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1 QSE Intra-Day Movement 9,100 9,050 9,000 8,950 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QSE Index rose 0.8% to close at 9, Gains were led by the Telecoms and Real Estate indices, gaining 2.9% and 2.3%, respectively. Top gainers were Ezdan Holding Group and Ooredoo, rising 3.9% and 3.3%, respectively. Among the top losers, Qatari Investors Group fell 1.8%, while Qatar Navigation was down 1.4%. GCC Commentary Saudi Arabia: The TASI Index rose 0.1% to close at 7, Gains were led by Media and Retailing indices, rising 2.2% and 1.1%, respectively. Saudi Industrial Export Co. rose 10.0%, while United Electronics Co. was up 6.3%. Dubai: The DFM Index declined 0.2% to close at 3, The Consumer Staples index fell 1.5%, while the Real Estate and Construction index declined 1.3%. Al Sagr National Insurance Co. fell 10.0%, while Al Salam Bank - Bahrain was down 4.0%. Abu Dhabi: The ADX benchmark index fell 0.3% to close at 4, The Investment & Financial Services index declined 1.3%, while the Banks index fell 0.5%. National Bank of Fujairah declined 9.9%, while Ras Al-Khaimah Cement Co. was down 2.9%. Kuwait: The KSE Index rose 1.6% to close at 6, The Real Estate index gained 4.6%, while the Industrials index rose 2.1%. Real Estate Asset Management Company gained 20.0%, while Human Soft Holding Co. was up 9.8%. Oman: The MSM Index rose marginally to close at 5, The Services index rose 0.1%, while the other indices ended in red. Muscat Thread Mills rose 5.8%, while Al Anwar Ceramic Tiles was up 0.8%. Bahrain: The BHB Index fell 0.8% to close at 1, The Investment index declined 2.1%, while the Commercial Banks index fell 0.8%. Arab Banking Corporation declined 6.3%, while Ithmaar Holding was down 5.9%. QSE Top Gainers Close* 1D% Vol. 000 YTD% Ezdan Holding Group (20.0) Ooredoo (4.4) The Commercial Bank (0.2) Mazaya Qatar Real Estate Dev (12.2) Qatar First Bank , Market Indicators 14 Feb Feb 18 %Chg. Value Traded (QR mn) (3.9) Exch. Market Cap. (QR mn) 483, , Volume (mn) Number of Transactions 3,968 4,274 (7.2) Companies Traded (4.7) Market Breadth 28:9 29:12 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 15, All Share Index 2, Banks 2, Industrials 2, Transportation 1, (0.0) Real Estate 1, (6.6) 11.9 Insurance 3, (7.5) 31.4 Telecoms 1, (5.1) 23.3 Consumer 5, Al Rayan Islamic Index 3, GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% Human Soft Holding Co. Kuwait (3.7) Ooredoo Qatar (4.4) The Commercial Bank Qatar (0.2) Masraf Al Rayan Qatar Vodafone Qatar Qatar (7.1) GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% Etihad Etisalat Co. Saudi Arabia (6.8) 9, Emaar Properties Dubai 6.25 (2.8) 12,028.9 (4.4) Al Salam Bank-Bahrain Bahrain 0.12 (2.4) GFH Financial Group Dubai 1.34 (2.2) 18,302.2 (10.7) National Mobile Telecom. Kuwait 1.07 (1.9) 3.2 (1.0) 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% Qatari Investors Group (1.8) 76.9 (10.4) Qatar Navigation (1.4) Qatar Electricity & Water Co (1.4) Qatar Industrial Manufacturing (1.1) Qatar National Cement Company (0.7) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% Qatar First Bank , Al Khalij Commercial Bank ,714.4 (14.2) Vodafone Qatar (7.1) United Development Company Aamal Company Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Value Trades Close* 1D% Val. 000 YTD% Qatar First Bank , Al Khalij Commercial Bank ,691.3 (14.2) QNB Group (0.0) 17,806.7 (0.0) Industries Qatar , Widam Food Company , Source: Bloomberg (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 9, (1.6) , Dubai 3, (0.2) 0.3 (1.7) (1.0) , Abu Dhabi 4, (0.3) (0.2) (0.3) , Saudi Arabia 7, (3.0) , Kuwait 6, , Oman 5, (0.0) 0.1 (1.8) , Bahrain 1, (0.8) 0.7 (0.6) , Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any) Page 1 of 6

