Change. A:D Open High Low Close 7,000 6,500 6,000

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A:D

Points Percent Trades (mln) SAR (mln) Ratio

No. of Volume Turnover

Advance Decline Unchanged Change

[email protected]

Riyad Capital - Research Division

TASI

Open High Low Close

1‐Year Performance and Volume (mln)

TASI closed yesterday at 6,058 down 29 points or 0.47% below the previous close of 6,086. The index traded in the range of 6,038 to 6,058. The best performing sector was Multi-Investment up 2.2%, while the worst performing was Hotel & Tourism down 1.4%. Top gainer was Saudi Arabia Refineries Company (SARCO) with a 10.0% increase, and the top loser was Al Ahli Takaful down 9.9%. The advance-decline ratio was 0.5:1. This was the forth consecutive down day for TASI.

Points Percent Trades (mln) SAR (mln) Ratio

121,170 217.5 4,684.4 44 87 16 6,086

TASI

0.5:1 Commentary 6,086 6,038 6,058 -29 -0.47% 6,000 6,500 7,000 Company

Top Gainers Top Losers

17.85 9.9% Gulf General 43.50 -5.8%

Halwani Borthers SARCO

Most Active Distribution by Mkt Cap

U C A 27.90 6.5% Al Rajhi Takaful 50.75 -2.9%

Arriyadh Development 18.95 6.8% AICC 22.65 -3.2%

Close % Chg Company Close % Chg

44.40 8.8% SABB Takaful 28.40 -5.0% Almutakamela 60.50 10.0% Al Ahli Takaful 70.75 -9.9% 5,000 5,500 , N D J F M A M J J A S O 300 350 400

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YTD 1-yr

Mkt Cap Weight % Change Bahrain BASI 1,161 0.0

Sectoral Performance Market Index Level Daily 6-mth

-14.9 -18.9 -19.3

SARCO 238.3 > 10,000 22 Regional and Global Markets

% Change

Knowledge City 248.8 2,000 - 10,000 38

Gulf General 279.0 1,000 - 1,999 30

Company Turnover (SAR mln) SAR (mln)

SABIC 466.6 < 500 21

Buruj 348.6 500 - 999 38

Most Active Distribution by Mkt Cap

50 100 150 200 250 TASI

Banking & Financial Services Petrochemical Industries Cement

Retail

Energy & Utilities Agriculture & Food Industries Telecoms & Info Tech

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0 7 13 0 12 5 8 9 24 129 2 0 6 7 19 1 4 9 6 1 UK FTSE 5 165 -0.3 -13.0 -7.9 -2.6 111,846 9.3 -0.7 -3.7 -15.4 -13.8 Japan NIKKEI 225 8,160 -0.1 -14.3 -20.2 -18.7 47,931 4.0 0.1 9.6 -7.6 -4.2 USA S&P 500 1,159 -0.2 -9.7 -3.0 1.3 56,345 4.7 -0.8 1.8 -5.9 -2.1 USA NASDAQ 2,442 -0.8 -12.7 -8.0 -3.7 19,347 1.6 -1.8 11.8 21.7 25.5 USA DJI 11,232 0.1 -11.6 -17.3 -19.8 52,631 4.4 -1.0 0.4 19.3 24.6 Abu Dhabi ADXI 2,418 -0.5 -7.0 -11.1 -12.3

442,958 37.0 -4.9 0.6 -8.7 -2.3 Dubai DFM 1,349

2.7 -1.3 4.7 300,087 25.0 -1.5 -1.3 -15.2 -11.8 Oman MSM30 5,429 0.2 -10.0 -19.6 -17.1

Sector (SAR bln) (%) WTD 3-mth YTD 1-yr -16.5

1,198,200 100.0 -2.3 1.3 -8.5 -4.0 Qatar DSI 8,565 Kuwait KSI 5,782 -0.3 -9.2 -16.9 -0.1 Insurance Multi-investment Industrial Investment Building & Construction Real Estate Development Transport

Media & Publishing Hotel & Tourism

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Saudi Economic Indicators Commodities (USD) FOREX (USD)

1.96% 2,416 0.2 -3.1 20.6 16.0 19.3 2-Dec US Unemplyment Rate US T-bill 30-yr 2.92% 3,487 0.3 7.6 35.0 37.8 52.7 2-Dec US Total Vehicle Sales US T-bill 10-yr

