gn debt restructuring within the next 18 months (see chart from "Five Stages of Greece", June 30, 2011). Michael Cembalest Chief Investment Officer * JP Morgan's Prime Money Market Fund is indicative of industry concerns about a liquidity squeeze. The fund holds no Greece, Portugal, Ireland or Spain. Its Italy

decade. Some of these assumptions seem aggressive to apply in perpetuity. HOUSE_OVERSIGHT_030808 --- PAGE BREAK --- Eye on the Market July 11, 2011 J.P.Morgan Topics: Portfolios, US corporate profits and the Twilight of the Gods in the US, Europe, China and the IEA) Hourly compensation for production worker

Eye on the Market July 11, 2011 J.P.Morgan Topics: Portfolios, US corporate profits and the Twilight of the Gods in the US, Europe, China and the IEA) Here's what our U.S. Balanced portfolio l

explain how they get to the President’s baseline in the first place. 1 HOUSE_OVERSIGHT_025221 --- PAGE BREAK --- Eye on the Market | July 25, 2011 J.P Morgan Topics: US debt ceiling negotiations, a more ambitious European bailout plan (finally), and how large cap growth stocks and rising corporate profits

60% ceiling AX 50% =e Debt limit to 3x 40% gov. receipts 30% —> 2x 20% 1x 1950 1956 1962 1968 1974 1980 1986 1992 1998 2004 2010 Source: OMB, BEA, J.P. Morgan Private Bank. Over the last few days, the Gang of Six plan, the Reid-McConnell plan and the Obama-Boehner plan have all been raised up the flagpole and then lowe

ient and is serviced through distinct legal entities licensed for specific activities. Bank, trust and investment management services are provided by J.P. Morgan Chase Bank, N.A, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC. Securities products purchased or

tained herein is intended as a general market commentary. Opinions expressed herein are those of Michael Cembalest and may differ from those of other J.P. Morgan employees and affiliates. This information in no way constitutes J.P. Morgan research and should not be treated as such. Further, the views ex

Eye on the Market | March 15, 2012 J.P Morgan Topics: Is US data as good as it looks? Is Chinese data as bad as it looks? Is European data as bizarre as it looks? What a diff’rence a day makes.

ient and is serviced through distinct legal entities licensed for specific activities. Bank, trust and investment management services are provided by J.P. Morgan Chase Bank, N.A, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC. Securities products purchased or

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arbon emissions than the diesel they replace, and high food prices. HOUSE_OVERSIGHT_024194 --- PAGE BREAK --- Eye on the Market | October 22, 2012 J.P Morgan The most important energy developments of 2012: how countries are planning for Independence Day I:_ What might US energy independence look like? Ri

tained herein is intended as a general market commentary. Opinions expressed herein are those of Michael Cembalest and may differ from those of other J.P. Morgan employees and affiliates. This information in no way constitutes J.P. Morgan research and should not be treated as such. Further, the views ex

ient and is serviced through distinct legal entities licensed for specific activities. Bank, trust and investment management services are provided by JP Morgan Chase Bank, N.A, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC, and its affiliates globally as lo

tained herein is intended as a general market commentary. Opinions expressed herein are those of Michael Cembalest and may differ from those of other J.P. Morgan employees and affiliates. This information in no way constitutes J.P. Morgan research and should not be treated as such. Further, the views ex

m"; it is used less often to increase growth rates of biomass itself. HOUSE_OVERSIGHT_030814 --- PAGE BREAK --- Eye on the Market November 21, 2011 J.P.Morgan Topic: The quixotic search for energy solutions Today's US energy reality: electricity generation Before exploring why some of these ideas did not pa

ient and is serviced through distinct legal entities licensed for specific activities. Bank, trust and investment management services are provided by J.P. Morgan Chase Bank, N.A, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC and Chase Investment Services

SAAR million units 1.0 10 0.5 0.0 -0.5 mJapan -1.0 mUS+Other -1.5 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 2009 2010 2011 2012 Source: BEA/Wards, DB, J.P. Morgan Private Bank. Box indicates impact Source: DB, J.P. Morgan Private Bank. Shadings indicate Cash for of Japanese earthquake. Clunkers and Japanese earthquake, resp

tained herein is intended as a general market commentary. Opinions expressed herein are those of Michael Cembalest and may differ from those of other J.P. Morgan employees and affiliates. This information in no way constitutes J.P. Morgan research and should not be treated as such. Further, the views ex

ient and is serviced through distinct legal entities licensed for specific activities. Bank, trust and investment management services are provided by JP Morgan Chase Bank, N.A, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC, and its affiliates globally as lo

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ient and is serviced through distinct legal entities licensed for specific activities. Bank, trust and investment management services are provided by J.P. Morgan Chase Bank, N.A, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC. Securities products purchased or

is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. Note that J.P. Morgan is not a licensed insurance p

tained herein is intended as a general market commentary. Opinions expressed herein are those of Michael Cembalest and may differ from those of other J.P. Morgan employees and affiliates. This information in no way constitutes J.P. Morgan research and should not be treated as such. Further, the views ex

