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1 QSE Intra-Day Movement 10,160 10,140 10,120 10,100 10,080 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QSE Index rose 0.2% to close at 10, Gains were led by the Banks & Financial Services and Consumer Goods & Services indices, gaining 0.7% and 0.1%, respectively. Top gainers were Dlala Brokerage & Investments Holding Co. and Commercial Bank, rising 3.0% and 2.9%, respectively. Among the top losers Qatar Gen. Insurance & Reins. Co. fell 9.8%, while Gulf Warehousing Co. was down 1.9%. GCC Commentary Saudi Arabia: The TASI Index rose 0.1% to close at 6, Gains were led by the Food & Staples Ret. and Consumer Dur. indices, rising 1.1% and 1.0%, respectively. Saudi Indian Co. for Coop. Ins. rose 9.7%, while Allied Coop. Ins. was up 4.8%. Dubai: The DFM Index gained 0.5% to close at 3, The Real Estate & Construction index rose 1.3%, while the Consumer Staples index gained 0.6%. Emirates Islamic Bank rose 15.0%, while Marka was up 3.2%. Abu Dhabi: The ADX benchmark index rose 0.3% to close at 4, The Services index gained 2.0%, while the Energy index rose 0.9%. Gulf Medical Projects Co. gained 15.0%, while Fujairah Cement Industries was up 14.3%. Kuwait: The KSE Index rose 0.1% to close at 6, The Basic Material index gained 1.1%, while the Real Estate index rose 0.8%. National Ranges Company gained 9.8%, while Real Estate Asset Management Company was up 8.1%. Oman: The MSM Index fell 0.2% to close at 5, The Services index declined 0.1%, while other indices ended in green. Al Hassan Engineering fell 4.0%, while United Finance was down 1.5%. Bahrain: The BHB Index fell 0.3% to close at 1, The Investment index declined 0.8%, while the Commercial Banks index fell 0.1%. Esterad Investment Co. declined 6.6%, while Khaleeji Commercial Bank was down 4.4%. QSE Top Gainers Close* 1D% Vol. 000 YTD% Dlala Brokerage & Inv. Holding Co Commercial Bank Mannai Corp (1.5) Islamic Holding Group QNB Group (4.9) Market Indicators 17 May May 17 %Chg. Value Traded (QR mn) (7.1) Exch. Market Cap. (QR mn) 539, , Volume (mn) Number of Transactions 2,633 3,112 (15.4) Companies Traded (2.4) Market Breadth 13:21 19:12 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 17, All Share Index 2, (0.1) 14.9 Banks 2, Industrials 3, (0.2) (0.1) (6.1) 18.6 Transportation 2, (0.2) 0.4 (16.7) 12.5 Real Estate 2, (0.2) Insurance 4, (1.4) (1.1) (3.7) 18.1 Telecoms 1, (0.2) (0.1) Consumer 5, (0.6) Al Rayan Islamic Index 4, (0.3) GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% Aviation Lease & Fin. Kuwait Abu Dhabi Nat. Energy Abu Dhabi , Nat. Ind. Group Holding Kuwait (1.6) Dar Al Arkan Real Estate Saudi Arabia , Qurain Petrochem. Ind. Kuwait GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% Qatar Gen. Ins. & Reins. Qatar (9.8) 0.1 (22.0) Arab Banking Corp. Bahrain 0.30 (3.2) (18.9) Gulf Cable & Elec. Ind. Kuwait 0.43 (2.3) Albaraka Banking Group Bahrain 0.44 (2.2) (5.7) Saudi Ceramic Co. Saudi Arabia (2.2) 57.6 (16.5) Source: Bloomberg ( # in Local Currency) ( ## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) QSE Top Losers Close* 1D% Vol. 000 YTD% Qatar General Ins. & Reins. Co (9.8) 0.1 (22.0) Gulf Warehousing Co (1.9) 54.2 (8.9) Al Khaleej Takaful Group (1.8) 1.1 (7.3) Al Khalij Commercial Bank (1.0) (14.7) Mesaieed Petrochemical Holding (0.8) 84.7 (8.6) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% Qatar First Bank 8.25 (0.6) 2,662.1 (19.9) Vodafone Qatar ,940.4 (1.8) Ezdan Holding Group Barwa Real Estate Co (0.4) Masraf Al Rayan Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Value Trades Close* 1D% Val. 000 YTD% QNB Group ,306.5 (4.9) Qatar First Bank 8.25 (0.6) 21,778.9 (19.9) Masraf Al Rayan , Barwa Real Estate Co (0.4) 17, Vodafone Qatar ,789.5 (1.8) Source: Bloomberg (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 10, (2.8) , Dubai 3, (0.7) (0.6) (3.8) , Abu Dhabi 4, (0.3) , Saudi Arabia 6, (0.9) (3.6) , Kuwait 6, (1.6) , Oman 5, (0.2) (0.2) (1.6) (6.2) , Bahrain 1, (0.3) 0.2 (1.9) , Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) Page 1 of 6

