JPM - Latin+America+Corpor - 2010-04-12 - 396684 2

Emerging Markets Credit Research
J.P. Morgan Securities Inc., New York

April 12, 2010 #########
Latin America Corporate Weekly
Juliet Lim AC (212) 834-2516 juliet.lim@jpmorgan.com

Isabela Bacchi AC (212) 834-4317 isabela.p.bacchi@jpmorgan.com
AC
Jacob Steinfeld (212) 834-4066 jacob.a.steinfeld@jpmorgan.com
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TRADE RECOMMENDATIONS & OBSERVATIONS
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• Among Investment Grade credits, we continue to recommend investors add risk through new issues (most of which are large enough to be
eligible for the index), rotate out of out of some of the higher dollar priced credits (such as the ODBR '14s offered at 119, PETBRA '19s offered
at 118, TLMP '19s offered at 120, VALEBZ '34s offered at 118, ELEBRA '15s offered at 116 and the CDEL '19s offered at 118), and buy some of
following credits in the secondary market, such as the Embraer '17s (z+227bp, Baa3/BBB-/NR), Embraer '20s (z+224bp, Baa3/BBB-/NR), Gerdau
'17s (z+253bp, NR/BBB-/BBB-), Gerdau '20s (z+243bp, NR/BBB-/BBB-), Celara '19s (z+219bp, Baa2/BBB/BBB+), CMPC '19s (z+206bp,
Baa2/BBB+/BBB+), Mexichem '19s (z+371bp, Ba1/NR/BBB-), and Televisa '25s (z+191bp, Baa1/BBB+/BBB+).
• Among High Yield credits, we continue to see value in the off index higher yielding credits, such as the CAC utilities ITABO '13s (z+658bp,
NR/B/B-), AESDOM '15s (z+665bp, NR/B-/B-), HAINA '17s (z+656bp, NR/B-/B-), AES EL SALVADOR '16s (z+432bp, Ba2/NR/BB+) as well as
the DLLTD '14s (z+58bp, B1/NR/B), DLLTD 8.875% '15s (z+648bp, Caa1/NR/CCC+), DLLTD 9.125% '15s (z+653bp, Caa1/NR/CCC+), NIHD '16s
(z+483bp, B1/BB-/NR) and NIHD '19s (z+460bp, B1/BB-/NR) in the telecommunications space. We also continue to see some value in the top-tier
regulated utilities in Argentina, such as the TRANAR '16s (z+997bp, NR/B-/B-), TRAGAS '17s (z+593bp, B2/B-/B), and EDNAR '17s (z+667bp,
B2/B-/NR). We recommend investors take profits in some of the best performing sectors, such as in the Mexican
homebuilders (GEO ‘14s, HOMEX '15s and '19s and URBI '16s and '20s) and the Brazilian meatpacker MARFRIG’16s (z+522bp, B1/B+/B+), all of
which we view as being fully valued at current levels.
• The CEMBI Broad Latam returned 3.9% in 1Q10, the weakest performance among EM regions as the aggregate CEMBI Broad was up
5.0% during the period. The performance in Latam was driven by a return of 5.0% in HY and 3.5% in IG. On a total return basis, Latin American
corporates underperformed Latin American Sovereigns (as measured by the EMBIG Latam), which returned 4.8% in 1Q10, partly driven by strong
performances in the higher-beta sovereign credits that have minimal representation in the corporate index. The best performing countries in the CEMBI
Broad Latam during the period were Argentina (+6.7%, but only 1.51% of the Latam index) and Brazil (+4.15%, but 62.4% of index). Mexico, which
represents 18.3% of the index, was only up 3.57%. While we remain bullish on EM corporate credit, and to a lesser extent on Latam corporates, we
expect Latam credit will outperform the US and continue to underperform the Latin EMBIG, which has a higher composition of HY credits.
