ate clients. By accepting this invitation, you understand that the call is intended for informational purposes only and reflects the opinions of Mr. Cembalest, whose views may differ from those of other J.P. Morgan affiliates. It is not permissible to forward this information to anyone else. The informatio

ate clients. By accepting this invitation, you understand that the call is intended for informational purposes only and reflects the opinions of Mr. Cembalest, whose views may differ from those of other J.P. Morgan affiliates. It is not permissible to forward this information to anyone else. The informatio

y iPhone Begin forwarded message: From: US MO Date: January 2, 2012 3:04:24 PM AST To: Undisclosed recipients:; Subject: FW: 2012 Outlook From: Cembalest, Michael Sent: Monday, January 02, 2012 08:20 AM To: Cembalest, Michael Subject: 2012 Outlook Please find attached our portfolio, market and econ

closed recipients:; Subject: FW: 2012 Outlook Date: Mon, 02 Jan 2012 19:04:24 +0000 Attachments: 2012_Outlook_The_Post-Stimulus_Economy.pdf From: Cembalest, Michael Sent: Monday, January 02, 2012 08:20 AM To: Cembalest, Michael Subject: 2012 Outlook Please find attached our portfolio, market and econ

iPhone Begin forwarded message: From: US GIO Date: January 2, 2012 3:04:24 PM AST To: Undisclosed recipients:; Subject: FW: 2012 Outlook From: Cembalest, Michael Sent: Monday, January 02, 2012 08:20 AM To: Cembalest, Michael Subject: 2012 Outlook Please fmd attached our portfolio, market and econo

one Begin forwarded message: From: US GIO ‹ > Date: January 2, 2012 3:04:24 PM AST To: Undisclosed recipients:; Subject: FW: 2012 Outlook From: Cembalest, Michael Sent: Monday, January 02, 2012 08:20 AM To: Cembalest, Michael Subject: 2012 Outlook Please find attached our portfolio, market and econ