Epstein Secrets

rch. Daily data from 2-Jun-09 to 5-Aug-16. Source: BofA Merrill=Lynch Global Research. Data from Nov-28 to Aug-16. US Equity Derivatives Research I BofA Merrill Lynch I Merrill Lynch, Pierce, Fenner &=Smith Incorporated I +1 646-855- 5480 I +1 646-855-5478 I +1 646-855-1247 I +1 646-855-2631 I dg.rsch_americas_equi

vols are down to YTD low:=Pricing in a slow summer * * USDJPY 2M-1M term structure at its steepest &am=; NKY's in its 98th %-ile since 2011 • * BofA ML: BoJ plans for Sep16 'comprehensive=assessment' create uncertainty * * Market expectation for the Sep BOJ in terms of =wd vol is the near its lows

search Daily data from 5-Aug-11 to 5- kg 16 ...which is notably very close to the typical SPX daily realized move post-elections since 1928 Source BofA Merrill Lynch Global Researdi Daly data from 2-Jun-09 to S. Source Da Merril Lynch Global Research. Data from Nov-28 to Aug-I6 Aug-16 EFTA_R1_00024954 EFTA0173

DJPY IMth vols are down to YTD low: Pricing in a slow summer • USDJPY 2M-1M term structure at its steepest & NKY's in its 98th %-ile since 2011 • BofA ML: BoJ plans for Sep16 'comprehensive assessment' create uncertainty • Market expectation for the Sep BOJ in terms of fwd vol is the near its lows YT

>6x return) will ensure that agents buy Zillow placements regardless of mortgage broker incentives. Additionally, we see earnings upside potential. 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 may have a conflict

for Facebook and Priceline. Table 3: 1Q17 BofAML Estimates vs. The Street Large Cap Stocks (>$5bn Market Cap) Small Cap Stocks (<$5bn Market Cap} BofA ML vs. BofA ML vs. Ticker 1Q17 Metric BofA ML Street Street Ticker 1Q17 Metric BofA ML Street Street AMZN Revenue $35,335 $35,255 RATE Revenue $117 $1

LPF&S and is not registered/qualified as a research analyst under the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Merrill Lynch entities that take responsibility for this report in particular jurisdictions. BofA Merrill Lynch does and seeks to do business with issuers covered

Tencent jumped post better than expected earnings SX7E 1M 25d call / SX5E 1M 25d call price ratio is in the 100" 2-yr percentile Close position and BofA ML turned neutral in EM in the short-term Close position and BofA ML turned neutral in EM in the short-term Close position and BofA ML turned neutral in

rther increases in spare capacity take place. Our BofAML commodities research medium-term supply-demand ba

bject to change without notice. Prices also are subject to change without notice. BofA Merrill Lynch is under no obligation to update this report and BofA Merrill Lynch's ability to publish research on the subject issuer(s) in the future is subject to applicable quiet periods. You should therefore assume that BofA Merr

analyst under EEMUS 15.4(-0.1) 13.2 (08) the FINRA rules. TOP4O 1511.0) — 109(00) Refer to "Other Important Disclosures" for information on certain BofA Merrill Lynch entities that take oy ne responsibility for this report in particular jurisdictions. RDX 24.7 (1.2) 21.3(0.0) BofA Merrill Lynch does and seeks to

Tencent jumped post better than expected earnings SX7E 1M 25d call / SX5E 1M 25d call price ratio is in the 100" 2-yr percentile Close position and BofA ML turned neutral in EM in the short-term Close position and BofA ML turned neutral in EM in the short-term Close position and BofA ML turned neutral in