section one: non banking financial institutions markets handbook 2009.pdf · the financial...

Banque du Liban Financial Markets Handbook Financial Markets Department December 31, 2009

1

Financial Markets Handbook Outline

SECTION ONE: NON BANKING FINANCIAL INSTITUTIONS

I. Financial Institutions page 3 II. Brokerage firms 5 III. Money Dealers Page 21 IV. Leasing Firms Page 25

SECTION TWO: CASH ELECTRONIC FINANCIAL & BANKING TRANSACTIONS page 27 SECTION THREE: PRODUCTS & FINANCIAL INSRTRUMENTS

I. Equities page 48 II. Fixed Income Securities page 70 III. Mutual Funds page 91 IV. Structured Products page 98

SECTION FOUR: RATING & RANKING page 104

SECTION FIVE: ISLAMIC BANKING page 111 LIST OF LICENSED MUTUAL FUNDS page 114


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SECTION ONE

NON BANKING FINANCIAL INSTITUTIONS

FINANCIAL INSTITUTIONS BROKERAGE FIRMS

MONEY DEALERS LEASING FIRMS


3

I - Financial Institutions

A - FINANCIAL INSTITUTIONS STRUCTURE

1. Objectives of a Financial Institution in Lebanon. 2. Prohibitions on Financial Institutions in Lebanon. 3. Establishment of a Financial Institution in Lebanon. 4. Sources of Funds, Capital, Reserves, Facilities from BDL, FX Positions. 5. Dealing with Non-residents Sectors.

B - FINANCIAL INSTITUTIONS STRENGTHS AND WEAKNESSES

1. Yearly Development in the Number of Financial Institutions. 2. End of Year Shareholders Distribution of Financial Institutions. 3. End of Year Consolidated Balance Sheet Items (tables, charts). 4. End of Year Evolution of Financial Institutions Off-Balance Sheet Items. 5. End of Year TB’s Portfolio Compared to Domestic Debt and Interests. 6. End of Year Consolidated Profit & Loss Statements,Ratios & Charts. 7. Financial Institutions Participation at the Beirut Stock Exchange. 8. Ranking for Financial Institutions On & Off Balance sheet items.

N.B.: all new circular and new info. Added yearly will be highlighted in gray. List of related circulars:

Circular No. 29 decision 6349 dated 24/10/96 (Fiduciary operations). Circular No. 32 decision 6568 dated 24/4/97 (Exchange operations). Circular No. 36 decision 6856 dated 19/12/97 (Bonds). Circular No. 49 decision 7074 dated 5/9/98 (Mutual funds) Circular No. 2 decision 7136 dated 22/10/98 (Establishment of a FI). Circular No. 62 decision 7274 dated 15/4/99 (LBP operations with Non-resident). Circular No. 67 decision 7534 dated 2//3/00 (CD’s issued by BDL). Circular No. 43 decision 8616 dated 7/1/2004 (shareholders’ equity). Circular No. 93 decision 8779 dated 13/7/2004 (Small loans). Circular No. 61 decision 8784 dated 14/7/2004 amendment to decision7274 Circular No. 71 decision 8898 dated 26/11/2004 (Fiduciary securitization). Circular No. 63 decision 8786 dated14/7/04 (Structured products). Circular No. 66 decision 8834 dated 6/9/04 (CD’s issued by BDL). Circular No. 79 decision 8947 dated 11/1/05 (CD’s issued by BDL). Circular No. 83 decision 9028 dated 18/5/05 (CD’s issued by BDL). Circular No. 96 decision 9193 dated 11/16/05 (loans, investment, sharing & participating). Announcement No. 812 dated 3/4/06 (Fees and expenses related to licensing

applications and requests). Circular No. 111 Decision 9354 dated 6/8/2006 (Regulations of Transfer Operations to and

from BDL). Circular No.114 Decision 9372 dated 7/7/2006 (Consolidated Financial Statements) Circular No.115 Decision 9383 dated 27/7/2006 (Statistics Reports).


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Circular No. 116 Decision 9419 dated 29/9/2006 (Loans, Investment, Sharing and Participating).

Circular No. 118 Decision 9421 dated 29/9/2006 (Conditions of the Establishment of Financial Institutions in Lebanon).

Circular No.122 Decision 9452 dated 10/9/2006 (Financial Statements of Holding Companies).

Circular No. 123 Decision 9453 dated 11/9/2006 (Global Depositary Receipts). Circular No. 130 Decision 9524 dated 6/2/2007 (Global Depositary Receipts). Circular No. 137 Decision 9595 dated 8/5/2007 (Facilities from BDL to Banks & Financial

Institutions). Circular No. 80 Decision 9723 dated 27/9/2007 (Subsidy of Interest on Loans Extended to

the Industry, Tourism and Agriculture Sectors). Circular No 157 Decision 9841 dated 16/2/2008 (Information requested on the

management of banks and financial institutions) Circular No. 159 Decision 9891 dated 18/4/2008 (Loans, investment, sharing &

participating) Circular No. 162 Decision 9894 dated 28/3/2008 (Balance sheets and profit & loss

account) Circular No. 166 Decision 9919 dated 10/06/2008 (Conditions of the establishment of FI in

Lebanon) Circular No. 169 Decision 9928 dated 23/06/2008 (Loans, investment, sharing &

participating) Circular No. 170 Decision 9929 dated 23/6/2008 (Financial instruments and products) Circular No. 171 Decision 9930 dated 23/6/2008 (Dealing with non resident sectors) Circular No. 172 Decision 9933 dated 23/06/2008 (Financial facilities from BDL to banks

and FI) Circular No. 175 Decision 9936 dated 23/6/2008 (Conditions of the Establishment of

Financial Institutions in Lebanon) Circular No. 177 Decision 9958 dated 21/7/2008 (The loans, Investment, sharing and

participating) Circular No. 181 Decision 9968 dated 4/8/2008 (The Status of the Central Office of Credit

Risk). Circular No. 184 Decision 10119 dated 14/4/2009 (ATMs And Credit Cards). Circular No. 190 Decision 10147 dated 9/5/2009 (Status of Control of Banking and Money

Activity for Fighting Money Laundering). Circular No. 194 Decision 10183 dated 26/6/2009 (ATMs and Credit Cards). Circular No. 196 Decision 10186 dated 26/6/2009 (The Status of the Central Office of

Credit Risk). Circular No. 201 Decision 10254 dated 14/9/2009 (Regulations of the Statements of

Reports about International Transactions). Circular No. 202 Decision 10255 dated 18/9/2009 (Regulations to practice specific

functions in the banking and finacial sectors). Circular No. 203 Decision 10268 dated 2/10/2009 (ATMs & Credit Cards). Circular No. 204 Decision 10269 dated 7/12/2009 (Fiduciary Operations). Circular No. 206 Decision 10324 dated 7/12/2009 (the Regulations of Transfer Operations

to and From BDL). Circular No. 207 Decision 10325 dated 7/12/2009 (Statistics Reports). Circular No. 208 Decision 10326 dated 7/12/2009 (Classification of Loans). Circular No. 211 Decision 10341 dated 22/12/2009 (Dealing with non-resident sector).

List of financial institutions: www.bdl.gov.lb/fm


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A - FINANCIAL INSTITUTIONS STRUCTURE

1. OBJECTIVES OF A FINANCIAL INSTITUTION IN LEBANON

The main objective of a financial institution in Lebanon is restricted to providing credit. However, it can also carry out the following operations:

a. Financial intermediation and brokerage operations. b. Fiduciary operations. c. Establishment, management and marketing of mutual funds. d. Issuing and marketing financial instruments or products. e. Leasing operations. f. Real estate management. g. Issuing, marketing and guaranteeing financial securities and rights. h. Purchasing GDRs linked to their shares. i. Granting small loans. j. Further complementary operations to the issues above mentioned.

2. PROHIBITIONS ON FINANCIAL INSTITUTIONS IN LEBANON

A financial institution is not allowed to do the following:

a. To receive deposits. It may, however, receive funds to be managed through fiduciary operations.

b. To open a financial securities or rights joint account between the financial institution and its customers.

c. To merge its customers’ financial securities or rights accounts deposited with the financial institution or with others, unless there is an explicit written approval from these customers.

d. To carry out any kind of trade, industry or any activity other than credit, brokerage, and fiduciary activities.

3. ESTABLISHMENT OF A FINANCIAL INSTITUTION IN LEBANON

The financial institution is established by obtaining a license from the Central Council of the Banque du Liban. Time-limit for establishment: Within a maximum period of six months from the date of approval of the Banque du Liban.

4. SOURCES OF FUNDS, CAPITAL, RESERVES, FACILITIES FROM BDL, FX POSITIONS.

a. Sources of funds

i. Internal Sources (the capital, reserves, retained earnings and issue premiums.) ii. External sources (e.g. issuing bonds).

iii. Fiduciary sources (those funds are recorded off-balance sheet).

b. Capital

i. Minimum Capital: Two billion Lebanese Pounds for its main headquarter and 250 million Lebanese pounds for each local branch , and 750 million Lebanese pounds for each foreign branch in addition to the minimum capital imposed by the foreign authority.

ii. Shares should be nominal. iii. Need for prior approval from the Central Council of the Banque du Liban for any

transfer of shares leading to the acquisition by any person to more than 10% of the total


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shares or if the beneficiary is elected to sit or sit presently on the Board of Directors whatever the number of shares.

iv. At any time the assets must exceed the liabilities by the value of its capital.

c. Reserves The financial institution should build reserves from deducting 10% of its annual net profits.

d. Facilities from the Central Bank The ceiling on the facilities, including interest and commissions, which the Banque du Liban can grant to any financial institution registered with it, is 30% of the tier one capital of the institution. Discount operations on commercial bonds, repurchase agreements, credits in the current account, and the purchase of private bonds are included in the computation of the mentioned percentage.

e. Foreign exchange positions

i. The financial institutions can maintain FX trading positions, that do not exceed a ratio of 5% of Tier I capital provided that the total FX position does not exceed 40% of Tier I capital.

ii. The financial institutions can, provided that it is not directly or indirectly owned by a bank, maintain a credit FX fixed position whose equivalent value in LBP does not exceed 60% of the net Tier I capital after deduction of:

• Participations and long term credits associated with banks and financial institutions abroad.

• Allocations to branches abroad financed in Lebanese Pounds. • Items of Article 153 of the code of Money & Credit financed in LBP and any

trespassing in it.

5. DEALING WITH NON-RESIDENTS SECTORS

a. Prohibition Financial institutions are prohibited from accepting or financing any kind of foreign debt, to the exception of bonds issued by solvent countries. This prohibition does not include:

• Guarantees issued by non-resident financial sector against loans granted in Lebanese Pounds, if these loans were granted for investment or commercial business needs in Lebanon.

• The value of collected checks in Lebanese Pounds for the benefit of non-resident financial sector which is exchanged to foreign currencies within 72 hours.

b. Subscription to Treasury Bills for non-residents:

The financial institution can subscribe to treasury bills on behalf of non-resident banks, financial institutions, and exchange companies according to specific conditions.

c. Buying Treasury Bills from non-residents: It is forbidden for financial institutions to buy directly or indirectly foreign currencies from the Banque du Liban with the purpose of financing operations that aim at acquiring Treasury Bills in Lebanese pounds in the secondary market from non resident banks and financial institutions.


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B - FINANCIAL INSTITUTIONS STRENGTHS AND WEAKNESSES

1. YEARLY DEVELOPMENT IN THE NUMBER OF FINANCIAL INSTITUTIONS

0

12

24

36

48

1975

1978

1982

1983

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

0

2

4

6

8

Total Noof listedFI

No of FIlisted yearly

2. END OF YEAR SHAREHOLDERS DISTRIBUTION OF FINANCIAL INSTITUTIONS (according to nationality)

Lebanese69%

Arabs15%

Foreigners16%

Lebanese

Foreigners

Arabs

3. END OF YEAR CONSOLIDATED BALANCE SHEET ITEMS –TABLES & CHARTS (figures are in millions of LBP) Dec.2008 Tot. Dec. 09 : 5 biggest companies Dec.2009

Tier I&II 389,728 200,953 432,806 Capital 197,508 123,613 238,008 Total Assets 1,228,659 860,565 1,451,721 Total Credit 530,405 561,429 630,525


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a. Yearly Evolution Of Financial Institutions : Tier I&II, Capital, Total Assets & Total Credit

(in billions of LBP)

0

150

300

450

600

750

900

Dec-

96De

c-97

Dec-

98De

c-99

Dec-

00De

c-01

Dec-

02De

c-03

Dec-

04De

c-05

Dec-

06De

c-07

Dec-

08De

c-09

0

200400

600800

1000

12001400

1600Tier I & II

Capital

Total Assets

Total Credit

b. Portfolio Performance and ratios : Dec.07 Dec.08 Dec.09 Total Capital / Total Assets 19.78% 16.08% 16.39% Tier I + Tier II / Total Assets 32.26% 31.72% 29.81% Total Credit / Total Assets 45.78% 43.17% 43.43% Total Credit / Tier I + Tier II 141.88% 136.10% 145.68% Total Credit / Capital 231.41% 268.55% 264.92%

c. Sectorial Distribution of Credits Granted by Financial Institutions:

Agriculture0%

Industry14%

Building5%

Individuals30%

Serv.& commerce

33%Fin. Inst.

9%

Other Sectors9%

Agriculture

Industry

Building

Serv.&commerceFin. Inst.

Other Sectors

Individuals


9

4. END OF YEAR EVOLUTION OF FINANCIAL INSTITUTIONS OFF-BALANCE SHEET ITEMS (in millions of LBP)

Dec. 07 Dec. 08 Dec.09

Assets of fiduciary accounts 160,833 352,677 278,483 Portfolio of managed funds 221,144 298,651 195,546 Financial intermediations 36,521 56,001 19,490

0

75

150

225

300

375

450

Dec-

98

Dec-

99

Dec-

00

Dec-

01

Dec-

02

Dec-

03

Dec-

04

Dec-

05

Dec-

06

Dec-

07

Dec-

08

Dec-

09

Financialintermediations

Portfolio ofmanagedfunds

FiduciaryAccounts

a. Assets of Fiduciary Accounts.

Deposits with banks80%

Revenues receivable

0%

Credit Facilities7%

TBs2%

Traded Fin. Instruments

10%

Deposits withbanks

CDs Issued by BDL

TBs

Traded Fin.Instruments

Credit Facilities

Other Investments

Revenuesreceivable


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b. Liabilities of Fiduciary Accounts.

Deposits under Discretionary

Investment4%

Unrealised current revenues

0%

Charges & Managing Fees

due0%

Non distributed revenues

1%

Deposits with special

Instructions95%

Deposits withspecial Instructions

Deposits underDiscretionaryInvestmentNon distributedrevenues

Charges &Managing FeesdueUnrealised currentrevenues

c. Managed Funds (Liabilities side).

Bks & Fin.Instit.Accounts

34%

Charges & Managing Fees

due1%

Individual & Companies Accounts

65%

Individual &Companies Accounts

Bks &Fin.Instit.Accounts

Charges &Managing Fees due

d. Managed Funds (Assets side).

Credits & Loans17%

Other Investments

4%

Deposits with Banks39%

Traded Fin. Papers

39%Deposits with Banks

Traded Fin. Papers

Credits & Loans

Other Investments


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5. END OF YEAR TB’s PORTFOLIO COMPARED TO DOMESTIC DEBT AND INTERESTS (in millions of LBP)

a. Financial Institutions T-Bills Portfolio (Figures are in Billions of LBP )

0

50

100

150

200

250

Dec-

98

Dec-

99

Dec-

00

Dec-

01

Dec-

02

Dec-

03

Dec-

04

Dec-

05

Dec-

06

Dec-

07

Dec-

08

Dec-

09

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

Total FI T-BillsPortfolio

Total FI T-BillsPortfolio/Totaloutstandingdomestic debt

b. Financial Institutions T-Bills Portfolio, Total Outstanding Domestic Debt

(Figures are in billions of LBP)

20,000

25,000

30,000

35,000

40,000

45,000

50,000

Dec-

98

Dec-

99

36,8

61

Dec-

01

Dec-

02

Dec-

03

Dec-

04

Dec-

05

Dec-

06

Dec-

07

Dec-

08

Dec-

09

0

50

100

150

200

250

300 CompanyTB Portfolio

Total FI T-BillsPortfolio

Clients TBPortfolio

TotalOutstndingDomesticDebt

6. END OF YEAR CONSOLIDATED PROFIT & LOSS STATEMENTS, RATIOS & CHARTS (Figures are in millions of LBP)

a. Consolidated Profit & Loss Statements

Dec.07 Dec.08 Dec.09 Net profit from Interest 41,696 54,971 n.a. Net profit from Commission 48,365 62,386 n.a. Net income from Financial operations 4,071 4,763 n.a. Revenues 168,379 220,865 n.a. Expenses 124,941 167,283 n.a. Net Profit 43,438 53,582 68,472*

Source: statistics department. *Not Audited


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b. Measures of Profitability :

Dec.07 Dec.08 Dec.09

Expenses/ Revenues 74.20% 75.74% n.a. Net Profit/ Capital 21.99% 43.35% 28.77%* Average Return on Assets (ROA) 4.59% 4.25% 4.72%* Average Return on Equities (ROE) 14.21% 12.80% 15.82%*

*Not Audited

c. Financial Institutions profit growth ( Figures are in billions of LBP)

0

15

30

45

60

75

Dec-

97De

c-98

Dec-

99De

c-00

Dec-

01De

c-02

Dec-

03De

c-04

Dec-

05De

c-06

Dec-

07De

c-08

Dec-

09

-100

-50

0

50

100

150

200

Net profit

Growth ofprofit rate(%)

d. Financial Institutions ROE & ROA ( Figures are in billions of LBP)

0

5

10

15

20

Dec-

97

Dec-

98

Dec-

99

Dec-

00

Dec-

01

Dec-

02

Dec-

03

Dec-

04

Dec-

05

Dec-

06

Dec-

07

Dec-

08

Dec-

09

Av. Returnon Assets

Av. Returnon Equities


13

7. FINANCIAL INSTITUTIONS PARTICIPATION AT THE BEIRUT STOCK EXCHANGE. (Figures are in USD)

a. Figures showing the activities at the Beirut Stock Exchange

Year 2008 % of Total Year 2009 % of Total

Values of bought shares by FI. 469,524,110 27.45% 318,538,377 30.69% Values of sold shares by FI 435,984,084 25.49% 269,881,359 26.00% Total Values Executed at BSE 1,710,414,898 1,038,015,660

b. Yearly Evolution of Financial Institutions Buying and Selling Activities at the Beirut Stock:

0

500

1000

1500

2000

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

FI total buyingactivities at BSE

FI total sellingactivities at BSE

total activities atthe BSE

c. Yearly Evolution of Financial Institutions Percentages of Buying and Selling Activities at the Beirut Stock Exchange.

0

20

40

60

80

100

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

% of FI totalbuyingactivities at BSE

% of FI totalsellingactivities at BSE


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8. DECEMBER 2009 RANKING FOR FINANCIAL INSTITUTIONS ON & OFF BALANCE SHEET ITEMS:

Ranking for No Name of the Financial Institution assets capital credits FI FA MF

1 Arab Finance Corporation S.A.L. 15 5th 11 2rd 2 Commercial Investment Company S.A.L 5 Credit Commercial et Foncier S.A.L 25 8 12 3rd 3rd 6 Sogelease Liban S.A.L 8 14 4th 7 Financial Investment Corporation S.A.L 34 15 18 8 Société Financière du Liban S.A.L 13 9 9 BEMO Securitisation S.A.L 29 7

10 Fidus S.A.L 3rd 14 3rd 11 Capital Investment Services S.A.L 23 8 14 12 Lebanon Invest S.A.L 19 4th 7 13 Gulf Finance & Investment Co.S.A.L. 32 14 15 14 Libano Francaise Finance S.A.L 6 8 15 Paribas Limited S.A.L 16 G.T.Asseily & Co. S.A.L. 40 14 17 Saradar Investment House S.A.L 42 14 18 Financial Funds Advisor International S.A.L 19 Middle East Capital Group S.A.L 7 6 10 1st 21 Credit Commercial de France S.A.L. (CCF) 22 Allied Business Investment Corporation S.A.L. 37 14 4th 23 B.L.C. Finance S.A.L. 18 8 9 24 Halaoui Investment Trust S.A.L. 26 14 19 25 Finance Center Corporation S.A.L. 14 12 26 Credit Financier S.A.L. 10 8 7 6 27 Kafalat S.A.L. 5th 2nd 17 5th 28 Capital Finance Company S.A.L. 4th 5th 2nd 29 Solifac S.A.L. 1st 13 1st 30 Creditcard Services Company S.A.L. 2nd 3rd 5th 4th 31 Mawared S.A.L. 22 14 9 1st 32 Credit Trust S.A.L. 12 5th 8 33 Saudi Lebanese Financial Investment Corporation S.A.L. 34 Mena Capital S.A.L. 24 14 20 35 HSBC Financial Services (Lebanon) S.A.L. 30 14 36 Capital Investment Corporation S.A.L. 39 12 13 37 BOB Finance S.A.L. 14 14 38 Amwal Invest S.A.L. 14 39 AMEX (Middle East) B.S.C. (Closed) 41 14 40 Credit Financier Invest S.A.L. 20 14 16 41 International Finance Company Lebanon S.A.L. 9 1st 6 2nd 42 Credit Suisse (Lebanon) Finance S.A.L. 31 14 43 Investa Financial Planning Services S.A.L. 38 14 44 Credit Agricole Suisse (Liban) Financial Services S.A.L. 35 14 45 SFB BNP Paribas S.A.L. 44 46 Bogofinance S.A.L. 36 14 47 Al Mustasmer S.A.L. 17 12 1st 48 Credilease S.A.L. 16 14 49 Ameen S.A.L. 28 11 50 EFG-Hermes Lebanon S.A.L. 27 51 MedSecurities Investment S.A.L. 11 8 8 52 Overseas Financial Group S.A.L. 21 10 53 LCB Finance S.A.L. 33 54 Outlook Finance S.A.L. 55 Financial Management Enterprises (FME) Capital S.A.L. 43 56 Iris Capital Securities (I.C.S.) S.A.L. 57 Ahli Investment Group S.A.L. 58 ECE Capital S.A.L. Note: Financial Institutions in grey area have been delisted. FI=Financial Intermediation; FA=Fiduciary Accounts; MF=Managed Fund


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II – Brokerage Firms

A - BROKERAGE FIRMS STRUCTURE

1. Objective of Brokerage Firms. 2. Institutions allowed to engage in Brokerage activities. 3. Conditions for establishing a Brokerage Firm. 4. Procedures governing the operations of Brokerage Firms.

B - BROKERAGE FIRMS STRENGTHS AND WEAKNESSES

1. Yearly Development In The Number Of Brokerage Firms. 2. Yearly Development Of Activities With Commercial Banks. 3. Yearly Development Of Total Assets. 4. Yearly Development Of Tier I Capital. 5. Yearly Development Of Retained Earnings. 6. Yearly Development Of Net Profit And ROA & ROE . 7. List And Ranking Of Brokerage Firms In Lebanon.

N.B.: all new circular and new info. Added yearly will be highlighted in gray. List of related circulars:

Circular 27 decision No. 6213 dated 28/6/1996 Circular 64 decision No. 8805 dated 2/8/2004 Circular 65 decision No. 8813 dated 9/8/2004 Circular 112 decision No. 9357 dated 17/6/2006 Announcement No. 812 dated 3/4/06 (Fees and expenses related to licensing

applications and requests). Circular 117 Decision No. 9420 dated 29/9/2006 (Brokerage Firms) Circular 122 Decision No. 6989 dated 9/11/2006 Circular 128 Decision No. 6908 dated 14/12/2006 Circular 133 Decision No. 8052 dated 21/3/2007 Circular 138 Decision No. 7723 dated 24/5/2007 Circular 143 Decision No. 9703 dated 19/09/2007 Circular 153 Decision No. 9761 dated 9/11/2007 Circular 168 Decision No. 9921 dated 10/08/2008 Circular 170 Decision No. 9929 dated 23/06/2008 Circular 174 Decision No. 9935 dated 23/06/2008 Circular 201 Decision No. 10254 dated 14/07/2009 Circular 202 Decision No. 10255 dated 18/09/2009 Circular 207 Decision No. 10325 dated 7/12/2009


16

A - BROKERAGE FIRMS STRUCTURE

1. OBJECTIVE OF BROKERAGE FIRMS

The Lebanese brokerage firms carry out either for their account or for the account of their clients, the following operations:

a. Buying and selling all kind of financial instruments. b. Portfolio management of financial claims and other securities including

the above mentioned operations.

Other allowed operations that the brokerage firm can perform:

• Borrow through bonds issuing including convertible bonds. • Grant facilities related to operations it performs. • Accept funds from shareholders.

2. INSTITUTIONS ALLOWED TO ENGAGE IN BROKERAGE ACTIVITIES

a. Brokerage firms that are established in Lebanon. b. Branches of foreign brokerage firms. c. Banks and Financial Institutions that are registered at the Banque du

Liban.

3. CONDITIONS FOR ESTABLISHING A BROKERAGE FIRM

a. Minimum capital: one billion Lebanese pounds for the headquarter and 250 million LBP for each local branch and 750 million LBP for each foreign branch in addition to the minimum capital imposed by the foreign authorities.

b. All shares are nominal. c. Brokerage firms need a license from the Banque du Liban in order to start their

activities.

4. PROCEDURES GOVERNING THE OPERATIONS OF BROKERAGE FIRMS

a. prior approval from the Central Council of the BDL is required with any transfer of shares leading, directly or indirectly, to the acquisition by any person to more than 10% of the total shares of the brokerage firm or when the transferee or the beneficiary are elected to sit or sit presently on the Board of Directors whatever the number of shares.

b. The prior approval of the BDL is necessary for the opening of new branches. c. Brokerage firms are not allowed to receive deposits. d. Until further notice, banks are not allowed to engage in derivative activities for their

own account, unless for hedging. e. In order to promote transparency, a brokerage firm must clearly separate its own

accounts from its client accounts. f. Brokerage firms must request their correspondents to inform directly and periodically

their clients with statements of accounts and any other relevant statement. g. Brokerage firms must send financial statements to Banque du Liban periodically,. h. Brokerage operations must abide by the decision No. 6213.


17

B – BROKERAGE FIRMS STRENGTHS AND WEAKNESSES

1. YEARLY DEVELOPMENT IN THE NUMBER OF BROKERAGE FIRMS

0

2

4

6

8

10

12

14

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

Total No oflistedbrokeragefirms

No ofbrokeragefirms listed yearly

2. YEARLY DEVELOPMENT OF ACTIVITIES WITH COMMERCIAL BANKS (Millions of LBP)

0

6000

12000

18000

24000

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

Activities withCommercialbanks


18

3. YEARLY DEVELOPMENT OF TOTAL ASSETS (Millions of LBP)

0

25000

50000

75000

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

Assets

4. YEARLY DEVELOPMENT OF TIER I CAPITAL (Millions of LBP)

0

5000

10000

15000

20000

25000

2001

2002

2003

2004

2005

2006

2007

2008

2009

Tier I

5. YEARLY DEVELOPMENT OF RETAINED EARNINGS (Millions of LBP)

0

1500

3000

4500

6000

7500

9000

10500

12000

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

RetainedEarnings


19

6. YEARLY DEVELOPMENT OF NET PROFIT (Millions of LBP) AND ROA & ROE

2002 2003 2004 2005 2006 2007 2008 2009

Net profit from Interest 0.077 0.135 0.028 0.699 1.408 0.875 0.599 n.a. Net profit from Commission 9.071 9.041 10.061 14.002 15.626 13.873 13.395 n.a. Net income from Financial operations 0.001 0.004 0.297 1.513 0.158 0.768 0.553 n.a.

Revenues 11.319 11.025 14.522 21.076 24.556 24.284 25.693 n.a. Expenses 10.191 10.493 13.742 18.878 22.791 21.747 24.685 n.a. Net Profit 1.128 0.532 0.780 2.198 1.765 2.537 1.008 n.a. Expenses/ Revenues 90.03% 95.17% 94.63% 89.57% 92.81% 89.55% 96.08% n.a. Net Profit/ Capital 19.69% 9.29% 10.09% 22.59% 18.14% 30.23% 8.77% n.a. Average Return on Assets (ROA) 5.81% 2.67% 3.01% 4.11% 2.45% 5.45% 1.82% n.a.

Average Return on Equities (ROE) 11.34% 4.90% 5.91% 13.98% 10.45% 14.55% 4.78% n.a.

0

1

2

3

2002

2003

2004

2005

2006

2007

2008

2009

In M

illio

ns O

f LBP

Net Profit

0%

2%

4%

6%

8%

2002

2003

2004

2005

2006

2007

2008

2009

0%

5%

10%

15%

20%

Av. Returnon Assets

Av. Returnon Equities


20

7. LIST AND RANKING OF BROKERAGE FIRMS IN LEBANON

Ranking for No Name of the Brokerage Firm Activities

Commercial Banks

Assets Capital

1 Merril Lynch, Pierce, Fenner & Smith (Middle East) S.A.L. 1st 1st 2nd

3 World Investment Services S.A.L. 10 10 3rd

5 Arab International Dev. & Investment Company S.A.L. 2nd 2nd 1st

6 SNA Asset Management SNAM S.A.L. 4th 8 3rd

8 Beirut Brokerage Corporation S.A.L. 11 4th 3rd

9 Optimum Invests S.A.L. 7 3rd 3rd

10 Melkart Capital S.A.L. 9 11 3rd

11 Quest S.A.L. 6 9 3rd

12 Highbury Finance S.A.L. 8 5th 3rd

13 Lebanese Dealers S.A.L. 5th 7 3rd

14 Aksys Capital S.A.L. 3rd 6 3rd

15 Royal Forex Trading S.A.L. 1st 1st 3rd


21

III – Money Dealers

A – MONEY DEALERS DISTRIBUTION

1. Geographic Distribution Of Money Dealers. 2. Distribution Of Money Dealer Per Paid In Capital (Category A & B).

B – EXPORT AND IMPORT OF CASH BANK-NOTES

1. Evolution Of Export & Import Of Cash Bank-Notes. 2. Evolution Of Export Of Cash Bank-Notes By Currencies.

List of related circulars:

Circular 3 Decision No. 7933 dated 27/9/2001. Circular 89 Decision No. 8024 dated 11/1/2002 export & import of banknotes Circular 73 Decision No. 8899 dated 26/11/2004 Circular 98 Decision No.9216 dated 23/12/2005. Circular 101 Decision No.9233 dated 09/01/2006. Announcement No. 812 dated 3/4/06 (Fees and expenses related to licensing

applications and requests). Circular 103 Decision No.9258 dated 13/02/2006 (Regulations of Money Dealer). Circular 136 Decision No.7933 dated 27/4/2007 (Regulations of Money Dealer). Circular 111 Decision No.9708 dated 24/09/2007 (Cash Transfers Regulations). Circular 117 Decision No.9901 dated 13/5/2008 (Verification of checks and payment

orders drawn on the Banque du Liban).


22

A – MONEY DEALERS DISTRIBUTION

1. GEOGRAPHIC DISTRIBUTION OF MONEY DEALERS:

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Beirut 92 98 98 97 99 99 99 94 99 99 North Lebanon 61 66 68 71 69 64 62 63 66 67 South Lebanon 39 40 42 42 40 40 38 36 42 44 Bekaa 53 55 56 57 63 66 67 69 72 76 Mount Lebanon 110 112 117 117 114 117 120 118 106 107 Total 355 371 381 384 385 386 386 380 385 393

0

25

50

75

100

125

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

Beirut

North

South

Bekaa

MountLebanon

2. DISTRIBUTION OF MONEY DEALER PER PAID IN CAPITAL (Category A & B):

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

A: 250M 53 56 57 55 55 56 55 53 48 49 B: 100M 302 315 324 329 330 330 331 327 337 344 Total 355 371 381 384 385 386 386 380 385 393

0

50

100

150

200

250

300

350

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

100 Mn.

250 Mn.


23

B – EXPORT AND IMPORT OF CASH BANK-NOTES

Apart from their normal activities, money dealers can export and import cash bank-notes. This activity is regulated by the circular No.89 dated 11/1/2002 issued by Banque Du Liban imposing on Banks, Financial Institutions and Money Dealers to hand out each month the volume of cash Bank-notes going out and coming in Lebanon. Reports on exportation and importation of cash Bank-notes are usually received from about 25 Commercial Banks and 6 Money Dealers.

1. EVOLUTION OF EXPORT & IMPORT OF CASH BANK-NOTES (Figures are in millions of USD)

Bank-Notes 2002 2003 2004 2005 2006 2007 2008 2009 From Lebanon 1301 2233 3977 4501 4496 5977 7222 6754 To Lebanon 374 170 110 158 111 118 164 135

0

1250

2500

3750

5000

6250

7500

2002 2003 2004 2005 2006 2007 2008 2009

FromLebanon

ToLebanon

2. EVOLUTION OF EXPORT OF CASH BANK-NOTES BY CURRENCIES.

From Leb. 2002 2003 2004 2005 2006 2007 2008 2009

LBP 0.39% 0.31% 0.23% 0.20% 0.18% 0.13% 0.14% 0.20%

USD 44.50% 55.52% 60.36% 59.54% 54.10% 49.32% 47.64% 44.73%

European currencies 34.87% 30.09% 25.19% 19.21% 27.97% 28.91% 33.85% 33.01%

Arab currencies 19.72% 13.42% 13.36% 20.46% 17.34% 20.98% 18.32% 22.04%

Other 0.52% 0.66% 0.86% 0.61% 0.43% 0.67% 0.07% 0.03%


24

-5%

5%

15%

25%

35%

45%

55%

65%20

02

2003

2004

2005

2006

2007

2008

2009

0%

1%

2%

3%

4%

USD

EURO

AR.CUR.

LBP

OTHER


25

IV – Leasing Firms

LEASING FIRMS STRENGTHS AND WEAKNESSES

1. Development In The Number Of Leasing Firms In Lebanon. 2. Yearly Development Of Consolidated Leasing Activities By Sector.


