2015-01-25 CapTrade Gulf Airlines Subsidies Report

Evidence of Actionable Government Subsidies
Received by Etihad Airways, Qatar Airways, and Emirates Airline
January 25, 2015
Charles L. Anderson
Privileged and Confidential
Table of Contents
I.
Introduction ...................................................................................................................... 1
II.
Summary of Findings ....................................................................................................... 2

a.
Etihad Airways .......................................................................................................................... 3
b.
Qatar Airways............................................................................................................................ 4
c.
Emirates Airlines ....................................................................................................................... 5
d.
Designation of Air Transport Sectors as Strategic Industries.................................................... 6
III.
Methods Used to Identify and Quantify Actionable Subsidies ........................................ 7
a.
Reason for Applying World Trade Subsidy Analysis ............................................................... 7
b.
The Three Part Test for Identifying Actionable Subsidies ........................................................ 8
c.
Basic Principle of Subsidy Quantification ................................................................................ 8
IV. Etihad Airways............................................................................................................... 11

a.
Introduction ............................................................................................................................. 11
b.
A Note on Sources for Etihad.................................................................................................. 12
c.
Equity Infusions ...................................................................................................................... 13
d.
Shareholder Loans ................................................................................................................... 25
e.
Debt Forgiveness ..................................................................................................................... 30
f.
Government Grants ................................................................................................................. 34
g.
Government Assumption of Promotional Sponsorship Costs ................................................. 35
h.
Exemption from Indirect Airport Taxes .................................................................................. 37
i.
Purchases of Goods and Services For Less than Adequate Remuneration ............................. 38
j.
Tax and Import Duty Exemptions ........................................................................................... 41
k.
Etihad Future Capital Commitments ....................................................................................... 42
V.
Qatar Airways ................................................................................................................ 44
a.
Introduction ............................................................................................................................. 44
b.
A Note on Sources for Qatar ................................................................................................... 44
c.
Shareholder Loans through 2008............................................................................................. 46
d.
Debt Forgiveness ..................................................................................................................... 52
e.
Grants and Non-monetary Contributions ................................................................................ 55

i
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 Dubais 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

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

1
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$
Govt Equity Infusions
Govt Loans at Preferential Rates
Govt Loan Guarantees
Debt Forgiveness/Fuel Hedging
Grants
Provision of Airport Terminal
Facilities for LTAR
Provision of Other Goods and
Services for LTAR*
Passenger Fee Exemptions and
Credits
Provision of Airport Revenues
Assumption of Promotional
Expenses
Total Received
Additional Subsidies Committed
*Less than adequate remuneration
Etihad
6,291
1,375
Qatar
1,392
Combined
6,291
1,993
6,809
14,781
133
1,104
452
1,855
2,307
616
871
1,988
618
6,809
7,756
22
4,630
111
501
Emirates
2,395
215
155
640
640
13,548
4,172
16,488

2
6,513
36,550
4,172
The three airlines also have been the beneficiary of bans on labor unions, resulting in an
estimated savings in labor costs of $3.1 billion between 2004 and 20132. In addition, during this
time period, Emirates has benefited from as much as $4.6 billion in UAE income tax
exemptions3. A brief summary of the benefits receive by each of the three airlines follows:
a. Etihad Airways
Since 2004, Etihad has received $13.5 billion in actionable subsidies, in the following forms:
Government Equity Infusions: $ 6.3 billion in equity infusions made on noncommercial terms between 2007 through 2013.
Government Interest-Free Loans: $1.4 billion in avoided interest.
Debt Forgiveness: $ 4.6 billion in interest-free government loans that have been made
for which there is no reasonable expectation of repayment.
Grants: $111 million in outright, non-repayable grants.
Exemptions from Airport Taxes: $501 million attributable to the governments
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
Labor benefit calculations are included in Appendix 1 to this report.

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

3
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 Etihads 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
governments 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.

4
Notwithstanding its weak performance record, Qatar Airways, too, has committed to capital
expenditures of almost $40 billion, which strongly portends the need for additional government
assistance in the future.
c. Emirates Airlines
We conclude that between 2004 and 2014, Emirates has received at least $6.5 billion in
actionable subsidies, in the following forms:
Debt Forgiveness in the Form of Government Assumption of Fuel Hedging Contract
Obligations: an estimated $2.4 billion in costs avoided by virtue of the governmentowned parent companys 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 governments
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 governments goal of
obtaining a major share of global international travel services.

5
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
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.

6
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.

7
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 Organizations
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

8
investor7. The principle behind the use of a private actor standard to quantify subsidies is that it
captures the magnitude of the distortion in markets created by selective government
intervention8. In the few cases where there is no known private sector benchmark for a particular
program, following standard international subsidy conventions, we rely on a cost-to-thegovernment standard.
As set forth in the next three sections of this report covering Etihad, Qatar Airways, and
Emirates, the Gulf state governments have repeatedly provided massive financial contributions to
their flag carriers on terms that would not have been available to their national flag carriers in
commercial markets. Each of the three airlines has received billions of dollars in government
benefits that constitute actionable subsidies under international trade law.
* * * * *
We do not believe that the estimates provided in this report encompass all of the subsidies
received by the Gulf state airlines. The almost complete lack of official government reports that
identify and quantify support provided to the airlines and their supporting industries make it
impossible to conduct a full subsidy review using public sources alone. The details of off-thebook government support, such as the reported Abu Dhabi payment of Etihad corporate
sponsorship fees, or Dubais 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?

9
public view. Further complicating this subsidy analysis is the fact that each of the three stateowned Gulf airlines is part of a larger state- owned air transport ecosystem. The web of
interlocking business relationships and related party transactions among airlines, airport
authorities, aviation fuel providers, catering companies, leasing companies, duty free shops,
repair and maintenance operations, and other support services represents a major obstacle to a
complete subsidies analysis for each of the three airlines. In addition, complete sets of financial
statements for the airlines and all of the related party providers of goods and services, including
standard disclosures on related party transactions, are not available. Despite major gaps in the
public record, the information available demonstrates the breathtaking level of government
subsidies that benefit the three Gulf airlines.

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IV.
Etihad Airways
a. Introduction
Etihad, which commenced operations in 2003, is the youngest of the three Gulf carriers that
are the subject of this report. Since Etihads inception, the Government of Abu Dhabi has
supplied almost all of the airlines capital needs. In the company financial statements, direct
government capital injections into the state-owned airline have been labelled as share capital
increases and loans from the shareholder. Notwithstanding these generous government cash
infusions, Etihad, as shown in Table 2 below, has incurred massive operating losses in almost
every year of its existence9:
Table 2: Etihad Financial Results
Thousand US$
2004
Revenue
86,247
2005
2006
2007
2008
2009
2010
2011
2012
2013
291,114
784,604
1,525,846
2,453,533
2,274,585
2,972,290
3,827,043
4,304,000
4,933,000
Net Income Accumulated Losses

Source
(108,375)
(108,375)
2005 F/S at 4-5*
(220,720)
(699,403)
(638,339)
(610,890)
(925,225)
(462,014)
(82,676)
(67,000)
(684,000)
(329,095)
(1,028,431)
(1,666,770)
(2,280,684)
(3,247,428)
(3,841,661)
(3,827,938)
(3,788,000)
(4,487,000)
2005 F/S at 4-5*

2007 F/S at 2-3
2007 F/S at 2-3
2008 F/S at 2-3
2009 F/S at 2&4
2010 F/S at 2&4
2011 F/S at 2&4
2012 F/S at 2&4
2013 F/S at 2&4
* 2004 and 2005 values converted at AED 3.67325 per US$ as shown in Exhibit 1.
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 Etihads 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.

11
Indeed, Etihads 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 airlines 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 Etihads financial statements for 2008 through 2011, Note 2.b. and the auditors opinion in
Etihads 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.

12
Another important source of information for Etihad is a leaked 2010 Booz Allen PowerPoint
report on Etihad financing strategies.13 Because the Booz Allen PowerPoint appears to have
been prepared for the Crown Ruler of Abu Dhabi, we have assumed that the financial data and
other information presented therein are accurate and are derived from actual Etihad data.
c. Equity Infusions
Over the past decade, the Government of Abu Dhabi has disbursed or committed over $10
billion in direct subsidies to Etihad in the form of equity infusions. Table 3 below lists equity
infusions received by Etihad as of the end of March 2014, and additional capital that has been
committed by government but not disbursed:
Table 3: Government Equity Commitments and Infusions
Thousand US$
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2004-2014 Total
2007-2014 Total
Equity/Capital
Infusions Committed
54,436
81,655
1,238,977
5,272,841
3,504,000
10,151,909
10,015,818
Equity Infusions
Disbursed
54,436
81,655
1,238,977
575,845
330,765
1,247,842
438,672
1,242,000
1,217,000
Unknown
6,427,192
6,291,101
Source
2005 F/S, Note 18
2005 F/S, Note 18
2007 F/S, Note 16
2007 F/S, Note 16
2008 F/S, Note 21
2009 F/S, Note 20
2010 F/S, Note 20
2011 F/S, Note 22
2012 F/S, Note 22
2013 F/S, Note 18.1
2013 F/S, Note 2.1
Between 2004 and 2013, Abu Dhabi provided Etihad with equity infusions of $6.4 billion.
As of the end of 2013, the government had committed to provide Etihad with an additional $3.5
13
This report can be found on the internet at

http://images.smh.com.au/file/2014/05/22/5445995/etihad.pdf?rand=1400723164129 (last visited 14 Jan 2015).

13
billion in capital in an unspecified form sometime in the future14. During this time period,
Etihad received no equity infusions from private investors: 100 percent of its shares continue to
be held by the state.
Equity infusions are included among the types of financial contributions that can constitute
subsidies under the SCM Agreement and the U.S. countervailing duty law.15 Article 14(a) of the
SCM Agreement lays out the standard for determining whether or not a government equity
infusion confers a benefit:
[G]overnment provision of equity capital shall not be considered as conferring a benefit,
unless the investment decision can be regarded as inconsistent with the usual investment
practice (including for the provision of risk capital) of private investors in the territory of
that Member.
Mirror language for identifying actionable equity infusions appears in the U.S. implementing
regulations for Title VII16.
In cases such as this, where there is no private commercial investor benchmark, then under
WTO and U.S. subsidy rules the investigating authority determines if the company was
equityworthy, i.e., whether a private investor examining the firm at the time of the equity
infusion would have concluded that the firm was likely to generate a reasonable rate of return
within a reasonable period of time17. Under international trade law, the private investor standard
is that of a potential investor who must decide among the alternative investment choices in that
country if the purchase of equity at the stated terms is reasonable. In making this determination,
14
15
16
17
See: Etihad 2013 financial statement, Note 2.1 at 9.

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

14
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 companys balance
sheet, thus enabling the company to raise additional capital and purchase fixed assets from other
suppliers on better terms than it otherwise would have been able to obtain.
18
19
19 CFR 351.507(a)(4)(A).
19 CFR 351.507(a)(6).

15
iii.
Specificity
There is no evidence that the governments 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

16
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, Etihads 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 airlines 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.

17
2. Assessment of Etihads 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 Etihads 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 0.46indicating 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

18
These extremely poor financial ratios by themselves provide substantial evidence that the
Government of Abu Dhabis 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 Etihads 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 Etihads 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 firms 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 Etihads
liquidity position in the years between 2008 and 2013, the bulk of the improvement in Etihads
ratios was a mirage generated largely by the continuing government capital injections, as well as
the reclassification starting in 2010 of Etihads 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).

19
positive debt to equity and equity to total assets ratio beginning in 2010. Without this accounting
reclassification, Etihads 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 firms
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 Etihads 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 Etihads 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 Company28. We
have not been able to find this company in any of the standard financial reporting services data.
However, the entire $700 million sales price is listed under related party transactions, meaning
26
27
28
Etihad 2013 financial statement, at 2 and Note 6 at 31; Note 13.4(e) at 39; Note 22(a) at 47.
See Etihad 2013 financial statements, Note 22(b) at 48.
Id., at Note 13.4(e) at 39.

20
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 Etihads 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 Etihads financial results to remove the questionable sale of its loyalty awards
progam and adding in its share of the losses of its affiliated airlines, Etihads 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 firms sole shareholder, the Government of
Abu Dhabi.
Over this same time period, for UAE businesses, as shown in Exhibit 4, the average return
on equity over this time period was 8.7 percent. As another point of comparison, as shown in
Exhibit 3 the median return on equity for similar airlines was over 5 percent, with the mean
return on equity exceeding 10 percent if one excludes the global financial crisis year of 2008.
29
Id., at Note 22(a) at 47.

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

21
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 worlds airline industry in this time period would not
have been a factor favoring a commitment of a stream of substantial start-up capital extended
over many years.
However, even in a declining market, there can be successful start-ups that identify a niche
that is not being served, or a business model that is superior to those on offer from existing
suppliers. In the first decade of the 21st century, private investors considering an investment into
a start-up Middle Eastern long haul carrier would have taken into account the fact that Etihad
was pursuing a very specific airline business model (a Middle East-based international carrier
focused on long haul routes using wide body aircraft) already being pursued by two other major
31
See, e.g., Pricewaterhousecoopers, Aviation finance: Fasten your seatbelts, January 2013, at 14, available
at http://www.pwc.com/gx/en/aerospace-defence-and-security/publications/aviation-finance-fasten-yourseatbelts.jhtml (last visited 14 Jan 2015). From a position of modest profitability in 2000, the global commercial
airline industry swung to losses in excess of 5 billion from 2001 through 2004. Global industry losses continued
through 2005.

22
state-backed entities Emirates and Qatar Airways. Emirates is based less than 130 kilometers
from Etihads 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.

23
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 concern38.
For all of the reasons cited above, we find that Etihad was unequityworthy from 2007
onwards. Accordingly, the Government of Abu Dhabis 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 Commerces 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 Etihads 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.

24
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 Etihads 2013 fiscal year. Finally, at the beginning of 2014, the Government of Abu
Dhabi committed an additional $3.5 billion in future capital infusions, the precise form not being
disclosed. For purposes of this report, we are classifying these additional capital infusions as
equity.
d. Shareholder Loans
At the same time that it was making massive equity injections into Etihad, the Government of
Dubai was also providing its airline with substantial loans. Article 14 (b) of the SCM Agreement
establishes criteria for determining whether government loans confer a benefit on the recipient:
[A] loan by a government shall not be considered as conferring a benefit, unless there is
a difference between the amount that the firm receiving the loan pays on the government
loan and the amount the firm would pay on a comparable commercial loan which the
firm could actually obtain on the market. In this case the benefit shall be the difference
between these two amounts.
The government loans to Etihad were interest free, and came with very lengthy and even
indefinite grace periods before commencement of repayment. The government reportedly
required no performance covenants and allowed its loans to be subordinate to all other Etihad
financial obligations40. On their face, these generous terms are inconsistent with commercial
39
40
19 CFR 351.507(a)(6).
See, e.g., Etihad 2008 financial statement, Note 23 at 27.

25
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 creditors assessment of the borrowers level of risk of default, or the companys
creditworthiness at the time the loan is made42. Thus, the benchmark interest rate is the rate
that a company of comparable creditworthiness could expect to pay to a domestic commercial
lender. If a company is deemed uncreditworthy, a private investor will require an interest rate
that incorporates a sizeable risk premium43.
i.
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 Dhabis loans to Etihad
constitute financial contributions.
41
771(5)(E)(ii); 19 CFR 351.505(a)(1).

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

26
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 governments interest free loans to Etihad were anything other
than stand-alone financial contributions to a particular enterprise considered to be part of a
strategic industry. As explained in Section IV.c.iii above, such stand-alone contributions to
specific enterprises meet the specificity requirement. In addition, as noted in Section II above,
ample information exists that the Government of Abu Dhabi considered airlines to be a
strategic industry, and therefore targeted companies within this industry for substantial
support. Benefits that are limited to industries that are deemed strategic meet the condition of
specificity under U.S. countervailing duty law.
iv.

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 Etihads performance in 2004 and
2005 is available, we have no data to rely upon to determine the airlines 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).

27
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 Etihads equityworthiness is also relevant to the assessment of its creditworthiness. In
particular, and as shown in Exhibit 1, Etihads 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.

28
Also relevant to the Etihad creditworthiness analysis is the virtual absence of any nongovernment commercial long-term loans doing this period47, as well as the repeated statements
indicating that the companys ability to be rated a going concern was dependent on explicit
government statements of financial support. Etihads 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 companys 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 to49. Under IFRS
accounting rules (the basis for preparing Etihads 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.

29
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 Moodys bond ratings), whereas
Etihads 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
Etihads 2010 financial statement. In its 2009 financial statement Etihad described its loans from
its shareholder as repayable in 20 installments beginning in 202754. In its 2010 financial
statement, the fixed repayment schedule disappeared from the note and was replaced with the
52
19 CFR 505(a)(3)(iii).
The near certainty of default is based on the reliance on expressions of additional government support in
order to classify Etihad as a going concern. The implication of the auditors statements is that, without
government support, Etihad would go bankrupt sometime in the foreseeable future.
54
See Etihad 2009 financial statement, Note 22, at 29.
53

30
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 future55; 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 companys
financial statements for 2011, 2012, and 201356.
Under the methodology used by the U.S. Department of Commerce for valuing benefits from
debt (which has been upheld by the WTO), loans which have been restructured give rise to a new
subsidy as of the date of restructuring. If there is no foreseeable repayment date, such loans are
55
See Etihad 2010 financial statement, Note 22, at 30.

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

31
treated as debt forgiveness at the time of restructuring57. Thus, from 2010 onwards, we have
treated all Government of Qatar shareholder loans or advances as forgiveness of debt58.
i.
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 recipients 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 Peoples 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 Departments regulations regarding loans and debt
forgiveness, at the point when there is no reasonable expectation that a loan will be repaid, the Department may find
that the loan is forgiven and treat the forgiven amount as a grant at the point of loan forgiveness. See also, Japan
Countervailing Duties on Dynamic Random Access Memories from Korea, World Trade Organization, Report of
the Panel, WT/DS336/R (13 July 2007), paras 7.442; See, also, Issues and Decision Memorandum for the Final
Determination in the Countervailing Duty Investigation of Dynamic Random Access Memory Semiconductors from
the Republic of Korea (June 16, 2013) at 22; available at: http://enforcement.trade.gov/frn/summary/korea-south/0315793-1.pdf (last visited 14 Jan 2015).
58
We note that even if we were to consider these financial instruments as loans to a creditworthy company,
repayable beginning in 2027 in 20 equal installments, the net present of the interest forgiveness would be $6.4
billion, which is higher than the face value of the loans that is being used to quantify the subsidy) based on our
estimates. See Exhibit 8. The high net present value of these shareholder loans is a function three variables: 1) zero
interest; 2) the incredibly generous grace period before initial payment and long repayment periods, together
extending as long as 42 years, and 3) the risk premium a private lender would require for extending a loan with such
generous repayment terms to an airline. For purposes of this analysis, we used a discount rate of 9 percent, which is
conservative given the level of risk. These calculations show that, even if the principal were full repaid 30 years
from now, the time value of the money received under this program is substantial.

32
There is no evidence that the governments forgiveness of loans to Etihad were anything
other than stand-alone financial contributions to a particular enterprise. As explained in Section
IV.c.iii above, such stand-alone contributions to specific enterprises meet the specificity
requirement. In addition, as noted in Section II above, ample information exists that the
Government of Abu Dhabi considered airlines to be a strategic industry, and therefore targeted
companies within this industry for substantial support. Benefits that are limited to industries that
are deemed strategic meet the condition of specificity under U.S. countervailing duty law.
iv.
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

33
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 World60.
i.
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 recipients
balance sheet and enable the company to raise additional capital from other sources.
iii.
Specificity
There is no evidence that the governments 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.

34
support. Benefits that are limited to industries that are deemed strategic meet the condition of
specificity under U.S. countervailing duty law.
iv.
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

35
adequacy of remuneration shall be determined in relation to prevailing market conditions

for the good or service in question in the country of provision or purchase (including
price, quality, availability, marketability, transportation and other conditions of purchase
or sale).
i.
The Executive Councils 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 recipients balance sheet and
enables the company to raise additional capital from other sources.
iii.
Specificity
There is no evidence that the governments 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.

36
iv.
The total value of the subsidy is the cost assumed by the government for the sponsorship,
$640 million.
h. Exemption from Indirect Airport Taxes
Etihads home hub, Abu Dhabi International Airport (AUH), charges (including security
fees) are $21.78 per local departing passenger62. However, connecting passengers are exempt
from passenger fees63. Outside of the Gulf States that are the subject of this study, the universal
exemption from passenger fees for connecting passengers (at airports that charge fees for other
passengers) is highly unusual64. Even if connecting passengers are not making full use of arrival
or departure facilities, they nevertheless use airport facilities and services, including runways and
terminals, security, control tower and baggage handling, as well as requiring the airport to
operate larger terminal facilities, including passenger holding areas. Thus, connecting passenger
fees are an important source of revenues used by airport authorities throughout the world to pay
for facilities and services.
i.
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.

37
ii.
Benefit
Since airlines are responsible for paying the passenger fees, an airline will receive a benefit
in the form of tax payments to the government.
iii.
Specificity
Although all airlines using AUH to connect passengers benefit from this fee exemption, the
exemption is de facto specific to Etihad because Etihad accounts for 88 percent of all connecting
passengers at AUH65.
iv.
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, Etihads financial statements have stated for many years that the company
purchases goods and services from other government-owned or controlled suppliers. Among the
65
66
67
Id., Appendix C, at vi.

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

38
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
Etihads hub. Etihads 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 auditors 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.

39
principles for consolidating the results of affiliated parties71. The results of Etihads 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 arms 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 Etihads 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 Etihads 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 Etihads financial statements state explicitly that Etihad purchases from
71
See, e.g., Etihad 2013 financial statement, Note 2.4, at 10.

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

40
government-owned infrastructure-related entities on an arms 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 rates76. The
absence of a clear arms length pronouncement makes it difficult to assess whether the
company is receiving additional government benefits in the form of purchases for less than arms
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-arms 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.

41
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, Etihads 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 Etihads financial obligations. In sum, if Etihad persists in its pursuit of aggressive
77
78
79
Amiri decree establishing Etihad Law No. 1 of 2003.

See Exhibit 11.
See Etihad 2013 financial statement, Note 24 at 49.

42
growth, its need for government support will continue and likely increase from the already
substantial level provided to date.

43
V.
Qatar Airways
a. Introduction
Throughout its existence, Qatar Airways has relied primarily on the government for its
substantial capital needs, The Qatari government has provided its airline with support primarily
in the forms of 1) interest free loans with no repayment obligations; 2) cash injections that
effectively were grants; 3) guarantees on loans provided by third parties; 4) land at no cost; 5)
exemptions from, and rebates of, indirect airport taxes; and 5) conferral of significant streams of
revenue from non-airline related activities, including airport operations and alcohol sales and
distribution. As shown in Exhibit 12, notwithstanding massive government support, Qatar
Airways has reported either marginal profits or operating losses since 2004.
Like Etihad, Qatar Airways has received explicit statements of government support,
including an open-ended government commitment to fund Qatar Airways 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, Qatars 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.

44
company financial statement. These financial statements are available to the public and in
some cases include notes. From these jurisdictions, we have been able to obtain versions of
Qatar Airways financial statements for every year between 1995 and 2014.
For the years 1996 through 2006 and 2010 through 2013, Qatar Airways has not submitted
the official audited financial statements to these jurisdictions, but instead has filed speciallyprepared financial statement summaries81. These financial statement summaries do not
contain all of the information disclosed in typical official audited financial statements82. As
discussed in more detail below, particularly with respect to those for the most recent years83, the
decision on what to exclude from the financial statement summaries appears to have been
motivated at least in part by a desire not to disclose government subsidies84.
The copy of the Qatar Airways 2014 financials used to prepare this report does appear to be
the official audited version and contains detailed notes, auditors opinion, and required
disclosures.
Notwithstanding these gaps in the record, the financials we have reviewed contain a wealth
of information on the types and magnitude of support provided by the government on Qatar
Airways over the past 17 years. In particular, the financial statements for the years 2007 through
81
A summary of the Qatar Airways financials used in this study is included at Exhibit 13.
See, e.g., the statement in the Auditors 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 Auditors Reports for the Summary statements for 2010 through 2013 are all dated August 26, 2014.
84
Missing from the Summary financial statements are disclosures on the terms of the shareholder
loans/advances, grants, and detailed notes on other sources of revenue that have been directed to Qatar Airways by
the government, including revenues from airport operations, alcohol distribution, and tax credits.
82

45
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 arms 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, Qatars CEO Akbar Al Baker stated that I never borrow from the state,
the state does not subsidize the airline.87 An analysis of the Qatar Airways financials,
85
See, e.g., Qatar Airways 2012 financial statement at Note 14, at 27; Note 23 at 30.
Id., Note 3.3 at 11.
87
See Total Control: Interview with Qatar Airways Akbar Al Baker, Flight International (Mar. 2006).
Similarly, in a November 2011 speech, Al Baker described the allegation that Qatar is subsidized as crap and
asserted that:
86
There is a level playing field; we operate as a business the same way they operate as a business, he
told Arabian Business in May. I know they [European airlines] are always crying wolf that Gulf carriers are
subsidised by the state. Subsidised no, but supported yes.

46
however, shows that Qatar Airways has been borrowing heavily from the state on clearly
subsidized terms for many years.
Qatar Airways financial statements show that, in most years since 1998, the Government of
Qatar provided its flag carrier with some form of debt financing, either classified upon
disbursement as either loans or shareholder advances. As shown in Table 5, between 1998 and
2008, Qatar Airways received $1.517 billion in cash that was classified originally as shareholder
loans:
Table 5: Shareholder Loans Received, 1998 to 2009
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Total
Amount (US$)
19,230,769
19,009,066
36,171,703
39,455,769
9,718,407
54,733,516
595,911,813
742,303,022
1,516,534,065
Source
1998 F/S at 2
2000 F/S at 2
2001 F/S at 2
2002 F/S at 3
2003 F/S at 3
2004 F/S at 3
2007 F/S at 4
2008 F/S at 4
Note 22 of the airlines 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).

47
terms, and further stated that management believes that the loan will have to be repaid when
sufficient funds are available for settlement. In the following year (2009), the relevant note
(number 23) stated that the outstanding government loan balance had been reported under the
equity section of the balance sheet, as the settlement of these obligations is neither planned nor
likely to occur in the foreseeable future. Thus, consistent with their treatment by Qatar Airways
(which has been blessed by their auditors), we treated these capital contributions as loans
through 2008.
i.
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 Governments 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 Qatars 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

48
iv.

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 2008indicating that the firm was unsurprisingly short of liquid funds to
cover upcoming obligations in each of these years.
49
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 Airways financial ratios show some improvement in the later
years under consideration (2011 and after). However, much of that improvement is misleading,
as it is the result of the reclassification of shareholder loans to equity (discussed in Section V.d.
below), as well as substantial government cash infusions through other mechanisms (discussed in
Sections V.i. and V.j. below). In every year since 2000 at least, it appears that the Qatari
government has kept its commitment to provide sufficient funds for Qatar Airways to continue
operations through a number of revenue streams that total in the multiple millions of dollars,
including receipts from airport operations and alcohol sales. If those revenue streams from noncore operations were excluded, Qatar Airways financial performance and specifically, its cashbased financial metrics would be much worse90.
Other factors informing our creditworthiness analysis included the virtual absence of any
non-government-guaranteed commercial long-term loans doing this period, as well as the
auditors repeated statements that the companys ability to be rated a going concern was
dependent on explicit and unlimited government guarantees to make funds available to the
88
See Exhibit 3 for comparable airline company data.

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

50
Company to allow it to meet its liabilities as they fall due. For example, the 2009 Qatar
financial statement contains the following passage91:
This statement (or one very similar to it) appears in all of the Qatar Airways financial
statements from 1996 through 2013. Like Etihad, Qatar Airways in recent years has prepared its
financials in accordance with IFRS. These accounting standards do not allow a going concern
finding if there is significant doubt that the company will cease operating sometime within the
following twelve months92. In light of these factors, we find that Qatar Airways was
uncreditworthy between 1998 and 201093. Accordingly, to calculate the interest rate benefit for
loans to an uncreditworthy company, we used the standard U.S. Department of Commerce
91
Qatar Airways 2009 financial statement, Note 2, at 9.

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

51
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 companys assets or results, as the Government of Qatar was the companys 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.

52
premium arising from conversion of shareholder advances.95 Thus, there is no doubt that in
2011, the 1996 through 2010 shareholder advances were re-characterized as not likely to be
repaid any time in the foreseeable future. At that point, any prior fixed repayment obligations
associated with the shareholder loans disappeared. Even as late as the end of 2014, the pre 2011
shareholder advances continued to be classified somewhere between debt and equity, obligating
Qatar Airways to pay neither dividends nor interest, nor return any of the principal96.
Additional government cash infusions received between fiscal years 2011 through 2014
continued to be described in the summary financials as shareholder advances. Sometime
before the end of 2014, the 2011-14 shareholder advances, were converted to equity, and new
shares were issued97. Therefore, we have treated all infusion of shareholder advances from 2009
through 2014 as debt forgiveness, as any repayment obligations either disappeared or never
existed, and no additional equity shares were issued at the time of disbursement98.
i.
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.

53
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 recipients balance sheet and enables the company to raise
additional capital from other sources.
iii.
Specificity
There is no evidence that the governments forgiveness of its loans to Qatar Airways were
anything other than stand-alone decisions with respect to a particular company. As explained in
Section IV.c.iii. above, such stand-alone contributions to companies deemed strategic by the
government meet the specificity requirement. In addition, as noted in Section II above, ample
information exists that the Government of Qatar considered airlines to be a strategic industry,
and therefore targeted companies within this industry for substantial support. Benefits that are
limited to industries that are deemed strategic meet the condition of specificity under U.S.
countervailing duty law.
iv.
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

54
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 incentives100.
i.
Grants are a direct transfers of funds, and are identified as such in Article 1.1(a)(1)(i) of the
SCM Agreement and section 771(5)(D)(i) of Title VII. Accordingly, the $719 million grant
constituted a financial contribution.
99
See Table 5 above, showing total shareholder loan disbursements prior to 2004 of $123.6 million.
See Qatar Airways 2014 financial statement, Note 6, at 28 (sum of current and prior year amounts of QR
40,316,000 and QR39,842,000, respectively converted at QR3.64 to the dollar). These contributions may have been
received in prior years as well; however, the prior year financials do not contain as much detail.
100

55
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
recipients balance sheet and enables the company to raise additional capital from other sources.
iii.
Specificity
There is no evidence that the governments grant and non-monetary contributions to Qatar
Airways were anything other than stand-alone contributions to a specific enterprise. As
explained in Section IV.c.iii above, such stand-alone contributions to specific enterprises meet
the specificity requirement. In addition, as noted in Section II above, ample information exists
that the Government of Qatar considered airlines to be a strategic industry, and therefore
targeted companies within this industry for substantial support. Benefits that are limited to
industries that are deemed strategic meet the condition of specificity under U.S. countervailing
duty law.
iv.
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:

56
Table 7: Non-Qatari Government Term Loans Obtained by Qatar Airways

Year
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Total
Loans Received $ Million

$6.12
$3.26
$8.55
$75.01
$179.33
$528.97
$493.72
$449.88
$817.02
$2,058.66
$1,339.71
$1,397.50
$319.74
$7,677.46
Source
1998 F/S at 4
1999 F/S at 4
2000 F/S at 4
2001 F/S at 4
2002 F/S at 4
2003 F/S at 4
2004 F/S at 4
2005 F/S at 4
2006 F/S at 4
2007 F/S at 4-5
2008 F/S at 4-5
2009 F/S at 4-5
2010 F/S at 4-5
In every year since 1998, the Government of Qatar has explicitly or implicitly guaranteed
term loans received by its flag carrier. Qatar Airways 2007 financial statement was the first
time that the airlines 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 companys 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

57
The Government of Qatar secured $4.86 billion in Qatar Airways loans as of December
2008, according to its bond offering dated 3 April 2009102. As of March 2009, Qatar
Airways balance sheet listed $4.65 billion in term loans103.
The Government of Qatar secured $4.95 billion in Qatar Airways loans as of March
2010, according to its bond offerings dated 31March 2010 and 30 November 2010104. As
of March 2010, Qatar Airways balance sheet listed $5.04 billion in term loans105.
The Government of Qatar secured $3.74 billion in Qatar Airways loans as of March
2012, according to its bond offering dated 16 July 2012106. As of March 2012, Qatar
Airways balance sheet listed $3.95 billion in term loans107.
In addition, even if some of the term loans listed on the Qatar Airways balance sheet are not
explicitly guaranteed by the Government of Qatar, the debt is implicitly guaranteed by the
going concern commitments laid out elsewhere in the Qatar financial statements. Those
conditions specifically note that the shareholders (i.e., the Government of Qatar) have promised
to continue to make funds available to the Company to allow it to meet its liabilities as they fall
due. This open-ended commitment, repeated year-in and year-out in financials that are
necessarily reviewed by potential lenders to inform their decision whether and under what terms
to extend loans or credit to Qatar Airways, amounts to an implicit guarantee of all of Qatar
Airways debt obtained from commercial sources.
Article 14 (c) of the SCM Agreement establishes the rules for determining whether
government loan guarantees provide a benefit to the recipient:
102
Qatar Bond Offering, 3 April 2009, at 69.

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

58
[A] loan guarantee by a government shall not be considered as conferring a benefit,

unless there is a difference between the amount that the firm receiving the guarantee pays
on a loan guaranteed by the government and the amount that the firm would pay on a
comparable commercial loan absent the government guarantee. In this case the benefit
shall be the difference between these two amounts adjusted for any differences in fees;
Equivalent language is found at section 771(5)(E)(iii) of the Title VII.
i.
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 Qatars 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 Qatars 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 governments 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

59
Government of Qatar considered airlines to be a strategic industry, and therefore targeted

iv.
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 Qatars 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).

60
benefit for a company that was effectively bankrupt in the absence of additional government
support. The total value of foregone interest between 2004 and 2014 was calculated as $6.8
billion. These calculations are shown in Exhibit 16. We believe that this estimate is extremely
conservative, in that it assumes zero benefit for any new loan guarantees provided after fiscal
year 2010. Moreover, it excludes any benefit from government loan guarantees related to leasebuyback arrangements involving Special Purpose Companies (SPCs) that are closely affiliated
with Qatar Airways109.
g. Land for Less than Adequate Remuneration
Qatar Airways 2005 balance sheet lists a government grant of $710,000,110 which elsewhere
is described as the value of land gifted by the government111. In addition, a note to the
companys 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.

61
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.
The governments 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 recipients
balance sheet and enables the company to raise additional capital from other sources.
vii.
Specificity
There is no evidence that the governments 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.

62
viii.
The total value of the subsidy is the cost assumed by the government for the sponsorship,
$452 million.
h. Exemption from and/or Rebates of Indirect Airport Taxes
Doha International Airport (DOH) in Doha charges a passenger fee, established by
government decree, of $10.98 per local departing passenger114. However, connecting passengers
are exempt from all passenger fees115.
In many airports outside the U.S., fees are set lower for connecting passengers compared to
departing passengers116. However, outside the UAE and Qatar, a complete exemption from fees
for connecting passengers (at airports that charge fees for other passengers) is highly unusual117.
Even if connecting passengers are not making full use of arrival or departure facilities, they
nevertheless use airport facilities and services, including runways and terminals, security, control
tower and baggage handling as well as requiring the airport to operate larger terminal facilities,
including passenger holding areas118. Thus, connecting passenger fees are an important source
of revenues used by airport authorities throughout the world to pay for facilities and services.
In addition, as shown in Exhibit 13, the Qatar Airways financial statements for 2006 through
2014 lists a Passenger Tax credit, which is referred to in later years as a Tax Release. In these
years, the total value of the tax credits is $129 million119. The fact that it is listed as an other
114
115
116
117
118
119
Kasper, Appendix C, at 9..

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

63
income item indicates that it is a refund of Passenger Taxes that were assessed and paid, and not
an exemption. Therefore, this appears to be an additional indirect tax subsidy.
i.

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

64
over this time period of $487 million122 Combined with the $129 million tax credit discussed
above, the total benefit from this program is $616 million.
i. Provision of Airport Revenues with Little or No Corresponding Expenses
On June 1, 2006, the Qatari Civil Aviation Authority (a branch of the government) appointed
Qatar Airways as the manager and operator of Doha International Airport. According to its
FY2007 financial statement (for the year ending March 31, 2007), as a result of this change,
Qatar Airways booked QR 147million ($40 million) in Other Income related to Doha
International airport operations123. According to the note in the financial statement, the revenues
were intended to cover management and operations backdated to 1 April 2001. The identifiable
airport revenues, by year, are as follows:
2007
2008
2009
2013
2014
Amount (QR)
QR 50 million
QR 68 million
QR 82 million
QR109 million
QR 121 million
Amount $
$13.7 million
$18.7 million
$22.5 million
$30.0 million
$33.2 million
Source
2008 F/S, Note 31 at 34
2008 F/S, Note 31 at 34
2009 F/S, Note 32 at 34
2014 F/S, Note 6 at 28
2014 F/S, Note 6 at 28
Over these five years, the total management fee revenues received by Qatar from its CAA for
airport operations were $118.1 million for an average of $23.6 million. Between FY 2009 and
2012, it is not possible to determine the airport revenues received by Qatar Airways, as the notes
to the financials laying out these revenue streams are not available. The financials for these
122
Id., at ix.
Qatar Airways 2007 financial statement Note 31, at 26. Note that the QR 147 million reported in Note 31
does not easily reconcile to the detail for the total of QR 231 million in Other Income shown in Note 8 at 16. As
shown in the financials from 2007 through 2009, the amounts seem to be split in the financials into different
categories, including: airport development fee (DIA), car park income (DIA), rental income (DIA), infrastructure
facility income, and management fees. See Exhibit 13.
123

65
years, however, do show substantial Other Income still being recorded in the profit and loss
statement.
While transferring the airport revenues to Qatar Airways, per se, is not a subsidy, this action
can result in an unfair financial benefit if the full amount of corresponding expenses both
operating and capital are not also assumed by the recipient. Based on an analysis of its
financial statements, it appears that Qatar Airways did not assume any additional expenses of
operating and financing Doha International at the time it was assigned the revenue stream. On
the operating cost side, since the revenue is being reported in the income statement under Other
Income, then, according to the matching principle in accounting, any costs assumed by Qatar
for DHX management and operations should be reported in a line item labelled Other
Expenses. There is no such category of expenses shown in the Qatar Airways financial
statement124. Nor is there any evidence in the financial statement that Qatar Airways assumed
any of the capital costs associated with financing Doha Airport125. For example, if Qatar
Airways had assumed the capital costs for the airport in June 2006, then one would expect a
substantial increase in building, furniture, vehicles and office equipment on the balance sheet and
a corresponding increase in depreciation for those categories. A review of the Property, Plant
and Equipment note to the FY2007 financial statement does not show these increases126.
Moreover, the financials do not show a corresponding increase in general expenses, nor does it
124
Id., at 3
Id.,Note 23 at 22. The note on term loans indicates that almost all of the outstanding debt is to finance
aircraft and spare engines.
126
Id., Note 12 at 18. While the assumption of airport capital expenses would entail a major increase in these
items during the fiscal year, the PPE table for FY2007 shows only minor increases in building and furniture,
vehicles, ground and office equipment.
125

66
show a major increase in other operating expenses127. Thus, it appears that Qatar Airways is
receiving the revenues for operating the airport, while incurring very little, if any of the airport
operating and financial expenses.
The ex post assignment of revenues back to 1 April 2001 also calls into question the
commercial validity of this action. Either Qatar Airways was performing these services from
that date and receiving no compensation, or received compensation for services it did not
perform. The former seems highly unlikely. Overall, the sudden appearance of a backdated
revenue stream for managing and operating the airport, with no corresponding increase in
expenses, appears to be a means of providing a government subsidy to Qatar Airways.
i.
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
recipients balance sheet and enables the company to raise additional capital from other sources.
iii.
Specificity
There is no evidence that the governments 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.

67
the specificity requirement. In addition, as noted in Section II above, ample information exists
that the Government of Qatar considered airlines to be a strategic industry, and therefore
targeted companies within this industry for substantial support. Benefits that are limited to
industries that are deemed strategic meet the condition of specificity under U.S. countervailing
duty law.
iv.
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).

68
Since the turn of the millennium, the Government of Qatar has granted to its airline the
exclusive rights for the distribution of alcohol. A division of Qatar Airlines, the Qatar
Distribution Company, is the sole license holder for the legal retail sale of alcoholic
beverages in Qatar129. Press reports indicate that alcoholic beverages in Qatar are highly
priced and thus, given the absence of multiple distribution tiers, extremely profitable to
Qatar Airways130. While Qatar enjoys the excess rents from the monopoly granted by the
government, there is no evidence that it pays any fee for this right. Thus, this right is a
potentially actionable subsidy that takes the form of the provision of a service (alcohol
distribution rights) for less than adequate remuneration a benefit that is multiplied by the
government by the bestowal of monopoly rights.
The available evidence does not allow for the calculation of the precise benefit from this
program. However, in the years between 2007 and 2009, the Qatar Airways financial
statements disclosed total revenues from the sales of Duty Free and Beverages totaling
over $500 million131. Assuming a profit rate of 20%, this program could have provided
Qatar Airways with a benefit over those three years alone of an additional $100 million.
k. Debt Forgiveness in the Form of Write-offs of Long Term Liabilities
In the years in which it filed complete financial statements, Qatar Airlines reported in Other
Income in its annual profit and loss statements write-offs of long-standing liabilities that were
no longer required. Between 2006 and 2013, the amount written off totaled $35 million132.
129
130
131
132
See: http://www.qatarairways.com/us/en/group-companies.page (last visited 14 Jan 2015).

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

69
Because the detail on Other Income is not broken out in prior and subsequent year financials, it
is not possible to assess the total amount written off in the past ten years.
The financials do not contain any additional information on what these write-offs are or the
identity of the beneficiary of the liabilities. However, the description suggests that some entity
was withdrawing its claim as the beneficiary of long-term liabilities held by Qatar Airways.
Long-term liabilities typically are loans or other forms of capital. To the extent that these writeoffs were of liabilities for which the government was the creditor, then these would amount to
debt forgiveness and constitute additional countervailable subsidies.
l. Purchases of Goods and Services for Less than Adequate Remuneration
Qatar Airways financial statements indicate that the company may be purchasing goods and
services from other government-owned or controlled suppliers. One indication that Qatar
Airways may be receiving government support through its business transactions involving
suppliers is an entry in its 2014 financials of QR 981 million ($270 million) labelled Liquidated
and compensation claims from suppliers133. An income inflow from suppliers of this magnitude
is unusual, and could indicate material rebates or discounts on purchases of goods or services.
However, since we lack information on the the terms and conditions on which Qatar Airways
obtained these goods and services, we have not been able to quantify these benefits.
133
See Qatar Airways 2014 financial statement, Note 6 at 28.

70
m. Qatar Airways Future Capital Commitments

In its 2014 financial statement, Qatar Airways discloses total capital commitments of $39.6
billion134. As of mid-2014, Qatar Airways had 155 widebody aircraft on order with options or
letter of intent of another 127, with list prices totaling $84.2 billion135. While Qatar Airways is
not paying list prices, the above numbers demonstrate the magnitude of the capital commitments.
Given its thin capitalization and the long history of reliance of government loans and guarantees
to meet its capital needs, it is difficult to see how Qatar Airways will be able to realize its
expansion plans without future government subsidies.
134
135
Id., Note 30 at 46.(QR 144,019,368,000 converted at QR 3.64 to the dollar).

See Exhibit 11.

71
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
Dubais overall economy. Dubais state industrial policy is reflected by his Highness Sheikh
Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler
of Dubai, in his introductory message in the 2014 Emirates annual report:
The aviation sector is a strategic pillar for the UAE economy without which tourism
and trade cannot flourish, and the Emirates Group plays a vital role in this eco-system136.
In a recent bond offering statement, Emirates describes its special status:
Notwithstanding that the Group is a separate commercial enterprise operated
independently of the Government of Dubai, its interests are closely aligned with the
interests of the Government of Dubai and it benefits from strong relationships with
regional air transportation regulators, Dubai Airports (which operates and manages
both DIA and AI Maktoum International Airport) and Dubai Aviation City Corporation
(which owns both DIA and AI Maktoum International Airport), which is wholly owned by
the Government of Dubai137.
This 2005 bond offering also stated: "The rapid growth of Emirates in recent years, and
projected growth in future years, is in part attributable to Government policy for the development
136
137
Emirates 2014 annual report at 1.

