Saudi Insurance Sector- Quarterly

Saudi Insurance Sector- Quarterly Q3-217

Company Name The Company for Cooperative Insurance Cooperative Insurance Co. Cooperative Assurance Co. Al-Rajhi Company for Cooperative Insurance for Cooperative Insurance Co. Allied Cooperative Insurance Group for Cooperative Insurance Co. Cooperative Insurance Co. Cooperative Insurance Co. Al Sagr Cooperative Insurance Co. Malath Cooperative Insurance Co. Saudi Takaful Co. Cooperative Insurance Co. Sanad Cooperative Insurance Company Walaa Cooperative Insurance Co. Allianz Saudi Fransi Cooperative Insurance Co. Al-Ahlia Insurance Co. The Mediterranean and Gulf Insurance and Reinsurance Co. Saudi Indian Company for Cooperative Insurance Co. Saudi Arabian Cooperative Insurance Company Cooperative Insurance Co. for Cooperative Reinsurance Co. Arabia Insurance Cooperative Company ALAHLI TAKAFUL COMPANY Cooperative Insurance Co. Weqaya Takaful insurance and reinsurance Company CHUBB Arabia Cooperative Insurance Co. Cooperative Insurance Co. Insurance Co. Amana Cooperative Insurance Co. Saudi Cooperative Insurance Co. arine Co. MetLife AIG ANB Cooperative Insurance Co. Aljazira Takaful Taawuni Co. Codes Sanad Walaa -Cooperative Weqaya Takaful Alinma Tokio MetLife

GWP (Gross Written Premiums) in Q3-217 stood at SAR 8.3bn depicting a jump of.7% YoY. NWP (Net Written Premiums) in Q3-217 stood at SAR 6.9bn, depicting a fall of 2.6%YoY. NPE (Net Premium Earned) in Q3-217 at SAR 7.7bn showed a jump of 2.3%YoY. Health Sector Accounted for 55% of the total GWP, followed by Motor which accounted for 27% of GWP Market Share BUPA with 3.5% market share in GWP was the biggest player. Gainer/Loser: Alrajhi Takaful improved its market share from 5.3% in Q3-216 to 7.7% in Q3-217 an improvement of 24bps, followed by which showed an improvement of 266bps. improved its market share from 15.1% in Q3-217 to 17.2% in Q3-217. Retention Ratio: Industry retention ratio stood at 83% in Q3-217, as compared to 85.8% in Q3-216. has the highest retention ratio of 11% in Q3-217 BUPA Arabia at 98.8% had the second highest retention ratio. Gross Written Premium 12 1 8 6 4 2 12, 1, 8, 6, 4, 2, 8.% Q2-212 Q2-212 2.4% 18.3% 19.3% 14.5% Q1-213 Q1-213 Q2-213 Premium Ceded-Industry Q2-213 3.2% 11.9% -2.2% 26.7% 24.2% 24.6% 22.6% 22.7% 21.5% 16.7% 2.% -2.6% 15.5% -9.5%.74% -2.1% 12.2% Q2-214 Q2-214 Q3-214 GWP - LHS Q3-214 Premium Ceded - LHS Q4-214 Q4-214 Q1-215 Q1-215 Q2-215 Q2-215 Q3-215 Q3-215 Q4-215 % Growth (YoY) - RHS Q4-215 Retention Ratio - RHS Q1-216 Q1-216 Q2-216 Q2-216 Q3-216 Q3-216 Q4-216 Q4-216 Q1-217 Q1-217 Q2-217 Q2-217 Q3-217 32.% 28.% 24.% 2 16.% 12.% 8.% 4.% -4.% -8.% -12.