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