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

cional de Valores; Merrill Lynch japan): Merrill Lynch Japan Securities Co., Ltd., regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Secur

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 =

acional de Valores; Merrill Lynch japan): Merrill Lynch Japan Securities Co, Ltd., regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Secur

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

cional de Valores; Merrill Lynch japan): Merrill Lynch Japan Securities Co., Ltd., regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd, regulated by the Securi