Daily Market Report

Daily Market Report
Tuesday, 24 July 2012 FINANCIAL SERVICES

QE Intra-Day Movement Market Indicators 23 July 12 22 July 12 %Chg.

8,290 Value Traded (QR mn) 131.7 192.3 (31.5)
Exch. Market Cap. (QR mn) 454,009.2 453,462.7 0.1
8,280 Volume (mn) 4.9 5.1 (4.5)
Number of Transactions 2,552 3,034 (15.9)
8,270 Companies Traded 36 37 (2.7)
Market Breadth 15:15 13:23 –
8,260 Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 11,183.94 (0.2) (0.2) 0.3 N/A
8,250 All Share Index 1,989.77 (0.2) (0.2) 3.3 9.3
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
Banks 2,002.64 (0.1) (0.0) 1.4 11.1
Qatar Commentary Industrials 2,430.27 (0.5) (0.6) 6.5 11.1
The QE index fell 0.2% to close at 8,263.8. Losses were led by the Real Estate Transportation 1,318.81 0.3 0.0 (10.6) 10.4
and Industrials indices, both declining 0.5%. Top losers were Qatar Meat & Real Estate 1,628.78 (0.5) (1.1) (2.9) 2.8
Livestock Co. and Al Meera Consumer Goods Co., decreasing 2.2% and 1.6% Insurance 1,916.99 0.5 0.2 9.4 11.6
respectively. Among the top gainers, National Leasing rose 3.9%, while Gulf Telecoms 1,081.64 0.0 (0.2) 13.6 14.6
Warehousing Co. increased 3.1%. Consumer 4,330.17 (0.3) 0.1 27.8 12.1

GCC Commentary GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Saudi Arabia: The TASI index decreased 0.9% to close at 6,641.1. Losses Herfy Food Ser. Co. Saudi Arabia 96.75 4.6 101.2 13.2
were led by the Real Estate Development and Transport indices, falling 1.9% Al Mouwasat Medical
and 1.5% respectively. Mediterranean & Gulf Insurance & Reinsurance Co. Saudi Arabia 51.50 4.0 186.8 9.3
Services Co.
declined 6.7%, while Saudi Industrial Export Co. was down 3.3%.
National Leasing Qatar 42.50 3.9 305.3 3.5
Dubai: The DFM index fell 1.5% to close at 1,493.4. Losses were led by the
Industrial and Services indices, decreasing 10.0% and 2.4% respectively. DP World Ltd. Dubai 10.70 2.9 46.7 10.9
National Cement fell 10.0%, while Takaful Al Emarat Insurance Co. declined
4.9%. Ezdan Real Est. Co. Qatar 20.30 2.7 0.2 (8.5)
Abu Dhabi: The ADX benchmark index declined 0.1% to close at 2,468.8. The GCC Top Losers ##
Exchange Close #
1D% Vol. ‘000 YTD%
Investment & Financial Services index fell 3.5%, while the Insurance index was
down 0.5%. Al Ain Al Ahlia Insurance Co. declined 5.8%, while Waha Capital Medgulf Saudi Saudi Arabia 25.00 (6.7) 2,866.0 (10.7)
fell 3.5%.
National Ind. Gr. Hold. Kuwait 194.00 (4.0) 4,706.4 (25.4)
Kuwait: The KSE index was down 0.5%, close at 5,813.1. Losses were led by
the Oil & Gas and Telecommunication indices, falling 2.4% and 1.2% Emaar Economic City Saudi Arabia 9.05 (3.2) 9,231.4 23.1
respectively. Aqar Real Estate Investments Co. declined 6.9%, while
Saudi Basic Ind. Corp. Saudi Arabia 86.00 (3.1) 6,829.6 (10.6)
Contracting & Marine Services Co. decreased 6.3%.
Oman: The MSM was closed on July 23, 2012 on account of Renaissance Samba Financial Group Saudi Arabia 44.60 (3.0) 132.9 (4.3)
Day. # ##
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 Gainers Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%
National Leasing 42.50 3.9 305.3 3.5 Qatar Meat & Livestock Co. 53.80 (2.2) 398.1 68.9
Gulf Warehousing Co. 40.00 3.1 41.4 7.7 Al Meera Consumer Goods Co. 168.50 (1.6) 16.0 11.5
Mazaya Qatar Real Estate Dev. 12.15 2.7 1,805.7 55.6 Commercial Bank of Qatar 69.80 (1.6) 109.5 (16.9)
Ezdan Real Estate Co. 20.30 2.7 0.2 (8.5) Qatar German Co. for Med. Dev. 11.83 (1.4) 14.5 39.8
Al Khaliji 16.90 1.5 14.7 (1.6) United Development Co. 18.45 (1.1) 581.8 5.5

Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
Mazaya Qatar Real Estate Dev. 12.15 2.7 1,805.7 55.6 Mazaya Qatar Real Estate Dev. 12.15 2.7 21,817.5 55.6
United Development Co. 18.45 (1.1) 581.8 5.5 Qatar Meat & Livestock Co. 53.80 (2.2) 21,424.4 68.9
Qatar Meat & Livestock Co. 53.80 (2.2) 398.1 68.9 National Leasing 42.50 3.9 13,034.3 3.5
Masraf Al Rayan 26.80 (0.6) 342.7 (3.8) United Development Co. 18.45 (1.1) 10,722.8 5.5
National Leasing 42.50 3.9 305.3 3.5 Masraf Al Rayan 26.80 (0.6) 9,204.9 (3.8)
Source: Bloomberg (* in QR)

Exch. Val. Traded Exchange Mkt. Dividend
Regional Indices Close 1D% WTD% MTD% YTD% P/E** P/B**
($ mn) Cap. ($ mn) Yield
Qatar* 8,263.82 (0.2) (0.2) 1.7 (5.9) 36.17 124,670.9 8.7 1.6 4.5
Dubai 1,493.36 (1.5) (2.8) 2.9 10.3 18.21 47,866.2 15.9 0.7 4.1
Abu Dhabi 2,468.80 (0.1) 0.0 0.9 2.8 8.67 74,881.1 9.0 1.0 4.9
Saudi Arabia 6,641.10 (0.9) 0.2 (1.0) 3.5 1,340.47 352,675.7 13.8 1.8 3.8
Kuwait 5,813.07 (0.5) (0.0) 0.4 (0.0) 63.88 100,547.0 27.4 1.1 3.4
Oman# 5,436.48 – (0.2) (4.5) (4.5) N/A 18,814.8 11.0 1.6 4.3
Bahrain 1,109.19 (0.1) (0.5) (1.6) (3.0) 0.27 20,073.5 9.1 0.8 5.6
#
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) ( Values as of July 22)
Page 1 of 5

Qatar Market Commentary

 The QE index fell 0.2% to close at 8,263.8. The Real Estate and
Overall Activity Buy %* Sell %* Net (QR)
Industrials indices were the major contributors to the losses. The
index declined due to selling pressure from non-Qatari Qatari 76.32% 61.97% 18,895,068.57
shareholders despite buying support from Qatari shareholders. Non-Qatari 23.69% 38.04% (18,895,068.57)
 Qatar Meat & Livestock Co. and Al Meera Consumer Goods Co.
Source: Qatar Exchange (* as a % of traded value)
were the top losers, declining 2.2% and 1.6% respectively.
Among the top gainers, National Leasing rose 3.9%, while Gulf
Warehousing Co. increased 3.1%.
 Volume of shares traded on Monday decreased by 4.5% to
4.9mn from 5.1mn on Sunday. Further, as compared to the 30-
day moving average of 5.5mn, volume for the day was 10.7%
lower. Mazaya Qatar Real Estate Dev. and United Development
Co. were the most active stocks, contributing 37.1% and 11.9%
to the total volume respectively.