• There have been 43 new issues in Latin America year-to-date totaling $20,565 million, up over 300% from the $4,850 million issued by this
time last year. Strong investor demand for new issues on the back of higher inflows has been met by issuers trying to take advantage of relatively low
rates and attractive secondary market spreads. Brazil and Mexico have been the largest corporate issuers in Emerging Markets with total issuances of
$10,595 million (52% of Latam issuance) and $8,295 million (40% of Latam issuance), respectively. HY issuance has represented 31% of the amount
issued year-to-date. Banks have also increased their participation in the market, accounting for 18 new issues this year, totaling $7,775 year-to-date
(38% of the amount issued and 42% in number of issues). There have only been three HY issues larger than $500 million versus 15 in IG, highlighted
by a three tranche $4 billion issuance from America Movil, the largest pure corporate deal in history in Latin America. While we currently estimate
$42.5 billion of new issuance for Latin American corporates in 2010, we see risk to the upside as issuance in Latin America has already reached 48%
of our forecast after only 1Q. We continue to expect higher bank issuance as banks seek to add Tier I and Tier II capital and lengthen their funding
sources to strengthen liquidity and better align the duration of their assets and liabilities. We continue to see the new issue market as the most
interesting opportunity to add risk in size, but recommend investors be selective and sensitive to pricing.
Source: J.P. Morgan; Spreads as of NY close April 09, 2010.

1 of 39
LATIN AMERICA CREDIT FUNDAMENTALS
56789: !;().#8")2 8(.%+ <". 9"=.#> <".#9"=.#> 7*.")"-.
80/?") @(2$%*, !"/.() !AB C((1,D- E0./; B")0(1 !%+"- 56789: C%)&0* @%-; 9"=. 9"=. 9"=. 56789: 56789: @(F")%&"
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@THUAH 91/&72-/)-$+,:$U&: I&::G'&)+ @ DB DB HI%$JKLM VM OJ WOQ PO PR JFF JLN N"LS V"RS P"VS
T@D9B T+,*&'$FO X/2:2/2,- EG EF DB CY$FLLM WVP PRO FMQ RL FF FLN PON P"NS P"FS W"LS
%9UZTB %)-/,::&*,$FP @)2'=$7'&+ DB DB DB HI%$JKLM NVJ RV NQ FW FO FJV FPF J"WS J"FS O"WS
%TIBA[ %,/'&()- X/2:2/2,- \\ \))J DB CY$FLLM FNV OO PWQ JO FF FWW FFP W"NS W"LS F"OS
I9UCI I,:,5&6$#,'-&*): I%I EG DB E HI%$JKLM F;PJR WWL FRQ NM JO FOF PWJ L"OS L"JS M"NS
I9UCI I,:,5&6$9'(,*/2*)$]5&*-^ I%I DB DB E HI%$JKLM J;FOL P;LFL JPQ WWW JNV WMV OP L"RS L"LS FL"VS
I[DA9B I[D X/2:2/2,- DB DB DB HI%$JKLM PWJ NR WRQ VN JVF JVF FMO O"JS J"OS D9
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6)%G0+
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EB%HEd E'$%)::- B,/)2: EEG DB EEG HI%$JKLM PNO PJN VWQ RWP L VVP PFL O"VS L"VS P"WS
