Epstein Secrets

responsibility for research reports security discussed in the report should do so through M respect of any matters relating to report should contact Merrill Lyne research report. General Investment Related Taiwan Readers: Neither the information nor any opinion expressed herein constitutes an offer or aso L

Lynch In Comisi6n Nacional del errill Lynch Kingdom o This research report: has FCA and the PRA} by MLI retail clients (as defin imited regulation by Lynch (Japan), a regis by HKSFC (research repor inte Indi Ban regulated by MAS. Bank o Lice! any regulated ea t ne of its affiliates involved in This

to, or Lynch (Taiwan); is issued and distributed in India by DSP Merrill Advisers Regulations) by Merrill Lynch Interna dd 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore) are ralia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS the Corporations Act 2001. With the

elation to, or advice on, fu 0, or use by, any person in Hong Kong); is issued and distrib itutional investors and/or accredited investors (each as d id Merrill Lynch (Singapore) (Company Registra h (ARBN 064 874 531), AFS only to ‘Wholesale’ clients as defin ort is an Authorised Deposit- Taking Institution un buti

s not have any im ideas and recommenda Foreign currency rates of exc effectively assume currency risk. UK Readers: The protec ocated outside of the U LPF&S or one of its aff ime, hold a trading posi BofA Merrill Lynch, through business units other than Bo with, and reach cifferen methods of th recipient

mong others, m instruments may be difficult to income from suc lose their entire principal inves Futures and options are not ap disclosure documents. Investm BofA Merrill Lyne! action may be limited by regulations prohibiting or restricting "shortse executing any short idea con This report may contain a tra

ast 12 months, an investment banking client of MLPF&S and/or one or more of its affiliates: Deutsche Telekom, Enel SpA, Iberdrola, Royal Dtch Shell. LPF&S or an affiliate has received compensation from the issuer for non-investment banking services or products within the past 12 months: Deutsche Telekom

Lynch (Russia}: O00 he Dubai istributed in the Uni nstruments 2001. Wi n Germany and F&S and/or one or more o istributed to F&S and not such K): Merrill Lynch In d, regulated by the A mmission (HKSFC); ated by the Investm ores; Merrill Lynch al Services Agency; errill Lynch (Taiwan): Merrill Lynch Securities

ng) which is regulated errill Lynch (India); and is issued and distributed in Singapore to institutional International Bank Limited (Merchant Bank) (MLIBLMB) and Merrill Lynch ingapore) are regulated by MAS. Bank of America N.A,, Australian Branch (ARBN e this report in Australia only to affiliates involv

required for publication or distribution of this rized and regulated by the DFSA. Research reports Lynch International Limited, n; is issued dia by DSP errill Lynch its loa ho her MLEA nor any o iates. MLPF&S is the distributor of this research repor y US person recelving this research report and wishing in the

n with such offering, and not on this report. Securities and other financial instruments discussed in this report, or recommended, offered or sold by Merrill Lyne h, are not insured by the Federal Deposit Insurance Corporation and are not deposits or other obligations of any insured depository institution (in

. Wi n Germany and F&S and/or one or more o istributed to F&S and not such K): Merrill Lynch In d, regulated by the A mmission (HKSFC); ated by the Investm ores; Merrill Lynch al Services Agency; errill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regul hange Board of India; Merri Lynch Israe

Comissdo de erril as each i by tl ed, London he PRA and regulated by the Branch, which is authorized by the Cen ral Bank and distributed in H errill Lynch (India}; International Bank L ingapore) are regula long Kong by Merrill Lynch (H and is issued and distribu imited (Merchant Bank} (ML ed by MAS. Ba

or was, within the e US, retail sales and/or dis F&S or an affiliate has received F&S or an affiliate expects to re ibas, Deutsche 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

u report: has been approved for publication and is dis RA) by MLI (UK) and Bank of America Merrill Lynch | the FCA and the PRA) by RA - details about Lynch (Japan), a registered securities dea investors and/or accredited investors pared and issued by Merrill Lynch U rael Securities Aut ores; Merrill

erri ry Au Federa regu Merrill Lynch 5 defined int of Ireland and subje KSA Comp he rules of FCA and the PRA, and is distributed in the UK to rill Lynch hority of h Mexico, SA de errill Lynch he | Lynch Limited, ll Lynch (Israel}: ion; Merril errill Lynch by any, ated he ct to buted in Japan

d/or one or more o istributed to F&S and not such ributed in the Uni ntern K): Merrill Lynch In d, regulated by the A mmission (HKSFC); ated by the Investm ores; Merrill Lynch al Services Agency; of America Merrill al Market Authori ed K ational Limited, w Ly y. Lynch Interna ation by and Excl the d