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  • 1. QE Intra-Day Movement Market Indicators 11,400 11,350 11,300 11,250 Market Indices 11,200 11,150 9:30 27 Jan 14 525.3 594,781.4 8.7 5,567 41 8:29 Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index declined 0.5% to close at 11,245.9. Losses were led by the Real Estate and Transportation indices, declining 0.9% and 0.6% respectively. Top losers were Doha Insurance Co. and Gulf International Services, falling 3.0% and 2.9% respectively. Among the top gainers, Mannai Corp. rose 10.0%, while Gulf Warehousing Co. gained 3.6%. 26 Jan 14 402.7 596,225.4 8.0 4,711 40 15:21 %Chg. 30.4 (0.2) 9.5 18.2 2.5 – Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 16,067.76 2,777.39 2,646.70 3,739.59 1,949.00 2,039.39 2,550.19 1,635.28 6,016.02 3,218.62 (0.5) (0.4) (0.6) (0.3) (0.6) (0.9) 0.0 0.4 (0.4) (0.5) (0.8) (0.8) (1.4) 0.3 (0.7) (1.3) 0.8 (1.4) (0.8) (0.9) 8.3 7.3 8.3 6.8 4.9 4.4 9.2 12.5 1.1 6.0 N/A 13.8 13.4 13.6 13.2 14.0 10.2 22.2 22.8 16.6 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Saudi Arabia: The TASI index declined 0.9% to close at 8,655.0. Losses were led by the Retail and Hotel & Tourism indices, falling 1.8% and 1.6% respectively. Petro Rabigh declined 7.0%, while Saudi Steel Pipe fell 6.3%. Mannai Corp. Qatar 103.80 10.0 12.7 15.5 Comm. Bank of Dubai Dubai 5.00 7.5 134.0 5.5 Dubai: The DFM index fell 1.2% to close at 3,687.9. The Services index declined 5.2%, while the Insurance index was down 4.1%. Agility fell 9.6%, while Islamic Arab Insurance Co. was down 7.8%. Nat. Bank of Abu Dhabi Abu Dhabi 16.05 3.9 875.7 15.5 IFA Hotels & Resorts Kuwait 0.28 3.7 694.0 (1.8) Abu Dhabi: The ADX benchmark index declined 0.9% to close at 4,527.8. The Real Estate index fell 3.2%, while the Energy index was down 2.8%. Fujairah Building Ind. declined 8.2%, while Abu Dhabi Nat. Co. for B. & M. fell 6.8%. Gulf Warehousing Co. Qatar 43.00 3.6 362.8 3.6 GCC Top Losers Exchange Kuwait: The KSE index fell marginally to close at 7,781.1. The Insurance index declined 1.7%, while the Parallel Market index was down 0.8%. Amar for Finance & Leasing Co. fell 7.5%, while First Takaful Ins. was down 7.3%. Petro Rabigh Saudi Arabia 25.40 (7.0) 13,766.0 4.7 Dallah Healthcare Saudi Arabia 75.75 (4.7) 536.2 8.6 Oman: The MSM index gained 0.2% to close at 7,157.1. Gains were led by the Industrial and Financial indices, rising 0.5% and 0.3% respectively. National Gas gained 9.8%, while Dhofar Cattle Feed was up 9.1%. Drake & Scull Int. Dubai 1.47 (4.5) 31,442.4 2.1 Dubai Financial Market Dubai 2.45 (4.3) 20,789.5 (0.8) ALAFCO Kuwait 0.26 (3.7) 542.3 (8.8) Bahrain: The BHB index fell 0.2% to close at 1,271.7. The Investment index declined 0.5%, while the Commercial Banking index was down 0.2%. Gulf Finance House fell 2.2%, while Nass Corporation was down 1.7%. Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD% Mannai Corp. 103.80 10.0 12.7 15.5 Gulf Warehousing Co. 43.00 3.6 362.8 3.6 ## # Close Vol. ‘000 1D% Vol. ‘000 YTD% YTD% 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) Close* 1D% Vol. ‘000 YTD% Doha Insurance Co. 30.50 (3.0) 77.3 22.0 Gulf International Services 77.90 (2.9) 1,053.2 27.7 Qatar Exchange Top Losers 75.60 0.8 601.3 13.7 Qatar Islamic Insurance 62.00 (2.5) 32.2 7.1 Ooredoo 156.00 0.6 39.6 13.7 Qatar Navigation 88.90 (2.0) 87.0 7.1 Qatar National Cement Co. 119.60 0.5 413.4 0.5 Widam Food Co. 52.00 (1.9) 41.6 0.6 Qatar Exchange Top Vol. Trades Close* 1D% Val. ‘000 YTD% 77.90 (2.9) 85,815.7 27.7 7.1 Qatar Insurance Co. Close* 1D% Vol. ‘000 YTD% Gulf International Services 77.90 (2.9) 1,053.2 27.7 Gulf International Services Masraf Al Rayan 34.45 (1.0) 