estment banking client of MLPF&S and/or one or more of its affiliates: BAE SYSTEMS, Dubai, Qatar, Qatar (Central Bank), SABIC, Saudi Telecom, THALES, Yansab. MLPF&S or an affiliate has received compensation from the issuer for non-investment banking services or products within the past 12 months: BAE SYST

g PIF: 49.99%; GOSI: 7.98%; PPA: 7.45% 34.6% 0.0 5.9 Samba Banks PIF: 22.91%; GOSI: 11.76%; PPA: 15.04% 73.2% 0.0 24 Yanbu National Petrochemical Co (Yansab) Chemicals SABIC: 51%; GOSI: 11.92% 37.1% 0.0 2.2 Saudi Arabian Fertilizer Company (SAFCO) Chemicals SABIC: 42.99%; GOSI: 12.2% 44.8% 0.0 2.0 Riyadh

$60/bbl, =rom US$50/bbl before. • Earnings momentum, index events make us positive Saudi =tacks. Prefer banks, petchems. Top picks: Rajhi, Samba, Yansab, Sabic FULL REPORT Macro: =weet spot for now Economic activity has bottomed out as high oil =rices are allowing implementation of looser fiscal po