Week ended July 27, Week ended July 20, Chg. % Market Indicators

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1 ` Market Review and Outlook The Qatar Stock Exchange (QSE) Index increased points, or 0.22% during the trading week to close at 9, Market capitalization increased by 0.06% to QR billion (bn) versus QR517.0bn at the end of the previous trading week. Of the 44 listed companies, 18 companies ended the week higher, while 26 declined and 0 remained unchanged. Al Meera (MERS) was the best performing stock for the week with a gain of 7.82% on 969,651 shares traded. On the other hand, Zad Holding (ZHCD) was the worst performing stock for the week with a decline of 10.98% on 5,758 shares traded only. Qatar Electricity & Water Company (QEWS), Doha Bank (DHBK) and Ooredoo (ORDS) were the primary contributors to the weekly index increase. QEWS was the biggest contributor to the index s weekly increase, adding points to the index. DHBK was the second biggest contributor to the increase, tacking on points to the index. Moreover, ORDS contributed points to the index. On the other hand, QNB Group (QNBK) contributed negatively to the index, erasing points from the index. Trading value during the week decreased by 0.19% to reach QR1.101bn versus QR1.103bn in the prior week. The Banks and Financial Services sector led the trading value during the week, accounting for 29.51% of the total trading value. The Consumer Goods and Services sector was the second biggest contributor to the overall trading value, accounting for 20.90% of the total trading value. MERS was the top value traded stock during the week with total traded value of QR146.6 million (mn). Trading volume decreased by 5.94% to reach 37.54mn shares versus 39.9mn shares in the prior week. The number of transactions rose by 9.05% to reach 15,796 transactions versus 14,485 transactions in the prior week. The Telecoms sector led the trading volume, accounting for 31.13%, followed by the Banks and Financial Services sector which accounted for 22.09% of the overall trading volume. Vodafone Qatar (VFQS) was the top volume traded stock during the week with total traded volume of 11.3mn shares. Foreign institutions turned bullish with net buying of QR35.4mn vs. net selling of QR17.9mn in the prior week. Qatari institutions remained bullish with net buying of QR53.7mn vs. net buying of QR73.6mn the week before. Foreign retail investors remained bearish with net selling of QR4.0mn vs. net selling of QR21.3mn in the prior week. Qatari retail investors remained bearish with net selling of QR85.1mn vs. net selling of QR34.4mn the week before. In 2017 YTD, foreign institutions bought (on a net basis) ~$738mn worth of equities. QSE Index and Volume 9,620 9,530 9,440 Market Indicators Week ended July 27, 2017 Week ended July 20, 2017 Chg. % Value Traded (QR mn) 1, ,103.7 (0.2) Exch. Market Cap. (QR mn) 517, , Volume (mn) (5.9) Number of Transactions 15,796 14, Companies Traded Market Breadth 18:26 26:17 Market Indices Close WTD% MTD% YTD% Total Return 16, (5.0) ALL Share Index 2, (5.3) Banks and Financial Services 2, (0.2) Industrials 2, (11.1) Transportation 2, (1.3) 2.6 (19.9) Real Estate 2, (7.0) Insurance 4, (1.6) 2.3 (6.8) Telecoms 1, (1.2) Consumer Goods & Services 5, (5.0) Al Rayan Islamic Index 3, (2.2) Market Indices Weekly Index Performance 1.5% 1.0% 0.5% 0.0% (0.5%) (1.0%) 9, , , , Jul 24-Jul 25-Jul 26-Jul 27-Jul Volume QSE Index 1.1% 1.0% 0.9% 0.4% 0.3% 0.2% 9, (0.8%) 12,000,000 6,000,000 0 Bah rain Om an Dubai Kuwait Abu Dh abi Qatar (QSE)* Saudi Arabia Regional Indices Close WTD% MTD% YTD% Weekly Exchange Traded Value ($ mn) Exchange Mkt. Cap. ($ mn) TTM P/E** P/B** Dividend Yield Qatar (QSE)* 9, (8.4) , Dubai 3, ,837.8 # Abu Dhabi 4, , Saudi Arabia # 7, (0.8) (3.0) (0.1) 3, , Kuwait 6, , Oman 5, (1.4) (12.7) , Bahrain 1, , Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any; # Data as of July 26, 2017) Page 1 of 8

