Epstein Secrets

rill Lynch Global Liquid Markets Weekly 124 July 2017 25 EFTA00788499 Disclosures Important Disclosures BofA Merrill Lynch Credit Opinion Key BofA Merrill Lynch Global Research provides recommendations on an issuers bonds (indtding corporate and sovereign externaldebt securities), capital securities, equity preferreds and CD

al 10 year yield based on headline CPI 6 5 4 3 1 0 -1 -2 -3 -4 97 99 01 03 05 07 09 11 13 15 17 —US —Japan —Euro Area Source Bloomberg Chart 12: The term premium means that currencies maintain a positive spread between their 2 year and their 10 year interest 2Y10Y goverment bond y

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une (6/30) 127-134 put spread for $1.10 (ref 137.13, 5.4x net payout, 21 delta) 2M 90-97.5 Put Skew Elevated (2yr Lookback): EFTA00704481 Source: Bloomberg Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, 5th Floor, New York, NY 10

an> NA -27% TRIP 16% 5% -12% 2.9 =/span> -21% 11% TWTR 11% 14 EFTA_R1_01386442 EFTA02376631 3% -11% 2.5 =/span> -55% -7% Source: BofA Merrill Lynch Global Research, Blo=mberg, as of 4/4/2017 <=p> <=p> <=p> Table 8: Combined metric ranki=gs &n=sp;Company Short Interest % float A short interest % of float

-4 FIT 23 +2 19 +1 TRIP 24 -1 6 EFTA_R1_01386434 EFTA02376623 20 -2 TWTR 25 -5 21 -5 Source: BofA =errill Lynch Global Research, Bloomberg, as of 4/4/2017 =Investor sentiment categories We assembled data tha= measures investor sentiment across six categories. These metrics include =ate

y-1 6 Jun-16 Jul-16 Aug-16 Sep-1 6 Oct-16 Source: Bloomberg Bankof America 2 European Equity Strategy |O01 Dec

0 35 ; 40 —— (SM / Euro PMI manuf alg (advanced 9m) 30 =———=|\iSCI Europe EPS € (trailing yoy, R 60 01/98 «= 01/01 0104 01/07 O10 O13 O16 Source: BofA Merrill Lynch Global Research, Datastream, IBES Chart 3: Cyclicals vs Defensives trade now looks very stretched 4 3 2 1 0 { -2 3 -4 Dec-97 Dec-01 Dec-05 Dec-09 Dec-13 Cyclicals