`

Market Review and Outlook QSE Index and Volume The Stock Exchange (QSE) Index increased by 191.96 points 10,300 18,000,000 or 1.93% during the trading week to close at 10,145.68. Market capitalization gained by 0.8% to QR567.6 billion (bn) versus QR563.3bn the previous trading week. Of the 46 listed companies, 10,105.06 10,145.68 37 companies ended the week higher, while 8 declined and 1 remained unchanged. Al Khaleej Takaful Insurance (AKHI) was the 10,050 9,000,000 best performing stock for the week with a gain of 46.7% on a trading volume of 1.96 million (mn) shares. On the other hand, 9,890.30 9,949.02 9,935.47 Ezdan Holding (ERES) was the worst performing stock for the week

with a decline of 14.3% on 4.1mn shares traded. 9,800 0 Qatar International (QIIK), Qatar Fuel Co. (QFLS) and 24-Mar 25-Mar 26-Mar 27-Mar 28-Mar Mesaieed Petrochemical Holding Co. (MPHC) were the primary Volume QSE Index contributors to the weekly index gain. QIIK was the biggest Week ended Week ended Market Indicators Chg. % contributor to the index’s weekly increase, adding 34.2 points to the Mar 28, 2019 Mar 21, 2019 index. QFLS was the second biggest contributor to the mentioned Value Traded (QR mn) 1,701.9 1,338.8 27.1 gain, contributing 33.7 points to the index. Moreover, MPHC tacked Exch. Market Cap. (QR mn) 567,631.8 563,319.6 0.8 on 24.6 points to the index. Volume (mn) 61.1 46.1 32.5 Trading value during the week increased by 27.1% to QR1.7bn Number of Transactions 31,248 27,553 13.4 versus QR1.3bn in the prior week. The & Companies Traded 46 46 0.0 sector led the trading value during the week, accounting for 34.4% Market Breadth 37:8 30:14 – of the total trading value. The Industrials sector was the second biggest contributor to the overall trading value, accounting for Market Indices Close WTD% MTD% YTD% 19.6% of the total. QNB Group (QNBK) was the top value traded Total Return 18,663.05 2.2 3.0 2.9 stock during the week with total traded value of QR324.3mn. ALL Share Index 3,071.13 0.6 (0.2) (0.3) Trading volume increased by 32.5% to reach 61.1mn shares versus Banks and Financial Services 3,812.55 1.2 0.7 (0.5) 46.1mn shares in the prior week. The number of transactions Industrials 3,325.81 2.6 3.1 3.4 increased by 13.4% to 31,248 transactions versus 27,553 Transportation 2,363.07 3.0 5.8 14.7 transactions in the prior week. The Real Estate sector led the Real Estate 1,853.89 (8.1) (15.0) (15.2) trading volume, accounting for 31.1%, followed by the Industrials Insurance 3,125.74 4.3 7.4 3.9 sector which accounted for 25.6% of the overall trading volume. Telecoms 948.48 1.0 1.0 (4.0) United Development Co. (UDCD) was the top volume traded stock Consumer Goods & Services 7,747.09 4.1 6.1 14.7 Al Rayan Islamic Index 4,053.58 1.9 2.7 4.3 during the week with 8.4mn shares. Market Indices Foreign institutions remained bullish with net buying of QR92.1mn Weekly Index Performance vs. net buying of QR154.3mn in the prior week. Qatari institutions 3.0% 1.9% 1.2% remained positive with net buying of QR139.9mn vs. net buying of 2.0% 0.7% QR39.7mn in the week before. Foreign retail investors remained 1.0% 0.1% bearish with net selling of QR3.9mn vs. net selling of QR28.7mn in 0.0% (1.0%) the prior week. Qatari retail investors remained bearish with net (0.5%) (2.0%) (0.9%) selling of QR228.1mn vs. net selling of QR163.3mn the week before. (3.0%) Foreign institutions have bought (net basis) ~$606mn worth of (4.0%) (3.5%)

Qatari equities in 2019.

