s will also increase transparency and help to attract foreign oil companies in to the country. • Saudi Peg, No Change expected in the near future SABIC remains our top pick with 24% Total Return potential and a new PO of 118 SAR. Large & Liquid, Trades nearly $100mn/day Strong Cash generator with 3

ident Sberbank Russian Federation Abdullah Bazid Executive Vice-President, Strategy Saudi Basic Industries Saudi Arabia Planning Corporation (SABIC) Timothy Beardson Chairman Crosby Holdings Ltd Hong Kong SAR Robert E. Chairman, President and Chief BMC Software Inc. USA Beauchamp Execut

ident Sberbank Russian Federation Abdullah Bazid Executive Vice-President, Strategy Saudi Basic Industries Saudi Arabia Planning Corporation (SABIC) Timothy Beardson Chairman Crosby Holdings Ltd Hong Kong SAR Robert E. Beauchamp Chairman, President and Chief BMC Software Inc. USA Executi

ident Sberbank Russian Federation Abdullah Bazid Executive Vice-President, Strategy Saudi Basic Industries Saudi Arabia Planning Corporation (SABIC) Timothy Beardson Chairman Crosby Holdings Ltd Hong Kong SAR Robert E. Beauchamp Chairman, President and Chief BMC Software Inc. USA Executi

mbassy HT Media Limited Jubilant Bhartia Group Jubilant Bhartia Group Genpact Ltd General Electric Company Saudi Basic Industries Corporation (SABIC) Akbank TAS Standard Chartered Flextronics International Ltd The Aditya Birla Group RWE AG European Bioinformafics Institute Skybridge Capita

ing the PIF as a major shareholder. We also see a sublime margin =utlook given NCB's ability to benefit from rising interest rates and =ond yields. SABIC: Expect strong earnings =omentum in FY18E driven by robust product prices as well as solid plant =perations. View company's intent to expand interna