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1 QSE Intra-Day Movement 10,820 10,800 10,780 10,760 10,740 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QSE Index declined 0.3% to close at 10, Losses were led by the Telecoms and Insurance indices, falling 0.5% and 0.4%, respectively. Top losers were Zad Holding Company and Qatar Islamic Insurance Company, falling 3.2% and 2.3%, respectively. Among the top gainers, Ahli Bank gained 9.3%, while Qatar Oman Investment Company was up 7.2%. GCC Commentary Saudi Arabia: The TASI Index fell 0.8% to close at 8, Losses were led by the Food & Beverages and Banks indices, falling 3.3% and 1.4% respectively. Almarai Co. declined 6.1%, while Samba Financial Group was down 3.3%. Dubai: The DFM General Index declined 0.2% to close at 2, The Consumer Staples & Disc. index fell 1.4%, while the Transportation index declined 1.0%. Aan Digital Services Holding fell 4.1% while Damac Properties Dubai fell 4.0%. Abu Dhabi: The ADX General index fell 0.2% to close at 4, The Insurance index declined 1.6%, while the Services index fell 1.3%. Al Qudra Holding declined 9.9%, while Abu Dhabi National Insurance Company was down 7.7%. Kuwait: The Kuwait Main Market Index rose 0.2% to close at 4, The Oil & Gas index gained 2.3%, while Financial Services index rose 0.4%. Kuwait And Middle East Fin. Inv. gained 11.1%, while First Takaful Insurance Co. was up 10.0%. Oman: The MSM 30 Index fell 0.8% to close at 4, Losses were led by the Services index, falling 1.1%, while the Financial index declined 0.4%. SMN Power Holding fell 8.4% while Shell Oman Marketing was down 6.7%. Bahrain: The BHB Index gained 0.5% to close at 1, The Services Index gained 1.7% while the Commercial Bank index gained 0.4%. Bahrain Telecommunication Company rose 3.6%, while Zain Bahrain was up 2.9%. QSE Top Gainers Close* 1D% Vol. 000 YTD% Ahli Bank Qatar Oman Investment Company Gulf Warehousing Company Ezdan Holding Group Alijarah Holding Market Indicators 20 Jan Jan 19 %Chg. Value Traded (QR mn) (38.6) Exch. Market Cap. (QR mn) 617, , Volume (mn) (24.7) Number of Transactions 4,512 7,080 (36.3) Companies Traded Market Breadth 20:20 23:16 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 18, (0.3) (0.3) All Share Index 3, (0.0) (0.0) Banks 3, (0.1) (0.1) Industrials 3, (0.3) (0.3) Transportation 2, (0.3) (0.3) Real Estate 2, Insurance 3, (0.4) (0.4) Telecoms 1, (0.5) (0.5) Consumer 7, (0.4) (0.4) Al Rayan Islamic Index 4, (0.1) (0.1) GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% Bahrain Telecom. Co. Bahrain Yanbu Cement Co. Saudi Arabia Southern Prov. Cement Saudi Arabia Qurain Petrochemical Ind. Kuwait DP World Dubai (2.6) GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% Shell Oman Marketing Co. Oman 1.39 (6.7) (6.7) Almarai Company Saudi Arabia (6.1) DAMAC Properties Dubai 1.21 (4.0) 3,906.6 (19.9) Samba Financial Group Saudi Arabia (3.3) Banque Saudi Fransi Saudi Arabia (2.8) 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% Zad Holding Company (3.2) Qatar Islamic Insurance Company (2.3) Vodafone Qatar 8.15 (1.8) Qatar Gas Transport Company (1.5) Qatar Aluminium Manufacturing (1.4) 1,346.5 (7.1) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% Qatar First Bank , Qatar Aluminium Manufacturing (1.4) 1,346.5 (7.1) Qatar Gas Transport Company Ltd (1.5) Vodafone Qatar 8.15 (1.8) United Development Company Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Value Trades Close* 1D% Val. 000 YTD% Industries Qatar (0.5) 19, QNB Group (0.0) 16, Qatar Aluminium Manufacturing (1.4) 16,772.7 (7.1) Barwa Real Estate Company (0.1) 10, Masraf Al Rayan , Source: Bloomberg (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 10, (0.3) (0.3) , Dubai 2, (0.2) (0.2) (0.7) (0.7) , Abu Dhabi 4, (0.2) (0.2) , Saudi Arabia 8, (0.8) (0.8) , Kuwait 4, , Oman 4, (0.8) (0.8) (2.8) (2.8) , Bahrain 1, , Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any) Page 1 of 6

