Epstein Secrets

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-

vice on securities (and not futures contracts). Singapore recipients of this research report should contact Merrill Lynch International Bank Limited (Merchant Bank} and/or Merrill Lynch (Singapore) Pte Ltd in respect of any matters arising from, or in connection with, this research report. 26 Global Cross Asset

d 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. Bank of America e uted in In ons) by dia by DSP errill Lynch its jo approval is required for pu horized and regulated by s of the

t MLI (UK) +44 20 7996 7062 aguptal [email protected] William Chan, CFA >> Equity-Linked Analyst Merrill Lynch (Hong

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

l Lynch (Hong Kong) 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 affilia

utional investors and/or accredited investors (each as defined under the Financial Advisers Regulations} by Merrill Lynch International Bank Limited (Merchant Bank) (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore) are r

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) +