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