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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 • • U.S. ChinaU • Indonesia IN Turkey • Philippines • Korea • India MI S. Africa Taiwan • Thailand Ar.. Si ■ Canada Mexico Malaysia •
to change. Past penantance is not a guarantee of future results. References to the performance or character of our portfolios generally refer to our Balanced Model Portfolios constructed by. Morgan. It is a proxy for client perforntance and may not represent actual transactions or investments in client accounts. The mode
25% is now invested in Irish bank stocks, with another 50% subject to liquidation to fund the bailout. This follows on similar decisions in Spain, Hungary and France to repurpose diversified pension funds into government bonds. The Koreas: playktg with fire We wrote about India recently ("From Nehru
to change. Pasignformance is not a guarantee of future results. References to the performance or character of our portfolios generally refer to our Balanced Model Portfolios constructed by. Morgan. It is a proxy for client performance and may not represent actual transactions or investments in client amounts. The model p
orld Bank), Saudi Arabia should in principle account for a greater share of global portfolios. Its GDP is greater than Malaysia, Ireland, Denmark or Hungary. But the following constraints are part of the investing landscape: Public equities: Saudi Arabia is 50% of Gulf region market cap and its equity m
o change. Past performance is not a guarantee of future results. References to the performance or character of ben portfolios generally refer to our Balanced Model Portfolios constructed by JP Morgan. It is a proxy for client performance and may not represent actual transactions or investments in client accounts. The mode
Entities connected to both Hungary and Balanced Model Portfolios

George W. Bush
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Malaysia
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Bloomberg L.P.
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Prince Charles
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Michael Jackson
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Middle East
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JPMorgan Chase
ORGANIZATIONMichael Cembalest
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Kuwait
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Southern Europe
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Al Gore
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Moody's
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ISI Group
ORGANIZATIONthe European Monetary Union
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Jackson Hole
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Central Bank
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