks Consumer Staples USD 7 7 9 14 14 15 15 15 15 17 14 10.5%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 23 LAMPRELL UAE 279384 Oil & Gas Equipment & ServEnergy USD 0 138 178 366 502 406 598 1,263 1,067 406 24 MARITIME INDL SVCS CO UAE 284079 Oil & Gas Equipment & ServEnergy USD 66 69 217 311 413 435 315 311 (100.0%)25 POLARCUS LTD UAE 292880 Oil & Gas Equipment & ServEnergy USD 372 639 974 1,108 1,372 974 26 DRAGON OIL UAE 201676 Oil & Gas Exploration & ProEnergy USD 401 676 894 1,318 1,769 2,148 2,658 3,351 3,843 4,396 1,958 30.5%27 EXILLON ENERGY UAE 293578 Oil & Gas Exploration & ProEnergy USD 57 470 540 674 776 540 28 QATAR FUEL Qatar 258641 Oil & Gas Refining & Marke Energy USD 234 454 613 741 1,119 1,337 1,692 1,911 2,212 2,664 1,228 31.1%29 QATAR GAS TRANSPORT(NAKILAT) Qatar 274295 Oil & Gas Storage & TranspEnergy USD 2,960 4,419 6,721 8,580 8,808 8,624 8,484 8,429 8,456 30 GULF NAVIGATION HOLDING UAE 282951 Oil & Gas Storage & TranspEnergy USD 8 121 732 827 799 656 683 599 388 656 53.0%31 CRESCENT PETROLEUM CORP 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 384 418 355 716 401 123 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 Industrials USD 35 95 117 105 110 167 343 434 516 117 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 & EngineeringIndustrials 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 & EngineeringIndustrials 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 345 510 897 918 827 825 856 827 135 AVEC CORP UAE 151594 Heavy Electrical Equipment Industrials USD 0 0 0 0 (100.0%)136 INDUSTRIES OF QATAR Qatar 258696 Industrial Conglomerates Industrials USD 3,344 4,088 5,532 7,537 7,447 8,774 10,098 11,042 10,100 7,537 137 MANNAI CORP. Q.S.C Qatar 285864 Industrial Conglomerates Industrials USD 197 276 361 356 434 795 1,888 1,826 398 138 AAMAL HLDG Qatar 287946 Industrial Conglomerates Industrials USD 997 1,230 1,586 1,554 1,653 1,811 2,090 2,301 2,343 1,653 139 QATAR NAT NAVIGAT Qatar 258649 Marine Industrials USD 1,075 2,488 1,477 2,142 1,851 1,976 3,659 3,655 3,867 4,298 2,315 16.6%140 QATAR SHIPPING Qatar 258663 Marine Industrials USD 691 2,084 1,252 1,560 1,493 1,460 1,477 (100.0%)141 NATL MARINE DREDGING UAE 284159 Marine Ports & Services Industrials USD 0 426 388 440 487 691 897 1,075 1,327 1,388 589 142 DP WORLD UAE 284856 Marine Ports & Services Industrials USD 17,470 17,190 15,499 18,961 19,360 18,758 16,434 16,761 17,330 143 QATAR NATIONAL CEMENT Qatar 254656 Construction Materials Materials USD 332 584 523 581 783 694 717 719 736 763 705 9.7%144 UNION CEMENT CO UAE 274921 Construction Materials Materials USD 178 329 413 402 418 401 381 358 386 383 385 8.9%145 GULF CEMENT CO UAE 275275 Construction Materials Materials USD 208 421 472 548 493 449 434 365 374 412 427 7.9%146 NATIONAL CEMENT CO UAE 278373 Construction Materials Materials USD 355 712 587 804 763 552 523 567 563 627 577 6.5%147 RAS AL KHAIMAH CO FOR WHITE UAE 282157 Construction Materials Materials USD 231 397 281 321 226 226 253 253 266 339 260 4.3%148 RAS AL KHAIMAH CEMENT CO UAE 282895 Construction Materials Materials USD 170 179 211 211 246 236 217 218 209 201 211 1.8%149 ABU DHABI NATL CO FOR BLDG UAE 284080 Construction Materials Materials USD 107 254 281 276 357 262 242 226 216 241 248 9.4%150 FUJAIRAH BUILDING INDUSTRIES UAE 284104 Construction Materials Materials USD 32 65 79 101 120 124 114 121 116 114 151 ARKAN BUILDING MATERIALS UAE 284154 Construction Materials Materials USD 113 135 598 587 697 675 0 808 882 954 637 26.8%152 QATARI INV GRP Qatar 285366 Construction Materials Materials USD 236 460 733 959 839 915 786 153 OOREDOO Qatar 135709 Integrated TelecommunicatTelecommunication ServicesUSD 1,388 1,751 2,143 12,980 20,401 23,321 27,883 28,059 25,877 26,752 21,861 38.9%154 ETISALAT UAE 274234 Integrated TelecommunicatTelecommunication ServicesUSD 5,522 6,550 12,502 14,280 16,899 19,430 20,584 19,844 21,820 23,338 18,165 17.4%155 EMIRATE INTEGRATED TELECOM UAE 279381 Integrated TelecommunicatTelecommunication ServicesUSD 1,091 1,126 1,184 2,117 2,595 3,408 3,282 3,790 4,406 2,595 156 VODAFONE QATAR Qatar 292438 Wireless Telecommunicatio Telecommunication ServicesUSD 2,235 2,309 2,314 2,253 2,212 2,253 157 QATAR ELECT & WATER Qatar 258639 Multi-Utilities Utilities USD 1,449 1,563 1,950 2,524 3,731 4,955 6,083 6,174 6,113 3,028 3,379 8.5%158 ABU DHABI NATIONAL ENERGY UAE 279336 Multi-Utilities Utilities USD 8,303 14,098 18,472 23,519 25,002 31,597 31,224 33,375 33,196 25,002 159 3POWER ENERGY GROUP INC UAE 187366 Renewable Electricity Utilities USD 0 0 0 0 0

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 2012 2013 Median CAGR

1 AXIUS INC UAE 179660 Distributors Consumer Discretionary USD 0 0 0 0 2 EMIRATES DRIVING UAE 284155 Education Services Consumer Discretionary USD 3 9 14 23 36 44 42 38 38 43 37 32.2%3 KINGDOM HOTEL INVESTMENTS UAE 276929 Hotels, Resorts & Cruise LinConsumer Discretionary USD 38 55 99 179 279 246 293 258 212 (100.0%)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 2 7 QATAR CINEMA & FILM Qatar 275063 Movies & Entertainment Consumer Discretionary USD 3 3 3 4 5 5 4 5 6 4 4 4.9%8 DAMAS INTERNATIONAL LTD UAE 293285 Specialty Stores Consumer Discretionary USD 598 735 332 963 1,642 899 804 804 (100.0%)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%11 ALMEERA CONSUMER GOODS CO Qatar 293086 Hypermarkets & Super Cen Consumer Staples USD 159 206 237 252 320 413 534 252 12 AMIRA NATURE FOODS LTD UAE 14033 Packaged Foods & Meats Consumer Staples USD 257 330 414 330 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 17 26 28 23 25 20 137 102 69 73 27 17.6%18 RAS AL KHAIMAH PLTRY & FEED UAE 284876 Packaged Foods & Meats Consumer Staples USD 14 16 23 19 19 15 9 10 15 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 76 108 177 239 305 277 403 601 632 277 23 LAMPRELL UAE 279384 Oil & Gas Equipment & ServEnergy USD 106 209 330 467 741 426 504 1,148 1,045 467 (100.0%)24 MARITIME INDL SVCS CO UAE 284079 Oil & Gas Equipment & ServEnergy USD 77 109 177 308 387 478 385 308 (100.0%)25 POLARCUS LTD UAE 292880 Oil & Gas Equipment & ServEnergy USD 0 0 119 295 525 119 26 DRAGON OIL UAE 201676 Oil & Gas Exploration & ProEnergy USD 97 249 320 597 706 623 780 1,151 1,155 1,048 665 30.3%27 EXILLON ENERGY UAE 293578 Oil & Gas Exploration & ProEnergy USD 0 23 85 203 302 85 28 QATAR FUEL Qatar 258641 Oil & Gas Refining & Marke Energy USD 415 652 959 1,295 2,062 1,696 2,107 2,884 3,155 3,531 1,879 26.8%29 QATAR GAS TRANSPORT(NAKILAT) Qatar 274295 Oil & Gas Storage & TranspEnergy USD 10 13 22 428 759 852 856 847 594 30 GULF NAVIGATION HOLDING UAE 282951 Oil & Gas Storage & TranspEnergy USD 14 28 74 108 92 85 70 55 37 70 11.9%31 CRESCENT PETROLEUM CORP UAE 3597 Unclassified Energy USD 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 339 387 444 490 415 123 QATAR GERMAN CO ME Qatar 258642 Health Care Supplies Health Care USD 0 0 0 0 1 2 2 2 4 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 & EngineeringIndustrials 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 & EngineeringIndustrials USD 135 223 388 602 505 847 904 1,328 553 134 DEPA LTD UAE 179766 Diversified Support ServicesIndustrials USD 285 387 461 732 494 473 530 473 135 AVEC CORP UAE 151594 Heavy Electrical Equipment Industrials USD 0 0 0 0 136 INDUSTRIES OF QATAR Qatar 258696 Industrial Conglomerates Industrials USD 1,807 2,137 2,561 4,048 2,651 3,391 4,544 5,135 1,599 2,651 137 MANNAI CORP. Q.S.C Qatar 285864 Industrial Conglomerates Industrials USD 314 436 536 527 543 630 1,312 1,542 540 138 AAMAL HLDG Qatar 287946 Industrial Conglomerates Industrials USD 95 116 147 179 194 335 524 627 583 194 139 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 3,025 143 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 74 13.5%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 71 79 87 94 189 153 67 82 108 105 91 4.5%152 QATARI INV GRP Qatar 285366 Construction Materials Materials USD 0 18 47 59 70 131 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 99 257 335 419 257 157 QATAR ELECT & WATER Qatar 258639 Multi-Utilities Utilities USD 400 407 471 529 624 728 943 1,228 1,242 797 676 8.0%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 4,509 159 3POWER ENERGY GROUP INC UAE 187366 Renewable Electricity Utilities USD 0 0 0 0 0

Exhibit 4

Shareholders' Equity, Total book value including minority interestNo Company Name Country GVKEY Industry Segment Sector Currency 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Median CAGR

1 AXIUS INC UAE 179660 Distributors Consumer Discretionary USD -0.02 -0.06 0.20 -0.02

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 94.38 101.18 64.25 31.6%

3 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 1,299.67 (100.0%)

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 2,151.38 18.6%

5 NATL CORP FOR TOURISM & HOT UAE 284158 Hotels, Resorts & Cruise LinConsumer Discretionary USD 82.53 136.27 103.86 204.08 140.43 186.08 168.27 160.17 163.22 188.51 161.70 9.6%

6 AL FIRDOUS HOLDINGS UAE 287151 Hotels, Resorts & Cruise LinConsumer Discretionary USD 2.69 168.58 170.06 169.85 170.60 171.21 171.34 170.06

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 36.75 37.29 39.19 18.91 13.7%

8 DAMAS INTERNATIONAL LTD UAE 293285 Specialty Stores Consumer Discretionary USD 248.93 429.35 469.41 506.37 785.05 261.92 273.10 429.35 (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 68.54 74.53 83.82 385.55 68.54

12 AMIRA NATURE FOODS LTD UAE 14033 Packaged Foods & Meats Consumer Staples USD 39.27 45.68 143.63 45.68

13 ZAD HOLDING CO Qatar 274901 Packaged Foods & Meats Consumer Staples USD 58.14 213.67 147.81 142.79 113.48 131.37 165.76 346.08 360.47 147.81 (100.0%)

14 WIDAM FOOD COMPANY QSC Qatar 274902 Packaged Foods & Meats Consumer Staples USD 41.81 48.76 47.81 51.10 61.35 56.96 62.90 72.64 73.52 68.60 59.16 5.7%

15 UNITED FOODS CO P.S.C. UAE 283483 Packaged Foods & Meats Consumer Staples USD 21.11 22.51 23.36 26.48 13.37 28.31 40.41 40.83 44.34 48.09 27.39 9.6%

16 AGTHIA GROUP PJSC UAE 284156 Packaged Foods & Meats Consumer Staples USD 178.66 186.61 196.95 216.53 244.72 267.95 281.90 307.35 340.29 244.72

17 INTL FISH FARMING CO UAE 284187 Packaged Foods & Meats Consumer Staples USD 51.60 52.12 46.65 47.37 76.59 73.96 93.74 217.76 229.24 166.29 75.27 13.9%

18 RAS AL KHAIMAH PLTRY & FEED UAE 284876 Packaged Foods & Meats Consumer Staples USD 103.38 124.00 99.17 101.86 101.43 83.95 89.23 115.79 101.65

19 EMIRATES REFRESHMENTS CO UAE 283375 Soft Drinks Consumer Staples USD 34.47 23.02 29.55 17.07 19.69 14.29 11.04 11.39 11.78 17.07

20 GULFA MINERAL WATER UAE 291230 Soft Drinks Consumer Staples USD 3.30 2.79 5.49 6.65 7.36 8.11 8.91 9.77 10.91 12.19 7.73 15.6%

21 DANA GAS UAE 282884 Integrated Oil & Gas Energy USD 1,855.66 1,939.00 1,971.00 2,099.00 2,174.00 2,224.00 2,417.00 2,543.00 2,136.50

22 GULF INTL SVCS Qatar 288907 Oil & Gas Drilling Energy USD 207.88 242.20 336.07 453.91 562.93 616.85 646.67 724.09 847.38 562.93

23 LAMPRELL UAE 279384 Oil & Gas Equipment & Ser Energy USD 75.72 89.87 158.76 212.25 234.79 283.97 533.90 406.07 223.52

24 MARITIME INDL SVCS CO UAE 284079 Oil & Gas Equipment & Ser Energy USD 19.58 27.57 97.25 116.54 122.16 151.24 187.27 116.54 (100.0%)

25 POLARCUS LTD UAE 292880 Oil & Gas Equipment & Ser Energy USD 189.60 294.68 391.56 429.76 481.41 391.56

26 DRAGON OIL UAE 201676 Oil & Gas Exploration & ProEnergy USD 294.24 561.01 741.93 1,060.43 1,442.35 1,703.22 2,092.95 2,588.55 2,859.32 3,239.50 1,572.79 30.5%

27 EXILLON ENERGY UAE 293578 Oil & Gas Exploration & ProEnergy USD 56.74 383.81 408.02 521.45 567.53 408.02

28 QATAR FUEL Qatar 258641 Oil & Gas Refining & MarkeEnergy USD 129.16 240.07 279.39 422.67 706.76 924.85 1,165.10 1,399.05 1,594.42 1,826.25 815.80 34.2%

29 QATAR GAS TRANSPORT(NAKILAT) Qatar 274295 Oil & Gas Storage & TranspEnergy USD 672.44 1,317.26 -0.19 1,073.36 942.77 401.90 484.65 1,193.60 807.60

30 GULF NAVIGATION HOLDING UAE 282951 Oil & Gas Storage & TranspEnergy USD 5.20 63.49 483.48 459.54 458.22 367.53 350.79 321.18 76.56 350.79 34.8%


Exhibit 4

120 MEDICARE GROUP Qatar 274886 Health Care Facilities Health Care USD 45.37 77.46 62.99 104.86 212.93 190.38 203.11 206.01 210.44 222.15 196.75 19.3%121 GULF MEDICAL PROJECTS UAE 284186 Health Care Facilities Health Care USD 28.74 37.28 42.66 69.55 123.05 171.72 201.10 207.14 238.95 291.61 147.39 29.4%122 NMC HEALTH PLC UAE 312098 Health Care Facilities Health Care USD 90.89 102.98 100.35 331.60 101.66 123 QATAR GERMAN CO ME Qatar 258642 Health Care Supplies Health Care USD 16.17 16.24 15.46 32.54 58.04 55.99 55.15 55.17 53.26 48.74 51.00 13.0%124 GULF PHARMACEUTICALS UAE 282886 Pharmaceuticals Health Care USD 179.14 205.18 247.02 334.86 349.23 376.72 403.68 427.37 465.22 513.68 362.98 12.4%125 ABU DHABI SHIP BUILDING UAE 284185 Aerospace & Defense Industrials USD 35.20 65.17 56.80 41.42 76.59 93.88 136.37 151.07 106.51 121.29 85.23 14.7%126 ARAMEX PJSC UAE 274887 Air Freight & Logistics Industrials USD 39.70 290.24 317.94 356.84 391.08 442.03 491.57 516.20 557.04 579.07 416.55 34.7%127 GULF WAREHOUSING CO Qatar 274893 Air Freight & Logistics Industrials USD 33.79 85.25 86.50 79.86 82.10 95.94 188.58 194.21 220.57 86.50 23.2%128 ABU DHABI AVIATION UAE 284151 Air Freight & Logistics Industrials USD 209.84 231.68 304.17 311.68 369.74 406.05 456.93 503.19 559.25 603.23 387.90 12.4%129 AIR ARABIA PJSC UAE 285482 Airlines Industrials USD 10.41 22.46 47.38 1,369.36 1,465.68 1,488.57 1,463.87 1,429.12 1,481.22 1,518.21 1,446.50 73.9%130 NATL CNTL COOLING (TABRD) UAE 274899 Building Products Industrials USD 154.59 311.99 356.67 374.33 728.01 393.81 430.76 1,065.58 1,205.14 1,266.33 412.29 26.3%131 RAS AL KHAIMAH CERAMIC CO UAE 284191 Building Products Industrials USD 265.18 306.46 343.01 388.95 444.28 545.39 621.45 609.08 614.73 718.63 494.83 11.7%132 ARAB TECHNICAL CONST. UAE 274386 Construction & EngineeringIndustrials USD 156.28 220.61 377.93 576.61 742.61 844.61 916.89 910.77 1,569.35 742.61 133 DRAKE & SKULL INTL UAE 291718 Construction & EngineeringIndustrials USD 20.16 41.49 84.64 684.74 692.00 739.84 753.80 809.95 688.37 134 DEPA LTD UAE 179766 Diversified Support Service Industrials USD 159.51 196.08 494.92 537.44 465.68 474.82 439.31 465.68 135 AVEC CORP UAE 151594 Heavy Electrical EquipmentIndustrials USD -0.85 -5.30 -12.61 -5.30 (100.0%)136 INDUSTRIES OF QATAR Qatar 258696 Industrial Conglomerates Industrials USD 2,595.81 3,039.73 3,756.51 5,012.27 5,233.29 5,984.08 7,312.07 8,429.64 9,275.72 5,233.29 137 MANNAI CORP. Q.S.C Qatar 285864 Industrial Conglomerates Industrials USD 79.15 145.18 172.20 199.05 238.26 376.03 720.97 673.19 218.65 138 AAMAL HLDG Qatar 287946 Industrial Conglomerates Industrials USD 830.20 947.91 1,187.99 1,275.62 1,344.17 1,503.32 1,640.16 1,812.04 1,949.22 1,344.17 139 QATAR NAT NAVIGAT Qatar 258649 Marine Industrials USD 972.40 2,275.16 1,177.20 1,668.26 1,535.42 1,623.25 2,981.50 2,916.41 2,960.58 3,471.73 1,971.71 15.2%140 QATAR SHIPPING Qatar 258663 Marine Industrials USD 379.05 1,778.23 944.52 1,294.82 1,093.89 1,186.55 1,140.22 (100.0%)141 NATL MARINE DREDGING UAE 284159 Marine Ports & Services Industrials USD 324.41 324.54 375.57 438.29 524.22 652.12 775.38 836.74 909.48 524.22 142 DP WORLD UAE 284856 Marine Ports & Services Industrials USD 1,318.83 8,372.78 7,173.26 8,037.45 8,495.93 8,221.47 8,729.85 9,021.54 8,297.12 143 QATAR NATIONAL CEMENT Qatar 254656 Construction Materials Materials USD 312.78 406.79 369.87 450.98 451.00 527.98 593.88 635.62 668.51 706.89 489.49 9.5%144 UNION CEMENT CO UAE 274921 Construction Materials Materials USD 167.68 314.05 350.89 373.59 381.99 382.33 357.96 329.20 341.89 342.23 346.56 8.2%145 GULF CEMENT CO UAE 275275 Construction Materials Materials USD 172.97 358.68 378.52 468.61 425.81 402.08 399.95 336.83 331.53 335.79 368.60 7.6%146 NATIONAL CEMENT CO UAE 278373 Construction Materials Materials USD 338.69 689.53 562.30 753.08 703.56 499.92 481.80 509.59 424.94 499.74 504.76 4.4%147 RAS AL KHAIMAH CO FOR WHITE UAE 282157 Construction Materials Materials USD 222.83 386.02 266.20 300.50 191.07 196.08 212.76 192.35 199.70 240.85 217.79 0.9%148 RAS AL KHAIMAH CEMENT CO UAE 282895 Construction Materials Materials USD 134.81 168.10 202.11 196.95 218.62 223.00 208.19 202.74 195.90 189.29 199.53 3.8%149 ABU DHABI NATL CO FOR BLDG UAE 284080 Construction Materials Materials USD 33.66 176.01 138.48 147.41 107.58 103.27 99.78 86.74 86.84 117.69 105.42 14.9%150 FUJAIRAH BUILDING INDUSTRIES UAE 284104 Construction Materials Materials USD 22.15 38.65 49.65 55.83 64.84 64.40 54.86 55.31 57.41 55.31 151 ARKAN BUILDING MATERIALS UAE 284154 Construction Materials Materials USD 100.06 123.05 544.72 566.42 439.81 425.73 431.76 437.60 450.90 463.75 438.71 18.6%152 QATARI INV GRP Qatar 285366 Construction Materials Materials USD 228.49 240.04 508.59 530.27 531.51 553.61 519.43 153 OOREDOO Qatar 135709 Integrated Telecommunica Telecommunication Service USD 1,050.97 1,177.48 1,388.15 4,533.05 7,952.22 8,081.20 9,411.70 10,815.93 10,130.46 8,905.02 8,016.71 26.8%154 ETISALAT UAE 274234 Integrated Telecommunica Telecommunication Service USD 3,598.74 4,282.17 5,826.36 7,050.36 9,147.79 10,994.65 11,588.41 11,353.59 12,598.36 13,502.45 10,071.22 15.8%155 EMIRATE INTEGRATED TELECOM UAE 279381 Integrated Telecommunica Telecommunication Service USD 1,079.23 923.49 682.25 683.32 759.90 1,387.32 1,693.06 2,049.40 1,944.99 1,079.23 156 VODAFONE QATAR Qatar 292438 Wireless TelecommunicatioTelecommunication Service USD 1,356.27 2,102.95 1,946.36 1,694.84 1,820.60 157 QATAR ELECT & WATER Qatar 258639 Multi-Utilities Utilities USD 685.92 853.58 1,009.15 1,018.70 359.04 985.61 1,082.97 886.21 1,113.81 1,741.21 997.38 10.9%158 ABU DHABI NATIONAL ENERGY UAE 279336 Multi-Utilities Utilities USD 1,681.82 2,061.16 2,213.28 2,109.14 3,378.21 4,148.54 3,427.54 3,636.72 3,352.70 3,352.70 159 3POWER ENERGY GROUP INC UAE 187366 Renewable Electricity Utilities USD -2.46 -3.26 -6.42 -8.52 -4.84

Exhibit 4

Interest and Related Expense - TotalNo Company Name GVKEY Industry Segment Sector Currency 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Median CAGR

1 AXIUS INC 179660 Distributors Consumer Discretionary USD 0.0 0.0 0.0

2 EMIRATES DRIVING 284155 Education Services Consumer Discretionary USD 0.4 0.4 0.0 0.4

3 KINGDOM HOTEL INVESTMENTS 276929 Hotels, Resorts & Cruise LinConsumer Discretionary USD 2.9 3.4 11.2 17.4 20.3 29.1 28.3 32.8 18.9 (100.0%)

4 ABU DHABI NATIONAL HOTELS 282983 Hotels, Resorts & Cruise LinConsumer Discretionary USD 0.7 0.3 0.2 0.3 0.2 19.3 17.3 34.6 31.0 0.7 53.0%

5 NATL CORP FOR TOURISM & HOT 284158 Hotels, Resorts & Cruise LinConsumer Discretionary USD 1.7 2.0 1.6 1.5 4.5 6.8 6.2 6.1 4.9 3.3 3.9 7.8%

6 AL FIRDOUS HOLDINGS 287151 Hotels, Resorts & Cruise LinConsumer Discretionary USD 0.1 0.1

7 QATAR CINEMA & FILM 275063 Movies & Entertainment Consumer Discretionary USD 0.1 0.5 0.4 0.4

8 DAMAS INTERNATIONAL LTD 293285 Specialty Stores Consumer Discretionary USD 8.4 10.3 19.7 21.2 35.0 31.1 39.1 21.2 (100.0%)

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 2.2 2.4 5.9%

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 0.1 0.3 0.5 6.0%

11 ALMEERA CONSUMER GOODS CO 293086 Hypermarkets & Super CenConsumer Staples USD 1.8 3.3 1.0 1.8

12 AMIRA NATURE FOODS LTD 14033 Packaged Foods & Meats Consumer Staples USD 19.7 21.8 21.8 21.8

13 ZAD HOLDING CO 274901 Packaged Foods & Meats Consumer Staples USD 0.9 0.9 0.1 0.1 0.4 0.3 0.1 0.0 3.6 0.3 (100.0%)

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 0.1 0.1 0.4 1.1 2.0 1.2 0.4 0.6 0.2 0.3 0.4 9.0%

16 AGTHIA GROUP PJSC 284156 Packaged Foods & Meats Consumer Staples USD 1.1 1.0 1.2 1.9 2.6 2.7 1.6

17 INTL FISH FARMING CO 284187 Packaged Foods & Meats Consumer Staples USD 6.7 6.0 6.3

18 RAS AL KHAIMAH PLTRY & FEED 284876 Packaged Foods & Meats Consumer Staples USD 0.6 0.6 0.1 0.2 0.2 0.1 0.1 0.1 0.2

19 EMIRATES REFRESHMENTS CO 283375 Soft Drinks Consumer Staples USD 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 0.1

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

22 GULF INTL SVCS 288907 Oil & Gas Drilling Energy USD 1.3 2.3 9.8 8.1 4.6 4.4 3.4 7.3 4.2 4.4

23 LAMPRELL 279384 Oil & Gas Equipment & Ser Energy USD 0.0 0.0 0.9 5.1 5.4 9.6 3.0

24 MARITIME INDL SVCS CO 284079 Oil & Gas Equipment & Ser Energy USD 0.4 0.5 0.8 2.3 5.3 5.9 2.6 2.3 (100.0%)

25 POLARCUS LTD 292880 Oil & Gas Equipment & Ser Energy USD 5.2 13.2 47.1 60.7 73.6 47.1

26 DRAGON OIL 201676 Oil & Gas Exploration & ProEnergy USD 7.3 4.7 1.1 4.7 (100.0%)

27 EXILLON ENERGY 293578 Oil & Gas Exploration & ProEnergy USD 0.7 0.8 0.6 3.7 0.8

28 QATAR FUEL 258641 Oil & Gas Refining & MarkeEnergy USD 0.1 0.1 0.1 (100.0%)

29 QATAR GAS TRANSPORT(NAKILAT) 274295 Oil & Gas Storage & TranspEnergy USD 5.3 209.0 363.3 383.3 380.9 358.5 360.9

30 GULF NAVIGATION HOLDING 282951 Oil & Gas Storage & TranspEnergy USD 7.5 9.1 12.9 11.8 13.8 16.2 16.3 12.9

31 CRESCENT PETROLEUM CORP 3597 Unclassified Energy USD

120 MEDICARE GROUP 274886 Health Care Facilities Health Care USD 2.7 3.2 3.0 0.1 0.2 0.4 0.1 0.4

121 GULF MEDICAL PROJECTS 284186 Health Care Facilities Health Care USD 0.3 0.4 0.7 2.7 4.6 5.8 6.0 11.7 6.7 6.4 5.2 42.6%

122 NMC HEALTH PLC 312098 Health Care Facilities Health Care USD 14.2 15.0 15.1 11.6 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%

126 ARAMEX PJSC 274887 Air Freight & Logistics Industrials USD 0.2 0.9 1.1 0.9 0.5 0.3 0.5 0.8 2.3 0.8 29.0%

127 GULF WAREHOUSING CO 274893 Air Freight & Logistics Industrials USD 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 7.5 10.1 11.2 9.0 10.2 9.6 7.8 9.6

129 AIR ARABIA PJSC 285482 Airlines Industrials USD 0.1 0.1 0.9 5.7 9.5 11.8 3.3 71.7%

130 NATL CNTL COOLING (TABRD) 274899 Building Products Industrials USD 5.5 9.6 14.0 18.7 6.8 14.5 53.3 61.3 35.5 29.8 16.6 20.6%

131 RAS AL KHAIMAH CERAMIC CO 284191 Building Products Industrials USD 3.6 10.9 27.1 29.8 26.8 37.1 34.2 30.1 27.2 21.5 27.2 22.0%

