Epstein Secrets

3.2 2.7 1.6 2.5 2.7 2.3 2.5 24 Emerging Europe 4.8 2.5 2.5 0.6 14 1,8 2.4 2.6 3.6 3.0 5.0 5.8 5.8 5.1 Bulgaria 1.7 0.7 1.5 Czech Republic 1.9 -1.1 0.0 -1.6 -1.3 -1.6 0.0 0.8 2.4 1.4 3.4 2.7 2.2 2.4 Hungary 1.6 -1.4 0.0 .1A -0.7 •1.0 0.0 0.5 1.8 2.0 5.5 5.5 3.

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 Securities plc 2012 returns %, equities are in tighter color.

[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.P. Morgan Securities ple Leo Evans (44-20) 7742-2537 [email protected] J.P. Morga

15 41 0.5 1.5 2.0 25 46 28 26 25 Emerging Europe 48 2.6 2.6 + 24 13 0.4. 1.8) 27. 24. 3.7 / 64 5.0 60. 63 T Bulgaria wi 0 1.5 a a a we a a a a a a a Czech Republic d -11 0.9 -3.1 -08 -12 -13 21 1.0 43 24 34 29 24 Hungary 6 12 0.5 3.5 -0.9 -1.0 -10 1.0 15 8 44 55 58 47 Poland 43 23 1.61 24 16 0.5 0.5 4 1.34 23. 3

[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. Morgan Securities plc Leo Evans (44-20) 7742-2537 [email protected] J.P. Morgan Secu

Singapore Taiwan Thailand Africa/Middle East Israel South Africa Europe Euro area Germany France Italy Spain United Kingdom Emerging Europe Bulgaria Czech Republic Hungary Poland Romania Russia Turkey Global Developed markets Emerging markets Source: J.P. Morgan 6 1.8 2.6 8.9 2.7 5.9 6.6 8.0 3.9 6.9 5.7 4.2 4.7