Presentation to Client XYZ - JP Morgan Asset Management

J.P. Morgan Asset Management Standard Template 2009.pptJan-00Jan-01Jan-02Jan-03Jan-04Jan-05Jan-06Jan-07Jan-08Jan-09Jan-10Jan-11G-7S'pore*HungaryIndiaBrazilPolandMalaysiaPakistanKenyaPhils.ThailandLithuaniaUkraineLatviaMexicoArgentinaS. AfricaTurkeyRomaniaColombiKoreaIndonesiPeruBulgariaChinaNigeriaRussiaChileS. ArabiaEstoniaHKSlowdown => no need to worry about inflation = easier policy settings* Slower growth should reduce inflation risks* Central banks can use the opportunity to keep interest rates low* ASEAN government debt to GDP is less than half that of G7 – ASEAN governments have room to ease fiscal policy* Easier policy settings supporting credit expansion and economic growth18Short term interbank interest rates120General gov ernment gross debt, % GDP12Indonesia80See notePhilippines6MalaysiaThailand400Singapore0Source: UBS, Haver, CEICSource: IMF EstimatesNote: * Singapore’s government has large financial asset holdings through Temasek and GIC.As such the net asset position is one of the most favorable in the world.