8,300 8,250 8,200 8,150 8,100 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

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1 QSE Intra-Day Movement 8,300 8,250 8,200 8,150 8,100 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QSE Index rose 0.5% to close at 8, Gains were led by the Industrials and Telecoms indices, gaining 1.4% and 0.8%, respectively. Top gainers were Medicare Group and Qatar Industrial Manufacturing Co., rising 4.3% and 3.9%, respectively. Among the top losers, Al Khaleej Takaful Group fell 6.9%, while Qatar Navigation was down 2.8%. GCC Commentary Saudi Arabia: The TASI Index fell 1.0% to close at 7, Losses were led by the Consumer Services and REITs indices, falling 3.0% and 2.4%, respectively. Bank Aljazira fell 10.0%, while Nama Chemicals Co. was down 7.9%. Dubai: The DFM Index declined 0.1% to close at 3, The Real Estate & Construction index fell 0.4%, while the Insurance index declined 0.2%. Almadina for Finance and Investment Co. fell 2.7%, while Takaful Emarat was down 2.1%. Abu Dhabi: The ADX benchmark index rose 0.5% to close at 4, The Energy index gained 2.4%, while the Investment & Financial Services index rose 1.6%. Manazel Real Estate gained 5.4%, while National Marine Dredging Co. was up 4.4%. Kuwait: The KSE Index declined 0.5% to close at 6, The Technology index fell 2.0%, while the Oil & Gas index declined 1.9%. Palms Agro Production Co. fell 16.6%, while First Takaful Insurance Company was down 10.1%. Oman: The MSM Index fell 0.7% to close at 5, Losses were led by the Services and Industrial indices, falling 1.5% and 0.8%, respectively. Renaissance Services fell 8.4%, while Galfar Engineering and Con. was down 5.9%. Bahrain: The BHB Index fell 0.1% to close at 1, The Investment index declined 0.7%, while the Commercial Banks index fell 0.1%. GFH Financial Group declined 2.3%, while Seef Properties was down 1.7%. Market Indicators 10 Oct Oct 17 %Chg. Value Traded (QR mn) (34.2) Exch. Market Cap. (QR mn) 449, , Volume (mn) (40.7) Number of Transactions 2,136 2,449 (12.8) Companies Traded (5.0) Market Breadth 21:16 31:6 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 13, (18.0) 13.5 All Share Index 2, (19.3) 12.8 Banks 2, (11.9) 13.7 Industrials 2, (21.5) 17.3 Transportation 1, (32.5) 11.6 Real Estate 1, (0.2) (28.9) 10.8 Insurance 3, (0.1) (0.6) (27.4) 14.5 Telecoms 1, (13.7) 20.1 Consumer 4, (16.1) 11.7 Al Rayan Islamic Index 3, (14.3) 15.4 GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% QSE Top Gainers Close* 1D% Vol. 000 YTD% Medicare Group Qatar Industrial Manufacturing (5.6) Gulf Warehousing Co (21.4) Industries Qatar (18.1) Qatari Investors Group (40.1) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% Investment Holding Group 7.42 (2.4) 1,813.0 (25.8) Qatar First Bank ,052.0 (36.4) Qatar Gas Transport Co. Ltd (33.2) Salam International Inv. Ltd (29.4) Gulf International Services (41.2) Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Losers Close* 1D% Vol. 000 YTD% Al Khaleej Takaful Group (6.9) 0.4 (38.3) Qatar Navigation (2.8) 74.8 (42.7) Mannai Corporation (2.4) 0.5 (23.1) Investment Holding Group 7.42 (2.4) 1,813.0 (25.8) Doha Bank (1.6) 54.2 (19.4) QSE Top Value Trades Close* 1D% Val. 000 YTD% Industries Qatar ,516.2 (18.1) Investment Holding Group 7.42 (2.4) 13,507.8 (25.8) QNB Group ,325.0 (18.0) Qatar Electricity & Water Co (0.5) 7,022.7 (21.6) Qatar First Bank ,889.5 (36.4) Source: Bloomberg (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 8, (0.7) (20.9) , Dubai 3, (0.1) ,598.5 N/A Abu Dhabi 4, (1.6) , Saudi Arabia 7, (1.0) (3.0) (3.3) (2.3) , Kuwait 6, (0.5) (0.7) (1.0) , Oman 5, (0.7) (1.6) (0.1) (11.3) , Bahrain 1, (0.1) (0.2) (0.9) , 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 7

