Airarabia Analysis

Air Arabia

Growth and turbulence in the desert

INVESTMENT RESEARCH

Hassan Awan Tel: +971 (2) 619 2369 hawan@tni.ae Brian Davidson Tel: +971 (2) 619 2322 bdavidson@tni.ae

INITIATION OF COVERAGE | August 10, 2008

UNITED ARAB EMIRATES

Last Price: Price Target: Sector:

AED 1.56 AED 1.82 Transport Stock Rating

UNDERPRICED

REUTERS: AIRA.DU

BLOOMBERG: AIRARABI

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