Week ended Dec 21, Week ended Dec 14, Chg. % Market Indicators

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1 ` Market Review and Outlook The Qatar Stock Exchange (QSE) Index increased by points or 4.99% during the trading week to close at 8, Market capitalization increased by 4.92% to QR475.7 billion (bn) versus QR453.4bn at the end of the previous trading week. Of the 45 listed companies, 42 companies ended the week higher, while 2 declined and 1 company remained unchanged. Investment Holding Group (IHGS) was the best performing stock for the week with a gain of 16.7% on 503k shares traded. On the other hand, Gulf International Services (GISS) was the worst performing stock for the week with a decline of 0.39% on 773k shares traded. Ooredoo (ORDS), Masraf Al Rayan (MARK) and QNB Group (QNBK) were the primary contributors to the weekly index gains. ORDS was the biggest contributor to the index s weekly increase, adding 72.4 points to the index. MARK was the second biggest contributor to the gains, tacking 64.0 points to the index. Moreover, QNBK contributed 60.0 points to the index. However, GISS deleted only 0.43 points from the index. Trading value during the week increased by 13.6% to reach QR1.39bn versus QR QR1.23bn in the prior week. The Banks and Financial Services sector led the trading value during the week, accounting for 35.75% of the total trading value. The Industrials sector was the second biggest contributor to the overall trading value, accounting for % of the total trading value. Industries Qatar (IQCD) was the top value traded stock during the week with total traded value of QR230.8 million (mn). Trading volume decreased marginally by 0.6% to reach 60.8mn shares versus 60.8mn shares in the prior week. The number of transactions decreased by 16.87% to reach 16,682 transactions versus 20,068 transactions in the prior week. The Industrial sector led the trading volume, accounting for 30.45%, followed by the Banks and Financial Services sector which accounted for 24.81% of the overall trading volume. Investment Holding Group (IGRD) was the top volume traded stock during the week with 11.1mn shares. Foreign institutions remained bullish with net buying of QR97.8mn vs. net buying of QR100.4mn in the prior week. Qatari institutions turned bullish with net buying of QR11.7mn vs. net selling of QR64.4mn the week before. Foreign retail investors turned bearish with net selling of QR3.0mn vs. net buying of QR3.4mn in the prior week. Qatari retail investors remained bearish with net selling of QR106.5mn vs. net selling of QR39.4mn the week before. In 2017 YTD, foreign institutions bought (on a net basis) $809.8mn worth of Qatari equities. QSE Index and Volume 8,640 8,550 8,460 Market Indicators Week ended Dec 21, 2017 Week ended Dec 14, 2017 Chg. % Value Traded (QR mn) 1, , Exch. Market Cap. (QR mn) 475, , Volume (mn) (0.6) Number of Transactions 16,682 20,068 (16.9) Companies Traded Market Breadth 42:2 37:6 Market Indices Close WTD% MTD% YTD% Total Return 14, (14.4) ALL Share Index 2, (14.0) Banks and Financial Services 2, (6.9) Industrials 2, (20.5) Transportation 1, (31.7) Real Estate 1, (14.5) Insurance 3, (21.2) Telecoms 1, (4.1) Consumer Goods & Services 4, (17.8) Al Rayan Islamic Index 3, (12.4) Market Indices Weekly Index Performance 6.0% 4.0% 2.0% 0.0% 8, , Dec 20-Dec 21-Dec Volume QSE Index 5.0% Qatar (QSE)* 1.9% 1.3% 1.2% Saudi Arabia Kuwait Bahrain 8, % 0.2% 0.0% Dubai Abu Dhabi Oman 24,000,000 12,000,000 0 Regional Indices Close WTD% MTD% YTD% Weekly Exchange Traded Value ($ mn) Exchange Mkt. Cap. ($ mn) TTM P/E** P/B** Dividend Yield Qatar (QSE)* 8, (17.4) , Dubai 3, (1.6) (4.7) ,253.3 # Abu Dhabi 4, (4.3) , Saudi Arabia # 7, , , Kuwait 6, , Oman 5, (0.9) (12.4) , Bahrain 1, (0.2) , Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any; # Data as of December 20, 2017) Page 1 of 8