2 Qatar Market Commentary The QSE Index rose 0.8% to close at 9, The Telecoms and Real Estate indices led the gains. The index rose on the back of buying support from Qatari shareholders despite selling pressure from GCC and non-qatari shareholders. Ezdan Holding Group and Ooredoo were the top gainers, rising 3.9% and 3.3%, respectively. Among the top losers, Qatari Investors Group fell 1.8%, while Qatar Navigation was down 1.4%. Volume of shares traded on Wednesday rose by 11.9% to 11.0mn from 9.9mn on Monday. Further, as compared to the 30-day moving average of 11.0mn, volume for the day was 0.4% higher. Qatar First Bank and Al Khalij Commercial Bank were the most active stocks, contributing 32.0% and 15.5% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 47.63% 47.75% (251,959.19) Qatari Institutions 21.31% 17.53% 8,537, Qatari 68.94% 65.28% 8,285, GCC Individuals 0.89% 1.49% (1,356,271.24) GCC Institutions 0.26% 2.06% (4,061,768.29) GCC 1.15% 3.55% (5,418,039.53) Non-Qatari Individuals 13.40% 13.27% 301, Non-Qatari Institutions 16.51% 17.91% (3,169,448.32) Non-Qatari 29.91% 31.18% (2,867,911.52) Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases, Global Economic Data and Earnings Calendar Earnings Releases Company Market Currency Revenue (mn) % Change Operating Profit % Change Net Profit % Change 4Q2017 YoY (mn) 4Q2017 YoY (mn) 4Q2017 YoY Etihad Etisalat Co. Saudi Arabia SR -6.8 N/A N/A Dubai Islamic Insurance and Reinsurance Co.* Dubai AED % N/A N/A Dar Al Takaful* Dubai AED % % Marka* Dubai AED % N/A N/A Damac Properties* Dubai AED 7, % 2, % 2, % Drake & Scull International* Dubai AED 2, % -1,478.6 N/A -1,395.6 N/A Amanat Holdings* Dubai AED % % Arabian Scandinavian Insurance Company* Dubai AED % N/A % Al Ramz Corporation Investment and Development* Dubai AED % % Emaar Properties* Dubai AED 18, % 5, % Emaar Development* Dubai AED 8, % 2, % Emaar Malls* Dubai AED 3, % 2, % 2, % Union Properties* Dubai AED % -2,375.2 N/A -2,375.2 N/A National Marine Dredging Co.* Abu Dhabi AED 1, % % % United Insurance Co.* Abu Dhabi AED % N/A N/A Abu Dhabi National Insurance Co.* Abu Dhabi AED 2, % % Umm Al Qaiwain General Investments* Abu Dhabi AED % Ras Al Khaimah Cement Company* Abu Dhabi AED % N/A % Banader Hotels Company* Bahrain BHD % -1.1 N/A United Paper Industries # Bahrain BHD 3, % % BMMI* Bahrain BHD % % % Bahrain Flour Mills Company* Bahrain BHD % % % GFH Financial Group* Bahrain USD % % Arab Insurance Group* Bahrain USD % % Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Values for FY2017, # Values in 000) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 02/14 US Mortgage Bankers Association MBA Mortgage Applications 9-February -4.1% 0.7% 02/14 US Bureau of Labor Statistics CPI MoM January 0.5% 0.3% 0.2% 02/14 US Bureau of Labor Statistics CPI YoY January 2.1% 1.9% 2.1% 02/14 Germany German Federal Statistical Office CPI MoM January -0.7% -0.7% -0.7% 02/14 Germany German Federal Statistical Office CPI YoY January 1.6% 1.6% 1.6% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Page 2 of 6

3 Earnings Calendar Tickers Company Name Date of reporting 4Q2017 results No. of days remaining Status QISI Qatar Islamic Insurance Company 18-Feb-18 3 Due DBIS Dlala Brokerage & Investment Holding Company 19-Feb-18 4 Due QFBQ Qatar First Bank 19-Feb-18 4 Due AKHI Al Khaleej Takaful Insurance Company 21-Feb-18 6 Due QGTS Qatar Gas Transport Company Limited (Nakilat) 25-Feb Due VFQS Vodafone Qatar # 26-Feb Due QNNS Qatar Navigation (Milaha) 26-Feb Due MERS Al Meera Consumer Goods Company 27-Feb Due AHCS Aamal Company 28-Feb Due MCCS Mannai Corporation 28-Feb Due QFLS Qatar Fuel Company 28-Feb Due Source: QSE ( # Financial for period 9M ) News Qatar MPHC net profit narrows to ~QR282mn in 4Q2017 Mesaieed Petrochemical Holding Company (MPHC) reported