1. QE Intra-Day Movement
Market Indicators
10,420
10,410
10,400
10,390
28 Nov 13
%Chg.
288.5
556,004.9
9.6
4,540
40
18:16
317.4
555,026.7
10.5
4,386
38
15:20
(9.1)
0.2
(8.9)
3.5
5.3
–
Market Indices
10,380
10,370
9:30
01 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 0.2% to close at 10,395.3. Gains were led by the Insurance
and Banking & Financial Services indices, gaining 1.3% and 0.6% respectively.
Top gainers were Al Ahli Bank and Islamic Holding Group, rising 9.7% and
5.3% respectively. Among the top losers, Qatar Cinema & Film Dist. Co. fell
6.0%, while Salam International Investment Co. declined 1.8%.
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
14,852.53
2,589.61
2,462.34
3,398.33
1,951.11
1,983.09
2,395.56
1,454.25
5,973.71
3,039.38
0.2
0.3
0.6
(0.1)
0.4
(0.6)
1.3
0.0
(0.1)
0.2
0.2
0.3
0.6
(0.1)
0.4
(0.6)
1.3
0.0
(0.1)
0.2
31.3
28.5
26.3
29.4
45.6
23.0
22.0
36.6
27.9
22.2
N/A
13.1
13.2
12.3
13.2
13.6
9.8
19.8
22.7
15.8
GCC Commentary
GCC Top Gainers##
Exchange
Saudi Arabia: The TASI index fell 0.3% to close at 8,301.2. Losses were led
by the Transport and Real Estate Development indices, declining 1.2% and
1.1% respectively. Tourism Enterprise Co. fell 3.6%, while Etihad Atheeb
Telecommunication Co. was down 2.7%.
Al Ahli Bank
Abu Dhabi: The ADX benchmark index was closed on December 01, 2013.
Kuwait: The KSE index declined 0.6% to close at 7,741.6. The Financial
Services index fell 1.3%, while the Oil & Gas index was down 0.9%. KIPCO
Asset Management Co. declined 7.8%, while National Petroleum Services Co.
was down 7.4%.
Oman: The MSM index rose 0.5% to close at 6,757.6. Gains were led by the
Industrial index rose 0.8%, while Banking & Investment index was up 0.7%.
Areej Vegetable Oils & Derivatives gained 9.9%, while National Gas Co. was
up 9.3%.
Bahrain: The BHB index declined 0.2% to close at 1,206.4. The Commercial
Banking index fell 0.4%. Al Salam Bank declined 1.0%, while Ahli United Bank
was down 0.7%.
1D%
Qatar
57.60
9.7
3.2
17.6
Comm. Bank of Kuwait
Kuwait
0.73
4.3
1.1
2.8
Methanol Chemicals
Saudi Arabia
14.60
3.5
5,859.8
9.4
Bank Albilad
Dubai: The DFM index was closed on December 01, 2013.
Close#
Saudi Arabia
36.00
3.4
2,853.6
69.2
2.7
2,985.1
6.9
Bank Muscat
Oman
##
0.62
#
GCC Top Losers
Exchange
Etihad Atheeb Telecomm.
Saudi Arabia
Close
Gulf Bank
Kuwait
Astra Industrial Group
Saudi Arabia
Gulf Cable & Electrical
Kuwait
SPIMACO
Saudi Arabia
Vol. ‘000
1D% Vol. ‘000
YTD%
YTD%
14.40
(2.7)
3,803.1
12.5
0.39
(2.6)
562.7
(5.0)
49.50
(2.5)
615.6
26.9
0.88
(2.2)
60.75
(2.0)
78.5 (30.2)
151.9
39.0
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)
Al Ahli Bank
Close*
1D%
Vol. ‘000
YTD%
Qatar Exchange Top Losers
Close*
1D%
Vol. ‘000
YTD%
57.60
Qatar Exchange Top Gainers
9.7
3.2
17.6
Qatar Cinema & Film Dist. Co.
41.60
(6.0)
0.2
(26.9)
Salam International Inv. Co.
12.24
(1.8)
1,328.8
(3.3)
39.6
Islamic Holding Group
41.70
5.3
182.1
9.7
Medicare Group
54.90
2.6
369.0
53.8
Qatar Navigation
88.10
(1.6)
64.0
Qatar International Islamic Bank
61.50
2.3
327.3
18.3
Mazaya Qatar Real Estate Dev.
11.44
(1.4)
669.0
4.0
Qatar Gas Transport Co.
21.30
2.2
2,754.2
39.6
Qatari Investors Group
39.30
(0.9)
393.8
70.9
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Val. ‘000
YTD%
Qatar Gas Transport Co.
