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1 QSE Intra-Day Movement 9,480 9,460 9,440 9,420 9,400 9,380 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QSE Index declined 0.5% to close at 9, Losses were led by the Banks & Financial Services and Real Estate indices, falling 1.4% and 1.0%, respectively. Top losers were Qatari Investors Group and QNB Group, falling 3.9% and 2.6%, respectively. Among the top gainers, Zad Holding Company gained 9.5%, while Qatar National Cement Company was up 4.9%. GCC Commentary Saudi Arabia: The TASI Index rose 0.2% to close at 7, Gains were led by Div. Financials and Telecomm. Services indices, rising 5.9% and 1.8%, respectively. Kingdom Holding Co. rose 10.0%, while Dar Alarkan Real Estate Dev. was up 9.9%. Dubai: The DFM Index declined 0.1% to close at 3, The Consumer Staples index fell 1.7%, while the Telecommunication index declined 0.6%. Al Salam Sudan fell 3.2%, while National Central Cooling Co. was down 2.1%. Abu Dhabi: The ADX benchmark index fell 0.3% to close at 4, The Investment & Fin. Services index declined 1.7%, while the Consumer Staples index fell 0.6%. Ras Al-Khaimah Cem. declined 3.9%, while RAK for White Cement was down 2.2%. Kuwait: The KSE Index declined 0.3% to close at 6, The Consumer Services index fell 2.8%, while the Telecommunications index declined 1.2%. Jiyad Holding Co. fell 19.7%, while Credit Rating & Collection was down 13.8%. Oman: The MSM Index fell 0.3% to close at 4, Losses were led by the Financial and Industrial indices, falling 0.5% and 0.3%, respectively. Sohar Power fell 6.3%, while HSBC Bank Oman was down 3.2%. Bahrain: The BHB Index gained marginally to close at 1, The Commercial Banks index rose 0.5%, while the other indices ended flat or in red. National Bank of Bahrain rose 3.2%, while Ithmaar Holding was up 2.9%. QSE Top Gainers Close* 1D% Vol. 000 YTD% Zad Holding Company (1.3) Qatar National Cement Company Gulf International Services , Doha Insurance Group (3.7) Qatar Fuel Company Market Indicators 28 Jan Jan 18 %Chg. Value Traded (QR mn) (41.3) Exch. Market Cap. (QR mn) 511, ,419.2 (0.6) Volume (mn) (8.7) Number of Transactions 3,154 5,076 (37.9) Companies Traded (2.4) Market Breadth 18:23 20:21 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 15, (0.5) (0.5) All Share Index 2, (0.5) (0.5) Banks 2, (1.4) (1.4) Industrials 2, Transportation 1, Real Estate 1, (1.0) (1.0) Insurance 3, Telecoms 1, Consumer 5, Al Rayan Islamic Index 3, (0.2) (0.2) GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% Kingdom Holding Co. Saudi Arabia , Dar Al Arkan Real Estate Saudi Arabia ,704.8 (28.2) F. A. Al Hokair Saudi Arabia , National Bank of Bahrain Bahrain Bank Sohar Oman GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% Al Ahli Bank of Kuwait Kuwait 0.31 (4.1) Mouwasat Medical Serv. Saudi Arabia (3.6) HSBC Bank Oman Oman 0.12 (3.2) 29.7 (5.5) Bahrain Telecom. Co. Bahrain 0.20 (2.9) 25,191.8 (2.0) Saudi Basic Ind. Corp. Saudi Arabia (2.9) 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% Qatari Investors Group (3.9) (2.7) QNB Group (2.6) Islamic Holding Group (1.5) 45.1 (14.7) Qatari German Co. for Med. Dev (1.4) 28.5 (0.9) Salam International Inv. Ltd (1.4) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% Gulf International Services , United Development Company Qatar First Bank Doha Bank (0.4) Vodafone Qatar 7.30 (0.9) (9.0) Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Value Trades Close* 1D% Val. 000 YTD% Doha Bank (0.4) 29, Gulf International Services , Barwa Real Estate Company (1.2) 19, United Development Company , Qatar Fuel Company , Source: Bloomberg (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 9, (0.5) (0.5) , Dubai 3, (0.1) (0.1) , Abu Dhabi 4, (0.3) (0.3) , Saudi Arabia 7, , Kuwait 6, (0.3) (0.3) , Oman 4, (0.3) (0.3) (2.1) (2.1) , Bahrain 1, , Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any) Page 1 of 6

