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EFTA01176179 | EFTA01176183 On portfolios, no changes to the overall allocations outlined in our March 8 EoTM. Michael Cembalest Appendix: a Spanish horse race, and some data from the US Bureau of Labor Statistics V/in. Place and Show: The problem of Spain The only country I can find that's In wane shape than Spain it Number or amaings to population Greece Non-financial corporate debt to GDP Wand Corporate sector debt to cash flow Portugal Construction sector debt/assets None Banking sector branches per 1,000 people None Reliance on foreign capital (Net Int. Inv. Pos. keland Podugd Real estate as % of household assets None Housing overhang (as per CEPS) Ireland Commercial RE exposure % of bank assets None Encumbered banking system assets, % Greece World Bank labor rigidity, Europe None titra-European real effecthe exchange rate Italy Shadow economy, % of GDP, OECD Italy, Greece Unemployment rate None Production time per unit Italy Reline on Eat to finance sovereign debt None Bank renting to HFUNFC, last 12 months None NH/WC= households andnon-financial oornabons Sources. ME, OECD, EU, WorldBank, CEPS US laborconditions improving from a very low base Percent.6-month moving average. sa 4 1% Voluntary Hiring 3.9% separations 2.2% 2.0% 3.7% 1.8% 3.5% 3.3% 1.6% 3.1% 1.4% 2.9% 2002 1.2% 2004 2006 2008 2010 2012 Source: Bunnuof Labor Statistics. The material containedherein is intended as a general market commentary. Opinions expressed herein are those ofMichael Cembalest and may differfrom those of other J.P. Morgan employees and affiliates. This information in no way constitutes J.P. Afergan research and should not be treated as such. Ilirther, the views evinced herein may differfrom that contained in J.P. Morgan research reports. The above summary/prices/quotes/statistics have been obtainedfrom sources deemed to be reliable. but we do not guarantee their accuracy or completeness. any yield referenced is indicative and subject to change. Past performance is not a guarantee offuture results. References to the perfiumance or character ofour portfolios generally refer to our Balanced Arodel Portfolios constructed by J.P. Morgan. It is a proxyfor client performance and may not represent actual transaction or investments in client accounts. The modelportfolio can be implemented across brokerage or managed accounts depending on the unique objectives ofeach client andis serviced through distinct legal entities licensedfor specific activities. Bank, trust and investment management. ervices are providedby JP Morgan Chase Bank, NA, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPA(S), Member NYSE, F1NRA and SFPC. and its affiliates globally as local legislation permits. Securities products purchased or sold through JPMS are not insuredby the Federal Deposit Insurance Corporation ("FDIC"): are not deposits or other obligations ofits bank or thrift affiliates and are not guaranteed by its bank or thrift affiliates; and are subject to investment risks, including possible loss ofthe principal invested. Not all investment ideas referenced.are suitable for all investors. Speak with your J.P Morgan Representative concerning your personal situation. This material is not intended as an offer or solicitation for thepurchase or sale ofany financial instrument. Private Investments may engage in leveraging and other. peculative practices that may increase the risk ofinvestment loss, can be highly illiquid, are not required to provide periodic pricing or valuations to investors and may involve complex tar structures and delays in distributing important tax information. Thpically such investment ideas can only be offered to suitable investors through a confidential offering memorandum whichfully describes all terms, conditions, and risks. IRS Circular 230 Disclosure: JPAlorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion ofU.S. tax matters containedherein (including any attachments) is not intended or written to be used. and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with JPAlorgan Chase & Co. ofany ofthe matters addressed herein orfor the purpose ofavoiding U.S. tar-relatedpenalties. Note that J.P. Morgan is not a licensed insurance provider: 80 2012 JPAlorgan Chase & Co: All rights reserved 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://wwwjpmorgan.corn/pages/disclosures/email. EFTA01176183 Epstein Web iOS app on the App Store.
May 12, 2026 at 4:07 PM