Epstein Secrets

60% ceiling AX 50% =e Debt limit to 3x 40% gov. receipts 30% —> 2x 20% 1x 1950 1956 1962 1968 1974 1980 1986 1992 1998 2004 2010 Source: OMB, BEA, J.P. Morgan Private Bank. Over the last few days, the Gang of Six plan, the Reid-McConnell plan and the Obama-Boehner plan have all been raised up the flagpole and then lowe

explain how they get to the President’s baseline in the first place. 1 HOUSE_OVERSIGHT_025221 --- PAGE BREAK --- Eye on the Market | July 25, 2011 J.P Morgan Topics: US debt ceiling negotiations, a more ambitious European bailout plan (finally), and how large cap growth stocks and rising corporate profits

Industrial production Index, 100 = January 2007 110 105 100 95 90 85 80 15 2007 2009 2010 2011 Source: INE, CSO, ISTAT, NSS, Eurostat, Bundesbank, J.P. Morgan Securities LLC, J.P. Morgan Private Bank. Periphery = Portugal, Ireland, Italy, Greece, Spain. 2008 * The current EFSF lending capacity is Eur 255 b

e latest * Private sector involvement in Greek debt rollover, committed in principle by 30 financial institutions listed in the document released by the Institute of International Finance; target participation rate of 90%; exchange appears to result in Selective Default credit rating * Voluntary participation options include exchanging

LE — CLIENT DRAFT knesanent produce.: Not MK insured . No bank guarantee • May lose value S T. Nentieelayonant lomviun at se entl ult. is pMUYin J. P. Morgan SDNY_GM_00078555 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00001682 EFTA_00189022 EFTA01301134 Conine Cellragswortlt General

lobal leader in investment management and private banking with more than SI 9 trillion in assets under supervision. In addition to being a member of IPMorgan Chase & Co 's Operating and Executive Committees. Ms Erdoes leads the firm's strategic partnership with Highbridge Capital Management and Givea Investimentos. Ms

perts who develop innovative strategies, Mr. McGraw's areas of expertise include tax and fiduciary matters. Mr. McGraw was formerly a group head in I.P. Morgan Private Bank's trust department. which he pained in 1988 after five years leading groups in tax advisory, compliance and fiduciary services within I.P. Morgan's Ta

FTA01301162 Teaniourpoies Team Biographies J. P. Morgan Thomas C. McGraw. Ir. Advice Lab. Tax Advisory Thomas McGraw is a senior member of LP. Morgan Private Bank's Advice Lab. a multidisciplinaryteam of experts who develop innovative strategies, Mr. McGraw's areas of expertise include tax and fiduciary matters.

A01301152 An to update Confidential Treatment Requested by JPMorgan Chase 14 SDNY_GM_00078574 JPM-SDNY-00001701 EFTA_OOI 89041 EFTA01301153 J.P. Morgan's deep expertise and integrated capabilities enable donors globally to define, structure and execute their philanthropic objectives rolosarany THE P

responsibilityfor the Asset Management business. in addition to his role as head of the Private Bank Mr. Staley serves on the Board of Directors of the Institute of International Finance. Robin Hood Foundation. Council on Foreign Relations. United States•China Business Council and the Board of Trustees of Bowdoin College. Mr. Staley

Eye on the Market I September 25, 2011 J.P Morgan mean meet a Topics: A note from the European Banking Authority As per the note below, the European Banking Authority (EBA) holds the global inve

6x 5x Foreign banks 4x • Domestic banks 3x 2x 1x Ox Japan cb 16. \fr C4 S‘ OS co et <„ 04,0% ge S %Os Source: Federal Reserve, ECB, J.P. Morgan Private Bank. Data as of 2010. 'Select liabities include deposits and other debt securities. EuroStoxx Banks Index: reality finally sets In Price-to-book ratio

h client and is serviced through distinct legal entities licensed for specific whines. 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 SeCtilifiti LLC (JPUS). Member NYSE. FINRA and SIPC Securities products purchas

bank debt markets, and rising pressure on the ECB to finance European banks (Spain and Italy have been very active borrowers recently). According to the Institute of International Finance, European banks have raised 320 billion Euros in capital since 2008, but the EBA's view of capital sufficiency is in the minority. Most sell side re

Eye on the Market I September 25, 2011 J.P Morgan mean meet a Topics: A note from the European Banking Authority As per the note below, the European Banking Authority (EBA) holds the global inve

6x 5x Foreign banks 4x • Domestic banks 3x 2x 1x Ox Japan cb 16. \fr C4 S‘ OS co et <„ 04,0% ge S %Os Source: Federal Reserve, ECB, J.P. Morgan Private Bank. Data as of 2010. 'Select liabities include deposits and other debt securities. EuroStoxx Banks Index: reality finally sets In Price-to-book ratio

h client and is serviced through distinct legal entities licensed for specific whines. 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 SeCtilifiti LLC (JPUS). Member NYSE. FINRA and SIPC Securities products purchas

bank debt markets, and rising pressure on the ECB to finance European banks (Spain and Italy have been very active borrowers recently). According to the Institute of International Finance, European banks have raised 320 billion Euros in capital since 2008, but the EBA's view of capital sufficiency is in the minority. Most sell side re

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

chael Cembalest Chief Investment Officer 1991 1994 1997 2000 2003 2006 2009 1985 1988 Source: European Commission. Postscript: As a reminder, the Institute of International Finance is attempting to corral private sector Greek bondholders into a voluntary exchange, with losses ranging from 60%-70% on an NPV basis. Private sector

antee of future results. References to the performance or character of our portfolios generally refer to our Balanced Model Portfolios constructed by J.P. Morgan. It is a proxy for client performance and may not represent actual transactions or investments in client accounts. The model portfolio can be

ty Facility FICA Federal Insurance Contributions Act EU European Union IMF International Monetary Fund HOUSE_OVERSIGHT_031163 --- PAGE BREAK --- IF Institute of International Finance ECB European Central Bank EMU European Monetary Union AMT Alternative Minimum Tax A White Castle hamburger is smaller than its competitors' offerings

raising the debt ceiling YS , , + . + . 1950 1956 1962 1968 1974 1980 1986 1992 1998 2004 2010 Debt limit to gov. receipts nd Source: OMB, BEA, J.P. Morgan Private Bank Over the last few days, the Gang of Six plan, the Reid-McConnell plan and the Obama-Boehner plan have all been raised up the flagpole and then lower

e latest * Private sector involvement in Greek debt rollover, committed in principle by 30 financial institutions listed in the document released by the Institute of International Finance: target participation rate of 90%; exchange appears to result in Selective Default credit rating * Voluntary participation options Include exchanging

antee of future results. References to the performance or character of our portfolios generally refer to our Balanced Model Portfolios constructed by J.P. Morgan. It is a proxy for client performance and may not represent actual transactions or investments in client accounts. The model portfolio can be