Epstein Secrets

change the reality of evolving global markets. • The answer to avoiding a systemic failure is perhaps found in the extraordinary measures taken by the U.S. Treasury and Federal Reserve last year. 2 SONY_GM_00077287 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00000414 EFTA 00187759 EFTA013002

and Chairman of the Economic Development Board for hosting this event. Thank you also to His Excellency, Rasheed bin Mohammed Al-Maraj, Governor of the Central Bank of Bahrain, Mr. Mayank Malik, Chairman of the Bahraini Association of Banks and Mr. Robert Ainey, its CEO, for inviting me to be here with you this evening.

mand in free fall and liquidity all but non-existent. • Today, following aggressive actions by worldwide authorities the US. Federal Reserve, and the U.S. Treasury with-ethersufberities-werldwiderprifteipal-equity emehnages-prices have riseintre-up, spreads and volatility have declined, and credit is once agai

and Chairman of the Economic Development Board for hosting this event. Thank you also to His Excellency, Rasheed bin Mohammed Al-Maraj, Governor of the Central Bank of Bahrain, Mr. Mayank Malik, Chairman of the Bahraini Association of Banks and Mr. Robert Ainey, its CEO, for inviting me to be here with you this evening.

-11 Jan-12 Sell Calls on 10yr Treasuries 4.5% - 4.0% 3.5% 3.0% - 2.5% - 2.0% • 1.5% - 1.0% • Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 —10yr US Treasury %IC Source: Bloomberg, J.P. Morgan 10 Buy MXN Peso 16 - 15 • 14 13 - 12 11 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 —Mexi

hority; JPMCB Dubai branch, regulated by the Dubai Financial Services Authority: JPMCB Bahrain branch, licensed as a conventional wholesale bank by the Central Bank of Bahrain (for professional clients only); JPMCB Hong Kong branch, regulated by the Hong Kong Monetary Authority and JPMCB Singapore branch, regulated by the

nd in free fall and liquidity all but non-existent. • Today, following aggressive actions by worldwide authorities , the U.S. Federal Reserve, and the U.S. Treasury with-etheF-autheFities-wecldwitler pFineipal-equity exeltanges-prices have risenaFe-up, spreads and volatility have declined, and credit is once ag

and Chairman of the Economic Development Board for hosting this event. Thank you also to His Excellency, Rasheed bin Mohammed Al-Maraj, Governor of the Central Bank of Bahrain, Mr. Mayank Malik, Chairman of the Bahraini Association of Banks and Mr. Robert Ainey, its CEO, for inviting me to be here with you this evening.

uld spike. Note: Scenarios refer to global economic scenarios (see slide 7) What we're watching Why it matters Core market yields The direction of US Treasury and German Bund yields are important for EM fixed income spreads, especially for USD- and EUR-denominated bonds. Key date: Dec 6, European Central Ba

itizen or residen under the Bahamas Exchange Control Regulations. Bahrain: UBS AG is a Swiss bank not licensed, supervised or regulated in Bahrain by the Central Bank of Bahrain and does not undertake banking or investment business activities in Bahrain. Therefore, Clients have no protection under local banking and investment