% Q3-217 9% 88% 86% 84% 82% 8% 78% 76% 74% 72% 7% GWP-Sector WIse NPE-Sector Wise Net Premium Earned 4% 4% 27% 1% 55% Health Motor Property/ Fire Energy 34% 2% 2% 6% Health Motor Protection and Saving Accident and Liability 8, 7, 6, 5, 4, 3, 2, 1, - 32.1% 26.9% 27.3% 23.9% 24.4% 25.1% 27.2% 26.1% 2.4% 2.9% 17.5% 17.8% 16.9% 13.4% Q2-212 Q1-213 Q2-213 Q2-214 Q3-214 NPE Q4-214 Q1-215 Q2-215 Q3-215 % Growth (YoY) - RHS 19.9% 23.8% 24.8% 6.8% 2.2% -4.4% 2.3% -2.4% Q4-215 Q1-216 Q2-216 Q3-216 Q4-216 Q1-217 Q2-217 Q3-217 35.% 3 25.% 2 15.% 1 5.% -5.% -1 Top 5 and Bottom 5- Retention Ratio Gross Written Premium- Market Share Top 5 Gainers and Losers- GWP market Share 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % 1 Basis Points Bupa Arabia Al Rajihi Takaful Malath Insurance Amana Insurance Alinma Tokio M Gulf General 4.5% 32.6% 6.2% 9.% 17.2% 3.5% -Cooperative 6.% 4.% 2.% -2.% -4.% -6.% -8.% 3.7% 2.66% 2.7%.8%.6% MetLife AIG Alarabi Malath -5.7% -2.1% -.9% -.6% -.5% Source: Argaam, SAMA

GCP (Gross Claims Paid) in Q3-217 stood at SAR 6.1bn depicting a jump of 7.% YoY. NCP (Net Claim Paid) in Q3-217 stood at SAR 5.7bn, depicting a rise of 3.4%YoY. Market Share BUPA Arabia with 25.3% market share in GCP paid the highest claims of SAR 1.33bn, followed by at 24.9% market share in claims. Aljazira Takaful paid the lowest claims of SAR 2.2mn. Health sector accounted for the highest share in claims at 64%, followed by Motor sector at 32%. Malath insurance had the highest loss ratio of 99.% in Q3-217,followed by MedGulf at 88.1% in Q3-217. Aljazira Takaful had the lowest loss ratio of 1.3%. had the highest combined ratio of 153%, whereas Amana insurance had the lowest combined ratio of 23.4%. Gross Claims Paid 7,5 6, 4,5 3, 1,5-7, 6, 5, 4, 3, 2, 1, - 9% Q2-212 24% 24% Q2-212 24% 22% Net Claims Paid 3% Q1-213 Q1-213 27% 19% Q2-213 Q2-213 32% 29% 38% 4% 66% 17% 31% 24% Q2-214 Q2-214 Q3-214 17% 17% Q3-214 18% Q4-214 -7% Q4-214 23% Q1-215 Q1-215 24% Q2-215 Q2-215 Gross Claims Paid - LHS 9% Q3-215 Q3-215 28% Q4-215 Net Claims Paid - LHS Q4-215 13% Q1-216 Q1-216 9% 7% Q2-216 Q2-216 Q3-216 29% 24% 23% 21% 17% 19% 7% % Growth (YoY) - RHS Q3-216 % Growth (YoY) - RHS -3% Q4-216 Q4-216 -1% Q1-217 -2%.2% -13.2% Q1-217 -7% Q2-217 Q2-217 7% Q3-217 3.4% Q3-217 35% 3% 2% 15% 1% 5% % -5% -1% 7% 6% 5% 4% 3% 2% 1% % -1% -2% Claims Market Share-Company wise Claims Market Share-sector wise Claims Paid-Company wise 3% 3% 8% 1% Malath 32% 2% 2% 64% Health Motor Protection and Saving Engineering IN MN SAR 18 16 14 12 1 8 6 4 2 MetLife AIG Alarabi Q3-216 Q3-217 Loss Ratio Combined Ratio 12 1 8 6 4 2 th Insurance AIG Alarabi MetLife jihi Takaful upa Arabia ooperative fa Insurance Walaa a Tokio M a Insurance bian Shield gr Insurance ulf General Q3-216 Q3-217 ubb Arabia a Insurance BB Takaful zira Takaful 18% 16% 14% 12% 1% 8% 6% 4% 2% % MetLife AIG Alarabi Q3-216 Q3-217 Source: Argaam, SAMA, AlJazira Capital

