Epstein Secrets

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Taiwan Inds Otani South Russia Memo Thatand Malays., Saud. OaMn A Alma rabia SOW* Guam** &Mk FTSE. BAMM000,1 Atom LP FTSE inclusion done; MSCI EM decision to be announced in June Saudi Arabia is also nominated for inclusion in the widely tracked MSCI EM Index, with a decision on inclusion to

ssell and Nikkei on a tear higher. This is not how we were positioned so we need to ask the question of whether and what we need to change. Table 2: MSCI EM Asia at a 2PE point discount to other equity markets Chart 27: Japan relatively cheap at 14.1x fwd earnings Ase iM MSCIJapan MSCIEurope — MSCIUS 50 f

ch (DIFC) are done so in accordance with the requirements of the DFSA conduct of business rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. This research report has been prepared and issued by MLPF&S an

3% 12.2% Shanghai SE 2117 42% Utilities 47% 8.2% -20.4% 5.2% *Levels/returns as of Nov 08, 2012 Overall 15.6% 13.2% 4.4% 12.2% Local currency except MSCI EM $ Source: J.P. Morgan HOUSE_OVERSIGHT_026576 --- PAGE BREAK --- Global Asset Allocation The J.P. Morgan View 09 November 2012 Jan Loeys (1-212)

meanings given to them in section 761G of the Corporations Act 2001. Germany: This material is distributed in Germany by J.P. Morgan Securities ple, Frankfurt Branch and J.P.Morgan Chase Bank, N.A., Frankfurt Branch which are regulated by the Bundesanstalt fiir Finanzdienstleistungsaufsicht. Hong Kong: The

such as Mexico and Malaysia. See "Consensus Asset Allocation", Adrian Mowat and team, Mar 26th. Open overweights in Mexican and Malaysia equities vs MSCI EM. • For long-term investors we just released our quarterly publication "Trade opportunities for long term investors" Mar 27. We monetize risk premia i

meanings given to them in section 761G of the Corporations Act 2001. Germany: This material is distributed in Germany by J.P. Morgan Securities ple, Frankfurt Branch and J.P.Morgan Chase Bank, N.A., Frankfurt Branch which are regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht. Hong Kong: The 1