From: US GIO <MMIll=a>

From: US GIO <MMIll=a> To: Undisclosed recipients:; Subject: J.P. Morgan Eye on the Market 4/24/2012: Earth 2012 Date: Tue, 24 Apr 2012 13:05:22 +0000 Attachments: 04-24-2012n EOTMn Earth_2012.pdf Eye on the Market, April 24, 2012 Many of our investor clients are grappling with the co-existence of elevated macroeconomic risks and the apparent cheapness of corporate profits. We have discussed before our take on how to respond: with a portfolio whose directional equity risk is modestly below normal (mostly a consequence of conspicuously avoiding European equities), offset by other investments to take up the slack (macro hedge funds, distressed real estate, private lending, etc). This week, a look at what Earth's major markets and economies would look like to a visitor from another planet. Among the questions an alien might ask: How are Earth's commercial enterprises valued right now, and how is capitalism doing? Why on Earth is everyone talking about Spain when Southern Europe is only 6% of Earth's GDP? Where is Earth on the timeline of equity valuations over the last century? But first, I tried to imagine what an alien might notice about what's happening to the oldest inhabited territory on Earth. Michael Cembalest 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. EFTA00671925