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1 QSE Intra-Day Movement 9,820 9,800 9,780 9,760 9,740 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE Index declined 0.3% to close at 9, Losses were led by the Insurance and Transportation indices, falling 1.6% and 0.3%, respectively. Top losers were Qatar General Insurance & Reinsurance Company and Qatar International Islamic Bank, falling 7.0% and 6.1%, respectively. Among the top gainers, Islamic Holding Group gained 3.7%, while Al Khaleej Takaful Insurance Company was up 2.8%. GCC Commentary Saudi Arabia: The TASI Index fell 0.5% to close at 8, Losses were led by the Food & Bev. and Real Estate Mgmt. indices, falling 1.4% and 1.1%, respectively. Al Alamiya Coop. Ins. declined 3.8%, while Saudi Arabian Mining Co. was down 3.5%. Dubai: The DFM Index gained 0.5% to close at 2, The Real Estate & Const. index rose 1.2%, while the Consumer Staples and Discretionary index gained 1.1%. Emaar Malls rose 4.2%, while Takaful Emarat was up 3.8%. Abu Dhabi: The ADX General Index fell marginally to close at 4, The Inv. & Fin. Services index declined 0.6%, while the Banks index fell 0.4%. Sudatel Telecom. Group Co. declined 5.5%, while RAK Properties was down 2.2%. Kuwait: The Kuwait Main Market Index fell 0.1% to close at 4, The Real Estate index declined 1.0%, while the Industrials index fell 0.6%. Sanam Real Estate Company declined 9.1%, while Al-Mazaya Holding Company was down 7.7%. Oman: The MSM 30 Index fell 0.1% to close at 4, Losses were led by the Services and Financial indices, falling 0.2% and 0.1%, respectively. Gulf Invest Services Holding and Muscat City Desalination fell 3.2% each. Bahrain: The BHB Index gained marginally to close at 1, The Commercial Banks index rose 0.2%, while the other indices ended flat or in red. BMMI rose 2.6%, while Al Salam Bank - Bahrain was up 2.1%. QSE Top Gainers Close* 1D% Vol. 000 YTD% Islamic Holding Group Al Khaleej Takaful Insurance Co Qatar National Cement Company Qatar Fuel Company Qatar Oman Investment Company Market Indicators 11 Mar Mar 19 %Chg. Value Traded (QR mn) Exch. Market Cap. (QR mn) 552, ,664.7 (0.2) Volume (mn) Number of Transactions 5,029 4, Companies Traded Market Breadth 18:22 21:19 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 17, (0.1) (0.2) (2.6) 13.6 All Share Index 2, (0.1) (0.6) (3.3) 14.5 Banks 3, (0.2) (0.7) (4.6) 13.5 Industrials 3, (0.2) (0.4) (3.1) 14.9 Transportation 2, (0.3) (0.6) Real Estate 2, (2.0) (6.0) 16.4 Insurance 2, (1.6) (1.6) (3.5) 17.6 Telecoms (7.4) 19.3 Consumer 7, Al Rayan Islamic Index 3, (0.1) (0.6) 13.5 GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% Aldar Properties Abu Dhabi , Emaar Malls Dubai ,595.4 (2.2) Al Salam Bank-Bahrain Bahrain (3.0) DP World Dubai (7.7) Burgan Bank Kuwait , GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% Saudi Arabian Mining Co. Saudi Arabia (3.5) Human Soft Holding Co. Kuwait 3.10 (3.1) 18.2 (5.5) Al Hammadi Dev. & Inv. Saudi Arabia (2.5) (0.8) Savola Group Saudi Arabia (2.2) Jabal Omar Dev. Co. Saudi Arabia (2.1) 1,394.9 (4.1) 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% Qatar General Ins. & Reins. Co (7.0) 5.0 (17.1) Qatar International Islamic Bank (6.1) 85.6 (3.2) Qatar Industrial Manufacturing (4.9) 12.6 (8.7) Gulf International Services (3.1) (17.6) Doha Insurance Group (2.8) 13.3 (8.3) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% Mesaieed Petrochemical Holding , United Development Company ,551.1 (7.8) Qatar Aluminium Manufacturing (0.6) (15.7) Doha Bank (0.9) (14.1) The Commercial Bank (0.1) Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Value Trades Close* 1D% Val. 000 YTD% Mesaieed Petrochemical Holding , The Commercial Bank (0.1) 21, Industries Qatar (0.4) 21,104.9 (11.1) United Development Company ,938.1 (7.8) Qatar Fuel Company , Source: Bloomberg (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 9, (0.3) (0.4) (3.6) (5.4) , Dubai 2, (0.1) (1.7) , Abu Dhabi 4, (0.0) (0.9) (5.2) (0.9) , Saudi Arabia 8, (0.5) (0.6) (0.8) , Kuwait 4, (0.1) (0.6) (0.6) , Oman 4, (0.1) (0.7) (1.4) (5.5) , Bahrain 1, (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) Page 1 of 6

