Epstein Secrets

n's actions in August (see chart below), we see b=ying USD call/ SAR put options as an interesting risk reward. USD/KZT lyr<=o:p> </=pan> Source: Bloomberg 11/05=2015 Nicole Wolf I J.P. Morgan Securitie= LLC I J.P. Morgan Private Bank I JP Morgan Chase Bank, N.A. I 320 Park Ave,=Floor 14, New York, NY

o which we are parties. JPMorgan expressly disc=aims any responsibility for (i) the accuracy of the models or estimates used in deriving the prices, =(ii) any errors or omissions in computing or disseminating the prices, and&=bsp; (iii) any uses to which the prices are put. The indicative price= do no

yield, we would look to=do a total return swap on the index to obtain long exposure. Best, Nicole lyr STOXX Europe 600 Real Estate Index Source: Bloomberg 11/05/2015 Best, Nicole Nicole Wolf I J.P. Morgan Securitie= LLC J.P. Morgan Private Bank I JP Morgan Chase Bank, N.A. I 320 Park Ave,=Floor 14,

o which we are parties. JPMorgan expressly disc=aims any responsibility for (i) the accuracy of the models or estimates used in deriving the prices, =(ii) any errors or omissions in computing or disseminating the prices, and&=bsp; (iii) any uses to which the prices are put. The indicative price= do no

R1_01616291 EFTA02493161 Source: JP Morgan a=d Bloomberg, July 2015 This material is in=ended as a genera

o which we are parties. JPMorgan expressly d=sclaims any responsibility for (i) the accuracy of the models or estimates used in deriving the prices, =(ii) any errors or omissions in computing or disseminating the prices, and (iii) any uses to which the prices are put. The indicative pri=es do not take