735.6 10.1 Industries Qatar 180.90 0.1 64,643.4 Vodafone Qatar 11.28 (0.6) 694.2 5.3 Qatar National Cement Co. 119.60 0.5 49,992.1 0.5 Qatar Insurance Co. 75.60 0.8 601.3 13.7 75.60 0.8 45,779.6 13.7 Barwa Real Estate Co. 31.40 (1.6) 531.0 5.4 186.00 (0.1) 33,644.7 8.1 Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Qatar Insurance Co. QNB Group Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar Exchange Top Val. Trades Close 1D% WTD% MTD% YTD% 11,245.86 3,687.91 4,527.80 8,655.01 7,781.07 7,157.14 1,271.70 (0.5) (1.2) (0.9) (0.9) (0.0) 0.2 (0.2) (0.8) (3.4) (2.7) (1.3) 0.0 (0.6) (0.4) 8.3 9.4 5.5 1.4 3.1 4.7 1.8 8.3 9.4 5.5 1.4 3.1 4.7 1.8 Exch. Val. Traded ($ mn) 144.25 577.97 220.31 1,749.52 137.67 59.73 0.66 Exchange Mkt. Cap. ($ mn) 163,386.4 74,640.2 128,434.1 475,738.9 109,863.9 25,581.1 50,199.1 P/E** P/B** 14.1 20.4 12.5 17.3 17.2 11.4 8.3 1.9 1.4 1.6 2.2 1.2 1.7 0.9 Dividend Yield 4.1 2.4 4.0 3.4 3.6 3.6 3.8 Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) Page 1 of 5
  • 2. Qatar Market Commentary  The QE index declined 0.5% to close at 11,245.9. The Real Estate and Transportation indices led the losses. The index declined on the back of selling pressure from Qatari shareholders despite buying support from non-Qatari shareholders.  Doha Insurance Co. and Gulf International Services were the top losers, falling 3.0% and 2.9% respectively. Among the top gainers, Mannai Corp. rose 10.0%, while Gulf Warehousing Co. gained 3.6%. Overall Activity Buy %* Sell %* Net (QR) Qatari 56.92% 68.87% (62,793,560.49) Non-Qatari 43.08% 31.13% 62,793,560.49 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Monday rose by 9.5% to 8.7mn from 8.0mn on Sunday. However, as compared to the 30-day moving average of 10.5mn, volume for the day was 17.2% lower. Gulf International Services and Masraf Al Rayan were the most active stocks, contributing 12.1% and 8.4% to the total volume respectively. Earnings and Global Economic Data Earnings Releases Revenue (mn) 4Q2013 % Change YoY Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 % Change YoY – – – – 51.0 1.0% OMR 92.1 0.5% – – 2.4 5.4% OMR 18.7 9.9% – – 6.1 7.0% Oman OMR 37.8 13.6% – – 3.2 17.8% Oman OMR 1.3 3.8% – – 0.2 63.5% Company Market Currency Mobile Telecom Co. (Zain) Areej Vegetable Oils & Deriv* Al Omaniya Financial Ser.* Kuwait KD Oman Oman Oman Flour Mills* Al Batinah Hotels* Source: Company data, DFM, ADX, MSM (*FY2013 Results) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 01/27 US US Census Bureau New Home Sales December 414K 455K 445K 01/27 US US Census Bureau New Home Sales MoM December -7.00% -1.90% -3.90% 01/27 France French Labor Office Jobseekers Net Change December 10.2 1.1 17.8 01/27 France French Labor Office Total Jobseekers December 3,303.2k 3,296.1k 3,293.0k 01/27 Germany IFO IFO Business Climate January 110.6 110 109.5 01/27 Germany IFO IFO Current Assessment January 112.4 112.4 111.6 01/27 Germany IFO IFO Expectations January 108.9 108 107.4 01/27 Japan Ministry of Fin. Exports YoY December 15.3 18 18.4 01/27 Japan Ministry of Fin. Imports YoY December 24.7 26.2 21.1 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  MPHC’s shares to be listed on February 26 – Mesaieed Petrochemical Holding Company (MPHC) is set to be listed on the Qatar Exchange on February 26, 2014 after the company announced the allotment of shares to successful subscribers. This follows MPHC floating a low-priced IPO for Qatari citizens and select local institutions on December 31, 2013. (Peninsula Qatar)  MARK’s net profit up 5.2% QoQ in 4Q2013 – Masraf Al Rayan (MARK) reported a net income to shareholders of QR452.0mn vs. our estimate of QR436.8mn and Bloomberg