2 Qatar Market Commentary The QSE Index rose 0.5% to close at 8, Industrials and Telecoms 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. Medicare Group and Qatar Industrial Manufacturing Co. were the top gainers, rising 4.3% and 3.9%, respectively. Among the top losers, Al Khaleej Takaful Group fell 6.9%, while Qatar Navigation was down 2.8%. Volume of shares traded on Tuesday fell by 40.7% to 6.0mn from 10.1mn on Monday. Further, as compared to the 30-day moving average of 9.5mn, volume for the day was 36.6% lower. Investment Holding Group and Qatar First Bank were the most active stocks, contributing 30.2% and 17.5% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 36.30% 32.59% 4,537, Qatari Institutions 22.98% 38.34% (18,814,425.98) Qatari 59.28% 70.93% (14,276,869.15) GCC Individuals 0.41% 0.52% (134,615.02) GCC Institutions 0.49% 0.82% (400,025.62) GCC 0.90% 1.34% (534,640.64) Non-Qatari Individuals 10.60% 8.17% 2,976, Non-Qatari Institutions 29.22% 19.56% 11,835, Non-Qatari 39.82% 27.73% 14,811, Source: Qatar Stock Exchange (* as a % of traded value) Ratings, Earnings Releases, Global Economic Data and Earnings Calendar Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change Warba Bank Moody s Kuwait LT-LCDR/ST-LCDR/ LT-FCDR/ST-FCDR/ BCA ba3 ba3 Stable Source: News reports (* LT Long Term, ST Short Term, FSR- Financial Strength Rating, FCDR Foreign Currency Deposit Rating, BCA Baseline Credit Assessment, LCDR Local Currency Deposit Rating, IDR Issuer Default Rating, SR Support Rating, LC Local Currency) Earnings Releases Company Market Currency Revenue (mn) % Change Operating Profit % Change Net Profit % Change 3Q2017 YoY (mn) 3Q2017 YoY (mn) 3Q2017 YoY Al Anwar Ceramic Tiles* Oman OMR % % % Omani Euro Foods Industries # Oman OMR 1, % N/A Sohar Poultry # Oman OMR 1, % % Source: Company data, DFM, ADX, MSM, TASI, BHB. ( * Financial for 9M2017; # values in 000) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 10/10 UK UK Office for National Statistics Industrial Production MoM August 0.2% 0.2% 0.3% 10/10 UK UK Office for National Statistics Industrial Production YoY August 1.6% 0.9% 1.1% 10/10 UK UK Office for National Statistics Manufacturing Production MoM August 0.4% 0.2% 0.4% 10/10 UK UK Office for National Statistics Manufacturing Production YoY August 2.8% 1.9% 2.7% 10/10 France INSEE Industrial Production MoM August -0.3% 0.4% 0.8% 10/10 France INSEE Industrial Production YoY August 1.1% 1.5% 3.9% 10/10 France INSEE Manufacturing Production MoM August -0.4% 0.6% 10/10 France INSEE Manufacturing Production YoY August 1.1% 2.7% 4.1% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Page 2 of 7

3 Earnings Calendar Tickers Company Name Date of reporting 3Q2017 results No. of days remaining Status QNBK QNB Group 11-Oct-17 0 Due MARK Masraf Al Rayan 16-Oct-17 5 Due QIGD Qatari Investors Group 16-Oct-17 5 Due WDAM Widam Food Company 16-Oct-17 5 Due DBIS Dlala Brokerage & Investment Holding Company 17-Oct-17 6 Due CBQK Commercial Bank 17-Oct-17 6 Due ABQK Ahli Bank 18-Oct-17 7 Due QIBK Qatar Islamic Bank 18-Oct-17 7 Due QNCD Qatar National Cement Company 18-Oct-17 7 Due NLCS National Leasing (Alijarah) 19-Oct-17 8 Due QGTS Qatar Gas Transport Company (Nakilat) 22-Oct Due QATI Qatar Insurance Company 22-Oct Due DHBK Doha Bank 23-Oct Due QIIK Qatar International Islamic Bank 23-Oct Due IHGS Islamic Holding Group 23-Oct Due MRDS Mazaya Qatar Real Estate Development Company 23-Oct Due KCBK Al Khaliji Commercial Bank 24-Oct Due QIMD Qatar Industrial Manufacturing Company 24-Oct Due QGRI Qatar General Insurance & Reinsurance 24-Oct Due BRES Barwa Real Estate Company 24-Oct Due UDCD United Development Company 25-Oct Due QISI Qatar Islamic Insurance Company 25-Oct Due QFLS Qatar Fuel Company 25-Oct Due VFQS # Vodafone Qatar 25-Oct Due QCFS Qatar Cinema & Film Distribution Company 25-Oct Due IGRD Investment Holding Group 25-Oct Due QEWS Qatar Electricity & Water Company 25-Oct Due AKHI Al Khaleej Takaful Group 26-Oct Due QOIS Qatar Oman Investment Company 26-Oct Due MERS Al Meera Consumer Goods Company 26-Oct Due SIIS Salam International Investment Limited 29-Oct Due ORDS Ooredoo 29-Oct Due GWCS Gulf Warehousing Company 30-Oct Due MCCS Mannai Corporation 30-Oct Due ERES Ezdan Holding Group 30-Oct Due AHCS Aamal Company 30-Oct Due Source: QSE ( # Financial Year ending March 31 st ) Page 3 of 7

