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

2017 ATM LQD vol is around 7.5% so a 100% Put costs —3.2% which given the long term chart below and all time high in shares outstanding looks cheap. Chart One shows hourly data of IEF (7.10y US Treasury ETF) and SPY (S&P500 ETF). Using 60 hourly data points, correlation has moved from around -80% a month ag

32.6% -7.8% $3.7125bn FIR (sTRPR) 11.125% 6/29/18 4.85 93.85 5.00 5.87 11.9% 3.2% 1 - Buy $ 7.50 54.6% 33.6% 1.2% 51.925bn Source: Bloomberg, sANIL. Up/down return vs undenying stock prke .1- 25% o sumes preferred a held to maturity From Aug 2: Risk Parity Risks in US Fixed Income c' id

2017 ATM LQD vol is around 7.5% so a 100% Put costs —12% which given the long term chart below and all time high in shares outstanding looks cheap. Chart One shows hourly data of IEF (7.10y US Treasury ETF) and SPY (S&P500 ETF). Using 60 hourly data points, correlation has moved from around -80% a month ag

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

2017 ATM LQD vol is around 7.5% so a 100% Put costs —12% which given the long term chart below and all time high in shares outstanding looks cheap. Chart One shows hourly data of IEF (7.10y US Treasury ETF) and SPY (S&P500 ETF). Using 60 hourly data points, correlation has moved from around -80% a month ag

.6% 32.6% -7.8% $3.7125bn FTR (FTRPR) 11.125% 6/29/18 4.85 93.85 5.00 5.87 11.9% 3.2% 1 - Buy 7.50 54.6% 33.6% 1.2% $1.925bn Source: Bloomberg, BAML. Up/down return vs underlying stock price +/- 25% assum=s preferred is held to maturity =/u> 8 EFTA_R1_01555609 EFTA02454078 Today's

017 ATM LQD vol is around 7.5% s= a 100% Put costs —3.2% which given the long term chart below and all time high in shares outstanding looks cheap. Chart One shows hourly data of IEF (7-1=y US Treasury ETF) and SPY (S&P500 ETF). Using 60 hourly data points, =orrelation has moved from around -80% a month a

125% 6/29/18 4.85 93.85 5.00 5 EFTA_R1_01556246 EFTA02454472 5.87 11.9% 3.2% 1 - Buy $&nb=p; 7.50 54.6% 33.6% 1.2% $1.925bn Source: Bloomberg, BAML. Up/down return vs underlying stock price &=43;/- 25% assumes preferred is held to maturity From Aug 2: R=sk Parity Risks in US Fixed Income

017 ATM LQD vol is around 7.5% s= a 100% Put costs —3.2% which given the long term chart below and all time=high in shares outstanding looks cheap. Chart One shows hourly data of IEF (7-1=y US Treasury ETF) and SPY (S&P500 ETF). Using 60 hourly data points, =orrelation has moved from around -80% a month a

TRPR) 11.125% 6/29/18 4.85 93.85 5.00 9 EFTA_R1_01557879 EFTA02455326 5.87 11.9% 3.2% 1 - Buy 7.50 54.6% 33.6% 1.2% $1.925bn Source: Bloomberg, BAML. Up/down return vs underlying stock price +/- 25% assum=s preferred is held to maturity =/u> From Aug 2: Risk Parity Risks in US Fixed I

017 ATM LQD vol is around 7.5% s= a 100% Put costs —3.2% which given the long term chart below and all time high in shares outstanding looks cheap. Chart One shows hourly data of IEF (7-1=y US Treasury ETF) and SPY (S&P500 ETF). Using 60 hourly data points, =orrelation has moved from around -80%a month ag

urity and stock is down 25%: -7.8% 0Di-eligible: No Amount outstanding: $3.7125 bn Assumes convert held to maturity; all coupons included Source: Bloomberg Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One B ant Park 5th Floor, New York, NY 1003

017 ATM LQD vol is around 7.5% so a 100% Put costs —3.2% which given the long term chart below and all time high in shares outstanding looks cheap. Chart One shows hourly data of IEF (7-10y US Treasury ETF) and SPY (S&P500 ETF). Using 60 hourly data points, correlation has moved from around -80% a month a

.6% 32.6% -7.8% $3.7125bn FTR (FTRPR) 11.125% 6/29/18 4.85 93.85 5.00 5.87 11.9% 3.2% 1 - Buy 7.50 54.6% 33.6% 1.2% $1.925bn Source: Bloomberg, BAML. Up/down return vs underlying stock price +/- 25% assumes preferred is held to maturity 13 EFTA_R1_01556640 EFTA02454711 From Aug 2: Risk

017 ATM LQD vol is around 7.5% so a 100% Put costs —3.2% which given the long term chart below and all time high in shares outstanding looks cheap. Chart One shows hourly data of IEF (7.10y US Treasury ETF) and SPY (S&P500 ETF). Using 60 hourly data points, correlation has moved from around -80% a month a

RPR) 11.125% 6/29/18 12 EFTA_R1_01555900 EFTA02454272 4.85 93.85 5.00 5.87 11.9% 3.2% 1 - Buy 7.50 54.6% 33.6% 1.2% $1.925bn Source: Bloomberg, BAML. Up/down return vs underlying stock price +/- 25% assumes preferred is held to maturity From Aug 2: Risk Parity Risks in US Fixed Income Tod

17 ATM LQD vol is around 7.5% so a 100% Put costs - 3.2% which given the long term chart below and all time high in shares outstanding looks cheap. Chart One shows hourly data of IEF (7-10y US Treasury ETF) and SPY (S&P500 ETF). Using 60 hourly data points, correlation has moved from around -80% a month a

RPR) 11.125% 6/29/18 4.85 93.85 5.00 5.87 11.9% 3.2% 12 EFTA_R1_01556380 EFTA02454571 1 - Buy 7.50 54.6% 33.6% 1.2% $1.925bn Source: Bloomberg, BAML. Up/down return vs underlying stock price +/- 25% assum=s preferred is held to maturity ./u> =C2 =C2 Today's simultaneous weakness i= the

017 ATM LQD vol is around 7.5% s= a 100% Put costs -3.2% which given the long term chart below and all time high in shares outstanding looks cheap. Chart One shows hourly data of IEF (7-1=y US Treasury ETF) and SPY (S&P500 ETF). Using 60 hourly data points, =orrelation has moved from around -80% a month a