20100615111123eksa investor tracker (june-10) - who is buying and selling

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KSA EQUITIES - INVESTOR TRACKER JUNE 2010

Who is buying and selling

EQUITY RESEARCH

Tariq Al-Alaiwat [email protected] Tel: +966 2 690 7627

NOTABLE BUYERS IN MAY 2010

• The General Organization for Social Insurance (GOSI), following last month’s trend,

increased its stakes in SAFCO, Ma’aden and Jabal Omar by 0.1% each. It also

raised its stake in Southern Cement by 0.2%, taking its total holding in the stock to

14.6%.

• Public Pension Authority (PPA) made no stake increases during the month.

• Public Investment Fund (PIF) remained inactive for the seventh consecutive month.

• Nihaz Commercial Investment Co. increased its stake in SASCO by 0.8%, taking its

holding in the stock to 7.2%

• Abdul Aziz Abdullah Sulaiman Al Sulaiman bought into Arab Cement by 0.3% taking

his current holding of the stock to 7.4%.

• Ahmed Hussain Ahmed Fitaihi bought into Fitaihi Group by 0.5%, taking his holding

of the stock to 22.1%.

• Prince Abdullah Turki Abdul Aziz Al Saud increased his stake in Anaam Holdings by

0.6%, taking his total holding in the stock to 9.7%.

NOTABLE SELLERS IN MAY 2010

• The General Organization for Social Insurance (GOSI) continued to make no stake

decreases during this month.

• Public Pension Authority (PPA) and Public Investment Fund (PIF) have made no stake

reductions since December 2009.

• Abdul Aziz Muhana Abdul Aziz Almoaibed, decreased his stake in BCI by 0.7%. His

holding in the stock is currently 8.4%

• Jabal Omar Establishment continued to reduce its stake in Jabal Omar for the fourth

month by selling a further 0.2% which takes its holding of the stock to 37.1%.

• National Commercial Bank (NCB), following last months trend sold a further 1.0% of

its stake in Arab Cement, taking its total holding in the stock to 10.3%.

OTHER ACTIVITY

• Hamad Nasser Hamad Al Tuwaijri having previously owned 5.7% in Mubarrad, fell

below the reporting threshold.

• Prince Mishal Abdullah Turki Al Saud having owned 5.5% in Anaam last month, fell

below the reporting threshold.

NEW ENTRANTS OR SHAREHOLDERS WHOSE STAKES CROSSED THE REPORTING THRESHOLD OF > 5%

• Abdullah Saad Abdul Rahman Al Rashid crossed the reporting threshold in APCC and

currently holds 5.1%.

Please refer to the last page for important disclaimer

(For a complete list of changes, please refer to Appendix 3)

June 2010 2

KSA EQUITIES - INVESTOR TRACKER

List of investors with stakes exceeding 5% in each listed KSA companies List of investors with combined holdings in listed KSA equities more then $1bn

(where stakes are reported as having exceeded the 5% threshold)

Exhibit 1: Investors in KSA with holdings >$1bn

Holdings Companies

Investor SR mn $ mn (Stake >5%)

Public Investment Fund 269,640 71,904 18

General Organization for Social Insurance (GOSI) 66,815 17,817 30

Government ownership in SEC capital 32,970 8,792 1

SABIC 32,771 8,739 3

Sulaiman Abdul Aziz Saleh Al Rajhi 29,547 7,879 4

Prince AlWaleed Talal Abdul Aziz Al Saud 29,045 7,745 1

Public Pension Authority (PPA) 21,616 5,764 16

Saleh Abdul Aziz Saleh Al Rajhi 16,289 4,344 3

HSBC Holding Co. 12,360 3,296 1

Aramco 11,274 3,006 2

Arab Bank 10,270 2,739 1

Calyon Bank 9,717 2,591 1

Etisalat - UAE 9,379 2,501 1

Sumitomo Chemical Co. 8,213 2,190 1

Mohammed Ibrahim Mohammed Al Essa 8,135 2,169 5

Al Olayan Saudi Investment Co. 8,121 2,166 3

Abdullah Abdul Aziz Saleh Al Rajhi 7,250 1,933 5

Prince Sultan Mohammed Saud AlKabeer Al Saud 7,072 1,886 2

Savola Group 7,057 1,882 2

Rashid Al Abdul Rahman Al Rashid & Sons 6,719 1,792 3

Kayan Petrochemicals Co. 5,265 1,404 1

Jabal Omar Establishment 4,458 1,189 1

ABN Amro Co. 4,289 1,144 1

Al Nahla Commercial & Real Estate Co. 3,751 1,000 2

Saudi Industrial Investment Group Co. 3,588 957 1

Source: Tadawul, NCBC Research

We have provided in appendix 4 the detailed list of investors with holdings in listed

KSA companies (where stakes are above the 5% threshold) reported by Tadawul as

on May 29, 2010. (Note that listed companies which do not appear on this list

represent companies which have no shareholders disclosed by Tadawul as on May

2, 2010).

