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Why Muscat Capital IPO Fund

IPO activity last 3 years

Average Performance Saudi IPO Funds

Saudi IPO Funds Vs Saudi Equity Funds

IPO listings in last 3 years

Expected IPOs in the next 2 years

Summary of Terms

Service Providers

Investment limits

The Fund Manager – Muscat Capital

The Sub Manager – EFG-Hermes KSA

The Sub Manager – Track Record

Snap shot of time lines

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Contents

Why Muscat Capital IPO Fund2

Provides an innovative financial product that benefits the wealth of clients.

Provides a convenient and efficient way to participate in Saudi IPOs.

Offers the best exposure to Saudi IPOs as 90% of IPOs institutional tranche allocation is reserved for Mutual Funds.

All IPOs in the last three years showed a positive performance, with an average performance of around 170% in the year of listing.

Managed by Muscat Capital a subsidiary of bank muscat

Sub Managed by EFG-Hermes KSA, the leading asset manager in KSA and the MENA region.

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IPO activity last 3 years

The Saudi primary market has witnessed a healthy amount of activity in IPOs in the last three years, totaling SR 32.5 billion, with 18 companies getting listed.

30,000

25,000

20,000

15,000

10,000

5,000

-2012 2013 2014

5,326

1,962

25,229

Total IPO’s in SR million

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Average Performance Saudi IPO Funds

The average performance of Saudi IPO funds in the last three years has been 37% p.a.

50%

40%

30%

20%

10%

0%

-10%2012 2013 2014

-8%-2%

34%

47%

23%26%

31%

8%6%

Average Saudi IPO Funds Performance

Tadawul All Share Index

S & P Saudi Arabia Shariah Index

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Saudi IPO Funds Vs Saudi Equity Funds

50%

40%

30%

20%

10%

0%

31%

3%

47%

35% 34%

9%

Saudi IPO Funds Avr Perf

Saudi Equity Funds Avr Perf

2012 2013 2014

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IPO listings in last 3 years

Electrical Industries Company

National Commercial Bank

Al Hammadi Co. For Development and Investment

Abdul Mohsen Al-Hokair Group for Tourism and Dev.

Umm Al-Qura Cement Company

Saudi Marketing Company

2014

2013

2012

Bawan Company

AIG-ANB Cooperative Insurance Company

Aljazira Takaful Taawuni Company

National Medical Care Company

Northern Region Cement Company

Dallah Healthcare Holding Company

Al Madinah Cement Co

Saudi Airlines Catering Company

Al-Tayyar Travel Group Holding Co.

Najran Cement Company

Alinma Tokio Marine Co

Takween

1.

2.

3.

4.

5.

6.

54

45

28

50

10

36

7.

8.

9.

10

11.

12.

13.

14.

15.

16.

17.

18.

36

10

10

27

10

38

10

54

57

10

10

26

12/07/2014

11/12/2014

07/15/2014

06/26/2014

06/12/2014

02/16/2014

11/27/2013

05/27/2013

05/13/2013

02/04/2013

02/05/2013

12/17/2012

10/13/2012

07/09/2012

06/04/2012

05/12/2012

06/24/2012

02/07/2012

729,000,000

22,500,000,000

630,000,000

825,000,000

275,000,000

270,000,000

25,229,000,000

1,962,000,000

5,326,000,000

540,000,000

52,500,000

105,000,000

364,500,000

900,000,000

539,600,000

946,000,000

1,328,400,000

1,368,000,000

850,000,000

60,000,000

234,000,000

55.64

54.98

84.08

59.41

36.57

81.86

63.50

66.00

53.50

54.50

23.15

65.75

17.25

78.00

63.25

18.90

87.75

43.80

3%

22%

200%

19%

266%

127%

76%

560%

435%

102%

132%

73%

73%

44%

11%

89%

778%

68%

Sr.No.

Company Name Listing Date Offering Size SR Close Price in IPO YE

Perfin IPO

YE

Issue Price

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Expected IPOs in the next 2 years

Saudia Cargo

Murabaha Investment

SACO

Arabian Centres

Roots Group

Saudi Aramco Total Refining and Petrochemical (SATORP)

Umm Al Qura Development & Construction

Saudia Ground Services

Flynas

Tadawul

Jazan Refinery

Azizia Panda United company

Abdulla Fouad Holding

General Lighting Company

Almutlak Trade & Industries Company

Power and Water Utility Company for Jubail and Yanbu (Marafiq)

Prince Abdulaziz Bin Mousaed Economic City (PABMEC)

ACWA Power International

Saudi White Cement Company

Al Rabie Saudi Foods Co

Dr. Sulaiman Al Habib Medical Group

Air cargo

Islamic Financing products

Hardware retail and wholesale business

Mall management, tenant relations and leasing.

Building Materials and Equipment

Refining and Petrochemical in Jubail

Develop the King Abdul Aziz Road project and properties

Ground handling for all commercial airports in the Kingdom

Low cost Saudi airline

Saudi Stock Exchange

Refinery

Owning and operating supermarkets and hypermarkets

Diversified activities

Lighting fixtures manufacturer and supplier

Auto parts and products

Power and Water Utility Company

Economic city development in Hail

power and water project developer and generation

Manufacturing of Cement

Manufacturing of dairy products, juices and food

Comprehensive healthcare services

1.

2.

3.

4.

5.

6.

7.

8.

9.

10

11.

12.

13.

14.

15.

16.

17.

18.

19.

20.

21.

Sr. No.

