Change. A:D Open High Low Close 8,500 8,000 7,500 7,000 6,500 6,000 5,500 5,000

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Jodie Hicks
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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 6,667 6,789 6,667 6, % 143, , :1 Commentary 1 Year Performance and Volume (mln) TASI closed yesteday at 6,768 up 101 points or % avove the previous close of 6,667. The index traded in the range of 6,667 to 6,789. The best performing sector was Insurance up 4.1%. Top gainer was Saudi Integrated Telecom Company with a 10.0% increase, while the top loser was Mobile Telecommunications Company Saudi Arabia (Zain KSA) down 4.2%. The advance-decline ratio was 15.1:1. 8,500 8,000 7,500 7,000 Top Gainers Top Losers Company Close % Chg Company Close % Chg Almutakamela % ZAIN KSA % Walaa Insurance % Saudi Export % ACIG % Herfy Foods % Gypsum % Qassim Cement % Solidarity % Dar Al Arkan % Most Active Distribution by Mkt Cap Company Turnover (SAR mln) SAR (mln) ZAIN KSA < SABIC Dar Al Arkan ,000-1, Alinma ,000-10, Atheeb Telecom > 10, Regional and Global Markets % Change Sectoral Performance Market Index Level Daily 6-mth YTD 1-yr Mkt Cap Weight % Change Bahrain BASI 1, Sector (SAR mln) (%) WTD 3-mth YTD 1-yr Kuwait KSI 5, TASI Banking & Financial Services Petrochemical Industries Cement Retail Energy & Utilities Agriculture & Food Industries Telecoms & Info Tech Insurance Multi-investment 1,351, , ,011 70,264 25,158 54,934 63, ,797 34,869 49, Qatar Oman Dubai Abu Dhabi USA USA USA Japan UK DSI MSM30 DFM ADXI DJI NASDAQ S&P 500 NIKKEI 225 FTSE 8,227 5,386 1,510 2,481 13,076 2,958 1,386 8,567 5, Industrial Investment Building & Construction Real Estate Development Transport Media & Publishing Hotel & Tourism 48,207 19,418 55,363 9,478 4,883 8, Date 3-Aug 7-Aug 14-Aug 15-Aug Economic Calendar Event US Unemployment Rate US Consumer Credit US Producer Price Index US Consumer Price Index Key Rates 3M SAIBOR USD 3M LIBOR US T-bill 1-yr US T-bill 10-yr US T-bill 30-yr 0.95% 0.45% 0.17% 5% 2.63% 6,500 6,000 5,500 5, J A S O N D J F M A M J 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 % Feb-12 9,853 Mar ,107 1,271 Brent Crude % EUR-USD % Mar-12 9,923 Apr ,101 1,269 Natural Gas (mbtu) % USD-JPY % Apr-12 10,102 May ,107 1,265 Gold (oz) 1, % USD-CHF % Silver (oz) % USD-CAD % Saudi Annual Inflation SAMA's Foreign Assets (SAR bln) Copper (lb) 7, % USD-AUD % Month Rate Month Value Apr % Mar-12 2,136 May % Apr-12 2,176 Jun % May-12 2,221 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 Jul SAIBOR rate is as of Jul Trading days for the GCC markets are Sunday to Thursday. Closing prices are as of Jul Global markets, commodities prices, forex rates (except SAIBOR) and key rates are as of Jul Sources: Reuters, Bloomberg, Tadawul, SAMA, JODI, CDSI, Zawya, Mubasher, Argaam.

