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1 QSE Intra-Day Movement 8,350 8,300 8,250 8,200 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QSE Index declined 0.7% to close at 8, Losses were led by the Transportation and Industrials indices, falling 1.5% and 0.7%, respectively. Top losers were Qatar Islamic Insurance Company and Al Khalij Commercial Bank, falling 6.1% and 5.7%, respectively. Among the top gainers, Zad Holding Company gained 10.0%, while Mannai Corporation was up 2.9%. GCC Commentary Saudi Arabia: The TASI Index rose 1.8% to close at 7, Gains were led by the Insurance and Telecommunication Services indices, rising 3.9% and 3.6%, respectively. National Petro. Co. and Saudi Industrial Inv. Group were up 9.9% each. Dubai: The DFM Index gained 1.0% to close at 3, The Banks index rose 2.8%, while the Real Estate and Construction index gained 0.5%. Emirates NBD rose 13.6%, while Ekttitab Holding Company was up 4.0%. Abu Dhabi: The ADX benchmark index rose 0.1% to close at 4, The Consumer Staples index gained 3.2%, while the Investment & Financial Services index rose 0.9%. Emirates FoodStuff Co. gained 6.0%, while Union Cement Co. was up 3.2%. Kuwait: The KSE Index declined 0.2% to close at 6, The Technology index fell 2.0%, while the Oil & Gas index declined 1.9%. Real Estate Trade Centers Co. fell 15.9%, while National Industries Company was down 13.9%. Oman: The MSM Index fell 0.5% to close at 4, Losses were led by the Financial and Industrial indices, falling 0.4% each. Sohar Power fell 3.3%, while Taageer Finance was down 2.4%. Bahrain: The BHB Index fell 0.2% to close at 1, The Commercial Banks index declined 0.6%, while the Services index fell marginally. Ithmaar Holding declined 7.7%, while GFH Financial Group was down 1.3%. QSE Top Gainers Close* 1D% Vol. 000 YTD% Zad Holding Company Mannai Corporation Qatar Oman Investment Company (1.3) Dlala Brokerage & Inv. Holding Co (20.1) Alijarah Holding (6.7) Market Indicators 11 March March 18 %Chg. Value Traded (QR mn) (8.0) Exch. Market Cap. (QR mn) 444, ,932.0 (0.2) Volume (mn) (30.2) Number of Transactions 2,229 2,904 (23.2) Companies Traded Market Breadth 16:22 14:25 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 14, (0.7) (0.7) All Share Index 2, (0.3) (0.3) (3.2) 12.6 Banks 2, (0.5) (0.5) (1.1) 11.3 Industrials 2, (0.7) (0.7) Transportation 1, (1.5) (1.5) Real Estate 1, (15.2) 10.8 Insurance 3, (12.7) 24.4 Telecoms 1, (4.2) 23.5 Consumer 5, Al Rayan Islamic Index 3, (1.2) (1.2) GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% Emirates NBD Dubai , National Petro. Co. Saudi Arabia Saudi Industrial Inv. Gr. Saudi Arabia , Bupa Arabia for Coop. Ins. Saudi Arabia , Co. for Cooperative Ins. Saudi Arabia ,160.8 (22.2) GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% Doha Bank Qatar (4.9) (4.2) Qatar Int. Islamic Bank Qatar (2.9) GFH Financial Group Dubai 1.44 (2.7) 45,264.5 (4.0) Mouwasat Medical Serv. Saudi Arabia (2.4) Ooredoo Oman Oman 0.48 (2.0) 91.0 (8.7) (# 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 Islamic Insurance Company (6.1) 0.3 (1.7) Al Khalij Commercial Bank (5.7) 40.5 (20.4) Doha Bank (4.9) (4.2) Qatar National Cement Company (3.3) 0.5 (12.4) Qatar International Islamic Bank (2.9) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% Vodafone Qatar ,364.6 (3.2) Qatar First Bank 6.63 (1.8) Investment Holding Group Aamal Company 9.12 (0.9) Doha Bank (4.9) (4.2) Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Value Trades Close* 1D% Val. 000 YTD% Qatar Electricity & Water Co ,582.5 (3.9) Qatar International Islamic Bank (2.9) 13, Vodafone Qatar ,524.9 (3.2) Masraf Al Rayan (1.0) 9,457.5 (4.9) Doha Bank (4.9) 7,727.1 (4.2) (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 8, (0.7) (0.7) (4.6) (3.2) , Dubai 3, (1.7) (5.4) , Abu Dhabi 4, (1.4) , Saudi Arabia 7, , , Kuwait 6, (0.2) (0.2) (0.1) , Oman 4, (0.5) (0.5) (1.9) (3.8) , Bahrain 1, (0.2) (0.2) (0.1) , , 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 5