June 2010 3


Appendices

Appendix - 1

METHODOLOGY & ASSUMPTIONS

1. We have compiled the names and percentage stakes of shareholders holding

more than 5% in any listed company (as disclosed by Tadawul on a daily

basis). We have done the comparison for shareholdings as on Mar 27 and May

2.

2. We have estimated their ownership (in number of shares) based on the

outstanding shares on the respective dates

3. We prefer using changes in market cap rather than changes in prices (as the

former captures any corporate actions during the period)

IMPORTANT NOTES AND CAVEATS

1. We recognize that shareholders may move their stakes between different

ownership vehicles (holding companies, investment companies, family names).

We treat reported names as independent owners, but in our analysis we

highlight obvious changes that look like a change in stake between related

parties

2. Our analysis is restricted to reported Tadawul data and we do not cross

reference the data to company filings (financial statements / annual reports /

company websites, external data vendors)

3. Given that Tadawul only discloses investors with stake exceeding 5%, we thus

have no visibility on investors who have material stakes just below that 5%

limit (for instance, we cannot establish ownership between 1-5%). If an

investors has crossed below the reporting threshold, we assume a full reduction

in stake for our analysis given that we cannot establish ownership between 1-

5%

4. Our analysis is restricted to a top level analysis (so for instance, we do not

evaluate the indirect shareholdings that an individual, institution or company

may have in other listed companies

5. Data is reported in single decimals and thus our analysis is subject to rounding

off errors

June 2010 4


Appendix - 2 The table below provides a detailed analysis of changes in shareholdings between Apr 28–May 29. We only include companies & shareholders that have seen a change during

the period. The list is arranged in descending market cap.

Exhibit 2: Who is buying and selling KSA equities?

Code Company Mcap

(SR mn)Mcap

(% chg) Name of investor Stake

Apr 28 Stake

May 29 Increase in

stake (% chg) Reduction

in stake (%) MV of stake

chg (SR mn)

1120 Al Rajhi 112,125 (10.2)

Saleh Abdul Aziz Saleh Al Rajhi 14.0 14.2 0.2 224.2

2020 SAFCO 30,438 (12.7)

General Organization for Social Insurance (GOSI) 16.2 16.3 0.1 30.4

1211 MA’ADEN 15,309 (21.2)


4250 Jabal Omar 11,951 (10.1)

Jabal Omar Establishment 37.3 37.1 (0.2) (23.9)


2060 Industrialization 11,630 (26.2)

Al Olayan Saudi Investment Co. 5.7 5.8 0.1 11.6

3050 Southern Cement 9,485 (3.2)


4100 Makkah 4,532 (8.6)

Mohammed Salah Hamza Sairafi 6.4 6.5 0.1 4.5

3010 Arab Cement 2,648 (18.9)

Abdul Aziz Abdullah Sulaiman Al Sulaiman 7.1 7.4 0.3 7.9

2330 APPC 2,580 (26.6)

Islamic Development Bank Fund 5.5 - (5.5) (141.9)

Abdullah Saad Abdul Rahman Al Rashid - 5.1 5.1 131.6

1210 BCI 756 (13.5)

Abdul Aziz Muhana Abdul Aziz Almoaibed 9.1 8.4 (0.7) (5.3)

6090 Jazan Development 640 (17.2)

Khalid Saleh Abdul Rahman Al Shethry 5.4 5.3 (0.1) (0.6)

4180 Fitaihi Group 618 (17.7)

Ahmed Hussain Ahmed Fitaihi 21.6 22.1 0.5 3.1

June 2010 5


Exhibit 2: Who is buying and selling KSA equities?

Code Company Mcap

(SR mn)Mcap

(% chg) Name of investor Stake

Apr 28 Stake

May 29 Increase in

stake (% chg) Reduction

in stake (%) MV of stake

chg (SR mn)

4290 Alkhaleej Trng 539 (17.1)

Ahmed Mohammed Salim Al Sirry 6.4 6.3 (0.1) (0.5)

4050 SASCO 536 (9.5)

Nihaz Commercial Investment Co. 6.4 7.2 0.8 4.3

4061 Anaam Holding 484 (21.8)

Prince Abdullah Turki Abdul Aziz Al Saud 9.1 9.7 0.6 2.9

Prince Mishal Abdullah Turki Al Saud 5.5 - (5.5) (26.6)

4070 Tihama 348 (8.7)

Bader Fahad Ibrahim Al Dawood 12.9 17.4 4.5 15.7

4110 Mubarrad 284 (18.2)

Hamad Nasser Hamad Al Tuwaijri 5.7 0 (5.7) (16.2)

Source: Tadawul, NCBC Research * Indicates a possible switch in holding between related parties ^ investor who has been reported in one period but is not present in the other (indicating that stakes have moved into / out of the 5% threshold for reporting) ~ Indicates market cap change since listing during the month # These figures indicate maximum possible change assuming the investor sold entire holdings or bought the entire current stake within the month