2 News Economic and Corporate News QNB Group: Qatar reserves stable around $36bn in October Qatar s reserves stabilized around $36bn in October or six months of import cover, according to QNB Group. In its latest Qatar Monthly Monitor QNB Group noted Qatar s fiscal deficit continued to narrow, reaching 4.1% of the GDP in 2Q2017 from a revised deficit of 5.1% in 1Q2017. Brent crude prices continued to rise, averaging $63.6 for a barrel in November, and QNB Group stated noting Qatar s oil production fell to 571,000 bpd in September from 585,000 bpd in the previous month. Non-hydrocarbon real GDP growth slowed in the second quarter (2Q2017), mainly due to the construction, finance and real estate sectors. The country s inflation was unchanged at 0.2% in November as higher food prices were offset by lower housing and utilities costs, QNB Group stated. The current account surplus widened to 2.4% of GDP while the financial account fell into deficit. Qatar s imports rose to an alltime high in October, growing by 52.9% MoM and 11.2% YoY. (Gulf-Times.com) Qatargas signs deal to deliver LNG to Austria s OMV Qatargas Operating Company Limited (Qatargas) entered into a new sale and purchase agreement (SPA) with Austrian OMV Gas Marketing and Trading to supply annually 1.1mn tons of Liquefied Natural Gas (LNG) for five years. Commencing in January 2019, the SPA provides for the supply of LNG from Qatargas 4, a joint venture between Qatar Petroleum (70%) and Shell (30%). The LNG would be delivered to the Gate LNG Terminal in the Netherlands onboard Qatargas chartered LNG vessels. (Gulf-Times.com) Woqod to buy two new vessels for its subsidiary Qatar Fuel Company (Woqod) unveiled plans to purchase two new ships in support of the operation of its subsidiary, Woqod Marine Services. The company has already made budgetary proposals for several developmental and expansionary projects which have received board s approval, including the plan to acquire the new vessels in the financial year Woqod s Chief Executive Officer s, Saad Rashid Al Muhannadi announced that Woqod plans to complete and operate 15 additional stations in 2018 along with another 15 mobile stations to eliminate traffic congestions at petrel stations. Furthermore, he maintained that tenders for construction of another 18 petrol stations will be awarded during the first quarter of year 2018, and that the company is planning to have up to 122 stations in place by the year (Peninsula Qatar) QCB begins legal probe into Qatari Riyal manipulation bid Qatar Central Bank (QCB) announced an investigation into the attempts to harm Qatari economy through the manipulation of its currency, securities and derivatives markets. In a stronglyworded statement issued, QCB s Governor, HE Sheikh Abdulla Bin Saoud Al Thani said the central bank knows that the blockading countries and their agents are attempting to manipulate and undermine Qatari Riyal, securities and derivatives, as part of a coordinated strategy to damage Qatar s economy. We will not stand by while our country is attacked in this manner, Al Thani said. The central bank has engaged international law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP to lead an investigation into economic manipulation. A number of financial institutions and individuals have been asked to preserve documents in advance of legal proceedings. (Peninsula Qatar) QFC: Blockade sees increase in Qatari business Qatar Financial Centre (QFC) is seeing an increase in business as Qataris register more of their assets at home and multinationals navigating a blockade of the country boost their local presence, according to QFC s CEO, Yousuf Al Jaida. State-owned companies, or companies owned by mostly Qatari shareholders, and individuals are redirecting their investments to the QFC. It reflects a desire by international companies to maintain close ties with the world s biggest liquefied gas producer. The trend, Al Jaida said, has seen migration from Dubai, which was traditionally the hub for companies doing business across the Gulf, from Saudi Arabia to Kuwait. The shift to Qatar is the result of the diplomatic and trade boycott of Qatar. Al Jaida said, The immediate action was that a lot of the companies that had their special purpose vehicles set up in Dubai International Financial Centre were re-routing their investments in (to) the QFC because they wouldn t know what the uncertainty factor would lead to eventually and how long this will go on for. They would rather hold those international assets from Qatar rather than face uncertainty there because of their Qatari background or nationality. (Gulf-Times.com) QCB plans deposit protection framework, cybersecurity lab Qatar Central Bank (QCB) is seeking to establish a