Epstein Secrets

k, commodity prices low, and investment depressed. This together with a disorderly fiscal adjustment in Brazil and tighter economic restrictions in Venezuela and Argentina finally pushed the regional economy into recession in 2015. Further adjustment is likely to maintain negative growth in 2016, and a

5% share shrink. Ex. Energy & Financials, as much less y/y litigation expense at Banks, 2015 S&P EPS was up 6% or 10% ex. 4% FX drag. Growth led by Health Care and big consumer oriented Tech firms. We expect growth to slow at these two S&P segments, but remain key growth drivers. II2016E S&P EPS of $125 i

nce in the health system in order to enhance % of Healthcare facilities reporting comprehensive % 10 100 NA 10

ive 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 -0.1 0.1 0.3 05 Source

s 11.4% 13.1% 13.8% 19.5% MSCI Europe* 1104 13.2% Healthcare 18.4% 15.5% 15.0% 30.9% MSCI EM $* oo5 12.2% Fina

30 21+ 3.5 40 3.2 3.3 55 3.9 44 44 Peru 6.9 6.0 7.0 83 6.0 55 6.0 8.0 8.0 7.0 45 41 3.0 28 Uruguay 57 3) 40 11.8 21 9.0 -90 12.0 70 9.0 83 8.0 76 12 Venezuela 42 5.0 0.0 10.1 0.6 3.5 0.0 40 0.0 3.0 28.5 22.3 18.5 30.2 Asia/Pacific Japan -07 17 0.1 53 0.7 -3.5 -20 0 16 Le -03 0.2 0.0 -0.2 Australia 21 3.5 25