The State of Qatar

US$2,000,000,000 3.125% Bonds due 2017

Issue Price: 99.719%
US$2,000,000,000 4.500% Bonds due 2022
Issue Price: 98.951%
US$1,000,000,000 5.750% Bonds due 2042
Issue Price: 98.928%
The US$2,000,000,000 3.125% Bonds due 2017 (the “2017 Bonds”), the US$2,000,000,000 4.500% Bonds due 2022 (the “2022
Bonds”) and the US$1,000,000,000 5.750% Bonds due 2042 (the “2042 Bonds” and, together with the 2017 Bonds and the 2022 Bonds,
the “Bonds”) are being offered inside the United States to qualified institutional buyers in reliance on Rule 144A under the United States
Securities Act of 1933 (the “Securities Act”). In addition, the Bonds are being offered outside the United States in reliance on Regulation S
under the Securities Act.
The State of Qatar, acting through the Ministry of Economy and Finance (“Qatar” or the “State”), will pay interest on each 2017 Bond
at the rate of 3.125% per annum from and including December 5, 2011 semi-annually in arrear on January 20 and July 20 in each year
until (and including) January 20, 2017 (the “2017 Maturity Date”), commencing on July 20, 2012. The State will pay interest on each 2022
Bond at the rate of 4.500% per annum from and including December 5, 2011 semi-annually in arrear on January 20 and July 20 in each
year until (and including) January 20, 2022 (the “2022 Maturity Date”), commencing on July 20, 2012. The State will pay interest on each
2042 Bond at the rate of 5.750% per annum from and including December 5, 2011 semi-annually in arrear on January 20 and July 20 in
each year until (and including) January 20, 2042 (the “2042 Maturity Date” and, together with the 2017 Maturity Date and the 2022
Maturity Date, the “Maturity Dates”), commencing on July 20, 2012.
Unless previously redeemed or purchased and cancelled, each series of Bonds will be redeemed at its principal amount together with
accrued interest on the Maturity Date applicable to the relevant series of Bonds. The State may redeem any series of Bonds, in whole or in
part, at any time at a redemption price equal to the greater of (a) 100% of the principal amount of the relevant series of Bonds plus accrued
and unpaid interest and (b) the relevant Make-Whole Amount (as defined in the Terms and Conditions of the Bonds).
Except as set forth herein, payments in respect of the Bonds will be made without any deduction or withholding for or on account of
taxes of Qatar or any political subdivision thereof or any authority therein or thereof having power to tax.
An investment in the Bonds involves certain risks. Prospective investors should review the factors described under “Risk
Factors” in this Prospectus.
Application has been made to the Commission de Surveillance du Secteur Financier (the “CSSF”) in its capacity as competent
authority under the Luxembourg Act dated July 10, 2005 on prospectuses for securities to approve this document as a prospectus within
the meaning of Article 5.3 of Directive 2003/71/EC as amended by the Amendment Directive (Directive 2010/73/EU) dated December 11,
2010 (the “Prospectus Directive”). Application has been made to the Luxembourg Stock Exchange for the Bonds to be admitted to trading
on the Luxembourg Stock Exchange’s regulated market and to be listed on the official list of the Luxembourg Stock Exchange. The
Luxembourg Stock Exchange’s regulated market is a regulated market for purposes of Directive 2004/39/EEC. The CSSF assumes no
responsibility as to the economic and financial soundness of the Bonds and the quality or solvency of the State pursuant to provisions of
Article 7(7) of the Luxembourg Law on Prospectuses for Securities.
Qatar has been assigned a long-term credit rating of “AA” with a stable outlook by Standard & Poor’s Rating Services, a subsidiary of The
McGraw-Hill Companies, Inc. (“S&P”) and a long-term credit rating of “Aa2” with a stable outlook by Moody’s Inc. (“Moody’s”). The Bonds are
expected to be assigned the same ratings. A rating is not a recommendation to buy, sell or hold securities and may be subject to revision,
suspension or withdrawal at any time by the assigning rating organization. The credit ratings included or referred to in this prospectus (the
“Prospectus”) will be treated for the purposes of Regulation (EC) No 1060/2009 on credit rating agencies (the “CRA Regulation”) as having
been issued by S&P and Moody’s. Each of S&P and Moody’s is established in the European Union and is registered under the CRA Regulation.
The CRA registration for each of these agencies is published in the European Securities and Market Authority update list (ESMA/2011/247)
dated October 31, 2011. Any change in the rating of the Bonds may adversely affect the price that a purchaser may be willing to pay for the
Bonds.
The Bonds have not been and will not be registered under the Securities Act and are being offered and sold in the United
States only to qualified institutional buyers in reliance on Rule 144A under the Securities Act. Prospective purchasers that are
qualified institutional buyers in the United States are hereby notified that the seller of the Bonds may be relying on the exemption
from the provisions of Section 5 of the Securities Act provided by Rule 144A. Bonds sold to purchasers in the United States are
not transferable except in accordance with the restrictions described under “Transfer Restrictions.”
The Bonds will be offered and sold in registered form in denominations of US$200,000 or any amount in excess thereof which is an
integral multiple of US$1,000. Bonds which are offered and sold in transactions outside the United States in compliance with Regulation S
(the “Unrestricted Bonds”) will initially be represented by beneficial interests in a global Bond for each series of Bonds (the “Unrestricted
Global Bonds”), in registered form, without interest coupons attached, which will be registered in the name of Citivic Nominees Limited as
nominee for, and shall be deposited on or about December 5, 2011 (the “Closing Date”) with, Citibank Europe Plc, as common depositary
for, and in respect of interests held through, Euroclear Bank S.A./N.V. (“Euroclear”) and Clearstream Banking, société anonyme
(“Clearstream, Luxembourg”). Bonds which are offered and sold in the United States in reliance on Rule 144A (the “Restricted Bonds”)
will initially be represented by beneficial interests in one or more global Bonds for each series of Bonds (the “Restricted Global Bonds”),
in registered form, without interest coupons attached, which will be deposited on or about the Closing Date with Citibank, N.A., as
custodian (the “Custodian”) for, and registered in the name of Cede & Co. as nominee of, The Depository Trust Company (“DTC”).
Interests in the Restricted Global Bonds will be subject to certain restrictions on transfer. See “The Global Bonds—Transfers.” Beneficial
interests in the Unrestricted Global Bonds and the Restricted Global Bonds (together, the “Global Bonds”) will be shown on, and transfers
thereof will be effected only through, records maintained by DTC, Euroclear and Clearstream, Luxembourg and their participants. Except
as described herein, individual definitive certificates for Bonds will not be issued in exchange for beneficial interests in the Global Bonds.
Joint Lead Managers
Citigroup HSBC J.P. Morgan Mitsubishi UFJ Securities QNB Capital Standard Chartered Bank
Prospectus dated November 30, 2011
 RESPONSIBILITY STATEMENT
The State accepts responsibility for the information contained in this Prospectus. To the best of the
knowledge and belief of the State (having taken all reasonable care to ensure that such is the case),
the information contained in this Prospectus is in accordance with the facts and does not omit anything
likely to affect the import of such information.
To the best of the knowledge and belief of the State, the information contained in this Prospectus
is true and accurate in every material respect and is not misleading in any material respect and this
Prospectus, insofar as it concerns such matters, does not omit to state any material fact necessary to
make such information not misleading. The opinions, assumptions, intentions, projections and
forecasts expressed in this Prospectus with regard to the State are honestly held by the State, have
been reached after considering all relevant circumstances, and are based on reasonable assumptions.

IMPORTANT NOTICE
No person has been authorized to give any information or to make any representation other than
those contained in this Prospectus in connection with the offering of the Bonds and, if given or made,
such information or representations must not be relied upon as having been authorized by the State or
by any of Citigroup Global Markets Limited, HSBC Bank plc, J.P. Morgan Securities Ltd., Mitsubishi
UFJ Securities International plc, QNB Capital LLC and Standard Chartered Bank (together, the
“Managers”). Neither the delivery of this Prospectus nor any sale made hereunder shall, under any
circumstances, constitute a representation or create any implication that there has been no change in
the affairs of the State since the date hereof. This Prospectus may not be used for the purpose of an
offer to, or a solicitation by, anyone in any jurisdiction or in any circumstances in which such an offer or
solicitation is not authorized or is unlawful.
This Prospectus is not intended to provide the basis of any credit or other evaluation and should
not be considered as a recommendation by the State or by any Manager that any recipient of this
Prospectus should purchase any of the Bonds. Each investor contemplating purchasing Bonds should
make its own independent investigation of the financial condition and affairs, and its own appraisal of
the creditworthiness, of the State.
In connection with the issue of the Bonds, J.P. Morgan Securities Ltd. (the “Stabilizing
Manager”) (or any person acting on behalf of it) may over-allot the Bonds or effect transactions
with a view to supporting the market price of the Bonds at a level higher than that which might
otherwise prevail. However, there is no assurance that the Stabilizing Manager (or any person
acting on behalf of the Stabilizing Manager) will undertake stabilization action. Any stabilization
action may begin on or after the date on which adequate public disclosure of the terms of the
offer of the Bonds is made and, if commenced, may be discontinued at any time and must be
brought to an end no later than the earlier of 30 days after the issue date of the Bonds and 60
days after the date of the allotment of the Bonds. Such stabilizing shall be in compliance with
all applicable laws, regulations and rules.
The State is relying on an exemption from registration under the Securities Act for offers and sales of
securities that do not involve a public offering. By purchasing Bonds, each prospective investor will be
deemed to have made the acknowledgements, representations, warranties and agreements described
under “Transfer Restrictions” in this Prospectus. Each prospective investor should understand that it will
be required to bear the financial risks of its investment for an indefinite period of time.
Neither the State nor the Managers are making any representation to any prospective investor in the
Bonds regarding the legality of an investment in the Bonds by such prospective investor under any legal
investment or similar laws or regulations. The contents of this Prospectus are not to be construed as
legal, business or tax advice. Each prospective investor should consult with its own attorney, business
advisor and tax advisor for legal, business and tax advice regarding an investment in the Bonds.
The distribution of this Prospectus and the offer or sale of Bonds may be restricted by law in
certain jurisdictions. Neither the State nor the Managers represent that this Prospectus may be lawfully
distributed, or that any Bonds may be lawfully offered, in compliance with any applicable registration or
other requirements in any such jurisdiction, or pursuant to an exemption available thereunder, or
assume any responsibility for facilitating any such distribution or offering. In particular, no action has
been taken by the State (save for the approval of this Prospectus by the CSSF as a prospectus within
the meaning of Article 5 of the Prospectus Directive) or the Managers which would permit a public
offering of any Bonds or distribution of this Prospectus in any jurisdiction where action for that purpose

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is required. Accordingly, no Bonds may be offered or sold, directly or indirectly, and neither this
Prospectus nor any advertisement or other offering material may be distributed or published in any
jurisdiction, except under circumstances that will result in compliance with any applicable securities
laws and regulations. Persons into whose possession this Prospectus or any Bonds come must inform
themselves about and observe any such restrictions. In particular, there are restrictions on the
distribution of this Prospectus and the offer or sale of Bonds in the United States. For a description of
these and certain further restrictions on offers and sales of the Bonds and distribution of this
Prospectus, see “Subscription and Sale” and “Transfer Restrictions”.
The Bonds have not been registered with, recommended by or approved or disapproved by, the
United States Securities and Exchange Commission (the “SEC”) or any other federal or state securities
commission in the United States nor has the SEC or any other federal or state securities commission
confirmed the accuracy or determined the adequacy of this Prospectus. Any representation to the
contrary is a criminal offense in the United States. The Bonds are subject to restrictions on
transferability and resale. See “Transfer Restrictions”.
In this Prospectus, any reference to a “series” of Bonds or Bondholders shall be a reference to the
2017 Bonds, the 2022 Bonds or the 2042 Bonds or to their respective holders, as the case may be.

NOTICE TO NEW HAMPSHIRE RESIDENTS

NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR
A LICENSE HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED
STATUTES WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A SECURITY IS
EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE STATE OF NEW HAMPSHIRE
CONSTITUTES A FINDING BY THE SECRETARY OF STATE THAT ANY DOCUMENT FILED
UNDER RSA 421-B IS TRUE, COMPLETE AND NOT MISLEADING. NEITHER ANY SUCH FACT
NOR THE FACT THAT AN EXEMPTION OR EXCEPTION IS AVAILABLE FOR A SECURITY OR A
TRANSACTION MEANS THAT THE SECRETARY OF STATE HAS PASSED IN ANY WAY UPON
THE MERITS OR QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY
PERSON, SECURITY OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE,
TO ANY PROSPECTIVE PURCHASER, CUSTOMER OR CLIENT ANY REPRESENTATION
INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.

KINGDOM OF SAUDI ARABIA NOTICE

This Prospectus may not be distributed in the Kingdom of Saudi Arabia except to such persons as
are permitted under the Offers of Securities Regulations issued by the Capital Market Authority of the
Kingdom of Saudi Arabia (the “CMA”).
The CMA does not make any representations as to the accuracy or completeness of this
Prospectus and expressly disclaims any liability whatsoever for any loss arising from, or incurred in
reliance upon, any part of this Prospectus. Prospective purchasers of Bonds issued under this
Prospectus should conduct their own due diligence on the accuracy of the information relating to the
Bonds. If a prospective purchaser does not understand the contents of this Prospectus he or she
should consult an authorized financial adviser.

ENFORCEMENT OF CIVIL LIABILITIES

Qatar is a foreign sovereign state and a substantial portion of the assets of the State are located
outside the United States. As a result, it may not be possible for investors to effect service of process
within the United States upon the State or to enforce in US courts judgments or arbitral awards against
the State or to enforce in Qatari courts judgments obtained in US courts or arbitral awards obtained in
the United States, including judgments predicated upon the civil liability provisions of US federal
securities laws. It may not be possible to enforce, in original actions in Qatari courts, liabilities
predicated solely on US federal securities laws. For a discussion of possible limitations on the ability to
enforce in Qatari courts judgments obtained in US courts or arbitral awards obtained in the United
States, including judgments obtained in actions predicated upon the civil liability provisions of the
US federal securities laws, see “Risk Factors—Risks Relating to Qatar—Qatari law relating to the
enforcement of arbitral awards and foreign judgments is relatively undeveloped and investors in the
Bonds may be unable to recover in civil proceedings for US securities laws violations.” These factors
create greater judicial uncertainty than would be expected in certain other jurisdictions.

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 To the extent that the State may in any jurisdiction claim for itself or its revenues, assets or
properties which consist of its public and private properties invested in financial, commercial or
industrial activities or deposited in banks (“Sovereign Assets”) immunities from suit, execution,
attachment (whether in aid of execution, before judgment or otherwise) or legal process and to the
extent that in any such jurisdiction there may be attributed to itself or its Sovereign Assets such
immunity (whether or not claimed), the State shall, in the terms and conditions of the Bonds (the
“Conditions”), agree for the benefit of the Bondholders not to claim and shall waive such immunity to
the fullest extent permitted by the laws of such jurisdiction (including, without limitation, the United
States Foreign Sovereign Immunities Act of 1976 and Decree Law No. (18) of 1996 Amending Certain
Provisions of Law No. (10) of 1987 in respect of the Public and Private Properties of the State of
Qatar). In addition, to the extent that the State or any of its Sovereign Assets shall be entitled in any
jurisdiction to any immunity from set-off, banker’s liens or any similar rights or remedies, and to the
extent that there shall be attributed, in any jurisdiction, such an immunity, the State shall agree not to
claim and shall agree to waive such immunity to the fullest extent permitted by the laws of such
jurisdiction with respect to any claim, suit, action, proceeding, right or remedy arising out of or in
connection with any of the Bonds. The waiver of sovereign immunity has never been tested before a
Qatari court or any other authority in Qatar.

PRESENTATION OF FINANCIAL INFORMATION

The historical financial information relating to Qatar Petroleum (“QP”) contained in this Prospectus
has been extracted from QP’s historical consolidated financial statements, which are prepared in
Qatari riyals in accordance with the requirements of Decision No. (6) of 1976 (as amended) of the
Council of Ministers and the accounting policies stipulated in QP’s consolidated financial statements
(the “QP Accounting Standards”). QP Accounting Standards differ from United States generally
accepted accounting principles (“US GAAP”) and International Financial Reporting Standards (“IFRS”),
and such differences may be material. This Prospectus does not include a copy of QP’s historical
consolidated financial statements. Neither the State nor QP has presented any reconciliation of the
financial information set out in this Prospectus to US GAAP or IFRS, nor given any information in
relation to the differences between QP Accounting Standards and US GAAP or IFRS. If information
relating to QP’s results of operations or financial condition was prepared under US GAAP, IFRS or
other generally accepted accounting standards set by an acceptable financial reporting framework, the
information would materially differ. See “Risk Factors—Risks Relating to Qatar—Certain of the
financial information in respect of QP contained in this Prospectus has been extracted from QP’s
historical consolidated financial statements, which are not prepared in accordance with US GAAP or
IFRS. If they were prepared in accordance with US GAAP or IFRS, the results of operations and
financial condition of QP as reflected in such financial statements would differ, and such differences
may be material. QP financial information as of or for any period in 2011 has not been audited or
reviewed by QP’s auditors and, if such information was audited or reviewed, it may be subject to
adjustment or restatement.” In addition, certain of QP’s historical consolidated financial information
included in this Prospectus is derived from historical consolidated financial statements that were
restated following their initial publication to reflect, among other things, subsequent changes made to
QP Accounting Standards. Furthermore, discussions with respect to QP’s results of operation and
financial information in respect of the six-month period ended June 30, 2011 contained in this
Prospectus are based upon management accounts that have not been audited or reviewed by QP’s
auditors.
QP’s consolidated financial statements are prepared in Qatari riyals. There is also included in this
Prospectus certain financial information derived from QP’s historical consolidated financial statements
in US dollars for convenience only.
In this Prospectus, all references to “QR,” “Qatari riyals” and “riyals” are to the lawful currency for
the time being of Qatar, and all references to “dollars,” “US dollars,” “$” and “US$” are to the lawful
currency for the time being of the United States of America. Translations of amounts from riyals to
US dollars in this Prospectus are solely for the convenience of the reader. The riyal has been pegged
to the US dollar since 1971. Since 1980, the peg has been effectively set at a fixed exchange rate of
3.64 riyals per US dollar and this rate was officially adopted in 2001. Accordingly, translations of
amounts from riyals to US dollars have been made at this exchange rate for all periods presented in
this Prospectus.
Certain financial information included in this Prospectus has been rounded and, as a result, the
totals of the information presented may vary slightly from the actual arithmetic totals of such
information.

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 PRESENTATION OF CERTAIN RESERVES INFORMATION
Cautionary Note to US Investors. The SEC permits oil and gas companies, in their filings with
the SEC, to disclose only proved reserves that a company has demonstrated by actual production or
conclusive formation tests to be economically and legally producible under existing economic and
operating conditions. Certain terms in this Prospectus are used in referring to reserves in Qatar, such
as “proven” and “expected” reserves, that the SEC’s guidelines would prohibit Qatar from including in
filings with the SEC if Qatar was subject to the reporting requirements under the US Exchange Act.
The State believes that the “proven” and “expected” classifications are similar to, but do not
directly correspond with, the definitions of “proved” and “proved plus probable” reserves used by the
Society of Petroleum Engineers. Proven reserves are defined in this Prospectus as reserves that are
equal to proven ultimate recovery minus cumulative production. Proven ultimate recovery includes:
(i) the ultimate recovery that is assigned to areas defined by wells that have been drilled and the
ultimate recovery that can be obtained from locations falling within areas defined by geological and
engineering information, provided that there is no reasonable doubt as to their productivity;
(ii) the ultimate recovery to be obtained from reservoirs which have proved to be productive by
production tests, but which are not yet developed to the stage of production; and
(iii) the ultimate recovery to be obtained from successful application of supplementary recovery
methods, based on experience gained from pilot tests or actual practices in similar reservoir
conditions.
Expected reserves are defined as reserves that are equal to expected ultimate recovery minus
cumulative production. Expected ultimate recovery is the volume of hydrocarbons which is expected to
be recoverable, based on geological and engineering information, from either tested or untested
reservoirs that have been penetrated by wells. The expected volumes are discounted by factors related
to the uncertainty of production.
Certain reserves information presented in this Prospectus is based on an annual review of
reserves compiled by the Oil and Gas Ventures Directorate within QP. As of the date of this
Prospectus, the most recent annual review of reserves was dated as of January 1, 2011. As a matter
of QP policy, proven and expected gas reserves for the North Field are presented as the same value.
The annual review of reserves has not been reviewed by an independent consultant for the purposes
of this offering. See “Risk Factors—Risks Relating to Qatar—Information on hydrocarbon reserves is
based on estimates that have not been reviewed by an independent consultant for the purposes of this
offering”.

PRESENTATION OF HYDROCARBON DATA

Information relating to production, transportation and sales of processed gas is presented in
standard cubic feet. Information relating to production, transportation and sales of liquefied natural gas
(“LNG”) and liquefied petroleum gas (“LPG”) (propane and butane) is presented in tons, a unit of
measure that reflects the mass of the relevant hydrocarbon. Information relating to the production,
transportation and sale of condensate and gas-to-liquid (“GTL”) products is presented in barrels. One
barrel equals 42 U.S. gallons or 158.9873 liters.
All converted data in this Prospectus with respect to natural gas, LNG, condensates, LPGs and
dry gas are estimates only and actual volumes may differ. For information on dry gas, normal cubic
meters have been converted to standard cubic feet, with one actual cubic meter equivalent to 37.32584
standard cubic feet. This is not a straight volumetric conversion as normal cubic meters are measured
at one bar and zero degrees Centigrade, while standard cubic feet are measured at one bar and 60
degrees Fahrenheit. Propane has been converted based on 12.40 barrels per ton and normal butane
has been converted based on 10.94 barrels per ton.
Proven and expected reserves of natural gas have been converted to barrels of oil equivalent in
this Prospectus using the BP Statistical Review methodology, which converts gas to barrels of oil
equivalent on a calorific basis according to a conversion factor of one billion cubic feet of gas to
0.18 million barrels of oil equivalent.
Barrel measurements for volumes sold will vary from volumes produced and will differ between the
oil produced onshore, which is lighter and sweeter, and the oil produced offshore, which is heavier and
more sour.

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 The information provided in this Prospectus on production capacity includes an allowance for plant
reliability, and as a result does not represent peak throughput capacity for the relevant plant or
equipment. Production capacity data is consistent with expected typical average production rates.
Volumes presented for production capacity following completion of construction are forward-looking
projections based upon engineering estimates and actual performance may vary.
References in this Prospectus to “tons” are to metric tons. One ton in this Prospectus equals
1,000 kilograms. References in this Prospectus to “mta” are to million tons per annum. References in
this Prospectus to “tpa” are to tons per annum and references to “tpd” are to tons per day. References
in this Prospectus to “mcf” are to million standard cubic feet, references to “bcf” are to billion standard
cubic feet and references to “tcf” are to trillion standard cubic feet. Certain other abbreviations used
have the meanings given to such terms in the Glossary.

PRESENTATION OF CERTAIN OTHER DATA RELATED TO QATAR

Unless otherwise stated, all annual information contained in this Prospectus, other than budgetary
information, has been prepared on the basis of calendar years. Certain figures included in this
Prospectus have been rounded and, as a result, the totals of the figures presented may vary slightly
from the actual arithmetic totals of such figures.
Statistical data and other information presented herein related to Qatar, in particular, information
presented under “Overview of the State of Qatar,” “The Economy of Qatar,” “Monetary and Financial
System,” “Public Finance,” “Indebtedness” and “Balance of Payments”, is based on information made
available by governmental agencies and entities of Qatar, including the Ministry of Economy and
Finance, QP, the Qatar Central Bank (the “QCB”) and the Qatar Statistics Authority (the “QSA”).
Some of the data appearing in this Prospectus under “Overview of the State of Qatar,” “The
Economy of Qatar,” “Monetary and Financial System,” “Public Finance,” “Indebtedness” and “Balance
of Payments” has been obtained from: (i) sources such as the 2010 and 2011 Annual Reports issued
by the QCB; the Quarterly Statistical Bulletins dated January 2011, June 2011 and September 2011
issued by the QCB; the August 2011 Monthly Monetary Bulletin issued by the QCB; the Financial
Stability Review 2010 issued by the QCB; the Qatar Economic Outlook 2011-2012 issued by the
General Secretariat for Development Planning; the National Development Strategy 2011-2016 issued
by the General Secretariat for Development Planning; the Qatar National Vision 2030 issued by the
General Secretariat for Development Planning; the 2010 Census Report issued by the QSA; the 2009
Statistical Appendix issued by the US Energy Information Administration entitled “International Energy
Outlook 2009;” the CIA Factbook; and reports issued by the QSA; (ii) third-party industry expert
reports; (iii) Qatari press reports and publications, edicts and resolutions of Qatar; and (iv) statistics
and data available on the official QSA, QCB and Qatar Information Exchange websites. In the case of
the presented statistical information, similar statistics may be obtainable from other sources, although
the underlying assumptions and methodology, and consequently the resulting data, may vary from
source to source. The State has relied on the accuracy of such aforementioned information without
carrying out an independent verification thereof and cannot guarantee their accuracy. The State
confirms that such information has been accurately reproduced, and, as far as the State is aware and
is able to ascertain from information published by such sources, no facts have been omitted from the
information in this Prospectus that would render it inaccurate or misleading.
Prospective investors in the Bonds should review the description of the economy of Qatar and the
public finances of Qatar set forth in this Prospectus in light of the following observations. Statistics
contained in this Prospectus, including those in relation to nominal gross domestic product (“GDP”),
balance of payments, revenues and expenditure of the Government of Qatar (the “Government”),
inflation in and indebtedness of Qatar, have been obtained from, among others, the Ministry of
Economy and Finance, QP, the QCB and the QSA. Such statistics, and the component data on which
they are based, may be unreliable and may not have been compiled in the same manner as data
provided by similar sources in Western Europe and the United States. Similar statistics may be
obtainable from other sources, although the underlying assumptions, methodology and consequently
the resulting data may vary from source to source. There may also be material variances between
preliminary or estimated data set forth in this Prospectus and actual results, and between the data set
forth in this Prospectus and corresponding data previously published by or on behalf of Qatar. In
particular, measurements of GDP and exports are often revised to account for the final settlement of
hydrocarbon exports. In July 2011, the QSA restated certain historical GDP data in an attempt to more
accurately reflect the economy of Qatar. Additionally, as part of a movement to harmonize statistics

v
across the GCC, the Qatari Consumer Price Index was recalculated to use a base year of 2007 instead
of 2006. Due to deficiencies in the availability of certain data, some information for recent years,
including certain export data for 2010, is not available as of the date of this Prospectus. Consequently,
the statistical data contained in this Prospectus should be treated with caution by prospective
investors.

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

This Prospectus contains forward-looking statements. These forward-looking statements can be
identified by the use of forward-looking terminology, including the terms “believes,” “estimates,”
“anticipates,” “expects,” “intends,” “may,” “will” or “should” or, in each case, their negative, or other
variations or comparable terminology. These forward-looking statements include all matters that are
not historical facts. They appear in a number of places throughout this Prospectus and include
statements regarding the State’s intentions, beliefs or current expectations concerning, among other
things, the State’s future economic and financial position, economic strategy, budgets and the State’s
plans and objectives.
By their nature, forward-looking statements involve inherent risks and uncertainties because they
relate to events and depend on circumstances that may or may not occur in the future. Each
prospective investor in the Bonds is cautioned that forward-looking statements are not guarantees of
future performance and that the State’s actual economic and financial condition may differ materially
from that suggested by the forward-looking statements contained in this Prospectus. In addition, even if
Qatar’s economic and financial condition is consistent with the forward-looking statements contained in
this Prospectus, these developments may not be indicative of developments in subsequent periods.
Important factors that could cause those differences include, but are not limited to:
• adverse political, legal, economic and other conditions in Qatar or in the surrounding region;
• any material reduction in the price of and demand for natural gas, crude oil and other
hydrocarbons;
• declines in the volume of crude oil and liquefied natural gas exported from Qatar and a
slowdown in the rate of development of the North Field; and
• adverse economic conditions affecting, or volatility within, Qatar’s financial or real estate
sectors.
Each prospective investor in the Bonds is urged to read this Prospectus, including the sections
entitled “Risk Factors,” “Overview of the State of Qatar,” “The Economy of Qatar,” “Monetary and
Financial System,” “Public Finance,” “Indebtedness” and “Balance of Payments,” for a more complete
discussion of the factors that could affect the State’s future economic and financial position.
Except as required by law, the State undertakes no obligation to publicly update or publicly revise
any forward-looking statement, whether as a result of new information, future events or otherwise. All
subsequent written and oral forward-looking statements attributable to the State or to persons acting
on its behalf are expressly qualified in their entirety by the cautionary statements referred to above and
contained elsewhere in this Prospectus.

vi
 TABLE OF CONTENTS
Page

OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
OVERVIEW OF THE STATE OF QATAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
THE ECONOMY OF QATAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
MONETARY AND FINANCIAL SYSTEM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64
PUBLIC FINANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
INDEBTEDNESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
BALANCE OF PAYMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87
TERMS AND CONDITIONS OF THE BONDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93
THE GLOBAL BONDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104
CLEARING AND SETTLEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107
TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111
SUBSCRIPTION AND SALE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115
TRANSFER RESTRICTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118
GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120
GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122

vii
 OVERVIEW
The Economy of Qatar
Qatar is one of the most prosperous countries in the world, with a nominal GDP per capita of
QR270,254 (US$74,144) in 2010 based on Qatar’s 2010 mid-year population figure of 1,715,010. In
January 2011, the IMF noted that Qatar is one of the fastest growing economies in the world. As of
January 2011, Qatar’s proven reserves of hydrocarbons amount to approximately 181.3 billion barrels
of oil equivalent. These hydrocarbons consist of proven reserves of approximately 883.2 tcf of natural
gas, 2.3 billion barrels of crude oil and 22.1 billion barrels of condensate. Virtually all of Qatar’s proven
reserves of natural gas and condensate are located in the North Field, which is estimated by the
US Energy Information Administration to be the largest non associated gas field in the world,
representing approximately 15% of the world’s natural gas reserves in 2009. Qatar has over 100 years
of proven gas reserves at projected long-term production levels.
Qatar’s carefully planned exploitation of its hydrocarbon reserves resulted in a nominal GDP
compounded annual growth rate (“CAGR”) of 26.0% from 2004 to 2010. Qatar’s economy achieved a
new record in 2010 with a total nominal GDP of QR463,489 million (US$127,158 million) representing
a growth of 30.2% in 2010 compared to 2009, and the trend has continued in 2011 with a total nominal
GDP of QR294,993 million (US$80,931 million) for the six-month period ended June 30, 2011
compared to a total nominal GDP of QR218,881 million (US$60,050 million) for the six-month period
ended June 30, 2010, representing an increase of 34.8%. The historic growth in Qatar’s economy has
been driven by expansion in the production of LNG, crude oil and condensates, coupled with increases
in hydrocarbon prices, with the oil and gas sector constituting 51.7% of Qatar’s total nominal GDP in
2010 and 57.8% for the six-month period ended June 30, 2011. As Qatar reaches the end of its
successful 20 year LNG development plan, LNG production is expected to plateau at a high, but
steady, level over the next few years. Future growth in gas production is expected to come from the
Barzan Project, which is a gas project under development to provide domestic pipeline gas. Qatar has
focused on diversifying its economy in recent years in an effort to reduce its historical dependence on
oil and gas revenues. The construction and real estate sectors have recently made substantial
contributions to Qatar’s economic growth and significant investments have been made to increase
economic returns from, in particular, petrochemicals, financial services, infrastructure development and
tourism. As a result, nominal GDP for the non-oil and gas sector grew at a CAGR of 26.8% between
2004 and 2010, reflecting a slightly higher annual growth rate than the oil and gas sector for the same
period. Nominal GDP for the non-oil and gas sector reached QR223,744 million (US$61,468 million), or
48.3% of Qatar’s total nominal GDP, in 2010, and QR124,380 million (US$34,123 million), or 42.2% of
Qatar’s total nominal GDP, for the six-month period ended June 30, 2011.
Qatar Petroleum (“QP”), which is wholly owned by the State and the State’s primary source of
revenues, is responsible for all phases of the oil and gas industry in Qatar. Oil was discovered in Qatar
in 1939 and crude oil production began in 1949. Since then, Qatar steadily increased its levels of crude
oil production, both directly and by entering into exploration and development production sharing
agreements with leading international oil exploration and production companies, including Maersk,
TOTAL and Occidental Petroleum. Qatar was estimated by the US Energy Information Administration
to have been the 16th largest global oil producer in the world in 2009.
In the early 1990s, Qatar developed a multi directional and fast track strategy to accelerate the
commercialization of its substantial natural gas reserves as a means to diversify and ultimately
modernize Qatar’s economy. In furtherance of this strategy, Qatar has made large scale investments
across the entire value chain of LNG trains, tankers, and storage and receiving facilities. Qatar is now
the leading LNG producing country in the world with 56.4 million tons of additional LNG exports in
2010. As of December 31, 2010, Qatar reached its planned LNG production capacity of 77.5 mta,
which reflects an increase of more than 150% since 2008 due to the completion of its remaining
planned LNG trains. Via its flagship Qatargas and RasGas LNG projects, Qatar has developed its LNG
business through strategic partnerships with a number of the world’s leading oil and gas companies,
including Exxon Mobil Corporation, Shell, TOTAL and ConocoPhillips. By investing across the entire
LNG value chain, Qatar now enjoys meaningful cost advantages in the gas sector due to significant
economies of scale and a low cost structure. Because most of the natural gas in the North Field is
“wet,” meaning it is associated with other hydrocarbons such as condensates, Qatar’s LNG projects
also produce significant quantities of condensate and natural gas liquids which contribute to the
diversification of the State’s revenue sources and create downstream opportunities. Qatar also has a

1
good central geographic location for global shipping to all major gas consuming regions of the world
and, based on contractual commitments, Qatari LNG is sold globally to customers in 15 countries in
North America (Mexico and the United States), Northwest Europe (the United Kingdom, the
Netherlands and Belgium), Western Europe (Italy, France and Spain), South Asia (United Arab
Emirates (“UAE”), Kuwait and India) and Northeast Asia (China, South Korea, Japan and Taiwan).
Most of the LNG produced by Qatar’s upstream ventures is sold under long-term take-or-pay
agreements that provide certainty of volume offtake.
In recent years, Qatar has focused on developing and exploiting its natural gas resources beyond
the LNG industry by implementing a downstream strategy driven by opportunities to generate
additional revenue from its existing oil and gas production. QP has developed pipeline gas projects
both for regional export markets and for domestic petrochemicals and industrial consumption. In
addition, QP is the majority shareholder in a number of industrial companies located primarily at Ras
Laffan City and Mesaieed Industrial City, which use natural gas as feedstock and/or fuel to produce
various value added products, such as petrochemicals and fertilizer, steel, iron and metal coating, both
for domestic consumption and for export. Qatar has also invested in exploiting various gas to liquids
(“GTL”) technologies and has two joint venture projects currently in operation to generate GTL
products like distillates.
Throughout a period characterized by rapid growth and development, Qatar has demonstrated
fiscal responsibility by managing its budget and public finances prudently. The State has historically
had low levels of indebtedness but there was an increase in indebtedness starting in 2009 and
continuing through 2011 mainly due to the support given by the State to the commercial banking sector
during the global financial crisis in 2009 and the issuance of bonds and treasury bills by the QCB in
2010 and 2011 to absorb excess liquidity among domestic commercial banks and to develop a yield
curve for riyal-denominated domestic bonds. The State’s total direct external indebtedness was
QR65,719 million (US$18,055 million) as of October 31, 2011. Most of Qatar’s significant energy
projects are funded on a stand-alone, limited recourse basis.
The significant revenues generated by the oil and gas sector have provided sustained liquidity
while ensuring sizeable surpluses in the fiscal and external accounts. Qatar has had budget surpluses
since the fiscal year ended March 31, 2001, with an estimated surplus of QR13,537 million (US$3,719
million) or 8.6% of total Government revenues for the fiscal year ended March 31, 2011. In March
2011, the State projected a budget surplus of QR22,538 million (US$6,192 million), or 13.9% of total
budgeted revenues, for the fiscal year ending March 31, 2012. The Government’s figures for the six-
month period ended September 30, 2011 exceeded the budget and reflected a surplus of QR39,999
million (US$ 10,989 million) amounting to 36.2% of the revenues for the same period. In addition,
Qatar’s trade activity is strong, with total goods exported (including re-exports) in 2010 valued at
QR262,277 million (US$72,054 million) and total imports in 2010 valued at QR76,210 million
(US$20,937 million), together constituting 73.0% of total nominal GDP. Between 2007 and 2010, the
value of Qatar’s exports increased by 71.5%, while the value of imports decreased by 0.01%. The
external sector has been characterized by a large current account surplus each year since 2000 and
robust growth in imports has been counterbalanced by a significant rise in hydrocarbon exports.
In recent years, Qatar has used its budget surpluses to diversify the economy through increased
spending on infrastructure, social programs, healthcare and education, which have modernized Qatar’s
economy. Qatar’s economic growth has also enabled it to diversify its economy through domestic and
international investment into different classes of assets. This diversification will be important to Qatar’s
future government revenues as the growth rate of the State’s revenue from the oil and gas sector is
expected to stabilize given the completion of several of the State’s long-term hydrocarbon investment
programs. In 2005, the State established the Qatar Investment Authority (the “QIA”) to propose and
implement investments for the State’s growing financial reserves, both domestically and abroad.
Through the QIA, Qatar has invested in private equity, the banking sector, real estate, publicly traded
securities and alternative assets. With its growing portfolio of international and domestic long-term
strategic investments, the QIA has continued to develop Qatar’s economic diversification strategy while
contributing to the nation’s significant economic expansion.
The QIA has provided financial support to Qatar’s financial sector as a response to the global
economic downturn and as a preventative measure to preserve the general stability in Qatar’s banking
sector. In early 2009, the QIA began making direct capital injections in Qatar’s commercial banking
sector through a plan to purchase equity ownership interests of up to 20.0% in the domestic banks

2
listed on the Qatar Exchange. In line with the plan, from 2009 through to 2011, the QIA acquired equity
positions ranging from 5.0% to 20.0% in various domestic banks, including the Qatar Islamic Bank, the
Commercial Bank of Qatar, the Qatar International Islamic Bank, the Ahli Bank and the Doha Bank.
The total equity injections in the domestic banks currently amount to QR11.2 billion (US$3.1 billion).
The Government is expected to give these banks an option to buy back their shares over the next five
years.
In addition to the equity purchases, the QIA also assisted the banking sector by purchasing certain
portions of their investment and real estate portfolios. On March 22, 2009, the QIA purchased the
investment portfolios of seven of the nine domestic banks listed on the Qatar Exchange at a total
purchase price of approximately QR6,500 million (US$1,786 million) paid through a combination of
cash and domestic Government bonds. This purchase price was equal to the value of such investment
portfolios as registered in the records of each bank as of February 28, 2009. In an effort to further
boost liquidity and encourage lending, in early June 2009, the QIA made a second round of
investments and bought the real estate portfolios and investments of nine domestic commercial banks
at a sale price equivalent to the net book value of such portfolios and investments with a total ceiling
amount of QR15,000 million (US$4,121 million). The total support to the banking sector, which includes
purchases of real estate and investment portfolio in domestic banks as well as the equity injections,
has been QR32,700 million (US$8,984 million).
Since becoming the ruler of Qatar in June 1995, His Highness Sheikh Hamad bin Khalifa Al Thani
(the “Emir”) has instituted a number of governmental reforms, including establishing a constitution that
formally separates power among the executive, legislative and judicial branches. Qatar has also
reformed its legal system to bring it in line with international laws, standards and practices. The country
has an organized set of institutions supporting the growth in trade and commerce, both internally and
externally, including the Qatar Financial Centre Authority, the Qatar Exchange and regulators, namely
the Qatar Central Bank, the Qatar Financial Markets Authority (the “QFMA”) and the Qatar Financial
Centre Regulatory Authority (the “QFCRA”). Qatar has good relations with other members of the Gulf
Co-operation Council (the “GCC”) and the wider Middle East in general. Qatar has significant trade and
investment ties with the major Asian countries and Qatar also has strong ties with the West, notably
the United States, which maintains a significant military presence in the country. Qatar is a member of,
among other international organizations, the United Nations (the “UN”), the World Trade Organization
(the “WTO”) and the Organization of Petroleum Exporting Countries (“OPEC”). Qatar has low levels of
corruption and has established a National Committee for Integrity and Transparency in relation to
implementing its obligations as a member of the UN. Qatar is also a signatory to the General
Agreement on Tariffs and Trade (“GATT”) and a number of other conventions and protocols. In
addition to its memberships in international organizations, Qatar has hosted numerous economic,
political and financial summits and conferences and, over the past several years, has become an
important mediator in regional conflicts. Qatar will host the FIFA World Cup in 2022 and views the
World Cup as an opportunity to further invest in its infrastructure and develop the non-oil and gas
sector of its economy.
The factors mentioned above have contributed to improved credit ratings over the years. Qatar’s
long-term credit rating by Standard & Poor’s has improved from BBB as of February 1996 to AA as of
March 2008 which was most recently confirmed on October 27, 2011 with a stable outlook. Similarly,
Qatar’s foreign and local currency bond ratings by Moody’s have improved from Baa2 as of
September 1999 to Aa2 as of December 2008, which were most recently confirmed on June 15, 2011
with a stable outlook. Qatar’s five year credit default swap spread, which is a measure of default risk, is
presently among the lowest of the GCC countries.

Gross Domestic Product

The Qatar Statistics Authority estimates the nominal GDP at current prices for the first six months
of 2011 to be QR294,993 million (US$80,931 million). This represents an increase of 34.8% when
compared to the GDP at current prices for the first six months of 2010 recorded at QR218,881 million
(US$60,050 million). With the exception of 2009, Qatar’s GDP growth has been steady over the last
five years, driven by the production and export of oil, LNG, petrochemicals and related products,
coupled with rising hydrocarbon prices. Annual nominal GDP growth amounted to an increase of
36.7% in 2006, 30.9% in 2007 and 44.6% in 2008, a decrease of 15.2% in 2009 and an increase of
30.2% in 2010. The decrease in the growth rate in 2009 reflects the unfavorable conditions seen in the

3
international oil and gas markets as a consequence of the global financial crisis and the consequent
lower international oil and gas prices offset in part by the continued growth in the non-oil and gas
sector. With major economies experiencing slow recovery in the aftermath of the financial crisis, Qatar,
like most oil and gas producing countries, saw a lower demand for oil and gas and consequently,
reported lower GDP growth in the country’s oil and gas sector during 2009. However, the GDP figures
for the year ended December 31, 2010 reflect Qatar’s recovery from 2009 owing to an increase in
international oil and gas prices and new projects in the oil and gas sector commencing production.
The following table sets forth certain information about Qatar’s nominal GDP by economic sector
and by percentage contribution to total nominal GDP for each of the five years ended December 31,
2010 at current prices.
Year ended December 31,
2006 2007 2008 2009 2010(1)
Value % Value % Value % Value % Value %
(in millions of QR, except for percentages)
Oil and gas sector . . . . . . . . . . . . . . . . . 117,469 53.0 150,014 51.7 230,312 54.9 159,467 44.8 239,745 51.7
Non-oil and gas by sectors:
Finance, business services,
insurance and real estate . . . . . . . . 29,371 13.3 41,982 14.5 51,580 12.3 58,099 16.3 62,119 13.4
Manufacturing(2) . . . . . . . . . . . . . . . . . . 20,617 9.3 26,810 9.2 44,853 10.7 33,570 9.4 49,185 10.6
Building and construction . . . . . . . . . . 10,846 4.9 15,925 5.5 27,199 6.5 25,522 7.2 24,143 5.3
Trade, restaurants and hotels . . . . . . 14,789 6.7 20,848 7.2 23,429 5.6 29,839 8.4 32,310 7.0
Transport and communications . . . . . 6,885 3.1 8,697 3.0 14,775 3.5 16,212 4.6 18,275 3.9
Electricity and water . . . . . . . . . . . . . . 1,569 0.7 1,820 0.6 2,063 0.5 1,794 0.5 2,070 0.4
Agriculture and fisheries . . . . . . . . . . . 270 0.1 319 0.1 523 0.1 439 0.1 534 0.1
Other services(3) . . . . . . . . . . . . . . . . . . 19,795 8.9 23,736 8.2 24,848 5.9 31,045 8.7 35,108 7.6
Total non-oil and gas sector . . . . . . . . 104,141 47.0 140,137 48.3 189,279 45.1 196,519 55.2 223,744 48.3
Total nominal GDP . . . . . . . . . . . . . . . . 221,610 100.0 290,152 100.0 419,583 100.0 355,986 100.0 463,489 100.0

Memorandum items
FISIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,352) (6,734) (10,149) (10,152) (10,953)
Import duties . . . . . . . . . . . . . . . . . . . . . . 2,703 1.2 3,946 1.4 3,540 0.8 3,114 0.9 4,019 0.9

Notes:
(1) Preliminary estimates.
(2) For purposes of calculating GDP, certain downstream activities generally associated with Qatar’s oil and gas industry, such
as the production and export of petrochemicals and fertilizer, steel, iron and metal coating, are included in the manufacturing
sector as part of the non-oil and gas sector.
(3) Includes social services, imputed bank service charges (FISIM), government services, household services and import
duties.
Source: Qatar Statistics Authority.

The following table sets forth certain information about Qatar’s nominal GDP by economic sector
and by percentage contribution to total nominal GDP for the six-month period ended June 30, 2010
and 2011, including the percentage change between such periods.
Six months ended June 30,
Percentage
2010(1) 2011(1) Change
Value % Value % %
(in millions of QR, except for percentages)
Oil and gas sector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,656 50.1 170,613 57.8 55.6
Non-oil and gas by sectors:
Finance, business services, insurance and real estate . . . . . . . . . . . . . . . 29,436 13.4 32,446 11.0 10.2
Manufacturing(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,992 11.0 31,069 10.5 29.5
Building and construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,992 5.9 12,199 4.1 (6.1)
Trade, restaurants and hotels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,445 7.1 16,394 5.6 6.1
Transport and communications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,640 3.9 10,080 3.4 16.7
Electricity and water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 972 0.4 1,212 0.4 24.7
Agriculture and fisheries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 265 0.1 289 0.1 9.1
Other services(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,483 8.0 20,671 7.0 18.2
Total non-oil and gas sector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,225 49.9 124,380 42.2 13.9
Total nominal GDP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218,881 100.0 294,993 100.0 34.8

4
Notes:
(1) Preliminary estimates.
(2) For purposes of calculating GDP, certain downstream activities generally associated with Qatar’s oil and gas industry, such
as the production and export of petrochemicals and fertilizer, steel, iron and metal coating, are included in the manufacturing
sector as part of the non-oil and gas sector.
(3) Includes social services, imputed bank service charges, government services, household services and import duties.
Source: Qatar Statistics Authority.

Public Finance
The following table sets forth the revenues, expenditure and overall surplus of the Government for
each of the four fiscal years ended March 31, 2011, the budgeted figures for the fiscal year ending
March 31, 2012 and the actual figures for the six months ended September 30, 2011.
Six months
ended
Fiscal year ended March 31, September 30,
Budget
2008 2009 2010 2011(1) 2012(2) 2011(1)
(in millions of QR)
Revenues:
Oil and gas revenues:
Oil revenues:
Income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,901 48,642 46,234 47,996 25,460 26,256
Royalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,138 12,590 15,501 10,630 6,392 4,073
Port fees and other oil revenues . . . . . . . . . . . . . . 11 13 — 13 0 0
Total oil revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,050 61,245 61735 58,639 31,852 30,329
Gas—royalties and taxes . . . . . . . . . . . . . . . . . . . . . 10,698 18,764 21,065 38,210 38,903 21,743
Investment income (QP)(3) . . . . . . . . . . . . . . . . . . . . . 30,047 33,018 53,735 35,934 53,000 25,732
Total oil and gas revenues . . . . . . . . . . . . . . . . . . . . 100,795 113,027 136,542 132,783 123,755 77,806
Non-oil and gas revenues:
Investment income (non-QP):(4)
Returns on misc. shares . . . . . . . . . . . . . . . . . . . . 133 — — — — —
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166 253 145 157 165 9
Total investment income (non-QP) . . . . . . . . . . . . . . 299 253 145 157 165 9
Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,946 3,541 3,114 4,019 2,900 950
Business/corporate income tax . . . . . . . . . . . . . . . . . 8,939 14,629 21,575 14,524 30,810 30,218
Public utility fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 344 233 54 73 145 4
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,542 9,346 7,712 4,353 4,700 1,314
Total non-oil and gas revenues . . . . . . . . . . . . . . . . 17,070 28,002 32,600 23,124 38,720 32,496
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,865 141,029 169,142 155,907 162,475 110,302
Expenditure:(5)
Current expenditure:
Civil list . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 624 623 612 737 618 286
Defense and security . . . . . . . . . . . . . . . . . . . . . . . . . 6,338 9,168 8,109 9,652 15,649 3,015
General administration(6) . . . . . . . . . . . . . . . . . . . . . . 34,495 43,261 55,451 75,640 53,902 37,466
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,244 3,730 3,088 1,122 1,418 631
Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,919 5,531 5,701 6,637 7,280 3,128
Labor and social services . . . . . . . . . . . . . . . . . . . . . 429 375 292 1,058 201 597
Food subsidies and transfers . . . . . . . . . . . . . . . . . . 199 216 132 298 150 115
Water and electricity . . . . . . . . . . . . . . . . . . . . . . . . . 1,467 1,632 1,677 1,800 2,000 1,000
Communication and transportation . . . . . . . . . . . . . — — — — — —
Foreign grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,476 1,115 593 1,061 516 651
Subscriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 147 133 122 204 37
Total current expenditure . . . . . . . . . . . . . . . . . . . . . . 52,316 65,797 75,788 98,127 81,938 46,926
Capital expenditure:
Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 449 502 565 637 660 108
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,117 5,031 5,590 6,017 8,906 1,677
Housing and construction . . . . . . . . . . . . . . . . . . . . . 636 794 253 985 4,652 2,866
Roads . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,691 2,779 2,376 2,596 3,899 1,318
Communications and transportation . . . . . . . . . . . . . 4,768 6,709 8,612 10,298 13,894 6,029
Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,141 8,505 9,593 13,572 10,452 4,725
Land reclamation, other . . . . . . . . . . . . . . . . . . . . . . . 16,131 9,109 12,257 10,138 15,536 6,653
Total capital expenditure . . . . . . . . . . . . . . . . . . . . . . 33,933 33,429 39,246 44,243 57,999 23,376
Total expenditure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,250 99,226 115,034 142,370 139,937 70,302
Overall surplus/(deficit) . . . . . . . . . . . . . . . . . . . . . . . . . 31,616 41,803 54,108 13,537 22,538 39,999

5
Notes:
(1) Preliminary data subject to revision.
(2) The budget is based on an assumed price of US$55 per barrel, which is significantly lower than prevailing international oil
prices resulting in a conservative budget for the fiscal year.
(3) Investment income (QP) consists of Government revenue derived from the profits of QP provided to the Government after
retained earnings, capital expenditures and reinvestment. Investment income (QP) includes a portion that is attributable to
QP’s non-oil and gas activities, such as in relation to the production of petrochemicals and fertilizer, steel, iron and metal
coating.
(4) Investment Income (non-QP) consists of Government revenue derived from interest income, dividends and proceeds from
sales related to Government interests in non-QP entities. This does not include QIA investment income.
(5) Expenditure related to salaries and wages is allocated across the various expenditure line items shown in the table, and is
not separately listed. Salaries and wages were QR16,003 million (US$4,396 million) in the fiscal year ended
March 31, 2008, QR18,661 million (US$5,127 million) in the fiscal year ended March 31, 2009, QR19,975 million
(US$5,488 million) in the fiscal year ended March 31, 2010 and QR23,065 million (US$6,337 million) in the fiscal year ended
March 31, 2011. Effective as of September 1, 2011, the Government has granted large wage and pension increases to
Qatari citizens working for the Government.
(6) Includes primarily overhead costs related to the administration of government agencies, interest payments and grants made
to government related projects.
Source: Ministry of Economy and Finance.

As in past years, the budget for the fiscal year ending March 31, 2012 was guided by the annual
circular published by the Ministry of Economy and Finance regarding the preparation of the State’s
budget. This circular provides that the financial policy of the State for the fiscal year ending
March 31, 2012 will be focused on achieving the highest value for money possible for the State’s
budgetary resources, ensuring appropriate allocation of resources to enable timely execution of
projects, including infrastructure and public services projects, improving efficiency and cost savings in
connection with government-related services, and stimulating private sector economic activity to
increase growth, expand employment opportunities for Qatari nationals and reduce unemployment.
The budget for the fiscal year ending March 31, 2012 is based upon an assumed oil price of
$55 per barrel and projects an estimated surplus of QR22,538 million (US$6,192 million). The State
reported an estimated surplus of QR39,999 million (US$10,989 million) for the six-month period ended
September 30, 2011. The surplus is primarily attributable to the increased international demand for oil
and petroleum products coupled with an increase in the international price of oil, along with greater
than anticipated non-oil and gas revenues.
Total expenditure for the six-month period ended September 30, 2011 amounted to
QR70,302 million (US$19,313 million) or 50.2% of total budgeted expenditure of QR139,937 million
(US$38,442 million) for the fiscal year ending March 31, 2012. Total current expenditure for the
six-month period ended September 30, 2011 amounted to QR46,926 million (US$12,891 million) or
57.3% of total budgeted current expenditure of QR81,938 million (US$22,510 million) for the fiscal year
ending March 31, 2012. Total capital expenditure for the six-month period ended September 30, 2011
amounted to QR23,376 million (US$6,422 million) or 40.3% of total budgeted capital expenditure of
QR57,999 million (US$15,934 million) for the fiscal year ending March 31, 2012.

Indebtedness
The following table sets forth the Government’s direct indebtedness as of March 31, 2007 to 2011
and as of October 31, 2011.

As of
As of March 31, October 31,
2007 2008 2009 2010 2011(1) 2011(1)(2)
(in millions of US$, except for percentages)
Total internal indebtedness(3)(4) . . . . . . . . . . . . . . . 3,083.3 2,929.3 2,411.4 16,705.6 34,100.7 28,799.9
% of nominal GDP(5) . . . . . . . . . . . . . . . . . . . . . . . . . 5.1% 3.7% 2.1% 17.1% 26.8% —
Total external indebtedness(6)(7) . . . . . . . . . . . . . . 3,441.3 3,319.1 7,798.5 17,944.6(8) 19,304.5 18,054.6
% of nominal GDP(5) . . . . . . . . . . . . . . . . . . . . . . . . . 5.7% 4.2% 6.8% 18.3% 15.2% —
Total indebtedness(7) . . . . . . . . . . . . . . . . . . . . . . . . 6,524.6 6,248.4 10,209.9 34,650.2 53,405.2 46,854.4

Total nominal GDP(9) . . . . . . . . . . . . . . . . . . . . . . . . 60,896 79,712 115,270 97,798 127,332 —

% of nominal GDP(5) . . . . . . . . . . . . . . . . . . . . . . . . . 10.7% 7.8% 8.9% 35.4% 41.9% —

6
Notes:
(1) Preliminary data subject to revision.
(2) Indebtedness as a percentage of GDP has not been presented in relation to the indebtedness as of October 31, 2011 as
consolidated GDP data is not available for any period subsequent to the year ended December 31, 2010.
(3) Internal indebtedness means direct indebtedness of the Government incurred inside Qatar (excluding guarantees by the
Government), regardless of the currency of denomination.
(4) The increase in the level of internal indebtedness as of March 31, 2010 is mainly due to the State’s issuance of bonds in
order to develop a local bond market rather than the State’s need to address any particular funding requirement. The
increase in total indebtedness as of March 31, 2011 is mainly due to monetary policy and the issuance of domestic bonds
and treasury bills by the QCB. The decrease in total indebtedness as of October 31, 2011 is due to repayment of
medium-term government bonds by the State. See “Indebtedness—Internal Indebtedness”.
(5) Indebtedness as a percentage of nominal GDP is calculated using nominal GDP figures on a calendar year basis and
indebtedness as of the end of the fiscal year ending on March 31 of the following year. For example, indebtedness as of
March 31, 2011 is compared to nominal GDP for the year ended December 31, 2010. Note that given the high rate of growth
in the GDP of Qatar in 2010 and the first six months of 2011, this calculation may materially overstate Qatar’s level of
indebtedness as of March 31, 2010 and 2011.
(6) External indebtedness means direct indebtedness of the Government incurred by the Government outside Qatar (excluding
guarantees by the Government), regardless of the currency of denomination. In relation to any euro-denominated
indebtedness, indebtedness is in US dollars using a Euro/US dollar conversion rate of €1.00:US$1.2697.
(7) Does not include the principal amount of the Bonds offered hereby.
(8) The increase in external indebtedness as of March 31, 2010 is due to the issuance of bonds and its entry into a commercial
bank facility.
(9) Represents the total nominal GDP for the previous year. For instance, while the total internal and external indebtedness
under the 2011 column represents the estimated figures for internal and external indebtedness as of March 31, 2011, the
corresponding figure for total nominal GDP represents the total nominal GDP for the year ended December 31, 2010.
Source: Ministry of Economy and Finance.