4 News Qatar MCGS reports net profit of QR3.67mn in 3Q2017 Medicare Group (MCGS) reported net profit of QR3.67mn in 3Q2017 as compared to QR14.72mn in 2Q2017 and QR4.80mn in 3Q2016. The company's operating income came in at QR106.65mn in 3Q2017, representing a decrease of 7.6% QoQ. However, on YoY basis, operating income rose 7.9%. EPS amounted to QR1.29 in 9M2017 as compared to QR1.26 in 9M2016. (QSE, Company Financials) CBQK is said to plan a capital increase in Turkish unit The Commercial Bank (CBQK) is planning a capital increase of as much as $1bn in its Turkish unit to expand in the country, according to sources. The Doha-based lender is seeking to raise between $500mn and $1bn from existing shareholders of Alternatifbank and international financial institutions, the sources said. CBQK bought a 71% stake in Alternatifbank in 2013 and increased it to full ownership in CBQK is growing its business in Turkey to benefit from rising profit levels and a rise in lending. The country is currently caught up in a diplomatic row with the US, with the two nations suspending visa services for each other s citizens. (Bloomberg) Qatar International Islamic Bank readies $2bn Sukuk program Qatar International Islamic Bank finished creating $2bn Sukuk issuance program and is preparing to issue its first bond from the scheme when market conditions improve, according to a source. (Zawya) QIMD announces its acquisition of UDCD s stake in GULF Formaldehyde Company Qatar Industrial Manufacturing Company (QIMD) declares the final approval for United Development Company s (UDCD) offer to sell its 400,000 shares in Gulf Formaldehyde Company to QIMD, representing 10% of the capital of Gulf Formaldehyde Company. This will increase QIMD s shareholding in Gulf Formaldehyde Company from 20% to 30%. QIMD s CEO, Abdul Rahman Abdulla Al Ansari said, We are committed to strengthen our investment portfolio in the industrial sector as an active private sector company. QIMD hopes that this transaction will have a positive impact on the company's profits and shareholders dividend in the long run. Gulf Formaldehyde Company was established in 2003, with a capital of QR40mn, between Qatar Fertilizer Company (QAFCO), QIMD and UDCD to produce Urea Formaldehyde Concentrate (UFC-85) with a design capacity of about 170 tons per day. (QSE) AHCS to disclose its third quarter financial statements on October 30 Aamal Company (AHCS) announced it would disclose its third quarter financial statements for the period ending September 30, 2017, on October 30, (QSE) BRES to disclose its third quarter financial statements on October 24 Barwa Real Estate Company (BRES) announced it would disclose its third quarter financial statements for the period ending September 30, 2017, on October 24, (QSE) Huge jump in vessels docking at Hamad Port Hamad Port, the largest port in the Middle East, has seen a huge rise of 47.3% in number of vessels coming and a 110.7% rise in the tonnage in August. The port harbored 162 vessels in August this year compared to 110 vessels in the same month last year. Net tonnage at the port rose to 1,296,300 tons in August against 615,200 tons in August On a MoM basis, the port saw 19.1% increase in number of vessels coming as 136 vessels harbored at the port in July Net tonnage at the port rose by 5.3% on MoM basis. A total of 602 vessels harbored at all the ports in Qatar in August this year. The figures were provided by the 44th edition of Qatar Monthly Statistics released by the Ministry of Development Planning and Statistics. The demographic statistics showed that the population of Qatar population has increased from 2.40mn in August 2016 to more