Epstein Secrets

011 -23 -0.5 t -32 t -3.3 Spain 0.4 -1.3 4/ 1 -1.3 -1.7 United Krgdom 01 00 1.8 -12 -1.5 Emerging Europe 41 2.6 2.61 2,4 1.3 Bulgaria 1.7 1.0 1.5 Czech Republic 1.7 -1.1 0.9 -3.1 -0.8 Hungary 1.6 -12 0.5 -3.5 09 Poland 4.3 2.3 1.81 2.4 11 Romania 2.5 00 0.8

ach side's position. See page 7 for analyst certification and important disclosures. Global Asset Allocation Jan Loeys AC JPMorgan Chase Bank NA John Normand J.P. Morgan Socunbos plc Mk I P nl Irtz I u J.P. Morgan Secunlies plc Seamus Mac Gorain J.P. Morgan Sooting°, plc Matthew Lehmann J.P. Morgan

2.0 3.6 1.9 2.8 2.6 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

and important disclosures. Global Asset Allocation 04 January 2013 Global Asset Allocation Jan Loeys AC (1-212)834-5874 JPMorgan Chase Bank NA John Normand (44-20) 7134-1816 M. Morgan Securities plc Nikolaos Panigirtzoglou (44-20) 7134-7815 Morgan Secunties plc Seamus Mac Gorain (44-20)7134-7761

yst certification and important disclosures. Global Asset Allocation Jan Loeys AC (1-212) 834-5874 [email protected] JPMorgan Chase Bank NA John Normand (44-20) 7134-1816 [email protected] J.P. Morgan Securities ple Nikolaos Panigirtzoglou (44-20) 7134-7815 nikolaos.panigirtzoglou@jpmorga

7 19 34 2.9 United Kingdom 0.9 0.0 18 -12 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

analyst certification and important disclosures. Global Asset Allocation Jan Loeys AC (1-212) 834-5874 [email protected] JPMorgan Chase Bank NA John Normand (44-20) 7134-1816 [email protected] J.P. Morgan Securities plc Nikolaos Panigirtzoglou (44-20) 7134-7815 [email protected]

ilippines 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