9,450 9,400 9,350 9,300 9,250 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 9,450 9,400 9,350 9,300 9,250 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QSE Index declined 0.6% to close at 9, Losses were led by the Insurance and Real Estate indices, falling 1.5% and 1.1%, respectively. Top losers were Doha Bank and Zad Holding Company, falling 5.3% and 4.1%, respectively. Among the top gainers, Qatari German Company for Medical Devices gained 1.0%, while Qatar Gas Transport Company Limited was up 0.8%. GCC Commentary Saudi Arabia: The TASI Index rose 0.2% to close at 8, Gains were led by the Real Estate Mgmt & Dev and Materials indices, rising 1.0% and 0.4%, respectively. Sahara Petrochemical Co. rose 4.7%, while United Electronics Co. was up 4.3%. Dubai: The DFM General Index declined 0.2% to close at 2, The Investment & Fin. Services index fell 2.0%, while the Telecommunication index declined 0.6%. Ithmaar Holding fell 4.9%, while Dubai Investments was down 2.5%. Abu Dhabi: The ADX General Index rose marginally to close at 4, The Consumer Staples and Telecommunication indices gained 0.3% each. Methaq Takaful Insurance Co. gained 2.6%, while International Holdings Co. was up 2.3%. Kuwait: The Kuwait Main Market Index rose 0.1% to close at 4, The Industrial index gained 0.2%, while the Real Estate index rose 0.1%. National Industries Co. gained 14.3%, while Aqar Real Estate Investments Co. was up 10.0%. Oman: The MSM 30 Index fell 0.3% to close at 4, Losses were led by the Industrial and Services indices, falling 1.0% and 0.1%, respectively. Raysut Cement fell 9.7%, while Taageer Finance was down 8.3%. Bahrain: The BHB Index fell 0.2% to close at 1, The Insurance index declined 3.3%, while the Commercial Banks index fell 0.4%. Bahrain National Holding Company declined 10.5%, while Ithmaar Holding was down 9.1%. QSE Top Gainers Close* 1D% Vol. 000 YTD% Qatari German Co for Med. Devices (19.0) Qatar Gas Transport Company Ltd (1.7) Aamal Company Widam Food Company The Commercial Bank Market Indicators 22 July July 18 %Chg. Value Traded (QR mn) (45.4) Exch. Market Cap. (QR mn) 509, ,444.3 (0.7) Volume (mn) (29.0) Number of Transactions 1,578 2,764 (42.9) Companies Traded (2.4) Market Breadth 5:29 15:21 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 16, (0.6) (0.6) All Share Index 2, (0.7) (0.7) Banks 3, (0.6) (0.6) Industrials 3, (0.6) (0.6) Transportation 1, (0.1) (0.1) Real Estate 1, (1.1) (1.1) (17.5) 13.3 Insurance 3, (1.5) (1.5) (13.0) 25.7 Telecoms 1, (1.0) (1.0) (6.9) 30.6 Consumer 6, (0.5) (0.5) Al Rayan Islamic Index 3, (0.8) (0.8) GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% Sahara Petrochemical Co. Saudi Arabia , Burgan Bank Kuwait ,358.4 (3.2) Comm. Bank of Kuwait Kuwait Bahrain Telecom. Co. Bahrain Saudi Int. Petrochemical Saudi Arabia GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% Raysut Cement Oman 0.54 (9.7) 9.0 (31.0) Doha Bank Qatar (5.3) (10.2) Dubai Investments Dubai 1.95 (2.5) 3,125.4 (19.1) Qatar Insurance Co. Qatar (2.3) 52.5 (22.7) Human Soft Holding Co. Kuwait 3.46 (2.0) 36.5 (7.5) 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% Doha Bank (5.3) (10.2) Zad Holding Company (4.1) Islamic Holding Group (3.6) 9.2 (28.0) Gulf Warehousing Company (3.1) 45.1 (5.5) Qatari Investors Group (2.5) 22.8 (15.3) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% Vodafone Qatar 9.25 (1.0) 1, Qatar Gas Transport Company Ltd (1.7) Doha Bank (5.3) (10.2) Qatar First Bank 5.40 (0.2) (17.3) Masraf Al Rayan (0.5) (4.1) Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Value Trades Close* 1D% Val. 000 YTD% Doha Bank (5.3) 15,058.3 (10.2) Vodafone Qatar 9.25 (1.0) 12, Qatar Gas Transport Co. Ltd ,397.5 (1.7) Qatar Fuel Company , Masraf Al Rayan (0.5) 6,570.6 (4.1) Source: Bloomberg (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 9, (0.6) (0.6) , Dubai 2, (0.2) (0.2) 3.6 (13.3) , Abu Dhabi 4, , Saudi Arabia 8, , Kuwait 4, , Oman 4, (0.3) (0.3) (3.0) (13.1) , Bahrain 1, (0.2) (0.2) , 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 0.6% to close at 9, The Insurance and Real Estate 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. Doha Bank and Zad Holding