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

72
of Dubai138. The publicly released strategic plan of Dubai Airports Company echoes this
special status:
In the Middle East, governments' supportive approach to aviation as a key driver of
economic diversification and social development has led to significant investment in long
range aircraft and infrastructure to exploit the Middle East's geocentric location to tap
into emerging markets139.
As set forth below, consistent with these policies favoring its air transport sector, the
Government of Dubai has intervened in capital markets to shield Emirates from major financial
losses, and has provided the airline with substantial support in the form of infrastructure, goods
and services for which Emirates has paid its government less than adequate remuneration.
a. A Note on Sources for Emirates
Of the three major Gulf state long haul carrier included in this study, Emirates is the only one
that has published its financial statements. However, those financial statements provide only a
partial picture of government support provided to Emirates and the air transport sector. Emirates
and airport services provider dnata are part of the so-called Dubai, Inc. group of affiliated
companies, and Emirates published financial statements suggest that the airline likely receives
subsidies through its dealings with these related parties. According to the IMF, Dubai Inc.
dominates the Dubai economy through the three major holding companies: Dubai Holding
(owned by Dubai's ruler, Sheikh Mohammed bun Rashid AI Maktoum), Dubai World (owned by
the government), and the Investment Corporation of Dubai (also owned by the government).140
Emirates' close relationship with the Government of Dubai and Dubai Inc. is exemplified by the
138
139
140
Id.
"Connecting the world today and tomorrow: Strategic Plan 2020," Dubai Airports Company, at 19..
IMF, United Arab Emirates: 2009 Article IV Consultation - Staff Report; Public, at 39.

73
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 arms length terms;
such statements are typical when clarifying that related party transactions are at arms length.
141
See, e.g., The Emirates Group, His Highness Sheikh Ahmed bin Saeed Al Maktoum, available at:
http://www.theemiratesgroup.com/english/our-company/leadership/hh-sheikh-ahmed-bin-saeed-al-maktoum.aspx
(last visited 15 Jan 2015).
142
143
Id.
See, e.g., Emirates 2014 annual report at 103.

74
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 governments 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).

75
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 companys 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).

76
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 ICDs 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).

77
on these transactions, including the reasons for the novation, the impact on Emirates if the
novation had not taken place, the total cost that the Government incurred as a result of the
novation or the full benefit to Emirates.
i.
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-partys 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

78
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 governments 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,
iv.
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.

79
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 Dubais goal of growing Emirates into a mega international long haul
carrier connecting passengers travelling to and from Europe, Asia, and North America through
the Middle East necessitates huge investments in airport capacity, far beyond levels needed to
serve direct travel to and from the UAE. Since the mid-1980s, the Government of Dubai has
invested multiple billions of dollars in runways, taxiways, terminals, and other air transport
infrastructure, initially at Dubai International (DXB), and more recently, at the recently opened
Dubai World Central (DWC). The accompanying Compass Lexecon report, Gulf Airport
Subsidies, describes in detail some of the subsidies bestowed by the Dubai government on Dubai
through the mechanism of artificially low airport user fees156.
i.
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.

80
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 governments
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 governments 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).

81
Concourse 2, as well as Concourse A, of DXB160. These terminal facilities are used almost
exclusively by Emirates. Because the benefits effectively is limited to one enterprise,
considered to be in an industry designated by the government as strategic, as explained in
Section IV.c.iii. above, the specificity requirement is met.
iv.
Dubai Airports Terminal 3 (and the attached Concourse 2), the largest terminal in the world,
opened in 2008 at a cost of $4.5 billion. Concourse A (specially designed for Emirates A380s),
a part of Terminal 3, was completed in 2013 at a cost of $3.2 billion. In total, the Government of
Dubai has spent $7.8 billion for terminal facilities that are for Emirates near-exclusive use161.
In 2004, the Government of Dubai issued trust certificates for the principal purpose of raising
funds for the construction of Terminal 3. The 2004 prospectus describing the trust certificates
stated that the revenues from the airport had not been sufficient to recover the capital costs
incurred to build and update the airport162. Thus, the statement provides compelling evidence
that these terminals represent a subsidy to Emirates, equal to its share of the difference between
the total operating and financing costs for these facilities and the total revenues received by the
airport authority from all sources.
As mentioned, the total cost to the government for providing these Emirates specific facilities
are equal to the total operating costs plus the total costs to finance their construction. To
estimate the cost of financing these two airport expansions, Compass Lexecon used the stipulated
160
161
162
Kasper. at 20.
Id.
Id., at 15.

82
profit rate of 6.45 percent, as set forth in the Government of Dubai prospectus for 10 year
Sukuk medium term $650 million fixed rate certificates (an offering that was used to finance
airport construction)163 as a measure of the financial interest rate that the market would have
required for this financing. The term was set at 20 years, an estimate of the average useful life of
a terminal164. Using these parameters, Compass Lexecon calculated an average annual
financings cost (interest plus principal) of $705 million165.
To estimate the revenue surplus over operational costs generated by user fees, Compass
Lexecon relied on the annual revenue and expense reported by the Dubai Department of Civil
Aviation for the period 2006 through 2013. The average annual surplus of revenues over
expenses during that time period was $102 million166. In other words, on average, each year,
fees and leases generated $102 million in revenues over operational expenses that would have
been available for paying the airport capital expenses. Because the Government of Dubai had
other capital expenses besides those related to Terminal 3, Compass Lexecon conservatively
allocated three quarters of the amount as an offset to the cost of financing the Emirates-specific
terminal facilities. The total terminal subsidy for 2013, therefore, would be $705 million minus
$121 million, or $584 million167.
However, since low airport user fees can also benefit non-aeronautical users (e.g., retailers,
restaurants, concessions, etc.) that lease space, a portion of the benefit should be allocated to the
non-aeronautical terminal users. To estimate the potential benefit flowing to the non-airlines
163
164
165
166
167
Id., at 22. A profit rate in Sukuk financing is equivalent to an interest rate in conventional financing.
Id.
Id., at 23.
Id., at 23-25.
Id., at 26.

83
businesses, Compass Lexecon relied on the average proportion of non-airline business revenue to
total airport revenue for twenty-one large airports, which is around 50 percent168. In other words,
Compass Lexecon assumed that any subsidy from lower fees equally benefited all airport
terminal users.
In sum, for 2013, 50 percent of $584 million is $292 million, which is the estimate of the
annual subsidy received by Emirates in the form of airport terminal user fees for less than
adequate remuneration169. The benefit was estimated by Compass Lexecon to be $1.392
billion170.
d. Exemption from Indirect Airport Taxes
Dubai World Airport charges a passenger fee (including a security fee), established by
government decree, of $21.78 per local departing passenger171. However, connecting passengers
are exempt from all passenger fees172. The exemption applies even if the passengers leave the
airport premises and return within 24 hours173.
In many airports outside the U.S., fees are set lower for connecting passengers compared to
departing passengers174. However, outside the UAE and Qatar, a complete exemption from fees
for connecting passengers (where there are fees for other passengers)is highly unusual175. Even
if connecting passengers are not making full use of arrival or departure facilities, they
168
169
170
171
172
173
174
175
Id., at 26-7.
Id., at 28.
Id., Appendix B at v.
Id., at 28-9.
Id.
Id. at 29 (footnote 49).
Id., at 28-29.
Id. at 9.

84
nevertheless use airport facilities and services, including runways and terminals, security, control
tower and baggage handling, as well as requiring the airport to operate larger terminal facilities,
including passenger holding areas176. Thus, connecting passenger fees are an important source
of revenues used by airport authorities throughout the world to pay for facilities and services.
i.

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
177
Id. at 29-30.
Id., at 30.

85
iv.
To estimate the benefit, based on other airport fee levels, Compass Lexecon conservatively
assumed that a reasonable rate for a connecting passenger would be 50 percent of the departing
passenger fee178. Using this as the non-subsidized connecting passenger fee benchmark,
Compass Lexecon applied this amount to its estimate of the total number of Emirates connecting
passengers at DXB in 2013 to derive an annual benefit of $248 million179. To avoid double
counting, Compass Lexecon calculated the impact of the imputed additional passenger fees on
the estimate of total Terminal User Fee benefits calculated in Section VI. c. above. The offset is
equal to $103 million, giving an annual net benefit from this program of $145 million180. The
estimate for this program for the period 2004 to 2014 is estimated by Compass Lexecon as $871
million.181
e. Purchases of Goods and Services for Less than Adequate Remuneration

As noted above, for many years, Emirates annual reports have stated that the company
purchases goods and services from government-owned or controlled suppliers182. Among the
probable related suppliers are dnata (cargo, ground handling and catering), DAE Capital (aircraft
leasing ), Dubai Airports (landing and facilities leasing), Dubai Aerospace Enterprise (aircraft
maintenance and repair). The identities of the affiliated suppliers, however, are not disclosed in
Emirates financials. Collectively, for FY 2014, Emirates reported related party purchases
178
179
180
181
182
Id., at 32.
Id.
Id., at 33.
Id., Appendix B at v.
See, e.g., Emirates 2014 annual report, Note 37, at 103.

86
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 arms 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.

87
arms 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 arms length terms.
i.
A financial contribution is bestowed by a government if it sets its prices for goods and
services for less than market prices. The governments 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 arms length standard in accounting. The
Emirates annual reports lack the standard disclosure on related party purchases indicating that
these transactions are at arms 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-arms length transactions.186 If Emirates
absence of an arms 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 arms 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
arms length pronouncement related to purchases from government owned entities. See Etihad 2013 financial
statement, Note 22(a) at 46-7.

88
transactions.187 Thus, the absence of an affirmative arms length statement or any other
supplementary information on related party transactions implies that purchases are not at arms
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 governments 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
iv.
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.

89
Emirates pays to related party suppliers, and apply that percentage to all related party purchases.
To calculate the percentage discount, we used the following information.
In its 2008 annual
report, Emirates reported other income of AED 553.8 million ($151million) as well as AED
720.4 million ($196 million) related to gains on the sale and leaseback of aircraft and the sale of
purchase rights to certain aircraft188. Elsewhere in the financials are listed transactions for Sale
of assets, and Sale of purchase rights in assets, respectively, to unnamed company or
companies under common control189. In that year, DAE Capital, an affiliated leasing company,
announced that it had concluded the following two transactions with Emirates: 1) the purchase
and leaseback of eight A330-200 aircraft190; and 2) the rights to purchase 18 freighter aircraft (10
Boeing 747-8F and eight 777F)191. Connecting the dots, it appears that $350 million in other
income in that year was generated entirely from generous payments received by Emirates from
companies under government control. These transactions improved Emirates cash flow and
financial performance at the expense of other government-controlled entities.
The $151 million gain reported by Emirates is simply a reduction in its aircraft expenses.
These expenses were absorbed by a related party. We divided this gain by the total estimated
value of the eight aircraft at issue to arrive at a 16.7 percent discount rate. We applied this
discount rate to the total of related party purchases for the past ten years to arrive at a subsidy
total of $1.9 billion. These calculations are shown in Exhibit 18.
188
Emirates 2008 annual report, Note 5 at 84.

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

90
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 lions 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 Dubai194. 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 Dubais Future Capital Commitments
Emirates 2014 annual report indicates that the airline is committed to capital investments
totaling AED 277 billion ($75 billion), principally for aircraft195. This amount is up from AED
151 billion ($41 billion) at the end of its fiscal year 2013. Emirates has placed orders for 292
wide body aircraft and options for another 70, with list prices totaling $136.2 billion196. As these
192
193
194
195
196
Emirates 2014 annual report, Note 7, at 79

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

91
aircraft are delivered, competition in the Middle East long haul market will increase, as Etihad
and Qatar add to their wide body fleets and chase the same customers.
In addition, the Government of Dubai has made major commitments to expand airport
facilities so that Emirates can operate these additional aircraft. As recently as September 8,
2014, the government announced a major expansion program, costing $32 billion, to raise
capacity at the newly opened Dubai World Central (DWC) to 120 million passengers by 2022197.
Eventually, DWC will be able to handle 100 A380s simultaneously and have the capacity to
serve 120 million passengers annually198. Emirates is scheduled to transfer all of its operations
to the new airport.
Thus, the conditions for continuing, and perhaps even increasing need for government
support are recognizable.
197
gulfnew.com, $32b Dubai World Central development will take airport to 120m passenger capacity,
September 8, 2014, available at http://gulfnews.com/business/aviation/32b-dubai-world-central-developmentwill-take-airport-to-120m-passenger-capacity-1.1382441 (last visited 15 Jan 2015).
198
Id.

92
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

93
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

94
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.

95
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.

96
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 Dubais
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 Governments 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.

97
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.

98
i.
Background on Equity Infusions
Equity infusions are included among the types of financial contributions that can constitute
subsidies under the SCM Agreement and the U.S. countervailing duty law.204 Article 14(a) of
the SCM Agreement lays out the standard for determining whether or not a government equity
infusion confers a benefit:
[G]overnment provision of equity capital shall not be considered as conferring a benefit,
unless the investment decision can be regarded as inconsistent with the usual investment
practice (including for the provision of risk capital) of private investors in the territory of
that Member.
Mirror language for identifying actionable equity infusions appears in the U.S. implementing
regulations for Title VII205.
In cases such as this, where there is no private commercial investor benchmark, then under
WTO and U.S. subsidy rules the investigating authority determines if the company was
equityworthy, i.e., whether a private investor examining the firm at the time of the equity
infusion would have concluded that the firm was likely to generate a reasonable rate of return
within a reasonable period of time206. Under international trade law, the private investor
standard is that of a potential investor who must decide among the alternative investment choices
in that country if the investment at issue is reasonable. In making this determination,
investigating authorities place principal emphasis on the recent financial performance of the
company as derived from its recent financial statements. They also consider other factors, such
as market projections, strengths and weaknesses of competitors in the industry, relative riskiness
of the industry in question, and general supply and demand conditions within the market
204
205
206
771(5)(D)(i).
19 CFR 351.507(a)(1).
19 CFR 351.507(a)(4).

99
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.
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 companys
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 governments equity infusions into Qatar Airways were
anything other than stand-alone financial contributions to a particular enterprise. That is, the
equity infusions were not made under a general law available to a broad group of industries in
207
208
19 CFR 351.507(a)(4)(A).
19 CFR 351.507(a)(6).

100
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

101
v.
As the following table illustrates, between 2009 and 2014, the Qatari government provided
capital contributions totaling $6.2399 billion. As explained below, the entire amount conferred a
benefit on Qatar Airways, and thus constitutes subsidies.
Year
2009
2010
2011
2012
2013
2014
2009-2014 Total
Amount (Million US$)

1,735.2
1,226.3
1,193.8
811.1
279.9
993.6
6,239.9
Source
2009 F/S at 6
2010 F/S at 5
2011 F/S at 5
2012 F/S at 5
2013 F/S at 5
2014 F/S at 5
To assess the equityworthiness of the infusions committed in this time period, we are able to
rely on the traditional prior three year analysis of financial ratios. As shown in Exhibit 12, and
as summarized below, virtually all of Qatars 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.
102
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 Qataris 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 Airways 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.

103
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 worlds airline industry in this time period would not
have been a factor favoring a commitment of a stream of substantial start-up capital extended
over many years.
However, even in a declining market, there can be successful start-ups that identify a niche
that is not being served, or a business model that is superior to those on offer from existing
suppliers. In the first decade of the 21st century, private investors considering an investment into
a start-up Middle Eastern long haul carrier would have taken into account the fact that Qatar
Airways was pursuing a niche business model (a Middle East-based international carrier focused
on long haul routes using wide body aircraft) already being pursued by two other major statebacked entities Emirates and Etihad. Emirates is based less than 400 kilometers from Qataris
home airport while Etihads home base in less than 320 kilometers away. At the time these
capital contributions were made, both Emirates and Qatar Airways already had substantial
212
See, e.g., Pricewaterhousecoopers, Aviation finance: Fasten your seatbelts, January 2013, at 14, available
at http://www.pwc.com/gx/en/aerospace-defence-and-security/publications/aviation-finance-fasten-yourseatbelts.jhtml (last visited 14 Jan 2015). From a position of modest profitability in 2000, the global commercial
airline industry swung to losses in excess of 5 billion from 2001 through 2004. Global industry losses continued
through 2005.

104
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.

105
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 Qatars 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 Commerces 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 Qatars term loans were guaranteed, either explicitly
or implicitly, by the Qatari government.
217
19 CFR 351.507(a)(2)-(6).

106
Exhibit 1
EXHIBIT 1
Etihad Financial Data and Ratio Calculations
Financial Ratios, 2004 - 2013
Current Ratio
Quick Ratio
Debt to Equity Ratio
Working Capital to Total Assets
Sales to Working Capital
Total Sales to Total Assets
Equity to Total Assets
Times Interest Earned
Return on Equity
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
0.43
0.38
negative
-0.12
-1.24
0.15
negative
negative
negative
0.46
0.43
negative
-0.17
-1.20
0.20
negative
negative
negative
0.35
0.34
negative
-0.32
-0.90
0.29
negative
negative
negative
1.81
1.79
negative
0.16
2.02
0.32
negative
negative
negative
1.11
1.09
negative
0.03
16.20
0.43
negative
negative
negative
0.61
0.60
negative
-0.10
-4.09
0.39
negative
negative
negative
0.78
0.77
0.85
-0.05
-9.16
0.43
0.42
negative
negative
1.08
1.06
0.83
0.01
35.09
0.47
0.46
0.34
negative
1.28
1.26
0.69
0.05
8.46
0.42
0.49
0.39
negative
1.18
1.17
0.53
0.03
10.36
0.36
0.53
negative
negative
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
86,247
(107,949)
(426)
(108,375)
291,114
(217,731)
(2,989)
(220,720)
784,604
(640,051)
(70,652)
(699,403)
1,525,846
(552,728)
(118,889)
(638,339)
2,453,533
(519,540)
(140,580)
(610,890)
2,274,585
(821,710)
(136,302)
(925,225)
2,972,290
(324,013)
(142,693)
(462,014)
3,827,043
47,515
(139,285)
(82,676)
4,304,000
57,000
(146,000)
(67,000)
4,933,000
(546,000)
(169,000)
(684,000)
Financial Data, 2004-2013

thousand US$
Income statement
Revenue
EBIT
Interest expense
Net income1
Balance sheet
Current Assets
Inventories
Total Assets
Current Liabililites
Total Debt
Total Equity, book value
Total Accumulated Losses
Cash Flow statement
Operating Cash Flow
51,676
5,119
594,373
209,182
13,588
1,453,064
471,441
14,967
2,735,359
1,684,409
19,040
4,781,609
1,503,703
25,104
5,650,807
866,658
19,757
5,833,981
1,178,796
21,931
6,850,878
1,440,308
23,416
8,093,063
2,350,000
36,000
10,229,000
3,067,000
43,000
13,666,000
121,428
491,316
(53,927)
(108,375)
452,064
1,114,190
(146,015)
(329,095)
1,342,286
2,207,496
(845,388)
(1,028,431)
930,718
4,009,490
(158,599)
(1,666,770)
1,352,257
4,815,077
(516,527)
(2,280,684)
1,423,310
5,316,466
(905,795)
(3,247,428)
1,503,366
2,455,181
2,892,331
(3,841,661)
1,331,234
3,066,381
3,695,448
(3,827,938)
1,841,000
3,412,000
4,976,000
(3,788,000)
2,591,000
3,852,000
7,223,000
(4,487,000)
(13,584)
(220,431)
(389,263)
(92,745)
(122,168)
(434,152)
(282,653)
(51,000)
(329,000)
330,050
Source: Etihad Annual Financial Statements, 2005 - 2013, original statement

1
2013 Net Income and Total Accumulated Losses excludes $724 million gain from the disposal of Etihad Guest, and is inclusive of "comprehensive income" items for 2010-2013
EXHIBIT 1 (cont.)
Etihad Financials in AED
Income statement
Revenue
EBIT
Interest expense
Net income
2004
2005
316,806
(396,523)
(1,566)
(398,089)
1,069,335
(799,780)
(10,979)
(810,759)
Balance sheet
Current Assets
Inventories
Total Assets
189,820
18,805
2,183,280
768,377
49,912
5,337,467
Total Debt
Total Equity BV
Total Accumlated Losses
446,035
1,804,728
(198,089)
(398,089)
1,660,545
4,092,699
(536,348)
(1,208,848)
(49,896)
(809,699)
3.67
3.67
Operating Cash Flow
AED per USD
Exhibit 2
Exhibit 2
Additional 2013 Losses If Etihad Airways Partnership Airlines Were Reported
Partner
Partnership
Inception
Net Income
Source
2013
Exchange
Rate
Net Income
(USD)
Attributable to
Etihad
Etihad's
Ownership^
Etihad's
Income (USD)
Air Berlin
Dec 2011
Euro
-315,512,000
2013 F/S at 119
0.783
-402,952,746
29.21%
Virgin Australia
Jun 2012
A$
-98,100,000
2013 F/S at 76
1.078
-91,001,855
12.85%
Aer Lingus
May 2012
Euro
34,088,000
2013 F/S at 79
0.783
43,535,121
2.99%
Jet Airways
Nov 2013
Rp
-15,142,800,000
60.9360
-27,611,483
24.00%
(6,626,756)
Total:
(134,722,597)
Q3 FY 2014
(117,702,497)
(11,693,738)
1,300,394
Note: Etihad also has a 40% ownership interest in Air Seychelles. However, we were unable to obtain copies of Air Seychelles financial statements
^ Ownership for Air Berlin and Jet Airways, Eithad 2013 F/S at 36.
1
http://gulfbusiness.com/2013/10/etihad-raises-virgin-australia-stake-to-19-9-per-cent/#.VCnSmPldWoo. This article also indicates that Etihad's

ownership stake was 10.5% prior to October 2013.
2
Aer Lingus 2012 F/S at 5.
Exhibit 3
EXHIBIT3
ComparableAirlineIndustryFinancialRatios,20042013
PeriodAverages
Median
CurrentRatio
QuickRatio
DebttoEquityRatio
TotalSalestoTotalAssets
EquitytoTotalAssets
TimesInterestEarned
ReturnonEquity
Mean
CurrentRatio
QuickRatio
DebttoEquityRatio
EquitytoTotalAssets
TimesInterestEarned
ReturnonEquity
2004
2005
2006
2007
2008
2009
2010
0.7583
0.5329
2.5259
0.7114
0.2836
2.4785
0.1122
0.9163
0.4800
2.1747
0.7226
0.3150
0.9775
0.0352
0.7152
0.3625
2.7761
0.6903
0.2648
1.0005
0.0170
0.6308
0.3770
2.1876
0.6656
0.3137
0.8901
0.0877
0.5581
0.2955
4.8833
0.6272
0.1605
0.5109
(0.3841)
0.4872
0.2256
4.3383
0.5559
0.1844
1.0408
0.0414
0.5132
0.4309
2.8009
0.7427
0.2631
3.5082
0.3041
0.8116
0.5886
4.4639
0.8495
0.2892
2.4936
0.3267
0.8485
0.6052
3.0437
0.8563
0.3096
1.4973
(0.0915)
0.8235
0.6097
3.3450
0.8905
0.3063
2.1001
0.0586
0.7827
0.5516
3.4529
0.8373
0.2907
1.0457
0.0746
0.5258
0.3423
4.2819
0.7636
0.1098
0.5109
(0.9189)
0.5989
0.4204
7.8407
0.6723
0.1554
1.4018
0.0309
0.7108
0.5252
8.2473
0.8253
0.2522
4.0068
0.2733
2011
2012
2013
0.4387
0.3372
2.8573
0.7655
0.2593
2.0567
0.0504
0.4515
0.3320
2.0005
0.7656
0.2994
2.3112
0.0976
0.5635
0.4034
1.9397
0.7546
0.3402
2.1658
0.0652
0.6902
0.5225
16.6752
0.8563
0.2360
2.5317
(0.0596)
0.6187
0.4555
2.7723
0.8804
0.2343
2.1529
0.2621
0.6610
0.4987
2.2277
0.7685
0.3327
2.1453
0.0526
'04'07
'04'09*
'04'13*
0.7367
0.4285
2.3568
0.7009
0.2987
0.9890
0.0614
0.6730
0.3697
2.6510
0.6779
0.2742
0.9890
0.0383
0.5608
0.3697
2.6510
0.7170
0.2742
1.5488
0.0578
0.8165
0.5888
3.5764
0.8584
0.2989
1.7842
0.0921
0.7318
0.5196
4.4047
0.8116
0.2435
1.5082
0.0799
0.7072
0.5120
5.6351
0.8200
0.2516
1.9886
0.1031
Source:Thecontrolgroupofsimilarairlinesincludedthosethathadinexcessof15widebodyaircraftsometimeafter1980andusablepubliclyavailabledatafromCapitalIQ.Inadditiontoairlinesmeetingthis
criteriaweaddedJetBlue,whichwasacontemporaneousstartupoperationwithasubstantialfleetandroutestructure.TheairlinesincludedAsiana,AirChina,ChinaEastern,ChinaSouthern,EVA,JetAirways,
JetBlue,TAMandUSAirways
*Note:2008dataexcludedfromROEaveragesduetoglobalfinancialcrisisyear.
EXHIBIT3(Cont.)
Asiana
CurrentRatio
QuickRatio
DebttoEquityRatio
EquitytoTotalAssets
TimesInterestEarned
ReturnonEquity
AirChina
CurrentRatio
QuickRatio
DebttoEquityRatio
EquitytoTotalAssets
TimesInterestEarned
ReturnonEquity
ChinaEastern
CurrentRatio
QuickRatio
DebttoEquityRatio
EquitytoTotalAssets
TimesInterestEarned
ReturnonEquity
ChinaSouthern
CurrentRatio
QuickRatio
DebttoEquityRatio
EquitytoTotalAssets
TimesInterestEarned
ReturnonEquity
12 months 12 months
Dec-31-2004 Dec-31-2005
0.6021
0.2962
2.5574
0.7728
0.2811
1.6971
0.3657
0.6683
0.3769
2.1379
0.8336
0.3187
0.9775
0.0352
12 months 12 months
Dec-31-2004 Dec-31-2005
0.7014
0.5329
1.8850
0.5447
0.3466
2.4585
0.1935
0.3202
0.2416
1.5432
0.5444
0.3932
1.1861
0.1248
12 months 12 months
Dec-31-2004 Dec-31-2005
0.4345
0.3641
4.0355
0.5095
0.1986
1.5779
0.1122
0.2980
0.2219
6.0851
0.5300
0.1411
0.2115
0.0146
12 months 12 months
Dec-31-2004 Dec-31-2005
0.2781
0.2138
2.5315
0.4734
0.2832
1.3155
0.0113
0.2180
0.1648
3.7529
0.5725
0.2104
NM
(0.1429)
12 months
12 months 12 months
12 months
Dec-31-2006 Dec-31-2007 Dec-31-2008 Dec-31-2009
0.6045
0.3403
2.1170
0.9088
0.3208
1.2133
0.1308
0.5620
0.3770
2.0811
0.8964
0.3246
1.5213
0.0924
0.3414
0.4041
0.1918
0.2256
5.2306
5.1795
0.8486
0.6722
0.1605
0.1618
NM
NM
(0.2549)
(0.3620)
12 months
12 months 12 months
12 months
Dec-31-2006 Dec-31-2007 Dec-31-2008 Dec-31-2009
0.4124
0.3241
1.1799
0.5704
0.4587
0.5230
0.1241
0.3656
0.2647
1.3692
0.5650
0.4221
1.0611
0.1303
0.2438
0.1412
2.6137
0.5514
0.2767
NM
(0.3658)
0.2299
0.1611
2.6591
0.4928
0.2733
4.5791
0.2163
12 months
12 months 12 months
12 months
Dec-31-2006 Dec-31-2007 Dec-31-2008 Dec-31-2009
0.2666
0.1521
11.5044
0.6322
0.0800
NM
(0.6643)
0.2742
0.1462
12.8312
0.6656
0.0723
0.0752
0.0690
0.1931
0.1933
0.1141
0.1184
NM
26.7633
0.5892
0.5559
(0.2909)
0.0360
NM
1.0408
NM
NM
12 months
12 months 12 months
12 months
Dec-31-2006 Dec-31-2007 Dec-31-2008 Dec-31-2009
0.1720
0.1231
4.0622
0.6289
0.1975
0.1507
0.0170
0.2063
0.1640
3.3821
0.6920
0.2282
0.6975
0.1539
0.2226
0.1769
5.7543
0.6700
0.1481
NM
(0.4024)
0.2535
0.1880
4.4220
0.6165
0.1844
0.9065
0.0463
12 months
Dec-31-2010
0.3786
0.2573
3.5532
0.8849
0.2196
3.6459
0.2451
12 months
Dec-31-2010
0.4386
0.3759
2.0889
0.6159
0.3237
8.5697
0.3777
12 months
Dec-31-2010
0.3077
0.1896
3.4999
0.8501
0.2222
3.5082
0.5795
12 months
Dec-31-2010
0.4906
0.4309
1.8413
0.7427
0.3520
5.1439
0.2951
12 months 12 months 12 months

Dec-31-2011 Dec-31-2012 Dec-31-2013
0.3782
0.2706
3.4636
0.9359
0.2240
1.9304
(0.0313)
0.5248
0.3510
3.2479
0.9951
0.2354
1.1119
0.0670
0.7159
0.5562
4.1771
0.8739
0.1932
NM
(0.1202)

Dec-31-2011 Dec-31-2012 Dec-31-2013
0.3808
0.3372
1.8582
0.5791
0.3499
3.7800
0.1575
0.3781
0.3130
1.9545
0.5549
0.3385
3.4551
0.0980
0.3684
0.3013
1.9397
0.5030
0.3402
1.5331
0.0652

Dec-31-2011 Dec-31-2012 Dec-31-2013
0.3159
0.2178
2.8573
0.7655
0.2593
3.2497
0.2386
0.2607
0.1819
2.7650
0.7292
0.2656
2.4914
0.1211
0.2376
0.1640
2.8093
0.6784
0.2625
NM
0.0917

Dec-31-2011 Dec-31-2012 Dec-31-2013
0.4387
0.3077
1.6852
0.7510
0.3724
4.4911
0.1789
0.3445
0.2939
1.8614
0.7321
0.3495
3.6940
0.0976
0.4180
0.3351
2.1912
0.6380
0.3134
0.1563
0.0648
EXHIBIT3(Cont.)
EVA
CurrentRatio
QuickRatio
DebttoEquityRatio
EquitytoTotalAssets
TimesInterestEarned
ReturnonEquity
JetAirways
CurrentRatio
QuickRatio
DebttoEquityRatio
EquitytoTotalAssets
TimesInterestEarned
ReturnonEquity
JetBlue
CurrentRatio
QuickRatio
DebttoEquityRatio
EquitytoTotalAssets
TimesInterestEarned
ReturnonEquity
TAM
CurrentRatio
QuickRatio
DebttoEquityRatio
EquitytoTotalAssets
TimesInterestEarned
ReturnonEquity
12 months 12 months
Dec-31-2004 Dec-31-2005
0.7583
0.4301
1.2821
0.7114
0.4382
2.4985
0.0798
0.9163
0.4800
1.3808
0.7226
0.4200
0.8701
0.0371
12 months 12 months
Mar-31-2005 Mar-31-2006
1.4715
1.0628
1.5066
0.7966
0.3989
2.9844
0.3080
1.7474
1.0874
2.1747
0.7426
0.3150
2.2203
0.2095
12 months 12 months
Dec-31-2004 Dec-31-2005
1.0598
1.0030
2.0429
0.5080
0.3286
2.5321
0.0665
0.9393
0.8550
2.5532
0.5086
0.2814
0.5934
(0.0240)
12 months 12 months
Dec-31-2004 Dec-31-2005
1.0582
0.8159
2.5259
1.8150
0.2836
4.8849
2.8991
1.5664
1.2932
0.7179
2.0488
0.5821
4.4220
0.3918
12 months
12 months 12 months
12 months
Dec-31-2006 Dec-31-2007 Dec-31-2008 Dec-31-2009
1.0148
0.5984
1.5721
0.6903
0.3888
0.9770
0.6230
0.8193
0.5981
0.3347
0.4876
1.8596
3.2863
2.9160
0.6467
0.6272
0.5219
0.3497
0.2333
0.2554
NM
NM
NM
NM
(0.0307)
(0.0330) (0.4383)
(0.0808)
12 months
12 months 12 months
12 months
Mar-31-2007 Mar-31-2008 Mar-31-2009 Mar-31-2010
0.7152
0.3625
2.7761
0.7211
0.2648
NM
0.0123
0.6308
0.5581
0.3587
0.2955
2.8907
4.8833
0.6347
0.5686
0.2570
0.1700
NM
NM
(0.2014) (0.2506)
0.4872
0.2193
4.2545
0.5081
0.1903
0.0906
(0.1238)
12 months
12 months 12 months
12 months
Dec-31-2006 Dec-31-2007 Dec-31-2008 Dec-31-2009
1.0855
0.9087
2.9832
0.5410
0.2511
0.7877
(0.0011)
0.8885
0.7373
2.9421
0.5444
0.2537
0.8901
0.0181
0.8899
0.6078
2.5020
0.5831
0.2856
0.5109
(0.0662)
1.3157
1.0411
2.1468
0.5227
0.3178
1.4632
0.0414
12 months
12 months 12 months
12 months
Dec-31-2006 Dec-31-2007 Dec-31-2008 Dec-31-2009
1.9035
1.6627
0.8150
1.7324
0.5510
7.9429
0.5031
1.8276
1.3197
1.5325
1.3920
0.3949
0.7597
0.0877
0.8662
0.7763
5.7032
0.8458
0.1492
NM
(0.8405)
0.8518
0.7746
14.3844
0.7344
0.0650
1.1533
0.4792
12 months
Dec-31-2010
1.0884
0.7154
2.1052
0.7164
0.3220
7.7047
0.3131
12 months
Mar-31-2011

Dec-31-2011 Dec-31-2012 Dec-31-2013
1.2618
0.8046
2.0336
0.7328
0.3296
1.3865
0.0175
1.3115
0.9339
2.0005
0.7990
0.3333
1.7211
0.0253
1.1905
0.9411
1.8983
0.8056
0.3450
2.1658
0.0321
12 months 12 months
Mar-31-2012 Mar-31-2013
0.5132
0.3431
0.3616
0.2032
0.2030
0.2405
4.1216
101.6392 NM
0.6537
0.8131
0.9686
0.1953
0.0097
(0.1879)
0.6174 NM
0.0153
(0.0256)
(1.6443) NM
12 months
Dec-31-2010
1.2535
0.9622
1.8337
0.5751
0.3529
2.0511
0.0606
12 months
Dec-31-2010
0.9022
0.8279
2.8009
0.8294
0.2631
2.4344
0.3412

Dec-31-2011 Dec-31-2012 Dec-31-2013
1.1530
0.9398
1.7849
0.6593
0.3591
1.8506
0.0504
0.6841
0.5205
1.5101
0.7046
0.3984
2.1310
0.0702
0.5635
0.4034
1.2127
0.7546
0.4519
2.8311
0.0835

Dec-31-2011 Dec-31-2012 Dec-31-2013
0.9753
0.9023
4.3146
0.8537
0.1882
2.1829
(0.1101)
EXHIBIT3(Cont.)
USAirways
CurrentRatio
QuickRatio
DebttoEquityRatio
EquitytoTotalAssets
TimesInterestEarned
ReturnonEquity
12 months 12 months
Dec-31-2004 Dec-31-2005
0.9402
0.9624
0.5786
0.7258
21.8083
7.0476
1.5141
1.2032
0.0438
0.1243
NM
NM
(1.0961) (1.4693)
12 months
12 months 12 months
12 months
Dec-31-2006 Dec-31-2007 Dec-31-2008 Dec-31-2009
1.2367
1.0151
3.0948
1.5897
0.2442
1.9831
0.4360
1.3120
0.9988
2.1876
1.4985
0.3137
2.3150
0.3545
12 months
Dec-31-2010
0.7943
0.8358
1.0243
0.4425
0.5679
0.7641
NM
NM
52.3810
1.5888
1.4260
1.5594
(0.1447)
(0.0851)
0.0187
NM
0.5789
2.3860
(4.7323) NM
NM

Dec-31-2011 Dec-31-2012 Dec-31-2013
0.9649
0.7196
30.4400
1.6163
0.0318
1.3823
0.6068
1.0845
0.8096
6.0671
1.5601
0.1415
2.6035
1.3553
1.1331
0.7897
1.3656
1.1257
0.4227
4.0402
0.1509
Exhibit 4
Exhibit 4
Data Source: McGraw-Hill Companies' S&P Capital IQ

Report Generated On Date: Tue May 06 13:32:58 EDT 2014 ; Data as of FY2012
Note: This report does not replace full in-depth analysis of financial statements. Use data with caution as accuracy depends on vendor data.
Total Debt to Equity ratio

No
Company Name
Country GVKEY
Industry Segment
Sector
Currency
2004
UAE
2005
7.2%
# negative
No
Company Name
Country GVKEY
Industry Segment
Sector
AXIUS INC
UAE
179660
Distributors
Consumer Discretionary
USD
EMIRATES DRIVING
UAE
284155
Education Services
USD
KINGDOM HOTEL INVESTMENTS
UAE
276929
Hotels, Resorts & Cruise LinConsumer Discretionary
USD
ABU DHABI NATIONAL HOTELS
UAE
282983
USD
NATL CORP FOR TOURISM & HOT
UAE
284158
USD
AL FIRDOUS HOLDINGS
UAE
287151
USD
QATAR CINEMA & FILM
Qatar
275063
Movies & Entertainment
USD
DAMAS INTERNATIONAL LTD
UAE
293285
Specialty Stores
USD
9.3%
2008
2009
2010
2011
2012
Median
2013
25.0%
81.9%
83.4%
81.0%
82.8%
108.9%
49.5%
11.1%
23.0%
18.1%
29.8%
32.0%
35.2%
40.4%
44.8%
30.3%
2004
2007
30.2%
Qatar
# negative
Currency
2006
29.3%
2005
2006
13.13%
0.80%
2007
0.00%
2008
10.38%
44.41%
57.9%
30.0%
27.4%
Median
Average
2010
2011
2012
2013
83.72%
0.12%
0.29%
9.27%
4.78%
0.00%
0.00%
0.00%
0.00%
1.64%
111.99%
108.37%
0.00%
0.00%
0.00%
112.14%
111.99%
100.98%
23.35%
0.43%
0.71%
0.32%
16.34%
48.83%
73.90%
44.52%
8.57%
23.23%
53.47%
94.91%
63.61%
69.06%
56.17%
38.72%
26.23%
56.17%
57.45%
0.00%
0.01%
0.06%
0.00%
2009
Average
65.2%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
30.52%
19.29%
7.31%
7.69%
253.63%
1,205.62%
692.71%
134.02%
FOODCO HOLDING PJSC
UAE
282986
Food Distributors
Consumer Staples
USD
10
DUBAI REFRESHMENTS
UAE
283433
Food Distributors
Consumer Staples
USD
11
ALMEERA CONSUMER GOODS CO
Qatar
293086
Hypermarkets & Super Cen Consumer Staples
USD
12
AMIRA NATURE FOODS LTD
UAE
14033
Packaged Foods & Meats
Consumer Staples
USD
13
ZAD HOLDING CO
Qatar
274901
Consumer Staples
USD
8.40%
0.18%
1.71%
8.30%
0.00%
0.00%
14
WIDAM FOOD COMPANY QSC
Qatar
274902
Consumer Staples
USD
0.00%
0.00%
0.00%
0.00%
12.33%
16.98%
15
UNITED FOODS CO P.S.C.
UAE
283483
Consumer Staples
USD
92.50%
37.22%
14.20%
8.74%
7.50%
9.19%
473.17%
571.50%
40.40%
69.72%
60.61%
55.21%
101.63%
172.73%
79.24%
60.61%
70.48%
10.15%
0.00%
1.58%
5.38%
1.36%
7.39%
14.64%
5.38%
5.79%
0.00%
0.00%
16.32%
25.87%
0.00%
0.00%
8.44%
55.21%
25.79%
40.50%
40.50%
50.01%
43.67%
32.56%
8.30%
16.09%
25.74%
11.36%
12.86%
11.36%
8.81%
32.99%
5.00%
6.85%
23.60%
31.46%
16
AGTHIA GROUP PJSC
UAE
284156
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
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
Consumer Staples
USD
2.29%
1.53%
0.97%
0.75%
0.99%
4.16%
0.76%
0.99%
1.63%
19
EMIRATES REFRESHMENTS CO
UAE
283375
Soft Drinks
Consumer Staples
USD
4.50%
9.74%
8.98%
14.38%
11.06%
3.43%
9.36%
8.68%
20
GULFA MINERAL WATER
UAE
291230
Soft Drinks
Consumer Staples
USD
5.00%
5.10%
4.90%
1.39%
0.00%
4.90%
3.28%
21
DANA GAS
UAE
282884
Integrated Oil & Gas
Energy
USD
57.44%
69.27%
114.42%
117.00%
49.73%
63.35%
65.39%
23.95%
22
GULF INTL SVCS
Qatar
288907
Oil & Gas Drilling
Energy
USD
23
LAMPRELL
UAE
279384
Oil & Gas Equipment & Ser Energy
USD
24
MARITIME INDL SVCS CO
UAE
284079
USD
25
POLARCUS LTD
UAE
292880
USD
26
DRAGON OIL
UAE
201676
Oil & Gas Exploration & ProEnergy
USD
27
EXILLON ENERGY
UAE
293578
USD
13.73%
1.50%
0.00%
26.51%
88.73%
36.88%
18.82%
20.24%
26.76%
34.87%
6.10%
23.50%
0.00%
0.00%
3.52%
5.29%
0.00%
23.10%
40.06%
20.40%
4.41%
11.55%
32.94%
360.84%
195.46%
27.32%
15.81%
32.94%
126.48%
161.88%
109.54%
282.44%
132.45%
178.64%
161.88%
172.99%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
1.52%
0.47%
6.76%
7.78%
22.46%
21.78%
7.78%
11.85%
0.00%
Exhibit 4
Total Debt to Equity ratio

