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I wandered down a quiet pathway, embracing a mix of confidence, curiosity, and fun. Rather than focusing on posed moments alone, I explored the space freely, enjoying the movement, the sunlight filtering through the trees, and the carefree energy of the afternoon.
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June 4, 2026 at 7:07 PM
fayminine.com
Strolling along a tree-lined avenue, I played with the contrast between elegance and playfulness, moving naturally through the warm afternoon light.
#portfolio #modelportfolio #balletboots
June 4, 2026 at 7:06 PM
fayminine.com
Dressed in a white skirt, a classic black blouse, striped knee-high socks, and ballet wedges, I embraced the playful spirit of this shoot while moving through the open urban setting. The
#eviefaye #fayminine #modelportfolio #balletwedges #balletwedgeboots
June 4, 2026 at 10:19 AM
fayminine.com
Wearing a flowing white skirt, a black blouse, striped knee-high socks, and striking ballet wedges, I spent this shoot moving freely across the open space, enjoying every step and moment.
#fayminine #eviefaye #modelportfolio #balletwedges #balletwedgeboots
June 4, 2026 at 10:17 AM
gulfgottalents.bsky.social
Your portfolio is your first impression ✨

✔ Headshot
✔ Full body shot
✔ Natural lighting
✔ Simple styling

Keep it clean & professional.

💾 Save this for your next portfolio shoot.

#ModelPortfolio #ModelTips #DubaiModels #UAEModels #CastingTips #GulfGotTalents
May 31, 2026 at 5:02 PM
fayminine.com
Dressed in my black dress and high heels, I embraced the movement of the wind as it shaped the fabric and brought each frame to life. The result is a series of images that balance confidence and effortless movement in an urban setting.

#fayminine #modelportfolio #fashionshoot
May 30, 2026 at 1:08 PM
fayminine.com
This photoshoot captures the contrast between elegance and nature as I move through a green park wearing my dress paired with high heels. Surrounded by vibrant greenery, the look stands out while still blending into the peaceful atmosphere of the setting.

#fayminine #fashionshoot #modelportfolio
May 30, 2026 at 1:08 PM
fayminine.com
Posing in the middle of the skatepark beneath the clear blue sky, I felt completely at ease and confident in the warm sunlight. I loved how the sunlight reflected on the leather and highlighted the energy of the moment.

#eviefaye #leatherfashion #modelportfolio
May 30, 2026 at 12:56 PM
fayminine.com
Standing in the middle of the skatepark, surrounded by sunlight, I felt completely at ease in front of the camera. The combination of my white blouse, black corset top and loose leather pants gave the whole shoot a strong but elegant energy.

#fayminine #fashion #modelportfolio
May 30, 2026 at 12:55 PM
fayminine.com
Posing at the skate park in the warm sunlight felt effortless and freeing. Surrounded by concrete ramps, soft shadows, and the energy of the city, I felt completely comfortable being myself in front of the camera.

#fayminine #modelportfolio #fashionshoot
May 30, 2026 at 12:53 PM
fayminine.com
The warm evening light, the urban background, and the relaxed atmosphere created a contrast between elegance and street aesthetics. Holding my bag as the central accessory of the look gave the shoot a subtle fashion-campaign feeling.

#eviefaye #fashionshoot #modelportfolio
May 30, 2026 at 12:51 PM
fayminine.com
Between the warm afternoon light, the urban scenery, and the quiet atmosphere of the skatepark, I found myself genuinely smiling and feeling comfortable in front of the lens.

#fayminine #modelportfolio #leatherfashion
May 30, 2026 at 12:00 PM
unrealdesires.bsky.social
#lingeriephotography #bedroomvibes #lacefashion #sensualportrait
#adultcontent #eroticart #sexywoman #pinupstyle #sweetandsavage
#aestheticphotoshoot #softcore #glamourshot #figurestudy #hotgirl
#nudeart #modelportfolio #boudoirshoot #lingeriegoals #selflove
studio portrait of a woman sitting on a bed, wearing white lace lingerie consisting of a bra and panties. She is posing suggestively, looking directly at the camera. The lighting is soft, highlighting her figure against a neutral background.
May 28, 2026 at 3:18 PM
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Modeling Daze - Modeling Days - Montreal, Quebec, Canada

#modelportfolio #portfolio #fashionmodel #runwaymodel #beautymodel #contentcreator #beauty #modelo #chicana #tallwomen #longhair #creators #bloggers #eroticstories #romancedrama #stories #editorialmodels #montreal #quebec #montrealquebec
May 26, 2026 at 7:59 PM
fayminine.com
This was one of those moments I’ll remember—standing behind a camera that felt bigger than me, on a quiet street that suddenly felt like a set. I didn’t really know what I was doing, but somehow everything clicked.
#fayminine #modelportfolio #mamiyarz67
May 23, 2026 at 12:00 PM
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EFTA01181460 | EFTA01181465 we do not guarantee their accuracy or completeness, any yield referenced is indicative and subject to change. Past performance is not a guarantee offuture results. References to the performance or character ofour portfolios generally refer to our Balanced Model Portfolios construtted by. Morgan. It is a proxyfor client performance and may not represent actual transactions or investments in client accounts. The modelportfolio can be implemented across brokerage or managed accounts depending on the unique objectives ofeach client and is serviced through distinct legal entities licensedfors tiffs activities. Bank. trust and investment management services are provided by JP Morgan Chase Bankl.. and its affiliates. Securities are offered through.I Morgan Securities LW (JPAIS), Member NYSE, FINRA and SIPC and its affiliates globally as local legislation permits. Securities products purchased or. old through JPMS are not insured by the Federal Deposit Insurance Corporation rFDIC): are not deposits or other obligations ofits bank or thrift affiliates and are not guaranteed by its bank or thrift affiliates; and are subject to investment risks, including possible lass ofthe principal insetted. Not all investment ideas referenced are suitablefor all investor& Speak with your. Morgan Representative concerning your personal situation. This material is not intended as an offer or solicitation for the purchase or sale ofanyfinancial instrument. Private investments may engage in leveraging and other speculative practices that may increase the risk ofinvestment lots. can be highly illiquid, arenas required to provide periodic pricing or valuations to investors and may hanky complex tar structures and delays in distributing important tar information. Typicallysuch investment ideas can only be offered to suitable investors through a confidential offering memorandum which fully describes all terms, conditions. and risks. This material is distributed with the understanding that. Morgan is not rendering accounting, legal or tax advice. You. hould consult with your independent advisors concerning such matters. In the UnitedKingdom, this material is approved by Morgan International Bank limited (JPM1B) with the registered office located at 25 Bank Street, Canary Wharf London Elf 5JP. registered in England No. 03838766 andis authorised and regulated by the FinancialServices 'Whorls): In addition. this material may be distributed by: JPAIorean Chase Bank. (JPMC'B) Paris branch, which is regulated by the French banking authorities Autorite de Conn* Prudentiel and Autorite des Marches Financiers:. Morgan (Suisse) SA. regulated by the Swiss Financial Market Supervismy Authority; JPMCB Bahrain branch, licensed as a conventional wholesale bank by the Central Bank ofBahrain Or professional clients only): JPMCB Dubai branch. regulated by the DubaiFinancial Services Authority: In Hong Kong, this material is distributed byJPMorgan Chase Bank,.. (JPMCB) Hong Kong branch crept to recipients having an account at JPMCB Singapore branch and where this material relates to a Collective Investment Scheme (other than privatefunds such as private equity and hedge.funds) in which case it is