2 Qatar Market Commentary The QSE Index rose 0.2% to close at 10, The Banks & Financial Services and Consumer Goods & Services indices led the gains. The index rose on the back of buying support from non-qatari shareholders despite selling pressure from Qatari and GCC shareholders. Dlala Brokerage & Investments Holding Co. and Commercial Bank were the top gainers, rising 3.0% and 2.9%, respectively. Among the top losers Qatar General Insurance & Reinsurance Co. fell 9.8%, while Gulf Warehousing Co. was down 1.9%. Volume of shares traded on Wednesday rose by 9.0% to 9.3mn from 8.6mn on Tuesday. Further, as compared to the 30-day moving average of 8.9mn, volume for the day was 4.3% higher. Qatar First Bank and Vodafone Qatar were the most active stocks, contributing 28.5% and 20.8% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 41.71% 54.62% (29,220,264.88) Qatari Institutions 29.67% 17.49% 27,556, Qatari 71.38% 72.11% (1,663,646.86) GCC Individuals 0.95% 3.02% (4,685,926.56) GCC Institutions 1.11% 2.53% (3,197,683.43) GCC 2.06% 5.55% (7,883,609.99) Non-Qatari Individuals 5.90% 5.77% 274, Non-Qatari Institutions 20.66% 16.56% 9,272, Non-Qatari 26.56% 22.33% 9,547, Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases and Global Economic Data Earnings Releases Company Market Currency Almadina for Finance and Investment Company Source: Company data, DFM, ADX, MSM, TASI, BHB. Revenue (mn) 1Q2017 % Change YoY Operating Profit (mn) 1Q2017 % Change YoY Net Profit (mn) 1Q2017 % Change Kuwait KD % YoY Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 05/17 US Mortgage Bankers Association MBA Mortgage Applications 12-May -4.1% 2.4% 05/17 UK UK Office for National Statistics Jobless Claims Change April 19.4k 25.5k 05/17 EU Eurostat CPI MoM April 0.4% 0.4% 0.8% 05/17 EU Eurostat CPI YoY April 1.9% 1.9% 1.5% 05/17 EU Eurostat CPI Core YoY April 1.2% 1.2% 1.2% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar VFQS reports net loss of QR74.20mn in 4QFY2017 (March 2017) Vodafone Qatar reported a higher net loss of QR74.20mn in the March quarter (QNBFS estimate was a loss of QR51.67mn) vs. a net loss of QR31.44mn in December 2016 quarter. However, in FY2017, net loss narrowed to QR269.18mn from a net loss of QR465.71mn in FY2016. The company s revenue came in at QR517.37mn in 4QFY2017, representing a decrease of 4.4% QoQ; we were expecting revenue of QR542.71mn so the company s reported revenue was in-line with our estimate. On a YoY basis, revenue edged up 0.2%. EBITDA declined 22.5% QoQ to QR130.82mn in 4QFY2017. On a YoY basis, EBITDA increased 124.4%. In FY2017, the company s EBITDA increased 34% YoY to QR536.51mn supported by gains in the post-paid market share, a better mix of higher-margin revenue and the success of new products. This was coupled with cost control following the restructuring of the business and a 10% reduction in overall headcount in the first quarter. Although total revenue decreased by 2.9% YoY in FY2017 due to a shift away from lower margin business and reduction in mobile termination rates, the underlying total revenue increased by 3.3%. Total number of mobile customers reached 1.5mn, representing a decrease of 3% YoY, due to a one-time disconnection of customers with inadequate customer registration information. The company registered free cash flow at QR116mn in the period under review, an improvement of QR250mn YoY. No dividends declared for FY2017. VFQS stated the board is encouraged by the progress of the business, and in order to accelerate investment in coverage and fixed line opportunities, has decided to recommend that no distribution be made in respect of FY2017. Distributable profit for the year was ~QR134mn according