From: US GIG

From: US GIG To: Undisclosed recipients:; Subject: MN View 10.28.2011 Date: Fri, 28 Oct 2011 20:54:19 +0000 Attachments: JFMorgan_View_10.28.2011-pdf.zip !aline-Images: image003.png J.P.Morgan The J.P. Morgan View Did markets overreact? • Eaniamln — We nbc US Q4 GDP from 1.0% to 2.See.aftee hertngdoee the same n• Q1 one the pet nen*. • Portfolio strategy — Nehmen/credit may have orareacled Man B./ Sunny dui was lion at details. hut we stay long risk assets as the EU is Watergate risk &mina. and we should gel unmet (mm reaxed US rectsmon nsts. • sued.- — We remain defends.) us Hilo nem pinwheel% Mph. EU lenders' stemma denten • Equities— We clay our et skrewaght te nem and mow SRL% lo an over %eight within EX to keg MSCI BR len vi Nisei EM • teeth Arline word US ItY matins earth Lott ipmehl eunoweg, • Ionian melange -- annexe han1 recamtainaue amid lead m repatna. anon (mem bolanp, but the inspect on EUR nt 11 bkdy be small. • Commadilim expect Ow Beent.WTI•reted tongue/ further till Id/ Ml byte end ef next year. • Rtnk markers all rallied hinl tau, week fol kis Inc the EuroStemma gatemen on TherscUs morning Ma suggraml a morekleterm erred comenareent by Ell beat of maw or aeons the me mints of thee debtemus. Nt retain a Wets Mt penile* - mem eight taker ass Ames agnmt Meant tales - - aJudgement that Emcee is finally recogninne Out a must do WCOMOUR the news: dut a is showing in increased wi Mecum U impkmert such MOISISICI, tut skeet uirmacts remain beastly delmmely posationod: and dut sou get !natty penalnad -- eunuch towed low yeas --- t you cleave to gay at talc mets. • tit netts Onkel turd. uphtespets pekes koLmens inasid putticipees Its sumarle. as they did ma toren the EU :immune din isranssive. In &loom Sc taigev cantonal rodeo a the era ol the ads —Italy — en ded donnas the stele et mu weak demeed a hand anon. laity. If the Summit did not mos e us unit an eventual 11e/01410011of the FILU dent am.. then seedy Nulty and Leda mute evanescent and ate doe to fall tat ▪ farktaar nul disagreements emerge on the implementskin of tle Summit ineeues • We dons iblaiL r nod monis long ria.Much hint:nenW.1nel. atilt ilOW Ole EU SSIMMIlt SICICEICMI 11 fall dupe pronises aml Wen of romme dealt whitest...nausea aull Ltigediumeineintactween major neigh...Ins We do inn &wee 1sec Ilan ant M.11. unit Inn.e. plenty ,f pit,, in am n today% nest few wool. and month. will likely we a Inman in perceptions of • hither tits new pain nip do tre ph Ai its at use we am Ir sand y assayed sat she hal. of gala me asuman lo the men donees el erediewn (Wel data reds> The certifying analye is indicated by a". See page 7 fa mini cerelicauou and ireartant legal and etcetera declasses. Stew AssotAimaahan J.Pliasa Chase Oak MA J.P.Itcsin tessete• Lid CO NS 2011 Jan Jahn 'kennel Ni ketone Pant irtzteginu Seamus Mac Goren Matthew Lehmann maw Ye • aver crag Oce DOG IA He GS US FUN line U3 HO Sal atomwa- Came(ahaa- Ef $ Can WIN GSO IR tag rwomie us at, EYfM vS0 at Wee Mat— hteM Is , • s as a ma.. teat eas)•amayat um. +moo sis sae ismialfilm/Sal Pas 41.1111141110.010011•IINNISSIEll 111•13A1s•t This email is confidential and subject to important disclaimers and conditions including on offers for the • urchase or saleof securities. a«urac and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at EFTA01170769