10,320 10,300 10,280 10,260 10,240 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 10,320 10,300 10,280 10,260 10,240 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QSE Index rose 0.1% to close at 10, Gains were led by the Insurance and Real Estate indices, gaining 2.3% and 1.3%, respectively. Top gainers were Qatar General Insurance & Reinsurance Company and Ezdan Holding Group, rising 10.0% and 2.2%, respectively. Among the top losers, Qatar Islamic Insurance Company fell 2.9%, while Islamic Holding Group was down 2.8%. GCC Commentary Saudi Arabia: The TASI Index fell 0.4% to close at 7, Losses were led by the Diversified Financials and Cap. Goods indices, falling 1.3% and 0.7% respectively. Saudi Fisheries Co. declined 8.8%, while Al-Baha Inv. and Dev. Co. was down 4.7%. Dubai: The DFM General Index gained 2.4% to close at 2, The Transportation index rose 5.0%, while the Services index gained 3.0%. Almadina for Finance and Investment Co. rose 10.2%, while Aramex was up 7.3%. Abu Dhabi: The ADX General Index rose 1.9% to close at 4, The Investment & Fin. Services index gained 13.9%, while the Consumer Staples index rose 10.2%. Waha Cap. Co. gained 14.9%, while Nat. Bank of Umm Al Qaiwain was up 14.7%. Kuwait: The Kuwait Main Market Index rose 0.3% to close at 4, The Consumer Services index gained 1.9%, while Industrials index rose 1.2%. IFA Hotels & Resorts Co. gained 18.7%, while Noor Financial Inv. Company was up 13.6%. Oman: The MSM 30 Index rose 0.2% to close at 4, Gains were led by the Industrial index rising 0.8% while the Financial index rose 0.5%. Al Madina Investment rose 5.7%, while Oman Fisheries was up 5.1%. Bahrain: The BHB Index gained 0.4% to close at 1, The Commercial Bank index and the Insurance index gained 0.8% each. Khaleeji Commercial Bank rose 6.3%, while Bahrain National Holding Company was up 2.9%. QSE Top Gainers Close* 1D% Vol. 000 YTD% Qatar General Ins. & Reins. Co Ezdan Holding Group Al Khalij Commercial Bank (18.7) Widam Food Company Qatar Industrial Manufacturing Co (2.3) Market Indicators 31 Dec Dec 18 %Chg. Value Traded (QR mn) Exch. Market Cap. (QR mn) 588, , Volume (mn) (4.4) Number of Transactions 4,951 5,004 (1.1) Companies Traded (2.3) Market Breadth 19:18 22:21 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 18, All Share Index 3, Banks 3, Industrials 3, (0.1) (0.2) Transportation 2, (1.2) (0.7) Real Estate 2, Insurance 3, (13.5) 17.9 Telecoms (0.6) (1.2) (10.1) 40.1 Consumer 6, Al Rayan Islamic Index 3, (0.0) GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% Yanbu Cement Co. Saudi Arabia Bank Sohar Oman Southern Prov. Cement Saudi Arabia National Industrial. Co Saudi Arabia Alinma Bank Saudi Arabia , GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% Saudi Ind. Inv. Group Saudi Arabia (3.5) (3.5) Saudi Cement Co. Saudi Arabia (2.3) (2.3) National Petrochem. Co. Saudi Arabia (1.6) (1.6) Advanced Petrochem. Co. Saudi Arabia (1.4) 33.6 (1.4) Mobile Telecom. Co. Saudi Arabia 8.16 (1.3) 3,360.1 (1.3) 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% Qatar Islamic Insurance Company (2.9) 0.3 (2.3) Islamic Holding Group (2.8) 3.6 (41.7) Qatari German Co for Med. Dev (2.4) (12.4) Gulf International Services (2.3) (4.0) Qatar Gas Transport Company (2.0) (11.4) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% Qatar Aluminium Manufacturing (1.0) 2, Vodafone Qatar 7.81 (1.0) (2.6) United Development Company (0.3) Gulf International Services (2.3) (4.0) Qatar Gas Transport Company Ltd (2.0) Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Value Trades Close* 1D% Val. 000 YTD% Qatar Aluminium Manufacturing (1.0) 28, QNB Group , Qatar Electricity & Water Co , Industries Qatar , Barwa Real Estate Company , Source: Bloomberg (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* # 10, (0.6) , Dubai # 2, (5.2) (24.9) , Abu Dhabi # 4, , Saudi Arabia 7, (0.4) 0.6 (0.4) (0.4) , Kuwait # 4, (1.9) , Oman 4, (0.3) , Bahrain # 1, , Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any, # Data as on December 31, 2018) Page 1 of 6

