Epstein Secrets

FX is ELMI+ in $. 16 2.0% Jan-11 Mar-11 May-11 Jul-11 Oct-11 Dec-11 S&P 500 Sector Performance Utilities 14.8% Consumer Staples 10.5% Health Care 10.2% Consumer Discretionary 4.4% Energy 2.8% Information Technology 1.3% Telecommunication Services 0.8% S&P 500 0.0% Industrials -2.9%

A_R1_02049745 EFTA02696367 Macro ...But This Is Not 2008 0 0 CO z z z cc O a. cc O. a a. 0 Source: Bloomberg Sources: FRB, BEA, ECB, Eurostat, BoE, Office for National Statistics. BoJ. Cabinet Office. Data as of O4 2011. U.S. Households Deleveraging %GDP 130% 120% 110% 100% 90% 80%

5% share shrink. Ex. Energy & Financials, as much less y/y litigation expense at Banks, 2015 S&P EPS was up 6% or 10% ex. 4% FX drag. Growth led by Health Care and big consumer oriented Tech firms. We expect growth to slow at these two S&P segments, but remain key growth drivers. II2016E S&P EPS of $125 i

long term real rates Source: Deutsche Bank Research, Haver Analytics LP, Bloomberg EFTA01476084 Finance LP, ECB, Federal Reserve, Bank of Japan, Eurostat, BEA, CAO Similarly, the output gap has mirrored the dynamics of credit, as the unemployment rate peaked mid-2013 in the euro area vs. late 2009 i

r Diagnostics and Versartis. Prior to joining New Leaf, Mike was a Principal at the Boston Consulting Group (BCG) where he was a core member of their Health Care practice. Mike graduated magna cum laude from Harvard University with an AB in biochemical sciences and received his Ph.D. in molecular biology and g

ase the overall costs to the healthcare system by reducing reliance on equally costly, but less effective and more toxic treatments, by @ CMS, OECD, Eurostat 4 CONTROL NUMBER 257 - CONFIDENTIAL HOUSE_OVERSIGHT_024015 reducing clinic visits and hospital admissions and by controlling or curing disease so