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1 QSE Intra-Day Movement 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 0.7% to close at 9, The Insurance and Real Estate indices declined 1.2% each. Top losers were Al Khaleej Takaful Group and Islamic Holding Group, falling 2.7% and 2.2%, respectively. Among the top gainers, Qatar Oman Investment Co. rose 3.1%, while Qatar Cinema & Film Distribution Co. was up 2.9%. GCC Commentary Saudi Arabia: The TASI Index rose 0.1% to close at 7, Gains were led by the Energy and Commercial & Professional Svc indices, rising 2.7% and 2.3%, respectively. Nama Chemicals Co. and Saudi Printing & Pack. were up 9.9% each. Dubai: The DFM Index declined 0.1% to close at 3, The Consumer Staples index fell 2.3%, while the Telecommunication index declined 1.2%. GFH Financial Group fell 4.8%, while National Central Cooling Co. was down 3.3%. Abu Dhabi: The ADX benchmark index fell 0.7% to close at 4, The Services index declined 1.1%, while the Banks index fell 1.0%. Abu Dhabi Shipbuilding Co. declined 9.4%, RAK for White Cement was down 3.8%. Kuwait: The KSE Index declined 0.1% to close at 6, The Insurance index fell 1.8%, while the Oil & Gas index declined 1.2%. Warba Insurance Company fell 17.0%, while Sharjah Cement and Industrial Development Co. was down 8.8%. Oman: The MSM Index fell 0.2% to close at 4, Losses were led by the Industrial and Financial indices, falling 0.7% and 0.3%, respectively. Gulf Investment Services fell 5.1%, while National Gas was down 3.6%. Bahrain: The BHB Index fell marginally to close at 1, The Investment index declined 1.2%, while the other indices ended flat or in green. GFH Financial Group declined 4.4%, while Al Salam Bank - Bahrain was down 2.1%. QSE Top Gainers Close* 1D% Vol. 000 YTD% Qatar Oman Investment Co (11.8) Qatar Cinema & Film Distribution (1.6) Mesaieed Petrochemical Holding (16.5) Al Meera Consumer Goods Co (13.6) Zad Holding Co (15.9) Market Indicators 09 Aug Aug 17 %Chg. Value Traded (QR mn) Exch. Market Cap. (QR mn) 503, ,853.7 (0.8) Volume (mn) Number of Transactions 2,112 2, Companies Traded Market Breadth 9:31 19:19 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 15, (0.7) (1.0) (7.6) 16.1 All Share Index 2, (0.8) (1.0) (7.5) 14.3 Banks 2, (0.6) (0.2) (1.2) 12.6 Industrials 2, (0.7) (1.7) (15.5) 18.6 Transportation 1, (0.9) (1.3) (22.2) 13.3 Real Estate 2, (1.2) (1.8) (8.3) 13.9 Insurance 4, (1.2) 1.4 (6.7) 18.7 Telecoms 1, (0.9) (4.5) (5.4) 22.0 Consumer 5, (0.4) (1.3) (6.5) 12.5 Al Rayan Islamic Index 3, (0.5) (1.2) (4.4) 17.9 GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% Nama Chemicals Co. Saudi Arabia (51.4) Saudi Print. & Pack. Co. Saudi Arabia Rabigh Ref. & Petro. Saudi Arabia , National Petrochem. Co. Saudi Arabia (20.4) Jazeera Airways Co. Kuwait (25.6) GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% Saudi Research & Mark. Saudi Arabia (5.1) 1, Tihama Adv. & Public Saudi Arabia (3.1) 4,510.0 (23.4) Abu Dhabi Nat. Hotels Abu Dhabi 3.15 (2.8) (0.6) Arabtec Holding Co. Dubai 3.46 (2.3) 9,856.0 (35.2) Union National Bank Abu Dhabi 4.45 (2.2) (2.0) Source: Bloomberg ( # in Local Currency) ( ## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) QSE Top Losers Close* 1D% Vol. 000 YTD% Al Khaleej Takaful Group (2.7) 3.4 (21.8) Islamic Holding Group (2.2) 37.4 (18.2) Qatar General Ins. & Reins. Co (2.0) 8.9 (31.9) Ezdan Holding Group (1.9) 57.7 (15.6) Qatar Gas Transport Co. Ltd (1.6) 56.7 (23.0) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% Vodafone Qatar 9.00 (0.3) 3,314.3 (3.9) Dlala Brokerage & Inv. Holding (0.9) (15.3) Widam Food Co (0.3) (0.3) Gulf International Services (0.5) (33.8) Doha Bank (0.6) (6.1) Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Value Trades Close* 1D% Val. 000 YTD% Widam Food Co (0.3) 38,577.6 (0.3) Vodafone Qatar 9.00 (0.3) 29,960.4 (3.9) Industries Qatar (1.5) 17,517.7 (20.4) Dlala Brokerage & Inv. Holding (0.9) 13,569.7 (15.3) Doha Bank (0.6) 12,863.6 (6.1) Source: Bloomberg (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 9, (0.7) (1.0) (1.1) (10.8) , Dubai 3, (0.1) (0.9) , Abu Dhabi 4, (0.7) (0.9) (0.2) , Saudi Arabia 7, (0.8) , Kuwait 6, (0.1) (0.0) (0.4) , Oman 4, (0.2) (1.3) (0.6) (13.6) , Bahrain 1, (0.0) 0.1 (0.3) , Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) Page 1 of 6

