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1 QSE Intra-Day Movement 8,950 8,900 8,850 8,800 8,750 8,700 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QSE Index declined 1.8% to close at 8, Losses were led by the Real Estate and Industrials indices, falling 2.9% and 2.0%, respectively. Top losers were Dlala Brokerage & Investments Holding Co. and Qatar Oman Investment Co., falling 9.4% and 5.8%, respectively. Among the top gainers, Al Khaleej Takaful Group rose 5.8%, while Qatar Cinema & Film Distribution Co. was up 5.3%. GCC Commentary Saudi Arabia: The TASI Index rose 5.5% to close at 7, Gains were led by the Banks and Food & Beverages indices, rising 8.0% and 6.3%, respectively. Saudi Arabian Mining Co. and Emaar The Economic City were up 10.0% each. Dubai: The DFM Index declined 1.0% to close at 3, The Financial & Investment Services index fell 2.3%, while the Services index declined 1.5%. Mashreqbank fell 9.2%, while SHUAA Capital was down 8.3%. Abu Dhabi: The ADX benchmark index rose 0.1% to close at 4, The Energy index gained 4.7%, while the Industrial index rose 0.8%. Dana Gas Co. gained 6.2%, while National Bank of Ras Al Khaimah was up 5.6%. Kuwait: The KSE Index declined 0.3% to close at 6, The Consumer Services index fell 3.8%, while the Oil & Gas index declined 2.8%. Kuwait Cable Vision fell 11.8%, while Al-Massaleh Real Estate Co. was down 11.1%. Oman: The MSM Index fell 1.4% to close at 5, Losses were led by the Financial and Services indices, falling 1.5% and 1.0%, respectively. Bank Dhofar fell 4.3%, while HSBC Bank Oman was down 3.9%. Bahrain: The BHB Index fell 0.4% to close at 1, The Hotel & Tourism index declined 2.6%, while the Services index fell 0.8%. Gulf Hotel Group declined 3.7%, while Bahrain Telecommunication Company was down 2.3%. QSE Top Gainers Close* 1D% Vol. 000 YTD% Al Khaleej Takaful Group (14.7) Qatar Cinema & Film Distribution (2.9) Qatar Navigation (28.5) Qatar International Islamic Bank (13.9) Doha Insurance Co (19.8) Market Indicators 21 Jun Jun 17 %Chg. Value Traded (QR mn) Exch. Market Cap. (QR mn) 474, ,564.1 (1.9) Volume (mn) Number of Transactions 4,455 2, Companies Traded Market Breadth 6:33 4:35 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 14, (1.8) (5.2) (12.8) 14.5 All Share Index 2, (1.9) (4.7) (12.6) 12.9 Banks 2, (2.0) (5.7) (8.9) 11.5 Industrials 2, (2.0) (5.7) (17.9) 16.3 Transportation 1, (0.2) (0.6) (23.2) 11.6 Real Estate 1, (2.9) (2.2) (12.7) 12.4 Insurance 3, (0.3) (5.2) (10.8) 16.7 Telecoms 1, (1.5) (5.5) (10.1) 20.5 Consumer 5, (1.1) (3.9) (11.7) 11.5 Al Rayan Islamic Index 3, (1.7) (3.9) (9.4) 15.9 GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% Saudi Arabian Mining Saudi Arabia , Emaar The Eco. City Saudi Arabia ,244.5 (13.2) Samba Financial Group Saudi Arabia , Almarai Co. Saudi Arabia , IFA Hotels & Resorts Kuwait GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% Drake & Scull Int. Dubai 0.40 (5.5) 35,449.8 (17.7) Al Khalij Com. Bank Qatar (4.6) (27.6) Bank Dhofar Oman 0.22 (4.3) Nat. Mobile Telecom. Kuwait 1.10 (4.3) 79.0 (8.3) HSBC Bank Oman 0.12 (3.9) ( # 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% Dlala Brokerage & Inv. Holding (9.4) (12.8) Qatar Oman Investment Co (5.8) 13.9 (15.8) Zad Holding Co (5.3) 0.1 (16.5) Islamic Holding Group (5.3) (17.9) Al Khalij Commercial Bank (4.6) (27.6) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% Doha Bank (2.0) 3,421.7 (12.5) Vodafone Qatar 8.14 (3.3) 2,963.5 (13.1) Qatar First Bank 7.50 (0.9) 1,693.0 (27.2) Gulf International Services (34.1) QNB Group (2.1) (16.7) Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Value Trades Close* 1D% Val. 000 YTD% Doha Bank (2.0) 100,935.2 (12.5) QNB Group (2.1) 86,841.7 (16.7) Vodafone Qatar 8.14 (3.3) 24,209.1 (13.1) Qatar Electricity & Water Co (2.9) 20,057.8 (18.7) Masraf Al Rayan (2.0) 18, (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 8, (1.8) (5.2) (11.3) (15.9) , Dubai 3, (1.0) (1.2) 2.4 (3.2) , Abu Dhabi 4, (0.9) 0.7 (1.9) , Saudi Arabia 7, , , Kuwait 6, (0.3) (0.7) (0.3) , Oman 5, (1.4) (2.4) (5.5) (11.4) , Bahrain 1, (0.4) (1.0) (0.5) , , 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 5

