Epstein Secrets

t be reprinted, sold or redistributed without the written consent of Morgan Stanley. 13 EFTA00598634 Morgan Stanley MORGAN STANLEY RESEARCH The Americas 1585 Broadway New York. NY 10036-8293 United States Tel: +1 (1) 212 761 4000 Europe 20 Bank Street. Canary Wharf London E14 4AD United Kingdo

ch is wholy owned by FirstRand Limited. The information in Morgan Stanley Research is being communicated by Morgan Stanley & Co. International plc (DIFC Branch). regulated by the Dubai Financial Services Authority (the DFSA). and is directed at Professional Clients only. as defined by the DFSA_ The financia

t be reprinted, sold or redistributed without the written consent of Morgan Stanley. 12 EFTA00598618 Morgan Stanley MORGAN STANLEY RESEARCH The Americas 1585 Broadway New York. NY 10036-8293 United States Tel: +1 (1) 212 761 4000 Europe 20 Bank Street. Canary Wharf London E14 4AD United Kingdo

h is wholly owned by FirstRand Limited. The information in Morgan Stanley Research is being communicated by Morgan Stanley & Co. International plc (DIFC Branch). regulated by the Dubai Financial Services Authority (the DFSA). and is directed at Professional Clients only. as defined by the DFSA. The financia

d 11 comparable episodes since 1980. Equity market returns subsequent to the peak rate of change in bunds were moderately positive — a median Bankof America Merrill Lynch European Equity Strategy |O1 December 2016 17 HOUSE_OVERSIGHT_014476 --- PAGE BREAK --- +1.0% after 3 months and +3.7% after 6 month

ia): OOO Merrill Lynch Securities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by Comi

g and BofA Merrill Lynch Global Research estimates Gov't Legislation: 56% of sales are from the US government General Dynamics’ primary customer is the US Department of Defense, which accounted for 47% of total sales in 2015. The remaining 9% are to other non-DoD US government agencies like the intellig

ia): OOO Merrill Lynch Securities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch), regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.A.S.V., regulated by Com

ited investors Company hee er under the wan by Merri ch as defi A Australia) and poration ILynch by MLP iliates d hority; Lynch International (DIFC Branch), regulated by t ores; Merrill Lynch (Brazi bia Company, regu n and is d PRA) by MLI (UK) and Bank of America Merrill Lynch Intern (as defined in the

truments, if any, may fluctuate and that price or value of such securities and instruments may rise or fall and, in some cases, investors may Bankof America Merrill Lynch Global Equity Volatility Insights |O6 June 2017 35 HOUSE_OVERSIGHT_023609 --- PAGE BREAK --- lose their entire principal investment.