Page 1 of 5

QSE Intra-Day Movement

Qatar Commentary

The QSE Index rose 0.6% to close at 11,679.7. Gains were led by the Real Estate and Industrial indices, gaining 1.4% and 0.9%, respectively. Top gainers were Qatar General Ins. and Reinsurance. Co. and Barwa Real Estate Co., rising 5.0% and 2.4%, respectively. Among the top losers, Gulf Warehousing Co. fell 3.3%, while Qatar Islamic Insurance declined 2.3%.

GCC Commentary

Saudi Arabia: The TASI Index rose 1.6% to close at 8,834.8. Gains were led by the Hotel & Tourism and Telecom. & IT indices, rising 2.5% and 2.0%, respectively. Knowledge Eco. City rose 7.9%, while Filing & Packing Mater. Manuf. was up 5.5%.

Dubai: The DFM Index declined 0.7% to close at 4,068.5. The Financial & Investment Services index fell 1.2%, while the Banks index declined 0.9%. Union Properties declined 4.3%, while Dubai Islamic Bank was down 1.7%.

Abu Dhabi: The ADX benchmark index rose 0.3% to close at 4,822.8. The Industrial index gained 1.7%, while the Banks index rose 0.5%. Abu Dhabi Ship Building surged 12.5%, while Abu Dhabi Commercial Bank was up 4.3%.

Kuwait: The KSE Index gained 0.4% to close at 6,299.0. The Oil & Gas index rose 2.4%, while the Healthcare index gained 1.3%. National Petroleum Services Co. rose 8.5%, while Kuwait Finance & Investment Co. was up 7.6%.

Oman: The MSM Index rose 0.2% to close at 6,420.0. Gains were led by the Financial and Industrial indices, rising 0.6% and 0.2%, respectively. Al Sharqia Investment Holding rose 4.1%, while HSBC Bank Oman was up 4.0%.

Bahrain: The BHB Index gained marginally to close at 1,333.5. The Commercial Bank index rose 0.2, while the other indices ended flat or in red. Trafco Group gained 3.7%, while Ithmaar Bank was up 3.6%.

QSE Top Gainers Close* 1D% Vol. ‘000 YTD%

Qatar General Ins. and Reinsur. Co. 56.30 5.0 0.1 9.7

Barwa Real Estate Co. 46.05 2.4 277.4 9.9

Gulf International Services 67.30 2.0 263.2 (30.7)

Zad Holding Co. 100.00 1.5 0.0 19.0

Al Khaleej Takaful Group 38.50 1.4 16.2 (12.8)

QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%

Masraf Al Rayan 44.10 0.7 558.7 (0.2)

Barwa Real Estate Co. 46.05 2.4 277.4 9.9

Gulf International Services 67.30 2.0 263.2 (30.7)

Commercial Bank of Qatar 55.80 0.0 238.1 (10.4)

Vodafone Qatar 14.97 (0.2) 217.1 (9.0)

Market Indicators 10 Aug 15 09 Aug 15 %Chg.

Value Traded (QR mn) 175.5 150.5 16.6

Exch. Market Cap. (QR mn) 619,476.2 617,163.1 0.4

Volume (mn) 3.1 3.5 (12.1)

Number of Transactions 3,076 2,659 15.7

Companies Traded 41 39 5.1

Market Breadth 22:15 5:34 –

Market Indices Close 1D% WTD% YTD% TTM P/E

Total Return 18,154.42 0.6 (0.8) (0.9) N/A

All Share Index 3,124.72 0.4 (0.7) (0.8) 12.9

Banks 3,100.88 0.3 (0.5) (3.2) 13.7

Industrials 3,717.11 0.9 (1.1) (8.0) 13.0

Transportation 2,446.24 (0.3) (0.9) 5.5 12.6

Real Estate 2,647.62 1.4 (0.9) 18.0 8.8

Insurance 4,782.72 (0.0) (0.4) 20.8 22.5

Telecoms 1,074.35 (0.7) (1.2) (27.7) 28.3

Consumer 7,150.62 (0.4) (0.4) 3.5 28.0

Al Rayan Islamic Index 4,541.25 0.4 (0.9) 10.7 13.2

GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%

Knowledge Eco. City Saudi Arabia 24.08 7.9 5,780.5 42.2

Etihad Etisalat Co. Saudi Arabia 30.97 5.4 11,828.4 (29.4)

