Epstein Secrets

end that clients maintain their strategic allocation to US equities. HOUSE_OVERSIGHT_026920 --- PAGE BREAK --- Sources: Investment Strategy Group, Bank for International Settlements, Bloomberg, Datastream, Goldman Sachs Global Investment Research, Haver, International Monetary Fund, Teneo Intelligence. Endnotes: (1) Kate Davids

sa, no estan sujetos a su fiscalizacidén; (iii) Que por tratarse de valores no inscritos, no existe la obligacién por parte del emisor de entregar en Chile informacién publica respecto de estos alores; y (iv) Estos valores no podran ser objeto de oferta publica mientras no sean inscritos en el Registro d

cipient undertakes to keep these materials as well as the information contained herein as confidential and not to circulate them to any third party. Chile: Fecha de inicio de la oferta: (i) La presente oferta se acoge a la Norma de Caracter General N° 336 de la Superintendencia de Valores y Seguros de C

edit-to-GDP ratio and its long-term trend in percentage points. Long-term trend is calculated using an HP filter. Source: Investment Strategy Group, Bank for International Settlements. direct investment has reversed and is now negative. In our view, neither China’s high savings rate nor its increasing government control of financi

iance on any statement or information contained herein. This presentation will not be issued, passed to, or made available to the public generally. Chile: Fecha de inicio de la oferta: (i} La presente oferta se acoge ala Norma de Caracter General N° 336 de la Superintendencia de Valores y Seguros de C

(cost basis) ] 9 10 8 10 11 12 11 - Middle East oil exporters gross claims on US banks 81 122 106 101 136 132 134 129 = 120 Saudi Arabia deposits in Bank for International Settlements (BIS) reporting banks Cross-border deposits with BIS reporting banks 163 180 169 167 188 244 224 210 212 of which, implied deposits from banks and ot

KOREA m@ TAIWAN m@ INDIA m@ SOUTH AFRICA m@ BRAZIL MEXICO m RUSSIA = 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

er and Executive Vice-President General Manager, Bank for International Settlements (BIS), Basel Vice-President International News an

Institute of Technology Madras A.P. Maller-Maersk AS Delta Air Lines Inc. Finland Morocco USA Canada United Kingdom USA France United Kingdom Chile USA Russian Federation Italy United Kingdom Kuwait Kuwait United Arab Emirates United Arab Emirates Switzerland Saudi Arabia Saudi Arabia Canad