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1 QSE Intra-Day Movement 9,400 9,350 9,300 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QSE Index declined 0.6% to close at 9, Losses were led by the Telecoms and Industrials indices, falling 2.6% and 0.9%, respectively. Top losers were Ooredoo and Al Meera Consumer Goods Co., falling 3.0% and 2.1%, respectively. Among the top gainers, Qatar German Co. for Medical Devices rose 2.5%, while Ahli Bank was up 2.0%. GCC Commentary Saudi Arabia: The TASI Index rose 0.1% to close at 7, Gains were led by the Media and Pharma, Biotech & Life Sci. indices, rising 3.3% and 2.4%, respectively. Tihama Adv. & Public Relations Co. and Al-Baha Inv. & Dev. Co. were up 9.9% each. Dubai: The DFM Index declined 0.2% to close at 3, The Consumer Staples and Financial & Investment Services indices declined 0.9% each. Shuaa Capital fell 2.3%, while Damac Properties was down 1.5%. Abu Dhabi: The ADX benchmark index fell 0.2% to close at 4, The Energy index declined 1.3%, while the Services index fell 1.0%. Union National Bank declined 2.6%, while Abu Dhabi National Hotels Co. was down 1.9%. Kuwait: The KSE Index declined 0.2% to close at 6, The Financial Services index fell 0.5%, while the Basic Material index declined 0.4%. Kuwait Financial Centre fell 17.4%, while Kuwait Insurance Company was down 8.0%. Oman: The MSM Index fell 0.7% to close at 5, Losses were led by the Services and Financial indices, falling 1.1% and 0.8%, respectively. Renaissance Services fell 7.7%, while Port Services Corporation was down 5.2%. Bahrain: The BHB Index fell 0.2% to close at 1, The Services index declined 0.6%, while the Commercial Banks index fell 0.2%. Bahrain Cinema Company declined 3.0%, while National Bank of Bahrain was down 1.5%. QSE Top Gainers Close* 1D% Vol. 000 YTD% Qatar German Co. for Med. Devices (17.3) Ahli Bank (12.8) Qatari Investors Group (17.9) Barwa Real Estate Co National Leasing (7.2) Market Indicators 06 Aug Aug 17 %Chg. Value Traded (QR mn) (34.6) Exch. Market Cap. (QR mn) 505, ,086.1 (0.7) Volume (mn) (40.6) Number of Transactions 1,686 2,782 (39.4) Companies Traded Market Breadth 12:25 22:12 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 15, (0.6) (0.6) (7.2) 15.9 All Share Index 2, (0.6) (0.6) (7.2) 14.2 Banks 2, (0.2) (0.2) (1.2) 12.6 Industrials 2, (0.9) (0.9) (14.8) 17.4 Transportation 1, (0.8) (0.8) (21.9) 13.4 Real Estate 2, (0.7) (0.7) (7.3) 14.0 Insurance 4, (0.3) (0.3) (8.2) 18.5 Telecoms 1, (2.6) (2.6) (3.5) 22.5 Consumer 5, (0.6) (0.6) (5.9) 12.3 Al Rayan Islamic Index 3, (0.6) (0.6) (3.8) 17.6 GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% Tihama Adv. & Public Saudi Arabia ,557.6 (34.4) Jazeera Airways Co. Kuwait (26.6) Samba Financial Group Saudi Arabia Saudi Fisheries Saudi Arabia (20.6) Aviation Lease & Fin. Kuwait GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% Herfy Food Services Co. Saudi Arabia (3.8) (8.0) Emaar Economic City Saudi Arabia (3.6) 1,235.8 (19.9) Salhia Real Estate Co. Kuwait 0.36 (3.5) 1, Ooredoo Qatar (3.0) 20.4 (6.7) Saudi British Bank Saudi Arabia (2.8) ( # in Local Currency) ( ## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) QSE Top Losers Close* 1D% Vol. 000 YTD% Ooredoo (3.0) 20.4 (6.7) Al Meera Consumer Goods Co (2.1) 16.3 (11.7) Qatar Industrial Manufacturing (2.1) 8.0 (4.5) Medicare Group (2.0) Industries Qatar (1.7) 98.0 (19.7) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% Vodafone Qatar 9.01 (1.0) 1,472.9 (3.8) Barwa Real Estate Co United Development Co (0.6) (18.2) Mazaya Qatar Real Estate Dev (1.2) (19.0) National Leasing (7.2) Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Value Trades Close* 1D% Val. 000 YTD% Barwa Real Estate Co , QNB Group ,853.0 (7.2) Vodafone Qatar 9.01 (1.0) 13,289.1 (3.8) Medicare Group (2.0) 9, Industries Qatar (1.7) 9,289.9 (19.7) (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 9, (0.6) (0.6) (0.6) (10.5) , Dubai 3, (0.2) (0.2) , Abu Dhabi 4, (0.2) (0.2) , Saudi Arabia 7, (1.6) , Kuwait 6, (0.2) (0.2) (0.6) , Oman 5, (0.7) (0.7) (0.0) (13.1) , Bahrain 1, (0.2) (0.2) (0.6) , , Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) Page 1 of 5

