Epstein Secrets

rnS 4130. for tar reporting information It is the practice of 1185 to file the appirCatre lac reporting forms %Nth the US Mterni Revenue Service and PR Treasury Department, and in such forrrn accurately dasafy cludends andia Interest as lax exerrpt or facet:Mince:me. Pleat consult your Ir.:I...dual tat propane. March

ssets (continued) Account name: GHISLA1NE MAXWELL Friendly account name:Indiv V49939306 Account number: Y1 23571 55 Fixed income Mutual funds Total remYtited 4 the told of at renvegeddadends n does not include any cash due:ends 4 is not a tea lot for the purposes of determin n9 herring periods o

Institution has called the “fiscal fights of the Obama administration.” The first fiscal fight resulted in the Standard and Poor’s (S&P) downgrade of US Treasury debt in August 2011. The equity markets, as measured by the S&P 500 Index, dropped about 19% between April and October of 2011. Taken together, the

Change in 6 Months Leading up to the November 2016 OPEC Meeting 12 m November 2016 Agreed Cut 1.0 0.8 0.6 0.4 0.2 0.0 -0.2 -0.4 ran raq Libya UAE Total Algeria Angola Ecuador Kuwait Nigeria Qatar Saudi Venezuela Data as of November 30, 2016. Source: Investment Strategy Group, Bloomberg, OPEC. Exhi

5-25 -23~—s -20 -19 25-26 Other assets -4 “1-11-10 11-1 -11 -11— 11 memo: Identified Saudi Arabian and Middle Eastern holdings in the US Saudi Arabia US Treasury (UST) holdings 51 46 8 69 68 £76 80 91 109 Long-term securities 50 45 82 68 67 74 78 88 107 Short-term securities 1 1 1 1 1 2 2 3 2 Saudi Arabia hold

bil SASREF Jubail 1986 305 114 50.0% Shell Petro Rabigh | Rabigh 1990 400 150 37.5% Sumitomo (37.5%, free float 25%) SATORP Jubail 2014 400 250 62.5% Total (37.5%) YASREF Yanbu 2015 400 250 62.5% Sinopec (37.5%) Total 1905 914 Total in Saudi Arabia 2,911 1,920 International refining JVs: S-Oil South Kore

83 --- PAGE BREAK --- Rates vol is near all-time lows and is favorable for positioning for a break-out Since the US Election last November, the 10y US Treasury rate has fluctuated between 2.17% and 2.63%, constantly being jostled up or down by various economic forces. It is currently trading towards the bott

UTRAL BP plc BP BP US Christopher Kuplent BP ple BPAQF BP/ LN Christopher Kuplent Repsol REPYY REPYY US Hamish Clegg Repsol REPYF REP SM Hamish Clegg Total TTFNF FP FP Christopher Kuplent Total TOT TOT US Christopher Kuplent UNDERPERFORM Neste NTOIF NESTE FH Georgia Harris OMV OMVJF OMV AV Hamish Clegg O

ths) underweight neutral overweight Equities T total Canada North America Cc wn > EMU Q UK 2 @ Swit

uld spike. Note: Scenarios refer to global economic scenarios (see slide 7) What we're watching Why it matters Core market yields The direction of US Treasury and German Bund yields are important for EM fixed income spreads, especially for USD- and EUR-denominated bonds. Key date: Dec 6, European Central Ba