Epstein Secrets

Jan-15 memes Industrial production - inventory (3m mva yoy%) —— SCI Japan cyclical/defensive Source: BofA Merrill Lynch Global Research, Bloomberg, Haver Cyclical = Industrials, consumer discretionary, IT, materials Defensive = Healthcare, telecom, consumer staples, utilities Calculated cyclical and

sives June '12 Fundamentals June '14 Production June '13 Contraction Recovery Cyclicals Source: BofA Merrill Lynch Global Research, Bloomberg, Haver 23 09 07 05 e SF SF SF 9 eee TSE Bank/ TSE REIT Source: BofA Merrill Lynch Global Research, Bloomberg, Exhibit 4: Reactions to US Treasury curve

ynch Global Research policies relating to conflicts of interest are described at http://go.bofa.com/coi. "BofA Merrill Lynch" includes Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S’) and its affiliates. Investors should contact their BofA Merrill Lynch representative or Merrill Lynch Global Wealth Management financial a

uwait SaudiArabia Dubai RRS RRRKRKRKCKKRRKRKKAA Source: Haver, IMF, Saudi Ministry of Finance, BofA Merrill Lynch Global Research. 2015 data, Source: Haver, BofA Merrill Lynch Global Research. Implied rate of return on SAMA reserve assets Investment income and transfer of profits of public entities for K

Cc fo?) f=] —_ N oO t+ wo . . 7 : : oS SoS o oo So So oS So Oo x x x x —- x Qatar Abu Dhabi Kuwait SaudiArabia Dubai RRS RRRKRKRKCKKRRKRKKAA Source: Haver, IMF, Saudi Ministry of Finance, BofA Merrill Lynch Global Research. 2015 data, Source: Haver, BofA Merrill Lynch Global Research. Implied rate of re

nch Global Research policies relating to conflicts of interest are described at http://go.bofa.com/coi. "BofA Merrill Lynch" includes Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S’) and its affiliates. Investors should contact their BofA Merrill Lynch representative or Merrill Lynch Global Wealth Management financial a

1000 60 900 40 800 =— Percentage of Countries with J. ——MSCI EM, RS 20 700 1/11 1/12 1/13 1/14 1/15 1/16 Source: BofA Merrill Lynch Global Research, Haver, Bloomberg Chart 29: EM cyclicals outperform as China’s NOMINAL GDP recovers. More to go. eee SCI EM cyclicals/EM defensives price index, LS 180 =

nch Global Research policies relating to conflicts of interest are described at http://go.bofa.com/coi. "BofA Merrill Lynch" includes Merrill Lynch, Pierce, Fenner & Smith Incorporated (‘MLPF&S’) and its affiliates. Investors should contact their BofA Merrill Lynch representative or Merrill Lynch Global Wealth Management financial a

S2SSZFSSSRSPESPSLZESS 5 8 gpg = 8 & & & Source: BofA Merrill Lynch Global Research, Bloomberg, Source: BofA Merrill Lynch Global Research, Bloomberg, Haver, EPFR Bankof America “2 Global Rates, FX & EM 2017 Year Ahead | 16 November 2016 27 Merrill Lynch HOUSE_OVERSIGHT_014757 --- PAGE BREAK --- Best V

ynch Global Research policies relating to conflicts of interest are described at http://go.bofa.com/coi. "BofA Merrill Lynch" includes Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S’) and its affiliates. Investors should contact their BofA Merrill Lynch representative or Merrill Lynch Global Wealth Management financial a