Balance of Payments
The following table sets forth an overview of Qatar’s balance of payments for each of the five
years ended December 31, 2010.
Year ended December 31,
2006 2007 2008 2009(1) 2010(1)
(in millions of QR)
Current account:
Trade balance (commodities):
Exports (including re-exports) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,945 152,951 205,997 175,835 262,277
Imports (FOB)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (53,911) (76,832) (91,492) (81,726) (76,210)
Total trade balance (commodities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,034 76,119 114,505 94,109 186,067
Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,059) (14,074) (13,819) (14,255) (21,000)
Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,941) (15,431) (24,614) (34,262) (47,115)
Current transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,604) (13,779) (18,270) (21,247) (41,362)
Total current account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,430 32,836 57,802 24,345 76,590
Capital and financial account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (37,315) (24,779) (48,365) 2,197 (27,903)
Errors and omissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,709 6,090 (7,814) 3,717 (4,294)
Balance of payments surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,824 14,145 1,623 30,258 44,393

Notes:
(1) Preliminary data subject to revision.
(2) The import figures were provided by the QCB.
Source: Qatar Statistics Authority (except as indicated).

7
Oil and Gas Industry
The following table sets forth Qatar’s total proven and expected reserves of crude oil, natural gas
and field condensate as of January 1, 2011.
As of January 1, 2011(1)
Proven Expected
Natural gas (in trillions of cubic feet)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 883.2 884.1
Crude oil (in billions of barrels) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 3.3
Condensate (in billions of barrels) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.1 22.1
Total barrels of oil equivalent (in billions of barrels)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . 181.3 182.3

Notes:
(1) For a description of how Qatar classifies proven and expected reserves, see “Presentation of Certain Reserves Information.”
(2) Includes North Field gas reserves as well as reserves from Dukhan, Bul Hanine and Maydan Mazham oil fields.
(3) Proven and expected reserves of natural gas have been converted to barrels of oil equivalent using the BP Statistical
Review methodology, which converts gas to barrels of oil equivalent on a calorific basis according to a conversion factor of
one billion cubic feet of gas to 0.18 million barrels of oil equivalent.
Source: Qatar Petroleum.

The following table sets forth certain information about the production of natural gas in Qatar (net
of flaring and gas re-injection) for each of the three years ended December 31, 2010.
Year ended December 31,
2008(1) 2009(1) 2010(1)
(in billions of cubic feet)
QP-operated fields:
Dukhan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198.9 177.9 210.6
Bul Hanine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.8 24.9 28.1
Maydan Mahzam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.1 13.0 13.9
North Field Alpha . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276.7 313.2 198.0
Total QP-operated fields . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 512.5 529.0 450.6
PSA fields(2): ....................................................... 90.0 84.2 109.0
Project-operated fields:
North Field—Qatargas Projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 520.1 992.0 1,479.4
North Field—RasGas Projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,204.4 1,411.6 2,076.7
North Field—Al Khaleej Project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270.6 317.6 422.8
Dolphin project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 729.8 725.3 730.0
Total project-operated fields . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,724.9 3,446.5 4,708.9
Total gas production in Qatar(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,327.4 4,059.7 5,268.5

Note:
(1) These figures are unaudited and are as estimated by the relevant project’s management.
(2) Substantially all gas production from production sharing agreements comes from the Idd El Shargi (North and South Domes)
and Al Shaheen oil fields. Other production sharing agreement oil fields produce small amounts of gas that is either
re-injected, utilized as fuel for power or flared.
(3) These figures reflect gross production of natural gas in Qatar.
Source: Qatar Petroleum.

8
 The following table gives an overview of Qatar’s LNG exports and QP’s share thereof for each of
the three years ended December 31, 2010.
Year ended December 31,(1)
2008 2009 2010
(in millions of tons, except as noted otherwise)
Qatargas Projects:
Qatargas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.7 9.4 9.4
Qatargas 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 4.7 13.9
Qatargas 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 0.1
Qatargas 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — —
Total Qatargas Projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.7 14.1 23.4
RasGas Projects:
RasGas I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9 7.3 6.9
RasGas II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.8 13.7 13.9
RasGas 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 2.0 12.2
Total RasGas Projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.7 23.0 33.0
Total LNG exports from Qatar(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.4 37.1 56.4
QP share of total LNG exports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.3 24.9 38.2
QP share of LNG revenues (in millions of QR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,804 30,367 51,978
QP share of LNG revenues (in millions of US$) . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,485 8,343 14,280

Note:
(1) All volumes are derived from information provided by the Qatargas and RasGas entities.
(2) For comparative purposes, total LNG exports from Qatar were 20.8 mta, 24.9 mta and 29.3 mta for 2005, 2006 and 2007
respectively.
Source: Qatar Petroleum.

The following table gives an overview of Qatar’s projected estimated LNG capacity as well as
contractual commitments for Qatari LNG exports for each of the five years ending December 31, 2015.
Year ending December 31,(1)
2011 2012 2013 2014 2015
(in millions of tons)
Qatargas Projects:
Capacity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.2 41.2 41.2 41.2 41.2
Commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.6 39.9 40.0 39.4 40.2
RasGas Projects:
Capacity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.3 36.3 36.3 36.3 36.3
Commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.3 36.3 36.3 36.3 36.3
Total LNG capacity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77.5 77.5 77.5 77.5 77.5
Total LNG commitments(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68.9 76.2 76.3 75.7 76.5

Notes:
(1) All volumes are projected estimates.
(2) The difference between the LNG capacity and LNG commitments reflected in the table above is expected to be covered with
sales on the spot market and additional LNG sale and purchase contracts currently under negotiation.
Source: Qatar Petroleum.

The following table sets forth certain information about the production and export of crude oil in
Qatar for each of the three years ended December 31, 2010.
Year ended December 31,
2008 2009 2010
Average daily production of crude oil (in thousands of barrels per day)(1) . . . . . . . . . . . . . . . . . . . . . . 843.9 799.0 793.7
QP share of average daily production of crude oil (in thousands of barrels per day) . . . . . . . . . . . . . 654.6 598.2 591.8
QP share of total annual crude oil exports (in millions of barrels) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214.0 187.0 196.0
QP share of total value of crude oil exports (in millions of QR)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,167 31,326 41,175
QP share of total value of crude oil exports (in millions of US$)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,606 8,606 11,312

Note:
(1) For comparative purposes, Qatar’s average daily production of crude oil was 772,000, 761,000 and 801,000 barrels per day
in 2005, 2006 and 2007 respectively.
(2) Net of royalties and taxes related to production sharing agreements.
Source: Qatar Petroleum.

9
 The following table sets forth the production and export sales of condensate (both field and plant
condensate) attributable to QP for each of the three years ended December 31, 2010.
Year ended December 31(1)
2008 2009 2010
QP share of total annual production (in thousands of barrels)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,752 118,687 153,820
QP share of total export sales (in thousands of barrels) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,067 95,726 136,148
QP share of total value of export sales (in millions of QR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,943 19,103 32,362
QP share of total value of export sales (in millions of US$) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,402 5,248 8,891

Notes:
(1) A portion of these volumes is derived from information provided by QP’s joint ventures as well as operators operating
pursuant to production sharing agreements.
(2) For comparative purposes, QP’s share of total annual production was 60,995,000, 71,888,000 and 80,625,000 barrels for
2005, 2006 and 2007 respectively.
Source: Qatar Petroleum.

The following table gives an overview of the historical consolidated financial information of QP as
of and for each of the three years ended December 31, 2010.
As of and for the year ended
December 31(1)
2008 2009 2010 2010
(in millions of QR) (in millions
of US$)
Income statement data:
Operating revenue:
Sales:
Crude oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,167 31,326 41,175 11,312
Liquefied natural gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,804 30,367 51,978 14,280
Condensate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,943 19,103 32,362 8,891
Refined products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,628 8,200 17,333 4,762
Natural gas and liquids . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,847 14,903 26,084 7,166
Petrochemicals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,846 5,068 6,654 1,828
Fertilizers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,590 2,480 2,910 799
Steel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,770 3,987 5,334 1,465
Gas-to-liquids products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,182 985 1,382 380
Other services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 712 1,722 2,802 770
Other operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,901 6,448 9,279 2,549
Total operating revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174,390 124,589 197,294 54,202
Net operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151,643 95,417 159,816 43,906
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,800 35,207 54,567 14,991

Balance sheet data:

Total non-current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185,902 232,604 252,560 69,385
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,132 49,704 56,337 15,477
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23,028) (25,410) (24,538) (6,741)
Total non-current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (156,917) (190,464) (164,384) (45,161)
Total capital and reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (66,089) (66,434) (119,974) (32,960)

Note:
(1) The overview of historical consolidated financial information has been derived from QP’s historical consolidated financial
statements, which are prepared in accordance with QP Accounting Standards. This Prospectus does not include QP’s
historical consolidated financial statements. See “Presentation of Financial Information.”
Source: Qatar Petroleum.

For the six-month period ended June 30, 2011, QP’s total operating revenue and net income
increased by approximately 60% and 90%, respectively, compared to the six-month period ended
June 30, 2010, mainly as a result of higher volumes and prices realized on its hydrocarbon products. In
addition due to higher revenues generated especially from the sale of crude oil and LNG, royalties and
taxes payable to the State increased by approximately 50%.

10
Risk Factors
An investment in the Bonds involves certain risks, and prospective investors should review the
factors described under “Risk Factors” in this Prospectus. Among others, the risks relating to the State
include:
• Investing in securities involving emerging markets generally involves a higher degree of risk.
• Changes in global or regional prices or supply of natural gas, crude oil and other
hydrocarbons, and any decline in Qatar’s future production of hydrocarbons, may materially
and adversely impact the State’s revenues and the financial condition of the State.
• The global financial crisis had, and the current economic downturn has had and may continue
to have, an impact on the financial condition of the State, including on Qatar’s financial sector,
and may expose the State to certain additional liabilities.
• The future revenues of the State may be negatively impacted if QP and its joint ventures are
unable to deliver LNG under their long-term sale and purchase agreements.
• The State is located in a region that has been subject to ongoing political and security
concerns.
• Prior to 2009, Qatar had a high rate of inflation which was caused, in part, by the failure of
domestic real estate supply to meet levels of demand and a return of high rates of inflation in
the future could adversely affect the economy.
• Certain of the financial information in respect of QP contained in this Prospectus has been
extracted from QP’s historical consolidated financial statements, which are not prepared in
accordance with US GAAP or IFRS. If they were prepared in accordance with US GAAP or
IFRS, the results of operations and financial condition of QP as reflected in such financial
statements would differ, and such differences may be material. QP financial information as of
or for any period in 2011 has not been audited or reviewed by QP’s auditors and, if such
information was audited or reviewed, it may be subject to adjustment or restatement.
• The statistical data contained in this Prospectus should be treated with caution by prospective
investors.
• Information on hydrocarbon reserves is based on estimates that have not been reviewed by
an independent consultant for the purposes of this offering.
• Credit ratings may not reflect all risks.
• Qatari law relating to the enforcement of arbitral awards and foreign judgments is relatively
undeveloped and investors in the Bonds may be unable to recover in civil proceedings for US
securities laws violations.
• Future attitudes of Qatari courts regarding interest cannot be predicted.
• There is no principle of binding precedent in the Qatari courts.
• The production, processing, storage and shipping of hydrocarbons in Qatar subjects the State
and QP to risks associated with hazardous materials.

11
 Overview of the Terms and Conditions of the Bonds
Capitalized terms not otherwise defined in this overview have the same meaning as in the
Conditions. See “Terms and Conditions of the Bonds” for a more detailed description of the Bonds.
Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . The State of Qatar, acting through the Ministry of Economy
and Finance.
2017 Bonds . . . . . . . . . . . . . . . . . . . . . US$2,000,000,000 aggregate principal amount of 3.125%
Bonds due 2017.
2022 Bonds . . . . . . . . . . . . . . . . . . . . . US$2,000,000,000 aggregate principal amount of 4.500%
Bonds due 2022.
2042 Bonds . . . . . . . . . . . . . . . . . . . . . US$1,000,000,000 aggregate principal amount of 5.750%
Bonds due 2042.
Issue Price of 2017 Bonds . . . . . . . . 99.719% of the principal amount of the 2017 Bonds, together
with accrued interest, if any, from December 5, 2011.
Issue Price of 2022 Bonds . . . . . . . . 98.951% of the principal amount of the 2022 Bonds, together
with accrued interest, if any, from December 5, 2011.
Issue Price of 2042 Bonds . . . . . . . . 98.928% of the principal amount of the 2042 Bonds, together
with accrued interest, if any, from December 5, 2011.
Maturity Dates . . . . . . . . . . . . . . . . . . January 20, 2017 for the 2017 Bonds.
January 20, 2022 for the 2022 Bonds.
January 20, 2042 for the 2042 Bonds.
Fiscal Agent, Principal Paying
Agent, Registrar and Transfer
Agent . . . . . . . . . . . . . . . . . . . . . . . . Citibank, N.A., London Branch.
Interest . . . . . . . . . . . . . . . . . . . . . . . . . Each 2017 Bond bears interest at the rate of 3.125%
per annum, payable semi-annually in arrear on January 20
and July 20 (each, an “Interest Payment Date”) in each year
until (and including) the 2017 Maturity Date, commencing on
July 20, 2012.
Each 2022 Bond bears interest at the rate of 4.500%
per annum, payable semi-annually in arrear on the Interest
Payment Dates in each year until (and including) the 2022
Maturity Date, commencing on July 20, 2012.
Each 2042 Bond bears interest at the rate of 5.750%
per annum, payable semi-annually in arrear on the Interest
Payment Dates in each year until (and including) the 2042
Maturity Date, commencing on July 20, 2012.
For all series of Bonds, the payment on the first Interest
Payment Date shall be in respect of interest accrued from and
including December 5, 2011 to but excluding July 20, 2012.
Form and Denomination . . . . . . . . . . The Bonds will be issued in registered form, without interest
coupons attached, in a minimum denomination of
US$200,000 or any amount in excess thereof which is an
integral multiple of US$1,000. The Unrestricted Bonds will be
represented by Unrestricted Global Bonds for each series of
Bonds and the Restricted Bonds will be represented by one or
more Restricted Global Bonds for each series of Bonds. The
Global Bonds will be exchangeable for individual certificates in
definitive form in the limited circumstances specified in the
Global Bonds.

12
Initial Delivery of Bonds . . . . . . . . . . On or about the Closing Date, the Unrestricted Global Bonds
will be deposited with Citibank Europe Plc, as common
depositary for, and in respect of interests held through,
Euroclear and Clearstream, Luxembourg and the Restricted
Global Bonds will be deposited with the Custodian and
registered in the name of Cede & Co. as nominee for DTC.
Status of the Bonds . . . . . . . . . . . . . . The Bonds constitute direct, general, unconditional,
unsubordinated and, subject to Condition 4 of the Bonds,
unsecured obligations of the State, and the full faith and credit
of the State is pledged for the due and punctual payment
thereof and for the performance of all obligations of the State
with respect thereto. The Bonds of each series shall at all
times rank pari passu without any preference among
themselves and at least pari passu in all respects with all
other present and future unsecured and unsubordinated
obligations of the State.
Negative Pledge . . . . . . . . . . . . . . . . . So long as any of the Bonds remains outstanding (as defined
in the Fiscal Agency Agreement), except as set forth in
Condition 4 of the Bonds, the State will not create or permit to
subsist any lien, pledge, mortgage, security interest, deed of
trust, charge or other encumbrance or arrangement having a
similar effect upon the whole or any part of its existing or
future assets or revenues to secure any External
Indebtedness of the State or any other Person or any
guarantee or indemnity thereof unless, at the same time or
prior thereto, the obligations of the State under the Bonds and
the Fiscal Agency Agreement are secured equally and ratably
therewith or shall be approved by an Extraordinary Resolution
(as defined in the Fiscal Agency Agreement) of the
Bondholders.
“External Indebtedness” means all obligations, and
guarantees or indemnities in respect of obligations, for
moneys borrowed or raised (whether or not evidenced by
bonds, debentures, notes or other similar instruments)
denominated or payable, or which at the option of the relevant
creditor or holder thereof may be payable, in a currency other
than the lawful currency of Qatar.
Redemption at the Option of the
State . . . . . . . . . . . . . . . . . . . . . . . . . Any series of Bonds may be redeemed by the State, in whole
or in part, at any time without the consent of the relevant
series of Bondholders at a redemption price equal to the
greater of (a) the outstanding principal amount of the relevant
series of Bonds being redeemed plus accrued but unpaid
interest, if any, plus accrued additional amounts payable
pursuant to Condition 8, if any, thereon up to but excluding the
date fixed for redemption, and (b) an amount equal to the sum
of the net present value of the then remaining scheduled
payments of principal and interest on the relevant series of
Bonds being redeemed, discounted to such date fixed for
redemption on a semi-annual basis at the Treasury Rate for
such Bonds being redeemed plus 50 basis points.
Taxation . . . . . . . . . . . . . . . . . . . . . . . . The State will make all payments on the Bonds without
deducting or withholding any present or future taxes imposed
by Qatar or any of its political sub-divisions, unless such
deduction or withholding is required by law. If the State is
required to deduct or withhold such taxes, subject to certain

13
 exceptions, it will pay the Bondholders the additional amounts
required to ensure that they receive the same amount as they
would have received without this deduction or withholding.
Listing and Admission to
Trading . . . . . . . . . . . . . . . . . . . . . . . Application has been made to the Luxembourg Stock Exchange
for the Bonds to be admitted to trading on the Luxembourg
Stock Exchange’s regulated market and to be listed on the
official list of the Luxembourg Stock Exchange.
Governing Law . . . . . . . . . . . . . . . . . . The Bonds will be governed by the laws of the State of New
York.
Selling Restrictions . . . . . . . . . . . . . . United States, United Kingdom, Qatar, Saudi Arabia, United
Arab Emirates, Kuwait and the Kingdom of Bahrain (“Bahrain”).
See “Subscription and Sale.”
Use of Proceeds . . . . . . . . . . . . . . . . . The State intends to use the net proceeds from the issue of the
Bonds for the general funding purposes of the State, including:
(i) to fund various infrastructure investments in Qatar; (ii) to
fund the continued growth of Qatar’s hydrocarbon sector as
well as potential investments in the international oil and gas
industry; and (iii) to provide funding for entities that are owned
or controlled by the State.
Ratings . . . . . . . . . . . . . . . . . . . . . . . . . It is expected that each series of Bonds will be rated AA by
S&P and Aa2 by Moody’s.
A rating is not a recommendation to buy, sell or hold securities
and may be subject to revision, suspension or withdrawal at
any time by the assigning rating organization. The credit ratings
included or referred to in this Prospectus will be treated for the
purposes of the CRA Regulation as having been issued by S&P
and Moody’s. Each of S&P and Moody’s is established in the
European Union and is registered under the CRA Regulation.
The CRA registration for each of these agencies is published in
the European Securities and Market Authority update list
(ESMA/2011/247) dated October 31, 2011.
ISIN, Common Code and CUSIP
of 2017 Bonds . . . . . . . . . . . . . . . . . Unrestricted Bonds
ISIN: XS0615235537
Common Code: 061523553
CUSIP: M81805 AS8
Restricted Bonds
ISIN: US74727PAM32
Common Code: 061917314
CUSIP: 74727P AM3
ISIN, Common Code and CUSIP
of 2022 Bonds . . . . . . . . . . . . . . . . . Unrestricted Bonds
ISIN: XS0615236006
Common Code: 06153600
CUSIP: M81805 AT6
Restricted Bonds
ISIN: US74727PAP62
Common Code: 061917268
CUSIP: 74727P AP6

14
ISIN, Common Code and CUSIP
of 2042 Bonds . . . . . . . . . . . . . . . . . Unrestricted Bonds
ISIN: XS0615236188
Common Code: 061523618
CUSIP: M81805 AU3
Restricted Bonds
ISIN: US74727PAR29
Common Code: 061917349
CUSIP: 74727P AR2

15
 RISK FACTORS
The purchase of the Bonds involves substantial risk and is suitable only for, and should be made
only by, investors that are fully familiar with the State in general and that have such other knowledge
and experience in financial, business and foreign currency matters as may enable them to evaluate the
risks and merits of an investment in the Bonds. Prior to making an investment decision, prospective
investors should consider carefully, in light of their own financial circumstances and investment
objectives, all the information set forth herein and, in particular, the risk factors set forth below.
Prospective investors in the Bonds should make such inquiries as they think appropriate regarding the
Bonds and the State.

Risks Relating to Qatar

Investing in securities involving emerging markets generally involves a higher degree of risk.
Investing in securities involving emerging markets, such as Qatar, generally involves a higher degree
of risk than investments in securities of issuers from more developed countries. These higher risks
include, but are not limited to, higher volatility, limited liquidity, limited export diversification, dependency
on imports and changes in the legal, economic and political environment. Qatar’s economy is susceptible
to future adverse effects similar to those suffered by other emerging market countries. In any event, there
can be no assurance that the market for securities bearing emerging market risk, such as the Bonds, will
not be affected negatively by events elsewhere, especially in emerging markets.

Changes in global or regional prices or supply of natural gas, crude oil and other
hydrocarbons, and any decline in Qatar’s future production of hydrocarbons, may materially
and adversely impact the State’s revenues and the financial condition of the State.
The State’s revenues are affected by international oil and natural gas prices, which have
fluctuated widely over the past two decades. The oil and gas sector contributed 85.2% and 80.7% to
the annual revenues of the State in the years ended March 31, 2010 and 2009, respectively, while
contributing 51.7% and 44.8% to Qatar’s total nominal GDP for the years 2010 and 2009, respectively.
International prices for crude oil have fluctuated substantially as a result of many factors, including
global demand for oil and natural gas, changes in governmental regulations, weather, general
economic conditions and competition from other energy sources. Furthermore, as crude oil prices
provide a benchmark for gas and petrochemical feedstock prices, changes in crude oil prices may also
have an impact on gas and petrochemical prices. The price of crude oil (based on West Texas
Intermediate spot) has averaged US$94.56 per barrel between January 1, 2011 and November 1,
2011, compared to US$78.10 per barrel for the same period in 2010. In addition, the price of crude oil
has fallen from its 2008 monthly average peak of US$133.93 per barrel in June 2008 to US$86.10 per
barrel in October 2011.
International prices for natural gas have also fluctuated significantly in the past depending on
global supply and demand and the availability and price of alternative energy sources. The
development of fracking technology in the United States has increased both United States gas
reserves and gas production, which has led to depressed gas prices in the United States and a
divergence of those gas prices from prices in Asia and Europe. For example, on October 31, 2011, the
Henry Hub spot price in the United States was US$3.57 per mbtu while the Asian spot price based on
JCC prices was US$19.07 per mbtu and British National Balancing Point spot price on September 30,
2011 (the date of the latest available data) was US$9.51 per mbtu. Qatar’s ability to benefit from higher
Asian and European gas prices may be negatively affected by a number of LNG projects coming on
stream in the next several years that will increase the supply of LNG, including large LNG projects in
Australia which are close to the Asian market and consequently any surplus delivered to the Asian
market may negatively impact the Asian gas market. This, together with other factors such as the
global economic downturn, could put further downward pressure on natural gas prices.
In the past, Qatar has been able to partially offset lower hydrocarbon prices by increases in
hydrocarbon production, but the future rate of growth in Qatar’s hydrocarbon production is expected to
slowdown. Most of Qatar’s oilfields are mature and oil production may have peaked in 2010.
Additionally, the reserves at Al Shaheen, one of Qatar’s most productive oil fields, were recently
reduced after drilling results led to a reserves reassessment. Qatar is also approaching the end of a 20
year development cycle for LNG projects and LNG production is expected to plateau in the near future.
With a moratorium on the development of new gas projects in the North Field in place (excluding the
Barzan gas pipeline project which is targeted for local consumption), and given the long lead time to

16
develop gas projects, Qatar may not be able to significantly increase gas production in the near future
through new gas projects.
Thus, any material reduction in the prices of natural gas, crude oil and other hydrocarbons may
have a significant impact on the value of the State’s reserves and may materially adversely impact the
State’s revenues and the financial condition of the State. QP, which manages the State’s interests in all
oil, gas, petrochemical and refining enterprises in Qatar and abroad, does not currently engage in
hedging activities to mitigate against fluctuations in natural gas or crude oil prices and, accordingly, any
material reduction in the price of natural gas or crude oil may materially adversely affect the financial
condition of the State.

The global financial crisis had, and current economic downturn has had and may continue to
have, an impact on the financial condition of the State, including on Qatar’s financial sector,
and may expose the State to certain additional liabilities.
As widely reported, global economic conditions have deteriorated over the period since 2008.
Financial markets in the United States, Europe and Asia have experienced a period of unprecedented
turmoil and upheaval characterized by extreme volatility and declines in security prices, severely
diminished liquidity and credit availability, inability to access capital markets, the bankruptcy, failure,
collapse or sale of various financial institutions and an unprecedented level of intervention from the
United States government and other governments. Unemployment has risen while business and
consumer confidence have declined and fears of a prolonged global recession remain.
Although the State cannot predict the impact on Qatar of these deteriorating economic conditions,
such conditions could result in the State or one of its agencies being required to provide financial
support to Qatar’s financial sector or other sectors of the economy. For example, starting in early 2009,
the QIA began making direct capital injections in Qatar’s commercial banking sector and between 2009
and 2011 purchased equity ownership interests of up to 20.0% in all domestic banks listed on the
Qatar Exchange. In addition, on March 9, 2009, the QIA began to purchase the investment portfolios of
seven of the nine domestic banks listed on the Qatar Exchange. These purchases were completed on
March 22, 2009 at a total purchase price of approximately QR6,500 million (US$1,786 million). In early
June 2009, the QIA made a second round of investments and bought the real estate portfolios and
investments of nine domestic commercial banks at a sale price equivalent to the net book value of
such portfolios and investments with a total ceiling amount of QR15,000 million (US$4,121 million).
The total support by the QIA to the banking sector, which includes equity injections, purchases of real
estate and investment portfolios in domestic banks, has been QR32,700 million (US$8,984 million).
Should economic conditions in Qatar deteriorate again, the State may find it necessary to assume
responsibility for the financial liabilities of both State-owned and non-State-owned enterprises in Qatar
not currently reflected as either the direct or contingent liabilities of the State. Any such intervention by
the State could materially adversely affect the economy and financial condition of the State, and
expose the State to additional liabilities and reduce amounts available to the State to fund ongoing and
future projects. Additionally, due to capital expenditures and past interventions, the State’s ratio of total
indebtedness to nominal GDP increased from 7.8% as of March 31, 2008 to 41.9% as of March 31,
2011. The State’s ability to intervene in the future may be limited due to these increased levels of
indebtedness.

The future revenues of the State may be negatively impacted if QP and its joint ventures are
unable to deliver LNG under their long-term sale and purchase agreements.
Certain of QP’s joint ventures have entered into long-term sale and purchase agreements for the
supply of LNG to third parties. If any of QP’s drilling, shipping or other transportation activities were to
permanently cease to operate or be interrupted in the future, for reasons other than force majeure,
these joint ventures may be exposed to significant contractual liabilities, which may negatively impact
QP’s financial condition and results of operations and, accordingly, the revenues of the State. Any such
interruption in the supply of LNG could materially adversely affect the revenues to the State generated
by QP, thereby impacting the ability of the State to finance its obligations.

The State is located in a region that has been subject to ongoing political and security
concerns.
Qatar is located in a region that is strategically important and parts of this region have, at times,
experienced political instability. The political instability has included regional wars, such as the Gulf
War of 1991, the Iraq War of 2003, the 2006 conflict in Lebanon and the 2008 conflict in Gaza,

17
tensions between and among the United States, Israel, Syria and the Islamic Republic of Iran (“Iran”),
terrorist acts, maritime piracy and civil revolutions. In 2011, there has been political unrest ranging from
public demonstrations to armed conflict in several countries in the Middle East and North Africa region,
including Egypt, Algeria, Libya, Bahrain, Saudi Arabia, Yemen, Syria, Tunisia and Oman. Geopolitical
events that may or may not directly involve Qatar may have a material adverse effect on Qatar’s
economy, including an effect on Qatar’s ability to engage in international trade and destabilizing effects
on the oil and gas market.

Prior to 2009, Qatar had a high rate of inflation which was caused, in part, by the failure of
domestic real estate supply to meet levels of demand and a return of high rates of inflation in
the future could adversely affect the economy.
Qatar has had a mix of inflation and deflation (measured by a movement in Qatar’s Consumer
Price Index as opposed to a core inflation measurement) recently with inflation of 1.7% in the first three
quarters of 2011 which was preceded by a negative inflation rate of 2.4% in 2010 and 4.9% in 2009.
Prior to 2009, Qatar had high levels of inflation and the overall annual inflation rate was 15.2% in 2008
compared to 13.6% in 2007 and 11.8% in 2006. The high levels of inflation prior to 2009 were primarily
accounted for by the rapid and sustained increase in real estate prices, as well as an increase in
international food and raw material prices. In order to address the domestic housing shortage and
control housing prices, the Government supported several domestic and residential construction
projects near completion and cost pressure abated. In 2009 and 2010, the decrease in housing costs
contributed to the negative inflation rates in Qatar, but a recent rise in core inflation has led to a return
of overall inflation in 2011. In a report on Qatar issued by the IMF in January 2011, the IMF noted that
the country’s projected high growth rates require careful monitoring of aggregate demand to ward off
the risk of inflation at the high levels seen previously. Although the Government and the QCB intend to
continue to take measures to ensure that inflation is stabilized, there can be no guarantee that the
Government or the QCB will be able to achieve or maintain price stability, in the real estate market or
otherwise, and thus control inflation. Additionally, the past deflationary trend in the real estate market
may not be sufficient to offset a further increase in core inflation.

Certain of the financial information in respect of QP contained in this Prospectus has been
extracted from QP’s historical consolidated financial statements, which are not prepared in
accordance with US GAAP or IFRS. If they were prepared in accordance with US GAAP or IFRS,
the results of operations and financial condition of QP as reflected in such financial statements
would differ, and such differences may be material. QP financial information as of or for any
period in 2011 has not been audited or reviewed by QP’s auditors and, if such information was
audited or reviewed, it may be subject to adjustment or restatement.
The financial information in respect of QP contained in this Prospectus has been extracted from
QP’s historical consolidated financial statements, which are prepared in accordance with QP
Accounting Standards. QP Accounting Standards differ from US GAAP and IFRS, and such
differences may be material. Additionally, QP Accounting Standards have evolved over time and as a
result, QP has reclassified certain line items by adjusting comparative financial data for 2009 and 2008
to improve the quality of information presented. This Prospectus does not include a copy of QP’s
historical consolidated financial statements. Neither the State nor QP has presented any reconciliation
of the financial information set out in this Prospectus to US GAAP or IFRS, nor given any information in
relation to the differences between QP Accounting Standards and US GAAP or IFRS. If information
relating to QP’s results of operations or financial condition were prepared in accordance with
US GAAP, IFRS or other generally accepted accounting standards set by an acceptable financial
reporting framework, the information would materially differ. Because differences exist between QP
Accounting Standards, US GAAP and IFRS, the financial information in respect of QP contained in this
Prospectus may not be an effective means to compare QP to other oil and gas producers.
Furthermore, discussions with respect to QP’s financial information as of and for any period in 2011
contained in this Prospectus are based upon financial statements that have not been audited or
reviewed by QP’s auditors. If such financial information was audited or reviewed by QP’s auditors, it
may be subject to adjustment or restatement.

The statistical data contained in this Prospectus should be treated with caution by prospective
investors.
Statistics contained in this Prospectus, including those in relation to nominal GDP, balance of
payments, revenues and expenditure, and indebtedness of the Government, have been obtained from,

18
among others, the Ministry of Economy and Finance, QP, the QCB and the QSA. Such statistics, and
the component data on which they are based, may be unreliable and may not have been compiled in
the same manner as data provided by similar sources in Western Europe and the United States.
Similar statistics may be obtainable from other sources, although the underlying assumptions,
methodology and consequently the resulting data may vary from source to source. There may also be
material variances between preliminary or estimated statistical data set forth in this Prospectus and
actual results, and between the statistical data set forth in this Prospectus and corresponding data
previously published, or published in the future, by or on behalf of Qatar. In addition, due to
deficiencies in the currency of certain data, some statistical information for recent years is not available
as of the date of this Prospectus. Consequently, the statistical data contained in this Prospectus should
be treated with caution by prospective investors.

Information on hydrocarbon reserves is based on estimates that have not been reviewed by an
independent consultant for the purposes of this offering.
The information on oil, gas and other reserves contained in this Prospectus is based on an annual
review of reserves compiled by the Oil and Gas Ventures Directorate within QP as of January 1, 2011.
Neither the State nor the Managers have engaged an independent consultant or any other person to
conduct a review of Qatar’s natural gas or crude oil reserves in connection with this offering. All
reserve estimates presented herein are based on data maintained by QP.
Reserves valuation is a subjective process of estimating underground accumulations of crude oil
and natural gas that cannot be measured in an exact manner. The accuracy of any reserve estimate
depends on the quality and reliability of available data, engineering and geological interpretations and
subjective judgment. Additionally, estimates may be revised based on subsequent results of drilling,
testing and production. The proportion of reserves that can ultimately be produced, the rate of
production and the costs of developing the fields are difficult to estimate and, therefore, the reserve
estimates may differ materially from the ultimately recoverable quantities of crude oil and natural gas.

Credit ratings may not reflect all risks.

The State has been assigned a long-term credit rating of, and the Bonds are expected to be rated,
AA by Standard & Poor’s and Aa2 by Moody’s. The credit ratings included or referred to in this
Prospectus will be treated for the purposes of the CRA Regulation as having been issued by S&P and
Moody’s. Each of S&P and Moody’s is established in the European Union and is registered under the
CRA Regulation which was published in the European Securities and Market Authority update list
(ESMA/2011/247) dated October 31, 2011. A credit rating is not a recommendation to buy, sell or hold
the Bonds. Credit ratings are subject to revisions or withdrawal at any time by the assigning rating
agency. The State cannot be certain that a credit rating will remain for any given period of time or that
a credit rating will not be downgraded or withdrawn entirely by the relevant rating agency if, in its
judgment, circumstances in the future so warrant. The State has no obligation to inform the
Bondholders of any such revision, downgrade or withdrawal. A suspension, downgrade or withdrawal
at any time of the credit rating assigned to the State may adversely affect the market price of the
Bonds.

Qatari law relating to the enforcement of arbitral awards and foreign judgments is relatively
undeveloped and investors in the Bonds may be unable to recover in civil proceedings for US
securities laws violations.
Qatari law relating to the enforcement of arbitral awards and foreign judgments is relatively
undeveloped.
Pursuant to Decree No. 29 of 2003, the State of Qatar joined the New York Convention on the
Recognition and Enforcement of Foreign Arbitral Awards of 1958 (the “NY Convention”). Accordingly,
whenever the NY Convention applies to a foreign arbitral award, that award should be recognized and
enforced in compliance with the requirements of the NY Convention.
The United States and the State of Qatar do not have any treaty providing for reciprocal
recognition and enforcement of judgments in civil and commercial matters. Qatari legal counsel has
advised that, as a matter of Qatari law, Qatari courts will enforce a judgment or arbitral award upon the
same conditions as would be determined in the foreign jurisdiction for the enforcements of Qatari
judgments and arbitral awards as long as (a) the subject matter was not reserved for the exclusive

19
jurisdiction of the Qatari courts and the foreign judgment or arbitral award has been handed down by a
court of competent jurisdiction or a duly constituted arbitral panel, (b) the parties to the proceedings in
which the judgment or award was rendered were properly served and represented, (c) the judgment or
award is res judicata pursuant to the law of the court which rendered the judgment or the arbitration
panel which rendered the award, and (d) the foreign judgment or arbitral award does not contradict
with a decision or order rendered by a court in Qatar or violates the public policy or morals of the State.
Notwithstanding the above, there can be no assurance that arbitration in connection with the
Fiscal Agency Agreement and/or either series of Bonds would protect the interests of the relevant
series of Bondholders to the same extent as would the United States or Qatari courts in original
proceedings.
In addition, Qatar is a foreign sovereign state and a substantial portion of the assets of the State
are located outside the United States. As a result, it may not be possible for investors to effect service
of process within the United States upon the State or to enforce in US courts judgments or arbitral
awards against the State or to enforce in Qatari courts judgments obtained in US courts or arbitral
awards obtained in the United States, including judgments predicated upon the civil liability provisions
of US federal securities laws. It may not be possible to enforce, in original actions in Qatari courts,
liabilities predicated solely on US federal securities laws. These factors create greater judicial
uncertainty than would be expected in certain other jurisdictions.
To the extent that the State may in any jurisdiction claim for itself or its Sovereign Assets
immunities from suit, execution, attachment (whether in aid of execution, before judgment or otherwise)
or legal process and to the extent that in any such jurisdiction there may be attributed to itself or its
Sovereign Assets such immunity (whether or not claimed), the State shall, in the Conditions, agree for
the benefit of the Bondholders not to claim and shall waive such immunity to the fullest extent
permitted by the laws of such jurisdiction (including, without limitation, the United States Foreign
Sovereign Immunities Act of 1976 and Decree Law No. (18) of 1996 Amending Certain Provisions of
Law No. (10) of 1987 in respect of the Public and Private Properties of the State of Qatar). In addition,
to the extent that the State or any of its Sovereign Assets shall be entitled in any jurisdiction to any
immunity from set-off, banker’s liens or any similar rights or remedies, and to the extent that there shall
be attributed, in any jurisdiction, such an immunity, the State shall agree not to claim and shall agree to
waive such immunity to the fullest extent permitted by the laws of such jurisdiction with respect to any
claim, suit, action, proceeding, right or remedy arising out of or in connection with any of the Bonds.
The waiver of sovereign immunity has never been tested before a Qatari court or any other authority in
Qatar.

Future attitudes of Qatari courts regarding interest cannot be predicted.

Although, under the laws of Qatar, contractual provisions for the charging and payment of interest
are permissible and have been routinely enforced under Qatari law, a court applying Qatari law may
not enforce such a provision either to pay interest on interest or to the extent that, on a given date,
accrued but unpaid interest exceeded outstanding principal. The future attitude of Qatari courts and
Qatari law regarding the payment of interest cannot be predicted.

There is no principle of binding precedent in the Qatari courts.

There is no doctrine of binding precedent in the Qatari courts, decisions of the Qatari courts are
not routinely published and there is no comprehensive up to date reporting of court decisions. As a
result, any experience with and knowledge of prior rulings of the Qatari courts may not be a reliable
basis from which to predict decisions that Qatari courts may adopt in the future. The outcome of any
legal disputes remains uncertain.

The production, processing, storage and shipping of hydrocarbons in Qatar subjects the State
and QP to risks associated with hazardous materials.
The oil and gas sector in Qatar consists of both upstream and downstream activities which include
the production, processing, storage and shipping of oil, natural gas, petrochemicals and other
hydrocarbons in various physical states. Hydrocarbons, by their nature, are often hazardous materials
which have the potential to harm or damage property, production facilities, people and the
environment. A disaster involving hydrocarbons, such as an oil spill, could have a materially adverse
effect on the revenues or assets of QP or the State, either from direct losses, such as the loss of

20
export revenue, the loss of tax revenue or liability to third parties or from indirect losses, such as
unrecovered clean-up costs from third parties or unmitigated environmental damage. Although Qatar
has not experienced a significant disaster involving hydrocarbons, the State cannot guarantee that
such an event will not occur in the future.

Risks Relating to the Bonds

The Bonds may not be suitable as an investment for all prospective investors in the Bonds.
Each prospective investor in the Bonds must determine the suitability of that investment in light of
its own circumstances. In particular, each prospective investor should:
• have sufficient knowledge and experience to make a meaningful evaluation of the Bonds, the
merits and risks of investing in the Bonds and the information contained in this Prospectus or
any applicable supplement;
• have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its
particular financial situation, an investment in the Bonds and the impact such investment will
have on its overall investment portfolio;
• have sufficient financial resources and liquidity to bear all of the risks of an investment in the
Bonds;
• understand thoroughly the terms of the Bonds; and
• be able to evaluate (either alone or with the help of a financial advisor) possible scenarios for
economic, interest rate and other factors that may affect its investment and its ability to bear
the applicable risks.

A prospective investor should not invest in the Bonds unless it has the expertise (either alone or
with the help of a financial advisor) to evaluate how the Bonds will perform under changing conditions,
the resulting effects on the value of such Bonds and the impact this investment will have on the
prospective investor’s overall investment portfolio.

The minimum denomination of the Bonds may, in certain circumstances, make the Bonds
difficult to trade.
The Bonds will be issued in denominations of US$200,000 and integral multiples of US$1,000 in
excess thereof. Accordingly, the Bonds may be traded in amounts in excess of US$200,000 that are
not integral multiples of US$200,000. In such a case, a holder who, as a result of trading such
amounts, holds a principal amount of less than US$200,000 in their account with the relevant clearing
system at the relevant time may not receive a definitive Bond in respect of such holding (should
definitive Bonds be printed) and would need to purchase a principal amount of Bonds such that its
holding amounts to at least US$200,000 in order to receive a definitive Bond. If definitive Bonds are
issued, holders should be aware that definitive Bonds that have a denomination that is not an integral
multiple of US$200,000 may be illiquid and difficult to trade.

The Terms and Conditions of the Bonds contain certain provisions for modifications and
waivers.
The Conditions contain provisions for calling meetings of Bondholders, either individually in a
meeting of each series of Bondholders or together in a joint meeting of both series of Bondholders, to
consider matters affecting their interests generally. These provisions permit defined majorities to bind
either a series of Bondholders or, in the case of a joint meeting, all Bondholders, including Bondholders
who did not attend and vote at the relevant meeting and Bondholders who voted in a manner contrary
to the majority at the relevant meeting.
The Conditions also provide that parties to the Fiscal Agency Agreement may agree, without
consent of the Bondholders, to any modification of any provision of the Fiscal Agency Agreement or
the Bonds which is of a formal, minor or technical nature or is made to correct manifest error.

Payments made in certain member states of the European Union may be subject to withholding
tax under the EU Savings Directive.
On June 3, 2003, the European Council of Economics and Finance Ministers adopted a Directive
on the taxation of savings income (the “EU Savings Directive”). Under the EU Savings Directive,

21
Member States are (and equivalent measures have been introduced by certain countries outside the
European Union (the “EU”) required to provide to the tax authorities of another Member State details of
payments of interest (or similar income) paid by a person within its jurisdiction to an individual resident
in that other Member State. However, for a transitional period, Luxembourg and Austria will instead be
required (unless during that period they elect otherwise) to operate a withholding system in relation to
such payments (the ending of such transitional period being dependent upon the conclusion of certain
other agreements relating to information exchange with certain other countries).
If a payment is made or collected through a Member State which has opted for a withholding
system and an amount of, or in respect of, tax were to be withheld from that payment, neither the State
nor any paying agent nor any other person is obliged to pay additional amounts with respect to any
Bond as a result of the imposition of such withholding tax. If a withholding tax is imposed on payment
made by a paying agent, the State intends to maintain a paying agent in a Member State that would
not be obliged to withhold or deduct tax pursuant to the EU Savings Directive.

The Bonds are unsecured obligations of the State, and there is no limitation on the State’s
ability to issue guarantees, pari passu securities or to incur additional indebtedness in the
future.
The Bondholders will not have the benefit of security and as a result will not have a claim to those
assets that rank senior to the claims of other creditors of the State. The State has in the past issued
guarantees and securities and incurred indebtedness and intends to continue to do so from time to
time in the future. In addition, there is no restriction on the amount of guarantees or securities which
the State may issue and which rank pari passu with the Bonds. The issue of any such guarantees,
securities and the incurrence of any such additional indebtedness may reduce the amount recoverable
by the Bondholders in certain scenarios.

There is no established market for the Bonds.

The Bonds are new securities for which there is currently no market. There can be no assurance
that an active market for the Bonds will develop, or if it does develop, that it will continue. Moreover, if a
market for the Bonds does develop, the Bonds may trade at prices that may be higher or lower than
the initial offering price thereof depending upon a number of factors, including prevailing interest rates,
events in Qatar or elsewhere in the Middle East and the market for similar securities. If a market for the
Bonds does not develop or continue, purchasers may be unable to resell the Bonds for an extended
period of time, if at all. Consequently, an investor in the Bonds may not be able to liquidate its
investment readily, and the Bonds may not be readily accepted as collateral for loans.

22
 USE OF PROCEEDS
The net proceeds received by the State from the issue of the Bonds are expected to amount to
approximately US$4,959,680,000, after deduction of the Managers’ management and underwriting
commission. The State intends to use the net proceeds from the issue of the Bonds for the general
funding purposes of the State, including: (i) to fund various infrastructure investments in Qatar; (ii) to
fund the continued growth of Qatar’s hydrocarbon sector as well as potential investments in the
international oil and gas industry; and (iii) to provide funding for entities that are owned or controlled by
the State.

23
 OVERVIEW OF THE STATE OF QATAR
Introduction
Qatar is one of the most prosperous countries in the world, with a nominal GDP per capita of
QR270,254 (US$74,144) in 2010 based on Qatar’s 2010 mid-year population figure of 1,715,010. In
January 2011, the IMF noted that Qatar is one of the fastest growing economies in the world. As of
January 2011, Qatar’s proven reserves of hydrocarbons amount to approximately 181.3 billion barrels
of oil equivalent.
Qatar, which gained independence from the United Kingdom on September 3, 1971, has been
ruled since June 27, 1995 by the Emir. The hereditary successor to the Emir is the Emir’s fourth son,
the Heir Apparent His Highness Sheikh Tamim bin Hamad bin Khalifa Al-Thani (the “Heir Apparent”).
Since becoming ruler of Qatar, the Emir has implemented various initiatives designed to exploit the
State’s oil and gas resources in a responsible manner, thereby making rapid economic development
and the construction of modern infrastructure possible in Qatar. Despite rapid economic and social
progress, as well as political change, Qatar has maintained its cultural and traditional values as an
Arab and Islamic nation.

Geography
Qatar, which shares a land border as well as maritime boundaries with Saudi Arabia, and maritime
boundaries with Bahrain, the United Arab Emirates and Iran, extends over a relatively flat, barren
peninsula covered with sand that is approximately 160 kilometers long, covering a total area of
approximately 11,493 square kilometers. Doha, which is located on the east coast of the Qatar
peninsula, is Qatar’s capital city as well as its commercial, financial and cultural center. Doha is also
the location of Qatar’s international airport and main port facility. Qatar’s most important industrial cities
are Ras Laffan City (located to the north of Doha) and Mesaieed Industrial City (located to the south of
Doha).

Population
According to the State’s 2010 Census, Qatar has a total population of 1,699,435 as of April 2010,
indicating a 128.4% growth in population since the last census carried out in 2004. The population of
Qatar has greatly increased over the past decade. A substantial part of the increase in population
results from the influx of non-Qatari nationals, principally expatriate workers from South Asia, the Far
East and, to a lesser extent, Africa and a large portion of the country’s population is comprised of
non-Qatari nationals. Recently the high population growth rate has begun to slow and a more stable
population growth rate is expected in the future.
The official language of Qatar is Arabic, although English is widely spoken.

National Vision
Recognizing that Qatar’s considerable wealth creates a host of opportunities as well as
challenges, in June 2008, the State’s General Secretariat for Development Planning developed and
published the Qatar National Vision 2030 (the “National Vision”). The National Vision defines broad
future trends and long-term objectives for Qatar, providing the framework within which national
strategies and implementation plans can be developed. Besides establishing the foundation for
developing Qatar’s future strategies and policies, the National Vision has also helped to strengthen the
coordination among governmental agencies and integrate planning efforts for the Government, the
private sector and civic organizations. The four cornerstones of the National Vision are human, social,
economic and environmental development, in the context of which the State aims to balance:
(i) modernization and the preservation of traditions; (ii) the needs of the current generation and the
needs of future generations; (iii) managed growth and uncontrolled expansion; (iv) the size and quality
of the expatriate labor force; and (v) economic growth and social development, and environmental
management.
Qatar recently published the National Development Strategy 2011-2016 (“NDS”) which translates
the goals identified in the National Vision into actionable targets. The NDS seeks to address the State’s
expected decline in the growth of the oil and gas sector by strengthening the structure and
performance of the non hydrocarbon sectors of the economy. The NDS discusses the need for
concerted institutional and organizational capacity building, efficient and transparent delivery of public

24
services, fruitful public private cooperation and partnerships, a vibrant business climate and a larger
space for civil society. It further notes that the State’s investment in foreign currency assets and
planned investments in physical and social infrastructure beyond the needs of the 2022 FIFA World
Cup is part of the State’s broader strategy to diversify its income base. The State also intends to
capture all rents associated with its mineral assets (including its oil and gas assets) and to ensure an
adequate return on any capital it invests. The structures governing hydrocarbon linked investments,
upstream and downstream, will be expected to provide adequate flexibility to deal with project
specifics, changing costs or market conditions and equitable risk sharing arrangements. In addition, the
State intends to ensure that the hydrocarbon rents it shares with private investors are compensated by
other benefits that flow to the country such as the acquisition of technology, infrastructure or
knowledge and skills. Qatar also intends to leverage its cheap domestic feedstock and energy to
contribute to the expansion of its production base and to long-term economic diversification.

Government Organization
Since becoming the ruler of Qatar, the Emir has instituted a number of governmental reforms,
including the promulgation of the Constitution, which came into effect in 2005 and replaced the
provisional constitution that had been created shortly after independence. The Constitution formally
separates power among the executive branch, which is comprised of the Emir, with assistance from his
cabinet, the Council of Ministers, the legislature (the “Advisory Council”) and the judiciary. The
Constitution guarantees all residents of Qatar equality before the law, regardless of their origin,
language, religion or gender. Moreover, the Constitution assures personal freedom and privacy,
guarantees freedom of expression, association and the media, and prohibits any amendment to
individual rights and public liberties (except for the purposes of granting additional rights and
guarantees). The Constitution also provides guiding principles for the State, including protecting public
health, preserving the environment, promoting education, and encouraging investment.
Under the Constitution, the Emir, as the State’s principal executive officer, head of state and
supreme commander of the armed forces, is endowed with various powers, including the power to
declare defensive war, make treaties, formulate the general policy of the State, propose and ratify
laws, promulgate decrees, and appoint the State’s Prime Minister, along with other members of the
Council of Ministers (all of whom are answerable to the Advisory Council). The Constitution also
provides that the Emir may conclude conventions and agreements by issuing decrees and putting them
before the Advisory Council, accompanied by relevant explanations. These become law after being
endorsed and published. However, conventions or agreements related to the territories of the State,
rights of sovereignty, rights of citizens or amendments to Qatari law are not valid unless explicitly
approved by the Advisory Council and issued as a law. In exceptional circumstances that require the
documentation of urgent measures without delay, along with the promulgation of laws at a time when
the Advisory Council is not in session, the Emir may issue decrees that have the power of law (“decree
laws”). These decree laws must be submitted to the Advisory Council for its opinion, and the Advisory
Council has the right to reject or amend them. In addition, the Constitution sets forth the rules of
hereditary succession for the Heir Apparent.
On November 1, 2011, the State announced elections to the Advisory Council for 2013. The
Advisory Council consists of 45 members, of which 30 members are elected by direct general secret
ballot while the remaining 15 members are appointed by the Emir from amongst Ministers or others.
The term of service of the appointed members expires when these members resign their seats or are
relieved from their posts. The functions of the Advisory Council are to assume legislative authority for
the State, approve the general policy of the Government and the budget, and exercise control over the
executive branch. In addition to the Emir and the Council of Ministers, any member of the Advisory
Council may propose laws. Draft laws passed by the Advisory Council are subject to the endorsement
of the Emir. In the event that the Emir fails to endorse a draft law passed by the Advisory Council, the
draft law must be returned to the Advisory Council along with the reasons for the non-endorsement. If
the draft law is then approved by the Advisory Council with at least a two-thirds vote, the Emir is
required to endorse it. The Emir may stop implementation of a law for an unspecified period of time,
however, if the Emir considers such an action “absolutely necessary for the greater interests of the
country.”
The Constitution also guarantees the full independence of Qatar’s judiciary, which also has a
supreme council (the “Supreme Council”) to oversee the proper functioning of Qatari courts and their
related agencies. The judiciary in Qatar was originally established in 1972 as an independent body and
divided into a civil and commercial court system, as well as a Shari’ah court system that administered

25
Islamic law. In 2003, the civil and commercial courts were unified with the Shari’ah court into a single
judicial body. Qatari courts determine civil and commercial disputes in accordance with legislation. If no
legislation is available with respect to a particular matter, Qatari civil and commercial courts will look to
Shari’ah law. In addition, Qatari courts are made up of preliminary courts, an appeal court, a court of
cassation, and the Supreme Constitutional Court. Decisions of preliminary courts may be appealed to
the appeal court on points of fact and law, while decisions of the appeal court may be appealed to the
court of cassation on points of law only. The Supreme Constitutional Court presides only on certain
issues of law such as the legitimacy of laws and regulations under the Constitution. Its rulings,
decisions and interpretations are final and binding on State authorities. The chief of the court of
cassation is appointed by an Emiri decree, while all other judges are appointed by Emiri decree upon
the recommendation of the Supreme Council.

Legal System
Over the last decade, Qatar’s legal system has been significantly reformed by the enactment of
various pieces of legislation intended to bring Qatari laws in line with international laws, standards and
practices. Qatar’s civil law now sets forth civil law principles, including with respect to conflict of laws,
contracts, rights and obligations, security, ownership and torts. Qatar’s commercial law now addresses
commercial affairs and entities, competition, commercial obligations and contracts, and commercial
paper. The commercial law also provides comprehensive provisions addressing bankruptcy matters,
permitting creditors to file claims against any corporate entity, except for certain professional
companies and other companies that are at least majority owned by the State. Finally, the Commercial
Companies Law addresses matters with respect to the ownership of shares, limited liability, capital
contributions, payment of dividends, shareholder rights and obligations and general principles of
corporate governance. The Commercial Companies Law introduces, for the first time, the concept of a
single member limited liability company, and is not dissimilar to the companies laws of more mature
legal systems.
The State has passed other significant new legislation in recent years, including the Foreign
Investment Law (see “Balance of Payments—Foreign Investment”), the Central Bank Law, the Money
Laundering Law, the Doha Securities Market Law and the Qatar Financial Centre Law (the “QFC
Law”), as well as competition, intellectual property, labor, property, tax and environmental laws.
Following the establishment of the QFC in 2005, the QFC Law established a legal and regulatory
regime to govern the QFC that is generally parallel to and separate from Qatari laws and the Qatari
legal system, except for Qatari criminal law. The QFC has established its own rules and regulations
applicable to, among others, financial services companies, and which cover such topics as anti-money
laundering, contracts and insolvency. In accordance with the rules and regulations of the QFC, the
QFCRA regulates, licenses and supervises banking, financial and insurance related businesses carried
on, in or from the QFC in accordance with legislative principles of an international standard, modeled
closely on those used in London and other major financial centers. In addition, the QFC Civil and
Commercial Court deals with matters arising under the QFC Law and the QFC Regulatory Tribunal has
the jurisdiction to hear appeals against decisions of the QFC Authority, including the decisions of the
Employment Standard Office and the Tax Office, the Regulatory Authority and other QFC institutions.

