EFTA01387660.pdf

29 March 2018 Saudi Arabia I Figure 2: Expected weight of Saudi Arabia on the FTSE Secondary EM index 30.0% ?VA 25.0% 70.0% 15.0% 121% 10.0% 9.1% 50% 0.0% ''''''lul C044 1 flirty ll In44. II 44,04 1 South III 344s:a l'..' • 1014440 Thadan4 Pda14.44 . Saudi II 004% ACTIca 444%. Scats Deatikahe Sat ASE abbnladepfrarlte LP FTSE inclusion done; MSCI EM decision to be announced in June Saudi Arabia is also nominated for inclusion in the widely tracked MSCI EM Index, with a decision on inclusion to be announced in June '18. A favorable decision could translate into some USD39bn in inflows, with actual inclusion expected for June '19. For more details on Saudi inclusion into MSCI EM please refer our strategy report dated 20-Feb-18. It is interesting to observe that Saudi Arabia has already witnessed foreign fund inflows of USD619m in Jan'18 - the highest inflows on record - followed by USD364m in Feb'18. The inclusion by FTSE and the impending decision by MSCI could mark the start of a sustained period of higher inflows into Saudi equities, in our view. Page 2 Deutsche Sank AG/London CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0090709 CONFIDENTIAL SDNY_GM_00236893 EFTA01387660