distributed by. Morgan Securities (Asia Pacific) Limited (JPAISAPL). Both JPMCB Hong Kong branch andJPMSAPL are regulated by the Hong Kong Monetary Authority. In Singapore, this materialis distributed by JPMCB Singapore branch except to recipients having an account at JPMCB Singapore branch and where this material relates to a Collective Investment Scheme (other than privatefunds such as a private equity and hedgelands) in which case it is distributed by. Morgan (SEA.) Limited (JPMSEAL). Both JPMCB Singapore branch and JPALSEAL are regulated by the Monetary Authority ofSingapore. Each recipient ofthis presentation. and each agent thereof may disclose to any person. without limitation, the US income andfranchise tar treatment and tax structure of the transactions described herein and may disclose all materials ofany kind (including opinions or other tar analyses) provided to each recipient insofar as the materials relate to a US income orfranchise tax. trategyprovided to such recipient byJPMorgan Chase & Co. and its subsidiaries. Shouldyou have any questions regarding the information contained in this material or about. Morgan products and services, please contact your. Morgan private banking representatire. Additional information is available upon request. • Morgan" is the marketing namefor JPAlorgan Chase & Co. and its subsidiaries and affiliates worldwide. This material may not be reproduced or circulated without Morgan k authority. to 2012 JPAIorgan Chase & Co. All rights rese This email is confidential and subject to important disclaimers and conditions including on offers for thepurchase or sale of securities accurac and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at EFTA01181465
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EFTA01180916 | EFTA01180920 ** The German Ministry of Finance, as reported by Der Spiegel: in the first year following a Euro collapse, the German economy would shrink by up to 10 percent and the ranks of the unemployed would double. (June 2012) "LP. Morgan Securities: Regarding a break-up of the EMU, the investment bank's economists believe that "the economic and financial impact for all of Europe would be worse than Lehman, which was only the most intense credit crunch in modem financial history. EMU breakup would combine that credit event with the collapse of Europe's payments and settlement system due to contract uncertainty"; a break-up would be "the economic equivalent of mutually assured destruction". (December 2011) ** Nomura disagrees, at least in part: "A limited break-up can be managed...Our estimates suggest that the fall-out, in terms of financial losses for banks and sovereigns, can be managed in a scenario where 3-5 countries exit the Eurozone. In addition, such a limited break-up would leave hope that a certain degree of European cooperation can be preserved following break-up. Managing a limited break-up will require a) that it is done simultaneously, not sequentially, b) that comprehensive contingency plans are formed in advance, and c) that remaining core Eurozone countries move clearly toward fiscal union". (June 2012) ** Bernard Connolly at Connolly Insight agrees that a Eurozone breakup would probably create a financial crisis via the bursting of a very large European sovereign, bank and corporate credit bubble. However, he also believes that if the Eurozone stays on its current path, its austerity plus lending approach will have even more disastrous consequences, by making the bubble bigger and its inevitable bursting more explosive than a dismantling of the present Eurozone. [a] I spoke with Joanne Johnson in our Trust and Estate area about pit-nuptial agreements in the US. While half of marriages end in divorce and the average duration of a marriage is less than 20 years, children from wealthy families are often reluctant to press the issue of a pre-nup with a future spouse. in that case, Joanne recommends taking steps to avoid having separate assets morphing into marital assets (particularly in states like NY) through the use of trusts with trustee discretion on disbursements rather than automatic disbursements; by avoiding outright gifts; by having children not draw on trusts to fund marital expenses if they don't need to; by using "pot trusts" for multiple children instead of for specific children; and by structuring assets with other layers of entity protection. In some states, even these steps may not fully protect assets from being declared marital assets in divorce. Disclosure: I married for love without any money and was not asked to sign one. CBOE: Chicago Board Options Exchange; ECB: European Central Bank; MSCI: Morgan Stanley Capital International IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) 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. ofany ofthe matters addressed herein orfor the purpose ofavoiding U.S. taxrelatedpenalties. Note that J.P. Morgan is not a licensed insurance provider. The material containedherein is intended as a generalmarket commentary. Opinions expressed herein are those ofMichael Cembalest and may differfrom those ofother 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 expressed herein may differfrom that contained in J.P. Morgan research reports. The above summarylpricesiquotes/statistics have been obtainedfrom. ources deemed to be reliable, but we do not guarantee their accuracy or completeness. any yield referenced is indicative and subject to change. Past performance is not a guarantee offuture results. References to the performance or character ofour 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 modelportfolio can be implemented across brokerage or managed accounts depending on the unique objectives ofeach client and is serviced through distinct legal entities licensedfor specific activities. Bank. trust and investment management services are provided by JP Morgan Chase Bank, NA. and its affiliates. Securities are offered through JP. Morgan Securities LLC (JPAIS), Member NYSE, FINRA and SIPC, and its affiliates globally as local legislation permits. Securities products purchased or. old through JPMS are not insured by the Federal Deposit Insurance Corporation rFDIC"): are not deposits or other obligations ofits bank or thrift affiliates and are not guaranteed by its bank or thrift affiliates; and are subject to investment risks. including possible loss ofthe principal invested. Not all investment ideas referenced are suitablefor all investors. Speak with your J.P. Morgan Representative concerning your personal situation. This material is not intended as an offer or solicitation for the purchase or sale ofanyfinancial instrument. Private Investments may engage in leveraging and other speculative practices that may increase the risk ofinvestment loss. can be highly illiquid, are not required to provide periodic pricing or valuations to investors and may invoke complex tar structures and delays in distributing important tar information. Typicallysuch investment ideas can only be offered to suitable investors through a confidential offering memorandum which fully describes all terms. conditions, and risks. This material is distributed with the understanding that J.P. Morgan is not rendering accounting, legal or tar advice. You should consult with your independent advisors concerning such matters. In the UnitedKingdom, this material is approved by J.P. Morgan International Bank Limited (JPM1B) with the registered office located at 25 Bank Street, Canary Wharf, London Elf 5.1P, registered in England No. 03838766 andis authorised and regulated by the FinancialServices tinhorn)! In addition. this material may be distributed by: JPMorgan Chase Bank, N.A. (JPMCB) Paris branch, which is regulated by the French banking authorities Aurorae de Contrdle Prudentiel and Autorite des Marches Financiers: J.P. Morgan (Suisse) SA, regulated by the Swiss Financial Market Supervisory Authority: JPMCB Bahrain branch, licensed as a conventional wholesale bank by the CentralBank ofBahrain (for professional clients only): JPMCB Dubai branch. regulated by the DubaiFinancial Services Authority. In Hong Kong, this material is distributed by JPMorgan Chase Bank, N.A. (JPMCB) Hong Kong branch crept to recipients having an account at JPMCB Singapore branch and where this material relates to a Collective Investment Scheme (other than privatefunds such as private equity and hedgefunds) in which case it is distributed by JP..Morgan Securities (Asia Pacific) Limited (JPMSAPL). Both JPMCB Hong Kong branch andJPMSAPL are regulated by the Hong Kong Monetary Authority. In Singapore, this materialis distributed byJPMCB Singapore branch except to recipients having an account at JPMCB Singapore branch and where this material relates to a Collective Investment Scheme (other than privatefunds such as a private equity and hedgefinds) in which case it is distributed by JP. Morgan (S.E.A.) Limited (JPMSEAL). Both JPMCB Singapore branch and JPAISEAL are regulated by the Monetary Authority ofSingapore. Each recipient ofthis presentation. and each agent thereof may disclose to any person, without limitation, the US income andfranchise tar treatment and tar structure of the transactions described herein and may