2 Qatar Market Commentary The QSE Index declined 0.7% to close at 8, The Transportation and Industrials 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. Qatar Islamic Insurance Company and Al Khalij Commercial Bank were the top losers, falling 6.1% and 5.7%, respectively. Among the top gainers, Zad Holding Company gained 10.0%, while Mannai Corporation was up 2.9%. Volume of shares traded on Sunday fell by 30.2% to 5.4mn from 7.7mn on Thursday. Further, as compared to the 30-day moving average of 8.8mn, volume for the day was 39.3% lower. Vodafone Qatar and Qatar First Bank were the most active stocks, contributing 25.5% and 12.1% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 49.59% 42.61% 8,707, Qatari Institutions 15.59% 32.19% (20,706,601.13) Qatari 65.18% 74.80% (11,999,380.99) GCC Individuals 0.90% 0.44% 568, GCC Institutions 14.36% 2.88% 14,330, GCC 15.26% 3.32% 14,899, Non-Qatari Individuals 13.32% 13.37% (58,117.36) Non-Qatari Institutions 6.24% 8.52% (2,841,743.47) Non-Qatari 19.56% 21.89% (2,899,860.83) Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases and Earnings Calendar Earnings Releases Revenue (mn) % Change Operating Profit % Change Net Profit % Change Company Market Currency 4Q2017 YoY (mn) 4Q2017 YoY (mn) 4Q2017 YoY Herfy Food Services Co.* Saudi Arabia SR % % Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Values for FY2017) Earnings Calendar Tickers Company Name Date of reporting 4Q2017 results No. of days remaining Status IGRD Investment Holding Group 12-Mar-18 0 Due QCFS Qatar Cinema & Film Distribution Company 20-Mar-18 8 Due MRDS Mazaya Qatar Real Estate Development 21-Mar-18 9 Due QGMD Qatari German Company for Medical Devices 27-Mar Due Source: QSE News Qatar QNB Group Seeks Shareholder Approval to Increase Non-Qatari Share Ownership Limit to 49% QNB Group intends to recommend to the Extraordinary General Assembly of the Bank, to approve increasing the percentage of non-qatari ownership in the Company s capital to 49% instead of 25% in accordance with the applicable provisions of Law No. 9 of 2014 regulating the Investment of Non-Qatari Capital in the Economic Activity and subject to approval of the concerned regulators. An Extraordinary General Assembly will be convened to present and approve the proposed amendment to QNB s Articles of Association by adding an agenda item in respect of the above after securing the appropriate regulatory approvals of the proposed amendment. QNB Group will disclose the date and venue of the Extraordinary General Assembly in due course. QNB Group s presence through its subsidiaries and associate companies extends to more than 31 countries across three continents providing a comprehensive range of advanced products and services. The total number of employees exceeds 28,200 operating through more than 1,230 locations, with an ATM network of more than 4,300 machines. (QNB Group) Talks in final stages to set up Qatar-Jordan storage, logistics hub in Doha Qatar and Jordan are in the final stages of negotiations for the establishment of a storage and logistics hub in Doha, according to Senator Nael Raja Al Kabariti, who is also the Chairman of the Jordan Chamber of Commerce, who said the project is expected to double the value of both countries trade volume by Al Kabariti said, The storage and logistics hub will be utilized for the development of Jordan s agricultural exports to Qatar. The meetings are led by private sector players of both sides. So to speak, 70% of the road towards this agreement has been crossed already. We are in the final stages and hopefully in a few weeks time it would be announced. The project aims to lift trade and economic relations between Qatar and Jordan, as well as to increase the flow of foreign direct investments of both countries. The logistics and storage hub will facilitate the trade of agriculture and pharmaceutical goods with Qatar. We import a lot of pharmaceuticals and medicine from Qatar, as well, he noted. According to Al Kabariti, Qatar-Jordan trade balance now stands between $400mn and $500mn, while Qatari investments in Jordan amounted to some $2bn, the third largest in the country. (Gulf-Times.com) Sharp rise in tourist arrivals from Europe in Qatar The number of tourists from Europe coming to Qatar is rising. The share of visitors coming to Qatar has risen from 14% of total visitors in 2016 to 22% of total visitors in According to Ministry of Development Planning and Statistics data (MDPS), 483,834 visitors from Europe visited Qatar during 2017 out of the total 2.3mn visitors arrived in the country last year. Around 155,900 Page 2 of 5