2 Qatar Market Commentary The QSE Index declined 0.3% to close at 10, The Telecoms and Insurance 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. Zad Holding Company and Qatar Islamic Insurance Company were the top losers, falling 3.2% and 2.3%, respectively. Among the top gainers, Ahli Bank gained 9.3%, while Qatar Oman Investment Company was up 7.2%. Volume of shares traded on Sunday fell by 24.7% to 7.8mn from 10.4mn on Thursday. However, as compared to the 30-day moving average of 7.4mn, volume for the day was 5.3% higher. Qatar First Bank and Qatar Aluminium Manufacturing Company were the most active stocks, contributing 20.1% and 17.3% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 32.96% 56.30% (39,446,438.69) Qatari Institutions 18.60% 16.26% 3,947, Qatari 51.56% 72.56% (35,499,066.59) GCC Individuals 0.96% 1.58% (1,050,776.19) GCC Institutions 4.90% 7.76% (4,827,552.07) GCC 5.86% 9.34% (5,878,328.26) Non-Qatari Individuals 12.92% 11.46% 2,468, Non-Qatari Institutions 29.67% 6.64% 38,909, Non-Qatari 42.59% 18.10% 41,377, Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases and Earnings Calendar Earnings Releases Revenue (mn) % Change Operating Profit % Change Net Profit % Change Company Market Currency 4Q2018 YoY (mn) 4Q2018 YoY (mn) 4Q2018 YoY Almarai Company* Saudi Arabia SR 13, % 2, % 2, % Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Financials for FY2018) Earnings Calendar Tickers Company Name Date of reporting 4Q2018 results No. of days remaining Status MARK Masraf Al Rayan 21-Jan-19 0 Due QNCD Qatar National Cement Company 23-Jan-19 2 Due NLCS Alijarah Holding 24-Jan-19 3 Due DHBK Doha Bank 27-Jan-19 6 Due WDAM Widam Food Company 27-Jan-19 6 Due QIIK Qatar International Islamic Bank 27-Jan-19 6 Due IHGS Islamic Holding Group 28-Jan-19 7 Due MCGS Medicare Group 30-Jan-19 9 Due QIGD Qatari Investors Group 30-Jan-19 9 Due QATI Qatar Insurance Company 3-Feb Due CBQK The Commercial Bank 4-Feb Due QIMD Qatar Industrial Manufacturing Company 10-Feb Due ORDS Ooredoo 13-Feb Due Source: QSE Page 2 of 6

3 News Qatar KCBK's bottom line rises 43.4% YoY and 3.7% QoQ in 4Q2018, in-line with our estimate; DPS 0.75/sh., in-line with our estimate Al Khalij Commercial Bank's (KCBK) net profit rose 43.4% YoY (+3.7% QoQ) to QR139.0mn in 4Q2018, in line with our estimate of QR139.6mn. Net interest income decreased 6.5% YoY and 0.4% QoQ to QR218.3mn in 4Q2018. The company's net operating income came in at QR256.6mn in 4Q2018, which represented a decrease of 9.5% YoY and 4.8% QoQ. The bank's total assets stood at QR52.1bn at the end of December 31, 2018, down 10.0% YoY and 2.8% QoQ. Loans and advances to customers at the end of December 31, 2018 were QR31.3bn, registering a decline of 10.8% YoY and 4.4% QoQ. Customer deposits fell 12.5% YoY and 9.5% QoQ to reach QR28.6bn at the end of December 31, EPS increased to QR1.54 in FY2018 from QR1.38 in FY2017. In FY2018, higher net fee and commission earnings as well as lower operating expenses and impairments helped KCBK to report more than 10% YoY growth in net profit to QR608.4mn in FY2018; the bank has recommended 0.75 cash dividend to shareholders. KCBK s Chairman and Managing Director, Sheikh Hamad bin Faisal bin Thani Al-Thani said, Despite all the challenges, the bank s strategy and successful business model have enabled us, once again, to deliver strong results. We continue to be well positioned to benefit from the economic expansion in Qatar that will remain robust and we look forward to a very successful KCBK s CEO, Fahad Al-Khalifa said the robust performance was the result of better balance sheet management, focusing on improving margins, containing cost of funding, maintaining cost efficiency and strengthening the capital and funding positions. Net fee and commission income was QR189.7mn, registering an increase of 4% over last year, the bank stated. These results reflect our strategy of continuing to invest in the local economy, and supporting our local clients while we continue to grow our franchise in Qatar. We have divested non-core overseas assets; therefore, although the total average asset base of the bank reduced, our operating income as a percentage of total average assets increased, Al- Khalifa said. During FY2018, the bank continued to review its cost base, thereby reducing the group's operating costs to QR329mn to deliver an efficiency ratio of 28.8%. We also successfully raised $500mn under the banks Euro medium term note program, further strengthening our funding position. The issue was oversubscribed by more than three times and tightly priced, exhibiting the faith of debt investors in the bank s performance and direction, and the underlying strength of the Qatari banking sector. This will support long-term growth, he said. The lender's liquidity coverage ratio and capital adequacy ratio remain well above the minimum levels required by the Qatar Central Bank. Its balance sheet remains strong and liquid with 30% of total assets comprising cash and high quality investment