consensus of QR440.0mn. On a QoQ basis, the bottom-line is up 5.2% versus QR429.5mn in 3Q2013. The growth primarily came on the back of reversals in provisions on financing assets, which stood at QR26.2mn in the first nine months of 2013 versus a reversal of QR11.3mn for full year 2013. The bank increased its cash dividend to QR1.50 for 2013. MARK posted a full year net profit of QR1.7bn in 2013, up 13.2% YoY. EPS stood at QR2.27 in 2013. The bank’s total assets rose to QR66.5bn in 2013, indicating an 8.0% YoY growth. Financing activities reached QR41.4bn, down 0.7% YoY, while total customer deposits rose to QR48.3bn, an increase of 7.4% YoY. MARK has recently acquired the majority stake in Islamic Bank of Britain (IBB) from QIIK. IBB is one of the few standalone Islamic retail banks in the UK and has a high street presence with five branches and ~50,000 customers. Furthermore, MARK has also expressed its intention to buy a 40% stake in a Libyan bank. The acquisition will cost around QR1bn. Both these transaction are in line with our view that the bank will expand for long-term growth potential. On YTD basis, the stock is up 10.06% vs. the QE All Share Banks & Financial Services Index, which is also up 8.31%. (QNBFS Research, QE)  Qatar to help monetize gas resources in Cyprus – Qatari Minister of Energy & Industry HE Dr. Mohammed bin Saleh al Sada said Qatar will assist with technical expertise and investments to help Cyprus monetize its recently found gas resources. Sada said that Qatar is ready to extend all assistance Page 2 of 5
  • 3. to Cyprus in developing its gas resources, which may require €20bn investments. (Qatar Tribune)  Qatar to study new law to regulate public finance – According to sources, Qatar is studying the draft of a new law that would regulate the country’s public finances. The new law consists of more than 100 articles covering the appropriations, powers and the basis of structuring the general budget of the country. The law aims at developing the performance of the country’s institutions, activating the relationship between the Ministry of Finance and the other ministries and institutions, maximizing the benefits from electronic processes instead of use of paper, as well as structuring of the general budget. The new organizational structures of the ministries are expected to be specified in the general budget for 2014-2015 and the government expenditure in the new budget will be reduced by 20%. (Gulf-Times.com)  QatarGas to halt LNG plant 1 for maintenance – According to sources, Qatar Liquefied Gas Company (QatarGas) is planning to shut Train 1 at its Ras Laffan facility during the second half of April for repairs. The shutdown will last almost three weeks and extend into May. The 3.2mn metric-ton-a-year plant will close after the planned shutdown of QatarGas Train 7 in March. (Bloomberg)  ORDS covers entire Qatar with 4G service – Ooredoo (ORDS) has achieved a milestone through its nationwide roll-out of Qatar’s first and only 4G services, followed by the recent activation of its 500th LTE site in the country. (Gulf-Times.com)  Doha Port to become cruise ship terminal – The New Port Project’s Director Captain Abdulla al-Khanji said Doha Port will be converted to a cruise ship terminal when the New Port at Mesaieed becomes operational in 2016. He added that the Doha Port is in an advantageous position to become a cruise ship terminal on many counts. Given that it is very close to the city, next to the Islamic Museum of Art as well as Souq Waqif and other attractions, the Doha Port will give easy access to tourists to many of the areas. (Gulf-Times.com) International  Bundesbank sees stronger