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QE Intra-Day Movement

Market Indicators Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth Market Indices Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer GCC Top Gainers## ALAFCO Nat. Bank Of Bahrain BBK Al Ahli Bank United Dev. Co. GCC Top Losers

30 Aug 12 1,087.2 467,589.5 50.4 2,684 40 26:12 1D% 0.5 0.4 0.3 0.6 0.1 0.9 0.2 1.1 (0.0) Close# 310.00 0.54 0.40 64.00 18.77 Close

29 Aug 12 1,178.9 465,955.0 53.4 4,071 38 12:23 WTD% (0.2) 0.2 (0.3) 0.5 (0.6) 0.8 1.3 (0.1) 2.9 1D% 6.9 5.9 4.7 3.2 2.3 YTD% 2.9 6.4 3.8 10.5 (8.6) (0.2) 12.2 16.6 37.7 Vol. 000 9,259.4 26.1 199.3 1.9 633.1

%Chg. (7.8) 0.4 (5.6) (34.1) 5.3 TTM P/E N/A 9.5 11.3 10.6 10.6 2.9 11.5 14.2 13.1 YTD% (1.6) (7.0) (3.4) 21.9 7.3 YTD% (10.1) (12.3) (15.6) 12.6 (3.6)

8,490 8,480 8,470 8,460

8,440 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

Close 11,481.43 2,050.08 2,050.88 2,520.28 1,347.58 1,673.61 1,967.73 1,110.46 4,666.16 Exchange Kuwait Bahrain Bahrain Qatar Qatar Exchange Kuwait Muscat Abu Dhabi Dubai Kuwait

Qatar Commentary The QE index rose 0.5% to close at 8,483.6. Gains were led by the Telecoms and Real Estate indices, gaining 1.1% and 0.9% respectively. Top gainers were Al Ahli Bank and United Development Co., rising 3.2% and 2.3% respectively. Among the top losers, Islamic Holding Group fell 4.0%, while Qatar Meat & Livestock Co. declined 2.5%. GCC Commentary Saudi Arabia: The TASI index declined 0.1% to close at 7,134.2. Losses were led by the Transport and Telecommunication & Information Technology indices, falling 1.2% and 0.7% respectively. Arabian Shield Coop. Insurance Co. fell 10.0%, while Arabia Insurance Cooperative Co. was down 8.4%. Dubai: The DFM index fell 0.5% to close at 1,547.8. The Real Estate & Construction index declined 0.8%, while the Inv. & Financial Services index fell 0.6%. Al-Mazaya Hold Co. decreased 8.9%, while Takaful House fell 3.8%. Abu Dhabi: The ADX benchmark index decreased 0.5% to close at 2,561.6. Losses were led by the Banking and Telecommunication indices, falling 0.7% and 0.4% respectively. Commercial Bank International declined 9.7%, while Insurance House was down 9.5%. Kuwait: The KSE index declined 0.1% to close at 5,862.6. Losses were led by the Health Care and Insurance indices, falling 2.5% and 1.0% respectively. Flex Resorts & Real Estate Co. plunged 12.7%, while Al-Shamel International Holding Co. was down 9.5%. Oman: The MSM index decreased 0.1% to close at 5,480.0. The Services & Insurance index fell 0.2%, while the Banking & Investment index declined 0.1%. Oman Holding International fell 4.2%, Bank Dhofar declined 2.7%. Qatar Exchange Top Gainers Al Ahli Bank United Development Co. Aamal Co. Doha Insurance Co. Qatar Telecom Qatar Exchange Top Vol. Trades Ezdan Real Estate Co. United Development Co. Qatar Meat & Livestock Co. Aamal Co. Masraf Al Rayan Close* 64.00 18.77 16.46 28.90 107.80 Close* 20.40 18.77 65.00 16.46 27.20 1D% 3.2 2.3 1.6 1.4 1.3 1D% (1.0) 2.3 (2.5) 1.6 0.2 Vol. 000 1.9 633.1 368.6 13.4 95.6 Vol. 000 46,736.1 633.1 498.1 368.6 304.9 YTD% 21.9 7.3 13.9 27.4 14.3 YTD% (8.1) 7.3 104.1 13.9 (2.3)

1D% Vol. 000 (4.1) (2.7) (2.6) (2.5) (1.8) 209.8 10.2 2,904.3 5,352.7 590.1

Com. Bank of Kuwait Bank Dhofar Dana Gas Dubai Financial Market Boubyan Petro. Co.