deposit protection framework as well as develop a cybersecurity lab as part of efforts to ensure sound and resilient financial sector. These action points form part of the strategic goal of maintaining the integrity of and confidence in the financial system, which was recently disclosed by the QCB s Governor, HE Sheikh Abdulla Bin Saoud Al Thani. Highlighting the core objective of strengthening financial stability, the Second Strategic Plan (SSP) for the financial sector said one of the action points is to establish a depositor protection framework in the form of deposit insurance scheme and create a fund for protection of investors. On the need to ensure consumer and investor protection, the report suggested developing consistent policies and procedures as well as harmonized consumer/investor dispute resolution mechanism for the financial sector. It also recommended establishing a compulsory arbitration mechanism. (Gulf-Times.com) QNB Finansbank to boost lending as Turkey seeks to spur growth QNB Finansbank is seeking to outpace loan and deposit growth at other Turkish lenders next year on expectations that the government will extend a program to boost lending. QNB Group s Turkish unit aims to grow loans and deposits by about 20% in 2018, according to QNB Finansbank s CEO, Temel Guzeloglu. The industry wide average expected for next year is 15%. Guzeloglu said, You have to inject liquidity into an economy that suffers capital deficiency and the only way to do this through the banking sector. We will try to overcome the high loan-to-deposit ratio issue through wholesale funding. (Peninsula Qatar) QFC hosts three round-table discussions on tax regulations Qatar Financial Centre (QFC) hosted three round-table Page 2 of 8

3 discussions with its departments, accounting and law firms and QFC entities to discuss the recent amendments to the source rule under the QFC tax regulations and rules. The move comes in the wake of amending the definition of local source profits to exclude profits from services used outside Qatar. This was yet another incentive introduced by the QFC to support firms in their regional and international expansion while remaining in line with international tax standards. QFC Authority s Chief Finance and Tax Officer, Hamed Al Saadi said, At the QFC, we are committed to supporting our firms and operate as a fully transparent entity. The purpose of these awareness sessions is to increase knowledge, which in turn, supports all relevant stakeholders in understanding the amendments. QFC is now gearing up to host another round of discussion relating to value added tax and common reporting standard. (Gulf-Times.com) Moody s: Qatar s prudent 2018 budget credit positive Qatar s prudent approach to 2018 budget planning is credit positive, Moody s Investor service stated, noting it reduces the risk of fiscal slippage that would increase the government s debt burden at potentially higher costs. Moreover, Moody s sees upside potential for Qatar s revenue in 2018 based on its higher oil price projections. The 2018 state budget increases total spending by 2.4% YoY to QR203.2bn. The lion s share of total spending QR97.5bn or 48% will be allocated to capital expenditures, including QR11.2bn for projects related to the 2022 FIFA World Cup. Spending on wages and salaries is expected to grow the fastest at 8.8% and reach QR52.2bn while the rest will be allocated to other current expenditure. This is broadly in line with Moody s projections of total government spending of QR205bn around 32% of GDP in 2018, although it is assuming a slightly higher share in current spending. On the revenue side, given the unchanged oil price assumption from the 2017 budget, next year s budget foresees hydrocarbon revenues increasing only marginally by 2.3% to QR133.1bn, on account of slightly increased gas production. Therefore, the rating agency forecasts a small fiscal surplus of QR2.3bn (0.4% of GDP) in 2018, compared to the authorities estimate of QR28.1bn (4.4% of GDP) deficit. (Gulf-Times.com) QCB hikes interest rate by 0.25% after Fed s hike Qatar Central Bank (QCB) increased its interest rates by 0.25%, in line with the US Federal Reserve s decision to hike the rates. Accordingly, overnight lending rate has been increased from 4.5% to 4.75% and deposit rate from 