From: US GIG <MMIII~>

From: US GIG <MMIII~> To: Undisclosed recipients:; Subject: JPM View 11.04.2011 Date: Fri, 04 Nov 2011 21:23:25 +0000 Attachments: JPM_View_11.04.2011-pdf.rip brine-Images: imagc003.png Global Asset Allocation J Crs.ris Biwa NA. J Wigan Had 2011 The J.P. Morgan View Everyone is short risk don a" • Enamels-. — H1 dim Jarrell»? us less weak mesa exiwied • Perin& senility — cannot becalled bank bat ora puma.> and • llyalX1e, ratle m Ilen kel$. not John Normand • Eked Imam We hold 'Nexus) sham and aid a 'Zion se 251 Getman • Equities —Ferns ink on coamlni~ ion: EM ei DM. Ø Mrs. , EM kite Evian DM kngMs(lF]Nvs.ShPØadlaigDA.\vs EsuosicousSO • Credit — tk tinve lo IJW US HG audphefa EM Sa.elclpn noomerates • anima eattaage — shillala*. ('SUITV and EUMPY coallASO psis. Cie tutor tsars QE lathe IS. • CaalØtW —TheTba flood:urn leduce tlobal net expons comiderahl. Indio. m å poanina/ nie m EM foodmini inflation • Risk miakei, lesrised et then post Ell Suumat shcsi-convin rally eh:, 'seek as the lack of Malt in dr arrienient versled is ,end Greek rolitct • inner arrem Bur enroll repines remain upon me Leek, aro aid air roll abia• the 10 i.e.'', taus's- tow hal IV IAMatwu b. cash nit. Aurae rudde midair of Cktobei when ne mined km? its,. • Oat long risk poJelen don ea manna. an bash en tbr *veld. II m=en et utull ut aw eons stun tv tuk prae ace al) bath jul Icahn even Csni eat' Ors vers aud that ests)nue sse sau tesal) and dude:vial/3a nut cotobtanl with a »timing Mat ~remain ~a the wiittd teems tel en mar down fram peals eleneed levels Risk oesei ,tees awe'. bat •••• het mat a molest ISIXOWIWIg a'a9011at armar dal] åndaa nsinttotlie- duargee b. pubs"' asken are sin to reduce ~aide ink peneptims • The nsibi rkkehrsireaires awirkets ~ins the two sosereign debt nisi, *booth. The nos' wadnl rye swiss >it afiel rbe einNik deCt>061% Vd1.11 Ib DP, ut:OuLtIl? FOWalgiall alaaal•Iy (fatal Oil The defied • Italia' flail 6'4 allat a now brain luve ken 15 7% bi Ille ma 'en% 111Ce.IlK nisi, his inkly es<alieed and Moak-lied ad polry maker, have not yei tined +111.12pi: NM!, ha slop d htct istses the Isait at whether ibe, can. wbetber eht, nag 'amid +briber dry ciin ~de. • We isould ant Mai Me FL> Adea tbe ve Wattau suit OW IGOIWY102 *0 It the cuids bul is leis den Øra m "sending dus la as d n NY sel operarmf it a mehe decision niiinn? Tina Tbe FA /at dr rosemas as It has ramp,' domsry sasinrs le hand> a maka rossimmein deficit of mike '‘cii ot GDP kill dun ot the VA UK sett ism The FA tas eoan?li ~ninon', co ha Bis fria. as act clomp soonukada EMU disaitteinaboo ani lake3y vEU ølhiet own time, Metier rout ar it needed re fix eneemir The main Emblem she the trauma ashy die resit Ømllst le linro. i, Whit the EA it nal ape. mina as a Laft <Oalgta tots ceomaLxd de<taion saaluna Tie xi:swans Tbe sinidiria? anal». tt induard by an " pale' for auSy« Celli: &CULP. Ø timiadailletal and oilutuon. duck:au/a Renee E. Weinend JR Morgan i Global 1m-cm:min Opporcunincs Group 41) West 57th Street, Floor 33 New York NY 10019 tilsoseos havtiotrizoolott Seamus Mae Gorski Matthaei ehmann VW rider Map Oct 3 % we a liter Gat' In NM Cab EaASG US fad bun uS ~rm 0~ Go, Sara.. Ea nu Nis" Fat Coo SW= tame how Ni' COW SD( urcimcwoar en nine' *SOW Mpa• ai ems tires saws= Vo ea, ~Wipe le to> la la vases am asoi am a a laa aa a. a Paws Iv a 'Alba% This email is confidential and subject to important disclaimers and conditions including on offers for thepurchase or sak of securities, accurac and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at EFTA01171348