Epstein Secrets

nmark USA World Economic Forum Annual Meeting 2011 EFTA_R1_02011045 EFTA02686170 Johan H. Andresen Jr Owner and Chief Executive Officer Ferd Norway Jason Andrew Vice-President, Worldwide Marketing and Channels BMC Software Inc. USA Kirill Androsov Managing Partner, Altera Capital. Russian

Plan Education International Silversea Cruises Group SWIFT SCRL McKinsey & Company Wendel La Tribune Eskom Holdings Limited Valor Econ6mico European Council on Foreign Relations (ECFR) La Stampa Harvard Business School Desjardins Group The Boston Consulting Group Lloyd's Yale University DareDevil

nmark USA World Economic Forum Annual Meeting 2011 EFTA_R1_02011164 EFTA02686247 Johan H. Andresen Jr Owner and Chief Executive Officer Ferd Norway Jason Andrew Vice-President, Worldwide Marketing and Channels BMC Software Inc. USA Kirill Androsov Managing Partner, Altera Capital. Russian

Plan Education International Silversea Cruises Group SWIFT SCRL McKinsey & Company Wendel La Tribune Eskom Holdings Limited Valor Econ6mico European Council on Foreign Relations (ECFR) La Stampa Harvard Business School Desjardins Group The Boston Consulting Group Lloyd's Yale University DareDevil

ic activity & inflation forecasts: 2015F 2016F 2017F GDP (% yoy) EU Euro area Germany France EFTA01476013 Italy Spain UK Sweden Denmark Norway Switzerland 1.8 1.5 1.7 1.1 0.7 3.2 2.4 3.2 1.6 1.4 1.0 1.9 1.6 1.9 1.4 1.4 2.8 2.5 2.7 1.7 1.4 1.2 Source: National authorit

ugh vote to retain investment, but allowing sufficient time for negotiations with Brussels. EU membership renegotiations will begin at this month's European Council meeting. A deal seems more likely at the February Council meeting at the earliest. Mr Cameron's four themes for renegotiation are explored in our 2

nal support for Spanish banks can be seen as the starting point for greater European support and oversight for banks, to be discussed at the upcoming European Council. ¢ Greece's debt remains unsustainable, but the risk of a euro exit over the next six months has diminished after the 17 June elections, which have

F appreciation and the SNB has clearly shown in May that it is willing and can protect the floor; we expect the SNB to continue in this. ¢ Sweden and Norway stand out for their lower debt-to-GDP ratios and current account surpluses. The NOK appreciated recently, due to safe haven inflows. We stay neutral

yment rate for October 6 Nov US presidential and congressional elections 8 Nov The 18th National Congress of the Communist Party of China 22-23 Nov European Council 2 UBS Global growth expected to be around 3% in 2012 and 2013 Real GDP growth in % Inflation in % 2011 2012F — 2013F 2011 2012F — 2013F Americas

he euro crisis and reserve unwinding of the SNB at some point. Given this balance, we have decided to close the underweight in the CHF. ¢ Sweden and Norway stand out for their lower debt-to-GDP ratios and current account surpluses. Both the SEK and NOK have appreciated on diversification and safe-haven i