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1 QSE Intra-Day Movement 8,950 8,900 8,850 8,800 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QSE Index declined 0.5% to close at 8, Losses were led by the Insurance and Real Estate indices, falling 1.7% and 1.4%, respectively. Top losers were Al Khaleej Takaful Insurance Company and Qatar Insurance Company, falling 7.9% and 2.3%, respectively. Among the top gainers, Dlala Brokerage & Investment Holding Company gained 9.9%, while Zad Holding Company was up 4.9%. GCC Commentary Saudi Arabia: The TASI Index fell 1.7% to close at 7, Losses were led by the Telecom. Services and Banks indices, falling 3.2% and 2.4%, respectively. Saudi Enaya Coop. Ins. fell 9.9%, while Mobile Telecom. Co. Saudi Arabia was down 6.5%. Dubai: The DFM General Index declined 2.0% to close at 2, The Real Estate & Const. index fell 2.9%, while the Services index declined 2.7%. Drake & Scull International fell 5.4%, while Emaar Properties was down 4.9%. Abu Dhabi: The ADX General index rose 0.2% to close at 4, The Banks index gained 1.4%, while the Insurance index rose 0.5%. Union Insurance Co. gained 14.6%, while National Bank of Umm Al Qaiwain was up 11.1%. Kuwait: The Kuwait Main Market Index rose 0.4% to close at 4, The Basic Material index gained 2.3%, while the Consumer Goods index rose 1.8%. National Industries Co. gained 19.5%, while Acico Industries Co. was up 9.2%. Oman: The MSM 30 Index fell 0.3% to close at 4, Losses were led by the Services and Industrial indices, falling 0.8% and 0.3%, respectively. Almaha Ceramics fell 8.0%, while Takaful Oman Insurance was down 6.5%. Bahrain: The BHB Index fell 0.2% to close at 1, The Commercial Banks index declined 0.4%, while the Services index fell 0.2%. United Gulf Holding Company declined 2.0%, while Seef Properties was down 0.9%. QSE Top Gainers Close* 1D% Vol. 000 YTD% Dlala Brokerage & Inv. Holding Co (15.6) Zad Holding Company Islamic Holding Group (27.5) Ahli Bank (17.9) Industries Qatar Market Indicators 09 May May 18 %Chg. Value Traded (QR mn) (18.9) Exch. Market Cap. (QR mn) 487, ,953.7 (0.5) Volume (mn) (40.9) Number of Transactions 3,123 3, Companies Traded Market Breadth 10:31 9:29 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 15, (0.5) All Share Index 2, (0.7) (0.3) Banks 3, (0.7) (0.6) Industrials 3, Transportation 1, (1.3) Real Estate 1, (1.4) (1.3) (12.9) 14.5 Insurance 2, (1.7) (2.1) (16.0) 23.6 Telecoms 1, (0.1) 2.5 (7.7) 29.8 Consumer 5, (0.3) (0.0) Al Rayan Islamic Index 3, (0.6) GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% Boubyan Petrochem. Co. Kuwait GFH Financial Group Dubai ,517.3 (6.0) Comm. Bank of Kuwait Kuwait First Abu Dhabi Bank Abu Dhabi , Mabanee Co. Kuwait (5.1) GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% Mobile Telecom. Co. Saudi Arabia 6.77 (6.5) 16,642.8 (7.4) Emaar Properties Dubai 5.04 (4.9) 13,291.1 (22.9) Banque Saudi Fransi Saudi Arabia (4.0) Saudi Telecom Co. Saudi Arabia (3.6) Saudi Industrial Inv. Gr. Saudi Arabia (3.3) 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% Al Khaleej Takaful Insurance Co (7.9) 0.4 (20.7) Qatar Insurance Company (2.3) 86.5 (25.5) Qatar Navigation (2.2) 6.3 (0.7) Barwa Real Estate Company (1.9) Mazaya Qatar Real Estate Dev (1.5) (27.0) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% Vodafone Qatar 9.07 (0.7) 1, Dlala Brokerage & Inv. Holding Co (15.6) Qatar Gas Transport Company Ltd (0.9) (8.0) Investment Holding Group 5.55 (0.9) (9.0) Masraf Al Rayan (0.3) (9.1) Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Value Trades Close* 1D% Val. 000 YTD% Industries Qatar , Ooredoo ,197.2 (21.5) QNB Group (1.1) 12, Qatar Fuel Company (0.6) 10, Vodafone Qatar 9.07 (0.7) 10, Source: Bloomberg (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 8, (0.5) 0.2 (3.2) , Dubai 2, (2.0) (2.0) (5.7) (14.3) , Abu Dhabi 4, (1.5) (3.9) , Saudi Arabia 7, (1.7) (2.8) (4.0) 9.0 1, , Kuwait 