1. QE Intra-Day Movement
Market Indicators
10,460
10,440
10,420
05 Dec 13
%Chg.
351.8
555,688.8
11.3
4,693
38
24:10
471.4
553,978.1
17.9
5,573
40
26:11
(25.4)
0.3
(37.2)
(15.8)
(5.0)
–
Market Indices
10,400
10,380
9:30
08 Dec 13
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
10:00
10:30
11:00
11:30
12:00
12:30
13:00
Qatar Commentary
The QE index rose 0.5% to close at 10,436.5. Gains were led by the Real
Estate and Telecoms indices, gaining 2.0% and 1.2% respectively. Top gainers
were Barwa Real Estate Co. and Qatar General Ins. & Rein. Co., rising 3.3%
and 3.1% respectively. Among the top losers, Qatar German Co. for Med. Dev.
fell 1.8%, while Qatar Navigation declined 1.5%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
14,911.40
2,593.12
2,465.19
3,392.18
1,917.98
2,038.75
2,374.29
1,478.35
5,964.09
3,086.86
0.5
0.4
0.3
0.3
(0.7)
2.0
0.7
1.2
(0.3)
0.6
0.5
0.4
0.3
0.3
(0.7)
2.0
0.7
1.2
(0.3)
0.6
31.8
28.7
26.5
29.1
43.1
26.5
20.9
38.8
27.7
24.1
N/A
13.1
13.2
12.3
13.0
14.0
9.7
20.1
22.6
16.0
GCC Commentary
GCC Top Gainers##
Exchange
Saudi Arabia: The TASI index gained 0.9% to close at 8,321.3. Gains were
led by the Trans. and Agri. & Food Ind. indices, rising 3.7% and 1.9%
respectively. Saudi Public Transport gained 7.1%, while Bahri was up 3.7%.
IFA Hotels & Resorts
Kuwait
Saudi Public Transport
Dubai: The DFM index rose 1.4% to close at 3,056.0. The Real Estate &
Construction index gained 2.0%, while the Banking index was up 1.2%. Dubai
National Ins. & Rein. rose 4.6%, while Al Salam Bank - Bahrain was up 3.7%.
Abu Dhabi: The ADX benchmark index gained 1.3% to close at 3,989.6. The
Energy and Real Estate indices rose 3.1% each. Abu Dhabi Ship Building Co.
and Union Cement Co. surged 14.8% each.
Al Mouwasat Med. Ser.
GCC Top Losers
Exchange
Kuwait: The KSE index rose 0.1% to close at 7,772.7. The Consumer
Services index gained 0.8%, while the Technology index was up 0.7%. Gulf
Glass Manufacturing Co. rose 7.6%, while IFA Hotels & Resorts was up 7.4%.
Kuwait Finance House
Kuwait
0.79
(2.5)
3,193.3
14.1
Sharjah Islamic Bank
Abu Dhabi
1.50
(2.0)
3,911.1
63.0
Oman: The MSM index gained marginally to close at 6,770.2. The Industrial
and Banking & Investment indices rose 0.1% each. National Securities Co.
gained 4.4%, while National Gas Co. was up 3.4%.
Al Tayyar Travel Group
Saudi Arabia
97.25
(1.8)
415.3
130.6
Mabanee Co.
Kuwait
1.14
(1.7)
510.8
6.3
Kuwait Int. Bank
Kuwait
0.30
(1.7)
125.9
0.0
Bahrain: The BHB index rose 0.2% to close at 1,200.2. The Investment and
Commercial Banking indices gained 0.5% each. Al Salam Bank rose 3.0%,
while Al Baraka Banking Group was up 2.9%.
Barwa Real Estate Co.
Vol. ‘000
7.4
1,161.9
(18.2)
Saudi Arabia
25.70
7.1
3,344.7
55.8
Bahri
Saudi Arabia
27.90
3.7
4,188.9
45.7
Aseer Co.
Saudi Arabia
23.40
3.5
3,147.7
41.4
Saudi Arabia
91.50
3.4
98.9
70.2
##
#
Close
1D% Vol. ‘000
YTD%
YTD%
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Close*
1D%
Vol. ‘000
YTD%
14.61
(1.8)
9.1
(1.2)
7.6
Qatar Navigation
85.70
(1.5)
28.4
35.8
1D%
Vol. ‘000
YTD%
3.3
3,295.0
13.8
1.5
1D%
0.29
Qatar German Co. for Med. Dev.
Close*
31.25
Qatar Exchange Top Gainers
Close#
Qatar Exchange Top Losers
Qatar General Ins. & Rein. Co.
49.50
3.1
Zad Holding Co.