2 Qatar Market Commentary The QSE Index declined 0.7% 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. Al Khaleej Takaful Group and Islamic Holding Group were the top losers, falling 2.7% and 2.2%, respectively. Among the top gainers, Qatar Oman Investment Co. rose 3.1%, while Qatar Cinema & Film Distribution Co. was up 2.9%. Volume of shares traded on Wednesday rose by 41.8% to 7.4mn from 5.2mn on Tuesday. However, as compared to the 30-day moving average of 8.9mn, volume for the day was 17.6% lower. Vodafone Qatar and Dlala Brokerage & Investments Holding Co. were the most active stocks, contributing 45.0% and 10.2% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 61.22% 51.70% 18,004, Qatari Institutions 22.13% 20.83% 2,459, Qatari 83.35% 72.53% 20,463, GCC Individuals 0.52% 0.67% (278,211.04) GCC Institutions 1.39% 2.83% (2,720,766.00) GCC 1.91% 3.50% (2,998,977.04) Non-Qatari Individuals 7.99% 8.12% (248,213.92) Non-Qatari Institutions 6.75% 15.86% (17,216,211.64) Non-Qatari 14.74% 23.98% (17,464,425.56) Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases, Global Economic Data and Earnings Calendar Earnings Releases Company Market Currency Revenue (mn) % Change Operating Profit % Change Net Profit % Change 2Q2017 YoY (mn) 2Q2017 YoY (mn) 2Q2017 YoY Saudi Industrial Investment Group Saudi Arabia SR % % National Petrochemical Co. Saudi Arabia SR % % Arabian Cement Company Saudi Arabia SR % % Raydan Co. Saudi Arabia SR % % Lazurde Company for Jewelry Saudi Arabia SR % 6.4 N/A Knowledge Economic City Saudi Arabia SR -8.1 N/A -9.2 N/A Arabtec Holding Dubai AED 2, % 39.8 N/A DXB Entertainments Dubai AED N/A Emirates Refreshments Company Dubai AED % % % Al Dhafra Insurance Co. Abu Dhabi AED % % Abu Dhabi National Energy Co. Abu Dhabi AED 1, % 35.0 N/A Abu Dhabi National Hotels Abu Dhabi AED % % Source: Company data, DFM, ADX, MSM, TASI, BHB. Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 08/09 US Mortgage Bankers Association MBA Mortgage Applications 4-August 3.0% -2.8% 08/09 China National Bureau of Statistics CPI YoY July 1.4% 1.5% 1.5% 08/09 China National Bureau of Statistics PPI YoY July 5.5% 5.6% 5.5% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Earnings Calendar Tickers Company Name Date of reporting 2Q2017 results No. of days remaining Status QFLS Qatar Fuel Company 10-Aug-17 0 Due MRDS Mazaya Qatar 13-Aug-17 3 Due QGMD Qatar German Company for Medical Devices 13-Aug-17 3 Due ZHCD Zad Holding Company 14-Aug-17 4 Due Source: QSE Page 2 of 6

3 News Qatar MCCS net profit narrows to QR76.4mn in 2Q2017 Mannai Corp. (MCCS) reported net profit of QR76.4mn in 2Q2017 as compared to QR90.1mn in 1Q2017. In 1H2017, the company s net profit declined to QR166.5mn (from QR219.6mn in 1H2016), whereas revenue fell 7% YoY to QR2.31bn. MCCS said that depressed market conditions in the retail/luxury segment and the general economic slowdown resulted in the net profit decline. Further, the company stated that in continuation of the group s strategy of diversifying its earnings, the group is further consolidating its stake in GFI Informatique with an increase in its shareholding to 80% during With this acquisition and other operational efficiencies underway, the group is confident of improving its performance during the remainder of the year. MCCS EPS amounted to QR3.65 in 1H2017 as compared to QR4.81 in 1H2016. (QSE, Gulf- Times.com) QCFS' net profit declines 6.5% QoQ in 2Q2017 Qatar Cinema and Film Distribution Company's (QCFS) net profit declined 6.5% QoQ to QR2.8mn in 2Q2017. On YoY basis, net profit declined 30.4% in 2Q2017. EPS amounted to QR0.91 in 1H2017 as compared to QR1.18 in 1H2016. (QSE) MERS' bottom line rises 52.6% QoQ in 2Q2017 Al Meera Consumer Goods Company's (MERS) net