<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Monday, April 9, 2018 6:34 PM</td></tr><tr><td>To:</td><td>Paul Barrett</td></tr><tr><td>Subject:</td><td>Re: FW: Why you should invest in Saudi Arabia</td></tr></table>

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On Mon, Apr 9, 2018 at 2:04 PM, Paul Barrett wrote:

Hi Jeffrey

Any thoughts on the Saudi stock market? They are mak=ng a big deal of the MSCI inclusion. I personally don't like the l=ng term outlook given where the world is headed with electric vehicles and=more efficient energy consumption.

Paul Barrett

Alpha Group Capital LLC

142 W 57th Street, 11th Floor,=New York, NY 10019

=/span>

From: Martin Zeman
Sent: Monday, April 09, 2018 12:33 PM
To: Paul Barrett
Cc: Stewart Oldfield >; Xavier Avila
• = ;

Subject: Why you should invest in Saudi Arabia

Paul,

Further to our call on Saudi stocks:</=>

See attached a 2-pager on the recent announcement fr=m our research:

• Saudi Arabia included in FTSE Secondary EM Index to happen in 5 stages, =rom March-19 to Dec-19

• This could translate to inflow= of $4.5bn into their equity market

* We estimate Sabic=to get $727M, Al Rajhi $504M, National Commercial Bank $385M (see table in=the attached pdf)

• MSCI EM decision announced in June 2018 • If t=ey get in -> $39bn inflows and the actual inclusion would happen in Jun= 2019 • These flows are already happening now: $619M in=lows in Jan-18 (highest on record); $=64M in Feb-18 Read this article on Bloomberg about what happens to=the stock market once the actual inclusion happens. History shows that the=biggest appreciation happens in the run-up to these inclusions so we have =bout 12-18 months. chttps://www.bloomberg.com/news/articles/2=18-04-01/saudi-arabian-emerging-market-status-comes-with-sobering-history> https://www.bloomberg.com/news/articles/2018-04-01/=wbr>saudi-arabian-emerging-market-status-comes-with-sobering-his=ory And http://time.com/longf=rm/mohammed-bin-salman/ DB </=pan> facilitates I think this two one ways is an to interesting invest:</=> read:<=> <http://time=com/longform/mohammed-bin-salman/>

And I think this one is an interesting read:<=>

http://time.com/longf=rm/mohammed-bin-salman/ <http://time=com/longform/mohammed-bin-salman/>

DB facilitates two ways to invest:</=>

1/ Via Participatory Notes – fully funded=/u>

2/ Equity Swaps – 2x leverage, ISDA needed.

3/ We charge 50bps for trading, the funding on the e=uity swap is Libor + 150bps

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Deutsche Bank does not render legal or tax advice, and the information cont=ined in this communication should not be regarded as such.

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