710.00 0.40 0.38 0.95 540.00

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)

Qatar Exchange Top Losers Islamic Holding Group Qatar Meat & Livestock Co. Ezdan Real Estate Co. Qatar German Co. for Med. Dev. Qatar Industrial Manufacturing Co. Qatar Exchange Top Val. Trades Ezdan Real Estate Co. Qatar Meat & Livestock Co. United Development Co. Islamic Holding Group Qatar Telecom
Source: Bloomberg (* in QR)

Close* 36.20 65.00 20.40 12.00 55.00 Close* 20.40 65.00 18.77 36.20 107.80

1D% (4.0) (2.5) (1.0) (1.0) (0.7) 1D% (1.0) (2.5) 2.3 (4.0) 1.3

Vol. 000 292.5 498.1 46,736.1 2.8 7.4 Val. 000 934,799.3 32,772.9 11,776.7 10,809.5 10,262.3

YTD% 42.8 104.1 (8.1) 41.8 (3.5) YTD% (8.1) 104.1 7.3 42.8 14.3

Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain

Close 8,483.64 1,547.82 2,561.61 7,134.24 5,862.56 5,480.02 1,086.32

1D% 0.5 (0.5) (0.5) (0.1) (0.1) (0.1) 0.8

WTD% (0.2) (2.5) (1.3) (0.1) 1.4 (1.1) 1.0

MTD% 2.2 0.3 2.2 (0.1) 2.5 2.3 (1.2)

YTD% (3.4) 14.4 6.6 11.2 0.8 (3.8) (5.0)

Exch. Val. Traded ($ mn) 42.75 17.70 45.64 1,900.81 79.09 11.06 0.77

Exchange Mkt. Cap. ($ mn) 128,400.1 48,882.1 76,813.4 378,644.1 100,489.9 19,059.7 19,733.2

P/E** 9.0 14.2 9.3 14.7 30.6 10.5 10.2

P/B** 1.7 0.7 1.1 1.9 1.1 1.5 0.8

Dividend Yield 4.4 4.1 4.7 3.4 3.4 4.6 4.6 Page 1 of 5

Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)

Qatar Market Commentary

The QE index rose 0.5% to close at 8,483.6. The Telecoms and Real Estate indices were the major contributors to the gains. The index increased on the back of buying support from non-Qatari shareholders despite selling pressure from Qatari shareholders. Al Ahli Bank and United Development Co. were the top gainers, increasing 3.2% and 2.3% respectively. Among the top losers, Islamic Holding Group fell 4.0%, while Qatar Meat & Livestock Co. declined 2.5%. Volume of shares traded on Thursday declined by 5.6% to 50.4mn from 53.4mn on Wednesday. However, as compared to the 30-day moving average of 5.1mn (excluding shares traded on special market), volume for the day was 888.4% higher as volumes continued to be boosted by special trades in Ezdan Real Estate Co. Ezdan Real Estate Co. and United Development Co. were the most active stocks, contributing 92.7% and 1.3% to the total volume respectively.
Overall Activity Qatari Non-Qatari Buy %* 95.35% 4.66% Sell %* 96.32% 3.69% Net (QR) (10,532,194.71) 10,532,194.71

Source: Qatar Exchange (* as a % of traded value)

Ratings, Earnings and Global Economic Data

Ratings Updates
Company Trust International insurance Co. Agency A.M. Best Market Bahrain Type* LT Issuer credit/ FSR Old Rating a-/ANew Rating a-/ARating Change Outlook Stable Outlook Change

Source: News reports (* ST Short Term, LT Long Term, FSR- Financial Strength Rating)

Earnings Releases
Company Al-Madar Finance and Investment Co. (Al-Madar)
Source: Company data

