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## Gulf Cable & Elec. Ind. Abu Dhabi Nat. Hotels Al Ahli Bank of Kuwait Aramex Bank of Sharjah GCC Top Losers Qatar Fuel Co. Allianz SF NBQ Dubai Financial Market A.Othaim Market
##

17 Sep 12 316.8 473,930.2 6.9 4,511 37 14:19 1D% 0.2 0.0 0.2 (0.1) (0.1) (0.0) 0.7 1.3 (2.5) Close# 1,040.00 1.77 630.00 1.90 1.21 Close
#

16 Sep 12 284.1 473,757.7 8.4 3,983 38 22:8 WTD% 0.6 0.4 0.5 0.3 0.2 0.4 0.6 1.7 (0.9) 1D% 4.0 3.5 3.3 2.7 2.5 YTD% 4.5 8.2 4.7 12.1 (8.1) 4.9 20.5 16.4 44.1 Vol. 000 33.2 12.6 12.4 2,215.6 1,333.8

%Chg. 11.5 0.0 (17.8) 13.3 (2.6) TTM P/E N/A 9.7 11.4 10.8 10.7 3.1 12.4 14.2 13.8 YTD% (26.8) (19.5) 0.2 5.6 (38.3) YTD% 44.1 392.7 (11.6) 17.9 (9.0)

8,660 8,640 8,620 8,600 8,580 9:30

Close 11,660.73 2,083.91 2,069.05 2,556.40 1,355.74 1,759.56 2,112.71 1,108.41 4,882.49 Exchange Kuwait Abu Dhabi Kuwait Dubai Abu Dhabi Exchange Qatar

10:00

10:30

11:00

11:30

12:00

12:30

13:00

Qatar Commentary The QE index rose 0.2% to close at 8,616.1. Gains were led by the Telecoms and Insurance indices, gaining 1.3% and 0.7% respectively. Top gainers were Mannai Corp. and Al Khaleej Takaful Group, rising 2.1% and 1.6% respectively. Among the top losers, Qatar Fuel Co. fell 4.1%, while National Leasing declined 1.7%. GCC Commentary Saudi Arabia: The TASI index declined 0.1% to close at 7,149.4. Losses were led by the Telecommunication & Information Technology and Retail indices, falling 0.6% and 0.5% respectively. Both Gulf General Cooperative Insurance Co. and Allianz Saudi Fransi Cooperative Insurance Co. decreased 3.6%. Dubai: The DFM index fell 0.4% to close at 1,589.2. Losses were led by the Telecommunication and Banking indices, decreasing 1.4% and 0.9% respectively. National General Insurance Co. fell 9.8%, while Gulf General Investment Co. was down 4.0%. Abu Dhabi: The ADX benchmark index decreased 0.1% to close at 2,626.3. The Real Estate index declined 1.3%, while the Banking index fell 0.3%. Nat. Takaful Co. decreased 8.9%, while Eshraq Properties Co. was down 3.2%. Kuwait: The KSE index gained 0.2% to close at 5,799.7. The Health Care index rose 0.9%, while the Parallel Market index increased 0.7%. Sanam Real Estate Co. increased 9.4%, while Gulf Glass Manufacturing Co. was up 8.1%. Oman: The MSM index decreased marginally to close at 5,619.3. The Industrial index fell 0.4%, while the Services & Insurance index decreased marginally. Top losers were Dhofar Poultry and Galfar Engineering and Con., falling 9.1% and 2.3% respectively. Qatar Exchange Top Gainers Mannai Corp. Al Khaleej Takaful Group Qatar Telecom Commercial Bank of Qatar Qatar Insurance Co. Qatar Exchange Top Vol. Trades Barwa Real Estate Co. Qatar Meat & Livestock Co. Qatar Gas Transport Co. Commercial Bank of Qatar Masraf Al Rayan Close* 99.00 46.35 107.50 76.50 71.90 Close* 30.65 67.50 15.95 76.50 27.30 1D% 2.1 1.6 1.6 1.3 1.3 1D% 0.3 0.9 (0.3) 1.3 0.2 Vol. 000 0.2 47.0 178.8 322.0 10.8 Vol. 000 2,264.9 642.4 345.5 322.0 289.1 YTD% 0.0 2.7 14.0 (8.9) 11.2 YTD% 2.3 111.9 (8.9) (8.9) (2.0)