than 2.44mn at the end of August 2017, reflecting YoY growth of 1.9%. (Peninsula Qatar) Qatar prepared to meet future water, power needs Qatar s energy sector has always been ahead with regard to the local water and electricity demand, with many new plans that aim to meet the future needs of the country, according to a Senior Electrical Engineer, Mohamed Riaz. The government of Qatar in coordination with Qatar General Electricity and Water Corporation (Kahramaa) has always pursued a self-reliant policy whereby new projects are added to meet the growing needs of utilities in the country, he explained. (Gulf- Times.com) Mexico looks to expand into Qatari market The Qatar Financial Centre (QFC) announced the licensing of Dunn Lightweight Architecture, a subsidiary of the Mexican company Dunn Arquitectura Ligera SA de CV, which specializes in fabric and tensile structures under its umbrella. They will take part in the construction of stadiums for the FIFA World Cup Qatar The agreement came through ProMexico, a trust fund of the Federal government of Mexico that promotes international trade and investment, and the Embassy of Mexico in Qatar. QFC Authority s Chief Executive Officer, Yousuf Mohamed Al Jaida commented on the licensing of Dunn Lightweight Architecture as a QFC firm stating, We are pleased to welcome Dunn Lightweight Architecture to the QFC and Qatar. It is QFC s first Mexican firm and therefore a huge milestone for our entity to open new markets. Historically, Mexico and Qatar have always shared close strategic and economic ties and this move will serve to enhance and develop this important relationship. He continued, This is yet further proof of our openness and the attractiveness of the QFC platform to those looking to expand and tap into Qatar s large-scale infrastructure projects. (Peninsula Qatar) Al Wakrah Municipality tops in issuing business permits The Al Wakrah Municipality has topped in issuing building permits in September this year. By issuing 116 permits in September, the municipality held 25% share in the total building permits issued in the country. According to the 33rd issue of the monthly Statistics of Building Permits by the Ministry of Development Planning and Statistics, Doha Municipality came in second place with 95 permits with a share of 20%. Al Da ayen Municipality issued 94 permits with 20%, followed by Rayyan Municipality with 87 permits and 18% share. Umm Salal Municipality issued 27 permits, Al Khor and Al Sheehaniya 20 permits each, while Al Shamal issued 13 permits. (Peninsula Qatar) Kahramaa launches third phase of Tarsheed22 project The Qatar General Electricity & Water Corporation (Kahramaa), Page 4 of 7

5 which spearheads the National Program for Conservation & Energy Efficiency Tarsheed, launched the third phase of Tarsheed22 (T22) project in cooperation with the Supreme Committee for Delivery & Legacy. The third phase of T22 is to be implemented in five stages until 2022; it was announced at the first induction meeting at Kahramaa Awareness Park for managers of 22 new independent schools selected by Ministry of Education & Higher Education. (Gulf-Times.com) Qatar Airways increases frequency to east Europe, Nordics Qatar Airways announced it has doubled its frequency to a number of destinations in Eastern Europe and the Nordics. This follows a significant increase in passenger demand to the popular destinations of Prague, Warsaw and Helsinki, the Qatar-based carrier stated. (Gulf-Times.com) International IMF: World economic growth improving, even as US, UK potential slows The current broad-based global economic upswing will likely be sustained this year and next, the International Monetary Fund (IMF) said, with gains in most of the world offsetting sluggish outcomes in the US, Britain and India. The IMF upgraded its global economic growth forecast for 2017 by 0.1 percentage points to 3.6%, and to 3.7% for 2018, from its April