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1 QSE Intra-Day Movement 9,820 9,800 9,780 9,760 9,740 9,720 9,700 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE Index declined 0.1% to close at 9, Losses were led by the Real Estate and Banks & Financial Services indices, falling 2.3% and 0.5%, respectively. Top losers were Ezdan Holding Group and Al Khaleej Takaful Insurance Company, falling 4.0% and 3.3%, respectively. Among the top gainers, Ooredoo gained 2.8%, while Islamic Holding Group was up 2.4%. GCC Commentary Saudi Arabia: The TASI Index fell 0.2% to close at 8, Losses were led by the Insurance and Food & Beverages indices, falling 1.0% and 0.8%, respectively. Bonyan Reit declined 4.4%, while Saudi Steel Pipe Co. was down 3.7%. Dubai: The DFM Index fell 0.6% to close at 2, The Telecommunication index declined 1.2%, while the Invest. & Fin. Services index fell 1.0%. Dar Al Takaful declined 3.1%, while Dubai Financial Market was down 1.7%. Abu Dhabi: The ADX General Index fell 0.9% to close at 4, The Banks index declined 1.4%, while the Real Estate index fell 0.9%. Bank of Sharjah declined 3.8%, while Al Qudra Holding was down 2.3%. Kuwait: The Kuwait Main Market Index fell 0.5% to close at 4, The Banks index declined 0.8%, while the Health Care index fell 0.3%. Yiaco Medical Co. declined 8.5%, while Kuwait Resorts Co. was down 7.5%. Oman: The MSM 30 Index fell 0.6% to close at 4, Losses were led by the Services and Financial indices, falling 1.0% and 0.1%, respectively. Gulf International Chemicals fell 9.7%, while Ooredoo was down 4.6%. Bahrain: The BHB Index Index fell 0.2% to close at 1, The Commercial Banks index declined 0.5%, while the other indices ended flat or in green. National Bank of Bahrain was down 2.4%. QSE Top Gainers Close* 1D% Vol. 000 YTD% Ooredoo (13.7) Islamic Holding Group (3.4) Qatar Navigation (1.7) Qatari German Co for Med. Devices Qatar National Cement Company Market Indicators 10 Mar Mar 19 %Chg. Value Traded (QR mn) (8.4) Exch. Market Cap. (QR mn) 553, ,069.8 (0.4) Volume (mn) (3.4) Number of Transactions 4,489 5,839 (23.1) Companies Traded (8.9) Market Breadth 21:19 11:32 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 17, (0.1) (0.1) (2.6) 13.6 All Share Index 2, (0.5) (0.5) (3.3) 14.5 Banks 3, (0.5) (0.5) (4.4) 13.5 Industrials 3, (0.2) (0.2) (2.9) 14.9 Transportation 2, (0.3) (0.3) Real Estate 2, (2.3) (2.3) (6.4) 16.4 Insurance 2, (0.1) (0.1) (1.9) 17.9 Telecoms (7.7) 19.2 Consumer 7, Al Rayan Islamic Index 3, (0.1) (0.1) (0.6) 13.6 GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% Etihad Etisalat Co. Saudi Arabia , Ooredoo Qatar (13.7) DP World Dubai (9.4) VIVA Kuwait Telecom Co. Kuwait Oman Cement Co. Oman (3.3) GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% Ooredoo Oman Oman 0.50 (4.6) 10.0 (12.0) Comm. Bank of Kuwait Kuwait 0.50 (3.3) Bupa Arabia for Coop. Ins. Saudi Arabia (3.2) Shell Oman Marketing Co. Oman 1.13 (2.6) (23.9) National Bank of Bahrain Bahrain 0.61 (2.4) 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% Ezdan Holding Group (4.0) (8.5) Al Khaleej Takaful Insurance Co (3.3) 11.0 (0.9) Qatar International Islamic Bank (2.5) Doha Bank (2.1) (13.3) Qatar Gas Transport Co. Ltd (1.7) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% Mesaieed Petrochemical Holding (0.2) 1, Doha Bank (2.1) (13.3) United Development Company (8.6) Qatar Aluminium Manufacturing (0.4) (15.1) Masraf Al Rayan (12.7) Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Value Trades Close* 1D% Val. 000 YTD% Mesaieed Petrochemical Holding (0.2) 23, Ooredoo ,878.9 (13.7) Qatar International Islamic Bank (2.5) 17, Doha Bank (2.1) 14,952.6 (13.3) Industries Qatar (0.3) 14,111.9 (10.7) Source: Bloomberg (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 9, (0.1) (0.1) (3.4) (5.1) , Dubai 2, (0.6) (0.6) (2.2) , Abu Dhabi 4, (0.9) (0.9) (5.2) (0.9) , Saudi Arabia 8, (0.2) (0.2) (0.3) , Kuwait 4, (0.5) (0.5) (0.5) , Oman 4, (0.6) (0.6) (1.3) (5.4) , Bahrain 1, (0.2) (0.2) (0.5) , 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 QE Index declined 0.1% to close at 9, The Real Estate and Banks & Financial Services 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. Ezdan Holding Group and Al Khaleej Takaful Insurance Company were the top losers, falling 4.0% and 3.3%, respectively. Among the top gainers, Ooredoo gained 2.8%, while Islamic Holding Group was up 2.4%. Volume of shares traded on Sunday fell by 3.4% to 7.2mn from 7.4mn on Thursday. Further, as compared to the 30-day moving average of 8.7mn, volume for the day was 17.3% lower. Mesaieed Petrochemical Holding Company and