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

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1 TASI Change No. of Volume Turnover A:D Open High Low Close Advance Decline Unchanged Points Percent Trades (mln) SAR (mln) Ratio 6,086 6,086 6,038 6, % 121, , :1 Commentary 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. 7,000 6,500 6,000 1 Year Performance and Volume (mln) Top Gainers Top Losers Company Close % Chg Company Close % Chg 5,500 SARCO % Al Ahli Takaful % Almutakamela % Gulf General % 5,000 Halwani Borthers % SABB Takaful % N D J F M A M J J A S O Arriyadh Development % AICC % 400 U C A % Al Rajhi Takaful % Most Active Distribution by Mkt Cap 250 Company Turnover (SAR mln) SAR (mln) SABIC < Buruj Gulf General ,000-1, Knowledge City ,000-10, SARCO > 10, Regional and Global Markets TASI Banking & Financial Services Petrochemical Industries Cement Retail Energy & Utilities Agriculture & Food Industries Telecoms & Info Tech Insurance Multi-investment Industrial Investment Building & Construction Real Estate Development Transport Media & Publishing Hotel & Tourism % Change Sectoral Performance Market Index Level 6-mth YTD 1-yr Mkt Cap Weight % Change Bahrain BASI 1, Sector (SAR bln) (%) WTD 3-mth YTD 1-yr Kuwait KSI 5, ,198, Qatar DSI 8, , Oman MSM30 5, , Dubai DFM 1, , Abu Dhabi ADXI 2, , USA DJI 11, , USA NASDAQ 2, , USA S&P 500 1, , Japan NIKKEI 225 8, , UK FTSE 5,165 31, , Economic Calendar 20, Date Event Key Rates 3M SAIBOR 0.72% 39, Nov US New Home Sales USD 3M LIBOR 0.52% 5, Nov US Consumer Confidence US T-bill 1-yr 0.11% 3, Dec US Total Vehicle Sales US T-bill 10-yr 1.96% 2, Dec US Unemplyment Rate US T-bill 30-yr 2.92% Saudi Economic Indicators Commodities (USD) FOREX (USD) KSA Oil Production (000s) Money Supply (SAR bln) Price YTD Currency Rate YTD Month bbl / day Month M1 M2 M3 WTI Oil (bbl / day) % GBP-USD % Jul-11 9,606 Jul ,014 1,170 Brent Crude % EUR-USD % Aug-11 9,756 Aug ,018 1,175 Natural Gas (mbtu) % USD-JPY % Sep-11 9,436 Sep ,015 1,176 Gold (oz) 1, % USD-CHF % Silver (oz) % USD-CAD % Saudi Annual Inflation SAMA's Foreign Assets (SAR bln) Copper (lb) % USD-AUD % Month Rate Month Value Aug % Jul-11 1,897 Sep % Aug-11 1,899 Oct % Sep-11 1,963 Riyad Capital is licensed by the Saudi Arabia Capital Markets Authority (No ) Notes: 1. Trading days for the Saudi market are Saturday to Wednesday. Closing prices are as of November SAIBOR rate is as of November Trading days for the GCC markets are Sunday to Thursday. Closing prices are as of November Global markets, commodities prices, forex rates (except SAIBOR) and key rates are as of November Sources: Reuters, Bloomberg, Tadawul, SAMA, JODI, CDSI, Zawya, Mubasher, Argaam.

2 Major Changes in Ownership Company Name Mouwasat Medical Services Company Saudi Pharmaceutical Indust.& Med. Appliances Corp. Zamil Industrial Investment Company Shareholder Name % Ownership Comments Credit Suisse/ Swap Agreements 7.2% Up from 7.1% Khalid Saleh Abdulrahman Al-Shathri 5.6% Up from 5.5% Khalid Hamzah Ahmed Nahhas 5.8% Up from 5.6% Saudi Corporate and Economic News 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. Al-Hassan Ghazi Ibrahim Shaker Company announced a contract signing by Ibrahim Shaker Company, one of its wholly owned companies, which becomes effective on 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 and Bemo Lebanon. BSF Chairman justified the decision i saying that the financiali risks ik in the Arab Republic of Syria do notpermit BSF to continue as a partner. 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. Sources: Reuters, Bloomberg, Tadawul, Zawya, Argaam.