Dubai

Oman

Kuwait

Bahrain

Abu Dhabi Abu Saudi Arabia Saudi Qatar (QSE)* Qatar

Weekly Exchange Exchange Mkt. TTM Regional Indices Close WTD% MTD% YTD% P/B** Dividend Yield Traded Value ($ mn) Cap. ($ mn) P/E** Qatar (QSE)* 10,145.68 1.9 0.3 (1.5) 465.99 155,871.7 14.1 1.5 4.3 Dubai 2,631.27 0.1 (0.2) 4.0 245.50 95,045.7# 8.4 1.0 5.2 Abu Dhabi 5,101.00 (0.5) (0.7) 3.8 412.42 139,250.6 14.3 1.5 4.8 Saudi Arabia# 8,766.33 0.7 3.2 12.0 3,760.08 553,267.7 19.6 2.0 3.3 3.5 Kuwait 4,872.21 1.2 2.1 2.8 542.05 33,558.0 14.7 0.9 4.3 Oman 4,005.56 (3.5)1.2 (3.4) (7.4) 26.18 17,495.3 8.3 0.8 6.6 Bahrain 1,413.64 (0.9)(3.5) 0.1 (7.4)5.7 52.34 21,723.6 9.1 0.9 5.8 Source: Bloomberg, country exchanges and Zawya (** Trailing(0.9) Twelve Months; * Value5.7 traded ($ mn) do not include special trades, if any; #Data as of March 27, 2019)

