<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Monday, August 15, 2016 6:37 PM</td></tr><tr><td>To:</td><td>aziza alahmadi</td></tr><tr><td>Subject:</td><td>Re: draft</td></tr></table>

feel free to critique . tell me what you=think needs re work . more details. more explanation ,=C240 i usually text in short hand :)

=br>

On Mon, Aug 15, 2016 at 10:38 AM, aziza alah=adi < <mailto > > wrote:

I will review it and get back to=you .

Re=ards,
Aziza=A0

</=iv>Sent from my iPhone

On Aug 15, 2016, at 7:39 PM, jeffrey =. <jeevacati=n@gmail.com <mailto:jeevacation@gmail.com> > wrote:

I got the message.=A0 re operational suggestions and Aramco s=ecifically

Let me being by making a medica= analogy. In my view what the kingdom needs is a financi=l health check -up , evaluation, diagnosis and personalized pr=scription. The prescription would address immediate care,*=A0 midterm care and longer term equivalent to lifestyle changes. Q=A0 For Raafat and I that would mean more exercis= better diet. and regular chest x rays, mri

You have a=ked me to make a prescription without seeing the patient. In medical=terms that would be malpractice. but . as I have great respect and f=ndness for my new friends . I will do my best , though it must be ke=t in the forefront of your mind that changes will be necessar= according to the details and priorities of the Kingdom. prono=nced by them , not by my interpretation.

=C2 1. Aramco. the kingdom is being treated =s one of the many wealthy but unsophisticated investors. wall stree= and consultants look upon this opportunity as taking a cow to slaug=ter. The Kingdom in my understanding would like to diversify=its economy and be Money rich , to give it flexibility and security. =A0 taking the co public is an idea of 25 years ago. it =s silly, shareholders are the last thing the kingdom needs. =C2 they are eventual weapons in any attack. world wide regulation= banking securities etc have tilted the balance of power in their fa=or , at least for the time being , having a public co.=C2 comes with many unnecessary constraints, future lawsuits.=A0 ( U.S. 9/11 only the beginning. ). etc.

*=A0 Having money, financial power is not equal to having a public vehicle=C2* with reams of disclosures. legal minefields . all good f=r lawyers and bankers but certainly not the best path for a SOVEREIG=.

a) money needs .=C2* -- domestic and int'l*=A0 / should the kingdom consider its own internal currency*=A0 in addition to world currency. like the IMF , specia= depository receipts. these SDRs wer= created for a specific purpose. the equivalent can be created for =A internal use. note any solution that does not take i=to account the vast increases in computer power and Internet =span>ie the public offering of Aramco should be immedi=tely suspicious. The military would never use weapons of the 60s in =oday's battles , so it should not use antiquated solutions to th= financial problems of today.

b.*=A0 the kingdom can issue debt backed by oil, currency e=changeable into oil. ? it would be the strongest currency quickly a= most countries today are merely fiat.

=c. investment in infra structure MUST take into account=that are now living in a ZERO interest rate environment. =Saudi , china and Russia , could begin to use other complementary currenci=s that would stay outside of the US banking system, a system t=at is often used as a hammer.

2 . =cting as a large sovereign wealth fund, is antiquated. there i= not shortage of huge amounts of capital and merely competing with hundred= of the most sophisticated investors is a losing game. H=WEVER the country is a SOVEREIGN. this is the bigg=st asset. not its wealth alone. Sovereign nations are the only=entities that can issues world wide accepted currencies . most=nations that have considered this are asset poor , so the currency is virt=ally worthless. SA presents a unique opportunity.=C2* What will the money be used for? =C2* why have the same money for military equipment from another co=ntry as the money the local Jeddah resident uses=to buy milk/

3 operational , I =ould not take Aramco public. I however would use it to r=ise money. .

4k=A0 =C2* I would take whatever step= necessary to bring the high knowledge base in tech, medicine, education t= the Kingdom. physically bring people there will NOT wor=. there is no need to have geographic limitations. =C2* ie the Chinese have seeded many people and=cos in their drive to bolster their seat at the world financial tabl=. SA can do the same. Knowledge is the mobile valuable c=mmodity, exchange oil for land, knowledge and currencies.

</div>
= C2?

=C2 please note

The informat=on contained in this communication is confidential, may be attorney-cli=nt privileged, may constitute inside information, and is intended only =or the use of the addressee. It is the property of JEE</=pan> Unauthorized use, disclosure or copying of this communic=tion or any part thereof is strictly prohibited and may be unlawful. If=you have received this communication in error, please notify us immedia=ely by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmai=.com> destroy this communication and all copies thereof, including a=I attachments. copyright -all rights reserved

please note

Th= information contained in this communication is confidential, may be at=orney-client privileged, may constitute inside information, and is inte=ded only for the use of the addressee. It is the property of JEE

=nauthorized use, disclosure or copying of this communication or any par= thereof is strictly prohibited and may be unlawful. If you have receiv=d this communication in error, please notify us immediately by retur= e-mail or by e-mail to jeevacation@gmail.com <mailtojeevacation@gmail.com> , and destroy this communication and a=l copies thereof, including all attachments. copyright -all rights rese=ved