0.75% to 1%, effective as of the date hereof, the QCB stated. The deposit and lending rates are announced by the QCB on overnight deposit and loan transactions between the QCB and local banks through the Qatar Money Market Rate Standing Facility, respectively. The Qatari banking regulator also amended the repo rate to become 2.25% and reduced the maturity date of the repo rate for public securities from fourteen to seven days. In its risk perception survey, the QCB had found that 40% to 60% of banks viewed higher liquidity risk impact in 2016 on the US rate rise. Given that the Riyal has fixed exchange parity with the Dollar, which makes the domestic monetary policy rather a function of the US policy, the interest rate hike has already been factored in, market sources said. (Gulf-Times.com) Public sector deposits in banks recorded YoY increase of 67.8% in October Public sector deposits in banks recorded an annual increase of 67.8% in October. On MoM, the deposits dropped to QR298.4bn from the previous month s QR352.4bn, according to Ministry of Development Planning and Statistics (MDPS). Total money supply (M2) recorded about QR578.4bn in October, a YoY increase of 18.3%. Cash equivalents (including deposits) reached QR794.3bn. The demographic statistics showed that the total population of Qatar has increased from 2.61mn during October 2016 to more than 2.67mn at end of October The month of October witnessed a significant decrease in number of Social Security beneficiaries, from 14,220 in September to 14,050 individuals. The Ministry data suggested that the total electricity utilization value during October 2017 was 3,973.1 GWh, showing 9.4% decrease, compared to the previous month. The total value of water consumption has 5.4% as compared with September The month of October witnessed 81.8% increase in building permits, compared to the previous month. (Peninsula Qatar) Qatar s manufacturing sector sees robust expansion in October Qatar s manufacturing sector witnessed robust expansion both on monthly and yearly basis this October mainly on the back of increased production of cement, beverages and chemicals, according to official estimates. Nevertheless, the country s Industrial Production Index (IPI) declined 5.6% MoM and 0.1% YoY in the review month, according to the Ministry of Development Planning and Statistics (MDPS). The manufacturing index, with a relative weight of 15.2%, showed a 6.1% increase MoM in October owing to a 16.8% increase in printing and reproduction of recorded media, 15.3% in manufacture of basic metals, 10.7% in cement and other nonmetallic mineral products, 8% in beverages, 6.4% in chemicals and chemical products, 4.3% in rubber and plastics products and 2.3% in food products; while there was 1.7% fall in the manufacture of refined petroleum products. On a yearly basis, the manufacturing index shot up 7.2% with refined petroleum products output increasing 36.1%, food products (19.1%), basic metals (9.9%), chemicals and chemical products (3.6%), beverages (2.7%) and printing and reproduction of recorded media (2.3%); whereas the manufacturing of cement and other non-metallic mineral products declined 19.7% and rubber & plastics products (9.2%). (Gulf-Times.com) Qatar s insurance industry to grow to $4.6bn in four years Qatar s insurance industry is expected to grow more than 9% to reach $4.6bn by 2021 as rising population continues to drive the demand for health, motor, property and other retail cover; while strategic economic diversification plans help enhance the base of assets available for underwriting, according to Alpen Capital. The insurance industry s gross written premium (GWP) is expected to be $4.6bn by 2021 compared to $3.1 this year and $2.9bn in 2016, the Alpen Capital report stated. Highlighting that the country s population has grown at a fast pace of 8.6% between 2011 and 2016 to 2.6mn and is slated to grow at a compound annual growth rate (CAGR) of 1.5% until 2021, it stated the growth is driven by increasing number of expatriate workers moving in for job prospects. The key players in Qatar s risk cover sector are Qatar Insurance with GWP of $2.66bn during 2016, followed by Qatar General and Reinsurance ($173mn), Doha Insurance ($141.6mn), Al Khaleej Takaful ($82.8mn) and Qatar Islamic Insurance ($64.5mn). (Gulf-Times.com) Page 3 of 8

