Epstein Secrets

al Liquid Markets Weekly I 24 July 2017 Bankof America Merrill Lynch EFTA00788500 (DIFC): Merrill Lynch International (DIFC Branch), regulated by the Dubai Financial Services Authority (CfSA)s Merrill Lynch (Spain). Merrill Lynch Capital Markets Espana, SAS.V., regulated by Comisi6n Nacional del Mercado De Valores; Merrill Lynch (B

rill Lynch Global Liquid Markets Weekly 124 July 2017 25 EFTA00788499 Disclosures Important Disclosures BofA Merrill Lynch Credit Opinion Key BofA Merrill Lynch Global Research provides recommendations on an issuers bonds (indtding corporate and sovereign externaldebt securities), capital securities, equity preferreds and CD

rance and REITs? 40% 37% 35% 30% 25% 20% 15% 10% 5% 0% Very overweight Slightly overweight Neutral Slightly Very underweight underweight Source: BofA Merrill Lynch Global Research New this year, we hosted expert panels on the evolution of clearing, fixed income market structure, equity market structure, and payments, and how i

rities Authority; Merrill Lynch (Russia): OOO Merrill Lynch Securities, Moscow, regula DIFC): Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA); Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merrill Lynch Banco Multip errill Lynch Kingdom of Saudi Ar

clusions from, the information presented in rt. errill Lynch Global Researe es and financial methods of the persons who pre

rities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by Comisi6n Nacional del Mercado De Valores; Merrill Lynch (B

0 35 ; 40 —— (SM / Euro PMI manuf alg (advanced 9m) 30 =———=|\iSCI Europe EPS € (trailing yoy, R 60 01/98 «= 01/01 0104 01/07 O10 O13 O16 Source: BofA Merrill Lynch Global Research, Datastream, IBES Chart 3: Cyclicals vs Defensives trade now looks very stretched 4 3 2 1 0 { -2 3 -4 Dec-97 Dec-01 Dec-05 Dec-09 Dec-13 Cyclicals

rities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (B

dated Edison ED Chin,Brian A3-7 UNDERPERFORM 74.07 59.00 20,526.00 TripAdvisor TRIP — Schindler,Nat C-3-9 UNDERPERFORM 46.95 41.00 9,071.00 Source: BofA Merrill Lynch Global Research BofA Merrill Lynch does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm

rities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch), regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.A.S.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (

) Ahead ZG Revenue 239 236 Ww Revenue $944 $933 EPS 0.06 0.05 Ahead EPS ($0.49) ($0.60) Ahead YELP Revenue $201 $198 EPS $0.18 $0.16 Ahead Source: BofA Merrill Lynch Global Research, Bloomberg, as of 4/4/2017 Bankof America Merrill Lynch Internet/e-Commerce | 06 April 2017 HOUSE_OVERSIGHT_014889 --- PAGE BREAK --- Our 2017

rities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil}

*S&P ex. Fins. & Real Estate cash is as a % of total S&P 500 market cap Source: Bloomberg, FactSet, BofA Merrill Lynch US Equity & US Quant Strategy, BofA Merrill Lynch Global Research Repatriation in context: a look back at 2004 The last repatriation holiday in the US was the Homeland Investment Act (HIA) of 2004 (part of the Ame

rities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (B

uvFeg n eaeEeoe > co uu eggs = Oo oy oo a0 #0 => vo cs - ow 2 wv a) = ro) = £ = Ss = ox £€Oo 2 Oo ow Ye g 2 Qw = 2 ef Ss £ = ==ts6~ S> = C& Source: BofA Merrill Lynch Global Research. *Latest as of 05-Aug-16 Chart 2: Change** in stress across GFSI sub-components. The biggest moves were declines in stress; led by credit. Notably s

h Menkul Degerler AS., regulated by the Capital Markets Board of Turkey; Merrill Lynch (DIFC): Merrill Lynch Intemational (DIFC Branch), regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (B