Epstein Secrets

Nacional de Vetoes; Memll Lynch (japan): Merrill LynchJapan Securities Co, Ltd., regulated by the Financial Services Agency; Merrill Lynch (Seoul": Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service, Memll Lynch (Taiwan). Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securi

al 10 year yield based on headline CPI 6 5 4 3 1 0 -1 -2 -3 -4 97 99 01 03 05 07 09 11 13 15 17 —US —Japan —Euro Area Source Bloomberg Chart 12: The term premium means that currencies maintain a positive spread between their 2 year and their 10 year interest 2Y10Y goverment bond y

y-1 6 Jun-16 Jul-16 Aug-16 Sep-1 6 Oct-16 Source: Bloomberg Bankof America 2 European Equity Strategy |O01 Dec

acional de Valores; Merrill Lynch japan): Merrill Lynch Japan Securities Co, Ltd., regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Secur

2016 Source: BofA Merrill Lynch Global Research, Bloomberg Bankof America Merrill Lynch Global Rates, FX & E

cional de Valores; Merrill Lynch japan): Merrill Lynch Japan Securities Co., Ltd., regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd, regulated by the Securi