4, (2.8) , Oman 4, (0.3) (1.0) (1.1) (8.3) , Bahrain 1, (0.2) (4.6) , 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 declined 0.5% to close at 8, The Insurance and Real Estate indices led the losses. The index fell on the back of selling pressure from GCC and non-qatari shareholders despite buying support from Qatari shareholders. Al Khaleej Takaful Insurance Company and Qatar Insurance Company were the top losers, falling 7.9% and 2.3%, respectively. Among the top gainers, Dlala Brokerage & Investment Holding Company gained 9.9%, while Zad Holding Company was up 4.9%. Volume of shares traded on Wednesday fell by 40.9% to 5.4mn from 9.1mn on Tuesday. Further, as compared to the 30-day moving average of 10.6mn, volume for the day was 48.9% lower. Vodafone Qatar and Dlala Brokerage & Investment Holding Company were the most active stocks, contributing 20.8% and 14.5% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 39.52% 29.99% 14,651, Qatari Institutions 20.87% 26.71% (8,978,919.62) Qatari 60.39% 56.70% 5,672, GCC Individuals 1.16% 1.35% (294,642.49) GCC Institutions 0.60% 2.37% (2,706,168.18) GCC 1.76% 3.72% (3,000,810.67) Non-Qatari Individuals 10.69% 11.52% (1,276,767.44) Non-Qatari Institutions 27.16% 28.07% (1,395,043.48) Non-Qatari 37.85% 39.59% (2,671,810.92) Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases and Global Economic Data Earnings Releases Company Market Currency Revenue (mn) % Change Operating Profit % Change Net Profit % Change 1Q2018 YoY (mn) 1Q2018 YoY (mn) 1Q2018 YoY Saudi Indian Company for Cooperative Insurance Saudi Arabia SR % N/A Saudi Real Estate Co. Saudi Arabia SR % % Nama Chemicals Co. Saudi Arabia SR % 28.2 N/A Kingdom Holding Co. Saudi Arabia SR % % Al Jouf Cement Co. Saudi Arabia SR % % Advanced Petrochemical Company Saudi Arabia SR % % Jabal Omar Development Co. Saudi Arabia SR % N/A Saudi Arabia Refineries Co. Saudi Arabia SR -1.0 N/A -1.2 N/A Mouwasat Medical Services Co. Saudi Arabia SR % % Savola Group Saudi Arabia SR % N/A Eastern Province Cement Co. Saudi Arabia SR % % Solidarity Saudi Takaful Co. Saudi Arabia SR % -0.2 N/A Alinma Tokio Marine Co. Saudi Arabia SR % % Buruj Cooperative Insurance Co. Saudi Arabia SR % % Al-Ahsa Development Co. Saudi Arabia SR -2.5 N/A -2.4 N/A Saudi Company for Hardware Saudi Arabia SR % % DXB Entertainments Dubai AED % -0.2 N/A Trafco Group Bahrain BHD % % % Takaful International Company Bahrain BHD % % Bahrain Duty Free Complex Bahrain BHD % % % Source: Company data, DFM, ADX, MSM, TASI, BHB. Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 05/09 US Mortgage Bankers Association MBA Mortgage Applications 4-May -0.4% -2.5% 05/09 France INSEE National Statistics Office Industrial Production MoM March -0.4% 0.4% 1.1% 05/09 France INSEE National Statistics Office Industrial Production YoY March 1.8% 2.8% 3.8% 05/09 France INSEE National Statistics Office Manufacturing Production MoM March 0.1% 0.9% -0.5% 05/09 France INSEE National Statistics Office Manufacturing Production YoY March 0.4% 2.1% 2.3% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Page 2 of 6

3 News Qatar Qatar s international reserves may touch $16.8bn by 2020 Qatar s international reserves are expected to reach $16.8bn by 2020, FocusEconomics noted that the country s economy is growing faster now compared to 2017 with a stable outlook. The country s international reserves totaled $13.8bn in 2017, according to FocusEconomics. This year, it may touch $16.6bn, $19.3bn in 2021 and $21.7bn in In 2018, the country s international reserves may cover 6.1 months of imports, 5.6 months in 2020, six months in 2021 and 6.4 months in The country s merchandise trade balance is expected to exceed $47.5bn in This year, Qatar s merchandise trade balance may reach $42.7bn, $43.8bn (2019), $44.9bn (2020) and $46.2bn (2021). Qatar s GDP is expected to exceed $176bn this year, $186bn (2019), $196bn (2020), $206bn (2021) and $217bn (2022). (Gulf-Times.com) CBQK announces series of investor meetings in Asia & Europe The Commercial Bank (CBQK) has mandated BofA Merrill Lynch, Al Khalij Commercial Bank, Barclays, QNB Capital, Standard Chartered Bank and Wells Fargo as Joint Lead Managers to arrange a series of fixed income investor meetings in Asia and Europe, commencing on May 10, A benchmark [5]-year fixed rate US Dollar-denominated senior unsecured Regulation S bond (in registered form) transaction under CBQK s US$5bn Euro Medium Term Note Program will follow, subject to market conditions. (QSE) QGTS postpones its EGM to May 13 Qatar Gas Transport Company Limited (QGTS) announced the Extraordinary General Meeting (EGM) has been postponed, after the number of shareholders in attendance did not reach the quorum. The next meeting will be held on May 13, (QSE) Woqod s EGM on June 10 Qatar Fuel Company (Woqod) said the company s Extraordinary General Meeting (EGM), which could not be held twice earlier due to a lack of quorum, will now be held on June 10. The agenda of the EGM includes amendment of Article 9.1 of the Woqod Regulations by setting a cap for the ownership of non-qataris in Qatar fuel capital of 49% and increasing the percentage of individual ownership to 1%. The amendment will read as follows: Except for the owner of the privileged share, Shafallah Center and the State of Qatar (as defined in Qatar Financial Market Authority, Decision No 1 of 2016), the Qatar Foundation for Education, Science and Community Development, The Qatar Investment Authority and Qatar Holding Company, no natural or legal person may at any time - directly or indirectly - hold shares in the Company in excess of 1% of the issued capital. Subject to the provisions of the above paragraph, non-qataris may hold a total percentage of the capital of the Company not exceeding 49% of the issued capital in accordance with the provisions of Law No 9 of 2014 regulating the investment of foreign capital in economic activity. (Gulf-Times.com) Vodafone Qatar rolls out 1Gbps fiber network in New Salata and industrial area Vodafone Qatar announced further progress in accelerating Qatar towards becoming one of the most connected and technologically advanced countries in the world with news that it is rolling out fiber connectivity in New Salata and the Industrial Area, capable of handling speeds of up to 1 Gigabit per second (1Gbps). Residents in New Salata and the Industrial area will benefit from Vodafone Qatar s ultrafast fiber network by accessing so called triple play services. Among these are very high speed internet, voice and multimedia content over IP, including high definition TV channels, premium content, video on demand and home entertainment. Businesses in both areas will also have access to a wide range of enterprise services including smart solutions and new applications such as smart security, asset tracking and smart metering. These technologies of the future will help the businesses operating in New Salata and the Industrial area to optimize, automate and innovate. (QSE) South Africa seeking Qatar investments in its gas infrastructure South Africa, which plans to increase its gas usage from 3% to 23%, is seeking Qatari investments to roll out its gas infrastructure plan for its energy requirements, Ambassador Faizel Moosa said. Moosa accompanied a South African delegation whose members met with Qatar Chamber officials led by Vice Chairman Mohamed bin Towar al-kuwari in a business meeting at the Chamber s headquarters. We want to improve trade relations with Qatar, and this meeting with the Chamber is an opportunity for us to do that, Moosa told reporters on the sidelines of the meeting. Figures provided by the Chamber revealed that trade volume between Qatar and South Africa stood at QR361mn in Both Al-Kuwari and Moosa agreed during the meeting that both countries have the potential to increase trade relations in sectors like food