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1 QSE Intra-Day Movement 8,750 8,700 8,650 8,600 8,550 8,500 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QSE Index declined 1.6% to close at 8, Losses were led by the Banks & Financial Services and Industrials indices, falling 1.9% and 1.8%, respectively. Top losers were Al Khaleej Takaful Insurance Company and Al Meera Consumer Goods Company, falling 5.6% and 4.4%, respectively. Among the top gainers, Qatar Cinema & Film Distribution Company gained 10.0%, while Qatar Islamic Insurance Company was up 2.6%. GCC Commentary Saudi Arabia: The TASI Index fell 0.5% to close at 7, Losses were led by the Comm. & Prof. Svc and Retailing indices, falling 2.6% and 2.2%, respectively. Alandalus Property declined 7.8%, while Al-Hassan G.I. Shaker Co. was down 5.3%. Dubai: The DFM Index declined 0.1% to close at 3, The Consumer Staples & Discretionary index fell 2.5%, while the Insurance index declined 1.4%. Int. Financial Advisors fell 10.0%, while Al Salam Group Holding was down 8.4%. Abu Dhabi: The ADX benchmark index fell 1.3% to close at 4, The Banks index declined 2.4%, while the Energy index fell 1.3%. Al Qudra Holding declined 9.2%, while Abu Dhabi Commercial Bank was down 3.4%. Kuwait: The KSE Index declined 0.2% to close at 6, The Real Estate and Financial Services indices fell 0.7% each. Boubyan International Industries Holding Co. fell 12.7%, while Tijara & Real Estate Investment Co. was down 9.7%. Oman: The MSM Index rose 0.3% to close at 4, Gains were led by the Services and Financial indices, rising 0.4% and 0.3%, respectively. Al Hassan Engineering rose 5.9%, while Al Sharqia Investment Holding was up 5.4%. Bahrain: The BHB Index fell 0.9% to close at 1, The Investment index declined 2.6%, while the Commercial Banks index fell 0.5%. GFH Financial Group declined 7.7%, while Bahrain Commercial Facilities Company was down 6.6%. QSE Top Gainers Close* 1D% Vol. 000 YTD% Qatar Cinema & Film Distribution Qatar Islamic Insurance Company (6.3) Qatar Electricity & Water Co Qatar Oman Investment Company (3.8) Qatar Fuel Company Market Indicators 28 March March 18 %Chg. Value Traded (QR mn) Exch. Market Cap. (QR mn) 470, ,492.4 (1.7) Volume (mn) Number of Transactions 3,647 2, Companies Traded (2.3) Market Breadth 6:35 20:21 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 15, (1.6) (2.8) All Share Index 2, (1.6) (3.2) Banks 2, (1.9) (3.2) Industrials 2, (1.8) (2.3) Transportation 1, (0.9) (4.0) Real Estate 1, (1.8) (3.8) (4.0) 12.2 Insurance 3, (0.8) (8.3) (12.4) 24.5 Telecoms 1, (1.4) (1.5) (1.7) 24.1 Consumer 5, (0.5) Al Rayan Islamic Index 3, (1.2) (3.0) GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% VIVA Kuwait Telecom Co. Kuwait (0.5) Ooredoo Oman Oman (3.8) Savola Group Saudi Arabia Co. for Cooperative Ins. Saudi Arabia (18.5) National Bank of Kuwait Kuwait , GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% GFH Financial Group Dubai 1.32 (5.7) 26,704.5 (12.0) National Bank of Bahrain Bahrain 0.60 (4.0) Abu Dhabi Comm. Bank Abu Dhabi 6.52 (3.4) 1,275.7 (4.1) Industries Qatar Qatar (3.1) First Abu Dhabi Bank Abu Dhabi (3.0) 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% Al Khaleej Takaful Insurance Co (5.6) 58.7 (22.1) Al Meera Consumer Goods Co (4.4) 23.1 (2.4) Qatari German Co. for Med. Dev (3.7) (10.5) Gulf International Services (3.2) Industries Qatar (3.1) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% Qatar First Bank 6.69 (2.3) 1, Mesaieed Petrochemical Holding (1.7) Qatar Insurance Company (1.2) (19.1) Ezdan Holding Group (2.8) (12.3) Al Khalij Commercial Bank (1.9) (22.5) Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Value Trades Close* 1D% Val. 000 YTD% QNB Group (2.2) 31, Qatar Insurance Company (1.2) 17,726.9 (19.1) Industries Qatar (3.1) 14, Mesaieed Petrochemical Holding (1.7) 13, Qatar Fuel Company , Source: Bloomberg (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 8, (1.6) (3.1) (1.2) , Dubai 3, (0.1) (1.9) (4.7) (8.3) , Abu Dhabi 4, (1.3) (0.6) (1.0) , Saudi Arabia 7, (0.5) , , Kuwait 6, (0.2) (0.9) (2.5) , Oman 4, (0.6) (4.6) (6.4) , Bahrain 1, (0.9) (1.4) (4.0) (1.2) , 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 1.6% to close at 8, The Banks & Financial Services and Industrials indices led the losses. The index fell