Epstein Secrets

organ EM equity portfolio inflows Left axis shows EM equity portfolio flows in Sbn. 200 150 100 0 -50 -10a 05 06 07 08 09 10 It Source: IF. Blomberg. EM equity nortfolioflows $bn 60% 50% 40% 30% 20% 10% 0% -10% MSCI Skin ISCI Wald -20% 12 More details in ... US Credit Markets Outlook

JPMorgan Chase Bank NA John Normand (44-20) 7134-1816 M. Morgan Securities plc Nikolaos Panigirtzoglou (44-20) 7134-7815 Morgan Secunties plc Seamus Mac Gorain (44-20)7134-7761 Morgan Securities plc Matthew Lehmann (44-20) 7134-7813 M. Morgan Securities plc Leo Evans (44-20) 7742-2537 M. Morgan Secur

1 1 1 1 1 i i 5 10 15 20 Source: J.P. Morgan, Bloomberg. See blue box on page 2 for description. www.mo

morgan.com J.P. Morgan Securities ple Nikolaos Panigirtzoglou (44-20) 7134-7815 [email protected] J.P. Morgan Securities ple Seamus Mac Gorain (44-20) 7134-7761 [email protected] J.P. Morgan Securities ple Matthew Lehmann (44-20) 7134-7813 [email protected] J.

EM* EMBIG Gold -10 10 20 30 Source: J.P. Morgan, Bloomberg. See blue box on page 2 for description. www.jpmo

[email protected] J.P. Morgan Securities plc Nikolaos Panigirtzoglou (44-20) 7134-7815 [email protected] J.P. Morgan Securities plc Seamus Mac Gorain (44-20) 7134-7761 [email protected] J.P. Morgan Securities p/c Matthew Lehmann (44-20) 7134-7813 [email protected] J.P. Morg