net profit of ~QR282mn in 4Q2017 as compared to QR337.3mn in 3Q2017. EPS increased to QR0.87 in FY2017 from QR0.79 in FY2016. In FY2017, MPHC reported 9% increase YoY in net profit to QR1.1bn, which significantly exceeded its budget expectations. The YoY increase in profits was due to improved selling prices by 6%, in line with the crude oil price upswing, and increase in other income, despite the decline in sales volumes arising from the planned maintenance shutdowns in some of the group companies plants. The company recommended a total annual dividend distribution of QR881mn, equivalent to a payout of QR0.70 per share, representing 81% of the profit, according to company s spokesman. The closing cash position, after distribution of the previous years dividends of QR727mn, was at robust QR1.4bn. Total assets stood at QR14.8bn in FY2017 compared to QR14.4bn in FY2016. The group continued to benefit from the supply of competitively priced ethane feedstock and fuel gas under long-term supply agreements. These contractual arrangements are an important value driver for the MPHC s profitability in the current challenging market conditions. The board of directors of the company announced to hold Ordinary and Extraordinary General Assembly Meetings on March 6, (QSE, Gulf-Times.com) QGRI reports ~QR272mn net profit in 4Q2017 Qatar General Insurance & Reinsurance Company (QGRI) recorded a net profit of ~QR272mn in 4Q2017 as compared to a net loss of QR4.40mn in 3Q2017. Further, QGRI s net profit rose sharply on YoY basis from ~QR30mn. EPS increased to QR3.51 in FY2017 from QR2.51 in FY2016. The board of directors of the company proposed cash dividend of 22% of the nominal share value i.e. QR2.2 per share for the year ended December 31, (QSE) Qatar s CPI inflation edges higher in January Expenses towards transport, food, clothing and health witnessed robust increase on a yearly basis, but overall the cost of living in Qatar, based on consumer price index (CPI), was up 0.9% last month. The CPI inflation saw 0.4% MoM rise in January, according to the Ministry of Development Planning and Statistics data. The transport, which has 14.59% weight, saw its group index vault 8.8% YoY and 1.9% on a monthly basis. The sector has the direct linkage to the dismantling of administered prices in petrol and diesel. Food and beverages, which has a weight of 12.58% in the CPI basket, witnessed 5.8% rise in its group index on a yearly basis but fell 1.1% on a monthly basis. (Gulf- Times.com) Qatar to boost LNG production to 100mtpa Qatar Petroleum (QP) rolled out its new Corporate Strategy signaling to further boost Qatar s leading global position by raising its LNG production from 77mn to 100mn tons per year (mtpa). The new corporate strategy and core values were designed to firmly place QP on the road to realizing its vision to become one of the best national oil and Gas companies, with roots in Qatar and a strong international presence. The roll out of new strategy also comes amidst an increasing international upstream activity, which saw QP s footprint expand to include promising offshore areas spanning Latin America, Africa, the Mediterranean, and the Middle East. (Peninsula Qatar) Qatar Airways acquires Sheraton Melbourne Hotel Qatar Airways acquired the Sheraton Melbourne Hotel, further expanding the growing portfolio of its hospitality division, Dhiafatina Hotels. The Sheraton Melbourne joins a growing list of distinguished establishments acquired and managed by Dhiafatina Hotels, including the Sheraton Skyline Hotel at London s Heathrow Airport; The Novotel Edinburgh Park in Edinburgh Scotland; the Oryx Rotana Hotel in Doha, and The Airport Hotel located at the Hamad International Airport (HIA). (Gulf-Times.com) QDB registers increases in post-blockade