2 Qatar Market Commentary The QSE Index rose 0.1% to close at 10, The Insurance and Real Estate indices led the gains. The index rose on the back of buying support from GCC and non-qatari shareholders despite selling pressure from Qatari shareholders. Qatar General Insurance & Reinsurance Company and Ezdan Holding Group were the top gainers, rising 10.0% and 2.2%, respectively. Among the top losers, Qatar Islamic Insurance Company fell 2.9%, while Islamic Holding Group was down 2.8%. Volume of shares traded on Tuesday fell by 4.4% to 7.1mn from 7.4mn on Monday. Further, as compared to the 30-day moving average of 7.3mn, volume for the day was 3.1% lower. Qatar Aluminium Manufacturing Company and Vodafone Qatar were the most active stocks, contributing 29.8% and 12.1% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 35.79% 36.51% (1,271,592.47) Qatari Institutions 16.12% 32.13% (28,135,125.83) Qatari 51.91% 68.64% (29,406,718.30) GCC Individuals 0.75% 1.08% (568,635.95) GCC Institutions 4.95% 0.38% 8,037, GCC 5.70% 1.46% 7,469, Non-Qatari Individuals 10.95% 9.36% 2,789, Non-Qatari Institutions 31.44% 20.54% 19,148, Non-Qatari 42.39% 29.90% 21,937, Source: Qatar Stock Exchange (* as a % of traded value) Global Economic Data and Earnings Calendar Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 12/31 China China Federation of Logistics Non-manufacturing PMI December /31 China China Federation of Logistics Manufacturing PMI December /31 China China Federation of Logistics and Purchasing Composite PMI December 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 4Q2018 results No. of days remaining Status QNBK QNB Group 15-Jan Due QIBK Qatar Islamic Bank 16-Jan Due DHBK Doha Bank 16-Jan Due ABQK Ahli Bank 16-Jan Due MARK Masraf Al Rayan 21-Jan Due QNCD Qatar National Cement Company 23-Jan Due CBQK The Commercial Bank 4-Feb Due Source: QSE News Qatar QP completes the first distribution of free incentive shares to the shareholders of MPHC Mesaieed Petrochemical Holding Company (MPHC) announced that Qatar Petroleum (QP) has completed the distribution of the first tranche of free incentive shares to the eligible shareholders of MPHC who have fulfilled the conditions for eligibility as at closing of trade on December 31, 2018 in the Qatar Stock Exchange. The free incentive shares distributed are equivalent to 50% of the shares allotted to shareholders at the time of the Initial Public Offering (IPO) of MPHC in accordance with the mechanisms set forth in the IPO prospectus of the company. This distribution is in line with what was announced by QP when the shares of MPHC were issued for subscription in December 2013, that it will distribute two equal sets of free incentive shares to eligible shareholders in the first award date on December 31, 2018 and the second award date on December 31, The free incentive shares are ordinary shares that have equal rights with capital shares. This distribution will not add to or change the share capital of the company as the distribution was allocated from QP s shareholding in MPHC, which has decreased as a result by 8.7%, from 74.2% to 65.5%. Further, Qatar Central Securities Depository announced that the MPHC free incentive shares have been added to the shareholders and the shares will be available for trading as of January 2, 2019 (QSE) QP acquires UDCD s 20% interest in SEEF Qatar Petroleum (QP) announced the acquisition of United Development Company s (UDCD) 20% interest in SEEF Limited (SEEF), a petrochemical company engaged in the manufacturing of linear alkyl benzene (LAB). Following this acquisition, SEEF will be fully owned by QP. This transaction highlights QP's pursuit of its strategy of consolidating its operations, as well as UDCD's strategy of exiting non-core business. (Gulf-Times.com) QIBK s board meets to discuss the financial statements ended December 31, 2018 on January 16, 2019 Qatar Islamic Bank (QIBK) announced that its board of directors will meet on January 16, 2019 to discuss the bank s 2018 financial results and the profit distribution. (QSE) Page 2 of 6

