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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 rose 0.4% to close at 9, Gains were led by the Telecoms and Industrials indices, gaining 2.8% and 1.0%, respectively. Top gainers were Ooredoo and Mazaya Qatar Real Estate Development, rising 3.6% and 3.5%, respectively. Among the top losers, Qatar Gas Transport Co. Ltd. and United Development Co. were down 1.7% each. GCC Commentary Saudi Arabia: The TASI Index rose 0.1% to close at 7, Gains were led by the Media and Food & Staples Retailing indices, rising 8.8% and 3.7%, respectively. Saudi Res. & Mark. Group rose 10.0%, while National Medical Care Co. was up 6.7%. Dubai: The DFM Index gained 0.4% to close at 3, The Financial and Investment Services index rose 1.8%, while the Consumer Staples index gained 1.7%. Marka Co. rose 3.3%, while Damac Properties was up 2.3%. Abu Dhabi: The ADX benchmark index fell 0.3% to close at 4, The Telecommunication and Energy indices fell 1.3% each. Gulf Medical Projects Co. declined 10.0%, while Sharjah Cement & Industrial Dev. Co. was down 9.2%. Kuwait: The KSE Index rose marginally to close at 6, The Consumer Services index gained 1.4%, while the Oil & Gas index rose 1.2%. Independent Petroleum Group gained 20.0%, while National International Co. was up 9.5%. Oman: The MSM Index fell 0.3% to close at 5, Losses were led by the Financial and Industrial indices, falling 0.6% and 0.2%, respectively. Al Sharqia Investment Holding fell 2.8%, while Bank Dhofar was down 2.3%. Bahrain: The BHB Index fell 0.3% to close at 1, The Services index declined 0.7%, while the Commercial Banks index fell 0.4%. Ithmaar Holding declined 3.4%, while Al Salam Bank - Bahrain was down 3.0%. QSE Top Gainers Close* 1D% Vol. 000 YTD% Ooredoo (3.8) Mazaya Qatar Real Estate Dev ,304.4 (18.1) Widam Food Co (3.1) Qatar Electricity & Water Co (11.9) Qatar German Co. for Med. Devices (19.3) Market Indicators 03 Aug Aug 17 %Chg. Value Traded (QR mn) (17.3) Exch. Market Cap. (QR mn) 509, , Volume (mn) Number of Transactions 2,782 2,925 (4.9) Companies Traded (4.8) Market Breadth 22:12 22:14 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 15, (1.7) (6.7) 16.0 All Share Index 2, (1.4) (6.6) 14.3 Banks 2, (0.1) (1.5) (1.0) 12.6 Industrials 2, (3.4) (14.1) 17.5 Transportation 2, (0.9) (1.6) (21.2) 13.5 Real Estate 2, (6.6) 14.2 Insurance 4, (0.1) (1.3) (8.0) 18.6 Telecoms 1, (0.9) 23.1 Consumer 5, (0.0) (0.2) (5.2) 12.4 Al Rayan Islamic Index 3, (1.1) (3.2) 17.7 GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% Saudi Research & Mark. Saudi Arabia , National Medical Care Saudi Arabia ,373.4 (36.6) Jazeera Airways Co. Kuwait (31.2) Abdullah Al Othaim. Saudi Arabia Gulf Pharma. Ind. Abu Dhabi GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% Ithmaar Holding Bahrain 0.14 (3.4) 1, National Real Estate Co. Kuwait 0.12 (2.4) 1, Bank Dhofar Oman 0.22 (2.3) Emaar Economic City Saudi Arabia (2.3) (16.9) Nama Chemicals Co. Saudi Arabia (1.9) 98.2 (56.3) Source: Bloomberg ( # 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% Qatar Gas Transport Co. Ltd (1.7) (21.8) United Development Co (1.7) (17.7) Vodafone Qatar 9.10 (1.1) 1,484.3 (2.9) Gulf Warehousing Co, (1.0) 6.5 (14.3) QNB Group (1.0) 85.1 (7.2) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% Mazaya Qatar Real Estate Dev ,304.4 (18.1) Vodafone Qatar 9.10 (1.1) 1,484.3 (2.9) Gulf International Services (33.7) United Development Co (1.7) (17.7) Barwa Real Estate Co Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Value Trades Close* 1D% Val. 000 YTD% Mazaya Qatar Real Estate Dev ,848.0 (18.1) Al Meera Consumer Goods Co (0.4) 23,723.0 (9.7) Vodafone Qatar 9.10 (1.1) 13,526.3 (2.9) Barwa Real Estate Co , QNB Group (1.0) 11,706.5 (7.2) Source: Bloomberg (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 9, (1.7) (0.1) (10.0) , Dubai 3, , Abu Dhabi 4, (0.3) , Saudi Arabia 7, (1.2) (0.1) (1.7) , Kuwait 6, (0.4) , Oman 5, (0.3) (12.5) , Bahrain 1, (0.3) (1.0) (0.4) , Source: Bloomberg, 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 6

