Epstein Secrets

ital allocation update, tax reform, rising interest rates. Latest report: MCO rally has just begun; beneficiaries of the non-Health Care upside from Trump 1Q risks: Risks to the downside are courts not approving the HUM acquisition, lower- than-expected membership growth and higher than expected cost t

p (HES) is a mid-sized oil & gas company with 1.0bn boe of proved reserves at end 2015. E&P operations are focused in the US onshore, deep water GOM, North Sea, Guyana, West Africa, and Asia. MGM Resorts International (MGM) Shaun Kelley +1 646 855 1005 Research Analyst, MLPF&S Buy, PO $33 1Q investment t

long term. Since the presidential election, the ’trump tax rally’ that has arguably lifted the broader S

61) (1,359) (592) (50) 574 company with 1.0bn boe of proved reserves at the end of 2015. E&P operations are focused in the US onshore, deepwater GOM, North Sea, West Africa #@method™—QualityofEarningss oil, and Asian natural gas. (US$ Millions) 2015A 2016A 2017E 2018E 2019E Cash Realization Ratio NM NM NM

r- end target of 2.85% for the 10y rate (just above the median forecast). Long-term rates have remained low due to uncertainty around Fiscal policy (Trump’s plans on infrastructure spending), subdued inflation expectations and a slower than expected Fed hiking cycle. On the other hand, a near full-emplo

cial Disclosures BofA Merrill Lynch is currently acting as Financial Advisor to Royal Dutch Shell PLC in connection with its proposed sale of its UK North Sea assets to Chrysaor LTD, which was announced on January 31, 2017. Bankof America Merrill Lynch Global Equity Volatility Insights |O6 June 2017. 29