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 6,492 6,492 6,403 6, % 176, , :1 Commentary 1 Year Performance and Volume (mln) TASI closed yesterday at 6,421 down 72 point or 1.1% below the previous close of 6,492. The index traded in the range of 6,403 to 6,492. The worst performing was Insurance down 3.6%. Top gainer was Saudi Industrial Development Company with a 9.9% increase, while the top loser was Arabian Pipes Company down 9.3%. The advance-decline ratio was 0.1:1. 7,000 6,500 6,000 y Dail Top Gainers Top Losers Company Close % Chg Company Close % Chg 5,500 Saudi Industrial % Pipes % SADAFCO % FIPCO % 5,000 Saudi Advanced % H B % J F M A M J J A S O N D J Arabian Shield % ACE % 400 Almutakamela % SAICO % Most Active Distribution by Mkt Cap 250 Company Turnover (SAR mln) SAR (mln) SABIC < Almutakamela Alinma ,000-1, Cables ,000-10, Fitaihi Group > 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, ,282, Qatar DSI 8, , Oman MSM30 5, , Dubai DFM 1, , Abu Dhabi ADXI 2, , USA DJI 12, , USA NASDAQ 2, , USA S&P 500 1, , Japan NIKKEI 225 8, , UK FTSE 5,657 43, , Economic Calendar 23, Date Event Key Rates 3M SAIBOR 0.80% 44, Jan US Trade Balance USD 3M LIBOR 0.56% 6, Jan US Industrial Production US T-bill 1-yr 0.10% 3, Jan US New Home Sales US T-bill 10-yr 1.89% 2, Feb Unemployment Rate US T-bill 30-yr 2.93% 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 % Aug-11 9,756 Sep ,015 1,176 Brent Crude % EUR-USD % Sep-11 9,436 Oct ,017 1,191 Natural Gas (mbtu) % USD-JPY % Oct-11 9,362 Nov ,028 1,193 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 Oct % Sep-11 1,963 Nov % Oct-11 1,970 Dec % Nov-11 1,994 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 January Trading days for the GCC markets are Sunday to Thursday. Closing prices are as of January Global markets closing prices are as of January Commodities prices, forex rates and key rates are as of January , 9 am. 5. Sources: Reuters, Bloomberg, Tadawul, SAMA, JODI, CDSI, Zawya, Mubasher, Argaam.

2 Major Changes in Ownership Company Name Shareholder Name % Ownership Comments Abdullah Al Othaim Markets Company HSBC/ Swap Agreement 6.2% Down from 6.3% Food Products Company Abdulhakeem Abdullah Omar Al Alshaikh 12.4% Up from 12.2 Zamil Industrial Investment Company Khaled Hamzah Hamad Nahhas Less than 5% Down from 5.0% Middle East Specialized Cables Company Mansour Abdulaziz Mohammad Kaaky 7.2% Down from 7.3% Saudi Corporate and Economic News Eastern Province Cement Company announced preliminary annual financial results for the period ending , net profit for 4Q2011 was SAR 106 million (+28% Y/Y and +41% Q/Q). EPS for 12 months was SAR 4.23 versus SAR 3.99 Y/Y. United Electronics Company (Extra) announced preliminary financial results for the period ending , net profit for 4Q2011 was SAR 41 million (+11% Y/Y and +58% Q/Q). EPS for 12 months was SAR 5.50 versus SAR 4.07 Y/Y. The Saudi British Bank (SABB) announced annual financial results for the period ending , net profit for 4Q2011 was SAR 655 million (+65% Y/Y and +4% Q/Q). EPS for 12 months was SAR 3.85 versus SAR 2.51 Y/Y. Filing & Packing Materials Manufacturing