Doha Bank were the most active stocks, contributing 18.6% and 10.8% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 46.32% 39.74% 13,382, Qatari Institutions 29.64% 27.35% 4,646, Qatari 75.96% 67.09% 18,028, GCC Individuals 0.45% 0.83% (766,385.39) GCC Institutions 0.85% 5.80% (10,061,386.47) GCC 1.30% 6.63% (10,827,771.86) Non-Qatari Individuals 10.18% 10.00% 348, Non-Qatari Institutions 12.57% 16.28% (7,549,461.54) Non-Qatari 22.75% 26.28% (7,201,091.26) Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases and Earnings Calendar Earnings Releases Company Market Currency Revenue (mn) 4Q2018 % Change YoY Operating Profit (mn) 4Q2018 % Change YoY Net Profit (mn) 4Q2018 % Change Middle East Paper Co.* Saudi Arabia SR % % % Lazurde Company for Jewelry* Saudi Arabia SR % % % Southern Province Cement Co. * Saudi Arabia SR % % % Al Hammadi Company for Development and Investment * Saudi Arabia SR % % % Middle East Paper Co.* Saudi Arabia SR % % % Ras Al Khaimah Cement Co.* Abu Dhabi AED % 20.2 Gulfa Mineral ater and Processing Dubai AED % Industries Co.* SHUAA Capital* Dubai AED % Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Financials for FY2018) Earnings Calendar Tickers Company Name Date of reporting 4Q2018 results No. of days remaining Status DBIS Dlala Brokerage & Investment Holding Company 17-Mar-19 6 Due ERES Ezdan Holding Group 18-Mar-19 7 Due IGRD Investment Holding Group 19-Mar-19 8 Due MRDS Mazaya Qatar Real Estate Development 20-Mar-19 9 Due AKHI Al Khaleej Takaful Insurance Company 25-Mar Due QGMD Qatari German Company for Medical Devices 27-Mar Due Source: QSE YoY News Qatar MCGS to hold its AGM and EGM on March 31, 2019 Medicare Group s (MCGS) board of directors invited its shareholders to attend the Ordinary General Assembly Meeting (AGM) and Extraordinary General Assembly Meeting (EGM) of the company, which will be held on March 31, In case of nonquorum for the convening of any of the meetings, the second meeting will to be held on April 7, (QSE) IGRD postpones its board meeting to March 19, 2019 Investment Holding Group (IGRD) announced that the company will postpone its board meeting to March 19, 2019 instead of March 12, 2019 to discuss and approve the audited financial statements for the financial year ended at December 31, (QSE) QIIK approves cash dividend of QR4 per share Qatar International Islamic Bank s (QIIK) shareholders approved the recommendation forwarded by its board of directors to distribute 40% cash dividend to shareholders, which translates into QR4 per share. QIIK s CEO, Abdulbasit Ahmad Al-Shaibei said that banks will be in better shape when there is a stable interest regime. He was speaking to the media after the bank s AGM. He said QIIK does not have plans to raise more debt in the short term. We don t need liquidity. The whole idea was to tap new markets to have funding with a longer tenor and to test the market in general, Al-Shaibei said referring to QIIK s $500mn Sukuk, which was recently listed on the London Stock Exchange. The Sukuk was oversubscribed nearly seven times. He also said QIIK did not have plans to close down any of its branches in Qatar. Al-Shaibei added, We are in the process of Page 2 of 6

3 relocating some of our branches to places such as popular malls, where we can serve our customers better. It is an ongoing process. (Gulf-Times.com) QIIK stays focused on promising Qatari economy Qatar International Islamic Bank (QIIK) continues to focus on the local market in view of the significant opportunities provided by the Qatari economy, according to the bank s Chairman and Managing Director, Sheikh Khalid bin Thani bin Abdulla Al- Thani. We consider that our contribution to Qatar s development plans is our duty. We will continue to contribute as much as possible through the financing of various projects in all sectors, infrastructure projects in particular, which are an important driving force in the growth of national economy, Sheikh Khalid said while addressing the bank s shareholders at their AGM. He said QIIK paid particular attention to SMEs, which enhanced the bank s fruitful partnership with Qatar Development Bank. In terms of QIIK s expansion abroad, he said the bank always seeks to seize available opportunities that meet the conditions of economic feasibility, especially in terms of low risks. QIIK was able to maintain its strong financial position and stable growth. It also built partnerships with different investment entities abroad. (Gulf-Times.com) GISS building capabilities to cash in on Qatar s oil, gas sector expansion Gulf International Services (GISS) started building