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25 February Daily market report

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Information about 25 February Daily market report
Finance

Published on February 26, 2014

Author: QNBGROUP

Source: slideshare.net

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QE Intra-Day Movement Market Indicators 11,920 11,900 11,880 24 Feb 14 %Chg. 722.6 623,820.6 13.2 5,065 39 12:25 598.6 625,256.2 13.4 5,623 38 13:20 20.7 (0.2) (1.5) (9.9) 2.6 – Market Indices 11,860 11,840 9:30 25 Feb 14 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 0.4% to close at 11,855.9. Losses were led by the Transportation and Banking & Financial Services indices, declining 1.2% and 0.2% respectively. Top losers were Salam International Investment Co. and Qatar Islamic Bank, falling 9.4% and 6.2% respectively. Among the top gainers, Qatar Insurance Co. rose 2.4%, while Gulf Warehousing Co. gained 2.1%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 17,107.59 2,964.84 2,861.98 3,988.11 2,047.92 2,076.14 2,788.61 1,617.03 6,757.51 3,378.17 (0.1) (0.0) (0.2) 0.3 (1.2) 0.2 0.9 (0.1) 0.2 (0.4) 0.2 0.1 (0.0) 1.8 (2.7) 0.0 (2.9) (0.7) (0.4) (0.2) 15.4 14.6 17.1 13.9 10.2 6.3 19.4 11.2 13.6 11.3 N/A 14.4 14.6 14.8 14.1 14.2 6.8 21.8 25.9 17.4 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Saudi Arabia: The TASI index rose 0.1% to close at 9,061.9. Gains were led by the Retail and Real Estate Development, rising 1.0% and 0.4% respectively. Alkhaleej Training and Education Co. rose 9.7%, while Halwani Bros was up 5.7%. Gulf Pharma. Industry Abu Dhabi 3.52 7.0 18.4 7.6 Aldar Properties Abu Dhabi 3.40 6.3 62,434.6 23.2 RAKBANK Abu Dhabi 8.28 6.0 772.5 16.0 Saudi Enaya Coop. Ins. Saudi Arabia 44.90 4.7 5,700.1 11.4 Abdullah Al Othaim Saudi Arabia 163.50 4.6 1,052.3 31.1 Dubai: The DFM index gained 1.8% to close at 4,196.9. The Real Estate & Construction index rose 2.7%, while the Investment & Financial Services index was up 2.3%. GGICO surged 15.0%, while Union Properties gained 5.0%. Abu Dhabi: The ADX benchmark index rose 1.6% to close at 4,958.7. The Real Estate index gained 6.0%, while the Investment & Financial Services index was up 3.7%. Al Ain Al Ahlia Insurance Co. surged 14.9%, while Green Crescent Insurance Co. gained 14.7%. ## Vol. ‘000 YTD% # 1D% Vol. ‘000 9.00 (10.0) 2.4 4.7 10.1 GCC Top Losers Exchange Nat. Marine Dredging Abu Dhabi Kuwait: The KSE index was closed on February 25, 2014. Qatar Islamic Bank Qatar 76.00 (6.2) 187.1 Oman: The MSM index declined 0.1% to close at 7,100.7. Losses were led by the Financial and Services indices, falling 0.2% and 0.1% respectively. Sweets of Oman declined 9.4%, while Dhofar Cattle Feed was down 8.5%. Kingdom Holding Co. Saudi Arabia 22.45 (3.9) 1,664.7 (8.4) Qatar Gen. Ins. & Rein. Qatar 47.10 (3.8) 9.9 (1.7) National Leasing Qatar 29.45 (3.4) 407.0 (2.3) Bahrain: The BHB index fell marginally to close at 1,386.5. The Investment index declined 0.7%, while the Commercial Banking index was down 0.1%. Arab Banking Corporation fell 2.6%, while Al Salam Bank was down 0.1%. Qatar Insurance Co. Close* 1D% Vol. ‘000 YTD% 64.70 Qatar Exchange Top Gainers 2.4 189.7 21.6 Close 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% Salam International Investment 12.69 (9.4) 739.4 (2.5) 76.00 (6.2) 187.1 10.1 Qatar Exchange Top Losers Gulf Warehousing Co. 42.90 2.1 1.2 3.4 Qatar Islamic Bank United Development Co. 22.87 1.4 1,363.6 1.1 Qatar General Ins. & Rein. Co. 47.10 (3.8) 9.9 (1.7) Al