10,550 10,500 10,450 10,400 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 10,550 10,500 10,450 10,400 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QSE Index declined 0.5% to close at 10, Losses were led by the Telecoms and Real Estate indices, falling 2.1% and 1.6%, respectively. Top losers were Ooredoo and Ezdan Holding Group, falling 3.0% and 2.3%, respectively. Among the top gainers, Qatari German Company for Medical Devices gained 1.7%, while Mannai Corporation was up 1.6%. GCC Commentary Saudi Arabia: The TASI Index rose 0.7% to close at 7, Gains were led by the Health Care Equip. and Insurance indices, rising 1.5% and 1.0%, respectively. Allianz Saudi Fransi. rose 10.0%, while Abdullah A M Al-Khodari Sons was up 7.5%. Dubai: The DFM General Index gained 1.5% to close at 2, The Real Estate & Const. index rose 3.6%, while the Services index gained 2.0%. Amlak Finance rose 7.1%, while Emaar Properties was up 6.4%. Abu Dhabi: The ADX General Index rose 0.4% to close at 4, The Investment & Financial Services index gained 2.2%, while the Consumer Staples index rose 1.4%. FOODCO Holding Co. gained 14.2%, while RAK Properties was up 3.4%. Kuwait: The Kuwait Main Market Index declined 0.5% to close at 4, The Banks and Consumer Services indices declined 0.6% each. Yiaco Medical Co. fell 9.3%, while First Takaful Insurance Company was down 8.0%. Oman: The MSM 30 Index fell 0.3% to close at 4, Losses were led by the Financial and Industrial indices, falling 0.4% each. United Finance fell 3.3%, while Dhofar Generating Company was down 2.3%. Bahrain: The BHB Index gained 0.2% to close at 1, The Commercial Banks index rose 0.4%, while the other indices remained flat or ended in the red. Al Salam Bank - Bahrain rose 8.4%. QSE Top Gainers Close* 1D% Vol. 000 YTD% Qatari German Co for Med. Devices (16.7) Mannai Corporation (1.7) Salam International Inv. Ltd (31.3) Gulf International Services Masraf Al Rayan Market Indicators 12 Dec Dec 18 %Chg. Value Traded (QR mn) (32.3) Exch. Market Cap. (QR mn) 587, ,127.6 (0.5) Volume (mn) (38.7) Number of Transactions 3,239 5,457 (40.6) Companies Traded (2.6) Market Breadth 12:20 7:30 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 18, (0.5) (1.6) All Share Index 3, (0.5) (1.3) Banks 3, (0.4) (1.4) Industrials 3, (0.2) (1.5) Transportation 2, (0.3) (1.4) Real Estate 2, (1.6) (0.7) Insurance 3, (10.5) 18.5 Telecoms 1, (2.1) (3.8) (5.6) 42.1 Consumer 6, (1.5) Al Rayan Islamic Index 3, (0.3) (1.7) GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% Al Salam Bank-Bahrain Bahrain (21.1) Emaar Properties Dubai ,453.0 (33.5) DP World Dubai (30.2) Mouwasat Med. Services Saudi Arabia Mobile Telecom. Co. Saudi Arabia ,508.2 (0.5) GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% Comm. Bank of Kuwait Kuwait 0.49 (4.0) Ooredoo Qatar (3.0) 85.7 (13.4) Sembcorp Salalah Power. Oman 0.18 (2.2) (22.6) Oman Cement Co. Oman 0.32 (1.9) (22.9) Burgan Bank Kuwait 0.29 (1.7) 2,221.1 (2.5) 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% Ooredoo (3.0) 85.7 (13.4) Ezdan Holding Group (2.3) Widam Food Company (2.1) Doha Bank (1.9) (24.2) Qatar Islamic Insurance Company (1.8) 2.7 (0.6) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% The Commercial Bank (1.7) Mazaya Qatar Real Estate Dev (1.5) (11.9) Vodafone Qatar 8.24 (0.5) Doha Bank (1.9) (24.2) Masraf Al Rayan Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Value Trades Close* 1D% Val. 000 YTD% The Commercial Bank (1.7) 21, QNB Group , Widam Food Company (2.1) 13, Masraf Al Rayan , Barwa Real Estate Company (0.6) 11, Source: Bloomberg (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 10, (0.5) (1.6) , Dubai 2, (0.3) (3.6) (23.6) , Abu Dhabi 4, (0.8) , Saudi Arabia 7, , Kuwait 4, (0.5) (0.3) (0.2) (2.2) , Oman 4, (0.3) (1.5) 1.6 (12.1) , Bahrain 1, (0.6) (0.9) , 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 0.5% to close at 10, The Telecoms and Real Estate 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. Ooredoo and Ezdan Holding Group were the top losers, falling 3.0% and 2.3%, respectively. Among the top gainers, Qatari German Company for Medical Devices gained 1.7%, while Mannai Corporation was up 1.6%. Volume of shares traded on Wednesday fell by 38.7% to 4.4mn from 7.2mn on Tuesday. Further, as compared to the 30-day moving average of 7.2mn, volume for the day was 38.4% lower. The Commercial Bank and Mazaya Qatar Real Estate Development were the most active stocks, contributing 12.0% and 11.5% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 24.88% 25.33% (684,090.42) Qatari Institutions 11.18% 24.13% (19,763,582.86) Qatari 