2 News Economic & Corporate News QEWS' bottom line rises 31.4% QoQ in 2Q2017, in-line with our estimate Qatar Electricity & Water Company s (QEWS) net profit rose 31.4% QoQ (+3.7% YoY) to QR460.32mn in 2Q2017, in-line with our estimate of QR427.57mn (+7.7% variation). Revenue came in at QR817.95mn in 2Q2017, which represents an increase of 13.6% QoQ (+2.4% YoY). EPS amounted to QR4.18 in 2Q2017 as compared to QR3.18 in 1Q2017. In 1H2017, although operating profit fell 11.08% to QR625.15mn, QEWS witnessed more than 54% expansion in the share of profits of joint ventures to QR286.58mn. The company s joint ventures are Qatar Power (in which QEWS has 55% equity stake), Mesaieed Power Company (40% equity stake), Ras Girtas Power Company (45% equity stake), Nebras Power (60% equity stake) and Umm Al Houl Power (60% equity stake). QEWS total assets were valued at QR15.07bn, comprising current assets of QR4.09bn (including QR2.98bn in bank balances and cash) and non-current assets of QR10.98bn at the end of June 30, The non-current assets majorly comprised property, plant and equipment valued at QR5.92bn, investments of QR2.9bn in joint ventures and finance lease receivables of QR1.31bn. Total equity stood at QR8.35bn on capital base of QR1.1bn at the end of June 30, (QNBFS Research, company financials, Gulf-Times.com) ERES 2Q2017 results show pressure on hotel/mall operations; missed our estimates on volatile investment income (first take) Reported/adj. net income came in at QR208.8/184.3mn or ~39/35% lower from the same period one year ago. This translated into QR0.08/0.07 reported/adj. EPS vs. our estimate of QR0.14. The residential/commercial real estate business was overall in line with our numbers coming in ~6% below our estimates; however, we did notice pressure on the malls/hotels segment, both of which missed our estimates by double digits. On the investment business, we highlight that in 2Q2017 we expected ~QR200mn in topline contribution from the highly unpredictable investment business, in line with trends set in 1-4Q2016. In reality, ERES reported ~QR133.3mn in revenue. Our first thought is that the lower income was influenced by the significantly large (and unusual) contribution in 1Q2017 (~QR845mn). In addition, ERES CEO recently announced the launch of the leasing of the first phase of Ezdan Oasis project, the largest in the Group s history (already in our model). The project covers +1mn SqM area with phase I consisting of 2,058 residential and commercial units, of which 1,875 housing units will include 183 commercial units with restaurants, cafes and vital facilities. Upon full completion, the project has capacity to house 35,000 people, who could benefit from ancillary ERES services through Ezdan Mall Al-Wakrah and Ezdan Mall Al- Wukair. (QNBFS Research, QSE, Peninsula Qatar) BRES' net profit declines 9.8% QoQ in 2Q2017 Barwa Real Estate Company s (BRES) net profit declined 9.8% QoQ (-21.2% YoY) to QR432.53mn in 2Q2017. EPS amounted to QR2.34 in 1H2017 as compared to QR3.09 in 1H2016. In 1H2017, net profit decreased to QR911.96mn from QR1,200.55mn in 1H2016. BRES stated, The decrease in the net profit resulted from the decrease in the profits resulted from few non-recurring items like revaluation gain from investment properties and other income, in addition to the termination of the finance leases of one of the subsidiaries of the Group, which resulted in collecting QR1.3bn in the first quarter of However, on the operational level, the group has succeeded in enhancing its operating income by increasing its net rental income by QR62mn with a 15% increase compared to the same period of the year The group has also succeeded in signing leasing contract for Mustawdaat project in full for ten and half years, starting from October 1 and with a total rental value of QR755mn. In addition, the group has leased all the showrooms of Phase one of Madinat Al Mawater that will contribute to the increase of the group s operating income. (QNBFS Research, company financials, Gulf-Times.com) ORDS net