8,450 8,400 8,350 8,300 8,250 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

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1 QSE Intra-Day Movement 8,450 8,400 8,350 8,300 8,250 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QSE Index declined 0.2% to close at 8, Losses were led by the Transportation and Telecoms indices, falling 3.0% and 2.7%, respectively. Top losers were Qatar Navigation and Qatari Investors Group, falling 8.8% and 7.9%, respectively. Among the top gainers, Commercial Bank rose 3.4%, while Doha Bank was up 2.7%. Market Indicators 14 Sep Sep 17 %Chg. Value Traded (QR mn) Exch. Market Cap. (QR mn) 458, , Volume (mn) Number of Transactions 4,355 3, Companies Traded Market Breadth 22:18 18:20 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 14, (0.2) (3.1) (16.5) 14.5 All Share Index 2, (2.5) (16.3) 13.0 Banks 2, (1.9) (9.7) 11.5 Industrials 2, (0.0) (2.7) (23.2) 16.9 Transportation 1, (3.0) (6.3) (30.7) 11.9 Real Estate 1, (1.3) (19.7) 12.2 Insurance 3, (0.4) (3.8) (15.1) 17.0 Telecoms 1, (2.7) (5.6) (16.3) 19.5 Consumer 5, (0.3) (14.2) 12.0 Al Rayan Islamic Index 3, (0.1) (1.8) (12.8) 16.3 GCC Commentary Saudi Arabia: The TASI Index fell 0.1% to close at 7, Losses were led by the Telecom. Services and Media indices, falling 3.0% and 1.7%, respectively. Saudi Telecom Co. fell 3.6%, while Arriyadh Development Co. was down 3.1%. Dubai: The DFM Index gained 0.1% to close at 3, The Banks index rose 1.3%, while the other indices ended flat or in red. Mashreqbank rose 8.1%, while Dubai Islamic Bank was up 1.1%. Abu Dhabi: The ADX benchmark index rose 0.6% to close at 4, The Energy index gained 2.3%, while the Telecommunication index rose 1.7%. Al Khaleej Investment Co. gained 14.6%, while Dana Gas Co. was up 2.5%. Kuwait: The KSE Index declined 0.2% to close at 6, The Consumer Services index fell 0.9%, while the Financial Services index declined 0.5%. Kuwait Cable Vision fell 14.3%, while Kuwait & Middle East Financial Inv. Co. was down 13.5%. Oman: The MSM Index fell 0.3% to close at 5, The Financial index declined 0.6%, while the other indices ended in green. Al Sharqia Investment Holding fell 2.9%, while Bank Dhofar was down 2.3%. Bahrain: The BHB Index fell 0.2% to close at 1, The Investment index declined 0.9%, while the Industrial index fell 0.4%. Khaleeji Commercial Bank declined 4.2%, while GFH Financial Group was down 2.0%. QSE Top Gainers Close* 1D% Vol. 000 YTD% Commercial Bank (0.8) Doha Bank (8.6) Ezdan Holding Group (27.5) Qatar Oman Investment Co (16.6) Medicare Group QSE Top Volume Trades Close* 1D% Vol. 000 YTD% Aamal Co (7.1) 3,582.2 (36.8) Vodafone Qatar 8.22 (1.4) 2,071.9 (12.3) Qatar First Bank ,963.3 (35.4) Qatar Navigation (8.8) 1,802.0 (43.5) Dlala Brokerage & Inv. Holding Co (4.9) (24.1) Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Losers Close* 1D% Vol. 000 YTD% Qatar Navigation (8.8) 1,802.0 (43.5) Qatari Investors Group (7.9) (35.0) Aamal Co (7.1) 3,582.2 (36.8) Dlala Brokerage & Inv. Holding Co (4.9) (24.1) Mannai Corporation (3.7) 5.7 (19.6) QSE Top Value Trades Close* 1D% Val. 000 YTD% Qatar Navigation (8.8) 98,289.4 (43.5) QNB Group ,022.2 (16.5) Aamal Co (7.1) 31,188.0 (36.8) Industries Qatar ,753.3 (24.3) Masraf Al Rayan ,510.3 (1.6) Source: Bloomberg (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 8, (0.2) (3.1) (4.4) (19.4) , Dubai 3, , Abu Dhabi 4, (1.4) , Saudi Arabia 7, (0.1) , Kuwait 6, (0.2) , Oman 5, (0.3) (0.9) (1.0) (13.5) , Bahrain 1, (0.2) (0.9) , Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) Page 1 of 5

2 Qatar Market Commentary The QSE Index declined 0.2% to close at 8, The Transportation and Telecoms indices led the losses. The index fell on the back of selling pressure from GCC and non-qatari shareholders despite buying support from Qatari shareholders. Qatar Navigation and Qatari Investors Group were the top losers, falling 8.8% and 7.9%, respectively. Among the top gainers, Commercial Bank rose 3.4%, while Doha Bank was up 2.7%. Volume of shares traded on Thursday gained by 44.0% to 17.1mn from 11.9mn on Wednesday. Further, as compared to the 30-day moving average of 7.7mn, volume for the day was 121.9% higher. Aamal Co. and Vodafone Qatar were the most active stocks, contributing 20.9% and 12.1% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 29.56% 22.66% 33,877, Qatari Institutions 10.83% 10.52% 1,548, Qatari 40.39% 33.18% 35,425, GCC Individuals 0.52% 0.41% 