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be artificially suppressed by controls. When looking at 16 countries with severe capital controls based on IMF indicators (Algeria, Angola, China, Malaysia, Tunisia, Cote d'Ivoire. India. Morocco, Pakistan, Philippines, Sri Lanka, Swaziland. Tanzania, Togo, Ukraine, and Uzbekistan), we find that bitcoin
imited, regulated by the Hong Kong Securities and Futures Commission (HKSFCJ; Meml Lynch (Singapore): Merrill Lynch (Singapore) Pte Ltd, regulated by the Monetary Authority of Singapore (MAS); Merrill Lynch (Canada): Merrill Lynch Canada Inc, regulated by the Investment Industry RegulatoryOrganization of Canada; Merrill
6.5 5.7 4.5 6.0 4.9 j 4.5 4.5 5.0 5.5 4.5 4.3 3.9 4.6 Korea 3.6 2.2 3.01 1.1 02 15 2.51 4.0 4.5 4.5t 2.4 1.74 2.44 3.0 4 Malaysia 5.1 5.3 5.1 6.3 3.6 6,5 5.0 4.5 4.5 5.0 1.7 1.2 2.3 2.6 Philippines 3.8 6.4 4.8 5.0 52 43 t 4.5 4.9 t 5.3 t 5.3 t 2.9 2.3
JPMSS) Nick (P) 088/04/2012 and Co. Reg. No.: 199405335R] which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase I3ank. S. Singapore branch (JPMCB Singapore) which is regulated by the MAS. Malaysia: This material is iss
Financial Futures Association of Japan, Japan Investment Advisers Association and Type II Financial Instruments Firms Association. For persons in Malaysia. This document is provided on a confidential basis and made upon your request. This document does not constitute, and should not be construed as co
You should consider carefully whether the investment is suitable for you. The product named in this Presentation is not authorized or recognized by the Monetary Authority of Singapore (the "MAS") and none of its interests / shares / units shall be allowed to be offered to retail public in Singapore. This Presentatio
Financial Futures Association of Japan, Japan Investment Advisers Association and Type II Financial Instruments Firms Association. For persons in Malaysia. This document is provided on a confidential basis and made upon your request. This document does not constitute, and should not be construed as co
You should consider carefully whether the investment is suitable for you. The product named in this Presentation is not authorized or recognized by the Monetary Authority of Singapore (the "MAS") and none of its interests / shares / units shall be allowed to be offered to retail public in Singapore. This Presentatio
Financial Futures Association of Japan, Japan Investment Advisers Association and Type II Financial Instruments Firms Association. For persons in Malaysia. This document is provided on a confidential basis and made upon your request. This document does not constitute, and should not be construed as co
You should consider carefully whether the investment is suitable for you. The product named in this Presentation is not authorized or recognized by the Monetary Authority of Singapore (the "MAS") and none of its interests / shares / units shall be allowed to be offered to retail public in Singapore. This Presentatio
Financial Futures Association of Japan, Japan Investment Advisers Association and Type II Financial Instruments Firms Association. For persons in Malaysia. This document is provided on a confidential basis and made upon your request. This document does not constitute, and should not be construed as co
You should consider carefully whether the investment is suitable for you. The product named in this Presentation is not authorized or recognized by the Monetary Authority of Singapore (the "MAS") and none of its interests / shares / units shall be allowed to be offered to retail public in Singapore. This Presentatio
Entities connected to both Malaysia and the Monetary Authority

New Zealand
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Philippines
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United Kingdom
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Columbia University
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Chile
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Monaco
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Prince Charles
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Hungary
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Hong Kong
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Deutsche Bank
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Geneva
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United Arab Emirates
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Financial Services
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JPMorgan Chase
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Abu Dhabi
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