132 ARAB TECHNICAL CONST. 274386 Construction & EngineeringIndustrials USD 1.6 0.3 1.0 6.6 15.3 11.4 9.0 12.3 14.2 9.0

133 DRAKE & SKULL INTL 291718 Construction & EngineeringIndustrials USD 0.4 1.3 2.0 4.7 9.1 7.0 10.4 10.9 5.8

134 DEPA LTD 179766 Diversified Support Service Industrials USD 0.5 1.2 5.2 7.5 3.1 3.1

135 AVEC CORP 151594 Heavy Electrical Equipment Industrials USD 0.0 0.0 0.1 0.0 (100.0%)

136 INDUSTRIES OF QATAR 258696 Industrial Conglomerates Industrials USD 15.3 12.1 22.0 39.5 27.4 40.3 42.9 74.5 16.3 27.4

137 MANNAI CORP. Q.S.C 285864 Industrial Conglomerates Industrials USD 2.4 2.2 2.2 2.3 1.4 6.2 45.4 27.7 2.4

138 AAMAL HLDG 287946 Industrial Conglomerates Industrials USD 4.2 7.0 25.5 16.4 14.9 19.0 16.4 17.0 12.3 16.4

139 QATAR NAT NAVIGAT 258649 Marine Industrials USD 2.5 4.3 10.7 16.2 8.8 6.2 21.0 12.1 14.3 12.1 11.4 19.2%

140 QATAR SHIPPING 258663 Marine Industrials USD 10.4 13.1 16.0 16.0 14.2 10.9 13.7 (100.0%)

141 NATL MARINE DREDGING 284159 Marine Ports & Services Industrials USD 4.4 4.4 1.3 0.0 5.9 7.2 4.4

142 DP WORLD 284856 Marine Ports & Services Industrials USD 344.3 546.3 348.8 353.6 368.5 378.6 350.2 321.0 351.9

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

151 ARKAN BUILDING MATERIALS 284154 Construction Materials Materials USD 7.9 1.9 1.7 1.3 1.3 1.7

152 QATARI INV GRP 285366 Construction Materials Materials USD 8.3 1.7 1.4 2.2 2.0

153 OOREDOO 135709 Integrated TelecommunicatTelecommunication Service USD 0.0 4.9 268.4 437.9 527.4 647.7 698.1 648.8 608.4 527.4

154 ETISALAT 274234 Integrated TelecommunicatTelecommunication Service USD 71.3 137.0 112.6 104.5 71.8 155.8 80.3 105.2 104.9

155 EMIRATE INTEGRATED TELECOM 279381 Integrated TelecommunicatTelecommunication Service USD 0.0 0.0 2.5 3.5 25.1 32.0 18.2 21.0 10.9

156 VODAFONE QATAR 292438 Wireless TelecommunicatioTelecommunication Service USD 0.0 5.0 7.0 7.6 6.4 6.4

157 QATAR ELECT & WATER 258639 Multi-Utilities Utilities USD 33.6 19.7 14.6 20.5 36.4 52.3 125.9 198.8 197.7 48.1 42.2 4.0%

158 ABU DHABI NATIONAL ENERGY 279336 Multi-Utilities Utilities USD 116.8 365.1 680.5 993.7 942.1 1,000.0 1,136.6 1,240.9 1,228.5 993.7

159 3POWER ENERGY GROUP INC 187366 Renewable Electricity Utilities USD 0.0 0.1 0.1 0.1 0.1

Exhibit 4

EBIT - Earnings before interest and taxes (not applicable to financial companies)No Company Name GVKEY Industry Segment Sector Currency 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Median CAGR

1 AXIUS INC 179660 Distributors Consumer Discretionary USD 0 0 -1 0

2 EMIRATES DRIVING 284155 Education Services Consumer Discretionary USD -1 2 4 10 18 17 15 9 8 11 10 (228.2%)

3 KINGDOM HOTEL INVESTMENTS 276929 Hotels, Resorts & Cruise LinConsumer Discretionary USD 2 1 -3 10 -3 57 28 -40 1 (100.0%)

4 ABU DHABI NATIONAL HOTELS 282983 Hotels, Resorts & Cruise LinConsumer Discretionary USD 48 59 72 96 124 79 73 70 60 31 71 (4.5%)

5 NATL CORP FOR TOURISM & HOT 284158 Hotels, Resorts & Cruise LinConsumer Discretionary USD 4 4 10 7 40 45 35 31 25 30 27 26.1%

6 AL FIRDOUS HOLDINGS 287151 Hotels, Resorts & Cruise LinConsumer Discretionary USD 0 3 -1 0 1 1 1 1

7 QATAR CINEMA & FILM 275063 Movies & Entertainment Consumer Discretionary USD 1 -1 0 0 0 0 -1 -1 -2 -3 -1 (212.5%)

8 DAMAS INTERNATIONAL LTD 293285 Specialty Stores Consumer Discretionary USD 29 37 42 57 98 -403 51 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 CenConsumer 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 37

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 -10 -4 -6 -1 -3 -2 8 8 19 -1 -2 (20.1%)

18 RAS AL KHAIMAH PLTRY & FEED 284876 Packaged Foods & Meats Consumer Staples USD 2 0 2 1 -2 -2 -2 -2 -1

19 EMIRATES REFRESHMENTS CO 283375 Soft Drinks Consumer Staples USD 0 -1 -1 0 0 0 -3 -4 0 0 0 (9.2%)

20 GULFA MINERAL WATER 291230 Soft Drinks Consumer Staples USD -1 -1 0 1 0 1 1 1 1 1 1 (211.8%)

21 DANA GAS 282884 Integrated Oil & Gas Energy USD -2 51 43 -143 162 311 303 245 107

22 GULF INTL SVCS 288907 Oil & Gas Drilling Energy USD 24 38 75 114 150 113 74 114 107 107

23 LAMPRELL 279384 Oil & Gas Equipment & Ser Energy USD 10 29 33 63 81 30 46 79 -85 33 (100.0%)

24 MARITIME INDL SVCS CO 284079 Oil & Gas Equipment & Ser Energy USD 2 10 19 29 11 41 36 19 (100.0%)

25 POLARCUS LTD 292880 Oil & Gas Equipment & Ser Energy USD -11 -20 0 12 91 0

26 DRAGON OIL 201676 Oil & Gas Exploration & ProEnergy USD 57 164 212 365 474 314 488 856 791 688 420 31.9%

27 EXILLON ENERGY 293578 Oil & Gas Exploration & ProEnergy USD 0 -207 -3 1 16 0

28 QATAR FUEL 258641 Oil & Gas Refining & MarkeEnergy USD 27 63 115 159 325 202 296 287 336 348 245 32.7%

29 QATAR GAS TRANSPORT(NAKILAT) 274295 Oil & Gas Storage & TranspEnergy USD 9 13 19 292 472 521 503 473 382

30 GULF NAVIGATION HOLDING 282951 Oil & Gas Storage & TranspEnergy USD 2 10 26 40 17 5 -6 31 70 17 45.1%

31 CRESCENT PETROLEUM CORP 3597 Unclassified Energy USD

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

133 DRAKE & SKULL INTL 291718 Construction & EngineeringIndustrials USD 15 27 38 52 32 55 35 50 37

134 DEPA LTD 179766 Diversified Support Service Industrials USD 19 40 51 58 -46 21 -52 21

135 AVEC CORP 151594 Heavy Electrical Equipment Industrials USD -5 -11 -12 -11 (100.0%)

136 INDUSTRIES OF QATAR 258696 Industrial Conglomerates Industrials USD 853 899 1,229 1,850 912 1,418 2,199 2,392 437 1,229

137 MANNAI CORP. Q.S.C 285864 Industrial Conglomerates Industrials USD 18 28 40 49 62 62 77 73 56

138 AAMAL HLDG 287946 Industrial Conglomerates Industrials USD 31 33 39 46 54 71 82 75 77 54

139 QATAR NAT NAVIGAT 258649 Marine Industrials USD 22 39 51 63 102 72 -6 127 161 180 67 26.4%

140 QATAR SHIPPING 258663 Marine Industrials USD 45 40 56 68 86 48 52 (100.0%)

141 NATL MARINE DREDGING 284159 Marine Ports & Services Industrials USD 15 19 39 50 77 108 116 126 92 55 66 15.6%

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%)

149 ABU DHABI NATL CO FOR BLDG 284080 Construction Materials Materials USD 9 8 17 15 25 16 11 -2 -5 -5 10 (192.6%)

150 FUJAIRAH BUILDING INDUSTRIES 284104 Construction Materials Materials USD 3 5 9 10 13 4 -4 2 1 4

151 ARKAN BUILDING MATERIALS 284154 Construction Materials Materials USD 24 34 36 35 54 10 11 -4 -4 -4 18 (182.4%)

152 QATARI INV GRP 285366 Construction Materials Materials USD -1 11 23 8 10 39 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 55

156 VODAFONE QATAR 292438 Wireless TelecommunicatioTelecommunication Service USD -34 -185 -158 -125 -103 -125

157 QATAR ELECT & WATER 258639 Multi-Utilities Utilities USD 129 133 155 186 208 262 377 534 537 297 235 9.7%

158 ABU DHABI NATIONAL ENERGY 279336 Multi-Utilities Utilities USD 208 497 828 1,712 1,083 1,569 2,251 1,949 1,594 1,569

159 3POWER ENERGY GROUP INC 187366 Renewable Electricity Utilities USD -2 -1 -7 -2 -2

Exhibit 4

Output Data ItemData Item Mnemonic Data Description Data Arranged By Caveat Text Applicability

Assets - Total ATTotal value of assets reported on the Balance Sheet FY

Current assets plus net property, plant, and equipment plus other noncurrent assets, including intangible assets, deferred items and investments and advances Y

Interest Expenses XINT_M

Net Interest Expense after deducting Capitalized Interest. This is the net figure that FY

Net Interest Expense is not appropriate for calculating Coverage Y

Return on equity, year-end ROE

Income before extraordinary items / book value of common equity FY

Negative book value of common equity not allowed Y

Interest and Related Expense - Total XINT

Gross Interest Expense before deducting Capitalized Interests. This item should be FY Y

Shareholder's Equity, Total market value including minority interest SEQ_MKT

Market value of total equity + book value of preferred stock + book value of minority FY

Book values are used for preferred stock and minority interest due Y

Total Debt to Equity ratio (not applicable to financial companies) DE

This item is calculated by dividing the Total Debt by sum of Common Equity, Preferred FY

Market Value of Common Equity used along with Book Values N

EBIT - Earnings before interest and taxes (not applicable to financial companies) EBIT

This item is calculated by deducting the COGS, SG&A, Depreciation and Amortization FY

This item does not apply to Financial companies. N

Net Income After Extraordinary Items (as reported by Compustat) NI_CS

This item represents the income or loss reported by a company after expenses and FY

This item, for banks, includes securities gains and losses Y

Revenue (not applicable to financial companies) SALE

This item represents company net revenues during their fiscal year. It is often used as a size FY

This item does not apply to Financial companies. For N

Exhibit 4

Company detailsCompany Name Company Search Name GICS Sector GVKey Last Reporting Currency Company RegionAXIUS INC AXIUS INC Consumer Discretionary 179660 USD North AmericaEMIRATES DRIVING EMIRATES DRIVING Consumer Discretionary 284155 AED Middle EastKINGDOM HOTEL INVESTMENTS KINGDOM HOTEL INVESTMENTConsumer Discretionary 276929 USD Middle EastABU DHABI NATIONAL HOTELS ABU DHABI NATIONAL HOTELSConsumer Discretionary 282983 AED Middle EastNATL CORP FOR TOURISM & HOT NATL CORP FOR TOURISM & HConsumer Discretionary 284158 AED Middle EastAL FIRDOUS HOLDINGS AL FIRDOUS HOLDINGS Consumer Discretionary 287151 AED Middle EastQATAR CINEMA & FILM QATAR CINEMA & FILM Consumer Discretionary 275063 QAR Middle EastDAMAS INTERNATIONAL LTD DAMAS INTERNATIONAL LTD Consumer Discretionary 293285 AED Middle EastFOODCO HOLDING PJSC FOODCO HOLDING PJSC Consumer Staples 282986 AED Middle EastDUBAI REFRESHMENTS DUBAI REFRESHMENTS Consumer Staples 283433 AED Middle EastALMEERA CONSUMER GOODS CO ALMEERA CONSUMER GOODS Consumer Staples 293086 QAR Middle EastAMIRA NATURE FOODS LTD AMIRA NATURE FOODS LTD Consumer Staples 14033 USD Other AmericasZAD HOLDING CO ZAD HOLDING CO Consumer Staples 274901 QAR Middle EastWIDAM FOOD COMPANY QSC WIDAM FOOD COMPANY QSC Consumer Staples 274902 QAR Middle EastUNITED FOODS CO P.S.C. UNITED FOODS CO P.S.C. Consumer Staples 283483 AED Middle EastAGTHIA GROUP PJSC AGTHIA GROUP PJSC Consumer Staples 284156 AED Middle EastINTL FISH FARMING CO INTL FISH FARMING CO Consumer Staples 284187 AED Middle EastRAS AL KHAIMAH PLTRY & FEED RAS AL KHAIMAH PLTRY & FEEConsumer Staples 284876 AED Middle EastEMIRATES REFRESHMENTS CO EMIRATES REFRESHMENTS COConsumer Staples 283375 AED Middle EastGULFA MINERAL WATER GULFA MINERAL WATER Consumer Staples 291230 AED Middle EastDANA GAS DANA GAS Energy 282884 USD Middle EastGULF INTL SVCS GULF INTL SERVICES CO Energy 288907 QAR Middle EastLAMPRELL LAMPRELL PLC Energy 279384 USD Rest of EuropeMARITIME INDL SVCS CO MARITIME INDL SVCS CO Energy 284079 USD Middle EastPOLARCUS LTD POLARCUS LTD Energy 292880 USD Other AmericasDRAGON OIL DRAGON OIL PLC Energy 201676 USD Original 15 EU MembersEXILLON ENERGY EXILLON ENERGY PLC Energy 293578 USD Rest of EuropeQATAR FUEL QATAR FUEL CO Energy 258641 QAR Middle EastQATAR GAS TRANSPORT(NAKILAT) QATAR GAS TRANSPORT(NAKIEnergy 274295 QAR Middle EastGULF NAVIGATION HOLDING GULF NAVIGATION HOLDING Energy 282951 AED Middle EastCRESCENT PETROLEUM CORP CRESCENT PETROLEUM CORP Energy 3597 USD North AmericaDUBAI INVST. DUBAI INVESTMENTS Financials 274891 AED Middle EastQATAR & OMAN INVESTMENT CO QATAR & OMAN INVESTMENT Financials 287712 QAR Middle EastAMLAK FINANCE AMLAK FINANCE Financials 274384 AED Middle EastFINANCE HOUSE FINANCE HOUSE Financials 284102 AED Middle EastABU DHABI COMMERCIAL BK ABU DHABI COMMERCIAL BANFinancials 251138 AED Middle EastABU DHABI ISLAMIC BK ABU DHABI ISLAMIC BANK Financials 251139 AED Middle EastQATAR NATIONAL BK QATAR NATIONAL BANK Financials 251221 QAR Middle EastQATAR ISLAMIC BK QATAR ISLAMIC BANK Financials 251223 QAR Middle East

Exhibit 4

Company detailsCompany NameAXIUS INCEMIRATES DRIVINGKINGDOM HOTEL INVESTMENTSABU DHABI NATIONAL HOTELSNATL CORP FOR TOURISM & HOTAL FIRDOUS HOLDINGSQATAR CINEMA & FILMDAMAS INTERNATIONAL LTDFOODCO HOLDING PJSCDUBAI REFRESHMENTSALMEERA CONSUMER GOODS COAMIRA NATURE FOODS LTDZAD HOLDING COWIDAM FOOD COMPANY QSCUNITED FOODS CO P.S.C.AGTHIA GROUP PJSCINTL FISH FARMING CORAS AL KHAIMAH PLTRY & FEEDEMIRATES REFRESHMENTS COGULFA MINERAL WATERDANA GASGULF INTL SVCSLAMPRELLMARITIME INDL SVCS COPOLARCUS LTDDRAGON OILEXILLON ENERGYQATAR FUELQATAR GAS TRANSPORT(NAKILAT)GULF NAVIGATION HOLDINGCRESCENT PETROLEUM CORPDUBAI INVST.QATAR & OMAN INVESTMENT COAMLAK FINANCEFINANCE HOUSEABU DHABI COMMERCIAL BKABU DHABI ISLAMIC BKQATAR NATIONAL BKQATAR ISLAMIC BK

Headquarter Location Ticker Company ID Sedol Business DescriptionUnited Arab Emirates AXIU 559538 B2QG801 Axius Inc., a development stagUnited Arab Emirates 341978 B138CQ7 Emirates Driving Company P.J.United Arab Emirates 450138 Kingdom Hotel Investments (KUnited Arab Emirates 58897 B15CLM6 Abu Dhabi National Hotels ComUnited Arab Emirates 342010 B12M7V0 National Corporation for TourisUnited Arab Emirates 387484 Al Firdous Holdings (P.J.S.C.) eQatar 76473 6566603 Qatar Cinema and Film DistribuUnited Arab Emirates 539277 B3BFFM1 Damas International Limited, tUnited Arab Emirates 432343 6051303 Foodco Holding P.J.S.C. engagUnited Arab Emirates 61151 B1MJWQ1 Dubai Refreshments (P.J.S.C.) Qatar 487664 B51SZP7 Al Meera Consumer Goods ComUnited Arab Emirates ANFI 596319 B8PPRT3 Amira Nature Foods Ltd engagQatar 61323 6566625 Zad Holding Company S.A.Q. imQatar 313727 B00H5Q1 Widam Food Company Q.S.C. iUnited Arab Emirates 531249 B19RVV6 United Foods Company (PSC) eUnited Arab Emirates 59388 B0LWKV5 Agthia Group PJSC is engaged United Arab Emirates 285998 B1K9VV1 International Fish Farming HoldUnited Arab Emirates 341958 6549637 Ras Al Khaimah Poultry and FeUnited Arab Emirates 70356 B0N7449 Emirates Refreshments (P.S.C)United Arab Emirates 429468 B2418T7 Gulfa Mineral Water and ProceUnited Arab Emirates 145041 B0VR4L8 Dana Gas PJSC, through its subQatar 285947 B39HD70 Gulf International Services Q.SUnited Arab Emirates 56657 B1CL524 Lamprell plc, through its subsidUnited Arab Emirates 341949 B1G4F63 Maritime Industriai Services CoUnited Arab Emirates 479161 B3BJC77 Polarcus Limited, a marine geoUnited Arab Emirates 28368 5323218 Dragon Oil plc operates as an iUnited Arab Emirates 477876 B58FMW7 Exillon Energy PLC, through itsQatar 58792 6516556 Qatar Fuel Company Q.S.C., toQatar 56716 B0MLBC9 Qatar Gas Transport Company United Arab Emirates 145042 B16B4G7 Gulf Navigation Holding PJSC, tUnited Arab Emirates CRES. 1887 Crescent Petroleum Company IUnited Arab Emirates 58657 6388357 Dubai Investments PJSC, togetQatar 497233 B1XCLL7United Arab Emirates 58574 Amlak Finance PJSC operates aUnited Arab Emirates 60540 B1JNJ09 Finance House P.J.S.C. provideUnited Arab Emirates 24551 6545464 Abu Dhabi Commercial Bank PUnited Arab Emirates 58556 6001728 Abu Dhabi Islamic Bank PJSC pQatar 37294 6148197 Qatar National Bank S.A.Q., toQatar 56717 6713982 Qatar Islamic Bank (S.A.Q.), to

Exhibit 4

Company detailsCompany NameAXIUS INCEMIRATES DRIVINGKINGDOM HOTEL INVESTMENTSABU DHABI NATIONAL HOTELSNATL CORP FOR TOURISM & HOTAL FIRDOUS HOLDINGSQATAR CINEMA & FILMDAMAS INTERNATIONAL LTDFOODCO HOLDING PJSCDUBAI REFRESHMENTSALMEERA CONSUMER GOODS COAMIRA NATURE FOODS LTDZAD HOLDING COWIDAM FOOD COMPANY QSCUNITED FOODS CO P.S.C.AGTHIA GROUP PJSCINTL FISH FARMING CORAS AL KHAIMAH PLTRY & FEEDEMIRATES REFRESHMENTS COGULFA MINERAL WATERDANA GASGULF INTL SVCSLAMPRELLMARITIME INDL SVCS COPOLARCUS LTDDRAGON OILEXILLON ENERGYQATAR FUELQATAR GAS TRANSPORT(NAKILAT)GULF NAVIGATION HOLDINGCRESCENT PETROLEUM CORPDUBAI INVST.QATAR & OMAN INVESTMENT COAMLAK FINANCEFINANCE HOUSEABU DHABI COMMERCIAL BKABU DHABI ISLAMIC BKQATAR NATIONAL BKQATAR ISLAMIC BK

Fiscal Year - End Month ISIN No Industry Group Industry Segment Exchange Name10 US05461J1097 Retailing Distributors Other-OTC12 AEE000601014 Consumer Services Education Services Abu Dhabi Securities Exchange12 Consumer Services Hotels, Resorts & Cruise Lines12 AEA000301019 Consumer Services Hotels, Resorts & Cruise Lines Abu Dhabi Securities Exchange12 AEN001001017 Consumer Services Hotels, Resorts & Cruise Lines Abu Dhabi Securities Exchange3 Consumer Services Hotels, Resorts & Cruise Lines12 QA0006929796 Media Movies & Entertainment Qatar Exchange3 AEDFXA0Q3724 Retailing Specialty Stores Nasdaq Dubai12 AEF000101012 Food & Staples Retailing Food Distributors Abu Dhabi Securities Exchange12 AED000501018 Food & Staples Retailing Food Distributors Dubai Financial Market12 QA000A0YDSW8 Food & Staples Retailing Hypermarkets & Super CentersQatar Exchange3 VGG0335L1022 Food Beverage & Tobacco Packaged Foods & Meats New York Stock Exchange12 QA0006929788 Food Beverage & Tobacco Packaged Foods & Meats Qatar Exchange12 QA000A0KD6N7 Food Beverage & Tobacco Packaged Foods & Meats Qatar Exchange12 AEU000901014 Food Beverage & Tobacco Packaged Foods & Meats Dubai Financial Market12 AEA001901015 Food Beverage & Tobacco Packaged Foods & Meats Abu Dhabi Securities Exchange12 AEI000201014 Food Beverage & Tobacco Packaged Foods & Meats Abu Dhabi Securities Exchange12 AER000201015 Food Beverage & Tobacco Packaged Foods & Meats Abu Dhabi Securities Exchange12 AEJ000101014 Food Beverage & Tobacco Soft Drinks Dubai Financial Market12 AEG000501011 Food Beverage & Tobacco Soft Drinks Dubai Financial Market12 AED000701014 Energy Integrated Oil & Gas Abu Dhabi Securities Exchange12 QA000A0Q6LH4 Energy Oil & Gas Drilling Qatar Exchange12 GB00B1CL5249 Energy Oil & Gas Equipment & ServiceLondon Stock Exchange12 PAP644621073 Energy Oil & Gas Equipment & ServiceOTC12 KYG7153K1085 Energy Oil & Gas Equipment & ServiceOslo Bors ASA12 IE0000590798 Energy Oil & Gas Exploration & ProducIrish Stock Exchange All Marke12 IM00B58FMW76 Energy Oil & Gas Exploration & ProducLondon Stock Exchange12 QA0001200771 Energy Oil & Gas Refining & MarketingQatar Exchange12 QA000A0KD6L1 Energy Oil & Gas Storage & TransportaQatar Exchange12 AEG000601019 Energy Oil & Gas Storage & TransportaDubai Financial Market9 Energy Unclassified OTC Bulletin Board12 AED000601016 Diversified Financials Asset Management & Custody OTC12 QA000A0NCQA3 Diversified Financials Asset Management & Custody Qatar Exchange12 Diversified Financials Consumer Finance12 AEF000401016 Diversified Financials Consumer Finance Abu Dhabi Securities Exchange12 AEA000201011 Banks Diversified Banks OTC12 AEA000801018 Banks Diversified Banks OTC12 QA0006929895 Banks Diversified Banks Qatar Exchange12 QA0006929853 Banks Diversified Banks Qatar Exchange

Exhibit 4

Company Name Company Search Name GICS Sector GVKey Last Reporting Currency Company RegionDOHABK DOHA BANK Financials 251243 QAR Middle EastDUBAI ISLAMIC BK DUBAI ISLAMIC BANK LTD Financials 251246 AED Middle EastNATIONAL BK OF ABU DHABI NATIONAL BANK OF ABU DHA Financials 251249 AED Middle EastEMIRATES BANK INTL LTD EMIRATES BANK INTL LTD Financials 251250 AED Middle EastCOMMERCIAL BK OF QATAR COMMERCIAL BANK OF QATARFinancials 254642 QAR Middle EastAHLI BK Q.S.C. AHLI BANK Q.S.C. Financials 258623 QAR Middle EastQATAR INT ISLAM BK QATAR INT ISLAM BK Financials 258646 QAR Middle EastMASHREQ BK MASHREQBANK PSC Financials 260797 AED Middle EastCOMMERCIAL BK OF DUBAI COMMERCIAL BANK OF DUBAIFinancials 274393 AED Middle EastSHARJAH ISLAMIC BK SHARJAH ISLAMIC BANK Financials 278810 AED Middle EastMASRAF AL-RAYAN MASRAF AL-RAYAN Financials 279152 QAR Middle EastUNION NATIONAL BK UNION NATIONAL BANK Financials 282075 AED Middle EastFIRST GULF BK FIRST GULF BANK Financials 282949 AED Middle EastBK OF SHARJAH BANK OF SHARJAH Financials 282984 AED Middle EastCOMM BANK INTL (UAE) COMM BANK INTL (UAE) Financials 282985 AED Middle EastEMIRATES ISLAMIC BANK EMIRATES ISLAMIC BANK Financials 283434 AED Middle EastINVEST BK INVEST BANK Financials 284157 AED Middle EastUNITED ARAB BK UNITED ARAB BANK Financials 284163 AED Middle EastNATL BK OF UMM AL-QAIWAIN NATL BANK OF UMM AL-QAIW Financials 284188 AED Middle EastNATIONAL BK OF FUJAIRAH NATIONAL BANK OF FUJAIRAHFinancials 284425 AED Middle EastNATL BK OF RAS AL KHAIMAH NATL BANK OF RAS AL KHAIMAFinancials 284899 AED Middle EastAL KHALIJ COMMERCIAL BK AL KHALIJ COMMERCIAL BANKFinancials 285891 QAR Middle EastAJMAN BANK AJMAN BANK Financials 289096 AED Middle EastAL SALAM BANK SUDAN AL SALAM BANK SUDAN Financials 291941 SDG Middle EastQATAR REAL ESTATE INVT CO QATAR REAL ESTATE INVT COFinancials 258650 QAR Middle EastBARWA REAL ESTATE BARWA REAL ESTATE Financials 275422 QAR Middle EastUNION PROPERTIES UNION PROPERTIES Financials 275442 AED Middle EastALDAR PROPERTIES ALDAR PROPERTIES Financials 284153 AED Middle EastRAS AL KHAIMAH PROPERTIES RAS AL KHAIMAH PROPERTIESFinancials 284161 AED Middle EastSOROUH REAL ESTATE SOROUH REAL ESTATE Financials 284162 AED Middle EastDEYAAR DEV. PJSC DEYAAR DEVELOPMENT PJSC Financials 286064 AED Middle EastEZDAN REAL ESTATE COMPANY EZDAN HOLDING GROUP Financials 288383 QAR Middle EastMAZAYA QATAR REAL EST DEV MAZAYA QATAR REAL EST DEVFinancials 295967 QAR Middle EastDLALA HOLDING DLALA HOLDING Financials 275089 QAR Middle EastSHUAA CAPITAL SHUAA CAPITAL Financials 275784 AED Middle EastEMIRATES INVESTMENT BANK EMIRATES INVESTMENT BANKFinancials 283339 AED Middle EastISLAMIC HOLDING GROUP ISLAMIC HOLDING GROUP Financials 288627 QAR Middle EastTAKAFUL EMARAT TAKAFUL EMARAT Financials 289326 AED Middle EastGREEN CRESCENT INSURANCE CO GREEN CRESCENT INSURANCEFinancials 291787 AED Middle EastQATAR IND. MFG QATAR INDUSTRIES MFG Financials 251225 QAR Middle EastSALAM INTERNATIONAL INVT CO SALAM INTERNATIONAL INVT Financials 274903 QAR Middle East

Exhibit 4

Company NameDOHABKDUBAI ISLAMIC BKNATIONAL BK OF ABU DHABIEMIRATES BANK INTL LTDCOMMERCIAL BK OF QATARAHLI BK Q.S.C.QATAR INT ISLAM BKMASHREQ BKCOMMERCIAL BK OF DUBAISHARJAH ISLAMIC BKMASRAF AL-RAYANUNION NATIONAL BKFIRST GULF BKBK OF SHARJAHCOMM BANK INTL (UAE)EMIRATES ISLAMIC BANKINVEST BKUNITED ARAB BKNATL BK OF UMM AL-QAIWAINNATIONAL BK OF FUJAIRAHNATL BK OF RAS AL KHAIMAHAL KHALIJ COMMERCIAL BKAJMAN BANKAL SALAM BANK SUDANQATAR REAL ESTATE INVT COBARWA REAL ESTATEUNION PROPERTIESALDAR PROPERTIESRAS AL KHAIMAH PROPERTIESSOROUH REAL ESTATEDEYAAR DEV. PJSCEZDAN REAL ESTATE COMPANYMAZAYA QATAR REAL EST DEVDLALA HOLDINGSHUAA CAPITALEMIRATES INVESTMENT BANKISLAMIC HOLDING GROUPTAKAFUL EMARATGREEN CRESCENT INSURANCE COQATAR IND. MFGSALAM INTERNATIONAL INVT CO

