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

ar or two. Free money period gradually coming to an end Policy rates adjusted for inflation, percent 8% -6% '00 '01 '02 '03 '04 '05 Source:M. Morgan Securities LLC. Evidence of China's slow-down Percent change - yoy 32% DM countries 27% EM countries '06 '07 t8 '09 '10 'II Fed tightening periods Fed

.81 03 (Sep) 0.92 0.87 O4 (Dec) 0.88 0.88 - FY 3.49 3.44 3.67 4.19 4.41 Bloomber EPS FY $ 3.50 3.47 3.64 3.99 Source: Company data. Bloomberg. Morgan estimates. Sternberg' above denotes Bloomberg consensus estimates. Overweight MRK, MRK US Price: $57.93 Price Target: $64.00 Pharmaceu

CFA AC (1-212) 622-5676 Bloomberg JPMA SCHOTT <GO' Jessica Fye (1-212) 622-4165 Wendy L Lin (t-212) 622-5350 Dana C Flanders (1-212)622-1256 M. Morgan Securities LLC Mee Porlomanee EN a Mn arg D1411 Neu Am. — MOM snare Moo ON $19500 0.0*INO YID lm 3m 12m Ate I l5.7% -0.5% 1.6% 19.6% Rel I 11.6% .21

Specialty Chris Schott, CFA AC (1-212)622-5676 Bloomberg JPMA SCHOTT <GO, Aditl Singhania, PhD (1-212)622

(1-212)622-5676 Bloomberg JPMA SCHOTT <GO, Aditl Singhania, PhD (1-212)622-1267 Wendy L Lin (1-212)622-5350 Dana Flanders, CFA (1-212)622-1256 M. Morgan Securities LLC BMY, BMY US Overweight Price: 660.05 01 October 2015 MRK. MRK US Ovenveighl Price: 549.37 01 October 2015 See page 2 for analyst certificati