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1 QSE Intra-Day Movement 10,380 10,360 10,340 10,320 10,300 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QSE Index declined 0.5% to close at 10, Losses were led by the Real Estate and Banks & Financial Services indices, falling 1.8% and 1.1%, respectively. Top losers were Ezdan Holding Group and Qatar General Insurance & Reinsurance Company, falling 3.6% and 3.1%, respectively. Among the top gainers, Qatar Electricity & Water Co. gained 2.1%, while Qatar National Cement Co. was up 1.8%. GCC Commentary Saudi Arabia: The TASI Index rose 1.8% to close at 7, Gains were led by the Energy and Insurance indices, rising 3.3% and 2.6%, respectively. Swicorp Wabel REIT Fund rose 10.0%, while MEFIC REIT Fund was up 9.0%. Dubai: Market was closed on December 2, Abu Dhabi: Market was closed on December 2, Kuwait: The Kuwait Main Market Index rose 0.1% to close at 4, The Consumer Services and Consumer Goods indices gained 0.3% each. Credit Rating & Collection gained 7.7%, while Gulf Cement Company was up 7.5%. Oman: The MSM 30 Index rose 0.1% to close at 4, Gains were led by the Industrial and Services indices, rising 0.2% and 0.1%, respectively. Oman Investment & Finance and Gulf Invest Services Holding were up 2.5% each. Bahrain: The BHB Index gained 0.2% to close at 1, The Commercial Banks index rose 0.5%, while the other indices ended. Khaleeji Commercial Bank rose 4.9%, while Al Salam Bank - Bahrain was up 2.2%. Market Indicators 02 Dec Nov 18 %Chg. Value Traded (QR mn) ,160.1 (93.8) Exch. Market Cap. (QR mn) 583, ,404.7 (0.8) Volume (mn) (90.3) Number of Transactions 2,244 11,185 (79.9) Companies Traded (4.7) Market Breadth 16:23 22:18 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 18, (0.5) (0.5) All Share Index 3, (0.8) (0.8) Banks 3, (1.1) (1.1) Industrials 3, (0.1) (0.1) Transportation 2, (0.6) (0.6) Real Estate 2, (1.8) (1.8) Insurance 2, (0.5) (0.5) (13.8) 17.8 Telecoms 1, (4.7) 42.5 Consumer 6, Al Rayan Islamic Index 3, (0.1) (0.1) GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% Alinma Bank Saudi Arabia , Yanbu National Petro. Co. Saudi Arabia Nat. Shipping Co. Saudi Arabia , Co. for Cooperative Ins. Saudi Arabia (33.8) Arab National Bank Saudi Arabia GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% Al Hamm. Dev. & Inv. Co Saudi Arabia (2.8) 2,130.3 (33.7) The Commercial Bank Qatar (2.1) National Mobile Telecom. Kuwait 0.71 (1.8) 0.5 (34.3) Boubyan Petrochem. Co. Kuwait 1.01 (1.8) Qatar Islamic Bank Qatar (1.6) Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the S&P GCC Composite Large Mid Cap Index) QSE Top Gainers Close* 1D% Vol. 000 YTD% Qatar Electricity & Water Co Qatar National Cement Company (7.8) Doha Bank (23.6) United Development Company (0.5) Ooredoo (11.8) QSE Top Losers Close* 1D% Vol. 000 YTD% Ezdan Holding Group (3.6) Qatar General Ins. & Reins. Co (3.1) 0.1 (10.2) Salam International Inv. Ltd (2.2) 34.0 (35.1) The Commercial Bank (2.1) Ahli Bank (1.7) 0.5 (20.6) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% Qatar First Bank (33.7) Doha Bank (23.6) Ezdan Holding Group (3.6) Vodafone Qatar 8.19 (1.1) Barwa Real Estate Company Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Value Trades Close* 1D% Val. 000 YTD% Doha Bank ,561.7 (23.6) Ooredoo ,615.6 (11.8) Industries Qatar (0.9) 6, Barwa Real Estate Company , Qatar Fuel Company , Source: Bloomberg (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 10, (0.5) (0.5) (0.5) , Dubai # 2, (0.6) (3.1) (4.2) (20.8) , Abu Dhabi # 4, (2.3) (4.3) (2.7) , Saudi Arabia 7, , Kuwait 4, (1.9) , Oman 4, (13.4) , Bahrain 1, , 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 5

2 Qatar Market Commentary The QSE Index declined 0.5% to close at 10, The Real Estate and Banks & Financial Services indices led the losses. The index fell on the back of selling pressure from Qatari and non-qatari shareholders despite buying support from GCC shareholders. Ezdan Holding Group and Qatar General Insurance & Reinsurance Company were the top losers, falling 3.6% and 3.1%, respectively. Among the top gainers, Qatar Electricity & Water Company gained 2.1%, while Qatar National Cement Company was up 1.8%. Volume of shares traded on Sunday fell by 90.3% to 3.3mn from 34.3mn on Thursday. Further, as compared to the 30-day moving average of 6.7mn, volume for the day was 50.3% lower. Qatar First Bank and Doha Bank were the most active stocks, contributing 25.1% and 11.8% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 41.07% 44.81% (2,698,551.57) Qatari Institutions 12.18% 9.46% 1,966, Qatari 53.25% 54.27% (732,226.51) GCC Individuals 1.89% 0.81% 780, GCC