Epstein Secrets

ed oil price increase. As discussed last week. Saudi capacity is being relied upon to offset declines in Libyan production and potential declines in Algeria (although these have not happened to-date). We will focus on Saudi Arabia on next week's call. Earlier today. Saudi police opened fire on protestors

barrels per day 3.500 3.000 2.500 2.000 1.500 1.000 500 Libya & Algeria exports 0 1999 2001 2002 2004 2005 2007 2008 2010 Source: Bloomberg. 2 EFTA00610625 Eye on the Market I March 10.2011 J.P.Morgan On Europe, solvency problems in Greece, Portugal and Ireland are increasingly bei

EM FX volatility tends to be artificially suppressed by controls. When looking at 16 countries with severe capital controls based on IMF indicators (Algeria, Angola, China, Malaysia, Tunisia, Cote d'Ivoire. India. Morocco, Pakistan, Philippines, Sri Lanka, Swaziland. Tanzania, Togo, Ukraine, and Uzbekis

al 10 year yield based on headline CPI 6 5 4 3 1 0 -1 -2 -3 -4 97 99 01 03 05 07 09 11 13 15 17 —US —Japan —Euro Area Source Bloomberg Chart 12: The term premium means that currencies maintain a positive spread between their 2 year and their 10 year interest 2Y10Y goverment bond y

AP (5/20, Parra) reports tensions between Spain and Morocco over the former's decision to allow "Brahim Ghali, the leader of the Polisario Front, an Algeria-backed pro-independence movement," to receive medical treatment at a Spanish hospital "finally came to fruition this week." The move allowed "thous

accepted the Egyptian proposal after a late-night meeting of his Security Cabinet. Hamas quickly followed suit and said it would honor the deal." Bloomberg (5/20, Ramadan, Hodali, 3.57M) reports, "As cries of `Allah Akbar,' or `God is the greatest,' blasted from loudspeakers of mosques all over the Gaza

closing chapter in a popular coup, the killing threatens a period of strife that could drag the country towards civil war. At worst, the spectre of Algeria looms: the army there prevented Islamists from taking office after they won the first round of an election in 1991, and as many as 200,000 died in

es Barack Obama declines to correct his Egyptian mistake Ian Bremmer Article 5 NYT Egypt's Blood, America's Complicity Amr Darrag Article 6. Bloomberg What Obama Misunderstands About Egypt Jeffrey Goldberg EFTA_R1_00440973 EFTA01964297 Article 7. Asharq Al-Awsat Iran faces six sets of sancti

agreement between Russia and OPEC to limit output. Saudi Arabia's energy minister also suggested cuts to excessive production. • OPEC will meet in Algeria in September 2016. Markets will watch out for any deal to cap supply after similar talks in Doha had failed earlier this year. • The rally halted,

e 3: WTI crude oil prices over 2015-2016 Source: Bloomberg Finance L P. Deutsche Bank Wealth Management. Da

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P 500MKtCap (ST) $5 _-$6_—$8_$10_$12_$12_ $10 $8_$10 Sit _$i1 S13 sis se $10 $11 (@E) www.kpcb.com Note: 2010 data as of 12/31/10. Source: FactSet, Bloomberg. USA Inc. | What Might a Turnaround Expert Consider? 370 HOUSE_OVERSIGHT_021026 But USA Inc. Has Steadily Scaled Back Investment in Technology R&D