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

k 26 Pace of Federal Reserve Tightening 27 Low Expectations of a US Recession 28 29 30 30 31 33 Rising Influence of Populist Parties in the Eurozone Geopolitical Hot Spots Get Hotter Terrorism Escalates Cyberattacks Continue China Submerges Under Its Debt Burden and Capital Outflows US-China Re

wth of 4.6%, aided by healthy domestic growth, and a particularly well-capitalized® banking sector that has a lower nonperforming loan ratio than the Eurozone bank average. Furthermore, Spain is unlikely to face the same political uncertainty as Germany, France and Italy in 2017. We expect high single-digit

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

10 Global Cross Asset Strategy - Year Ahead | 30 November 2016 Bankof America 2 Merrill Lynch HOUSE_OVERSIGHT_014441 --- PAGE BREAK --- Chart 15: Eurozone PMI's point to solid growth Chart 16: Japanese growth expected to accelerate in 2017 60.0 3.0 58.0 —_.,. = 2.0 Forecasts 56.0 54.0 1.0 52.0 50.0 0.0

d long RUB/ZAR. The former has dropped as the EUR has weakened against the USD. We continue to think that the Swedish economy is more robust than the Eurozone and that the Riksbank will sooner or later have to adjust monetary policy accordingly. We see a lot more room for this pair to move in 2017, particul

, PMI’s and consumer confidence pointing to a solid Q4 to follow. That quarter is currently tracking at 3.6% according to the Atlanta Fed. Chart 13: Eurozone PMI’s have picked up of late... Chart 14: US Consumer Confidence now at post-GFC highs 60.0 120 100 59.0 80 50.0 60 40 45.0 ———US Consumer Confidence

n for investors as we enter a busy year for European politics (see table opposite} is whether the populism train will gather pace or terminate at the Eurozone. Italy risks elevated, but risks two way and banks the bigger issue Although Italy goes to the polls this year, it is worthwhile starting with this

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