2 Qatar Market Commentary The QE Index declined 0.3% to close at 9, The Insurance and Transportation indices led the losses. The index fell on the back of selling pressure from Qatari and GCC shareholders despite buying support from non-qatari shareholders. Qatar General Insurance & Reinsurance Company and Qatar International Islamic Bank were the top losers, falling 7.0% and 6.1%, respectively. Among the top gainers, Islamic Holding Group gained 3.7%, while Al Khaleej Takaful Insurance Company was up 2.8%. Volume of shares traded on Monday rose by 42.4% to 10.2mn from 7.2mn on Sunday. Further, as compared to the 30-day moving average of 8.7mn, volume for the day was 16.8% higher. Mesaieed Petrochemical Holding Company and United Development Company were the most active stocks, contributing 26.4% and 15.2% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 33.35% 43.28% (24,209,203.60) Qatari Institutions 27.85% 26.36% 3,635, Qatari 61.20% 69.64% (20,574,114.27) GCC Individuals 0.75% 0.28% 1,142, GCC Institutions 1.82% 2.35% (1,278,354.49) GCC 2.57% 2.63% (135,469.56) Non-Qatari Individuals 8.40% 9.52% (2,747,804.65) Non-Qatari Institutions 27.82% 18.20% 23,457, Non-Qatari 36.22% 27.72% 20,709, Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases, Global Economic Data and Earnings Calendar Earnings Releases Company Market Currency Revenue (mn) 4Q2018 % Change YoY Operating Profit (mn) 4Q2018 % Change YoY Net Profit (mn) 4Q2018 % Change Bupa Arabia for Cooperative Insurance Co.* Saudi Arabia SR 8, % % Abdulmohsen Alhokair Group for Tourism and Development* Saudi Arabia SR 1, % National Takaful Company * Abu Dhabi AED % Al Mazaya Holding Co.* Kuwait KD % % % Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Financials for FY2018) YoY Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 03/11 Germany Deutsche Bundesbank Industrial Production SA MoM January -0.8% 0.5% 0.8% 03/11 Germany Bundesministerium fur Wirtscha Industrial Production WDA YoY January -3.3% -3.3% -2.7% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Earnings Calendar Tickers Company Name Date of reporting 4Q2018 results No. of days remaining Status DBIS Dlala Brokerage & Investment Holding Company 17-Mar-19 5 Due ERES Ezdan Holding Group 18-Mar-19 6 Due IGRD Investment Holding Group 19-Mar-19 7 Due MRDS Mazaya Qatar Real Estate Development 20-Mar-19 8 Due AKHI Al Khaleej Takaful Insurance Company 25-Mar Due QGMD Qatari German Company for Medical Devices 27-Mar Due Source: QSE Page 2 of 6

3 News Qatar Qatar Petroleum signs pact with Eni to acquire 25.5% stake in Mozambique exploration block Qatar Petroleum (QP) has entered into an agreement with Italy s Eni to acquire a 25.5% participating interest in block A5A, located in the Angoche basin, offshore the Republic of Mozambique, the company announced. The agreement is subject to customary regulatory approvals by the government of Mozambique. Following approvals, the partners holding participating interest in the block will be affiliates of each of Eni (operator) with a 34% participating interest, Empresa Nacional de Hidrocarbonetos (ENH) with a 15% participating interest, Sasol with a 25.5% participating interest, and Qatar Petroleum with a 25.5% participating interest. Minister of State for Energy Affairs and President and CEO of QP, HE Saad Sherida Al Kaabi said, By entering into this new agreement, we aim at expanding our exploration portfolio to ensure diversification of geographies as well as geologies and basins. Having a large and diversified exploration portfolio is a key long-term objective for Qatar Petroleum and essential for success. In line with QP s growth strategy, this opportunity further strengthens QP s international oil and gas portfolio with the addition of a block in a frontier exploration basin with significant hydrocarbon resource potential. (Qatar Tribune) Nakilat postpones its AGM and EGM to March 19, 2019 Qatar Gas Transport Company Limited s (Nakilat) Annual Ordinary Meeting (AGM) and Extraordinary General Meeting (EGM) has been postponed as it did not achieve the required quorum. The alternate AGM and EGM meetings will be held on March 19, (Gulf-Times.com) QIBK announces roadshow from March 14 for its five-year Sukuk Qatar Islamic Bank (QIBK) announced a roadshow for its five-year US Dollar denominated Sukuk offering from March 14, 2019 and having investor meetings in Singapore, Hong Kong and London. (Bloomberg) QFC Authority s CEO: Islamic banking assets in Qatar valued at $97bn at end-2017 Islamic banking assets in Qatar were valued at $97bn by the end of 2017, which constituted nearly 81% of the total Islamic finance assets, according to QFC Authority s CEO, Yousuf Mohamed Al-Jaida. In the past five years, the growth of Islamic banking industry assets in Qatar has outpaced that of the