4 IMF: Qatar ensures smooth execution of projects The International Monetary Fund (IMF) reconfirmed that blockade imposed on Qatar by the neighboring countries has not impacted the implementation of key projects in Qatar. The initial concerns that that disruptions could impact the implementation of infrastructure projects has been mitigated by the availability of an inventory of construction materials and of alternative, and competitive, sources of imports, IMF noted in its latest report. Qatar has rerouted its trade through Kuwait and Oman, and alternative food supply sources have been established, allaying fears of potential shortages. Qatar is also accelerating efforts to further diversify sources of imports and external financing, and to enhance domestic food processing, IMF noted in its report on Economic outlook and policy challenges in GCC countries. (Peninsula Qatar) Qatar sees QR260bn industrial investments Qatar witnessed about QR260bn investments in the manufacturing sector, indicating the Gulf country s balanced and sustainable industrial development amidst the ongoing crisis in the region. As many as 730 industrial facilities registered with the ministry with investments close to QR260bn, HE the Minister of Energy and Industry, Mohamed Bin Saleh Al Sada said on the sidelines of Made in Qatar 2017, which is organized by the Qatar Chamber. Addressing an industrial forum, he said Qatar is putting a lot of effort in achieving a balanced and sustainable industrial development as well as enhancing the industrial sector s contribution to the country s gross domestic product (GDP). Al Sada said, The manufacturing sector become one of the most attractive investment opportunities in Qatar following the new legislation which facilitated the process and provided investors with many incentives. (Gulf- Times.com) Number of factories doubled after the siege, says Al Sada HE the Minister of Energy and Industry, Mohammed Bin Saleh Al Sada said the number of factories entering the production stage in the country has doubled during the past six months, compared to the corresponding previous six months. In a press release issued in connection with the opening of the Made in Qatar exhibition, HE the Minister said the fifth edition of the show comes at a time when the country s economy is growing at various levels, especially its industrial sector, following the unjust siege imposed on it by three Gulf countries. HE the Minister pointed out that there are indications of a revival of the industrial sector of the State, despite the unjust blockade on it. (Gulf-Times.com) Baladna plans to go public in 1H2018 to bring in strategic investors Qatari company Baladna, which is creating a dairy industry to help the country to cope with a boycott by other Arab states, is planning an initial public offer of its shares (IPO) to raise funds and bring in strategic investors, according to sources. The privately-owned firm has chosen QNB Capital, the investment banking arm of QNB Group, to arrange the IPO for the first half of 2018, said the sources. One source said the IPO might value the company, which flew 3,400 cows into Qatar during the initial weeks of the blockade to address a shortage of fresh milk, at about QR2bn. However, the sources said the valuation process had not been completed. (Gulf- Times.com) Qatar s inflation edges up only marginally in November Qatar s consumer price index (CPI) inflation edged up only marginally both on monthly and yearly basis this November despite the continuing economic blockade, according to the official estimates. The CPI inflation showed 0.1% jump MoM and 0.2% YoY in November this year, the Ministry of Development Planning and Statistics data suggest. The International Monetary Fund had said during , subsidy cuts, increase in public fees, a moderate recovery in global commodity prices and the implementation of a value added tax are expected to moderate Qatar s inflation over the medium term. Transport, which has 14.59% weightage, group index grew 0.5% this November against October 2017 level but reported a higher 7.4% increase on a yearly basis. The sector has the direct linkage to the dismantling of the administered prices in petrol and diesel. Education, with 5.75% weightage, saw its index gain 