Epstein Secrets

rael Limited, regulated by Israel Securities Authority; Merrill Lynch 'Russia): 000Merrill Lynch Securities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch 26 Global Liquid Markets Weekly I 24 July 2017 Bankof America Merrill Lynch EFTA00788500 (DIFC): Merrill Lynch International (DI

balances point to deficits of 210 kbd in 2017 and 90 kbd in 2018. We lower our WTI forecasts to average $47 this year and $50.bbl next year. We cut Brent to $50 this year and $52bbl in 2018. We now beleve oil stays in contango by yearend. but see a WTI forward anchor al $45.50 and S5 backwardation by

retation and opinions submitted herein are not in the context of, and do not constitute, any appraisal or evaluation activity requiring a license in the Russian Federation. Risks to Fixed Income Positions Macroeconomic fluctuations often account for most of the risks associated with exposures to instruments that promi

isocioa t0000 5000 0 20 5 'Figure 5: EUR/NOK and Crude oil lob 9.5 - 9.0 - 8,5 - 2 to - 7.5 - 7.0 - 2009 2010 2011 2012 2013 —010,04 Brent, Close, USD, its —EUR/NOIC actual. Ito &wore DeoYene Bork Eitiomewg Fount* CP 30 40 50n 60c 70 80c 90 7gi 100 1102. 120 130 Figure 6: Cor

1.5 Czech Republic 1.7 -1.1 0.9 -3.1 -0.8 Hungary 1.6 -12 0.5 -3.5 09 Poland 4.3 2.3 1.81 2.4 11 Romania 2.5 00 0.8 0.5 1$ Russa 4.3 3.6 3.0 3.7 IS Turkey 8.5 2.8 3/ Global 3.0 2.4 2.5 3.0 1.8 Developed markets 1.3 1.2 1.0 1.7 0.4 Emerging markets 6.1 4.

rporates (CEMBI) 10.1% 9.5% 13.1% 21.0% 16.4% 15.4% Quarterly Averages Commodities Current 1204 1301 1302 1303 GSCI Index YID Return' Brent (Sibbl) 110 105 112 105 120 Energy -3.7% Gold (Stoz) 1733 1725 1750 1775 Precious Metals 8.7% Copper IS/metric ton) 7629 8300 8500