Net income for the sector stood at SAR 664.1mn in Q3-217, as compared to SAR 82.1mn in Q3-216, depicting a fall of 17.2%. On a QoQ basis net income showed a 235.5% increase. Net income before Zakat stood at SAR 756.7mn, depicting a fall of 15.4%, whereas a 144.2% jump on QoQ basis BUPA with net income of SAR 198.2mn, showed a fall of 18.3%YoY. BUPA showed the highest surplus, from its insurance operations, at SAR 229.4mn, depicting a fall of 21.%YoY and a QoQ jump of 57.8%. AlRajhi takaful showed the highest investment income of SAR 47.8mn in the sector, registering growth of 62.7%YoY and 9.9%QoQ. showed the highest Operating margins at 3.8%, whereas Jazira takaful showed the highest net margin at 35.7%, respectively. posted the highest ROE of 35.8% also posted the highest ROA of 11.%. Net Income In MN SAR In Mn SAR 2 15 1 5-5 -1 1,1 7 3 (1) (5) (9) (1,3) 17.3% YoY- 235.5% QoQ (49) (117) (1,159) (41) (31) 34 179 3 199 45 233 24 491 122 285 432 83 62 319 197.9 664.1 Q1-213 Q2-213 Q2-214 Q3-214 Q4-214 Q1-215 Q2-215 Q3-215 Q4-215 Q1-216 Q2-216 Q3-216 Q4-216 Q1-217 Q2-217 Q3-217 Net Income-Company wise MetLife AIG Alarabi Operating Margins-Highest 1 Net Margins-Highest 1 Surplus From Insurance Operations 4.% 3.5% 3.% 2.5% 2.% 1.5% 1.%.5% Jazira Amana Walaa n Takaful Arabia Shield Sagr 4 35.% 3 25.% 2 15.% 1 5.% Jazira Amana Takaful Chubb Arabia Sagr Arabian Gulf ShieldGeneral Saudi Re In Mn SAR 25 2 15 1 5-5 Cooperative ROE-Top 5 /Bottom 5 ROA-Top 5/ Bottom 5 Investment Income 4% 2% % -2% -4% -6% -8% Malath MetLife AIG 1 5.% -5.% -1-15.% MetLife AIG In Mn SAR 5 45 4 35 3 25 2 15 1 5 Amana MetLife AIG Malath Walaa Source: Argaam

United Cooperative Assurance had the lowest PE of 8.3x, followed by with a PE of 8.5x. for Cooperative Reinsurance Co has the lowest PB of.8x, followed by Sagr insurance with a PB of 1.4x Only 5 companies gave out dividends, SAGR insurance had the highest dividend yield of 9.1% followed by Arabian Sheild with a dividend yield of 4.8% Lowest PE 12. 1. 8. 6. 4. 2.. Arabian Shield U C A WALAA Tadawul Insurance Index- 1 Yr Performance -1 Yr Performance Lowest PB 7,7. 7,5. TASI (LHS) Insurance Sector (RHS) 5,5. 5,3. 5,1. 4,9. 4,7. 4,5. 4,3. 7,7. 7,5. Insurance Sector (LHS) (RHS) 15 1 95 9 85 8 2. 1.8 1.6 1.4 1.2 1..8.6.4.2. Sagr Insurance U C A Al-Ahlia Cooperative BUPA-1 Yr Performance Alrajhi Takaful-1 Yr Performance Highest Dividend Yield 7,7. 7,5. Insurance Sector (LHS) Bupa (RHS) 14 13 12 11 1 9 7,7. 7,5. Insurance Sector (LHS) Alrajhi takaful (RHS) 65 6 55 5 45 4 35 3 1 9.% 8.% 7.% 6.% 5.% 4.% 3.% 2.% 1.% 9.1% 4.8% 4.3% 2.% 1.7% Medgulf-1 Yr Performance Walaa-1 Yr Performance Top 5 Companies-Market Cap 7,7. 7,5. Insurance Sector (LHS) Medgulf (RHS) 8 7 6 5 4 3 2 1 7,7. 7,5. Insurance Sector (LHS) WALAA (RHS) 35 3 25 2 15 In Mn SAR 12, 1, 8, 6, 4, 2, - AlRajhi Takaful WALAA Source: Tadawul, Bloomberg, prices as of 13 of June 217