Saudia Dairy & Food. Saudi Arabia 145.05 5.1 35.7 22.0

Qatar Gen. Ins. & Reins Qatar 56.30 5.0 0.1 9.7

Hail Cement Saudi Arabia 20.63 4.9 1,335.6 (9.6)

GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%

Gulf Warehousing Co. Qatar 74.10 (3.3) 16.6 31.4

Al Ahli Bank of Kuwait Kuwait 0.36 (2.7) 1,038.8 (13.4)

Invest Bank Abu Dhabi 2.60 (2.3) 75.0 1.1

Ahli United Bank Kuwait 0.55 (1.8) 16.8 (5.5)

Dubai Islamic Bank Dubai 7.47 (1.7) 2,031.5 8.3

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)

QSE Top Losers Close* 1D% Vol. ‘000 YTD%

Gulf Warehousing Co. 74.10 (3.3) 16.6 31.4

Qatar Islamic Insurance 80.00 (2.3) 2.0 1.3

Dlala Brokerage & Inv. Hold. Co. 23.65 (2.1) 23.5 (29.3)

Medicare Group 175.00 (1.6) 14.0 49.6

Widam Food Co. 61.00 (1.3) 11.0 1.0

QSE Top Value Trades Close* 1D% Val. ‘000 YTD%

QNB Group 180.60 (0.3) 33,048.5 (15.2)

Masraf Al Rayan 44.10 0.7 24,715.1 (0.2)

Gulf International Services 67.30 2.0 17,754.6 (30.7)

Commercial Bank of Qatar 55.80 0.0 13,294.3 (10.4)

Barwa Real Estate Co. 46.05 2.4 12,719.4 9.9

Source: Bloomberg (* in QR)

Regional Indices Close 1D% WTD% MTD% YTD% Exch. Val. Traded ($

mn) Exchange Mkt. Cap.

($ mn) P/E** P/B**

Dividend Yield

Qatar* 11,679.70 0.6 (0.8) (0.9) (4.9) 48.19 170,108.2 12.0 1.8 4.3

Dubai 4,068.46 (0.7) (1.3) (1.8) 7.8 90.91 104,441.3 12.6 1.3 6.4

Abu Dhabi 4,822.77 0.3 (0.3) (0.2) 6.5 50.64 129,804.6 12.1 1.5 4.7

Saudi Arabia 8,834.82 1.6 2.1 (2.9) 6.0 1,054.27 523,574.2 18.6 2.1 3.0

Kuwait 6,299.04 0.4 0.8 0.7 (3.6) 34.48 94,098.1 15.3 1.0 4.2

Oman 6,419.97 0.2 (0.2) (2.1) 1.2 6.79 25,206.4 9.5 1.5 3.9

Bahrain 1,333.48 0.0 0.0 0.1 (6.5) 0.37 20,856.0 8.4 0.8 5.3

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

11,600

11,620

11,640

11,660

11,680

11,700

11,720

9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

Page 2 of 5

Qatar Market Commentary

The QSE Index rose 0.6% to close at 11,679.7. The Real Estate and Industrial indices led the gains. The index rose on the back of buying support from Qatari and GCC shareholders despite selling pressure from non-Qatari shareholders.

Qatar General Ins. and Reinsurance. Co. and Barwa Real Estate Co. were the top gainers, rising 5.0% and 2.4%, respectively. Among the top losers, Gulf Warehousing Co. fell 3.3%, while Qatar Islamic Insurance declined 2.3%.

Volume of shares traded on Monday fell by 12.1% to 3.1mn from 3.5mn on Sunday. Further, as compared to the 30-day moving average of 4.1mn, volume for the day was 25.0% lower. Masraf Al Rayan and Barwa Real Estate Co. were the most active stocks, contributing 18.2% and 9.0% to the total volume, respectively.

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

Ratings, Earnings and Global Economic Data

Ratings Updates

Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change

Al-Ahleia Insurance Company

Moody’s Kuwait IFSR A3 A3 – Negative

Source: News reports (* LT – Long Term, ST – Short Term, IFSR- Insurance Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local Currency)

Earnings Releases

Company Market Currency Revenue (mn)

2Q2015

% Change

YoY

Operating Profit

(mn) 2Q2015

% Change

YoY

Net Profit (mn)

2Q2015

% Change

YoY

SHUAA Capital Dubai AED 59.7 14.7% – – 1.7 -72.7%

Dubai Refreshments Dubai AED 261.5 -4.8% 38.6 -1.5% 39.4 -0.6%

Fujairah Cement Industries Abu Dhabi AED 153.2 5.1% – – 8.8 42.6%

Emirates Driving Co. Abu Dhabi AED 62.3 25.0% – – 27.6 39.5%

Al Fujairah National Insurance Co.

