Epstein Secrets

Year Average Yield Weighted Average Treasury Yields (%) 0% . T T T T T T T T T T 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 KP Source: US Treasury. i USA Inc. | Income Statement Drilldown 165 Effective Interest Rates: If Debt Levels & Interest Rates Rise Dramatically Beyond 2010, Net Interest

s Helped Fuel It, Too, as They Reached For Yield Without Questioning AAA Ratings of A Subprime-Backed Investments Investors picked up 25-35bps over U.S. Treasuries with comparable maturity, typically levered 10:1 and generated 2.5-3.5% yield, meaningful against an 8% annual yield target Illustrative AAA-Rated S

Consider Review Tax Rates Changing MEE Reduce Subsidies / Tax Expenditures*/ eee Broaden Tax Base Note: *Tax subsidies / expenditures are losses to the U.S. Treasury from granting certain deductions, exemptions, or credits (such i as those on mortgage interest payments and employer-sponsored health insurance payme

26 : Manufacturing 1 257 a a —— Information 275 $ — Mining 58 F — Education & Health 1,664 F ——Wholesale & Retail 1,056 5 _ —Leisure 403 Other 154 —— Business Services 379 0% = Finance 138 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 KP Source: Bureau of Labor Statistics. www.kpeb.com USA Ine. | What Might a T

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OUNT AS OF 090914 0.14 Total taxable interest Total dividend and interest income Chick wren ale 001009 Jun 5 Description KIMBERLY CALVACCA US TREASURY 10.14 80.14 Amotet (3) -3214.00 001010 Jun 19 -15,00000 001011 Jun 18 Total checks NY STATE IN COME TM -7000.00 Date Adtity Jun 3 Wit

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nonprofit educational facilities Education 660 Special Blue Cross/Blue Shield tax benefits Health 630 Source: BofAML US Equity & Quant Strategy, US Department of Treasury Immediate capex expensing should provide some initial cash tax benefits The shift to the immediate expensing of capital expenditures should provide

ro factors favor group; 1H comps set stage for growth 12 January 2017 Business, Education & Professional Services: 2017 year ahead: INFO top pick in Business Services 12 January 2017 Basic Materials & Industrials 2017 Year Ahead: Buy America and inflation, but watch the US dollar and interest rates 12 December 201