Transcript EQEO Performance Summary

Epicure Qatar Equity Opportunities plc
March 2010
Contents
State of Qatar
Macroeconomic Overview
Page 3-8
Investment Case
Page 9
Doha Securities Market (DSM)
Current Sectoral Breakdown
Page 11
Increasing Market Depth
Page 12
Earnings Growth
Page 13
Valuation
Page 14-16
Epicure Qatar Equity Opportunities plc (the “Company”)
Company Description
Page 18
Investment Methodology & Guidelines
Page 19
Sectoral Exposure
Page 20
Investment Status
Page 21-22
Summary
Page 23-24
Conclusion
Page 25
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Macroeconomic Overview
LNG exports forecast to
grow to 76.4 mtpa by 2011
• Third largest proven gas reserves (15% of world’s total)
• LNG contracts are long term (typically 25 years)
Oil production capacity to
reach 1.1 mln bpd by 2010
Certainty of cash flows due
to increasing gas sales
Attractive Demographics
Expansionary Budget
• Substantially increasing and diversifying energy exports
• Real GDP expected to surge 18.5% in 2010 due to higher LNG
production and subdued inflation
• Rising population; CAGR 11% population growth for last 10 yrs
• Population increased to 1.6 mln at the end of January 2010.
• Historically high govt. spending
on
education, health,
infrastructure and real estate sectors
 Surpluses generated by high commodity prices are being redeployed to develop non hydrocarbon sectors.
 The state encourages private sector and non oil economy growth through privatization , outsourcing of public services and
development of industrial zones.
 Rapid growth in services, utilities, industry and real estate.
 Government emphasized importance of non oil & gas projects such as QFC, Education City and Qatar Science & Technology Park
Forecasts are taken from QNB’s Qatar Economic Review 2009
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Macroeconomic Overview
Strong GDP growth supported by the non hydrocarbon sector
Nominal GDP ($ Million)
2004
2005
2006
2007*
2008*
2009**
2010**
1. Oil & Gas Sector
17,286
25,294
32,539
40,149
61,024
55,532
80,301
% Change
24.50%
46.33%
28.64%
23.39%
51.99%
-9.00%
44.60%
2. Non-Oil Sector
14,448
17,168
24,231
30,892
39,384
39,835
44,615
% Change
49.80%
18.83%
41.14%
27.49%
27.49%
1.15%
12.00%
Total GDP
31,734
42,463
56,770
71,041
100,407
95,368
124,917
Population
760,946
888,451
1,041,733
1,226,210
1,553,729
1,631,728
1,713,643
GDP per capita ($)
41,703
47,794
54,496
57,936
64,624
58,446
72,895
Source: QNB capital, Qatar Statistics Authority,QIC
* Preliminary ,** QNB Capital forecast
Qatar’s Real GDP growth expected to continue at a healthy pace
Real GDP Growth (%)
2006
2007e
2008e
2009f
2010f
Qatar
15.0
15.3
19.6
9.4
18.1
Oman
5.9
7.2
12.3
3.7
6.0
Saudi Arabia
3.2
3.4
4.2
0.2
3.7
Kuwait
6.3
4.5
5.6
-1.5
3.0
UAE
9.4
7.4
7.4
-1.1
2.0
Bahrain
6.7
8.1
5.4
0.5
1.8
Source: IMF, IIF, National Accounts, Samba
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Macroeconomic Overview
Importance of Natural Gas
Qatar GDP ($ Million)
Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Q3 2009
Oil
6,830
8,657
8,415
3,615
3,143
4,276
4,905
Gas
7,050
7,972
8,733
7,183
4,780
3,843
4,508
Total GDP
23,592
26,535
28,947
21,333
19,473
18,644
20,748
Source: QIC, Qatar Statistics Authority
Capital expenditure program to continue
2005/06
Actual
2006/07
Prelim.
2007/08
Prelim.
2008/09
Budget
2009/10
Budget
Total Revenues
17,853
23,351
19,906
28,379
24,368
Total Current Expenditure
9,000
13,584
11,767
15,220
15,549
Total Capital Expenditures
4,965
4,646
6,286
11,126
10,412
Total Expenditures
13,965
18,230
18,053
26,346
25,962
Budget Surplus (Deficit)
3,888
5,121
6,744
2,033
-1,593
Qatar State Budget ($ Million)
Source: QIC,QNB
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Macroeconomic Overview
Strong fundamentals provide protection from the current global economic downturn
Substantial hydrocarbon assets
 Qatar’s natural gas reserves are the world’s third largest to-date, behind those of Russia and Iran.