Khaliji 20.78 1.4 43.7 4.0 National Leasing 29.45 (3.4) 407.0 (2.3) Qatar Cinema & Film Dist. Co. 41.00 1.2 1.4 2.2 Qatar German Co. for Med. Dev. 13.70 (3.2) 18.9 (1.1) Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% Industries Qatar 198.10 0.6 160,198.8 17.3 75.30 (0.1) 111,563.3 6.4 Close* 1D% Vol. ‘000 YTD% Vodafone Qatar 12.19 (1.1) 2,036.3 13.8 Commercial Bank of Qatar 75.30 (0.1) 1,481.2 6.4 Commercial Bank of Qatar United Development Co. 22.87 1.4 1,363.6 1.1 QNB Group 196.30 (0.1) 66,362.0 14.1 21.85 (2.2) 1,130.9 7.9 Doha Bank 67.00 0.0 35,298.9 15.1 198.10 0.6 812.1 17.3 Gulf International Services 89.00 1.1 33,692.9 45.9 Qatar Exchange Top Vol. Trades Qatar Gas Transport Co. Industries Qatar Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait# Oman Bahrain Close 1D% WTD% MTD% YTD% 11,855.94 4,196.85 4,958.74 9,061.93 7,692.75 7,100.72 1,386.54 (0.4) 1.8 1.6 0.1 (0.5) (0.1) (0.0) (0.1) 0.3 0.9 0.8 (0.6) (0.9) 1.5 6.3 11.3 6.1 3.4 (0.8) 0.2 7.1 14.2 24.5 15.6 6.2 1.9 3.9 11.0 Exch. Val. Traded ($ mn) 198.44 637.10 184.24 2,328.77 93.35 27.68 5.70 Exchange Mkt. Cap. ($ mn) 171,301.1 84,398.0 137,439.6 494,443.0 111,758.5 25,437.3 51,957.1 P/E** P/B** 15.1 18.0 13.4 18.2 15.7 2.0 1.6 1.7 2.2 1.2 Dividend Yield 3.9 1.9 3.6 3.3 3.7 11.0 9.7 1.6 0.9 3.6 3.5 Source: Bloomberg, Qatar Exchange, Tadawul, MSM, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) (# Data as of February 24, 2014) Page 1 of 5

Qatar Market Commentary  The QE index declined 0.4% to close at 11,855.9. The Transportation and Banking & Financial Services indices led the losses. The index rose on the back of buying support from nonQatari shareholders despite selling pressure from Qatari shareholders. Overall Activity Buy %* Sell %* Net (QR) Qatari 42.66% 51.09% (60,971,128.63) Non-Qatari 57.34% 48.91% 60,971,128.63 Source: Qatar Exchange (* as a % of traded value)  Salam International Investment Co. and Qatar Islamic Bank were the top losers, falling 9.4% and 6.2% respectively. Among the top gainers, Qatar Insurance Co. rose 2.4%, while Gulf Warehousing Co. gained 2.1%.  Volume of shares traded on Tuesday fell by 1.5% to 13.2mn from 13.4mn on Monday. However, as compared to the 30-day moving average of 13.0mn, volume for the day was 2.1% higher. Vodafone Qatar and Commercial Bank of Qatar were the most active stocks, contributing 15.4% and 11.2% to the total volume respectively. Earnings and Global Economic Data Earnings Releases Company Market Astra Industrial Group * Currency Revenue (mn) 4Q2013 – % Change YoY – Operating Profit (mn) 4Q2013 % Change YoY Net Profit (mn) 4Q2013 % Change YoY Nass Corporation (NASS) * Saudi Arabia SR 683.8 10.7% 253.1 4.3% Oman Dhofar Poultry * OMR – – – – 0.4 39.3% Bahrain BHD 80.2 -32.9% – – 4.1 2.9% Source: Company data, DFM, ADX, MSM (*FY2013 Results) Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 02/25 US FHFA House Price Index MoM December 0.80% 0.30% -0.10% 02/25 US FHFA House Price Purchase Index QoQ 4Q2013 1.20% 1.00% 1.83% 02/25 US S&P/Case-Shiller S&P/CS 20 City MoM SA December 0.76% 0.60% 0.88% 02/25 US S&P/Case-Shiller S&P/CS Composite-20 YoY December 13.42% 13.40% 13.72% 02/25 US S&P/Case-Shiller S&P/CaseShiller Home Price Index December 165.69 165.5 165.82 02/25 US S&P/Case-Shiller S&P/Case-Shiller US HPI NSA 4Q2013 150.39 – 150.88 02/25 US S&P/Case-Shiller S&P/Case-Shiller US HPI YoY 4Q2013 11.30% – 11.15% 02/25 US Conference Board Consumer Confidence Index February 78.1 80 79.4 02/25 US Richmond Fed Richmond Fed