2 Qatar Market Commentary The QSE Index rose 0.4% to close at 9, The Telecoms and Industrials indices led the gains. The index rose on the back of buying support from non-qatari shareholders despite selling pressure from Qatari and GCC shareholders. Ooredoo and Mazaya Qatar Real Estate Development were the top gainers, rising 3.6% and 3.5%, respectively. Among the top losers, Qatar Gas Transport Co. Ltd. and United Development Co. were down 1.7% each. Volume of shares traded on Thursday rose by 2.5% to 8.0mn from 7.8mn on Wednesday. However, as compared to the 30-day moving average of 9.5mn, volume for the day was 16.5% lower. Mazaya Qatar Real Estate Development and Vodafone Qatar were the most active stocks, contributing 29.0% and 18.7% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 48.48% 42.50% 12,183, Qatari Institutions 21.83% 31.23% (19,140,580.79) Qatari 70.31% 73.73% (6,956,649.11) GCC Individuals 0.69% 0.57% 243, GCC Institutions 0.41% 2.86% (4,979,681.40) GCC 1.10% 3.43% (4,735,707.87) Non-Qatari Individuals 9.46% 7.33% 4,351, Non-Qatari Institutions 19.12% 15.52% 7,340, Non-Qatari 28.58% 22.85% 11,692, Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases, Global Economic Data and Earnings Calendar Earnings Releases Company Market Currency Revenue (mn) % Change Operating Profit % Change Net Profit % Change 2Q2017 YoY (mn) 2Q2017 YoY (mn) 2Q2017 YoY Abdullah Al Othaim Markets Co. Saudi Arabia SR % % Saudi Ground Services Co. Saudi Arabia SR % % Saudi Printing and Packaging Co. Saudi Arabia SR -2.6 N/A N/A Herfy Food Services Co. Saudi Arabia SR % % Bawan Co. Saudi Arabia SR % % Tabuk Cement Co. Saudi Arabia SR % % Saudi Arabia Refineries Co. # Saudi Arabia SR N/A -1,021.8 N/A Al Jouf Cement Co. Saudi Arabia SR % % Walaa Cooperative Insurance Co. Saudi Arabia SR % % Tihama Adv. & Public Relations Co. Saudi Arabia SR -4.4 N/A 1.6 N/A Arabia Insurance Cooperative Co. Saudi Arabia SR % % Al-Ahlia Insurance Co. Saudi Arabia SR % 1.8 N/A Alahli Takaful Co. Saudi Arabia SR % % Saudi Chemical Co. Saudi Arabia SR % % Buruj Cooperative Insurance Co. Saudi Arabia SR % % Batic Investments and Logistics Co. Saudi Arabia SR % % Saudi Research and Marketing Group Saudi Arabia SR 14.9 N/A 6.7 N/A Al-Babtain Power and Telecom. Co. Saudi Arabia SR % % Anaam International Holding Group Saudi Arabia SR -5.2 N/A -5.6 N/A Abdulmohsen Alhokair Group for Tourism and Development Saudi Arabia SR % % Alandalus Property Co. Saudi Arabia SR % % Gulf General Cooperative Insurance Saudi Arabia SR % % Emaar The Economic City Saudi Arabia SR % % Al Firdous Holdings Dubai AED % -1.2 N/A -2.1 N/A RAK Ceramics Abu Dhabi AED % % % Aldar Properties Abu Dhabi AED 1, % % Gulf Cement Co. Abu Dhabi AED % % Gulf Medical Projects Company Abu Dhabi AED % % Ras Al Khaimah Cement Company Abu Dhabi AED % -3.5 N/A AL Khaleej Investment Abu Dhabi AED % % Source: Company data, DFM, ADX, MSM, TASI, BHB. ( # Values in 000) Page 2 of 6

3 Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 08/03 US Department of Labor Initial Jobless Claims 29-July 240k 243k 245k 08/03 US Department of Labor Continuing Claims 22-July 1,968k 1,958k 1,965k 08/03 US Markit Markit US Services PMI July /03 US Markit Markit US Composite PMI July /03 EU Markit Markit Eurozone Services PMI July /03 EU Markit Markit Eurozone Composite PMI July /03 Germany Markit Markit Germany Services PMI July /03 France Markit Markit France Services PMI July /03 France Markit Markit France Composite PMI July /03 China Markit Caixin China PMI Composite July /03 China Markit Caixin China PMI Services July /03 India Markit Nikkei India PMI Services July /03 India Markit Nikkei India PMI Composite July Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Earnings