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1 QSE Intra-Day Movement 9,050 9,000 8,950 8,900 8,850 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QSE Index declined 0.1% to close at 8, Losses were led by the Telecoms and Industrials indices, falling 3.0% and 1.7%, respectively. Top losers were Dlala Brokerage & Investment Holding Company and Qatar Gas Transport Company Limited, falling 6.4% and 6.3%, respectively. Among the top gainers, Qatar Navigation gained 5.8%, while Qatar Insurance Company was up 3.4%. GCC Commentary Saudi Arabia: The TASI Index fell 0.4% to close at 8, Losses were led by the Media and Food & Staples Retailing indices, falling 5.1% and 2.7%, respectively. Al- Ahlia Ins. Co. declined 5.2%, while Saudi Research & Marketing Gr. was down 5.0%. Dubai: The DFM General Index gained 1.1% to close at 2, The Investment & Fin. Services index rose 5.2%, while the Real Estate & Const. index gained 1.8%. Al Salam Sudan rose 7.2%, while Dubai Investments was up 7.0%. Abu Dhabi: The ADX General index rose 0.5% to close at 4, The Consumer Staples index gained 3.4%, while the Real Estate index rose 0.9%. National Takaful Co. gained 14.6%, while Sharjah Cement & Industrial Dev. Co. was up 7.1%. Kuwait: The Kuwait Main Market Index fell 0.1% to close at 4, The Consumer Services index fell 0.6%, while the Banks index declined marginally. Alrai Media Group Co. fell 23.4%, while Boubyan Int. Industries Holding Co. was down 9.5%. Oman: The MSM 30 Index fell 0.1% to close at 4, Losses were led by the Industrial and Financial indices, falling 0.4% each. Dhofar Insurance fell 4.7%, while United Finance was down 4.4%. Bahrain: The BHB Index gained 0.1% to close at 1, The Industrial index rose 0.8%, while the Commercial Banks index gained 0.1%. Bahrain Islamic Bank rose 1.6%, while Nass Corporation was up 0.9%. QSE Top Gainers Close* 1D% Vol. 000 YTD% Qatar Navigation Qatar Insurance Company (22.5) Qatar Islamic Bank QNB Group , Qatar Industrial Manufacturing Co (8.7) Market Indicators 15 May May 18 %Chg. Value Traded (QR mn) Exch. Market Cap. (QR mn) 494, , Volume (mn) Number of Transactions 6,121 3, Companies Traded (7.0) Market Breadth 12:25 26:15 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 15, (0.1) All Share Index 2, Banks 3, Industrials 3, (1.7) Transportation 1, (1.4) (1.6) (1.1) 11.0 Real Estate 1, (0.9) 2.2 (11.0) 14.8 Insurance 3, (13.3) 24.3 Telecoms (3.0) (3.5) (12.7) 28.7 Consumer 5, (0.9) (0.7) Al Rayan Islamic Index 3, (0.7) GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% Dubai Investments Dubai ,739.3 (17.0) Qatar Navigation Qatar Qatar Insurance Co. Qatar (22.5) Gulf Bank Kuwait , Ooredoo Oman Oman (3.0) GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% Al Ahli Bank of Kuwait Kuwait 0.32 (7.1) Qatar Gas Transport Co. Qatar (6.3) 2,872.6 (13.1) Savola Group Saudi Arabia (3.9) 1,689.3 (3.3) Dar Al Arkan Real Estate Saudi Arabia (3.5) 56,711.1 (17.9) Industries Qatar Qatar (3.2) Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the S&P GCC Composite Large Mid Cap Index) QSE Top Losers Close* 1D% Vol. 000 YTD% Dlala Brokerage & Inv. Holding (6.4) (12.2) Qatar Gas Transport Co. Ltd (6.3) 2,872.6 (13.1) Mazaya Qatar Real Estate Dev (4.8) (27.1) Qatar Oman Investment Co (3.5) 32.5 (11.5) Industries Qatar (3.2) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% Qatar Gas Transport Company Ltd (6.3) 2,872.6 (13.1) Vodafone Qatar 8.80 (2.8) 1, QNB Group , Mazaya Qatar Real Estate Dev (4.8) (27.1) Masraf Al Rayan (9.1) Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Value Trades Close* 1D% Val. 000 YTD% QNB Group , Qatar Electricity & Water Co , Industries Qatar (3.2) 40, Qatar Gas Transport Co. Ltd (6.3) 40,193.3 (13.1) Qatar Islamic Bank , Source: Bloomberg (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 8, (0.1) 2.0 (2.1) , Dubai 2, (4.2) (12.9) , Abu Dhabi 4, (4.3) , Saudi Arabia 8, (0.4) 1.6 (2.1) , , Kuwait 4, (0.1) (0.3) 0.7 (2.7) , Oman 4, (0.1) 0.1 (0.9) (8.1) , Bahrain 1, (4.3) , Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any) Page 1 of 6

