Epstein Secrets

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

concerning your personal situation. This material is nor intended as an offer or solicitation for the purchase or sale of any financial instrument. Private Investments may engage in leveraging and other speculative practices that may increase the risk of investment loss. can be highly illiquid. are not required to

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

e concerning your personal situation. This material is not intended as an offer or solicitation for the purchase or sale ofany financial instrument. Private Investments may engage in leveraging and other speculative practices that may increase the risk of investment lass. can be highly illiquid. are not required to

rce ..l.P. Morgan F8 cal cul abons. world Gold Co uno I. G F MS. U.S. Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Jul-10 Geological Survey. IMF. Bloomberg, MSCI. BIS. Merrill Lynch. Source:Saudi Arabian ',smeary Agency. Saudi Arabia: pressures from a weaker dollar and how its investment parapets lim

concerning your personal situation. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Private Investments may engage in leveraging and other speculative practices that may increase the risk of investment loss. can be highly illiquid, are not required to

reserve requirement ratios, from 2% to 1% Spain's sovereign yield curve Pe cent 8% November 29,2011 January 24. 2012 5Y 10Y 20Y 30Y Source: Bloomberg. Source: Bloomberg. It should not be lost on anyone that first prize in the Central Bank balance sheet expansion race is not necessarily one you w

concerning your personal situation. This material is nor intended as an offer or solicitation for the purchase or sale of any financial instrument. Private Investments may engage in leveraging and other speculative practices that may increase the risk of investment loss, can be highly illiquid. are not required to

EFTA00742476 11, 2010: 2pm - 4pm 500 Index 1,160 1,150 1,140 1,130 1,120 1,110 1,100 1,090 1,080 1,070 1,060 2:00 PM 3:00PM Source: Bloomberg. HFT firms account for a growing share of all trades %of all trading activity 70% - 60% - 50% - 40% • 30% - 20% - 10% 0% 4:00 FM 2003 20

e concerning your personal situation. This material is not intended as an offer or solicitation for the purchase or sale ofany financial instrument. Private Investments may engage in leveraging and other speculative practices that may increase the risk of investment loss. can be highly illiquid. are not required to

tioned last week, subprime assets are priced assuming 80% default and 50% loss severity. The backdrop reminds me in some ways of February 2003, when Bloomberg headlines were filled with unyielding forecasts of bear markets, Al Qaeda manufacture of biological weapons, Spitzer lawsuits against the banks, PI

concerning your personal situation. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Private Investments often engage in leveraging and other speculative investment practices that may increase the risk of investment loss, can be highly illiquid, are not