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1 QSE Intra-Day Movement 10,000 9,950 9,900 9,850 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE Index declined 1.1% to close at 9, Losses were led by the Insurance and Consumer Goods & Services indices, falling 2.7% and 1.7%, respectively. Top losers were Mesaieed Petrochemical Holding Company and Dlala Brokerage & Investment Holding Company, falling 5.5% and 5.3%, respectively. Among the top gainers, Ezdan Holding Group gained 7.4%, while Islamic Holding Group was up 4.1%. GCC Commentary Saudi Arabia: The TASI Index fell 0.2% to close at 8, Losses were led by the Pharma, Bio. and Food & Staples Retail indices, falling 1.9% and 1.1%, respectively. Al Maather REIT Fund declined 7.9%, while Riyad REIT Fund was down 2.8%. Dubai: The DFM Index gained 0.1% to close at 2, The Banks index rose 1.0%, while the Insurance index gained 0.8%. Dubai National Insurance & Reinsurance rose 14.8%, while Dubai Islamic Insurance and Reinsurance Co. was up 5.6%. Abu Dhabi: The ADX General Index fell 0.4% to close at 4, The Consumer Staples index declined 1.6%, while the Telecommunication index fell 1.1%. Int. Holdings Co. declined 8.7%, while Ras Al Khaimah Ceramics was down 2.4%. Kuwait: The Kuwait Main Market Index fell 0.1% to close at 4, The Oil & Gas index declined 3.2%, while the Consumer Goods index fell 1.1%. Alrai Media Group Co. declined 16.8%, while Credit Rating & Collection was down 10.0%. Oman: The MSM 30 Index gained 0.3% to close at 4, Gains were led by the Industrial and Financial indices, rising 0.3% each. Sohar International Bank rose 1.8%, while HSBC Bank Oman was up 1.7%. Bahrain: The BHB Index gained 0.1% to close at 1, The Services index rose 0.5%, while the Commercial Banks index gained 0.1%. Al-Salam Bank rose 2.1%, while Bahrain Telecom Co. was up 1.2%. QSE Top Gainers Close* 1D% Vol. 000 YTD% Ezdan Holding Group (9.0) Islamic Holding Group Gulf Warehousing Company Mazaya Qatar Real Estate Dev (6.7) Zad Holding Company Market Indicators 17 Mar Mar 19 %Chg. Value Traded (QR mn) ,434.0 (86.5) Exch. Market Cap. (QR mn) 557, ,068.2 (0.6) Volume (mn) (78.9) Number of Transactions 4,801 9,981 (51.9) Companies Traded Market Breadth 18:24 23:19 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 17, (1.1) (1.1) (1.3) 13.8 All Share Index 3, (0.3) (0.3) (2.3) 14.7 Banks 3, (0.8) (0.8) (3.4) 13.7 Industrials 3, (1.2) (1.2) (1.4) 15.2 Transportation 2, Real Estate 2, (6.9) 16.3 Insurance 2, (2.7) (2.7) (3.9) 17.6 Telecoms (1.0) (1.0) (5.0) 19.8 Consumer 7, (1.7) (1.7) Al Rayan Islamic Index 3, (1.0) (1.0) GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% Burgan Bank Kuwait , Knowledge Economic City Saudi Arabia , Etihad Etisalat Co. Saudi Arabia , Mouwasat Medical Serv. Saudi Arabia (3.1) Saudi Arabian Fertilizer Saudi Arabia GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% Qatar Insurance Co. Qatar (4.0) (7.5) Savola Group Saudi Arabia (2.6) Masraf Al Rayan Qatar (2.2) (12.5) Barwa Real Estate Co. Qatar (1.9) (2.5) Yanbu Cement Co. Saudi Arabia (1.7) 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% Mesaieed Petrochemical Holding (5.5) Dlala Brokerage & Inv. Hold. Co (5.3) 12.2 (6.5) Mannai Corporation (4.8) 0.8 (12.6) Qatar Insurance Company (4.0) (7.5) Qatar Fuel Company (2.4) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% United Development Company ,645.7 (11.8) Qatar First Bank (0.7) Qatar Aluminium Manufacturing (1.2) (16.8) Mesaieed Petrochemical Holding (5.5) Qatar Insurance Company (4.0) (7.5) Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Value Trades Close* 1D% Val. 000 YTD% United Development Company ,409.3 (11.8) Qatar Insurance Company (4.0) 17,393.7 (7.5) Al Meera Consumer Goods Co , Industries Qatar (0.9) 14,556.0 (9.6) Barwa Real Estate Company (1.9) 14,327.0 (2.5) Source: Bloomberg (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 9, (1.1) (1.1) (2.5) (4.2) , Dubai 2, (2.2) , Abu Dhabi 4, (0.4) (0.4) (3.1) , Saudi Arabia 8, (0.2) (0.2) , Kuwait 4, (0.1) (0.1) (0.7) , Oman 4, (1.4) (5.5) , Bahrain 1, (0.2) , 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 1.1% to