From: Richard Kahn < Sent: Wednesday, March 14, 2018 4:52 PM To: jeffrey E. Subject: Fwd: Other ways to trade Saudi Richard Kahn HBRK Associates Inc. 575 =exington Avenue 4th Floor New York, NY 10022 Begin forwarded message: From: =/b>"Ens, Amanda" < Subject: =/b>Ot her ways to =rade Saudi Date: March 14, 2018 at 12:48:07 PM EDT To: =/b>"rkahn"< > Reply-To: =/b>"Ens, Amanda" < Saudi trade continues to gain momentum as we head into March 28 FTSE decision, =ollowed by MSCI in June. Our base case is for a =ositive outcome for both EM index reviews. Tadawul +5% past 3 sessions =rinting new 3 year highs, Foreign inflows YTD at =1.35bn Recent headline on Aramco: Saudi Aramco likely to be =elayed to 2019. Delay not all together surprising giving complexity of =he transaction, delays in choosing the trading venues, as well as to =etter align the IPO with potential MSCI / FTSE index inflow =imelines • Crown Prince MBS will appear on '60 =inutes' on March 18th, one day before he =ands in the US for a 10 day tour, meeting Trump on the 20th. • Reform agenda picking up speed: Women Driving; =ntertainment/Movie Theaters; Welfare Programs; Market access reforms =amp; Intl debt issues EFTA_R1_01638374 EFTA02507622