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1 QSE Intra-Day Movement 10,050 10,000 9,950 9,900 9,850 9,800 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QSE Index rose 1.3% to close at 9, Gains were led by the Telecoms and Real Estate indices, gaining 2.4% and 1.6%, respectively. Top gainers were Zad Holding Co. and National Leasing, rising 4.1% and 2.7%, respectively. Among the top losers Doha Insurance Co. fell 4.1%, while Al Khalij Commercial Bank was down 1.9%. GCC Commentary Saudi Arabia: The TASI Index rose 0.2% to close at 6, Gains were led by the Utilities and Media indices, rising 1.8% and 1.5%, respectively. Umm Al-Qura Cement Co. rose 5.0%, while Herfy Food Services Co. was up 4.3%. Dubai: The DFM Index declined 0.4% to close at 3, The Consumer Staples index fell 5.6%, while the Services index declined 1.3%. Dar Al Takaful fell 10.0%, while Marka was down 9.9%. Abu Dhabi: The ADX benchmark index fell 0.1% to close at 4, The Industrial index declined 1.9%, while the Energy index fell 0.9%. Union Cement Co. declined 10.0%, while Gulf Cement Co. was down 6.1%. Kuwait: The KSE Index rose 0.9% to close at 6, The Technology index gained 2.8%, while the Financial Services index rose 1.7%. Amwal International Investment Co. gained 8.1%, while Kuwait Syrian Holding Co. was up 7.7%. Oman: The MSM Index rose 0.1% to close at 5, Gains were led by the Financial and Services indices, rising 0.2% and 0.1%, respectively. United Power rose 9.2%, while Al Sharqia Investment Holding was up 2.7%. Bahrain: The BHB Index fell 0.6% to close at 1, The Commercial Banks index declined 0.7%, while the Hotels & Tourism index fell 0.6%. Arab Banking Corporation declined 3.2%, while BBK was down 2.6%. QSE Top Gainers Close* 1D% Vol. 000 YTD% Zad Holding Co (11.2) National Leasing Medicare Group Ooredoo United Development Co (7.3) Market Indicators 10 May May 17 %Chg. Value Traded (QR mn) (27.8) Exch. Market Cap. (QR mn) 533, , Volume (mn) (6.4) Number of Transactions 3,082 3,088 (0.2) Companies Traded (4.8) Market Breadth 27:9 17:19 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 16, (0.8) 15.0 All Share Index 2, (1.4) 14.7 Banks 2, (0.0) Industrials 3, (6.8) 18.5 Transportation 2, (0.3) (17.5) 12.4 Real Estate 2, (0.4) Insurance 4, (3.6) 18.1 Telecoms 1, Consumer 5, (0.1) (2.1) Al Rayan Islamic Index 3, GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% National Investments Kuwait , Herfy Food Services Co. Saudi Arabia Gulf Cable & Elec. Ind. Kuwait Ajman Bank Dubai (7.4) Saudi Ind. Inv. Group Saudi Arabia GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% Nama Chemicals Co. Saudi Arabia 3.77 (8.0) 3,464.8 (39.2) Gulf Pharma. Ind. Abu Dhabi 2.25 (4.3) Abu Dhabi Nat. Energy Abu Dhabi 0.56 (3.4) Nat. Bank of Ras Al-Khai Abu Dhabi 4.40 (3.3) (11.1) Arab Banking Corp. Bahrain 0.30 (3.2) (18.9) 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% Doha Insurance Co (4.1) 45.8 (12.0) Al Khalij Commercial Bank (1.9) 3.8 (14.1) Qatar Fuel (1.4) (11.3) Islamic Holding Group (0.8) Qatar German Co. for Med. Dev (0.6) 39.6 (10.9) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% Vodafone Qatar ,608.1 (2.9) Ezdan Holding Group , Qatar First Bank 8.34 (0.1) (19.0) Masraf Al Rayan Barwa Real Estate Co (1.8) Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Value Trades Close* 1D% Val. 000 YTD% Vodafone Qatar ,602.1 (2.9) Ezdan Holding Group , Industries Qatar ,782.5 (12.3) QNB Group ,214.2 (5.9) Qatar Insurance Co ,482.2 (3.7) Source: Bloomberg (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 9, (0.7) (4.3) , Dubai 3, (0.4) (0.7) (0.6) (3.8) , Abu Dhabi 4, (0.1) (0.8) , Saudi Arabia 6, (1.2) (3.9) , Kuwait 6, (1.4) (2.7) , Oman 5, (0.8) (1.5) (6.1) , Bahrain 1, (0.6) (1.7) (2.1) , 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 1.3% to close at 9, The Telecoms and Real Estate 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. Zad Holding Co. and National Leasing were the top gainers, rising 4.1% and 2.7%, respectively. Among the top losers