No
Company Name
Country GVKEY
Industry Segment
Sector
Currency
2004
UAE
2005
7.2%
# negative
Sector
9.3%
2007
2008
2009
2010
2011
2012
Median
2013
30.2%
25.0%
81.9%
83.4%
81.0%
82.8%
108.9%
49.5%
11.1%
23.0%
18.1%
29.8%
32.0%
35.2%
40.4%
44.8%
30.3%
Qatar
Industry Segment
2006
29.3%
# negative
Currency
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
0.81%
0.77%
0.55%
0.12%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
98.77%
58.04%
158.93%
186.06%
228.05%
252.58%
279.95%
30.15%
112.50%
115.98%
132.78%
305.45%
206.63%
No
Company Name
Country GVKEY
28
QATAR FUEL
Qatar
258641
Oil & Gas Refining & Marke Energy
USD
29
QATAR GAS TRANSPORT(NAKILAT)
Qatar
274295
Oil & Gas Storage & TranspEnergy
USD
30
GULF NAVIGATION HOLDING
UAE
282951
USD
31
CRESCENT PETROLEUM CORP
UAE
3597
Unclassified
Energy
USD
120 MEDICARE GROUP
Qatar
274886
Health Care Facilities
Health Care
USD
121 GULF MEDICAL PROJECTS
UAE
284186
Health Care
USD
43.46%
83.77%
Average
65.2%
57.9%
30.0%
27.4%
Median
Average
0.00%
0.23%
203.74%
194.90%
183.26%
118.65%
118.65%
146.02%
35.97%
1.09%
5.45%
0.98%
0.00%
0.00%
0.00%
1.09%
18.97%
21.48%
16.99%
22.99%
25.53%
30.68%
47.50%
25.65%
25.53%
27.26%
36.69%
122 NMC HEALTH PLC
UAE
312098
Health Care
USD
50.97%
22.41%
36.69%
123 QATAR GERMAN CO ME
Qatar
258642
Health Care Supplies
Health Care
USD
6.28%
15.38%
45.10%
24.20%
16.66%
25.70%
16.07%
22.01%
24.96%
39.09%
23.10%
23.54%
124 GULF PHARMACEUTICALS
UAE
282886
Pharmaceuticals
Health Care
USD
5.52%
10.83%
16.34%
13.02%
32.46%
23.92%
29.44%
31.45%
24.11%
28.07%
24.02%
21.51%
3.85%
4.93%
23.95%
0.06%
21.65%
116.58%
199.88%
75.10%
22.80%
55.75%
1.85%
1.42%
4.24%
1.08%
0.65%
1.54%
1.33%
3.95%
1.42%
1.81%
7.17%
6.67%
16.27%
17.73%
36.85%
28.56%
47.51%
47.56%
23.14%
26.04%
60.55%
125 ABU DHABI SHIP BUILDING
UAE
284185
Aerospace & Defense
Industrials
USD
126 ARAMEX PJSC
UAE
274887
Air Freight & Logistics
Industrials
USD
127 GULF WAREHOUSING CO
Qatar
274893
Industrials
USD
0.19%
128 ABU DHABI AVIATION
UAE
284151
Industrials
USD
129 AIR ARABIA PJSC
UAE
285482
Airlines
Industrials
USD
15.16%
130 NATL CNTL COOLING (TABRD)
UAE
274899
Building Products
Industrials
USD
131 RAS AL KHAIMAH CERAMIC CO
UAE
284191
Building Products
Industrials
USD
132 ARAB TECHNICAL CONST.
UAE
274386
Construction & EngineeringIndustrials
USD
133 DRAKE & SKULL INTL
UAE
291718
USD
134 DEPA LTD
UAE
179766
Diversified Support Service Industrials
USD
135 AVEC CORP
UAE
151594
Heavy Electrical Equipment Industrials
USD
136 INDUSTRIES OF QATAR
Qatar
258696
Industrial Conglomerates
Industrials
USD
137 MANNAI CORP. Q.S.C
Qatar
285864
Industrials
USD
138 AAMAL HLDG
Qatar
287946
Industrials
USD
139 QATAR NAT NAVIGAT
Qatar
258649
Marine
Industrials
USD
6.30%
6.00%
12.41%
8.85%
0.00%
43.42%
46.47%
125.44%
84.96%
63.03%
62.04%
64.25%
40.22%
62.04%
0.00%
0.00%
0.00%
6.02%
36.40%
35.05%
33.35%
6.02%
15.83%
63.87%
411.98%
418.01%
1,082.38%
875.20%
380.08%
186.74%
380.08%
427.01%
327.79%
97.06%
81.54%
101.52%
318.55%
193.38%
104.97%
173.63%
205.49%
72.98%
139.30%
156.51%
0.00%
5.66%
4.01%
42.88%
27.02%
26.70%
18.77%
20.43%
9.94%
18.77%
17.27%
33.19%
33.78%
47.41%
79.91%
33.24%
33.78%
45.50%
31.70%
16.93%
19.57%
25.47%
39.74%
16.16%
22.52%
24.93%
3.07%
346.28%
3.07%
3.07%
8.81%
2.21%
5.13%
4.47%
10.91%
9.56%
9.94%
9.33%
6.86%
1.93%
6.86%
6.70%
10.22%
10.60%
3.74%
1.43%
18.66%
70.45%
48.91%
10.60%
23.43%
5.41%
7.10%
7.77%
10.44%
12.78%
10.02%
8.90%
8.92%
19.78%
21.68%
18.35%
22.43%
35.34%
23.71%
20.73%
19.25%
15.30%
16.32%
15.86%
23.11%
1,716.46%
140 QATAR SHIPPING
Qatar
258663
Marine
Industrials
USD
141 NATL MARINE DREDGING
UAE
284159
Marine Ports & Services
Industrials
USD
142 DP WORLD
UAE
284856
Industrials
USD
143 QATAR NATIONAL CEMENT
Qatar
254656
Construction Materials
Materials
USD
8.94%
7.73%
3.85%
24.56%
13.92%
6.21%
2.98%
144 UNION CEMENT CO
UAE
274921
Materials
USD
0.00%
7.95%
1.87%
2.75%
1.16%
0.74%
0.00%
145 GULF CEMENT CO
UAE
275275
Materials
USD
28.93%
8.50%
4.03%
7.74%
7.33%
2.89%
0.00%
146 NATIONAL CEMENT CO
UAE
278373
Materials
USD
0.00%
0.00%
0.00%
0.00%
1.80%
19.25%
147 RAS AL KHAIMAH CO FOR WHITE
UAE
282157
Materials
USD
148 RAS AL KHAIMAH CEMENT CO
UAE
282895
Materials
USD
149 ABU DHABI NATL CO FOR BLDG
UAE
284080
Materials
USD
0.70%
0.00%
24.23%
15.30%
10.46%
21.87%
25.02%
20.38%
13.04%
4.65%
0.00%
0.00%
0.00%
0.00%
23.83%
42.54%
2.33%
10.51%
97.79%
75.12%
100.31%
68.96%
87.91%
45.81%
33.19%
75.12%
72.73%
1.56%
0.00%
5.03%
7.04%
11.79%
3.95%
1.87%
3.36%
3.91%
14.23%
7.33%
8.62%
39.42%
28.23%
0.90%
11.09%
7.96%
0.00%
0.53%
0.20%
8.47%
6.40%
9.49%
12.62%
14.54%
27.39%
7.43%
0.19%
0.00%
0.00%
6.79%
1.84%
0.00%
0.00%
1.34%
1.56%
0.19%
1.30%
11.79%
32.38%
24.05%
30.89%
38.59%
54.89%
117.64%
188.92%
60.29%
35.49%
58.37%
150 FUJAIRAH BUILDING INDUSTRIES
UAE
284104
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
Materials
USD
0.00%
4.20%
20.52%
0.00%
57.77%
107.75%
68.66%
20.52%
36.98%
Materials
USD
1.01%
42.68%
35.15%
66.53%
51.76%
36.10%
19.32%
36.10%
36.08%
66.95%
88.14%
101.64%
111.73%
106.18%
96.03%
90.45%
89.30%
66.64%
152 QATARI INV GRP
Qatar
285366
153 OOREDOO
Qatar
135709
Integrated TelecommunicatTelecommunication Service USD
0.00%
2.41%
154 ETISALAT
UAE
274234
0.00%
0.00%
155 EMIRATE INTEGRATED TELECOM
UAE
279381
156 VODAFONE QATAR
Qatar
292438
Wireless Telecommunicatio Telecommunication Service USD
157 QATAR ELECT & WATER
Qatar
258639
Multi-Utilities
Utilities
USD
158 ABU DHABI NATIONAL ENERGY
UAE
279336
Multi-Utilities
Utilities
USD
159 3POWER ENERGY GROUP INC
UAE
187366
Renewable Electricity
Utilities
USD
38.92%
25.41%
2.88%
10.74%
4.33%
4.31%
5.64%
7.44%
9.14%
7.53%
5.79%
5.71%
5.49%
0.00%
0.00%
32.03%
27.00%
31.04%
17.20%
13.62%
13.06%
15.41%
16.74%
5.37%
11.16%
16.40%
15.69%
10.17%
11.16%
11.76%
40.22%
42.34%
74.35%
120.43%
111.45%
99.30%
100.86%
20.49%
58.35%
67.38%
400.52%
314.02%
859.32%
657.69%
686.23%
838.62%
787.98%
628.91%
671.96%
646.66%
0.70%
5.42%
12.63%
5.42%
6.25%
Exhibit 4

2004
Country Averages
2005
2006
2007
2008
2009
2010
2011
2012
2013
Median
Average
UAE
74.5%
58.2%
54.1%
50.2%
56.5%
49.6%
49.7%
48.7%
47.8%
45.0%
50.0%
53.4%
Qatar
29.9%
27.9%
35.6%
43.9%
45.8%
43.4%
43.5%
40.7%
41.5%
42.7%
42.1%
39.5%
No
Company Name
Country GVKEY Industry Segment
Sector
Currency 2004
AXIUS INC
UAE
179660 Distributors
USD
EMIRATES DRIVING
UAE
284155 Education Services
USD
0.32
0.32
0.45
0.52
0.56
UAE
276929 Hotels, Resorts & Cruise Lines
USD
0.08
0.07
0.07
0.10
0.15
UAE
USD
0.49
0.36
0.45
0.39
UAE
USD
0.34
0.31
0.25
0.21
AL FIRDOUS HOLDINGS
UAE
USD
QATAR CINEMA & FILM
Qatar
275063 Movies & Entertainment
USD
0.20
0.12
UAE
293285 Specialty Stores
USD
1.04
0.94
FOODCO HOLDING PJSC
UAE
282986 Food Distributors
Consumer Staples
USD
0.27
10
DUBAI REFRESHMENTS
UAE
Consumer Staples
USD
1.31
11
Qatar
293086 Hypermarkets & Super Centers Consumer Staples
USD
n/a
12
UAE
14033
Consumer Staples
USD
n/a
13
ZAD HOLDING CO
Qatar
274901 Packaged Foods & Meats
Consumer Staples
USD
0.15
0.06
0.09
0.11
0.56
0.36
14
Qatar
Consumer Staples
USD
0.00
0.23
0.43
0.49
0.50
15
UAE
Consumer Staples
USD
2.25
1.86
1.70
1.83
0.54
0.53
0.48
0.58
n/a
n/a
2005
2006
2007
2008
2009
n/a
n/a
n/a
n/a
n/a
2011
2012
2013
n/a
n/a
Median
CAGR
0.42
0.03
0.54
0.42
0.35
0.12
0.13
0.12
0.20
0.20
0.19
0.18
0.19
0.13
(14.0%)
0.42
0.40
0.43
0.46
0.49
0.58
6.0%
0.14
0.00
0.00
0.01
0.02
0.02
0.19
0.21
0.25
0.17
0.09
0.29
0.70
0.97
0.82
0.80
0.22
0.25
0.20
0.34
0.20
0.22
0.19
0.21
0.14
(7.0%)
1.17
1.18
1.23
1.75
1.68
1.60
1.43
1.06
0.81
(5.3%)
1.52
1.82
2.13
2.11
1.52
1.44
1.08
1.01
1.42
1.27
n/a
0.42
0.15
0.27
n/a
0.58
0.61
0.55
0.55
0.65
73.0%
2.85
2.03
1.59
1.92
1.82
1.69
(3.2%)
0.67
0.81
0.77
0.75
0.80
0.77
0.77
0.46
0.31
0.26
0.53
0.30
0.18
0.22
0.11
0.12
0.21
0.17
0.16
0.15
0.08
0.07
0.19
0.31
0.32
0.60
0.50
0.58
0.56
0.74
1.06
1.20
1.21
0.77
0.74
0.83
0.96
0.89
0.83
0.79
0.00
0.06
0.06
0.08
0.11
0.16
0.14
0.13
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
0.34
n/a
0.10
n/a
0
0.37
n/a
0
0.09
n/a
1
0
AGTHIA GROUP PJSC
UAE
Consumer Staples
USD
UAE
Consumer Staples
USD
18
UAE
Consumer Staples
USD
n/a
19
UAE
283375 Soft Drinks
Consumer Staples
USD
n/a
20
GULFA MINERAL WATER
UAE
291230 Soft Drinks
Consumer Staples
USD
21
DANA GAS
UAE
282884 Integrated Oil & Gas
Energy
USD
22
GULF INTL SVCS
Qatar
288907 Oil & Gas Drilling
Energy
USD
n/a
0.20
0.18
0.24
0.26
0.30
0.24
0.32
0.35
23
LAMPRELL
UAE
279384 Oil & Gas Equipment & Services Energy
USD
n/a
1.52
1.85
1.28
1.48
1.05
0.84
0.91
0.98
n/a
24
UAE
USD
0.99
0.94
1.10
1.22
n/a
25
POLARCUS LTD
UAE
USD
n/a
26
DRAGON OIL
UAE
201676 Oil & Gas Exploration & ProductioEnergy
USD
27
EXILLON ENERGY
UAE
293578 Oil & Gas Exploration & ProductioEnergy
USD
28
QATAR FUEL
Qatar
258641 Oil & Gas Refining & Marketing Energy
USD
29
Qatar
274295 Oil & Gas Storage & Transportati Energy
USD
30
UAE
282951 Oil & Gas Storage & Transportati Energy
USD
31
UAE
3597
Energy
USD
120 MEDICARE GROUP
Qatar
274886 Health Care Facilities
Health Care
USD
0.00
0.01
0.06
0.10
0.17
0.25
0.30
0.35
UAE
Health Care
USD
0.62
0.66
0.49
0.47
0.33
0.24
0.22
0.24
122 NMC HEALTH PLC
UAE
Health Care
USD
0.88
0.92
1.25
0.68
Qatar
258642 Health Care Supplies
Health Care
USD
0.03
0.04
0.03
0.06
n/a
1.31
n/a
n/a
1.16
n/a
1.58
n/a
0.24
n/a
0.37
n/a
1.78
n/a
0.82
n/a
0.36
n/a
1.44
n/a
1.60
n/a
0.23
n/a
n/a
0.45
0.40
-
n/a
n/a
0.12
0.27
0.38
0.29
0.29
0.34
0.30
0.05
0.16
0.30
0.39
0.43
(4.2%)
(5.5%)
0
0.24
n/a
(0.2%)
1.57
1.75
1.84
1.27
1.25
1.51
1.43
1.33
0.00
0.00
0.00
0.05
0.09
0.10
0.10
0.10
0.10
(26.9%)
0.41
0.46
156.8%
0.23
0.25
(9.7%)
n/a
0.10
n/a
n/a
-
n/a
n/a
n/a
-
n/a
(9.0%)
16
0.32
1.5%
n/a
0.14
n/a
17
Unclassified
n/a
2010
n/a
0.00
0.13
n/a
n/a
0.01
0.12
n/a
0.01
0.13
n/a
0.10
n/a
0.09
n/a
(3.2%)
n/a
n/a
1
0.05
Exhibit 4

2004
Country Averages
No
Company Name
2005
2006
2007
2008
2009
2010
2011
2012
2013
Median
Average
UAE
74.5%
58.2%
54.1%
50.2%
56.5%
49.6%
49.7%
48.7%
47.8%
45.0%
50.0%
53.4%
Qatar
29.9%
27.9%
35.6%
43.9%
45.8%
43.4%
43.5%
40.7%
41.5%
42.7%
42.1%
39.5%
Median
CAGR
Sector
Currency 2004
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
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
1.3%
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
(8.4%)
Qatar
Industrials
USD
0.03
0.11
0.15
0.19
0.14
0.34
0.30
0.28
UAE
Industrials
USD
0.34
0.31
0.30
0.25
0.35
0.45
0.52
0.52
0.50
0.50
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
(17.5%)
2005
2006
n/a
2007
2008
2009
2010
2011
2012
2013
(3.5%)
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
(1.2%)
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
(0.5%)
UAE
274386 Construction & Engineering
Industrials
USD
1.36
1.20
0.88
1.03
0.84
0.63
0.57
0.63
0.58
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
134 DEPA LTD
UAE
179766 Diversified Support Services
Industrials
USD
n/a
n/a
0.83
0.76
0.51
0.80
0.60
0.57
0.62
135 AVEC CORP
UAE
151594 Heavy Electrical Equipment
Industrials
USD
Qatar
258696 Industrial Conglomerates
Industrials
USD
n/a
Qatar
Industrials
USD
n/a
138 AAMAL HLDG
Qatar
Industrials
USD
n/a
Qatar
258649 Marine
Industrials
USD
140 QATAR SHIPPING
Qatar
258663 Marine
Industrials
USD
UAE
284159 Marine Ports & Services
Industrials
USD
n/a
142 DP WORLD
UAE
284856 Marine Ports & Services
Industrials
USD
n/a
Qatar
254656 Construction Materials
Materials
USD
0.37
144 UNION CEMENT CO
UAE
Materials
USD
145 GULF CEMENT CO
UAE
Materials
UAE
UAE
UAE

n/a
0.54
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
0.52
0.46
0.54
0.36
0.39
0.45
0.47
0.16
1.59
1.58
1.48
1.48
1.25
0.79
0.70
0.84
0.10
0.09
0.09
0.11
0.12
0.18
0.25
0.27
0.25
0.14
0.09
0.19
0.13
0.20
0.16
0.14
0.20
0.10
0.19
0.15
0.27
0.10
n/a
0.23
0.14
n/a
0.16
n/a
0.17
n/a
n/a
(0.0%)
0.39
0.45
0.46
0.49
0.56
0.68
0.64
0.50
0.13
0.16
0.21
0.15
0.16
0.16
0.19
0.18
0.30
0.45
0.52
0.50
0.60
0.42
0.38
0.36
0.36
0.48
0.33
0.26
0.46
0.72
0.48
0.40
0.47
0.42
0.38
(2.6%)
USD
0.63
0.41
0.38
0.41
0.60
0.45
0.38
0.45
0.44
0.41
(4.6%)
Materials
USD
0.25
0.17
0.21
0.18
0.20
0.21
0.13
0.09
0.09
0.11
(9.1%)
Materials
USD
0.16
0.11
0.20
0.19
0.30
0.35
0.35
0.43
0.44
0.34
8.8%
Materials
USD
0.39
0.46
0.42
0.43
0.47
0.33
0.29
0.24
0.28
0.30
(3.0%)
UAE
Materials
USD
(28.3%)
UAE
Materials
USD
UAE
Materials
USD
152 QATARI INV GRP
Qatar
Materials
USD
n/a
1.27
n/a
0.63
n/a
0.71
0.80
1.17
1.16
0.89
0.61
0.38
0.24
0.06
0.55
0.52
0.72
0.77
0.57
0.46
0.46
0.56
0.60
0.59
0.15
0.16
0.27
0.23
0.10
0.12
0.11
0.04
0.06
0.06
0.08
0.14
n/a
n/a
n/a
n/a
(0.3%)
(17.6%)
153 OOREDOO
Qatar
135709 Integrated Telecommunication S Telecommunication Service USD
0.46
0.47
0.57
0.22
0.27
0.28
0.27
0.31
0.36
0.35
(3.2%)
154 ETISALAT
UAE
0.51
0.53
0.35
0.41
0.42
0.43
0.42
0.44
0.41
0.45
(1.3%)
UAE
n/a
0.35
0.51
0.56
0.57
0.73
0.71
0.67
156 VODAFONE QATAR
Qatar
292438 Wireless Telecommunication ServTelecommunication Service USD
n/a
Qatar
258639 Multi-Utilities
Utilities
USD
UAE
279336 Multi-Utilities
Utilities
USD
n/a
UAE
187366 Renewable Electricity
Utilities
USD
n/a
n/a
0.28
n/a
0.00
0.04
0.11
0.15
0.19
0.26
n/a
0.24
0.21
0.17
0.15
0.16
0.20
0.20
0.26
0.05
0.09
0.12
0.19
0.18
0.18
0.20
0.22
0.20
n/a
n/a
n/a
n/a
n/a
0.43
n/a
n/a
(0.5%)
Exhibit 4

2004
Country Averages
UAE
2005
65.0%
2006
68.8%
2007
63.6%
2008
64.1%
2009
61.2%
61.3%
2010
2011
56.1%
2012
2013
Median Average
60.2%
60.0%
61.0%
61.3%
62.1%
56.6%
58.3%
64.1%
64.6%
65.2%
UAE Excludes Avec and 3Power Energy Group due to aberational data
Qatar
74.7%
73.8%
66.9%
64.8%
61.9%
66.3%
64.4%
Median CAGR
No
Company Name
Sector
Currency 2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
AXIUS INC
UAE
179660 Distributors
USD
n/a
n/a
n/a
n/a
n/a
n/a
-0.92
0.78
n/a
n/a
-0.07
EMIRATES DRIVING
UAE
USD
0.79
0.74
0.73
0.88
0.86
0.89
0.86
0.85
0.86
0.86
0.86
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
UAE
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%
UAE
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%
AL FIRDOUS HOLDINGS
UAE
USD
n/a
n/a
0.95
0.88
1.00
1.00
1.00
0.99
0.99
n/a
0.99
QATAR CINEMA & FILM
Qatar
USD
0.92
0.92
0.90
0.91
0.88
0.64
0.77
0.74
0.78
0.81
0.85
UAE
USD
0.43
0.55
0.42
0.37
0.46
0.24
0.27
n/a
n/a
n/a
0.42
1.0%
(1.4%)
FOODCO HOLDING PJSC
UAE
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
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
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
UAE
14033
USD
n/a
n/a
n/a
n/a
n/a
n/a
0.15
0.20
0.44
n/a
0.20
Consumer Staples
13
ZAD HOLDING CO
Qatar
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
Qatar
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
UAE
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
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
UAE
Consumer Staples
USD
0.96
0.96
0.95
0.95
0.96
0.96
0.36
0.63
0.58
0.49
0.95
18
UAE
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
UAE
283375 Soft Drinks
Consumer Staples
USD
n/a
0.95
0.92
0.92
0.77
0.65
0.58
0.47
0.56
0.67
0.67
20
GULFA MINERAL WATER
UAE
291230 Soft Drinks
Consumer Staples
USD
0.47
0.39
0.59
0.48
0.52
0.56
0.60
0.64
0.70
0.71
0.57
21
DANA GAS
UAE
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
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
UAE
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
USD
n/a
n/a
n/a
n/a
0.51
0.46
0.40
0.39
0.35
n/a
0.40
26
DRAGON OIL
UAE
201676 Oil & Gas Exploration & ProEnergy
USD
0.73
0.83
0.83
0.80
0.82
0.79
0.79
0.77
0.74
0.74
0.79
(7.2%)
4.7%
0.0%
Exhibit 4

2004
Country Averages
UAE
2005
65.0%
2006
68.8%
2007
63.6%
64.1%
2008
61.2%
2009
61.3%
2010
56.1%
2011
2012
2013
Median Average
60.2%
60.0%
61.0%
61.3%
62.1%
56.6%
58.3%
64.1%
64.6%
65.2%
UAE Excludes Avec and 3Power Energy Group due to aberational data
Qatar
Sector
74.7%
73.8%
66.9%
64.8%
61.9%
66.3%
64.4%
Median CAGR
No
Company Name
Currency 2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
27
EXILLON ENERGY
UAE
USD
n/a
n/a
n/a
n/a
1.00
0.82
0.76
0.77
0.73
n/a
0.77
28
QATAR FUEL
Qatar
258641 Oil & Gas Refining & Marke Energy
USD
0.55
0.53
0.46
0.57
0.63
0.69
0.69
0.73
0.72
0.69
0.66
29
Qatar
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
UAE
USD
0.62
0.53
n/a
0.66
0.56
0.57
0.56
0.51
0.54
0.20
0.56
(11.9%)
31
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159

MEDICARE GROUP
GULF MEDICAL PROJECTS
NMC HEALTH PLC
QATAR GERMAN CO ME
GULF PHARMACEUTICALS
ABU DHABI SHIP BUILDING
ARAMEX PJSC
GULF WAREHOUSING CO
ABU DHABI AVIATION
AIR ARABIA PJSC
NATL CNTL COOLING (TABRD)
RAS AL KHAIMAH CERAMIC CO
ARAB TECHNICAL CONST.
DRAKE & SKULL INTL
DEPA LTD
AVEC CORP
INDUSTRIES OF QATAR
MANNAI CORP. Q.S.C
AAMAL HLDG
QATAR NAT NAVIGAT
QATAR SHIPPING
NATL MARINE DREDGING
DP WORLD
QATAR NATIONAL CEMENT
UNION CEMENT CO
GULF CEMENT CO
NATIONAL CEMENT CO
RAS AL KHAIMAH CO FOR WHITE
RAS AL KHAIMAH CEMENT CO
ABU DHABI NATL CO FOR BLDG
FUJAIRAH BUILDING INDUSTRIES
ARKAN BUILDING MATERIALS
QATARI INV GRP
OOREDOO
ETISALAT
EMIRATE INTEGRATED TELECOM
VODAFONE QATAR
QATAR ELECT & WATER
ABU DHABI NATIONAL ENERGY
3POWER ENERGY GROUP INC
UAE
Qatar
UAE
UAE
Qatar
UAE
UAE
UAE
Qatar
UAE
UAE
UAE
UAE
UAE
UAE
UAE
UAE
Qatar
Qatar
Qatar
Qatar
Qatar
UAE
UAE
Qatar
UAE
UAE
UAE
UAE
UAE
UAE
UAE
UAE
Qatar
Qatar
UAE
UAE
Qatar
Qatar
UAE
UAE
3597
274886
284186
312098
258642
282886
284185
274887
274893
284151
285482
274899
284191
274386
291718
179766
151594
258696
285864
287946
258649
258663
284159
284856
254656
274921
275275
278373
282157
282895
284080
284104
284154
285366
135709
274234
279381
292438
258639
279336
187366
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
ServicesUSD
ServicesUSD
ServicesUSD
ServicesUSD
USD
USD
USD
n/a
0.38
0.69
n/a
0.84
0.80
0.16
0.52
0.97
0.77
0.41
0.34
0.54
n/a
n/a
n/a
n/a
0.51
0.75
n/a
0.69
0.73
0.27
0.86
n/a
0.71
0.42
0.43
0.42
0.30
n/a
n/a
n/a
0.47
0.49
n/a
0.57
0.78
0.23
0.77
0.90
0.69
0.47
0.31
0.33
0.35
0.22
0.46
0.74
0.40
0.77
0.80
0.75
0.84
0.08
0.71
0.85
0.80
0.96
0.95
0.96
0.49
0.59
0.91
0.97
0.65
0.47
0.82
n/a
0.52
0.15
n/a
n/a
0.90
0.47
0.24
0.87
0.76
0.15
0.79
0.75
0.47
0.90
0.19
0.38
0.30
0.57
0.59
n/a
0.70
0.56
0.81
0.82
0.81
0.76
0.42
0.76
0.95
0.90
0.90
0.87
0.95
0.39
0.54
0.63
0.69
0.35
0.57
0.29
0.91
0.20
0.14
-175.71
n/a
0.91
0.51
0.25
0.91
0.72
0.20
0.79
0.57
0.53
0.84
0.19
0.40
0.36
0.52
0.56
n/a
0.68
0.55
0.83
0.81
n/a
0.73
0.44
0.83
0.94
0.92
0.92
0.84
0.96
0.41
0.52
n/a
0.55
0.34
0.56
0.41
0.84
0.18
0.13
n/a
n/a
0.91
0.49
0.28
0.90
0.68
0.23
0.76
0.55
0.53
0.74
0.45
0.39
0.38
0.47
0.58
n/a
0.72
0.47
0.78
0.80
n/a
0.72
0.44
0.88
0.92
0.92
0.90
0.76
0.93
0.38
0.48
0.54
0.63
0.39
0.57
0.52
0.00
0.14
0.11
-130.96
n/a
0.90
0.52
0.46
0.81
0.67
0.18
0.75
0.45
0.57
0.68
0.52
0.43
0.37
0.43
0.51
n/a
0.76
0.38
0.79
0.77
n/a
0.63
0.53
0.91
0.89
0.89
0.75
0.75
0.94
0.40
0.46
0.51
0.61
0.39
0.58
0.54
0.77
0.18
0.11
-501.29
n/a
0.89
0.57
n/a
0.73
0.62
0.24
0.71
0.43
0.67
0.59
0.55
0.46
0.45
0.42
n/a
n/a
0.92
0.37
0.83
0.81
n/a
0.66
0.54
0.93
0.89
0.82
0.80
0.71
0.94
0.49
0.50
0.49
n/a
0.33
0.58
0.44
n/a
0.58
0.10
n/a
9.9%
(2.2%)
0.78
n/a
0.83
0.91
0.85
0.76
n/a
0.70
0.95
0.85
0.97
0.97
0.94
0.69
0.70
0.91
n/a
0.67
0.65
0.99
n/a
0.55
0.20
n/a
n/a
0.93
0.53
n/a
0.89
0.77
0.16
0.78
0.76
0.44
0.92
0.37
0.36
0.22
0.21
0.55
n/a
0.67
0.48
0.82
0.83
0.73
0.90
0.46
0.58
0.91
0.86
0.92
0.85
0.89
0.30
0.55
0.63
0.52
0.39
0.54
0.32
0.61
0.10
0.09
n/a
0.89
0.53
0.26
0.82
0.75
0.19
0.78
0.74
0.56
0.71
0.36
0.40
0.35
0.42
0.55
n/a
n/a
n/a
0.90
0.55
n/a
n/a
0.94
0.94
0.83
0.95
0.96
0.79
0.31
n/a
0.89
n/a
0.76
0.65
n/a
n/a
0.47
n/a
n/a
n/a
0.59
0.60
n/a
0.68
0.79
0.11
0.78
0.74
0.55
0.94
0.30
0.33
0.29
0.16
0.38
n/a
0.68
0.53
0.75
0.78
0.83
0.85
0.49
0.78
0.93
0.85
0.94
0.93
0.93
0.53
0.63
0.96
n/a
0.35
0.49
0.58
n/a
0.40
0.12
n/a
Unclassified
Energy
Health Care
Health Care
Health Care
Health Care
Pharmaceuticals
Health Care
Aerospace & Defense
Industrials
Industrials
Industrials
Industrials
Airlines
Industrials
Building Products
Industrials
Building Products
Industrials
Construction & Engineering Industrials
Diversified Support ServicesIndustrials
Industrial Conglomerates Industrials
Marine
Industrials
Marine
Industrials
Industrials
Industrials
Materials
Materials
Materials
Materials
Materials
Materials
Materials
Materials
Materials
Materials
Integrated TelecommunicatTelecommunication
Wireless Telecommunicatio Telecommunication
Multi-Utilities
Utilities
Multi-Utilities
Utilities
Utilities
0.72
0.47
0.81
0.81
0.78
0.76
0.45
0.80
0.92
0.86
0.92
0.86
0.94
0.41
0.54
0.63
0.62
0.39
0.57
0.52
0.77
0.30
0.12
-175.71
2.4%
(1.6%)
(2.9%)
5.0%
3.6%
(8.7%)
(1.6%)
4.3%
5.4%
(1.7%)
(1.2%)
(0.2%)
(0.6%)
(0.2%)
(2.0%)
(3.3%)
2.0%
5.1%
(6.5%)
(8.7%)
(1.3%)
2.2%
Exhibit 4

2004
Country Averages
2005
2006
2007
2008
2009
2010
2011
2012
Median Average
2013
UAE
67.03
29.46
79.23
84.65
152.92
11.03
13.48
3.03
39.20
11.51
34.33
49.16
Qatar
56.60
137.89
11.97
(4.57)
(80.09)
7.49
17.62
26.31
17.59
110.89
17.60
30.17
No
Company Name
Country
GVKEY
Industry Segment
Sector
Currency 2004
AXIUS INC
UAE
179660
Distributors
USD
n/a
EMIRATES DRIVING
UAE
284155
Education Services
USD
n/a
UAE
276929
USD
0.57
0.16
UAE
282983
USD
70.72
200.61
311.62
347.29
709.08
UAE
284158
USD
2.18
1.84
6.42
4.69
8.79
AL FIRDOUS HOLDINGS
UAE
287151
USD
n/a
n/a
2005
2006
2007
2008
2009
2010
2011
2012
2013
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
(1.23) n/a
n/a
n/a
n/a
10.17
28.66
(0.24)
0.57
n/a
n/a
6.68
n/a
1.73
1.01
71
(37.6%)
5.67
5.10
5.13
8.88
16.9%
n/a
Qatar
275063
USD
UAE
293285
Specialty Stores
USD
3.40
3.58
2.11
2.71
2.79
(12.95)
1.30
FOODCO HOLDING PJSC
UAE
282986
Food Distributors
Consumer Staples
USD
(1.82)
(3.22)
(1.05)
(0.52)
0.57
(0.35)
0.29
10
DUBAI REFRESHMENTS
UAE
283433
Food Distributors
Consumer Staples
USD
11
Qatar
293086
USD
n/a
n/a
12
UAE
14033
Consumer Staples
USD
ZAD HOLDING CO
Qatar
274901
Consumer Staples
USD
14
Qatar
274902
Consumer Staples
USD
15
UAE
283483
Consumer Staples
USD
16
AGTHIA GROUP PJSC
UAE
284156
Consumer Staples
USD
n/a
(7.04)
n/a
n/a
n/a
n/a
n/a
17
UAE
284187
Consumer Staples
USD
n/a
n/a
UAE
284876
Consumer Staples
USD
n/a
n/a
n/a
n/a
(15.44)
n/a
24
27.46
10
1.33
1.68
2.33
n/a
99.35
188.17
7.32
n/a
-7
n/a
n/a
n/a
12.39
34.83
14.50
26.64
14.92
13
20.73
28.90
24.81
11.91
13.82
17.16
19
2.87
(0.22)
(9.26)
(15.75)
(27.16)
(28.66)
-5
n/a
n/a
n/a
0.16
15.35
4.67
n/a
283375
Soft Drinks
Consumer Staples
USD
n/a
n/a
n/a
(1.61)
4.49
1.40
(9.33)
(10.60)
291230
Soft Drinks
Consumer Staples
USD
n/a
n/a
n/a
5.09
2.16
6.47
12.44
38.50
n/a
21
DANA GAS
UAE
282884
Energy
USD
n/a
22
GULF INTL SVCS
Qatar
288907
Oil & Gas Drilling
Energy
USD
n/a
23
LAMPRELL
UAE
279384
USD
n/a
24
UAE
284079
USD
25
POLARCUS LTD
UAE
292880
USD
26
DRAGON OIL
UAE
201676
USD
27
EXILLON ENERGY
UAE
293578
USD
28
QATAR FUEL
Qatar
258641
USD
29
Qatar
274295
USD
n/a
30
UAE
282951
USD
n/a
31
UAE
3597
Unclassified
Energy
USD
n/a
120 MEDICARE GROUP
Qatar
274886
Health Care
USD
n/a
UAE
284186
Health Care
USD
122 NMC HEALTH PLC
UAE
312098
Health Care
USD
n/a
Qatar
258642
Health Care
USD
n/a
(11.76)
(3.51)
(0.88)
UAE
282886
Pharmaceuticals
Health Care
USD
18.46
11.02
8.74
10.19
8.85
UAE
284185
Aerospace & Defense
Industrials
USD
10.26
11.01
15.66
5.80
19.82
126 ARAMEX PJSC
UAE
274887
Industrials
USD
67.68
32.69
35.47
51.30
Qatar
274893
Industrials
USD
(2.21)
(1.32)
n/a
n/a
7.80
n/a
34.96
(2.60)
2.89
3.57
3.52
3.14
32.71
25.74
21.68
15.51
25.75
18
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
27.51
3.51
n/a
32.83
8.95
2.11
6.90
13.92
(2.16)
(1.52)
0.00
n/a
n/a
(279.78)
n/a
14.57
n/a
0.20
n/a
(3.81)
n/a
(8.92) n/a
12
n/a
13
n/a
1.24
n/a
1.99
n/a
4.35
n/a
n/a
n/a
35
n/a
-1
n/a
716
3.65
1.39
1.30
1.36
1.32
1.32
4.42
1.33
0.43
(0.43)
1.89
4.31
n/a
n/a
n/a
n/a
n/a
n/a
(5.06)
(1.85)
(2.00)
(26.05)
(13.99)
23.47
87.19
24.20
12.95
5.47
5.01
4.62
4.15
2.60
4.22
1.34
2.74
3.88
6.24
(2.33)
(3.46)
(7.16)
(4.44)
(5.33)
-4
12.50
11.71
8.61
8.96
8.53
10
(8.2%)
17.69
26.43
5.74
2.69
4.63
11
(8.5%)
113.12
196.43
145.55
105.77
41.48
68
(5.3%)
2.08
3.25
10.49
7.27
4.14
n/a
n/a
n/a
n/a
n/a
0.60
12.54
4.8%
14.09
n/a
1,158.98
2.16
n/a
7.68
n/a
191.71
0.46
994.25
1.42
n/a
23.29
n/a
n/a
273.12
n/a
n/a
12.1%
n/a
(5.86)
UAE
19.35
0 (204.5%)
102.16
UAE
n/a
3
2.71
7.44
3.56
(0.36)
-8
292.71
GULFA MINERAL WATER
16.40
(8.15)
n/a
70.09
19
n/a
(3.21)
37
10.12
20
18.30
n/a
n/a
(0.73)
31.39
36.64
n/a
n/a
n/a
n/a
n/a
n/a
2.83
16.99
(84.70)
3.52
n/a
n/a
n/a
(160.21)
3.76
n/a
5.61
n/a
n/a
(81.23)
17.64
18
3.01
n/a
n/a
(13.33)
9.74
n/a
5.74
n/a
4.05
n/a
n/a
29
3.80
QATAR CINEMA & FILM
6.14
n/a
n/a
0.99
n/a
n/a
n/a
n/a
1.96
36.58
n/a
n/a
(0.13)
13
n/a
37.48
559.97
Median CAGR
n/a
n/a
n/a
n/a
n/a
-2
2.26
n/a
(24.2%)
Exhibit 4

2004
Country Averages
No
Company Name
2005
2006
2007
2008
2009
2010
2011
2012
Median Average
2013
UAE
67.03
29.46
79.23
84.65
152.92
11.03
13.48
3.03
39.20
11.51
34.33
49.16
Qatar
56.60
137.89
11.97
(4.57)
(80.09)
7.49
17.62
26.31
17.59
110.89
17.60
30.17
Country
GVKEY
Industry Segment
Sector
Currency 2004
UAE
284151
Industrials
USD
129 AIR ARABIA PJSC
UAE
285482
Airlines
Industrials
USD
(5.27)
62.18
22.12
UAE
274899
Building Products
Industrials
USD
2.37
2.36
2.04
1.76
6.97
1.90
UAE
284191
Building Products
Industrials
USD
10.34
3.72
1.78
1.40
1.98
UAE
274386
USD
n/a
25.02
171.19
149.21
UAE
291718
USD
n/a
n/a
39.22
20.33
134 DEPA LTD
UAE
179766
USD
n/a
n/a
37.38
33.99
135 AVEC CORP
UAE
151594
USD
n/a
2005
2006
n/a
n/a
(288.41) n/a
Qatar
258696
Industrials
USD
n/a
Qatar
285864
Industrials
USD
n/a
138 AAMAL HLDG
Qatar
287946
Industrials
USD
n/a
Qatar
258649
Marine
Industrials
USD
140 QATAR SHIPPING
Qatar
258663
Marine
Industrials
USD
UAE
284159
Industrials
USD
n/a
142 DP WORLD
UAE
284856
Industrials
USD
n/a
n/a
Qatar
254656
Materials
USD
n/a
n/a
144 UNION CEMENT CO
UAE
274921
Materials
USD
586.86
145 GULF CEMENT CO
UAE
275275
Materials
USD
159.22
2007
2008
1.88
n/a
2010
3.74
2011
Median CAGR
2013
7.36
7.49
8.80
10.18
7.96
9 (204.7%)
1.39
1.34
2.73
3.26
3.6%
2.62
2.89
1.75
1.95
4.42
(9.0%)
44.12
10.89
10.48
9.28
2.48
7.73
11
19.54
11.05
3.52
7.86
3.35
4.56
(8.91)
2.80
n/a
n/a
n/a
n/a
n/a
9.79
2012
7.12
n/a
(118.57) n/a
55.92
2009
3.97
n/a
n/a
n/a
(16.76) n/a
n/a
-203
n/a
74.02
55.99
46.89
33.31
35.17
51.19
32.12
26.83
47
7.58
12.94
18.22
21.60
43.71
9.93
1.70
2.62
11
7.30
4.61
1.54
2.78
3.65
3.72
4.98
4.38
6.28
8.81
9.12
4.77
3.85
11.55
11.66
(0.30)
10.43
11.27
14.92
10
4.28
3.03
3.49
4.26
6.05
4.42
8.98
37.59
3,328.28
15.64
7.65
1.13
1.01
2.08
1.63
1.73
1.70
2.47
2.80
31.28
10.12
10.32
15.29
44.51
77.96
193.04
1,336.63
38
12.80
320.94
313.96
38.88
116.04
(16.73)
(47.52)
135.87
30.95
77
30.07
68.18
26.79
36.78
23.04
(5.20)
n/a
4.26
n/a
n/a
n/a
(77.25) n/a
6.0%
n/a
12
(27.9%)
28
UAE
278373
Materials
USD
780.61
177.93
591.76
1,727.02
0.93
(0.37)
46.78
112
(26.9%)
UAE
282157
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%)
UAE
282895
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%)
UAE
284080
Materials
USD
10.41
6.27
4.33
1.98
8.94
5.76
3.01
(1.22)
(1.15)
(1.10)
UAE
284104
Materials
USD
n/a
UAE
284154
Materials
USD
n/a
Materials
55.19
n/a
n/a
43.31
n/a
52.26
n/a
152 QATARI INV GRP
Qatar
285366
USD
n/a
n/a
153 OOREDOO
Qatar
135709
n/a
n/a
154 ETISALAT
UAE
274234
n/a
n/a
UAE
279381
n/a
n/a
n/a
n/a
156 VODAFONE QATAR
Qatar
292438
n/a
n/a
n/a
n/a
(1,210.65)
Qatar
258639
Multi-Utilities
Utilities
USD
UAE
279336
Multi-Utilities
Utilities
USD
n/a
3.83
UAE
187366
Utilities
USD
n/a
n/a
n/a
85.74
n/a
3.03
21.94
4 (177.9%)
5.58
1.45
(1.53)
0.64
0.62
1.31
5.62
(2.13)
(3.19)
(3.33)
-2
2.75
4.79
7.20
17.77
2.63
2.53
2.96
3.17
2.95
16.30
22.45
30.18
16.94
23.60
20.80
21
(10.58)
15.76
12.08
10.17
29.64
26.36
(37.01)
(22.45)
(16.51)
3.01
13.66
(8.57)
n/a
19.80
n/a
n/a
n/a
n/a
n/a
n/a
n/a
(15.99) n/a
14
-22
6.71
10.61
9.08
5.73
5.00
3.00
2.69
2.72
6.18
1.78
1.36
1.22
1.72
1.15
1.57
1.98
1.57
1.30
(32.98)
(10.94)
(67.58)
n/a
n/a
n/a
(16.23) n/a
-25
5.5%
Exhibit 4
Return on equity, year-end

2004
Country Averages
UAE
2005
Qatar
Company Name
Country
GVKEY
Industry Segment
Sector
# negative
Currency
2007
2008
2009
2010
2011
16.1%
14.1%
14.4%
9.9%
5.7%
9.1%
5.00
2.00
3.00
1.00
7.00
5.00
7.00
# negative
No
2006
14.1%
10.7%
14.2%
3.00
11.7%
1.00
13.9%
2.00
18.5%
2.00
13.3%
2.00
16.5%
2.00
2004
2005
2006
2007
2008
2009
2010
5.6%
-2.2%
8.00
4.00
16.1%
1.00
2011
Median
2013
11.00
14.7%
2.00
2012
1.1%
14.4%
2.00
9.5%
14.3%
Average
8.8%
14.4%
1.00
2012
2013
9.9%
11.8%
Average
AXIUS INC
UAE
179660
Distributors
USD
EMIRATES DRIVING
UAE
284155
Education Services
USD
-13.1%
8.8%
4.6%
41.2%
35.5%
28.5%
21.5%
13.4%
UAE
276929
USD
1.0%
1.4%
3.9%
2.9%
1.5%
1.9%
1.4%
-2.6%
UAE
282983
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%
UAE
284158
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%
AL FIRDOUS HOLDINGS
UAE
287151
USD
-4.2%
3.1%
-0.2%
-0.1%
0.4%
0.4%
0.1%
0.1%
-0.1%
QATAR CINEMA & FILM
Qatar
275063
USD
9.7%
10.6%
11.8%
9.4%
16.4%
10.8%
9.3%
10.0%
8.7%
8.0%
9.9%
10.5%
Specialty Stores
USD
10.0%
8.5%
13.5%
11.3%
7.6%
-191.2%
5.1%
8.5%
-19.3%
UAE
293285
-312.9%
Median
-312.9%
-312.9%
12.6%
16.2%
1.4%
1.4%
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
Qatar
293086
USD
15.6%
28.9%
23.5%
14.4%
12
UAE
14033
USD
Consumer Staples
25.7%
28.5%
34.9%
16.3%
26.1%
11.5%
13
ZAD HOLDING CO
Qatar
274901
Consumer Staples
USD
5.8%
1.3%
1.9%
4.1%
11.5%
12.1%
10.5%
6.7%
8.4%
14
Qatar
274902
Consumer Staples
USD
-0.5%
12.8%
4.3%
4.5%
17.6%
9.1%
14.4%
24.3%
28.0%
5.7%
15
UAE
283483
Consumer Staples
USD
16
AGTHIA GROUP PJSC
UAE
284156
Consumer Staples
USD
17
UAE
284187
Consumer Staples
USD
18
UAE
284876
Consumer Staples
USD
19
UAE
283375
Soft Drinks
Consumer Staples
USD
20
GULFA MINERAL WATER
UAE
291230
Soft Drinks
Consumer Staples
USD
21
DANA GAS
UAE
282884
Energy
USD
22
GULF INTL SVCS
Qatar
288907
Oil & Gas Drilling
Energy
USD
23
LAMPRELL
UAE
279384
Oil & Gas Equipment & ServEnergy
USD
24
UAE
284079
USD
25
POLARCUS LTD
UAE
292880
USD
26
DRAGON OIL
UAE
201676
USD
27
EXILLON ENERGY
UAE
293578
USD
28
QATAR FUEL
Qatar
258641
USD
29
Qatar
274295
USD
30
UAE
282951
USD
31
USD
-17.4%
-16.6%
16.9%
24.5%
18.0%
6.7%
6.9%
13.6%
13.7%
6.3%
7.7%
5.5%
13.3%
-90.4%
53.2%
36.4%
14.0%
9.5%
8.2%
8.8%
4.4%
4.2%
5.3%
9.1%
11.8%
11.8%
8.3%
11.0%
12.8%
9.1%
8.7%
-3.2%
-9.3%
0.5%
2.7%
-8.0%
22.0%
25.7%
16.3%
-18.7%
-10.2%
1.3%
-3.5%
-2.9%
18.8%
4.7%
-22.1%
-61.9%
2.5%
11.3%
15.2%
4.6%
1.6%
-0.2%
-1.7%
3.0%
2.7%
4.5%
5.7%
3.0%
4.0%
5.5%
-21.4%
9.4%
1.8%
1.3%
3.0%
1.3%
4.2%
1.1%
9.4%
9.7%
9.3%
8.9%
8.8%
10.5%
10.5%
9.1%
11.9%
1.5%
1.7%
1.1%
2.0%
6.2%
6.8%
6.1%
4.1%
4.7%
11.8%
16.4%
22.7%
25.6%
27.6%
19.6%
12.0%
17.6%
21.9%
19.6%
19.5%
39.4%
37.6%
45.1%
40.3%
12.1%
23.0%
11.9%
-27.2%
8.8%
23.0%
21.2%
34.8%
19.9%
18.9%
6.6%
19.2%
19.1%
19.1%
14.5%
-1.3%
-6.5%
-7.2%
19.0%
20.2%
26.5%
47.3%
15.3%
24.3%
28.7%
43.9%
41.1%
1.8%
2.7%
-7.3%
2.0%
8.4%
-3.9%
-2.0%
21.0%
25.6%
15.2%
18.4%
25.0%
21.0%
15.8%
20.0%
-0.6%
47.0%
-0.9%
-2.0%
2.1%
5.8%
0.8%
8.6%
49.4%
27.2%
26.7%
24.0%
20.9%
19.1%
26.6%
29.9%
16.8%
22.3%
1.6%
-31.8%
15.1%
19.4%
57.1%
43.5%
16.8%
6.5%
8.8%
1.6%
-17.5%
-5.6%
-12.5%
-329.9%
UAE
3597
Unclassified
Energy
120 MEDICARE GROUP
Qatar
274886
Health Care
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%
UAE
284186
Health Care
USD
24.4%
23.0%
20.0%
28.5%
7.8%
15.5%
7.8%
12.9%
14.0%
9.1%
14.7%
16.3%
8.5%
20.8%
43.3%
17.9%
19.5%
19.5%
22.0%
-8.8%
3.1%
-7.9%
-0.9%
3.2%
0.9%
-1.7%
0.2%
-3.6%
-4.4%
-1.3%
-2.0%
122 NMC HEALTH PLC
UAE
312098
Health Care
USD
Qatar
258642
Health Care
USD
Exhibit 4

