Epstein Secrets

authorized under German Banking Law (competent authority: European Central Bank) and is subject to supervision by the European Central Bank and by BaFin, Germany's Federal Financial Supervisory Authority. United Kingdom: Approved and/or distributed by Deutsche Bank AG acting through its London Branc

ies US Japan Euro area Germany France Italy Spain Netherlands Belgium Austria Finland Greece Portugal Ireland United Kingdom Denmark Norway Sweden Switzerland Canada Australia New Zealand EEMEA Czech Republic Egypt Hungary Israel Kazakhstan Nigeria Poland Romania Russia Sa

uction in 2Q17 we suggest Hess has both — short cycle, comprising not only the Bakken but tie back opportunities across established infrastructure in Norway and the US GoM — and long cycle in the shape of a transformational opportunity in Guyana, that becomes tangible with a likely FID in 2Q17. Impact on

rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. iates in the US (short name: legal name, regulator): Merrill Lynch (Sou South Africa (Pty) Ltd., regulated by The Financial Service Board; MLI (UK)

lance of Payments (BoP) framework as they could lead to drains on SAMA reserves in the near term. Over time, Saudi Arabia could decide to emulate the Norway model, which would entail a more prudent use and conduct of fiscal policy, in our view. Chart 1: PIF budget contributions small versus GCC SWF contr

rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. This research report has been prepared and issued by MLPF&S and/or one or more of its non-US affiliates. MLPF&S is the distributor of this research