2 Qatar Market Commentary The QSE Index declined 1.8% to close at 8, The Real Estate and Industrials indices led the losses. The index fell on the back of selling pressure from GCC and non-qatari shareholders despite buying support from Qatari shareholders. Dlala Brokerage & Investments Holding Co. and Qatar Oman Investment Co. were the top losers, falling 9.4% and 5.8%, respectively. Among the top gainers, Al Khaleej Takaful Group rose 5.8%, while Qatar Cinema & Film Distribution Co. was up 5.3%. Volume of shares traded on Wednesday rose by 52.6% to 14.9mn from 9.7mn on Tuesday. Further, as compared to the 30-day moving average of 13.2mn, volume for the day was 12.8% higher. Doha Bank and Vodafone Qatar were the most active stocks, contributing 23.0% and 19.9% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 25.44% 23.64% 7,811, Qatari Institutions 54.34% 30.85% 102,319, Qatari 79.78% 54.49% 110,131, GCC Individuals 0.13% 1.31% (5,158,260.48) GCC Institutions 0.24% 18.65% (80,172,878.59) GCC 0.37% 19.96% (85,331,139.07) Non-Qatari Individuals 6.05% 6.45% (1,736,895.51) Non-Qatari Institutions 13.80% 19.10% (23,062,991.21) Non-Qatari 19.85% 25.55% (24,799,886.72) Source: Qatar Stock Exchange (* as a % of traded value) Ratings Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change Qatar Insurance Company S&P Qatar FSR A A Stable Source: News reports (* LT Long Term, ST Short Term, FSR- Financial Strength Rating, FCR Foreign Currency Rating, LCR Local Currency Rating, IDR Issuer Default Rating, SR Support Rating, LC Local Currency) News Qatar Fitch places nine Qatari banks on rating watch negative Fitch Ratings has placed all ratings on QNB Group, Commercial Bank, Doha Bank, Qatar Islamic Bank, Al Khalij Commercial Bank, Qatar International Islamic Bank, Ahli Bank, International Bank of Qatar and Barwa Bank on Rating Watch Negative (RWN). Fitch equalizes all Qatari banks' SRFs and IDRs at 'A+'. QNB Group is the exception, rated one notch higher at 'AA-' to reflect its flagship status, its role in the Qatari banking sector and its close business links with the state. The RWN on the Long-Term IDRs of all banks mirrors the RWN on the Qatari sovereign. In assigning the current IDRs, Fitch considers that the Qatari authorities will not place a moratorium on deposit withdrawals from or debt repayment to the countries in dispute in retaliation. The VRs for Qatari banks range from 'bbb+' for QNB Group, 'bbb-' for Commercial Bank, Doha Bank, Qatar Islamic Bank and Ahli Bank, to 'bb+' for the remaining four banks. (Reuters) Al-Shaibei: Qatar banking sector s robustness proved again The strength of Qatar s economy and the robustness of its banking sector were proved beyond doubt yet again with normal business activities being resumed within 24 hours of the blockade on the country imposed by its neighbors, said Abdulbasit Ahmad Al-Shaibei, QIIK CEO. In Qatar, we have a contingency plan for the worst case scenario. We immediately activated the contingency plan following the blockade. This way, we could effectively manage the situation and ensure sufficient liquidity in our banking system, Al-Shaibei said. He stressed that Qatari banks are very well capitalized. Liquidity is not an issue for us. Sufficient cash is available in the system and our customers could transfer money in any currency anywhere, right from the second day of the blockade. There is no basis for concerns that major currencies including the dollar are in short supply. It is not, Al-Shaibei noted. He said Qatari banks were among