Epstein Secrets

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

and Far East Saudi Arabia exported c.1mbpd of oil products in 2014, mainly to Asia and the Far East (56%), other Middle Eastern countries (19%) and Western Europe (12%). Chart 61: Oil product export volumes split per region in 2014 Chart 62: Saudi Arabia oil product slate in 2014 1% _ 1% 20.1 13.0 449 11%

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

he-Parts analysis. Each business is valued via DCF (except MtM for TMUS and OTE }) using a 7.0% WACC and 1.00% terminal growth rate for Domestic and Western Europe assets (and 8.0% WACC/1% term growth for Eastern Europe assets) and cross-checked using implied valuation multiple analysis. Our Domestic business v

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

Return to long-term trend ¢ The Eurozone crisis abates. Financial market conditions recover, mitigating the drag from fiscal austerity. ¢ Growth in Western Europe turns decisively positive by early 2013 and the US economy grows above trend. & Negative scenario (Probability: 15%*) Recession ¢ There are three ke