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

ties and Exchange Board of India. Thailand: JPMorgan Securities (Thailand) Limited is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Indonesia: PT5 Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regulated

PS above consensus to $4.00/$5.20, with an additional $0.15/$0.35 in EPS upside from share buybacks. Our detailed note begins on Page 2. • With the North America market tightening, HAL is starting to push pricing...will they put Tier 2 players in their place with new capacity? With only 10-12% excess industr

s issued and distributed in Thailand by JPMorgan Securities (Thailand) Ltd., which is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road, Slim.. Bangrak, Bangkok 10500. Indonesia:

he healthcare industry with a pre-money valuation of less than $500 million. We expect the companies the Fund invests in to be located primarily in North America. $150 million in commitments ("Capital Commitments") from qualified investors; provided that the General Partner reserves the right to form the Fu

Securities Markets Act (ammaperimarkkinalaki. 26.5.1989/495, as amended the "SMA"), based on the exemptions set forth in Decree 452/2005 issued by the Ministry of Finance, the offering of interests in the Fund would be exempted from the prospectus requirements of the SMA (based on the limited number of Finnish offeree

medium term. e Longer-term debt issues and weak competitiveness of major exporters are hurting the Japanese economy. Therefore the Bank of Japan and Ministry of Finance will maintain an expansive policy and continue to try weaken the JPY. However, current positive growth dynamics are supportive of the JPY. ¢ For com

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

ues and weak competitiveness of major exporters are hurting the Japanese economy and PMls have disappointed. We therefore think the Bank of Japan and Ministry of Finance will maintain an expansive policy bias and continue trying to weaken the JPY. We are underweight JPY. ¢ For commodity currencies, the AUD and NZD co

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