From: US GIO To: Undisclosed recipients:: Subject: .IPMorgan View 12.16.2011 Date: Fri, 16 Dec 2011 22:07:37 +0000 Attachments: JPM_View_12.16.2011-pdfaip Inline-Images: image003.png J. P Morgan The J.P. Morgan View Returns and risks lor 2012 • Boanamekw—Nba dowe 2<.". on! 14/•a dowa from 20%. Bul paalb Mould:me back lotiead Inflate» fa/hemp? t`k lo 2_2% • World portfolio — A tR tQltnaldbralknwedMlennnnittann ratan :Rs'', clan*. Is pave* rebOosubi and major ink. became lest mane. • thed begat — CotipOwkle beam/akin Grid:Mama aal antler OM,. Eon, area penplinv net, io che Commie near ienn • Equities DouNe dirt tenpin an • Cmtlt — Snout:7"V nadziwittsh azwlenne butlob fonvads • Foreign exclaimer A wealan abllas and trood mammon Ed conriaam • Coinmodilire— Wkwkdemand m 01 Mould rommá wo<;t 142 Movie coanuaethei le a Wgb Mal leriba la 2012 • list it Me lond Kane of die yeal nIbb oar ;widen swftii holadma arid wienful eraa )en. • gar out tact moue of The 5war aee intend MI 2012 outlook formaip on rbe eecoonw man clot renews 'Mk, Imam. and rimer: • 2011 am nol • peat >war fcv imnuois wine emunei Iona, lOck gnaw bark 2010 rain; only Lanny offin by a 5 7,4 tonne on?dot fixed 1000MP 3 C1110 on rifini Cominednire air (lawn 21'f- while the <twin cornannein of Tread '<Man rebored writifrant loom Tr world ~mew Flew at a tined het 2 Vb is 2011 Ito ilia iLr J <t of 2010 and fr o Man I. bad piedwird a yeai ape • 2012 ebotild ammo* taller for riek market earn n u w01 Iikeh te .14•1 win hewnady. Finding.? a awing nave lo 2011 c fan sten thee wvak pi-Mann-ewe 2011 b.pan wok aa dna tallith on newts mad nee meet, and mined dawn bw mad Ven •••••• mi tro, tb prOleetaolai :012 will anneal oar eirit , vambia of teadab poolli sinas and derma'', per1010321 rot dr yea. atn whole we tee 2,slotml nowt apt. berates0 0.k in DM and 4 to in EM The fun half is se: co peeler.. only l Sc row Ot al na oen a stem Won and Chin slowl The afraid ball should see flobal rromli hek to a 'trod pare of 2 7 11,1m with uptick tink. • Chan ,bows ow npa:1•1 nimf by man lint boll' OM 101 MI as excess mum own volardilv Equities ar on aapwitii '<nab, naad :Or r. followed In ands and FM runnier, be/wwen 5'4 and 1fM. &ma'am on qualm'. Only GIO ?carman, bands and die dolla iewlegriffeta VS emit These nun pojectont line up cleanly nub relatie inblana Math 01•1 lull he I Olin awn clears proninins imunts iotisk n anew emu 1 0 • We lud mats ientm Feojectoin a yea aso Try balk iltappoimed and umkaltue Out 2012 wdltro á yea of task 111111••111•11 Feat will 'immune peed talk , an 2012 Ow ben porn is tai inveron win env, lady teenier twain Tr (end yin? Anályst it indiemed by an. " See lyre 7 for mrilytt etnifiralion and imparoni letal and tnagalorYdheimr` Saba, An« ~nation J rMoun Oa are NA.JP tap» ainins. LAO It 201t Jan ion , John Normand NMolaos Ponlglitioglou Sonimm Mac Cminin li 114•N 1 ebinarri I to Evana niliawie arm& Doe IS le awe*. ••• •••• 0 a .15 'Onoa awr ~INS RSV • 100 lad ren ~a. s•D twoNso war • Ins 0••• nee ut -•• ~eta. Wm- 54~ tly • Hi ••• • t www.1110f gonmorkettcorn This email is confidential and subject to important disclaimers and conditions including on of 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.com/pagesIdisclosuresfemail. EFTA01172123