Epstein Secrets

7192 CONNECTIONS: MAGIC FM, PORT PIRIE - MEDIA INVOLVEMENT Kerrin / Secretary - Red Devils Motorcycle Club, Port Pixie/ dating Sergeant of Arms, Michael connected to Peter Bannister - Connected to Shaun Steele / sexual targeting 2007 - 2009, Queensland, Adelaide Intellectual property Theft - Hand wri

Sexual Targeting Newcastle Hotel, Port Pirie Queensland Police Department - Townsville Fines Department - Fraudulent Activity / Excessive Rise in Utilities , accounts - Refer to Stage IC Fraudulent Activity Excessive Rise in utilities / Electricity accounts Federal Police Departments, South Australia -

(SD) Source: BofA Merrill Lynch Global Research, Bloomberg Chart 5: Financials valuations have recovered si

perspective. Financials are now trading around median relative valuation levels. Healthcare PE relative is at the bottom of the historical range and Utilities relative PE is also close to the prior low hit in 2013. Food & Beverage still commands a large premium and PE- relative is 6-10% above the 2010 / 201

e: BofA Merrill Lynch Global Fund Manager Survey, Bloomberg. As a reminder, the FMS Cash Rule works as follow

BofA ML turned neutral in EM in the short-term Close positions from trades that have benefited thus far from the rally in Financials and weakness in Utilities; monetize view that Fed will not hike in September Take advantage of low near term vol and a steep term structure Unwind Oct/Jan spread and maintai

ould be able to retain half of the benefit ($8) and the remainder would be passed on to customers or competed away. For instance, a lasting impact to Utilities’ profits is unlikely, as the benefit would be passed on via regulated pricing. Repatriation: Buybacks could boost EPS by 3% Both Trump and the Blue

0.1 0.1 0.1 Utilities 0.2 0.2 0.2 0.2 S&P 500 ex. Financials & Real Estate 117.0 102.4 78.3 68.5 S&P 500 GAAP EPS impact ($9) ($8) Source: FactSet, Blaomberg, BofAML Global Research estimates, BofA Merrill Lynch US Equity & US Quant Strategy We estimate share buybacks add $4 (or as high as $6) to EPS (GAA

(RHS) Source: BofA Merrill Lynch Global Research, Bloomberg. Daily data from Jan-90 to 5-Jun-17. The politic

BofA ML turned neutral in EM in the short-term Close positions from trades that have benefited thus far from the rally in Financials and weakness in Utilities; monetize view that Fed will not hike in September Take advantage of low near term vol and a steep term structure Unwind Oct/Jan spread and maintai

osite —No-change line 35 08 09 10 11 12 Source: Bloomberg, UBS CIO, as of September 2012 Note: Past perfor

arnings growth. Our sector stance in the US Sectors Consumer Discretionary Consumer Staples Energy Financials T Healthcare ndustrials Telecom Utilities aterials Viclelulsalel vy) vial ws Source: UBS Note: Past performance is not an indication of future returns. For further information please con

1 1 1 1 1 i i 5 10 15 20 Source: J.P. Morgan, Bloomberg. See blue box on page 2 for description. www.mo

il Bovespa 58383 2.6% Information Tech. 15.6% 16.1% -5.2% 19.3% Hang Seng 22111 22.1% Telecommunications 21.9% -3.4% -1.3% 12.2% Shanghai SE 2117 42% Utilities 47% 8.2% -20.4% 5.2% *Levels/returns as of Nov 08, 2012 Overall 15.6% 13.2% 4.4% 12.2% Local currency except MSCI EM $ Source: J.P. Morgan HOUSE_O