German growth in 1Q2014 – German business morale reached the highest level in two and a half years in January 2014 and the Bundesbank said growth in the German economy would accelerate in the first quarter. The Munich-based IFO’s business climate index rose for a third straight month to reach 110.6, a full point higher than the December reading of 109.5 and the highest reading since July 2011. The Bundesbank said it expected economic growth to pick up between January and March as the country’s industrial sector gains traction. The central bank pointed to strong improvements in both the export and production outlook. The Bundesbank said GDP is likely to have increased very strongly at the end of 2013 thanks to growing domestic demand, stronger appetite for German goods from abroad and support from the industrial sector. (Gulf-Times.com) Regional  Gulf economies to stay robust despite cheaper oil – According to a Reuters poll of 17 analysts conducted this month, Gulf Arab economies are likely to maintain robust growth over the next two years as government spending remains high, even though softer oil prices may cut into their revenues. Saudi Arabia's GDP is expected to expand 4.2% in 2014 and 4.3% in 2015, after slowing to a four-year low of 3.8% last year. In the UAE, GDP growth is seen steady at 4.3% during 2013–2015, a tad below 4.4% in 2012. (Reuters)  New Saudi tourism venture approved – Saudi Commerce & Industry Minister Tawfiq Al-Rabiah has approved the transformation of Jeddah-based Al Bouqari & Al Sabban Tourism Company from a limited liability company into a closed joint stock company. The company has a capital of SR50mn, which will be split into shares at a nominal value of SR10 per share. The minister’s approval came within the framework of the state’s policy to enhance economic activities in various sectors. (GulfBase.com)  SADAFCO places Murabaha deposit with UGB – Saudia Dairy & Foodstuff Company’s (SADAFCO) board of directors have decided to place a SR75mn Murabaha deposit with the United Gulf Bank (UGB) in Bahrain to maximize the return on its excess cash that was generated from its operational activities. The deposit will mature on March 25, 2014 at a return of 3% per annum. The Murabaha deposit will be placed on the agenda of the next AGM for review. (GulfBase.com)  Bahri’s subsidiary receives new dry bulk vessel – The National Shipping Company of Saudi Arabia (Bahri) announced that its subsidiary Bahri Dry Bulk received a dry bulk vessel named Bahri Bulk in Japan. This is the third vessel delivered among the five vessels that were contracted in 2012. These vessels have a capacity of 82,000 deadweight tonnage and a length of 229 meters, consuming less fuel. There are two more vessels remaining under construction, which are expected to be delivered in 1H2014. (Tadawul)  UAE may import gas from North America – The UAE said that it was looking at the possibility of importing natural gas from North America. The US and Canada are producing record amounts of gas from shale rock formations, pulling down prices in North America to levels that are attractive for foreign buyers. (Peninsula Qatar)  MEED: UAE awards 500 new projects in 2013 – According to a report by MEED Projects, the UAE projects market grew for the second year in a row in 2013 with companies awarding around 500 new projects worth $34bn during the period. The Emirati projects market, which exceeded all expectations in 2013, was on track to hit the $40bn-mark over the next two or three years. (Bloomberg)  Mashreq Bank posts AED1.8bn net profit in 2013 – Mashreq Bank has reported a 38% YoY increase in its net profit, which climbed to AED1.8bn in 2013. EPS