Manufact. Index February -6 5 12 02/25 France INSEE Production Outlook Indicator February -6 -7 -4 02/25 France INSEE Manufacturing Confidence February 100 100 100 02/25 France INSEE Business Confidence February 94 95 94 02/25 Germany Destatis GDP SA QoQ 4Q2013 0.40% 0.40% 0.30% 02/25 Germany Destatis GDP WDA YoY 4Q2013 1.40% 1.40% 0.60% 02/25 Germany Destatis GDP NSA YoY 4Q2013 1.30% 1.30% 1.10% 02/25 Germany Destatis Government Spending QoQ 4Q2013 0.00% 0.20% 1.20% 02/25 Germany Destatis Capital Investment QoQ 4Q2013 1.40% 0.80% 1.30% 02/25 Germany Destatis Construction Investment QoQ 4Q2013 1.40% 0.80% 2.10% 02/25 Germany Destatis Domestic Demand QoQ 4Q2013 -0.70% 0.20% 0.60% 02/25 Germany Destatis Exports QoQ 4Q2013 2.60% 1.70% 0.20% 02/25 Germany Destatis Imports QoQ 4Q2013 0.60% 1.30% 0.80% 02/25 UK BBA BBA Loans for House Purchase January 49972 47150 47086 02/25 Spain INE PPI MoM January -1.30% – 1.10% 02/25 Spain INE PPI YoY January -1.80% – 0.60% 02/25 Italy ISTAT Retail Sales MoM December -0.30% 0.00% 0.00% 02/25 Italy ISTAT Retail Sales YoY December -2.60% 0.20% 0.20% 02/25 Italy ISTAT Consumer Confidence Index February 97.5 98.5 98 02/25 Japan Shoko Chukin Bank Small Business Confidence February 50.6 – 51.3 Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Page 2 of 5

Qatar  MPHC to debut on QE today – The Qatar Exchange (QE) will list Mesaieed Petrochemical Holding Company (MPHC) – a unit of Qatar Petroleum (QP) – on February 26, 2014. The share will be listed in the Industrial sector with a symbol „MPHC‟. With the listing of MPHC, the total number of listed companies on QE will rise to 43. The bourse has asked brokers and investors not to place unpriced orders in the trading system during the preopening of MPHC, from 8.30am to 9.30am, on its first day of trading. However, this limitation only applies to MPHC on its first day of trading. (Peninsula Qatar)  Ooredoo to go for $1bn refinancing loan – According to sources, Ooredoo has approached banks for a syndicated loan of up to $1bn that will refinance its existing debt. The telecom company has sent out a request for proposals to 15 banks last week and awaits responses this week. The deal is expected to have a five-year maturity. Ooredoo‟s last loan was a $1bn, fouryear facility that was signed with 14 international lenders in April 2013. That deal paid an interest margin of 85 basis points over Libor. (Peninsula Qatar)  Ahlibank Qatar to venture into bancassurance – Ahlibank Qatar is all set to venture into the bancassurance segment as part of its strategy to boost fee-based income and diversify its income sources. The bank has lined up programs to develop the private investment and property sector in the UK, and has kept options open on tapping Islamic debt, but ruled out mergers & acquisitions. The bank‟s shareholders agreed to the board‟s proposal to foray into bancassurance, which is slated to be one of the fastest growing distribution channels of insurance in the Gulf region over the next two years. In its GCC Insurance Industry report, Alpen Capital said the regional insurance sector will expand at 18.7% annually during 2012-2017, while economic development, population expansion and an improved regulatory environment will encourage bancassurance providers to step in and capitalize on growing opportunities. (GulfTimes.com)  QInvest earns 40% higher revenue in 2013 – Qatar-based investment bank QInvest reported a significant increase in revenue of 40%, a reduction in costs of 30% and an increase