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Guaranteed by Qatar National Bank (Q.P.S.C.) under the U.S.$22,500,000,000 Medium Term Note Programme UK MiFIR product governance / Professional investors and ECPs only target market - Solely for the purposes of the manufacturer s product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is only eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook ( COBS ), and professional clients, as defined in Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the UK MiFIR ); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a distributor ) should take into consideration the manufacturer s target market assessment; however, a distributor subject to the FCA Handbook

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