Epstein Secrets

d Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS Licens

d | 30 November 2016 921 Merrill Lynch HOUSE_OVERSIGHT_014452 --- PAGE BREAK --- Risks to trades Equity trades ¢ The risks to long divi basket & Pharma trades are a steepening of rates curves and better than expected growth outside of Europe causing investors to rotate out of bond proxies. Plus our a

d Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS Licens

rtant drugs in 2017. Chart 79: Healthcare PE relative back near market multiple and lowest since 2011 when patent cliff was at its worst Chart 78: Pharma’s improving growth outlook not reflected in PE 3 Year Sales, EBIT and EPS CAGR Majors and 12 month forward PE ratio 15% 20 1.70 ——HealthCare 12m fw

Similarly, as we discuss below, half of the repatriated cash following the 2004 Homeland Investment Act came from just 15 companies, predominantly in Pharma and Tech. Our own analysis of the S&P 500 (based on filings and estimates from our analysts) suggests that non-Financials in the S&P hold approximate

not insured by the Federal Deposit Insurance Corporation and are not deposits or other obligations of any insured depository institution (including, Bank of America, N.A.). Investments in general and, derivatives, in particular, involve numerous risks, including, among others, market risk, counterparty default risk and