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Microsoft Word - 10-22-2012 - Independence Day - The 5 most important energy developments of 2012.docx
arbon emissions than the diesel they replace, and high food prices. HOUSE_OVERSIGHT_024194 --- PAGE BREAK --- Eye on the Market | October 22, 2012 J.P Morgan The most important energy developments of 2012: how countries are planning for Independence Day I:_ What might US energy independence look like? Ri
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Page: HOUSE_OVERSIGHT_024201 →tained herein is intended as a general market commentary. Opinions expressed herein are those of Michael Cembalest and may differ from those of other J.P. Morgan employees and affiliates. This information in no way constitutes J.P. Morgan research and should not be treated as such. Further, the views ex
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Page: HOUSE_OVERSIGHT_030854 →em in section 761G of the Corporations Act 2001. Germany: This material is distributed in Germany by J.P. Morgan Securities ple, Frankfurt Branch and J.P.Morgan Chase Bank, N.A., Frankfurt Branch which are regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of
Page: HOUSE_OVERSIGHT_030855 →s or announcements, market conditions or any other publicly available information. Clients should contact analysts and execute transactions through a J.P. Morgan subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise. "Other Disclosures" last revised February 7, 2013.
Page: HOUSE_OVERSIGHT_030855 →aliyah Tower. King Fahad Road. P.O. Box 51907. Riyadh 11553. Kingdom of Saudi Arabia. Dubai: JPMorgan Chase Bank. N.A., Dubai Branch is regulated by the Dubai Financial Services Authority (DFSA) and its registered address is Dubai International Financial Centre - Building 3. Level 7. PO Box 506551, Dubai. UAE. Country and Region Spec
w on wide gaps between each side's position. See page 7 for analyst certification and important disclosures. Global Asset Allocation Jan Loeys AC JPMorgan Chase Bank NA John Normand J.P. Morgan Socunbos plc Mk I P nl Irtz I u J.P. Morgan Secunlies plc Seamus Mac Gorain J.P. Morgan Sooting°, plc Matthew Lehman
ecast 2013 global GDP growth forecasts: JPMorgan and Consensus 3.4 3.2 • 2.9 JPM 2.7 2.4 Apr.12 Jul.12 Oc142 Ja .12 Consensus ) Source. P Morgan. Consensus Economcs Consensus Economcs forecasts are for regions and counties that we averaged using the sane 5-year ruling USO GOP weights that we
hange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (hi AS) andfor JPMorgan Chase Bank, N.A., Singapore branch (JPMCB Singapore) which is regulated by the MAS. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146.X) wh
or announcements. market conditions or any other publicly available information. Clients should contact analysts and execute transactions through a J.P. Morgan subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise. "Other Disclosures" last revised September 29, 2012. Cop
saliyah Tower, King Fahad Road, P.O. Box 51907, Riyadh 11553, Kingdom of Saudi Arabia. Dubai: JPMorgan Chase Bank, N.A., Dubai Branch is regulated by the Dubai Financial Services Authority (DFSA) and its registered address is Dubai International Financial Centre - Building 3, Level 7, PO Box 506551, Dubai, UAE. Country and Region Speci
Page: HOUSE_OVERSIGHT_026578 →mission in Hong Kong. Korea: J.P. Morgan Securities (Far East) Ltd, Seoul Branch, is regulated by the Korea Financial Supervisory Service. Australia: J.P. Morgan Australia Limited (ABN 52 002 888 011/AFS Licence No: 238188) is regulated by ASIC and J.P. Morgan Securities Australia Limited (ABN 61 003 245 234/AF
Page: HOUSE_OVERSIGHT_026578 →em in section 761G of the Corporations Act 2001. Germany: This material is distributed in Germany by J.P. Morgan Securities ple, Frankfurt Branch and J.P.Morgan Chase Bank, N.A., Frankfurt Branch which are regulated by the Bundesanstalt fiir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of
Page: HOUSE_OVERSIGHT_026578 →s or announcements, market conditions or any other publicly available information. Clients should contact analysts and execute transactions through a J.P. Morgan subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise. "Other Disclosures" last revised September 29, 201
Page: HOUSE_OVERSIGHT_026579 →l-Faisaliyah Tower, King Fahad Road, `Box 51907, Riyadh 11553. Kingdom of Saudi Arabia. Dubai: JPMorgan Chase Bank.. S, Dubai Branch is regulated by the Dubai Financial Services Authority (DFSA) and its registered address is Dubai International Financial Centre - Building 3, Level 7. PO Box 506551. Dubai, UAE. Country and Region Spec
