The following are guidelines to help you with your companys analysis. After choosing your company (ARAMCO); you need to select another company that would represent the industry. Then do the same for both companies.

Generally speaking there five steps to Business Valuation.

1 Step #1 - Defining the company

Describe your company

1) Name the company and ownership structure

2) Location of company; its main line of business

3) Equity shares versus assets

4) Specify the number of shares valued and total outstanding shares

5) Options or warrants (if any)

6) Non-controlling versus controlling interest (if any)

7) Any other information you feel the reader should know

2 Step #2 Data Discovery

The information required includes (but is not limited to):

1) Company information

a) Financial

b) Operational

2) Industry information

a) Economics literature covering the company and its industry.

3 Step #3 - Data Analysis

A. Qualitative Analysis emphasis is on assessing qualitative risk and competitive advantages or disadvantages.

1) Company background

a) Description and analysis of Subject Companys

b) SWOT analysis (strengths, weaknesses, opportunities, threats)

2) Macroeconomic and microeconomic research

a) Analysis of the macro and microeconomic forces which affect performance and outlook

3) Industry research

a) Size in Dollars/Riyals of industry revenues

b) Size characteristics of industry

c) Do companies compete on price? Service? Product quality? (Indicate its strategy)? Why you think this is suitable strategy for it, or not, explain.

B. Quantitative Analysis

1) Analysis of Subject Company on basis of:

a) Growth

b) Profitability

c) Asset management

d) Coverage

e) Leverage