Epstein Secrets

Source: Federal Reserve, Bureau of Economic Analysis, As of 12/30/11 Note: Debt Service is Debt payments as % of disposed° personal income Source: Federal Reserve Bank, ECB 4 J.P.Morgan EFTA_R1_02049746 EFTA02696368 GIO: Approach to Absolute Return Investing We are asset class agnostic TOP OPPORTUNISTIC INVE

its structured products or options exposures. Structured products and options are not insured by the Federal Deposit insurance Corporation (FDIC). the Federal Reserve Board, or any other governmental agency. In discussion of options and other strategies, results and risks are based solely on hypothetical examples cite

hority; JPMCB Dubai branch, regulated by the Dubai Financial Services Authority: JPMCB Bahrain branch, licensed as a conventional wholesale bank by the Central Bank of Bahrain (for professional clients only); JPMCB Hong Kong branch, regulated by the Hong Kong Monetary Authority and JPMCB Singapore branch, regulated by the

mmeasurable proportions, with markets, prices and demand in free fall and liquidity all but non-existent. • Today, following aggressive actions by the U.S. Federal Reserve, and the U.S. Treasury with other authorities worldwide, principal equity exchanges are up, spreads and volatility have declined, and credit is flo

and Chairman of the Economic Development Board for hosting this event. Thank you also to His Excellency, Rasheed bin Mohammed Al-Maraj, Governor of the Central Bank of Bahrain, Mr. Mayank Malik, Chairman of the Bahraini Association of Banks and Mr. Robert Ainey, its CEO, for inviting me to be here with you this evening.

markets, prices and demand in free fall and liquidity all but non-existent. • Today, following aggressive actions by worldwide authorities the US. Federal Reserve, and the U.S. Treasury with-ethersufberities-werldwiderprifteipal-equity emehnages-prices have riseintre-up, spreads and volatility have declined, a

and Chairman of the Economic Development Board for hosting this event. Thank you also to His Excellency, Rasheed bin Mohammed Al-Maraj, Governor of the Central Bank of Bahrain, Mr. Mayank Malik, Chairman of the Bahraini Association of Banks and Mr. Robert Ainey, its CEO, for inviting me to be here with you this evening.

rkets, prices and demand in free fall and liquidity all but non-existent. • Today, following aggressive actions by worldwide authorities , the U.S. Federal Reserve, and the U.S. Treasury with-etheF-autheFities-wecldwitler pFineipal-equity exeltanges-prices have risenaFe-up, spreads and volatility have declined,

and Chairman of the Economic Development Board for hosting this event. Thank you also to His Excellency, Rasheed bin Mohammed Al-Maraj, Governor of the Central Bank of Bahrain, Mr. Mayank Malik, Chairman of the Bahraini Association of Banks and Mr. Robert Ainey, its CEO, for inviting me to be here with you this evening.

ly - the September report exaggerated the pace of improvement. Core personal consumption expenditure (PCE) inflation stays slightly below or close to the Federal Reserve's target of 2%. UBS forecasts real GDP growth of 2.0% in 3Q 2012 (consensus: 1.8%) and 1.6% in 4Q 2012 (consensus: 1.9%). The Fed has added considerabl

itizen or residen under the Bahamas Exchange Control Regulations. Bahrain: UBS AG is a Swiss bank not licensed, supervised or regulated in Bahrain by the Central Bank of Bahrain and does not undertake banking or investment business activities in Bahrain. Therefore, Clients have no protection under local banking and investment