capabilities of its drilling and aviation subsidiaries to capture business opportunities arising from expansion activities in the country s oil and gas sector, the company s top official said. Addressing shareholders during the company s AGM, GISS Chairman, Khalid bin Khalifa Al Thani said, Given that our strategy rollout is in full swing, the future performance of GISS in the medium and long run would be improved. There are a number of opportunities, which are most likely, available to GISS in the immediate future. The expansion activities in the country s oil and gas sector will provide significant opportunities for our drilling and aviation subsidiaries. He added, The drilling segment is aggressively focusing on implementing the previously identified strategy. These strategies currently being implemented are at different stages with the full benefit to be seen over the coming years. Our aviation subsidiary Gulf Helicopters Company (GHC) has actively engaged in market development, including overseas expansions. This will help GHC in utilizing its fleet more efficiently and entering new profitable markets. The aviation segment will continue to focus on maintaining its current market share and penetrating new markets in Asia and Africa. Meanwhile, he said, given the potential opportunities present to the group and the need to remain financially flexible, the board of directors believes that a dividend payment in 2018 will be a burden to the group s liquidity position and will place several bottlenecks for future strategy deployment. GISS will deploy the retained funds to invest and capture the present and future opportunities, he said. (Qatar Tribune) QIMD s AGM approves dividend distribution of QR2.50 per share and elects Sheikh Abdulrahman as Chairman Qatar Industrial Manufacturing Company s (QIMD) AGM approved dividend distribution of QR2.50 per share, to its shareholders for the year ending December 31, The company elected following members of the board of directors for the next three years ( ): Sheikh Abdulrahman bin Mohamed bin Jabor Al Thani, Sheikh Rashid bin Awaidha Mohammed Thani Al Thani, Nasser bin Rashid S Al Kaabi, Saad Mohammed Saad J Al Rumaihi, Abdullah Mohammed Shamsan Al Saada, Abdulmohsen bin Youssef Al Mana and Abdulla Ali Al Abdulla, Al Hermaz Investment Company s representative Ahmed Youssef Hussain Kamal. The board of directors elected Sheikh Abdulrahman bin Mohamed bin Jabor Al Thani as the Chairman and Nasser bin Rashid Al Kaabi as Vice-Chairman. The EGM approved the split of the par value of the ordinary share at QR1 instead of QR10, as per the instructions of Qatar Financial Markets Authority, and amendment of the Articles in the company s Articles of Association. (Qatar Tribune) Qatar s total broad money supply reaches QR562bn in January Qatar s total broad money supply (M2) reached QR562.3bn in January 2019, an annual decrease of 6.1% compared with January 2018, data released by the Planning and Statistics Authority (PSA) showed. PSA stated cash equivalents, including commercial bank deposits reached QR789.7bn in January 2019, an annual decrease of 1.7% compared to January (Qatar Tribune) Total number of ships arriving at Qatar ports rises 53.2% in January 2019 The total number of vessels arriving at Qatar s ports increased by an annual rate of 53.2% in January this year as compared to the same period in 2018, official data showed. This also resulted in an increase in the total net tonnage of ships at an annual rate of 159.1%, compared to January last year. The figures were revealed in the 61st issue of the Qatar Monthly Statistics bulletin, released by the Planning and Statistics Authority. The rise in shipping numbers comes as the authorities ramp up operations at the country s ports, including Hamad Port, whose success lies in having diversified, and expanded its business base and playing a significant role in meeting the needs of local markets as well as servicing the country s major projects. Also, since the start of the blockade in June 2017, some new shipping routes have been launched connecting key destinations with Qatar while existing services to/from established routes have been enhanced. (Gulf- Times.com) Nebras Power s A M Solar Project in Jordan to be operational in June The commercial operation of A M Solar Project in Jordan, one of the key global projects of Doha-based Nebras Power, is expected to start in June A M Solar is Nebras Power s fourth project in the Kingdom of Jordan. Nebras Power is Qatar Electricity & Water Company s (QEWS) foreign investment arm and serving its global expansion. The A M Solar Project in Jordan aims to establish a power plant in Jordan with photoelectric solar power with a capacity of 40MW. Nebras Power s share in the project is 24%. Elaborating on its global future projects, the QEWS in its 2018 report submitted before the AGM recently noted the construction of Sumbagot MW Power project in Sumatra, Indonesia is expected to commence in the second quarter of The project is expected to be completed in the third quarter of (Peninsula Qatar) Doha Bank s CEO: Qatar s successful bond issuance demonstrates its resilience to blockade Most key sectors of the Qatari economy, including the banking sector, remain Page 3 of 6