stood at AED10.68 on December 31, 2013 as compared to AED7.76 in December 31, 2012. Total assets increased by 17.4% YoY to reach AED89.7bn in 2013. Loans & advances grew by 21.8% YoY to reach AED50.4bn, while customer deposits increased by 23.5% YoY to AED58.6bn at the end of December 2013. The bank's loan-to-deposit ratio stood at 86% in December 2013 as compared to 87% in December 2012. Meanwhile, the bank’s board of directors has approved the distribution of 40% cash dividends to its shareholders. (DFM)  Emirates Islamic reports AED139.5mn net profit in 2013 – Emirates Islamic has reported a net profit of AED139.5mn in 2013, reflecting an increase of 72% YoY. This is equivalent to EPS of 3.9 fils. Total income increased 42% YoY during the year to AED1.9bn. The increase was fuelled by a 56% YoY increase in income from financing activities, which grew to AED1.2bn for 2013. The bank’s total assets grew by 6.7% YoY to AED39.8bn at the end of 2013. The bank’s customers account book grew by 12.5% during the year to AED28.9bn. Meanwhile, Emirates Islamic changed its name from “Emirates Islamic Bank” in November 2013. (Bloomberg) Page 3 of 5
  • 4.  Emirates NBD’s net profit jumps 27% in 2013 – Emirates NBD has reported a net profit of AED3.3bn in 2013, rising 27% YoY. Total income stood at AED11.9bn, up 16% YoY from 2012. Total assets grew 11% YoY to AED342.1bn at the end of 2013. Customer loans stood at AED238.3bn, up 9% YoY, while customer deposits stood at AED239.6bn, up 12% YoY at the end of 2013. Meanwhile, the bank’s board of directors has proposed a cash dividend of 25% per share for 2013. (DFM) Consultative Authority of the GCC states is slated to meet in Kuwait on February 5 to discuss the entry of other GCC states into the unified tourist visa system. Visitors with a tourist visa for any of these three members of the unified visa regime can visit all or any of these countries. The system was originally mooted for all the six member-states of the GCC and the remaining countries are expected to join it in the near future. (Peninsula Qatar)  MAF to invest AED3bn in Dubai over 5 years – Majid Al Futtaim (MAF) will invest AED3bn over the next five years to expand its business in the Emirate, in its efforts to take advantage of a trade and tourism boom at its home base. MAF is expanding in the Middle East and aims to double the size of its business by 2018. About 70% of MAF's assets are currently based in the UAE. (Reuters)  Order issued to set up Dubai Invest Development Agency – Dubai’s ruler HH Sheikh Mohammed bin Rashid Al Maktoum has issued a decree establishing the Dubai Investment Development Agency, an affiliate of the Department of Economic Development. The new autonomous body aims to boost Dubai’s position of as a global economic centre in order to woo investments and create an appropriate investment environment. According to the ruling, the establishment will draw up general policies and a strategic investment plan to attract and develop long-term investment projects in line with the Emirate’s economic development plan. (Zawya)  Dubai luxury home price rise slows due to cooling measures – According to a report by Knight Frank, Dubai’s luxury home prices rose at their slowest pace in over a year in 4Q2013, as steps taken by authorities to avert another property market bubble came into effect. Both prime apartment and villa prices grew 15% YoY in 4Q2013, after an average annual rate of 21% in the preceding four quarters. The report said that a number of cooling measures undertaken in 2H2013 caused this deceleration. (Bloomberg)  RTA begins Dubai Tram trial run – Dubai’s Roads & Transport Authority (RTA) has started