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1 QSE Intra-Day Movement 10,500 10,450 10,400 10,350 10,300 10,250 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QSE Index rose 1.3% to close at 10, Gains were led by the Insurance and Banks & Financial Services indices, gaining 1.6% each. Top gainers were Qatar General Insurance & Reinsurance Company and Islamic Holding Group, rising 2.9% and 2.5%, respectively. Among the top losers, Ahli Bank fell 7.5%, while Gulf Warehousing Company was down 1.1%. GCC Commentary Saudi Arabia: The TASI Index rose 0.9% to close at 7, Gains were led by the Commercial & Professional Svc and Food & Beverages indices, rising 1.8% and 1.6%, respectively. Saudi Industrial Export Co. rose 9.9%, while Saudi Arabian Mining Co. was up 6.0%. Dubai: Market was closed on December 3, Abu Dhabi: Market was closed on December 3, Kuwait: The Kuwait Main Market Index declined 0.1% to close at 4, The Technology index fell 3.7%, while the Industrials index declined 0.5%. Real Estate Trade Centers Co. fell 10.1%, while Injazzat Real Estate Development Co. was down 8.2%. Oman: The MSM 30 Index rose 0.7% to close at 4, Gains were led by the Financial and Services indices, rising 0.6% and 0.3%, respectively. Dhofar Insurance rose 5.5%, while Bank Nizwa was up 4.7%. Bahrain: The BHB Index fell 0.5% to close at 1, The Commercial Banks index declined 0.9%, while the Investment index fell 0.1%. Al Baraka Banking Group declined 1.7%, while Ahli United Bank was down 1.5%. QSE Top Gainers Close* 1D% Vol. 000 YTD% Qatar General Ins. & Reins. Co (7.6) Islamic Holding Group (37.5) The Commercial Bank Qatar Islamic Insurance Company Qatar National Cement Company (5.9) Market Indicators 03 Dec Dec 18 %Chg. Value Traded (QR mn) Exch. Market Cap. (QR mn) 590, , Volume (mn) Number of Transactions 5,106 2, Companies Traded Market Breadth 28:12 16:23 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 18, All Share Index 3, Banks 3, Industrials 3, Transportation 2, Real Estate 2, (0.2) (2.0) Insurance 3, (12.5) 18.1 Telecoms 1, (3.4) 43.0 Consumer 6, Al Rayan Islamic Index 3, GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% Saudi Arabian Mining Co. Saudi Arabia ,187.9 (2.5) Saudi British Bank Saudi Arabia Almarai Co. Saudi Arabia (5.3) Raysut Cement Oman (48.2) Saudi Industrial Inv. Grp. Saudi Arabia GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% Co. for Cooperative Ins. Saudi Arabia (3.0) (35.8) Ahli United Bank Bahrain 0.67 (1.5) 11, Ominvest Oman 0.34 (1.2) 70.0 (20.7) Agility Public Ware. Co. Kuwait 0.80 (1.1) 1, Taiba Holding Co. Saudi Arabia (1.0) (10.9) Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the S&P GCC Composite Large Mid Cap Index) QSE Top Losers Close* 1D% Vol. 000 YTD% Ahli Bank (7.5) 0.2 (26.5) Gulf Warehousing Company (1.1) 9.5 (7.8) Medicare Group (0.7) 24.1 (10.4) Mannai Corporation (0.7) 0.2 (3.2) Barwa Real Estate Company (0.5) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% Doha Bank (23.1) Barwa Real Estate Company (0.5) Mazaya Qatar Real Estate Dev (12.2) Qatar First Bank (32.6) Qatar Gas Transport Company Ltd Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Value Trades Close* 1D% Val. 000 YTD% QNB Group , Barwa Real Estate Company (0.5) 32, Industries Qatar , Qatar Fuel Company , Doha Bank ,872.1 (23.1) Source: Bloomberg (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 10, , Dubai # 2, (0.6) (3.1) (4.2) (20.8) , Abu Dhabi # 4, (2.3) (4.3) (2.7) , Saudi Arabia 7, , , Kuwait 4, (0.1) (2.0) , Oman 4, (12.7) , Bahrain 1, (0.5) (0.2) (0.2) (0.4) , Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any; # Data as of November 29, 2018) Page 1 of 6

2 Qatar Market Commentary The QSE Index rose 1.3% to close at 10, The Insurance and Banks & Financial Services indices led the gains. The index rose on the back of buying support from GCC and non-qatari shareholders despite selling pressure from Qatari shareholders. Qatar General Insurance & Reinsurance Company and Islamic Holding Group were the top gainers, rising 2.9% and 2.5%, respectively. Among the top losers, Ahli Bank fell 7.5%, while Gulf Warehousing Company was down 1.1%. Volume of shares traded on Monday rose by 131.8% to 7.7mn from 3.3mn on Sunday. Further, as compared to the 30-day moving average of 6.7mn, volume for the day was 15.8% higher. Doha Bank and Barwa Real Estate Company were the most active stocks, contributing 11.2% and 10.9% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 24.43% 46.63% (66,882,239.74) Qatari Institutions 11.02% 15.11% (12,313,180.70) Qatari 35.45% 61.74% (79,195,420.44) GCC Individuals 0.22% 0.75% (1,592,833.87) GCC Institutions 4.09% 2.61% 4,470, GCC 4.31% 3.36% 2,877, Non-Qatari Individuals 