Employment and Wages

The unemployment rate in Qatar has increased to 0.6% in 2011 from 0.3% in 2010. Owing to a
shortage of indigenous labor, the economy is dependent on foreign workers. The introduction of Labor
Law No. (14) of 2004 granted rights to certain workers, but excluded, among others, employees of the
ministries and Government corporations. Qatari labor law provides that employees working in any
organization with more than 100 Qatari employees have the right to form an employee committee,
although this right is rarely exercised.
According to the Labor Force Sample Survey of March 2011, approximately 91,095 people were
employed in the Government sector, of whom approximately 55.1% were Qatari nationals, and
approximately 59,000 people were employed in companies and corporations wholly owned by the
State, of whom approximately 19.2% were Qatari nationals. According to the same survey,
approximately 39,000 people were employed by companies and corporations partly owned by the
State (such as Qatar Steel Company (“QASCO”) and Qatar Fertilizer Company (“QAFCO”)), of whom
approximately 15.6% were Qatari nationals, and approximately 990,700 people were employed by the
private sector, of whom approximately 0.3% were Qatari nationals.

26
 Qatar recently issued Emiri Decree No. 50 of 2011 authorizing a 60% increase in the basic salary
and social allowances for state civilian employees, a 120% rise in the basic salary and social
allowances for military personnel with a rank of officer or above and a 50% increase in basic salary and
social allowances for personnel of other ranks. The pensions of retired civilian employees and retired
military officers were increased by 60% and 120%, respectively, and the pensions of retired non-officer
military personnel were increased by 50%. The total annual cost of the wage increases may reach
approximately QR10 billion (US$2.75 billion) and the total additional contribution to pensions and
retirement subscriptions may amount to a one time cost of QR20 billion (US$5.5 billion).
It is the Government’s strategic goal to increase the proportion of Qataris in both the public and
the private sectors. This policy, known as “Qatarization,” is effected by giving preference in
employment to suitably qualified Qataris. The Government’s aim is to increase the proportion of
Qataris in the manufacturing sector to 50.0% by 2020; there is also a Government recommendation of
20.0% employment of Qatari nationals in other sectors. The Government is also seeking to improve the
education and technical skills of the Qatari population to assist with the development of Qatar’s
industrial sector.

Education
Education is compulsory until the age of 18 or the completion of the preparatory stage, and is
provided free to all Qatari nationals as well as to all children of non-Qatari residents who work in the
public sector. Education takes the form of a 12-year public school system, including elementary school,
preparatory school and secondary school. As of the end of 2011, Qatar had 200 primary schools, 124
preparatory schools and 108 secondary schools. In addition, according to preliminary estimates,
Qatar’s literacy rate (measured for 15 year old individuals and above) was 96.3% at the end of 2010
and 95.4% for 2011.
Qatar University is made up of seven colleges which together have over 641 faculty members in
the following subjects: Education, Arts and Sciences, Shari’ah and Islamic Studies, Engineering, Law,
Business and Economics, and Pharmacology. In 1995, the Government established the Qatar
Foundation for Education, Science and Community Development (the “Qatar Foundation”) to support
education, scientific research and community development in Qatar. In 2001, the Qatar Foundation
created Education City, a 14.0 million square meter area of learning and research facilities. Education
City houses many branches of foreign universities offering various types of degrees in their area of
specialty, including the Virginia Commonwealth University School of the Arts in Qatar, the Weil Cornell
Medical College in Qatar, Texas A&M University at Qatar, Carnegie Mellon University in Qatar,
Georgetown University School of Foreign Service in Qatar and Northwestern University in Qatar.
In line with efforts to develop Qatar as a center for research and development, the Qatar
Foundation and 21 partner organizations in the energy, environment, health sciences, information,
communications and technology fields have invested over QR2,912 million (US$800 million) in the
Qatar Science and Technology Park (the “QSTP”), which opened in 2004. The QSTP is designated as
a free zone allowing full foreign ownership, and is designed to provide a home for technology-based
companies from around the world and to act as an incubator for start-up enterprises.

Healthcare
The State annually funds the Supreme Council of Health (the “SCH”) (formerly known as the
National Health Authority), which was established by Emiri Decision No. (13) of 2009 with the objective of
creating a clear vision for Qatar’s national health service. The SCH also regulates the medical profession,
sets the health research agenda, and monitors and evaluates progress in the health sector. Qatar’s
healthcare sector is equipped with advanced medical equipment, highly qualified staff and a country-wide
network of hospitals and healthcare centers. According to a report from the General Secretariat of the
Ministers of Health of the GCC, Qatar enjoys the region’s lowest maternal mortality rate.
Free healthcare is available to all Qatari citizens. With Qatar’s population increasing, the State has
addressed concerns regarding hospital capacity by investing in new projects, such as Sidra Medical
Research Center (“Sidra”). Sidra is expected to be a 412-bed medical and research center located at
Education City, which is scheduled to open in 2012. Sidra has been funded by an endowment of
approximately QR28,760 million (US$7,901 million) from the Qatar Foundation. Once operational, it is
expected to employ more than 4,500 clinicians, technologists, biomedical researchers and support staff.

27
Environment
Qatar’s Ministry of Environment is responsible for the protection of the environment and the
preservation of endangered wildlife and natural habitats. To strengthen its efforts, Qatar has passed
legislation relating to the protection of the environment, including Law No. (30) of 2002, which outlines
the framework for environmental protection policy in Qatar, including protecting the environment,
developing natural resources, counteracting the effects of pollution and protecting human health.
Moreover, Article 33 of the Constitution commits Qatar to environmental protection and preservation,
with a view to maintaining sustainable development for future generations. The State also maintains an
Environmental Prosecution Department, which is responsible for investigating and prosecuting
violations of Qatar’s environmental laws.
Qatar is a signatory to a number of environmental conventions and protocols, including the UN
Framework Convention on Climate Change, the Kuwait Convention on the Protection of Marine
Environment, the Basel Convention on the Control of Trans-Boundary Movement of Hazardous Wastes
and Their Disposal (the “Basel Convention”), the Stockholm Convention on Persistent Organic
Pollutants (the “Stockholm Convention”), the Rotterdam Convention on Prior Informed Consent
Procedure for Certain Hazardous Chemicals and Pesticides in International Trade (the “Rotterdam
Convention”) the Convention on Biological Diversity, the Vienna Convention for the Protection of the
Ozone Layer (the “Vienna Convention”) and the UN Convention to Combat Desertification. In
accordance with the Basel Convention, Qatar prohibits hazardous waste from entering the country and
is working toward developing specialized treatment centers to store hazardous industrial waste
materials. Qatar has adopted the general policies of the Strategic Approach to International Chemicals
Management through various environmental agreements on hazardous substances and wastes
consistent with the Basel Convention, the Rotterdam Convention, the Stockholm Convention and the
Vienna Convention. In addition the State adheres to the Globally Harmonized System of Classification
of Hazardous Materials through Transport.
In 2009, Qatar joined the Global Gas Flaring Reduction Partnership, a global effort to reduce the
flaring of gas associated with oil production, making Qatar the first GCC state to join this effort,
according to the World Bank. Qatar has also announced that it is committed to achieving a zero-flaring
target. The specific focus of Qatar’s efforts is to eliminate routine sources of associated gas venting
that could be captured and conserved, and to eliminate or reduce the large sources of associated gas
flaring (primarily the major sources of continuous production flaring) other than those which arise as a
result of an emergency or operational problem or to ensure the health and safety of those involved in
operations.

Culture, Sport and Media

In recent years, the State has sought to support the cultural development of Qatar. For example,
the State opened the Museum for Islamic Art, a 45,000 square meter museum designed by Pritzker
Prize-winning architect I.M. Pei. In addition, the Tribeca Film Festival, which showcases international
films, has formed a partnership with the Qatar Museums Authority to establish the Tribeca Film Festival
Doha, the fourth edition of which is scheduled to be held in April 2012.
Qatar also regularly hosts premier international sporting events and will host the 2022 FIFA World
Cup. Additionally, Qatar hosted the 2006 Asian Games, the 2010 World Indoor Athletics Championship
and the 2011 Asian Cup soccer competition. Doha has also been given special permission by the
International Olympic Committee to submit a bid to host the 2020 Olympic Games. Doha will compete
with Baku, Istanbul, Madrid, Rome and Tokyo with the winner expected to be announced in September
2013.
Qatar has multiple news networks providing television and radio broadcasting services, including
the Al Jazeera news organization which is headquartered in Qatar and broadcasts current affairs,
features, analysis, documentaries, live debates, entertainment, business and sports, reaching a
reported 40 million viewers worldwide.

Foreign Relations
Global Organizations and Summits
Qatar has been a member of the WTO since 1996. In line with its commitment to the WTO,
Qatar’s policies are focused on the liberalization of the economy and trade, the reduction of tariffs and
increasing and diversifying exports. In 2001, Qatar hosted the Fourth WTO Ministerial Conference,

28
which launched the current round of trade negotiations known as the Doha Development Agenda.
There are currently no disputes at the WTO involving Qatar.
Qatar is a member of the United Nations and was a non-permanent member of the UN Security
Council for the 2006-2007 term. On June 22, 2011, Nassir Abdulaziz Al-Nasser, the Permanent
Representative of Qatar, was elected President of the 66th session of the United Nations General
Assembly. Qatar is also a member of the OPEC and numerous other international and multilateral
organizations, including, among others, the League of Arab States, the Organization of The Islamic
Conference, UNESCO, the Multinational Investment Guarantee Agency, the IMF and the International
Bank for Reconstruction and Development.
On December 23, 2008, representatives of eleven gas producing nations, including Qatar, Russia
and Iran, signed an intergovernmental memorandum and charter formally establishing the Gas
Exporter Countries Forum (“GECF”), which chose Doha as the future headquarters for its permanent
secretariat. The GECF Secretary General commenced his duties in Doha in February 2010 and the
GECF Liaison Office, which facilitates the affairs of the GECF, is also based in Doha. The fourteenth
GECF Ministerial Meeting took place in Doha on November 13, 2011 and the first summit for the GECF
took place in Doha on November 15, 2011. The GECF’s objectives include exchanging information on
a broad range of issues such as new technologies, investment programs, relations with natural gas
consuming countries and environmental protection.
In addition to its memberships in various global organizations, Qatar has hosted numerous
economic, political and financial summits and conferences, including the UN’s Second Global
Conference on Financing for Development in 2008, the High-Level Forum on Trade & Investment of
the G-77 (the largest intergovernmental organization of developing states in the UN) in 2004 and 2005,
and the 9th Islamic Summit Conference in 2000. In addition, from 2000 to 2003, Qatar presided over
the Organization of the Islamic Summit Conference. In February 2010, Qatar hosted the seventh
edition of the US-Islamic World Forum, a three-day event jointly sponsored by the Brookings Institution
and Qatar’s Ministry of Foreign Affairs. In December 2011, Qatar is scheduled to host the 20th World
Petroleum Congress.

GCC Membership
Qatar is an advocate for regional integration and is a member of the GCC, whose other members
include Bahrain, Kuwait, the United Arab Emirates, Oman and Saudi Arabia. In 2003, the GCC
established a customs union under which Qatar applies a common customs tariff of 5.0% to most
products, with a limited number of exceptions. In 2005, as part of the GCC, Qatar joined the Istanbul
Cooperation Initiative, which is a NATO initiative to enhance regional security in the broader Middle
East.
Since 2001, members of the GCC have been meeting with the goal of eventually establishing a
common currency and improving economic integration. The goal of the GCC monetary union is to
improve the efficiency of financial services, lower transaction costs and increase transparency in the
prices of goods and services. In December 2008, finance ministers of the GCC member states (other
than Oman) signed an agreement establishing a framework for the monetary union and a monetary
council which may ultimately serve as a GCC central bank. Four of the six GCC members have signed
an accord to join the monetary union—Qatar, Kuwait, Saudi Arabia and Bahrain—while the United
Arab Emirates and Oman have decided not to join. The original GCC target date of 2010 for a common
currency was extended by the GCC, and there is currently no date targeted for the establishment of the
common currency. In March 2010, Qatar, Kuwait, Saudi Arabia and Bahrain unanimously elected
Saudi Arabia’s Monetary Agency Governor as the first chairman of the GCC Monetary Council, and
further talks in 2011 have been held about the future of the monetary union and the common currency.
Throughout the discussions on the monetary union and single currency, Qatar has maintained its
historical currency peg to the US dollar.

Regional Relations
Qatar has good relations with other members of the GCC. A territorial dispute with Bahrain over
the Hawar Islands and a maritime boundary were resolved through a ruling in 2001 by the International
Court of Justice in The Hague. Both countries agreed to the ruling, and Bahrain kept the main Hawar
Island, but dropped claims over parts of mainland Qatar, while Qatar retained significant maritime
areas and their resources. Good relations between Qatar and Bahrain are demonstrated by the
40 kilometer causeway planned to link the two countries. Qatar has had a long-term dialogue with

29
Saudi Arabia over their shared borders. The Dolphin pipeline from Qatar to the UAE also passes
through an area that has been subject to dispute between Saudi Arabia and Qatar and between Saudi
Arabia and the UAE. In 2001 and 2008, major agreements were reached on the delimitation of the land
and maritime borders between Saudi Arabia and Qatar and joint minutes were filed with the UN. In the
joint minutes from 2008, Qatar agreed to grant a maritime corridor in its own territorial waters to Saudi
Arabia that crosses the Dolphin pipeline. In July 2009, the UAE sent a letter to the UN reserving its
rights in relation to certain parts of the joint minutes which the UAE views as conflicting with its
sovereignty. In November 2009, Saudi Arabia sent a response letter to the UN reserving its rights in
relation to certain disputes with the UAE and requesting that the UAE delineate its borders with Saudi
Arabia. Qatar has not filed any letters with the UN on the subject since the joint minutes in 2008. Qatar
does not believe it has any open border disputes.
Qatar seeks to maintain good relations with all countries in the region, including Iran and Iraq. A
portion of Qatar’s principal gas field, the North Field, extends into Iranian territorial waters. Qatar and
Iran concluded a maritime border agreement in 1969, and the boundary between the two countries is
not disputed. Qatar engages in regular bilateral talks with the Iranian government to ensure friendly
and cooperative relations between the two countries, and recent delegations have met to review
bilateral relations as well as to explore means of bolstering them, especially in the energy and
industrial sectors. In addition, Qatar supports constitutional developments in Iraq and Iraqi aspirations
for unity and independence.
Over the past several years, Qatar has become an important mediator in regional conflicts. In May
2010, Qatar chaired the Arab Peace Initiative Follow-Up Committee in Egypt, at the headquarters of
the Arab League, to discuss US proposals relating to Palestine. Among other recent initiatives, in
February 2009, Qatar mediated talks between the Sudanese government and Sudan’s Justice and
Equality Movement in connection with the conflict in the Darfur region of the Sudan and also recently
pledged to contribute 10.0% of the required financing for reconstruction and development projects at
the International Donors Conference for the Reconstruction of Darfur. In addition, in January 2009,
Qatar hosted a consultative meeting in response to the conflict in Gaza that included a number of Arab
states and senior non-Arab participants. In 2008, Qatar brokered a deal between rival Lebanese
leaders in an attempt to end an 18 month long political conflict. Qatar has an increasing presence in
regional and international diplomacy and currently heads the Arab Peace Initiative.
Recently, Qatar along with the United Arab Emirates, and pursuant to a UN vote authorizing air
strikes in Libya, joined the NATO led international forces to aid the Libyan National Transitional
Council. Qatar has also condemned Syria in its use of force against protestors demanding political
changes.

US Relations
Qatar has a close and cordial relationship with the United States, having signed a defense treaty
with the United States in June 1992, thereby initiating a period of close coordination in military affairs
that continues to the present, including contributing to coalition forces during the first Gulf War. The
United States maintains pre-positioned military equipment in Qatar, has engaged in cooperative
defense exercises, and has entered into base access agreements. The United States also maintains a
forward headquarters for US Central Command in Qatar, and the United States and Qatar continue to
cooperate on counterterrorism efforts.
Additionally, since 1996, the US Export Import Bank has provided substantial amounts in loan
guarantees to support various natural gas development projects where US oil and gas companies have
made significant investments in Qatar. In 2009, the United States accounted for 12.3% of Qatar’s total
imports and 0.7% of Qatar’s total exports. In 2010, the United States enjoyed a favorable balance of
trade with Qatar and accounted for 11.8% of Qatar’s total imports. The United States is also the
intended destination of a portion of the LNG to be produced by Qatari LNG trains pursuant to long-term
sale and purchase agreements; however, the sale and purchase agreements allow the diversion of
cargoes and Qatar has recently diverted most of its cargoes away from the United States to seek
higher returns in the Asian and European spot markets. See “The Economy of Qatar—Oil and Gas
Industry.” In an effort to expand bilateral trade and investment, the United States and Qatar signed a
Trade and Investment Framework Agreement in 2004, which created a joint council to establish a
permanent dialogue with the goal of resolving trade issues and deepening the bilateral trade
relationship. Qatar also donated QR364.0 million (US$100.0 million) to victims of Hurricane Katrina in
August 2005.

30
Asian Relations
Qatar has strong relations with many Asian countries, particularly Japan, South Korea, Singapore
and China. The majority of Qatar’s oil exports are shipped to Asia, and the region is an important
destination for Qatari LNG.
Japan is an important trade partner for Qatar, both for imports and exports. In 2009, Japan
accounted for 7.3% of Qatar’s total imports and 22.9% of Qatar’s total exports. In 2010, Japan
accounted for approximately 7.5% of Qatar’s total imports. Japan, which first began importing Qatari
LNG in 1996, is a primary destination for LNG exports and is also the primary destination for Qatari
crude oil, condensate and LPG. Japanese companies have made significant investments in Qatar over
the years.
Qatar has close relations with South Korea, exemplified by the rapid growth and development of
economic and trade relations in the public and private sectors, with South Korea accounting for 3.6% of
Qatar’s total imports and 14.2% of Qatar’s total exports in 2009. In 2010, South Korea accounted for
approximately 3.1% of Qatar’s total imports. Qatar has hosted numerous South Korean business
delegations and, most recently, in February 2009, hosted a delegation of small and medium-sized
South Korean enterprises with the objective of establishing direct contact with Qatari companies and
promoting trade ties. In addition to being an importer of Qatari LNG, South Korean shipyards also build
many of the LNG vessels which currently transport, or are anticipated to transport, Qatari LNG.
Qatar and Singapore have a strong trade relationship and recently strengthened ties through a
free trade agreement signed by GCC member states and Singapore on December 15, 2008, covering
areas such as trade, e-commerce, investment, government procurement, customs and media
cooperation. In 2010, Singapore accounted for approximately 0.7% of Qatar’s total imports.
Qatar and China have had continuous diplomatic relations since 1988, and have engaged in many
bilateral agreements, such as the “Agreement on Avoiding Double Taxation and Preventing Evasion of
Tax between the Government of China and the Government of Qatar (2001),” which demonstrate a
commitment to mutual interests. In 2008, the Chinese Vice President and Premier both confirmed that
China seeks to develop long-term, stable and cooperative relations with Qatar. The State of Qatar,
represented by Qatar Petroleum, entered into an Exploration and Production Sharing Agreement with
Shell and PetroChina Company Limited in May 2010 for exploration of natural gas in Qatar’s Block D
offshore area.

African Relations
In recent years, Qatar has developed its relations with African countries by receiving a number of
African heads of state, such as the presidents of the State of Eritrea and Sudan. In addition, Qatar has
aided in the mediation of certain conflicts in Africa, including Eritrea’s conflicts with Ethiopia, Djibouti
and Sudan. Qatar has been involved in the discussions to find a solution to the Darfur conflict in
Sudan. Qatar’s role in mediating African conflicts has incentivized various African countries to open
embassies in Doha, which now hosts the embassies of many African countries.

EU Relations
Qatar’s relations with the EU have strengthened over the years through the exchange of official
visits with various EU countries, including the UK, France, Germany, Italy, Spain, Luxembourg and
Belgium. During these visits, several bilateral agreements and memoranda of understanding, covering
political, economic, cultural and informational matters, were signed. In June 2009, the European
Commission and Qatar’s Ministry of Foreign Affairs met in Brussels to discuss regional and
international issues. The second session of the dialogue was held in Doha in May 2010.
The EU is a destination for a portion of the LNG produced by Qatari LNG trains, and British and
French companies are the EU’s main investors in Qatar. See “The Economy of Qatar—Oil and Gas
Industry.” In addition, Britain and France have signed defense treaties with Qatar. In March 1988, the
EU and member countries of the GCC signed a cooperation agreement that included provisions for
complementing and strengthening relations between the EU and the GCC and generally liberalizing
trade between the two groups by providing for the negotiation of a free trade agreement. Negotiations
for a free trade agreement have been ongoing for over 20 years. The 20th EU-GCC Joint Council held
in June 2010 set out a three-year action plan covering strategic areas of economic, financial and
monetary cooperation. Currently, all six GCC countries benefit from preferential access to the EU
market under the EU’s Generalized System of Preferences. The Financing Instrument for Cooperation

31
with Industrialized and Other High-Income Countries and Territories for the period 2007-2013 became
effective on January 1, 2007 and is the framework for financial cooperation activities between the EU
and the Gulf region (in addition to other high-income countries).

Latin American Relations

In recent years, Qatar has focused on developing its relations with Latin America by arranging the
Emir’s visits to several Latin American countries and hosting a number of Latin American heads of
state and government. These efforts have yielded certain bilateral agreements and memoranda of
understanding. Certain Latin American countries have opened embassies in Doha or announced their
desire to establish resident diplomatic representation within Qatar. Qatar plans to open embassies in
those Latin American countries that have embassies in Doha. Qatar has also been a permanent
observer to the Organization of American States since 2002. In May 2005, the Emir participated in the
first Summit of South American-Arab Countries held in Brazil. The second summit, held in March 2009,
was hosted by Qatar in Doha. Qatar has participated in subsequent summits held in South America in
2010 and 2011.

Commercial Relations
QP and its affiliates have developed an extensive network of commercial relationships globally
with suppliers, contractors, business partners, other sovereigns and, most importantly, customers. In
respect of LNG sales, with sale and purchase agreements lasting up to 20 years, it is particularly
important for customer relationships to be strong. In some cases, it can take years to negotiate an LNG
sale and purchase agreement. Through its LNG operations, QP has developed deep and long-standing
relationships with its offtakers. At the same time, these business relationships have strengthened the
political relationships between Qatar and the countries who import significant amounts of Qatar
hydrocarbons throughout Asia, Europe and North America. In addition, through its operating company
partnerships and equity partnerships in projects, QP has forged relationships with a geographically
diverse group of companies, including Exxon Mobil Corporation and ConocoPhillips from the United
States, TOTAL from France and Shell from the United Kingdom and The Netherlands. In addition, QP,
either directly or through Qatargas and RasGas, has developed close working relationships with major
international supply contractors, such as Chiyoda Corporation, W.L.L., Snamprogetti and Technip.

32
 THE ECONOMY OF QATAR

General
Qatar is one of the most prosperous countries in the world, with a nominal GDP per capita of
QR270,254 (US$74,144) in 2010 based on Qatar’s 2010 mid-year population figure of 1,715,010. In
January 2011, the IMF noted that Qatar is one of the fastest growing economies in the world. As of
January 2011, Qatar’s proven reserves of hydrocarbons amount to approximately 181.3 billion barrels
of oil equivalent. These hydrocarbons consist of proven reserves of approximately 883.2 tcf of natural
gas, 2.3 billion barrels of crude oil and 22.1 billion barrels of condensate. Virtually all of Qatar’s proven
reserves of natural gas and condensate are located in the North Field, which is estimated by the US
Energy Information Administration to be the largest non associated gas field in the world, representing
approximately 15% of the world’s natural gas reserves in 2009. Qatar has over 100 years of proven
gas reserves at projected long-term production levels.
Qatar’s carefully planned exploitation of its hydrocarbon reserves resulted in a nominal GDP
CAGR of 26.0% from 2004 to 2010. Qatar’s economy achieved a new record in 2010 with a total
nominal GDP of QR463,489 million (US$127,158 million) representing a growth of 30.2% in 2010
compared to 2009, and the trend has continued in 2011 with a total nominal GDP of QR294,993 million
(US$80,931 million) for the six-month period ended June 30, 2011 compared to a total nominal GDP of
QR218,881 million (US$60,050 million) for the six-month period ended June 30, 2010, representing an
increase of 34.8%. The historic growth in Qatar’s economy has been driven by expansion in the
production of LNG, crude oil and condensates, coupled with increases in hydrocarbon prices, with the
oil and gas sector constituting 51.7% of Qatar’s total nominal GDP in 2010 and 57.8% for the
six-month period ended June 30, 2011. As Qatar reaches the end of its successful 20 year LNG
development plan, LNG production is expected to plateau at a high, but steady, level over the next few
years. Future growth in gas production is expected to come from the Barzan Project, which is a gas
project under development to provide domestic pipeline gas. Qatar has focused on diversifying its
economy in recent years in an effort to reduce its historical dependence on oil and gas revenues. The
construction and real estate sectors have recently made substantial contributions to Qatar’s economic
growth and significant investments have been made to increase economic returns from, in particular,
petrochemicals, financial services, infrastructure development and tourism. As a result, nominal GDP
for the non-oil and gas sector grew at a CAGR of 26.8% between 2004 and 2010, reflecting a slightly
higher annual growth rate than the oil and gas sector for the same period. Nominal GDP for the non-oil
and gas sector reached QR223,744 million (US$61,468 million), or 48.3% of Qatar’s total nominal
GDP, in 2010, and QR124,380 million (US$34,123 million), or 42.2% of Qatar’s total nominal GDP, for
the six-month period ended June 30, 2011.
QP, which is wholly owned by the State and the State’s primary source of revenues, is responsible
for all phases of the oil and gas industry in Qatar. Oil was discovered in Qatar in 1939 and crude oil
production began in 1949. Since then, Qatar steadily increased its levels of crude oil production, both
directly and by entering into exploration and development production sharing agreements with leading
international oil exploration and production companies, including Maersk, TOTAL and Occidental
Petroleum. Qatar was estimated by the US Energy Information Administration to have been the 16th
largest global oil producer in the world in 2009.
In the early 1990s, Qatar developed a multi directional and fast track strategy to accelerate the
commercialization of its substantial natural gas reserves as a means to diversify and ultimately
modernize Qatar’s economy. In furtherance of this strategy, Qatar has made large scale investments
across the entire value chain of LNG trains, tankers, and storage and receiving facilities. Qatar is now
the leading LNG producing country in the world with 56.4 million tons of additional LNG exports in
2010. As of December 31, 2010, Qatar reached its planned LNG production capacity of 77.5 mta,
which reflects an increase of more than 150% since 2008 due to the completion of its remaining
planned LNG trains. Via its flagship Qatargas and RasGas LNG projects, Qatar has developed its LNG
business through strategic partnerships with a number of the world’s leading oil and gas companies,
including Exxon Mobil Corporation, Shell, TOTAL and ConocoPhillips. By investing across the entire
LNG value chain, Qatar now enjoys meaningful cost advantages in the gas sector due to significant
economies of scale and a low cost structure. Because most of the natural gas in the North Field is
“wet,” meaning it is associated with other hydrocarbons such as condensates, Qatar’s LNG projects
also produce significant quantities of condensate and natural gas liquids which contribute to the
diversification of the State’s revenue sources and create downstream opportunities. Qatar also has a
good central geographic location for global shipping to all major gas consuming regions of the world

33
and, based on contractual commitments, Qatari LNG is sold globally to customers in 15 countries in
North America (Mexico and the United States), Northwest Europe (the United Kingdom, the
Netherlands and Belgium), Western Europe (Italy, France and Spain), South Asia (UAE, Kuwait and
India) and Northeast Asia (China, South Korea, Japan and Taiwan). Most of the LNG produced by
Qatar’s upstream ventures is sold under long-term take-or-pay agreements that provide certainty of
volume offtake.
In recent years, Qatar has focused on developing and exploiting its natural gas resources beyond
the LNG industry by implementing a downstream strategy driven by opportunities to generate
additional revenue from its existing oil and gas production. QP has developed pipeline gas projects
both for regional export markets and for domestic petrochemicals and industrial consumption. In
addition, QP is the majority shareholder in a number of industrial companies located primarily at Ras
Laffan City and Mesaieed Industrial City, which use natural gas as feedstock and/or fuel to produce
various value added products, such as petrochemicals and fertilizer, steel, iron and metal coating, both
for domestic consumption and for export. Qatar has also invested in exploiting various GTL
technologies and has two joint venture projects currently in operation to generate GTL products like
distillates.
Throughout a period characterized by rapid growth and development, Qatar has demonstrated
fiscal responsibility by managing its budget and public finances prudently. The State has historically
had low levels of indebtedness but there was an increase in indebtedness starting in 2009 and
continuing through 2011 mainly due to the support given by the State to the commercial banking sector
during the global financial crisis in 2009 and the issuance of bonds and treasury bills by the QCB in
2010 and 2011 to absorb excess liquidity among domestic commercial banks and to develop a yield
curve for riyal-denominated domestic bonds. The State’s total direct external indebtedness was
QR65,719 million (US$18,055 million) as of October 31, 2011. Most of Qatar’s significant energy
projects are funded on a stand-alone, limited recourse basis.
The significant revenues generated by the oil and gas sector have provided sustained liquidity while
ensuring sizeable surpluses in the fiscal and external accounts. Qatar has had budget surpluses since
the fiscal year ended March 31, 2001, with an estimated surplus of QR13,537 million (US$3,719 million)
or 8.6% of total Government revenues for the fiscal year ended March 31, 2011. In March 2011, the State
projected a budget surplus of QR22,538 million (US$6,192 million), or 13.9% of total budgeted revenues,
for the fiscal year ending March 31, 2012. The Government’s figures for the six-month period ended
September 30, 2011 exceeded the budget and reflected a surplus of QR39,999 million (US$10,989
million) amounting to 36.2% of the revenues for the same period. In addition, Qatar’s trade activity is
strong, with total goods exported (including re-exports) in 2010 valued at QR262,277 million
(US$72,054 million) and total imports in 2010 valued at QR76,210 million (US$20,937 million), together
constituting 73.0% of total nominal GDP. Between 2007 and 2010, the value of Qatar’s exports increased
by 71.5%, while the value of imports decreased by 0.01%. The external sector has been characterized by
a large current account surplus each year since 2000 and robust growth in imports has been
counterbalanced by a significant rise in hydrocarbon exports.
In recent years, Qatar has used its budget surpluses to diversify the economy through increased
spending on infrastructure, social programs, healthcare and education, which have modernized Qatar’s
economy. Qatar’s economic growth has also enabled it to diversify its economy through domestic and
international investment into different classes of assets. This diversification will be important to Qatar’s
future government revenues as the growth rate of the State’s revenue from the oil and gas sector is
expected to stabilize given the completion of several of the State’s long-term hydrocarbon investment
programs. In 2005, the State established the QIA to propose and implement investments for the State’s
growing financial reserves, both domestically and abroad. Through the QIA, Qatar has invested in
private equity, the banking sector, real estate, publicly traded securities and alternative assets. With its
growing portfolio of international and domestic long-term strategic investments, the QIA has continued
to develop Qatar’s economic diversification strategy while contributing to the nation’s significant
economic expansion.
The QIA has provided financial support to Qatar’s financial sector as a response to the global
economic downturn and as a preventative measure to preserve the general stability in Qatar’s banking
sector. In early 2009, the QIA began making direct capital injections in Qatar’s commercial banking
sector through a plan to purchase equity ownership interests of up to 20.0% in the domestic banks
listed on the Qatar Exchange. In line with the plan, from 2009 through to 2011, the QIA acquired equity
positions ranging from 5.0% to 20.0% in various domestic banks, including the Qatar Islamic Bank, the

34
Commercial Bank of Qatar, the Qatar International Islamic Bank, the Ahli Bank and the Doha Bank.
The total equity injections in the domestic banks currently amount to QR11.2 billion (US$3.1 billion).
The Government is expected to give these banks an option to buy back their shares over the next five
years.
In addition to the equity purchases, the QIA also assisted the banking sector by purchasing certain
portions of their investment and real estate portfolios. On March 22, 2009, the QIA purchased the
investment portfolios of seven of the nine domestic banks listed on the Qatar Exchange at a total
purchase price of approximately QR6,500 million (US$1,786 million) paid through a combination of cash
and domestic Government bonds. This purchase price was equal to the value of such investment
portfolios as registered in the records of each bank as of February 28, 2009. In an effort to further boost
liquidity and encourage lending, in early June 2009, the QIA made a second round of investments and
bought the real estate portfolios and investments of nine domestic commercial banks at a sale price
equivalent to the net book value of such portfolios and investments with a total ceiling amount of
QR15,000 million (US$4,121 million). The total support to the banking sector, which includes purchases
of real estate and investment portfolio in domestic banks as well as the equity injections, has been
QR32,700 million (US$8,984 million).
Since becoming the ruler of Qatar in June 1995, the Emir has instituted a number of governmental
reforms, including establishing a constitution that formally separates power among the executive,
legislative and judicial branches. Qatar has also reformed its legal system to bring it in line with
international laws, standards and practices. The country has an organized set of institutions supporting
the growth in trade and commerce, both internally and externally, including the Qatar Financial Centre
Authority, the Qatar Exchange and regulators, namely the Qatar Central Bank, the QFMA and the
QFCRA. Qatar has good relations with other members of the GCC and the wider Middle East in
general. Qatar has significant trade and investment ties with the major Asian countries and Qatar also
has strong ties with the West, notably the United States, which maintains a significant military presence
in the country. Qatar is a member of, among other international organizations, the UN, the WTO and
OPEC. Qatar has low levels of corruption and has established a National Committee for Integrity and
Transparency in relation to implementing its obligations as a member of the UN. Qatar is also a
signatory to the GATT and a number of other conventions and protocols. In addition to its
memberships in international organizations, Qatar has hosted numerous economic, political and
financial summits and conferences and, over the past several years, has become an important
mediator in regional conflicts. Qatar will host the FIFA World Cup in 2022 and views the World Cup as
an opportunity to further invest in its infrastructure and develop the non-oil and gas sector of its
economy.
The factors mentioned above have contributed to improved credit ratings over the years. Qatar’s
long-term credit rating by Standard & Poor’s has improved from BBB as of February 1996 to AA as of
March 2008 which was most recently confirmed on October 27, 2011 with a stable outlook. Similarly,
Qatar’s foreign and local currency bond ratings by Moody’s have improved from Baa2 as of September
1999 to Aa2 as of December 2008, which were most recently confirmed on June 15, 2011 with a stable
outlook. Qatar’s five year credit default swap spread, which is a measure of default risk, is presently
among the lowest of the GCC countries.

Economic Policy
The State’s primary economic objective is to create a thriving investment climate that encourages
domestic investment and identifies positive opportunities for outward investment. The State seeks to
achieve this by increasing the production and export of natural gas, making investments across the
entire LNG value chain, and diversifying the economy by developing the non-oil and gas sectors.
Historically, Qatar’s economy has been dependent on crude oil production. In the early 1990s,
however, the State developed a multi-directional and fast-track strategy to accelerate the
commercialization of Qatar’s substantial natural gas reserves as a means to diversify and ultimately
modernize the economy. This strategy was implemented pursuant to a three-pronged approach,
namely by developing LNG and GTL for global export, by developing pipeline gas for regional export
markets, and by developing pipeline gas for domestic petrochemicals and industrial consumption. In
furtherance of this strategy, the State has made large-scale investments across the entire value chain
of LNG trains, tankers, and storage and receiving facilities, becoming the leading LNG producing
country in the world, according to the US Energy Information Administration.

35
 Although the State is focused on ensuring the optimal and sustainable development and
commercialization of the oil and gas sector, which continues to be the backbone of the economy, one
of the cornerstones of Qatar’s current economic policy is a commitment to diversify the overall
economy so that Government revenues from the oil and gas sector are supplemented by an increased
percentage of Government revenues from non-oil and gas-related activities. The General Secretariat
for Development Planning, in furtherance of Qatar’s economic policy, announced the State’s long-term
strategic goals in the National Vision in 2008, and also published the NDS to establish targets to
achieve the goals set out in the National Vision. The Ministry of Business and Trade participates in the
process of identifying action items drawn from the targets highlighted in the Development Strategy. The
State’s long-term economic objectives, as set out in the National Vision, include developing Qatar’s
infrastructure and strengthening its private sector. In pursuit of these objectives, and made possible by
increased government revenues and budget surpluses, the State has increased total expenditure from
QR50,768 million (US$13,947 million) for the fiscal year ended March 31, 2006 to an estimated
QR142,370 million (US$39,113 million) for the fiscal year ended March 31, 2011 and an estimated
QR70,302 million (US$19,314 million) for the six-month period ended September 30, 2011 (with total
budgeted expenditure of QR139,937 million (US$38,444 million) for the fiscal year ending March 31,
2012). Much of this expenditure has been directed into major construction projects such as the Lusail
real estate development (including Energy City), the New Doha International Airport, the new port at
Ras Laffan City, and transportation and social infrastructure.
The State is also strengthening the private sector by undertaking regulatory reforms aimed at
improving Qatar’s business climate and creating an environment that will support enterprise creation,
private competition and foreign direct investment, and to this end has taken steps such as liberalizing
the telecommunications sector and creating special economic zones. In addition, the State has sought
to increase Qatar’s attractiveness to foreign direct investment by implementing laws that allow more
foreign participation in the domestic economy. For example, the Government has established the Qatar
Financial Centre Authority, which enables global firms to operate as onshore institutions in Qatar. In
addition, on January 1, 2010, Law No. (21) of 2009 on Income Tax (the “Income Tax Law”) created a
flat income tax rate of 10.0% except (i) on the income of certain oil and gas companies that will
continue to be taxed at not less than 35.0% and (ii) in respect of agreements to which the Government,
the Ministries or other governmental bodies or public body enterprises are a party and which were
concluded prior to the Income Tax Law coming into force where the tax rate shall be that provided for
in the agreements and, if such agreements do not specify a tax rate, the tax rate shall be 35.0%.
These developments are part of a broad plan to diversify the Qatari economy to reduce reliance on oil
and gas revenues, which accounted for approximately 51.7% of total nominal GDP in the year ended
December 31, 2010 and approximately 57.8% of total nominal GDP for the six-month period ended
June 30, 2011.
The State is also seeking to increase foreign direct investment (“FDI”) in Qatar. The QCB, in its 2010
Financial Stability Review, reports that Qatar received QR171.4 billion (US$47.1 billion) or approximately
48% of its GDP from foreign investment in 2009. This reflects an increase of 36.4% over the 2008 foreign
investment amount of QR125.6 billion (US$34.5 billion). Total FDI in 2009 amounted to QR94.25 billion
(US$25.9 billion), of which QR48 billion (US$13.2 billion) reflecting 50.9% of the total FDI, went to the
mining sector which also includes crude oil and gas operations. The other main recipients of FDI were the
manufacturing, business services, construction, and building and banking sectors. The major countries
contributing to inward FDI were the United Kingdom, the United States, the United Arab Emirates, Japan
and South Korea, in that order.

Gross Domestic Product

The Qatar Statistics Authority estimates the nominal GDP at current prices for the first six months
of 2011 to be QR294,993 million (US$80,931 million). This represents an increase of 34.8% when
compared to the GDP at current prices for the first six months of 2010 recorded at QR218,881 million
(US$60,050 million). With the exception of 2009, Qatar’s GDP growth has been steady over the last
five years, driven by the production and export of crude oil, LNG, petrochemicals and related products,
coupled with rising hydrocarbon prices. Annual nominal GDP growth amounted to an increase of
36.7% in 2006, 30.9% in 2007 and 44.6% in 2008, a decrease of 15.2% in 2009 and an increase of
30.2% in 2010. The decrease in the growth rate in 2009 reflects the unfavorable conditions seen in the
international oil and gas markets as a consequence of the global financial crisis and the consequent
lower international oil and gas prices offset in part by the continued growth in the non-oil and gas
sector. With major economies experiencing slow recovery in the aftermath of the financial crisis, Qatar,

36
like most oil and gas producing countries, saw a lower demand for oil and gas and consequently,
reported lower GDP growth in the country’s oil and gas sector during 2009. However, the GDP figures
for the year ended December 31, 2010 reflect Qatar’s recovery from 2009 owing to an increase in
international oil and gas prices and new projects in the oil and gas sector commencing production.
The following table sets forth certain information about Qatar’s nominal GDP by economic sector
and by percentage contribution to total nominal GDP for each of the five years ended December 31,
2010 at current prices.
Year ended December 31,
2006 2007 2008 2009 2010(1)
Value % Value % Value % Value % Value %
(in millions of QR, except for percentages)
Oil and gas sector . . . . . . . . . . 117,469 53.0 150,014 51.7 230,312 54.9 159,467 44.8 239,745 51.7
Non-oil and gas by sectors:
Finance, business services,
insurance and real
estate . . . . . . . . . . . . . . . . . 29,371 13.3 41,982 14.5 51,580 12.3 58,099 16.3 62,119 13.4
Manufacturing(2) . . . . . . . . . . . 20,617 9.3 26,810 9.2 44,853 10.7 33,570 9.4 49,185 10.6
Building and construction . . . 10,846 4.9 15,925 5.5 27,199 6.5 25,522 7.2 24,143 5.3
Trade, restaurants and
hotels . . . . . . . . . . . . . . . . . 14,789 6.7 20,848 7.2 23,429 5.6 29,839 8.4 32,310 7.0
Transport and
communications . . . . . . . . 6,885 3.1 8,697 3.0 14,775 3.5 16,212 4.6 18,275 3.9
Electricity and water . . . . . . . 1,569 0.7 1,820 0.6 2,063 0.5 1,794 0.5 2,070 0.4
Agriculture and fisheries . . . . 270 0.1 319 0.1 523 0.1 439 0.1 534 0.1
Other services(3) . . . . . . . . . . 19,795 8.9 23,736 8.2 24,848 5.9 31,045 8.7 35,108 7.6
Total non-oil and gas
sector . . . . . . . . . . . . . . . . . . 104,141 47.0 140,137 48.3 189,279 45.1 196,519 55.2 223,744 48.3
Total nominal GDP . . . . . . . . . 221,610 100.0 290,152 100.0 419,583 100.0 355,986 100.0 463,489 100.0
Memorandum items
FISIM . . . . . . . . . . . . . . . . . . . . . (5,352) (6,734) (10,149) (10,152) (10,953)
Import duties . . . . . . . . . . . . . . . 2,703 1.2 3,946 1.4 3,540 0.8 3,114 0.9 4,019 0.9

Notes:
(1) Preliminary estimates.
(2) For purposes of calculating GDP, certain downstream activities generally associated with Qatar’s oil and gas industry, such
as the production and export of petrochemicals and fertilizer, steel, iron and metal coating, are included in the manufacturing
sector as part of the non-oil and gas sector.
(3) Includes social services, imputed bank service charges (FISIM), government services, household services and import
duties.
Source: Qatar Statistics Authority.

The following table sets forth certain information about Qatar’s nominal GDP by economic sector
and by percentage contribution to total nominal GDP for the six-month periods ended June 30, 2010
and 2011, including the percentage change between such periods.
Six months ended June 30, Percentage
2010(1) 2011(1) Change
Value % Value % %
(in millions of QR, except for percentages)
Oil and gas sector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,656 50.1 170,613 57.8 55.6
Non-oil and gas by sectors:
Finance, business services, insurance and real estate . . . . . . . . . . . . . . . 29,436 13.4 32,446 11.0 10.2
Manufacturing(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,992 11.0 31,069 10.5 29.5
Building and construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,992 5.9 12,199 4.1 (6.1)
Trade, restaurants and hotels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,445 7.1 16,394 5.6 6.1
Transport and communications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,640 3.9 10,080 3.4 16.7
Electricity and water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 972 0.4 1,212 0.4 24.7
Agriculture and fisheries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 265 0.1 289 0.1 9.1
Other services(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,483 8.0 20,671 7.0 18.2
Total non-oil and gas sector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,225 49.9 124,380 42.2 13.9
Total nominal GDP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218,881 100.0 294,993 100.0 34.8

Notes:
(1) Preliminary estimates.
(2) For purposes of calculating GDP, certain downstream activities generally associated with Qatar’s oil and gas industry, such
as the production and export of petrochemicals and fertilizer, steel, iron and metal coating, are included in the manufacturing
sector as part of the non-oil and gas sector.

37
(3) Includes social services, imputed bank service charges, government services, household services and import duties.
Source: Qatar Statistics Authority.

Oil and Gas Sector. The preliminary estimates of nominal GDP from the oil and gas sector for
the year ended December 31, 2010 was QR239,745 million (US$65,864 million) representing an
increase of QR80,278 million (US$22,034 million), or 50.3%, over the oil and gas sector GDP reported
for the year ended December 31, 2009. The growth is attributed to both higher production volumes and
international oil and gas prices. This sector recovered considerably from the previous year’s decline of
30.8%, i.e. a decline of QR70,845 million (US$19,436 million) reported for the year ended
December 31, 2009 as compared to the year ended December 31, 2008. The decline was attributable
to the global financial crisis and resulting recession in many industrialized economies and the decline in
international oil and gas prices coupled with a decline in demand for hydrocarbon products.
Non-Oil and Gas Sector. The preliminary estimates of nominal GDP from the non-oil and gas
sectors for the year ended December 31, 2010 was QR223,744 million (US$61,468 million) reflecting a
continued pace of growth with an increase of 13.9% over the sector’s output as of December 31, 2009.
This follows an increase of 3.8% in the sector’s output in the year ended December 31, 2009 as
compared to the year ended December 31, 2008. In 2010, the sector contributed 48.3% to the total
nominal GDP of the country. The key driver of growth was the manufacturing sector which grew by
46.5% in 2010 to report an overall nominal output of QR49,185 million (US$13,512 million) as
compared to QR33,570 million (US$9,223 million) in 2009.

Oil and Gas Sector

Overview
The following table sets forth Qatar’s total proven and expected reserves of crude oil, natural gas
and condensate as of January 1, 2011.
As of January 1, 2011(1)
Proven Expected
Natural gas (in trillions of cubic feet)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 883.2 884.1
Crude oil (in billions of barrels) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 3.3
Condensate (in billions of barrels) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.1 22.1
Total barrels of oil equivalent (in billions of barrels)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . 181.3 182.3

Notes:
(1) For a description of how Qatar classifies proven and expected reserves, see “Presentation of Certain Reserves Information.”
(2) Includes North Field gas reserves as well as reserves from Dukhan, Bul Hanine and Maydan Mazham oil fields.
(3) Proven and expected reserves of natural gas have been converted to barrels of oil equivalent using the BP Statistical
Review methodology, which converts gas to barrels of oil equivalent on a calorific basis according to a conversion factor of
one billion cubic feet of gas to 0.18 million barrels of oil equivalent.
Source: Qatar Petroleum.

QP, which is wholly owned by the State and the State’s primary source of revenues, is responsible
for all phases of the oil and gas industry in Qatar. The principal activities of QP and its subsidiaries and
joint ventures cover exploration, drilling and production, storage and transport, and the marketing and
sale of crude oil, pipeline gas, LNG, petrochemicals, GTL, steel, fertilizers and other products and
services. QP conducts its operations and activities at various onshore and offshore locations, while
hydrocarbon exploration and new projects are conducted under production sharing agreements with
international oil and gas companies. QP’s downstream strategy is driven by opportunities to add value
to existing oil and gas production as well as the requirements of the domestic economy. QP is also the
majority shareholder in a number of industrial companies located primarily at Ras Laffan City and
Mesaieed Industrial City, which use natural gas as feedstock and/or fuel to produce various
value-added products, such as petrochemicals, fertilizers and steel, both for domestic consumption
and export. Although oil-related activities currently account for a significant portion of QP’s revenues
and net cash flows, the State expects that the contribution of non-oil revenues to QP’s net cash flow
will steadily increase relative to other sources of income, with the State expecting to derive a majority
of its oil and gas revenue from the sale of LNG and other natural gas as the result of its investment in
the commercialization of Qatar’s substantial natural gas reserves.
QP is managed by a board of directors appointed by the Emir. The State’s Minister of Energy and
Industry serves as the Chairman and Managing Director of QP. Other members of QP’s board of

38
directors include representatives of QP’s major subsidiaries and affiliates. In addition, QP’s annual
budget is approved by the Ministry of Economy and Finance, the Council of Ministers and the Emir. All
proceeds from the export of crude oil, gas, refined products and condensate are paid directly to the
Ministry of Economy and Finance. The Ministry of Economy and Finance has the right to withdraw
funds from QP at any time. In addition, QP has the ability to request that the Ministry of Economy and
Finance deposit cash into QP’s accounts in accordance with QP’s approved annual budget.
QP has a long-term foreign currency issuer rating of AA from Standard & Poor’s and Aa2 from
Moody’s, with a stable outlook from both rating agencies.
The following table gives an overview of the historical consolidated financial information of QP as
of and for each of the three years ended December 31, 2010.

As of and for the year ended

December 31(1)
2008 2009 2010 2010
(in millions of QR) (in millions
of US$)
Income statement data:
Operating revenue:
Sales:
Crude oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,167 31,326 41,175 11,312
Liquefied natural gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,804 30,367 51,978 14,280
Condensate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,943 19,103 32,362 8,891
Refined products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,628 8,200 17,333 4,762
Natural gas and liquids . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,847 14,903 26,084 7,166
Petrochemicals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,846 5,068 6,654 1,828
Fertilizers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,590 2,480 2,910 799
Steel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,770 3,987 5,334 1,465
Gas-to-liquids products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,182 985 1,382 380
Other services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 712 1,722 2,802 770
Other operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,901 6,448 9,279 2,549
Total operating revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174,390 124,589 197,294 54,202
Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (22,747) (29,172) (37,478) (10,296)
Net operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151,643 95,417 159,816 43,906
Dividend and interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,727 1,326 806 221
Finance charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,791) (4,149) (5,628) (1,546)
Royalties, taxes and minority interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (94,779) (57,387) (100,427) (27,590)
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,800 35,207 54,567 14,991
Balance sheet data:
Total non-current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185,902 232,604 252,560 69,385
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,389 25,519 29,165 8,012
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,743 24,185 27,172 7,465
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,132 49,704 56,337 15,477
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23,028) (25,410) (24,538) (6,741)
Non-current liabilities:
Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (62,448) (75,338) (74,354) (20,427)
Other non-current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (94,469) (115,126) (90,031) (24,734)
Total non-current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (156,917) (190,464) (164,384) (45,161)
Total capital and reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (66,089) (66,434) (119,974) (32,960)
Cash flow statement data:
Net cash from operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,560 40,864 58,517 16,076
Cash flows from investing activities:
Payments for property, plant and equipment, deferred expenditure and
other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (36,791) (35,350) (24,455) (6,718)
Other investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (915) 1,000 616 169
Net used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (37,706) (34,350) (23,839) (6,549)
Cash flows from financing activities:
Proceeds from borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,494 16,331 5,150 1,415
Repayments of loans and obligations under finance leases . . . . . . . . . . . . . . (3,204) (6,908) (4,565) (1,254)
Net change in account with Ministry of Economy and Finance . . . . . . . . . . . . (21,697) (28,249) (29,470) (8,096)
Movement in minority interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 (1,357) (1,202) (330)
Net cash used in financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,340) (20,183) (30,087) (8,265)
Net change in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,514 (13,669) 4,591 1,262
Cash and cash equivalents at the beginning of the year . . . . . . . . . . . . . . . 28,367 37,880 24,211 6,651
Cash and cash equivalents at the end of the year . . . . . . . . . . . . . . . . . . . . . 37,880 24,211 28,802 7,913

39
Note:
(1) The overview of historical consolidated financial information has been derived from QP’s historical consolidated financial
statements, which are prepared in accordance with QP Accounting Standards. This Prospectus does not include QP’s
historical consolidated financial statements. See “Presentation of Financial Information.”
Source: Qatar Petroleum

For the six-month period ended June 30, 2011, QP’s total operating revenue and net income
increased by approximately 60% and 90%, respectively, compared to the six-month period ended
June 30, 2010, mainly as a result of higher volumes and prices realized on its hydrocarbon products. In
addition due to higher revenues generated especially from the sale of crude oil and LNG, royalties and
taxes payable to the State increased by approximately 50%.

Although QP’s operating revenues decreased by 28.6% from QR174,390 million

(US$47,909 million) in 2008 to QR124,589 million (US$34,228 million) in 2009, QP’s operating
revenues recovered in 2010 by 58.4% and were reported at QR197,294 million (US$54,202 million).
The decrease in 2009 was due to the global financial crisis and resultant recession in the developed
economies which affected the price of oil and gas and demand for commodities adversely. QP’s sale
and export of crude oil, LNG and petroleum products is its primary revenue generator. The recovery of
the developed economies in 2010 led to a higher demand in commodities, including petroleum
products, and an increase in the price of oil and gas which resulted in higher operating revenues for
QP in 2010.

QP’s capital expenditures consist principally of costs associated with building facilities for the
production and processing of oil, LNG and natural gas, drilling, the production of fertilizers and
petrochemicals, and the construction of LPG tanks and pipelines. To fund its capital requirements, QP
depends primarily on internal sources of liquidity along with loans from financial institutions and the
export credit agencies of its trade partners. Over the next five years, capital expenditure by QP, its
subsidiaries and joint venture partners is projected to be approximately QR146,954 million
(US$40,372 million). Many of the projects undertaken by QP, its subsidiaries and joint ventures have
been structured as non-recourse projects (although some have required guarantees by QP), with loans
amortizing over approximately 15 to 25 years and repayment obligations expected to be met through
the cash flows generated by each relevant project. It is estimated that QP’s share of the capital
expenditure over the next five years will be QR126,519 million (US$34,758 million). Financing for
certain projects has already been fully committed, and certain expenditure commitments have already
been made. For details on certain project commitments see “—Natural Gas Operations—LNG
Exports”.

QP’s strategy is to continue to contribute to the diversification of Qatar’s economy and the State’s
assets by leveraging QP’s experience along with the State’s vast hydrocarbon wealth to generate
long-term returns on investment in the international oil and gas industry. QP aims to diversify risk
geographically as well as capture further value in the oil and gas value chain. In furtherance of this
strategy, QP has set up its wholly owned subsidiary, Qatar Petroleum International (“QPI”), through
which it invests outside Qatar in the international oil and gas markets. QPI has also begun to explore
and evaluate various investment and acquisition opportunities that would further optimize the
operations of QP as well as maximize the value of Qatar’s hydrocarbon resources, including by
expanding into downstream activities in the natural gas sector in those regions where Qatari LNG is
sold so that the State has greater involvement and ownership in the entire LNG value chain.

Foreign investments made to date by QPI include, among others, the purchase in June 2008 from
TOTAL of 20% minority interests in two onshore oil exploration blocks in Mauritania, and the signing in
January 2008 of a memorandum of understanding with ConocoPhillips to pursue and develop
international energy projects outside of Qatar. In December 2009, QPI acquired an ownership interest
in two Shell petrochemical joint ventures in Singapore. QP interests in LNG terminals located outside
of Qatar (South Hook, Adriatic and Golden Pass) were transferred to QPI’s portfolio effective
January 1, 2011. In October 2011, QPI, an affiliate of Shell and PetroChina Company Ltd signed a
framework agreement for a petrochemical complex in China.

40
 Set forth below is a map of Qatar’s oil and gas fields.

Note:
* Numbers reference exploration blocks.
Source: Qatar Petroleum.

