Epstein Secrets

k is down 25%: -7.8% QCH-eligible: No Amount outstanding: $3.7125 bn Assumes convert held to matunty; oil coupons included EFTA00821594 Source: Bloomberg Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, Sth Floor, New York, NY 10

version ratio sliding scale, can result in an attractively skewed upside vs downside profile for holding the mandatory convert vs the common stock. Allergen, Teva and Frontier Communications are three names we have high conviction on and they have mandatory convert preferreds that I recommend buying. All

n oil markets will drag down bonds of drillers and producers, taking the broader Junk Index with them, as defaults and bankruptcies pile up. Source. Bloomberg 8/4/2016 I his mer.sage. std any attaemems, is for the otended reopient(s)only, may contao informatuo that is gelvlieged.ccethdenbal and/or PlOPflet

version ratio sliding scale, can result in an attractively skewed upside vs downside profile for holding the mandatory convert vs the common stock. Allergen, Teva and Frontier Communications are three names we have high conviction on and they have mandatory convert preferreds that I recommend buying. All

% -13% TWAT% (TEINF)12/15.2011) $5 16 Source: Bloomberg, MAIL Pr icing as of 7/27/2016 Please find our r

footprint, thoughtful and targeted strategy, strong management team, and imaginative business development approach. We believe the acquisitions of Allergen, Warner and Forest put Irish•domiciled AGN in a strong strategic and financial position for an evolving Pharma landscape in the years ahead. Teva P