APPENDIX 1 GWP YoY %Increase QoQ %Increase NWP YoY %Increase QoQ %Increase Q3-216 Q2-217 Q3-217 Q3-216 Q2-217 Q3-217 Q3-216 Q2-217 Q3-217 NPE YoY %Increase MetLife AIG Alarabi 36 88 13 185.4% 17.1% 26 63 89 241.7% 41.2% 42 55 69 66.1% 25.5% 29 32 28-5.9% -13.2% 15 13 13-1.2% 1.% 7 9 7-2.9% -18.9% 1,241 2,14 1,421 14.5% -32.5% 1,77 1,764 1,161 7.7% -34.2% 1,759 1,832 1,883 7.% 2.8% 531 144 62-88.3% -56.8% 466 127 55-88.2% -56.6% 351 227 22-37.3% -3.2% 511 869 513.4% -4.9% 42 72 426 1.3% -39.4% 714 586 565-2.9% -3.7% 18 227 147-18.% -35.2% 115 134 12-11.% NM* 13 166 16 23.3% NM* 132 22 159 2.4% -21.3% 125 194 148 18.9% -23.7% 113 168 181 6.3% 7.9% 268 218 284 5.9% 3.7% 193 173 174-9.6%.7% 161 2 196 21.7% -2.2% 153 165 115-24.5% -3.2% 11 114 79-22.% -3.6% 12 122 16 3.3% -13.5% 49 45 51 2.8% 11.6% 36 34 39 6.9% 14.3% 32 34 33 3.% -4.3% 16 149 157-2.1% 5.5% 18 15 142 31.6% 36.% 124 13 142 14.6% 9.1% 93 119 1 7.1% -16.1% 78 73 62-2.8% -15.5% 126 11 98-22.4% -3.3% 46 79 32-29.4% -58.9% 26 52 17-35.2% -67.2% 23 56 54 13.2% -4.1% 115 58 12 4.1% 16.1% 29 1 24-17.8% 132.3% 21 21 16-24.3% -24.3% 43 46 53 23.% 14.7% 38 43 48 25.% 12.1% 43 37 37-15.5% -1.4% 136 12 113-17.4% 1.3% 115 88 98-14.2% 12.% 11 87 82-24.9% -5.6% 11 69 59-46.5% -14.5% 96 46 38-6.8% -19.% 7 73 54-23.8% -26.4% 274 289 13-62.5% -64.4% 231 245 77-66.8% -68.7% 193 189 176-9.% -6.9% 55 21 37-33.3% 79.5% 48 18 3-37.9% 7.7% 52 43 4-23.7% -8.% 148 83 152 2.4% 83.6% 89 42 88-1.5% 16.5% 65 74 73 11.9% -1.7% 11 16 9-18.4% -44.6% 4 6 7 72.% 16.% 58 14 11-81.6% -24.1% -Cooperative 387 22 369-4.6% 67.9% 346 195 334-3.5% 71.4% 265 323 3 13.5% -6.9% 37 46 26-29.9% -44.5% 17 23 11-35.5% -54.1% 34 29 23-31.8% -19.5% 19 144 95-12.8% -34.4% 92 133 81-12.3% -39.3% 1 117 131 3.7% 11.6% 64 48 57-11.% 18.8% 27 26 21-2.8% -16.1% 5 46 39-22.5% -14.4% 82 121 33 267.% 15.2% 75 89 89 18.9%.9% 119 143 15 26.% 5.% 64 251 116 82.5% -53.7% 25 61 39 51.3% -36.7% 146 52 37-75.% -3 2,579 1,848 2,523-2.2% 36.5% 2,567 1,832 2,497-2.7% 36.3% 1,939 1,99 1,937 -.1% 1.4% 13 93 61 38-34.6% (9) 68 56-744.3% -18.% 95 42 58-39.1% 36.6% 42 48 42.6% -13.4% 17 28 14-16.8% -49.% 29 27 26-11.1% -2.7% 21 66 59 178.% -1.3% 13 65 6 365.4% -8.6% 14 34 52 27.2% 55.5% Al Rajhi Takaful 434 68 742 71.2% 9.2% 41 649 711 73.2% 9.6% 47 686 719 76.5% 4.8% 47 13 51 7.8% -5.9% 17 25 27 58.8% 8.7% 33 32 35 4.% 9.1% Total 8,21 8,794 8,261.7% -6.1% 7,35 7,24 6,856-2.5% -5.3% 7,529 7,665 7,76 2.4%.5% QoQ %Increase Source: Argaam, *NM: Not meaningfull

APPENDIX 2 Gross Claims Paid YoY %Increase QoQ %Increase Net Claims Paid YoY %Increase QoQ %Increase Q3-216 Q2-217 Q3-217 Q3-216 Q2-217 Q3-217 1,237 1,519 1,512 22.2% -.5% 1,36 1,23 1,484 13.6% 2.6% 62 112 113 81.6% 1.% 8 83 128 6 54.1% 187 64 6-67.9% -5.6% 124 98 15-87.8% -84.6% Al Rajhi Takaful 287 559 462 6.8% -17.4% 33 329 592 95.1% 79.9% 28 23 18-34.6% -21.6% 25 25 12-51.9% -52.2% 75 73 6-19.6% -17.6% 81 79 57-29.7% -28.% 1,333 1,647 1,536 15.2% -6.8% 1,511 1,399 1,475-2.4% 5.5% 43 9 69 58.8% -23.3% 66 66 61-6.8% -7.1% 42 61 59 42.1% -3.8% 56 65 78 39.1% 2.6% 59 42 26-56.2% -39.