Natural Gas Operations

General
Qatar produced a total of 5,268.5 billion cubic feet of natural gas in the year ended December 31,
2010 and 4,059.7 billion cubic feet of natural gas in the year ended December 31, 2009. QP estimates
that Qatar’s proven gas reserves amounted to approximately 883.2 tcf as of January 1, 2011.
According to a 2009 report by the US Energy Information Administration, Qatar possesses the third
largest proven reserves of natural gas in the world (behind only Russia and Iran). Virtually all of Qatar’s
natural gas reserves are located in the North Field, which extends over an area of approximately 6,000
square kilometers, predominantly underlying the territorial waters of Qatar. A portion of the North Field
underlies the Qatari land mass. The North Field is a part of a structure which extends into the territorial
waters of Iran. Qatar and Iran concluded a maritime border agreement in 1969, and the boundary
between the two countries is not disputed. Iran is developing part of the North Field independently
through its South Pars Field projects. The North Field is estimated by the US Energy Information
Administration to be the largest non-associated gas field in the world, representing approximately 15%
of the world’s natural gas reserves in 2009. The North Field also possesses proven reserves of
approximately 22.1 billion barrels of condensate. The gas reserves located in the North Field are found
within a massive limestone and dolomite rock formation known as the Khuff Formation, which consists
of four reservoirs (named K1, K2, K3 and K4). The Khuff Formation is approximately 1,500 feet thick

41
and is present as a prominent regional formation. In offshore Qatar, the Khuff Formation is shaped as a
large low relief structure that contains the gas. More than 200 appraisal and development wells have
been drilled in the North Field since its discovery in 1971 in order to quantify the Khuff Formation’s gas
accumulation, determine the reservoir fluid and geological characteristics of the field, and begin
tapping its resources.
The State has placed a moratorium on further development of new projects in the North Field for
the time being while several large LNG and other gas based projects are being implemented, as the
State wishes to assess the performance of existing developments and carry out further studies on the
North Field to ensure the ongoing and sustainable development of Qatar’s most valuable resource well
into the future. However, the Barzan Project, which will develop pipeline gas for domestic consumption,
and the exploration and production agreement signed with PetroChina Company Limited in May 2010
are not subject to the moratorium. It is currently anticipated that there will not be any further
development of new projects in the North Field until such time as all the existing developments have
commenced and sustained production for several years, followed by a comprehensive study of the
North Field’s reservoir and its production performance.

Exploration and Production

The following table sets forth Qatar’s total proven and expected reserves of natural gas as of
January 1, 2011.
As of January 1, 2011(1)
Proven Expected
(in trillions of cubic feet)
North Field gas reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 871.7 871.7
Other gas reserves(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.5 12.4
Total Qatar gas reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 883.2 884.1

Notes:
(1) For a description of how Qatar classifies proven and expected reserves, see “Presentation of Certain Reserves Information.”
(2) Includes associated reserves from the Dukhan, Bul Hanine and Maydan Mahzam oil fields.
Source: Qatar Petroleum.

The State exploits its natural gas reserves through the following operations: (i) the flagship
Qatargas and RasGas Projects for LNG; (ii) QP’s production of natural gas for its own account,
including the North Field Alpha Project; (iii) the production of associated gas from Dukhan and certain
offshore oil fields through various production and development agreements with international oil and
gas companies; (iv) Gas-to-Liquids production through the Pearl and Oryx Projects; and (v) pipeline
gas through the Al Khaleej and Dolphin Projects, and the Barzan Project when it comes on line.
The RasGas and Qatargas LNG Projects produce LNG for export. The QP operated North Field
Alpha Project and the Al-Khaleej Gas Project supply natural gas for Qatar’s domestic use, while the
Dolphin Gas Project supplies pipeline gas to the regional market. The anticipated Barzan Project, once
completed and on stream, will supply pipeline natural gas to Qatar’s domestic market and potentially
for regional export. The Pearl GTL Project, one of Qatar’s major GTL projects, recently exported its first
consignment of gasoil in June 2011. Once fully operational, the Pearl GTL Project will be the world’s
largest source of GTL products, producing 140,000 barrels of GTL products each day for export and
Qatar’s domestic consumption.

42
 The following table sets forth certain information about the production of natural gas in Qatar (net
of flaring and gas re-injection) for each of the three years ended December 31, 2010.
Year ended December 31,
2008(1) 2009(1) 2010(1)
(in billions of cubic feet)
QP-operated fields:
Dukhan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198.9 177.9 210.6
Bul Hanine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.8 24.9 28.1
Maydan Mahzam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.1 13.0 13.9
North Field Alpha . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276.7 313.2 198.0
Total QP-operated fields . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 512.5 529.0 450.6
PSA fields(2): ...................................................................... 90.0 84.2 109.0
Project-operated fields:
North Field—Qatargas Projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 520.1 992.0 1,479.4
North Field—RasGas Projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,204.4 1,411.6 2,076.7
North Field—Al Khaleej Project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270.6 317.6 422.8
Dolphin project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 729.8 725.3 730.0
Total project-operated fields . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,724.9 3,446.5 4,708.9
Total gas production in Qatar(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,327.4 4,059.7 5,268.5

Note:
(1) These figures are unaudited and are as estimated by the relevant project’s management.
(2) Substantially all gas production from production sharing agreements comes from the Idd El Shargi (North and South Domes)
and Al Shaheen oil fields. Other production sharing agreement oil fields produce small amounts of gas that is either
re-injected, utilized as fuel for power or flared.
(3) These figures reflect gross production of natural gas in Qatar.
Source: Qatar Petroleum.

LNG Exports
A substantial portion of Qatar’s LNG sales are derived from long-term sale and purchase
agreements which provide certainty of volume offtake. However, Qatari LNG sales are subject to price
fluctuations as many of the prices set in such agreements are linked to an oil price or other similar
index. See “Risk Factors—Risks Relating to Qatar—Changes in global or regional prices or supply of
natural gas, crude oil and other hydrocarbons, and any decline in Qatar’s future production of
hydrocarbons, may materially and adversely impact the State’s revenues and the financial condition of
the State.” Most of the more recent contracts with respect to the sale of Qatari LNG include diversion
rights, whereby sales of LNG can be diverted to other markets based on certain circumstances. These
diversion rights enable the Qatargas and RasGas entities to maximize the potential revenues from the
sale of Qatari LNG, based on then existing market conditions, and to take advantage of changes in
demand patterns in different markets around the world. In the current market, for example, as North
American natural gas prices have been depressed, Qatar has increasingly targeted other markets in
Asia and Central Europe for its LNG volumes. Qatar has the ability to continue this activity for so long
as North American gas demand remains soft. The State also believes that an important competitive
advantage it possesses is that Qatar’s central location permits access to all major LNG markets
globally, allowing for a flexible marketing approach. Qatar continues to divert cargo to maximize its
potential revenues.
Qatar is a central geographic location for global shipping. QP also has interests in regasification
terminals in Europe, where certain Qatari LNG customers are based. The Qatargas and RasGas LNG
Projects are the source of all Qatari LNG exports and, based upon contractual commitments, Qatari
LNG is sold globally to customers in 15 countries in North America (Mexico and the United States),
Northwest Europe (the United Kingdom, the Netherlands and Belgium), Western Europe (Italy, France
and Spain), South Asia (UAE, Kuwait and India) and Northeast Asia (China, South Korea, Japan and
Taiwan). Given current developments in the global market for LNG, the State believes that, in the
future, the amount of Qatari LNG sold to markets in Europe (particularly Central Europe) and Asia will
increase slightly, while the amount of Qatari LNG sold to the United States will decrease slightly.

43
 The following table gives an overview of Qatar’s LNG exports and QP’s share thereof for each of
the three years ended December 31, 2010.
Year ended December 31,(1)
2008 2009 2010
(in millions of tons,
except as noted otherwise)
Qatargas Projects:
Qatargas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.7 9.4 9.4
Qatargas 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 4.7 13.9
Qatargas 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 0.1
Qatargas 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — —
Total Qatargas Projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.7 14.1 23.4

RasGas Projects:
RasGas I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9 7.3 6.9
RasGas II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.8 13.7 13.9
RasGas 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 2.0 12.2
Total RasGas Projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.7 23.0 33.0
Total LNG exports from Qatar(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.4 37.1 56.4

QP share of total LNG exports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.3 24.9 38.2

QP share of LNG revenues (in millions of QR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,804 30,367 51,978
QP share of LNG revenues (in millions of US$) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,485 8,343 14,280

Note:
(1) All volumes are derived from information provided by the Qatargas and RasGas entities.
(2) For comparative purposes, total LNG exports from Qatar were 20.8 mta, 24.9 mta and 29.3 mta for 2005, 2006 and 2007
respectively.
Source: Qatar Petroleum.
As the global demand for LNG has grown, Qatar has raised its annual LNG production capacity to
its target level of 77.5 mta. Due to the construction time for a new LNG project, further LNG production
in the near future would only be possible through debottlenecking existing LNG trains. The following
table gives an overview of Qatar’s projected estimated LNG capacity as well as contractual
commitments for Qatari LNG exports for each of the five years ending December 31, 2015.
Year ending December 31,(1)
2011 2012 2013 2014 2015
(in millions of tons)
Qatargas Projects:
Capacity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.2 41.2 41.2 41.2 41.2
Commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.6 39.9 40.0 39.4 40.2
RasGas Projects:
Capacity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.3 36.3 36.3 36.3 36.3
Commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.3 36.3 36.3 36.3 36.3
Total LNG capacity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77.5 77.5 77.5 77.5 77.5
Total LNG commitments(2) ................................................... 68.9 76.2 76.3 75.7 76.5

Notes:
(1) All volumes are projected estimates.
(2) The difference between the LNG capacity and LNG commitments reflected in the table above is expected to be covered with
sales on the spot market and additional LNG sale and purchase contracts currently under negotiation.
Source: Qatar Petroleum.

LNG Projects
Qatar’s total LNG sales in 2010 were approximately QR51,978 million (US$14,280 million),
including sales to four international markets. Qatar’s LNG is produced through the RasGas and the
Qatargas LNG Projects, which process natural gas in offshore and onshore facilities. QP holds
between 60% and 70% equity ownership interests in these projects. It has entered into joint ventures
or heads of agreements with Marubeni and subsidiaries of ConocoPhillips, Exxon Mobil Corporation,
Mitsui, Shell and TOTAL of France as part of the Qatargas Project and subsidiaries or affiliates of
Exxon Mobil Corporation, Itochu, LNG Japan and Korea Gas Corporation as part of the RasGas
Projects. Downstream, these projects liquefy and store the natural gas in Qatar. LNG thus produced is
shipped by over 80 LNG vessels to contracted customers in 15 countries in North America (Mexico and

44
the United States), Northwest Europe (the United Kingdom, the Netherland and Belgium), Western
Europe (Italy, France and Spain), South Asia (UAE, Kuwait, and India) and Northeast Asia (China,
South Korea, Japan and Taiwan).
The following table sets forth certain information about Qatar’s flagship Qatargas and RasGas
LNG projects:
Project Partner(s) Production Capacity

Qatargas TotalFinaElf E&P Qatar, Exxon Mobil Qatargas 9.9 mta (in aggregate) for Trains 1, 2 and 3
Inc., Marubeni Corporation and Mitsui & Co. Ltd.

Qatargas 2 Exxon Mobil Qatargas (II) Limited, Total E&P 15.6 mta (in aggregate) for Trains 4 and 5
Golfe Limited

Qatargas 3 ConocoPhillips Qatar Limited, Mitsui Qatargas 3 7.8 mta for Train 6
Ltd.

Qatargas 4 Shell Gas B.V. 7.8 mta for Train 7

RasGas I Exxon Mobil RasGas Inc., Korea Ras Laffan 6.6 mta (in aggregate) for Trains 1 and 2
LNG Limited, Itochu Corporation, LNG Japan
Corporation

RasGas II Exxon Mobil RasGas Inc. 14.1 mta (in aggregate) for Trains 3, 4 and 5

RasGas 3 Exxon Mobil Ras Laffan (III) Limited 15.6 mta (in aggregate) for Trains 6 and 7

Qatargas Projects. The Qatargas Projects (Qatargas and Qatargas 2, 3 and 4) are joint ventures
with major international oil and gas companies to extract, process and export LNG from the North Field
through seven LNG trains located at Ras Laffan City. With the start of production from Train 7,
Qatargas’ overall production capacity has now reached 41.2 mta, making the Qatargas Projects the
largest LNG producer in the world. The Qatargas Projects have delivered nearly 2,000 LNG cargoes as
of the end of 2010. As of December 31, 2010, the cumulative capital expenditure on the Qatargas
projects amounted to approximately QR123,629 million (US$33,964 million). In addition, as of
December 31, 2010, the Qatargas entities had QR47,113 million (US$12,943 million) in aggregate
principal amount of indebtedness outstanding. Additional details on the Qatargas Projects are set forth
below:
Qatargas. Qatargas, Qatar’s first LNG project, is a three train LNG project with an aggregate of
approximately 9.9 mta of production capacity for LNG and associated liquids. The first train
commenced production in 1996, while the second and third trains commenced production in 1997 and
1998, respectively. As of December 31, 2010, Qatargas had cumulatively produced approximately
9.8 mta of gas, had made a cumulative capital expenditure of approximately QR21,997 million
(US$6,043 million) and had no debt outstanding. Qatargas is party to two long-term sale and purchase
agreements with utility companies in Japan and Spain.
Qatargas 2. Qatargas 2 is a two train LNG project with an aggregate of approximately 15.6 mta
of production capacity for LNG and associated liquids. The fourth Qatargas train commenced
production in May 2009 and the fifth Qatargas train commenced production in September 2009. The
LNG is exported and sold under two long-term sale and purchase agreements to a company jointly
owned by QP, Exxon Mobil Corporation and TOTAL. Qatargas 2’s LNG is primarily exported to the
United Kingdom, Asia and Europe. The purchase agreements also provide for diversion rights which
enable Qatargas 2 to divert LNG volumes to other markets if market conditions make it more favorable
to do so.
As of December 31, 2010, Qatargas 2 had cumulatively produced approximately 14.0 mta of gas
and made a cumulative capital expenditure of approximately QR43,680 million (US$12,000 million) and
had approximately QR23,012 (US$6,322 million) in aggregate principal amount of indebtedness
outstanding.
Qatargas 3. Qatargas 3 is a one train LNG project with an aggregate of approximately 7.8 mta of
production capacity for LNG and associated liquids. The sixth Qatargas train commenced production in
November 2010. The LNG is sold to ConocoPhillips under a long-term sale and purchase agreement
and exported to the United States; however, such sale and purchase agreement provides for diversion
rights which enable Qatargas 3 to divert LNG volumes to other markets if market conditions make it
more favorable to do so. LNG is also supplied to countries in Asia and Europe. As of December 31,
2010, Qatargas 3 had cumulatively produced approximately 0.7 mta of gas and had approximately
QR12,864 million (US$3,534 million) in aggregate principal amount of indebtedness outstanding.

45
 Qatargas 4. Qatargas 4 is a one train LNG project co-developed alongside Qatargas 3 with an
aggregate of approximately 7.8 mta of production capacity for LNG and associated liquids. The
seventh Qatargas train commenced production in January 2011. The LNG is sold to Shell under a
long-term sale and purchase agreement and exported to the United States and other markets,
including the Middle East and Asia. However, such sale and purchase agreements provide for
diversion rights which enables Qatargas 4 to divert LNG volumes to other markets if market conditions
make it more favorable to do so. As of December 31, 2010, Qatargas 4 had approximately
QR11,237 million (US$3,087 million) in aggregate principal amount of indebtedness outstanding.
RasGas Projects. The RasGas Projects (RasGas I, II and 3) are joint ventures with major
international oil and gas companies to extract, process and export up to an aggregate of approximately
36.3 mta of LNG from the North Field through seven LNG trains located in Ras Laffan City. As of
December 31, 2010, the cumulative capital expenditure on the RasGas Projects amounted to
approximately QR59,237 million (US$16,274 million) and the RasGas Projects had QR37,638 million
(US$10,340 million) in aggregate principal amount of indebtedness outstanding. Additional details on
the RasGas Projects are set forth below:
RasGas I. RasGas I is a two train LNG project with an aggregate of approximately 6.6 mta of
production capacity for LNG and associated liquids. The first RasGas train commenced production in
1999 and the second RasGas train commenced production in 2000. As of December 31, 2010,
RasGas I had cumulatively produced approximately 4,092 bcf of gas, had made a cumulative capital
expenditure of QR10,057 million (US$2,763 million) and had QR2,038 million (US$560 million) in
aggregate principal amount of indebtedness outstanding. This debt had been repaid in full by
September 2011. RasGas I is party to long-term sale and purchase agreements with Korea Gas
Corporation and a consortium comprised of four of the largest energy companies in India.
RasGas II. RasGas II is a three train LNG project with an aggregate of approximately 14.1 mta of
production capacity for LNG and associated liquids. The third RasGas train commenced production in
2004, the fourth RasGas train commenced production in 2005, and the fifth RasGas train commenced
production in 2006. As of December 31, 2010, RasGas II had produced a cumulative amount of
4,395 bcf of gas, made a cumulative capital expenditure of QR15,954 million (US$4,383 million) and
QR10,236 million (US$2,812 million) in aggregate principal amount of indebtedness outstanding.
RasGas II is party to long-term sale and purchase agreements with buyers in India, Italy, Spain,
Belgium and Taiwan.
RasGas 3. RasGas 3 is a two-train LNG project with an aggregate of approximately 15.6 mta of
production capacity of LNG and associated liquids. The sixth RasGas train commenced production in
July 2009 and the seventh RasGas train commenced production in February 2010. The RasGas 3
LNG trains currently sell LNG to countries in North America, Europe and Asia under long-term sale and
purchase agreements. As of December 31, 2010, RasGas 3 had cumulatively produced approximately
948 bcf of gas, made a cumulative capital expenditure of QR33,226 million (US$9,128 million) and
raised senior debt financing of approximately QR25,364 million (US$6,968 million).

LNG Shipping
As LNG exports to liberalized gas markets make a larger contribution to the State’s revenues and
as QP’s partners in Qatar’s LNG projects invest more capital in Qatar, the State has progressed toward
full LNG value chain integration, thus linking upstream, midstream and downstream components. As
part of this process, Qatar Gas Transport Company (“QGTC”) was established in 2004 to own, manage
and operate LNG vessels providing shipping and marine related services to a range of participants
within Qatar’s hydrocarbon sector.
QGTC’s activities are currently focused on the transportation of LNG to global markets. QGTC
owns non-operating equity ownership interests (ranging from 20.0% to 60.0%) in 29 LNG vessels, all of
which have been delivered. QGTC owns these LNG vessels in partnership with a number of leading
international shipping companies. In 2006, QGTC established a program to acquire LNG vessels on a
wholly owned basis through its subsidiary Nakilat. Pursuant to the program, 25 LNG vessels have been
financed and constructed and the last ship was delivered to Nakilat in August 2010. With the last ship
deliveries, QGTC now has equity interests in a total of 54 LNG vessels. QGTC partially owns four LPG
vessels which export LPG from Qatar. QGTC has also recently diversified its activities by acquiring
interests in a shipyard to be built in phases at Ras Laffan City. QGTC, which is listed on the Qatar
Exchange, is 50.0% owned by the public and 50.0% owned by various Qatari national companies
(including 5.0% which is owned by QP).

46
Other Gas Production
QP Gas Production. QP also produces associated natural gas for its own account from the
onshore Dukhan oil field and from the offshore Bul Hanine and Maydan Mahzam oil fields, as well as
non-associated natural gas from the onshore Dukhan Khuff reservoir and the offshore North Field
Alpha project.

PSA Gas Production. As a result of their crude oil production activities, projects operating
pursuant to production and sharing agreements with the State of Qatar also produce offshore
associated gas from the Idd El Shargi, Al Shaheen and Al Khaleej oil fields. In general, under the
production and sharing agreements, any associated gas that is not used for lifting or reinjection
belongs to the State, and this gas is delivered to QP as the State’s agent. Some of the natural gas
produced at the Al Shaheen and Idd El Shargi oil fields is fed onshore to the NGL plants at Mesaieed
Industrial City, while some of the natural gas produced at the Al Khaleej field is used for power
generation at Halul Island.

In May 2010, QP entered into an exploration, production and supply agreement with Shell and
PetroChina Company Limited for exploration of natural gas in Qatar’s Block D. The Block D concession
is for pre-Khuff geological intervals. Part of the Block D concession extends beneath the North Field.
The 30 year agreement starts with a five year First Exploration Period during which Shell and
PetroChina will implement a work program including exploration technical studies, 2D and 3D seismic
acquisition, processing, re-processing and interpretation, and drilling a number of exploration wells to
the pre-Khuff formation. Shell and PetroChina will produce natural gas under QP’s supervision. Under
the agreement, QP will be the off-taker of any potential gas produced.

Pipeline Gas Supply Projects

Al Khaleej. Al Khaleej is a pipeline gas supply project with rights to develop facilities to produce
up to 2.0 bcfd of natural gas from the North Field for distribution in Qatar, as well as the condensate,
NGL and ethane produced with the gas. The project is a joint venture between the State of Qatar and
Exxon Mobil Corporation Middle East Gas Marketing Limited (“EMMEGML”), an indirect wholly-owned
subsidiary of Exxon Mobil Corporation. As part of the project, EMMEGML has constructed natural gas
processing facilities, NGL recovery facilities, and NGL fractionation facilities, storage and loading
facilities at Ras Laffan City. The project is operated by RasGas Company Limited.
The first part of the Project, AKG 1, began production in November 2005 and primarily produces
natural gas for supply to the Ras Laffan Power Company to generate power at Ras Laffan Industrial
City, provide fuel for Mesaieed Industrial City customers and supply feedstock to the Oryx GTL project.
The second part of the Project, AKG-2, began production in November 2010. AKG-1 and AKG-2,
cumulatively, produce about 1,482 mcfd of natural gas; 23.3 million barrels of field and plant
condensates; 739,527 tons of natural gas liquids (propane and butane); and 335,764 tons of ethane a
year for use as petrochemical feedstock.
Dolphin. The State, subsidiaries of TOTAL and Occidental Petroleum, and Dolphin Investment
Company developed the Dolphin project under the terms of a 2001 development and production
sharing agreement. The Dolphin project entails production of wellhead gas from the North Field in an
amount sufficient to export lean gas at a rate of 2.0 bcfd to the UAE through an offshore export
pipeline. The project also includes the processing of the gas at Ras Laffan Industrial City to extract
condensate, ethane, LPG and sulfur for export. The Dolphin project began production in mid-2007,
reaching full operation in February 2008, and is estimated to have produced approximately 730 bcf of
natural gas in 2010.
Barzan. QP has entered into a joint venture with Exxon Mobil to further develop the North Field
gas reserves through the Barzan Project to supply pipeline gas to the local industries and power
generation sectors in Qatar. The project is expected to have three offshore platforms and two onshore
gas trains. It will share common storage, loading and offsite facilities at Ras Laffan City. The first train
is expected to come on stream in 2014, followed by the second one in 2015. The project is expected to
provide about 1.35 bcfd of pipeline gas. The capital expenditure incurred in this Project is expected to
be reflected in the financial accounts of QP rather than the financial and capital account of the State’s
expenditures and revenues.

47
Gas-to-Liquids Projects
The term gas-to-liquids refers to a small number of technologies designed to convert natural gas
to liquid fuels, as alternatives to the traditional refining of crude oil and other natural gas
commercialization routes. Typical output yields for a GTL process consist of about 70% ultra-clean
diesel fuel, 25% naphtha and a few percent LPGs, lubes and waxes. Thus the prime potential markets
for GTL fuels are the transport fuel market and the chemical feedstock market.
QP is actively pursuing a number of GTL projects for the production of synthetic fuels and base oil
stocks. They are all integrated with offshore development to supply the large amounts of gas needed
for these projects.
The table below lists out the currently operational GTL projects:
Project Operator(s) Production Capacity Status
Pearl GTL Qatar Shell GTL, Ltd., a Production expected to March 2011: The plant
subsidiary of Shell increase to 140,000 began producing
bbl/day of GTL plus condensate, LPG, sulfur
120,000 bbl/day of and oxygen.
condensate. June 2011: The plant sold
its first shipment of GTL
product—Gasoil.

Oryx Joint venture between QP Targeted production Started production in

(51%) and Sasol Ltd. (49%), capacity of approximately 2006.
a South African 33,000 bpcd, consisting of
petrochemicals company 24,000 bpd of diesel fuel,
8000 bpcd of naptha and
1,000 bpcd of LPG.

The following table gives an overview of Qatar’s GTL exports and QP’s share thereof for each of
the three years ended December 31, 2010.
Year ended December 31,(1)
2008 2009 2010
(in millions of tons,
except as noted otherwise)
GTL Projects:
Pearl GTL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — —
Oryx . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1
Total GTL exports from Qatar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1

QP share of total annual GTL production (in thousands of tons) . . . . . . . . . . . . . . . . . . . . . . . . . 378 500 530
QP share of total GTL export sales (in thousands of tons) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 378 412 528
QP share of total value of export sales (in millions of QR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,182 985 1,382
QP share of total value of export sales (in millions of US$) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325 271 380

Note:
(1) All volumes are derived from information provided by the respective project operators.
Source: Qatar Petroleum

Condensate
Field condensate is essentially a very light crude oil and is produced from non associated gas at
the North Field and from a gas cap at the Dukhan oil field. It is primarily exported to Asia and sells in
direct competition with other Middle Eastern light crude oils. Occasionally, the field condensate
produced from North Field Alpha or the Dukhan oil field is sold to customers directly if the condensate
splitters are undergoing maintenance.
Plant condensate is extracted from raw NGL supplied from the Dukhan oil field, the offshore oil
fields and the North Field at the NGL fractionation plants at Mesaieed Industrial City. Plant
condensates from RasGas, Qatargas and AKG projects are marketed jointly by these projects and QP.
The primary markets for plant condensates have been Japan, Singapore, Taiwan, Malaysia and
Thailand. The current contract price for plant condensate is linked to international prices of naphtha
plus a variable premium, which is negotiated on a bi annual basis. Naphtha based petrochemicals
companies are QP’s main customers.
In addition, the Qatargas, RasGas and Al Khaleej projects also produce field and plant condensate
as part of their natural gas operations in the North Field and processing activities at Ras Laffan City.

48
 The following table sets forth the proven and expected reserves of Qatar’s field condensate as of
January 1, 2011:
As of January 1, 2011(1)
Proven Expected
(in millions of barrels)
North Field . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,064.0 22,064.0
Dukhan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80.4 125.9
Bul Hanine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146.3 153.9
Maydan Mahzan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.4 46.4
Idd El Shargi North Dome . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.9 23.7
Total field condensate reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,345.0 22,413.9

Note:
(1) For a description of how Qatar classifies proven and expected reserves, see “Presentation of Certain Reserves Information.”
Source: Qatar Petroleum.

The following table sets forth the production and export sales of condensate (both field and plant
condensate) attributable to QP for each of the three years ended December 31, 2010:
Year ended December 31(1)
2008 2009 2010
QP share of total annual production (in thousands of barrels)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,752 118,687 153,820
QP share of total export sales (in thousands of barrels) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,067 95,726 136,148
QP share of total value of export sales (in millions of QR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,943 19,103 32,362
QP share of total value of export sales (in millions of US$) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,402 5,248 8,891

Notes:
(1) A portion of these volumes is derived from information provided by QP’s joint ventures as well as operators operating
pursuant to production sharing agreements.
(2) For comparative purposes, QP’s share of total annual production was 60,995,000, 71,888,000 and 80,625,000 barrels for
2005, 2006 and 2007 respectively.
Source: Qatar Petroleum.

Natural Gas Liquids

QP has four NGL plants located at Mesaieed Industrial City (NGL 1, NGL 2, the North Field Gas
Plant and NGL 4) which process the following feed streams by separating NGLs from gas and
fractionating the same:
• Associated gas from Offshore oil fields—Bul Hanine, Maydan Mahzam and Idd
El-Shargi—Processed in NGL-2 Stripping Plant
• Associated gas from Offshore Al-Shaheen oil field—Processed in NGL-3 Gas plant
• Non-associated gas/liquid from the North Field (Alpha)—Processed in NGL-3 Gas/Liquid
plants
• Associated gas from the Dukhan oil fields—first processed in Dukhan, raw NGL further
processed in NGL fractionation plants (NGL-1/2/4), Mesaieed
• Non associated gas from Dukhan Arab-D fields—first processed in Dukhan, raw NGL further
processed in NGL fractionation plants (NGL-1/2/4), Mesaieed
High value NGL products including methane, ethane, propane, butane, NGL Condensate and NF
Condensate are extracted at the NGL plants and are then either exported, further processed in the QP
refinery complex or used in downstream chemical plants such as Q-Chem I/II, QAPCO or QAFAC.
Sulphur produced in the gas sweetening process is exported.
The following tables set forth the feed and production capacity for the various plants at Mesaieed
Industrial City as of January 1, 2011.
NGL-2 NGL-3
Gas/Liquid Plants Stripping(1),(3) NGL-3 Gas Liquid(2) Total
(All figures in tons per day)
Feed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,769 23,306 4,015 32,090
Production capacity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Methane . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,038 16,462 — 20,500
NF Condensate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 3,240 3,240
Sulphur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 285 — 285

49
Notes:
(1) Raw NGL from NGL-2 Stripping and NGL-3 Gas Plant is further processed at NGL Fractionation plants.
(2) Sour gas from NGL-3 Liquid Plant is processed at NGL-3 Gas Plant.
(3) NGL-2 capacity data refers to summer case, winter capacity is lower.
Source: Qatar Petroleum
NGL-2
Fractionation Plants NGL-1 Fractionation NGL-4 Total
(All figures in tons per day)
Feed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,084 4,157 10,200 18,441
Production capacity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ethane . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,352 1,145 4,305 6,802
Propane . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,293 1,096 3,073 5,462
Butane . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 851 899 2,041 3,791
NGL Condensate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 588 903 781 2,272
Total 4,084 4,043 10,200 18,327

Source: Qatar Petroleum

The Qatargas, RasGas and Al Khaleej projects use the NGL recovery, fractionation and treatment
facilities constructed at Ras Laffan City, which, in addition to plant condensate, produce similar natural
gas liquids as the NGL plants at Mesaieed Industrial City. The anticipated Barzan Project, currently
under construction, will also share the same facilities at Ras Laffan City when it becomes operational.
Propane is used locally as a fuel as well as exported, while butane is used as a feedstock by QAFAC
and is also exported. Surplus LPGs are sold mainly to Japan, while historically all plant condensate
produced by QP has been sold to Japan on a term contract basis.
The following table sets forth the production and sale of NGL attributable to QP for each of the
three years ended December 31, 2010.
Year ended December 31,(1)
2008 2009 2010
QP share of total annual production (in thousands of tons) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,255 4,912 6,307
QP share of total sales (in thousands of tons) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,975 4,570 6,026
QP share of total value of sales (in millions of QR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,007 8,871 15,588
QP share of total value of sales (in millions of US$) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,024 2,437 4,282

Note:
(1) A portion of these volumes is derived from information provided by QP’s joint ventures as well as PSA operators.
Source: Qatar Petroleum.

Crude Oil Operations

Oil was discovered in Qatar in 1939 and crude oil production began in 1949. Since then, Qatar has
steadily increased its levels of crude oil production, both directly and by entering into production
sharing agreements with leading international oil exploration and production companies, including
Maersk, TOTAL and Occidental Petroleum. With average crude oil production of approximately
830,000 barrels per day in 2009, Qatar was estimated by the US Energy Information Administration at
that time to be the world’s 16th largest global oil producer. QP’s strategy of focusing on developing and
commercializing Qatar’s vast natural gas reserves has led to a decrease in the contribution of oil sales
to QP’s total operating revenue and the sale of crude oil accounted for 25.1% and 20.8% of QP’s total
operating revenues for the years ended December 31, 2009 and December 31, 2010, respectively.
As a member of OPEC, Qatar’s crude oil production is determined by quota restrictions. OPEC
does not publish its quota restrictions for each of its member countries. Oil producers in Qatar have the
capacity to exceed the OPEC quota and, in the past, actual production has been reduced to avoid
exceeding OPEC quotas.

Reserves
As of January 1, 2011, Qatar had proven reserves of 2.3 billion barrels of crude oil. Assuming
there are no further discoveries of oil reserves in Qatar, it is estimated that crude oil production may

50
have peaked in 2010. The discovery of additional oil reserves is possible given QP’s experience with
the application of new technology to enhance recovery from existing oil reservoirs. Consequently, it is
possible that the period of peak production may be extended beyond 2010.
The following table sets forth the total proven and expected reserves of crude oil and associated field
condensate (other than condensate associated with the North Field) in Qatar as of January 1, 2011.
As of January 1, 2011(1)
Proven Expected
(in millions of barrels)
QP operated oil fields:
Bul Hanine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 438.5 560.2
Maydan Mahzam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130.6 265.2
Dukhan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 558.1 872.1
Total QP operated oil fields . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,127.2 1,697.5
Non-QP operated oil fields:
Al Shaheen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 412.4 597.4
Al Khaleej . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79.2 96.8
Idd El Shargi North Dome . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 522.9 603.7
Idd El Shargi South Dome . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58.7 116.7
Al Rayyan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.5 34.5
Al Karkara . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.0 40.5
50.0% of El Bunduq(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
Total non-QP operated oil fields . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,127.7 1,489.6
Total all oil fields(3) ................................................................ 2,254.9 3,187.1

Notes:
(1) For a description of how Qatar classifies proven and expected reserves, see “Presentation of Certain Reserves Information.”
(2) Data not available for 2011.
(3) These figures include both crude oil and associated field condensate, but do not include condensate from the North Field.
Source: Qatar Petroleum.

Oil Production
Qatar’s total oil exploration area is divided into 26 hydrocarbon “blocks” covering a total surface
area of 43,426 square kilometers. QP is involved in the exploration, development, and production of
crude oil in Qatar both through its own operations and in conjunction with the State and major
international oil and gas companies pursuant to production sharing agreements. QP produces crude oil
for its own account from the onshore Dukhan oil field, and the offshore Bul Hanine and Maydan
Mahzam oil fields, which commenced production in 1949, 1965 and 1969, respectively. Since the early
1990s, QP, as agent of the State, has entered into a number of production sharing agreements with
various international oil and gas companies for the purpose of hydrocarbon exploration and the
exploitation of these blocks. As of June 2011, a total surface area of 8,217 square kilometers, or 19%
of Qatar’s total exploration area, was being operated subject to production sharing agreements for post
Khuff reservoirs, and 23,587 square kilometers or 54% of Qatar’s total exploration area, was being
operated subject to production sharing agreements for deep Paleozoic reservoirs. The remaining area
consists of either open exploration areas or areas where QP operates oil fields.
The State develops these blocks either through exploration and production sharing agreements
(“EPSAs”), under which the contractor is granted the right to explore for oil in the relevant block and,
upon oil discovery, to appraise and develop the field, or through development and production sharing
agreements (“DPSAs”), where contractors are given the right to appraise and develop fields in which
there are known to be reserves of oil. QP acts as the State’s agent in the EPSAs and DPSAs entered
into between the State of Qatar and multiple international oil and gas companies. QP pursues the
commercialization of Qatar’s oil reserves pursuant to production sharing agreements because of the
many benefits accruing to the State. The capital costs associated with exploration, development and
production in areas subject to production sharing agreements are incurred solely by the contractors,
thus minimizing the financial burden on Qatar. In addition, these international oil and gas companies
typically have access to modern technology and advanced oil extraction techniques and generally use
such technology and techniques in their operations, thus helping to maximize Qatar’s production and
export of oil and the development of its oil reserves.
The terms of each production sharing agreement varies according to the different circumstances
of the relevant area, such as the difficulty of extracting oil and the size of the reserves. In general, the
production sharing agreements are structured to make it economically attractive for the contractor to

51
develop the field and fully exploit its reserves, while at the same time protecting the State’s economic
interests. In general, the production sharing agreements have terms of 25 years, although the operator
often has the option to extend them for a further period. QP generally takes physical delivery of its
share of the crude oil produced under production sharing agreements for export, with the net proceeds
from the sale of such crude oil being collected directly by the Ministry of Economy and Finance. QP
retains revenues from the sale of such crude oil net of the taxes payable under the production sharing
agreements.
Oil fields in Qatar subject to production sharing agreements include the Al Shaheen field which is
operated under an agreement with a subsidiary of Maersk, the Al Khaleej field operated by TOTAL, the
Idd El Shargi North Dome and South Dome fields, operated by a subsidiary of Occidental Petroleum,
and the Al Rayyan field, which is operated by another subsidiary of Occidental Petroleum. In general,
Qatar’s oil fields are mature and their production is expected to significantly decrease over the next
decade.
Al Shaheen Field. Al Shaheen Field, located in Block 5 approximately 43 miles off Qatar’s
northeastern coast is one of Qatar’s most productive oil fields. The State of Qatar entered into an
EPSA with Maersk Oil Qatar AS (“Maersk Qatar”) for the development of the Al Shaheen Field in
1992. Recovery of oil from Al Shaheen Field has been significantly enhanced by the application of
extended reach horizontal drilling techniques, three dimensional seismic survey technology and
pressure maintenance through water injection. In 2009, the production of Al Shaheen increased after
the completion of new wells, pipelines and oil platforms. However, new drilling in Al Shaheen has led to
a significant reassessment of the fields’ reserves: estimates of the proven reserves for Al Shaheen
were reduced from 1,076 million barrels as of January 1, 2009 to 412 million barrels as of January 1,
2011 and expected reserves were reduced from 1,592 million barrels as of January 1, 2009 to
597 million barrels as of January 1, 2011. As a result of this reduction in reserves, Al Shaheen, which
has historically been one of the most productive fields in Qatar, may see its production curtailed in the
future.

Al Khaleej Field. Al Khaleej Field is located in Block 6, along Qatar’s maritime border with Iran,
and to the east of the North Field. On January 7, 1989, the State of Qatar entered into an EPSA with a
consortium (whose ultimate sponsors were Elf and Agip) for Block 6. The successor to the consortium,
TOTAL E&P Qatar, currently operates the block. The field was discovered in May 1991 and production
started in early 1997. Since then, TOTAL E&P Qatar has completed several expansion projects to
raise the total production. High resolution three dimensional seismic survey technology was used to
enhance production from this field.
Idd Al Shargi North Dome Field. Idd Al Shargi North Dome Field (“ISND”), first discovered by
Shell in 1960, lies 59 miles east of Qatar’s northern tip. ISND is operated by Occidental Petroleum of
Qatar Ltd. (“Occidental Qatar”), pursuant to a DPSA entered into with the State of Qatar on July 24,
1994, wherein Occidental Qatar planned to invest US$700 million and committed to invest
US$200 million in the Shuaiba reservoir development, optimization, gas and water injection systems,
and further appraisal.
The El Bunduq field straddles the marine border between Qatar and the United Arab Emirates and
is owned equally by the two countries. The El Bunduq field, operated by a private Japanese
development company, is developed pursuant to a concession agreement (rather than a production
and sharing agreement) and, accordingly, the State receives royalties and taxes directly from the
operator on revenues derived from oil production. Lastly, there are several smaller oil producing fields
in Qatar where the State has entered into production sharing agreements.

52
 The following table sets forth the average daily production of crude oil (excluding condensate) in
Qatar for each of the three years ended December 31, 2010.
Year ended December 31,
2008 2009 2010
(barrels per day)
QP-operated fields:
Dukhan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255,925 254,320 243,186
Bul Hanine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,728 54,088 56,273
Maydan Mahzam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,267 30,344 27,629
Total QP-operated fields . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340,920 338,752 327,088
Production Sharing Agreement fields:
Al Shaheen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330,449 290,993 307,343
Al Khaleej . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,548 36,249 28,520
Idd El Shargi North Dome . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,019 107,680 104,302
Idd El Shargi South Dome . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,146 2,106 3,835
Al Rayyan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,599 10,043 9,881
Al Karkara . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,178 6,184 6,243
Total Production Sharing Agreement fields . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 495,939 453,255 460,124
Total El Bunduq field(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,083 7,015 6,507
Total from all fields . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 843,942 799,022 793,719

QP share:
QP-operated fields . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340,920 338,752 327,088
QP share of Production Sharing Agreement fields . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 306,627 252,434 258,221
QP share of El Bunduq field . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,083 7,015 6,507
Total QP share from all fields . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 654,630 598,201 591,816

Note:
(1) Excludes 50.0% of crude oil produced from the El Bunduq field that is allocable to the United Arab Emirates.
Source: Qatar Petroleum.

The following table sets forth the smaller producing fields where the State of Qatar has entered
into DPSA contracts to develop crude oil reserves in Qatar.
Field Location Operator DPSA Date

DPSA Fields in Qatar

Idd Al Shargi South Dome Field Offshore-Northeast Occidental Qatar December 10, 1997
Al Rayyan Field Offshore-North Occidental Qatar Energy April 10, 1976
Company
Al Karkara, and A-North Offshore-South Qatar Petroleum July 15, 1997
Structure Development (consortium)
Najwat Najem Field Offshore-South ONGC Videsh Limited March 2, 2005

Source: Qatar Petroleum

Exploration Plans
The following table sets forth the EPSA contracts that the State of Qatar has entered into to
encourage crude oil exploration in Qatar.
Block Location Operator EPSA Date

EPSA Fields in Qatar

2 Onshore Encana March 24, 1998
4 Offshore-North GDF Suez Qatar Block 4 May 18, 2004
Company
5 Extension Area Offshore-North Maersk Qatar April 13, 2004
10 Offshore-East Wintershall July 16, 1997
Aktiengesellschaft
Company (consortium)
11 Offshore-North Talisman Energy (Qatar) November 17, 2002
Inc. Co
13 Offshore-Northwest Occidental Qatar Energy April 10, 1976
Company

Source: Qatar Petroleum

53
Oil Exports
The crude oil produced by QP or that accrues to its benefit through the production sharing
agreements is exported through the terminal operations at either Mesaieed Industrial City, Halul Island
or floating storage facilities located near the production sharing agreement operators, or is supplied to
QP’s refinery at Mesaieed Industrial City. A majority of crude oil sales are sold for export on one year
term contracts on an evergreen basis with an annual renewal subject to a price renegotiation. The
remaining crude oil sales are made on the international spot market. The substantial majority of the oil
produced by QP is exported to Asia, primarily Japan, Singapore and South Korea.
The following table sets forth certain information about the production and export of crude oil in
Qatar for each of the three years ended December 31, 2010.
Year ended December 31,
2008 2009 2010
Average daily production of crude oil (in thousands of barrels per day)(1) . . . . . . . . . . . . . . . . . . . . . . 843.9 799.0 793.7
QP share of average daily production of crude oil (in thousands of barrels per day) . . . . . . . . . . . . . 654.6 598.2 591.8
QP share of total annual crude oil exports (in millions of barrels) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214.0 187.0 196.0
QP share of total value of crude oil exports (in millions of QR)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,167 31,326 41,175
QP share of total value of crude oil exports (in millions of US$)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,606 8,606 11,312

Note:
(1) For comparative purposes, Qatar’s average daily production of crude oil was 772,000, 761,000 and 801,000 barrels per day
in 2005, 2006 and 2007 respectively.
(2) Net of royalties and taxes related to production sharing agreements.
Source: Qatar Petroleum.

Future Exploration
Subject to QP bidding plans, new exploration blocks are opened to bidding from time to time by
international oil and gas companies. The following table sets forth the production sharing agreements
that QP has entered into, as agent of the State, to encourage exploration for crude oil in Qatar.
Block Location Operator PSA Effective Date
3 Offshore-North Wintershall Holding AG October 24, 2007
(consortium)
4 Offshore-North GDF Suez Qatar Block 4 Company May 18, 2004
4N Offshore-North Wintershall Holding AG November 17, 2008
12-13 Offshore-Northwest Occidental Qatar Energy Company April 10, 1976

Refining and Marketing Activities

QP Oil Refinery. QP’s oil refinery is located at Mesaieed Industrial City and is the only crude oil
refinery in Qatar. The refinery takes the crude oil and condensate supplied from QP’s domestic production
and processes them into various finished petroleum products, including LPG, naphtha, gasoline, kerosene,
jet fuel, diesel fuel and fuel oil. These finished products are used to meet domestic and international export
demands. Production from QP’s oil refinery enabled Qatar to become both self sufficient and export
oriented with regard to refined oil production. For purposes of calculating GDP, revenues generated by
QP’s oil refinery are included as part of “manufacturing” in the non-oil and gas sector.
As the result of an expansion program for QP’s oil refinery completed in 2003, production capacity
has increased from 57,500 bbl/d to 137,000 bbl/d. The expansion added two condensate processing
trains and a new fluidized catalytic cracker and upgraded some of the existing facilities at the complex.
As part of the expansion program, Mitsui entered into a 20 year long-term sales contract with QP under
which Mitsui committed to purchase a certain amount of the refinery’s output from 2001, which is
sufficient to cover annual repayments of the indebtedness incurred to finance the refinery’s expansion.
The following table sets forth the sales of refined products provided by QP’s oil refinery, including
local sales to Qatar Fuel Company, for each of the three years ended December 31, 2010.
Year ended
December 31,
2008 2009 2010
QP share of total domestic sales (in thousands of barrels) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,594 25,221 33,049
QP share of total export sales (in thousands of barrels) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,397 15,751 16,220
QP share of total value of domestic sales (in millions of QR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,034 3,623 4,847
QP share of total value of export sales (in millions of QR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,747 3,445 4,754

Source: Qatar Petroleum.

54
 WOQOD. Qatar Fuel Company (“WOQOD”), which was created by the State in 2002, acts as
QP’s exclusive domestic distributor and retails finished products under a State granted 15 year
concession for the marketing, sale, transportation and distribution of LPG and petroleum products,
other than bitumen. Before the State established WOQOD, QP had conducted most of these
operations. WOQOD participates in bitumen importation and distribution operations, sells lubricants
and operates modern service stations and is expected to start a ship to ship bunkering service at Ras
Laffan shortly. WOQOD was created as a part of a privatization project by the State, whereby QP
retained a 40.0% equity ownership interest in WOQOD, with the remainder of WOQOD’s shares being
listed on the Qatar Exchange in an initial public offering in 2002. In a share exchange completed in
May 2009, WOQOD acquired Qatar Technical Inspection Company; in connection with such share
exchange, WOQOD’s share capital was increased by 5.0%, and QP acquired additional shares,
thereby retaining its 40.0% equity ownership interest in WOQOD.
Ras Laffan Condensate Refinery. The condensate refinery, located in Ras Laffan Industrial City
and in operation since 2009, is a joint venture project of QP with several of its partners, and processes
condensate from the North Field and produces LPG’s and a variety of refined products. The refinery
has a total processing capacity of 146,000 barrels per stream per day and utilizes the field condensate
produced from the Qatargas and RasGas facilities. The condensate is refined and turned into products
such as naphtha, kerojet (otherwise known as jet fuel) gasoil and liquefied petroleum gas. The refinery
is currently under expansion to further increase refining capacity by 292,000 barrels per day. The
Laffan Refinery 2 is currently under construction and is expected to become operational in 2016.
The following table gives an overview of QP’s share of processed products exported from the Ras
Laffan Condensate Refinery for each of the three years ended December 31, 2010.
Year ended December 31,
2008 2009 2010
QP share of total export sales (in thousands of barrels) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 4,358 25,647
QP share of total export sales (in millions of QR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 1,223 7,891

Source: Qatar Petroleum.

Tasweeq. Qatar International Petroleum Marketing Company (“Tasweeq”), wholly owned by the
State, was established in 2007 to market and sell all regulated products, such as LPG (predominantly
propane and butane), condensate, products from petroleum refineries (e.g., butane, propane and
pentane) and sulfur (the “Regulated Products”) outside Qatar’s domestic market. In January 2010,
Tasweeq began marketing and selling crude oil internationally, a role it has taken over from QP.
Tasweeq is the exclusive export marketer of the Regulated Products and was formed in order to
coordinate the marketing and sale of Regulated Products in Qatar (each, a “Producing Entity”). The
Government has indicated that it passed the law establishing Tasweeq (Decree Law No. (15) of 2007
(the “Tasweeq Law”)) in a manner designed to ensure that Tasweeq acts in an effective and efficient
manner so as to maximize the market value and ensure that the State and the Producing Entities are
protected against possible production curtailments and losses of project revenues. The Government
included certain auditing, transparency and benchmarking requirements pursuant to the Tasweeq Law
and the constitutional documents of Tasweeq so that the appropriate parties could review Tasweeq’s
performance and ensure that Tasweeq is acting in an appropriate manner. Tasweeq’s stated
objectives include treating all Producing Entities in a fair and equitable manner, and maximizing the
global market value of the Regulated Products exported from Qatar. For purposes of calculating GDP,
revenues generated by Tasweeq are included as part of “manufacturing” under the non-oil and gas
sector.

Industrial Cities and Port Facilities

Ras Laffan Industrial City and Ras Laffan Port. Ras Laffan Industrial City, a directorate of QP, is a
gas based industrial city situated along the north east coast of Qatar which operates the world’s largest
LNG exporting port. It provides integrated services as well as several industrial facilities to existing
industries and prospective investors. The facilities include modern infrastructure, common seawater and
waste management facilities, fire stations and support services such as healthcare, security, emergency
response, transportation, accommodation, and telecommunication. The industrial city is home to Qatar’s
mega projects such as Qatargas, RasGas, Dolphin Energy, Barzan, Oryx GTL, Pearl GTL and various
other gas processing plants and support industries. QP has appointed a management team which runs
the city. This team works closely with operating companies and government bodies and is responsible for
developing the land use plan and infrastructure at Ras Laffan Industrial City.

55
 The Barzan Project, RasGas Projects, Qatargas Projects, AKG Project, Dolphin Project and
certain of their affiliates share or will share in certain facilities at Ras Laffan City, including, without
limitation, common LNG storage and loading facilities, LNG loading berths, certain process units, field
and plant condensate pipelines, common condensate storage and loading facilities, common sulfur
storage and loading facilities, LPG fractionation facilities, common LPG storage and loading facilities,
the plant ethane and propane storage line interconnects, the helium project, fire protection, water
treatment, seawater cooling water, administration buildings, site utilities and infrastructure and the Al
Khor Community facilities. These facilities are either under undivided joint ownership or are shared
pursuant to certain sharing agreements that provide for a licensing arrangement through which legal
ownership of the assets is retained by the original owner and the sharing party that has the long-term
beneficial right to use the facilities pays license fees to the owner of the asset based on the agreed
shared usage.
The Ras Laffan Port, located in the Ras Laffan Industrial City, facilitates export of LNG,
condensate, other hydrocarbon products and sulfur derived from the processing of gas produced from
the North Field. QP acts as the port authority and operates the port facilities of Ras Laffan City on
behalf of the State. The port has six berths dedicated to LNG exports. As a result, Qatar supported the
annual export of approximately 56.4 mta of LNG in 2010. It is anticipated that the port will undergo
further expansion in the future to match the growth of industries at Ras Laffan City, including LNG
projects. The expansion works, once completed, would make the Ras Laffan Port the largest man
made harbor for LNG exports.
Mesaieed Industrial City and Port. Mesaieed Industrial City is located approximately 40 km south
of Doha. Mesaieed Industrial City Management was established in 1996 as a single point authority to
provide “one stop” services to all businesses in Mesaieed, to develop a strategic plan for the allocation
of land and to provide common port, marine and infrastructure facilities.
The Port of Mesaieed handles over 1000 vessels per year and has twelve berths or jetties which
service the industries located at Mesaieed Industrial City, including several downstream operating
companies such as QASCO, QAFAC, QAFCO and Q Chem I. Additionally, the port has one offshore
berth which is capable of transporting crude oil and naphtha onshore through a pipeline.

Other Downstream Activities

QP’s downstream strategy is driven by opportunities to add value to existing oil and gas
production and the requirements of the local market. QP is a shareholder in a number of industrial
companies which utilize natural gas as feedstock and/or fuel to produce various value added products
for both domestic consumption and export. The principal industrial projects are located at the industrial
complex at Mesaieed Industrial City, which hosts iron and steel plants, a petrochemicals complex, a
chemical fertilizer plant, an oil refinery, NGL plants, a metal coatings plant and other industrial
developments. Several of these companies are owned through a QP subsidiary, Industries Qatar,
which was partially privatized in April 2003, and in which QP has a 70% equity ownership interest as of
December 31, 2010.
Recent developments in the process of diversification within the oil and gas sector (and related
products) include the construction of a 585,000 tpa aluminum production facility known as Qatalum
which commenced operations in the fourth quarter of 2009. In addition, a production facility (Q-Chem
II) for 350,000 tpa of NAO and 350,000 tpa of HDPE commenced operations in the first quarter of
2010. A fifth train will start (QAFCO 5) in the fourth quarter of 2011, increasing ammonia production to
3.8 million tpa and urea production to 3.0 million tpa. QP and its joint ventures have undertaken to
develop integrated petrochemicals projects in Ras Laffan and Mesaieed. As a part of these projects,
Ras Laffan Olefin Company, owned by QChem and Qatofin, will use the ethane extracted from the
natural gas to produce ethylene; once produced, the ethylene will be delivered to Mesaieed through a
purpose built pipeline. Q-Chem and Q-Chem II, joint ventures between QP and certain of its partners,
produce high density polyethylene and poly-alpha olefins. Qatofin, a joint venture between QP and
TOTAL produces linear low density polyethylene and began production in May 2010.
The State also intends to invest an additional US$25 billion in the petrochemicals sector between
2012 and 2020. The investment would be spread out over two phases of planned and expected
investments, with US$17 billion being invested in the first phase on a complex with two crackers and one
aromatics production facility that is expected to become operational between 2016 and 2017, and
another US$8 billion being invested in the second phase on LPG cluster projects expected to become
operational by 2020.

56
 The following table sets forth the production and export sales of petrochemicals attributable to QP
for each of the three years ended December 31, 2010.
Year ended December 31,(1)
2008 2009 2010
QP share of annual production (in thousands of tons) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,809 2,840 3,006
QP share of total exports (in thousands of tons) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,352 2,395 2,447
QP share of total value of exports (in millions of QR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,846 5,068 6,654
QP share of total value of exports (in million of US$) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,881 1,392 1,828

(1) These volumes are derived from information provided by QP’s joint ventures.
Source: Qatar Petroleum.

57
 The following table sets forth certain information about Qatar’s downstream projects and their
related joint ventures.
QP Effective
Holding (%) as
of
December 31, Production
Company 2010 Partner(s) Industry Capacity Construction Status
Qatar 56.0% Total Petrochemicals Ethylene, Ethylene: 720,000 Commenced
Petrochemical polyethylene, hexane tpa LDPE: 400,000 production in 1981
Company and other tpa Sulfur: 70,000 tpa Third plant to be
Limited QSC petrochemical commissioned in 2012
(QAPCO) products
Qatofin 35.6% Atofina S.A. Linear low-density LDPE: 450,000 tpa Commenced
polyethylene (expandable to production in May
600,000 tpa at a later 2010
stage)
Ras Laffan Olefins 44.5% Total Petrochemicals, Ethane cracker plant Ethylene: 1.3 mta Commenced
Company Chevron Phillips production in May
Limited Chemical Co LLC 2010
Qatar Chemical 51.0% Chevron Phillips High-density and Ethylene: 500,000 Commenced
Company Ltd Chemical International medium density tpa HDPE: 453,000 production in 2004
QSC (Q-Chem) Qatar Holdings LLC polyethylene and tpa Hexene-1: 47,000
alpha olefin tpa
Qatar Chemical 51.0% Chevron Phillips High-density HDPE: 350,000 tpa Commenced
Company II Ltd Chemical International polyethylene and NAO: 345,000 tpa production in
(Q-Chem II) Qatar Holdings LLC normal alpha olefin December 2010
Qatar Fuel 35.0% International Octane Methanol and Methyl Methanol: 1,000,000 Commenced
Additives Ltd, OPIC Netherlands tertiary-butyl ether tpa MTBE: 610,000 production in 2000
Company Ltd Antilles NV and LCY (MTBE) tpa
QSC (QAFAC) Investments Corp.
Qatar Fertilizer 52.5% Yara Nederland BV, Ammonia and urea Ammonia: 5,800 tpd 3rd train commenced
Company S.A.Q. Fertilizer Holdings AS UREA: 8,000 tpd production in 1997/4th
(QAFCO) (current production train commenced
levels) 5th train: production in 2004/5th
ammonia: 3.8 million train is expected to
tpa urea: 3 million tpa commence production
in the fourth quarter of
2011/6th train under
construction and
expected to
commence production
in 2012
Qatar Vinyl 73.0% QAPCO and Arkema, Ethylene dichloride, Ethylene dichloride: Commenced
Company Ltd formerly Atofin S.A. vinyl chloride 200,000 tpa Vinyl production in 2001
(QVC) monomer and caustic chloride monomer:
soda 290,000 tpa Caustic
soda: 290,000 tpa
Qatar Fuel 40.0% Public Fuel distribution — —
Company
(WOQOD)
Qatar Steel 70.0% None Steel 2.25 mta Expansion completed
Company (QSC) in 2007; produces
over 800,000 tons
annually. Further
expansion plans
initiated in 2011 and a
1.1 million mta Molten
Steel plant is
expected to be
completed in 2013
Qatar Aluminium 50.0% Hydro Aluminium AS Aluminium 585,000 mta Commenced
Limited production in 2009
(Qatalum) and is expected to
increase production to
605,000 mta from
2013

58
Non-Oil and Gas Sector
In recent years, the State has invested heavily in diversifying its economy to reduce its historical
high dependence on oil and gas revenues. The non-oil and gas sector of Qatar now contributes
significantly to the overall economy of the State, contributing 48.3% of total nominal GDP in 2010, as
compared to 55.2% in 2009. In the first half of 2011, the non-oil and gas sector contributed
QR124,380 million (US$34,123 million), or 42.2%, of total nominal GDP, and despite the lower relative
percentage of total nominal GDP, this contribution represented an absolute increase of 13.9% in
nominal GDP compared to the first half of 2010. The relative contribution of the non-oil and gas sector
to total nominal GDP as compared to the oil and gas sector has fluctuated in recent years largely due
to increases in production of LNG and variation in commodity prices. In coming years, the absolute
value of the non-oil and gas sector is expected to continue to grow along with the overall economy of
Qatar. Within the non-oil and gas sector, the finance, business services, insurance and real estate
sectors made the largest contribution to total nominal GDP in 2010, as has been the case since 2005.

