Epstein Secrets

arch Analyst Merril Lynch (DIFC) Belal Rajih Sabbah, CFA Research Analyst Merril L h DIFC) Jean-Michel Saliba EFTA00634193 Research Analyst Merrill Lynch KSA Company This report is intended for Richard Aboboto Read the research report for complete information including important disclosures and analyst cortifica

i perspective analysis Real estate: a significant push to boost aflordable housing and mortgage access A big focus on addressing the . deficit... Utilities: a bold agenda Ina short timeline 8 ≤:rategiv !flitiatives in the N irg subsidies Oefence: sustained government focus In, tase:g scope d rele SUp

perspective. Financials are now trading around median relative valuation levels. Healthcare PE relative is at the bottom of the historical range and Utilities relative PE is also close to the prior low hit in 2013. Food & Beverage still commands a large premium and PE- relative is 6-10% above the 2010 / 201

onal del Mercado De Valores; Merrill Lynch (Brazil}: Bank of America Merrill Lynch Banco Multiplo S.A., regulated by Comissdo de Valores Mobiliarios; Merrill Lynch KSA Company, errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been approved for publication and

ould be able to retain half of the benefit ($8) and the remainder would be passed on to customers or competed away. For instance, a lasting impact to Utilities’ profits is unlikely, as the benefit would be passed on via regulated pricing. Repatriation: Buybacks could boost EPS by 3% Both Trump and the Blue

onal del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merrill Lynch Banco Multiplo S.A., regulated by Comissao de Valores Mobiliarios; Merrill Lynch KSA Company, errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been approved for publication and

BofA ML turned neutral in EM in the short-term Close positions from trades that have benefited thus far from the rally in Financials and weakness in Utilities; monetize view that Fed will not hike in September Take advantage of low near term vol and a steep term structure Unwind Oct/Jan spread and maintai

errill Lynch errill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.A.S.V., regulated by jo SA, regulated by Comissdo de Valores Mobiliarios; Merrill Lynch KSA Company, regulate by the S DFSA): } to professional clients and eligible counterparties (as each is defined in the rules of the by the PRA and regulated

ahead of closing the Rite Aid acquisition Cheap hedge against a bond tantrum Cheap equity upside in a bond / equity melt-up Record outperformance of Utilities vs. Financials + FMS positioning + central bank catalysts = potential for cyclicals / defensives mean reversion SX7E 1M 25d call / SX5E 1M 25d call p

ional del Mercado De Valores; Merrill Lynch (Brazil}: Bank of America Merrill Lynch Banco Multiplo S.A, regulated by Comissao de Valores Mobiliarios; Merrill Lynch KSA Company, Merrill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This information: has been approved for publication and is