Earnings and Global Economic Data
Earnings Releases
Revenue % Change Operating Profit % Change Net Profit (mn) % Change
Company Market Currency
(mn) 2Q12 YoY (mn) 2Q12 YoY 2Q12 YoY
United Foods Co. (UFC) Dubai AED 101.9 (8.1%) – – 5.1 (38.2%)
Wataniya Kuwait KD – – – – 19.1 (48.8%)
Source: Company data, DFM

Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous

07/23 EU Eurostat Euro-Zone Consumer Confidence July -21.6 -20 -19.8
Source: Bloomberg

News
Qatar  QP joins top oil and gas technology facilitator – Qatar
Petroleum (QP) has joined the global oil and gas technology
 MARK: 2Q2012 Net Income up 5.1%; Maintain Market facilitator ITF to collaborate on finding new solutions to boost oil
Perform rating. Masraf Al Rayan (MARK) reported a net profit of and gas production in the Middle East. QP will work alongside
QR371.7mn for 2Q2012, up 5.1% QoQ from QR353.5mn in other major energy players in the region, as a member of ITF.
1Q2012. The results were slightly below our forecast of The corporation joins other ITF members in the region including,
QR379.8mn and consensus Bloomberg estimate of QR377.5mn. Petroleum Development Oman (PDO), Kuwait Oil Company
The improved QoQ performance was a combination of higher (KOC) as well as Houston based Aramco Services Company, a
income from financing and investing activities and recovery from subsidiary of Saudi Aramco. (Gulf-Times.com)
earlier provisions. The loan book increased by 5.6% QoQ to
 Trading in Vodafone shares to remain suspended today due
QR38.0bn, while combined deposits (current accounts and
to Ordinary General Meeting – Qatar Exchange announced
Equity of unrestricted investment account holders) grew by 5.0%
that the trading in Vodafone Company shares will remain
QoQ to QR51.2bn. Hence, the loan to deposit ratio increased to
suspended today due to the company’s Ordinary General
74.2% from 73.8% at the end of 1Q2012. MARK has 20.1% of its
Meeting being held today. (QE)
assets invested in financial investments. The capital adequacy
ratio stood at 17.5% at the end of June 2012. On an YTD basis,  QIB named best Islamic bank in Qatar by Asset Magazine –
the stock has outperformed the Banking & Financial Service Qatar Islamic Bank (QIB) has been named the best Islamic bank
Index; the stock is down 1.92% (total return) versus the sector, in Qatar by the Asset Magazine. QIB also received an award for
which is up 1.35%. On the valuation front, the stock is trading at the best Islamic deal in Qatar for its role as the Facility agent for
a P/E ratio of 12.8x and P/B ratio of 2.1x on our 2012 estimates. the Islamic tranche in Barzan $10.3bn gas project. (QE)
(Company data, QNBFS)
 Qatar Airways plans flights from Birmingham Airport – Qatar
 Qatar raises Xstrata stake – Qatar Holding has raised its stake Airways plans to fly from Birmingham Airport after taking delivery
in Xstrata as it seeks a higher offer for the largest thermal-coal of new aircraft later this year. Qatar Airways CEO Akbar Al Baker
exporter from Glencore International. Qatar, on July 20, bought said the carrier also plans to start flights to three new
590,390 Xstrata shares for 846.88 pence each, raising its stake destinations in the UK. (Bloomberg)
to 10.997%. (Bloomberg)
International
 Qatar agrees to build oil refinery at Skhira – Qatar Petroleum
Company has signed an agreement to build, own and operate a  Geithner: Washington must act to avoid damaging economy
$2bn-3bn oil refinery at Skhira on the Gulf of Gabès, around 350 – The US Treasury Secretary Timothy Geithner said a wave of
km south of Tunis. The project is due for completion in 2014 or tax increases and billions of dollars in automatic spending cuts
2015. (Bloomberg) would cause a lot of damage to the fragile economy. Tax breaks
Page 2 of 5