June 2010 6


Appendix - 3 List of investors with combined holdings in listed KSA equities (where stakes are

reported as having exceeded the 5% threshold) worth in excess of SR1bn:

Exhibit 3: Investors with aggregate KSA holdings more than SR1bn

Rank Name of shareholder MV

(SRmn) No of

Holdings MV

(SR mn)

1 Public Investment Fund 18 269,640

SABIC 181,125

STC 49,560

SAMBA 10,717

RIBL 8,561

MA’ADEN 7,654

Southern Cement 3,547

Real Estate 1,714

Alinma 1,628

Shipping 1,509

Qassim Cement 1,384

Yanbu Cement 432

Saudi Fisheries 374

Eastern Cement 358

Hotels 309

NADEC 298

Gas&Industrialization 162

Ceramic 159

SAPTCO 148

2 General Organization for Social Insurance (GOSI) 30 66,815

Al Rajhi 11,100

RIBL 8,521

SAMBA 5,335

STC 4,956

SAFCO 4,931

Saudi Fransi 3,999

Etihad Etisalat 3,834

SABB 2,936

Arab National 2,773

YANSAB 1,894

SIBC 1,829

Savola Group 1,728

Alinma 1,628

Southern Cement 1,366

MA’ADEN 1,209

Qassim Cement 1,182

Petrochem 1,163

Jabal Omar 1,052

Saudi Hollandi 1,032

Tawuniya 912

Industrialization 640

Saudi Cement 561

Yanbu Cement 509

Ceramic 469

Yamamah Cement 445

Eastern Cement 358

Taiba 168

Hotels 121

Gas&Industrialization 91

SRMG 76

June 2010 7




(SRmn) No of

Holdings MV

(SR mn)

3 Government ownership in SEC capital 1 32,970

Saudi Electricity 32,970

4 SABIC 3 32,771

SAFCO 13,058

YANSAB 10,500

Saudi Kayan 9,214

5 Sulaiman Abdul Aziz Saleh Al Rajhi 4 29,547

Al Rajhi 27,919

Yanbu Cement 1,023

Arab Cement 312

NADEC 293

6 Prince AlWaleed Talal Abdul Aziz Al Saud 1 29,045

Kingdom 29,045

7 Public Pension Authority (PPA) 16 21,616

SAMBA 7,020

STC 4,673

Alinma 1,628

SIBC 1,471

Petrochem 1,163

Tawuniya 948

MA’ADEN 919

SIIG 902

Zain KSA 609

Sipchem 516

Eastern Cement 379

Saudi Cement 330

Yamamah Cement 313

Qassim Cement 309

Pharmaceutical 303

Arab Cement 135

8 Saleh Abdul Aziz Saleh Al Rajhi 3 16,289

Al Rajhi 15,698

Ceramic 422

NADEC 170

9 HSBC Holding Co. 1 12,360

SABB 12,360

10 Aramco 2 11,274

Petro Rabigh 8,213

Saudi Electricity 3,062

11 Arab Bank 1 10,270

Arab National 10,270

12 Calyon Bank 1 9,717

Saudi Fransi 9,717

13 Etisalat - UAE 1 9,379

Etihad Etisalat 9,379

14 Sumitomo Chemical Co. 1 8,213

Petro Rabigh 8,213

15 Mohammed Ibrahim Mohammed Al Essa 5 8,135

RIBL 3,866

Savola Group 1,886

Saudi Fransi 1,562

Hotels 417

Taiba 403

June 2010 8




(SRmn) No of

Holdings MV

(SR mn)

16 Al Olayan Saudi Investment Co. 3 8,121

SABB 5,222



17 Abdullah Abdul Aziz Saleh Al Rajhi 5 7,250

Al Rajhi 6,615

Yanbu Cement 250

Arab Cement 151

NADEC 124

Tabuk Agriculture 110

18 Prince Sultan Mohammed Saud AlKabeer Al Saud 2 7,072

Almarai 6,464

Yamamah Cement 608

19 Savola Group 2 7,057

Almarai 6,183

Herfy Foods 874

20 Rashid Al Abdul Rahman Al Rashid & Sons 3 6,719

Saudi Fransi 3,062

Arab National 2,542

BJAZ 1,116

21 Kayan Petrochemicals Co. 1 5,265

Saudi Kayan 5,265

22 Jabal Omar Establishment 1 4,458

Jabal Omar 4,458

23 ABN Amro Co. 1 4,289


24 Al Nahla Commercial & Real Estate Co. 2 3,751

RIBL 3,551

Atheeb Telecom 201

25 Saudi Industrial Investment Group Co. 1 3,588

Petrochem 3,588

26 MTC 1 3,045

Zain KSA 3,045

27 Saudi Arabian Monetary Agency (SAMA) 1 2,564

RIBL 2,564

28 Zamil Group Holding Co. 4 1,824

Sipchem 677

Zamil Industrial 499

Sahara Petrochemical 467

Chemanol 181

29 Abdul Qader Al Mohaidib & Sons Co. 2 1,458

Savola Group 1,331

Pipes 126

30 Modern Daim Real Estate 1 1,445

Emaar E .C 1,445

31 Saudi Fas Holding Co. 1 1,441

AlHokair 1,441

32 Al Jabar Commercial Co. 1 1,438

Arab National 1,438

33 Abdul Latif Holding Group 1 1,433

AlAbdullatif 1,433

34 Abdullah Mohammed Abdullah Al Rabeah 1 1,379

Savola Group 1,379

June 2010 9




(SRmn) No of

Holdings MV

(SR mn)

