e 18.4% 15.5% 15.0% 30.9% MSCI EM $* oo5 12.2% Financials 25.6% 24.2% 23.0% 16.8% Brazil Bovespa 58383 2.6% Information Tech. 15.6% 16.1% -5.2% 19.3% Hang Seng 22111 22.1% Telecommunications 21.9% -3.4% -1.3% 12.2% Shanghai SE 2117 42% Utilities 47% 8.2% -20.4% 5.2% *Levels/returns as of Nov 08, 2012 Overall

Aug, the S&P has traded at -1220 three times, and each instance has been followed by a consolidation of 7%, 5.5%, & 10% most recently. Overnight the Hang Seng got hit the hardest (-4.23%) after reacting to weaker China Q3 GDP it's (see below) and while the headline read "China growth drops" macro data sti

Subject: early tour 9.12.11 Date: Mon, 12 Sep 2011 10:26:24 +0000 Good Morning European Markets off 2.0%-4.0% (France -4.1%) Nikkei Closed -2.3% (Hang Seng -4.2%, China closed for holiday) EUR 1.3634 (-0.17%) JPY 77.02 (+0.77%) AUD 1.0341 (-1.23%) EUR/CHF 1.2052 (-0.14%) Copper -1.74% 10yr 1.90%

ect: early tour 4.21.11 Date: Thu, 21 Apr 2011 10:38:05 +0000 Good Morning ... European Markets up 5-70 bps (Italy +1.5%)... Nikkei Closed +82 bps (Hang Seng +1.01%, China +65 bps) EUR 1.4635 (+0.77%) JPY 81.97 (+0.72%) EU Bank Index +1.65% AUD 1.0761 (+0.44%) (new highs) NZD .8018 (+0.49%) 10yr 3.

arkets look- • IM futures (22.8), or (0.88%), vs Fridays settlement • FTSE 100 (0.75%) to 6866.46 • DAX (0.62%) to 10820.34 • Nikkei closed • Hang Seng (1.38%) to 26298.33 • 10-year yield (3) bps to 2.67% EFTA00489485 • WTI Crude (Feb 19): ($0.82) or (1.59%) to $50.77 • Gold (Feb 19): +$5.30

ets look- • S&P futures (22.8), or (0.88%), vs Friday's settlement • FTSE 100 (0.75%) to 6866.46 • DAX (0.62%) to 10820.34 • Nikkei closed • Hang Seng (1.38%) to 26298.33 • 10-year yield (3) bps to 2.67% • WTI Crude (Feb 19): ($0.82) or (1.59%) to $50.77 • Gold (Feb 19): 45.30 or +0.41% to $12

rvices produced by a country's economy. H-shares are shares of mainland Chinese companies listed on Hong Kong or other non-mainland exchanges. The Hang Seng China Enterpri<;es index (hiSCE I) includes the largest and most liquid H-shares traded in Hong Kong. HigiFyield itlY) describes bonds which are su

(EUR/USDA @ 1.369 // +0.31%) (DJ Stoxx 600 @ 342 // -0.03%) (NIKKEI @ 15332 // +1.12%) (Hang Seng 0 23191 // 0%) (vIx @ 11.57 // +0.31) Key Economic Data (Release // DB // Prey // Con) (ISM manufacturing (June) // 55.0 // 55.4 // 55.8) (Const

trading before we get to the FOMC later in the day. Overnight markets are trading with a posit=ve tone across the board led by the TOPIX (+0.8%) and Hang Seng (+1.0%). The release of weaker than expected Japanese IP numbers (1.5% MoM vs 1.8% expec=ed) hasn't dampened sentiment in Japanese equities, and a

arious Stock Market Indices 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% DJIA Nasdaq S&P/TSX FTSE 100 S&P/ASX Hang Seng DAX Nikkei 225 comp 200 Source: Golomt Bank As of June 23rd, 2011 YTD 1 Yr 3 Yr MSCI INDEX (FRONTIER MARKETS) 1.16% -21.00% 7.77% MSCI

al Gov Bonds" JPM Global HY EM Local Bonds" Brent EM $ Corp iBoxx Euro Corps S&P500 US Cash FTSE 100 -4% • EM FX -4% • MSCI Europe -11% Hang Seng -15% Topix -15% rrrrr - MSCI EM $ -16% rrrrr - Brazil Bovespa -17% Corn -20% -40% -20% 0% 20% 40% Source: J.P. Morgan, Bloomberg. Returns

30.9% MSCI Efil 5' 995 12.2% Financials 25.6% 24.2% 23.0% 16.8% Brazil Bovespa 58383 2.6% Information Tech 15.6% 16.1% -5.2% 19.3% Hang Seng 22111 22.7% Telecommunicabons 21.9% -3.4% -1.3% 12.2% Shanghai SE 2117 -4.2% Uttities 4.7% 8.2% -204% 5.2% 'Levels/returns as of Nov

est economies had clouded the company's outlook. In Page 17225 EFTA00046736 Asia, major indexes were mostly positive or flat, though Hong Kong's Hang Seng slipped 0.2% as recent political protests put pressure on the city's government to enter talks. Japan's Nikkei gained 0.6% and the Korean Kospi jum

etween the world's two largest economies had clouded the company's outlook. In Asia, major indexes were mostly positive or flat, though Hong Kong's Hang Seng slipped 0.2% as recent political protests put pressure on the city's government to enter talks. Japan's Nikkei gained 0.6% and the Korean Kospi jum