541, GCC Institutions 0.71% 1.68% (4,751,093.67) GCC 1.23% 2.09% (4,209,433.11) Non-Qatari Individuals 4.58% 3.99% 2,890, Non-Qatari Institutions 53.80% 60.74% (34,106,973.63) Non-Qatari 58.38% 64.73% (31,216,377.52) Source: Qatar Stock Exchange (* as a % of traded value) Ratings and Global Economic Data Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change The Saudi Investment Bank Bank AlJazira Fitch Fitch Saudi Arabia Saudi Arabia LT-IDR/ST-IDR/SR/ SRF/VR LT-IDR/ST-IDR/SR/ SRF/VR /bbb- /bb+ /bbb- /bb+ Stable Stable Source: News reports (* LT Long Term, ST Short Term, FSR- Financial Strength Rating, FCR Foreign Currency Rating, LCR Local Currency Rating, IDR Issuer Default Rating, SR Support Rating, SFR Support Rating Floor, LC Local Currency, VR Viability Rating ) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 09/14 US Department of Labor Initial Jobless Claims 9-September 284k 300k 298k 09/14 US Department of Labor Continuing Claims 2-September 1944k 1965k 1951k 09/14 US Bureau of Labor Statistics CPI MoM August 0.4% 0.3% 0.1% 09/14 US Bureau of Labor Statistics CPI YoY August 1.9% 1.8% 1.7% 09/14 France INSEE CPI MoM August F 0.5% 0.5% 0.5% 09/14 France INSEE CPI YoY August F 0.9% 0.9% 0.9% 09/14 Japan METI Industrial Production MoM July F -0.8% -0.8% 09/14 Japan METI Industrial Production YoY July F 4.7% 4.7% 09/14 India Press Information Bureau of India Wholesale Prices YoY August 3.2% 3.2% 1.9% 09/15 India Directorate General of Commerce Exports YoY August 10.3% 3.9% 09/15 India Directorate General of Commerce Imports YoY August 21.0% 15.4% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar QNB Group successfully completes Formosa bond issuance QNB Group announced the successful completion of a Formosa bond issuance under its Euro Medium Term Note (EMTN) program in the Taiwanese capital markets. Under this program, a $630mn tranche was issued on September 13, with a maturity of 30 years, callable every five years, carrying an attractive fixed coupon rate of 5% per annum. QNB Group said, The Reg S issue attracted strong interest from Taiwanese investors and was arranged by Standard Chartered Bank. This success confirms the trust of international investors in QNB Group s strategy and the strength of its financial position. (Gulf- Times.com) QNB Group: Emerging market capital flows rebound in 2017 Emerging market (EM) capital flows have rebounded strongly in the first eight months of 2017 after a long downturn, QNB Group said in an economic commentary. A range of factors coincided to depress capital inflows in , such as higher US interest rates, a strengthening Dollar, concerns about a hard landing in China, falling commodity prices and weak global trade. However, initial indications suggest a reversal albeit at a slower pace of inflows, benefiting EM Asia in particular thanks to its open economies and close links with China, QNB Group said. Capital flows to EMs were hit by successive bouts of capital flight in , with non-resident inflows falling from $418bn in 2012 to $100bn in First, monetary policy in the US was tightened, beginning with the announcement in mid that the US Federal Reserve would begin tapering its Page 2 of 5

3 quantitative easing (QE) program. This, QNB Group, said, was followed by rising expectations for interest rate hikes with the first hike coming at the end of 2015 and the second at the end of Higher US interest rates attracted capital back from EMs and the US Dollar appreciated sharply. This increased the external debt burden in EMs, further discouraging capital flows. (Gulf-Times.com) MDPS: Qatar s food price inflation eased in August Food price inflation eased in Qatar during August, government data showed, suggesting the country was successful in reducing the impact of the unjustifiable blockade imposed by some Arab states. Food and beverage prices climbed 4.5% from a year earlier in July, the fastest increase since 2014, and rose 4.2% from the previous month, Consumer Price Index (CPI) data released by the Ministry of Development Planning & Statistics (MDPS) showed. However, in August, food and beverage prices rose only 2.8% from a year ago and fell back 0.6% from July, suggesting Qatar had succeeded in establishing new channels to obtain food economically. Qatari shipping lines, which lost the use of Dubai as a trans-shipment center because of the blockade, have been establishing new services via Oman, Kuwait and the