9,500 9,450 9,400 9,350 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

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1 QSE Intra-Day Movement 9,500 9,450 9,400 9,350 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QSE Index declined 0.7% to close at 9, Losses were led by the Industrials and Consumer Goods & Services indices, falling 1.2% and 0.9%, respectively. Top losers were Qatar Islamic Insurance Co. and Qatar General Insurance & Reinsurance Co., falling 4.9% and 3.7%, respectively. Among the top gainers, Vodafone Qatar and Ahli Bank were up 3.8% each. GCC Commentary Saudi Arabia: The TASI Index fell 0.3% to close at 7, Losses were led by the Insurance and Utilities indices, falling 1.1% and 0.7%, respectively. The Med. & Gulf Ins. & Reins. Co. fell 7.8%, while Saudi Print. & Packaging Co. was down 5.6%. Dubai: The DFM Index gained 0.7% to close at 3, The Banks index rose 1.5%, while the Consumer Staples index gained 1.3%. Marka Co. rose 2.1%, while Dubai Islamic Bank was up 1.8%. Abu Dhabi: The ADX benchmark index fell 0.2% to close at 4, The Banks index declined 0.4%, while the Telecommunication index fell 0.3%. Gulf Medical Projects declined 10.0%, while National Bank of Ras Al Khaimah was down 8.9%. Kuwait: The KSE Index rose 0.8% to close at 6, The Health Care index gained 11.5%, while the Oil & Gas index rose 6.4%. Al-Mowasat Healthcare Co. gained 20.0%, while Sanam Real Estate Co. was up 19.4%. Oman: The MSM Index fell 0.8% to close at 5, Losses were led by the Industrial and Financial indices, falling 0.7% and 0.6%, respectively. Raysut Cement fell 6.6%, while National Bank of Oman was down 2.4%. Bahrain: The BHB Index fell 0.3% to close at 1, The Commercial Banks index declined 0.9%, while the Services index fell 0.5%. Nass Corporation declined 6.3%, while Ahli United Bank was down 1.4%. QSE Top Gainers Close* 1D% Vol. 000 YTD% Vodafone Qatar ,430.9 (1.0) Ahli Bank (14.5) Gulf Warehousing Co (11.8) Gulf International Services ,260.8 (26.4) Qatar Oman Investment Co (11.6) Market Indicators 31 Jul Jul 17 %Chg. Value Traded (QR mn) Exch. Market Cap. (QR mn) 509, ,286.7 (0.8) Volume (mn) Number of Transactions 3,825 2, Companies Traded (2.4) Market Breadth 19:20 5:35 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 15, (0.7) (1.6) (6.6) 15.8 All Share Index 2, (0.6) (1.4) (6.6) 14.2 Banks 2, (0.6) (1.2) (0.8) 12.6 Industrials 2, (1.2) (2.8) (13.6) 17.3 Transportation 2, (0.5) (20.3) 12.3 Real Estate 2, (0.5) (7.4) 14.0 Insurance 4, (0.8) (1.2) (8.0) 18.6 Telecoms 1, (0.3) (1.2) (2.3) 22.7 Consumer 5, (0.9) (1.0) (6.0) 12.3 Al Rayan Islamic Index 3, (1.0) (3.1) 17.7 GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% Kuwait Food Co. Kuwait (19.2) Abu Dhabi Nat. Energy Abu Dhabi (3.8) Vodafone Qatar Qatar ,430.9 (1.0) Ahli Bank Qatar (14.5) Union National Bank Abu Dhabi (0.2) GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% Nat. Bank of Ras Al-Khai Abu Dhabi 4.32 (8.9) (12.7) Med. & Gulf Insurance Saudi Arabia (7.8) (40.5) Raysut Cement Co. Oman 0.90 (6.6) 16.1 (39.2) Saudi Print. & Pack. Co. Saudi Arabia (5.6) 2,356.4 (11.5) Qatar Gen. Ins. & Reins. Qatar (3.7) 0.5 (36.2) 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 Islamic Insurance Co (4.9) Qatar General Ins. & Reins. Co (3.7) 0.5 (36.2) Doha Bank (3.1) (8.0) Industries Qatar (2.2) (18.0) QNB Group (2.1) (6.8) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% Vodafone Qatar ,430.9 (1.0) Gulf International Services ,260.8 (26.4) United Development Co (0.6) (17.9) Doha Bank (3.1) (8.0) Masraf Al Rayan Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Value Trades Close* 1D% Val. 000 YTD% Vodafone Qatar ,901.7 (1.0) QNB Group (2.1) 33,225.5 (6.8) Gulf International Services ,021.4 (26.4) Doha Bank (3.1) 19,302.2 (8.0) Masraf Al Rayan , Source: Bloomberg (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 9, (0.7) (1.6) 4.2 (9.9) , Dubai 3, , Abu Dhabi 4, (0.2) (0.0) , Saudi Arabia 7, (0.3) (1.1) (4.5) (1.6) , Kuwait 6, , Oman 5, (0.8) (0.5) (1.8) (13.1) , Bahrain 1, (0.3) (0.6) , 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 declined 0.7% to close