8.15% 10.55% (7,234,619.95) Non-Qatari Institutions 52.09% 24.35% 83,552, Non-Qatari 60.24% 34.90% 76,318, Source: Qatar Stock Exchange (* as a % of traded value) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 12/03 US Markit Markit US Manufacturing PMI November /03 US US Census Bureau Construction Spending MoM October -0.1% 0.4% -0.1% 12/03 UK Markit Markit UK PMI Manufacturing SA November /03 EU Markit Markit Eurozone Manufacturing PMI November /03 Germany Markit Markit/BME Germany Manufacturing PMI November /03 France Markit Markit France Manufacturing PMI November /03 Japan Markit Nikkei Japan PMI Mfg November /03 Japan Ministry of Finance Japan Capital Spending YoY 3Q % 8.5% 12.8% 12/03 China Markit Caixin China PMI Mfg November Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar Al Kaabi: Qatar to pull out of OPEC in January 2019 Qatar will withdraw from the OPEC with effect from January 1, 2019, HE the Minister of State for Energy Affairs, Saad bin Sherida Al- Kaabi said. Qatar joined OPEC in 1961, one year after the organization s establishment. Al-Kaabi said, Our strategy is to remain focused on its core business and activities in Qatar and to enhance Qatar s international standing as the world s leading natural gas producer. Qatar has worked (through Qatar Petroleum) to develop and increase our LNG production from 77mn tons per year to 110mn tons by The global oil market will not be affected by the move, since Qatar is not a high volume producer of oil. He added, Qatar s decision to exit OPEC is not political, it was purely a business decision for Qatar s future strategy towards the energy sector. Al Kaabi further stated, Qatar has worked diligently during the past few years to develop a future strategy in the oil & gas sector based on growth and expansion, both in its activities in Qatar and internationally. This strategy has driven the expansion of our international upstream footprint to reach countries like Brazil, Mexico, Argentina, Cyprus, Congo, South Africa, and the Sultanate of Oman, to name a few. Moreover, in the next few months we will be announcing several major international partnerships. Our objective in this strategy was to remain focused on our core business and activities in Qatar, and to enhance Qatar s international standing as the world s leading natural gas producer. (Gulf-Times.com) Qatar-Oman trade exchange posts 101% growth, says Al Kuwari Trade exchange between Qatar and Oman has reached QR4.1bn, registering a 101% growth, according to Qatar s Minister of Commerce and Industry, HE Ali bin Ahmed Al Kuwari, who lauded both countries robust ties in the investment and trade sectors. (Gulf-Times.com) QSE announces the launch of electronic disclosure system using XBRL Qatar Stock Exchange (QSE) announced the launch of a unified electronic disclosure system project using XBRL language (Extensible Business Reporting Language) in Qatar Capital Market. The project, which is aimed at facilitating the disclosure process and serving all related parties, will make a paradigm shift in the disclosure of financial and nonfinancial data of the companies and it will develop the process of accessing all disclosures, and thus will improve the disclosure and transparency level in the market and increase the speed of access to the required information by investors and other interested parties locally and internationally. An official source at the QSE said that as soon as the listed companies upload the related data on the electronic disclosure platform available on QSE s website, all recipients can obtain the information published at the same time without delay. Format standardization of data dissemination process would make it easier for academics, analysts and the financial community to Page 2 of 6

3 use such data in an organized and easy manner in the preparation of their reports and analyses in accordance with international accounting standards. The official source said that the proper rules regulating the disclosure process between the listed companies, the QSE and the regulator will be issued once the project is officially adopted by the regulator, so that all listed companies would be able to provide the QSE and the regulator with all financial and non-financial disclosures through uploading them on this platform. The source added that the QSE and QFMA will jointly conduct awareness campaigns and training sessions to introduce the new platform to the market. (QSE) QNB Group chosen Bank of the Year 2018 for Qatar and the Middle East by Banker magazine QNB Group was recognized as the Bank of the Year 2018 for Qatar and the Middle East by the Banker magazine during the annual awards ceremony. Regarded as the industry