70.00
3.1
0.6
19.0
National Leasing
31.05
(0.8)
169.7
(31.3)
Salam International Investment Co.
12.49
1.6
813.0
(1.3)
Qatar Fuel Co.
285.10
(0.6)
23.7
29.6
Vodafone Qatar
12.00
1.3
1,961.9
43.7
Al Meera Consumer Goods Co.
135.30
(0.5)
9.8
10.5
Qatar Exchange Top Val. Trades
Close*
1D%
Val. ‘000
YTD%
31.25
3.3
102,108.9
13.8
Close*
1D%
Vol. ‘000
YTD%
Barwa Real Estate Co.
31.25
3.3
3,295.0
13.8
Barwa Real Estate Co.
Vodafone Qatar
12.00
1.3
1,961.9
43.7
Industries Qatar
166.40
0.2
32,706.7
18.0
Mazaya Qatar Real Estate Dev.
11.83
0.5
1,028.2
7.5
Masraf Al Rayan
34.30
0.7
28,442.3
38.4
Masraf Al Rayan
34.30
0.7
829.9
38.4
Vodafone Qatar
12.00
1.3
23,580.7
43.7
Salam International Investment Co.
12.49
1.6
813.0
(1.3)
QNB Group
170.50
0.3
19,734.6
30.3
Qatar Exchange Top Vol. Trades
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Close
1D%
WTD%
MTD%
YTD%
10,436.52
3,055.95
3,989.62
8,321.33
7,772.66
6,770.24
1,200.18
0.5
1.4
1.3
0.9
0.1
0.0
0.2
0.5
1.4
1.3
0.9
0.1
0.0
0.2
0.6
3.7
3.6
(0.0)
(0.2)
0.7
(0.7)
24.9
88.3
51.6
22.4
31.0
17.5
12.6
Exch. Val. Traded
($ mn)
151.95
237.54
226.20
1,084.54
128.70
16.84
0.99
Exchange Mkt.
Cap. ($ mn)
152,592.1
72,041.3
113,658.3
452,676.2
109,539.6
24,229.5
49,664.0
P/E**
P/B**
13.3
18.0
11.1
17.1
17.0
10.6
8.0
1.8
1.2
1.4
2.1
1.2
1.6
0.8
Dividend
Yield
4.4
2.9
4.5
3.5
3.6
3.8
4.0
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
Page 1 of 5

2. Qatar Market Commentary
 The QE index rose 0.5% to close at 10,436.5. The Real Estate
and Telecoms indices led the gains. The index rose on the back
of buying support from non-Qatari shareholders despite selling
pressure from Qatari shareholders.
 Barwa Real Estate Co. and Qatar General Ins. & Rein. Co. were
the top gainers, rising 3.3% and 3.1% respectively. Among the
top losers, Qatar German Co. for Med. Dev. fell 1.8%, while
Qatar Navigation declined 1.5%.
Overall Activity
Buy %*
Sell %*
Net (QR)
Qatari
70.51%
78.67%
(28,692,297.95)
Non-Qatari
29.49%
21.34%
28,692,297.95
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Sunday declined by 37.2% to
11.3mn from 17.9mn on Thursday. Further, as compared to the
30-day moving average of 11.8mn, volume for the day was 4.6%
lower. Barwa Real Estate Co. and Vodafone Qatar were the
most active stocks, contributing 29.3% and 17.4% to the total
volume respectively.