Doha Insurance Co. fell 4.1%, while Al Khalij Commercial Bank was down 1.9%. Volume of shares traded on Wednesday fell by 6.4% to 7.3mn from 7.8mn on Tuesday. Further, as compared to the 30-day moving average of 8.8mn, volume for the day was 17.5% lower. Vodafone Qatar and Ezdan Holding Group were the most active stocks, contributing 35.8% and 19.9% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 38.11% 43.34% (9,515,788.28) Qatari Institutions 21.58% 18.77% 5,121, Qatari 59.69% 62.11% (4,394,140.92) GCC Individuals 0.90% 0.96% (110,798.27) GCC Institutions 2.09% 4.78% (4,902,715.22) GCC 2.99% 5.74% (5,013,513.49) Non-Qatari Individuals 6.99% 10.39% (6,187,873.75) Non-Qatari Institutions 30.32% 21.76% 15,595, Non-Qatari 37.31% 32.15% 9,407, 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 1Q2017 YoY (mn) 1Q2017 YoY (mn) 1Q2017 YoY Fitaihi Holding Group Saudi Arabia SR 3.5 N/A 11.9 N/A Saudi Chemical Co. Saudi Arabia SR % % Knowledge Economic City Saudi Arabia SR -7.4 N/A -6.9 N/A Tabuk Agricultural Dev. Co. Saudi Arabia SR -3.4 N/A -3.7 N/A Red Sea International Co. Saudi Arabia SR % % Al-Samaani Factory for Metal Ind. Saudi Arabia SR Nama Chemicals Co. Saudi Arabia SR 2.4 N/A -3.8 N/A Saudi Paper Manufacturing Co. Saudi Arabia SR % -6.3 N/A Wafrah for Industry and Dev. Co. Saudi Arabia SR -4.7 N/A -5.0 N/A Saudi Cement Company Saudi Arabia SR % % Saudi Printing and Packaging Co. Saudi Arabia SR -3.7 N/A N/A Abdullah A. M. Al-Khodari Sons Co. Saudi Arabia SR % N/A National Petrochemical Co. Saudi Arabia SR % % Umm Al-Qura Cement Co. Saudi Arabia SR 22.1 N/A 17.0 N/A Arabian Pipes Co. Saudi Arabia SR 2.6 N/A -2.5 N/A DXB Entertainments Dubai AED N/A Bahrain Car Parks Co. Bahrain BHD 0.3 N/A Al Ahlia Insurance Co. Bahrain BHD % % Securities & Investment Co. Bahrain BHD % 1.3 4,290.0% Bahrain Duty Free Complex Bahrain BHD % % Source: Company data, DFM, ADX, MSM, TASI, BHB. Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 05/10 US Mortgage Bankers Association MBA Mortgage Applications 5-May 2.4% -0.1% 05/10 China National Bureau of Statistics CPI YoY April 1.2% 1.1% 0.9% 05/10 China National Bureau of Statistics PPI YoY April 6.4% 6.7% 7.6% 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 FY results No. of days remaining Status VFQS Vodafone Qatar 17-May-17 6 Due Source: QSE Page 2 of 6

3 News Qatar QSE keen to develop diverse investor base Over the past two days, through a combination of one-to-one and group meetings, Qatar s listed companies met with more than fifty Fund Managers, as part of New York roadshow. The road show was held by Qatar Stock Exchange (QSE), with the support of QNB Group Financial Services (QNBFS) and HSBC. The New York event was aimed at 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, QSE said. QSE placed great emphasis on the importance of market liquidity and its relationship to financial market development given its links to investors, for whom more liquid markets mean lower costs of trading, an ability to move more easily in and out of the market, lower price volatility, and ultimately improved price formation. We are pleased to once again be working with HSBC and QNBFS in showcasing some of our leading companies. We believe developing a diversified investor base, including retail investors, domestic institutions and a range of international institutional investors with different investment horizons and perspectives, is central to the development of our equity markets and hence our ongoing commitment to events such as these, QSE s CEO Rashid bin Ali Al Mansoori said. (Peninsula Qatar) International Bank of Qatar to keep focusing on banking segments with a clear Qatar plan International Bank of Qatar will keep focusing its efforts on corporate, private and retail banking with a very clear Qatar-based strategy, said the bank s Managing Director Omar Bouhadiba. International Bank of Qatar is primarily focusing on corporate and private banking as well as retail. These are strong franchises, and we are blessed