the few that could meet the international requirements in terms of liquidity as well as the Basel III regulatory framework on capital adequacy, stress test and market liquidity risk. Also, the Qatar Central Bank has been very supportive, although we actually do not need any special support from the QCB now, Al-Shaibei said. He said Qatar s government is committed to completing all its projects in time. This includes projects related to infrastructure. (Gulf- S&P reaffirms QATI s rating with a Stable outlook Global credit rating agency Standard and Poor s (S&P) has reaffirmed Qatar Insurance Company s (QATI) A rating with a Stable outlook and said it does not expect that the cut in diplomatic ties of a group of Arab countries to Doha to hurt QATI. The rating agency emphasized QATI s recognized brand that has rapidly expanded outside its core territories, notably in the UK and in global reinsurance markets. QATI has established a track record of good earnings, mainly owing to its diverse product offering. (Gulf- Turkey offers building materials for 2022 projects The Ambassador of Turkey to Qatar, Fikret Ozer, said that with his country s support, Qatar would not face any kind of shortage of any type of goods in future and Turkey would also supply construction materials for ongoing FIFA 2022 related or other mega projects. (Peninsula Qatar) Around 135 Omani firms ready to export food items to Qatar Around 135 Omani companies have expressed their readiness to export a wide-range of goods, including food items and building materials, to Qatar, which are expected to enter the local Page 2 of 5

3 market very soon. This was announced after the successful visit of a high level business delegation from Qatar to Oman. A number of Omani and Qatari businessmen held bilateral meeting in Muscat. The meetings focused on discussing ways of enhancing cooperation between the two sides businessmen and exporting Omani food items and building materials to Qatar, said a press statement issued by Qatar Chamber. (Peninsula Qatar) QIIK eyes LSE for listing of $700mn five-year Sukuk Qatar International Islamic Bank (QIIK) plans to list its $700mn fiveyear Sukuk on the London Stock Exchange (LSE) by October, depending on the market conditions, Chief Executive Officer (CEO) Abdulbasit Ahmad Al Shaibei said. He said the $700mn five year Sukuk was being issued as an existing Sukuk got matured. This will provide QIIK with cheaper funding, although we do not have to go in for the Sukuk as we are very liquid, Al-Shaibei noted. If the market conditions are good, the pricing is good, we will proceed with the Sukuk. As of now, we plan to list the Sukuk on the LSE by October, but that depends on the market conditions, Al-Shaibei added. (Gulf- QEWS & Marubeni ink cooperation agreement Qatar Electricity and Water Company (QEWS) and a Japanese company, Marubeni, signed a cooperation agreement which aims at providing skill development and training for Qataris. The contract was signed by Fahd bin Hamad Al Mohannadi, General Manager and Managing Director of QEWS and Yoshaki Yokota, Chief Operating Officer of Marubeni. (Peninsula Qatar) International US existing home sales unexpectedly rise in May US home resales unexpectedly rose in May to the third highest monthly level in a decade and a chronic inventory shortage pushed the median home price to an all-time high. The National Association of Realtors said existing home sales increased 1.1% to a seasonally adjusted rate of 5.62mn units last month. Economists polled by Reuters had forecast sales declining 0.5% to a rate of 5.55mn units. Sales were up 2.7% from May The number of homes on the market rose 2.1%, but supply was down 8.4% from a year ago. Housing inventory has dropped for 24 straight months on YoY basis. The median house price increased to an all-time high of $252,800, a 5.8% jump from