21.30
2.2
2,754.2
39.6
Qatar Gas Transport Co.
21.30
2.2
58,366.7
39.6
Salam International Investment Co.
12.24
(1.8)
1,328.8
(3.3)
Masraf Al Rayan
33.25
0.8
27,925.3
34.1
Masraf Al Rayan
33.25
0.8
840.1
34.1
Qatar International Islamic Bank
61.50
2.3
20,137.8
18.3
Vodafone Qatar
11.1
0.0
706.4
32.9
Medicare Group
54.90
2.6
20,111.1
53.8
11.44
(1.4)
669.0
4.0
Salam International Inv. Co.
12.24
(1.8)
16,250.9
(3.3)
Qatar Exchange Top Vol. Trades
Mazaya Qatar Real Estate Dev.
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Qatar Exchange Top Val. Trades
Close
1D%
WTD%
MTD%
YTD%
10,395.32
2,945.91
3,849.84
8,301.15
7,741.62
6,757.62
1,206.36
0.2
N/A
N/A
(0.3)
(0.6)
0.5
(0.2)
0.2
0.0
0.0
(0.3)
(0.6)
0.5
(0.2)
0.2
0.0
0.0
(0.3)
(0.6)
0.5
(0.2)
24.4
81.6
46.3
22.1
30.5
17.3
13.2
Exch. Val. Traded
($ mn)
79.25
N/A
N/A
1,036.70
79.93
30.75
0.49
Exchange Mkt.
Cap. ($ mn)
152,734.6
70,205.0#
110,441.3#
450,946.5
109,972.6
24,211.8
49,761.2
P/E**
P/B**
13.3
17.4
10.7
17.1
17.0
10.6
8.1
1.8
1.2
1.3
2.1
1.2
1.6
0.8
Dividend
Yield
4.4
3.0
4.7
3.6
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) ( Data as of Nov. 28, 2013)
Page 1 of 5

2. Qatar Market Commentary
 The QE index rose 0.2% to close at 10,395.3. The Insurance and
Banking & Financial Services indices led the gains. The index
rose on the back of buying support from non-Qatari shareholders
despite selling pressure from Qatari shareholders.
 Al Ahli Bank and Islamic Holding Group were the top gainers,
rising 9.7% and 5.3% respectively. Among the top losers, Qatar
Cinema & Film Dist. Co. fell 6.0%, while Salam International
Investment Co. declined 1.8%.
Overall Activity
Buy %*
Sell %*
Net (QR)
Qatari
72.16%
77.60%
(15,682,482.04)
Non-Qatari
27.84%
22.40%
15,682,482.04
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Sunday declined by 8.9% to 9.6mn
from 10.5mn on Thursday. Further, as compared to the 30-day
moving average of 10.8mn, volume for the day was 11.8% lower.
Qatar Gas Transport Co. and Salam International Investment
Co. were the most active stocks, contributing 28.8% and 13.9%
to the total volume respectively.
News
Qatar
 QNCD to expand capacity by 7,500 tons per day – As
expected, Qatar National Cement Company (QNCD) has
decided to expand its capacity. The company will add another
7,500 tons per day taking its total clinker capacity to ~18,500
tons per day after the expansion. QNCD plans to sign a contract
with global company FLSmidth in this regard. QNCD has
already signed a letter of intent (LoI) with FLSmidth and the
contract is expected to be signed next month. The company
expects to invest QR1.2bn for completing this facility. The new
facility will be operational in 24 months after the signing of the
contract (and the start of construction). The expansion is in line
with our estimates and we expect EPS to jump from QR8.45 in
2012 to QR12.81 in 2016e. We also expect the firm to announce
a cash dividend of QR6.00 per share with FY2013 results
(dividend yield of 5.74%). In our view, QNCD’s focus on Qatar
makes it one of the pure infrastructure/construction plays on the
Qatar growth story; we recommend an Accumulate rating with a
target price of QR116.25. (QNBFS Research, Peninsula Qatar)
 CBQK’s shareholders approve 25% non-Qatari ownership –
The Commercial Bank of Qatar’s (CBQK) shareholders have
approved a 25% ownership for non-Qatari investors in the
bank’s share capital. The shareholders have also approved the
issue of QR2bn as additional Tier 1 capital. (Bloomberg)
 MDPS: Qatar population surges to 2.068mn in November –
According to the Ministry of Development Planning & Statistics
(MDPS), Qatar’s population has continued to surge and reach
2.068mn by the end of November, due to heavy influx of foreign
workers for mega development projects. The population stood at
2.024mn by the end of October and it was slightly higher at
2.035mn in September. This figure shows total people in country
rather than residents. (Peninsula Qatar)
 Foreign workers remit QR49.3bn in 2012 – According to data
released by the Qatar Central Bank (QCB), remittances by
foreign workers totaled QR49.3bn in 2012, up 3.8% over 2011.
