EFTA00606080.pdf

J.P.. Morgan North America Equity Research 26 June 2012 Global CC: Initial Conclusions Post-EU Summit Global Discussion: Economic, Policy, Rates, Equities. Fri 12.00pm ET, 6/29 Please note that this conference call is our Euro Crisis Panel #4 call which was Portfolio Strategy originally scheduled for Wed 6/27. There is no conference call on Wed 6/27. Thomas J Lee, CPAAc Instead, please join us on Fri 6/29 at 12noon ET. We are hosting a global conference call to discuss with investors our initial conclusions regarding the much-anticipated EU Summit. How effective is the J.P. Morgan Securities LLC expected proposal fore a fiscal and banking union? What impact should the growth hor compact have on EU GDP? What is the timeline and key dates over the next few quarters? Will this affect the risk-off attitude of clients? J.P. Morgan Secunties LLC Hosted By: Economic and Policy Research Thomas Lee, Chief U.S. Equity Strategist Malcolm Barr Also participating: JPMorgan Chase Bank N.A. London Branch Alex White, European Policy Strategist; Rates Strategy Malcolm Barr, Senior European Economist; Pavan Wadhwa • Pavan Wadhwa, Global Head of Interest Rate Strategy, J.P. Morgan Secunues Ltd. Nikolaos Panigirtzoglou, Global Market Strategist. Global Asset Allocation Nikolaos Pani irtzoglou Proposed Agenda: J.P. Morgan Securities Ltd. Alex White (European Policy Strategist): European Polley Strategist • Key ground covered by the Summit. Next key dates among leaders; Alex White • Why political leaders seem to be more worried about Spanish banks and German courts; • Challenges to changing ESM; Malcolm Barr (Senior European Economist): • Why a combination of a growth compact and a roadmap to a fiscal and banking union is a good first step; • What role the ECB has to play; • Sequencing of a banking and fiscal union and realistic timelines; • European Redemption Fund (ERF) and progress; • Potential for globally coordinated action by Central banks; Pagan Miadhwa (Global Head of Interest Rate Strategy): See page 3 for analyst certification and important disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report Investors should consider this report as only a single factor in making their investment decision. EFTA00606080 Thomas J Lee. CFA North America Equity Research 26 June 2012 J.P.Morgan • Current thinking by investors; • Why you remain risk-off and what catalysts you see over the summer; • Are we heading towards a Lehman moment? • Comment on ratings action by Moody's on banks; Nikolaos Panigirtzoglou (Head of European Asset Allocation): • Why QE seems to be losing its effectiveness • Progress on investor positioning; • Chinese metals import increases signaling improving demand? • Stock buybacks. Liquidity in markets. Details and specifics: A- Friday, June 29th, at 12:00pm ET • DIAL IN: (outside US); Passcode: Replay Throu ,11 7/6: (outside US); Passcode: Replay available approximately one hour after the call ends. International Dial-ins: BRAZIL J.P. Morgan Global Conference Calls on the European Crisis 1. 5;11/2012 Global Implications of A Greek Exit CHINA -A from the EMU CHINA - B Reo.,1 Cmil Call Takeaways FRANCE 2. 5/3112012 Global Strategies Around a Potential GERMANY Greek Exit from the EMU GREECE PaPbal ContCall Takeaways HONG KONG ITALY 3. 616/2012 Euro Crisis Panel St rani Cal Takeaways JAPAN NETHERLANDS 4. 6113/2012. Euro Crisis Panel 02 Conl Call Takeaways SAUDI ARABIA SINGAPORE 5. 611102012 Post-Greek Election Implications SOUTH KOREA Conf Call Takeaways SPAIN p6. 6/2912012, initial Conclusions SWITZERLAND 12.00pm ET Post•EU Summit TAIWAN (date-changed) Euro Crisis Panel 44 UNITED KINGDOM OTHER 2 EFTA00606081  North America Equity Research 26 June 2012 J.P.Morgan Disclosures Analyst Certification: The research analyst(s) denoted by an "AC" on the cover of this report certifies (or, where multiple research analysts are primarily responsible for this report, the research analyst denoted by an "AC" on the cover or within the document individually certifies, with respect to each security or issuer that the research analyst covers in this research) that: (I) all of the views expressed in this report accurately reflect his or her personal views about any and all of the subject securities or issuers; and (2) no part of any of the research analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst(s) in this report. Important Disclosures Company-Specific Disclosures: Ira Important disclosures, includin rice charts, are available for compendium reports and all J.P. Morgan- covered com ies b visitin calling r emailing with your request. Explanation of Equity Research Ratings and Analyst(s) Coverage Universe: J.P. Morgan uses the following rating system: Overweight [Over the next six to twelve months, we expect this stock will outperform the average total return of the stocks in the analyst's (or the analyst's team's) coverage universe.] Neutral [Over the next six to twelve months, we expect this stock will perform in line with the average total return of the stocks in the analyst's (or the analyst's team's) coverage universe.) Underweight [Over the next six to twelve months, we expect this stock will underperfonn the average total return of the stocks in the analyst's (or the analyst's team's) coverage universe.] In our Asia (ex-Australia) and UK small- and mid-cap equity research, each stock's expected total retum is compared to the expected total return of a benchmark country market index, not to those analysts' coverage universe. If it does not appear in the Important Disclosures section of this report, the certifying analyst's coverage universe can be found on J.P. Morgan's research website, J.P. Morgan Equity Research Ratings Distribution, as of April 3, 2012 Overweight Neutral Underweight (buy) (hold) (sell) I.P. Morgan Global Equity Research Coverage 45% 43% 12% le clients* 51% 45% 34% JPMS Equity Research Coverage 43% 48% 9% It clients* 70% 61% 53% *Percentage of investment banking clients in each rating category. 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