processing, agro-technology, automotive, construction, and energy, among others. (Gulf-Times.com) Qatar s real estate deal value at QR4bn in 1Q2018 The combined value of Qatar s real estate transactions in the first quarter of this year (1Q2018) reached over QR4bn, witnessing a marginal decline compared to the corresponding period last year, mainly due to a fall in prices of real estate properties. However, the decline in prices led to corrections in rentals almost across the country making residential, commercial and retail spaces more affordable and competitive, noted a latest report. The first quarter 2018 review issued by leading regional consulting firm ValuStrat reported increased affordability in residential capital values and rents. Office rents became more competitive. Less pressure was seen on the retail sector, and increased occupancy for hotel apartments and 3-star hotels. (Peninsula Qatar) Qatar ranked second in Global Mobile Engagement Index Qatar is first among the Arab countries and second in the world, in terms of engagement with mobile services and applications for a second year in a row. South Korea is first. According to a report by Global System for Mobile communications Association (GSMA) intelligence on the global consumer insights Qatar reached the highest score 6.0 on the GSMA Global Mobile Engagement Index (GMEI). This is due to the high usage, particularly for messenger and VoIP applications where Qatar ranked highest in the world. (Gulf-Times.com) International US producer prices rise slightly on weak hotel costs US producer prices barely rose in April after strong gains in the first quarter, held back by a moderation in the cost of services such Page 3 of 6

4 as hotel accommodation and healthcare, which could ease fears that inflation pressures were rapidly building up. The slowdown in wholesale price growth reported by the Labor Department is however, likely temporary as manufacturers have been reporting paying more for raw materials. Economists also expect oil prices to rise after President Donald Trump pulled the US out of an international nuclear deal with Iran. (Reuters) Bank of England seen keeping rates steady after data disappointment Bank of England (BoE) interest rates looks set to stay on hold, after unexpectedly weak economic data and cautious remarks from Governor Mark Carney dashed the chances of what until a few weeks ago looked like a nearcertain increase. The UK economy seems rather fickle at present (and) even the Bank of England seems to be blowing hot and cold, said Hetal Mehta, an economist at Legal & General Investment Management. Since he joined the BoE in 2013, Carney has signaled several times that the time was nearing for rates to rise from the historic low of 0.5% reached during the financial crisis, only for economic data to go the wrong way. Sterling fell to a four-month low against the US Dollar, as markets priced diverging prospects for growth and interest rates on the two sides of the Atlantic. (Reuters) UK RICS house price balance hits lowest since 2012 A closelywatched gauge of British house prices struck its lowest level since 2012 during April, another sign of soft consumer demand ahead of a Bank of England interest rate decision. The Royal Institution of Chartered Surveyors (RICS) house price balance fell to -8 last month from zero in March, the weakest reading since November 2012 and dragged down again by London. A Reuters poll of economists had pointed to a much smaller decline to -1. New buyer enquiries and sales were broadly flat during the month, according to the survey of property valuers. Overall, the report chimed with other signs of a muted housing market and it added to a run of downbeat data that means the BoE is likely to leave interest rates on hold when it announces its decision. In London, nearly two-thirds of property surveyors said they saw prices fall rather than rise in April - the biggest