Epstein Secrets

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

r the last few years, and, if we exclude the cash-rich Technology sector, leverage is approaching all-t

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

would advise a tilt in EM portfolios toward cash-rich and faster- growing Asia. Emerging market countr

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

would advise that EM portfolios tilt toward cash-rich and faster- growing Asia. Country preferences wi