for all Americans are set to expire at the end of the year, and Heavy Industries, Alkhodari Sons & LV Shipping Logistics Ltd.,
$100bn in cuts to domestic and military programs are set to take Alkhodari Industrial Trading & Services, Mace Saudi Arabia
effect in January if Congress does not agree on a new deficit- Company Limited and Fleet Tracking Technologies. (Tadawul)
cutting deal. The nonpartisan Congressional Budget Office  Weqaya Takaful Company obtains renewal of rehabilitation
forecasts that the mix of spending cuts and tax hikes would of Health Insurance Council – Weqaya Takaful Company has
cause the US economy to contract at an annual rate of 1.3% for obtained the renewal of rehabilitation of the Health Insurance
the first half of 2013 if lawmakers do not act. (Reuters) Council for the period of one year. (Tadawul)
 Moody’s cuts Germany, Netherlands, Luxembourg rating  UAE has no immediate plan to issue bonds – The UAE
outlooks to Negative; affirms Finland's Aaa stable rating – Finance Minister Sheikh Hamdan bin Rashid al-Maktoum said
Moody's Investors Service has lowered the outlooks for Aaa UAE has no immediate need to issue bonds to cover a small
credit ratings of Germany, the Netherlands and Luxembourg, budget deficit this year as it can plug the shortfall from its own
citing rising uncertainty about Europe’s debt crisis. Moody’s said resources. Until now the respective governments of some of the
the burden of collective support for European countries such as UAE's seven emirates have issued bonds separately. (Arabian
Spain and Italy will likely fall most heavily on more highly rated Business)
member states if the Eurozone is to be preserved in its current
form. Meanwhile, Moody’s retained its stable outlook on Finland’s  Emirates NBD’s net profit declines – Emirates NBD has
top ranking, citing the country’s lack of debt on a net basis, its posted a net profit of AED647.5mn in 2Q2012, reflecting a YoY
small and domestically oriented banking system and its limited decline of 13%. Earnings per share stood at AED0.10 versus
exposure to the Eurozone in terms of trade. (Bloomberg) AED0.12 in 2Q2011. Operating profit declined by 15.2% YoY to
AED650.6mn. Net interest income fell by 5.6% YoY to
 Spain sinks deeper into recession in second quarter – AED1,521.1mn, while net income from Islamic financing and
According to monthly report by the Bank of Spain, Spain's investment products was down 1.4% YoY to AED118mn.
economy sank deeper into recession in the second quarter as Meanwhile, net fee and commission income rose 25.3% YoY to
investors spooked by a funding crisis in its regions pushed the AED513.1mn. Total assets stood at AED298,396.9mn at the end
country ever closer to a full bailout. Economic output shrank by of June 30, reflecting a YTD growth of 4.8%. Total equity rose by
0.4% in the three months from April to June having slumped by 0.8% YTD to AED35,269.6mn. Loans, advances and Islamic
0.3% in the first quarter. Economy Minister Luis de Guindos ruled financing receivables were up by 2.5% YTD to AED208,154.3mn,
out a full-scale financial rescue on top of the €100bn already while customer deposits increased by 8.5% YTD to
earmarked for the country's banks, but Spain's sovereign bond AED167,080.5mn. (DFM)
yields remained in the danger zone. (Reuters)
 Dubai's Jumeirah in India expansion talks – Vice President of
Regional corporate communications at Jumeirah Group, Piers Schreiber,
said the group is in talks to expand the luxury brand into India.
 Egypt, Saudi Arabia to swap power – Egypt will sign an Tourism is a fast growing sector in India. Earlier this month the
electricity swap deal with Saudi Arabia in an effort to cope with UAE and India signed an agreement to double the flow of tourists
soaring energy demand during the summer. As per the between the two countries. (Arabian Business)
agreement, each country will borrow from the other during hours
of peak demand. (GulfBase.com)  Mubadala unit plans to develop Thai oil field – Abu Dhabi's
Mubadala Petroleum said that the company and its partners plan
 RANCO Zamil Concrete Industries bags SR52mn project – to start developing the Manora field in the northern Gulf of
Rabiah & Nassar and Al Zamil Concrete Industries Company, a Thailand. Mubadala hopes to begin production from the Manora
JV between Zamil Industrial Investment Company and Rabiah field in early 2014, with peak production of 15,000 barrels a day
and Nassar Group, has been awarded a new contract by Four within a few months of operation. The project, worth $246mn, is
Corners International Construction Company worth SR52mn to operated by Pearl Energy, Mubadala Petroleum's subsidiary
fabricate, supply and erect precast elements for the Saudi focused on Southeast Asia. (Arabian Business)
Arabian Ministry of Defense and Aviation. The scope of the
agreement includes design, manufacturing, shipment and  Aabar breaks ground on mixed-use tower – A subsidiary of
installation of more than 100,000 square meters of precast International Petroleum Investment Company (IPIC), Aabar
concrete elements as related to the construction of a five-storey Properties, has started building its mixed use multi-storey tower
car park building owned by the Ministry of Defense and Aviation at Najmat Abu Dhabi on Al Reem Island. The tower will be
in Riyadh, Saudi Arabia. (GulfBase.com) constructed by Dubai-based Arabtec, as the lead Contractor and
Confluence as the Project Manager. The project is scheduled to
 Saudi's Aujan eyes record Vimto sales in 2012 – Saudi drinks be completed during the third quarter of 2014. (GulfBase.com)
giant Aujan Industries expects to smash its record for sales of
Vimto this year, driven by demand during Ramadan. Last year,  National Bank of Ras AI-Khaimah net up 16% – National Bank
sales of Vimto passed the 30mn mark for the first time and Aujan of Ras AI-Khaimah has reported a net profit of AED343.4mn in
predicts this figure will be eclipsed in 2012 due to outstanding 2Q2012, indicating a YoY increase of 16%. Earnings per share
demand over Ramadan. Aujan said earlier that its sales will pass stood at AED0.23 for 2Q2012 as compared to AED0.19 for
the $1bn mark in 2012. Its total sales in 2011 reached close to 2Q2011. Operating income rose by 11.5% YoY to AED715.7mn.
$900mn. (Arabian Business) Net interest income increased by 12.7% YoY to AED549.9mn,
while fee and commission income grew by 3.1% YoY to
 Olayan Financing Company to acquire land in KAEC AED125mn. Total assets stood at AED26,084.7mn at the end of
Industrial Valley – Olayan Financing Company has signed an June 30, indicating a YTD increase of 6.5%, while total equity
agreement with King Abdullah Economic City (KAEC) to was up by 5.6% YTD to AED4,960.2mn. Loans and advances
purchase four plots of land totaling 600,000 square meters in rose by 6.4% YTD to AED19,550.6mn, while customer deposits
Phase 2 of the Industrial Valley. (GulfBase.com) surged by 10.9% YTD to AED20,277.3mn. (ADX)
 Abdullah A. M. Al-Khodari Sons Company signs various  ADIB names new head of Wholesale Banking – Abu Dhabi
contracts with related parties – Abdullah A. M. Al-Khodari Islamic Bank (ADIB) has appointed Arif Usmani as the global
Sons Company has signed different contracts with Alkhodari
Page 3 of 5