2 Qatar Market Commentary The QSE Index declined 0.1% to close at 8, 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. Dlala Brokerage & Investment Holding Company and Qatar Gas Transport Company Limited were the top losers, falling 6.4% and 6.3%, respectively. Among the top gainers, Qatar Navigation gained 5.8%, while Qatar Insurance Company was up 3.4%. Volume of shares traded on Tuesday rose by 51.9% to 11.4mn from 7.5mn on Monday. Further, as compared to the 30-day moving average of 10.4mn, volume for the day was 9.2% higher. Qatar Gas Transport Company Limited and Vodafone Qatar were the most active stocks, contributing 25.3% and 14.2% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 23.46% 44.23% (104,370,000.17) Qatari Institutions 11.05% 10.52% 2,680, Qatari 34.51% 54.75% (101,689,215.86) GCC Individuals 0.62% 0.28% 1,737, GCC Institutions 4.74% 9.49% (23,843,540.55) GCC 5.36% 9.77% (22,105,567.75) Non-Qatari Individuals 5.87% 5.96% (434,274.62) Non-Qatari Institutions 54.25% 29.52% 124,229, Non-Qatari 60.12% 35.48% 123,794, Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases and Global Economic Data Earnings Releases Company Market Currency Revenue (mn) % Change Operating Profit % Change Net Profit % Change 1Q2018 YoY (mn) 1Q2018 YoY (mn) 1Q2018 YoY National Cement Company Dubai AED % % Oman Insurance Company Dubai AED 1, % % Emirates Refreshments Company Dubai AED % -2.0 N/A Dubai Refreshment Company Dubai AED % % Amanat Holdings Dubai AED % Gulf Navigation Holding Dubai AED % % Al Firdous Holdings Dubai AED % -8.8 N/A Dubai National Insurance & Reinsurance Dubai AED % % Drake & Scull International Dubai AED % 44.6 N/A 16.2 N/A Fujairah National Insurance Co. Abu Dhabi AED % % Al Buhaira National Insurance Company Abu Dhabi AED % % Sharjah Insurance Company Abu Dhabi AED % % Abu Dhabi National Co. for B and M Abu Dhabi AED % N/A National Marine Dredging Co. Abu Dhabi AED % % Ras Al Khaimah National Insurance Company Abu Dhabi AED % % National Industries Group Holding Kuwait KD % % Nass Corporation Bahrain BHD % % Source: Company data, DFM, ADX, MSM, TASI, BHB. Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 05/15 UK UK Office for National Statistics Jobless Claims Change April 31.2k 15.7k 05/15 UK UK Office for National Statistics Employment Change 3M/3M March 197k 125k 55k 05/15 France INSEE National Statistics Office CPI MoM April 0.2% 0.1% 0.1% 05/15 France INSEE National Statistics Office CPI YoY April 1.6% 1.6% 1.6% 05/15 China National Bureau of Statistics Retail Sales YoY April 9.4% 10.0% 10.1% 05/15 China National Bureau of Statistics Industrial Production YoY April 7.0% 6.4% 6.0% 05/15 India Directorate General of Commerce Trade Balance April -$13.7bn -$15.0bn -$13.7bn 05/15 India Directorate General of Commerce Exports YoY April 5.2% -0.7% 05/15 India Directorate General of Commerce Imports YoY April 4.6% 7.2% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Page 2 of 6

3 News Qatar Qatari blue-chip firms hold meetings with fund managers in the UK Qatar Stock Exchange (QSE), working with leading investment bank Deutsche Bank and with the collaboration of QNB Financial Services (QNBFS), completed, two day visit to London that aimed to support the further development and practice of QSE s listed companies investor relations. The forum is designed to complement the companies ongoing investor relations activities through providing an opportunity for the senior management of listed companies to meet key decision makers from a number of the world s largest international fund managers. Eight top QSE-listed companies have met with a number of international fund managers and investment decision makers in London, as part of an investor relations event. The event covered a combination of one-toone and group meetings and was the first undertaken since the introduction of the new MiFID regime. Listed companies met with market-leading institutions that represented the most important funds allocating money to Qatar, the GCC and the broader emerging markets. (QSE, Peninsula Qatar) CEO: QIIK seeks appropriate time to issue