From: US CIO <IMMIIMI=::.

From: US CIO <IMMIIMI=::. To: Undisclosed recipients:: Subject: JPMorgan View 12.09.2011 Date: Fri. 09 Dec 2011 20:28:11 +0000 Attachments: Thc_JPM_Vicw_12.09.2011.pdf Inline-Images: image003.png J.P.Morgan The J.P. Morgan View One big step for euro-kind, but not the last one • &encodes — E)tU ekes bcs neprocsarch (mai instp,00n. ten et ea yet claim the book on penphav /abduct • Periled, gasp — A Food EU Sauna. kiwi TS &ea. anal compromise in Us. red fades; EM nalanon combine etch adenine pawns, to aria' snocksi ape& fa equate, wto bunny. Add a late 'sawn III US equines_ • Eked Were — add than w the Euro area painters and hart io 131 local bank • Eqaldes— I tOWSdr.PSOOn.MSCIAC World 2)0WhISCI EIRE\ c.s. SISC1 EM 3 o0WDAX ‘s. Emodavi.504iNcertme extremite, re Can made, be short 4a.w. short correlation and thee coinrsity bin • emit Ub defenuct • F0/14/110.401//gt — Slay shoe EUR/JPV and l'SDOPV as hedge* • Canutallelts — 'maw a 12G tarsi athini 101 occouothun is 2012 1•1111 3, e:1hhad quuitt once, te. atilt trouc92 anc,u3.. • Anothei cantle nag with unislien to...teens' eac:la oval of neccs monists :onus; out of Einar. Mak are pning much ;unman to tam news b oni the US. nd China Acrid dune tom !CB Precident arin (bagged ask acute., deny aa Ilaurels) Len a Woe: cic.m fe.cad IV Swami iodic Gel thna amnia ten ram fa the nark 0/0C • llr LA. Stand, braientent testae tad pradres, entlrtktobrarntwlawas US *AGM* too penal nal =coax's'. Ilturne tbe ESN late ad bc a \ear and saw, USf end low C200bn or Maharsaa dae LklE cars ooh help but se not enourittaend dr as. Onk- bathe?. ann. Stealth, the comnannent to ("Anne Inlance balten and WS dal nay mConey"( lava math- improve. credit Tulin, lot byinelf does Chace Mar nos puarentee Ise bond ancestors will comeback The bore dud flat ECB ataa 051430kid m wpm,* clan CIE me ut tans as cunningly denied b' ECE offseuls and n Eil1Coe in the eat only bated on the conviction dye f<P will Mink Alm the ahem- maw me lc ar death atria 0110 L•0101.0•1 haw • Ilcsiet rte aunt camas man at not lb final osponce of Ell pol•-•1a,ken SUGOO IT Old, 011e of Emmy stem lolnid• evettlital mwbnin An/41 bleckel lu, GSCITR .zoei 'Ins pox/. 'till eke 10 Sean btu waken. AO l,kel dicwe.0 tea. 1. Curd • OM counnion 10Q PG host Wahine( • fa make., tc to linecalfidan. dere mil be emond IMO fir ...slues ant as a chaotic peak ape( manna sae,. thancluoutel) I Lcccayeac 0)114)t4.4 .0 will oar at C441O1 .0, t. C.I.a.altw• as the ilea top' beaksp ic part of the repau proms There h purpose leave madness In Intone GSobtiAtat Allcoanon oNcran Oar Bart NA. J O Vega Severna Its Dec 9 20tI /A/110/rye' John Notmeinel Niko/non Panigirtioqlou Sineinus Mac Cocain Matthew Lehmann Leo Evans ' lo ,re ibti ececoder arms ,be cove pukka of EMU. User the pad decade , 0••1111111/01110•11001)(•• 1110.413 Sari menaced a lane balance of lbw catcpsne analvd indicated by an See par 7 for analyst catificaticei nal =portal legal and reetialor, &Kimmel V111 tatune amok Dab • •••••• NO eV- 0110111 ten 0 lidlagia *nag %Wino on %la war - N•011 1.C, in ...taws We Pe/mle Cal tA4 3 Cep ne La sem maga:nalclads con, This email is confidential and subject to important disclaimers and conditions including on offers for the purchase cc sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at http://www.jemorgan.com/pagesidisclosurestemail. EFTA01172118