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chi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: J.P. Morgan Saudi Arabia Ltd. is authorized by the Capital Market Authority of the Kingdom of Saudi Arabia (CMA) to carry out dealing as an agent. arranging. advising and custody, with respect to securities business under li
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
chi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: J.P. Morgan Saudi Arabia Ltd. is authorized by the Capital Market Authority of the Kingdom of Saudi Arabia (C MA) to carry out dealing as an agent, arranging• advising and custody, with respect to securities business under l
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)
rachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: M. Morgan Saudi Arabia Ltd. is authorized by the Capital Market Authority of the Kingdom of Saudi Arabia (CMA) to carry out dealing as an agent, arranging. advising and custody, with respect to securities business under li
. 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 the Capital Market Authority and CEMBI

Malaysia
LOCATION
New Zealand
LOCATION
United Kingdom
LOCATIONthe Securities Commission
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONJapan Investment Advisers Association
ORGANIZATIONKanto Local Finance Bureau
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATION
Philippines
LOCATION
JPMorgan Chase
ORGANIZATIONCapital Markets Services License
ORGANIZATIONthe Stock Exchange
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONthe Securities and Exchange Commission
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATIONthe Philippine Stock Exchange
ORGANIZATION
the Ministry of Finance
ORGANIZATIONEngland & Wales
LOCATIONJPMSAL
ORGANIZATION