subcontinent. (Gulf-Times.com) Qatar expects to sign more air transport agreements this year Qatar s plans to increase air passenger traffic and extend its reach across a broad range of untapped destinations was a key topic of discussion at a meeting held recently between Qatar Civil Aviation Authority s (QCAA) Chairman, Abdullah Bin Nasser Turki Al Subaey and a team from Oxford Business Group (OBG). OBG s representatives met Al-Subaey as work began on The Report: Qatar 2017, the global research and consultancy firm s forthcoming publication on the country s economy. Al Subaey was confident on Qatar s ability to add to the eight air transport agreements (ATAs) already signed this year, which have given the country access to several markets for the first time, including key destinations across Latin America and the Balkans. (Peninsula Qatar) Turkey revs up investment consultancy in Qatar With Qatar ramping up its investments in Turkey, the Investment Support and Promotion Agency of Turkey (ISPAT) has strengthened its investment consulting service center in Qatar by appointing a dedicated investment advisor. ISPAT, officially known as The Republic of Turkey Prime Ministry Investment Support and Promotion Agency, is the official organization for promoting Turkey s investment opportunities to the global business community and for providing assistance to investors before, during, and after their entry into Turkey. (Peninsula Qatar) Qatar s largest Photovoltaics farm to start operation in 2020 Qatar s government will soon start constructing Qatar s largest Photovoltaics (PV) farm, which will begin operating in 2020 with 200MW of capacity. The UK s leading website on green economy and environmental issues, businessgreen.com, reported this in its recent report titled Desert-proof solar? Why Qatar is leading the way. (Peninsula Qatar) Qatar s real estate sector remains strong despite blockade The weekly transaction rate indicates that Qatar s real estate sector is strong and performing well even after more than 100 days of blockade imposed by the siege countries, according to the Ministry of Justice. The real estate activities increased significantly at the services centers of the Ministry across that country and the Real Estate Registration and Authentication System, known as SAK. A total of 1,494 transactions including property registrations, authentications and other associated services were recorded during fourth week of last month. (Peninsula Qatar) Mwani Qatar shows 78% rise in cargo volume in August Qatar Ports Management Authority (Mwani Qatar) has cleared 142,854 tons of general cargo in August 2017 compared to 80,275 tons in July 2017, showing a growth of 78%. According to recent figures released by Mwani Qatar, the Authority handled 67,603 standard containers in August Mwani Qatar also handled 4,870 vehicles, 58,895 heads of livestock and 23,482 tons of aggregate in August In total, Mwani Qatar cleared 254,234 tons of general cargo in the last three months (June, July, Aug 2017) while during the same period, Mwani Qatar handled around 140,490 standard containers. (Peninsula Qatar) Gold supply unaffected by blockade There is no impact of ongoing blockade on Qatar by siege countries on either prices or supply of gold in the country. The supply of gold is enough as the yellow metal is now being supplied from Oman. (Peninsula Qatar) International US consumer prices accelerate in August US consumer prices accelerated in August amid jump in the cost of gasoline and rents, signs of firming inflation that could allow further monetary policy tightening from the Federal Reserve this year. The Labor Department said its Consumer Price Index (CPI) rose 0.4% last month after edging up 0.1% in July. The gain in August was the largest in seven months and lifted the YoY increase in the CPI to 1.9% from 1.7% in July. Economists polled by Reuters had forecast the CPI rising 0.3% in August and climbing 1.8% YoY. (Reuters) US business inventories rise modestly as retail stocks fall US business inventories increased modestly in July as stocks at retailers declined amid a rebound in sales. The Commerce Department said that business inventories rose 0.2% after an unrevised 0.5% increase in June. Inventories are a key component of gross domestic product. Retail inventories slipped 0.1% in July instead of 0.2% decline estimated last month. Retail inventories rose 0.6% in June. (Reuters) China s economy losing