1D% Vol. 000 (4.1) (3.6) (3.0) (2.9) (2.7) 105.2 750.7 3,301.2 12,612.3 67.1

282.50 135.00 1.60 0.99 91.00

Saudi Arabia Abu Dhabi Dubai Saudi Arabia

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 Qatar Fuel Co. National Leasing Al Khaliji Islamic Holding Group Qatar Industrial Manufacturing Co. Qatar Exchange Top Val. Trades Barwa Real Estate Co. Qatar Meat & Livestock Co. Qatar Fuel Co. Commercial Bank of Qatar QNB Group
Source: Bloomberg (* in QR)

Close* 282.50 48.15 17.31 37.50 55.40 Close* 30.65 67.50 282.50 76.50 134.90

1D% (4.1) (1.7) (1.6) (1.6) (1.4) 1D% 0.3 0.9 (4.1) 1.3 0.2

Vol. 000 105.2 151.2 75.1 111.1 0.5 Val. 000 69,748.6 43,894.8 30,479.1 24,612.2 21,533.3

YTD% 44.1 17.3 0.8 47.9 (2.8) YTD% 2.3 111.9 44.1 (8.9) (2.4)

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

Close 8,616.12 1,589.18 2,626.32 7,149.42 5,799.70 5,619.25 1,076.07

1D% 0.2 (0.4) (0.1) (0.1) 0.2 (0.0) 0.1

WTD% 0.6 1.0 0.7 0.6 0.1 0.5 0.4

MTD% 1.6 2.7 2.5 0.1 (1.1) 2.5 (0.9)

YTD% (1.9) 17.4 9.3 11.4 (0.2) (1.3) (5.9)

Exch. Val. Traded ($ mn) 87.01 67.92 25.57 1,520.69 126.10 16.00 0.51

Exchange Mkt. Cap. ($ mn) 130,188.6 49,350.8 78,520.4 381,702.2 99,809.4 19,438.9 19,583.4

P/E** 9.1 14.5 9.2 14.7 30.3 10.7 10.2

P/B** 1.7 0.7 1.1 1.9 1.1 1.6 0.8

Dividend Yield 4.3 4.0 4.7 3.3 3.5 4.5 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 0.2% to close at 8,616.1. The Telecoms and Insurance 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. Mannai Corp. and Al Khaleej Takaful Group were the top gainers, increasing 2.1% and 1.6% respectively. Among the top losers, Qatar Fuel Co. fell 4.1%, while National Leasing declined 1.7%. Volume of shares traded on Monday declined by 17.8% to 6.9mn from 8.4mn on Sunday. However, as compared to the 30-day moving average of 5.8mn, volume for the day was 18.9% higher. Barwa Real Estate Co. and Qatar Meat & Livestock Co. were the most active stocks, contributing 32.7% and 9.3% to the total volume respectively.
Overall Activity Qatari Non-Qatari Buy %* 67.20% 32.80% Sell %* 70.52% 29.48% Net (QR) (10,518,642.07) 10,518,642.07

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

Global Economic Data

Global Economic Data
Date 09/17 09/17 09/17 09/17 Market EU EU UK UK Source ECB ECB Rightmove Rightmove Indicator Euro-Zone Current Account nsa Euro-Zone Trade Balance Rightmove House Prices (MoM) Rightmove House Prices (YoY) Period Jul Jul Sep Sep Actual 15.9B 15.6B -0.60% 0.70% Consensus 15.0B Previous 17.4B 13.6B -2.40% 2.00%

