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f negativity is already being priced in. MSCI Saudi 12m Fwd EV-EBITDA 16 7 —seeeqeeee Average 06 07 08 09 10 11 12 13 14 15 16 Source: DataStream, I/B/E/S, Bloomberg, BofA Merrill Lynch Global Research OS Merrill Lynch GEMs Paper #26|30 June 2016 43 HOUSE_OVERSIGHT_016153 --- PAGE BREAK --- Chart 4
Page: HOUSE_OVERSIGHT_016154 →Pierce, Fenner & Smith Incorporated
Organization
Merrill Lynch Global Wealth Management
OrganizationInvestment management and financial planning service

Merrill Lynch
OrganizationAmerican investing and wealth management division of Bank of America
The Financial Service Board
OrganizationMerrill Lynch International
OrganizationMerrill Lynch Equities (Australia) Limited
Organizationthe Australian Securities and Investments Commission
Organizationthe Hong Kong Securities and Futures Commission
OrganizationMerrill Lynch Canada Inc
Organizationthe Investment Industry Regulatory Organization of Canada
OrganizationMerrill Lynch Argentina SA
Organization
the Financial Services Agency
Organizationthe Securities and Futures Bureau
OrganizationDSP Merrill Lynch Limited
Organizationthe Securities and Exchange Board of India
Organizationthe Dubai Financial Services Authority
OrganizationComisién Nacional del Mercado De Valores
OrganizationBank of America Merrill Lynch Banco Multiplo S.A.
OrganizationComissdo de Valores Mobiliarios
OrganizationMerrill Lynch KSA Company
Organization