2004
Country Averages
UAE
# negative
Qatar
No
Company Name
Sector
# negative
Currency
2005
2006
2007
2008
2009
2010
2011
14.1%
16.1%
14.1%
14.4%
9.9%
5.7%
9.1%
5.00
2.00
3.00
1.00
7.00
5.00
7.00
10.7%
14.2%
3.00
11.7%
1.00
13.9%
2.00
18.5%
2.00
13.3%
2.00
16.5%
2.00
Median
2013
11.00
14.7%
2.00
2012
1.1%
5.6%
-2.2%
8.00
4.00
16.1%
1.00
14.4%
2.00
9.5%
14.3%
Average
8.8%
14.4%
1.00
Country
GVKEY
Industry Segment
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%
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
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%
Qatar
274893
Industrials
USD
2.4%
0.2%
0.9%
-5.7%
3.3%
14.6%
9.0%
12.0%
12.6%
3.3%
5.5%
UAE
284151
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%
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%
UAE
284191
Building Products
Industrials
USD
13.5%
UAE
274386
USD
UAE
291718
134 DEPA LTD
UAE
179766
135 AVEC CORP
UAE
151594
USD
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Median
Average
-2.5%
12.8%
12.1%
11.7%
12.7%
13.9%
12.9%
9.9%
10.6%
11.4%
12.4%
12.2%
28.9%
27.7%
42.8%
50.6%
20.7%
11.4%
8.8%
4.7%
6.9%
20.7%
22.5%
USD
78.3%
69.4%
51.4%
13.5%
6.3%
7.2%
3.5%
5.7%
10.3%
29.4%
USD
16.4%
23.8%
10.8%
12.5%
-12.4%
3.3%
-7.5%
10.8%
6.7%
Qatar
258696
Industrials
USD
Qatar
285864
Industrials
USD
34.4%
138 AAMAL HLDG
Qatar
287946
Industrials
USD
Qatar
258649
Marine
Industrials
USD
4.6%
16.2%
140 QATAR SHIPPING
Qatar
258663
Marine
Industrials
USD
UAE
284159
Industrials
USD
142 DP WORLD
UAE
284856
Industrials
USD
Qatar
254656
Materials
USD
15.0%
32.7%
36.5%
39.9%
25.6%
25.6%
30.2%
27.8%
23.7%
30.2%
30.7%
22.2%
19.0%
23.4%
25.4%
26.7%
20.4%
17.6%
20.1%
21.3%
21.8%
46.7%
12.4%
19.3%
13.6%
5.2%
9.8%
8.4%
9.3%
7.3%
9.8%
14.7%
3.5%
6.1%
7.2%
10.2%
8.0%
10.2%
6.7%
7.8%
7.5%
7.4%
13.0%
12.3%
15.5%
13.3%
7.2%
6.4%
13.3%
13.0%
13.0%
12.2%
10.2%
3.7%
15.5%
16.5%
21.5%
18.9%
16.6%
11.0%
6.2%
41.2%
6.4%
7.5%
4.6%
4.9%
9.2%
9.3%
7.5%
7.5%
11.3%
14.9%
21.6%
25.2%
21.7%
21.6%
19.2%
17.5%
16.9%
18.3%
18.5%
11.7%
144 UNION CEMENT CO
UAE
274921
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
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%
UAE
278373
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%
UAE
282157
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%
UAE
282895
Materials
USD
19.3%
19.6%
16.9%
7.6%
10.0%
8.8%
-0.5%
-2.7%
-1.0%
1.1%
8.2%
7.9%
35.9%
UAE
284080
Materials
USD
UAE
284104
Materials
USD
UAE
284154
Materials
USD
152 QATARI INV GRP
Qatar
285366
Materials
USD
24.9%
11.1%
14.8%
10.7%
24.0%
13.3%
8.0%
-1.8%
-7.4%
-5.2%
10.9%
10.3%
13.6%
14.6%
19.5%
19.2%
18.6%
6.4%
-11.4%
0.6%
1.4%
13.6%
9.2%
8.8%
9.7%
2.5%
29.2%
2.4%
-18.1%
0.2%
1.3%
2.8%
3.9%
3.8%
3.7%
3.8%
7.6%
2.8%
6.8%
3.8%
4.2%
153 OOREDOO
Qatar
135709
Integrated TelecommunicatTelecommunication ServicesUSD
40.0%
27.9%
34.1%
24.3%
17.1%
17.8%
15.2%
12.4%
10.8%
10.3%
17.5%
21.0%
154 ETISALAT
UAE
274234
25.7%
27.1%
30.5%
30.3%
29.8%
24.3%
19.7%
14.8%
16.6%
17.5%
25.0%
23.6%
UAE
279381
-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%
Qatar
258639
Multi-Utilities
Utilities
USD
UAE
279336
Multi-Utilities
Utilities
USD
UAE
187366
Utilities
USD
30.1%
21.0%
21.0%
16.5%
57.9%
25.7%
30.9%
42.9%
37.4%
22.6%
27.9%
30.6%
16.1%
7.7%
14.6%
25.5%
1.8%
7.8%
6.7%
5.6%
-28.9%
7.7%
6.3%
Exhibit 4
Net Income After Extraordinary Items (as reported by Compustat)

No
Company Name
Country
GVKEY
Industry Segment
Sector
Currency
2004
UAE
# negative
2005
Country
GVKEY
Industry Segment
Sector
2008
2009
2010
2011
2012
2013
39.00
42.00
39.00
41.00
40.00
35.00
36.00
6.00
3.00
4.00
1.00
6.00
7.00
9.00
12.00
9.00
13%
15%
18%
8%
9%
2%
26%
37.00
4.00
20%
10%
Qatar
9.00
13.00
16.00
16.00
18.00
19.00
17.00
18.00
17.00
15.00
# negative
3.00
1.00
2.00
2.00
2.00
1.00
2.00
1.00
2.00
1.00
11%
11%
10%
25%
Company Name
2007
35.00
18%
No
2006
27.00
Currency
2004
7%
2005
2006
2007
2008
USD
5%
2009
0
11%
5%
2010
2011
-1
11%
6%
2012
2013
12
14%
10%
Median CAGR
AXIUS INC
UAE
179660
Distributors
EMIRATES DRIVING
UAE
284155
Education Services
USD
-1
16
19
20
18
12
UAE
276929
USD
43
34
17
22
18
UAE
282983
USD
64
90
80
128
80
118
83
72
54
UAE
284158
USD
10
19
23
25
41
35
30
26
AL FIRDOUS HOLDINGS
UAE
287151
USD
QATAR CINEMA & FILM
Qatar
275063
USD
UAE
293285
Specialty Stores
USD
25
36
62
56
59
-520
14
FOODCO HOLDING PJSC
UAE
282986
Food Distributors
Consumer Staples
USD
20
36
17
10
10
DUBAI REFRESHMENTS
UAE
283433
Food Distributors
Consumer Staples
USD
18
36
44
33
11
Qatar
293086
USD
10
18
15
18
21
29
54
18
12
UAE
14033
Consumer Staples
USD
12
15
13
ZAD HOLDING CO
Qatar
274901
Consumer Staples
USD
13
16
17
23
30
13
(100.0%)
14
Qatar
274902
Consumer Staples
USD
11
18
21
15
(260.7%)
15
UAE
283483
Consumer Staples
USD
-12
15
15
13.9%
16
AGTHIA GROUP PJSC
UAE
284156
Consumer Staples
USD
10
20
29
31
24
34
44
24
17
UAE
284187
Consumer Staples
USD
-9
-5
-3
-4
18
10
-39
-68
-3
18
UAE
284876
Consumer Staples
USD
14
15
-1
19
UAE
283375
Soft Drinks
Consumer Staples
USD
-3
(17.3%)
20
GULFA MINERAL WATER
UAE
291230
Soft Drinks
Consumer Staples
USD
-1
(219.2%)
21
DANA GAS
UAE
282884
Energy
USD
222
30
33
24
43
138
165
156
91
22
GULF INTL SVCS
Qatar
288907
Oil & Gas Drilling
Energy
USD
40
76
116
155
121
78
127
186
116
24
23
LAMPRELL
UAE
279384
USD
10
30
34
72
24
UAE
284079
USD
-3
10
19
22
25
POLARCUS LTD
UAE
292880
USD
26
DRAGON OIL
UAE
201676
Oil & Gas Exploration & Pro Energy
USD
27
EXILLON ENERGY
UAE
293578
Oil & Gas Exploration & Pro Energy
USD
28
QATAR FUEL
Qatar
258641
Oil & Gas Refining & MarketEnergy
USD
29
Qatar
274295
USD
30
UAE
282951
USD
31
UAE
3597
Unclassified
USD
Energy
50
25
2
106
61
10
180
304
85
28
65
29
36
-2
-19
-28
0
12
(229.5%)
17
(100.0%)
59
80
(1.0%)
34
25
14.9%
1
3
11.3%
36
(100.0%)
(7.6%)
17.9%
12
25.2%
63
-110
36
35
15.2%
19
(100.0%)
-31
10
43
-11
336
369
259
386
648
600
513
180
-4
-10
12
32
29.6%
118
169
331
239
295
317
316
334
267
12
35
35
162
183
229
210
200
172
32
40
-64
-20
-40
-253
33.5%
(267.3%)
Exhibit 4
Net Income After Extraordinary Items (as reported by Compustat)

No
Company Name
Country
GVKEY
Industry Segment
Sector
Currency
2004
UAE
# negative
2005
2008
2009
2010
2011
2012
42.00
39.00
41.00
40.00
35.00
36.00
6.00
3.00
4.00
1.00
6.00
7.00
9.00
12.00
9.00
13%
15%
18%
8%
9%
2%
26%
37.00
4.00
20%
10%
Qatar
9.00
13.00
16.00
16.00
18.00
19.00
17.00
18.00
17.00
15.00
# negative
3.00
1.00
2.00
2.00
2.00
1.00
2.00
1.00
2.00
1.00
11%
11%
10%
2005
2008
-13
-7
19
120 MEDICARE GROUP
Qatar
274886
Health Care
USD
-3
-14
UAE
284186
Health Care
USD
122 NMC HEALTH PLC
UAE
312098
Health Care
USD
Qatar
258642
Health Care
USD
-1
-1
UAE
282886
Pharmaceuticals
Health Care
USD
18
32
18
UAE
284185
Aerospace & Defense
Industrials
USD
10
13
126 ARAMEX PJSC
UAE
274887
Industrials
USD
13
14
Qatar
274893
UAE
284151
Industrials
USD
23
27
14
21
29
36
68
69
67
129 AIR ARABIA PJSC
UAE
285482
Airlines
Industrials
USD
28
77
139
123
83
73
114
UAE
274899
Building Products
Industrials
USD
14
28
20
20
-304
37
50
64
UAE
284191
Building Products
Industrials
USD
35
38
41
45
56
71
74
56
61
UAE
274386
USD
45
59
146
261
135
84
71
UAE
291718
USD
16
27
42
91
42
134 DEPA LTD
UAE
179766
USD
25
44
51
64
-54
135 AVEC CORP
UAE
151594
USD
Qatar
258696
Industrials
USD
Qatar
285864
Industrials
USD
138 AAMAL HLDG
Qatar
287946
Industrials
USD
388
117
226
171
69
145
135
Qatar
258649
Marine
Industrials
USD
45
79
72
120
156
130
302
195
140 QATAR SHIPPING
Qatar
258663
Marine
Industrials
USD
61
114
126
168
142
145
UAE
284159
Industrials
USD
21
33
142 DP WORLD
UAE
284856
Industrials
USD
Qatar
254656
Materials
USD
47
144 UNION CEMENT CO
UAE
274921
Materials
USD
39
145 GULF CEMENT CO
UAE
275275
Materials
USD
51
UAE
278373
Materials
USD
UAE
282157
Materials
USD
UAE
282895
Materials
UAE
284080
UAE
284104
UAE
284154
152 QATARI INV GRP
Qatar
285366
883
11
2012
12
6%
2013
10%
Median CAGR
25
(227.1%)
24
14
24
30
25
16
15.2%
21
43
59
68
43
-1
-2
-2
-1
4.8%
56
36
33
42
46
55
63
39
14.8%
13
28
31
24
11
13
13
2.8%
26
33
40
50
56
58
66
76
45
21.7%
-5
14
17
23
28
58
33
10.9%
115
80
(315.0%)
74
24
27.1%
77
56
9.1%
38
103
84
53
26
45
15
-33
13
2011
14%
2010
11%
Currency
-11
2009
5%
Sector
-5
2007
11%
Industry Segment
2006
5%
GVKEY
USD
2004
7%
Country
Industrials
2013
39.00
25%
Company Name
2007
35.00
18%
No
2006
27.00
48.0%
42
25
-14
-11
(100.0%)
994
1,369
1,998
1,339
1,533
2,178
2,318
2,200
18
28
40
51
63
77
110
122
57
163
139
145
229
261
143
21.6%
134
(100.0%)
11.4%
1,533
12
58
72
112
123
128
92
56
65
254
1,105
482
333
375
683
749
640
561
48
55
98
114
115
128
122
117
120
114
11.0%
143
49
47
42
15
-8
-7
13
11
27
(13.1%)
137
30
113
10
20
-15
-2
19
19
(10.5%)
31
69
59
55
53
36
17
18
19
28
34
(1.1%)
11
30
18
44
-22
19
23
19
10
14
19
2.6%
USD
26
33
34
15
22
20
-1
-5
-2
17
(24.2%)
Materials
USD
12
12
(193.1%)
Materials
USD
Materials
USD
Materials
USD
25
19
20
16
25
13
-2
-6
-6
10
11
12
-6
36
48
55
-79
14
13
12
14
19
20
20
42
153 OOREDOO
Qatar
135709
406
327
467
460
625
763
794
715
808
708
154 ETISALAT
UAE
274234
926
1,159
1,596
1,987
2,359
2,405
2,077
1,590
1,835
1,927
UAE
279381
-10
-166
-241
72
357
299
539
541
156 VODAFONE QATAR
Qatar
292438
-36
-185
-165
-133
-110
Qatar
258639
Multi-Utilities
Utilities
USD
UAE
279336
Multi-Utilities
Utilities
USD
UAE
187366
Utilities
USD
206
(8.1%)
19
667
6.4%
1,881
8.5%
72
-133
179
212
169
208
253
320
357
394
380
233
229
132
282
497
50
277
203
177
-686
203
-2
-1
-10
-2
-2
7.0%
Exhibit 4
Assets - Total
No
Company Name
Country GVKEY
Industry Segment
Sector
Currency
2004
2005
2006
2007
2008
2009
2010
2011
AXIUS INC
UAE
179660
Distributors
USD
EMIRATES DRIVING
UAE
284155
Education Services
USD
11
29
31
44
64
82
99
107
UAE
276929
USD
498
795
1,478
1,736
1,894
2,084
2,184
2,167
UAE
282983
USD
578
810
718
926
2,385
2,420
2,562
2,760
2,665
2,685
UAE
284158
USD
180
231
231
363
327
381
340
320
318
338
AL FIRDOUS HOLDINGS
UAE
287151
USD
192
170
170
171
173
173
QATAR CINEMA & FILM
Qatar
275063
USD
13
22
16
19
18
28
49
50
48
UAE
293285
Specialty Stores
USD
573
778
1,130
1,381
1,700
1,100
1,006
FOODCO HOLDING PJSC
UAE
282986
Food Distributors
Consumer Staples
USD
85
126
128
149
138
140
138
132
144
190
138
9.4%
10
DUBAI REFRESHMENTS
UAE
283433
Food Distributors
Consumer Staples
USD
67
90
107
116
98
113
133
188
258
300
115
18.1%
493
119
2012
2013
110
117
Median
CAGR
0
73
30.2%
1,815
(100.0%)
2,402
18.6%
323
7.3%
171
48
25
15.3%
1,100
(100.0%)
11
Qatar
293086
USD
104
113
111
119
210
287
12
UAE
14033
Consumer Staples
USD
255
232
327
13
ZAD HOLDING CO
Qatar
274901
Consumer Staples
USD
79
220
156
160
164
163
198
543
559
164
(100.0%)
14
Qatar
274902
Consumer Staples
USD
45
56
56
61
72
78
87
130
160
150
75
14.4%
15
UAE
283483
Consumer Staples
USD
34
41
49
65
59
53
59
65
57
60
58
6.6%
16
AGTHIA GROUP PJSC
UAE
284156
Consumer Staples
USD
202
224
236
289
324
364
390
466
535
324
17
UAE
284187
Consumer Staples
USD
18
UAE
284876
Consumer Staples
USD
19
UAE
283375
54
54
255
49
50
80
77
259
346
396
337
78
127
133
110
112
119
101
107
132
116
Soft Drinks
Consumer Staples
USD
36
25
32
22
30
25
24
20
18
20
GULFA MINERAL WATER
UAE
291230
Soft Drinks
Consumer Staples
USD
14
14
15
15
15
15
17
21
DANA GAS
UAE
282884
Energy
USD
1,864
2,960
2,946
3,111
3,228
3,307
3,520
3,521
3,170
22
GULF INTL SVCS
Qatar
288907
Oil & Gas Drilling
Energy
USD
380
590
747
909
1,012
1,161
1,264
1,730
1,473
1,012
1,263
1,067
1,108
1,372
23
LAMPRELL
UAE
279384
USD
138
178
366
502
406
598
24
UAE
284079
USD
66
69
217
311
413
435
315
25
POLARCUS LTD
UAE
292880
USD
372
639
974
26
DRAGON OIL
UAE
201676
USD
27
EXILLON ENERGY
UAE
293578
USD
28
QATAR FUEL
Qatar
258641
USD
29
Qatar
274295
USD
30
UAE
282951
USD
31
401
676
234
454
121
894
613
2,960
1,318
741
1,769
2,148
2,658
3,351
3,843
470
540
674
776
1,119
1,337
1,692
24
14
1,911
2,212
10.5%
406
311
57
22.7%
(100.0%)
974
4,396
1,958
30.5%
540
2,664
1,228
4,419
6,721
8,580
8,808
8,624
8,484
8,429
8,456
732
827
799
656
683
599
388
656
31.1%
53.0%
UAE
3597
Unclassified
Energy
USD
120 MEDICARE GROUP
Qatar
274886
Health Care
USD
119
152
133
177
228
211
224
228
235
250
217
8.6%
UAE
284186
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
USD
384
418
355
716
Qatar
258642
Health Care
USD
19
24
27
48
65
64
61
62
66
67
61
14.8%
UAE
282886
Pharmaceuticals
Health Care
USD
223
279
315
424
455
497
559
628
693
831
476
15.7%
UAE
284185
Aerospace & Defense
Industrials
USD
227
243
249
376
467
607
667
660
602
503
485
9.2%
126 ARAMEX PJSC
UAE
274887
Industrials
USD
77
337
412
456
502
560
622
679
739
813
531
30.0%
Qatar
274893
117
105
110
167
343
434
516
117
34.9%
UAE
284151
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%
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%
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%
UAE
274386
USD
515
636
1,318
2,575
2,480
2,363
2,395
2,437
3,485
2,395
UAE
291718
USD
94
261
395
1,198
1,326
1,563
1,750
1,950
1,262
134 DEPA LTD
UAE
179766
USD
345
510
897
918
827
825
856
135 AVEC CORP
UAE
151594
USD
Qatar
258696
Industrials
USD
Qatar
285864
Industrials
USD
138 AAMAL HLDG
Qatar
287946
Industrials
USD
Qatar
258649
Marine
Industrials
USD
1,075
140 QATAR SHIPPING
Qatar
258663
Marine
Industrials
USD
UAE
284159
Industrials
USD
142 DP WORLD
UAE
284856
Industrials
USD
Qatar
254656
Materials
USD
332
144 UNION CEMENT CO
UAE
274921
Materials
USD
178
145 GULF CEMENT CO
UAE
275275
Materials
USD
UAE
278373
Materials
USD
UAE
282157
Materials
UAE
282895
UAE
284080
UAE

152 QATARI INV GRP
Industrials
USD
35
95
0
3,344
401
827
(100.0%)
4,088
5,532
7,537
7,447
8,774
10,098
11,042
10,100
197
276
361
356
434
795
1,888
1,826
398
997
1,230
1,586
1,554
1,653
1,811
2,090
2,301
2,343
1,653
2,488
1,477
2,142
1,851
1,976
3,659
3,655
3,867
4,298
2,315
16.6%
691
2,084
1,252
1,560
1,493
1,460
1,477
(100.0%)
426
7,537
388
440
487
691
897
1,075
1,327
1,388
17,470
17,190
15,499
18,961
19,360
18,758
16,434
16,761
584
523
581
783
694
717
719
736
763
705
9.7%
329
413
402
418
401
381
358
386
383
385
8.9%
208
421
472
548
493
449
434
365
374
412
427
7.9%
355
712
587
804
763
552
523
567
563
627
577
6.5%
USD
231
397
281
321
226
226
253
253
266
339
260
4.3%
Materials
USD
170
179
211
211
246
236
217
218
209
201
211
1.8%
Materials
USD
107
254
281
276
357
262
242
226
216
241
248
9.4%
284104
Materials
USD
32
65
79
101
120
124
114
121
116
114
UAE
284154
Materials
USD
598
587
954
637
Qatar
285366
Materials
USD
113
135
236
153 OOREDOO
Qatar
135709
1,388
154 ETISALAT
UAE
274234
5,522
UAE
279381
156 VODAFONE QATAR
Qatar
292438
Qatar
258639
Multi-Utilities
Utilities
USD
UAE
279336
Multi-Utilities
Utilities
USD
UAE
187366
Utilities
USD
1,449
1,751
2,143
12,980
697
675
808
882
460
733
959
839
915
20,401
23,321
27,883
28,059
25,877
589
17,330
26.8%
786
26,752
21,861
38.9%
6,550
12,502
14,280
16,899
19,430
20,584
19,844
21,820
23,338
18,165
17.4%
1,091
1,126
1,184
2,117
2,595
3,408
3,282
3,790
4,406
2,595
2,235
2,309
2,314
2,253
2,212
2,253
1,563
1,950
2,524
3,731
4,955
6,083
6,174
6,113
3,028
3,379
8,303
14,098
18,472
23,519
25,002
31,597
31,224
33,375
33,196
25,002
8.5%
Exhibit 4
Revenue (not applicable to financial companies)

No
Company Name
Country GVKEY
Industry Segment
Sector
Currency
2004
2005
2006
2007
2008
2009
2010
2011
AXIUS INC
UAE
179660
Distributors
USD
EMIRATES DRIVING
UAE
284155
Education Services
USD
14
23
36
44
42
38
UAE
276929
USD
38
55
99
179
279
246
293
258
UAE
282983
USD
283
293
326
360
474
491
476
495
503
337
417
2.0%
UAE
284158
USD
62
72
58
75
137
154
146
147
156
195
141
13.7%
AL FIRDOUS HOLDINGS
UAE
287151
USD
27
QATAR CINEMA & FILM
Qatar
275063
USD
UAE
293285
Specialty Stores
USD
598
735
332
963
1,642
899
804
FOODCO HOLDING PJSC
UAE
282986
Food Distributors
Consumer Staples
USD
23
28
32
30
47
29
30
25
30
27
29
1.7%
10
DUBAI REFRESHMENTS
UAE
283433
Food Distributors
Consumer Staples
USD
88
105
125
143
171
190
212
269
273
243
181
11.9%
534
252
2012
2013
38
43
Median
CAGR
0
37
32.2%
212
(100.0%)
2
4
4.9%
804
(100.0%)
11
Qatar
293086
USD
159
206
237
252
320
413
12
UAE
14033
Consumer Staples
USD
257
330
414
13
ZAD HOLDING CO
Qatar
274901
Consumer Staples
USD
12
12
14
18
92
58
83
81
154
58
(100.0%)
14
Qatar
274902
Consumer Staples
USD
13
24
30
36
45
53
72
88
98
41
98.0%
15
UAE
283483
Consumer Staples
USD
76
77
84
118
168
107
94
124
104
101
102
3.2%
16
AGTHIA GROUP PJSC
UAE
284156
Consumer Staples
USD
109
118
158
232
251
274
312
361
412
251
17
UAE
284187
Consumer Staples
USD
18
UAE
284876
Consumer Staples
USD
17
26
330
28
23
25
20
137
102
69
73
27
14
16
23
19
19
15
10
15
17.6%
19
UAE
283375
Soft Drinks
Consumer Staples
USD
10
13
15
14
13
15
19
13
11.2%
20
GULFA MINERAL WATER
UAE
291230
Soft Drinks
Consumer Staples
USD
11
11
10
12
14
14
13
13
12
4.4%
21
DANA GAS
UAE
282884
Energy
USD
165
181
238
350
521
500
460
294
22
GULF INTL SVCS
Qatar
288907
Oil & Gas Drilling
Energy
USD
108
177
239
305
277
403
601
632
277
1,148
1,045
76
23
LAMPRELL
UAE
279384
USD
106
209
330
467
741
426
504
24
UAE
284079
USD
77
109
177
308
387
478
385
25
POLARCUS LTD
UAE
292880
USD
119
26
DRAGON OIL
UAE
201676
USD
27
EXILLON ENERGY
UAE
293578
USD
28
QATAR FUEL
Qatar
258641
USD
29
Qatar
274295
USD
30
UAE
282951
USD
31
UAE
3597
Unclassified
USD
Energy
97
249
415
652
14
28
320
597
295
525
706
623
780
1,151
1,155
23
85
203
302
3,155
467
(100.0%)
308
(100.0%)
119
1,048
665
30.3%
85
959
1,295
2,062
1,696
2,107
2,884
10
13
22
428
759
852
856
847
594
74
108
92
85
70
55
37
3,531
70
11.9%
1,879
26.8%
120 MEDICARE GROUP
Qatar
274886
Health Care
USD
18
38
52
68
81
95
115
45
178.8%
UAE
284186
Health Care
USD
26
33
43
55
77
89
87
99
108
127
82
19.5%
122 NMC HEALTH PLC
UAE
312098
Health Care
USD
339
387
444
490
Qatar
258642
Health Care
USD
415
3
Exhibit 4
UAE
282886
Pharmaceuticals
Health Care
USD
137
148
167
184
170
207
251
279
321
371
196
11.7%
UAE
284185
Aerospace & Defense
Industrials
USD
122
157
160
122
229
316
308
341
348
305
267
10.7%
126 ARAMEX PJSC
UAE
274887
Industrials
USD
189
125
371
486
566
534
602
701
845
905
550
19.0%
Qatar
274893
Industrials
USD
12
16
20
24
115
132
145
20
UAE
284151
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%
UAE
274899
Building Products
Industrials
USD
66
109
128
150
200
202
279
303
307
300
201
18.4%
UAE
284191
Building Products
Industrials
USD
315
354
459
620
717
1,026
908
908
863
957
790
13.2%
UAE
274386
USD
699
765
1,163
2,647
2,086
1,487
1,362
1,541
2,006
1,487
UAE
291718
USD
135
223
388
602
505
847
904
1,328
553
134 DEPA LTD
UAE
179766
USD
285
387
461
732
494
473
530
135 AVEC CORP
UAE
151594
USD
Qatar
258696
USD
2,561
4,048
2,651
3,391
4,544
5,135
Qatar
285864
138 AAMAL HLDG
Qatar
287946
Industrials
USD
95
116
147
179
194
335
524
627
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%)
UAE
284159
Industrials
USD
101
100
150
197
226
341
500
727
846
693
283
23.9%
142 DP WORLD
UAE
284856
Industrials
USD
2,292
2,731
3,283
2,929
3,189
2,978
3,121
3,073
Qatar
254656
Materials
USD
124
173
235
304
388
417
300
272
265
276
274
9.3%
144 UNION CEMENT CO
UAE
274921
Materials
USD
85
109
109
184
302
191
151
169
164
144
157
6.0%
145 GULF CEMENT CO
UAE
275275
Materials
USD
131
172
181
224
294
202
166
164
165
170
171
2.9%
UAE
278373
Materials
USD
88
123
124
145
152
116
66
51
52
66
102
(3.2%)
UAE
282157
Materials
USD
37
44
56
61
68
80
89
109
116
116
UAE
282895
Materials
USD
67
82
89
91
116
77
62
52
60
60
72
(1.2%)
UAE
284080
Materials
USD
137
180
225
323
415
234
147
85
51
15
163
(21.6%)
UAE
284104
Materials
USD
18
34
57
78
68
57
52
68
69
57
UAE
284154
Materials
USD
79
87
94
189
153
67
82
108
105
91
152 QATARI INV GRP
Qatar
285366
Materials
USD
18
47
59
70
131
Industrials
Industrials
1,807
2,137
USD
314
71
473
0
436
536
527
543
630
1,312
1,599
2,651
1,542
540
583
194
3,025
74
13.5%
4.5%
53
153 OOREDOO
Qatar
135709
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
2,826
3,503
4,436
5,810
7,111
8,393
8,693
8,778
8,970
10,578
7,752
15.8%
UAE
279381
419
1,076
1,453
1,926
2,411
2,679
2,940
1,453
156 VODAFONE QATAR
Qatar
292438
99
257
335
419
Qatar
258639
Multi-Utilities
Utilities
USD
407
471
529
624
728
943
1,228
1,242
797
UAE
279336
Multi-Utilities
Utilities
USD
452
1,318
2,268
4,509
4,480
5,681
6,309
7,200
6,595
UAE
187366
Utilities
USD
400
257
676
4,509
0
8.0%
Exhibit 4
Shareholders' Equity, Total book value including minority interest

No
Company Name
AXIUS INC
UAE
Sector
Currency 2004
179660 Distributors
USD
2005
2006
2007
2008
2009
2010
2011
-0.02
-0.06
0.20
2012
2013
EMIRATES DRIVING
UAE
USD
8.57
21.62
22.68
38.53
55.58
72.91
84.90
90.98
UAE
USD
382.42
650.52
1,217.23
1,306.90
1,292.44
1,310.36
1,340.48
1,373.93
UAE
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
UAE
USD
82.53
136.27
103.86
204.08
140.43
186.08
168.27
160.17
163.22
188.51
AL FIRDOUS HOLDINGS
UAE
USD
2.69
168.58
170.06
169.85
170.60
171.21
171.34
36.75
37.29
QATAR CINEMA & FILM
Qatar
USD
12.33
19.95
14.88
17.47
15.92
17.87
37.67
UAE
USD
248.93
429.35
469.41
506.37
785.05
261.92
273.10
CAGR
-0.02
Median
94.38
101.18
64.25
31.6%
1,299.67
(100.0%)
2,151.38
18.6%
161.70
9.6%
170.06
39.19
18.91
13.7%
429.35
(100.0%)
FOODCO HOLDING PJSC
UAE
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
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
Qatar
293086 Hypermarkets & Super CenConsumer Staples
USD
62.76
60.52
63.01
385.55
68.54
12
UAE
14033
Consumer Staples
USD
13
ZAD HOLDING CO
Qatar
Consumer Staples
USD
58.14
213.67
147.81
142.79
113.48
14
Qatar
Consumer Staples
USD
41.81
48.76
47.81
51.10
15
UAE
Consumer Staples
USD
21.11
22.51
23.36
16
AGTHIA GROUP PJSC
UAE
Consumer Staples
USD
178.66
17
UAE
Consumer Staples
USD
52.12
18
UAE
Consumer Staples
USD
51.60
68.54
74.53
83.82
39.27
45.68
143.63
45.68
131.37
165.76
346.08
360.47
147.81
61.35
56.96
62.90
72.64
73.52
68.60
59.16
5.7%
26.48
13.37
28.31
40.41
40.83
44.34
48.09
27.39
9.6%
186.61
196.95
216.53
244.72
267.95
281.90
307.35
340.29
244.72
46.65
47.37
76.59
73.96
93.74
217.76
229.24
166.29
75.27
103.38
124.00
99.17
101.86
101.43
83.95
89.23
115.79
101.65
34.47
23.02
29.55
17.07
19.69
14.29
11.04
11.39
11.78
17.07
2.79
5.49
6.65
7.36
8.11
8.91
9.77
10.91
12.19
1,855.66
1,939.00
1,971.00
2,099.00
2,174.00
2,224.00
2,417.00
2,543.00
847.38
19
UAE
283375 Soft Drinks
Consumer Staples
USD
20
GULFA MINERAL WATER
UAE
291230 Soft Drinks
Consumer Staples
USD
21
DANA GAS
UAE
Energy
USD
22
GULF INTL SVCS
Qatar
Energy
USD
207.88
242.20
336.07
453.91
562.93
616.85
646.67
724.09
23
LAMPRELL
UAE
279384 Oil & Gas Equipment & Ser Energy
USD
75.72
89.87
158.76
212.25
234.79
283.97
533.90
406.07
24
UAE
USD
27.57
97.25
116.54
122.16
151.24
187.27
25
POLARCUS LTD
UAE
USD
189.60
294.68
391.56
429.76
481.41
26
DRAGON OIL
UAE
USD
27
EXILLON ENERGY
UAE
USD
28
QATAR FUEL
Qatar
258641 Oil & Gas Refining & MarkeEnergy
USD
29
Qatar
USD
30
UAE
USD
31
UAE
3597
USD
Unclassified
Energy
3.30
19.58
294.24
129.16
5.20
561.01
240.07
63.49
741.93
1,060.43
7.73
1,442.35
1,703.22
2,092.95
2,588.55
2,859.32
383.81
408.02
521.45
567.53
13.9%
15.6%
2,136.50
562.93
223.52
116.54
56.74
(100.0%)
(100.0%)
391.56
3,239.50
1,572.79
30.5%
408.02
279.39
422.67
706.76
924.85
1,165.10
1,399.05
1,594.42
1,826.25
815.80
672.44
1,317.26
-0.19
1,073.36
942.77
401.90
484.65
1,193.60
807.60
483.48
459.54
458.22
367.53
350.79
321.18
76.56
350.79
34.2%
34.8%
Exhibit 4
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
MEDICARE GROUP
NMC HEALTH PLC
QATAR GERMAN CO ME
ARAMEX PJSC
GULF WAREHOUSING CO
ABU DHABI AVIATION
AIR ARABIA PJSC
DRAKE & SKULL INTL
DEPA LTD
AVEC CORP
INDUSTRIES OF QATAR
MANNAI CORP. Q.S.C
AAMAL HLDG
QATAR NAT NAVIGAT
QATAR SHIPPING
DP WORLD
UNION CEMENT CO
GULF CEMENT CO
NATIONAL CEMENT CO
QATARI INV GRP
OOREDOO
ETISALAT
VODAFONE QATAR
QATAR ELECT & WATER
Qatar
UAE
UAE
Qatar
UAE
UAE
UAE
Qatar
UAE
UAE
UAE
UAE
UAE
UAE
UAE
UAE
Qatar
Qatar
Qatar
Qatar
Qatar
UAE
UAE
Qatar
UAE
UAE
UAE
UAE
UAE
UAE
UAE
UAE
Qatar
Qatar
UAE
UAE
Qatar
Qatar
UAE
UAE
274886
284186
312098
258642
282886
284185
274887
274893
284151
285482
274899
284191
274386
291718
179766
151594
258696
285864
287946
258649
258663
284159
284856
254656
274921
275275
278373
282157
282895
284080
284104
284154
285366
135709
274234
279381
292438
258639
279336
187366

Health Care
Health Care
Health Care
Health Care
Health Care
Pharmaceuticals
Aerospace & Defense
Industrials
Industrials
Industrials
Industrials
Airlines
Industrials
Industrials
Building Products
Building Products
Industrials
Heavy Electrical EquipmentIndustrials
Marine
Industrials
Marine
Industrials
Industrials
Industrials
Materials
Materials
Materials
Materials
Materials
Materials
Materials
Materials
Materials
Materials
Integrated Telecommunica Telecommunication
Wireless TelecommunicatioTelecommunication
Multi-Utilities
Utilities
Multi-Utilities
Utilities
Utilities
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Service USD
Service USD
Service USD
Service USD
USD
USD
USD
45.37
28.74
77.46
37.28
62.99
42.66
104.86
69.55
212.93
123.05
16.17
179.14
35.20
39.70
33.79
209.84
10.41
154.59
265.18
16.24
205.18
65.17
290.24
32.54
334.86
41.42
356.84
86.50
311.68
1,369.36
374.33
388.95
377.93
41.49
196.08
58.04
349.23
76.59
391.08
79.86
369.74
1,465.68
728.01
444.28
576.61
84.64
494.92
3,756.51
145.18
1,187.99
1,668.26
1,294.82
375.57
8,372.78
450.98
373.59
468.61
753.08
300.50
196.95
147.41
49.65
566.42
1,018.70
2,213.28
5,012.27
172.20
1,275.62
1,535.42
1,093.89
438.29
7,173.26
451.00
381.99
425.81
703.56
191.07
218.62
107.58
55.83
439.81
240.04
7,952.22
9,147.79
683.32
1,356.27
359.04
2,109.14
1,050.97
3,598.74
1,177.48
4,282.17
1,079.23
15.46
247.02
56.80
317.94
85.25
304.17
47.38
356.67
343.01
220.61
20.16
159.51
-12.61
3,039.73
79.15
947.91
1,177.20
944.52
324.54
1,318.83
369.87
350.89
378.52
562.30
266.20
202.11
138.48
38.65
544.72
228.49
1,388.15
5,826.36
923.49
685.92
853.58
1,681.82
1,009.15
2,061.16
-0.85
972.40
379.05
312.78
167.68
172.97
338.69
222.83
134.81
33.66
100.06
231.68
22.46
311.99
306.46
156.28
-5.30
2,595.81
830.20
2,275.16
1,778.23
324.41
406.79
314.05
358.68
689.53
386.02
168.10
176.01
22.15
123.05
4,533.05
7,050.36
682.25
190.38
171.72
90.89
55.99
376.72
93.88
442.03
82.10
406.05
1,488.57
393.81
545.39
742.61
684.74
537.44
203.11
201.10
102.98
55.15
403.68
136.37
491.57
95.94
456.93
1,463.87
430.76
621.45
844.61
692.00
465.68
206.01
207.14
100.35
55.17
427.37
151.07
516.20
188.58
503.19
1,429.12
1,065.58
609.08
916.89
739.84
474.82
210.44
238.95
331.60
53.26
465.22
106.51
557.04
194.21
559.25
1,481.22
1,205.14
614.73
910.77
753.80
439.31
5,233.29
199.05
1,344.17
1,623.25
1,186.55
524.22
8,037.45
527.98
382.33
402.08
499.92
196.08
223.00
103.27
64.84
425.73
508.59
8,081.20
10,994.65
759.90
2,102.95
985.61
3,378.21
-2.46
5,984.08
238.26
1,503.32
2,981.50
7,312.07
376.03
1,640.16
2,916.41
8,429.64
720.97
1,812.04
2,960.58
9,275.72
673.19
1,949.22
3,471.73
652.12
8,495.93
593.88
357.96
399.95
481.80
212.76
208.19
99.78
64.40
431.76
530.27
9,411.70
11,588.41
1,387.32
1,946.36
1,082.97
4,148.54
-3.26
775.38
8,221.47
635.62
329.20
336.83
509.59
192.35
202.74
86.74
54.86
437.60
531.51
10,815.93
11,353.59
1,693.06
836.74
8,729.85
668.51
341.89
331.53
424.94
199.70
195.90
86.84
55.31
450.90
553.61
10,130.46
12,598.36
2,049.40
1,694.84
1,113.81
3,636.72
-8.52
909.48
9,021.54
706.89
342.23
335.79
499.74
240.85
189.29
117.69
57.41
463.75
886.21
3,427.54
-6.42
222.15
291.61
48.74
513.68
121.29
579.07
220.57
603.23
1,518.21
1,266.33
718.63
1,569.35
809.95
8,905.02
13,502.45
1,944.99
1,741.21
3,352.70
196.75
147.39
101.66
51.00
362.98
85.23
416.55
86.50
387.90
1,446.50
412.29
494.83
742.61
688.37
465.68
-5.30
5,233.29
218.65
1,344.17
1,971.71
1,140.22
524.22
8,297.12
489.49
346.56
368.60
504.76
217.79
199.53
105.42
55.31
438.71
519.43
8,016.71
10,071.22
1,079.23
1,820.60
997.38
3,352.70
-4.84
19.3%
29.4%
13.0%
12.4%
14.7%
34.7%
23.2%
12.4%
73.9%
26.3%
11.7%
(100.0%)
15.2%
(100.0%)
9.5%
8.2%
7.6%
4.4%
0.9%
3.8%
14.9%
18.6%
26.8%
15.8%
10.9%
Exhibit 4
Interest and Related Expense - Total

No
Company Name
GVKEY
Industry Segment
Sector
Currency
AXIUS INC
179660
Distributors
USD
2004
2005
2006
2007
2008
EMIRATES DRIVING
284155
Education Services
USD
0.4
0.4
0.0
276929
USD
2.9
3.4
11.2
17.4
20.3
282983
USD
0.7
0.3
0.2
0.3
0.2
284158
USD
1.7
2.0
1.6
1.5
4.5
AL FIRDOUS HOLDINGS
287151
USD
2009
2010
0.0
0.0
2011
2012
29.1
28.3
32.8
19.3
17.3
34.6
6.2
6.1
4.9
6.8
275063
USD
293285
Specialty Stores
USD
8.4
10.3
19.7
21.2
35.0
31.1
39.1
FOODCO HOLDING PJSC
282986
Food Distributors
Consumer Staples
USD
1.3
1.1
2.4
2.6
2.5
3.1
3.1
3.0
2.4
10
DUBAI REFRESHMENTS
283433
Food Distributors
Consumer Staples
USD
0.2
0.9
1.2
1.2
0.4
0.5
0.5
0.5
11
293086
USD
14033
Consumer Staples
USD
274901
Consumer Staples
USD
14
274902
Consumer Staples
USD
15
283483
Consumer Staples
USD
16
AGTHIA GROUP PJSC
284156
Consumer Staples
USD
17
284187
Consumer Staples
USD
18
284876
Consumer Staples
USD
19
283375
Soft Drinks
Consumer Staples
USD
(100.0%)
31.0
0.7
53.0%
3.3
3.9
7.8%
0.1
QATAR CINEMA & FILM
18.9
0.1
ZAD HOLDING CO
0.1
0.9
0.9
0.1
0.1
0.1
0.1
0.4
1.1
0.6
CAGR
0.4
12
Median
0.0
13
2013
0.4
0.3
0.5
0.4
0.4
21.2
(100.0%)
2.2
2.4
5.9%
0.1
0.3
0.5
6.0%
1.8
3.3
1.0
1.8
19.7
21.8
21.8
21.8
0.1
0.0
3.6
0.3
(100.0%)
9.0%
2.0
1.2
0.4
0.6
0.2
0.3
0.4
1.1
1.0
1.2
1.9
2.6
2.7
1.6
6.7
6.0
6.3
0.6
0.1
0.2
0.2
0.1
0.1
0.1
0.2
0.0
0.1
0.3
0.3
0.3
0.2
0.1
0.2
20
GULFA MINERAL WATER
291230
Soft Drinks
Consumer Staples
USD
0.1
0.2
0.1
0.1
0.0
0.0
21
DANA GAS
282884
Energy
USD
36.0
72.0
55.0
56.0
87.0
86.0
78.0
72.0
9.8
8.1
4.2
4.4
22
GULF INTL SVCS
288907
Oil & Gas Drilling
Energy
USD
1.3
2.3
23
LAMPRELL
279384
USD
0.0
0.0
24
284079
USD
0.5
0.8
25
POLARCUS LTD
292880
USD
26
DRAGON OIL
201676
USD
27
EXILLON ENERGY
293578
USD
28
QATAR FUEL
258641
USD
29
274295
USD
30
282951
USD
31
3597
Unclassified
Energy
USD
120 MEDICARE GROUP
274886
Health Care
USD
284186
Health Care
USD
122 NMC HEALTH PLC
312098
Health Care
USD
0.4
7.3
0.1
0.3
4.7
0.1
4.6
4.4
3.4
7.3
0.9
5.1
5.4
9.6
3.0
5.3
5.9
2.6
5.2
13.2
47.1
60.7
73.6
47.1
0.7
0.8
0.6
3.7
5.3
209.0
363.3
383.3
380.9
358.5
360.9
7.5
9.1
12.9
11.8
13.8
16.2
16.3
12.9
6.4
2.3
2.3
1.1
4.7
0.1
3.2
3.0
0.1
0.2
0.4
0.1
0.4
0.7
2.7
4.6
5.8
6.0
11.7
6.7
14.2
15.0
15.1
11.6
(100.0%)
0.8
0.1
2.7
(100.0%)
(100.0%)
0.4
5.2
42.6%
14.6
258642
Health Care
USD
0.0
0.1
0.8
0.4
0.3
0.3
0.3
0.5
0.3
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%
284185
Aerospace & Defense
Industrials
USD
0.8
1.4
0.7
0.6
1.1
1.8
1.1
3.2
5.3
2.4
1.3
13.2%
0.2
29.0%
126 ARAMEX PJSC
274887
Industrials
USD
274893
Industrials
USD
0.9
1.1
0.9
0.5
0.3
0.5
0.8
2.3
0.8
0.9
1.7
1.7
1.1
1.6
3.4
7.7
1.7
Exhibit 4
284151
Industrials
USD
129 AIR ARABIA PJSC
285482
Airlines
Industrials
USD
0.1
0.1
0.9
274899
Building Products
Industrials
USD
5.5
9.6
14.0
3.6
284191
Building Products
Industrials
USD
274386
USD
7.5
18.7
20.6%
22.0%
34.2
30.1
27.2
21.5
27.2
9.0
12.3
14.2
9.0
2.0
4.7
10.9
5.8
1.3
135 AVEC CORP
151594
USD
258696
USD
USD
16.6
11.4
1.2
USD
29.8
37.1
0.4
Industrials
35.5
15.3
0.5
Industrials
71.7%
61.3
26.8
USD
3.3
6.6
USD
9.6
11.8
29.8
285864
7.8
9.5
1.0
287946
9.6
5.7
27.1
291718
53.3
10.2
0.3
179766
138 AAMAL HLDG
14.5
9.0
10.9
134 DEPA LTD
Industrials
6.8
11.2
1.6
0.0
10.1
9.1
7.0
10.4
5.2
7.5
3.1
40.3
42.9
74.5
3.1
0.0
0.1
15.3
12.1
2.4
2.2
2.2
2.3
1.4
6.2
45.4
27.7
2.4
4.2
7.0
25.5
16.4
14.9
19.0
16.4
17.0
12.3
16.4
21.0
12.1
14.3
12.1
11.4
19.2%
13.7
(100.0%)
0.0
22.0
39.5
27.4
258649
Marine
Industrials
USD
2.5
4.3
10.7
16.2
8.8
6.2
140 QATAR SHIPPING
258663
Marine
Industrials
USD
10.4
13.1
16.0
16.0
14.2
10.9
284159
Industrials
USD
4.4
4.4
1.3
0.0
142 DP WORLD
284856
Industrials
USD
344.3
546.3
348.8
353.6
368.5
378.6
16.3
5.9
7.2
350.2
321.0
(100.0%)
27.4
4.4
351.9
254656
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
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
Materials
USD
0.2
1.8
1.0
2.4
2.3
1.8
0.9
0.3
1.4
(100.0%)
278373
Materials
USD
0.0
0.3
0.1
0.0
0.7
-9.2
1.4
0.0
0.1
4.0%
282157
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%
282895
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%)
284080
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%
284104
Materials
USD
0.2
0.1
0.2
0.2
2.3
2.8
2.8
2.6
2.4
2.3
1.3
1.7
284154
Materials
USD
7.9
1.9
1.7
1.3
152 QATARI INV GRP
285366
Materials
USD
8.3
1.7
1.4
2.2
153 OOREDOO
135709
527.4
647.7
698.1
648.8
154 ETISALAT
274234
71.3
137.0
112.6
104.5
71.8
155.8
279381
0.0
0.0
2.5
3.5
25.1
32.0
156 VODAFONE QATAR
292438
0.0
5.0
7.0
7.6
6.4
258639
Multi-Utilities
Utilities
USD
279336
Multi-Utilities
Utilities
USD
187366
Utilities
USD
0.0
33.6
4.9
268.4
437.9
2.0
608.4
527.4
80.3
105.2
104.9
18.2
21.0
10.9
42.2
6.4
19.7
14.6
20.5
36.4
52.3
125.9
198.8
197.7
48.1
116.8
365.1
680.5
993.7
942.1
1,000.0
1,136.6
1,240.9
1,228.5
0.0
0.1
0.1
0.1
993.7
0.1
4.0%
Exhibit 4
EBIT - Earnings before interest and taxes (not applicable to financial companies)
No
Company Name
GVKEY
Industry Segment
Sector
Currency
AXIUS INC
179660
Distributors
USD
EMIRATES DRIVING
284155
Education Services
USD
-1
10
18
17
15
276929
USD
-3
10
-3
57
28
-40
282983
USD
48
59
72
96
124
79
73
70
60
284158
USD
10
40
45
35
31
25
AL FIRDOUS HOLDINGS
287151
USD
-1
-1
-2
2004
2005
2006
2007
2008
2009
2010
2011
-1
QATAR CINEMA & FILM
275063
USD
-1
-1
293285
Specialty Stores
USD
29
37
42
57
98
-403
51
2012
2013
Median
CAGR
0
11
10
(228.2%)
(100.0%)
31
71
(4.5%)
30
27
26.1%
1
-3
-1
(212.5%)
42
(100.0%)
FOODCO HOLDING PJSC
282986
Food Distributors
Consumer Staples
USD
-2
-3
-3
-1
-1
-2
-1
-1
(210.7%)
10
DUBAI REFRESHMENTS
283433
Food Distributors
Consumer Staples
USD
16
34
41
31
18.8%
11
293086
USD
11
10
13
18
25
28
13
12
14033
Consumer Staples
USD
26
37
51
13
ZAD HOLDING CO
274901
Consumer Staples
USD
-6
-12
-11
-17
-31
10
13
26
-6
(100.0%)
14
274902
Consumer Staples
USD
-1
-1
-4
-15
-28
-41
-74
-99
16
-9
(238.2%)
15
283483
Consumer Staples
USD
-12
15
15
14.3%
16
AGTHIA GROUP PJSC
284156
Consumer Staples
USD
10
23
29
31
23
36
46
23
17
284187
Consumer Staples
USD
18
284876
Consumer Staples
USD
-10
19
283375
Soft Drinks
Consumer Staples
USD
20
GULFA MINERAL WATER
291230
Soft Drinks
Consumer Staples
USD
-1
21
DANA GAS
282884
Energy
USD
22
GULF INTL SVCS
288907
Oil & Gas Drilling
Energy
USD
23
LAMPRELL
279384
USD
24
284079
USD
25
POLARCUS LTD
292880
USD
26
DRAGON OIL
201676
USD
27
EXILLON ENERGY
293578
USD
28
QATAR FUEL
258641
USD
29
274295
USD
30
282951
USD
31
3597
Unclassified
Energy
USD
-4
37
-6
-1
-3
-2
19
-1
-2
-2
-2
-2
-2
-1
-1
-1
-3
-4
(9.2%)
-1
(211.8%)
-2
51
43
-143
162
311
303
245
107
24
38
75
114
150
113
74
114
107
107
10
29
33
63
81
30
46
79
-85
10
19
29
11
41
36
-11
-20
57
27
2
164
63
212
365
12
91
474
314
488
856
791
-207
-3
16
(20.1%)
33
(100.0%)
19
(100.0%)
0
688
420
31.9%
115
159
325
202
296
287
336
348
245
13
19
292
472
521
503
473
382
26
40
17
-6
31
70
17
45.1%
10
32.7%
120 MEDICARE GROUP
274886
Health Care
USD
-4
-14
-6
-6
-4
-3
21
-3
(221.3%)
284186
Health Care
USD
15
23
27
25
30
28
14
19
8.1%
122 NMC HEALTH PLC
312098
Health Care
USD
19
41
58
73
50
258642
Health Care
USD
-1
-1
-1
-1
-1
-2
-1
-3
-1
24.8%
282886
Pharmaceuticals
Health Care
USD
18
21
27
28
26
40
43
51
58
61
34
14.3%
Exhibit 4
284185
Aerospace & Defense
Industrials
USD
15
11
22
31
29
19
14
11
15
3.6%
126 ARAMEX PJSC
274887
Industrials
USD
16
12
29
40
48
56
62
70
82
96
52
22.2%
274893
Industrials
USD
-1
-2
-2
-2
17
25
32
(251.8%)
284151
Industrials
USD
11
24
14
40
42
88
73
71
58
41
20.0%
129 AIR ARABIA PJSC
285482
Airlines
Industrials
USD
21
42
79
68
54
50
96
94
52
(279.8%)
274899
Building Products
Industrials
USD
13
23
28
33
47
28
74
82
97
97
40
25.0%
284191
Building Products
Industrials
USD
37
40
48
42
53
97
99
53
53
95
53
11.1%
274386
USD
40
56
148
292
166
119
84
30
109
109
50
37
291718
USD
15
27
38
52
32
55
35
134 DEPA LTD
179766
USD
19
40
51
58
-46
21
-52
135 AVEC CORP
151594
USD
258696
USD
Industrials
-5
21
-11
-12
853
899
18
28
40
49
62
62
77
73
56
31
33
39
46
54
71
82
75
77
54
-6
127
161
180
67
26.4%
52
(100.0%)
15.6%
-11
1,229
1,850
912
1,418
2,199
2,392
437
(100.0%)
1,229
285864
Industrials
USD
138 AAMAL HLDG
287946
Industrials
USD
258649
Marine
Industrials
USD
22
39
51
63
102
72
140 QATAR SHIPPING
258663
Marine
Industrials
USD
45
40
56
68
86
48
284159
Industrials
USD
15
19
39
50
77
108
116
126
92
55
66
142 DP WORLD
284856
Industrials
USD
391
553
727
577
637
643
865
899
640
254656
Materials
USD
28
24
33
68
67
100
124
116
112
111
84
16.4%
144 UNION CEMENT CO
274921
Materials
USD
30
39
32
31
46
23
-3
-6
11
12
26
(9.8%)
145 GULF CEMENT CO
275275
Materials
USD
36
55
65
63
86
43
-5
-20
-8
39
(34.3%)
278373
Materials
USD
18
46
42
50
19
23
-6
-9
-1
18
(24.0%)
282157
Materials
USD
11
16
17
18
10
38.2%
282895
Materials
USD
27
33
33
14
21
17
-2
-6
-2
15
(26.7%)
(192.6%)
284080
Materials
USD
284104
Materials
USD
284154
Materials
USD
152 QATARI INV GRP
285366
Materials
USD
24
17
15
25
16
11
-2
-5
-5
10
10
13
-4
36
35
-4
18
34
-1
54
10
11
-4
-4
11
23
10
39
(182.4%)
10
153 OOREDOO
135709
366
404
421
815
1,320
1,389
1,638
2,065
2,055
1,797
1,355
19.3%
154 ETISALAT
274234
941
1,154
1,564
1,872
1,835
2,347
2,166
2,640
1,895
2,188
1,883
9.8%
279381
-11
-258
-251
-26
55
304
326
541
554
-34
-185
-158
-125
-103
133
155
186
208
262
377
534
537
297
208
497
828
1,712
1,083
1,569
2,251
1,949
1,594
-2
-1
-7
-2
156 VODAFONE QATAR
292438
258639
Multi-Utilities
Utilities
USD
279336
Multi-Utilities
Utilities
USD
187366
Utilities
USD
129
55
-125
235
1,569
-2
9.7%
Exhibit 4
Output Data Item

Data Item
Mnemonic
Assets - Total
AT
Interest Expenses
XINT_M
ROE
Interest and Related Expense - Total
XINT
Shareholder's Equity, Total market

value including minority interest
SEQ_MKT
Total Debt to Equity ratio (not

applicable to financial companies)
EBIT - Earnings before interest and
taxes (not applicable to financial
companies)
EBIT
Net Income After Extraordinary Items

(as reported by Compustat)
NI_CS
Revenue (not applicable to financial

companies)
SALE
DE
Data Description
Total value of assets reported

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

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

for preferred stock and
minority interest due
Market Value of
Common Equity used
along with Book Values
This item does not
apply to Financial
companies.
This item, for banks,
includes securities
gains and losses
This item does not
apply to Financial
companies. For
Exhibit 4
Company details
Company Name
AXIUS INC
EMIRATES DRIVING
AL FIRDOUS HOLDINGS
QATAR CINEMA & FILM
FOODCO HOLDING PJSC
DUBAI REFRESHMENTS
ZAD HOLDING CO
AGTHIA GROUP PJSC
GULFA MINERAL WATER
DANA GAS
GULF INTL SVCS
LAMPRELL
POLARCUS LTD
DRAGON OIL
EXILLON ENERGY
QATAR FUEL
DUBAI INVST.
QATAR & OMAN INVESTMENT CO
AMLAK FINANCE
FINANCE HOUSE
ABU DHABI COMMERCIAL BK
ABU DHABI ISLAMIC BK
QATAR NATIONAL BK
QATAR ISLAMIC BK
Company Search Name

GICS Sector
AXIUS INC
EMIRATES DRIVING
KINGDOM HOTEL INVESTMENTConsumer Discretionary
ABU DHABI NATIONAL HOTELSConsumer Discretionary
NATL CORP FOR TOURISM & HConsumer Discretionary
AL FIRDOUS HOLDINGS
QATAR CINEMA & FILM
DAMAS INTERNATIONAL LTD Consumer Discretionary
FOODCO HOLDING PJSC
Consumer Staples
DUBAI REFRESHMENTS
Consumer Staples
ALMEERA CONSUMER GOODS Consumer Staples
AMIRA NATURE FOODS LTD Consumer Staples
ZAD HOLDING CO
Consumer Staples
WIDAM FOOD COMPANY QSC Consumer Staples
Consumer Staples
AGTHIA GROUP PJSC
Consumer Staples
Consumer Staples
RAS AL KHAIMAH PLTRY & FEEConsumer Staples
EMIRATES REFRESHMENTS COConsumer Staples
GULFA MINERAL WATER
Consumer Staples
DANA GAS
Energy
GULF INTL SERVICES CO
Energy
LAMPRELL PLC
Energy
Energy
POLARCUS LTD
Energy
DRAGON OIL PLC
Energy
EXILLON ENERGY PLC
Energy
QATAR FUEL CO
Energy
QATAR GAS TRANSPORT(NAKIEnergy
GULF NAVIGATION HOLDING Energy
CRESCENT PETROLEUM CORP Energy
Financials
DUBAI INVESTMENTS
QATAR & OMAN INVESTMENT Financials
AMLAK FINANCE
Financials
FINANCE HOUSE
Financials
ABU DHABI COMMERCIAL BANFinancials
ABU DHABI ISLAMIC BANK
Financials
QATAR NATIONAL BANK
Financials
QATAR ISLAMIC BANK
Financials
GVKey
179660
284155
276929
282983
284158
287151
275063
293285
282986
283433
293086
14033
274901
274902
283483
284156
284187
284876
283375
291230
282884
288907
279384
284079
292880
201676
293578
258641
274295
282951
3597
274891
287712
274384
284102
251138
251139
251221
251223
Last Reporting Currency

USD
AED
USD
AED
AED
AED
QAR
AED
AED
AED
QAR
USD
QAR
QAR
AED
AED
AED
AED
AED
AED
USD
QAR
USD
USD
USD
USD
USD
QAR
QAR
AED
USD
AED
QAR
AED
AED
AED
AED
QAR
QAR
Company Region
North America
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Other Americas
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Rest of Europe
Middle East
Other Americas
Original 15 EU Members
Rest of Europe
Middle East
Middle East
Middle East
North America
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Exhibit 4
Company details
Company Name
AXIUS INC
EMIRATES DRIVING
AL FIRDOUS HOLDINGS
QATAR CINEMA & FILM
FOODCO HOLDING PJSC
DUBAI REFRESHMENTS
ZAD HOLDING CO
AGTHIA GROUP PJSC
GULFA MINERAL WATER
DANA GAS
GULF INTL SVCS
LAMPRELL
POLARCUS LTD
DRAGON OIL
EXILLON ENERGY
QATAR FUEL
DUBAI INVST.
AMLAK FINANCE
FINANCE HOUSE
QATAR NATIONAL BK
QATAR ISLAMIC BK
Headquarter Location
United Arab Emirates
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Ticker
AXIU
ANFI
CRES.
Company ID
559538
341978
450138
58897
342010
387484
76473
539277
432343
61151
487664
596319
61323
313727
531249
59388
285998
341958
70356
429468
145041
285947
56657
341949
479161
28368
477876
58792
56716
145042
1887
58657
497233
58574
60540
24551
58556
37294
56717
Sedol
B2QG801
B138CQ7
B15CLM6
B12M7V0
6566603
B3BFFM1
6051303
B1MJWQ1
B51SZP7
B8PPRT3
6566625
B00H5Q1
B19RVV6
B0LWKV5
B1K9VV1
6549637
B0N7449
B2418T7
B0VR4L8
B39HD70
B1CL524
B1G4F63
B3BJC77
5323218
B58FMW7
6516556
B0MLBC9
B16B4G7
6388357
B1XCLL7
B1JNJ09
6545464
6001728
6148197
6713982
Business Description
Axius Inc., a development stag
Emirates Driving Company P.J.
Kingdom Hotel Investments (K
Abu Dhabi National Hotels Com
National Corporation for Touris
Al Firdous Holdings (P.J.S.C.) e
Qatar Cinema and Film Distribu
Damas International Limited, t
Foodco Holding P.J.S.C. engag
Dubai Refreshments (P.J.S.C.)
Al Meera Consumer Goods Com
Amira Nature Foods Ltd engag
Zad Holding Company S.A.Q. im
Widam Food Company Q.S.C. i
United Foods Company (PSC) e
Agthia Group PJSC is engaged
International Fish Farming Hold
Ras Al Khaimah Poultry and Fe
Emirates Refreshments (P.S.C)
Gulfa Mineral Water and Proce
Dana Gas PJSC, through its sub
Gulf International Services Q.S
Lamprell plc, through its subsid
Maritime Industriai Services Co
Polarcus Limited, a marine geo
Dragon Oil plc operates as an i
Exillon Energy PLC, through its
Qatar Fuel Company Q.S.C., to
Qatar Gas Transport Company
Gulf Navigation Holding PJSC, t
Crescent Petroleum Company I
Dubai Investments PJSC, toget
Amlak Finance PJSC operates a
Finance House P.J.S.C. provide
Abu Dhabi Commercial Bank P
Abu Dhabi Islamic Bank PJSC p
Qatar National Bank S.A.Q., to
Qatar Islamic Bank (S.A.Q.), to
Exhibit 4
Company details
Company Name
AXIUS INC
EMIRATES DRIVING
AL FIRDOUS HOLDINGS
QATAR CINEMA & FILM
FOODCO HOLDING PJSC
DUBAI REFRESHMENTS
ZAD HOLDING CO
AGTHIA GROUP PJSC
GULFA MINERAL WATER
DANA GAS
GULF INTL SVCS
LAMPRELL
POLARCUS LTD
DRAGON OIL
EXILLON ENERGY
QATAR FUEL
DUBAI INVST.
AMLAK FINANCE
FINANCE HOUSE
QATAR NATIONAL BK
QATAR ISLAMIC BK
Fiscal Year - End Month

10
12
12
12
12
3
12
3
12
12
12
3
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
9
12
12
12
12
12
12
12
12
ISIN No
US05461J1097
AEE000601014
AEA000301019
AEN001001017
QA0006929796
AEDFXA0Q3724
AEF000101012
AED000501018
QA000A0YDSW8
VGG0335L1022
QA0006929788
QA000A0KD6N7
AEU000901014
AEA001901015
AEI000201014
AER000201015
AEJ000101014
AEG000501011
AED000701014
QA000A0Q6LH4
GB00B1CL5249
PAP644621073
KYG7153K1085
IE0000590798
IM00B58FMW76
QA0001200771
QA000A0KD6L1
AEG000601019
AED000601016
QA000A0NCQA3
AEF000401016
AEA000201011
AEA000801018
QA0006929895
QA0006929853
Industry Group
Retailing
Consumer Services
Consumer Services
Consumer Services
Consumer Services
Consumer Services
Media
Retailing
Food & Staples Retailing
Food Beverage & Tobacco
Energy
Energy
Energy
Energy
Energy
Energy
Energy
Energy
Energy
Energy
Energy
Diversified Financials
Banks
Banks
Banks
Banks
Industry Segment
Exchange Name
Distributors
Other-OTC
Education Services
Abu Dhabi Securities Exchange
Hotels, Resorts & Cruise Lines
Hotels, Resorts & Cruise Lines Abu Dhabi Securities Exchange
Hotels, Resorts & Cruise Lines Abu Dhabi Securities Exchange
Hotels, Resorts & Cruise Lines
Qatar Exchange
Specialty Stores
Nasdaq Dubai
Food Distributors
Food Distributors
Dubai Financial Market
Hypermarkets & Super CentersQatar Exchange
New York Stock Exchange
Qatar Exchange
Qatar Exchange
Soft Drinks
Soft Drinks
Oil & Gas Drilling
Qatar Exchange
Oil & Gas Equipment & Service London Stock Exchange
Oil & Gas Equipment & Service OTC
Oil & Gas Equipment & Service Oslo Bors ASA
Oil & Gas Exploration & ProducIrish Stock Exchange All Marke
Oil & Gas Exploration & ProducLondon Stock Exchange
Oil & Gas Refining & MarketingQatar Exchange
Oil & Gas Storage & TransportaQatar Exchange
Oil & Gas Storage & TransportaDubai Financial Market
Unclassified
OTC Bulletin Board
Asset Management & Custody OTC
Asset Management & Custody Qatar Exchange
Consumer Finance
Consumer Finance
Diversified Banks
OTC
Diversified Banks
OTC
Diversified Banks
Qatar Exchange
Diversified Banks
Qatar Exchange
Exhibit 4
Company Name
DOHABK
DUBAI ISLAMIC BK
NATIONAL BK OF ABU DHABI
EMIRATES BANK INTL LTD
COMMERCIAL BK OF QATAR
AHLI BK Q.S.C.
QATAR INT ISLAM BK
MASHREQ BK
COMMERCIAL BK OF DUBAI
SHARJAH ISLAMIC BK
MASRAF AL-RAYAN
UNION NATIONAL BK
FIRST GULF BK
BK OF SHARJAH
COMM BANK INTL (UAE)
EMIRATES ISLAMIC BANK
INVEST BK
UNITED ARAB BK
NATL BK OF UMM AL-QAIWAIN
NATIONAL BK OF FUJAIRAH
NATL BK OF RAS AL KHAIMAH
AL KHALIJ COMMERCIAL BK
AJMAN BANK
AL SALAM BANK SUDAN
QATAR REAL ESTATE INVT CO
BARWA REAL ESTATE
UNION PROPERTIES
ALDAR PROPERTIES
RAS AL KHAIMAH PROPERTIES
SOROUH REAL ESTATE
DEYAAR DEV. PJSC
EZDAN REAL ESTATE COMPANY
MAZAYA QATAR REAL EST DEV
DLALA HOLDING
SHUAA CAPITAL
EMIRATES INVESTMENT BANK
ISLAMIC HOLDING GROUP
TAKAFUL EMARAT
GREEN CRESCENT INSURANCE CO
QATAR IND. MFG
SALAM INTERNATIONAL INVT CO
Company Search Name

GICS Sector
DOHA BANK
Financials
DUBAI ISLAMIC BANK LTD
Financials
NATIONAL BANK OF ABU DHA Financials
Financials
COMMERCIAL BANK OF QATARFinancials
AHLI BANK Q.S.C.
Financials
QATAR INT ISLAM BK
Financials
MASHREQBANK PSC
Financials
COMMERCIAL BANK OF DUBAIFinancials
SHARJAH ISLAMIC BANK
Financials
MASRAF AL-RAYAN
Financials
UNION NATIONAL BANK
Financials
FIRST GULF BANK
Financials
BANK OF SHARJAH
Financials
Financials
Financials
INVEST BANK
Financials
UNITED ARAB BANK
Financials
NATL BANK OF UMM AL-QAIW Financials
NATIONAL BANK OF FUJAIRAHFinancials
NATL BANK OF RAS AL KHAIMAFinancials
AL KHALIJ COMMERCIAL BANKFinancials
AJMAN BANK
Financials
AL SALAM BANK SUDAN
Financials
QATAR REAL ESTATE INVT COFinancials
BARWA REAL ESTATE
Financials
UNION PROPERTIES
Financials
ALDAR PROPERTIES
Financials
RAS AL KHAIMAH PROPERTIESFinancials
SOROUH REAL ESTATE
Financials
DEYAAR DEVELOPMENT PJSC Financials
EZDAN HOLDING GROUP
Financials
MAZAYA QATAR REAL EST DEVFinancials
DLALA HOLDING
Financials
SHUAA CAPITAL
Financials
EMIRATES INVESTMENT BANKFinancials
Financials
TAKAFUL EMARAT
Financials
GREEN CRESCENT INSURANCEFinancials
QATAR INDUSTRIES MFG
Financials
SALAM INTERNATIONAL INVT Financials
GVKey
251243
251246
251249
251250
254642
258623
258646
260797
274393
278810
279152
282075
282949
282984
282985
283434
284157
284163
284188
284425
284899
285891
289096
291941
258650
275422
275442
284153
284161
284162
286064
288383
295967
275089
275784
283339
288627
289326
291787
251225
274903

QAR
AED
AED
AED
QAR
QAR
QAR
AED
AED
AED
QAR
AED
AED
AED
AED
AED
AED
AED
AED
AED
AED
QAR
AED
SDG
QAR
QAR
AED
AED
AED
AED
AED
QAR
QAR
QAR
AED
AED
QAR
AED
AED
QAR
QAR
Company Region
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Exhibit 4
Company Name
DOHABK
DUBAI ISLAMIC BK
AHLI BK Q.S.C.
QATAR INT ISLAM BK
MASHREQ BK
SHARJAH ISLAMIC BK
MASRAF AL-RAYAN
UNION NATIONAL BK
FIRST GULF BK
BK OF SHARJAH
INVEST BK
UNITED ARAB BK
AJMAN BANK
AL SALAM BANK SUDAN
BARWA REAL ESTATE
UNION PROPERTIES
ALDAR PROPERTIES
SOROUH REAL ESTATE
DEYAAR DEV. PJSC
DLALA HOLDING
SHUAA CAPITAL
TAKAFUL EMARAT
QATAR IND. MFG
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Ticker
Company ID
58655
28382
34840
156672
58859
58562
58794
58746
58639
58957
58936
145036
56807
58911
478364
518265
58929
76038
58939
341969
341972
209818
419387
498199
58795
58912
58876
76567
58951
145047
145071
248786
503347
209771
58814
520183
387571
570959
567218
59413
59274
Sedol
6273420
6283452
6624471
6150448
6566443
6571544
6606071
B0LNDK8
B102875
B0VR7W0
6917847
6122782
B0MLBF2
6550907
B0N9XC6
B0MLBG3
B1JQJN1
B1JNJ32
B11ZKG6
B0YDCM0
B23X0G5
B3B53V6
B39T105
6566562
B0YTG26
6388380
B0LX3Y2
B12B5X5
B128CD5
B24F8T9
B2PWTM9
B502312
B0JW6Z3
6344832
B0L4WD7
B2QGJB9
B3BVLM1
B3P0N40
6713960
6539285
Doha Bank Q.S.C., together wi
Dubai Islamic Bank P.J.S.C., to
National Bank of Abu Dhabi PJS
Emirates NBD Bank PJSC, toge
The Commercial Bank of Qatar
Ahli Bank Q.S.C. provides a ran
Qatar International Islamic Ban
Mashreqbank psc provides ban
Commercial Bank of Dubai PSC
Sharjah Islamic Bank PJSC eng
Masraf Al Rayan (Q.S.C) engag
Union National Bank PJSC prov
First Gulf Bank PJSC provides v
Bank of Sharjah P.S.C., togethe
Commercial Bank International
Emirates Islamic Bank PJSC pro
Invest bank PSC provides a ran
United Arab Bank Public Joint S
National Bank of Umm Al-Qaiw
National Bank of Fujairah PSC
The National Bank of Ras Al-Kh
Al Khalij Commercial Bank (al k
Ajman Bank PJSC provides var
ALSalam Bank Sudan provide
Qatar Real Estate Investment C
Barwa Real Estate Company is
Union Properties Public Joint St
Aldar Properties PJSC engages
RAK Properties P.J.S.C. is enga
As of June 30, 2013, Sorouh R
Deyaar Development PJSC, tog
Ezdan Holding Group Company
Mazaya Qatar Real Estate Deve
Dlala Brokerage and Investmen
SHUAA Capital PSC provides va
Emirates Investment Bank P.J.
Islamic Holding Group (Q.S.C),
Takaful Emarat - Insurance (PS
Green Crescent Insurance Com
Qatar Industrial Manufacturing
Salam International Investmen
Exhibit 4
Company Name
DOHABK
DUBAI ISLAMIC BK
AHLI BK Q.S.C.
QATAR INT ISLAM BK
MASHREQ BK
SHARJAH ISLAMIC BK
MASRAF AL-RAYAN
UNION NATIONAL BK
FIRST GULF BK
BK OF SHARJAH
INVEST BK
UNITED ARAB BK
AJMAN BANK
AL SALAM BANK SUDAN
BARWA REAL ESTATE
UNION PROPERTIES
ALDAR PROPERTIES
SOROUH REAL ESTATE
DEYAAR DEV. PJSC
DLALA HOLDING
SHUAA CAPITAL
TAKAFUL EMARAT
QATAR IND. MFG

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ISIN No
QA0006929770
AED000201015
AEN000101016
QA0007227752
QA0001200748
QA0006929879
AEM000101018
AEC000201017
AES000201013
QA000A0M8VM3
AEU000401015
AEF000201010
AEB000101011
AEC000101019
AEE000501016
AEI000101016
AEU000601010
AEN000701013
AEN000801011
AEN000601015
QA000A0M6MD5
AEA003201018
SD000A0JC6U1
QA0007227711
QA000A0KD6J5
AEU000101011
AEA002001013
AER000601016
AES000501016
AED001001018
QA000A0NE8B4
QA000A1C6VZ0
QA000A0KD6P2
AES000101015
AEA001301018
QA000A1C6VS5
AET000201011
AEG000801015
QA0006929846
QA0007227745
Industry Group
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Insurance
Insurance
Industry Segment
Exchange Name
Diversified Banks
Qatar Exchange
Diversified Banks
Diversified Banks
Diversified Banks
Diversified Banks
Qatar Exchange
Diversified Banks
Qatar Exchange
Diversified Banks
Qatar Exchange
Diversified Banks
Diversified Banks
Diversified Banks
Diversified Banks
Qatar Exchange
Diversified Banks
Diversified Banks
Diversified Banks
Diversified Banks
Diversified Banks
Diversified Banks
Diversified Banks
Diversified Banks
Diversified Banks
Diversified Banks
Diversified Banks
Qatar Exchange
Diversified Banks
Diversified Banks
Diversified Real Estate ActivitieQatar Exchange
Diversified Real Estate ActivitieDubai Financial Market
Diversified Real Estate ActivitieAbu Dhabi Securities Exchange
Diversified Real Estate ActivitieDubai Financial Market
Investment Banking & Brokera Qatar Exchange
Investment Banking & Brokera Dubai Financial Market
Investment Banking & Brokera Dubai Financial Market
Investment Banking & Brokera Qatar Exchange
Life & Health Insurance
Life & Health Insurance
Multi-Sector Holdings
Qatar Exchange
Qatar Exchange
Exhibit 4
Company Name
GULF GENERAL INVESTMENT CO
AABAR IINVESTMENTS PJSC
AL KHAZNA INSURANCE CO
ALLIANCE INSURANCE (PSC)
AL DHAFRA INSURANCE CO
AL AIN AHLIA INSURANCE CO
EMIRATES INSURANCE CO (PSC)
DUBAI INSURANCE CO (P.S.C.)
OMAN INSURANCE CO PSC
ABU DHABI NATIONAL INS CO
RAS AL KHAIMAH NATL INS CO
AL SAGR NATIONAL INSURANCE
ISLAMIC INS CO
DUBAI NATL INS & REINS
NATIONAL GENERAL INS CO
ARABIAN SCANDINAVIAN INS CO
UNION INSURANCE CO (UAE)
AL BUHAIRA NATIONAL INS
SHARJAH INSURANCE CO
ABU DHABI NATIONAL TAKAFUL
AL WATHBA NAT INSURANCE CO
METHAQ TAKAFUL INSURANCE CO
NATIONAL TAKAFUL CO WATANIA
FIRST FINANCE COMPANY
QATAR INS.
DOHA INSURANCE
ALKHALEEJ TAKAFUL GROUP
QATAR GENERAL INS & REINS
AMAN
ISLAMIC ARAB INSURANCE CO
UNITED INSURANCE CO
TAKAFUL HOUSE
EMAAR PROPERTIES PJSC
UNITED DEV.
ESHRAQ PROPERTIES CO
NATIONAL LEASING HLDG Q.S.C.
WAHA CAPITAL PJSC
DUBAI FINAN. MARKET
TAMWEEL PJSC
MEDICARE GROUP
Company Search Name

GICS Sector
GULF GENERAL INVESTMENT CFinancials
AABAR IINVESTMENTS PJSC Financials
AL KHAZNA INSURANCE CO Financials
ALLIANCE INSURANCE (PSC) Financials
AL DHAFRA INSURANCE CO Financials
AL AIN AHLIA INSURANCE CO Financials
EMIRATES INSURANCE CO (PSFinancials
DUBAI INSURANCE CO (P.S.C. Financials
Financials
ABU DHABI NATIONAL INS COFinancials
RAS AL KHAIMAH NATL INS COFinancials
AL SAGR NATIONAL INSURANCFinancials
ISLAMIC INS CO
Financials
Financials
NATIONAL GENERAL INS CO Financials
ARABIAN SCANDINAVIAN INS Financials
UNION INSURANCE CO (UAE) Financials
AL BUHAIRA NATIONAL INS Financials
Financials
ABU DHABI NATIONAL TAKAFUFinancials
AL WATHBA NAT INSURANCE Financials
METHAQ TAKAFUL INSURANCEFinancials
NATIONAL TAKAFUL CO WATAFinancials
Financials
QATAR INSURANCE CO
Financials
DOHA INSURANCE
Financials
ALKHALEEJ TAKAFUL GROUP Financials
QATAR GENERAL INS & REINS Financials
AMAN
Financials
ISLAMIC ARAB INSURANCE COFinancials
UNITED INSURANCE CO
Financials
TAKAFUL HOUSE
Financials
Financials
UNITED DEVELOPMENT CO
Financials
Financials
NATIONAL LEASING HLDG Q.SFinancials
WAHA CAPITAL PJSC
Financials
DUBAI FINANCIAL MARKET
Financials
TAMWEEL PJSC
Financials
MEDICARE GROUP
Health Care
Health Care
GVKey
275440
284150
104579
104580
260793
260794
260795
260796
268793
268827
269640
269641
274834
274892
274898
283342
284084
284086
284110
284152
284859
289054
311415
279335
258644
258667
268686
268687
275439
275441
284426
289398
251248
258713
301091
258737
251233
282945
282848
274886
284186

AED
AED
AED
AED
AED
AED
AED
AED
AED
AED
AED
AED
QAR
AED
AED
AED
AED
AED
AED
AED
AED
AED
AED
QAR
QAR
QAR
QAR
QAR
AED
AED
AED
AED
AED
QAR
AED
QAR
AED
AED
AED
QAR
AED
Company Region
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Exhibit 4
Company Name
ISLAMIC INS CO
QATAR INS.
DOHA INSURANCE
AMAN
UNITED INSURANCE CO
TAKAFUL HOUSE
UNITED DEV.
WAHA CAPITAL PJSC
DUBAI FINAN. MARKET
TAMWEEL PJSC
MEDICARE GROUP
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Ticker
Company ID
58692
58895
286005
631549
320991
308728
59389
531153
512202
531275
308705
587086
59399
461033
524101
560460
499785
450141
341950
341951
387516
419390
674236
342004
58793
61148
58993
59249
313757
58712
70431
570927
28676
209751
659071
209752
58942
64308
58850
66645
341963
Sedol
B125MW5
B0S02G1
B1JNHY9
B0N9YY5
6011136
6051251
6313973
B01RGG7
B0YY7K6
B138CW3
B13NN14
6586032
6486176
B11DP43
B0MLBL8
6086510
B0MLBJ6
B1JNJ76
B1JNJ87
6518507
B39VMP3
B71K9G6
B172L80
6148045
6630694
6566595
6566636
6561039
B0LKM46
B1JQQN0
B3C9VM4
B01RM25
6651093
B5VJ8Z1
6693329
B1X5Y51
B1GPBP7
B0ZL4D8
6080040
B13MNJ9
Gulf General Investment Comp
Aabar Investments PJSC opera
Al Khazna Insurance Company
Alliance Insurance P.S.C. provi
Al Dhafra Insurance Company
Al Ain Ahlia Insurance Compan
Emirates Insurance Company P
Dubai Insurance Company (PS
Oman Insurance Company P.S
Abu Dhabi National Insurance
Ras Al Khaimah National Insura
Al-Sagr National Insurance Com
Qatar Islamic Insurance Compa
Dubai National Insurance & Re
National General Insurance Co
Arabian Scandinavian Insuranc
Union Insurance Company P.S
Al Buhaira National Insurance C
Sharjah Insurance Company P.
Abu Dhabi National Takaful Co
Al Wathba National Insurance
Methaq Takaful Insurance Com
National Takaful Company (Wa
First Finance Company (Q.S.C.
Qatar Insurance Company S.A.
Doha Insurance Company Q.S.
Al Khaleej Takaful Group Q.S.C
Qatar General Insurance and R
Dubai Islamic Insurance & Rein
Islamic Arab Insurance Co. (Sa
United Insurance Company P.S
Dar Al Takaful PJSC, an Islamic
Emaar Properties PJSC, togeth
United Development Company
Eshraq Properties Co. PJSC eng
Alijarah Holding (Q.S.C.), toget
Al Waha Capital P.J.S.C., inves
Dubai Financial Market, PJSC o
Tamweel PJSC, together with i
Medicare Group Q.S.C. provide
Gulf Medical Projects Company
Exhibit 4
Company Name
ISLAMIC INS CO
QATAR INS.
DOHA INSURANCE
AMAN
UNITED INSURANCE CO
TAKAFUL HOUSE
UNITED DEV.
WAHA CAPITAL PJSC
DUBAI FINAN. MARKET
TAMWEEL PJSC
MEDICARE GROUP

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ISIN No
AEG000301016
AE000A0LF2F3
AEA000401017
AEA002201019
AEA000601012
AEA000101013
AEE000101015
AED000301013
AEA001101012
AER000501018
AEA002101011
QA0006929861
AED000101017
AEN000301012
AEA001401016
AEU000501012
AEA001701019
AES000301011
AEA001801017
AEA001601011
AEM000201016
AEN001101015
QA000A0NBF00
QA0006929838
QA0007227794
QA0006929762
QA0006929820
AED000401011
AEI000301012
AEU000301017
AET000301019
AEE000301011
QA000A0KD6M9
AEE000901018
QA000A0KD6Q0
AEA000701010
AED000901010
AET000101013
QA0006929754
AEG000401014
Industry Group
Industry Segment
Exchange Name
Insurance
Multi-line Insurance
Insurance
Insurance
Insurance
Insurance
Insurance
Insurance
Insurance
Insurance
Insurance
Insurance
Qatar Exchange
Insurance
OTC
Insurance
Insurance
Insurance
Insurance
Insurance
Insurance
Insurance
Insurance
Insurance
Other Diversified Financial ServQatar Exchange
Insurance
Property & Casualty Insurance Qatar Exchange
Insurance
Insurance
Insurance
Insurance
Property & Casualty Insurance Dubai Financial Market
Insurance
Insurance
Property & Casualty Insurance Abu Dhabi Securities Exchange
Insurance
Real Estate
Real Estate Development
Real Estate
Qatar Exchange
Real Estate
Real Estate
Real Estate Operating Compan Qatar Exchange
Specialized Finance
Specialized Finance
Banks
Thrifts & Mortgage Finance
Health Care Equipment & Serv Health Care Facilities
Qatar Exchange
Exhibit 4
Company Name
NMC HEALTH PLC
QATAR GERMAN CO ME
ARAMEX PJSC
GULF WAREHOUSING CO
ABU DHABI AVIATION
AIR ARABIA PJSC
DRAKE & SKULL INTL
DEPA LTD
AVEC CORP
INDUSTRIES OF QATAR
MANNAI CORP. Q.S.C
AAMAL HLDG
QATAR NAT NAVIGAT
QATAR SHIPPING
DP WORLD
UNION CEMENT CO
GULF CEMENT CO
NATIONAL CEMENT CO
QATARI INV GRP
OOREDOO
ETISALAT
VODAFONE QATAR
QATAR ELECT & WATER
Company Search Name

GICS Sector
NMC HEALTH PLC
Health Care
QATAR GERMAN CO ME
Health Care
Health Care
ABU DHABI SHIP BUILDING Industrials
ARAMEX PJSC
Industrials
GULF WAREHOUSING CO
Industrials
ABU DHABI AVIATION
Industrials
AIR ARABIA PJSC
Industrials
NATL CNTL COOLING (TABRD)Industrials
RAS AL KHAIMAH CERAMIC COIndustrials
ARAB TECHNICAL CONSTRUCTIndustrials
DRAKE & SKULL INTL
Industrials
DEPA LTD
Industrials
AVEC CORP
Industrials
INDUSTRIES OF QATAR
Industrials
MANNAI CORPORATION Q.S.C Industrials
AAMAL HOLDING
Industrials
QATAR NAT NAVIGAT
Industrials
QATAR SHIPPING
Industrials
NATL MARINE DREDGING CO Industrials
DP WORLD LTD
Industrials
QATAR NATIONAL CEMENT COMaterials
UNION CEMENT CO
Materials
GULF CEMENT CO
Materials
NATIONAL CEMENT CO
Materials
RAS AL KHAIMAH CO FOR WH Materials
RAS AL KHAIMAH CEMENT CO Materials
ABU DHABI NATL CO FOR BLDMaterials
FUJAIRAH BUILDING INDUSTRMaterials
ARKAN BUILDING MATERIALS Materials
QATARI INVESTORS GROUP Materials
OOREDOO QSC
Telecommunication
ETISALAT
Telecommunication
EMIRATE INTEGRATED TELECOTelecommunication
VODAFONE QATAR QSC
Telecommunication
QATAR ELECT & WATER
Utilities
ABU DHABI NATIONAL ENERG Utilities
3POWER ENERGY GROUP INC Utilities
Services
Services
Services
Services
GVKey
312098
258642
282886
284185
274887
274893
284151
285482
274899
284191
274386
291718
179766
151594
258696
285864
287946
258649
258663
284159
284856
254656
274921
275275
278373
282157
282895
284080
284104
284154
285366
135709
274234
279381
292438
258639
279336
187366

