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Exhibit 1: Saudi Vision 2030 Governance Model Defining Council of Ministers Support Units directions and making decisions Council of Economic and Finance Committee Development Affairs | (CEDA) CEDA' Public Strategy Committee Project Level 2 Investment Developing Strategic Mmiewernent earn nelcesian strategies eam at Ministry of CEDA Management Office Senn Performance Initiatives Management BB selection of programs adopted in Vision 2030 a Additional programs under consideration Source: Saudi Vision 2030 A web of Strategic Programs Saudi Vision 2030 incorporates a number of Executive Programs and initiatives, with implementation carried out by several government entities. The Vision continues to centralize decision-making into CEDA, chaired by Deputy Crown Prince Mohammed bin Salman, and reporting to the Council of Ministers. The Ministry of Economy and Planning also retains an important role, with lower emphasis being put on the Ministry of Finance. The Project Management Program also suggests emphasis on ongoing review of capital expenditures, whereby existing review served to examine their approval process, and control their level. From a macro perspective, the three most important programs for now are: a) the re-shaping of the Public Investment Fund (PIF) into a USS2trn Sovereign Wealth Fund (SWF); b) the new corporate strategy for Saudi Aramco to transform it into an energy and industrial conglomerate; and, c) the National Transformation Plan (NTP) which encompasses medium-term growth boosting initiatives and fiscal consolidation measures (alongside the Fiscal Balance and Privatization Programs). We discuss these three elements in turn below. Table 1: Strategic Programs introduced by the Saudi Vision 2030 Strategic Program Government Restructuring Program Strategic Directions Program Regulations Review Program Performance Measurement Program Human Capital Program Program for Strengthening Public Sector Governance Strategic Partnerships Program "Daem" Program Private Sector Growth Stimulation Program Regional Development Program Fiscal Balance Program Project Management Program Saudi Aramco Strategic Transformation Program Public Investment Fund (PIF) Restructuring Program Privatization Program National Transformation Plan Program Source: Saudi Vision 2030, BofA Merrill Lynch Global Research Comment Supreme Councils have already been implemented, and the Council of Political and Security Affairs and the Council of Economic and Development Affairs (CEDA) have been established Strategic directions determined by state agencies and approved by the government Several laws have been reviewed or enacted already such as the Company Law, the Non-Governmental Organizations Law, the White Land Law, and the General Authority for Endowments (Awqaf) Law Center for Performance Management of Government Agencies has been established Aims to measure, assess, analyze and support the efficiency of civil service Strategic Management Office reporting to CEDA as well as a Decision Support Center at the Royal Court are to be established Aims for stronger ties with economic partners to enhance exports Aims to enhance the quality of cultural activities and entertainment Under consideration Under consideration Likely target of achieving fiscal balance by 2020 Expert Project Management Offices (PMOs) and a Central Delivery Unit have been established Aims to position Saudi Aramco as a leader in more than one sector Aims to transform the PIF into the largest Sovereign Wealth Fund (SWF) in the world Comprehensive privatization program; targets under study Interim Key Performance Indicators (KPI) targets to achieve by 2020 2S Merrill Lynch GEMs Paper #26 | 30 June 2016 5 HOUSE_OVERSIGHT_016115