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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
mmission. (For research published within the first ten days of the month. the disclosure may be based on the month end data from two months prior.). Morgan Broking (Hong Kong) Limited is the liquidity providedmarket maker for derivative warrants, callable bull bear contracts and stock options listed on the Stoc
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
mmission. (For research published within the first ten days of the month, the disclosure may be based on the month end data from two months prior.). Morgan Broking (Hong Kong) Limited is the liquidity providerlmarket maker for derivative warrants, callable bull bear contracts and stock options listed on the Sto
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
ommission. (For research published within the first ten days of the month, the disclosure may be baud on the month end data from two months prior.). Morgan Broking (Hong Kong) Limited is the liquidity provider/market maker for derivative warrants, callable bull bear contracts and stock options listed on the Sto
Entities connected to both the Central Bank of Brazil and Morgan Broking

Malaysia
LOCATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATIONthe Philippine Stock Exchange
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATION
Philippines
LOCATION
New Zealand
LOCATION
the Ministry of Finance
ORGANIZATION
JPMorgan Chase
ORGANIZATIONThe Financial Futures Association of Japan
ORGANIZATIONKanto Local Finance Bureau
ORGANIZATIONEngland & Wales
LOCATION
European Economic Area
LOCATION
Mumbai
LOCATIONthe Hong Kong
LOCATIONthe Stock Exchange
ORGANIZATIONJPMSAL
ORGANIZATION