HOUSE OVERSIGHT 029465 6. Saudi risk indicators at 2015 pre-crisis levels 4 Saudi 5yr CDS is trading at 76 vs 40-210 3yr range; SAR 2yr fwd suggests market is less worried about depeg fears and forward points can be used as a macro hedge 7. Valuations & dividend yields remain attractive 4 Market trades at a 10% discount (13.5x) to its historic PE (Saudi PE range is 10- 26x). Avg dividend yield is 3.6% with 45 stocks yield more than 4%. Our Middle East Team ready for Calls - Ha mdy Hamoudi in London next week 19th-23rd March. Talal marketing in US 23rd-27th April. Marwan in Trading MAR disclosure Saudi has underperformed both Oil and EM in the last 6 months 2015 Vant C.onlity BREXT Oa* Pirf Nkrylit 1 MIX DE4 V. Last Price Si COA Cormity (R1) 6447 X SASEIDX Index (I) 7775.73 Last Price SASEIDX Index (LI) 7775.73 •UM US Equity (IZ1) 49.,42 c4,16,4 fr4wftbor, øc L. 14-14e-MIS HOUSE_OVERSIGHT_029465 Saudi equities remain under-owned globally Foreign Ownership 70 5.5 Ii Russia Turkey south Brazil Africa 1111 VAWAVOk Qatar Saudi Arabia Risk indicators are back to 2015 pre-crisis levels. Saudi Syr COS down from 210 to 76 (note 40 was all time low) HOUSE_OVERSIGHT_029466 low: 39.785 Hi: 209.030 Lt Price/6,36.5 H9h on 01/18/16 209.030 -4- Aver 94.021 . Low on 06/13/14 39.78.5 2013 2014 2015 2016 2017 rTS401107 esioriNcy (KSik tOS WE 51" 014) U441 23440.M11-111WMIS Capyrvhet 2016 aloombarst Noma• L. 13- Valuations remain attractive — Saudi trading at 10% below historic PE; Saudi ERR now at 1.22 vs 0.4 in 2016 8 200 100 7114:40 HOUSE_OVERSIGHT_029467 06 07 2 i 4 6„ 6 5 4 3 2 08.A. &Sena LyrAct* Goat§a *3,,xt toutinvtalitayrus.orozielvzotr. $ower AWS, Lstirre, GX0411"talktor MEGA Open Trades