3 CBQK s board meets to discuss the financial statements ended December 31, 2018 on February 04, 2019 The Commercial Bank (CBQK) announced that its board of directors will meet on February 04, 2019 to discuss the bank s 2018 financial results and the profit distribution. (QSE) DHBK s board meets to discuss the financial statements ended December 31, 2018 on January 16, 2019 Doha Bank (DHBK) announced that its board of directors will meet on January 16, 2019 to discuss the bank s 2018 financial results and the profit distribution. (QSE) WOQOD opens new petrol station in Al Aziziyah Qatar Fuel Company (WOQOD) opened a new petrol station in Al Aziziyah, and by this raised its network of various petrol stations to 82. The new petrol station is part of WOQOD s ongoing expansion plans to be able to serve every area in Qatar. (Peninsula Qatar) Qatar s PPI jumps 18.9% YoY in November Robust hydrocarbons and manufacturing sector helped Qatar s industrial producers earnings register double-digit growth YoY in November 2018, according to official estimates. Qatar s producer price index (PPI) a measure of the average selling prices received by the domestic producers for their output rose 18.9% on a yearly basis, but reported a sharp 5.7% MoM decline during the review period, the figures released by the Ministry of Development Planning and Statistics (MDPS) showed. MDPS had released a new PPI series in late With a base of 2013, it draws on an updated sampling frame and new weights. The previous sampling frame dates from 2006, when the Qatari economy was much smaller than today and the range of products made domestically much narrower. The PPI for mining, which carries the maximum weight of 72.7%, saw a 25.5% increase YoY in November 2018, on the back of 25.7% increase in the price of crude petroleum and natural gas and 3.4% in stone, sand and clay. The mining PPI however tanked 6.2% on a monthly basis, as crude petroleum and natural gas prices shrank 6%, even as that of stone, sand and clay was up 0.1%. (Gulf-Times.com) Vodafone Qatar one of the first to go live with 5G commercially Vodafone Qatar has received spectrum license to operate 5G commercially from the Communications Regulatory Authority (CRA). The new license replaces the trial license that allowed the company to conduct 5G trials to date. Vodafone Qatar stated it has achieved strong progress in building out its 5G network, after switching it on in August this year. The company has rolled out its 5G network in key locations across the country including Al Waab, Abu Hamour, Al Aziziya, Al Mamoura, Al Rayyan, Katara Cultural Village, Salwa Road, Souq Waqif and Um Salal Muhummed. (Gulf- Times.com) Bank brokerages top in 2018 QSE trading turnover Commercial banks brokerage businesses displayed a robust performance compared with that of the conventional entities during 2018, indicating the increased contribution to the noninterest earnings of the lenders, according to Qatar Stock Exchange (QSE) data. The commercial banks broking outfits collectively constituted about 54% of the total share trade turnover on the QSE in QNB Financial Services (QNBFS), a QNB Group subsidiary, continued to maintain its lead among the nine brokerages in the QSE, accounting for 29.38% of the total share trade turnover during January-December last year. On yearly basis, five of the nine brokerage entities reported gains in their trade turnover during Dlala Islamic was merged with Dlala Brokerage last year. (Gulf-Times.com) Qatar Executive expands fleet with brand-new Gulfstream G500 jets Qatar Executive, the private jet charter division of the Qatar Airways Group, has received two of its brand-new Gulfstream G500 executive jets, which will provide passengers with a unique and refined flying experience. Entering service for the first time in early 2019, the G500 is the most technologically advanced aircraft in Qatar Executive s fleet. The state-of-the-art jet sets a new industry benchmark by offering one of the quietest cabins, as well as having the best cabin altitude pressure, allowing for unparalleled passenger comfort. (Gulf-Times.com) Qatar s online transactions reach 270mn in 2018 Online transactions in Qatar have risen sharply in the past few years. Total online transactions in the country have grown to 270mn in 2018 from 227mn transactions in 2017, showing a rise of around 20%. Qatar has come a long way in its journey to digital transformation as five years back in 2014, there were just 6.64mn online transactions. Since then, such transactions have witnessed tremendous growth. In 2014, total online transactions rose to 65mn in 2015 and to 109mn in These numbers included transaction through