to news reports. We believe the results remain mixed and does not change our thesis on VFQS. The lack of a dividend, even if a token amount, could be a nearterm negative for retail investors. We continue to rate VFQS a Market Perform with a PT of QR8.50. (QNBFS Research, Gulftime.com, QSE) QIBK successfully prices $750mn 5-year Sukuk Qatar Islamic Bank (QIBK) priced a highly successful $750mn 5-year RegS only Sukuk offering. The Sukuk was issued at par with an annual profit rate of 3.251% (payable semi-annually), representing a spread of 135bps over 5-year mid-swaps. QIBK is rated by Moody s at A1 (stable); by S&P at A- (negative) and by Fitch at A+ (stable). The transaction represents QIBK s return to the public debt capital markets, following its $750mn Page 2 of 6

3 Sukuk issuance in October Citi, Emirates NBD Capital, HSBC, Noor Bank, QInvest and Standard Chartered Bank acted as joint bookrunners and joint Lead Managers on the transaction. (Gulf-Times.com) Ezdan Holding Group set to launch realty project in Addis Ababa Ezdan Holding Group is set to launch its maiden multipurpose real estate project in Addis Ababa, capital of Ethiopia, as part of its efforts to strengthen its foothold in the overseas markets. We have prepared a thorough study of the project in terms of its economic feasibility, location and uses. We expect this project to be completed as soon as possible in light of the swift response from the Ethiopian side in facilitating the procedures, Ezdan Holding Group Chairman Sheikh Dr Khalid bin Thani bin Abdullah al-thani said. In this regard, Ezdan Holding Group signed a memorandum of understanding (MoU) with a high-level Ethiopian delegation at its headquarters. The proposed 60,000 square meters project includes a five-star hotel, a convention center, a tower of hotel apartments and offices, variety of retail outlets, modern restaurants and cafes. However, further details regarding the cost of the project and the date of completion were not disclosed. (Gulf-Times.com) Emir appoints QCB board of directors Emir HH Sheikh Tamim bin Hamad Al Thani issued the Emiri Decision No 14 of 2017 appointing the board of directors of Qatar Central Bank (QCB). The decision stipulated that the QCB board of directors shall be chaired by HE Sheikh Abdullah bin Saoud bin Abdulaziz Al Thani, the Governor of QCB, and HE Sheikh Fahad bin Faisal bin Thani Al-Thani, Deputy Governor - Vice-Chairman of the board of directors, along with the following members: Minister of Development Planning and Statistics HE Dr Saleh bin Mohamed Al Nabit; Dr Ibrahim Al Ibrahim, Khalaf Ahmad Al Manai, the Representative of the Ministry of Finance; Sultan Rashid Al Khater, the Representative of the Ministry of Economy and Commerce; and Nasser Ahmed Al Shaibi. The membership of the board is four years, renewable for a period or other similar periods. The decision is effective from June 19, (Peninsula Qatar) Sustainability practices in hospitality sector are expected to rise Sustainability practices in Qatar s hospitality sector are expected to increase in the next two years as the country gears up to build around 40,000 hotel rooms for the FIFA World Cup in 2022, an expert has said. Qatar Green Building Council head of communications Hamoda Youssef said increased competition in the country s hotel industry is driving players and stakeholders to continuously raise their standards of services. This, he said, includes carrying out sustainability practices, securing green certifications from third party agencies, and complying with Qatar Tourism Authority s (QTA) new hotel classification manual, which was released early last year. Speaking to Gulf Times on the sidelines of the Hotelier Summit Middle East, Youssef said Qatar has a handful of five-star hotels that could be considered as green hotels; however, three- and four-star hotels should also follow the trend. The