securities. The bank was able to bring down nonperforming loans ratio to 1.88% in 2018 from 1.94% in the previous year. (QNBFS Research, QSE, Gulf-Times.com) QNB Group to hold its AGM and EGM on February 10 QNB Group s board invited shareholders to attend the company s Ordinary General Meeting (AGM) and Extraordinary General Meeting (EGM), which will be held on February 10, In case quorum is not met, a second meeting will be held on February 17, (Gulf-Times.com) QEWS board meets to discuss the financial statements ended December 31, 2018 on February 10, 2019 Qatar Electricity & Water Company (QEWS) announced that its board of directors will meet on February 10, 2019 to discuss the company s 2018 financial results and the profit distribution. (QSE) DOHI s board meets to discuss the financial statements ended December 31, 2018 on February 13, 2019 Doha Insurance Group (DOHI) announced that its board of directors will meet on February 13, 2019 to discuss the company s 2018 financial results and the profit distribution. (QSE) UDCD s board meets to discuss the financial statements ended December 31, 2018 on February 06, 2019 United Development Company (UDCD) announced that its board of directors will meet on February 06, 2019 to discuss the company s 2018 financial results and the profit distribution. (QSE) NLCS to hold its EGM on February 4 Alijarah Holding (NLCS) announced that its Extraordinary General Assembly Meeting (EGM) will be held on February 4, In case of lack of quorum, a second meeting will be held on February 11, The agenda of the meeting is to amend the Articles of Association as follows: i) Amendment of Article (5) adjusting the nominal value of the share in the company as per the directions of the Qatar Financial Markets Authority (QFMA), and ii) Amendment of Article (19) the percentage of ownership of non-qataris. (QSE) KCBK to hold its AGM and EGM on February 24 Al Khalij Commercial Bank s (KCBK) board of directors invited shareholders to attend the AGM & EGM of the company on February 24, In case of lack of quorum, a second meeting will be held on March 4, 2019, to approve proposed amendments to the Articles of Association (AoA), mainly to comply with QFMA s regulations on the split of nominal value of shares of listed companies subject to formal announcement of such invitation and its details including AoA changes as per the law upon obtaining prior necessary regulatory approvals. (QSE) Vodafone Qatar signs agreement to provide mobile coverage in Manateq s logistics parks and industrial zones Vodafone Qatar announced that it has signed a landmark agreement to begin deploying its world-class mobile coverage infrastructure and network across all Manateq projects. The design, construction and installation of Manateq s telecommunications networks will begin immediately. Effective for ten years, the agreement will provide businesses and customers operating in the logistics parks and industrial zones with high speed access and connectivity to Vodafone s network, including 5G services. The project highlights Vodafone Qatar s extensive commitment to date in supporting the development of state of the art infrastructure in Qatar and accelerating the country s progress by bringing the latest technologies and innovation to the country. (QSE) EMBI inclusion could widen Qatar s investor base J.P. Morgan s inclusion of five GCC sovereign bonds, including Qatar and Kuwait, to its Emerging Market Bond Index (EMBI) from this month could lead to a significant demand for GCC sovereign bond issues. J.P. Morgan s emerging market bond Page 3 of 6

4 index inclusion will widen the investor base and could lead to increased liquidity of GCC bonds and Sukuk. Markaz noted in its GCC economic and investment themes 2019, that passive investment by index-tracking funds could amount to $30bn to $45bn of new demand, or about 30% of the value of outstanding GCC sovereign issuance. This would lead to a decline in sovereign spreads relative to international benchmarks, reducing the premium they pay relative to similar or lower rated issuers. For instance, this could amount to up to 30 basis points for Qatar. This passive demand would further ease access to global financial markets and likely lower funding costs, including corporate. With international bond issuance by corporate also significant at about $40bn from 2014 to the first half of 2018, securing a reduction in financing costs could result in higher private investment and stronger and