Epstein Secrets

2.1 1.8 1.9 Latin America 42 2.9 3.9 2.8 2.4 Argentina 8.9 2.7 3.6 24 -32 &aid 2.7 1.4 4.1 OS IS Chie 6.0 5.4 4.5 5.1 7.1 Colombia 5.9 4.3 4.5 01 6.7 Ecuador 8.0 5.0 4.0 4.2 4.8 Mexico 3.9 3.9 3.6 41 3.5 Peru 6.9 6.0 7.0 13 60 Uruguay 5.7 3S 4.0 11.8

Markets Outlook and Strategy. Eric Beinstein et al. High Yield Credit Markets Weekly, Peter Acciavatti et al. European Credit Outlook d Strategy, Steven Dulake et at. Emerging Markets Cross Product Strategy Weekly, Eric Beinstein et at 3 EFTA_R1_02075115 EFTA02702627 Jen LOOP (1.212)834.5874 illnkn

t Markets Outlook and Strategy, Eric Beinstein et al. High Yield Credit Markets Weekly, Peter Acciavatti et al. European Credit Outlook & Strategy, Steven Dulake et al. Emerging Markets Cross Product Strategy Weekly, Eric Beinstein et al. HOUSE_OVERSIGHT_026574 --- PAGE BREAK --- Global Asset Allocation Th

24 -3.2 5.0 10.0 2.0 25 2.0 96 99 10.0 11.0 Brazil 27 14 4 0.5 6 48 46 3.8 40 43 6.7 5.0 55 56 Chile 6.0 54 45 51 71 3.0 40 40 5.0 5.0 40 3.1 25 3.1 Colombia 5.9 43 45 0.9 67 28 3.8 42 53 55 3.9 34 3.1 3.2 Ecuador 8.0 5.0 40 42 48 3.0 55 5.0 3.0 3.0 55 51 54 54 Mexico 3.9 3.9 3.6 49 30 21+ 3.5 40 3.2 3.3 5

it Markets Weekly, Peter Acciavatti et al. expect senior bank bond spreads to widen relative to covered bonds and European Credit Outlook & Strategy, Steven Dulake et prefer being OW covered bonds vs senior bonds in the periphery, al. particularly in Spain where covered bonds have first claim over the entire Eme

l Economic Outlook Summary 2011 Real GDP % over a year ago 2012 2013 2014 3Q12 The Americas United States Canada Latin America Argentina Brazil Chile Colombia Ecuador Mexico Peru Uruguay Venezuela Asia/Pacific Japan Australia New Zealand Asia ex Japan China Hong Kong India Indonesia Korea Malaysia Philippin