Headquarter Location Ticker Company ID Sedol Business DescriptionQatar 58655 6273420 Doha Bank Q.S.C., together wiUnited Arab Emirates 28382 6283452 Dubai Islamic Bank P.J.S.C., toUnited Arab Emirates 34840 6624471 National Bank of Abu Dhabi PJSUnited Arab Emirates 156672 Emirates NBD Bank PJSC, togeQatar 58859 6150448 The Commercial Bank of QatarQatar 58562 6566443 Ahli Bank Q.S.C. provides a ranQatar 58794 6571544 Qatar International Islamic BanUnited Arab Emirates 58746 6606071 Mashreqbank psc provides banUnited Arab Emirates 58639 B0LNDK8 Commercial Bank of Dubai PSCUnited Arab Emirates 58957 B102875 Sharjah Islamic Bank PJSC engQatar 58936 B0VR7W0 Masraf Al Rayan (Q.S.C) engagUnited Arab Emirates 145036 6917847 Union National Bank PJSC provUnited Arab Emirates 56807 6122782 First Gulf Bank PJSC provides vUnited Arab Emirates 58911 B0MLBF2 Bank of Sharjah P.S.C., togetheUnited Arab Emirates 478364 6550907 Commercial Bank InternationalUnited Arab Emirates 518265 B0N9XC6 Emirates Islamic Bank PJSC proUnited Arab Emirates 58929 B0MLBG3 Invest bank PSC provides a ranUnited Arab Emirates 76038 B1JQJN1 United Arab Bank Public Joint SUnited Arab Emirates 58939 B1JNJ32 National Bank of Umm Al-QaiwUnited Arab Emirates 341969 B11ZKG6 National Bank of Fujairah PSC United Arab Emirates 341972 B0YDCM0 The National Bank of Ras Al-KhQatar 209818 B23X0G5 Al Khalij Commercial Bank (al kUnited Arab Emirates 419387 B3B53V6 Ajman Bank PJSC provides varUnited Arab Emirates 498199 B39T105 ALSalam Bank Sudan provideQatar 58795 6566562 Qatar Real Estate Investment CQatar 58912 B0YTG26 Barwa Real Estate Company is United Arab Emirates 58876 6388380 Union Properties Public Joint StUnited Arab Emirates 76567 B0LX3Y2 Aldar Properties PJSC engages United Arab Emirates 58951 B12B5X5 RAK Properties P.J.S.C. is engaUnited Arab Emirates 145047 B128CD5 As of June 30, 2013, Sorouh RUnited Arab Emirates 145071 B24F8T9 Deyaar Development PJSC, togQatar 248786 B2PWTM9 Ezdan Holding Group CompanyQatar 503347 B502312 Mazaya Qatar Real Estate DeveQatar 209771 B0JW6Z3 Dlala Brokerage and InvestmenUnited Arab Emirates 58814 6344832 SHUAA Capital PSC provides vaUnited Arab Emirates 520183 B0L4WD7 Emirates Investment Bank P.J.Qatar 387571 B2QGJB9 Islamic Holding Group (Q.S.C),United Arab Emirates 570959 B3BVLM1 Takaful Emarat - Insurance (PSUnited Arab Emirates 567218 B3P0N40 Green Crescent Insurance ComQatar 59413 6713960 Qatar Industrial ManufacturingQatar 59274 6539285 Salam International Investmen

Exhibit 4

Company NameDOHABKDUBAI ISLAMIC BKNATIONAL BK OF ABU DHABIEMIRATES BANK INTL LTDCOMMERCIAL BK OF QATARAHLI BK Q.S.C.QATAR INT ISLAM BKMASHREQ BKCOMMERCIAL BK OF DUBAISHARJAH ISLAMIC BKMASRAF AL-RAYANUNION NATIONAL BKFIRST GULF BKBK OF SHARJAHCOMM BANK INTL (UAE)EMIRATES ISLAMIC BANKINVEST BKUNITED ARAB BKNATL BK OF UMM AL-QAIWAINNATIONAL BK OF FUJAIRAHNATL BK OF RAS AL KHAIMAHAL KHALIJ COMMERCIAL BKAJMAN BANKAL SALAM BANK SUDANQATAR REAL ESTATE INVT COBARWA REAL ESTATEUNION PROPERTIESALDAR PROPERTIESRAS AL KHAIMAH PROPERTIESSOROUH REAL ESTATEDEYAAR DEV. PJSCEZDAN REAL ESTATE COMPANYMAZAYA QATAR REAL EST DEVDLALA HOLDINGSHUAA CAPITALEMIRATES INVESTMENT BANKISLAMIC HOLDING GROUPTAKAFUL EMARATGREEN CRESCENT INSURANCE COQATAR IND. MFGSALAM INTERNATIONAL INVT CO

Fiscal Year - End Month ISIN No Industry Group Industry Segment Exchange Name12 QA0006929770 Banks Diversified Banks Qatar Exchange12 AED000201015 Banks Diversified Banks Dubai Financial Market12 AEN000101016 Banks Diversified Banks Abu Dhabi Securities Exchange12 Banks Diversified Banks12 QA0007227752 Banks Diversified Banks Qatar Exchange12 QA0001200748 Banks Diversified Banks Qatar Exchange12 QA0006929879 Banks Diversified Banks Qatar Exchange12 AEM000101018 Banks Diversified Banks Dubai Financial Market12 AEC000201017 Banks Diversified Banks Dubai Financial Market12 AES000201013 Banks Diversified Banks Abu Dhabi Securities Exchange12 QA000A0M8VM3 Banks Diversified Banks Qatar Exchange12 AEU000401015 Banks Diversified Banks Abu Dhabi Securities Exchange12 AEF000201010 Banks Diversified Banks Abu Dhabi Securities Exchange12 AEB000101011 Banks Diversified Banks Abu Dhabi Securities Exchange12 AEC000101019 Banks Diversified Banks Abu Dhabi Securities Exchange12 AEE000501016 Banks Diversified Banks Dubai Financial Market12 AEI000101016 Banks Diversified Banks Abu Dhabi Securities Exchange12 AEU000601010 Banks Diversified Banks Abu Dhabi Securities Exchange12 AEN000701013 Banks Diversified Banks Abu Dhabi Securities Exchange12 AEN000801011 Banks Diversified Banks Abu Dhabi Securities Exchange12 AEN000601015 Banks Diversified Banks Abu Dhabi Securities Exchange12 QA000A0M6MD5 Banks Diversified Banks Qatar Exchange12 AEA003201018 Banks Diversified Banks Dubai Financial Market12 SD000A0JC6U1 Banks Diversified Banks Dubai Financial Market12 QA0007227711 Real Estate Diversified Real Estate ActivitieQatar Exchange12 QA000A0KD6J5 Real Estate Diversified Real Estate ActivitieQatar Exchange12 AEU000101011 Real Estate Diversified Real Estate ActivitieDubai Financial Market12 AEA002001013 Real Estate Diversified Real Estate ActivitieAbu Dhabi Securities Exchange12 AER000601016 Real Estate Diversified Real Estate ActivitieAbu Dhabi Securities Exchange12 AES000501016 Real Estate Diversified Real Estate ActivitieAbu Dhabi Securities Exchange12 AED001001018 Real Estate Diversified Real Estate ActivitieDubai Financial Market12 QA000A0NE8B4 Real Estate Diversified Real Estate ActivitieQatar Exchange12 QA000A1C6VZ0 Real Estate Diversified Real Estate ActivitieQatar Exchange12 QA000A0KD6P2 Diversified Financials Investment Banking & Brokera Qatar Exchange12 AES000101015 Diversified Financials Investment Banking & Brokera Dubai Financial Market12 AEA001301018 Diversified Financials Investment Banking & Brokera Dubai Financial Market12 QA000A1C6VS5 Diversified Financials Investment Banking & Brokera Qatar Exchange12 AET000201011 Insurance Life & Health Insurance Dubai Financial Market12 AEG000801015 Insurance Life & Health Insurance Abu Dhabi Securities Exchange12 QA0006929846 Diversified Financials Multi-Sector Holdings Qatar Exchange12 QA0007227745 Diversified Financials Multi-Sector Holdings Qatar Exchange

Exhibit 4

Company Name Company Search Name GICS Sector GVKey Last Reporting Currency Company RegionGULF GENERAL INVESTMENT CO GULF GENERAL INVESTMENT CFinancials 275440 AED Middle EastAABAR IINVESTMENTS PJSC AABAR IINVESTMENTS PJSC Financials 284150 AED Middle EastAL KHAZNA INSURANCE CO AL KHAZNA INSURANCE CO Financials 104579 AED Middle EastALLIANCE INSURANCE (PSC) ALLIANCE INSURANCE (PSC) Financials 104580 AED Middle EastAL DHAFRA INSURANCE CO AL DHAFRA INSURANCE CO Financials 260793 AED Middle EastAL AIN AHLIA INSURANCE CO AL AIN AHLIA INSURANCE CO Financials 260794 AED Middle EastEMIRATES INSURANCE CO (PSC) EMIRATES INSURANCE CO (PSFinancials 260795 AED Middle EastDUBAI INSURANCE CO (P.S.C.) DUBAI INSURANCE CO (P.S.C. Financials 260796 AED Middle EastOMAN INSURANCE CO PSC OMAN INSURANCE CO PSC Financials 268793 AED Middle EastABU DHABI NATIONAL INS CO ABU DHABI NATIONAL INS COFinancials 268827 AED Middle EastRAS AL KHAIMAH NATL INS CO RAS AL KHAIMAH NATL INS COFinancials 269640 AED Middle EastAL SAGR NATIONAL INSURANCE AL SAGR NATIONAL INSURANCFinancials 269641 AED Middle EastISLAMIC INS CO ISLAMIC INS CO Financials 274834 QAR Middle EastDUBAI NATL INS & REINS DUBAI NATL INS & REINS Financials 274892 AED Middle EastNATIONAL GENERAL INS CO NATIONAL GENERAL INS CO Financials 274898 AED Middle EastARABIAN SCANDINAVIAN INS CO ARABIAN SCANDINAVIAN INS Financials 283342 AED Middle EastUNION INSURANCE CO (UAE) UNION INSURANCE CO (UAE) Financials 284084 AED Middle EastAL BUHAIRA NATIONAL INS AL BUHAIRA NATIONAL INS Financials 284086 AED Middle EastSHARJAH INSURANCE CO SHARJAH INSURANCE CO Financials 284110 AED Middle EastABU DHABI NATIONAL TAKAFUL ABU DHABI NATIONAL TAKAFUFinancials 284152 AED Middle EastAL WATHBA NAT INSURANCE CO AL WATHBA NAT INSURANCE Financials 284859 AED Middle EastMETHAQ TAKAFUL INSURANCE CO METHAQ TAKAFUL INSURANCEFinancials 289054 AED Middle EastNATIONAL TAKAFUL CO WATANIA NATIONAL TAKAFUL CO WATAFinancials 311415 AED Middle EastFIRST FINANCE COMPANY FIRST FINANCE COMPANY Financials 279335 QAR Middle EastQATAR INS. QATAR INSURANCE CO Financials 258644 QAR Middle EastDOHA INSURANCE DOHA INSURANCE Financials 258667 QAR Middle EastALKHALEEJ TAKAFUL GROUP ALKHALEEJ TAKAFUL GROUP Financials 268686 QAR Middle EastQATAR GENERAL INS & REINS QATAR GENERAL INS & REINSFinancials 268687 QAR Middle EastAMAN AMAN Financials 275439 AED Middle EastISLAMIC ARAB INSURANCE CO ISLAMIC ARAB INSURANCE COFinancials 275441 AED Middle EastUNITED INSURANCE CO UNITED INSURANCE CO Financials 284426 AED Middle EastTAKAFUL HOUSE TAKAFUL HOUSE Financials 289398 AED Middle EastEMAAR PROPERTIES PJSC EMAAR PROPERTIES PJSC Financials 251248 AED Middle EastUNITED DEV. UNITED DEVELOPMENT CO Financials 258713 QAR Middle EastESHRAQ PROPERTIES CO ESHRAQ PROPERTIES CO Financials 301091 AED Middle EastNATIONAL LEASING HLDG Q.S.C. NATIONAL LEASING HLDG Q.SFinancials 258737 QAR Middle EastWAHA CAPITAL PJSC WAHA CAPITAL PJSC Financials 251233 AED Middle EastDUBAI FINAN. MARKET DUBAI FINANCIAL MARKET Financials 282945 AED Middle EastTAMWEEL PJSC TAMWEEL PJSC Financials 282848 AED Middle EastMEDICARE GROUP MEDICARE GROUP Health Care 274886 QAR Middle EastGULF MEDICAL PROJECTS GULF MEDICAL PROJECTS Health Care 284186 AED Middle East

Exhibit 4

Company NameGULF GENERAL INVESTMENT COAABAR IINVESTMENTS PJSCAL KHAZNA INSURANCE COALLIANCE INSURANCE (PSC)AL DHAFRA INSURANCE COAL AIN AHLIA INSURANCE COEMIRATES INSURANCE CO (PSC)DUBAI INSURANCE CO (P.S.C.)OMAN INSURANCE CO PSCABU DHABI NATIONAL INS CORAS AL KHAIMAH NATL INS COAL SAGR NATIONAL INSURANCEISLAMIC INS CODUBAI NATL INS & REINSNATIONAL GENERAL INS COARABIAN SCANDINAVIAN INS COUNION INSURANCE CO (UAE)AL BUHAIRA NATIONAL INSSHARJAH INSURANCE COABU DHABI NATIONAL TAKAFULAL WATHBA NAT INSURANCE COMETHAQ TAKAFUL INSURANCE CONATIONAL TAKAFUL CO WATANIAFIRST FINANCE COMPANYQATAR INS.DOHA INSURANCEALKHALEEJ TAKAFUL GROUPQATAR GENERAL INS & REINSAMANISLAMIC ARAB INSURANCE COUNITED INSURANCE COTAKAFUL HOUSEEMAAR PROPERTIES PJSCUNITED DEV.ESHRAQ PROPERTIES CONATIONAL LEASING HLDG Q.S.C.WAHA CAPITAL PJSCDUBAI FINAN. MARKETTAMWEEL PJSCMEDICARE GROUPGULF MEDICAL PROJECTS

Headquarter Location Ticker Company ID Sedol Business DescriptionUnited Arab Emirates 58692 B125MW5 Gulf General Investment CompUnited Arab Emirates 58895 B0S02G1 Aabar Investments PJSC operaUnited Arab Emirates 286005 B1JNHY9 Al Khazna Insurance Company United Arab Emirates 631549 B0N9YY5 Alliance Insurance P.S.C. proviUnited Arab Emirates 320991 6011136 Al Dhafra Insurance Company United Arab Emirates 308728 6051251 Al Ain Ahlia Insurance CompanUnited Arab Emirates 59389 6313973 Emirates Insurance Company PUnited Arab Emirates 531153 B01RGG7 Dubai Insurance Company (PSUnited Arab Emirates 512202 Oman Insurance Company P.SUnited Arab Emirates 531275 B0YY7K6 Abu Dhabi National Insurance United Arab Emirates 308705 B138CW3 Ras Al Khaimah National InsuraUnited Arab Emirates 587086 B13NN14 Al-Sagr National Insurance ComQatar 59399 6586032 Qatar Islamic Insurance CompaUnited Arab Emirates 461033 6486176 Dubai National Insurance & ReUnited Arab Emirates 524101 B11DP43 National General Insurance CoUnited Arab Emirates 560460 B0MLBL8 Arabian Scandinavian InsurancUnited Arab Emirates 499785 6086510 Union Insurance Company P.SUnited Arab Emirates 450141 B0MLBJ6 Al Buhaira National Insurance CUnited Arab Emirates 341950 B1JNJ76 Sharjah Insurance Company P.United Arab Emirates 341951 B1JNJ87 Abu Dhabi National Takaful CoUnited Arab Emirates 387516 6518507 Al Wathba National Insurance United Arab Emirates 419390 B39VMP3 Methaq Takaful Insurance ComUnited Arab Emirates 674236 B71K9G6 National Takaful Company (WaQatar 342004 B172L80 First Finance Company (Q.S.C.Qatar 58793 6148045 Qatar Insurance Company S.A.Qatar 61148 6630694 Doha Insurance Company Q.S.Qatar 58993 6566595 Al Khaleej Takaful Group Q.S.CQatar 59249 6566636 Qatar General Insurance and RUnited Arab Emirates 313757 6561039 Dubai Islamic Insurance & ReinUnited Arab Emirates 58712 B0LKM46 Islamic Arab Insurance Co. (SaUnited Arab Emirates 70431 B1JQQN0 United Insurance Company P.SUnited Arab Emirates 570927 B3C9VM4 Dar Al Takaful PJSC, an IslamicUnited Arab Emirates 28676 B01RM25 Emaar Properties PJSC, togethQatar 209751 6651093 United Development Company United Arab Emirates 659071 B5VJ8Z1 Eshraq Properties Co. PJSC engQatar 209752 6693329 Alijarah Holding (Q.S.C.), togetUnited Arab Emirates 58942 B1X5Y51 Al Waha Capital P.J.S.C., invesUnited Arab Emirates 64308 B1GPBP7 Dubai Financial Market, PJSC oUnited Arab Emirates 58850 B0ZL4D8 Tamweel PJSC, together with iQatar 66645 6080040 Medicare Group Q.S.C. provideUnited Arab Emirates 341963 B13MNJ9 Gulf Medical Projects Company

Exhibit 4

Company NameGULF GENERAL INVESTMENT COAABAR IINVESTMENTS PJSCAL KHAZNA INSURANCE COALLIANCE INSURANCE (PSC)AL DHAFRA INSURANCE COAL AIN AHLIA INSURANCE COEMIRATES INSURANCE CO (PSC)DUBAI INSURANCE CO (P.S.C.)OMAN INSURANCE CO PSCABU DHABI NATIONAL INS CORAS AL KHAIMAH NATL INS COAL SAGR NATIONAL INSURANCEISLAMIC INS CODUBAI NATL INS & REINSNATIONAL GENERAL INS COARABIAN SCANDINAVIAN INS COUNION INSURANCE CO (UAE)AL BUHAIRA NATIONAL INSSHARJAH INSURANCE COABU DHABI NATIONAL TAKAFULAL WATHBA NAT INSURANCE COMETHAQ TAKAFUL INSURANCE CONATIONAL TAKAFUL CO WATANIAFIRST FINANCE COMPANYQATAR INS.DOHA INSURANCEALKHALEEJ TAKAFUL GROUPQATAR GENERAL INS & REINSAMANISLAMIC ARAB INSURANCE COUNITED INSURANCE COTAKAFUL HOUSEEMAAR PROPERTIES PJSCUNITED DEV.ESHRAQ PROPERTIES CONATIONAL LEASING HLDG Q.S.C.WAHA CAPITAL PJSCDUBAI FINAN. MARKETTAMWEEL PJSCMEDICARE GROUPGULF MEDICAL PROJECTS

Fiscal Year - End Month ISIN No Industry Group Industry Segment Exchange Name12 AEG000301016 Diversified Financials Multi-Sector Holdings Dubai Financial Market12 AE000A0LF2F3 Diversified Financials Multi-Sector Holdings Abu Dhabi Securities Exchange12 AEA000401017 Insurance Multi-line Insurance Abu Dhabi Securities Exchange12 AEA002201019 Insurance Multi-line Insurance Dubai Financial Market12 AEA000601012 Insurance Multi-line Insurance Abu Dhabi Securities Exchange12 AEA000101013 Insurance Multi-line Insurance Abu Dhabi Securities Exchange12 AEE000101015 Insurance Multi-line Insurance Abu Dhabi Securities Exchange12 AED000301013 Insurance Multi-line Insurance Dubai Financial Market12 Insurance Multi-line Insurance12 AEA001101012 Insurance Multi-line Insurance Abu Dhabi Securities Exchange12 AER000501018 Insurance Multi-line Insurance Abu Dhabi Securities Exchange12 AEA002101011 Insurance Multi-line Insurance Dubai Financial Market12 QA0006929861 Insurance Multi-line Insurance Qatar Exchange12 AED000101017 Insurance Multi-line Insurance OTC12 AEN000301012 Insurance Multi-line Insurance Dubai Financial Market12 AEA001401016 Insurance Multi-line Insurance Dubai Financial Market12 AEU000501012 Insurance Multi-line Insurance Abu Dhabi Securities Exchange12 AEA001701019 Insurance Multi-line Insurance Abu Dhabi Securities Exchange12 AES000301011 Insurance Multi-line Insurance Abu Dhabi Securities Exchange12 AEA001801017 Insurance Multi-line Insurance Abu Dhabi Securities Exchange12 AEA001601011 Insurance Multi-line Insurance Abu Dhabi Securities Exchange12 AEM000201016 Insurance Multi-line Insurance Abu Dhabi Securities Exchange12 AEN001101015 Insurance Multi-line Insurance Abu Dhabi Securities Exchange12 QA000A0NBF00 Diversified Financials Other Diversified Financial ServQatar Exchange12 QA0006929838 Insurance Property & Casualty Insurance Qatar Exchange12 QA0007227794 Insurance Property & Casualty Insurance Qatar Exchange12 QA0006929762 Insurance Property & Casualty Insurance Qatar Exchange12 QA0006929820 Insurance Property & Casualty Insurance Qatar Exchange12 AED000401011 Insurance Property & Casualty Insurance Dubai Financial Market12 AEI000301012 Insurance Property & Casualty Insurance Dubai Financial Market12 AEU000301017 Insurance Property & Casualty Insurance Abu Dhabi Securities Exchange12 AET000301019 Insurance Property & Casualty Insurance Dubai Financial Market12 AEE000301011 Real Estate Real Estate Development Dubai Financial Market12 QA000A0KD6M9 Real Estate Real Estate Development Qatar Exchange12 AEE000901018 Real Estate Real Estate Development Abu Dhabi Securities Exchange12 QA000A0KD6Q0 Real Estate Real Estate Operating Compan Qatar Exchange12 AEA000701010 Diversified Financials Specialized Finance Abu Dhabi Securities Exchange12 AED000901010 Diversified Financials Specialized Finance Dubai Financial Market12 AET000101013 Banks Thrifts & Mortgage Finance Dubai Financial Market12 QA0006929754 Health Care Equipment & Serv Health Care Facilities Qatar Exchange12 AEG000401014 Health Care Equipment & Serv Health Care Facilities Abu Dhabi Securities Exchange

Exhibit 4

Company Name Company Search Name GICS Sector GVKey Last Reporting Currency Company RegionNMC HEALTH PLC NMC HEALTH PLC Health Care 312098 USD Original 15 EU MembersQATAR GERMAN CO ME QATAR GERMAN CO ME Health Care 258642 QAR Middle EastGULF PHARMACEUTICALS GULF PHARMACEUTICALS Health Care 282886 AED Middle EastABU DHABI SHIP BUILDING ABU DHABI SHIP BUILDING Industrials 284185 AED Middle EastARAMEX PJSC ARAMEX PJSC Industrials 274887 AED Middle EastGULF WAREHOUSING CO GULF WAREHOUSING CO Industrials 274893 QAR Middle EastABU DHABI AVIATION ABU DHABI AVIATION Industrials 284151 AED Middle EastAIR ARABIA PJSC AIR ARABIA PJSC Industrials 285482 AED Middle EastNATL CNTL COOLING (TABRD) NATL CNTL COOLING (TABRD)Industrials 274899 AED Middle EastRAS AL KHAIMAH CERAMIC CO RAS AL KHAIMAH CERAMIC COIndustrials 284191 AED Middle EastARAB TECHNICAL CONST. ARAB TECHNICAL CONSTRUCTIndustrials 274386 AED Middle EastDRAKE & SKULL INTL DRAKE & SKULL INTL Industrials 291718 AED Middle EastDEPA LTD DEPA LTD Industrials 179766 AED Middle EastAVEC CORP AVEC CORP Industrials 151594 USD North AmericaINDUSTRIES OF QATAR INDUSTRIES OF QATAR Industrials 258696 QAR Middle EastMANNAI CORP. Q.S.C MANNAI CORPORATION Q.S.C Industrials 285864 QAR Middle EastAAMAL HLDG AAMAL HOLDING Industrials 287946 QAR Middle EastQATAR NAT NAVIGAT QATAR NAT NAVIGAT Industrials 258649 QAR Middle EastQATAR SHIPPING QATAR SHIPPING Industrials 258663 QAR Middle EastNATL MARINE DREDGING NATL MARINE DREDGING CO Industrials 284159 AED Middle EastDP WORLD DP WORLD LTD Industrials 284856 USD Middle EastQATAR NATIONAL CEMENT QATAR NATIONAL CEMENT COMaterials 254656 QAR Middle EastUNION CEMENT CO UNION CEMENT CO Materials 274921 AED Middle EastGULF CEMENT CO GULF CEMENT CO Materials 275275 AED Middle EastNATIONAL CEMENT CO NATIONAL CEMENT CO Materials 278373 AED Middle EastRAS AL KHAIMAH CO FOR WHITE RAS AL KHAIMAH CO FOR WH Materials 282157 AED Middle EastRAS AL KHAIMAH CEMENT CO RAS AL KHAIMAH CEMENT CO Materials 282895 AED Middle EastABU DHABI NATL CO FOR BLDG ABU DHABI NATL CO FOR BLDMaterials 284080 AED Middle EastFUJAIRAH BUILDING INDUSTRIES FUJAIRAH BUILDING INDUSTRMaterials 284104 AED Middle EastARKAN BUILDING MATERIALS ARKAN BUILDING MATERIALS Materials 284154 AED Middle EastQATARI INV GRP QATARI INVESTORS GROUP Materials 285366 QAR Middle EastOOREDOO OOREDOO QSC Telecommunication Services 135709 QAR Middle EastETISALAT ETISALAT Telecommunication Services 274234 AED Middle EastEMIRATE INTEGRATED TELECOM EMIRATE INTEGRATED TELECOTelecommunication Services 279381 AED Middle EastVODAFONE QATAR VODAFONE QATAR QSC Telecommunication Services 292438 QAR Middle EastQATAR ELECT & WATER QATAR ELECT & WATER Utilities 258639 QAR Middle EastABU DHABI NATIONAL ENERGY ABU DHABI NATIONAL ENERG Utilities 279336 AED Middle East3POWER ENERGY GROUP INC 3POWER ENERGY GROUP INC Utilities 187366 USD North America

Exhibit 4

Company NameNMC HEALTH PLCQATAR GERMAN CO MEGULF PHARMACEUTICALSABU DHABI SHIP BUILDINGARAMEX PJSCGULF WAREHOUSING COABU DHABI AVIATIONAIR ARABIA PJSCNATL CNTL COOLING (TABRD)RAS AL KHAIMAH CERAMIC COARAB TECHNICAL CONST.DRAKE & SKULL INTLDEPA LTDAVEC CORPINDUSTRIES OF QATARMANNAI CORP. Q.S.CAAMAL HLDGQATAR NAT NAVIGATQATAR SHIPPINGNATL MARINE DREDGINGDP WORLDQATAR NATIONAL CEMENTUNION CEMENT COGULF CEMENT CONATIONAL CEMENT CORAS AL KHAIMAH CO FOR WHITERAS AL KHAIMAH CEMENT COABU DHABI NATL CO FOR BLDGFUJAIRAH BUILDING INDUSTRIESARKAN BUILDING MATERIALSQATARI INV GRPOOREDOOETISALATEMIRATE INTEGRATED TELECOMVODAFONE QATARQATAR ELECT & WATERABU DHABI NATIONAL ENERGY3POWER ENERGY GROUP INC

Headquarter Location Ticker Company ID Sedol Business DescriptionUnited Arab Emirates 587065 B7FC076 NMC Healthcare LLC owns andQatar 67951 6630649 Qatari German Company for MUnited Arab Emirates 73641 6131205 Gulf Pharmaceutical IndustriesUnited Arab Emirates 71316 B138C78 Abu Dhabi Ship Building PJSC iUnited Arab Emirates 58579 B0LWK71 Aramex PJSC, together with itsQatar 209764 B00LQ59 Gulf Warehousing Company (QUnited Arab Emirates 145045 6051347 Abu Dhabi Aviation, together wUnited Arab Emirates 145065 B23DL40 Air Arabia P.J.S.C., together wiUnited Arab Emirates 58760 6388379 National Central Cooling CompUnited Arab Emirates 58950 6706636 Ras Al Khaimah Ceramics PSC United Arab Emirates 58578 B02PY44 Arabtec Holding PJSC, togetheUnited Arab Emirates 478361 B3BPVY5 Drake and Scull International PUnited Arab Emirates 479169 B2QVTT2 Depa Limited operates as an inUnited Arab Emirates AVEC 23878 B02H7D0 AVEC Corporation engages in tQatar 40732 6673570 Industries Qatar Q.S.C., througQatar 387600 B241789 Mannai Corporation Q.S.C., togQatar 248785 B29VJZ5 Aamal Company Q.S.C. is engaQatar 54854 6148205 Qatar Navigation Q.S.C., togetQatar 54855 6566573 Qatar Shipping Company S.P.CUnited Arab Emirates 209802 6625838 National Marine Dredging ComUnited Arab Emirates 77711 B291WY5 DP World Limited is engaged inQatar 54853 6085960 Qatar National Cement CompaUnited Arab Emirates 58967 6549648 Union Cement Company (PSC) United Arab Emirates 58690 6518499 Gulf Cement Company P.S.C. pUnited Arab Emirates 58759 B0V7W47 National Cement Company (PuUnited Arab Emirates 59255 6737658 Ras Al Khaimah Co. for White CUnited Arab Emirates 59414 B0LX4Y9 Ras Al Khaimah Cement CompaUnited Arab Emirates 145044 6518488 Abu Dhabi National Company fUnited Arab Emirates 341970 B1N32X9 Fujairah Building Industries CoUnited Arab Emirates 145046 B1MJYK9 Arkan Building Materials CompQatar 146382 B1CFJN5 Qatari Investors Group Q.S.C. Qatar 54856 6158174 Ooredoo Q.S.C., together with United Arab Emirates 387535 6322173 Emirates Telecommunications United Arab Emirates 58662 B13TMN7 Emirates Integrated TelecommQatar 474501 B3WYBN0 Vodafone Qatar Q.S.C. provideQatar 54852 6566614 Qatar Electricity & Water CompUnited Arab Emirates 58896 B0G3DP8 Abu Dhabi National Energy ComUnited Arab Emirates PSPW 559229 B0F71T1 3Power Energy Group, Inc. foc