May 12, 2026 at 6:04 PM
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EFTA01180844 | EFTA01180846 funding—have been managed with the ECB's unlimited funding to periphery banks. [5] The 103k rise in private sector jobs and 96k nonfarm jobs were lower than consensus expectations of 142k and 130k, respectively. The report also included downward revisions to prior months and was especially disappointing in light of yesterday's ADP private sector employment report and the ISM non-manufacturing survey. The ADP employment report showed private sector job gains of 203k in August, much stronger than consensus expectations of 140k. The ISM non-manufacturing index rose from 52.6 in July to 53.7 in August (Consensus: 52.5). Particularly encouraging was the 4.5 point gain in the employment index (to 53.8). [6] The unemployment rate is defined as the number of unemployed actively seeking employment as a percentage of the labor force. An unemployed person who stops actively seeking employment is no longer counted as part of the labor force and thus is no longer included in the unemployment rate calculation. For this reason, the unemployment rate can fall for the "wrong" reason, as opposed to the "right" of an unemployed person becoming employed. If the participation rate (share of the population participating in the labor force) had stayed at the July rate of 63.7% in August instead of declining to 63.5%, the unemployment rate would have actually increased to 8.4% instead of declining 0.2pp to 8.1%. [7] Service-providing jobs remained stable and the weakness in the headline payroll number was largely concentrated in manufacturing jobs, which is known to be highly correlated with the global manufacturing cycle. Comments from the Beige Book prepared for the September FOMC meeting support the pullback in demand from Europe, too. In particular, the Chicago Fed reported that "Exports to Canada and Mexico continued to increase, but exporters noted a decline in demand from Europe and China." This observation is quite important because the confidence boost from the recent ECB policy shift should help stabilizing the global manufacturing cycle in the coming months and the US labor market along with it. Acronyms: ADP — Automatic Data Processing BLS - Bureau of Labor Statistics ECB — European Central Bank EFSF — European Financial Stability Facility ESM — European Stability Mechanism FOMC — Federal Open Market Committee IMF — International Monetary Fund ISM - Institute for Supply Management LTROs — Long-Term Refinancing Operations OMT- Outright Monetary Transactions QE — Quantitative Easing SMP - Securities Markets Program IRS Circular 230 Disclosure: JPAlorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly: any discussion ofU.S tar matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion. marketing or recommendation by anyone unaffiliated with JPAlorgan Chase & Co. ofany ofthe matters addressed herein orfor the purpose ofavoiding U.S. tax-relatedpenalties. Note that J.P. Morgan is not a licensed insurance provider. The material containedherein is intended as a general market commentary. Opinions expressed herein are those ofMichael Vaknin and may differfrom those ofother 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 expressed herein may differfrom that contained in JP. Morgan research reports. The above summarylpricesiquotes/statistics have been obtainedfrom. ources deemed to be reliable, but we do not guarantee their accuracy or completeness, any yield referenced is indicative and subject to change. Past performance is not a guarantee offuture results. References to the performance or character ofour portfolios generally refer to our Balanced Model Portfolios constructed by.I.P Morgan. It is a proxyfor client performance and may not represent actual transactions or investments in client accounts. The modelportfolio can be implemented across brokerage or managed accounts depending on the unique objectives ofeach client and is serviced through distinct legal entities licensedfor specific activities. Bank, trust and investment management .services are provided by JP Morgan Chase Bank, NA. and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JP110.9, Member NYSE, FINRA and SIPC, and its affiliates globally as local legislation permits. Securities products purchased or. old through JPMS are not insured by the Federal Deposit Insurance Corporation rEDIC"): are not deposits or other obligations ofits bank or thrift affiliates and are not guaranteed by its bank or thrift affiliates; and are subject to investment risks, including possible loss ofthe principal invested. Not all investment ideas referenced are. uitablefor all investors. Speak with your J.P. Morgan Representative concerning your personal situation. This material is not intended as an offer or solicitationfor the purchase or sale ofanyfinancial instrument. Private Investments may engage in leveraging and other speculative practices that may increase the risk ofinvestment loss. can be highly illiquid, arenot required to provide periodic pricing or valuations to investors and may involve complex tax structures and delays in distributing important tax information. Typicallysuch investment ideas can only be offered to suitable investors through a confidential offering memorandum which fully describes all terms, conditions. and risks. This material is distributed with the understanding that J.P Morgan is not rendering accounting, legal or tax advice. You. hould consult with your independent advisors concerning such matter,. In the UnitedKingdom, this material is approved by J.P. Morgan International Bank Limited (JPAIIB) with the registered office located at 25 Bank Street, Canary Wharf London Elf 5JP, registered in England No. 03838766 andis authorised and regulated by the FinancialServices Authorio: In addition. this material may be distributed by: JPAIorgan Chase Bank, N.A. (JPAICB) Paris branch, which is regulated by the French banking authorities Aurorae de Contr0le Prudentiel and Autorite des Marches Financiers; JP. Morgan (Suisse) SA. regulated by the Slviss Financial Market Supervisory Authorhy; JPMCB Bahrain branch, licensed as a conventional wholesale bank by the Central Bank ofBahrain (*professional clients only): JAMB Dubai branch. regulated by the DubaiFinancial Services Authority: In Hong Kong, this material is distributed by JPAlorgan Chase Bank, N.A. (JPMCB) Hong Kong branch crept to recipients having an account at JAMB Singapore branch and where this material relates to a Collective Investment Scheme (other than privatefunds such as private equity and hedge.funds) in which case it is distributed by J.P. Morgan Securities (Asia Pacific) Limited (JPAISAPL). Both JPMCB Hong Kong branch andJPMSAPL are regulated by the Hong Kong Monetary Authority. In Singapore, this materialis distributed byJPMCB Singapore branch except to recipients having an account at JPMCB Singapore branch and where this material relates to a Collective Investment Scheme (other than privatefunds such as a private equity and hedgefunds) in which case it is distributed by J.P Morgan (SEA.) Limited (JPMSAPL). Both JPMCB Singapore branch and JPMSAPL are regulated by the Monetary Authority ofSingapore. This message has been preparedby personnel in the (Sales and Trading Departments)ofone or more affiliates ofJ.P. Morgan Chase & Co. and is not the product of..I.P. Morgans Research Department his not a research report and is not intended as such. This material isfor the general information ofour clients and is a "solicitation" EFTA01180846
