From: GIO Group JP Morgan <gio.group.jp.morgan(02,jpmorgan.com>

From: GIO Group JP Morgan <gio.group.jp.morgan(02,jpmorgan.com> To: Undisclosed recipients:; Subject: GIO Trade Alert: Short Euro Date: Fri, 02 Jul 2010 19:55:07 +0000 Attachments: GIO Trade Alert 2010-07-01 EUR_.pdf 'Mine-Images: image005.png; image006.png Global Investment Opportunities Group (GIO) Opportunistic Investments July 2, 2010 J.P. Morgan TRADE ALERT: SHORT EURO By now, most investors are familiar with the longer term pressures on the Euro (sovereign risk concerns, high debt balances, weak economic outlook, low rates, etc.) News flow is likely to keep volatility high on this currency in the near term. However, the Euro has been strong recently as the roll-off of a large ECB lending facility this week was not as disruptive and did not signal greater weakness among European banks as investors had feared. Strength was likely aided by some amount of short covering as short EURUSD has been a popular trade. We believe current levels are attractive for entering medium term short positions with EUR above 1.25. Risks: • Strong rebound in European economy. • Quick resolution of liquidity and sovereign risk concerns in Europe. • Intervention by the ECB. Implementation: • Please contact your J.P. Morgan representative to discuss investment options. IMPORTANT INFORMATION This presentation and the material contained herein is not a product of the J.P. Morgan Research Department and is not a research report, although it may refer to a research report or research analyst. This presentation should be reviewed in conjunction with U.S. research published by J.P. Morgan Securities. Inc. to the extent that such research exists. The opinions and ideas expressed herein do not take into account individual client circumstances, objectives and needs. Transactions in any securities that may be referenced herein may not be suitable for all investors. This presentation has been prepared for information purposes only. Nothing in this material is intended to be a solicitation for any product or service offered by J.P. Morgan's Private Bank or any of its affiliates. Information contained herein has been obtained from sources believed to be reliable but we do not guarantee its accuracy or completeness and accept no responsibility for any direct or consequential losses arising from its use. The views and strategies described herein may not be suitable for all investors. This information is not intended as an offer or solicitation for the purchase or sale of any financial instrument and is being provided merely to Illustrate a particular investment strategy. Past performance Is no guarantee of future results. EFTA00744001 Investment Products: Plot FDIC Insured - No Bank Guarantee • May Lose Value EFTA00744002