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the Securities and Exchange Commission. Indonesia: PTE. Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regulated by the BAPEPAM LK. Philippines: E. Morgan Securities Philippines Inc. is a member of the Philippine Stock Exchange and is regulated by the Securities and Exchange Co
sued to persons regarded as professional investors (or equivalent) in their home jurisdiction. Australia: This material is issued and distributed by JPMSAL in Australia to "wholesale clients' only. JPMSAL does not issue or distribute this material to "retail clients". The recipient of this material must
d the Securities and Exchange Commission. Indonesia: PT5 Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regulated by the BAPEPAM LK. Philippines: E. Morgan Securities Philippines Inc. is a member of the Philippine Stock Exchange and is regulated by the Securities and Exchange Co
sued to persons regarded as professional investors (or equivalent) in their home jurisdiction. Australia: This material is issued and distributed by JPMSAL in Australia to "wholesale clients' only. JPMSAL does not issue or distribute this material to "retail clients". The recipient of this material must
e Securities and Exchange Commission. Indonesia: PT J.P. Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regulated by the BAPEPAM LK. Philippines: J.P. Morgan Securities Philippines Inc. is a member of the Philippine Stock Exchange and is regulated by the Securities and Exchange
sued to persons regarded as professional investors (or equivalent) in their home jurisdiction. Australia: This material is issued and distributed by JPMSAL in Australia to "wholesale clients" only. JPMSAL does not issue or distribute this material to "retail clients". The recipient of this material must
the Securities and Exchange Commission. Indonesia: PT E. Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regulated by the BAPEPAM LK. Philippines: M. Morgan Securities Philippines Inc. is a Trading Participant of the Philippine Stock Exchange and a member of the Securities Clearin
obal Asset Allocation The a Morgan View 04 January 2013 J.P.Morgan their home jurisdiction. Australia: This material is issued and distributed by JPMSAL in Australia to "wholesale clients' only. JPMSAL does not issue or distribute this material to "retail clients". Thc recipient of this material must
Entities connected to both the BAPEPAM LK and JPMSAL

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