35 Khalid Abdullah Shelash Al Shelash 1 1,342

Dar Al Arkan 1,342

36 Omran Mohammed Al Omran & Co. 1 1,232

Almarai 1,232

37 Al Sha'er Trade, Industries and Construction 2 1,202

Industrialization 1,186

SALAMA 16

38 Mohammed Hamad Abdul Karim Al Moajil 1 1,197

MMG 1,197

39 National Manufacturing Holding Co. 2 1,161


Sipchem 556

40 Kingdom Holding Co. 2 1,160


SRMG 439

41 Yousef Abdullah Shelash Al Shelash 1 1,135

Dar Al Arkan 1,135

42 Arab Supply and Trading (ASTRA) 2 1,123

Astra Indust 1,104

AICC 19

43 National Commercial Bank (NCB) 3 1,119

SIBC 621

Arab Cement 262

ATC 236

44 Makkah Construction & Development Co. 1 1,088

Jabal Omar 1,088

45 Hadhlool Saleh Mohammed Al Hadhlool 1 1,017

Dar Al Arkan 1,017


June 2010 10


Appendix - 4 List of investors with holdings in listed KSA companies (where stakes are above the 5% threshold) as on May 2010.

Note that listed companies which do not appear on this list represent companies which have no shareholders

disclosed by Tadawul as on May 29, 2010.

Exhibit 4: Shareholders with stake >5%

Company % stake Company % stake

RIBL - 1010 BJAZ - 1020

Public Investment Fund 21.7 Rashid Al Abdul Rahman Al Rashid & Sons 22.2

General Organization for Social Insurance (GOSI) 21.6 Al Okhoah Union for Development 6.5

Al Nahla Commercial & Real Estate Co. 9.0 National Pakistani Bank 5.8

Mohammed Ibrahim Mohammed Al Essa 9.8 Saleh Abdullah Mohammed Kamal 5.0

Saudi Arabian Monetary Agency (SAMA) 6.5

SIBC - 1030 Saudi Hollandi - 1040

General Organization for Social Insurance (GOSI) 21.5 ABN Amro Co. 39.9

Public Pension Authority (PPA) 17.3 Al Olayan Saudi Investment Co. 20.8

Saudi Oger Ltd 8.5 General Organization for Social Insurance (GOSI) 9.6

JP Morgan Chase Co. 7.4

National Commercial Bank (NCB) 7.3

Saudi Fransi - 1050 SABB - 1060

Calyon Bank 31.1 HSBC Holding Co. 40.0

General Organization for Social Insurance (GOSI) 12.8 Al Olayan Saudi Investment Co. 17.0

Rashid Al Abdul Rahman Al Rashid & Sons 9.8 General Organization for Social Insurance (GOSI) 9.5

Mohammed Ibrahim Mohammed Al Essa 5.0

Arab National - 1080 SAMBA - 1090

Arab Bank 40.0 Public Investment Fund 22.9

General Organization for Social Insurance (GOSI) 10.8 General Organization for Social Insurance (GOSI) 11.4

Rashid Al Abdul Rahman Al Rashid & Sons 9.9 Public Pension Authority (PPA) 15.0

Al Jabar Commercial Co. 5.6

Al Rajhi - 1120 Al Bilad - 1140

Sulaiman Abdul Aziz Saleh Al Rajhi 24.9 Mohammed Ibrahim Mohammed Al Subaie 11.6

Saleh Abdul Aziz Saleh Al Rajhi 14.2 Abdullah Ibrahim Mohammed Al Subaie 11.1

General Organization for Social Insurance (GOSI) 9.9 First Investment Company 7.3

Abdullah Abdul Aziz Saleh Al Rajhi 5.9 Abdul Rahman Saleh Abdul Aziz Al Rajhi 6.9

Abdul Rahman Abdul Aziz Saleh Al Rajhi 6.5

Alinma - 1150 Chemanol - 2001

Public Investment Fund 10.0 Abdullah & Abdul Aziz Kanoo Co. 11.2

General Organization for Social Insurance (GOSI) 10.0 Zamil Group Holding Co. 11.2