Abu Dhabi AED 28.7 -3.7% 5.8 7.5% 4.1 NA

National Marine Dredging Co. (NMDC)

Abu Dhabi AED 925.2 204.6% – – 44.8 NA

Green Crescent Insurance Co. Abu Dhabi AED 7.9 -53.0% – – -2.9 NA

Ras Al Khaimah Ceramics Co. (RAK Ceramics)

Abu Dhabi AED 803.8 NA – – 85.9 NA

National Industries Group Holding (NIND)

Kuwait KD 53.6 3.0% 16.0 15.4% 3.5 16.9%

Al Madina Investment Co.* Oman OMR – – – – -0.7 NA

Source: Company data, DFM, ADX, MSM (*1Q2016 results)

Global Economic Data

Date Market Source Indicator Period Actual Consensus Previous

08/10 EU Sentix Behavioral Indices Sentix Investor Confidence August 18.4 20.3 18.5

08/10 France Banque De France Bank of France Bus. Sentiment July 98 99 98

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

Overall Activity Buy %* Sell %* Net (QR)

Qatari 51.24% 46.08% 9,045,869.82

GCC 10.15% 4.37% 10,149,859.15

Non-Qatari 38.62% 49.55% (19,195,728.97)

Page 3 of 5

News Qatar

DBIS posts QR23.4mn net loss in 2Q2015 – Dlala Brokerage & Investments Holding Company (DBIS) recorded a net loss of QR23.4mn in 2Q2015 as compared to a net profit of QR6.4mn in 1Q2015 (QR33.7mn in 2Q2014). The company posted a net loss on account of an impairment loss of QR30.2mn in 2Q2015 on available-for-sale investments compared to none in 1Q2015. However, before impairment losses, the company registered QR6.8mn in profit, slightly up as compared to QR6.4mn in 1Q2015. (QSE, QNBFS Research)

QOIS bottom-line drops by 84% QoQ in 2Q2015 – Qatar Oman Investment Company’s (QOIS) net profit declined by 84.3% QoQ (down 54.2% YoY) to QR2.7mn in 2Q2015. The bottom-line drop was led by the huge drop in company’s net investment and interest income that fell from QR18.4mn in 1Q2015 (QR6.9mn in 2Q2014) to QR3.6mn in 2Q2015. EPS contracted from QR0.54 in 1Q2015 to QR0.08 in 2Q2015. (QSE, QNBFS Research)

QISI profitability nosedives in 2Q2015 – Qatar Islamic Insurance Company’s (QISI) bottom-line contracted by 49.1% QoQ (-34.5% YoY) to QR16.9mn. Total income dropped 38.1% QoQ (-23.8% YoY) to QR25.2mn. EPS declined to QR1.13 in 2Q2015 from QR2.22 in 1Q2015. (QSE, QNBFS Research)

New B747 freighter joins QA Cargo – Qatar Airways (QA) Cargo’s first Boeing B747 freighter has joined the carrier’s expanding fleet having completed its first flight from Doha to Hong Kong. The addition of the popular Boeing B747-400BCF heavy cargo aircraft and its 112.5-ton capacity will enable QA Cargo to satisfy growing demand for outsized freight transportation from customers investing in significant infrastructure projects in the Middle East and throughout the world. (Gulf-Times.com)

Qatar’s hospitality sector to stage mega event in October – The mega show, ‘Hospitality Qatar (HQ) 2015’, will take place at the Doha Exhibition Centre during October 13-15, 2015. The hospitality and Horeca (hotels, restaurants, cafes) show of Qatar, which is licensed by the Qatar Tourism Authority, will feature all aspects of the hotel and franchise market in the Gulf region. According to organizers, the event will provide a platform for local, regional and international Horeca suppliers to meet hospitality professionals from the entire region. It will also allow franchise brands, hotel groups, developers, banks and consultants to network and create new business opportunities with hotels and franchise investors. (Gulf-Times.com)