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EFTA01176566 | EFTA01176569 Eye on the Market I May 2, 2012 J.P. Morgan Topics: how lonely a road is Europe traveling; Graham-Dodd and Shiner US equity valuation measures; casual reading Some notes on the Monetary Union chart and associated topics • "Major countries of the EMU" include Germany, France, Italy, Spain, Netherlands, Greece, Belgium, Portugal, Austria, Slovakia, Finland and Ireland. This group accounts for 98.5% of Eurozone population and GDP. Excluded to avoid smallcountry distortions: Slovenia, Estonia, Cyprus, Luxembourg and Malta. When they're included, the results are similar. Results are also similar when Greece is excluded; the dispersion in Europe is not just about Greece. • Some of Europe's higher dispersion scores relate to the link between pay and productivity (#7.06); the efficiency of the legal system in settling disputes (#1.10); anti-monopoly policy (#6.03); wastefulness of government spending (#1.08); judicial independence (#1.06) and quality of scientific research (#12.02). • "Market Economy of Latin America" is a category that excludes Venezuela and Argentina for reasons we can discuss some other time. if you owned shares in companies that were nationalized in either country, you know what I am talking about. • in the 1860's, Belgium, Italy, Switzerland and France created the Latin Monetary Union. Greece (!!) formally joined in 1876, but was expelled in 1908 for currency debasement. Among the reasons the LMU failed: a glut of silver reduced the value of LMU coins relative to gold, and the LMU did not control the printing of paper money, forcing some countries to finance higher spending of other members (Italy). The LMU ended in practice with the onset of WWI and the need to finance military expenditures with paper money. • Sweden, Denmark and Norway created the Scandinavian Monetary Union in 1873, which functioned well in both political and economic terms until member countries suspended convertibility at the beginning of WWI. The most successful monetary union in European history appears to be one between Belgium and Luxembourg, which lasted from 1922 until Euro integration in 1999. In both cases, member countries were in an economic sense much more homogenous than in the Latin Monetary Union or today's EMU. • 120 million people in 8 French-speaking West African countries have been using the CFA Franc for more than half a century. The CFA Franc is pegged to the Euro, and France guarantees its convertibility in exchange for holding -50% of the region's foreign exchange reserves. Some analysts believe the CFA Franc is overvalued, creating incentives for perpetual capital flight, and advantageous terms for French exporters selling goods into West Africa. Studies i have seen suggest that CFA membership has hindered growth performance in CFA members relative to other sub-Saharan countries. • The microstate islands of the Caribbean have successfully been using a currency union since the establishment of the Eastern Caribbean Currency Union in 1965. Combined population: 616,000. Sources include: "Does the euro need a fiscal union? Some lessonsfrom history", Bordo, Jonung and Markiewicz, Apr 2011 The material contained herein is intended as a generalmarket commentary. Opinions expressedherein are those ofMichael Cembalest and may differfrom those ofother J.P. Morgan employees and affiliates. This information in no way constitutes1P. Morgan research and should not be treated as such. Further. the views expressed herein may differ from that contained in J.P. Morgan research reports. The above summarWpricestquoies/struistics have been obtainedfrom sources deemed to be reliable. but we do not guarantee their accuracy or completeness. any yield referenced is indicative and subject to change. Past performance is not a guarantee offuture results. References to the performance or character ofour portfolios generally refer to our Balanced ModelPortfolios constructed by J.P. Morgan. It is a proxy for client performance and may nor represent actual transactions or investments in client accounts. The modelportfolio can be implemented across brokerage or managed accounts depending on the unique objectives ofeach client and is serviced through distinct legal entities licensedfor specific activities. Bank. trust and investment management services are provided by JP Morgan Chase Bank. NA. and its affiliates. Securities are offered through J.P. Morgan Securities LW (JPMS). Member NYSE. FINRA and SIPC. and its affiliates globally as local legislation permits. Securities products purchased or sold through JPMS are not insured by the Federal Deposit Insurance Corporation ("FDIC"); are not deposits or other obligations of its bank or thrift affiliates and are not guaranteed by its bank or thrift affiliates: and are subject to investment risks. including possible loss of the principal invested. Not all investment ideas referenced are suitable for all investors. Speak with yourJ.P. Morgan Representative concerning your personal situation. This material is not intended as an offer or solicitation for the purchase or sale ofanyfinancial instrument. Private Investments may engage in leveraging and other speculative practices that may increase the risk ofinvestment loss. can be highly illiquid. are not required to provide periodic pricing or valuations to investors and may involve complex tax structures and delays in distributing important tax information. Typically such investment ideas can only be offered to suitable investors through a confidential offering memorandum which fully describes all terms. conditions. and risks. In the United Kingdom. this material is approved by J.P. Morgan International Bank Limited (JPMIB) with the registered office located at 125 London Wall EC2Y 5A.I. registered in England No. 03838766 and is authorised and regulated by the Financial Services Authority. In addition. this material may be distributed by: JPMorgan Chase Bank. NA. (JPMCB) Paris branch, which is regulated by the French banking (whorlries Autoriti de Contrble Prudentiel and Au:erne des Marches Financiers: J.P. Morgan (Suisse)SA, regulated by the Swiss Financial Market Supervisory Authority: JPMCB Bahrain branch. licensed as a conventional wholesale bank by the Central Bank of Bahrain (for professional clients only): JPMCB Dubai branch, regulated by the Dubai Financial Services Authority: JPMCB Hong Kong branch. regulated by the Hong Kong Monetary Authority: JPMCB Singapore branch. regulated by the Monetary Authority ofSingapore. This material is distributed with the understanding that J.P. Morgan is nor rendering accounting, legal or tar advice. You should consult with your independent advisors concerning such matters. IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tar advice. Accordingly. any discussion of U.S. tar matters contained herein (including any attachments) 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. ofany of the matters addressed herein orfor the purpose ofavoiding U.S. tar-related penalties. Note that J.P. Morgan is not a licensed insurance provider. Each recipient ofthis presentation. and each agent thereof may disclose to any person. without limitation, the US income andfranchise tax treatment and tax structure ofthe transactions described herein and may disclose all materials ofany kind (including opinions or other tax analyses) provided to each recipient insofar as the materials relate to a US income or franchise tax strategy provided to such recipient by JPMorgan Chase & Co. and its subsidiaries. Should you have any questions regarding the information contained in this material or about J.P. Morgan products and services. please contact yourJ.P. Morgan private banking representative. Additional information is available upon request. "J.P. Morgan" is the marketing namefor
