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dc Valences Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: 1.P. Morgan Casa de Bolsa. S.A. de Morgan Grupo Financ icro is a member of the Mexican Stock Exchange and authorized to act as a broker dealer by the National Banking and Securities Exchange Commission. Singapore: This material is issued and distribu
many by 1.P. Morgan Securities plc, Frankfurt Branch and J.P.Morgan Chase Bank, N.A., Frankfurt Branch which are regulated by the Bundesan.stalt far Finanzdienstleistungsaufsicht. Hong Kong: The I% ownership disclosure as of the previous month end satisfies the requirements under Paragraph 16.5(a) of the Hong Kong Code of Con
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 broker dealer by the National Banking and Securities Exchange Commission. Singapore: This material is issued and distribu
stributed in Germany by `Morgan Securities Ltd., Frankfurt Branch and Chase Bank. M., Frankfurt Branch which are regulated by the Bundesanstalt fur Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the previous month end satisfies the requirements under Paragraph 16.5(a) of the Hong Kong Code of Con
Katz. CFA North America Credit Research 16 February 2012 J.P.Morgan Morgan Casa dc Boise, S.A. de C.V.... Morgan Grupo Financiero is a member of the Mexican Stock Exchange and authorized to act as a broker dealer by the National Banking and Securities Exchange Commission. Singapore: This material is issued and distribu
distributed in Germany by Morgan Securities Ltd.. Frankfurt Branch and Chase Bank. Frankfurt Branch which are regulated by the Bundesanstalt fur Finanzdienstleistungsaufsicht. Hong Kong: The I% ownership disclosure as of the previous month end satisfies the requirements under Paragraph 16.5(a) of the Hong Kong Code of Con
s 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 broker dealer by the National Banking and Securities Exchange Commission. Singapore: This material is issued and distribu
rmany by J.P. Morgan Securities pk, Frankfurt Branch and J.P.Morgan Chase Bank, N.A., Frankfurt Branch which arc regulated by the Bundesanstalt fiir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the previous month end satisfies the requirements under Paragraph 16.5(a) of the Hong Kong Code of Con
Entities connected to both the Mexican Stock Exchange and Finanzdienstleistungsaufsicht

New Zealand
LOCATION
Malaysia
LOCATION
JPMorgan Chase
ORGANIZATIONthe Philippine Stock Exchange
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATION
Philippines
LOCATIONthe Central Bank of Brazil
ORGANIZATION
the Ministry of Finance
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONKanto Local Finance Bureau
ORGANIZATIONThe Financial Futures Association of Japan
ORGANIZATIONEngland & Wales
LOCATIONDubai Branch
ORGANIZATIONCapital Markets Services License
ORGANIZATIONJPMSAL
ORGANIZATIONthe Karachi Stock Exchange
ORGANIZATION
European Economic Area
LOCATION