2 Qatar Market Commentary The QSE Index declined 0.5% to close at 9, The Banks & Financial Services and Real Estate indices led the losses. The index fell on the back of selling pressure from GCC shareholders despite buying support from Qatari and non-qatari shareholders. Qatari Investors Group and QNB Group were the top losers, falling 3.9% and 2.6%, respectively. Among the top gainers, Zad Holding Company gained 9.5%, while Qatar National Cement Company was up 4.9%. Volume of shares traded on Sunday fell by 8.7% to 8.9mn from 9.8mn on Thursday. Further, as compared to the 30-day moving average of 13.3mn, volume for the day was 33.1% lower. Gulf International Services and United Development Company were the most active stocks, contributing 15.8% and 11.0% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 48.97% 35.84% 26,280, Qatari Institutions 20.06% 24.90% (9,692,055.85) Qatari 69.03% 60.74% 16,587, GCC Individuals 1.49% 1.11% 755, GCC Institutions 4.17% 15.62% (22,911,969.62) GCC 5.66% 16.73% (22,156,107.66) Non-Qatari Individuals 19.51% 15.88% 7,267, Non-Qatari Institutions 5.80% 6.65% (1,699,431.32) Non-Qatari 25.31% 22.53% 5,568, Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases and Earnings Calendar Earnings Releases Revenue (mn) % Change Operating Profit % Change Net Profit % Change Company Market Currency 4Q2017 YoY (mn) 4Q2017 YoY (mn) 4Q2017 YoY Saudi Basic Industries Corp. Saudi Arabia SR % % Source: Company data, DFM, ADX, MSM, TASI, BHB. Earnings Calendar Tickers Company Name Date of reporting 4Q2017 results No. of days remaining Status CBQK The Commercial Bank 29-Jan-18 0 Due QEWS Qatar Electricity & Water Company 31-Jan-18 2 Due SIIS Salam International Investment Limited 4-Feb-18 6 Due QOIS Qatar Oman Investment Company 4-Feb-18 6 Due DOHI Doha Insurance Group 5-Feb-18 7 Due QNCD Qatar National Cement Company 5-Feb-18 7 Due BRES Barwa Real Estate Company 6-Feb-18 8 Due GISS Gulf International Services 7-Feb-18 9 Due UDCD United Development Company 7-Feb-18 9 Due NLCS Alijarah Holding 8-Feb Due QIMD Qatar Industrial Manufacturing Company 11-Feb Due ORDS Ooredoo 11-Feb Due AKHI Al Khaleej Takaful Insurance Company 12-Feb Due MPHC Mesaieed Petrochemical Holding Company 14-Feb Due QISI Qatar Islamic Insurance Company 18-Feb Due Source: QSE News Qatar CBQK in talks about potential loan The Commercial Bank (CBQK) is in talks with banks about a syndicated loan of up to $500mn, according to sources. Raising money through a loan was one option open to the bank, which was also considering bonds as part of its normal funding pattern. CBQK s CEO, Joseph Abraham had told Reuters in September that the bank was considering borrowing on the Taiwanese bond market. Sources added, CBQK is also considering other bond markets such as Australia. (Zawya) BofAML: Qatar could issue $10bn worth bonds in 2018 Qatar is expected to issue bonds/sukuks worth $10bn, according to Bank of America Merrill Lynch (BofAML). An estimated $72bn of the net sovereign issuance is expected to come from the Middle East and Africa this year, of which $44bn should be primarily from four GCC countries - Qatar, Saudi Arabia, Oman and Kuwait. BofAML expects external debt supply of sovereign and corporate debt to increase slightly in aggregate in It forecasts overall sovereign gross debt issuance to decrease to $178bn, as sovereigns are turning more to local markets for funding. (Peninsula Qatar) Qatar third in GCC in reporting improved sentiments in construction industry Qatar stood third among the GCC countries in reporting improved sentiments in the construction industry, according to Pinsent Masons, a global law firm. As much as 16% of respondents believe that Qatar will provide the strongest opportunities for growth in 2018, bringing its overall ranking to third place in the GCC region, Pinsent Masons stated Page 2 of 6

