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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
essure on wages and prices may be the only way to do it. For a project designed to reduce regional credit risk, growth and unemployment differences, the European Economic and Monetary Union sure has elevated them. As Marc noted in Das Kapital, the road to hell is paved with good intentions. These caveats aside, in a moment of reflectio
be) are not obtained from such operation; or d. a designated person22. The Master Partnership, Millennium Management, the Investment Manager and MCM Singapore reserve the right to request such information as any of the Master Partnership, Millennium Management, the Investment Manager and MCM Singapore (as
ul at, preserving the value of its assets, generating positive investment returns or effectively managing its risks. Current Economic Conditions of the European Economic and Monetary Union Certain members of the Economic and Monetary Union of the European Union (the "EMU"), including, without limitation, Greece, Ireland, Italy, Portug
be) are not obtained from such operation; or d. a designated person22. The Master Partnership, Millennium Management, the Investment Manager and MCM Singapore reserve the right to request such information as any of the Master Partnership, Millennium Management, the Investment Manager and MCM Singapore (as
ul at, preserving the value of its assets, generating positive investment returns or effectively managing its risks. Current Economic Conditions of the European Economic and Monetary Union Certain members of the Economic and Monetary Union of the European Union (the "EMU"), including, without limitation, Greece, Ireland, Italy, Portug
Entities connected to both JPMorgan Chase and the European Economic and Monetary Union

Ghislaine Maxwell
PERSON
the Internal Revenue Service
ORGANIZATIONthe State of New York
LOCATION
George W. Bush
PERSON
United States
LOCATION
Greenwich
LOCATION
United Kingdom
LOCATION
New York
LOCATION
Wilbur Ross
PERSON
U.S. Treasury
ORGANIZATION
Malaysia
LOCATION
New York State
LOCATION
Dallas
LOCATIONMarkel
ORGANIZATIONCayman
LOCATION
Mohammed bin Salman
PERSONthe Monetary Authority of Singapore
ORGANIZATION
England
LOCATION
Dalton School
ORGANIZATION
Luxembourg
LOCATION