Epstein Secrets

c3b706dcl4f33b7816e07e7cdd4al.emz] Source: BofA Merrill Lynch Global Research, MSCI, IBES estimates EFTA00665029 US Equity Derivatives Research I BofA Merrill Lynch I Merrill Lynch, Pierce, Fenner & Smith Incorporated I +1 646-855-5480 I+I 646-855-5478 I +1 646-855-12471+1 646-855-2631 -mailto: For important a

gain long EM exposure with limited downside given that these markets have outperformed YTD and they face continued geopolitical risks • Buy HSCEI, KOSPI2, TWSE Jun-18 105%-120% call spreads funded by selling ASX200 (DM) and NIFTY (high valuation, weak earnings) 105%-120% call spreads for 0 upfront cos

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

% 2M 25d-Call KOSPI2 (14.2%) NIFTY (12.2%) 1.16 98% ° Source: BofA Merrill Lynch Global Research 5% * Index universe includes the ASX200, HSCEI, HSI, KOSPI2, NIFTY, NKY, TWSE, SPX and SX5E a a oo a a a ee mid level implied vol ise] iss} o oO D o ise] D o ise] D o ise] oO > Sao 7 SYN FT EH FEY FOS Source:

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

in July and August as ~US$4.0bn of legacy products may knock-out in Jul-17 with an average HSCEI knock-out level of 9665 (Chart 43). e — Issuance in KOSPI2-linked products (up from US$840mn to US$846mn) remained steady in May-17; HSI-linked products fell 66% from US$360mn to US$120mn as investors prefere