GCC Fixed Income Weekly - Gulf Investment Corporation

This document is confidential and is being supplied to you solely for your information and may not be reproduced or redistributed, in whole or inpart, directly or indirectly, to any other person.This document does not constitute or form part of an offer to subscribe for or purchase, or an invitation or solicitation of an offer to subscribefor or purchase, any securities, nor shall it, or any part of it, form the basis of, or be relied on in connection with, any contract or commitmentwhatsoever. If any of the companies identified herein should at any time commence an offer of securities, any decision to invest in any suchoffer to subscribe for or acquire any such securities must be based wholly on the information contained in a prospectus and any supplementaryprospectus issued or to be issued in connection with any such offer and not on the contents of this document.This document has been prepared by Gulf Investment Corporation to provide background information about the relevant industry. Any forwardlookingstatements, opinions and expectations contained herein are entirely those of Gulf Investment Corporation as part of its internal researchcoverage and no other person shall be liable for any loss arising from use of this document or otherwise arising in connection therewith.This document does not purport to be a complete description of the matters referred to in the document. The information on which thisdocument is based has been obtained from sources which Gulf Investment Corporation believes to be reliable, but Gulf Investment Corporationhas not independently verified such information. 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 suchinformation or opinions. The information and views given in this document are current as at the date of this document, and are subject tochange without notice.There can be no assurance that actual results will not differ materially from those set out in any forward‐looking statements contained in thisdocument or that future result or events will be consistent with any opinions, estimates, projections or forecasts contained in this document.The analysis contained in this document is based on numerous assumptions. Different assumptions could result in materially different results.Investments in emerging markets are speculative and considerably more volatile than investments in established markets. Some of the mainrisks are political risks, economic risks, credit risks, and market risks. Opinions expressed in this document may differ from those expressed byother divisions of Gulf Investment Corporation as a result of using different assumptions or criteria. Some investments may not be readilyrealisable if the market in the securities is illiquid and valuing the investment and identifying the risk to which you are exposed may be difficult toquantify. Futures and options trading is considered risky. Past performance of an investment is no guarantee for its future performance. Someinvestments may be subject to sudden and large falls in value and on realisation you may receive back less than you invested or be required topay more. Changes in foreign exchange rates may have an adverse effect on the price, value or income of an investment. Of necessity, thisdocument does not take into account your particular investment objectives, financial situation or needs. If you need advice tailored to yourspecific circumstances, we recommend that you seek separate financial and/or tax advice on the financial, legal, regulatory, credit, tax,accounting and other implications of investing in any securities referred to in this document. Neither Gulf Investment Corporation nor any of itsmembers, directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use ofthis document or its contents or otherwise arising in connection therewith. Gulf Investment Corporation may at present hold or in the futureparticipate in an offering of securities described in this document or provide advisory or other services to the issuer of the relevant securities orto an entity connected with such issuer.No action has been taken or will be taken that would permit a public offering of any securities described herein in any jurisdiction in which actionfor that purpose is required. No offers, sales, resales or delivery of any securities described herein or distribution of any offering material relatingto any such securities may be made in or from any jurisdiction except in circumstances which will result in compliance with any applicable lawsand regulations and which will not impose any obligation on Gulf Investment Corporation or any of its affiliates.Neither this document, in whole or in part, nor any copy of it may be taken or transmitted into the United States, Canada, Japan or Australia ordistributed, directly or indirectly, in the United States or to any U.S. person (as defined in Regulation S under the U.S. Securities Act of 1933, asamended) or distributed or redistributed in Canada, Japan or Australia or to any resident thereof. Any failure to comply with these restrictionsmay constitute a violation of the securities laws of the United States, Canada, Japan or Australia.To the extent that this document is distributed in the U.K., the U.K. recipients acknowledge and agree that they are (i) persons who haveprofessional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (FinancialPromotion) Order 2005 (the Order) or (ii) persons falling within Article 49(2)(a) to (d) (high net worth entities) of the Order or (iii) persons whoare intermediate customers under Chapter 4 of the Conduct of Business Rules of the U.K. Financial Services Authority (all such persons togetherbeing referred to as relevant persons). This document is directed only at relevant persons and other persons should not act or rely on thisdocument or any of its contents.The distribution of this document in other jurisdictions may be restricted by law, and persons into whose possession this document comesshould inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation ofthe laws of such other jurisdiction.By accepting this document you agree to be bound by the foregoing limitations, instructions and restrictions.Copyright © 2013 Gulf Investment Corporation. All rights reserved.