proportion since February 2009, around the depths of Britain s last recession. (Reuters) Germany revises up tax revenue estimates for A panel of tax experts has revised up Germany s expected total tax revenues for , paving the way for additional fiscal spending in Europe s largest economy, a document seen by Reuters showed. From 2018 through to 2022, all state levels will have some 63.3bn Euros (55.3bn Pounds) more in their coffers than forecast in November, the tax estimate document showed. The federal government alone can count with some 30bn Euros more compared to the November projection, according to the figures. The windfall has partly been taken into account by Finance Minister Olaf Scholz in his draft budget plan presented last week. Scholz will comment on the updated tax estimates later on Wednesday. (Reuters) China s April producer inflation picks up for first time in seven months China s producer inflation picked up for the first time in seven months in April, bolstered by rising commodities prices and suggesting industrial demand remains resilient even as trade tensions ratchet up with the US. But consumer inflation eased from the previous month as food prices rose at a slower pace, official data showed. Analysts and investors are closely watching producer inflation in China for signs of a longexpected economic slowdown that would weigh on industrial profit growth and investment, even if there are no trade shocks. But the country s commodity futures markets are notoriously speculative, making it difficult to tell if price swings are pointing to a real change in underlying demand. The producer price index (PPI) rose 3.4% in April from a year ago, accelerating from a 17-month low of 3.1% in March, the National Bureau of Statistics (NBS) said. On a MoM basis, the PPI declined 0.2%. (Reuters) Regional Gulf financial centers battle it out to be the region s Fintech hub Gulf countries are vying to become the regional hub for Fintech start-ups and entrepreneurs are pouring money into educational campaigns and schemes to develop talent. The region is racing to catch up with the global tech hubs of London and Silicon Valley, as well as individual countries competing with their neighbors to be the most attractive destination for Fintech firms. (GulfBase.com) Saudi Arabia s central bank predicts higher inflation in 2Q2018 Saudi Arabia s central bank is expecting inflation to increase in the second quarter on an expected spike in consumer demand during the Muslim holy month of Ramadan which begins next week. The Kingdom s annual inflation rate dropped marginally in the past three months after jumping to 3.0% in January following the introduction of a 5% value-added tax and a cut in energy subsidies. The cost of living index for the largest Arab economy rose 2.9% in 1Q2018 from a year earlier and 3.9% from 4Q2017, the central bank stated. (Reuters) Saudi Arabia approves development plan for its financial sector Saudi Arabia approved a development program for its financial sector, the main part of a massive economic reform plan known as Saudi Vision 2030, which aims to diversify the economy away from oil. The program s objectives include creating a diversified and effective financial services sector to support the development of the national economy, diversifying its sources of income, and stimulate savings, finance, and investments. Among the main targets for the Saudi Financial Development Program are increasing the total size of financial assets to GDP ratio to 201% by 2020 or SR6.3tn, from 192% in 2016, or SR4.7tn. (Reuters) Moody s launches operations in Saudi Arabia Moody s Investors Service (Moody s) officially started its operations in Saudi Arabia. The launch of Moody s Saudi operations reinforces its ongoing commitment to the development of the debt capital market as the Kingdom focuses its efforts to diversify the economy as part of the country s Vision 2030, said Robert Fauber, the President of Moody s Investors Service. Moody s had received a Commencement Letter from Saudi Arabia s Capital Markets Authority (CMA), allowing it to conduct rating activities in the Kingdom. (GulfBase.com) Jabal Omar signs property deal with SHUAA Jabal Omar Development Company (Jabal Omar) has signed a preliminary agreement with the UAE s SHUAA Capital to jointly manage real estate investment funds in Saudi Arabia. The two companies are looking at ways to work together to create and manage real estate funds that support new developments in Page 4 of 6