profit narrows to ~QR512.9mn in 2Q2017 Ooredoo (ORDS) reported net profit of ~QR512.9mn in 2Q2017 as compared to QR584.11mn in 1Q2017. EPS amounted to QR3.42 in 1H2017 as compared to QR4.56 in 1H2016. In 1H2017, ORDS revenue increased to QR16.3bn, an improvement of 2% over 1H2016. In local currency terms, growth was driven by Ooredoo Qatar, Ooredoo Oman, Ooredoo Kuwait, Ooredoo Tunisia, Asiacell, Indosat Ooredoo and Ooredoo Maldives. Excluding foreign exchange translation impact, revenues increased by 3% YoY. Group EBITDA increased by 7% to almost QR7bn with an improved EBITDA margin of 43%, indicating a strong operational performance and good cost control. Excluding foreign exchange translation impact, EBITDA increased by 8% YoY. Continued strong data growth from consumer and enterprise customers drove data revenue to QR7.2bn in 1H2017; equivalent to 44% of Group revenue. Group B2B revenue increased to 17% of group revenue (QR2.8bn) in 1H2017 reflecting Ooredoo s ongoing investment in services for business customers. Ooredoo Group s customer base increased by 14% YoY to reach almost 150mn driven by strong growth across major markets. On QoQ basis customer numbers slightly increased. (QSE, Gulf- Times.com) QGTS' bottom line rises 13.7% QoQ in 2Q2017, in-line with our estimate Qatar Gas Transport Company's (QGTS) net profit rose 13.7% QoQ to QR217.23mn in 2Q2017, in-line with our estimate of QR203.92mn (+6.5% variation). However, on YoY basis net profit declined 16.6%. EPS amounted to QR0.74 in 1H2017 as compared to QR0.90 in 1H2016. Total Income came in at QR902.81mn in 2Q2017, which represents an increase of 2.9% QoQ. However, on YoY basis, total income decreased 3.8%. QGTS, which also goes by the name Nakilat, recorded income from the wholly-owned vessels of QR1.52bn in 1H2017 against QR1.53bn in the corresponding period of previous year. QGTS Managing Director Abdullah Fadhalah al-sulaiti stated, Nakilat perseveres despite the current economic environment through its steady growth in all its operations. The 1H2017 has seen successful transitions of four vessels into Nakilat in-house management, bringing total vessels operated by Nakilat to 16 to date. The company s timely repayment of the periodic loan installments resulted in reduced finance costs, which stood at QR582.14mn, compared to QR594.27mn in 1H2016. Nakilat continues with its cost rationalization efforts to remain competitive while pursuing initiatives to further drive operational efficiencies across its operations, the company s spokesman said. Its steady performance reflects the company s prudence and effective strategic business plans for rapid growth and development. Highlighting that Nakilat signed a memorandum of understanding with Hoegh LNG, forming a strategic alliance to explore floating terminal project, Al-Sulaiti said, This collaboration is a strategic move for Nakilat as we are always looking at opportunities to venture into leading-edge technologies and diversifying solutions to deliver clean energy worldwide, which further strengthens Qatar s position in the energy portfolio. QGTS total assets were valued at QR29.77bn, comprising current assets of QR2.84bn and non-current assets of QR26.93bn at the end of June 30, Its total equity (after hedging reserve and before non-controlling interests) stood at QR5.13bn on a capital base of QR5.54bn. (QNBFS Research, Company Financials, Gulf-Times.com) Page 2 of 8

