Epstein Secrets

iriskstocalf Legal Entities Disclosures US.: JPMS is a member of NYSE, FINRA, SIPC and the NFA. JPMorgan Chase Bank. NA. is a member of FDIC. U.K.: JPMorgan Chase N.A., London Branch, is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and to limited

d institutional investors, as defined in Section 4A of the Securities and Futures Act, Cap. 289. Recipients of this document are to contact JPMSS or JPNICB Singapore in respect of any matters arising from, or in connection with, the document. Japan: JPMorgan Securities Japan Co., Ltd. is regulated by the Financia

n 7616 of the Corporations Act 2001. Germany: This material is distributed in (iemany by J.P. Morgan Securities plc, Frankfurt Branch and J.P.Morgan Chase Bank. N.A., Frankfurt Branch which arc regulated by the Bundesansialt fir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the

or announcements, market conditions or any other publicly available information. Clients should contact analysts and execute transactions through a J.P. Morgan subsidiary or affiliate in their home jurisdiction unless goveming law permits otherwise. "Other Disclosures' last revised April 5. 2014. Copyright

service intensity is limited to the Bakken, Eagle Ford, and Niobrara with the Permian in an earlier stage of development. Source: Baker Higbee and J.P. Megan. Despite its forecast for moderate +3% CAGR growth in wells spud and wells frac'ed in NAM from 2013-2016, PacWest forecasts +12% CAGR in total s

banking from Halliburton. Company-Specific Disclosures: Important disclosures, including price charts, are available for compendium reports and all J.P. Morgan- rovertd toinnaniec by visitine huns.//ininm coin/research/disclosures, calling 1-800477-0406, or e-mailing kith your request. J.P. Morgan's Strate

and all J.P. Morgan- rovertd toinnaniec by visitine huns.//ininm coin/research/disclosures, calling 1-800477-0406, or e-mailing kith 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,

n S.A. is regulated by the Comissao de Valores Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: J.P. Morgan Casa de Boise, S.A. dc C.V., l.P. Morgan (irupo Financiero is a member of the Mexican Stock Exchange and authorized to act as a broker dealer by the National Banking and Securities Exchange

Overweight Neutral 2014 Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% IB clients* 58% 4We 40% JPMS Equity Research Coverage 45% 48% 7% IB clients° 78% 67% 60% *Percentage of investment banking clients in each rating category. For purposes only of FINRA'NYSE rating

website at Legal Entities Disclosures U.S.: JPMS is a member of NYSE, FINRA, SIPC and the NFA. JPMorgan Chase Bank. N.A. is a member of FDIC. U.K.: JPMorgan Chase N.A., London Branch. is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and to limited

n 761G of the Corporations Act 2001. Germany: This material is distributed in Germany by J.P. Morgan Securities plc, Frankfurt Branch and J.P.Morgan Chase Bank. N.A., Frankfurt Branch which are regulated by the Bundesanstalt fir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the

or announcements, market conditions or any other publicly available information. Clients should contact analysts and execute transactions through a J.P. Morgan subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise. "Other Disclosures" last revised April 5.2014. Copyright

eport as only a single factor in making their investment decision. EFTA00293648 Jose h B. Nadd III North America Equity Research 24 April 2014 J.P. Morgan • 787 deferred production growth should begin to step down. While forecasting 787 unit costs is difficult given the number of variables and lack of da

, are available for compendium reports and all J.P. Morgan- covered companies by visiting , calling 1-800-477-0406, or e-mailing with 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,

2014 Overweight Neutral Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% IB clients° 58% 49% 40% JPMS Equity Research Coverage 45% 48% 7% IB clients° 78% 67% 60% *Percentage of investment banking clients in each rating category. For purposes only of FINRA/NYSE rating

skstoc.odf Legal Entitles Disclosures U.S.: JPMS is a member of NYSE. FINRA. SIPC and the NFA. JPMorgan Chase Bank, N.A. is a member of FDIC. U.K.: JPMorgan Chase N.A., London Branch, is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and to limited

its registered address is at 8th Floor. Al-Faisaliyah Tower, King Fahad Road. P.O. Box 51907, Riyadh 11553, Kingdom of Saudi Arabia. Dubai: M./organ Chase Bank. N.A., Dubai Branch is regulated by the Dubai Financial Services Authority (DFSA) and its registered address is Dubai International Financial Centre

or announcements, market conditions or any other publicly available information. Clients should contact analysts and execute transactions through a J.P. Morgan subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise. "Other Disclosures" last revised April 5. 2014. Copyrigh

by visiting hiqn://jmitm.comIr earch/disclosures calling I-800-477-0406, or e-mailing research.disclosure.inauirieskilmnorean.com with 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,

