September 23, 2021 GLOBAL MARKETS MARKET COMMENTARY Closing Change Performance Global Indices Level Value (%) MTD (%) YTD (%) US equities advanced on Wednesday as the S&P 500 pushed higher for the Global first time in five sessions. The Fed indicated that it could begin scaling back S&P 500 4,395.6 41.5 1.0 (2.8) 17.0 asset purchases in November and complete the process by mid-2022. Dow Jones Ind. Average 34,258.3 338.5 1.0 (3.0) 13.3 Officials also revealed a growing inclination to raise interest rates next year. Nasdaq 14,896.9 150.5 1.0 (2.7) 17.3 European stocks rose on Wednesday, recovering from its early-week losses FTSE 100 7,083.4 102.4 1.5 (0.5) 9.6 after debt-laden China Evergrande assured about its ability to service an DAX 30 15,506.7 158.2 1.0 (2.1) 13.0 upcoming coupon payout on its bonds. Equities in China and Hong Kong CAC 40 6,637.0 84.3 1.3 (0.6) 19.6 advanced as the China Evergrande stock also surged. The People's Bank of BIST 100 1,407.5 21.9 1.6 (4.4) (4.7) China injected CNY 90bn into the banking system, soothing fears of financial Nikkei 29,839.7 (200.3) (0.7) 4.2 8.7 fallout from a default by the debt-laden Chinese property developer China Hang Seng 24,221.5 0.0 0.0 (6.4) (11.1) Evergrande. Shanghai Composite 3,628.5 14.5 0.4 2.4 4.5 GCC BSE Sensex 58,927.3 (77.9) (0.1) 2.4 23.4 Most GCC equity markets recovered some of their losses on Wednesday as GCC they tracked firmer global markets. In Saudi Arabia, Saudi Aramco rose QE Index 11,177.5 34.1 0.3 0.8 7.1 0.3% and Saudi British Bank gained 1.3%. Saudi Telecom Company went up Saudi Arabia (TASI) 11,270.6 (45.2) (0.4) (0.4) 29.7 0.2% as the company’s internet services unit Arabian Internet and UAE (ADX) 7,781.8 27.5 0.4 1.3 54.2 Communications Services completed the retail and institutional UAE (DFM) 2,843.8 6.3 0.2 (2.0) 14.1 subscriptions to its IPO. Dubai's main stock index was supported by a 2.2% (KSE) 6,845.3 0.2 0.0 0.9 23.4 surge in budget airliner Air Arabia and a 1.1% appreciation in Emirates NBD (MSM) 3,917.2 (3.7) (0.1) (1.2) 7.1 Bank. Bahrain (BAX) 1,692.6 6.0 0.4 2.9 13.6 MSCI GCC 716.8 (1.7) (0.2) 0.3 26.9 The Qatari benchmark index rose 0.3% as Qatar Industrial Manufacturing Dow Jones Islamic 6,156.1 38.2 0.6 (2.6) 13.0 Company