Epstein Secrets

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errill Lynch (Japan) +81 3 6225 7747 [email protected] Yang Chen Rates Strategist Merrill Lynch (Hong Kong) +852 3508 8695 [email protected] Shusuke Yamada, CFA FX Strategist Merrill Lynch (Japan) +813 6225 8515 [email protected] Global Emerging Markets Claudio Irigoyen LatAm FI/FX Strategy/Ec

losures on page 5 to 6. 11687576 Timestamp: 17 November 2016 03:30PM EST Bankof America Merrill Lynch 18 November 2016 Investment Strategy Japan Shusuke Yamada, CFA >> FX/Equity Strategist Merrill Lynch (apan) +81 3 6225 8515 [email protected] Exhibit 1: Sector rotation and inventory cycle Slowdown

nd Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesale’ clients as defined by s.761G of the Corporati

losures on page 6 to 8. 11686246 Timestamp: 13 November 2016 06:10PM EST Bankof America Merrill Lynch 14 November 2016 Investment Strategy Japan Shusuke Yamada, CFA >> FX/Equity Strategist Merrill Lynch (iapan) #8] 3 6225 8515 [email protected] Paul Ciana, CMT Technical Strategist MLPF&S +1 646 855

Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A.,, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribute this report in Australia only to ‘Wholesale’ clients as defined by s.761G of the Corporati

OW JP Equities, Ihs JP Performance vs World, rhs Source: BofA Merrill Lynch Global Fund Manager Survey 2016 Our Japanese equity and FX strategist Shusuke Yamada has been arguing for a while that we would see both a weaker JPY and a rebound in Japanese equities. While arguably the JPY had turned beforehand, th

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K --- Best Relative Value Trades Athanasios Vamvakidis Erjon Satko MLI (UK) MLI (UK) [email protected] [email protected] Arko Sen Shusuke Yamada, CFA >> MLI (UK) Merrill Lynch (Japan) [email protected] [email protected] Relative value in a macro world « Long EUR/JPY: data and positionin

Lynch and Distribution o South Africa (Pty) Ltd, regulated by The Financial Service Board; MLI (UK): Merrill Lynch PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by t regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): P Comisién Nacional del Mercado De Valores;