Epstein Secrets

osite —No-change line 35 08 09 10 11 12 Source: Bloomberg, UBS CIO, as of September 2012 Note: Past perfor

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

r Es a 4 oe Ses 2 Fea f = 2 22 3 sf SE a te ge < = 2 zs eer 8 = = 3 wn New Zealand Data as of December 31, 2016. Source: Investment Strategy Group, Bloomberg. Czech Republic South Africa 60 | Goldman Sachs | JANUARY 2017 HOUSE_OVERSIGHT_014593 --- PAGE BREAK --- incorporates this view, as we are neutra

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

ns of SAR14bn that PIF administers). According to Bloomberg, PIF had stakes in publicly listed companies on T

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

(RHS) Source: BofA Merrill Lynch Global Research, Bloomberg. Daily data from Jan-90 to 5-Jun-17. The politic

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