2 Company Name National Industrialization Company Mobile Telecommunications Company Saudi Arabia Makkah Construction & Development Co. Major Changes in Ownership Shareholder Name AL-Shair Co. for Trading, Industry & Contracting Mobile Telecommunications Company K.S.C Faden Trading & Contracting Est Saudi Plastic Factory Mohammad Saleh Hamzah Sayrafi % Ownership Comments 8.5% Down from 8.6% 37.0% Up From 25.0% 5.9% Down from 6.8% 5.8% Down from 6.8% 13.2% Up From 13.1% Saudi Corporate and Economic News BOD of Saudi International Petrochemical Company (SIPCHEM) approved the distribution of SAR 0.50 per share as 1H2012 dividends. Eligibility is for shareholders registered in Tadawul by the end of Wednesday BOD of Zamil Industrial Investment Company approved the distribution of SAR 0.75 per share as 1H2012 dividends. Eligibility is for shareholders registered in Tadawul by the end of Tuesday BOD of Saudi Hotels & Resorts Company approved the distribution of SAR 0.60 per share as 1H2012 dividends. Eligibility is for shareholders registered in Tadawul by the end of Wednesday International Corporate and Economic News Kuwait s Aviation Lease and Finance Co (Alafco) reported net profit of KWD 4.0 million (+17% Y/Y) for the three months ending June-30. Kuwait National Petroleum Co (KNPC) says that it is going ahead with its plan to build the Middle East s largest oil refinery named Al-Zour. Batelco reported 2Q2012 net profit of BHD 18.5 million (-13% Y/Y) citing fierce competition in the domestic market. Profits have fallen in eight of nine quarters, while subscriber base is down 34% (excluding its Indian affiliate). 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 34, % 10.6% x Bank Al-Jazira , % 2.2% x Saudi Investment Bank , % 2.7% x 1.0x Saudi Hollandi Bank , % 3.4% x Banque Saudi Fransi , % 9.0% x SABB ,000 33, % x Arab National Bank , % 7.3% x SAMBA , % 12.5% x Al-Rajhi Bank , , % 33.3% x 3.3x Bank Al-Bilad , % 2.7% x Alinma Bank ,500 19,875 % 6.1% x 1.2x Banks & Financial Services CHEMANOL ,545 1, % 0.4% x Petrochem , % 2.0% M SABIC , , % 61.2% x SAFCO , % 11.2% x 5.4x Industrialization , % 4.8% x Alujain , M Nama Chemicals , % M 1.2x SIIG , % 2.1% x Sahara Petrochemical , % 1.3% x YANSAB , % 5.9% x 2.3x Sipchem , % 1.6% x Advanced , % 0.9% x Saudi Kayan ,500 20,625 % 4.7% M Petro Rabigh , % 3.5% M Petrochemical Industries Hail Cement ,011 1, % 2.3% x M Najran Cement , % 5.2% x 2.1x Arab Cement , % 5.9% x Yamamah Cement Saudi Cement ,133 13, % 1.0% 13.0% 19.4% x 14.4x 2.6x 4.7x Qassim Cement Southern Cement Yanbu Cement Eastern Cement Tabuk Cement Jouf Cement Cement Abdullah Al-Othaim Market Mouwasat Extra SASCO Thim'ar Fitaihi Group Jarir Al-Drees Al-Hokair Al-Khaleej Training Retail Gas & Industrialization Saudi Electric Energy & Utilities ,167 7,110 13,860 8,138 4,494 2,210 2,178 70,264 1,907 2,435 2, ,060 1,017 6, ,158 1,601 53,332 54, % 1.0% 0.6% 0.3% 5.2% 0.0% 0.7% 0.5% 1.9% 4.0% 4.1% % 11.6% 6.4% 3.1% 3.1% 7.6% 9.7% 8.0% 3.1% 1.1% 3.0% 36.0% 4.0% 24.0% 3.4% 2.9% 97.1% x 14.5x 14.2x x 26.0x 13.3x 12.9x 15.7x 16.6x 12.5x 37.5x M 16.8x 10.9x 13.5x 15.7x 15.0x 10.8x 22.1x 2 4.0x 5.7x 3.0x 2.3x 3.0x 3.4x 3.4x 6.0x 7.6x 1.2x 9.3x 2.5x 4.3x 2.8x 4.2x 1.0x

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 , % 28.1% x 2.1x Food Products % 0.7% x 2.3x SADAFCO , % x 2.5x Al-Marai , % 40.3% x 3.6x Anaam Holding % x 5.3x Halwani Bros , % x Herfy Foods , % x 5.8x Saudi Airlines Catering , % 9.0% x 5.8x NADEC , % x Qassim Agriculture % M 2.6x Tabuk Agriculture % 0.9% x Saudi Fisheries , % M 3.7x Sharqiya Dev Co % 0.6% M 4.8x Jouff Agriculture % x Bishah Agriculture % 0.0% x 0.0x Jazan Development % M Agriculture & Food Industries STC ,000 63,267 80, % 6.0% 56.2% x 9.4x 2.9x Etihad Etisalat , % 31.9% x 2.5x ZAIN KSA 15 1,080 12, % 8.7% M 3.2x Atheeb Telecom , % M - Saudi Integrated Telecom , % M 8.1x Telecoms & Info Tech 143, % 9.1x Tawuniya , % x Malath Insurance % x MEDGULF , % x ALLIANZ Saudi Fransi , % x 8.8x SALAMA % 1.2% M 5.1x Walaa Insurance % x 3.7x Arabian Shield % x 2.7x SABB Takaful , % x 3.4x SANAD % 1.4% M 4.5x SAICO % 1.3% x 6.9x Saudi Indian % 1.2% M 9.1x Gulf Union % 1.6% M 4.0x Al-Ahli Takaful , % M 7.4x Al-Ahlia Insurance % 1.2% M 12.8x ACIG % 1.1% M 23.7x AICC % 1.6% x 3.0x Trade Union % M 2.1x Sagr Insurance % 1.7% x 2.3x U C A % x 2.1x Saudi Re , % M Bupa Arabia % x Weqaya Takaful % M 6.4x Al Rajhi Takaful , % M 9.9x ACE , % x 8.1x AXA-Cooperative % M 4.6x Gulf General % M 6.6x Buruj % M 9.3x Al Alamiya , % x 8.3x Solidarity , % M 3.1x Wataniya % x 1 AMANA Insurance , % 1% M 15.2x Saudi Enaya Cooperative , % x Alinma Tokio Marine , % x Insurance 34, % 17.3x 3.6x