applications Qatar Development Bank (QDB) has registered an over 400 times increase in the number of applications seeking financial support and other assistance after the imposition of the blockade, according to QDB S CEO, Abdulaziz Bin Nasser Al Khalifa. QDB, in line with the Qatar National Vision 2030, has been entrusted for the promotion and establishment of a vibrant private sector through supporting small and medium enterprises (SMEs) to achieve self-sufficiency and economic diversification to ensure sustainable development. Al Khalifa said, The blockade was a significant factor for the surge in the number of companies that are applying for support from QDB in terms of loans, market information, market access, and other elements of support that QDB provides. Project financing saw a sharp rise over the last few months, especially after the siege imposed against Qatar by Arab quartet. Out of the total funding of QR2bn in 2017, nearly Page 3 of 6

4 QR1.4bn was invested after the blockade to become self-reliant. The development agency is expecting a significant rise in project financing this year given the fact government has reinforced its commitment to achieve self-sufficiency and economic diversification, especially in terms of food production and other essential products and services. (Peninsula Qatar) Qatari firms secure QR500mn deals via QDB s Tasdeer The presence of Qatari companies in international events is expected to increase by 80% in 2018 through the Qatar Development Bank s (QDB) export promotion arm Tasdeer, which helped local firms seal QR500mn worth of deals with foreign businesses last year. In 2017, QDB brought more than 500 Qatari companies to over 100 exhibitions abroad, according to QDB s CEO, Abdulaziz Bin Nasser Al Khalifa. Al Khalifa said QDB, through Tasdeer, will continue to increase the participation of Qatari companies in exhibitions abroad as part of the development bank s efforts to help achieve a diversified and sustainable economy, and increase the contribution of nonoil economic sectors to Qatar s GDP. Al Khalifa said, This year, I think the number of exhibitions and participation is going to be 80% higher than last year, so we re expecting that Qatari companies are expanding more and due to the blockade situation, a lot companies have expanded their production capacities. (Gulf-Times.com) Qatar, Canada look to boost trade ties The Canadian Business Council Qatar, which was formally launched in Qatar, would provide a fillip to the bilateral relationship between the two countries. Canadian ambassador Adrian Norfolk said the task of the council was to bring Qatari and Canadian companies closer and provide them with a forum to partner and network. Norfolk said, We are excited about the prospects as our two countries can work together and enhance the already strong relationship. (Gulf-Times.com) Aamal Company to hold board meeting on February 28 to discuss the financial statements Aamal Company announced that its board of directors will hold a meeting on February 28, 2018, to discuss the consolidated financial statements of the fiscal year ending on December 31, (QSE) International US inflation firms broadly in January, puts spotlight on Fed US consumer prices rose more than expected in January, with a measure of underlying inflation posting its biggest gain in a year, strengthening expectations the Federal Reserve will have to quicken the pace of interest rate increases this year. The fairly strong inflation report from the Labor Department put more pressure on US financial markets, which were spooked by increase in annual wage growth in January. The Labor Department stated its Consumer Price Index (CPI) increased 0.5% last month as households paid more for gasoline, rental accommodation and healthcare. The