its $500mn Sukuk Qatar International Islamic Bank (QIIK) is waiting for the appropriate time to issue its proposed $500mn Sukuk with a five-year tenor, according to QIIK s CEO, Abdulbasit Ahmad Al Shaibei. Al Shaibei said, Our advisers have told us to wait as the interest rate environment in the market is still not very clear. QIIK met some prospective investors at various places as part of testing the market. We heard many Sukuks are coming out; we don t want to go in the middle of this. Even the investors have a maximum line for each country and institution. We don t want to go at a time when everybody is going. We want to go at the time we think the investors are ready for us then we will go. Honestly, we don t need money now. We are considering a Sukuk because we wish to have a name in the international market. Our Sukuk has already matured in October. So we have to have a presence in the international Sukuk market. (Gulf-Times.com, Qatar Tribune) Qatar s growth momentum to have positive impact on different sectors Qatar s projected growth in excess of 3% this year will have a positive impact on many sectors of the national economy, according to QIIK s CEO, Abdulbasit Ahmad Al Shaibei. Al Shaibei said, Various international institutions of good reputation have acknowledged that the Qatari economy is very well diversified and robust. We have managed to tide over the ill-effects of the unjustified blockade in a very short time. If you are looking at the stock market (QSE), it is also performing very well. With this growth (and positive outlook), I believe by the year-end, all economic sectors in the country stand to benefit. Of course the credit goes to (after Almighty God) the vision of His Highness the Amir, Sheikh Tamim Bin Hamad Al Thani and the Government of Qatar. (Gulf-Times.com) Qatar s CPI inflation edges down in April Qatar s inflation, based on consumer price index (CPI) of April, 2018 reached (base year is 2013), showing a decrease of 0.4%, when compared to CPI of March, Compared to CPI of April, 2017, YoY of 0.1% increase has been recorded in the general index (CPI) of this month. A MoM analysis of CPI for April, 2018 compared with March, 2018 CPI, showed that there are five main groups, where respective indices in this month have decreased. A comparison of the CPI, April 2018 with the CPI, April 2017 (annual change), an increase has been recorded in the general index (CPI), by 0.1%. (Peninsula Qatar) Investments in new LNG projects to help boost QSE Increased investments in new projects related to expansion of liquefied natural gas (LNG) and those aimed at ensuring self-sufficiency as well as higher foreign ownership limits augur well for the Qatar Stock Exchange (QSE), which is now seeking to diversify investor base. The strategy was disclosed by the QSE s CEO, Rashid Bin Ali Al Mansoori-led delegation at the London Investors Forum which was organized in association with leading investment bank Deutsche Bank and QNB Financial Services (QNBFS). Al Mansoori said, Despite challenges we believe the macro picture for Qatar remains resilient with the market experts forecasting increased GDP forecasts for 2018 taking into account the impact of increased forecast oil prices; an expectation of a sharper rebound in hydrocarbon output and an expectation of a reduced economic impact of the blockade on 2018 GDP. In the longer term, Qatar s economy should benefit from a number of recent measures including increased investment in new projects related to the expansion of LNG production and projects aimed at ensuring self-sufficiency and sustainability. (Gulf-Times.com) Qatar s private school market has potential to be $2.4bn by 2023 Qatar s private school market has the potential to be $2.4bn by 2023 against $1.4bn in 2016 owing to rising schoolaged population, enrolment and tuition fees as well as shift towards private schools. There is strong demand for private schools in Qatar, across all types of curricula and fee ranges, according to the Boston Consulting Group (BCG). It used to be that expatriates were not allowed to attend