close at 9, The Insurance and Consumer Goods & Services indices led the losses. The index fell on the back of selling pressure from Qatari shareholders despite buying support from GCC and non-qatari shareholders. Mesaieed Petrochemical Holding Company and Dlala Brokerage & Investment Holding Company were the top losers, falling 5.5% and 5.3%, respectively. Among the top gainers, Ezdan Holding Group gained 7.4%, while Islamic Holding Group was up 4.1%. Volume of shares traded on Sunday fell by 78.9% to 8.3mn from 39.4mn on Thursday. Further, as compared to the 30-day moving average of 9.9mn, volume for the day was 15.8% lower. United Development Company and Qatar First Bank were the most active stocks, contributing 19.8% and 9.6% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 44.21% 35.24% 17,365, Qatari Institutions 24.44% 39.39% (28,941,270.50) Qatari 68.65% 74.63% (11,576,255.51) GCC Individuals 2.03% 0.60% 2,778, GCC Institutions 3.04% 0.11% 5,669, GCC 5.07% 0.71% 8,448, Non-Qatari Individuals 10.27% 12.17% (3,680,744.91) Non-Qatari Institutions 16.00% 12.48% 6,808, Non-Qatari 26.27% 24.65% 3,127, Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases and Earnings Calendar Earnings Releases Company Market Currency Revenue (mn) 4Q2018 % Change YoY Operating Profit (mn) 4Q2018 % Change YoY Net Profit (mn) 4Q2018 % Change Al-Ahsa Development Co.* Saudi Arabia SR % Takween Advanced Industries * Saudi Arabia SR 1, % National Corporation for Tourism and Hotels* Abu Dhabi AED % % Methaq Takaful Insurance Co. * Abu Dhabi AED % ,816.9% Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Financials for FY2018) Earnings Calendar Tickers Company Name Date of reporting 4Q2018 results No. of days remaining Status ERES Ezdan Holding Group 18-Mar-19 0 Due IGRD Investment Holding Group 19-Mar-19 1 Due MRDS Mazaya Qatar Real Estate Development 20-Mar-19 2 Due AKHI Al Khaleej Takaful Insurance Company 25-Mar-19 7 Due QFBQ Qatar First Bank 27-Mar-19 9 Due QGMD Qatari German Company for Medical Devices 27-Mar-19 9 Due ZHCD Zad Holding Company 30-Mar Due Source: QSE YoY Page 2 of 6

3 News Qatar DBIS reports net loss of ~QR5mn in 4Q2018 Dlala Brokerage and Investments Holding Co. (DBIS) reported net loss of ~QR5mn in 4Q2018 compared to net profit of QR0.5mn in 4Q2017 and net loss of ~QR17.4mn in 3Q2018. In FY2018, DBIS reported net loss of QR21.3mn compared to net profit of QR16.7mn in FY2017. Loss per share amounted to QR0.75 in FY2018 as compared to earnings per share of QR0.59 in FY2017. (QSE) SIIS to hold board meeting on April 1 to study some potential investment opportunities Salam International Investment Limited s (SIIS) board will hold a meeting on April 1, 2019 to study some potential investment opportunities and follow up the execution of previous resolutions. (QSE) MERS plans to increase selling area to over 100,000 square meter by end of 2019 in growth plan; approves cash dividends of QR8.5 per share Al Meera Consumer Goods Company (MERS) is aiming to increase the selling area of the group from the current 97,000 square meters to over 100,000 square meters by the end of the year as part of its main expansion objective for This was announced during the company s Annual General Assembly. During the meeting, the assembly approved the board of directors proposal on the distribution of cash dividends of QR8.5 per share. On other plans, it was also announced that the development of the new mall in Rawdat Al Hamama is nearing completion and is planned to open for business in 3Q2019. MERS Vice Chairman, Saif Said Al-Sowaidi said, Indeed, the year 2019 will witness the construction of Al Jumailia branch and Al Shamal branch, which will replace the old branches and provide service to customers. In addition to the 10 MAAR convenience stores in Qatar Rail, MERS has 20 pieces of land from the Qatar government currently under study and evaluation for future development. Of these 20 pieces of land, MERS has started soliciting consulting companies for design consultancy and technical services for five of these sites in The group is also assessing the feasibility of leasing various new sites