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

upgrades minus # of downgrades) / total revisions Level 0.4 1,575 0.3 0.2 0.1 • \IAA - 1,475 • 1,375 - 1 275 0.0 •0.1 • •0.2 • •0.3 -Ti MSCI World • 1,175 - 1,075 - 975 •0.4 • •0.5 - Index • 875 •0.6 • - 775 675 •0.7 2008 2009 2010 2011 Source: Citigrotp, Bloomberg. 2012 Unfortu

jpmorgan.contidisclosuresicommiy, calling 1-800-477-0406, or e-mailing research.disclosure.inquirie.sqjpmorgan.com with EFTA00678715 your request. J.P. Morgan's Strategy, Technical, and Quantitative Research teams may screen companies not covered by J.P. Morgan. For important disclosures for these companies,

d add another 2mm to that European equity basket. We went further ovenveight Europe. Paul Barrett I Managing Director I Global Investment • • up I J.P. Morgan Private Bank I 320 Park Avenue, 14th Floor, New York, NY 10022 I T: I F: (212) 310 01081 ns I NMLS ID# 853441 Original Message From: Perlman, Daniel A Sen

hin DM rather than EM. • Are depressed valuations a good reason to buy EM equities? We do not think so, either. It is true that the PE gap between MSCI World and MSCI EM indices has been widening for two years now to well above historical averages, 3.8 pts currently vs. a historical average of 2.7. This 3

m to that European equity basket. We went f=rther overweight Europe. Paul Barrett I Managing Director I Global Investment Opportunities Group I =.P. Morgan Private Bank I Original Message From: Perlman, Daniel A Sent: Friday, August 09, 2013 05:09 PM Eastern Standard Time To: Subject: The J.P. Morgan View : Wh

in DM rather than EM. * Are depressed valuations a good reason =o buy EM equities? We do not think so, either. It is true that the PE gap between=MSCI World and MSCI EM indices has been widening for two years now to well=above historical averages, 3.8 pts currently vs. a historical average of 2=7. This 3

or analyst certification and important disclosures. Global Asset Allocation 04 January 2013 Global Asset Allocation Jan Loeys AC (1-212)834-5874 JPMorgan Chase Bank NA John Normand (44-20) 7134-1816 M. Morgan Securities plc Nikolaos Panigirtzoglou (44-20) 7134-7815 Morgan Secunties plc Seamus Mac Gorain (44-

asset class %. U Is unItedged into USD. H means hedged 2013E 2012 MSCI EM 15.0 17.4 EM Local Fl (U) 10.0 8.9 EMFX 10.0 7.5 GSCI 10.0 0.1 MSCI World 10.0 16.0 US HY 7.5 16.2 CEMBI 7.0 16.7 EMBIG 7.0 18.5 JACI 6.5 14.3 EU HY 6.0 25.0 US HY Loans 5.5 9.7 US KG 5.4 9.9 Gold 5.0 6.

re I oversaw $16 billion in private and institutional client assets, I want to briefly introduce myself in my new role as Chief Investment Officer of the J.P. Morgan Private Bank. I've been part of the investment and strategy team at the Private Bank since 2004, when I returned to the firm to work with Michael Cembalest as he

year, we'll need to take more directional risk where we see value across global markets. The end of "easy money" Index 2012 YT Retur Global Equities (MSCI World) .P. Morgan Developed Higl ield Bond Investment Grade (JULIexEM) 8.6% Anualized 10.8% Realized Volatility* 19.1% 12.7% 22.4% 9.4% 9.9% 11.9% 4.9% Eme

s flagship emerging markets mutual fund. He was also a senior member of the firm's investment committee. Before joining Offitbank, Richard worked for J.P. Morgan's Investment Banking division in New York in the emerging markets securities business. He previously spent six years with Citicorp, first as a banker i