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regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan S.A. is regulated by the Comissao de Velem% Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: J.P. Morgan Casa de Boise, S.A. de C.V., J.P. Morgan Grupo Financier° is a member of the Mexican Stock Exchange and authorized to act as a
ll as weaker supply growth, largely in Iraq and Libya. • Recent reports of a peace agreement in Libya between the rebels and the government caused Brent to fall by around 5%. We think a quick and full recovery in production is unlikely and we also think overall production capacity is now lower due t
regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan S.A. is regulated by the Comissao de Valens Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: J.P. Morgan Casa de Bolsa. S.A. de Morgan Grope Financiero is a member of the Mexican Stock Exchange and authorized to act as a broker dea
rporates (CEMBI) 10.1% 9.5% 13.1% 21.0% 16.4% 15.4% Quarterly Averages Commodities Current 1204 1301 1302 1303 GSCI Index YID Return' Brent (Sibbl) 110 105 112 105 120 Energy -3.7% Gold (Stoz) 1733 1725 1750 1775 Precious Metals 8.7% Copper IS/metric ton) 7629 8300 8500
is regulated by thc Securities and Exchange Commission. Brazil: Banco M. Morgan S.A. is regulated by the Comissao de Valera Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: • Morgan Casa de Bolus. S.A. de C.V.... Morgan Grupo Financier° is a member of the Mexican Stock Exchange and authorized to act as a broker
make the largest gain with close to 14%, closely followed by base metals and precious metals with 12% and 9% respectively. Our oil strategists see Brent at $120/bbl by year end, driven by higher demand as the global economy should improve sequentially towards the end of 2013. Agriculture prices are
Entities connected to both the Central Bank of Brazil and Brent

Malaysia
LOCATION
JPMorgan Chase
ORGANIZATION
Philippines
LOCATION
Bloomberg L.P.
ORGANIZATION
New Zealand
LOCATIONthe Philippine Stock Exchange
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATION
the Ministry of Finance
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATIONthe Capital Market Authority
ORGANIZATIONEngland & Wales
LOCATIONJapan Investment Advisers Association
ORGANIZATION
Frankfurt
LOCATIONthe Hong Kong
LOCATIONthe Stock Exchange
ORGANIZATIONJPMSAL
ORGANIZATION