3 GWCS net profit rises 8.4% QoQ in 2Q2017 Gulf Warehousing Company s (GWCS) net profit rose 8.4% QoQ to QR54.75mn in 2Q2017 vs. our estimates of QR50.02mn (+9.5% variation). On YoY basis the Company s net profit remained almost flat. The Company s revenue increased 4.2% QoQ (+10.6% YoY) to QR232.21mn in 2Q2017. Earnings per share (EPS) increased to QR0.93 in 2Q2017 from QR0.86 in 1Q2017. GWCS Chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor al-thani said, Every effort has been taken so that the company serves the needs of the state, particularly during the current circumstances. We continue to search for alternatives and take all steps necessary to ensure the safe delivery of cargo to our clients and to the nation, realizing our purpose to remain the provider of choice for logistics services in Qatar, and thereby ensuring our shareholders the best possible returns. The company s various divisions have taken decisive action to maintain optimal operations across the board, reviewing alternative routes, and leveraging the strength of its international freight network through its partner Agility, in addition to remaining the authorized service contractor for the international courier giant, UPS. (QNBFS Research, Company financials, Gulf-Times.com) QATI's net profit declines 32.5% QoQ in 2Q2017 Qatar Insurance Company s (QATI) net profit declined 32.5% QoQ (-27.4% YoY) to QR203.40mn in 2Q2017. Net earned premiums came in at QR mn in 2Q2017, which represents an increase of 14.8% QoQ. However, on YoY basis, net earned premiums declined 0.9%. EPS decreased to QR1.89 in 1H2017 from QR2.25 in 1H2016. In 1H2017, QATI registered 14% YoY growth in gross written premiums to QR6.24bn. Its global reinsurance subsidiary, Qatar Re (based in Bermuda), London-based specialty insurer Antares and Malta-based QATI Europe (QEL) contributed 89% to the group s combined premium growth. They accounted for 71% of QATI s total premium volume, up from 69% a year ago, indicating steady and systematic expansion across its global and regional target markets, lines of business and client segments. Group President and Chief Executive Officer, Khalifa Abdulla Turki al- Subaey said, The financial results for 1H2017 clearly demonstrate the effectiveness of QATI Group s diversification strategy which is predicated on tapping into global growth opportunities whilst maintaining our leading position in our home markets. In domestic market, Q Life and Medical Insurance Company contributed significantly to the group, growing its premium income by 17% to QR694mn in 1H2017, the company said, adding that premium income from the countries involved in the political standoff with Qatar does not represent a material portion of the group s revenues. The net underwriting result was QR263mn in 1H2017 as compared to QR438mn in 1H2016, materially affected by the UK government s decision to drastically cut the Ogden Discount Rate, which shook the motor insurance market with an expected industry-wide reserving hit of over $10bn. QATI has a major underwriting footprint in the UK and decided to strengthen its motor reserves by $31mn. In addition, 1H2017 performance was impacted by a few large risk losses in the group s international operations. Despite continued global financial market volatility and the regional diplomatic and economic stir, the company s investment income was QR563mn in 1H2017 as against QR480mn in 1H2016. The 1H2017 annualized return on investment was 5.7%, significantly in excess of the global industry average. The implementation of effective cost control policies, combined with accelerated work process automation, led the administration expense ratio to fall to 7.9% against 8.1% in the year-ago period. Shareholders equity stood at QR8.41bn at the end of June 30, In 1Q2017, the group, via Qatar Re, successfully issued Tier 2 capital notes amounting to net of QR1.62bn, which was 14 times oversubscribed. (Company financials, Gulf-Times.com) QIIK reports QR228.7mn net profit in 2Q2017, in-line with our estimate Qatar International Islamic Bank (QIIK) reported net profit of QR228.7mn in 2Q2017 vs. QR236.5mn in 1Q2017, in-line with our estimate of QR224.9mn (+1.7% variation). Profitability declined sequentially by 3.3% (+4.0% YoY) due to weak net interest income and sluggish non-funded income. Margins remained under pressure with net interest margin contracting by ~35bps and ~33bps QoQ and YoY to ~2.52%, respectively. The bank s net loans retreated by 2.1% QoQ (+5.4% YTD) to QR28.7bn while deposits remained flat at QR28.8bn (+8.2% YTD). Hence, QIIK s LDR improved, declining to 100% vs. 102% in 1Q2017 & 4Q2016. CAR (Basel III) remained robust at 17.6%. Al- Jamal (Acting CEO) said, The first half of this year witnessed a great development as Umina Bank in Morocco saw commencement of its operational activities. The bank is the result of a partnership among QIIK, the Moroccan Real Estate and Tourism Loan Bank (CIH), and the Deposit and Management Fund (CDG). The bank s operations were launched through branches in Casablanca and Rabat, and will be expanded to different regions of Morocco, providing innovative and world scale banking products and solutions to customers across the Kingdom. (QNBFS Research, Company financials, Gulf-Times.com) QFBQ reports net loss of QR67.11mn in 2Q2017 Qatar First Bank (QFBQ) reported net loss of QR67.11mn in 2Q2017 as compared to net loss of QR9.56mn in 1Q2017. The loss per share amounted to QR0.38 in 1H2017 as compared to earnings per share of QR0.08 in 1H2016. In 1H2017, QFBQ has recorded revenues of QR185mn, the Shari ah-compliant bank said. QFBQ s Head (Treasury and Investment Management) Ayman Zaidan said, As the global investment market continues to go through major challenges, QFBQ recorded revenues of QR185mn and a loss of QR76.7mn. We envision that the global economic backdrop will remain challenging for the remainder of this year; however, we will continue to push ahead to develop innovative financial solutions and products for our individual and institutional clients. Despite these challenging economic factors that continue to have influence on the bank s investment book, QFBQ s total assets slightly decreased by 5.5% from the year end, and closed at QR5.6bn. Moreover, the investment portfolio continued to generate healthy dividends, recording an income of QR7.5mn. QFBQ s Sukuk book also continued to generate positive returns resulted in an income of QR13.6mn, which is close to the same period of Furthermore, the bank s income from placement with financial institutions has increased by 24% as compared to 1H2016, mainly from cash deployment in Shari ah-compliant money market funds. Additionally, the bank s income from financing assets increased by 28.3%, compared to the same period of 2016, recording additional income of QR9mn. In line with the results and the changes instituted during 2017, QFBQ s management continued raising efficiency levels through the implementation of the cost rationalization plan that resulted in a reduction of the expenses by 19.4% compared to same period of (QSE, Gulf-Times.com) QIMD's net profit declines 12.3% QoQ in 2Q2017 Qatar Industrial Manufacturing Company's (QIMD) net profit declined 12.3% QoQ to QR52.98mn in 2Q2017 as compared to QR60.44mn in 1Q2017. However, on YoY basis net profit rose 25.1%. EPS amounted to QR1.11 in 2Q2017 as compared to QR1.27 in 1Q2017. The company's sales came in at QR89.72mn in 2Q2017, which represents a decrease of 18.8% QoQ (-70.8% YoY). (QSE) QIGD's net profit declines 20.6% QoQ in 2Q2017 Qatari Investors Group s (QIGD) net profit declined 20.6% QoQ (-19.7% YoY) to Page 3 of 8

4 QR67.35mn in 2Q2017. EPS amounted to QR1.22 in 1H2017 as compared to QR1.28 in 1H2016. (QSE) DBIS net profit narrows sharply to ~QR3.9mn in 2Q2017 Dlala Brokerage and Investments Holding Company (DBIS) reported net profit of ~QR3.9mn in 2Q2017 as compared to QR10.10mn in 1Q2017. EPS amounted to QR0.49 in 1H2017 as compared to QR0.04 in 1H2016. (QSE) QNCD's net profit declines 1.9% QoQ in 2Q2017 Qatar National Cement Company s (QNCD) net profit declined 1.9% QoQ (-34.9% YoY) to QR83.26mn in 2Q2017. Earnings per share declined to QR2.57 in 1H2017 from QR3.85 in 1H2016. (QSE) Qatar s overall growth not to be affected by blockade With the planned increase in its liquefied natural gas production taking shape, Qatar s overall growth is not expected to be affected in the medium term by the blockade imposed on it by a coalition led by Saudi Arabia. Qatar has hundreds of billions of dollars of