Epstein Secrets

member of NYSE, FINRA. SIPC and the NF A. JPMorgan Chase Bank. N.A. is a member of FDIC. U.K.: JPMorgan Chase N.A.. London Branch. is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and to limited regulation by the Prudential Regulation Authority. Details about the

2.3 2.3 Taiwan 2.1 35 38 7.6 1.9 g 4.0 4.2 3.8 0.6 12 1.6 1.9 Thailand 2.9 11 42 0.5 42 3.5 4.0 4.0 42 1.7 2.6 2.9 3.8 Western Europe 0.1 1.4 4 22 1.6 t 12 T IA 4 1.8 4 2.2 22 10 OS 0.9 1.3 Euro area -0.4 19 4 2.0 12 t 0.8 t 1.0 4 1.5 4 2.0 20 0.8 06 0.8 1

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%

a (Pty) Ltd., regulated by The Financial Service Board; MLI (UK): Merrill Lynch International, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merri

h d by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority | Lynch (Asia ch (Singapore): Merrill Lynch (Singapore)

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