International

OECD leading indicator stable for Eurozone, slips for US and UK – The Organisation for Economic Co-operation & Development (OECD) has said that economic growth is showing further signs of firming up in the Eurozone while growth looks to be easing to around long-term trends in the US and the UK. According to the OECD’s monthly leading indicator, a measure designed to flag turning points in the international economy, trends are pointing more strongly to a loss in growth momentum in Brazil and China. The indicator, a synthetic index where 100 is the long-term average, remained at 100.7 in the Eurozone for the fourth consecutive month in June but continued to ease to 99.4 in the US from 99.5 in May, having fallen below 100 in February. Britain’s reading slipped to 99.8 in June, having dipped below 100 to 99.9 in May. The index rose MoM to 100.8 from 100.7 in France and was stable at 100.9 in Italy. The reading for Germany was stable at 100.0. China’s indicator continued its steady decline to 97.4 in June from 97.5 in May. Brazil slipped to 98.8 from 99.0. OECD added that a stable growth momentum is expected in Germany, Japan and India while indications for Russia also point to a stable growth momentum although below the long-term trend. (Reuters)

Japanese consumer confidence falls to lowest in six months in July – Japanese consumer confidence tumbled in July to the lowest in six months, raising the risk of weakness in spending that could weigh on the economy in 3Q2015. According to data released by the Cabinet Office, an index of confidence dropped to 40.3 in July from 41.7 in June. Worsening sentiment could dampen personal consumption, which has failed to fully recover from a sales-tax hike in 2014. A separate survey on the outlook for economic conditions over the next few months fell to the lowest since January. (Bloomberg)

China credit tumbles in July as funds used to prop up stock market – China’s efforts to halt a stock market rout spurred a surge in new lending to financial institutions last month while credit to the real economy weakened. According to the People’s Bank of China (PBoC), aggregate financing slumped to yuan 718.8bn in July from yuan 1.86tn originally reported for June. New yuan loans jumped to yuan 1.48tn, almost double the economists’ estimate, with yuan 891bn going to financial institutions as the central bank backed the stock rescue efforts. The negative spread between the two credit measures is rare, with July’s gap the widest on record. Weakness in lending to the real economy, following reports showing deepening factory-gate deflation and a fall in exports, adds pressure to boost stimulus in the world’s second-biggest economy. Meanwhile, China’s central bank has cut the yuan’s reference rate by a record 1.9%, allowing depreciation to combat a slump in exports. PBoC said that today’s reference rate move was a one-time adjustment, adding that it would strengthen the market’s role in the fixing and promote the convergence of the onshore and offshore rates. (Bloomberg)

Recession deepens in Russia as economy contracts 4.6% in 2Q2015 – Russia’s economy shrank the most since 2009 after a currency crisis jolted consumer demand while a selloff in oil threatens to drag the country into a deeper recession. The Federal Statistics Service reported that GDP contracted by 4.6% YoY in 2Q2015 after a 2.2% decline in 1Q2015. The nation is enduring its first recession in six years after last year’s currency crisis and a surge in inflation eroded consumer buying power as sanctions over Ukraine choked access to capital markets. According to the Bank of Russia, the economy will endure a two-year contraction if crude prices remain at $60 through 2016, including a 1.2% slump in 2016. (Bloomberg)

Regional

Saudi, Oman power companies seek to refinance $2.1bn debt – According to sources, Saudi Arabia and Oman power companies are seeking to refinance a combined $2.1bn of debt at lower costs. Dhuruma Electricity Company is seeking a cut in interest rates of about 1 percentage point on $1.5bn of loans. Reportedly, the Riyadh PP11 Independent Power Project, as the company is also known, wants to extend the loan maturities. Oman-based Sembcorp Salalah Power & Water Company is seeking to refinance around $600mn of loans at better terms. HSBC Holdings is advising the company on the financing, originally raised from about six banks. (Bloomberg)

Othaim Malls targets up to SR1bn debut Sukuk issue – According to sources, Saudi-based Al Othaim Real Estate and Investment Company (Othaim Malls) is marketing a five-year debut Sukuk issue which could raise up to SR1bn. The company launched the transaction last week, with pricing earmarked at between 165 basis points and 175 basis points over the six-month Saudi interbank offered rate. The investment banking arms of Banque Saudi Fransi, Gulf International Bank and National Commercial Bank are arranging the transaction for Othaim Malls. The company would use the proceeds to fund its expansion. (Reuters)

