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ex vs Short SX3P Index Ronan Carr 22/01/2041 28/11/2016 Long June V2X call spread collar Abhinandan Deb 01/04/20 18/04/2016 Long Kospi fwd vol 6M/18M William Chan 22/01/201 28/11/2016 Short June V2X put Abhinandan Deb 01/04/20 Expired Long (30-35) V2X Jul call spreads Abhinandan Deb 18/06/20 Expired Long 2050-
Page: HOUSE_OVERSIGHT_014455 →orporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merr
Page: HOUSE_OVERSIGHT_014457 →f Canada; Merrill Lynch (Mexico Lynch Argentina SA, regulated by Comisién Nacional ): Merrill Lynch International Incorporated (Seoul Br: ated by the Securities and Futures Bureau; DSP Merrill Lynch (Ind ch Sekuritas Indonesia, regulated by Otoritas Lynch Securities, Moscow, regulated by the Central Bank DFSA); Merrill Lynch (S
Page: HOUSE_OVERSIGHT_014999 →t MLI (UK) +44 20 7996 7062 aguptal [email protected] William Chan, CFA >> Equity-Linked Analyst Merrill Lynch (Hong
Page: HOUSE_OVERSIGHT_015001 →national Incorporated (Seoul Branch} regulated by the ecurities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Lim
own stock should consider hedging a [email protected] pullback using a Sep17 collar (+17put/-18 call for 46bps) to hedge losses greater than William Chan, CFA >> 2.9% while retaining upside to 18 (stock’s ~15yr high is 18.05). Extending our EU equity Ste iene vs credit theme to single names, we find
Page: HOUSE_OVERSIGHT_023575 →orporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; DSP errill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merri
Page: HOUSE_OVERSIGHT_026002 →OUSE_OVERSIGHT_026003 --- PAGE BREAK --- Research Analysts Benjamin Bowler Equity-Linked Analyst MLPF&S +1 415 676 3595 [email protected] William Chan, CFA >> Equity-Linked Analyst Merrill Lynch (Hong Kong) +852 3508 3921 [email protected] Clovis Couasnon >> Equity-Linked Analyst MLI (UK) +
Page: HOUSE_OVERSIGHT_026004 →Entities connected to both the Securities and Futures Bureau and William Chan

United Kingdom
LOCATION
Donald Trump
PERSONThe Financial Service Board
ORGANIZATIONMerchant Bank
ORGANIZATION
Bank of America
ORGANIZATION
Merrill Lynch
ORGANIZATION
Seoul
LOCATION
Frankfurt
LOCATION
Merrill Lynch Global Wealth Management
ORGANIZATION
Michael Bloomberg
PERSONMerrill Lynch KSA Company
ORGANIZATIONthe Financial Supervisory Service
ORGANIZATIONMerrill Lynch Argentina SA
ORGANIZATION
United States
LOCATIONMerrill Lynch International Incorporated
ORGANIZATIONBaFin
ORGANIZATIONMerrill Lynch (Asia Pacific) Limited
ORGANIZATIONDSP Merrill Lynch Limited
ORGANIZATIONthe Central Bank of Ireland
ORGANIZATION
Bank of America Corporation
ORGANIZATION