of $60mn in net profit in 2013. Last year also saw significant capital deployment by the company across various financing and real estate transactions. QInvest‟s balance sheet risk was significantly reduced with a collection of outstanding receivables and a reduction of foreign currency exposure. (Bloomberg)  Trading suspension in QIGD’s shares on February 26 – The Qatar Exchange (QE) announced a suspension in the trading of Qatari Investors Group‟s (QIGD) shares on February 26, 2014 due to the company‟s AGM being held on that day. (QE)  QA eyes deeper ties with Oneworld partners, signs deal with Cathay Pacific – Qatar Airways (QA) is open to revenuesharing partnerships with other airlines that are part of the Oneworld global airline alliance. QA‟s CEO Akbar Al Baker said the airline is in talks with British Airways – one of the founding members of the Oneworld alliance – on a codesharing agreement through which the airlines would share some of their flights and open up to stronger partnerships in the future. Cathay Pacific Airways and QA, members of Oneworld alliance, announced a strategic agreement on services operated by them between Hong Kong and Doha, effective from March 30. Both airlines will operate one flight between Hong Kong and Doha daily, offering premium products and services to travelers to and from both cities (Reuters, Peninsula Qatar) International  IMF finds G20 policy makers on right track for growth – The International Monetary Fund‟s (IMF) Managing Director Christine Lagarde said that the recent meeting of the Group of 20 countries convinced her that policy makers are working in the right direction to boost growth. Finance chiefs and central bankers from the world‟s largest economies pledged to maintain accommodative policies and pay heed to international repercussions of their actions. G20 will also aim to lift the collective GDP by more than 2% above the trajectory implied by current policies over the coming five years. Lagarde said that policy makers are broadly on the right track despite many risks that could undermine the recovery. Lagarde added that insufficient employment and rising inequality could have harmful effects by undermining economic, social and political stability. With more than 200 million people without jobs currently, Lagarde said the total number of unemployed people formed the fifth largest country in the world. (Bloomberg)  EC: Italy, France to lag Germany in Eurozone recovery – The European Commission (EC) stated that Germany is set to accelerate away from France and Italy in 2014 as the fragmented Eurozone economy gradually recovers from its worst crisis. In a departure from the gloom of recent years, EC slightly increased its growth prediction for the €9tn economy to 1.2% in 2014 from an earlier 1.1%, which is mainly boosted by an expected 1.8% jump in the Eurozone's biggest economy, Germany. These statistics also clearly emphasized the challenges facing Italy in turning around the bloc's third-largest economy. The commission predicts meager growth of 0.6% for Italy this year. Meanwhile, the second largest economy France is expected to grow 1% in 2014. (Reuters)  China faces major restructuring due to $12tn corporate debt – Corporate debt in China has hit record levels and is likely to trigger a wave of domestic restructuring and defaults, as credit repayment problems increase steadily. According to S&P, Chinese non-financial companies together held a total outstanding bank borrowing and bond debt of about $12tn