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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

anco 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 broker dealer by the National Banking and Securit

ange in cash or ending cash. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets an

le of Contents SAFEWAY INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements The Company also has a 49% ownership interest in Casa Ley, S.A. de C.V. ("Casa Ley"), which operates 206 food and general merchandise stores in Western Mexico. See Note V. Basis of Presentation The consolidated financia

t be reprinted, sold or redistributed without the written consent of Morgan Stanley. 13 EFTA00598634 Morgan Stanley MORGAN STANLEY RESEARCH The Americas 1585 Broadway New York. NY 10036-8293 United States Tel: +1 (1) 212 761 4000 Europe 20 Bank Street. Canary Wharf London E14 4AD United Kingdo

ted. used in this disclosure sec ion, Morgan Stanley includes Morgan Stanley & Co. LLC, Morgan Stanley S.A., Morgan Stanley Mexico, Casa de Bolsa. S.A. de C.V., Morgan Stanley Canada Limited and their affiliates as necessary. For important disclosures, stock price charts and ' ' " " t are the subject

lize the resultant opportunities, we are increasing our capacity for silica. A new production facility is therefore currently under construction in Americana (Brazil). This will be the first local producer of highly dispersible silica (HD silica) specifically for the South American tire industry. In Sou

ynes (UK) 100.00 Evonik Methionine SEA Pte. Ltd. Singapore (Singapore) 100.00 Evonik Metllatos S.A. Rosario (Argentina) 100.00 Evonik Mexico, S.A. de C.V. Mexico City (Mexico) 100.00 Evonik Oil Additives Asia Pacific Pte. Ltd. Singapore (Singapore) 100.00 Evonik Oil Additives Canada Inc. Morrisbu

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

anco 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 broker dealer by the National Banking and Securiti