Ratings
Ratings Updates
Company
HSBC Bank Oman
Agency
Market
Type*
Fitch
Oman
IDR Grade/ SR/ VR*
Old Rating
New Rating
Rating Change
Outlook
Outlook Change
A+/A+/BB
A+/A+/BB+*
*
–
–
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC –
Local Currency) (*– Rating revised)
News
Qatar
 QNB: Qatar’s non-energy sector to form half of GDP by
2015 – QNB Group’s Head of Economics Joannes Mongardini
said that the country’s diversifying economy will soon reach a
key milestone with its non-hydrocarbon sector being worth more
than half of Qatar’s GDP by 2015. In 2012, Qatar’s GDP stood
at $192bn, of which the hydrocarbon (oil & gas) sector
accounted for 58%. Qatar’s non-hydrocarbon sector is slated to
grow from 42% in 2012 to more than 50% by 2015 due to the
mega infrastructure projects being implemented for the FIFA
World Cup 2022. Meanwhile, Qatar’s real GDP is expected to
grow by 6.5% in 2013 and 6.8% in 2014, with 240,000 jobs
expected to be added in 2014. (Bloomberg)
 QP signs MoU to construct butadiene extraction, elastomer
complex – Qatar Petroleum (QP) has entered into a MoU with
Zeon Corporation and Mitsui & Co. Ltd for the construction of its
butadiene extraction and elastomer complex in Qatar’s industrial
city of Ras Laffan. This plant will produce rubber from chemicals
made at the planned petrochemical complex. (Bloomberg)
 QGRI to study converting QGHC into private shareholding –
The Qatar General Insurance & Reinsurance Company’s
(QGRI) management has decided to carry out a study to convert
the Qatar General Holding Company (QGHC) from a “one
person company” to a “private shareholding company”. This
move will separate its real estate and investment activities into a
separate legal entity. (QE)
 Economic Zones Company renamed as Manateq – The
state-owned Economic Zones Company will be known as
“Manateq” from now on. Manateq and its economic zones will
focus on creating the right environment for the smooth and longterm operation of its clients along with facilitating opportunities
for excellent returns. (Gulf-Times.com)
 Qatar, UAE markets’ upgrade to bring in $350mn from ETFs
– According to Abu Dhabi Investment Company (Invest AD), the
global index compiler MSCI's upgrading of Qatar and the UAE
markets to “emerging” status would bring in around $350mn
from exchange traded funds (ETFs) alone. The MSCI upgrade
from frontier status to emerging market status for the UAE and
Qatar would also encourage greater participation by active
emerging market institutional investors over the long term. (GulfTimes.com)
 NLCS’ BoD to meet on December 11 – Alijarah Holding’s
(NLCS) board of directors will meet on December 11, 2013 to
discuss routine agenda matters. (QE)
 QU’s Al-Jarrah appointed as Commercial Bank Chair of
Banking – The Commercial Bank of Qatar appointed Idries
Mohamed al-Jarrah, Professor of Finance at Qatar University’s
Department of Finance & Economics, as the “Commercial Bank
Chair of Banking”. Professor al-Jarrah holds the position of
endowed professor and works in Qatar University’s College of
Business and Economics. As the Chair of Banking, Professor alJarrah will lead studies in the field of banking and finance, which
will provide the Qatari banking industry with suitably qualified
graduates. (Gulf-Times.com)
International
 HSBC considers floating UK banking business – According
to the Financial Times, HSBC Holdings Plc is considering the
flotation of up to 30% of its British retail and commercial banking
arm, in a move to cope with the proposed new rules that force
British banks to ring-fence their retail arms. FT said the plan was
at an early stage, but the matter had been discussed with
investors and informally at the board level. The FT report added
that investors estimate such a business could float with a market
capitalization of around £20bn ($32.7bn).
 European banks trim risk but fail to raise provisions ahead
of EU review – Most of Europe's big banks shed their risky
assets in the quarter ended September 2013, but they are yet to
take extra provisions against doubtful loans in time for a critical
review by regulators. A Reuters analysis of the third-quarter
results of Europe's 30 largest banks found that almost two-thirds
of the 27 that report detailed quarterly figures said their balance
sheets were less risky at the end of September than at the end
of June, which means that they need less capital. However,
almost two-thirds of the banks took lower charges for loan
Page 2 of 5

3. losses in the third quarter than a year earlier, and the coverage
ratio rose only marginally. More action is expected in the fourth
quarter, as banks learn more about the standards the ECB will
apply in the Eurozone and national regulators will apply
elsewhere. (Reuters)
 Japan posts slower growth in 3Q2013, surprise currentaccount deficit – Japan’s third-quarter growth was slower than
initially estimated, as annualized GDP growth was revised
downwards to 1.1% QoQ from 1.9% earlier. Further, the nation
posted a surprise ¥128bn ($1.2bn) current-account deficit, while
the median estimate was a surplus of ¥149bn. (Bloomberg)
 Nobel Economics winner Fama feels risk of global
recession in 2014 – According to Eugene Fama – this year's
Nobel Prize winner for Economics – highly indebted
governments in the US and Europe posed a constant threat to
the global economy. Fama said that a time will come when the
financial markets will say none of their debts is credible anymore
and they can't finance themselves. Fama stated that he was not
reassured from the strong US labor market data, as
unemployment rate has fallen to 7% because people have given
up looking for jobs. (Reuters)
Regional
 IATA: Mideast carriers post strongest traffic growth in
October – The International Air Transport Association (IATA)
said airlines in the Middle East have recorded their strongest
YoY traffic growth in October 2013, on the back of growing
demand in business and leisure travel. The load factor of Middle
East airlines stayed at 75.5% in October 2013. IATA said that
Middle Eastern carriers have stayed ahead of their global peers
by registering a 14% growth in October 2013 and are set to
contribute a significant share in carrying a record high number of
3bn passengers in the global airline industry in 2013.