more broadbased economic growth. Easing access to global financial markets would help ease the impact of tightening global financial conditions and provide an important channel to mitigate the risk of further bouts of financial market volatility. (Peninsula Qatar) Ooredoo and Manateq join hands to provide 5G infrastructure to logistics parks, industrial zones Ooredoo has partnered with Economic Zones Company (Manateq) to provide its world-class 5G infrastructure that is set to transform Qatar s logistics parks and industrial zones, as well as accelerate the country s diversified economic growth. Across Qatar, Manateq is developing logistics parks and industrial zones, which offer various sizes of plots of land to the investors to build their own industrial facility along with warehouses, workshops, offices, and worker accommodations. Under the agreement, Ooredoo will provide world-class 5G-ready mobility infrastructure that can digitally transform Manateq s customers. (Gulf-Times.com) More Qatari products set to hit the international market More local products are set to hit the international market, as over a dozen Qatari companies from the agriculture and food sector are showcasing their world-class products at the ongoing International Green Week (IGW)-Berlin expo, which will run until January 27 in Germany. With the participation of local SMEs from the agriculture and food industries at the highprofile event, more Qatari food products are now rubbing shoulders with global brands and set to establish footprint in the global market. Qatar, traditionally the net importer of food and agro-products, is witnessing a major transformation in terms of achieving food security and self-sufficiency. The collective efforts of various private and public entities, including the Qatar Development Bank (QDB), which are providing all the possible support to local SMEs and startups, is part of the economic diversification drive in line with Qatar s long term vision. (Peninsula Qatar) CRA to engage IT sector stakeholders on strategy The Communications Regulatory Authority (CRA) will conduct a focus group discussion meeting under the title Information Technology (IT) Sector Challenges for local stakeholders today. CRA is conducting this meeting to invite feedback from major players in the IT sector as it develops its comprehensive Sector Strategy for , which will include CRA s goals and the mechanisms to achieve it. Representatives from around 50 specialized local IT companies and entities will attend the meeting, where they will discuss their expectations and needs in the field, share their experiences and opinions, and talk about the current challenges they are facing. (Qatar Tribune) Qatar Chamber highlights local focus in success over the blockade Qatar Chamber s Research and Studies Department met with a US delegation from Hopkins University to showcase the economic measures Qatar has implemented to overcome the impact of the June 2017 economic blockade. Qatar Chamber s presentation shed light on the methods taken by the government to address the challenges wrought by the blockade, such as the launch of direct shipping lines to other international ports, prioritizing local products over foreign imports, and the role of the private sector, particularly the Chamber. Aside from new shipping routes between Hamad Port and number of ports in and outside the region, other steps taken by the government were aimed at encouraging and motivating the local industry, supporting the national products, and obliging ministries and government agencies to buy 100% local products, as well as reformulating the food security strategy. The presentation highlighted the positive gains from the blockade, including the dependence on local products, which grew from 5% before the blockade to 30% after the blockade, the establishment of 164 agricultural companies, and 22% growth in the number of new companies. (Gulf-Times.com) International Japan s manufacturers' mood slips to two-year low Confidence among Japanese manufacturers dropped for a third straight month in January to a two-year low, a Reuters monthly poll showed, as worries over the health of the global economy and trade tensions take a toll on the corporate sector. The monthly poll, which tracks the Bank of Japan s (BoJ) closely watched tankan quarterly survey, found service-sector sentiment held steady, suggesting that domestic demand may help offset rising headwinds from abroad. However, sentiment