36.06% 49.46% (20,447,673.28) GCC Individuals 0.84% 0.41% 647, GCC Institutions 2.83% 10.92% (12,341,378.19) GCC 3.67% 11.33% (11,693,909.05) Non-Qatari Individuals 9.80% 7.69% 3,225, Non-Qatari Institutions 50.46% 31.52% 28,915, Non-Qatari 60.26% 39.21% 32,141, Source: Qatar Stock Exchange (* as a % of traded value) Ratings and Global Economic Data Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change The Commercial Bank Source: News reports (* LT Long Term, ST Short Term) Global Economic Data S&P Qatar ST/LT A-2/BBB+ A-2/BBB+ Stable Date Market Source Indicator Period Actual Consensus Previous 12/12 US Mortgage Bankers Association MBA Mortgage Applications December 1.6% 2.0% 12/12 US Bureau of Labor Statistics CPI MoM November 0.0% 0.0% 0.3% 12/12 US Bureau of Labor Statistics CPI YoY November 2.2% 2.2% 2.5% 12/12 EU Eurostat Industrial Production SA MoM October 0.2% 0.1% -0.6% 12/12 EU Eurostat Industrial Production WDA YoY October 1.2% 0.7% 0.8% 12/12 Japan Bank of Japan PPI YoY November 2.3% 2.4% 3.0% 12/12 Japan Bank of Japan PPI MoM November -0.3% -0.1% 0.4% 12/12 India India Central Statistical Orga CPI YoY November 2.3% 2.6% 3.4% 12/12 India India Central Statistical Orga Industrial Production YoY October 8.1% 6.0% 4.5% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar Qatar s industrial production treads flat path in October Qatar s industrial production treaded a flat path in October 2018 on a yearly basis despite expansion in the manufacturing sector, according to official estimates. The country s Industrial Production Index (IPI) showed a marginal 0.3% decline MoM in October this year, the Ministry of Development Planning and Statistics (MDPS) stated. The mining and quarrying index, which has a relative weight of 83.6%, saw a marginal 0.1% YoY rise in October 2018 owing to 2% increase in other mining and quarrying and 0.1% in the extraction of crude petroleum and natural gas. On a monthly basis, the index showed 1.1% dip as the extraction of crude petroleum and natural gas contracted 1.1%; even as other mining and quarrying grew 1.1%. (Gulf- Times.com) MERS to open branches at metro stations; launches loyalty program Al Meera Consumer Goods Company (MERS) will open 8 new branches in Doha Metro stations in cooperation with Qatar Rail. On the sidelines of a ceremony organized by the company to launch Meera Rewards loyalty program, Sheikh Thani Bin Thamer Bin Mohamed Al Thani, Chairman of MERS, said that the company is working on three projects in Oman. The company has signed an agreement with an Omani company for the construction of a new branch in Al Amerat area, which is due to be completed in a year and a half. (Peninsula Qatar) DBIS elects HE Sheikh Suhaim Bin Khaled Bin Hamad Al Thani as Vice Chairman Dlala Brokerage & Investment Holding Company s (DBIS) board of directors has elected HE Sheikh Suhaim Bin Khaled Bin Hamad Al Thani as Vice Chairman during the board meeting on December 12, Sheikh Suhaim also works as Managing Director of DBIS and board member since 2011, as well as member of executive committee. (QSE) WOQOD holds meeting to endorse BoD Charter Qatar Fuel Company s (WOQOD) CEO, Saad Rashid Al Muhannadi announced that WOQOD s board of directors held its sixth meeting for the year, which was presided over by Ahmed Saif Al Sulaiti, Chairman of the board. The board endorsed the Page 2 of 6

3 Board of Directors Charter which was formulated as per the requisites of the Commercial Companies Governance Code issued by the Qatar Financial Markets Authority (QFMA) and promulgated in the Official Gazette on May 15, The board has also issued a resolution endorsing the disclosure, conflict of interest, dealings, and information secrecy regulations of the board of directors, which was also formulated as per the requisites of the said governance code. (Peninsula Qatar) Al-Jaida: QFC focusing on driving FDI inflows to Qatar The country has witnessed a significant 27% increase in foreign direct investment (FDI) inflows between 2016 and 2017, according to Qatar Financial Centre (QFC) Authority s CEO, Yousuf Mohamed Al-Jaida, who stressed that the QFC will continue to focus on driving the growth of FDI inflows to Qatar. Al-Jaida made the statement in keynote speech during the Forecast Event: Financial Markets Outlook in 2019 conference hosted by the CFA Society Doha. Al-Jaida said, We have already seen a significant 27% increase in FDI inflows between 2016 and 2017 due to the rich offerings of Qatar s markets, according to a 2018 UN report. Not only have global agencies upgraded the banking sector s rating, but their