at 9, The Industrials and Consumer Goods & Services indices led the losses. The index fell on the back of selling pressure from GCC shareholders despite buying support from Qatari and non-qatari shareholders. Qatar Islamic Insurance Co. and Qatar General Insurance & Reinsurance Co. were the top losers, falling 4.9% and 3.7%, respectively. Among the top gainers, Vodafone Qatar and Ahli Bank were up 3.8% each. Volume of shares traded on Monday rose by 191.0% to 14.6mn from 5.0mn on Sunday. Further, as compared to the 30-day moving average of 10.4mn, volume for the day was 40.2% higher. Vodafone Qatar and Gulf International Services were the most active stocks, contributing 57.8% and 8.6% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 51.68% 45.78% 17,458, Qatari Institutions 16.56% 15.27% 3,800, Qatari 68.24% 61.05% 21,259, GCC Individuals 0.31% 0.71% (1,199,772.65) GCC Institutions 2.07% 10.67% (25,425,620.35) GCC 2.38% 11.38% (26,625,393.00) Non-Qatari Individuals 8.60% 7.85% 2,246, Non-Qatari Institutions 20.78% 19.72% 3,119, Non-Qatari 29.38% 27.57% 5,365, 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 Mouwasat Medical Services Co. Saudi Arabia SR % % Southern Province Cement Co. Saudi Arabia SR % % Al-Jouf Agricultural Development Co. Saudi Arabia SR % % Saudia Dairy and Foodstuff Co. Saudi Arabia SR % % Saudi Re for Cooperative Reinsurance Saudi Arabia SR % % Middle East Paper Co. Saudi Arabia SR % % Arab Sea Information System Co. Saudi Arabia SR 0.9 N/A 0.8 N/A Saudi Public Transport Co. Saudi Arabia SR % % Sahara Petrochemical Co. Saudi Arabia SR % Yanbu Cement Co. Saudi Arabia SR % % Saudi Arabian Mining Co. Saudi Arabia SR % % Aseer Trading, Tourism & Manu. Co. Saudi Arabia SR % % Takween Advanced Industries Co. Saudi Arabia SR -1,685.0 N/A -12,667.0 N/A Gulfa Mineral Water & Proc. Ind. Co. # Dubai AED 13, % % Dubai Investments Dubai AED % % National General Insurance Company Dubai AED % % Aramex Dubai AED 1, % % % Ras Al Khaimah National Insurance Abu Dhabi AED % % Gulf Medical Projects Company Abu Dhabi AED % % Bahrain Car Parks Company # Bahrain BHD % % Inovest Bahrain USD % % BMMI Bahrain BHD % % % Bahrain Family Leisure Company # Bahrain BHD % % Source: Company data, DFM, ADX, MSM, TASI, BHB. ( # Values in 000) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 07/31 UK Bank of England Mortgage Approvals June 64.7k 65.0k 65.1k 07/31 EU Eurostat Unemployment Rate June 9.1% 9.2% 9.2% 07/31 EU Eurostat CPI Estimate YoY July 1.3% 1.3% 1.3% 07/31 EU Eurostat CPI Core YoY July 1.2% 1.1% 1.1% 07/31 Japan METI Industrial Production MoM June 1.6% 1.5% -3.6% 07/31 Japan METI Industrial Production YoY June 4.9% 4.8% 6.5% 07/31 China China Federation of Logistics Manufacturing PMI July /31 China China Federation of Logistics Non-manufacturing PMI July Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Page 2 of 6

3 Earnings Calendar Tickers Company Name Date of reporting 2Q2017 results No. of days remaining Status QNNS Qatar Navigation (Milaha) 1-Aug-17 0 Due QISI Qatar Islamic Insurance 2-Aug-17 1 Due AKHI Al Khaleej Takaful Insurance 3-Aug-17 2 Due MPHC Mesaieed Petrochemical Holding Company 6-Aug-17 5 Due DOHI Doha Insurance 6-Aug-17 5 Due SIIS Salam International Investment 6-Aug-17 5 Due IQCD Industries Qatar 8-Aug-17 7 Due MCCS Mannai Corp. 9-Aug-17 8 Due QCFS Qatar Cinema & Film Distribution Company 10-Aug-17 9 Due MERS Al Meera Consumer Goods Company 10-Aug-17 9 Due QFLS Qatar Fuel Company 10-Aug-17 9 Due MRDS Mazaya Qatar 13-Aug Due QGMD Qatari German Company for Medical Devices 13-Aug Due ZHCD Zad Holding Company 14-Aug Due Source: QSE News Qatar GISS reported net profit ~QR0.7mn in 2Q2017; operational results for 1H2017 largely in-line with our model We note that the drilling segment seemed to have turned a corner as we had expected 1H revenue better by 10% vs. our model and 1H drilling gross margin also surpassing our estimate. On the flip side, both insurance and catering seemed to have weakened vs run rates. The 1H2017 earnings miss vs. our estimate was predominantly due to an impairment charge of QR11mn and higher than expected