(GulfBase.com)
 E&Y: MENA authorities move to strengthen corporate tax
regime – According to Ernst & Young (E&Y), tax authorities in
the Middle East & North Africa (MENA) region have enhanced
scrutiny and compliance enforcement regarding withholding tax
laws. MENA tax authorities have increased scrutiny and
enforcement of compliance on withholding tax laws to ensure
that foreign companies who do business without a business
facility in the country are also subject to tax on incomes earned
from the country. Further, there has been an increased focus on
transfer pricing regulations to ensure that business transactions
between related parties are conducted at an arm’s length. (GulfTimes.com)
 WTO deal to strengthen competitive position of Saudi
products – Saudi Arabia has welcomed the $1tn World Trade
Organization (WTO) agreement signed in Bali recently. Saudi
Commerce & Industry Minister Tawfiq Al Rabiah said this
agreement will strengthen the competitive position of Saudi
products and boost global trade. Further, he stated the deal will
enable Saudi exporters to supply their goods in targeted
markets at shorter time and at a lesser cost. (GulfBase.com)
 IMF: Saudi bank credits poised to grow by 15.3% in 2014 –
According to a report by the International Monetary Fund (IMF),
bank credits destined for the private sector in Saudi Arabia are
poised to grow by 15.3% in 2014 as compared to 15.6% in
2013, which is the highest among the GCC countries. As per the
IMF report, Qatar has the second largest bank credit growth
among the GCC countries forecasted at 14.7% in 2014 (12.9%
in 2013), followed by Oman at 12.6% (14.3%), and the UAE at
8.4% (6%). The report showed that despite low interest rates,
there is a discrepancy in the growth of bank credits offered to
the private sector in the GCC region. However, financial
institutions in the GCC region are characterized by solid
positions despite the increasing rates of non-performing loans
(NPLs) in Bahrain and the UAE in 2013. Further, the report
showed that banking institutions in the GCC countries are well
positioned in their capitals and have enough provisions for bad
loans. IMF has appreciated banking measures taken by Saudi
Arabia, which was the first GCC country to apply Basel II rules.
(GulfBase.com)
 Pentair to set up manufacturing, service facility in Dammam
– Swiss-based Pentair has entered into a term sheet with Ali
Abdullah Al Tamimi Company to set up a manufacturing and
service facility in Dammam. Through this new partnership,
Pentair will be able to locally manufacture some of its premium
products for serving both the local and export markets.
(GulfBase.com)
 Almarai to acquire MJN’s shares in IPNC for SR15mn –
Almarai Company announced that it will acquire the shares held
by Mead Johnson Nutrition (MJN) in the International Pediatric
Nutrition Company (IPNC) for SR15mn. This purchase will be
financed from Almarai’s operational cash flows. (Tadawul)
 SCC’s BoD recommends SR126.48mn dividends – The
Saudi Chemical Company’s (SCC) board of directors has
recommended the distribution of dividends worth SR126.48mn
(SR2 per share), representing 20% of the face value on January
30, 2014. SCC’s shareholders, who are registered with the
Securities Depository Center on January 16, 2014, will be
eligible for this dividend. (Tadawul)
 Dubai foreign trade hits AED1tn by end of September 2013
– Dubai's non-oil foreign trade reached a total volume of
AED1.009tn by the end of Q3, compared to AED918bn for the
same period in 2012. Dubai Customs statistics show that
Dubai's non-oil foreign trade growth was the result of the
increase in imports till Q3 of 2013; reaching AED610bn, as
compared to AED546bn in the same period last year. In
addition, exports and re-exports rose to AED399bn, compared
to AED372bn. (Gulfbase.com)
 Dubai’s non-oil foreign trade crosses AED1tn for 9M2013 –
Dubai's non-oil foreign trade has crossed the AED1tn mark
during January-September 2013 as compared to AED918bn in
January-September 2012. According to data released by Dubai
Customs, the Emirate’s imports reached AED610bn, as
compared to AED546bn in the year-earlier period, with exports
and re-exports rising to AED399bn from AED372bn.
