Epstein Secrets

d Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS Licens

ation. Fac pa | ities. None of MLPF&S, any of i Research policy prohibits rese containing such rating, rec

d Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS Licens

other busi his re ities. None of MLPF&S, any of i Research policy prohibits rese containing such rating, rec

and Merrill Lynch ingapore) are regulated by MAS. Bank of America N.A,, Australian Branch (ARBN e this report in Austra

ompensation received from, such issuers in BofA research reports. To the extent this report discusses any

ofessionals in other business areas of BofA Merri Research and certain business groups. As a resul BofA res

not insured by the Federal Deposit Insurance Corporation and are not deposits or other obligations of any insured depository institution (including, Bank of America, N.A.). Investments in general and, derivatives, in particular, involve numerous risks, including, among others, market risk, counterparty default risk and

am, I/B/E/S, Bloomberg, BofA Merrill Lynch Global Research OS Merrill Lynch GEMs Paper #26|30 June 2016 43

not insured by the Federal Deposit Insurance Corporation and are not deposits or other obligations of any insured depository institution (including, Bank of America, N.A.). Investments in general and, derivatives, in particular, involve numerous risks, including, among others, market risk, counterparty default risk and

other busi his re ities. None of MLPF&S, any of i Research policy prohibits rese containing such rating, rec

not insured by the Federal Deposit Insurance Corporation and are not deposits or other obligations of any insured depository institution (including, Bank of America, N.A.). Investments in general and, derivatives, in particular, involve numerous risks, including, among others, market risk, counterparty default risk and