and July outlook, driven by a pickup in trade, investment, and consumer confidence. Forecasts for Eurozone, Japan, China, emerging market Europe and Russia were all revised upwards. The growth outlook in the US was unchanged from the Fund s July report at 2.2% for this year and 2.3% in The US outlook for 2017 had been cut by 0.1 percentage points, and its 2018 forecast had been cut by 0.2 percentage points in the Fund s April report, but then revised upwards in July by the same amounts. (Reuters) JPMorgan: Emerging market debt to GDP declines for first time since 2011 Government and private-sector debt in emerging markets as a percentage of GDP has fallen this year, the first time since 2011, according to JPMorgan. After five straight years of increases, the so-called debt overhang in emerging markets has steadied as a result of both increasing growth in the less-developed countries and smaller increases in borrowing. That should reduce the risk of financial instability, according to report. Overall, emerging markets debt-to-gdp level over the past year has declined to 116.5% of GDP, a 2.1- percentage-point decrease. Excluding China, emerging markets saw a reduction of debt to 77.9% of GDP. (Reuters) German s exports increase in August, shrugging off strong Euro German s trade activity picked up in August as exports outpaced imports, widening the surplus and adding to evidence that Europe s biggest economy performed strongly in 3Q2017. Seasonally adjusted exports rose by 3.1% on the month while imports were 1.2% up. It was the strongest export growth reading in 12 months, easing concerns that a stronger Euro might dent sales of German s goods and services abroad. The figures suggest that the German economy, the Eurozone s growth engine, is set for a solid expansion in 3Q2017 despite uncertainties about the make-up of the next government following national elections last month. (Reuters) Germany to raise economic growth forecast for 2017 to 2% The German government will raise its 2017 growth forecast for Europe s biggest economy to 2.0%, a sharp increase from its earlier estimate of 1.5% and the strongest rate since 2011, according to sources. Germany also plans to lift its 2018 forecast for GDP to expand 1.9%, up from its earlier forecast of 1.6%. German economy grew by 1.9% in 2016, the strongest rate in five years, propelled by private consumption and state spending as households and authorities are benefiting from record-high employment and ultra-low borrowing costs. (Reuters) Greek consumer price inflation picks up to 1.0 % in September Greece's annual EU-Harmonized inflation rate accelerated in September, statistics service data showed. The reading in September was 1.0%, up from 0.6% in August. The data also showed the headline consumer price index picked up to 1.0% YoY from 0.9% in the previous month. Consumer prices were led higher by alcoholic beverages, tobacco, hotels, restaurants, transportation and telecommunications costs. For years an inflation outlier in Eurozone, Greece had been in a protracted deflation mode since March 2013 based on its headline index, as wage and pension cuts and a multi-year recession took a heavy toll on Greek household incomes. Further, Greek industrial output rose 5.6% in August compared to the same month a year ago, after an upwardly revised 2.1% increase in July, statistics service ELSTAT reported. Looking at index components, manufacturing production grew 3.1% from the same month last year, while mining output increased 6.6%. (Reuters) Japan s August core machinery orders rise in signs of pick-up in capital expenditure Japan s core machinery orders rose for a second straight month in August, handily beating market expectations, signaling a pickup in capital expenditure. Cabinet Office data showed that core orders rose 3.4% MoM in August. That beat the median estimate of a 1.1% increase seen in a Reuters poll of economists, following 