From: jeffrey epstein <jeevacation®gmail.com>

From: jeffrey epstein <jeevacation®gmail.com> To: Subject: Fwd: 2012 Outlook Date: Mon, 02 Jan 2012 19:35:53 +0000 Attachments: 2012_Outlook_The_Post-Stimulus_Economy.pdf Sony for all the typos .Sent from my iPhone Begin forwarded message: From: US MO Date: January 2, 2012 3:04:24 PM AST To: Undisclosed recipients:; Subject: FW: 2012 Outlook From: Cembalest, Michael Sent: Monday, January 02, 2012 08:20 AM To: Cembalest, Michael Subject: 2012 Outlook Please find attached our portfolio, market and economic outlook for 2012. If you would like to receive this as a hard copy booklet, please contact your JP Morgan coverage team. Michael Cembalest Chief Investment Officer This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at http://www.j morgan.corn/pages/disclosures/email. EFTA00656605