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EFTA01176179 | EFTA01176183 On portfolios, no changes to the overall allocations outlined in our March 8 EoTM. Michael Cembalest Appendix: a Spanish horse race, and some data from the US Bureau of Labor Statistics V/in. Place and Show: The problem of Spain The only country I can find that's In wane shape than Spain it Number or amaings to population Greece Non-financial corporate debt to GDP Wand Corporate sector debt to cash flow Portugal Construction sector debt/assets None Banking sector branches per 1,000 people None Reliance on foreign capital (Net Int. Inv. Pos. keland Podugd Real estate as % of household assets None Housing overhang (as per CEPS) Ireland Commercial RE exposure % of bank assets None Encumbered banking system assets, % Greece World Bank labor rigidity, Europe None titra-European real effecthe exchange rate Italy Shadow economy, % of GDP, OECD Italy, Greece Unemployment rate None Production time per unit Italy Reline on Eat to finance sovereign debt None Bank renting to HFUNFC, last 12 months None NH/WC= households andnon-financial oornabons Sources. ME, OECD, EU, WorldBank, CEPS US laborconditions improving from a very low base Percent.6-month moving average. sa 4 1% Voluntary Hiring 3.9% separations 2.2% 2.0% 3.7% 1.8% 3.5% 3.3% 1.6% 3.1% 1.4% 2.9% 2002 1.2% 2004 2006 2008 2010 2012 Source: Bunnuof Labor Statistics. The material containedherein is intended as a general market commentary. Opinions expressed herein are those ofMichael Cembalest and may differfrom those of other J.P. Morgan employees and affiliates. This information in no way constitutes J.P. Afergan research and should not be treated as such. Ilirther, the views evinced herein may differfrom that contained in J.P. Morgan research reports. The above summary/prices/quotes/statistics have been obtainedfrom sources deemed to be reliable. but we do not guarantee their accuracy or completeness. any yield referenced is indicative and subject to change. Past performance is not a guarantee offuture results. References to the perfiumance or character ofour portfolios generally refer to our Balanced Arodel Portfolios constructed by J.P. Morgan. It is a proxyfor client performance and may not represent actual transaction or investments in client accounts. The modelportfolio can be implemented across brokerage or managed accounts depending on the unique objectives ofeach client andis serviced through distinct legal entities licensedfor specific activities. Bank, trust and investment management. ervices are providedby JP Morgan Chase Bank, NA, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPA(S), Member NYSE, F1NRA and SFPC. and its affiliates globally as local legislation permits. Securities products purchased or sold through JPMS are not insuredby the Federal Deposit Insurance Corporation ("FDIC"): are not deposits or other obligations ofits bank or thrift affiliates and are not guaranteed by its bank or thrift affiliates; and are subject to investment risks, including possible loss ofthe principal invested. Not all investment ideas referenced.are suitable for all investors. Speak with your J.P Morgan Representative concerning your personal situation. This material is not intended as an offer or solicitation for thepurchase or sale ofany financial instrument. Private Investments may engage in leveraging and other. peculative practices that may increase the risk ofinvestment loss, can be highly illiquid, are not required to provide periodic pricing or valuations to investors and may involve complex tar structures and delays in distributing important tax information. Thpically such investment ideas can only be offered to suitable investors through a confidential offering memorandum whichfully describes all terms, conditions, and risks. IRS Circular 230 Disclosure: JPAlorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion ofU.S. tax matters containedherein (including any attachments) is not intended or written to be used. and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with JPAlorgan Chase & Co. ofany ofthe matters addressed herein orfor the purpose ofavoiding U.S. tar-relatedpenalties. Note that J.P. Morgan is not a licensed insurance provider: 80 2012 JPAlorgan Chase & Co: All rights reserved This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at http://wwwjpmorgan.corn/pages/disclosures/email. EFTA01176183 Epstein Web iOS app on the App Store.
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EFTA01171081 | EFTA01171085 Fiscal adjustments, then and now 4 (Po 3 0% O 0 0 20° O. 0 Prior European and Latin adjustme n7f).21: Iceland took the normal route, and is now recovering Sovereign credit default swap spread. basis points 1.200 Greece to 5700 t Iceland 900 600 11 4 / 2010 EMU fiscal adjustments 300 Currency Devaluation, 7. 20% 60% 40'. 80% Source In ter national Monetary F und. Organization for Economic CoOP elabOn and Development. BarclaysCaprtal. Bloomberg. 100% 0 Jun.07 Feb-08 Oct-OS Jun-09 Feb-10 Oct-10 Jun-11 Source: J.P. Morgan Securities LLC. There is no question that there would be severe costs to Greece if it defaulted and exited the Euro. If Greece had to rely on its central bank to finance budget deficits, they would risk a substantial rise in inflation (which could erode the devaluation benefit), and in turn, further damage the credibility of the Bank of Greece. There could also be disruptions to trade finance (which could be ameliorated by the IMF in ways that more constructive for Greece than what they are doing now). The question is whether exiting offers the chance of something better for Greece than the certainty of failure associated with staying in the Euro. That is what Greece is in the process of debating; a temporary government is unlikely to be the last word on this. Michael Cembalest Chief Investment Officer The Sun Also Rises: Iceland's post-devaluation recovery Unlike the rest of Southern Europe, Iceland pursued the traditional formula: fiscal austerity, a large currency devaluation (which led to a rapid improvement in its current account deficit), an IMF loan and most importantly, the refusal to take on the obligations of Icelandic banks. Iceland's debt/gdp ratio is now around 100% (having risen from 40% a few years ago), so why are Iceland's credit spreads so much tighter than in Ireland and Portugal and tighter than Italy? Iceland suffered a huge spike in inflation and unemployment in 2009, and a terrible collapse in GDP and private consumption as well. But by 2010, the standard adjustment started to play out, in which GDP, trade, private consumption and capital spending are now rebounding. Inflation, which hit 18% in 2009, is back at 2%. The budget deficit is 4.5% of GDP, requiring less austerity going forward than Southern Europe. Iceland is expected to grow at around 3.5% to 4.0%, which helps solve a lot of problems, and puts the government debt ratio on a trajectory to decline rather than rise. Iceland's unemployment has risen to 9%, but is stable and now half the rate in Southern Europe. A fiercely independent country, it also controls its own destiny. Notes [a] Unfortunately for Italy, of all reforms, labor market reforms are the ones with the largest short-term negative impact on growth. See "Fostering structural reforms in industrial countries", IMF, 2004, Chapter 3, Exhibit 3.9. [b] A lot depends on whether participants in the first exchange (if it happens) could be defaulted upon a second time in the future. In other words, if any new bonds are cross-defaulted with existing Greek debt, and in 2012 Greece defaults on those who did not participate the first time, there's no reason to participate today, since you will be defaulted upon twice. To avoid this outcome, the bonds offered in the current exchange would have to either be subject to UK law (as opposed to Greek law), or