Epstein Secrets

11.1 0.2 29 3 0 I Tunisia 6.0 6.8 13.5 17.4 0.5 336 Na 2 3 Average Mediterrane an 4.9 4.9 19.5 16.4 0.3 286 20.5 0.4 3.8 Norway 7.1 6.8 14.6 16.2 1.7 4.112 97 8 12 Sweden 7.4 7.8 13.8 13.4 3.8 4.511 285 13 18 UK 4.9 4.5 Na 11.4 1.8 2.666 76 23 31

Na 2 0 0 Kuwait 4.8 Na 3.4 Na 0.2 212 27 4 1 Oman 3.1 3.9 I1.1 Na Na 8 3 II Qatar 3.5 3.6 Na Na Na 591 0 0 0 Saudi Arabia 6.5 9.5 17.8 Na Na Na 103 0 Na UAE 1.9 1.9 14.6 Na Na Na 15 0 Na Average Gulf 4.0 4.4 12.3 11.4 0.2 270 25 2.5 1 Medit

nmark USA World Economic Forum Annual Meeting 2011 EFTA_R1_02011045 EFTA02686170 Johan H. Andresen Jr Owner and Chief Executive Officer Ferd Norway Jason Andrew Vice-President, Worldwide Marketing and Channels BMC Software Inc. USA Kirill Androsov Managing Partner, Altera Capital. Russian

nior Correspondent, Foreign II Sole 24 Ore Italy Affairs Amr A. Al Dabbagh Governor, Saudi Arabian General Investment Authority (SAGIA), Saudi Arabia Ibrahim S. Dabdoub Group Chief Executive Officer National Bank of Kuwait Kuwait World Economic Forum Annual Meeting 2011 EFTA_R1_02011053 EFTA

nmark USA World Economic Forum Annual Meeting 2011 EFTA_R1_02011164 EFTA02686247 Johan H. Andresen Jr Owner and Chief Executive Officer Ferd Norway Jason Andrew Vice-President, Worldwide Marketing and Channels BMC Software Inc. USA Kirill Androsov Managing Partner, Altera Capital. Russian

nior Correspondent, Foreign II Sole 24 Ore Italy Affairs Amr A. Al Dabbagh Governor, Saudi Arabian General Investment Authority (SAGIA), Saudi Arabia Ibrahim S. Dabdoub Group Chief Executive Officer National Bank of Kuwait Kuwait World Economic Forum Annual Meeting 2011 EFTA_R1_02011172 EFTA

cks. The foreign ownership is mostly by Asia sovereign wealth and oil related sovereign wealth. Also the biggest of oil related sovereign wealth is Norway (not Middle East) and we don't see those non- Middle East funds as forced sellers. 1.1% of S&P 500 market cap is owned by major Asian countries (Chi

ds as forced sellers. 1.1% of S&P 500 market cap is owned by major Asian countries (China, Singapore) and oil related countries (Norway. UAE. Saudi Arabia, Kuwait, Qatar. Russia). Therefore the sovereign wealth funds of these countries should own no more than 1% of S&P 500 market cap. foreign ownershi

st democracies—should be denied a place in democratically- elected legislatures, just as Nazi parties were in Germany and fascist parties in Italy, Norway, and the U.K. The Egyptian electorate was not afforded the opportunity to discuss the kind of government they wanted. One answer lies in a correct

overthrow a fellow Arab head of state, President Bashar al-Assad - and to do whatever they can to hurt Iran. Iranians increasingly interpret Saudi Arabia's mood as a hungering for war; and Gulf statements do often have that edge of hysteria and aggression: a recent EFTA_R1_02203688 EFTA02720376 ed

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

l Research. Source: Haver, BofA Merrill Lynch Global Research. Likewise, the focus on religious tourism is appropriate given its importance in Saudi Arabia but NTP targets appear ambitious to us with a targeted 20%yoy CAGR increase in Umrah pilgrims. Religious tourism accounted for c40% of total tourist

rade status to be retained despite likely further rating cuts A prolonged oil price downturn is likely to continue to put downward pressure on Saudi Arabia’s credit rating in the medium-term. On average, the GCC has benefited from three notch rating upgrades over the period 2002-10 prior to the start of

Technologies Naspers Ltd Investor AB Salesforce.com Hurriyet Gazetesi International Herald Tribune Bilan India India India USA USA Netherlands Norway Mexico Canada Spain Switzerland USA United Kingdom India United Kingdom United Kingdom USA Brazil United Kingdom USA United Kingdom France US

anaging Director Chief Executive Officer Senior Correspondent, Foreign Affairs Governor, Saudi Arabian General Investment Authority (SAGIA), Saudi Arabia Group Chief Executive Officer World Economic Forum Annual Meeting 2011 Forrester Research Inc. Vodafone Group Services Ltd Compagnie Financiére

chland Handelsblatt Frankfurter Allgemeine Zeitung DLA Piper UK LLP Itochu Corporation Mitsubishi Chemical Holdings Corporation Saudi Arabia Saudi Arabia Switzerland United Kingdom India Oman Oman India USA USA Greece Russian Federation South Africa India Switzerland USA Republic of Korea R