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s regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission in Hong Kong. Korea: J.P. Morgan Securities (Far East) Ltd, Seoul Branch, is regulated by the Korea Financial Supervisory Service. Australia: J.P. Morgan Australia Limited (ABN 52 002 888 011/AFS Licence No: 238188)
Page: HOUSE_OVERSIGHT_026578 →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
Page: HOUSE_OVERSIGHT_026578 →o the contrary man offense. Korea: This repots spay have been rated a contributed to Ina) time to time affiliates dB blapn Securitiesthe East) lad. Seoul branch. Rand Member 10.3011. topyrizte 2012 .1Plihavan Chase Co_ All rights retrial Adiiiuorui intoiniation avallabk upon regant_ M. Morgan ('JPM') i
s regulated by the Securities and Exchange Commission. Brazil: Banco E. MorgLm S.A. is regulated by the Comissao de Valores Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: E. Morgan Casa dc Boise, S.A. de C.V., E. Morgan Gmpo Financiers is a member of the Mexican Stock Exchange and authorized to act as a broke
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
Page: HOUSE_OVERSIGHT_014735 →isién Nacional de Valores; Merrill Lynch japan): Merrill Lynch Japan Securities Co., Ltd., regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Secur
Page: HOUSE_OVERSIGHT_014785 →Entities connected to both Seoul and the Central Bank of Brazil

Donald Trump
PERSON
United States
LOCATION
Bloomberg L.P.
ORGANIZATION
George W. Bush
PERSON
Philippines
LOCATION
Joe Biden
PERSON
Barack Obama
PERSON
Bill Clinton
PERSON
Condoleezza Rice
PERSON
United Kingdom
LOCATION
Frankfurt
LOCATION
Malaysia
LOCATION
Eric Trump
PERSONthe Capital Market Authority
ORGANIZATION
JPMorgan Chase
ORGANIZATION
Columbia University
LOCATION
New Zealand
LOCATION
the Financial Services Agency
ORGANIZATION
Michael Bloomberg
PERSONthe Dubai Financial Services Authority
ORGANIZATION