ape 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 Source: National Federation of Independent Business. [f] As reported by Reuters, Gerald Wynn, November 22, 2010. The material contained herein is intended as a general market commentary. Opinions expressed herein are those of Michael Cembales

ted penalties. Note that J.P. Morgan is not a licensed insurance provider. © 2011 JPMorgan Chase & Co. All rights reserved. & As reported by Reuters, Gerald Wynn, November 22, 2010. 3 HOUSE_OVERSIGHT_030012

ercent reported financing as their #1 business problem, so credit supply is not a problem for the overwhelming majority." [f] As reported by Reuters, Gerald Wynn, November 22, 2010. The material contained herein is intended as a general market commentary. Opinions expressed herein are those of Michael Cembales

usiness problem, so credit supply is not a problem for the overwhelming majority." gyid:image001.pnEgOICC2A66.096163B0 [I] As reported by Reuters, Gerald Wynn, November 22, 2010. The material contained herein is intended at a general market commentary. Opinions expressed herein are those of Michael Cembale