Company were the top losers, falling 5.3% and 4.1%, respectively. Among the top gainers, Qatari German Company for Medical Devices gained 1.0%, while Qatar Gas Transport Company Limited was up 0.8%. Volume of shares traded on Sunday fell by 29.0% to 4.1mn from 5.8mn on Thursday. Further, as compared to the 30-day moving average of 8.1mn, volume for the day was 49.8% lower. Vodafone Qatar and Qatar Gas Transport Company Limited were the most active stocks, contributing 32.0% and 17.7% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 64.82% 65.29% (401,035.59) Qatari Institutions 11.11% 5.58% 4,683, Qatari 75.93% 70.87% 4,282, GCC Individuals 0.42% 0.32% 82, GCC Institutions 0.39% 4.29% (3,307,072.92) GCC 0.81% 4.61% (3,224,753.18) Non-Qatari Individuals 11.76% 14.00% (1,899,500.63) Non-Qatari Institutions 11.50% 10.51% 842, Non-Qatari 23.26% 24.51% (1,057,344.57) Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases and Earnings Calendar Earnings Releases Company Market Currency Revenue (mn) % Change Operating Profit % Change Net Profit % Change 2Q2018 YoY (mn) 2Q2018 YoY (mn) 2Q2018 YoY Samba Financial Group Saudi Arabia SR 2, % 1, % Yanbu National Petrochemical Co. Saudi Arabia SR % % Yanbu Cement Co. Saudi Arabia SR % % Saudi Kayan Petrochemical Co. Saudi Arabia SR 1, % % Emirates Refreshments Company Dubai AED % -1.0 N/A -0.8 N/A National Hotels Company Bahrain BHD % % Source: Company data, DFM, ADX, MSM, TASI, BHB. Earnings Calendar Tickers Company Name Date of reporting 2Q2018 results No. of days remaining Status QIGD Qatari Investors Group 23-Jul-18 0 Due QNCD Qatar National Cement Company 23-Jul-18 0 Due QATI Qatar Insurance Company 24-Jul-18 1 Due VFQS Vodafone Qatar 24-Jul-18 1 Due BRES Barwa Real Estate Company 24-Jul-18 1 Due QOIS Qatar Oman Investment Company 25-Jul-18 2 Due DBIS Dlala Brokerage & Investment Holding Company 25-Jul-18 2 Due QIMD Qatar Industrial Manufacturing Company 26-Jul-18 3 Due NLCS Alijarah Holding 26-Jul-18 3 Due ORDS Ooredoo 29-Jul-18 6 Due QNNS Qatar Navigation (Milaha) 30-Jul-18 7 Due QFLS Qatar Fuel Company 30-Jul-18 7 Due QFBQ Qatar First Bank 30-Jul-18 7 Due AHCS Aamal Company 30-Jul-18 7 Due QISI Qatar Islamic Insurance Company 30-Jul-18 7 Due AKHI Al Khaleej Takaful Insurance Company 30-Jul-18 7 Due QGRI Qatar General Insurance & Reinsurance Company 31-Jul-18 8 Due SIIS Salam International Investment Limited 31-Jul-18 8 Due DOHI Doha Insurance Group 31-Jul-18 8 Due MCCS Mannai Corporation 2-Aug Due GISS Gulf International Services 5-Aug Due QCFS Qatar Cinema & Film Distribution Company 5-Aug Due MPHC Mesaieed Petrochemical Holding Company 6-Aug Due MCGS Medicare Group 6-Aug Due IGRD Investment Holding Group 6-Aug Due MERS Al Meera Consumer Goods Company 7-Aug Due IQCD Industries Qatar 8-Aug Due Source: QSE Page 2 of 6

3 News Qatar Capital Intelligence affirms Qatar s long term foreign and local currency ratings Global credit rating agency Capital Intelligence (CI) affirmed Qatar s long term foreign and local currency ratings at AA- and the corresponding short term ratings at A1+. Qatar has weathered the strong decrease of oil and gas prices since summer 2014 and the economic implications of the blockade since June last year, Capital Intelligence stated. Qatar s external financing requirements are expected to remain high in 2018 (51.6% of GDP) and 2019 (51.7% of GDP), it stated, adding these substantial needs result largely from high gross external debt rollover needs of domestic banks as the credit boom of the past was increasingly on crossborder funding. As a result, Qatar s overall gross external debt stood at a comparatively high 100.3% of GDP at year-end At present, Capital Intelligence views that the country s external refinancing risks appear manageable; however, the strained relationship with other GCC member states and the substantial geopolitical risk factors could weigh on risk perceptions, which would adversely affect the access and cost of cross-border funding, Capital Intelligence stated. The rating agency considers the domestic banking sector as an important implicit contingent liability of the central government since the size of the banking sector has risen