finance costs. We would be buyers on weakness and maintain our price target of QR28/sh. (QNBFS Research, company financials) Blockade: Qatar sees no major impact on economy Minister of Economy and Commerce HE Sheikh Ahmed bin Jassim bin Mohammed Al Thani said that the impact of the Saudi Arabialed blockade on Qatari economy is negligible and the biggest losers of the ongoing crises in terms of businesses are the siege countries. We know that the siege countries are the biggest losers in this crisis in terms of trade and businesses, because we import more than we export to them. The trade balance was in their favor, until they imposed a blockade on Qatar siege, Al Sharq quoted the Minister as saying. (Peninsula Qatar) ZHCD to disclose its semi-annual financials on August 14 Zad Holding Company (ZHCD) announced it would disclose its semiannual financial reports for the period ending June 30, 2017 on August 14, (QSE) QSE witnesses opening of more than 50 foreign investment portfolios The Qatar Stock Exchange (QSE) has witnessed the opening of more than 50 foreign investment portfolios, indicating the growing appetite of international fund houses to invest in the fastest growing economy amidst the continued economic blockade. The new accounts have been opened in just one week to trade in the shares of the companies listed on the QSE, the bourse s Chief Executive Officer, Rashid bin Ali al- Mansoori said. This large turnout by foreign portfolios and international investment instructions reflects the strong fundamentals of Qatar s economy and the investment attractiveness of the QSE and its listed companies, he said. The QSE is believed to have received more than 140 investor applications from new foreign investment portfolios wishing to enter the bourse. Al-Mansoori highlighted that despite the blockade imposed since two months ago on Qatar by some neighboring countries, the QSE has proven its robustness with the average daily trading turnover increasing so far by about 20% to reach about QR300mn per day. (Gulf-Times.com) Vodafone Qatar appoints new CFO Vodafone Qatar appointed Brett Goschen as the company s new Chief Financial Officer (CFO). Goschen served as CFO and Executive Director for the MTN Group in South Africa for three years prior to which he was CEO of MTN in Nigeria and Ghana. After leaving MTN, Brett was CEO for Digicel in Papua New Guinea. (Gulf- Times.com) QCB: Outward remittances show marginal decline in Qatar in 2016 Remittances from Qatar recorded marginal decline during 2016, in keeping with the global trend, QCB s 8th Financial Stability review showed. Asia (other than Middle East countries) has received more than half the remittances, the report showed. The share of remittances to this region increased and that of other regions declined marginally during the year. According to the QCB, the growth in assets of exchange houses in the country accelerated from 10.3% in 2015 to 17.5% in There was a sharp increase in cash and precious metals followed by increase in dues from banks. The total assets of exchange houses as at end of 2016 stood at QR1.5bn. On the liabilities side, there was a sharp increase in dues to money exchangers and branches. Shareholders equity recorded modest decline during the year due to fall in retained earnings, according to the report. (Gulf-Times.com) Country to be self-sufficient in vegetable production by 2020 As more local farms are encouraged to expand operations due to stronger government support, HE the Minister of Municipality and Environment Mohamed bin Abdullah al-rumaihi said, he expects Qatar to be 100% self-sufficient in vegetable production by Asked about the ministry s support for local farms, al-rumaihi noted that Qatari farmers receive government assistance in the form of agricultural materials and fertilizers, among others. This support, he stressed, contributed to the production of high-quality dates. This year, HE the Page 3 of 6

