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m% 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 broker dealer by the National Banking and Securities Exchange Commission. Singapore: This material is issued and distribu
NGN vs. ua FX Cornell Small OW Energy on carry: Copper on better demand from China. Sauce'. J P. Morgan 5 EFTA_R1_00470164 EFTA01981562 Jan Loeys Global Asset Allocation The J.P. Morgan View 11 My 2014 Global Economic Outlook Summary Real GDP %owxayear ago Real GDP %aerawfous peed. isar
ao 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 dealer by the National Banking and Securities Exchange Commission. Singapore: This material is issued and distribu
4 0 5 ICI 15 20 Sane J P. Morgan. Bbornberg See blue box m page 2 Sol °escapee() www.morga n m a rkets.com EFTA_R 1_020751 13 EFTA02702625 Jan Loeys (1-212) 834-5874 jan.loeystaprnorgan.com Global Asset Allocation The J.P. Morgan 'flew 09 November 2012 • As a result, we stay underweight US
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 dealer by the National Banking and Securities Exchange Commission. Singapore: This material is issued and distribu
Hedged Into USD. Euro Fixed Income Is illoxx Overall Index. US HG, HY, EhIBIG and EMS Corp are JPM Indices. EM FX Is ELMI+ in S. 2 EFTA00598497 Jan Loeys (1-2121834-5874 Global Asset Allocation The Morgan View 04 January 2013 given we are only in the first week of the year, the early QE exit trad
use for our own global growth forecast. More details in ... Global Data Watch, Bruce Kasman and David Hensley Global Markets Outlook and Strategy, Jan Loeys, Bruce Kasman, et al. US Fixed Income Markets, Terry Belton and Srini Ramaswamy Global Fixed Income Markets, Pavan Wadhwa and Fabio Bassi Emerging
Page: HOUSE_OVERSIGHT_026573 →res Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P. Morgan Grupo Financiero is a member of the Mexican Stock Exchange and authorized to act as a broker dealer by the National Banking and Securities Exchange Commission. Singapore: This material is issued and distribut
Page: HOUSE_OVERSIGHT_026578 →Entities connected to both the Mexican Stock Exchange and Jan Loeys

Malaysia
LOCATION
New Zealand
LOCATION
JPMorgan Chase
ORGANIZATION
the Ministry of Finance
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATION
Philippines
LOCATIONthe Philippine Stock Exchange
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATIONEngland & Wales
LOCATIONThe Financial Futures Association of Japan
ORGANIZATIONKanto Local Finance Bureau
ORGANIZATIONthe Karachi Stock Exchange
ORGANIZATIONthe Hong Kong
LOCATIONCapital Markets Services License
ORGANIZATION
European Economic Area
LOCATIONthe Stock Exchange
ORGANIZATION