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.( O'Malley 4 EFTA_R1_00470163 EFTA01981561 Jan L Global Asset Airoc The J.P. Morgan View 11 July 2014 Forecasts & Strategy Interest rates Unded States Euro area United ICmgdom Japan Emerging markets Credit Markets US high grade (bp over UST) Euro high grade (asset swap sprd) USI) high yield

regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan S.A. is regulated by the Comissao de Velem% Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: J.P. Morgan Casa de Boise, S.A. de C.V., J.P. Morgan Grupo Financier° is a member of the Mexican Stock Exchange and authorized to act as a

on The J P Morgan View 09 November 2012 Global Economic Outlook Summary J.P.Morgan Real GDP %over a year ago 2011 2012 2071 1012 2012 The Americas United States 1.8 22 1.7 2.0 1.3 Canada 2.6 2.2 2.1 1.8 1.9 Latin America 42 2.9 3.9 2.8 2.4 Argentina 8.9 2.7 3.6 24 -32 &a

regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan S.A. is regulated by the Comissao de Valens Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: J.P. Morgan Casa de Bolsa. S.A. de Morgan Grope Financiero is a member of the Mexican Stock Exchange and authorized to act as a broker dea

A, ova. prenous prod. say Consumer prices N wet a )ea• ago 2011 2012 2013 2012 3012 4012 1013 2013 3Q13 4013 2012 4012 2013 4013 The Americas United States 1.8 2.3 1.8 1.3 3.1 1.5 1.0 1.5 2.5 3.0 1.9 1.9 1.6 1.4 Canada 2.6 2.0 1.7 1.7 0.6 1.5 1.7 2.0 2.2 2.5 1.6

is regulated by thc Securities and Exchange Commission. Brazil: Banco M. Morgan S.A. is regulated by the Comissao de Valera Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: • Morgan Casa de Bolus. S.A. de C.V.... Morgan Grupo Financier° is a member of the Mexican Stock Exchange and authorized to act as a broker

s, FX & EM 2017 Year Ahead | 16 November 2016 BankofAmerica <2” Merrill Lynch HOUSE_OVERSIGHT_014734 --- PAGE BREAK --- currencies. The fact that the Central Bank of Brazil will be looking to cut rates in the face of a Fed tightening cycle makes the BRL especially vulnerable in 2017. We would recommend buying MXN against

l Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merr This research report: has been approved for publication and is distributed in the United FCA and the PRA) by MLI (UK) and Bank of America Merrill Lynch International Limited, retail clients (as defined in the rules of the FCA and the PRA}

investors. Such financial instruments may expire worthless. Before investing in futures or options, clients must receive the appropriate risk Bankof America Merrill Lynch Global Rates, FX & EM 2017 Year Ahead | 16 November 2016 55 HOUS E_OVERSIGHT_014785 --- PAGE BREAK --- disclosure documents. Invest

om Global Asset Allocatior The J.P. Morgan View 28 March 2013 Global Economic Outlook Summary 2011 Real GDP % over a year ago 2012 2013 2014 3Q12 The Americas United States Canada Latin America Argentina Brazil Chile Colombia Ecuador Mexico Peru Uruguay Venezuela Asia/Pacific Japan Australia New Zealand Asi

regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan S.A. is regulated by the Comissao de Valores Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P. Morgan Grupo Financiero is a member of the Mexican Stock Exchange and authorized to act as a b