Public Pension Authority (PPA) 10.0 Mazen Khalifa Al Ahiq Al Nuaimi & Sons 7.5

Mohammed Jalal & Sons Co. 5.0

Al Mazrooe Holding Co 5.0

SABIC - 2010 SAFCO - 2020

Public Investment Fund 70.0 SABIC 42.9

General Organization for Social Insurance (GOSI) 16.3

Industrialization - 2060 Alujain - 2170

Al Sha'er Trade, Industries and Construction 10.3 Safra Co. 14.9

Gulf Investment Corporation 7.9 Khalid Abdul Rahman Saleh Al Rajhi 9.9

Kingdom Holding Co. 6.2

Swicorp Co. 5.8

Al Olayan Saudi Investment Co. 5.8


National Manufacturing Holding Co. 5.2

Saudi Pharmaceutical Co. 5.2

June 2010 11




Nama Chemicals - 2210 SIIG - 2250

Ahmed Hamad Al Gosaibi Co. 7.4 Public Pension Authority (PPA) 10.6

Ali Abdullah Ibrahim Al Jafaly 6.3

Sahara Petrochemical - 2260 YANSAB - 2290

Zamil Group Holding Co. 7.9 SABIC 51.0


Sipchem - 2310 APPC - 2330

Zamil Group Holding Co. 10.1 National Polypropylene Co. 7.9

National Manufacturing Holding Co. 8.3 Abdullah Saad Abdul Rahman Al Rashid 5.1

Public Pension Authority (PPA) 7.7

Al Olayan Financial Company (OFC) 5.6

Saudi Kayan - 2350 Petro Rabigh - 2380

SABIC 35.0 Aramco 37.5

Kayan Petrochemicals Co. 20.0 Sumitomo Chemical Co. 37.5

Arab Cement - 3010 Yamamah Cement - 3020

Sulaiman Abdul Aziz Saleh Al Rajhi 11.8 Prince Sultan Mohammed Saud AlKabeer Al Saud 9.7

National Commercial Bank (NCB) 10.3 General Organization for Social Insurance (GOSI) 7.1

Abdul Aziz Abdullah Sulaiman Al Sulaiman 7.5 Public Pension Authority (PPA) 5.0

Abdullah Abdul Aziz Saleh Al Rajhi 5.7


Saudi Cement - 3030 Qassim Cement - 3040

General Organization for Social Insurance (GOSI) 8.5 Public Investment Fund 23.3

Khalid Abdul Rahman Saleh Al Rajhi 7.9 General Organization for Social Insurance (GOSI) 19.9

Public Pension Authority (PPA) 5.0 Public Pension Authority (PPA) 5.2

Southern Cement - 3050 Yanbu Cement - 3060

Public Investment Fund 37.4 Sulaiman Abdul Aziz Saleh Al Rajhi 23.7


Public Investment Fund 10.0


Eastern Cement - 3080 Tabuk Cement - 3090

Public Pension Authority (PPA) 10.6 Khalid Saleh Abdul Rahman Al Shethry 6.9



A.Othaim Market - 4001 SASCO - 4050

Al Othaim Holding Co 31.2 Ibrahim Mohammed Ibrahim Al Hudaithi 7.6

Abdul Aziz Saleh Al Othaim 17.7 Nihaz Commercial Investment Co. 7.2

Abdullah Saleh Ali Al Othaim 6.0

Tihama - 4070 Fitaihi Group - 4180

Bader Fahad Ibrahim Al Dawood 17.4 Ahmed Hussain Ahmed Fitaihi 22.1

Jarir - 4190 Aldrees - 4200

Jarir Commercial Investment Co. 12.0 Abdul Mohsen Mohammed Saad Al Drees 8.5

Mohammed Abdul Rahman Nasser Al Aqeel 9.0 Hamad Mohammed Saad Al Drees 6.7

Abdul Salam Abdul Rahman Nasser Al Aqeel 9.0

Abdullah Abdul Rahman Nasser Al Aqeel 9.0

Abdul Karim Abdul Rahman Nasser Al Aqeel 9.0

Nasser Abdul Rahman Nasser Al Aqeel 9.0

AlHokair - 4240 Alkhaleej Trng - 4290

Saudi Fas Holding Co. 49.0 Abdul Aziz Rashid Abdul Rahman Al Rashid 20.3

Abdul Hameed Abdul Aziz Fahd Al Hokair 7.0 Abdul Aziz Hamaad Nasser Al Bulaihid 10.0