Circular No.1 decision 7540 dated 3/4/2000 conditions of establishment Circular No.2 decision 7987 dated 16/11/2001 rules of establishment Circular No.65 decision 8813 dated 9/8/2004 Circular No.76 decision 8944 dated 8/1/2005 Circular No.77 decision 8945 dated 8/1/2005 Announcement No. 812 dated 3/4/06 (Fees and expenses related to licensing

applications and requests). Circular No. 119 Decision 9422 dated 29/09/2006 (Conditions of the Establishment of

Leasing Company in Lebanon). Circular No. 117 Decision 9901 dated 13/05/2008 (Verification of checks and payment

orders drawn on the Banque Du Liban) Circular No. 164 Decision 9902 dated 14/05/2008 (Banks Statement). Circular No. 181 Decision 9968 dated 08/04/2009 (Status of The Central Office Credit Risk).


26

LEASING FIRMS STRENGTHS AND WEAKNESSES

1. DEVELOPMENT IN THE NUMBER OF LEASING FIRMS IN LEBANON

Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 No. of leasing firms 2 3 3 3 3 3 3 2 2 2

2. YEARLY DEVELOPMENT OF CONSOLIDATED LEASING ACTIVITIES BY SECTOR (Millions of LBP)

Code Sector 2004 2005 2006 2007 2008 2009

A Agriculture 35 37 8 - 346 322 B Extractive industries - 1,174 807 404 - - C Manufacturers industries 54,501 49,997 45,961 48,952 45,659 50,437 D Electricity, Water & Gas 939 1,078 1,007 1,271 1,594 1,374 E Enterprises & Buildings 9,342 8,715 4,211 3,809 6,399 6,105 F Wholesale Trade 15,362 3,579 2,535 1,301 1,467 882 G Retail Trade 8,316 9,921 8,872 5,579 4,287 4,690 H Hotels & Restaurants 78 53 126 1,006 1,005 1,234

I Transportation, Warehouse &Communication 5,741 6,466 7,636 5,799 8,004 13,124

J Financial Brokerage 150 116 61 149 278 339

K Real Estate Services , Rental And Exploitation 55 8,691 10,366 7,993 4,989 1,998

L Public Administration 0 81 65 - - -

M Educational services , Media , Advertisement and legal 1,347 977 1,056 1,584 3,628 3,468

N Sanitary services and local services 3,310 8,908 12,189 10,966 13,216 10,352

O Other associations, Personal services, Social and Tourist 1,523 1,624 1,474 566 57 15

P Households employing housemaids - - - - - -

Q Regional Organizations and Organisms - - - - - -

R Individuals 1,133 1,425 1,291 2,048 1,688 3,114

0

10000

20000

30000

40000

50000

A B C D E F G H I J K L M N O P Q R

Year 2004 Year 2005 Year 2006 Year 2007 Year 2008 Year 2009


27

SECTION TWO

CASH ELECTRONIC FINANCIAL & BANKING

TRANSACTIONS


28

Cash Electronic Financial and Banking Transactions

A - CASH ELECTRONIC BANKING TRANSACTIONS FROM AND TO LEBANON.

1. Comparison From 2004 Till 2009. 2. Yearly Evolution. 3. Monthly Evolution.

B - DISTRIBUTION BY TYPE OF INSTITUTION FOR CASH ELECTRONIC BANKING TRANSACTIONS.

1. Distribution By Type From Lebanon. 2. Distribution By Type To Lebanon.

C – YEARLY CASH ELECTRONIC BANKING TRANSACTIONS BY COUNTRY.

1. Yearly Evolution Of Cash Electronic Banking Transactions From Lebanon For the First Five Countries.

2. Cash Electronic Banking Transactions From Lebanon For the First Twenty Countries.

3. Yearly Evolution Of Cash Electronic Banking Transactions To Lebanon For the First Five Countries.

4. Cash Electronic Banking Transactions To Lebanon For the First Twenty Countries.

D – MONTHLY CASH ELECTRONIC BANKING TRANSACTIONS BY COUNTRY.


2. Monthly Evolution Of Cash Electronic Banking Transactions From Lebanon For the First Nine Countries.

3. Cash Electronic Banking Transactions To Lebanon For the First Twenty Countries.

4. Monthly Evolution Of Cash Electronic Banking Transactions To Lebanon For the First Nine Countries.


29


Circular 69 Decision 7548 dated 30/3/2000 (Electronic financial and banking transactions).

Circular 33 Decision 8430 dated 3/7/2003 (Electronic financial and banking transactions). Circular 54 Decision 8710 dated 29/4/2004 (Electronic banking). Circular 99 Decision 9217 dated 23/12/2005(Electronic banking). Announcement No. 812 dated 3/4/2006 (Fees and expenses related to licensing

applications and requests). Basic circular No. 109 Decision 9668 dated 09/08/2007 addressed to Banks, Financial

Institutions and Lebanese or Foreign Institutions and Companies that are authorized to issue credit, debit or charge cards.


30

A - CASH ELECTRONIC BANKING TRANSACTIONS FROM AND TO

LEBANON.

1. Comparison from 2004 till 2009:

2004 2005 % of change

From Lebanon 178,744,281.12 201,826,492.49 12.91% To Lebanon 292,007,244.94 388,895,473.72 33.18%

% From/To 61.21% 51.90% -15.22%

2005 2006 % of change


% From/To 51.90% 42.45% -18.20%

2006 2007 % of change


% From/To 42.45% 43.81% 3.19%

2007 2008 % of change


% From/To 43.81% 44.74% 2.13%

2008 2009 % of change

From Lebanon 429,671,155.83 493,723,434.10 14.91% To Lebanon 960,439,794.65 1,097,650,806.00 14.29%

% From/To 44.74% 44.98% 0.54%

2. Yearly Evolution.

292389

565

734

960

1,098

179 202 240321

430494

0

300

600

900

1,200

2004

2005

2006

2007

2008

2009

In M

illio

ns o

f USD

ToLebanon

FromLebanon


31

3. Monthly Evolution.

0

30

60

90

120

Dec-

03

Jun-

04

Dec-

04

Jun-

05

Dec-

05

Jun-

06

Dec-

06

Jun-

07

Dec-

07

Jun-

08

Dec-

08

Jun-

09

Dec-

09

In M

illio

ns o

f USD

ToLebanon

FromLebanon

B - DISTRIBUTION BY TYPE OF INSTITUTION FOR CASH

ELECTRONIC BANKING TRANSACTIONS.

1. Distribution By Type Of Institution From Lebanon 2007, 2008 and 2009

Bank or Institution 2007 2008 Percentage of

Change

Value:000$ % of Total

No of Trans. Value:000$ % of

Total No of Trans. Value No

Total Banks 5,736 1.78% 3,143 5,151 1.20% 2,966 -10.19% -5.63%

Total Financial Institutions 998 0.31% 2,016 1,233 0.29% 2,321 23.48% 15.13%

Total E-Bkg Transf. Institut. 267,460 83.22% 578,137 354,839 82.58% 717,438 32.67% 24.09%

Total Money Dealer 47,210 14.69% 120,131 68,448 15.93% 157,662 44.99% 31.24%

Total 321,404 100.00% 703,427 429,671 100.00% 880,387 33.69% 25.16%


Change




Total Banks 5,151 1.20% 2,966 5,771 1.17% 2,894 12.02% -2.43%

Total Financial Institutions 1,233 0.29% 2,321 1,926 0.39% 3,228 56.26% 39.08%



Total 429,671 100.00% 880,387 493,723 100.00% 1,033,666 14.91% 17.41%


32

Yearly Cash Electronic Transactions’ Distribution by Type Of Institution FROM Lebanon, for value and number of transactions:

Banks

2

3

4

5

6

2005

2006

2007

2008

2009

In M

illio

ns o

f USD

2

2.5

3

3.5

4

Num

bers

In T

hous

ands

Value

No

Financial Institutions

0.5

1.0

1.5

2.0

2005

2006

2007

2008

2009

In M

illio

ns o

f USD

2

2.5

3

3.5

Num

bers

In Tho

usan

ds

Value

No

Cash Electronic-Banking Transfers Institutions

150

250

350

450

2005

2006

2007

2008

2009

In M

illio

ns o

f USD

300

450

600

750

900

Num

bers

In Tho

usan

ds Value

No

Money Dealers

10

30

50

70

90

2005

2006

2007

2008

2009

In M

illio

ns o

f USD

25

75

125

175

225

Num

bers

In Tho

usan

ds

Value

No


33

2. Distribution By Type Of Institution To Lebanon 2007, 2008 and 2009


Change




Total Banks 85,216 11.61% 42,173 77,071 8.02% 34,548 -9.56% -18.08%




Total 733,713 100.00% 856,460 960,440 100.00% 1,035,644 30.90% 20.92%


Change


No of Trans. Value:000$ % of Total No of

Trans. Value No

Total Banks 77,071 8.02% 34,548 78,803 7.18% 29,897 2.25% -13.46%




Total 960,440 100.00% 1,035,644 1,097,651 100.00% 1,058,174 14.29% 2.18%

Yearly Cash Electronic Transactions’ Distribution By Type Of Institution To Lebanon, for value and number of transactions:

Banks

70

80

90

100

110

2005

2006

2007

2008

2009

In M

illio

ns o

f USD

20

30

40

50

60

Num

bers

In T

hous

ands

Value

No


34

Financial Institutions

0.5

1.0

1.5

2.0

2.5

3.0

2005

2006

2007

2008

2009

In M

illio

ns o

f USD

1

2

3

4

5

Num

bers

In T

hous

ands

Value

No

Cash Electronic-Banking Transfers Institutions

250

450

650

850

2005

2006

2007

2008

2009

In M

illio

ns o

f USD

200

400

600

800

1,000

Num

bers

In T

hous

ands Value

No

Money Dealers

25

100

175

250

2005

2006

2007

2008

2009

In M

illio

ns o

f USD

15

30

45

60

75

Num

bers

In T

hous

ands Value

No


35

C - CASH ELECTRONIC BANKING TRANSACTIONS BY COUNTRY :

1. Yearly Evolution Of Cash Electronic Banking Transactions From

Lebanon For the First Five Countries, from 2005 til 2009:

Value of Cash Electronic Transactions FROM Lebanon To

0

15

30

45

60

75

90

2005 2006 2007 2008 2009

In M

illio

ns o

f USD

PHILIPPINES

EGYPT

ETHIOPIA

SRI LANKA

BANGLADESH

2. Cash Electronic Banking Transactions From Lebanon For the First Twenty Countries for 2008 and 2009:

Countries 2008 2007 Percentage of Change

Value:000$ % from Total

No of Trans. Value:000$ % from


1 PHILIPPINES 65,701 15.29% 208,477 58,130 18.09% 197,669 13% 5%

2 ETHIOPIA 50,134 11.67% 138,930 26,963 8.39% 77,533 86% 79%

3 EGYPT 44,166 10.28% 59,992 31,447 9.78% 49,038 40% 22%

4 SRI LANKA 32,421 7.55% 119,859 28,670 8.92% 108,446 13% 11%

5 INDIA 19,254 4.48% 35,931 13,286 4.13% 27,470 45% 31%

6 UAE 16,970 3.95% 13,090 13,371 4.16% 12,928 27% 1%

7 BANGLADESH 16,548 3.85% 40,221 10,905 3.39% 24,704 52% 63%

8 USA 14,633 3.41% 14,598 12,348 3.84% 12,805 19% 14%

9 INDONESIA 13,761 3.20% 18,705 10,381 3.23% 14,991 33% 25%

10 SYRIA 13,622 3.17% 30,724 7,963 2.48% 19,670 71% 56%

11 SUDAN 12,207 2.84% 18,735 7,143 2.22% 12,406 71% 51%

12 UKRAINE 10,467 2.44% 18,392 9,691 3.02% 18,775 8% -2%

13 RUSSIA 7,010 1.63% 8,578 5,666 1.76% 9,101 24% -6%

14 NEPAL 6,958 1.62% 13,346 2,292 0.71% 4,595 204% 190%

15 TURKEY 6,503 1.51% 4,470 3,999 1.24% 4,379 63% 2%

16 JORDAN 5,636 1.31% 6,374 3,642 1.13% 5,678 55% 12%

17 MOROCCO 5,557 1.29% 12,639 4,522 1.41% 10,096 23% 25%

18 CANADA 4,884 1.14% 5,186 4,049 1.26% 4,536 21% 14%

19 GERMANY 4,673 1.09% 3,703 2,774 0.86% 2,946 68% 26%

20 CHINA 4,600 1.07% 3,503 3,239 1.01% 2,506 42% 40%

Total First 20 countries 355,705 82.79% 775,453 260,482 81.04% 620,272 37% 25%

Total All countries 429,671 100.00% 880,387 321,404 100.00% 703,427 34% 25%


36





1 PHILIPPINES 79,061 16.01% 257,246 65,701 15.29% 208,477 20% 23%

2 EGYPT 53,703 10.88% 69,131 44,166 10.28% 59,992 22% 15%

3 ETHIOPIA 40,850 8.27% 109,386 50,134 11.67% 138,930 -19% -21%

4 SRI LANKA 36,566 7.41% 134,223 32,421 7.55% 119,859 13% 12%

5 BANGLADESH 31,981 6.48% 83,087 16,548 3.85% 40,221 93% 107%

6 INDIA 22,129 4.48% 41,966 19,254 4.48% 35,931 15% 17%

7 UAE 20,845 4.22% 16,311 16,970 3.95% 13,090 23% 25%

8 SYRIA 18,302 3.71% 43,816 13,622 3.17% 30,724 34% 43%

9 USA 16,533 3.35% 16,897 14,633 3.41% 14,598 13% 16%

10 NEPAL 15,806 3.20% 31,340 6,958 1.62% 13,346 127% 135%

11 SUDAN 13,593 2.75% 23,217 12,207 2.84% 18,735 11% 24%

12 UKRAINE 11,510 2.33% 20,965 10,467 2.44% 18,392 10% 14%

13 INDONESIA 9,696 1.96% 13,976 13,761 3.20% 18,705 -30% -25%

14 MOROCCO 6,292 1.27% 15,291 5,557 1.29% 12,639 13% 21%

15 RUSSIA 6,264 1.27% 8,534 7,010 1.63% 8,578 -11% -1%

16 JORDAN 6,044 1.22% 7,733 5,636 1.31% 6,374 7% 21%

17 TURKEY 5,784 1.17% 4,163 6,503 1.51% 4,470 -11% -7%

18 CANADA 5,269 1.07% 5,921 4,884 1.14% 5,186 8% 14%

19 SAUDI ARABIA 5,265 1.07% 5,052 4,238 0.99% 4,182 24% 21%

20 MADAGASCAR 5,178 1.05% 18,131 2,021 0.47% 6,855 156% 164%


Total All countries 493,723 100.00% 1,033,666 429,671 100.00% 880,387 15% 17%


37

3. Yearly Evolution Of Cash Electronic Banking Transactions To Lebanon For the First Five Countries, Ffrom 2005 Till 2009:

Value of Cash Electronic Transactions TO Lebanon From

0

50

100

150

200

250

300

2005 2006 2007 2008 2009

In M

illio

ns o

f USD

UAE

SAUDI ARABIA

QATAR

KUWAIT

AUSTRALIA

4. Cash Electronic Banking Transactions To Lebanon For the First Twenty Countries for 2008 and 2009:





1 UAE 227,349 23.67% 245,169 147,496 20.10% 184,831 54% 33%

2 SAUDI ARABIA 146,560 15.26% 121,967 131,463 17.92% 106,727 11% 14%

3 QATAR 89,449 9.31% 95,777 56,671 7.72% 71,471 58% 34%

4 AUSTRALIA 63,838 6.65% 52,139 50,373 6.87% 45,088 27% 16%

5 KUWAIT 63,451 6.61% 78,282 43,836 5.97% 64,013 45% 22%

6 USA 62,864 6.55% 104,677 57,060 7.78% 97,880 10% 7%

7 GABON 39,336 4.10% 22,640 34,384 4.69% 20,948 14% 8%

8 CANADA 27,987 2.91% 42,125 24,391 3.32% 38,973 15% 8%

9 JORDAN 22,492 2.34% 17,495 12,904 1.76% 12,916 74% 35%

10 CONGO 21,104 2.20% 13,425 15,468 2.11% 9,348 36% 44%

11 VENEZUELA 14,131 1.47% 46,071 8,317 1.13% 25,941 70% 78%

12 BAHRAIN 13,809 1.44% 12,835 10,086 1.37% 10,271 37% 25%

13 GERMAY 13,549 1.41% 23,552 14,123 1.92% 25,731 -4% -8%

14 SUDAN 10,775 1.12% 3,217 7,943 1.08% 2,364 36% 36%

15 FRANCE 9,183 0.96% 13,428 8,493 1.16% 12,482 8% 8%

16 BRAZIL 9,108 0.95% 3,747 4,751 0.65% 1,803 92% 108%

17 UNITED KINGDOM 8,198 0.85% 12,265 8,695 1.19% 12,595 -6% -3%

18 PARAGUAY 7,614 0.79% 4,064 4,783 0.65% 2,837 59% 43%

19 OMAN 6,938 0.72% 9,811 5,236 0.71% 7,649 33% 28%

20 EGYPT 5,985 0.62% 5,335 4,965 0.68% 4,518 21% 18%


Total All countries 960,440 100.00% 1,035,644 733,713 100.00% 856,460 31% 21%


38





1 UAE 262,952 23.96% 245,547 227,349 23.67% 245,169 16% 0%

2 SAUDI ARABIA 148,042 13.49% 129,474 146,560 15.26% 121,967 1% 6%

3 QATAR 101,498 9.25% 100,791 89,449 9.31% 95,777 13% 5%

4 KUWAIT 96,218 8.77% 83,683 63,451 6.61% 78,282 52% 7%

5 AUSTRALIA 68,194 6.21% 52,970 63,838 6.65% 52,139 7% 2%

6 USA 66,176 6.03% 108,923 62,864 6.55% 104,677 5% 4%

7 IRAQ 49,672 4.53% 2,853 1,128 0.12% 841 4302% 239%

8 GABON 40,909 3.73% 24,153 39,336 4.10% 22,640 4% 7%

9 CANADA 25,389 2.31% 38,127 27,987 2.91% 42,125 -9% -9%

10 JORDAN 24,315 2.22% 19,181 22,492 2.34% 17,495 8% 10%

11 CONGO 23,443 2.14% 16,009 514 0.05% 591 4462% 2609%

12 BAHRAIN 16,407 1.49% 14,328 13,809 1.44% 12,835 19% 12%

13 ANGOLA 12,553 1.14% 4,082 1,986 0.21% 1,247 532% 227%

14 GERMAY 10,016 0.91% 18,998 13,549 1.41% 23,552 -26% -19%

15 VENEZUELA 9,968 0.91% 33,477 14,131 1.47% 46,071 -29% -27%

16 FRANCE 9,311 0.85% 13,214 9,183 0.96% 13,428 1% -2%

17 PARAGUAY 8,471 0.77% 4,735 7,614 0.79% 4,064 11% 17%

18 OMAN 7,892 0.72% 11,120 6,938 0.72% 9,811 14% 13%

19 LIBERIA 6,865 0.63% 5,954 5,969 0.62% 5,327 15% 12%

20 UNITED KINGDOM 6,638 0.60% 10,851 8,198 0.85% 12,265 -19% -12%


Total All countries 1,097,651 100.00% 1,058,174 960,440 100.00% 1,035,644 14% 2%


39

D – MONTHLY CASH ELECTRONIC BANKING TRANSACTIONS BY COUNTRY (2008-2009)


FROM Lebanon TO January February March April Value: 000$ 2009 2008 2009 2008 2009 2008 2009 2008 1 PHILIPPINES 5,354 1,661 6,173 5,041 6,979 5,733 5,722 5,029

2 EGYPT 3,891 2,833 3,976 2,739 4,518 3,953 4,672 3,906

3 ETHIOPIA 4,003 3,866 3,393 3,521 3,819 3,961 4,192 4,886

4 SRI LANKA 2,915 2,442 2,606 2,019 3,133 2,640 3,140 2,630

5 BANGLADESH 1,878 1,064 1,891 750 2,182 1,230 2,199 1,251

6 INDIA 1,542 1,051 1,621 1,090 2,027 1,382 1,812 1,459

7 UAE 1,171 1,021 1,382 1,030 2,115 1,515 1,452 1,386

8 SYRIA 1,182 752 1,203 754 1,242 908 1,503 997

9 USA 1,347 1,052 1,162 1,000 1,301 1,099 1,418 1,245

10 NEPAL 907 331 979 288 1,536 365 1,251 381

Total 1st 10 Countries 24,191 16,074 24,386 18,232 28,852 22,786 27,362 23,170

Percentage from Total All 65.02% 53.99% 66.77% 62.22% 67.05% 67.23% 67.65% 66.55%

11 SUDAN 1,384 801 1,288 714 1,259 812 1,224 909

12 UKRAINE 782 779 781 815 892 796 935 863

13 INDONESIA 1,299 988 1,271 836 1,094 1,176 844 901

14 MOROCCO 584 404 449 452 518 420 475 423

15 RUSSIA 407 446 392 529 448 625 478 621

16 JORDAN 494 412 336 422 500 452 409 443

17 TURKEY 310 328 320 400 468 315 302 640

18 CANADA 375 389 423 258 376 407 424 405

19 SAUDI ARABIA 363 322 288 348 413 319 462 424

20 MADAGASCAR 242 79 235 92 331 116 373 117

Total 2nd 10 Countriies 6,240 4,947 5,782 4,866 6,299 5,437 5,926 5,745


Total First 20 Countries 30,431 21,021 30,168 23,098 35,151 28,222 33,288 28,915


Monthly Total All Countries 37,208 29,772 36,522 29,305 43,028 33,891 40,443 34,816


40

FROM Lebanon TO May June July August Value: 000$ 2009 2008 2009 2008 2009 2008 2009 2008 1 PHILIPPINES 7,057 5,999 6,181 5,425 6,537 5,827 6,937 5,900

2 EGYPT 5,030 4,109 4,948 3,682 4,910 4,131 4,723 3,834

3 ETHIOPIA 3,032 3,418 3,155 4,217 3,235 4,290 3,687 4,844

4 SRI LANKA 2,984 2,405 3,031 2,768 3,069 2,782 3,145 2,743

5 BANGLADESH 2,388 1,220 2,635 1,323 2,646 1,292 3,137 1,466

6 INDIA 2,031 1,692 1,994 1,643 2,039 1,625 2,213 1,777

7 UAE 1,486 1,265 1,596 1,442 1,869 1,461 1,666 1,756

8 SYRIA 1,766 1,105 1,674 1,253 1,695 1,396 1,725 1,390

9 USA 1,413 1,101 1,317 1,177 1,399 1,176 1,381 1,349

10 NEPAL 1,215 442 1,248 538 1,216 515 1,289 538



11 SUDAN 1,264 771 1,072 962 1,190 1,033 1,295 1,245

12 UKRAINE 876 757 1,028 753 943 873 1,055 1,060

13 INDONESIA 768 922 771 1,306 776 1,095 700 1,257

14 MOROCCO 462 380 446 404 608 432 551 524

15 RUSSIA 517 594 661 554 534 637 610 619

16 JORDAN 501 432 415 358 599 514 478 665

17 TURKEY 614 531 522 534 576 621 523 708

18 CANADA 419 441 445 394 404 410 453 426

19 SAUDI ARABIA 404 350 446 291 461 323 515 397

20 MADAGASCAR 368 146 459 149 413 160 474 158







41

FROM Lebanon TO September October November December Value: 000$ 2009 2008 2009 2008 2009 2008 2009 2008 1 PHILIPPINES 6,432 6,286 7,149 6,586 6,171 5,928 8,368 6,286

2 EGYPT 3,941 3,760 4,508 3,584 4,218 3,992 4,368 3,644

3 ETHIOPIA 3,531 5,074 2,825 3,967 2,721 3,810 3,258 4,280

4 SRI LANKA 2,958 2,795 3,126 3,053 2,926 2,809 3,532 3,336

5 BANGLADESH 3,408 1,862 2,757 1,384 3,773 1,859 3,087 1,846

6 INDIA 1,843 2,084 1,652 1,788 1,641 1,778 1,714 1,884

7 UAE 1,647 1,601 1,991 1,502 2,399 1,352 2,071 1,639

8 SYRIA 1,473 1,257 1,700 1,266 1,588 1,389 1,550 1,154

9 USA 1,490 1,271 1,363 1,376 1,462 1,261 1,480 1,526

10 NEPAL 1,651 945 1,482 740 1,353 932 1,677 943



11 SUDAN 1,140 1,326 969 1,042 846 1,406 661 1,188

12 UKRAINE 942 912 1,061 1,030 1,009 805 1,205 1,024

13 INDONESIA 566 1,741 570 1,110 549 1,236 489 1,191

14 MOROCCO 460 516 548 528 658 469 533 604

15 RUSSIA 511 606 571 616 554 581 582 580

16 JORDAN 481 579 569 366 542 406 720 588

17 TURKEY 555 826 546 582 551 486 496 533

18 CANADA 440 426 419 485 529 372 560 471

19 SAUDI ARABIA 494 332 492 340 466 386 461 405

20 MADAGASCAR 500 200 550 221 421 218 813 364







42

2. Monthly Evolution Of Cash Electronic Banking Transactions From Lebanon For

the First Nine Countries From December 2006 Till December 2009


0

2

4

6

8

10

Dec-06

Mar-07

Jun-07

Sep-0

7

Dec-07

Mar-08

Jun-08

Sep-0

8

Dec-08

Mar-09

Jun-09

Sep-0

9

Dec-09

In M

illio

nss

of U

SD

PHILIPPINES

EGYPT

ETHIOPIA


0

1

2

3

4

Dec-06

Mar-07

Jun-07

Sep-0

7

Dec-07

Mar-08

Jun-08

Sep-0

8

Dec-08

Mar-09

Jun-09

Sep-0

9

Dec-09

In M

illio

nss

of U

SD

SRI LANKA

BANGLADESH

INDIA


0.0

0.5

1.0

1.5

2.0

2.5

Dec-06

Mar-07

Jun-07

Sep-0

7

Dec-07

Mar-08

Jun-08

Sep-0

8

Dec-08

Mar-09

Jun-09

Sep-0

9

Dec-09

In M

illio

nss

of U

SD

UAE

SYRIA

USA


43

3. Cash Electronic Banking Transactions To Lebanon For the First Twenty

Countries.

TO Lebanon From January February March April Value:000$ 2009 2008 2009 2008 2009 2008 2009 2008 1 UAE 19,625 13,475 17,898 15,249 20,976 17,688 18,596 17,833

2 SAUDI ARABIA 11,131 11,121 11,470 11,453 14,169 13,803 12,681 12,761

3 QATAR 6,690 5,024 7,386 6,280 8,783 6,594 7,407 6,346

4 KUWAIT 5,476 4,180 6,367 4,129 8,146 4,784 8,174 4,714

5 AUSTRALIA 4,083 4,251 3,330 5,145 4,063 5,338 4,197 5,322

6 USA 4,611 4,415 4,745 4,737 5,881 5,590 5,146 5,172

7 IRAQ 118 61 114 64 140 53 103 39

8 GABON 2,731 2,983 2,074 3,012 2,469 3,946 2,504 3,555

9 CANADA 1,713 2,018 1,659 2,160 1,794 2,436 1,692 2,509

10 JORDAN 1,756 1,743 1,905 1,574 1,875 1,747 1,998 1,543



11 CONGO 1,399 1,393 1,346 1,392 1,838 1,643 1,659 1,880

12 BAHRAIN 1,234 956 1,102 956 1,232 989 1,177 1,059

13 ANGOLA 227 97 247 118 311 135 337 110

14 GERMANY 781 1,192 701 1,363 744 1,364 690 1,314

15 VENEZUELA 1,004 1,264 980 1,379 1,254 1,500 1,329 1,370

16 FRANCE 593 652 567 703 890 757 701 727

17 PARAGUAY 492 461 573 514 604 513 480 542

18 OMAN 536 468 515 476 635 530 559 497

19 LIBERIA 561 429 401 477 533 486 559 462

20 UNITED KINGDOM 475 651 469 683 493 871 452 672







44

TO Lebanon From May June July August Value:000$ 2009 2008 2009 2008 2009 2008 2009 2008 1 UAE 22,455 19,136 24,696 20,887 25,644 20,148 21,480 19,487

2 SAUDI ARABIA 13,334 12,305 11,979 13,472 13,250 12,877 12,830 11,985

3 QATAR 7,411 8,753 7,127 8,720 7,349 8,642 6,622 7,153

4 KUWAIT 7,423 5,163 8,392 5,418 9,266 5,403 9,168 5,323

5 AUSTRALIA 4,385 5,802 5,007 5,564 6,196 6,726 6,458 6,049

6 USA 5,259 5,226 4,946 5,155 5,550 5,248 5,793 5,243

7 IRAQ 137 68 3,696 89 5,836 91 8,548 107

8 GABON 4,145 2,943 4,156 3,282 4,238 3,873 4,903 3,522

9 CANADA 1,696 2,596 1,835 2,311 2,259 2,533 2,535 2,437

10 JORDAN 2,053 1,850 1,769 1,812 2,494 2,049 2,112 2,097



11 CONGO 2,284 1,751 2,139 1,608 2,255 2,246 2,209 1,978

12 BAHRAIN 1,327 984 1,166 1,090 1,344 1,273 1,381 1,357

13 ANGOLA 347 124 709 153 1,709 191 1,808 149

14 GERMANY 740 1,388 701 1,214 758 1,236 1,036 912

15 VENEZUELA 1,652 1,523 448 1,267 245 984 579 817

16 FRANCE 788 841 664 800 828 775 887 804

17 PARAGUAY 578 674 575 653 771 665 816 805

18 OMAN 590 588 634 485 712 637 783 595

19 LIBERIA 588 470 600 486 615 498 544 450

20 UNITED KINGDOM 536 740 511 743 575 727 650 798







45

TO Lebanon From September October November December Value:000$ 2009 2008 2009 2008 2009 2008 2009 2008 1 UAE 22,915 22,417 24,172 19,775 24,585 21,494 19,911 19,762

2 SAUDI ARABIA 10,478 13,278 12,828 11,416 12,307 12,362 11,585 9,726

3 QATAR 9,824 9,162 10,728 7,410 10,893 7,597 11,279 7,767

4 KUWAIT 9,263 6,356 8,348 6,424 8,346 5,583 7,849 5,975

5 AUSTRALIA 7,456 7,674 7,899 3,452 7,963 3,679 7,156 4,837

6 USA 6,687 6,109 5,799 5,383 5,820 4,857 5,939 5,727

7 IRAQ 6,571 144 9,295 115 7,135 132 7,979 166

8 GABON 3,570 3,869 3,651 2,483 2,988 2,313 3,478 3,553

9 CANADA 2,930 2,990 2,445 2,114 2,445 1,856 2,386 2,025

10 JORDAN 1,943 2,437 2,171 2,076 2,011 1,722 2,228 1,841



11 CONGO 2,090 2,073 2,127 1,966 2,078 1,423 2,019 1,751

12 BAHRAIN 1,910 1,313 1,743 1,368 1,350 1,146 1,443 1,320

13 ANGOLA 1,890 198 1,440 260 1,382 209 2,147 243

14 GERMANY 1,067 1,141 906 790 1,031 773 861 863

15 VENEZUELA 508 817 574 944 578 982 816 1,285

16 FRANCE 830 826 897 735 773 693 892 869

17 PARAGUAY 792 962 1,002 682 922 578 866 567

18 OMAN 698 739 743 608 732 671 755 643

19 LIBERIA 648 621 614 534 580 454 621 603

20 UNITED KINGDOM 604 753 557 587 613 462 704 510







46

4. Monthly Evolution Of Cash Electronic Banking Transactions To Lebanon For

the First Nine Countries From December 2006 Till December 2009.


0

7

14

21

28

Dec-0

6

Mar-07

Jun-

07

Sep-

07

Dec-0

7

Mar-08

Jun-

08

Sep-

08

Dec-0

8

Mar-09

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09

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9

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9

In M

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of U

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UAE

SAUDI ARABIA

QATAR


0

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4

6

8

10

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Jun-07

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7

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Jun-08

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Dec-09

In M

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of U

SD

KUWAIT

AUSTRALIA

USA


0

2

4

6

8

10

Dec-06

Mar-07

Jun-07

Sep-0

7

Dec-07

Mar-08

Jun-08

Sep-0

8

Dec-08

Mar-09

Jun-09

Sep-0

9

Dec-09

In M

illio

nss

of U

SD

IRAQ

GABON

CANADA


47

SECTION THREE

FINANCIAL INSTRUMENTS

EQUITIES FIXED INCOME SECURITIES

MUTUAL FUNDS &

STRUCTURED PRODUCTS


48

I - Equities

A. BEIRUT STOCK EXCHANGE

1. Beirut Stock Exchange Trading Summary End of 2009. 2. Lebanese Republic Eurobonds Listed in the Beirut Stock Exchange . 3. Beirut Stock Exchange Historical Summary. 4. Beirut Stock Exchange Traded Shares End Of Year Historical Prices. 5. Beirut Stock Exchange Listed Shares Monthly Prices For 2008 vs 2009. 6. Beirut Stock Exchange Listed Shares Monthly Traded Value $ For 2008 vs 2009. 7. Beirut Stock Exchange Listed Shares Monthly Traded Volume For 2008 vs 2009.

B. LEBANESE GDR'S PRICES IN THE LUXEMBOURG STOCK EXCHANGE.

C. CHARTS CONCERNING ALL BEIRUT STOCK EXCHANGE LISTED SHARES

PRICES; VERSUS MARKET VALUE WEIGHTED INDEX AND GDR

1. Real Estate Sector Shares Prices. 2. Banking Sector Shares Prices. 3. Industry Sector Shares Prices. 4. Funds Sector Shares Prices. 5. Trade Sector Shares Prices.


49

A. BEIRUT STOCK EXCHANGE

1. BEIRUT STOCK EXCHANGE TRADING SUMMARY (Dec-08 – Dec-09)

Total Shares

BSE Listed Shares

End-of-MonthShare Price

$ % Change Volume Value$ Mkt. Cap. BSE Mkt.

Cap.