Finance, Business Services, Insurance and Real Estate

In 2010, the finance, business services, insurance and real estate sector contributed
QR62,119 million (US$17,066 million) to Qatar’s total nominal GDP, or 13.4% of the total. For the first
six months of 2011, this sector contributed QR32,446 million (US$8,914 million) to Qatar’s total
nominal GDP for the same period, or 11.0% of the total, representing a 10.2% increase from the
six-month period ended June 30, 2010.

Finance and Business Services

This sector comprises banks, exchange, finance and investment companies. As of December 31,
2010, six locally owned conventional commercial banks, four Islamic institutions, seven branches of
foreign banks and one development bank were operating in Qatar, all of which were licensed and
regulated by the QCB. See “Monetary and Financial System—Banking System—Commercial Banks”
and “—Qatar Financial Centre.” As of December 31, 2010, 20 exchange companies, three finance
companies and six investment companies were operating in Qatar.
The following table sets forth the aggregate total assets of the exchange, finance and investment
companies operating in Qatar, by type, as of December 31, 2006 to 2010, as well as the percentage
change from 2009 to 2010.
Year ended December 31,
Change
2006 2007 2008 2009 2010 (2009-2010)
(in millions of QR, except for percentages)
Total assets:
Exchange companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 601.0 635.5 670.90 677.1 763.2 12.7%
Finance companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,206.0 2,448.9 3,081.0 4,998.7 4,105.6 (17.9)%
Investment companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 430.6 709.4 638.7 695.8 645.5 (7.2)%

Source: Qatar Central Bank.

Insurance
The State has supported the domestic insurance sector by modernizing the insurance industry and
the associated legislative framework. An increase in investment in LNG carriers and aircraft, the
development of Shari’ah-compliant projects and the rise in the cost of gross insurance premiums have
contributed to the growth of Qatar’s insurance sector. In addition to a number of foreign insurance
companies with branches in Qatar, five national insurance companies currently operate in Qatar.
In 2003, a Council of Ministers resolution created a captive insurance and reinsurance vehicle
called Al Koot Insurance and Reinsurance Company (“Al Koot”) to insure the Qatari energy sector. Al
Koot is indirectly held by the State through QP, which has a 30% indirect ownership interest in Al Koot.
Under the Foreign Investment Law, investment in Qatar’s national insurance companies is only
permitted after obtaining a Council of Ministers decision. Foreign insurance companies may operate
under a license issued by the QFC. See “Monetary and Financial System—Banking System—Qatar
Financial Centre” and “Balance of Payments—Foreign Investment.” The number of foreign insurance
companies operating in Qatar has increased steadily, including, among others, American Life
Insurance Company, AXA Insurance (Gulf) BSC and HSBC Insurance Brokers Ltd. that now have
offices or operations in Qatar.

59
 The aggregate total assets of Qatar’s national insurance companies listed on the stock exchange
increased by approximately QR1,926.6 million (US$539.2 million in 2010, a 16.3% increase from 2009
compared to an increase in 2009 of QR2,190.1 million (US$601.7 million), or 22.2% over 2008.
The following table sets forth the aggregate total assets of Qatar’s national insurance companies
as of December 31, 2006 to 2010, as well as the percentage change from 2006 to 2010.
As of December 31,
Change
2006 2007 2008 2009 2010 (2009-2010)
(in millions of QR, except for percentage)
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,956.5 9,534.7 9,879.0 12,069.1 14,031.7 16.3%

Source: Qatar Central Bank.

In June 2009, the Qatar Financial Centre Authority (the “QFCA”) launched a wholly owned,
web-based infrastructure called Qatarlyst to support global reinsurance trading. It has offices in London
and Dubai as well as its headquarters in Doha. Qatarlyst became a member of the General Arab
Insurance Federation in July 2011.

Real Estate
Real estate prices in Qatar rose significantly in the three years prior to 2008. This increase was
driven by sustained population growth as people moved to Qatar largely due to the development of the
oil and gas industry. In order to address the overall rapid increase in real estate prices, the
Government, after consultation with the IMF, implemented a two-year rent freeze in March 2008 which
was extended until February 14, 2010. However, despite a growth in population of 18.1% between
2007 and 2008 and 13.1% between mid-year 2008 and mid-year 2009, the increase in real estate
prices slowed in 2008 to 19.6%, and continued to slow in 2009 due to an increase in available real
estate and a decrease in demand driven by the general slowdown in the global economy.
Various real estate and development companies, including Qatari Diar (“Diar”), Barwa Real Estate
Company (“Barwa”) and United Development Company (“UDC”) are undertaking commercial and
residential construction projects that are scheduled for completion in the coming years. Credit
extended by commercial banks to the real estate sector increased by 13.9% from QR40,431 million
(US$11,108 million) as of December 31, 2009 to QR46,086 million (US$12,661 million) as of
December 31, 2010. As of August 2011, commercial banks in Qatar had extended QR64,204 million
(US$17,638 million) to the domestic real estate sector.
Qatar Foundation established Msheireb Properties (formerly Dohaland) in April 2007. Msheireb
Properties’ first project is focused on revitalizing the historic centre of Doha with environmentally
conscious development plans. In addition, Msheireb Properties launched a new landmark called the
Knowledge Enrichment Centre, a floating platform along Doha’s Corniche capable of hosting
workshops and conferences, cultural events and gallery space with exhibits that focus on Qatar’s
heritage. Msheireb Properties announced in October 2011 that it has appointed Hyatt Hotel
Corporation to manage one of the four hotels in its flagship Msheireb Downtown Doha Project.

Building and Construction

In 2010, the building and construction sector contributed QR24,143 million (US$6,632 million) to
Qatar’s total nominal GDP, or 5.2% of the total. For the first half of 2011, this sector contributed
QR12,199 million (US$3,347 million) to Qatar’s total nominal GDP, or 4.1% of the total.
This sector provides extensive employment opportunities and, in 2010, companies in this sector
employed approximately 497,631 persons, or approximately 39% of Qatar’s labor force. Credit
extended by commercial banks to the building and construction sector increased by 41.8% during 2010
to QR18,410.6 million (US$5,057.9 million), as compared to QR12,987.9 million (US$3,568.1 million) in
2009.
Although the building and construction sector’s contribution to Qatar’s nominal GDP decreased in
2010 by 5.4% as compared to 2009, the sector has expanded rapidly in the past five years as a result
of growing infrastructure needs and the economy’s growth and diversification. In the coming years, this
sector is expected to experience growth due to lower construction costs and major public projects,
such as the construction of the New Doha International Airport, which will replace the existing Doha
International Airport at an estimated cost of approximately QR40,000 million (US$11,000 million). The

60
New Doha International Airport is currently scheduled to be completed by 2013 and, by its completion,
is expected to handle 50 million passengers, two million tons of cargo and 320,000 landings and
takeoffs per year. Large mixed-used commercial and residential developments, such as Lusail and
Mushreib, are also driving growth in the construction sector. Lusail is being constructed at the
Al-Qutaifiya Lagoon to the north of Doha and is designed for 200,000 inhabitants. It includes the
construction of hotels, houses, apartments and retail space.
Qatar also plans to begin construction of an estimated QR20,000 million (US$5,494 million) New
Doha Port project in three phases, with the first phase expected to be completed in 2014. The New
Doha Port is expected to be constructed in the coastal strip north of Mesaieed and south of Al Wakra
on land recently designated Economic Zone 3. The current plan is to transfer operations of the existing
port, which has almost reached its maximum throughput capacity, to the new port as the various
terminals are completed. The first phase includes new dedicated terminals for containers, general
cargo, bulk grain, vehicle carriers, livestock, and offshore supply support operations and a facility for
the Qatar coast guard and navy. The new container terminal is one of three planned for the port. The
ultimate capacity of the new port will be in the order of 12 million TEUs. The third phase is scheduled to
be completed by 2030 and will make the New Doha Port one of the largest deep-sea ports in the world.
Qatar has also developed a port expansion plan for the port of Ras Laffan, the first phase of which is
expected to be commissioned by the end of 2011. The second phase is expected to be completed in
the first quarter of 2016. See “—Oil and Gas Industry—The Ports of Mesaieed and Ras Laffan.”
There are plans to construct a 40 kilometer road and rail bridge between Qatar and Manama,
Bahrain (the “Qatar Bahrain Causeway”). Consortium partners, VINCI Construction Grands Projects,
QDVC (Q.S.C.) (in which Diar has an interest), Hochtief, Consolidated Construction Company and
Middle East Dredging Co. are the developers for this project. The Qatar Bahrain Causeway is expected
to be the longest bridge in the world upon construction.
Qatar also has plans to develop a railway network. German rail operator Deutsche Bahn has
agreed a contract with Qatar Railways Company to set up a joint corporation to build and operate
passenger and freight rail services in Qatar. Qatari Diar, the real estate arm of state-owned Qatar
Investment Authority, is the majority shareholder in Qatar Railway Development Company (“QRDC”),
with 51.0%, and DB International, a subsidiary of DB, holds the remaining 49.0%. The Railways Project
will consist of (i) an east coast rail link, a passenger and freight railway linking Ras Laffan and
Mesaieed via Doha; (ii) a high speed link between the New Doha International Airport, Doha City
Center, and Kingdom of Bahrain via the planned causeway bridge; (iii) the freight rail link based on the
GCC rail and Doha expressway studies; (iv) the Doha Metro Network based on the Qatar Transport
Master Plan; and (v) light rail/people mover networks, such as Lusail, Education City and Westbay.
The planning and management company QRDC will be responsible for the construction of the
180 km high speed line to Bahrain, a passenger route to Saudi Arabia and a 325 km freight network. A
future 300 km metro network with four lines and 98 stations is also part of the strategic project. Qatar
aims to have the major portion of the rail project completed by 2022 in time for the FIFA World Cup.
In addition, there are a range of other public projects focused on developing Qatar’s public
services, social and health services and education and youth services, including Education City, the
QSTP, Sidra and the Qatar National Convention Centre, which is scheduled to be completed by
December, 2011 at an estimated cost of QR154.0 million (US$42.3 million). See “Overview of the State
of Qatar—Education.”

Manufacturing
In 2010, the manufacturing sector (which is primarily comprised of petroleum refining and also
includes chemicals, fertilizer and steel industries) contributed QR49,185 million (US$l3,494 million) to
Qatar’s total nominal GDP, or 10.6% of the total. For the first six months of 2011, this sector
contributed QR31,069 million (US$8,524 million) to Qatar’s total nominal GDP, or 10.5% of the total,
representing an increase of 29.5% from the six-month period ended June 30, 2010, primarily due to the
higher level of activity recorded in the production of some downstream gas-related products, in
particular, in the petrochemical industries such as GTL, polymers production and methanol, following
the expansion in the extraction of gas. The start of operation of a new plant engaged in the production
of High Density Polyethylene and Normal Alpha Olefins also contributed to the overall growth.
The manufacturing sector has historically been driven primarily by refined petroleum products, but
the Government aims to diversify its revenue sources in the future and maximize the utilization of

61
Qatar’s natural resources. Other important activities in the manufacturing sector include the production
of flour, cement, concrete, plastics, textiles and footwear, household articles and paint.
Included within the manufacturing sector are, among other companies, QP Refinery, WOQOD,
QAFAC, QAFCO and QASCO, as further described in “—Oil and Gas Industry—Crude Oil
Operations—Refining and Marketing Activities” and “—Other Downstream Activities.”

Trade, Restaurants and Hotels

In 2010, the trade, restaurants and hotels sector contributed QR32,310 million (US$8,864 million)
to Qatar’s total nominal GDP, or 7.1% of the total. For the first six months of 2011, this sector
contributed QR16,394 million (US$4,498 million) to Qatar’s total nominal GDP, or 5.6% of the total,
representing an increase of 6.1% from the six-month period ended June 30, 2010.
In response to Qatar’s economic growth and high hotel occupancy rates, Qatar’s hotel industry
attracted significant investments before the global financial crisis. The hotel industry continued to
expand during the global financial crisis, but several projects were delayed or cancelled. The Qatar
Tourism Authority stated that the hotel occupancy rate improved in the third quarter of 2011 to 48.0%,
which represented a 4.0% increase compared to the third quarter of 2010. Additionally, tourism has
been on the rise in Qatar in part due to the global expansion of Qatar Airways and the number of high
profile events hosted in Qatar. Tourism is expected to continue to increase in the future, especially
leading up to the 2022 FIFA World Cup.

Transport and Communications

In 2010, the transport and communications sector contributed QR18,275 million
(US$5,014 million) to Qatar’s total nominal GDP, or 3.9% of the total. For the first six months of 2011,
this sector contributed QR10,080 million (US$2,765 million) to Qatar’s total nominal GDP, or 3.4% of
the total, representing an increase of 16.7% from the six-month period ended June 30, 2010.

Transport
Qatar Airways, a joint public and private sector enterprise, currently operates a fleet of 102 Airbus
and Boeing aircraft serving over 100 destinations across Europe, the Middle East, Africa, South Asia,
the Far East and North America. Qatar Airways has placed orders worth over US$40 billion for more
than 200 aircraft. It is one of the fastest growing airlines in the world. Qatar Airways operates from its
hub at Doha International Airport, which currently serves 23 regional and international airlines while
handling over 12 million passengers a year. The rapid growth of Qatar Airways and the increase in the
number of passengers at Doha International Airport have led to the development of the New Doha
International Airport. See “—Non-Oil and Gas Sector—Building and Construction.”

Communications
The Supreme Council of Information and Communications Technology is the telecommunications
regulatory authority in Qatar. Qatar Telecom (“QTel”) is the primary provider of mobile and fixed line
telecommunications services in Qatar. As of September 30, 2011, QTel had a mobile subscriber base
of over 2.0 million with the number of subscribers exceeding the population of Qatar because of
multiple personal and business accounts.
QTel has announced a deal with Vodafone Qatar to create a mobile commerce platform. A test
version of the platform is currently available for monthly subscribers. QTel has also announced the
launch of its new QR200 million LTE Project to deliver the fastest and longest 4G network in Qatar.
The project will deploy nearly 900 base stations across the country and offer potential download
speeds of approximately 150 Mbps on mobile phones and devices. QTel has been allocated a
800 Mhz spectrum to conduct the LTE trial.
In June 2008, a new mobile telecommunications license was issued to Vodafone Qatar, a
consortium of Vodafone Group plc and Qatar Foundation, for approximately QR7,700 million
(US$2,100 million). Vodafone Qatar, which completed an initial public offering on the Qatar Exchange
in mid-2009, began delivery of mobile telecommunications services in July 2009 and currently has
approximately 814,000 subscribers.

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Electricity and Water
In 2010, the electricity and water sector contributed QR2,070 million (US$568 million) to Qatar’s
total nominal GDP, or 0.4% of the total. For the first six months of 2011, this sector contributed
QR1,212 million (US$332 million) to Qatar’s total nominal GDP, or 0.4% of the total, representing an
increase of 24.7% from the six-month period ended June 30, 2010, due to higher production and
consumption.
Most of Qatar’s electricity generation capacity is comprised of gas turbines which are fuelled by
natural gas. Water desalination is achieved in tandem with electricity generation. Qatar currently has
an electricity generation capacity of 5.4GW and a water desalination capacity of 255 million gallons per
day. In addition to existing electricity generation and water desalination facilities at Ras Abu Fontas,
Ras Laffan City and Mesaieed Industrial City, further capacity is planned at Ras Laffan and Mesaieed.
Qatar Electricity & Water Co. has worked to increase its production capacity through the
development of expansion projects and new stations. Expansion projects include RAF B1, which
added a capacity of 376.5 MW of power, RAF B2 with production capacity of 567 MW of power and
30 MIGD of water, and RAF A1, which added 45 MIGD to QEWC’s water production capacity. QEWC
has participated in several power generation and water desalination projects. Ras Laffan Power
Company, where QEWC has recently increased its ownership to 80% by purchase of shares of AES
Corporation, has a production capacity of 750 MW of power and 45 MIGD of water.
The second Independent Power Project in Qatar is Q Power Project, which has a power
generation capacity of 1025 MW and water desalination capacity of 60 MIGD. QEWC holds 55%
ownership in Q Power. QEWC owns 40.0% shares in Mesaieed Power Company, which has a
production capacity of 2007 MW of power. The latest is Ras Girtas Power Company project which
began operations in June 2011. Ras Girtas has a power generation capacity of 2,730 MW and water
desalination capacity of 63 MIGD. QEWC owns 45.0% shares of Ras Girtas Power Company.
With the inauguration of this unit, Qatar’s electricity generation and water desalination capacity,
respectively, is has increased to 9,000 MW and 325 million gallons of water per day. Additionally, a
number of industrial companies, such as QAPCO, QAFCO, QASCO and QVC, have their own
embedded electricity generating facilities.
Qatar has one of the highest levels of electricity generation per capita in the world. High summer
ambient temperatures, significant and growing industrial demand and the need for water desalination,
contribute to Qatar’s high level of energy use. Demand for electricity continues to rise, although it is
forecasted to increase at a slower rate than in recent history due to the impact of the economic
downturn.
Kahramaa, a public company wholly owned by the State, purchases all electricity and desalinated
water produced in Qatar and is responsible for the transmission, distribution and wholesale and retail
sales of electricity and water throughout Qatar.

Agriculture and Fisheries

In 2010, the agriculture and fisheries sector contributed QR534 million (US$79 million) to Qatar’s
total nominal GDP, or 0.1% of the total. This percentage contribution to total nominal GDP remained
constant through the first six months of 2011.
The agriculture and fisheries sector has only played a minor role in the modern Qatari economy
because of unsuitable weather and environmental conditions. Cultivable land only accounts for
approximately 5.7% of Qatar’s total surface area.

Other Services
In 2010, the other services sector (which includes social services, imputed bank service charges,
government services, household services and import duties) contributed QR35,108 million
(US$9,632 million) to Qatar’s total nominal GDP, or 7.6% of the total. For the first six months of 2011,
this sector contributed QR20,671 million (US$5,671 million) to Qatar’s total nominal GDP, or 7.0% of
the total, representing an increase of 18.2% from the six-month period ended June 30, 2010, primarily
due to high growth in government services.

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 MONETARY AND FINANCIAL SYSTEM
The QCB, the QFCRA and the QFMA are the three regulatory authorities tasked with regulating
and supervising the monetary, banking and financial system in Qatar.
The QCB formulates and implements monetary and exchange rate policies and is entrusted with
the supervision of the banking system and non-bank financial institutions (except insurance
companies). Its objectives include maintaining the stability of the riyal and its free convertibility to other
currencies, the stability of commodity and service prices and the stability of the financial and banking
system in Qatar. The QCB also acts as the primary supervisory authority and regulator for Qatar’s
commercial banks, and issues licenses and consents to banking and financial services companies
operating in Qatar. The QFCRA is an independent statutory body of the QFC that licenses and
supervises banking, financial and insurance related businesses that provide financial services in or
from the QFC. The QFMA is the independent regulatory authority for Qatar’s capital markets that
regulates and supervises the Qatar Exchange along with the securities industry and associated
activities.
In July 2007, the Government announced a proposal to integrate Qatar’s financial regulatory
authorities. Under this proposal, certain functions of the QCB, the QFCRA and the QFMA would be
merged into a single, integrated regulatory authority responsible for all the activities within the financial
services sector. As of the date of this Prospectus, no timing has been announced for the
implementation of this proposal. The State, in furtherance of financial reforms, has established the
Financial Market Development Committee to provide an integrated development strategy across the
financial services sector.

Qatar Central Bank

The QCB was established in 1993 and operates in coordination with the Ministry of Economy and
Finance. The QCB is managed by a board of directors and chaired by its Governor. The board of
directors includes the Deputy Governor of the QCB and at least three other members, including
representatives from the Ministry of Economy and Finance, the Ministry of Business and Trade and the
Economic Adviser, Diwan.
In its supervisory capacity, the QCB oversees the activities of Qatar’s commercial banks and
non-bank financial institutions (with the exception of insurance companies) with a view to minimizing
banking and financial risk in Qatar’s financial sector. The QCB conducts regular inspections of
commercial banks and reviews reports and other mandatory data submitted by commercial banks,
including monthly capital adequacy compliance reports.
The QCB has initiated single factor stress testing of the portfolios of commercial banks in Qatar.
The testing covers the four broad areas of liquidity risk, credit risk, interest rate risk and equity market
risk. The results of these stress tests illustrate the possible impact of adverse financial conditions on a
commercial bank’s capital adequacy ratio or return on assets. Recent stress testing of commercial
banks, on an aggregate basis, conducted by the QCB, suggested that neither the capital adequacy
ratio nor the returns on assets of Qatar’s domestic banks are significantly impaired. The QCB has
implemented regulations regarding non-performing loans, large exposures, country risk, money market
and foreign exchange accounts, credit ratios, fixed assets for banks’ use, reserve requirements and
banks’ investments. The QCB has the authority to impose penalties in the event that banks fail to
comply with these regulations. It requires commercial banks to maintain a minimum reserve
requirement of 4.75% and a capital adequacy requirement of 10.0% in line with the Basel II guidelines.
The QCB has also established the Qatar Credit Bureau which provides analytical data and supports
banks in their implementation of advanced risk management techniques outlined by Basel II. The QCB
plans to implement Basel III standards earlier than the required timeline for completion of different
aspects of the Basel III framework which fall between 2013 and 2019. Commercial banks are required
to have their annual accounts audited by the QCB’s approved independent auditors and to obtain prior
approval from the QCB to appoint senior management.
The IMF in its January 2011 Report noted that almost all banks in Qatar are above the minimum
threshold for the common equity requirement of 4.5% and have Tier 1 capital in excess of the
prescribed 6% under Basel III. The IMF Report further noted that the QCB is conducting regular stress
tests on banks and that it had published its first Financial Stability Report in October 2010. The IMF
Report acknowledged Qatar’s commitment to establish a single regulator for the financial system under
the umbrella of the QCB as an appropriate response to addressing regulatory and supervisory gaps
and strengthening financial sector reforms.

64
 The QCB also issues domestic currency and conducts bank clearing operations and settlements.
The investment department of the QCB manages the investments of the QCB’s financial reserves that
are primarily in the form of securities issued or guaranteed by other sovereigns with maturities of up to
10 years. These investments are maintained at a level at least equal to 100.0% of the riyals issued by
the QCB at any time.
The QCB, in order to ensure better regulation and risk management in the domestic Islamic and
conventional banking sector, has recently issued instructions to conventional banks to wind up their
Islamic banking operations by the end of 2011. The QCB also imposes certain exposure limits and
credit controls on commercial banks. Credit facilities in excess of 20.0% of any bank’s capital and
reserves cannot be extended to a single customer and credit and investment facilities in excess of
25.0% of any commercial bank’s capital and reserves cannot be extended to a single customer. Credit
facilities extended to a single major shareholder in any bank cannot exceed 10.0% of that bank’s
capital and reserves. The maximum limit on consumer loans and Islamic finance, including principal
and interest, is QR2 million for Qatari citizens and QR400,000 for non-Qatari residents. Non-Qatari
residents are permitted to borrow in excess of the credit limit and up to QR1 million subject to the
condition that the retirement benefits cover such increase. The maximum period of consumer loan or
Islamic finance is six years for Qatari citizens and four years for non-Qatari residents. The maximum
rate of interest or return is 150 basis points above the prevailing QCB Rate. The total monthly
obligation for Qatari citizen borrowers is capped at 75% of the borrower’s basic salary and social
allowances, and capped at 50% of the total salary for non-Qatari residents.
Credit card withdrawals are also regulated with the maximum permitted withdrawal being the
double of the cardholder’s net total salary, which is computed after deducting the regular monthly
obligations of the customer to the credit granting bank, other banks and any other entity from the
customer’s salary. The QCB requires the maximum rate of interest or return on credit cards to be
1% per month and the maximum rate of interest or return on arrears of debt arising from credit cards to
be 0.25% per month.
The QCB also regulates real estate financing and requires real estate finance risks not to exceed
100% of the lending bank’s Tier 1 capital at any time. Further, banks may provide real estate financing
to individuals in excess of the salary limit for consumer loans only if collateral is provided as security for
the loan. Borrowers relying on salaries as the primary source of repayment are limited to real estate
financing of up to 70.0% of the value of the collateral with a maximum repayment period of 20 years
while other borrowers are limited to real estate financing of up to 60.0% of the value of collateral with a
maximum repayment period of 15 years (this loan limit may be increased to 70.0% of the value of
collateral with a maximum repayment period of 20 years if security is granted over the cash flows used
to pay the loan installments). The maximum permitted salary deductions, including installments and
any other liability, are limited to 50.0% of the borrower’s total salary, provided salary and post
retirement service dues are transferred to the financing bank.

65
 The following table sets forth the QCB’s balance sheet data as of December 31, 2006 to 2010.
As of December 31,
2006 2007 2008 2009 2010
(in millions of QR)
Assets:
Foreign assets:
Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44.3 1,220.3 1,267.0 1,587.1 2,062.0
Foreign government securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,745.9 26,136.8 24,019.3 54,568.6 87,155.0
Balances with foreign banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,645.3 7,878.9 10,267.3 10,474.2 22,451.1
IMF reserve position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128.3 98.3 85.9 87.4 85.9
SDR holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151.0 165.6 168.6 1,534.5 1,508.3
Total foreign assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,714.8 35,499.9 35,808.1 68,251.8 113,262.3
Claims on commercial banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227.1 8,547.2 8,215.4 2,528.0 3,239.6
Unclassified assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 264.7 431.7 435.0 499.7 535.8
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,206.6 44,478.8 44,458.5 71,279.5 117,037.7

Liabilities:
Reserve money:
Currency issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,069.8 5,624.5 6,912.8 7,191.4 7,974.3
Deposits of local banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,084.0 25,027.9 16,710.6 26,920.0 69,223.3
Total reserve money(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,153.8 30,652.4 23,623.4 34,111.4 91,808.6
Foreign liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.8 752.5 18.4 1,451.9 1,441.2
Government deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 420.0 435.8 1,015.2 468.1 668.4
Capital accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,751.2 8,909.3 9,982.5 11,063.8 12,092.9
Reserve revaluation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,030.3 1,938.2 1,843.8 2,593.4 3,220.9
Unclassified liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 830.5 1,790.6 7,975.2 21,590.9 22,416.7
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,206.6 44,478.8 44,458.5 71,279.5 117,037.7

Note:
(1) Reserve requirements were QR3,267.9 million (US$897.8 million), QR5,101.6 million (US$1,401.5 million), QR10,033.5
million (US$2,756.5 million), QR11,791.9 million (US$3,239.5 million) and QR14,611 million (US$4,014 million) as of
December 31, 2006, 2007, 2008, 2009 and 2010, respectively.
Source: Qatar Central Bank.

Monetary Policy
Currently, Qatar’s monetary policy is formulated by the QCB to, among other things, regulate
interest rates, maintain the stability of the riyal, and control inflation. While the QCB operates in
coordination with the Ministry of Economy and Finance, it is independent from political interference in
its management of monetary policy. The State has recently approved the creation of an Economic
Policy Committee (the “EPC”) to co-ordinate the State’s fiscal and monetary policies and to ensure
their alignment with the State’s economic policy.

Interest Rates
Prior to 2000, the QCB imposed certain ceilings on the credit and deposit interest rates offered by
commercial banks. The QCB removed these restrictions in order to further liberalize the financial
sector. Since 2000, Qatar’s banking system has been free from any form of interest rate ceilings.
The QCB utilizes three different interest rates: a lending rate, a deposit rate and a reverse repo
rate. The lending rate is used for the lending facility through which commercial banks can obtain
liquidity from the QCB. The deposit rate is used for the deposit facility through which commercial banks
can place deposits with the QCB. Both of these facilities may be rolled over to the next day, when
transactions are executed electronically. The reverse repo rate is a pre-determined interest rate set by
the QCB for reverse repo transactions entered into between the QCB and commercial banks. An
overnight liquidity facility rate of 3.0% was also introduced a few years ago and is used for overnight
lending by the QCB to commercial banks.
Prior to July 2007, the QCB tracked the interest rates of the US Federal Reserve. However, and
especially since the global financial crisis of 2008, the QCB has not deemed it necessary to change
interest rates in tandem with the US Federal Reserve on all occasions in view of domestic
macroeconomic conditions. Although the QCB’s money market rates are largely influenced by the
movements in the interest rates of the US Federal Reserve due to the peg on the exchange rate, the
QCB acted independently in 2010 by changing its policy rate even as the US Federal Reserve

66
continued to keep interest rates unchanged at near-zero levels. The QCB domestic rate which had
been kept at 2.0% from May 2008 till July 2010 was thereafter reduced by 125 basis points in total in
three phases to 0.8% by August 2011. The QCB also issues QMRs which is a monetary instrument
through which local member banks are allowed to deposit funds with, and borrow funds from, the QCB.
Since April 2011, the QMR lending rate has been reduced in two phases by 100 basis points in total to
4.5% and the QCB repo rate has been reduced in two phases by 105 basis points in total to 4.5%. The
surplus liquidity conditions were reflected in the general softening of inter-bank interest rates across
the maturity spectrum. Inter-bank interest rates were in the range of 1.1% to 3.7% across all maturities
in 2010 as compared to the higher range of 1.8% to 4.0% in 2009. The low inter-bank rates in 2010 are
partly explained by the large level of excess reserves held by banks resulting in low demand for funds
in the inter-bank market. In 2011, inter-bank interest rates declined further to a range between 0.48%
to 2.11% across all maturities in September 2011.

Currency
The riyal has been fixed to the US dollar at a rate of QR3.64 per US dollar since 1980. It is one of
the QCB’s objectives to keep the riyal stable against the US dollar. As the riyal is pegged to the US
dollar, the exchange rate of the riyal against other major currencies fluctuates in line with the
movements of the exchange rate of the US dollar against such currencies.
In 2001, the GCC decided to establish a common currency by 2010 with a view to deepening
economic integration. The GCC monetary union is expected to improve the efficiency of financial
services, lower transaction costs and increase transparency in the prices of goods and services. In
December 2008, finance ministers of the GCC member states (other than Oman) signed an agreement
establishing the framework of the monetary union. The agreement also provides for the establishment
of a monetary council, which will finalize the details of the monetary union and is expected to be
converted eventually into a GCC central bank. Currently, four of the six GCC members have signed the
accord to join the monetary union—Qatar, Kuwait, Saudi Arabia and Bahrain—while the United Arab
Emirates and Oman have decided not to join. In May 2009, the remaining members decided that
Riyadh would be home to the new GCC Monetary Council, a precursor to a GCC central bank. In
March 2010, Qatar, Kuwait, Saudi Arabia and Bahrain unanimously elected the Saudi Arabian
Monetary Agency Governor as the first chairman of the GCC Monetary Council. The exchange rate
regime for the single currency has not yet been decided, but other recent steps have been taken
toward launching a single currency and laying the foundation for a GCC central bank, including the
proposal of names for the GCC central bank, the modification of the internal procedures for the board
and an agreement on the term of service of the current board chairman and the determination of the
human resources needed for the monetary union. Additionally, the GCC member countries have
established “GulfStat” to standardize data collection and dissemination to improve the quality of
macroeconomic statistics. However, no date has been agreed for the establishment of the monetary
union.

Inflation
Qatar has had a mix of inflation and deflation (measured by a movement in Qatar’s Consumer
Price Index as opposed to a core inflation measurement) recently with inflation of 1.7% in the first three
quarters of 2011 which was preceded by negative inflation rates of 2.4% and 4.9% in 2010 and 2009,
respectively. Prior to 2009, Qatar had high levels of inflation and the overall annual inflation rate was
15.2% in 2008 compared to 13.6% in 2007 and 11.8% in 2006. Inflation in Qatar started to rapidly
decline in 2009 due to decreases in housing and food costs, with the inflation rate decreasing to
negative 6.2% in the first quarter of 2009, negative 1.0% in the second quarter and negative 1.5% in
the third and fourth quarters. The inflation rate fluctuated in 2010, continuing with a further decline in
the inflation rate to negative 0.5% in the first quarter, increasing to 0.4% in the second quarter,
decreasing again to a negative 0.5% in the third quarter and climbing again to 0.5% in the fourth
quarter. The overall deflation recorded in 2009 and 2010 was due to the steep reduction in rents in the
real estate sector. Inflation returned in 2011 with an increase in inflation to 1.3% in the first quarter, an
increase of 0.4% in the second quarter and a decrease of 0.1% in the third quarter. Recent inflation is
primarily the result of core inflation, as rents in the real estate sector have generally remained a
deflationary force. The recent pay and pension increase for governmental employees in 2011 is
expected to have an inflationary effect in the future.
In a report on Qatar issued by the IMF in January 2011, the IMF noted that the country’s projected
high growth rates require careful monitoring of aggregate demand to ward off the risk of inflation at the
high levels seen previously. The increased inflation prior to 2009 was primarily due to rapid and

67
sustained increase in real estate prices, as well as an increase in international food and raw material
prices. Prior to 2009, prices in the real estate sector in Qatar had increased significantly, increasing by
19.6% in 2008, 29.4% in 2007 and 26.0% in 2006. In order to address the domestic housing shortage
and control housing prices, the Government had supported several domestic and residential
construction projects near completion. The QCB reports that nearly 10,000 building permits and 2,500
construction completion certificates for over 16,000 apartments and villas were issued in 2010. As a
result, cost pressure had been abated and real estate prices saw a decline. The IMF noted in January
2011 that the risk of inflation in the short term has been greatly reduced owing to the current situation
of excess real estate supply and the considerable easing of supply bottlenecks in raw materials as a
consequence of increased investments in both sectors.
The QCB previously used various monetary instruments to address high inflation rates, including
moving interest rates independently of the US Federal Reserve despite the currency peg, maintaining
the QCB’s lending interest rate at 5.5%, and increasing the required reserve ratio for commercial banks
in an effort to absorb excess liquidity from the domestic markets. The QCB has relaxed some of these
measures as a result of the new deflationary cycle and interest rates were reduced in three steps to
0.75% in April 2011 and the lending interest rate was subsequently reduced to 4.5%.
The following table sets forth the consumer price index (the “CPI”) and annual percentage change
for each of the five years ending December 31, 2011, as well as the share represented by each item in
the general index.
2007 2008 2009 2010 2011(2)
Index % Index % Index % Index % Index %
(2007 = 100, period average)(1)
Rent, utilities and related housing services . . . . 100.0 29.2 119.7 19.7 105.3 (12.0) 91.9 (12.8) 88.3 (4.0)
Food, beverages and tobacco . . . . . . . . . . . . . . 100.0 7.4 120.0 19.9 121.4 1.2 123.9 2.1 128.8 4.0
Clothing and footwear . . . . . . . . . . . . . . . . . . . . . 100.0 12.6 111.8 11.8 106.8 (4.5) 105.2 (1.3) 112.7 7.2
Furniture, textiles and home appliances . . . . . . 100.0 5.4 107.7 7.7 105.6 (2.0) 109.9 4.1 112.0 1.9
Medical care and services . . . . . . . . . . . . . . . . . 100.0 1.2 104.2 4.2 106.0 1.7 109.7 3.5 112.1 2.2
Transport and communications . . . . . . . . . . . . . 100.0 1.9 109.3 9.3 104.6 (4.3) 107.3 2.6 113.9 6.2
Education, recreation and culture . . . . . . . . . . . 100.0 4.9 109.9 9.9 108.6 (1.2) 111.6 2.8 112.4 0.7
Miscellaneous goods and services . . . . . . . . . . 13.8 (85.6) 112.4 12.4 120.6 7.3 126.1 4.7 132.3 4.9
General Index . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0 13.6 115.2 15.1 109.5 (4.90) 106.9 (2.4) 108.7 1.7
% Change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.6% 15.2% (4.9)% (2.4)% 1.7%

Note:
(1) As QSA now calculates CPI figures using a base year of 2007, the figures in this chart have been recalculated using a base
year of 2007. Previously, QSA calculated CPI figures using a base year of 2006.
(2) These figures are for the first three quarters of 2011.
Source: Qatar Statistics Authority.

The following table sets forth the consumer price index and annual percentage change for the four
quarters of 2010 and the first three quarters of 2011.
Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011
Index % Index % Index % Index % Index % Index % Index %
(2007 = 100, period average)
Rent, utilities and related
housing services . . . . . . . . . . . 94.6 (2.7) 92.5 (2.2) 90.2 (2.5) 89.9 (0.3) 89.5 (0.4) 88.6 (1.0) 86.7 (2.1)
Food, beverages and
tobacco . . . . . . . . . . . . . . . . . . . 122.5 0.3 123.3 0.7 123.8 0.4 126.6 2.5 128.3 1.3 129.4 0.9 28.8 (0.5)
Clothing and footwear . . . . . . . . . 102.9 (1.8) 104.1 1.2 106.1 1.9 108.2 2.0 112.0 3.5 112.8 0.7 13.3 0.4
Furniture, textiles and home
appliances . . . . . . . . . . . . . . . . 109.4 0.3 109.9 0.5 110.2 0.5 110.3 0.1 111.3 0.9 112.1 0.7 112.5 0.4
Medical care and services . . . . . 109.1 1.1 109.5 0.4 109.9 0.4 110.4 0.5 111.4 0.9 112.2 0.7 112.7 0.4
Transport and
communications . . . . . . . . . . . 105.4 1.2 108.0 2.5 108.0 0.0 107.6 (0.4) 112.3 4.4 114.1 1.6 115.3 1.1
Entertainment, recreation and
culture . . . . . . . . . . . . . . . . . . . . 109.9 0.7 111.7 1.6 112.9 1.1 112.2 (0.6) 112.4 0.2 111.7 (0.6) 113.0 1.2
Miscellaneous goods and
services . . . . . . . . . . . . . . . . . . 123.8 0.3 125.7 1.5 126.5 0.6 129.1 2.1 130.1 0.8 131.5 1.1 135.4 3.0
General Index . . . . . . . . . . . . . . . 106.7 (0.5) 107.1 0.4 106.6 (0.5) 107.1 0.5 108.5 1.3 108.9 0.4 108.8 (0.1)

Source: Qatar Statistics Authority.

68
Money Supply and Liquidity
Money Supply
Over the past five years, the money supply in Qatar has grown steadily, primarily as a result of
significant increases in Government spending, a reduction in net capital outflows and an expansion of
private sector credit. The expansion in private sector credit occurred despite the Government’s
implementation of a credit ratio and an increase in reserve requirements designed to moderate such
credit expansion.
As of September 2011, the narrow measure of money (“M1”), which comprises currency held by
the public and deposits denominated in riyals of private sector, government and semi-government
institutions, increased by QR3,893.5 million (US$1,069.6 million), a 5.7% increase from the end of
2010. As of September 2011, currency in circulation increased by QR632.5 million (US$173.8 million)
and demand deposits increased by QR3,261 million (US$895.9 million) from the end of 2010. As of
September 2011, the broad measure of money (“M2”), which comprises M1 plus time deposits
denominated in riyals and foreign currency deposits of private sector, government and
semi-government institutions, increased by QR51,329.6 million (US$14,101.5 million), an increase of
19.4% from the end of 2010, due in large part to a 2.1% increase in time deposits and a 149.3%
increase in foreign currency deposits. Total quasi money represented by time deposits and foreign
currency deposits increased by QR47,436.1 million (US$13,031.9 million), a 24.2% increase from the
end of 2010. This led to a decrease in the share of M1 in domestic liquidity (M2) from 25.8% at the end
of 2010 to 22.9% as of September 2011.

69
 The following table provides an overview of the money supply and sets forth certain liquidity
indicators for Qatar as of December 31, 2006 to 2010.
As of December 31,
2006 2007 2008 2009 2010
(in millions of QR)
Foreign assets:
QCB:
Assets(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,714.8 35,499.9 35,808.1 68,570.1 113,611.4
Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (20.8) (752.5) (18.4) (1,451.9) (1,441.2)
QCB foreign assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,694.0 34,747.4 35,789.7 67,118.2 112,170.2
Commercial banks:
Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,310.5 88,960.7 99,168.5 88,494.7 91,124.8
Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (24,754.0) (62,264.6) (86,089.2) (108,459.9) (139,309.3)
Commercial banks foreign assets (net) . . . . . . . . . . . . . . . . . . 41,556.5 26,696.1 13,079.3 (19,965.2) (48,184.5)
Foreign assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,250.5 61,443.5 48,869.0 47,153.0 63,985.7

Domestic assets:
Claims on Government:
Claims(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,237.8 13,822.0 18,169.2 62,738.2 75,003.6
Deposits(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,510.2) (14,028.7) (20,428.6) (15,879.6) (19,154.2)
Claims on Government (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,727.6 (206.7) (2,259.4) 46,858.6 55,849.4
Domestic credit:
Claims on public enterprises(4) . . . . . . . . . . . . . . . . . . . . . . . 8,974.1 26,751.6 47,383.5 39,734.8 66,754.9
Claims on private sector . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,011.7 121,087.9 172,439.4 184,569.9 204,201.6
Total domestic credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,985.8 147,839.5 219,822.9 224,304.7 270,956.5
Other items (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (43,790.8) (55,340.9) (82,427.4) (103,234.5) (126,075.8)
Domestic assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,922.6 92,291.9 135,136.1 167,928.8 200,730.1

Broad money:
Money:
Currency in circulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,958.9 4,487.2 5,368.2 5,653.0 6,094.9
Demand deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,533.3 36,249.5 45,501.3 47,463.3 62,241.9
Total money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,492.2 40,736.7 50,869.5 53,116.3 68,336.8
Quasi-money:
Savings and time deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,621.9 64,349.0 85,676.2 133,192.6 166,994.8
Foreign currency deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,059.0 48,649.7 47,459.4 28,772.9 29,384.2
Total quasi-money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,680.9 112,998.7 133,135.6 161,965.5 196,379.0
Total broad money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,173.1 153,735.4 184,005.1 215,081.8 264,715.8

Change (%):
Foreign assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.1 0.3 (20.5) (3.5) 35.7
Domestic assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57.4 88.6 46.4 24.3 19.5
Total broad money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39.6 39.5 19.7 16.9 23.1
Velocity of broad money (to total nominal GDP) . . . . . . . . . . . . . 2.0 1.9 2.3 1.7 1.8
Velocity of broad money (to non-oil and gas nominal GDP) . . . 0.9 0.9 1.0 0.9 0.8

Notes:
(1) Excludes the QCB’s foreign currency deposits with local commercial banks.
(2) Includes Government borrowing on behalf of public enterprises in 2001.
(3) Includes foreign and local currency deposits.
(4) Non-financial sector enterprises with some Government ownership.
Source: Qatar Central Bank.

Liquidity
The QCB, on behalf of the Government, issues bonds to absorb domestic liquidity and develop a
yield curve for riyal-denominated domestic bonds. The QCB has issued a number of domestic bonds
since 1999, including six issues in 2009 and three issues in 2010 (including one sukuk issue). In 2011,
the QCB also issued bonds amounting to QR50 billion (US$13.7 billion) to Qatari domestic banks, of
which roughly two thirds went to Islamic banks and the rest to conventional banks. The funds so
generated were transferred by the QCB to the State’s account and the State used these funds for
various governmental uses and for investment. The QCB has also issued Treasury bills of 91,182
and 273 days maturity to further absorb domestic liquidity with an outstanding balance of QR12 billion

70
(US$3.3 billion) as of October 31, 2011. The QCB also prescribes reserve requirements for commercial
banks to be maintained with the QCB in order to control domestic liquidity.

Banking System

Commercial Banks

Commercial banks in Qatar consist of six locally owned conventional commercial banks (including
Qatar National Bank, which is 50.0% Government owned), four Islamic institutions that operate
according to Islamic Shari’ah principles (including the prohibition on the charging of interest on loans),
seven foreign banks with established branches in Qatar and one development bank.

Commercial banks are the primary financial institutions in Qatar, providing deposit taking, credit
and investment services, as well as foreign exchange and clearance services. The deposits made in
Qatar’s commercial banks are not insured as there is no deposit insurance scheme in Qatar.

The QCB requires commercial banks to maintain a capital adequacy ratio of 10.0% in accordance
with the Basel II guidelines. Historically, commercial banks have complied with this ratio and, in 2010,
the average capital adequacy ratio (CAR) was 16.1%, with the same CAR of 16.1% in 2009 and a CAR
of 15.5% in 2008. In 2010, the Regulatory Tier 1 capital-to-asset ratio for all banks was 11.1%,
compared to 11.5% in 2009 and 11.0% in 2008. Currently, Qatar’s commercial banks are compliant
with Basel II pillar one, and are working to become compliant with the remaining risk components of
pillars two and three.

The QIA has provided financial support to Qatar’s financial sector as a response to the global
economic downturn and as a preventative measure to preserve the general stability in Qatar’s banking
sector. In early 2009, the QIA began making direct capital injections in Qatar’s commercial banking
sector through a plan to purchase equity ownership interests of up to 20.0% in the domestic banks
listed on the Qatar Exchange. In line with the plan, from 2009 through to 2011, the QIA acquired equity
positions ranging from 5.0% to 20.0% in various domestic banks, including the Qatar Islamic Bank, the
Commercial Bank of Qatar, the Qatar International Islamic Bank the Ahli Bank and the Doha Bank. The
total equity injections in the domestic banks currently amount to QR11.2 billion (US$3.1 billion). The
Government is expected to give these banks an option to buy back their shares over the next five
years.

In addition to the equity purchases, the QIA also assisted the banking sector by purchasing certain
portions of their investment and real estate portfolios. On March 22, 2009, the QIA purchased the
investment portfolios of seven of the nine domestic banks listed on the Qatar Exchange at a total
purchase price of approximately QR6,500 million (US$1,786 million) paid through a combination of
cash and domestic Government bonds. This purchase price was equal to the value of such investment
portfolios as registered in the records of each bank as of February 28, 2009. In an effort to further
boost liquidity and encourage lending, in early June 2009, the QIA made a second round of
investments and bought the real estate portfolios and investments of nine domestic commercial banks
at a sale price equivalent to the net book value of such portfolios and investments with a total ceiling
amount of QR15,000 million (US$4,121 million). The total support to the banking sector, which includes
purchases of real estate and investment portfolio in domestic banks as well as the equity injections has
been QR32,700 million (US$8,984 million).

The amount of credit extended by commercial banks to the private sector grew by a CAGR of
27.1% between 2006 and 2010, increasing by 7.6% in 2010 to QR190,862 million (US$52,435 million)
from QR177,458.7 million (US$48,752 million) in 2009. In 2010, credit extended to the real estate
sector amounted to 26.7% of total private sector credit extended by commercial banks, while credit
extended to the services sector and consumer credit amounted to 15.5% and 29.7% of total private
sector credit, respectively. In 2010, the amount of credit extended to the construction and real estate
sectors showed the sharpest increases, with annual growth rates of approximately 41.8% and 26.2%,
respectively. The amount of credit to services declined by 5.2% in 2010 compared to 2009.

The level of “non performing” commercial bank loans in Qatar has been low over the past five
years, changing from 2.2% in 2006 to 1.5% in 2007, 1.2% in 2008, 1.7% in 2009 and 2.0% in 2010.
Under QCB regulations, non performing loans are defined as those loans that meet one of the
following conditions for at least three months: (i) the borrower is not able to meet its loan repayments
and the loan is past due; (ii) other credit facilities of that borrower are past due; (iii) the existing credit

71
limits granted to that borrower for its other credit facilities are not renewed; or (iv) a borrower exceeds
its agreed credit limit by 10.0% or more without prior authorization. Commercial banks in Qatar
categorize non performing loans into three groups: sub standard, doubtful and bad. Sub standard loans
are those that have not performed for three or more months, doubtful loans are those that have not
performed for six or more months, and bad loans are those that have not performed for nine or more
months. The QCB also obliges national banks to form a “risk reserve” from the net profits thereof,
which should not be less than 1.5% of the total direct credit facilities granted by the bank and its
branches and subsidiaries inside and outside Qatar, according to their consolidated balance sheet,
after deduction of the specific provisions, suspended interests and deferred profits for Islamic banks,
with the exception of credit facilities extended to the Ministry of Economy and Finance, credit facilities
guaranteed by the Ministry of Economy and Finance and credit facilities secured by cash collateral
(with a lien on cash deposits).
The following table sets forth the consolidated balance sheets of Qatari commercial banks as of
December 31, 2006 to 2010.
As of December 31,
2006 2007 2008 2009 2010
(in millions of QR)
Assets:
Reserves:
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,110.9 1,137.3 1,544.6 1,538.4 1,879.4
Balances with the QCB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,029.2 24,959.7 16,561.7 38,361.3 83,578.5
Foreign assets:
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132.2 110.2 181.2 262.5 403.4
Claims on foreign banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,163.5 54,449.3 50,268.5 43,712.7 41,781.8
Foreign credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,774.8 14,267.1 21,845.6 18,561.6 20,560.5
Foreign investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,240.0 20,134.1 26,873.2 25,957.9 28,379.1
Fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0 0.0 0.0 0.0 0.0
Domestic Assets:
Due from Banks in Qatar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,205.2 10,989.9 32,777.0 35,323.4 27,999.1
Domestic Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,773.1 146,329.0 220,807.3 251,915.9 293,920.0
Domestic Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,450.6 15,437.2 22,110.0 41,844.4 56,174.7
Fixed Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,221.2 1,730.6 3,012.7 3,372.3 4,082.3
Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,381.3 4,791.7 5,933.2 7,048.7 8,723.4
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189,482.0 294,336.1 401,915.0 467,899.1 567,482.3

Liabilities:
Foreign Liabilities:
Non-resident deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,154.6 4,365.3 14,428.8 22,021.5 29,680.8
Due to foreign banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,541.3 54,410.8 67,763.9 79,208.1 97,103.4
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,058.1 3,488.5 3,896.5 7,230.3 12,525.1
Domestic Liabilities:
Resident deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119,304.4 162,841.1 198,050.3 224,840.3 277,106.7
Due to domestic banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,982.4 7,800.8 33,271.5 32,606.4 23,419.9
Due to QCB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 297.6 1,316.2 6,782.3 2,719.1 3,412.2
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0 36.4 76.8 300.0 115.0
Margins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 453.6 764.2 1,379.4 1,881.6 1,047.8
Capital accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,310.9 33,885.2 48,300.1 53,801.7 62,793.1
Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,919.3 3,257.9 4,253.1 5,864.6 7,315.8
Unclassified liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,459.8 22,169.7 23,712.3 37,425.5 52,961.4

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189,482.0 294,336.1 401,915.0 467,899.1 567,482.3

Source: Qatar Central Bank.

Qatar Development Bank

Qatar Development Bank (“QDB”) was established by the Government in 1997, with contributions
from national banks under the name of Qatar Industrial Development Bank. In 2006, QDB became a
government-owned bank and the following year changed its name to Qatar Development Bank. QDB’s
main objective is to contribute to the development and diversification of economic and industrial
investments in Qatar. QDB finances small and medium sized industrial projects and provides technical
assistance and advice to industrialists for the implementation of their projects. QDB also provides
consultancy services and financing for projects in the education, agriculture, fisheries, healthcare,
animal resources and tourism sectors. As of December 31, 2010, QDB’s paid up capital was QR2,900
million (US$796.7 million).

72
Qatar Financial Centre
The QFC is a financial and business center established by the Government in 2005 with a view to
attracting international financial services institutions and multinational corporations to Doha in order to
grow and develop the market for financial services in the region. Unlike other financial centers in the
region, the QFC is an onshore financial and business environment.
The QFC comprises four primary bodies: the QFCA, the QFCRA, the QFC Civil and Commercial
Court and the QFC Tribunal. The QFCRA determines the commercial strategy of the QFC and is
responsible for legislation and compliance matters relating to the QFC legal environment. The QFCRA
regulates, authorizes, supervises and, when necessary, disciplines banking, securities, insurance and
other financial businesses carried on in or from the QFC. The QFCRA also registers and supervises
the directors and other designated officers of the businesses authorized by it. The QFCRA regulatory
approach is modeled closely on that of the UK’s Financial Services Authority. The QFC Civil and
Commercial Court has jurisdiction over civil and commercial disputes arising between (i) entities
established within the QFC; (ii) employees or contractors employed by entities established in the QFC
and the employing entity; (iii) QFC entities and residents of State of Qatar; and (iv) QFC institutions
and entities established in the QFC. The QFC Regulatory Tribunal hears appeals against decisions of
the QFCRA, QFCA and other QFC institutions. The QFCA, QFCRA, the QFC Civil and Commercial
Court and the Regulatory Tribunal are all statutory independent bodies reporting to the Council of
Ministers. See “Overview of the State of Qatar—Legal System.”
Firms operating under the QFC umbrella fall into two categories: those providing financial
services, which are regulated activities, and those engaged in non-regulated activities in support of
financial services. All QFC firms must apply to the QFCA for a business license to conduct a permitted
activity in or from the QFC. Firms planning to conduct regulated activities also need to apply to the
QFCRA for authorization. The operations of the Company Registration Office are handled by the
QFCA. Approximately 55.0% of the firms operating under the QFC umbrella, as of August 2011, are
regulated financial institutions, including global financial institutions. The QFCA imposed a tax rate of
10.0% on local source business profits effective January 1, 2010.
Financial institutions licensed by the QFCRA as “Category-1” financial institutions are authorized
to operate as universal banks and, among other things, may make various types of loans and accept
deposits in any currency. Under the QFC licensing policy, such institutions are currently prohibited from
conducting retail banking with, or on behalf of, retail customers unless they obtain authorization from
the QFCRA. Financial institutions authorized by the QFCRA as “Category-2,” “Category-3” or
“Category-4” are permitted to undertake certain more limited activities, and “Category-5” institutions
may undertake Islamic finance activities.