on the back of selling pressure from non-qatari shareholders despite buying support from Qatari and GCC shareholders. Al Khaleej Takaful Insurance Company and Al Meera Consumer Goods Company were the top losers, falling 5.6% and 4.4%, respectively. Among the top gainers, Qatar Cinema & Film Distribution Company gained 10.0%, while Qatar Islamic Insurance Company was up 2.6%. Volume of shares traded on Wednesday rose by 11.5% to 8.1mn from 7.3mn on Tuesday. However, as compared to the 30-day moving average of 11.4mn, volume for the day was 29.1% lower. Qatar First Bank and Mesaieed Petrochemical Holding Company were the most active stocks, contributing 21.3% and 11.1% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 44.98% 31.72% 26,131, Qatari Institutions 11.54% 23.87% (24,289,420.23) Qatari 56.52% 55.59% 1,841, GCC Individuals 1.05% 0.64% 812, GCC Institutions 10.81% 1.23% 18,876, GCC 11.86% 1.87% 19,689, Non-Qatari Individuals 9.57% 8.47% 2,151, Non-Qatari Institutions 22.06% 34.07% (23,682,071.52) Non-Qatari 31.63% 42.54% (21,531,037.90) Source: Qatar Stock Exchange (* as a % of traded value) Ratings, Global Economic Data and Earnings Calendar Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change Doha Bank Capital Intelligence Qatar FSR/SR/LT- FCR/ST-FCR A/2/A+/A2 A/2/A+/A2 Stable Source: News reports (* LT Long Term, ST Short Term, FSR- Financial Strength Rating, FCR Foreign Currency Rating, LCR Local Currency Rating, IDR Issuer Default Rating, SR Support Rating, LC Local Currency) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 03/28 US Mortgage Bankers Association MBA Mortgage Applications 23-March 4.8% -1.1% 03/28 France INSEE Consumer Confidence March 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 1Q2018 results No. of days remaining Status QNBK QNB Group 10-Apr Due NLCS Alijarah Holding 12-Apr Due QIBK Qatar Islamic Bank 15-Apr Due MARK Masraf Al Rayan 16-Apr Due DOHI Doha Insurance Group 18-Apr Due DHBK Doha Bank 22-Apr Due UDCD United Development Company 25-Apr Due Source: QSE News Qatar QFBQ posts net loss of ~QR130mn in 4Q2017 Qatar First Bank (QFBQ) reported net loss of ~QR130mn in 4Q2017 as compared to net loss of QR62.9mn in 3Q2017. In FY2017, QFBQ reported net loss of QR269.2mn compared to net loss QR265.6mn in FY2016. Loss per share amounted to QR1.35 in FY2017 as compared to loss per share of QR1.33 in FY2016. In FY2017, QFBQ earned revenue of QR334.2mn. Furthermore, the bank s income from financing assets increased by 18.3%, compared to FY2016, recording an additional income of QR12.6mn and the financing assets will generate recurring income during the coming years. Also, the bank s income from placement with financial institutions stood at QR25.6mn, mainly derived from cash deployment in Shari ah-compliant money market funds. QFBQ recorded net loss of QR269.3mn for FY2017, resulting mainly from the downward revision of the valuations of some of the bank s investments across several markets. Moreover, the bank sold its stake in Amanat Holding, a Dubai-listed healthcare & education company and generated overall cash returns of QR25.6mn. In line with the results and the changes instituted during FY2017, QFBQ s management continued raising efficiency levels through the implementation of the cost rationalization plan that resulted in a reduction of the staff expenses by 10.8% and other operating expenses by 20.7% with an overall reduction of the expenses by 7.8% compared to The expenses are expected to be reduced further in coming years as it will have full year impacts of the cost initiatives measures. QFBQ s Head of Treasury & Investment Management, Ayman Zaidan said, QFBQ s strategy focuses on our role as a trusted adviser, a gateway for investors who wish Page 2 of 6