Institutions 7.59% 7.38% 151, GCC 9.48% 8.19% 931, Non-Qatari Individuals 16.42% 15.72% 505, Non-Qatari Institutions 20.84% 21.82% (705,426.85) Non-Qatari 37.26% 37.54% (199,531.77) Source: Qatar Stock Exchange (* as a % of traded value) News Qatar QCB not to interfere in local banks' merger talks The Qatar Central Bank (QCB) will not interfere in the negotiations between local banks for their possible merger, QCB s Governor, Sheikh Abdulla bin Saoud said. Once the proposal is submitted to QCB, we will examine its merits and demerits. In any chance, QCB will not interfere in their negotiations; banks have to sign a MoU based on our corporate governance standards, and have to come out with a feasible proposal. The proposal also have to be subjected to detailed legal and financial due diligence, Sheikh Abdulla said. (Gulf-Times.com) QCB continuously strengthens regulatory, supervisory systems to ensure financial resilience The Qatar Central Bank (QCB) has been continuously strengthening the regulatory and supervisory systems to ensure that the financial system remains resilient enough to address global financial risks and unforeseen challenges, QCB s Governor, Sheikh Abdullah bin Saoud Al-Thani said. Moreover, he said frequent and various stress tests are undertaken to assess the ability of the banking sector to withstand various stress scenarios. Our monetary policy stance though largely responds to the policy rate moves of the US Federal Reserve, gives due considerations to evolving domestic economic conditions and tries to ensure enough systemic liquidity that is consistent with the real economy, Sheikh Abdullah said in the context of the upcoming Euromoney Qatar Conference in Doha on December 9 and 10. Unconventional measures and coordinated macro-prudential policy initiatives taken by central banks and other authorities have so far supported the global economic growth and in particular the global financial system, he noted. However, downside risks from the heightened tensions related to global trade and investment are causing shadows of risk. Upturns in global interest rate is another major area of concern. This may lead to increase in the cost of borrowing, and in turn, the profitability, if not addressed proactively, he said. (Gulf- Times.com) Qatar s population crosses 2.75mn to reach all-time high Qatar s population reached a new all-time high of more than 2.75mn people at the end of November, official statistics showed. The population increased by 13,505 people, or around 0.5%, to 2,757,437 as of November 30 from the 2,743,932 people recorded at the end of October. The latest data also reveal that Qatar s female population has crossed the 700,000-mark for the first time. The female population was 703,862 at the end of November, an increase of 0.7% from the October figure of 698,945. (Gulf-Times.com) Court judgment issued against BRES by the Supreme Court Barwa Real Estate Company (BRES) announced the issuance of a judgment by the Supreme Court in Qatar regarding the objection no. 423/2018 filed by BRES against Panceltica for Ready Made Buildings Company Under Liquidation. The outcome of the said judgment is that BRES is committed to pay Panceltica for Ready Made Buildings Company Under Liquidation an amount of QR153,056,303.64, as well as expenses. The facts of the court case subject of the Supreme Court judgment refer to a dispute regarding a construction contract between BRES and Panceltica for Ready Made Buildings Company Under Liquidation. The dispute related to BRES project in Meseimeer and Al Sailiya areas, where both parties exchanged filing cases against each other during 2009 and 2010, a matter which ended with the issuance of the mentioned Supreme Court judgment. By issuance of the said Supreme Court judgment, the judged amount became final. It is expected to pay such amount in cash and additionally it will affect the statement of profit or loss of the company for the fourth quarter of 2018, in the amount of QR133mn as expenses (QSE) Doha Bank included in FTSE4Good Emerging Index Doha Bank has been selected in the FTSE4Good Emerging Index. The selection highlights Doha Bank s continued leadership in environmental, social and governance (ESG) performance, the bank said. The FTSE4Good Index Series is a series of benchmark and tradable indexes for ESG (Environmental, Social and Governance) investors, which was launched in The FTSE4Good criteria are applied to the FTSE Emerging Indexes, which covers over 20 emerging countries. Doha Bank was rated above the threshold for companies in emerging markets, as well as that of developed markets, by FTSE Russell. The bank was selected among 134 financial services companies from emerging markets, including China, Brazil, South Africa and GCC. (Peninsula Qatar) Page 2 of 5

