From: US GIO

From: US GIO To: Undisclosed recipients:; Subject: JPMorgan View 11.11.2011 Date: Fri, II Nov 2011 21:47:44 +0000 Attachments: lIPMorgan_Vicw_11.1I.2011-pdf.zip Inline-Images: image003.png J.P.Morgan The J.P. Morgan View How can risk markets rally In an ugly world? • Eronwein. — L6 data keep %important a I 5ek pre ha Ill • Portfolio strobe— Heavy COMWeIghtS an task that pays noyaid awl kg ate nsks on US growth ad Ctne* vitiation keep at ovenvetpht nst asset, • Mud Income %* dote La cal t➢atsn bap atd Tarmanes, and keep ouly a value bawd drat sa 2 yea CkIIILIS* • Equities — Both LtS and European mummies lawe beaten CO EPS COINPOSII. by l ei at wane. • Credit — 1Ak keep a prIemace Sot bag US vs. Eaccem Gall • Foreign twiner — Leperale BCC bond btatirat toad not b a wren fa the nun But we Icsvphaltes by big long WY • Canatodlties — k1e close rte that be of ow EMAsta vs. US whine trade and 63uble upon the Ione Int. Be loop total gated. geld. wpm smut and Meat • After a twee %virile week. risk marten an met upon the week and safe bowls ate down though by AMMO, dm could be tewnett in manes La's Jolt call anew tiara thaelore lir neat mayornol tatalutional tmegon we see imam) quite winwal rout naL :arts as the polars ot fiscal cotuok damn in a tlac.#owilt world connate tote mat sgly. And dr Euro Atm is hit closer toagreement on meagre,. to stop they deft mgt. while acne more opal.' deLnimp Melba an Letter to just dna ti* currents anon • How in it patter Mk nartea to than in a eight withsowed, rod. tintoomts vs:attn. dneciubbria and role Miner ineputtide'One mowers to look at the maw athlete that eal anwtan ire —.dire &gni:km ..0Eu' The top chat as p 1 shows that the \with on picks' cash and bawls remain new all .tine Iowa AfIlt I3X and inflation. three lick< irenegative Equity vieidt — crakes yieldt plot inibrion— ve. incomma hirh teehint& stantrah but otniorray require ,..011 to buy a very made awn. Tv lag month taw Nen' lainfiCAN inflow. await:sty tophywla awl MUM ;UMW find. inlet ((which we kehre it dthen by the dire rennet at safe anew. • Ewe 11 mt.., 4..a..t4.1 th ..:ut of tale linen n that remora than the world nee umbig Ienlg.Ibml, a vet, opand-down %Aloe. from de end.h-taigh Maintall that pertneed tit stramer. Feat of a US economy string hat io.eded but ha. nos not awes, aa 112 growth at rebounano to about 2 5^4 horn len than lq ur lit. Tina v.eek alone unto chino and confidence all manor on the panne tide That said dam tannin no use of comprounte la Waahltaloo on deficit reduction for seat 'Mat nee /*I the neat de.s.lt • In Cbuta. the camoted fall a arlanon. and IDOW nomorcuny easing ale pratly redocmg lean of a laid lading Ibis maned us a lew weeks no to The cant”ap Aloha& is andaredtn an a.See page 71ot analyd rti laht.1400 ant unpatunt feral and lemdaion dm-banes. Global &xi Allocation J P Wqn Otee tom NA. J r Mayen :karma to I a II 2n Jul Loorysm John Nonnwd Ilitolaos Penightzogiou Stiamtra Mee Octal, Matthew Lehmann Lee Evans 'Mamas nom, Noe 10 was at n sou moo Gat- Laugh Caa OKA; US Card lane wee oa I/Atmore...a' US °reit RI ID* C•Xt MAW USealt freeFew knee SIX testate watt lea ar Ito haw a Al t • ft fa. San San —•, near can ^wlew n tie 4k. rni wan- (wee www.morgenowstkets com 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.jpmorgan.comfpagesklisclosuresiemail. EFTA01148764