(Bloomberg)
 DED: Tourist spending in Dubai to reach AED33bn by 2017
– Dubai’s Department of Economic Development (DED) Director
General Sami Al Qamzi said the tourist spending in Dubai is
expected to reach around AED33bn by 2017, while total sales
are expected to increase 5.7% annually during 2013-2017. Al
Qamzi said that Dubai was well on course to achieve its Tourism
Vision for 2020 of attracting 20mn tourists and AED300bn in
tourism revenues annually, of which a major share will come
from retail sales. (Bloomberg)
 DIFCA signs strategic deal with TFSA – The Dubai
International Financial Centre Authority (DIFCA) has signed a
strategic agreement with the Toronto Financial Services Alliance
(TFSA) to foster business collaboration in their respective
financial centers. Under this agreement, DIFCA and TFSA will
explore avenues to jointly promote the offerings of Toronto and
Dubai financial services sectors across the globe. (Bloomberg)
 Dewa’s operational budget to reach AED13.151bn in 2014 –
The Dubai Electricity & Water Authority’s (Dewa) CEO Saeed
Page 3 of 5

4. Mohammed Al Tayer said Dewa’s operational budget will reach
AED13.151bn in 2014, while its capital administrative budget will
touch AED352mn. Al Tayer said that expenditure on projects
and purchases will reach AED7.057bn in 2014. The growing
budget expenditure represents Dewa’s pursuit to ensure
adequate electricity and water requirements for supporting the
Emirate’s ambitious development plans. (GulfBase.com)
 Al Noor Hospitals plans to expand in Dubai – Al Noor
Hospitals Group’s Chief Strategy Officer Sami Alom said the
group is planning to expand in Dubai after the Emirate
announced plans for making health insurance mandatory. This
expansion will be most likely done through acquisitions.
(GulfBase.com)
 ADPC to take charge of Zayed Port in January – The Abu
Dhabi Ports Company (ADPC) will take charge of the
management and operations of the Zayed Port from January 1,
2014 from Abu Dhabi Terminals (ADT). (GulfBase.com)
 CBO issues tenders for OMR222mn CDs – The Central Bank
of Oman (CBO) has issued tenders for Certificates of Deposit
(CD) worth OMR222mn. These CDs, which will mature on
January 1, 2014, carry an average rate of interest of 0.13%,
while the maximum accepted interest rate is 0.13%.
(GulfBase.com)
Page 4 of 5

5. Rebased Performance
Daily Index Performance
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
1.3%
150.0
0.9%
119.5
0.5%
QE Index
Oct-11
May-12 Dec-12
S&P Pan Arab
Jul-13
S&P GCC
Source: Bloomberg
Asset/Currency Performance
Gold/Ounce
Silver/Ounce
Crude Oil (Brent)/Barrel (FM
Future)
Natural Gas (Henry
Hub)/MMBtu
North American Spot LPG
Propane Price
North American Spot LPG
Normal Butane Price
Euro
Yen
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
1,229.05
0.0
0.0
(26.6)
DJ Industrial
19.51
0.0
0.0
(35.7)
S&P 500
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.37
0.0
0.0
0.0
111.61
4.14
127.00
139.50
0.5
20.9
41.1
(21.0)
3.9
102.91
GBP
1.63
0.0
0.0
CHF
1.12
0.0
0.0
0.91
0.0
0.0
(12.4)
80.32
0.0
0.0
32.72
0.0
0.0
0.43
0.0
0.0
USD Index
RUB
BRL
0.0%
Close
1D%
WTD%
YTD%
16,020.20
0.0
0.0
22.3
1,805.09
0.0
0.0
26.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
4,129.37
0.0
0.0
13.4
0.0
47.2
Source: Bloomberg
0.0
AUD
0.2%
Dubai
Aug-10 Mar-11
Kuwait
0.0%
Qatar
0.1%
Abu Dhabi
0.5%
Oman
1.0%
Bahrain
131.5
Saudi Arabia
Jan-10
1.4%
1.5%
NASDAQ 100
STOXX 600
DAX
FTSE 100
CAC 40
316.50
9,172.41
6,551.99
34.5
13.2
20.5
11.1
15,299.86
0.0
0.6
MSCI EM
1,002.20
0.0
0.0
(5.0)
2.6
SHANGHAI SE Composite
2,237.11
0.0
0.0
(1.4)
HANG SENG
23,743.10
0.0
0.0
4.8
0.7
BSE SENSEX
20,996.53
0.0
0.0
8.1
7.2
Bovespa
50,944.27
0.0
0.0
(16.4)
1,390.61
0.0
0.0
(8.9)
18.6
(12.0)
Source: Bloomberg
Nikkei
4,062.52
RTS
Source: Bloomberg
Contacts
Saugata Sarkar
Ahmed M. Shehada
Keith Whitney
Sahbi Kasraoui
Head of Research
Head of Trading
Head of Sales
Manager - HNWI
Tel: (+974) 4476 6534
Tel: (+974) 4476 6535
Tel: (+974) 4476 6533
Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa
ahmed.shehada@qnbfs.com.qa
keith.whitney@qnbfs.com.qa
sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the
right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the
views and opinions included in this report.
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