3 to tap into innovative, Shari ah-compliant, investment opportunities in local, regional and global markets. We will continue to diversify our portfolio, tapping into new and attractive geographical markets. (QSE, Gulf-Times.com) QNB Group named Qatar s Best Bank for Asia QNB Group has been named Qatar s Best Bank for Asia by Asiamoney magazine, during the Global Capital Asiamoney s Middle East Awards ceremony. The prestigious award celebrates banks, which have demonstrated excellence and innovation in their services and products through the year, based on inputs from Asiamoney s industry analysts team. The award reflects QNB Group s successful strategy and plans to strengthen its leadership in the banking industry, reflected through its strong financial results, increased market share and high ratings, as well providing innovative solutions and products to meet global markets investment needs. It also underlines the long and consistent growth the QNB Group has made in enhancing a comprehensive range of banking solutions to meet the various financial needs of clients in different markets, while keeping the focus firmly on quality and innovation. (Gulf-Times.com) Zad Holding Company maintaining stable consumer prices despite blockade on Qatar Despite global economic headwinds and the blockade imposed on Qatar in June last year, Zad Holding Company has managed to maintain good performance in 2017 not only catering to the needs of the country but maintaining stable consumer price levels, according to Zad Holding Company s Vice Chairman, Sheikh Talal Bin Mohamed Bin Jabor Al Thani. Sheikh Talal said Zad Holding Company has been continuously reinvesting a major portion of the company s profits on modernizing and upgrading its various production facilities to achieve higher yields, greater efficiency, increased flexibility, and reduced labor costs. As a result of this strategy, the company has been in a position to not only fulfill the supply gap caused by the blockade, but also maintain stable consumer price levels, he told shareholders, who approved the board s recommendation to distribute 65% cash dividends and 10% bonus shares. Sheikh Talal said Zad Holding Company will continue to focus on its core businesses, such as packaged food consumer goods due to its defensive nature and strategic importance to the country. He added, All planned expansions to our various factories have already been completed. With the existing production capacities and capabilities, we can easily satisfy current and near future market requirements of Qatar. (Gulf-Times.com) CI affirms Doha Bank s FSR at A with a Stable outlook Capital Intelligence (CI) affirmed Doha Bank s financial strength rating (FSR) at A with a Stable outlook, given the easing of liquidity ratios. The support rating is affirmed at 2, based on the still-strong Qatari government balance sheet and the Qatar Investment Authority s significant shareholding in the bank, together with the strong and recently demonstrated record of systemic government support for banks. The lender s long-term foreign currency rating (FCR) is affirmed at A+ and the short-term FCR at A2. The FSR is supported by good capital base (augmented by a 2017 rights issue) and overall asset quality. While non-performing loan (NPL) ratio remains above average for the peer group, this is partly reflective of the low proportion of government sector lending. Offsetting the higher headline NPL ratio are the more than full loan-loss reserve coverage and good effective coverage ratio. Taken together, the asset quality position is seen as being sound. The FSR is also supported by the bank s specialist franchise in Qatar, the longer term business potential of new operations in India, as well as by higher net interest margin (NIM) in 2017 and still sound profitability, particularly at the operating level. A continued high cost of risk has limited profitability, somewhat at the net level, but CI sees the more aggressive provisioning of the last two years as being a positive, the rating agency stated. (Gulf-Times.com) Nebras Power earns revenue of QR476mn in 2017 Nebras Power, a 60:40 joint venture between Qatar Electricity & Water Company and Qatar Holding earned revenue of QR476mn in 2017, up 175% (QR173mn) in Nebras Power s operating profit exceeded QR382mn in 2017, up 215% (QR121mn) on Nebras Power s Chairman, Fahad Bin Hamad Al Mohannadi discussed the ability of Nebras Power to overcome the effects of the embargo imposed on Qatar. He said the company had exited from the Saudi Arabian and UAE markets, but the company was able to find markets and other investment opportunities in South-East Asia, North America and South America. He said Nebras Power is considering new investment opportunities that are expected to be successfully completed in (Gulf-Times.com) QFMA, QFCRA sign MoU for