Page 4 of 5

Falcom rebalances Saudi Equity ETF basket – Falcom Financial Services has conducted the rebalancing process on the components of the Falcom Saudi Equity ETF basket and FALCOM Petrochemical ETF basket on August 9, 2015. (Tadawul)

SAMA completes bond sale at low end of pricing guidance – According to sources, the Saudi Arabian Monetary Agency (SAMA) has completed pricing its bond issue at the low-end of guidance as OPEC’s biggest producer seeks to fund its budget deficit following a plunge in oil prices. SAMA is selling five-year debt at 1.9% or 32 basis points above US treasuries with a similar maturity, while the seven-year debt is priced at 2.34% and ten-year debt at 2.65%. Saudi Arabia is turning to the bond markets for the first time since 2007 as over a 50% drop in oil prices puts pressure on the nation’s finances. The seven-year notes sold 39 basis points above similar treasuries, while the ten-year debt was issued at 46 basis points above treasuries. (Bloomberg)

Dubai poised to become key medical tourism hub – Canadian Specialist Hospital (CSH) CEO Dr. Haider Al Zubaidy said that Dubai is all set to become the region’s leading medical tourism hub as it has world-class infrastructure to cater to the global medical tourists. The medical tourism industry is estimated to be a multibillion-dollar business globally and is expected to grow exponentially in the next few years. Over 100,000 medical tourists visit Dubai each year. Dubai’s medical tourism strategy and an increasing number of local hospitals benchmarking their facilities and services against global best practices have added momentum to the Emirate’s emergence as a leading healthcare destination. Dubai’s medical tourism strategy, announced in 2014, aims at attracting 500,000 medical tourists by 2020, the year when the city would host the World Expo. (GulfBase.com)

Delta Air Lines shrinks Dubai service – Delta Air Lines has scrapped a number of its flights to Dubai this winter in an apparent nod to how competition with three Gulf carriers is hurting its business. Delta will fly non-stop to Dubai from its Atlanta hub between four and five times per week starting October 1, 2015 down from daily service this summer. The airline revised its schedule on August 7, 2015 to reflect the change, part of a broader 15-20% cut in capacity to the Middle East and Africa that Delta had announced in April 2015. (GulfBase.com)

Dubai Properties Group appoints new CEO – Dubai Properties Group has appointed Abdullatif AlMulla as new Chief Executive Ofiicer (CEO). The company also named Naaman Atallah as CEO of its subsidiary Dubai Properties, which manages the parent firm's property sales and leasing portfolio. Both are part of Dubai Holding, which is owned by Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum. (Reuters)

Arabian Construction bags $78.5mn contract in India – Arabian Construction Company has just won its sixth major construction contract in India four years after its entry into the market. ACC has secured $78.5mn contract to build Phase I of the Supertech Hues project in Gurgaon, India. The project is a cluster of luxury residential towers reportedly costing $320mn to build, and is due for completion in 2016. (GulfBase.com)

Orpic receives five technical bids for polymers plant – Oman Oil Refineries and Petroleum Industries Company (Orpic) has received five technical bids for a polymers plant in Sohar industrial area and three technical bids for an NGL extraction plant in Fahud, which are part of its mega petrochemical project - Liwa Plastics Industries Complex. Orpic is also aiming to raise $4bn for this project, and targeting to sign financing agreements concurrently with the award of four Engineering, Procurement and Construction (EPC) contracts. Orpic is on track to conclude evaluation of bids for all the packages by early October 2015, with the final investment decision to be decided by October-end. Once

bids are submitted for the remaining two packages, they will be evaluated in October 2015 and awarded soon after. (Gulfbase.com)

Haya Water receives three bids for $100mn Misfah project – Haya Water has received three bids for its $100mn Misfah project to be established in Misfah in Bausher Wilayat. Abeima has emerged the lowest bidder for a major contract to build the only sewage treatment plant (STP). The tender attracted three firm offers that are currently under evaluation. Aside from Abeima, bids have also been received from the joint venture of water services giant SUEZ Environment and CCC, as well as from India-based multinational firm VA Tech Wabag Limited. The facility is expected to start operations by 2018-end. (Zawya)