Market Kuwait

Currency KD

Revenue (mn) 1H12

% Change YoY

Operating Profit (mn) 1H12

% Change YoY

Net Profit (mn) 2Q12 (0.5)

% Change YoY (83.1%)

Global Economic Data

Date 08/30 08/30 08/30 08/30 08/30 08/31 08/31 08/31 08/30 08/30 08/30 08/30 08/30 08/31 08/31 08/31 08/31 08/31 08/30 08/30 08/31 08/31 08/31 08/31 08/31 09/01 Market US US US US US US US US EU EU EU EU EU EU EU Germany Germany UK Spain Italy Italy Italy Italy Italy Japan China Source The Commerce Dept. The Commerce Dept. Labor Department Labor Department Bloomberg Inst. for Supply Mgmt. Univ. of Michigan The Commerce Dept. Eurostat Eurostat Eurostat Eurostat Eurostat Eurostat Eurostat Destasis Destasis GfK Nat. Statistics Institute Istat Istat Istat Istat Istat Markit Markit Indicator Personal Income Personal Spending Initial Jobless Claims Continuing Claims Bloomberg Consumer Comfort Chicago Purchasing Manager U. of Michigan Confidence Factory Orders Business Climate Indicator Euro-Zone Consumer Confidence Euro-Zone Economic Confidence Euro-Zone Indust. Confidence Euro-zone Services Confidence Euro-Zone CPI Estimate (YoY) Euro-Zone Unemployment Rate Retail Sales (MoM) Retail Sales (YoY) GfK Consumer Confidence Survey Consumer Price Index (YoY) Business Confidence CPI - EU Harmonized (MoM) CPI - EU Harmonized (YoY) PPI (MoM) PPI (YoY) Markit/JMMA Manufacturing PMI Manufacturing PMI Period July July 25-August 18-August 26-August August August July August August August August August August July July July August August August August August July July August August Actual 0.30% 0.40% 374K 3316K -47.3 53 74.3 2.80% -1.21 -24.6 86.1 -15.3 -10.8 2.60% 11.30% -0.90% -1.00% -29 2.70% 87.2 0.20% 3.50% 0.40% 2.40% 47.7 49.2 Consensus 0.30% 0.50% 370K 3307K 53.2 73.6 2.00% -1.3 -24.6 87.5 -15.5 -9 2.50% 11.30% 0.20% 0.10% -27 2.30% 86.8 0.30% 3.60% 0.30% 50 Previous 0.30% 0.00% 374K 3321K -47.4 53.7 72.3 -0.50% -1.27 -21.5 87.9 -15.1 -8.5 2.40% 11.30% 0.50% 3.70% -29 2.20% 87.1 -1.70% 3.60% -0.10% 2.20% 47.9 50.1

Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)