QTA has taken a bold step by embedding sustainability to its classification system, which is the right step given the country s commitment to sustainability and the Qatar National Vision 2030, as well as sustainability commitments in mega events like the FIFA World Cup in 2022, he stressed. He said some of the major sustainability challenges facing Qatar s hospitality sector are raising awareness on sustainable practices and waste management, specifically recycling facilities. (Gulf-Times.com) International MBA: US mortgage activity posts biggest drop since December US mortgage application activity recorded its biggest drop since December, retreating from an eight-week high, as various home borrowing costs held steady or rose modestly, according to Mortgage Bankers Association (MBA) data. The Washington-based industry group said its measure on mortgage applications fell to points in the week ended May 12, 2017, a 4.1% decline from the prior week. This was the biggest weekly decrease since a 12.1% drop in the December 23, 2016 week. Interest rates on conforming 30-year fixed-rate mortgages were 4.23% for a third straight week, while average rates on other types of 30-year loans the MBA tracks were 0.01 to 0.02 percentage point higher than the previous week. Mortgage rates have held in tight ranges since their surge in step with bond yields last November following Donald Trump's US presidential win. (Reuters) UK households suffer biggest financial squeeze since mid-2014 Inflation has gnawed further into the budgets of British households this month, according to a survey that suggests the greatest financial squeeze for consumers since mid-2014 as a national election approaches. The IHS Markit Household Finance Index fell to 42.4, down slightly from 42.5 in April. The fall was driven by a steep rise in living costs, resulting in the sharpest fall in cash available to spend in two-and-a-half years. The survey drove home the challenge facing British households as inflation rises, with living costs a big campaign issue ahead of the June 8 election. Official data showed inflation rose to its highest level since September 2013 at 2.7% last month, extending its sharp rise since the vote to leave the European Union. (Reuters) Japan's economy expands at fastest pace in a year in January- March Japan's economy grew at the fastest pace in a year in the first quarter to mark the longest period of expansion in a decade, heightening prospects that robust overseas demand will underpin a steady recovery. The data offers some relief to Bank of Japan policymakers, who are hoping that the economy gathers enough momentum to drive up wage growth and inflation, which remain low on soft household spending. Japan's economy, the world's third-largest, grew an annualized 2.2% in January-March, Cabinet Office data showed, exceeding a median market forecast for a 1.7% rise to post the fastest growth rate since January-March It marked the fifth straight quarter of expansion, the longest growth run since a six-quarter streak through 2006, when the Bank of Japan was exiting from its previous quantitative easing program on signs of strength in the economy. (Reuters) China s April home prices rise 0.7% MoM, 10.7% YoY Average new home prices in China's 70 major cities rose 0.7% MoM in April, faster than the 0.6% gain posted in March, Reuters calculated from an official survey. On YoY basis new home prices rose 10.7% in April, slowing from 11.3% gain in March, Reuters calculated from National Bureau of Statistics (NBS) data. Analysts say China's hot property market appeared to be Page 3 of 6