8.0% gain in July. (Reuters) Regional IMF: Oil slide weighs heavily on MENA s growth forecast A massive slide in the economic growth of Middle East top oil exporters is weighing heavily on the outlook for the entire MENA region, according to IMF. Fuel exporters are particularly hard hit by the protracted adjustment to lower commodity revenues, IMF stated. MENA growth as a whole is projected to more than halve in 2017, from 5.1% to 2.2%. (Gulf-Times.com) BofAML: OPEC output should remain at current levels to yearend OPEC supply should stay at current levels until the yearend, Bank of America Merrill Lynch (BofAML) stated and noted that it estimates oil price to range in the high $40 to $50 in Despite the deal concluded last December between OPEC and non-opec producers, the Vienna-based organization s crude oil supply has followed last year s upward path. (Gulf-Times.com) Sukuk momentum seen as sales poised for record Cheap oil and ambitious infrastructure building programs have set the scene for a record year for Islamic bond sales. The top arranger of the notes says these dynamics will keep driving issuance into Arabian Gulf governments have tapped Shari ahcompliant debt markets to plug revenue shortfalls caused by persistently low crude prices. Saudi Arabia led the way with $9bn global offer in April, while Oman and Bahrain have also sold Sukuk. Sukuk sales have reached $42.2bn so far this year, Page 5 of 7

6 closing in on the all-time high of $51.6bn in (Gulf- Times.com) CHUBB s board invites shareholders to attend the extraordinary meeting for capital increase CHUBB Arabia Cooperative Insurance Company s (CHUBB) board of directors invites shareholders to attend the extraordinary general assembly meeting on October 19, The main agenda of the meeting will be voting on increase in capital from SR100mn to SR200mn an increase of 100% there by increasing the total numbers of shares from 10mn shares to 20mn shares, by issuing 10mn bonus shares through issuing one bonus share for every one share held, by utilizing the amount of SR80mn of the company s existing retained earning reserves, as of December 31, 2016 and SR20mn of the company s existing statutory reserve as of December 31, (GulfBase.com) IMF: UAE to outpace regional growth The IMF stated that the UAE economy will grow 3.4% in 2018, at the second fastest growth rate in GCC, while an upswing in the world economy would likely gather pace into next year. The improved outlook for the UAE follows a predicted 1.3% growth in 2017 as low oil prices continued to impact all regional economies. Kuwait will record the fastest growth within GCC at 4.1% in 2018 following negative growth of 2.1% in (GulfBase.com) du CEO: UAE does not need third telecom operator Emirates Integrated Telecommunications Company s (du) CEO, Osman Sultan said that the UAE market does not need a third telecom operator. He said, The UAE market doesn t need a third telecom operator for the time being as competitiveness in the market is promising for greater prosperity in the telecom services in future. (GulfBase.com) ADNOC to reportedly hire HSBC, JPMorgan, MUFG, FAB for project bond Abu Dhabi National Oil Co. (ADNOC) hired banks including JPMorgan Chase & Co. and HSBC Holdings to help arrange the sale of project bonds as the state-owned crude producer explores funding options, according to sources. The company also picked Bank of Tokyo-Mitsubishi UFJ Ltd. (MUFG) and First Abu Dhabi Bank (FAB) to place Dollar bonds that may raise as much as $3bn. (Bloomberg) Abu Dhabi says $10bn bond three times oversubscribed Abu Dhabi s $10bn bond sale was three times oversubscribed with more than 75% of the orders coming from investors in developed markets, where bond yields are relatively low. The Chairman of the Department of Finance, Riyad Abdulrahman Al Mubarak said, The strong reception of the offering in the international debt capital markets is a clear testament to