bal Investment Opportunities Group OTC Derivatives Position Summary Asset Management Prepared foe 1-intimmil Most Co.., of May 71. ?OW CUTS* FX a Commodity rattS ICAGIAD II SO )(41.11.1SD 1176/1 GIIPUSD Mal USWIT 9002 >MUSD 150.5 XJOUSD 496.75 EURUSD 1.256 USCC1P 5435 USOC111 I 1314 US

resentative of a previous discussion held between the J.P. Morgan representative and the client regarding the client's interest in Foreign Exchange, Commodity and Rates derivative sample trade ideas. If you no longer wish to receive this communication, please contact your J.P. Morgan representative. This e

resentative of a previous discussion held between the J.P. Morgan representative and the client regarding the client's interest in Foreign Exchange, Commodity and Rates derivative sample trade ideas. If you no longer wish to receive this communication, please contact your J.P. Morgan representative. This e

. Indeed in real terms, over the past 100 years all of the analysed commodity series with the exception of Gold have seen negative returns with the Commodity index down -1.4% p.a. - Gold and Housing have returned just +1.2% p.a. and +0.8% p.a. respectively in real terms. Over the same period Equities hav

ut of my name or out of any other names) and Into the name of any nominee of J.P. Morgan or into other name(s). X-l(c) Stodkaindliond transactions; Commodity and option transactions; Retated.Pledgel. tribal authority to act In my name (in my Individual capacity or in any other capacity that I may cold) an

r out of any other name(s) and into the name of any nominee of 3,P. Morgan or into other name(s). (C) BROKERAGE; Custody, Stock and lend bonne:dons; Commodity and option transoellon Related Pledges. cal authonty to act n my name hit my irdivictual capacity or in any other capacity that I may hold) and do a

ink this era will last for a number of years to come. So we expect central bank liquidity to remain abundant and credit fundamentals outside of the Commodity sector (mostly a US problem which we expand on in this note) to remain fairly stable. Meanwhile spreads across -.1;t < VP/ 4„,#4 0.40, Page 2 D