in Qatar and considering a number of potential acquisition opportunities, which, if executed, will enlarge operations and contribute significantly to future sales, Al-Sowaidi said. (Gulf-Times.com) Vodafone Qatar completes its GigaNet fiber roll-out in and around Aspire Zone Vodafone Qatar announced that it is has completed the roll out of its GigaNet fiber connectivity across the Aspire Zone sports complex, home to some of the world s finest sporting facilities and due to play a prominent role in the upcoming 2022 FIFA World Cup. This fiber connectivity, capable of handling speeds of up to 1 Gigabit per second, coupled with Vodafone Qatar s live 5G network, now provides the Zone with a world-class communications infrastructure that allows its facilities to optimize, automate and innovate. With hundreds of thousands of visitors expected to descend on the Zone in four years to watch the Middle East s first World Cup inside Khalifa Stadium, high speed connectivity and technology will form a large part of delivering an unforgettable fan experience. (QSE) Qatar s LNG ramp up to see $35bn green-field investments The global oil and gas industry s investments in new projects are set to double in 2019, with Qatar, the UAE and Saudi Arabia fueling growth. Qatar which has plans to boost its LNG capacity to 110mn tons per annum will require more than $35bn in green-field investments, making it one of the biggest projects to be approved in the region over the last decade, according to Rystad Energy s forecast. Rystad is an independent energy research and business intelligence company providing data, tools, analytics and consultancy services to clients exposed to the energy industry across the globe. Rystad Energy forecasted that projects involving more than $240bn in green-field investments will be sanctioned in 2019, with almost 25% expected to come from the Middle East region. The industry in the Middle East is aiming to ramp up gas production in order to meet rising regional demand, while also increasing oil output, Rystad Energy stated. Middle East green-field investments are seen at about $56bn in 2019, more than six times the investments sanctioned in Investments in gas developments alone are expected to jump to $30bn this year from around $1.7bn in The growth is primarily driven by offshore gas developments in Qatar and the UAE, as well as oil developments in Saudi Arabia. (Peninsula Qatar) Ooredoo Group launches block-chain initiative Ooredoo Group became one of the world s first communications companies to launch a global Blockchain Initiative, which aims to open the floodgates for organizations to adopt block-chain solutions to drive digital business growth and innovation and transform daily lives. Block-chain is a fast-growing digital enabler, with safe, secure, and reliable distributed ledger technology providing a permanent digital record of ownership that allows every part of a transaction to be verified. As a true digital enabler, Ooredoo Group already works closely with public, private, and academic sectors in its global footprint to develop block-chain solutions that can create new value in the digital space and enrich people s digital lives. Ooredoo Group s new Blockchain Initiative is an open call for innovators to develop block-chain partnerships, solutions, and protocols across business-to-business and business-to-consumer sectors. (Peninsula Qatar) Over 700 procurement contracts up for grabs The Ministry of Finance called upon private sector companies active in Qatar to participate in the upcoming Government Procurement and Contracting Conference and Exhibition (Moushtarayat) 2019, which is expected to announce over 700 procurement contacts. Building on the momentum of preceding three editions, the fourth edition of Moushtarayat is all set to take place for three days beginning on March 31, in collaboration with Qatar Development Bank (QDB), Ministry of Finance, the Public Works Authority (Ashghal) and other government entities. (Qatar Tribune) International Brexit spurs biggest cut in UK business investment in 10 years British companies look set to cut investment by the most in 10 years in 2019 because of Brexit, even if Prime Minister Theresa May gets a deal to ease the country out of the bloc, an employers group stated. Business investment was forecasted to fall by an annual 1.0% in 2019, the British Chambers of Commerce (BCC) stated. Weak investment by companies drags Page 3 of 6