 Qatar’s North Gas Field, discovered in 1971, is the largest non-associated gas field in the world, with proven reserves currently estimated
at over 902 trillion cubic feet (tcf).
 In oil terms, by 2011 Qatar would be on par with Iran as the second-largest regional producer behind Saudi Arabia, and would be the
fourth-largest producer in the world behind Saudi Arabia, Russia, and the US.
 Qatar’s oil reserves as at December 2008 stood at 25.9 billion barrels.
Infrastructure spend
 QP’s new five-year plan (2009 - 2013) budgeted an overall QR145.9 billion for projects in crude oil, natural gas, gas-to-liquids, refining,
petrochemicals, industrial cities and others.
 Zawya.com estimates that the total of outstanding projects in Qatar currently is c.USD220 billion.
 Government committed to the infrastructure projects.
Growing population
 According to the 2008 survey, Qatar’s population reached 1,552,820 increasing by 108.7% from the 2004 census of 744,029.
 As on 28th February 2010 Qatar population stood at 1,679,110 .
Low leverage
 Low leverage in the economy; Total estimated indebtedness of External debt (government) is only 12.5% of Qatar’s total nominal GDP in
2009.
 Qatar stands among the highest rated GCC countries.
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Macroeconomic Overview
Proactive Government
The authorities’ preemptive intervention in the banking sector was large. Official intervention in 2009 reached about 6½ percent of GDP*.
During the current global financial crisis the Qatari government has taken proactive measures to reduce the impact within the local economy
including:
Date
Event
USD million spent
8-Dec
Equity capital injection into banks (5%)
9-Mar
Purchase of banks’ domestic equities
1,668.0
9-Jun
Purchase of banks’ Real Estate assets
3,660.0
9-Dec
Equity capital injection into banks (5%)
900.0
900.0
Total
7,128.0
Initiated several consolidations of the listed and unlisted companies to ensure the competitiveness of various enterprises operating within
Qatar.
Announced confidence building measures through the budgetary process.
Source: IMF
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Macroeconomic Overview
Qatar LNG story
Qatar's LNG exports Destinations - 2012
90.0
80.0
29%
70.0
38%
60.0
33%
50.0
40.0
Europe
Asia
USA
30.0
As of January
1,2008
20.0
10.0
0.0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Production Capacity
Oil & Gas industry
Proven
Expected
Natural Gas (tcf)
895.7
899.3
Crude Oil (billion barrels)
3.2
4.8
Condensate (billion barrels)
22.7
22.8
Contracted LNG Exports
 World’s largest exporter of LNG.
 Qatar has over 100 years of proven gas reserve at projected long-term production levels.
 Qatar’s LNG sales are derived from long-term sale and purchase agreements which provide certainty of volume off take.
 Most of Qatar’s exports are destined for growing markets.
 By 2011, Qatar will have nearly doubled its liquefaction capacity relative to 2008 levels, to 77.6 mmtpa.
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Investment Case
Positive budget
announcement
Proactive Govt. &
strong banking
sector
LNG revenues
should offset
declines in oil
revenues
Attractive stock
valuation levels
Robust GDP
growth forecast in
2010
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Doha Securities Market (DSM)
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DSM 20: Current Sectoral Breakdown
 The DSM20 index is the local benchmark, and is made
DSM 20 index weight
up of 20 stocks
Services
21.69%
 Listed companies are divided broadly into four
sectors: Banking and Investment, Insurance, Industrial
and Services.
 5 largest companies (Qatar National Bank, Industries
Qatar, Commercial Bank of Qatar ,Qatar Islamic Bank
and Nakilat) constitute 62.15% of the DSM20 Index.
Banking &
Investment
61.17%
 Banking and Investment sector constitute 61.2% of
Insurance
0.34%
the index
Industrial
16.80%
Source: Reuters
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DSM: Increasing Market Depth
 The Qatar Government actively encourages
400
companies to list on the DSM and is
350
promoting an increasingly robust regulatory
environment.
300
250
200
150
 Currently 44 companies listed on Qatar
100
Exchange.
50
1997
1998
1999
 Some consolidation expected in the market
during 2010.