0.52% 5,689 0.5 -0.9 5.9 -23.6 -19.5 29-Nov US Consumer Confidence US T-bill 1-yr 0.11% 39,164 3.3 2.4 5.6 -11.0 -7.0 28-Nov US New Home Sales USD 3M LIBOR

Economic Calendar Key Rates

20,359 1.7 -1.9 0.7 -14.0 -2.3 Date Event 39,920 3.3 -2.2 0.3 3.7 7.5 3M SAIBOR 0.72% 0.7 -13.0 -12.5 -8.9 31,890 2.7 0.1 15.8 1.8 6.8 24,129 2.0 -6.7 19.1 4.9 6.1 UK FTSE 5,165 Month 4.9% Saudi Annual Inflation SAMA's Foreign Assets (SAR bln) Copper (lb) 328.40 -24.3% USD-AUD 1.0298 5.4%

Silver (oz) 31.26 1.1% USD-CAD 1.0468

Month Rate Value

Aug-11 4.8% Jul-11 1,897

USD-JPY 77.7300 -4.2%

Sep-11 9,436 Sep-11 726 1,015 1,176 Gold (oz) 1,684 18.5% USD-CHF 0.9300 -0.6%

Aug-11 9,756 Aug-11 736 1,018 1,175 Natural Gas (mbtu) 3.54 -30.4%

GBP-USD 1.5439 -1.1%

Jul-11 9,606 Jul-11 728 1,014 1,170 Brent Crude 106.40 11.8% EUR-USD 1.3239 -1.1%

Month bbl / day Month M1 M2 M3 WTI Oil (bbl / day) 96.77 2.5%

( ) ( )

KSA Oil Production (000s) Money Supply (SAR bln) Price YTD Currency Rate YTD

Notes:

1. Trading days for the Saudi market are Saturday to Wednesday. Closing prices are as of November 26-2011. 2. SAIBOR rate is as of November 27-2011.

Riyad Capital is licensed by the Saudi Arabia Capital Markets Authority (No. 07070-37)

Sep-11 5.3% Aug-11 1,899

5.2% Sep-11 1,963

Oct-11

3. Trading days for the GCC markets are Sunday to Thursday. Closing prices are as of November 24-2011. 4. Global markets, commodities prices, forex rates (except SAIBOR) and key rates are as of November 25-2011. 5. Sources: Reuters, Bloomberg, Tadawul, SAMA, JODI, CDSI, Zawya, Mubasher, Argaam.

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Riyad Capital - Research Division

[email protected]

Major Changes in Ownership

Saudi Pharmaceutical Indust.& Med. Appliances Corp. Zamil Industrial Investment Company

Credit Suisse/ Swap Agreements 7.2% Up from 7.1%

% Ownership Shareholder Name

Up from 5.5% 5.6%

Khalid Saleh Abdulrahman Al-Shathri

Khalid Hamzah Ahmed Nahhas Up from 5.6%

Mouwasat Medical Services Company

Comments Company Name

5.8%

Abdullah A. M. Al-Khodari Sons Company announced that it has received an award letter from the Ministry of Water and Electricity

(General Directorate for Water in Riyadh) for the construction of sewage networks in Afif City (Phase 2) to be completed within 36 Hijri

Months valued at SAR 34.9 million. A further announcement will be made upon contract signing including the expected start of the

financial impact.

The company also announced that it has received an award letter from the Ministry of Water and Electricity for the construction of

sewage network in Gulwa City Al Baha Province (Phase 1) to be completed within 36 Months valued at SAR 67 million. A further

announcement will be made upon contract signing including the expected start of the financial impact.

Saudi Corporate and Economic News

◘

Al-Hassan Ghazi Ibrahim Shaker Company announced a contract signing by Ibrahim Shaker Company, one of its wholly owned

companies, which becomes effective on 23-11-2011 whereby the company will be deliver air conditioning chillers for 3 Najran University

colleges for an aggregate contracted value of SAR 26 Million with delivery period of maximum five months. Financial impact of this

contract will be realized beginning 1Q2012.

Banque Saudi Fransi, announced that the BOD took an unanimous decision to sell its 27% share capital in Bemo Saudi Fransi Syria

and its 10% share capital in Bemo Lebanon. BSF Chairman said that the Bank informed the major partner, Bemo Lebanon, of its

decision. BSF will assume the statutory and contractual formalities to complete the sale of its share capital in Bemo Saudi Fransi Syria

and Bemo Lebanon. Effective immediately, BSF is no longer represented in the BOD of Bemo Saudi Fransi Syria and Bemo Lebanon.

