Epstein Secrets

h more time to fail. Industrial production Index, 100 = January 2007 110 105 100 95 90 85 80 15 2007 2009 2010 2011 Source: INE, CSO, ISTAT, NSS, Eurostat, Bundesbank, J.P. Morgan Securities LLC, J.P. Morgan Private Bank. Periphery = Portugal, Ireland, Italy, Greece, Spain. 2008 * The current EFSF len

e latest * Private sector involvement in Greek debt rollover, committed in principle by 30 financial institutions listed in the document released by the Institute of International Finance; target participation rate of 90%; exchange appears to result in Selective Default credit rating * Voluntary participation options include exchanging

+ February LTRO, estimated at 2x net December LTRO ---tr • 30% Japan 25% 20% 15% 10% 5% 2007 2008 2009 2010 2011 Source: FRB, BEA, ECB, Eurostat, BoE, UKOffice for National Statistics. BoJ, Japan Cabinet Office. Italy's sovereign yield curve Pe cent 9% 8% 7% 6% 5% 4% 3% 2% 1% Nove

chael Cembalest Chief Investment Officer 1991 1994 1997 2000 2003 2006 2009 1985 1988 Source: European Commission. Postscript: As a reminder, the Institute of International Finance is attempting to corral private sector Greek bondholders into a voluntary exchange, with losses ranging from 60%-70% on an NPV basis. Private sector

e latest * Private sector involvement in Greek debt rollover, committed in principle by 30 financial institutions listed in the document released by the Institute of International Finance: target participation rate of 90%; exchange appears to result in Selective Default credit rating * Voluntary participation options Include exchanging

reland, Spain & Portugal 16% 105. 14% 100 17% i 10% od B% 85 G% Germany ad Ao, a aa 2007 2008 2009 2010 2011 0% aa ae ; Source: INE, CSO, ISTAT, NSS, Eurostat, Bundesbank, J.P. Morgan Ve7O gf TOG 188 TO 1D ZO aT Securities LLC, J.P. Morgan Private Bank. Periphery =Portugal, Ireland, lialy, Source: J.P. Morg