Qatar Exchange
In June 2009, Qatar Holding LLC (“QH”), the strategic and direct investment arm of the QIA, and
NYSE Euronext signed agreements to form a strategic partnership whereby NYSE Euronext acquired
a 20.0% stake in the Qatar Exchange (known prior to the transaction as the Doha Securities Market or
DSM) for $200.0 million. The QIA retained an 80.0% stake in the Qatar Exchange through QH. A newly
appointed board of directors oversees the Qatar Exchange.
The purpose of the Qatar Exchange is to promote foreign and domestic investment in Qatar and to
encourage the diversification of the economy. The DSM was officially commissioned, and trading
activities began, in May 1997. Trading on the DSM became fully electronic on March 11, 2002. Further
to its partnership with NYSE Euronext, the Qatar Exchange launched a new trading platform called
Universal Trading Platform in September 2010 providing for international recognized trading
functionality. The Qatar Exchange has also implemented procedures for settlement via central bank
monies and a delivery versus payment process for the settlement of securities.
The Qatar Exchange currently lists equity securities only, although its management aims to
develop further asset classes like ETFs, REITs and derivatives in the near future. In February 2010,
the Qatar Exchange announced plans to introduce new products such as sukuks, bonds, exchange
traded funds, equity derivatives and investor education programs. As of June 2011, there were 42
companies listed on the Qatar Exchange, primarily from the banking and financial, insurance, service
and industrial sectors. The Qatar Exchange Index is composed of the top 20 companies listed on the
Qatar Exchange, selected on the basis of many factors, including market capitalization and trading

73
volumes. The Qatar Exchange generally allows non-Qatari nationals to invest up to 25.0% of the share
capital of any company listed on the Qatar Exchange, although this limit may be increased with the
approval of the Council of Ministers.
In 2010, banking and financial sector companies had the highest trading activity by value on the
Qatar Exchange with QR24,3 billion (US6.6 billion) in value traded, followed by service sector
companies with QR40.2 billion (US$11 billion) in value traded, reflecting trading activity trends since
2009.
The following table sets forth the Qatar Exchange’s market capitalization for each of the five years
ended December 31, 2010, as well as the percentage change from the previous year, the number of
companies listed and the total value and number of trades in each of the years indicated.
Year ended December 31,
2006 2007 2008 2009 2010
(in millions of QR, except as noted otherwise)
Market capitalization at end of period . . . . . . . . . . . . . . . . 221,729 347,695 279,038 320,081 450,203
Percentage change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (30.1)% 56.8% (19.8)% 14.7% 40.6%
Number of listed companies at end of period . . . . . . . . . 36 40 43 44 43
Total trades (value) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,947 108,930 175,552 92,165 67,185
Number of trades (in millions) . . . . . . . . . . . . . . . . . . . . . . 1,733 1,812 2,180 1,690 1,052

Source: Qatar Exchange.

Qatar Financial Markets Authority

The QFMA was established under Law No. 33 of 2005 as amended, as a public regulatory
authority for Qatar’s capital markets with the mandate to (i) implement a modern regulatory framework
for the domestic capital markets and the securities industry based on international best practices,
(ii) provide effective and responsible market oversight and supervision, and (iii) set the ground for
developing Qatar as a leading capital market in the region and a preferred destination for financial
services businesses. The creation of the QFMA is part of the Government’s overall strategy of
reforming Qatar’s legal and regulatory regime in order to support the growth of the economy while
improving investor confidence.
The QFMA has issued the following regulations to effectively regulate the Qatari capital market:
(i) Regulations of Qatar Financial Markets Authority; (ii) Financial Services Rulebook; (iii) Offering &
Listing of Securities Rulebook; (iv) Anti-Money Laundering and Combating Terrorist Financing Rules;
(v) buy back regulations for listed companies; and (vi) regulations for the settlement by arbitration of
disputes arising from transactions related to securities. The QFMA has also issued a Corporate
Governance Code for listed companies which includes reporting requirements for the companies’
directors as well as a requirement to establish a number of internal committees (such as audit,
nomination and remuneration committees). The QFMA has recently started requiring mandatory
compliance with certain provisions of the Governance Code that until recently were viewed as merely
‘comply or explain’ provisions.
Currently the Qatar Exchange only lists equity shares. However, the QFMA is in the process of
finalizing and implementing amendments to the Qatari Securities Offering and Listing Regulations so
as to facilitate the listing and trading of new securities such as bonds and sukuks, securities of small
and medium sized companies and the securities of Qatar Financial Center companies which will
deepen the domestic market. The proposed rules are now finalized and are expected to be sent for
consultation before the end of 2011. In addition, listing rules for Exchange Traded Funds (ETFs) are
also in the process of finalization. The QFMA is currently working on completing the first draft of the
legal infrastructure for regulating lending and borrowing activities, liquidity providers, direct market
access and margin trading.
The QFMA has also entered into a bilateral memorandum of understanding with each of the
following peer federal regulatory institutions: (i) the Securities Commission of Malaysia; (ii) the Autorité
des Marchés Financiers; and (iii) China Securities Regulatory Commission. A Bilateral Memorandum of
Understanding with the GCC’s Capital Market Regulatory Authorities and with the Egyptian Financial
Supervisory Authority is in process.

74
 PUBLIC FINANCE
General
Qatar has experienced significant revenue growth and large budget surpluses since 2001 driven
primarily by the rapid development of its hydrocarbon sector. Recently, the budget surpluses have
decreased as a result of increased current and capital expenditure. The Government revenues of
QR155,907 million (US$42,832 million) for the fiscal year ended March 31, 2011 were significantly
greater than revenues in the fiscal year ended March 31, 2001. Government figures show an estimated
surplus of QR13,537 million (US$3,670 million) for the fiscal year ended March 31, 2011, which is a
decrease of 75.0% when compared to the surplus of QR54,108 million (US$14,865 million) for the
fiscal year ended March 31, 2010.
The budget for the fiscal year ending March 31, 2012 is based upon an assumed oil price of
$55 per barrel and thus projects an estimated surplus of QR22,538 million (US$6,192 million). The
State exceeded the estimated budget surplus for the six-month period ended September 30, 2011 with
a surplus of QR39,999 million (US$10,989 million). The surplus is primarily attributable to the
increased international demand for oil and petroleum products coupled with an increase in the
international price of oil, along with greater than anticipated non-oil and gas revenues.
Total expenditure for the six-month period ended September 30, 2011 amounted to
QR70,302 million (US$19,313 million) or 50.2% of the total budgeted expenditure of QR139,937 million
(US$38,442 million) for the fiscal year ending March 31, 2012. Total current expenditure for the
six-month period ended September 30, 2011 amounted to QR46,926 million (US$12,891 million) or
57.3% of total budgeted current expenditure of QR81,938 million (US$22,510 million) for the fiscal year
ending March 31, 2012. Total capital expenditure for the six-month period ended September 30, 2011
amounted to QR23,376 million (US$6,422 million) or 40.3% of total budgeted capital expenditure of
QR57,999 million (US$15,934 million) for the fiscal year ending March 31, 2012.
The Government’s primary source of budget revenues are oil and gas related revenues generated
by QP’s activities, accounting for approximately 85.2% of the total revenues for the fiscal year ended
March 31, 2011 and approximately 80.7% of the total revenues for the fiscal year ended March 31,
2010. The Government’s budget is formulated using a conservative estimate of oil prices per barrel for
the relevant fiscal year: US$40 for the budget for the fiscal year ended March 31, 2008; US$55 for the
budget for the fiscal year ended March 31, 2009; US$40 for the budget for the fiscal year ended
March 31, 2010; US$55 for the budget for the fiscal year ended March 31, 2011; and US$55 for the
budget for the fiscal year ending March 31, 2012. The Ministry of Economy and Finance receives
royalties and tax revenue on export sales of crude oil, refined products and gas products, including
LNG and downstream products from QP and its joint venture partners. See “—Taxation.” In addition to
such export sale receipts, the Government receives all of QP’s net income as “investment income.”
Investment income has contributed to the growth in total revenues in recent years, in line with the
growth of QP’s net income. The Government has diversified its revenue sources in recent years to
include customs duties, taxes on the operations of foreign owned businesses and charges for certain
services provided by the Government.
The principal items of Government expenditure relate to the development of Qatar’s infrastructure,
the wages and salaries of Government employees and principal and interest payments in respect of
Government indebtedness (both internal and external). Due to a significant wage and pension increase
effective September 1, 2011 for Qatari government employees, Government expenditure for salaries
and wages is expected to significantly increase for future budgets. The State has also announced its
intent to create a committed QR10 billion (US$2.7 billion) fund to recapitalize the State pension fund in
light of the recent increase in wages and pensions. The funds when made available would be viewed
as an asset transfer. Other items of Government expenditure include the provision of social services
such as healthcare, education and the pensions of former Government employees as well as utilities,
such as water, electricity and telephone services. In recent years, the Government has increased
aggregate expenditures substantially as the Government has invested in the development of Qatar’s
social and physical infrastructure to meet the needs of its growing population and to develop Qatar into
a trade center and leading LNG exporter. Expenditure growth has been characterized by gradual
year-on-year growth between the fiscal year ended March 31, 2001 and the fiscal year ended
March 31, 2004 and more significant year-on-year growth between the fiscal year ended March 31,
2004 and the fiscal year ended March 31, 2011 as Qatar’s larger infrastructure projects have moved
from the planning phase to the development and construction phases. Qatar’s total expenditure
continued to grow to QR142,370 million (US$39,113 million) in the fiscal year ended March 31, 2011,

75
increasing from QR115,034 million (US$31,603 million) in the fiscal year ended March 31 2010, and is
budgeted at QR139,937 million (US$38,444 million) for the fiscal year ending March 31, 2012. The
decline in the budgeted estimate for the fiscal year ending March 31, 2012 compared to the total
expenditure in fiscal year ended March 31, 2011 is attributable to the Government’s conservative
estimates.
In recent years, the Government has used the budget surplus for the purpose of investment both
in Qatar and abroad. Investment of the surplus in Qatar has been focused on capital projects,
particularly related to real estate development and transportation and social infrastructure. Investment
outside Qatar has been focused primarily on securities and other capital market instruments and real
estate holdings. These investments are administered by the QIA on behalf of the Government. A
portion of the budget surplus has also been placed into stabilization funds administered by the QIA.
The Government does not publish figures relating to the size, scope or performance of the portfolio of
investments administered by the QIA. See “—Qatar Investment Authority.”

Budget Policy and Process

The State budget plays a central role in Qatar’s economy and is a key tool in achieving the
Government’s economic development goals. Fiscal policy is considered to be the core of the State’s
general economic policy, which aims to utilize fully Qatar’s economic resources to raise the standard of
living in Qatar and to achieve sustainable development through cooperation between the private and
public sectors. Governmental expenditure is considered by the Government to be a primary stimulant
of economic activity, and consequently a facilitator of economic growth in Qatar. The Government
believes that it has various options open to it to maintain a surplus even in the face of commodity price
volatility, including the imposition of additional charges for services and the development of additional
revenue sources. In addition, the Government has flexibility in determining its capital expenditures and
may review and reschedule items, if necessary, in order to reduce the amount of expenditures
contained in future budgets.
Each year, the Budget Department of the Ministry of Economy and Finance supervises the
preparation of ministerial and agency budgets for the following fiscal year. After approval by the
Minister of Economy and Finance, the consolidated budget is submitted to the Council of Ministers for
its approval (normally by March 1 in advance of the fiscal year, which commences on April 1). The
budget for capital projects is sent to the Advisory Council for discussion, and the Advisory Council
submits its recommendations to the Council of Ministers for approval. Thereafter the budget is
submitted to the Emir for his approval and, if approved, a decree implementing the budget is issued.
The Ministry of Economy and Finance intends to reform its budget process in the future by becoming
more performance oriented. New budgets are to be based on budget plans instead of previous
budgetary allocations. The new budget process is intended to improve accountability and help the
State to achieve specific goals. In furtherance of these reforms, the State has recently approved the
creation of the EPC with a mandate to develop general budget variables in line with the NDS. The
EPC, in addition to other objectives, would also propose policies associated with the preparation of the
State’s general budget in order to prepare an annual publication, and would also discuss the
implications of revenue and public expenditure policies on the national economy.
As in past years, the budget for the fiscal year ending March 31, 2012 was guided by the annual
circular published by the Ministry of Economy and Finance regarding the preparation of the State’s
budget. This circular provides that the financial policy of the State for the fiscal year ending March 31,
2012 will be focused on achieving the highest value for money possible for the State’s budgetary
resources, ensuring appropriate allocation of resources to enable timely execution of projects,
including infrastructure and public services projects, improving efficiency and cost savings in
connection with government-related services, and stimulating private sector economic activity to
increase growth, expand employment opportunities for Qatari nationals and reduce unemployment.

76
 The following table sets forth the revenues, expenditure and overall surplus of the Government for
each of the four fiscal years ended March 31, 2011, the budgeted figures for the fiscal year ending
March 31, 2012 and the actual figures for the six months ended September 30, 2011.
Six months
ended
Fiscal year ended March 31, September 30,
Budget
2008 2009 2010 2011(1) 2012(2) 2011(1)
(in millions of QR)
Revenues: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oil and gas revenues:
Oil revenues:
Income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,901 48,642 46,234 47,996 25,460 26,256
Royalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,138 12,590 15,501 10,630 6,392 4,073
Port fees and other oil revenues . . . . . . . . . . . . . . 11 13 — 13 0 0
Total oil revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,050 61,245 61735 58,639 31,852 30,329
Gas—royalties and taxes . . . . . . . . . . . . . . . . . . . . . 10,698 18,764 21,065 38,210 38,903 21,743
Investment income (QP)(3) . . . . . . . . . . . . . . . . . . . . . 30,047 33,018 53,735 35,934 53,000 25,732
Total oil and gas revenues . . . . . . . . . . . . . . . . . . . . 100,795 113,027 136,542 132,783 123,755 77,806
Non-oil and gas revenues:
Investment income (non-QP):(4)
Returns on misc. shares . . . . . . . . . . . . . . . . . . . . 133 — — — — —
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166 253 145 157 165 9
Total investment income (non-QP) . . . . . . . . . . . . . . 299 253 145 157 165 9
Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,946 3,541 3,114 4,019 2,900 950
Business/corporate income tax . . . . . . . . . . . . . . . . . 8,939 14,629 21,575 14,524 30,810 30,218
Public utility fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 344 233 54 73 145 4
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,542 9,346 7,712 4,353 4,700 1,314
Total non-oil and gas revenues . . . . . . . . . . . . . . . . 17,070 28,002 32,600 23,124 38,720 32,496
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,865 141,029 169,142 155,907 162,475 110,302
Expenditure:(5)
Current expenditure:
Civil list . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 624 623 612 737 618 286
Defense and security . . . . . . . . . . . . . . . . . . . . . . . . . 6,338 9,168 8,109 9,652 15,649 3,015
General administration(6) . . . . . . . . . . . . . . . . . . . . . . 34,495 43,261 55,451 75,640 53,902 37,466
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,244 3,730 3,088 1,122 1,418 631
Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,919 5,531 5,701 6,637 7,280 3,128
Labor and social services . . . . . . . . . . . . . . . . . . . . . 429 375 292 1,058 201 597
Food subsidies and transfers . . . . . . . . . . . . . . . . . . 199 216 132 298 150 115
Water and electricity . . . . . . . . . . . . . . . . . . . . . . . . . 1,467 1,632 1,677 1,800 2,000 1,000
Communication and transportation . . . . . . . . . . . . . — — — — — —
Foreign grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,476 1,115 593 1,061 516 651
Subscriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 147 133 122 204 37
Total current expenditure . . . . . . . . . . . . . . . . . . . . . . 52,316 65,797 75,788 98,127 81,938 46,926
Capital expenditure:
Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 449 502 565 637 660 108
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,117 5,031 5,590 6,017 8,906 1,677
Housing and construction . . . . . . . . . . . . . . . . . . . . . 636 794 253 985 4,652 2,866
Roads . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,691 2,779 2,376 2,596 3,899 1,318
Communications and transportation . . . . . . . . . . . . . 4,768 6,709 8,612 10,298 13,894 6,029
Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,141 8,505 9,593 13,572 10,452 4,725
Land reclamation, other . . . . . . . . . . . . . . . . . . . . . . . 16,131 9,109 12,257 10,138 15,536 6,653
Total capital expenditure . . . . . . . . . . . . . . . . . . . . . . 33,933 33,429 39,246 44,243 57,999 23,376
Total expenditure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,250 99,226 115,034 142,370 139,937 70,302
Overall surplus/(deficit) . . . . . . . . . . . . . . . . . . . . . . . . . 31,616 41,803 54,108 13,537 22,538 39,999

Notes:
(1) Preliminary data subject to revision.
(2) The budget is based on an assumed price of US$55 per barrel, which is significantly lower than the prevailing international
oil prices resulting in a conservative budget for the fiscal year.
(3) Investment income (QP) consists of Government revenue derived from the profits of QP provided to the Government after
retained earnings, capital expenditures and reinvestment. Investment income (QP) includes a portion that is attributable to
QP’s non-oil and gas activities, such as in relation to the production of petrochemicals and fertilizer, steel, iron and metal
coating.

77
(4) Investment Income (non-QP) consists of Government revenue derived from interest income, dividends and proceeds from
sales related to Government interests in non-QP entities. This does not include QIA investment income.
(5) Expenditure related to salaries and wages is allocated across the various expenditure line items shown in the table, and is
not separately listed. Salaries and wages were QR16,003 million (US$4,396 million) in the fiscal year ended March 31,
2008, QR18,661 million (US$5,127 million) in the fiscal year ended March 31, 2009, QR19,975 million (US$5,488 million) in
the fiscal year ended March 31, 2010 and QR23,065 million (US$6,337 million) in the fiscal year ended March 31, 2011.
Effective as of September 1, 2011, the Government has granted large wage and pension increases to Qatari citizens
working for the Government.
(6) Includes primarily overhead costs related to the administration of government agencies, interest payments and grants made
to government related projects.
Source: Ministry of Economy and Finance.

Fiscal Year Ending March 31, 2012

The Government published its planned budget for the fiscal year ending March 31, 2012 with an
estimated surplus of approximately QR22,538 million (US$6,192 million) based on an assumed oil
price of US$55 per barrel. This estimated surplus was primarily due to budgeted total revenues of
QR162,475 million (US$44,636 million) which represent a slight increase from total revenues of
QR155,907 million (US$42,832 million) for the fiscal year ended March 31, 2011. These higher
budgeted revenues reflect the Government’s expectation of higher revenues from the oil and gas
sector. In addition, after increasing expenditure in recent years in the drive to modernize and diversify
Qatar’s economy and improve the country’s health, education and welfare, budgeted expenditure for
the fiscal year ending March 31, 2012 decreased slightly as budgeted total expenditure of
QR139,937 million (US$38,444 million) represents a 1.7% decrease from total expenditure of
QR142,370 million (US$39,113 million) for the fiscal year ended March 31, 2011. This decrease is
comprised of a budgeted increase in capital expenditure, offset by a budgeted decrease in current
expenditure.
The Government’s most recent revenue and expenditure figures reflect a greater overall surplus of
QR39,999 (US$10,989 million) or 36.3% of total revenues for the actual six-month period ended
September 30, 2011. In addition, total revenues for the six-month period ended September 30, 2011
amounted to QR110,302 (US$30,303 million) which represents approximately 67.9% of budgeted total
revenues for the fiscal year ending March 31, 2012. Total non-oil and gas revenues represented
approximately 29.5% of total revenues for the six-month period ended September 30, 2011, amounting
to QR58,22 million (US$8,927 million) or 83.9% of the budgeted total non-oil and gas revenues for the
fiscal year ending March 31, 2012. The surplus for the six-month period ended September 30, 2011 is
primarily attributable to higher than anticipated average oil prices along with greater than anticipated
non-oil and gas revenues.
Total expenditure for the six-month period ended September 30, 2011 amounted to
QR70,302 million (US$19,313 million) or 50.2% of total budgeted expenditure of QR139,937 million
(US$38,442 million) for the fiscal year ending March 31, 2012. Total current expenditure for the
six-month period ended September 30, 2011 amounted to QR46,926 million (US$12,891 million) or
57.3% of total budgeted current expenditure of QR81,938 million (US$22,510 million) for the fiscal year
ending March 31, 2012. Total capital expenditure for the six-month period ended September 30, 2011
amounted to QR23,376 million (US$6,422 million) or 40.3% of total budgeted capital expenditure of
QR57,999 million (US$15,934 million) for the fiscal year ending March 31, 2012. The total capital
expenditure for the six-month period ended September 30, 2011 is significantly lower than the
corresponding budgeted amount as it reflects the time lag between the Government’s approval of
projects resulting in the budgeting allocation for such projects and the actual on-site commencement of
the project. Often projects allocated for in the budget of a fiscal year begin to generate expenditure
reflected in the budgets of the following years.

Fiscal Year Ended March 31, 2011

Revenue
For the fiscal year ended March 31, 2011, total revenues were QR155,907 million
(US$42,832 million), or 92% of total revenues for fiscal year ended March 31, 2010. The decrease in
revenues for the fiscal year ended March 31, 2011 compared to total revenues for the fiscal year
ended March 31, 2010 is primarily due to lower oil and gas revenues primarily as a result of lower
investment income received from QP and due to lower non-oil and gas revenues as a result of
decreased tax revenue.

78
 Oil and gas revenues were estimated at QR132,783 million (US$36,478 million) for the fiscal year
ended March 31, 2011, or approximately 85.2% of total revenues representing a decrease of 2.7%
over the oil and gas revenues reported for the fiscal year ended March 31, 2010. The decrease was
primarily due to lower investment income received from QP.
Non-oil and gas revenues were QR23,124 million (US$6,352 million) for the fiscal year ended
March 31, 2011, which represents a decrease of approximately 29.1% from the fiscal year ended
March 31, 2010, due to lower tax revenues from a decrease in corporate tax rates to 10% from 35% .

Expenditure
For the fiscal year ended March 31, 2011, total expenditure was QR117,900 million
(US$32,390 million), which represents an increase of approximately 2.5% from the fiscal year ended
March 31, 2010. Consistent with the Government’s drive to modernize and diversify Qatar’s economy
and improve the country’s health, education and welfare, the expenditure for the fiscal year ended
March 31, 2011 increased from total expenditure of QR115,034 million (US$31,603 million) for the
previous fiscal year.
Current expenditure was QR98,127 million (US$26,958 million) for the fiscal year ended March 31,
2011, which represents an increase of approximately 29.5% from the current expenditure of QR75,788
(US$20,821 million) for the fiscal year ended March 31, 2010. Spending on Government wages and
salaries was approximately QR23,065 million (US$6,337 million) for the fiscal year ended March 31,
2011, which represents an increase of approximately 6.8% from the fiscal year ended March 31, 2010,
partially due to a governmental-wide salary increase. Capital expenditure for the fiscal year ended
March 31, 2011 was QR44,243 million (US$12,155 million), which represents an increase of
approximately 12.7% from the fiscal year ended March 31, 2010.

Fiscal Year Ended March 31, 2010

Revenue
Despite the estimated deficit for the budget for the fiscal year ended March 31, 2010, there was an
overall surplus of QR54,108 million (US$14,865 million), or 32.0% of total revenues for the fiscal year
ended March 31, 2010. The total revenues represent an increase of approximately 19.9% from the
total revenue for the fiscal year ended March 31, 2009. The increase in total revenues for the fiscal
year ended March 31, 2010 compared to total revenues for the fiscal year ended March 31, 2009 and
the budgeted figure for the fiscal year ended March 31, 2010 is primarily due to higher-than-anticipated
oil and gas prices during the fiscal year ended March 31, 2010 and the Government’s conservative
approach to making assumptions with respect to oil prices. These significantly increased revenues and
resulted in the surplus mentioned above.
Oil and gas revenues were QR136,542 million (US$37,512 million) in the fiscal year ended
March 31, 2010, or approximately 80.7% of total revenues.
Non-oil and gas revenues were QR32,600 million (US$8,956 million) in the fiscal year ended
March 31, 2010, which represents an increase of approximately 16.4% from the fiscal year ended
March 31, 2009, due to revenue gains in the collection of taxes related to the expansion of the non-oil
and gas sector.

Expenditure
For the fiscal year ended March 31, 2010, total expenditure was QR115,034 million
(US$31,603 million), which represents an increase of approximately 15.9% from the fiscal year ended
March 31, 2009. Consistent with the Government’s drive to modernize and diversify Qatar’s economy
and improve the country’s health, education and welfare, the expenditure for the fiscal year ended
March 31, 2010 slightly increased from total expenditure of QR99,226 million (US$27,260 million) for
the previous fiscal year.
Current expenditure was QR75,788 million (US$20,821 million) for the fiscal year ended March 31,
2010, which represents an increase of approximately 15.2% from the current expenditure of
QR65,797 million (US$18,076 million) for the fiscal year ended March 31, 2009. Spending on
Government wages and salaries was approximately QR21,594 million (US$5,932 million) for the fiscal
year ended March 31, 2010, which represents an increase of approximately 17.6% from the fiscal year
ended March 31, 2009, partially due to a one-off governmental-wide salary increase.

79
 Capital expenditure for the fiscal year ended March 31, 2010 was QR39,246 million
(US$10,782 million), which represents an increase of approximately 17.4% from the fiscal year ended
March 31, 2009.

Qatar Investment Authority

The QIA, a State agency, was founded pursuant to Emiri Decision No. (22) of 2005 for the
purpose of investing Qatar’s financial reserves domestically and abroad, with the objective of
strengthening Qatar’s economy by generating meaningful returns on investment. The QIA employs a
strategy of diversification, both geographically and by investing in a mix of asset classes that includes
fixed income, equities, private equity, real estate and alternative assets, as well as by making direct
investments. QIA income has not historically been included in the State’s accounting as revenue,
expenditure or overall surplus (or deficit) in the State budget. The Government does not publish
financial information relating to the QIA or figures relating to the size, scope or performance of the
portfolio of investments administered by the QIA.
The Heir Apparent serves as the Chairman of the QIA, while the Prime Minister and Foreign
Minister serves as the QIA Chief Executive. The QIA is managed by a board of directors, which has
established a framework for the QIA’s operations by developing and implementing investment, risk
management, and legal and compliance policies, as well as a code of conduct. The QIA’s board of
directors provides strategic guidance for the QIA and monitors its executive management team, which
is responsible for the QIA’s day-to-day management.
Domestically, the QIA or, in some cases, the State itself, holds equity ownership interests in Qatar
Airways, Q-Tel, Qatar National Hotels and the Qatar Exchange. In addition, the QIA has purchased
equity ownership interests of up to 20.0% in all domestic commercial banks listed on Qatar Exchange.
See “Monetary and Financial System—Banking System— Commercial Banks.” Among its other
investments, the QIA also manages the investment activities of the Qatar Foundation, which owns
49.0% of a joint venture with Vodafone plc. This joint venture, Vodafone & Qatar Foundation LLC,
owns 45.0% of Vodafone Qatar, which holds Qatar’s second mobile telecommunications license and
completed an initial public offering on the Qatar Exchange in mid-2009.
Outside Qatar, the QIA, primarily through Qatar Holding LLC (its strategic and direct investment
arm), makes direct investments in foreign entities and currently holds equity ownership interests in
several non-Qatari companies. In addition, the QIA, primarily through Qatari Diar (its wholly owned
subsidiary) and, to a lesser extent, Barwa, which is 45.0% owned by the State, makes real estate
investments and undertakes developments in a number of foreign markets, including Europe, North
Africa and Southeast Asia.

Taxation
At present, there is no personal income taxation in Qatar. Profits of business establishments
owned in full by Qatari individuals are not taxed. What is termed income tax in Qatar applies only to
businesses and is therefore generally a form of corporate tax. Tax in Qatar is governed by the recently
enacted Income Tax Law that came into effect on January 1, 2010 which repealed the previous tax law
(the Law Decree No. (11) of 1993). Further guidance on the specific terms of the Income Tax Law were
provided by the Decision of the Minister of Economy of Finance No. 10 of 2011 issuing the Executive
Regulations of the Income Tax Law No. 21 of 2009 (the “Executive Regulations”).
Under the Income Tax Law, tax is generally charged on profits and income arising from a taxable
entity’s activity in Qatar for each taxable year commencing on January 1 and ending on December 31.
Under the Income Tax Law, taxable income in any taxable year is now taxed at a flat tax rate of 10%,
except certain oil and gas companies that will continue to be taxed at a rate of at least 35.0%.
The Income Tax Law also introduced withholding tax in relation to certain payments to
non-residents that are not connected with a permanent establishment in Qatar. The withholding tax
provisions provide for 5% withholding on payments of royalties and technical fees and 7% withholding
on payments of interest, commissions, brokerage fees, directors’ fees and any other amounts paid for
services carried out wholly or partly in Qatar.
The Executive Regulations provide that certain categories of interest will not be subject to
withholding under the Income Tax Law. Exceptions include (i) interest on bonds and securities issued
by the State of Qatar and public authorities, establishments and the corporations owned wholly or
partly by the State of Qatar, (ii) interest on deposits in banks in Qatar, and (iii) interest on transactions,
facilities and loans with banks and financial institutions.

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 The majority of the Government’s tax revenues come in the form of income taxes and royalties
from QP and its joint venture partners engaged in oil and gas production which are collected under a
separate regime. Royalties are payable by QP on export sales at the rate of 20.0% of the invoice value
of crude oil and refined products exports and 12.5% of the invoice value of gas products exports. In
addition, tax is charged on QP’s computed income derived from crude oil export sales at the rate of
85.0% of the invoice value of all export sales less deductions for the cost of operations, depreciation,
amortization and royalties, and on gas products export sales at the rate of 50.0% of this computed
income. The royalty and tax rates paid by QP’s joint venture partners are set forth in the production
agreements to which they are a party.
Qatar is also participating in GCC-wide discussions about the introduction of a value added tax at
the GCC level by 2012. Additionally, Law No. (13) of 2008 provides that 2.5% of the net annual profits
of public corporations are to be collected by the Government and dedicated to the support of social,
sporting, cultural and charitable activities.
Qatar’s municipal authorities are funded out of the central Government’s budget and do not levy
local taxes, with the exception of a registration fee on residential rental contracts equal to 1.0% of
annual rent pursuant to Article 20 of the Rent Law (No. 4 of 2008).
The QFC levies a tax on business profits of QFC-authorized entities of 10.0% to be applied
retroactively from January 1, 2010. Generally, only local source business profits will be subject to tax in
Qatar.
The State has entered into double taxation agreements with a number of other countries although
not all agreements are in effect. It is expected that the State will continue to enter into similar
agreements. In many of its treaties, the State has adopted the Organization for Economic Cooperation
and Development (“OECD”) standards regarding transparency and exchange of information.

Privatization
Although the Government believes that its various state-owned enterprises are well managed,
efficient and profitable, it has been implementing a privatization program since the late 1990s in order
to increase the involvement of the private sector in these enterprises. The privatization program is an
important part of the Government’s strategy for realizing economic development, upgrading the
performance of companies and improving the standard of services. It is also aimed at increasing the
financial efficiency of these companies, reducing administrative burdens, increasing economic growth,
reducing the prices of commodities and services and enlarging the ownership base in the country.
Many of the 42 companies listed on the Qatar Exchange as of November 30, 2011 were listed as part
of Qatar’s privatization program. See “Monetary and Financial System—Qatar Exchange.”
Key privatizations have included: the sale of the Ras Abu Fontas B power and water desalination
facility in 1999 by the Government to Qatar Electricity and Water Company, one of the first private
sector power and water producing companies in the region; the sale in 1998 of 45.0% of the share
capital of Q-Tel; the initial public offering of 30% of Industries Qatar, which owns 75.0% of QAFCO,
80.0% of QAPCO, 100.0% of Qatar Steel and 50.0% of QAFAC; the initial public offering of 60% of the
Qatar Fuel Company (WOQOD); the establishment in 2004 of QGTC as a joint stock company listed
on the Qatar Exchange owned 50.0% by the public and 50.0% by its founding shareholders; and QP’s
initial public offering of 70% of Gulf International Services Q.S.C. on the Qatar Exchange in 2008.
The Government intends to continue this privatization program in due course as part of its efforts
to accelerate the development of Qatar’s economic sectors and the diversification of Qatar’s economy.

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 INDEBTEDNESS
The Government’s total outstanding indebtedness as of October 31, 2011 was QR170,550 million
(US$46,854 million), with internal indebtedness of QR104,832 million (US$28,800 million) or 61.5% of
total indebtedness, and external indebtedness of QR65,719 million (US$18,055 million), or 38.5% of
total indebtedness, excluding the issue of the Bonds.
The ability of the Government to incur indebtedness and provide guarantees in respect of
indebtedness is addressed by Law No. (2) of 1962, as amended by Decree Law No. (19) of 1996 (the
“Financial Policy Law”), subsequent legislation and the Constitution. The Financial Policy Law
provides that the Government may not enter into loan agreements or commit to projects which involve
expenditure of money from the State treasury unless authorized to do so by law. The Financial Policy
Law also provides that the Government may provide guarantees and acknowledgements for State
obligations pursuant to an Emiri Decree.
Law No. (18) of 2002 on Public Debt and Islamic Finance Notes, as amended by Law No. (22) of
2009, (the “Public Debt Law”) authorizes the State to borrow money and issue public debt and Islamic
Finance notes. The Public Debt Law provides that the amount required to be borrowed and the rights
to be granted to holders of the public debt and Islamic finance notes must be determined by a
resolution of the Council of Ministers after consulting with the QCB. The Public Debt Law further
provides that the nominal value of each of the public and Islamic finance debt notes, the objects and
duration of the issuance, and the method in which the issuance is offered to lenders and subscribers
inside and outside Qatar must be determined by the Minister of Economy and Finance after consulting
with the QCB.
A decision of the Council of Ministers, No. (17) of 2008 (as amended) established the State
Finance Policy Committee, which is comprised of senior government officials, including the Minister of
Economy and Finance as chairman, a representative of Qatar Central Bank as deputy chairman, and
representatives of the QIA and QP. Under its mandate, the State Finance Policy Committee provides
guidance to all government related entities that seek to access the international capital markets and
coordinates debt offerings by Qatari issuers in order to increase liquidity and optimize borrowing costs
for Qatari borrowers.
The following table sets forth the Government’s direct indebtedness as of March 31, 2007 to 2011
and as of October 31, 2011.

As of
As of March 31, October 31,
2007 2008 2009 2010 2011(1) 2011(1)(2)
(in millions of US$, except for percentages)
Total internal indebtedness(3)(4) . . . . . . . . . . . . . . . 3,083.3 2,929.3 2,411.4 16,705.6 34,100.7 28,799.9
% of nominal GDP(5) . . . . . . . . . . . . . . . . . . . . . . . . . 5.1% 3.7% 2.1% 17.1% 26.8% —
Total external indebtedness(6)(7) . . . . . . . . . . . . . . 3,441.3 3,319.1 7,798.5 17,944.6(8) 19,304.5 18,054.6
% of nominal GDP(5) . . . . . . . . . . . . . . . . . . . . . . . . . 5.7% 4.2% 6.8% 18.3% 15.2% —
Total indebtedness(7) . . . . . . . . . . . . . . . . . . . . . . . . 6,524.6 6,248.4 10,209.9 34,650.2 53,405.2 46,854.4

Total nominal GDP(9) . . . . . . . . . . . . . . . . . . . . . . . . 60,896 79,712 115,270 97,798 127,332 —

% of nominal GDP(5) . . . . . . . . . . . . . . . . . . . . . . . . . 10.7% 7.8% 8.9% 35.4% 41.9% —

Notes:
(1) Preliminary data subject to revision.
(2) Indebtedness as a percentage of GDP has not been presented in relation to the indebtedness as of October 31, 2011 as
consolidated GDP data is not available for any period subsequent to the year ended December 31, 2010.
(3) Internal indebtedness means direct indebtedness of the Government incurred inside Qatar (excluding guarantees by the
Government), regardless of the currency of denomination.
(4) The increase in the level of internal indebtedness as of March 31, 2010 is mainly due to the State’s issuance of bonds in
order to develop a local bond market rather than the State’s need to address any particular funding requirement. The
increase in total indebtedness as of March 31, 2011 is mainly due to monetary policy and the issuance of domestic bonds
and treasury bills by the QCB. The decrease in total indebtedness as of October 31, 2011 is due to repayment of medium-
term government bonds. See “—Internal Indebtedness”.
(5) Indebtedness as a percentage of nominal GDP is calculated using nominal GDP figures on a calendar year basis and
indebtedness as of the end of the fiscal year ending on March 31 of the following year. For example, indebtedness as of
March 31, 2011 is compared to nominal GDP for the year ended December 31, 2010. Note that given the high rate of growth
in the GDP of Qatar in 2010 and the first six months of 2011, this calculation may materially overstate Qatar’s level of
indebtedness as of March 31, 2010 and 2011.

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(6) External indebtedness means direct indebtedness of the Government incurred by the Government outside Qatar (excluding
guarantees by the Government), regardless of the currency of denomination. In relation to any euro-denominated
indebtedness, indebtedness is in US dollars using a Euro/US dollar conversion rate of €1.00:US$1.2697.
(7) Does not include the principal amount of the Bonds offered hereby.
(8) The increase in external indebtedness as of March 31, 2010 is due to the issuance of bonds and its entry into a commercial
bank facility.
(9) Represents the total nominal GDP for the previous year. For instance, while the total internal and external indebtedness
under the 2011 column represents the estimated figures for internal and external indebtedness as of March 31, 2011, the
corresponding figure for total nominal GDP represents the total nominal GDP for the year ended December 31, 2010.
Source: Ministry of Economy and Finance.

Qatar has never defaulted on any payment of principal of, or premium or interest on, any of its
internal or external indebtedness. Overall, Qatar’s stable economic situation has improved its credit
ratings over the past decade. Through a series of increases, Qatar’s long-term credit rating by
Standard & Poor’s has improved from BBB as of February 1996 to AA as of March 2008 which was
most recently confirmed on October 27, 2011 with a stable outlook. Similarly, Qatar’s foreign and local
currency bond ratings by Moody’s have improved from Baa2 as of September 1999 to Aa2 as of
December 2008, which were most recently confirmed on June 15, 2011 with a stable outlook.

Internal Indebtedness
As of October 31, 2011, the State’s internal indebtedness was QR104,832 million (US$28,800 million),
which represented a decline of 15.6% from QR124,128 million (US$34,101 million) as of March 31, 2011.
The reduction in debt was primarily due to the repayment of medium term government bonds by the State.
The State issued treasury bills of 91,182 and 273 day maturities between March 31, 2011 and October 31,
2011, with an outstanding balance of QR12 billion (US$3.3 billion) as of October 31, 2011, in order to
further absorb liquidity in the domestic market. See “Monetary and Financial System—Liquidity”. As of
October 31, 2011, internal indebtedness from medium-term bank loans provided by Qatari commercial
banks was QR23,653 million (US$6,498 million), which represented 22.6% of total internal indebtedness,
and indebtedness from medium and long-term domestic sovereign bonds was QR79,763 million
(US$21,913 million), which represented 76.1% of total internal indebtedness.
The State’s internal indebtedness as of March 31, 2011 reflected an increase of 104.1% and 584.2%
over the State’s internal indebtedness as of March 31, 2010 and March 31, 2009, respectively. The
increase in internal indebtedness as of March 31, 2011 compared to March 31, 2010 was mainly due to the
issuance of domestic bonds by the QCB to absorb excess liquidity in the domestic market. To absorb
excess liquidity, the State issued bonds equivalent to QR50 billion (US$13.7 billion) to Qatari domestic
banks in January 2011, of which approximately QR33 billion (US$9 billion) went to Islamic banks as sukuks
and the rest to conventional banks. Previously, in June 2010 the QCB had issued QR12,000 million
(US$3,297 million) of domestic sovereign bonds (QR2,000 million (US$550 million) of the proceeds of
which were used to refinance outstanding bonds). As of March 31, 2011, the aggregate principal amount of
the State’s total outstanding domestic bonds, including treasury bills, was QR98,218 million
(US$26,983 million), which represented 79.1% of total internal indebtedness, with internal indebtedness
from medium-term bank loans provided by Qatari commercial banks totaling QR24,497 million
(US$6,730 million), which represented 19.7% of total internal indebtedness.
The increase in internal indebtedness as of March 31, 2010 compared to March 31, 2009 was primarily
due to the issuance of domestic bonds by the QCB to develop a local bond market rather than to address
any particular funding requirement. In particular, the QCB issued six medium-term domestic sovereign
bonds totaling QR28,065.7 million (US$7,710.4 million) in 2009. These bonds were issued as part of the
State’s initiative to develop a yield curve for domestic bank issuances by Qatari companies and banks. The
bonds were generally issued with three to ten-year maturities with semi-annual coupon rates of between
1.0% and 8.0% while some of the bonds have a variable rate. Subscription was generally restricted to local
Qatari banks, but was also made available to insurance companies, investment companies and
semi-government enterprises. As of March 31, 2010, internal indebtedness from medium-term bank loans
provided by Qatari commercial banks amounted to QR21,039 million (US$5,780 million), which represented
34.5% of total internal indebtedness, and internal indebtedness from domestic sovereign bonds was
QR38,358 million (US$10,538 million), which represented 63.1% of total internal indebtedness.
The funds generated by the State from the issue of sovereign domestic bonds and other internal debt
instruments are transferred by the QCB to the State’s account and the State generally uses such funds for
various government uses and for investment.

83
 The following table sets forth a breakdown of the Government’s direct internal indebtedness by
creditor type as of March 31, 2007 to 2011 and as of October 31, 2011.
As of
As of March 31, October 31
2007 2008 2009 2010 2011(1) 2011(1)
(in millions of US$)
Medium term government bonds(2) . . . . . . . . . . . . . . . . . . . . . 1,098.9 1,373.6 1,373.6 10,537.9 26,982.9 21,913.4
Medium term government loans . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 0 0
Medium term commercial bank indebtedness(3) . . . . . . . . . . . 1,583.5 1,155.7 924.6 5,779.7 6,729.9 6,498.0
Long term bank indebtedness(4) . . . . . . . . . . . . . . . . . . . . . . . 287.8 286.8 0 0 0 0
Islamic Murabaha(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113.2 113.2 113.2 387.9 387.9 3,87.9
Total internal indebtedness(6) . . . . . . . . . . . . . . . . . . . . . . . . 3,083.3 2,929.3 2,411.4 16,705.6 34,100.7 28,799.9

Notes:
(1) Preliminary data subject to revision.
(2) Includes domestic government bonds issued by the QCB on behalf of the Government, denominated in Qatari riyals and
having three to ten-year maturity terms with semi-annual coupon rates of between 1.0% and 8.0% with some bonds carrying
a variable rate.
(3) These are bank loan facilities from the Qatar National Bank with variable terms, generally between one and nine years, with
fixed coupon rates varying from 5.0% to 8.0% as decided by the QCB. This also includes one loan with the QCB at the rate
of margin plus 2.25%.
(4) These Qatar Islamic Bank facilities have fixed rates at 9.25% and between six and ten-year maturity terms.
(5) This is a six-month renewable facility with Qatar International Islamic Bank.
(6) This does not include the principal amount of the Bonds offered hereby.
Source: Ministry of Economy and Finance.

External Indebtedness
As of October 31, 2011, the State’s external indebtedness was QR65,720 million
(US$18,055 million), which represented a decline of 6.7% from QR70,270 million (US$19,305 million)
as of March 31, 2011. This reduction in debt was primarily due to the repayment of commercial loan
facilities. As of October 31, 2011, external indebtedness from banks and financial institutions was
QR24,224 million (US$6,655 million), which represented 36.9% of total external indebtedness, and
indebtedness from medium and long-term bonds was QR41,496 million (US$11,400 million), which
represented 63.1% of total external indebtedness.

The State’s external indebtedness as of March 31, 2011 reflected an increase of 7.6% and
147.5% over the State’s external indebtedness as of March 31, 2010 and March 31, 2009,
respectively. The increase in external indebtedness as of March 31, 2011 compared to March 31, 2010
was mainly due to loans taken out by the State from commercial banks to provide the QIA with
additional funds for foreign investment. As of March 31, 2011, the aggregate principal amount of the
State’s total outstanding bonds was QR41,496 million (US$11,400 million), which represented 59.1%
of total external indebtedness, and the aggregate amount of external indebtedness from banks and
financial institutions was QR28,774 million (US$7,905 million), which represented 40.9% of total
external indebtedness.

The increase in external indebtedness as of March 31, 2010 compared to March 31, 2009 was
primarily due to two international US dollar bond issuances in April and November 2009. The State
also entered into three loan facilities and one sukuk with foreign commercial banks during this period.
As of March 31, 2010, external indebtedness from banks and financial institutions amounted to
QR23,824 million (US$6,545 million), which represented 36.4% of total external indebtedness, and
external indebtedness from bonds was QR41,496 million (US$11,400 million), which represented
63.5% of total external indebtedness.

All of the Government’s direct external indebtedness is denominated in US dollars with the
exception of one bank loan facility denominated in Euros. Historically, the Government’s external
indebtedness has been incurred to finance the budget deficits of previous fiscal years and to finance
Qatar’s infrastructure construction. More recently, the Government has accessed the international
markets to refinance current indebtedness and obtain low cost financing for its infrastructure
development program and other government purposes.

84
 The following table sets forth a breakdown of the Government’s direct external indebtedness by
creditor type as of March 31, 2007 to 2010 and as of October 31, 2011.
As of
As of March 31, October 31
2007 2008 2009 2010 2011(1) 2011(1)
(in millions of US$)
Banks and financial institutions . . . . . . . . . . . . . . . . . . . . . . . . 994.1 919.1 5,398.5 6,545 7,904.5 6,654.6
Liabilities owed to suppliers(2) . . . . . . . . . . . . . . . . . . . . . . . . . 47.2 — — — — —
9.50% bonds due 2009(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000.0 1,000.0 1,000.0 — — —
9.75% bonds due 2030(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400.0 1,400.0 1,400.0 1,400.0 1,400.0 1,400.0
5.15% bonds due 2014(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 2,000.0 2,000.0 2,000.0
6.55% bonds due 2019(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 1,000.0 1,000.0 1,000.0
4.00% bonds due 2015(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 3,500.0 3,500.0 3,500.0
5.25% bonds due 2020(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 2,500.0 2,500.0 2,500.0
6.40% bonds due 2040(9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 1,000.0 1,000.0 1,000.0
Total external indebtedness(10) . . . . . . . . . . . . . . . . . . . . . . . 3,441.3 3,319.1 7,798.5 17,944.6 19,304.5 18,054.6

Notes:
(1) Preliminary data subject to revision.
(2) These facilities were provided by export-import banks of Japan and the United Kingdom as well as by electricity suppliers in
Sweden and England. All of these facilities were repaid in the fiscal year ended March 31, 2007.
(3) These bonds were issued in May 1999. The principal amount of these bonds was redeemed on May 21, 2009.
(4) These bonds were issued in June 2000. The principal amount of these bonds is scheduled to be redeemed on June 15,
2030.
(5) These bonds were issued in April 2009. The principal amount of these bonds is scheduled to be redeemed on June 15,
2014.
(6) These bonds were issued in April 2009. The principal amount of these bonds is scheduled to be redeemed on June 15,
2019.
(7) These bonds were issued in November 2009. The principal amount of these bonds is scheduled to be redeemed on
January 20, 2015.
(8) These bonds were issued in November 2009. The principal amount of these bonds is scheduled to be redeemed on
January 20, 2020.
(9) These bonds were issued in November 2009. The principal amount of these bonds is scheduled to be redeemed on
January 20, 2040.
(10) This does not include the principal amount of the Bonds offered hereby.
Source: Ministry of Economy and Finance.

The following table sets forth the Government’s estimated projected obligations in respect of
principal and annual payments of interest on the State’s current outstanding direct external
indebtedness for each of the five fiscal years ending March 31, 2016 (excluding payments on the
Bonds offered hereby and assuming a LIBOR rate of 1.5%).
Fiscal year ending March 31,
2012 2013 2014 2015 2016
(in millions of US$)
Annual external indebtedness principal repayments . . . . . . . . . . . . . . . . . . . . . . . . 2,000.0 1,904.6 — 5,500.0 —
Annual external indebtedness interest repayments(1) . . . . . . . . . . . . . . . . . . . . . . . . 715.3 715.3 677.3 677.3 397.3
Total external annual indebtedness repayments . . . . . . . . . . . . . . . . . . . . . . . . . 2,715.3 2,619.9 677.3 6,177.3 397.3

Note:
(1) Interest repayments are in US dollars using a Euro/US dollar conversion rate of €1.00:US$1.2697. Actual payments are
valued at prevailing rates at that time.
Source: Ministry of Economy and Finance.

Qatar Petroleum Indebtedness and Other Indebtedness of State Owned Companies

QP and its subsidiaries and joint venture companies have also incurred significant indebtedness to
finance the development and expansion of Qatar’s LNG projects, power projects and other industrial
enterprises. As of December 31, 2010, QP and its subsidiaries and joint venture companies had total
consolidated loans of QR80,137 million (US$22,016 million). QP will also incur significant indebtedness
in late 2011 or early 2012 in relation to the Barzan Project. Moreover, certain QP group entities have
entered into long-term charter agreements for LNG vessels and other finance leases. As of

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December 31, 2010, the aggregate present value of the remaining lease payments was
QR37,404 million (US$10,276 million). In past years, the Government has guaranteed certain
obligations of QP and its subsidiaries and joint venture companies to facilitate the development of the
country’s hydrocarbon infrastructure. All of this guaranteed indebtedness has since been paid down
and none of the debt facilities directly guaranteed by the Government currently remains outstanding.
Even if the State does not guarantee debt of QP or its subsidiaries or joint ventures, the incurrence of
debt by QP or its subsidiaries or joint ventures and the related debt service payments by QP or its
subsidiaries or joint ventures may reduce the amount of investment income that the State receives
from QP.

The Government has also guaranteed indebtedness of certain State-owned companies, such as
Qatar Airways (approximately QR18,002.3 million (US$4,945.7 million) as of March 31, 2010) and
Qatari Diar (QR12.7 billion (US$3.5 billion) as of June 30, 2010), the proceeds of which were provided
to Barwa. The State has also guaranteed the power purchase obligations of Kahramaa under the
power purchase agreements Kahramaa has entered into with respect to certain electricity projects.

86
 BALANCE OF PAYMENTS
General
Since 1999, Qatar has maintained a surplus in its balance of payments. The balance of payments
surplus has been positive from 2006 to 2010 because of a positive current account surplus with
variable surpluses or deficits in the capital and financial accounts. In nominal terms, Qatar’s current
account surpluses have more than doubled over the period from 2006 to 2010. The increase in the
current account surpluses has been primarily due to the high prices obtained for oil and gas exports to
East Asian economies which have received significant amounts of exports from Qatar. These strong
exports have increased the current account despite a significant increase in imports and in net outflows
from services, official income and current transfers.
In 2010, the balance of payments surplus was QR44,393 million (US$12,195 million), representing
an increase of 46.7% from QR30,258 million (US$8,313 million) in 2009 mainly due to a large increase
in the current account. The preliminary estimate of the current account in 2010 was QR76,590 million
(US$21,041 million), reflecting a 214.6% increase from QR24,345 million (US$6,688 million) in 2009.
The current account increase in 2010 was primarily attributable to the increase in the trade balance for
commodities from QR94,109 million (US$25,854 million) in 2009 to QR186,067 million (US$51,117
million) in 2010, reflecting an increase of 97.7%. This increase in the trade balance for commodities
mainly resulted from the increased value of crude oil and LNG exports due to higher oil and gas prices,
and the increased exports of condensates and refined petroleum products due to increased production.
The preliminary estimates of outflows from the current account due to services, official income and
current transfers in 2010 was QR109,477 million (US$30,076 million), reflecting a 56.9% increase from
QR69,764 million (US$19,165 million) in 2009. These outflows from the current account reflect
payments for engineering and other services provided by foreign contractors in respect of LNG projects
and other industrial development; the repatriation of profits by foreign companies, such as contractors
operating under production sharing agreements, and the joint venture partners of QP and its
subsidiaries; the payment of interest on the public sector’s external indebtedness; and remittances by
the high number of expatriate workers in Qatar.
The following table sets forth an overview of Qatar’s balance of payments for each of the five
years ended December 31, 2010.
Year ended December 31,
2006 2007 2008 2009(1) 2010(1)
(in millions of QR)
Current account:
Trade balance (commodities):
Exports (including re-exports) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,945 152,951 205,997 175,835 262,277
Imports (FOB)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (53,911) (76,832) (91,492) (81,726) (76,210)
Total trade balance (commodities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,034 76,119 114,505 94,109 186,067
Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,059) (14,074) (13,819) (14,255) (21,000)
Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,941) (15,431) (24,614) (34,262) (47,115)
Current transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,604) (13,779) (18,270) (21,247) (41,362)
Total current account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,430 32,836 57,802 24,345 76,590
Capital and financial account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (37,315) (24,779) (48,365) 2,197 (27,903)
Errors and omissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,709 6,090 (7,814) 3,717 (4,294)
Balance of payments surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,824 14,145 1,623 30,258 44,393

Notes:
(1) Preliminary data subject to revision.
(2) The import figures were provided by the QCB.
Source: Qatar Statistics Authority (except as indicated).

Foreign Trade
Foreign trade plays an important role in Qatar’s expanding economy and Qatar enjoys a favorable
balance of trade due to its strong exports. Qatar’s principal trading partners include Japan, South
Korea, Singapore, the United States and EU countries, such as Spain and Germany. Qatar’s leading
import trade partner in 2010 was the United States, which accounted for 11.8% of Qatar’s total imports.
For many previous years, Japan was the main import and export trade partner of Qatar and remains an
important trading partner to date.

87
 Qatar’s foreign trade has grown significantly in recent years due to ongoing and completed oil,
gas, industrial and infrastructure related projects. The trade balance increased from QR79,263 million
(US$21,776 million) in 2009 to QR186,067 million (US$51,117 million) in 2010, an increase of 134.7%.
In 2010, the export (including re-exports) and import of goods amounted to QR338,487 million
(US$92,991 million), which constituted 73.0% of total nominal GDP. The current account surplus,
which was 16.5% of total nominal GDP in 2010, reflects a strong export performance that balanced out
the sizeable growth in imports and in net services and transfers.
The following table sets forth an overview of Qatar’s trade balance for each of the five years ended
December 31, 2010.
Year ended December 31,
2006 2007 2008 2009(1) 2010(1)
(in millions of QR)
Trade balance:
Exports:
Hydrocarbon:
Crude oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,171 69,820 93,769 51,153 63,124
LNG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,121 34,495 58,783 58,366 87,926
Propane, butane . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,208 6,742 836 12,142 19,243
Condensates(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 19,634 23,230 36,444 54,082
Refined petroleum products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,703 3,601 4,257 3,059 13,664
Total hydrocarbon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,203 134,022 180,874 161,165 238,039
Non-hydrocarbon:
Petrochemicals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,463 10,779 17,169 8,436 9,490
Others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,279 8,151 7,995 10,483 14,748
Total non-hydrocarbon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,742 18,929 25,123 18,919 24,238
Total exports (including re-exports) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,945 152,951 205,997 180,083 262,277
Imports:
Total imports (FOB)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (53,263) (75,902) (90,385) (80,737) (76,210)
Total trade balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,685 77,050 115,612 79,263 186,067

Notes:
(1) Preliminary estimates.
(2) The QSA and the QCB did not collect relevant data prior to 2007.
(3) The import figures were provided by the QCB.
Source: Qatar Statistics Authority (except as indicated).

Exports
Between 2006 and 2010, the CAGR of Qatar’s exports (excluding re-exports, as calculated by the
QSA) was 20.1%, with total exports (excluding re-exports) recorded at QR253,928 million (US$70,035
million) in 2010, a 45.0% increase from 2009. However, in 2010, Qatar’s exports (including re-exports)
increased by 45.6% to QR262,277 million (US$72,054 million) from QR180,083 million (US$49,473
million) in 2009. While the majority of export earnings were generated by crude oil, which raised a total
of QR63,124 million (US$17,342 million) in 2010, or 24.1% of total exports, LNG has become an
increasingly important component of Qatar’s exports. Even though exports of LNG declined by 0.7% in
2009, LNG exports raised a total of QR87,926 million (US$24,155 million) in 2010, representing 33.5%
of total exports. The remainder of total export earnings was primarily generated from the sale of
petrochemicals and fertilizers, along with smaller contributions from the sale of iron and steel.
Qatar’s leading export trade partner in 2009, and for a number of years previously, was Japan,
which accounted for 22.9% of Qatar’s total exports. In 2009, 69.7% of Qatar’s total exports went to
Asian and Arab countries, with South Korea, India and Singapore as the three other main trading
partners in Asia.

