From: US CIO

From: US CIO To: Undisclosed recipients:; Subject: Morgan Market Thoughts for 2013 Date: Wcd, 16 Jan 2013 20:01:12 +0000 Attachments: Market_Thoughts_Outlook_2013.pdf Inline-Images: image001.jpg; image003.jpg; image005.jpg; image006.jpg; imagc007.jpg As 2013 gets underway, it's paramount that we keep you up-to-date with our latest thinking on the evolving market environment To that end, we would like to share a special interactive edition of Market Thoughts with you. In it, Richard Madigan, Chief Investment Officer of J.P. Morgan Private Bank, and the strategy team examine the global market themes we believe will be fundamental this year. They also consider the risks to our view, underlining the importance of taking a balanced approach to investing. As a reminder, Richard will further explore our views in a webcast on Thursday, January 17 at 11.00 a.m. Eastern Time. Details for the webcast are below. • • • • . . . • • • • • • • • ! market thoughts SPECIAL E011101 • JANUARY 20S3 YOU ARE INVITED TO PARTICIPATE IN A SPECIAL WEBCAST Market Thoughts 2013 FEATURING Richard Madigan Chief Investment Officer I. Morgan Private Bank For bio click hug Thursday, January 17, 2013 at 11:00 a.m. Eastern Time We believe 2013 offers a more normal market environment with less volatility, less asset class correlation and less systemic risk, plus the potential for strong returns in risk assets. Please join us to hear Richard Madigan discuss the Private Bank's investment outlook for 2013 and share his views on: • Expectations for global growth, which we believe will strengthen in the second-half of 2013, although remain below trend • Changes in asset class leadership, including those that helped drive 2012 portfolio returns • Risks to our view, which still center on policy and politics, or an earlier than expected resurgence of inflation WEBCAST DETAILS VIEW SLIDES AND HEAR THE AUDIO ON YOUR COMPUTER: To register for the webcast and to access the presentation during the call, click bug. LISTEN ONLY: Toll free: International Toll: Conference ID: ASK QUESTIONS We invite you to submit any questions you would like us to address during the call to please copy your J.P. Morgan representative and THE REPLAY A replay will be available. January 18—February 18. 2013 To access the presentation and audio following the call, click hue. For replay dial-in numbers, click jam. EFTA00693016 • Portfolio allocation, with a focus on remaining balanced and not overreaching for risk It is not permissible to forward this Information to anyone else. The information contained on the cal Is not intended as a solicitation for any product or service offered by J.P. Morgan or any of its affiliates. The views and strategies discussed may not be au/able for all investors. "J.P. Morgan Private Bank' is a marketing narne for private banking business conducted by JPMorgan Chase 8 Co. aid its subsidiaries workhvide. Bank products and services are offered by JPMorgan Chase Bank. NA and its affiliates. Securities are offered by JP. Morgan Secunties LLC. member NYSE. FINRA and SIPC. and other affiliates globaly as local legeslation pennrts. Investment products: Not FDIC insured • No bank guarantee • May lose value J. P. M o rgan This email ix confidential and subject to important disclaimers and conditions inetudin wl offers for the urcbase or sale of securities. accuracy and completeness of information, viruses. conlidentiality. legal prbilege, and legal entity disclaimers. available at EFTA00693017