EBCUEd E')-2:$C&&+- %2*2*( EE` E)P DB HI%$JKLM FO;FJJ M;OWN JMQ PJ;LFL P;MWP FP;LRP N;LOP F"FS L"MS V"JS
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@?9% @9U9$PJ Z,):/45)', EEG DB EE HI%$JKLM RJV PJO FPQ FLW MF OVP FRW J"LS P"VS J"VS
T%EB9 T%EB9TB 92'5')</$6)*1< EEEG E))J DB HI%$JKLM W;RVW RFN PPQ F;LNP MWJ F;LJP GWL J"FS GL"PS O"VS
TDTB[? T*,'(2-) X/2:2/2,- DB E)J EEG CY$FLLM NMP FNL JPQ JMV POL P;LWO RWV J"NS F"JS J"OS
C?EB?9 C20'2) #1:7$e$#)7,' EE E)P EE HI%$JKLM F;WNV NOL JFQ P;ORN P;FJF V;OOJ W;MVW V"JS W"MS P"VS
CB?EA? C'20&2$ %,)/7)5.2*( E`$ab` EP E`$ab` CY$FLLM JL;RVM P;RMM RQ F;NOW J;LFF N;FVF W;OFV O"MS J"FS *6
[[EBEd [,'+)1$PJ U/,,: EEEG DB EEEG CY$FLLM PJ;JMW F;LWL PWQ F;VLP VVN N;JFO W;RFJ J"VS F"WS J"PS
[HA#9B [:&0&$#)'/2527)5&,- %,+2) EEEG E))J EEE HI%$PKLM O;LRJ MRN FOQ P;LLF PN RJR GJRV L"VS GL"OS PL"NS
[AH [&:$J 92':2*, DB EP E` CY$FLLM J;LWN RLR FLQ NFR JJM J;RFO F;JJV W"FS J"OS P"MS
?U9EB ?-)$\)72/):$+&$E')-2:$O$ X/2:2/2,- EE DB EE HI%$JKLM P;RWO P;JNL NJQ JOR JJM P;JVM P;PNO P"NS P"WS F"JS
%9BCB? %)'<'2($FL %,)/7)5.2*( E` EP E` HI%$JKLM O;WFW OPP MQ VFJ RVF F;NJR F;PPJ W"NS O"JS P"JS
%?DTB_ %2*,'8) %,)/7)5.2*( EG EJ E$abG CY$FLLM P;JFW MO VQ FJL FJR RMJ ORJ R"VS O"OS P"VS
DTIEd D,/$U,'825&- %,+2) EE`, E)P DB CY$FLLM F;JPF RFF FVQ WNF OM P;FRL RVN F"LS P"PS R"MS
A@E A+,0',54/ \&*-/'15/2&* EE DB EE` HI%$JKLM M;LFN P;PJL PJQ P;FVM ORJ F;LJP VWF P"WS L"RS V"WS
#TIEB9 #,/'&0')- A2:$e$[)- EEEG E))P EEE HI%$JKLM MJ;FFR FW;WPW FVQ PV;PFN R;LFP WP;LRF JJ;MJO F"LS P"JS N"LS
BT@T% ['17&$B,+,$W X/2:2/2,- DB \) EG HI%$JKLM F;FMR WVM FWQ FOO VNR J;WVV J;JJJ O"NS O"WS L"JS
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I9% I)6$H2*4)-$9,')-$$V 92':2*, E` DB EEG HI%$JKLM W;PPM VPW POQ RMN WFM W;MPO O;NMW R"MS W"VS O"VS
IH%# I,:,6)' I%I DB E))J DB HI%$JKLM PO;LVV O;RWW JJQ O;PMJ W;WVN PR;PWN PP;MRW F"MS F"PS R"NS
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\AHEXD \&:01* X/2:2/2,- EEEG DB EEE HI%$JKLM P;PVF JOP FMQ OLL WW P;PVM VVN J"WS F"JS W"MS
TD9#\H TD9# X/2:2/2,- EEE 9J 9 HI%$JKLM R;MLL GOFJ GRQ D9 D9 J;WOJ D9 D% D% D%
TD@TU9 T*+,-)$\42:, X/2:2/2,- EEE` E))J DB CY$FLLM O;JFW F;FOM WFQ NNJ RNP O;FPF J;JFM P"MS P"WS R"VS
TDBU?U T*,'-2- X/2:2/2,- EEE` E))J EEE` CY$FLLM PP;WMP O;JMP JNQ F;FJM P;OFF V;MVF W;VJJ P"NS P"JS W"LS
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I[?\A I[?$?*/,'*)/2&*): X/2:2/2,- EE DB EE HI%$JKLM FOJ PMO NLQ PPO L VWL RJR J"MS J"JS P"NS
IBDITH I')*-/,:$M I%I DB DB \\ HI%$JKLM JF FL RLQ F FPN FPN FPR PP"FS PP"PS D9
Source: Company reports, Capital IQ, and J.P.Morgan. 2 of 39
LATIN AMERICA CREDIT FUNDAMENTALS
56789: !;().#8")2 8(.%+ <". 9"=.#> <".#9"=.#> 7*.")"-.
