Epstein Secrets

by UBS AG, authorized and regulated in the UK by the Financial Services Authority. A member of the London Stock Exchange. This publ

Consumer Staples and Healthcare. We also like the Energy sector. e We are negative on Industrials and Con

ectively lend again in the sector. Moreover, with energy criticized loans peaking in 1Q16, management expe

rities Authority; Merrill Lynch (Russia): OOO Merrill Lynch Securities, Moscow, regula DIFC): Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA); Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merrill Lynch Banco Multip errill Lynch Kingdom of Saudi Ar

is underestimating ’17 EPS upside potential from Energy recovery given the segment’s close correlation to

rities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch), regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.A.S.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (

retionary Telecom Staples Industrials Health Care Energy Materials Info Tech Real Estate Source: BofAML U

rities, Moscow, regulated by the Central Bank of the Russian Federation; Merrill Lynch DIFC}: Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.AS.V., regulated by Comisién Nacional del Mercado De Valores; Merrill Lynch (B