The directors representing BSF in the two banks submitted their immediate resignations from the BOD of Bemo Saudi Fransi Syria

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and Bemo Lebanon. BSF Chairman justified the decision saying that the financial risks in the Arab Republic of Syria do not permit

BSF to continue as a partner.

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Regional & International Corporate and Economic News

The euro hit a seven-week low against the dollar as Italy’s borrowing costs increased and Belgium’s credit rating was downgraded.

Dubai International Capital (DIC) has agreed the terms for a $2.4 billion debt restructuring with its creditors.

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EPS Trailing Close Price Issued Market Market Sector

[email protected]

SAMBA 45.20 900 40,680 3.4% 13.6% 4.74 30.22 9.5x 1.5x

1.8x

Arab National Bank 27.50 850 23,375 2.0% 7.8% 2.48 19.49 11.1x 1.4x

SABB 38.60 750 28,950 2.4% 9.6% 3.51 21.94 11.0x

1.2x

Banque Saudi Fransi 40.60 723 29,362 2.5% 9.8% 4.09 26.68 9.9x 1.5x

Saudi Hollandi Bank 26.80 331 8,864 0.7% 3.0% 3.10 21.69 8.6x

1.6% 0.55 15.34 29.5x 1.1x

Saudi Investment Bank 15.90 550 8,745 0.7% 2.9% 1.45 15.41 11.0x 1.0x

Company (SAR) Shares (mln) Cap (mln) Weight Weight (SAR) BVPS P / E P / B

Riyad Bank 23.35 1,500 35,025 2.9% 11.7% 2.09 19.67 11.2x 1.2x

Bank Al-Jazira 16.25 300 4,875 0.4%

Banks & Financial Services

2.0x Al j i 16 65 69 1 152 0 1% 0 3% 0 77 8 26 21 7 2 0 Industrialization 36.50 557 20,346 1.7% 4.6% 4.08 18.66 9.0x 2.0x SAFCO 178.00 250 44,500 3.7% 10.0% 15.43 27.77 11.5x 6.4x SABIC 90.25 3,000 270,750 22.6% 61.1% 9.93 44.25 9.1x 0.42 12.11 27.0x 0.9x Petrochem 20.55 480 9,864 0.8% 2.2% CHEMANOL 11.40 121 1,375 0.1% 0.3% 0.01 9.74 1517.5x 2.1x 14.1x 10.60 37.9x 0.9x 300,087 25.1% 100.0% 12.1x 1.7x 11.01 24.7x 1.7x 4.77 3.3x Alinma Bank 9.15 1,500 13,725 1.2% 4.6% 0.24 20.61 Bank Al-Bilad 18.70 300 5,610 0.5% 1.9% 0.76 Al-Rajhi Bank 67.25 1,500 100,875 8.4% 33.6% Petrochemical Industries 442 958 37 0% 100 0% 10 0x 2 1x 1.7x Petro Rabigh 21.85 876 19,141 1.6% 4.3% 0.08 9.14 280.9x 2.4x Saudi Kayan 17.35 1,500 26,025 2.2% 5.9% -0.04 10.26 M 1.3x Advanced 26.20 141 3,704 0.3% 0.8% 3.62 13.72 7.2x 1.9x Sipchem 18.80 367 6,893 0.6% 1.6% 1.69 14.74 11.1x 1.7x YANSAB 41.90 563 23,569 2.0% 5.3% 5.45 17.51 7.7x 2.4x Sahara Petrochemical 20.95 293 6,129 0.5% 1.4% 1.54 12.57 13.6x 0.7x SIIG 18.55 450 8,348 0.7% 1.9% 1.59 13.28 11.7x 1.4x Nama Chemicals 9.05 129 1,163 0.1% 0.3% -0.06 12.40 M Alujain 16.65 69 1,152 0.1% 0.3% 0.77 8.26 21.7x 2.0x

