From: US GIO

From: US GIO To: Undisclosed recipients:; Subject: J.P. Morgan Conf Call: Exit Euro Crisis Panel : Global Conf Call Update — Part 2 TODAY (i://, 11:30am ET Date: Wed, 13 Jun 2012 11:40:55 +0000 Inline-Images: image001.png J. P. Morgan Conference Call Exit Euro Crisis Panel : Global Conf Call Update — Part 2 • Why did markets sell-off, not rally following the €100b bailout package? • Why does our European team expect the Spanish bank recap to be followed by a larger formal rescue package? • What steps and actions would give our European team greater confidence of a more complete European solution • We do not think a bear market is taking root. But how close are markets to capitulation? Several key indicators suggest markets are showing evidence of capitulation—hence, potential for a turning point in markets. Hosted by Thomas Lee Chief U.S. Equity Strategist Joining the call: Nikolaos Panigirtzoglou - Global Market Strategist Pavan Wadhwa - Global Head of Interest Rate Strategy Wednesday, June 13 @ 11:3Oam ET / 16:30 UK DIAL-IN: 800-857-9651 (US); +1-312-470-7357 (outside US); Passcode: STRATEGY International Dial-ins CHINA -A 10800-712-1320 CHINA - B 10800-120-1320 BRAZIL 0800-8911992 FRANCE 080-510-0831 GERMANY 0800-000-1654 GREECE 00800-12-6872 HONG KONG 800-900-592 ITALY 800-987-450 JAPAN 00531-12-1857 NETHERLANDS 0800-020-0428 SAUDI ARABIA 800-8-110012 SINGAPORE 800-120-4272 SOUTH KOREA 00798-14800-6732 SPAIN 800-098-445 SWITZERLAND 0800-001-296 TAIWAN 00801-137-708 UNITED KINGDOM 0800-279-3953 OTHER 44-20-7108-6248 EFTA01177600 Please Dial in 10 minutes early to avoid excess holding REPORT ATTACHED For this call, Pavan will be referring to the following 2 notes: (i)"Will the €100bn Spanish bank bailout package prevent a full bailout of the Spanish sovereign?" dated 6/11/12 and "The €100bn credit line to Spain — FAQs" dated 6/12/12. Replay Through 6/20: 888-673-3573 (US); +1-402-220-6436 (outside US); Passcode: 5982 Replay available approximately one hour after the call ends. PODCAST available within 24 hrs: Go to the link below to find on Morgan Markets or on BLOOMBERG @ JPAV <GO>, 3) U.S. Conference Calls https://mm.jpmorgan.contervlet/PortalFW?pageName=research podcast&menuld=154062 This call is not open to any members of the press. Conference calls are intended only for clients of J.P. Morgan and are available for replay for a limited amount of time. For important disclosures on all companies covered by the firm's research department, please refer to the following disclosure link: https://mm.jpmorgan.com/disclosures/company/index.html/a> 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://wsmjpmorgan.compages,disclosuresiemail. EFTA01177601