Exhibit 4

Company NameNMC HEALTH PLCQATAR GERMAN CO MEGULF PHARMACEUTICALSABU DHABI SHIP BUILDINGARAMEX PJSCGULF WAREHOUSING COABU DHABI AVIATIONAIR ARABIA PJSCNATL CNTL COOLING (TABRD)RAS AL KHAIMAH CERAMIC COARAB TECHNICAL CONST.DRAKE & SKULL INTLDEPA LTDAVEC CORPINDUSTRIES OF QATARMANNAI CORP. Q.S.CAAMAL HLDGQATAR NAT NAVIGATQATAR SHIPPINGNATL MARINE DREDGINGDP WORLDQATAR NATIONAL CEMENTUNION CEMENT COGULF CEMENT CONATIONAL CEMENT CORAS AL KHAIMAH CO FOR WHITERAS AL KHAIMAH CEMENT COABU DHABI NATL CO FOR BLDGFUJAIRAH BUILDING INDUSTRIESARKAN BUILDING MATERIALSQATARI INV GRPOOREDOOETISALATEMIRATE INTEGRATED TELECOMVODAFONE QATARQATAR ELECT & WATERABU DHABI NATIONAL ENERGY3POWER ENERGY GROUP INC

Fiscal Year - End Month ISIN No Industry Group Industry Segment Exchange Name12 GB00B7FC0762 Health Care Equipment & Serv Health Care Facilities London Stock Exchange12 QA0001200763 Health Care Equipment & Serv Health Care Supplies Qatar Exchange12 AEG000201018 Pharmaceuticals, BiotechnologyPharmaceuticals Abu Dhabi Securities Exchange12 AEA000901016 Capital Goods Aerospace & Defense Abu Dhabi Securities Exchange12 AEA002301017 Transportation Air Freight & Logistics Dubai Financial Market12 QA000A0KD6H9 Transportation Air Freight & Logistics Qatar Exchange12 AEA001001014 Transportation Air Freight & Logistics Abu Dhabi Securities Exchange12 AEA003001012 Transportation Airlines Dubai Financial Market12 AEN000501017 Capital Goods Building Products Dubai Financial Market12 AER000301013 Capital Goods Building Products Abu Dhabi Securities Exchange12 AEA001501013 Capital Goods Construction & Engineering Dubai Financial Market12 AED001101016 Capital Goods Construction & Engineering Dubai Financial Market12 AEDFXA0NFP81 Commercial & Professional Ser Diversified Support Services Dubai Financial Market6 US0022881082 Capital Goods Heavy Electrical Equipment Other-OTC12 QA000A0KD6K3 Capital Goods Industrial Conglomerates Qatar Exchange12 QA000A0NBGK5 Capital Goods Industrial Conglomerates Qatar Exchange12 QA000A0NCQB1 Capital Goods Industrial Conglomerates Qatar Exchange12 QA0007227695 Transportation Marine Qatar Exchange12 QA0007227729 Transportation Marine Qatar Exchange12 AEN000401010 Transportation Marine Ports & Services Abu Dhabi Securities Exchange12 AEDFXA0M6V00 Transportation Marine Ports & Services Abu Dhabi Securities Exchange12 QA0007227687 Materials Construction Materials Qatar Exchange12 AEU000201019 Materials Construction Materials Abu Dhabi Securities Exchange12 KW0EQ0802128 Materials Construction Materials Abu Dhabi Securities Exchange12 AEN000901019 Materials Construction Materials Dubai Financial Market12 AE000A0M7YB6 Materials Construction Materials Abu Dhabi Securities Exchange12 AER000401011 Materials Construction Materials Abu Dhabi Securities Exchange12 AEA000501014 Materials Construction Materials Abu Dhabi Securities Exchange12 AEF000501013 Materials Construction Materials Abu Dhabi Securities Exchange12 AEA002801016 Materials Construction Materials Abu Dhabi Securities Exchange12 QA000A0NA0T7 Materials Construction Materials Qatar Exchange12 QA0007227737 Telecommunication Services Integrated Telecommunication Qatar Exchange12 AEE000401019 Telecommunication Services Integrated Telecommunication Abu Dhabi Securities Exchange12 AEE000701012 Telecommunication Services Integrated Telecommunication Dubai Financial Market3 QA000A0Q5NE9 Telecommunication Services Wireless Telecommunication SeQatar Exchange12 QA0006929812 Utilities Multi-Utilities Qatar Exchange12 AEA002401015 Utilities Multi-Utilities Abu Dhabi Securities Exchange3 US88580V1044 Utilities Renewable Electricity Other-OTC

Exhibit 5

JetBlue Airways Corporation (NasdaqGS:JBLU) > Financials > Income StatementIn Millions of USD, except per share items. Template: Standard Restatement: Original Filings

Period Type: Annual Order: Latest on RightCurrency: US Dollar Conversion: HistoricalUnits: S&P Capital IQ (Default Decimals: Capital IQ (Default)Source: Capital IQ & Proprietary

Income Statement

For the Fiscal Period Ending 12 monthsDec-31-1999

12 monthsDec-31-2000














LTMPress Release

12 monthsMar-31-2014

Currency USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD Revenue - 101.7 310.5 615.2 965.1 1,220.8 1,620.0 2,223.0 2,636.0 3,056.0 2,928.0 3,412.0 4,080.0 4,550.0 4,971.0 5,015.0 Other Revenue - 3.0 9.9 20.0 33.3 45.2 81.0 140.0 206.0 332.0 358.0 367.0 424.0 432.0 470.0 476.0 Total Revenue - 104.6 320.4 635.2 998.4 1,266.0 1,701.0 2,363.0 2,842.0 3,388.0 3,286.0 3,779.0 4,504.0 4,982.0 5,441.0 5,491.0

Cost Of Goods Sold 6.8 75.7 191.4 332.1 566.4 798.8 1,166.0 1,653.0 1,987.0 2,501.0 2,209.0 2,523.0 3,218.0 3,595.0 3,899.0 3,931.0 Gross Profit (6.8) 28.9 129.0 303.1 431.9 467.2 535.0 710.0 855.0 887.0 1,077.0 1,256.0 1,286.0 1,387.0 1,542.0 1,560.0

Selling General & Admin Exp. 0.9 17.0 28.3 44.3 53.6 63.2 81.0 104.0 121.0 151.0 151.0 179.0 199.0 204.0 223.0 227.0 R & D Exp. - - - - - - - - - - - - - - - -Depreciation & Amort. 0.1 4.0 10.4 26.9 50.4 76.5 115.0 151.0 176.0 197.0 228.0 220.0 233.0 258.0 290.0 300.0 Other Operating Expense/(Income) 6.4 29.1 63.5 126.8 159.1 214.5 285.0 340.0 396.0 445.0 420.0 496.0 532.0 567.0 610.0 632.0

Other Operating Exp., Total 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 1,159.0

Operating Income (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

Interest Expense - (2.9) (6.1) (15.7) (23.7) (44.6) (91.0) (146.0) (182.0) (184.0) (190.0) (176.0) (174.0) (168.0) (148.0) (144.0) Interest and Invest. Income 0.7 2.5 2.5 5.3 5.3 8.5 19.0 28.0 54.0 - 8.0 4.0 5.0 5.0 2.0 0 Net Interest Exp. 0.7 (0.4) (3.6) (10.4) (18.4) (36.1) (72.0) (118.0) (128.0) (184.0) (182.0) (172.0) (169.0) (163.0) (146.0) (144.0)

Other Non-Operating Inc. (Exp.) - - - - 2.2 - - - - 34.0 - - (2.0) (3.0) - (1.0) EBT Excl. Unusual Items (13.5) (21.6) 23.2 94.6 152.7 76.8 (18.0) (3.0) 34.0 (56.0) 96.0 189.0 151.0 192.0 273.0 256.0

Impairment of Goodwill - - - - - - - - - - - - - - - -Gain (Loss) On Sale Of Invest. - - - - - - - - - (53.0) - - - - - -Gain (Loss) On Sale Of Assets - - - - - - - 12.0 7.0 23.0 1.0 - - 10.0 9.0 9.0 Asset Writedown - - - - - - (6.0) - - (8.0) - (6.0) - - - -Other Unusual Items - - 18.7 0.4 22.8 - - - - 18.0 2.0 (22.0) (6.0) 7.0 (3.0) (3.0) EBT Incl. Unusual Items (13.5) (21.6) 41.9 95.0 175.4 76.8 (24.0) 9.0 41.0 (76.0) 99.0 161.0 145.0 209.0 279.0 262.0

Income Tax Expense 0.2 (0.2) 3.4 40.1 71.5 29.4 (4.0) 10.0 23.0 - 41.0 64.0 59.0 81.0 111.0 104.0 Earnings from Cont. Ops. (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

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

Pref. Dividends and Other Adj. 4.7 14.1 17.0 6.0 - - - - - - - - - - - -

NI to Common Incl Extra Items (18.4) (35.4) 21.6 49.0 103.9 47.5 (20.0) (1.0) 18.0 (76.0) 58.0 97.0 86.0 128.0 168.0 158.0 NI to Common Excl. Extra Items (18.4) (35.4) 21.6 49.0 103.9 47.5 (20.0) (1.0) 18.0 (76.0) 58.0 97.0 86.0 128.0 168.0 158.0

Per Share ItemsBasic EPS ($10.91) ($7.9) $2.93 $0.49 $0.71 $0.31 ($0.13) ($0.01) $0.1 ($0.34) $0.22 $0.35 $0.31 $0.45 $0.59 $0.55 Basic EPS Excl. Extra Items (10.91) (7.9) 2.93 0.49 0.71 0.31 (0.13) (0.01) 0.1 (0.34) 0.22 0.35 0.31 0.45 0.59 0.55 Weighted Avg. Basic Shares Out. 1.7 4.5 7.4 100.6 145.9 154.8 159.9 175.1 179.8 226.3 260.5 275.4 278.7 282.3 282.8 286.5

Diluted EPS ($10.91) ($7.9) $0.34 $0.37 $0.65 $0.29 ($0.13) ($0.01) $0.1 ($0.34) $0.2 $0.31 $0.28 $0.4 $0.52 $0.48 Diluted EPS Excl. Extra Items (10.91) (7.9) 0.34 0.37 0.65 0.29 (0.13) (0.01) 0.1 (0.34) 0.2 0.31 0.28 0.4 0.52 0.48 Weighted Avg. Diluted Shares Out. 1.7 4.5 113.9 146.5 161.3 166.2 159.9 175.1 184.3 226.3 332.1 346.6 346.5 344.1 343.4 340.5

Normalized Basic EPS ($5.01) ($3.01) $1.97 $0.59 $0.65 $0.31 ($0.07) ($0.01) $0.12 ($0.15) $0.23 $0.43 $0.34 $0.43 $0.6 $0.56 Normalized Diluted EPS (5.01) (3.01) 0.13 0.4 0.59 0.29 (0.07) (0.01) 0.12 (0.15) 0.18 0.34 0.27 0.35 0.5 0.47

Dividends per Share NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Supplemental ItemsEBITDA (14.1) (17.2) 37.2 131.9 219.7 190.4 171.0 269.0 342.0 304.0 512.0 591.0 569.0 627.0 707.0 689.0 EBITA (14.2) (21.1) 27.3 107.2 175.6 123.9 70.0 133.0 181.0 115.0 322.0 397.0 356.0 397.0 449.0 401.0 EBIT (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 EBITDAR (13.3) 3.0 86.9 196.4 318.8 310.2 308.0 459.0 567.0 547.0 1,087.0 836.0 838.0 911.0 1,002.0 NAAs Reported Total Revenue* NA 104.6 320.4 635.2 998.4 1,266.0 1,701.0 2,363.0 2,842.0 3,388.0 3,286.0 3,779.0 4,504.0 4,982.0 5,441.0 5,491.0 Effective Tax Rate % NM NM 8.1% 42.2% 40.8% 38.2% NM 111.1% 56.1% NA 41.4% 39.8% 40.7% 38.8% 39.8% 39.7% Current Domestic Taxes 0.2 (0.2) 0.0 0.5 1.8 (0.4) NA NA NA NA NA NA NA NA NA NATotal Current Taxes 0.2 (0.2) 0.0 0.5 1.8 (0.4) - - - 1.0 1.0 2.0 1.0 5.0 4.0 4.0 Deferred Domestic Taxes NA NA 3.4 39.7 69.8 29.7 (4.0) 10.0 NA NA NA 62.0 58.0 76.0 107.0 107.0 Total Deferred Taxes - - 3.4 39.7 69.8 29.7 (4.0) 10.0 23.0 (1.0) 40.0 62.0 58.0 76.0 107.0 107.0

Normalized Net Income (8.5) (13.5) 14.5 59.1 95.4 48.0 (11.3) (1.9) 21.3 (35.0) 60.0 118.1 94.4 120.0 170.6 160.0 NI per SFAS 123 (after Options) (18.5) (35.6) 4.4 43.7 94.5 28.5 (121.0) NA NA NA NA NA NA NA NA NAInterest Capitalized 0.7 4.5 8.0 5.3 5.2 8.9 16.0 27.0 43.0 48.0 7.0 4.0 5.0 8.0 13.0 NAInterest on Long Term Debt NA NA NA NA NA NA NA NA NA NA NA 172.0 NA NA 154.0 NAFiling Date Apr-12-2002 Apr-12-2002 Apr-12-2002 Feb-18-2003 Feb-11-2004 Feb-14-2005 Feb-14-2006 Feb-14-2007 Feb-21-2008 Feb-13-2009 Feb-05-2010 Feb-25-2011 Feb-28-2012 Feb-21-2013 Feb-19-2014 Apr-24-2014Restatement Type O O O O O O O O O O O O O O O PCalculation Type REP REP REP REP REP REP REP REP REP REP REP REP REP REP REP LTM

Supplemental Operating Expense ItemsAdvertising Exp. 12.7 12.7 15.6 24.1 25.8 27.4 35.0 40.0 41.0 52.0 53.0 55.0 57.0 57.0 61.0 NASelling and Marketing Exp. 0.9 17.0 28.3 44.3 53.6 63.2 81.0 104.0 121.0 151.0 151.0 179.0 199.0 204.0 223.0 227.0 R&D Exp. NA NA NA NA NA NA NA NA NA NA NA NA NA 13.0 NA NANet Rental Exp. 0.8 20.2 49.7 64.5 99.1 119.8 137.0 190.0 225.0 243.0 575.0 245.0 269.0 284.0 295.0 NAImputed Oper. Lease Interest Exp. - - 20.4 20.0 25.2 38.6 60.6 101.8 137.6 145.4 281.1 111.3 124.9 133.6 139.4 -Imputed Oper. Lease Depreciation - - 29.3 44.5 73.9 81.2 76.4 88.2 87.4 97.6 293.9 133.7 144.1 150.4 155.6 -Maintenance & Repair Exp. 0.0 1.1 4.7 8.9 23.1 44.9 64.0 87.0 106.0 127.0 149.0 172.0 227.0 338.0 432.0 NA

Stock-Based Comp., COGS - - - - - - 9.0 21.0 15.0 - - - - - - -Stock-Based Comp., Unallocated - - - - - - - - - 16.0 16.0 17.0 13.0 13.0 14.0 14.0 Stock-Based Comp., After-tax - - - 1.0 1.0 1.1 - - - - - - - - - - Stock-Based Comp., Total - - - 1.0 1.0 1.1 9.0 21.0 15.0 16.0 16.0 17.0 13.0 13.0 14.0 14.0

Currency USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USDExchange Rate 1.0 1.0 1.0 1.0 1.0 1.0 1.0 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 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 SheetIn Millions of USD, except per share items. Template: Standard Restatement: Original Filings

Period Type: Annual Order: Latest on RightCurrency: US Dollar Conversion: HistoricalUnits: S&P Capital IQ (Default Decimals: Capital IQ (Default)Source: Capital IQ & Proprietary

Balance SheetBalance Sheet as of:

Dec-31-2004 Dec-31-2005 Dec-31-2006 Dec-31-2007 Dec-31-2008 Dec-31-2009 Dec-31-2010 Dec-31-2011 Dec-31-2012Press Release

Mar-31-2013Currency USD USD USD USD USD USD USD USD USD USDASSETSCash And Equivalents 8.1 4.7 144.6 122.5 29.1 173.8 48.2 19.4 425.0 463.1 Short Term Investments 27.0 18.7 27.1 1.3 30.4 31.9 261.5 337.2 42.0 84.1 Total Cash & ST Investments 35.2 23.4 171.8 123.9 59.6 205.7 309.7 356.7 467.1 547.2

Accounts Receivable 0.0 0.1 0.9 5.1 12.1 42.4 40.4 52.5 64.0 154.0 Other Receivables 1.2 1.5 4.1 6.3 7.1 14.6 9.0 18.1 30.7 -Notes Receivable - - - - - 4.1 8.8 - - - Total Receivables 1.2 1.6 5.0 11.4 19.2 61.2 58.2 70.5 94.7 154.0

Inventory 0.1 0.4 1.0 2.0 3.0 0.2 0.2 0.5 - -Other Current Assets 3.0 3.4 4.3 8.7 6.4 3.8 9.7 40.7 12.1 21.4 Total Current Assets 39.5 28.9 182.1 145.9 88.3 271.0 377.8 468.3 573.9 722.6

Gross Property, Plant & Equipment 0.6 2.0 4.4 7.7 7.9 23.1 22.1 20.0 9.0 -Accumulated Depreciation (0.1) (0.3) (1.2) (2.5) (2.9) (10.8) (13.8) (16.2) (5.5) - Net Property, Plant & Equipment 0.5 1.7 3.2 5.2 4.9 12.3 8.3 3.8 3.5 3.6

Long-term Investments 0.0 3.5 - - - - - 116.0 136.7 150.2 Goodwill - - - - - 22.7 20.7 20.0 20.3 -Other Intangibles 0.3 0.7 2.9 9.2 10.9 64.8 62.4 64.0 76.9 101.5 Loans Receivable Long-Term - - - - 27.3 122.7 134.4 - - -Deferred Tax Assets, LT - - - - 66.8 113.6 78.9 73.9 78.7 75.6 Deferred Charges, LT 7.5 5.9 - - - - - - - -Other Long-Term Assets 4.6 14.2 20.3 37.8 7.4 - 3.0 34.0 10.8 -Total Assets 52.4 55.1 208.6 198.2 205.7 607.1 685.5 780.0 900.8 1,053.5

LIABILITIESAccounts Payable 13.9 21.5 48.4 91.5 75.9 79.4 78.4 84.4 108.5 215.0 Accrued Exp. 0.7 0.6 2.7 4.5 6.6 27.7 85.0 103.4 122.0 207.5 Short-term Borrowings - 5.9 - - - 18.6 32.1 3.0 - -Curr. Income Taxes Payable - 0.2 - - - - - - - -Unearned Revenue, Current - - 10.6 19.9 - 54.1 2.7 3.2 1.0 -Other Current Liabilities 5.4 7.3 13.3 33.1 28.2 33.1 27.0 38.0 68.2 17.7 Total Current Liabilities 20.1 35.6 75.0 149.1 110.7 212.9 225.3 232.0 299.6 440.2

Unearned Revenue, Non-Current - 3.2 - - - - - - - -Def. Tax Liability, Non-Curr. - - - - 1.1 19.1 18.8 36.8 24.9 30.6 Other Non-Current Liabilities 0.2 1.1 11.0 27.4 29.3 163.9 174.1 197.5 263.5 280.3 Total Liabilities 20.3 39.8 86.0 176.5 141.2 396.0 418.2 466.3 588.0 751.1

Common Stock 0.1 0.1 0.2 21.8 20.9 42.9 40.1 38.9 39.4 270.6 Additional Paid In Capital 40.5 35.3 197.3 195.2 186.6 285.5 267.1 258.8 262.6 -Retained Earnings (8.5) (20.3) (75.0) (162.3) (145.8) (109.8) (41.0) (27.8) 8.2 -Treasury Stock - - (0.3) (1.9) (1.0) (1.0) (1.0) (0.9) (0.9) -Comprehensive Inc. and Other - 0.2 0.3 (31.2) 3.8 (6.3) 2.1 44.8 3.5 31.8 Total Common Equity 32.2 15.3 122.6 21.7 64.5 211.2 267.3 313.7 312.8 302.4

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

Supplemental ItemsTotal Shares Out. on Filing Date 9.5 9.4 14.7 14.7 14.7 29.7 29.7 29.7 29.7 29.7 Total Shares Out. on Balance Sheet Date 9.5 9.4 14.7 14.7 14.7 29.7 29.7 29.7 29.7 29.7 Book Value/Share $3.39 $1.63 $8.32 $1.47 $4.38 $7.11 $9.01 $10.57 $10.54 $10.19 Tangible Book Value 31.8 14.6 119.7 12.4 53.6 123.6 184.3 229.7 215.5 200.9 Tangible Book Value/Share $3.35 $1.56 $8.12 $0.84 $3.64 $4.16 $6.21 $7.74 $7.26 $6.77 Total Debt 0 5.9 0 0 0 18.6 32.1 3.0 0 0 Net Debt (35.2) (17.5) (171.8) (123.9) (59.6) (187.1) (277.6) (353.7) (467.1) (547.2) Debt Equivalent Oper. Leases 33.1 172.1 404.9 769.0 781.9 850.6 1,036.0 1,130.6 1,281.3 NAInventory Method NA NA NA FIFO Avg Cost Avg Cost Avg Cost Avg Cost NA NAOther Inventory Accounts NA NA NA NA NA NA 2.9 NA NA NAMachinery NA NA NA 5.4 6.3 21.4 20.5 18.5 8.2 NAAccum. Allowance for Doubtful Accts NA NA NA NA NA NA 0.8 0.8 0.7 NAFiling Date Mar-01-2005 Mar-01-2006 May-24-2007 Feb-29-2008 Apr-02-2009 Apr-21-2010 Mar-28-2011 Mar-26-2012 Feb-25-2013 May-09-2013Restatement Type O O O O O O O O O PCalculation Type REP REP REP REP REP REP REP REP REP REP

Currency USD USD USD USD USD USD USD USD USD USDExchange Rate 1.354 1.185 1.32 1.46 1.397 1.433 1.341 1.299 1.318 1.281 Conversion Method H H H H H H H H H H

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 SheetIn Millions of USD, except per share items. Template: Standard Restatement: Original Filings

Period Type: Annual Order: Latest on RightCurrency: US Dollar Conversion: HistoricalUnits: S&P Capital IQ (Defaul Decimals: Capital IQ (Default)Source: Capital IQ & Proprietary

Balance SheetBalance Sheet as of:

Dec-31-2009 Dec-31-2010 Dec-31-2011 Dec-31-2012Press Release

Dec-31-2013Currency USD USD USD USD USDASSETSCash And Equivalents 18.7 32.1 14.1 37.1 65.3 Short Term Investments - 81.0 21.8 19.7 24.1 Total Cash & ST Investments 18.7 113.1 35.9 56.9 89.4

Accounts Receivable 0.6 15.9 11.4 15.0 18.1 Other Receivables 8.3 7.8 8.5 11.7 15.9 Total Receivables 9.0 23.7 19.9 26.7 34.0

Inventory 0.2 0.2 0.3 0.3 0.5 Prepaid Exp. 6.3 8.7 11.9 7.9 13.5 Restricted Cash - 2.4 - - 15.5 Other Current Assets 11.0 14.3 9.4 13.9 - Total Current Assets 45.1 162.4 77.4 105.6 153.0

Gross Property, Plant & Equipment 457.5 519.5 510.9 533.4 -Accumulated Depreciation (17.4) (30.4) (62.7) (99.9) - Net Property, Plant & Equipment 440.1 489.0 448.2 433.5 689.0

Long-term Investments - - - - 26.1 Deferred Tax Assets, LT 45.0 66.0 75.6 76.8 110.5 Other Long-Term Assets 126.0 88.2 155.9 178.0 240.9 Total Assets 656.2 805.6 757.2 793.9 1,219.5

LIABILITIESAccounts Payable 16.9 17.0 32.1 55.6 48.3 Accrued Exp. - - - 1.3 -Curr. Port. of LT Debt 83.9 40.7 79.9 170.4 148.3 Curr. Port. of Cap. Leases - - - - 0.0 Curr. Income Taxes Payable 0.1 0.2 0.1 - -Unearned Revenue, Current 81.3 164.2 131.5 63.8 127.4 Other Current Liabilities 16.5 19.0 18.0 28.0 56.5 Total Current Liabilities 198.7 241.1 261.6 319.2 380.6

Long-Term Debt 341.6 355.9 323.2 284.8 461.1 Capital Leases - - - - 0.0 Other Non-Current Liabilities - - - - -Total Liabilities 540.3 597.0 584.8 604.0 841.7

Common Stock 48.6 86.5 84.1 87.2 108.6 Additional Paid In Capital 63.0 70.0 68.1 70.6 259.4 Retained Earnings 4.3 52.2 20.3 32.1 3.5 Treasury Stock - - - - -Comprehensive Inc. and Other - 0.0 0 0 6.4 Total Common Equity 115.9 208.6 172.4 189.9 377.8

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

Supplemental ItemsTotal Shares Out. on Filing Date 1,111.1 1,777.8 1,777.8 1,777.8 2,370.4 Total Shares Out. on Balance Sheet Date 1,111.1 1,777.8 1,777.8 1,777.8 2,370.4 Book Value/Share $0.1 $0.12 $0.1 $0.11 $0.16 Tangible Book Value 115.9 208.6 172.4 189.9 377.8 Tangible Book Value/Share $0.1 $0.12 $0.1 $0.11 $0.16 Total Debt 425.6 396.6 403.1 455.2 609.4 Net Debt 406.9 283.5 367.2 398.3 520.1 Debt Equivalent Oper. Leases 124.3 195.5 373.3 403.9 455.9 Equity Method Investments NA NA NA NA 6.0 Inventory Method NA NA Avg Cost Avg Cost NAMachinery 456.3 519.5 510.9 533.4 NAFull Time Employees NA NA 1,211 1,024 NAAccum. Allowance for Doubtful Accts NA NA 0.1 0.3 0.4 Filing Date Oct-25-2012 Oct-25-2012 Oct-25-2012 May-02-2013 Feb-25-2014Restatement Type O O O O PCalculation Type REP REP REP REP REP

Currency USD USD USD USD USDExchange Rate 0.292 0.324 0.315 0.327 0.305 Conversion Method H H H H H

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$) Source

Cumulative Outstanding

(mid-year)

Cumulative Outstanding

(year end)

National Avg

Interest rate1

Term(years)2

Adjusted Interest

Rate3

Annual Interest Savings

2004 491,416,746 2005 F/S, Balance Sheet 245,708,373 491,416,746 5.1% 8.1 5.1% 12,543,4122005 622,545,254 2005 F/S, Balance Sheet 802,689,373 1,113,962,000 5.7% 6.8 5.3% 41,442,6272006 343,529,000 2007 F/S, Note 18(a) 1,285,726,500 1,457,491,000 6.5% 6.3 17.7% 88,131,9842007 532,185,000 2007 F/S, Note 18(a) 1,723,583,500 1,989,676,000 6.9% 10.5 18.2% 166,816,0382008 662,426,000 2008 F/S, Note 23 2,320,889,000 2,652,102,000 6.0% 3.8 19.7% 280,458,8632009 360,196,000 2009 F/S, Note 22 2,832,200,000 3,012,298,000 5.8% 6.0 17.5% 377,257,6532010 - 3,012,298,000 3,012,298,000 n/a 408,764,115

Notes: Total: 1,375,414,6941 National Average Interest Rate obtained from Central Bank of UAE and Haver Analytics (see attached)2 Term Based on weighted average maturity of airline industry debt (see attached).

Default Rates Used to Calculate Uncreditworthy Benchmark

Year

Investment grade default rate


1 0.05% 20.51%2 0.16% 28.55%3 0.34% 34.10%4 0.60% 37.60%5 0.84% 41.44%6 1.11% 47.24%7 1.40% 51.52%8 1.71% 56.91%9 2.05% 60.82%

10 2.40% 63.13%11 2.77% 65.96%12 3.17% 65.96%13 3.55% 65.96%14 3.94% 65.96%15 4.35% 65.96%16 4.79% 65.96%

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.