and Industries Qatar were the top gainers for the day, rising 2.3% Commodity and 2.1%, respectively. Out of the total 44 stocks that traded in the market, Brent (USD/bbl) 76.1 (0.1) (0.2) 0.1 46.9 24 advanced, 16 declined and 4 remained unchanged. Trading volume was WTI (USD/bbl) 72.1 (0.1) (0.2) 0.1 48.6 higher than the previous trading session. The Industrial index advanced 1%, Natural Gas (USD/mmBTU) 4.8 (0.0) (0.6) 0.0 88.1 the Telecoms index edged up 0.2% while the Insurance index ended lower Gold Spot (USD/t oz.) 1,776.7 0.0 0.0 (0.0) (6.1) by 0.1%. Copper (USD/lb) 4.3 0.0 0.0 (0.0) 21.0 Source: Refinitiv Eikon QATAR MARKET OVERVIEW P/E P/B Dividend Value Traded Qatar DSM Index GCC Fundamentals (x) (x) Yield (%) (USD mn) Qatar All share 16.1 1.4 2.7 89.9 DSM 20 16.2 1.5 2.7 71.2 Saudi Arabia (TASI) 23.5 2.7 2.4 1,310.8 UAE (ADX) 21.6 2.3 2.9 348.8 UAE (DFM) 14.3 0.9 2.8 32.3 Kuwait (KSE) 21.0 1.6 2.0 140.5 Oman (MSM) 10.3 0.7 3.7 6.4 Source: Refinitiv Eikon Bahrain (BAX) 13.2 1.0 2.0 2.5 QE Sector Indices Closing Level 1D Change (%) Source: Refinitiv Eikon Banks & Financial Services 4,715.7 0.1 Qatar Trading Activity Close 1D Change Performance Vol. P/E Consumer Goods & Services 8,178.8 (0.0) Price Value (%) YTD YoY (%) (‘000) TTM Industrials 3,809.4 1.0 (%) Insurance 2,577.4 (0.1) Top Gainers Real Estate 1,795.3 0.2 QA INDUS MANF /d 3.0 0.1 2.3 (5.0) (11.6) 56.2 13.4 Telecoms 1,048.8 0.2 INDUSTRIES QAT/d 13.9 0.3 2.1 27.9 39.1 3,562.3 16.7 Transportation 3,385.0 0.1 QATAR ALUMINIU/d 1.8 0.0 1.3 82.7 71.4 14,999.2 26.8 Source: Refinitiv Eikon GULF WAREHOUSI/d 5.1 0.1 1.0 0.0 (2.2) 292.6 12.7 Qatar Trading Summary Buy (%) Sell (%) QATAR FIRST BA/d 1.9 0.0 1.0 8.7 39.7 5,985.2 16.2 Qatari Individuals Top Losers 42.5 46.9 MESAIEED PETRO/d 2.2 (0.0) (1.6) 9.3 6.0 13,524.4 21.5 Qatari Institutions 18.0 25.5 DLALA' BROKERA/d 1.5 (0.0) (1.3) (16.0) (16.3) 5,591.7 29.1 Qatari – Total 60.5 72.4 SALAM INTL INV/d 0.9 (0.0) (1.1) 44.2 48.1 11,199.7 0.0 Foreign Individuals 15.9 13.1 QA COMM BK/d 5.9 (0.1) (0.9) 34.5 48.1 814.2 15.9 Foreign Institutions 23.6 14.5 QATARI INV GRP/d 2.5 (0.0) (0.6) 38.7 25.6 548.2 27.5 Foreign – Total 39.5 27.6 Source: Refinitiv Eikon; Note: Prices are in local currency. Source: Qatar Exchange