Calendar Tickers Company Name Date of reporting 2Q2017 results No. of days remaining Status MPHC Mesaieed Petrochemical Holding Company 6-Aug-17 0 Due DOHI Doha Insurance 6-Aug-17 0 Due SIIS Salam International Investment 6-Aug-17 0 Due IQCD Industries Qatar 8-Aug-17 2 Due MCCS Mannai Corp. 9-Aug-17 3 Due QCFS Qatar Cinema & Film Distribution Company 10-Aug-17 4 Due MERS Al Meera Consumer Goods Company 10-Aug-17 4 Due QFLS Qatar Fuel Company 10-Aug-17 4 Due MRDS Mazaya Qatar 13-Aug-17 7 Due QGMD Qatar German Company for Medical Devices 13-Aug-17 7 Due ZHCD Zad Holding Company 14-Aug-17 8 Due Source: QSE News Qatar QIBK launches second series of Certificate of Deposit Qatar Islamic Bank (QIBK) has announced the launch of its second series of Certificates of Deposit. The new Certificates of Deposit will be available for individuals and corporate customers in Qatari riyal and US dollar for different tenors of one and two years. Certificates of Deposit are developed to encourage customers to make long-term saving and get attractive annual profit based on the certificate s maturity and selected currency. Annual profit of QIBK s Certificates of Deposit in Qatari riyal is expected to be 3.25% for one year, and 3.75% for two years. As for the Certificates of Deposit in US dollars, the expected annual profit is 2.50% for one year and 2.75% for two years. The minimum subscription in the Certificate of Deposit is QR100,000 or $25,000 with no maximum limit. (Gulf- Times.com) MCGS net profit declines 17.7% QoQ in 2Q2017 Medicare Group's (MCGS) net profit declined 17.7% QoQ to QR14.7mn in 2Q2017 as compared to QR17.9mn in 1Q2017. On YoY basis, net profit declined 11.1% in 2Q2017. EPS amounted to QR1.16 in 1H2017 as compared to QR1.09 in 1H2016. (QSE) AKHI records net profit of QR2.6mn in 2Q2017 Al Khaleej Takaful Group's (AKHI) net profit declined 81.4% QoQ to QR2.6mn in 2Q2017. The QoQ decline in net profit was attributable to lower total shareholders revenue and impairment on investment classified at fair value through equity amounting to QR2.2mn in 2Q2017 compared to nil in 1Q2017. However, on YoY basis, net profit rose 331.1% in 2Q2017. Total shareholders revenue fell 41.0% QoQ to QR13.6mn in 2Q2017, primarily due to the sharp decline in dividend income (QR2.2mn in 2Q2017 compared to QR10.0mn in 1Q2017). Earnings per share amounted to QR0.64 in 1H2017 as compared to QR0.58 in 1H2016. (QSE) MDPS: Qatar's first quarter GDP jumps 14.5% to QR151bn According to Ministry of Development Planning and Statistics (MDPS) report, Qatar's first quarter GDP, at current prices, jumped 14.5% to QR150.94bn from QR131.79bn in the same period a year ago. The report said that the quarterly GDP in 1Q2017, at constant 2013 prices (QR197.7bn) shows a growth of 2.5% compared with 1Q2016 (QR192.97bn). However, the 1Q2017 GDP showed a decrease of 1.5% when compared with the revised estimate for 4Q2016, of QR200.69bn.The YoY GDP growth rate for 4Q2016 at constant 2013 prices remained at 1.7% after revision, it said. (Qatar Tribune) QNBK: Fall in inventories, stricter compliance to output cut behind oil recovery QNBK said a fall in crude oil inventories and stricter compliance to the output cut deal by producers is behind the oil price recovery. Oil prices held up for most of the first half of 2017, averaging $54/bbl up to May following the agreement at the end of 2016 between OPEC and some major Page 3 of 6