% 69 41 35-48.8% -14.6% 436 264 198-54.6% -25.% 4 472 168-58.1% -64.5% 36 26 24-33.6% -7.2% 25 18 6-77.3% -69.% 142 143 141 -.8% -1.3% 176 153 116-34.% -24.1% 67 125 11 49.2% -19.5% 79 83 1 25.9% 2 89 147 16 79.7% 8.9% 1 12 124 23.8% 22.1% 31 24 23-27.3% -5.5% 36 27 22-38.9% -18.9% 666 633 632-5.1% - 657 539 459-3.2% -14.9% 14 149 96-7.8% -35.4% 12 94 74-27.6% -21.5% 5 15 8 57.3% -45.9% 4 5 3-18.6% -41.1% 93 135 11 18.6% -19.% 8 76 95 19.3% 26.1% 2 47 5 157.5% 7.9% 11 12 31 17 154.% 48 82 57 19.8% -3.3% 569 77 114-79.9% 48.7% 73 63 47-35.4% -25.5% 56 37 27-52.6% -28.2% 11 35 18 65.2% -48.7% 4 5 () -18.3% -17.1% -Cooperative 26 211 23-1.5% -4.1% 219 217 238 8.4% 9.7% 28 29 31 11.3% 7.3% 1 14 1 8.3% -27.8% 39 35 39-1.6% 9.1% 2 16 1-48.3% -38.% 75 57 8 6.7% 39.8% 46 42 49 7.1% 15.8% 48 22 12-76.% -47.6% 63 33 (8) -112.4% -123.5% 13 23 31 128.7% 31.9% 8 6 31 286.5% 387.9% 45 3 3-34.2% -1.3% 23 23 18-23.1% -23.7% MetLife AIG Alarabi 37 46 59 59.1% 27.3% 33 36 66 97.3% 85.3% 1 2 2 128.1% 26.9% 1 2 2 157.4% 16.8% Total 5,667 6,533 6,64 7.% -7.2% 6,344 5,55 5,692-1.3% 3.4% Source: Argaam, *NM: Not meaningfull

APPENDIX 3 Net income Before Zakat YoY %Increase QoQ %Increase Net Income YoY %Increase QoQ %Increase Q3-216 Q2-217 Q3-217 Q3-216 Q2-217 Q3-217 MetLife AIG Alarabi (4.2) (3.2) (1.4) 146.% 219.7% (4.2) (3.8) (1.9) 158.9% 188.4% 6.4 8.9 6.8 6.9% -23.% 6. 8.1 6.5 9.2% -19.8% 283.2 248.8 159.7-43.6% -35.8% 259.6 231. 141.5-45.5% -38.7% 1.3 5. 11.1 73.9% 12.4%. 3.5 9.6 NM* 171.5% 6. (417.3) 6.1.1% -114.4% 51.8 (44.) 56.6 9.2% -112.9% 6.3 7.8 8. 26.4% 2.3% 4.9 6. 6.4 3.2% 6.% 8.7 16.2 22. 152.1% 36.3% 7.5 14.9 2.8 177.5% 39.4% 4. 35.6 44.4 11.% 24.7% 38. 32.3 41.1 8.3% 27.2% 18.7 22.3 23.1 23.6% 3.5% 16.1 19.2 2. 24.7% 4.4% 2.7 1.8 2.1-24.8% 15.5% 1.3.6.7-47.% 19.6% 17.4 11.5 16.4-5.6% 42.4% 15.5 9.8 14.4-6.9% 46.6% 8.7 2.9 (3.6) -141.3% -222.5% 8.4 1.1 (5.2) -162.3% -59.6% (.2) 5.8 2. -954.9% -65.3% (.9) 4..9-27.5% -76.7% 7.1 11.1 8.7 22.5% -21.5% 5.8 9.4 8.7 49.9% -7.8% (8.6) 4.1 3.2-136.6% -22.6% (9.3) 3.4 2. -121.6% -41.6% 4.7 6.6 3.9-16.4% -4.5% 3.8 6.1 3. -22.5% -51.6% (1.7) 3.6 3.9-328.4% 6.% (1.7) 1.6 2.5-248.2% 6.5% 27.2 25.1 16.7-38.6% -33.6% 25.7 22.6 16.7-35.% -26.2% 14.1 12.9 19.6 39.1% 51.7% 13.4 13.1 17.8 33.1% 36.% 8. 7.7 8.2 1.9% 6.7% 7.4 6.9 5.8-21.6% -15.2% 7.9 (1.8) 14.6 85.3% -916.1% 7.6 (2.3) 15.1 98.2% -757.6% -Cooperative 11.2 14.8 12.6 12.5% -15.1% 7.5 1.8 8.8 16.8% -18.4% 7. 11.3 4.6-33.4% -59.% 6.7 9.8 3.4-48.8% -65.1% 8.6 27.8 24. 18.5% -13.7% 7. 25.1 21.4 23.6% -15.% 12.2 7.1 8.8-27.8% 23.9% 1. 6.4 4.8-51.6% -24.3% 2.7 13.4 (.3) -11-12.% (.7) 9.4 (3.6) 436.8% -138.6% 26.1 27.4 (2.2) -18.3% -17.9% 23.1 25.9 (3.7) -115.9% -114.1% 26.4 145.8 217. -16.7% 48.8% 244.5 127. 198.2-18.9% 56.1% 26.7 6.9 7.5-71.7% 8.8% 21.8 2.3 5.1-76.5% 123.5% 9.5 9.8 7.8-17.6% -2.3% 7.6 8.1 5.8-23.9% -28.7% (6.3) (3.5).7-111.6% -12.9% (6.5) (4.1).1-12.% -13.1% 29.6 41.1 58.7 98.5% 42.9% 26.5 38.1 54. 13.8% 41.6% (1.1) (7.5) (3.2) 193.4% -56.7% (2.2) (8.5) (4.3) 94.6% -49.7% Total 894.2 39.8 756.7-15.4% 144.2% 82.1 197.9 664.1-17.2% 235.5% Source: Argaam, *NM: Not meaningfull

