Epstein Secrets

AFS License 235132 (MLEA) distribu affiliates involved in preparing this research report is an ion or distribution of this the DFSA. Research re he Australian Prudential Regulation Authority. pplicable regulations. Merrill Lynch (DIFC) is au by BaFin. lates in the nal, regulate oO ustral | ndustry Regu na}: Merrill Lynch (Seou ent | a

t MLI (UK) +44 20 7996 7062 aguptal [email protected] William Chan, CFA >> Equity-Linked Analyst Merrill Lynch (Hong

own stock should consider hedging a [email protected] pullback using a Sep17 collar (+17put/-18 call for 46bps) to hedge losses greater than William Chan, CFA >> 2.9% while retaining upside to 18 (stock’s ~15yr high is 18.05). Extending our EU equity Ste iene vs credit theme to single names, we find

ge Act in Japa uted in In ons) by Band Merrill Lynch (S ia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribu BANA Australia, nei he Australian Prudential Regulation Authority. pplicable regulations. Merrill Lynch (DIFC) is au s of the DFSA conduct of business rules. Bank of America Merri by BaFin. n-US affil he US. An i

of its affiliates involved in preparing this research report is an Authorised Deposit-Taking Institution under the Banking Act 1959 nor regulated by the Australian Prudential Regulation Authority. No approval is required for publication or distribution of this report in Brazil and its local distribution is by Merrill Lynch (Brazil) in accordan

OUSE_OVERSIGHT_026003 --- PAGE BREAK --- Research Analysts Benjamin Bowler Equity-Linked Analyst MLPF&S +1 415 676 3595 [email protected] William Chan, CFA >> Equity-Linked Analyst Merrill Lynch (Hong Kong) +852 3508 3921 [email protected] Clovis Couasnon >> Equity-Linked Analyst MLI (UK) +