2 Qatar Market Commentary The QSE Index declined 0.6% to close at 9, The Telecoms and Industrials indices led the losses. The index fell on the back of selling pressure from Qatari and GCC shareholders despite buying support from non-qatari shareholders. Ooredoo and Al Meera Consumer Goods Co. were the top losers, falling 3.0% and 2.1%, respectively. Among the top gainers, Qatar German Co. for Medical Devices rose 2.5%, while Ahli Bank was up 2.0%. Volume of shares traded on Sunday fell by 40.6% to 4.7mn from 8.0mn on Thursday. Further, as compared to the 30-day moving average of 9.4mn, volume for the day was 49.5% lower. Vodafone Qatar and Barwa Real Estate Co. were the most active stocks, contributing 31.1% and 16.4% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 63.09% 60.51% 3,438, Qatari Institutions 19.07% 22.06% (3,978,664.39) Qatari 82.16% 82.57% (540,585.02) GCC Individuals 0.74% 0.85% (146,045.26) GCC Institutions 0.92% 1.90% (1,305,929.32) GCC 1.66% 2.75% (1,451,974.58) Non-Qatari Individuals 10.81% 7.80% 4,017, Non-Qatari Institutions 5.36% 6.88% (2,024,558.93) Non-Qatari 16.17% 14.68% 1,992, Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases and Earnings Calendar Earnings Releases Company Market Currency Revenue (mn) 2Q2017 Operating Profit (mn) 2Q2017 Net Profit (mn) 2Q2017 Allianz Saudi Fransi Coop. Ins. Co. Saudi Arabia SR % % Basic Chemical Industries Co. Saudi Arabia SR % % Saudi Pharmaceutical Industries and Medical Appliances Corp. Saudi Arabia SR % % Fitaihi Holding Group Saudi Arabia SR % % Taleem REIT Fund Saudi Arabia SR Dar Alarkan Real Estate Dev. Co. Saudi Arabia SR % % Al Sagr Cooperative Insurance Co. Saudi Arabia SR % % Arabian Scandinavian Insurance Co. Dubai AED % Orient Insurance Dubai AED 1, % % National Industries Group Holding Kuwait KD % 2.1 N/A Agility Public Warehousing Company Kuwait KD % % Emaar Malls Dubai AED % % Al Mazaya Holding Company Kuwait KD % % % Abu Dhabi Ship Building Abu Dhabi AED % % Ras Al Khaimah Co. for White Cement & Construction Materials Abu Dhabi AED % % Al Buhaira National Insurance Co. Abu Dhabi AED % % Source: Company data, DFM, ADX, MSM, TASI, BHB. Earnings Calendar Tickers Company Name Date of reporting 2Q2017 results No. of days remaining Status IQCD Industries Qatar 8-Aug-17 1 Due MCCS Mannai Corp. 9-Aug-17 2 Due QCFS Qatar Cinema & Film Distribution Company 10-Aug-17 3 Due MERS Al Meera Consumer Goods Company 10-Aug-17 3 Due QFLS Qatar Fuel Company 10-Aug-17 3 Due MRDS Mazaya Qatar 13-Aug-17 6 Due QGMD Qatar German Company for Medical Devices 13-Aug-17 6 Due ZHCD Zad Holding Company 14-Aug-17 7 Due Source: QSE Page 2 of 5

3 News Qatar Milaha launches in-country operations in Oman Qatar-based maritime and logistics conglomerate Milaha has launched incountry operations in Oman. Initially, Milaha is setting up warehousing and third party logistics (3PL) services within the Sohar Free Zone, while it continues to explore further expansion in Oman of its diverse portfolio of services. The announcement comes on top of the company also shifting its regional transshipment hub to the Port of Sohar, where Milaha is offering competitive transit time for local cargo and a high frequency of Oman to Qatar sailings. (Gulf-Times.com) QInvest earns 1H2017 net profit of QR34.6mn QInvest has posted a net profit of QR34.6mn and earned revenues of QR209mn in the first half of this year, Qatar s leading Shari ahbased private investment group said. The prominent Islamic financial institution registered an operating profit of QR113mn in June. The bank s global assets stood at QR4.7bn in June. With diversified investment activity across sectors and geographies, QInvest s prudent strategic approach, stringent provisioning policy and underleveraged balance sheet has provided stability amid regional uncertainties. (Gulf-Times.com) SIIS reports net loss of QR2.6mn in 2Q2017 Salam International Investment Limited (SIIS) reported net loss of QR2.6mn in 2Q2017 as compared to net profit of QR20.4mn in 1Q2017. Earnings per share amounted to QR0.16 in 1H2017 as compared to QR0.42 in 1H2016. (QSE) DOHI s net profit narrows to ~QR6.4mn in 2Q2017 Doha Insurance Company (DOHI) reported net profit of ~QR6.4mn in 2Q2017 as compared to QR27.5mn in 1Q2017. Earnings per share amounted to QR0.68 in 1H2017 as compared to QR0.42 in 1H2016. (QSE) MPHC reports ~QR256mn net profit in 2Q2017 Mesaieed Petrochemical Holding Company (MPHC) reported net profit (including tax refund) of ~QR256mn in 2Q2017 as compared to QR212.3mn in 1Q2017. EPS amounted to QR0.37 in 1H2017 as compared to QR0.39 in 1H2016. In 1H2017, net profit (including tax refund) declined to QR468.6mn from QR489.7mn in 1H2016, as reduced sales volumes on periodic turnaround in some of the group companies plants were offset by the