80/?") @(2$%*, !"/.() !AB C((1,D- E0./; B")0(1 !%+"- 56789: C%)&0* @%-; 9"=. 9"=. 9"=. 56789: 56789: @(F")%&"
T\A#TI T5&7,/'&:$PO A2:$e$()- EE` E))F EE` CY$FLLM PO;WOO W;OVF JNQ P;MRM FPO J;LPL P;LOP L"RS L"FS
TT##%T T67',-)-$#10:25)-$+,$%,+,::2*$PW A2:$e$()- DB E))J EEEG HI%$FKLMbb J;PNF P;PFW JWQ FFV PPN P;WOF P;JPO P"JS P"FS PF"RS
9(20*0/%*#H"$3=+0/
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?I9EA 9TU$?/)0&$$PM X/2:2/2,- E DB EG HI%$JKLM FJO NF JWQ OR L PFW VM P"WS P"LS J"NS
9TU@A% 9TU$@&62*25)*)$PM X/2:2/2,- EG DB EG HI%$JKLM FJV RM FMQ VF PW PVP MM F"WS P"OS PJ"PS
\9#\9D \)7$\)*) B,):$,-/)/, DB fB f@ HI%$JKLM POR GRJ D9 J OF JFN JFR D9 D9 D9
5+#!%+F%1()
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@HHI@ @2(25,:$H262/,+ I%I DB EP EG HI%$JKPL P;VPV VFR OFQ OWO JMW P;NON P;JMO F"WS P"MS W"JS
C"J0/(
9%gH%% 96,'25)$%&82: I%I EEE`$ab` 9J 9G CY$FLLM FM;JLO PP;VNM OLQ F;LMR VLL N;OVF R;JVW L"VS L"WS FV"MS
9gITH 9S/,: I%I EEG E)J DB CY$FLLM NPJ FNO JWQ PLV NM VVF RRW F"VS F"JS O"JS
\E%9U \)0:,6)- I%I EE` E)J EEG HI%$JKLM FRP NN JOQ FP L FFW FLO F"RS F"JS J"RS
\A%%Tg \\%$]\&66,S^$FW B,/)2: DB fB \\ HI%$JKLM O;LOO FNJ VQ PPO P;WOV P;WWJ P;OJM W"WS W"PS D9
\AB[TA \&'7&')52&*$[,& B,):$,-/)/, EEG E)J EEG CY$FLLM P;OJF JFM FJQ FWM FLJ RJL JVP P"MS P"PS R"RS
!9_TB \&'7&')52&*$!)8,' B,):$,-/)/, EEG, E)J EEG HI%$JKLM JMP NW FFQ JM FW FLR PRV F"OS F"LS J"JS
\T%Tg \,6,S \,6,*/ EG DB E` HI%$JKLM PR;WJP J;PJV PMQ VLJ WVVW FL;RON PM;MOW R"RS R"OS J"WS
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[BX%9 ['16)$PR \&*-16,' E` DB EEG CY$FLLM J;VJF JMV PPQ PWJ PRN P;MMM P;NOR W"LS O"RS J"VS
@TU\9 ['17&$c1&$$ ?*+1-/'2): EEG DB EEG CY$FLLM P;OMJ POP MQ VL J JVR JLR F"VS F"FS O"MS
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ZA%Tg Z&6,S Z&6,012:+,' EEG E)J DB CY$FLLM P;OOV JJM FJQ FON MR VVP WFJ F"JS P"WS PP"WS