1

September 23, 2021  Saudi Arabia’s Public Investment Fund (PIF) is set to make its first GLOBAL NEWS green debt issuance and is working to further incorporate ESG in its  The Federal Reserve on Wednesday held benchmark interest rates over USD 400bn worth of global investments. (Source: Zawya) near zero but indicated that rate hikes could be coming sooner than  Saudi Arabia’s Red Sea Development Company (RSDC) is planning to expected as it significantly cut its economic outlook for this year. build 17 hotels on four islands on its Western flank on the Red Sea as (Source: CNBC) part of a major island development scheme launched five years ago.  Banking industry lobby group UK Finance has warned that there has (Source: Zawya) been a surge in fraud attacks on consumers since the pandemic  Saudi Investment Company (SICO), the leading developer, owner, and became a ‘national security threat’ for Britain, which requires operator of shopping malls in Saudi Arabia and the owner of government-coordinated action across industries. (Source: Reuters) Quwaieyah Mall has signed an agreement with Muvi Cinemas, a  Record-high natural gas prices are putting pressure on supply chains homegrown cinema brand, to offer distinctive cinema experience for of many European corporate sectors, including non-integrated energy the first time in Quwaieyah Mall in Al Quwaieyah City. (Source: Zawya) suppliers, fertilizer producers and consumer goods companies, Fitch  RELX International, one of the Middle East’s newest brands to enter Ratings said on Wednesday. (Source: Reuters) the KSA market selling e-cigarette devices and e-liquid nicotine  The European Central Bank is planning new inspections at the banks it products, today announced a partnership with SAF Trading Agencies supervises to check their technology and their ability to generate for the exclusive distribution of RELX products throughout the profits, the ECB’s top supervisor Andrea Enria said on Wednesday. Kingdom of Saudi Arabia. (Source: Zawya) (Source: Reuters)  Bahrain has topped the GCC rankings in the latest annual Economic  The Bank of Japan kept monetary policy steady on Wednesday but Freedom of the World Index compiled by the Fraser Institute. As per offered a bleaker view on exports and output, reinforcing expectations the list based on 2019 data, the kingdom ranks higher taking the 65th the bank will maintain its massive stimulus even as major counterparts place ahead of the UAE (67th), Qatar (80th), Saudi Arabia (91st), eye a withdrawal of crisis-mode support. (Source: Reuters) Kuwait (98) and Oman (102nd). (Source: TradeArabia)  China Evergrande agreed to settle interest payments on a domestic  AVANA Companies, a comprehensive ESG lending and investment bond on Wednesday, while the Chinese central bank injected cash into platform, which opened its headquarters in Bahrain in 2008, the banking system, soothing fears of imminent contagion from the announced its regional expansion into the Kingdom of Saudi Arabia. debt-laden property developer. (Source: Reuters) AVANA will provide financial services to businesses and individuals GCC NEWS through its subsidiary Ezdaher to grow its USD 1.3B AUM globally. (Source: Zawya)  The Gulf region’s construction sector is tipped to bounce back over the  UAE-headquartered Shorooq Partners has launched a new office in next two years after a pandemic-affected 2020, with regional Bahrain, headed by partner Samir Yamani. The new office is the fifth construction contractor awards in 2021 and 2022 expected to be location for the venture capital (VC) firm which has built a presence in worth USD 115.2bn and USD 111.8bn respectively. (Source: Zawya) Saudi Arabia, Egypt, and Pakistan as well as the UAE. (Source:Gulf Daily News)  Millennium Hotels & Resorts MEA, unveiled its hotel development pipeline at the Arabian & African Hospitality Investment Conference  The new five-year strategic initiatives of Bahrain’s Justice, Islamic (AHIC) with 18 new hotels adding 5000+ keys in UAE, KSA, Qatar, Affairs and Endowments Minister will ensure easy access to justice in Oman, Turkey, and Iraq. (Source: Zawya) partnership with the private sector, affirmed legislative and executive branches during a joint virtual meeting yesterday.  Abu Dhabi’s National Petroleum Construction Company (NPCC) has signed an MoU with Paris-listed Technip Energies (TE) to create a joint  Kuwait’s restaurant and hotel sector is suffering from a severe venture (JV) for energy transition and enhancing cooperation in shortage of workers, including those in delivery services, due to the decarbonization projects. (Source: Zawya) suspension of recruitment from abroad for a number of service sectors, according to the Arabic daily Al-Qabas. (Source: Arab Times)  The 97th edition of the Society of Petroleum Engineers’ Annual Technical Conference and Exhibition (ATCE) opened today in Dubai  In Kuwait, the Chief Executive Officer of the Touristic Enterprises virtually, with oil and gas professionals from 80 countries participating Company, Mr. Abdulwahab Ahmed Al-Marzouq and members of the in the event. (Source:Zawya) leadership team revealed the company’s new strategy to become a world-class provider of leisure and entertainment experiences. (Source:  Air-to-water technology, that produces water from fresh air, is Zawya) currently available in Dubai for as low as AED 3,670 (USD 1,000) for deployment at homes, offices, hotels and shopping malls that could QATAR NEWS