Abu Dhabi s solid and strong credit story. As we look ahead, we will continue to prudently manage our indebtedness levels, which are currently one of the lowest globally. (GulfBase.com) Moody s affirms Warba Bank s Baa2 rating, maintains Stable outlook Moody s Investors Service (Moody s) affirmed the long and short term local and foreign currency deposit ratings of Baa2 / Prime-2 respectively of Warba Bank. Moody s also affirmed the bank s Baseline Credit Assessment (BCA) of ba3. Moody s maintained the Stable outlook on the long-term deposit ratings. Furthermore, Moody s affirmed the Counterparty Risk Assessment (CRA) at Baa1(cr) / Prime- 2(cr) to Warba Bank. Warba Bank s Baa2 long-term deposit ratings reflect its ba3 Baseline Credit Assessment (BCA) and Moody s assessment of a very high probability of government support in case of need. This reflects the Government of Kuwait s ( Aa2, Stable ) 31% direct and indirect ownership stake and the Kuwait authorities historical support to banks in case of need. (GulfBase.com) Warba Bank syndicating $250mn Islamic loan Warba Bank is syndicating $250mn debt facility, its first in the syndicated loan market, sources said. The financing is Warba Bank s latest fund-raising exercise after its issue in March of $250mn of Tier 1 Sukuk, as the lender seeks to boost its capital ratios and improve liquidity buffers. (GulfBase.com) Zain Group signs agreement to sell and lease back towers Mobile Telecommunications Company (Zain Group) signed agreement with its holding in partnership with Towershare management to sell and lease back more than 1,600 towers worth about $165mn. The company said to retain minority interest in new entity which will own the towers. It expects completion of tower sale and lease back deal in 1Q2018. (Reuters) Oman s Electricity Holding to raise two loans as part of $2bn capex program Oman s state-owned Electricity Holding Company is set to complete the syndication of $165mn loan for one of its distribution companies, and has started marketing a loan of around $200mn for a second subsidiary, sources said. The loans, part of $2bn capital expenditure program for the country s distribution and transmission network, are the latest international fundraising exercises by Oman, which has borrowed more than $10bn through international bonds and loans this year as it seeks to refill budget coffers hit by low oil prices. (Reuters) New Bahrain oil pipeline ready in 2018 Bahrain s Oil Minister, Sheikh Mohammed Bin Khalifa Al Khalifa said that new 350,000 barrels-per-day oil pipeline between Saudi Arabia and Bahrain will be completed next year to serve the planned expansion of Bahrain s refinery capacity, while construction of a gas pipeline is being considered. Bahrain is in final negotiations with a preferred bidder to expand its only oil refinery and a contract is expected to be awarded before the year-end, he further added. (GulfBase.com) Page 6 of 7

7 Rebased Performance Daily Index Performance % 0.5% 0.5% Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 QSE Index S&P Pan Arab S&P GCC 0.0% (0.6%) (1.2%) (1.0%) Saudi Arabia Qatar (0.5%) Kuwait (0.1%) Bahrain (0.7%) Oman Abu Dhabi (0.1%) Dubai Source: Bloomberg Source: Bloomberg Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, MSCI World Index 2, Silver/Ounce DJ Industrial 22, Crude Oil (Brent)/Barrel (FM Future) (0.4) S&P 500 2, Crude Oil (WTI)/Barrel (FM Future) (5.2) NASDAQ 100 6, (0.0) 22.4 Natural Gas (Henry Hub)/MMBtu (0.6) (21.3) STOXX LPG Propane (Arab Gulf)/Ton DAX 12, LPG Butane (Arab Gulf)/Ton FTSE 100 7, Euro CAC 40 5, Yen (0.2) (0.2) (3.9) Nikkei 20, GBP MSCI EM 1, CHF SHANGHAI SE Composite 3, AUD HANG SENG 28, USD Index (0.4) (0.5) (8.7) BSE SENSEX 31, RUB (0.5) (0.3) (5.8) Bovespa 76, BRL (0.8) 2.3 RTS 1, (1.5) Source: Bloomberg Source: Bloomberg (*$ adjusted returns) Contacts Saugata Sarkar, CFA 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 7 of 7