ines; • European Redemption Fund (ERF) and progress; • Potential for globally coordinated action by Central banks; Pagan Miadhwa (Global Head of Interest Rate Strategy): European Polley Strategist Alex White See page 3 for analyst certification and important disclosures. J.P. Morgan does and seeks to do business

exander White (tentative), European Policy Strategist; o Nikolaos Panigirtzoglou, Global Market Strategist. Proposed Agenda: Pavan Wadhwa (Head of Interest Rate Strategy): o Greek election: updated probability of an exit; next steps o Spanish bank recap: audit and deposit capital flight update David Mackie (Head of

lexander White (tentative), European Policy Strategist; Nikolaos Panigirtzciglou, Global Market Strategist. Proposed Agenda: Pavan Wadhwa (Head of Interest Rate Strategy): • Greek election: updated probability of an exit; next steps • Spanish bank recap: audit and deposit capital flight update David Mackie (Head of