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ICADY I,:6,S I%I EEE`$ab` 9J 9G CY$FLLM N;NFM J;NVP OOQ P;LMN P;WPL V;NWN R;VRL F"LS P"VS M"VS
XBE?%% X'02$PV Z&6,012:+,' E` E)J EE CY$FLLM MVF FML JLQ JJR PNP WNM FWJ F"LS L"MS PW"NS
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Source: Company reports, Capital IQ, and J.P.Morgan. 3 of 39

RECENT RATINGS ACTIONS*
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\&5)G5&:)$C,6-) %,S25& 9 -/) 9G -/) X7(')+, C,0GFGPL C2/54
92'$!)6)25) !)6)25) \\\ 7&- U@ X7(')+, C,0GFGPL Ue#
\&-)* E')i2: EEG +,8 EEG -/) \',+2/f)/54$,8&:82*( C,0GJGPL C2/54
H17)/,54 E')i2: EF$ -/) EP ]G^ @&3*(')+, C,0GMGPL %&&+=h-
9:/&$#)')*) 9'(,*/2*) EEG ]G^ EEG -/) \',+2/f)/54$]G^ C,0GPLGPL Ue#
\)6)'(&$\&'',) E')i2: EEG -/) EE *,( @&3*(')+, C,0GPPGPL C2/54
T*,'-2- \42:, EEE` -/) EEE -/) X7(')+, C,0GPRGPL Ue#
T*+,-)$\42:, \42:, EEE` -/) EEE -/) X7(')+, C,0GPRGPL Ue#
92'$!)6)25) !)6)25) \\\ +,8 \\\ 7&- \',+2/f)/54$@,8,:&72*( C,0GFOGPL Ue#
D)/2&*):$\&66,'52):$E)*.$!)6)25) !)6)25) \\\ +,8 \\\ *,( \',+2/f)/54$@,8,:&72*( C,0GFOGPL Ue#
\&-)* E')i2: E)J ]`^ E)J *,( B,82,3$]`^ %)'GPGPL %&&+=h-
\UD E')i2: EE` 7&- EE` ]G^ AaH$54)*(,+$/&$]`^ %)'GPGPL Ue#
92'$!)6)25) !)6)25) EJ -/) \))P -/) X7(')+, %)'GFGPL %&&+=h-
H17)/,54 E')i2: EF$ -/) EP ]G^ @&3*(')+, %)'GWGPL %&&+=h-
9S/,: %,S25& E)J -/) E)F *,( @&3*(')+, %)'GNGPL %&&+=h-
%,/'&()- 9'(,*/2*) \\ *,( \\\G *,( @&3*(')+, %)'GPLGPL Ue#
9S/,: %,S25& EEG -/) EEG -/) 9<<2'6,+ %)'GPFGPL Ue#
U1$\)-2/) %,S25& E *,( EEG -/) @&3*(')+, %)'GPFGPL Ue#
?*+,7,*+,*52) E')i2: ]#^$\))J -/) fB 9--2(*,+ %)'GPFGPL %&&+=h-
%)(*,-2/) E')i2: EEG -/) EEG *,( AaH$54)*(,+$/&$-/)0:, %)'GPRGPL Ue#
9%ET_ E')i2: E))P ]`^ E))F 7&- B,82,3$]`^ %)'GPVGPL %&&+=h-
['17&$U,*+)$91/&/')*-7&'/, %,S25& EG -/) EG ]G^ AaH$54)*(,+$/&$-/)0:, %)'GPNGPL C2/54
96,'25)$%&82: %,S25& 9F -/) 9J 7&- X7(')+, %)'GPNGPL %&&+=h-
I,:6,S %,S25& 9G -/) EEE` ]`^ X7(')+, %)'GFFGPL Ue#
96,'25)$%&82: %,S25& 9G -/) EEE` ]`^ X7(')+, %)'GFFGPL Ue#
