le Saudi energy policy, in our view. OS merrill Lynch GEMs Paper #26 | 30 June 2016 3 HOUSE_OVERSIGHT_016113 --- PAGE BREAK --- Expanded role for the Oil Ministry under Vision 2030 The Ministry of Petroleum and Mineral Resources has been expanded to become the Ministry of Energy, Industry and Mineral Resources

A's shares are listed on a national U.S. stock exchange. Company A enters into an agreement with a European company (EuroCo) to submit a joint bid to the Oil Ministry to build a refinery in Foreign Country. EureCo is not an issuer. Executives of Company A and EuroCo meet in New York to discuss how to win the bid a