increase in selling prices. However, the company noted that the financial performance significantly exceeded the group s budget expectations. The group continued to benefit from the supply of competitively priced ethane feedstock and fuel gas under longterm supply agreements. The group s 1H2017 profit was also aided by recognition of a tax refund of ~QR42.8mn for the period. The closing cash position after the first six months of operations and after distribution of previous years dividends of QR716.5mn was a robust QR876.3mn as on June 30, (QSE, Gulf-Times.com) QSE sets the listing of Investment Holding Group on August 14, 2017 Qatar Stock Exchange (QSE) announced that the listing of the Investment Holding Group company will be on August 14, The decision to list Investment Holding Group on QSE resulted after the company has fulfilled and complied with all necessary listing requirements. Investment Holding Group has a share capital of QR830,000,000 divided into 83,000,000 ordinary shares and each share has a nominal value of QR10. (QSE) QNB Group receives approval to provide UK Home Finance services to individuals QNB Group, the largest financial institution in the Middle East and Africa, has announced that its London branch received the approvals of the Prudential Regulation Authority and the Financial Conduct Authority for its regulated Home Finance license designed to assist affluent individual customers with buying property in the UK. (Peninsula Qatar) DHBK s CEO: Synergistic opportunities prevail between Qatar, Australia in food security Doha Bank s (DHBK) CEO, R Seetharaman said that Qatar s economy has opened up huge opportunities for Australian companies to play a part in various development initiatives, especially in the field of food security. Seetharaman said, Qatar s economy is opening up on account of current scenario, which will give enormous opportunities for Australian companies to participate in Qatar s development, particularly in food security. On the whole, synergistic opportunities prevail between Qatar and Australia in food security. Citing initiatives to boost food security, Seetharaman said Qatar now has many local companies that are supporting the country, and it can develop these businesses further and boost its food production to provide both locally and internationally. (Gulf-Times.com) High-ranking Omani delegation visits Hamad Port A highranking delegation from the Sultanate of Oman representing ports, maritime transport, logistics and free zones sectors recently visited the Hamad Port. This comes as part of a visit by the delegation to Qatar, which also included the Ruwais Port. The two sides discussed ways of enhancing joint cooperation, trade and economic relations between the two countries. The delegation comprised representatives of the Asayad Group, National Ferries Company, Duqm Port, Sohar Port and Free Zone, Salalah Free Zone Company, Salalah Port Services Company and Oman International Container Terminal. (Gulf- Times.com) International UK consumer spending sees longest decline since 2013 British consumer spending fell for the third month in a row in July in its longest losing streak in over four years, according to data released, in another sign that the impact of last year's Brexit vote is rippling through to households. Overall consumer spending, the engine of the British economy, dropped by 0.8% in real terms last month compared with July 2016, payments company Visa said. That was quicker than June's 0.2% fall, and following a further drop in May, it marks the longest consecutive decline since February 2013, when a still-frail economy was struggling to recover from the financial crisis. (Reuters) Regional Gulf real estate firms bullish on growth Real estate professionals in the Gulf have a bullish outlook on growth for their sector, notwithstanding a strong Dollar, low oil prices and economic headwinds. Over half of 300 firms surveyed at the recent Gulf Real Estate Awards predicted considerable growth over the next 12 months. On average, 32% of those surveyed Page 3 of 5