mobile, Internet and self-service kiosks. (Peninsula Qatar) QP announces prices of petrol and diesel for the month of January 2019 Qatar Petroleum (QP) announced the prices of petrol and diesel for the month of January Fuel prices fell by 16% for petrol and 12.5% for diesel, according to a report posted on the website of QP. QP set the diesel price at QR1.75 per liter for January, compared to QR2 per liter in December 2018, comprising a decline by 12.5%. QP set the price of Super Petrol (95) at QR1.55 per liter for January, which is 16.2% lower than December 2018 price of QR1.85 per liter. QP set the Premium Petrol (91) price at QR1.50 per liter for January, compared to QR1.80 per liter in December, a decline by about 16.6%. (Peninsula Qatar) QIC Insured opens two new kiosks at leading malls As part of its expansion strategy, QIC Insured, the retail division of Qatar Insurance and the leading insurer in the MENA region, has recently opened two new kiosks at City Center Mall and Mall of Qatar. The new kiosks are located near the East Gate at the Mall of Qatar and in the basement of City Center Mall. (Peninsula Qatar) Advisory Council discusses draft law to determine customs tariff on iron The Advisory Council held its regular weekly meeting under the chairmanship of HE the Speaker Ahmed bin Abdullah bin Zaid Al-Mahmoud. The Council discussed a draft law to determine customs tariff on certain types of iron that are similar to those produced by Qatar Steel Company (Qatar Steel). The Council s members stressed the importance of the draft law in protecting and supporting the national industry which contributes significantly and effectively to the development process in the country. They also stressed that the draft law gives great impetus to the local iron and steel industry, which has proved its quality. The Council then decided to refer the draft law to the Financial and Economic Affairs Committee for Page 3 of 6

4 further study and a report. The Council also reviewed a report of its delegation participating in the Second World Parliamentary Forum on Sustainable Development held in Bali, Indonesia, during which the second Bali Declaration was issued on sustainable development. It included a commitment to raise the level of efforts among parliaments in all participating countries on the importance of achieving sustainable development goals and setting up the necessary legislation. (Gulf-Times.com) International China s December factory activity shrinks for first time in 19 months China s factory activity contracted for the first time in 19 months in December as domestic and export orders continued to weaken, a private survey showed, pointing to a rocky start for the world s second-largest economy in The gloomy readings largely dovetailed with an official survey on Monday, which showed growing strains on China s manufacturing sector, a key source of jobs. The findings reinforce views the economy is losing more steam. The Caixin/Markit Manufacturing Purchasing Managers Index (PMI) for December fell to 49.7 from 50.2 in November, marking the first contraction since May Economists polled by Reuters had forecasted only a marginal dip from November to 50.1, just above the neutral 50-mark dividing expansion from contraction on a monthly basis. (Reuters) Greek October retail sales drop 4% due to automotive fuel Greek retail sales by volume dropped 4% in October compared to the same month last year after a downwardly revised 2.9% increase in September, statistics service ELSTAT stated. Retail sales were led lower by automotive fuel, pharmaceuticals and cosmetics. Greece's economy expanded for a ninth straight quarter in July-September and at a faster pace than the previous quarter, mainly driven by stronger consumer spending. GDP grew by 1.0% in the third quarter compared to an upwardly revised 0.4% in April-June, according to the seasonally adjusted data from statistics agency ELSTAT. (Reuters) South Korea s trade slips in another bearish sign for world economy South Korea s exports fell in December in the latest sign that the slowdown in China and the global trade war is weighing on global commerce. Shipments decreased 1.2% in the month from a year earlier, lower than the 2.5% increase forecast by economists. Exports to China