Epstein Secrets

a basket of LatAm long bonds (Mexico, Brazil and Colombia). ¢ But in the near term, we urge caution with t

ad | 16 November 2016 43 Merrill Lynch HOUSE_OVERSIGHT_014773 --- PAGE BREAK --- Chart 73: Fundamentals — CEE beats periphery Chart 74: Poland and Hungary wide relative to Chart 75: HUF vol lagging EUR and PLN Italy and Spain 190% 5% 12 140% ©) am "8 @ | 3% 90% ® ay 10 40% 1% -10% 0% 5 Spain France P

= TURKEY = CHILE m= POLAND @ QATAR m UAE m= COLOMBIA m PERU m GREECE m HUNGARY EGYPT m@ CZECH REPU

USSIA = MALAYSIA (EM) = INDONESIA m= THAILAND ~ PHILIPPI m SAUDI = TURKEY = CHILE m= POLAND @ QATAR m UAE m= COLOMBIA m PERU m GREECE m HUNGARY EGYPT m@ CZECH REPUBLIC Source: : BofA Merrill Lynch Global Research, MSCI and DataStream 46 GEMs Paper #26 | 30 June 2016 3S Merrill Lynch HOUSE

e 6.0 54 45 51 71 3.0 40 40 5.0 5.0 40 3.1 25 3.1 Colombia 5.9 43 45 0.9 67 28 3.8 42 53 55 3.9 34 3.1 3.2 E

4 13 0.4. 1.8) 27. 24. 3.7 / 64 5.0 60. 63 T Bulgaria wi 0 1.5 a a a we a a a a a a a Czech Republic d -11 0.9 -3.1 -08 -12 -13 21 1.0 43 24 34 29 24 Hungary 6 12 0.5 3.5 -0.9 -1.0 -10 1.0 15 8 44 55 58 47 Poland 43 23 1.61 24 16 0.5 0.5 4 1.34 23. 3.0. 46 40 3.1 25 Romania 25 0.0 0.8 0.5 1.9 -24 12 1.2 -0

tates Canada Latin America Argentina Brazil Chile Colombia Ecuador Mexico Peru Uruguay Venezuela Asia/Pacifi

an Thailand Africa/Middle East Israel South Africa Europe Euro area Germany France Italy Spain United Kingdom Emerging Europe Bulgaria Czech Republic Hungary Poland Romania Russia Turkey Global Developed markets Emerging markets Source: J.P. Morgan 6 1.8 2.6 8.9 2.7 5.9 6.6 8.0 3.9 6.9 5.7 4.2 4.7 -0.5 2.4