Salman Abdul Aziz Fahd Al Hokair 7.0 Ahmed Ali Ahmed Al Shedwy 13.3

Fawaz Abdul Aziz Fahd Al Hokair 7.0 AlWaleed Abdul Razzaq Saleh Al Duraian 11.8

Ahmed Mohammed Salim Al Sirry 6.3

Gas&Industrialization - 2080 Saudi Electricity - 5110

Saeed Ali Ghadran Al Ghamdi 11.9 Government ownership in SEC capital 74.3

Public Investment Fund 10.9 Aramco 6.9


June 2010 12




Savola Group - 2050 SADAFCO - 2270

Mohammed Ibrahim Mohammed Al Essa 11.9 United Manufacturing Co. 30.1

General Organization for Social Insurance (GOSI) 10.9 Al Samh Trading Ltd 11.6

Abdullah Mohammed Abdullah Al Rabeah 8.7 Global Investment House 8.9

Abdul Qader Al Mohaidib & Sons Co. 8.4

Almarai - 2280 Anaam Holding - 4061

Prince Sultan Mohammed Saud AlKabeer Al Saud 28.6 Prince Abdullah Turki Abdul Aziz Al Saud 9.7

Savola Group 29.9

Omran Mohammed Al Omran & Co. 5.7

H B - 6001 NADEC - 6010

Dalat Indsutrial Investment Co. 55.5 Public Investment Fund 20.0

Mohammed Abdul Hameed Mahmood Halwani 6.9 Sulaiman Abdul Aziz Saleh Al Rajhi 19.7

Saad Said Hashbool Al Hashbool Al Ghamdi 5.4 Saleh Abdul Aziz Saleh Al Rajhi 11.4


Hail Agriculture - 6030 Tabuk Agriculture - 6040

Al Olayan Saudi Investment Co. 7.4 Abdullah Abdul Aziz Saleh Al Rajhi 25.0

Saleh Abdul Aziz Al Rajhi and Co. 6.0

Saudi Fisheries - 6050 Jazan Development - 6090

Public Investment Fund 40.0 Khalid Saleh Abdul Rahman Al Shethry 5.3

Prince Mete'eb Bin Abdul Aziz Al Saud 21.5

STC - 7010 Etihad Etisalat - 7020

Public Investment Fund 70.0 Etisalat - UAE 27.4



Zain KSA - 7030 Tawuniya - 8010

MTC 25.0 Public Pension Authority (PPA) 23.7

Faden Commercial & Real Estate Establishment 6.8 General Organization for Social Insurance (GOSI) 22.8

