Epstein Secrets

rill Lynch Canada Inc, regulated by the Investment Industry RegulatoryOrganization of Canada; Merrill Lynch (Mexico): Merrill Lynch Mexico SA de CV, Casa de Bolsa, regulated by the Comisi6n Nacional Bancaria y de Valores; Merrill Lynch 'Argentina): Merrill Lynch Argentina SA, regulated by Conisien Nacional de V

al 10 year yield based on headline CPI 6 5 4 3 1 0 -1 -2 -3 -4 97 99 01 03 05 07 09 11 13 15 17 —US —Japan —Euro Area Source Bloomberg Chart 12: The term premium means that currencies maintain a positive spread between their 2 year and their 10 year interest 2Y10Y goverment bond y

d opinions in Morgan Stanley Research were prepared by Morgan Stanley & Co. LLC. and/or Morgan Stanley MIR S.A.. C M and/or Morgan Stanley Mexico. Casa de Bolsa. S.A. de V.. ' gan Stanley Canada Limited. used in this disclosure sec ion, Morgan Stanley includes Morgan Stanley & Co. LLC, Morgan Stanley S.

N STANLEY RESEARCH NORTH AMERICA 7.1;r4.-.713er Jey e C.; _LC. Matthew Harrison • David Friedman. M. Key Ratios and Statistics Reuters: GILD.O Bloomberg: GILD US Biotechnology / United Stales of America Shr price. close (Jul 23. 2014) $90.34 Mkt cap. curt (mm) $152.143 62-Week Range $90.74-55.9

2016 Source: BofA Merrill Lynch Global Research, Bloomberg Bankof America Merrill Lynch Global Rates, FX & E

ill 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 (Argentina): Merrill Lynch Argentina SA, regulated by Comisién Nacional de V