reau of Statistics, PROC, China Automotive Information, China Economic Information Network, CLSA-Markit, Haver Analytics. J.P. Morgan Securities LLC, ISI Group, J.P. Morgan Private Bank. * PMI data areindexlevel. Housingprice toincome, cement production and steel productionare as of Dec. 2011. All the other

2 2005 2008 2011 2014 2017 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 Source: The Intemational Council on Clean Transportation, United Source: ISI Group, International Energy Agency, World Bank. Nations Department of Economic and Social Affairs. There is also room for reduced fuel consumption, althoug

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 •

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).

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

downgrades VPFG/NEWS Key Research: FBR upgrades CECO/DV/APOL/NE, Moke initiates XEC (op), Citi downgrades ALL & raises target VRUS Key Research: ISI Group initiates BMY (hold), Wedbush initiates CERS (op), Wells downgrades FRO Key Research: Barcap upgrades ARUN, Piper upgrades ZQK, Janney upgrades NWY

nal Bureau& Statistics, PBOC,ChinaAutomptive Infonnatbn, China Economic Information Network, CLSA•Marbt. HaverAnalytics. J.P. Morgan Securities 11O, ISI Group, J.P. Morgan Private Bank. • PMIdata are index levet Housingprice to income. cementpiodudion and steel productional.° as of Dec.2011. All theother d

Full Name: Ed Hyman Last Name: Hyman First Name: Ed Company: ISI Group E-mail: Danielle N. Boegli Executive Assistant to Ed Hyman boeg 101 Slgrp.com CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0071749