dipped 13.9% compared to a 14.8% rise a year-earlier. The downbeat data follows reports from the world s biggest economies that show factories ended 2018 on a sluggish note. Five US Federal Reserve indexes of regional manufacturing all slumped in December, the first time they have fallen in unison since May 2016, and China s manufacturing purchasing managers index dropped to the weakest since early 2016 and below the 50 level that denotes contraction. (Bloomberg) Regional Blockchain is making its way into Islamic finance Blockchain technology, an unalterable digital information recording system, is increasingly being discovered as a useful tool by Islamic finance institutions and banks for complex financing contracts and Shari ah-compliant transactions, as well as to drive innovation in the industry and improve transparency and traceability of financial transactions. The first Islamic bank starting to facilitate blockchain was Emirates Islamic, part of the UAE s Emirates NBD banking group, which as early as 2017 began integrating the technology into cheque-based payment processes to strengthen their authenticity and minimize potential fraud. UAE-based Al Hilal Bank in November last year became the world s first Islamic bank to execute a Sukuk transaction via blockchain on the Abu Dhabi Global Market financial center. The system, based on the Ethereum blockchain, was developed by Dubai-incubated fintech Jibrel Network. (Gulf-Times.com) Saudi Arabia s GDP growth speeds up in Q3, non-oil sector still slow Saudi Arabia s economy grew in the third quarter at its fastest rate since early 2016, boosted by expansion of the oil sector while non-oil growth stayed sluggish, statistics agency data showed. GDP grew 2.5% from a year earlier. That was an acceleration from the second quarter, when GDP rose 1.6%, and the fastest since the first quarter of 2016, when the same rate was registered. (Reuters) Saudi Arabia s October trade surplus at SR70.31bn The General Authority for Statistics in Riyadh published data on foreign merchandise trade for October which showed that October s trade surplus was at SR70.31bn as compared to September s trade surplus which was recorded at SR57.24bn. The October oil exports came in at SR94.3bn as compared to SR79.5bn in the previous month, representing a rise of 60% YoY. The October non-oil exports came in at SR19.7bn as compared to SR19.2bn in the previous month, representing a rise of 9.8% YoY. The October imports came in at SR43.7bn as compared to SR41.4bn in the previous month; representing a fall of 2.2% YoY. (Bloomberg) Saudi Arabia s October non-oil trade deficit narrows by 10.3% YoY The General Authority for Statistics in Riyadh published data on merchandise non-oil foreign trade for October which showed that the October deficit stood at SR24bn as compared to a deficit of SR26.7bn in same month a year ago, representing a fall of 10.3% YoY. The October non-oil exports came in at SR19.7bn as compared to SR17.9bn in the same month a year ago, representing a rise of 9.8% YoY. The industrial chemicals share in total exports increased to 32.1% as compared to 24% earlier. The plastic products trade exports increased to 34.9% as compared to 36.7% earlier. The October imports came in at SR43.7bn as compared to SR44.7bn in the same month a year ago, representing a fall of 2.2% YoY. (Bloomberg) Saudi Aramco buys remaining 50% of rubber joint venture from Lanxess Saudi Aramco has completed its acquisition of a 50% stake in Arlanxeo, its Netherlands-based joint venture with chemicals firm Lanxess, to become the full owner of the company, it stated. Lanxess share in the synthetic rubber and elastomer products venture was valued at $1.72bn, Saudi Aramco stated. Arlanxeo will maintain its current base in Maastricht. (Reuters) Saudi Aramco sets January propane price at $430 a ton, Butane at $420 a ton State-run Saudi Aramco has set its January contract price for propane at $430 a ton, the company stated. The price provides a benchmark against which Middle East sales of liquefied petroleum gas (LPG) to Asia are priced. Saudi Aramco has set the butane price at $420 a ton. (Reuters) Al-Khodari Sons Co. signs an agreement for SR135mn debt rescheduling Abdullah A.M. Al-Khodari Sons Co. has signed Page 4 of 6

