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Securities Ltd. (JPMSL) 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 125 London Wall, London EC2Y 5A1. South Africa: E. Morgan Equities Limited is a member of the Johannesburg Securities
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
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
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
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
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.
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
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 England & Wales and Global Asset Allocation

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