<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Thursday, September 29, 2016 9:20 AM</td></tr><tr><td>To:</td><td>aziza alahmadi; Raafat Alsabbagh; Terje Rod-Larsen</td></tr><tr><td>Subject:</td><td>I sent this to you in early Aug.</td></tr></table>

Let me being by making a medic=l analogy. In my view what the kingdom needs is a financial=C2 health check -up , evaluation, diagnosis and personalized prescription. =AO The prescription would address immediate care, midterm care and lon=er term equivalent to lifestyle changes. For Raafat and I that would mean more exercise better diet. and regular ch=st x rays, mri s etc. For the Kingdom . evaluate the current fin=ncial position. assets. liabilities. strengths weaknesses, opportunities need=, stresses , resources , abilities. drains on the system, regulatory restrictions, and most important how to take advantage of the fact th=t the Kingdom is a sovereign nation and not merely a wealthy corporation or individual. re individuals Keep in mind the Forbes 40= alone has a total wealth this year of over 3 trillion dollars.

<=r> You have asked me to make a prescription without seeing the=20 patient. In medical terms that would be malpractice. but . as l=have great respect and fondness for my new friends . I will do my best ,=20 though it must be kept in the forefront of your mind that changes will be necessary according to the details and priorities of=20 the Kingdom. pronounced by them , not by my interpretation.

=

1 . Aramco. . the kingdom is being treated as one=of the many wealthy but unsophisticated investors. wall street and consultants=C2 look upon this opportunity as taking a cow to slaughter. The =ingdom in my understanding would like to diversify its economy and be Money rich , to give it flexibility and security. taking the co publ=c is an idea of 25 years ago. it is silly, shareholders are=the last thing the kingdom needs. they are eventual weapons in any attack. =AO world wide regulations banking securities etc have tilted the balance=20 of power in their favor , at least for the time being , having a public co. comes with many unnecessary constraints, future laws=its. ( U.S. 9/11only the beginning. ). etc.

This vote in congress is the first step , in a revolut=on of the people , but unlike the french revolution . th=s time its the people of another country attacking the leadership of=a third country. . SA must beware. The US =ustice system believes it has long arms that extend to wherever it chooses= . it can craft reasons to do what it wants. . =C2 SA will get many lawsuits now. - . there mu=t be a complex legal strategy. law firms , class action=experts. restittuion structures. CREDITOR Protection. =C2 t III You should expect HUGE financial jud=ments against the country. thats why having public stock that=can be attached, bond payments that can be GARNISHED . are all=now on the table. I fear you guys are being led into a trap of wall=street. your bond offerring documents will now have to annou=ce the new risks to govt. I wish we would have done tthis soo=er

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