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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
Stock Exchange and is authorized and regulated by the Financial Services Authority. Registered in England & Wales No. 2711006. Registered Office 125 London Wall, London EC2Y 5A1. South Africa: E. Morgan Equities Limited is a member of the Johannesburg Securities Exchange and is regulated by the FSB. Hong Kon
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
Stock Exchange and is authorized and regulated by the Financial Services Authority. Registered in England & Wales No. 2711006. Registered Office 125 London Wall, London EC2Y South Africa: M. Morgan Equities Limited is a member of the Johannesburg Securities Exchange and is regulated by the FSB. Hong Kong: M
s 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 broker dealer by the National Banking and Securities Exchange Commission. Singapore: This material is issued and distribu
Stock Exchange and is authorized and regulated by the Financial Services Authority. Registered in England & Wales No. 2711006. Registered Office 125 London Wall. London FC2Y South Africa: J.P. Morgan Equities Limited is a member of the Johannesburg Securities Exchange and is regulated by the FSB. Ilona Kong:
Entities connected to both the Mexican Stock Exchange and London Wall

Malaysia
LOCATION
New Zealand
LOCATION
JPMorgan Chase
ORGANIZATION
Philippines
LOCATIONBombay Stock Exchange Limited
ORGANIZATIONthe Philippine Stock Exchange
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATION
the Ministry of Finance
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONEngland & Wales
LOCATIONKanto Local Finance Bureau
ORGANIZATIONThe Financial Futures Association of Japan
ORGANIZATIONthe Hong Kong
LOCATION
Mumbai
LOCATIONCapital Markets Services License
ORGANIZATIONthe Karachi Stock Exchange
ORGANIZATIONDubai Branch
ORGANIZATION