From: Ens, Amand ii i 7 Sent: 1/27/2017 8:03:49 PM To: jeffrey E. [[email protected]]; Richard ka iii i Subject: Meet with our Global Head of Commodities - Monday at 10:15am at One Bryant Park Attachments: image001.png Importance: — High Please let me know if you’re interested in joining a small group meeting with our head of Global Commodities. Apologies for the short notice but they just created this based on client request. ° Monday, January 30 at 10:15am at One Bryant Park (42" St & 6" Ave), Room 5F Francisco Blanch is a managing director and head of Global Commodities and Derivatives Research. Regular Research publications include: The Global Energy Weekly, Commodity Portfolio Monthly and Quantitative Investment Strategies Monthly. Research produced by the Commodities, Asset Allocation, and Global Derivatives teams has been recognized by Institutional Investor, Extel, Greenwich, Bloomberg, or Energy Risk, among others. Previously he was Head of Global Asset Allocation Research. Prior to joining Merrill Lynch, Blanch was an energy economist focusing on global oil & gas in the commodity research group at Goldman Sachs & Co. and consulted for the European Commission and other public and private organizations. Blanch has a masters degree in public administration from Harvard University and a doctorate in economics from Complutense University of Madrid. Key topics of discussion: 1 — OPEC / Saudi Policy - OPEC agreed to cut production by 1.2mb/d, along with 600kb/d from non-OPEC producers. Francisco believes Saudi’s key objective will be to push the oil forward curve into backwardation to 1)lower global refinery margins 2) lower prices for forward sellers and prevent capex spending 3) reduce downside oil price risks. Francisco believes it is in OPEC’s best interest to comply with the stated cuts, and thins Saudi remains under significant pressure to either achieve higher oil prices, or inevitably de-peg the Riyal. 2 - Oil fundamentals - OPEC’s cut has significant