Epstein Secrets

ning worldwide Billions of barrels/GDP 3.6 3.3 3.0 2.7 2.4 2.1 1.8 1.5 1.2 0.9 0.6 0.3 1980 1983 1986 1989 1992 1995 1998 2001 Source. ISI Group. 2004 2007 2010 Two views on the impact of an oil price shock %decline GDP 0.0% Australian • U.K Euro land Japar• Brazil • Poland Hungary •

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

ng up again Residential units sold. 5-day moving average 1,200 1,000 800 600 400 200 0 Oc -09 Dec-09 Feb-10 Apr-10 Source: BCA Research, ISI Group. Jun-10 Aug-10 Oct-10 EFTA00751567 Some clarifications are in order. First, inflation in China is mostly related to food (32% of Chinese CPI).

ns and Impact on South Korean equity market Kospl Index 100= day before event 115 110 • 105 • 100 • 95 • 90 • 85 • sa • 0 1 2 3 Source: Bloomberg. 4 5 6 7 8 9 10 11 12 13 14 KA D H Date Event A B C E F H J K August-1998 June-1999 June-2002 September-2004 July-2006 October

nal 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. cementpiodudion and steel productional.° as of Dec.2011. All theother d

.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

downgrades VPFG/NEWS Key Research: FBR upgrades CECO/DV/APOL/NE, Moke initiates XEC (op), Citi downgrades ALL & raises target VRUS Key Research: ISI Group initiates BMY (hold), Wedbush initiates CERS (op), Wells downgrades FRO Key Research: Barcap upgrades ARUN, Piper upgrades ZQK, Janney upgrades NWY

/online.wsj.com/article/SB10001424052702303745304576361803286692710.html> Nomura cuts top 10 Executives' pay 38% as earnings slump after Lehman buy Bloomberg<http://www.bloomberg.com/news/2011-06-03/nomura-cut-top-10-executives-pay-38-after- earnings-slump-1-.html> Hackers attack another Sony network, pos