3 visitors came from Americas in 2017, while 752,876 from GCC countries. We have seen many steps taken by authorities to attract tourists from all the regions across the world. With increasing number of flights and more number of cruise ships, Qatar has now better connectivity with European countries, said a senior official of tour and travel agency. The number of tourists from European countries will get a further boost due to the aggressive expansion by Qatar Airways, which has connected many cities in Europe and other continents to Doha. According to MDPS, visitor arrivals measures non-residents travelling to Qatar on a short-term basis for all purposes. It includes arrivals at borders under 15 different visit visa classes, including all business and leisure visa types while excluding work visas. (Peninsula Qatar) Qatar, Sudan to form joint committee for closer ties Deputy Prime Minister and Foreign Minister HE Sheikh Mohamed Bin Abdulrahman Al Thani announced that Qatar and Sudan have agreed to form a committee for political consultations and the follow-up of joint projects. He said that he had delivered a message dealing with bilateral relations and the ways to enhance them from HH the Emir Sheikh Tamim Bin Hamad Al Thani to Sudanese President Omar Al Bashir. (Gulf-Times.com) Big biz deals expected during boat show, says expo s Director The fifth edition of Qatar International Boat Show (QIBS) is expected to generate bigger business deals and transactions compared to previous years due to a large number of exhibitors taking part in the event this year, according to QIBS Director, Fadi Al Yousfi. Al Yousfi said, This year, exhibitors from more than 15 countries are showcasing their latest technological advancements in the marine sector, and we are expecting around 85 exhibitors to take part in this year s expo, which makes me believe that several deals will be signed during the five-day event beginning from March 13. According to Fadi, a total of 60 participants from the domestic market are taking part in the expo, which shows the strength of the marine sector in the Qatari market. He said Qatar s marine market is growing rapidly and the QIBS serves as an ideal maritime networking platform and a key business driver for the sector boosting the country s marine industry. (Qatar Tribune) International UK s real estate market is stabilizing In recent years there has been a growing Qatari interest in London, with Qataris visiting Britain for tourism, higher education or investment in properties. QIB-UK, based in the heart of London s Mayfair district, gives an expert view of the real estate market in the UK and London in particular. The Prime Central London markets are stabilizing, following their recent correction. This is also supported by London developers having responded to buyers requirements by building and servicing new properties in line with modern international standards. (Gulf-Times.com) UK s consumer spending suffers weakest start since 2012 British consumers spent less in February, giving the weakest start to the year since 2012, figures from payment company Visa showed, raising the prospects that the broader economy will slow in 1Q2018. Visa stated inflation-adjusted consumer spending in February was 1.1% lower than a year earlier, after 1.2% decline in January. Moreover, National Institute for Economic and Social Research (NIESR) estimated that quarterly growth had weakened to 0.3% from 0.4% at the end of 2017, and that recent unusually snowy weather might deal a further blow to growth. IHS Markit, in a separate survey also released stated business confidence continued to recover from a low struck after June 2017 s inconclusive election result but remained low by the standards of the past five years. (Reuters) China says trade war with the US will only bring disaster to global economy Any trade war with the US will only bring disaster to the world economy, Chinese Commerce Minister Zhong Shan said, as China stepped up its criticism on proposed metals tariffs by Washington amid fears, it could shatter global growth. After pressure from allies, the US has opened the way for more exemptions from tariffs of 25% on steel imports and 10% on aluminum that US President Donald Trump set last week. (Reuters) Regional BMI Research: MENA s construction market to reach $336bn by 2020 According to a BMI Research report, the MENA s construction market is expected to be worth $336bn by 2020, up from $235bn in 2016, a net growth of 43%. Stabilized oil prices have eased pressure on governments budgets and as a result new infrastructure and commercial projects are being flagged off in addition to ongoing projects associated with the Dubai Expo 2020 and many others such as Kuwait s International Airport expansion, the report noted. JPMorgan sees busiest Middle East year with IPOs, M&A driving deals JPMorgan Chase & Co. (JPMorgan) saw