APPENDIX 4 Market Cap PE PB Dividend Yield 11,92. 15.3 4. 4.3% METLIFE AIG ANB 525.35 NM* 2.4 -- 895.3 29.3 2.3 2.3% MALATH INSURANCE 651. NM* 5.9 -- 1,175.6 NM* 2.5 -- 67.8 22.6 2.8 -- 64.25 9.6 2.5 -- WALAA 1,29.8 9.3 2.4 -- 83.6 7.5 2.3 4.8% 765.34 9.3 2.1 -- 437.5 8.3 1.3 -- WAFA Insurance 231.56 17.8 1.9 -- 238.35 7.5 1.5 -- 518.65 13.5 2.2 1.63% Al-Ahlia 169.6 19.4 1.5 -- 319.4 29.3 2.3 -- 483.1 27.6 1.9 -- 53.25 8.4 1.4 -- 563.5 22. 1.2 9.9% U C A 62.7 8.5 1.4 -- 64. 1.2.8 -- 7,88. 13.2 3.5 1.5% AlRajhi Takaful 2,44. 14.7 4.4 -- CHUBB 455.8 11.2 1.8 -- Cooperative 869.4 16.6 1.6 -- 311.6 12.2 1.5 -- 795.75 6.4 2.1 1.7% 923.2 24.7 2.6 -- 49.25 8.2 1.7 -- 537.8 1.4 2.5 -- 335.72 14. 2.6 -- 436.8 NM* 2.7 -- 548.1 NM* 2. -- Sector 39,989.7 13.4 2.7 -- Source: Argaam, *NM: Not meaningfull, prices as of 27 th Nov 217

RESEARCH DIVISION Head of Research Talha Nazar +966 11 2256115 t.nazar@aljaziracapital.com.sa Analyst Sultan Al Kadi +966 11 2256374 s.alkadi@aljaziracapital.com.sa Analyst Jassim Al-Jubran +966 11 2256248 j.aljabran@aljaziracapital.com.sa Analyst Waleed Al-Jubayr +966 11 2256146 W.aljubayr@aljaziracapital.com.sa Analyst Muhanad Al-Odan +966 11 2256115 M.alodan@aljaziracapital.com.sa BROKERAGE AND INVESTMENT CENTERS DIVISION General Manager Brokerage Services & sales Alaa Al-Yousef +966 11 22566 a.yousef@aljaziracapital.com.sa AGM-Head of international and institutional brokerage Luay Jawad Al-Motawa +966 11 2256277 lalmutawa@aljaziracapital.com.sa AGM- Head of Western and Southern Region Investment Centers Mansour Hamad Al-Shuaibi +966 12 6618443 m.alshuaibi@aljaziracapital.com.sa AGM-Head of Sales And Investment Centers Central Region Sultan Ibrahim AL-Mutawa +966 11 2256364 s.almutawa@aljaziracapital.com.sa AGM-Head of Qassim & Eastern Province Abdullah Al-Rahit +966 16 3617547 aalrahit@aljaziracapital.com.sa RESEARCH DIVISION RATING TERMINOLOGY AlJazira Capital, the investment arm of Bank AlJazira, is a Shariaa Compliant Saudi Closed Joint Stock company and operating under the regulatory supervision of the Capital Market Authority. AlJazira Capital is licensed to conduct securities business in all securities business as authorized by CMA, including dealing, managing, arranging, advisory, and custody. AlJazira Capital is the continuation of a long success story in the Saudi Tadawul market, having occupied the market leadership position for several years. With an objective to maintain its market leadership position, AlJazira Capital is expanding its brokerage capabilities to offer further value-added services, brokerage across MENA and International markets, as well as offering a full suite of securities business. 