tremendously over the past decade. As a result of the large expansion of domestic credit to public and private sectors, the total assets of the domestic banks increased to a very high 223.5% of GDP in 2017, up from 101.4% of GDP in (Gulf-Times.com) Ooredoo signs a new $200mn term loan agreement with KfW IPEX-Bank Ooredoo announced that it has signed a new $200mn term loan agreement for a five year period with KfW IPEX-Bank, Frankfurt, a state owned German Bank. The loan will be used to fund Ooredoo s capital investment program sourced from European supply chain partners. Ooredoo s CEO, Sheikh Saud Bin Nasser Al Thani said, Ooredoo and KfW IPEX- Bank have been business partners for a long time and we are delighted to strengthen our relationship further. We will use the loan to fund our ambitious investments programs using network equipment. This further supports our strategy towards digitization and enhances the digital life of our customers across the group. (QSE) IGRD to hold its EGM on August 6 Investment Holding Group s (IGRD) board of directors announced that its Extraordinary General Assembly Meeting (EGM) shall be convened on August 6, The substitute meeting shall convene on August 8, The agenda of the meeting includes: 1) Acquiring the remaining shares of Consolidated Engineering Systems w.l.l. (39.6%) by purchasing in cash. 2) Mandating whoever is necessary to sign on the official required procedures. (QSE) IEA: Qatar well-placed to compete in global LNG markets Qatar s additional production volume of LNG through expanding its super-giant North Field would be well placed to compete in international LNG markets. Following its decision in early 2017 to lift the moratorium on expanding its North Field, Qatar confirmed in February 2018 its intention to expand its LNG capacity from 77Mt to 100Mt (about 135bcm per year) through the construction of three new 7.8 Mt LNG trains. These are expected to come in operation by the end of Given Qatar s very prolific resource basis and low costs, additional volumes from Qatar would be well-positioned to compete in international LNG markets, according to International Energy Agency (IEA). (Peninsula Qatar) World s first 5G network now goes live in 50 Ooredoo sites in Qatar Ooredoo announced that the first commercial 5G network in the world has now reached 50 sites in Qatar. Since Ooredoo announced it was the first operator in the world to launch a 5G network commercially in May, the company has invested heavily in rolling-out the next-generation technology to ensure Qatar is at the forefront of 5G developments and the 5G ecosystem. Ooredoo s 5G network roll-out will have a hugely positive impact on many business sectors and organizations in Qatar. Most noticeably, 5G serves as the next step in network evolution, as it has much higher speeds and capacity, and extreme low latency. Further, Ooredoo Myanmar offers the fastest network speeds available in Myanmar, according to Ookla, a global leader in fixed broadband and mobile network testing applications, data and analysis. As a testament to its efforts, Ooredoo Myanmar received in July the Most Innovative Network Transformation Initiative award in the 21st Telecom Asia Awards 2018 for its initiatives on the improvement of network coverage and speed. (Peninsula Qatar, Gulf- Times.com) CRA finds improved quality of service by Ooredoo, Vodafone Qatar Communications Regulatory Authority (CRA) has completed an extensive audit of mobile networks to benchmark the coverage of 2G, 3G and 4G networks in the State of Qatar and the Quality of Service (QoS) levels offered by Ooredoo and Vodafone Qatar. The audit was conducted from May 2017 to December The audit benchmarked some of the Key Performance Indicators (KPI) of the services like voice calls, short message service (SMS) and data service offered by the service providers. The audit results indicate improvement from audits conducted by CRA in the previous years for both service providers. (Peninsula Qatar) Qatar s MEPI for 1H2018 drops 0.1% Qatar s Machinery and Equipment Price Index (MEPI) for 1H2018 stood at points, 0.1% declined with compared with the previous half and 0.3% drop against the