3 in its survey report. Overall sentiment in the GCC s construction sector has improved by approximately 7% to 39%, it found. There is more optimism about improved market conditions in the GCC construction sector than we saw in 2016, though there are ongoing challenges with lower energy prices. However, in Qatar we expect activity levels to improve in the lead up to FIFA World Cup 2022, said Peter Blackmore, Head of Pinsent Masons Qatar. (Gulf-Times.com) Qatar, Oman sign deal on agriculture, food output Qatar and Oman signed a memorandum of understanding (MoU) on food production, marketing, joint investment and export of Omani products to Qatar. This took place during the official talks held between the two countries in Oman. A press release by the Ministry of Municipality and Environment stated that the talks were chaired from the Qatari side by HE the Minister of Municipality and Environment Mohamed Bin Abdullah Al Rumaihi and from the Omani side by the Minister of Agriculture and Fisheries Fuad Bin Jaafar Al Sagwani. The session focused on agriculture, livestock and fisheries, ways to develop them and opening new prospects for enhancing cooperation and exchanging experiences and views between the two countries. (Gulf-Times.com) Turkish firms seek transfer of cutting-edge technology to Qatar Members of a delegation composed of Turkish companies have expressed keen interest on transferring cutting-edge technology to Qatar by establishing companies and factories here in collaboration with Qatari businessmen. The delegation, comprising ten Turkish businessmen, met with Qatar Chamber officials during a meeting held in Qatar. The officials discussed ways to enhance trade cooperation and exchange, as well as joint ventures between private sector players of both countries. Qatar Chamber s board member Rashid Bin Hamad Al Athba said, Qatar market is replete with investment opportunities, which attract Turkish investors and businessmen. This affirms that Qatari business owners have a real desire to establish trade alliances and partnerships with their Turkish counterparts. New business partnerships will be concluded soon between Qatari and Turkish firms. (Gulf-Times.com) Qatar-Indonesia trade volume reaches $430mn Indonesia sent a significant number of trade delegations to Qatar last year to increase trade volume between both countries, which currently stands at $430mn, according to Endang Kuswaya, Minister Counselor at the Indonesian embassy in Qatar. Indonesia s major exports to Qatar are paper and stationery, garments, shoes, and agricultural products like coffee, tea, fruits, and vegetables, while imports from Qatar to Indonesia are mostly oil and gas. Kuswaya said, Since the economic blockade imposed on the country in June and the visit of HH the Emir Sheikh Tamim Bin Hamad Al Thani to Indonesia in October last year, Qatar-Indonesia relations are getting closer. During HH the Emir s visit, several memoranda of understanding (MoUs) and agreements were signed, which we are now trying to implement. There is also a meeting between the Indonesia Chamber of Commerce and Qatar Chamber to increase commodity export from Indonesia to Qatar. (Gulf-Times.com) Hempel Paints unveils projects in support of Qatar s National Vision Hempel Paints, global supplier of marine, protective and decorative coatings, unveiled various projects in support of Qatar National Vision Hempel Paints is renowned for producing high-quality coatings and solutions that services major local and international sectors and market areas. Hempel Paints Country Manager, Christopher Sharkey said, We at Hempel Paints pride ourselves on working closely with our customers to develop solutions that meet their specific requirements. Our team of Coating advisors are on hand to give our customers adequate advice and support throughout every project, from coating selection through to application and maintenance. (Peninsula Qatar) WDAM announces the agenda for its AGM expected on February 14 Widam Food Company (WDAM) announced the agenda of the Ordinary General Assembly Meeting (AGM), which will be held on February 14, 2018 and in the event a quorum is not achieved, a second meeting will be held on February 19, In the AGM, one of the agenda is to approve the proposal of the board of directors to distribute the shareholders cash dividends at the rate of 42.5% of the nominal share value, i.e. QR4.25 for each share. (QSE) ERES announces the agenda for its AGM expected on February 12 Ezdan Holding Group (ERES) announced the agenda of the Ordinary General Assembly Meeting (AGM) for the fiscal year ended December 31, 2017 on February 12, In case of lack of quorum, second meeting will be held on February 18, (QSE) ABQK