financial reserves that could be used to support its banks to counter possible capital outflows, Qatar Central Bank s (QCB) Director of the Department of Research and Monetary Policy, Khalid Alkhater said. We do have deposits from Saudi Arabia and the UAE in the range of $15bn to $20bn with a one-year range of maturity, he said. We do not expect it to roll over. The amount is very small and manageable. Alkhater added, I suggested among other measures that if the blockade countries withdraw their deposits or freeze Qatari assets, we retaliate by doing the same. The government can also increase its deposits with local banks if needed. Qatar could also benefit from measures adopted in the past by central banks around the world to deal with capital outflows, such as strengthening prudential regulations and guaranteeing customer deposits up to a certain limit, Alkhater said. (Gulf-Times.com) Blockade said to open growth opportunities for SMEs in Qatar The economic blockade has led to more opportunities for growth and expansion of small and medium-sized enterprises (SMEs) and Qatar s manufacturing sector. Doha Regional Plastic Solutions Sales Manager, Rajesh Raveendran noted that because of increased demand for locally-manufactured products, business operations of domestic companies improved further since the blockade. Raveendran added, The blockade made us stronger and we now have hope because of the government s efforts to promote the local manufacturing industry. Our goal now is to expand our operations. (Gulf-Times.com) NBK report: Qatar s banking system witnessed double-digit deposit growth since 2016-end Qatar s banking system has witnessed double-digit deposit growth since last December as oil prices have firmed up over that period, according to a recent report by National Bank of Kuwait (NBK) Economic Research. Total deposits rose by 16.4% YoY by April-end. Both public and private sector deposits have led the way, rising by 0.3% YoY and 12.1% YoY, respectively. Non-resident deposits, though still increasing at the rate of 56% YoY, are not doubling as they were last year, NBK said in its economic update. The improvement in liquidity is reflected in Qatar s banking sector s loan-to-deposit ratio (LDR), which has fallen since the start of the year as deposit growth has outpaced credit growth. As of April, it stood at 111.6%, having been as high as 119.9% in February (Gulf-Times.com) Qatar s GDP set to expand as outlook brightens Driven by higher oil and gas output coupled with further expansion in the construction and transportation sectors, Qatar s growth is expected to pick up to 2.5% in 2017 from 2.2% in The growth is expected to accelerate to 3.1% in Continued growth in construction, services and transportation should contribute on the non-hydrocarbon side. The government s $200bn public infrastructure program, which it is executing as part of its Vision 2030 diversification strategy and FIFA World Cup 2022 plan, will underpin growth in this sector, even while the government continues to keep a tight rein on current expenditures, NBK noted in its Qatar macroeconomic outlook. (Peninsula Qatar) S&P Global: Qatar s hydrocarbon production life highest in GCC The life span of Qatar s hydrocarbon reserves (at current rate of production) is the highest among all GCC member states. The country s reserves of oil & gas are assessed to last for 98 years, while Bahrain s hydrocarbon reserves, with lowest life span, may get exhausted in as early as nine years, ratings agency S&P Global noted in its report. Faced with the unprecedented movements in oil prices and continuing uncertainty, most GCC states have put in place strategic plans and striving to diversify their economies to reduce their dependence on volatile energy revenues. Evaluating economic health of the GCC state, the ratings agency, however, cautioned that Gulf sovereigns will find it hard to diversify away from hydrocarbons. (Peninsula Qatar) Qatari firms see shift in global business