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Qatar Glencore bid for Xstrata close to collapse Glencore International's deal to take over Xstrata appeared close to collapse after Qatar Holding said it will vote against the deal at the next week's shareholders' meeting unless terms were improved. The investment arm of Qatar's sovereign-wealth fund left the door open for a last-minute compromise when it did not repeat an earlier demand for at least 3.25 shares of the merged entity for every Xstrata share. (Reuters) QNB increases its stake in Commercial Bank International to 40% QNB Group has successfully increased its stake in UAE-based Commercial Bank International (CBI) to 40%. This move is in line with the QNBs international expansion strategy in the Middle East and Africa and reflects the confidence in the prospects of the financial sector in the UAE. CBI operates a network of 19 branches across the UAE. Total assets as of June 30, 2012 reached AED12.0 billion ($3.3 billion) and net profit for the six months of 2012 stood at AED141.3 million ($38.5 million). (QNB Press Release) QNB in talks to buy SocGen unit in Egypt French bank Societe Generale said it was in talks to sell its controlling stake in Egyptian unit National Societe Generale Bank to Qatar National Bank (QNB). The French bank is selling assets such as fund-management unit TCW as it tries to keep up with peers amid an industry-wide race to beef up capital. ( QFC Authority appoints Shashank Srivastava as CEO and Board Member of QFC Authority Qatar Financial Center (QFC) Authority has appointed Shashank Srivastava as CEO and Board Member of the QFC Authority with effect from July 24th, 2012. (AME Info) Qatargas' Train 7 LNG plant shuts for new motor Qatargas' 7.8mn ton per year LNG production facility has been shut down because it needs a new motor. ( Qatar Luxury Group to launch luxury fashion brand Qatar Luxury Group is reportedly gearing up to launch its first luxury fashion and accessories brand. According to a report by the Huffington Post, the launch of the brand QELA will be boosted by the opening of luxury boutiques around the world. It said the brand will be launched in Doha by the end of the year, and will likely expand with shops planned in New York, Paris, Los Angeles, Milan, London and Tokyo. (Bloomberg) Ezdan Real Estate Companys shares traded on Special Market Ezdan Real Estate Companys 46.6mn shares were traded on the Special Market on August 30. (QE) QBC earns ISO 9001, 14001, 29001, OHSAS 18001 quality certifications for civil contracting division Qatar Building Company (QBC) had been granted four certificates of quality management systems by Quality Austria Ltd., attesting to the company's standard operating procedures and successful performance in quality, health, safety and environment (QHSE) endeavors throughout its civil engineering division. QBC was certified according to ISO 9001:2008, ISO 14001:2004, TS ISO 29001:2010, and BS OHSAS 18001:2007. (AME Info) International Bernanke: Fed ready to act Federal Reserve Chairman Ben Bernanke stated that the stagnation in the US labor market is a grave concern and hinted towards further monetary easing. However, he stopped short of providing a clear signal of imminent action. Bernanke said the Fed had to weigh the costs as well as the benefits of more monetary stimulus, although he hinted the costs were likely worthwhile. (Reuters) Rajoy: Spain cannot finance itself Spanish Prime Minister Mariano Rajoy said the country is unable to fund itself at the current cost of borrowing and needs sacrifices such as higher taxes to restore its national standing. Ten-year Spanish bond yields climbed to 6.83% while the spread over German debt with a similar maturity surged to 552 basis points from 527 basis points on August 30. Standard & Poors cut Catalonias credit rating to junk status after Spains most indebted region said it would need to tap a government rescue fund. (Bloomberg) Brazils economy witness weak growth in 2Q2012 Brazils economy disappointed again in the second quarter, signaling weakness among emerging markets. An abrupt decline in investment cast doubt on whether activity will pick up later this year as officials confidently predict. The countrys economy grew just 0.4% from the first quarter. Analysts in a Reuters poll expected a 0.5% expansion. ( Deflation deepens as Japan contraction risk intensifies Japans consumer prices slid at a faster pace in July and industrial production unexpectedly slumped, raising the danger that the Japanese economy has slipped back into a contraction. The benchmark price gauge fell 0.3% in July from a year before, putting the Central Banks 1% goal further from reach, a government report showed in Tokyo. (Bloomberg) EU commission gears up for banking union legislation European Commission President Jose Barroso said legislation to establish a banking union for the Eurozone will be tabled on 12 September. He described the step as the next concrete and immediate deliverable to generate confidence in the future of the Eurozone. ( OPEC August oil output rises, Iran halts decline A Reuters survey showed that Iranian oil shipments have risen slightly in August from their lowest level in more than two decades, contributing to an increase in OPEC crude output that has been mainly driven by exports from Angola and Nigeria. The survey also indicated that Saudi Arabia and its Gulf Arab allies have not been pumping more oil this month, despite calls by consumer countries for extra oil to offset prices that have risen to $113 a barrel for Brent crude. Supply from the 12-member OPEC has averaged 31.53mn bpd so far this month, up from 31.30mn in July. ( Regional Qatalum: Energy cost reduction can boost aluminum sector Qatalum said GCC regions aluminum industry can make significant gains if production costs can be reduced by containing energy expense. This will help the industry maintain the highest quality standards in production, meet the requirements of improved competitiveness and enter new markets. ( Saudi Fund for Development to grant Yemen $1bn The Saudi Fund for Development will deposit $1bn in the Central Bank of Yemen in a move which aims to help Yemen stabilize its national currency and cope with current economic challenges. ( Saudi Transport Ministry signs road contracts worth SR2.97bn Saudi Arabias Transportation Minister Jabara alSeraisry said Saudi Arabia signed 41 contracts valued at SR2.97bn for roads in the Kingdom. (Bloomberg) Saudi regulators asks Saudi Arabian Oil Company to cut aircraft fuel prices Saudi Arabias General Authority for Civil
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Aviation asked Saudi Arabian Oil Company to lower jet-fuel prices for airlines operating in the Kingdom. The prices are higher than some neighboring countries charge airlines which cause losses for many carriers and forcing them to refuel in other countries before flying to Saudi Arabia. (Bloomberg) JLR plans assembly plant in Kingdom Jaguar Land Rover (JLR) is examining the possibility of setting up an assembly plant in Saudi Arabia to benefit from the upcoming integrated aluminum complex in the Kingdom. ( Saudi Arabia to buy 550,000 tons of wheat Saudi Arabia has launched a tender to buy 550,000 tons hard wheat from global suppliers for shipment during the period from December to February. The wheat will be delivered in two shipments, 275,000 tons to the Jeddah port and an equal amount to Dammam. ( Saudi Hollandi Bank names Khalid Al-Muammar as CEO of Saudi Hollandi Capital Saudi Hollandi Bank has appointed Khalid Al-Muammar as CEO of its investment arm Saudi Hollandi Capital. Al-Muammar was General Manager for corporate banking at Saudi Hollandi in eastern province. (Bloomberg) Saudi ports authority signs contracts to develop, organize Kingdom's ports President of the Saudi Ports Authority Abdul-Aziz bin Mohammed Al-Tuwaijri has signed two contracts for the preparation of master plans for Saudi Ports. The duration of the contracts, which cost about SR18mn, is 8 months. ( ADNIC retains positive rating Abu Dhabi National Insurance Companys (ADNIC) financial strength rating and credit rating were reaffirmed by A.M. Best's rating agency and Standard & Poor's(S&P) rating agency as A (Excellent and outlook: Stable) and A- (outlook: Positive) respectively. (AME Info) UAE water market set to more than double by 2015 According to a research by Frost & Sullivan, the UAEs water and wastewater market is set to more than double by 2015. The market recorded revenues of $2.8bn through 2011, with the market forecast to grow to $5.6bn by 2015. The research suggests that population growth of 3.28% annually and rapid economic development has put increasing pressure on existing water and wastewater resources. ( Nakheel repays AED211mn to lenders Nakheel has made profit and interest payments of AED211mn to its lenders. The payments were due at the end of August 2012 in accordance with the restructuring commitments. ( Etihad suspends flights to Damascus Etihad Airways suspended flights to Damascus until further notice in the wake of security concerns. ( Jumbo Electronics plans to expand in new markets UAEbased Jumbo Electronics plans to expand its presence in the UAE and explore new markets in the Gulf. The electronic retailer is expected to open three more retail stores in the UAE soon and also looking to explore new markets in GCC. ( FGBs sukuk Best Islamic Deal in UAE First Gulf Bank was awarded the 2012 Best Islamic Deal in the UAE award for its $650mn sukuk issuance in August 2011. The award was presented during the Asset Triple A Islamic Finance awards. ( Abu Dhabi launches $7.1bn Khalifa Port Abu Dhabi has launched operations at the $7.1bn Khalifa Port, seeking to diversify its oil-based economy with a project that could intensify

