Epstein Secrets

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Uruguay 5.7 3S 4.0 11.8 21 Venezuela 4.2 5.0 0.0 10.1 0.6 Asla/Pacific Japan -0.7 1/ 0.1 5.3 02 Australia 2.1 3.5 2.5 51 2.6 New Zealand 1.3 2.6 21 4.1 2.3 Asa ex Japan 7.4 6.1 6.4 7.2 5.8 Choa 9.3 7.6 8.0 61 7.1 Hong Kong 50 1.2 3.2 2A -OA India 6.5 5.6 6.0

4 0 5 ICI 15 20 Sane J P. Morgan. Bbornberg See blue box m page 2 Sol °escapee() www.morga n m a rkets.com EFTA_R 1_020751 13 EFTA02702625 Jan Loeys (1-212) 834-5874 jan.loeystaprnorgan.com Global Asset Allocation The J.P. Morgan 'flew 09 November 2012 • As a result, we stay underweight US

t -0.1 3.5 415 1.0 2.0 t 1.7 t 2.7 t 0.2 0.1 0.1 t 0.3 t Australia 2.4 3.5 2.5 2.3 1.9 11 3.7 2.8 2.4 2.4 1.2 2.6 3.2 2.7 New Zealand 1.4 2.3 1 2.8 t 1.0 0.8 2.5 1 3.8 4 4.3 t 1.6 t 3.1 t 1.0 1.4 1.5 2.3 Asia ex Japan China Hong Kong 7.5 9.3 4.9 6.1 7.6 1.2 6

Hedged Into USD. Euro Fixed Income Is illoxx Overall Index. US HG, HY, EhIBIG and EMS Corp are JPM Indices. EM FX Is ELMI+ in S. 2 EFTA00598497 Jan Loeys (1-2121834-5874 Global Asset Allocation The Morgan View 04 January 2013 given we are only in the first week of the year, the early QE exit trad

use for our own global growth forecast. More details in ... Global Data Watch, Bruce Kasman and David Hensley Global Markets Outlook and Strategy, Jan Loeys, Bruce Kasman, et al. US Fixed Income Markets, Terry Belton and Srini Ramaswamy Global Fixed Income Markets, Pavan Wadhwa and Fabio Bassi Emerging

3.0 28.5 22.3 18.5 30.2 Asia/Pacific Japan -07 17 0.1 53 0.7 -3.5 -20 0 16 Le -03 0.2 0.0 -0.2 Australia 21 3.5 25 56 26 15 18 3.8 25 18 3.1 2 17 27 New Zealand 13 26 29 44 23 15 S5 3.7 3.3 2.0 8 0 14 1.8 Asia ex Japan 714 6.1 64 72 58 of 6.2. 6.3 65 68 49 3.9 34 3.9 T China 93 16 8.0 6.6 “1 a 8.2 8.0 8.2 8.2