4 on productivity, which puts a brake on wage rises and weighs on the overall economy. Many financial firms have set up operations in other EU countries and carmakers have reduced their expansion plans in Britain. The BCC saw only a weak pickup, with growth edging up to 1.3% and 1.4% in 2020 and 2021, respectively. (Reuters) Bank of Spain sees no risk of recession in Europe, Spain Bank of Spain s Governor, Pablo Hernandez de Cos said there is currently no risk of recession in Europe or Spain, though he warned that political instability could hold back necessary reform in Spain. According to the economic models, which are not perfect, at the moment we do not see any risk of a recession in the Eurozone, and much less so in Spain, but the determining factors for the future (Brexit, foreign trade etc.) are downward, Hernandez de Cos said. (Reuters) Japan s exports fall for third month on waning external demand, raises economic risks Japan s exports fell for a third straight month in February in a sign of growing strain on the trade-reliant economy from slowing external demand and a Sino-US tariff war. Ministry of Finance s data showed exports fell 1.2% YoY in February, more than a 0.9% decrease expected by economists in a Reuters poll. It followed a sharp 8.4% YoY drop in January, marking a third straight month of falls due to declines in shipments of semiconductor production equipment and cars. The trade data comes on top of a recent batch of weak indicators, such as factory output and a key gauge of capital spending, which have raised worries that a record run of postwar growth may come to an end. Some analysts said a recession cannot be ruled out. Bank of Japan last week cut its view on exports and output, while keeping policy unchanged. Yet, extended weakness in exports could put it under pressure to deliver more easing, especially as inflation remains well off its 2% target and pressure on businesses and consumers continues to rise. (Reuters) Regional OPEC's Barkindo says rebound in oil investments 'very minimal' The investments needed to ensure stability in the global oil industry are returning after a downturn, but the pace is still slow, OPEC Secretary General, Mohammed Barkindo said. He also said that leading oil producing nations have made significant achievements in terms of cooperation and efforts to avoid imbalance between the supply and demand on the global oil market. He added that he will welcome greater engagement with the US to tackle industry issues. According to estimates from CEO of Saudi Aramco, Amin Nasser last year, the global oil and gas industry needs to invest more than $20tn over the next 25 years to meet expected growth in demand and compensate for the natural decline in developed fields. A number of challenges are arising from the down cycle that we have seen, and at the top of that list is an issue of investments. We have seen investments contract for couple of years and even at the moment the rebound is very, very minimal, for the long cycle projects, which are the base for the global economy, the picture is still not encouraging. Therefore we welcome the US to join us in this global energy dialogue to address this and other issues affecting this industry, he said. The OPEC and other large oil producers led by Russia have agreed on joint efforts to curb their oil production in order to restore the balance on the global oil market and support the price. (Reuters) KNOMAD: GCC job opportunities for South Asian migrants shrank in 2017 and 2018 Employment opportunities for South Asian migrants in the Gulf Co-operation Council (GCC) countries shrank in the last two years mainly due to nationalization in the GCC and oil price drop induced economic slowdown, a new report has shown. Lower migrant worker deployments to the GCC were seen in