Eye on the Market June 14, 2011 J.P.Morgan Topics: On lessons learned running the Stratford Inn Market update: for better or worse, this is the kind of year we were expecting. We were surprise

e do we set the bar so that it is not too high to clear? I don't have the answer. I do know that we need to start raising these questions more often. J.P.Morgan So, there you have it, one of the more remarkable epiphanies in American politics: a paean to entrepreneurship and government restraint from one of i

is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. Note that J.P. Morgan is not a licensed insuranc

tained herein is intended as a general market commentary. Opinions expressed herein are those of Michael Cembalest and may differ from those of other J.P. Morgan employees and affiliates. This information in no way constitutes JP. Morgan research and should not be treated as such. Further, the views exp

Eye on the Market | August 4, 2011 J.P Morgan Today This is a little unorthodox, but here is the text of an internal note that I just sent to our integrated Private Bank client coverage teams a

ient and is serviced through distinct legal entities licensed for specific activities. Bank, trust and investment management services are provided by J.P. Morgan Chase Bank, N.A, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC. Securities products purchased or

is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. Note that J.P. Morgan is not a licensed insurance p

ient and is serviced through distinct legal entities licensed for specific activities. Bank, trust and investment management services are provided by J.P. Morgan Chase Bank, N.A, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC. Securities products purchased or

tained herein is intended as a general market commentary. Opinions expressed herein are those of Michael Cembalest and may differ from those of other J.P. Morgan emplovees and affiliates. This information in no way constitutes J.P. Morgan research and should not be treated as such. Further, the views exp

HICKOX,CHARLES C TESTA'S RESTAURANT JP MORGAN CHASE BANK NA OCEAN GRAND RESORTS MAHONEY,DANIEL

B BAKER,ANTHONY BORMAN,GINA CHASE,PAUL J BOSSIDY,B H U S TRUST INC

s flagship emerging markets mutual fund. He was also a senior member of the firm's investment committee. Before joining Offitbank, Richard worked for J.P. Morgan's Investment Banking division in New York in the emerging markets securities business. He previously spent six years with Citicorp, first as a banker i

re I oversaw $16 billion in private and institutional client assets, I want to briefly introduce myself in my new role as Chief Investment Officer of the J.P. Morgan Private Bank. I've been part of the investment and strategy team at the Private Bank since 2004, when I returned to the firm to work with Michael Cembalest as he

.P. Morgan or any of its affiliates. The views and strategies discussed may not be suitable for all investors. In the U.S., securities are offered by J.P. Morgan Securities LLC member FINRA, NYSE, and SIPC. J.P. Morgan Securities LLC, is an affiliate of JPMorgan Chase Bank, N.A. "J.P. Morgan Private Bank" is a

Securities LLC, is an affiliate of JPMorgan Chase Bank, N.A. "J.P. Morgan Private Bank" is a marketing name for private banking business conducted by J.P. Morgan Chase & Co. and its subsidiaries worldwide. Investment products: Not FDIC insured • No bank guarantee • May lose value J.P.Morgan HOUSE_OVERSIGHT_030838 --- PAG

for all investors. The discussion of loans or other extensions of credit in this material is for illustrative purposes only. No commitment to lend by J.P. Morgan should be construed or implied. This material is distributed with the understanding that we are not rendering accounting, legal or tax advice.

s; 3) long-term - over nine years. ** |f Grantor dies before note is satisfied, the fair market value of the note is includible in grantor’s estate. J.P Morgan 2 HOUSE_OVERSIGHT_022352 --- PAGE BREAK --- A “Cascading GRAT” strategy enhances the benefits of a GRAT e The “Cascading GRAT” strategy uses a GR

raising the debt ceiling YS , , + . + . 1950 1956 1962 1968 1974 1980 1986 1992 1998 2004 2010 Debt limit to gov. receipts nd Source: OMB, BEA, J.P. Morgan Private Bank Over the last few days, the Gang of Six plan, the Reid-McConnell plan and the Obama-Boehner plan have all been raised up the flagpole and then lower

antee of future results. References to the performance or character of our portfolios generally refer to our Balanced Model Portfolios constructed by J.P. Morgan. It is a proxy for client performance and may not represent actual transactions or investments in client accounts. The model portfolio can be

Securities LLC, is an affiliate of JPMorgan Chase Bank, N.A. "J.P. Morgan Private Bank" is a marketing name for private banking business conducted by J.P. Morgan Chase & Co. and its subsidiaries worldwide. Investment products: Not FDIC insured • No bank guarantee • May lose value HOUSE_OVERSIGHT_031127 --- PAGE BREAK ---

.P. Morgan or any of its affiliates. The views and strategies discussed may not be suitable for all investors. In the U.S., securities are offered by J.P. Morgan Securities LLC member FINRA, NYSE, and SIPC. J.P. Morgan Securities LLC, is an affiliate of JPMorgan Chase Bank, N.A. "J.P. Morgan Private Bank" is a

urnal notes that in the past five years, JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs and Mo

EAK --- e » Free, courtesy of AMEX gold card and Chase Continental Airlines Mastercard 2 Housing e » P