From: Rosa M da Silva

From: Rosa M da Silva To: [email protected] <[email protected]> Subject: FW: MENA Update : 'Dubai situation' - MENA stock specific thoughts Date: Mon, 30 Nov 2009 14:02:26 +0000 Attachments: JPM MENA_Update_2009-11-29_349644.pdf lane -Images: ATT00001.gif; ATT00002.gie image001jpg From: Nick O'Donohoe Sent: Monday, November 30, 2009 8:57 AM To: Jes Staley Cc: Rosa M da Silva Subject: FW: MENA Update : 'Dubai situation' - MENA stock specific thoughts This one on equities.. From: Christian A Kern Sent: Sunday, November 29, 2009 11:03 PM To: GEMS EQUITY CHAT; EURO LOOP; Asia ex Chat Subject: MENA Update : 'Dubai situation' - MENA stock specific thoughts J.P.Morgan MENA Equity Research MENA Update: 'Dubai situation' - MENA stock specific thoughts Click here for the fidl Report and disclaimers. We highlight our MENA stock specific thoughts on the back of the 'Dubai situation 'I ahead of the opening of the Dubai equity markets post the four-day Eid holiday. The 'Dubai situation' might take another turn before market open as media reports suggest the Central Bank of the U.A.E. might announce that it will guarantee Dubai World's debt (Zawya Dow Jones, 29 Nov- 09). M either scenario, we believe there is a risk that our preferred MENA names despite little exposure to Dubai could come under pressure in a potentially undifferentiated profit taking in the regional equity markets — foreign ownership in Dubai- listed stocks is around 15%. In our view this could create buying opportunities in our preferred MENA names: First Gulf Bank (FGB), National Bank of Abu Dhabi (7VBAD), Aldar Properties (Aldar), Sorouh Real Estate (Sorouh), Qatar Telecom (Qtel), Saudi Telecom Company (STC) and Saudi Basic Industries Corporation (SABIC). EFTA00767163 • MENA financials: Preferred names - RIB and NBAD • MENA property: Preferred names — Aldar and Sorouh • MENA telecoms: Preferred names - Qtel and STC • MENA petrochemicals: Preferred name — SABIC Christian Kern Alex Corner Naresh Bilandani Muneeza Hasan Ran in Sharma If you no longer wish to receive these c-nulls then click here to unsubscribe www.morganmarkets.com Analyst certification: I certify that: (1) all of the views expressed in this research accurately reflect my personal views about any and all of the subject securities or issuers; and (2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed herein. Important disclosures, including price charts, related to the companies recommended in this report are available in the PDF attachment, through the search function on J.P. Morgan's website hups://mmjpinorgan.com/disclosureskompany, or by calling this toll free number (1-800-477-0406). J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. J.P. Morgan Securities Ltd. Registered in England & Wales No. 2711006. Registered Office 125 London Wall, London, EC2Y 5AJ. All authorised and regulated by the Financial Services Authority. Confidentiality and Security Notice: This transmission may contain information that is privileged, confidential, legally privileged, and/or exempt from disclosure under applicable law. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or use of the information contained herein (including any reliance thereon) is STRICTLY PROHIBITED. Although this transmission and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by JPMorgan Chase & Co., its subsidiaries and affiliates, as applicable, for any loss or damage arising in any way from its use. If you received this transmission in error, please immediately contact the sender and destroy the material in its entirety, whether in electronic or hard copy format. EFTA00767164