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ated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank. •., Singapore branch (JPMCB Singapore) which is regulated by the MAS. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X) which is a Participating Organization of Bu
s a member of the Philippine Stock Exchange and is 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 E
ed by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank, S . Singapore branch (JPMCB Singapore) which is regulated by the MAS. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X) which is a Participating Organization of Bu
is a member of the Philippine Stock Exchange and is regulated by the Securities and Exchange Commission. Brazil: Banco. Morgan S.A. is regulated by the Comissao de Valores Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: 58 EFTA00606216 Dave Katz. CFA North America Credit Research 16 February 2012 J.P.Morgan Mor
d by the Monetary Authority of Singapore I hIAS) and/or JPMorgan Chase Bank. N.A., Singapore branch (JPMCB Singapore) which is regulated by the MAS. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X) which is a Panicipating Organization of Bur
a member of the Philippine Stock Exchange and is regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan S.A. is regulated by the Comissao de Valores Mobiliarios (CVNI) and by the Central Bank of Brazil. Mexico: J.P. Morgan Casa de Boise. S.A. de C.V., l.P. Morgan Grupo Financiero is a member of the Mexican S
Entities connected to both Malaysia and the Comissao de Valores Mobiliarios

New Zealand
LOCATION
Philippines
LOCATIONthe Mexican Stock Exchange
ORGANIZATION
Moody's
ORGANIZATION
JPMorgan Chase
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATIONthe Capital Market Authority
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATION
the Ministry of Finance
ORGANIZATIONKanto Local Finance Bureau
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONthe Philippine Stock Exchange
ORGANIZATIONThe Financial Futures Association of Japan
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATIONthe Hong Kong
LOCATION
Mumbai
LOCATIONEngland & Wales
LOCATION