conventional banking industry. He said that this demonstrated the undeniable robustness and resilience of Qatar s Islamic banking sector. Additionally, in 2018, Qatar Stock Exchange listed the world s largest singlecountry Islamic exchange-traded fund. All of these point to Qatar s prominent position as an international and regional hub for Islamic finance. The fourth industrial revolution, driven forth by digital innovation and the ever-increasing digitalization of the economy has touched virtually every aspect of business and banking. Islamic finance is of course no exception to this, Al-Jaida said at a press conference held to announce the hosting of the 5th Doha Islamic Finance Conference on March 19. The digital world has single-handedly altered the financial services industry and has in fact given rise to an entirely new subsector, financial technology, or fintech. Islamic finance assets are forecast to be worth $3.2tn by 2020, according to Thomson Reuters. It is clear that an industry of this size must embrace the unstoppable wave of digitalization, which presents many benefits and advantages, Al-Jaida said. (Gulf-Times.com) QDB s CEO: Qatar committed to promoting fintech Fintech remains a priority and Qatar Development Bank (QDB) recently launched the IBM Innovation Hub Doha during the Global Entrepreneurship Week, according to QDB s CEO, Abdulaziz bin Nasser Al-Khalifa. He was addressing a workshop on Shariah Compliance Issues of Crypto assets, which QDB hosted in association with the Association of National Development Finance Institutions in Member Countries of The Islamic Development (ADFIMI). Al-Khalifa said, We believe that enabling fintech requires building specialized knowledge and spreading the necessary awareness and with this intent, we organized this intriguing workshop, which garnered a phenomenal response from the participants and industry at large. This event forms the part of our efforts to build a vibrant fintech and digital banking ecosystem in Qatar, marking another step in a new era of growth for Qatari companies which will enormously help in achieving Qatar National Vision (Gulf-Times.com) Ooredoo, QFC in deal to share expertise Ooredoo signed a Memorandum of Understanding (MoU) with the Qatar Financial Centre (QFC) as part of the Ooredoo program for business innovation and partnerships development. The MoU seeks to create a mutually beneficial relationship between Ooredoo and QFC to leverage the extensive expertise and experience of both sides. The two entities plan to work together on a number of initiatives including an incubator strategy, digital cluster activities and the creation of joint working groups in several digital areas including Internet of Things and data science. There will also be dual cross-selling activities and other joint activities such as conferences and seminars. Companies under QFC will also benefit from ICT packages created by Ooredoo to suit their needs. (Qatar Tribune) Qatar, Pakistan exploring feasibility of establishing global financial center Qatar and Pakistan are jointly exploring the feasibility of establishing an international financial center either in Karachi or another major city in that Asian country. This formed one of the rivets of the recently signed Memorandum of Understanding (MoU) between Qatar Financial Centre (QFC) and Pakistan Stock Exchange (PSX). The agreement will see QFC and PSX collaborate on a variety of initiatives, including promoting bilateral business development opportunities, facilitating the mutual cross-selling of financial products, and facilitating trade and investment between companies in Pakistan and Qatar. QFC Authority s CEO, Yousuf Mohamed Al-Jaida said, "Pakistan is one of the key markets targeted by the QFC s recently announced strategy, and an integral part of our New Emerging Belt Initiative, and this agreement will further bolster our commitment to this vital market. (Gulf-Times.com) QOIS AGM and EGM endorses items on its agenda and approves the distribution of 3% cash dividend Qatar Oman Page 3 of 6

