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Thomas Lee, Chief U.S. Equity Strategist Also participating: Alex White, European Policy Strategist; Malcolm Barr, Senior European Economist; • Pavan Wadhwa, Global Head of Interest Rate Strategy, Nikolaos Panigirtzoglou, Global Market Strategist. North America Equity Research 26 June 2012 Portfolio S
the meanings given to them in section 761G of the Co rations Act 2001. Germany: This material is distributed in Germany by `Morgan Securities Ltd., Frankfurt Branch and Chase Bank. M., Frankfurt Branch which are regulated by the Bundesanstalt fur Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclo
kets Outlook and Strategy. Jan Loeys, Bruce Kasman. et al. US Fixed Income Markets, Terry Belton and Srini Ramaswamy Global Fixed Income Markets, Pavan Wadhwa and Fabio Bassi Emerging Markets Outlook and Strategy. Joyce Chang Key trades and risk: Emerging Market Equity Strategy. Adrian Mowat et al. Flo
meanings given to them in section 76IG of the Corporations Act 2001. Germany: This material is distributed in Germany by J.P. Morgan Securities plc. Frankfurt Branch and J.P.Morgan Chase Bank. N.A.. Frankfurt Branch which are regulated by the Bundesanstalt far Finanzdienstleistungsaufsichi. Deng Kong: The I% owne
re details in ... Global Data Watch. Bruce Kasman and David Hensley Global Markets Outlook and Strategy. Jan Loeys el al. US Fixed Income Markets. Pavan Wadhwa. Matthew Jozolf, and Srini Ramaswamy Global Fixed Income Markets. Pam Bassi Emerging Markets Outlook and Strategy. Joyce Chang Key trades and ris
ve the meanings given to them in section 761G of the C ations Act 2001. Germany: This material is distributed in Germany by. Morgan Securities plc. Frankfurt Branch and Chase Bank. Frankfurt Branch which are regulated by the Bundcsanstalt fir Finanzdienstleistungsau rsicht. Hong Kong: The I% ownership disclosu
Entities connected to both Pavan Wadhwa and Frankfurt Branch

Philippines
LOCATION
Malaysia
LOCATIONthe Indonesia Stock Exchange
ORGANIZATION
the Ministry of Finance
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATION
JPMorgan Chase
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATIONthe Philippine Stock Exchange
ORGANIZATION
New Zealand
LOCATIONthe Securities and Futures Commission
ORGANIZATIONKanto Local Finance Bureau
ORGANIZATIONEngland & Wales
LOCATIONCapital Markets Services License
ORGANIZATIONthe Karachi Stock Exchange
ORGANIZATIONDubai Branch
ORGANIZATIONJPMSAL
ORGANIZATIONthe Stock Exchange
ORGANIZATION