2012 Portfolio Strategy Thomas J Lee, CPAAc J.P. Morgan Securities LLC hor J.P. Morgan Secunties LLC Economic and Policy Research Malcolm Barr JPMorgan Chase Bank N.A. London Branch Rates Strategy Pavan Wadhwa J.P. Morgan Secunues Ltd. Global Asset Allocation Nikolaos Pani irtzoglou Proposed Agenda: J.P. Morg
Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank. •., Singapore branch (JPMCB Singapore) which is regulated by the MAS. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X) wh
rage universe. If it does not appear in the Important Disclosures section of this report, the certifying analyst's coverage universe can be found on J.P. Morgan's research website, J.P. Morgan Equity Research Ratings Distribution, as of April 3, 2012 Overweight Neutral (buy) (hold) Underweight (sell) I.P
saliyah Tower. King Fahad Road, S Box 51907, Riyadh 11553. Kingdom of Saudi Arabia. Dubai: JPMorgan Chase Bank, M . Dubai Branch is regulated by the Dubai Financial Services Authority (DFSA) and its registered address is Dubai International Financial Centre - Building 3, Level 7, PO Box 506551. Dubai, UAE. Country and Region Spec
ent Price ( FH 7. DtHerence (bp) EFH 480% 2017 vs. HYCCC source .4organ -225 -725 -1225 -1725 - -2225 -2725 ”1.1 at 3 O Dif lerence p J. P. Morgan EMS MP) Ho O. O. 11 a: a: cc cc . . a ;:a. AL 2~3Oa; gt g ; lc& $ A Avg Dill. —:EFH 7.4130% 2017 —HYCCC Difference (bp) EFH 10.875% 2017
disclosure documents. For a copy of the Option Clcarin Co • ration's Characteristics and Risks of Standardized Options. please contact your M . Morgan Representative or visit the OCC's website at Legal Entities Disclosures US.: JPMS is a member of NYSE, FINRA. SIPC and the NFA. JPMorgan Chase Bank, M . is a m
change Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank, S . Singapore branch (JPMCB Singapore) which is regulated by the MAS. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X) wh
iyah Tower, King Failed Road, P.O. Box 51907, Riyadh 11553. Kingdom of Saudi Arabia. Dobai: 1Phlorgan Chase Bank. N.A.. Dubai Branch is regulated by the Dubai Financial Services Authority (DFSA) and its registered address is Dubai International Financial Centre - Building 3. Level 7. PO Box 506551. Dubai. UAE. Country and Region Spec
hange Securities Trading Limited and is regulated by the Monetary Authority of Singapore I hIAS) and/or JPMorgan Chase Bank. N.A., Singapore branch (JPMCB Singapore) which is regulated by the MAS. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X) wh
s or announcements. market conditions or any other publicly available infomution. Clients should contact analysts and execute transactions through a J.P. Morgan subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise. "Other Disclosures" last revised April 18, 2012. Copyrig
rage universe. If it does not appear in the Important Disclosures section of this report. the certifying analyst's coverage universe can be found on J.P. Morgan's research website, www.morganmarkets.com. J.P. Morgan Equity Research Ratings Distribution, as of April 3.2012 Overnight Neutral Underweight (buy)
as a conventional wholesale bank by the Central Bank of Bahrain (for professional clients only); JPMorgan Chase Bank, M. Dubai branch, regulated by the Dubai Financial Services Authority. In Hong Kong, this material is distributed by JPMorgan Chase Bank, M. (JPMCB) Hong Kong branch except to recipients having an account at JPMCB Sing
on has been prepared for information purposes only. Nothing in this material is intended to be a solicitation for any product or service offered by. Morgan's Private Bank or any of its affiliates. Information contained herein has been obtained from sources believed to be reliable but we do not guarantee its accuracy or
red by. Morgan Securities LLC and Clearing and Custody by. Morgan Clearing Corp., both are members of f INRA, = and in.. Morgan Securities LLC and E Morgan Clearing Corp are affiliates of JPMorgan Chase Bank, JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax ma
Price Objective Change
rities Authority; Merrill Lynch (Russia): OOO Merrill Lynch Securities, Moscow, regula DIFC): Merrill Lynch International (DIFC Branch}, regulated by the Dubai Financial Services Authority (DFSA); Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merrill Lynch Banco Multip errill Lynch Kingdom of Saudi Ar
Page: HOUSE_OVERSIGHT_014394 →h Third, First Bancorp PR, First Hawaiian Inc., First Horizon, Goldman Sachs, Great Western Bancor, Hancock, Huntington Banc, IBERIABANK, Invesco, JP organ Chase, KeyCorp, KKR, Legg Mason, Morgan Stanley, New York Community B, PNG, Regions Bank, Signature Bank, SunTrust Banks, SVB Financial, Synovus, TCF, Texa
Page: HOUSE_OVERSIGHT_014394 →Entities connected to both the Dubai Financial Services Authority and JPMorgan Chase

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