reduce dependence on desalinated water and save energy, officials at  Qatar’s energy minister said on Tuesday that he believes currently the 5th Arab Water Forum said. (Source: Zawya) high gas prices reflect a lack of investment as well as a shortage of  Gulf Medical University (GMU) students undergo clinical training in the supply but added he did not regard the situation as a crisis. (Source: Sheikh Shakhbout Medical City (SSMC), a premier state-of-the-art Reuters) tertiary care facility located in Abu Dhabi being run in collaboration  The Investment Promotion Agency Qatar (IPA Qatar) and PwC Qatar with the prestigious Mayo Clinic USA. Consultants at SSMC and faculty have jointly released today the new ‘Tax & Legal Guide to Doing of the Mayo Clinic supervise training of GMU students. (Source: Zawya) Business in Qatar’, which provides a comprehensive overview of  Saudi Telecom Company has completed the retail and institutional Qatar’s conducive business environment. (Source: Zawya) subscription to the initial public offering of Arabian Internet and  Rotana continues robust Middle East expansion by signing partnership Communications Services, raising SAR 3.624bn (USD 966.35mn), STC with Bin Al Sheikh Holding in Qatar. (Source: Zawya) said on Wednesday. (Source: Reuters)  Genesis announced today that it will begin rolling out of its own "Face Connect" technology in Qatar, allowing vehicles to recognize human faces, open and close doors without using a smart key. (Source: Zawya)

2

September 23, 2021

FX RATES Currencies Value Currencies Value FX Commentary EUR/USD 1.1715 USD/QAR 3.6400 Currency markets are not looking to allow the noise surrounding the US USD/JPY 109.8600 EUR/QAR 4.2643 debt ceiling as well as the Evergrande scare affect it as traders remained GBP/USD 1.3644 JPY/QAR 0.0331 focused on last night’s FOMC meeting. The dollar index closed almost USD/CHF 0.9268 GBP/QAR 4.9664 unchanged at 93.20 overnight after probing the downside in intraday trade. EUR/USD and GBP/USD edged slightly lower after their NY closes. USD/CAD 1.2793 CHF/QAR 3.9275 The USD/JPY edged up 0.10% to 109.89 after the BOJ left policy unchanged AUD/USD 0.7228 CAD/QAR 2.8453 but downgraded the export outlook as the pair remained rangebound NZD/USD 0.6989 AUD/QAR 2.6310 between 109.00 and 110.00 during trading hours. The safe-haven JPY USD/INR 73.3700 INR/QAR 0.0496 recorded its sharpest drop in more than three months following the Fed USD/TRY 8.6562 TRY/QAR 0.4205 policy announcement, sliding 0.5% for the session. The USD/CNY pair went USD/ZAR 14.8047 ZAR/QAR 0.2459 up 0.17% to 6.4690 as the AUD/USD edged down 0.15% to 0.7234. The USD/BRL 5.2888 BRL/QAR 0.6882 NZD/USD pair was down 0.21% to 0.6995. Source: Refinitiv Eikon

INTERBANK OFFERING & US SWAP RATES SOVEREIGN YIELD CURVES & CDS SPREAD Duration Overnight 1 Week 1 Month 3 Month 1 Year Qatar vs US Treasuries Yields LIBOR 0.07 0.07 0.08 0.13 0.22 4.0% 3.11% EURIBOR (0.59) (0.57) (0.56) (0.55) (0.50) QAIBOR 0.81 0.84 1.02 1.13 1.33 1.95% 2.0% SAIBOR 0.55 0.59 0.65 0.81 0.93 1.03% 0.47% 0.61% EIBOR 0.14 0.16 0.19 0.38 0.44 1.81% 0.85% 1.30% BMIBOR 0.82 1.03 1.51 1.56 1.80 0.0% 0.24% 0.49% 2 Yrs 3 Yrs 5 Yrs 10 Yrs 30 Yrs KIBOR 0.56 0.88 1.25 1.50 2.00 Qatar US Source: Refinitiv Eikon Source: Refinitiv Eikon, www.worldgovernmentbonds.com