public schools, but the government has had to relax that policy because of the shortage in private schools, it stated, adding there are also opportunities for public-private partnerships given Qatar s transformation of its public schools into independent schools. (Gulf-Times.com) Greece to share its agro-tech expertise in support of Qatar s self-sufficiency plans Greece wants to share its expertise and innovations in agro-technology with Qatar in a bid to develop and support the country s agriculture sector and selfsufficiency initiatives, according to Panagiotis G Mihalos, the Chairman of the Greece-Qatar Business Council. Mihalos said, Qatar s self-sufficiency efforts has placed the food sector and food security on the spotlight as the country continues to expand to new markets and tap alternative sources. In line with the Qatar government s efforts towards food security and achieving self-sufficiency, I hope we can play a role in all of this. Citing Greece s extremely developed agriculture industry, Mihalos said plans are in the pipeline to follow up and promote exchange of expertise in the field of agriculture and agrotechnology between the two countries. (Gulf-Times.com) Qatar and the UK sign MoU for cyber security cooperation Qatar and the UK signed a Memorandum of Understanding (MoU) for enhancing bilateral cooperation in the field of cyber security. The MoU was inked between Qatar Central Bank Page 3 of 6

4 (QCB) and the UK s Department for International Trade Defense and Security Organization (DIT DSO). Based on the MoU, with a view to strengthening the bilateral cooperation in cyber security, both the institutions will coordinate with each other to find the best ways to protect information, as well as to encourage partnership with Qatari institutions. (Peninsula Qatar) International US consumer spending picking up, gasoline prices a threat US retail sales increased marginally in April as rising gasoline prices cut into discretionary spending, but consumer spending appeared on track to accelerate after slowing sharply in the first quarter. The economic outlook got a boost from other data showing factory activity regaining momentum in May on strong orders growth. While manufacturers reported paying more for raw materials, they were absorbing much of the higher costs; a sign inflation will probably continue to increase at a moderate pace. The Commerce Department stated retail sales rose 0.3% last month after increasing 0.8% in March. April s increase was in line with economists expectations. Retail sales in April advanced 4.7% from a year ago. (Reuters) Eurozone s first-quarter slowdown confirms March output weaker than expected Eurozone s economic growth slowed in the first three months of the year and industrial output in March was weaker than expected, data from the European Union s statistics office Eurostat showed. Eurostat confirmed its earlier preliminary flash estimate that gross domestic product in the 19 countries that share the Euro rose 0.4% quarter on quarter in the January-March period slowing from 0.7% in the previous quarters. YoY, Eurozone s GDP grew 2.5%, in line with the preliminary estimate and down from 2.8% in the fourth quarter of 2017 and 2.7% in the third quarter. Eurostat also stated that industrial production rose 0.5% MoM in March, falling short of market expectations of 0.7% rise. YoY, production increased 3.0% in March against expectations of a rise of 3.7%. February output numbers were revised down as well to -0.9% MoM from -0.8% and to 2.6% YoY from 2.9%. (Reuters) German growth halves in first quarter on weak trade German growth halved in the first quarter of the year due to weaker exports and less state spending as disputes with the US over trade and Iran s nuclear deal clouded the outlook for Europe s biggest economy. The weaker-than-expected gross domestic product (GDP) data, released by the Federal Statistics Office, showed the German economy grew by 0.3% in the first three months, the slowest rate since the third quarter of The first estimate was below the 0.4% predicted in a Reuters