4 non-opec producers to restrict output. Prices then slumped to an average of $48/bbl during June and July, mainly due to concerns about rising production in the US as well as increasing supply from Nigeria and Libya who were exempt from the OPEC agreement. However, towards the end of July, oil prices rebounded, rising 13% from a low of $47/bbl earlier in the month to $53/bbl at the end of the month. (Gulf-Times.com) ORDS says talks to buy Salam Technologies end without a deal Ooredoo (ORDS) said that talks with Salam International about buying a stake in Salam Technologies ended without the required or satisfactory result. (Bloomberg) Turkish firm wins $200mn contract to build highway in Qatar Turkey s Tekfen Holding has announced that its construction unit has won a $200mn contract to build a highway in Qatar. The contract pertains to construction work on the Eastern Industrial Road. The project is slated to be completed over a 27- month period, according to the statement. (Peninsula Qatar) DHBK s CEO: Qatar s resilience to attract foreign participation in its diversification Doha Bank s (DHBK) CEO, R Seetharaman said that Qatar s resilience will attract foreign participation in its diversification. According to Seetharaman, Qatar-Singapore trade data was close to $3.1bn. He said Singapore has emerged as a strategically-important hub for Qatar s liquefied natural gas (LNG) exports. He noted that Keppel Group, a Singapore-based multi-national corporation, has a joint venture tie-up with Qatar Gas Transport Company. Qatar s financial stability is evident and the economic progression is sustainable. Qatar s economy is opening up on account of the current scenario, which will give enormous opportunities for Singapore companies to participate in Qatar s development. (Gulf-Times.com) International Strong US jobs report bolsters case for further Fed tightening US employers hired more workers than expected in July and raised their wages, signs of labor market tightness that likely clears the way for the Federal Reserve to announce a plan to start shrinking its massive bond portfolio. The Labor Department said that nonfarm payrolls increased by 209,000 jobs last month amid broad-based gains. June's employment gain was revised up to 231,000 from the previously reported 222,000. On a YoY basis, wages increased 2.5% for the fourth straight month. Economists expect the Fed will announce a plan to start reducing its $4.2tn portfolio of Treasury bonds and mortgage-backed securities at its next policy meeting in September. (Reuters) Eurozone retail sales surprise with robust growth in June The volume of Eurozone s retail sales increased much more than forecast in June, in a new sign of the robust domestic consumption that is sustaining output expansion in the 19- country currency bloc, estimates showed. Retail sales in the Eurozone increased by 0.5% in June on the month, the European Union's statistics office Eurostat said, well above market expectations of a 0.1% rise. As inflation slowed in June to 1.3%, showing little signs of a future rebound, Eurozone consumers spent more than in May when retail sales went up by 0.4%. YoY, the volume of retail sales increased 3.1% in June, higher than the 2.6% rise forecast by economists polled by Reuters. (Reuters) PMI: Eurozone business activity lost some momentum in July, still strong Eurozone s businesses started the second half of 2017 with robust growth although the pace slowed slightly from June as a loss of momentum in Germany and France dragged on activity, a survey showed. IHS Markit's final composite Purchasing Managers' Index for the Eurozone was 55.7 in July, down from June's 56.3 and a flash estimate of It has been above the 50 mark that divides growth from contraction since mid (Reuters) Domestic demand helps German industry orders beat forecast in June German industrial orders increased twice as much as expected in June as domestic demand rose, data showed, suggesting this sector of Europe's largest economy is likely to gain traction in the coming months. Factories posted a 1.0% increase in contracts in June after bookings for 'Made in Germany' goods rose by an upwardly revised 1.1% in May, data from the Economy Ministry showed. (Reuters) Caixin PMI: Growth in China's services sector slows in July China's services sector expanded at a slightly slower pace in July as new business growth