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

News
Qatar QE Index conducts semi-annual review: adds KHCD & MRDS, removes MERS & QATI Qatar Exchange has removed Al Meera (MERS) and Qatar Insurance (QATI) from the 20 stock index following the semi-annual review of QE Index constituents, effective October 1, 2012. The Qatari Investors Group (KHCD) and Mazaya (MRDS) will become constituents of the index. The maximum weight a single stock can hold within QE index as of the rebalance date is 15%. If during the index review any stock is found to exceed this weight, then the stocks market value is capped and any excess weight is distributed proportionately among the remaining index constituents. The scheduled review of qualifying stocks for the QE All Share has also taken place. There is one change with Al Ahli Bank joining the All Share Index, now the All Share Index has 41 stocks with Ezdan (ERES) the only exception. (QE) Ezdan gets holding company nod Ezdan Real Estate will soon transform into a holding company and diversify its investments by purchasing 15 companies from Tadawul Holding Group. These decisions were approved by shareholders at its ordinary and extraordinary general assembly meetings chaired by Chairman Sheikh Khaled bin Thani al-Thani. Shareholders also authorized the board to obtain the required funds from banks to complete the purchase of targeted properties and companies. Further, the shareholders also agreed to sell Ezdan Trading & Contracting Company to Sakk Real Estate Group Company, and authorized the board to complete the sale process. (Gulf-Times.com) QNB, Ministry of Labor sign deal QNB has signed an agreement with the Ministry of Labor as part of its cooperation to train and develop Qatari nationals in the banks training facilities. As per the MoU signed, up to three batches of 15 young male and female candidates will receive training at the QNB Training and Development Center in Doha, after being nominated by the ministry. (Gulf-Times.com) Wealth-X: The number of super-rich people rises in Qatar According to a report issued by a research company, Wealth-X, Qatars ultra-high-net-worth (UHNW) population rose 3% this year even as their total wealth fell by more than 2%. The total number of UHNWs in Qatar stood at 300 this year compared to 290 in the previous year, while their total wealth was $45bn against $46bn. Within the Gulf region, Saudi Arabia had the highest number of UHNW population at 1,265 (1,230 a year ago) with their total wealth stable at $230bn. In the UAE, the UHNW population stood at 810 (775) with the total wealth almost flat at $120bn. Kuwait had 735 UHNWs this year (720 a year-ago) and their total wealth was again flat at $125bn, and the UHNW population in Oman was flat at 140 with total wealth at $18bn. In the Middle East, there are 4,595 UHNWs this year (compared to 4,495 a year-ago) with their combined total wealth at $710bn ($720bn a year-ago). (Gulf-Times.com) QTELs Indosat names Alexander Rusli as new CEO Qatar Telecom (QTEL) has changed the management structure in its group company, PT Indosat. Indosat President Director and CEO, Harry Sasongko Tirtojondro will be replaced by Alexander Rusli on November 1. (Reuters) Qatar Railway Company pledges hassle-free work plan The Qatar Railway Company Chief Program Officer Ghanim Hassan al-Ibrahim said the company will adopt the best logistics practices to ensure the construction of the ambitious Qatar rail project is hassle-free to the countrys residents. Al-Ibrahim explained in order to reduce the pressure on road usage for transporting construction materials during the project, which could contain heavy objects, the use of conveyor belts is being considered. He said QRail will award the tender to appoint logistics coordinator for Doha Metro Network in the last quarter of 2012. Among other key tenders to be awarded shortly, QRail will award tenders for underground lines and major stations in the first quarter of 2013 and for elevated lines in the third quarter of 2013. (Gulf-Times.com, Peninsula Qatar)
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 Qatar Airways endures minor loss in FY2011-12 Qatar Airways CEO Akbar al-Baker said the airlines endured a minor loss in FY2011-2012 (ended in March) due to high oil prices. However, the company has reported 47% YoY increase in profit on an EBITDA level. The airline carried 14.3mn passengers in FY2011-2012 and expected to increase it to 17mn in the current year. He also said the launch of the first phase of Qatar's new airport worth $11bn would be delayed until June next year, after a contractor was dropped from the project. The airport was originally due to open this December. This apart, Baker said that as a customer, the airline is in favor of a potential $45bn merger between Europe's EADS and BAE Systems. (Reuters) Qatar Airways dismisses talk of deal with BA; will look at fine print before taking decision on investing in Indian carriers Qatar Airways has dismissed suggestions that the company is pursuing an alliance with British Airways' parent company. Qatar Airways CEO Akbar al-Baker said the talk of a deal is nothing more than press rumors. He said there are no negotiations underway with any carrier for a partnership. He said Qatar Airways will look at the fine print before taking a decision on investing in Indian carriers. A recent government decision has allowed foreign airlines to pick up 49% stakes in Indias domestic carriers. He also said that Qatar Airways is earmarked to receive five 787 Dreamliners in addition to the number of Airbus A320s and Boeing 777s this year. The airline has placed order for 60 Boeing 787s including options, 12 Boeing 777s, including freighters and options, 80 Airbus A320 Neos (including options) and three Airbus A320s (family aircraft), besides Airbus A350s and A380-800s. (Bloomberg, Gulf-Times.com) Report claims commercial rents surge in Doha According to a report in the Arabic daily Arrayah, there has been a 200% increase in rents for shops and commercial premises in Doha in recent weeks. The newspaper said the exorbitant hike is bound to spill over to the consumers. The rent for one shutter in a commercial complex is between QR20,000 and QR30,000 on some strategically important commercial streets. The experts said the authorities should constitute a committee to assess the situation and draft a law to contain rents. (Gulf-Times.com) International European banks fail to cut assets European banks pledged last year to cut more than $1.2tn of assets to help them weather the sovereign-debt crisis. However, according to recent data compiled by the European Central Bank (ECB), the Eurozone banks have increased assets by 7% to $45tn in the year ended July 31. BNP Paribas, Banco Santander, and UniCredit have expanded their balance sheets in the 12 months. The ECB Presidents decision nine months ago to provide more than 1tn of three-year loans to banks had eased the pressure to sell assets at depressed prices. (Bloomberg) Spain to issue up to 9bn in bonds, bills this week Spains Treasury said it will auction between 7bn and 9bn of T-bills and bonds this week. The Treasury will issue between 3.5bn and 4.5bn of 12 and 18-month bills today, and aims to raise the similar amount in an auction of bonds maturing in 2015 and 2022 on Thursday. The bond auction includes a new bond maturing October 31, 2015 with a 3.75% coupon, and the reopening its benchmark 10-year bond, maturing January 31, 2022 with a 5.85% coupon. (Reuters) StanCharts wholesale arm eyes $10bn profit by 2016 Standard Chartered said it expects to double the profit of its core wholesale bank to more than $10bn in the next 4-5 years as its key Asian markets grow faster than the West, and it builds on market share gained while its rivals retrenched. Its growth rate is