Saudi Plastics 6.8


MEDGULF - 8030 ALLIANZ SF - 8040

MEDGULF 32.0 Banque Saudi Fransi 32.5

SIBC 19.0 AGF International Co. 16.2

SNI Holding Co. 16.2

SALAMA - 8050 Walaa Insurance - 8060

Arab Islamic Insurance Co. 30.0 International for General Insurance Company 10.5

Bin Dawood & Sons Commercial Co. 5.0 Abdullah Mohammed Taleb Hakim 5.0

Al Sha'er Trade, Industries and Construction 5.0

Cooperative Group Company for Trade & Construction 5.0

Arabian Shield - 8070 SABB Takaful - 8080

Arabian Shield Insurance 30.0 SABB 32.5

Bahrain National Holding Co. 15.0 HSBC Holding Co. 31.0

Yamama Saudi Cement 5.0

Al Obeikan Investment Group 5.0

Fahad Mohammed Saleh Al Firyan 5.0

SANAD - 8090 SAICO - 8100

AL Khazna Insurance Company 15.0 Saudi Arab Insurance Co. 30.0

Continental Insurance Co. 10.0 Al Wa'lan Car Co. 5.0

Ramat Marketing and Distribution Ltd 5.0 Erad Holding 5.0

Saudi Indian - 8110 Gulf Union - 8120

New India Insurance Co. 10.6 Gulf Union Insurance Co. 23.5

Indian Life Insurance Co. 10.2

Life Insurance Co. (Global) 10.2

Ahmed Mohammed Abdul Rahman Al Sheikh & Co. 5.0

Khalid Abdul Aziz Bin Selma Commercial Establishment 5.0

Meshah Commercial Establishment 5.0

Saleh Saad Al Khuraiji Commercial Establishment 5.0

June 2010 13




ATC - 8130 Al-Ahlia - 8140

National Commercial Bank (NCB) 30.0 Al Ahlia Insurance Co. - Egypt 18.0

FWU Co. 13.1

IFC 13.1

VHV Co. 7.5

ACIG - 8150 AICC - 8160

Allied Cooperative Insurance Group (ACIG) 20.0 Arab Holding Co. 19.2

Islamic Development Bank 20.0 Jordanian Insurance Co. 12.2

Arab Supply and Trading (ASTRA) 5.0

Trade Union - 8170 Sagr Insurance - 8180

United Commercial Insurance Co. 22.3 Al Saqar National Insurance Co. 26.0

Al Ahlia Insurance Co. 10.0 Arabian RedLand Industrial Services 5.0

Abdullah Rasheed Al Rasheed & Sons Co. 5.0

U C A - 8190 Saudi Re - 8200

UCA Insurance 32.5 Ahmed Hamad Al Gosaibi Co. 5.0

Civil Works Co. 5.0 Jordanian Islamic Finance Bank 5.0

Faisaliah Holding Group 5.0

BUPA Arabia - 8210 Kingdom - 4280

BUPA Middle East Holding 22.5 Prince AlWaleed Talal Abdul Aziz Al Saud 95.0

BUPA Investments Limited 15.0

Modern Software Solutions for Computer Services 5.0

Nadher Holding Group 5.0

Asas Health Care Company 5.0

Assir - 4080 SARCO - 2030

Dalat Al Baraka Holding Co. 49.9 Prince Mete'eb Bin Abdul Aziz Al Saud 7.3

Prince Khalid Turki Abdul Aziz Turki Al Saud 5.0

Saudi Advanced - 2120 SISCO - 2190

Khalid Saleh Abdul Rahman Al Shethry 10.6 Xenel Industrial Co. 14.6

MA’ADEN - 1211 AlAbdullatif - 2340

Public Investment Fund 50.0 Abdul Latif Holding Group 60.0

General Organization for Social Insurance (GOSI) 8.0 Amr Sulaiman Saleh Al Abdul Latif 5.9


Pharmaceutical - 2070 Glass - 2150

ACDIMA 20.0 Riyadh Mohammed Abdullah Al Humaidan 25.0


SPM - 2300 Maadaniyah - 2220

Prince Abdullah Musaed Abdul Aziz Al Saud 50.0 National Manufacturing Co. 35.4

Ra'ed Abdul Rahman Abdul Aziz Al Mesha'al 8.4

Falcom Financial Services Co. 7.7

Astra Indust - 1212 FIPCO - 2180

Arab Supply and Trading (ASTRA) 43.8 Falcom Financial Services Co. 14.6

Mohammed Nejir Saqer Al Utaibi 8.0

Saudi Export - 4140 BCI - 1210

Ibrahim Oudah Abdullah Al Oudah 5.9 Ali Al Abdullah Al Tamimi Co. 21.3

Abdul Aziz Muhana Abdul Aziz Almoaibed 8.4

Abdullah Muhana Abdul Aziz Almoaibed 9.1

Mohammed & Abdul Rahman Al Saad Al Buwardi Co. 7.0

Noor Muhana Abdul Aziz Almoaibed 5.0

Cables - 2110 Zamil Industrial - 2240

Xenel Industrial Co. 16.6 Zamil Group Holding Co. 19.9

Al Amanah Saudi Equity Fund 5.0

June 2010 14




MMG - 1310 Pipes - 2200

Mohammed Hamad Abdul Karim Al Moajil 50.0 Abdul Qader Al Mohaidib & Sons Co. 13.8

Adel Mohammed Hamad Al Moajil 5.0 Financial Brokerage Co.

Al Moajil Holding Co. 5.0

Al Moajil Limited Investment Co. 5.0

Amiantit - 2160 Ceramic - 2040

Al Mawarid Investment Co Ltd 10.6 General Organization for Social Insurance (GOSI) 15.9

Prince Khalid Abdullah Abdul Rahman Al Saud 7.4 Saleh Abdul Aziz Saleh Al Rajhi 14.3

Abdullah Saleh Abdullah AL Bassam 5.8 Falcom Financial Services Co. 6.8


SPM - 2300 Maadaniyah - 2220

Prince Abdullah Musaed Abdul Aziz Al Saud 50.0 National Manufacturing Co. 35.4

Ra'ed Abdul Rahman Abdul Aziz Al Mesha'al 8.4

Falcom Financial Services Co. 7.7

MESC - 2370 Gypsum - 2090

Abdul Aziz Mohammed Sulaiman Al Namlah 26.6 Al Manafa Investment & Real Estate Development Co. 34.5