(In M$) (In M$) Dec-08 Dec-09 YEAR 2009 (Mill. US$) (Mill. US$)

Real Estate

Solidere "A" 100.00 100.00 16.54 23.98 44.98% 22,420,888 509,027,761 2,398.00 2,398.00

Solidere "B" 65.00 65.00 16.70 23.78 42.40% 10,045,877 215,489,872 1,545.70 1,545.70

Banking

BLC 152.70 50.90 1.90 1.60 -15.79% 401,655 642,722 244.32 81.44

Audi Saradar 34.42 34.42 52.00 82.95 59.52% 1,058,246 66,802,446 2,855.05 2,855.05

Audi GDR 9.83 9.83 53.45 89.00 66.51% 486,445 31,278,047 874.86 874.86

Audi Pref. C 4.00 4.00 25.25 DL - 6,262 161,559 DL DL

Audi Pref. D 1.25 1.25 100.00 103.00 3.00% 44,755 4,527,735 128.75 128.75

Beirut 44.85 14.95 18.25 18.75 2.74% 56,330 1,036,677 840.93 280.31

Beirut Pref. C 2.92 2.92 25.50 26.90 5.49% 131,493 3,448,640 78.55 78.55

Beirut Pref. D 4.00 4.00 25.25 27.15 7.52% 115,170 2,960,483 108.60 108.60

Beirut Pref. E 2.40 2.40 NL 25.00 - 0 0 60.00 60.00

Byblos 217.11 217.11 1.60 2.09 30.63% 58,940,231 101,573,725 453.77 453.77

Byblos GDR 1.03 1.03 NL 105.00 - 5,816 524,525 108.47 108.47

Byblos Pref. 1.00 1.00 104.00 DL - 6,068 619,106 DL DL

Byblos Pref.2008 2.00 2.00 97.90 104.00 6.23% 61,220 5,984,556 208.00 208.00

Byblos Pref.2009 2.00 2.00 NL 100.10 - 3,416 341,702 200.20 200.20

Byblos Priority 206.02 206.02 1.64 2.10 28.05% 5,933,613 11,190,301 432.65 432.65

BEMO 16.00 5.40 4.83 4.90 1.45% 1,283,826 5,678,954 78.40 26.46

BEMO Pref. 0.20 0.20 100.00 100.00 0.00% 11,500 1,141,850 20.00 20.00

BLOM GDRs 7.39 7.39 72.85 89.80 23.27% 515,740 37,610,595 663.59 663.59

BLOM List. shares 21.50 21.50 74.75 84.00 12.37% 444,984 29,816,990 1,806.00 1,806.00

BLOM Pref. C 2004 0.75 0.75 101.00 101.30 0.30% 22,223 2,241,897 75.98 75.98

BLOM Pref. C 2005 1.00 1.00 101.70 101.70 0.00% 25,549 2,600,436 101.70 101.70

Industry

HOLCIM Liban 19.52 19.52 15.93 12.52 -21.41% 195,388 2,548,418 244.34 244.34

Ciment Blancs (B) 6.00 6.00 2.09 3.15 50.72% 7,498 16,605 18.90 18.90 Ciment Blancs (N) 3.00 3.00 1.90 0.50 -73.68% 1,875 938 1.50 1.50

Uniceramic “A” 4.29 4.29 0.11 DL - 70,394 4,224 DL DL

Uniceramic “C” 8.58 8.58 1.70 DL - 229,500 22,950 DL DL

Funds

Beirut Pref. Fund 0.33 0.33 100.20 109.10 8.88% 6,070 631,733 35.54 35.54

Beirut Golden Inc. 0.41 0.41 74.43 DL - 27 1,957 DL DL

Trade

RYMCO “B” 27.30 10.92 2.10 3.15 50.00% 56,578 177,806 85.995 34.40

TOTAL 966.80 808.12 102,588,637 1,038,105,210 13,669.78 12,842.74 DL = Delisted ; NL = Not Listed


50

2. LEBANESE REPUBLIC EUROBONDS LISTED IN THE BEIRUT STOCK EXCHANGE, END

OF DECEMBER, 2009 (figures in US$)

a. Percentages Of Traded Shares Volumes In 2009 By Sectors

Traded Volume Year 2009

Banking67.80%

Trade0.06%Industry

0.49%

Real estate31.65%

Funds0.01%

b. Percentages Of Traded Shares Values $ In 2009 By Sectors Traded Value$ Year 2009

Funds0.06%

Real estate69.79%

Industry0.25%

Trade0.02%

Banking29.88%

Cur Issue Nominal value ( in M.$) Vol. Nominal

Value Value Open price

High price

Low price

Eurobond issues

ROL March 5, 2010 USD 1265.00 0 0 0 - - - ROL November 12, 2010 USD 700.00 0 0 0 - - - ROL December 22, 2010 USD 277.92 0 0 0 - - - ROL March 30, 2011 LBP 265.34 0 0 0 - - - ROL May 20, 2011 USD 1000.00 0 0 0 - - - ROL August 2, 2011 USD 750.00 0 0 0 - - - ROL March 19, 2012 USD 600.00 0 0 0 - - - ROL April 12, 2012 EUR 765.96 0 0 0 - - - ROL July 20, 2012 USD 200.00 0 0 0 - - - ROL September 7, 2012 USD 600.00 0 0 0 - - - ROL March 12, 2013 USD 875.00 0 0 0 - - - ROL June 20, 2013 USD 650.00 0 0 0 - - - ROL April 14, 2014 USD 676.90 0 0 0 - - - ROL May 2, 2014 USD 881.91 0 0 0 - - - ROL August 6, 2015 USD 500.00 0 0 0 - - - ROL January 19, 2016 USD 750.00 0 0 0 - - - ROL March 19, 2017 USD 1500.00 0 0 0 - - - ROL July 20, 2017 USD 300.00 0 0 0 - - - ROL December 31, 2017 USD 2007.51 0 0 0 - - - ROL April 14, 2021 USD 1661.47 0 0 0 - - - Total USD 16,227.01 0 0 0 - - -


51

3. BEIRUT STOCK EXCHANGE HISTORICAL SUMMARY

Date Total

Volume In Millions

Total Value In Millions

$

Index Total Shares Market

Capitalization In Millions$

Listed Shares Market Capitalization In

Millions$

1997 59 640 123.72 3,259 2,684

1998 42 330 89.35 3,672 2,425

1999 17 91 56.10 3,021 1,921

2000 20 118 37.40 2,563 1,583

2001 15 53 16.62 2,244 1,248

2002 26 119 18.43 2,632 1,395

2003 23 131 20.08 3,027 1,503

2004 25 198 40.80 3,809 2,331

2005 90 923 174.48 6,144 4,917

2006 135 2,032 142.09 10,237 8,304

2007 114 994 262.12 13,321 10,894

2008 106 1,710 154.75 10,382 9,609

2009 103 1,038 294.29 13,670 12,843

Beirut Stock Exchange Traded Shares Volume & Value $ Graph

0

100

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Dec-

06Ja

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Vol.

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Trading Value Trading Volume Market Value Weighted Index


52

4. BEIRUT STOCK EXCHANGE TRADED SHARES END OF YEAR HISTORICAL PRICES($)

Dec-99

Dec-00

Dec-01

Dec-02

Dec-03

Dec-04

Dec-05

Dec-06

Dec-07

Dec-08

Dec-09

Real Estate Solidere “A” 8.38 6.63 4.63 4.88 4.72 8.25 17.98 16.00 23.03 16.54 23.98

Solidere “B” 8.50 7.38 4.63 4.75 5.00 8.10 17.98 16.00 22.70 16.70 23.78

Banking

BLC 13.50 10.00 5.00 5.00 2.94 2.94 7.01 10.00 8.00 1.90 1.60

Audi GDR NL NL NL NL NL 24.25 59.85 55.95 76.25 53.45 82.95

Audi 28.13 20.75 12.00 15.00 18.50 23.60 DL 59.00 70.00 52.00 89.00

Audi Pref. C NL NL NL NL NL NL NL NL 26.30 25.25 DL

Audi Pref. D NL NL NL NL NL NL NL NL 101.40 100.00 103.00

Beirut 7.56 7.56 7.56 7.81 7.82 7.95 9.80 12.80 12.75 18.25 18.75

Beirut Pref. B NL NL NL NL NL 11.85 12.10 11.50 11.50 12.10 DL

Beirut Pref. C NL NL NL NL NL NL 25.00 20.45 24.89 25.50 26.90

Beirut Pref. D NL NL NL NL NL NL NL NL NL 25.25 27.15

Beirut Pref. E NL NL NL NL NL NL NL NL NL NL 25.00

Byblos 2.50 1.75 1.56 1.38 1.70 1.53 2.36 1.81 2.22 1.60 2.09

Byblos GDR NL NL NL NL NL NL NL NL NL NL 105.00

Byblos Pref. NL NL NL NL 103.00 100.20 111.00 102.10 103.10 104.00 109.10

Byblos Pref.2008 NL NL NL NL NL NL NL NL NL 97.90 104.00

Byblos Pref.2009 NL NL NL NL NL NL NL NL NL NL 100.10

Byblos Priority NL NL NL NL NL NL 2.30 1.81 2.21 1.64 2.10

BEMO 3.13 3.63 3.50 3.50 3.50 3.45 3.50 4.00 4.04 4.83 4.90

BEMO Pref. NL NL NL NL NL NL NL NL 100.00 100.00 100.00

BLOM GDRs NL NL 19.00 19.38 23.25 26.67 66.50 57.65 90.20 72.85 89.80

BLOM List. shares NL NL NL NL NL NL NL 59.55 84.00 74.75 84.00

BLOM Pref.C 2002 NL NL NL NL NL NL NL 102.00 102.00 DL DL

BLOM Pref. C 2004 NL NL NL NL NL NL NL 100.00 101.00 101.00 101.30

BLOM Pref. C 2005 NL NL NL NL NL NL NL 101.00 101.20 101.70 101.70

Industry

HOLCIM Liban 0.50 0.41 0.44 0.59 0.50 0.67 1.80 1.78 20.75 15.93 12.52

Eternit 0.59 0.59 0.59 DL DL DL DL DL DL DL DL

Ciment Blancs (B) 1.78 1.84 1.84 1.84 1.50 1.49 1.25 2.00 1.80 2.09 3.15

Ciment Blancs (N) 2.00 2.25 2.25 2.25 1.50 1.50 1.50 1.30 1.40 1.90 0.50

Uniceramic “A” 1.63 1.06 1.31 1.31 1.40 1.40 1.40 0.95 0.45 0.11 DL

Uniceramic “C” 1.91 1.91 2.19 2.19 1.70 1.75 1.75 1.75 1.70 1.70 DL

Funds

Lebanon holdings 6.00 5.75 4.50 3.50 5.00 4.75 DL DL DL DL DL

Beirut Interbank NL NL NL 101.50 109.00 107.00 107.00 103.00 DL DL DL

Beirut Lira NL NL NL NL NL 68.13 71.97 69.32 68.99 DL DL

Beirut Global Inc. NL NL NL NL 102.50 110.00 105.20 100.00 101.00 DL DL

Beirut Golden Inc. NL NL NL NL NL 69.65 74.10 70.98 73.43 74.43 DL

Beirut Preferred NL NL NL NL NL NL NL 100.10 100.10 100.20 109.10

Trade

Bou Khalil Markets 1.75 1.50 1.69 DL DL DL DL DL DL DL DL

RYMCO “B” 2.50 2.38 2.00 1.88 1.75 1.30 1.12 1.00 1.35 2.10 3.15

DL= Delisted ; NL = Not Listed


53

5. BEIRUT STOCK EXCHANGE LISTED SHARES MONTHLY PRICES FOR THE END OF 2008 VS THE END OF 2009.

January February March April Curr. 2008 2009 2008 2009 2008 2009 2008 2009

Real Estate

Solidere "A" USD 21.54 14.71 20.54 15.67 22.00 15.10 24.15 16.00

Solidere "B" USD 21.51 14.66 20.87 15.80 21.99 15.10 24.11 15.99

Banking

BLC USD 8.00 1.90 8.00 1.90 7.50 1.90 7.50 1.90

Audi USD 70.00 46.90 70.00 40.00 82.80 41.70 90.10 44.00

Audi GDR USD 74.10 49.90 72.00 44.75 88.20 47.00 97.70 45.22

Audi Pref. C USD 26.30 25.75 27.25 25.75 27.25 26.00 27.25 DL

Audi Pref. D USD 101.50 100.00 105.50 101.00 105.50 101.00 105.50 100.10

Beirut USD 12.10 18.15 12.83 18.10 13.25 18.10 14.00 18.10

Beirut Pref. B USD 11.50 DL 11.50 DL 11.50 DL 11.50 DL

Beirut Pref. C USD 24.85 26.75 24.85 27.00 24.85 27.00 25.00 27.25

Beirut Pref. D USD 25.00 25.25 25.00 27.20 25.25 27.20 25.10 25.00

Beirut Pref. E USD NL NL NL NL NL NL NL NL

Byblos USD 2.20 1.60 2.24 1.66 2.22 1.67 2.45 1.73

Byblos GDR USD NL NL NL NL NL NL NL NL

Byblos Pref. USD 104.10 104.10 104.10 104.10 104.00 104.10 104.00 104.10

Byblos Pref.2008 USD NL 97.00 NL 96.00 NL 98.00 NL 95.40

Byblos Pref.2009 USD NL NL NL NL NL NL NL NL

Byblos Priority USD 2.29 1.65 2.25 1.69 2.28 1.67 2.54 1.75

BEMO USD 4.00 4.51 4.00 4.84 4.00 4.40 4.10 4.45

BEMO Pref. USD 102.00 100.00 102.00 100.00 102.00 100.00 102.00 100.00

BLOM GDRs USD 88.55 65.00 88.00 66.50 92.05 60.55 96.80 61.65

BLOM List. shares USD 81.00 66.00 81.55 61.00 80.00 60.00 89.55 60.00

BLOM Pref.C 2002 USD 102.00 DL 102.00 DL 102.00 DL 102.00 DL

BLOM Pref. C 2004 USD 101.00 101.00 101.00 101.00 101.20 101.00 101.20 101.00

BLOM Pref. C 2005 USD 101.20 101.70 101.20 101.70 101.20 101.70 101.20 102.00

Industry

HOLCIM Liban USD 19.96 12.96 19.42 12.50 19.75 13.04 21.00 13.25

Ciment Blancs (B) USD 1.80 2.09 1.90 2.09 1.90 2.10 1.90 2.10

Ciment Blancs (N) USD 1.40 1.90 1.40 1.90 1.40 1.90 1.40 1.90

Uniceramic “A” USD 0.45 0.11 0.45 0.11 0.45 0.11 0.45 0.11

Uniceramic “C” USD 1.70 1.70 1.70 1.70 1.70 1.70 1.70 1.70

Funds

Beirut Global Inc. USD 101.00 DL 102.00 DL 102.80 DL 103.50 DL

Beirut Pref. Fund USD 100.20 104.70 100.50 101.20 100.50 101.20 101.00 104.10

Beirut Lira Fund LBP 104,000 DL 101,700 DL 103,800 DL 103,800 DL

Beirut Golden Inc. LBP 109,500 113,400 102,500 104,200 103,000 104,200 104,000 104,200

Trade RYMCO “B” USD 1.35 2.10 1.35 2.10 1.50 2.10 1.65 2.10

DL = Delisted ; NL = Not Listed


54

May J

June July August Curr. 2008 2009 2008 2009 2008 2009 2008 2009

Real Estate

Solidere "A" USD 33.35 18.28 37.17 25.37 36.30 25.99 29.11 24.18

Solidere "B" USD 33.20 18.39 37.27 25.04 36.34 25.90 28.84 24.02

Banking

BLC USD 7.50 1.90 7.50 1.90 7.50 1.90 7.50 2.11

Audi USD 95.00 49.83 94.00 60.65 93.95 61.05 89.70 59.95

Audi GDR USD 99.90 53.55 100.00 66.95 93.95 67.10 88.50 68.00

Audi Pref. C USD 25.00 DL 25.05 DL 25.20 DL 25.10 DL

Audi Pref. D USD 100.00 100.40 100.90 100.30 100.00 100.30 100.00 100.30

Beirut USD 15.19 18.10 15.50 18.50 16.00 18.40 16.75 18.40


Beirut Pref. C USD 25.00 25.00 25.00 25.00 25.50 25.75 25.00 25.50

Beirut Pref. D USD 25.00 25.00 25.00 25.75 25.00 25.50 25.30 25.50

Beirut Pref. E USD NL NL NL NL NL NL NL NL

Byblos USD 2.71 1.74 2.77 1.84 2.70 1.95 2.32 1.75

Byblos GDR USD NL NL NL 88.00 NL 91.90 NL 90.00

Byblos Pref. USD 102.00 DL 102.20 DL 101.50 DL 101.60 DL

Byblos Pref.2008 USD NL 99.60 NL 98.50 NL 97.90 NL 96.60

Byblos Pref.2009 USD NL NL NL NL NL NL NL NL


BEMO USD 4.10 4.70 4.25 4.70 4.60 4.20 4.70 4.50

BEMO Pref. USD 102.00 100.00 102.00 100.00 100.00 95.00 100.00 100.00

BLOM GDRs USD 101.50 63.80 103.30 72.75 101.90 80.20 100.30 79.00


BLOM Pref.C 2002 USD 102.00 DL DL DL DL DL DL DL

BLOM Pref. C 2004 USD 101.20 101.00 101.50 101.00 101.50 100.50 101.00 101.00

BLOM Pref. C 2005 USD 101.20 101.80 101.20 102.00 101.50 101.50 101.70 101.50

Industry

HOLCIM Liban USD 22.14 13.71 21.63 13.06 21.20 12.36 20.01 12.00



Uniceramic “A” USD 0.45 0.06 0.45 0.06 0.45 0.06 0.45 0.06

Uniceramic “C” USD 1.70 0.10 1.70 0.10 1.70 0.10 1.70 0.10

Funds

Beirut Global Inc. USD 103.50 DL 103.50 DL DL DL DL DL


Beirut Lira Fund LBP 104,000 DL 104,000 DL 106,000 DL 103,300 DL

Beirut Golden Inc. LBP 105,500 104,200 105,300 104,200 106,700 DL 108,500 DL

Trade

RYMCO “B” USD 1.65 3.15 1.65 3.15 1.65 3.15 1.65 3.15



55

September

JOctober November December

Curr. 2008 2009 2008 2009 2008 2009 2008 2009

Real Estate

Solidere "A" USD 28.73 25.13 22.73 26.35 17.46 24.53 16.54 23.98

Solidere "B" USD 28.34 25.14 22.64 26.16 17.33 24.58 16.70 23.78

Banking

BLC USD 7.50 1.60 1.52 1.60 1.90 1.60 1.90 1.60

Audi USD 84.75 61.75 70.00 74.80 55.30 76.00 52.00 82.95

Audi GDR USD 83.10 71.55 69.00 85.35 56.15 83.20 53.45 89.00

Audi Pref. C USD 25.00 DL 25.00 DL 25.75 DL 25.25 DL

Audi Pref. D USD 100.00 100.40 100.90 100.50 100.90 103.00 100.00 103.00

Beirut USD 16.90 18.50 17.60 18.55 18.30 18.75 18.25 18.75


Beirut Pref. C USD 25.50 25.84 25.50 25.96 25.50 26.63 25.50 26.90

Beirut Pref. D USD 25.30 25.77 25.25 26.00 25.25 25.31 25.25 27.15

Beirut Pref. E USD NL NL NL NL NL NL NL 25.00

Byblos USD 2.23 1.80 1.85 2.05 1.64 2.03 1.60 2.09

Byblos GDR USD NL 87.00 NL 92.00 NL 93.00 NL 105.00

Byblos Pref. USD 104.00 DL 103.00 DL 104.00 DL 104.00 DL

Byblos Pref.2008 USD NL 98.00 99.90 100.00 99.90 100.00 97.90 104.00

Byblos Pref.2009 USD NL NL NL NL NL 100.00 NL 100.10


BEMO USD 5.00 4.55 4.80 4.55 4.85 4.50 4.83 4.90

BEMO Pref. USD 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

BLOM GDRs USD 90.95 84.25 78.00 87.85 69.85 87.95 72.85 89.80


BLOM Pref.C 2002 USD DL DL DL DL DL DL DL DL

BLOM Pref. C 2004 USD 101.00 101.00 101.00 101.00 101.00 101.30 101.00 101.30

BLOM Pref. C 2005 USD 101.70 101.50 101.70 101.50 101.70 101.50 101.70 101.70

Industry

HOLCIM Liban USD 18.00 15.11 14.88 13.01 14.75 13.00 15.93 12.52



Uniceramic “A” USD 0.45 0.06 0.45 0.06 0.45 DL 0.11 DL

Uniceramic “C” USD 1.70 0.10 1.70 0.10 1.70 DL 1.70 DL

Funds

Beirut Global Inc. USD DL DL DL DL DL DL DL DL


Beirut Lira Fund LBP 103,900 DL 103,900 DL 105,300 DL DL DL

Beirut Golden Inc. LBP 109,300 DL 109,300 DL 111,500 DL 112,200 DL

Trade

RYMCO “B” USD 1.85 3.15 2.00 3.15 1.86 3.15 2.10 3.15



56

6. BEIRUT STOCK EXCHANGE LISTED SHARES MONTHLY TRADED VALUE$ FOR THE END OF 2008 VS THE END OF 2009.

January February March Value (000)$ 2008 2009 2008 2009 2008 2009

Real Estate Solidere "A" 39,245 24,127 19,830 9,124 17,357 14,827

Solidere "B" 16,700 5,907 6,859 4,617 4,767 6,464

Banking

BLC 0 0 0 0 10 0

Audi 898 2,332 136 1,135 3,372 2,712

Audi GDR 3,394 1,328 1,992 3,213 11,424 2,379

Audi Pref. C 273 129 60 0 0 33

Audi Pref. D 434 214 58 34 989 0

Beirut 3,146 108 2,582 58 480 0

Beirut Pref. B 29 DL 0 DL 0 DL

Beirut Pref. C 77 334 10 27 50 0

Beirut Pref. D 0 101 480 63 20 0

Beirut Pref. E NL NL NL NL NL NL

Byblos 2,016 396 1,260 90,307 1,428 653

Byblos GDR NL NL NL NL NL NL

Byblos Pref. 33 475 32 37 107 57

Byblos Pref.2008 NL 130 NL 171 NL 118

Byblos Pref.2009 NL NL NL NL NL NL

Byblos Priority 884 322 449 109 886 117

BEMO 123 208 0 234 0 4

BEMO Pref. 2,711 0 102 0 0 0

BLOM GDRs 5,756 1,423 3,953 1,177 2,515 3,210

BLOM List. shares 607 3,303 3,557 4,874 2,815 1,500

BLOM Pref 2002 122 DL 0 DL 0 DL

BLOM Pref 2004 0 0 0 0 1,653 0

BLOM Pref 2005 0 0 0 0 0 0

Industry

HOLCIM Liban 646 36 313 2 319 18

Ciment Blancs (B) 0 0 6 0 0 14

Ciment Blancs (N) 0 0 0 0 0 0

Uniceramic “A” 0 0 0 0 0 0

Uniceramic “C” 0 0 0 0 0 0

Funds

Beirut Global Inc. 43 DL 220 DL 361 DL

Beirut Pref. Fund 193 71 974 78 814 0

Beirut Lira Fund 0 DL 122 DL 14 DL

Beirut Golden Inc. 291 1 420 1 257 0

Trade

RYMCO “B” 0 0 0 0 6 0

Total 77,621 40,945 43,415 115,262 49,645 32,104



57

April May June Value (000)$ 2008 2009 2008 2009 2008 2009


Solidere "B" 8,431 14,217 73,265 33,371 40,652 35,679

Banking

BLC 0 0 78 0 0 0

Audi 6,253 511 3,071 1,445 11,709 1,917

Audi GDR 10,977 775 12,923 1,502 15,182 3,112

Audi Pref. C 0 DL 696 DL 80 DL

Audi Pref. D 37 245 800 1,386 824 146

Beirut 3,309 0 957 182 113 8


Beirut Pref. C 528 109 325 153 192 128

Beirut Pref. D 271 250 300 155 618 591


Byblos 1,713 694 7,021 1,265 2,191 1,705

Byblos GDR NL NL NL NL NL 89

Byblos Pref. 8 0 358 49 921 DL

Byblos Pref.2008 NL 77 NL 55 NL 2,688


Byblos Priority 538 498 4,994 179 1,588 1,481

BEMO 8 22 0 24 80 0

BEMO Pref. 287 0 0 0 0 0

BLOM GDRs 8,132 4,853 18,761 3,318 10,361 5,326

BLOM List. shares 3,535 7,295 362 1,574 99 1,093

BLOM Pref 2002 0 DL 0 DL DL DL

BLOM Pref 2004 557 10 1,196 1,223 521 0

BLOM Pref 2005 72 1,068 55 188 190 85

Industry

HOLCIM Liban 598 72 1,598 419 928 412





Funds


Beirut Pref. Fund 164 104 30 0 203 0



Trade

RYMCO “B” 1,212 0 0 11 0 0

Total 75,775 42,197 275,797 70,679 167,097 174,824



58

July August September Value (000)$ 2008 2009 2008 2009 2008 2009


Solidere "B" 38,661 30,962 26,969 12,205 149,770 10,851

Banking

BLC 0 0 0 3 44,116 632

Audi 1,024 10,780 21,999 763 12,413 16,351

Audi GDR 4,416 1,141 20,310 921 7,222 2,650

Audi Pref. C 571 DL 44 DL 1,561 DL

Audi Pref. D 312 440 274 213 789 11

Beirut 519 152 1,495 0 1,191 255

Beirut Pref. B 4,964 DL 0 DL 48 DL

Beirut Pref. C 349 78 537 275 159 874

Beirut Pref. D 0 169 164 515 288 253


Byblos 1,532 1,131 1,309 938 610 369

Byblos GDR NL 268 NL 11 NL 26

Byblos Pref. 557 DL 461 DL 130 DL



Byblos Priority 1,024 691 409 250 428 2,840

BEMO 1,213 141 40 4,246 443 91

BEMO Pref. 150 107 0 35 100 0

BLOM GDRs 8,528 4,246 4,695 1,499 9,419 2,295

BLOM List. shares 2,261 892 2,207 175 2,984 6,787

BLOM Pref 2002 DL DL DL DL DL DL

BLOM Pref 2004 270 414 1,633 308 83 204

BLOM Pref 2005 169 916 1,814 186 51 0

Industry

HOLCIM Liban 458 148 63 42 140 289





Funds

Beirut Global Inc. 53 DL DL DL DL DL

Beirut Pref. Fund 149 136 447 11 0 216


Beirut Golden Inc. 44 DL 8 DL 111 DL

Trade

RYMCO “B” 5 0 890 0 743 0

Total 171,614 153,034 130,205 61,836 479,811 87,946



59

October November December Total Value (000)$ 2008 2009 2008 2009 2008 2009 2008 2009

Real Estate Solidere "A" 59,981 50,843 42,960 53,685 17,795 19,224 850,388 509,028

Solidere "B" 23,424 29,303 10,641 26,977 4,438 4,937 404,578 215,490

Banking

BLC 11,239 0 182 4 0 3 55,624 643

Audi 52 6,127 499 14,714 10,656 8,016 72,082 66,802

Audi GDR 11,595 8,298 2,398 2,103 1,223 3,855 103,056 31,278

Audi Pref. C 329 DL 103 DL 274 DL 3,991 162

Audi Pref. D 44 54 0 909 353 876 4,914 4,528

Beirut 5,210 55 5,294 168 166 52 24,463 1,037

Beirut Pref. B 0 DL 2,136 DL 0 DL 7,399 DL

Beirut Pref. C 417 243 1,379 561 173 667 4,196 3,449

Beirut Pref. D 152 270 0 253 121 341 2,414 2,960

Beirut Pref. E NL NL NL NL NL 0 NL 0

Byblos 2,257 1,659 591 643 1,674 1,815 23,601 101,574

Byblos GDR NL 54 NL 21 NL 55 NL 525

Byblos Pref. 15 DL 47 DL 0 DL 2,671 619

Byblos Pref.2008 360 770 100 664 171 182 631 5,985

Byblos Pref.2009 NL NL NL 208 NL 133 NL 342

Byblos Priority 2,307 1,378 301 1,277 294 2,048 14,102 11,190

BEMO 53 110 14 563 28 37 2,003 5,679

BEMO Pref. 0 1,000 0 0 0 0 3,350 1,142

BLOM GDRs 7,435 2,358 1,559 1,952 2,567 5,954 83,682 37,611

BLOM List. shares 4,096 410 4 1,284 497 630 23,024 29,817

BLOM Pref 2002 DL DL DL DL DL DL 122 DL

BLOM Pref 2004 0 0 5 83 0 0 5,917 2,242

BLOM Pref 2005 0 85 21 30 0 42 2,372 2,600

Industry

HOLCIM Liban 101 457 258 130 123 524 5,547 2,548

Ciment Blancs (B) 35 3 0 0 76 0 403 17

Ciment Blancs (N) 0 1 0 0 0 0 10 1

Uniceramic “A” 0 0 0 DL 26 DL 26 4

Uniceramic “C” 0 0 0 DL 0 DL 0 23

Funds

Beirut Global Inc. DL DL DL DL DL DL 723 DL

Beirut Pref. Fund 0 11 25 0 0 5 3,001 632

Beirut Lira Fund 0 DL 1 DL 0 DL 822 DL

Beirut Golden Inc. 0 DL 110 DL 1 DL 1,400 2

Trade

RYMCO “B” 501 0 10 167 537 0 3,904 178

Total 129,604 103,487 68,637 106,396 41,193 49,396 1,710,415 1,038,105



60

7. BEIRUT STOCK EXCHANGE LISTED SHARES MONTHLY TRADED VOLUME FOR THE END OF 2008 VS THE END OF 2009

January February March Volume (000) 2008 2009 2008 2009 2008 2009

Real Estate Solidere "A" 1,744 1,513 920 576 809 959

Solidere "B" 739 378 319 294 222 421

Banking

BLC 0 0 0 0 1 0

Audi 13 50 2 26 42 68

Audi GDR 46 27 27 74 136 54

Audi Pref. C 10 5 2 0 0 1

Audi Pref. D 4 2 1 0 9 0

Beirut 260 6 222 3 37 0


Beirut Pref. C 3 13 0 1 2 0

Beirut Pref. D 0 4 19 2 1 0


Byblos 895 243 561 52,911 651 396

Byblos GDR NL NL NL NL NL NL

Byblos Pref. 0 5 0 0 1 1



Byblos Priority 386 195 196 66 402 70

BEMO 30 46 0 50 0 1

BEMO Pref. 27 0 1 0 0 0

BLOM GDRs 65 21 44 18 28 52

BLOM List. shares 7 48 44 81 35 25

BLOM Pref 2002 1 DL 0 DL 0 DL

BLOM Pref 2004 0 0 0 0 16 0

BLOM Pref 2005 0 0 0 0 0 0

Industry

HOLCIM Liban 33 3 16 0 16 1





Funds


Beirut Pref. Fund 2 1 10 1 8 0



Trade

RYMCO “B” 0 0 0 0 4 0

Total 4,272 2,561 2,398 54,106 2,428 2,057



61

April May June Volume(000) 2008 2009 2008 2009 2008 2009

Real Estate Solidere "A" 1,253 725 4,830 1,319 2,247 5,192

Solidere "B" 360 913 2,389 1,928 1,142 1,545

Banking

BLC 0 0 10 0 0 0

Audi 71 11 32 31 124 33

Audi GDR 117 16 130 30 153 49


Audi Pref. D 0 2 8 14 8 1

Beirut 253 0 66 10 7 0


Beirut Pref. C 21 4 13 6 8 5

Beirut Pref. D 11 10 12 6 25 23


Byblos 734 417 2,530 711 776 914

Byblos GDR NL NL NL NL NL 1

Byblos Pref. 0 0 4 0 9 DL



Byblos Priority 227 294 1,786 97 559 803

BEMO 2 5 0 5 19 0

BEMO Pref. 3 0 0 0 0 0

BLOM GDRs 87 77 185 52 99 76


BLOM Pref 2002 0 DL 0 DL DL DL

BLOM Pref 2004 6 0 12 12 5 0

BLOM Pref 2005 1 11 1 2 2 1

Industry

HOLCIM Liban 30 6 75 32 43 31




Uniceramic “C” 0 0 0 170 0 60

Funds





Trade

RYMCO “B” 734 0 0 3 0 0

Total 3,953 2,615 12,254 4,526 5,264 8,778



62

July August September Volume(000) 2008 2009 2008 2009 2008 2009


Solidere "B" 1,029 1,241 847 511 4,939 449

Banking

BLC 0 0 0 2 28,797 395

Audi 11 177 267 12 146 259

Audi GDR 45 17 229 14 84 38


Audi Pref. D 3 4 3 2 8 0

Beirut 33 8 91 0 71 14


Beirut Pref. C 14 3 21 11 6 34

Beirut Pref. D 0 7 7 20 11 10


Byblos 549 584 536 507 267 209

Byblos GDR NL 3 NL 0 NL 0

Byblos Pref. 5 DL 5 DL 1 DL



Byblos Priority 363 362 164 138 185 1,605

BEMO 260 32 9 968 89 20

BEMO Pref. 2 1 0 0 1 0

BLOM GDRs 83 55 46 19 97 28


BLOM Pref 2002 DL DL DL DL DL DL

BLOM Pref 2004 3 4 16 3 1 2

BLOM Pref 2005 2 9 18 2 1 0

Industry

HOLCIM Liban 21 11 3 3 8 22





Funds

Beirut Global Inc. 1 DL DL DL DL DL



Beirut Golden Inc. 1 DL 0 DL 2 DL

Trade

RYMCO “B” 3 0 534 0 401 0

Total 5,686 6,493 4,198 3,835 43,375 4,961



63

October November December Total Volume(000) 2008 2009 2008 2009 2008 2009 2008 2009