profit rose 52.6% QoQ (+16.8% YoY) to QR61.8mn in 2Q2017. EPS remained flat YoY at QR5.12 in 1H2017. (QSE) Number of building permits in Qatar up by 53% in July The number of building permits issued in the State of Qatar during the month of July was 629, reflecting an increase of 53% MoM, according to the 31st issue of the monthly statistics of building permits issued by the Ministry of Development Planning & Statistics. The increase was noted in municipalities of Umm Slal (144%), Wakrah (110%), Al Da'ayen and Al Shamal (86%, each), Doha (39%), Al Sheehaniya (32%) and Rayyan (23%), while Al Khor municipality maintained the same number of issued permits. (Qatar-Tribune) S&P: Siege nations trade balance to be hit S&P Global Ratings said, The physical closure of Qatar s land, air, and sea borders with the blockading nations will affect trade linkages in both directions. We therefore expect the boycott to adversely affect the trade balances of boycotting countries that previously had trade surpluses with Qatar, particularly Saudi Arabia. However, the countries not participating in the siege, such as Oman and Kuwait, may benefit from diverted trade routes. In 2016, goods exports from Qatar to the GCC and Egypt accounted for 11% of Qatar s total exports, or roughly 6% of current account receipts ($6bn). (Peninsula Qatar) Qatar lauded for stable supply of LNG to Japan Chubu Electric Power honorary adviser Toshio Mita lauded Qatar s stable supply of liquefied natural gas (LNG) to Japan, saying Qatar- Japan relations will never change despite the economic blockade. Speaking in a meeting at the headquarters of the Abdullah Bin Hamad Al-Attiyah International Foundation for Energy and Sustainable Development, he said Japan and Qatar will continue to strengthen its economic and trade relationships amid current circumstances. (Gulf-Times.com) Mwani Qatar s IMS receives ISO certification Qatar Ports Management Company (Mwani Qatar) has announced that its Integrated Management System (IMS) was awarded with internationally acclaimed certifications after passing an external audit conducted by Lloyd s Register Quality Assurance (LRQA). By effectively integrating three previously-certified systems under one integrated platform, Mwani Qatar s IMS achieved ISO 9001:2008 for Quality Management System, ISO 14001:2004 for Environmental Management System, and OHSAS 18001:2007 for Occupational Health and Safety Management System. (Gulf-Times.com) Turkey economy minister: Deal reached to transport goods to Qatar via Iran A tripartite agreement has been reached between Ankara, Doha and Tehran on the transfer of goods from Turkey to Qatar via Iran, Turkish Minister of Economy Nihat Zeybekci announced. The verbal agreement will become an official agreement within days, he added. In a statement to the Turkish Anadolu Agency, Zeybekci said he had recently met with Qatar s Minister of Economy & Commerce, HE Sheikh Ahmed bin Jassim bin Mohamed al-thani, and reached a verbal agreement on the transport of goods by road from Turkey to Iranian ports, and then transporting the trucks through Ro-Ro ships to Qatar. (Gulf-Times.com) International US productivity rises in second quarter, keeps labor costs in check US productivity grew more than expected in the second quarter as hours worked rose at their fastest pace in 1-1/2 years, leading to a modest increase in labor costs that could keep inflation muted in the near term. The trend in productivity, however, remains weak, suggesting robust economic growth will be hard to achieve. The Labor Department said that nonfarm productivity, which measures hourly output per worker, rose at a 0.9% annualized rate in the April-June period. First-quarter productivity was revised to show it edging up at a 0.1% pace instead of being unchanged as previously reported. Compared to the second quarter of 2016, productivity increased at a 1.2% rate, the strongest performance in two years. With productivity rising, unit labor costs, the price of labor per single unit of output, increased at only