4 strong and vibrant. The successful bond issuance by Qatar demonstrates it s resilience to the blockade, according to Doha Bank s CEO, R Seetharaman. Doha Bank hosted a meeting of African Ambassadors and the CEO of the bank. The meeting was attended by African Ambassadors, Doha Bank Senior Management and other Key staff from leading corporates in Qatar. Commenting the Qatari economy Seetharaman said, IMF expects Qatar to grow by 2.7% in 2018 and 2.8% in Growth revised marginally up. Qatar plans to increase its LNG production capacity to 110mtpa from 77mtpa, this is likely to increase Qatar s trade with various countries. He added, Qatar last week achieved a successful return to the international financial markets with a total of three tranches worth a total of $12bn. The first tranche included five-year bonds worth $2bn pricing 90 basis points over US Treasury bonds on five-year bonds and the second tranche for 10 years worth $4bn - was 135 basis points over US treasury basis points, while the third tranche is for 30 years worth $6bn, 175 basis points above US Treasury bonds. The book was oversubscribed and the current issuance reflects Qatar s ability to borrow at cost effective rate. Qatar is the first country in the world to issue Formosa bonds on the Taipei Stock Exchange since (Peninsula Qatar) Qatar posts $52bn trade surplus in 2018 Qatar s trade surplus stood at $52bn in 2018, HE the Minister of Commerce and Industry Ali bin Ahmed Al-Kuwari said during the Qatar- Pakistan Trade and Investment Conference held in Doha. The Minister also announced that last year s foreign trade witnessed a 40% growth over 2017, with exports increasing by 25% and non-oil sector contribution to GDP rising 52% in Al-Kuwari said the World Bank expects the Qatari economy to grow by 2.7% in 2019 and a further 3% in He stressed that Qatar s international ranking remains high. He said Qatar ranked first in the Arab world and 22nd globally in the 2018 Global Entrepreneurship Index issued by the US-based Global Entrepreneurship Development Institute. Similarly, Al-Kuwari said Qatar ranked number one globally in terms of low inflation, sixth globally in lack of tax impact on competitiveness, and the eighth globally in the abundance of investment capital. (Gulf- Times.com) Vodafone Qatar completes GigaNet fiber network roll-out at The Pearl Qatar Vodafone Qatar has completed the roll-out of its GigaNet fiber network across The Pearl-Qatar with customers already starting to enjoy a number of Vodafone services, the telecom provider has announced. Vodafone Qatar s fiber network enables the island s residents to experience premium services through its high-speed internet and high quality fixed voice. In future, Vodafone will also be offering customers exciting entertainment and smart home services. For businesses, Vodafone Qatar s fiber enables a large suite of business services including smart solutions, smart security and smart metering. (Qatar Tribune) Co-working spaces upbeat as more budget-conscious firms enter Qatari market Sophisticated and flexible workspace with great views and natural lighting shared with like-minded people. It s a common tagline for Doha s trendsetting coworking spaces. The demand for co-working spaces or flexible serviced accommodation in the commercial real estate sector in Qatar has been rising. Majority of the tenants are budgetconscious international firms just entering the Qatari market and a rising number of start-up companies in the country. In its latest Qatar Market Report, real estate advisor DTZ Qatar stated most of the lease agreements for the prime office accommodation in the fourth quarter of 2018 revolved around start-ups and SMEs. According to the report, this demand is primarily focused on flexible serviced accommodation or small inexpensive units in secondary locations. (Peninsula Qatar) International Pre-recession signals lurk in UK jobs data Beneath the headline figures showing a strong