standard for banking excellence, the award is given to top global banks based on their performance and ability to deliver returns, gain strategic advantage and serve their markets. Receiving two of the most prestigious awards in the banking industry is a testament to the Group s commitment to maintain sustained levels of growth and strong financial performance over the past 12 months, while expanding its operations and opening new branches. (Gulf- Times.com) Al Jazeera signs partnership pact with Qatar Islamic Insurance Company Al Jazeera Media Network (Al Jazeera) signed a partnership agreement with Qatar Islamic Insurance Company. Under this agreement, Qatar Islamic Insurance Company will sponsor Al Jazeera Arabic Channel s program and Al Jazeera Mubasher program. As part of the agreement, Al Jazeera will produce and promote Qatar Islamic Insurance Company on the network s channels and websites. (Peninsula Qatar) International US construction spending slows, factory growth readings mixed US construction spending fell for a third straight month, government data showed, while private sector figures showed an uptick in manufacturing order growth but offered a mixed view on overall factory activity. The data comes as many investors are watching for signs the Federal Reserve s threeyear tightening cycle could be coming to a close after an expected hike this month, which would be the fourth by the US central bank this year. The Commerce Department stated that total construction spending fell 0.1% to $1.31tn in October, while economists polled by Reuters had forecast outlays rising 0.4%. The figure rose 4.9% on a YoY basis. The Commerce Department also revised its September construction figure, previously reported as unchanged, to show 0.1% decline. Private construction spending fell by 0.4% in October, compared to 0.4% growth a month earlier. Private residential outlays dipped 0.5% to the lowest since November US manufacturing activity picked up in November, according to data from the Institute for Supply Management (ISM), though a gauge of prices paid tumbled from a month earlier. ISM s US manufacturing index rose to 59.3 in November from 57.7 in October, topping economists expectations for a reading of A reading above 50 indicates expansion in the sector. (Reuters) US expects immediate action from China on trade commitments The US expects China to take immediate action to cut tariffs on US car imports and end intellectual property theft and forced technology transfers as the two countries move toward a broader trade deal, a White House official said. US President, Donald Trump and Chinese President, Xi Jinping agreed to a ceasefire in a trade war that has seen the flow of hundreds of billions of Dollars worth of goods between the world s two largest economies disrupted by tariffs. The two leaders agreed to hold off on imposing more tariffs for 90 days, starting December 1, while they negotiate a deal to end the dispute following months of escalating tensions. (Reuters) UK s factories see inventories up, exports down, as Brexit nears The approach of Brexit was felt in Britain s factories in November, as companies stocked up on parts to counter any border delays and exports suffered a rare back-to-back fall, a survey showed. The IHS Markit/CIPS Manufacturing Purchasing Managers Index (PMI) rose to 53.1 from 51.1 in October, its weakest reading since the Brexit referendum. Although the index proved stronger than all the forecasts in a Reuters poll of economists, it was still one of the lowest since voters decided to leave the European Union in June (Reuters) Italy, Spain and France would face EUR90bn hit on new ECB key The European Central Bank (ECB) would have to reduce its holdings of Italian, Spanish and French government bonds by nearly EUR90bn if it strictly follows its new shareholder base, Reuters calculations on ECB data showed. The ECB started to buy government debt in 2015 in a bid to revive inflation in the Eurozone, with a pledge to divide up its holdings in proportion to how much capital each country had paid into Frankfurt s coffers. Some four years and EUR2tn later, the ECB has deviated significantly from this so called capital key, which was updated on December 3, The deviations were due to Greece and Cyprus being excluded from the program and to a scarcity of bonds to buy in other countries. Italy, Spain and France, which have large stocks of public debt, picked up most of that slack, ending up with some EUR36bn, EUR28bn and EUR24bn worth of debt on the ECB s books, respectively, more than they should, according to Reuter s calculations including all euro zone countries. (Reuters) China s November factory activity up a touch but client