a 0.6% pace in the second quarter after jumping at a 5.4% rate in the January-March period. MBA: US mortgage activity rises as rates fall US mortgage applications rose last week, led by an increase in refinancing activity, as home borrowing costs broadly fell, Mortgage Bankers Association (MBA) said. The Washington-based group's seasonally adjusted index of overall mortgage activity rose 3.0% to in the week ended August 4th. MBA's seasonally adjusted barometer on refinancing requests increased 5.3% to 1,433.2 last week, raising its share of overall mortgage activity to 46.7% from 45.5% the prior week. RICS: UK house price growth weakest in over four years British house prices rose at their slowest rate in over four years last month, while the number of sales slowed due to a limited supply of property and continued political uncertainty, a property industry body said. The Royal Institution of Chartered Surveyors (RICS) said its monthly house price balance dropped Page 3 of 6

4 to +1 in July from +7 in June, its lowest since March The outlook for prices over the next 12 months was also the weakest since UK last year's vote to leave the European Union, though outright price falls seemed unlikely at a national level. Greek consumer price inflation steady at 0.9% in July Greece's annual EU-harmonized inflation rate was steady in July, statistics service data showed. The reading in July was 0.9%, unchanged from June. The data also showed the headline consumer price index was steady at 1.0% YoY compared to the previous month. Japan's June core machinery orders unexpectedly fall Japan's core machinery orders unexpectedly fell for a third consecutive month in June, underscoring companies' reluctance to boost spending and conflicting with recent signs that the economic recovery is gathering momentum. Core orders suffered a second straight quarter of declines in April-June, the first instance of consecutive quarterly falls since India retail inflation seen picking up for first time in four months in July India's retail inflation is expected to have picked up slightly in July after cooling in the previous three months, a Reuters poll showed, but likely remained well below the central bank's 4% medium-term target. Much of the increase is attributed to the return of food inflation. Vegetable prices have risen sharply following erratic monsoon rains. The consumer price index likely rose 1.87% last month, after dipping to an historic low of 1.54% in June, according to the median forecast of nearly 30 economists. Brazil inflation turns positive in July; annual rate slows Brazilian consumer prices rose in July on higher power costs and a fuel tax hike following deflation in June, even as the annual rate fell to its lowest in 18 years, data showed. Prices as measured by the benchmark IPCA index rose 0.24% last month, turning positive after a 0.23% drop the month before, government statistics agency IBGE said. In the 12 months through July, inflation came in at 2.71%, the slowest since February Further, The Brazilian economy added a net 35,900 payroll jobs in July, the Labor Ministry said. Regional Moody's says five largest Saudi Arabian banks could face further profitability pressures Moody's said that Saudi Arabia's big-five banks could face further profitability pressures as government tightens spending. Profitability at five largest Saudi Arabian banks could be pressured going into 2018 as lower government spending impacts negatively on economic growth. Moody s said as the Saudi Arabian government reins in spending, it expects lending to slow and problem loans to rise. Saudi Aramco inks contract for King Salman International Complex Saudi Aramco has signed a contract with a consortium comprising Saudi Archirodon Company Ltd and Huta Hegerfeld AG Saudia Company for dredging, reclamation and marine structures for King Salman International Complex for Maritime Industries and Services in Ras Al-Khair. (GulfBase.com) Fitch: UAE s Islamic banks affected by higher financing costs and impairment charges