with very long-lasting client relationships, Bouhadiba said. Some clients, he said, have been banking with International Bank of Qatar for more than four decades. We have situations where two or even three generations of the same family hold accounts with us. This is a strong sign of trust and a source of pride for us. We have a well-defined strategy to grow all of these three segments in a sustainable way, and believe we can offer great service with enough flexibility to our customers operating in all of those segments, Bouhadiba said. (Gulf- Times.com) Investment Holding Group to be converted to Qatari shareholding company Investment Holding Group s constituent General Assembly Meeting held on May 8 officially approved to convert it from a limited liability company to a Qatari shareholding company. Representatives from the Ministry of Economy and Commerce and the External Auditors were in attendance at the General Assembly Meeting. Listing of the Company s shares on the Qatar Stock Exchange is expected to take place within two weeks. Articles of association and the memorandum of association of the Company, auditor appointment and valuations were also discussed during the General Assembly Meeting. (Gulf-Times.com) Mannai Corporation to acquire additional stake in GFI Informatique According to sources, Mannai Corporation agreed to buy additional stake in GFI Informatique from Apax France, Altamir, Boussard & Gavaudan Company. Mannai agreed to buy about 29% of GFI Informatique in 2017 and additional stake of about 15% in Mannai, which currently holds about 51% of GFI Informatique, will buy about 12% stake from Apax France together with Altamir in June. Further, Mannai will buy 15% stake from Apax, Altamir and Boussard & Gavaudan in 2018 in second block trade, after which it will hold 95% stake in GFI Informatique. (Bloomberg) Qatar saw 618 building permits issued in April Qatar saw a total of 618 building permits issued in April 2017 with Al Rayyan, Doha and Al Wakrah together constituting about 65% of them, according to official figures. However, building permits issued witnessed a 7% fall on a monthly basis with Al Shamal, Al Rayyan and Doha registering faster declines, the Ministry of Development Planning and Statistics (MDPS) data revealed. The MDPS data suggest villa construction has seen increased interests in Al Daayen, Al Rayyan and Umm Salal; whereas apartments were increasingly sought in Doha. Of the 618 new building permits issued in April, residential and non-residential accounted for 58% (359 permits), additions were 39% (238 permits) and fencing were 3% (21 permits). (Gulf-Times.com) German trade mission and Qatar Chamber sign MoU A 20- member German trade delegation, led by Felix Neugart, Head of German Industry and Commerce Offices for UAE, Oman, Qatar, Kuwait and Iraq (AHK), visited Qatar Chamber (QC) and held discussions with the Chamber Vice Chairman Mohammed bin Ahmed bin Towar Al Kuwari and the representatives of Qatari private companies. On the sidelines of the meeting, Qatar Chamber and AHK also signed a Memorandum of Understanding (MoU). In 2017, Germany and Qatar are holding a 'bilateral cultural year', officially titled "German Season in Qatar" with the aim to strengthen civil society ties between Germany and Qatar and provide the opportunity for discussions on socially relevant issues through cultural exchange and dialogue. Mohammed bin Ahmed bin Towar said the Chamber appreciates the economic experiments of Germany and is keen to take advantage of the German expertise in various fields. (Peninsula Qatar) Vodafone Qatar to make substantial increase in capex Vodafone Qatar plans to make substantial increase in capital expenditure (capex) in Qatar, particularly on its network infrastructure, its Chief Operating Officer Mohammed al Sadah said. "In the past two years, we have invested more than QR1bn in our network infrastructure and will continue to invest in Qatar's ICT sector," Sadah said. "I don't have the numbers, but we will be investing