demand ebbs China s factory activity grew slightly in November, a private survey showed, though new export orders extended their decline in a further blow to the sector already hurt by the Sino-US trade frictions. The Caixin/Markit Manufacturing Purchasing Managers Index (PMI) for November, released on December 3, 2018, ticked up to 50.2 from 50.1 in October. Economists polled by Reuters had forecast a reading of 50.0, the level that separates expansion from contraction. Domestic orders have been losing momentum in recent quarters as the world s second-largest economy slows. Overall, a sub-index measuring new orders did improve slightly to 50.9 in November from 50.4 in the previous month, after manufacturers cut prices. (Reuters) Regional Finance Minister: Saudi Arabia s debt-to-gdp ratio will not exceed 21-22% next year Saudi Arabia s 2019 budget will be Page 3 of 6

4 expansionary and won t differ greatly from numbers released in the September pre-budget announcement, Finance Minister, Mohammed Al-Jadaan said in an interview with Al-Arabiya television. He added that the debt-to-gdp ratio won t exceed 21-22% next year and it will not exceed 25% in the coming years. Al-Jadaan indicated that the government will draw down the reserves, if needed. The non-oil growth in 1H2018 was 2%, compared with 0.1% in the same period last year. The government is conducting studies on social benefit spending, including Citizen s Account program, to confirm its efficiency and that it reaches beneficiaries. (Bloomberg) Saudi Arabia set to attract $40bn FDI due to MSCI status Head of Investment, MENA Equity, Franklin Templeton UAE, Salah Shamma said, MSCI emerging-markets status inclusion of Saudi Arabia is expected to attract $40bn FDI to the Kingdom s capital market, which is larger than some of the bigger emerging markets such as Russia and has strongly positive impact on the UAE and other GCC market economies. He added that 2.6% of MSCI Benchmark Index for the Kingdom is a gamechanger. Shamma added, The recent upgrade of Saudi Arabia s equity markets by the MSCI to its group of emerging markets will help the country attract billions of Dollars into MENA s biggest stock exchange, which has a market capitalization of $500bn. Despite risks, the country has already received the attention of the global investor community and following further reforms, we expect the Kingdom s economy to attract a large pool of investment and talent pool to spearhead the execution of large-scale projects. These developments offer greater opportunities for the global investor community who are already taking note of the changes and have already started to shift their investments in to the GCC, William Mullally said. (GulfBase.com) Alinma Bank distributes share dividend for 2018 Alinma Bank s board of directors recommended the distribution of a share dividend for the 2018 fiscal year. After approval at the bank s next general assembly meeting in early 2019, shareholders will receive SR1.00 per share (10% of nominal value). The total disbursal will amount to SR1,489,967,444. This marks the fifth consecutive fiscal year in which Alinma Bank has declared a dividend. (GulfBase.com) Saudi Arabia's AHAB turns to new bankruptcy law to settle with creditors Ahmad Hamad Algosaibi and Brothers (AHAB) has become the first company to file for a settlement under Saudi Arabia s new bankruptcy law, seeking to resolve the Kingdom s longest-running and largest debt dispute. The company hopes the move will help to bring a conclusion to creditor talks that have rumbled on since AHAB and Saad Group defaulted on about $22bn of debt in The law, which came into effect in August 2018, is the latest of the Kingdom s reforms aimed at attracting foreign investment and reducing the economy s dependence on oil. (Reuters) Abu Dhabi announces $4.98bn residential loans, plots Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of Abu Dhabi Executive Council, Sheikh Mohamed bin Zayed Al Nahyan has ordered the distribution of housing loans and residential lands worth more than $4.98bn to 12,475 beneficiaries in the Emirate, a report stated. This comes in line with the directives of President, HH Sheikh Khalifa bin Zayed Al Nahyan, reported state news agency Wam. As per the order, Sheikh Mohamed has approved 8,662 housing loans valued at AED16.2bn besides the allocation of 953 government houses worth AED79mn, and 2,213 residential plots worth AED1.41bn, the report stated. The move is consistent with keenness of Sheikh Khalifa and Sheikh Mohamed to ensure social stability and to provide decent living standards to Emiratis, it added. (GulfBase.com) Omani products exported to 135 countries globally Ithraa s Director General of