forecast for 2019 reflects continued confidence in Qatar s economy. Last week, Moody s noted that Qatar s banks will continue to have a Stable outlook for 2019 in their GCC Banks for 2019 Report. Citing improving operating conditions, solid loan performance, and strong capital, the report shows that Qatar s banking system is stable in all seven components of credit drivers one of only two countries in the region to do so. (Gulf-Times.com) MERS Chairman: Qatar s manufacturing sector stronger since the blockade Qatar has witnessed further progress in its manufacturing industry, which has been successful in addressing the needs of the local market since the economic blockade, according to Al Meera Consumer Goods Company s (MERS) Chairman, Sheikh Thani Bin Thamer Bin Mohamed Al- Thani. Sheikh Thani stressed that Qatar is in a better position now compared to how it was before the economic blockade. The Chairman said, The manufacturing industry in Qatar has been progressing since last year; and it is successfully addressing the needs of the local market. Also, the local manufacturing is respected and it is progressing further. Take for example in the field of dairy products, the likes of Baladna and the others are really addressing the needs of the local market. He stressed that MERS has been supporting many local companies across Qatar, and that its branches nationwide now have an excellent variety of dairy products sourced from different manufacturers. (Gulf-Times.com) QFMA vision for upgrading Qatar s capital market Qatar Financial Markets Authority (QFMA) works on implementing its duties as was stipulated in Law No (8) of 2012 and its vision, which focuses on upgrading Qatar s capital markets to serve as a model in financial services. It also aims to maintain the stability, integrity and transparency of capital markets, as well as develop the skills and knowledge to support the growth and diversification of the national economy. QFMA announced, on the occasion of the National Day 2018, a number of measures, including the approval of Qatar Aluminum Manufacturing Company s IPO, the introduction of unified listing rules and a new system of governance of funds listed on the Qatar Stock Exchange (QSE) to consult all stakeholders through its official website. This measure is a significant step for the State s capital market as the QFMA seeks to develop the capital market in the country and strengthen the elements that attract local and international funds to the QSE. (Gulf-Times.com) Shared resource structure, critical infrastructure to boost SME business continuity plans Qatar s small and medium-sized enterprise (SME) sector should have a shared resource structure for critical infrastructure to help SMEs and entrepreneurs sustain their business continuity and resilience programs, according to Doha Bank s CEO, R Seetharaman. Seetharaman said SMEs in Qatar are getting organized now, citing various public and private sector-backed initiatives, advisory services, and a wide range of financial support. (Gulf-Times.com) QDB launches initiative to achieve great strides in Fintech Qatar Development Bank (QDB) launched its Fintech Pitching & Coaching Day as part of its continuous efforts to support small and medium-sized enterprises (SMEs) and Qatari entrepreneurs. QDB stated the event is seen as a new step towards achieving great strides in the Fintech sector and to create a technology-driven landscape for future generations. It is also aimed at developing Qatar and building a knowledgebased economy with a strong focus on some of the key sectors. It was also a great opportunity for representatives from the banking and investment sector to explore technology breakthrough trends and to meet young and aggressive entrepreneurs and foster relationships with them, QDB stated. (Gulf-Times.com) Argentina has eased rules to attract Qatari investments Argentina has eased rules to attract investments from Qatar and has showed keenness to further strengthen relations in many sectors between two countries. I think we improved the conditions that all the investors from Qatar would need to be present in Argentina, said Argentina s Minister of Foreign Affairs and Worship, Jorge Faurie. He said that Argentina is looking to increase trade. We are also very much interested in further possibility of investment from Qatar to Argentina. Today the parliament of Argentina is considering two agreements on potential investment of Qatar to Argentina and exemption of double taxation between two countries, the Minister said. (Peninsula Qatar) Qatar, China hold first round of strategic