Epstein Secrets

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

nd long end and weakness in US equities is unusual of late and tells us there is implications for risk parity portfolios. We expect a 165k change in Non-Farm Payrolls on Friday but a strong number sets up for some left hand tail risk in US Axed Income. Risk parity portfolios own more bonds than equities (due to th

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

weakness in US equities is unusual of late and tells us there is implications for risk parity portfolios. EFTA00822154 We expect a 165k change in Non-Farm Payrolls on Friday but a strong number sets up for some left hand tail risk in US Axed Income. Risk parity portfolios own more bonds than equities (due to th

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

ities is unusual of late and tells us there is implications for risk parity portfolios. EFTA_R1_00024533 EFTA01737705 We expect a 165k change in Non-Farm Payrolls on Friday but a strong number sets up for some left hand tail risk in US Fixed Income. Risk parity portfolios own more bonds than equities (due to

.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

d long end and weakness in US equities is unusual of late and tells us there is implications for risk parity portfolios. We expect a 165k change in Non-Farm Payrolls on Friday but a strong number sets up for some left hand tail risk in US Fixed Income. Risk parity portfolios own more bonds than equities (due to

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

d long end and weakness in US equities is unusual of late and tells us there is implications for risk parity portfolios. We expect a 165k change in Non-Farm Payrolls on Friday but a strong number sets up for some left hand tail risk in US Fixed Income. 13 EFTA_R1_01555901 EFTA02454273 Risk parity portfolios

RPR) 11.125% 6/29/18 13 EFTA_R1_00107692 EFTA01785511 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

d long end and weakness in US equities is unusual of late and tells us there is implications for risk parity portfolios. We expect a 165k change in Non-Farm Payrolls on Friday but a strong number sets up for some left hand tail risk in US Fixed Income. 14 EFTA_R1_001 07693 EFTA01785512 Risk parity portfolios