Epstein Secrets

Past performance not i ndicative of future results. 17% Fixed asset investment M2 money supply 12% 2005 2006 2007 2008 2009 So urce:121300, China Economic Information Network 2010 equity markets during Fed tightening periods =500 Index, January. 100 120 115 110 105 100 95 2011 1988 2005 1994 The largest oil d

barrels per day 3.500 3.000 2.500 2.000 1.500 1.000 500 Libya & Algeria exports 0 1999 2001 2002 2004 2005 2007 2008 2010 Source: Bloomberg. 2 EFTA00610625 Eye on the Market I March 10.2011 J.P.Morgan On Europe, solvency problems in Greece, Portugal and Ireland are increasingly bei

the RMB. Chinese Inflation vs. FX Appreciation 12% 10% II% 6% 4% 2% 0% .2% '00 72 14 —Mims OM Illi la —IbIrlilligs 0011 IS Source: China Economic Information Network. Bloomberg. Data as of 3/31/11. MPORTANT INFORMATION This presentation and the material contained herein is not a product of the J.P. Morgan Resear

Appreciation 12% 10% II% 6% 4% 2% 0% .2% '00 72 14 —Mims OM Illi la —IbIrlilligs 0011 IS Source: China Economic Information Network. Bloomberg. Data as of 3/31/11. MPORTANT INFORMATION This presentation and the material contained herein is not a product of the J.P. Morgan Research Departme

forcrVA.A.N1 Electricity production Cement production Steel production Source: National Bureau& Statistics, PBOC,ChinaAutomptive Infonnatbn, China Economic Information Network, CLSA•Marbt. HaverAnalytics. J.P. Morgan Securities 11O, ISI Group, J.P. Morgan Private Bank. • PMIdata are index levet Housingprice to income. ceme

.2 • •0.3 -Ti MSCI World • 1,175 - 1,075 - 975 •0.4 • •0.5 - Index • 875 •0.6 • - 775 675 •0.7 2008 2009 2010 2011 Source: Citigrotp, Bloomberg. 2012 Unfortunately, the ECB can't create jobs Employment percent change, O0O, saar 3% .3% 2005 2006 2007 2008 2009 2010 2011 Source: Eu