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zing by 2Q15. Mexico reform is getting close and onshore service contracts could materialize in 2H14 followed by IOC offshore tenders in 1H15. Even Venezuela is improving with a recent agreement on receivables and additional activity. • Raising EPS estimates slightly, more upside from buybacks. We raised
mited is the liquidity provider/market maker for derivative warrants, callable bull bear contracts and stock options listed on the Stock Exchange of Hong Kong Limited. An updated list can be found on HKEx websitc: http://wvAv.hkex.com.h1c. Japan: There is a risk that a loss may occur due to a change in the price o
9 4.3 4.5 01 6.7 Ecuador 8.0 5.0 4.0 4.2 4.8 Mexico 3.9 3.9 3.6 41 3.5 Peru 6.9 6.0 7.0 13 60 Uruguay 5.7 3S 4.0 11.8 21 Venezuela 4.2 5.0 0.0 10.1 0.6 Asla/Pacific Japan -0.7 1/ 0.1 5.3 02 Australia 2.1 3.5 2.5 51 2.6 New Zealand 1.3 2.6 21 4.1 2.3 Asa e
rnorgan.com Global Asset Allocation The J.P. Morgan View 09 November 2012 J.P.Morgan contracts and stock options listed on the Stock Exchange of Hong Kong Limited. An updated list can be found on FIKEx website: http://www.hkex.com.hk. Japan: There is a risk that a loss may occur due to a change in the price of
4.8 3.0 5.5 5.0 3.0 3.0 4.0 5.1 5.1 5.4 4.7 Mexico 3.9 3.9 3.6 3.3 1.8 2.3 3.9 4.5 4.6 4.0 3.9 4.4 4.1 3.5 Peru Uruguay Venezuela Asia/Pacific 6.9 5.7 4.2 6.2 3.5 5.0 6.0 4.0 0.0 6.0 2.2 t -0.5 5.5 7.8 t 42 6.0 a 0.0 6.5 6.0 .4.0 6.0 4.3 0.0 5.0 4.0 3
imited is the liquidity provider/Market maker for derivative warrants. callable bull bear contracts and Mock options listed on the Stock Exchange of Hong Kong Limited. An updated list can be found on HKEx website: Japan: There is a risk that a loss may occur due to a change in the price of the shares in the case o
Entities connected to both Venezuela and Hong Kong Limited

United States
LOCATION
Bloomberg L.P.
ORGANIZATION
Marc Rich
PERSON
Eric Trump
PERSON
Philippines
LOCATION
Malaysia
LOCATION
Condoleezza Rice
PERSON
New Zealand
LOCATION
Hungary
LOCATION
Ecuador
LOCATION
Saudi Arabia
LOCATIONDaphne Wallace
PERSONthe Securities and Exchange Commission
ORGANIZATION
Bulgaria
LOCATION
JPMorgan Chase
ORGANIZATION
North America
LOCATION
the Ministry of Finance
ORGANIZATION
Frankfurt
LOCATION
Morgan Stanley
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATION