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ANNUAL REPORT 2013

Management Discussion And Analysis

7.0. Investor Relations

7.1. Investor Relations Activity in 2013

Bank Audi’s investor relations activity focused on maintaining the long-term and solid relationship with its institutional and private investors, analysts and media, in addition to diversifying its shareholders’ base which includes more than 2,500 shareholders. Investor relations try to address the main concerns of the investment community about the Group’s operating environments, performance and strategic outlook, in addition to providing extensive, clear and timely information which may help them understand how the Bank is building its value and assessing it.

The ongoing political turmoil within the Middle East and North Africa region, coupled with the emerging market sell-off by investors, has reduced the investor relations activity in 2013 where it weighed down the number of equity conferences hosted within the region. Through the year, Bank Audi participated in 7 equity conferences, fulfilling 72 meetings with 61 institutional investment companies, represented by 95 fund managers based principally in the United States, United Kingdom, MENA region and Turkey, but also South East Asia, Australia and Eastern Europe. Many of these investor relations meetings involved members of the Group Executive Committee and senior executives from key subsidiaries providing the audience with transparent and prompt information relevant to the Bank’s activities.

While somehow underscoring the limited equity institutional investors’ appetite prevailing in 2013 as a result of global and regional woes, Bank Audi’s investor relations activity in 2013 reflects only an extension of the Bank’s long standing track record since 1995. The table below illustrates Bank Audi’s participation since 2005 in equity conferences highlighting Management’s commitment to investor relations:

PARTICIPATION IN EQUITY CONFERENCES/NON-DEAL ROADSHOWS

Several site visits were also scheduled for institutional investors that were not able to secure meetings during the equity conferences and for those investors interested in visiting the corporate head offices to complement their knowledge on Bank Audi.

The sell-side and buy side communities were also constantly updated through mass mails dispatched on regular basis, with the Bank’s quarterly earnings releases and related corporate actions, as well as through constant updates of the Investor Relations webpage (including the Investor Relations presentation) on a quarterly basis.

7.2. Bank Audi's Stock Research Coverage

Since 2010, several London-based banks and regional financial institutions initiated coverage of Bank Audi’s stock. The table below lists institutions that cover the Bank’s stock till April 2014:

BANK AUDI'S STOCK COVERAGE

Management has always been keen on providing all necessary resources for in-house meetings or conference calls with the sell side community, and on answering all information requests in a transparent, effective and timely manner, in full compliance with the Bank’s disclosure policy.