er day of production and the world’s Ath largest gas reserves, Saudi Aramco is the leader in hydrocarbon access among state owned, private and public Oil & Gas (O&G) companies alike. Saudi Aramco is the world’s largest Oil & Gas Company by production and arguably the Kingdom’s most important asset. Specifica

y year end. In fact current levels of ~$40 are close to the summer floor ($39) they had previously suggested. BofAML strategists have turned bullish Oil & Gas equities given more CB (BoE) easing, attractive div yields and exposure to the EM recovery narrative. Moreover, Oil & Gas has been the worst performi

th in the EPL table) Leading European Sectors: Healthcare +2.75%, Chemicals +1.41%, Fin Services +1.38% Lagging European Sectors: Basic Res -0.17%, Oil & Gas +0.26%, Tech +0.37% Secondaries (announced/priced): ALSN, PLUS, AGIO IPO's (lock-up expiration): Aerie Pharma (AERI), CommScope Holding (COMM), Spr

Australia retail sales in June matched the biggest advance since April 2011 (+1.0% m/m) Leading European Sectors: Banks +1.32%, Autos/Parts +0.86%, Oil & Gas +0.79% Lagging European Sectors: Basic Res -0.25%, Media -0.27%, Telco -0.19% WLT beats estimates - MANT guidance light - DVA earnings better D0X

h high in Mar of 58) Leading European Sectors: Autos/Parts +1.38%, Banks +1.1%, Telco +1.09% Lagging European Sectors: Retail +0.32%, Tech +0.33%, Oil & Gas +0.48% ATML $200M buyback - PPO earnings better - NVTL guides down WLT profit misses - HOTT comps/eps beat - CBEY ebidta better CVA revenues impro

ment Leading European Sectors: Banks +2.03%, Basic Res +1.71%, Construction +1.40% Lagging European Sectors: Autos/Parts +0.50%, Healthcare +0.55%, Oil & Gas +0.83% CME ceo to retire - NLS turns profit - CKEC swings to profit IPAR profit falls higher costs - COOL blow out revs - GNC pos view ENPH amende

ading European Sectors: Healthcare -0.29%, Autos/Parts -0.32%, Telecom -0.36% Lagging European Sectors: Basic Resources -1.92%, Construction -1.91%, Oil & Gas -1.79% WLT names new CEO - SPWRA to reclassify into single class - NDSN $100M buyback KID CEO resigns - BNHNA reclassification vote - Fairholme buy

seasonal oil dip via bullish X-market risk reversals Levered X-market risk reversal: Sell 1x USO 3M 25d (-88% strike) puts to fully fund 2.1x SXEP (Oil & Gas equity) 25d (-106% strike) calls (indic.) • The seasonal sell-off in oil presents a 'buy the dip' opportunity according to our Kts who expect pric

although PFE (given strong dollar) and MRK gave cautious 2016 guidance which disappointed. Tech giants Google and SYMC beat on EPS. Meanwhile large Oil & Gas companies (XOM, COP, TSO) missed on EPS even on lowered estimates and Energy blended EPS is down 74% y/y. The blended (actual for reported and esti

although PFE (given strong dollar) and MRK gave cautious 2016 guidance which disappointed. Tech giants Google and SYMC beat on EPS. Meanwhile large Oil & Gas companies (XOM, COP, TSO) missed on EPS even on lowered estimates and Energy blended EPS is down 74% y/y. The blended (actual for reported and esti

urrently Approved for Distribution Asset Class Deal Name Marina operator2 EFTA01470784 French Development Put Option Secondary prelPO tech Oil & Gas Production2 Bermuda Reinsurance2 H2O Force 10 LiquidAlts Leisure (Boating) Option on Credit Tech Oil & gas Finance Hedge Fund Security

seasonal oil dip via bullish X-market risk reversals Lev=red X-market risk reversal: Sell lx USO 3M 25d (- 88% strike) puts to fully=fund 2.1x SXEP (Oil & Gas equity) 25d (- 106% strike) calls (indic.)=/u> • * T=e seasonal sell-off in oil presents a 'buy the dip' opport=nity according to our commodity st