Epstein Secrets

ump) Source: BofA Merrill Lynch Global Research, Bloomberg Trump’s effect on MXN We provide an empirical a

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

CY17 cY18 CY16 CY17 cY18 m@BofAML m= Consensus (Bloomberg, as of 15 Nov 2016) Source: BofA Merrill Lynch f

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

ico} ico} SSR ERE EERE ES SSR eRe EER EES Source: Bloomberg Source: Bloomberg 4 Global Cross Asset Strategy -

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

e: BofA Merrill Lynch Global Fund Manager Survey, Bloomberg. As a reminder, the FMS Cash Rule works as follow

al ins by the U.K. regulatory regime, including the Financial Services Scheme, co not a h policies relating to conflicts of interes instrum port. I Lynch , BofA and that statements h, are not insured by America, N.A). Investments in general and, derivati lyst or event impacting erent from and do re

0.1 0.1 0.1 Utilities 0.2 0.2 0.2 0.2 S&P 500 ex. Financials & Real Estate 117.0 102.4 78.3 68.5 S&P 500 GAAP EPS impact ($9) ($8) Source: FactSet, Blaomberg, BofAML Global Research estimates, BofA Merrill Lynch US Equity & US Quant Strategy We estimate share buybacks add $4 (or as high as $6) to EPS (GAA

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