20 110 100 - 06 09 10 Source DGBAS, Taiwan: real GDP and IP %40 saw. both scales 15 10 5 0 4 10 2012 2013 2014 2015 Manufacturing Accomodatlon and food servi5es Real estate • — 20 15 10 S 0 5 -10 15 This document is being provided for the exclusive use of & clients of J.P. Morg