Fitch Ratings (Fitch) said that UAE s Islamic banks' performance in 2016 was hit by higher funding costs and financing impairment charges (FICs). Stronger financing growth than conventional banks continued. While the average Islamic bank's impaired financing ratio improved further to 5% in 2016, aided by rapid financing growth (above conventional banks), this ratio is skewed by the two largest UAE Islamic banks, which account for almost two-thirds of Islamic banking assets, and whose ratios have fallen sharply to around 4%. The other four Islamic banks have young, fastgrowing franchises, and their impaired financing ratios are between 5% and 9%. FICs increased to 1.4% of financing in 2016 due to deterioration in the SME segment. Islamic financing grew, albeit at a slower rate of 10%, due to wider adoption and more innovative structuring of Shari ah-compliant products. UAE s mobile subscription base hits 18.7mn in 1H2017 The subscription base in the UAE mobile phone services expanded 2.4% during 1H2017 to 18.7mn subscribers from 18.26mn in 1H2016. The growth reflects the vibrant and robust nature of the UAE's telecommunications sector which is considered a significant mainstay of the economy. According to Etisalat, the number of subscribers in the company's mobile services amounted to 10.5mn during 1H2017, reflecting a 3% YoY growth. In the meantime, the number of subscribers in the Emirates Integrated Telecommunications Company's (du) services hit 8.2mn by the end of June, with the company posting a growth of 1.5% during 2Q2017. The total revenues of UAE telecommunications providers during 1H2017 reached AED31.7bn, AED25.3bn of which attributed to Etisalat and AED6.42mn for du. (GulfBase.com) Nakheel Properties awards AED430mn worth contracts for Deira Islands Nakheel Properties awarded AED430mn worth of contracts for Dubai s Deira Islands. Nakheel Properties said that the company invested nearly AED7.5bn in infrastructure and construction contracts for Deira Islands so far, more are due soon. EIBANK s net profit rises to AED8.4mn in 2Q2017 Emirates Investment Bank (EIBANK) recorded net profit of AED8.4mn in 2Q2017 as compared to net profit of AED7.8mn in 2Q2016. Operating income came in at AED42.0mn in 2Q2017 as compared to AED40.1mn in 2Q2016. Total assets stood at AED4.98bn at the end of June 30, 2017 as compared to AED4.67bn at the end of December 31, Net investments stood at AED2.40bn, while customers deposits stood at AED3.60bn at the end of June 30, EPS came in at AED11.96 in 2Q2017, as compared to AED11.15 in 2Q2016. (DFM) DLD: Dubai s realty transactions cross AED390bn Dubai Land Department (DLD) announced that the total value of real estate transactions exceeded AED390bn across 95,000 transactions in the 18 months from January 1, 2016 to July 31, DLD s Director General, Sultan Butti Bin Mejren said, These figures demonstrate an atmosphere of optimism across the real estate market. They also support expert views that emphasize the substantial growth of the real estate market and the maturity it has achieved. (GulfBase.com) DSI guaranteed up to AED100mn investment Drake & Scull International (DSI) will receive an interest-free Qard Hasan loan of up to AED100mn from Tabarak Investment as part of Page 4 of 6

5 DSI s capital restructuring program. The loan will help meet the immediate working capital requirements of DSI until it completes its capital restructuring program which includes a capital increase of AED500mn to expedite Tabarak Investment s entry as a strategic investor. The withdrawal and payment mechanisms of the loan will be mutually agreed upon by the two parties and could be implemented in tranches. (GulfBase.com) Arabtec swings to 2Q2017 profit, Depa investment helps Dubai-based builder Arabtec said that it had swung to a net profit in 2Q2017, boosted by profits from its investment in interior designer Depa as well as by cost-cutting. Arabtec made a net profit attributable to equity holders in the parent of AED39.8mn in 2Q2017, compared to a loss of AED186.4mn