Epstein Secrets

nd Hungary • • U.S. ChinaU • Indonesia IN Turkey • Philippines • Korea • India MI S. Africa Taiwan • Thailand Ar.. Si ■ Canada Mexico Malaysia • Argentina -1.0% -0.5% ISI Source: Bridgewater Associates. ISI Group 0.0% 0.5% 1990 1993 1996 1999 2002 2005 2008 2011 Source: Energy Infor

ar or two. Free money period gradually coming to an end Policy rates adjusted for inflation, percent 8% -6% '00 '01 '02 '03 '04 '05 Source:M. Morgan Securities LLC. Evidence of China's slow-down Percent change - yoy 32% DM countries 27% EM countries '06 '07 t8 '09 '10 'II Fed tightening periods Fed

rising from, or in connection with, the document. Japan: JPMorgan Securities Japan Co., Ltd. is regulated by the Financial Services Agency in Japan. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X) which is a Participating Organization of Bu

CFA AC (1-212) 622-5676 Bloomberg JPMA SCHOTT <GO' Jessica Fye (1-212) 622-4165 Wendy L Lin (t-212) 622-5350 Dana C Flanders (1-212)622-1256 M. Morgan Securities LLC Mee Porlomanee EN a Mn arg D1411 Neu Am. — MOM snare Moo ON $19500 0.0*INO YID lm 3m 12m Ate I l5.7% -0.5% 1.6% 19.6% Rel I 11.6% .21

rising from, or in connection with, the document. Japan: JPMorgan Securities Japan Co., Ltd. is regulated by the Financial Services Agency in Japan. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X) which is a Participating Organization of Bu

(1-212)622-5676 Bloomberg JPMA SCHOTT <GO, Aditl Singhania, PhD (1-212)622-1267 Wendy L Lin (1-212)622-5350 Dana Flanders, CFA (1-212)622-1256 M. Morgan Securities LLC BMY, BMY US Overweight Price: 660.05 01 October 2015 MRK. MRK US Ovenveighl Price: 549.37 01 October 2015 See page 2 for analyst certificati