88
 The following table sets forth the destination of exports (by country, excluding re-exports) from
Qatar for each of the four years ended December 31, 2009.
Year ended December 31,(1)
2006 2007 2008 2009
Value % Value % Value % Value %
Country
Asian countries:(2)
Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,382.6 42.0 62,033.0 41.1 68,609.7 33.8 40,310.8 22.9
South Korea . . . . . . . . . . . . . . . . . . . . . . . . 17,197.9 14.1 26,694.2 17.7 43,521.8 21.5 25,054.4 14.2
Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . 11,679.8 9.5 17,267.4 11.4 23,345.0 11.5 12,141.3 6.9
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,385.1 18.3 30,280.3 20.0 27,652.6 13.6 44,986.1 25.6
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,645.4 83.9 136,275.0 90.2 163,129.1 80.4 122,492.7 69.7
European countries:
Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . 338.7 0.3 2,179.1 1.4 4,975.5 2.5 4,791.7 2.7
Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,041.9 2.5 3,406.3 2.3 4,927.7 2.4 2,791.2 1.6
Netherlands . . . . . . . . . . . . . . . . . . . . . . . . 725.2 0.6 464.9 0.3 58.4 0.0 249.0 0.1
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 506.0 0.4 707.8 0.5 1,231.7 0.6 5,920.4 3.4
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,611.8 3.8 6,758.1 4.5 11,193.3 5.5 13,752.3 7.8
Oceania:
New Zealand . . . . . . . . . . . . . . . . . . . . . . . 674.7 0.6 1,029.8 0.7 3,943.6 1.9 2,035.7 1.2
Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . 731.1 0.6 705.3 0.5 — — 836.7 0.5
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 0.0 0.2 0.0 — — 286.5 0.2
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,406.0 1.1 1,735.3 1.1 3,943.6 1.9 3,015.7 1.7
Americas:
United States . . . . . . . . . . . . . . . . . . . . . . . 492.3 0.4 993.0 0.7 221.0 0.1 1,270.8 0.7
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78.8 0.1 491.9 0.3 0.1 0.0 230.3 0.1
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 571.1 0.5 1,485.0 1.0 221.1 0.1 1,501.2 0.9
Africa and any other countries:
South Africa . . . . . . . . . . . . . . . . . . . . . . . . 485.4 0.4 441.4 0.3 174.3 0.1 529.2 0.3
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 599.0 0.5 428.1 0.3 13.4 0.0 821.2 0.5
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,084.4 0.9 869.5 0.6 187.8 0.1 1,350.3 0.8
Not Stated Countries: . . . . . . . . . . . . . . . . . 12,083.0 9.9 3,902.4 2.6 24,172.0 11.9 33,722.8 19.2
Total (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . 122,401.7 100.0 151,025.2 100.0 202,846.9 100.0 175,834.9 100.0

Notes:
(1) Figures for 2010 exports by country of destination (excluding re-exports) were not available as of the date of this
Prospectus.
(2) Including Arab countries.
Source: Qatar Statistics Authority.

Imports
Between 2006 and 2010, total imports into Qatar increased by 41.4% as a result of improved
economic conditions and Qatar’s expansion of hydrocarbon production. However, in 2009 and 2010,
Qatar’s total imports have decreased due to decreased domestic demand for base metals and articles
and vehicles and transport equipment. Qatar’s imports (calculated by Cost, Insurance and Freight
(“CIF”) decreased by 10.7% in 2009 to QR90,716 million (US$24,922 million) from QR101,556 million
(US$27,900 million) in 2008. Imports decreased by 6.7% in 2010 to QR84,593 million
(US$23,239 million) from QR 90,716 (US$24,922 million) in 2009.
A large percentage of Qatar’s imported items are machinery and metals required for the expansion
of Qatar’s hydrocarbon industry. Spending on non-oil construction materials for residential and
infrastructure also increased. Imports of consumer durables were also high, reflecting the rise in
personal wealth in Qatar.
Qatar’s main import trade partner in 2010 was the United States, which accounted for
QR9,981 million (US$2,742 million), or 11.8% of Qatar’s total imports. The three other main sources of
imports into Qatar were the People’s Republic of China, which accounted for QR7,658 million
(US$2,104 million), or 9.1% of Qatar’s total imports, and Italy and Germany, which each accounted for
QR5,498.7 million (US$1,510 million), and QR6,129.8 million (US$1,684 million) or 6.5% and 7.2% of
Qatar’s total imports, respectively.

89
 The following table sets forth the composition of imports (by CIF) to Qatar for each of the five
years ended December 31, 2010.
Year ended December 31,
2006 2007 2008 2009 2010
Value % Value % Value % Value % Value %
(in millions of QR)
Base metals and articles . . . . . . . . . . . . . . 11,764.1 19.7 17,174.7 20.1 20,012.2 19.7 13,502.7 14.9 10,976.4 13.0
Machinery and mechanical
appliances . . . . . . . . . . . . . . . . . . . . . . . 21,593.5 36.1 33,671.4 39.5 37,996.7 37.4 38,669.3 42.6 27,744.4 32.8
Vehicles, aircraft, vessels and
associated transport equipment . . . . . . 9,448.7 15.8 11,771.1 13.8 14,941.0 14.7 10,220.8 11.3 13,278.9 15.7
Other(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,034.8 28.5 22,666.3 26.6 28,606.4 28.2 28,323.2 31.2 32,593.4 38.5
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,845.9 100.0 85,283.5 100.0 101,556.3 100.0 90,715.9 100.0 84,593.0 100.0

Note:
(1) Other includes live animals and animal products, vegetable products, prepared foodstuffs, beverages and tobacco, mineral
products, products of chemical or allied industries, plastics and rubber, raw hides and skins, wood articles, wood pulp, textile
and textile products, footwear, headgear, articles of stone, pearls, precious or semi-precious stones, precious metals,
optical, photographic, cinematographic, measuring, checking, precision, medical and surgical instruments and apparatus,
arms and ammunition and miscellaneous manufactured articles.
Source: Qatar Central Bank.

The following table sets forth the origin of imports (by country, CIF) to Qatar for each of the five
years ended December 31, 2010.

Year ended December 31,

2006 2007 2008 2009 2010
Value % Value % Value % Value % Value %
(in millions of QR)
Country
Asian countries:
Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,182.8 12.0 8,596.8 10.1 9,785.1 9.6 6,602.8 7.3 6,373.2 7.5
People’s Republic of China. . . . . . . . . . 3,482.8 5.8 4,974.8 5.8 7,326.6 7.2 7,158.9 7.9 7,658.2 9.0
South Korea . . . . . . . . . . . . . . . . . . . . . . 3,278.4 5.5 5,182.8 6.1 5,577.3 5.5 3,234.9 3.6 2,642.2 3.1
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,156.1 25.3 22,935.2 26.9 29,292.3 28.8 25,322.5 27.9 23,507.0 27.8
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,100.19 48.6 41,689.2 48.9 51,981.3 51.2 42,319.2 46.7 40,180.5 47.5
European countries:
Germany . . . . . . . . . . . . . . . . . . . . . . . . . 5,581.0 9.3 6,637.4 7.8 8,535.7 8.4 6,829.2 7.5 6,129.8 7.2
Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,543.3 9.3 8,859.5 10.4 7,475.9 7.4 6,790.7 7.5 5,498.7 6.5
United Kingdom . . . . . . . . . . . . . . . . . . . 2,985.0 5.0 4,142.5 4.9 4,775.0 4.7 4,125.1 4.5 4,308.6 5.1
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,929.8 13.3 11,196.1 13.1 15,610.7 15.4 14,870.1 16.4 12,821.6 15.2
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,039.1 36.9 30,835.5 36.1 36,397.4 35.8 32,615.1 36.0 28,758.7 34.0
Americas: . . . . . . . . . . . . . . . . . . . . . . . . .
United States . . . . . . . . . . . . . . . . . . . . . 5,899.6 9.9 9,561.4 11.2 9,168.5 9.0 11,158.6 12.3 9,980.7 11.8
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,394.6 2.3 1,427.1 1.7 1,943.3 1.9 2,216.8 2.4 2,778.5 3.3
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,294.1 12.2 11,988.5 12.9 11,111.9 10.9 13,375.4 14.7 12,759.2 15.1
Oceania:
Australia . . . . . . . . . . . . . . . . . . . . . . . . . 757.8 1.3 917.9 1.0 883.3 0.9 780.4 0.9 1,309.2 1.5
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59.8 0.1 73.8 0.1 124.7 0.1 89.3 0.1 96.4 0.1
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 817.5 1.4 991.7 1.2 1,008.0 1.0 869.7 1.0 1,405.6 1.7
Africa: . . . . . . . . . . . . . . . . . . . . . . . . . . . .
South Africa . . . . . . . . . . . . . . . . . . . . . . 129.5 0.2 195.5 0.2 328.8 0.3 250.0 0.3 278.5 0.3
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . 460.8 0.8 581.4 0.7 728.8 0.7 1,286.4 1.4 1,210.5 1.4
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 590.3 1.0 776.9 0.9 1,057.6 1.0 1,536.5 1.7 1,489.0 1.8
Unstated Countries: . . . . . . . . . . . . . . . . 4.8 0.0 1.2 0.0 0.0 0.0 — — — 0.0
Total (net) . . . . . . . . . . . . . . . . . . . . . . . . . 59,845.9 100.0 85,283.5 100.0 101,556 100.0 90,716 100.0 84,593 100.0

Source: Qatar Statistics Authority

90
Tariffs and Customs
In accordance with the GCC Customs Union outlined in Law No. (40) of 2002, goods imported into
Qatar are subject to a customs duty specified in the GCC unified customs tariff. Law No. (41) of 2002
implements the GCC unified customs tariff, which imposes a 5.0% tariff on the CIF invoice value of
most imported products. The GCC unified customs tariff has allowed exemptions for approximately 400
goods, including certain basic food products. Tobacco and manufactured tobacco substitutes are
subject to a customs duty of at least 100.0%.
Qatar is a member of the Greater Arab Free Trade Area (“GAFTA”) pursuant to which Qatar
eliminated customs duties on certain products from GAFTA member states in 2005. GAFTA was
established in February 1997 with the aim of fostering regional integration among Arab nations and
currently has eighteen member states participating from the Arab League. To date, GAFTA has
achieved full trade liberalization of certain goods through the full exemption of customs duties and
charges having equivalent effect among signatory countries. In addition, the Arab League has
launched negotiations on services and investment liberalization, as well as an initiative to upgrade
GAFTA into a Customs Union by 2015.

Capital and Financial Account

In 2010, Qatar’s combined capital and financial account recorded a deficit of QR27,903 million
(US$7,443 million) compared to a surplus of QR2,197 million (US$604 million) in 2009, which followed
the deficit of QR48,365 million (US$13,287 million) in 2008. Qatar’s capital and financial account
balance reflects government reserves and foreign investments made by the QIA, which are
incorporated in line with IMF recommendations.
Over the last five years, the QCB reserve amounts have increased steadily, while the financial
account balance, which accounts for the government’s spending on foreign assets, has fluctuated. The
capital account balance increased by QR951 million (US$261 million) in 2010 to QR7,489 million
(US$2,057 million) from QR6,538 million (US$1,796 million) in 2009, continuing a trend from 2006 to
2009. The financial account balance has fluctuated from 2006 to 2010, with an outflow of
QR20,414 million (US$5,608 million) in 2010 following an inflow of QR8,735 (US$2,400 million) in 2009
and outflows of QR43,416 million (US$11,927 million) in 2008, QR20,661 million (US$5,676 million) in
2007 and QR33,707 million (US$9,260 million) in 2006. The outflow recorded in 2010 reflects an
increase in foreign investment in the economy after a decline in 2009 owing to the global financial crisis
and the consequent recession. The outflows in the financial account recorded from 2006 to 2008 were
consistent with the government spending on foreign assets made through the QIA. The change from
the financial account outflows recorded from 2006 to 2008 to an inflow in 2009 reflects the amount of
Qatar’s 2009 bond offering proceeds added to its financial account.
The following table sets forth Qatar’s capital and financial account balances as of each of the five
years ended December 31, 2010.
Year ended December 31,
2006 2007 2008 2009 2010
(in millions of QR)
Capital account balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,608) (4,118) (4,949) (6,538) (7,489)
Financial account balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (33,707) (20,661) (43,416) 8,735 (20,414)
Capital and financial account balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (37,315) (24,779) (48,365) 2,197 (27,903)

Source: Qatar Central Bank.

Trade Agreements
Qatar has been a contracting party to the GATT since April 1994, and has been an original
member of the WTO since 1996. Qatar has not been involved in any dispute under the WTO Dispute
Settlement Mechanism, either directly or as a third party. In 2001, Qatar hosted the Fourth Ministerial
Conference of the WTO, where the Doha Development Agenda was launched. As a result of its
participation in the GCC Customs Union, Qatar has applied the GCC unified customs tariff since
January 2003. A free trade agreement between the GCC and Singapore was signed in December
2008. In 1998, the EU and member states of the GCC signed a cooperation agreement and
negotiations for a free trade agreement have been ongoing for over 20 years. In March 2004, Qatar
and the United States signed a trade and investment framework agreement.

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Foreign Investment
Qatar has taken steps to increase the attractiveness of foreign direct investment, including the
enactment of Law No. (13) of 2000, as amended (the “Foreign Investment Law”), which permits up to
49.0% foreign participation in most sectors of Qatar’s economy. In addition, foreign participation of up
to 100.0% is permitted in certain sectors of the economy with the approval of the Minister of Business
and Trade, including agriculture, health, education, tourism, development and exploitation of natural
resources, energy and mining. The Foreign Investment Law also permits foreign investment in the
banking and insurance sectors with the approval of the Council of Ministers. Non-Qatari nationals are
permitted to own up to 25.0% of the share capital of companies listed on the Qatar Exchange (and
more than 25.0% with the approval of the Council of Ministers).
The Foreign Investment Law also provides foreign investors with certain fiscal incentives such as
an income tax exemption for up to ten years with Government approval and the ability to make
transfers in respect of their investments freely in and out of Qatar. The Government is currently
considering a proposal to open most sectors of the economy to foreign participation of up to 100.0%.
Foreign investment is not permitted in commercial agencies or generally in real estate. However,
in 2004, Qatar passed legislation to permit foreigners to own residential property in designated areas,
including the Pearl of the Gulf Island, the West Bay Lagoon project and the Al Khor Resort project. This
legislation also permits GCC citizens to own property, and other foreigners to obtain usufruct rights for
99 years, in certain areas designated by the Council of Ministers.
In 2005, the QFC was created by the Government as an integral part of the development and
diversification of Qatar’s economy. The legal and regulatory environment of the QFC is based on
international standards and is designed to enable global firms to operate seamlessly as onshore
institutions in Qatar and in the region generally. See “Monetary and Financial System—Qatar Financial
Centre.”
Under the Income Tax Law, tax is applied on taxable income at a flat rate of 10% (except certain
oil and gas companies that are taxed at a rate of at least 35% and in respect of income pursuant to
certain agreements to which the Government or public bodies are a party on which tax will be levied at
the rate set out in such agreements). Prior to the Income Tax Law there was a seven tier system of
corporate taxes with the rates ranging from 0.0% to 35.0%, depending on the amount of revenue
generated. The changes in the application and the level of corporate taxes had as one of its stated
aims to encourage greater direct foreign investment into Qatar. This is part of a broad plan to diversify
the Qatari economy to decrease reliance on oil and gas revenues, which accounted for approximately
51.7% of total nominal GDP in 2010 and approximately 57.8% of total nominal GDP for the six-month
period ended June 30, 2011.

Foreign Reserves
The following table sets forth the net foreign reserves held by the QCB (excluding certain assets
contained in Qatar’s foreign investment portfolio managed by the QIA) for each of the five years ended
December 31, 2010.
As of December 31,
2006 2007 2008 2009 2010
(in millions of QR)
Foreign reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,714.8 35,499.9 35,808.1 68,251.8 113,262.3

Note: Reflects total reserves before deducting foreign liabilities

Source: Qatar Central Bank.

The foreign reserves held by the QCB are held primarily in the form of bonds issued or guaranteed
by other sovereigns with maturities of less than ten years, and are maintained at a level at least equal
to 100.0% of the Qatari riyals issued by the QCB at any time. The QCB foreign reserves are held in
diversified currencies and are not exposed to write-downs or downgrades in the value of any particular
sovereign or currency.

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 TERMS AND CONDITIONS OF THE BONDS
The following is the text of the terms and conditions of the bond which subject to amendment will
be endorsed on each certificate (as defined below) and will be attached and (subject to the provisions
thereof) apply to each Global Bond.
The US$2,000,000,000 3.125% Bonds due 2017 (the “2017 Bonds”), the US$2,000,000,000
4.500% Bonds due 2022 (the “2022 Bonds”) and the US$1,000,000,000 5.750% Bonds due 2042 (the
“2042 Bonds” and, together with the 2017 Bonds and the 2022 Bonds, the “Bonds”, and any
reference to a “series” of Bonds or to Bondholders (as defined in Condition 1(b) below) shall be a
reference to the 2017 Bonds, the 2022 Bonds or the 2042 Bonds or to their respective holders, as the
case may be) of the State of Qatar, acting through the Ministry of Economy and Finance (the “Issuer”),
were authorized by the Council of Ministers’ Resolutions No. (39) of 2008, No. (43) of 2008 (as
amended by the Council of Ministers’ Resolution No. (21) of 2009), No. (36) of 2010 and No. (47) of
2010 and the Decision of the Minister of Economy and Finance No. 26 of 2011 dated November 21,
2011.
A fiscal agency agreement dated December 5, 2011 (the “Fiscal Agency Agreement”) has been
entered into in relation to the Bonds between the Issuer and Citibank, N.A., as fiscal and principal
paying agent, registrar and transfer agent (the “Fiscal Agent”, “Registrar” and “Transfer Agent”,
respectively). Any reference herein to the 2017 Bonds includes any further 2017 Bonds issued
pursuant to Condition 13 and forming a single series with the 2017 Bonds, any reference herein to the
2022 Bonds includes any further 2022 Bonds issued pursuant to condition 13 and forming a single
series with the 2022 Bonds, and any reference herein to the 2042 Bonds includes any further 2042
Bonds issued pursuant to Condition 13 and forming a single series with the 2042 Bonds.
In these Conditions, the Fiscal Agent and any other paying agents appointed pursuant to the
Fiscal Agency Agreement are together referred to as the “Paying Agents”, and the Transfer Agent and
any other transfer agents appointed pursuant to the Fiscal Agency Agreement are together referred to
as the “Transfer Agents”. References to the Fiscal Agent, the Paying Agents, the Registrar or the
Transfer Agents shall include any successors appointed from time to time in accordance with the
provisions of the Fiscal Agency Agreement, and any reference to an “Agent” or “Agents” shall mean
any or all (as applicable) of such persons.
Copies of the Fiscal Agency Agreement are available for inspection during usual business hours at
the principal office of the Fiscal Agent (presently at Citigroup Centre, Canada Square, Canary Wharf,
London E14 5LB) and at the specified offices of each of the other Agents. The Bondholders are bound
by, and are deemed to have notice of, the provisions of the Fiscal Agency Agreement.
References to “Conditions” are, unless the context otherwise requires, to the numbered
paragraphs of these Conditions.

1. Form, Denomination and Title

(a) Form and Denomination
The Bonds are in registered form, without interest coupons attached, in a minimum denomination
of US$200,000 or any amount in excess thereof which is an integral multiple of US$1,000, both in the
case of Bonds (“Unrestricted Bonds”) offered and sold in transactions outside the United States in
reliance on Regulation S under the United States Securities Act of 1933 (the “Securities Act”), and in
the case of Bonds (“Restricted Bonds”) offered and sold in the United States in reliance on Rule 144A
under the Securities Act (each an “authorized denomination”). A certificate (each a “Certificate”) will
be issued to each Bondholder in respect of its registered holding or holdings of Bonds. Each Certificate
issued in respect of a registered holding of Bonds will be numbered serially with an identifying number
which will be recorded in the register relating to the Bonds which the Issuer shall procure to be kept by
the Registrar (the “Register”).
(b) Title
Title to the Bonds will pass by and upon registration in the Register. In these Conditions,
“Bondholder” means the Person (as defined in Condition 4) in whose name a Bond is registered in the
Register (or, in the case of joint holders, the first named thereof). The holder of any Bond will (except
as otherwise requested by such holder in writing, or as otherwise ordered by a court of competent
jurisdiction or required by law) be treated as its absolute owner for all purposes, whether or not it is
overdue and regardless of any notice of ownership, trust or any interest therein, any writing thereon by

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any Person (other than a duly executed transfer thereof in the form endorsed thereon) or any notice of
any previous theft or loss thereof, and no Person will be liable for so treating the holder.

2. Transfer of Bonds and Issue of Bonds

(a) Transfer
Subject to Conditions 2(d) and (e), a Bond may be transferred in whole or in part in an authorized
denomination upon the surrender of the Certificate representing that Bond, together with the form of
transfer (including any certification as to compliance with restrictions on transfer included in such form
of transfer) endorsed thereon (the “Transfer Form”) duly completed and executed, at the specified
office of the Registrar or any Transfer Agent (which shall include a Transfer Agent in Luxembourg, so
long as the Bonds are listed on the Luxembourg Stock Exchange), together with such evidence as the
Registrar or, as the case may be, such Transfer Agent may reasonably require to prove the title of the
transferor and the authority of the persons who have executed the Transfer Form. In the case of a
transfer of part only of the Bonds represented by a Certificate, neither the part transferred nor the
balance not transferred may be less than the applicable authorized denomination; a new Certificate in
respect of the part transferred will be issued to the transferee and a new Certificate in respect of the
balance not so transferred will be issued to the transferor.
(b) Delivery
Each new Certificate to be issued upon a transfer of any Bonds will, within five business days of
the request for transfer being duly made, be delivered at the specified office of the Registrar or, as the
case may be, any Transfer Agent or (at the request and the risk of such transferee) be mailed by
uninsured post to such address as the transferee entitled to the Bonds represented by such Certificate
may have specified. In this Condition 2(b), “business day” means a day (other than a Saturday or
Sunday) on which commercial banks are open for business (including dealings in foreign currencies) in
the cities in which the Registrar and any such Transfer Agent have their respective specified offices.
(c) No Charge
Registration of transfers of Bonds will be effected without charge to the holder or transferee
thereof, but upon payment (or against such indemnity from the holder or the transferee thereof as the
Registrar or the relevant Transfer Agent may reasonably require) in respect of any tax or other duty of
whatever nature which may be levied or imposed in connection with such registration of transfer.
(d) Closed Periods
No Bondholder may require the transfer of a Bond to be registered during the period of 15
calendar days ending on the due date for any payment of principal in respect of such Bond.
(e) Regulations Concerning Transfer and Registration
All transfers of Bonds and entries on the Register will be made subject to the detailed regulations
concerning transfer of Bonds scheduled to the Fiscal Agency Agreement. The regulations may be
changed by the Issuer to reflect changes in legal requirements or in any other manner which is not
prejudicial to the interests of Bondholders with the prior written approval of the Registrar. A copy of the
current regulations will be sent by the Registrar to any Bondholder who so requests.

3. Status
The Bonds constitute direct, general, unconditional, unsubordinated and, subject to Condition 4,
unsecured obligations of the Issuer, and the full faith and credit of the Issuer is pledged for the due and
punctual payment thereof and for the performance of all obligations of the Issuer with respect thereto.
The Bonds of each series shall at all times rank pari passu without any preference among themselves
and at least pari passu in all respects with all other present and future unsecured and unsubordinated
obligations of the Issuer.

4. Negative Pledge and Covenants

(a) Negative Pledge
So long as any of the Bonds remains outstanding (as defined in the Fiscal Agency Agreement),
except as set forth below, the Issuer will not create or permit to subsist any lien, pledge, mortgage,
security interest, deed of trust, charge or other encumbrance or arrangement having a similar effect
(any of the foregoing, a “Lien”) upon the whole or any part of its existing or future assets or revenues
to secure any External Indebtedness of the Issuer or any other Person or any guarantee or indemnity
thereof unless, at the same time or prior thereto, the obligations of the Issuer under the Bonds and the

94
Fiscal Agency Agreement are secured equally and ratably therewith or as shall be approved by an
Extraordinary Resolution (as defined in the Fiscal Agency Agreement) of the Bondholders; provided,
however, that the foregoing shall not apply to:
(i) any Lien upon property incurred for the purpose of financing the acquisition or construction of
such property or any renewal or extension of any such Lien which is limited to the original
property covered thereby and which secures any renewal or extension of the original secured
financing;
(ii) any Lien existing on any property at the time of its acquisition and any renewal or extension of
any such Lien which is limited to the original property covered thereby and which secures any
renewal or extension of the original secured financing;
(iii) any Lien in existence on November 29, 2011;
(iv) any Lien arising in the ordinary course of banking transactions and securing the indebtedness
of the Issuer maturing not more than one year after the date on which it is originally incurred;
(v) any Lien arising by operation of law; and
(vi) any Lien incurred for the purpose of financing all or part of the costs of the acquisition,
construction or development of a project, provided that the property over which such Lien is
granted consists solely of the assets and revenues of such project (including, without
limitation, royalties and other similar payments accruing to the Government of the State of
Qatar generated by the relevant project).
(b) Covenants
So long as any Bonds remain outstanding, the Issuer shall duly obtain and maintain in full force
and effect all governmental approvals (including any exchange control and transfer approvals) which,
as a result of any change in, or amendment to, the laws or regulations in the State of Qatar (“Qatar”),
which change or amendment takes place after November 29, 2011, are necessary or advisable under
the laws of Qatar for the execution, delivery and performance of the Bonds by the Issuer or for the
validity or enforceability of the Bonds and duly take all necessary and advisable governmental and
administrative action in Qatar in order to make all payments to be made under the Bonds as required
by these Conditions.
(c) Definitions
In these Conditions:
“External Indebtedness” means all obligations, and guarantees or indemnities in respect of
obligations, for moneys borrowed or raised (whether or not evidenced by bonds, debentures, notes or
other similar instruments) denominated or payable, or which at the option of the relevant creditor or
holder thereof may be payable, in a currency other than the lawful currency of Qatar.
“Person” means any individual, company, corporation, firm, partnership, joint venture, association,
unincorporated organization, trust or any other juridical entity, including, without limitation, state or
agency of a state or other entity, whether or not having separate legal personality.

5. Interest
Each 2017 Bond bears interest from December 5, 2011 at the rate of 3.125% per annum, payable
semi-annually in arrear on January 20 and July 20 in each year (each, an “Interest Payment Date”)
until (and including) the 2017 Maturity Date (as defined in Condition 6(a) below), commencing on
July 20, 2012. Each 2022 Bond bears interest from December 5, 2011 at the rate of 4.500% per
annum, payable semi-annually in arrear on the Interest Payment Dates until (and including) the 2022
Maturity Date (as defined in Condition 6(a) below), commencing on July 20, 2012. Each 2042 Bond
bears interest from December 5, 2011 at the rate of 5.750% per annum, payable semi-annually in
arrear on the Interest Payment Dates until (and including) the 2042 Maturity Date (as defined in
Condition 6(a) below), commencing on July 20, 2012. For all the series of Bonds, the payment on the
first Interest Payment Date shall be in respect of interest accrued from and including December 5,
2011 to but excluding July 20, 2012. Interest will be paid subject to and in accordance with the
provisions of Condition 7.
Each Bond will cease to bear interest from (and including) the due date for redemption unless,
after surrender of such Bond, payment of principal is improperly withheld or refused, in which case it
will continue to bear interest at the rate specified above (after as well as before any judgment) until

95
whichever is the earlier of (a) the day on which all sums due in respect of such Bond up to that day are
received by or on behalf of the relevant Bondholder and (b) the day which is seven days after notice
has been given to the Bondholders that the Fiscal Agent has received all sums due in respect of the
Bonds up to such seventh day (except, in the case of payment to the Fiscal Agent, to the extent that
there is any subsequent default in payment in accordance with these Conditions).
If interest is required to be calculated for a period of less than six months, it will be calculated on
the basis of a year of 360 days consisting of 12 months of 30 days each and, in the case of an
incomplete month, the actual number of days elapsed.

6. Redemption, Purchase and Cancellation

(a) Final Redemption
Unless previously purchased and cancelled, each 2017 Bond will be redeemed at its principal
amount on January 20, 2017 (the “2017 Maturity Date”), each 2022 Bond will be redeemed at its
principal amount on January 20, 2022 (the “2022 Maturity Date”) and each 2042 Bond will be
redeemed at its principal amount on January 20, 2042 (the “2042 Maturity Date” and, together with the
2017 Maturity Date and the 2022 Maturity Date, the “Maturity Dates”), subject as provided in
Condition 7.
(b) Redemption at the Option of the Issuer
Any series of Bonds may be redeemed by the Issuer, in whole or in part, at any time without the
consent of the relevant series of Bondholders at a redemption price equal to the greater of:
(i) the outstanding principal amount of the relevant series of Bonds being redeemed plus
accrued but unpaid interest, if any, plus accrued additional amounts payable pursuant to
Condition 8, if any, thereon up to but excluding the date fixed for redemption (the
“Redemption Date”), and
(ii) an amount equal to the sum of the net present value of the then remaining scheduled
payments of principal and interest (but excluding that portion of any scheduled payment of
interest that is actually due and paid on the Redemption Date) on the relevant series of Bonds
being redeemed, discounted to such Redemption Date on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate for such Bonds being
redeemed plus 50 basis points (the “Make-Whole Amount”).
The Issuer shall make such calculations in good faith, which calculations shall be conclusive in the
absence of manifest error.
The Issuer shall notify the Fiscal Agent by fax or letter of an optional redemption under this
Condition 6(b) at least 30 calendar days but not more than 60 calendar days prior to the Redemption
Date specified in such notice. The Fiscal Agent shall, promptly upon receipt of such notice from the
Issuer, give notice of such optional redemption pursuant to this Condition 6(b), at the expense of the
Issuer, to the relevant series of Bondholders in accordance with Condition 14. Notice of redemption
having been given as aforesaid, and the conditions, if any, set forth in such notice having been
satisfied, the relevant series of Bonds or portions thereof so to be redeemed shall on the Redemption
Date become due and payable, and from and after such date such Bonds or portions thereof shall
cease to bear interest.
In this Condition 6(b):
“Business Day” means a day (other than a Saturday or Sunday) on which commercial banks are
open for business in London and New York City.
“Treasury Rate” shall mean the yield to maturity at the time of computation of United States
Treasury securities with a constant maturity (as compiled and published in the most recent Federal
Reserve Statistical Release H.15 (519) which has become publicly available at least two Business
Days (but not more than five Business Days) prior to the relevant Redemption Date (or, if such
Statistical Release is not so published or available, any publicly available source of similar market data
selected by the Issuer in good faith)) most nearly equal to the period from the Redemption Date to the
Maturity Date applicable to the relevant series of Bonds; provided, however, that if the period from the
Redemption Date to such Maturity Date is not equal to the constant maturity of a United States
Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by
linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of

96
United States Treasury securities for which such yields are given, except that if the period from the
Redemption Date to such Maturity Date is less than one year, the weekly average yield on actually
traded United States Treasury securities adjusted to a constant maturity of one year shall be used.
(c) Purchase and Cancellation
The Issuer may at any time purchase Bonds in the open market or otherwise at any price. Any
Bonds so purchased may be held or, subject to the provisions of the final sentence of this Condition
6(c), resold or, at the discretion of the Issuer, surrendered to the Fiscal Agent for cancellation. Any
Bonds so cancelled will not be reissued or resold. Any purchase of Bonds by tender shall be made to
all Bondholders of the relevant series of Bonds alike. The Bonds so purchased, while held by or on
behalf of the Issuer, shall not entitle the holder to vote at any meetings of Bondholders and shall not be
deemed to be outstanding for the purposes of calculating quorums at meetings of the Bondholders or
for the purposes of Condition 9 or 12(a). The Issuer shall use its best endeavors to ensure that no
Bond acquired by it or by any affiliate (as defined in Rule 144 under the Securities Act) of it is resold by
the acquirer, except to the Issuer or any affiliate (as so defined) of the Issuer, unless, upon completion
of such sale, such Bond would not be a restricted security within the meaning of Rule 144 under the
Securities Act.

7. Payments
(a) Principal
Payment of principal and interest due other than on an Interest Payment Date will be made by
transfer to the registered account of the Bondholder or if (i) it does not have a registered account or
(ii) the principal amount of Bonds held by such person is less than US$250,000, by US dollar check
drawn on a bank in New York City mailed to the holder (or to the first named of joint holders) of such
Bond at the address appearing in the Register by uninsured mail at the risk of the Bondholder. Such
payment will only be made upon surrender of the relevant Certificate at the specified office of any of
the Paying Agents.
(b) Interest
Payments of interest (other than interest due on redemption) in respect of each Bond will be made
by US dollar check drawn on a bank in New York City and mailed to the holder (or to the first named of
joint holders) of such Bond at the address appearing in the Register by uninsured mail at the risk of the
Bondholder not later than the due date for such payment. For the purposes of this Condition 7(b), the
holder of such Bond will be deemed to be the Person shown as the holder (or the first named of joint
holders) on the Register on the fifteenth day before the due date for such payment.
Upon application by the holder of a Bond to the specified office of the Registrar not less than
15 days before the due date for the payment of any interest (other than interest due on redemption) in
respect of such Bond, such payment will be made by transfer to a US dollar account maintained by the
payee with a bank in New York City. Any such application for transfer to a US dollar account shall be
deemed to relate to all future payments of interest (other than interest due on redemption) in respect of
the Bonds which become payable to the Bondholder who has made the initial application until such
time as the Registrar is notified in writing to the contrary by such Bondholder.
Payment of the interest due in respect of each Bond on redemption will be made in the same
manner as payment of the principal amount of such Bond.
(c) Payments Subject to Fiscal Laws
All payments of principal and interest in respect of the Bonds are subject in all cases to any
applicable fiscal or other laws and regulations, but without prejudice to the provisions of Condition 8.
(d) Commissions
No commissions or expenses shall be charged to the Bondholders in respect of any payments of
principal or interest in respect of the Bonds.
(e) Payments on Business Days
Where payment is to be made by transfer to a registered account, payment instructions (for value
the due date or, if that is not a business day, for value the first following day which is a business day)
will be initiated (i) on the later of the business day on which the relevant Certificate is surrendered at
the specified office of any of the Paying Agents and the due date for payment (in the case of principal
and interest due other than on an Interest Payment Date) and (ii) on the due date for payment (in the
case of interest due on an Interest Payment Date).

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 Where payment is to be made by check, the check will be mailed (i) on the later of the business
day on which the relevant Certificate is surrendered at the specified office of any of the Paying Agents
and the business day preceding the due date for payment (in the case of principal and interest due
other than on an Interest Payment Date) and (ii) on the business day preceding the due date for
payment (in the case of interest due on an Interest Payment Date).
In this Condition 7, “business day” means a day (other than a Saturday or Sunday) on which
commercial banks are open for business in London and New York City and, in the case of a surrender
of a Certificate, in the place where the Certificate is surrendered.
(f) Delay in Payments
Bondholders will not be entitled to any interest or other payment for any delay after the due date in
receiving any amount due in respect of any Bond as a result of (i) the due date not being a business
day, (ii) the Bondholder being late in surrendering its Certificate (if required to do so) or (iii) a check
mailed in accordance with this Condition 7 arriving after the due date for payment or being lost in the
mail.
(g) Partial Payments
If at any time a partial payment is made in respect of any Bond, the Registrar shall endorse the
Register with a statement indicating the amount and date of such payment.
(h) Agents
The initial Agents and their initial specified offices are listed below. Any of the Agents may resign
in accordance with the provisions of the Fiscal Agency Agreement, and the Issuer reserves the right at
any time to vary or terminate the appointment of any Agent and appoint additional or other Agents,
provided that while any Bonds are outstanding it will maintain (i) a Fiscal Agent, (ii) a Registrar and
(iii) a Paying Agent and a Transfer Agent having a specified office in a major European city, which will
be in Luxembourg so long as the Bonds are listed on the Luxembourg Stock Exchange and the rules of
the Luxembourg Stock Exchange so require. Notice of any change in the Agents or their specified
offices will be given promptly to the Bondholders.

8. Taxation
All payments of principal and interest in respect of the Bonds by the Issuer shall be made free and
clear of, and without withholding or deduction for, any taxes, duties, assessments or governmental
charges of whatever nature imposed, levied, collected, withheld or assessed by Qatar or any political
subdivision or any authority thereof or therein having power to tax (together “Taxes”), unless such
withholding or deduction is required by law. In that event, the Issuer shall pay such additional amounts
as will result in the receipt by the Bondholders of such amounts as would have been received by them
had no such withholding or deduction been required, except that no such additional amounts shall be
payable in respect of any Bond:
(i) to a holder, or to a third party on behalf of a holder, if such holder is liable to such Taxes in
respect of such Bond by reason of having some connection with Qatar other than the mere
holding of such Bond;
(ii) if the Certificate representing such Bond is surrendered for payment more than 30 days after
the Relevant Date, except that additional amounts shall be payable to a holder to the extent
that the holder would have been entitled to such additional amounts on surrender of such
Certificate for payment on the last day of such period of 30 days;
(iii) where such withholding or deduction is imposed on a payment to an individual and is required
to be made pursuant to Directive 2003/48/EC on the taxation of savings income in the form of
interest payments or any law implementing or complying with, or introduced in order to
conform to, such Directive; or
(iv) presented for payment by or on behalf of a Bondholder who would have been able to avoid
such withholding or deduction by presenting the relevant Bond to another Paying Agent in a
member state of the European Union.
In these Conditions, “Relevant Date” means whichever is the later of (a) the date on which the
payment in question first becomes due and (b) if the full amount payable has not been received in New
York City by the Fiscal Agent on or prior to such due date, the date on which (the full amount having
been so received) notice to that effect has been given to the Bondholders in accordance with
Condition 14.

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 Any reference in these Conditions to principal or interest in respect of the Bonds shall be deemed
to include any additional amounts which may be payable under this Condition 8.

9. Events of Default
If any of the following events (each an “Event of Default”) occurs with respect to a series of
Bonds:
(a) Non-payment of principal
the Issuer fails to pay any amount of principal in respect of any of the Bonds of such series when
due at maturity or otherwise and such failure continues for a period of 14 days; or
(b) Non-payment of interest
the Issuer fails to pay any amount of interest in respect of any of the Bonds of such series when
due and payable and such failure continues for a period of 30 days; or
(c) Breach of other obligations or undertakings
the Issuer defaults in the performance or observance of, or compliance with, any of its other
obligations or undertakings in respect of any of the Bonds of such series and either such default is not
capable of remedy or such default (if capable of remedy) is not remedied within 45 days after written
notice of such default shall have been given to the Issuer by any Bondholder of such series; or
(d) Cross-default
(i) the holders of any External Indebtedness of the Issuer accelerate such External Indebtedness
or declare such External Indebtedness to be due and payable, or required to be prepaid (other than by
a regularly scheduled required prepayment), prior to the stated maturity thereof or (ii) the Issuer fails to
pay in full any principal of, or interest on, any External Indebtedness when due (after expiration of any
applicable grace period) or any guarantee of any External Indebtedness given by the Issuer shall not
be honored when due and called upon; provided that the aggregate amount of the relevant External
Indebtedness or guarantee in respect of which one or more of the events mentioned above in this
paragraph (d) shall have occurred equals or exceeds US$50,000,000 (or its equivalent in any other
currency or currencies); or
(e) Moratorium
the Issuer shall enter into an arrangement with its creditors generally for the rescheduling or
postponement of its debts, or a moratorium on the payment of principal of, or interest on, all or any part
of the External Indebtedness of the Issuer shall be declared; or
(f) Unlawfulness or Invalidity
the validity of any of the Bonds of such series is contested by the Issuer or any Person acting on
its behalf or the Issuer or any Person acting on its behalf shall deny any of the Issuer’s obligations
under any of the Bonds of such series or as a result of any change in, or amendment to, the laws or
regulations in Qatar, which change or amendment takes place after November 29, 2011, (i) it becomes
unlawful for the Issuer to perform or comply with any of its obligations under or in respect of any of the
Bonds of such series or the Fiscal Agency Agreement or (ii) any of such obligations becomes
unenforceable or invalid,
then (i) any Bond of such series may, by notice in writing given to the Issuer at the specified office
of the Fiscal Agent by the holder thereof, be declared immediately due and payable whereupon it shall
become immediately due and payable at its principal amount, together with accrued interest, without
any further formality and (ii) the Fiscal Agent shall, upon receipt of written requests to the Issuer at the
specified office of the Fiscal Agent from holders of not less than 25% in aggregate principal amount of
such series of Bonds then outstanding, declare all the Bonds of such series due and payable, in each
case at their principal amount together with accrued interest, without further formality (any such
declaration, a “Default Declaration”). Upon a Default Declaration by the Fiscal Agent, the Fiscal Agent
shall give notice thereof to the Issuer and to the holders of such series of Bonds in accordance with
Condition 14.
If the Issuer receives notice in writing from holders of at least 50% in aggregate principal amount
of the relevant series of Bonds then outstanding to the effect that the Event of Default or Events of
Default giving rise to any Default Declaration is or are cured following any such Default Declaration and

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that such holders wish such Default Declaration to be withdrawn, the Issuer shall give notice thereof to
the relevant series of Bondholders (with a copy to the Fiscal Agent), whereupon such Default
Declaration shall be withdrawn and shall have no further effect but without prejudice to any rights or
obligations which may have arisen before the Issuer gives such notice (whether pursuant to these
Conditions or otherwise). No such withdrawal shall affect any other or any subsequent Event of Default
or any right of any Bondholder in relation thereto.

10. Prescription
Claims against the Issuer in respect of principal and interest shall become void unless made within
a period of ten years, in the case of principal, and five years, in the case of interest, from the
appropriate Relevant Date (as defined in Condition 8).

11. Replacement of Certificates

If any Certificate is lost, stolen, mutilated, defaced or destroyed, it may be replaced at the specified
office of the Registrar or the Transfer Agent with its specified office in London, subject to all applicable
laws and stock exchange requirements, upon payment by the claimant of the expenses incurred in
connection with replacement and on such terms as to evidence, security, indemnity and otherwise as
the Issuer may reasonably require. Mutilated or defaced Certificates must be surrendered before
replacements will be issued.

12. Meetings of Bondholders, Modification and Waiver

(a) Meetings of Bondholders
The Fiscal Agency Agreement contains provisions for convening meetings of Bondholders to
consider any matter affecting their interests, including the modification by Extraordinary Resolution of
these Conditions or the provisions of the Fiscal Agency Agreement. Such a meeting shall be convened
by the Issuer if it receives a written request from the holders of at least 10% of the aggregate principal
amount of the relevant series of Bonds then outstanding.
The quorum at any such meeting for passing any Extraordinary Resolution shall be one or more
persons holding or representing a clear majority of the principal amount of the relevant series of Bonds
for the time being outstanding, or at any adjourned meeting one or more persons being or representing
Bondholders whatever the principal amount of the relevant series of Bonds for the time being
outstanding so held or represented, except that at any meeting the business of which includes
consideration of proposals, inter alia, (i) to modify the maturity of the relevant series of Bonds or the
due date for payment of any amount in respect of the relevant series of Bonds, (ii) to reduce or cancel
the principal amount of, or interest on, the relevant series of Bonds, (iii) to change the currency of
payment of the relevant series of Bonds, (iv) to modify the provisions concerning the quorum required
at any meeting of the relevant series of Bondholders or the majority required to pass an Extraordinary
Resolution, (v) to modify the provisions of Condition 8 in any manner which would result in any
Bondholder receiving less than the full amount of principal of and interest on the relevant series of
Bonds, or (vi) to modify the percentage required to pass any resolution, the necessary quorum for
passing an Extraordinary Resolution shall be one or more persons holding or representing not less
than three-quarters, or at any adjourned such meeting not less than one-quarter, of the principal
amount of the relevant series of Bonds for the time being outstanding.
The Fiscal Agency Agreement provides that:
(i) a resolution that affects the Bonds of only one series shall be transacted at a separate
meeting of the Bondholders of that series;
(ii) a resolution that affects the Bondholders of both series but does not give rise to an actual or
potential conflict of interest between the Bondholders of each series shall be transacted either
at separate meetings of the Bondholders of each series or at a single meeting of the
Bondholders of both series; and
(iii) a resolution that affects the Bondholders of both series and gives rise to any conflict of
interest, actual or potential, between the Bondholders of each series shall be transacted at
separate meetings of the Bondholders of each series.

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 “Extraordinary Resolution” means a resolution passed at a duly convened meeting of the
relevant series of Bondholders by a majority consisting of at least three-quarters of the votes cast. An
Extraordinary Resolution duly passed at any meeting of a series of Bondholders will be binding on all
Bondholders of such series whether or not they are present at the meeting and shall be notified to the
Bondholders of such series in accordance with Condition 14.
(b) Outstanding Bonds
For the purposes of (i) ascertaining the right to attend and vote at any meeting of Bondholders and
(ii) Condition 9, this Condition 12 and Schedule 6 (Provisions for Meetings of Bondholders) to the
Fiscal Agency Agreement, those Bonds (if any) which are for the time being held by any person
(including but not limited to the Issuer) for the benefit of the Issuer or by any public body owned or
controlled, directly or indirectly, by the Issuer shall (unless and until ceasing to be so held) be deemed
not to remain outstanding.
(c) Modification and waiver
The parties to the Fiscal Agency Agreement may agree, without the consent of the Bondholders,
to any modification of any provision of the Fiscal Agency Agreement or the Bonds which is of a formal,
minor or technical nature or is made to correct a manifest error.
(d) Bondholders’ Committee
(i) Appointment: The Fiscal Agency Agreement provides that the Bondholders of either series
of Bonds or of both series of Bonds together may, by a resolution passed at a meeting of
Bondholders of such series duly convened and held in accordance with the Fiscal Agency
Agreement by a majority of at least 50% in aggregate principal amount of such series of
Bonds then outstanding, or by notice in writing to the Fiscal Agent signed by or on behalf of
the holders of at least 50% in aggregate principal amount of such series of Bonds then
outstanding, appoint any persons as a committee to represent the interests of the
Bondholders of such series or both series of Bonds (a “Bondholders’ Committee”) if any of
the following events shall have occurred:
(A) an Event of Default;
(B) any event or circumstance which would, with the giving of notice, lapse of time, the
issuing of a certificate and/or fulfillment of any other requirement provided for in Condition
9 become an Event of Default; or
(C) any public announcement by the Issuer to the effect that the Issuer is seeking or intends
to seek a restructuring of any of the Bonds (whether by amendment, exchange offer or
otherwise),
provided, however, that no such appointment shall be effective if the holders of more than
25% of the aggregate principal amount of such series of Bonds then outstanding have either
(i) objected to such appointment by notice in writing to the Issuer (with a copy to the Fiscal
Agent) during a specified period following notice of the appointment being given (if such
notice of appointment is made by notice in writing to the Issuer) where such specified period
shall be either 30 days or such other longer or shorter period as the Bondholders’ Committee
may, acting in good faith, determine to be appropriate in the circumstances, or (ii) voted
against such resolution at a meeting of such series of Bondholders duly convened and held in
accordance with the Fiscal Agency Agreement. A Bondholders’ Committee shall, if appointed
by notice in writing to the Issuer, give notice of its appointment to all Bondholders of such
series in accordance with Condition 14 as soon as practicable after the notice is delivered to
the Issuer.
(ii) Powers: A Bondholders’ Committee in its discretion may, among other things, (A) engage
legal advisors and financial advisors to assist it in representing the interests of the relevant
series of Bondholders that appointed it, (B) adopt such rules as it considers appropriate
regarding its proceedings, (C) enter into discussions with the Issuer and/or other creditors of
the Issuer, (D) designate one or more members of the Bondholders’ Committee to act as the
main point(s) of contact with the Issuer and provide all relevant contact details to the Issuer,
(E) determine whether or not there is an actual or potential conflict of interest between the
interests of the holders of the relevant series of Bonds then outstanding and the interests of
the holders of debt securities of any one or more other series issued by the Issuer, and
(F) upon making a determination of the absence of any actual or potential conflict of interest

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 between the interests of the holders of the relevant series of Bonds then outstanding and the
interests of the holders of debt securities of any one or more other series issued by the Issuer,
agree to transact business at a combined meeting of the committee and such other person or
persons as may have been duly appointed as representatives of the holders of securities of
each such other series. Except to the extent provided in this paragraph (ii), a Bondholders’
Committee shall not have the ability to exercise any powers or discretions which the relevant
series of Bondholders could themselves exercise. The Issuer shall pay any fees and
expenses which are reasonably incurred by any Bondholders’ Committee or any such
combined committee (including, without limitation, the costs of giving notices to Bondholders,
fees and expenses of such Bondholders’ Committee’s legal advisors and financial advisors, if
any) within 30 days of the delivery to the Issuer of a reasonably detailed invoice and
supporting documentation, provided that such fees and expenses have been agreed to in
writing by the Issuer before being incurred.

13. Further Issues

The Issuer shall be at liberty from time to time, without the consent of any of the Bondholders, to
create and issue further 2017 Bonds, further 2022 Bonds or further 2042 Bonds ranking equally in all
respects (or in all respects save for the date for and amount of the first payment of interest thereon and
the date on which such interest begins to accrue) so that the same shall be consolidated and form a
single series with and increase the aggregate principal amount of the 2017 Bonds, the 2022 Bonds or
the 2042 Bonds, as the case may be, then outstanding.

14. Notices
Notices to the Bondholders will be sent to them by first class mail (airmail if overseas) at their
respective addresses on the Register, and will be deemed to have been given on the fourth day after
the date of mailing. So long as any Bonds are listed on the Luxembourg Stock Exchange and the rules
of the Luxembourg Stock Exchange so require, notices will also be published either on the web-site of
the Luxembourg Stock Exchange (www.bourse.lu) or in a daily newspaper of general circulation in
Luxembourg (which is expected to be the Luxemburger Wort). Any such notice shall be in English and
shall be deemed to have been given on the date of such publication, or if published more than once or
on different dates, on the first date on which publication is made.
A copy of all notices provided pursuant to this Condition 14 shall also be given to The Depository
Trust Company, Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme.

15. Currency Indemnity

US dollars is the sole currency of account and payment for all sums payable by the Issuer under
or in connection with the Bonds, including damages. Any amount received or recovered in a currency
other than US dollars (whether as a result of, or the enforcement of, a judgment or order of a court of
any jurisdiction or otherwise) by any Bondholder in respect of any sum expressed to be due to it from
the Issuer shall only constitute a discharge to the Issuer to the extent of the US dollar amount which
the recipient is able to purchase with the amount so received or recovered in that other currency on the
date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the
first date on which it is practicable to do so). If that US dollar amount is less than the US dollar amount
expressed to be due to the recipient under any Bond, the Issuer shall indemnify such recipient against
any loss sustained by it as a result. In any event, the Issuer shall indemnify the recipient against the
cost of making any such purchase. These indemnities constitute separate and independent obligations
from the Issuer’s other obligations, shall give rise to a separate and independent cause of action, shall
apply irrespective of any indulgences granted by any Bondholder and shall continue in full force and
effect despite any judgment, order, claim or proof for a liquidated amount in respect of any sum due
under any Bond or any judgment or order.

16. Governing Law, Jurisdiction and Arbitration

(a) Governing Law
The Bonds (including the submission to jurisdiction contained in this Condition) and the Fiscal
Agency Agreement shall be governed by and construed in accordance with the laws of the State of
New York without regard to any principles of conflicts of laws that would mandate the application of the
laws of another jurisdiction.

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(b) Jurisdiction
Any New York State or Federal court sitting in the Borough of Manhattan, The City of New York is
to have jurisdiction to settle any disputes which may arise out of or in connection with the Bonds, and
accordingly any legal action or proceedings arising out of or in connection with the Bonds
(“Proceedings”) may be brought in such court. The Issuer hereby submits to the non-exclusive
jurisdiction of such courts in any Proceedings which are not referred by a Bondholder to arbitration,
and in any action to compel arbitration and/or for provisional relief or other relief in aid of arbitration.
The Issuer unconditionally waives any defense to such jurisdiction based on absence of jurisdiction,
forum non conveniens or sovereign immunity. This submission shall not limit the right of any person to
take Proceedings in any other court of competent jurisdiction nor shall the taking of Proceedings in one
or more jurisdictions preclude the taking of Proceedings in any other jurisdiction (whether concurrently
or not).
(c) Process Agent
The Issuer has irrevocably appointed Corporation Service Company of 80 State Street, Albany,
New York 12207-2543 as its authorized agent for the service of process in the United States in respect
of any Proceedings. Nothing contained herein shall affect the right to serve process in any other
manner permitted by law.
(d) Arbitration
Any dispute, controversy or claim with or against the Issuer which arises out of or relates to the
Bonds may, at the sole option of any Bondholder, be referred to and be finally resolved by arbitration in
accordance with the Arbitration Rules of the United Nations Commission on International Trade Law
set out in Resolution 31/98 adopted by the General Assembly on 15 December 1976 as then in force
(the “UNCITRAL Rules”). There shall be an arbitral tribunal composed of three arbitrators, one
appointed by the relevant Bondholder in accordance with the UNCITRAL Rules and one nominated by
the Issuer in accordance with the UNCITRAL Rules and the third, who shall chair the arbitral tribunal,
appointed by the two party-appointed arbitrators in accordance with the UNCITRAL Rules. The
presiding arbitrator shall be fluent in the English language and have substantial prior experience as an
arbitrator of international commercial disputes. The appointing authority for the purposes of the
UNCITRAL Rules shall be the International Chamber of Commerce Court of Arbitration. The place of
arbitration shall be New York City. The English language shall be used throughout the arbitral
proceedings. The award of the arbitral tribunal shall be final and binding on the parties and may be
entered and enforced in any court having jurisdiction.
(e) Waiver of Immunity
To the extent that the Issuer may in any jurisdiction claim for itself or its revenues, assets or
properties which consist of its public and private properties invested in financial, commercial or
industrial activities or deposited in banks (“Sovereign Assets”) immunities from suit, execution,
attachment (whether in aid of execution, before judgment or otherwise) or legal process and to the
extent that in any such jurisdiction there may be attributed to itself or its Sovereign Assets such
immunity (whether or not claimed), the Issuer hereby irrevocably agrees for the benefit of the
Bondholders not to claim and hereby irrevocably waives such immunity to the fullest extent permitted
by the laws of such jurisdiction (including, without limitation, the Foreign Sovereign Immunities Act of
1976 of the United States and Decree Law No. (18) of 1996 Amending Certain Provisions of Law No.
(10) of 1987 in respect of the Public and Private Properties of the State of Qatar). In addition, to the
extent that the Issuer or any of its Sovereign Assets shall be entitled in any jurisdiction to any immunity
from set-off, banker’s lien or any similar right or remedy, and to the extent that there shall be attributed,
in any jurisdiction, such an immunity, the Issuer hereby irrevocably agrees not to claim and irrevocably
waives such immunity to the fullest extent permitted by the laws of such jurisdiction with respect to any
claim, suit, action, proceeding, right or remedy arising out of or in connection with the Bonds.
(f) Consent of Proceedings
The Issuer irrevocably and generally consents in respect of any Proceedings anywhere to the
giving of any relief or the issue of any process in connection with those Proceedings including, without
limitation, the making, enforcement or execution against any Sovereign Assets of any order or
judgment which may be made or given in those Proceedings.

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 THE GLOBAL BONDS
The Global Bonds contain the following provisions which apply to the Bonds in respect of which
they are issued while they are represented by the Global Bonds, some of which modify the effect of the
Conditions. Terms defined in the Conditions have the same meaning in the paragraphs below.

