<table><tr><th>From:</th><th>aziza alahmadi</th></tr><tr><td>Sent:</td><td>Monday, Augu</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Cc:</td><td>Raafat Alsabbagh</td></tr><tr><td>Subject:</td><td>Re: draft</td></tr></table>

I will review it and get back to you .=br>

Regards,
Aziza

Sent from my iPhone <=r>On Aug 15, 2016, at 7:39 PM, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation=gmailcom» wrote:

I g=t the message re operational suggestions and Aramco specifica=ly

Let me being by making a medical analogy= In my view what the kingdom needs is a financial h=alth check - up , evaluation, diagnosis and personalized prescription.=nbsp; The prescription would address immediate care, midterm ca=e and longer term equivalent to lifestyle changes. For Raafat=and I that would mean more exercise better diet. and regular chest x rays,&=bsp; mri s etc. For the Kingdom . evaluate the c=rrent financial position. assets. liabilities. strengths weakne=ses, opportunities needs, stresses, resources , abilities.&nb=p; drains on the system, regulatory restrictions, and most important h=w to take advantage of the fact that the Kingdom is a sovereign natio= and not merely a wealthy corporation or individual. re individuals &=bsp; Keep in mind the Forbes 400 alone has a total wealth this year of over=3 trillion dollars.

You have aske= me to make a prescription without seeing the patient. In medical ter=s that would be malpractice. but . as I have great respect and fondne=s for my new friends . I will do my best , though it must be kept in <=pan>the forefront of your mind that changes will be necessary accord=ng to the details and priorities of the Kingdom. pronounced by t=em , not by my interpretation.

l&nb=p; . Aramco. . the kingdom is being treated as one of th= many wealthy but unsophisticated investors. wall street and consult=nts look upon this opportunity as taking a cow to slaughter. &=bsp; The Kingdom in my understanding would like to diversify its economy an= be Money rich , to give it flexibility and security. taking t=e co public is an idea of 25 years ago. it is silly, &n=sp; shareholders are the last thing the kingdom needs. they are even=ual weapons in any attack. world wide regulations banking secur=ties etc have tilted the balance of power in their favor , at least for the=time being , having a public co. comes with many un=ecessary constraints, future lawsuits. U.S. 9/11 only t=e beginning. ). etc.

Having money, financial po=er is not equal to having a public vehicle with reams of disclosures.=legal minefields . all good for lawyers and bankers but c=rtainly not the best path for a SOVEREIGN.

&nb=p; a) money needs . -- domestic and intil4=pan> / should the kingdom consider its own internal curr=ncy in addition to world currency. like the IMF , s=ecial depository receipts. these SDRs were created for a

spec=fic purpose. the equivalent can be created for SA internal use. = note any solution that does not take into account the vast i=creases in computer power and Internet ie the public offerin= of Aramco should be immediately suspicious. The military would never=use weapons of the 60s in today's battles , so it should not use anti=uated solutions to the financial problems of today.

= b. the kingdom can issue debt backed by oil, = currency exchangeable into oil. ? it would be the strongest c=rrency quickly as most countries today are merely fiat.

&nb=p; c. investment in infra structure MUST ta=e into account that are now living in a ZERO interest rate environment.&nbs=; Saudi , china and Russia , could begin to use other complemen=ary currencies that would stay outside of the US banking system, = a system that is often used as a hammer.

Jeddah resident uses to buy milk/

<=iv> 3 operational , I would not take Aramco public.&=bsp; I however would use it to raise money. .

<=iv> =nbsp; &nbs=; I would take whatever steps necessary to bring the high knowl=dge base in tech, medicine, education to the Kingdom. phy=ically bring people there will NOT work. there is no need to ha=e geographic limitations. ie the Chinese have seeded many=people and cos in their drive to bolster their seat at the world fina=cial table. SA can do the same. Knowledge is the mobile v=luable commodity, exchange oil for land, knowledge and currenci=s.

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