forecast of analysts and followed an expansion rate of 0.6% in the final three months of last year. (Reuters) Japan GDP contracts annualized 0.6% in 1Q2018 Japan s economy shrank at an annualized rate of 0.6% in January- March, contracting for the first time in nine quarters, as private consumption and capital expenditure slowed, government data showed. The preliminary reading for first-quarter gross domestic product compared with a median estimate of 0.2% annualized contraction in a Reuters poll of economists. It followed a downwardly revised 0.6% annualized rate of expansion in the fourth quarter, the Cabinet Office data showed. On QoQ basis, GDP shrank 0.2%, versus the median estimate for a GDP to remain unchanged. (Reuters) India s April trade deficit widens to $13.7bn India s trade deficit slightly widened to $13.72bn in April from $13.25bn a year ago, government data showed. Merchandise exports for April rose 5.2% from a year ago to $25.9bn. Goods imports last month were $39.6bn, a gain of 4.6% from a year ago, data from the commerce and industry ministry showed. The trade deficit for fiscal year ending in March grew to $156.8bn from $105.72bn in the previous year, mainly driven by a rising oil import bill. (Reuters) Regional Islamic finance eyes profits & Fintech, after downturn Islamic banks and insurers are focusing on profitability and new financial products as the industry shifts away from years of containing the adverse impact of low oil prices, an industry body said. The findings from surveys by the Bahrain based General Council for Islamic Banks and Financial Institutions (CIBAFI) showed a strong focus on Fintech and digital transformation with more than 70% of the 103 managers surveyed viewing these as highly or extremely important in strategic decisions. Islamic banks are launching technology departments and forming joint ventures with Fintech firms, with nearly 45% of respondents planning to increase or launch digital branches in coming years. The Islamic financial industry, which has seen little change since 1975, is suddenly undergoing enormous shifts that can be challenging for Islamic finance institutions to mitigate, CIBAFI stated. (Gulf- Times.com) UAE s firm plans Abu Dhabi-listed ETF to play Saudi Arabian equities boom A United Arab Emirates financial firm is planning to create an exchange-traded fund (ETF) focused on Saudi Arabian equities and list it on the Abu Dhabi Securities Exchange, tapping into increasing regional demand for Saudi Arabian shares. Only a few ETFs, which track indexes, are listed in the Gulf, and the planned product is believed to be the first cross-border ETF listed in the region and focused solely on Saudi Arabia, fund managers said. ADS Investment Solutions, a subsidiary of ADS Securities, is aiming to list the ETF as soon as in the next few weeks, depending on regulatory approvals, Senior Executive Officer at ADS Investment, Ryan Lemand said. (Reuters) IMF: The UAE expected to swing to a fiscal surplus in 2018 The UAE is expected to swing to a fiscal surplus in 2018 and next year, as higher-than-expected oil prices offset an uptick in government spending aimed at propelling non-oil gross domestic product growth, the International Monetary Fund s Country Mission Chief said. The government is forecast to post a surplus of about 0.5% of GDP in 2018, from the IMF s previous fiscal deficit estimate of 2.2%, largely because of the increase in oil prices that are projected for this year and also oil prices are expected to be higher than earlier in (GulfBase.com) The UAE and Angola non-oil trade hits $1.6bn The non-oil trade relations between the UAE and Angola rose to $1.6bn by the end of 2017, up by 38% from $1.15bn in The figures indicated the widening ties between the two countries during the period. (GulfBase.com) Page 4 of 6

