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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
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
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
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
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 dealer by the National Banking and Securities Exchange Commission. Singapore: This material is issued and distribu
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 Mexican Stock Exchange and Morgan Broking

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