Epstein Secrets

ISI Group. 2004 2007 2010 Two views on the impact of an oil price shock %decline GDP 0.0% Australian • U.K Euro land Japar• Brazil • Poland Hungary • • U.S. ChinaU • Indonesia IN Turkey • Philippines • Korea • India MI S. Africa Taiwan • Thailand Ar.. Si ■ Canada Mexico Malaysia •

ning worldwide Billions of barrels/GDP 3.6 3.3 3.0 2.7 2.4 2.1 1.8 1.5 1.2 0.9 0.6 0.3 1980 1983 1986 1989 1992 1995 1998 2001 Source. ISI Group. 2004 2007 2010 Two views on the impact of an oil price shock %decline GDP 0.0% Australian • U.K Euro land Japar• Brazil • Poland Hungary •

25% is now invested in Irish bank stocks, with another 50% subject to liquidation to fund the bailout. This follows on similar decisions in Spain, Hungary and France to repurpose diversified pension funds into government bonds. The Koreas: playktg with fire We wrote about India recently ("From Nehru

ng up again Residential units sold. 5-day moving average 1,200 1,000 800 600 400 200 0 Oc -09 Dec-09 Feb-10 Apr-10 Source: BCA Research, ISI Group. Jun-10 Aug-10 Oct-10 EFTA00751567 Some clarifications are in order. First, inflation in China is mostly related to food (32% of Chinese CPI).

25% is now invested in Irish bank stocks, with another 50% subject to liquidation to fund the bailout. This follows on similar decisions in Spain, Hungary and France to repurpose diversified pension funds into government bonds. EFTA00751571 Eye on the Market I November 29, 2010 J.P.Morgan Topics:

0 Oct-09 Dec.09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Source: National Bureau of Statistics, J.P. Motgan Securities, LLC. Source: BCA Research, ISI Group. Some clarifications are in order. First, inflation in China is mostly related to food (32% of Chinese CPI). Chinese govern- ment responses have a d