<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Tuesday, October 18, 2016 7:47 PM</td></tr><tr><td>To:</td><td>Richard Kahn</td></tr><tr><td>Subject:</td><td>Re: ** KINGDOM OF SAUDI ARABIA - TERMS/TIMING ** [C]</td></tr></table>

Pass

On Tuesday, 18 October 2016, Richard Kahn < > wrot=:

no= sure if you only wanted information or wanted to put in an order book=for US closes today at 5pm and UK closes at 9am local time tomorrow <=iv>

indication from HSBC to DB is that deal is coming in on =ower end of range $10-$15 billion please advise if you wou=d like to put an order in or pass thank you

=div>

Richard Kahn
HBRK Associates Inc.

<u>New York, NY 10022</u>
tel
fax
cell

Begin forwarded message:

<iv style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:=px">From: Richard Ka=n
<javascript:_e("%7B%7D",'cvml',gm=il.com');</>

Subject: Fwd: ★★ KINGDOM OF SAUDI ARABIA - TERMS/TIMING ?=85★ [C]

Date: October 18, 2016 at 8:48:25 AM EDT
</iv>
To: "j=ffrey E." <jeevacation@gmail.com <javascript:_e("%7B%7D",'cvml','jee=acation@gmail.com');>

>=r>

Richard Kahn
HBRK Associates Inc.

New York, <u>NY</u> 10022
tel
fax
cell

Begin forwarded message:

<=iv style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:=px">From: Darlene Zong <>

Subject: ** KINGDOM 0= SAUDI ARABIA - TERMS/TIMING ** (C) Date: October 18, 2016 at 8:4=:07 AM EDT

Email correspondence:

*   To: Richard Kahn
*   CC: Daniel Sabba, Vahe Stepanian, Stewart Oldfield

Classification: Confidential

THIS ANNOUNCEMENT IS NOT BEING MADE IN AND COPIES OF=IT MAY NOT BE DISTRIBUTED OR SENT INTO THE UNITED STATES (EXCEPT THAT IT M=Y BE SENT IN THE UNITED STATES DIRECTLY TO QUALIFIED INSTITUTIONAL BUYERS =S DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT OF 1933), CANADA, AUSTRALIA OR =APAN.

98 KINGDOM OF SAUDI ARABIA - TERMS/TIMING 98

Issuer: The Kingdom of Saudi Arabia acting through the Ministry of Finance<=r> Issuer rtgs: A1 (stable) / AA- (neg) (Moody's/Fitch)

Format: 144A / Reg S
Status: Senior, Unsecured
Tenor: 5YR | 10YR | 30YR
Size USD Bmk | USD Bmk | USD Bmk
Coupon: FXD SA 30/360 | FXD SA 30/360 | FXD SA 30/360
Guidance: T+160bps area | T+185bps area | T+235bps area
B&D: Citi | HSBC | J.P. Morgan
Settlement: [T+5]
Denoms: US$200k+1k
Listing: Irish Stock Exchange regulated market
Law: English
Glo-Cos: Citi, HSBC, J.P. Morgan

JLMs/lt•Bks: Citi, HSBC, J.P. Morgan, Bank of China, BNP PARIBAS, Deutsche =ank, Goldman Sachs, Morgan Stanley, MUFG, NCB Capital Timing: Global books open Expect US Books subject at 5pm NY today (Tues) Expect Europe/MENA/Asia Books subject at 9am UK tomorrow (Weds) Pricing tomorrow (Weds)

The securities referred to herein may not be sold in the United States abse=t registration or an exemption from registration under the U.S. Securities=Act of 1933, as amended (the "Securities Act"). The Kingdo= of Saudi Arabia does not intend to register any of the securities in the United States or to conduct a public offering of =he securities in the United States. The securities will be offered in the =nited States to qualified institutional buyers pursuant to Rule 144A under=the Securities Act and outside the United States pursuant to Regulation S under the Securities Act. This =nnouncement is being issued pursuant to and in accordance with Rule 135c u=der the Securities Act.

This communication does not constitute an offer of the Securities to the pu=lic in the United Kingdom. No prospectus has been or will be approved in t=e United Kingdom in respect of the Securities. This communication is being=distributed to and is directed only at (i) persons who are outside the United Kingdom or (ii) persons who=are investment professionals within the meaning of Article 19(5) of the Fi=ancial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the="Order") and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falli=g within Article 49(2)(a) to (d) of the Order (all such persons together b=ing referred to as "Relevant Persons"). Any investment act=vity to which this communication relates will only be available to and will only be engaged with, Relevant Persons. Any perso= who is not a Relevant Person should not act or rely on this document or a=y of its contents.

=span>

*   **Name:** Darlene Zong, CFA
*   **Title:** Key Client Partner
*   **Company:** Deutsche Bank Securities, Inc.
*   **Address:** 45 Park Avenue, 26th Floor, New York, NY, 10154

This communication may contain confidential and/or privileged information. =f you are not the intended recipient (or have received this communication =n error) please notify the sender immediately and destroy this communicati=n. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidde=.

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



=A0

please note

The information contained in this commu=ication is confidential, may be attorney-client privileged, may cons=itute inside information, and is intended only for the use of the addre=see. It is the property of JEE

Unauthorized use, disclosure or copyi=g of this communication or any part thereof is strictly prohibited a=d may be unlawful. If you have received this communication in error, pl=ase notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, a=d destroy this communication and all copies thereof, including all a=tachments. copyright -all rights reserved

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