Company Name Business Activity

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Summary of Terms

Muscat Capital LLCFund Manager

Investing in the IPOs in Saudi Arabia and the shares of other companies listed on the Saudi stock exchange (Tadawul) during the prior 3 years. The fund will be Sharia compliant.

Objective

Muscat Capital IPO Index calculated by Standard & Poor's IndexBenchmark Index

SAR 10Initial offer price

SAR 200 million at the end of initial offerTarget Fund Size

Open-endedFund Term

SAR 10,000Min Subscription

Management Fee: 1.75% p.aCustodian Fee : 0.20% p.aAdministrator Fees: 0.06% p.aSubscription Fee : Up to 1.5% of subscription amountRedemption Fees : 1% if redeemed within 30 calendar days

Fees

Muscat Capital IPO FundFund

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Service Providers

EFG-Hermes KSASub Manager

Northern Trust Company of Saudi Arabia Custodian & Administrator

The Law Office of Mohammad Al-Ammar (in affiliation with King & Spalding LLP) Legal Advisor

KPMG Al Fozan & Al SadhanFund Auditors

Dr. Sheikh / Salman bin Saleh bin Mohammed Al-Dakhil Dr. Sheikh / Abdullah bin Mansour bin Abdullah Al-Ghufaili

Shariah Committee

Abdul Wahid bin Mohammed Al-Murshidi - Chairman Eng. Abdullah Mohammed Abdullah Al-Khnaifer - Independent Board Member Saad bin Abdulaziz Al-Ajlan - Independent Board Member Salah Saleh Sultan - Board Member Khalid bin Mohammed Al-Taleb - Board Member

Fund Board

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Investment limits

IPOs and shares of Shariah compliant companies listed on Tadawul during the prior 3 years.

0% 100%

0% 25%Tradable rights issues and unsubscribed rights

0% 25%Other small to mid-cap companies listed on Tadawul

0% 50%Shariah compliant cash and/or instruments and/or money market funds

0% 15%Units of similar strategy funds or Shariah compliant Money Market Fund

Minimum Maximum Investment Type

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Muscat Capital is the investment banking arm of bank muscat, which is the largest commercial bank in Oman. The bank also has a branch in Riyadh.

Muscat Capital offers a wide range of services which include Brokerage, Wealth / Asset Management and Investment Banking.

Muscat Capital’s Saudi Arabian team is strongly supported by bank muscat Asset Management, which has an experience in managing funds and portfo-lios since 1994 and with $1.8b asset under management.

The Fund Manager – Muscat Capital

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EFG-Hermes is one of the largest investment banks in the region with over 800 employees across its 7 regional offices; its operations include Invest-ment Banking, Securities Brokerage, Research, Asset Management, and Private Equity

EFG-Hermes Asset Management manages more than USD 3 billion in equities and fixed income across 25 funds and more than 60 discretionary portfolios, focused on the MENA region

The EFG-Hermes Saudi Arabia Equity Fund, managed by EFG-Hermes KSA, has received a number of awards for its top performance, most recently the “Best Saudi Equity Fund” by Thomson Reuters / Zawya MENA Asset Man-agement Awards 2014 and “Best Saudi Asset Manager 2014” by Global Banking & Finance Review

The Sub Manager – EFG-Hermes KSA

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EFG-Hermes Saudi Arabia Equity Fund vs. TASIReturn since inception as of December 31st, 2014

EFG-Hermes Saudi Arabia Equity Fundvs. TASI

Year-to-date performance as ofDecember 31st, 2014

*Inception Date was June 17th, 2008

**TASI figures are based on price return while fund figures are based on total return ne of all fees.

***Figures refer to the period since current Fund manager started managing the Fund on July 31st, 2009.

The Sub Manager – Track Record

2014* 17.2%

48.8%

11.2%

1.8%

22.4%

(51.6%)

196.7%

66.5%

-2.4%

25.5%

6.0%

(3.1%)

27.5%

(51.1%)

87.9%

10.6%

19.6%

23.3%

5.2%

4.9%

(5.1%)

(0.5%)

108.8%

55.9%

0.6%

30.6%

9.9%

0.4%

32.1%

(50.6%)

16.6%

18.2%

1.3%

1.4%

(9.7%)

(1.0%)

2013

2012

201112.7% 8.2% 4.5% 11.7% 1.0%2010

2009

2008*July 31st 2009 to Date***Inception to Date*

Saudi Fund**

TASI Difference TASI TR Difference

Beta***

16.25%

0.97

16.30% (0.05%)

0.97

16.32% (0.07%)Volatility***

20.0%

18.0%

16.0%

14.0%

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

-2.0%

-4.0%

EFG-Hermes SaudiArabia Equity Fund

TASI TotalReturn Index

Tadawul AllShare Index

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Snap shot of time lines

Pre-launch offering period commencement date

Pre-launch offering period closing date

* The Fund Manager might decide to close the pre-launch fund raising and launch the Fund at an earlier date.

15 January 2015

01 March 2015*

Muscat Capital IPO FundFund

Disclaimer

The contents of this presentation may not be shared or reproduced withoutthe explicit consent of Muscat Capital. All investments into the

Muscat Capital IPO Fund can be made only in accordancewith the Terms & Conditions of the Fund.

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P.O.Box: 64666, Riyadh 11546 - KSA, King Fahad Road - Tel.: +966 11 279 9525 - Fax: +966 11 279 9515 - CMA Authorisation No. 08096-37Muscat Capital Limited Liability Company with a paid up capital of S.R. 60,000,000 - C.R. 1010259328 COC 208228

www.muscatcapital .com.sa