at both manufacturers and the service sector was seen deteriorating further in the coming three months, boding ill for the central bank s tankan survey due next on April 1. The monthly poll results come as the central bank is set to debate downside risks to the economy and the price outlook. Weakening inflation and slowing external demand mean BoJ is in no position to normalize monetary policy, while some investors are speculating further easing down the road. In the Reuters poll of 480 large- and mid-sized companies, in which 480 firms responded on condition of anonymity, exporters complained about lack of demand in China and the US and voiced concerns about the trade war between Japan s two major trading partners. The sentiment index for manufacturers stood at 18, down five points from the previous month, dragged down by declines in sectors such as steel and automobiles, according to the survey conducted January The index is expected to fall further to 17 in April. (Reuters) China's economy cools in the fourth quarter, 2018 growth hits 28-year low China s economic growth cooled slightly in the fourth quarter from a year earlier as expected, weighed down by weak investment and faltering consumer confidence as Washington piled on trade pressure, leaving 2018 growth the weakest in 28 years. Signs of further cooling in China, which has generated nearly a third of global growth in recent years - Page 4 of 6

5 are stoking worries about risks to the world economy and are weighing on profits for firms ranging from Apple to big carmakers. Fourth-quarter GDP grew at the slowest pace since the global financial crisis, easing to 6.4% from 6.5% in the third quarter, data from the National Bureau of Statistics showed. Analysts polled by Reuters had expected 6.4%. (Reuters) China's 2018 fixed-asset investment up 5.9%, December industrial output up 5.7% China s fixed-asset investment rose 5.9% in 2018, missing expectations of a 6.0% increase and recording the slowest annual growth since at least 1996, the National Bureau of Statistics stated. Private-sector fixed-asset investment, which accounts for about 60% of overall investment in China, rose 8.7% in 2018, compared with an increase of 8.7% in the first 11 months. Industrial output grew 5.7% in December from a year earlier. Analysts polled by Reuters had expected industrial output would grow 5.3%, slowing from 5.4% in November. Retail sales rose 8.2% in December on-year, in line with a forecasted rise of 8.2% and up from November s 8.1% gain. China s economic growth has slowed to near 30-year lows amid mounting pressure at home and abroad, with sluggish investment, softening consumer demand and punishing US tariffs on Chinese goods sparking fears of heavy job losses. (Reuters) Regional J.P. Morgan sees Gulf bond sales slipping as rates, volatility rise J.P. Morgan Chase & Co, one of the biggest arrangers of Gulf bond deals, expects sales to slip in 2019 from last year s $78bn as issuers turn cautious amid rising interest rates and market volatility. In the past, when there has been uncertainty either in rates or in spreads, regional issuers tended to become more careful and price sensitive, the US bank s regional Head of debt capital markets, Hani Deaibes said. Most of our clients have multiple funding options and will consider other alternatives if bonds turn too expensive, he said. Borrowers from the sixnation GCC primarily sell bonds in Dollars and two further interest rate hikes forecast in the US this year will add to costs. The possibility of economic growth stalling in the US and China, the trade dispute between the world s two biggest economies, political turmoil in Europe and falling oil prices are all contributing to volatility in financial markets that will make potential issuers uncomfortable. (Gulf-Times.com) DIP confirms 5mn square feet milestone passed for warehouse, office and commercial sub-leases in 2018 Dubai Investments Park (DIP), the wholly owned subsidiary of Dubai Investments, announced that total built-up warehouse, office and commercial unit space sub-leased at Dubai Investments Park passed the 5mn square feet mark in 2018, with major names from a variety of industries among the wide range of businesses that chose DIP, the Middle East region s unique integrated, commercial, industrial, and residential community, as home last year. (DFM) Aldar Properties makes $436mn in plot sales in one day Abu Dhabi s developer, Aldar Properties stated that it sold