head of its Wholesale Banking business. Usmani has over 30
years of diverse banking experience across several geographies
and disciplines. He has extensive experience in risk
management, corporate relationship banking and franchise
management. (GulfBase.com)
 National Bank of Kuwait ups stake in Boubyan Bank –
National Bank of Kuwait (NBK) will increase its stake in Boubyan
Bank to 58.34% from 47.29% after receiving backing from
shareholders holding around 11% of the bank. (Reuters)
 NBK Capital acquires 50% stake in Turkey’s Bavet – NBK
Capital has acquired a 50% stake in Bavet. NBK Capital said the
capital will be used to finance Bavet’s significant expansion plans
and enhance its corporate infrastructure. (Bloomberg)
 Moody's places National Industries Group Holding's ratings
under review for possible downgrade – Moody's has placed
under review for downgrade the B3 Corporate Family Rating
(CFR) and Probability of Default Rating (PDR) of National
Industries Group Holding. (Reuters)
 CBB Sukuk Al-Salam Securities oversubscribed – Central
Bank of Bahrain’s (CBB) monthly issue of the Sukuk Al-Salam
Islamic securities for the BHD18mn issue has been
oversubscribed by 188%. The expected return on the issue is
1.18% and carries a maturity of 91 days. (GulfBase.com)
 S&P affirms, withdraws Bahrain National Insurance
Company’s BBB ratings – S&P Ratings Services has affirmed
its long-term counterparty credit and insurer financial strength
ratings on Bahrain-based Bahrain National Insurance Company
at BBB. The ratings were simultaneously withdrawn at the
issuer's request. The outlook was negative at the time of
withdrawal. (Reuters)
 ALBA appoints BNP Paribas as financial, rating advisor for
Line 6 project – Aluminum Bahrain (ALBA) has appointed BNP
Paribas as a financial advisor and rating advisor to the company
in identifying and assessing financing options in connection with
the project to expand the company's smelter to include a sixth
potline. (AME Info)