Holders
For so long as DTC or its nominee or Euroclear, Clearstream, Luxembourg or the nominee of their
common depositary is the registered holder of a Global Bond, DTC, Euroclear, Clearstream or such
nominees, as the case may be, will be considered the sole owner or holder of the Bonds represented
by such Global Bond for all purposes under the Fiscal Agency Agreement and the Bonds. Payments of
principal, interest and additional amounts, if any, in respect of the Global Bonds will be made to DTC,
Euroclear, Clearstream, Luxembourg or such nominee, as the case may be, as the registered holder
thereof. None of the State, any Agent or any Manager or any affiliate of any of the above or any person
by whom any of the above is controlled for the purposes of the Securities Act will have any
responsibility or liability for any aspect of the records relating to or payments made on account of
beneficial ownership interests in the Global Bonds or for maintaining, supervising or reviewing any
records relating to such beneficial ownership interests.
The holdings of book entry interests in the Bonds through Euroclear, Clearstream, Luxembourg
and DTC will be reflected in the book entry accounts of each such institution. As necessary, the
Registrar will adjust the amounts of each series of Bonds on the Register for the accounts of (i) Citivic
Nominees Limited and (ii) Cede& Co. to reflect the amounts of each series of Bonds held through
Euroclear and Clearstream, Luxembourg on the one hand and DTC on the other. Beneficial ownership
of Bonds will be held directly through DTC, Euroclear or Clearstream, Luxembourg in the case of
accountholders (“Direct Participants”) or indirectly through organizations that are accountholders
therein (“Indirect Participants” and, together with Direct Participants, “Participants”).

Cancellation
Cancellation of any Bond represented by a Global Bond following its redemption or purchase by
the State in accordance with the Conditions, will be effected by the presentation of the relevant Global
Bond to or to the order of the Fiscal Agent for notation of such cancellation and by a corresponding
reduction in the principal amount of such Bonds shown in the Register.

Payments
Distributions of principal and interest with respect to book entry interests in each series of Bonds
held through Euroclear or Clearstream, Luxembourg will be credited, to the extent received by
Euroclear or Clearstream, Luxembourg from the Fiscal Agent, to the cash accounts of Euroclear or
Clearstream, Luxembourg customers in accordance with the relevant system’s rules and procedures.
Holders of book entry interests in each series of Bonds through DTC will receive, to the extent
received by DTC from the Fiscal Agent, all distributions of principal and interest with respect to book
entry interests in each series of Bonds from the Fiscal Agent through DTC in accordance with DTC’s
customary procedures and practices. Distributions of principal and interest in the United States will be
subject to relevant US tax laws and regulations.
Interest on each series of Bonds (other than interest on redemption) will be paid to the holder
shown on the Register on the third business day before the due date for such payment so long as such
Bonds are represented by a Global Bond, instead of on the fifteenth day before the due date for such
payment applicable if such Bonds cease to be represented by a Global Bond and are in the form of
Certificates (the “Record Date”). Trading between the Restricted Global Bonds and the Unrestricted
Global Bond of the same series will therefore be net of accrued interest from the relevant Record Date
to the relevant interest payment date. For the purposes hereof and for the transfer of or exchange of
interests in a Global Bond for Certificates, “business day” means a day (other than a Saturday or
Sunday) on which commercial banks and foreign exchange markets are open for business in London
and New York City.

Notices
So long as any of the Bonds are represented by one or more of the Global Bonds and such Global
Bond(s) is/are held on behalf of a clearing system, notices to Bondholders may be given by delivery of

104
the relevant notice to that clearing system for communication by it to entitled accountholders in
substitution for notification as required by the Conditions, except that so long as any of the Bonds are
listed on the Luxembourg Stock Exchange and the rules of the Luxembourg Stock Exchange so
require, notices will also be published either on the web-site of the Luxembourg Stock Exchange
(www.bourse.lu) or in a daily newspaper of general circulation in Luxembourg (which is expected to be
the Luxemburger Wort). Any such notice shall be in English and shall be deemed to have been given
on the date of such publication, or if published more than once or on different dates, on the first date on
which publication is made.

Registration of Title and Exchange for Individual Certificates

Registration of title to Bonds initially represented by the Restricted Global Bonds of any series in a
name other than DTC or a successor depositary or one of their respective nominees will not be
permitted unless (i) such depositary notifies the State that it is no longer willing or able to discharge
properly its responsibilities as depositary with respect to the relevant Restricted Global Bonds or
ceases to be a “clearing agency” registered under the Exchange Act, or is at any time no longer eligible
to act as such, and the State is unable to locate a qualified successor within 90 days of receiving notice
of such ineligibility on the part of such depositary, or (ii) an Event of Default has occurred and is
continuing.
Registration of title to Bonds initially represented by the Unrestricted Global Bond of any series in
a name other than the nominee of the common depositary for Euroclear and Clearstream, Luxembourg
will not be permitted unless (i) Euroclear or Clearstream, Luxembourg is closed for business for a
continuous period of 14 days (other than by reason of holidays, statutory or otherwise) or announces
an intention permanently to cease business or does in fact do so or (ii) an Event of Default has
occurred and is continuing.
In such circumstances, the relevant Restricted Global Bonds shall be exchanged for individual
certificates of the same series in definitive form (“Restricted Certificates”) and/or the relevant
Unrestricted Global Bond shall be exchanged for individual certificates of the same series in definitive
form (“Unrestricted Certificates”) and the State will, at the cost of the State (but against such
indemnity as the Registrar or any relevant Transfer Agent may require in respect of any tax or other
duty of whatever nature which may be levied or imposed in connection with such exchange), cause
sufficient Certificates of the relevant series to be executed and delivered to the Registrar for
completion, authentication and dispatch to the relevant Bondholders. A person having an interest in a
Global Bond of the relevant series must provide the Registrar with (i) a written order containing
instructions and such other information as the State and the Registrar may require to complete,
execute and deliver such Certificates, and (ii) in the case of the Restricted Global Bonds of the relevant
series only, a fully completed, signed certificate substantially to the effect that the exchanging holder is
not transferring its interest at the time of such exchange or, in the case of a simultaneous sale pursuant
to Rule 144A, Regulation S or Rule 144 under the Securities Act (if available), as the case may be, that
the transfer is being made in compliance with the provisions of Rule 144A, Regulation S or Rule 144,
as applicable. Certificates issued in exchange for a beneficial interest in a Restricted Global Bond shall
bear the legends applicable to transfers pursuant to Rule 144A, as set out under “Transfer
Restrictions.”
The holder of a Bond may transfer such Bond in accordance with the provisions of Condition 2
(see “Terms and Conditions of the Bonds—Transfer of Bonds and Issue of Bonds”). Under the current
procedures of the clearing systems, Certificates would not be eligible for trading in the clearing
systems.
Upon the transfer, exchange or replacement of a Restricted Certificate bearing the legend referred
to under “Transfer Restrictions,” or upon specific request for removal of the legend on a Restricted
Certificate, the State will deliver only Restricted Certificates that bear such legend, or will refuse to
remove such legend, as the case may be, unless there is delivered to the State and the Registrar such
satisfactory evidence, which may include an opinion of counsel, as may reasonably be required by the
State that neither the legend nor the restrictions on transfer set forth therein are required to ensure
compliance with the provisions of the Securities Act.
The Registrar will not register the transfer of or exchange of interests in any Global Bond for
Certificates for a period of three business days ending on the due date for any payment of principal.

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Transfers
A beneficial interest in an Unrestricted Global Bond may be transferred to a person who wishes to
take delivery of such beneficial interest through a Restricted Global Bond of the same series, but such
transfers will continue to be subject to the transfer restrictions contained in the legend appearing on the
face of such Restricted Global Bond, as set out under “Transfer Restrictions.” Transfers of beneficial
interests in a Restricted Global Bond to persons wishing to take delivery of such beneficial interests
through a Restricted Global Bond of the same series will at all times be subject to such transfer
restrictions.
A beneficial interest in a Restricted Global Bond may be transferred to a person who wishes to
take delivery of such beneficial interest through the Unrestricted Global Bond of the same series only
upon receipt by the Registrar of a written certification from the transferor (in the applicable form
provided in the Fiscal Agency Agreement) to the effect that such transfer is being made in accordance
with Regulation S or Rule 144 under the Securities Act (if available).
Any beneficial interest in either a Restricted Global Bond or an Unrestricted Global Bond that is
transferred to a person who takes delivery in the form of a beneficial interest in the other Global Bond
of the same series will, upon transfer, cease to be a beneficial interest in such Global Bond and
become a beneficial interest in the other Global Bond of the same series and, accordingly, will
thereafter be subject to all transfer restrictions and other procedures applicable to a beneficial interest
in such other Global Bond for so long as such person retains such an interest.
The laws of some jurisdictions may require that certain persons take physical delivery of Bonds in
definitive form. Consequently, the ability to transfer interests in a Global Bond to such persons will be
limited. Because DTC, Euroclear and Clearstream, Luxembourg can only act on behalf of Participants,
who in turn act on behalf of Indirect Participants, the ability of a person having an interest in a Global
Bond to pledge such interest to persons or entities which do not participate in the relevant clearing
system, or otherwise take actions in respect of such interest, may be affected by lack of a physical
certificate in respect of such interest.

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 CLEARING AND SETTLEMENT
Custodial and depositary links are to be established between DTC, Euroclear and Clearstream,
Luxembourg to facilitate the initial issue of the Bonds and cross-market transfers of the Bonds
associated with secondary market trading. See “—Book-Entry Ownership” and “—Settlement and
Transfer of Bonds.”
Investors may hold their interests in a Global Bond directly through DTC, Euroclear or
Clearstream, Luxembourg as Direct Participants or indirectly through organizations that are
accountholders therein as Indirect Participants.

Euroclear and Clearstream, Luxembourg

Euroclear and Clearstream, Luxembourg each hold securities for their customers and facilitate the
clearance and settlement of securities transactions through electronic book-entry transfer between
their respective accountholders. Indirect access to Euroclear and Clearstream, Luxembourg is
available to other institutions which clear through or maintain a custodial relationship with an
accountholder of either system. Euroclear and Clearstream, Luxembourg provide various services
including safekeeping, administration, clearance and settlement of internationally-traded securities and
securities lending and borrowing. Euroclear and Clearstream, Luxembourg also deal with domestic
securities markets in several countries through established depository and custodial relationships.
Euroclear and Clearstream, Luxembourg have established an electronic bridge between their two
systems across which their respective customers may settle trades with each other. Their customers
are worldwide financial institutions including underwriters, securities brokers and dealers, banks, trust
companies and clearing corporations.

DTC
DTC has advised the State as follows: DTC is a limited purpose trust company organized under
the laws of the State of New York, a “banking organization” under the laws of the State of New York, a
member of the US Federal Reserve System, a “clearing corporation” within the meaning of the New
York Uniform Commercial code and a “clearing agency” registered pursuant to the provisions of
Section 17A of the Exchange Act. DTC was created to hold securities for its Participants and facilitate
the clearance and settlement of securities transactions between Participants through electronic
computerized book-entry changes in accounts of its Participants, thereby eliminating the need for
physical movement of certificates. Participants include securities brokers and dealers, banks, trust
companies, clearing corporations and certain other organizations. Indirect access to DTC is available
to others, such as banks, securities brokers, dealers and trust companies, that clear through or
maintain a custodial relationship with a DTC Direct Participant, either directly or indirectly.
Investors may hold their interests in the Restricted Global Bonds directly through DTC if they are
Direct Participants in the DTC system, or as Indirect Participants through organizations which are
Direct Participants in such system.
DTC has advised the State that it will take any action permitted to be taken by a holder of Bonds
only at the direction of one or more Direct Participants and only in respect of such portion of the
aggregate principal amount of the Restricted Global Bonds as to which such Participant or Participants
has or have given such direction. However, in the circumstances described under “The Global Bonds—
Registration of Title, and Exchange for Individual Certificates,” DTC will cause the Custodian to
surrender the Restricted Global Bonds for exchange for Restricted Certificates (which will bear the
legend applicable to transfers pursuant to Rule 144A).

Payments through DTC

Payments of principal and interest in respect of a Global Bond registered in the name of, or in the
name of a nominee for, DTC will be made to the order of such nominee as the registered holder of
such Bond.

Book-Entry Ownership
Euroclear and Clearstream, Luxembourg
The Unrestricted Global Bond for each series representing interests in the relevant series of
Unrestricted Bonds will have an ISIN and a Common Code and will be registered in the name of a
nominee for, and deposited with a common depositary on behalf of, Euroclear and Clearstream,
Luxembourg.

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 The address of Euroclear is 1 Boulevard du Roi Albert 11, B-1210 Brussels, Belgium, and the
address of Clearstream, Luxembourg is 42 Avenue J.F. Kennedy, L-1855, Luxembourg.

DTC
The Restricted Global Bonds for each series representing interests in the relevant series of
Restricted Bonds will have an ISIN, Common Code and a CUSIP number and will be deposited with
the Custodian for, and registered in the name of Cede & Co. as nominee of, DTC. The Custodian and
DTC will electronically record the principal amount of the Bonds held within the DTC System.
The address of DTC is 55 Water Street, New York, New York 10041, United States of America.

Relationship of Participants with Clearing Systems

Each of the persons shown in the records of DTC, Euroclear or Clearstream, Luxembourg as the
holder of any Bond evidenced by a Global Bond must look solely to DTC, Euroclear or Clearstream,
Luxembourg (as the case may be) for its share of each payment made by the State to the holder of
such Global Bond and in relation to all other rights arising under such Global Bond, subject to and in
accordance with the respective rules and procedures of DTC, Euroclear or Clearstream, Luxembourg
(as the case may be). The State expects that, upon receipt of any payment in respect of Bonds
evidenced by a Global Bond, the common depositary by whom such Bond is held, or nominee in
whose name it is registered, will immediately credit the relevant Participants’ or accountholders’
accounts in the relevant clearing system with payments in amounts proportionate to their respective
beneficial interests in the principal amount of the relevant Global Bond as shown on the records of the
relevant common depositary or its nominee. The State also expects that payments by Direct
Participants in any clearing system to owners of beneficial interests in any Global Bond held through
such Direct Participants in any clearing system will be governed by standing instructions and
customary practices. Save as aforesaid, such persons shall have no claim directly against the State in
respect of payments due on the Bonds for so long as the Bonds are evidenced by such Global Bond
and the obligations of the State will be discharged by payment to the registered holder of such Global
Bond in respect of each amount so paid. None of the State or any Agent will have any responsibility or
liability for any aspect of the records relating to or payments made on account of ownership interests in
any Global Bond or for maintaining, supervising or reviewing any records relating to such ownership
interests.

Settlement and Transfer of Bonds

Subject to the rules and procedures of each applicable clearing system, purchases of any Bonds
held within a clearing system must be made by or through Direct Participants, which will receive a
credit for such Bonds on the clearing system’s records. The ownership interest of each actual
purchaser of each such Bond (the “Beneficial Owner”) will in turn be recorded on the Direct and
Indirect Participants’ records.
Beneficial Owners will not receive written confirmation from any clearing system of their purchase,
but Beneficial Owners are expected to receive written confirmations providing details of the transaction,
as well as periodic statements of their holdings, from the Direct or Indirect Participant through which
such Beneficial Owner entered into the transaction.
Transfers of ownership interests in any Bonds held within the clearing system will be effected by
entries made on the books of Participants acting on behalf of Beneficial Owners. Beneficial Owners will
not receive certificates evidencing their ownership interests in such Bonds, unless and until interests in
any Global Bonds held within a clearing system are exchanged for Restricted and/or Unrestricted
Certificates.
No clearing system has knowledge of the actual Beneficial Owners of the Bonds held within such
clearing system and their records will reflect only the identity of the Direct Participants to whose
accounts such Bonds are credited, which may or may not be the Beneficial Owners. The Participants
will remain responsible for keeping account of their holdings on behalf of their customers. Conveyance
of notices and other communications by the clearing systems to Direct Participants, by Direct
Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial
Owners will be governed by arrangements among them, subject to any statutory or regulatory
requirements as may be in effect from time to time.

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 The laws of some jurisdictions may require that certain persons take physical delivery in definitive
form of securities. Consequently, the ability to transfer interests in a Global Bond to such persons may
be limited. As DTC can only act on behalf of Direct Participants, who in turn act on behalf of Indirect
Participants, the ability of a person having an interest in a Restricted Global Bond to pledge such
interest to persons or entities that do not participate in DTC, or otherwise take actions in respect of
such interest, may be affected by a lack of a physical certificate in respect of such interest.

Trading between Euroclear and/or Clearstream, Luxembourg Participants

Secondary market sales of book-entry interests in any Bonds held through Euroclear or
Clearstream, Luxembourg to purchasers of book-entry interests in such Bonds held through Euroclear
or Clearstream, Luxembourg will be conducted in accordance with the normal rules and operating
procedures of Euroclear and Clearstream, Luxembourg and will be settled using the procedures
applicable to conventional Eurobonds.

Trading between DTC Participants

Secondary market sales of book-entry interests in any Bonds between DTC Participants will occur
in the ordinary way in accordance with DTC rules and will be settled using the procedures applicable to
United States corporate debt obligations in DTC’s Same-Day Funds Settlement system in same-day
funds, if payment is effected in US dollars, or free of payment, if payment is not effected in US dollars.
Where payment is not effected in US dollars, separate payment arrangements outside DTC are
required to be made between the DTC participants.

Trading between DTC seller and Euroclear/Clearstream, Luxembourg Purchaser

When book-entry interests in Bonds are to be transferred from the account of a DTC Participant
holding a beneficial interest in a Restricted Global Bond to the account of a Euroclear or Clearstream,
Luxembourg accountholder wishing to purchase a beneficial interest in the Unrestricted Global Bond of
the same series (subject to the certification procedures provided in the Fiscal Agency Agreement), the
DTC participant will deliver instructions for delivery to the relevant Euroclear or Clearstream,
Luxembourg accountholder to DTC by 12 noon, New York City time, on the settlement date. Separate
payment arrangements are required to be made between the DTC Participant and the relevant
Euroclear or Clearstream, Luxembourg Participant. On the settlement date, the Custodian will instruct
the Registrar to (i) decrease the amount of Bonds registered in the name of Cede & Co. and evidenced
by the relevant Restricted Global Bond and (ii) increase the amount of Bonds registered in the name of
the nominee of the common depositary for Euroclear and Clearstream, Luxembourg and evidenced by
the Unrestricted Global Bond of the same series. Book-entry interests will be delivered free of payment
to Euroclear or Clearstream, Luxembourg, as the case may be, for credit to the relevant accountholder
on the first business day following the settlement date.

Trading between Euroclear/Clearstream, Luxembourg seller and DTC Purchaser

When book-entry interests in Bonds are to be transferred from the account of a Euroclear or
Clearstream, Luxembourg accountholder to the account of a DTC Participant wishing to purchase a
beneficial interest in a Restricted Global Bond (subject to the certification procedures provided in the
Fiscal Agency Agreement), the Euroclear or Clearstream, Luxembourg Participant must send to
Euroclear or Clearstream, Luxembourg delivery free of payment instructions by 7:45 p.m., Brussels or
Luxembourg time, one business day prior to the settlement date. Euroclear or Clearstream,
Luxembourg, as the case may be, will in turn transmit appropriate instructions to the common
depositary for Euroclear and Clearstream, Luxembourg and the Registrar to arrange delivery to the
DTC Participant on the settlement date. Separate payment arrangements are required to be made
between the DTC Participant and the relevant Euroclear or Clearstream, Luxembourg accountholder,
as the case may be. On the settlement date, the common depositary for Euroclear and Clearstream,
Luxembourg will (a) transmit appropriate instructions to the Custodian of the Restricted Global Bonds
who will in turn deliver such book-entry interests in the Bonds of the relevant series free of payment to
the relevant account of the DTC Participant and (b) instruct the Registrar to (i) decrease the amount of
such Bonds registered in the name of the nominee of the common depositary for Euroclear and
Clearstream, Luxembourg and evidenced by the Unrestricted Global Bond of the same series; and
(ii) increase the amount of such Bonds registered in the name of Cede & Co. and evidenced by the
Restricted Global Bonds of the same series.

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 Although DTC, Euroclear and Clearstream, Luxembourg have agreed to the foregoing procedures
in order to facilitate transfers of beneficial interests in Global Bonds among Participants and
accountholders of DTC, Euroclear and Clearstream, Luxembourg, they are under no obligation to
perform or continue to perform such procedures, and such procedures may be discontinued at any
time. None of the State, any Agent or Manager, or any affiliate of any of the above, or any person by
whom any of the above is controlled for the purposes of the Securities Act, will have any responsibility
for the performance by DTC, Euroclear, Clearstream, Luxembourg or their respective Direct or Indirect
Participants of their respective obligations under the rules and procedures governing their operations
or for the sufficiency for any purpose of the arrangements described above.

Settlement of Pre-Issue Trades

It is expected that delivery of Bonds will be made against payment therefor on the Closing Date,
which is expected to be four business days following the date of pricing (being November 29, 2011).
Under Rule 15c6-1 under the Exchange Act, trades in the United States secondary market generally
are required to settle within three business days (T+3), unless the parties to any such trade expressly
agree otherwise. Settlement procedures in other countries will vary.
Accordingly, purchasers who wish to trade Bonds in the United States on the date of pricing or the
next succeeding business day until three business days prior to the Closing Date will be required, by
virtue of the fact the Bonds initially are expected to settle four business days following the date of
pricing, to specify an alternate settlement cycle at the time of any such trade to prevent a failed
settlement. Settlement procedures in other countries will vary.
Purchasers of Bonds may be affected by such local settlement practices and purchasers of Bonds
between the relevant date of pricing and the Closing Date should consult their own advisors.

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 TAXATION
The following summary of certain United States, Qatar and EU tax consequences of ownership of
the Bonds is based upon laws, regulations, decrees, rulings, income tax conventions, administrative
practice and judicial decisions in effect at the date of this Prospectus. Legislative, judicial or
administrative changes or interpretations may, however, be forthcoming that could alter or modify the
statements and conclusions set forth herein. Any such changes or interpretations may be retroactive
and could affect the tax consequences to holders of the Bonds. This summary does not purport to be a
legal opinion or to address all tax aspects that may be relevant to a holder of Bonds. Each prospective
holder is urged to consult its own tax advisor as to the particular tax consequences to such holder of
the ownership and disposition of Bonds, including the applicability and effect of any other tax laws or
tax treaties, and of pending or proposed changes in applicable tax laws as of the date of this
Prospectus, and of any actual changes in applicable tax laws after such date.

Certain United States Federal Income Tax Consequences

The following is a summary of certain material United States federal income tax consequences of the
acquisition, ownership and disposition of the Bonds by a holder that acquires Bonds for cash at their
original issue price pursuant to this offer. The summary is based on the Internal Revenue Code of 1986,
as amended (the “Code”), Treasury Regulations, judicial decisions, published positions of the Internal
Revenue Service (the “IRS”) and other applicable authorities, all as in effect as of the date hereof and all
of which are subject to change or differing interpretations (possibly with retroactive effect). The discussion
does not address all the tax consequences that may be relevant to a particular person or to persons
subject to special treatment under United States federal income tax law (such as financial institutions,
broker dealers, insurance companies, tax-exempt organizations, or persons that are, or hold their Bonds
through, partnerships or other pass through entities) or to persons who hold Bonds as part of a straddle,
hedge, conversion, synthetic security or constructive sale transaction for United States federal income tax
purposes, all of whom may be subject to tax rules that differ from those summarized below. Moreover,
the discussion does not address any tax consequences other than United States federal income tax
consequences. This summary deals only with persons whose functional currency is the US dollar and
who hold the Bonds as capital assets within the meaning of the Code (generally, property held for
investment). No IRS ruling has been or will be sought regarding any matter discussed herein. No
assurance can be given that the IRS would not assert, or that a court would not sustain, a position
contrary to any of those set forth below. Holders should consult their tax advisors as to the
particular United States federal tax consequences to them of acquiring, owning and disposing of
the Bonds, as well as the effect of state, local, and non-United States tax laws.
For purposes of this discussion a “United States Holder” means a beneficial owner of a Bond that
is, or is treated as, a citizen or individual resident of the United States, a corporation (or other entity
taxable as a corporation) created or organized in the United States or under the laws of the United
States or any political subdivisions thereof, an estate the income of which is subject to United States
federal income taxation regardless of its source, or a trust if (i) a court within the United States is able
to exercise primary supervision over the administration of the trust and one or more United States
fiduciaries have the authority to control all substantial decisions of the trust or (ii) the trust has a valid
election in effect under applicable United States Treasury regulations to be treated as a United States
person. A “non-United States Holder” means any beneficial owner that is not a partnership and that is
not a “United States Holder.”
If a partnership (including any entity treated as a partnership or other pass through entity for
United States federal income tax purposes) is a holder of a Bond, the United States federal income tax
treatment of a partner in the partnership will generally depend on the status of the partner and the
activities of such partnership. Partners and partnerships should consult their tax advisors as to the
particular federal income tax consequences applicable to them.
TO COMPLY WITH TREASURY DEPARTMENT CIRCULAR 230, YOU ARE HEREBY
NOTIFIED THAT: (A) ANY DISCUSSION OF UNITED STATES FEDERAL TAX ISSUES
CONTAINED OR REFERRED TO IN THIS PROSPECTUS AND RELATED MATERIALS IS NOT
INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED BY YOU, FOR THE PURPOSE
OF AVOIDING PENALTIES THAT MAY BE IMPOSED ON YOU UNDER THE CODE; (B) ANY SUCH
DISCUSSION IS BEING USED IN CONNECTION WITH THE PROMOTION OR MARKETING BY
THE STATE OF THE TRANSACTIONS OR MATTERS ADDRESSED HEREIN; AND (C) YOU
SHOULD SEEK ADVICE BASED ON YOUR PARTICULAR CIRCUMSTANCES FROM AN
INDEPENDENT TAX ADVISOR.

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United States Holders
Certain Additional Payments. In certain circumstances (see, “Terms and Conditions of the
Bonds—Redemption, Purchase and Cancellation—Redemption at the Option of the Issuer”), we may
be obligated to pay amounts on the Bonds that are in excess of stated interest or principal on the
Bonds. Although the issue is not free from doubt, we intend to take the position that the possibility of
such payments does not result in the Bonds being treated as contingent payment debt instruments
under the applicable Treasury Regulations. Our position is binding on a United States Holder unless
such holder discloses its contrary position in the manner required by applicable Treasury Regulations.
However, our position is not binding on the IRS, and if the IRS were to take a contrary position, United
States Holders may be required to treat any gain recognized on the sale or other disposition of the
Bonds as ordinary income rather than as capital gain. Furthermore, United States Holders would be
required to accrue interest income on a constant yield basis at an assumed yield determined at the
time of issuance of the Bonds, with adjustments to such accruals when any contingent payments are
made that differ from the payments calculated based on the assumed yield. United States Holders are
urged to consult their tax advisors regarding the potential application to the Bonds of the contingent
payment debt instrument rules and the consequences thereof. The remainder of this discussion
assumes that the Bonds will not be treated as contingent payment debt instruments.
Interest Accrual on the Bonds. Payments of stated interest on the Bonds will be taxable to a
United States Holder as ordinary interest income at the time such holder receives or accrues such
amounts in accordance with its regular method of tax accounting.
Should any non-United States tax be withheld, the amount withheld and the gross amount of
additional amounts, if any, paid to a United States Holder will be included in such holder’s income at
the time such amount is received or accrued in accordance with such holder’s method of tax
accounting. If the non-United States withholding tax is in the nature of an income tax and is treated as
paid on behalf of the United States Holder, such tax would, subject to limitations and conditions, be
treated as foreign income tax eligible for credit against such holder’s United States federal income tax
liability or, at such holder’s election, eligible for deductions in computing taxable income. United States
Holders should consult their tax advisors regarding the creditability or deductibility of any withholding
taxes.
Foreign Tax Credits; Source. Interest income on a Bond generally will constitute “passive
category income” or, in the case of certain United States Holders, “general category income” for the
purpose of computing the holder’s foreign tax credit allowable under United States federal income tax
law.
Sale or Other Disposition of the Bonds. Upon the sale or other disposition of a Bond, a United
States Holder will generally recognize a capital gain or loss equal to the difference, if any, between the
amount realized and the holder’s adjusted tax basis in the Bond. Such gain or loss will be long-term
capital gain or loss if the United States Holder’s holding period with respect to the Bonds disposed of is
more than one year at such time. To the extent that amounts received include accrued but unpaid
interest that the United States Holder has not yet included in income, such interest will not be taken
into account in determining gain or loss, but will instead be taxable as ordinary interest income. The
deductibility of capital losses is subject to limitations.
Additional Bonds. The State may issue additional bonds to be consolidated and form a single
series with the 2017 Bonds, the 2022 Bonds or the 2042 Bonds then outstanding. See “Terms and
Conditions of the Bonds—Further Issues.” The additional bonds, even if they are treated for non-tax
purposes as part of the same series as the original 2017 Bonds, the original 2022 Bonds or the original
2042 Bonds, in some cases may be treated as a separate series for US federal income purposes. In
such event, if the additional bonds are issued with original issue discount for US federal income tax
purposes, this may affect the market value of the original 2017 Bonds, the original 2022 Bonds or the
original 2042 Bonds since such additional bonds may not be distinguishable from the original 2017
Bonds, the original 2022 Bonds or the original 2042 Bonds.
Information Reporting and Backup Withholding. In general, payments of interest or principal and
the proceeds from sales of Bonds held by a United States Holder will be required to be reported to the
IRS unless the United States Holder is a corporation or other exempt recipient and when required,
demonstrates this fact. In addition, a United States Holder that is not an exempt recipient may be
subject to backup withholding unless it provides a taxpayer identification number and otherwise
complies with applicable certification requirements.

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 Backup withholding is not an additional tax. Amounts withheld as backup withholding may be
credited against a holder’s United States federal income tax liability and may entitle the holder to a
refund, provided that the appropriate information is timely furnished to the IRS.

Non-United States Holders

General. Subject to the discussion below regarding information reporting and backup
withholding, a non-United States Holder will generally not be subject to United States federal income
taxation with respect to payments of interest on a Bond, or with respect to gain realized on the sale or
other disposition of a Bond, unless:
• the non-United States Holder holds the Bond in connection with a United States trade or
business and interest on the Bond is effectively connected with the conduct of such trade or
business (and, in the event that a treaty applies, such non-United States Holder conducts
business through a permanent establishment in the United States to which the interest on the
Bond is attributable); or
• in the case of an individual, such individual is present in the United States for 183 days or
more during the taxable year in which gain is realized and certain other conditions are met.
Information Reporting and Backup Withholding. A non-United States Holder not subject to United
States income tax may nonetheless be subject to backup withholding and information reporting with
respect to interest paid or accrued on the Bonds, unless the non-United States Holder provides the
withholding agent with the applicable IRS Form W-8 or otherwise establishes an exemption.
Non-United States Holders should consult their tax advisors as to their qualifications for an exemption
from backup withholding and the procedure for obtaining such an exemption.

Qatari Taxation
The following is a summary of the principal Qatari tax consequences of ownership of the Bonds by
beneficial owners who or which are not incorporated in or residents of Qatar for Qatari tax purposes and
do not conduct business activities in Qatar (“Non-Qatari Holders”). This summary of taxation in Qatar is
based upon (i) the tax law of Qatar, (ii) the regulations thereunder and (iii) the practice that has been
adopted and is applied by the Income Tax Department of the Ministry of Economy and Finance, each as
in effect on the date of this Prospectus. The views expressed in this summary are subject to any
subsequent change in Qatari law, regulations and practice that may come into effect as of such date.
Under current Qatari law, taxes are levied on a taxpayer’s income arising from activities in Qatar
including tax on profits realized on any contract implemented in Qatar. Because the Bonds and the
Fiscal Agency Agreement will be executed and delivered, and payments thereunder to Non-Qatari
Holders will be made, outside Qatar, under current Qatari tax laws, payments of principal and interest
on the Bonds by the State to Non-Qatari Holders will not be subject to Qatari income taxes. Further
provisions of Qatari tax law provide that the revenue payable on the Bonds will not be subject to taxes.
The Income Tax Law does provide generally for withholding tax on interest payments made to non
residents. However, pursuant to the Executive Regulations certain categories of interest will not be
regarded as interest subject to withholding. One such exception is interest on bonds and securities
issued by the State of Qatar and the public authorities, establishments and corporations owned wholly
or partly by the State of Qatar. Therefore there will be no requirement under Qatari law to apply
withholding tax on interest payments on the Bonds in Qatar.
Non-Qatari Holders are not subject to Qatari tax on any capital gains derived from a sale of Bonds.
Under current Qatari law, no Qatari stamp duty will be imposed on Non-Qatari Holders either upon the
issuance of the Bonds or upon a subsequent transfer of Bonds.

EU Directive on Taxation of Savings Income

Under the EU Savings Directive, each Member State is required to adopt measures to ensure that
paying agents established within their territory establish the identity of the beneficial owner of interest
payments and their residence for tax purposes. Where the beneficial owner of an interest payment is
an individual who is resident in a Member State other than that in which the paying agent is
established, the paying agent is required to report certain information about the beneficial owner and
the amount of the interest payment to the tax authority of the Member State in which it is established.
That tax authority must communicate such information to the tax authority of the Member State in
which the beneficial owner of the interest payment is resident.

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 For a transitional period, Austria and Luxembourg are not required to adopt the measures outlined
above. During the transitional period, where the beneficial owner of an interest payment is an individual
who is resident in a Member State other than that in which the paying agent is established, Austria and
Luxembourg must instead adopt measures to require paying agents established within their respective
territories to levy a withholding tax on interest payments pro rata to the beneficial owner’s period of
ownership of the debt claim at a rate of 15.0% for the first three years of the transitional period, which
started on July 1, 2005, 20.0% for the following three years (until June 30, 2011) and 35.0% thereafter
until the end of the transitional period (the ending of such transitional period being dependent on the
conclusion of certain other agreements relating to information exchange with certain other countries).
The current withholding tax is 35.0%. The imposition of such withholding tax does not preclude the
Member State in which the beneficial owner of the interest payment is resident from taxing the income
in accordance with its national laws, subject to any applicable double tax treaty.
A number of jurisdictions which are not Member States of the EU, such as Andorra, Liechtenstein,
Monaco, San Marino and Switzerland, and certain dependent or associated territories of certain
Member States, such as Aruba, the British Virgin Islands, the Cayman Islands, Jersey, Guernsey and
the Isle of Man, have adopted measures equivalent to those laid down in the EU Savings Directive.
PROSPECTIVE INVESTORS ARE ADVISED TO CONSULT THEIR OWN TAX ADVISORS
CONCERNING THE APPLICATION TO THEIR PARTICULAR CIRCUMSTANCES OF UNITED
STATES FEDERAL INCOME TAX LAWS, QATARI TAX OR THE EU SAVINGS DIRECTIVE AS
WELL AS ANY INCOME TAX CONSEQUENCES ARISING UNDER THE LAWS OF ANY STATE OR
LOCAL TAXING JURISDICTION WITHIN THE UNITED STATES OR ANY OTHER NON-UNITED
STATES TAXING JURISDICTION PRIOR TO MAKING AN INVESTMENT IN THE BONDS.

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 SUBSCRIPTION AND SALE
The State and the Managers named below have entered into a subscription agreement dated
November 29, 2011 with respect to the Bonds (the “Subscription Agreement”). Subject to certain
conditions, each Manager has severally agreed to subscribe for the number of Bonds of each series
indicated in the following table.
Principal Principal Principal
Amount of 2017 Amount of 2022 Amount of 2042
Managers Bonds Bonds Bonds
(in US$) (in US$) (in US$)
Citigroup Global Markets Limited . . . . . . . . . . . . . . . . . 333,333,334 333,333,334 166,666,667
HSBC Bank plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 333,333,334 333,333,334 166,666,667
J.P. Morgan Securities Ltd. . . . . . . . . . . . . . . . . . . . . . . 333,333,333 333,333,333 166,666,667
Mitsubishi UFJ Securities International plc . . . . . . . . . . 333,333,333 333,333,333 166,666,667
QNB Capital LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 333,333,333 333,333,333 166,666,666
Standard Chartered Bank . . . . . . . . . . . . . . . . . . . . . . . 333,333,333 333,333,333 166,666,666
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000,000 2,000,000,000 1,000,000,000

The Managers are committed to subscribe and pay for all of the Bonds being offered, if any are so
subscribed. The purchase price for the 2017 Bonds will be the issue price of 99.719% of the principal
amount of the 2017 Bonds, the purchase price for the 2022 Bonds will be the issue price of 98.951% of
the principal amount of the 2022 Bonds and the purchase price for the 2042 Bonds will be the issue
price of 98.928% of the principal amount of the 2042 Bonds. The Subscription Agreement entitles the
Managers to cancel the issue of the Bonds in certain circumstances prior to payment to the State.
The Bonds have not been and will not be registered under the Securities Act and may not be
offered or sold within the United States except in transactions exempt from, or not subject to, the
registration requirements of the Securities Act. Each Manager has agreed that it will only offer or sell
the Bonds (a) in the United States to qualified institutional buyers in reliance on Rule 144A under the
Securities Act, and (b) outside the United States in offshore transactions in compliance with
Regulation S under the Securities Act. Terms used above have the meanings given to them by
Regulation S and Rule 144A under the Securities Act.
In addition, until 40 days after the commencement of the offering, an offer or sale of such Bonds
within the United States by a dealer that is not participating in the offering may violate the registration
requirements of the Securities Act if that offer or sale is made otherwise than in accordance with
Rule 144A.
The State has given certain representations and warranties to the Managers in the Subscription
Agreement, and the State has agreed to indemnify the Managers against certain liabilities in
connection with the offer and sale of the Bonds, including liabilities under the Securities Act.
Certain of the Managers and their affiliates have from time to time performed, and in the future
may perform, various financial advisory, commercial banking and investment banking services for the
State and its affiliates, for which they have received and/or will receive fees and expenses.
The State, through the QIA owns 50.0% of the ordinary share capital of Qatar National Bank
S.A.Q., which owns 100.0% of the ordinary share capital of QNB Capital LLC, one of the Managers of
the offering.
Any of the Managers and/or their subsidiaries and affiliates may act as a market maker in the
financial instruments of the State and may act as underwriter, placement agent, advisor or lender to the
State or its affiliates. The Managers and/or their affiliates, subsidiaries or employees may hold a
position in any securities or financial instruments mentioned herein.

United Kingdom
Each Manager has represented and agreed that:
(a) it has only communicated or caused to be communicated and will only communicate or cause
to be communicated any invitation or inducement to engage in investment activity (within the
meaning of section 21 of the Financial Services and Markets Act 2000 (the “FSMA”)) received
by it connection with the issue or sale of the Bonds in circumstances in which section 21 of
the FSMA does not apply to the State; and
(b) it has complied and will comply with all applicable provisions of the FSMA with respect to
anything done by it in relation to the Bonds in, from or otherwise involving the United
Kingdom.

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Qatar
All applications for an investment in the Bonds should be received, and any allotments made, from
outside Qatar. The Bonds have not been registered in Qatar. The Bonds have not been offered, sold or
delivered, and will not be offered sold or delivered at any time, directly or indirectly, in Qatar in a
manner that would constitute a public offering. Therefore, this Prospectus is strictly private and
confidential and is being issued to a limited number of sophisticated investors in Qatar and may not be
reproduced or used for any other purpose nor provided to any other person other than the recipient
thereof. By receiving this Prospectus the person or entity to whom it has been provided to understands,
acknowledges and agrees that: (i) neither this Prospectus nor the Bonds have been registered,
considered, authorised or approved by the Qatar Central Bank, the Qatar Financial Markets Authority,
the Qatar Financial Centre Regulatory Authority or any other authority or agency in the State of Qatar;
(ii) no person has been authorised or licensed by the Qatar Central Bank, the Qatar Financial Markets
Authority, the Qatar Financial Centre Regulatory Authority or any other authority or agency in the State
of Qatar to market or sell the Bonds within the State of Qatar; (iii) this Prospectus may not be provided
to any person other than the original recipient and is not for general circulation in the State of Qatar;
and (iv) no agreement relating to the sale of the Bonds shall be consummated within the State of
Qatar.

United Arab Emirates (excluding the Dubai International Financial Centre)

Each Manager has represented and agreed that the Bonds have not been and will not be offered,
sold or publicly promoted or advertised by it in the United Arab Emirates other than in compliance with
any laws applicable in the United Arab Emirates governing the issue, offering and sale of securities.

Dubai International Financial Centre

Each Manager has represented and agreed that it has not offered and will not offer the Bonds to
any person in the Dubai International Financial Centre unless such offer is:
(a) an “Exempt Offer” in accordance with the Offered Securities Rules of the Dubai Financial
Services Authority (the “DFSA”); and
(b) made only to persons who meet the Professional Client criteria set out in Rule 2.3.2 of the
DFSA Conduct of Business Module.

Kuwait
This Prospectus has not been approved by the Kuwait Central Bank, the Kuwait Capital Market
Authority or the Kuwait Ministry of Commerce and Industry, nor has it been sanctioned by a person
duly licensed by the Kuwait Capital Market Authority. No licensed person has been authorized by the
Kuwait Central Bank, the Kuwait Capital Market Authority or the Kuwait Ministry of Commerce and
Industry to market or sell the Bonds to clients within the State of Kuwait. Therefore, this Prospectus
may not be sent into Kuwait and no services relating to the offering of the Bonds, including the receipt
of applications and/or the allotment of interests in the Bonds, may be rendered within Kuwait by the
State or the Managers or persons representing them.

Bahrain
The Managers have not offered and will not offer the Bonds to the Public (as defined in Articles
142-146 of the Bahrain Commercial Companies Law (Decree Law No. (21) of 2001) in Bahrain.
Therefore, the Bonds have not been offered, sold or delivered, and will not be offered, sold or delivered
at any time, directly or indirectly, in Bahrain in a manner that would constitute a public offering under
the laws of Bahrain.

Saudi Arabia
No action has been or will be taken in Saudi Arabia that would permit a public offering of the
Bonds in Saudi Arabia. The Bonds will only be initially offered and sold in Saudi Arabia, following a
notification to the CMA, through an entity authorized by the CMA in accordance with the Offers of
Securities Regulations as issued by the board of the CMA pursuant to resolution number 2-11-2004
dated October 4, 2004 as amended by resolution number 1-28-2008 (the “CMA Regulations”). The

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Bonds will be offered in Saudi Arabia to sophisticated investors initially, in accordance with Articles
9(a)(2) and 10 of the CMA Regulations with each such offeree paying an amount not less than Saudi
Riyals one million or an equivalent amount in another currency.
Investors are informed that Article 17 of the CMA Regulations place restrictions on secondary
market activity with respect to the Bonds which are summarized as follows: (a) any transfer must be
made through an entity licensed by the CMA; (b) a person (the “transferor”) who has acquired Bonds
may not offer or sell such Bonds or part thereof to any person (referred to as a “transferee”) unless
(i) the price to be paid by the transferee for such Bonds equals or exceeds Saudi Riyals one million;
(ii) the transferee is a sophisticated investor (as defined under the CMA Regulations); or (iii) the Bonds
are being offered or sold in such other circumstances as the CMA may prescribe for these purposes;
(c) if the provisions of paragraph (b) cannot be fulfilled because the price of the Bonds being offered or
sold to the transferee has declined since the date of the original limited offer, the transferor may offer
or sell the Bonds to the transferee if their purchase price during the period of the original offer was
equal to or exceeded Saudi Riyals one million; (d) if the provisions of (b) and (c) cannot be fulfilled, the
transferor may offer or sell the Bonds if he/she sells his entire holding of the Bonds to one transferee;
and (e) the provisions of paragraphs (b), (c) and (d) shall apply to all subsequent transferees of the
Bonds.

General
No action has been taken or will be taken in any jurisdiction by the Managers or the State that
would permit a public offering of the Bonds, or possession or distribution of this Prospectus or
supplement thereto or any other offering or publicity material relating to the Bonds, in any country or
jurisdiction where action for that purpose is required. Each Manager has undertaken that it will comply
with all applicable laws and regulations in each jurisdiction in which it offers, sells or delivers Bonds or
has in its possession or distributes any Prospectus or supplement thereto or any other offering
material.
Persons into whose hands this Prospectus comes are required by the State and the Managers to
comply with all applicable laws and regulations in each country or jurisdiction in which they purchase,
offer, sell or deliver Bonds or have in their possession, distribute or publish this Prospectus or any
other offering material relating to the Bonds, in all cases at their own expense.

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 TRANSFER RESTRICTIONS
Each purchaser of Bonds offered hereby will be deemed to have represented and agreed and
acknowledged as follows (terms used herein that are defined in Rule 144A or in Regulation S are used
herein as defined therein):
1. It understands that the Bonds have not been registered under the Securities Act or any other
applicable securities laws and that the Bonds are being offered for resale in transactions not
requiring registration under the Securities Act or any other securities laws and, unless so
registered, may not be offered, sold, pledged or otherwise transferred except pursuant to a
registration statement under the Securities Act and in compliance with any other applicable
securities law, pursuant to an exemption therefrom, or in a transaction not subject thereto,
and in each case in compliance with the conditions for transfer set forth in paragraph
(6) below.
2. It is not an “affiliate” (as defined in Rule 144 under the Securities Act) of the State or acting on
behalf of the State and (A)(i) is a qualified institutional buyer, (ii) is acquiring the Bonds for its
own account or for the account of a qualified institutional buyer, and (iii) is aware, and each
beneficial owner of such Bonds has been advised, that the sale of the Bonds to it is being
made in reliance on Rule 144A or (B) it is purchasing Bonds in an offshore transaction in
compliance with Regulation S under the Securities Act.
3. It understands and agrees that if in the future it decides to resell, pledge or otherwise transfer
any Bonds or any beneficial interests in any Restricted Global Bonds, such Bonds may be
resold, pledged or transferred only (A) by an initial investor (i) to the State, or an affiliate of the
State (as defined in Rule 144 of the Securities Act), (ii) to a person whom the seller
reasonably believes is a qualified institutional buyer that purchases for its own account or for
the account of a qualified institutional buyer in a transaction meeting the requirements of
Rule 144A under the Securities Act, (iii) in an offshore transaction meeting the requirements
of Rule 903 or Rule 904 of Regulation S under the Securities Act, (iv) pursuant to an
exemption from registration under the Securities Act provided by Rule 144 under the
Securities Act (if available) (resales described in sub clauses (i) through (iv) of this paragraph
(A), “Permitted Resales”), or (v) pursuant to an effective registration statement under the
Securities Act, or (B) by a subsequent investor in a Permitted Resale or pursuant to any other
available exemption from the registration requirements under the Securities Act (provided
that, as a condition to the registration of transfer of any Bonds otherwise than in a Permitted
Resale, the State may require delivery of any documents or other evidence (including but not
limited to an opinion of counsel) that it, in its sole discretion, may deem necessary or
appropriate to evidence compliance with such exemption), and in each of such cases, in
accordance with any applicable securities laws of any state of the United States and any other
jurisdiction.
4. It agrees to, and each subsequent holder is required to, notify any purchaser of the Bonds
from it of the resale restrictions referred to in paragraph 3 above, if then applicable.
5. It understands and agrees that (A) Bonds initially offered in the United States to qualified
institutional buyers will be represented by the Restricted Global Bonds and (B) that Bonds
offered outside the United States in reliance on Regulation S will be represented by the
Unrestricted Global Bonds.
6. It understands that the Restricted Global Bonds and any Restricted Certificates offered
hereby will bear a legend to the following, or similar effect, unless the State determines
otherwise in accordance with applicable law:
THE BONDS IN RESPECT OF WHICH THIS CERTIFICATE IS ISSUED HAVE NOT BEEN
AND WILL NOT BE REGISTERED UNDER THE US SECURITIES ACT OF 1933 (THE
“SECURITIES ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY
STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION, AND MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) TO THE
ISSUER OR AN AFFILIATE OF THE ISSUER, (2) IN ACCORDANCE WITH RULE 144A
UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF
RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER WHOM THE HOLDER

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 HAS INFORMED, IN EACH CASE, THAT SUCH OFFER, SALE, PLEDGE OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A UNDER THE SECURITIES
ACT, (3) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR
RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY
RULE 144 THEREUNDER (IF AVAILABLE), OR (5) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND, IN EACH OF CASES
(2) TO (5) INCLUSIVE, IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF
ANY STATE OF THE UNITED STATES AND ANY OTHER JURISDICTION, AND THE
HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY
PURCHASER OF THE BONDS IN RESPECT OF WHICH THIS CERTIFICATE IS ISSUED
FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE. NO
REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION
PROVIDED BY RULE 144 UNDER THE SECURITIES ACT FOR RESALES OF THE BONDS
IN RESPECT OF WHICH THIS CERTIFICATE IS ISSUED.
7. It acknowledges that, prior to any transfer of Bonds or of beneficial interests in Global Bonds,
the holder of Bonds or the holder of beneficial interests in Global Bonds, as the case may be,
may be required to provide certifications and other documentation relating to the manner of
such transfer and submit such certifications and other documentation as provided in the Fiscal
Agency Agreement.
8. It acknowledges that the State, the Managers and their affiliates and others will rely upon the
truth and accuracy of the foregoing acknowledgements, representations and agreements set
forth herein and agrees that, if any of the acknowledgments, representations or agreements
deemed to have been made by virtue of its purchase of the Bonds are no longer accurate, it
shall promptly notify the State and the Managers in writing, and if it is acquiring any Bonds as
a fiduciary or agent for one or more accounts, it represents that it has sole investment
discretion with respect to each such account and that it has full power to make the foregoing
acknowledgements, representations and agreements on behalf of each such account.
9. It understands that no representation can be made as to the availability of the exemption
provided by Rule 144 under the Securities Act for resales of the Bonds. Because the State is
permitted to issue additional bonds which may be consolidated and form a single series of
bonds with the 2017 Bonds, the 2022 Bonds or the 2042 Bonds offered hereby, the start of
the applicable holding period under Rule 144, as applicable to all of the relevant series of
Bonds, could be deferred until after the date of any such additional issues. Consequently, any
issue of such additional bonds could have the effect of deferring the availability of Rule 144
for purchasers of such series of Bonds for a substantial period of time.

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 GENERAL INFORMATION
1. The Bonds have been accepted for clearance through the facilities of DTC, Euroclear and Clearstream,
Luxembourg. The ISINs, common codes and CUSIP for each series of Bonds are set forth below:

Unrestricted Global Bond for the 2017 Bonds ISIN: XS0615235537

Common Code: 061523553
CUSIP: M81805 AS8
Restricted Global Bonds for the 2017 Bonds ISIN: US74727PAM32
Common Code: 061917314
CUSIP: 74727P AM3
Unrestricted Global Bond for the 2022 Bonds ISIN: XS0615236006
Common Code: 061523600
CUSIP: M81805 AT6
Restricted Global Bonds for the 2022 Bonds ISIN: US74727PAP62
Common Code: 061917268
CUSIP: 74727P AP6
Unrestricted Global Bond for the 2042 Bonds ISIN: XS0615236188
Common Code: 061523618
CUSIP: M81805 AU3
Restricted Global Bonds for the 2042 Bonds ISIN: US74727PAR29
Common Code: 061917349
CUSIP: 74727P AR2
2. If beneficial interests in the Global Bonds are exchanged for individual definitive certificates and
any of the Bonds are listed on the official list of the Luxembourg Stock Exchange, the State will
appoint a paying agent in Luxembourg.
3. Estimated total expenses related to admission to trading are approximately US$35,000.
4. The State has obtained all necessary consents, approvals and authorizations in connection with
the issue and performance of its obligations under the Bonds. The issue of the Bonds by the State
was authorized by the Council of Ministers’ Resolutions No. (39) of 2008, No. (43) of 2008 (as
amended by the Council of Ministers’ Resolution No. (21) of 2009), No. (36) of 2010 and No. (47)
of 2010 and the Decision of the Minister of Economy and Finance No. 26 of 2011 dated
November 21, 2011.
5. There has been no significant change in the information set out in this Prospectus under
“Overview of the State of Qatar,” “The Economy of Qatar,” “Monetary and Financial System,”
“Public Finance” and “Balance of Payments” since December 31, 2010, March 31, 2011, June 30,
2011, September 1, 2011 or September 30, 2011, as applicable, and “Indebtedness” since
October 31, 2011.
6. The State is not involved in any governmental, legal or arbitration proceedings (including any such
proceedings which are pending or threatened of which the State is aware) during the period
covering the previous 12 months which may have, or have had in the recent past, a significant
effect on the State’s financial position or which are material in the context of the Bonds.
7. The State does not publish audited financial statements.
8. Copies of the following documents (or, pending execution thereof, drafts thereof subject to
modification) will, for so long as any of the Bonds are listed on the Luxembourg Stock Exchange,
be made available during usual business hours on any weekday (except Saturdays and public
holidays) at the offices of the Fiscal Agent:
(a) the Fiscal Agency Agreement, incorporating the forms of the Bonds;
(b) an English translation of the Council of Ministers’ Resolutions No. (39) of 2008, No. (43) of
2008 (as amended by the Council of Ministers’ Resolution No. (21) of 2009), No. (36) of 2010
and No. (47) of 2010 and the Decision of the Minister of Economy and Finance No. 26 of
2011 dated November 21, 2011;
(c) the English language Quarterly Statistical Bulletin of September 2011 published by the QCB; and
(d) Qatar’s budget for the fiscal years ending March 31, 2011 and March 31, 2012.
This Prospectus is published on the website of the Luxembourg Stock Exchange, being www.bourse.lu.

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9. The telephone number of the Ministry of Economy and Finance (through which the State is acting)
is +974 4446 1444.
10. The yield on the 2017 Bonds will be 3.184% per annum, the yield on the 2022 Bonds will be
4.630% per annum and the yield on the 2042 Bonds will be 5.825% per annum.

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 GLOSSARY
“bcf” . . . . . . . . . . . . . . . . . . . . . . . . . . . means billion standard cubic feet.
“bcfd” . . . . . . . . . . . . . . . . . . . . . . . . . . means billion cubic feet per day.
“CIF” . . . . . . . . . . . . . . . . . . . . . . . . . . . means Cost, Insurance and Freight.
“FOB” . . . . . . . . . . . . . . . . . . . . . . . . . . means Free on Board.
“GTL” . . . . . . . . . . . . . . . . . . . . . . . . . . means gas-to-liquids.
“HDPE” . . . . . . . . . . . . . . . . . . . . . . . . . means high density polyethylene.
“LDPE” . . . . . . . . . . . . . . . . . . . . . . . . . means low density polyethylene.
“Liquefied natural gas” or “LNG” . . means natural gas that has been cooled to approximately
minus 160 degrees centigrade for storage and shipment as a
liquid in high pressure cryogenic containers.
“LPG” . . . . . . . . . . . . . . . . . . . . . . . . . . means liquefied petroleum gas.
“mcf” . . . . . . . . . . . . . . . . . . . . . . . . . . . means million standard cubic feet.
“mcfd” . . . . . . . . . . . . . . . . . . . . . . . . . . means million standard cubic feet per day.
“mta” . . . . . . . . . . . . . . . . . . . . . . . . . . . means million tons per annum.
“MTBE” . . . . . . . . . . . . . . . . . . . . . . . . . means methyl tertiary butyl ether.
“tons” . . . . . . . . . . . . . . . . . . . . . . . . . . mean metric tons, with one ton equal to 1,000 kilograms.
“tcf” . . . . . . . . . . . . . . . . . . . . . . . . . . . . means trillion standard cubic feet.
“tpa” . . . . . . . . . . . . . . . . . . . . . . . . . . . means tons per annum.
“tpd” . . . . . . . . . . . . . . . . . . . . . . . . . . . means tons per day.

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 ISSUER

State of Qatar
acting through the Ministry of Economy and Finance
P.O. Box 83
Doha
Qatar

FISCAL AGENT, PRINCIPAL PAYING AGENT,

REGISTRAR AND TRANSFER AGENT

Citibank, N.A.
Citigroup Centre
33 Canada Square
Canary Wharf
London E14 5LB
United Kingdom

LEGAL ADVISORS

To the State of Qatar

As to New York and United States law:

White & Case LLP
5 Old Broad Street
London EC2N 1DW
United Kingdom

To the Managers

As to New York and United States law: As to Qatari law:

Skadden, Arps, Slate, Meagher & Flom (UK) LLP SNR Denton & Co
40 Bank Street Floor 15 AL Fardan Office Tower
Canary Wharf 61 AL Funduq Street West Bay
London E14 5DS P.O. Box 64057
United Kingdom Doha, Qatar

LISTING AGENT

Dexia Banque Internationale à Luxembourg

69 route d’Esch
L-2953 Luxembourg
Printed by RR Donnelley, 253329