to hold AGM on February 20 Ahli Bank (ABQK) announced that its General Assembly Meeting (AGM) will be held on February 20, In case of lack of quorum, second meeting will be held on February 25, (QSE) QGRI to hold board meeting on February 14 to discuss the financial statements Qatar General Insurance & Reinsurance Company (QGRI) announced that its board of directors will hold a board meeting on February 14, 2018 to discuss and approve the audited financial statements for the period ending December 31, (QSE) International Business survey says Brexit biggest threat to UK financial centre Uncertainty over Britain s future trading relations with the European Union after Brexit is the most serious threat to UK as the world s top financial centre, a business survey showed. The quarterly survey from business lobby CBI and consultants PwC stated optimism in the financial services sector fell for the third consecutive quarter in the three months to December, marking two years of flat or falling sentiment, though transactions remained stable overall. (Reuters) Regional GCC s fixed income issuances momentum set to continue in 2018 Bolstered by Saudi Arabia s $12.4bn international Islamic bond in September, debt issuance in the Middle East reached $103.7bn during 2017, 33% more than the proceeds raised during last year and by far the best year in the region since 1980, according to Thomson Reuters. Saudi Arabia was the most active nation in the Middle East, accounting for 30% of activity by value, followed by the UAE with 27.8%. Fixedincome issuances in the GCC in 2017 saw one of the biggest rise since the financial crisis with growth recorded in both bonds and Sukuk markets. It was a record year for the GCC countries as sustained low oil prices, coupled with rising budget pressure Page 3 of 6

4 at home as well as infrastructure spending requirements triggered some of the biggest issuances in the region. S&P: GCC s broadening of tax base in motion The introduction of 5% VAT rate across most of the GCC will take place in , S&P Global Ratings stated. Saudi Arabia and the UAE introduced VAT on January 1, 2018, while Bahrain will wait until later this year and Oman until 2019, likely because of administrative capacity constraints. However, Qatar has announced that it will not introduce VAT at this time, the global ratings agency noted. S&P projects the regional VAT rollout would push up government revenues on average by the equivalent of 1.7%-2.0% of GDP. It based its estimate on a collection-efficiency ratio of 50%-60%, which measures how efficiently the tax can be applied to the consumption base. (Peninsula Qatar) MEED: Nearly $73bn construction, transport contracts awarded in GCC last year Construction and transport contracts worth nearly $73bn were awarded in the GCC region in 2017, projects tracker MEED stated in a report. However, it said, the value was down 6.5% on $77.7bn during The total value of construction and transport contract awards in the region was falling for the fourth consecutive year in 2017, MEED noted, as lower prices continued to impact the volume of new work opportunities for construction companies. It said the performance in 2017 was dragged down by a sluggish few months at the end of the year with November and December registering record lows. (Gulf-Times.com) Saudi Arabian foreign reserves rise for third straight month Saudi Arabian Monetary Authority s (SAMA) foreign reserves rose in December for a third consecutive month, a sign that higher oil prices may be easing pressure on the government s finances, official data showed. The bank s net foreign assets grew $2.0bn from November to $488.9bn last month, after increasing $1.0bn in November and $8.3bn in October. It was the first time since mid-2014 that the reserves have risen for three straight months. The government has been using the reserves, which peaked at $737bn in August 2014, to cover a big budget deficit caused by low oil export receipts. The central bank did not explain the reasons for the December data, but a jump in oil prices to three-year highs has lifted revenues and this may have reduced the need for the government to