Epstein Secrets

: Merrill Lynch (Singapore) Pte Ltd, regulated by the Monetary Authority of Singapore (MAS); Merrill Lynch (Canada): Merrill Lynch Cana

r EPS estimated impact from 20% rate 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% Financials Discretionary Telecom Staples Industrials Health Care Energy Materials Info Tech Real Estate Source: BofAML US Equity & Quant Strategy, FactSet, S&P While the effective tax rate of the S&P 500 is generally about 28% (cu

see also slide 21). Our sector stance in the US Sectors us Consumer Discretionary v Consumer Staples Energy Financials Healthcare ndustrials T Materials Telecom ee; e 1 ulvl vey viaya Utilities Source: UBS CIO, as of 28 June 2012 Note: Past performance is not an indication of future returns. 14

al adviser under the Singapore Financial Advisers Act (Cap. 110) and a wholesale bank licensed under the Singapore Banking Act (Cap. 19) regulated by the Monetary Authority of Singapore, in respect of any matters arising from, or in connection with, the analysis or report. The recipient of this report represent and warrant that they

taples Energy Financials Healthcare ndustrials 7 aterials Telecom Utilities Vielvi Viel ule; ulale Source

al adviser under the Singapore Financial Advisers Act (Cap. 110) and a wholesale bank licensed under the Singapore Banking Act (Cap. 19) regulated by the Monetary Authority of Singapore, in respect of any matters arising from, or in connection with, the analysis or report. Spain: This publication is distributed to clients of UBS Bank