collateralized in some reliable way. The material contained herein is intended as a general market commentary. Opinions evpressed herein are draw ofMichael Cembalest and may differfrom those ofother J.P. Morgan employees and affiliates. This information in no vary constitutes J.P. Morgan research and shouldnot be treated as such. Further. the views expressed herein may digerfrom that contained in J.P. Morgan research reports. The above suntmary/priceslquotes/statistics have been obtainedfrom sources deemed to be reliable, but we do not guarantee their accuracy or completeness, any yieldreferenced is indicative andsubject to change. Past performance is not a guarantee offuture results. References to the performance or character ofour portfolios generally refer to our Balanced Model Portfolios constructed by J.P. Morgan. It is a proxyfor client performance and may not represent actual transactions or investments in client accounts. The modelportfolio can be implemented across brokerage or managed accounts depending on the unique objectives ofeach client and is serviced through distinct legal entities licensedfor specific activities. Bank, trust and investment management services are provided byJ.P. Morgan Chase Bank, NA, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS). Member NYSE. FINRA and SIPC and Chase Investment Services Corp., (CISC) member F/NRA and SIPC. Securities products purchased or sold through JPMS or CISC are not insured by the Federal Deposit Insurance Corporation ("FDIC"): are not deposits or other obligations ofits bank or thrift affiliates and are not guaranteed by its bank or thrift affiliates: and are subject to investment risks, includingpossible loss ofthe principal invested. Not all investment ideas referenced are suitablefor all investors. Speak with your J.P. Morgan Representative concerning your penonal situation. This material is not intended as an offir or solicitationfor the purchase or sale of'anyfinancial instrument. Private Investments may engage in leveraging and other speculative practices that may increase the risk ofinvestment loss, can be highly illiquid, are not required to provide periodic pricing or valuations to investors and may invoke complex tax structures and delays in distributing important tax information. Typical4, such investment ideas can only be offered to suitable investors through a confidential offering memorandum which fully describes all terms, conditions, and risks. IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tar advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used. in connection with the promotion. marketing or recommendation by anyone EFTA01171085
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EFTA01164248 | EFTA01164252 Relative value favors large cap after the rally Russell 1000 and 2000 141E ratios 30 28 26 24 22 Small Cap 20 18 16 14 12 Large Cap 10 1991 1994 1997 2001 2004 2007 Source:RusselInvestment Group. KS, Factset. J.R.Mergan Asset Management. S&P 500 sector valuation and ownership ranks — —a ,e itctorn Svcs 40 Been Risk Fs, Svcs Read 35 2 (311 " 51 Ullai;s- - - - e , tiew • bui4 • 45 C PPriem Aulc*Pals food' '''. MR' 1444440 110. 3 • 04v4r19€ --ID some 01 Bats • a 30 0 • • 8 Rtacco Casino, 4 P4041.4• Aanes Rettatteal Gann? ir 252 Binding Pita %, Paw 1r • • Travel • hattrance Carm Com I. Eqfp• 20 — —•.... one's • oat& Trzspects Pelotas • captai Z Irlernet 4 Caliarg'.... • • 1444we •-Lin . slAberiney • • LifeSciente3 TOG* Conker Flute 15 y 1.14451s •• UnaltreCive o Comm • • Mrirg 10 c, Fla* Ren•xd ‘ ‘ Swi,Supp •MtillitteRelal senima • s a SpEOalty RUM • • csaaws, Ox$30 tie,xech rcalit• taimpace s onn 0 in c 58 Cosbies d Ammo • des = it • %WU °Vera EMMY EcluP 1 o • saints 0O ORM Elate c Cheap is Expensive 10 40 0 20 30 2011 re Rank of Relative WE deltays. 10yr Avg Source: . Morgan Securities LLC. i 1 a The material containedherein is intended as a general market commentary. Opinions expressed herein are thaw ofMichael Cembalest and may differfrom those of other. Morgan employees and affiliates. This information in no way constitutes. Morgan research and. houldnot be treated as such. Further: the views expressed herein may differ from that containedin. Morgan research reports. The above summary/prices/quotesistatistics have been obtained from sources deemed to be reliable, but we do not guarantee their accuracy or completeness, any yield referenced is indicative and subject to change. Past performance is not a guarantee offuture results. References to the performance or character ofbur portfolios generally refer to our BalancedMode!Portfolios constructed by. Morgan. It is a proxyfor client performance andmay not represent actual transactions or investments in client accounts. The modelportfolio can be implemented across brokerage or managed accounts depending on the unique objectives ofeach client and is serviced through distinct legal entities licensedfors cific activities. Bank trust andinvestment management services are provided by. Morgan Chase Bank and its affiliates. Securities are offered through. Morgan Securities LLC (JPAIS), Member NYSE, FINRA and SIPC. Securities products purchased or sold through JPAIS are not insuredby the Federal Deposit Insurance Corporation ("FDIC,: are not deposits or other obligations ofits bank or thrift affiliates and are not guaranteed by its bank or thrift affiliates and are. ubject to investment risky, includingpossible loss ofthe principal invested. Not all investment ideas referenced are. uitable for all investors. Speak with yourM Morgan Representative concerning your personal situation. This material is not intended as an offer or solicitationfor the purchase or sale ofanyfinancial instrument. Private Investments may engage in leveraging and other speculative practices that may increase the risk ofinvestment loss. can be highly illiquid, are not required to provide periodic pricing or valuations to investors and may involve complex tax structures and delays in distributing important tax information. Thpically such investment ideas can only be offered to suitable investors through a confidential offering memorandum whichfully describes all terms. conditions, andrisks. IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingl)% any discussion ofU.S. tax matters containedherein (including any attachments) 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. ofany ofthe matters addressed herein orfor the purpose ofavoiding U.S. tax-relatedpenalties. Note that. Morgan is not a licensed insurance provider ti ?011JPMorgan Chase & Co This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at EFTA01164252
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EFTA01158320 | EFTA01158322 Eye on the Market I JP Morgan February 23. 2011 Topics: Events in the Middle East Developments in the Middle East coincide with visible improvements in the US economy The outlook for profits, employment, capital and consumer spending, home sales and bank lending continue to improve. How serious a dent might $100+ oil put in the recovery? A lot depends on what happens to U.S. interest rates. A "free money" policy (when short term interest rates are below the rate of inflation) can offset a lot of pain from higher oil prices. But how long should the Fed continue with this approach? It is already being blamed for setting in motion a regressive chain of events which raise both financial asset and commodity prices, eventually reaching the life of a street vendor in Tunisia's. The first chart below compares the stock prices of Kohl's, JC Penney and Macy's to Tiffany's, Coach and LVMH. As a crude progress report on US monetary stimulus; it is a complicated picture. Employment needs to show up faster than inflation does. The prior Eye on the Market scanned for inflationary pressures around the world, and found a fews. Most commentary we read suggests that since core inflation and wages are not rising, the coast is clear. Perhaps. i've included a chart of what inflation and wages were doing in 1993, at the onset of the Fed's major monetary tightening campaign. If this is what you were looking at back then, you were