Mohammed Ali Abdullah Al Suwailem 15.3 Theneyan Fahd Theneyan Al Theneyan 10.3

Lama Ismail Fawzi Abu Khadhra 10.0

Mansoor Abdul Aziz Mohammed Ka'aky 8.4

Red Sea - 4230 SVCP - 2360

Al Dabbagh Holding Co. 51.0 Abdul Latif Al Essa Co. 15.6

Mumtaz Foods Co. 5.0 Prince Faisal Abdul Aziz Faisal Al Saud 15.0

The National Scientific Company LTD 5.0 Saad Saud Ibrahim Al Sayari 13.3

Tejariah for Marketing Services and Agencies 5.0 Al Riyadh Investment Co. 5.5

Dar Al Arkan - 4300 Makkah - 4100

Khalid Abdullah Shelash Al Shelash 9.1 Saudi Bin Laden Group 10.9

Yousef Abdullah Shelash Al Shelash 7.7 Mohammed Salah Hamza Sairafi 6.5

Hadhlool Saleh Mohammed Al Hadhlool 6.9

Majed Abdul Rahman Abdul Aziz Al Qassim 5.3

Jabal Omar - 4250 Emaar E .C - 4220

Jabal Omar Establishment 37.1 Modern Daim Real Estate 20.0

Makkah Construction & Development Co. 9.1 ME Royal Capital Co. 9.4

General Organization for Social Insurance (GOSI) 8.9 Emaar Middle East 5.8

ME Hollandi 5.8

ME Strategic Investments 5.8

Taiba - 4090 Arriyadh Development - 4150

Mohammed Ibrahim Mohammed Al Essa 16.6 Emaar Arabian Shield Investment Co. 9.6

General Organization for Social Insurance (GOSI) 6.9 Adyar Holding Co. 5.7

Real Estate - 4020 Shipping - 4030

Public Investment Fund 64.5 Public Investment Fund 28.1

Abdulla Saad Abdul Rahman Al Rashid 5.8

SAPTCO - 4040 Budget Saudi - 4260

Public Investment Fund 15.7 Al Zahid Holding Group 39.5

Abdul Elah Abdullah Mahmood Ali Zahid 14.2

Mohammed Abdullah Mahmood Zahid 9.2

SRMG - 4210 SPPC - 4270

Kingdom Holding Co. 29.9 Saudi Research and Marketing Group 42.0

Prince Faisal Ahmed Bin Salman Al Saud 6.8 Alfiqriah Marketing and Advertising Holding Company 10.5

Mohammed Hussain Ali Al Amudy 5.6 Saudi Research Marketing Group 7.0

General Organization for Social Insurance (GOSI) 5.2 Al Mosanafat Scientific Holding 7.0

June 2010 15




Atheeb Telecom - 7040 Hotels - 4010

Atheeb Trading Company 16.1 Mohammed Ibrahim Mohammed Al Essa 22.4

Batelco 15.0 Public Investment Fund 16.6

Al Nahla Commercial & Real Estate Co. 13.7 General Organization for Social Insurance (GOSI) 6.5

TRACO 5.8

Mouwasat - 4002 Al Alamiya - 8280

Mohammed Sultan Hammad Al Subaie 17.5 Royal and Sun Alliance for Insurance 50.0

Nasser Sultan Fahad Al Subaie 17.5 Riyadh Bank Investment Portfolio 19.9

Sulaiman Mohammed Sulaiman Al Saleem 17.5

Tala Trading Co. 7.0

Credit Suisse/ Swap agreements Co. 5.4

Petrochem - 2002

Saudi Industrial Investment Group Co. 50.0




June 2010


IMPORTANT INFORMATION

The authors of this document hereby certify that the views expressed in this document accurately reflect their personal views regarding the securities and companies that are the subject of this document. The authors also certify that neither they nor their respective spouses or dependants (if relevant) hold a beneficial interest in the securities that are the subject of this document. Funds managed by NCB Capital and its subsidiaries for third parties may own the securities that are the subject of this document. NCB Capital or its subsidiaries may own securities in one or more of the aforementioned companies, or funds or in funds managed by third parties The authors 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. The Investment Banking division of NCB Capital may be in the process of soliciting or executing fee earning mandates for companies that are either the subject of this document or are mentioned in this document. This document is issued to the person to whom NCB Capital has issued it. This document is intended for general information purposes only, and may not be reproduced or redistributed to any other person. This document is not intended as an offer or solicitation with respect to the purchase or sale of any security. This document is not intended to take into account any investment suitability needs of the recipient. In particular, this document is not customized to the specific investment objectives, financial situation, risk appetite or other needs of any person who may receive this document. NCB Capital strongly advises every potential investor to seek professional legal, accounting and financial guidance when determining whether an investment in a security is appropriate to his or her needs. Any investment recommendations contained in this document take into account both risk and expected return. Information and opinions contained in this document have been compiled or arrived at by NCB Capital from sources believed to be reliable, but NCB Capital has not independently verified the contents of this document 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 document. To the maximum extent permitted by applicable law and regulation, NCB Capital shall not be liable for any loss that may arise from the use of this document or its contents or otherwise arising in connection therewith. Any financial projections, fair value estimates and statements regarding future prospects contained in this document may not be realized. All opinions and estimates included in this document constitute NCB Capital’s judgment as of the date of production of this document, and are subject to change without notice. Past performance of any investment is not indicative of future results. The value of securities, the income from them, the prices and currencies of securities, can go down as well as up. An investor may get back less than he or she originally invested. Additionally, fees may apply on investments in securities. Changes in currency rates may have an adverse effect on the value, price or income of a security. No part of this document may be reproduced without the written permission of NCB Capital. Neither this document nor any copy hereof may be distributed in any jurisdiction outside the Kingdom of Saudi Arabia where its distribution may be restricted by law. Persons who receive this document should make themselves aware, of and adhere to, any such restrictions. By accepting this document, the recipient agrees to be bound by the foregoing limitations. NCB Capital is authorised by the Capital Market Authority of the Kingdom of Saudi Arabia to carry out dealing, as principal and agent, and underwriting, managing, arranging, advising and custody, with respect to securities under license number 37-06046. The registered office of which is at Al Mather street in Riyadh, P.O. Box 22216, Riyadh 11495, Kingdom of Saudi Arabia.

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