From: US GIO

From: US GIO To: Undisclosed recipients:; Subject: .111Morgan View 12.02.2011 Date: Sat, 03 Dec 2011 00:18:04 +0000 Attachments:IPM_View_12.02.2011-pdf.zip Inline-Images: image003.png The M. Morgan View Is this it in Europe? • Ettansicks— US growth two& Out to ISM and a likely eliminator the pmaota L3X cut IS °Met by pellet wtakerns vi Asia. We doodsnde Ouzo and lapin mouth • Poeffell• water • • The IlltaV CO tilt Dec 0 SUSII41110 wan blab ywhnak aster. Imp. ted a, before. could then eadly kat* to some dnappetnanent Jan L John Normand details will be lackm Nikoleos Pan' froglou • Eked Itirant — The tepe:eed paean cline, rte wmunit hope, (Mowed diumommoom apnea kw wine caeca m. Lora EM! tmesis • I:Achim —EPS row* ornyetfommme hat oemotred users's", this mve Seamus Mat Gamin Iles theme of US (lushes oatimforentair w likely to centime tato 2012 • CrtrIlt — A spike la *lash rases sti•ents lanntwan ohm ink profile lac,Muy Ilmalwvo Lehmann • Fenian cutout. - Suydam EURAPY el Main lardirt • Conuwarlitiow — Inn trauma nears the ask of an oil stipply shock. Boy bind calls lad be liar tees ss. bow metals Lao Evans • ADet a week of bad mamma: and policy new> we tot a bre recrosal VIU ritr113 Magi, OM week stint begirt US amity data and *gm of sospendamt conipoonwse, fiscal peen-at bath ode, of dr Ailannc &penes. emit,. conmiodinei EM ...coshes a a IOISS Gad abut FX sad vitro eta truck Al mops bock op, fully madam? the Amur of the mentms week The doilat and inset brad mskets was down EMIG US Fair Valet • Nance how the Genius bond unorket henjoined the rbky owls feally meet. week, Burnt now may Mien necks to op (IS 'hewer, and the US dote at as teal safe awn left tell off whew clock. rally Tins will taILIsa die Us at Gat. CASS Go. loaf can a bit, a, F411O per,- yokert mull don ay ommostweit m the Faso area chfault and that csamitabe ramp lw the ECB lairs the 'ilk of in:bum nen an mil ona Ulu u m tetmston Elf loos Boar IS HO nal EMI(-, SUVA • Hew good was fhb stek%rone,..ind Scutha wade LS the C•50 TR Whet of last weeks Sum Coomanee. dense snow signals that it s was a km. probability ask had made us mete pessimistic stout Or muss, fiscal Woe *Atrium, COtIIIIIt m laivaa*. Bin now Coupe...anal leadenlup npudhis Eocrerooltanie Iry will likely emend die pamell meow for mallet \ear If dry do urn we win hake tonne our 1012 US rterkta (memo limn 17e* to_ 5% tote ammo comerimi. But inn how fad the Super (Mittinttee New up we ward Sin 390 KrnY MOW To see de law :tried before <inane? torterd‘ And ewe troll vottpoeunt final riehtmin• don WI eliminme lie need fin rt I rnier roam, m kit nM laSCahmore nsuunine the ;mull has ent it twirled one ,es fiscal drat for the tee O (Mon.? rat Vll wouldex.:n.1 iq of (if* It wouldMet likely push the a al /comm., moo tmetuoa. Thu could at luau lead to game extension of rax.•on but she can steely OM (tabour roomer set ails moss awns= ammo Teo ta tee Val awe • b. 3.0 ••• a me in moan. sta.. Mem III 41.14•1 • Summa 115 data thn week —especially ISM — mese use coebdeuce out Q SSAfaaMooanon J Rhino, Owe Bani. NAJ P Mons, one ma Rc 2.2011 Tht•eerifinitma/eu it indicated by a ae. See pare 7 foe analyst emnficanon anti import, lefal and tent:cow ch. ; www.morgannia This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at http://www.jpmorgan.comtpagesidisclosuresfemail. EFTA01172026