India, Pakistan, Bangladesh and Nepal, according to the Global Knowledge Partnership on Migration and Development (KNOMAD), a World Bank initiative. For 2019, it is projected that remittances to the region will slow to 4.3%, due to a moderation of growth in high-income economies and slower migration to the GCC countries. India had registered a 12% drop in migrant workers deployment to the GCC in the first three quarters of 2018 and a 25% drop in Pakistan had seen a 26% drop in migrant workers deployment to the GCC in the first eight months of 2018 and 41% drop in 2017, while Bangladesh recorded a 25% drop in the first three quarters last year. KNOMAD said that in India, the number of low-skilled emigrants seeking mandatory clearance for emigration dropped by 12% in the first three quarters of 2018 (0.25mn) compared with the same period in 2017 (0.29mn). (Gulf-Times.com) Novatek close to deal with Saudi Aramco on Arctic LNG 2 project Russian gas giant Novatek s CEO, Leonid Mikhelson said that he has discussed the company s Arctic LNG 2 project with Saudi Arabia s Oil Minister, Khalid Al-Falih and that a deal could be expected soon. We are in talks with Saudi Aramco (on the Arctic LNG 2 project). I think we will get something concrete in coming months, he said, adding that he did not expect global Liquefied Natural Gas (LNG) prices to change after the project s launch. (Reuters) Saudi Arabia s Falih optimistic on continued commitment to OPEC+ oil supply cut Saudi Arabia s Energy Minister, Khalid Al-Falih said that he is optimistic about continued commitment to the oil supply cut agreement between OPEC and non-opec members. I am obviously optimistic that implementation of our OPEC+ agreement will improve, it s already strong by historical standards, he said. Overall conformity with the cuts in the first two months of this year are less than levels seen in 2017 and 2018, but the oil producers will catch up very soon, he said. Saudi Arabia along with other oil producers such as Azerbaijan will continue to work together to manage oil market stability, he added. We will not allow energy security to be challenged by any event, but at the same time we will not leave investors, and oil and gas companies to stay bewildered not knowing what tomorrow is going to bring in terms of stable environment where investments can flow to the sector, he said. (Reuters) Saudi Arabia s ACWA Power signs initial renewables deal with Azerbaijan Saudi Arabia-based ACWA Power has signed a Memorandum of Understanding (MoU) with Azerbaijan Energy Ministry to cooperate and invest in renewable energy, the ministry stated. The countries have set up a committee to explore opportunities. Azerbaijan Energy Ministry has signed similar agreements earlier with BP and Total. (Bloomberg) Page 4 of 6

5 CBUAE: UAE's current account surplus rose to 9.6% of GDP in 2018 The current account surplus of the UAE rose to AED139bn or 9.6% of GDP in 2018, up from AED101bn or 7.2% of GDP, the Central Bank of the UAE (CBUAE) stated. It has attributed the increase mainly to higher oil prices, which rose from an average of $54.25 a barrel in 2017 to an average of $71 in (Zawya) UAE's US Treasury holdings fall 1.4% in January The UAE has slashed its holdings of the US Treasury bonds by 1.4% MoM to $56bn in January from $56.8bn in December 2018, representing a fall of 1.4%, according to official data. On a yearly basis, the Gulf country s investments in US debt instruments increased by 0.7% or $400mn, in January, when compared with $55.6bn in the same month a year earlier, according to the US Department of the Treasury s recent data. (Zawya) UAE announces new loan relief program for its citizens The Central Bank of the UAE (CBUAE) has launched a program to make it easier for its citizens to manage their debts. The National Loans Scheme will consolidate a person s loans for a maximum of four years, state-run agency WAM reported. Monthly repayments will be limited to 50% of an individual s salary or 30% of their pension, while interest is capped at the three-month Emirates Interbank offered Rate. It will start accepting applicants in April. Gulf