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s 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 Exchange and authorized to act as a broke
ng Organization of Bursa Malaysia Berhad and a holder of Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: J. P. Morgan Pakistan Broking (Pvt.) Ltd is a member of the Karachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: `Morgan Saudi Arabi
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
ng Organization of Bursa Malaysia Bcrhad and a holder of Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: J. P. Morgan Pakistan Broking (Pvt.) Ltd is a member of the Karachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: Morgan Saudi Arabi
egulated 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 Stock Exchange and authorized to act as a
ng Organization of Bursa Malaysia Bcrhad and a holder of Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: J. P. Morgan Pakistan Broking (Pvt.) Ltd is a member of the Karachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: J.P. Morgan South A
regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan S.A. is regulated by the Comissao de Valens Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: J.P. Morgan Casa de Bolsa. S.A. de Morgan Grope Financiero is a member of the Mexican Stock Exchange and authorized to act as a broker dea
ng Organization of Bursa Malaysia Berhad and a holder of Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: J. P. Morgan Pakistan Broking (Pvt.) Ltd is a member of the Karachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: J.P. Morgan Saudi A
regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan S.A. is regulated by the Comissao de Valorcs Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: J.P. Morgan Casa dc Boise, S.A. de C.V., l.P. Morgan (irupo Financicro is a member of the Mexican Stock Exchange and authorized to act as a
ng Organization of Bursa Malaysia Ballad and a holder of Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: J. P. Morgan Pakistan Broking (Pvt.) Ltd is a member of the Karachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: J.P. Morgan Saudi A
Entities connected to both the Central Bank of Brazil and J. P. Morgan Pakistan Broking (Pvt.)

Malaysia
LOCATIONthe Mexican Stock Exchange
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATION
Philippines
LOCATION
New Zealand
LOCATION
the Ministry of Finance
ORGANIZATIONthe Philippine Stock Exchange
ORGANIZATION
JPMorgan Chase
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONEngland & Wales
LOCATIONThe Financial Futures Association of Japan
ORGANIZATIONKanto Local Finance Bureau
ORGANIZATIONthe Hong Kong
LOCATIONCapital Markets Services License
ORGANIZATIONthe Karachi Stock Exchange
ORGANIZATIONDubai Branch
ORGANIZATIONJPMSAL
ORGANIZATION