USD
QAR
AED
AED
AED
QAR
AED
AED
AED
AED
AED
AED
AED
USD
QAR
QAR
QAR
QAR
QAR
AED
USD
QAR
AED
AED
AED
AED
AED
AED
AED
AED
QAR
QAR
AED
AED
QAR
QAR
AED
USD
Company Region
Original 15 EU Members
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
North America
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
Middle East
North America
Exhibit 4
Company Name
NMC HEALTH PLC
QATAR GERMAN CO ME
ARAMEX PJSC
GULF WAREHOUSING CO
ABU DHABI AVIATION
AIR ARABIA PJSC
DRAKE & SKULL INTL
DEPA LTD
AVEC CORP
INDUSTRIES OF QATAR
MANNAI CORP. Q.S.C
AAMAL HLDG
QATAR NAT NAVIGAT
QATAR SHIPPING
DP WORLD
UNION CEMENT CO
GULF CEMENT CO
NATIONAL CEMENT CO
QATARI INV GRP
OOREDOO
ETISALAT
VODAFONE QATAR
QATAR ELECT & WATER
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Qatar
Ticker
AVEC
PSPW
Company ID
587065
67951
73641
71316
58579
209764
145045
145065
58760
58950
58578
478361
479169
23878
40732
387600
248785
54854
54855
209802
77711
54853
58967
58690
58759
59255
59414
145044
341970
145046
146382
54856
387535
58662
474501
54852
58896
559229
Sedol
B7FC076
6630649
6131205
B138C78
B0LWK71
B00LQ59
6051347
B23DL40
6388379
6706636
B02PY44
B3BPVY5
B2QVTT2
B02H7D0
6673570
B241789
B29VJZ5
6148205
6566573
6625838
B291WY5
6085960
6549648
6518499
B0V7W47
6737658
B0LX4Y9
6518488
B1N32X9
B1MJYK9
B1CFJN5
6158174
6322173
B13TMN7
B3WYBN0
6566614
B0G3DP8
B0F71T1
NMC Healthcare LLC owns and
Qatari German Company for M
Gulf Pharmaceutical Industries
Abu Dhabi Ship Building PJSC i
Aramex PJSC, together with its
Gulf Warehousing Company (Q
Abu Dhabi Aviation, together w
Air Arabia P.J.S.C., together wi
National Central Cooling Comp
Ras Al Khaimah Ceramics PSC
Arabtec Holding PJSC, togethe
Drake and Scull International P
Depa Limited operates as an in
AVEC Corporation engages in t
Industries Qatar Q.S.C., throug
Mannai Corporation Q.S.C., tog
Aamal Company Q.S.C. is enga
Qatar Navigation Q.S.C., toget
Qatar Shipping Company S.P.C
National Marine Dredging Com
DP World Limited is engaged in
Qatar National Cement Compa
Union Cement Company (PSC)
Gulf Cement Company P.S.C. p
National Cement Company (Pu
Ras Al Khaimah Co. for White C
Ras Al Khaimah Cement Compa
Abu Dhabi National Company f
Fujairah Building Industries Co
Arkan Building Materials Comp
Qatari Investors Group Q.S.C.
Ooredoo Q.S.C., together with
Emirates Telecommunications
Emirates Integrated Telecomm
Vodafone Qatar Q.S.C. provide
Qatar Electricity & Water Comp
Abu Dhabi National Energy Com
3Power Energy Group, Inc. foc
Exhibit 4
Company Name
NMC HEALTH PLC
QATAR GERMAN CO ME
ARAMEX PJSC
GULF WAREHOUSING CO
ABU DHABI AVIATION
AIR ARABIA PJSC
DRAKE & SKULL INTL
DEPA LTD
AVEC CORP
INDUSTRIES OF QATAR
MANNAI CORP. Q.S.C
AAMAL HLDG
QATAR NAT NAVIGAT
QATAR SHIPPING
DP WORLD
UNION CEMENT CO
GULF CEMENT CO
NATIONAL CEMENT CO
QATARI INV GRP
OOREDOO
ETISALAT
VODAFONE QATAR
QATAR ELECT & WATER

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3
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3
ISIN No
GB00B7FC0762
QA0001200763
AEG000201018
AEA000901016
AEA002301017
QA000A0KD6H9
AEA001001014
AEA003001012
AEN000501017
AER000301013
AEA001501013
AED001101016
AEDFXA0NFP81
US0022881082
QA000A0KD6K3
QA000A0NBGK5
QA000A0NCQB1
QA0007227695
QA0007227729
AEN000401010
AEDFXA0M6V00
QA0007227687
AEU000201019
KW0EQ0802128
AEN000901019
AE000A0M7YB6
AER000401011
AEA000501014
AEF000501013
AEA002801016
QA000A0NA0T7
QA0007227737
AEE000401019
AEE000701012
QA000A0Q5NE9
QA0006929812
AEA002401015
US88580V1044
Industry Group
Industry Segment
Exchange Name
London Stock Exchange
Health Care Equipment & Serv Health Care Supplies
Qatar Exchange
Pharmaceuticals, BiotechnologyPharmaceuticals
Capital Goods
Aerospace & Defense
Transportation
Transportation
Qatar Exchange
Transportation
Transportation
Airlines
Capital Goods
Building Products
Capital Goods
Building Products
Capital Goods
Construction & Engineering
Capital Goods
Construction & Engineering
Commercial & Professional Ser Diversified Support Services Dubai Financial Market
Capital Goods
Heavy Electrical Equipment
Other-OTC
Qatar Exchange
Capital Goods
Capital Goods
Qatar Exchange
Capital Goods
Qatar Exchange
Transportation
Marine
Qatar Exchange
Transportation
Marine
Qatar Exchange
Transportation
Transportation
Materials
Qatar Exchange
Materials
Materials
Materials
Materials
Materials
Materials
Materials
Materials
Materials
Qatar Exchange
Telecommunication Services Integrated Telecommunication Qatar Exchange
Telecommunication Services Integrated Telecommunication Abu Dhabi Securities Exchange
Telecommunication Services Integrated Telecommunication Dubai Financial Market
Telecommunication Services Wireless Telecommunication SeQatar Exchange
Utilities
Multi-Utilities
Qatar Exchange
Utilities
Multi-Utilities
Utilities
Other-OTC
Exhibit 5
JetBlue Airways Corporation (NasdaqGS:JBLU) > Financials > Income Statement

In Millions of USD, except per share items.
Template:
Period Type:
Currency:
Units:
Source:
Standard
Annual
US Dollar
S&P Capital IQ (Default
Capital IQ & Proprietary
Restatement:
Order:
Conversion:
Decimals:
Original Filings
Latest on Right
Historical
Capital IQ (Default)
Income Statement
For the Fiscal Period Ending

Currency
Revenue
Other Revenue
Total Revenue
Cost Of Goods Sold
Gross Profit
Selling General & Admin Exp.
R & D Exp.
Depreciation & Amort.
Other Operating Expense/(Income)
Other Operating Exp., Total
12 months
Dec-31-1999
USD
12 months
Dec-31-2000
USD
12 months
Dec-31-2001
USD
12 months
Dec-31-2002
USD
12 months
Dec-31-2003
USD
12 months
Dec-31-2004
USD
12 months
Dec-31-2005
USD
12 months
Dec-31-2006
USD
12 months
Dec-31-2007
USD
12 months
Dec-31-2008
USD
12 months
Dec-31-2009
USD
12 months
Dec-31-2010
USD
12 months
Dec-31-2011
USD
12 months
Dec-31-2012
USD
12 months
Dec-31-2013
USD
LTM
Press Release
12 months
Mar-31-2014
USD
101.7
3.0
104.6
310.5
9.9
320.4
615.2
20.0
635.2
965.1
33.3
998.4
1,220.8
45.2
1,266.0
1,620.0
81.0
1,701.0
2,223.0
140.0
2,363.0
2,636.0
206.0
2,842.0
3,056.0
332.0
3,388.0
2,928.0
358.0
3,286.0
3,412.0
367.0
3,779.0
4,080.0
424.0
4,504.0
4,550.0
432.0
4,982.0
4,971.0
470.0
5,441.0
5,015.0
476.0
5,491.0
6.8
(6.8)
75.7
28.9
191.4
129.0
332.1
303.1
566.4
431.9
798.8
467.2
1,166.0
535.0
1,653.0
710.0
1,987.0
855.0
2,501.0
887.0
2,209.0
1,077.0
2,523.0
1,256.0
3,218.0
1,286.0
3,595.0
1,387.0
3,899.0
1,542.0
3,931.0
1,560.0
0.9
0.1
6.4
17.0
4.0
29.1
28.3
10.4
63.5
44.3
26.9
126.8
53.6
50.4
159.1
63.2
76.5
214.5
81.0
115.0
285.0
104.0
151.0
340.0
121.0
176.0
396.0
151.0
197.0
445.0
151.0
228.0
420.0
179.0
220.0
496.0
199.0
233.0
532.0
204.0
258.0
567.0
223.0
290.0
610.0
227.0
300.0
632.0
1,159.0
7.4
50.1
102.2
198.1
263.1
354.2
481.0
595.0
693.0
793.0
799.0
895.0
964.0
1,029.0
1,123.0
(14.2)
(21.2)
26.8
105.0
168.8
112.9
54.0
115.0
162.0
94.0
278.0
361.0
322.0
358.0
419.0
401.0
0.7
0.7
(2.9)
2.5
(0.4)
(6.1)
2.5
(3.6)
(15.7)
5.3
(10.4)
(23.7)
5.3
(18.4)
(44.6)
8.5
(36.1)
(91.0)
19.0
(72.0)
(146.0)
28.0
(118.0)
(182.0)
54.0
(128.0)
(184.0)
(184.0)
(190.0)
8.0
(182.0)
(176.0)
4.0
(172.0)
(174.0)
5.0
(169.0)
(168.0)
5.0
(163.0)
(148.0)
2.0
(146.0)
(144.0)
0
(144.0)
Other Non-Operating Inc. (Exp.)

EBT Excl. Unusual Items
(13.5)
(21.6)
23.2
94.6
2.2
152.7
76.8
(18.0)
(3.0)
34.0
34.0
(56.0)
96.0
189.0
(2.0)
151.0
(3.0)
192.0
273.0
(1.0)
256.0
Impairment of Goodwill
Gain (Loss) On Sale Of Invest.
Gain (Loss) On Sale Of Assets
Asset Writedown
Other Unusual Items
EBT Incl. Unusual Items
(13.5)
(21.6)
18.7
41.9
0.4
95.0
22.8
175.4
76.8
(6.0)
(24.0)
12.0
9.0
7.0
41.0
(53.0)
23.0
(8.0)
18.0
(76.0)
1.0
2.0
99.0
(6.0)
(22.0)
161.0
(6.0)
145.0
10.0
7.0
209.0
9.0
(3.0)
279.0
9.0
(3.0)
262.0
Operating Income
Interest Expense
Interest and Invest. Income
Net Interest Exp.
Income Tax Expense

Earnings from Cont. Ops.
0.2
(13.8)
(0.2)
(21.3)
3.4
38.5
40.1
54.9
71.5
103.9
29.4
47.5
(4.0)
(20.0)
10.0
(1.0)
23.0
18.0
(76.0)
41.0
58.0
64.0
97.0
59.0
86.0
81.0
128.0
111.0
168.0
104.0
158.0
Earnings of Discontinued Ops.

Extraord. Item & Account. Change
Net Income to Company
(13.8)
(21.3)
38.5
54.9
103.9
47.5
(20.0)
(1.0)
18.0
(76.0)
58.0
97.0
86.0
128.0
168.0
158.0
Minority Int. in Earnings

Net Income
(13.8)
(21.3)
38.5
54.9
103.9
47.5
(20.0)
(1.0)
18.0
(76.0)
58.0
97.0
86.0
128.0
168.0
158.0
4.7
14.1
17.0
6.0
(18.4)
(18.4)
(35.4)
(35.4)
21.6
21.6
49.0
49.0
103.9
103.9
47.5
47.5
(20.0)
(20.0)
(1.0)
(1.0)
18.0
18.0
(76.0)
(76.0)
58.0
58.0
97.0
97.0
86.0
86.0
128.0
128.0
168.0
168.0
158.0
158.0
Per Share Items

Basic EPS
Basic EPS Excl. Extra Items
Weighted Avg. Basic Shares Out.
($10.91)
(10.91)
1.7
($7.9)
(7.9)
4.5
$2.93
2.93
7.4
$0.49
0.49
100.6
$0.71
0.71
145.9
$0.31
0.31
154.8
($0.13)
(0.13)
159.9
($0.01)
(0.01)
175.1
$0.1
0.1
179.8
($0.34)
(0.34)
226.3
$0.22
0.22
260.5
$0.35
0.35
275.4
$0.31
0.31
278.7
$0.45
0.45
282.3
$0.59
0.59
282.8
$0.55
0.55
286.5
Diluted EPS
Diluted EPS Excl. Extra Items
Weighted Avg. Diluted Shares Out.
($10.91)
(10.91)
1.7
($7.9)
(7.9)
4.5
$0.34
0.34
113.9
$0.37
0.37
146.5
$0.65
0.65
161.3
$0.29
0.29
166.2
($0.13)
(0.13)
159.9
($0.01)
(0.01)
175.1
$0.1
0.1
184.3
($0.34)
(0.34)
226.3
$0.2
0.2
332.1
$0.31
0.31
346.6
$0.28
0.28
346.5
$0.4
0.4
344.1
$0.52
0.52
343.4
$0.48
0.48
340.5
($5.01)
(5.01)
($3.01)
(3.01)
$1.97
0.13
$0.59
0.4
$0.65
0.59
$0.31
0.29
($0.07)
(0.07)
($0.01)
(0.01)
$0.12
0.12
($0.15)
(0.15)
$0.23
0.18
$0.43
0.34
$0.34
0.27
$0.43
0.35
$0.6
0.5
$0.56
0.47
Pref. Dividends and Other Adj.

NI to Common Incl Extra Items
NI to Common Excl. Extra Items
Normalized Basic EPS

Normalized Diluted EPS
Dividends per Share
Supplemental Items
EBITDA
EBITA
EBIT
EBITDAR
As Reported Total Revenue*
Effective Tax Rate %
Current Domestic Taxes
Total Current Taxes
Deferred Domestic Taxes
Total Deferred Taxes
Normalized Net Income
NI per SFAS 123 (after Options)
Interest Capitalized
Interest on Long Term Debt
Filing Date
Restatement Type
Calculation Type
Supplemental Operating Expense Items
Advertising Exp.
Selling and Marketing Exp.
R&D Exp.
Net Rental Exp.
Imputed Oper. Lease Interest Exp.
Imputed Oper. Lease Depreciation
Maintenance & Repair Exp.
Stock-Based Comp., COGS
Stock-Based Comp., Unallocated
Stock-Based Comp., After-tax
Stock-Based Comp., Total
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
(14.1)
(14.2)
(14.2)
(13.3)
NA
NM
0.2
0.2
NA
-
(17.2)
(21.1)
(21.2)
3.0
104.6
NM
(0.2)
(0.2)
NA
-
37.2
27.3
26.8
86.9
320.4
8.1%
0.0
0.0
3.4
3.4
131.9
107.2
105.0
196.4
635.2
42.2%
0.5
0.5
39.7
39.7
219.7
175.6
168.8
318.8
998.4
40.8%
1.8
1.8
69.8
69.8
190.4
123.9
112.9
310.2
1,266.0
38.2%
(0.4)
(0.4)
29.7
29.7
171.0
70.0
54.0
308.0
1,701.0
NM
NA
(4.0)
(4.0)
269.0
133.0
115.0
459.0
2,363.0
111.1%
NA
10.0
10.0
342.0
181.0
162.0
567.0
2,842.0
56.1%
NA
NA
23.0
304.0
115.0
94.0
547.0
3,388.0
NA
NA
1.0
NA
(1.0)
512.0
322.0
278.0
1,087.0
3,286.0
41.4%
NA
1.0
NA
40.0
591.0
397.0
361.0
836.0
3,779.0
39.8%
NA
2.0
62.0
62.0
569.0
356.0
322.0
838.0
4,504.0
40.7%
NA
1.0
58.0
58.0
627.0
397.0
358.0
911.0
4,982.0
38.8%
NA
5.0
76.0
76.0
707.0
449.0
419.0
1,002.0
5,441.0
39.8%
NA
4.0
107.0
107.0
689.0
401.0
401.0
NA
5,491.0
39.7%
NA
4.0
107.0
107.0
(8.5)
(18.5)
0.7
NA
Apr-12-2002
O
REP
(13.5)
(35.6)
4.5
NA
Apr-12-2002
O
REP
14.5
4.4
8.0
NA
Apr-12-2002
O
REP
59.1
43.7
5.3
NA
Feb-18-2003
O
REP
95.4
94.5
5.2
NA
Feb-11-2004
O
REP
48.0
28.5
8.9
NA
Feb-14-2005
O
REP
(11.3)
(121.0)
16.0
NA
Feb-14-2006
O
REP
(1.9)
NA
27.0
NA
Feb-14-2007
O
REP
21.3
NA
43.0
NA
Feb-21-2008
O
REP
(35.0)
NA
48.0
NA
Feb-13-2009
O
REP
60.0
NA
7.0
NA
Feb-05-2010
O
REP
118.1
NA
4.0
172.0
Feb-25-2011
O
REP
94.4
NA
5.0
NA
Feb-28-2012
O
REP
120.0
NA
8.0
NA
Feb-21-2013
O
REP
170.6
NA
13.0
154.0
Feb-19-2014
O
REP
160.0
NA
NA
NA
Apr-24-2014
P
LTM
12.7
0.9
NA
0.8
0.0
12.7
17.0
NA
20.2
1.1
15.6
28.3
NA
49.7
20.4
29.3
4.7
24.1
44.3
NA
64.5
20.0
44.5
8.9
25.8
53.6
NA
99.1
25.2
73.9
23.1
27.4
63.2
NA
119.8
38.6
81.2
44.9
35.0
81.0
NA
137.0
60.6
76.4
64.0
40.0
104.0
NA
190.0
101.8
88.2
87.0
41.0
121.0
NA
225.0
137.6
87.4
106.0
52.0
151.0
NA
243.0
145.4
97.6
127.0
53.0
151.0
NA
575.0
281.1
293.9
149.0
55.0
179.0
NA
245.0
111.3
133.7
172.0
57.0
199.0
NA
269.0
124.9
144.1
227.0
57.0
204.0
13.0
284.0
133.6
150.4
338.0
61.0
223.0
NA
295.0
139.4
155.6
432.0
NA
227.0
NA
NA
NA
1.0
1.0
1.0
1.0
1.1
1.1
9.0
9.0
21.0
21.0
15.0
15.0
16.0
16.0
16.0
16.0
17.0
17.0
13.0
13.0
13.0
13.0
14.0
14.0
14.0
14.0
USD
1.0
H
USD
1.0
H
USD
1.0
H
USD
1.0
H
USD
1.0
H
USD
1.0
H
USD
1.0
H
Currency
USD
USD
USD
USD
USD
USD
USD
USD
USD
Exchange Rate
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
Conversion Method
H
H
H
H
H
H
H
H
H
* Occasionally, certain items classified as Revenue by the company will be re-classified as other income if it is deemed to be non-recurring and unrelated to the core business of the firm. This field shows Total Revenue exactly as reported by the firm on its consolidated statement of income.
Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as primary ADRs, per share items are ADR-equivalent.
Vueling Airlines SA > Financials > Balance Sheet

Template:
Period Type:
Currency:
Units:
Source:
Standard
Annual
US Dollar
S&P Capital IQ (Default
Restatement:
Order:
Conversion:
Decimals:
Original Filings
Latest on Right
Historical
Balance Sheet
Balance Sheet as of:
Dec-31-2004
USD
Dec-31-2005
USD
Dec-31-2006
USD
Dec-31-2007
USD
Dec-31-2008
USD
Dec-31-2009
USD
Dec-31-2010
USD
Dec-31-2011
USD
Dec-31-2012
USD
Press Release
Mar-31-2013
USD
8.1
27.0
35.2
4.7
18.7
23.4
144.6
27.1
171.8
122.5
1.3
123.9
29.1
30.4
59.6
173.8
31.9
205.7
48.2
261.5
309.7
19.4
337.2
356.7
425.0
42.0
467.1
463.1
84.1
547.2
0.0
1.2
1.2
0.1
1.5
1.6
0.9
4.1
5.0
5.1
6.3
11.4
12.1
7.1
19.2
42.4
14.6
4.1
61.2
40.4
9.0
8.8
58.2
52.5
18.1
70.5
64.0
30.7
94.7
154.0
154.0
Inventory
Other Current Assets
Total Current Assets
0.1
3.0
39.5
0.4
3.4
28.9
1.0
4.3
182.1
2.0
8.7
145.9
3.0
6.4
88.3
0.2
3.8
271.0
0.2
9.7
377.8
0.5
40.7
468.3
12.1
573.9
21.4
722.6
Gross Property, Plant & Equipment

Accumulated Depreciation
Net Property, Plant & Equipment
0.6
(0.1)
0.5
2.0
(0.3)
1.7
4.4
(1.2)
3.2
7.7
(2.5)
5.2
7.9
(2.9)
4.9
23.1
(10.8)
12.3
22.1
(13.8)
8.3
20.0
(16.2)
3.8
9.0
(5.5)
3.5
3.6
Long-term Investments
Goodwill
Other Intangibles
Loans Receivable Long-Term
Deferred Tax Assets, LT
Deferred Charges, LT
Other Long-Term Assets
Total Assets
0.0
0.3
7.5
4.6
52.4
3.5
0.7
5.9
14.2
55.1
2.9
20.3
208.6
9.2
37.8
198.2
10.9
27.3
66.8
7.4
205.7
22.7
64.8
122.7
113.6
607.1
20.7
62.4
134.4
78.9
3.0
685.5
116.0
20.0
64.0
73.9
34.0
780.0
136.7
20.3
76.9
78.7
10.8
900.8
150.2
101.5
75.6
1,053.5
LIABILITIES
Accounts Payable
Accrued Exp.
Short-term Borrowings
Curr. Income Taxes Payable
Unearned Revenue, Current
Other Current Liabilities
Total Current Liabilities
13.9
0.7
5.4
20.1
21.5
0.6
5.9
0.2
7.3
35.6
48.4
2.7
10.6
13.3
75.0
91.5
4.5
19.9
33.1
149.1
75.9
6.6
28.2
110.7
79.4
27.7
18.6
54.1
33.1
212.9
78.4
85.0
32.1
2.7
27.0
225.3
84.4
103.4
3.0
3.2
38.0
232.0
108.5
122.0
1.0
68.2
299.6
215.0
207.5
17.7
440.2
Unearned Revenue, Non-Current

Def. Tax Liability, Non-Curr.
Other Non-Current Liabilities
Total Liabilities
0.2
20.3
3.2
1.1
39.8
11.0
86.0
27.4
176.5
1.1
29.3
141.2
19.1
163.9
396.0
18.8
174.1
418.2
36.8
197.5
466.3
24.9
263.5
588.0
30.6
280.3
751.1
Common Stock
Additional Paid In Capital
Retained Earnings
Treasury Stock
Comprehensive Inc. and Other
Total Common Equity
0.1
40.5
(8.5)
32.2
0.1
35.3
(20.3)
0.2
15.3
0.2
197.3
(75.0)
(0.3)
0.3
122.6
21.8
195.2
(162.3)
(1.9)
(31.2)
21.7
20.9
186.6
(145.8)
(1.0)
3.8
64.5
42.9
285.5
(109.8)
(1.0)
(6.3)
211.2
40.1
267.1
(41.0)
(1.0)
2.1
267.3
38.9
258.8
(27.8)
(0.9)
44.8
313.7
39.4
262.6
8.2
(0.9)
3.5
312.8
270.6
31.8
302.4
Total Equity
32.2
15.3
122.6
21.7
64.5
211.2
267.3
313.7
312.8
302.4
Total Liabilities And Equity
52.4
55.1
208.6
198.2
205.7
607.1
685.5
780.0
900.8
1,053.5
9.5
9.5
$3.39
31.8
$3.35
0
(35.2)
33.1
NA
NA
NA
NA
Mar-01-2005
O
REP
9.4
9.4
$1.63
14.6
$1.56
5.9
(17.5)
172.1
NA
NA
NA
NA
Mar-01-2006
O
REP
14.7
14.7
$8.32
119.7
$8.12
0
(171.8)
404.9
NA
NA
NA
NA
May-24-2007
O
REP
14.7
14.7
$1.47
12.4
$0.84
0
(123.9)
769.0
FIFO
NA
5.4
NA
Feb-29-2008
O
REP
14.7
14.7
$4.38
53.6
$3.64
0
(59.6)
781.9
Avg Cost
NA
6.3
NA
Apr-02-2009
O
REP
29.7
29.7
$7.11
123.6
$4.16
18.6
(187.1)
850.6
Avg Cost
NA
21.4
NA
Apr-21-2010
O
REP
29.7
29.7
$9.01
184.3
$6.21
32.1
(277.6)
1,036.0
Avg Cost
2.9
20.5
0.8
Mar-28-2011
O
REP
29.7
29.7
$10.57
229.7
$7.74
3.0
(353.7)
1,130.6
Avg Cost
NA
18.5
0.8
Mar-26-2012
O
REP
29.7
29.7
$10.54
215.5
$7.26
0
(467.1)
1,281.3
NA
NA
8.2
0.7
Feb-25-2013
O
REP
29.7
29.7
$10.19
200.9
$6.77
0
(547.2)
NA
NA
NA
NA
NA
May-09-2013
P
REP
USD
1.354
H
USD
1.185
H
USD
1.32
H
USD
1.46
H
USD
1.397
H
USD
1.433
H
USD
1.341
H
USD
1.299
H
USD
1.318
H
USD
1.281
H
Currency
ASSETS
Cash And Equivalents
Short Term Investments
Total Cash & ST Investments
Accounts Receivable
Other Receivables
Notes Receivable
Total Receivables
Supplemental Items
Total Shares Out. on Filing Date
Total Shares Out. on Balance Sheet Date
Book Value/Share
Tangible Book Value
Tangible Book Value/Share
Total Debt
Net Debt
Debt Equivalent Oper. Leases
Inventory Method
Other Inventory Accounts
Machinery
Accum. Allowance for Doubtful Accts
Filing Date
Restatement Type
Calculation Type
Currency
Exchange Rate
Conversion Method
Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are ADR-equivalent.
AirAsia X Berhad (KLSE:AAX) > Financials > Balance Sheet

Template:
Period Type:
Currency:
Units:
Source:
Standard
Annual
US Dollar
S&P Capital IQ (Defaul
Restatement:
Order:
Conversion:
Decimals:
Original Filings
Latest on Right
Historical
Balance Sheet
Balance Sheet as of:
Dec-31-2009
USD
Dec-31-2010
USD
Dec-31-2011
USD
Dec-31-2012
USD
Press Release
Dec-31-2013
USD
18.7
18.7
32.1
81.0
113.1
14.1
21.8
35.9
37.1
19.7
56.9
65.3
24.1
89.4
0.6
8.3
9.0
15.9
7.8
23.7
11.4
8.5
19.9
15.0
11.7
26.7
18.1
15.9
34.0
0.2
6.3
11.0
45.1
0.2
8.7
2.4
14.3
162.4
0.3
11.9
9.4
77.4
0.3
7.9
13.9
105.6
0.5
13.5
15.5
153.0
Gross Property, Plant & Equipment

Accumulated Depreciation
Net Property, Plant & Equipment
457.5
(17.4)
440.1
519.5
(30.4)
489.0
510.9
(62.7)
448.2
533.4
(99.9)
433.5
689.0
Long-term Investments
Deferred Tax Assets, LT
Other Long-Term Assets
Total Assets
45.0
126.0
656.2
66.0
88.2
805.6
75.6
155.9
757.2
76.8
178.0
793.9
26.1
110.5
240.9
1,219.5
LIABILITIES
Accounts Payable
Accrued Exp.
Curr. Port. of LT Debt
Curr. Port. of Cap. Leases
Curr. Income Taxes Payable
Unearned Revenue, Current
Other Current Liabilities
Total Current Liabilities
16.9
83.9
0.1
81.3
16.5
198.7
17.0
40.7
0.2
164.2
19.0
241.1
32.1
79.9
0.1
131.5
18.0
261.6
55.6
1.3
170.4
63.8
28.0
319.2
48.3
148.3
0.0
127.4
56.5
380.6
Long-Term Debt
Capital Leases
Other Non-Current Liabilities
Total Liabilities
341.6
540.3
355.9
597.0
323.2
584.8
284.8
604.0
461.1
0.0
841.7
Common Stock
Additional Paid In Capital
Retained Earnings
Treasury Stock
Comprehensive Inc. and Other
Total Common Equity
48.6
63.0
4.3
115.9
86.5
70.0
52.2
0.0
208.6
84.1
68.1
20.3
0
172.4
87.2
70.6
32.1
0
189.9
108.6
259.4
3.5
6.4
377.8
Total Equity
115.9
208.6
172.4
189.9
377.8
Total Liabilities And Equity
656.2
805.6
757.2
793.9
1,219.5
1,111.1
1,111.1
$0.1
115.9
$0.1
425.6
406.9
124.3
NA
NA
456.3
NA
NA
Oct-25-2012
O
REP
1,777.8
1,777.8
$0.12
208.6
$0.12
396.6
283.5
195.5
NA
NA
519.5
NA
NA
Oct-25-2012
O
REP
1,777.8
1,777.8
$0.1
172.4
$0.1
403.1
367.2
373.3
NA
Avg Cost
510.9
1,211
0.1
Oct-25-2012
O
REP
1,777.8
1,777.8
$0.11
189.9
$0.11
455.2
398.3
403.9
NA
Avg Cost
533.4
1,024
0.3
May-02-2013
O
REP
2,370.4
2,370.4
$0.16
377.8
$0.16
609.4
520.1
455.9
6.0
NA
NA
NA
0.4
Feb-25-2014
P
REP
USD
0.292
H
USD
0.324
H
USD
0.315
H
USD
0.327
H
USD
0.305
H
Currency
ASSETS
Cash And Equivalents
Short Term Investments
Total Cash & ST Investments
Accounts Receivable
Other Receivables
Total Receivables
Inventory
Prepaid Exp.
Restricted Cash
Other Current Assets
Total Current Assets
Supplemental Items
Total Shares Out. on Filing Date
Total Shares Out. on Balance Sheet Date
Book Value/Share
Tangible Book Value
Tangible Book Value/Share
Total Debt
Net Debt
Debt Equivalent Oper. Leases
Equity Method Investments
Inventory Method
Machinery
Full Time Employees
Accum. Allowance for Doubtful Accts
Filing Date
Restatement Type
Calculation Type
Currency
Exchange Rate
Conversion Method
Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are ADR-equivalent.
Exhibit 6
EXHIBIT 6
Etihad Shareholder Loan Benefit Calculations
Year
Shareholder
Loan Received
(US$)
2004
2005
2006
2007
2008
2009
2010
491,416,746
622,545,254
343,529,000
532,185,000
662,426,000
360,196,000
-
Source
2005 F/S, Balance Sheet
2005 F/S, Balance Sheet
2007 F/S, Note 18(a)
2007 F/S, Note 18(a)
2008 F/S, Note 23
2009 F/S, Note 22
Cumulative
Outstanding
(mid-year)
Cumulative
Outstanding
(year end)
245,708,373
802,689,373
1,285,726,500
1,723,583,500
2,320,889,000
2,832,200,000
3,012,298,000
491,416,746
1,113,962,000
1,457,491,000
1,989,676,000
2,652,102,000
3,012,298,000
3,012,298,000
Notes:
1
National
Avg
Interest
rate1
5.1%
5.7%
6.5%
6.9%
6.0%
5.8%
n/a
Term
(years)2
8.1
6.8
6.3
10.5
3.8
6.0
Adjusted
Interest
Rate3
Annual
Interest
Savings
5.1%
5.3%
17.7%
18.2%
19.7%
17.5%
12,543,412
41,442,627
88,131,984
166,816,038
280,458,863
377,257,653
408,764,115
Total:
1,375,414,694
National Average Interest Rate obtained from Central Bank of UAE and Haver Analytics (see attached)
Term Based on weighted average maturity of airline industry debt (see attached).
3
Etihad found be be uncreditworthy from 2006 through 2010. Accordingly, benchmark interest rate calculated based on US Department of
Commerce methodology for uncreditworthy benchmarks.
2
Default Rates Used to Calculate Uncreditworthy Benchmark
Year
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Investment
gradedefault
rate
0.05%
0.16%
0.34%
0.60%
0.84%
1.11%
1.40%
1.71%
2.05%
2.40%
2.77%
3.17%
3.55%
3.94%
4.35%
4.79%
Investmentgradedefault
rate
20.51%
28.55%
34.10%
37.60%
41.44%
47.24%
51.52%
56.91%
60.82%
63.13%
65.96%
65.96%
65.96%
65.96%
65.96%
65.96%
Exhibit 7
EXHIBIT7
UAECommercialBorrowingRates
CalculatedLending
Period LendingSeries (Interbank+3.08%)* Lending
Dec01
6.59%
6.59%
Mar02
6.30%
6.30%
Jun02
6.23%
6.23%
Sep02
6.05%
6.05%
Dec02
5.80%
5.80%
Mar03
5.56%
5.56%
Jun03
5.36%
5.36%
Sep03
5.24%
5.24%
Dec03
5.05%
5.05%
Mar04
4.97%
4.97%
Jun04
4.89%
4.89%
Sep04
5.19%
5.19%
Dec04
5.37%
5.37%
Mar05
5.24%
5.24%
Jun05
5.57%
5.57%
Sep05
5.91%
5.91%
Dec05
6.10%
6.10%
Mar06
6.22%
6.22%
Jun06
6.75%
6.75%
Sep06
6.56%
6.56%
Dec06
6.65%
6.65%
Mar07
6.54%
6.54%
Jun07
7.18%
7.18%
Sep07
7.20%
7.20%
Dec07
6.82%
6.82%
Mar08
5.71%
5.71%
Apr08
5.12%
5.12%
May08
5.14%
5.14%
Jun08
5.18%
5.18%
Jul08
5.52%
5.52%
Aug08
5.88%
5.88%
Sep08
6.41%
6.41%
Oct08
7.32%
7.32%
Nov08
7.06%
7.06%
Dec08
6.97%
6.97%
Jan09
6.37%
6.37%
Feb09
6.14%
6.14%
Mar09
6.04%
6.04%
Apr09
5.80%
5.80%
May09
6.00%
6.00%
Jun09
5.59%
5.59%
Jul09**
5.57%
5.57%
Aug09**
5.57%
5.57%
Sep09**
5.57%
5.57%
Oct09
5.56%
5.56%
Nov09
5.51%
5.51%
Dec09
5.50%
5.50%
Jan10
5.51%
5.51%
Feb10
5.63%
5.63%
Mar10
5.72%
5.72%
Apr10
5.74%
5.74%
May10
5.76%
5.76%
Jun10
5.80%
5.80%
Jul10
5.80%
5.80%
Aug10
5.78%
5.78%
Sep10
5.78%
5.78%
Oct10
5.70%
5.70%
Nov10***
5.68%
5.68%
Dec10
5.67%
5.67%
Source:
Interbank
Deposits
2.04%
2.06%
2.10%
2.44%
2.80%
3.33%
4.24%
3.98%
3.89%
3.29%
3.06%
2.96%
2.72%
2.92%
2.51%
Difference
3.08%
Period
Jan11
Feb11
Mar11
Apr11
May11
Jun11
Jul11
Aug11
Sep11
Oct11
Nov11
Dec11
Jan12
Feb12
Mar12
Apr12
May12
Jun12
Jul12
Aug12
Sep12
Oct12
Nov12
Dec12
Jan13
Feb13
Mar13
Apr13
May13
Jun13
Jul13
Aug13
Sep13
Oct13
Nov13
Dec13
Jan14
Feb14
Mar14
Apr14
May14
Jun14
Lending
Series
5.66%
5.65%
5.65%
5.57%
5.43%
5.21%
5.06%
5.02%
5.01%
5.03%
5.03%
5.04%
5.06%
5.07%
5.07%
5.07%
5.06%
5.05%
4.92%
4.78%
4.70%
4.71%
4.71%
4.71%
4.70%
4.68%
4.60%
4.52%
4.45%
4.42%
4.38%
4.35%
4.34%
4.31%
4.28%
4.27%
4.26%
4.26%
4.26%
4.23%
4.20%
4.18%
CalculatedLending
(Interbank+3.08%)*
5.66%
5.65%
5.65%
5.57%
5.43%
5.21%
5.06%
5.02%
5.01%
5.03%
5.03%
5.04%
5.06%
5.07%
5.07%
5.07%
5.06%
5.05%
4.92%
4.78%
4.70%
4.71%
4.71%
4.71%
4.70%
4.68%
4.60%
4.52%
4.45%
4.42%
4.38%
4.35%
4.34%
4.31%
4.28%
4.27%
4.26%
4.26%
4.26%
4.23%
4.20%
4.18%
AnnualAverage:
2.48%
2.43%
2.42%
2.43%
2.55%
2.64%
2.66%
2.68%
2.72%
2.72%
2.70%
2.70%
2.62%
2.59%
2001.Dec
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014.JanJun
6.59%
6.10%
5.30%
5.11%
5.71%
6.55%
6.94%
6.03%
5.77%
5.71%
5.28%
4.91%
4.44%
4.23%
Dec01toMar08andJun08fromCentralBankofUnitedArabEmiratesEconomicBulletins20032008(LendingRate)
Apr08toJun09fromCentralBankofUnitedArabEmiratesStatisticalBulletins20082009(InterbankRate,1Year,Average)
Oct09toJun14fromHaverAnalytics,EmiratesInterbankOfferedRateFixings:1Year(AVG,%)
*Interbankplus3.08%(thedifferencebetweenthelendingandinterbankrateforJun08)
**averageofJun2009andOct2009
***averageofOct2010andDec2010
Lending
Interbank
Deposits
2.58%
2.57%
2.57%
2.49%
2.35%
2.13%
1.98%
1.94%
1.93%
1.95%
1.95%
1.96%
1.98%
1.99%
1.99%
1.99%
1.98%
1.97%
1.84%
1.70%
1.62%
1.63%
1.63%
1.63%
1.62%
1.60%
1.52%
1.44%
1.37%
1.34%
1.30%
1.27%
1.26%
1.23%
1.20%
1.19%
1.18%
1.18%
1.18%
1.15%
1.12%
1.10%
EXHIBIT7(Cont.)
CalculationofWeightedAverageTermofAirlineIndustryDebt,byIssueYear
Deal
Pricing
Date
28-Jan-92
31-Mar-92
21-May-92
9-Jun-92
29-Jul-92
1-Sep-92
1-Sep-92
4-Nov-92
24-Nov-92
16-Feb-93
16-Feb-93
2-Mar-93
5-Mar-93
5-Mar-93
5-Mar-93
5-Mar-93
5-Mar-93
5-Mar-93
5-Mar-93
30-Mar-93
30-Mar-93
6-May-93
6-May-93
6-May-93
6-May-93
4-Jun-93
17-Jun-93
17-Jun-93
24-Jun-93
24-Jun-93
25-Jun-93
28-Jun-93
28-Jun-93
30-Jun-93
30-Jun-93
30-Jun-93
30-Jun-93
7-Jul-93
5-Aug-93
14-Sep-93
20-Sep-93
20-Sep-93
5-Oct-93
Issuer
Delta USA Corp
Japan Airlines Corp
Aerovias de Mexico SA de CV - Aeromexico
JAL Finance Europe BV
AMR Corp
Japan Airlines Corp
Japan Airlines Corp
Air France SA
Japan Airlines Corp
Japan Airlines Corp
Japan Airlines Corp
All Nippon Airways Co Ltd - ANA
American Airlines Inc
Delta Air Lines Inc
Delta Air Lines Inc
United Air Lines Inc - UAL
Qantas Airways Ltd
Delta Air Lines Inc
Delta Air Lines Inc
Qantas Airways Ltd
Qantas Airways Ltd
Swissair (Schweizerische Luftverkehr AG)
Southwest Airlines Co
Japan Airlines Corp
Japan Airlines Corp
Japan Airlines Corp
US Air Inc
Japan Airlines Corp
Philippine Airlines Inc
AMR Corp
Deal Total
Value $
(Proceeds)
9,323,720
228,678,817
99,050,000
45,210,024
350,000,000
82,767,315
165,534,630
108,189,856
410,754,592
338,209,632
169,104,816
258,176,434
112,346,938
112,346,938
112,346,938
112,346,938
112,346,938
112,346,938
112,346,938
171,320,000
104,670,000
83,983,000
700,000
4,200,000
87,035,000
199,220,000
183,248,000
183,248,000
173,635,000
199,220,000
132,318,889
96,000,000
96,000,000
190,683,929
143,329,581
143,329,581
300,000,000
252,162,500
99,477,500
72,000,000
293,142,274
195,140,647
299,463,000
Years
to
Maturity
5.00
7.26
3.00
2.01
20.01
10.27
7.27
10.00
10.26
5.27
5.02
5.27
1.01
2.01
3.01
4.01
5.01
18.51
22.51
23.07
15.07
23.69
1.69
3.69
17.69
5.00
15.52
22.52
10.00
10.00
10.00
15.98
21.98
9.27
10.00
10.27
9.98
10.00
3.00
19.00
8.00
7.25
2.09
Weighted
Average Term
(# Years)
year
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Total
11.0
10.1
12.8
15.4
14.3
11.8
12.3
15.2
11.5
10.6
10.9
8.8
8.1
6.8
6.3
10.5
3.8
6.0
6.6
6.3
8.6
8.8
EXHIBIT7(Cont.)
22-Oct-93
22-Oct-93
22-Oct-93
17-Nov-93
17-Nov-93
17-Nov-93
17-Nov-93
18-Nov-93
18-Nov-93
23-Nov-93
23-Nov-93
30-Nov-93
3-Dec-93
22-Dec-93
26-Jan-94
3-Mar-94
3-Mar-94
15-Mar-94
11-Apr-94
11-Apr-94
5-May-94
13-May-94
13-May-94
13-May-94
13-May-94
13-May-94
17-Jun-94
30-Jun-94
30-Jun-94
30-Jun-94
Aug-94
14-Sep-94
Sep-94
5-Oct-94
5-Oct-94
5-Oct-94
5-Oct-94
15-Dec-94
15-Dec-94
15-Dec-94
15-Dec-94
31-Jan-95
31-Jan-95
31-Jan-95
31-Jan-95
28-Feb-95
9-Mar-95
9-Mar-95
9-Mar-95
14-Mar-95
USAir 1993-A Pass-Through Trust

Delta Air Lines Inc
Delta Air Lines Inc
Delta Air Lines Inc
CHC Helicopter Corp
Japan Airlines Corp
US Air Inc
NWA Trust [Northwest Airlines]
Japan Airlines Corp
China Southern Airlines Co Ltd
Japan Airlines Corp
Singapore Airlines Ltd
337,679,000
337,679,000
337,679,000
29,579,000
28,421,000
34,578,000
25,422,000
129,803,000
129,803,000
99,669,000
100,000,000
222,600,000
83,846,550
281,411,035
175,000,000
243,000,000
243,000,000
94,317,433
100,000,000
100,000,000
128,000,000
125,200,000
125,200,000
125,200,000
125,200,000
125,200,000
98,328,180
741,200,000
741,200,000
4.83
19.33
9.83
21.56
15.56
15.34
20.84
18.12
23.12
4.00
4.00
4.98
8.60
4.00
7.00
13.50
13.50
4.00
5.00
5.00
6.49
17.52
22.02
2.52
1.52
0.52
6.25
19.80
9.80
125,000,000
118,513,461
125,000,000
233,949,221
233,949,221
233,949,221
233,949,221
352,000,000
352,000,000
352,000,000
352,000,000
352,000,000
352,000,000
352,000,000
352,000,000
99,461,000
11,028,160
33,084,480
22,001,427
129,502,828
12.00
8.00
12.00
0.71
1.71
16.71
21.71
19.50
19.50
19.50
13.50
19.31
19.31
19.31
13.31
9.98
5.25
5.25
3.25
10.00
EXHIBIT7(Cont.)
31-Mar-95
31-Mar-95
2-May-95
2-May-95
8-Jun-95
22-Jun-95
20-Sep-95
20-Sep-95
20-Sep-95
20-Sep-95
24-Jan-96
24-Jan-96
24-Jan-96
24-Jan-96
30-Jan-96
30-Jan-96
9-Feb-96
9-Feb-96
9-Feb-96
29-Feb-96
29-Feb-96
11-Apr-96
18-Apr-96
9-May-96
9-May-96
9-May-96
9-May-96
3-Jun-96
3-Jun-96
3-Jun-96
3-Jun-96
4-Sep-96
4-Sep-96
20-Nov-96
20-Nov-96
20-Nov-96
20-Nov-96
20-Nov-96
21-Nov-96
21-Nov-96
4-Dec-96
19-Dec-96
19-Dec-96
19-Dec-96
25-Feb-97
12-Mar-97
12-Mar-97
12-Mar-97
12-Mar-97
13-Mar-97
LR Jet Corp
LR Jet Corp
Comair Inc
Continental Airlines Inc
US Air Inc
US Air Inc
US Air Inc
Delta Air Lines Inc
Delta Air Lines Inc
ValuJet Inc
Air Canada
Northwest Airlines Corp
America West Airlines Inc
Japan Airlines Corp
Japan Airlines Corp
American Trans Air Inc
227,000,000
16.29
243,248,045
243,248,045
65,898,000
62,000,000
237,496,336
237,496,336
237,496,336
237,496,336
489,267,000
489,267,000
489,267,000
16.93
23.43
21.55
10.00
1.74
2.74
17.74
22.24
19.21
19.21
17.71
164,700,000
164,700,000
263,000,000
263,000,000
263,000,000
48,894,000
30,706,000
150,000,000
167,805,266
171,749,000
171,749,000
171,749,000
171,749,000
524,502,000
524,502,000
524,502,000
524,502,000
146,195,000
146,195,000
218,557,000
218,557,000
218,557,000
218,557,000
218,557,000
179,291,799
268,937,699
250,000,000
70,729,000
70,729,000
70,729,000
99,639,000
707,302,000
707,302,000
707,302,000
707,302,000
249,637,000
16.98
22.98
12.16
12.16
12.16
15.60
21.60
4.99
5.00
18.12
18.12
18.12
11.87
18.56
18.56
18.56
8.56
17.29
24.29
12.60
11.10
7.60
5.60
7.60
5.00
10.00
5.01
16.00
13.25
7.25
30.01
19.53
11.53
11.53
17.53
6.99
EXHIBIT7(Cont.)
13-Mar-97
27-Mar-97
15-Apr-97
15-Apr-97
25-Apr-97
6-May-97
19-May-97
20-May-97
4-Jun-97
9-Jun-97
9-Jun-97
9-Jun-97
9-Jun-97
17-Jun-97
17-Jun-97
17-Jun-97
17-Jun-97
17-Jul-97
17-Jul-97
21-Jul-97
7-Aug-97
4-Sep-97
4-Sep-97
12-Sep-97
12-Sep-97
12-Sep-97
16-Sep-97
16-Sep-97
16-Sep-97
19-Sep-97
19-Sep-97
19-Sep-97
19-Sep-97
16-Oct-97
16-Oct-97
16-Oct-97
14-Nov-97

