From: "Barrett, Paul S" <

From: "Barrett, Paul S" < To: Jeffrey Epstein <[email protected]> CC: "Giuffrida, David J" Subject: FW: Venezuela: Calm after the storm: Move back to overweight in our EMB1G Model Portfolio Date: Wed, 10 Oct 2012 14:10:56 +0000 Attachments: JPM Venezuela 2012-10-10 958533.pdf Inline-Images: imagel.gif; image2.gif Jeffrey We moved back to overweight on Vene this morning. ;1'.1.P. Morgan Logo Latin America Emerging Markets Research Venezuela: Calm after the storm: Move back to overweight in our EMBIG Model Portfolio Click here for the full Note and disclosures. • Chavez has not leveraged his decisive re-election victory to outline a new, more radical stance; if anything he's been more conciliatory • The issue of succession continues to loom large, but we don't think Chavez will rock the boat in the short term • We use the post-election correction (though modest) to re-enter an overweight Venezuela position in the EMBIG Model Portfolio; our corporate team also reinstates its overweight call on PDVSA bonds See attachment for full report Ben Ramse AC) J.P. Morgan Securities LLC Jonn Goulden J.P. Morgan Securities plc Daniel Sensel J.P. Morgan Securities LLC EFTA00876742 If you no longer with to receive these e•malls then click here to unsubserlbe www.morganmarkets.com Analyst certification: I certify that: (I) all of the views expressed in this research accurately reflect my personal views about any and all of the subject securities or issuers; and (2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed herein. Important disclosures, including price charts, related to the companies recommended in this report are available in the PDF attachment, through the search function on J.P. Morgan's website Imps://mmjpmorgan.comfdisclosuresjsp, or by calling this toll free number ). J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Confidentiality and Security Notice: This transmission may contain information that is privileged, confidential, legally privileged, and/or exempt from disclosure under applicable law. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or use of the information contained herein (including any reliance thereon) is STRICTLY PROHIBITED. Although this transmission and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by WMorgan Chase & Co., its subsidiaries and affiliates, as applicable, for any loss or damage arising in any way from its use. If you received this transmission in error, please immediately contact the sender and destroy the material in its entirety, whether in electronic or hard copy format. 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 hup://www.jpmorgan.comMagesedisclosurestemail. EFTA00876743