blindsided pretty badly. Currently, Fed Funds futures markets are pricing in the probability that the Fed does not raise rates this year and only raises them to 1.5% by December 2012. We think there's a risk it will sneak up on the Fed more quickly than this, and have prepared portfolios for a rockier ride than 2009 or 2010. Average hourly earnings and core CPI leading up to 1994 US monetary policy report card Fed tightening cycle, Percent YoY Equal-weighted index, January 2005 .100 4.0% 240 220 Tiffany, Coach and LVMH 200 3.5% 180 160 140 3.0% 120 100 80 2.5% 60 40 20 Jan-05 Jan-06 Source: Bloomberg. Jan-07 Jan.08 Jan'09 Jan-10 Jan-11 20T Jun-92 Sep-92 Dec-92 Mar-93 Jun-93 Sep -93 Dec-93 Mar-94 Source: Bureau of Labor Statistics. Michael Cembalest Chief Investment Officer More from Bernard Lewis. When I pushed Bernard for optimism regarding the political process in the Middle East, he offered this. Before WWII, many countries in the Middle East enjoyed more tolerant and open-minded governments. During the Vichy period of the Second World War and during the subsequent Cold War, Germany and Russia successively exported their own forms of dictatorship into the region. So it is not inconceivable that over time, regimes based on greater direct representation re-emerge in the region. This would not be unprecedented; transitions of post-war Japan and Germany are two remarkable examples which took place over years rather than decades. In recent notes, we have also highlighted Indonesia, which after decades of clan-based leadership, pursued constitutional reforms in 1999 which led to the first freely elected national, provincial, and regional parliaments in forty years. The material contained herein is intended as a general market commentary. Opinions expressed herein are those ofMichael Cembalest and may differfrom those ofother 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 expressedherein may differfrom that contained in J.P. Morgan research ITIAWIS. The above summarylprices/quozesIstatistics have been obtainedfrom sources deemed to be reliable. but we do not guarantee their accuracy or completeness, any yield referenced is indicative and subject to change. Past performance is not a guarantee offuture results. References to the performance or character ofour portfolios generally refer to our Balanced Model Portfolios constructed by J.P. Morgan. his a proxyfor client performance and may not represent actual transactions or investments in client accounts. The modelportfolio can be implemented across brokerage or managed accounts depending on the unique objectives of each client and is serviced through distinct legal entities ikensedfor specific activities. Bank truss 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 F/NRA and SIPC. Securities products purchased or sold through JPMS are not insured by the Federal Deposit Insurance Corporation ("FDIC"): are not deposits or other obligations ofits bank or thrift affiliates and are not guaranteed by its bank or thrift affiliates: and are subject ro investment risks, including possible loss ofthe principal invested. Not all investment ideas referenced are suitablefor all investors. These recommendations may not be staitabkffir all investors. Speak with your J.P. Morgan Representative concerning your personal situation. This material is not intended as an offer or solicitationfor the purchase or sale ofanyfinancial instrument. Private Investments may engage in leveraging and other speculative practices that may increase the risk ofinvestment loss, can be highly illiquid. are not required to provide periodic pricing or valuations ro investors and may involve complex tar structures and delays in distributing Important tar information. Typically such investment ideas can only be offered to suitable investors through a confidential offering memorandum whichfully describes all terms. conditions. andrisks. IRS Circular 230Disclosure: JPMorgan Chase & Co. andits affiliates do not provide tax advice. Accordingly. any discussion of U.S. rat matters contained herein (including any attachmentnis 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. ofany ofthe matters addressedherein orfor the purpose ofavoiding U.S. tar-relatedpenalties. Note that J.P. Morgan is not a licensed insurance provider. O 2011 JPMorgan Chase & Co 4 In good company with the Fed as contributors to higher food prices: zero rate policies of many developing economy central banks; abnormally terrible weather (see EoTM January 24, 2011); biofuel policies; financial flows into agricultural commodities. 5 In Europe. recent readings for manufacturing and service sector input and output prices are at their highest levels in a decade. 3 EFTA01158322
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EFTA01152975 | EFTA01152975 From: US GIO To: Undisclosed recipients:; Subject: Eye on the Market, March 10, 2011 Date: Thu, 10 Mar 2011 20:07:13 +0000 Attachments: 03-10-11_ EOTM - Printing_Press_Revisited.pdf Inline-Images: image001.png Please join us next Tuesday, March 15, at 11:00 am ESTfor a conference call on the "Ides of March" topics discussed last week (see box). Vali Nam Professor of International Politics at The Fletcher School of Law and Diplomacy, will join us. Mr Nasr, a specialist on political and social developments in the Muslim world, is a Senior Advisor to the US. State Department on South Asia. You can get the dial-in information for the webcastfrom your coverage team. As shown in the table below, as March began, the world was benefitting from a global recovery that was broadening and deepening. This recovery has run headlong into a series of events that were both foreseen and unforeseen. The eruption of political risk across the Arab world has been something of a surprise, although conditions leading to it were well understood for years. As for problems in the European Monetary Union and the impact of tightening policy in Asia, they have been familiar refrains around here for months, and were central to our 2011 Outlook. The whole point of the cover of the 2011 Eye on the Market was that removal of the stimulus tsunami was never going to be that simple, that parts of the recovery were very stimulus-dependent; and that the tsunami itself led to a variety of disruptions (e.g. rapidly rising commodity prices, particularly in the wake of the Fed's August 2010 Jackson Hole speech) whose regressive consequences were troubling. Instead of the traditional EoTM commentary, this week I wanted to share the attached charts on oil, Europe, China, equity markets and monetary policy that speak mostly for themselves (see attached PDF file). They are part of our rationale for holding less equity risk than what you might normally associate with a period of elevated profit margins, low PIE multiples in the developed world and a global rebound in both manufacturing and services. We continue to believe that certain styles of hedge funds (e.g., macro, merger arbitrage, credit), diversified commodity exposure and various forms of private lending (e.g. purchases of distressed European bank loans, well-collateralized loans to commercial property borrowers) are important complements to equities for the foreseeable future. Global Recovery in the Works % of Countries Growing Faster than 3 Months Prio 3-Mar-11 Nov-1 World 79% 38% Developed World 83% 17% Asia 88% 50% Central & Eastern Europe 75% 25% Latin America Source: Bridge-iv ater Associates 60% 60% The Ides of March Protests in Qat f. East Province of Saudi Arabia March 3 March 9 Irish Parliament reconvenes with mandate to revisit EU/IMF bailout March 10 Moody's downgrades Spain to Aa2 March 11, 20 Days of Rage, Saudi Arabia March 11 Eurozone summit (Heads of state) March 14, 15 Eurogroup meeting (Ministers of Finance) March 15 Federal Reserve Open Market Committee Meeting March 17 Bundestag vote on consultation requirement March 24, 25 Main EU leaders meeting to finalize a deal March 1 -30 Central Bank meetings in Brazil, Mexico, Norway, Indonesia, India, Taiwan, Korea, etc Source: J.P kbrgan Priate Bank Michael Cembalest Chief Investment Officer The material containedherein