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ANNUAL REPORT 2014

Management Discussion And Analysis

8.0. Investor Relations

8.1. Investor Relations Activity in 2014

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 1,500 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, have reduced the investor relations activity in 2014 where it weighed down the number of equity conferences hosted within the region. Through the year, Bank Audi participated in 5 equity conferences, fulfilling 83 meetings with 65 institutional investment companies, represented by 102 fund managers based principally in the United States, United Kingdom, MENA region and Turkey. 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 2014 as a result of global and regional woes, Bank Audi’s investor relations activity in 2014 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.

Several site visits were also scheduled for institutional investors who 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.

Investor Relations Activity in 2014

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). A new Investor Relations webpage was launched in November 2014, along with a group website webpage. The Bank is currently considering launching, during the course of 2015, an IR application available on androids and in Apple store to keep the investor communities informed in a timely manner on all developments pertaining to the Group.

8.2. 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 Research Coverage

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