Real Estate Solidere "A" 2,613 1,963 2,302 2,041 1,049 779 30,088 22,421

Solidere "B" 1,015 1,136 574 1,029 260 200 13,836 10,046

Banking

BLC 7,418 0 119 3 0 2 36,346 402

Audi 1 84 9 196 196 110 913 1,058

Audi GDR 151 97 40 25 22 46 1,180 486

Audi Pref. C 13 DL 4 DL 11 DL 157 6

Audi Pref. D 0 1 0 9 4 9 48 45

Beirut 314 3 273 9 9 3 1,636 56

Beirut Pref. B 0 DL 177 DL 0 DL 618 DL

Beirut Pref. C 16 9 54 21 7 25 165 131

Beirut Pref. D 6 10 0 10 5 13 96 115

Beirut Pref. E NL NL NL NL NL 0 NL 0

Byblos 1,126 853 329 312 1,012 882 9,965 58,940

Byblos GDR NL 1 NL 0 NL 1 NL 6

Byblos Pref. 0 DL 0 DL 0 DL 26 6

Byblos Pref.2008 4 8 1 7 2 2 6 61

Byblos Pref.2009 NL NL NL 2 NL 1 NL 3

Byblos Priority 1,147 702 168 623 178 978 5,760 5,934

BEMO 11 24 3 125 6 8 429 1,284

BEMO Pref. 0 10 0 0 0 0 33 12

BLOM GDRs 92 27 21 22 37 68 884 516

BLOM List. shares 49 5 0 15 7 8 268 445

BLOM Pref 2002 DL DL DL DL DL DL 1 DL

BLOM Pref 2004 0 0 0 1 0 0 58 22

BLOM Pref 2005 0 1 0 0 0 0 23 26

Industry

HOLCIM Liban 6 34 17 10 8 42 276 195

Ciment Blancs (B) 17 1 0 0 37 0 206 7

Ciment Blancs (N) 0 2 0 0 0 0 5 2

Uniceramic “A” 0 0 0 DL 234 DL 234 70

Uniceramic “C” 0 0 0 DL 0 DL 0 230

Funds

Beirut Global Inc. DL DL DL DL DL DL 7 DL

Beirut Pref. Fund 0 0 0 0 0 0 30 6

Beirut Lira Fund 0 DL 0 DL DL DL 12 DL

Beirut Golden Inc. 0 DL 1 DL 0 DL 20 0

Trade

RYMCO “B” 252 0 5 53 256 0 2,190 57

Total 14,252 4,969 4,099 4,513 3,339 3,175 105,518 102,589



64

B. LEBANESE GDR'S PRICES IN THE LUXEMBOURG STOCK EXCHANGE.

GDR Issuer No. of Shares

Initial Offering

Price (US$)

Total Book Value (US$)

GDR Price (US$)

December 2008

GDR Price (US$)

Dec. 2009

Market Cap. (US$)

Dec. 2009

Banque Audi 9,829,902 27.00 265,407,354 50.60 89.30 877,810,249

Byblos 1,033,042 100.00 103,304,200 - 103.00 106,403,326

Solidere 9,091,750 11.50 104,555,125 16.50 24.09 219,020,258

BLOM 7,389,601 33.00 243,856,833 68.60 88.70 655,457,609

Total Issues 27,344,295 717,123,512 1,858,691,441

C. CHARTS CONCERNING ALL BEIRUT STOCK EXCHANGE LISTED

SHARES PRICES; VERSUS MARKET VALUE WEIGHTED INDEX AND GDR

1. Real Estate Sector Shares Prices

0

100200

300

400

500600

700

Dec-

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n-08

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ar-0

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1015

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MarketValueWeightedIndexSolidere A

Solidere B

SolidereGDR

2. Banking Sector Shares Prices

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MarketValueWeightedIndex

BLC SharePrice


65

0

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Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09

MVW

I

40

50

60

70

80

90

100

110

Pric

e

MarketValueWeightedIndexAudi Shareprice

Audi GDRBSE

Audi GDR

0

100

200

300

400

500

600

700

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09

MVW

I

20

35

50

65

80

95

110

125

Pric

e


AudiPreferred C

AudiPreferred D

0

100

200

300

400

500

600

700

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09

MVW

I

12

13

14

15

16

17

18

19Pr

ice


BOB SharePrice

0

100

200

300

400

500

600

700

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09

MVW

I

0

5

10

15

20

25

30

35

Pric

e

MarketValueWeightedIndexBeirut Bank preferredshares B

Beirut Bank preferredshares C

Beirut Bank preferred shares D


66

0

100

200

300

400

500

600

700

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09

MVW

I

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

Pric

e


ByblosShare Price

0

100

200

300

400

500

600

700

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09

MVW

I

70

75

80

85

90

95

100

105

Pric

e


ByblosGDR BSE

ByblosGDR

0

100

200

300400

500

600

700

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09

MVW

I

95

98

100

103105

108

110

113

Pric

e

Market ValueWeightedIndexByblospreferredshares

Byblospreferredshares 2008Byblospreferredshares 2009

0

100

200

300

400

500

600

700

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09

MVW

I

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Pric

e


Byblospriorityshares


67

0

100200

300

400

500600

700De

c-07

Jan-

08Fe

b-08

Mar

-08

Apr

-08

May

-08

Jun-

08Ju

l-08

Aug

-08

Sep-

08O

ct-0

8N

ov-0

8De

c-08

Jan-

09Fe

b-09

Mar

-09

Apr

-09

May

-09

Jun-

09Ju

l-09

Aug

-09

Sep-

09O

ct-0

9N

ov-0

9De

c-09

MVW

I

3

45

6

7

89

10

Pric

e


BEMOSharePrice

0

100

200

300

400

500

600

700

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09

MVW

I

25

50

75

100

125

150

175

200

Pric

e


BemoPreferred

0

100

200

300

400

500

600

700

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09

MVW

I

50

60

70

80

90

100

110

120

Pric

e

MarketValueWeightedIndexBLOM GDRs

BLOM GDRsin BSE

BLOMshare price

0

100

200

300

400

500

600

700

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09

MVW

I

98

99

100

101

102

103

104

105

Pric

e

MarketValueWeightedIndexBLOMPref.2002

BLOMPref.2004

BLOMPref.2005


68

3. Industry Sector Shares Prices.

0100200300400500600700

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09

MVW

I

05101520253035

Pric

e


HOLCIMLibanSharePrice

0100200300400500600700

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09

MVW

I

0.00.51.01.52.02.53.03.5

Pric

e

MarketValueWeightedIndexCimentsBlancsShare Price- BearerCimentsBlancsShare Price- Nominal

0

100200

300400

500600

700

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09

MVW

I

0.0

0.5

1.0

1.5

2.0Pr

ice


Uniceramic"A" SharePrice

Uniceramic"C" SharePrice

4. Funds Sector Shares Prices

0

100

200

300

400

500

600

700

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09

MVW

I

96

98

100

102

104

106

108

110

Pric

e


BeirutGlobalIncomeFund


69

0100200300400500600700

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09

MVW

I

9799101103105107109111

Pric

e LB

P


BeirutPref. Fund

0

100200

300

400

500600

700

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09

MVW

I

100000

101000102000

103000

104000

105000106000

107000

Pric

e LB

P

MarketValueWeighted Index

BeirutLiraFund

0

100200

300

400

500600

700

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09

MVW

I

100000

102000104000

106000

108000

110000112000

114000

Pric

e LB

PMarketValueWeightedIndex

BeirutGoldenIncome

5. Trade Sector Shares Prices

0

100

200

300

400

500

600

700

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09

MVW

I

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

Pric

e


RYMCOSharePrice


70

II - Fixed Income Securities

A. FIXED INCOME SECURITIES

1. Fixed Income Securities Summary. 2. Lebanese Republic Eurobonds Historical Summary. 3. Lebanese Republic Eurobonds End Of Year Prices. 4. Charts: Eurobond Yield Curve, Reuters Lebanese Bond Index & All Lebanese Republic

Eurobonds Yields Vs Us T-Bills By Maturity.

B. PUBLIC SECTOR

1. Public Sector Certificate of Deposit Prices.

C. PRIVATE SECTOR

1. Private Sector Certificate of Deposit Outstanding Issues. 2. Private Sector Local Certificate of Deposit Historical Summary. 3. Private Sector Euro Certificate of Deposit Historical Summary. 4. Private Sector Euro CDs Prices. 5. Private Sector Eurobonds and Subordinated Notes Historical Summary. 6. Private Sector Eurobonds and Subordinated Notes Outstanding Issues. 7. Private Sector Subordinated Notes Prices. 8. Private Sector Local Notes Outstanding Issues.


71

A. FIXED INCOME SECURITIES

1. FIXED INCOME SECURITIES SUMMARY

Fixed Income Securities Dec-00 Dec-01 Dec-02 Dec-03 Dec-04

Public Sector

Eurobonds 5,058,925,000 7,629,923,626 12,510,130,000 12,781,960,000 14,488,842,155

Special T-bills in foreign currency 0 0 0 0 0

Banque du Liban EuroCDs 0 0 0 0 0

Total Public Sector ($) 5,058,925,000 7,629,923,626 12,510,130,000 12,781,960,000 14,488,842,155

Private Sector

Euro-CDs 930,000,000 1,100,000,000 690,000,000 660,000,000 710,000,000

Local CDs 59,203,190 73,350,000 279,838,876 320,482,414 267,074,398

Eurobonds 235,000,000 135,000,000 135,000,000 85,000,000 85,000,000

Subordinated Notes 155,000,000 155,000,000 250,000,000 250,000,000 265,000,000

Senior/Junior Notes 516,900,000 89,500,000 128,834,991 127,734,991 74,000,000

Asset Backed Notes 0 0 13,100,000 13,100,000 8,000,000

Convertible Bonds 20,000,000 20,000,000 20,000,000 0 0

Local notes 0 0 0 0 5,321,725

Total Private Sector ($) 1,916,103,190 1,572,850,000 1,516,773,867 1,456,317,405 1,414,396,123

Fixed Income Securities Dec-05 Dec-06 Dec-07 Dec-08 Dec-09

Public Sector

Eurobonds 16,154,347,000 17,517,282,559 17,872,953,000 17,943,453,000 17,964,795,000

Special T-bills in foreign currency 0 277,915,343 277,915,343 277,915,343 296,398,777

Banque du Liban EuroCDs 2,000,000,000 2,000,000,000 2,000,000,000 2,000,000,000 2,000,000,000

Total Public Sector ($) 18,154,347,000 19,795,197,902 20,150,868,343 20,221,368,343 20,261,193,777

Private Sector

Euro-CDs 1,050,000,000 890,000,000 630,000,000 570,000,000 570,000,000

Local CDs 236,966,106 193,306,404 222,806,405 213,244,132 151,294,859

Eurobonds 85,000,000 0 0 0 0

Subordinated Notes 190,000,000 190,000,000 115,000,000 115,000,000 100,000,000

Senior/Junior Notes 0 0 0 0 0

Asset Backed Notes 8,340,000 8,340,000 8,340,000 8,340,000 8,340,000

Convertible Bonds 0 0 0 0 0

Local notes 7,064,431 8,566,750 8,965,754 10,992,952 10,662,624

Total Private Sector ($) 1,577,370,537 1,290,213,154 985,112,159 917,577,084 840,297,483


72

0

7,500

15,000

22,500

Private Sector

Public Sector

Dec-98

Dec-99

Dec-00

Dec-01

Dec-02

Dec-03

Dec-04

Dec-05

Dec-06

Dec-07

Dec-08

Dec-09

Outstanding Issues of Public & Private Sector Fixed Income Securities

Figures are in millions of USD

Public Sector Eurobonds Issues & Maturities

-

1,000

2,000

3,000

4,000

5,000

6,000

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

Issues Maturities


73

2. LEBANESE REPUBLIC EUROBONDS HISTORICAL SUMMARY

a. Eurobonds Issued By The Lebanese Government .

Original Issue (in Millions)

Outstanding Amount

(in Millions $)

Issue Date mm/dd/yy

Maturity Date

mm/dd/yy

Coupon Rate

% Lead Manager

USD 400 0 10/14/94 10/14/97 10.125 ML

USD 400 0 07/28/95 07/28/00 9.125 Paribas

DEM 250 0 06/17/97 06/17/02 6.500 Commerzbank/SG

USD 500 0 04/23/98 04/23/03 8.125 Paribas

USD 500 0 04/23/98 04/23/03 8.625 Paribas

USD 225 0 09/28/00 09/29/03 9.125 CSFB/MSDW

USD 225 0 09/28/00 09/29/03 3.785 CSFB/MSDW

USD 200 0 03/10/99 03/10/04 8.500 ML

USD 850 0 12/14/00 12/14/04 9.500 JP Morgan/CSFB

EUR 550* 0 03/10/99 03/10/04 7.250 ML

USD 1000 0 03/05/02 03/05/05 10.250 MSDW/BNP Paribas

USD 850 0 06/30/00 06/30/05 9.375 ML/MSDW

USD 450 0 09/21/98 09/21/05 8.750 ML

USD 1150 0 04/23/01 04/24/06 9.875 BNP/ABN/Amro/SSSB

USD 350 0 05/15/02 05/15/06 10.500 ROL

USD 500 0 06/27/02 06/27/06 10.500 ROL

USD 750 0 08/02/02 08/02/06 10.500 ROL

EUR 300* 0 10/06/99 10/06/06 8.875 ML

USD 1000 0 02/25/05 02/25/07 6.500 ROL

USD 100 0 07/02/97 07/02/07 7.500 ML

USD 500 0 10/11/02 10/11/07 10.500 ROL

USD 400 0 10/31/97 10/31/07 8.625 CSFB/SBC

USD 700 0 11/12/04 03/12/08 6.375 ROL

USD 250 0 05/11/05 05/11/08 7.000 ROL

USD 250 0 06/20/05 06/20/08 7.375 CSFB/BLOM

USD 750 0 08/06/01 08/06/08 10.125 ML/SSSB

EUR 225* 0 05/20/04 05/20/09 7.250 CSFB/BNP Paribas

USD 351.591 0 08/02/06 08/02/09 7.500 ROL

USD 650 0 10/06/99 10/06/09 10.250 CSFB/MSDW


74

Original Issue (in Millions)

Outstanding Amount

(in Millions $)

Issue Date

mm/dd/yy

Maturity Date

mm/dd/yy

Coupon Rate

% Lead Manager

USD 625 0 11/30/04 11/30/09 5.880 Floating rate

USD 425 0 12/14/04 12/14/09 7.000 CSFB

USD 1265 1,065.000 09/07/04 03/05/10 7.125 CSFB

USD 300 700.000 11/12/04 11/12/10 6.875 ROL

LBP 400000* 265.340 03/30/06 03/30/11 9.375 ROL

USD 1000 1,000.000 05/20/04 05/20/11 7.875 CSFB/BNP Paribas

USD 750 750.000 08/02/06 08/02/11 7.500 ROL

USD 600 600.000 03/19/09 03/19/12 7.500 CS/CL/Byblos

EUR 535.639* 767.464 04/12/06 04/12/12 5.875 Med/BNP Paribas/CSSE

USD 600 600.000 09/07/04 09/07/12 7.750 MS/Citigroup

USD 875 875.000 03/12/08 03/12/13 9.125 CS/Audi

USD 650 650.000 06/20/05 06/20/13 8.625 CSFB/BLOM/Citigroup

USD 676.902 676.902 04/12/06 04/14/14 7.375 Med/BNP Paribas/CSSE

USD 881.612 881.612 05/02/08 05/02/14 9.000 CS/Audi

USD 250 250.000 12/03/09 01/15/12 5.875 BOB/SG/Citi Bk

USD 500 500.000 08/06/08 08/06/15 8.500 Deutsche/BLOM/Byblos

USD 750 750.000 10/18/05 01/19/16 8.500 Audi/Med/Citigroup

USD 400 400.000 05/11/01 05/11/16 11.625 CSFB

USD 1500 1,500.000 03/19/09 03/19/17 9.000 CS/CL/Byblos

USD 2092.469 2,092.469 04/12/06 04/12/21 8.250 Med/BNP Paribas/CSSE/Audi

USD 250 250.000 12/03/09 12/03/24 7.000 BOB/SG/Citi Bk

*LBP=1507.5 Euro=1.4328

b. Eurobonds Issued By The Lebanese Government In The Context Of Paris II. USD 2007.511 (BDL) 1,606.009 12/31/02 12/31/17 4.000 ROL USD 950 (UAE/KUW/OMN/MAL) 520.000 12/27/02 12/27/17 5.000 ROL

USD 700 (KSA) 595.000 03/07/03 03/07/18 5.000 ROL

USD 200 (Qatar) 170.000 05/27/03 05/27/18 5.000 ROL

c. Eurobonds Issued By The Lebanese Government In The Context Of Paris III.

USD 200 200.000 07/20/07 07/20/12 3.750 ROL

USD 300 300.000 07/20/07 07/20/17 3.750 ROL

d. Special T_Bills In Foreign Currency.

USD 277.915 277.915 12/31/05 12/31/10 6.000 N/A

USD 18.483 18.483 03/25/09 03/25/14 6.000 N/A

Total Outstanding Public Eurobonds$ 18,261.194


75

3. LEBANESE REPUBLIC EUROBONDS END OF YEAR PRICES ( 2007 , 2008 & 2009 )

Eurobond Outstanding Amount

Issue Price Coupon Rate Maturity Date

(In Millions$) % % mm/dd/yyyy

6 years - $1265 $1,065.000 100.00 7.125 03/05/2010

6 years - $700 $700.000 100.00 6.875 11/12/2010

5 years – Special TBs $277.915 $277.915 100.00 6.000 12/31/2010

5 years - LBP 400000 $265.340 99.90 9.375 03/30/2011

7 years - $1000 $1,000.000 99.34 7.875 05/20/2011

5 years - $750 $750.000 100.00 7.500 08/02/2011

3 years - $600 $600.000 100.00 7.500 03/19/2012

6 years – Euro 535.639 $767.464 100.00 5.875 04/12/2012

5 years - $200 $200.000 100.00 3.750 07/20/2012

8 years - $600 $600.000 100.00 7.750 09/07/2012

5 years - $875 $875.000 100.00 9.125 03/12/2013

8 years - $650 $650.000 99.29 8.625 06/20/2013

5 years – Special TBs $18.483 $18.483 100.00 6.000 03/25/2014

8 years - $676.902 $676.902 100.00 7.375 04/14/2014

6 years- $881.612 $881.612 100.00 9.000 05/02/2014

5 years - $250 $250.000 99.99 5.875 01/15/2015

7 years - $500 $500.000 99.35 8.500 08/06/2015

10 years - $750 $750.000 99.18 8.500 01/19/2016

15 years - $400 $400.000 100.00 11.625 05/11/2016

8 years - $1500 $1,500.000 100.00 9.000 03/20/2017

10 years - $300 $300.000 100.00 3.750 07/20/2017

15 years - $950 $520.000 100.00 5.000 12/27/2017

15 years - $2007.511 $1,606.009 100.00 4.000 12/31/2017

15 years - $700 $595.000 100.00 5.000 03/05/2018

15 years - $200 $170.000 100.00 5.000 05/27/2018

15 years - $2092.469 $2,092.469 100.00 8.250 04/12/2021

15 years - $250 $250.000 100.00 7.000 12/03/2024

Total Eurobonds $18,261.194


76

Eurobond 12/31/2007 12/31/2008 12/31/2009

Price% Yield% Spread Price% Yield% Spread Price% Yield% Spread

6 years - $1265 96.50 8.92 581 97.50 9.42 910 100.37 4.78 468

6 years - $700 - - - - - - - - -

5 years – TBs $277.92 - - - - - - - - -

5 years - LBP 400000 95.50 10.89 - 98.50 9.97 - 98.50 9.97 -

7 years - $1000 97.00 8.92 581 96.50 9.55 881 105.50 3.73 331

5 years - $750 - - - 95.50 9.51 858 105.50 3.87 280

3 years - $600 - - - - - - 106.75 4.26 319

6 years – Euro535.639 93.50 7.70 357 90.00 9.56 771 101.00 5.38 405

5 years - $200 - - - - - - - - -

8 years - $600 96.00 8.81 530 93.00 10.07 916 108.37 4.39 279

5 years - $875 - - - 96.75 10.07 807 112.00 5.00 340

8 years - $650 98.50 8.98 548 94.50 10.19 873 111.00 5.11 350

5 years – TBs $18.483 - - - - - - - - -

8 years - $676.902 92.00 9.07 557 89.00 10.11 865 106.37 5.67 307

6 years- $881.612 - - - 94.50 10.36 890 112.75 5.63 302

5 years - $250 - - - - - - 101.50 5.53 295

7 years - $500 - - - 91.00 10.42 895 112.25 5.89 328

10 years - $750 96.63 9.10 502 90.50 10.44 898 112.25 6.05 274

15 years - $400 114.50 9.11 503 105.00 10.62 916 126.25 6.51 321

8 years - $1500 - - - - - - 115.12 6.35 305

10 years - $300 - - - - - - - - -

15 years - $950 - - - - - - - - -

15 years - $2007.511 - - - - - - 92.75 6.03 273

15 years - $700 - - - - - - - - -

15 years - $200 - - - - - - - - -

15 years - $2092.469 92.75 9.20 512 81.00 11.12 904 110.50 6.89 311

15 years - $250 - - - - - - 100.00 7.00 319


77

4. CHARTS: EUROBOND YIELD CURVE, REUTERS LEBANESE BOND INDEX & ALL

LEBANESE REPUBLIC EUROBONDS YIELDS VS US T-BILLS BY MATURITY.

a. Lebanese Republic USD Eurobonds Yield Curve as of December 31, 2009

Lebanese Republic USD Eurobonds Yield Curve as at 31/12/2009

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

22/0

1/10

26/0

2/11

01/0

4/12

06/0

5/13

10/0

6/14

15/0

7/15

18/0

8/16

22/0

9/17

27/1

0/18

01/1

2/19

04/0

1/21

08/0

2/22

15/0

3/23

18/0

4/24

23/0

5/25

b. Charts of Lebanese Republic Eurobonds Yields - Maturity 2009

Eurobond 10 Years ($635.5 million , maturity October 2009)

0

2

4

6

8

10

12

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09

LB Eurobondmaturity06/10/2009

US Treasury


78

Eurobond 5 Years ($625 million , maturity November 2009)

02468

10121416

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09


US Treasury

Eurobond 5 Years ($425 million , maturity December 2009)

02468

10121416

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09


US Treasury

c. Charts of Lebanese Republic Eurobonds Yields - Maturity 2010 Eurobond 6 Years ($1265 million , maturity Mars 2010 )

02468

101214

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09


US Treasury

d. Charts of Lebanese Republic Eurobonds Yields - Maturity 2011 Eurobond 5 Years (LBP 400000 million , maturity Mars 2011)

8

9

10

11

12

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09



79

Eurobond7 Years ($1000 million , maturity May 2011 )

0

2

4

6

8

10

12De

c-07

Jan-

08Fe

b-08

Mar

-08

Apr

-08

May

-08

Jun-

08Ju

l-08

Aug

-08

Sep-

08O

ct-0

8N

ov-0

8De

c-08

Jan-

09Fe

b-09

Mar

-09

Apr

-09

May

-09

Jun-

09Ju

l-09

Aug

-09

Sep-

09O

ct-0

9N

ov-0

9De

c-09


US Treasury

Eurobond 5 Years ($750 million, maturity August 2011)

0

2

4

6

8

10

12

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09


US Treasury

e. Charts of Lebanese Republic Eurobonds Yields - Maturity 2012 Eurobond 4 Years (USD 600 million , maturity March 2012) )

0

2

4

6

8

10

12

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09


US Treasury

Eurobond 6 Years (Euro 535.639 million , maturity April 2012 )

0

2

4

6

8

10

12

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09


EuroTreasury


80

Eurobond 8 Years ($600 million , maturity September 2012 )

0

2

4

6

8

10

12De

c-07

Jan-

08Fe

b-08

Mar

-08

Apr

-08

May

-08

Jun-

08Ju

l-08

Aug

-08

Sep-

08O

ct-0

8N

ov-0

8De

c-08

Jan-

09Fe

b-09

Mar

-09

Apr

-09

May

-09

Jun-

09Ju

l-09

Aug

-09

Sep-

09O

ct-0

9N

ov-0

9De

c-09


US Treasury

f. Charts of Lebanese Republic Eurobonds Yields - Maturity 2013 Eurobond 5 years ($875 million , maturity March 2013)

0

2

4

6

8

10

12

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09


US Treasury

Eurobond 8 years ($650 million , maturity June 2013)

0

2

4

6

8

10

12

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09


US Treasury

g. Charts of Lebanese Republic Eurobonds Yields - Maturity 2014

Eurobond 8 Years ($676.902 million , maturity April 2014 )

0

2

4

6

8

10

12

Dec-

07Ja

n-08

Feb-

08M

ar-0

8Ap

r-08

May

-08

Jun-

08Ju

l-08

Aug-

08Se

p-08

Oct

-08

Nov-

08De

c-08

Jan-

09Fe

b-09

Mar

-09

Apr-

09M

ay-0

9Ju

n-09

Jul-0

9Au

g-09

Sep-

09O

ct-0

9No

v-09

Dec-

09


US Treasury


81

Eurobond 6 Years ($881.61 million , maturity May 2014 )

02468

101214

Dec-

07Ja

n-08

Feb-

08M

ar-0

8Ap

r-08

May

-08

Jun-

08Ju

l-08

Aug-

08Se

p-08

Oct

-08

Nov-

08De

c-08

Jan-

09Fe

b-09

Mar

-09

Apr-

09M

ay-0

9Ju

n-09

Jul-0

9Au

g-09

Sep-

09O

ct-0

9No

v-09

Dec-

09


US Treasury

h. Charts of Lebanese Republic Eurobonds Yields - Maturity 2015 Eurobond 7 Years ($500 million , maturity August 2015 )

02468

101214

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09


US Treasury

i. Charts of Lebanese Republic Eurobonds Yields - Maturity 2016 Eurobond 10 years ($750 million , maturity January 2016)

0246

81012

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09

LBEurobondmaturity19/01/2016US Treasury

Eurobond 15 Years ($400 million , maturity May 2016 )

02468

101214

Dec-

07Ja

n-08

Feb-

08M

ar-0

8Ap

r-08

May

-08

Jun-

08Ju

l-08

Aug-

08Se

p-08

Oct

-08

Nov-

08De

c-08

Jan-

09Fe

b-09

Mar

-09

Apr-

09M

ay-0

9Ju

n-09

Jul-0

9Au

g-09

Sep-

09O

ct-0

9No

v-09

Dec-

09


US Treasury


82

j. Charts of Lebanese Republic Eurobonds Yields - Maturity 2021

Eurobond 15 Years ($2092.469 million , maturity April 2021)

0

24

6

810

12

Dec-

07Ja

n-08

Feb-

08M

ar-0

8Ap

r-08

May

-08

Jun-

08Ju

l-08

Aug-

08Se

p-08

Oct

-08

Nov-

08De

c-08

Jan-

09Fe

b-09

Mar

-09

Apr-

09M

ay-0

9Ju

n-09

Jul-0

9Au

g-09

Sep-

09O

ct-0

9No

v-09

Dec-

09


US Treasury

B. PUBLIC SECTOR

1. PUBLIC SECTOR CERTIFICATE OF DEPOSIT PRICES

Issuer Issue Date mm/dd/yyyy

Maturity Date

mm/dd/yyyy

Issued Amount (In Millions $)

Issue Price% Coupon%

Banque du Liban 04/25/2005 04/25/2015 2,000.000 100.000 10.000

31/12/2006 31/12/2007 31/12/2008 31/12/2009 Issuer

Price% Yield% Price% Yield% Price% Yield% Price% Yield%Banque du Liban 106.50 8.88 103.75 9.28 98.00 10.43 117.50 6.09

Chart of Banque du Liban Euro CD Yield Maturity 2015

5

6

7

8

9

10

11

Dec-

07Fe

b-08

Apr

-08

Jun-

08A

ug-0

8O

ct-0

8De

c-08

Feb-

09A

pr-0

9Ju

n-09

Aug

-09

Oct

-09

Dec-

09

Banque Du Liban10 Yrs/Apr. 2015


83

C. PRIVATE SECTOR

1. PRIVATE SECTOR CERTIFICATE OF DEPOSIT OUTSTANDING ISSUES

Issue Type Amount Currency Issuing Date

mm/dd/yyyy Maturity Date mm/dd/yyyy Interest % Payment

Frequency

Bank of Beirut

Local CD 69,000,000 USD 09/16/2008 03/16/2010 6.00% Semi-annually

Local CD 44,600,000 USD 03/02/2009 09/01/2010 5.75% Zero coupon Discounted

Bank of Beirut Invest

Local CD 11,600,000,000 LBP 12/01/2008 06/01/2010 9.25% Semi-annually

Bank Med

Euro CD 170,000,000 USD 07/19/2005 07/19/2010 7.63% Semi-annually


Byblos Bank

Subordinated Notes 100,000,000 USD 07/01/2002 07/01/2012 9.00% Quarterly

Audi Investment Bank


First National Bank

Local CD 10,000,000 USD 04/15/2007 04/15/2010 8.50% Quarterly

Al-Ahli International Bank

Local CD 20,000,000 USD 08/01/2008 02/01/2010 7.25% Semi-annually

Total Outstanding Local CDs in $ 151,294,859

Total Outstanding Euro CDs in $ 570,000,000

LBP=1507.5


84

2. PRIVATE SECTOR LOCAL CERTIFICATE OF DEPOSIT HISTORICAL SUMMARY

Year Local CDs Issued (In Millions of $)

Local CDs Matured (In Millions of $)

1995 3.486 -

1996 78.088 -

1997 140.450 30.632

1998 37.193 115.592

1999 53.333 85.543

2000 35.150 58.743

2001 40.000 21.800

2002 253.978 37.240

2003 150.050 119.809

2004 211.204 266.499

2005 142.212 170.320

2006 27.202 72.862

2007 67.550 38.050

2008 122.890 132.452

2009 44.600 106.549

2010 - 151.295


0

50

100

150

200

250

300

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

Local CDsIssued

Local CDsMatured


85

3. PRIVATE SECTOR EURO CERTIFICATE OF DEPOSIT HISTORICAL SUMMARY

Year Euro CDs Issued (In Millions of $)

Euro CDs Matured (In Millions of $)

1996 200 -

1997 325 -

1998 105 100

1999 185 100

2000 228 50

2001 200 30

2002 200 460

2003 160 203

2004 200 150

2005 530 190

2006 - 160

2007 - 260

2008 - 60

2009 - -

2010 - 270

2011 - -

2012 - 300

-

100

200

300

400

500

600

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Euro CDsIssued

Euro CDsMat.



86

4. PRIVATE SECTOR EURO CDS PRICES

Amount Issue Date Maturity Date Issuer

(In Millions $) Issue Price % Coupon%

mm/dd/yyyy mm/dd/yyyy

Audi Investment Bank 100 100.00 10.75 05/08/2000 05/08/2010

Bank Med 170 98.95 7.625 07/19/2005 07/19/2010

Bank Med 300 99.34 7.625 12/14/2005 12/14/2012

31/12/2007 31/12/2008 31/12/2009 Issuer

Price% Yield% Spread Price% Yield% Spread Price% Yield% Spread

Audi Investment Bank

105.50 8.53 365 103.00 8.53 735 104.50 5.78 530

Bank Med 97.63 8.53 366 97.00 9.58 840 101.25 6.49 601

Bank Med 96.00 8.55 363 96.00 8.81 646 101.00 7.24 563

a. Charts of Private Sector Euro CDs Yields

5

6

7

8

9

10

11

Dec-

07Ja

n-08

Feb-

08M

ar-0

8Ap

r-08

May

-08

Jun-

08Ju

l-08

Aug-

08Se

p-08

Oct

-08

Nov-

08De

c-08

Jan-

09Fe

b-09

Mar

-09

Apr-

09M

ay-0

9Ju

n-09

Jul-0

9Au

g-09

Sep-

09O

ct-0

9No

v-09

Dec-

09

Bank Med5Yr.Euro-CDs/July-2010


87

7

8

9

10

11De

c-07

Jan-

08Fe

b-08

Mar

-08

Apr-

08M

ay-0

8Ju

n-08

Jul-0

8Au

g-08

Sep-

08O

ct-0

8No

v-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9Ap

r-09

May

-09

Jun-

09Ju

l-09

Aug-

09Se

p-09

Oct

-09

Nov-

09De

c-09

Bank Med7Yr.Euro-CDs/December-2012

56789

10111213

Dec-

07Ja

n-08

Feb-

08M

ar-0

8A

pr-0

8M

ay-0

8Ju

n-08

Jul-0

8A

ug-0

8Se

p-08

Oct

-08

Nov

-08

Dec-

08Ja

n-09

Feb-

09M

ar-0

9A

pr-0

9M

ay-0

9Ju

n-09

Jul-0

9A

ug-0

9Se

p-09

Oct

-09

Nov

-09

Dec-

09

Audi Investmentbank 10Yr. Euro-CDs./May-2010


88

5. PRIVATE SECTOR EUROBONDS AND SUBORDINATED NOTES HISTORICAL

SUMMARY

Year Eurobonds and

Subordinated Notes Issued (In Millions of $)

Eurobonds and Subordinated Notes

Matured (In Millions of $)

1996 343 -

1997 300 -

1998 28 23

1999 85 110

2000 - 63

2001 - 105

2002 100 150

2003 - 70

2004 - -

2005 - 75

2006 - 85

2007 - 75

2008 - -

2009 - -

2010 - -

2011 - -

2012 - 100

-

50

100

150

200

250

300

350

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Euro Bondsand EuroNotes Issued

Euro Bondsand EuroNotesMatured



89

6. PRIVATE SECTOR EUROBONDS AND SUBORDINATED NOTES OUTSTANDING

ISSUES

Issue Type Amount Currency Issuing Date mm/dd/yyyy

Maturity Date

mm/dd/yyyy

Interest %

Payment Frequency

Bank Byblos Subordinated Notes 100,000,000 USD 07/01/2002 07/01/2012 9.00% Quarterly

Total Outstanding Subordinated Notes in $ 100,000,000

7. PRIVATE SECTOR SUBORDINATED NOTES PRICES

Issuer Issue Date mm/dd/yyyy

Maturity Date

mm/dd/yyyy

Issued Amount

(In Millions $)

Issue Price% Coupon%

Bank Byblos 07/01/2002 07/01/2012 100.00 100.00 9.00

31/12/2007 31/12/2008 31/12/2009 Issuer Price% Yield% Spread Price% Yield% Spread Price% Yield% Spread

Bank Byblos 101.88 8.67 517 101.88 8.67 723 101.88 8.30 569

Charts of Private Sector Subordinated Notes Yields

8.00

8.25

8.50

8.75

9.00

Dec-

07Ja

n-08

Feb-

08M

ar-0

8Ap

r-08

May

-08

Jun-

08Ju

l-08

Aug-

08Se

p-08

Oct

-08

Nov-

08De

c-08

Jan-

09Fe

b-09

Mar

-09

Apr-

09M

ay-0

9Ju

n-09

Jul-0

9Au

g-09

Sep-

09O

ct-0

9No

v-09

Dec-

09

Byblos 10Yr.SubordinatedNotes/Jun-2012


90

8. PRIVATE SECTOR LOCAL NOTES OUTSTANDING ISSUES

Issue Type

Issuing Date mm/dd/yyyy

Maturity Date mm/dd/yyyy Interest % Payment

Frequency Amount Currency

Credit Financier (Financial Institution)

Local Note 03/15/2009 03/15/2010 8.00% Monthly 1,066,000,000 LBP

Local Note 03/15/2009 03/15/2010 5.00% Monthly 737,000 USD




Local Note 09/15/2009 09/15/2010 5.00% Monthly 1,057,000 USD





Local Note 03/15/2009 03/15/2011 8.50% Monthly 681,000,000 LBP






Total Outstanding Local Notes in $ 10,662,624 LBP=1507.5

Figures are in Thousands of USD

0

2000

4000

6000

8000

10000

12000

2003

2004

2005

2006

2007

2008

2009

2010

2011

Local NotesIssued

Local NotesMatured


91

III – Mutual Funds

A. LICENSED FUNDS

1. Yearly Development. 2. Distribution Of Licensed Mutual Funds By Currency.

B. SUBSCRIPTION BY SECTOR OF INVESTMENT

1. Distribution Of Marketed Mutual Funds By Sector Of Investment As Of December 31, 2009.

2. Distribution Of Marketed Mutual Funds By Sector For The End of 2008 vs End of 2009.

3. Subscriptions In Marketed Mutual Funds By Sector As Of December 31,2009. 4. Mutual Funds Statistics As Of December 2009: Subscription & Performance.