same period last year. In a report issued, the Ministry of Development Planning and Statistics (MDPS) stated the difference in the MEPI over the last two half-years is caused by a decrease in the prices of six groups. While prices of machinery and electrical appliances went down by 0.9% in 1H2018, those for musical instruments and radio, television and communication equipment climbed down by 0.6% each. They are followed by price drops in metal tools and special-purpose machines by 0.3% each and transport equipment by 0.2%. (Qatar Tribune) Qatar ready to export home-grown construction materials Qatar is now ready to begin export of home-grown construction materials, according to dmg events Senior Vice President, Andy White which is organizing the first edition of The Big 5 Qatar exhibition for the construction sector in Doha in September. Andy White said the Qatari government s Page 3 of 6

4 investments in the domestic manufacturing sector have increased the country s potential as an export hub. Qatar s export potential is growing steadily on the back of a government-led vision to be self-sufficient. To reach this vision, Qatar leadership has been working to increase the GDP contribution from the manufacturing industry to 10.7% by 2018 from 10.2% in 2016, a report by The Big 5 Qatar stated. (Qatar Tribune) Canadian firm looks to join Qatar s self-sufficiency drive A Canadian firm is looking towards establishing factories and manufacturing facilities in Qatar that would help address the country s thrust towards self-sufficiency and food security. White Rock International, which has a communication and management consulting office in Qatar, aims to bring in viable and sub-stainable economic development projects in the fields of agriculture and vertical farming, aquaculture and land-based salmon, and seafood products and seal oil protein, including a host of confectionary items. White Rock International s President, Douglas Power said, The impact of these projects is twofold because they are strong for Qatar s economy, as well as Canada s economy since it increases our output in manufacturing. (Gulf-Times.com) International US proposals to drop trade barriers taken seriously by allies US Treasury Secretary, Steven Mnuchin said that G7 industrial powers were taking seriously his call for them to drop tariffs, non-tariff trade barriers and subsidies and added the Trump administration would press these issues in upcoming talks with the European Union s top executive. Mnuchin said at the close of a G20 finance leaders meeting that President Donald Trump s trade stance was not about protectionism but wanting free and fair trade for the US. The US sought to woo Europe and Japan with free trade deals to gain leverage in an escalating tariff war with China but its overtures faced stiff resistance from France at a G20 finance ministers meeting dominated by trade tensions. (Reuters) UK households mood boosted by easing inflation squeeze British households grew more positive about their finances this month as they faced less of a squeeze from inflation and benefited from higher pay, though most will be in for a shock if the Bank of England raises interest rates next month. IHS Markit stated in its monthly Household Finance Index rose in July to its second-highest level since December 2016 at 44.6, up one point since June and above its long-run average. Just 8% of households surveyed by IHS Markit expect a rate rise next month, though 51% think one will come over the next six months, up from 45% in June. (Reuters) China s central bank unexpectedly injects 502bn Yuan through one-year MLF China s central bank stated that it lent 502bn Yuan to financial institutions via its one-year medium-term lending facility (MLF) with rates unchanged. The move was unexpected by market participants as no MLF loans were due to mature. The central bank typically injects liquidity through MLF loans on the day existing loans are due to mature. (Reuters) Regional S&P: Net income of GCC Islamic insurance firms nearly halved to $375bn in 2017 The net income of listed Islamic insurance companies in the GCC nearly halved to $375bn in 2017, according to Standard & Poor s (S&P). The Islamic insurance sector continues to face secular challenges around relatively concentrated and undifferentiated business models and high expense ratios that leave them susceptible to adverse event risk related to solvency, governance, and accountancy, S&P noted in a report. We believe that medium term growth prospects in the sector remain satisfactory given relatively low penetration levels, and we expect Islamic insurance to remain profitable overall in We also observe strengthening capital levels, it stated. (Gulf-Times.com) Ma aden unit seals new loan amendment deal Saudi Arabian Mining Company (Ma aden) stated that its subsidiary Ma aden Bauxite and Alumina Company (MBAC) signed an agreement with the Public Investment Fund (PIF) to amend the terms of its existing loan of $1bn which has been reduced to $935mn through previous repayments. MBAC is 74.9% owned by Ma aden and 25.1% by Alcoa Corporation. (GulfBase.com) Saudi Arabia seeks to raise billions in SABIC deal as Saudi Aramco s IPO is stalled A potential deal between Saudi Aramco and Saudi Basic Industries Corp. (SABIC) could enable the country s sovereign wealth fund to raise billions of Dollars it had hoped to collect from Saudi Aramco s stalled initial public offering (IPO). Public Investment Fund (PIF) controls 70% of SABIC, with the rest of the company s shares listed on the Saudi Arabia s stock exchange. If Saudi Aramco does buy a stake, the deal would let the PIF convert at least part of its shareholding into cash that it could then use to make other investments overseas. At current market prices, the PIF s stake in SABIC is worth about $70bn. (Gulf-Times.com) UAE s business loan demand rising gradually Demand for business loans in the UAE rose moderately in the April-June quarter while demand for personal loans rebounded slightly after dropping in the previous quarter, a central bank survey showed. The net balance measure for business lending, the weighted percentage of respondents reporting an increase in demand for loans minus those reporting a fall, rose to plus 11.8 in April-June period from plus 4.6 in the previous quarter. For the current quarter, respondents expect a further rise to plus 16.3, while they also think credit standards will tighten further, the central bank added. (Reuters) UAE-China s non-oil trade to hit $58bn The UAE and China s non-oil trade exchange is expected to rise to $58bn by the end of 2018 from $53.3bn in Minister of Economy, Sultan Bin Saeed Al Mansouri said, Figures on two way trade speak volumes and are promising. China is the key trading partner of the UAE with non-oil trade growing 15% in 2017 to $53.3bn. The UAE accounts for 30% of China s total exports to Arab countries and 22% of total Chinese-Arab trade. (GulfBase.com) UAE s $8bn tech industry woos Chinese business With a thriving technology sector, deepening bilateral ties with China, and recent announcements by the UAE Cabinet to allow 100% foreign ownership in certain onshore industries, Dubai is an increasingly attractive trade and investment destination for Chinese investors looking for an opportunity in the city s rapidly evolving tech industry especially with the value of trade between UAE and China at almost $53.3bn last year, according to the Ministry of Economy. Valued at nearly $8bn, Page 4 of 6

5 the UAE s domestic IT market is expected to grow at an average of 5% annually in the period between 2017 and 2022, reported the International Data Corporation. (GulfBase.com) S&P confirms Sharjah BBB+ / A-2 ratings S&P Global Ratings (S&P) affirmed its BBB+ / A-2 long- and short-term foreign and local currency sovereign credit ratings on the Emirate of Sharjah. The outlook is Stable. S&P stated that the Stable outlook reflects its expectation that Sharjah s economy will grow steadily, at about 2% over , and that the government will continue reducing its fiscal deficits. S&P stated the ratings are supported by Sharjah s relatively strong fiscal position, despite a low revenue base, and the advantages that Sharjah derives from its membership in the UAE, including low external risks. (GulfBase.com) Abu Dhabi signs pact to bolster China trade The