0.5% in November MoM and 1% YoY. (Gulf- Times.com) QGRI announces its decision to exit the insurance market in Dubai Qatar General Insurance & Reinsurance Company (QGRI) announced its decision to exit the insurance market in Dubai via its branch located in Dubai. The Company shall be preparing and implementing the exit plan from Dubai market after coordination and approval of the concerned regulators. (QSE) BRES signs leasing contract with Ministry of Municipality and Environment Barwa Real Estate Company (BRES) signed a leasing contract with the Ministry of Municipality and Environment for the rental of two plots of land, with a total area of 1.17mn square meters on Salwa Road for a lease term of 27 years. The land will be developed into a labor city, taking into account social, cultural and architectural standards that are consistent with the Qatar National Vision Gathering all the needed facilities, the city will aim to provide housing for workers of different nationalities and cultures. (Peninsula Qatar) Page 4 of 8

5 Qatar Stock Exchange Top Gainers Top Decliners 18.0% 16.7% 0.0% 14.6% 13.2% 12.9% 12.0% 10.1% -0.2% 6.0% -0.4% -0.4% -0.3% 0.0% Islamic Holding Group Salam International Investment Ooredoo Investment National Leasing Holding group -0.6% Gulf International Services Al Ahli Bank Most Active Shares by Value (QR Million) Most Active Shares by Volume (Million) Industries Qatar QNB Group Masraf Al Rayan Qatar Insurance Vodafone Qatar 0.0 Investment Holding group Vodafone Qatar Qatar First Bank Mazaya Qatar Masraf Al Rayan Investor Trading Percentage to Total Value Traded Net Traded Value by Nationality (QR Million) 100% 80% 60% 18.34% 10.93% 44.70% 11.34% 11.15% 43.86% Non-Qatari % 20% 26.03% 33.66% (95) Qatari 1,083 0% Buy Sell 988 Qatari Individuals Qatari Institutions (200) ,000 1,200 Non-Qatari Individuals Non-Qatari Institutions Net Investment Total Sold Total Bought Page 5 of 8

6 TECHNICAL ANALYSIS OF THE QSE INDEX Source: Bloomberg The Index rebounded sharply in the past two weeks; it ended this week up by almost 5% from the week before and stopped at 8, The current upswing could continue on the back of recent strong weekly candlesticks and may result into a U-shaped rally. DEFINITIONS OF KEY TERMS USED IN TECHNICAL ANALYSIS RSI (Relative Strength Index) indicator RSI is a momentum oscillator that measures the speed and change of price movements. The RSI oscillates between 0 to 100. The index is deemed to be overbought once the RSI approaches the 70 level, indicating that a correction is likely. On the other hand, if the RSI approaches 30, it is an indication that the index may be getting oversold and therefore likely to bounce back. MACD (Moving Average Convergence Divergence) indicator The indicator consists of the MACD line and a signal line. The divergence or the convergence of the MACD line with the signal line indicates the strength in the momentum during the uptrend or downtrend, as the case may be. When the MACD crosses the signal line from below and trades above it, it gives a positive indication. The reverse is the situation for a bearish trend. Candlestick chart A candlestick chart is a price chart that displays the high, low, open, and close for a security. The body of the chart is portion between the open and close price, while the high and low intraday movements form the shadow. The candlestick may represent any time frame. We use a one-day candlestick chart (every candlestick represents one trading day) in our analysis. Doji candlestick pattern A Doji candlestick is formed when a security's open and close are practically equal. The pattern indicates indecisiveness, and based on preceding price actions and future confirmation, may indicate a bullish or bearish trend reversal. Shooting Star/Inverted Hammer candlestick patterns These candlestick patterns have a small real body (open price and close price are near to each other), and a long upper shadow (large intraday movement on the upside). The Shooting Star is a bearish reversal pattern that forms after a rally. The Inverted Hammer looks exactly like a Shooting Star, but forms after a downtrend. Inverted Hammers represent a potential bullish trend reversal. Page 6 of 8

7 Source: Bloomberg Page 7 of 8

8 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 8 of 8