Epstein Secrets

@jpmorgan.com John Normand (44-20) 7134-1816 [email protected] Nikolaos Panigirtzoglou (44-20) 7134-7815 [email protected] Seamus Mac Gorain (44-20) 7134-7761 [email protected] Matthew Lehmann (44-20) 7134-7813 [email protected] Leo Evans (44-20) 7742-2537 leonard.

gold as a hedge against long-term inflation risks once global growth returns to trend and we would look to reopen the position at around $1,550/oz.. Jan Loeys (1-212) 834-5874 [email protected] John Normand (44-20) 7134-1816 [email protected] Nikolaos Panigirtzoglou (44-20) 7134-7815 nikolaos.p

Servlet?usageTracking=analystPage&key_type=E&val =EMAI UNLE RT&url=htt ps://mm.jpmorgan.com/servlet/Portal FW?pageName=analyst_page%26cen=O060125> , Seamus Mac Gorain chttps://mm.jpmorgan.com/servlet/RedirectServlet?usageTracking=analystPage&key_type=E&val=EMAILALERT&url=htt ps://mm.jpmorgan.com/servlet/Portal FW

RT&url =http s://mm.jpmorgan.com/servlet/UserDocsHelperServlet?action=openpdf%26docId=GPS-450882-0> I EFTA_R1_01999147 EFTA02683120 Author(s): Jan Loeys <https://mm.jpmorgan.com/servlet/RedirectSerylet?usageTracking=analystPage&key_type=E&val=EMARALERT&url=htt ps://mm.jpmorgan.com/servlet/PortalFW?p

n Loeys (AC) EFTA00630376 JPMorgan Chase Bank NA John Normand J.P. Morgan Securities Ltd. Nikolaos Pani irtzoglou J.P. Morgan Securities Ltd. Seamus Mac Gorain J.P. f,,lorgan Securities Ltd. Matthew Lehmann J.P. Morgan Securities Ltd. Leo Evans J.P. Morgan Securities Ltd. If you no longer wish to recei

We thus expect base metals and other industrial commodities to pick-up sharply as we head into the summer and through the second half of the year. Jan Loeys (AC) EFTA00630376 JPMorgan Chase Bank NA John Normand J.P. Morgan Securities Ltd. Nikolaos Pani irtzoglou J.P. Morgan Securities Ltd. Seamus

12% a year only in roll/slide. Jan Loeys 11-1 014 C014 John Normand (dt 1n) to 1R16 jimmilimmen Nikolaos Panigirtzoglou (do 1a1) 111A '19 I Seamus Mac Gorain ( ?4Gt~ Matthew Lehmann (I 212)831 8315 If you no longer wish to receive these e-mails then click hcrc to unsubscnbc www.jpmorganmarkets.com Ana

1% a month return from holding the front contract and rolling down into the second each month. This equates to over 12% a year only in roll/slide. Jan Loeys 11-1 014 C014 John Normand (dt 1n) to 1R16 jimmilimmen Nikolaos Panigirtzoglou (do 1a1) 111A '19 I Seamus Mac Gorain ( ?4Gt~ Matthew Lehmann

/AWGNvy> (44-20) 7134-1816 Nikolaos Panigirtzoglou <http://=maillink.jpmorgan.com/t/AQ/AAMGjA/AAYUDg/QIF0JA/Ael/ABQyhg/AQ/Z+BI> (44-20) 7134-7815 Seamus Mac Gorain <http://rmaillinkjomorgan.com/t/AWAAMGjA/AAYMg/QIFDWAel/A8Qyhw/AQ/Ry8m> (44-20) 7134-7761 Matthew Lehmann <http://=maillink.jpmorgan.com/t/AO/AAMGj

1% a month return from holding the front =ontract and rolling down into the second each month. This equates to over =2% a year only in roll/slide. Jan Loeys <http://=maillink.jpmorgan.com/t/AQ/AAMGjA/AAYLOg/QIFDJA/Ael/ABuQqw/AQ/BEeu> (1-212) 834-5874 <tel:%281-212%29%20834-58=4> John Normand <http://=ma

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 Securrbes plc Leo Evans J.P. Morgan Seaman plc YTD returns through Nov 8 %, equities are

4 0 5 ICI 15 20 Sane J P. Morgan. Bbornberg See blue box m page 2 Sol °escapee() www.morga n m a rkets.com EFTA_R 1_020751 13 EFTA02702625 Jan Loeys (1-212) 834-5874 jan.loeystaprnorgan.com Global Asset Allocation The J.P. Morgan 'flew 09 November 2012 • As a result, we stay underweight US

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 Morgan Securities plc Matthew Lehmann (44-20) 7134-7813 M. Morgan Securities plc Leo Evans (44-20) 7742-2537 M. Morgan Secur

Hedged Into USD. Euro Fixed Income Is illoxx Overall Index. US HG, HY, EhIBIG and EMS Corp are JPM Indices. EM FX Is ELMI+ in S. 2 EFTA00598497 Jan Loeys (1-2121834-5874 Global Asset Allocation The Morgan View 04 January 2013 given we are only in the first week of the year, the early QE exit trad

morgan.com J.P. Morgan Securities ple Nikolaos Panigirtzoglou (44-20) 7134-7815 [email protected] J.P. Morgan Securities ple Seamus Mac Gorain (44-20) 7134-7761 [email protected] J.P. Morgan Securities ple Matthew Lehmann (44-20) 7134-7813 [email protected] J.

use for our own global growth forecast. More details in ... Global Data Watch, Bruce Kasman and David Hensley Global Markets Outlook and Strategy, Jan Loeys, Bruce Kasman, et al. US Fixed Income Markets, Terry Belton and Srini Ramaswamy Global Fixed Income Markets, Pavan Wadhwa and Fabio Bassi Emerging

ntracts has doubled since we put the trade on in December. We stay long as we think these logistical issues are unlikely to be resolved anytime soon. Jan Loeys (1-212) 834-5874 [email protected] JPMorgan Chase Bank NA John Normand (44-20) 7134-1816 [email protected] J.P. Morgan Securities plc Ni

Nikolaos Panigirtzoglou (44-20) 7134-7815 HOUSE_OVERSIGHT_030846 --- PAGE BREAK --- [email protected] J.P. Morgan Securities plc Seamus Mac Gorain (44-20) 7134-7761 [email protected] J.P. Morgan Securities plc Matthew Lehmann (44-20) 7134-7813 [email protected] J.P. Morg

ntracts has doubled since we put the trade on in December. We stay long as we think these logistical issues are unlikely to be resolved anytime soon. Jan Loeys (1-212) 834-5874 [email protected] JPMorgan Chase Bank NA John Normand (44-20) 7134-1816 [email protected] J.P. Morgan Securities plc Ni

Nikolaos Panigirtzoglou (44-20) 7134-7815 HOUSE_OVERSIGHT_031116 --- PAGE BREAK --- [email protected] J.P. Morgan Securities plc Seamus Mac Gorain (44-20) 7134-7761 [email protected] J.P. Morgan Securities plc Matthew Lehmann (44-20) 7134-7813 [email protected] J.P. Morg