some steam as investment growth hits 18-year low China posted a rare flurry of disappointing data, including its slowest growth in investment in nearly 18 years, suggesting the world s second-largest economy is finally starting to lose some momentum as borrowing costs rise. Factory output and retail sales also grew less than anticipated, though a rebound in property sales and construction starts is likely to keep China s overall growth relatively robust and comfortably on target ahead of a key leadership reshuffle next month. (Reuters) China s new Yuan loans in August rise to 1.09tn Yuan, beat forecasts Chinese banks extended 1.09tn Yuan in net new Yuan loans in August, well above analysts expectations. Analysts polled by Reuters had predicted new Yuan loans of 900bn Yuan, up from 825.5bn Yuan in July. Broad M2 money supply (M2) grew 8.9% in August from a year earlier, central Page 3 of 5

4 bank data showed, missing forecasts for an expansion of 9.1% and compared with July s 9.2%. Outstanding Yuan loans at the end of August grew 13.2% from a year earlier, more than an expected 13% rise but steady with the pace in July. (Reuters) India s 2Q2017 current account deficit widens to four year high as imports increased India s April-June current account deficit widened to its highest in four years as imports increased, but strong capital inflows comfortably financed the gap, data from the Reserve Bank of India showed. The current account deficit widened to 2.4% of gross domestic product, or $14.3bn, as imports pushed the trade deficit to $41.2bn from $23.8bn in the same period a year ago. In the quarter ending in June last year, the current account deficit was 0.1% or $401mn. It is now at its highest level since the June quarter of (Reuters) Russian central bank cuts key rate to 8.5%, pledges more cuts The Central Bank of Russia lowered its main interest rate to 8.5% from 9% and said it expected to deliver more cuts in the next six months as inflation slows. After putting monetary easing on halt in late July, the central bank has now embarked on a new rate-cutting cycle as inflation, its key area of responsibility, had weakened more than expected. Central Bank of Russia s Governor, Elvira Nabiullina said that inflationary expectations in Russia are unlikely to reach 4% in the near future. (Reuters) Regional First Shari ah-compliant M&A insurance policy in MENA region launched American International Group (AIG), advised by global law firm Norton Rose Fulbright, placed the first Shari ahcompliant mergers and acquisitions (M&A) insurance policy in the Middle East and North Africa region (MENA). AIG offers a range of market-leading Islamic insurance solutions for M&A transactions, through its partnership with Shari ah-compliant managing general agent Cobalt Underwriting. (GulfBase.com) Fitch affirms The Saudi Investment Bank s IDR at BBB+ ; outlook Stable Fitch Ratings (Fitch) affirmed The Saudi Investment Bank's Long-Term Issuer Default Rating (IDR) at BBB+. It has also affirmed the bank's Viability Rating and Support Rating Floor at bbb- and BBB+ respectively. The outlook on The Saudi Investment Bank's Long-Term IDR is Stable. Fitch's assessment takes into account long track record of support for Saudi Arabian banks, continued government willingness to maintain stability in the domestic financial system and strong ability to support the bank, given large external reserves and good access to external markets. (Reuters) Fitch affirms Bank AlJazira s IDR at BBB+ ; outlook Stable Fitch Ratings affirmed Bank AlJazira's Long-Term Issuer Default Rating (IDR) at BBB+. It has also affirmed the bank's Viability Rating at bb+. The outlook on Bank Aljazira s Long- Term IDR is Stable. At the same time, Fitch has also affirmed the ratings of AlJazira Capital Company, Bank AlJazira s fullyowned capital markets subsidiary, at BBB+. The outlook of AlJazira Capital Company's Long-Term IDR is also Stable. (Reuters) Saudi Aramco says IPO on track after report it is preparing for possible delay Saudi Aramco s planned initial public offering (IPO) remains on track, the company said, after Bloomberg reported that the oil company is preparing contingency plans for a possible delay by a few months into (Reuters) Dubai s July inflation falls to 1%, lowest since 2015 According to the Dubai Statistics Centre, annual inflation dropped to its lowest level, 1%, since at least Housing and utility costs rose 0.9% from