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ia 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 Commission. Brazil: Banco E. MorgLm S.A. is regulated by the Comissao de Valores Mobiliarios (CVM) a
ies LLC Economic and Policy Research Malcolm Barr JPMorgan Chase Bank N.A. London Branch Rates Strategy Pavan Wadhwa J.P. Morgan Secunues Ltd. Global Asset Allocation Nikolaos Pani irtzoglou Proposed Agenda: J.P. Morgan Securities Ltd. Alex White (European Policy Strategist): • Key ground covered by the Summi
nesia Stock Exchange and is regulated by the O1K a.k.a. BAPEPAM LK. Philippines: J.P. Morgan Securities Philippines Inc. is a Trading Participant of the Philippine Stock Exchange and a member of the Securities Clearing Corporation of the Philippines and the Securities Investor Protection Fund. It is regulated by the Securitie
arket implications: they favor income over growth assets. See page 7 for analyst certification and important disclosures. Click play to view video Global Asset Allocation Jan Loeys AC JPMergan Chase Bank NA John Normand J.P. Morgan Securities plc Nikolaos Panigirtzoglou JP. Morgan Securities plc Mika Inkinen J.P
is a member of the Indonesia Stock Exchange and is regulated by the BAPF.PAM LK. Philippines: J.P. Morgan Securities Philippines Inc. is a member of the Philippine Stock Exchange and is regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan S.A. is regulated by the Comissao de Valens Mobiliarios (CVM)
still be buffeted by a steady news flow on wide gaps between each side's position. See page 7 for analyst certification and important disclosures. Global Asset Allocation Jan Loeys AC JPMorgan Chase Bank NA John Normand J.P. Morgan Socunbos plc Mk I P nl Irtz I u J.P. Morgan Secunlies plc Seamus Mac Gorain J.P.
r 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 ClearingSorporation of the Philippines and the Securities Investor Protection Fund. It is regulated by thc Securities
wth raised from 0.4% to 0.5% (see discussions by Kanno and Adachi in today's GDW). See page 7 for analyst certification and important disclosures. Global Asset Allocation 04 January 2013 Global Asset Allocation Jan Loeys AC (1-212)834-5874 JPMorgan Chase Bank NA John Normand (44-20) 7134-1816 M. Morgan Securitie
Entities connected to both the Philippine Stock Exchange and Global Asset Allocation

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