2000
2001
2002
2003
2004
2005
2006
2007
2008
Market Capitalization (QR. Bln)
Source: DSM,QIC
 Vodafone Qatar, Al Meera Consumer Goods
Co. listed in Qatar Exchange in 2009.
 Since inception the market capitalization has
risen from QR 9.4 Bln in 1997 ($2.5bn) to QR
320 Bln ($88bn) at the end of 2009.
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2009
DSM: Earnings Growth
Earnings Growth ($ Mln)
2005
2006
2007
2008
5 Year CAGR
9M - 08
9M - 09
Banks
1,164
1,484
2,241
2,757
48.6%
2,266
2,122
111%
28%
51%
23%
174
150
210
258
98%
-14%
40%
23%
835
2,074
1,810
2,464
10%
148%
-13%
36%
1,015
1,154
1,606
2,349
33%
14%
39%
46%
3,190
4,864
5,868
7,829
47%
52%
21%
33%
Growth (%)
Insurance
Growth (%)
Services
Growth (%)
Industry
Growth (%)
Total
Growth (%)
-6%
40.0%
268
181
-32%
34.9%
1,844
1,839
-0.27%
44.5%
2,218
1,316
-41%
42.1%
6,598
5,458
-17%
Source: DSM, QIC
 Robust GDP growth during the period translated into strong earning growth across the sectors.
 The growing population base is boosting demand for new residential and commercial projects, for personal credit, and increasing
personal consumption.
 Qatar's rapid economic growth continues to drive corporate revenues and profits.
 Banking sector full year 2009 net profit growth was flat (-0.1%)
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DSM: Valuation
Compelling Valuation
 According to IMF, Qatar is expected to be fastest growing economy in the world in 2010.
 Considering Qatar’s growth prospects and compared to the valuations of other world stock markets, we consider the Qatari
stock market to offer good value.
 The recent sell-off across the GCC markets by investors has left valuations at extremely compelling levels.
Forward
PE*
MSCI Trailing Multiples
Valuation
P/E
DY
EQEO
10.3
5.3
10-Mar
MENA Market
Valuations
P/E
PCE
P/Book
DY
ROE
P/E 2010e
Bahrain
-40.5x
120.4x
0.8x
8.20%
1.90%
n/a
Egypt
15.2x
8.1x
2.3x
4.30%
15.40%
10.3
Jordan
18.0x
11.4x
2.2x
3.30%
12.10%
10.5
Kuwait
44.4x
9.1x
1.8x
3.40%
4.20%
n/a
Morocco
15.3x
10.2x
4.3x
4.60%
28.00%
12.3
Oman
13.2x
7.1x
2.1x
3.80%
15.60%
n/a
Saudi Arabia
30.2x
15.6x
2.3x
3.30%
7.60%
n/a
United Arab Emirates
9.0x
7.4x
0.8x
2.70%
9.00%
8.5
Qatar
12.0x
6.6x
1.9x
5.90%
15.70%
10.8
MSCI Arabian Markets
22.4x
11.3x
1.9x
3.60%
8.60%
n/a
Source: FactSet, Morgan Stanley Research,*Citi
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DSM: Valuation
The case for near-term outperformance
 Arabian Markets is still one of the cheapest regions in EM relative to ROE,trading at a 8% discount on 2010 P/B but with 100bps
higher forecast 2010 ROE.
 The historical positive correlation with oil prices should start to re-assert once the region’s distinctive risks abate.
 Domestic liquidity trends are re-accelerating.
 Acceleration in the year-on-year change in oil prices could be another trigger.
 Company earnings are surprising on the upside.
 Current mispricing at the stock level offers long-term investors opportunities.
 We think some catch-up is overdue... Underperformance, the higher oil price, better valuations (especially dividend yield), and
subsiding macro risks all suggest the potential for better relative performance in the coming months.
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DSM: Valuation
MENA equities have underperformed EM dramatically over the past year.
The rebound in the oil price suggests MENA markets should be doing better.
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Epicure Qatar Equity Opportunities plc
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EQEO: Company Description
EQEO was established:

To capitalise on attractive equity investment opportunities in Qatar.

To harness the 20 year investment track record of QIC, the Company’s Investment Adviser.

Total equity capital raised of US$ 256 Million.
*Return
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EQEO: Investment Methodology & Guidelines
 The Company primarily invests in quoted Qatari equities: up to 15% may be allocated in regional (GCC) stock markets.
 The Company applies a top-down screening process to identify those sectors which should most benefit from Sectoral growth trends.
