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egistered vadernais owned by Visa htematertal Se rice Aswcation ad used trek kense. The UBS Visa credi
IC nips. • Pricelvalue Prices displayed for secisbes and other predicts may be hcher or rower than the Pike that you warld actually receive in the Market. Prices se ebtairted horn various hid piny source wench we token to be refabk, but we do not guarantee WM- accuracy - We generally use the closing
soothes tradely ten011-CCOSartne elenOMeettelS. rice and quality (face sane) may hae been aapreed to
d: 0.06% 4,085,765.310 I.030 4,085,765.31 Your total assets Your el nandal Advisor: SCOTT STACK MANLYLE CASRIEL trident agency. Although money Market 'Una seeht0 raeServe I te value d your inwstrnent at 11.00 per thweekteef RA )gam or loss Is the dant ren« between the current value and the cost ba
budget = expansions don't come cheap A US$20bn =rice tag for growth Government =timulus in the pipeli
ggests market is less =orried about depeg fears and forward points can be used as a macro hedge 7. Valuations & dividend yields remain =ttractive a Market trades at a 10% =iscount (13.5x) to its historic PE (Saudi PE range is 10-26x). Avg dividend yield is 3.6% with =5 stocks yield more than 4%. Our M
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