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

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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

ill Lynch (Singapore) Pte Ltd, regulated by the Monetary Authority of Singapore (MAS); Merrill Lynch (Canada): Merrill Lynch Canada Inc, regulated by the Investment Industry Regulatory Organization of Canada; Merrill Lynch (Mexico): Merrill Lynch Mexico, SA de CV, Casa de Bolsa, regulated by the Comision Nacional Bancaria y de Valores; Merrill Lynch (Arge

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 =

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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

); Merrill Lynch (Singapore): Merrill Lynch (Singapore) Pte Ltd, regu Singapore (MAS); Merrill Lynch (Canada): Merrill Lynch Canada Inc, regulated by the Investment Industry Regulatory Organization of Canada; Merrill Lynch (Mexico): Merrill Lynch Mexico, SA de CV, Casa de Bolsa, regulated by the Comisidn Nacional Bancaria y de Valores; Merrill Lynch (Arge