Marketing & Media, Taleb al Makhmari, said, Oman has long been an outward looking trading nation. At our best, we ve done business in every corner of the globe. It s in our DNA to travel, to engage trade and sell. And today, exporting is more important to our economic ambitions than it has ever has been. Exports are central to Oman s prosperity, growth and development, helping create quality jobs, and spur innovation and entrepreneurship. Today, and as of the last count, we re proudly exporting to 135 countries. And we look forward to expanding on this not just in number but also in volume, Al Makhmari said. Despite the recent international financial crisis, global exports in 2017 were worth more than double than they were in On the home front, Oman s nonoil exports reached $8.2bn in 2017 up from $6.2bn in A remarkable success, yet according to Al Makhmari, there is so much more to achieve. We re living in times of great change, and many developing economies are among the key drivers of global economic growth many, thanks to our strategic location at the intersection of east west trade routes and world-class logistics network, are within easy reach of Oman, he said. (GulfBase.com) Oman to offer six new oil blocks for investment Oman has announced plans to offer six new oil and gas blocks for investment as part of the 2019 licensing round due to be unveiled in the first quarter of next year. The new blocks - distributed across the play fairway onshore Oman - underscore sustained investor confidence in the Sultanate s upstream energy sector, according to a high-level official of the Ministry of Oil and Gas. Director-General of Planning and Studies, Saleh al Anboori, identified the new acreage on offer as Blocks 70, 73, 74, 75, 76 and 58. The official made the announcement during the opening session of the 2nd OPAL Oil & Gas Conference at the Oman Convention & Exhibition Centre. Speaking on the theme, Investing in Oman s Oil & Gas Industry, he said the six blocks represent new acreage that is surrounded by existing oil and gas fields. They will be awarded against Exploration and Production Sharing Agreements (EPSA). In addition, two other blocks are also open for investment based on One-to-One negotiations with qualified international parties with the technological wherewithal and resources required to unlock the challenging hydrocarbon potential of these concessions. They include Block 71, containing the Habhab field, home to a multibillion barrel (STOIIP) ultra-heavy oil reservoir. The other concession is Block 43B. (GulfBase.com) Raysut Cement inks deal for waste heat recovery project Raysut Cement Company signed an agreement to develop a waste heat recovery project with a Chinese company, Sinoma Overseas Development. The project is the first-of-its-kind in the Sultanate. Upon the completion of the project, the current Page 4 of 6

5 power cost is expected to be reduced by 30%. Joey Ghose, CEO of Raysut Cement Company, and Meng Qinglin, CEO of Sinoma Overseas Development, signed the agreement in the presence of Ahmed bin Yousef bin Alawi Al Ibrahim, Chairman, Board of Directors, Raysut Cement Company. (GulfBase.com) Bahrain sells BHD70mn 91-day bills; bid-cover at 1.06x Bahrain sold BHD70mn of bills due on March 6, Investors offered to buy 1.06 times the amount of securities sold. The bills were sold at a price of , having a yield of 4.27% and will settle on December 5. (Bloomberg) Page 5 of 6

6 Rebased Performance Daily Index Performance Nov-14 Nov-15 Nov-16 Nov-17 Nov-18 QSE Index S&P Pan Arab S&P GCC % 2.0% 1.0% 0.0% (1.0%) (2.0%) (3.0%) 0.9% 1.3% Saudi Arabia Qatar (0.1%) Kuwait (0.5%) Bahrain 0.7% Oman (2.3%) Abu Dhabi# (0.6%) Dubai# Source: Bloomberg Source: Bloomberg; ( # Data as on November 29, 2018) Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, (5.6) MSCI World Index 2, (1.8) Silver/Ounce (15.1) DJ Industrial 25, Crude Oil (Brent)/Barrel (FM Future) (7.7) S&P 500 2, Crude Oil (WTI)/Barrel (FM Future) (12.4) NASDAQ 100 7, Natural Gas (Henry Hub)/MMBtu 4.37 (5.2) (5.2) 41.4 STOXX (12.4) LPG Propane (Arab Gulf)/Ton (28.0) DAX 11, (16.2) LPG Butane (Arab Gulf)/Ton (34.8) FTSE 100 7, (13.5) Euro (5.4) CAC 40 5, (10.2) Yen Nikkei 22, (1.8) GBP 1.27 (0.2) (0.2) (5.8) MSCI EM 1, (12.2) CHF (2.3) SHANGHAI SE Composite 2, (24.1) AUD (5.8) HANG SENG 27, (9.2) USD Index (0.2) (0.2) 5.3 BSE SENSEX 36, (1.0) (1.0) (3.6) RUB (0.7) (0.7) 15.4 Bovespa 89, BRL (13.8) RTS 1, (0.0) Source: Bloomberg Source: Bloomberg (*$ adjusted returns) Contacts Saugata Sarkar, CFA, CAIA 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 QNB Financial Services Co. W.L.L. Contact Center: (+974) PO Box 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 6 of 6