5 Close Price Issued Market Market Sector EPS Trailing Company (SAR) Shares (mln) Cap (mln) Weight Weight (SAR) BVPS P / E P / B SARCO % x Saudi Advanced % x Al-Ahsa for Dev % M SISCO % x 1.2x Assir , % x 0.8x Al-Baha % 0.5% M 3.0x Kingdom ,706 43, % 89.1% x Multi-Investment Takween ,088 1, % 2.7% x 3.2x BCI % x MA ADEN , % 58.7% x Astra Indust , % AlSorayai Group % x SHAKER , % x 4.0x Pharmaceutical , % 7.0% x 0.9x Glass % FIPCO % 0.9% x 2.8x Maadaniyah % x Saudi Chemical , % x Saudi Paper Manufacturing , % Al-Abdullatif , % x Saudi Export % x 5.2x Industrial Investment 48, % 23.1x United Wire Factories Company , % x Mohammad Al-Mojil Group , % Saudi Steel Pipe , % x Abdullah Al-Khodari Sons Co , % x 2.1x Ceramic , % x 2.6x Gypsum , % x 2.2x Cables , % x 1.0x Saudi Industrial % x Amiantit , % Pipes % M Zamil Industrial , % AL-Babtain % x Saudi Vitrified Clay Pipes % 5.52 MESC % M 3.1x Red Sea , % x Building & Construction 19, % 14.0x Real Estate , % x 1.0x Taiba , % x 0.9x Makkah , % 11.8% x Knowledge Economic City , % 10.0% Budget Saudi , % x 2.1x Transport 9, % 14.1x Tihama , % x 5.3x Hotels , % x Shams % 3.9% x Hotel & Tourism Market x 3.9x Arriyadh Development , % Emaar E.C , % 14.0% x 1.0x Jabal Omar , % 31.2% M Dar Al Arkan ,080 9, % 17.5% x 0.6x M Real Estate Development 55, % 13.6x 1.2x Shipping , % 58.2% x SAPTCO , % x 1.2x Mubarrad , % M 6.6x SRMG , % Saudi Printing & Packaging , % x 2.2x Media and Publishing 4, % 33.8x 2.2x AlTayyar , % 63.4% x 4.0x 8, % 10.2x 2.6x 1,351,738 1 M= Minus

6 Riyad Capital Coverage Universe TASI Last RC Target RC Upside to Company Symbol Price Price Recommendation Target Price Bank Al-Jazira % The Saudi Investment Bank Hold 37.5% Saudi Hollandi Bank % Banque Saudi Fransi Strong 40.9% SABB Arab National Bank Hold 9.1% SAMBA Hold Al-Rajhi Bank SABIC SAFCO Industrialization YANSAB Saudi Kayan Hold Petro Rabigh Hold 9.5% Almarai Sell -12.2% Jarir Marketing Company % Dar Al-Arkan Not Rated N/A STC % Etihad Etisalat (Mobily) % Zain KSA* % 36.2% 24.2% 22.2% 35.4% 11.6% 26.6% 22.3% 41.8% Note: Prices in SAR * Target price adjusted to reflect capital reduction RC Equity Research Announcements

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

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 )

Change. A:D Open High Low Close 7,000 6,500 6,000 5,500 5,000. 1,242, Qatar DSI 8,

Change. A:D Open High Low Close 7,000 6,500 6,000 5,500 5,000. 1,242, Qatar DSI 8, TASI Change No. of Volume Turnover A:D Open High Low Close Advance Decline Unchanged Points Percent Trades (mln) SAR (mln) Ratio 6,253 6,260 6,231 6,257 4 0.07% 129,006 189.0 5,241.3 61 63 23 1.0:1 Commentary