_&/&')*/26$#)'/2527)5&,-$U9$ E')i2: E))J -/) E))J *,( AaH$54)*(,+$/&$-/)0:, %)'GFJGPL %&&+=h-
C20'2) E')i2: E)P -/) E)P *,( AaH$54)*(,+$/&$-/)0:, %)'GFJGPL %&&+=h-
?*+,7,*+,*52) E')i2: \\\ 9--2(*,+ %)'GFJGPL C2/54
['17&$cXA %,S25& EEG -/) E` -/) X7(')+, %)'GFJGPL C2/54
C2*)*52,')$?*+,7,*+,*52) %,S25& EEG -/) 9--2(*,+ %)'GFJGPL C2/54
T*,'(2-) E')i2: E)J 7&- E)J -/) AaH$54)*(,+$/&$]`^ %)'GFOGPL %&&+=h-
X-262*)- E')i2: E))J -/) E))J *,( AaH$54)*(,+$/&$-/)0:, %)'GJLGPL %&&+=h-
D,3:)*+$?*/,'*)/2&*):$]IA\HXE^ #)*)6) EF$ ]G^ EP -/) B,82,3$]G^ 97'GWGPL %&&+=h-
\&*-/'1/&')$D&'0,'/&$A+,0',54/ E')i2: EE 7&- E -/) AaH$54)*(,+$/&$]`^ 97'GRGPL Ue#
U&1'5,j$%&&+=h-;$Ue#;$)*+$C2/54$')/2*(-k$b$HI$?--1,'$')/2*(-$1*:,--$&/4,'32-,$*&/,+k$+,0/$')/2*(-$)',$(,*,')::=$',82-,+$2*$:2*,$32/4$2--1,'$')/2*(-
%&&+=h-j$H&*(G/,'6$\&'7&')/,$C)62:=$&'$?--1,'$')/2*(-k$Ue#j$H&*(G/,'6$C&',2(*$\1'',*5=$?--1,'$B)/2*(-k$C2/54j$H&*(G/,'6$?--1,'$@,<)1:/$')/2*(-
]`^$7&-2/28,$\',+2/f)/54aB,82,3k$]G^$7&-2/28,$\',+2/f)/54aB,82,3k$fB$')/2*($32/4+')3*k$%&&+=h-$')/2*(-$)',$l1):2<2,+$0=$A1/:&&.-$)*+$B,82,3-k$Ue#$)*+$C2/54$')/2*(-$)',$l1):2<2,+$0=$A1/:&&.-$)*+$\',+2/f)/54,-"
4 of 39
CREDITWATCH / REVIEW LIST *
7--3") @(3*.), @3))"*.#H%.0*& :/.0(* :/.0(*#1%." :&"*/,
9TU$[,*,' \42:, EEEG \',+2/f)/54$]G^ !1*GFRGLM C2/54
9TU$#)*)6) #)*)6) EE` \',+2/f)/54$]G^ U,7GOGLM Ue#
9TU$#)*)6) #)*)6) EEEG \',+2/f)/54$]G^ 91(GFVGLM C2/54
9:/&$#)')*) 9'(,*/2*) EEG \',+2/f)/54$]G^ C,0GPLGPL Ue#
92'$!)6)25) !)6)25) \\\ \',+2/f)/54$@,8,:&72*( C,0GFOGPL Ue#
9%ET_ E')i2: E))P B,82,3$]`^ %)'GPNGPL %&&+=h-
E)*5&$?E?$U"9"$G$E)*5&$%1:/27:& E')i2: E` \',+2/f)/54$]`^ !1*GWGLM Ue#
E)*5&$A552+,*/):$+,$@,-51,*/&$ _,*,i1,:) EG \',+2/f)/54$]G^ C,0GRGLM C2/54
E)*5&$U)*/)*+,'$\42:,$]+,0/$')/2*(-^ \42:, 9)F B,82,3$]G^ %)=GFLGLM %&&+=h-
E')5&:$Z&:+2*(-$]E,'/2*$5&*/'&::2*($-4)',4&:+,'^ E')i2: EP B,82,3$]G^ !1*GFJGLM %&&+=h-