more (in Qatar). As we go further, our investments will be primarily in fiber and landline and our capex will absolutely be much more," he said. (Qatar Tribune) Draft law to specify rules for economic zones The Cabinet has directed that necessary measures be taken to issue a draft law that specifies regulations for economic zones in the country. The decision was taken at ordinary Cabinet meeting after the Council of Ministers reviewed the recommendations of the Advisory Council on the draft legislation, the official Qatar News Agency (QNA) reported. Under the provisions of the draft law, the Council of Ministers, upon a proposal of the board of directors of Economic Zones Company (Manateq) - is authorized Page 3 of 6

4 to establish one or more economic zones with a view to setting up projects and encouraging and attracting investment. All types of companies, partnership contracts or any other legal entities, whether owned by one or more natural or legal persons, may be founded or established in the zone by citizens or others, QNA said. Such a project will be exempted from obtaining any other license, approval, permission or registration in the country to engage in this activity. Besides, the project will also be free to transfer any of its capital, income, profits or investments outside the State without restrictions. (Gulf-Times.com) Qatar raises crude prices in April Qatar raised the April official selling price (OSP) for Marine crude oil to $51.45 a barrel, up 90 cents from the previous month, according to a Qatar Petroleum document. The April OSP for Qatar Land crude rose 85 cents to $52.55 a barrel, the document showed. (Zawya) Qatar endorses GCC's value added tax framework Qatar has become the second Gulf Cooperation Council (GCC) member state to formally endorse the GCC Value Added Tax (VAT) Framework, effectively bringing the six-member bloc a step closer to implementing the new tax tariff next year. It comes less than two weeks after Saudi Arabia officially ratified the VAT Framework and formally declared its intention to introduce VAT on specified goods and services with effect from January 1, The Sultanate of Oman, for its part, is already making significant headway in the preparing the groundwork for the implementation of VAT as part of a raft of measures adopted by the government to help shore up revenues to offset a sharp decline in earnings from cheaper oil exports. (Zawya) International US government posts $182bn surplus in April The US government had $182bn budget surplus in April, confounding market expectations for a deficit, according to Treasury Department data. The budget surplus was $106bn in April 2016, according to Treasury's monthly budget statement. The fiscal 2017 year-to-date deficit was $344bn compared with $353bn in the same period of fiscal When accounting for calendar adjustments, the surplus in April was $145bn compared with an adjusted surplus of $146bn the prior year. The adjusted deficit for the fiscal year to date was $373bn compared with $314bn the prior fiscal year period. Receipts last month totaled $456bn, up 4% from April 2016, while outlays stood at $273bn, a decrease of 18% from the same month a year earlier. (Reuters) Eurozone unemployment higher than official data, capping wages Eurozone unemployment is higher than official data suggest, continuing to keep wage growth muted, a European Central Bank (ECB) study showed, raising fresh doubts about whether the bank can start rolling back its stimulus measures soon. Wage growth has been unexpectedly weak for a bloc that is enjoying its best economic run in a decade and the ECB has argued that better wage dynamics are needed for the inflation rebound to become sustainable, a key condition for cutting back stimulus. Explaining the apparent disconnect between the rapid unemployment drop and weak growth in pay, the ECB said headline jobless figures exclude people who fail to meet strict statistical criteria and also exclude part time workers seeking more hours, even