16 Bankof America 2 Merrill Lynch HOUSE_OVERSIGHT_014435 --- PAGE BREAK --- Chart 3: EM debt and equity have been hit Chart 4: While Banks versus Staples has gone ballistic 950 r 40 0.43 ——MSCI EM _ 900 SSW eG TRS EN LSI SEE ERG ; , ———S&P 500 Banks relative to Food & Bev 0.39 (RHS) 850 0.37 0.35 800 0

relative price vs 52wk average (SD) Source: Re BofA Merrill Lynch Global Research, Bloomberg place this text Chart 6: Rapid relative de-rating for Staples — relative PE for Food & Beverage still 6-10% above 2010 / 2014 levels 1.70 1.60 1.50 1.40 1.30 1.20 =———PE-relative FOOD & BEV 110 eee German

own Square Las Vegas contains a world-class 902,000 square-foot regional lifestyle center anchored by Apple, AMC Cinemas, Whole Foods, H&M, Old Navy, Staples, Guitar Center and a recently opened Saks Off Fifth Avenue. Fashion Show Mall, a +1.9 million square-foot regional mall, is located at the northwest

n the interview. Due to the exigent travel requirements and with the situation occurring over the_weekend, a replacement cartridge was purchased from Staples. sal purchased one (1) Hewlett Packard Model Q6000A black toner cartridge for use in the UNET unclassified printer on March 13, 2011. Reimbursement i

ctor Est. cash Overseas cash Effective tax Net % imported vs Sector overseas ($bn) = % mkt cap rate LTM exported COGS Discretionary 15 2.9% 28% -14% Staples 68 3.2% 29% -13% Energy 39 26% 21% -3% Health Care 187 10% 23% A% Industrials 127 6.0% 26% 1% Technology 647 14.9% 20% -9% Materials 24 40% 23% 3% Te

SPX puts conditioned on higher rates Participate in the continuation of the reflation trade. Cheapen Financials upside by selling rich Utilities and Staples vol & expensive correl. Higher US rates and stronger dollar are likely to hurt companies exposed to EM and help US DM. Trade the outperformance in a

ons Tactical (6 months) e¢ We have adopted a neutral allocation between defensive and cyclical sectors. e Among defensives, we still like Consumer Staples, while IT is a preferred cyclical sectors. We also like Energy. e We are cautious on Materials, where we expect margin pressure to continue, as well

TO WATCH The FTC's tactics to try to prevent the Staples (SPLS)-Office Depot (ODP) merger have come under