Epstein Secrets

an oil price shock %decline GDP 0.0% Australian • U.K Euro land Japar• Brazil • Poland 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 Associa

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

ngkok 10500. Indonesia: PT E. Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regulated by the OJK a.k.a. BAPEPAM LK. Philippines: E. Morgan Securities Philippines Inc. is a Trading Participant of the Philippine Stock Exchange and a member of the Securities Clearing Corporation

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

ngkok 10500. Indonesia: PT 5. Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regulated by the OJK a.k.a. BAPEPAM LK. Philippines: Morgan Securities Philippines Inc. is a Trading Participant of the Philippine Stock Exchange and a member of the Securities Clearing Corporation o

(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