4 Minister said Qatar would be able to achieve at least 85% selfsufficiency in dates production. (Gulf-Times.com) International US pending home sales rise; Midwest factory activity slows Contracts to buy previously owned US homes rebounded in June after three straight monthly declines, but the housing market remained constrained by a shortage of properties available for sale. Data on July 31 showed that factory activity in the Midwest slowed this month after hitting a three-year high in June, with manufacturers reporting declining orders. The National Association of Realtors (NAR) said its Pending Home Sales Index, based on contracts signed last month, jumped 1.5%, more than double economists' expectations for a 0.7% increase. The rise, however, only partially unwound the prior three months' declines. The NAR reported last week that existing home sales, which generally have been running ahead of the signed contracts, fell 1.8% in June. (Reuters) Eurozone s core inflation unexpectedly picks up in July A key measure of Eurozone s inflation accelerated to a four-year high this month and Eurozone unemployment fell to its lowest since 2009 in June, data showed on July 31 in two encouraging signs for the European Central Bank (ECB) as it considers reducing its monetary stimulus. The ECB is due to decide by the autumn whether and how to extend its 2.3tn Euros quantitative easing program into 2018 and President Mario Draghi has cited sluggish core inflation and wage growth as reasons to be cautious. Likely giving heart to ECB policymakers, core inflation, which excludes volatile food and energy prices, accelerated to 1.3% from 1.2% in June, Eurostat's flash estimate showed. It was its highest level since August 2013 and confounded market expectations for a slowdown. (Reuters) UK s housing and consumer demand weaken as Bank of England meets Bank of England (BoE) lending data showed softening consumer demand, after mortgage approvals fell to a nine-month low in June and previous strong growth in unsecured borrowing eased to its weakest in over a year. Though business lending was more upbeat, the figures are likely to boost the argument of those Bank of England policymakers meeting this week who say there is no rush to raise interest rates, despite above-target inflation and record employment. British lenders approved the fewest mortgages for house purchase since last September, with the number dropping to 64,684 from May's 65,109, slightly lower than economists' average expectation of 65,000 in a Reuters poll. Three months ago, the BoE forecasted that monthly mortgage approvals would rebound to 71,000 a month. (Reuters) Caixin PMI: China s factory activity accelerates in July on strong export orders Growth in China's manufacturing quickened in July, a private survey showed, as output and new orders rose at the fastest pace since February on strong export sales. But even as firms boosted purchasing in anticipation of more business, employment levels at factories fell at the fastest pace in 10 months and a reading on business outlook was the lowest since last August, a sign that economic momentum may start to ebb in the months ahead. The Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) rose to 51.1 in July, above the 50-point mark that separates growth from contraction, and well ahead of the 50.4 in June which was also the median figure forecasted by 21 Analysts in a Reuters survey. A resurgent export sector underpinned by a brightening global economy helped China post surprisingly strong gross domestic product growth of 6.9% in the first half of the year. The Caixin readings diverged from an official PMI survey released on July 31 which showed growth in China's manufacturing sector cooled slightly last month due to slackening export demand. (Reuters) Regional Moody's gets license to rate Saudi Arabia's corporates Moody's obtained a license to operate rating activities in Saudi Arabia, joining the two major foreign credit rating agencies Fitch and Standard & Poor's, as the country seeks to develop its corporate debt capital markets. (Reuters) CMA approves Malath Cooperative Insurance Company s request to increase its capital Saudi Arabia s Capital Market Authority (CMA) announced its resolution approving Malath Cooperative Insurance Company s request