US Swap Rates 5 Years CDS Spreads 6M Change 5 Years CDS Spread 6M Change 2.0% 1.56% US 13.6 (2.5) Turkey 386.9 (71.2) 1.32% UK 11.6 (3.5) Brazil 194.7 (8.4) 1.14% 1.04% 0.95% Germany 10.1 0.0 Egypt 358.3 16.8 1.0% 0.67% 0.35% 0.47% France 21.0 4.5 Abu Dhabi 44.6 (1.0) 0.22% 0.33% Italy 74.9 1.7 Bahrain 234.7 18.3 0.0% Greece 79.3 0.0 Dubai 96.6 (13.3) 2 Yrs 5 Yrs 7 Yrs 10 Yrs 30 Yrs Russia 85.3 (27.1) Qatar 45.1 (5.4) Current Last Year Japan 19.6 2.5 Saudi Arabia 57.1 (16.3) Source: Refinitiv Eikon Source: Refinitiv Eikon ECONOMIC CALENDAR Time Country Event Period Survey Prior 19:15 United States Markit Mfg PMI Flash Sep 61.5 61.1 19:15 United States Markit Svcs PMI Flash Sep 55.0 55.1 14:00 United Kingdom Flash Composite PMI Sep 54.7 54.8 13:30 Euro Zone Markit Comp Flash PMI Sep 58.8 59.0 13:00 Germany Markit Comp Flash PMI Sep 59.5 60.0 Source: Refinitiv Eikon

GCC COMPANY RESULTS Company Name Revenues (mn) YoY (%) QoQ (%) Net Profit (mn) YoY (%) QoQ (%) Gulf Insurance Group 57.9 1.7 1.3 6.3 (7.4) 14.7 Kuwait Cement Co 11.3 119.6 (9.5) 0.1 (101.0) (126.0) Kuwait Investment Co 14.4 7.0 101.9 10.2 3.8 189.4 Aayan Leasing & Investment 5.7 7.6 (1.1) 1.7 (168.6) (21.8) Heavy Engineering And Ship B 33.1 (5.5) (9.0) 1.2 (60.8) (30.3) Securities House/The 1.1 38.7 (77.3) 0.3 (151.9) (90.9) A'Ayan Real Estate Co Sak 0.9 111.5 18.9 (0.1) (92.9) (85.1) Bayan Investment Co KSCP 0.2 (22.2) 89.0 0.1 168.0 (143.4) Source: Refinitiv Eikon; Note: All figures are in local currency

