Epstein Secrets

of America Merrill Lynch Internati prepared and issued by M he Comisién Nacio' u Exc e hange Board of (DIFC Branch), re De Valores; Merrill iAra p nd Bank of America es of the FCA and PRA - details abo ies dealer u nd ri jon ed in Singa LIBLMB) an pore t ( ute this repor iono rts of its non-US af security d

Lynch jon Authority | Lynch (Asia hority of h Mexico, SA de I Lyne h mited, errill Lynch I Lyne ated KSA Com h by pany, he K to errill ated I Lynch jonal EA nor A I Lynch siness fect any transaction in any | Lynch (Asia Pacific) Limited in pore recipients of this research her financial instru

h Personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors, the overall profitability of Bank of America Corporation, including profits derived from investment banking. The analyst(s) responsible for this report may also receive compensation based upon, a

errill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS L

ons reflect the different time errill Lynch is under no obligation to ensure that such other trading ideas or recommendations are brought has contr I Lynch cl have not Lynch has establ insured by the Federal Deposi of America Corpora nclusion, or information con General Investment Related Disclosur

vestment decision. Refer to important disclosures on page 28 to 29. Analyst Certification on page 27. 11756528 Timestamp: 20 June 2017 01:18AM EDT Bankof America Merrill Lynch 20) une 2017 Equity Derivatives Glob. al BofA Analytics = DATA DRIVEN = Global Equity Derivatives Rsch MLPI F&S Anshul Gupta

most recently available data which may be delayed in some cases. “Trade Value” represents current valuation of trades initiated on the “Open Date”. Bankof America Merrill Lynch Global Equity Volatility Insights | 20 June 2017. 25 HOUSE_OVERSIGHT_014996 --- PAGE BREAK --- Volatility in Numbers (16-Jun-17) Table 11: Stati

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h Personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors, the overall profitability of Bank of America Corporation, including profits derived from investment banking. The analyst(s) responsible for this report may also receive compensation based upon, a

errill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore) are regulated by MAS. Bank of America N.A., Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS L

ecurities or other financial instruments and that such o seek advice regarding the applicability of such regu ations prior to ies and instruments, I Lynch entities a.com/col. ments linked to securities that may have been recommended in this report. MLPF&S or one of its affiliates may, at any time, hol

errill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS L

or price targets) without first obtaining expressed permiss Materials prepared by BofA Merrill Lynch Global Research personnel are based on public i I Lynch, includ , BofA Merrill Lynch does not disclose certain client relationships witl rts. To the extent this report discusses any legal proceeding or iss

oose to pay down debt over other uses of cash, in an attempt to skew their balance sheets less toward debt and more toward equity (see the section on no Bankof America <> Merrill Lynch Equity Strategy Focus Point | 29 January 2017 9 HOUSE_OVERSIGHT_023077 --- PAGE BREAK --- interest tax shield later in this repor

nterest are described at http://go.bofa.com/coi. ments linked to securities that may have been recommended in this report. ML instrum port. sed on I Lynch , BofA errill Lynch and are not publicly-available materials. Any unautl s Coverage Cluster. Short ation of the ideas expressed in this report may