dialogue The first round of strategic dialogue between the governments of Qatar and China was held, where the two sides held comprehensive talks on bilateral relations in economic, security, cultural and tourism fields. Both sides stressed the importance of strengthening the partnership between the two countries, coordinating positions on regional issues and increasing cooperation in international organizations. During the talks, an operational plan for cooperation between Qatar and China was announced in the framework of the implementation of the Belt and Road initiative, in addition to announcing the entry of agreement on exempting citizens of both countries from visa requirements into force on December 21, (Gulf- Times.com) Qatar Chamber, Paltrade sign MoU to lift private sector ties Qatar Chamber and the Palestine Trade Council (Paltrade) signed an agreement to strengthen Qatar-Palestine private Page 3 of 6

4 sector cooperation and to promote partnerships between companies from both countries. Qatar Chamber First Vice Chairman Mohamed Bin Towar Al-Kuwari said, Qatar is keen to help Palestine by providing finance to social, economic, and health projects especially in the Gaza strip. Qatar has established many infrastructure and residential projects, as well as many projects in agriculture and construction that created thousands of job opportunities. (Gulf-Times.com) International MBA: US mortgage activity hits two-month high as interest rates fall US borrowers filed the most loan requests to buy a home and to refinance one in two months as most lending costs declined to their lowest levels since September, the Mortgage Bankers Association (MBA) stated. The Washington-based group s seasonally adjusted index on mortgage applications increased 1.6% to in the week ended December 7. This was the strongest reading since the week of October 5 when it was Interest rates on 30-year, fixed-rate conforming mortgages with balances of $453,100 or less averaged 4.96% last week, the lowest level since the week of September 28. They averaged 5.08% the prior week. The weekly drop in the 30-year conforming mortgage rate was the steepest since March Mortgage rates have fallen in step with US Treasury yields due to worries about slowing economic growth, financial market volatility and trade tension between China and the US. (Reuters) US consumer prices flat; underlying inflation firm US consumer prices were unchanged in November, held back by a sharp decline in the price of gasoline, but underlying inflation pressures remained firm amid rising rents and healthcare costs. The strength in underlying inflation reported by the Labor Department supports views that the Federal Reserve will raise interest rates at its December policy meeting. The US central bank has hiked rates three times this year. November s flat reading in the Consumer Price Index, which was the weakest in eight months, followed 0.3% increase in October. In the 12 months through November, the CPI rose 2.2%, the smallest gain since February, after advancing 2.5% in October. Excluding the volatile food and energy components, the CPI climbed 0.2%, matching October s gain. That lifted the YoY increase in the core CPI to 2.2% from 2.1% in October. (Reuters) Eurozone s production rises in October due to capital goods Eurozone s industrial output rose in October due to a sharp increase in the production of capital goods and despite a decline in energy output, the European Union s statistics office Eurostat stated. Seasonally adjusted industrial production rose 0.2% MoM in October for 1.2% YoY increase. Economists polled by Reuters had expected 0.2% monthly gain and 0.7% annual rise. Eurostat revised downwards its figures for September to percent MoM from -0.3% and to 0.8% YoY from the previously reported 0.9%. The October increase in production was mainly due to 3.7% annual rise in the output of capital goods, used for investment, which, together with 1.2% gain in the production of non-durable consumer goods helped offset 3.1% drop in energy and 0.4% fall for intermediate goods. (Reuters) S&P Global: India's high economic growth enough to keep credit rating Stable India s rapid economic growth will be enough to offset worries about the independence of its central bank and keep its credit rating in the coveted investment grade bracket, S&P Global stated. India s BBB- rating puts it on the bottom rung of the investment grade ladder, and sentiment towards the country was hit when central bank s Governor Urjit Patel resigned following a months-long tussle over policy with the government. We always like to