one year ago, reflecting the dearth of properties on the market. (Reuters) Prime Minister Theresa May will cut corporation tax to encourage economic growth Prime Minister Theresa May said her government would continue to cut corporation tax to encourage businesses to invest in Britain and help the economy grow. If we're going to grasp the opportunities as we leave the European Union, we need to build a stronger economy, she told parliament after presenting her government's program in the Queen's speech. In this Queen's speech we will continue to improve the public finances and work towards getting our country back to living within its means and we will encourage businesses to grow and create jobs by continuing to cut corporation tax. (Reuters) BoE reports consumer squeeze, solid business investment The Bank of England (BoE) reported that consumers were under growing pressure from rising inflation, but business investment plans had strengthened and sterling weakness was boosting export volumes. The assessment from the BoE's regional agents broadly matches that in last week's policy statement, when three of the BoE's eight rate-setters unexpectedly voted to increase the cost of borrowing. "In light of the further increase in price inflation for retail goods annual sales growth in volume terms had continued to slow. Higher price inflation in areas such as food had also squeezed consumers' ability to fund discretionary big-ticket purchases such as home ware," the BoE said. The central bank also said businesses had reported reduced inflows of migrants from continental Europe, due to the weaker value of the Pound and concerns about their residency status after Britain leaves the European Union. (Reuters) BoJ's Governor: Need to stick with easing, watch price trend Bank of Japan (BoJ) Governor Haruhiko Kuroda said maintaining the current easy monetary conditions is appropriate because prices are lagging improvements in the economy and remain distant from the central bank's inflation target. Kuroda, in a speech, reiterated the BoJ's growing optimism on the economic outlook due to rising exports, higher factory output, and a tightening labor market. Kuroda's remarks came after minutes of the central bank's April meeting showed policymakers see no problem if government debt purchases fall below its guidance for market operations. "Our economy is on firmer footing, but we are still distant from our 2% inflation target," Kuroda said. "It is appropriate to keep monetary conditions easy with our current market operations framework." The BoJ kept monetary policy on hold at the meeting in April and offered its most optimistic assessment of the economy in nine years. (Reuters) China aims to boost services share in GDP to 60% by 2025 China aims to boost its services sector's share in gross domestic product (GDP) to 60% by 2025, the National Development and Reform Commission said in guidelines for developing the sector published. The services sector accounted for 51.6% of GDP in 2016, a rise of 1.4 percentage points from 2015, when the level surpassed 50% for the first time. A fast-growing services sector will help China upgrade and balance its economy and improve its global competitiveness in the long term, the commission, the top planning agency, said. The share of the services sector in GDP in China lags that of developed countries, where it is usually about 70%, while China's services trade deficit expanding, it added. China's services sector is likely to employ 55% of the working population by 2025, the agency said. Services firms overtook manufacturers to be the biggest employer in China for the first time ever in 2011, accounting for 35% of all jobs. (Reuters) Regional Blockade on Qatar risks slowing Saudi Arabia s reforms, raising cost for Gulf debt The blockade imposed on Qatar by some of its Gulf neighbors is threatening to puncture investor appetite for the Gulf region as a whole, translating into potentially higher debt costs for governments and possibly slowing the pace of Saudi Arabia s economic reforms. Saudi Arabia, the UAE, Bahrain and Egypt broke relations and transport ties with Qatar on June 5. The move has thrown the region, which has been relatively stable into diplomatic turmoil that is now putting off investors. We were used to a relatively peaceful Page 3 of 5

