Epstein Secrets

ays "not contacted by Shell re: takeover offer" says Reuters (trading -7.8%) Daimler trading -3.2% (rumors of a profit warning making the rounds in Frankfurt) (rumor only) Adidas trading -2.64% in sympathy with Nike weakness yesterday due to a cautious OTR note June 27 unchanged) -1.6%) Royal Dutch

ding -0.11%) Mulberry (luxury handbags) FY prelims, PBT miss, notes challenging environment (trading -22.7%) Maurel & Prom says "not contacted by Shell re: takeover offer" says Reuters (trading -7.8%) Daimler trading -3.2% (rumors of a profit warning making the rounds in Frankfurt) (rumor only) A

gional Head Deutsche Bank Research. Germany Beeec.he Bare. AO Eklecche fimiL p,c; Deutsche Bank Place DiorSe GallusstrafLo 10.10 Level 16 60272 Frankfurt am Main Corner of Hunter & Phillip SIFOOIS Gerne m a m Sydney. NSW 2000 Vaha Dews,: he Hank AC Lonclon I Great Wnchester Street London EC2N 2E0

Hunter n South Altos 10080:0290.101 Adchanl ,fformai on MPveto Pawnee, other hfilfhtal pedal. Of eapialra Chof salad et the reptaft ereleble upon (Shell The 'WOO may not be nip( °CVO.). dalmbina Or publenal by any anon for an purpose velheat De.odo San'. Sarah when constre Plena cite source when wary

icals facilities like Sadara, downstream integration at its many refineries, and potential acquisitions. The recent announcement of the US split with Shell was followed by comments that the breakup was due to different strategies by both companies with Aramco increasing its focus on petrochemicals. Petr

ch (DIFC) are done so in accordance with the requirements of the DFSA conduct of business rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. This research report has been prepared and issued by MLPF&S an

eversals where projected dividend yield is highest relative to the CDS spread. We note that: « Royal Dutch Shell’s stock yield is attractive vs CDS: Shell’s projected 12m div yield is 7.5% while its CDS is 52bps (0.5%), resulting in a div yield-CDS spread of 7.0%, the highest in our screen; this suggest

Japan Securities Co,, Ltd, regulated by the Financi Exc Va jon by the FCA and PI Registration AFS License 412901 (B, ocal distribu errill Lynch Frankfurt) L ne matters re report sho! ld contact ea los F 06872E A efined by s.761G of the Cor ing Institution under the Banking Act 1959 nor regu ion