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regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan S.A. is regulated by the Comissao de Velem% Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: J.P. Morgan Casa de Boise, S.A. de C.V., J.P. Morgan Grupo Financier° is a member of the Mexican Stock Exchange and authorized to act as a
Monitor, Yang-Myung Hong el at High Yiefd Credit Markets Weekly. Peter Acciavatti el at European Credit Outlook & Strategy, Stephen Dulake et al. Emerging Markets Cross Product Strategy Weekly. Eric Beinstein et al. 3 EFTA_R1_00470162 EFTA01981560 Jan h Global Asset Allocation The J.P. Morgan View 11 aty2014
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
rategy. Eric Beinstein et al. High Yield Credit Markets Weekly, Peter Acciavatti et al. European Credit Outlook d Strategy, Steven Dulake et at. Emerging Markets Cross Product Strategy Weekly, Eric Beinstein et at 3 EFTA_R1_02075115 EFTA02702627 Jen LOOP (1.212)834.5874 illnknYmarnalinn.00tn Global Asset Al
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
tlook and Strategy. Eric Beinstein el al. High Yield Credit Markets Weekly, Peter Acciavatu er European Credit Outlook & Strategy, Steven &dab et Emerging Markets Cross Product Strategy Weekly. Eric 8einsrein et al. 3 EFTA00598498 Jan Loeys (1-2121834-5874 Global Asset Allocation The. Morgan View 04 January
Entities connected to both the Central Bank of Brazil and Emerging Markets Cross

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