CPI rose 0.2% in December. The YoY increase in the CPI was unchanged at 2.1% as the large price gains from last year dropped out of the calculation. Excluding the volatile food and energy components, the CPI shot up 0.3%. That was the largest increase since January 2017 and followed 0.2% rise in December. The YoY rise in core CPI was unchanged at 1.8% in January, also because of less favorable base effects. (Reuters) UK firms plan biggest pay rises since 2008, boosting rate hike case British workers are in line for their biggest pay rises since 2008 this year as a higher minimum wage kicks in, according to a Bank of England (BoE) survey that is likely to fuel concerns among its policymakers over inflationary pressures. Firms plan to offer average pay settlements of 3.1%, the highest since 2008, compared with 2.6% last year, the BoE stated in an annual survey published. The biggest planned rises were in consumer services, where large numbers of staff are paid close to the minimum wage. (Reuters) Eurozone s production jumps more than expected in December as economy powers on Eurozone s industrial production jumped more than expected in December, data from the EU statistics office Eurostat showed, underlining the fastest economic growth rate in a decade that economists expect to continue in Eurostat stated industrial production in the 19 countries sharing the Euro rose 0.4% MoM and for 5.2% YoY gain. Economists polled by Reuters expected 0.2% monthly and 4.2% annual rise. The statistics office also confirmed its earlier preliminary estimate of GDP growth in the Eurozone in the last three months of 2017 at 0.6% QoQ and 2.7% against the same period of Overall in 2017, Eurozone s GDP rose 2.5%, Eurostat stated, the fastest growth rate since 3.0% rise in (Reuters) Japan s December machinery orders fall at fastest in three years Japan s core machinery orders tumbled in December at the fastest pace in more than three years and companies expect orders to rise only marginally in January-March, raising concerns that recent gains in capital expenditure will taper off. The 11.9% decline in December core orders, the largest fall since May 2014, was more than the median estimate of 2.3% fall and followed 5.7% increase in November. The machinery orders came a day after GDP data for October-December showed that capital expenditure had risen for five consecutive quarters, and now suggest this run of gains may not continue at the same pace. Orders from manufacturers tumbled 13.3% MoM in December, the largest decline since February Nonmanufacturers orders fell 7.3%, following 9.8% gain in November due to declines in orders from retailers and wholesalers. For January-March, manufacturers expect their orders to fall 5.7%, while non-manufacturers expect their orders to rise 7.4%. (Reuters) Regional Non-hydrocarbon sector seen to lead Saudi Arabian growth in 2018 JLL, the world s leading real estate investment and advisory firm unveiled the top trends set to impact Saudi Arabia s real estate market in the year ahead. Following a year of major economic and social reforms, JLL highlighted how new investment opportunities in Saudi Arabia are paving the way for positive economic and real estate growth in a year of implementation ahead, as outlined in the firm s real estate report. In line with the governments focus on economic diversification, non-hydrocarbon sector is expected to lead the growth in 2018 and JLL MENA s Head of Research, Craig Plumb said, Oil prices are higher but not enough to reverse the trend towards diversifying the economy by expanding other sectors such as tourism, retail, finance, healthcare and education. These efforts to diversify the economy will have a Page 4 of 6