eased, a private business survey showed, pointing to potential softening in a key part of the world's second-largest economy. The findings were in line with an official gauge of the non-manufacturing sector published which also showed growth in the services sector cooled, adding to views that China's economy could slow slightly in coming months after a strong start to the year. The Caixin/Markit services purchasing managers' index dropped to 51.5 in July from 51.6 in June. Employment in the services industry improved slightly as companies continued to add workers, albeit at a slower pace. (Reuters) Regional IATA: Middle East carriers post 2.5% traffic increase in June Middle Eastern carriers posted a 2.5% increase in traffic in June, which was a slowdown from the already subdued 3.7% growth seen in May, according to the International Air Transport Association (IATA). Capacity rose 3.1%, and load factor slipped 0.4 percentage points to 68.9%. (Gulf-Times.com) Brazil s exports to Arab region up 15.4% in 1H2017 Brazilian trade with the Arab region showed significant growth during 1H2017 with imports rising by 27% and exports by 15.4%, according to Arab-Brazil Chamber of Commerce (ABCC). Main exports to Arab states included sugar, iron ore, beef, sports hunting equipment, car engines and chassis, automobiles, soybeans, poultry, coffee beans, precious and semi-precious stones, and cast-iron pipes. (GulfBase.com) Saudi Arabia makes another move toward privatization Saudi Arabia is creating new committees to oversee asset sales in eight key sectors, as it forges ahead with privatization efforts. The Kingdom seeks to boost the contribution of the private sector in the economy to 65% of GDP by The country s cabinet created the supervisory committees (SCs) to work with the National Centre for Privatization and Public Private Partnership (NCP), which was established in April. (GulfBase.com) Goldman Sachs buys into Saudi Aramco s $10bn loan as it seeks IPO role Goldman Sachs bought a slice of Saudi Aramco's $10bn credit facility as it seeks a role in the historic listing of Saudi Aramco. Goldman Sachs purchased a portion of the $10bn Page 4 of 6

5 revolving credit facility Saudi Aramco signed with a number of banks in (Reuters) WSJ: Saudi Aramco in talks to buy Petrochina refinery stake According to the Wall Street Journal (WSJ), Saudi Aramco is in talks to buy Petrochina refinery stake. Saudi Aramco could take more than 30% stake in Petrochina s Anning plant. (Bloomberg) Samba Financial Group announces the distribution of dividend for 1H2017 Samba Financial Group s board of directors approved distributing cash dividends at SR0.75 per share for 1H2017. Total distributions amounted to SR1.5bn, representing 7.5% of the nominal value of the share. (Tadawul) CBUAE: UAE s credit and deposit growth eased in June Credit and deposits growth in the UAE s banking sector eased in June according to the monetary data from the Central Bank of the UAE (CBUAE). Gross loans fell by 0.5% MoM. While the on ongoing weak credit demand has contributed to slower credit growth, decline last month is largely attributed to seasonal factors. On a yearly basis, credit growth decelerated further to 3.1% YoY in June, down from 6% in December Loans to government related entities (GREs) dropped 2.5% MoM for the third consecutive month. Private sector credit growth also fell in June on MoM basis, led by the corporate sector. Deposits saw a greater fall, contracting by 1.6% MoM. However, following the previous four months of solid growth, deposits are still up 1.7% YoY and 6.4% year to date. (GulfBase.com) Emaar Properties, Meraas Holding joint venture reportedly agree for $735mn loan Dubai Hills, a joint venture between Emaar Properties and Meraas Holding agreed to AED2.7bn Shari ah-compliant loan from Dubai Islamic Bank and Noor Bank, according to sources. (Bloomberg) ADNOC reportedly seeks about $7bn in funding Abu Dhabi National Oil Co. (ADNOC) has asked banks for proposals to manage the sale of a project bond and is also seeking a loan as the government-owned energy producer considers raising as much as $7bn for its businesses, according to sources. Separately, ADNOC raised its July Murban OSP premium to Dubai by $0.20/bbl from June, according to data from Bloomberg. Accordingly, the July Murban OSP stood at $1.03/bbl above the Dubai price, compared with the $0.83/bbl premium for June. (Bloomberg) Mubadala sells second stake in AMD Abu Dhabi s Mubadala Investment Company (Mubadala) said it sold 3.9% stake in Advanced Micro Devices (AMD) in its second sale of shares in the US-based semiconductor company this year. The stateowned company sold 40mn shares, or 3.9% of the outstanding shares of AMD, inclusive of warrants and excluding the convertible bonds, Mubadala s spokesman, Brian Lott said. According to Reuters calculations, the sale value was $529.6mn based on AMD s closing share price of $13.24 on Thursday. In March, Mubadala sold 45mn shares for around $613mn. (Gulf- Times.com) Safat Global Holding Company s shareholders approve name change Kuwait's Safat Global Holding Company s shareholders approved the company's name change to Tamkeen Holding Company. (Reuters) KIA to sell Areva shares; stay away from nuclear investments Kuwait Investment Authority (KIA) will sell its stake of about 5% in Areva to the French state, as the nuclear group is delisted, and will stay away from nuclear investments for now, according to sources. Kuwait s sovereign wealth fund, one of the world s biggest, paid EUR600mn ($712mn) for its 4.82% stake in 2010, but since then, Areva s stock has plunged as its equity has been wiped out by years of losses. Following a statefunded EUR4.5bn rescue and restructuring of Areva, the French state will pay EUR4.5 per share for KIA s 18.46mn shares, or about EUR83mn, representing an 86% loss for the fund. (Gulf- Times.com) Oman signs $3.5bn loan agreement with Chinese financial institutions Oman signed a $3.55bn five-year loan agreement with a group of Chinese financial institutions, according to the Ministry of Finance. The senior unsecured loan follows the Sultanate s $5bn multi-tranche bond and $2bn Sukuk priced earlier this year. The transaction witnessed strong interest from a group of leading Chinese banks with the transaction upsized from the initial target of $2bn to accommodate interest from the lenders. (GulfBase.com) Omani refinery products rise 12% in 1H2017 Oil Refineries and Petroleum Industries Company (ORPIC) said that the total refinery products and petroleum industries in the Sultanate recorded a rise of 12% during 1H2017 compared to the same period last year. The statistics, based on the data of ORPIC and Oman s National Center for Statistics and Information, showed the production of regular gasoline grew by 51% compared to the same period in 2016, to reach 4,945,000 barrels, whiles sales rose by 27% as it hit 3,685,000 barrels. (Peninsula Qatar) Petrofac JV awarded $2bn refinery contract in Oman Petrofac Ltd said Oman's Duqm Refinery and Petrochemical Industries awarded a $2bn contract to the British oilfield services company's 50:50 joint venture (JV) with Samsung Engineering, sending its shares up as much as 9.5%. (Reuters) Ithmaar Holding exploring sale of stake in BBK According to sources, Bahrain's Ithmaar Holding is exploring the sale of its 25.4% stake in BBK, which has operations in Bahrain, Kuwait, Dubai and India. The stake is valued at about $250mn and may only be offered to strategic investors. Ithmaar Holding also owns convertible bonds sold by BBK last year, which would make the deal size even higher, sources said. BBK sold $265.20mn worth of perpetual convertible capital securities last year to existing shareholders. (Reuters) Page 5 of 6

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