landscape Various Qatari businesses that previously focused on international market to sell their products are increasingly shifting their focus back on Qatar to help meet local demands in view of the ongoing blockade. As companies here are focusing more on local market, Qatar Development Bank (QDB) has also doubled its efforts to support them. We are noticing an increase in local production. We already had many companies manufacturing various types of products here, but they were focusing more on international markets, QDB s CEO, Abdulaziz bin Nasser Al Khalifa said. (Peninsula Qatar) Qatar remains on strong footing despite blockade After six weeks into the unprecedented economic blockade, Qatar is fast adjusting to the situation. Emir HH SheikhTamim bin Hamad Al Thani s address to the nation reflects the fact that the country is on a strong footing. Adding to the country s confidence is the pickup in the market activities. Analysts see growing confidence in the subtext of the Emir s address to the country. In his first open address to the nation after the diplomatic stand-off, the Emir said, The government will do whatever it takes to achieve its vision, including the required economic openness, the removal of obstacles to investment, and the prevention of monopolies in the context of building the national economy. (Peninsula Qatar) Al-Emadi: Qatar's financial sector stays strong despite siege Qatar has said its financial and monetary system is liquid, hence requiring no interference in the market to buy private debt, according to HE the Finance Minister Ali Sherif al-emadi. Moreover, the Qatar Central Bank (QCB) disclosed that deposits outflow was only less than $6bn since the crisis began, which was insignificant, given the size of the domestic banking sector. Expressing satisfaction on Qatar's position, investments and liquidity in its systems, the Finance Minister said, there is no need for the government to interfere in the market and purchase special bond. Highlighting that Qatar's financial sector demonstrated its ability to maintain stability amidst the siege, he said economic diversification, strengthening foreign investments and raising the financial capabilities of Qatar acted as the mitigating factors. Playing down apprehensions over the country's capital market, as 20-stock Qatar index fell 7.1% at the start of the crisis, Al-Emadi said it is an understandable reaction but it was not a cause for concern since Doha has the required means to defend its economy and currency. (Gulf-Times.com) Page 4 of 8

5 Qatar Stock Exchange Top Gainers Top Decliners 9.0% 7.8% 0.0% 6.0% 5.5% 4.8% -4.0% -4.2% -4.1% -3.3% 3.0% 3.8% 3.0% -8.0% -5.9% 0.0% Al Meera Consumer Goods Doha Bank Medicare Group Qatar Electricity and Water Commercial Bank of Qatar -12.0% -11.0% Zad Holding Al Ahli Bank Qatar General Insurance & Reinsurance Qatar National Cement Qatar First Bank Most Active Shares by Value (QR Million) Most Active Shares by Volume (Million) Al Meera Consumer Goods Gulf International Services QNB Group Vodafone Qatar Masraf Al Rayan 0.0 Vodafone Qatar Gulf International Services Ezdan Real Estate Qatar Gas Transport (Nakilat) Qatar First Bank Investor Trading Percentage to Total Value Traded Net Traded Value by Nationality (QR Million) 100% 80% 60% 18.29% 15.08% 12.90% 13.27% 18.81% 23.68% Non-Qatari % 20% 45.12% 52.85% (31) Qatari 789 0% Buy Sell 758 Qatari Individuals Non-Qatari Individuals Qatari Institutions Non-Qatari Institutions (200) ,000 Net Investment Total Sold Total Bought Page 5 of 8