1. Overweight: This rating implies that the stock is currently trading at a discount to its 12 months price target. Stocks rated Overweight will typically provide an upside potential of over 1% from the current price levels over next twelve months. 2. Underweight: This rating implies that the stock is currently trading at a premium to its 12 months price target. Stocks rated Underweight would typically decline by over 1% from the current price levels over next twelve months. 3. Neutral: The rating implies that the stock is trading in the proximate range of its 12 months price target. Stocks rated Neutral is expected to stagnate within +/- 1% range from the current price levels over next twelve months. 4. Suspension of rating or rating on hold (SR/RH): This basically implies suspension of a rating pending further analysis of a material change in the fundamentals of the company. Disclaimer The purpose of producing this report is to present a general view on the company/economic sector/economic subject under research, and not to recommend a buy/sell/hold for any security or any other assets. Based on that, this report does not take into consideration the specific financial position of every investor and/or his/her risk appetite in relation to investing in the security or any other assets, and hence, may not be suitable for all clients depending on their financial position and their ability and willingness to undertake risks. It is advised that every potential investor seek professional advice from several sources concerning investment decision and should study the impact of such decisions on his/her financial/legal/tax position and other concerns before getting into such investments or liquidate them partially or fully. The market of stocks, bonds, macroeconomic or microeconomic variables are of a volatile nature and could witness sudden changes without any prior warning, therefore, the investor in securities or other assets might face some unexpected risks and fluctuations. All the information, views and expectations and fair values or target prices contained in this report have been compiled or arrived at by Aljazira Capital from sources believed to be reliable, but Aljazira Capital has not independently verified the contents obtained from these sources and such information may be condensed or incomplete. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information and opinions contained in this report. Aljazira Capital shall not be liable for any loss as that may arise from the use of this report or its contents or otherwise arising in connection therewith. The past performance of any investment is not an indicator of future performance. Any financial projections, fair value estimates or price targets and statements regarding future prospects