draw down the reserves, though not entirely removed it, as the Kingdom is still running in deficit. (Reuters) S&P: Future of Saudi Arabian economy about policy, not prices Saudi Arabia s prospects depend more on government reforms becoming irreversible than the price of oil, said Moritz Kraemer, Global Chief Rating Officer for S&P. Kraemer said, If oil went to $100 per barrel again there would be a risk of undermining the reform momentum and helping those campaigning to maintain the previous status quo. We don t think the oil price will determine the fate of the country. The policies that are chosen will determine future economic stability. SABIC takes SR350mn impairment on steel unit Saudi Basic Industries Corp. (SABIC) stated that it took SR350mn impairment on its steel unit, Hadeed, in the fourth quarter and still sees challenges in the steel market. SABIC s CEO, Yousef Al Benyan said that he was optimistic about the outlook for 2018, as an increase in oil prices reflect positively on petrochemical prices. Riyad Capital REIT to distribute $4mn dividend Riyad Bank said its investment banking arm is set to distribute dividend worth $4mn to the unitholders of its real estate investment traded funds (REITs) for the period covering the second half of The dividend per unit SR0.30 represents 3% of the face value. Mulkia Investment Company announces dividend distribution to Mulkia Gulf Real Estate REIT shareholders Mulkia Investment Company announced dividend distribution to Mulkia Gulf Real Estate REIT shareholders for the period November 5, 2017 to December 31, Total Amount to be distributed is SR6.3mn. The dividend amount is SR0.105 per unit with 1.05% net yield to the unit s initial offer price of SR10. Economic Cities Authority signs MoU with Masdar The Economic Cities Authority (ECA) signed a memorandum of understanding with Abu Dhabi Future Energy Company (Masdar), aiming to cooperate on projects and services that can be provided in the Saudi Arabian economic cities, and in turn contributing to the interests of both sides and enabling them to fulfill their obligations. Mashreqbank s profit falls in 4Q2017 Dubai s Mashreqbank recorded net profit of AED388mn in 4Q2017 as compared to AED440mn in 4Q2016. Net Interest Income & net income from Islamic products came in at AED908mn in 4Q2017 versus AED891mn in 4Q2016. Loans and advances to customers stood at AED62.73bn, while deposits from customer stood at AED76.06bn at the end of December 31, (Reuters) Dubai awards $370mn contract for Expo roads Dubai s Roads and Transport Authority (RTA) awarded two contracts worth $370mn of Phase I and 2 of Expo Roads Improvement Project to ensure smooth flow of traffic that serves Expo visitors and future projects in the area. The Improvement of Roads Network for Expo is one of the biggest road projects currently undertaken by RTA to meet the needs of hosting Expo 2020 in Dubai. Due to the immense nature of the project, it has been divided into six phases to ensure its timely delivery, well before the opening of Expo, said Mattar Al Tayer, director-general and chairman of RTA. ADCB s net profit rises to AED4,277.6mn in 2017 Abu Dhabi Commercial Bank (ADCB) recorded net profit of AED4,277.6mn in 2017 as compared to AED4,148.7mn in Net interest income came in at AED5,741.4mn as compared to AED5,496.0mn in Operating income came in at AED8,895.3mn as compared to AED8,495.4mn in Total assets stood at AED265.0bn at the end of December 31, 2017 as compared to AED258.29bn at the end of December 31, Loans and advances to customers (net) stood at AED163.28bn, while deposits from customer stood at AED163.08bn at the end of December 31, Diluted EPS came in at AED0.79 in 2017 as compared to AED0.77 in (ADX) Kuwait Finance House reports flat net profit in 4Q2017 Kuwait Finance House (KFH) reported flat net profit in 4Q2017, according to Reuters. Net profit came in at KD46.3mn in 4Q2017 as compared to KD46.6mn in the same period a year ago. For the Page 4 of 6