Remittance volumes were QR47.5bn in 2011. QCB said the
economically active non-Qatari population that made much of
this money transfer grew to 1.3mn in 2012. (Peninsula Qatar)
 Ezdan Holding, Sharp Corp sign MoU – Ezdan Holding Group
has signed a MoU with Sharp Corporation Global to source all
the electrical devices and smart systems for the real estate
group’s units. (Peninsula Qatar)
 Vodafone, NetComm to bolster M2M in Qatar – Vodafone
Qatar and NetComm Wireless Ltd announced a strategic
partnership to extend Vodafone Qatar’s fixed and mobile
networks for devices and machines that enable Smart City
applications. These applications include security systems,
intelligent transport systems, smart metering and smart medical
devices. (Peninsula Qatar)
International
 HSBC: China manufacturing activity eases in November –
HSBC said Chinese manufacturing activity expanded at a
slightly slower rate in November, supported mainly by domestic
demand. HSBC's purchasing managers' index (PMI) stood at
50.8 in November, the second-highest reading in eight months
despite easing marginally from October's 50.9. However, it is
well up from the preliminary estimate of 50.4 HSBC gave on
November 21. (ET)
 Osborne pledges reduction in UK Consumers’ energy bills
– Chancellor of the Exchequer George Osborne has pledged
that domestic power customers will benefit from a reduction in
government levies for energy companies. The proposal, outlined
by Prime Minister David Cameron and Deputy Prime Minister
Nick Clegg, will cut the average energy bill by about £50 per
year. The government will fund some of the costs currently
included in consumer energy bills. (Bloomberg)
 UK to pledge extra £250mn for Business Bank – The
Department for Business said UK government will announce
that it will provide an extra £250mn to increase lending to small
businesses through its so-called business bank. The
Department added that Deputy Prime Minister Nick Clegg and
Business Secretary Vince Cable will announce the additional
funding for the bank, which will be based in Sheffield, northern
England. The money will support initiatives including capital
support for new market entrants, later stage venture capital and
asset-based finance. (Bloomberg)
 NDRC: China 2014 inflation seen at lower end of 3-5% range
– The National Development and Reform Commission (NDRC)
said China's consumer price inflation is likely to be at the lower
end of a 3-5% range next year. NDRC researchers Xu
Lianzhong and He Xiaoying said that it will be higher than the
2.7% forecast for 2013. They added prices will face relatively
heavy pressure to rise next year, prices of agricultural products,
especially pork, will rise faster next year than this year. (ET)
 Japan 3Q2013 capex rises, BOJ Kuroda warns of overseas
risks – Japanese companies raised spending on factories and
equipment in the July-September quarter, but the slow pace of
increase casts some doubt on the strength of capital spending
Page 2 of 5

3. that is needed to help sustain economic growth. Japan’s Ministry
of Finance data showed the 1.5% YoY rise in capital spending
followed a flat reading in the prior quarter and marked the first
gain in four quarters, but the result disappointed some
economists who were expecting stronger gains. Bank of Japan
Governor Haruhiko Kuroda said capital expenditure will likely
increase as a trend, though he warned that overseas
uncertainties were among key risks in meeting the central
bank's goal of accelerating inflation to 2% in roughly two years.
(Reuters)
Regional
 SAMA: Saudi banks’ liquidity ratio eases to 11.79% –
According to the Saudi Arabian Monetary Agency (SAMA), the
aggregate liquidity ratio of Saudi commercial banks fell to
11.79% in October 2013 from 12.35% in previous month. The
liquidity ratio, which accounts for bank reserves over total
deposits, declined due to a 5% MoM drop in bank reserves held
in the form of cash in the vault or as deposits with SAMA to
SR158bn outpacing 0.2% MoM contraction in total deposits held
by commercial banks to SR1.342tn in October. Meanwhile, the
rising propensity of Saudi households and corporate clients to
borrow for consumption and investment purposes (claims on
private sector) pushed aggregate bank credit extended by Saudi
banks up by 0.6% MoM to SR1.112tn in October. Total deposits
held by commercial banks contracted by 0.2% MoM to
SR1.342tn. As a result, the ratio of bank claims on the private
sector to total deposits at commercial banks moved higher to
82.89% in October from 82.14% in September. (Bloomberg)
 S&P: Gulf seeks sukuk for refinancing; mega infrastructure
investments – According to S&P, Islamic bonds (sukuk) are
being increasingly sought in the Gulf region due to low yields, as
well as increased demand for refinancing and funding for
mammoth infrastructure sector spending. The renewed investor
interest comes in the wake of the US Federal Reserve’s delay in
tapering of its quantitative easing. Infrastructure plans include
investments in power and water projects, expansion related to
events like the FIFA World Cup in Qatar in 2022, along with
corporate companies aiming to diversify their funding sources.