4 Investment Company (QOIS) held its AGM and EGM on March 11, 2019 endorsed all items on its agenda. The General Assembly approved the board s recommendation to distribute 3% cash dividends, representing 30 Dirhams per share. (QSE) QFBQ to hold its board meeting on March 27, 2019 Qatar First Bank (QFBQ) announced that its board of directors will meet on March 27, 2019 to discuss and adopt financial statements of the company for the period ended December 31, (QSE) International US retail sales rebound but not enough to jolt slowing economy US retail sales rose modestly in January after a December drop that was even larger than originally estimated, but the recovery was not seen strong enough to alter the course of a US economy that was losing momentum in early The report from the Commerce Department was welcome news for the economy after a raft of weak December data, as well as a sharp moderation in the pace of job growth in February. Still, January s increase in retail sales recouped only a fraction of December s plunge, leaving expectations for a slowdown in consumer spending in the first quarter intact. Retail sales rose 0.2% as increased purchases of building materials and more discretionary spending offset the biggest decline in motor vehicle sales in five years. Data for December was revised to show sales tumbling 1.6% instead of decreasing 1.2% as previously reported. The drop in December was the biggest since September 2009 when the economy was emerging from recession. Economists polled by Reuters had forecasted retail sales to be unchanged in January. Sales in January increased 2.3% from a year ago. (Reuters) US business inventories rise, sales drop biggest in three years US business inventories increased in December as sales recorded their biggest drop in three years, potentially pointing to an unplanned piling up of unsold goods. The Commerce Department stated that business inventories rose 0.6% after being unchanged in November. Inventories are a key component of gross domestic product. December s increase was in line with economists expectations. The December business inventory report was delayed by a five-week partial shutdown of the federal government that ended on January 25. Business sales tumbled 1.0% in December, the most since December 2015, after dropping 0.6% in November. Retail sales plunged 1.8% in December. Sales at wholesalers dropped 1.0%, while those at manufacturers fell 0.2%. (Reuters) Eurozone s budget to support reforms, investment with grants and loans A future Eurozone s budget should support structural reforms and investment in Eurozone countries with grants and loans, the Chairman of Eurozone s Finance Ministers, Mario Centeno said, summing up discussions among European Union Ministers. Finance Ministers from the 27 countries that will remain in the European Union after Britain leaves are seeking ways to deepen the economic integration of the single currency area. A future budget for the 19 countries that share the Euro, and those in the waiting room to join it, is their flagship idea that is to be worked out in more detail over the next three months and fully presented in June. (Reuters) Germany s industrial output falls unexpectedly in January Germany s industrial output fell unexpectedly in January, marking a weak start to the year for the engine room of Europe s largest economy, which is suffering from trade friction and Brexit angst after narrowly avoiding recession last year. Industrial output was down 0.8%, compared to a forecast 0.5% increase, data from the Statistics Office showed. Seasonally adjusted exports were flat MoM - compared to a forecast 0.5% contraction - while imports rose 1.5%. That meant the trade surplus narrowed to EUR18.5bn. (Reuters) German government lowers GDP forecast again Germany s federal government internally revised its growth outlook for Europe s biggest economy in 2019 to 0.8%, the second revision in less than two months, business daily Handelsblatt stated, citing a government document. A weakening world economy, risks such as an escalation of trade conflicts, and political risks in Europe such as Brexit and Italy s financial situation were reasons for the economic slowdown the note had mentioned, Handelsblatt stated. The German government had in January lowered its growth expectations for 2019 to 1.0% from a previously expected 1.8%. Organisation for Economic Co- Operation and Development (OECD) also lowered its growth forecast for Germany to 0.7%, a cut of 0.9 percentage points. (Reuters) BDI German industry body cuts 2019 growth forecast to 1.2% Germany s BDI industry association slashed its 2019 growth forecast for Europe s largest economy to 1.2% from its previous estimate of 1.5%, citing concerns about trade with both Britain and the US. The economy is continuing to lose momentum, mainly for reasons related to the external environment. Foreign trade is likely