at the end of 2013 – equal to over 120% of the country‟s GDP. Growth in the Chinese corporate debt has been unprecedented. A Thomson Reuters analysis of 945 listed non-financial firms showed that the total debt soared by 260%, from 1.82tn yuan to 4.74tn yuan, between December 2008 and September 2013. (Reuters) Regional  SAAC signs technical service deal with Newrest, renews contract with Saudia – Saudi Arabian Airlines Catering Company‟s (SAAC) board has signed a technical service agreement with Newrest Holding Group, which is valid until December 31, 2016. As per this agreement, Newrest will provide technical & operational support for the company's activities, specifically by improving the revenues, profitability, quality and recourses, as well as help in expanding into new activities in the future. The fee of the contract is dependent on Newrest achieving the financial and productivity goals for SAAC in each business sector individually. Meanwhile, SAAC has extended its existing catering contract with the Saudi Arabian Airlines (Saudia). The contract has been renewed for five years starting from January 1, 2015 till December 31, 2019. The value of the contract depends on the variety of services as well as the number of meals provided. SAAC is expected to benefit from the ongoing expansion of Saudia‟s fleet, which will lead to an increase in the number of flights as well as an increase in the number of passengers. (Tadawul) Page 3 of 5

 Al-Khodari Sons wins SR145.9mn city cleaning contract for Hafr Al Batin – Abdullah A. M. Al-Khodari Sons Company has been awarded a contract from the Ministry of Municipal & Rural Affairs for city cleaning of the Municipality of Hafr Al Batin for a period of 1,825 days. A further announcement will be after signing the contract worth SR145.9mn, which would indicate the expected start of the financial impact. (Tadawul)  Saudi firm plans $100mn resort in Maldives – Saudi-based Best Choice Real Estate Development plans to develop a tourist property worth $100mn in Maldives, which promises to offer lucrative investment opportunities for Saudi investors. The company plans to build a tourist resort in Vadinolhu Island, located in Laamu Atoll in Maldives, which will be ready in 2017. The premium resort will feature 100 beach villas, including water bungalows and luxury suites. (GulfBase.com)  Nass declares 15 fils cash dividend – Nass Corporation‟s (NASS) board of directors has recommended a cash dividend of 15 fils per share to its shareholders registered on the date of the AGM. (Bahrain Bourse)  TIC declares 5% cash dividend – Takaful International Company‟s (TIC) board of directors has recommended a cash dividend of 5 fils per share, representing 5% of the company‟s total capital to its shareholders registered on the date of the AGM. (Bahrain Bourse)  Deyaar registers robust growth in its property portfolio – Deyaar Development announced the addition of 2,600 new properties to its property portfolio in 2013, bringing the total tally to 20,369 units. A majority of the new contracts has been secured in Abu Dhabi, Dubai, Sharjah and Ajman, while growing interest of landlords in Al Ain, Ras Al Khaimah and Fujairah areas has also contributed to the upturn in Deyaar‟s portfolio. The rental earnings from these properties have crossed over AED650mn in 2013. (DFM)  EIB appoints new CFO, investment head – Emirates Investment Bank (EIB) has appointed Gaurav Agarwal as its Chief Finance Officer and Biswajit Dasgupta as its Chief Investment