is intended as a general market commentary. Opinions expressed herein are those ofMichael Cembalest and may differfrom those of other J.P. Morgan employees and affiliates. This information in no way constitutes J.P. Morgan research and. houldnot be treated as such. Further, the views expressed herein may differ from that containedin J.P. Morgan research reports. The above summary/prices/quotesistatistics have been obtainedfrom sources deemed to be reliable, but we do not guarantee their accuracy or completeness, any yield referenced is indicative and subject to change. Past performance is not a guarantee offuture results. References to the performance or character ofour portfolios generally refer to our BalancedModel Portfolios constructed by AP Morgan. It is a proxy for client performance andmay not represent actual transactions or investments in client accounts. The modelportfolio can be implemented across brokerage or managed accounts depending on the unique objectives ofeach client and is serviced through distinct legal entities licensedfor specific activities. Bank trust andinvestment management services are provided by J.P. Morgan Chase Bank NA, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPAIS), Member EFTA01152975
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EFTA01137117 | EFTA01137122 Eye on the Market March 18.2013 J.P.Morgan Topics: The possible economic and investment impact of Japan's monetary and fiscal bazooka; and the latest round of historical revisionism in Europe - Exchange rate pass-through to export prices: assessing some cross-country evidence", Vigfusson, Sheets and Gagnon; Federal Reserve Board, June 2007. "Haven for Oligarchs: Europe's Mounting Reluctance to Bail Out Cyprus", Der Spiegel, January 14, 2013 "Abenomics and Japan's experience in the 1930f, Nomura Japanese Economic insight, Febmary 25, 2013 IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tat advice. Accordingly, any discussion of U.S. fat matters contained herein (including any attachments) 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. ofany ofthe matters addressed herein orfor the purpose ofavoiding U.S. tat-related penalties. Note that J.P. Morgan is not a licensed insurance provider. The material contained herein is intended as a general mania commentary. Opinions espressed herein are those elMichael Cembalest and may differfrom those ofother J.P. Morgan employees and affiliates. This information In no wayconstitutesJ.P. Morgan research and shouldnot be treated as such. Further. the views expressed herein may differfrom that contained in J.P. Morgan research reports. The above summarArkes/quoteshratinics have been obtainedfrom sources deemed to be reliable. but we do not guarantee their accuracy or completeness, any yield referencedis indicative and subject to change. Past performance is not a guarantee offuture results. References to the performance or character ofour portfolios generally refer to our Balanced Model Portfolios constructed by J.P. Morgan. h is a prosyfor client performance andmay not represent actual transactions or investments in client accounts. The modelportfolio can be implemented across brokerage or managed accounts depending on the unique objectives of each them and is serviced through distinct legal entities licensedfor specific activities. Bank. mut and investment management services are prodded by JP Morgan Chase Bank N.A. andits affiliates. Securities are offered through J.P. Morgan Securities LLC(JPMS). Member NYSE. FINRA and SIPC. and its affiliates globally as local legislation permits. Securities products purchased or sold through JPMS are not insured by the Federal Deposit Insurance Corporation ("FDIC"): are not deposits or other obligations ofits bank or thrift affiliates and arena guaranteed by its bank or thrift affiliates: and are subject to investment risks- including possible lass ofthe principal invested. Not all investment ideas referenced are suitablefor all investors. Speak with your J.P. Morgan Representative concerning your personal situation. This material is not intended as an offer or solicitation for the purchase or sale ofanyfinancial instrument. Private Investment, may engage in leveraging and other speculative practices that may increase the risk ofinvestment lost can be highly illiquid. are not required to provide periodic pricing or valuations to investors and may inuelve cornetts tar structures and delays in distributing important tax information. Typically such investment ideas can only be offered to suitable investors through a confidential offering memorandum whichfully describes all terms. conditions. and risks. High yield bonds are speculative non-investment grade bonds that hate higher risk ofdefault or other adverse credit events which are appropriatefor high-risk bitumen only. Investments in commodities carry greater volatility than investments in traditional securities. There are additional risks associated with international investing and may not be suitable for all investors. This material is distributed with the understanding that LP. Morgan is not rendering accounting. legal or tax advice. You should consult with your independent advisors concerning such matters. Bank products and services are offered by JPMorgan Chase Bank NA. andits affiliates. Securities are offered by J.P. Morgan Securities LLC, member NYSE. F/NRA and S1PC. and other affiliates globally as local legislation permits. In the United Kingdom. this material is approved by J.P. Morgan International Bank Limited (JPMCB) with the registered office located at 25 Bank Street. Canary Wharf. Ismdent E14 5.1P. registered in EnglandNo. 03838766 andis authorised andregulated by the Financial Services Authority. In addition. this material maybe distributed by: JPMorgan (bate Bank. NA. (JPMCB) Paris branch, which is regulated by the French banking authorities Autoritt de Cone-ale Prudentiel and Aureate des Marches Financiers: J.P. Morgan (Suisse) SA. regulated by the Swiss Financial Market Supervisory Authority: JPMCB Bahrain branch. licensed as a conventional wholesale bank by the Central Bank ofBahrain (for professional clients only): JPMCB Dubai branch. regulated by the Dubai Financial Services Ateherity. In Hong Kong. this material is distributed by JPMorgan Chase Bank NA. (JPMCB) Hong Kong branch swept to recipients having an account at JPMCB Singapore branch and where this material relates to a Collective Investment Scheme (other than privatefunds such as private equity andhedgefunds) in which case it is distributed by J.P. Morgan Securities (Asia Pacific) Limited tIPMSAPL). Both JPMCB Hong Kong branch and JPMSAPL are regulated by the Hong Kong Monetary Authority. In Singapore. this material is distributed by JPMCB Singapore branch except ro recipients having an account at JPMCB Singapore branch and where this material relates to a Collective Investment Scheme (other thanprime-fends such as a private equity and hedge funds) in which case it is distributed by AP. Morgan (SEA.) Limited(JPMSEAL). Both JPMCB Singapore branch and JPMSEAL are regulated by the Monetary Authority ofSingapore. With respect to countries in Latin America. the distribution of this material may be restricted in certain jurisdictions. Receipt of this material does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlanfal to make such offer or solicitation. Each recipient ofthis presentation, and each agent thereof. may disclose to any person, without limitation. the US income andfranchise tax treatment and tax structure of the transactions describedherein and may disclose all materials ofanykind (including opinions or other tax analyses)provided to each recipient insofar as the materials relate to a US income orfranchise tax strategyprovided to such recipient by JPMorgan Chase & Co. and its subsidiaries. Should you have any questions regarding the information contained in this material or about J.P. Morgan products and services. please contact your J.P. Morgan private banking representative. Additional information is available upon request "J.P. 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