Epstein Secrets

EM FX volatility tends to be artificially suppressed by controls. When looking at 16 countries with severe capital controls based on IMF indicators (Algeria, Angola, China, Malaysia, Tunisia, Cote d'Ivoire. India. Morocco, Pakistan, Philippines, Sri Lanka, Swaziland. Tanzania, Togo, Ukraine, and Uzbekis

ynch Global Research Bank of Amenca "ra" Merrill Lynch Global Liquid Markets Weekly I 24 July 2017 17 EFTA00788491 Commodities Sabine Schels Francisco Blanch MLI (UK) MLPF86 Get ready for a gas rally • The recent drop in US nat gas prices hard to justify and the underlying fundamentals are painting

PM To: jeffrey E. Subject: Fwd: TODAY at 9am ET: When oil meets politics (Saudi Arabia and implications of the upcoming OPEC/non-OPEC meeting in Algeria) Richard Kahn HBRK Associates Inc. 575 Lexington =venue 4th Floor New York, NY 10022 Begin forwarded message: From: =/b>"Ens, Amanda" Subject:

hel =aliba - MENA Economist Guest =peakers Ford M. Fraker - Chairman of Merrill Lynch Saudi Arabia and President of the Middle =ast Policy Council Francisco Blanch - Head of Global Commodities and Derivatives =esearch David Hauner - Head of EEMEA Cross Asset Strategy 3 EFTA_R1_01321292 EFTA02347920 Peter H

B BBB- BB+ BB BB- B+ B B- ccc+ ccc Source: Bloomberg BofA Merrill Lynch Global Research. Commodities: NTP adds to medium-term oil market tightness Francisco Blanch Peter Helles MLPF&S MLI (UK) [email protected] [email protected] The Saudi National Transformation Plan (NTP) suggestion that production

pacity in the next five years, namely Iran the UAE Global oil consumption BofAML OPEC capacjty growth, 2015-2020F 105 Kuwait mn bpd fcast uwail 100 , Algeria 95 Qatar 90 Venezuela Angola 85 3 Ecuador 80 Nigeria 15 UAE 70 Libya 65 Iran Saudi Arabia 60 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 -0.3