HOUSE_OVERSIGHT_026576.jpg

Jan Loeys (1-212) 834-5874 jan.loeys@jpmorgan.com Interest rates United States Fed funds rate 0-year yields Euro area Refi rate 0-year yields United Kingdom Repo rate 0-year yields Japan Overnight call rate 0-year yields GBI-EM hedged in $ Yield - Global Diversified Credit Markets US high grade (bp over UST) Euro high grade (bp over Euro gov) USD high yield (bp vs. UST) Euro high yield (bp over Euro gov) EMBIG (bp vs. UST) EM Corporates (bp vs. UST) Commodities Brent ($/bbl) Gold ($/oz) Copper ($/metric ton) Corn ($/Bu} Foreign Exchange Global Asset Allocation The J.P. Morgan View 09 November 2012 J.P Morgan EUR/USD USD/JPY GBP/USD USD/BRL USD/CNY USD/KRW USD/TRY YTD Return Equities Current (local ccy) S&P 1390 15.6% Nasdaq 3014 21.2% Topix 734 44% FTSE 100 5770 8.6% MSCI Eurozone* 143 15.8% MSCI Europe* 1104 13.2% MSCI EM $* 995 12.2% Brazil Bovespa 58383 2.6% Hang Seng 22111 22.1% Shanghai SE 2117 4.2% *Levels/returns as of Nov 08, 2012 Local currency except MSCI EM $ Source: J.P. Morgan Current Dec-12 Mar-13 Jun-13 Sep-13 YTD Return* 0.125 0.125 0.125 0.125 0.125 1.63 2.00 2.00 2.00 2.25 26% 0.75 0.75 0.75 0.75 0.75 1.35 2.00 2.15 2.25 2.25 3.9% 0.50 0.50 0.50 0.50 0.50 1.74 2.20 2.30 2.35 2.35 2.9% 0.05 0.05 0.05 0.05 0.05 0.73 0.85 0.90 0.95 1.00 2.0% 5.64 6.00 13% Current Index YTD Return* 161 JPMorgan JULI Porfolio Spread to Treasury 10.1% 176 iBoxx Euro Corporate Index 95% 582 JPMorgan Global High Yield Index STW 13.1% 126 iBoxx Euro HY Index 21.0% 294 EMBI Global 16.4% 337 JPM EM Corporates (CEMBI) 15.4% Quarterly Averages Current 1204 1301 13Q2 13Q3 GSCI Index YTD Return* 110 105 Wil2 105 120 Energy 3.1% 1733 1725 1750 1775 Precious Metals 8.7% 1629 8300 8500 8700 Industrial Metals 2.5% 145 8.75 8.50 8.25 Agriculture 15.2% 3m cash YTD Return* Current Dec-12 Mar-13 Jun-13 Sep-13 index in USD 1.28 1.30 1.30 132 34 EUR -0.8% 80.5 18 19 19 19 JPY 34% 1.60 1.61 1.60 1.62 63 GBP 41% 2.03 2.02 2.02 2.00 98 BRL -2.6% 6.24 6.32 6.32 6.30 6.25 CNY 2.5% 1091 1125 1125 1110 1100 KRW 8.1% 1.79 1.80 1.75 1.15 10 TRY 13.3% US Europe Japan EM Sector Allocation * YTD YTD YTD YTD ($) Energy 61% -0.5% -1.5% 3.4% Materials 11.7% 10.3% -5.0% 3.5% Industrials 12.6% 15.7% 1.2% 10.5% Discretionary 21.0% 23.9% 45% 10.8% Staples 114% 13.1% 13.8% 19.5% Healthcare 18.4% 15.5% 15.0% 30.9% Financials 25.6% 24.2% 23.0% 16.8% Information Tech. 15.6% 16.1% -5.2% 19.3% Telecommunications 21.9% 3.4% -1.3% 12.2% Utilities 47% 8.2% -20.4% 5.2% Overall 15.6% 13.2% 44% 12.2% HOUSE_OVERSIGHT_026576