 Fundamental industry and company analysis, rather than benchmarking, form the basis of both stock selection and portfolio
construction.
 The Company expects to hold positions for the long-term and thus have limited turnover.
 The Company does not make use of any hedging mechanism or derivative instruments.
 The Company has borrowings limited to 5% of its NAV.
 No single investment to exceed 15% of Company’s NAV.
 No holding to exceed 5% of the issued share capital of any one company.
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EQEO: Sectoral Exposure
EQEO industry allocation (% of Mkt Value)
Services
23.36%
DSM20 index weight
Services
21.69%
Banking &
Investment
61.17%
Industries
16.24%
Banks
49.74%
Real Estate
Cash 5.31%
Insurance
0.80%
4.55%
Insurance
0.34%
 EQEO’s portfolio is actively managed and does not seek to replicate
Industrial
16.80%
Country allocation (% of Mkt Value)
Qatar
98.74%
the DSM 20 or any other index due to the restrictions of the
investment guidelines.
 Currently the main difference between the Company’s sector
allocation and the DSM’s are:
• Banking and Investments: the company is invested in Six
banking stocks in Qatar and three in regional markets.
• Services sector: Invested in companies which do not form part
of the index.
Cash UAE
0.80% 0.40%
Kuwait
0.06%
Source: QIC, Reuters
EQEO Data as of 31th December 2009
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EQEO: Investment Status
We integrate top-down
Portfolio Evolution
sector allocation with
bottom-up stock
60.0%
selection
50%
50.0%
43%
We believe pricing
40.0%
43%
38%
anomalies exist and can
be exploited
27%
30.0%
23%23%
20.0%
23%
15% 16%
16%
16%
Actively managed
portfolio based on
13%
8%
10.0%
6% 5%
6%
5% 6% 4%
1%
fundamentals
4%
4%
5%
0.0%
Banks
Currently EQEO portfolio
Services
Industries
30-Jun-08
31-Dec-08
Real Estate
30-Jun-09
Cash
Insurance
31-Dec-09
PE is 10.3x 2009 earnings
* As of 31st December 2009
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EQEO: Investment Status
 The Company is currently 99.2% invested*
 Currently, the Company is invested in 19 companies in Qatar, four companies in UAE, and one company in Kuwait.
 The top five companies constitute 58% of the Company’s NAV
Top Five investments
Name
Description
% of NAV
Industries Qatar
Industries Qatar (IQ) is the largest publicly traded company of Qatar. IQ is holding company with interests in petrochemicals via 80% owned Qatar
Petrochemical Co., fertilizers via 75% owned Qatar Fertilizer Co., steel via 100% owned Qatar Steel Co. and fuel additives via 50% owned Qatar
Fuel Additives Co. IQ, as many of its Middle East peers, is one of the lowest-cost producers in the industry with operating and net margins in
excess of 50-55% vs. global peers with operating margins in the mid-teens level. company procures its natural gas at a price range of US$1.752.25/mmBtu vs. the current global natural gas prices in the range of US$5-5.5/mmBtu. With a low and largely fixed-cost structure, any uptick in
basic chemical commodity prices should flow straight to the bottom line.
15.1%
Qatar National
Bank
A high quality proxy stock to the Qatar economic growth given the bank’s strong ties with the public sector and access to state liquidity. The
government of Qatar owns 50% of QNB. Market shares are c.42% for loans, c.55% for deposits, and as high as 70% for public-sector loans and
deposits. This drives high asset quality, with NPLs at 0.7% in FY09, and offers far superior visibility on balance-sheet momentum and earnings
growth. In addition to an international presence in key financial centers around the world, such as London, Paris and Geneva, QNB has been
building a network of branches, representative offices and associates (Jordan, UAE, Iraq, and Tunisia) throughout the MENA region.
14.6%
Qatar Islamic Bank
Qatar Islamic Bank, the country’s first Islamic bank, has total assets of QAR39bn. It operates through a network of 25 branches and holds a 9% loan
market share. The basic structure that QIB aims to create has a strong focus on capital markets and wholesale finance activities, which are still
generally in their infancy in the Sharia compliant space. By strengthening its CIB operations domestically, QIB hopes to achieve a strong enough
platform for recurring deal origination on debt and eventually equity markets. The international offices would serve as placement and
distribution centers. Given that there are local partners involved in the UK, Lebanon and Malaysia, the hope is that a two-way deal flow can
eventually be established, with QIB’s placement power and structuring experience as the key driver.
