From: Justin X Gratz cz

From: Justin X Gratz cz IMIIIMa> To: Undisclosed recipients:; Subject: Eye on the Market: May 13, 2010 Date: Fri, 14 May 2010 12:31:09 +0000 Attachments: 5-13-10_-_EOTM_-_The_Kitchen_Sink.pdf Eye on the Market, May 13, 2010 Chairman of JP Morgan Chase International (and Chairman of the Group of Thirty) Dr. Jacob Frenkel joined me for a client conference call this morning to review Europe, and its impact on our portfolio and market outlook. The attached PDF walks through a synopsis of the discussion, focusing on what was announced, its adequacy, the political and economic risks of pending austerity programs in Southern Europe, and the road not taken (examples of prior exits from other monetary regimes). We also reviewed how all of this ties in with our views on the U.S., Asia, and our portfolio positioning. Included as well: a client quiz and a client question. Michael Cembalest Chief Investment Officer J.P. Morgan Private Banking The material contained herein is intended as a general market commentary. Opinions expressed herein are shave of Michael Cembalest and may differ from those of other J.P. Morgan employees and affiliates. This information in no may constitutes J.P. Morgan research and. hould not be treated as such. Further, the views expressed herein may diger from that contained in J.P. Morgan research reports. The above summaiy/prices/quotesistatistics have been obtained from sources deemed to be reliable, but we do not guarantee their accuracy or completeness, any yield referenced is indicative and subject to change. Past performance is not a guarantee of future results. Securities are offered through J.P. Morgan Securities Inc. (JPMSI). Member NYSE, F/ RA and SIPC Securities products purchased or. old through JPMSI are not insured by the Federal Deposit Insurance Corporation ("FDIC"); are not deposits or other obligations of its bank or thrift affiliates and are not guaranteed by its bank or thrift affiliates: and are subject to investment risks, including possible loss of the principal invested. Not all investment ideas referenced are suitable for all investors. These recommendations may not be suitable for all investors. Speak with war J.P Morgan Representative concerning your personal situation. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Private Investments often engage in leveraging and other speculative investment practices that may increase the risk of investment loss, can be highly illiquid, are not required to provide periodic pricing or valuation information to investors and may involve complex tar structures and delays in distributing important tar information. Typically such investment ideas can only be offered to suitable investors through a confidential offering memorandum which fully describes all terms, conditions. and risks. IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tar advice. Accordingly. any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used. and cannot be med. in connection with the promotion. marketing or recommendation by anyone unaffiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. Note that J.P. Morgan is not a licensed insurance provider. t> 2010 JPMorgan Chase & Co EFTA00759169