a year ago. RAKBANK partners with Fintech platform Invoice Bazaar National Bank of Ras Al Khaimah (RAKBANK) has partnered with Fintech platform Invoice Bazaar, to offer supply chain finance solutions. CBO: Omani banks expected to face pressure in maintaining net earnings Omani banks are expected to face pressure in maintaining net profits in the aftermath of rising interest rates. This follows a growth in policy rates and interbank rates in Oman, after Federal Reserve took a lead, according to the financial stability report released by the Central Bank of Oman (CBO). The rising policy rates have also been partially passed through to the retail deposit and lending rates. However, the stress testing exercise shows that the interest rate risk in banks is within reasonable limits if they face a 200 basis point adverse movement in interest rates, the report stated. Further, CBO added that Oman s banking sector continued to remain resilient despite challenging economic conditions. Relatively improved crude oil prices, ongoing fiscal reforms, and satisfactory financial performance by the banking sector meant that the short-term risks to its financial stability further subsided in 2016, the report said. The banking stability index also show that on balance, the stability of the banking sector stayed intact as the sector remained well capitalized, profitable, and fairly liquid with low infection ratio during the year under review, the apex bank stated. (GulfBase.com) Investcorp targets ten investments across private equity, real estate Bahrain-based Investcorp s CEO Rishi Kapoor said that the company is targeting ten investments across its private equity and real estate segments in the current financial year. Earlier, the company reported a 116% rise in its second-half net profit to $84.6mn, and 34% increase in profits to $120.3mn for the full financial year ended June 30. Kapoor added that the company is considering refinancing its $250mn bond maturing in November. In its first offering in the public Dollardenominated debt market, Investcorp had issued the five-year bond in November Bank of America Merrill Lynch, Citigroup, Credit Suisse, ING, JPMorgan and RBS were joint lead managers and book runners on the offering. Page 5 of 6

6 Rebased Performance Daily Index Performance % 0.1% Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 QSE Index S&P Pan Arab S&P GCC 0.0% (0.5%) (1.0%) Saudi Arabia (0.7%) Qatar (0.1%) Kuwait (0.0%) Bahrain (0.2%) Oman (0.7%) Abu Dhabi (0.1%) Dubai Source: Bloomberg Source: Bloomberg Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, MSCI World Index 1, (0.3) (0.3) 12.0 Silver/Ounce DJ Industrial 22, (0.2) (0.2) 11.6 Crude Oil (Brent)/Barrel (FM Future) (7.3) S&P 500 2, (0.0) (0.1) 10.5 Crude Oil (WTI)/Barrel (FM Future) (0.0) (7.7) NASDAQ 100 6, (0.3) Natural Gas (Henry Hub)/MMBtu (22.5) STOXX (0.8) (0.8) 17.0 LPG Propane (Arab Gulf)/Ton DAX 12, (1.2) (1.3) 17.9 LPG Butane (Arab Gulf)/Ton (14.7) FTSE 100 7, (0.5) (0.5) 10.5 Euro (0.1) 11.8 CAC 40 5, (1.5) (1.2) 17.8 Yen (0.2) (0.6) (5.9) Nikkei 19, (0.8) (0.3) 9.6 GBP (0.3) 5.4 MSCI EM 1, (0.9) CHF SHANGHAI SE Composite 3, AUD 0.79 (0.3) (0.4) 9.4 HANG SENG 27, (0.3) USD Index (0.1) 0.0 (8.5) BSE SENSEX 31, (1.0) (1.9) 27.0 RUB (2.4) Bovespa 67, (1.0) BRL 0.32 (0.9) (0.8) 3.1 RTS 1, (1.3) 0.8 (10.2) Source: Bloomberg Source: Bloomberg (*$ adjusted returns) Contacts Saugata Sarkar Shahan Keushgerian Zaid al-nafoosi, CMT, CFTe Head of Research Senior Research Analyst Senior Research Analyst Tel: (+974) Tel: (+974) Tel: (+974) Mohamed Abo Daff QNB Financial Services Co. W.L.L. Senior Research Analyst Contact Center: (+974) Tel: (+974) PO Box Doha, Qatar Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. ( QNBFS ) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical technical data (price and volume). QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. This report may not be reproduced in whole or in part without permission from QNBFS. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 6 of 6