Moody's places nine Saudi Arabian banks on review for upgrade

This rating action follows an earlier similar rating action on Saudi Arabia's foreign
currency bank deposit ceilings (A3/Prime-2), to reflect the improvements in the country's economic and financial situation. The financial strength ratings of the banks are not affected by this rating action.

Moody's notes that the foreign currency deposit ratings of the nine banks had been set at the previous country ceiling of A3/Prime-2 based on the banks' fundamental strengths, as well as the strong likelihood of support from the Saudi Arabian authorities, should the need arise. According to Moody's, the likelihood of all nine Saudi banks following a country ceiling upgrade is very high.

The ratings affected are as follows:
- National Commercial Bank: A3/P-2 foreign currency deposit ratings
placed on review for possible upgrade.

- Samba Financial Group: A3/P-2 foreign currency deposit ratings placed
on review for possible upgrade.

- Al Rajhi Bank: A3/P-2 foreign currency deposit ratings placed on review
for possible upgrade.

- Riyad Bank: A3/P-2 foreign currency deposit ratings placed on review
for possible upgrade.

- The Saudi British Bank: A3/P-2 foreign currency deposit ratings placed
on review for possible upgrade.

- Banque Saudi Fransi: A3/P-2 foreign currency deposit ratings placed on
review for possible upgrade.

- Arab National Bank: A3/P-2 foreign currency deposit ratings placed on
review for possible upgrade.

- Saudi Hollandi Bank: A3/P-2 foreign currency deposit ratings placed on
review for possible upgrade.

- The Saudi Investment Bank: A3/P-2 foreign currency deposit ratings
placed on review for possible upgrade.

At the end of June 2006, National Commercial Bank had total assets of SAR155.1 billion (US$41.4 billion); Samba Financial Group had total assets of SAR112.6 billion (US$30.1 billion); Al Rajhi Bank had total assets of SAR101.2 billion (US$27.0 billion); Riyad Bank had total assets of SAR92.4 billion (US$24.7 billion); Banque Saudi Fransi had total assets of SAR75.5 billion (US$20.2 billion); The Saudi British Bank had total assets of SAR72.8 billion (US$19.4 billion); Arab National Bank had
total assets of SAR68.9 billion (US$18.4 billion); Saudi Hollandi Bank had total assets of SAR44.5 billion (US$11.9 billion); and The Saudi Investment Bank had total assets of SAR39.2 billion (US$10.5 billion).

All banks are headquartered in Riyadh, Saudi Arabia, with the exception of National Commercial Bank which is headquartered in Jeddah. These ratings were initiated by Moody's. The issuers do not have an active
participation in the rating process.