initial public offerings and M&A driving Middle East deals this year in what the US bank expects to be its busiest in the region. Private sector mergers and state sell-offs as part of privatization plans will accelerate, while corporate bond sales are also likely to rise, Sjoerd Leenart, the bank s Global Head of corporate banking said. (Gulf-Times.com) Japan, UAE sign new MoUs to boost investments Three new Memorandum of Understandings (MoUs) were signed between Japan and the UAE to promote investments and to provide support for small and medium enterprises, according to a statement from the Ministry of Economy. The volume of nonoil trade exchange between two countries touched nearly AED53.5bn and Japan s investments in the UAE amounted to AED14.3bn in various sectors including advanced technologies, renewable energy, transportation, aviation and health care. Dubai s private sector sees strong growth in February The Dubai Economy Tracker Index (DET) for February signaled a further strong improvement in business conditions across Dubai s non-oil private sector. Although the headline index eased slightly from 56 in January to 55.8 in February, it still indicated a strong expansion in the non-oil private sector. The PMI survey data for February continued to show solid growth in Dubai s economy, with the travel and tourism sector performing particularly well after a relatively soft 4Q2017. Overall we expect Dubai s economy to grow at a slightly faster rate this year, underpinned by infrastructure investment and government spending, said Khatija Haque, Head of MENA Research at Emirates NBD. Dubai s retail industry gets set to take challenges Dubai s retail sector is hoping for a fresh growth spark with the setting Page 3 of 5

4 up an industry grouping tied to the Dubai Chamber of Commerce & Industry. Some of the biggest retail network operators such as Landmark, Apparel, Al Tayer, Azadea and Chalhoub have signed up to be members. While the focus is on brick-and-mortar operators, the Dubai Retail Group is expecting to bring on board souq.com and noon.com to give a true representative feel of the industry. DIFC and MEVP agree to explore FinTech co-investments The Dubai International Financial Center (DIFC) signed a memorandum of understanding with Middle East Venture Partners (MEVP) to explore co-investment opportunities in DIFC s $100mn FinTech fund. The MoU includes the exchange information on the latest financial trends, especially within FinTech, and a commitment to work on the development of regulations to build a competitive investment environment. Dubai values properties worth record $78bn in 2017 Dubai Land Department (DLD) confirmed that it successfully conducted 8,173 real estate valuations worth over $78.1bn, the highest value ever recorded in According to a report issued by Taqyeem, Dubai s Real Estate Appraisal Centre, valuations are done for a variety of reasons such as investor visas, gifted transfer, auction sales, zakat calculations, sale estimates, and company annual audits. Emirates NBD plans share capital hike ahead of possible acquisition Emirates NBD is planning to raise its share capital by up to $2bn through the issuance of new shares, as the company prepares to bid for Turkey s Denizbank. The bank had started initial strategic talks with Sberbank about a possible purchase of the Russian lender s stake in Turkey s Denizbank. (Reuters) Abu Dhabi hotel guest numbers rise 7.4% in January The number of hotel guests staying in Abu Dhabi during January rose 7.4% versus the same month a year ago, building on the success of a record-breaking 2017 when close to a total of five million people stayed in the Emirate. In total, 437,228 hotel guests stayed in the Emirate s 162 hotels and hotel apartments during January, up more than 30,000 over the previous year, figures disclosed by the Department of Culture and Tourism - Abu Dhabi (DCT Abu Dhabi) revealed. Sharjah s $1bn Sukuk wins great response The Government of Sharjah issued Sukuk worth $1bn over 10 years in the Emirate s biggest transaction in debt capital markets. This is the first issuance of sovereign Sukuk to be witnessed by the world markets from the Middle East Region. The Sukuk have lately been successfully issued and received an extraordinary response from investors as demand for the issue was double the size of the Emirate s Sukuk, which proves Sharjah s stable and robust economic and financial position and the investors confidence in the Emirate. Boubyan Bank plans