From: US GIO To: Undisclosed recipients:; Subject: UPDATE: Conf Call on Equity Implications of USA Downgrade : Also joining: Bruce Kasman, JPM Chief Economist, Mon 8/8 at 11am ET Date: Mon, 08 Aug 2011 12:39:43 +0000 Attachments: JPM_US_Equity_Strategy_F_2011-08-07_651492[1].pdf; JPM UPDATE Conf Call_o_2011-08-08 651589[1].pdf Inline-Images: image001.gif J.P.Morgan UPDATE: Conf Call on Equity Implications of USA Downgrade • Hosted by: • Thomas Lee, Chief U.S. Equity Strategist; • Terry Belton, Managing Director and Head of Fixed Income and FX Strategy; and • Bruce Kasman, Managing Director and Chief Economist. • Details and specifics: • Monday, August 8, at 11:00am ET • DIAL-IN: (US); (outside US); Passcode: Strategy. • Replay through 8/15: (US); (outside US); Passcode: 8052. Replay available approximately one hour after the call ends. • Please join us for a conference call on Monday, August 8, at 11:00am ET hosted by Thomas Lee and Terry Belton (Managing Director and Head of Fixed Income and FX Strategy) to discuss the equity implications of the S&P downgrade of the US sovereign rating from AM to AA+. • The dial-in is (US): (outside US); Passcode: Strategy. A replay is available through 8/15: (US): • (outside US): Passcode: 8052. Replay available approximately one hour after the call ends. • The downgrade of the USA sovereign credit is coming at a vulnerable time for equities given the (i) recent 10% decline (in 10 days). (ii) downward revisions to US economic outlook (JPM sees 2H GDP of 2.0% vs. 2.5% previously, despite a solid July jobs report), and (iii) mounting stresses in Eurozone sovereign credit markets. • In conversations over the weekend, investors have one of two views, either: (i) US downgrade is a sideshow—eyes are really on Europe, and the S&P downgrade simply the 'band-aid' getting pulled off and thus, cause little turbulence; (ii) more reasons to reduce risk—this is further proof global policy makers lack cred