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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
rised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England & Wales No. 2711006. Registered Office 25 Bank Street. London, El4 SIP. South Africa: J.P. Morgan Equities South Africa Proprietary Limited is a member of t
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
ecurities plc (JPMS plc) is a member of the London Stock Exchange and is authorized and regulated by the Financial Services Authority. Registered in England & Wales No. 2711006. Registered Office 25 Bank Street, London, E 1 4 SIP. South Africa: J.P. Morgan Equities Limited is a member of the Johannesburg Securit
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
ecurities plc (JPMS plc) is a member of the London Stock Exchange and is authorized and regulated by the Financial Services Authority. Registered in England & Wales No. 2711006. Registered Office 25 Bank Street. London, El 4 5JP. South Africa: E. Morgan Equities South Africa Proprietary Limited is a member of th
Entities connected to both Jan Loeys and England & Wales

Jeffrey Epstein
PERSON
JPMorgan Chase
ORGANIZATION
Malaysia
LOCATIONthe Stock Exchange of Thailand
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONBombay Stock Exchange Limited
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Philippines
LOCATION
New Zealand
LOCATIONthe Central Bank of Brazil
ORGANIZATION
the Ministry of Finance
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONthe Philippine Stock Exchange
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATIONJPMSAL
ORGANIZATIONthe Stock Exchange
ORGANIZATIONThe Financial Futures Association of Japan
ORGANIZATIONDubai Branch
ORGANIZATIONKanto Local Finance Bureau
ORGANIZATIONthe Karachi Stock Exchange
ORGANIZATION