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! 1/4•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 oen na a stem Won and Chin slowl The afraid ball