Trans World Airlines Inc - TWA
Japan Airlines Corp
Japan Airlines Corp
Aerolineas Argentinas SA - AA
Japan Airlines Corp
Malaysian Airlines Capital (L)
Malaysian Airlines Capital (L)
Amtran Inc
Japan Airlines Corp
Lauda Air Luftfahrt AG
ValuJet Inc
Atlantic Coast Airlines Holdings Inc
Kitty Hawk Inc
249,637,000
50,000,000
396,102,354
158,440,942
50,000,000
79,516,538
86,169,755
352,562,684
300,932,892
93,888,000
93,888,000
93,888,000
93,888,000
155,000,000
155,000,000
155,000,000
155,000,000
100,000,000
172,205,960
9,505,327
80,000,000
165,528,656
165,528,656
88,589,000
88,589,000
88,589,000
195,809,000
195,809,000
195,809,000
111,586,000
111,586,000
111,586,000
111,586,000
752,000,000
752,000,000
752,000,000
340,000,000
9.99
5.00
10.00
6.00
4.00
12.00
5.00
5.00
10.00
10.96
7.96
6.46
3.96
11.51
9.51
8.51
4.01
7.02
12.00
5.00
3.67
12.00
20.00
15.50
9.75
7.50
19.77
9.77
16.77
16.27
13.27
2.27
9.27
20.69
19.19
9.69
6.99
24-Nov-97
4-Dec-97
9-Dec-97
18-Dec-97
18-Dec-97
18-Dec-97
5-Jan-98
6-Jan-98
22-Jan-98
23-Jan-98
3-Feb-98
11-Feb-98
11-Feb-98
Aerovias Nacionales de Colombia (Avianca) SA

Air Canada
Japan Airlines Corp
Offshore Logistics Inc
Japan Airlines Corp
Viacao Aerea Rio-Grandense SA - VARIG
75,000,000
138,350,800
114,177,081
552,426,000
552,426,000
445,700,000
8.00
7.02
7.00
6.19
6.19
6.19
74,833,493
99,723,000
158,397,018
99,824,000
771,000,000
771,000,000
20.00
9.97
9.99
7.00
21.07
19.07
EXHIBIT7(Cont.)
11-Feb-98
16-Feb-98
17-Feb-98
26-Feb-98
27-Feb-98
27-Feb-98
2-Mar-98
13-Mar-98
30-Mar-98
30-Mar-98
15-Apr-98
15-Apr-98
15-Apr-98
20-Apr-98
21-Apr-98
21-May-98
25-Jun-98
7-Jul-98
13-Jul-98
16-Jul-98
30-Jul-98
6-Aug-98
6-Aug-98
6-Aug-98
6-Aug-98
24-Sep-98
24-Sep-98
24-Sep-98
21-Oct-98
21-Oct-98
21-Oct-98
21-Oct-98
21-Oct-98
4-Dec-98
4-Dec-98
4-Dec-98
7-Dec-98
8-Dec-98
8-Dec-98
8-Dec-98
21-Jan-99
21-Jan-99
21-Jan-99
4-Feb-99
4-Feb-99
4-Feb-99
25-Feb-99
18-Mar-99
25-Mar-99
25-Mar-99

Circle International Group Inc
Japan Airlines Corp
VARIG SA - Brazilian Airlines
Ansett Airlines
Ansett Airlines
Canadian Airlines Corp
Polskie Linie Lotnicze LOT International BV
Japan Airlines Corp
Continental Regional Jet
Japan Airlines Corp
Canadian Airlines Corp
Midway Airlines Corp
US Airways Inc
US Airways Inc
US Airways Inc
Japan Airlines Corp
Amtran Inc
Delta Air Lines Inc
Japan Airlines Corp
Japan Airlines Corp
771,000,000
10.07
135,027,803
150,000,000
399,070,000
399,070,000
12.00
7.99
7.03
10.03
155,587,540
10.00
187,200,000
187,200,000
187,200,000
175,000,000
43,200,000
95,000,000
100,000,000
158,051,655
10.48
7.98
6.48
7.02
4.98
21.09
5.00
6.00
128,898,274
98,756,000
109,730,000
109,730,000
109,730,000
109,730,000
190,529,000
190,529,000
190,529,000
524,401,000
524,401,000
524,401,000
524,401,000
524,401,000
447,768,564
447,768,564
141,366,000
125,428,548
200,000,000
125,000,000
250,773,224
805,836,000
805,836,000
805,836,000
421,200,000
421,200,000
421,200,000
299,772,000
126,935,773
42,342,379
254,054,276
10.00
7.99
16.39
14.39
10.89
4.89
18.24
18.24
11.74
19.49
9.99
18.49
5.99
6.99
9.59
20.63
17.13
5.00
7.00
7.01
3.00
21.48
11.98
20.98
22.46
22.46
15.96
5.04
6.00
10.00
5.00
EXHIBIT7(Cont.)
25-Mar-99
31-Mar-99
1-Apr-99
28-Apr-99
25-May-99
3-Jun-99
3-Jun-99
3-Jun-99
3-Jun-99
3-Jun-99
10-Jun-99
11-Jun-99
18-Jun-99
18-Jun-99
18-Jun-99
7-Jul-99
14-Jul-99
15-Jul-99
28-Jul-99
19-Aug-99
24-Aug-99
24-Aug-99
31-Aug-99
31-Aug-99
6-Sep-99
6-Sep-99
14-Sep-99
14-Sep-99
23-Sep-99
23-Sep-99
23-Sep-99
23-Sep-99
25-Oct-99
29-Oct-99
17-Nov-99
2-Dec-99
2-Dec-99
2-Dec-99
2-Dec-99
2-Dec-99
2-Dec-99
7-Dec-99
7-Dec-99
7-Dec-99
16-Dec-99
7-Jan-00
19-Jan-00
19-Jan-00
19-Jan-00
19-Jan-00

Lan Chile SA
British Airways Finance (Jersey) LP
SAirGroup Finance (NL) BV
Qantas Airways Ltd
AMR Corp
Delta Air Lines Inc
US Airways Inc
US Airways Inc
Iberbond 1999 plc
Iberbond 1999 plc
Compania Mexicana de Aviacion SA de CV
SAirGroup Finance (USA) Inc
SAirGroup Finance (USA) Inc
Airtours International Airways Ltd
Delta Air Lines Inc
Delta Air Lines Inc
Delta Air Lines Inc
Amtran Inc
SAirGroup
Evergreen Airlines Corp
254,054,276
60,000,000
200,000,000
8.00
13.00
5.00
428,457,003
741,885,806
741,885,806
741,885,806
741,885,806
741,885,806
349,664,000
103,391,254
555,234,000
555,234,000
555,234,000
150,000,000
500,000,000
124,393,578
172,346,931
125,000,000
468,268,000
468,268,000
164,478,887
164,478,887
65,000,000
80,000,000
254,658,000
254,658,000
600,000,000
600,000,000
600,000,000
600,000,000
252,112,500
101,481,000
170,606,873
762,364,000
762,364,000
762,364,000
762,364,000
762,364,000
97,527,673
1,987,280,000
1,987,280,000
1,987,280,000
74,257,500
192,323,671
37,692,932
37,692,932
37,692,932
37,692,932
7.00
22.24
11.74
22.24
13.24
6.74
10.00
6.97
21.18
17.18
12.68
40.00
39.96
7.00
3.00
39.97
20.89
20.89
11.49
11.49
7.00
7.00
19.28
6.28
10.53
10.03
11.53
6.53
5.00
5.00
5.00
19.31
15.31
10.31
21.31
11.81
12.00
6.00
10.00
30.00
4.61
7.00
3.00
3.00
3.00
5.00
EXHIBIT7(Cont.)
19-Jan-00
19-Jan-00
19-Jan-00
24-Jan-00
24-Jan-00
24-Jan-00
24-Jan-00
24-Jan-00
24-Jan-00
24-Jan-00
24-Jan-00
24-Jan-00
24-Jan-00
24-Jan-00
2-Feb-00
2-Feb-00
8-Feb-00
8-Feb-00
8-Feb-00
17-Feb-00
17-Feb-00
25-Feb-00
1-Mar-00
1-Mar-00
1-Mar-00
1-Mar-00
1-Mar-00
27-Jun-00
27-Jun-00
27-Jun-00
20-Jul-00
20-Jul-00
20-Jul-00
20-Jul-00
20-Jul-00
24-Jul-00
24-Jul-00
12-Sep-00
21-Sep-00
27-Sep-00
16-Oct-00
26-Oct-00
27-Oct-00
7-Nov-00
7-Nov-00
7-Nov-00
7-Nov-00
14-Nov-00
14-Nov-00
14-Nov-00

Far Eastern Air Transport Corp
Regional Jet Equipment Trust
Regional Jet Equipment Trust
US Airways Inc
CHC Helicopter Corp
US Airways Inc
US Airways Inc
Iberbond 2000 Ltd
US Airways Inc
US Air Inc
Qantas Airways Ltd
Delta Air Lines Inc
Delta Air Lines Inc
Delta Air Lines Inc
Delta Air Lines Inc
37,692,932
37,692,932
37,692,932
42,242,079
42,242,079
42,242,079
42,242,079
42,242,079
42,242,079
42,242,079
42,242,079
42,242,079
42,242,079
42,242,079
190,995,000
190,995,000
275,341,000
275,341,000
275,341,000
271,099,445
271,099,445
281,678,000
749,508,455
749,508,455
749,508,455
749,508,455
749,508,455
135,556,002
251,146,950
251,146,950
920,767,000
920,767,000
920,767,000
920,767,000
920,767,000
362,414,000
362,414,000
345,941,960
341,346,608
197,572,000
491,114,190
491,100,000
104,503,599
1,500,000,000
1,500,000,000
1,500,000,000
1,500,000,000
840,958,000
840,958,000
840,958,000
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
4.57
4.57
5.92
15.92
5.92
6.00
10.00
16.96
22.13
11.63
22.13
11.13
6.63
7.03
5.99
19.99
10.94
9.92
13.42
7.42
13.42
18.51
20.01
12.51
10.00
18.51
18.43
19.83
3.00
6.51
11.51
11.51
11.01
11.34
21.84
11.84
EXHIBIT7(Cont.)
14-Nov-00
1-Dec-00
1-Dec-00
1-Dec-00
1-Dec-00
12-Dec-00
19-Dec-00
19-Dec-00
19-Dec-00
19-Dec-00
8-Jan-01
19-Jan-01
5-Feb-01
8-Feb-01
8-Mar-01
8-Mar-01
4-Apr-01
4-Apr-01
4-Apr-01
9-May-01
10-May-01
10-May-01
10-May-01
14-May-01
18-May-01
18-May-01
18-May-01
18-May-01
18-May-01
22-May-01
22-May-01
22-May-01
22-May-01
24-May-01
29-May-01
30-May-01
8-Jun-01
12-Jun-01
12-Jun-01
12-Jun-01
27-Jun-01
13-Jul-01
25-Jul-01
26-Jul-01
10-Aug-01
10-Aug-01
10-Aug-01
10-Aug-01
10-Aug-01
10-Aug-01

Hainan Airlines Co Ltd
Longreach CP Ltd Series 2000 Qantas
Asiana Airlines Inc
US Air Inc
Korean Air Lines Co Ltd
Air Canada
Air Canada
Air Canada
Air Canada
Scandinavian Airlines System AB - SAS AB
EVA Airways Corp
EVA Airways Corp
Northwest Airlines 2001-2 E-EETC
Qantas Airways Ltd
British Airways plc
840,958,000
1,505,667,000
1,505,667,000
1,505,667,000
1,505,667,000
42,516,000
80,275,892
80,275,892
80,275,892
80,275,892
65,000,000
458,047,000
146,307,448
250,000,000
387,183,293
387,183,293
708,500,000
708,500,000
708,500,000
131,375,282
427,164,000
427,164,000
427,164,000
8,112,405
1,319,649,000
1,319,649,000
1,319,649,000
1,319,649,000
1,319,649,000
581,045,000
581,045,000
581,045,000
581,045,000
298,515,000
18,826,163
45,697,005
424,532,233
14,684,288
14,684,288
191,763,000
215,910,000
200,000,000
50,611,882
356,638,337
1,466,268,000
1,466,268,000
1,466,268,000
1,466,268,000
1,466,268,000
1,466,268,000
18.84
8.80
10.30
4.80
9.80
4.01
10.00
10.00
12.00
10.00
4.00
20.15
3.00
5.26
10.00
10.00
21.66
11.66
16.16
5.00
19.89
5.89
4.39
6.00
20.00
10.00
18.00
15.00
7.00
20.83
15.83
9.83
8.83
5.00
7.00
7.00
7.00
5.00
5.00
9.97
13.59
5.33
6.21
15.00
10.03
7.03
11.53
12.03
7.03
5.03
EXHIBIT7(Cont.)
29-Aug-01
6-Sep-01
6-Sep-01
6-Sep-01
6-Sep-01
7-Sep-01
25-Sep-01
25-Sep-01
25-Sep-01
8-Oct-01
17-Oct-01
18-Oct-01
18-Oct-01
18-Oct-01
9-Nov-01
3-Dec-01
3-Dec-01
3-Dec-01
6-Dec-01
4-Feb-02
4-Feb-02
26-Feb-02
11-Mar-02
11-Mar-02
15-Mar-02
15-Mar-02
15-Mar-02
18-Mar-02
17-Apr-02
23-Apr-02
23-Apr-02
23-Apr-02
5-Jul-02
5-Jul-02
5-Jul-02
29-Jul-02
29-Jul-02
29-Jul-02
29-Jul-02
2-Aug-02
17-Sep-02
21-Oct-02
23-Oct-02
2-Dec-02
2-Dec-02
6-Dec-02
24-Jan-03
11-Mar-03
11-Mar-03
31-Mar-03
Intelek Perkasa Bhd

Delta Air Lines Inc
Delta Air Lines Inc
Delta Air Lines Inc
Delta Air Lines Inc
Aeroflot Russian Airlines OAO
PHI Inc
Delta Air Lines Inc
Delta Air Lines Inc
Delta Air Lines Inc
MHS Aviation Sdn Bhd
Lan Chile SA
Delta Air Lines Inc
213,822,579
1,247,930,000
1,247,930,000
1,247,930,000
1,247,930,000
166,597,253
1,331,252,000
1,331,252,000
1,331,252,000
226,827,586
281,000,000
614,250,000
614,250,000
614,250,000
493,718,800
133,713,000
133,713,000
133,713,000
258,848,477
301,492,941
301,492,941
382,797,800
194,522,000
134,600,000
298,545,000
260,000,000
260,000,000
32,149,172
200,000,000
1,125,800,000
1,125,800,000
1,125,800,000
88,157,895
88,157,895
88,157,895
749,131,000
749,131,000
749,131,000
749,131,000
40,000,000
617,000,000
23,375,709
160,526,526
200,000,000
200,000,000
80,925,791
391,583,000
170,750,447
170,750,447
254,301,939
5.00
6.50
11.50
11.50
11.00
6.99
9.99
9.99
9.49
2.00
4.93
5.00
5.00
4.50
10.00
6.01
6.01
6.01
4.80
3.00
3.00
10.00
9.90
9.91
4.99
12.38
7.38
1.99
7.02
9.67
9.67
20.67
3.00
12.00
7.55
13.29
11.79
20.79
9.79
7.00
5.00
3.00
3.00
7.00
5.00
6.00
4.99
6.00
8.00
3.00
EXHIBIT7(Cont.)
4-Apr-03
4-Apr-03
4-Apr-03
2-May-03
17-Jun-03
18-Jun-03
19-Jun-03
30-Jun-03
30-Jun-03
30-Jun-03
30-Jun-03
28-Aug-03
28-Aug-03
28-Aug-03
25-Sep-03
30-Sep-03
30-Sep-03
22-Oct-03
28-Nov-03
28-Nov-03
4-Dec-03
15-Dec-03
23-Jan-04
26-Jan-04
28-Jan-04
5-Feb-04
20-Feb-04
10-Mar-04
11-Mar-04
18-Mar-04
18-Mar-04
18-Mar-04
21-Apr-04
17-May-04
17-May-04
18-Jun-04
28-Jun-04
28-Jun-04
21-Jul-04
21-Jul-04
21-Jul-04
14-Sep-04
15-Sep-04
14-Oct-04
14-Oct-04
19-Oct-04
19-Oct-04
19-Oct-04
4-Nov-04
4-Nov-04
China Airlines Ltd

China Airlines Ltd
China Airlines Ltd
Offshore Logistics Inc
Qantas Airways Ltd
FRANs 2003 plc
FRANs 2003 plc
FRANs 2003 plc
Transmile Air Services Sdn Bhd
Thai Airways International pcl
Japan Airlines System Corp
EVA Airways Corp
Emirates Airlines
Samara Airlines OAO
JetBlue Airways Corp
CHC Helicopter Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
114,728,239
114,728,239
114,728,239
100,000,000
230,000,000
449,685,000
48,806,941
254,863,000
500,518,928
500,518,928
500,518,928
15,881,435
15,881,435
15,881,435
252,428,542
249,987,494
249,987,494
68,485,063
182,473,428
182,473,428
414,600,000
14,690,759
93,641,726
288,681,000
160,672,635
180,500,000
91,738,910
500,000,000
12,252,542
431,004,000
431,004,000
431,004,000
248,637,500
166,219,252
166,219,252
173,629,000
21,062,886
21,062,886
44,201,499
44,201,499
44,201,499
347,861,500
172,027,245
182,473,428
182,473,428
362,945,658
362,945,658
362,945,658
262,647,410
262,647,410
3.00
4.00
5.00
4.58
9.99
10.00
10.00
7.02
13.04
13.04
13.04
3.00
1.00
5.00
3.00
5.00
7.00
9.67
10.00
5.00
15.05
5.00
7.00
5.01
3.00
5.02
10.00
7.00
2.99
11.23
11.48
5.48
10.01
2.00
3.00
15.19
3.00
5.00
5.00
5.00
5.00
10.04
3.00
7.00
10.00
5.00
7.00
10.00
3.00
5.00
EXHIBIT7(Cont.)
9-Nov-04
9-Nov-04
9-Nov-04
19-Nov-04
24-Nov-04
14-Dec-04
17-Dec-04
17-Dec-04
4-Feb-05
9-Feb-05
25-Feb-05
15-Mar-05
15-Mar-05
18-Mar-05
4-Apr-05
22-Apr-05
28-Apr-05
28-Apr-05
28-Apr-05
28-Apr-05
28-Apr-05
10-Jun-05
21-Jun-05
28-Jun-05
20-Jul-05
9-Aug-05
6-Sep-05
7-Sep-05
14-Sep-05
21-Sep-05
9-Nov-05
1-Dec-05
20-Dec-05
9-Feb-06
14-Mar-06
28-Mar-06
29-Mar-06
7-Apr-06
10-Apr-06
10-Apr-06
26-Apr-06
23-May-06
23-May-06
23-May-06
23-May-06
24-May-06
24-May-06
15-Jun-06
15-Jun-06
15-Jun-06

Asiana Airlines Inc
UTair Finance OOO
Iberbond 2004 plc
Iberbond 2004 plc
CPA Finance (Cayman) Ltd
CHC Helicopter Corp
CHC Helicopter Corp
KAL Japan ABS 2 Ireland plc
Asiana Airlines Inc
Deutsche Lufthansa AG
Wings FZCO
EVA Airways Corp
Air Jamaica Ltd
Asiana Airlines Inc
Air China Ltd
Asiana Airlines Inc
EVA Airways Corp
Transaero-Finance OOO
UTair Finance OOO
Qantas Airways Ltd
Gol Finance
PHI Inc
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
Emirates Airlines
Emirates Airlines
Emirates Airlines
498,237,000
498,237,000
498,237,000
46,891,117
35,236,082
30,857,054
357,148,552
357,148,552
137,715,755
298,365,000
291,165,097
155,250,000
155,250,000
190,976,367
98,275,269
65,130,316
378,883,556
378,883,556
378,883,556
106,048,079
52,865,047
550,000,000
66,980,305
200,000,000
95,739,588
133,922,596
370,754,857
189,089,848
311,010,000
97,233,701
170,133,129
24,752,475
60,155,804
88,468,487
35,723,918
398,416,000
11.75
12.00
4.00
2.00
1.99
4.00
13.00
13.00
5.00
12.05
3.00
9.11
9.12
3.00
3.00
5.00
3.00
6.00
10.00
5.00
5.00
7.00
5.00
10.00
3.00
10.00
10.00
3.00
9.69
3.00
3.00
5.00
5.00
2.99
2.99
10.03
200,000,000
304,227,406
304,227,406
619,785,000
62,507,618
62,507,618
62,507,618
62,507,618
320,000,000
320,000,000
251,201,055
251,201,055
251,201,055
7.01
3.00
5.00
7.01
5.00
5.00
5.00
5.00
8.98
6.98
10.00
5.00
5.00
EXHIBIT7(Cont.)
22-Jun-06
11-Jul-06
18-Jul-06
1-Aug-06
22-Aug-06
11-Sep-06
14-Sep-06
14-Sep-06
23-Oct-06
2-Nov-06
2-Nov-06
7-Nov-06
7-Nov-06
8-Nov-06
11-Dec-06
19-Dec-06
30-Jan-07
30-Jan-07
1-Feb-07
19-Mar-07
27-Mar-07
27-Mar-07
27-Mar-07
3-Apr-07
20-Apr-07
16-May-07
16-May-07
5-Jun-07
7-Jun-07
7-Jun-07
19-Jun-07
19-Jun-07
19-Jun-07
24-Jul-07
7-Sep-07
7-Sep-07
19-Sep-07
19-Sep-07
2-Oct-07
2-Oct-07
4-Oct-07
4-Oct-07
4-Oct-07
30-Oct-07
30-Oct-07
14-Nov-07
14-Nov-07
20-Dec-07
27-Feb-08
27-Feb-08
China Airlines Ltd

Emirates Airlines
Asiana Airlines Inc
Transportes Aereos Meridionales SA - TAM
Air France SA
Ukrainian Aviation Transport Co OAO - UATK
Cathay Pacific Airways Ltd
Cathay Pacific Airways Ltd
UTair Finance OOO
KAL Japan ABS 3 Cayman Ltd
Gol Finance
Air France SA
Tam Capital Inc
Asiana Airlines Inc
Air Jamaica Ltd
Bristow Group Inc
Sibir Airlines OAO
Northwest Airlines Inc (NWA)
Northwest Airlines Inc (NWA)
Delta Air Lines Inc
Delta Air Lines Inc
Delta Air Lines Inc
AirUnion RRG
199,017,466
499,863,871
104,308,679
228,963,938
6,800,223
692,528,232
401,989,450
401,989,450
14,858,252
256,172,148
256,172,148
123,546,000
123,546,000
200,000,000
298,602,000
75,949,031
315,232,747
315,232,747
331,600,720
221,116,500
1,146,810,000
1,146,810,000
1,146,810,000
264,140,557
294,819,000
211,898,632
211,898,632
161,797,287
123,686,250
350,000,000
693,657,000
693,657,000
693,657,000
90,585,418
207,117,775
207,117,775
500,000,000
500,000,000
454,343,000
454,343,000
1,409,877,000
1,409,877,000
1,409,877,000
192,589,977
192,589,977
237,800,818
237,800,818
80,759,788
311,673,956
311,673,956
5.00
7.00
3.00
6.00
3.99
7.33
3.00
5.00
4.98
5.00
5.00
7.13
7.13
5.05
10.00
3.99
3.00
5.00
3.00
10.03
15.03
15.03
7.03
6.75
10.00
3.00
5.00
3.00
20.00
10.26
15.02
12.02
7.02
4.98
3.00
5.00
14.83
14.83
12.06
10.06
14.83
14.83
6.83
3.00
3.00
5.00
3.00
2.99
3.00
5.00
EXHIBIT7(Cont.)
28-Feb-08
2-Apr-08
6-May-08
6-May-08
6-May-08
27-May-08
27-May-08
22-Aug-08
2-Oct-08
2-Oct-08
2-Oct-08
6-Nov-08
22-Dec-08
16-Jan-09
3-Feb-09
3-Feb-09
3-Feb-09
20-Feb-09
26-Feb-09
9-Mar-09
17-Mar-09
19-Mar-09
1-Apr-09
16-Jun-09
26-Jun-09
29-Jun-09
1-Jul-09
24-Jul-09
27-Jul-09
29-Jul-09
29-Jul-09
29-Jul-09
6-Aug-09
282,553,721
123,077,870
374,461,610
374,461,610
374,461,610
192,796,171
192,796,171
280,165,843
206,205,003
206,205,003
206,205,003
76,874,502
400,000,000
131,663,643
359,749,758
359,749,758
359,749,758
160,284,204
438,731,189
43,859,649
1,094,010,989
438,923,759
145,039,995
389,687,000
157,622,500
520,110,000
1,049,388,916
310,021,443
276,400,000
317,219,701
317,219,701
317,219,701
164,928,750
3.00
3.00
3.00
5.00
3.00
5.00
9.99
3.00
5.00
3.00
1.50
3.00
2.96
5.00
3.00
1.00
1.50
5.00
3.00
5.00
5.00
5.00
3.00
7.02
3.04
9.57
7.00
4.00
7.00
3.00
5.00
3.00
4.01
25-Aug-09 Aerovias Nacionales de Colombia (Avianca) SA
250,252,755
5.00
25-Aug-09 Aerovias Nacionales de Colombia (Avianca) SA
250,252,755
7.00
250,252,755
1,310,590,500
1,310,590,500
447,147,000
659,107,000
413,700,000
1,024,099,278
81,738,039
170,919,719
170,919,719
295,290,000
644,437,000
644,437,000
10.00
4.96
5.46
3.02
2.05
11.83
7.00
5.00
3.00
5.00
11.00
11.53
9.03
25-Aug-09
23-Sep-09
23-Sep-09
25-Sep-09
5-Oct-09
8-Oct-09
14-Oct-09
19-Oct-09
21-Oct-09
21-Oct-09
23-Oct-09
27-Oct-09
27-Oct-09

Asiana Airlines Inc
China Southern Air Holding Co
Pakistan International Airlines Corp - PIAC
Air China Ltd
Air China Ltd
United Airlines Inc
TAM Linhas Aereas SA
Global Aviation Holdings Inc
Aerovias Nacionales de Colombia (Avianca) SA

Delta Air Lines Inc
Delta Air Lines Inc
Emirates Airlines
Air France-KLM SA
Pakistan International Airlines Corp - PIAC
Tam Capital Inc
EXHIBIT7(Cont.)
28-Oct-09
16-Nov-09
16-Nov-09
18-Nov-09
18-Nov-09
1-Dec-09
1-Dec-09
3-Dec-09
11-Jan-10
11-Jan-10
27-Jan-10
27-Jan-10
25-Mar-10
25-Mar-10
30-Mar-10
30-Mar-10
12-Apr-10
12-Apr-10
16-Apr-10
10-May-10
28-Jun-10
30-Jun-10
13-Jul-10
23-Jul-10
27-Jul-10
27-Jul-10
27-Jul-10
4-Aug-10
5-Aug-10
16-Sep-10
17-Sep-10
22-Sep-10
30-Sep-10
15-Oct-10
2-Nov-10
10-Nov-10
15-Nov-10
16-Nov-10
17-Nov-10
17-Nov-10
15-Dec-10
15-Dec-10
23-Dec-10
20-Jan-11
20-Jan-11
20-Jan-11
20-Jan-11
20-Jan-11
20-Jan-11
20-Jan-11
Transaero Airlines OAO

Delta Air Lines Inc
Delta Air Lines Inc
Asiana Airlines Inc
Asiana Airlines Inc
Norwegian Air Shuttle (NAS) ASA
National Aviation Co of India Ltd
Air India Charters
UTair Finance OOO
UTair Finance OOO
Delta Air Lines Inc
Gol Finance
Air Canada
Air Canada
Air Canada
Asiana Airlines Inc
PHI Inc
Sayarra Ltd
CHC Helicopter Corp
Sayarra Ltd
Air Berlin PLC & Co Luftverkehrs KG
King International Leasing II LLC
Delta Air Lines Inc
US Airways Inc
US Airways Inc
UTair Finance OOO
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
103,667,586
810,337,000
810,337,000
688,740,000
688,740,000
172,048,931
172,048,931
53,523,162
686,931,000
686,931,000
260,845,749
260,845,749
154,148,692
20,920,180
50,773,621
50,773,621
411,946,447
411,946,447
214,315,986
130,396,797
450,000,000
360,659,285
295,227,000
249,059,799
881,448,042
881,448,042
192,320,000
791,504,000
127,972,153
300,000,000
136,073,180
1,082,389,000
227,289,946
135,302,244
278,959,481
184,208,731
474,072,000
483,153,640
427,151,000
427,151,000
262,857,000
77,398,000
49,134,496
503,206,000
153,826,000
106,786,083
106,786,083
106,786,083
106,786,083
106,786,083
3.99
7.14
6.14
10.06
7.06
2.00
1.00
3.00
3.54
3.79
3.00
5.00
10.00
10.00
2.99
2.99
2.99
2.99
5.00
2.00
9.50
10.00
10.00
3.00
4.99
4.99
5.49
5.08
2.00
8.06
11.10
10.03
5.00
11.46
5.00
11.91
10.00
3.01
11.61
9.61
13.84
7.84
2.99
10.02
7.02
5.00
5.00
5.00
5.00
5.00
EXHIBIT7(Cont.)
27-Jan-11
7-Feb-11
7-Feb-11
21-Feb-11
8-Mar-11
9-Mar-11
16-Mar-11
16-Mar-11
30-Mar-11
30-Mar-11
30-Mar-11
1-Apr-11
1-Apr-11
11-Apr-11
21-Apr-11
29-Apr-11
29-Apr-11
29-Apr-11
29-Apr-11
29-Apr-11
6-May-11
6-May-11
20-May-11
20-May-11
20-May-11
20-May-11
24-May-11
24-May-11
30-May-11
1-Jun-11
13-Jun-11
21-Jun-11
21-Jun-11
22-Jun-11
24-Jun-11
30-Jun-11
12-Jul-11
28-Jul-11
29-Jul-11
29-Jul-11
1-Aug-11
10-Aug-11
12-Aug-11
31-Aug-11
31-Aug-11
31-Aug-11
31-Aug-11
31-Aug-11
31-Aug-11
2-Sep-11

Delta Air Lines Inc
Delta Air Lines Inc
China Eastern Air Holding Co
SkyLink Aviation Inc
Delta Air Lines Inc
UTair Finance OOO
UTair Finance OOO
Asiana Airlines Inc
Asiana Airlines Inc
China Airlines Ltd
China Airlines Ltd
China Airlines Ltd
China Airlines Ltd
Asiana Airlines Inc
Emirates Airlines
Blue Sky Fliers Co Ltd
US Airways Inc
US Airways Inc
US Airways Inc
VRG Linhas Aereas SA
US Airways Inc
King International Leasing II LLC
UTair Finance OOO
Eastern Air Overseas (Hong Kong) Co Ltd
Delta Air Lines Inc
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
Air New Zealand Ltd
268,529,666
235,093,000
235,093,000
76,051,411
113,151,263
1,000,000,000
309,785,039
309,785,039
292,750,000
105,799,394
105,799,394
181,039,711
181,039,711
217,076,700
241,885,351
239,490,291
239,490,291
239,490,291
239,490,291
239,490,291
478,894,648
478,894,648
207,962,899
207,962,899
207,962,899
207,962,899
769,124,275
769,124,275
184,760,066
999,040,000
92,559,740
293,944,000
94,283,000
83,193,000
314,485,188
53,288,000
222,827,098
53,688,873
566,278,137
566,278,137
386,646,767
154,658,707
102,000,000
244,612,917
244,612,917
244,612,917
244,612,917
244,612,917
244,612,917
124,963,552
3.00
6.38
6.28
4.99
5.00
5.00
3.23
3.23
8.03
2.99
2.99
2.50
1.50
7.00
3.00
7.00
10.00
5.00
7.00
10.00
3.00
3.00
5.00
5.00
5.00
5.00
5.00
10.00
3.00
5.00
3.00
13.82
8.82
3.32
6.00
3.28
11.50
4.98
5.00
3.00
3.00
5.00
3.16
5.00
5.00
5.00
5.00
5.00
5.00
5.14
EXHIBIT7(Cont.)
8-Sep-11
27-Sep-11
28-Sep-11
4-Oct-11
25-Oct-11
17-Nov-11
21-Dec-11
16-Jan-12
16-Jan-12
17-Jan-12
31-Jan-12
31-Jan-12
31-Jan-12
10-Feb-12
15-Feb-12
15-Feb-12
8-Mar-12
8-Mar-12
8-Mar-12
8-Mar-12
19-Mar-12
21-Mar-12
27-Mar-12
27-Mar-12
27-Mar-12
27-Mar-12
27-Mar-12
27-Mar-12
27-Mar-12
27-Mar-12
5-Apr-12
10-Apr-12
12-Apr-12
23-Apr-12
24-Apr-12
30-Apr-12
30-Apr-12
30-Apr-12
3-May-12
29-May-12
6-Jun-12
12-Jun-12
12-Jun-12
12-Jun-12
25-Jun-12
27-Jun-12
27-Jun-12
27-Jun-12
13-Jul-12
13-Jul-12
Hainan Airlines (Hong Kong) Co Ltd

Air India Charters
Cathay Pacific MTN Financing Ltd
KAL ABS 8 Cayman Ltd
Asiana Airlines Inc
OZ Wing II Cayman Ltd
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
Norwegian Air Shuttle (NAS) ASA
Northern Sky Investments 1F LLC
China Eastern Air Holding Co
US Airways Group Inc
UTair Finance OOO
Dragon 2012 LLC
Malaysian Airline System Bhd
Shandong Airlines Co Ltd
Helios Leasing I LLC
Asiana Airlines Inc
Delta Air Lines Inc
Delta Air Lines Inc
156,544,744
725,694,000
1,195,747,054
84,534,003
138,840,680
300,000,000
63,928,196
29,457,684
79,207,921
103,823,742
441,424,035
441,424,035
441,424,035
80,224,629
97,289,830
97,289,830
1,092,138,000
1,092,138,000
1,092,138,000
370,000,000
359,544,098
48,767,007
219,648,022
219,648,022
219,648,022
219,648,022
219,648,022
219,648,022
219,648,022
219,648,022
25,755,108
103,381,434
138,640,436
15,849,290
110,854,211
379,785,000
243,594,000
243,594,000
80,198,893
46,861,235
134,456,000
3.00
11.54
14.99
7.00
3.00
2.93
5.00
5.00
3.00
3.00
3.00
4.00
3.00
5.00
7.00
10.00
13.55
9.55
6.05
4.95
3.99
12.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
3.00
9.87
5.00
5.00
13.91
8.91
3.41
5.00
2.99
11.75
79,071,386
142,034,000
86,299,892
353,689,000
39,108,000
126,203,000
347,599,392
347,599,392
3.00
11.94
3.00
9.34
2.00
8.34
5.00
3.00
EXHIBIT7(Cont.)
25-Jul-12
18-Sep-12
19-Sep-12
19-Sep-12
24-Sep-12
24-Sep-12
27-Sep-12
27-Sep-12
27-Sep-12
2-Oct-12
2-Oct-12
5-Oct-12
11-Oct-12
11-Oct-12
11-Oct-12
12-Oct-12
29-Oct-12
31-Oct-12
1-Nov-12
7-Nov-12
7-Nov-12
7-Nov-12
7-Nov-12
13-Nov-12
15-Nov-12
15-Nov-12
15-Nov-12
22-Nov-12
29-Nov-12
29-Nov-12
30-Nov-12
30-Nov-12
30-Nov-12
30-Nov-12
30-Nov-12
30-Nov-12
30-Nov-12
30-Nov-12
4-Dec-12
4-Dec-12
6-Dec-12
7-Dec-12
7-Dec-12
7-Dec-12
7-Dec-12
12-Dec-12
13-Dec-12
16-Jan-13
18-Jan-13
23-Jan-13

Malaysian Airline System Bhd
Asiana Airlines Inc
Bristow Group Inc
CHC Helicopter Corp
Asiana Airlines Inc
China National Aviation Holding Co
Air China Ltd
Turus Pesawat Sdn Bhd
Finnair Oyj
Air India
Air India
Air India
Weststar Capital Sdn Bhd
Era Group Inc
ABC Aerolineas SA de CV
Air France-KLM SA
Asiana Airlines Inc
Yunnan Lucky Airlines Co Ltd
Durrah MSN 35603
Air China Ltd
142,700,000
11.83
843,888,000
843,888,000
22,667,000
51,171,180
267,884,649
267,884,649
450,000,000
202,000,000
142,813,000
25,790,312
227,907,613
227,907,613
227,907,613
89,774,666
159,124,181
953,834,414
65,512,097
1,110,222,208
1,110,222,208
1,110,222,208
1,110,222,208
13.57
9.91
2.00
3.00
7.00
5.00
10.01
8.03
11.97
10.00
5.00
7.00
10.00
5.00
3.00
7.00
2.00
10.00
12.00
15.00
20.00
546,570,045
18,219,002
910,950
40,512,731
128,071,000
418,113,000
294,112,568
294,112,568
294,112,568
294,112,568
294,112,568
294,112,568
294,112,568
294,112,568
196,622,000
77,297,375
651,070,376
92,315,220
276,945,659
276,945,659
276,945,659
425,000,000
111,343,519
148,550,000
803,742,224
393,040,389
19.00
19.00
19.00
10.00
9.97
13.97
1.99
3.00
4.00
5.00
6.00
7.00
8.00
1.00
10.02
5.00
5.09
3.00
7.00
6.00
5.00
5.34
7.00
12.01
10.00
9.99
EXHIBIT7(Cont.)
23-Jan-13
23-Jan-13
25-Jan-13
31-Jan-13
31-Jan-13
1-Feb-13
7-Feb-13
20-Feb-13
26-Feb-13
27-Feb-13
27-Feb-13
27-Feb-13
5-Mar-13
5-Mar-13
5-Mar-13
12-Mar-13
18-Mar-13
18-Mar-13
18-Mar-13
18-Mar-13
18-Mar-13
18-Mar-13
19-Mar-13
4-Apr-13
10-Apr-13
10-Apr-13
22-Apr-13
23-Apr-13
23-Apr-13
24-Apr-13
24-Apr-13
24-Apr-13
2-May-13
2-May-13
3-May-13
7-May-13
8-May-13
14-May-13
14-May-13
17-May-13
20-May-13
21-May-13
22-May-13
29-May-13
30-May-13
19-Jun-13
25-Jun-13
25-Jun-13
28-Jun-13
4-Jul-13

Asiana Airlines Inc
Emirates Airlines
Asiana Airlines Inc
KE Export Leasing (2013-A) LLC
Tianjin Airlines Co Ltd
Eole Finance SPC
Medjool Ltd
China Eastern Airlines Corp Ltd
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
EVA Airways Corp
US Airways Inc
US Airways Inc
Qantas Airways Ltd
Asiana Airlines Inc
Asiana Airlines Inc
Air Canada
Air Canada
Air Canada
Bond Mission Critical Services plc
United Continental Holdings Inc
Avianca Holdings SA
CHC Helicopter Corp
Hawaiian Airlines Inc
Hawaiian Airlines Inc
Qantas Airways Ltd
US Airways Inc
Scandinavian Air Ambulance
British Airways plc
British Airways plc
393,040,389
393,040,389
44,761,405
496,185,000
749,557,500
32,945,329
197,012,000
149,197,000
119,271,016
230,500,169
230,500,169
230,500,169
506,746,000
156,632,000
187,100,000
993,310,000
765,220,718
151,382,119
151,382,119
151,382,119
151,382,119
151,382,119
100,000,000
158,926,925
819,613,000
819,613,000
127,849,288
133,903,465
133,903,465
424,389,000
290,145,000
290,145,000
308,727,948
300,000,000
296,118,000
168,928,336
300,000,000
444,540,000
444,540,000
124,859,599
142,980,000
500,000,000
100,000,000
355,981,295
119,769,000
38,659,893
926,982,000
926,982,000
182,626,164
161,694,559
12.00
15.00
3.00
7.00
12.00
3.00
10.00
12.01
2.00
10.00
15.00
18.00
13.84
13.34
10.97
10.00
10.00
5.00
5.00
5.00
5.00
5.00
3.25
2.99
12.56
8.56
7.00
5.00
3.00
13.52
9.02
5.02
5.98
5.07
7.00
5.00
8.05
14.14
14.14
6.93
11.97
5.02
4.99
3.00
5.11
5.00
10.96
6.96
30.00
5.00
EXHIBIT7(Cont.)
24-Jul-13
29-Jul-13
1-Aug-13
1-Aug-13
1-Aug-13
14-Aug-13
15-Aug-13
15-Aug-13
22-Aug-13
22-Aug-13
22-Aug-13
23-Aug-13
3-Sep-13
17-Sep-13
19-Sep-13
19-Sep-13
19-Sep-13
19-Sep-13
20-Sep-13
7-Oct-13
7-Oct-13
7-Oct-13
7-Oct-13
29-Oct-13
1-Nov-13
4-Nov-13
21-Nov-13
3-Dec-13
4-Dec-13
5-Dec-13
13-Dec-13
23-Dec-13
24-Dec-13
6-Jan-14
8-Jan-14
8-Jan-14
27-Jan-14
30-Jan-14
30-Jan-14
30-Jan-14
10-Feb-14
28-Feb-14
6-Mar-14
6-Mar-14
24-Mar-14
24-Mar-14
26-Mar-14
26-Mar-14
1-Apr-14
1-Apr-14

AA AIRCRAFT FINANCING 2013-1 LLC
United Airlines Inc
United Airlines Inc
Fideicomiso Numero 80660 - Interjet
Lile Finance Ltd
Air China Ltd
Air China Ltd
Finnair Oyj
Eole Finance SPC
Lile Finance Ltd
Air Canada
Air Canada
Air Canada
Virgin Australia Holdings Ltd
United Continental Holdings Inc
Guanay Finance Ltd
HNA Tourism Holding (Group) Co Ltd
Fideicomiso F/1748 - Aeromexico
Mongolian Airline Co (MIAT)
Sandalwood 2013 LLC
Export Lease Eight Co Ltd
Export Lease Eight Co Ltd
Bond Mission Critical Services plc
ANA Holdings Inc
PHI Inc
United Airlines Inc
United Airlines Inc
Avianca Holdings SA
Sandalwood 2013 LLC
1,408,113,000
185,000,000
720,315,000
209,036,000
42,991,085
187,010,000
810,911,627
810,911,627
125,842,753
125,842,753
125,842,753
199,256,111
404,050,000
271,130,000
691,488,535
691,488,535
230,380,218
300,000,000
225,732,000
323,219,000
323,219,000
323,219,000
474,049,000
94,212,673
300,000,000
450,000,000
512,038,000
163,161,416
113,497,501
390,371,487
256,018,000
20,000,000
76,273,113
129,823,000
249,423,000
249,423,000
97,544,954
97,234,588
97,234,588
97,234,588
40,724,000
293,560,745
500,000,000
407,827,016
736,647,000
212,812,000
394,026,557
394,026,557
261,250,000
123,650,000
9.46
7.75
12.00
8.00
5.00
11.52
5.00
10.00
5.00
7.00
10.00
5.02
11.48
11.62
6.01
6.01
4.14
6.51
9.00
3.01
8.50
5.00
11.50
4.98
7.07
7.11
6.63
5.00
5.03
2.96
3.07
5.00
2.99
11.00
10.62
9.91
5.25
5.00
7.00
10.00
2.00
10.00
4.99
3.00
12.01
8.01
7.00
10.00
6.09
11.84
EXHIBIT7(Cont.)
10-Apr-14 Air Canada
22-Apr-14 Sichuan Airlines Co Ltd
Source:Dealogic
400,000,000
32,371,626
7.00
3.00
Exhibit 8
EXHIBIT 8: Present Value of Etihad Interest Free Shareholder Loan Benefit

