Epstein Secrets

5-25 -23~—s -20 -19 25-26 Other assets -4 “1-11-10 11-1 -11 -11— 11 memo: Identified Saudi Arabian and Middle Eastern holdings in the US Saudi Arabia US Treasury (UST) holdings 51 46 8 69 68 £76 80 91 109 Long-term securities 50 45 82 68 67 74 78 88 107 Short-term securities 1 1 1 1 1 2 2 3 2 Saudi Arabia hold

curities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch (Turkey |.B.): Merrill Lynch Yatirim Bank A.S., regulated by the Capital Markets Board of Turkey; Merrill Lynch (Turkey Broker): Merrill Lynch Menkul Degerler AS., regulated by the Capital Markets Board of Turkey; Merrill Lynch (DIFC): Merrill Ly

eign wealth funds, pensions, and other institutional investors that we view as highly unlikely to default. Our methodology starts with the 10-year US treasury yield, given the similar duration to the life of the draw down funds management fees. We then add an appropriate credit spread on top of the 10-year

nd is directed at business customers and market counterparties only and is not intended for Retail Customers as defined by the QFCRA. As required by the Capital Markets Board of Turkey, investment information, comments and recommendations stated here, are not within the scope of investment advisory activity. Investment advisory serv

s within the hypothetical risk parity Dec-12 through 27-Jun-16. Equity, fixed income, and commodity investment are represented by the S&P500, 10-Year US Treasury components within the hypothetical risk parity investment are Bonds, and the S&P GSCI Index respectively. Risk parity represented by the S&P500, 10-Y

ecurities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch (Turkey I.B.}: Merrill Lynch Yatirim Bank AS., regulated by the Capital Markets Board of Turkey; Merrill Lynch (Turkey Broker}: Merrill Lynch Menkul Degerler AS., regulated by the Capital Markets Board of Turkey; Merrill Lynch (DIFC): Merrill Ly