4 region and now the landscape has changed, said Brigitte Le Bris, Head of emerging debt and currencies at Paris-based Natixis Asset Management, which manages around $392bn in assets. One obvious area is sovereign debt, where the crisis has the potential of raising borrowing costs. To date, foreign investors appear to be comfortable holding Qatar paper due to the size of the country s reserves and assets held by its sovereign wealth fund, the Qatar Investment Authority. Other GCC countries sovereign bonds saw some weakness in the immediate aftermath of the diplomatic crisis, however, again have largely gone back to their pre-crisis levels. (Gulf- Al Rajhi Capital: Saudi Arabia s new crown prince a positive step Decision to name Mohammed Bin Salman as crown prince will benefit implementation of economic reforms in Saudi Arabia, says Mazen Al-Sudairi, the Head of Research at Al Rajhi Capital in Riyadh. Prince Mohammed Bin Salman is seen as the one in charge of all the economic reforms. Now, as the crown prince, it means he will speed up decisions and this will not be reversed. (Bloomberg) Renaissance: Saudi Arabia s MSCI inclusion could trigger $2.3bn inflows If Saudi Arabia gets approved for MSCI Emerging Markets next year that could trigger at least $2.3bn of inflows from passive funds, according to Renaissance Capital s Analysts Daniel Salter and Vikram. The analysts estimated that Saudi Arabia could have 2.5% weight in MSCI EM, making it ninth-largest country in index. (Bloomberg) Riyad Bank announces distribution of dividend for 1H2017 The Board of Directors of Riyad Bank recommended distribution of cash dividend to the shareholders for 1H2017 with total amount of cash dividend to be distributed being SR1050mn and with dividend per share of SR0.35. (Tadawul) Fitch places Commercial Bank International on rating watch negative Fitch Ratings placed UAE-based Commercial Bank International's Issuer Default Ratings (IDRs) on Rating Watch Negative (RWN). This action follows the placement of Commercial Bank International's 40% shareholder, QNB Group on RWN to reflect the significant uncertainty for the Qatari banking system resulting from the decision of Saudi Arabia, the UAE, Bahrain, Egypt and some other Arab countries to sever diplomatic and logistical ties with Qatar. Commercial Bank International's Viability Rating (VR) of b+ is unaffected. (GulfBase.com) Amlak Finance enters into strategic partnership with Dubai Land Department Amlak Finance enters into strategic partnership with Dubai Land Department to double customers' properties, enhancing investment appetite, stimulating growth. (Reuters) Unlawful Sukuk threaten Dubai's Islamic finance ambitions Dubai's ambitions to become a global hub for Islamic finance may have been dented by the decision of Dana Gas to declare $700mn of its Islamic bonds unlawful, and thus suspend payments on the debt. Building on its success in conventional banking, Dubai announced in 2013 a drive to promote Shari ahcompliant business in the financial industry and other sectors. The city state wants to become a centre for Sukuk issuance, challenging the global dominance of Malaysia, as well as a centre for other Islamic financial transactions and Islamic finance scholarship. (Reuters) Dubai Financial Market announces listing of Arabtec Holding right issue shares Dubai financial market announced that Arabtec