Epstein Secrets

are expected to remain weak through much of 2016. Changes to commodity prices in the last three years have greatly harmed countries like Venezuela, Chile, Colombia and Peru, with accumulated income loses since 2012 of 8.0% of GDP, 4.5%, 4.0%, and 2.3%, respectively. Weaker economies have also exace

5% share shrink. Ex. Energy & Financials, as much less y/y litigation expense at Banks, 2015 S&P EPS was up 6% or 10% ex. 4% FX drag. Growth led by Health Care and big consumer oriented Tech firms. We expect growth to slow at these two S&P segments, but remain key growth drivers. II2016E S&P EPS of $125 i

nce in the health system in order to enhance % of Healthcare facilities reporting comprehensive % 10 100 NA 10

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

White Paper CONFIDENTIAL e §=Latam Utilities Latin America will be a trading market for the next year or two. These markets, with the exception of Chile, are subject to significant government intervention, which follows long cycles; Brazil is early in the interventionist cycle (e.g., Brazilian Preside

scretionary 68.5 132.4 93% Information Technology 54.2 96.9 79% Materials 146.1 237.2 62% Industrial 101.4 155.8 54% Consumer Staples 104.7 160.5 53% Health Care 89.1 128.4 44% Energy 181.9 238.9 31% Financials 63.0 82.0 30% Telecom 51.0 56.9 12% Utilities 113.4 100.9 -11% Source: Bloomberg e Reasons for Und

s 11.4% 13.1% 13.8% 19.5% MSCI Europe* 1104 13.2% Healthcare 18.4% 15.5% 15.0% 30.9% MSCI EM $* oo5 12.2% Fina

24 3.91 45 34 37 40 12 6.0 6.0 6.8 Argentina 89 27 3.6 24 -3.2 5.0 10.0 2.0 25 2.0 96 99 10.0 11.0 Brazil 27 14 4 0.5 6 48 46 3.8 40 43 6.7 5.0 55 56 Chile 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 Ecuador 8.0 5.0 40 42 48 3.0 55 5.0 3.0 3.0