expected to slow down from its compound annual rate of 23% over the past decade due to the economic slowdown, tougher regulation and scale of its business. (Reuters) India cuts reserve ratio to boost growth, holds rates Indias Central Bank, Reserve Bank of India (RBI) has unexpectedly reduced the amount of deposits that lenders must set aside as reserves, supporting the governments push to revive growth even as it kept interest rates unchanged to dampen elevated inflation. RBI cut the cash reserve ratio to 4.5% from 4.75%, which will add about 170bn rupees to the banking system. However, the RBI has kept the benchmark repurchase rate unchanged at 8%. (Bloomberg) Regional Mobily eyes business sector, strategic alliance on growth Saudi Arabia-based Etihad Etisalat Company (Mobily) is seeking to tap potential demand in the business customer segment. This segment is growing underpinned by a booming economy and record levels of government spending in the Kingdom. The company CEO Khalid Al Kaf said Mobily will also focus on other key drivers like data and strategic partnerships. (GulfBase.com) Saudi Enaya for Cooperative Insurance receives CCHI letter of approval for health insurance qualification Saudi Enaya for Cooperative Insurance has received a letter from the Council of Cooperative Health Insurance (CCHI), certifying that the company is qualified in CCHI health insurance qualification. (Tadawul) UAE inflation rises 0.33% in August The UAEs Consumer Price Index (CPI) for August 2012 stood at 116.86, up by 0.33% MoM and 0.95% YoY on higher food prices. The prices of food & soft drinks rose 1.91% in August; the cost of recreation & cultural activities increased by 0.28%. Furniture & household goods prices rose by 0.09%, while transportation & health rose 0.03% and 0.02% respectively. In Sharjah, the CPI rose 0.79% followed by Umm Al Quwain (0.47%) and Dubai (0.44%). (GulfBase.com) Moodys: UAE discount window credit-positive for banks Moodys stated the decision by the Central Bank of UAE to introduce a discount window is credit-positive for the nations banks, since it will improve their liquidity management practices. (Bloomberg) UAE banks' profits jumped 18.2% in 2011 According to the UAE Central Banks report, UAE banks net income surged by nearly 18.2% in 2011. Rising from around AED22.5bn in 2010, the net profits of 23 national banks and 28 foreign units swelled to AED26.6bn in 2011. The increase was mainly driven by a 3.8% rise in banks' net interest margins and a 6.9% decline in interest expense. The fall in interest expense was largely driven by the reduced interest paid on advances to other customers (retail and corporate). (GulfBase.com) Deposits with international banks in UAE rise to $83.7bn According to the report issued by the Bank for International Settlements (BIS), individuals, banks and companies in the UAE deposited $10.8bn of funds with international banks during the first three months of 2012. The deposits rose to $83.7bn, reflecting a 14.9% QoQ increase. (GulfBase.com) Emirates says no plans to buy stake in Indian carriers Emirates said it does not plan to buy a stake in any Indian carrier, after India allowed foreign airlines to buy up to 49% stake in local carriers. The airline said it is busy focusing on the many aspects of its organic growth including the launch of flights to five new destinations. (Reuters)