to have a dampening effect, BDI s Managing Director, Joachim Lang said. Lang said exports would probably increase by 1.5% this year. He said the prospects for the domestic economy remained strong, with rising employment helping private consumption. (Reuters) Bank of France trims 1Q2019 French growth forecast to 0.3% Bank of France trimmed its forecast for French first-quarter economic growth, estimating growth of 0.3% compared to 0.4% before, as the Eurozone s second-biggest economy grapples with a regional slowdown. Business sentiment in the manufacturing sector increased to 101 points in February, up two points on the previous month, and held steady in the services sector at 101 points, the central bank data s showed. Bank of France s Governor, Francois Villeroy de Galhau said that the downwards revision reflected the broader slowdown across Europe, but that the French economy was faring better than others. (Reuters) Greece to get Eurozone s money in April if all reforms done Eurozone s Finance Ministers could grant Greece close to EUR1bn in April if Athens completes by then the reforms agreed with creditors, top Eurozone officials said. If all reform commitments are met, the Eurogroup will in April considers the implementation of further debt relief measures, the Head of Eurozone s Finance Ministers Mario Centeno said. There are still a couple of points where details need to be fleshed out. The main outstanding issue is a potential new scheme for the protection of primary residences, he said. Greece has so far completed 13 out of the 16 promised reforms, the European Commission stated. Under the debt relief deal struck with Eurozone creditors in June 2018, Greece is to receive every six months profits that euro zone central banks have made on their Page 4 of 6

5 Greek bond portfolios and from waiving the step up margin on some Eurozone loans. However the cash can only be transferred to Greece if the country delivers on all promised reforms and does not backtrack on any of the earlier changes. (Reuters) Regional Consolidation seen viable option for GCC banks to stay competitive A viable option for GCC banks to stay competitive is by consolidation through mergers and acquisitions as the region is largely overbanked. GCC banks, while reasonably big in local terms, continue to be small in size when compared to global peers, according to Executive Vice-President and Head (Research) at Markaz, M R Raghu. Consolidation of banks into larger entities would give them the size required to compete in the global market place. The economy and the banking sector as a whole would undoubtedly benefit from the change in dynamics, as stronger and more resilient banks are expected to emerge out of this phase. (Gulf-Times.com) Saudi Aramco's board to meet to approve SABIC s bond plan Saudi Aramco s board is set to meet this week in Saudi Arabia where it will approve a bond issuance plan that could help finance the potential acquisition of a stake in SABIC, according to sources. Saudi Aramco plans to issue its first international bonds in 2Q2019 and the issuance will probably be around $10bn, Saudi Arabia s Energy Minister, Khalid Al-Falih said. The company s representatives are expected to meet fixedincome investors in a bond road show in April, sources said. The deal is expected to involve the purchase of all, or nearly all, of the 70% stake in SABIC held by the Public Investment Fund (PIF), the Kingdom s top sovereign wealth fund. That implies a deal value of roughly $70bn, though the acquisition price has not been made public yet. (Reuters) Saudi Arabia to cut oil exports in April Saudi Arabia plans to cut its crude oil exports in April to below 7mn barrels per day (bpd), while keeping its output well below 10mn bpd, a Saudi Arabian official said, as the Kingdom seeks to drain a supply glut and support oil prices. Saudi Aramco s oil allocations for April are 635,000 bpd below customers nominations, which are the request made by refiners and clients for Saudi crude, the official said. Despite very strong demand from international waterborne customers at more than 7.6mn bpd, customers were allocated less than 7mn bpd, the official said, adding that Saudi Arabian exports in March will also be below 7mn bpd. Oil prices have been supported this year by output cuts by the OPEC and its allies. US sanctions on the oil industries of OPEC members Iran and Venezuela have also tightened supplies. (Reuters) UAE will set up debt management office, seek