C. LIST OF LICENSED MUTUAL FUNDS DURING 2009. N.B.: all new circular and new info. Added yearly will be highlighted in gray. List of related circulars:

Circular no.49 Decision no. 7074 dated 5/9/98 adjusted by the intermediary circulars no. 21 dated 13/6/2002 and no.50 dated 3/4/2004 (Collectve Investment Schemes).

Announcement No. 812 dated 3/4/06 (Fees and expenses related to licensing applications and requests).

Circular no. 201 Decision No.10254 dated 14/09/2009 related to Statement of Reports about International Transactions.


92

A. LICENSED FUNDS

1. YEARLY DEVELOPMENT

The year 1996 witnessed the establishment of the first domestic mutual fund in Lebanon. By the end of December 2009 the total number of mutual funds licensed in the Lebanese market reached 1418 mutual funds.

No of Licensed Mutul Funds Per Year

7487

187

265

361

161

41

111

3721 15

27 31

0

100

200

300

400

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

2. DISTRIBUTION OF LICENSED MUTUAL FUNDS BY CURRENCY Distribution of licensed mutual funds by currency as of December 31, 2009:

Total Licenced Funds Licensed & Marketed Licensed & not Marketed Currency

Number % of total Number % of total Number % of total

USD 1040 73.34% 108 7.62% 932 65.73% EUR 305 21.51% 26 1.83% 279 19.68% GBP 32 2.26% 3 0.21% 29 2.05% Other 41 2.89% 13 0.92% 28 1.97% Total 1418 100.00% 150 10.58% 1268 89.42%

B. SUBSCRIPTION BY SECTOR OF INVESTMENT

1. DISTRIBUTION OF MARKETED MUTUAL FUNDS BY SECTOR OF INVESTMENT AS OF DECEMBER 31, 2009:

Sector Funds Marketed & Licensed Funds Marketed & not Licensed

Asset Allocation 0 0 Equity 54 64 Derivatives 0 0 Fixed Income 6 0 Money Market 1 0 Securities 89 337 Total 150 401


93

0

54

0 6 1

89

150

0

64

0 0 0

337

401

0

140

280

420

AssetAllocation

Equity Derivatives Fixed Income Money Market Securities Total

Marketed & Licenced Marketed & Not Licenced

2. DISTRIBUTION OF MARKETED MUTUAL FUNDS BY SECTOR FOR THE END OF 2008 VS THE END OF 2009

Sector 2008 2009

Asset Allocation 2 0 Equity 121 118 Derivatives 21 0 Fixed Income 9 6 Money Market 4 1 Securities 230 426 Total 387 551

Funds "Invested In" Comparison between 2008 and 2009

2 21

230

0

118

6 1

426

9

121

40

0

75

150

225

300

375

450

Asset Allocation Equity Derivatives Fixed Income Money Market Securities

2008 2009


94

3. SUBSCRIPTIONS IN MARKETED MUTUAL FUNDS BY SECTOR AS OF DECEMBER

31, 2009:

a. Subscription In Mutual Funds By Sectors As Of December 31, 2009:

Sector Volume: Licensed & Marketed

Volume: Not Licensed & Marketed Total Dec. 2009

Asset Allocation - - - Equity $57,517,515 $10,225,849 $67,743,364 Derivatives - - - Fixed Income $221,117,806 - $221,117,806 Money Market $523,298 - $523,298 Securities $272,550,172 $274,916,225 $547,466,397 Total $551,708,791 $285,142,074 $836,850,865

b. Subscription In Marketed Mutual Funds (Licensed And Not Licensed) For The End Of 2008 Versus End Of 2009:

Sector Volume December 31, 2008 Volume December 31, 2009

Asset Allocation $7,793,035 - Equity $94,950,848 $67,743,364 Derivatives $6,876,177 - Fixed Income $9,417,394 $221,117,806 Money Market $4,494,287 $523,298 Securities $607,680,907 $547,466,397

Total $731,212,648 $836,850,865

c. Volume Of Subscription By Sector End Of 2008 Vs End Of 2009 (No In Millions Of USD)

895

7 9 4

608

731

68-

221

1

547

837

--

150

300

450

600

750

900

AssetAllocation

Equity Derivatives Fixed Income Money Market Securities Total

2008 2009


95

4. MUTUAL FUNDS STATISTICS AS OF END OF DECEMBER 31, 2009:

SUBSCRIPTION & PERFORMANCE

a. Top Five Funds By Volume Of Subscription As Of December 2009:

Fund Name Investment Sector Subscription Volume Beirut Lira Fund II Fixed Income $41,739,173 MBMEU-BRIC MARKETS EQUITY -USD Securities $43,260,724 BLOM Cedars Balanced Fund Securities $48,523,388 Beirut Golden Income Fund II Fixed Income $53,393,647 BLOM Bond Fund Securities $58,056,130

b. Top Five Funds By Performance As Of December 2009:

Fund Name Investment Sector Performance

MBRAU HGIF Brazil Equity LUMPSUM Securities 154.42% Parvest Russia Securities 154.53% UBS(LUX) Eq.Russia B-USD Securities 156.38% BARINGS EASTERN EUROPE (EUR) Securities 171.24% The Russian Prosperity Fund A Securities 195.22%

c. Lowest Five Funds By Performance As Of December 2009:

Fund Name Investment Sector Performance

HUKEG-HAMIF UK EQUITY Securities -34.29% MAN MULTI STRATEGY SER 3 Securities -31.44% HUKEG-HAMIF U K EQUITY Securities -25.32% MHKEU-HSBC HONG KONG EQUITY Securities -23.02% Man IP 220 International Securities -17.61%

d. Evolution Of Subscriptions (2002 Till 2009) (No In Millions Of USD):

Total Volume of Subscriptions

-

150

300

450

600

750

900

2002 2003 2004 2005 2006 2007 2008 2009


96

e. Mutual Funds Subscriptions By Type Of Sponsor As Of December 31, 2009:

Sponsor Licensed % Of Total Subscription

Less then 20 Customers

% Of Total Subscription Total

Banks 512,409,197 61.23% 264,892,632 31.65% 777,301,829

Financial Institutions 39,299,593 4.70% 20,249,443 2.42% 59,549,036

Total 551,708,790 65.93% 285,142,075 34.07% 836,850,865

f. Evolutuion Of Subscriptions By Type Of Sponsor (semi-annual 2007 – 2009):

Sponsor Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 % Change

Dec08 /Dec09

Banks 455,826,745 433,577,078 661,226,043 634,301,860 777,301,829 17.55%

Financial Institutions 26,160,577 22,642,500 69,986,604 63,956,377 59,549,036 -14.91%

Total 481,987,322 456,219,578 731,212,647 698,258,237 836,850,865 14.45%


97

C. LIST OF LICENSED MUTUAL FUNDS DURING 2009:

Fund Name Sponsor Date

Beirut Lira Fund II Bank of Beirut 28-Jan-09

HSBC Global Emerging Markets Equity Fund HSBC 21-May-09

Beirut Golden Income II BOBI 1-Jul-09

HSBC Brazil Equity HSBC 20-Jul-09

HSBC Emerging Europe Equity HSBC 20-Jul-09

HSBC Euro High Yeild Bond HSBC 20-Jul-09

HSBC Euroland Equity HSBC 20-Jul-09

HSBC Euroland Equity Smaller Conpanies HSBC 20-Jul-09

HSBC Global Core Plus Bond HSBC 20-Jul-09

HSBC Global currency Fund HSBC 20-Jul-09

HSBC Halbis Global Macro HSBC 20-Jul-09

HSBC Hong Kong Equity HSBC 20-Jul-09

HSBC Korean Equity HSBC 20-Jul-09

HSBC Latin American Free Style HSBC 20-Jul-09

HSBC Multi Alpha Pacific Equity HSBC 20-Jul-09

HSBC Multi Alpha Europe Equity HSBC 20-Jul-09

HSBC Multi Alpha GEM Equity HSBC 20-Jul-09

HSBC Multi Alpha Global Equity HSBC 20-Jul-09

HSBC Multi Alpha Japan Equity HSBC 20-Jul-09

HSBC Multi Alpha North America Equity HSBC 20-Jul-09

HSBC Russian Equity HSBC 20-Jul-09

HSBC UK Equity HSBC 20-Jul-09

HSBC US Equity HSBC 20-Jul-09

FFA Fixed Income Mena Fund FFA Private Bank 2-Sep-09

BLOM Lira Fund BLOM Invest 9-Sep-09

BLOM Bond Fund BLOM Invest 9-Sep-09

Beirut Opportunities Fund BOBI 9-Sep-09

Franklin Templeton Investment Funds BLOM Invest 16-Sep-09

Schroders ISF Pacific Equity Fund HSBC 23-Dec-09

Schroders ISF Latin America Fund HSBC 23-Dec-09

Schroders ISF Global Propert Securities Fund HSBC 23-Dec-09


98

IV – Products & financial Instruments

PRODUCTS AND FINANCIAL INSTRUMENTS STATISTICS

1. Yearly Development In The Number Of Licensed Products & Financial Instruments. 2. Evolution Of Subscription . 3. Evolution Of Subscription By No. Of Strctured Products. 4. Subscriptions By Type Of Structured Products As Of December 31, 2009. 5. Subscriptions In Structured Products By Sponsor As Of December 31, 2009. 6. Subscriptions In Structured Products By Currency As Of December 31, 2009. 7. List Of Licensed Structured Products During 2009.

List of related circulars: Decision 7493 dated 24/12/99 adjusted by the intermediary decision no. 8786 dated

14/7/04 Announcement No. 812 dated 3/4/06 (Fees and expenses related to licensing

applications and requests). Circular 170 Decision No. 9929 dated 23/6/2008 (Financial Instruments and Products).


99

PRODUCTS AND FINANCIAL INSTRUMENTS STATISTICS

1. YEARLY DEVELOPMENT IN THE NUMBER OF LICENSED PRODUCTS & FINANCIAL INSTRUMENTS:

2 1

17 18

3342

60

41

25

46

29

12

0

15

30

45

60

75

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

No. of licensed

products & Financial

instruments

2. EVOLUTION OF SUBSCRIPTION (in millions of USD):

Evolution Of Subscription

0

200

400

600

800

1,000

Dec-07 Jun-08 Dec-08 Jun-09 Dec-09

Valu

e In

Milli

ons of

USD Banks

FinancialInst

3. EVOLUTION OF SUBSCRIPTION BY NO. OF STRCTURED PRODUCTS:

Evolution Of Subscription By No. of Str. Products

0

100

200

300

400

Dec-07 Jun-08 Dec-08 Jun-09 Dec-09

Banks

FinancialIns


100

4. SUBSCRIPTIONS BY TYPE OF STRUCTURED PRODUCTS AS OF DECEMBER 31,

2009:

Dec.09 Licensed Structured Products

Structured Products (-20 clts) Total

Type No Value % of Total No Value % of

Total No Value % of Total

Interest Rate Linked Notes 4 16,251,777 2.08% 1 34,495 0.03% 5 16,286,272 1.83%

Equity Linked Notes 25 346,147,632 44.29% 23 13,947,325 12.90% 48 360,094,956 40.48%

Fx Linked Notes 6 4,040,503 0.52% 4 1,574,126 1.46% 10 5,614,629 0.63%

Dual Currency Note 0 0 0.00% 0 0 0.00% 0 0 0.00%

Hedge Fund Linked Notes 3 677,145 0.09% 12 1,645,484 1.52% 15 2,322,629 0.26%

Commodity Linked Notes 3 60,469,000 7.74% 13 4,875,881 4.51% 16 65,344,881 7.34%

Precious Metal Linked Notes 0 0 0.00% 0 0 0.00% 0 0 0.00%

Basket of Funds Linked Notes 7 31,960,244 4.09% 17 9,735,636 9.00% 24 41,695,880 4.69%

Index Linked Notes 8 44,449,331 5.69% 25 11,256,751 10.41% 33 55,706,082 6.26%

Others 24 277,543,972 35.51% 26 65,061,246 60.17% 50 342,605,218 38.51%

Total General 80 781,539,604 100.00% 121 108,130,943 100.00% 201 889,670,546 100.00%

Str. Products Subscription by type as of 31/12/2009Others

Index Linked Notes

Basket of Funds Linked Notes

Hedge Fund Linked Notes

Commodity Linked Notes

Fx Linked Notes

Interest Rate Linked Notes

Equity Linked Notes

Interest RateLinked Notes

Equity LinkedNotes

Fx Linked Notes

Hedge FundLinked Notes

CommodityLinked Notes

Basket of FundsLinked Notes

Index LinkedNotes

Others


101

5. SUBSCRIPTIONS IN STRUCTURED PRODUCTS BY SPONSOR AS OF DECEMBER

31, 2009:

Dec.09 Licensed Structured Products Structured Prod. (-20 clts) Total

Sponsors No Value % of total No Value % of total No Value % of total

Banks 74 711,889,437 91.09% 67 86,729,051 80.21% 141 798,618,488 89.77% Financial Institutions 6 69,650,167 8.91% 54 21,401,892 19.79% 60 91,052,058 10.23%

Total 80 781,539,604 100.00% 121 108,130,943 100.00% 201 889,670,546 100.00%

Str. Products Subscription by Sponsor as of 31/12/2009

0 30 60 90 120 150 180 210

FRANSABANK

ARAB BANK

HSBC

Banque Libano Francaise

BLOM

SGBL

BankMed

Audi Saradar Private Bank

BBAC

Bank Lati

Byblos Bank

Bank of Beirut

Emirates Lebanon Bank

Banque Bemo S.A.L

Standard Chartered Bank

Blom Invest

Byblos Business Bank

FIDUS

Al Mawared Financial Services


102

6. SUBSCRIPTION IN STRUCTURED PRODUCTS BY CURRENCY AS OF DECEMBER

31, 2009:

Dec.09 Licensed Structured Products Structured Prod. (-20 clts) Total

Currency No Value % of total No Value % of total No Value % of total

USD 73 777,499,019 99.48% 102 94,747,822 87.62% 175 872,246,840 98.04%

EUR 7 4,040,585 0.52% 17 6,882,708 6.37% 24 10,923,293 1.23%

AED 0 0 0.00% 1 6,500,000 6.01% 1 6,500,000 0.73%

GBP 0 0 0.00% 1 412 0.00% 1 412 0.00%

Total 80 781,539,604 100.00% 121 108,130,943 100.00% 201 889,670,546 100.00%

Str. Products Subscription by Currency as of 31/12/2009

GBPAED

EUR

USDUSD

EUR

AED

GBP

Number of Str. Products by Currency as of 31/12/2009

GBP AEDEUR

USD USD

EUR

AED

GBP


103

7. LIST OF LICENSED STRUCTURED PRODUCTS DURING 2009:

STRUCTURED PRODUCT NAME Sponsor License date

Easy Time FRANSABANK 10-Mar-09

FransaFuture I FRANSABANK 5-Jan-09

FransaFuture II FRANSABANK 6-Jan-09

Invest In Life - Start Banque Libano Francaise 10-Mar-09

Invest In Life - Advanced Banque Libano Francaise 10-Mar-09

ROL CREDIT LINKED ONGOING Bankmed 9-Sep-09

ROL CREDIT LINKED ONGOING Bankmed 9-Sep-09

USD Credit Linked Deposit (CLD) - Linked to Leb.Gov.Eurobonds BBAC 5-Jun-09

USD Credit Linked Deposit (CLD) - Linked to Leb.Gov.Eurobonds BBAC 3-Oct-09



LEBANESE EUROBONDLINKED NOTE BLOM 11-May-09


104

SECTION FOUR

RATING &

RANKING


105

Rating & ranking

A – RATING OVERVIEW

1. Credit Rating Definitions & Terminology. 2. Credit Rating Methodology.

B- LEBANON’S RATING

1. Latest Updates By Rating Agencies. 2. Lebanon’s Private Sector Rating.

C- ARAB MARKETS SOVEREIGN COMPARATIVE RATING D- EMERGING MARKETS SOVEREIGN COMPARATIVE RATING

E- REGIONAL AND EMERGING MARKETS RANKING

1. Regional Country Rankings Of The UNCTAD FDI Potential. 2. Emerging Markets Rankings Of The UNCTAD FDI Performance.


106

A – RATING OVERVIEW

A Standard & Poor’s issuer credit rating is a current opinion of an obligor’s overall financial capacity (its creditworthiness) to pay its financial obligations. This opinion focuses on the obligor’s capacity and willingness to meet its financial commitments as they come due. It does not apply to any specific financial obligation, as it does not take into account the nature of and provisions of the obligation, its standing in bankruptcy or liquidation, statutory preferences, or the legality and enforceability of the obligation. In addition, it does not take into account the creditworthiness of the guarantors, insurers, or other forms of credit enhancement on the obligation. The issuer credit rating is not a recommendation to purchase, sell, or hold a financial obligation issued by an obligor, as it does not comment on market price or suitability for a particular investor. Counterparty credit ratings, ratings assigned under the Corporate Credit Rating Service (formerly called the Credit Assessment Service) and sovereign credit ratings are all forms of issuer credit ratings. Sovereign credit ratings reflect the rating agency’s opinions on the ability and willingness of sovereign governments to service their commercial financial obligations in full and on time. Standard and Poor’s specifies that a rating is a forward-looking estimate of default probability. Sovereign ratings are not "country ratings," an important and often misunderstood distinction. Sovereign ratings address the credit risks of national governments, but not the specific default risks of other issuers.

1. CREDIT RATING DEFINITIONS & TERMINOLOGY

a. Local Currency And Foreign Currency Risks : An obligor's capacity to repay Foreign Currency obligations may be lower than its capacity to repay obligations in its local currency due to the sovereign government's own relatively lower capacity to repay external versus domestic debt. Foreign Currency issuer ratings are also distinguished from local currency issuer ratings to identify those instances where sovereign risks make them different for the same issuer.

b. Sovereign versus non-sovereign : frequently, the same as or lower than that assigned to the sovereign in the main country of domicile, but may be higher. Foreign currency ratings may be higher whenever the non sovereign entity has stronger credit characteristics than the sovereign and when the risk of the imposition of debt-service-limiting foreign exchange controls is less than the risk of sovereign default.

c. Long-term versus short-term : Short-term ratings are generally assigned to those obligations considered short-term in the relevant market. Short-term ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. The result is a dual rating, in which the short-term rating addresses the put feature, in addition to the usual long-term rating. Medium-term notes are assigned long-term ratings.


107

2. CREDIT RATING METHODOLOGY

a. Issuers credit ratings methodology By S&P: AAA EXTREMELY STRONG obligor

AA VERY STRONG obligor

A STRONG capacity obligor

BBB ADEQUATE obligor

BB LESS VULNERABLE obligor in the near term

B MORE VULNERABLE obligor than the obligors rated 'BB'

CCC CURRENTLY VULNERABLE obligor

CC CURRENTLY HIGHLY VULNERABLE

Plus (+) or minus(-)

SD Selected default

R Under regulatory supervision owing to its financial condition

D Failed

N.M. Not meaningful.

NR. Not rated

Positive outlook May be raised.

Stable outlook Not likely to change .

Negative outlook May be lowered.

Developing May be raised or lowered.

b. Issuers credit ratings methodology by Fitch Ratings: AAA Highest credit quality

AA Very high credit quality

A High credit quality

BBB Good credit quality

BB Speculative

B Highly speculative

CCC High default risk

CC Probable default risk

C Imminent default risk

DDD Default

DD Default with potential recovery superior to 50%

D Default with potential recovery below 50%

“+” or “-” within major rating categories

NR Not Rated


108

c. Moody's Rating Scale At A Glance

Investment Grade: Aaa “gilt edged” . Aa1, Aa2, Aa3 high-grade . A1, A2, A3 upper-medium grade . Baa1, Baa2, Baa3 medium grade.

Speculative Grade: Ba1, Ba2, Ba2 speculative elements. B1, B2, B3 lack characteristics of a desirable investment. Caa1, Caa2, Caa3 bonds of poor standing. Ca highly speculative. C lowest rating, extremely poor prospects of attaining any real investment standing.

B– LEBANON’S PRIVATE SECTOR RATING

Year 2009 Banque Audi sal- Audi Saradar Group Bankmed sal BLOM

Bank Byblos Bank Bank of Beirut

S&P (LT Debt) B- B- B- S&P (ST Debt) C C _

Not rated Not rated

Moody’s (LT Debt) _ B2 - Moody’s (ST Debt)

Not rated Not rated NP NP NP

Fitch Ratings (LT Debt) B- _ B-

Fitch Ratings (ST Debt) B Not rated

_ B Not rated

C– ARAB MARKETS SOVEREIGN COMPARATIVE RATING

Year 2009 Bahrain Egypt Kuwait Jordan Leban. Moroc. Qatar Tunisia

S&P (LT foreign currency) A BB+ AA- BB B BB+ AA- BBB

S&P (LT local curr) A BBB- AA- BBB B BBB AA- A-

Moody’s (LT foreign curr) A2 Ba1 Aa2 Ba2 B2 Ba1 Aa2 Baa2

Moody’s (LT local curr) A2 Ba1 Aa2 Baa3 B2 Ba1 Aa2 Baa2

Fitch Ratings (LT foreign curr) A BB+ AA B- BBB- BBB

Fitch Ratings (LT local curr) A+ BBB- AA Not

rated B- BBB Not

rated A-


109

D– EMERGING MARKETS SOVEREIGN COMPARATIVE RATING

Year 2009 Argentina Brazil Kazakhstan Lebanon Papua New

Guinea

Russian Federation Turkey Venezuela

S&P(LT foreign curr) B- BBB- BBB- B B+ BBB BB- BB-

S&P (LT local curr) B- BBB+ BBB B BB- BBB+ BB BB-

Moody’s (LT foreign curr) B3 Baa3 Baa2 B2 B1 Baa1 Ba3 B2

Moody’s (LT local curr) B3 Baa3 Baa2 B2 B1 Baa1 Ba3 B1

Fitch Ratings (LT foreign curr) RD BBB- BBB- B- B+ BBB BB+ B+

Fitch Ratings (LT local curr) B- BBB- BBB B- B+ BBB BB+ B+

E– REGIONAL & EMERGING MARKETS RANKING

1. REGIONAL COUNTRY RANKINGS OF THE UNCTAD FDI POTENTIAL.

Rank Economy 2003-2005 22 Russian Federation 0.360 49 Kazakhstan 0.239 64 Argentina 0.200 67 Venezuela 0.190 69 Turkey 0.185 70 Brazil 0.184 75 Lebanon 0.176

120 Papua New Guinea 0.108 Source: UNCTAD, World Investment The Inward FDI Potential Index captures several factors (apart from market size) expected to affect on: economy´s attractiveness to foreign investors, GDP per capita, The rate of GDP growth over the previous 10 years, the share of exports in GDP, an indicator of modern information and communication infrastructure, the average number of telephone lines per 1,000 inhabitants and mobile telephones per 1,000 inhabitants, commercial energy use per capita, the share of R&D spending in GDP, the share of tertiary students in the population, country risk, the world market share in exports of natural resources, the world market share of imports of parts and components for automobiles and electronic products, the share of world FDI inward stock and the capture participation in the leading TNC integrated production systems (WIR02).


110

2. EMERGING MARKETS RANKINGS OF THE UNCTAD FDI PERFORMANCE.

Inward FDI Performance Index Outward FDI Performance Index Rank Economy 2005-2007 Rank Economy 2005-2007

7 Singapore 5.394 58 Argentina 0.251 8 Estonia 4.869 59 China 0.240 9 Georgia 4.654 60 Czeck Republic 0.224

10 Lebanon 4.386 61 Lebanon 0.222 11 Guyana 4.302 62 Morocco 0.212 12 Bahrain 4.178 63 Australia 0.200 13 Belgium 4.078 64 Croatia 0.197

Source: UNCTAD, World Investment Report 2008

The Inward FDI Performance Index ranks countries by the FDI they receive relative to their economic size. It is the ratio of a country´s share in global FDI inflows to its share in global GDP. A value greater than one indicates that the country receives more FDI than its relative economic size, a value below one that it receives less (a negative value means that foreign investors disinvest in that period). These other factors can be diverse, ranging from the business climate, economic and political stability, the presence of natural resources, infrastructure, skills and technologies, to opportunities for participating in privatization or the effectiveness of FDI promotion. The Outward FDI Performance Index is calculated as the share of a country´s outward FDI in world FDI as a ratio of its share in world GDP. Broadly speaking, the Index reflects two sets of factors that determine outward FDI by transnational corporations (TNCs) headquartered in a given country. Driven by the competitive pressures of a globalizing world economy, both factors work together to lead firms - large and small ones, from developed and developing countries alike - to invest abroad by establishing foreign affiliates. These affiliates then become a source of the competitive strength of their respective corporate networks.


111

SECTION FIVE

ISLAMIC

BANKING


112

Islamic Banking

A – INTRODUCTION

B- ISLAMIC BANKING OPERATIONS C- LIST OF LICENSED ISLAMIC FINANCIAL INSTRUMENTS List of related circulars:

Circular 96 Decision No.8870 dated 20/10/2004 (Murabaha operations). Circular 94 Decision No.8828 dated 26/08/2004 (Practice of Islamic Banking in Lebanon) Circular 95 Decision No.8829 dated 26/08/2004 (Conditions for Establishment of Islamic

Banks in Lebanon). Circular 97 Decision No.8954 dated 19/01/2005 (Musharaka operations). Circular 98 Decision No.9041 dated 01/06/2005 (Islamic Collective Investment Schemes). Circular 99 Decision No.9042 dated 01/06/2005 (Operations of Ijarah and Ijarah Muntahia

Bittamleek). Circular 100 Decision No.9084 dated 16/07/2005 (Musharaka operations). Intermediary Circular 89 Decision 9104 dated 11/08/2005 (Operations of Musharaka). Circular 101 Decision No. 9207 dated 10/12/2005 (Salam Operations). Circular 102 Decision No.9208 dated 10/12/2005 (Istisna'a Operations). Intermediary Circular 120 Decision No.9437 dated 20/10/2006 (Islamic Collrctive

Investment Schemes). Circular 107 Decision No. 9526 dated 17/2/2007 (Islamic Bank Statement). Intermediary Circular 132 Decision No. 9544 dated 10/3/2007 (Islamic Collective

Investment Schemes). Intermediary Circular 140 Decision No.9667 dated 09/08/2007 (Practice of Islamic Banking

in Lebanon). Intermediary Circular 142 Decision No.9702 dated 19/09/2007 (Islamic Banks Statement). Circular 112 Decision No. 9725 dated 27/09/2007 (Corporate Governance in Islamic

Banks). Circular 113 Decision No.9763 dated 09/11/2007 (Reserve Requirement Islamic Banks). Intermediary Circular 156 Decision No. 9780 dated 26/11/2007 (Islamic Banks Statement). Intermediary Circular 163 Decision No. 9898 dated 6/5/2008 (Practice of Islamic Banking

in Lebanon). Circular 116 Decision No. 9900 dated 13/5/2008 (Special provisions on the shareholder's

equity of Islamic banks). Intermediary Circular 178 Decision No.9959 dated 21/7/2008 (Practice of Islamic Banking

in Lebanon). Intermediary Circular 182 Decision No.10117 dated 14/04/2009 (Reserve Requirement

Islamic Banks).


113

A – INTRODUCTION

The growth of worldwide financial networks, and trends toward revitalizing Islamic laws and economics, accompanied by substantial oil revenues have fostered expansion of Islamic banking. Given the banks' achievements, attention should be focused on the control and reporting systems on which depositors, borrowers, and investors rely. There is an obvious need by Shariaa Complaint Investores for institutions in which they can deposit their savings, and borrow in accordance with Shariah principles. Over the last five years there have been significant changes in the Islamic banking sector in Lebanon with the introduction of new regulations like Decision number 8829, circular number 95 dated 8/26/2004 about Conditions of Islamic Banking Establishment in Lebanon and Decision number 8828, circular number 94 dated 8/26/2004 about Practice of Islamic Banking in Lebanon.

B - ISLAMIC BANKING OPERATIONS

1. Ijara an ijara muntahia bittamleek operations 2. Musharaka operations. 3. Murabaha operations. 4. Mudaraba operations. 5. Salam sale operations. 6. Istisna’a operations.

