From: US GIO

From: US GIO To: Undisclosed recipients:; Subject: JPM View 09.09.2011 Date: Fri, 09 Sep 2011 21:34:30 +0000 Attachments: JPM_Vicw_09.09.201I-pdflzip Infirm-Images: image003.png J.P.Morgan The J.P. Morgan View The endgame on EMU Is approaching Jan I. • &Mans— Loon Japan nowt draw; global [moth projecticer dors to 23% far naa yea aadrom.fill: endene is apptiatUlan <Ocultniza ate how 60 bad flu [mope ac unalcnn. popcnali neva, Innal intents John Normand • PoilkolkasUaltge — Nay &loan ail nanneal autta. • Hall Want — We robq datanal in the FAItOnna Oa pulpier:4 rained and a mote dovish ECEI • Evades — Minedeconomic data and coanneed wrathy EMI' bridIrron wartml a tk-fenswe • Credit —tie groom &tenure sod VW Earopean.s VS radii 3k elect nom ao&nneel/toinntewnrta m ielecl Exwo mei intact bark debt • Farr* exchange Focus Ella that, on1PY. • Cantinodlde•— In an anon -ad falba: dewed we egret OPEC/on% porductiou to nnalain pints clew to clan Into. GlobalAmid Allocation eflitheritheidi WA NAJr Mittisin Doorsa Lm ass 9 am • Wain wan classes —equate; oarnandstar• sad — ate wenn Aram dna nett. Borah ale twin the week in pandas to &ince on a militant of North SOLlel NaliOnt to the Lao Ana and spertilataos of smarmy ramp. • Went. lac** defnadle uu&nsca£amue liana natal atitalne Unlink turn in ?nein and nononac I-myth expeetantln and a lack of minima; policy C100 " in the inapt eccenallev am any %mangy nett alhay; be on Ibe lookout lot lien lbM conditions ate rattling Aida need bar Wien. condotom for rnmal ling be hoed on better dm. paltrier value and pentium Econettne drta need to den stapinuty on the down:ode: paints need to be put su place as reverie greatcoat donotade the none should be an • inn* mveciors ahould he ant Inky awn. Ther• condition; are not .1 sit place —bun eardefeashemess — bet we nerd to keepmonitoring luau Fri.Paul tetchily dab Ifollin hVani hal° Inn are hoping toter la nee second dernanr. Ibr vice or weakerta it tiself tonna- down For nova canines data are in bra nth out mod) Warred praectsear The rnerynion lapse htiete or nee faced one both d: ad nen 'eat Much aeration is oa ha. the collapte a conitgleacti and apnoea in Autnan ate afteetu? dense The good two n dui "bile deittlad hal wrakened x t< an letialate to a nun% cue herald expert :1 global ter e.t.a, Ind nand Unseat all VS sates are Lollar up but tie orb sector is wtaknmae a...newly as endeared by Taman <wont and Japan-1/4- fore? n Orden • Second the sudden me it sreenico asks me Mimp pollt7 inter, into acticm. The querrion ac' What can rhe5. der' EM polity tinkers have eon of auxnanhat H. La inflation n ea cumin clumn fast tutees bet to induce broultine tinny. In 1:11041 .to. Fld onsal banks Inv. nypie hellion? We ten ,ekctssr Inns at the ant nal of their teed cur‘r, The rend, ran anal, eta stalrated LY as'r. See pare 7 fog analyst resuftrazzon and important legal rod revisory ditcicnower Renee E. Weissend JP. Morgan I Global Investment Opportannin Gnnzp III we„ 37,h sin“ . FL p. a.33 New MS:, NV 10019 bilkolacra Pan' ittioglou Sea Mao Gonda Nerhew Lehmann TIC mans Eno* Si % eosin at a We Mae 20 a I 10 la St ISM beim. 'Masa Lai ..tocrveeia al fa 4mar yes •••••O•••• Pam it we Warty, *Yob fie whnv.rnorgenmoritotn.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.com/pagesIdisclosureslemail. EFTA01149273