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Investment Strategy
rs should seek on existing public information on such Insurance Corporation and are not ases, securities and other financial
urope, especially France and Germany. Because of the winner takes all system in France we find investors are more concerned with the situation there. Marine Le Pen and the Front National look likely to make it to the second round of voting (again according to polls) and until the vote comes in we suspect investo
Page: HOUSE_OVERSIGHT_014443 →to the second round of voting (again according to polls) and until the vote comes in we suspect investors will be cautious about European markets. A Le Pen victory could likely bring the future of the EU and the Euro into question as she has talked about France withdrawing from both. That in turn has arg
Page: HOUSE_OVERSIGHT_014443 →rate cut. The risk to this view is if tail risk scenarios unfold in European politics, such as an early election in Italy with Five Star winning, or Le Pen wining the second round in the French elections. Although we expect markets to be more concerned about European politics following the US elections,
Page: HOUSE_OVERSIGHT_014747 →ut it earlier if Renzi loses the referendum. The 2017 French election is another concern. President of the far-right party and presidential candidate Marine Le Pen is ahead in the polls to win the first round. Winning the second round is much more difficult, as she will need more than 50% of the votes, but inves
Page: HOUSE_OVERSIGHT_014754 →nt may be difficult hat price or value of such securities and instruments may rise or fal ure performance. Levels and basis for taxation may change. Insurance Corporation and are not merica, N.A.}. Investments in general and, derivatives, in particular, involve numerous risks, including, among others, market risk, cou
Page: HOUSE_OVERSIGHT_014786 →e risk of a Fed hike in March and better-than- expected results by the Freedom Party in the Dutch election could intensify concerns of a second-round Le Pen win in May. The latter suggests that over the next 2-3 months it may be easier to buy the USD than to pay US rates and easier to sell EUR/USD than to
Page: HOUSE_OVERSIGHT_014727 →ticular, in risks related to the security or financial instrument may be difficult person. Investors should seek this report and should understand Insurance Corporation and are not volve numerous risks, including, ‘0 obtain. Investors should note that hat price or value of such securities and instruments may rise o
Page: HOUSE_OVERSIGHT_014730 →Entities connected to both Insurance Corporation and Marine Le Pen

Donald Trump
PERSON
United Kingdom
LOCATION
United States
LOCATION
Marc Rich
PERSON
Barack Obama
PERSON
Michael Bloomberg
PERSON
Merrill Lynch Global Wealth Management
ORGANIZATION
Bank of America Corporation
ORGANIZATION
George W. Bush
PERSONOtoritas Jasa Keuangan
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATION
Merrill Lynch
ORGANIZATION
Frankfurt
LOCATIONMerrill Lynch Canada Inc
ORGANIZATION
Bank of America
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATION
Seoul
LOCATION
BANA Australia
ORGANIZATIONMerrill Lynch International Incorporated
ORGANIZATION