4 expected their growth to be slightly higher across all key business areas over the next 12 months, with 49% expecting it to be considerably higher. Less than 10% expected the sector to see a dip in performance across key business areas over the same period. Firms in the UAE ranked growth, revenue and competition as the top three challenges over the next 12 months. (GulfBase.com) SAMBA s net profit falls 3.3% to SR1,271mn in 2Q2017 Samba Financial Group (SAMBA) recorded net profit of SR1,271mn in 2Q2017, a decrease of 3.3%, due to 6.5% rise in total operating expenses primarily due to increase in credit costs and other general and administrative expenses for the period. Total operating income came in flat at SR1,988mn in 2Q2017. Total assets stood at SR231.08bn at the end of June 30, 2017 as compared to SR233.99bn at the end of June 30, Loans and advances stood at SR120.52bn (-7.9% ), while customer deposits stood at SR171.27bn (-0.5% ) at the end of June 30, EPS came in at SR1.25 in 1H2017, as compared to SR1.29 in 1H2016. (Tadawul) Zain KSA to enter into exclusive negotiations for tower sale Mobile Telecommunications Company Saudi Arabia s (Zain KSA) board has decided to enter into negotiations with consortium led by IHS Holding Ltd and Towershare Management Ltd for sale and lease back of the company's towers. (Reuters) JBF RAK seeks to renegotiate AED2bn of debt UAE based manufacturer JBF RAK, which is 60%-owned by the UAE s Ras Al-Khaimah Investment Authority (RAKIA), is in talks with banks about renegotiating around AED2bn of debt, according to sources. (Reuters) Sixteen Abu Dhabi factories enter production in 1H2017 Sixteen industrial facilities entered production in the Emirate of Abu Dhabi during 1H2017, an increase of 100% compared to the same period last year, according to the Industrial Development Bureau (IDB). The total investment value was over AED3.8bn. The number of new industrial licenses registered at the bureau increased by 133% during 1H2017 as opposed to the same period last year. The total number of industrial licenses was 21, 12 of which were located in Abu Dhabi, and seven and two in Al Ain and Al Dhafra respectively. (GulfBase.com) S&P maintains Kuwait s credit rating at AA ; outlook Stable S&P Global Ratings (S&P) maintained Kuwait s credit rating at AA with a Stable outlook. S&P said the Stable outlook reflected its expectation that Kuwait s public and external balance sheets will remain strong over the forecast horizon, backed by a significant stock of financial assets. Kuwait s internal and external financial positions to have a strong future economic outlook, backed by huge financial assets. The sharp fall in oil prices since 2014 has caused significant deterioration in Kuwait s income levels, as measured by GDP per capita, as well as in its fiscal and external metrics, as happened with other large oil exporters. (GulfBase.com) Agility expects settlement of US criminal case to help earnings Kuwait-based Agility said that it expects the settlement of a US criminal case to help lift earnings in the third and fourth quarters after posting a 12% profit increase in 2Q2017. Agility s CEO, Tarek Sultan said that income growth in the next two quarters will be buoyed by operations and lower legal fees from the resolution of the case over US government contracts. The impact on earnings will be partially reflected in the third quarter and fully reflected in the fourth quarter, he added. (GulfBase.com) KIA notes that it reported $150bn net income since 2010, despite Areva loss Kuwait Investment Authority (KIA), the world s fourth-largest sovereign wealth fund, said it earned net income of $150bn in the last six fiscal years ending March 31 despite losses resulting from its investment in French energy company Areva. (Gulf-Times.com) Page 4 of 5

5 Rebased Performance Daily Index Performance % 0.1% % Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 QSE Index S&P Pan Arab S&P GCC (0.5%) (1.0%) Saudi Arabia (0.6%) Qatar (0.2%) (0.2%) Kuwait Bahrain (0.7%) Oman (0.2%) (0.2%) Abu Dhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, (0.8) (0.9) 9.2 MSCI World Index 1, (0.0) Silver/Ounce (2.4) (2.9) 2.2 DJ Industrial 22, Crude Oil (Brent)/Barrel (FM Future) (0.2) (7.7) S&P 500 2, Crude Oil (WTI)/Barrel (FM Future) (0.3) (7.7) NASDAQ 100 6, (0.4) 18.0 Natural Gas (Henry Hub)/MMBtu 2.76 (0.7) (5.6) (25.1) STOXX (0.0) LPG Propane (Arab Gulf)/Ton (0.8) DAX 12, LPG Butane (Arab Gulf)/Ton (1.8) (3.9) (31.4) FTSE 100 7, (0.3) Euro 1.18 (0.8) CAC 40 5, Yen (5.4) Nikkei 19, (1.0) (0.0) 9.9 GBP 1.30 (0.7) (0.7) 5.7 MSCI EM 1, CHF 1.03 (0.4) (0.4) 4.7 SHANGHAI SE Composite 3, (0.3) AUD 0.79 (0.4) (0.8) 9.9 HANG SENG 27, USD Index (8.5) BSE SENSEX 32, RUB (0.6) 0.7 (2.5) Bovespa 66, BRL 0.32 (0.6) RTS 1, (0.3) 1.2 (10.9) (*$ adjusted returns) Contacts Saugata Sarkar 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