Epstein Secrets

mat Arternatively. contact Research Opecabcre Recipient Hamdy Hambad) Cola Mackay. CFA, Director Emersins (mom( tAiddle East & Afrit. &mits Sales Bank ol America Merrie Lynch Office: Mis ~erica was piepend by Seks persoon.% of Bonk of Amenko Merrill Lynch opdis subject to the teems ovacith at the JolkwinglMk

ignificant milestone, the addition to MSCI's EM Watchlist. Note that FTSE timelines are sooner. Saudi could represent 3.6% of MSCI EM (this includes Aramco at $ltrn and 5% listing). We could see inflows of $20-40bn vs $113n ADV. Foreign ownership less than 1%. On the Saudi gnvt changes-. Mohamed Bin

d St., London, EC1A 1HQ T + The power of =lobal connections'" 2 EFTA_R1_01906679 EFTA02659584 This material was prepared by =ales personnel of Bank of =merica Merrill Lynch and is subject to the terms available at the =ollowing link: http://corp.bankofamerica.com/business/smb/landing/emaildisdai=er/emea/emea-gmi-disclai

value of only $400bn, which depends on tax =cenario assumptions. =/span>As the debate heats up, here are 3 points worth considering re: =ow to value Aramco: EFTA_R1_01906678 EFTA02659583 1. =/span>Does Saudi Aramco have an equity story? =/span>Consider this: Aramco supposedly has 260.270bn barrels

to a SWF that will look to increase its overseas assets (from 5% of total to 50% of total by 2020) following its recapitalization and the proceeds of Aramco IPO. The PIF would hold on-paper a vast amount of wealth post-IPO (USS2trn, according to the Deputy Crown Prince, the bulk of which would be Saudi Ar

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