Exhibit 7

EXHIBIT 7

UAE Commercial Borrowing Rates

Period Lending SeriesCalculated Lending(Interbank + 3.08%)* Lending

Interbank Deposits Period

Lending Series

Calculated Lending(Interbank + 3.08%)* Lending

Interbank Deposits

Dec‐01 6.59% 6.59% Jan‐11 5.66% 5.66% 2.58%Mar‐02 6.30% 6.30% Feb‐11 5.65% 5.65% 2.57%Jun‐02 6.23% 6.23% Mar‐11 5.65% 5.65% 2.57%Sep‐02 6.05% 6.05% Apr‐11 5.57% 5.57% 2.49%Dec‐02 5.80% 5.80% May‐11 5.43% 5.43% 2.35%Mar‐03 5.56% 5.56% Jun‐11 5.21% 5.21% 2.13%Jun‐03 5.36% 5.36% Jul‐11 5.06% 5.06% 1.98%Sep‐03 5.24% 5.24% Aug‐11 5.02% 5.02% 1.94%Dec‐03 5.05% 5.05% Sep‐11 5.01% 5.01% 1.93%Mar‐04 4.97% 4.97% Oct‐11 5.03% 5.03% 1.95%Jun‐04 4.89% 4.89% Nov‐11 5.03% 5.03% 1.95%Sep‐04 5.19% 5.19% Dec‐11 5.04% 5.04% 1.96%Dec‐04 5.37% 5.37% Jan‐12 5.06% 5.06% 1.98%Mar‐05 5.24% 5.24% Feb‐12 5.07% 5.07% 1.99%Jun‐05 5.57% 5.57% Mar‐12 5.07% 5.07% 1.99%Sep‐05 5.91% 5.91% Apr‐12 5.07% 5.07% 1.99%Dec‐05 6.10% 6.10% May‐12 5.06% 5.06% 1.98%Mar‐06 6.22% 6.22% Jun‐12 5.05% 5.05% 1.97%Jun‐06 6.75% 6.75% Jul‐12 4.92% 4.92% 1.84%Sep‐06 6.56% 6.56% Aug‐12 4.78% 4.78% 1.70%Dec‐06 6.65% 6.65% Sep‐12 4.70% 4.70% 1.62%Mar‐07 6.54% 6.54% Oct‐12 4.71% 4.71% 1.63%Jun‐07 7.18% 7.18% Nov‐12 4.71% 4.71% 1.63%Sep‐07 7.20% 7.20% Dec‐12 4.71% 4.71% 1.63%Dec‐07 6.82% 6.82% Jan‐13 4.70% 4.70% 1.62%Mar‐08 5.71% 5.71% Feb‐13 4.68% 4.68% 1.60%Apr‐08 5.12% 5.12% 2.04% Mar‐13 4.60% 4.60% 1.52%May‐08 5.14% 5.14% 2.06% Difference Apr‐13 4.52% 4.52% 1.44%Jun‐08 5.18% 5.18% 2.10% 3.08% May‐13 4.45% 4.45% 1.37%Jul‐08 5.52% 5.52% 2.44% Jun‐13 4.42% 4.42% 1.34%Aug‐08 5.88% 5.88% 2.80% Jul‐13 4.38% 4.38% 1.30%Sep‐08 6.41% 6.41% 3.33% Aug‐13 4.35% 4.35% 1.27%Oct‐08 7.32% 7.32% 4.24% Sep‐13 4.34% 4.34% 1.26%Nov‐08 7.06% 7.06% 3.98% Oct‐13 4.31% 4.31% 1.23%Dec‐08 6.97% 6.97% 3.89% Nov‐13 4.28% 4.28% 1.20%Jan‐09 6.37% 6.37% 3.29% Dec‐13 4.27% 4.27% 1.19%Feb‐09 6.14% 6.14% 3.06% Jan‐14 4.26% 4.26% 1.18%Mar‐09 6.04% 6.04% 2.96% Feb‐14 4.26% 4.26% 1.18%Apr‐09 5.80% 5.80% 2.72% Mar‐14 4.26% 4.26% 1.18%May‐09 6.00% 6.00% 2.92% Apr‐14 4.23% 4.23% 1.15%Jun‐09 5.59% 5.59% 2.51% May‐14 4.20% 4.20% 1.12%

Jul‐09** 5.57% 5.57% Jun‐14 4.18% 4.18% 1.10%Aug‐09** 5.57% 5.57%Sep‐09** 5.57% 5.57% Annual Average:

Oct‐09 5.56% 5.56% 2.48%Nov‐09 5.51% 5.51% 2.43% 2001.Dec 6.59%Dec‐09 5.50% 5.50% 2.42% 2002 6.10%Jan‐10 5.51% 5.51% 2.43% 2003 5.30%Feb‐10 5.63% 5.63% 2.55% 2004 5.11%Mar‐10 5.72% 5.72% 2.64% 2005 5.71%Apr‐10 5.74% 5.74% 2.66% 2006 6.55%May‐10 5.76% 5.76% 2.68% 2007 6.94%Jun‐10 5.80% 5.80% 2.72% 2008 6.03%Jul‐10 5.80% 5.80% 2.72% 2009 5.77%Aug‐10 5.78% 5.78% 2.70% 2010 5.71%Sep‐10 5.78% 5.78% 2.70% 2011 5.28%Oct‐10 5.70% 5.70% 2.62% 2012 4.91%

Nov‐10*** 5.68% 5.68% 2013 4.44%Dec‐10 5.67% 5.67% 2.59% 2014.Jan‐Jun 4.23%

Source: 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

EXHIBIT 7 (Cont.)

Calculation of Weighted Average Term of Airline Industry Debt, by Issue Year

Deal Pricing

DateIssuer

Deal Total Value $

(Proceeds)

Years to

Maturity

Weighted Average Term (# Years)

28-Jan-92 Delta USA Corp 9,323,720 5.00 year Total31-Mar-92 Japan Airlines Corp 228,678,817 7.26 1992 11.0 21-May-92 Aerovias de Mexico SA de CV - Aeromexico 99,050,000 3.00 1993 10.1

9-Jun-92 JAL Finance Europe BV 45,210,024 2.01 1994 12.8 29-Jul-92 AMR Corp 350,000,000 20.01 1995 15.4 1-Sep-92 Japan Airlines Corp 82,767,315 10.27 1996 14.3 1-Sep-92 Japan Airlines Corp 165,534,630 7.27 1997 11.8 4-Nov-92 Air France SA 108,189,856 10.00 1998 12.3

24-Nov-92 Japan Airlines Corp 410,754,592 10.26 1999 15.2 16-Feb-93 Japan Airlines Corp 338,209,632 5.27 2000 11.5 16-Feb-93 Japan Airlines Corp 169,104,816 5.02 2001 10.6 2-Mar-93 All Nippon Airways Co Ltd - ANA 258,176,434 5.27 2002 10.9 5-Mar-93 American Airlines Inc 112,346,938 1.01 2003 8.8 5-Mar-93 American Airlines Inc 112,346,938 2.01 2004 8.1 5-Mar-93 American Airlines Inc 112,346,938 3.01 2005 6.8 5-Mar-93 American Airlines Inc 112,346,938 4.01 2006 6.3 5-Mar-93 American Airlines Inc 112,346,938 5.01 2007 10.5 5-Mar-93 American Airlines Inc 112,346,938 18.51 2008 3.8 5-Mar-93 American Airlines Inc 112,346,938 22.51 2009 6.0

30-Mar-93 Delta Air Lines Inc 171,320,000 23.07 2010 6.6 30-Mar-93 Delta Air Lines Inc 104,670,000 15.07 2011 6.3 6-May-93 United Air Lines Inc - UAL 83,983,000 23.69 2012 8.6 6-May-93 United Air Lines Inc - UAL 700,000 1.69 2013 8.8 6-May-93 United Air Lines Inc - UAL 4,200,000 3.69 6-May-93 United Air Lines Inc - UAL 87,035,000 17.69 4-Jun-93 Qantas Airways Ltd 199,220,000 5.00

17-Jun-93 Delta Air Lines Inc 183,248,000 15.52 17-Jun-93 Delta Air Lines Inc 183,248,000 22.52 24-Jun-93 Qantas Airways Ltd 173,635,000 10.00 24-Jun-93 Qantas Airways Ltd 199,220,000 10.00 25-Jun-93 Swissair (Schweizerische Luftverkehr AG) 132,318,889 10.00 28-Jun-93 Southwest Airlines Co 96,000,000 15.98 28-Jun-93 Southwest Airlines Co 96,000,000 21.98 30-Jun-93 Japan Airlines Corp 190,683,929 9.27 30-Jun-93 Japan Airlines Corp 143,329,581 10.00 30-Jun-93 Japan Airlines Corp 143,329,581 10.27 30-Jun-93 US Air Inc 300,000,000 9.98

7-Jul-93 Japan Airlines Corp 252,162,500 10.00 5-Aug-93 Philippine Airlines Inc 99,477,500 3.00

14-Sep-93 Southwest Airlines Co 72,000,000 19.00 20-Sep-93 All Nippon Airways Co Ltd - ANA 293,142,274 8.00 20-Sep-93 All Nippon Airways Co Ltd - ANA 195,140,647 7.25

5-Oct-93 AMR Corp 299,463,000 2.09

EXHIBIT 7 (Cont.)

22-Oct-93 USAir 1993-A Pass-Through Trust 337,679,000 4.83 22-Oct-93 USAir 1993-A Pass-Through Trust 337,679,000 19.33 22-Oct-93 USAir 1993-A Pass-Through Trust 337,679,000 9.83 17-Nov-93 United Air Lines Inc - UAL 29,579,000 21.56 17-Nov-93 United Air Lines Inc - UAL 28,421,000 15.56 17-Nov-93 United Air Lines Inc - UAL 34,578,000 15.34 17-Nov-93 United Air Lines Inc - UAL 25,422,000 20.84 18-Nov-93 Delta Air Lines Inc 129,803,000 18.12 18-Nov-93 Delta Air Lines Inc 129,803,000 23.12 23-Nov-93 United Air Lines Inc - UAL 99,669,000 4.00 23-Nov-93 United Air Lines Inc - UAL 100,000,000 4.00 30-Nov-93 Delta Air Lines Inc 222,600,000 4.98 3-Dec-93 CHC Helicopter Corp 83,846,550 8.60

22-Dec-93 Japan Airlines Corp 281,411,035 4.00 26-Jan-94 US Air Inc 175,000,000 7.00 3-Mar-94 NWA Trust [Northwest Airlines] 243,000,000 13.50 3-Mar-94 NWA Trust [Northwest Airlines] 243,000,000 13.50

15-Mar-94 Japan Airlines Corp 94,317,433 4.00 11-Apr-94 Aerovias de Mexico SA de CV - Aeromexico 100,000,000 5.00 11-Apr-94 Aerovias de Mexico SA de CV - Aeromexico 100,000,000 5.00 5-May-94 China Southern Airlines Co Ltd 128,000,000 6.49

13-May-94 American Airlines Inc 125,200,000 17.52 13-May-94 American Airlines Inc 125,200,000 22.02 13-May-94 American Airlines Inc 125,200,000 2.52 13-May-94 American Airlines Inc 125,200,000 1.52 13-May-94 American Airlines Inc 125,200,000 0.52 17-Jun-94 Japan Airlines Corp 98,328,180 6.25 30-Jun-94 United Air Lines Inc - UAL 741,200,000 19.80 30-Jun-94 United Air Lines Inc - UAL 741,200,000 9.80 30-Jun-94 United Air Lines Inc - UAL

Aug-94 Singapore Airlines Ltd 125,000,000 12.00 14-Sep-94 Swissair (Schweizerische Luftverkehr AG) 118,513,461 8.00

Sep-94 Singapore Airlines Ltd 125,000,000 12.00 5-Oct-94 Southwest Airlines Co 233,949,221 0.71 5-Oct-94 Southwest Airlines Co 233,949,221 1.71 5-Oct-94 Southwest Airlines Co 233,949,221 16.71 5-Oct-94 Southwest Airlines Co 233,949,221 21.71

15-Dec-94 NWA Trust [Northwest Airlines] 352,000,000 19.50 15-Dec-94 NWA Trust [Northwest Airlines] 352,000,000 19.50 15-Dec-94 NWA Trust [Northwest Airlines] 352,000,000 19.50 15-Dec-94 NWA Trust [Northwest Airlines] 352,000,000 13.50 31-Jan-95 NWA Trust [Northwest Airlines] 352,000,000 19.31 31-Jan-95 NWA Trust [Northwest Airlines] 352,000,000 19.31 31-Jan-95 NWA Trust [Northwest Airlines] 352,000,000 19.31 31-Jan-95 NWA Trust [Northwest Airlines] 352,000,000 13.31 28-Feb-95 Southwest Airlines Co 99,461,000 9.98 9-Mar-95 JAL Finance Europe BV 11,028,160 5.25 9-Mar-95 JAL Finance Europe BV 33,084,480 5.25 9-Mar-95 JAL Finance Europe BV 22,001,427 3.25

14-Mar-95 Swissair (Schweizerische Luftverkehr AG) 129,502,828 10.00

EXHIBIT 7 (Cont.)

31-Mar-95 LR Jet Corp 227,000,000 16.29 31-Mar-95 LR Jet Corp2-May-95 United Air Lines Inc - UAL 243,248,045 16.93 2-May-95 United Air Lines Inc - UAL 243,248,045 23.43 8-Jun-95 American Airlines Inc 65,898,000 21.55

22-Jun-95 Comair Inc 62,000,000 10.00 20-Sep-95 Southwest Airlines Co 237,496,336 1.74 20-Sep-95 Southwest Airlines Co 237,496,336 2.74 20-Sep-95 Southwest Airlines Co 237,496,336 17.74 20-Sep-95 Southwest Airlines Co 237,496,336 22.24 24-Jan-96 Continental Airlines Inc 489,267,000 19.21 24-Jan-96 Continental Airlines Inc 489,267,000 19.21 24-Jan-96 Continental Airlines Inc 489,267,000 17.71 24-Jan-96 Continental Airlines Inc30-Jan-96 United Air Lines Inc - UAL 164,700,000 16.98 30-Jan-96 United Air Lines Inc - UAL 164,700,000 22.98 9-Feb-96 US Air Inc 263,000,000 12.16 9-Feb-96 US Air Inc 263,000,000 12.16 9-Feb-96 US Air Inc 263,000,000 12.16

29-Feb-96 Delta Air Lines Inc 48,894,000 15.60 29-Feb-96 Delta Air Lines Inc 30,706,000 21.60 11-Apr-96 ValuJet Inc 150,000,000 4.99 18-Apr-96 Air Canada 167,805,266 5.00 9-May-96 Continental Airlines Inc 171,749,000 18.12 9-May-96 Continental Airlines Inc 171,749,000 18.12 9-May-96 Continental Airlines Inc 171,749,000 18.12 9-May-96 Continental Airlines Inc 171,749,000 11.87 3-Jun-96 Northwest Airlines Corp 524,502,000 18.56 3-Jun-96 Northwest Airlines Corp 524,502,000 18.56 3-Jun-96 Northwest Airlines Corp 524,502,000 18.56 3-Jun-96 Northwest Airlines Corp 524,502,000 8.56 4-Sep-96 Southwest Airlines Co 146,195,000 17.29 4-Sep-96 Southwest Airlines Co 146,195,000 24.29

20-Nov-96 America West Airlines Inc 218,557,000 12.60 20-Nov-96 America West Airlines Inc 218,557,000 11.10 20-Nov-96 America West Airlines Inc 218,557,000 7.60 20-Nov-96 America West Airlines Inc 218,557,000 5.60 20-Nov-96 America West Airlines Inc 218,557,000 7.60 21-Nov-96 Japan Airlines Corp 179,291,799 5.00 21-Nov-96 Japan Airlines Corp 268,937,699 10.00 4-Dec-96 Continental Airlines Inc 250,000,000 5.01

19-Dec-96 American Trans Air Inc 70,729,000 16.00 19-Dec-96 American Trans Air Inc 70,729,000 13.25 19-Dec-96 American Trans Air Inc 70,729,000 7.25 25-Feb-97 Southwest Airlines Co 99,639,000 30.01 12-Mar-97 Continental Airlines Inc 707,302,000 19.53 12-Mar-97 Continental Airlines Inc 707,302,000 11.53 12-Mar-97 Continental Airlines Inc 707,302,000 11.53 12-Mar-97 Continental Airlines Inc 707,302,000 17.53 13-Mar-97 Northwest Airlines Corp 249,637,000 6.99

EXHIBIT 7 (Cont.)

13-Mar-97 Northwest Airlines Corp 249,637,000 9.99 27-Mar-97 Trans World Airlines Inc - TWA 50,000,000 5.00 15-Apr-97 Japan Airlines Corp 396,102,354 10.00 15-Apr-97 Japan Airlines Corp 158,440,942 6.00 25-Apr-97 Aerolineas Argentinas SA - AA 50,000,000 4.00 6-May-97 Japan Airlines Corp 79,516,538 12.00

19-May-97 Malaysian Airlines Capital (L) 86,169,755 5.00 20-May-97 Malaysian Airlines Capital (L) 352,562,684 5.00

4-Jun-97 All Nippon Airways Co Ltd - ANA 300,932,892 10.00 9-Jun-97 America West Airlines Inc 93,888,000 10.96 9-Jun-97 America West Airlines Inc 93,888,000 7.96 9-Jun-97 America West Airlines Inc 93,888,000 6.46 9-Jun-97 America West Airlines Inc 93,888,000 3.96

17-Jun-97 Continental Airlines Inc 155,000,000 11.51 17-Jun-97 Continental Airlines Inc 155,000,000 9.51 17-Jun-97 Continental Airlines Inc 155,000,000 8.51 17-Jun-97 Continental Airlines Inc 155,000,000 4.01 17-Jul-97 Amtran Inc 100,000,000 7.02 17-Jul-97 Japan Airlines Corp 172,205,960 12.00 21-Jul-97 Lauda Air Luftfahrt AG 9,505,327 5.00 7-Aug-97 ValuJet Inc 80,000,000 3.67 4-Sep-97 All Nippon Airways Co Ltd - ANA 165,528,656 12.00 4-Sep-97 All Nippon Airways Co Ltd - ANA 165,528,656 20.00

12-Sep-97 Continental Airlines Inc 88,589,000 15.50 12-Sep-97 Continental Airlines Inc 88,589,000 9.75 12-Sep-97 Continental Airlines Inc 88,589,000 7.50 16-Sep-97 Northwest Airlines Corp 195,809,000 19.77 16-Sep-97 Northwest Airlines Corp 195,809,000 9.77 16-Sep-97 Northwest Airlines Corp 195,809,000 16.77 19-Sep-97 Atlantic Coast Airlines Holdings Inc 111,586,000 16.27 19-Sep-97 Atlantic Coast Airlines Holdings Inc 111,586,000 13.27 19-Sep-97 Atlantic Coast Airlines Holdings Inc 111,586,000 2.27 19-Sep-97 Atlantic Coast Airlines Holdings Inc 111,586,000 9.27 16-Oct-97 Continental Airlines Inc 752,000,000 20.69 16-Oct-97 Continental Airlines Inc 752,000,000 19.19 16-Oct-97 Continental Airlines Inc 752,000,000 9.69 14-Nov-97 Kitty Hawk Inc 340,000,000 6.99

24-Nov-97 Aerovias Nacionales de Colombia (Avianca) SA 75,000,000 8.00 4-Dec-97 Trans World Airlines Inc - TWA 138,350,800 7.02 9-Dec-97 Air Canada 114,177,081 7.00

18-Dec-97 United Air Lines Inc - UAL 552,426,000 6.19 18-Dec-97 United Air Lines Inc - UAL 552,426,000 6.19 18-Dec-97 United Air Lines Inc - UAL 445,700,000 6.19

5-Jan-98 Southwest Airlines Co6-Jan-98 Japan Airlines Corp 74,833,493 20.00

22-Jan-98 Offshore Logistics Inc 99,723,000 9.97 23-Jan-98 Japan Airlines Corp 158,397,018 9.99 3-Feb-98 Viacao Aerea Rio-Grandense SA - VARIG 99,824,000 7.00

11-Feb-98 Continental Airlines Inc 771,000,000 21.07 11-Feb-98 Continental Airlines Inc 771,000,000 19.07

EXHIBIT 7 (Cont.)

11-Feb-98 Continental Airlines Inc 771,000,000 10.07 16-Feb-98 Circle International Group Inc17-Feb-98 Japan Airlines Corp 135,027,803 12.00 26-Feb-98 Trans World Airlines Inc - TWA 150,000,000 7.99 27-Feb-98 Northwest Airlines Corp 399,070,000 7.03 27-Feb-98 Northwest Airlines Corp 399,070,000 10.03 2-Mar-98 VARIG SA - Brazilian Airlines

13-Mar-98 All Nippon Airways Co Ltd - ANA 155,587,540 10.00 30-Mar-98 Ansett Airlines30-Mar-98 Ansett Airlines15-Apr-98 Continental Airlines Inc 187,200,000 10.48 15-Apr-98 Continental Airlines Inc 187,200,000 7.98 15-Apr-98 Continental Airlines Inc 187,200,000 6.48 20-Apr-98 Canadian Airlines Corp 175,000,000 7.02 21-Apr-98 Trans World Airlines Inc - TWA 43,200,000 4.98

21-May-98 Southwest Airlines Co 95,000,000 21.09 25-Jun-98 Polskie Linie Lotnicze LOT International BV 100,000,000 5.00

7-Jul-98 Japan Airlines Corp 158,051,655 6.00 13-Jul-98 Continental Regional Jet16-Jul-98 Japan Airlines Corp 128,898,274 10.00 30-Jul-98 Canadian Airlines Corp 98,756,000 7.99 6-Aug-98 Midway Airlines Corp 109,730,000 16.39 6-Aug-98 Midway Airlines Corp 109,730,000 14.39 6-Aug-98 Midway Airlines Corp 109,730,000 10.89 6-Aug-98 Midway Airlines Corp 109,730,000 4.89

24-Sep-98 America West Airlines Inc 190,529,000 18.24 24-Sep-98 America West Airlines Inc 190,529,000 18.24 24-Sep-98 America West Airlines Inc 190,529,000 11.74 21-Oct-98 Continental Airlines Inc 524,401,000 19.49 21-Oct-98 Continental Airlines Inc 524,401,000 9.99 21-Oct-98 Continental Airlines Inc 524,401,000 18.49 21-Oct-98 Continental Airlines Inc 524,401,000 5.99 21-Oct-98 Continental Airlines Inc 524,401,000 6.99 4-Dec-98 US Airways Inc 447,768,564 9.59 4-Dec-98 US Airways Inc 447,768,564 20.63 4-Dec-98 US Airways Inc 141,366,000 17.13 7-Dec-98 Japan Airlines Corp 125,428,548 5.00 8-Dec-98 Continental Airlines Inc 200,000,000 7.00 8-Dec-98 Amtran Inc 125,000,000 7.01 8-Dec-98 All Nippon Airways Co Ltd - ANA 250,773,224 3.00

21-Jan-99 Continental Airlines Inc 805,836,000 21.48 21-Jan-99 Continental Airlines Inc 805,836,000 11.98 21-Jan-99 Continental Airlines Inc 805,836,000 20.98 4-Feb-99 Northwest Airlines Corp 421,200,000 22.46 4-Feb-99 Northwest Airlines Corp 421,200,000 22.46 4-Feb-99 Northwest Airlines Corp 421,200,000 15.96

25-Feb-99 Delta Air Lines Inc 299,772,000 5.04 18-Mar-99 Japan Airlines Corp 126,935,773 6.00 25-Mar-99 Japan Airlines Corp 42,342,379 10.00 25-Mar-99 All Nippon Airways Co Ltd - ANA 254,054,276 5.00

EXHIBIT 7 (Cont.)

25-Mar-99 All Nippon Airways Co Ltd - ANA 254,054,276 8.00 31-Mar-99 Lan Chile SA 60,000,000 13.00

1-Apr-99 Northwest Airlines Corp 200,000,000 5.00 28-Apr-99 British Airways Finance (Jersey) LP

25-May-99 SAirGroup Finance (NL) BV 428,457,003 7.00 3-Jun-99 Continental Airlines Inc 741,885,806 22.24 3-Jun-99 Continental Airlines Inc 741,885,806 11.74 3-Jun-99 Continental Airlines Inc 741,885,806 22.24 3-Jun-99 Continental Airlines Inc 741,885,806 13.24 3-Jun-99 Continental Airlines Inc 741,885,806 6.74

10-Jun-99 Qantas Airways Ltd 349,664,000 10.00 11-Jun-99 SAirGroup Finance (NL) BV 103,391,254 6.97 18-Jun-99 Northwest Airlines Corp 555,234,000 21.18 18-Jun-99 Northwest Airlines Corp 555,234,000 17.18 18-Jun-99 Northwest Airlines Corp 555,234,000 12.68

7-Jul-99 AMR Corp 150,000,000 40.00 14-Jul-99 Delta Air Lines Inc 500,000,000 39.96 15-Jul-99 All Nippon Airways Co Ltd - ANA 124,393,578 7.00 28-Jul-99 All Nippon Airways Co Ltd - ANA 172,346,931 3.00

19-Aug-99 Northwest Airlines Corp 125,000,000 39.97 24-Aug-99 US Airways Inc 468,268,000 20.89 24-Aug-99 US Airways Inc 468,268,000 20.89 31-Aug-99 Iberbond 1999 plc 164,478,887 11.49 31-Aug-99 Iberbond 1999 plc 164,478,887 11.49 6-Sep-99 Aerovias de Mexico SA de CV - Aeromexico 65,000,000 7.00 6-Sep-99 Compania Mexicana de Aviacion SA de CV 80,000,000 7.00

14-Sep-99 America West Airlines Inc 254,658,000 19.28 14-Sep-99 America West Airlines Inc 254,658,000 6.28 23-Sep-99 American Airlines Inc 600,000,000 10.53 23-Sep-99 American Airlines Inc 600,000,000 10.03 23-Sep-99 American Airlines Inc 600,000,000 11.53 23-Sep-99 American Airlines Inc 600,000,000 6.53 25-Oct-99 SAirGroup Finance (USA) Inc 252,112,500 5.00 29-Oct-99 SAirGroup Finance (USA) Inc 101,481,000 5.00 17-Nov-99 Airtours International Airways Ltd 170,606,873 5.00 2-Dec-99 Northwest Airlines Corp 762,364,000 19.31 2-Dec-99 Northwest Airlines Corp 762,364,000 15.31 2-Dec-99 Northwest Airlines Corp 762,364,000 10.31 2-Dec-99 Northwest Airlines Corp 762,364,000 21.31 2-Dec-99 Northwest Airlines Corp 762,364,000 11.81 2-Dec-99 All Nippon Airways Co Ltd - ANA 97,527,673 12.00 7-Dec-99 Delta Air Lines Inc 1,987,280,000 6.00 7-Dec-99 Delta Air Lines Inc 1,987,280,000 10.00 7-Dec-99 Delta Air Lines Inc 1,987,280,000 30.00

16-Dec-99 Amtran Inc 74,257,500 4.61 7-Jan-00 SAirGroup 192,323,671 7.00

19-Jan-00 Evergreen Airlines Corp 37,692,932 3.00 19-Jan-00 Evergreen Airlines Corp 37,692,932 3.00 19-Jan-00 Evergreen Airlines Corp 37,692,932 3.00 19-Jan-00 Evergreen Airlines Corp 37,692,932 5.00

EXHIBIT 7 (Cont.)

19-Jan-00 Evergreen Airlines Corp 37,692,932 5.00 19-Jan-00 Evergreen Airlines Corp 37,692,932 5.00 19-Jan-00 Evergreen Airlines Corp 37,692,932 5.00 24-Jan-00 Far Eastern Air Transport Corp 42,242,079 5.00 24-Jan-00 Far Eastern Air Transport Corp 42,242,079 5.00 24-Jan-00 Far Eastern Air Transport Corp 42,242,079 5.00 24-Jan-00 Far Eastern Air Transport Corp 42,242,079 5.00 24-Jan-00 Far Eastern Air Transport Corp 42,242,079 5.00 24-Jan-00 Far Eastern Air Transport Corp 42,242,079 5.00 24-Jan-00 Far Eastern Air Transport Corp 42,242,079 5.00 24-Jan-00 Far Eastern Air Transport Corp 42,242,079 5.00 24-Jan-00 Far Eastern Air Transport Corp 42,242,079 5.00 24-Jan-00 Far Eastern Air Transport Corp 42,242,079 5.00 24-Jan-00 Far Eastern Air Transport Corp 42,242,079 5.00 2-Feb-00 Regional Jet Equipment Trust 190,995,000 4.57 2-Feb-00 Regional Jet Equipment Trust 190,995,000 4.57 8-Feb-00 American Trans Air Inc 275,341,000 5.92 8-Feb-00 American Trans Air Inc 275,341,000 15.92 8-Feb-00 American Trans Air Inc 275,341,000 5.92

17-Feb-00 All Nippon Airways Co Ltd - ANA 271,099,445 6.00 17-Feb-00 All Nippon Airways Co Ltd - ANA 271,099,445 10.00 25-Feb-00 US Airways Inc 281,678,000 16.96 1-Mar-00 Continental Airlines Inc 749,508,455 22.13 1-Mar-00 Continental Airlines Inc 749,508,455 11.63 1-Mar-00 Continental Airlines Inc 749,508,455 22.13 1-Mar-00 Continental Airlines Inc 749,508,455 11.13 1-Mar-00 Continental Airlines Inc 749,508,455 6.63

27-Jun-00 CHC Helicopter Corp 135,556,002 7.03 27-Jun-00 America West Airlines Inc 251,146,950 5.99 27-Jun-00 America West Airlines Inc 251,146,950 19.99 20-Jul-00 United Air Lines Inc - UAL 920,767,000 10.94 20-Jul-00 United Air Lines Inc - UAL 920,767,000 9.92 20-Jul-00 United Air Lines Inc - UAL 920,767,000 13.42 20-Jul-00 United Air Lines Inc - UAL 920,767,000 7.42 20-Jul-00 United Air Lines Inc - UAL 920,767,000 13.42 24-Jul-00 US Airways Inc 362,414,000 18.51 24-Jul-00 US Airways Inc 362,414,000 20.01

12-Sep-00 Iberbond 2000 Ltd 345,941,960 12.51 21-Sep-00 SAirGroup Finance (NL) BV 341,346,608 10.00 27-Sep-00 Midway Airlines Corp 197,572,000 18.51 16-Oct-00 US Airways Inc 491,114,190 18.43 26-Oct-00 US Air Inc 491,100,000 19.83 27-Oct-00 Qantas Airways Ltd 104,503,599 3.00 7-Nov-00 Delta Air Lines Inc 1,500,000,000 6.51 7-Nov-00 Delta Air Lines Inc 1,500,000,000 11.51 7-Nov-00 Delta Air Lines Inc 1,500,000,000 11.51 7-Nov-00 Delta Air Lines Inc 1,500,000,000 11.01

14-Nov-00 Continental Airlines Inc 840,958,000 11.34 14-Nov-00 Continental Airlines Inc 840,958,000 21.84 14-Nov-00 Continental Airlines Inc 840,958,000 11.84

EXHIBIT 7 (Cont.)