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Petrochemical Industries Yamamah Cement Saudi Cement Qassim Cement Southern Cement Yanbu Cement Eastern Cement Tabuk Cement 2.0x 20.95 90 1,886 0.2% 3.6% 1.47 11.97 14.2x 1.7x 46.70 86 4,016 0.3% 7.6% 3.97 23.90 11.8x 4.2x 59.00 105 6,195 0.5% 11.8% 4.53 25.64 13.0x 2.3x 72.50 140 10,150 0.9% 19.3% 5.78 17.12 12.5x 6,053 0.5% 11.5% 5.77 20.12 11.6x 3.3x 63.00 153 9,639 0.8% 18.3% 5.05 20.07 12.5x Arab Cement 41.00 80 3,280 0.3% 6.2% 442,958 37.0% 100.0% Hail Cement 14.00 98 1,371 0.1% 2.6% 10.0x 2.1x 4.28 33.02 9.6x 1.2x

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-0.11 4.89 M 2.9x 61.00 135 8,235 0.7% 15.6% 5.25 23.37 11.6x 2.6x 3.1x 67.25 90 Tabuk Cement Jouf Cement Cement

Abdullah Al-Othaim Market Mouwasat SASCO Thim'ar Fitaihi Group Jarir Al-Drees 40.90 25 1,023 0.1% 5.3% 3.48 16.41 11.7x 2.5x 1.0x 199.25 40 7,970 0.7% 41.2% 12.30 22.94 16.2x 8.7x 12.60 50 630 0.1% 3.3% 0.66 13.02 19.0x 1.2x 21.35 10 214 0.0% 1.1% -1.81 2.61 M 8.2x 14.00 45 630 0.1% 3.3% 0.65 11.76 21.5x 0.2% 3.4% 7.40 21.98 12.5x 4.2x 81.00 25 2,025 0.2% 10.5% 5.67 25.40 14.3x 3.2x 92.25 23 2,076 0.2% 10.7% 21.2x 1.4x 12.2x 2.5x 20.95 90 1,886 0.2% 3.6% 1.47 11.97 14.2x 1.7x 52,631 4.4% 100.0% 1,807

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13.90 130 0.66 10.26 Al-Hokair Al-Khaleej Training Retail

Gas & Industrialization Saudi Electric Energy & Utilities

54,999 4.6% 97.6% 22.5x 1.1x 22.1x 1.1x 56,345 4.7% 100.0% 13.20 4,167 0.59 12.55 808 0.1% 4.2% 14.5x 2.8x 13.9x 3.6x 17.95 75 1,346 0.1% 2.4% 19,347 1.6% 100.0% 1.49 13.91 12.1x 1.3x 56.75 70 3,973 0.3% 20.5% 5.33 19.69 10.7x 2.9x 40.40 20 2.79 14.57

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EPS Trailing P / B

Company (SAR) Shares (mln) Cap (mln) Weight Weight (SAR) BVPS P / E

Close Price Issued Market Market Sector

[email protected]

Riyad Capital - Research Division

P / B 1.8x 2.4x 2.0x 3.3x 5.4x 2.4x 5.6x 1.5x

Company (SAR) Shares (mln) Cap (mln) Weight Weight (SAR) BVPS P / E

Food Products 23.95 20 479 0.0% 1.0% 0.45 10.16 53.8x SAVOLA Group 25.60 500 12,800 1.1% 26.7% 1.41 14.55 18.1x Al-Marai 93.00 230 21,390 1.8% 44.6% 5.64 28.07 16.5x SADAFCO 42.10 33 1,368 0.1% 2.9% 4.36 21.56 9.7x Halwani Bros 44.40 29 1,269 0.1% 2.6% 2.87 18.32 15.5x Anaam Holding 65.00 11 709 0.1% 1.5% 1.09 11.99 59.5x NADEC 26.60 60 1,596 0.1% 3.3% 0.94 17.36 28.4x Herfy Foods 74.50 30 2,235 0.2% 4.7% 4.65 13.31 16.0x

Agriculture & Food Industries

1.6x 1.5x 21.1x 7.6x 1.3x 0.0x Tabuk Agriculture 29.20 20 584 0.1% 1.2% 2.19 19.44 13.4x Qassim Agriculture 11.55 50 578 0.1% 1.2% -0.31 7.42 M Sharqiya Dev Co 77.25 8 579 0.1% 1.2% -0.56 10.17 M Saudi Fisheries 34.30 54 1,836 0.2% 3.8% -0.54 1.62 M Bishah Agriculture 0.00 0 0 0.0% 0.0% 0.00 0.00 0.0x Jouff Agriculture 30.40 25 760 0.1% 1.6% 2.97 22.61 10.2x 2.5x 47,931 4.0% 100.0% 16.9x 2.6x Jazan Development 28.00 50 1,400 0.1% 2.9% -0.91 11.25 M