a year earlier in July, while food and beverage prices were flat after climbing 1.5% YoY in June. Transport prices declined 1.7%. (GulfBase.com) UAE s tourism, travel spending to exceed $56bn in 2022 Spending within UAE s travel and tourism sector is expected to rise steadily over the next five years and reach over $56bn in 2022, as new mega-projects come to the market, according to the Dubai Chamber of Commerce and Industry. The analysis, based on new data from Business Monitor International (BMI) and the World Travel and Tourism Council (WTTC) revealed that total spending in the sector is predicted to increase 4.5% YoY in 2017 to reach over $42bn. (GulfBase.com) Saudi Arabian investors to remain confident about Dubai s property sector Saudi Arabian investors will continue to put their faith in Dubai s real estate because the Emirate s property market has proven reputation for delivering long-term benefits. ARTAR Real Estate Development s Chief Operating Officer, Okbah Abdulkarim said that Dubai s status as a safe haven for real investors remains intact and major developments driving the economy are building investor interest, particularly from Saudi Arabia. (GulfBase.com) Dubai awards $3.9 billion solar energy contract to Shanghai Electric, ACWA Power Dubai s state energy utility awarded a $3.9bn contract to build and run 700 megawatt solar power plant to consortium comprising Shanghai Electric and Saudi Arabia s ACWA Power. The first stage of the project is due to be commissioned in late (Reuters) Emirates NBD wants to add 20 branches in Saudi Arabia According to the Emirates NBD s CEO, Shayne Nelson, the bank plans to approach Saudi Arabian regulator in 2018 to seek permission for 20 additional branches in the Kingdom. He added that they can certainly open a couple of dozen branches within the next three to five years if they get the licenses. The bank has received permission for three branches in Jeddah, Khobar and Riyadh in (Bloomberg) GFH Capital sells US property for $43mn GFH Capital, a subsidiary of Bahrain-based GFH Financial Group (GFH), said it has successfully completed the sale of one of the properties in its diversified US residential portfolio in Atlanta for $43.45mn. The portfolio has been acquired three years back. (GulfBase.com) Bahrain raises $3bn in biggest-ever syndicated debt sale Bahrain raised $3bn, about 10% of its economic output, in three-part international bond sale that may help narrow a gap in its finances left by a more than 50% drop in oil prices since The sale includes $850mn Islamic bond, according to sources. It also raised $1.25bn in 12-year notes and $900mn due in 30 years. (Bloomberg) Page 4 of 5

5 Rebased Performance Daily Index Performance % 0.6% Aug-13 Aug-14 Aug-15 Aug-16 Aug-17 QSE Index S&P Pan Arab S&P GCC 0.5% 0.0% (0.5%) (0.1%) Saudi Arabia (0.2%) (0.2%) (0.2%) Qatar Kuwait Bahrain (0.3%) Oman Abu Dhabi 0.1% Dubai Source: Bloomberg Source: Bloomberg Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, (0.7) (2.0) 14.6 MSCI World Index 1, Silver/Ounce (1.2) (2.1) 10.5 DJ Industrial 22, Crude Oil (Brent)/Barrel (FM Future) (2.1) S&P 500 2, Crude Oil (WTI)/Barrel (FM Future) # (7.1) NASDAQ 100 6, Natural Gas (Henry Hub)/MMBtu 2.99 (1.7) 5.7 (18.9) STOXX LPG Propane (Arab Gulf)/Ton (0.1) DAX 12, LPG Butane (Arab Gulf)/Ton (16.1) FTSE 100 7, Euro (0.8) 13.6 CAC 40 5, Yen (5.2) Nikkei 19, GBP MSCI EM 1, CHF (1.6) 6.2 SHANGHAI SE Composite 3, (0.4) (1.2) 14.6 AUD 0.80 (0.0) (0.7) 11.0 HANG SENG 27, USD Index (0.3) 0.6 (10.1) BSE SENSEX 32, RUB (6.5) Bovespa 75, BRL (0.8) 4.6 RTS 1, (0.2) 0.3 (2.5) Source: Bloomberg ( # Market was closed on September 15, 2017) Source: Bloomberg (*$ adjusted returns) Contacts Saugata Sarkar, CFA Shahan Keushgerian Zaid al-nafoosi, CMT, CFTe Head of Research Senior Research Analyst Senior Research Analyst Tel: (+974) Tel: (+974) Tel: (+974) saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa Mohamed Abo Daff QNB Financial Services Co. W.L.L. Senior Research Analyst Contact Center: (+974) Tel: (+974) PO Box mohd.abodaff@qnbfs.com.qa Doha, Qatar Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. ( QNBFS ) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical technical data (price and volume). QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. This report may not be reproduced in whole or in part without permission from QNBFS. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 5 of 5