Epstein Secrets

cult operating environment. Along with relatively rich valuations vs GEMs, we advise a highly selective

EEMEA Conference Call Saudi Arabia — Transformation starts now kwitation IS June 2017 Key takeaways • Please join us for a conference call with BofA Merrill Lynch economists. commodity strategists and equity research analysts. • We will discuss the implications of the upcoming launch of the Fiscal Balance 202

ade for you - buy cheap RTY/SPX outperformance** Rich I would like to do $10MM notional on this trade.

c3b706dcl4f33b7816e07e7cdd4al.emz] Source: BofA Merrill Lynch Global Research, MSCI, IBES estimates EFTA00665029 US Equity Derivatives Research I BofA Merrill Lynch I Merrill Lynch, Pierce, Fenner & Smith Incorporated I +1 646-855-5480 I+I 646-855-5478 I +1 646-855-12471+1 646-855-2631 -mailto: For important a

broader equity market (lu chart) • USO puts are rich vs. SXEP calls: The number of long SXEP 25d calls

search Daily data from 5-Aug-11 to 5- kg 16 ...which is notably very close to the typical SPX daily realized move post-elections since 1928 Source BofA Merrill Lynch Global Researdi Daly data from 2-Jun-09 to S. Source Da Merril Lynch Global Research. Data from Nov-28 to Aug-I6 Aug-16 EFTA_R1_00024954 EFTA0173

ader equity market (1st chart) * * U=O puts are rich vs. SXEP calls: The number of long SXEP 25d calls

rch. Daily data from 2-Jun-09 to 5-Aug-16. Source: BofA Merrill=Lynch Global Research. Data from Nov-28 to Aug-16. US Equity Derivatives Research I BofA Merrill Lynch I Merrill Lynch, Pierce, Fenner &=Smith Incorporated I +1 646-855- 5480 I +1 646-855-5478 I +1 646-855-1247 I +1 646-855-2631 I dg.rsch_americas_equi

eas or recommend der no obligation to ensure that such fA Merrill Lynch is un pecifically in mentioned in this re earch

ge cap US oils. We view Hess as the most catalyst rich large cap US E&P for 2017 with a return to growth

>6x return) will ensure that agents buy Zillow placements regardless of mortgage broker incentives. Additionally, we see earnings upside potential. BofA Merrill Lynch does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict

rrill Lynch Hardline Retail team called “a little rich,” though it is difficult to tell if weak trends a

LPF&S and is not registered/qualified as a research analyst under the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Merrill Lynch entities that take responsibility for this report in particular jurisdictions. BofA Merrill Lynch does and seeks to do business with issuers covered

la variance as investors can avoid paying for the rich HSCEI convexity below the 70% barrier. The trade

analyst under EEMUS 15.4(-0.1) 13.2 (08) the FINRA rules. TOP4O 1511.0) — 109(00) Refer to "Other Important Disclosures" for information on certain BofA Merrill Lynch entities that take oy ne responsibility for this report in particular jurisdictions. RDX 24.7 (1.2) 21.3(0.0) BofA Merrill Lynch does and seeks to

ation trade. Cheapen Financials upside by selling rich Utilities and Staples vol & expensive correl. Hi