From: US GIO

From: US GIO To: Undisclosed recipients:; Subject: IPM View 04.27.2012 Date: Fri, 27 Apr 2012 19:40:57 4.0000 Attachments: JPM_View_04.27.2012-pdf.zip Inline-Images: image0M.png J.P.Morgan The J.P. Morgan View The paradox of austerity • Awl Allocation Ilte shallmoseis niche tonnetion in risk ions and the lack of awns:Iwo! reason to ts o %boo will blrlv pan U355551015 Oat in creating footles tipsolc met cmato swaths • Comicmalos — Dna sue melon"! a mild decelerators of plots's' moth m 9: OVIS ex e', anyaeottes Salad onautaytion dna arc taw? us dos stood:on :bold Iv temporal, and as woad as up for boot stain an • FLud boom —Era tbsatato beam's Ens° lea tallyho...h. • EA/MIS—TM tepormit wade delwensd ninth/sant peonve no:lose, in loth the CS sod Europe • Cita — Wes now to awkenvespht EMS anveteomi moan althorn SLXOESI newsman oar a pees unrdnieut oopotturnhi. • Foreign exchange— Rol e a map strould keep L'istisIPT mien SOL • Commodities — C NIS bmk Nosy tWl wryest:in pea • RH: rurket• rebounded 'tinned:en renamed **xi DS mums a one yottne FOMC. and an OF. halo 5010 30,31051 The dollie eased nixteuly at law withal. ode-stow mon %tale boob are tarty usschanded Global equities reown oltind 2`t below awn 11D mime Muds • thsvn the sews flea Mu Ara aslwh eC512.11:1bed a be ',Ira:local trevocnk. how Lwow and as Wank impose oa I:St:Limo oew amid have eafeeted risk miters to have holed lower this ewe* We lice to @vermin she seas 5UVKIVIlle nor view lha the awn &net of ttwc yeas tally b ctrdu and equine, will be a onto of good vrnm. oar a lack of eneenh led oral felony to de solo she altretsty priced too onkel. Toms this IMO F115111(< ialfOll task ta Met ton tislcorcusta art es en !Isobel. • Thin drategi depnals ar lit Cathie force "tic's we Loot die not soot seLably how weekto steel: tot tan to Le assessed mask"! Louth boo &to of now tactical dam: en low covered thou loop. musk acids recently ea event rid us Eittope and so hoe awn' of our paid wateody under• nand the nosonito but alto find did nod usvencas Ionia a positive no awn-ants 'less onequines aid (lead andwsu dos be Ionianr for point tore. owl the inatket Our ardnuotenn Mater\ thereinto stays loop nsk • 'flu premintre of defemhepositloos— w cob soil Nate deli —ore Lovely due to wtonat atom CS Front. a float padlock an was end 'the so allot ft:rale/aft I indatoy cotillion° the Meddle End Meowed economy and Eutcpe We Wee do the sun total el these inks sn tecewe loo ale even as st is toopatch to on' that they are talon awn The US contiauen to The rend:nun analyst is indicated by a. See font fot audio cradleanon and more we le t and ntralitoty dislocate< Global Asset klocauon JCS...ppm. Own ant MA !Plana, :karst, Lb Ap n bO2 Jan Lome' John Normand Hiker*** Panleirtimelou Seamus Mew (torah Matthew Lehmann Leo Evan* YTD earn Mixon Aft 26 IL *UM M nyryt ate 444510 M3O AGSM.' WOW E5.5 O19 5401 The HMG Ears Goa MOEasy MO IR US Ileande mum liadr US nnos raw WS Co Boor twos ma saws' Womb 5 re a• 0..••• naon • JO 15S on... ...a .6. AI Ca [ma 55.•••• Is. Cho. is. 54 /51.55 .515 4.5•• "nem. 111 ri•tal••1 • morganmarkirts.corn 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://www.jomorgan.comMagestdisclosurestemail. EFTA01176399