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s regulated by the Securities and Exchange Commission. Brazil: Banco E Morgan S.A. is regulated by the Comissao de Valores Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: E. Morgan Casa de Boise. S.A. de C.V.... Morgan (imp° Financicro is a member of the Mexican Stock Exchange and authorized to act as a broke
erall firm revenues. Other Disclosures Morgan ('PM") is the global brand name for 1. Morgan Securities LLC ("JPMS") and its affiliates worldwide... Morgan Cazenove is a marketing name for the U.K. investment banking businesses and EMEA cash equities and equity research businesses of JPMorgan Chase & Co. and its
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 Morgan Casa dc Boise, S.A. de C.V.... Morga
verage in its business. Other Disclosures Morgan (1PM") is the global brand name for `Morgan Securities LLC ("JPMS") and its affiliates worldwide. Morgan Cazenove is a marketing name for the U.K. investment banking businesses and EMEA cash equities and equity research businesses of JPMorgan Chase & Co. and its
is regulated by thc Securities and Exchange Commission. Brazil: Banco M. Morgan S.A. is regulated by the Comissao de Valera Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: • Morgan Casa de Bolus. S.A. de C.V.... Morgan Grupo Financier° is a member of the Mexican Stock Exchange and authorized to act as a broker
all firm revenues. Other Disclosures E. Morgan ("JPM") is the global brand name for Morgan Securities LLC ("JPMS") and its affiliates worldwide... Morgan Cazenove is a marketing name for the U.K. investment banking businesses and EMEA cash equities and equity research businesses of JPMorgan Chase & Co. and its
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: a Morgan Cm de Boise, S.A. de C.V., `Morgan Grupo Financicro is a member of the Mexican Stock Exchange and authorized to act as a broker d
verall firm revenues. Other Disclosures Morgan ("JPM") is the global brand name for Morgan Securities LLC ("JPMS") and its affiliates worldwide. • Morgan Cazenove is a marketing name for the U.K. investment banking businesses and EMEA cash equities and equity research businesses of JPMorgan Chase & Co. and its
Entities connected to both the Central Bank of Brazil and Morgan Cazenove

Malaysia
LOCATIONBombay Stock Exchange Limited
ORGANIZATION
JPMorgan Chase
ORGANIZATION
Philippines
LOCATION
New Zealand
LOCATION
the Ministry of Finance
ORGANIZATIONthe Philippine Stock Exchange
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONEngland & Wales
LOCATIONKanto Local Finance Bureau
ORGANIZATIONCapital Markets Services License
ORGANIZATIONDubai Branch
ORGANIZATIONthe Karachi Stock Exchange
ORGANIZATIONJPMSAL
ORGANIZATIONthe Capital Market Authority
ORGANIZATION
European Economic Area
LOCATION