From: aziza alahmadi
Sent: Thursday, August 25, 2016 4:39 PM
To: Jeffrey E.
Cc: Terje Rod-Larsen
Subject: Re:

By the way ... Totally Agree with your=approach .

Aziza

Sent from my=iPhone

On Aug 25, 2016, at 6:32 PM, jeffrey E. <

>

> wrote:

=div dir="auto">
Hi
His email is not secure.
I will pass all information from you to him.
When do you think you can be ready with the presentation?
I want to help in translation.

Regards,
Aziza

Sent from my iPhone

jeevacation@gmail.com <mailto:jeevacation@g=ail.com> > wrote:

## AS I PRE=ICTED, SAUDI NEEDS TO BE APART FROM QATAR , AND KUW=IT. IT IS BEING PUT IN THE

SAME PILE

By Matthew Martin, Dinesh Nair and Archana Narayanan (Bloomberg) -- Saudi Arabia appointed six banks as co-lead managers on its first international bond sale as the country looks to plug a budget deficit caused by the drop in oil prices, according to people familiar with the matter. The kingdom hired Bank of China Ltd., BNP Paribas SA, Deutsche Bank AG, Goldman Sachs Group Inc., Mitsubishi UN Financial Group Inc. and Morgan Stanley to arrange the sale, the people said, asking not to be identified as the information is private. The banks will hold a meeting later this month to start working on the deal, two of the people said.

## AS I PRE=ICTED, SAUDI NEEDS TO BE APART FROM QATAR , AND KUW=IT. IT IS BEING PUT IN THE (cont.)

The managers will work with HSBC Holdings Plc, JPMorgan Chase & Co. and Citigroup Inc., who were said to have been appointed global coordinators last month for the sale of at least $10 billion of bonds. Saudi Arabia plans to boost debt as it looks to plug an estimated shortfall of about $100 billion in its budget this year and fund an economic transformation plan. Government debt levels will increase to 30 percent of economic output by 2020 from 7.7 percent, according to the government. The plunge in crude is driving bond sales across the six-nation Gulf block as governments seek to fill fiscal gaps the International Monetary Fund says could reach $900 billion by 2021. Kuwait, which plans to raise as much as $9.9 billion from a bond issue in September, is willing to liaise with Saudi Arabia on the timing of the sale, Finance Minister Anas Al-Saleh said in a phone interview Monday. Qatar raised a record=$9 billion in May and Abu Dhabi sold bonds worth $5 billion in April. Spokesmen for Goldman Sachs, Morgan Stanley and Deutsche Bank declined to comment. A spokeswoman for BNP Paribas also e-mail declined requesting to comment. comment. MUFG A call didn't to the immediately London offices respond of Bank to an of China wasn't immediately answered, while Saudi Arabia's Mini=try of Finance couldn't be reached for comment outside of office hours.

=div dir="ltr"> please note aiv>The information contained in this communication is confidential, may b= attorney-client privileged, may constitute inside information, and is i=tended only for the use of the addressee. It is the property of JEEUnauthorized use, disclosure or copying of this communication or any pa=t thereof is strictly prohibited and may be unlawful. If you have receiv=d this communication in error, please notify us immediately by return=e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all c=pies thereof, including all attachments. copyright -all rights reservedar>

=nbsp; please note

The information contained in th=s communication is confidential, may be attorney-client privileged, may<=r>constitute inside information, and is intended only for the use of the=addressee. It is the property of JEE Unauthorized use, disclosure or c=pying of this communication or any part thereof is strictly prohibitedand may be unlawful. If you have received this communication in error, p=ease notify us immediately by return e-mail or by e-mail to

## AS I PRE=ICTED, SAUDI NEEDS TO BE APART FROM QATAR , AND KUW=IT. IT IS BEING PUT IN THE (cont.)

jeevacation@gmail.com, an= destroy this communication and all copies thereof, including all att=chments. copyright -all
rights reserved

--
please note

The inf=rmation contained in this communication is confidential, may be attorney=client privileged, may constitute inside information, and is intended on=y for the use of the addressee. It is the property of JEE Unauthor=zed use, disclosure or copying of this communication or any part thereof=is strictly prohibited and may be unlawful. If you have received this

return e-mail or=by e-mail to jee=acation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies the=eof, including all attachments. copyright -all rights reserved

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