t EUR/JPY Athanasios Vamvakidis | 21/01/20 30/09/2016 Short EUR/USD Athanasios Vamvakidis | 08/07/20 04/11/2016 Short EUR 5Y5Y inflation breakevens Ralf Preusser 22/01/20 23/01/2016 Buy 30y real rates (bp) Ralf Preusser 22/01/20 24/05/2016 Receive EUR pay US 5y5y fwd (bp) Ralf Preusser 22/01/20 27/05/2016 F

of America “2 Global Rates, FX & EM 2017 Year Ahead | 16 November 2016 27 Merrill Lynch HOUSE_OVERSIGHT_014757 --- PAGE BREAK --- Best Vol Trades Ralf Preusser, CFA Herve Belmas MLI (UK) MLPF&S ralf [email protected] [email protected] Sphia Salim Christopher Xiao MLI (UK) MLPF&S [email protected]

folio we are long SX7E + EURUSD for higher EUR Rates so thought an =pdate necessary 4 points we would make - 5 EFTA_R1_01899703 EFTA02655032 1. Ralf Preusser =akes the point that this is a further indication of the rift between =he hawks and doves and therefore makes June a more heated meeting.. in =tself