5 Islamic economy contributes over 8% of Dubai s GDP Islamic economy generates 8.3% of Dubai s gross domestic product (GDP), according to Dubai Statistics Centre, a strategic partner of Dubai Islamic Economy Development Centre (DIEDC). The contribution of the Islamic economy to Dubai s GDP increased from 7.6% in 2014 to 8.3% in 2016, registering a growth rate of 14%. In 2016, Islamic economy sectors contributed AED32.77bn, compared to AED32.21bn in 2015, and AED28.78bn in (GulfBase.com) Etisalat launches country s first commercial 5G network UAE s Emirates Telecommunications Group Company (Etisalat) announced the launch of the first commercial 5G wireless network in the country. In the first phase of the launch, 5G fixed wireless services (fixed and internet services) will be provided in selected locations in UAE, which will gradually expand to other parts of the country depending on consumer demand and requirements. The commercial fixed devices and services will be available for consumers starting from September (GulfBase.com) ADNOC, Cepsa sign deal for new project in the UAE The Abu Dhabi National Oil Company (ADNOC) signed a project development agreement with Spain-based Cepsa for a new, world-scale Linear Alkylbenzene (LAB) facility in ADNOC s refining and petrochemicals complex in Ruwais, UAE. The LAB project is one among a number of initiatives to be executed as ADNOC looks to significantly enhance and expand its refining operations and capabilities to support its downstream plans. (GulfBase.com) Kuwait to postpone VAT implementation to 2021 Kuwait will not implement value-added tax before 2021 but will push ahead with introducing excise tax, parliament s budget committee stated. The committee said implementation of value-added tax in Kuwait will be postponed until 2021 and that the finance ministry saw the need to expedite measures for excise tax on select products such as tobacco, energy drinks and carbonated drinks. (Reuters) Renewables to cut power sector gas demand to 83% in Oman Oman s longstanding dependence on natural gas is projected to decline to 83% by 2024, down from around 100% presently, on the back of a raft of solar photovoltaic, wind and coal-based power schemes due to come on stream over the next seven years. The resultant savings in natural gas are largely in trend with a strategy spearheaded by the Oman Power and Water Procurement Company (OPWP) to achieve a minimum 10% contribution from renewables to the nation s aggregate power demand. (GulfBase.com) ABC s net profit rises to $53mn in 1Q2018 Arab Banking Corporation (ABC) recorded net profit of $53mn in 1Q2018 as compared to $50mn in 1Q2017. Net interest income came in at $138mn as compared to $134mn in 1Q2017. Total operating income came in at $211mn as compared to $229mn in 1Q2017. Total assets stood at $28.86bn at the end of March 31, 2018 as compared to $29.5bn at the end of March 31, Loans and advances stood at $15.35bn, while customers deposits stood at $16.94bn at the end of March 31, EPS came in flat YoY at $0.02 in 1Q2018. (Bahrain Bourse) Page 5 of 6

6 Rebased Performance Daily Index Performance % 0.6% 0.1% 0.5% 1.1% Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 QSE Index S&P Pan Arab S&P GCC 0.0% (0.6%) (0.4%) Saudi Arabia (0.1%) (0.1%) Qatar Kuwait Bahrain (0.1%) Oman Abu Dhabi Dubai Source: Bloomberg Source: Bloomberg Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, (1.7) (2.1) (1.0) MSCI World Index 2, (0.8) (0.6) 0.8 Silver/Ounce (1.5) (2.4) (4.0) DJ Industrial 24, (0.8) (0.5) (0.1) Crude Oil (Brent)/Barrel (FM Future) S&P 500 2, (0.7) (0.6) 1.4 Crude Oil (WTI)/Barrel (FM Future) NASDAQ 100 7, (0.8) (0.7) 6.5 Natural Gas (Henry Hub)/MMBtu (19.2) STOXX (0.9) (0.8) (0.5) LPG Propane (Arab Gulf)/Ton (5.9) DAX 12, (1.0) (1.0) (0.9) LPG Butane (Arab Gulf)/Ton (14.7) FTSE 100 7, (0.3) (0.3) 0.4 Euro 1.18 (0.7) (0.9) (1.4) CAC 40 5, (0.7) (0.6) 3.2 Yen (2.1) Nikkei 22, (1.0) (0.7) 2.3 GBP 1.35 (0.4) (0.3) (0.1) MSCI EM 1, (1.6) (1.2) (0.7) CHF 1.00 (0.1) (0.1) (2.7) SHANGHAI SE Composite 3, (0.4) (0.2) (1.9) AUD 0.75 (0.7) (0.9) (4.3) HANG SENG 31, (1.2) USD Index BSE SENSEX 35, (1.0) (1.2) (2.3) RUB Bovespa 85, (0.7) (1.8) 0.8 BRL 0.27 (0.9) (1.5) (9.4) RTS 1, (2.0) (1.3) 2.1 Source: Bloomberg Source: Bloomberg (*$ adjusted returns) 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 6 of 6