Holding right issue shares are now listed in electronic clearing system. (Reuters) Deyaar Development selects UC Forward to market properties in China Deyaar Development signed an agreement with real estate marketing and consultancy company UC Forward, to run road shows in China showcasing Deyaar properties to Chinese investors. (GulfBase.com) Damac International chosen for $1bn historic port transformation Damac International has been chosen by the Government of Oman to develop its Port Sultan Qaboos into a world-class, waterfront mix use destination through a joint venture with Omran. Mina Sultan Qaboos Waterfront is being redeveloped into a $1bn integrated tourist port and lifestyle destination that includes hotels, residences, as well as a dining, retail and leisure offering. (GulfBase.com) Emaar Properties appoints Amit Jain as group CEO Dubai's Emaar Properties appointed Amit Jain as group CEO. Jain, who was Chief Operating Officer of the group, assumes his position immediately. (Reuters) Kuwait s CPI up 2.7% in May The Consumer Prices Index (CPI) has risen by 2.7% in May YoY, the Central Statistical Bureau (CSB) said. The index figure for May 2017 recorded an increase of 0.07%, compared to April. The CPI increased in seven influential groups last month, and stability in five others. The index for the first main group (food and beverages) went up by 0.13%, compared to the same month in (GulfBase.com) CBO issues treasury bills worth OMR58.48mn Central Bank of Oman (CBO) raised OMR58.48mn by way of allotting treasury bills. The treasury bills are for a maturity period of 28 days, June 21 until July 19, The average accepted price reached for every OMR100, and the minimum accepted price arrived at per OMR100. Whereas the average discount rate and the average yield reached % and %, respectively. The interest rate on the Repo operations with CBO is 1.714% for the period from June 20, 2017 to July 3, 2017 while the discount rate on the Treasury Bills Discounting Facility with CBO is 2.464%, for the same period. (GulfBase.com) GFH: Integrated Capital transfers 21mn shares to Ajman Bank Gulf Finance House (GFH) said Integrated Capital (IC), owned by Abu Dhabi Financial Group has transferred GFH s shares to Ajman Bank. IC transferred 21mn shares to the bank, and will transfer another tranche of 19.7mn shares by next week. As per their confirmation, IC will remain to be the beneficial owner of these shares and IC s total direct and indirect shareholding in GFH will remain at %. (GulfBase.com) Bahrain Kuwait Insurance completes mandatory acquisition of stake in Takaful International Bahrain Kuwait Insurance announced conclusion of company's mandatory offer to acquire up to 36.31% stake of Takaful International. (Reuters) Page 4 of 5

5 Saudi Arabia Qatar Kuwait Bahrain Oman Abu Dhabi Dubai Rebased Performance Daily Index Performance % 5.5% % % (3.0%) (1.8%) (0.3%) (0.4%) (1.4%) 0.1% (1.0%) 70.0 May-13 May-14 May-15 May-16 May-17 QSE Index S&P Pan Arab S&P GCC Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, (0.6) 8.2 MSCI World Index 1, (0.1) (0.2) 9.6 Silver/Ounce (1.1) 3.7 DJ Industrial 21, (0.3) Crude Oil (Brent)/Barrel (FM Future) (2.6) (5.4) (21.1) S&P 500 2, (0.1) Crude Oil (WTI)/Barrel (FM Future) (1.6) (4.9) (20.8) NASDAQ 100 6, Natural Gas (Henry Hub)/MMBtu (3.0) (21.7) STOXX (0.4) 13.6 LPG Propane (Arab Gulf)/Ton (1.1) (3.2) (19.7) DAX 12, (0.1) (0.2) 17.6 LPG Butane (Arab Gulf)/Ton (2.9) (4.8) (35.4) FTSE 100 7, (0.1) (1.2) 6.9 Euro (0.3) 6.2 CAC 40 5, (0.2) (0.2) 14.6 Yen (0.1) 0.5 (4.8) Nikkei 20, (0.4) GBP (0.9) 2.7 MSCI EM 1, (0.2) CHF SHANGHAI SE Composite 3, AUD 0.76 (0.4) (0.9) 4.8 HANG SENG 25, (0.6) USD Index (0.2) 0.4 (4.6) BSE SENSEX 31, RUB (2.0) Bovespa 60, (2.6) (1.6) BRL 0.30 (0.3) (1.3) (2.5) RTS (0.8) (2.1) (15.5) (*$ 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 5 of 5