5 prime property hotspots in the Kingdom, according to Dubai Financial Market (DFM). SHUAA s established record in managing real estate funds and developments within the Kingdom, coupled with Jabal Omar s unique reputation and achievements in building prime mega developments, will help create a favorable and mutually-beneficial partnership model for delivering the highest quality developments and achieve returns for stakeholders, said Jassim Alseddiqi, Chairman of SHUAA Capital. (GulfBase.com) Kuwait s current account records $7.1bn in 2017 Kuwait s current account recorded a surplus of $7.1bn, against a deficit of $5.04bn in 2016, the Commercial Bank of Kuwait (CBK) stated. The surplus in the current account is due to the rise in the surpluses of balance on goods and the primary income on one hand, and the decrease in the secondary income deficit on the other, it added. According to the CBK, the surplus in the current account mainly reflects an increase in the value of oil exports at a greater rate than that of value of merchandise imports. (GulfBase.com) Oman s construction sector sees $190bn investment The construction sector in Oman is witnessing robust activities, with the value of the 2,410 active projects exceeding $190bn in April 2018, according to BNC Network. Among these, 1,840 projects worth $61bn were urban construction, while 70 projects worth $39bn were in the oil and gas sector and 150 projects worth $32bn were in the transport sector. With the crude oil price hovering around $70 per barrel, the GCC countries including Oman could see an increase in government reserves, part of the windfall was then expected to be invested in large infrastructure projects, energy and power projects that would help the economy grow further. (GulfBase.com) Page 5 of 6

6 Rebased Performance Daily Index Performance % 0.0% 0.4% 0.2% (0.6%) (1.2%) (1.8%) (2.4%) (1.7%) (0.5%) (0.2%) (0.3%) (2.0%) Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 QSE Index S&P Pan Arab S&P GCC Saudi Arabia Qatar Kuwait Bahrain Oman Abu Dhabi Dubai Source: Bloomberg Source: Bloomberg Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, (0.1) (0.2) 0.7 MSCI World Index 2, Silver/Ounce (0.3) (2.6) DJ Industrial 24, (0.7) Crude Oil (Brent)/Barrel (FM Future) S&P 500 2, Crude Oil (WTI)/Barrel (FM Future) NASDAQ 100 7, Natural Gas (Henry Hub)/MMBtu (22.3) STOXX (0.6) LPG Propane (Arab Gulf)/Ton (0.3) (11.6) DAX 12, (1.2) LPG Butane (Arab Gulf)/Ton (2.0) (20.7) FTSE 100 7, (0.1) Euro 1.19 (0.1) (0.9) (1.3) CAC 40 5, (0.6) 2.7 Yen (2.6) Nikkei 22, (1.0) (0.1) 1.1 GBP # MSCI EM 1, (1.3) CHF 0.99 (0.4) (0.5) (3.1) SHANGHAI SE Composite 3, (2.3) AUD (1.0) (4.4) HANG SENG 30, USD Index (0.1) BSE SENSEX 35, (0.2) 0.3 (1.7) RUB Bovespa 84, (0.8) 1.4 BRL 0.28 (0.9) (1.8) (7.8) RTS # 1, (0.4) (1.1) Source: Bloomberg ( # Market closed on May 9, 2018) Source: Bloomberg (*$ adjusted returns; # Market closed on May 9, 2018) Contacts Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-nafoosi, CMT, CFTe Head of Research Senior Research Analyst Senior Research Analyst Tel: (+974) Tel: (+974) Tel: (+974) saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa Mohamed Abo Daff QNB Financial Services Co. W.L.L. Senior Research Analyst Contact Center: (+974) Tel: (+974) PO Box mohd.abodaff@qnbfs.com.qa 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