Epstein Secrets

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

tios 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 Opportunities Tactical Trading Opportunities <N

see also slide 21). Our sector stance in the US Sectors us Consumer Discretionary v Consumer Staples Energy Financials Healthcare ndustrials T Materials Telecom ee; e 1 ulvl vey viaya Utilities Source: UBS CIO, as of 28 June 2012 Note: Past performance is not an indication of future returns. 14

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

taples Energy Financials Healthcare ndustrials 7 aterials Telecom Utilities Vielvi Viel ule; ulale Source

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