Company (FIPCO) announced preliminary financial results for the period ending , net profit for 4Q2011 was SAR 5.2 million (-19% Y/Y and +1138% Q/Q). EPS for 12 months was SAR 1.40 versus SAR 1.88 Y/Y. Saudia Dairy & Foodstuff Company (SADAFCO) announced preliminary financial results for the period ending , net profit for 3Q2011 was SAR 42.7 million (+3% Y/Y and +7% Q/Q). EPS for 9 months was SAR 3.39 versus SAR 2.99 Y/Y. Halwani Brothers announced preliminary financial results for the period ending , net profit for 4Q2011 was SAR 15.9 million (-9% Y/Y and -19% Q/Q). EPS for 12 months was SAR 2.82 versus SAR 2.81 Y/Y. Saudi Cement Company announced preliminary financial results for the period ending , net profit for 4Q2011 was SAR million (+40% Y/Y and +9% Q/Q). EPS for 12 months was SAR 5.44 versus SAR 4.31 Y/Y. Banque Saudi Fransi announced annual financial results for the period ending , net profit for 4Q2011 was SAR 661 million (- 7% Y/Y and -13% Q/Q). EPS for 12 months was SAR 4.03 versus SAR 3.87 Y/Y. Mouwasat Medical Services Company announced preliminary financial results for the period ending , net profit for 4Q2011 was SAR 34.7 million (+23% Y/Y and +3% Q/Q). EPS for 12 months was SAR 5.92 versus SAR 4.74 Y/Y. National Metal Manufacturing and Casting Company (Maadaniyah) announced preliminary financial results for the period ending , net loss for 4Q2011 was SAR 1.6 million (-47% Y/Y) and compared to a profit of SAR 1.2 million Q/Q. EPS for 12 months was SAR 0.12 versus SAR 0.65 Y/Y. Sahara Petrochemical Company announced preliminary financial results for the period ending , net profit for 4Q2011 was SAR 5 million (-89% Y/Y and -95% Q/Q). EPS for 12 months was SAR 1.35 versus SAR 1.13 Y/Y. Saudi Ceramic Company announced preliminary financial results for the period ending , net profit for 4Q2011 was SAR 52.5 million (-8% Y/Y and -3% Q/Q). EPS for 12 months was SAR 9.28 versus SAR Y/Y. Saudi Kayan Petrochemical Company announced preliminary financial results for the period ending , net loss for 4Q2011 was SAR million. LPS for 12 months was SAR (0.167) versus SAR (0.010) Y/Y. Regional & International Corporate and Economic News ADIA is keen to invest in India, according to India s Trade Ministry. The two sides aim to form a joint working group to facilitate the fund s investment. Qatar First Investment Bank acquired a 15% stake in nuts and snacks manufacturer, Al Rifai. Qatar s Ezdan Real Estate Company begun selling property worth QAR 1.53 billion to Tadawol Holding Group. 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, % 11.1% x 1.2x Bank Al-Jazira , % 1.7% x Saudi Investment Bank , % 2.8% x 1.0x Saudi Hollandi Bank , % 3.1% x Banque Saudi Fransi , % 9.7% x 1.6x SABB , % 9.8% x Arab National Bank , % 7.4% x SAMBA , % 12.9% x 1.5x Al-Rajhi Bank , , % 35.0% x 3.6x Bank Al-Bilad , % 2.0% x 1.9x Alinma Bank ,500 14, % 4.6% x 0.9x Banks & Financial Services 316, % 100.0% 12.7x CHEMANOL , % 0.3% x 1.0x Petrochem , % 2.2% x 2.2x SABIC , , % 61.5% x 2.1x SAFCO , % 9.5% x Industrialization , % 4.8% x 2.1x Alujain , % 0.3% x 2.1x Nama Chemicals , % 0.3% M 0.9x SIIG , % 1.9% x 1.5x Sahara