to increase its capital by way of rights issue valued at SR380mn. (Tadawul) Islamic Development Bank seeks proposals for dollar Sukuk Saudi Arabia s Islamic Development Bank asked banks for proposals to arrange a US Dollar-denominated Sukuk, banking sources said. Islamic Development Bank is a regular issuer of international Islamic bonds, which it raises to fund its business activities but also to promote the international Sukuk market by building a liquid Sukuk yield curve. The new Sukuk, which is likely to have a five-year maturity, could be issued in September or October. The request did not indicate a specific size for the deal, but it is expected to range between $1bn and $1.5bn. (GulfBase.com) Saudi Arabia may raise September light crude prices to Asia According to sources, Saudi Arabia is expected to raise prices for light crude grades it sells to Asia in September to track a stronger Dubai benchmark and improvements in regional gasoline and gasoil margins. The September official selling price (OSP) for flagship Arab Light could rise by 5-15 cents from the previous month. (Reuters) Saudi Arabia said to weigh oil-price linked tax plan for Saudi Aramco According to sources, Saudi Arabia is considering flexible tax system for Saudi Aramco that would increase royalty payments when crude prices rise. Riyadh is mulling a proposal from Saudi Aramco to replace the current fixed royalty on revenues. (Gulf-Times) UAE transport projects value at $87bn in 1H2017 The total value of 481 active transport projects exceeded $87.6bn in 1H2017, according to BNC Network. Out of these, 364 projects with a combined value of $36.5bn are road projects while 39 projects with a value of $33.9bn are rail projects. (GulfBase.com) Fitch affirms Majid Al Futtaim Holding s IDR at BBB ; outlook Stable Fitch Ratings affirmed UAE based Majid Al Futtaim Holding LLC's Long-Term Issuer Default Rating (IDR) and senior unsecured rating at BBB. The outlook is Stable. Fitch has also affirmed Majid Al Futtaim Holding LLC's Short-Term IDR at F3. The affirmation reflects Majid Al Futtaim Holding LLC s strong financial performance resulting from improved results across all operating divisions (Property, Retail and Ventures) and Fitch s expectation of solid future performance Page 4 of 6

5 led by the stable, defensive rental income generation from the property division. The Stable outlook reflects Fitch's expectations of the group's ability to maintain relatively stable credit metrics despite the significant level of growth and expansion capital expenditure over the forecast period. (Reuters) Dubai s real estate transactions value hits $36bn in 1H2017 Real estate transactions in Dubai during 1H2017 reached a value of $36bn, achieved through 35,571 sales, mortgages and other transactions, according to the Dubai Land Department (DLD). DLD s 1H2017 Transactions Report reveals that the market achieved a high percentage of growth compared to the same period last year, with total value increasing by 16.8% from a total of 7,320 transactions, an increase of 25.91% compared to transactions for 1H2016. (GulfBase.com) Shuaa Capital acquires stake in Amwal International Investment Company Shuaa Capital acquired stake in Kuwaitbased Amwal International Investment Company (Amwal). The company owns 8% of stake in Amwal; additionally, Unit Gulf Finance Corporation owns 3% of Amwal. (Reuters) ADFD finances AED9bn projects in Morocco The Abu Dhabi Fund for Development (ADFD) supported Morocco with grants and concessionary loans worth AED9bn across 76 development projects. The projects spanned diverse sectors, most notably transport, housing, water and agriculture, education, and healthcare. (GulfBase.com) Chinese firms to invest $300mn in Abu Dhabi Five Chinese companies will start operations in Abu Dhabi s industrial zone with an initial investment of $300mn in a boost for the Emirate s economic diversification plans. The companies, from Jiangsu province on China s east coast, are involved in sectors ranging from power and metals to natural resources and banking, Abu Dhabi officials said. Chinese companies are