contained in this document may not be realized. The value of the security or any other assets or the return from them might increase or decrease. Any change in currency rates may have a positive or negative impact on the value/return on the stock or securities mentioned in the report. The investor might get an amount less than the amount invested in some cases. Some stocks or securities maybe, by nature, of low volume/trades or may become like that unexpectedly in special circumstances and this might increase the risk on the investor. Some fees might be levied on some investments in securities. This report has been written by professional employees in Aljazira Capital, and they undertake that neither them, nor their wives or children hold positions directly in any listed shares or securities contained in this report during the time of publication of this report, however, The authors and/or their wives/children of this document may own securities in funds open to the public that invest in the securities mentioned in this document as part of a diversified portfolio over which they have no discretion. This report has been produced independently and separately by the Research Division at Aljazira Capital and no party (in-house or outside) who might have interest whether direct or indirect have seen the contents of this report before its publishing, except for those whom corporate positions allow them to do so, and/or third-party persons/institutions who signed a non-disclosure agreement with Aljazira Capital. Funds managed by Aljazira Capital and its subsidiaries for third parties may own the securities that are the subject of this document. Aljazira Capital or its subsidiaries may own securities in one or more of the aforementioned companies, and/or indirectly through funds managed by third parties. The Investment Banking division of Aljazira Capital maybe in the process of soliciting or executing fee earning mandates for companies that is either the subject of this document or is mentioned in this document. One or more of Aljazira Capital board members or executive managers could be also a board member or member of the executive management at the company or companies mentioned in this report, or their associated companies. No part of this report may be reproduced whether inside or outside the Kingdom of Saudi Arabia without the written permission of Aljazira Capital. Persons who receive this report should make themselves aware, of and adhere to, any such restrictions. By accepting this report, the recipient agrees to be bound by the foregoing limitations. Asset Management Brokerage Corporate Finance Custody Advisory Head Office: King Fahad Road, P.O. Box: 2438, Riyadh 11455, Saudi Arabia Tel: 11 2256 - Fax: 11 225668 Aljazira Capital is a Saudi Investment Company licensed by the Capital Market Authority (CMA), license No. 776-37