14-Nov-00 Continental Airlines Inc 840,958,000 18.84 1-Dec-00 United Air Lines Inc - UAL 1,505,667,000 8.80 1-Dec-00 United Air Lines Inc - UAL 1,505,667,000 10.30 1-Dec-00 United Air Lines Inc - UAL 1,505,667,000 4.80 1-Dec-00 United Air Lines Inc - UAL 1,505,667,000 9.80

12-Dec-00 Hainan Airlines Co Ltd 42,516,000 4.01 19-Dec-00 Longreach CP Ltd Series 2000 Qantas 80,275,892 10.00 19-Dec-00 Longreach CP Ltd Series 2000 Qantas 80,275,892 10.00 19-Dec-00 Longreach CP Ltd Series 2000 Qantas 80,275,892 12.00 19-Dec-00 Longreach CP Ltd Series 2000 Qantas 80,275,892 10.00

8-Jan-01 Asiana Airlines Inc 65,000,000 4.00 19-Jan-01 US Air Inc 458,047,000 20.15 5-Feb-01 Korean Air Lines Co Ltd 146,307,448 3.00 8-Feb-01 Air Canada 250,000,000 5.26 8-Mar-01 Air Canada 387,183,293 10.00 8-Mar-01 Air Canada 387,183,293 10.00 4-Apr-01 Continental Airlines Inc 708,500,000 21.66 4-Apr-01 Continental Airlines Inc 708,500,000 11.66 4-Apr-01 Continental Airlines Inc 708,500,000 16.16

9-May-01 Air Canada 131,375,282 5.00 10-May-01 America West Airlines Inc 427,164,000 19.89 10-May-01 America West Airlines Inc 427,164,000 5.89 10-May-01 America West Airlines Inc 427,164,000 4.39 14-May-01 Scandinavian Airlines System AB - SAS AB 8,112,405 6.00 18-May-01 American Airlines Inc 1,319,649,000 20.00 18-May-01 American Airlines Inc 1,319,649,000 10.00 18-May-01 American Airlines Inc 1,319,649,000 18.00 18-May-01 American Airlines Inc 1,319,649,000 15.00 18-May-01 American Airlines Inc 1,319,649,000 7.00 22-May-01 Northwest Airlines Corp 581,045,000 20.83 22-May-01 Northwest Airlines Corp 581,045,000 15.83 22-May-01 Northwest Airlines Corp 581,045,000 9.83 22-May-01 Northwest Airlines Corp 581,045,000 8.83 24-May-01 Northwest Airlines Corp 298,515,000 5.00 29-May-01 Scandinavian Airlines System AB - SAS AB 18,826,163 7.00 30-May-01 Scandinavian Airlines System AB - SAS AB 45,697,005 7.00

8-Jun-01 Scandinavian Airlines System AB - SAS AB 424,532,233 7.00 12-Jun-01 EVA Airways Corp 14,684,288 5.00 12-Jun-01 EVA Airways Corp 14,684,288 5.00 12-Jun-01 Continental Airlines Inc 191,763,000 9.97 27-Jun-01 Northwest Airlines 2001-2 E-EETC 215,910,000 13.59 13-Jul-01 Continental Airlines Inc 200,000,000 5.33 25-Jul-01 Qantas Airways Ltd 50,611,882 6.21 26-Jul-01 British Airways plc 356,638,337 15.00

10-Aug-01 United Air Lines Inc - UAL 1,466,268,000 10.03 10-Aug-01 United Air Lines Inc - UAL 1,466,268,000 7.03 10-Aug-01 United Air Lines Inc - UAL 1,466,268,000 11.53 10-Aug-01 United Air Lines Inc - UAL 1,466,268,000 12.03 10-Aug-01 United Air Lines Inc - UAL 1,466,268,000 7.03 10-Aug-01 United Air Lines Inc - UAL 1,466,268,000 5.03

EXHIBIT 7 (Cont.)

29-Aug-01 Intelek Perkasa Bhd 213,822,579 5.00 6-Sep-01 Delta Air Lines Inc 1,247,930,000 6.50 6-Sep-01 Delta Air Lines Inc 1,247,930,000 11.50 6-Sep-01 Delta Air Lines Inc 1,247,930,000 11.50 6-Sep-01 Delta Air Lines Inc 1,247,930,000 11.00 7-Sep-01 All Nippon Airways Co Ltd - ANA 166,597,253 6.99

25-Sep-01 American Airlines Inc 1,331,252,000 9.99 25-Sep-01 American Airlines Inc 1,331,252,000 9.99 25-Sep-01 American Airlines Inc 1,331,252,000 9.49

8-Oct-01 Korean Air Lines Co Ltd 226,827,586 2.00 17-Oct-01 American Airlines Inc 281,000,000 4.93 18-Oct-01 Southwest Airlines Co 614,250,000 5.00 18-Oct-01 Southwest Airlines Co 614,250,000 5.00 18-Oct-01 Southwest Airlines Co 614,250,000 4.50 9-Nov-01 Singapore Airlines Ltd 493,718,800 10.00 3-Dec-01 Hainan Airlines Co Ltd 133,713,000 6.01 3-Dec-01 Hainan Airlines Co Ltd 133,713,000 6.01 3-Dec-01 Hainan Airlines Co Ltd 133,713,000 6.01 6-Dec-01 American Airlines Inc 258,848,477 4.80 4-Feb-02 Korean Air Lines Co Ltd 301,492,941 3.00 4-Feb-02 Korean Air Lines Co Ltd 301,492,941 3.00

26-Feb-02 Southwest Airlines Co 382,797,800 10.00 11-Mar-02 Continental Airlines Inc 194,522,000 9.90 11-Mar-02 Continental Airlines Inc 134,600,000 9.91 15-Mar-02 Northwest Airlines Corp 298,545,000 4.99 15-Mar-02 American Trans Air Inc 260,000,000 12.38 15-Mar-02 American Trans Air Inc 260,000,000 7.38 18-Mar-02 Aeroflot Russian Airlines OAO 32,149,172 1.99 17-Apr-02 PHI Inc 200,000,000 7.02 23-Apr-02 Delta Air Lines Inc 1,125,800,000 9.67 23-Apr-02 Delta Air Lines Inc 1,125,800,000 9.67 23-Apr-02 Delta Air Lines Inc 1,125,800,000 20.67

5-Jul-02 MHS Aviation Sdn Bhd 88,157,895 3.00 5-Jul-02 MHS Aviation Sdn Bhd 88,157,895 12.00 5-Jul-02 MHS Aviation Sdn Bhd 88,157,895 7.55

29-Jul-02 Northwest Airlines Corp 749,131,000 13.29 29-Jul-02 Northwest Airlines Corp 749,131,000 11.79 29-Jul-02 Northwest Airlines Corp 749,131,000 20.79 29-Jul-02 Northwest Airlines Corp 749,131,000 9.79 2-Aug-02 Lan Chile SA 40,000,000 7.00

17-Sep-02 American Airlines Inc 617,000,000 5.00 21-Oct-02 Korean Air Lines Co Ltd 23,375,709 3.00 23-Oct-02 All Nippon Airways Co Ltd - ANA 160,526,526 3.00 2-Dec-02 Continental Airlines Inc 200,000,000 7.00 2-Dec-02 Continental Airlines Inc 200,000,000 5.00 6-Dec-02 All Nippon Airways Co Ltd - ANA 80,925,791 6.00

24-Jan-03 Delta Air Lines Inc 391,583,000 4.99 11-Mar-03 All Nippon Airways Co Ltd - ANA 170,750,447 6.00 11-Mar-03 All Nippon Airways Co Ltd - ANA 170,750,447 8.00 31-Mar-03 All Nippon Airways Co Ltd - ANA 254,301,939 3.00

EXHIBIT 7 (Cont.)

4-Apr-03 China Airlines Ltd 114,728,239 3.00 4-Apr-03 China Airlines Ltd 114,728,239 4.00 4-Apr-03 China Airlines Ltd 114,728,239 5.00

2-May-03 Continental Airlines Inc 100,000,000 4.58 17-Jun-03 Offshore Logistics Inc 230,000,000 9.99 18-Jun-03 Qantas Airways Ltd 449,685,000 10.00 19-Jun-03 Scandinavian Airlines System AB - SAS AB 48,806,941 10.00 30-Jun-03 American Airlines Inc 254,863,000 7.02 30-Jun-03 FRANs 2003 plc 500,518,928 13.04 30-Jun-03 FRANs 2003 plc 500,518,928 13.04 30-Jun-03 FRANs 2003 plc 500,518,928 13.04 28-Aug-03 Transmile Air Services Sdn Bhd 15,881,435 3.00 28-Aug-03 Transmile Air Services Sdn Bhd 15,881,435 1.00 28-Aug-03 Transmile Air Services Sdn Bhd 15,881,435 5.00 25-Sep-03 Korean Air Lines Co Ltd 252,428,542 3.00 30-Sep-03 Thai Airways International pcl 249,987,494 5.00 30-Sep-03 Thai Airways International pcl 249,987,494 7.00 22-Oct-03 Scandinavian Airlines System AB - SAS AB 68,485,063 9.67 28-Nov-03 Japan Airlines System Corp 182,473,428 10.00 28-Nov-03 Japan Airlines System Corp 182,473,428 5.00 4-Dec-03 Continental Airlines Inc 414,600,000 15.05

15-Dec-03 EVA Airways Corp 14,690,759 5.00 23-Jan-04 Japan Airlines System Corp 93,641,726 7.00 26-Jan-04 Northwest Airlines Corp 288,681,000 5.01 28-Jan-04 Korean Air Lines Co Ltd 160,672,635 3.00 5-Feb-04 American Airlines Inc 180,500,000 5.02

20-Feb-04 All Nippon Airways Co Ltd - ANA 91,738,910 10.00 10-Mar-04 Emirates Airlines 500,000,000 7.00 11-Mar-04 Samara Airlines OAO 12,252,542 2.99 18-Mar-04 JetBlue Airways Corp 431,004,000 11.23 18-Mar-04 JetBlue Airways Corp 431,004,000 11.48 18-Mar-04 JetBlue Airways Corp 431,004,000 5.48 21-Apr-04 CHC Helicopter Corp 248,637,500 10.01

17-May-04 Korean Air Lines Co Ltd 166,219,252 2.00 17-May-04 Korean Air Lines Co Ltd 166,219,252 3.00 18-Jun-04 Continental Airlines Inc 173,629,000 15.19 28-Jun-04 Transmile Air Services Sdn Bhd 21,062,886 3.00 28-Jun-04 Transmile Air Services Sdn Bhd 21,062,886 5.00 21-Jul-04 EVA Airways Corp 44,201,499 5.00 21-Jul-04 EVA Airways Corp 44,201,499 5.00 21-Jul-04 EVA Airways Corp 44,201,499 5.00

14-Sep-04 Southwest Airlines Co 347,861,500 10.04 15-Sep-04 Korean Air Lines Co Ltd 172,027,245 3.00 14-Oct-04 All Nippon Airways Co Ltd - ANA 182,473,428 7.00 14-Oct-04 All Nippon Airways Co Ltd - ANA 182,473,428 10.00 19-Oct-04 Thai Airways International pcl 362,945,658 5.00 19-Oct-04 Thai Airways International pcl 362,945,658 7.00 19-Oct-04 Thai Airways International pcl 362,945,658 10.00 4-Nov-04 Korean Air Lines Co Ltd 262,647,410 3.00 4-Nov-04 Korean Air Lines Co Ltd 262,647,410 5.00

EXHIBIT 7 (Cont.)

9-Nov-04 JetBlue Airways Corp 498,237,000 11.75 9-Nov-04 JetBlue Airways Corp 498,237,000 12.00 9-Nov-04 JetBlue Airways Corp 498,237,000 4.00

19-Nov-04 Asiana Airlines Inc 46,891,117 2.00 24-Nov-04 UTair Finance OOO 35,236,082 1.99 14-Dec-04 Evergreen Airlines Corp 30,857,054 4.00 17-Dec-04 Iberbond 2004 plc 357,148,552 13.00 17-Dec-04 Iberbond 2004 plc 357,148,552 13.00

4-Feb-05 CPA Finance (Cayman) Ltd 137,715,755 5.00 9-Feb-05 Southwest Airlines Co 298,365,000 12.05

25-Feb-05 Korean Air Lines Co Ltd 291,165,097 3.00 15-Mar-05 CHC Helicopter Corp 155,250,000 9.11 15-Mar-05 CHC Helicopter Corp 155,250,000 9.12 18-Mar-05 KAL Japan ABS 2 Ireland plc 190,976,367 3.00

4-Apr-05 Asiana Airlines Inc 98,275,269 3.00 22-Apr-05 Deutsche Lufthansa AG 65,130,316 5.00 28-Apr-05 Thai Airways International pcl 378,883,556 3.00 28-Apr-05 Thai Airways International pcl 378,883,556 6.00 28-Apr-05 Thai Airways International pcl 378,883,556 10.00 28-Apr-05 Scandinavian Airlines System AB - SAS AB 106,048,079 5.00 28-Apr-05 Scandinavian Airlines System AB - SAS AB 52,865,047 5.00 10-Jun-05 Wings FZCO 550,000,000 7.00 21-Jun-05 EVA Airways Corp 66,980,305 5.00 28-Jun-05 Air Jamaica Ltd 200,000,000 10.00 20-Jul-05 Asiana Airlines Inc 95,739,588 3.00 9-Aug-05 All Nippon Airways Co Ltd - ANA 133,922,596 10.00 6-Sep-05 Air China Ltd 370,754,857 10.00 7-Sep-05 Korean Air Lines Co Ltd 189,089,848 3.00

14-Sep-05 Continental Airlines Inc 311,010,000 9.69 21-Sep-05 Asiana Airlines Inc 97,233,701 3.00 9-Nov-05 All Nippon Airways Co Ltd - ANA 170,133,129 3.00 1-Dec-05 Scandinavian Airlines System AB - SAS AB 24,752,475 5.00

20-Dec-05 EVA Airways Corp 60,155,804 5.00 9-Feb-06 Transaero-Finance OOO 88,468,487 2.99

14-Mar-06 UTair Finance OOO 35,723,918 2.99 28-Mar-06 Qantas Airways Ltd 398,416,000 10.03 29-Mar-06 Gol Finance

7-Apr-06 PHI Inc 200,000,000 7.01 10-Apr-06 Korean Air Lines Co Ltd 304,227,406 3.00 10-Apr-06 Korean Air Lines Co Ltd 304,227,406 5.00 26-Apr-06 Deutsche Lufthansa AG 619,785,000 7.01

23-May-06 EVA Airways Corp 62,507,618 5.00 23-May-06 EVA Airways Corp 62,507,618 5.00 23-May-06 EVA Airways Corp 62,507,618 5.00 23-May-06 EVA Airways Corp 62,507,618 5.00 24-May-06 Continental Airlines Inc 320,000,000 8.98 24-May-06 Continental Airlines Inc 320,000,000 6.98 15-Jun-06 Emirates Airlines 251,201,055 10.00 15-Jun-06 Emirates Airlines 251,201,055 5.00 15-Jun-06 Emirates Airlines 251,201,055 5.00

EXHIBIT 7 (Cont.)

22-Jun-06 China Airlines Ltd 199,017,466 5.00 11-Jul-06 Emirates Airlines 499,863,871 7.00 18-Jul-06 Asiana Airlines Inc 104,308,679 3.00 1-Aug-06 Transportes Aereos Meridionales SA - TAM 228,963,938 6.00

22-Aug-06 Transmile Air Services Sdn Bhd 6,800,223 3.99 11-Sep-06 Air France SA 692,528,232 7.33 14-Sep-06 Korean Air Lines Co Ltd 401,989,450 3.00 14-Sep-06 Korean Air Lines Co Ltd 401,989,450 5.00 23-Oct-06 Ukrainian Aviation Transport Co OAO - UATK 14,858,252 4.98 2-Nov-06 Cathay Pacific Airways Ltd 256,172,148 5.00 2-Nov-06 Cathay Pacific Airways Ltd 256,172,148 5.00 7-Nov-06 JetBlue Airways Corp 123,546,000 7.13 7-Nov-06 JetBlue Airways Corp 123,546,000 7.13 8-Nov-06 Continental Airlines Inc 200,000,000 5.05

11-Dec-06 Southwest Airlines Co 298,602,000 10.00 19-Dec-06 UTair Finance OOO 75,949,031 3.99 30-Jan-07 Korean Air Lines Co Ltd 315,232,747 3.00 30-Jan-07 Korean Air Lines Co Ltd 315,232,747 5.00 1-Feb-07 KAL Japan ABS 3 Cayman Ltd 331,600,720 3.00

19-Mar-07 Gol Finance 221,116,500 10.03 27-Mar-07 Continental Airlines Inc 1,146,810,000 15.03 27-Mar-07 Continental Airlines Inc 1,146,810,000 15.03 27-Mar-07 Continental Airlines Inc 1,146,810,000 7.03

3-Apr-07 Air France SA 264,140,557 6.75 20-Apr-07 Tam Capital Inc 294,819,000 10.00

16-May-07 Korean Air Lines Co Ltd 211,898,632 3.00 16-May-07 Korean Air Lines Co Ltd 211,898,632 5.00

5-Jun-07 Asiana Airlines Inc 161,797,287 3.00 7-Jun-07 Air Jamaica Ltd 123,686,250 20.00 7-Jun-07 Bristow Group Inc 350,000,000 10.26

19-Jun-07 United Air Lines Inc - UAL 693,657,000 15.02 19-Jun-07 United Air Lines Inc - UAL 693,657,000 12.02 19-Jun-07 United Air Lines Inc - UAL 693,657,000 7.02 24-Jul-07 Sibir Airlines OAO 90,585,418 4.98 7-Sep-07 Korean Air Lines Co Ltd 207,117,775 3.00 7-Sep-07 Korean Air Lines Co Ltd 207,117,775 5.00

19-Sep-07 Southwest Airlines Co 500,000,000 14.83 19-Sep-07 Southwest Airlines Co 500,000,000 14.83

2-Oct-07 Northwest Airlines Inc (NWA) 454,343,000 12.06 2-Oct-07 Northwest Airlines Inc (NWA) 454,343,000 10.06 4-Oct-07 Delta Air Lines Inc 1,409,877,000 14.83 4-Oct-07 Delta Air Lines Inc 1,409,877,000 14.83 4-Oct-07 Delta Air Lines Inc 1,409,877,000 6.83

30-Oct-07 Korean Air Lines Co Ltd 192,589,977 3.00 30-Oct-07 Korean Air Lines Co Ltd 192,589,977 3.00 14-Nov-07 Thai Airways International pcl 237,800,818 5.00 14-Nov-07 Thai Airways International pcl 237,800,818 3.00 20-Dec-07 AirUnion RRG 80,759,788 2.99 27-Feb-08 Korean Air Lines Co Ltd 311,673,956 3.00 27-Feb-08 Korean Air Lines Co Ltd 311,673,956 5.00

EXHIBIT 7 (Cont.)

28-Feb-08 All Nippon Airways Co Ltd - ANA 282,553,721 3.00 2-Apr-08 Asiana Airlines Inc 123,077,870 3.00

6-May-08 Korean Air Lines Co Ltd 374,461,610 3.00 6-May-08 Korean Air Lines Co Ltd 374,461,610 5.00 6-May-08 Korean Air Lines Co Ltd 374,461,610 3.00

27-May-08 All Nippon Airways Co Ltd - ANA 192,796,171 5.00 27-May-08 All Nippon Airways Co Ltd - ANA 192,796,171 9.99 22-Aug-08 Korean Air Lines Co Ltd 280,165,843 3.00

2-Oct-08 Thai Airways International pcl 206,205,003 5.00 2-Oct-08 Thai Airways International pcl 206,205,003 3.00 2-Oct-08 Thai Airways International pcl 206,205,003 1.50 6-Nov-08 Korean Air Lines Co Ltd 76,874,502 3.00

22-Dec-08 Southwest Airlines Co 400,000,000 2.96 16-Jan-09 China Southern Air Holding Co 131,663,643 5.00 3-Feb-09 Korean Air Lines Co Ltd 359,749,758 3.00 3-Feb-09 Korean Air Lines Co Ltd 359,749,758 1.00 3-Feb-09 Korean Air Lines Co Ltd 359,749,758 1.50

20-Feb-09 Pakistan International Airlines Corp - PIAC 160,284,204 5.00 26-Feb-09 Air China Ltd 438,731,189 3.00 9-Mar-09 China Southern Air Holding Co 43,859,649 5.00

17-Mar-09 Deutsche Lufthansa AG 1,094,010,989 5.00 19-Mar-09 Air China Ltd 438,923,759 5.00

1-Apr-09 Korean Air Lines Co Ltd 145,039,995 3.00 16-Jun-09 Continental Airlines Inc 389,687,000 7.02 26-Jun-09 United Airlines Inc 157,622,500 3.04 29-Jun-09 American Airlines Inc 520,110,000 9.57

1-Jul-09 Deutsche Lufthansa AG 1,049,388,916 7.00 24-Jul-09 TAM Linhas Aereas SA 310,021,443 4.00 27-Jul-09 American Airlines Inc 276,400,000 7.00 29-Jul-09 Korean Air Lines Co Ltd 317,219,701 3.00 29-Jul-09 Korean Air Lines Co Ltd 317,219,701 5.00 29-Jul-09 Korean Air Lines Co Ltd 317,219,701 3.00 6-Aug-09 Global Aviation Holdings Inc 164,928,750 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

25-Aug-09 Aerovias Nacionales de Colombia (Avianca) SA 250,252,755 10.00 23-Sep-09 Delta Air Lines Inc 1,310,590,500 4.96 23-Sep-09 Delta Air Lines Inc 1,310,590,500 5.46 25-Sep-09 American Airlines Inc 447,147,000 3.02

5-Oct-09 United Air Lines Inc - UAL 659,107,000 2.05 8-Oct-09 Emirates Airlines 413,700,000 11.83

14-Oct-09 Air France-KLM SA 1,024,099,278 7.00 19-Oct-09 Pakistan International Airlines Corp - PIAC 81,738,039 5.00 21-Oct-09 Korean Air Lines Co Ltd 170,919,719 3.00 21-Oct-09 Korean Air Lines Co Ltd 170,919,719 5.00 23-Oct-09 Tam Capital Inc 295,290,000 11.00 27-Oct-09 Continental Airlines Inc 644,437,000 11.53 27-Oct-09 Continental Airlines Inc 644,437,000 9.03

EXHIBIT 7 (Cont.)

28-Oct-09 Transaero Airlines OAO 103,667,586 3.99 16-Nov-09 United Air Lines Inc - UAL 810,337,000 7.14 16-Nov-09 United Air Lines Inc - UAL 810,337,000 6.14 18-Nov-09 Delta Air Lines Inc 688,740,000 10.06 18-Nov-09 Delta Air Lines Inc 688,740,000 7.06 1-Dec-09 Asiana Airlines Inc 172,048,931 2.00 1-Dec-09 Asiana Airlines Inc 172,048,931 1.00 3-Dec-09 Norwegian Air Shuttle (NAS) ASA 53,523,162 3.00

11-Jan-10 United Air Lines Inc - UAL 686,931,000 3.54 11-Jan-10 United Air Lines Inc - UAL 686,931,000 3.79 27-Jan-10 Korean Air Lines Co Ltd 260,845,749 3.00 27-Jan-10 Korean Air Lines Co Ltd 260,845,749 5.00 25-Mar-10 National Aviation Co of India Ltd 154,148,692 10.00 25-Mar-10 Air India Charters 20,920,180 10.00 30-Mar-10 UTair Finance OOO 50,773,621 2.99 30-Mar-10 UTair Finance OOO 50,773,621 2.99 12-Apr-10 Aeroflot Russian Airlines OAO 411,946,447 2.99 12-Apr-10 Aeroflot Russian Airlines OAO 411,946,447 2.99 16-Apr-10 All Nippon Airways Co Ltd - ANA 214,315,986 5.00

10-May-10 Scandinavian Airlines System AB - SAS AB 130,396,797 2.00 28-Jun-10 Delta Air Lines Inc 450,000,000 9.50 30-Jun-10 Singapore Airlines Ltd 360,659,285 10.00 13-Jul-10 Gol Finance 295,227,000 10.00 23-Jul-10 Korean Air Lines Co Ltd 249,059,799 3.00 27-Jul-10 Air Canada 881,448,042 4.99 27-Jul-10 Air Canada 881,448,042 4.99 27-Jul-10 Air Canada 192,320,000 5.49 4-Aug-10 Continental Airlines Inc 791,504,000 5.08 5-Aug-10 Asiana Airlines Inc 127,972,153 2.00

16-Sep-10 PHI Inc 300,000,000 8.06 17-Sep-10 Sayarra Ltd 136,073,180 11.10 22-Sep-10 CHC Helicopter Corp 1,082,389,000 10.03 30-Sep-10 Singapore Airlines Ltd 227,289,946 5.00 15-Oct-10 Sayarra Ltd 135,302,244 11.46 2-Nov-10 Air Berlin PLC & Co Luftverkehrs KG 278,959,481 5.00

10-Nov-10 King International Leasing II LLC 184,208,731 11.91 15-Nov-10 Delta Air Lines Inc 474,072,000 10.00 16-Nov-10 KAL Japan ABS 5 Cayman Ltd 483,153,640 3.01 17-Nov-10 Continental Airlines Inc 427,151,000 11.61 17-Nov-10 Continental Airlines Inc 427,151,000 9.61 15-Dec-10 US Airways Inc 262,857,000 13.84 15-Dec-10 US Airways Inc 77,398,000 7.84 23-Dec-10 UTair Finance OOO 49,134,496 2.99 20-Jan-11 American Airlines Inc 503,206,000 10.02 20-Jan-11 American Airlines Inc 153,826,000 7.02 20-Jan-11 EVA Airways Corp 106,786,083 5.00 20-Jan-11 EVA Airways Corp 106,786,083 5.00 20-Jan-11 EVA Airways Corp 106,786,083 5.00 20-Jan-11 EVA Airways Corp 106,786,083 5.00 20-Jan-11 EVA Airways Corp 106,786,083 5.00

EXHIBIT 7 (Cont.)