3

September 23, 2021 nd QSE MAIN FINANCIAL INDICATORS (as on 22 September, 2021) Dividend Yield P/B Ratio P/E Ratio EPS BV/Share Stock Price Company Company (%) (x) (x) (QR) (QR) (QR) QNB 2.4 2.3 14.2 1.3 8.3 19.0 QNB الم ف Qatar Islamic Bank 2.2 2.2 13.1 1.4 8.0 18.0 التجار ي Comm. Bank of Qatar 1.7 1.3 13.9 0.4 4.5 5.9 بنك الدوحة Bank 2.7 0.8 10.5 0.3 3.3 2.8 اﻻه Ahli Bank 3.7 1.5 13.6 0.3 2.6 3.9 الدو Intl. Islamic Bank 3.3 2.4 15.2 0.6 4.1 9.7 الا ن Rayan 3.8 2.3 14.9 0.3 1.9 4.4 الخل Al khalij Commercial Bank 2.5 1.2 12.4 0.2 1.9 2.2 اﻷول QFC 1.9 0.7 (س) (M) (س) (Qatar First Bank (QFC) 0.0 2.5 (M اﻻجار ة 1.0 1.4 (س) (M) (س) (National Leasing 2.4 0.8 (M دﻻلة Dlala 0.0 1.9 29.0 0.1 0.8 1.5 قطروعما ن Qatar Oman 0.0 1.0 29.7 0.0 0.9 0.9 إنماء Inma 1.0 2.0 40.7 0.1 2.5 5.0 البنوك والخدمات المال ة Banks & Financial Services 2.5 2.0 14.2 0.6 4.5 زاد Zad Holding Company 4.1 2.8 20.5 0.8 5.6 15.6 الطبة 3.0 0.3 0.0 (م) (Qatar German Co. Med 0.0 10.6 (H السﻼم 0.9 1.3 (س) (M) (س) (Salam International 0.0 0.7 (M لدنا Baladna 3.3 1.4 20.0 0.1 1.2 1.6 الرعاة Medicare 3.4 2.4 26.7 0.3 3.5 8.2 السنما Cinema 2.5 1.8 67.3 0.1 2.2 4.0 قطر للوقو د Qatar Fuel 2.6 2.1 19.8 0.9 8.5 17.9 ودا م 4.2 1.8 (س) (M) (س) (Widam 2.4 2.3 (M مجمع المنا Mannai Corp. 0.3 0.9 39.3 0.1 4.7 4.0 الم ة Al Meera 4.5 2.8 19.7 1.0 7.3 20.0 الخدمات والسلع اﻻستهﻼ ة Consumer Goods & Services 2.9 1.9 22.9 0.3 3.3 قامك و QAMCO 2.0 1.7 90.5 0.0 1.0 1.8 التحلة Ind. Manf. Co. 3.3 0.9 13.4 0.2 3.4 3.0 اﻻسمن ت National Cement Co. 4.1 1.1 18.4 0.3 4.6 4.9 صناعات قط ر Industries Qatar 2.4 2.4 16.7 0.8 5.8 13.9 المسثمن The Investors 2.4 1.1 27.5 0.1 2.3 2.5 كهاء وماء Electricity & Water 3.8 1.7 14.2 1.2 9.5 16.6 أعما ل Aamal 4.0 0.8 54.6 0.0 1.2 1.0 الخليج الدولة 1.5 1.7 (س) (M) (س) (Gulf International 0.0 0.9 (M مسعد Mesaieed 1.8 1.7 21.5 0.1 1.3 2.2 اسثمار القاضة Investment Holding 0.0 1.4 54.8 0.0 1.0 1.4 الصناعا ت Industrials 2.5 1.8 20.0 0.2 2.4 قطر Qatar Insurance 0.0 0.9 12.3 0.2 2.6 2.4 الدوح ة Doha Insurance 5.2 0.9 14.2 0.1 2.3 1.9 كيو إل إ م QLM 0.0 3.0 16.7 0.3 1.6 4.9 العام ة General Insurance 0.0 0.4 10.7 0.2 5.8 2.1 الخليج التاف 4.4 1.9 (س) (M) (س) (Alkhaleej Takaful 1.1 2.3 (M اﻻسﻼمة Islamic Insurance 4.2 3.0 15.8 0.5 2.6 7.8 التأم Insurance 0.8 0.9 14.3 0.2 3.0 المتحدة للتنمة United Dev. Company 3.3 0.5 19.5 0.1 3.1 1.5 بروة Barwa 4.0 0.6 10.4 0.3 5.2 3.1 إزدان القاضة 1.6 1.2 0.0 (م) (Ezdan Holding 0.0 1.3 (H مزا ا Mazaya 2.9 1.0 41.6 0.0 1.1 1.0 العقارا ت Real Estate 1.2 0.9 33.1 0.1 1.9 Ooredoo 7.1 6.3 (س) (M) (س) (Ooredoo 3.5 1.1 (M فودافون قط ر Vodafone Qatar 3.1 1.5 28.4 0.1 1.0 1.6 اﻻتصاﻻ ت 3.3 ( س) (M) ( س) (Telecoms 3.4 1.2 (M المﻼح ة Qatar Navigation 4.1 0.6 42.9 0.2 12.2 7.4 مخاز ن Gulf warehousing Co 2.0 1.5 12.7 0.4 3.3 5.1 ناقﻼ ت Nakilat 3.6 1.7 13.5 0.2 1.8 3.0 النقل Transportation 3.6 1.1 16.9 0.2 3.6 Exchange 2.5 1.6 17.9 0.3 3.0 Source: Qatar Exchange; Note: The above-mentioned indicators were calculated according to the latest reliable financial data. DISCLAIMER It is understood that any opinions expressed by Commercial Bank or its affiliates as to the commentary, market information, and future direction of prices of specific securities reflects the views of the individual analyst who issued them, and not necessarily represent the views of Commercial Bank or its affiliates in any way. In no event shall CBQ or its affiliates have any liability for any direct or indirect losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material or for any delays, inaccuracies, errors in, or omissions of the said information.

4