Telecoms & Info Tech

4.49 24.66 10.9x 2.0x Malath Insurance 16.95 30 509 0.0% 2.1% Tawuniya 48.90 75 3,668 0.3% 15.2% 0.40 9.06 42.3x 1.9x 10.00 - 1.8x 111,846 9.3% 100.0% 8.1x 1.6x 0.00 0.0x 0.0x ZAIN KSA 5.40 1,400 7,560 0.6% 6.8% -1.42

Saudi Integrated Telecom Co. 17.85 100 1,785 0.2% 1.6%

-0.00 0 0 0.0% 0.0% 0.00 23.84 7.3x 2.1x 3.39 M

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STC 33.10 2,000 66,200 5.5% 59.2% 3.84 22.86 8.6x 1.4x Etihad Etisalat 50.75 700 35,525 3.0% 31.8% 6.92 1.6x Atheeb Telecom 6 6 S di I di 32 90 10 329 0 0% 1 4% 0 78 4 95 M 4.1x SAICO 40.50 10 405 0.0% 1.7% -3.27 5.82 M 7.0x SANAD 20.90 20 418 0.0% 1.7% -2.05 5.06 M 1.8x SABB Takaful 28.40 34 966 0.1% 4.0% 0.27 9.49 106.7x 3.0x Arabian Shield 20.25 20 405 0.0% 1.7% 0.68 11.27 29.6x 4.0x Walaa Insurance 17.95 20 359 0.0% 1.5% -0.43 6.98 M 2.6x SALAMA 33.80 10 338 0.0% 1.4% 0.84 8.45 40.4x 1.9x

ALLIANZ Saudi Fransi 25.30 20 506 0.0% 2.1% -0.17 7.86 M 3.2x

MEDGULF 25.10 80 2,008 0.2% 8.3% 2.62 13.30 9.6x

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1.9x 1.66 12.23 14.5x 2.0x U C A 27 90 20 558 0 1% 2 3% 3 43 15 01 8 1x 1 9x Sagr Insurance 24.05 20 481 0.0% 2.0% Trade Union 21.05 25 526 0.0% 2.2% 0.71 11.36 29.5x 10.8x AICC 22.65 20 453 0.0% 1.9% 0.50 8.51 45.3x 2.7x ACIG 33.00 10 330 0.0% 1.4% -0.29 3.05 M 9.2x Al-Ahlia Insurance 31.60 10 316 0.0% 1.3% -0.56 3.18 M 9.9x Al-Ahli Takaful 70.75 17 1,179 0.1% 4.9% -0.26 7.72 M 6.6x Gulf Union 17.00 22 374 0.0% 1.6% -1.52 8.13 M 2.1x Saudi Indian 32.90 10 329 0.0% 1.4% -0.78 4.95 M

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-1.00 6.92 M 6.3x Buruj 54.25 13 705 0.1% 2.9% -1.16 6.84 M 7.9x Gulf General 43.50 20 870 0.1% 3.6% AXA-Cooperative 35.70 20 714 0.1% 3.0% 479 0.0% 2.0% M 5.7x 0.22 9.21 159.4x 3.9x 5.0x Al Rajhi Takaful 50.75 20 1,015 0.1% 4.2% -2.69 5.21 M 9.7x Weqaya Takaful 33.30 20 666 0.1% 2.8% -2.59 6.60 M 1.0x Bupa Arabia 20.10 40 804 0.1% 3.3% 1.01 12.45 20.0x 1.6x Saudi Re 9.90 100 990 0.1% 4.1% -0.16 9.47 M U C A 27.90 20 558 0.1% 2.3% 3.43 15.01 8.1x 1.9x ACE 47.90 10 -0.27 8.44 Insurance 24,129 2.0% 100.0% 15.5x 2.7x 7.6x AMANA Insurance 35.70 32 1,142 0.1% 4.7% -0.42 8.00 M 4.5x Wataniya 63.25 10 633 0.1% 2.6% 1.24 8.28 50.9x 4.5x Solidarity 22.05 56 1,224 0.1% 5.1% -0.40 8.59 M 2.6x Al Alamiya 38.00 20 760 0.1% 3.1% -0.06 8.42 M

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EPS Trailing

[email protected]