C - LIST OF LICENSED ISLAMIC FINANCIAL INSTRUMENTS

Fund Name Issuer or Marketer Year of License

IIAB Islamic MENA Fund Arab Bank plc 2008 Mahfazat Al Amin Baraka Bank Lebanon 2007 HSBC Amanah GCC Equity Fund HSBC 2006

Al Ahli Saudi Stocks Fund Saudi National Commercial Bank Beirut Branch 2006

Al Ahli Gulf Stocks Fund Saudi National Commercial Bank Beirut Branch 2006

Al Rayan 2 Arab Finance House 2005 HSBC Amanah Aqar Income Fund HSBC 2005 Al A`arin Investment Arab Finance House 2004 Islamic Equity Builder Certificates Credit Lebanese Bank 2004 HSBC Amanah Dynamic Allocation Sheild Fund HSBC 2004

Llghali Fund Baraka Bank Lebanon 2004 Retirement Fund Baraka Bank Lebanon 2004

HSBC Amanah Healthcare Protected HSBC 2002

HSBC Amanah Blue Chip Protected Funds HSBC 2002

HSBC Amanah European Basket Protected Fund HSBC 2002


114

LIST OF LICENSED MUTUAL FUNDS

Fund Name Sponsor Date

Triton SCS Beirut S.A.L 2-Jul-97

Gps Fund Ltd SCS Beirut S.A.L 2-Jul-97

Acasia USA growth Fund Ltd SCS Beirut S.A.L 2-Jul-97

Chesapeake Fund Ltd SCS Beirut S.A.L 2-Jul-97

Trout Trading Fund SCS Beirut S.A.L 2-Jul-97

Platinum Fund LTD SCS Beirut S.A.L 2-Jul-97

Market Maker II classe c SCS Beirut S.A.L 2-Jul-97

The Aries Fund SCS Beirut S.A.L 2-Jul-97

US Global Strategy Fund Ltd SCS Beirut S.A.L 2-Jul-97

Cambridge Energy Fund International SCS Beirut S.A.L 2-Jul-97

Globalvest Value Fund SCS Beirut S.A.L 2-Jul-97

III High Risk Opportunity SCS Beirut S.A.L 2-Jul-97

KEY BCM Emerging Value SCS Beirut S.A.L 2-Jul-97

European Equities SCS Beirut S.A.L 2-Jul-97

Ecu Bonds SCS Beirut S.A.L 2-Jul-97

French Franks Bonds SCS Beirut S.A.L 2-Jul-97

International Convertible Bonds SCS Beirut S.A.L 2-Jul-97

Swiss Frank Reserve SCS Beirut S.A.L 2-Jul-97

Ecu Reserve SCS Beirut S.A.L 2-Jul-97

French Frank Reserve SCS Beirut S.A.L 2-Jul-97

Eastern Natural Resources SCS Beirut S.A.L 2-Jul-97

North American Equities SCS Beirut S.A.L 2-Jul-97

Enviromental Equities SCS Beirut S.A.L 2-Jul-97

Asian Pacific Equities SCS Beirut S.A.L 2-Jul-97


115

US Dollar Bonds SCS Beirut S.A.L 2-Jul-97

USD reserve SCS Beirut S.A.L 2-Jul-97

Tudor BVI SCS Beirut S.A.L 2-Jul-97

III Global Fund LTD SCS Beirut S.A.L 2-Jul-97

York Investement LTD SCS Beirut S.A.L 2-Jul-97

FBR opportunity Fund SCS Beirut S.A.L 2-Jul-97

Sounds Hore Investers Ltd SCS Beirut S.A.L 2-Jul-97

Trinity Fund Ltd SCS Beirut S.A.L 2-Jul-97

The Alpen Fund Classe H SCS Beirut S.A.L 2-Jul-97

Paulson Parteners Ltd SCS Beirut S.A.L 2-Jul-97

Bristol Fund SCS Beirut S.A.L 2-Jul-97

Trendlogic International SCS Beirut S.A.L 2-Jul-97

Alpen Classe S SCS Beirut S.A.L 2-Jul-97

DTI international SCS Beirut S.A.L 2-Jul-97

PLEIADE FOREX SCS Beirut S.A.L 2-Jul-97

Golden Basket Abicorp 31-Jul-97

AB Asean Growth Fund Arab Bank 11-Sep-97

AB Capital Guaranteed Fund Arab Bank 11-Sep-97

Fidelity Fds European Agg Financial Funds Advisers 10-Oct-97

Fidelity Fds Korea Financial Funds Advisers 10-Oct-97

Fidelity Fds Pacific Financial Funds Advisers 10-Oct-97

Fidelity Fds Latin America Financial Funds Advisers 10-Oct-97

Fidelity Fds South East Asia Financial Funds Advisers 10-Oct-97

Fidelity Portfolios Global Growth Fund Financial Funds Advisers 10-Oct-97

Fidelity Fds European Gth Financial Funds Advisers 10-Oct-97

Fidelity Fds Thailand Financial Funds Advisers 10-Oct-97


116

Fidelity Fds American Gth Financial Funds Advisers 10-Oct-97

Fidelity Fds Greater China Financial Funds Advisers 10-Oct-97

Fidelity Fds Technology Financial Funds Advisers 10-Oct-97

Fidelity Fds Euro Blue Chip Financial Funds Advisers 10-Oct-97

Fidelity Fds America Financial Funds Advisers 10-Oct-97

Fidelity Fds Telecommunication Financial Funds Advisers 10-Oct-97

USD Money Fund Financial Funds Advisers 10-Oct-97

Euro Money Fund Financial Funds Advisers 10-Oct-97

Fidelity Fds European Mid Cap Financial Funds Advisers 10-Oct-97

Fidelity Portfolio Sector Global Growth Fund Financial Funds Advisers 10-Oct-97

Fidelity Fds European Sm Cos Financial Funds Advisers 10-Oct-97

Fidelity Fds International Financial Funds Advisers 10-Oct-97

Fidelity Fds Germany Financial Funds Advisers 10-Oct-97

Fidelity Fds World Financial Funds Advisers 10-Oct-97

Fidelity Fds Healthcare Financial Funds Advisers 10-Oct-97

Fidelity CHF Currency Acc Financial Funds Advisers 10-Oct-97

Fidelity EURO Currency Acc Financial Funds Advisers 10-Oct-97

Fidelity GBP Currency Acc Financial Funds Advisers 10-Oct-97

Fidelity Fds USD Cash Financial Funds Advisers 10-Oct-97

Societe Generale Arab Fund SGBL 23-Oct-97

Anglo American Growth Class HSBC 27-Nov-97

Hong Kong Growth Class HSBC 27-Nov-97

Midland Offshore Guaranteed Capital Investment Bonds HSBC 27-Nov-97

Saudi Arabia Investment Fund BALOM Bank 19-Dec-97

Dennise Principal Protected Fund I Fidus S.A.L 17-Jan-98

Paribas Arbitrage Fund A Fidus S.A.L 17-Jan-98


117

Paribas Arbitrage Fund B Fidus S.A.L 17-Jan-98

Prodigy Fund Limited Fidus S.A.L 17-Jan-98

Global Managed Bond Fund Arab Bank 26-Feb-98

European Index HSBC 20-May-98

Global Index HSBC 20-May-98

Amex Epic Euro Equities Amex S.A.L. 2-Jul-98

Amex Epic World Eqts Amex S.A.L. 2-Jul-98

Amex Epic Gl Innovation Amex S.A.L. 2-Jul-98

Amex Epic New Asia Pac Amex S.A.L. 2-Jul-98

Amex Epic Japanese Eq Amex S.A.L. 2-Jul-98

Amex Epic US Lrg Cap Value Eq Amex S.A.L. 2-Jul-98

Amex Epic US Agg Eqts Amex S.A.L. 2-Jul-98

Amex Epic Focused US Gth Eq Amex S.A.L. 2-Jul-98

Amex Epic Glbl Bds (Euro) Amex S.A.L. 2-Jul-98

Amex Epic Gl Hi Yld EU Amex S.A.L. 2-Jul-98

Amex Epic European Bds Amex S.A.L. 2-Jul-98

Amex Epic Glbl Bds (USD) Amex S.A.L. 2-Jul-98

Amex Epic US LT Bonds Amex S.A.L. 2-Jul-98

Amex Epic Emg Mkt Debt Amex S.A.L. 2-Jul-98

Amex Epic Euro Liquidity Amex S.A.L. 2-Jul-98

Amex Epic USD Liquidity Amex S.A.L. 2-Jul-98

Amex Epic Euro Balanced Amex S.A.L. 2-Jul-98

Amex Epic Glbl Balanced Amex S.A.L. 2-Jul-98

Amex Epic US ST Bonds Amex S.A.L. 2-Jul-98

AB Capital Guaranteed Fund III Arab Bank 14-Aug-98

European Managed Growth Fund Arab Bank 20-Aug-98


118

Global Balanced Fund Arab Bank 20-Aug-98

Inter Capital Garanti Maxi Euro Emirates Lebanon Bank SAL 4-Dec-98

Inter Capital Garanti Estats-Unis Emirates Lebanon Bank SAL 4-Dec-98

Inter Capital Garanti Japon Emirates Lebanon Bank SAL 4-Dec-98

Inter Capital Garanti Dual Yeild-Option USD/JPY Emirates Lebanon Bank SAL 4-Dec-98

Inter Capital Garanti Dual Yeild-Option USD/DEM Emirates Lebanon Bank SAL 4-Dec-98

Inter Capital Garanti Maxi USA Emirates Lebanon Bank SAL 4-Dec-98

Inter Capital Garanti Maxi Japon Emirates Lebanon Bank SAL 4-Dec-98

Inter Capital Garanti Maxi Hong Kong Emirates Lebanon Bank SAL 4-Dec-98

Inter Strategie Euro Emirates Lebanon Bank SAL 4-Dec-98

Inter Strategie Europe De Sud Emirates Lebanon Bank SAL 4-Dec-98

Inter Strategie France Emirates Lebanon Bank SAL 4-Dec-98

Inter Strategie Swisse Emirates Lebanon Bank SAL 4-Dec-98

Multi DEM Emirates Lebanon Bank SAL 4-Dec-98

Inter Strategie Japon Emirates Lebanon Bank SAL 4-Dec-98

Inter Strategie Royaume Uni Emirates Lebanon Bank SAL 4-Dec-98

Inter Strategie Amerique du Nord Emirates Lebanon Bank SAL 4-Dec-98

Inter Strategie Sud-Est Asiatique Emirates Lebanon Bank SAL 4-Dec-98

Inter Strategie Australie Emirates Lebanon Bank SAL 4-Dec-98

Inter Strategie Global Emirates Lebanon Bank SAL 4-Dec-98

Inter Strategie Small Cap US Emirates Lebanon Bank SAL 4-Dec-98

Inter Strategie Latin America (Emergents) Emirates Lebanon Bank SAL 4-Dec-98

Inter Strategie Emerging Markets (International) Emirates Lebanon Bank SAL 4-Dec-98

Inter Strategie Greater China Emirates Lebanon Bank SAL 4-Dec-98

Inter Strategie Small Cap Euro Emirates Lebanon Bank SAL 4-Dec-98

Multi USD Emirates Lebanon Bank SAL 4-Dec-98


119

Inter Optimum FRF Emirates Lebanon Bank SAL 4-Dec-98

Inter Optimum BEF Emirates Lebanon Bank SAL 4-Dec-98

Inter Optimum DEM Emirates Lebanon Bank SAL 4-Dec-98

Inter Optimum Sud Europe Emirates Lebanon Bank SAL 4-Dec-98

Inter Optimum Europe Emirates Lebanon Bank SAL 4-Dec-98

Inter Optimum Multi Devises Emirates Lebanon Bank SAL 4-Dec-98

Inter Cash France FRF Emirates Lebanon Bank SAL 4-Dec-98

Inter Cash France Securite Emirates Lebanon Bank SAL 4-Dec-98

Inter Cash DEM Emirates Lebanon Bank SAL 4-Dec-98

Inter Cash ECU Emirates Lebanon Bank SAL 4-Dec-98

Inter Cash CHF Emirates Lebanon Bank SAL 4-Dec-98

Inter Cash ESP Emirates Lebanon Bank SAL 4-Dec-98

Inter Cash Escudo (PTE) Emirates Lebanon Bank SAL 4-Dec-98

Inter Cash BEF Emirates Lebanon Bank SAL 4-Dec-98

Inter Cash GBP Emirates Lebanon Bank SAL 4-Dec-98

Inter Optimum USD Emirates Lebanon Bank SAL 4-Dec-98

Inter Optimum Interbond Emirates Lebanon Bank SAL 4-Dec-98

Inter Optimum Emerging Markets Emirates Lebanon Bank SAL 4-Dec-98

Inter Optimum Asia Emirates Lebanon Bank SAL 4-Dec-98

Caravan Fund Emirates Lebanon Bank SAL 4-Dec-98

Inter Cash USD Emirates Lebanon Bank SAL 4-Dec-98

The Caravan Fund Emirates Lebanon Bank SAL 4-Dec-98

Inter Futures Diversified I Emirates Lebanon Bank SAL 4-Dec-98

Natio Fonds Sante Emirates Lebanon Bank SAL 4-Dec-98

Natio Fonds Multi Devises Emirates Lebanon Bank SAL 4-Dec-98

Natio Fonds Valdor Emirates Lebanon Bank SAL 4-Dec-98


120

Natio Fonds Energy International Emirates Lebanon Bank SAL 4-Dec-98

Natio Immobilier Emirates Lebanon Bank SAL 4-Dec-98

Inter Thema Special Situations Emirates Lebanon Bank SAL 4-Dec-98

Inter Thema World Leaders Emirates Lebanon Bank SAL 4-Dec-98

Inter Thema Prestige Emirates Lebanon Bank SAL 4-Dec-98

Inter Multi Investment - Sud Est Asiatique Invest Emirates Lebanon Bank SAL 4-Dec-98

Inter Multi Investment-Opportunites Internationales Invest Emirates Lebanon Bank SAL 4-Dec-98

GLG Market Neutral Fund Financial Funds Advisers 9-Jan-99

Parvest Australia C Fidus S.A.L 9-Jan-99

Parvest Belgium C Fidus S.A.L 9-Jan-99

Parvest Continental Europe C Fidus S.A.L 9-Jan-99

Parvest Eastern Europe C Fidus S.A.L 9-Jan-99

Parvest Euro Equities C Fidus S.A.L 9-Jan-99

Parvest Euro Small Cap C Fidus S.A.L 9-Jan-99

Parvest Europe C Fidus S.A.L 9-Jan-99

Parvest Europe Financials C Fidus S.A.L 9-Jan-99

Parvest Europe Growth Plus C Fidus S.A.L 9-Jan-99

Parvest Europe Mid Cap C Fidus S.A.L 9-Jan-99

Parvest Europe Outsourcing C Fidus S.A.L 9-Jan-99

Parvest France C Fidus S.A.L 9-Jan-99

Parvest Germany C Fidus S.A.L 9-Jan-99

Parvest Holland C Fidus S.A.L 9-Jan-99

Parvest Iberia C Fidus S.A.L 9-Jan-99

Parvest Italy C Fidus S.A.L 9-Jan-99

Parvest New Europe C Fidus S.A.L 9-Jan-99

Parvest Scandinavia C Fidus S.A.L 9-Jan-99


121

Parvest Southern Europe C Fidus S.A.L 9-Jan-99

Parvest Switzerland C Fidus S.A.L 9-Jan-99

Parvest UK C Fidus S.A.L 9-Jan-99

Parvest Japan Equities C Fidus S.A.L 9-Jan-99

Parvest Japan Quant C Fidus S.A.L 9-Jan-99

Parvest Japan Small Cap C Fidus S.A.L 9-Jan-99

Parvest Asia C Fidus S.A.L 9-Jan-99

Parvest Asian Technology C Fidus S.A.L 9-Jan-99

Parvest Emg Mkts Equities C Fidus S.A.L 9-Jan-99

Parvest Greater China C Fidus S.A.L 9-Jan-99

Parvest Latin America C Fidus S.A.L 9-Jan-99

Parvest North America C Fidus S.A.L 9-Jan-99

Parvest US Small Cap C Fidus S.A.L 9-Jan-99

Parvest USA Quant C Fidus S.A.L 9-Jan-99

Parvest World C Fidus S.A.L 9-Jan-99

Parvest World Health C Fidus S.A.L 9-Jan-99

Parvest World Media Net C Fidus S.A.L 9-Jan-99

Parvest World Prestige C Fidus S.A.L 9-Jan-99

Parvest World Ressources C Fidus S.A.L 9-Jan-99

Parvest World Sectors C Fidus S.A.L 9-Jan-99

Parvest World Special Situations C Fidus S.A.L 9-Jan-99

Parvest World Technology C Fidus S.A.L 9-Jan-99

Continental European Growth HSBC 16-Jan-99

Japanese Recovery HSBC 16-Jan-99

World Growth HSBC 16-Jan-99

Lion Fortune Global Bond USD C Credit Bank 27-Apr-99


122

Lion Fortune Eurpean Small Caps C Credit Bank 27-Apr-99

Lion Fortune European Equities C Credit Bank 27-Apr-99

Lion Fortune Europ Conv Bond C Credit Bank 27-Apr-99

Lion Fortune Euro Emerging Equties C Credit Bank 27-Apr-99

Lion Fortune Global Healthcare Credit Bank 27-Apr-99

Lion Fortune Global Technology Equity C Credit Bank 27-Apr-99

Lion Fortune Asian Pacific Equity C Credit Bank 27-Apr-99

Lion Fortune Asian Pacific Jap C Credit Bank 27-Apr-99

Lion Fortune Global Small Caps C Credit Bank 27-Apr-99

Lion Fortune Latin America Equities C Credit Bank 27-Apr-99

Lion Fortune North America Equities C Credit Bank 27-Apr-99

Lion Interinvest Bonds Euro Credit Bank 27-Apr-99

Lion Fortune Euro Bond C Credit Bank 27-Apr-99

Lion Fortune Euro Credit Bond C Credit Bank 27-Apr-99

Lion Fortune European Bond C Credit Bank 27-Apr-99

Lion Fortune Global Bond Euro C Credit Bank 27-Apr-99

Lion Fortune US Bond C Credit Bank 27-Apr-99

Lion Interinvest Cash Euro Credit Bank 27-Apr-99

Lion Fortune Short Term Euro C Credit Bank 27-Apr-99

Lion Interinvest Cash USD Credit Bank 27-Apr-99

Lion Fortune Short Term USD C Credit Bank 27-Apr-99

CL Euro Cash Credit Bank 27-Apr-99

Lion Intergestion Credit Bank 27-Apr-99

Lion Interaction Fund Credit Bank 27-Apr-99

Lion Convertible Euro Fund Credit Bank 27-Apr-99

Lake Intertrust Credit Bank 27-Apr-99


123

Lion Oblilux Credit Bank 27-Apr-99

Lion Oblig Euro Credit Bank 27-Apr-99

Lion Interoblig Credit Bank 27-Apr-99

CL Earth Fund Credit Bank 27-Apr-99

Universal Retirement Programme World Investment Services 8-Jul-99

Pinnacle World Investment Services 8-Jul-99

Capital Builder World Investment Services 8-Jul-99

ZILL Latin Amer Eqty Investa Financial Planning Services 14-Aug-99

ZILL US Smllr Cos Investa Financial Planning Services 14-Aug-99

ZILL N American Eq Investa Financial Planning Services 14-Aug-99

Eagle Star European Smaller Companies Investa Financial Planning Services 14-Aug-99

ZILL Pacific Basin Eq Investa Financial Planning Services 14-Aug-99

ZILL Japanese Eq Investa Financial Planning Services 14-Aug-99

ZILL UK Smllr Cos Eq Investa Financial Planning Services 14-Aug-99

Eagle Star Eagle Adventurous Investa Financial Planning Services 14-Aug-99

Eagle Star European Eq Investa Financial Planning Services 14-Aug-99

ZILL Japanese Smllr Cos Investa Financial Planning Services 14-Aug-99

Eagle Star Eagle Performance Investa Financial Planning Services 14-Aug-99

Eagle Star Eagle Blue Chip Investa Financial Planning Services 14-Aug-99

ZILL US Dllr Bd Investa Financial Planning Services 14-Aug-99

ZILL USD Secure Investa Financial Planning Services 14-Aug-99

ZILL Stlg Performance Investa Financial Planning Services 14-Aug-99

ZILL Stlg Blue Chip Investa Financial Planning Services 14-Aug-99

ZILL Stlg Adventurous Investa Financial Planning Services 14-Aug-99

ZILL UK Equity Investa Financial Planning Services 14-Aug-99

Eagle Star European Bd Investa Financial Planning Services 14-Aug-99

ZILL Sterling Bd Investa Financial Planning Services 14-Aug-99

Eagle Star Emg Mkts Bond Investa Financial Planning Services 14-Aug-99


124

ZILL International Bond Investa Financial Planning Services 14-Aug-99

Eagle Star Euro Secure Money Investa Financial Planning Services 14-Aug-99

Eagle Star Eagle Secure Investa Financial Planning Services 14-Aug-99

ZILL Jap Secure Money Investa Financial Planning Services 14-Aug-99

INVESCO GT European Bond A Arab Finance Corporation 2-Nov-99

Eaton Vance Mdln WW Health A Arab Finance Corporation 2-Nov-99

INVESCO GT Euroland A Arab Finance Corporation 2-Nov-99

INVESCO GT German Growth A Arab Finance Corporation 2-Nov-99

INVESCO GT Italia A Arab Finance Corporation 2-Nov-99

INVESCO GT Pan European A Arab Finance Corporation 2-Nov-99

INVESCO GT PanEur Ent'prise A Arab Finance Corporation 2-Nov-99

INVESCO GT Nippon Ent'prise A Arab Finance Corporation 2-Nov-99

INVESCO GT Nippon Growth A Arab Finance Corporation 2-Nov-99

INVESCO GT Amer Enterprise A Arab Finance Corporation 2-Nov-99

INVESCO GT Asean A Arab Finance Corporation 2-Nov-99

INVESCO GT Asia Enterprise A Arab Finance Corporation 2-Nov-99

INVESCO GT Cont Euro Entprs A Arab Finance Corporation 2-Nov-99

INVESCO GT Cont Europe A Arab Finance Corporation 2-Nov-99

INVESCO GT Developing Mkts A Arab Finance Corporation 2-Nov-99

INVESCO GT Energy A Arab Finance Corporation 2-Nov-99

INVESCO GT Financial Serv A Arab Finance Corporation 2-Nov-99

INVESCO GT Glbl Emg Mkts A Arab Finance Corporation 2-Nov-99

INVESCO GT Glbl Enterprise A Arab Finance Corporation 2-Nov-99

INVESCO GT Global Value A Arab Finance Corporation 2-Nov-99

INVESCO GT Gr China Opps A Arab Finance Corporation 2-Nov-99

INVESCO GT Healthcare A Arab Finance Corporation 2-Nov-99


125

INVESCO GT Hong Kong A Arab Finance Corporation 2-Nov-99

INVESCO GT India A Arab Finance Corporation 2-Nov-99

INVESCO GT Investment A Arab Finance Corporation 2-Nov-99

INVESCO GT Japan A Arab Finance Corporation 2-Nov-99

INVESCO GT Japan Entrprise A Arab Finance Corporation 2-Nov-99

INVESCO GT Japan OTC Stcks A Arab Finance Corporation 2-Nov-99

INVESCO GT Korea A Arab Finance Corporation 2-Nov-99

INVESCO GT Latin America A Arab Finance Corporation 2-Nov-99

INVESCO GT Leisure A Arab Finance Corporation 2-Nov-99

INVESCO GT Newly Ind Ctrys A Arab Finance Corporation 2-Nov-99

INVESCO GT North America A Arab Finance Corporation 2-Nov-99

INVESCO GT Pacific A Arab Finance Corporation 2-Nov-99

INVESCO GT PRC A Arab Finance Corporation 2-Nov-99

INVESCO GT Technology A Arab Finance Corporation 2-Nov-99

INVESCO GT Telecom A Arab Finance Corporation 2-Nov-99

INVESCO GT US Equity A Arab Finance Corporation 2-Nov-99

INVESCO GT US Small Cos A Arab Finance Corporation 2-Nov-99

INVESCO GT Wdwide Dyn Theme A Arab Finance Corporation 2-Nov-99

INVESCO GT Wdwide Healthcare A Arab Finance Corporation 2-Nov-99

INVESCO GT Wdwide Technology A Arab Finance Corporation 2-Nov-99

INVESCO GT Wdwide Telecoms A Arab Finance Corporation 2-Nov-99

AIM Capital Aggressive Gth A Arab Finance Corporation 2-Nov-99

AIM Capital Constellation A Arab Finance Corporation 2-Nov-99

AIM Capital Weingarten A Arab Finance Corporation 2-Nov-99

AIM Capital Global Growth A Arab Finance Corporation 2-Nov-99

Eaton Vance Mdln Emg Mkts A Arab Finance Corporation 2-Nov-99


126

Eaton Vance Mdln Grtr China A Arab Finance Corporation 2-Nov-99

Eaton Vance Mdln India A Arab Finance Corporation 2-Nov-99

Eaton Vance Mdln Info Age A Arab Finance Corporation 2-Nov-99

Eaton Vance Mdln US Growth A Arab Finance Corporation 2-Nov-99

Eaton Vance Mdln WW Dvlpg Resources Fund Arab Finance Corporation 2-Nov-99

INVESCO GT Euro Corp Bond A Arab Finance Corporation 2-Nov-99

INVESCO GT Euroland Bond A Arab Finance Corporation 2-Nov-99

INVESCO GT Gilt A Arab Finance Corporation 2-Nov-99

INVESCO GT Bond A Arab Finance Corporation 2-Nov-99

INVESCO GT Emerging Mkts Bd C Arab Finance Corporation 2-Nov-99

INVESCO GT Global Bond A(Inc) Arab Finance Corporation 2-Nov-99

INVESCO GT Global High Inc A Arab Finance Corporation 2-Nov-99

AIM Capital Strategic Inc A Arab Finance Corporation 2-Nov-99

Eaton Vance Mdln High Yield A Arab Finance Corporation 2-Nov-99

INVESCO GT Euro Reserve A Arab Finance Corporation 2-Nov-99

INVESCO GT Dollar Reserve A Arab Finance Corporation 2-Nov-99

INVESCO GT US $ Liquidity C Arab Finance Corporation 2-Nov-99

Eaton Vance Mdln Sr Flt Rte B Arab Finance Corporation 2-Nov-99

AB Asia Dynamic Fund Arab Bank 12-Nov-99

Managed Currency Fund Arab Bank 12-Nov-99

Global Equity Fund Arab Bank 12-Nov-99

ABN AMRO Europe Equity Byblos Bank 2-Dec-99

ABN AMRO Euro Eqty Byblos Bank 2-Dec-99

ABN AMRO Germany Equity Byblos Bank 2-Dec-99

ABN AMRO Netherlands Equity Byblos Bank 2-Dec-99


127

ABN AMRO Switzerland Equity Byblos Bank 2-Dec-99

ABN AMRO Glbl Eqty Byblos Bank 2-Dec-99

ABN AMRO North American Eqty Byblos Bank 2-Dec-99

ABN AMRO Japan Equity Byblos Bank 2-Dec-99

ABN AMRO Glbl Life Soc Eqty Byblos Bank 2-Dec-99

ABN AMRO Global Resources Byblos Bank 2-Dec-99

ABN AMRO Global Emerg Mkt Byblos Bank 2-Dec-99

ABN AMRO Glbl Emg Mkts Bd Byblos Bank 2-Dec-99

ABN AMRO AAF Interest Gth EUR Byblos Bank 2-Dec-99

ABN AMRO AAF Interest Gth USD Byblos Bank 2-Dec-99

MECG Technology Fund Ltd Middle East Capital Group 24-Dec-99

Scottish Mutual Guaranteed With Profit HSBC 3-Jan-00



Baring IUF Octopus HSBC 5-Mar-00

UK Equity HSBC 3-May-00

HSBC International Pan European Equity HSBC 9-May-00

INDEQ HSBC International Indian Equity HSBC 9-May-00



Technology HSBC 9-May-00

Baring IUF Hong Kong and China HSBC 9-May-00

Baring IUF Australia HSBC 9-May-00

Baring IUF Europa HSBC 9-May-00

Baring IUF Japan HSBC 9-May-00

Baring IUF North America HSBC 9-May-00


128

Baring IUF Pacific HSBC 9-May-00

International HSBC 9-May-00

Latin America HSBC 9-May-00

Pacific HSBC 9-May-00

South East Asia HSBC 9-May-00

Mercury ST USD Global Bond HSBC 9-May-00

Continental Europe HSBC 9-May-00

Telecomunication HSBC 9-May-00

Baring IUF International Bond HSBC 9-May-00

Chinese Equity HSBC 9-May-00

Emerging Markets HSBC 9-May-00

Hong Kong Equity HSBC 9-May-00

International Bond HSBC 9-May-00

Japan Inc. HSBC 9-May-00

BNP Secteur Sante Emirates Lebanon Bank SAL 23-Jun-00

Parvest Converging Europe Emirates Lebanon Bank SAL 23-Jun-00

Parvest Short Term Dollar Emirates Lebanon Bank SAL 23-Jun-00

Parvest Australia Emirates Lebanon Bank SAL 23-Jun-00

Parvest Europe Dividend Emirates Lebanon Bank SAL 23-Jun-00

Parvest Europe Opportunities Emirates Lebanon Bank SAL 23-Jun-00

Parvest Switzerland Emirates Lebanon Bank SAL 23-Jun-00

Parvest Europe Mid Cap Emirates Lebanon Bank SAL 23-Jun-00

Parvest Europe Growth Plus Emirates Lebanon Bank SAL 23-Jun-00

Parvest Europe Small Cap Emirates Lebanon Bank SAL 23-Jun-00

Parvest France Emirates Lebanon Bank SAL 23-Jun-00

Parvest Japan Emirates Lebanon Bank SAL 23-Jun-00


129

Parvest Euro Equities Emirates Lebanon Bank SAL 23-Jun-00

Parvest Asia Calssique Cap Emirates Lebanon Bank SAL 23-Jun-00

Parvest China Emirates Lebanon Bank SAL 23-Jun-00

Parvest UK Emirates Lebanon Bank SAL 23-Jun-00

Parvest Latin America Emirates Lebanon Bank SAL 23-Jun-00

Parvest US Small Cap Emirates Lebanon Bank SAL 23-Jun-00

Parvest Global Equities Emirates Lebanon Bank SAL 23-Jun-00

Parvest Global Brands Emirates Lebanon Bank SAL 23-Jun-00

Parvest USA Emirates Lebanon Bank SAL 23-Jun-00

GLG Capital Appreciation Fund Financial Funds Advisers 23-Jun-00

Parvest Balanced CHF Emirates Lebanon Bank SAL 23-Jun-00

Parvest Balanced Euro Emirates Lebanon Bank SAL 23-Jun-00

Parvest Conservative Euro Emirates Lebanon Bank SAL 23-Jun-00

Parvest Dynamic Euro Emirates Lebanon Bank SAL 23-Jun-00

Parvest Horizon Euro 10 Emirates Lebanon Bank SAL 23-Jun-00



Parvest Balanced USD Emirates Lebanon Bank SAL 23-Jun-00

Parvest Conservative USD Emirates Lebanon Bank SAL 23-Jun-00

Parvest Dynamic USD Emirates Lebanon Bank SAL 23-Jun-00

Parvist European Convertible Bond Emirates Lebanon Bank SAL 23-Jun-00

Parvest Asian Convertible Bond Emirates Lebanon Bank SAL 23-Jun-00

Parvest Belgium Emirates Lebanon Bank SAL 23-Jun-00

Parvest Continental Europe Emirates Lebanon Bank SAL 23-Jun-00

Parvest Eastern Europe Emirates Lebanon Bank SAL 23-Jun-00

Parvest Europe Emirates Lebanon Bank SAL 23-Jun-00


130

Parvest Germany Emirates Lebanon Bank SAL 23-Jun-00

Parvest Holland Emirates Lebanon Bank SAL 23-Jun-00

Parvest Iberia Emirates Lebanon Bank SAL 23-Jun-00

Parvest Italy Emirates Lebanon Bank SAL 23-Jun-00

Parvest New Europe Emirates Lebanon Bank SAL 23-Jun-00

Parvest Scandinavia Emirates Lebanon Bank SAL 23-Jun-00

Parvest Southern Europe Emirates Lebanon Bank SAL 23-Jun-00

Parvest Europe Financials Emirates Lebanon Bank SAL 23-Jun-00

Parvest Europe Outsourcing Emirates Lebanon Bank SAL 23-Jun-00

Parvest Japan Small Cap Emirates Lebanon Bank SAL 23-Jun-00

Parvest Asean Emirates Lebanon Bank SAL 23-Jun-00

Parvest Emerging Markets Emirates Lebanon Bank SAL 23-Jun-00

Parvest Asian Technology Emirates Lebanon Bank SAL 23-Jun-00

Parvest World Health Emirates Lebanon Bank SAL 23-Jun-00

Parvest World Resources Emirates Lebanon Bank SAL 23-Jun-00

Parvest World Media Net Emirates Lebanon Bank SAL 23-Jun-00

Parvest World Prestige Emirates Lebanon Bank SAL 23-Jun-00

Parvest World Emirates Lebanon Bank SAL 23-Jun-00

Parvest Euro Bond Emirates Lebanon Bank SAL 23-Jun-00

Parvest European Bond Emirates Lebanon Bank SAL 23-Jun-00

Parvest Scandinavian Bond Emirates Lebanon Bank SAL 23-Jun-00

Parvest Swiss Franc Bond Emirates Lebanon Bank SAL 23-Jun-00

Parvest Sterling Bond Emirates Lebanon Bank SAL 23-Jun-00

Parvest Yen Bond Emirates Lebanon Bank SAL 23-Jun-00

Parvest Asian Bond Emirates Lebanon Bank SAL 23-Jun-00

Parvest Emerging Markets Bond Emirates Lebanon Bank SAL 23-Jun-00


131

Parvest International Bond Emirates Lebanon Bank SAL 23-Jun-00

Parvest Short Term CHF Emirates Lebanon Bank SAL 23-Jun-00

Parvest Eonia Emirates Lebanon Bank SAL 23-Jun-00

Parvest Short Term Euro Emirates Lebanon Bank SAL 23-Jun-00

Parvest Short Term Sterling Emirates Lebanon Bank SAL 23-Jun-00

Fund 100 Emirates Lebanon Bank SAL 23-Jun-00

Fund 90 Emirates Lebanon Bank SAL 23-Jun-00

BNP Protected EURO Emirates Lebanon Bank SAL 23-Jun-00

Parvest Euro Advantage Bond Emirates Lebanon Bank SAL 23-Jun-00

Parvest Medium Term Euro Bond Emirates Lebanon Bank SAL 23-Jun-00

Parvest Growth Euro Emirates Lebanon Bank SAL 23-Jun-00

BNP Floor Fund Japan Emirates Lebanon Bank SAL 23-Jun-00

BNP Protected USA Emirates Lebanon Bank SAL 23-Jun-00

Parvest Asian Growth Emirates Lebanon Bank SAL 23-Jun-00

Parvest Asian Opportunities Emirates Lebanon Bank SAL 23-Jun-00

Parvest Hong Kong Emirates Lebanon Bank SAL 23-Jun-00

Parvest European High Yield Bond Emirates Lebanon Bank SAL 23-Jun-00

Parvest US Dollar Bond Emirates Lebanon Bank SAL 23-Jun-00

Parvest Growth CHF Emirates Lebanon Bank SAL 23-Jun-00

Parvest Growth USD Emirates Lebanon Bank SAL 23-Jun-00

Parvest World Leaders Emirates Lebanon Bank SAL 23-Jun-00

GLG Balanced Fund Financial Funds Advisers 23-Jun-00

GLG Performance Fund Financial Funds Advisers 23-Jun-00

GLG Global Convertible UCITS Fund Financial Funds Advisers 23-Jun-00

GLG European Equity Fund Financial Funds Advisers 23-Jun-00

AHLI International Trade Fund The Saudi National Commercial Bank 28-Jul-00


132

HSBC Amanah Funds SICAV-Global Equity Fund HSBC 28-Jul-00

AHLI Saudi Riyal Trade Fund The Saudi National Commercial Bank 28-Jul-00

AHLI Global Trading Equity Fund The Saudi National Commercial Bank 28-Jul-00

AHLI Small Cap Trading Equity Fund The Saudi National Commercial Bank 28-Jul-00

AHLI Europe Trading Equity Fund The Saudi National Commercial Bank 28-Jul-00

AHLI US Trading Equity Fund The Saudi National Commercial Bank 28-Jul-00

AHLI Japan Equity Fund The Saudi National Commercial Bank 28-Jul-00

AHLI South East Asia Equity Fund The Saudi National Commercial Bank 28-Jul-00

AHLI Arab Equity Fund The Saudi National Commercial Bank 28-Jul-00

AHLI Global Bond Fund The Saudi National Commercial Bank 28-Jul-00

AHLI USD Short Term Dollar Fund The Saudi National Commercial Bank 28-Jul-00

AHLI Al-Salam Commodity Fund The Saudi National Commercial Bank 28-Jul-00

AHLI Balanced Investment Fund The Saudi National Commercial Bank 28-Jul-00

Sterling 4 Year Anglo American Growth Fund HSBC 10-Aug-00

Sterling 4 year Asian Growth Fund II HSBC 10-Aug-00

Sterling 4 year Pan European Growth HSBC 10-Aug-00

US Dollar 4 year Anglo American Growth Fund HSBC 10-Aug-00

US Dollar 4 year Asian Growth Fund II HSBC 10-Aug-00

US Dollar 4 year Pan European Growth Fund HSBC 10-Aug-00

USD Asian Growth Fund HSBC 10-Aug-00

USD Nasdaq 100 Index Growth Fund HSBC 10-Aug-00

USD Pan European Growth Funds HSBC 10-Aug-00

FF Fleming Emerging Markets Debt Fund HSBC 8-Sep-00

FF Fleming Euro Bond Fund HSBC 8-Sep-00

FF Fleming European High Yield Bond Fund HSBC 8-Sep-00

FF Fleming International Bond Fund HSBC 8-Sep-00


133

FF Fleming Sterling Bond Fund HSBC 8-Sep-00

Aberdeen AM Global Technology Fund HSBC 8-Sep-00

FF Fleming American Blue Chip Fund HSBC 8-Sep-00

FF Fleming American Fledgeling Fund HSBC 8-Sep-00

FF Fleming American Fund HSBC 8-Sep-00

FF Fleming Asian Opportunities Fund HSBC 8-Sep-00

FF Fleming Balanced Fund HSBC 8-Sep-00

FF Fleming China Fund HSBC 8-Sep-00

FF Fleming Eastern European Fund HSBC 8-Sep-00

FF Fleming Emerging European Fund HSBC 8-Sep-00

FF Fleming Emerging Markets Fund HSBC 8-Sep-00

FF Fleming Euro Equity Fund HSBC 8-Sep-00

FF Fleming European Fund HSBC 8-Sep-00

FF Fleming European Smaller Companies Fund HSBC 8-Sep-00

FF Fleming European Strategic Growth Fund HSBC 8-Sep-00

FF Fleming European Strategic Value Fund HSBC 8-Sep-00

FF Fleming European Technology Fund HSBC 8-Sep-00

FF Fleming Global Equity Fund HSBC 8-Sep-00

FF Fleming Global Life Sciences Fund HSBC 8-Sep-00

FF Fleming Global Smaller Companies Fund HSBC 8-Sep-00

FF Fleming India Fund HSBC 8-Sep-00

FF Fleming International Equity Fund HSBC 8-Sep-00

FF Fleming Japanese Fund HSBC 8-Sep-00

FF Fleming Japanese Smaller Companies Fund HSBC 8-Sep-00

FF Fleming Latin American Fund HSBC 8-Sep-00

FF Fleming Middle Eastern Fund HSBC 8-Sep-00


134

FF Fleming Pacific Fund HSBC 8-Sep-00

FF Fleming Pacific Technology Fund HSBC 8-Sep-00

FF Fleming UK Enterprise Fund HSBC 8-Sep-00

FF Fleming US Discovery Fund HSBC 8-Sep-00

FF Fleming US Emerging Technologies Fund HSBC 8-Sep-00

FF German Opportunities Fund HSBC 8-Sep-00

Flemings China A HSBC 8-Sep-00

Flemings India A HSBC 8-Sep-00

Flemings UK Enterprise HSBC 8-Sep-00

AL Faris Islamic Equity Fund Arab Bank 13-Oct-00

CAF Asian Growth AC Credit Libanais 26-Oct-00

Clariden Russia Equity Credit Libanais 26-Oct-00

Fidelity Funds Latin America Credit Libanais 26-Oct-00

Baring Hong Kong China USD Credit Libanais 26-Oct-00

Franklin Mutual European A Acc Credit Libanais 26-Oct-00

Credit Suisse Equity Global Ressources B Credit Libanais 26-Oct-00

SGAM Fund Equities China A Credit Libanais 26-Oct-00

HSBC GIF Indian Equity AC Credit Libanais 26-Oct-00

Blackrock Global Funds Wald Credit Libanais 26-Oct-00

Pictet Balanced Fund/ Global Strategy International Audi Saradar Private Bank S.A.L 10-Nov-00