5 an agreement to reschedule SR135mn loan, according to a statement to the Saudi stock exchange. The debt has been rescheduled due to cash flow conditions, the company stated. The funding period after rescheduling will be 60 days. (Bloomberg) Saudi Almarai Co. sells shares in United Farmers Holding to SALIC Saudi Almarai Co. has sold all its shares in United Farmers Holding to Saudi Agricultural and Livestock Investment Co. (SALIC), it stated. The value of the transaction was $28mn. (Bloomberg) Saudi Arabia settles SR65bn in contractor payments Saudi Arabia has settled SR65bn in delayed payments to contractors, Al-Riyadh reported, citing the Chairman of the Saudi Contractors Authority Osama Al-Afalq. (Bloomberg) Dubai 2019 budget halts spending growth as revenue rise slows Dubai expects to almost halt the growth of state spending this year as revenues expand slower because of the Emirate s efforts to stimulate business investment, according to the 2019 state budget. State spending will total AED56.8bn, the plan showed. That would be only a marginal increase from last year s original budget plan of AED56.6bn, which was a 19.5% rise from Last year, budgeted infrastructure spending shot up by close to 50%, to AED11.9bn, as Dubai made preparations to host the Expo These preparations will continue but some Expo projects have now been completed, and the 2019 budget projects a fall in infrastructure spending to AED9.2bn. (Reuters) Dubai's Nakheel obtains AED3.1bn from two-part loan Dubaiowned Nakheel raised AED3.1bn from a two-part loan, according to data compiled by Bloomberg. It has raised AED1.7bn term loan maturing in December It has also raised AED1.4bn Islamic facility maturing in December The banks involved in the transaction are Abu Dhabi Commercial Bank (ADCB), Ajman Bank, Bank of Baroda (BoB), Commercial Bank of Dubai, Emirates NBD, Noor Bank and Union National Bank (UNB). (Bloomberg) Oman slows spending growth in 2019 budget, may not cut deficit Oman s government released a 2019 state budget that slows spending growth but may not cut a big deficit that has caused international rating agencies to downgrade its debt to junk status. Spending this year is projected at OMR12.9bn, up from OMR12.5bn in the original budget for That implies spending growth of about 3%, compared to nearly 7% in the 2018 budget. Revenues are estimated at OMR10.1bn, assuming an average oil price of $58 per barrel this year; that would leave a 2019 budget deficit of OMR2.8bn, or 9% of GDP. (Reuters) Oman crude official selling price set at $57.33 per barrel for February Official selling price of Oman crude is set at $57.33 per barrel for February, according to average of daily futures market price on Dubai Mercantile Exchange. (Bloomberg) Bahrain cuts hotel services fees by half to boost tourism Bahrain s cabinet approved decision to reduce hotel services fees from 10% to 5% to boost tourism, state-run Bahrain News Agency reported. (Bloomberg) Page 5 of 6

6 Saudi Arabia Qatar# Kuwait# Bahrain# Oman Abu Dhabi# Dubai# Rebased Performance Daily Index Performance % 1.8% 1.9% 2.4% % 0.0% (0.9%) (0.4%) 0.1% 0.3% 0.4% 0.2% 45.0 Nov-14 Nov-15 Nov-16 Nov-17 Nov-18 QSE Index S&P Pan Arab S&P GCC Source: Bloomberg Source: Bloomberg ( # Data as of December 31, 2018) Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, (0.4) (0.3) (0.4) MSCI World Index # 1, Silver/Ounce (0.0) 0.7 (0.0) DJ Industrial # 23, Crude Oil (Brent)/Barrel (FM Future) S&P 500 # 2, Crude Oil (WTI)/Barrel (FM Future) # NASDAQ 100 # 6, Natural Gas (Henry Hub)/MMBtu # (1.9) 0.0 STOXX 600 # LPG Propane (Arab Gulf)/Ton # DAX # 10, LPG Butane (Arab Gulf)/Ton # FTSE 100 # 6, Euro 1.15 (0.0) 0.2 (0.0) CAC 40 # 4, Yen (0.5) 0.0 Nikkei # 20, GBP 1.27 (0.1) 0.3 (0.1) MSCI EM # CHF 1.02 (0.0) 0.2 (0.0) SHANGHAI SE Composite # 2, AUD HANG SENG # 25, USD Index (0.1) (0.3) (0.1) BSE SENSEX 36, RUB # Bovespa # 87, BRL # RTS # 1, Source: Bloomberg ( # Market was closed on January 1, 2019) Source: Bloomberg (*$ adjusted returns, # Market was closed on January 1, 2019) 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) saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa QNB Financial Services Co. W.L.L. Contact Center: (+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