though both groups add to labor market slack. Once adjusted for these categories, the labor market slack is around 15%, well above the official 9.5% unemployment rate and only Germany appears to be displaying signs of labor market tightness. (Reuters) Japan March current account surplus beats forecasts, Trump trade policies in focus Japan's current account balance posted a stronger-than-expected surplus in March on solid income from overseas investments, maintaining a run of uninterrupted monthly surplus that has continued for almost three years. The surplus of 2.91tn yen marked the 33rd straight month in the black, finance ministry data showed, and beat the median forecast for a surplus of 2.643tn yen in a Reuters poll of economists. Export-reliant Japan's persistent current account surpluses could elevate the thorny issue of trade imbalances with US President Donald Trump's administration, which has pledged to rework the United States' current agreements with its major trading partners. (Reuters) Brazil s inflation hits the lowest level in nearly 10 years in April Brazil's annual inflation rate fell in April to its lowest level in nearly 10 years, bolstering the view of a steep interest rate cut by the central bank at the end of this month. Consumer prices rose 4.08% in the 12 months through April, slightly below market forecasts for a 4.10% increase and compared with an increase of 4.57% in the year to March, the national statistics bureau IBGE said. It marked the lowest annual inflation rate in Brazil since July It was also below the government target of 4.5%. In the month of April, consumer prices edged up 0.14% compared with a 0.25% rise in March, IBGE said. Annual inflation has tumbled rapidly from a 12-year peak of 10.7% in January 2016 as the worst recession on record in Brazil caused massive unemployment and reduced consumer demand. As inflationary pressures have eased, the central bank has steadily reduced its benchmark interest rate from 14.25% last October. (Reuters) Regional Swicorp raises SR152mn for Ewan Al-Maali Realty Estate Development Fund Swicorp successfully raised SR152mn, including SR76mn in equity and SR76mn in a loan facility from a local bank, for Ewan Al-Maali Real Estate Development Fund. The private Fund was established by Swicorp in partnership with Retal Urban Development Company (Retal), a fastgrowing urban developer in Saudi Arabia. (GulfBase.com) UAE s PMI eases in April Recent economic data point to relatively robust economic sentiment in the UAE, although the underlying figures also suggest that performance may have peaked. Emirates NBD has published data for April showing that the purchasing managers' index (PMI), which measures activity in the non-oil economy, was stable MoM, easing only slightly to 56.1 from its 19-month high of 56.2 in March. Businesses remain cautious over increasing employment and continue to keep output prices in check despite stronger underlying demand and growing order books. Moreover, real GDP growth in the UAE will be constrained in 2017 by Abu Dhabi's belated implementation of OPEC production cuts. Dubai's economy saw especially robust growth. Emirates NBD's Dubai Economy Tracker Index (DETI) rose strongly MoM in April, to 57.7 from 56.6 in March, which was the fastest pace of growth since early 2015, in the early stages of the global oil price slump. The DETI indicators point to a particularly sharp Page 4 of 6

