Epstein Secrets

ump) Source: BofA Merrill Lynch Global Research, Bloomberg Trump’s effect on MXN We provide an empirical a

re) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 23513

ength of medium-term GDP and inflation 2.0 Real GDP YoY 4 4 CPlextreshfood YoY gg oe a 08 0.0 O05 OvT6 OTE ove Cv1é OvTT ov1s BBofAML | Consensus (Bloonberg, as of 1& Now 2076) Source: BofA Merrill Lynch forecasts, Bloomberg Izumi Devalier © Japan Economist Merrill Lynch (Japan) HOUSE_OVERSIGHT_014402

very of Research via Emails. Alternatively, contact Research Operations: The Americas: +1 888 734 1391 or +1 646 556 2910 Asia Pacific (ex-Japan) & Australasia: +800 7724 6510 (Press “3”) Europe, Middle East, Africa: +44 20 7996 4444 Japan: +81 3 6225-8900 Publication: 1316045-11686430. pdf Recipient: Ali

ico} ico} SSR ERE EERE ES SSR eRe EER EES Source: Bloomberg Source: Bloomberg 4 Global Cross Asset Strategy -

re) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 23513

on the fuel gauge. EAFE Equities: Priced for Imperfection There is no shortage of concerns surrounding the various countries that comprise Europe, Australasia and the Far East (EAFE) equity markets. The list is both long and valid, including persistently low economic growth, a slow pace of structural refor

r Es a 4 oe Ses 2 Fea f = 2 22 3 sf SE a te ge < = 2 zs eer 8 = = 3 wn New Zealand Data as of December 31, 2016. Source: Investment Strategy Group, Bloomberg. Czech Republic South Africa 60 | Goldman Sachs | JANUARY 2017 HOUSE_OVERSIGHT_014593 --- PAGE BREAK --- incorporates this view, as we are neutra

uy 70.0% Short interest % of float 2.25% Source: Bloomberg and BofA Merrill Lynch Global Research estimates

re) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS License 23513

(YoY) NM -26.0% 24.1% 61.1% 47.9% Consensus EPS (Bloomberg) (3.03) (2.09) (0.45) DPS 1.00 1.00 1.00 1.00 1.0

tribute, research reports of the following non-US affi PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by the Australi CV, Casa de Bolsa, regulated by the Comisién Nacional Bancaria y de Valores; Merrill Lynch (Argentina): Merrill Lynch Argentina SA, regulated by Com

(RHS) Source: BofA Merrill Lynch Global Research, Bloomberg. Daily data from Jan-90 to 5-Jun-17. The politic

ngapore to institutional International Bank Limited (Merchant Bank) (MLIBLMB) and Merrill Lynch ingapore) are regulated by MAS. Bank of America N.A,, Australian Branch (ARBN e this report in Australia only to affiliates involved in preparing this research report is an pproval is required for publication or di