Pictet Balanced Fund/ Global Strategy Ref. CHF Audi Saradar Private Bank S.A.L 10-Nov-00

Pictet Balanced Fund/ Global Strategy Ref. Euro Audi Saradar Private Bank S.A.L 10-Nov-00

ACM Global Investments/ Privanza Global Balanced Portfolio Audi Saradar Private Bank S.A.L 10-Nov-00

Pictet Balanced Fund/ Global Strategy Ref. USD Audi Saradar Private Bank S.A.L 10-Nov-00

Gestilion Euro Audi Saradar Private Bank S.A.L 10-Nov-00

The Emerging Europe Portfolio Audi Saradar Private Bank S.A.L 10-Nov-00


135

Pictet Country Fund/ Valfrance Audi Saradar Private Bank S.A.L 10-Nov-00

Pictet International Equity Fund/ World Equities Ref. CHF Audi Saradar Private Bank S.A.L 10-Nov-00

Pictet Targeted Fund/ Eastern Europe Audi Saradar Private Bank S.A.L 10-Nov-00

Pictet Targeted Fund/ Small Cap Europe Audi Saradar Private Bank S.A.L 10-Nov-00

Lion Interaction Europe Audi Saradar Private Bank S.A.L 10-Nov-00

Lion - Fortune CL European Small Caps Audi Saradar Private Bank S.A.L 10-Nov-00

Slivinter Audi Saradar Private Bank S.A.L 10-Nov-00

Lion Convertible Euro Audi Saradar Private Bank S.A.L 10-Nov-00

Investilion Emergents Audi Saradar Private Bank S.A.L 10-Nov-00

Lion-Fortune CL European Emerging Equity Fund Audi Saradar Private Bank S.A.L 10-Nov-00

ACM International Health Care Fund Audi Saradar Private Bank S.A.L 10-Nov-00

ACM International Technology Fund Audi Saradar Private Bank S.A.L 10-Nov-00

ACM New Alliance/ Greater China Poetfolio Audi Saradar Private Bank S.A.L 10-Nov-00

ACM Strategic Investments/ Technology Portfolio Audi Saradar Private Bank S.A.L 10-Nov-00

ACM U.S. Growth Strategies Fund Audi Saradar Private Bank S.A.L 10-Nov-00

ACM U.S. Real Estate Investment Fund Audi Saradar Private Bank S.A.L 10-Nov-00

ACM Global Investments/ American Growth Portfolio Audi Saradar Private Bank S.A.L 10-Nov-00

ACM Global Investments/ Developing Regional Markets Portfolio Audi Saradar Private Bank S.A.L 10-Nov-00

ACM Global Investments/ International Privatisation Portfolio Audi Saradar Private Bank S.A.L 10-Nov-00

ACM Global Investments/ U.S. Smaller Companies Portfolio Audi Saradar Private Bank S.A.L 10-Nov-00

ACM Global Investments/ Asian Growth Portfolio Audi Saradar Private Bank S.A.L 10-Nov-00

ACM Global Investments/ European Growth Portfolio Audi Saradar Private Bank S.A.L 10-Nov-00

ACM Global Investments/ Global Growth Trends Portfolio Audi Saradar Private Bank S.A.L 10-Nov-00

Pictet Global Sector Fund/ Biotech Audi Saradar Private Bank S.A.L 10-Nov-00

Pictet Global Sector Fund/ Telecom Audi Saradar Private Bank S.A.L 10-Nov-00

Pictet Targeted Fund/ Australasia Audi Saradar Private Bank S.A.L 10-Nov-00


136

Pictet Targeted Fund/ Emerging Markets Audi Saradar Private Bank S.A.L 10-Nov-00

Lion Interaction Amerique Audi Saradar Private Bank S.A.L 10-Nov-00

Lion-Fortune CL Global Growth Fund Audi Saradar Private Bank S.A.L 10-Nov-00

Lion-Fortune CL Latin American Equity Fund Audi Saradar Private Bank S.A.L 10-Nov-00

ACM Global Investments/ American Income Portfolio Audi Saradar Private Bank S.A.L 10-Nov-00

ACM Global Investments/ Global High Yield Portfolio Audi Saradar Private Bank S.A.L 10-Nov-00

ACM Global Investments/ European Income Opportunities Portfolio Audi Saradar Private Bank S.A.L 10-Nov-00

ACM Global Investments/ U.S. High Yeild Portfolio Audi Saradar Private Bank S.A.L 10-Nov-00

Lion Interinvest Cash Euro Audi Saradar Private Bank S.A.L 10-Nov-00

ACM Global Investments/ Short Maturity Dollar Portfolio Audi Saradar Private Bank S.A.L 10-Nov-00

Lion Interinvest Cash USD Audi Saradar Private Bank S.A.L 10-Nov-00

Lion Interaction Asie Pacifique Audi Saradar Private Bank S.A.L 10-Nov-00

Lion-Interoblig Europe Audi Saradar Private Bank S.A.L 10-Nov-00

Pictet Targeted Fund/ Euroval Audi Saradar Private Bank S.A.L 10-Nov-00

Lion Fortune CL Global Bond Fund Audi Saradar Private Bank S.A.L 10-Nov-00

Lion-Interoblig USD Audi Saradar Private Bank S.A.L 10-Nov-00

Pictet Country Fund/ Valitalia Audi Saradar Private Bank S.A.L 10-Nov-00

Investilion Gest. Japon Audi Saradar Private Bank S.A.L 10-Nov-00

Pictet World Securities Fund/ Valbond CHF Audi Saradar Private Bank S.A.L 10-Nov-00

Pictet Fixed Income Fund/ Valbond Euro Audi Saradar Private Bank S.A.L 10-Nov-00

Pictet Fixed Income Fund/ Valbond USD Audi Saradar Private Bank S.A.L 10-Nov-00

Lion-Fortune CL Asian Growth Fund Audi Saradar Private Bank S.A.L 10-Nov-00

Pictet-Obligations Audi Saradar Private Bank S.A.L 10-Nov-00

Pictet/Valsuisse Audi Saradar Private Bank S.A.L 10-Nov-00

Pictet Swiss Mid-Small CAP Audi Saradar Private Bank S.A.L 10-Nov-00

ACM Global Investments/ Global Bond Portfolio Audi Saradar Private Bank S.A.L 10-Nov-00


137

The Central European Fixed Income Portfolio Audi Saradar Private Bank S.A.L 10-Nov-00

Pictet Country Fund/ Nedval Audi Saradar Private Bank S.A.L 10-Nov-00

GLG North American Long - Short Fund Financial Funds Advisers 21-Nov-00

GLG European Long - Short Fund Financial Funds Advisers 21-Nov-00

INVESCO GT Pan European A BALOM Bank 15-Dec-00

INVESCO GT Healthcare A BALOM Bank 15-Dec-00

INVESCO GT Technology A BALOM Bank 15-Dec-00

INVESCO GT Telecom A BALOM Bank 15-Dec-00

INVESCO GT US Equity A BALOM Bank 15-Dec-00

ACMGI American Gth Ptfl A BALOM Bank 15-Dec-00

ACMGl Glbl Gth Trends A BALOM Bank 15-Dec-00

ACMGl Europe Tech Ptf A USD BALOM Bank 15-Dec-00

ACM International - Technology Fund BALOM Bank 15-Dec-00

ACM SI Technology Portfolio A BALOM Bank 15-Dec-00

Strat Value Adv Value A BALOM Bank 15-Dec-00

INVESCO GT Global Growth Fund BALOM Bank 15-Dec-00

HSBC GIF European Currency Arab Finance Corporation 24-Jan-01

ACMGl Sht Mat Dllr Ptfl A Arab Finance Corporation 24-Jan-01

ACMGl Glbl Gth Trends A Arab Finance Corporation 24-Jan-01

ACMGI Global Bond Ptfl B Arab Finance Corporation 24-Jan-01

EXATIS DYNAMIC Arab Finance Corporation 24-Jan-01

Exatis France Equities C Arab Finance Corporation 24-Jan-01

Exatis Euro NM Cap Arab Finance Corporation 24-Jan-01

Exatis Euro Equities C Arab Finance Corporation 24-Jan-01

Exatis Germany Equities C Arab Finance Corporation 24-Jan-01

Exatis Cyber Avenue C Arab Finance Corporation 24-Jan-01


138

EXATIS THEMA GROWTH Arab Finance Corporation 24-Jan-01

EXATIS THEMA VALUE Arab Finance Corporation 24-Jan-01

EXATIS THEMA QUALITY Arab Finance Corporation 24-Jan-01

EXATIS THEMA CYCLIC Arab Finance Corporation 24-Jan-01

Exatis UK Equities C Arab Finance Corporation 24-Jan-01

Exatis Japan Equities C Arab Finance Corporation 24-Jan-01

EXATIS WORLD SMALL CAPS Arab Finance Corporation 24-Jan-01

EXATIS WORLD EQUITIES Arab Finance Corporation 24-Jan-01

EXATIS GLOBAL EQUITIES (ex US) Arab Finance Corporation 24-Jan-01

Exatis North America Equities Arab Finance Corporation 24-Jan-01

Exatis South East Asia Eq C Arab Finance Corporation 24-Jan-01

EXATIS EMERGING MARKET EQUITIES Arab Finance Corporation 24-Jan-01

EXATIS HEALTH Arab Finance Corporation 24-Jan-01

EXATIS NATURAL RESOURCES Arab Finance Corporation 24-Jan-01

EXATIS FINANCIALS Arab Finance Corporation 24-Jan-01

EXATIS GLOBAL EMERGING SITUATIONS Arab Finance Corporation 24-Jan-01

ACMGl Europe Tech Ptf A USD Arab Finance Corporation 24-Jan-01

ACMGI Intl Priv'sation Ptfl A Arab Finance Corporation 24-Jan-01

ACMGI US Smaller Co A Arab Finance Corporation 24-Jan-01

ACMGl Europe Gth Ptf A USD Arab Finance Corporation 24-Jan-01

ACMGI American Gth Ptfl A Arab Finance Corporation 24-Jan-01

ACM New Alliance Gr China A Arab Finance Corporation 24-Jan-01

ACM SI Technology Portfolio A Arab Finance Corporation 24-Jan-01

ACM US Grth Strategies A Arab Finance Corporation 24-Jan-01

ACM US Real Estate Invest A Arab Finance Corporation 24-Jan-01

ACM Intl Health Care Ptfl AX Arab Finance Corporation 24-Jan-01


139

India Liberalisation A Arab Finance Corporation 24-Jan-01

EXATIS NEW FRONTIER EQUITIES Arab Finance Corporation 24-Jan-01

Exatis Pan European Bonds C Arab Finance Corporation 24-Jan-01

Exatis Sovereign Spreads Arab Finance Corporation 24-Jan-01

Exatis Asset Backed Securities Arab Finance Corporation 24-Jan-01

Exatis High Return Europ Bds C Arab Finance Corporation 24-Jan-01

Exatis European High Yield Arab Finance Corporation 24-Jan-01

EXATIS GLOBAL HIGH YIELD BONDS Arab Finance Corporation 24-Jan-01

EXATIS SAFETY Arab Finance Corporation 24-Jan-01

Exatis GBP Reserve C Arab Finance Corporation 24-Jan-01

Exatis International Bonds C Arab Finance Corporation 24-Jan-01

EXATIS US HIGH YIELD BONDS Arab Finance Corporation 24-Jan-01

ACMGl US High Yld Ptfl A Arab Finance Corporation 24-Jan-01

ACMGI American Inc Ptfl A Arab Finance Corporation 24-Jan-01

ACMGI Glbl High Yield Ptfl A Arab Finance Corporation 24-Jan-01

ACMGl Europe Inc Opps A USD Arab Finance Corporation 24-Jan-01

Exatis Euro Reserve C Arab Finance Corporation 24-Jan-01

Exatis USD Reserve C Arab Finance Corporation 24-Jan-01

EXATIS EQUILIBRIUM Arab Finance Corporation 24-Jan-01

EXATIS STABILITY Arab Finance Corporation 24-Jan-01

ACMGI Privanza Glbl Bal A Arab Finance Corporation 24-Jan-01

Parindex Index Euro Emirates Lebanon Bank SAL 3-Feb-01

BNP Paribas Technologie Emirates Lebanon Bank SAL 20-Feb-01

Parvest Russa Emirates Lebanon Bank SAL 20-Feb-01

Global Technology Emirates Lebanon Bank SAL 20-Feb-01

MS SICAV Short Mat Euro Bd I Banque Libano Francaise 23-Mar-01


140

Dieze Banque Libano Francaise 23-Mar-01

Indocam Convertibles Europe Banque Libano Francaise 23-Mar-01

GIF SICAV Eurostocks Fund Banque Libano Francaise 23-Mar-01

GIF SICAV France Fund Banque Libano Francaise 23-Mar-01

GIF SICAV Germany Fund Banque Libano Francaise 23-Mar-01

GIF SICAV Spain Fund Banque Libano Francaise 23-Mar-01

GIF SICAV Switzerland Fund Banque Libano Francaise 23-Mar-01

MS SICAV Emerging Europe I Banque Libano Francaise 23-Mar-01

MS SICAV Eur Ex UK Property I Banque Libano Francaise 23-Mar-01

MS SICAV European Eq Growth I Banque Libano Francaise 23-Mar-01

MS SICAV European Equity I Banque Libano Francaise 23-Mar-01

MS SICAV European Gth Opp I Banque Libano Francaise 23-Mar-01

MS SICAV European Property I Banque Libano Francaise 23-Mar-01

MS SICAV European Value Eq I Banque Libano Francaise 23-Mar-01

MS SICAV Eurpn Sm Cap Val I Banque Libano Francaise 23-Mar-01

GIF SICAV United Kingdom Fund Banque Libano Francaise 23-Mar-01

GIF SICAV Japan Fund Banque Libano Francaise 23-Mar-01

GIF SICAV Japan Smaller Companies Fund Banque Libano Francaise 23-Mar-01

MS SICAV Japanese Grth Opp I Banque Libano Francaise 23-Mar-01

MS SICAV Japanese Value Eq I Banque Libano Francaise 23-Mar-01

Atout Futur Banque Libano Francaise 23-Mar-01

Eurodyn Banque Libano Francaise 23-Mar-01

GIF SICAV Asean Fund Banque Libano Francaise 23-Mar-01

GIF SICAV North America Fund Banque Libano Francaise 23-Mar-01

Indicia France Banque Libano Francaise 23-Mar-01

Indocam Asie Banque Libano Francaise 23-Mar-01


141

Indocam France Banque Libano Francaise 23-Mar-01

Indocam Japon Banque Libano Francaise 23-Mar-01

Indocam Marchés Emergents Banque Libano Francaise 23-Mar-01

Indocam Nouveaux Marchés Banque Libano Francaise 23-Mar-01

Indocam Orient Banque Libano Francaise 23-Mar-01

Indocam Valeurs Restructurations Banque Libano Francaise 23-Mar-01

MS SICAV Asian Equity I Banque Libano Francaise 23-Mar-01

MS SICAV Asian Property I Banque Libano Francaise 23-Mar-01

MS SICAV Competitive Edge I Banque Libano Francaise 23-Mar-01

MS SICAV Emerging Mark Eq I Banque Libano Francaise 23-Mar-01

MS SICAV Global Brands I Banque Libano Francaise 23-Mar-01

MS SICAV Global Sm Cap Val I Banque Libano Francaise 23-Mar-01

MS SICAV Global Technology I Banque Libano Francaise 23-Mar-01

MS SICAV Global Value Eq I Banque Libano Francaise 23-Mar-01

MS SICAV US Equity Growth I Banque Libano Francaise 23-Mar-01

MS SICAV US Equity I Banque Libano Francaise 23-Mar-01

MS SICAV US Growth & Income I Banque Libano Francaise 23-Mar-01

MS SICAV US Property I Banque Libano Francaise 23-Mar-01

MS SICAV US Small Cap Gth I Banque Libano Francaise 23-Mar-01

MS SICAV US Small Cap Value I Banque Libano Francaise 23-Mar-01

MS SICAV World Equity I Banque Libano Francaise 23-Mar-01

GIF SICAV Europe Smaller Companies Fund Banque Libano Francaise 23-Mar-01

MS SICAV Euro Bond I Banque Libano Francaise 23-Mar-01

MS SICAV Euro Corp Bond I Banque Libano Francaise 23-Mar-01

MS SICAV Euro Strategic Bd I Banque Libano Francaise 23-Mar-01

MS SICAV European High Yld I Banque Libano Francaise 23-Mar-01


142

MS SICAV Emerging Mark Debt I Banque Libano Francaise 23-Mar-01

MS SICAV Global Bond I Banque Libano Francaise 23-Mar-01

MS SICAV US Bond I Banque Libano Francaise 23-Mar-01

MS SICAV US High Yield I Banque Libano Francaise 23-Mar-01

MS SICAV Euro Liquidity I Banque Libano Francaise 23-Mar-01

MS SICAV STLG Liquidity I Banque Libano Francaise 23-Mar-01

MS SICAV USD Liquidity I Banque Libano Francaise 23-Mar-01

GIF SICAV Canadian Dollar Bond Fund Banque Libano Francaise 23-Mar-01

GIF SICAV Euro Corporate Bond Fund Banque Libano Francaise 23-Mar-01

GIF SICAV Euro Reserve Fund Banque Libano Francaise 23-Mar-01

GIF SICAV European Bond Fund Banque Libano Francaise 23-Mar-01

GIF SICAV European High Yield Bond Fund Banque Libano Francaise 23-Mar-01

GIF SICAV European Special Equities Fund Banque Libano Francaise 23-Mar-01

GIF SICAV Italian Lira Bond Fund Banque Libano Francaise 23-Mar-01

GIF SICAV Italy Fund Banque Libano Francaise 23-Mar-01

GIF SICAV Nordic Fund Banque Libano Francaise 23-Mar-01

GIF SICAV Swiss Franc Bond Fund Banque Libano Francaise 23-Mar-01

GIF SICAV Swiss Franc Reserve Fund Banque Libano Francaise 23-Mar-01

MS SICAV Sel Global Div EUR I Banque Libano Francaise 23-Mar-01

GIF SICAV Sterling Bond Fund Banque Libano Francaise 23-Mar-01

GIF SICAV Sterling Reserve Fund Banque Libano Francaise 23-Mar-01

GIF SICAV Yen Reserve Fund Banque Libano Francaise 23-Mar-01

Amplia Banque Libano Francaise 23-Mar-01

Atout Foncier Banque Libano Francaise 23-Mar-01

Eli Arbitarges Banque Libano Francaise 23-Mar-01

Elicash Banque Libano Francaise 23-Mar-01


143

Elitam Banque Libano Francaise 23-Mar-01

Gamme Allocations Banque Libano Francaise 23-Mar-01

Gamme Opportunities Banque Libano Francaise 23-Mar-01

GIF SICAV Asia pacific Fund Banque Libano Francaise 23-Mar-01

GIF SICAV Developing Markets Fund Banque Libano Francaise 23-Mar-01

GIF SICAV Dollar Bond Fund Banque Libano Francaise 23-Mar-01

GIF SICAV Dollar Reserve Fund Banque Libano Francaise 23-Mar-01

GIF SICAV Eastern Europe Fund Banque Libano Francaise 23-Mar-01

GIF SICAV Global Bond Fund Banque Libano Francaise 23-Mar-01

GIF SICAV International Fund Banque Libano Francaise 23-Mar-01

GIF SICAV Latin America Fund Banque Libano Francaise 23-Mar-01

GIF SICAV Multimedia Fund Banque Libano Francaise 23-Mar-01

GIF SICAV North America Smaller Companies Fund Banque Libano Francaise 23-Mar-01

GIF SICAV Worldwide Healthcare Fund Banque Libano Francaise 23-Mar-01

Green Way Arbitrage Banque Libano Francaise 23-Mar-01

Green Way Investments Limited Banque Libano Francaise 23-Mar-01

Green Way Limited Banque Libano Francaise 23-Mar-01

Green Way Select Banque Libano Francaise 23-Mar-01

Indocam Actions Euro Banque Libano Francaise 23-Mar-01

Indocam Arbitrage 3 Mois Banque Libano Francaise 23-Mar-01

Indocam Avenir France Banque Libano Francaise 23-Mar-01

Indocam Dollar 3 Mois Banque Libano Francaise 23-Mar-01

Indocam Europe Nouvelle Banque Libano Francaise 23-Mar-01

Indocam Europrim Banque Libano Francaise 23-Mar-01

Indocam Gestion Banque Libano Francaise 23-Mar-01

Indocam Global VaR 2 Banque Libano Francaise 23-Mar-01


144

Indocam Horizon Europe Banque Libano Francaise 23-Mar-01

Indocam Investicourt Banque Libano Francaise 23-Mar-01

Indocam Multiobligations Banque Libano Francaise 23-Mar-01

Indocam Quanteuro Banque Libano Francaise 23-Mar-01

Indocam Régularité Banque Libano Francaise 23-Mar-01

Indocam Straégie Emergents Banque Libano Francaise 23-Mar-01

Indocam Stratégie 1-3 Banque Libano Francaise 23-Mar-01




Indocam Stratégie Inflation Banque Libano Francaise 23-Mar-01

Indocam Stratégie Jour Banque Libano Francaise 23-Mar-01

Indocam Stratégie Monde Banque Libano Francaise 23-Mar-01

Indocam US Value Banque Libano Francaise 23-Mar-01

Indocam Win Way Banque Libano Francaise 23-Mar-01

MS SICAV Sel Global Div USD I Banque Libano Francaise 23-Mar-01

Univers Actions Banque Libano Francaise 23-Mar-01

Univers Obligation Banque Libano Francaise 23-Mar-01

GIF SICAV Financial Opportunities Fund Banque Libano Francaise 23-Mar-01

Sterling Anglo American Growth II Fund HSBC 25-Apr-01

Sterling Nasdaq Plus Growth III Fund HSBC 25-Apr-01

Sterling Top Sector Growth Fund HSBC 25-Apr-01

US Dollar Nasdaq Plus Growth IV Fund HSBC 25-Apr-01

US Dollar Top Sector Growth Fund HSBC 25-Apr-01

US Dollar Top Sector Growth II Fund HSBC 25-Apr-01

US Dollar US Performance Plus Growth Fund HSBC 25-Apr-01


145

US Dollar US Performance Plus Growth II Fund HSBC 25-Apr-01

Euro NASDAQ Plus Growth Fund HSBC 28-Apr-01

Euro Nasdaq Plus Growth II Fund HSBC 28-Apr-01

Sterling Global Titans Growth Fund HSBC 28-Apr-01

Sterling NASDAQ Plus Growth II Fund HSBC 28-Apr-01

Sterling Pan European Growth III Fund HSBC 28-Apr-01

US Dollar Global Titans Growth Fund HSBC 28-Apr-01

US Dollar Global Titans Growth II Fund HSBC 28-Apr-01

US Dollar Nasdaq Plus Growth Fund HSBC 28-Apr-01

US Dollar NASDAQ Plus Growth II Fund HSBC 28-Apr-01

US Dollar Pan European Growth II Fund HSBC 28-Apr-01

US Dollar Pan European Growth III Fund HSBC 28-Apr-01

US Dollar World Growth II Fund HSBC 28-Apr-01

International Bond Fund Financial Funds Advisers 10-May-01

ACM Intl Health Care Ptfl AX Fidus S.A.L 10-May-01

ACM Intl Technology I Fidus S.A.L 10-May-01

ACMGI American Gth Ptfl A Fidus S.A.L 10-May-01

ACMGI Global Gth Trends A Fidus S.A.L 10-May-01

ACMGl Europe Gth Ptf A USD Fidus S.A.L 10-May-01

ACMGl Europe Tech Ptf A USD Fidus S.A.L 10-May-01

Putnam Emerging Inf Science A Fidus S.A.L 10-May-01

Putnam Europe Equity A Fidus S.A.L 10-May-01

Putnam Global Growth A Fidus S.A.L 10-May-01

Putnam Gth&Inc (US Value Eq)A Fidus S.A.L 10-May-01

Putnam Investors A Fidus S.A.L 10-May-01

Putnam New Opps (US Agg Gth)A Fidus S.A.L 10-May-01


146

Putnam Vista (US Mid-Cap Eq)A Fidus S.A.L 10-May-01

Putnam High Yield A Fidus S.A.L 10-May-01

Putnam US Government Bond A Fidus S.A.L 10-May-01

Putnam George Putnam A Fidus S.A.L 10-May-01

Putnam Intl Growth Equity Fund Fidus S.A.L 10-May-01

Putnam US Liquid Assets A Fidus S.A.L 10-May-01

The Asian Technology Fund Fidus S.A.L 10-May-01

Man-Glenwood Select Limited Byblos Bank 18-May-01

Janus World Balanced A Audi Saradar Private Bank S.A.L 27-Jun-01

Janus World US S-T Bond A1 Audi Saradar Private Bank S.A.L 27-Jun-01

Janus World Global Value A$ Audi Saradar Private Bank S.A.L 27-Jun-01

Janus Sel.Strategic Val A $ Audi Saradar Private Bank S.A.L 27-Jun-01

Janus World Glbl Life Sci A Audi Saradar Private Bank S.A.L 27-Jun-01

Janus World Global Tech A Audi Saradar Private Bank S.A.L 27-Jun-01

Janus World Core Equity A USD Audi Saradar Private Bank S.A.L 27-Jun-01

Janus World Flexible Inc A1 Audi Saradar Private Bank S.A.L 27-Jun-01

Janus World High Yield Bd A1 Audi Saradar Private Bank S.A.L 27-Jun-01

Janus World Euro Reserve A1 Audi Saradar Private Bank S.A.L 27-Jun-01

Janus World US Dllr Res A1 Audi Saradar Private Bank S.A.L 27-Jun-01

International Growth Fund Audi Saradar Private Bank S.A.L 27-Jun-01

Worldwide Growth Fund Audi Saradar Private Bank S.A.L 27-Jun-01

Janus World All Cap Growth A Audi Saradar Private Bank S.A.L 29-Jun-01

Janus Sel.Twenty Fund A $ Audi Saradar Private Bank S.A.L 29-Jun-01

Janus World US Venture A Audi Saradar Private Bank S.A.L 29-Jun-01

Special Situations Fund Audi Saradar Private Bank S.A.L 29-Jun-01

US Large Cap Growth Fund Audi Saradar Private Bank S.A.L 29-Jun-01


147

ESIL Global Select Growth Investa Financial Planning Services 21-Jul-01

Janus Sel.Twenty Fund A $ Fidus S.A.L 21-Jul-01

Janus World All Cap Growth A Fidus S.A.L 21-Jul-01

Janus World Glbl Life Sci A Fidus S.A.L 21-Jul-01

Janus World Global Tech A Fidus S.A.L 21-Jul-01

Janus World Strategic Value A Fidus S.A.L 21-Jul-01

Janus World US Venture A Fidus S.A.L 21-Jul-01

Janus Sel.Flexible Inc. A $ Fidus S.A.L 21-Jul-01

Janus World High Yield Bd A1 Fidus S.A.L 21-Jul-01

Janus World Balanced A Fidus S.A.L 21-Jul-01

Janus World US Dllr Res A1 Fidus S.A.L 21-Jul-01

Janus World US S-T Bond A1 Fidus S.A.L 21-Jul-01

ESIL Global Life Sciences Investa Financial Planning Services 21-Jul-01

ESIL Global Technology Investa Financial Planning Services 21-Jul-01

Protected Cash Bonus Fund Investa Financial Planning Services 21-Jul-01

Protected Multi Index 95 Investa Financial Planning Services 21-Jul-01

Protected Multi Index 97.5 Investa Financial Planning Services 21-Jul-01

Protected Multi Index 100 Investa Financial Planning Services 21-Jul-01

Protected UK Index 95 Investa Financial Planning Services 21-Jul-01

Protected UK Index 97.5 Investa Financial Planning Services 21-Jul-01

Protected UK Index 100 Investa Financial Planning Services 21-Jul-01

Protected Japan Index 95 Investa Financial Planning Services 21-Jul-01

Protected Japan Index 97.5 Investa Financial Planning Services 21-Jul-01

Protected Japan Index 100 Investa Financial Planning Services 21-Jul-01

Protected Europe Index 95 Investa Financial Planning Services 21-Jul-01

Protected Europe Index 97.5 Investa Financial Planning Services 21-Jul-01

Protected Europe Index 100 Investa Financial Planning Services 21-Jul-01


148

Protected Deposit Bonus Fund Investa Financial Planning Services 21-Jul-01

Arab Bank Alternative Arbitrage Fund Arab Bank 26-Jul-01

Eaton Vance World Wide Health Science HSBC 22-Aug-01

MSDW SICAV US Equity Growth HSBC 22-Aug-01

Schroders International Selection Fund SICAV Latin American HSBC 22-Aug-01

MSDW SICAV Global Technology HSBC 22-Aug-01

Aberdeen IF China Opportunities Fund HSBC 22-Aug-01

M&G Offshore UK Growth HSBC 22-Aug-01

Mercury OST European HSBC 22-Aug-01

Mercury OST Global HSBC 22-Aug-01

Mercury OST Japan HSBC 22-Aug-01

Al Dar Islamic Eastern Europe HSBC 22-Aug-01

Al Dar Islamic Europe Equities HSBC 22-Aug-01

Al Dar Islamic World Equities HSBC 22-Aug-01

Alfanar Investment Holdings N.V. HSBC 22-Aug-01

Deutsche GS India HSBC 22-Aug-01

Henderson HF American Sm Cos HSBC 22-Aug-01

IUF Hong Kong China HSBC 22-Aug-01

Martin Currie Global Funds Japan HSBC 22-Aug-01

Mercury ST Global Equity HSBC 22-Aug-01

Mercury ST Japan HSBC 22-Aug-01

Mercury ST Japan Opportunities HSBC 22-Aug-01

MSDW SICAV Japan Equity HSBC 22-Aug-01

Putnam Emerging Information Sciences Fund HSBC 22-Aug-01

Putnam Europe Equity HSBC 22-Aug-01

Scudder Global Opportunities Funds Japan Equity HSBC 22-Aug-01


149

Mercury ML Mercury ST European Bond HSBC 22-Aug-01

Mercury ST European High Yeild Bond HSBC 22-Aug-01

Mercury World Bond HSBC 22-Aug-01

MSDW SICAV Global Bond HSBC 22-Aug-01

Barclays GI Europe EX UK Index HSBC 22-Aug-01

Barclays GI Japan Index HSBC 22-Aug-01

Al Salam Commodity Fund HSBC 22-Aug-01

Alfanar Essexx Technology Ltd. HSBC 22-Aug-01

Alfanar Europe Ltd. HSBC 22-Aug-01

Alfanar US Capital Growth HSBC 22-Aug-01

Alfanar US Capital Value Ltd. HSBC 22-Aug-01

Barclays GI UK Index HSBC 22-Aug-01

CMI Investment Account HSBC 22-Aug-01

CMI Premier Account HSBC 22-Aug-01

Global Trading Equity Fund HSBC 22-Aug-01

HSBC GIF US Index HSBC 22-Aug-01

HSBC Prtfolio Plus HSBC 22-Aug-01

International Investment Account HSBC 22-Aug-01

International Investment Bond HSBC 22-Aug-01

Putnam World Trust II HSBC 22-Aug-01

Royal Scandia Collective Investment Bond HSBC 22-Aug-01

Scottish Mutual HSBC 22-Aug-01

Small Cap Trading Equity Fund HSBC 22-Aug-01

With Profit Bond HSBC 22-Aug-01

Dresdner North American Equity Fund HSBC 23-Aug-01

B.P. Obli Haut Rendement Byblos Bank 8-Sep-01


150

Fructi - Capi Byblos Bank 8-Sep-01

Euroaction Mid-Cap Byblos Bank 8-Sep-01

Euroaction N.M. Byblos Bank 8-Sep-01

Fructi Euro 50 Byblos Bank 8-Sep-01

B.P. Obligations Europe Byblos Bank 8-Sep-01

Foncier Investissement Byblos Bank 8-Sep-01

Fructi – Actions Rendement Byblos Bank 8-Sep-01

Fructifonds France Actions Byblos Bank 8-Sep-01

Fructifonds France Midcap Byblos Bank 8-Sep-01

Fructifrance Byblos Bank 8-Sep-01

B.P. Obli Premiere Byblos Bank 8-Sep-01

Fructi - Premiere Byblos Bank 8-Sep-01

Actions Agro Alimentaire Byblos Bank 8-Sep-01

BP Mediterranee Developpement Byblos Bank 8-Sep-01

BP Nouvelle Economie Byblos Bank 8-Sep-01

Fructi Monde PEA Byblos Bank 8-Sep-01

Fructifonds Croissance Pacifique Byblos Bank 8-Sep-01

Fructifonds France NM Byblos Bank 8-Sep-01

Fructifonds International Or Byblos Bank 8-Sep-01

Fructifonds Valeurs Americaines Byblos Bank 8-Sep-01

Fructifonds Valeurs Europeennes Byblos Bank 8-Sep-01

Planinter Byblos Bank 8-Sep-01

B.P. Obligations Internationales Byblos Bank 8-Sep-01

B.P. Oblivariable Byblos Bank 8-Sep-01

Fructidor Byblos Bank 8-Sep-01

BP France Indice Byblos Bank 8-Sep-01


151

Vanguard Euro Stk Idx Ins USD BALOM Bank 21-Sep-01

Vanguard Glbl Stk Idx Ins USD BALOM Bank 21-Sep-01

Vanguard US 500 Stk Idx Ins $ BALOM Bank 21-Sep-01

Man- Arbitrage Strategies Limited Audi Saradar Private Bank S.A.L 3-Oct-01

Man- Glenwood Multi Strategy Limited Audi Saradar Private Bank S.A.L 3-Oct-01

AHL Diversified Plc Audi Saradar Private Bank S.A.L 3-Oct-01

Beirut Income Fund Bank of Beirut 10-Oct-01

Man-IP 220 Plus Ltd Byblos Bank 25-Oct-01

Man Multi Strategy Series 3 Ltd Byblos Bank 10-Nov-01

AHL Diversified Plc Byblos Bank 10-Nov-01

GNI Global Strategies Fund Ltd. Byblos Bank 15-Dec-01

GLG Investments IV Preferred Fund Class F Financial Funds Advisers 28-Dec-01

AL AHLI Healthcare Trading Equity Fund The Saudi National Commercial Bank 4-Jan-02

