Epstein Secrets

clusions from, the information presented in rt. errill Lynch Global Researe es and financial methods of the persons who pre

he express written consent of BofA Merrill Lynch. BofA Merril sed on public i | Lynch, including investment ba

ation in governi=g the severity of potential risk parity unwinds. Consequently, risk parity portfolio volatility remained quite =uted </=> Source: BofA Merrill Lynch Global Research. Daily data from=4-Jan-16 through 5-Aug-16. <=> Source: BofA Merrill Lynch Global Research. Equity, fixed i=come, and commodity components within th

high while the NKY 2M-1M term structure (1.5%) is at its 9=th percentile 4 EFTA_R1_01558039 EFTA02455431 gspan><=span> =/span><=span> Source: BofA Merrill=Lynch Global Research. Daily data from 5-Jan-16 to 5-Aug-16<=span> Source: BofA Merrill Lynch Global Research. Current NKY Sep-Oct ATM volatility i

d instruments Lynch entities affiliates may, at any ‘A Merrill Lynch Global Research, may have issued and may in the future issue trad

: The protections provided by the U.K. regulatory regime, including the Financial Services Scheme, do not apply in general to business coordinated by BofA Merrill h policies relating to conflicts of interest are described at http://go.bofa.com/coi. ments linked to securities that may have been recommended in th

dated Edison ED Chin,Brian A3-7 UNDERPERFORM 74.07 59.00 20,526.00 TripAdvisor TRIP — Schindler,Nat C-3-9 UNDERPERFORM 46.95 41.00 9,071.00 Source: BofA Merrill Lynch Global Research BofA Merrill Lynch does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm

t of In the event therewith quity securities o he implementation rt. °o uding ADRs, effectively assume currency risk. de of the United Kingdom. BofA Merrill h h @ persons who prepared them, and Bo is report. LPF&S may be deemed beyond the delivery of this report (unless otherwise agreed 5| transactio

uguonw Secoe€suorkxerosreeraxGomaatitgua 0 ae SARA Se oP oe Oo peewee Jan-10 Jan-11. Jan-12. Jan-13 Jan-14. Jan-15 Jan-16— Jan-17 Source: Bloomberg; BofA Merrill Lynch Global Research estimates Source: Bloomberg; BofA Merrill Lynch Global Research estimates In our view, any meaningful reduction in short interest could drive an out

errill Lynch Global Research and certain busin research reports. To the extent this report discusses ou oO professionals in other business areas of BofA Merrill 5 report containing such rating, recommendation or in Any information relating to the tax status of financia seek tax advice based on their particul

eek advice rega ents discussed in this report. ‘A Merrill Lynch Global Research, may have issued and may in the future issue trad

eutsche Bank, ING Group, LPF&S together with its affiliates ownership position on he report: BNP Paribas The issuer is or was, wi ntesa, Santander. BofA Merrill Corporation, inc ved , Deutsche Bi hin the last ysts responsible for covering iliate was a manager of a pub compensa compensa ceive or in ntesa,

uvFeg n eaeEeoe > co uu eggs = Oo oy oo a0 #0 => vo cs - ow 2 wv a) = ro) = £ = Ss = ox £€Oo 2 Oo ow Ye g 2 Qw = 2 ef Ss £ = ==ts6~ S> = C& Source: BofA Merrill Lynch Global Research. *Latest as of 05-Aug-16 Chart 2: Change** in stress across GFSI sub-components. The biggest moves were declines in stress; led by credit. Notably s

ons, conclusion, or information con an authorized officer of BofA Merrill Lynch. ed in this material | Lynch, including investment banking personnel. BofA Merrill jons that are inconsistent rames, assumptions, views and analytical ‘0 the attention of any and in connection ly and does not extend with the execu