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ng Al Oaeda's Rise, Saudis Back Syrian Rebels NYT • The Lessons of Physical Therapy NYT Op-Ed EFTA00376745 • Steep Penalties Taken in Stride by JPMorgan Chase NYT • Labor Tactic Raises Fear for France NYT • Goldman shakes up prized tech banking team FT • L'Oreal joins Revlon in pullback from China market

2.7% in November, Eurozone unemployment 12.1% (inline) • IMF plans to raise its global economic growth forecasts according to Christine Lagarde • Nissan (7201 JP) China sales +70.4% y/y in December to 134,200 units (closed +4.3%) • Alibaba says it will ban sale of Bitcoin and other virtual currencie

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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

r in the US, but only 16,400 have been sold this year through September, vs the goal of 45,000 that was set by the Department of Energy. Sales of the Nissan Leaf in the US are down 28% vs 2011. If you have gotten this far, I hope you enjoyed our annual energy issue. Sce you next year, when it will be the

the marketing name for JPMorgan Chase & Co. and its subsidiaries and affiliates worldwide. This material may not be reproduced or circulated without J.P. Morgan’s authority. © 2012 JPMorgan Chase & Co. All rights reserved. 8 HOUSE_OVERSIGHT_024201

ient and is serviced through distinct legal entities licensed for specific activities. Bank, trust and investment management services are provided by JP Morgan Chase Bank, N.A, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC, and its affiliates globally as lo

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