Epstein Secrets

®, | Lynch clients and may not be redistributed, Lynch Global Research reports are distributed horized use or disclosure

he express written consent of BofA Merrill Lynch. BofA Merril sed on public i | Lynch, including investment ba

ility of the Bank’s sales and trading businesses relating to the class of securities or financial instruments for which such analyst is responsible. BofA Merrill Lynch Global Credit Research analysts regularly interact with sales and trading desk personnel in connection with their research, including to ascertain pricing and liquidity in

in jo security, finance! by the U.K. regulatory regime, including the Financial Services Scheme, do not apply in general to business coordinated by BofA Merrill are described at http://go.bofa.com/coi. ments linked to securities that may have been recommended in this report. MLPF&S or one of its instruments

ng the Financial Services Scheme, do not a errill Lynch Global Research policies relating to conflicts of interest are de

rch personnel are based on information known to, professionals in other business areas of BofA Merrill Lynch, including investment banking personnel. BofA Merrill Research and certain business groups. As a resul research reports. To the extent this report discusses any legal proceeding or issue , BofA her off

.com/cci. ments linked to securities that may ha Lynch Global Researc es and financial instruments discussed in this re

t of In the event therewith quity securities o he implementation rt. °o uding ADRs, effectively assume currency risk. de of the United Kingdom. BofA Merrill h h @ persons who prepared them, and Bo is report. LPF&S may be deemed beyond the delivery of this report (unless otherwise agreed 5| transactio

®, | Lynch clients and may not be redistributed, Lynch Global Research reports are distributed horized use or disclosure

eutsche Bank, ING Group, LPF&S together with its affiliates ownership position on he report: BNP Paribas The issuer is or was, wi ntesa, Santander. BofA Merrill Corporation, inc ved , Deutsche Bi hin the last ysts responsible for covering iliate was a manager of a pub compensa compensa ceive or in ntesa,

ce (CIO) and is not a publication of BofA Merrill Lynch Global Research. The views expressed are those of the CIO only an

tions you have about our market views. Sincerely, Paul This material was prepared by the Chief Investment Office (CIO) and is not a publication of BofA Merrill Lynch Global Research. The views expressed are those of the CIO only and are subject to change. This information should not be construed as investment