investment management of funds Qatar Financial Markets Authority (QFMA) and Qatar Financial Centre Regulatory Authority (QFCRA) signed a memorandum of understanding (MoU) relating to investment management of investment funds established in the country or at the Qatar Financial Centre (QFC). Under the MoU, companies that are licensed by the QFMA or authorized by the QFCRA will be permitted to conduct investment management activities for investment funds without being required to obtain any additional license or an authorization from the other regulator. Under the MoU, the QFMA and the QFCRA have established a basis for cooperation on matters relating to the licensing, regulation and supervision of investment management for funds established in the state and the QFC. The new arrangement between the QFMA and the QFCRA will streamline licensing requirements, make clear the regulatory requirements applicable to investment managers, and accelerate the development of asset management in Qatar. (Gulf-Times.com) Tenders for 26 Al Furjan Markets to be announced in 2Q2016 Tenders for the implementation of 26 Al Furjan Markets are to be announced by the second quarters of this year. The upcoming markets, which are currently at the design state, are to be developed at several strategically selected areas of the country. The markets, being developed by Qatar Development Bank in collaboration with several other state agencies, are considered to be one of the leading strategic projects that are targeting the consolidation of the private sector, participating in pushing economic growth forward in line with the Qatar National Vision 2030 to create a diverse permanent economic environment. (Peninsula Qatar) MERS AGM endorses items on its agenda Al Meera Consumer Goods Company (MERS) announced the resolutions of Ordinary Page 3 of 6

4 General Assembly Meeting, which was held on March 27, 2018 and its agenda has been discussed and approved. One of the items of agenda is to approve cash dividend of QR8.5 per share for FY2017. (QSE) Doha Insurance Group to disclose its 1Q2018 financial statements on April 18 Doha Insurance Group announced its intent to disclose its 1Q2018 financial statements on April 18, (QSE) Ooredoo announces date to pay interest to bondholders Ooredoo announced that Ooredoo International Finance Limited (OIFL), its wholly-owned subsidiary, pursuant to the terms and conditions of the notes and the final terms, will pay its Global Medium Term Note (GMTN) holders interest payments on April 19, (QSE) International US fourth-quarter growth revised up to 2.9%; consumer spending rises US economic growth slowed less than previously estimated in the fourth quarter as the biggest gain in consumer spending in three years partially offset the drag from a jump in imports. GDP expanded at 2.9% annual rate in the final three months of 2017, instead of the previously reported 2.5%, Commerce Department stated in its third estimate for the quarter. That was a slight moderation from the third quarter s brisk 3.2% pace. The upward revision to the fourth-quarter growth estimate also reflected less inventory reduction than previously reported. Economists polled by Reuters had expected that fourth-quarter GDP growth would be revised up to a 2.7% rate. Growth in consumer spending, which accounts for more than two-thirds of US economic activity, was revised up to 4.0% rate in the fourth quarter from 3.8% pace reported last month. That was the quickest pace since the fourth quarter of 2014 and followed 2.2% rate of growth in the July-September period. (Reuters) UK consumers turn more confident in March Consumers in Britain were their most confident in ten months in March, according to a survey which suggested that they took comfort from a fall in inflation and this month s Brexit transition deal. The headline gauge of consumer confidence, compiled by market research firm GfK for the European Commission, rose to -7 from -10 in February. The median forecast in a Reuters poll of economists had pointed to another reading of -10. British retail sales fell for the first time in five months in March as heavy snowfall combined with the financial strains on many households, a survey by the Confederation of British Industry (CBI) showed. The CBI distributive trades survey s retail