Page 1 of 7

News

Economic & Market News  Qatar’s economy to expand 2.8% YoY in 2019 – Qatar’s economy  Fitch affirms CBQK’s Long-Term IDR at ‘A’ with ‘Stable’ outlook will expand 2.8% YoY in 2019 and 2.6% YoY in 2020, according – Fitch affirmed The ’s (CBQK) Long-Term to the latest results of a Bloomberg News survey of 9 economists Issuer Default Rating (IDR) at ‘A’ with a ‘Stable’ outlook, short- conducted from March 15 to March 20. Further, CPI will increase term IDR at ‘F1’, Viability Rating (VR) was downgraded to ‘bb+’ 1.8% YoY in 2019 and 2.1% YoY in 2020. (Bloomberg) from ‘bbb’. Fitch’s IDRs, Support Rating (SR) and Support Rating  QIIK’s shareholders approve foreign ownership limit increase Floor (SRF) reflect the strong ability of Qatar to support its up to 49% – Qatar International Islamic Bank’s (QIIK) banks, as indicated by its rating (AA-/Stable). In its report, the Extraordinary General Assembly was held on March 24, 2019, at ratings agency stated CBQK’s profitability improved in 2018 as which QIIK’s shareholders approved the board of directors’ a result of relatively lower loan impairment charges absorbing recommendation to allow the ownership of foreign investors to 36% of pre-impairment operating profit (down from 74% in a maximum 49% of the bank’s capital instead of the previous 2017) and lower operating expenses. The cost-to-income ratio, 25%. They also approved the board of directors’ which has been a constraint on the bank's profitability, recommendation to amend Article of Association (no. 5), to continued its downward trend to 31% in 2018 from above 40% subdivide the share value in accordance with the decision of the previously, standing closer to peers. Despite loan book re- Qatar Financial Market Authority, to QR1 instead of QR10. The pricing, CBQK’s net interest margin dropped only slightly to company's share capital is QR1,513,687,490 subdivided into 1.98% in 2018 from 2.01% in 2017. The Fitch report also 1,513,687,490 shares with a nominal value of QR1 each. QIIK’s maintained that CBQK's debt issuance represented about 13% Deputy CEO, Jamal Abdullah Al Jamal said, “QIIK has been of total funding at end-2018, which helped diversify the bank's working on solid growth strategy and confident to achieve its funding and maturity profile. (Gulf-Times.com) target given the good growth opportunities as government has  MARK to plan Islamic bond offering – Masraf Al Rayan (MARK) made significant budgetary allocations for infrastructure is planning to sell Islamic Dollar bonds, according to sources. development and other social sector in line with the The -based lender may issue a benchmark-size Sukuk. A preparations for the 2022 World Cup and Qatar National Vision benchmark offering usually raises at least $500mn. The offering 2030.” On overseas expansion, Al Jamal said that as of now the would follow Qatar’s $12bn bond sale earlier this month, which bank has no plans to further expand its operations in other attracted more than four times as much investor interest. countries, including Morocco, where QIIK with its local partner, MARK would be among a long list of emerging-markets issuers, run and maintain 20 branches. However, he said that if some including Qatar Islamic Bank and Saudi Arabia’s Almarai good opportunities arise, the bank will definitely study and go Company, seeking to take advantage of a pause in US interest- through them. (Gulf-Times.com, Peninsula Qatar) rate increases. (Bloomberg)  S&P affirms QIBK’s issuer credit rating at ‘A-/A-2’ with ‘Stable’  AKHI reports net profit of QR11.2mn in 4Q2018 – Al Khaleej outlook – Standard & Poor’s (S&P) affirmed Qatar Islamic Takaful Insurance Company (AKHI) reported net profit of Bank’s (QIBK) issuer credit rating at ‘A-/A-2’ with ‘Stable’ QR11.2mn in 4Q2018 as compared to net loss of QR16.4mn in outlook. S&P stated, “The rating reflects our views of the bank’s 4Q2017 and net profit of QR1.3mn in 3Q2018 (representing robust corporate banking franchise and favorable position as increase of 765.5% QoQ). EPS amounted to QR0.79 in FY2018 as Qatar’s largest Islamic bank with a rapidly expanding position compared to QR0.01 in FY2017. The board of directors in the retail segment. QIBK’s sound financial performance, recommended distribution of 5% cash dividend of initial value robust asset quality and strong capitalization support the equivalent to QR0.50 per share. (QSE) rating.” The S&P report also highlighted that QIBK’s funding  Nebras Power to mulls more than $1bn stake sale in Indonesian- profile is now more balanced because the bank has replaced GCC based power producers – Nebras Power is considering selling its deposits with core deposits from local entities (GREs). QIBK’s stake in PT Paiton Energy, one of Indonesia’s largest stable funding ratio reached 113.1%, as of December 31, 2018. independently owned power producers, according to sources. The bank’s liquidity is also adequate, with about 9% of assets Nebras Power’s 35.5% holding in Paiton could be valued at more placed in liquid forms and another 20% placed mostly in Qatari than $1bn, sources said. Nebras Power has held initial talks with government Sukuk. The report also reiterated that QIBK’s long- potential financial advisers, but has not started a formal sale term rating is in line with the bank’s high systematic process. No final decisions have been made, and Nebras Power importance in Qatar and the agency’s assessment of the Qatari may also decide to retain its stake in Paiton, sources added. government as highly supportive to the domestic banking (Bloomberg) sector. QIBK has demonstrated steady financial growth over the  Nebras Power eyes new foreign markets for expansion – Nebras past years and has been setting a benchmark for Islamic banks Power, the foreign investment arm of Qatar Electricity & Water in the region with its embrace of cutting-edge banking Company (QEWS), is eyeing new foreign markets as it seeks to technologies. The bank’s customer-centric approach to both its expand its international footprint. Nebras Power’s CEO, Khalid product offering and the overall banking experience is offered Mohammed Jolo said, “We are always looking for increasing our across its renovated branch network and constantly developing portfolio in the international market. And we are looking for digital channels. (Gulf-Times.com) expanding our portfolio in terms of geography and with regards