4 peaking as regulators intensified a crackdown on speculators in big cities in late March. (Reuters) Regional GCC building contract awards to hit $85.6bn in 2017 It's a boom time for the GCC construction market with the value of new building contracts poised to hit $85.6bn in 2017, up 7% over $79.5bn in According to the GCC Building Construction Market, UAE tops the regional ranking with an estimated $40.5bn building contractor awards coming up this year, followed by Qatar ($16.7bn) and Saudi Arabia ($16bn). The 2017 figures confirm the UAE construction market s positive trend, after $32.6bn worth of projects were awarded in 2016, the highest value registered since (GulfBase.com) IMF warns Saudi Arabia not to tighten fiscal policy too fast The International Monetary Fund (IMF) warned Saudi Arabia not to tighten fiscal policy too fast, saying rapid cuts to the government's budget deficit could damage the economy. Tim Callen, Head of an IMF team which held annual consultations with Saudi Arabian officials last week, said Riyadh's goal of balancing its budget was appropriate. Low oil prices in the past couple of years have pushed it deep into the red. Callen added, "The target of balancing the budget, however, does not need to be met in 2019 as set out in the Fiscal Balance Program given Saudi Arabia s strong financial asset position and its low debt. A more gradual fiscal consolidation to achieve budget balance a few years later would reduce the effects on growth in the near term while still preserving fiscal buffers to help manage future risks." (Reuters) Saudi Aramco said to make leadership changes ahead of IPO Saudi Aramco has promoted eight executives to top positions, including a Senior Vice-President for downstream operations, as it seeks to double refining capacity and expand natural gas and chemical businesses ahead of what could be the world s biggest share sale. Saudi Aramco appointed two Senior Vice- Presidents, six Vice-Presidents and two Associate General Counsels. Meanwhile, Saudi Aramco plans to set up a new chemicals subsidiary, the company said in its official magazine, The Arabian Sun. The Board has approved the creation of a new subsidiary to conduct the company's chemicals business. (GulfBase.com, Reuters) Saudi Arabia s Finance Minister expects expansionary 2018 budget based on savings According to Saudi Arabia s Finance Minister, Mohammed al-jadaan, Saudi Arabia s budget in 2018 will be expansionary but not significantly and in line with plans to balance state finances by Al-Jadaan said, Where the expansion will come is from the efficiency. So we are working on that - reducing a lot of the fat that is not necessary and then utilizing that in more productive investments. The target for a balanced budget is central to the Kingdom s long-term plan to wean the economy off oil, which includes creating the world s biggest sovereign wealth fund and privatizing some state assets. (Gult-Times.com) SADAFCO s EGM approves liquidator reports for liquidation of three units Saudia Dairy and Foodstuff Company s (SADAFCO) Extra Ordinary General Assembly (EGM) approved liquidating three subsidiaries. The three owned subsidiaries are National Sights Holding Company, National Buildings Real Estate Company, and United Gulfers Transport Company. (Tadawul) Dana Gas creditors appoint Moelis and Weil for Sukuk restructuring According to sources, a committee of the holders of some $700mn in Islamic bonds issued by Dana Gas has appointed New York-based boutique investment bank Moelis and US legal firm Weil, Gotshal & Manges to negotiate restructuring of the notes. With cash balance of around $300mn at end-march and the Sukuk due to mature in October 2017, the Abu Dhabi-listed energy producer said earlier in May that it intended to hold discussions with its creditors. (Reuters) DP World s Chairman: Dubai's trade with Qatar grew 92% during DP World Group s Chairman, Sultan bin Sulayem said that Dubai's trade with Qatar grew 92% during the period , reaching AED15bn in Bin Sulayem said, "The GCC customs union is moving steadily towards a full integration between the GCC countries by supporting trade between them and