Epstein Secrets

eng Nation Adrian Monck Managing Director, Head of Communications and Media, World Economic Forum Thomas K. Montag Co-Chief Operating Officer Bank of America Corporation USA Gabriela Montero Pianist, Venezuela Mario Monti Prime Minister of Italy Moon Chung-In Professor of Political Science Yonsei University R

e of Technology (Caltech) Google Inc. Petrofac Services Ltd SouthWest Energy (HK) Ltd Islamic Relief Worldwide Alcoa Inc. USA Belgium India Colombia Brazil United Kingdom USA USA USA United Kingdom Ethiopia United Kingdom USA EFTA_R1_02105155 EFTA02707387 Jarg Asmussen Ibrahim Abdul

kraft AS Haci Omer Sabanci Holding AS Caisse de depot et placement du Quebec Felda Global Ventures Holdings Proventus AB The Earth Institute. Columbia University USA Switzerland USA France Israel USA Switzerland Norway Qatar Norway Turkey Canada Malaysia Sweden USA World Economic Forum Annual Meetin

e Vice-President. Manufacturing and Engineering Senior Vice-President, Head of Corporate Strategy World Economic Forum Annual Meeting DCI Group Cisco Columbia University Hua Dan Agility Interpeace UBS AG SRG SSR UBS AG Unilever Belgium USA USA France USA Switzerland Switzerland Switzerland Switzerland

iness Development Chairman Chairman Chief Executive Officer Chief Operating Officer Founder and Group Chief Executive Officer Managing Editor Bank of America Corporation USA African Development Bank Tunisia (NOB) Mubadala Development United Arab Emirates Company METRO GROUP Germany Sonntag Switzerland NZZ

ain Poland India Bahrain Switzerland Switzerland Thailand India Denmark USA Norway USA Germany Indonesia USA USA USA Germany Japan Colombia Belgium USA India United Kingdom United Kingdom USA USA USA United Kingdom Ethiopia United Kingdom Switzerland Syria World Economic For

rish (not foolish) For the year ahead, we recommend being bearish 5y US rates, long USDJPY and short a basket of LatAm long bonds (Mexico, Brazil and Colombia). ¢ But in the near term, we urge caution with the reflation trade. Short 10y US real rates offers the best risk-reward after recent moves. US rate

ions, including transactions In any securities mentioned in this report. Copyright and General Information regarding Research Reports: Copyright 2016 Bank of America Corporation. All rights reserved. This research report is prepared for the use of BofA Merrill L ynch clients and may not be redistributed, retransmitted or di

AFRICA m@ BRAZIL MEXICO m RUSSIA = MALAYSIA (EM) = INDONESIA m= THAILAND ~ PHILIPPI m SAUDI = TURKEY = CHILE m= POLAND @ QATAR m UAE m= COLOMBIA m PERU m GREECE m HUNGARY EGYPT m@ CZECH REPUBLIC Source: : BofA Merrill Lynch Global Research, MSCI and DataStream 46 GEMs Paper #26 | 30 June

ns, including transactions in any securities mentioned in this report. Copyright and General Information regarding Research Reports: Copyright 2016 Bank of America Corporation. All rights reserved. This research report is prepared for the use of BofA Merrill Lynch clients and may not be redistributed, retransmitted or discl