see a central bank that is independent because if you don t, it can have very negative consequences on your capacity to contain inflation and foster growth, S&P s lead global Sovereign Analyst Roberto Sifon- Arevalo said. (Reuters) India's industrial output grows 8.1% in October and core consumer inflation at 5.7% in November India s industrial output in October grew a stronger-than-expected 8.1% from a year earlier, government data showed. A Reuters poll of economists had forecasted 5.7% growth in October. October s growth was almost double that of a downwardly revised 4.47% YoY increase in September, the data showed. Separately, India s core consumer inflation was about 5.7% in November, compared with roughly 6.1% in October, two analysts estimated from inflation figures. India s retail inflation rate fell to 2.33% in November, government data showed, due to weaker food inflation. Analysts polled by Reuters had forecasted November s annual increase in the consumer price index at 2.8%, compared with October s 3.31%. (Reuters) Regional OPEC offsets Iran oil loss, sees lower 2019 demand OPEC stated that it has offset a drop in sanctions-hit Iranian oil exports and lowered the 2019 forecast of demand for its crude, underlining the challenge the producer group faces to prevent a glut even after last week s decision to trim output. In a monthly report, the OPEC stated that 2019 demand for its crude would fall to 31.44mn barrels per day, 100,000 bpd less than predicted last month and 1.53mn less than it currently produces. OPEC and its allies including Russia agreed to return to supply cuts next year. They pledged to lower output by 1.2mn bpd, of which OPEC s share is 800,000 bpd. OPEC expects global oil demand to slow next year and sees little support from the economic backdrop. (Reuters) OPEC data shows oil-cuts compliance at 111% before revamped pact OPEC s compliance with crude output cuts that began in 2017 slipped to 111% in November, the last month before producer states revamped their supply pact, as compared to the revised 113% in October, according to Bloomberg calculations from OPEC secondary-source data published. (Bloomberg) IATA: Middle East carriers may report higher profit of $800mn in 2019 Middle Eastern carriers are expected to report a higher net profit of $800mn in 2019, the International Air Transport Association (IATA) announced as it sees lower oil prices and solid, albeit slower, economic growth extending the run of profits for the global airline industry. Globally, IATA forecasted an industry net profit of $35.5bn next year, slightly ahead of the $32.3bn expected net profit in According to IATA, the expected net profit per passenger will be $3.33 (1.2% of the net margin) in the Middle East next year. In 2018, the Middle East carriers are expected to report a net profit of $600mn. The Middle East has one of the lower breakeven load factors, IATA stated. The region has been challenged by the earlier impact of Page 4 of 6

5 lower oil revenues, conflict, competition from other super connectors and setbacks to particular business models, leading to a sharp slowdown in capacity growth (after more than a decade of double-digit growth, passenger capacity growth was halved to 6.7% in 2017). (Gulf-Times.com) Saudi Arabia s $106bn retail industry forecast to grow 12.3% by 2023 The retail industry in Saudi Arabia is currently worth $106bn and is forecasted to steadily rise to $119bn by Store-based retailing will continue to dominate, accounting for $103bn of the overall market in Saudi Arabia, however, nonstore retailing, which includes online shopping, direct selling, mobile internet, social media and home shopping, will grow by 93% from 2018 to (GulfBase.com) Saudi Venture Capital signs MoU with US investor Tim Draper Saudi Venture Capital Company signed a Memorandum of Understanding (MoU) with American investor Tim Draper, one of the most important venture capital investors in the world under the sponsorship of the Small & Medium Enterprise s (SME) General Authority (Monsha at). The MoU stipulates the establishment of a venture capital investment fund to finance SMEs in the fields of health, education, agriculture, finance, and energy. The Saudi Venture Capital Investment Company was founded to contribute to the growth and diversification of Saudi Arabia s economy, in addition to supporting SMEs and encouraging entrepreneurs to explore new fields. (GulfBase.com) SME s in Saudi Arabia struggle due to a lack of funding options Small-to-medium-sized companies (SMEs) in Saudi Arabia looking to take the next step in the growth of their