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