increasingly seizing opportunities in the Gulf as the Asian economic giant seeks to expand overseas with its ambition to rebuild Silk trade routes. (Peninsula Qatar) Dana Gas axes offer to swap $700mn bond in pivotal Islamic finance case Dana Gas revoked an offer to creditors to exchange its outstanding $700mn Islamic bond for new notes, ending the chance of a consensual resolution to a case that could shape the future of the global Islamic finance industry. (Reuters) Jordan Kuwait Bank s net profit narrows to KD5.9mn in 2Q2017 Jordan Kuwait Bank recorded net profit of KD5.9mn in 2Q2017 as compared to KD7.6mn in 2Q2016. Net interest income came in at KD24.5mn in 2Q2017 as compared to KD22mn in 2Q2016. (Reuters) Moody's takes rating action on six Omani banks and one finance company Moody's Investors Service (Moody's) downgraded the long-term local and foreign currency deposit ratings of the six banks of Oman. Bank Muscat to Baa2 from Baa1, HSBC Bank Oman to Baa2 from Baa1, Bank Dhofar to Baa3 from Baa2, National Bank of Oman to Baa3 from Baa2, Oman Arab Bank to Baa3 from Baa2 and Bank Nizwa to Ba1 from Baa3. In addition, the rating agency changed the outlook to Negative from Stable on the ratings of five banks and maintained the Negative outlook on the ratings of one bank. At the same time, Moody's has affirmed the baseline credit assessments (BCAs) and adjusted BCAs of the six banks. Moody's has also affirmed the Ba3 corporate family rating and the B1 issuer rating of Al Omaniya Financial Services (Al Omaniya), and maintained its outlook Negative. This action follows Moody's downgrade of the Government of Oman's issuer rating to Baa2 from Baa1 and the change of its outlook to Negative from Stable on July 28, The sovereign action reflects Moody's view that progress towards addressing structural vulnerabilities to a weak oil price environment has been more limited than expected, reflecting institutional capacity constraints to address the country's large fiscal and external imbalances. (Moody s) Bank Sohar to seek approval for OMR100mn bond issue Bank Sohar said it is convening an extraordinary meeting for seeking shareholders approval for OMR100mn private placement of perpetual bonds on August 13, This is for raising tier I capital of the bank. The original offer is for OMR70mn, with a green shoe option of an additional OMR30mn. The nominal value of the bond is at OMR1,000 per bond. (GulfBase.com) Moody's takes rating actions on four Bahraini banks - Moody's Investors Service (Moody's) downgraded to B1 from Ba2, the long-term local currency deposit ratings of BBK and National Bank of Bahrain (NBB). At the same time, Moody's has downgraded to B1 from Ba3 the long-term local currency issuer ratings of Bahrain Islamic Bank (BISB) and Khaleeji Commercial Bank (KHCB). The outlook on the all the ratings are Negative. Actions on the Bahraini banks are principally driven by Moody's downgrade of the Bahrain government's issuer rating to B1 Negative from Ba2 Negative. (Moody s) Page 5 of 6

6 Rebased Performance Daily Index Performance Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 QSE Index S&P Pan Arab S&P GCC 1.0% 0.5% 0.0% (0.5%) (1.0%) (0.3%) Saudi Arabia (0.7%) Qatar 0.8% Kuwait (0.3%) Bahrain (0.8%) Oman (0.2%) Abu Dhabi 0.7% Dubai Source: Bloomberg Source: Bloomberg Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, (0.0) (0.0) 10.2 MSCI World Index 1, Silver/Ounce DJ Industrial 21, Crude Oil (Brent)/Barrel (FM Future) (7.3) S&P 500 2, (0.1) (0.1) 10.3 Crude Oil (WTI)/Barrel (FM Future) (6.6) NASDAQ 100 6, (0.4) (0.4) 17.9 Natural Gas (Henry Hub)/MMBtu 2.84 (2.8) (2.8) (23.0) STOXX LPG Propane (Arab Gulf)/Ton DAX 12, LPG Butane (Arab Gulf)/Ton # (13.9) FTSE 100 7, Euro CAC 40 5, (0.1) (0.1) 17.3 Yen (0.4) (0.4) (5.7) Nikkei 19, GBP MSCI EM 1, CHF SHANGHAI SE Composite 3, AUD HANG SENG 27, USD Index (0.4) (0.4) (9.1) BSE SENSEX 32, RUB (2.9) Bovespa 65, BRL RTS 1, (0.7) (0.7) (12.6) Source: Bloomberg ( # Market closed on July 31, 2017) Source: Bloomberg (*$ 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) 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