Epstein Secrets

OVERSIGHT_014575 --- PAGE BREAK --- Exhibit 41: European Commission Industrial Confidence Survey Eurozone business s

titative easing through December 2017. Meanwhile, the European Commission has endorsed a moderate fiscal easing of 0.5% of

ce should stay in the European Union, and, should she win, questions about the viability of the Eurozone will surface immediately.°* While polls show Fillon well ahead of Le Pen, polls have been wrong on the UK and Italian referenda and the US election. The Eurasia Group, for one, assigns a 30% probabilit

asset class also received a boost last week when the European Commission submitted a proposal for AT1 coupons to be priori

Merkel is returned at the head of a coalition government in Germany. Chart 19: German polls show a consistent lead for Merkel’s CDU party Chart 20: Fillon well ahead of Le Pen in polls showing a potential run-off 40 100 : 90 " Oy On%@ gate 20 tHe “008 as” “ehan 46 06 4 80 30 +4 4 a aa a a4 a4 4 70 2 1 a

European politics. Will Europe follow the route to populism (revolt from the voters) or will we find relief for the markets by the end of 2017 from a Fillon/Merkel duo being in charge of the Euro area’s two largest economies. We think investors will demand a higher risk premium until the French Elections

ck-up in EU Consumer Confidence should boost Media 0.9 0 0.85 r 0.95 09 °8 -10 0.75 0.85 15 07 08 === Stoxx Media Price relative -20 0.65 0.75 ———European Commission Consumer _5¢ 0.6 Confidence Index 0.7 emmee Stoxx Media-relative to Tech 0.55 -30 0.65 a NS © RS ee ee et ee He Hote Hoe HESOE FPS GF WT SF CF CE