3 MRDS announces liquidation of Retention Bond Mazaya Real Estate Development (MRDS) has applied for the liquidation of the Retention Bond on the main contractor of the Sidra residential compound project amounting to QR60mn. (QSE) Qamco legally incorporated; to be listed on QSE by December 10 Qatar Aluminium Manufacturing Company (Qamco) has been legally incorporated and it is slated to be listed on the Qatar Stock Exchange (QSE) by December 10. In view of the incorporation of Qamco, which recently witnessed 2.5 times oversubscription to its QR2.73bn Initial Public Offering (IPO), a constituent general assembly meeting was held. (Gulf- Times.com) WOQOD opens new petrol station at Wholesale Market Qatar Fuel Company (WOQOD) opened a new petrol station at Wholesale Market, raising its network of various petrol stations to 80. The new petrol station will offer services to residents round-the-clock, and it includes Sidra convenience store, sale of LPG cylinders, in addition to sale of gasoline and diesel products for light vehicles. (Peninsula Qatar) QDB gets over 13,000 applications for Al Furjan Markets Project Phase 1 Qatar Development Bank (QDB) has received 13,266 applications for Phase 1 of its Al Furjan Markets Project since it has opened it to public registration from October 21 to November 19. QDB stated it will host a raffle award ceremony on December 11, which will be dedicated to a number of successful applications received by QDB. QDB assured the integrity, fairness, and transparency of the raffle draw, which will be a fully-automated process and will be supervised by an international audit firm under the supervision of a committee composed of QDB members and other governmental stakeholders. (Gulf-Times.com) Ooredoo announces date to pay principal and profits to Sukuk holders Ooredoo announced that Ooredoo Tamweel Limited (OTL), its wholly owned subsidiary, pursuant to the terms and conditions of the Notes and the Final Terms, will pay its Note holders $1,250,000, towards principal and $18,993, towards periodic payment on the final periodic payment date falling due on December 3, (QSE) International UK s manufacturers head for sharp Brexit slowdown in 2019 British manufacturers are heading into their slowest year of growth since 2015 as Brexit uncertainty hits foreign demand and businesses brace for potential shortages of raw materials, their trade association forecast. EEF predicts factory output growth will fall to 0.3% next year from an estimated 1.1% in Previously, the association had forecast a slowdown to 0.5% growth in 2019 from 0.9% in EEF s CEO, Stephen Phipson said, The moderation in manufacturing performance over the course of this year appears to have gathered pace during the final quarter with more clouds on the horizon than there have been for some time. (Reuters) Japan s November factory activity expands at weakest pace since Aug 2017 Japanese manufacturing activity expanded in November at the slowest pace in more than a year, as growth in new orders slowed, a revised survey showed on Monday in a worrying sign that economic growth may be subdued in the fourth quarter. The final Markit/Nikkei Japan Manufacturing Purchasing Managers Index (PMI) was 52.2 on a seasonallyadjusted basis, up from a flash reading of 51.8 but below October s final The index remained above the 50 threshold that separates contraction from expansion for the 27th consecutive month but reached the lowest level since August 2017, when it also was For November, the PMI s final index for new orders was 50.9, compared with the preliminary reading of 49.6 and a final 52.6 in the previous month. (Reuters) Japan's corporate investment slows sharply, raises doubt about outlook Japanese corporate capital expenditure rose for an eighth consecutive quarter during July-September but the pace of gains slowed sharply, raising doubts about the strength of business activity amid global trade frictions. Ministry of Finance (MOF) data showed capital expenditure grew 4.5% during July-September from the same period last year, led by chemicals, production machinery, information and communications. It slowed from 12.8% gain in the previous quarter. Excluding software, capital expenditure fell 4.0% in July-September from the previous quarter on a seasonallyadjusted basis, down for the first time in five quarters. (Reuters) Regional COMCEC: Islamic finance sector asset size at $2.05tn The asset size of the Islamic finance sector has grown 8.3% in The industry s total assets size is estimated