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address is Dubai International Financial Centre - Building 3, Level 7. PO Box 506551. Dubai, UAE. Country and Region Specific Disclosures U.K. and European Economic Area (EEA): Unless specified to the contrary, issued and approved for distribution in the U.K. and the EEA by JPMSL. Investment research issued by JPMSL
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 broker dealer by the National Banking
address is Dubai International Financial Centre - Building 3, Level 7, PO Box 506551. Dubai, UAE. Country and Region Specific Disclosures U.K. and European Economic Area (EEA): Unless specified to the contrary, issued and approved for distribution in the U.K. and the LEA by JPMSL. Investment research issued by JPMSL
y 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.... Morgan Grupo Financiero is a member of the Mexican Stock Exchange and authorized to act as a broker dealer by the National Banking
address is Dubai International Financial Centre - Building 3. Level 7, PO Box 506551, Dubai, UAE. Country and Region Specific Disclosures U.K. and European Economic Area (EEA): Unless specified to the contrary, issued and approved for distribution in the U.K. and the EEA by JPMS plc. Investment research issued by JPM
zil: Banco J.P. Morgan S.A. is regulated by the Comissao de Valorcs 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 Bank
Entities connected to both European Economic Area and Boise

United States
LOCATION
Bloomberg L.P.
ORGANIZATION
Condoleezza Rice
PERSON
New Zealand
LOCATION
Malaysia
LOCATION
JPMorgan Chase
ORGANIZATION
Barack Obama
PERSON
Bill Clinton
PERSON
Philippines
LOCATIONthe Stock Exchange of Thailand
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATION
the Ministry of Finance
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONKanto Local Finance Bureau
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONthe Philippine Stock Exchange
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONThe Financial Futures Association of Japan
ORGANIZATION