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ning worldwide Billions of barrels/GDP 3.6 3.3 3.0 2.7 2.4 2.1 1.8 1.5 1.2 0.9 0.6 0.3 1980 1983 1986 1989 1992 1995 1998 2001 Source. ISI Group. 2004 2007 2010 Two views on the impact of an oil price shock %decline GDP 0.0% Australian • U.K Euro land Japar• Brazil • Poland Hungary •
concerning your personal situation. This material is nor intended as an offer or solicitation for the purchase or sale of any financial instrument. Private Investments may engage in leveraging and other speculative practices that may increase the risk of investment loss. can be highly illiquid. are not required to
ng up again Residential units sold. 5-day moving average 1,200 1,000 800 600 400 200 0 Oc -09 Dec-09 Feb-10 Apr-10 Source: BCA Research, ISI Group. Jun-10 Aug-10 Oct-10 EFTA00751567 Some clarifications are in order. First, inflation in China is mostly related to food (32% of Chinese CPI).
e concerning your personal situation. This material is not intended as an offer or solicitation for the purchase or sale ofany financial instrument. Private Investments may engage in leveraging and other speculative practices that may increase the risk of investment lass. can be highly illiquid. are not required to
0 Oct-09 Dec.09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Source: National Bureau of Statistics, J.P. Motgan Securities, LLC. Source: BCA Research, ISI Group. Some clarifications are in order. First, inflation in China is mostly related to food (32% of Chinese CPI). Chinese govern- ment responses have a d
ve concerning your personal situation. This material is not intended as an offer or solicitation for the purchase or. ale ofany financial instrument. Private Investments may engage in leveraging and other speculative practices that may increase the risk of investment loss, can be highly illiquid. are nor required to
Entities connected to both ISI Group and Private Investments

JPMorgan Chase
ORGANIZATIONMichael Cembalest
PERSONBalanced Model Portfolios
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Bloomberg L.P.
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Hungary
LOCATIONJ.P. Morgan Securities LLC
ORGANIZATIONthe European Monetary Union
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Bundesbank
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Michael Jackson
PERSONSantander
ORGANIZATIONNehru
PERSONWalter Wriston
PERSONLehinan
PERSONJean Claude Juncker
PERSONYeon-pyong
PERSONKyung-Won Kim
PERSONJesper Madsen
PERSONJohn Greenwood
PERSONBernhard Seliger
PERSONArthur ICroeber
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