Epstein Secrets

ide. 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 Analyst certification: I cer

hin DM rather than EM. • Are depressed valuations a good reason to buy EM equities? We do not think so, either. It is true that the PE gap between MSCI World and MSCI EM indices has been widening for two years now to well above historical averages, 3.8 pts currently vs. a historical average of 2.7. This 3

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/AAMGjA/AAYLCIg/QIFDJA/Ael/ABlayiA/AQ/uY4e> =/b> If you no longer wis= to receive these e-mails then click here

in DM rather than EM. * Are depressed valuations a good reason =o buy EM equities? We do not think so, either. It is true that the PE gap between=MSCI World and MSCI EM indices has been widening for two years now to well=above historical averages, 3.8 pts currently vs. a historical average of 2=7. This 3

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 Securities plc 2012 returns %, equities are in tighter color.

asset class %. U Is unItedged into USD. H means hedged 2013E 2012 MSCI EM 15.0 17.4 EM Local Fl (U) 10.0 8.9 EMFX 10.0 7.5 GSCI 10.0 0.1 MSCI World 10.0 16.0 US HY 7.5 16.2 CEMBI 7.0 16.7 EMBIG 7.0 18.5 JACI 6.5 14.3 EU HY 6.0 25.0 US HY Loans 5.5 9.7 US KG 5.4 9.9 Gold 5.0 6.