sovereign rating The UAE s finance ministry will set up a federal debt management office this year and will seek a sovereign rating for the Gulf state, an Undersecretary of the ministry, Younis Haji Al-Khoori said. We want to be rated. It all depends on what we will be agreeing with the central bank, he said, adding that no rating agency had been appointed yet. There is no immediate need for issuance of federal bonds, he added. (Reuters) Dubai s February whole economy PMI unchanged YoY and MoM at 55.8 In a release by Emirates NBD and IHS Markit for Dubai s whole economy, the Purchasing Managers Index (PMI) remained unchanged MoM and YoY at 55.8 in February Output rose to 63 in February as compared to 60 in January. This is the highest reading since May (Bloomberg) Emirates Global Aluminum Guinea unit to secure $700mn- $750mn financing soon Emirates Global Aluminum s (EGA) unit Guinea Alumina Corp is close to securing $700mn to $750mn in financing for a new bauxite project in the Republic of Guinea, EGA s CFO, Danny Dweik said. He said that the financing is for a $1.4bn bauxite mining project EGA is developing through its wholly-owned subsidiary. That would be the largest greenfield investment in the West African country in the last four decades. The project financing is ongoing, it is in the final stages, we are hoping to close very soon, he said. (Reuters) Oman s February consumer prices rises 0.2% YoY and falls 0.1% MoM National Centre for Statistics & Information in Muscat published Oman's consumer price indices, which showed that in February the consumer prices rose 0.2% YoY and the prices fell 0.1% MoM. (Bloomberg) Oman says 25 investors interested in two power assets Oman has received 25 expressions of interest from investors interested in buying stakes in two electricity companies under a privatization plan aimed at boosting state coffers, officials said. Nama Group, a government holding company, plans to sell a 70% stake in Muscat Electricity Distribution and 49% of Oman Electricity Transmission. The firms have combined assets worth $3.2bn. Nama stated that it has received 14 offers for Muscat Electricity Distribution and 11 bids for Oman Electricity Transmission. It stated 23 strategic and financial investors were among the bidders but did not name them. Oman has outlined plans in recent years to sell off state assets as it seeks to confront fiscal deficits built up after a drop in oil prices. It has forecasted a 2019 budget deficit of $7.3bn or 9% of gross domestic product. (Reuters) Bahrain sells BHD70mn 91-day bills; bid-cover at 1.66x Bahrain sold BHD70mn of bills due on June 12, Investors offered to buy 1.66 times the amount of securities sold. The bills were sold at a price of , having a yield of 3.96% and will settle on March 13, (Bloomberg) Page 5 of 6

6 Saudi Arabia Qatar Kuwait Bahrain Oman Abu Dhabi Dubai Rebased Performance Daily Index Performance % 0.5% 0.0% (0.5%) (1.0%) (0.5%) (0.3%) (0.1%) 0.0% (0.1%) (0.0%) 0.5% 45.0 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 QSE Index S&P Pan Arab S&P GCC Source: Bloomberg Source: Bloomberg Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, (0.4) (0.4) 0.9 MSCI World Index 2, Silver/Ounce (0.2) (0.2) (1.2) DJ Industrial 25, Crude Oil (Brent)/Barrel (FM Future) S&P 500 2, Crude Oil (WTI)/Barrel (FM Future) NASDAQ 100 7, Natural Gas (Henry Hub)/MMBtu 2.86 (10.1) (10.1) (12.0) STOXX LPG Propane (Arab Gulf)/Ton DAX 11, LPG Butane (Arab Gulf)/Ton FTSE 100 7, Euro (1.9) CAC 40 5, Yen Nikkei 21, GBP MSCI EM 1, CHF 0.99 (0.3) (0.3) (2.9) SHANGHAI SE Composite 3, AUD HANG SENG 28, USD Index (0.1) (0.1) 1.1 BSE SENSEX 37, RUB (0.5) (0.5) (5.4) Bovespa 98, BRL RTS 1, (0.2) (0.2) 10.1 Source: Bloomberg Source: Bloomberg (*$ 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) Mehmet Aksoy, PhD 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. ( QNB FS ) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNB FS 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 QNB FS 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. QNB FS 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 QNB FS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNB FS 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 QNB FS Fundamental Research as a result of depending solely on the historical technical data (price and volume). QNB FS 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 QNB FS. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNB FS. Page 6 of 6