Close Price Issued Market Market Sector

Multi-Investment

Company (SAR) Shares (mln) Cap (mln) Weight Weight (SAR) BVPS P / E P / B

2.5x 0.7x 1.0x 1.2x 0.8x 2.7x 1.1x 31,890 2.7% 100.0% 36.9x 1.1x SARCO 60.50 15 908 0.1% 2.8% 0.71 23.79 85.7x Saudi Advanced 13.95 43 603 0.1% 1.9% 0.06 19.17 219.1x

Al-Ahsa for Dev. 10.15 49 497 0.0% 1.6% 1.02 9.78 10.0x

SISCO 12.55 68 853 0.1% 2.7% 0.11 10.83 109.7x Assir 13.75 126 1,738 0.2% 5.4% 0.79 17.54 17.5x Al-Baha 15.90 15 239 0.0% 0.7% -0.48 5.78 M Kingdom 7.30 3,706 27,053 2.3% 84.8% 0.19 6.61 39.4x 1.6x 1.4x 1.3x 1.5x 3.3x 0.9x 1.7x 2.9x 2.9x 1 7 BCI 23.70 28 652 0.1% 1.6% 2.25 15.01 10.5x Astra Indust 31.80 74 2,357 0.2% 5.9% 3.33 23.62 9.6x MA’ADEN 24.75 925 22,894 1.9% 57.3% 0.08 18.06 331.9x SHAKER 64.00 35 2,240 0.2% 5.6% 5.24 19.26 12.2x AlSorayai Group 22.25 30 668 0.1% 1.7% 2.06 14.90 10.8x Glass 31.10 30 933 0.1% 2.3% 3.01 18.59 10.3x Pharmaceutical 37.10 78 2,910 0.2% 7.3% 2.63 39.66 14.1x Maadaniyah 40.40 26 1,032 0.1% 2.6% 0.07 13.82 586.6x FIPCO 36.30 12 417 0.0% 1.0% 1.50 12.62 24.2x S di Ch i l 38 90 63 2 460 0 2% 6 2% 4 69 22 69 8 3 Industrial Investment Ceramic 139 00 25 3 475 0 3% 17 1% 9 45 43 77 14 7x 1.6x 36.50 3.0x

United Wire Factories Company

14.27 10.8x 3.4x 3 2x 2,061 1.43 15.42 16.3x 1.5x 2.82 4.48 11.99 12.9x 125 2,444 0.2% 12.0% -1.12 12.38

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Saudi Steel Pipe 23.30 51 1,188 0.1% 5.8%

Abdullah Al-Khodari Sons Co 48.50 43 0.2%

Mohammad Al-Mojil Group 19.55

33 1,186 0.1% 5.8% 10.1% M 13.2x 1.7x 1.7x

Saudi Paper Manufacturing 35.00 30 1,050 0.1% 2.6% 3.60 21.06 9.7x

Saudi Chemical 38.90 63 2,460 0.2% 6.2% 4.69 22.69 8.3x 39,920 3.4% 100.0% 26.5x 1.5x 1.7x Saudi Export 29.70 11 321 0.0% 0.8% 1.19 10.76 25.0x 2.8x Al-Abdullatif 24.45 81 1,987 0.2% 5.0% 1.85 14.35 8.06 M 2.0x 16.06 11.3x MESC 16.15 40 646 0.1% 3.2% -3.13 896 0.1% 4.4% 5.27 1.2x AL-Babtain 21.50 43 917 0.1% 4.5% 1.54 3.7x 1.5x Zamil Industrial 25.70 60 1,542 0.1% 7.6% 2.99 21.72 8.6x 13.87 14.0x Saudi Vitrified Clay Pipes 59.75 15

1.0x Pipes 24.95 32 786 0.1% 3.9% -0.23 23.31 M 1.1x Amiantit 14.25 116 1,646 0.1% 8.1% 1.25 13.99 11.4x 1.0x Saudi Industrial 14.90 40 596 0.1% 2.9% 0.35 8.68 43.2x 1.7x Cables 12.25 76 931 0.1% 4.6% 0.51 12.62 24.0x 1.7x Ceramic 139.00 25 3,475 0.3% 17.1% 9.45 43.77 14.7x Gypsum 26.50 32 839 0.1% 4.1% 1.05 15.42 25.1x 3.2x

