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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
ector accounts for 18.4% of the CEMBI Broad, but not all of the issuers in the sector arc beneficiaries of higher oil prices. Only about 22% of the CEMBI Broad is made up of issuers in countries that are net oil exporters and where the economy would benefit from higher oil prices (JPI/ E tl Corporat
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
sury 176 iBoxx Euro Corporate Index 582 JPMorgan Global High Yield Index STW 726 iBoxx Euro HY Index 294 EMBI Global 337 JPM EM Corporates (CEMBI) 10.1% 9.5% 13.1% 21.0% 16.4% 15.4% Quarterly Averages Commodities Current 1204 1301 1302 1303 GSCI Index YID Return' Brent (Sibbl)
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
. H means hedged 2013E 2012 MSCI EM 15.0 17.4 EM Local Fl (U) 10.0 8.9 EMFX 10.0 7.5 GSCI 10.0 0.1 MSCI World 10.0 16.0 US HY 7.5 16.2 CEMBI 7.0 16.7 EMBIG 7.0 18.5 JACI 6.5 14.3 EU HY 6.0 25.0 US HY Loans 5.5 9.7 US KG 5.4 9.9 Gold 5.0 6.1 EU KG ■ 1.5 11.2 EM Local Fl
Entities connected to both England & Wales and CEMBI

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