Epstein Secrets

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3.48 12.50 * High inflation regime and controls prevent to have a valid market reference. Source: Deutsche Bank Research, Bloomberg Finance LP, Datastream; as of Dec 07 0.72 7.46 EFTA01476212 9.25 9.29 1.09 1.46 1.49 1.63 27.0 313.1 4.20 334.8 4.32 4.49 73.88 15.7 3.14 25.17 6.96

tedtt yield 12/80 12/84 12/88 12/92 12/96 12/00 12/04 12/08 12/12 200 2006 2008 2010 2012 2014 2016 Source: BofA Merrill Lynch Global Research, MSCI, Datastream Source: BofA Merrill Lynch Global Research, Bloomberg, Datastream European Yield Screen The rising rates backdrop has left yield not quite as scar

rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. This research report has been prepared and issued by MLPF&S and/or one or more of its non-US affiliates. MLPF&S is the distributor of this research

0 066 = G/99—s—«<OG/O2—sC«OG/OS.s«OG/OS=—OG/11 (06/14 06/96 8606/99) (OG/02—sCO6/NSsC«G/OSS(G/11 S(O /14 Source: BofA Merrill Lynch Global Research, Datastream, MSCI, IBES Source: BofA Merrill Lynch Global Research, Datastream, MSC The other metric that illustrates the valuation overhang in Europe is the ri

rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. This research report has been prepared and issued by MLPF&S and/or one or more of its non-US affiliates. MLPF&S is the distributor of this research

Saudi 12m Fwd PE 27 EM 12m Fwd PE 25 Average 23 eoccccce Average 2.1 1.9 nhs 1.5 1.3 14 09 07 08 09 10 11 12 13 14 15 16 0 10 (12181 8H Source: DataStream, |/B/E/S, Bloomberg, BofA Merrill Lynch Global Source: DataStream, |/B/E/S, Bloomberg, BofA Merrill Lynch Global Research Research Interestingly, no

rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. This research report has been prepared and issued by MLPF&S and/or one or more of its non-US affiliates. MLPF&S is the distributor of this research