Epstein Secrets

16 Bankof America 2 Merrill Lynch HOUSE_OVERSIGHT_014435 --- PAGE BREAK --- Chart 3: EM debt and equity have been hit Chart 4: While Banks versus Staples has gone ballistic 950 r 40 0.43 ——MSCI EM _ 900 SSW eG TRS EN LSI SEE ERG ; , ———S&P 500 Banks relative to Food & Bev 0.39 (RHS) 850 0.37 0.35 800 0

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relative price vs 52wk average (SD) Source: Re BofA Merrill Lynch Global Research, Bloomberg place this text Chart 6: Rapid relative de-rating for Staples — relative PE for Food & Beverage still 6-10% above 2010 / 2014 levels 1.70 1.60 1.50 1.40 1.30 1.20 =———PE-relative FOOD & BEV 110 eee German

to retail clients (as defined in the rules of the FCA and the PRA) by Merrill Lynch International Bank Limited, London Branch, which is authorized by the Central Bank of Ireland and subject to imited regulation by the FCA and PRA - details about the extent of our regulation by the FCA and PRA are available from us on request;

ctor Est. cash Overseas cash Effective tax Net % imported vs Sector overseas ($bn) = % mkt cap rate LTM exported COGS Discretionary 15 2.9% 28% -14% Staples 68 3.2% 29% -13% Energy 39 26% 21% -3% Health Care 187 10% 23% A% Industrials 127 6.0% 26% 1% Technology 647 14.9% 20% -9% Materials 24 40% 23% 3% Te

to retail clients (as defined in the rules of the FCA and the PRA) by Merrill Lynch International Bank Limited, London Branch, which is authorized by the Central Bank of Ireland and subject to imited regulation by the FCA and PRA - details about the extent of our regulation by the FCA and PRA are available from us on request;

SPX puts conditioned on higher rates Participate in the continuation of the reflation trade. Cheapen Financials upside by selling rich Utilities and Staples vol & expensive correl. Higher US rates and stronger dollar are likely to hurt companies exposed to EM and help US DM. Trade the outperformance in a

efined in the rules of the by the PRA and regulated by the FCA and the PRA, and is distributed in the UK to ed, London Branch, which is authorized by the Central Bank of Ireland and subject to e from us on request; has been considered and distributed in Japan by Merrill and distributed in Hong Kong by Merrill Lynch (Hong Kong