Page 2 of 7

to the technology that we use and the number of megawatts distributing any profit as dividend for FY2018. (QSE, Gulf- that we have. In the very near future, we do have an investment Times.com) that we are considering in North Africa, Latin America,  QGMD reports net loss of QR7.3mn in 4Q2018 – Qatari German Australia, and Jordan; and basically we hope that in very short Company for Medical Devices (QGMD) reported net loss of period, we can announce successful deals in those countries.” QR7.3mn in 4Q2018 compared to net loss of QR15.4mn in He also said the projects will be related to different types of 4Q2017 and QR1.1mn in 3Q2018. In FY2018, QGMD reported net technology including renewable, wind, solar, and conventional loss of QR12.8mn compared to QR21.7mn in FY2017. Loss per projects. Jolo added, “QEWS relies heavily in Nebras Power to share amounted to QR1.11 in FY2018 compared to loss per share expand in the international market. And we hope to achieve our of QR1.88 in FY2017. (QSE) business plan in the required time, and achieve the goal that has  MRDS reports net loss of QR5.5mn in 4Q2018 – Mazaya Qatar been set by our shareholders. Today, we’re having four projects Real Estate Development (MRDS) reported net loss of QR5.5mn in Jordan, one in Indonesia, and another in Oman, and we have in 4Q2018 compared to net profit of QR10.5mn in 4Q2017 and a portfolio of our plants in Netherlands. Also, we have around net profit of QR5.9mn in 3Q2018. In FY2018, MRDS reported net 1.2 Gigawatts of niche power and we are trying to add at least 1 profit of QR16.6mn compared to QR28.1mn in FY2017. EPS Gigawatt this year.” (Peninsula Qatar) amounted to QR0.143 in FY2018 compared to QR0.243 in  QFBQ reports net loss of QR56.4mn in 4Q2018 – Qatar First Bank FY2017. The board of directors has proposed to the AGM to (QFBQ) reported net loss of QR56.4mn in 4Q2018 as compared distribute 5% dividend equivalent to QR0.5 per share. (QSE) to net loss of QR129.7mn in 4Q2017 and QR71.7mn in 3Q2018. Loss per share amounted to QR2.41 in FY2018 as compared to QR1.35 in FY2017. In FY2018, QFBQ posted net loss of QR481.9mn. The Shari’ah-compliant bank’s total income (excluding disposal loss and loss on fair value re-measurement of equity investments) showed a ‘growth momentum’ last year with an increase of 24.1% at QR222mn, compared to QR178mn in 2017. This was mainly driven by the fee income from the structured products and a reduction of 26% in returns to unrestricted investment account holders (the cost of funding) due to the better management of its loan to deposit ratio. QFBQ is regulated by QFCRA and listed on the Qatar Stock Exchange (QSE). QFBQ’s management continued to raise its efficiency through the implementation of its cost rationalization plan that resulted in reduction of total expenses of the bank by 10%, as compared to the previous year. This was mainly driven by reduction in staff cost by 18% and other operating expenses by 16%. The Treasury and investment arm has initiated an ambitious plan to continue increasing the assets under management through multiple deal-by-deal transactions and direct sourcing, structuring and placement of these deals. The asset and liability management desk continues its offering of innovative products and solutions to the Qatari Corporate client base while adhering to prudent liquidity management measures that enables the bank to maintain its cost of funding and generate positive net profit margins. The bank also reported a disposal loss and loss on fair value re-measurement of equity investments of QR331mn during the year, compared to QR119mn in the previous year. This was mainly driven by global and regional headwinds resulting in prevailing market uncertainties that affected the performance of the bank’s alternative investments portfolio. Despite the challenges faced by QFBQ previously, the bank said it “looks forward to the future today with positive considered forecasts.” In 2018, the bank underwent a ‘comprehensive exercise’ to identify weaknesses and strengths. The exercise revealed internal strategic capabilities in and real estate investment that could offer a competitive edge that would enhance future returns in search of lucrative business opportunities that would have a positive impact on the bank’s future growth. The board of directors recommended not

Page 3 of 7

Qatar Stock Exchange

Top Gainers Top Decliners

0.0% 60.0% -1.7% -2.5% -3.0% -2.8% 46.7% -6.0% 40.0%

26.6% -12.0% 20.0% 12.9% 12.8% 10.9% -14.3%

0.0% -18.0% Al Khaleej Qatar Cinema & Qatar National Gulf Qatar Ezdan Holding Qatari German Co. Gulf Warehousing Mannai Corporation Doha Insurance Group for Medical Dev. Company Group Takaful Film Cement International International Insurance Co. Distribution Co. Company Services Islamic Bank Source: Qatar Stock Exchange (QSE)

Source: Qatar Stock Exchange (QSE)

Most Active Shares by Value (QR Million) Most Active Shares by Volume (Million)

360.0 324.3 9.0 8.4

255.5 240.0

6.0 5.1 5.0 5.0 4.7 115.0 120.0 106.0 103.1

3.0 0.0 QNB Group Qatar Fuel United Qatar Mesaieed Company Development International Petrochemical Company Islamic Bank Holding Co.