Petrochemical , % 1.5% x YANSAB , % 5.3% x 2.5x Sipchem , % 1.5% x Advanced , % 0.9% x 2.1x Saudi Kayan ,500 25, % 5.6% M Petro Rabigh , % 4.3% x 2.5x Petrochemical Industries 459, % 100.0% 0% 10.4x 22x 2.2x Hail Cement , % 2.8% M 3.6x Arab Cement , % 5.8% x Yamamah Cement , % 16.2% x 3.2x Saudi Cement , % 18.6% x 3.7x Qassim Cement , % 10.8% x 3.7x Southern Cement , % 19.8% x 5.1x Yanbu Cement , % 11.5% x 2.6x Eastern Cement , % 7.9% x 2.4x Tabuk Cement , % 3.3% x 1.9x Jouf Cement , % 3.2% x 1.5x Cement 61, % 100.0% 14.2x 3.0x Abdullah Al-Othaim Market , % 9.9% x 4.7x Mouwasat , % 10.1% x 3.7x Extra , % 8.1% x 5.7x SASCO % 3.5% x 1.6x Thim'ar % 1.1% M 10.2x Fitaihi Group % 3.2% x 1.2x Jarir , % 35.7% x 9.1x Al-Drees , % 4.7% x 2.7x Al-Hokair , % 19.8% x 3.4x Al-Khaleej Training % 3.8% x 3.1x Retail 23, % 100.0% 15.6x 4.1x Gas & Industrialization , % 2.5% x Saudi Electric ,167 56, % 97.5% x 1.1x Energy & Utilities 58, % 100.0% 22.9x 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 , % 26.5% x Food Products % 1.1% x 2.8x SADAFCO , % 3.0% x 2.3x Al-Marai , % 43.0% x 3.6x Anaam Holding % 1.5% x 6.0x Halwani Bros , % 3.1% x 3.2x Herfy Foods , % 5.2% x 7.0x NADEC , % 3.3% Qassim Agriculture , % 2.5% M 3.6x Tabuk Agriculture % 1.2% x Saudi Fisheries , % 3.6% M 22.3x Sharqiya Dev Co % 1.1% M 7.6x Jouff Agriculture % 1.7% x 1.6x Bishah Agriculture % 0.0% x 0.0x Jazan Development , % 2.6% M 2.5x Agriculture & Food Industries 53, % 100.0% 18.8x 2.9x STC ,000 67, % 58.2% x 1.5x Etihad Etisalat , % 32.5% x 2.3x ZAIN KSA ,400 8, % 7.0% M Atheeb Telecom % 0.0% x 0.0x Saudi Integrated Telecom , % 1.7% x Telecoms & Info Tech 116, % 100.0% 8.4x Tawuniya , % 14.5% x 2.1x Malath Insurance % 2.0% x MEDGULF , % 8.9% x ALLIANZ Saudi Fransi % 2.2% M 3.7x SALAMA % 1.4% x 4.3x Walaa Insurance % 1.6% M 3.1x Arabian Shield % 1.9% x 2.3x SABB Takaful , % 3.9% x 3.3x SANAD % 1.7% M 4.5x SAICO % 1.6% M 7.2x Saudi Indian % 0% 1.5% M x Gulf Union % 1.6% M 2.4x Al-Ahli Takaful , % 4.1% M 8.6x Al-Ahlia Insurance % 1.3% M 1 ACIG % 1.4% M 12.6x AICC % 1.9% x 2.9x Trade Union % 2.2% x Sagr Insurance % 1.9% x 2.1x U C A % 2.7% x 2.4x Saudi Re , % 4.2% M 1.2x Bupa Arabia , % 4.4% x 2.4x Weqaya Takaful % 2.4% M 4.9x Al Rajhi Takaful , % 4.2% M 10.8x ACE % 2.2% M 6.8x AXA-Cooperative % 2.7% x 4.0x Gulf General % 3.0% M 5.8x Buruj % 3.2% M 9.8x Al Alamiya % 3.2% M 5.0x Solidarity , % 4.8% M 2.7x Wataniya % 3.4% x 10.9x AMANA Insurance , % 4.2% M 4.4x Insurance 26, % 100.0% 17.9x 3.0x

5 Close Price Issued Market Market Sector EPS Trailing Company (SAR) Shares (mln) Cap (mln) Weight Weight (SAR) BVPS P / E P / B SARCO , % 2.7% x 3.2x Saudi Advanced % 1.7% x 0.9x Al-Ahsa for Dev % 1.6% x SISCO % 2.2% x Assir , % 5.0% x 1.0x Al-Baha % 0.6% M 3.2x Kingdom ,706 37, % 86.2% x 1.5x Multi-Investment 43, % 100.0% 50.4x 1.5x BCI % 1.8% x MA ADEN , % 56.4% x Astra Indust , % 6.3% x 1.5x AlSorayai Group % 1.8% x SHAKER , % 5.0% x Pharmaceutical , % 7.6% x 1.0x Glass , % 2.6% x 1.9x FIPCO % 1.4% x 3.9x Maadaniyah % 2.1% x 2.5x Saudi Chemical ,441 02% 0.2% 59% 5.9% x 17 Saudi Paper Manufacturing , % 3.0% Al-Abdullatif , % 5.2% x Saudi Export % 1.0% x 3.4x Industrial Investment 41, % 100.0% 27.4x 1.5x United Wire Factories Company , % 5.9% x 3.5x Mohammad Al-Mojil Group , % 12.9% M 1.9x Saudi Steel Pipe , % 6.1% x Abdullah Al-Khodari Sons Co , % 9.6% x Ceramic , % 15.9% x 34x 3.4x Gypsum , % 4.8% x 2.3x Cables , % 4.6% x 1.1x Saudi Industrial % 2.5% x Amiantit , % 8.0% x 1.2x Pipes , % 5.0% M 1.6x Zamil Industrial , % 7.4% x AL-Babtain , % 4.6% x Saudi Vitrified Clay Pipes % 4.1% x 4.0x MESC % 2.9% M 2.1x Red Sea , % 5.6% x Building & Construction 23, % 100.0% 14.9x Real Estate , % 7.0% x 1.0x Taiba , % 6.5% x 1.0x Makkah , % 13.2% x Arriyadh Development , % 5.2% x 1.6x Emaar E.C , % 15.1% M 0.9x Jabal Omar , % 25.5% M Dar Al Arkan ,080 8, % 18.8% x 0.6x Knowledge Economic City , % 8.7% M 1.2x Real Estate Development 44, % 100.0% 11.6x 1.0x Shipping , % 57.1% x 0.8x SAPTCO , % 17.9% x 0.9x Mubarrad % 10.5% M 5.0x Budget Saudi , % 14.5% x Transport 6, % 100.0% 16.3x 1.0x Tihama % 24.5% x 4.3x SRMG , % 38.5% x 1.2x Saudi Printing & Packaging , % 37.0% x Media and Publishing 3, % 100.0% 29.2x Hotels , % 88.4% x Shams % 11.6% x 4.2x Hotel & Tourism 2, % 100.0% 17.7x 1.5x Market 1,282, x 1.9x 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 11.4% The Saudi Investment Bank Hold 17.8% Saudi Hollandi Bank Buy 16.0% Banque Saudi Fransi Strong Buy 34.8% SABB Hold 12.6% Arab National Bank Hold 13.1% SAMBA Hold 14.5% Al-Rajhi Bank Buy 4.4% SABIC Buy 29.4% Industrialization Buy 18.7% YANSAB Buy 21.8% Saudi Kayan Hold 7.6% Petro Rabigh Hold 9.9% Almarai Hold -3.2% Jarir Marketing Company Buy 17.3% Dar Al-Arkan Not Rated N/A STC Buy 53.4% Etihad Etisalat (Mobily) Buy 14.8% Zain KSA Buy 10.3% Note: Prices in SAR ap y Market Reca

7 ## Disclaimer This document and its contents are prepared for information purposes only and do not constitute an offer or the solicitation of an offer, to buy or sell a security or enter into any other agreement in any jurisdiction where such an offer or solicitation would be illegal. Technical analysis centers on studying charts of a stock s price movement and trading volume, as opposed to focusing on a company s actual historical or potential future operating or financial results and as such may not correlate with reports based on a company s fundamentals. We make no representations about the accuracy of technical analysis or its validity as a technique. Past performance is not a guide to future performance. The information and any views expressed are given as at the date of writing and are subject to change. While the information has been obtained from sources believed to be reliable we do not represent that it is accurate or complete and it should not be relied upon as such. Riyad Capital, its affiliates and subsidiaries can accept no liability for any direct or consequential loss arising from use of its documents or their contents. At any time, Riyad Capital or its employees may have a position, subject to change in any securities or instruments referred to, or provide services to the issuer of those securities or instruments. Riyad Capital is licensed by the Saudi Arabia Capital Markets Authority (No )