Officer–Treasury. (GulfBase.com)  Royal Jet to spend AED2.57bn for aircraft in 2Q2014 – Royal Jet‟s President & CEO Shane O‟Hare said that the airline will announce its AED2.57bn purchase order of seven new aircraft in 2Q2014. The company announced the tender at the 2013 Dubai Airshow to replace its six Boeing business jets, two shortrange Gulfstream G350s and a medium range Learjet 60. (Bloomberg)  Centurion plans IPO for CSEH – According to sources, Abu Dhabi-based Centurion Investment is planning an IPO of healthcare provider, CosmeSurge & Emirates Hospital Clinics (CSEH). Centurion is seeking to list CSEH on the Dubai Financial Market as soon as possible. Emirates NBD is the adviser on the stake sale, from which Centurion plans to raise as much as $500mn. Last month, Centurion had acquired CSEH as part of its purchase of the healthcare group, CSH Investments for an undisclosed amount. (Bloomberg)  Markaz posts KD7.46mn net profit – The Kuwait Financial Centre (Markaz) announced a net profit of KD7.46mn for 2013 as compared to a net profit of KD4.04mn in 2012. EPS amounted to 13 fils in 2013 vs. 8 fils during 2012. Meanwhile, the company‟s board of directors recommended distribution of a cash dividend of 10 fils per share to its shareholders registered on the date of the general assembly. (Gulfbase.com)  Haya Water to manage wastewater infrastructure in Oman– Oman Wastewater Services Company (Haya Water) has been given the approval to operate and manage the Sultanate‟s sewage treatment infrastructure in a major expansion of the utility‟s capacity. All 57 STPs currently under the jurisdiction of the Ministry of Regional Municipalities & Water Resources will revert to Haya Water‟s control tentatively by the end of this year. Haya Water‟s General Manager–Project Said al Asmi said the company recently received the government‟s nod to expand its footprint beyond Muscat Governorate as well, paving the way for the takeover of existing wastewater treatment assets across Oman, except for those in Sohar and Salalah. (Bloomberg) Page 4 of 5

Rebased Performance Daily Index Performance 180.0 170.0 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 144.4 131.6 1.8% 1.6% 1.6% 1.2% 0.8% 0.4% 0.1% 0.0% 0.0% (0.0%) (0.1%) (0.4%) 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 Source: Bloomberg, (*Market Closed on February 25, 2014) Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% 1,340.64 0.3 1.2 11.2 DJ Industrial 16,179.66 (0.2) 0.5 (2.4) 21.86 (0.5) 0.0 12.3 S&P 500 1,845.12 (0.1) 0.5 (0.2) 109.51 (1.0) (0.3) (1.2) NASDAQ 100 4,287.59 (0.1) 0.6 2.7 5.22 (16.1) (16.0) 20.2 STOXX 600 338.39 0.1 0.7 3.1 121.25 (6.0) (10.4) (4.2) DAX 9,699.35 (0.1) 0.4 1.5 123.00 (1.0) (4.3) (9.4) FTSE 100 6,830.50 (0.5) (0.1) 1.2 1.37 0.1 (0.0) 0.0 102.24 (0.3) (0.3) (2.9) GBP 1.67 0.2 0.4 0.7 MSCI EM CHF 1.13 0.2 0.1 0.7 SHANGHAI SE Composite AUD 0.90 (0.2) 0.5 1.1 USD Index 80.14 (0.1) (0.1) RUB 35.67 0.6 0.4 BRL* 0.43 0.0 0.2 0.9 Yen Dubai May-13 Oman Oct-12 Abu Dhabi QE Index Mar-12 Bahrain Aug-11 Kuwait * Jan-11 (0.4%) Qatar (0.8%) Saudi Arabia Jun-10 2.0% 170.4 CAC 40 Nikkei 4,414.55 (0.1) 0.8 2.8 15,051.60 1.4 1.3 (7.6) 955.54 (0.3) (0.4) (4.7) 2,034.22 (2.0) (3.8) (3.9) HANG SENG 22,317.20 (0.3) (1.1) (4.2) 0.1 BSE SENSEX 20,852.47 0.2 0.7 (1.5) 8.5 Bovespa 46,715.91 (1.4) (1.4) (9.3) 1,306.37 (1.0) (0.7) (9.5) Source: Bloomberg (*Market closed on February 25, 2014) 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

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