Epstein Secrets

t' 12 Month Forecast 12 Month Return Next 3%• Move (March 2017) (Marc, 2017) World 3.2% 3.6% USA 16% 2.0% EUR vs. USD 1.12 1.05 -6.4% Euroland 1.6% 1.6% USDvs. JPY 113.25 120.00 6.0% UK 2.0% 2.1% EUR vs CliF 109 1.12 2.6% Japan 1.0% 0.8% GBP vs USO 1.43 1.60 6.2% China

rrent' Next 3%. Move 12 Month Forecast 12 Month Return R. (March 2017) (March 2017) USA (core PCE) 1.6% 1.7% Oil Mm) in USD 39 60 26.9% Euroland 0.3% 1.6% Gold In USD 1220 1100 -9.8% UK 0.6% 1.8% Japan China 0.8% 1.2% 1.8% 1.2% Equities Current' Dividend Yield P/E (LTM)? NT

nd 0.3% 1.6% Gold In USD 1220 1100 -9.8% UK 0.6% 1.8% Japan China 0.8% 1.2% 1.8% 1.2% Equities Current' Dividend Yield P/E (LTM)? NTM P/E Forecast' NTM EPS Forecast' ' '• '• 12 Month Forecast (March 2017) 12 Month Return (March 2017) USA (SSP 500) 2037 2.1% 17.38 16.75 123

Multi Asset Investment Committee Forecasts January 2016 GDP Growth in % World USA Euroland UK Japan China Inflation in % USA (core PCE) Euroland UK Japan China Curr Acct Balance in % of GDP USA Euroland UK Japan China Fiscal Balance in % of GDP USA Euroland UK Japan China Key

Equities 32 1096 Currentl Dividend Yield 2.2% 3.5% 2.8% 4.2% 1.9% 2.7% 3.1% P/E (LTM)2 16.27 13.26 12.30 14.97 13.71 11.27 13.36 NTM P/E Forecast3 16.75 14.50 13.75 14.75 16.00 12.00 14.00 NTM EPS Forecast3 124 236 819 400 62 39 104 EUR vs. USD USD vs. JPY EUR vs CH

Economic and Capital Market Forecasts March/April 2016 GDP Growth in % World USA Euroland UK Japan China Inflation in % USA (core PCE) Euroland UK Japan China Curr Acct Balance in % of GDP USA Euroland UK Japan China Fiscal Balance in % ofGDP of GDP USA Euroland UK Japan Chin

s Currentl 112 1.12 113.25 1.09 1.43 6.52 Currentl 39 1220 Currentl Dividend Yield 2.1% 4.0% 2.9% 4.1% 2.3% 3.0% 3.1% P/E (LTM)2 NTM P/E 17.38 13.20 12.32 15.38 14.42 12.63 18.86 13.75 13.25 14.50 15.00 EFTA01477983 13.00 17.00 Forecast3 16.75 NTM EPS Forecast3 123

Economic and Capital Market Forecasts March/April 2016 GDP Growth in % World USA Euroland UK Japan China Inflation in % USA (core PCE) Euroland UK Japan China Curr Acct Balance in % of GDP USA Euroland UK Japan China Fiscal Balance in % ofGDP of GDP USA Euroland UK Japan Chin

s Currentl 112 1.12 113.25 1.09 1.43 6.52 Currentl 39 1220 Currentl Dividend Yield 2.1% 4.0% 2.9% 4.1% 2.3% 3.0% 3.1% P/E (LTM)2 NTM P/E 17.38 13.20 12.32 15.38 14.42 12.63 18.86 13.75 13.25 14.50 15.00 EFTA01478053 13.00 17.00 Forecast3 16.75 NTM EPS Forecast3 123