Epstein Secrets

zing by 2Q15. Mexico reform is getting close and onshore service contracts could materialize in 2H14 followed by IOC offshore tenders in 1H15. Even Venezuela is improving with a recent agreement on receivables and additional activity. • Raising EPS estimates slightly, more upside from buybacks. We raised

Australia Limited (JPMSAL) (ABN 61 003 245 234/AFS Licence No: 238066) is regulated by ASIC and is a Market, Clearing and Settlement Participant of ASX Limited and CHI-X. Taiwan: J.P.Morgan Securities (Taiwan) Limited is a participant of the Taiwan Stock Exchange (company-type) and regulated by the Taiwan S

Peru 5.8 4.2 55 6.9 0.3 I§ 6.0 7.0 5.5 3.0 32 3.0 2.5 Uruguay 4.7 3.0 4.0 6.4 -1.8 A4 t 6.0 t 40 t 3.0 4 8.6 81 75 7.3 Venezuela 1.3 -1.0 2.5 2.3 41 0.0 2.5 2.0 25 52.9 572 58.2 35.0 Asia/Pacific 4.6 4.5 1 4.8 IS 5.3 22 4 5.3 t 50 4.8 32 3.3 29 33 Jap

Australia Limited IJPMSAL) (ABN 61 003 245 234/AFS Licence No: 2380661 is regulated by ASIC and is a Market, Clearing and Settlement Participant of ASX Limited and CIII-X. Taiwan: J.P.Morgan Securities (Taiwan) Limited is a participant of the Taiwan Stock Exchange (company-type) and regulated by the Taiwan

4.8 3.0 5.5 5.0 3.0 3.0 4.0 5.1 5.1 5.4 4.7 Mexico 3.9 3.9 3.6 3.3 1.8 2.3 3.9 4.5 4.6 4.0 3.9 4.4 4.1 3.5 Peru Uruguay Venezuela Asia/Pacific 6.9 5.7 4.2 6.2 3.5 5.0 6.0 4.0 0.0 6.0 2.2 t -0.5 5.5 7.8 t 42 6.0 a 0.0 6.5 6.0 .4.0 6.0 4.3 0.0 5.0 4.0 3

Australia Limited (JPMSAL) (ABN 61 003 245 234/AFS Licence No: 238066) is regulated by ASIC and is a Market, Clearing and Settlement Participant of ASX Limited and CHI-X. Taiwan: Securities Taiwan) Limited is a participant of the Taiwan Stock Exchange (company-type) and regulated by the Taiwan Securities a

GDP % over a year ago 2012 2013 2014 3Q12 The Americas United States Canada Latin America Argentina Brazil Chile Colombia Ecuador Mexico Peru Uruguay Venezuela Asia/Pacific Japan Australia New Zealand Asia ex Japan China Hong Kong India Indonesia Korea Malaysia Philippines Singapore Taiwan Thailand Africa/Mi

s Australia Limited (IPMSAL) (ABN 61 003 245 234/AFS Licence No: 238066) is regulated by ASIC and is a Market, Clearing and Settlement Participant of ASX Limited and CHI-X. Taiwan: J.P. Morgan Securities (Taiwan) Limited is a participant of the Taiwan Stock Exchange (company-type) and regulated by the Taiwan S