27-Jan-11 Korean Air Lines Co Ltd 268,529,666 3.00 7-Feb-11 Delta Air Lines Inc 235,093,000 6.38 7-Feb-11 Delta Air Lines Inc 235,093,000 6.28

21-Feb-11 China Eastern Air Holding Co 76,051,411 4.99 8-Mar-11 SkyLink Aviation Inc 113,151,263 5.00 9-Mar-11 American Airlines Inc 1,000,000,000 5.00

16-Mar-11 Scandinavian Airlines System AB - SAS AB 309,785,039 3.23 16-Mar-11 Scandinavian Airlines System AB - SAS AB 309,785,039 3.23 30-Mar-11 Delta Air Lines Inc 292,750,000 8.03 30-Mar-11 UTair Finance OOO 105,799,394 2.99 30-Mar-11 UTair Finance OOO 105,799,394 2.99

1-Apr-11 Asiana Airlines Inc 181,039,711 2.50 1-Apr-11 Asiana Airlines Inc 181,039,711 1.50

11-Apr-11 Air Berlin PLC & Co Luftverkehrs KG 217,076,700 7.00 21-Apr-11 KAL Japan ABS 6 Cayman Ltd 241,885,351 3.00 29-Apr-11 Thai Airways International pcl 239,490,291 7.00 29-Apr-11 Thai Airways International pcl 239,490,291 10.00 29-Apr-11 Thai Airways International pcl 239,490,291 5.00 29-Apr-11 Thai Airways International pcl 239,490,291 7.00 29-Apr-11 Thai Airways International pcl 239,490,291 10.00 6-May-11 Korean Air Lines Co Ltd 478,894,648 3.00 6-May-11 Korean Air Lines Co Ltd 478,894,648 3.00

20-May-11 China Airlines Ltd 207,962,899 5.00 20-May-11 China Airlines Ltd 207,962,899 5.00 20-May-11 China Airlines Ltd 207,962,899 5.00 20-May-11 China Airlines Ltd 207,962,899 5.00 24-May-11 Hainan Airlines Co Ltd 769,124,275 5.00 24-May-11 Hainan Airlines Co Ltd 769,124,275 10.00 30-May-11 Asiana Airlines Inc 184,760,066 3.00

1-Jun-11 Emirates Airlines 999,040,000 5.00 13-Jun-11 Blue Sky Fliers Co Ltd 92,559,740 3.00 21-Jun-11 US Airways Inc 293,944,000 13.82 21-Jun-11 US Airways Inc 94,283,000 8.82 22-Jun-11 US Airways Inc 83,193,000 3.32 24-Jun-11 VRG Linhas Aereas SA 314,485,188 6.00 30-Jun-11 US Airways Inc 53,288,000 3.28 12-Jul-11 King International Leasing II LLC 222,827,098 11.50 28-Jul-11 UTair Finance OOO 53,688,873 4.98 29-Jul-11 Korean Air Lines Co Ltd 566,278,137 5.00 29-Jul-11 Korean Air Lines Co Ltd 566,278,137 3.00 1-Aug-11 Eastern Air Overseas (Hong Kong) Co Ltd 386,646,767 3.00

10-Aug-11 China Southern Air Holding Co 154,658,707 5.00 12-Aug-11 Delta Air Lines Inc 102,000,000 3.16 31-Aug-11 EVA Airways Corp 244,612,917 5.00 31-Aug-11 EVA Airways Corp 244,612,917 5.00 31-Aug-11 EVA Airways Corp 244,612,917 5.00 31-Aug-11 EVA Airways Corp 244,612,917 5.00 31-Aug-11 EVA Airways Corp 244,612,917 5.00 31-Aug-11 EVA Airways Corp 244,612,917 5.00 2-Sep-11 Air New Zealand Ltd 124,963,552 5.14

EXHIBIT 7 (Cont.)

8-Sep-11 Hainan Airlines (Hong Kong) Co Ltd 156,544,744 3.00 27-Sep-11 American Airlines Inc 725,694,000 11.54 28-Sep-11 Air India Charters 1,195,747,054 14.99

4-Oct-11 Cathay Pacific MTN Financing Ltd 84,534,003 7.00 25-Oct-11 Air Berlin PLC & Co Luftverkehrs KG 138,840,680 3.00 17-Nov-11 KAL ABS 8 Cayman Ltd 300,000,000 2.93 21-Dec-11 Thai Airways International pcl 63,928,196 5.00 16-Jan-12 Cathay Pacific MTN Financing Ltd 29,457,684 5.00 16-Jan-12 Hainan Airlines (Hong Kong) Co Ltd 79,207,921 3.00 17-Jan-12 Asiana Airlines Inc 103,823,742 3.00 31-Jan-12 Korean Air Lines Co Ltd 441,424,035 3.00 31-Jan-12 Korean Air Lines Co Ltd 441,424,035 4.00 31-Jan-12 Korean Air Lines Co Ltd 441,424,035 3.00 10-Feb-12 Cathay Pacific MTN Financing Ltd 80,224,629 5.00 15-Feb-12 Thai Airways International pcl 97,289,830 7.00 15-Feb-12 Thai Airways International pcl 97,289,830 10.00 8-Mar-12 Continental Airlines Inc 1,092,138,000 13.55 8-Mar-12 Continental Airlines Inc 1,092,138,000 9.55 8-Mar-12 Continental Airlines Inc 1,092,138,000 6.05 8-Mar-12 OZ Wing II Cayman Ltd 370,000,000 4.95

19-Mar-12 All Nippon Airways Co Ltd - ANA 359,544,098 3.99 21-Mar-12 Thai Airways International pcl 48,767,007 12.00 27-Mar-12 EVA Airways Corp 219,648,022 5.00 27-Mar-12 EVA Airways Corp 219,648,022 5.00 27-Mar-12 EVA Airways Corp 219,648,022 5.00 27-Mar-12 EVA Airways Corp 219,648,022 5.00 27-Mar-12 EVA Airways Corp 219,648,022 5.00 27-Mar-12 EVA Airways Corp 219,648,022 5.00 27-Mar-12 EVA Airways Corp 219,648,022 5.00 27-Mar-12 EVA Airways Corp 219,648,022 5.00

5-Apr-12 Cathay Pacific MTN Financing Ltd 25,755,108 5.00 10-Apr-12 Norwegian Air Shuttle (NAS) ASA 103,381,434 3.00 12-Apr-12 Northern Sky Investments 1F LLC 138,640,436 9.87 23-Apr-12 Cathay Pacific MTN Financing Ltd 15,849,290 5.00 24-Apr-12 China Eastern Air Holding Co 110,854,211 5.00 30-Apr-12 US Airways Group Inc 379,785,000 13.91 30-Apr-12 US Airways Group Inc 243,594,000 8.91 30-Apr-12 US Airways Group Inc 243,594,000 3.41 3-May-12 Cathay Pacific MTN Financing Ltd 80,198,893 5.00

29-May-12 UTair Finance OOO 46,861,235 2.99 6-Jun-12 Dragon 2012 LLC 134,456,000 11.75

12-Jun-12 Malaysian Airline System Bhd12-Jun-12 Shandong Airlines Co Ltd 79,071,386 3.00 12-Jun-12 Helios Leasing I LLC 142,034,000 11.94 25-Jun-12 Asiana Airlines Inc 86,299,892 3.00 27-Jun-12 Delta Air Lines Inc 353,689,000 9.34 27-Jun-12 VRG Linhas Aereas SA 39,108,000 2.00 27-Jun-12 Delta Air Lines Inc 126,203,000 8.34 13-Jul-12 Korean Air Lines Co Ltd 347,599,392 5.00 13-Jul-12 Korean Air Lines Co Ltd 347,599,392 3.00

EXHIBIT 7 (Cont.)

25-Jul-12 Helios Leasing I LLC 142,700,000 11.83 18-Sep-12 Malaysian Airline System Bhd19-Sep-12 Continental Airlines Inc 843,888,000 13.57 19-Sep-12 Continental Airlines Inc 843,888,000 9.91 24-Sep-12 VRG Linhas Aereas SA 22,667,000 2.00 24-Sep-12 Asiana Airlines Inc 51,171,180 3.00 27-Sep-12 Korean Air Lines Co Ltd 267,884,649 7.00 27-Sep-12 Korean Air Lines Co Ltd 267,884,649 5.00 27-Sep-12 Bristow Group Inc 450,000,000 10.01

2-Oct-12 CHC Helicopter Corp 202,000,000 8.03 2-Oct-12 Helios Leasing I LLC 142,813,000 11.97 5-Oct-12 Cathay Pacific MTN Financing Ltd 25,790,312 10.00

11-Oct-12 Thai Airways International pcl 227,907,613 5.00 11-Oct-12 Thai Airways International pcl 227,907,613 7.00 11-Oct-12 Thai Airways International pcl 227,907,613 10.00 12-Oct-12 Asiana Airlines Inc 89,774,666 5.00 29-Oct-12 China National Aviation Holding Co 159,124,181 3.00 31-Oct-12 Air China Ltd 953,834,414 7.00 1-Nov-12 Air Berlin PLC & Co Luftverkehrs KG 65,512,097 2.00 7-Nov-12 Turus Pesawat Sdn Bhd 1,110,222,208 10.00 7-Nov-12 Turus Pesawat Sdn Bhd 1,110,222,208 12.00 7-Nov-12 Turus Pesawat Sdn Bhd 1,110,222,208 15.00 7-Nov-12 Turus Pesawat Sdn Bhd 1,110,222,208 20.00

13-Nov-12 Finnair Oyj15-Nov-12 Air India 546,570,045 19.00 15-Nov-12 Air India 18,219,002 19.00 15-Nov-12 Air India 910,950 19.00 22-Nov-12 Cathay Pacific MTN Financing Ltd 40,512,731 10.00 29-Nov-12 US Airways Group Inc 128,071,000 9.97 29-Nov-12 US Airways Group Inc 418,113,000 13.97 30-Nov-12 Weststar Capital Sdn Bhd 294,112,568 1.99 30-Nov-12 Weststar Capital Sdn Bhd 294,112,568 3.00 30-Nov-12 Weststar Capital Sdn Bhd 294,112,568 4.00 30-Nov-12 Weststar Capital Sdn Bhd 294,112,568 5.00 30-Nov-12 Weststar Capital Sdn Bhd 294,112,568 6.00 30-Nov-12 Weststar Capital Sdn Bhd 294,112,568 7.00 30-Nov-12 Weststar Capital Sdn Bhd 294,112,568 8.00 30-Nov-12 Weststar Capital Sdn Bhd 294,112,568 1.00 4-Dec-12 Era Group Inc 196,622,000 10.02 4-Dec-12 ABC Aerolineas SA de CV 77,297,375 5.00 6-Dec-12 Air France-KLM SA 651,070,376 5.09 7-Dec-12 Asiana Airlines Inc 92,315,220 3.00 7-Dec-12 Korean Air Lines Co Ltd 276,945,659 7.00 7-Dec-12 Korean Air Lines Co Ltd 276,945,659 6.00 7-Dec-12 Korean Air Lines Co Ltd 276,945,659 5.00

12-Dec-12 Continental Airlines Inc 425,000,000 5.34 13-Dec-12 Yunnan Lucky Airlines Co Ltd 111,343,519 7.00 16-Jan-13 Durrah MSN 35603 148,550,000 12.01 18-Jan-13 Air China Ltd 803,742,224 10.00 23-Jan-13 Turus Pesawat Sdn Bhd 393,040,389 9.99

EXHIBIT 7 (Cont.)

23-Jan-13 Turus Pesawat Sdn Bhd 393,040,389 12.00 23-Jan-13 Turus Pesawat Sdn Bhd 393,040,389 15.00 25-Jan-13 Asiana Airlines Inc 44,761,405 3.00 31-Jan-13 Hainan Airlines (Hong Kong) Co Ltd 496,185,000 7.00 31-Jan-13 Emirates Airlines 749,557,500 12.00 1-Feb-13 Asiana Airlines Inc 32,945,329 3.00 7-Feb-13 VRG Linhas Aereas SA 197,012,000 10.00

20-Feb-13 KE Export Leasing (2013-A) LLC 149,197,000 12.01 26-Feb-13 Tianjin Airlines Co Ltd 119,271,016 2.00 27-Feb-13 Turus Pesawat Sdn Bhd 230,500,169 10.00 27-Feb-13 Turus Pesawat Sdn Bhd 230,500,169 15.00 27-Feb-13 Turus Pesawat Sdn Bhd 230,500,169 18.00 5-Mar-13 American Airlines Inc 506,746,000 13.84 5-Mar-13 American Airlines Inc 156,632,000 13.34 5-Mar-13 Eole Finance SPC 187,100,000 10.97

12-Mar-13 Medjool Ltd 993,310,000 10.00 18-Mar-13 China Eastern Airlines Corp Ltd 765,220,718 10.00 18-Mar-13 EVA Airways Corp 151,382,119 5.00 18-Mar-13 EVA Airways Corp 151,382,119 5.00 18-Mar-13 EVA Airways Corp 151,382,119 5.00 18-Mar-13 EVA Airways Corp 151,382,119 5.00 18-Mar-13 EVA Airways Corp 151,382,119 5.00 19-Mar-13 Korean Air Lines Co Ltd 100,000,000 3.25

4-Apr-13 Aeroflot Russian Airlines OAO 158,926,925 2.99 10-Apr-13 US Airways Inc 819,613,000 12.56 10-Apr-13 US Airways Inc 819,613,000 8.56 22-Apr-13 Qantas Airways Ltd 127,849,288 7.00 23-Apr-13 Asiana Airlines Inc 133,903,465 5.00 23-Apr-13 Asiana Airlines Inc 133,903,465 3.00 24-Apr-13 Air Canada 424,389,000 13.52 24-Apr-13 Air Canada 290,145,000 9.02 24-Apr-13 Air Canada 290,145,000 5.02 2-May-13 Bond Mission Critical Services plc 308,727,948 5.98 2-May-13 United Continental Holdings Inc 300,000,000 5.07 3-May-13 Avianca Holdings SA 296,118,000 7.00 7-May-13 Thai Airways International pcl 168,928,336 5.00 8-May-13 CHC Helicopter Corp 300,000,000 8.05

14-May-13 Hawaiian Airlines Inc 444,540,000 14.14 14-May-13 Hawaiian Airlines Inc 444,540,000 14.14 17-May-13 Qantas Airways Ltd 124,859,599 6.93 20-May-13 Helios Leasing I LLC 142,980,000 11.97 21-May-13 US Airways Group Inc 500,000,000 5.02 22-May-13 US Airways Inc 100,000,000 4.99 29-May-13 Eastern Air Overseas (Hong Kong) Co Ltd 355,981,295 3.00 30-May-13 American Airlines Inc 119,769,000 5.11 19-Jun-13 Scandinavian Air Ambulance 38,659,893 5.00 25-Jun-13 British Airways plc 926,982,000 10.96 25-Jun-13 British Airways plc 926,982,000 6.96 28-Jun-13 Korean Air Lines Co Ltd 182,626,164 30.00

4-Jul-13 China Southern Air Holding Co 161,694,559 5.00

EXHIBIT 7 (Cont.)

24-Jul-13 American Airlines Inc 1,408,113,000 9.46 29-Jul-13 AA AIRCRAFT FINANCING 2013-1 LLC 185,000,000 7.75 1-Aug-13 United Airlines Inc 720,315,000 12.00 1-Aug-13 United Airlines Inc 209,036,000 8.00 1-Aug-13 Fideicomiso Numero 80660 - Interjet 42,991,085 5.00

14-Aug-13 Lile Finance Ltd 187,010,000 11.52 15-Aug-13 Air China Ltd 810,911,627 5.00 15-Aug-13 Air China Ltd 810,911,627 10.00 22-Aug-13 Thai Airways International pcl 125,842,753 5.00 22-Aug-13 Thai Airways International pcl 125,842,753 7.00 22-Aug-13 Thai Airways International pcl 125,842,753 10.00 23-Aug-13 Finnair Oyj 199,256,111 5.02 3-Sep-13 Eole Finance SPC 404,050,000 11.48

17-Sep-13 Lile Finance Ltd 271,130,000 11.62 19-Sep-13 Air Canada 691,488,535 6.01 19-Sep-13 Air Canada 691,488,535 6.01 19-Sep-13 Scandinavian Airlines System AB - SAS AB 230,380,218 4.14 19-Sep-13 Air Canada 300,000,000 6.51 20-Sep-13 JetBlue Airways Corp 225,732,000 9.00

7-Oct-13 Virgin Australia Holdings Ltd 323,219,000 3.01 7-Oct-13 Virgin Australia Holdings Ltd 323,219,000 8.50 7-Oct-13 Virgin Australia Holdings Ltd 323,219,000 5.00 7-Oct-13 Virgin Australia Holdings Ltd 474,049,000 11.50

29-Oct-13 Transaero Airlines OAO 94,212,673 4.98 1-Nov-13 United Continental Holdings Inc 300,000,000 7.07 4-Nov-13 Guanay Finance Ltd 450,000,000 7.11

21-Nov-13 American Airlines Inc 512,038,000 6.63 3-Dec-13 HNA Tourism Holding (Group) Co Ltd 163,161,416 5.00 4-Dec-13 Fideicomiso F/1748 - Aeromexico 113,497,501 5.03 5-Dec-13 KAL Japan ABS 10 Cayman Ltd 390,371,487 2.96

13-Dec-13 American Airlines Inc 256,018,000 3.07 23-Dec-13 Mongolian Airline Co (MIAT) 20,000,000 5.00 24-Dec-13 Transaero Airlines OAO 76,273,113 2.99

6-Jan-14 Sandalwood 2013 LLC 129,823,000 11.00 8-Jan-14 Export Lease Eight Co Ltd 249,423,000 10.62 8-Jan-14 Export Lease Eight Co Ltd 249,423,000 9.91

27-Jan-14 Bond Mission Critical Services plc 97,544,954 5.25 30-Jan-14 Thai Airways International pcl 97,234,588 5.00 30-Jan-14 Thai Airways International pcl 97,234,588 7.00 30-Jan-14 Thai Airways International pcl 97,234,588 10.00 10-Feb-14 VRG Linhas Aereas SA 40,724,000 2.00 28-Feb-14 ANA Holdings Inc 293,560,745 10.00 6-Mar-14 PHI Inc 500,000,000 4.99 6-Mar-14 Eastern Air Overseas (Hong Kong) Co Ltd 407,827,016 3.00

24-Mar-14 United Airlines Inc 736,647,000 12.01 24-Mar-14 United Airlines Inc 212,812,000 8.01 26-Mar-14 Singapore Airlines Ltd 394,026,557 7.00 26-Mar-14 Singapore Airlines Ltd 394,026,557 10.00

1-Apr-14 Avianca Holdings SA 261,250,000 6.09 1-Apr-14 Sandalwood 2013 LLC 123,650,000 11.84

EXHIBIT 7 (Cont.)

10-Apr-14 Air Canada 400,000,000 7.00 22-Apr-14 Sichuan Airlines Co Ltd 32,371,626 3.00

Source: Dealogic

Exhibit 8

-9 -8 -7 -6 -5 -4 -3 -2 -1 0Total Principal

Received 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013Principal Received (amt drawn down to date) 4,630,419,000 491,416,746 622,545,254 343,529,000 532,185,000 662,426,000 360,196,000 0 447,121,000 155,000,000 1,016,000,000Discount factor 1/(1+r)^n 2.17 1.99 1.83 1.68 1.54 1.41 1.30 1.19 1.09 1.00Discounted amount in 2013 PR*DF 1,067,304,728 1,240,460,416 627,984,451 892,527,522 1,019,224,512 508,446,050 0 531,224,460 168,950,000 1,016,000,000Present value of pricipal received 7,072,122,139

Source: Etihad 2004-2013 financial statements

0 14 15 16 17 18 19 20 21 22 23Year of Receipt 2013 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

2004 24,570,837 24,570,837 24,570,837 24,570,837 24,570,837 24,570,837 24,570,837 24,570,837 24,570,837 24,570,837 2005 31,127,263 31,127,263 31,127,263 31,127,263 31,127,263 31,127,263 31,127,263 31,127,263 31,127,263 31,127,263 2006 17,176,450 17,176,450 17,176,450 17,176,450 17,176,450 17,176,450 17,176,450 17,176,450 17,176,450 17,176,450 2007 26,609,250 26,609,250 26,609,250 26,609,250 26,609,250 26,609,250 26,609,250 26,609,250 26,609,250 26,609,250 2008 33,121,300 33,121,300 33,121,300 33,121,300 33,121,300 33,121,300 33,121,300 33,121,300 33,121,300 33,121,300 2009 18,009,800 18,009,800 18,009,800 18,009,800 18,009,800 18,009,800 18,009,800 18,009,800 18,009,800 18,009,800 2010 - - - - - - - - - - 2011 22,356,050 22,356,050 22,356,050 22,356,050 22,356,050 22,356,050 22,356,050 22,356,050 22,356,050 22,356,050 2012 7,750,000 7,750,000 7,750,000 7,750,000 7,750,000 7,750,000 7,750,000 7,750,000 7,750,000 7,750,000 2013 50,800,000 50,800,000 50,800,000 50,800,000 50,800,000 50,800,000 50,800,000 50,800,000 50,800,000 50,800,000

Sum of loan repayments 231,520,950 231,520,950 231,520,950 231,520,950 231,520,950 231,520,950 231,520,950 231,520,950 231,520,950 231,520,950

Discount rate (input) 9%Discount factor 1/(1+r)^n 0.299246465 0.274538041 0.251869763 0.231073177 0.21199374 0.19448967 0.17843089 0.163698064 0.15018171 0.137781385Discounted amount RP*DF 69,281,826 63,561,308 58,313,127 53,498,281 49,080,992 45,028,433 41,310,489 37,899,531 34,770,212 31,899,277

24 25 26 27 28 29 30 31 32 33Year of Receipt 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046

2004 24,570,837 24,570,837 24,570,837 24,570,837 24,570,837 24,570,837 24,570,837 24,570,837 24,570,837 24,570,837 2005 31,127,263 31,127,263 31,127,263 31,127,263 31,127,263 31,127,263 31,127,263 31,127,263 31,127,263 31,127,263 2006 17,176,450 17,176,450 17,176,450 17,176,450 17,176,450 17,176,450 17,176,450 17,176,450 17,176,450 17,176,450 2007 26,609,250 26,609,250 26,609,250 26,609,250 26,609,250 26,609,250 26,609,250 26,609,250 26,609,250 26,609,250 2008 33,121,300 33,121,300 33,121,300 33,121,300 33,121,300 33,121,300 33,121,300 33,121,300 33,121,300 33,121,300 2009 18,009,800 18,009,800 18,009,800 18,009,800 18,009,800 18,009,800 18,009,800 18,009,800 18,009,800 18,009,800 2010 - - - - - - - - - - 2011 22,356,050 22,356,050 22,356,050 22,356,050 22,356,050 22,356,050 22,356,050 22,356,050 22,356,050 22,356,050 2012 7,750,000 7,750,000 7,750,000 7,750,000 7,750,000 7,750,000 7,750,000 7,750,000 7,750,000 7,750,000 2013 50,800,000 50,800,000 50,800,000 50,800,000 50,800,000 50,800,000 50,800,000 50,800,000 50,800,000 50,800,000

Sum of loan repayments 231,520,950 231,520,950 231,520,950 231,520,950 231,520,950 231,520,950 231,520,950 231,520,950 231,520,950 231,520,950

Discount rate (input) 9%Discount factor 1/(1+r)^n 0.126404941 0.115967836 0.10639251 0.097607807 0.089548447 0.082154538 0.075371136 0.069147831 0.063438377 0.058200346Discounted amount RP*DF 29,265,392 26,848,983 24,632,095 22,598,252 20,732,341 19,020,497 17,449,997 16,009,172 14,687,313 13,474,599

Present value of future repaid principal 689,362,120

Present value of principal received 7,072,122,139 Present value of loan repayments 689,362,120 Difference 6,382,760,020

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

Summary as of 2013

Exhibit 9

(Provided Separately)

Exhibit 10

EXHIBIT 10

Etihad Related Party Purchases of Goods and Services, 2013

US$ M

Aviation Fuel 1,158 Aircraft Maintenance 112 Landing and Parking 28 Handling 36 Catering 62 Aircraft Operating Leases 40 Sales of Property, Plant and Equipment 20 Airport and Lounge Expenses 6

Total Related Party Expenses 1,462

Direct Operating Expenses 5,004

% Accounted for by Related Party Purchases 29%

Source: Etihad 2013 Financial StatementP&L at 2; Note 22(a) at 47

Exhibit 11

Exhibit 11Orders, Options, and Letters of Intent to Purchase for Three Gulf CarriersAs of 17 September 2014Number of Aircraft

Type Model Series Orders Options Total Orders Options Letters of Intent Total Order Options Letters of Intent TotalNB A320 200 1 1 NB A320 200 neo 36 30 66NB A321 200 7 7 NB A321 200 neo 26 26 14 14NB Total Total 34 34 50 30 80

WB A350 900XWB 40 40 43 43WB A350 1000XWB 22 22 37 37WB A380 800 88 88 10 5 5 20 10 3 13WB 777 8X 35 35 8 8 WB 777 9X 115 115 17 17 50 50 100WB 777 300 54 20 74 1 7 5 13 7 7WB 777 Series TBD 1 6 7WB 777 X Series TBD 50 50 12 12 WB 787 8 15 30 45WB 787 9 41 41 WB 787 10 30 12 42 WB 787 Series TBD 10 10WB Total Total 292 70 362 169 36 20 225 155 41 56 252

rand Total Total Total 292 70 362 203 36 20 259 205 71 56 332

Emirates Airline Etihad Airways Qatar Airways

Exhibit 11 (Cont.)

List Prices List PriceType Model Series $ millions Orders Options Total Orders Options Letters of Intent Total Order Options Letters of Intent Total

NB A320 200 93.9 94$ 94$ 94$ NB A320 200 neo 102.8 103$ 3,701$ 3,084$ 6,785$ NB A321 200 110.1 110$ 771$ 771$ NB A321 200 neo 120.5 121$ 3,133$ 3,133$ 1,687$ 1,687$ NB Total Total 427$ 3,998$ 3,998$ 5,388$ 3,084$ 8,472$

WB A350 900XWB 295.2 11,808$ 11,808$ 12,694$ 12,694$ WB A350 1000XWB 340.7 7,495$ 7,495$ 12,606$ 12,606$ WB A380 800 414.4 36,467$ 36,467$ 4,144$ 2,072$ 2,072$ 8,288$ 4,144$ 1,243$ 5,387$ WB 777 8X 360.5 12,618$ 12,618$ 2,884$ 2,884$ WB 777 9X 388.7 44,701$ 44,701$ 6,608$ 6,608$ 19,435$ 19,435$ 38,870$ WB 777 300 330 17,820$ 6,600$ 24,420$ 330$ 2,310$ 1,650$ 4,290$ 2,310$ 2,310$ WB 777 Series TBD 360.5 361$ 2,163$ 2,524$ WB 777 X Series TBD 360.5 18,025$ 18,025$ 4,326$ 4,326$ WB 787 8 218.3 3,275$ 6,549$ 9,824$ WB 787 9 257.1 10,541$ 10,541$ WB 787 10 297.5 8,925$ 3,570$ -$ 12,495$ WB 787 Series TBD 218.3 2,183$ 2,183$ WB Total Total 111,605$ 24,625$ 136,230$ 52,735$ 12,278$ 5,905$ 70,918$ 52,153$ 10,463$ 21,598$ 84,214$

rand Total Total Total 111,605$ 24,625$ 136,658$ 56,733$ 12,278$ 5,905$ 74,916$ 57,541$ 13,547$ 21,598$ 92,686$ Sources: Order Numbers: Ascend List Prices

Boeing http://www.boeing.com/boeing/commercial/prices/index.pageAirbus http://www.airbus.com/presscentre/hot‐topics/annual‐press‐conference‐2014/?eID=dam_frontend_push&docID=36716

Emirates Airline Etihad Airways Qatar Airways

Exhibit 12

EXHIBIT 12Qatar Airways Financial Data and Ratio Calculations

Financial Ratios, 1995 - 2013F-Y end Dec. 31: F-Y end, Mar 31:

1995 19961998

(15 month) 1999 2000 2001 2002 2003 2004 2005

Current Ratio 0.45 0.50 0.58 0.59 0.60 0.62 0.42 0.45 0.60 0.54 Quick Ratio 0.28 0.37 0.51 0.54 0.52 0.53 0.36 0.39 0.55 0.48 Debt to Equity Ratio 2.29 negative negative negative negative negative negative negative negative 207.51 Working Capital to Total Assets -0.40 -0.34 -0.35 -0.55 -0.48 -0.27 -0.34 -0.18 -0.13 -0.14 Sales to Working Capital -1.52 -3.73 -4.68 -2.82 -3.13 -4.44 -1.99 -2.41 -2.95 -2.92 Total Sales to Total Assets 0.61 1.27 1.65 1.55 1.49 1.20 0.68 0.43 0.38 0.40 Equity to Total Assets 17.4% negative negative negative negative negative negative negative negative 0.4%Times Interest Earned 0.83 negative negative negative negative negative negative negative 0.71 negativeReturn on Equity -4.8% negative negative negative negative negative negative negative negative 102.8%

EXHIBIT 12Qatar Airways Financial

Financial Ratios, 1995 - 2013

Current RatioQuick RatioDebt to Equity RatioWorking Capital to Total AssetsSales to Working CapitalTotal Sales to Total AssetsEquity to Total AssetsTimes Interest EarnedReturn on Equity

2006 2007 2008 2009 2010 2011 2012 2013 2014

0.49 0.47 0.45 0.92 1.40 1.90 1.56 1.71 1.62 0.43 0.42 0.39 0.86 1.34 1.82 1.48 1.62 1.54

negative negative negative 1.88 1.17 0.68 0.57 0.39 0.29 -0.16 -0.17 -0.17 -0.02 0.08 0.16 0.12 0.15 0.14 -2.99 -2.60 -2.86 -26.22 4.69 2.76 4.39 3.98 4.48 0.47 0.44 0.49 0.45 0.38 0.43 0.52 0.61 0.63

negative negative negative 28.1% 38.8% 50.7% 52.8% 57.7% 61.8%negative negative 1.06 0.60 2.77 3.28 0.18 1.63 negativenegative negative negative -2.6% 4.8% 3.5% -1.1% 0.6% 0.9%

Financial Data, 1995-2013stated in thousand US$Qatar 1995-2013 financial statements, converted to US$ at QAR3.64/US$

F-Y end Dec. 31: F-Y end, Mar 31:

1995 19961998

(15 month) 1999 2000 2001 2002 2003 2004 2005Income statementRevenue 32,950 69,391 146,220 144,496 146,856 235,737 281,875 421,631 633,863 935,766 EBIT 779 (10,128) (27,614) (24,758) (21,956) (12,290) (13,810) (19,324) 19,618 (14,330) Interest expense 939 2,642 3,200 4,935 3,921 3,404 4,513 12,666 27,775 49,479 Net income (457) (13,045) (37,576) (31,127) (25,407) (16,735) (18,496) (27,520) 22,494 9,529

Balance sheetCurrent Assets 17,842 18,940 42,436 74,855 69,345 87,748 102,179 145,930 319,249 371,712 Inventories 6,747 4,890 5,019 7,272 8,565 13,080 14,409 20,251 27,970 40,448 Total Assets 54,119 54,811 88,618 93,272 98,489 197,130 412,317 988,355 1,654,315 2,353,846