6 TECHNICAL ANALYSIS OF THE QSE INDEX Source: Bloomberg The Index closed at 9,563.08; up 0.22% from the week before. A Doji candlestick has been created last week (which indicates indecision among market participants). However, the stability above the 9,000 level and the increasing momentum (see MACD) is considered positive in the shorter term. Our first expected resistance on the weekly chart is situated around the 10,000 mark and the support at the 9,000 level. DEFINITIONS OF KEY TERMS USED IN TECHNICAL ANALYSIS RSI (Relative Strength Index) indicator RSI is a momentum oscillator that measures the speed and change of price movements. The RSI oscillates between 0 to 100. The index is deemed to be overbought once the RSI approaches the 70 level, indicating that a correction is likely. On the other hand, if the RSI approaches 30, it is an indication that the index may be getting oversold and therefore likely to bounce back. MACD (Moving Average Convergence Divergence) indicator The indicator consists of the MACD line and a signal line. The divergence or the convergence of the MACD line with the signal line indicates the strength in the momentum during the uptrend or downtrend, as the case may be. When the MACD crosses the signal line from below and trades above it, it gives a positive indication. The reverse is the situation for a bearish trend. Candlestick chart A candlestick chart is a price chart that displays the high, low, open, and close for a security. The body of the chart is portion between the open and close price, while the high and low intraday movements form the shadow. The candlestick may represent any time frame. We use a one-day candlestick chart (every candlestick represents one trading day) in our analysis. Doji candlestick pattern A Doji candlestick is formed when a security's open and close are practically equal. The pattern indicates indecisiveness, and based on preceding price actions and future confirmation, may indicate a bullish or bearish trend reversal. Shooting Star/Inverted Hammer candlestick patterns These candlestick patterns have a small real body (open price and close price are near to each other), and a long upper shadow (large intraday movement on the upside). The Shooting Star is a bearish reversal pattern that forms after a rally. The Inverted Hammer looks exactly like a Shooting Star, but forms after a downtrend. Inverted Hammers represent a potential bullish trend reversal. Page 6 of 8

7 Company Name Price July 27 % Change WTD % Change YTD Market Cap. QR Million TTM P/E P/B Div. Yield Qatar National Bank (0.85) (4.92) 130, Qatar Islamic Bank (6.26) 23, Commercial Bank of Qatar , N/A Doha Bank (3.56) 10, Al Ahli Bank (5.85) (17.62) 6, Qatar International Islamic Bank (5.73) 8, Masraf Al Rayan (0.60) , Al Khalij Commercial Bank (2.55) (21.18) 4, Qatar First Bank 7.60 (3.31) (26.21) 1,520 N/A 0.8 N/A National Leasing (1.76) (9.14) Dlala Holding (0.62) (11.12) N/A Qatar & Oman Investment (10.45) Islamic Holding Group (14.75) Banking and Financial Services 230,403 Zad Holding (10.98) (23.65) Qatar German Co. for Medical Devices (17.82) 96 N/A 1.3 N/A Salam International Investment (15.93) 1, Medicare Group , Qatar Cinema & Film Distribution (1.82) (1.64) Qatar Fuel (0.80) (16.79) 11, Widam Food Co (5.15) 1,161 N/A Mannai Corp (1.27) (2.63) 3, Al Meera Consumer Goods (13.56) 3, Consumer Goods and Services 23,452 Qatar Industrial Manufacturing (0.12) (3.48) 2, Qatar National Cement (4.07) (6.50) 4, Industries Qatar (14.13) 61, Qatari Investors Group (1.39) (15.21) 6, Qatar Electricity and Water (10.35) 22, Aamal (1.57) (17.09) 7, Gulf International Services (26.05) 4, Mesaieed Petrochemical Holding (1.94) (17.03) 16, Industrials 124,278 Qatar Insurance (1.40) (4.39) 19, Doha Insurance (0.97) (21.15) Qatar General Insurance & Reinsurance (4.15) (33.72) 2, Al Khaleej Takaful Insurance (18.29) Qatar Islamic Insurance (0.16) Insurance 24,349 United Development (2.06) (17.29) 6, Barw a Real Estate (1.03) , Ezdan Real Estate (13.30) 34, Mazaya Qatar Real Estate Development (0.53) (17.33) 1, N/A Real Estate 55,201 Ooredoo (3.73) 31, Vodafone Qatar (5.02) 7,524 N/A 1.6 N/A Telecoms 38,915 Qatar Navigation (Milaha) (1.76) (29.92) 7, Gulf Warehousing (1.98) (11.61) 2, Qatar Gas Transport (Nakilat) (0.82) (20.96) 10, Transportation 20,685 Qatar Exchange 517,284 Source: Bloomberg Page 7 of 8

8 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 8 of 8