Re: KINGDOM OF SAUDI ARABIA - TERMS/TIMING [C]

Daniel SabbaVahe StepanianStewart Oldfield

Classification: Confidential

THIS ANNOUNCEMENT IS NOT BEING MADE IN AND COPIES OF=IT MAY NOT BE DISTRIBUTED OR SENT INTO THE UNITED STATES (EXCEPT THAT IT M=Y BE SENT IN THE UNITED STATES DIRECTLY TO QUALIFIED INSTITUTIONAL BUYERS =S DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT OF 1933), CANADA, AUSTRALIA OR =APAN.

98 KINGDOM OF SAUDI ARABIA - TERMS/TIMING 98

Issuer: The Kingdom of Saudi Arabia acting through the Ministry of Finance<=r> Issuer rtgs: A1 (stable) / AA- (neg) (Moody's/Fitch)

JLMs/lt•Bks: Citi, HSBC, J.P. Morgan, Bank of China, BNP PARIBAS, Deutsche =ank, Goldman Sachs, Morgan Stanley, MUFG, NCB Capital Timing: Global books open Expect US Books subject at 5pm NY today (Tues) Expect Europe/MENA/Asia Books subject at 9am UK tomorrow (Weds) Pricing tomorrow (Weds)

The securities referred to herein may not be sold in the United States abse=t registration or an exemption from registration under the U.S. Securities=Act of 1933, as amended (the "Securities Act"). The Kingdo= of Saudi Arabia does not intend to register any of the securities in the United States or to conduct a public offering of =he securities in the United States. The securities will be offered in the =nited States to qualified institutional buyers pursuant to Rule 144A under=the Securities Act and outside the United States pursuant to Regulation S under the Securities Act. This =nnouncement is being issued pursuant to and in accordance with Rule 135c u=der the Securities Act.

This communication does not constitute an offer of the Securities to the pu=lic in the United Kingdom. No prospectus has been or will be approved in t=e United Kingdom in respect of the Securities. This communication is being=distributed to and is directed only at (i) persons who are outside the United Kingdom or (ii) persons who=are investment professionals within the meaning of Article 19(5) of the Fi=ancial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the="Order") and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falli=g within Article 49(2)(a) to (d) of the Order (all such persons together b=ing referred to as "Relevant Persons"). Any investment act=vity to which this communication relates will only be available to and will only be engaged with, Relevant Persons. Any perso= who is not a Relevant Person should not act or rely on this document or a=y of its contents.

=span>

Name: Darlene Zong, CFA
Title: Key Client Partner
Company: Deutsche Bank Securities, Inc.
Address: 45 Park Avenue, 26th Floor, New York, NY, 10154

jeffrey E.

no= sure if you only wanted information or wanted to put in an order book=for US closes today at 5pm and UK closes at 9am local time tomorrow <=iv>

indication from HSBC to DB is that deal is coming in on =ower end of range $10-$15 billion please advise if you wou=d like to put an order in or pass thank you

=div>

Richard Kahn
HBRK Associates Inc.

New York, NY 10022
tel
fax
cell

Richard Kahn

Pass

Re: ** KINGDOM OF SAUDI ARABIA - TERMS/TIMING ** [C]

Re: KINGDOM OF SAUDI ARABIA - TERMS/TIMING [C]