Abu Dhabi Investment Office signed an agreement with the Chinese Business Council to bolster inter-institutional cooperation and exchanges and provide for further trade and investment opportunities for businesses, a report noted. With the aim of developing strategic economic sectors including financial services, industry and manufacturing, tourism, renewable energy, and ICT and communications, the Abu Dhabi Investment Office is seeking to encourage increased international investment in the UAE capital to help realize the Abu Dhabi Vision 2030, which provides for enhanced diversification across a range of sectors within the overall development of a knowledge-based economy. (GulfBase.com) Gulf Bank records an increase of 18% in net profit for 1H2018 Gulf Bank recorded net profit of KD27mn in 1H2018, an increase of 18% over 1H2017. Gulf Bank generated net interest income of KD77mn during 1H2018, 21% above the prior year and operating income of KD97mn, 8% over the same period in The operating profit before provisions / impairment losses was KD65mn during 1H2018, recording growth of 8%, over the same period in Total general provisions on the balance sheet were at KD220mn, representing nearly 36% of shareholders equity as of June 30, 2018 and total assets increased by 4% to KD5.84bn compared to 30 June (GulfBase.com) Deposits in Oman s banks down slightly Aggregate deposits held in conventional banks stood at OMR18.9bn in April 2018, down by 0.8% from OMR19.1bn a year ago. Government deposits in conventional banks declined by 1.8% to OMR5.1bn, while deposits from public enterprises decreased significantly by 10.6% to OMR885.9mn during the same period. Private sector deposits, which accounted for 65.6% of total deposits in conventional banks, declined by 1.1% to OMR12.4bn in April 2018, from OMR12.6bn one year ago. The core capital and reserves of conventional banks stood at OMR4.50bn at the end of April (GulfBase.com) Omani government revenue grows by 23.2% The Oman government s revenue rose by 23.2% to OMR4,091.9mn for the first five months of 2018, over the same period of last year, due to major recovery in oil prices. As a result of a growth in oil prices, the net oil revenue of the Sultanate s government rose by 34.8% to OMR2,382.1mn during January-May period of 2018, against OMR1,766.7mn for the same period of last year, according to National Centre for Statistics and Information (NCSI). (GulfBase.com) AUB s net profit rises to $182.7mn in 2Q2018 Ahli United Bank (AUB) recorded net profit of $182.7mn in 2Q2018 as compared to $151.9mn in 2Q2017. Net interest income came in at $237.9mn as compared to $211.9mn in 2Q2017. Operating income came in at $319.8mn as compared to $275.6mn in 2Q2017. Total assets stood at $34.42bn at the end of June 30, 2018 as compared to $33.24bn at the end of December 31, Loans and advances stood at $19.6bn, while customers deposits stood at $23.86bn at the end of June 30, EPS came in at $0.021 in 2Q2018 as compared to $0.017 in 2Q2017. (Bahrain Bourse) Page 5 of 6

6 Rebased Performance Daily Index Performance % 0.0% (0.4%) 0.2% 0.1% (0.2%) (0.3%) 0.0% (0.2%) (0.8%) (0.6%) 40.0 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 QSE Index S&P Pan Arab S&P GCC Saudi Arabia Qatar Kuwait Bahrain Oman Abu Dhabi Dubai Source: Bloomberg Source: Bloomberg Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, (0.8) (5.5) MSCI World Index 2, Silver/Ounce (1.8) (8.4) DJ Industrial 25, (0.0) Crude Oil (Brent)/Barrel (FM Future) (3.0) 9.3 S&P 500 2, (0.1) Crude Oil (WTI)/Barrel (FM Future) (0.8) 16.6 NASDAQ 100 7, (0.1) (0.1) 13.3 Natural Gas (Henry Hub)/MMBtu (3.1) (21.7) STOXX (3.5) LPG Propane (Arab Gulf)/Ton (0.8) (7.4) DAX 12, (0.1) 0.5 (5.3) LPG Butane (Arab Gulf)/Ton (0.8) (6.3) FTSE 100 7, (0.5) (3.1) Euro (2.3) CAC 40 5, (0.3) (1.0) Yen (0.9) (0.9) (1.1) Nikkei 22, GBP (0.7) (2.8) MSCI EM 1, (0.5) (7.6) CHF (1.8) SHANGHAI SE Composite 2, (0.7) (17.8) AUD (0.1) (5.0) HANG SENG 28, (1.1) (6.1) USD Index (0.7) (0.2) 2.6 BSE SENSEX 36, (0.5) (0.5) RUB (0.2) Bovespa 78, (10.0) BRL (12.1) RTS 1, (0.9) (6.3) (3.5) Source: Bloomberg Source: Bloomberg (*$ 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