r EPS estimated impact from 20% rate 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% Financials Discretionary Telecom Staples Industrials Health Care Energy Materials Info Tech Real Estate Source: BofAML US Equity & Quant Strategy, FactSet, S&P While the effective tax rate of the S&P 500 is generally about 28% (cu

see also slide 21). Our sector stance in the US Sectors us Consumer Discretionary v Consumer Staples Energy Financials Healthcare ndustrials T Materials Telecom ee; e 1 ulvl vey viaya Utilities Source: UBS CIO, as of 28 June 2012 Note: Past performance is not an indication of future returns. 14

taples Energy Financials Healthcare ndustrials 7 aterials Telecom Utilities Vielvi Viel ule; ulale Source

2006 state charges and potential federal charges, and his 2008 guilty plea and incarceration are matters of public interest, and disclosure of the Materials may arguably fall within the concept of ‘furthering justice’ in the broadest, social sense of the phrase.” From this order, the Post appeals and

ifies the denial of a motion for inspection that does not make some particularized showing of materiality and usefulness.") II. Inspector General Materials Thomas seeks disclosure of both the investigatory materials from the Department of Justice Office of the Inspector General's ("OIG") investigation

. The government's justification for the delay, however, is entirely inadequate to establish good cause. The government asserts that disclosing the Materials will prematurely reveal to the defense the identities of certain victims of Epstein who are not referenced in the Indictment, as well as EFTA000927

tios are at Historic Lows Jan-10 Apr-10 Source: Bloomberg, As of 1/4/12 Jul-10 Oct-10 Jan-11 9 Utilities, Healthcare, Telecom I Financials, Materials, Industrials Apr-11 Jul-11 Oct-11 Jan-12 J.P.Morgan EFTA_R1_02049751 EFTA02696373 Tactical Opportunities Tactical Trading Opportunities <N