3 Close Price Issued Market Market Sector EPS Trailing Company (SAR) Shares (mln) Cap (mln) Weight Weight (SAR) BVPS P / E P / B Riyad Bank ,500 35, % 11.7% Bank Al-Jazira , % 1.6% x 1.1x Saudi Investment Bank , % 2.9% Saudi Hollandi Bank , % 3.0% x Banque Saudi Fransi , % 9.8% x SABB , % 9.6% x Arab National Bank , % 7.8% x 1.4x SAMBA , % 13.6% x Al-Rajhi Bank , , % 33.6% x 3.3x Bank Al-Bilad , % 1.9% x Alinma Bank ,500 13, % 4.6% x 0.9x Banks & Financial Services 300, % 100.0% 12.1x CHEMANOL , % 0.3% x 0.9x Petrochem , % 2.2% x 2.1x SABIC , , % 61.1% x SAFCO , % 10.0% x Industrialization , % 4.6% x Alujain , % 0.3% Nama Chemicals , % 0.3% M 0.7x SIIG , % 1.9% x Sahara Petrochemical , % 1.4% x YANSAB , % 5.3% x 2.4x Sipchem , % 1.6% x Advanced , % 0.8% x 1.9x Saudi Kayan ,500 26, % 5.9% M Petro Rabigh , % 4.3% x 2.4x Petrochemical Industries 442, % 100.0% 0% 10.0x0x 21x 2.1x Hail Cement , % 2.6% Arab Cement , % 6.2% Yamamah Cement Saudi Cement ,235 9, % 0.8% 15.6% 18.3% x 2.6x 3.1x Qassim Cement , % 11.5% x Southern Cement , % 19.3% x 4.2x Yanbu Cement , % 11.8% x 2.3x Eastern Cement , % 7.6% x Tabuk Cement , % 3.6% x Jouf Cement , % 3.4% x Cement 52, % 100.0% 12.2x 2.5x Abdullah Al-Othaim Market , % 10.7% x 4.2x Mouwasat , % 10.5% x 3.2x SASCO % 3.3% Thim'ar % 1.1% M 8.2x Fitaihi Group % 3.3% x Jarir , % 41.2% x 8.7x Al-Drees , % 5.3% x Al-Hokair Al-Khaleej Training Retail Gas & Industrialization Saudi Electric Energy & Utilities M 2.9x x , % 20.5% x 2.9x % 4.2% x 2.8x 19, % 100.0% 13.9x 3.6x , % 2.4% x ,167 54, % 97.6% x 1.1x 56, % 100.0% 22.1x 1.1x

4 Close Price Issued Market Market Sector EPS Trailing Company (SAR) Shares (mln) Cap (mln) Weight Weight (SAR) BVPS P / E P / B SAVOLA Group , % 26.7% x 1.8x Food Products % 1.0% x 2.4x SADAFCO , % 2.9% x Al-Marai , % 44.6% x 3.3x Anaam Holding % 1.5% x 5.4x Halwani Bros , % 2.6% x 2.4x Herfy Foods , % 4.7% x 5.6x NADEC , % 3.3% x Qassim Agriculture % 1.2% M Tabuk Agriculture % 1.2% x Saudi Fisheries , % 3.8% M 21.1x Sharqiya Dev Co % 1.2% M 7.6x Jouff Agriculture % 1.6% x Bishah Agriculture % 0.0% x 0.0x Jazan Development , % 2.9% M 2.5x Agriculture & Food Industries 47, % 100.0% 16.9x 2.6x STC ,000 66, % 59.2% x 1.4x Etihad Etisalat , % 31.8% x 2.1x ZAIN KSA ,400 7, % 6.8% M Atheeb Telecom % 0.0% x 0.0x Saudi Integrated Telecom Co , % 1.6% x Telecoms & Info Tech 111, % 100.0% 8.1x Tawuniya , % 15.2% x Malath Insurance % 2.1% x 1.9x MEDGULF , % 8.3% x 1.9x ALLIANZ Saudi Fransi % 2.1% M 3.2x SALAMA % 1.4% x 4.0x Walaa Insurance % 1.5% M 2.6x Arabian Shield % 1.7% x 1.8x SABB Takaful % 4.0% x 3.0x SANAD % 1.7% M 4.1x SAICO % 1.7% M 7.0x Saudi Indian % 0% 1.4% M x Gulf Union % 1.6% M 2.1x Al-Ahli Takaful , % 4.9% M 9.2x Al-Ahlia Insurance % 1.3% M 9.9x ACIG % 1.4% M 10.8x AICC % 1.9% x 2.7x Trade Union % 2.2% x 1.9x Sagr Insurance % 2.0% x U C A % 2.3% x 1.9x Saudi Re % 4.1% M Bupa Arabia % 3.3% x Weqaya Takaful % 2.8% M 5.0x Al Rajhi Takaful , % 4.2% M 9.7x ACE % 2.0% M 5.7x AXA-Cooperative % 3.0% x 3.9x Gulf General % 3.6% M 6.3x Buruj % 2.9% M 7.9x Al Alamiya % 3.1% M 4.5x Solidarity , % 5.1% M 2.6x Wataniya % 2.6% x 7.6x AMANA Insurance , % 4.7% M 4.5x Insurance 24, % 100.0% 15.5x 2.7x