5 positive long-term impact on the real estate market. (GulfBase.com) Russia eyes multi-million-dollar Saudi Aramco investment deals Russia is seeking to finalize multi-million-dollar investment deals with Saudi Arabia in the next three months including partnerships with Saudi Aramco, Russia s top state investment officer said. Russian banks and a Russian-Chinese investment fund are also keen to take part in Saudi Aramco s IPO, the Head of the Russian Direct Investment Fund, Kirill Dmitriev said. (Reuters) UAE, India sign pact for trade in Dirham and Rupee The UAE and India reached an agreement which will enable businesses on both sides to bypass the US Dollar or any other foreign currency and trade directly in UAE Dirhams and the Indian Rupee. The agreement will mean large savings for business communities on both sides as trade between the UAE and India rises to new highs. India s Ambassador to the UAE, Navdeep Suri, said that this is in addition to the agreements and memoranda of understanding which were signed during Indian Prime Minister s visit to Abu Dhabi and Dubai. (GulfBase.com) Nakheel Properties awards construction contract to Ghantoot Gulf Contracting Dubai s Nakheel Properties awarded AED79.7mn contract to Ghantoot Gulf Contracting to build beachfront facility for St. Regis Beach Club on Palm Jumeirah. (Reuters) Burgan Bank reports profit of KD65.2mn in FY2017 Kuwait s Burgan Bank reported net profit of KD65.2mn in FY2017. Loans and advances stood at KD4.4bn as of December 31, The board recommended dividends of 7% in cash and 5% in bonus shares. (Reuters) ODB funds 681 educational institutions with OMR21mn The Oman Development Bank (ODB) financed more than 681 private educational institutions between 2009 and 2018 with a total value of OMR20.796mn, as part of its efforts for educational development in the Sultanate and to promote investment in the private education sector, and support the government in the development of the education sector in the Sultanate. The ODB financed 114 educational projects in 2017 with a total value of OMR3.732mn compared with 131 in the year 2016 with a total cost of OMR3.720mn. (GulfBase.com) SALAM s net profit rises to BHD18.10mn in FY2017 Al Salam Bank-Bahrain (SALAM) recorded net profit of BHD18.10mn in FY2017 as compared to BHD16.22mn in FY2016. Income from financing contracts came in at BHD43.69mn in FY2017 as compared to BHD38.85mn in FY2016. Total assets stood at BHD1.59bn at the end of December 31, 2017 as compared to BHD1.68bn at the end of December 31, Murabaha financing stood at BHD197.38mn, while Mudaraba financing stood at BHD308.09mn at the end of December 31, EPS came in at BHD in FY2017 as compared to BHD in FY2016. (Bahrain Bourse) Page 5 of 6

6 Rebased Performance Daily Index Performance Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 QSE Index S&P Pan Arab S&P GCC 2.0% 1.0% 0.0% (1.0%) 0.1% Saudi Arabia 0.8% Qatar 1.6% Kuwait (0.8%) Bahrain 0.0% Oman (0.3%) (0.2%) Abu Dhabi Dubai Source: Bloomberg Source: Bloomberg Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, MSCI World Index 2, Silver/Ounce (0.5) DJ Industrial 24, Crude Oil (Brent)/Barrel (FM Future) (3.8) S&P 500 2, Crude Oil (WTI)/Barrel (FM Future) NASDAQ 100 7, Natural Gas (Henry Hub)/MMBtu 2.53 (2.3) (4.9) (18.1) STOXX (0.6) LPG Propane (Arab Gulf)/Ton (14.6) DAX 12, (1.3) LPG Butane (Arab Gulf)/Ton (29.0) FTSE 100 7, (3.0) Euro CAC 40 5, Yen (0.8) (1.6) (5.0) Nikkei 21, (2.3) GBP MSCI EM 1, CHF SHANGHAI SE Composite 3, (0.8) AUD HANG SENG 30, USD Index (0.6) (1.5) (3.3) BSE SENSEX 34, (0.1) RUB (1.6) (2.9) (1.6) Bovespa 83, BRL RTS 1, Source: Bloomberg Source: Bloomberg (*$ 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) Mohamed Abo Daff QNB Financial Services Co. W.L.L. Senior Research Analyst Contact Center: (+974) Tel: (+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