ACMGI American Growth Portfolio HSBC 9-Jan-02

ACM Bernstein American Value Portfolio HSBC 12-Jan-02

ACM Global Growth Trends Portfolio HSBC 12-Jan-02

SGF Moderato Euro 85% HSBC 12-Jan-02



SGF Moderato USD 85% HSBC 12-Jan-02



HSBC Amanah European Basket Protected Fund HSBC 1-Feb-02

Man Investment Products Byblos Bank 11-Feb-02

Barclays United States Equity Fund HSBC 28-Feb-02

HSBC US Dollar Liquidity Fund "A" Shares HSBC 28-Feb-02


152

JP Morgan Fleming: Global Equity Fund "A" USD HSBC 28-Feb-02

Morgan Stanely Dean Witter SICAV Global Value Equity Fund HSBC 28-Feb-02

New Star Capital Guaranteed European Hedge Fund Ltd. HSBC 22-Mar-02

Man AP Strategic Series 1 LTD. Byblos Bank 8-Apr-02

Amanah Blue Chip Protected Fund HSBC 17-May-02

HSBC International Select Fund HSBC 17-May-02

The HSBC Amanah Currency Fund HSBC 17-May-02

Oblilion Euro CT ACT C Cap Arab Finance Corporation 12-Jun-02

Franklin US Govt A Arab Finance Corporation 13-Jun-02

US Dollar Floating Rate Fund LTD Arab Finance Corporation 13-Jun-02

AHL Diversified Plc Arab Finance Corporation 13-Jun-02

Janus World US S-T Bond A1 Arab Finance Corporation 13-Jun-02

Lion Fortune Europ Conv Bond C Arab Finance Corporation 13-Jun-02

Putnam Global Bond Fund Arab Finance Corporation 13-Jun-02

Franklin European Gth A Acc Arab Finance Corporation 13-Jun-02

Templeton EuroMkt Gth A Acc Arab Finance Corporation 13-Jun-02

Templeton Glbl Gth EURO A Dis Arab Finance Corporation 13-Jun-02

Templeton East Europe A Acc Arab Finance Corporation 13-Jun-02

Lion Fortune European Eqties C Arab Finance Corporation 13-Jun-02

Euro Equities Arab Finance Corporation 13-Jun-02

Lion Fortune Eurp Small Caps C Arab Finance Corporation 13-Jun-02

Lion Fortune Eur Emg Eqties C Arab Finance Corporation 13-Jun-02

Lion Fortune Global Tech Eq C Arab Finance Corporation 13-Jun-02

Lion Fortune Global Healthcare Arab Finance Corporation 13-Jun-02

Japanese Equities Arab Finance Corporation 13-Jun-02

Fidelity AW America A Arab Finance Corporation 13-Jun-02


153

Fidelity AW American Gth A Arab Finance Corporation 13-Jun-02

Fidelity AW Asian Spec A Arab Finance Corporation 13-Jun-02

Fidelity AW Emerging Mkts A Arab Finance Corporation 13-Jun-02

Fidelity AW Greater China A Arab Finance Corporation 13-Jun-02

Fidelity AW International A Arab Finance Corporation 13-Jun-02

Fidelity AW Latin America A Arab Finance Corporation 13-Jun-02

Fidelity AW Pacific A Arab Finance Corporation 13-Jun-02

Fidelity AW Technology A Arab Finance Corporation 13-Jun-02

Fidelity AW Telecom A Arab Finance Corporation 13-Jun-02

Fidelity AW Europe A Arab Finance Corporation 13-Jun-02

Fidelity AW US Large Cap A Arab Finance Corporation 13-Jun-02

Franklin Aggressive Gth A Acc Arab Finance Corporation 13-Jun-02

Franklin Biotech Disc A Acc Arab Finance Corporation 13-Jun-02

Franklin Technology A Acc Arab Finance Corporation 13-Jun-02

Franklin US Equity A Acc Arab Finance Corporation 13-Jun-02

Franklin Mutual Beacon A Acc Arab Finance Corporation 13-Jun-02

Franklin Mutual Europe A Acc Arab Finance Corporation 13-Jun-02

Templeton European A Dis $ Arab Finance Corporation 13-Jun-02

Templeton Glbl Sm Cos A Dis Arab Finance Corporation 13-Jun-02

Templeton International Fund Arab Finance Corporation 13-Jun-02

Templeton Asian Dev Eq A Acc Arab Finance Corporation 13-Jun-02

Templeton Asian Growth A Dis Arab Finance Corporation 13-Jun-02

Templeton China A Acc Arab Finance Corporation 13-Jun-02

Templeton Emerging Mkt A Dis Arab Finance Corporation 13-Jun-02

Templeton Japan A Acc Arab Finance Corporation 13-Jun-02

Templeton Korea A Acc Arab Finance Corporation 13-Jun-02


154

Templeton Latin America A Dis Arab Finance Corporation 13-Jun-02

Templeton Thailand A Acc Arab Finance Corporation 13-Jun-02

Templeton Global Growth A Arab Finance Corporation 13-Jun-02

Janus World All Cap Growth A Arab Finance Corporation 13-Jun-02

Special Situations Fund Arab Finance Corporation 13-Jun-02

Janus Sel.Twenty Fund A $ Arab Finance Corporation 13-Jun-02

Janus World US Venture A Arab Finance Corporation 13-Jun-02

Janus World Global Value A$ Arab Finance Corporation 13-Jun-02

Janus Sel.Strategic Val A $ Arab Finance Corporation 13-Jun-02

Janus World Glbl Life Sci A Arab Finance Corporation 13-Jun-02

Janus World Global Tech A Arab Finance Corporation 13-Jun-02

International Growth Fund Arab Finance Corporation 13-Jun-02

Worldwide Growth Fund Arab Finance Corporation 13-Jun-02

Janus World Core Equity A USD Arab Finance Corporation 13-Jun-02

Putnam Emerging Inf Science A Arab Finance Corporation 13-Jun-02

Putnam Europe Equity A Arab Finance Corporation 13-Jun-02

Putnam Global Growth A Arab Finance Corporation 13-Jun-02

Putnam Gth&Inc (US Value Eq)A Arab Finance Corporation 13-Jun-02

Putnam Intl Non US Core Eq A Arab Finance Corporation 13-Jun-02

Putnam Investors A Arab Finance Corporation 13-Jun-02

Putnam New Opps (US Agg Gth)A Arab Finance Corporation 13-Jun-02

Putnam Vista (US Mid-Cap Eq)A Arab Finance Corporation 13-Jun-02

Putnam Glbl Sm Cap Core Eq A Arab Finance Corporation 13-Jun-02

Putnam Global Value Equity A Arab Finance Corporation 13-Jun-02

Putnam Health Sciences Equity Fund Arab Finance Corporation 13-Jun-02

Putnam Research (US Core Equity) Fund Arab Finance Corporation 13-Jun-02


155

Putnam US Sm Cap Val Eq A Arab Finance Corporation 13-Jun-02

Lion Fortune N Amer Equities C Arab Finance Corporation 13-Jun-02

Lion Fortune Asian Pac Eq C Arab Finance Corporation 13-Jun-02

Global Equities Arab Finance Corporation 13-Jun-02

Lion Fortune Global Sm Caps C Arab Finance Corporation 13-Jun-02

Lion Fortune Latin Am Eqties C Arab Finance Corporation 13-Jun-02

Lion Fortune Asian Pac Eq C Arab Finance Corporation 13-Jun-02

Franklin High Yld EURO A Arab Finance Corporation 13-Jun-02

Templeton Em Mkt Bd Eur A Dis Arab Finance Corporation 13-Jun-02

Templeton Global Bd EURO A Arab Finance Corporation 13-Jun-02

Lion Interinvest Bonds Euro Arab Finance Corporation 13-Jun-02

Lion Fortune Global Bd Euro C Arab Finance Corporation 13-Jun-02

Lion Fortune European Bond C Arab Finance Corporation 13-Jun-02

Lion Fortune Euro Bond C Arab Finance Corporation 13-Jun-02

Lion Fortune Euro Credit Bd C Arab Finance Corporation 13-Jun-02

Fidelity AW Intl Bond A Arab Finance Corporation 13-Jun-02

Fidelity AW Dollar Bond A Arab Finance Corporation 13-Jun-02

Fidelity AW US High Income A Arab Finance Corporation 13-Jun-02

Fidelity AW US Int'diate Bd A Arab Finance Corporation 13-Jun-02

Franklin High Yield A Arab Finance Corporation 13-Jun-02

Templeton Em Mkt Bond A Dis Arab Finance Corporation 13-Jun-02

Templeton Em Mkt Bond A Dis Arab Finance Corporation 13-Jun-02

Janus World Flexible Inc A1 Arab Finance Corporation 13-Jun-02

Janus World High Yield Bd A1 Arab Finance Corporation 13-Jun-02

Putnam High Yield A Arab Finance Corporation 13-Jun-02

Putnam US Government Bond A Arab Finance Corporation 13-Jun-02


156

LION INTERINVEST Bonds Dollars (USD) Arab Finance Corporation 13-Jun-02

Lion Fortune Global Bond USD C Arab Finance Corporation 13-Jun-02

Lion Fortune US Bond C Arab Finance Corporation 13-Jun-02

Global Emerging Bond Arab Finance Corporation 13-Jun-02

Short Term CHF Arab Finance Corporation 13-Jun-02

Templeton EURO Liq Res A Dis Arab Finance Corporation 13-Jun-02

Janus World Euro Reserve A1 Arab Finance Corporation 13-Jun-02

Lion Interinvest Cash Euro Arab Finance Corporation 13-Jun-02

LION INTERINVEST Cash Reserves EURO Arab Finance Corporation 13-Jun-02

LION INTERINVEST Disponibilités Arab Finance Corporation 13-Jun-02

Lion Fortune Short Term Euro C Arab Finance Corporation 13-Jun-02

LION INTERINVEST Cash Livres Sterling (GBP) Arab Finance Corporation 13-Jun-02

Fidelity AW US Dollar Money A Arab Finance Corporation 13-Jun-02

Templeton USD Liq Res A Dis Arab Finance Corporation 13-Jun-02

Janus World US Dllr Res A1 Arab Finance Corporation 13-Jun-02

Putnam US Liquid Assets A Arab Finance Corporation 13-Jun-02

Lion Fortune Short Term USD C Arab Finance Corporation 13-Jun-02

Lion Interinvest Cash USD Arab Finance Corporation 13-Jun-02

LION INTERINVEST Diversifié Arab Finance Corporation 13-Jun-02

Premier Select Nippon Growth Fund Arab Finance Corporation 13-Jun-02

Premier Select Nippon Enterprise Fund Arab Finance Corporation 13-Jun-02

Premier Select Asia Tiger Growth Fund Arab Finance Corporation 13-Jun-02

Premier Select Asia Enterprise Fund Arab Finance Corporation 13-Jun-02

Premier Select Greater China Opportunities Fund Arab Finance Corporation 13-Jun-02

Premier Select US Dollar Bond Fund Arab Finance Corporation 13-Jun-02

Premier Select American Enterprise Fund Arab Finance Corporation 13-Jun-02


157

Premier Select North American Growth Fund Arab Finance Corporation 13-Jun-02

Premier Select Latin American Growth Fund Arab Finance Corporation 13-Jun-02

AMERIGO Guaranteeed Fund Limited Arab Finance Corporation 13-Jun-02

Franklin Income A Arab Finance Corporation 13-Jun-02

Templeton Global Bal A Dis $ Arab Finance Corporation 13-Jun-02

Templeton Global Income Fund Arab Finance Corporation 13-Jun-02

Templeton Emerging Markets Innovations Fund Arab Finance Corporation 13-Jun-02

US Large Cap Growth Fund Arab Finance Corporation 13-Jun-02

Janus World Balanced A Arab Finance Corporation 13-Jun-02

Putnam George Putnam A Arab Finance Corporation 13-Jun-02

LION INTERINVEST/Long Term Compartments Arab Finance Corporation 13-Jun-02

LION INTERINVEST/Diversified Compartments Arab Finance Corporation 13-Jun-02

SABINVEST-AL TADAMON SAUDI RIYAL TRADING FUND HSBC 29-Jun-02

SABINVEST-AL TADAMON USD TRADING FUND HSBC 29-Jun-02

Beirut Interbank Fund Bank of Beirut 2-Aug-02

Parvest Emerging Markets Equities Emirates Lebanon Bank SAL 12-Aug-02

HSBC Amanah Healthcare Protected Fund HSBC 26-Aug-02

HSBC CSGF 9 HSBC 6-Mar-03

Parvest Europe Value Emirates Lebanon Bank SAL 14-Apr-03

HSBC CSGF 10 HSBC 17-May-03

Beirut Global Income Bank of Beirut 5-Jun-03

GAM Composite Absolute Return USD Middle East Capital Group 5-Jun-03

GAM Trading IV Middle East Capital Group 5-Jun-03

MAN AHL Diversified Middle East Capital Group 5-Jun-03

GAM Diversity Middle East Capital Group 5-Jun-03

GAM European Hedge Inc. Middle East Capital Group 5-Jun-03

GAM Japan Middle East Capital Group 5-Jun-03

GAM Emerging Markets Inc. Middle East Capital Group 5-Jun-03


158

GAM Interest Trend Middle East Capital Group 5-Jun-03

DGC Pendulum Ltd. Middle East Capital Group 5-Jun-03

Forsyth Global Balanced Fund Investa Financial Planning Services 9-Aug-03

Forsyth Global Equity Fund Investa Financial Planning Services 9-Aug-03

Forsyth Global Thematic Fund Investa Financial Planning Services 9-Aug-03

Forsyth Global Emerging Markets Fund Investa Financial Planning Services 9-Aug-03

Forsyth Greater Europe Fund Investa Financial Planning Services 9-Aug-03

Forsyth North America Fund Investa Financial Planning Services 9-Aug-03

Forsyth Japan Fund Investa Financial Planning Services 9-Aug-03

Forsyth Global Technology Fund Investa Financial Planning Services 9-Aug-03

Forsyth Sterling global Balanced Fund Investa Financial Planning Services 9-Aug-03

Forsyth Global Bond Fund Investa Financial Planning Services 9-Aug-03

Forsyth US Dollar Reverse Fund Investa Financial Planning Services 9-Aug-03

HSBC CSGF 11 HSBC 26-Aug-03

HSBC Amanah Global Properties Income Fund HSBC 16-Sep-03

Beirut Lira Fund Bank of Beirut 3-Oct-03

SOGGEN International SICAV Fidus S.A.L 10-Oct-03

Lebanon Real Estate Development Fund L.P. Middle East Capital Group 10-Oct-03

SOCGEN International SICAV SGBL 10-Oct-03

Man Global Strategies Diversified Ltd. Standard Chartered Bank 10-Oct-03

Forsyth Diversity Fund Ltd. Investa Financial Planning Services 16-Oct-03

Forsyth Alternative Income Fund Ltd. Investa Financial Planning Services 16-Oct-03

HSBC Republic GH Fund HSBC 18-Nov-03

HSBC Republic Multi-Adviser Arbitrage Fund HSBC 18-Nov-03

Bonds USD Opportunities Fidus S.A.L 11-Dec-03

Equity Global Quantity Fidus S.A.L 11-Dec-03

US Concentrated core AH Fidus S.A.L 11-Dec-03


159

SGAM Fund Equity Euroland Cyclicals Fidus S.A.L 11-Dec-03

Money Market USD Fidus S.A.L 11-Dec-03

AB Euro Property Fund LP Arab Bank 11-Dec-03

Man Multi Strategy Series 6 Ltd. Standard Chartered Bank 23-Jan-04

CSGF 13 HSBC 11-Feb-04

Lelghali Al Baraka Bank S.A.L 19-Feb-04

Wahal Fakkarta Bitakaodak? Al Baraka Bank S.A.L 19-Feb-04

Tempelton Asian Growth Fund SNA Asset Management (SNAM) 4-Mar-04

MS Technology SNA Asset Management (SNAM) 4-Mar-04

Pioneer Midcap Value Fund SNA Asset Management (SNAM) 4-Mar-04

Tempelton Global Fund SNA Asset Management (SNAM) 4-Mar-04

W Finance Arbitrage SNA Asset Management (SNAM) 4-Mar-04

AGF Equilibre SNA Asset Management (SNAM) 4-Mar-04

AGF Serenite SNA Asset Management (SNAM) 4-Mar-04

Phenix Securite SNA Asset Management (SNAM) 4-Mar-04

AGF Dynamisme SNA Asset Management (SNAM) 4-Mar-04

Scotinvest - MH Short term USD SNA Asset Management (SNAM) 4-Mar-04

Blue Eagle Long/Short Equity SNA Asset Management (SNAM) 4-Mar-04

Blue Eagle Arbitrage SNA Asset Management (SNAM) 4-Mar-04

SGAM Fund Equity China AC Fidus S.A.L 2-Apr-04

Equities Eastern Europe Fidus S.A.L 2-Apr-04

Equities US Multi Strategies Fidus S.A.L 2-Apr-04

Equities Gold Mines Fidus S.A.L 2-Apr-04

Equities Japan Small Cap USD Fidus S.A.L 2-Apr-04

US Mid cap Growth Fidus S.A.L 2-Apr-04

Global emerging countries Fidus S.A.L 2-Apr-04

SGAM Fund Equity China Euro Fidus S.A.L 2-Apr-04


160

Equities Eastern Europe Fidus S.A.L 2-Apr-04

Equities Japan Small Cap JPY Fidus S.A.L 2-Apr-04

Equities US Relative Value Fidus S.A.L 2-Apr-04

Equity US Relative Value Fidus S.A.L 2-Apr-04

US Relative AH Fidus S.A.L 2-Apr-04

SCAM Fund Equity Euroland AC USD Fidus S.A.L 2-Apr-04

Habbet el Baraka Al Baraka Bank S.A.L 2-Apr-04

Equities US Value Opportunities Fidus S.A.L 2-Apr-04

Bonds Emerging Countries Fidus S.A.L 2-Apr-04

Equities China Fidus S.A.L 2-Apr-04

Equities Euro Mid Cap Fidus S.A.L 2-Apr-04

Equities Europe Fidus S.A.L 2-Apr-04

Equities Global Emerging Countries Fidus S.A.L 2-Apr-04

Equities US Mid Cap Growth Fidus S.A.L 2-Apr-04

Franklin Templeton Eastern Europe Standard Chartered Bank 3-Apr-04

Franklin Templeton Global Smaller Companies Standard Chartered Bank 3-Apr-04

Franklin Templeton Bric Fund Standard Chartered Bank 3-Apr-04

Franklin Templeton Latin America Standard Chartered Bank 3-Apr-04

Franklin Templeton Asian Growth Fund Standard Chartered Bank 3-Apr-04

Franklin Templeton India Fund Standard Chartered Bank 3-Apr-04

Franklin Templeton Emerging Markets Fund A Standard Chartered Bank 3-Apr-04

Franklin Templeton Korea Fund Standard Chartered Bank 3-Apr-04

Franklin Templeton Beacon Fund Standard Chartered Bank 3-Apr-04

Franklin Templeton Global Energy Fund Standard Chartered Bank 3-Apr-04

Franklin Templeton Technology Fund Standard Chartered Bank 3-Apr-04

Franklin Templeton China Fund Standard Chartered Bank 3-Apr-04


161

Franklin Templeton Japan Yen Standard Chartered Bank 3-Apr-04

Amanah Dynamic Allocation Shield Fund HSBC 24-Apr-04

Beirut Golden Income Bank of Beirut 4-Jun-04

HSBC International Capital Secured Growth Funds PLC (CSGF 14) HSBC 4-Jun-04

Beirut National Fund Bank of Beirut 22-Jul-04

HSBC US Dollar Liquidity Plus Fund HSBC 2-Aug-04

Baring-Asia Growth Fund Lati Bank S.A.L 9-Aug-04

Baring-Australia Lati Bank S.A.L 9-Aug-04

Baring-International Bond Lati Bank S.A.L 9-Aug-04

Baring-Hong Kong China Lati Bank S.A.L 9-Aug-04

Baring-HighYield Bond Lati Bank S.A.L 9-Aug-04

Fidelity Blue Chip Equity Lati Bank S.A.L 9-Aug-04

Fidelity Euro Bond Lati Bank S.A.L 9-Aug-04

Fidelity Global Growth Lati Bank S.A.L 9-Aug-04

Fidelity Sterling Growth Lati Bank S.A.L 9-Aug-04

Fidelity Telecommunication Lati Bank S.A.L 9-Aug-04

Fidelity Sicavpros Lati Bank S.A.L 9-Aug-04

Invesco American Equity Lati Bank S.A.L 9-Aug-04

Invesco GT Asean Lati Bank S.A.L 9-Aug-04

Invesco GT Bond Lati Bank S.A.L 9-Aug-04

Invesco GT Developing Markets Lati Bank S.A.L 9-Aug-04

Invesco GT Global Entreprises Lati Bank S.A.L 9-Aug-04

Invesco GT Healthcare Lati Bank S.A.L 9-Aug-04

Invesco GT Technology Lati Bank S.A.L 9-Aug-04

Invesco GT International Value Lati Bank S.A.L 9-Aug-04

Invesco UK Equity Lati Bank S.A.L 9-Aug-04


162

Investec Dollar Money Lati Bank S.A.L 9-Aug-04

Investec European Lati Bank S.A.L 9-Aug-04

Investec Global Equity Lati Bank S.A.L 9-Aug-04

Investec Global Growth Lati Bank S.A.L 9-Aug-04

Investec Global High Income Lati Bank S.A.L 9-Aug-04

Investec Global Strategic Value Lati Bank S.A.L 9-Aug-04

Investec Sterling Money Fund Lati Bank S.A.L 9-Aug-04

Jardine Fleming Eastern Lati Bank S.A.L 9-Aug-04

Jardine Fleming India Lati Bank S.A.L 9-Aug-04

Jardine Fleming Global Life Sciences Lati Bank S.A.L 9-Aug-04

Jardine Fleming Pacific Securities Lati Bank S.A.L 9-Aug-04

Jardine Fleming Pacific Technology Lati Bank S.A.L 9-Aug-04

Jardine Fleming Thailand Lati Bank S.A.L 9-Aug-04

ISIS European Lati Bank S.A.L 9-Aug-04

ISIS FTSE All Shares Lati Bank S.A.L 9-Aug-04

ISIS UK Equity Lati Bank S.A.L 9-Aug-04

Global 35 Multi-Manager Fund Audi Saradar Private Bank S.A.L 29-Sep-04




Beirut Income Fund II Bank of Beirut 29-Sep-04


HSBC International Capital Secured Growth Funds PLC (16) HSBC 8-Oct-04

Eaton Vance Emerald Information Age Fund Credit Bank 18-Oct-04

Eaton Vance Emerald US Growth Fund Credit Bank 18-Oct-04

Eaton Vance Emerald US High Yield Bond Fund Credit Bank 18-Oct-04


163

Eaton Vance Emerald US Value Fund Credit Bank 18-Oct-04

Eaton Vance Emerald Worldwide Health Sciences Fund Credit Bank 18-Oct-04

SGAM Fund Equity Global Technology Fidus S.A.L 6-Nov-04

Equities Global Technology Fidus S.A.L 6-Nov-04

Equities International Fidus S.A.L 6-Nov-04

Equities Pacific Fidus S.A.L 6-Nov-04

Equities UK Fidus S.A.L 6-Nov-04

Equities US Small Cap Value Fidus S.A.L 6-Nov-04

Russel Alternative Strategies Fund II Plc Audi Saradar Private Bank S.A.L 26-Nov-04

Parvest Emerging Markets Europe Emirates Lebanon Bank SAL 26-Jan-05

Melkart Diversified Fund Melkart Capital S.A.L. 16-Apr-05

Equities US Multi Strategies SGBL 16-Apr-05

Equities Europe Opportunities SGBL 16-Apr-05

Equities Japan Concentrated Value SGBL 16-Apr-05

MENA Capital Private Equity Fund I, L.P. Mena Capital S.A.L. 9-May-05

Beirut International Income Bank of Beirut 16-May-05

Equities Japan Target JPY Fidus S.A.L 1-Jul-05

Equities Japan Target USD/JPY Fidus S.A.L 1-Jul-05

Equity Euro Opportunities Fidus S.A.L 1-Jul-05

SGAM Fund Euro Opportunities Fidus S.A.L 1-Jul-05

SGAM Equity Japan Concentrated Value JPY Fidus S.A.L 1-Jul-05

SGAM Equity Japan Concentrated Value USD Fidus S.A.L 1-Jul-05

Bonds Euro Evolutive Fidus S.A.L 1-Jul-05

Bonds Euro High TE Fidus S.A.L 1-Jul-05

Bonds Euro Inflation Linked Fidus S.A.L 1-Jul-05

Bonds Europe Asset Backed Securities Fidus S.A.L 1-Jul-05


164

Equities Europe Opportunities Fidus S.A.L 1-Jul-05

Equities Japan Concentrated Value Fidus S.A.L 1-Jul-05

Global Balanced Fidus S.A.L 1-Jul-05

Index Euroland Fidus S.A.L 1-Jul-05

Index Euroland Plus Fidus S.A.L 1-Jul-05

Index Japan Fidus S.A.L 1-Jul-05

Index Japan Plus Fidus S.A.L 1-Jul-05

Index US Fidus S.A.L 1-Jul-05

Index US Plus Fidus S.A.L 1-Jul-05

Aqarah Finance Co.1 Ltd. HSBC 8-Jul-05





Aqarah Investment Co.1 Ltd. HSBC 8-Jul-05





HSBC CSGF 21 HSBC 10-Nov-05

Parvest India Emirates Lebanon Bank SAL 20-Jan-06

HSBC CSGF 22 HSBC 23-Jan-06

Parvest BRIC Emirates Lebanon Bank SAL 29-Mar-06

Beirut Preferred Fund Bank of Beirut 15-May-06

Arab Bank Mena Fund Arab Bank 9-Jun-06

SGAM Fund Equities US Relative Value SGBL 28-Jul-06


165

SGAM Fund Equities Eastern Europe SGBL 28-Jul-06

SGAM Fund Equities China SGBL 28-Jul-06

SGAM Invest Euro Value Fidus S.A.L 4-Sep-06

SGAM Fund EG india Euros Fidus S.A.L 4-Sep-06

SGAM Equity India Fidus S.A.L 4-Sep-06

SGAM Fund Global Energy Fidus S.A.L 4-Sep-06

SGAM Fund Equity Global Energy Fidus S.A.L 4-Sep-06

SGAM Fund Equities India Fidus S.A.L 4-Sep-06

SGAM Fund Equities Euroland Value Fidus S.A.L 4-Sep-06

SGAM Fund Equities Euroland Concentrated Core Fidus S.A.L 4-Sep-06

SGAM Fund Equity Concentrated Euroland Fidus S.A.L 4-Sep-06

SGAM Fund Equities Euroland Small Cap Fidus S.A.L 4-Sep-06

SGAM Fund Equities Global Energy Fidus S.A.L 4-Sep-06

Parvest Turkey Emirates Lebanon Bank SAL 12-Sep-06

Parvest Brazil Emirates Lebanon Bank SAL 12-Dec-06

HSBC CSGF 26 HSBC 29-Jan-07

BRIC Market Equity HSBC 4-Apr-07

Chinese Equity-HSBC Global Investment Funds HSBC 18-Apr-07

HSBC CSGF 27 HSBC 21-May-07

HSBC CSGF Foundation 1 HSBC 21-May-07

Meridio Funds - Meridio Arab World First National Bank 8-Aug-07

Al Ahli Saudi Trading Equity Fund The Saudi National Commercial Bank 8-Aug-07

Al Ahli GCC Trading Equity Fund The Saudi National Commercial Bank 8-Aug-07

HSBC CSGF Foundation 2 HSBC 18-Sep-07

HSBC CSGF 27 Foundation 2 HSBC 18-Sep-07

Baring Eastern Europe Fund - The Baring Global Umbrella Fund HSBC 21-Nov-07


166

BLOM Cedars Balanced Fund BALOM Bank 28-Nov-07

Arab Opportunity Fund Audi Saradar Private Bank S.A.L 5-Dec-07

Al Mustathmer Commodities Fund I Al Mustathmer S.A.L. 26-Dec-07

Al Mustathmer Commodities Fund II Al Mustathmer S.A.L. 26-Dec-07

SGAM Fund Equity Luxury and Lifestyle Euro Fidus S.A.L 25-Feb-08

SGAM Fund Equity Luxury and Lifestyle USD Fidus S.A.L 25-Feb-08

SGAM Fund Equity Latin America USD Fidus S.A.L 25-Feb-08

SGAM Fund Equity Global Ressources Fidus S.A.L 25-Feb-08

SGAM Fund Equities asia pacific rim Fidus S.A.L 25-Feb-08

SGAM Fund Equities global resources Fidus S.A.L 25-Feb-08

SGAM Fund Equities japan core alpha Fidus S.A.L 25-Feb-08

SGAM Fund Equities Latin America Fidus S.A.L 25-Feb-08

SGAM Fund Equities luxury and life style Fidus S.A.L 25-Feb-08

SGAM Fund Equities Global Resources SGBL 25-Feb-08

SGAM Fund Equities Asia Pac Dual Strategies SGBL 25-Feb-08

SGAM Fund Equities Asia Pacific SGBL 25-Feb-08

SGAM Fund Equities Global Emerging Countries SGBL 25-Feb-08

SGAM Fund Equities Luxury and Lifestyle SGBL 25-Feb-08

SGAM Fund Equities Latin America SGBL 25-Feb-08

SGAM Fund Equities india SGBL 25-Feb-08

SGAM Fund Equities gold mines SGBL 25-Feb-08

HSBC Global investments funds global emerging markets bond HSBC 15-Mar-08

Saudi Index Fund Audi Saradar Private Bank S.A.L 29-Mar-08

Parvest South Korea Emirates Lebanon Bank SAL 2-Apr-08

Investcorp Event Driven Hedge Fund limited SPC BALOM Bank 19-Apr-08

Investcorp leveraged Diversified Strategies Fund limited SPC BALOM Bank 19-Apr-08


167

Amanah Growth Portfolio HSBC 30-Apr-08

International Mix Fund Bank of Beirut 23-Jun-08

IIAB Islamic Mena Fund Arab Bank 2-Jul-08

BLOM Petra Balanced Fund BALOM Bank 2-Jul-08

BLOM Petra Balanced Fund BALOM Bank 2-Jul-08

The MENA Real Estate and Development Fund Ltd Audi Saradar Private Bank S.A.L 22-Jul-08





Beirut Golden Income II BOBI 1-Jul-09

HSBC Brazil Equity HSBC 20-Jul-09

HSBC Emerging Europe Equity HSBC 20-Jul-09

HSBC Euro High Yeild Bond HSBC 20-Jul-09

HSBC Euroland Equity HSBC 20-Jul-09

HSBC Euroland Equity Smaller Conpanies HSBC 20-Jul-09

HSBC Global Core Plus Bond HSBC 20-Jul-09

HSBC Global currency Fund HSBC 20-Jul-09

HSBC Halbis Global Macro HSBC 20-Jul-09

HSBC Hong Kong Equity HSBC 20-Jul-09

HSBC Korean Equity HSBC 20-Jul-09

HSBC Latin American Free Style HSBC 20-Jul-09

HSBC Multi Alpha Pacific Equity HSBC 20-Jul-09

HSBC Multi Alpha Europe Equity HSBC 20-Jul-09

HSBC Multi Alpha GEM Equity HSBC 20-Jul-09

HSBC Multi Alpha Global Equity HSBC 20-Jul-09

HSBC Multi Alpha Japan Equity HSBC 20-Jul-09


168

HSBC Multi Alpha North America Equity HSBC 20-Jul-09

HSBC Russian Equity HSBC 20-Jul-09

HSBC UK Equity HSBC 20-Jul-09

HSBC US Equity HSBC 20-Jul-09

FFA Fixed Income Mena Fund FFA Private Bank 2-Sep-09

BLOM Lira Fund BLOM Invest 9-Sep-09

BLOM Bond Fund BLOM Invest 9-Sep-09

Beirut Opportunities Fund BOBI 9-Sep-09

Franklin Templeton Investment Funds BLOM Invest 16-Sep-09

Schroders ISF Pacific Equity Fund HSBC 23-Dec-09

Schroders ISF Latin America Fund HSBC 23-Dec-09

Schroders ISF Global Propert Securities Fund HSBC 23-Dec-09

section one: non banking financial institutions markets handbook 2009.pdf · the financial...

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