2014 Overnight Neutral (buy) (hold) Underweight (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% H3 clients• 38% 49% 40% JPMS Equity Research Coverage 45% 48% 7% H3 clients• 78% 67% 60% •Percentage of investment banking clients in each rating category. For purposes only of FINRAJNYSE rating

website at Legal Entities Disclosures U.S.: JPMS is a member of NYSE, FINRA, SIPC and the NFA. JPMorgan Chase Bank. N.A. is a member of FDIC. U.K.: JPMorgan Chase N.A.. London Branch, is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and to limited

n 761G of the Corporations Act 2001. Germany: This material is distributed in Germany by J.P. Morgan Securities plc, Frankfurt Branch and J.P.Morgan Chase Bank. N.A., Frankton Branch which arc regulated by the Bundesanstalt fir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the

or announcements, market conditions or any other publicly available information. Clients should contact analysts and execute transactions through a J.P. Morgan subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise. 'Other Disclosures' last revised April 5.2014. Copy righ

ports and all J.P. Morgan- covered com '‘N b visitin htt :11 mm.comiresearchidisclosures calling 1-800-477-G406, or e-mailing with 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,

014 Overweight Neutral Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 44% 44% I I% IB clients* 58% 49% 40% JPMS Equity Research Coverage 45% 48% 7% IB clients* 78% 67% 60% *Percentage of investment banking clients in each rating category. For purposes only of FINRAJNYSE rating

sksioc.ixIf Legal Entitles Disclosures U.S.: JPMS is a member of NYSE, FINRA, SIPC and the NFA. JPMorgan Chase Bank. N.A. is a member of FDIC. U.K.: JPMorgan Chase N.A.. London Branch. is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and to limited

n 761Ci of the Corporations Act 2001. Germany: This material is distributed in Lemony by J.P. Morgan Securities plc, Frankfurt Branch and J.P.Morgan Chase Bank, N.A., Frankfurt Branch which arc regulated by the Bundesanstalt fir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the

or announcements, market conditions or any other publicly available information. Clients should contact analysts and execute transactions through a J.P. Morgan subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise. "Other Disclosures' last revised April 5. 2014. Copyrigh

endium reports and all J.P. Morgan- r overod COMIlalliiN by visitine httiwilinmm contiresearcWdisclosures, callinL or e-mailing with your request. J.P. Morgan's trategy, et meal, and • • ch teams may screen companies not covered by IP. Morgan. For important disclosures for these companies, please call or

2014 Overweight Neutral (buy) (hold) Underweight (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% IB clients° 58% 49% 40% JPMS Equity Research Coverage 45% 48% 7% IB clients° 78% 679/. 60% J.P.Morgan *Percentage of investment banking clients in each rating category. For purposes only of FIN

or announcements, market conditions or any other publicly available information. Clients should contact analysts and execute transactions through a J.P. Morgan subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise. "Other Disclosures' last revised April 5. 2014. Copyrigh

skstoc.ndf Legal Entities Disclosures U.S.: JPMS is a member of NYSE, FINRA, SIPC and the NFA. JPMorgan Chase Bank. N.A. is a member of FDIC. U.K.: JPMorgan Chase N.A.. London Branch. is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and to limited

n 76ICi of the Corporations Act 2001. Germany: This material is distributed in Germany by J.P. Morgan Securities pk, Frankfurt Branch and J.P.Morgan Chase Bank, N.A., Frankfurt Branch which arc regulated by the Bundesanstalt fiir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of th

compendium reports and all J.P. Morgan- covered companies by visiting https://jpmm.comfresearcWdisclosures, calling or e-mailing with your request. J.P. Morgan's Strategy, Technical, andQuantitative Research teams may screen companies not covered by J.P. Morgan. For important disclosures for these companies,