at $2.05tn now, which was $1.88tn in 2016, a document released on the sidelines of the just-concluded Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC) has revealed. The global Islamic banking assets represented 75.97% of the industry s total assets, while the Sukuk market, Islamic funds and Takaful market represented 19.51%, 3.25% and 1.27% of the Islamic finance industry, respectively, in The document noted the total Global Sukuk issuances amounted to $92bn in 2017, which was driven by large sovereign issuances from the GCC region, of 23% compared with The top three markets for the Sukuk issuances in terms of volume were Malaysia (37.9%), Saudi Arabia (33.1%) and Indonesia (6.1%) in (Peninsula Qatar) S&P: GCC plays key role in Middle East and Africa s fiscal stability GCC countries have been playing a key role in the fiscal stability of many Middle East and Africa (MEA) region nations, with direct and indirect economic support, according to a recent report from rating agency, Standard & Poor s (S&P). GCC support to countries in the region comes in the form of aid or non-commercial lending. According to S&P, these sovereigns access to bilateral non-commercial financing generally lowers that country s cost of financing and benefits its debt profile. (GulfBase.com) 6Wresearch: GCC s chocolate market set for over 12% growth in five years The chocolate market in the GCC region is poised for solid growth over the next five years, registering CAGR of more than 12% during , a report by 6Wresearch stated. Growing demand for premium chocolate products, increasing consumption of chocolate confectionery among young population and companies expanding the brand portfolio of chocolate confectionery is expected to drive the GCC chocolate market. (GulfBase.com) OPEC s President optimistic about OPEC+ to reach deal to cut output Technical teams are working on level of cuts necessary and reference baseline for reduction, according to OPEC s Page 3 of 5

4 President and UAE s Energy Minister, Suhail Al Mazroeui. The President said, I am optimistic that we will reach a good solution and a good agreement to adjust production downward, to cut production, to ensure that we keep the market stability and keep the OPEC and non-opec together as well. I don t comment on the price. We are not targeting a price, we are targeting market stability. (Bloomberg) Saudi Electricity Company signs $2.15bn credit facility Saudi Electricity Company signed a revolving credit facility agreement with eight international banks for a maximum of $2.15bn. The facility is divided into two tranches: the first with a maximum of $1.578bn, which will mature after three years, and the second with a maximum of $573mn that will mature after five years, according to Saudi Press Agency s report. Saudi Electricity Company s Acting CEO, Fahd Al-Sudairy said, ''Saudi Electricity Company is the largest electricity service facility in the Middle East and North Africa region and one of the world's largest service facilities. It has managed to obtain funding without any guarantees from the company, stressing that the funding aims to spend on the company's public works." The major international banks include First Abu Dhabi Bank, Mizuho Bank, MUFG Bank, Standard Chartered Bank, Mitsui Sumitomo foundation, HSBC Bank - Middle East, Hong Kong and Shanghai Banking Corporation Limited, JPMorgan Chase, and Natixis Bank. (GulfBase.com) Saudi Arabia s finance ministry says it completed October Sukuk issuance Saudi Arabia completed its October Sukuk issuance. The issuance size was set at SR3.25bn, according to the finance ministry. The first tranche, which matures in 2023, was for SR2.33bn. The second, which matures in 2025, was for SR360mn and third, which matures in 2028, was for SR560mn. (Bloomberg) Saudi Arabia s CMA approves Lazard s request to manage investment funds Saudi Arabia s Capital Market Authority (CMA) approved Lazard Saudi Arabia Company s (Lazard) request to manage investment funds. The approval allows Lazard to manage private non-equity real estate investment funds and sophisticated investor portfolios. (Bloomberg) S&P: Abu Dhabi s economic growth set for steady rise An S&P Global Ratings (S&P) report stated, There is a Stable outlook for Abu Dhabi s economy, with growth set to steadily recover to hit 3% in The ratings agency affirmed its AA/A-1+ sovereign credit rating for the Emirate, stating that the government s net asset position will shield it against almost all possible external shocks. The Stable outlook on Abu Dhabi reflects our expectation that economic growth will steadily recover and that the country s fiscal position will