Epstein Secrets

rease (%). 667.2% Decrease (%). -75.3% Current (StINMBtu): $2.54 Apr-08 Apr-09 Apr-10 Apr-11 J.P.Morgan 45 EFTA00606203 Dave Katz. CFA North America Credit Research 16 February 2012 Coal spot prices ($/ton) Powder River Basin 8800Bru Pam. oleo Miaow lt•C. • In AM in MO Meal .1144 in Jet

on the HY utilities we cover, provide credit and industry data and graphs, and summarize recent company and industry news. Over the last month, the Utilities sector underperformed the high yield index, returning 1.37% to HY's 2.74%. In the present monthly, we include an estimate of key IPPs sensitivity t

1 Asia Europe & S. & North Middle Africa Pacific Eurasia Cent. America East America Source: BP Statistical Review lEA Gas Scenario Note: North America includes US Domestic Supply Stored World Natural Gas Consumption Power 33% Buildings (Heating) 25% Industrial 39% Transport 3% Source: Int

ors —2011 Worst Performance Sectors Payout Ratios are at Historic Lows Jan-10 Apr-10 Source: Bloomberg, As of 1/4/12 Jul-10 Oct-10 Jan-11 9 Utilities, Healthcare, Telecom I Financials, Materials, Industrials Apr-11 Jul-11 Oct-11 Jan-12 J.P.Morgan EFTA_R1_02049751 EFTA02696373 Tactical Op

shore Both Both TBD Description RREEF fund to acquire and manage a diverse portfolio of energy efficiency retrofits on real estate buildings in North America RIN Ltd. is a newly formed private debt fund, utilizing CLO structuring, that will seek to originate a diversified portfolio of private infrastruct

alth Care Consumer Staples Financials Financials IT Cons Discretionary Industrials Industrials Financials Industrials Financials Telecome Utilities IT Cons Discretionary Health Care IT Consumer Staples Utilities Industrials Utilities Consumer Staples Financials EFTA01470806 28 Secto

pointed in the wrong direction," says Harold York, an oil researcher=at Wood Mackenzie. "We are turning the last 70 years of oil-industry history in North America on its head, and we are turning it on its head in=the next 10 to 15 years." With oil prices persisten=ly above $100 a barrel, companies drilling ne

that just this week the chairman of the Federal Energy Regulato=y Commission predicted that solar power could soon begin to double every t=o years. Utilities are afraid that=solar power will be to the electrical grid what PCs were to mainframes, or=e-mail to the Postal Service: a technology that will simp

Deutsche Bank Markets Research North America United States Periodical US Equity Insights 2016 S&P EPS growth to surge to 5%! Falling standards of excellence this cycle: Is there an objectiv

(China —5%) A continued profit recession, Foreign Cons Disc Cons Staples Energy Financials Health Care Industrials Tech Materials Telecom Utilities S&P 500 per share Avg oil price Euro Avg FF rate US UE yr end US GDP Global GDP Source: Deutsche Bank Sales % Profits % 27% 28% 41% 18%

Loan B. 2.313%, Due 12/31/2011 2.31% 6,788,782 Other 0.03% 92.103 Total (cost 539,073,099) 8.27% 24,3215920 Corporate and Real Estate Loans- North America (primarily United States) Connunicaticos 2.84% 8,368,631 Consumer Goods 12.38% 36,413,915 Consumer Services 0.19% 546,331 Energy 230% 6,7

0.00% 402 Total (cost 31,019) 0.00% 402 Corporate and Distressed Debt - North America (primarily United States) Transpottation 0.08% 240,000 Utilities 0.01% 15,400 Total (toss 51,261,505) 0.09% 255,400 Corporate and Distressed Debt Total (cost 51,262,524) 0.09% 255,802 Corporate and Real Es

und and the Parallel II Fund through emphasis on investments in middle market media, communications and information ("Media") companies primarily in North America and Europe. The performance of VSS IV may be affected by economic developments within the media industry. The general partner of VSS IV is VSS Equit

$ $ $ TOTAL US News Charges 25,468 $ 1,785 $ 2,430 $ 4,908 $ 2,529 $ 6,502 $ 2,668 $ 12,222 $ 2,802 S 4,796 $ 3,604 S 14,224 $ 83,939 Utilities Utilities:200 E. 65th Street $ 8,221 $ - $ - $ - $ - $ - $ - $ - $ - S - $ - S - $ 8,221 Utilities:Aspen $ 1,614 $ 805

und and the Parallel II Fund through emphasis on investments in middle market media, communications and information ("Media") companies primarily in North America and Europe. The performance of VSS IV may be affected by economic developments within the media industry. The general partner of VSS IV is VSS Equit

ews Charges (46,918.62) 8,112.83 5,872.31 11,161.70 5,08137 7,93154 4,721.95 3,429.84 5,494.40 31398.30 5,911.21 (78,592.75) (47,42119) Utilities Utilities:200 E. 65th Street • • • 10,107.92 . Utilities:Aspen 978.35 1,279.13 1,777.13 1,0B.96 1,158.62 515.10 621.21 1,201.57 791.5

preferred cyclical sectors. We also like Energy. e We are cautious on Materials, where we expect margin pressure to continue, as well as Telecom and Utilities, due to high valuations. Strategic (1 to 2 years) °¢ We like medium-sized US companies, which should benefit from robust earnings growth in the lon

out ratios in the US and Asia, while Europe has to consolidate balance sheets. Preference (6 months) Our market preferences for listed real estate* North America = Continental Europe | | = =i ues Japan| | OT =U HongKong — Sngpore | | tt (‘<‘é édT;S*é‘( C‘i‘Cédr:C*S Avswaia [| | |S = Old m New * This is our rel

arnings growth. Our sector stance in the US Sectors Consumer Discretionary Consumer Staples Energy Financials T Healthcare ndustrials Telecom Utilities aterials Viclelulsalel vy) vial ws Source: UBS Note: Past performance is not an indication of future returns. For further information please con

s related to Syria-Turkey is likely to ease supply concerns. This should keep the market focus on weak demand growth and strong crude oil output from North America, allowing the Brent price to temporarily reach USD 95/bbl. e A weaker USD, reduced economic tail risk for Europe, ongoing social turmoil in the Middl