2014 Overweight Neutral Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% IB clients* 58% 49% 40% JPMS Equity Research Coverage 45% 48% 7% IB clients° 78% 67% 60% *Percentage of investment banking clients in each rating category. For purposes only of FINRAJNYSE rating

ion risk disclosure documents. For a copy of the Option Clcarin Co ration's Characteristics and Risks of Standardized Options. please contact your Morgan Representative or visit the OCC's website at Legal Entities Disclosures U.S.: JPMS is a member of NYSE, FINFtA, SIPC and the NFA. JPMorgan Chase Bank. M . is a

site at Legal Entities Disclosures U.S.: JPMS is a member of NYSE, FINFtA, SIPC and the NFA. JPMorgan Chase Bank. M . is a member of FDIC. U.K.: JPMorgan Chase M.. London Branch, is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and to limited

ven in section 76ICi of the Corporations Act 2001. Germany: This material is distributed in Germany by Morgan Securities plc, Frankfurt Branch and Chase Bank. S. Frankfurt Branch which are regulated by the Bundesanstalt fir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the p

, 2014 Overweight Neutral Underweight (buy) (hold) (sell) S. Morgan Global Equity Research Coverage 44% 44% 11% lB clients° 58% 49% 40% JPMS Equity Research Coverage 45% 48% 7% BEI clients° 78% 67% 60% ',Percentage of investment banking clients in each rating category. For purposes only of FINRANYSE ratin

2012 Portfolio Strategy Thomas J Lee, CPAAc J.P. Morgan Securities LLC hor J.P. Morgan Secunties LLC Economic and Policy Research Malcolm Barr JPMorgan Chase Bank N.A. London Branch Rates Strategy Pavan Wadhwa J.P. Morgan Secunues Ltd. Global Asset Allocation Nikolaos Pani irtzoglou Proposed Agenda: J.P. Morg

Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank. •., Singapore branch (JPMCB Singapore) which is regulated by the MAS. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X) wh

rage universe. If it does not appear in the Important Disclosures section of this report, the certifying analyst's coverage universe can be found on J.P. Morgan's research website, J.P. Morgan Equity Research Ratings Distribution, as of April 3, 2012 Overweight Neutral (buy) (hold) Underweight (sell) I.P

2012 Overweight Neutral (buy) (hold) Underweight (sell) I.P. Morgan Global Equity Research Coverage 45% 43% 12% le clients* 51% 45% 34% JPMS Equity Research Coverage 43% 48% 9% It clients* 70% 61% 53% *Percentage of investment banking clients in each rating category. For purposes only of FINRANYSE ratings

hange Securities Trading Limited and is regulated by the Monetary Authority of Singapore I hIAS) and/or JPMorgan Chase Bank. N.A., Singapore branch (JPMCB Singapore) which is regulated by the MAS. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X) wh

s or announcements. market conditions or any other publicly available infomution. Clients should contact analysts and execute transactions through a J.P. Morgan subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise. "Other Disclosures" last revised April 18, 2012. Copyrig

rage universe. If it does not appear in the Important Disclosures section of this report. the certifying analyst's coverage universe can be found on J.P. Morgan's research website, www.morganmarkets.com. J.P. Morgan Equity Research Ratings Distribution, as of April 3.2012 Overnight Neutral Underweight (buy)

.2012 Overnight Neutral Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 45% 43% 12% IB clients* 51% 45% 34% JPMS Equity Research Coverage 43% 48% 9% 1B clients° 70% 61% 53% °Percentage of investment banking clients in each rating category. For purposes only of FINRATNY SE ratin

on risk disclosure documents. For a copy of the Option Clearing Co ration's Characteristics and Risks of Standardized Options. please contact your Morgan Representative or visit the OCC's website at Legal Entities Disclosures US.: JPMS is a member of NYSE, FINFtA, SIPC and the NFA. JPMorgan Chase Bank, M . is a

, 2015 Overweight Neutral Underweight (buy) (hold) (sell) M. Morgan Global Equity Research Coverage 45% 43% 12% IB clients* 52% 49% 35% JPMS Equity Research Coverage 45% 47% 8% IB clients* 69% 66% 54% *Percentage of investment banking clients in each rating category. For purposes only of FINKANYSE ratings