competition for the region's shipping traffic with Dubai. ( Aldar Properties to deliver four major projects before end of next year Aldar Properties is set to deliver more than 3.5mn square meters of properties to the Abu Dhabi market over the next 18 months. The company expects to finish the work on four major projects before the end of next year - Central Market in Abu Dhabi city centre, Yas Island and Raha Beach on the mainland and at its Al Falah scheme east of the airport. ( Kuwait inflation rate unchanged Kuwaits Consumer Price Index (CPI) remained unchanged in June to 2.8% YoY, similar to its May rate, and the lowest figure for more than two years. This was the second consecutive month where food price inflation was much lower than previous averages, coupled with subdued inflation in most other segment. Inflation averaged 3.4% for 1H2012. ( Saudi Arabia, Kuwait Postpone Dorra Gas Project Saudi Arabia and Kuwait have postponed Dorra gas project. The development on $3.5bn project was expected to start this month. Al-Khafji Joint Operations postponed work after stakeholders disagree on technical details. Project was also delayed on Saudi, Kuwaiti negotiations on how to share gas. (Bloomberg) Kuwaits KNPC: No decision taken yet on refinery consultancy Kuwait National Petroleum Company said it has not yet selected the winners of a project management consultancy contract for the countrys new refinery. Kuwaits AlRai newspaper reported on August 31 that Kuwait picked Amec Plc and Foster Wheeler AG as consultants on its KD4bn Al-Zour refinery and the two companies will also provide consulting services for a project to upgrade two of Kuwaits three existing refineries. (Bloomberg) Kuwait to allocate $250mn to Jordan for 5 years Jordan and Kuwait have signed an agreement outlining Kuwaits contribution to the GCCs fund for Jordan. Under the agreement, Kuwait will allocate $250mn for Jordan annually over the next five years. ( KUFPEC wins concession for petroleum exploration in Australia Kuwait Petroleum Corporations subsidiary, Kuwait Foreign Petroleum Exploration Company (KUFPEC), has won a WA-481-P concession for petroleum exploration in Australia. The concession covers a 17.5 thousand square kilometer area and is divided between three companies - KUFPEC (30%), Murphy Oil Exploration (40%) and Samsung Oil and Gas Company (30%). The concession is for six years and includes seismic surveys, geological and geophysical studies and excavation operations. ( BankMuscat Associate Mangal Keshav Holdings Limited merges with Mangal Keshav Securities Limited Indiabased Mangal Keshav Holdings Limited, associate of Bank Muscat, has merged with one of its group subsidiaries, Mangal Keshav Securities Limited. The merged entity has been renamed Mangal Keshav Securities Limited. The merger has been performed for corporate restructuring purposes. Bank Muscats shareholding and investment remains unaffected by this change. (MSM)

