Epstein Secrets

ws of ISG, is not research and is nota product of Global nvestment Research or Goldman Sachs Asset Manageme

November 2016 OPEC Meeting 12 m November 2016 Agreed Cut 1.0 0.8 0.6 0.4 0.2 0.0 -0.2 -0.4 ran raq Libya UAE Total Algeria Angola Ecuador Kuwait Nigeria Qatar Saudi Venezuela Data as of November 30, 2016. Source: Investment Strategy Group, Bloomberg, OPEC. Exhibit 97: US Energy Sector Ratio of Capit

f average global demand growth— they are largely a reversal of production growth seen over the last six months (see Exhibit 96). Meanwhile, Libya and Nigeria were excluded from these new OPEC quotas given sizable domestic disruptions that have depressed their production. Recent signs of improvement, howeve

value Almarai on 21x 2017E EPS, a 15% premium to Global (blue chip) food producer averages. We believe th

obal oil consumption BofAML OPEC capacjty growth, 2015-2020F 105 Kuwait mn bpd fcast uwail 100 , Algeria 95 Qatar 90 Venezuela Angola 85 3 Ecuador 80 Nigeria 15 UAE 70 Libya 65 Iran Saudi Arabia 60 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 -0.3 -0.1 0.1 0.3 05 Source: IEA, BofA Merrill Lynch Commo

t LightSquared Holcim Ltd Dogus Group Consolidated Contractors Company (CCC) USA Switzerland United Arab Emirates Malaysia United Arab Emirates Nigeria USA India Canada Qatar Russian Federation Turkey Germany Germany South Africa USA USA USA Switzerland Switzerland Israel United Kingdom USA

ommittee of the Red Cross (ICRC), Geneva Chairman and Chief Executive Officer Chief Executive Officer and Managing Director Chief Executive Officer, BT Global Services Chief Executive Officer Chief Investment Officer President and Chief Executive Officer Chief Executive Officer Director, Institute for