sales balance fell to -8 from +8 in February, confounding a median forecast of +15 in a Reuters poll of economists. (Reuters) Japan s retail sales rise in February, suggest growing consumer confidence Japan s retail sales rose in February as shoppers spent more on food, drinks and clothes, suggesting rising wages and a tight labor market are supporting consumer confidence. The 1.6% annual increase in retail sales in February was slightly less than the median estimate for 1.7% annual increase and follows a revised 1.5% annual increase in January. Rising consumer spending makes it more likely that consumer prices will rise in the future, which could help Bank of Japan reach its elusive 2% inflation target, although its ultra-easy monetary policy will still be in place for some time. The nationwide core consumer price index, which includes oil products but excludes volatile fresh food costs, rose 1.0% in February from a year earlier, matching the median estimate, data last week showed. However, a narrower measure of consumer prices that excludes fresh food and energy rose an annual 0.5% in February, highlighting the snail s pace of underlying inflation. (Reuters) Regional Government-led initiatives to drive MENA s hospitality market The hospitality market across the MENA region witnessed marginal growth in 2017, according to Middle East hotel benchmark survey report. Except for Egypt and Kuwait, the region s hospitality markets witnessed a decrease in RevPAR due to factors such as increased supply, regulatory changes and ongoing reforms in the macro-economic environment. During 2017, the Dubai market registered the highest RevPAR of $189, followed by Jeddah, which registered a RevPAR of $170. Dubai also had the highest occupancy rate in 2017 at 77.7% with Abu Dhabi following closely at 77.1%. The highest room rates of the year were recorded in Saudi Arabia, with an average daily rate of $300 in Mecca and Jeddah averaging at $266. (GulfBase.com) Saudi Arabia to join FTSE emerging index from next March, attract billions The Saudi Arabian stock market will join FTSE Russell s emerging market index starting in March next year, a move expected to draw billions of Dollars of fresh foreign portfolio investment to the Kingdom. Many equity funds around the world benchmark themselves against the index, and they will need to buy Saudi Arabian stocks when the change takes effect. Market may attract well over $30bn in next two years. (Reuters) UAE s central bank announces M1 increase to AED509.7bn UAE s central bank announced that the money supply aggregate M1 increased by 2.3%, from AED498bn at the end of January 2018 to AED509.7bn at the end of February Central bank stated, The Money Supply aggregate M2 increased by 0.6%, from AED1,277.2bn at the end of January 2018 to AED1,284.9bn at the end of February The Money Supply aggregate M3 also increased by 0.4%, from AED1,480.9bn at the end of January 2018 to AED1,486.3bn at the end of February The increase in M1 was mainly due to a rise of AED10bn in monetary deposits. The increase in M2 was brought about by the increase in M1, overshadowing AED4bn reduction in quasi-monetary deposits. M3 mainly rose due to increases in M1 and M2, overshadowing the decrease of AED2.3bn in government deposits. (GulfBase.com) Emirati-owned SMEs bagged AED1.5bn in contracts in 2017 The total value of contracts awarded to Emirati-owned smallto-medium-sized enterprises (SMEs) within the Emirate since the Government Procurement Program was begun in 2002 is AED5bn, Dubai SME stated. The total value of contracts awarded in 2017 was AED1.5bn, the first time the scheme generated contracts worth more than AED1bn in a single year. Dubai SME report noted that Dubai Municipality awarded contracts worth AED482mn in 2017, and offered more than 30 initiatives and exclusive franchises to Emirati entrepreneurs. (GulfBase.com) Emirates NBD shareholders approve AED7.3bn rights issue The eleventh Annual General Meeting of Emirates NBD approved the bank s proposed increase of capital through a Page 4 of 6