capital increase or Sukuk in 2019 Kuwait s Boubyan Bank is planning to increase capital or issue a Sukuk for a minimum of $250mn in 2019, the bank s CEO said. The funds would be used to expand the bank s activities. (Reuters) Oman s inflation rises 0.49% in February The annual inflation rate in Oman for February 2018 increased to 0.49% compared to the same month of the previous year according to the consumer price index (CPI) data released by the National Centre for Statistics and Information (NCSI). The rate declined by 0.05% compared to January The rise in February price index was due to increases in prices of major categories, such as housing, water, electricity, gas and other fuels by 0.09%, transport by 2.23%, hotels and restaurants by 0.04%, miscellaneous commodities and services by 0.76%, furniture, domestic equipment, regular house maintenance by 1.87%, education group by 4.9% and tobacco by 0.63%%. Bank Muscat s $500mn bond issue oversubscribed Bank Muscat announced the successful pricing and closure of a fiveyear $500mn bond issuance under its Euro Medium Term Note (EMTN) program. The deal, which evoked a strong response from regional and international investors, was oversubscribed more than two times and carried a coupon of 4.875%. Chairman of Bank Muscat, Shaikh Khalid Bin Mustahail Al Mashani said, The overwhelming response to the Euro bond issuance by Bank Muscat endorses the credibility enjoyed by the flagship bank in Oman. The credentials stemming from long-standing relations with regional and international investor communities reinforce the strategic business plans of the Bank. The bond issue highlights the economic potential of Oman and the sound financial regulatory infrastructure in the Sultanate. Oman becomes world s largest gypsum exporter Having toppled Thailand to replace as the world s largest natural gypsum exporter, Oman has the potential to retain its dominant position as a global supplier of this largely coveted commodity for at least another couple of decades, according to a key mining industry executive. Alawi Zawawi, Vice Chairman of USG Boral Zawawi Gypsum, a leading player in the export of natural gypsum, said that Oman has the potential to export cumulatively total more than 300mn tons over the next 15 years ( ), going by current trends. At an average Export FOB price of $18 per ton, this could generate over $5.4bn in export revenues for the Sultanate over this timeframe, he added. Investcorp to launch $100mn new fund Bahrain s Investcorp is planning to launch a $100mn fund dedicated to Oman s pension funds. Investcorp s new fund will focus on private equity investments in the US and Europe, the company stated, and will target mid-sized companies across a broad range of sectors. Investcorp is in advanced stages of merger and acquisition deals in the Gulf, the United States and Europe. Each of the deals would be within the company s targeted enterprise value of $200mn to $500mn, sources said. (Reuters) Investcorp bullish about growth prospects in GCC Investcorp is bullish about growth prospects in the region as the governments undertake privatization measures to boost economy and create more jobs. This region like any emerging market has ups and downs but we are quite bullish about opportunities to invest especially in infrastructure, health care and education sectors. We are a long-term investor and we believe that macroeconomic conditions would be favorable for investment, said Walid Majdalani, Co-Head of Corporate Investment for MENA. Page 4 of 5

5 Rebased Performance Daily Index Performance Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 QSE Index S&P Pan Arab S&P GCC 2.0% 1.0% 0.0% (1.0%) 1.8% Saudi Arabia (0.7%) Qatar (0.2%) (0.2%) Kuwait Bahrain (0.5%) Oman 0.1% Abu Dhabi 1.0% Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, MSCI World Index 2, Silver/Ounce (2.1) DJ Industrial 25, Crude Oil (Brent)/Barrel (FM Future) (2.1) S&P 500 2, Crude Oil (WTI)/Barrel (FM Future) NASDAQ 100 7, Natural Gas (Henry Hub)/MMBtu 2.71 (2.5) 0.4 (23.4) STOXX (0.4) LPG Propane (Arab Gulf)/Ton (22.0) DAX 12, (0.1) 3.7 (2.1) LPG Butane (Arab Gulf)/Ton (0.3) (3.1) (32.3) FTSE 100 7, (3.7) Euro 1.23 (0.0) (0.1) 2.5 CAC 40 5, Yen (5.2) Nikkei 21, (0.2) 0.2 (0.6) GBP MSCI EM 1, CHF 1.05 (0.0) (1.5) 2.4 SHANGHAI SE Composite 3, AUD HANG SENG 30, USD Index (0.1) 0.2 (2.2) BSE SENSEX 33, (1.8) (3.9) RUB (0.3) (0.3) (1.7) Bovespa 86, BRL (0.1) 1.8 RTS 1, (*$ 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 5 of 5