the technical trial run of the Dubai Tram on a track extending 2.5 kilometers from the Tram Depot at Al-Safouh. RTA Chairman and Executive Director said that the technical trial run would continue till the official operation of the tram service beings in the final quarter of 2014. The test track would be expanded in the near future to cover the entire tramway. (GulfBase.com)  NBQ posts AED368.1mn net profit in 2013 – The National Bank of Umm AI Qaiwain (NBQ) has reported a net profit of AED368.1mn in 2013, rising 12% YoY. Customer loans & advances increased to AED7.1bn, while deposits increased to AED7.4bn as on December 31, 2013. EPS stood at 0.23 fils on December 31, 2013 as compared to 0.21 fils on December 31, 2012. Meanwhile, NBQ’s board of directors has proposed a cash dividend of 16% and bonus share dividend of 5% of the share capital as on December 31, 2013, which is subject to the UAE Central Bank’s approval. (ADX)  ABG posts $501.9mn net profit in 2013 – Arab Bank Group (ABG) has reported a net profit of $501.9mn in 2013, reflecting a growth of 43% YoY. Loans grew by 3% YoY to $23.1bn, while customer deposits grew by 5% YoY to $34.4bn in 2013. Meanwhile, the bank’s board of directors has recommended the distribution of cash dividends of 30% and 1 bonus share for every 15 shares held by its shareholders. (Bloomberg)  Bahrain to join GCC’s unified tourist visa system – Bahrain is ready to join a unified tourist visa system for the GCC states, which presently Qatar, Oman and Dubai are part of. The Page 4 of 5
  • 5. Rebased Performance Daily Index Performance 170.0 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 0.4% 0.2% 0.0% (0.8%) QE Index Oct-12 May-13 S&P Pan Arab Dec-13 S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Euro Yen Dubai Mar-12 Abu Dhabi Aug-11 (1.2%) Oman (1.6%) Jan-11 (0.9%) (0.9%) Bahrain (1.2%) (0.2%) (0.5%) Kuwait 126.1 (0.0%) (0.4%) Qatar 138.3 Saudi Arabia Jun-10 161.6 Source: Bloomberg Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% 1,257.10 (1.0) (1.0) 4.3 DJ Industrial 15,837.88 (0.3) (0.3) (4.5) 19.70 (1.1) (1.1) 1.2 S&P 500 1,781.56 (0.5) (0.5) (3.6) 106.69 (1.1) (1.1) (3.7) NASDAQ 100 4,083.61 (1.1) (1.1) (2.2) 5.69 9.7 9.7 31.0 STOXX 600 322.02 (0.8) (0.8) (1.9) 151.00 (0.3) (0.3) 19.4 DAX 9,349.22 (0.5) (0.5) (2.1) 153.50 (0.2) (0.2) 13.1 FTSE 100 6,550.66 (1.7) (1.7) (2.9) 1.37 (0.0) (0.0) (0.5) CAC 40 102.55 0.2 0.2 (2.6) Nikkei GBP 1.66 0.6 0.6 0.2 CHF 1.12 (0.2) (0.2) (0.4) SHANGHAI SE Composite AUD 0.87 0.6 0.6 (2.0) USD Index 80.52 0.1 0.1 RUB 34.73 0.5 0.5 BRL 0.41 (0.9) (0.9) (2.4) (0.4) (0.4) (3.5) (2.5) (2.5) (7.9) 931.64 (1.9) (1.9) (7.1) 2,033.30 (1.0) (1.0) (3.9) HANG SENG 21,976.10 (2.1) (2.1) (5.7) 0.6 BSE SENSEX 20,707.45 (2.0) (2.0) (2.2) 5.7 Bovespa 47,701.05 (0.2) (0.2) (7.4) 1,346.51 (1.3) (1.3) (6.7) Source: Bloomberg MSCI EM 4,144.56 15,005.73 RTS Source: Bloomberg Contacts Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui Head of Research Head of Trading Head of Sales Manager - HNWI Tel: (+974) 4476 6534 Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 saugata.sarkar@qnbfs.com.qa ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa QNB Financial Services SPC Contact Center: (+974) 4476 6666 PO Box 24025 Doha, Qatar DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB 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. 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. While this publication has been prepared with the utmost degree of care by our analysts, 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. 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. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 5 of 5