-9
Principal Received (amt drawn down to date)

Discount factor
Discounted amount in 2013
Present value of pricipal received
Total Principal
Received
4,630,419,000
n
1/(1+r)^
PR*DF
7,072,122,139
-8
2004
2005
491,416,746
622,545,254
2.17
1.99
1,067,304,728 1,240,460,416
-7
-6
-5
-4
-3
-2
-1
2006
343,529,000
1.83
627,984,451
2007
532,185,000
1.68
892,527,522
2008
662,426,000
1.54
1,019,224,512
2009
360,196,000
1.41
508,446,050
2010
0
1.30
0
2011
447,121,000
1.19
531,224,460
2012
2013
155,000,000 1,016,000,000
1.09
1.00
168,950,000 1,016,000,000
Source: Etihad 2004-2013 financial statements
Year of Receipt
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Sum of loan repayments
Discount rate (input)
Discount factor
Discounted amount
0
2013
9%
1/(1+r)^n
RP*DF
Year of Receipt
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Sum of loan repayments
Discount rate (input)
Discount factor
Discounted amount
9%
1/(1+r)^n
RP*DF
Present value of future repaid principal
689,362,120
Summary as of 2013
Present value of principal received
Present value of loan repayments
Difference
7,072,122,139
689,362,120
6,382,760,020
14
2027
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950
15
2028
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950
16
2029
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950
17
2030
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950
18
2031
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950
19
2032
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950
20
2033
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950
21
2034
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950
22
2035
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950
23
2036
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950
0.299246465
69,281,826
0.274538041
63,561,308
0.251869763
58,313,127
0.231073177
53,498,281
0.21199374
49,080,992
0.19448967
45,028,433
0.17843089
41,310,489
0.163698064
37,899,531
0.15018171
34,770,212
0.137781385
31,899,277
24
2037
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950
25
2038
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950
26
2039
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950
27
2040
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950
28
2041
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950
29
2042
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950
30
2043
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950
31
2044
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950
32
2045
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950
33
2046
24,570,837
31,127,263
17,176,450
26,609,250
33,121,300
18,009,800
22,356,050
7,750,000
50,800,000
231,520,950
0.126404941
29,265,392
0.115967836
26,848,983
0.10639251
24,632,095
0.097607807
22,598,252
0.089548447
20,732,341
0.082154538
19,020,497
0.075371136
17,449,997
0.069147831
16,009,172
0.063438377
14,687,313
0.058200346
13,474,599
Exhibit 9
(Provided Separately)
Exhibit 10
EXHIBIT10
EtihadRelatedPartyPurchasesofGoodsandServices,2013
US$M
AviationFuel
AircraftMaintenance
LandingandParking
Handling
Catering
AircraftOperatingLeases
SalesofProperty,PlantandEquipment
AirportandLoungeExpenses
1,158
112
28
36
62
40
20
6
TotalRelatedPartyExpenses
1,462
DirectOperatingExpenses
5,004
%AccountedforbyRelatedPartyPurchases
Source:Etihad2013FinancialStatement
P&Lat2;Note22(a)at47
29%
Exhibit 11
Exhibit11
Orders,Options,andLettersofIntenttoPurchaseforThreeGulfCarriers
Asof17September2014
NumberofAircraft
Type
Model
EmiratesAirline
Series
NB
NB
NB
NB
A320
A320
A321
A321
200
200 neo
200
200 neo
NB
Total
WB
WB
WB
WB
WB
WB
WB
WB
WB
WB
WB
WB
WB
randTotal
Orders
Options
EtihadAirways
Total
Orders
1
QatarAirways
Options Letters of Intent
Total
1
Order
Options
36
30
7
26
7
26
14
Total
34
34
50
A350
A350
A380
777
777
777
777
777
787
787
787
787
900XWB
1000XWB
800
8X
9X
300
Series TBD
X Series TBD
8
9
10
Series TBD
40
22
10
8
17
1
40
22
20
8
17
13
43
37
10
Total
Total
Total
Total
88
35
115
54
20
50
292
292
70
70
88
35
115
74
50
362
362
12
12
41
30
12
10
41
42
10
169
203
36
36
20
20
225
259
Letters of Intent
Total
66
14
30
80
43
37
13
50
50
7
1
15
30
155
205
41
71
100
7
7
45
56
56
252
332
Exhibit11(Cont.)
ListPrices
Type
Model
Series
ListPrice
$millions
NB
NB
NB
NB
A320
A320
A321
A321
200
200 neo
200
200 neo
93.9
102.8
110.1
120.5
NB
Total
Total
WB
WB
WB
WB
WB
WB
WB
WB
WB
WB
WB
WB
A350
A350
A380
777
777
777
777
777
787
787
787
787
900XWB
1000XWB
800
8X
9X
300
Series TBD
X Series TBD
8
9
10
Series TBD
WB
randTotal
Total
Total
Total
Total
295.2
340.7
414.4
360.5
388.7
330
360.5
360.5
218.3
257.1
297.5
218.3
EmiratesAirline
Orders
EtihadAirways
Options
$
$
$
$
$
$
$
$
36,467
12,618
44,701
17,820
Total
94
103
110
121
Orders
94
$
$
771
3,133
QatarAirways
Options Letters of Intent

$
$
$
Total
94
771
3,133
Order
$
3,701
1,687
Options
$
Letters of Intent
3,084
Total
$
6,785
1,687
$ 427
$3,998
$3,998
$5,388 $3,084
$8,472
36,467
12,618
44,701
24,420
$
$
$
$
$
$
$
$
$
$
$
$
11,808
7,495
8,288
2,884
6,608
4,290
$
$
$
12,694
12,606
4,144 $
$
$
$
12,694
12,606
5,387
19,435
19,435 $
$
2,163 $
38,870
2,310
2,524
18,025
4,326
$
9,824
$
$
$
10,541
12,495
2,183
6,600
$
$
$
$
18,025
11,808
7,495
4,144
2,884
6,608
330
2,072
2,072
2,310
1,650
4,326
3,570
$
$
$
$111,605 $24,625 $136,230

$111,605 $24,625 $136,658
10,541
8,925
$
$
2,183
$52,735 $12,278 $5,905 $70,918

$56,733 $12,278 $5,905 $74,916
Sources:
Order Numbers: Ascend
List Prices
Boeing
http://www.boeing.com/boeing/commercial/prices/index.page
http://www.airbus.com/presscentre/hottopics/annualpressconference2014/?eID=dam_frontend_push&docID=36716
Airbus
3,275
1,243
$
$
$
2,310
361
6,549
$52,153 $10,463 $21,598 $84,214

$57,541 $13,547 $21,598 $92,686
Exhibit 12
EXHIBIT 12
Qatar Airways Financial Data and Ratio Calculations
F-Y end Dec. 31:
1995
Current Ratio
Quick Ratio
Return on Equity
0.45
0.28
2.29
-0.40
-1.52
0.61
17.4%
0.83
-4.8%
F-Y end, Mar 31:

1998
1996 (15 month)
0.50
0.37
negative
-0.34
-3.73
1.27
negative
negative
negative
0.58
0.51
negative
-0.35
-4.68
1.65
negative
negative
negative
1999
2000
2001
2002
2003
2004
2005
0.59
0.54
negative
-0.55
-2.82
1.55
negative
negative
negative
0.60
0.52
negative
-0.48
-3.13
1.49
negative
negative
negative
0.62
0.53
negative
-0.27
-4.44
1.20
negative
negative
negative
0.42
0.36
negative
-0.34
-1.99
0.68
negative
negative
negative
0.45
0.39
negative
-0.18
-2.41
0.43
negative
negative
negative
0.60
0.55
negative
-0.13
-2.95
0.38
negative
0.71
negative
0.54
0.48
207.51
-0.14
-2.92
0.40
0.4%
negative
102.8%
EXHIBIT 12
Qatar Airways Financial
Current Ratio
Quick Ratio
Return on Equity
2006
2007
2008
2009
2010
2011
2012
2013
2014
0.49
0.43
negative
-0.16
-2.99
0.47
negative
negative
negative
0.47
0.42
negative
-0.17
-2.60
0.44
negative
negative
negative
0.45
0.39
negative
-0.17
-2.86
0.49
negative
1.06
negative
0.92
0.86
1.88
-0.02
-26.22
0.45
28.1%
0.60
-2.6%
1.40
1.34
1.17
0.08
4.69
0.38
38.8%
2.77
4.8%
1.90
1.82
0.68
0.16
2.76
0.43
50.7%
3.28
3.5%
1.56
1.48
0.57
0.12
4.39
0.52
52.8%
0.18
-1.1%
1.71
1.62
0.39
0.15
3.98
0.61
57.7%
1.63
0.6%
1.62
1.54
0.29
0.14
4.48
0.63
61.8%
negative
0.9%

stated in thousand US$
Qatar 1995-2013 financial statements, converted to US$ at QAR3.64/US$
F-Y end Dec. 31:

1995
F-Y end, Mar 31:

1998
1996 (15 month)
1999
2000
2001
2002
2003
146,220
(27,614)
3,200
(37,576)
144,496
(24,758)
4,935
(31,127)
146,856
(21,956)
3,921
(25,407)
235,737
(12,290)
3,404
(16,735)
281,875
(13,810)
4,513
(18,496)
421,631
(19,324)
12,666
(27,520)
18,940
4,890
54,811
42,436
5,019
88,618
74,855
7,272
93,272
69,345
8,565
98,489
87,748
13,080
197,130
102,179
14,409
412,317
145,930
20,251
988,355
319,249
27,970
1,654,315
371,712
40,448
2,353,846
37,548
25,902
(18,442)
(28,321)
73,685
42,979
(46,142)
(65,896)
126,104
44,057
(77,269)
(97,024)
116,219
57,104
(83,718)
(121,548)
140,876
168,287
(93,899)
(133,462)
244,125
387,074
(111,735)
(151,958)
320,958
925,763
(139,439)
(179,478)
533,961
1,474,215
(97,763)
(160,329)
692,543
1,924,097
9,272
(151,752)
Income statement
Revenue
EBIT
Interest expense
Net income
32,950
779
939
(457)
69,391
(10,128)
2,642
(13,045)
Balance sheet
Current Assets
Inventories
Total Assets
17,842
6,747
54,119
Total Debt
Accumulated Losses
39,525
21,641
9,436
(442)
2004
633,863
19,618
27,775
22,494
2005
935,766
(14,330)
49,479
9,529

stated in thousand US$
Qatar 1995-2013 financial statements, c
2006
2007
Income statement
Revenue
EBIT
Interest expense
Net income
1,576,781
(32,988)
77,995
(118,413)
2,214,840
(29,198)
142,948
(181,860)
3,265,623
200,776
189,205
11,091
3,990,160
94,886
157,600
(63,193)
4,240,349
320,846
115,891
204,917
5,383,093
315,961
96,332
219,619
Balance sheet
Current Assets
Inventories
Total Assets
510,443
59,941
3,327,800
752,888
82,720
5,058,958
922,196
114,095
6,718,897
1,793,512
123,605
8,827,841
3,155,747
147,662
11,069,620
4,123,220
170,547
12,506,978
Total Debt
Accumulated Losses
1,038,638
2,741,115
(77,314)
(270,845)
1,604,411
4,487,237
(386,062)
(452,722)
2,062,488
5,810,387
(272,223)
(319,186)
1,945,694
4,647,212
2,477,526
(388,176)
2008
2009
2010
2,252,251
5,041,158
4,292,959
(275,669)
2011
2,170,292
4,346,293
6,345,462
(56,372)
2012
6,828,155
16,082
90,215
(74,177)
4,348,556
207,192
13,089,566
2,793,639
3,954,804
6,907,556
(130,995)
2013
7,633,684
117,528
72,034
45,494
4,625,556
239,684
12,537,410
2,707,960
2,820,451
7,234,469
(85,997)
2014
8,417,780
(23,569)
49,626
73,197
4,891,194
248,268
13,314,237
3,012,139
2,373,924
8,229,131
(159,192)
Exhibit 13
EXHIBIT 13
Qatar Airways
Summary of Financial Statements
TypeofReporting
BasisofReporting
Opinion
1996*
SummarizedFinancial
Statements
InternationalStandardson
Auditing
Prioryearrestatements
Revenue
OtherOperatingIncome
OtherIncome
Net(Loss)Profit
Detailfrom2007
1OpRev
Airlinerevenues
DutyFreeandbeverages
Groundhandling
Charters
HotelOperations
TravelAgency
Inflightcatering
Adrevenue
OtherOpIncome
Credits/refundssuppliers
DIAPassengertaxcredit/taxrelease
Forwardsalesadjustment
Frequentflyer
Passengermisccharges
Inflightdutyfree
MiscOp/IncomefromAlMajaServices
Cargosecuirty
Commission
OtherIncome
ProfitsonInvestments
Liquidatedandcompensationclaimsfromsuppliers
Insuranceclaims
Dividends
Rechargeableexpensesfromrelatedparties
Interest
Longstandingliabilitiesnolongerrequiredwrittenback/09
excessprov
Airportdevelopmentfee(DIA)
Maintenanceincome
Carparkincome(DIA)
Rentalincome
Miscellaneousincome
Infrastructurefacilityincome
Managementfees
IncentivesandRouteSubsidies
1999
2000
2001
2002
2003
2004
SummarizedConsolidated
FinancialStatements
2005
Summarizedfinancialsare
consistent,inallmaterial
respectswiththefinancial
statementsfromwhichthey
werederived...Forabetter
understandingofthe
Company'sfinancialposition
andtheresultsofits
operationsfortheyearand
thescopefoouraudit,the
summarisedfinancial
statementsshouldbereadin
conjunctionwiththefinancial
statementsfromwhichthe
summarisedfinancial
statementswerederivedand
ourauditreporttherein.
Revenue
OtherIncome
Net(Loss)Profitbeforetax
OtherOpY+OtherYasa%ofRevenue
OtherOpY+OtherYasa%ofNet(Loss)Profitbeforetax
Activityofcompany
1998**
247,140
523,888
525,967
5,443
(47,484)
2%
11%
8,351
(136,775)
2%
6%
33,987
(113,304)
6%
30%
1996
248,840
3,742
(52,664)
NotProvided
858,083
53,481
(89,269)
6%
34%
(60,914)
6%
88%
1,026,025
69,909
(67,327)
7%
104%
Airtransportation,dutyfree,
groundhandling,distribution
ofbeverages
1999
2000
Airtransportationservice
NotProvided
534,556
30,757
NotProvided
NotProvided
525,967
5,779
534,556
30,630
113,304
(92,842)
NotProvided
1,534,736
139,133
(100,174)
9%
139%
Addininflightcatering
2,307,263
227,916
47,854
93,155
12%
296%
3,406,190
380,979
71,060
53,977
13%
837%
AddinPR,Advert.Airline
reservationsandtravelagency
2003
1,530,640
121,335
16,344
(95,212)
NotProvided
NotProvided
NotProvided
2004
2,307,263
227,916
48,906
94,207
NotProvided
EXHIBIT 13
Qatar Airways
1996*
1998**
Thetechnicalbuildingis
constructedonlandownedby
theDepartmentofCivil
Aviation,Doha
1999
2000
Takesoverdutyfreeand
airportoperations(ground
handlingandcargoatDIAin
May/July2000
2001
2002
2003
2004
2005
UnitedMediaandAmadesu
LambriniHoldingsaddedto
Qatarincludedinconsolidation consolidation
Firstyearwherethereisa
noteintheaccountingpractice
sectionofgovernmentgrants
Landvaluedat2,583,360
receivedfromgovernment,
listedasgrantinB/S
OtherInformation
Notes:
*YE21/31
**15month,YE3/31/98
***Eachyear,asubstantialamountofreceivablesfromrelated
partiesarewrittenoffas"impaired."
EXHIBIT 13
Qatar Airways
2006
2007
ConsolidatedFinancial
Statementsw.Notes
TypeofReporting
2008
2009
2010
SummaryConsolidated
FinancialStatements
2011
2012
2013
2014
OfficialAuditedConsolidated
Financials
20062014Total
BasisofReporting
Summarizedfinancialsare
consistent,inallmaterial
respects,withthose
consolidatedfinancial
statements...doesnot
containalldisclosuresrequired
byIFRS
Contains"unqualified"
opinion,withreferenceto
OngoingConcernfinding
Opinion
Revenue
OtherIncome
Net(Loss)Profitbeforetax
OtherOpY+OtherYasa%ofRevenue
OtherOpY+OtherYasa%ofNet(Loss)Profitbeforetax
4,874,134
691,024
192,968
(403,975)
18%
219%
8,062,018
143,128
230,914
(626,611)
5%
60%
11,768,223
118,646
754,438
42,119
7%
2073%
14,384,591
139,590
370,703
(228,280)
4%
224%
14,119,428
131,420
625,891
746,035
5%
102%
2005
2006
2007
2009
5,739,484
140,741
191,295
(403,975)
8,272,289
145,139
212,960
(461,625)
14,267,168
139,950
370,703
(329,310)
502,771
103,868
44,922
653,907
145,199
41,379
791,934
189,402
39,060
28,192
10,694
190,247
37,955
13,830
188,646
38,239
24,236
286,146
35,962
24,170
42,362
41,074
34,989
27,255
37,056
44,787
26,098
9,129
15,700
13,812
5,940
2,798
1,560
19,414,457
180,000
672,534
799,448
4%
107%
24,607,565
243,968
731,520
(269,843)
4%
362%
27,508,644
277,965
893,655
165,597
4%
708%
30,359,102
281,616
1,816,602
(266,437)
7%
-788%
25,464,550
1,355,825
320,118
169,627
111,248
34,141
32,250
20,885
28,076,974
1,546,415
363,078
168,875
114,582
38,875
29,350
20,953
69,178
72,541
75,541
Noairlinereservationsor
travelagency
Activityofcompany
Prioryearrestatements
Revenue
OtherIncome
Net(Loss)Profit
Detailfrom2007
1OpRev
Airlinerevenues
DutyFreeandbeverages
Groundhandling
Charters
HotelOperations
TravelAgency
Inflightcatering
Adrevenue
OtherOpIncome
Credits/refundssuppliers
DIAPassengertaxcredit/taxrelease
Forwardsalesadjustment
Frequentflyer
Passengermisccharges
Inflightdutyfree
MiscOp/IncomefromAlMajaServices
Cargosecuirty
Commission
OtherIncome
ProfitsonInvestments
Liquidatedandcompensationclaimsfromsuppliers
Insuranceclaims
Dividends
Rechargeableexpensesfromrelatedparties
Interest
Longstandingliabilitiesnolongerrequiredwrittenback/09
excessprov
Airportdevelopmentfee(DIA)
Maintenanceincome
Carparkincome(DIA)
Rentalincome
Miscellaneousincome
Infrastructurefacilityincome
Managementfees
IncentivesandRouteSubsidies
Noqualifications
3,408,419
378,750
74,681
53,977
358,345
84,558
1,943
1,337
50,933
59,034
25,184
39,458
39,641
48,094
83,881
118,538
111,550
16,218
37,654
18,440
34,756
18,987
19,778
22,801
47,597
26,123
61,848
28,091
55,586
30,693
61,188
2,583
2,149
2,938
3,209
2,444
354,385
2,081
Note on other
980,737
10,586
30,689
17,044
36,287
32,949
27,824
109,311
4,652
56,201
63,126
11,325
35,086
59,738
78,433
39,854
25,491
58,948
119,609
120,693
84,262
95,558
78,955
117,949
40,316
8,220
25,205
55,858
57,085
6,839
17,452
16,084
27,296
24,524
13,151
12,374
9,383
49,217
32,352
19,779
14,991
13,838
29,945
36,365
33,243
17,719
income no longer
included
30,701
28,767
421,937
353,357
109,362
39,842
468,229
EXHIBIT 13
Qatar Airways
2006
2007
LambriniandAmadeusin
consolidation
ListedasgrantsinB/S
OtherInformation
2009
2010
LandgrantdisappearsfromB/S
Restatedoverhaulaccualsand
RestatementofFFprogram
depreciationcostsresponsible Loanconvertedtoshareholder defersrevenuefromprior
formajorchangeinprioryear advances
year,leadstohigherrestated
results
losses
TermsofloansfromQatari
Govtdisclosedforfirsttime:
interestfree,nofixed
repaymentschedule
Amountsduefromrelated
partiesaresubstantial:DIA,
directors
Relatedpartystatement
includedforfirsttime:limited 68millionin2008forDIAops
totherechargeableexpenses
NoteonoperationofDIA,
showsrevenuesof146.691
millionincludedinother
income.
Notes:
*YE21/31
**15month,YE3/31/98
***Eachyear,asubstantialamountofreceivablesfromrelated
partiesarewrittenoffas"impaired."
2008
2011
2012
QatarMediaandOryx
Holdingsincluded
DIAgoesfrom215mto0;
otherincomeincludedinrel
partybalances=DIArevenue
82m
1,644min"nonmonetary
contributionsreceivedfrom
government
DIAopsotherincome=82m
Notesprovidedbasedon
management'sjudgmentof
therelevance.Noteonterms
ofloansfromQatari
governmentdisappears
F/Spreparedforthepurposes
offulfilingthefiling
requirementswiththe
authoritiesIncertain
jusrisdictionsinwhichthe
CompanyoperatesDetailon
relatedpartytransactions
disappears;nothingonDIA
revenues
1,644millionidentifiedas3
plotsoflandcontributedby
GOV
Isrelyingonexemptionfor
governmententitiestoavoid
relatedpartydisclosuresunder
IAS25
Isrelyingonexemptionfor
governmententitiestoavoid 638mincashflowhedgeloss
relatedpartydisclosuresunder foryearnotincludedabove
IAS24
2013
2014
20062014Total
Exhibit 13 (cont.)
MovementofQatarGovernmentLoans,ShareholderAdvances,Reserves,andEquityAccounts
Account
No of Shares
Value of Share Capital
2009 Notes
14,380,000
143,800
2010 Notes
14,380,000
2011 Notes
14,380,001
2012 Notes
14,380,001
2013 Notes
14,380,001
143,800
One new
share issued
related to
reclassificatio
n to legal
143,800 reserve
143,800
143,800
71,900
Pre '11
shareholder
advances
(16,300,800)
transferred to
legal
reserve,
deemed a
shareholder
16,371,980 premium
16,371,980
16,371,980
Conversion of
Advances to
Shareholder Equity
Legal Reserve
Shareholder Advances
13,483
Converted from
Shareholder Loans to
11,836,605 Advances in '09
Shareholder Adv Rec

in Yr
Source: Qatar Airways Financials
Pre'10 and
'10 both
treated as
16,300,800 advances
4,463,871
New
advances
continue to
be classified
4,345,271 as advances
New
advances
continue to
be
classified
7,297,719 as advances
New
advances
continue to be
classified as
8,316,722 advances
4,345,271
2,952,448
1,019,003
2014 Notes
1,207,722,201 New shares issued
Advances from '11

to '14 reclassed as
equity; new shares
issued (8,316,722+
12,077,222 3,616,700)
Total Conversion
in '14 = 8,316,722
in 11-13 advances
plus 3,616,700 in
11,933,422 new advances
16,371,980
Prior year
advances
reclassified to
equity
New advance, later
reclassified as
3,616,700 equity
Exhibit 14
EXHIBIT 14
Qatar Airlines Shareholder Loan Benefit Calculations
Interest Savings Benefit, 2004 - 2009
Year
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Shareholder
Loan
Received
(QR'000)1
70,000
69,193
131,665
143,619
35,375
199,230
2,169,119
2,701,983
6,316,105
1998-2003 Total:
2004-2009 Total:
Combined:
Shareholder Loan
Received (US$)2
19,230,769
19,009,066
36,171,703
39,455,769
9,718,407
54,733,516
595,911,813
742,303,022
1,735,193,681
Cumulative
Cumulative
Outstanding,
Outstanding,
US$ (mid-year)3 US$ (year end)
9,615,385
19,230,769
28,735,302
56,325,687
94,139,423
118,726,511
150,952,473
178,319,231
178,319,231
476,275,137
1,145,382,555
2,384,130,907
123,585,714
3,128,142,033
3,251,727,747
19,230,769
19,230,769
38,239,835
74,411,538
113,867,308
123,585,714
178,319,231
178,319,231
178,319,231
774,231,044
1,516,534,066
3,251,727,747
National
Avg
Interest
rate4
10.47%
10.41%
8.25%
8.25%
6.09%
5.72%
8.48%
8.20%
8.71%
8.65%
8.55%
n/a
Term
(years)5
12.3
15.2
11.5
10.6
10.9
8.8
8.1
6.8
6.3
10.5
3.8
Adjusted
Interest
Rate6
20.2%
18.2%
18.5%
19.6%
16.8%
17.3%
20.2%
20.2%
20.1%
19.2%
22.6%
1998-2003 Total:
2004-2009 Total:
Combined:
Annual
Interest
Savings
1,945,953
3,891,907
5,653,652
10,954,789
17,811,436
21,969,185
28,328,524
33,847,368
33,847,368
91,158,589
232,488,951
198,362,160
62,226,922
618,032,960
680,259,883
Notes:
Shareholder loans as reported in QA's 1998-2009 balance sheets.
2
Converted to US$ at 3.64 Riyals/US$.
3
For purposes of interest savings calculations, we have assumed an even distribution of drawdowns throughout each year.
1
National Average Interest Rate obtained from Qatar Central Bank, Interest Rates on Credit Facilities: More Than 3-Years (Avg, %), annual
average of available monthly rates
5
Term Based on weighted average maturity of airline industry debt (see attached)
6
QA found be be uncreditworthy from 1998 through 2008. Accordingly, benchmark interest rate calculated based on US Department of
Commerce methodology for uncreditworthy benchmarks.
Year
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Investment
gradedefault Investmentgrade
rate
defaultrate
0.05%
0.16%
0.34%
0.60%
0.84%
1.11%
1.40%
1.71%
2.05%
2.40%
2.77%
3.17%
3.55%
3.94%
4.35%
4.79%
20.51%
28.55%
34.10%
37.60%
41.44%
47.24%
51.52%
56.91%
60.82%
63.13%
65.96%
65.96%
65.96%
65.96%
65.96%
65.96%
Exhibit 15
Exhibit 15
Qatar Commercial Borrowing Rates
Year
1994
Interest
Rates,
Lending
Rate
8.863
Interest
Rates,
Deposit
Rate
Interest
Rates,
Savings
Rate
Interest
Rates,
Monetary
PolicyRelated
Interest
Rate
4.842
Spread
Constructe Notes
d Lending
Rate
4.021
Source
IMF, IFS
6.188
10.208 Deposit Rate + 1994 Spread
IMF, IFS
1996
6.500
IMF, IFS
1997
6.625
IMF, IFS
1998
6.563
IMF, IFS
1999
6.500
IMF, IFS
1995
2000
8.305 Average of 1999 & 2002 constructed lending rate
IMF, IFS
2001
8.305 Average of 1999 & 2002 constructed lending rate
IMF, IFS
IMF, IFS
2002
1.700
6.090 Monetary Policy Rate + 2004 Spread
2003
1.330
5.720 Monetary Policy Rate + 2004 Spread
IMF, IFS
6.990 IMF Lending Rate
IMF, IFS
2005
8.482 Qatar Central Bank, July-Dec average
QCB
2006
8.203 Qatar Central Bank, avg of monthly rates
QCB
2007
QCB
2008
QCB
2009
QCB
2010
QCB
2011
QCB
2012
QCB
2013
QCB
2004
6.990
3.200
0.830
2.600
4.390
Exhibit 15
Exhibit 15 (Cont.)
Description: Qatar: Interest Rates on Credit Facilities: More Than 3-Years (Avg, %)
Source:
Jul-2004
Aug-2004
Sep-2004
Oct-2004
Nov-2004
Dec-2004
Jan-2005
Feb-2005
Mar-2005
Apr-2005
May-2005
Jun-2005
Jul-2005
Aug-2005
Sep-2005
Oct-2005
Nov-2005
Dec-2005
Jan-2006
Feb-2006
Mar-2006
Apr-2006
May-2006
Jun-2006
Jul-2006
Aug-2006
Sep-2006
Oct-2006
Nov-2006
Dec-2006
Jan-2007
Feb-2007
Mar-2007
Apr-2007
May-2007
Jun-2007
Jul-2007
Aug-2007
Sep-2007
Oct-2007
Nov-2007
Dec-2007
Qatar Central Bank
8.5
8.18
8.53
8.75
8.84
8.09
8.04
8.17
8.18
8.33
8.26
8.15
8.03
8.11
8.5
8.16
8.18
8.32
8.32
8.66
8.68
8.92
8.88
8.79
9.03
8.94
8.65
8.53
8.59
8.52
8.55
8.49
9.34
8
9.1
8.4
8.57
8.58
8.28
8.9
8.83
8.76
Jan-2008
Feb-2008
Mar-2008
Apr-2008
May-2008
Jun-2008
Jul-2008
Aug-2008
Sep-2008
Oct-2008
Nov-2008
Dec-2008
Jan-2009
Feb-2009
Mar-2009
Apr-2009
May-2009
Jun-2009
Jul-2009
Aug-2009
Sep-2009
Oct-2009
Nov-2009
Dec-2009
Jan-2010
Feb-2010
Mar-2010
Apr-2010
May-2010
Jun-2010
Jul-2010
Aug-2010
Sep-2010
Oct-2010
Nov-2010
Dec-2010
8.65
8.58
8.5
8.3
8.75
8.38
8.08
8.29
8.6
8.7
8.79
8.94
8.99
8.82
8.89
8.82
8.75
8.6
8.6
8.54
8.59
8.56
9.08
9.2
9.22
9.14
9.11
9.09
8.83
8.79
8.74
8.75
8.51
8.46
8.1
8
Jan-2011
Feb-2011
Mar-2011
Apr-2011
May-2011
Jun-2011
Jul-2011
Aug-2011
Sep-2011
Oct-2011
Nov-2011
Dec-2011
Jan-2012
Feb-2012
Mar-2012
Apr-2012
May-2012
Jun-2012
Jul-2012
Aug-2012
Sep-2012
Oct-2012
Nov-2012
Dec-2012
Jan-2013
Feb-2013
Mar-2013
Apr-2013
May-2013
Jun-2013
Jul-2013
Aug-2013
Sep-2013
Oct-2013
Nov-2013
Dec-2013
8.03
7.86
6.18
6.97
5.8
5.78
5.69
5.62
5.52
5.62
5.45
5.03
5.83
4.8
4.84
4.61
4.6
4.32
4.43
5.57
5.56
5.58
5.59
5.58
5.56
5.5
5.48
5.4
5.4
5.28
5.32
5.27
5.24
5.2
5.19
5.19
Exhibit 16
EXHIBIT 16
Qatar Airlines Loan Guarantee Benefit Calculations
Interest Savings Benefit, 2004 - 2013
Year
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Source:
Guaranteed
Respective
Loan Received Year F/S
(QR'000)
Page
22,265
11,862
31,134
273,042
652,765
1,925,454
1,797,137
1,637,569
2,973,945
7,493,521
4,876,611
5,086,888
1,163,846
4
4
4
4
4
4
4
4
4
4&5
4&5
4&5
4&5
Guaranteed Loan
1
Received (US$)
6,116,758
3,258,791
8,553,297
75,011,538
179,331,044
528,970,879
493,718,956
449,881,593
817,017,857
2,058,659,615
1,339,706,319
1,397,496,703
319,737,912
-
National
Avg
Interest
2
rate
10.47%
10.41%
8.25%
8.25%
6.09%
5.72%
8.48%
8.20%
8.71%
8.65%
8.55%
8.79%
8.73%
Term
3
(years)
4.61
1.56
2.05
3.62
2.40
6.27
4.83
6.61
6.40
5.45
4.58
7.75
7.03
Adjusted
Interest
4
Rate
23.8%
36.8%
27.5%
23.1%
21.9%
16.9%
21.0%
20.5%
19.9%
19.7%
21.8%
21.0%
20.3%
Benchmark
Interest
728,637
2,057,389
3,832,388
13,070,843
39,626,125
101,998,930
177,978,162
247,468,295
366,206,987
650,117,255
998,459,065
1,194,639,820
1,277,460,880
1,309,879,424
979,913,475
504,169,287
211,614,068
7,867,606,961
Actual Interest
Paid
Total:
7,677,461,264
Total:
Notes:
1
Guaranteed loans as reported in QA's 1998-2008 balance sheets and cash flow statemetns. Converted to US$ at 3.64 Riyals/US$.
3,200,275
4,934,890
3,920,604
3,403,571
4,513,462
12,665,659
27,775,275
49,478,571
77,994,505
142,948,077
189,204,670
157,600,275
115,891,209
96,332,418
90,214,560
72,034,341
89,304,479
1,052,112,363
1998-2003: IMF interest rates (see attached) 2004-2010: National Average Interest Rate obtained from Qatar Central Bank,
Interest Rates on Credit Facilities: More Than 3-Years (Avg, %), annual average of available monthly rates (see attached)
Term Based on total outstanding loans to current portion of outstanding loans in each year (see below)
4
QA found be be uncreditworthy from 1998 through 2010. Accordingly, benchmark interest rate calculated based on US
Department of Commerce methodology for uncreditworthy benchmarks.
5
Total interest expense reported on respective year's income statement.
3
Year
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Investment
gradedefault
rate
0.05%
0.16%
0.34%
0.60%
0.84%
1.11%
1.40%
1.71%
2.05%
2.40%
2.77%
3.17%
3.55%
3.94%
4.35%
4.79%
Investment
grade
defaultrate
20.51%
28.55%
34.10%
37.60%
41.44%
47.24%
51.52%
56.91%
60.82%
63.13%
65.96%
65.96%
65.96%
65.96%
65.96%
65.96%
Year
Noncurrent
Currentportion portionloans
loans(QAR)
(QAR)
1998
18,733
67,709
1999
57,960
32,409
2000
33,550
35,114
2001
94,362
247,344
2002
413,714
580,757
2003
465,879
2,454,046
2004
975,826
3,741,236
2005
1,057,005
5,927,626
2006
1,456,494
7,872,082
2007
2,480,936
11,034,036
2008
3,409,565
12,220,139
2009
2,183,610
14,732,241
2010
2,609,456
15,740,358
Source: Balance Sheet, respective years
Avoided
Interest
n/a
n/a
n/a
n/a
n/a
n/a
150,202,888
197,989,724
288,212,481
507,169,178
809,254,395
1,037,039,545
1,161,569,671
1,213,547,006
889,698,915
432,134,947
122,309,589
6,809,128,337
Exhibit 17
Exhibit 17
Emirates
Calculation of Benefit from Government Assumption of Fuel Hedging Losses
Emirates Fuel Price Contracts, as of March 31, 2008 (AED)
Loss Rate
Estimated Total Loss (AED)
Less Emirates Reported Loss (AED)
Net Loss AED
Net Loss Dollars
Source:
Emirates 2008 Annual Report, Note 31, at 101
See calculation below
15,180,000,000
-68.30%
10,367,903,209
1,572,361,000
8,795,542,209
2,394,974,053
Emirates 2009 Annual Report, Income Statement at 72; Note 7 at 86
Calculation of Loss Rate on Fuel Hedging Contracts, 2008/09

(A)
Airline
(B)
2008Loss($M)
(C)=A+B
(D)
2008&2009
Combined %ofFuel
Loss($M)
Hedged*
2009Loss($M)
Hedged
Amount
($M)
2007Fuel
Cost($M)
Lossas%
ofHedged
Amount
American
380
-651
-270
24%
6,670
1,601
-16.87%
Delta
-666
-1,400
-2,064
38%
4,686
1,781
-115.91%
United
-608
104
-501
13%
5,918
Totals/Average
-894
-2,835
24%
1
2
3
4
5
6
7
8
9
Source Notes:
AA 2009 10-K at "Fuel" section
DAL 2009 10-K at 32.
UAL 2009 10-K at 122
AA 2007 10-K under "Fuel" section.
DAL 2007 10-K at p. 27.
UAL 2007 10-K at p. 125.
AA 2009 10-K at "Fuel" section
DAL 2007 10-K at p. 4.
UAL 2007 10-K at p. 7.
-1,947
17,274
769
-65.12%
4,151
-68.30%
Exhibit 18
EXHIBIT 18
Emirates
EstimateofBenefitfromPurchasesofGoodsandServicesatLTAR
AED'000
2004/05
2005/06
2006/07
2007/08
2008/09
2009/10
2010/11
2011/12
2012/13
2013/14
USD*
852,666
1,427,505
2,069,212
2,692,078
4,022,605
4,073,000
4,570,000
5,991,000
6,969,000
8,066,000
232,175,902
388,701,157
563,434,173
733,036,896
1,095,331,518
1,109,053,778
1,244,383,935
1,631,313,819
1,897,617,427
2,196,324,030
Total
40,733,066
percent below arm's length (see below):
Benefit estimate (USD):
11,091,372,634
16.7%
1,855,056,852
Source
2005/06 F/S, Note 31, p. 101
Note 31, p. 101
Note 32, p. 95
Note 33, p. 103
Note 34, p. 105
Note 36, p. 84
Note 35, p. 88
Note 35, p. 92
Note 36, p. 108
Note 37, p. 102
* Converted at AED 3.6725/USD

Estimate of Percent Below Arm's Length of Related Party Purchases:
Gain on sale and leaseback of aircraft
List Price for A330-200 (2008)
Emirates Discount
Number of aircraft
Total Value of Transaction
Percent below arm's length
$
$
$
$
151,000,000
181,000,000
37.65%
8
902,828,000
16.7%
A
B
C
D
E=B*(1-C)*D
Sources:
Emirates 2008 Financial Statement
http://www.independent.co.uk/travel/news-and-advice/fact-file-the-airbus-a330200-1694347.html
Price of an Emirates airline Airbus A380 superjumbo is $234 million, Bangalor Aviation, October 19, 2011
Exhibit 19
Exhibit19
BenefitfromRestrictiveLaborPractices
Emirates
Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
EmployeeCost
(AED'000)
2,254,113.00
2,700,992.00
3,254,022.00
4,024,328.00
5,515,905.00
5,861,000.00
6,345,000.00
7,617,000.00
7,936,000.00
9,029,000.00
10,230,000.00
USD
613,781,620
735,464,125
886,050,919
1,095,800,681
1,501,948,264
1,595,915,589
1,727,705,922
2,074,063,989
2,160,925,800
2,458,543,227
2,785,568,414
Savings(10.65%
ofB)
65,367,743
78,326,929
94,364,423
116,702,772
159,957,490
169,965,010
184,000,681
220,887,815
230,138,598
261,834,854
296,663,036
F/SPage
76
88
85
79
84
61
40
42
46
60
53
TotalBenefit 1,878,209,351
Etihad
A
Year
EmployeeCost
(AED'000)
USD
Savings(10.65%
ofB)
2004
2005
67,394.00
18,350,987
1,954,380
118,118.00 32,162,832
3,425,342
2006
2007
2008
2009
2010
2011
2012
2013
2014
100,468,000
167,860,000
182,814,000
259,637,000
313,724,000
263,502,000
443,000,000
533,000,000
Notavailable
TotalBenefit
246,496,254
Employee
Expenses(QR'000)
G&AExpenses
(QR'000)
10,699,842
17,877,090
19,469,691
27,651,341
33,411,606
28,062,963
47,179,500
56,764,500
F/SPage
Fromthe2005
financials
12
Fromthe2007
financials
20
22
23
24
24
23
31
Qatar
Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
1,787,510.00
1,121,557.00
1,193,326.00
1,842,052.00
266,112.00
364,006.00
535,596.00
611,497.00
3,906,235.00
4,525,781.00
1,040,466.00
1,243,120.00
TotalLaborCost
Operating
Savings
A+B(QR'000)
Expenses(QR'000) USD(TotalLaborCost) USD(Operatingcost) (10.65%ofE) F/SPage
529,791.77 2,284,172.00 145,547,191
627,519,780
15,500,776
812,778.08 3,504,254.00 223,290,683
962,707,143
23,780,458
2,053,622.00
1,485,563.00
1,728,922.00
2,453,549.00
2,861,702.03
4,096,779.57
5,503,265.71
6,327,961.12
5,768,901.00
5,355,839.00
7,737,622.00
10,804,117.00
12,758,371.00
12,338,092.00
17,663,070.00
23,727,068.00
27,282,703.00
564,181,868
408,121,703
474,978,571
674,051,923
786,181,876
1,125,488,893
1,511,886,184
1,738,450,858
1,584,862,912
1,471,384,341
2,125,720,330
2,968,164,011
3,505,046,978
3,389,585,714
4,852,491,758
6,518,425,275
7,495,248,077
60,085,369
43,464,961
50,585,218
71,786,530
83,728,370
119,864,567
161,015,879
185,145,016
168,787,900
TenYearTotalBenefit 983,745,044
Fromthe
2007
financials
16
20
19
*Source: AMetaAnalysisoftheUnionNonunionWageGap,StephenB.JarrellandT.D.Stanley,IndustrialandLaborRelationsReview,Bol44,Not.1(Cot1990),pp5467
Note:thisisthemidpointoftherangeof8.9%to12.4%foundinthisstudy.
Exhibit 20
Emirates
EstimateofBenefitfromIncomeTaxExemption
Fiscal
Year
Ending in
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Profit before
Income Tax
(AED M)*
2,560
2,649
3,326
5,104
665
3,665
5,545
1,673
2,472
3,464
EBT (US$)
703,296,703
727,747,253
913,736,264
1,402,197,802
182,692,308
1,006,868,132
1,523,351,648
459,615,385
679,120,879
951,648,352
Min Tax
Rate
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
Apr 2004-Mar 2014
MinimumTax
Max Tax Maximum Tax
Exemption
Rate
Exemption
140,659,341
55%
386,813,187
145,549,451
55%
400,260,989
182,747,253
55%
502,554,945
280,439,560
55%
771,208,791
36,538,462
55%
100,480,769
201,373,626
55%
553,777,473
304,670,330
55%
837,843,407
91,923,077
55%
252,788,462
135,824,176
55%
373,516,484
190,329,670
55%
523,406,593
1,710,054,945
Income Taxes in Other

Jurisdictions ($)
15,461,675
23,855,140
44,269,843
7,772,907
-23,246,018
13,614,704
21,238,938
14,431,586
17,426,821
12,797,822
4,702,651,099
* Profit before Income Tax
Source:EmiratesConsolidatedFinancialStatements
http://www.galadarilaw.com/uploads/brochures/172113_Tax.pdf
http://www2.deloitte.com/content/dam/Deloitte/global/Documents/Tax/dttl-tax-unitedarabemirateshighlights-2014.pdf
http://en.wikipedia.org/wiki/Taxation_in_the_United_Arab_Emirates
Net Maximum
Tax Exemption
371,351,512
376,405,849
458,285,102
763,435,884
123,726,787
540,162,769
816,604,469
238,356,875
356,089,663
510,608,772
4,555,027,682

2015-01-25 CapTrade Gulf Airlines Subsidies Report

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Evidence of Actionable Government Subsidies

Received by Etihad Airways, Qatar Airways, and Emirates Airline

January 25, 2015

Privileged and Confidential

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Privileged and Confidential

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

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

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

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

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

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

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

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

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

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

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

Emirates and Dubais Future Capital Commitments.............................................................. 91

Privileged and Confidential

Evidence of Government Subsidies

Capital Trade, Incorporated

Privileged and Confidential

Privileged and Confidential

Exemptions from other taxes and duties

Labor benefit calculations are included in Appendix 1 to this report.

Privileged and Confidential

Privileged and Confidential

Privileged and Confidential

d. Designation of Air Transport Sectors as Strategic Industries

Privileged and Confidential

Methods Used to Identify and Quantify Actionable Subsidies

Privileged and Confidential

b. The Three Part Test for Identifying Actionable Subsidies

Privileged and Confidential

Privileged and Confidential

Privileged and Confidential

Net Income Accumulated Losses

2005 F/S at 4-5*

Privileged and Confidential

Privileged and Confidential

This report can be found on the internet at

Privileged and Confidential