S&P said, in a tougher regulatory environment, issuers are likely
to turn to alternative sources of funding in the capital markets,
with corporate and infrastructure entities in the Gulf favoring
sukuk. (Gulf-Times.com)
 SAMA: Saudi M3 money supply slows to 10.4% in October –
According to the data released by the Saudi Arabian Monetary
Agency (SAMA), Saudi Arabia's M3 money supply growth has
slowed to a 14-month low of 10.4% YoY in October 2013 from
13.4% in September 2013. Growth in bank lending to the private
sector slowed to 13.5% from 14.6% – the lowest level since May
2012. Meanwhile, SAMA data also showed that its net foreign
assets reached a record high of SR2.66tn in October.
(GulfBase.com)
 SRO signs $67.2mn contract to import 500 wagons – The
Saudi Railways Organization’s (SRO) President General Eng.
Mohammed bin Khalid Al Suwaiket signed a contract worth
$67.2mn with American Freight Car Inc. to import 500 wagons.
This step aims to modernize SRO's fleet of freight wagons,
which transport cement, grains, lime and rocks. (Bloomberg)
 ACWA Power led consortium signs PPA with SEC – A
consortium led by ACWA Power International has entered into a
power purchase agreement (PPA) with the Saudi Electricity
Company (SEC) to finance, build and operate the SR5.1bn
Rabigh II power project. This consortium, which also includes
Samsung C&T, will set up a split venture with SEC to establish
Al Mourjan for Electricity Production Company. ACWA said that
74% of this project will be financed through senior debt, while
the rest will be in the form of equity bridge loans. This project will
deliver 2,060MW of electricity to SEC under a 20-year
agreement, beginning from the scheduled commercial
operational date of June 2017. (GulfBase.com)
 Saud Consult partners to acquire 40% stake in PGESCo –
The Saudi Consulting Services (Saud Consult) has partnered
with BPE Power and BPE Investments to acquire a 40% stake in
Egypt-based Power Generation Engineering & Services
Company (PGESCo). Under this agreement, Saud Consult will
acquire 20% shares in PGESCo, while BPE Power and BPE
Investments together will acquire the remaining 20% stake.
(GulfBase.com)
 Al Khodari Sons gets SR170mn Islamic credit facilities from
SAIB; renews SR824.3mn Islamic facilities with Riyadh
Bank – Abdullah A M Al Khodari Sons Company has obtained
Islamic credit facilities worth SR170mn from Saudi Investment
Bank (SAIB). Al Khodari Sons will utilize 47% of these facilities
under Murabaha and 53% will be utilized for multi-bonds,
documentary credit and foreign exchange hedging. These
facilities are secured by promissory notes and assignment of
contract proceeds of the financed projects. This agreement is
renewable when it expires on April 30, 2014. Meanwhile, Al
Khodari Sons has renewed its existing Islamic facilities
agreement worth SR824.3mn with Riyadh Bank. Al Khodari
Sons will utilize these facilities under Tawarroq, progress
payment, multi-bonds, documentary credit and Murabaha
financing. These facilities consist of 45% of Tawarroq,
Murabaha and 55% of multi-bonds, documentary credit, and are
secured by promissory notes and assignment of the contract
proceeds of the financed projects. This credit facilities
agreement is renewable when it expires on September 17,
2016. (Tadawul)
 BDB receives its first dry bulk vessel – Bahri Dry Bulk (BDB)
has received its first dry bulk vessel “Bahri Arasco”. This is the
first vessel delivered among the five vessels that were
contracted in 2012. The financial impact of this vessel will be
visible in 4Q2013. The remaining four vessels are expected to
be delivered in 1H2014. (Tadawul)
 PAL resume flights to Riyadh, Dammam – Philippine Airlines
(PAL) has resumed its flights to Riyadh from December 1, 2013
and Dammam from December 3, 2013. The airline had
suspended flights to Riyadh in March 2011, while flights to
Dammam were suspended in August 2001. (GulfBase.com)
 AIG appoints new Group CEO – Astra Industrial Group (AIG)
has appointed Mohammad Abdullah Al Hagbani as the new
CEO of the group. Al Hagbani has 10 years of extensive
experience and has held the post of General Manager for
Investment Research at the General Organization for Social
Insurance. He was also a senior member in the investment
group at Al Rajhi Bank. (Tadawul)
 UAE approves extra AED20bn spending on development
projects – The UAE President Sheikh Khalifa bin Zayed al
Nahayan has announced an additional spending of AED20bn on
approved development projects. Sheikh Khalifa added that
10,000 new homes will be built for Emiratis across the UAE and
the housing funds allocated to citizens under the Sheikh Zayed
program has been increased to AED800,000 from AED500,000
currently. The latest spending allocations are AED7.4bn for
developing roads that link Abu Dhabi with Saudi Arabia and
Dubai. Another AED4.3bn will go towards building a hospital in
the city of Al Ain. (GulfBase.com)
Page 3 of 5

4.  Kuwait's inflation eases to 2.7% in October – Kuwait's
inflation has eased down to 2.7% in October 2013 from 2.9% in
September 2013, despite a spurt in the prices of food &
beverages. The prices of food & beverages – accounting for
18% of the basket – have risen by 3.5% YoY (+0.2% MoM) in
October. In September, analysts polled by Reuters had
forecasted an average inflation of 3.4% in 2013 and 4% in 2014.
