Epstein Secrets

x 4.7% Industrials 0.2% Industrials 0.2% Materials -4.5% Energy Equipment & Services -11.6% Defensives 3.0% Information Technology 8.2% Utilities -6.116 013US8RTE (Reasonable PE Tech) • -10.1% Telecommunication Services 2.0% Consumer 8.6% Consumer Staples 3.7% Consumer Discretionary

-13.1% Energy -13.1% Financials 1.1% Capex 4.7% Industrials 0.2% Industrials 0.2% Materials -4.5% Energy Equipment & Services -11.6% Defensives 3.0% Information Technology 8.2% Utilities -6.116 013US8RTE (Reasonable PE Tech) • -10.1% Telecommunication Services 2.0% Consumer 8.6% C

6.0% Industrials -4.9% Industrials -4.9% Materials -5.3% Energy Equipment & Services -3.5% Defensives -3.5% Information Technology -6.7% Utilities 7.3% DBUSBRTE (Reasonable PE Tech) • -17.4% Telecommunication Services 8.1% Consumer -4.8% Consumer Staples -1.5% Consumer Discretionary -

-4.3% Energy -4.3% Financials -10.9% Capex -6.0% Industrials -4.9% Industrials -4.9% Materials -5.3% Energy Equipment & Services -3.5% Defensives -3.5% Information Technology -6.7% Utilities 7.3% DBUSBRTE (Reasonable PE Tech) • -17.4% Telecommunication Services 8.1% Consumer -4.8% C

6.0% Industrials -4.9% Industrials -4.9% Materials -5.3% Energy Equipment & Services -3.5% Defensives -3.5% Information Technology -6.7% Utilities 7.3% DBUSBRTE (Reasonable PE Tech) • -17.4% Telecommunication Services 8.1% Consumer -4.8% Consumer Staples -1.5% Consumer Discretionary -

-4.3% Energy -4.3% Financials -10.9% Capex -6.0% Industrials -4.9% Industrials -4.9% Materials -5.3% Energy Equipment & Services -3.5% Defensives -3.5% Information Technology -6.7% Utilities 7.3% DBUSBRTE (Reasonable PE Tech) • -17.4% Telecommunication Services 8.1% Consumer -4.8% C

apes 3.9% Industrials 1.3% Industrials 1.3% Materials 5.3% Energy Equipment & Services 3.8% Defensives 5.6% Information Technology 5.4% Utilities -4.6% DBUSBRTE (Reasonable PE Tech) -6.0% Telecommunication Services 6.1% Consumer 4.8% Consumer Staples 2.3% Consumer Discretionary 6.8%

Energy 0.3% Energy 0.3% Financials 1.2% Capes 3.9% Industrials 1.3% Industrials 1.3% Materials 5.3% Energy Equipment & Services 3.8% Defensives 5.6% Information Technology 5.4% Utilities -4.6% DBUSBRTE (Reasonable PE Tech) -6.0% Telecommunication Services 6.1% Consumer 4.8% Consum

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

approaching 2010/14 lows on PE-relative. Staples have also de- rated severely — in fact Food & Beverage relative PE fell somewhat more than the other Defensives. However, current levels are still somewhat higher versus the historical range (since 1999) than for Healthcare or Utilities. That being said, the PE