Arab monarchies have frequently bailed out citizens by writing off debts, a move that critics say encourages more risk-taking. Eligible debt includes personal loans, auto loans, overdraft facilities and existing credit card balances. It does not cover mortgages or loans for shares or deposits. (Bloomberg) ADNOC awards Japan s Inpex Corporation onshore exploration concession Abu Dhabi National Oil Company (ADNOC) has awarded Japan s Inpex Corporation an onshore exploration concession in Abu Dhabi s competitive block bid round, ADNOC stated. Inpex will hold a 100% stake in the exploration phase, while ADNOC has the option to hold a 60% stake in the production phase of the concession, it stated. The 35-year concession is for Onshore Block 4, and Inpex will invest up to AED646mn in the block, ADNOC stated. A wholly-owned INPEX subsidiary, JODCO Exploration Limited, will hold and manage the interest in the concession on behalf of INPEX. The block covers an onshore area of 6,116 square kilometers, ADNOC stated and it holds two existing undeveloped oil and gas fields, Ramhan and Hudairat. The award is the latest of blocks offered in April 2018 in Abu Dhabi s first ever competitive exploration and licensing round. In January, ADNOC awarded the Offshore 1 and Offshore 2 exploration blocks to a consortium led by Italian oil major Eni and Thailand s PTTEP. In February, it awarded Occidental Petroleum onshore Block 3. (Reuters) Dana Gas proposes to buy back 10% of its total share capital Dana Gas has proposed buying back 10% of its total share capital, stating that the company is "currently undervalued." The Sharjah based energy producer stated that it will seek shareholders approval in April to buy back about 690mn shares on the Abu Dhabi Stock Exchange. "A share buyback program represents a way of enhancing shareholder value," it stated. The board has also approved a dividend of AED It also stated that it has now bought back a total of $133mn Sukuk. The buyback has reduced the Sukuk size from $530mn to $397mn; it has paid an average price of $ It has now satisfied the commitment to buy-back about $100mn of Sukuk following the consensual restructuring of the Sukuk in The company has met threshold amount of outstanding Sukuk that allows it to continue to pay the Sukuk profit rate at 4% per annum rather than increase it to 6%. Maintaining a profit rate at 4% will make a further saving of $8mn. Total saving is expected to be $29mn, which is in addition to saving of $35mn per annum achieved at the time of the restructuring. (Bloomberg) Kuwait Airways said to seek $350mn loan to pay for planes Kuwait Airways Corporation is seeking a $350mn loan that will help the Gulf carrier pay for planes, sources said. The state-run airline is talking to banks to raise a five-year facility, sources added. It will be used to make early payments for narrow-body jets, sources said. Kuwait Airways has 15 Airbus SE A320neo narrow-body planes on order as well as eight A330neos, five A350s plus 10 Boeing 777s. It currently has a fleet of 17 planes, according to information on its website. (Bloomberg) Page 5 of 6

6 Rebased Performance Daily Index Performance Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 QSE Index S&P Pan Arab S&P GCC % 0.0% (0.5%) (1.0%) (1.5%) (0.2%) Saudi Arabia (1.1%) Qatar (0.1%) Kuwait 0.1% 0.3% Bahrain Oman (0.4%) Abu Dhabi 0.1% Dubai Source: Bloomberg Source: Bloomberg Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, MSCI World Index 2, Silver/Ounce (0.3) (1.3) DJ Industrial 25, Crude Oil (Brent)/Barrel (FM Future) (0.1) S&P 500 2, Crude Oil (WTI)/Barrel (FM Future) (0.2) NASDAQ 100 7, Natural Gas (Henry Hub)/MMBtu 2.91 (1.4) (8.5) (10.5) STOXX LPG Propane (Arab Gulf)/Ton (1.1) DAX 11, LPG Butane (Arab Gulf)/Ton (0.5) (1.4) (1.1) FTSE 100 7, Euro (1.2) CAC 40 5, Yen (0.2) Nikkei 21, GBP MSCI EM 1, CHF (2.0) SHANGHAI SE Composite 3, AUD HANG SENG 29, USD Index (0.2) (0.7) 0.4 BSE SENSEX 38, RUB (1.1) (2.2) (7.0) Bovespa 99, BRL RTS 1, Source: Bloomberg Source: Bloomberg (*$ 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) 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