Epstein Secrets

s am unlikely to have clarity into the impact of recent fonvard curve price changes in the short-term. Using the current forward curve (accessed in Bloomberg by NGA <CMDTY> <GO> CCRV <GO>) and assuming that natural gas price changes result in heat rate changes, we estimate that the company generates $77

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nt. J.P. Morgan EFTA_R1_02049742 EFTA02696364 Macro Global Growth At A Turning Point TOP OPPORTUNISTIC INVESTMENT THEMES FOR 1O '7012 Source: Bloomberg As of: 1/12111 Global Purchasing Manager Indices 70 65 60 55 50 45 40 35 - 30 Dec-08 Dec-09 Dec-10 Jan-08 —Japan —US — Europe —Chi

ain (for professional clients only); JPMCB Hong Kong branch, regulated by the Hong Kong Monetary Authority and JPMCB Singapore branch, regulated by the Monetary Authority of Singapore. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Securities LLC or its

N STANLEY RESEARCH NORTH AMERICA 7.1;r4.-.713er Jey e C.; _LC. Matthew Harrison • David Friedman. M. Key Ratios and Statistics Reuters: GILD.O Bloomberg: GILD US Biotechnology / United Stales of America Shr price. close (Jul 23. 2014) $90.34 Mkt cap. curt (mm) $152.143 62-Week Range $90.74-55.9

pore) Pte. (Registration number 1992062982) anclor Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H). regulated by the Monetary Authority of Singapore (which accepts legal responsbility for its contents and should be contacted with respect to any matters ariskig from, or in connection with. Morgan

owing cash. PAORGAN STANLEY RESEARCH NORTH AMERICA _LC Matthew Harrison r12 714 62:» David Friedman, Key Ratios and Statistics Reuters: BUB.0 Bloomberg: BIIB US Biotechnology / United Stales of America Shr price. close (Jul 22. 2014) $303.67 Mkt cap. curt (mm) $72.313 52-Week Range 5358.89-203

apore) Pte. (Registration number 1992062982) andor Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H). regulated by the Monetary Authority of Singapore (which accepts legal responsbility for its contents and should be contacted with respect to any matters ariskig from, or in connection with. Morgan

DCAD 1412.61 1120.93 1.0258 GBPUSD EURUSD USDTRY 1.5265 1.3008 1.804 USOWY USOORL USONOIC 99160 2.0218 S-9132 • Intradrry Pricing via Bloomberg Issue S&P Rating Currency Coupon Principal Cost (5) Market value 15) Total Int- Accrued 15) Yield to Wont Entry Price (Local) Current Pric

vain (for professional clients only); INAS Hong Kong brands. regulated by the Hong Kong Monetary Authority and Wal03 Singapore branch. regulated by the Monetary Authority of Singapore. This material is not intended as an offer or solicitation for the mochase a sale of any financial instrument 1P Morgan Securities LLC or ib broker

ealth Care Financials Information Technology Telecommunication Services Utilities 40% 43% 26% 47% 34% 35% 42% 25% 57% 51% 13% Source: Bloomberg, FactSet, Standard & Poor's, 1.P. Morgan Asset Management. 1. "Catastrophic loss" defined as a 70% decline from peak value with minimal recovery. Th

oses without charge if you so request. In Singapore, this material is distriouted by JPMCB, Singapore brand. JPMCB, Singapore branch is regulated by the Monetary Authority of Singapore. Dealing and advisory services and discretionary investment management services are provided to you by JPMCB, Hong Kong/Singapore branch (as notifi