Current Liabililites 39,525 37,548 73,685 126,104 116,219 140,876 244,125 320,958 533,961 692,543 Total Debt 21,641 25,902 42,979 44,057 57,104 168,287 387,074 925,763 1,474,215 1,924,097 Total Equity, book value 9,436 (18,442) (46,142) (77,269) (83,718) (93,899) (111,735) (139,439) (97,763) 9,272 Accumulated Losses (442) (28,321) (65,896) (97,024) (121,548) (133,462) (151,958) (179,478) (160,329) (151,752)

Financial Data, 1995-2013stated in thousand US$Qatar 1995-2013 financial statements, c

Income statementRevenueEBITInterest expenseNet income

Balance sheetCurrent AssetsInventoriesTotal Assets

Current LiabililitesTotal DebtTotal Equity, book valueAccumulated Losses

2006 2007 2008 2009 2010 2011 2012 2013 2014

1,576,781 2,214,840 3,265,623 3,990,160 4,240,349 5,383,093 6,828,155 7,633,684 8,417,780 (32,988) (29,198) 200,776 94,886 320,846 315,961 16,082 117,528 (23,569) 77,995 142,948 189,205 157,600 115,891 96,332 90,215 72,034 49,626

(118,413) (181,860) 11,091 (63,193) 204,917 219,619 (74,177) 45,494 73,197

510,443 752,888 922,196 1,793,512 3,155,747 4,123,220 4,348,556 4,625,556 4,891,194 59,941 82,720 114,095 123,605 147,662 170,547 207,192 239,684 248,268

3,327,800 5,058,958 6,718,897 8,827,841 11,069,620 12,506,978 13,089,566 12,537,410 13,314,237

1,038,638 1,604,411 2,062,488 1,945,694 2,252,251 2,170,292 2,793,639 2,707,960 3,012,139 2,741,115 4,487,237 5,810,387 4,647,212 5,041,158 4,346,293 3,954,804 2,820,451 2,373,924

(77,314) (386,062) (272,223) 2,477,526 4,292,959 6,345,462 6,907,556 7,234,469 8,229,131 (270,845) (452,722) (319,186) (388,176) (275,669) (56,372) (130,995) (85,997) (159,192)

Exhibit 13

EXHIBIT 13Qatar Airways

1996* 1998** 1999 2000 2001 2002 2003 2004 2005

Type of ReportingSummarized Financial Statements

Summarized Consolidated Financial Statements

Basis of ReportingInternational Standards on Auditing

Opinion

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 247,140 523,888 525,967 534,556 858,083 1,026,025 1,534,736 2,307,263 3,406,190 Other Operating Income 30,757 53,481 69,909 139,133 227,916 380,979 Other Income 5,443 8,351 33,987 47,854 71,060 Net (Loss) Profit before tax (47,484) (136,775) (113,304) (89,269) (60,914) (67,327) (100,174) 93,155 53,977 Other Op Y + Other Y as a% of Revenue 2% 2% 6% 6% 6% 7% 9% 12% 13%Other Op Y + Other Y as a% of Net (Loss) Profit before tax 11% 6% 30% 34% 88% 104% 139% 296% 837%

Activity of company Air transportation serviceAir transportation, duty free, ground handling, distribution of beverages

Add in in‐flight cateringAdd in PR, Advert. Airline reservations and travel agency

Prior year restatements 1996 1999 2000 2003 2004Revenue 248,840 525,967 534,556 1,530,640 2,307,263 Other Operating Income 5,779 30,630 121,335 227,916 Other Income 3,742 16,344 48,906 Net (Loss) Profit (52,664) 113,304 (92,842) (95,212) 94,207 Detail from 20071 Op Rev

Airline revenuesDuty Free and beveragesGround handlingChartersHotel OperationsTravel AgencyIn flight cateringAd revenue

Other Op IncomeCredits/refunds suppliersDIA Passenger tax credit/tax releaseForward sales adjustmentFrequent flyerPassenger misc chargesIn flight duty freeMisc Op /Income from Al Maja ServicesCargo secuirtyCommission

Other IncomeProfits on InvestmentsLiquidated and compensation claims from suppliersInsurance claimsDividendsRechargeable expenses from related partiesInterestLong standing liabilities no longer required written back/09 excess provAirport development fee (DIA)Maintenance income Car park income (DIA)Rental incomeMiscellaneous incomeInfrastructure facility incomeManagement feesIncentives and Route Subsidies

Not Provided Not Provided Not Provided Not Provided

Summary of Financial Statements

Not Provided Not Provided Not ProvidedNot Provided Not Provided


1996* 1998** 1999 2000 2001 2002 2003 2004 2005Summary of Financial Statements

The technical building is constructed on land owned by the Department of Civil Aviation, Doha

Takes over duty free and airport operations (ground handling and cargo at DIA in May/July 2000

United Media and Amadesu Qatar included in consolidation

Lambrini Holdings added to 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."


Type of Reporting

Basis of Reporting

Opinion

RevenueOther Operating IncomeOther IncomeNet (Loss) Profit before taxOther Op Y + Other Y as a% of RevenueOther Op Y + Other Y as a% of Net (Loss) Profit before tax

Activity of company

Prior year restatementsRevenueOther Operating IncomeOther IncomeNet (Loss) ProfitDetail from 20071 Op Rev

Airline revenuesDuty Free and beveragesGround handlingChartersHotel OperationsTravel AgencyIn flight cateringAd revenue

Other Op IncomeCredits/refunds suppliersDIA Passenger tax credit/tax releaseForward sales adjustmentFrequent flyerPassenger misc chargesIn flight duty freeMisc Op /Income from Al Maja ServicesCargo secuirtyCommission

Other IncomeProfits on InvestmentsLiquidated and compensation claims from suppliersInsurance claimsDividendsRechargeable expenses from related partiesInterestLong standing liabilities no longer required written back/09 excess provAirport development fee (DIA)Maintenance income Car park income (DIA)Rental incomeMiscellaneous incomeInfrastructure facility incomeManagement feesIncentives and Route Subsidies

Summary of Financial Statements2006 2007 2008 2009 2010 2011 2012 2013 2014 2006‐2014 Total

Consolidated Financial Statements w. Notes

Summary Consolidated Financial Statements

Official Audited Consolidated Financials

Contains "unqualified" opinion, with reference to Ongoing Concern finding

Summarized financials are consistent, in all material respects, with those consolidated financial statements . . .does not contain all disclosures required by IFRS

No qualifications

4,874,134 8,062,018 11,768,223 14,384,591 14,119,428 19,414,457 24,607,565 27,508,644 30,359,102 691,024 143,128 118,646 139,590 131,420 180,000 243,968 277,965 281,616 192,968 230,914 754,438 370,703 625,891 672,534 731,520 893,655 1,816,602

(403,975) (626,611) 42,119 (228,280) 746,035 799,448 (269,843) 165,597 (266,437) 18% 5% 7% 4% 5% 4% 4% 4% 7%

219% 60% 2073% 224% 102% 107% 362% 708% -788%

No airline reservations or travel agency

2005 2006 2007 20093,408,419 5,739,484 8,272,289 14,267,168

378,750 140,741 145,139 139,950 74,681 191,295 212,960 370,703 53,977 (403,975) (461,625) (329,310)

25,464,550 28,076,974 358,345 502,771 653,907 791,934 1,355,825 1,546,415 84,558 103,868 145,199 189,402 320,118 363,078

44,922 41,379 39,060 169,627 168,875 111,248 114,582

28,192 37,955 38,239 34,141 38,875 10,694 13,830 24,236 32,250 29,350

190,247 188,646 286,146 20,885 20,953

35,962 41,074 24,170 34,989 37,056 44,787 50,933 59,034 69,178 72,541 75,541 468,229 42,362 27,255

25,184 39,458 39,641 48,094 83,881 118,538 111,550 26,098 15,700 9,129 13,812 16,218 18,440 18,987 22,801 26,123 28,091 30,693

5,940 37,654 34,756 19,778 47,597 61,848 55,586 61,188 1,943 2,798 1,337 1,560 2,583 2,149 2,081 2,938 3,209 2,444

354,385 Note on other980,737

109,311 11,325 income no longer10,586 36,287 4,652 35,086 included 30,701 28,767 30,689 32,949 56,201 59,738 17,044 27,824 63,126 78,433 421,937 353,357

8,220 25,205 55,858 39,854 25,491

57,085 24,524 32,352 6,839 13,151 19,779 58,948 119,609 120,693

17,452 12,374 14,991 16,084 9,383 13,838 27,296 49,217 29,945 36,365 84,262 95,558

33,243 78,955 17,719 109,362 117,949

39,842 40,316

EXHIBIT 13Qatar AirwaysSummary of Financial Statements

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."

2006 2007 2008 2009 2010 2011 2012 2013 2014 2006‐2014 Total

Lambrini and Amadeus in consolidation

Qatar Media and Oryx Holdings included

Listed as grants in B/S Land grant disappears from B/S

Restated overhaul accuals and depreciation costs responsible for major change in prior year results

Loan converted to shareholder advances

Restatement of FF program defers revenue from prior year,leads to higher restated losses

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

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

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

Is relying on exemption for government entities to avoid related party disclosures under IAS 24

638m in cash flow hedge loss for year not included above

Related party statement included for first time: limited to the rechargeable expenses

68 million in 2008 for DIA ops DIA ops other income = 82m

Notes provided based on management's judgment of the relevance. Note on terms of loans from Qatari government disappears

Note on operation of DIA, shows revenues of 146.691 million included in other income.

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

Exhibit 13 (cont.)Movement of Qatar Government Loans, Shareholder Advances, Reserves, and Equity Accounts

Account 2009 Notes 2010 Notes 2011 Notes 2012 Notes 2013 Notes 2014 NotesNo of Shares 14,380,000 14,380,000 14,380,001 14,380,001 14,380,001 1,207,722,201 New shares issued

Value of Share Capital 143,800 143,800 143,800

One new share issued related to reclassification to legal reserve 143,800 143,800 12,077,222

Advances from '11 to '14 reclassed as equity; new shares issued (8,316,722+ 3,616,700)

Conversion of Advances to Shareholder Equity 11,933,422

Total Conversion in '14 = 8,316,722 in 11-13 advances plus 3,616,700 in new advances

Legal Reserve 13,483 71,900 16,371,980

Pre '11 shareholder advances (16,300,800) transferred to legal reserve, deemed a shareholder premium 16,371,980 16,371,980 16,371,980

Shareholder Advances 11,836,605

Converted from Shareholder Loans to Advances in '09 16,300,800

Pre'10 and '10 both treated as advances 4,345,271

New advances continue to be classified as advances 7,297,719

New advances continue to be classified as advances 8,316,722

New advances continue to be classified as advances

Prior year advances reclassified to equity

Shareholder Adv Rec in Yr 4,463,871 4,345,271 2,952,448 1,019,003 3,616,700

New advance, later reclassified as equity

Source: Qatar Airways Financials

Exhibit 14

EXHIBIT 14

Qatar Airlines Shareholder Loan Benefit CalculationsInterest Savings Benefit, 2004 - 2009

Year

Shareholder Loan

Received (QR'000)1

Shareholder Loan Received (US$)2

Cumulative Outstanding,

US$ (mid-year)3

Cumulative Outstanding, US$ (year end)

National Avg

Interest rate4

Term(years)5

Adjusted Interest

Rate6

Annual Interest Savings

1998 70,000 19,230,769 9,615,385 19,230,769 10.47% 12.3 20.2% 1,945,9531999 - - 19,230,769 19,230,769 10.41% 15.2 18.2% 3,891,9072000 69,193 19,009,066 28,735,302 38,239,835 8.25% 11.5 18.5% 5,653,6522001 131,665 36,171,703 56,325,687 74,411,538 8.25% 10.6 19.6% 10,954,7892002 143,619 39,455,769 94,139,423 113,867,308 6.09% 10.9 16.8% 17,811,4362003 35,375 9,718,407 118,726,511 123,585,714 5.72% 8.8 17.3% 21,969,1852004 199,230 54,733,516 150,952,473 178,319,231 8.48% 8.1 20.2% 28,328,5242005 - - 178,319,231 178,319,231 8.20% 6.8 20.2% 33,847,3682006 - - 178,319,231 178,319,231 8.71% 6.3 20.1% 33,847,3682007 2,169,119 595,911,813 476,275,137 774,231,044 8.65% 10.5 19.2% 91,158,5892008 2,701,983 742,303,022 1,145,382,555 1,516,534,066 8.55% 3.8 22.6% 232,488,9512009 6,316,105 1,735,193,681 2,384,130,907 3,251,727,747 n/a 198,362,160

1998-2003 Total: 123,585,714 1998-2003 Total: 62,226,9222004-2009 Total: 3,128,142,033 2004-2009 Total: 618,032,960

Combined: 3,251,727,747 Combined: 680,259,883

Notes:1 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.

5 Term Based on weighted average maturity of airline industry debt (see attached)


Year



1 0.05% 20.51%2 0.16% 28.55%3 0.34% 34.10%4 0.60% 37.60%5 0.84% 41.44%6 1.11% 47.24%7 1.40% 51.52%8 1.71% 56.91%9 2.05% 60.82%10 2.40% 63.13%11 2.77% 65.96%12 3.17% 65.96%13 3.55% 65.96%14 3.94% 65.96%15 4.35% 65.96%16 4.79% 65.96%

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.

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

Exhibit 15

Exhibit 15Qatar Commercial Borrowing Rates

Year

Interest Rates, Lending Rate

Interest Rates, Deposit Rate

Interest Rates, Savings Rate

Interest Rates, Monetary Policy-Related Interest Rate

Spread Constructed Lending Rate

Source

1994 8.863 4.842 4.021 IMF, IFS

1995 6.188 10.208 IMF, IFS

1996 6.500 10.521 IMF, IFS

1997 6.625 10.646 IMF, IFS

1998 6.563 10.583 IMF, IFS

1999 6.500 10.521 IMF, IFS

2000 8.305 IMF, IFS

2001 8.305 IMF, IFS

2002 1.700 6.090 IMF, IFS

2003 1.330 5.720 IMF, IFS

2004 6.990 3.200 0.830 2.600 4.390 6.990 IMF, IFS

2005 8.482 QCB

2006 8.203 QCB

2007 8.650 QCB

2008 8.547 QCB

2009 8.787 QCB

2010 8.728 QCB

2011 6.129 QCB

2012 5.109 QCB

2013 5.336 QCB

Deposit Rate + 1994 Spread




Qatar Central Bank, avg of monthly rates



Notes

Qatar Central Bank, July-Dec average







Average of 1999 & 2002 constructed lending rate

Average of 1999 & 2002 constructed lending rate

Monetary Policy Rate + 2004 Spread

Monetary Policy Rate + 2004 Spread

IMF Lending Rate

Exhibit 15Qatar Commercial Borrowing Rates

Exhibit 15 (Cont.)Qatar Commercial Borrowing Rates

Description: Qatar: Interest Rates on Credit Facilities: More Than 3-Years (Avg, %)

Source: Qatar Central Bank

Jul-2004 8.5 Jan-2008 8.65 Jan-2011 8.03Aug-2004 8.18 Feb-2008 8.58 Feb-2011 7.86Sep-2004 8.53 Mar-2008 8.5 Mar-2011 6.18Oct-2004 8.75 Apr-2008 8.3 Apr-2011 6.97Nov-2004 8.84 May-2008 8.75 May-2011 5.8Dec-2004 8.09 Jun-2008 8.38 Jun-2011 5.78Jan-2005 8.04 Jul-2008 8.08 Jul-2011 5.69Feb-2005 8.17 Aug-2008 8.29 Aug-2011 5.62Mar-2005 8.18 Sep-2008 8.6 Sep-2011 5.52Apr-2005 8.33 Oct-2008 8.7 Oct-2011 5.62May-2005 8.26 Nov-2008 8.79 Nov-2011 5.45Jun-2005 8.15 Dec-2008 8.94 Dec-2011 5.03Jul-2005 8.03 Jan-2009 8.99 Jan-2012 5.83Aug-2005 8.11 Feb-2009 8.82 Feb-2012 4.8Sep-2005 8.5 Mar-2009 8.89 Mar-2012 4.84Oct-2005 8.16 Apr-2009 8.82 Apr-2012 4.61Nov-2005 8.18 May-2009 8.75 May-2012 4.6Dec-2005 8.32 Jun-2009 8.6 Jun-2012 4.32Jan-2006 8.32 Jul-2009 8.6 Jul-2012 4.43Feb-2006 8.66 Aug-2009 8.54 Aug-2012 5.57Mar-2006 8.68 Sep-2009 8.59 Sep-2012 5.56Apr-2006 8.92 Oct-2009 8.56 Oct-2012 5.58May-2006 8.88 Nov-2009 9.08 Nov-2012 5.59Jun-2006 8.79 Dec-2009 9.2 Dec-2012 5.58Jul-2006 9.03 Jan-2010 9.22 Jan-2013 5.56Aug-2006 8.94 Feb-2010 9.14 Feb-2013 5.5Sep-2006 8.65 Mar-2010 9.11 Mar-2013 5.48Oct-2006 8.53 Apr-2010 9.09 Apr-2013 5.4Nov-2006 8.59 May-2010 8.83 May-2013 5.4Dec-2006 8.52 Jun-2010 8.79 Jun-2013 5.28Jan-2007 8.55 Jul-2010 8.74 Jul-2013 5.32Feb-2007 8.49 Aug-2010 8.75 Aug-2013 5.27Mar-2007 9.34 Sep-2010 8.51 Sep-2013 5.24Apr-2007 8 Oct-2010 8.46 Oct-2013 5.2May-2007 9.1 Nov-2010 8.1 Nov-2013 5.19Jun-2007 8.4 Dec-2010 8 Dec-2013 5.19Jul-2007 8.57Aug-2007 8.58Sep-2007 8.28Oct-2007 8.9Nov-2007 8.83Dec-2007 8.76

Exhibit 16

EXHIBIT 16

Qatar Airlines Loan Guarantee Benefit CalculationsInterest Savings Benefit, 2004 - 2013

Year

Guaranteed Loan Received

(QR'000)

Source: Respective

Year F/S Page

Guaranteed Loan Received (US$)1

National Avg

Interest rate2

Term(years)3

Adjusted Interest

Rate4 Benchmark

InterestActual Interest

PaidAvoided Interest

1998 22,265 4 6,116,758 10.47% 4.61 23.8% 728,637 3,200,275 n/a1999 11,862 4 3,258,791 10.41% 1.56 36.8% 2,057,389 4,934,890 n/a2000 31,134 4 8,553,297 8.25% 2.05 27.5% 3,832,388 3,920,604 n/a2001 273,042 4 75,011,538 8.25% 3.62 23.1% 13,070,843 3,403,571 n/a2002 652,765 4 179,331,044 6.09% 2.40 21.9% 39,626,125 4,513,462 n/a2003 1,925,454 4 528,970,879 5.72% 6.27 16.9% 101,998,930 12,665,659 n/a2004 1,797,137 4 493,718,956 8.48% 4.83 21.0% 177,978,162 27,775,275 150,202,888 2005 1,637,569 4 449,881,593 8.20% 6.61 20.5% 247,468,295 49,478,571 197,989,724 2006 2,973,945 4 817,017,857 8.71% 6.40 19.9% 366,206,987 77,994,505 288,212,481 2007 7,493,521 4 & 5 2,058,659,615 8.65% 5.45 19.7% 650,117,255 142,948,077 507,169,178 2008 4,876,611 4 & 5 1,339,706,319 8.55% 4.58 21.8% 998,459,065 189,204,670 809,254,395 2009 5,086,888 4 & 5 1,397,496,703 8.79% 7.75 21.0% 1,194,639,820 157,600,275 1,037,039,545 2010 1,163,846 4 & 5 319,737,912 8.73% 7.03 20.3% 1,277,460,880 115,891,209 1,161,569,671 2011 - 1,309,879,424 96,332,418 1,213,547,006 2012 - 979,913,475 90,214,560 889,698,915 2013 - 504,169,287 72,034,341 432,134,947 2014 211,614,068 89,304,479 122,309,589

Total: 7,677,461,264 Total: 7,867,606,961 1,052,112,363 6,809,128,337Notes: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 Term Based on total outstanding loans to current portion of outstanding loans in each year (see below)

5 Total interest expense reported on respective year's income statement.


Year


Investment grade

default rate YearCurrent portion loans (QAR)

Non‐current portion loans (QAR)

1 0.05% 20.51% 1998 18,733 67,709 2 0.16% 28.55% 1999 57,960 32,409 3 0.34% 34.10% 2000 33,550 35,114 4 0.60% 37.60% 2001 94,362 247,344 5 0.84% 41.44% 2002 413,714 580,757 6 1.11% 47.24% 2003 465,879 2,454,046 7 1.40% 51.52% 2004 975,826 3,741,236 8 1.71% 56.91% 2005 1,057,005 5,927,626 9 2.05% 60.82% 2006 1,456,494 7,872,082 10 2.40% 63.13% 2007 2,480,936 11,034,036 11 2.77% 65.96% 2008 3,409,565 12,220,139 12 3.17% 65.96% 2009 2,183,610 14,732,241 13 3.55% 65.96% 2010 2,609,456 15,740,358 14 3.94% 65.96% Source: Balance Sheet, respective years15 4.35% 65.96%16 4.79% 65.96%

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)

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.

Exhibit 17

Exhibit 17

EmiratesCalculation of Benefit from Government Assumption of Fuel Hedging Losses

Source:Emirates Fuel Price Contracts, as of March 31, 2008 (AED) Emirates 2008 Annual Report, Note 31, at 101

Loss Rate See calculation belowEstimated Total Loss (AED)

Less Emirates Reported Loss (AED) Emirates 2009 Annual Report, Income Statement at 72; Note 7 at 86Net Loss AED

Net Loss Dollars

Calculation of Loss Rate on Fuel Hedging Contracts, 2008/09

(A) (B) (C)=A+B (D)

Airline 2008 Loss ($M) 2009 Loss ($M)

2008 & 2009 Combined Loss ($M)

% of Fuel Hedged*

2007 Fuel Cost ($M)

Hedged Amount ($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 9 769 -65.12%Totals/Average -894 -1,947 -2,835 24% 17,274 4,151 -68.30%

Source Notes:1 AA 2009 10-K at "Fuel" section2 DAL 2009 10-K at 32.3 UAL 2009 10-K at 1224 AA 2007 10-K under "Fuel" section.5 DAL 2007 10-K at p. 27.6 UAL 2007 10-K at p. 125.7 AA 2009 10-K at "Fuel" section8 DAL 2007 10-K at p. 4.9 UAL 2007 10-K at p. 7.

2,394,974,053

15,180,000,000 -68.30%

10,367,903,209 1,572,361,000 8,795,542,209

Exhibit 18

EXHIBIT 18

EmiratesEstimate of Benefit from Purchases of Goods and Services at LTAR

AED'000 USD* Source

2004/05 852,666 232,175,902 2005/06 F/S, Note 31, p. 1012005/06 1,427,505 388,701,157 Note 31, p. 1012006/07 2,069,212 563,434,173 Note 32, p. 952007/08 2,692,078 733,036,896 Note 33, p. 1032008/09 4,022,605 1,095,331,518 Note 34, p. 1052009/10 4,073,000 1,109,053,778 Note 36, p. 842010/11 4,570,000 1,244,383,935 Note 35, p. 882011/12 5,991,000 1,631,313,819 Note 35, p. 922012/13 6,969,000 1,897,617,427 Note 36, p. 1082013/14 8,066,000 2,196,324,030 Note 37, p. 102

Total 40,733,066 11,091,372,634 percent below arm's length (see below): 16.7%

Benefit estimate (USD): 1,855,056,852

* Converted at AED 3.6725/USD

Estimate of Percent Below Arm's Length of Related Party Purchases:

Gain on sale and leaseback of aircraft 151,000,000$ List Price for A330-200 (2008) 181,000,000$ A

Emirates Discount 37.65% BNumber of aircraft 8$ C

Total Value of Transaction 902,828,000$ DPercent below arm's length 16.7% E=B*(1-C)*D

Sources:Emirates 2008 Financial Statementhttp://www.independent.co.uk/travel/news-and-advice/fact-file-the-airbus-a330200-1694347.htmlPrice of an Emirates airline Airbus A380 superjumbo is $234 million, Bangalor Aviation, October 19, 2011

Exhibit 19

Exhibit 19Benefit from Restrictive Labor Practices

Emirates

A B C

Year Employee Cost

(AED '000) USD Savings (10.65%

of B) F/S Page2004 2,254,113.00 613,781,620 65,367,743 762005 2,700,992.00 735,464,125 78,326,929 882006 3,254,022.00 886,050,919 94,364,423 852007 4,024,328.00 1,095,800,681 116,702,772 792008 5,515,905.00 1,501,948,264 159,957,490 842009 5,861,000.00 1,595,915,589 169,965,010 612010 6,345,000.00 1,727,705,922 184,000,681 402011 7,617,000.00 2,074,063,989 220,887,815 422012 7,936,000.00 2,160,925,800 230,138,598 462013 9,029,000.00 2,458,543,227 261,834,854 602014 10,230,000.00 2,785,568,414 296,663,036 53

Total Benefit 1,878,209,351

Etihad

A B C

Year Employee Cost

(AED '000) USD Savings (10.65%

of B) F/S Page

2004 67,394.00 18,350,987 1,954,380 From the 2005

financials2005 118,118.00 32,162,832 3,425,342 12

2006 100,468,000 10,699,842 From the 2007

financials2007 167,860,000 17,877,090 202008 182,814,000 19,469,691 222009 259,637,000 27,651,341 232010 313,724,000 33,411,606 242011 263,502,000 28,062,963 242012 443,000,000 47,179,500 232013 533,000,000 56,764,500 312014 Not available

Total Benefit 246,496,254

Qatar

A B C D E F G

Year Employee

Expenses (QR '000) G&A Expenses

(QR '000) Total Labor Cost A+B (QR '000)

Operating Expenses (QR '000) USD (Total Labor Cost) USD (Operating cost)

Savings (10.65% of E) F/S Page

2004 529,791.77 2,284,172.00 145,547,191 627,519,780 15,500,776 2005 812,778.08 3,504,254.00 223,290,683 962,707,143 23,780,458

2006 1,787,510.00 266,112.00 2,053,622.00 5,355,839.00 564,181,868 1,471,384,341 60,085,369

From the 2007

financials2007 1,121,557.00 364,006.00 1,485,563.00 7,737,622.00 408,121,703 2,125,720,330 43,464,961 162008 1,193,326.00 535,596.00 1,728,922.00 10,804,117.00 474,978,571 2,968,164,011 50,585,218 202009 1,842,052.00 611,497.00 2,453,549.00 12,758,371.00 674,051,923 3,505,046,978 71,786,530 192010 2,861,702.03 12,338,092.00 786,181,876 3,389,585,714 83,728,370 2011 4,096,779.57 17,663,070.00 1,125,488,893 4,852,491,758 119,864,567 2012 5,503,265.71 23,727,068.00 1,511,886,184 6,518,425,275 161,015,879 2013 3,906,235.00 1,040,466.00 6,327,961.12 27,282,703.00 1,738,450,858 7,495,248,077 185,145,016 2014 4,525,781.00 1,243,120.00 5,768,901.00 1,584,862,912 168,787,900

Ten Year Total Benefit 983,745,044

* 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 54‐67Note: this is the midpoint of the range of 8.9% to 12.4% found in this study.

Exhibit 20

EmiratesEstimate of Benefit from Income Tax Exemption

Fiscal Year

Ending in

Profit before Income Tax

(AED M)* EBT (US$)Min Tax

RateMinimumTax

ExemptionMax Tax

RateMaximum Tax

ExemptionIncome Taxes in Other

Jurisdictions ($)Net Maximum Tax Exemption

2005 2,560 703,296,703 20% 140,659,341 55% 386,813,187 15,461,675 371,351,512 2006 2,649 727,747,253 20% 145,549,451 55% 400,260,989 23,855,140 376,405,849 2007 3,326 913,736,264 20% 182,747,253 55% 502,554,945 44,269,843 458,285,102 2008 5,104 1,402,197,802 20% 280,439,560 55% 771,208,791 7,772,907 763,435,884 2009 665 182,692,308 20% 36,538,462 55% 100,480,769 -23,246,018 123,726,787 2010 3,665 1,006,868,132 20% 201,373,626 55% 553,777,473 13,614,704 540,162,769 2011 5,545 1,523,351,648 20% 304,670,330 55% 837,843,407 21,238,938 816,604,469 2012 1,673 459,615,385 20% 91,923,077 55% 252,788,462 14,431,586 238,356,875 2013 2,472 679,120,879 20% 135,824,176 55% 373,516,484 17,426,821 356,089,663 2014 3,464 951,648,352 20% 190,329,670 55% 523,406,593 12,797,822 510,608,772

Apr 2004-Mar 2014 1,710,054,945 4,702,651,099 4,555,027,682 * Profit before Income TaxSource: Emirates Consolidated Financial Statements

http://www.galadarilaw.com/uploads/brochures/172113_Tax.pdfhttp://www2.deloitte.com/content/dam/Deloitte/global/Documents/Tax/dttl-tax-unitedarabemirateshighlights-2014.pdfhttp://en.wikipedia.org/wiki/Taxation_in_the_United_Arab_Emirates

2015-01-25 CapTrade Gulf Airlines Subsidies Report

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