Epstein Secrets

Statistics, PBOC,ChinaAutomptive Infonnatbn, China Economic Information Network, CLSA•Marbt. HaverAnalytics. J.P. Morgan Securities 11O, ISI Group, J.P. Morgan Private Bank. • PMIdata are index levet Housingprice to income. cementpiodudion and steel productional.° as of Dec.2011. All theother dataareas of Feb.2012. Mic

ere is China heading? There is a roiling epistemological debate as to whether China's current decline is structural or cyclical. As an aside, two of JP Morgan's investment banking analysts (one an economist, the other an equity market strategist) have taken opposite sides of the debate, which is in and of it

tained herein is intended as a general market commentary. Opinions expressed herein are those of Michael Cembalest and may differ from those of other J.P. Morgan employees and affiliates. This information in no way constitutes J.P. Morgan research and should not be treated as such. Further. the views expressed

ient and is serviced through distinct legal entities licensed for specific activities. Bank, trust and investment management services are provided by J.P. Morgan Chase Bank. N.A. and its affiliates. Securities are offered through J.P. Morgan Securities LLC(JPMS). Member NYSE. FINRA and SIPC. Securities products purchase

) is not intended or written to be wed. and cannot be wed. in connection with the promotion. marketing or recommendation by anyone unaffiliated with JPAforgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. Note that J.P. Morgan is nor a licensed insurance

uPPIT \ , . Non-food CPI i Exports Retail sales Passenger car sales Fixed asset investment Housing price to income 1 Beijing Shenzhen Shanghai IP forcrVA.A.N1 Electricity production Cement production Steel production Source: National Bureau& Statistics, PBOC,ChinaAutomptive Infonna

Hong Kong and with the headquarters in New York? How is that occurring? Has it changed much at all? Lighte: This particular event was occasioned by J.P. Morgan's annual International Council meeting held in Shanghai. Its members include Tony Blair, Henry Kissinger, George Schultz, Lee Kuan Yew, Gao Xi-qing a

uch a time....The pessimists lost their wagers. Not only did Jamie come, but so did the Operating Committee! What a true and public demonstration of J.P. Morgan's commitment to China! As if the top of the house can come during such times, I certainly can count on them in the future. EFTA_R1_01512251 EFTA024

. TAB: How many branches do you have now and what is the branch expansion strategy at the moment? Lighte: For now, we still have three branches in Shanghai, Beijing, and Tianjin. We have six more in the pipeline, with a new one completely built out and another well underway. Since we don't yet have fin

JP Morgan China (JPMC) Summary• JPMC will become the leading China focused investment business, combining expertise with access in China, Europe and the US. A ful

money leaves China and enters China again via Hong Kong as foreign investment and hence taking advantage of foreign investment incentives) Why not Shanghai? Shanghai is the place of the stock exchange and an important financial location. However, no key decisions are taken in Shanghai and the city is l

eement with respect to the Term Loan Credit Agreement, dated as of October 6, 2004, among Limited Brands, Inc., the Lenders party thereto, JPMorgan Chase Bank, as Administrative Agent, and Bank of America, N.A. and Citicorp North America, Inc., as Co-Syndication Agents, incorporated by reference to Exhibit

LLP Columbus, Ohio Overseas Offices Bangalore Hong Kong Colombo Jakarta Hanoi Karmiel Ho Chi Minh City Lima London Manila Milan Seoul Shanghai Taipei Information R is Through our Web site: www.LimitedBrands.com Upon written request to: Limited Brands Investor Relations Three Limited

ng Al Oaeda's Rise, Saudis Back Syrian Rebels NYT • The Lessons of Physical Therapy NYT Op-Ed EFTA00376745 • Steep Penalties Taken in Stride by JPMorgan Chase NYT • Labor Tactic Raises Fear for France NYT • Goldman shakes up prized tech banking team FT • L'Oreal joins Revlon in pullback from China market

rers to invest in Chinext IPOs and also on comments from the CSRC recommending large corporates whose share price is sub-book to conduct buy backs. Shanghai struggled to hold onto gains on the usual IPO related liquidity concerns and ahead of tomorrow's release of December CPI/PPI data. South Korea under

on yuan by 2010. 'A tripling of assets in five years is not an exaggerated target.' said Mandy Wang. CEO of China International Fund Management Co. JPMargan's China fund venture. 'New business opportunities abound' A bigger. more mature fund industry can bring much needed stability to China's volatile st

anies that traditionally rely on bank lending.Pnxluct innovation is also crucial to China's ambition to foster globally competitive bourses and make Shanghai an international financial hub by 2020. Aiming to be one of the world's top exchanges. the Shanghai Stock Exchange Is seeking cooperation with some

remains the Chief Executive Officer of Capital Trust, Inc. Prior to joining Capital Trust in 1998, Mr. Plavin was co-head of Global Real Estate for The Chase Manhattan Bank and Chase Securities Inc. During his tenure at Chase, from 1984 to 1998, Mr. Plavin also led business units responsible for commercial real estate l

ew York, with offices in Beijing, Dubai, Dublin, Dusseldorf; Hong Kong, Houston, London, Los Angeles, Mexico City, Mumbai, Paris, Sao Paulo, Seoul, Shanghai, Singapore, Sydney, Tokyo and Toronto. Blackstone's alternative asset management businesses include investment vehicles focused on private equity, r

ities Current S&P 1563 Nasdaq 3261 Topix 1037 FTSE 100 6388 MSCI Eurozone* 154 MSCI Europe* 1214 MSCI EM S* 1032 Brazil Bovespa 56028 Hang Seng 22300 Shanghai SE 2236 *Levels/returns as of Mar 27, 2013 Local currency except MSCI EM $ Source: J.P. Morgan YTD Return (local ccy) 10.2% 8.6% 22.8% 9.4% 1.9% 6.6%

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