remain strong over the next two years, although structural and institutional weaknesses will likely persist. We could consider raising our ratings on Abu Dhabi if we observed pronounced improvements in data transparency, including on fiscal assets and external data, alongside further progress in institutional reforms. Furthermore, measures to improve the effectiveness of monetary policy in Abu Dhabi, such as developing domestic capital markets, could also be positive for the ratings over time, S&P stated. The ratings agency stated that it expects Abu Dhabi s economic growth to average at 2.3% between this year and 2021, after a 0.5% contraction last year due to an agreement to cut oil output. (GulfBase.com) Banks implemented new CBK loan guidelines since mid- November Banks in Kuwait started mid-november to implement the new Central Bank of Kuwait (CBK) instructions on rules and foundations for granting loans and personal finance operations, which lifted the cap ceiling of the consumer loan from 15 times the net monthly salary to 25 times and a maximum of $82,500. The new CBK instructions on the maximum limits of the housing loan (previously fixed) were kept at $231,000. The total amount that the customer can obtain from loans or Islamic financing is $313,000 instead of $28,000. While the new instructions came in the context of the CBK keenness on regular reviews (updating) of issued guidelines, the latest in 2004, the bank stated in a statement. (GulfBase.com) Oman should prioritize energy transition policies Oman, which has tripled its domestic natural gas consumption over the last decade, should prioritize strategies for reducing the national demand for power rather than investing in delivering new energy supplies to meet the country s soaring call on energy, a Gulf Intelligence survey of 200 Omani energy executives and officials reported. There is a two-part solution to the Sultanate s energy transition challenge. The first is reducing emissions stemming from energy supply by increasing the share of zero-carbon energy into the supply mix, such as wind and solar. Oman s total domestic use of natural gas tripled from 381,519mn standard cubic feet in 2008 to 1,447,422mn standard cubic feet in The country s semi-arid environment, reliance on air- conditioning, rising standard of living, growth in energy-intensive industrialization, population growth, introduction of new households, and infrastructure investments are factors behind the dramatic increase in domestic demand for energy. (GulfBase.com) Omani oil minister says he believes there is consensus for output cuts Oman s Energy Minister, Mohammed bin Hamad al-rumhy said that he believed there was a consensus among OPEC oil producers that oil output should be cut. Asked if he thinks there is a consensus for a cut, he told reporters, I think so, yes. We enjoyed the benefits of cuts. He added Oman was ready to join any cuts decided by OPEC and its allies next week. (Reuters) Bapco signs up Innovate Tax as VAT services partner Bahrain Petroleum Company (Bapco), the national oil company of Bahrain, has appointed Innovate Tax as its preferred partner to provide automated VAT determination services. The news comes as the Bahraini Government edges closer towards the January launch of the new VAT regime; following other GCC states such as Saudi Arabia and the UAE that have already implemented it. (GulfBase.com) Page 4 of 5

5 Rebased Performance Daily Index Performance Nov-14 Nov-15 Nov-16 Nov-17 Nov-18 QSE Index S&P Pan Arab S&P GCC % 1.0% 0.0% (1.0%) (2.0%) (3.0%) 1.8% Saudi Arabia (0.5%) Qatar 0.1% 0.2% 0.1% Kuwait Bahrain Oman (2.3%) Abu Dhabi# (0.6%) Dubai# Source: Bloomberg Source: Bloomberg, ( # Data as on November 29, 2018) Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, (0.1) (0.1) (6.2) MSCI World Index 2, (3.0) Silver/Ounce (0.9) (0.7) (16.3) DJ Industrial 25, Crude Oil (Brent)/Barrel (FM Future) (1.3) (0.2) (12.2) S&P 500 2, Crude Oil (WTI)/Barrel (FM Future) (1.0) 1.0 (15.7) NASDAQ 100 7, Natural Gas (Henry Hub)/MMBtu (1.9) 30.2 STOXX (0.7) 0.8 (13.5) LPG Propane (Arab Gulf)/Ton (2.1) (6.0) (29.9) DAX 11, (0.9) 0.4 (18.0) LPG Butane (Arab Gulf)/Ton (3.0) (17.4) (38.7) FTSE 100 6, (1.0) (0.0) (14.4) Euro 1.13 (0.7) (0.2) (5.7) CAC 40 5, (0.6) 1.0 (11.3) Yen Nikkei 22, (2.7) GBP 1.27 (0.3) (0.5) (5.7) MSCI EM (0.3) 2.6 (14.1) CHF 1.00 (0.3) (0.1) (2.4) SHANGHAI SE Composite 2, (26.8) AUD 0.73 (0.2) 1.0 (6.4) HANG SENG 26, (11.5) USD Index BSE SENSEX 36, (2.7) RUB Bovespa 89, (0.4) BRL 0.26 (0.4) (1.0) (14.3) RTS 1, (1.3) 1.1 (2.5) Source: Bloomberg Source: Bloomberg (*$ 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 5 of 5