5 full year, the bank reported an 11.5% rise in net profit to KD184.2mn. (Peninsula Qatar) Kuwait International Bank s profit falls in FY2017 Kuwait International Bank s FY2017 net profit attributable to shareholders fell to KD17.7mn versus KD18.2mn in FY2016. Total operating revenue came in at KD64.3 million in FY2017 as compared to KD63.2 million in FY2016. The company s board proposed cash dividend of 10 Fils per share for FY2017. (Reuters) Islamic banks in Oman achieve robust growth in asset Islamic banks in Oman provided financing to the extent of OMR3bn at the end of November 2017 as compared to OMR2.4bn a year ago, according to the monthly bulletin released by the Central Bank of Oman (CBO). Total deposits held by Islamic banks and windows also registered a significant increase at OMR2.9bn in November 2017 from OMR2.1bn as at the end of November The total assets of Islamic banks and windows combined, amounted to OMR3.7bn as at the end of November 2017, constituting about 11.9% of the banking system assets. Automobile sales in Oman decline Total vehicle registrations in Oman fell by 18.3% to 73,798 during the first eleven months of 2017, down from 90,329 registrations for the same period of the previous year. The fall in sales indicate the unwillingness of people to spend for high value products, especially luxury cars, as the recent slowdown influenced their spending habit. Although car dealers do not reveal their sales figures, people in the industry privately admit that there was a fall in sales, after oil prices started declining a couple of years ago. PDO invites bids for Flare Gas to Power schemes Petroleum Development Oman (PDO) invited international firms to compete for Flare Gas to Power contracts designed to harness the large volumes of natural gas being flared from multiple locations across its sprawling concession to produce electricity. In a tender issued last week, the company said it was seeking proven, technically and economically feasible solutions to convert the gas it flares to electricity. Vast amounts of gas are presently flared from over 60 flares in operation across Block 6 which it operates, the company said. The initiative is part of a wider effort by PDO to monetize the prodigious quantities of natural gas it flares as part of its normal operations across Block 6. Bahrain aims to be a hub for GCC trade flows Bahrain is ramping up its drive to attract foreign investment, undeterred by the prospect of big global capital flows toward Saudi Arabia under the Vision 2030 strategy. Khalid Al-Rumaihi who heads the Bahrain Economic Development Board (EDB) said, The Bahrain story is not well understood. We have the ability to become a hub for growing GCC trade flows. We see ourselves potentially playing the same role in the Arabian Gulf as Hong Kong does next to China. There is room for several hubs in the region as there are in Asia. Ibdar Bank assigned BB long-term and B short-term rating Capital Intelligence Ratings (CI Ratings) assigned Ibdar Bank in Bahrain a long-term foreign currency rating of BB and a shortterm foreign currency rating of B in its first rating of the bank. The ratings are supported by the Bank s low leverage and in particular the limited borrowings in relation to total capital as well as solid capital adequacy, including a high CET 1 component, and the comfortable liquidity position along with the extended debt maturity profile. Page 5 of 6

6 Rebased Performance Daily Index Performance % 0.0% 0.2% 0.0% (0.6%) (0.5%) (0.1%) 60.0 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 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 ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, MSCI World Index 2, Silver/Ounce DJ Industrial 26, Crude Oil (Brent)/Barrel (FM Future) S&P 500 2, Crude Oil (WTI)/Barrel (FM Future) NASDAQ 100 7, Natural Gas (Henry Hub)/MMBtu STOXX LPG Propane (Arab Gulf)/Ton (10.9) (15.7) DAX 13, (0.1) LPG Butane (Arab Gulf)/Ton (2.3) (9.7) (21.0) FTSE 100 7, Euro CAC 40 5, Yen (0.8) (2.0) (3.6) Nikkei 23, GBP MSCI EM 1, CHF SHANGHAI SE Composite 3, AUD HANG SENG 33, USD Index (0.4) (1.7) (3.3) BSE SENSEX 36, RUB (0.8) (2.4) Bovespa 85, BRL 0.32 (0.1) RTS 1, (1.9) Source: Bloomberg Source: Bloomberg (*$ 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) 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