helping them attracts more global investment and trade to the region. This is why we, at Ports, Customs and Free Zone Corporation, develop means of cooperation and coordination with the Qatari authorities. Dubai s external trade with Qatar reached AED15bn in 2016 compared to AED7.8bn in (Bloomberg) ICBC Dubai launches 500mn Euro in floating rate notes The Dubai branch of the Industrial and Commercial Bank of China (ICBC) has launched 500mn Euro three-year floating rate notes at 60 bps over Euribor. Initial price guidance was in the bps area over Euribor. Books for the transaction surpassed 1.5bn Euro. BNP Paribas, ICBC (Asia), ICBC International and Standard Chartered are the joint global coordinators and they are joined by Citigroup and Credit Agricole as joint book runners. (Reuters) Commercial Bank of Kuwait s net profit narrows to KD0.8mn in 1Q2017 Commercial Bank of Kuwait recorded net profit of KD0.8mn in 1Q2017 as compared to KD7.8mn in 1Q2016. Total operating revenue came in at KD39.3mn in 1Q2017 as compared to KD38.2mn in 1Q2016. (Reuters) Oman s listed conventional banks achieve robust growth in credit Oman s listed conventional banks have achieved a combined credit growth of more than 5% for 1Q2017 over the same period of last year. The Omani listed banks, Bank Muscat, Bank Dhofar, National Bank of Oman, HSBC Bank Oman, Ahli Bank and Bank Sohar, had a combined net loan of OMR17.70bn by the end of March The banking sector remained resilient supporting the economic diversification initiatives and credit needs. In fact, credit growth is relatively better, despite the current economic slowdown in the region. As some of the projects have reached the stage of funding, growth in demand for credit is expected to continue, probably at a slower pace in 2017, compared with last year. The demand for credit from the corporate sector is mostly for funding projects, which are either state-owned entities or private sector projects. (GulfBase.com) Finance Minister: Oman to sell $2bn of Islamic Bonds Oman s Finance Minister, Darwish Al Balushi said that Oman plans to sell $2bn of Islamic bonds in May as it seeks to trim a large budget deficit caused by lower oil revenue. The crude exporter s budget deficit will reach 12% of economic output in 2017 and it will continue to narrow in the coming years. Al Balushi said, Page 4 of 6

5 We are confident that our economy is heading in the right direction because the government has taken several measures for economic and fiscal reform. These measures led to improvement in the fiscal situation and the government will continue to take more measures. Al Balushi added that privatization is among the reforms being undertaken by the government, including public-private partnerships. (Bloomberg) Page 5 of 6

6 Saudi Arabia Qatar Kuwait Bahrain Oman Abu Dhabi Dubai Rebased Performance Daily Index Performance % 0.3% 0.0% (0.3%) (0.6%) 0.1% 0.2% 0.1% (0.3%) (0.2%) 0.3% 0.5% 70.0 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 QSE Index S&P Pan Arab S&P GCC Source: Bloomberg Source: Bloomberg Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, MSCI World Index 1, (1.2) (0.5) 7.5 Silver/Ounce DJ Industrial 20, (1.8) (1.4) 4.3 Crude Oil (Brent)/Barrel (FM Future) (8.1) S&P 500 2, (1.8) (1.4) 5.3 Crude Oil (WTI)/Barrel (FM Future) (8.7) NASDAQ 100 6, (2.6) (1.8) 11.7 Natural Gas (Henry Hub)/MMBtu 3.16 (2.0) (2.6) (14.1) STOXX (0.7) LPG Propane (Arab Gulf)/Ton (9.6) DAX 12, (0.8) LPG Butane (Arab Gulf)/Ton (28.4) FTSE 100 7, (0.1) Euro CAC 40 5, (1.1) Yen (2.0) (2.2) (5.2) Nikkei 19, GBP MSCI EM 1, (0.6) CHF SHANGHAI SE Composite 3, (0.3) AUD HANG SENG 25, (0.2) USD Index (0.5) (1.7) (4.5) BSE SENSEX 30, RUB (7.2) Bovespa 67, (2.1) (0.5) 17.4 BRL 0.32 (1.4) (0.6) 3.6 RTS 1, (0.8) 0.4 (4.2) Source: Bloomberg Source: Bloomberg (*$ adjusted returns) 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 6 of 6