From: US GIO

From: US GIO To: Undisclosed recipients:; Subject: JPM View 06.29.2012 Date: Fri, 29 Jun 2012 21:31:02 -10000 Attachments: JPtilyiew_06.29.2012-pdlizip Inline-Images: image003.png J.P.Morgan The J.P. Morgan View Mini-steps to Euro federalism • And Allocation— Buy tyro bank bads as they benefit the mast with dr ECR as Or new bank ;enlaceand potential TARP marry from the ESM • Economies —Q2 likely the weakest ganer this winery.» l 4%.bul Q3 stal Imf It sub 2% far the world UK yew& is cut by 114% Mr. year ~next • Feted Income —Long eltunnem m EM. OW German Buds cnzsmarket • Equines — Near- term upStele ShOuld [eerie <011110145 and meters whew pantina mote Ø.a0. n e Ewo area «pubes and banks globally • Credit - Einozone baulk lank lobe lite telatne wunri from dr EU swami We go long f financial bomb in Ur CMOS portfolio • Foreign exchange — Dalar mow: into a range pcnt dr Rowels EI ~a. bul Pr main a number of hedge: anima mewed ono wears • Commodities — Ike wet in ter US i: patting up can and US gas paces • Risk atsec are upon the week on great expectations management by the F umpeans who Mel led dr %weld toexpect the wont front yesterday's EU Sumatut lodr end. the Et kleppol back front the bunk. Euro area leades caniguanntd on Ane of tru duayetannzb mamma= that at least tempo- tam tams Me negative ettmanue and financial dynamic. est. as it m truly [merles dent • What (*lawn , Sununll dealer Hem is a aip kw! mew. Om snes pubbea bow, (COW GF1MSI prows* more details Overall. d Id ts what is neededa. save FMU. and ono is whew we started fir week. Men are could say we tamed to — a naramneful step. with many :more to be tarn. and a nsk of alsline lark when the details nerd to be filled ut • NW mimed last week that the Sununu ultimately needs to te Ridged an whether it maw: Ur Euro ara town& (heal and political Feder-alban. The \hit Romy. Report on a GOMM(' Economu and .Vonaan. Noon spells Out a vision of Me federalist end pant. but maned no agernera. Mucks an invitation to by again with more concrete propangs by October Wry little progms ems. except the the issir is now at least openly cm the Wee • :or progrew »marls federnInni was mfl byaverring toa ;angle bank wiprmeot undo the ECM to It implemented by yearmad The still twice Er NI would then Le allowed to hrlp neat/nabs bank:. — a small move towed. a much needed RunkTARR Also. a lint step was (Ara (meant itnippuir the w-monty of official lending relative to the prwate mace in the ea", of Ur EESE/ESM loan to Spain to meapitalur n. bank: The subanhua non of pre-ate unrston has been dr man masai why official keen nese subdued dr masker. Nonhern EIMU c not accepting this as a rule change. Om one can argue that at cat is cm of the tag • Equally unponant is that Øne stem. ate bong taken towards ending lilt The omhang analyst es indicated by an ac See page 7 for analym anthracite and unportant legal and regulatory Ølos erts Global Asset Allocation JP unman Gorman NA, JP Mawr. 3~43 Lb ..banP 29. 2012 Jon Losys'c (1.212) 8345874 ion Iciey7SPnWilian om John Normand (ant» 732, 0222 loan unmans» prwarkan con Nikolaos Panigirtzoglou (44 mi 7777 0386 nikola04. panigirt~preorgan 0Orn Seamus Mao Gorain (44.20) 7777-2005 ~nun macsorainiiii:0"900 wen Matthew Lehmann (444.20) 1134/853 mansa m inninanneipinetgan an Leo Evans (44.20) 7742-253, kronara a evarcennoman yro teluens Itå art, Jun 29 wan re rilrin mar " Cap Y" "/P0 SlP500 UPC un w1Ø WOW — Ea mete Man- WO Or us rem was Mew 0o Per Lit fx kt0C) ~pp Enrtpie Fointincour U3 OS oar mon m sa ap 11~ olo~ihr sew yet — on r..rr.pin. pin 0~ n wise,. mac rat c.a. ens. a Culn•I www.morganmarkets.com lat caul weciandeatial Øset«, m amnia duclunrs aid madman maim oa who Cur du fuickpie m rale scculUeS. InXulaty andcompleten¢.ol.nlmma mu ms. nanderculay. total pmtkee, ant Weal entity nalarecta.availibleal hniUswwiemirem wen Neu. Mwlowimenuit EFTA01178647