Epstein Secrets

21 19 17 15 13 11 9 1995 1997 2000 2003 2006 2009 2012 -US Auto SAAR Previous Replacement Cycle Average 2009-2012 Average Source: Bloomberg Average Age of Vehicles Increasing (years) 17 16 15 14 Avg Age of All Cars M —Estimated Avg Age of Retired Cars 15.6 15.9 13.8 14.2 14.

Global Investment Opportunities Group (GIO) Investment Themes March 16. 2012 J.P. Morgan Jeanne Sun NEW TRADE IDEA: Auto Replacement Cycle We believe investors should position themselves to benefit from an upcoming replacement cycle in the US auto

ly to the regional banks, even through near term volatility. GIO Investments Strategy EFTA00862331 Anton Pil Jeanne Sun Peter Epstein Source: Bloomberg. As of March 2015. IMPORTANT INFORMATION The opinions and views expressed herein are those of GICI and may differ from those oft Morgan, its affili

n exposure to this sector, especially to the regional banks, even through near term volatility. GIO Investments Strategy EFTA00862331 Anton Pil Jeanne Sun Peter Epstein Source: Bloomberg. As of March 2015. IMPORTANT INFORMATION The opinions and views expressed herein are those of GICI and may differ

thine 2% Source: . n vs. FX A . . retied • Ar . 00 '02 '04 '06 '08 —Chinese CPI —YoY%Chg in CNY '10 China Economic Information Network. Bloomberg. Data as of 3/31/11. Investment Products: Not FDIC Insured • No Bank Guarantee • May Lose Value EFTA00595565 GIO Opportunistic Investments J.P.

Global Investment Opportunities Group (GIO) Opportunistic Investments April 28, 2011 J.P.Morgan Jeanne Sun 212) 622-2646 RENMINBI REDUX Last week, comments by senior government officials in China strengthened our conviction for a stronger RMB and we beli

ew technology or entry of low cost competitor. Bloomberg US Telecom Equipment Index • Oct-13-2010: 44.07

Global Investment Opportunities Group (GIO) Investment Themes February 14, 2012 J. P. Morgan Jeanne Sun (212J 622 2646 NEW TRADE IDEA: Implications of Cheap Natural Gas We believe cheap natural gas in the US is creating attractive longer-term investm