Page 4 of 5

Rebased Performance Daily Index Performance

140.0 (*)
0.0%
130.0 (0.3%) (0.1%) (0.1%)
(0.2%)
120.0 118.7 (0.6%) (0.5%)
110.0 (0.9%)
104.8 (0.9%)
100.0 (1.2%)
97.6
106.0 (1.5%)
90.0
(1.5%)
98.2 (1.8%)
80.0

Saudi Arabia

Kuwait

Bahrain

Abu Dhabi

Dubai
Qatar

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

4
QE Index S&P Pan Arab S&P GCC

Source: Bloomberg Source: Bloomberg (* MSM was closed on July 23, 2012)

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

Gold 1,576.95 (0.5) (0.5) 0.8 DJ Industrial 12,721.46 (0.8) (0.8) 4.1
Silver 27.04 (1.0) (1.0) (2.9) S&P 500 1,350.52 (0.9) (0.9) 7.4
Crude Oil (Brent) 104.99 (2.9) (2.9) (3.4) NASDAQ 100 2,890.15 (1.2) (1.2) 10.9
Euro 1.21 (0.3) (0.3) (6.5) DAX 6,419.33 (3.2) (3.2) 8.8
Yen 78.40 (0.1) (0.1) 1.9 FTSE 100 5,533.87 (2.1) (2.1) (0.7)
GBP 1.55 (0.7) (0.7) (0.2) CAC 40 3,101.53 (2.9) (2.9) (1.8)
CHF 1.01 (0.3) (0.3) (5.2) Nikkei 8,508.32 (1.9) (1.9) 0.6
AUD 1.03 (1.1) (1.1) 0.5 Shanghai 2,141.40 (1.3) (1.3) (2.6)
USD Index 83.71 0.3 0.3 4.4 BSE Sensex 16,877.35 (1.6) (1.6) 9.2
RUB 32.63 1.8 1.8 1.5 Bovespa 53,033.96 (2.1) (2.1) (6.6)
BRL 0.49 (0.8) (0.8) (8.6) RTS 1,323.96 (4.9) (4.9) (4.2)
Source: Bloomberg Source: Bloomberg

Contacts

Ahmed M. Shehada Keith Whitney Saugata Sarkar Sahbi Kasraoui
Head of Trading Head of Sales Head of Research Manager - HNWI
Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544
ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@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.
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