From: US 61O MMIlla

From: US 61O MMIlla To: Undisclosed recipients:; Subject: JPM View 04.20.2012 Date: Fri, 20 Apr 2012 22:00:23 +0000 Attachments: JPM_View_04.20.2012-pdfrip Inline-Images: iniage003.png J.P.Morgan The J.P. Morgan View Seven puzzles • Aux« Allocation — No changes Lony courties al credal vs ark and noli OM OM? Indio Signals for next few arks Stan quite renal • ECODOSIOC• - No forecast changes. bal weaker data as ow 2 5% Q2 US fortat to the lower Ts • Fad Income— We recommend trimli man market tartan • Equities Eartungs malaria rani tzars US vs other rep= • Credo — NF day osenvnglit anor financials avd LI II boas • Foreign exchange — Lin EX sod to stay Finn trader. on mean rnemon • Commodities — tAt expect the spread to continue to narrow and stay long Dec.I 2 WTI nas Dec-I2 Brent wan SØ target • in a week estere a lot of price screens are ream UND! (unchanged)and Maze fannats haw not moat ne world like to focus on sane lamer- term navrs not :lens. nor concerns. but thanes that puzzle many of itS For each. we pande our boa explanation. while admitting dry rota puzzles Each remain a mach longer and deer stay. • Why his neither Greece nor Germany lefl &\N, yet? Dena. utrytbi dry ear get in' The cntas has resealed the ant of going up ear's tummy Re:olutiou rtquires maw deflation in ar ionpay and intorave fading fait do core Ile irzon connotesyour-a into EMU and luse not ()et) left is that monetary moo was planned as the (ost :rep tonal: a l»111101 =Oft — a US of E The <tot of abandonuig EMU is not merely related is capital flight and motion of a new curtency. ben is µvanamt to ditchug Euraan integratiomt and moving hark to ar hal akt rba-, ed a divided :ad quanelane Europe EMU members all likely do estrylung dry cat to keep the union together. net, at they urn need ma morn to push aria that way A,:et Al ocntion J P ltoyin cr., Rat it va J r -currt•-. *Pt "0 .1 t. Jon Loe ssc John Notmand ikoloos Poniairtzsoalou Seamus Moo Goroin Matthew Lehmann Leo Evans YID rennin though Apr IS % Erma a n erne car Tque MO He SEPEOU A.0 war Drier 1.41150 , • why as the eta not collapse& yet. given a recession sod EMU break-up tisk? The EMU Frophery cam devalue against dr ca. Ø would greatly benefit from a drop in fir ono The Moser is likely dam currencies are "Larne WOE paces. and the focal situation in the US. UK. and gagat is tad a: in die Eta ara. INTO at the latter has problems oath internal fading lacked these GDP TR foureuntarnes has fallen dramatically against tit smaller G ID COUOUlt-,. Mai LIS .t Coy are in triter 'ha (CAD.CIIE AID. NOK) The Eta area alto has no Ell tamtema' external deficit. and fundom ~lea may haw led mcapml etatnation. u5 Enenorm support/at the rum Ottol Cs.13mds" • Niny are US JIG credit spreads still near mania least US HG maim Europe Fos] Wcm.• taut ?OM" above USE. a spread level that trim Lehman was only an Mat Tit certifying analyst is indicant by :in 'e Ser page 7 for analyst certification and important legal and regulatory. discloymea Renee E. Weissend JR. Movgan I Global In/same:It Opp enmities Group 320 Park Avenue, fl oor 14 New York, NY 10022 '0 tt ,,..- pew, ••••~ ,S) te• 'SI Nan tosottoot tom.Ni la 0~ as lOo at SO ola onto. rt wwwrnorganmei rkets.am EFTA01175985 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.com/pages/disclosuresiemail. EFTA01175986