5 Close Price Issued Market Market Sector EPS Trailing Company (SAR) Shares (mln) Cap (mln) Weight Weight (SAR) BVPS P / E P / B SARCO % 2.8% x 2.5x Saudi Advanced % 1.9% x 0.7x Al-Ahsa for Dev % 1.6% x SISCO % 2.7% x Assir , % 5.4% x 0.8x Al-Baha % 0.7% M 2.7x Kingdom ,706 27, % 84.8% x 1.1x Multi-Investment 31, % 100.0% 36.9x 1.1x BCI % 1.6% x MA ADEN , % 57.3% x 1.4x Astra Indust , % 5.9% x AlSorayai Group % 1.7% x SHAKER , % 5.6% x 3.3x Pharmaceutical , % 7.3% x 0.9x Glass % 2.3% x FIPCO % 1.0% x 2.9x Maadaniyah , % 2.6% x 2.9x Saudi Chemical ,460 02% 0.2% 62% 6.2% x 17 Saudi Paper Manufacturing , % 2.6% x Al-Abdullatif , % 5.0% x Saudi Export % 0.8% x 2.8x Industrial Investment 39, % 100.0% 26.5x United Wire Factories Company , % 5.8% x 3.0x Mohammad Al-Mojil Group , % 12.0% M Saudi Steel Pipe , % 5.8% x Abdullah Al-Khodari Sons Co , % 10.1% x 3.4x Ceramic , % 17.1% 1% x 32x 3.2x Gypsum % 4.1% x Cables % 4.6% x Saudi Industrial % 2.9% x Amiantit , % 8.1% x Pipes % 3.9% M 1.1x Zamil Industrial , % 7.6% x AL-Babtain % 4.5% x Saudi Vitrified Clay Pipes % 4.4% x MESC % 3.2% M Red Sea , % 5.9% x Building & Construction 20, % 100.0% 13.4x Real Estate , % 7.0% x 0.9x Taiba , % 6.9% x 0.9x Makkah , % 13.7% x Arriyadh Development , % 4.8% x Emaar E.C , % 14.1% M 0.8x Jabal Omar , % 27.5% M Dar Al Arkan ,080 6, % 17.2% x 0.4x Knowledge Economic City , % 8.7% M 1.1x Real Estate Development 39, % 100.0% 10.0x 0.9x Shipping , % 60.6% x 0.7x SAPTCO % 17.2% x 0.7x Mubarrad % 7.9% M 3.1x Budget Saudi % 14.2% x Transport 5, % 100.0% 13.8x 0.8x Tihama , % 35.0% x 5.3x SRMG , % 39.2% x 1.1x Saudi Printing & Packaging % 25.8% x 1.1x Media and Publishing 3, % 100.0% 25.6x Hotels , % 88.5% x Shams % 11.5% x 3.8x Hotel & Tourism 2, % 100.0% 16.1x 1.4x Market 1,198,200 1 M= Minus

6 Riyad Capital Coverage Universe TASI Current RC Target RC Upside to Company Symbol Price Price Recommendation Target Price Bank Al-Jazira Buy 20.0% The Saudi Investment Bank Hold 16.4% Saudi Hollandi Bank Buy 26.9% Banque Saudi Fransi Strong Buy 40.4% SABB Hold 20.5% Arab National Bank Hold 12.7% SAMBA Hold 15.0% Al-Rajhi Bank Buy 14.5% SABIC Buy 35.2% Almarai Hold 4.3% Jarir Marketing Company Under Review Under Review N/A Dar Al-Arkan Not Rated N/A STC Buy 57.1% Etihad Etisalat (Mobily) Buy 22.2% Zain KSA Under Review Under Review N/A Note: Prices in SAR ap y Market Reca

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