5 rights issue of new shares worth up to AED7.3bn. The increase in capital is believed to be for the acquisition of Turkey s Denizbank. The bank has started initial strategic talks with Sberbank about a possible purchase of the Russian lender s stake in Turkey s Denizbank. (GulfBase.com) DSI to issue convertible Sukuk in 2Q2018 Drake & Scull International (DSI) is targeting to issue a Sukuk convertible into equity in 2Q2018. The DSI board approved plans for the issuance of convertible Sukuk with an indicative value of minimum AED450mn or the equivalent in other currencies, as private placement or public issuance to be converted to shares over a maximum period of 5 years, at a price of AED3 per share or at a discount of 25% of the market price of the share, to be determined at the time of conversion. (GulfBase.com) Abu Dhabi records 15.2% growth in hotel guests in February The number of hotel guests staying in Abu Dhabi during February rose by 15.2% compared to the same month in the previous year, the Department of Culture and Tourism (DCT) in Abu Dhabi stated. In total, 405,849 people stayed in Abu Dhabi s 162 hotels and hotel apartments during February, an increase of more than 53,000 over February All three regions recorded YoY increase in hotel guests, with 16.3% increase in Abu Dhabi, 2.4% in Al Ain region and 20.4% in Al Dhafra Region. (GulfBase.com) Kuwait plans to spend $26.6bn on new road projects The Kuwaiti government is set to launch several development projects including building of new roads and related infrastructure at an investment of $26.6bn. Roads Authority and Land Transports Director General, Ahmad Al Hesan said, The authority had hammered out a plan to execute up to 80 ventures aimed at facilitating traffic in coming years. Eight of these projects have already been finalized, he added. (GulfBase.com) FTSE to upgrade Kuwait to emerging market in two stages Kuwait s stock market will enter FTSE Russell s emerging market index in two equal stages in September and December this year, and 10 Kuwaiti stocks currently look likely to join the benchmark, sources said. FTSE had announced that it planned to classify Kuwait as an emerging market. (Reuters) Zain Group waits for approval to sell mobile towers in Saudi Arabia Kuwait s Zain Group is waiting for approval from regulators in Saudi Arabia to sell its mobile towers in the Kingdom, its CEO, Bader Nasser Al Kharafi said. He said that a timeline for the sale could not be provided before approval is obtained. (Reuters) Bahrain to raise $1bn via Sukuk after shelving conventional bond Bahrain was set to raise $1bn with an international issue of Islamic bonds but did not proceed with a proposed conventional bond sale because it found the pricing demands of some investors too costly, banking sources said. When the Kingdom started meeting investors last week ahead of its debt issue, it was considering sale of seven and a half year Sukuk, and also an issue of conventional bonds with maturities of 12 or 30 years or both, depending on market conditions. Bahrain went ahead with the Sukuk sale, setting the final size of the issue at $1bn after having received orders of around $2bn, a modest amount by the standards of Gulf debt issues. (Reuters) Page 5 of 6

6 Rebased Performance Daily Index Performance Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 QSE Index S&P Pan Arab S&P GCC 0.5% 0.0% (0.5%) (1.0%) (1.5%) (2.0%) (0.5%) Saudi Arabia (1.6%) Qatar (0.2%) Kuwait (0.9%) Bahrain 0.3% Oman (1.3%) Abu Dhabi (0.1%) Dubai Source: Bloomberg Source: Bloomberg Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, (1.5) (1.6) 1.7 MSCI World Index 2, (0.4) 0.5 (2.6) Silver/Ounce (1.4) (1.6) (3.8) DJ Industrial 23, (0.0) 1.3 (3.5) Crude Oil (Brent)/Barrel (FM Future) (0.8) (1.3) 4.0 S&P 500 2, (0.3) 0.6 (2.6) Crude Oil (WTI)/Barrel (FM Future) (1.3) (2.3) 6.6 NASDAQ 100 6, (0.9) (0.6) 0.7 Natural Gas (Henry Hub)/MMBtu (25.1) STOXX (0.1) 0.8 (2.6) LPG Propane (Arab Gulf)/Ton (2.1) (1.8) (19.2) DAX 11, (0.8) 0.3 (5.1) LPG Butane (Arab Gulf)/Ton (3.7) (1.0) (28.1) FTSE 100 7, (4.4) Euro 1.23 (0.8) (0.4) 2.5 CAC 40 5, (0.3) 0.6 (0.8) Yen (5.2) Nikkei 21, (2.0) 0.7 (2.3) GBP 1.41 (0.6) (0.4) 4.2 MSCI EM 1, (1.9) (0.8) 0.4 CHF 1.05 (1.0) (1.0) 1.9 SHANGHAI SE Composite 3, (1.3) (0.6) (2.4) AUD 0.77 (0.2) (0.5) (1.9) HANG SENG 30, (2.5) (1.0) (0.1) USD Index (2.2) BSE SENSEX 32, (1.1) 0.9 (5.1) RUB Bovespa 83, (0.3) (1.7) 8.6 BRL (0.3) (0.3) RTS 1, (1.4) (2.7) 6.3 Source: Bloomberg Source: Bloomberg (*$ 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