businesses often struggle due to a lack of funding options in the Kingdom, a report found. Saudi Arabia has an underdeveloped private equity and venture capital market compared to other countries in the region and the banks remain wary of lending to these socalled scale-up businesses, according to research published by consultancy Strategy & Endeavor an entrepreneur mentorship provider based in New York. Scale-ups are defined as SMEs with proven business models on the verge of a phase of rapid growth in revenue or staff numbers. Typically they account for 5% of a country s SMEs, the report stated. Saudi Arabia was ranked below average on a scale-up readiness index compiled by the two consultancies that aim to assess how supportive the business environment is for smaller companies on the precipice of growth throughout the MENA region. (GulfBase.com) UAE and Saudi Arabia using digital currency for settlements The UAE and Saudi Arabia have started using fintech for crossborder settlements, including a digital currency which they jointly developed for that purpose, the Central Bank of UAE s (CBUAE) governor, Mubarak Rashed al-mansouri said. He also said that the CBUAE was working on a strategic plan to develop fintech which would be supported by a legislative and regulatory framework. (Reuters) CBUAE: UAE interbank rates have dropped on good liquidity Interbank rates in the UAE have edged down in the last three months because of good liquidity in the money market, the Central Bank of UAE (CBUAE) Chief, Mubarak Rashed al- Mansoori said. He told reporters that banks in the UAE were attracting money from overseas, while government deposits in the banks has increased. The overnight Emirates interbank offered rate has slipped about 5 basis points since mid-october, although longer-term rates have continued to trend up because of the outlook for further increases in US rates. (Reuters) Dubai Aerospace signs $535mn revolving credit facility Dubai Aerospace Enterprise (DAE) stated that it has signed a $535mn four-year unsecured revolving credit facility, inlcuding the option to increase to $600mn. The deal was arranged by Dubaibased bank Emirates NBD as sole mandated lead arranger and bookrunner, DAE stated. The initial commitment of $535mn is from a group of eight regional banks, it stated, adding the facility brings DAE s total unsecured revolving credit facilities to $2.1bn. (Reuters) Emirate of Ajman plans debut international bond Ajman, the smallest Emirate in the seven-member UAE federation, plans to sell its first US Dollar-denominated bond next year, a government official told Reuters. Should it go ahead with its plans, Ajman would be the fifth Emirate to issue debt internationally after Dubai, Abu Dhabi, Sharjah and Ras Al Khaimah. Ajman, which is unrated, is looking to obtain a credit rating and aims to issue its debut international bonds in the first half of next year, the official said. The government will be looking at both Sukuk and conventional bonds. The UAE in October issued a law permitting the federal government to begin issuing sovereign debt. This will allow banks to buy government bonds in Dirhams or foreign currencies, giving them highly rated assets with which they can manage their liquidity, while the central bank will use the bonds to help manage the interbank money market. Emirates will still be able to issue debt individually. (Reuters) Page 5 of 6

6 Rebased Performance Daily Index Performance Nov-14 Nov-15 Nov-16 Nov-17 Nov-18 QSE Index S&P Pan Arab S&P GCC 1.8% 1.2% 0.6% 0.0% (0.6%) 0.7% Saudi Arabia (0.5%) (0.5%) Qatar Kuwait 0.2% Bahrain (0.3%) Oman 0.4% Abu Dhabi 1.5% Dubai Source: Bloomberg Source: Bloomberg Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, (0.2) (4.4) MSCI World Index 1, (6.1) Silver/Ounce (13.0) DJ Industrial 24, (0.8) Crude Oil (Brent)/Barrel (FM Future) (0.1) (2.5) (10.0) S&P 500 2, (0.8) Crude Oil (WTI)/Barrel (FM Future) (1.0) (2.8) (15.3) NASDAQ 100 7, Natural Gas (Henry Hub)/MMBtu 4.28 (4.7) (5.1) 38.5 STOXX (14.9) LPG Propane (Arab Gulf)/Ton (4.6) (29.4) DAX 10, (19.9) LPG Butane (Arab Gulf)/Ton (1.7) (1.4) (33.6) FTSE 100 6, (16.3) Euro (0.1) (5.3) CAC 40 4, (12.5) Yen (0.1) Nikkei 21, (0.8) (5.6) GBP (0.8) (6.5) MSCI EM (0.3) (15.5) CHF 1.01 (0.0) (0.2) (1.9) SHANGHAI SE Composite 2, (0.2) (25.6) AUD (7.5) HANG SENG 26, (12.5) USD Index (0.4) BSE SENSEX 35, (0.4) (6.6) RUB (0.0) 15.2 Bovespa 86, (0.5) (2.2) BRL (14.1) RTS 1, (0.8) (2.8) (2.5) Source: Bloomberg Source: Bloomberg (*$ 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) 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