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

gn funding needs (including deficits) through 2013 - Billions, EUR 1,800 1,600 1,400 1,200 1,000 800 Greece package (in one worst-case scenario, Alliance Bernstein estimates that the EU lending facility would have to increase from 440 bn to 1.7 trillion Euros, mostly from Germany). Italy es EFSM 600 400 200 f

A_R1_02049745 EFTA02696367 Macro ...But This Is Not 2008 0 0 CO z z z cc O a. cc O. a a. 0 Source: Bloomberg Sources: FRB, BEA, ECB, Eurostat, BoE, Office for National Statistics. BoJ. Cabinet Office. Data as of O4 2011. U.S. Households Deleveraging %GDP 130% 120% 110% 100% 90% 80%

g Cost Henry Hub Natural Gas 121 1=1MIP -- Longer Term Liquefaction Pipelines Pipelines Exploration & Production End Users Source: JPMorgan, Alliance Bernstein, Guggenheim Research. Cheniere Energy. Data as of: 12/30/11 SO 30 $2.00 $1.75 $3.50 LNG Costs - $8 Liquefaction E&C firms focused on global

ks). If Italy or Belgium entered Europe’s Liquidity Hospital, a lot more money might be needed from European parliaments (in one worst-case scenario, Alliance Bernstein estimates that the EU lending facility would have to increase from 440 bn to 1.7 trillion Euros, mostly from Germany). Italy faces a multi-notch down

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