Source: Qatar Stock Exchange (QSE) 0.0 United Vodafone Qatar Mesaieed Mazaya Qatar Qatar First Bank Development Petrochemical Real Estate Dev. Company Holding Co.

Source: Qatar Stock Exchange (QSE)

Investor Trading Percentage to Total Value Traded Net Traded Value by Nationality (QR Million)

88 100% 27.33% 32.74% Non-Qatari 654 80% 11.08% 10.85% 742

60% 17.96% 26.17% 40% (88) 43.64% 30.24% 20% Qatari 1,048

0% 960 Buy Sell

Qatari Individuals Qatari Institutions (200) - 200 400 600 800 1,000 1,200

Non-Qatari Individuals Non-Qatari Institutions Net Investment Total Sold Total Bought

Source: Qatar Stock Exchange (QSE) Source: Qatar Stock Exchange (QSE)

Page 4 of 7

TECHNICAL ANALYSIS OF THE QSE INDEX

Source: Bloomberg

The QE Index increased by 1.93% from the week before, and closed at 10,145.68. We remain on the view of the corrective side of the Index as we wait for opportunities of possible reversals. We keep our weekly support level at the 9,250 level and our resistance at the 10,400 level.

DEFINITIONS OF KEY TERMS USED IN TECHNICAL ANALYSIS RSI (Relative Strength Index) indicator – RSI is a momentum oscillator that measures the speed and change of price movements. The RSI oscillates between 0 to 100. The index is deemed to be overbought once the RSI approaches the 70 level, indicating that a correction is likely. On the other hand, if the RSI approaches 30, it is an indication that the index may be getting oversold and therefore likely to bounce back.

MACD (Moving Average Convergence Divergence) indicator – The indicator consists of the MACD line and a signal line. The divergence or the convergence of the MACD line with the signal line indicates the strength in the momentum during the uptrend or downtrend, as the case may be. When the MACD crosses the signal line from below and trades above it, it gives a positive indication. The reverse is the situation for a bearish trend.

Candlestick chart – A candlestick chart is a price chart that displays the high, low, open, and close for a . The ‘body’ of the chart is portion between the open and close price, while the high and low intraday movements form the ‘shadow’. The candlestick may represent any time frame. We use a one-day candlestick chart (every candlestick represents one trading day) in our analysis.

Doji candlestick pattern – A Doji candlestick is formed when a security's open and close are practically equal. The pattern indicates indecisiveness, and based on preceding price actions and future confirmation, may indicate a bullish or bearish trend reversal.

Shooting Star/Inverted Hammer candlestick patterns – These candlestick patterns have a small real body (open price and close price are near to each other), and a long upper shadow (large intraday movement on the upside). The Shooting Star is a bearish reversal pattern that forms after a rally. The Inverted Hammer looks exactly like a Shooting Star, but forms after a downtrend. Inverted Hammers represent a potential bullish trend reversal.

Page 5 of 7

Price March % Change % Change Market Cap. Company Name TTM P/E P/B Div. Yield 28 WTD YTD QR Million