5 pick-up in new orders and in output, with construction seeing rapid growth; the sector was particularly badly affected by the drying up of regional liquidity in , which has slowly begun to reverse. Air freight volumes through Dubai were up by 6.4% YoY in 1Q2017. However, both the overall DETI survey indicators and the data for the construction component suggest that firms remain reluctant to raise output prices even though inflation is generally picking up. (Bloomberg) Mashreqbank expects profit growth of around 5% in 2017 Mashreqbank expects net profit growth of around 5% in 2017, towards the top end of growth for the UAE banking sector, driven by expansion in the corporate sector. Growth in the retail sector would be more sluggish as the impact of the new credit bureau made banks more cautious about lending. Mashreqbank s CEO, Abdul Aziz al-ghurair said, "UAE growth will come from the corporate. The good news is that for the large corporate there's no stress so they're still performing and the SME issue has stabilized and the credit card business is stable." He also added that the growth for the overall banking sector would be around 3 to 5%. A Reuters poll of economists expects average economic growth to reach 2.6% in 2017, before climbing to 3.3% in Mashreqbank reported a 2.7% rise in 1Q2017 net profit to AED546mn as impairment charges dropped by 15%. (Reuters) Bank Muscat evokes strong response to unique SME initiatives Bank Muscat evoked strong response to its unique Small and medium-sized enterprises (SME) initiatives which address the requirements of entrepreneurs in Oman. The main objective of the bank s SME strategy is to play an important role in filling the gaps and empowering entrepreneurs to chart successful business ventures by providing necessary training, guidelines and tools. (GulfBase.com) BARKA s net profit narrows to $34.0mn in 1Q2017 Al Baraka Banking Group (BARKA) recorded net profit of $34.0mn in 1Q2017 as compared to $37.80mn in 1Q2016. Total operating income came in at $248.87mn in 1Q2017 as compared to $275.64mn in 1Q2016. Total assets stood at $23.36bn at the end of March 31, 2017 as compared to $23.43bn at the end of December 31, Customer current and other accounts stood at $4.84bn at the end of March 31, EPS decreased to $ in 1Q2017 from $ in 1Q2016. (Bahrain Bourse) Bahrain s foreign-currency reserves fell 11% in February Bahrain s foreign-currency reserves declined 11% in February, extending a decline that has fuelled speculation that Bahrain would either tap international bond markets soon or seek financial support from other Gulf countries. According to the central bank, net foreign assets dropped to BHD645.2mn, from BHD725.9mn in January. Overall, net foreign assets are down 71% from a peak of BHD2.24bn in November Bahrain has been more vulnerable to slumping oil prices than GCC states. The International Monetary Fund (IMF) warned that Bahrain needs to make significant spending cuts to restore stability to its budget and improve investor confidence. Bahraini assets, however, have weathered the pressure of the country s financial troubles, largely because investors expect Saudi Arabia to extend aid if needed. According to Bloomberg, cost of insuring Bahrain s debt, measured by credit default swaps, dropped for seven straight months through April, the longest streak since IMF officials have also noted Bahrain s ability to raise money from bond markets as a measure to support foreign reserves and maintain the peg. (Gulf- Times.com) Page 5 of 6

6 Saudi Arabia Qatar Kuwait Bahrain Oman Abu Dhabi Dubai Rebased Performance Daily Index Performance % 1.0% 0.0% (1.0%) 0.2% 1.3% 0.9% (0.6%) 0.1% (0.1%) (0.4%) 70.0 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 QSE Index S&P Pan Arab S&P GCC Source: Bloomberg Source: Bloomberg Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, (0.2) (0.2) 5.8 MSCI World Index 1, (0.0) 8.3 Silver/Ounce (0.9) 1.7 DJ Industrial 20, (0.2) (0.3) 6.0 Crude Oil (Brent)/Barrel (FM Future) (11.6) S&P 500 2, Crude Oil (WTI)/Barrel (FM Future) (11.9) NASDAQ 100 6, Natural Gas (Henry Hub)/MMBtu (15.5) STOXX (0.1) (0.6) 13.0 LPG Propane (Arab Gulf)/Ton (10.6) DAX 12, (0.2) (0.8) 14.5 LPG Butane (Arab Gulf)/Ton (28.9) FTSE 100 7, Euro 1.09 (0.1) (1.2) 3.3 CAC 40 5, (0.2) (1.7) 14.4 Yen (2.3) Nikkei 19, GBP (0.3) 4.8 MSCI EM CHF 0.99 (0.2) (2.1) 1.0 SHANGHAI SE Composite 3, (0.9) (1.7) (1.1) AUD (0.8) 2.2 HANG SENG 25, USD Index (2.5) BSE SENSEX 30, RUB (1.6) (0.8) (6.6) Bovespa 67, BRL RTS 1, (3.5) Source: Bloomberg Source: Bloomberg (*$ 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