11.8%
Commercial Bank
of Qatar
CBQ represents the higher beta play within the Qatari banking universe as it was one of the fastest-growing banks in the Middle East from 2004 to
2008, but its growth has slowed significantly by domestic and global issues. CBQ’s investment case is mostly about the strength of its balance
sheet: with equity to assets at 21% with a Tier 1 ratio of 17.2% at the end of 2009, CBQ can afford to pursue growth opportunities organically or
through acquisition, and will likely remain a generous dividend payer in the near-term. At current prices we expect the bank to yield 7% in
2010E. CBQ also has the best funding profile in the peer group, giving it a qualitative advantage in terms of its lending outlook.
9.5%
Masraf Al Rayan
Masraf Al Rayan, though relatively young, operates through two branches in Qatar, and provides Sharia-compliant commercial banking, asset
management, and brokerage services. The bank went public in January 2006 and has existing associates in Pakistan that deal in Takaful (Islamic
insurance), and one associate in Saudi Arabia that provides consumer finance. Management aims to grow the bank’s ex-Qatar presence by
obtaining a banking license for their associate in Saudi, or possibly by acquiring other banks in the region. This bank’s balance sheet, as well as
its backers, should leave no one in any doubt as to its ability to carry out an acquisition. As of yearend 2009, the bank has a 6% market share in
assets, 8% in loans and 8% in deposits.
7.2%
* As of 31st December 2009
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EQEO: Summary
EQEO Performance Summary
EQEO Performance Summary
From top of market
From inception
2009
Ytd 2010
EQEO
-41.5%
-15.7%
10.4%
1.7%
DSM
-45.2%
-9.9%
1.1%
-2.1%
EQEO Weekly NAV
2-Aug
2007
2008
2009
2010
9-Aug
16-Aug
23-Aug
30-Aug
6-Sep
13-Sep
20-Sep
27-Sep
4-Oct
11-Oct
18-Oct
$1.05
$1.08
20-Mar
$0.96
$0.96
$0.97
$0.97
$0.97
$0.98
$0.98
$0.99
$1.01
$1.03
25-Oct
1-Nov
8-Nov
15-Nov
22-Nov
29-Nov
6-Dec
13-Dec
20-Dec
27-Dec
$1.08
$1.14
$1.12
$1.13
$1.13
$1.12
$1.13
$1.13
$1.12
$1.14
3-Jan
10-Jan
17-Jan
24-Jan
31-Jan
7-Feb
14-Feb
21-Feb
28-Feb
6-Mar
13-Mar
$1.14
$1.20
$1.20
$1.11
$1.11
$1.15
$1.15
$1.15
$1.19
$1.18
$1.17
$1.14
27-Mar
3-Apr
10-Apr
17-Apr
24-Apr
1-May
8-May
15-May
22-May
29-May
5-Jun
12-Jun
$1.13
$1.14
$1.21
$1.27
$1.26
$1.30
$1.33
$1.34
$1.34
$1.35
$1.36
$1.39
19-Jun
26-Jun
3-Jul
10-Jul
17-Jul
24-Jul
31-Jul
7-Aug
14-Aug
21-Aug
28-Aug
4-Sep
$1.37
$1.35
$1.38
$1.34
$1.33
$1.35
$1.34
$1.32
$1.26
$1.24
$1.19
$1.15
11-Sep
18-Sep
25-Sep
2-Oct
9-Oct
16-Oct
23-Oct
30-Oct
6-Nov
13-Nov
20-Nov
27-Nov
$1.07
$0.98
$1.00
$1.04
$0.85
$0.86
$0.83
$0.76
$0.80
$0.63
$0.64
$0.63
4-Dec
11-Dec
18-Dec
25-Dec
$0.65
$0.67
$0.71
$0.71
1-Jan
8-Jan
15-Jan
22-Jan
29-Jan
5-Feb
12-Feb
19-Feb
26-Feb
5-Mar
12-Mar
19-Mar
$0.72
$0.68
$0.60
$0.54
$0.57
$0.56
$0.57
$0.55
$0.52
$0.51
$0.53
$0.55
26-Mar
2-Apr
9-Apr
16-Apr
23-Apr
30-Apr
7-May
14-May
21-May
28-May
4-Jun
11-Jun
$0.60
$0.59
$0.61
$0.64
$0.65
$0.67
$0.75
$0.76
$0.78
$0.76
$0.85
$0.85
18-Jun
25-Jun
2-Jul
9-Jul
16-Jul
23-Jul
30-Jul
6-Aug
13-Aug
20-Aug
27-Aug
3-Sep
$0.77
$0.78
$0.77
$0.70
$0.74
$0.76
$0.79
$0.81
$0.83
$0.79
$0.82
$0.83
10-Sep
17-Sep
24-Sep
1-Oct
8-Oct
15-Oct
22-Oct
29-Oct
5-Nov
12-Nov
19-Nov
26-Nov
$0.86
$0.84
$0.83
$0.82
$0.80
$0.83
$0.83
$0.83
$0.86
$0.88
$0.87
$0.88
3-Dec
10-Dec
17-Dec
24-Dec
31-Dec
$0.81
$0.80