(GulfBase.com)
 Zain wants to retain control of Zain Bahrain after IPO – The
Mobile Telecommunications Company’s (Zain) CEO Scott
Gegenheimer said the company wants to retain majority control
of its Bahraini subsidiary, Zain Bahrain after the unit's IPO.
However, Zain is yet to agree the exact terms of the share sale.
Zain currently holds a 56.3% stake in Zain Bahrain and would no
longer be a majority owner after the IPO. (Reuters)
 Wataniya appoints new COO – The National Mobile
Telecommunications Company (Wataniya) has appointed Peter
Kaliaropoulos as the company’s new COO. (Reuters)
 Khaleeji Commercial, Al Khair starts due diligence for
merger – Bahrain-based Khaleeji Commercial Bank said it has
appointed service providers which have started to conduct due
diligence process for possible merger with Bank Al Khair.
Meanwhile, Khaleeji Commercial Bank has appointed Khalil Al
Meer as its new CEO. (Bloomberg)
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
0.8%
0.5%
149.4
0.4%
S&P Pan Arab
S&P GCC
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
Oman
Source: Bloomberg (*Market closed on December 01, 2013)
Close ($)
1D%
WTD%
YTD%
Global Indices Performance
Close
1D%
WTD%
YTD%
1,253.49
0.0
0.0
(25.2)
DJ Industrial
16,086.41
0.0
0.0
22.8
19.99
0.0
0.0
(34.1)
S&P 500
1,805.81
0.0
0.0
26.6
109.69
0.0
0.0
(1.3)
NASDAQ 100
4,059.89
0.0
0.0
34.5
3.79
0.0
0.0
10.6
STOXX 600
325.16
0.0
0.0
16.3
116.00
0.0
0.0
28.9
DAX
9,405.30
0.0
0.0
23.6
138.75
0.0
0.0
(21.4)
FTSE 100
6,650.57
0.0
0.0
12.8
1.36
0.0
0.0
3.0
102.44
0.0
0.0
18.1
GBP
1.64
0.0
0.0
0.7
CHF
1.10
0.0
0.0
1.0
AUD
0.91
0.0
0.0
(12.4)
USD Index
80.68
0.0
0.0
RUB
33.12
0.0
0.0
BRL
0.43
0.0
0.0
(12.2)
Yen
Bahrain
Jul-13
Source: Bloomberg
Dubai*
QE Index
May-12 Dec-12
(0.6%)
Kuwait
(0.8%)
Oct-11
(0.2%)
(0.3%)
Qatar
(0.4%)
Jan-10 Aug-10 Mar-11
0.0%
0.0%
Saudi Arabia
118.6
0.0%
Abu Dhabi*
0.2%
130.6
4,295.21
0.0
0.0
18.0
15,661.87
0.0
0.0
50.7
MSCI EM
1,018.28
0.0
0.0
(3.5)
SHANGHAI SE Composite
2,220.50
0.0
0.0
(2.1)
HANG SENG
23,881.29
0.0
0.0
5.4
1.1
BSE SENSEX
20,791.93
0.0
0.0
7.0
8.5
Bovespa
52,482.49
0.0
0.0
(13.9)
1,402.93
0.0
0.0
(8.1)
Source: Bloomberg
CAC 40
Nikkei
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
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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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