British labor market, the ebb and flow of jobs and businesses being created and destroyed is showing a pattern associated with the onset of recession, research suggested. Employers in Britain created almost 400,000 jobs last year, pushing the jobs rate to a new record high - a bright spot in a slowing economy weighed down by Brexit worries and weakening global trade. However academics at the Enterprise Research Centre, a research network, stated there were some unpromising signals when looking at the jobs data split between new and existing firms. Start-up businesses contributed roughly 1mn jobs in 2018, cancelling out a net 613,000 drop in employment across established companies. (Reuters) China s central bank pledges more policy support as bank lending slides China s central bank pledged to further support the slowing economy by spurring loans and lowering borrowing costs, following data that showed a sharp drop in February s bank lending due to seasonal factors. The central bank is widely expected to ease monetary policy further this year to encourage lending especially to small and private firms vital for growth and job creation. The central bank s prudent monetary policy will emphasize on counter-cyclical adjustments, People s Bank of China (PBoC) Governor, Yi Gang said, using a phrase that implies the need to fight an economic slowdown. The global economy still faces some downward pressure and China faces many risks and challenges in its economy and financial sector, Yi said at a press conference on the sidelines of the country s annual meeting of parliament. There is still some room for the PBoC to cut reserve requirement ratios (RRRs), although the amount of room is less compared with a few years ago, Yi said. (Reuters) PBoC Governor: China, US have reached consensus on many vital issues China and the US have reached consensus on many crucial issues and have discussed the need to observe the autonomy of each other s monetary policy, People s Bank of China s (PBoC) Governor, Yi Gang said. The two sides discussed issues surrounding the Yuan including the need to abide by previous commitments made by Group of 20 nations not to engage in competitive depreciation and to communicate closely on currency issues, Yi said. He did not say on which issues they had reached consensus. The negotiators also discussed the importance of a market-orientated foreign exchange mechanism and the need to disclose information to International Monetary Fund standards, Yi said. He has been part of the Chinese team at the trade talks. The issue of currency manipulation has become part of the ongoing talks to solve their trade confrontation, with the US pushing for a pledge by China to not devalue its currency as a way to gain Page 4 of 6

5 competitiveness or offset the effect of tariffs. China has stated that any deal to end the trade spat should be two ways, fair and equal. (Bloomberg) Regional Saudi Arabia's says no OPEC+ output policy change until June Saudi Arabia s Oil Minister, Khalid Al-Falih said that it will be too early to change OPEC+ output policy at the group s meeting in April and that China and the US will lead healthy global demand for oil this year. The OPEC and its allies such as Russia known as the OPEC+ alliance will meet in Vienna on April 17-18, with another gathering scheduled for June He said that the group is unlikely to change its output policy in April and if required would make adjustments in June. We will see what happens by April, if there is any unforeseen disruption somewhere else, but barring this I think we will just be kicking the can forward, we will see where the market is by June and adjust appropriately, he said. (Reuters) Cargo turnover at Saudi Arabia s ports rose 11.3% YoY in February Total cargo handled in February at Saudi Arabian ports operated by Saudi Ports Authority grew 11.3% YoY to 21mn tons, according to news article published by Saudi Ports Authority. Total number of containers handled stood at 0.532mn twenty-foot equivalent unit (TEUs), up 5.1% from same period a year ago. In February, Saudi Arabian ports operated by Saudi Ports Authority received 937 ships. (Bloomberg) UAE s economy to grow 3.5% in 2019 led by non-oil sector Economic growth in the UAE is expected to accelerate to 3.5% in 2019, helped by strong non-oil activity, the Central Bank of the UAE (CBUAE) stated in its quarterly report. The economy grew 2.8% in 2018, it stated, helped by a rise in oil production and growth in the non-oil sector, recovering from just 0.8% growth in 2017 when oil prices slumped. The UAE's central bank stated that economic