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Rebased Performance

Daily Index Performance

140.0 130.0 120.0 110.0 100.0 90.0

Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12

121.9 108.9 102.2 106.0 98.2

0.8% 0.5%





(0.1%) (0.5%) (0.5%)

Bahrain Abu Dhabi Oman Dubai
YTD% 7.1 11.8 17.7 18.2 2.5 8.0 4.5 (6.9) 12.8 0.5 0.6

Saudi Arabia


QE Index

S&P Pan Arab


Source: Bloomberg

Source: Bloomberg

Asset/Currency Performance Gold Silver Crude Oil (Brent) Euro Yen GBP CHF AUD USD Index RUB BRL
Source: Bloomberg

Close ($) 1,692.01 31.73 115.86 1.26 78.39 1.59 1.05 1.03 81.21 32.31 0.49

1D% 2.2 4.3 1.6 0.6 (0.3) 0.5 0.6 0.3 (0.6) (0.8) 0.9

WTD% 1.3 3.1 (0.3) 0.5 (0.4) 0.4 0.5 (0.8) (0.5) 1.6 (0.0)

YTD% 8.2 14.0 6.6 (2.9) 1.9 2.1 (1.6) 1.1 1.3 0.5 (8.1)

Global Indices Performance DJ Industrial S&P 500 NASDAQ 100 DAX FTSE 100 CAC 40 Nikkei Shanghai BSE Sensex Bovespa RTS
Source: Bloomberg



Close 13,090.84 1,406.58 3,066.97 6,970.79 5,711.48 3,413.07 8,839.91 2,047.52 17,429.56 57,061.45 1,389.72

1D% 0.7 0.5 0.6 1.1 (0.1) 1.0 (1.6) (0.2) (0.6) (0.3) 0.4

WTD% (0.5) (0.3) (0.1) (0.0) (1.1) (0.6) (2.5) (2.1) (2.0) (2.3) (3.3)


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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.

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