plots worth $436mn on a single day, which it called a sign of improved investor sentiment. Values and rentals on Abu Dhabi s property market have fallen, weighed down by a slowing economy in the last two years. Aldar Properties sold some 150 commercial plots and 786 residential plots within its latest development, Alreeman, mainly to UAE nationals and some Arab expatriates, its CEO, Talal Al Dhiyebi told Reuters. This market is starting to become mature and sophisticated, there s positive sentiment, he said. Aldar Properties will fully recognize the revenue and profit over the course of the next two years or so, he added. (Reuters) NBK well-positioned to provide funding for Kuwait National Bank of Kuwait (NBK) is well-positioned to finance development projects in Kuwait as the government looks to invest in new infrastructure, group Deputy CEO, Shaikha Al- Bahar said. Low oil prices will not impact fiscal policy and the government is pushing more projects; the focus of the government is to finance projects through banks, she said. NBK is investing hugely in technology. The bank does not have any plans for acquisitions and sees growth opportunities in Egypt and Saudi Arabia, she added. (Bloomberg) Warba Bank in discussions with Ahli United Bank for purchase of shareholding Ahli United Bank B.S.C and its subsidiary (Ahli United Bank K.S.C.P.) are in discussion with Warba Bank K.S.C.P. to potentially sell their combined shareholding in Kuwait and Middle East Financial Investment Company K.S.C.P. At this stage, there is no certainty that the discussions will result in the consummation of the transaction. (Bloomberg) Kuwait announces initiative for $200mn technology investment fund Kuwait is launching an initiative to create a $200mn fund for investments in technology, its Foreign Minister, Sheikh Sabah Al Khalid Al Sabah said at an Arab economic summit. He said that Kuwait would give $50mn to the fund to allow investment in the fields of technology and digital economy, which the private sector will take part in. (Reuters) Alba says it has reached financial close of export credit funding Aluminium Bahrain (Alba) closed by the end of 2018 the final installment of the second tranche of $136mn and EUR90mn from Export Credit Agency-covered facilities to finance its Line 6 smelter expansion project, the company stated. The financing includes (i) $136mn from the Export Development Canada (EDC) supported-facility with a 10-year tenor, wherein the principal amount is to be repaid over a 10-year period, and (ii) EUR90mn from Japan Bank for International Cooperation/Nippon Export and Investment Insurance (JBIC/NEXI) supported-facilities comprising two contract loans, the first of which has a tenor of 10 years and a principal repayment period of 9.5 years, and the second contract loan having a tenor of 6 years with the principal amount to be repaid over a 5.5-year period. Citibank has been mandated as the lead arranger for the EDC covered-facility and BNP Paribas for JBIC/NEXI supported-facilities. Alba is on its way to become the world s largest smelter. (Bloomberg) Al Salam Bank-Bahrain increases the total holding of treasury shares Al Salam Bank-Bahrain has informed the shareholders and the markets that it has bought 20,000 treasury shares on Bahrain Bourse, thereby increasing the total holding of treasury shares from 38,015,000 to 38,035,000 (1.776% of issued share capital). (Bahrain Bourse) Page 5 of 6

6 Saudi Arabia Qatar Kuwait Bahrain Oman Abu Dhabi Dubai Rebased Performance Daily Index Performance % 0.5% 0.2% 0.5% % (0.5%) (1.0%) (0.8%) (0.3%) (0.8%) (0.2%) (0.2%) 45.0 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 QSE Index S&P Pan Arab S&P GCC Source: Bloomberg Source: Bloomberg Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, (0.8) (0.4) (0.1) MSCI World Index 2, Silver/Ounce (1.2) (1.6) (1.0) DJ Industrial 24, Crude Oil (Brent)/Barrel (FM Future) S&P 500 2, Crude Oil (WTI)/Barrel (FM Future) NASDAQ 100 7, Natural Gas (Henry Hub)/MMBtu 3.43 (4.2) STOXX LPG Propane (Arab Gulf)/Ton (0.4) 8.3 DAX 11, LPG Butane (Arab Gulf)/Ton (6.1) (4.1) FTSE 100 6, Euro 1.14 (0.2) (0.9) (0.9) CAC 40 4, Yen Nikkei 20, GBP 1.29 (0.9) MSCI EM 1, CHF 1.00 (0.1) (1.2) (1.4) SHANGHAI SE Composite 2, AUD 0.72 (0.3) (0.7) 1.7 HANG SENG 27, USD Index BSE SENSEX 36, (0.2) (0.2) (1.3) RUB (0.1) (0.9) (4.9) Bovespa 96, BRL 0.27 (0.1) (1.2) 3.4 RTS 1, Source: Bloomberg Source: Bloomberg (*$ 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