activity in the non-oil sector will improve further in 2019 due to the effects of fiscal stimulus packages announced by Abu Dhabi and Dubai. The Abu Dhabi government has announced a $13.6bn economic stimulus package as well as several economic initiatives to ease the cost of doing business. The Dubai government has also taken measures to cut costs for key industries including aviation, real estate, and education. The non-oil sector will grow 3.4% in 2019, up from an estimated 2.6% last year, according to CBUAE. Oil sector growth is expected at 3.7% compared to 3% in The International Monetary Fund (IMF) has stated in February that it expects the UAE's economy to grow by 3.7% in The central bank has also stated that property prices continued to fall in the fourth quarter in Abu Dhabi and Dubai. (Zawya) UAE s Energy Minister says will continue supply cuts until market is re-balanced The UAE will continue to deliver on crude oil supply cuts under a producer agreement until the global market is re-balanced, Minister of Energy and Industry, Suhail Al-Mazrouei said. The OPEC along with major non-opec producers such as Russia has pledged to reduce their oil production to cut into a supply glut. We will continue to deliver on the OPEC & Non-OPEC commitment for voluntary production adjustments, until the global market is re-balanced, he said. He also added, UAE compliance to cut oil supply for February will meet, if not exceed, its obligations. This will help to bring balance and stability to the global oil market. (Reuters) Bahrain's Bapco sees oil trading opportunities as it expands refinery Bahrain plans to commission its expanded oil refinery by early 2023, allowing it to sell and trade more petroleum products in the Gulf region and Asia, the CEO, Pete Bartlett of state-owned oil company Bapco said. The expansion will boost the capacity of its Sitra oil refinery to 360,000 barrels per day (bpd) from the current 267,000 bpd, he said. Bapco currently receives 220, ,000 bpd of crude from state oil company Saudi Aramco and will import the same volume during the refinery s expansion, with commissioning scheduled for late 2022 or early 2023, he added. In October 2018, Saudi Aramco and Bapco announced the commissioning of the AB-4, a new phase of the Saudi-Bahrain crude oil pipeline, capable of transporting up to 350,000 bpd, which would serve Bahrain s planned refinery expansion. We are on track, he said of the expansion. The small non-opec Gulf oil producer, with around 124.6mn barrels of proven reserves, gets its oil revenue from two fields: the onshore Bahrain field, and the offshore Abu Safah field, which is shared with Saudi Arabia. The Bahrain field produces around 50,000 bpd. (Reuters) Page 5 of 6

6 Rebased Performance Daily Index Performance % 0.0% Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 QSE Index S&P Pan Arab S&P GCC (0.5%) (1.0%) (0.2%) (0.1%) Saudi Arabia Qatar (0.5%) Kuwait (0.2%) Bahrain (0.6%) Oman (0.9%) Abu Dhabi (0.6%) Dubai Source: Bloomberg Source: Bloomberg Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, MSCI World Index 2, (0.5) (2.2) 8.9 Silver/Ounce (1.0) DJ Industrial 25, (0.1) (2.2) 9.1 Crude Oil (Brent)/Barrel (FM Future) (0.8) S&P 500 2, (0.2) (2.2) 9.4 Crude Oil (WTI)/Barrel (FM Future) (1.0) NASDAQ 100 7, (0.2) (2.5) 11.6 Natural Gas (Henry Hub)/MMBtu (8.6) (8.5) STOXX (0.8) (2.1) 7.7 LPG Propane (Arab Gulf)/Ton (0.9) DAX 11, (0.4) (2.3) 6.6 LPG Butane (Arab Gulf)/Ton (1.1) (3.4) 0.4 FTSE 100 7, (1.6) (1.5) 7.8 Euro (1.1) (2.0) CAC 40 5, (0.6) (1.7) 8.5 Yen (0.4) (0.6) 1.3 Nikkei 21, (1.5) (1.9) 4.5 GBP 1.30 (0.5) (1.4) 2.0 MSCI EM 1, (1.3) (2.0) 6.7 CHF (0.9) (2.6) SHANGHAI SE Composite 2, (4.5) (1.0) 21.9 AUD (0.5) (0.1) HANG SENG 28, (1.9) (2.0) 9.0 USD Index (0.4) BSE SENSEX 36, RUB (4.9) Bovespa 95, (1.4) 8.6 BRL (2.4) 0.3 RTS 1, (0.7) 10.4 Source: Bloomberg Source: Bloomberg (*$ 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) Mehmet Aksoy, PhD 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. ( QNB FS ) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNB FS 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 QNB FS 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. QNB FS 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 QNB FS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNB FS 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 QNB FS Fundamental Research as a result of depending solely on the historical technical data (price and volume). QNB FS 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 QNB FS. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNB FS. Page 6 of 6