Epstein Secrets

.75% 0.10% Euroland (German Bund) UK EFTA01477421 Japan Credit Barclays U.S. High Yield 2.05% 0.41% 1.71% 0.23% Current Couponl 6.70% JPM GBI- EM Global Diversified (Local) JPM EMBIG (EM Broad Index) (Hard Currency) Yield 9.47% 7.08% Current Spread5 799 457 J J J J Next 3%+ Move

2.5% 0.8% 6.8% 2015 1.4% 0.1% 0.2% 0.7% 1.5% 2015 -2.8% EFTA01477420 3.0% -3.7% 2.0% 2.0% 2015 -2.5% -2.2% -4.5% -6.5% -2.4% Currentl 0.25% 0.05% 0.50% 0.10% 2016 Currencies 3.4% 2.4% 1.6% 2.2% 1.2% 6.0% 2016 1.6% 1.2% 1.8% 0.8% 1.2% USA (S&P 500) 2016 -3.0% 3.

2.5% 2.5% 2017 USA Euroland (German Bund) UK Japan Credit Barclays U.S. High Yield Yg 1.89% 0.18% 1.45% -0.10% Current Couponl 6.60% JPM GBI- EM Global Diversified (Local) JPM EMBIG (EM Broad Index) (Hard Currency) Yield 8.35% 6.55% Current Spread5 700 405 Euroland (Euro Stoxx 50)

3% -6.0% -2.4% Key Interest Rates Ct USA (Fed funds) Euroland (Refi rate) UK (Repo rate) Japan (Mmkt rate) t t l 0.25% 0.00% 0.50% 0.00% Currentl -2.9% -1.9% -2.5% EFTA01477980 -5.2% -2.5% 12 Mo Forecast (Mar 2017) 0.75-1.00% 0.00% 0.50% 0.00% Footnotes: Macro estimates are accord

2.5% 2.5% 2017 USA Euroland (German Bund) UK Japan Credit Barclays U.S. High Yield Yg 1.89% 0.18% 1.45% -0.10% Current Couponl 6.60% JPM GBI- EM Global Diversified (Local) JPM EMBIG (EM Broad Index) (Hard Currency) Yield 8.35% 6.55% Current Spread5 700 405 Euroland (Euro Stoxx 50)

3% -6.0% -2.4% Key Interest Rates Ct USA (Fed funds) Euroland (Refi rate) UK (Repo rate) Japan (Mmkt rate) t t l 0.25% 0.00% 0.50% 0.00% Currentl -2.9% -1.9% -2.5% EFTA01478050 -5.2% -2.5% 12 Mo Forecast (Mar 2017) 0.75-1.00% 0.00% 0.50% 0.00% Footnotes: Macro estimates are accord