$0.83
$0.81
$0.80
7-Jan
14-Jan
21-Jan
28-Jan
4-Feb
11-Feb
18-Feb
25-Feb
4-Mar
11-Mar
$0.81
$0.79
$0.79
$0.77
$0.80
$0.82
$0.82
$0.81
$0.80
$0.81
Source: QIC, Reuters
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EQEO: Summary
EQEO trades discount to NAV
EQEO Price vs. NAV
$ 1.6
40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
-60%
$ 1.4
$ 1.2
$ 1.0
$ 0.8
$ 0.6
$ 0.4
$ 0.2
$ 0.0
2/A ug/07 15/No v/07 28/Feb/08 12/Jun/08 25/Sep/08 8/Jan/09 23-A pr-09 6-A ug-09 19-No v-09 4-M ar-10
Last P rice
NA V
P remium / Disco unt -RHS
Regional market performance
Indices
2008
31-Mar-09
30-Jun-09
30-Sep-09
31-Dec-09
2009
YTD
Qatar (DSM)
-28.1%
-29.0%
32.8%
14.2%
-6.1%
1.1%
1.3%
Saudi (TASI)
-56.5%
-2.1%
19.0%
13.0%
-3.2%
27.5%
8.0%
Dubai (DFMGI)
-72.4%
-4.1%
13.8%
22.8%
-17.7%
10.2%
-2.5%
Abu Dhabi (ADI)
-47.5%
4.1%
5.8%
18.7%
-12.2%
14.8%
4.3%
Kuwait (KWSE)
-38.0%
-13.3%
19.8%
-3.3%
-10.4%
-10.0%
6.3%
Bahrain (BAX)
-34.5%
-11.5%
-0.9%
-1.7%
-6.2%
-19.2%
3.5%
-39.8%
-14.9%
21.2%
17.1%
-3.1%
17.0%
3.9%
Oman (MSI)
Source: QIC, Reuters
Page 24
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EQEO: Conclusion
 Macroeconomic outlook is positive for Qatar.
 Market structure, depth, liquidity and regulatory environment are improving.
 Valuation and earnings outlook remain compelling.
 The Company is well-positioned to benefit from all these positive trends.
Page 25
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Disclaimer
By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations:
THIS DOCUMENT IS CONFIDENTIAL AND IS BEING SUPPLIED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED, FURTHER DISTRIBUTED, DIRECTLY OR
INDIRECTLY, TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. This document does not form part of any offer of securities, or constitute a solicitation
of any offer to purchase or subscribe for securities. Its content may not be suitable for U.S. persons. The distribution of this document in certain jurisdictions may be restricted by law and persons
into whose possession this comes should inform themselves about, and observe, any such restrictions. The contents of this document have not been verified. Accordingly, no representation or
warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information and opinions contained in this document and no reliance should be placed on
such information or opinions. None of the Company, Epicure Managers Qatar Ltd, the Qatar Insurance Company or any of their respective members, directors, officers or employees nor any other
person accepts liability whatsoever for any loss, howsoever arising, from any use of such information or opinions. The information and analyses contained herein are not intended as tax, legal, or
investment advice and may not be suitable for your specific circumstances; accordingly, you should consult your own tax, legal, investment, or other advisors, at both the outset of any transaction
and on an ongoing basis, to determine such suitability. Any investment returns, past, historical, or otherwise, are not indicative of future performance. Forecasted information is based on a number
of bases of assumptions none of which may materialise. There can be no guarantee that the Company will attain its investment objective.
The information presented in this document is subject to change without notice.
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