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 Emirates plans bond sale to finance its aircraft purchase Emirates is planning to issue bonds as part of a broader strategy to finance its aircraft orders worth billions of dollars. The companys President Tim Clark said it has placed orders to buy planes worth $62bn, and said it will approach the markets to finance these orders through various financial instruments. (Reuters) Essdar Capital in management buy-out deal The management of the UAE-based advisory & investment firm Essdar Capital has bought out its existing shareholders in a management led buy-out of a specialist financial institution in the Middle East. The companys management has completed more than $50bn worth of debt restructurings in the Middle East over the last five years. (Reuters) MAF's profit rises as Egypt, Bahrain units recover UAEbased mall operator, Majid Al Futtaim (MAF) has reported a 17% rise in operating profit for 1H2012 as revenues from Bahrain and Egypt rose, boosting the companys income. Revenue rose 15% to AED10.75bn. MAF's property division, which includes its mall and hotel operations, reported a 16% rise in revenue to AED1.5bn, contributing AED970mn to the groups operating profit. (Reuters) Kuwaiti ministry signs water desalination maintenance contracts Kuwaits ministry of electricity and water has reportedly signed annual maintenance contracts worth KD17.89mn for power and water desalination plants in west and east Doha. The two contracts include replacement parts and maintenance for engines at the plants. (Bloomberg) Kuwaiti inflation seen at 3-4% in 2H2012 Kuwaits inflation rate is expected to remain low in the range of 3-4% YoY in 2H2012 and 4% YoY on an average in 2012 as the governments price control measures on fuel and food items through extensive subsidy system will prevent higher inflation in the future. (GulfBase.com) Kuwait aims to boost Future Generations Fund Kuwait wants to raise the amount of revenue set aside in the Future Generations Fund to 25% from 10% in the 2012-2013 budget. Kuwaits cabinet has asked the finance ministry to put the change in the budget. The Future Generations Fund, a nest egg for when oil runs out, was set up in 1976 and is managed by the Gulf states sovereign wealth fund, the Kuwait Investment Authority and its overseas unit. (Peninsula Qatar) Central Bank of Bahrain Treasury Bills oversubscribed The Central Bank of Bahrains (CBB) this week's BHD35mn issue of Government Treasury Bills has been oversubscribed by 255%. The bills mature in 91 days and the weighted average rate of interest is 1.19%, compared with 1.20% for the previous issue on September 12, 2012. (AME Info) BATELCO eyes to buy CWC assets in $1bn deal Bahrain Telecommunications Company (BATELCO) is in talks with Cable & Wireless Communications (CWC) to buy its assets potentially worth around $1bn in Monaco and a host of other island nations. CWC confirmed that BATELCO approached it for the assets and said there was no guarantee that talks would lead to a deal. BNP Paribas and Citigroup are advising BATELCO on the transaction, while J.P. Morgan Chase is advising CWC. (Reuters)

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Rebased Performance

Daily Index Performance

140.0 130.0 120.0 110.0 100.0

90.0 80.0
Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12

0.4% 0.2% 0.2%

123.8 109.2 103.2 106.0 98.2

0.2% 0.1%

0.0% (0.2%)

(0.1%)

(0.0%) (0.1%)

(0.4%)
Saudi Arabia

(0.6%)

(0.4%)
Kuwait Bahrain Abu Dhabi Oman Dubai
YTD% 10.9 16.2 22.0 25.5 5.8 12.5 8.3 (5.5) 20.0 8.9 14.5 0.0 (2.1) 0.4 (0.5) (0.5)

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

Source: Bloomberg

Source: Bloomberg

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

Close ($) 1,761.45 34.21 114.23 1.31 78.71 1.63 1.08 1.05 79.01 30.61 0.49

1D% (0.5) (1.3) (2.9) (0.1) 0.4 0.2 (0.1) (0.7) 0.2 0.5 (0.9)

WTD% (0.5) (1.3) (2.9) (0.1) 0.4 0.2 (0.1) (0.7) 0.2 0.5 (0.9)

YTD% 12.6 22.8 5.1 1.2 2.3 4.6 1.3 2.6 (1.5) (4.8) (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

Qatar

Close 13,553.10 1,461.19 3,178.67 7,403.69 5,893.52 3,553.69 9,159.39 2,078.50 18,542.31 61,805.98 1,582.22

1D% (0.3) (0.3) (0.2) (0.1) (0.4) (0.8) 0.0 (2.1) 0.4 (0.5) (0.5)

WTD% (0.3) (0.3) (0.2) (0.1) (0.4) (0.8)

Contacts

Ahmed M. Shehada
Head of Trading Tel: (+974) 4476 6535 ahmed.shehada@qnbfs.com.qa

Keith Whitney
Head of Sales Tel: (+974) 4476 6533 keith.whitney@qnbfs.com.qa

Saugata Sarkar
Head of Research Tel: (+974) 4476 6534 saugata.sarkar@qnbfs.com.qa

Sahbi Kasraoui
Manager - HNWI Tel: (+974) 4476 6544 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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