Qatar National Bank 180.50 0.28 (7.44) 166,718 13.0 2.5 3.3 Qatar Islamic Bank 151.65 0.65 (0.23) 35,834 14.0 2.3 3.3 Commercial Bank of Qatar 44.95 2.44 14.12 18,192 12.8 1.1 3.3 Doha Bank 21.35 8.93 (3.83) 6,619 10.8 0.8 4.7 Al Ahli Bank 29.50 0.00 15.89 6,826 10.2 1.2 3.1 Qatar International Islamic Bank 73.24 10.90 10.77 11,086 13.4 1.9 5.5 Masraf Al Rayan 36.75 (1.10) (11.83) 27,563 12.9 2.1 5.4 Al Khaliji Bank 11.50 3.60 (0.35) 4,140 7.5 0.7 6.5 Qatar First Bank 4.20 4.74 2.94 840 N/A 0.8 N/A National Leasing 8.12 0.87 (7.62) 402 53.6 0.6 6.2 Dlala Holding 9.82 2.40 (1.80) 279 N/A 1.3 N/A Qatar & Oman Investment 5.62 0.36 5.24 177 38.5 0.6 5.3 Islamic Holding Group 23.33 3.46 6.77 132 314.9 1.0 N/A Banking and Financial Services 278,808 Zad Holding 122.00 1.20 17.31 1,755 14.9 1.9 4.8 Qatar German Co. for Medical Devices 5.90 (2.96) 4.24 68 N/A 1.4 N/A Salam International Investment 4.26 3.40 (1.62) 487 N/A 0.4 N/A Medicare Group 66.30 0.48 5.07 1,866 22.1 1.8 2.7 Qatar Cinema & Film Distribution 24.05 26.58 26.45 151 17.8 1.0 4.2 Qatar Fuel 198.00 1.54 19.28 19,686 17.0 2.5 4.0 Qatar Meat and Livestock 64.20 0.31 (8.29) 1,156 10.7 3.2 7.0 Mannai Corp. 46.50 (2.52) (15.38) 2,121 5.2 0.8 4.3 Al Meera Consumer Goods 148.30 1.58 0.20 2,966 16.3 2.1 5.7 Consumer Goods and Services 30,257 Qatar Industrial Manufacturing 39.20 (0.63) (8.20) 1,863 9.3 1.1 6.4

Qatar National Cement 74.50 12.88 25.21 4,869 14.0 1.5 6.7 Industries Qatar 123.90 1.16 (7.27) 74,960 14.9 2.1 4.8 Qatari Investors Group 25.06 (0.16) (9.89) 3,116 15.1 1.1 3.0 Qatar Electricity and Water 172.29 1.11 (6.87) 18,952 12.3 1.8 4.5 Aamal 9.93 0.30 12.33 6,256 14.1 0.8 6.0 Gulf International Services 15.55 12.76 (8.53) 2,890 N/A 0.8 N/A Mesaieed Petrochemical Holding 20.90 7.68 39.06 26,257 18.9 1.7 3.8 Invesment Holding Group 5.24 0.38 7.16 435 7.5 0.6 4.8 Qatar Aluminum Manufacturing 11.14 0.63 (16.55) 6,216 N/A N/A N/A Industrials 145,813 Qatar Insurance 36.49 4.56 1.64 11,637 20.8 1.5 4.1 Doha Insurance 11.97 (1.72) (8.56) 599 9.9 0.6 6.7 Qatar General Insurance & Reinsurance 40.00 0.76 (10.87) 3,500 14.3 0.6 5.5 Al Khaleej Takaful Insurance 13.50 46.74 57.16 345 16.9 0.7 3.7 Qatar Islamic Insurance 60.00 3.45 11.71 900 14.3 2.5 5.8 Insurance 16,980 United Development 13.93 3.41 (5.56) 4,932 9.8 0.5 7.2 Barw a Real Estate 36.65 0.41 (8.17) 14,261 7.5 0.7 6.8 Ezdan Real Estate 9.90 (14.29) (23.73) 26,260 58.7 0.8 N/A Mazaya Qatar Real Estate Development 7.92 7.03 1.54 917 55.4 0.6 N/A Real Estate 46,370 Ooredoo 66.40 0.61 (11.47) 21,269 13.6 1.0 3.8 Vodafone Qatar 7.80 1.56 (0.13) 6,594 56.2 1.4 3.2 Telecoms 27,863 Qatar Navigation (Milaha) 66.20 2.78 0.29 7,582 14.6 0.5 4.5 Gulf Warehousing 41.55 (2.78) 8.01 2,435 10.3 1.4 4.6 Qatar Gas Transport (Nakilat) 20.80 4.52 16.01 11,524 12.9 1.7 4.8 Transportation 21,540 Qatar Exchange 567,632

Source: Bloomberg

Page 6 of 7

Contacts

Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi , CMT, CFTe Head of Research Senior Research Analyst Senior Research Analyst Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535 [email protected] [email protected] [email protected]

Mehmet Aksoy, PhD QNB Financial Services Co. W.L.L. Senior Research Analyst Contact Center: (+974) 4476 6666 Tel: (+974) 4476 6589 PO Box 24025 [email protected] 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 7 of 7