.9bn as of 3Q15 (excluding electricity loans of SAR14bn that PIF administers). According to Bloomberg, PIF had stakes in publicly listed companies on Tadawul worth SAR934bn as of April 2016. According to the MoF, PIF held equity worth SAR63.3bn in 41 Saudi companies in total at end-2011, as well as stakes

ublic Private Partnerships (PPPs) planned Entity Date Airports 2016-2020 Saudi General Grains Organisation 1Q17 Saudi Aramco by 2018 Stock exchange (Tadawul) by 2018 Saudia Medical Services - Saudi Electricity (SEC) by 2020 Saline Water Conversion Corporation (SWCC) - General Port Authority by 2020 Saud

rs are underinvested, since its equity markets are closed to non- residents (non-Arab investors account for less than 1% of the trading volume on the Tadawul). Our managers do have some exposure, but take on counterparty risk through local banks issuing equity-linked certificates or total return swaps (t

issuers, reducing counterparty concentration risk). Noted index manager MSCI dropped Saudi Arabia from its Arabian Markets Index last week after the Tadawul reportedly insisted on veto power over the composition the index; it had not been included in their broader Emerging Markets Index. Private equity:

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.