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Building & Construction

0.4x Dar Al Arkan 6.25 1,080 6,750 0.6% 17.2% 1.05 13.91 6.0x 0.8x Jabal Omar 11.60 929 10,781 0.9% 27.5% -0.04 9.76 M 1.2x Emaar E .C 6.50 850 5,525 0.5% 14.1% -0.15 8.51 M 1.6x Arriyadh Development 18.95 100 1,895 0.2% 4.8% 1.20 14.60 15.9x 1.3x Makkah 32.60 165 5,373 0.5% 13.7% 1.81 20.65 18.0x 1.69 26.16 13.4x 0.9x Taiba 18.00 150 2,700 0.2% 6.9% Real Estate 22.75 120 2,730 0.2% 7.0% 1.36 19.54 13.3x 0.9x 1.6x 20,359 1.7% 100.0% 13.4x 1.7x 8.06 M 2.0x 24.51 13.6x 16.15 40 646 0.1% 3.13 Red Sea 40.20 30 1,206 0.1% 5.9% 2.96

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Real Estate Development

Transport 5.3x SRMG 17.10 80 1,368 0.1% 39.2% 1.05 15.99 16.3x 1.1x Tihama 81.25 15 1,219 0.1% 35.0% 1.20 15.20 67.5x Budget Saudi 44.20 18 809 0.1% 14.2% 5.15 26.84 8.6x -6.48 8.07 M 3.1x 1.6x 5,689 0.5% 100.0% 13.8x 0.8x Mubarrad 25.00 18 450 0.0% 7.9% SAPTCO 7.85 125 981 0.1% 17.2% 3,449 0.3% 60.6% 15.3x 0.7x Shipping 10.95 315 0.48 11.15 16.4x 0.7x 0.72 15.71 10.0x 0.9x

Knowledge Economic City 10.05 339 3,410 0.3% 8.7% -0.04 9.48 M 1.1x

39,164 3.3% 100.0%

Media and Publishing

Hotel & Tourism Market M= Minus 1.4x 1,198,200 11.6x 1.7x 2,416 0.2% 100.0% 16.1x 1.3x Shams 27.30 10 277 0.0% 11.5% 0.31 7.27 87.7x 3.8x Hotels 31.00 69 2,139 0.2% 88.5% 2.12 24.11 14.6x 1.1x 3,487 0.3% 100.0% 25.6x 1.5x

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Riyad Capital Coverage Universe

[email protected]

Saudi Hollandi Bank 1040 26.80 34.00 Buy 26.9%

Bank Al-Jazira 1020 16.25 19.50 Buy 20.0%

The Saudi Investment Bank 1030 15.90 18.50 Hold 16.4%

40.60 57.00 Strong Buy 40.4%

Banque Saudi Fransi

SAMBA 1090 45.20 52.00 Hold 15.0%

Arab National Bank 1080 27.50 31.00 Hold 12.7%

TASI Current RC Target RC Upside to

Company Symbol Price Price Recommendation Target Price

SABB 1060 38.60 46.50 Hold 20.5%

1050

57.1%

Etihad Etisalat (Mobily) 7020 50.75 62.00 Buy 22.2%

Zain KSA 7030 5.40 Under Review Under Review N/A

Dar Al-Arkan 4300 6.25 --- Not Rated

STC 7010 33.10 52.00 Buy

N/A

Jarir Marketing Company 4190 199.25 Under Review Under Review N/A

Almarai 2280 93.00 97.00 Hold 4.3%

SABIC 2010 90.25 122.00 Buy 35.2%

Al-Rajhi Bank 1120 67.25 77.00 Buy 14.5%

SAMBA 1090 45.20 52.00 Hold 15.0%

Note: Prices in SAR

ap

y

Market

Rec

a

Dail

y

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solicitation of an offer, to buy or sell a security or enter into any other agreement in any jurisdiction where such an

offer or solicitation would be illegal. Technical analysis centers on studying charts of a stock’s price movement and

trading volume, as opposed to focusing on a company’s actual historical or potential future operating or financial

results and as such may not correlate with reports based on a company’s fundamentals. We make no

representations about the accuracy of technical analysis or its validity as a technique. Past performance is not a

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subject to change. While the information has been obtained from sources believed to be reliable we do not represent

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that it is accurate or complete and it should not be relied upon as such. Riyad Capital, its affiliates and subsidiaries

can accept no liability for any direct or consequential loss arising from use of its documents or their contents. At any

time, Riyad Capital or its employees may have a position, subject to change in any securities or instruments referred

to, or provide services to the issuer of those securities or instruments.

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