Epstein Secrets

over growth assets. See page 7 for analyst certification and important disclosures. Click play to view video Global Asset Allocation Jan Loeys AC JPMergan Chase Bank NA John Normand J.P. Morgan Securities plc Nikolaos Panigirtzoglou JP. Morgan Securities plc Mika Inkinen J.P. mown Securities plc Matthew Lehman

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J.P. Morgan- covered companies by visiting %Inc., calling 1-800-477-0406, or c-mailing reseoieli.disclioaire lillpliflea jpr; 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.

5 0 5 10 15 Source: J.P. Morgan, Bloomberg. Nom: Ram in USD *Local currency. "Hedged mto USD. Euro rued income is Bcox Omni Index 11511G. HY. EMBIG and EMS Corp ale JP1A maims. Em FS is DIC1M t. www.jpmorganmarkets.com EFTA_R1_00470160 EFTA01981558 Jan L Global Asset Allocation The J.P. M

w on wide gaps between each side's position. See page 7 for analyst certification and important disclosures. Global Asset Allocation Jan Loeys AC JPMorgan Chase Bank NA John Normand J.P. Morgan Socunbos plc Mk I P nl Irtz I u J.P. Morgan Secunlies plc Seamus Mac Gorain J.P. Morgan Sooting°, plc Matthew Lehman

ecast 2013 global GDP growth forecasts: JPMorgan and Consensus 3.4 3.2 • 2.9 JPM 2.7 2.4 Apr.12 Jul.12 Oc142 Ja .12 Consensus ) Source. P Morgan. Consensus Economcs Consensus Economcs forecasts are for regions and counties that we averaged using the sane 5-year ruling USO GOP weights that we

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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 September 29, 2012. Cop

al. Description of YTD Chart on front page: Returns in USD. 'Local currency. "Hedged into USD. Euro Fixed Income is Bon Overall Index. US HG. HY. EMBIG and EMS Corp are JPM indices. EM FX is ELMI♦ in 5. 2 EFTA_M _020751 14 EFTA02702626 Jan Loeys (1-212)834-S874 Mnbeyvapritorgen.com Global As

TOP OPPORTUNISTIC INVESTMENT THEMES FOR 1Q 2012 Global Investment Opportunities Group J.P. Morgan Private Bank w O LLz O a cr, This presentation is intended for your personal use only and should not be circulated to any other person without our permissi

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FTA_R1_02049757 EFTA02696379 Market Snap-Shot C. CC 0, 2 z z C CC a a C a Global YTD Returns (As of 12130111) Gold US Municipals 10Yr EMBIG US High Grade Bonds US Bonds Global Gov Bonds" JPM Global HY EM Local Bonds" Brent EM $ Corp iBoxx Euro Corps S&P500 US Cash FTSE 100 -4%

he downside risk to demand growth given the weak payroll number but we think the selloff in oil is overdone and expect Brent to recover. Jan Loe s JPMorgan Chase Bank NA John Normand J.P. Morgan Securities plc Nikolaos Pani irtzoglou J.P. Morgan Securities plc Seamus Mac Gorain EFTA00628227 J.P. Morgan Securit

ting hups://mmjpmorgan.comIdisclosuresicompany, calling 1-800-477-0406, or e-mailing research.disclosure.inquiries(ajpinorgan.ann 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,

ntensifies search for carry elsewhere. • Equities — OW Japanese equities. UW Euro area equities. • Credit — Hard-currency fund flows are supporting EMBIG. • Currencies — Re-enter today JPY shorts vs USD, AUD and BRL. • Commodities — Stay underweight vs. other asset classes. Within commodities, we foc