Ithmaar Bank reports net profit of $5.7mn in 1H2015 – Ithmaar Bank reported a net profit (attributable to the bank’s equity holders) of $5.66mn 1H2015 as compared to a net loss of $0.11mn reported in 1H2014. Net profit attributable to equity holders of the bank for 2Q2015 amounted to $3mn as compared to a net loss of $0.61mn in 2Q2014. The bank’s operating income has increased by 37.2% in 2015 to $157.6mn from the $114.88mn reported in 2014. Total assets increased to $8.6bn as of June 30, 2015 as compared to $7.86bn as of December 31, 2014. The equity of unrestricted investment account holders has increased to $2.18bn and customer current accounts have increased to $1.49bn as of June 30, 2015. The basic and diluted earnings per share amounted to 0.19 US cents in 1H2015. (Bahrain Bourse)

PBS to launch real estate listing service – Premium eBusiness Solutions (PBS), a Bahrain-based web solutions company, is planning to launch Bahrain’s first centralized real estate listing service. The multilevel listing solution is in its final phase of development and pilot listings can begin as early as September 2015 or possibly even sooner. Talks are currently ongoing with key market participants and government entities to utilize the service as their official property listing databank. (GulfBase.com)

Contacts

Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC

Head of Research Head of HNI Contact Center: (+974) 4476 6666

Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025

saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa Doha, Qatar

Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange QNB SAQ 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. QNBFS 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 QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. 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. For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical technical data (price and volume). 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. This report may not be reproduced in whole or in part without permission from QNBFS

COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 5 of 5

Rebased Performance Daily Index Performance

Source: Bloomberg Source: Bloomberg

Source: Bloomberg Source: Bloomberg (*$ adjusted returns)

80.0

100.0

120.0

140.0

160.0

180.0

Aug-11 Aug-12 Aug-13 Aug-14 Aug-15

QSE In dex S&P Pan Arab S&P GCC

1.6%

0.6%0.4%

0.0%0.2% 0.3%

(0.7%)(1.0%)

0.0%

1.0%

2.0%

Sa

ud

i A

rab

ia

Qa

tar

Ku

wa

it

Ba

hra

in

Om

an

Ab

u D

ha

bi

Du

ba

i

Asset/Currency Performance Close ($) 1D% WTD% YTD%

Global Indices Performance Close 1D%* WTD%* YTD%*

Gold/Ounce 1,104.51 1.0 1.0 (6.8) MSCI World Index 1,766.62 1.1 1.1 3.3

Silver/Ounce 15.26 2.9 2.9 (2.8) DJ Industrial 17,615.17 1.4 1.4 (1.2)

Crude Oil (Brent)/Barrel (FM Future)

50.41 3.7 3.7 (12.1) S&P 500 2,104.18 1.3 1.3 2.2

Crude Oil (WTI)/Barrel (FM Future)

44.96 2.5 2.5 (15.6) NASDAQ 100 5,101.80 1.2 1.2 7.7

Natural Gas (Henry Hub)/MMBtu

2.85 1.8 1.8 (4.8) STOXX 600 399.82 1.3 1.3 6.4

LPG Propane (Arab Gulf)/Ton 38.00 3.4 3.4 (22.4) DAX 11,604.78 1.6 1.6 7.3

LPG Butane (Arab Gulf)/Ton 50.00 2.0 2.0 (20.3) FTSE 100 6,736.22 1.0 1.0 2.7

Euro 1.10 0.5 0.5 (8.9) CAC 40 5,195.41 1.4 1.4 10.8

Yen 124.63 0.3 0.3 4.0 Nikkei 20,808.69 0.1 0.1 14.4

GBP 1.56 0.7 0.7 0.1 MSCI EM 887.70 0.3 0.3 (7.2)

CHF 1.02 0.0 0.0 1.1 SHANGHAI SE Composite 3,928.42 4.9 4.9 21.4

AUD 0.74 (0.1) (0.1) (9.3) HANG SENG 24,521.12 (0.1) (0.1) 3.9

USD Index 97.16 (0.4) (0.4) 7.6 BSE SENSEX 28,101.72 (0.5) (0.5) 1.3

RUB 62.95 (1.7) (1.7) 3.6 Bovespa 49,353.00 3.2 3.2 (24.4)

BRL 0.29 2.1 2.1 (22.9) RTS 848.08 1.9 1.9 7.3

139.7 121.6 116.7