E')5&:$Z&:+2*(-$]E,'/2*$5&*/'&::2*($-4)',4&:+,'^ E')i2: EG \',+2/f)/54$]`^ U,7GPVGLM Ue#
E')-2:$I,:,5&6 E')i2: EEEG \',+2/f)/54$]`^ @,5GPOGLM C2/54
\)6)'(&$\&'',) E')i2: EE \',+2/f)/54$]G^ !)*GPOGPL Ue#
\)6)'(&$\&'',)$\26,*/&-$U9$ E')i2: EE \',+2/f)/54$]`^ !)*GPOGPL Ue#
\9#$U"9 \42:, EEEG \',+2/f)/54$]G^ !1:GPVGLM Ue#
\T%?[ E')i2: E))J B,82,3$]G^ 91(GPFGLM %&&+=h-
\&67)*42)$+,$U)*,)6,*/&$+&$#)')*)$G$U9DT#9B E')i2: E)J B,82,3$]G^ @,5GPFGLN %&&+=h-
\&67)*2)$[,*,'):$+,$T:,5/'252+)+ \42:, EEE` B,82,3$]G^ !1*GJLGLM C2/54
\&-)* E')i2: E)J B,82,3$]`^ %)'GPGPL %&&+=h-
\&-)* E')i2: EEG \',+2/f)/54$]`^ C,0GPGPL Ue#
T67',-)$E')-2:,2')$+,$I,:,5&61*25)5&,- E')i2: E))J B,82,3$]`^ !)*GPWGPL %&&+=h-
T67',-)$T:,5/'25)$+,:$D&'/,$[')*+,$G$T+,:*&' \42:, EEG \',+2/f)/54$]`^ !1*GFGLM Ue#
T67',-)-$\%#\ \42:, 9G \',+2/f)/54$]G^ U,7GFJGLM C2/54
T67',-)-$?9DU9$ \42:, E` \',+2/f)/54$]G^ %)'GMGLM C2/54
T*,:$C&'/1*)$U9 #)*)6) EEEG \',+2/f)/54$]G^ 91(GFVGLM C2/54
T-72'2/&$U)*/&$\,*/')2-$T:,/'25)-$U"9"$ E')i2: EEG \',+2/f)/54$]`^ U,7GJLGLM Ue#
C,'/2*2/'& _,*,i1,:) \\\ \',+2/f)/54$]G^ 91(GOGLM C2/54
C2'-/$\2/2i,*-$E)*.$H/+" I'2*2+)+$e$I&0)(& 9P B,82,3$]G^ !1*GFGLM %&&+=h-
!EU$U"9" E')i2: E` \',+2/f)/54$]`^ U,7GPRGLM C2/54
!EU$U"9" E')i2: E` \',+2/f)/54$]`^ U,7GPRGLM Ue#
%2*,'8) E')i2: E \',+2/f)/54$]G^ %)=GOGLM C2/54
D)/2&*):$\&66,'52):$E)*.$!)6)25) !)6)25) \\\ \',+2/f)/54$@,8,:&72*( C,0GFOGPL Ue#
D)/2&*):$[)-$\&67)*=$&<$I'2*2+)+$e$I&0)(& I'2*2+)+$e$I&0)(& EEE` \',+2/f)/54$]G^ C,0GJGLM Ue#
D,3:)*+$?*/,'*)/2&*):$]IA\HXE^ #)*)6) EP B,82,3$]G^ 97'GWGPL %&&+=h-
A5,)*&(')<2) %,S25& \\ \',+2/f)/54$]G^ !1:GPLGLM C2/54
#,'+2()& E')i2: EE` \',+2/f)/54$]G^ %)=GPMGLM Ue#
#,'+2()& E')i2: E)P B,82,3$]G^ %)=GFPGLM %&&+=h-
#,/'&:,16$\&"$&<$I'2*2+)+$e$I&0)(&$H/+" I'2*2+)+$e$I&0)(& EEE` \',+2/f)/54$]G^ C,0GJGLM Ue#
U9DHX?U$\&'7&')52&* %,S25& \\ \',+2/f)/54$]G^ U,7GFJGLN C2/54
U9DHX?U$B)--2*2$91/&7)'/,- %,S25& \\ \',+2/f)/54$]G^ U,7GFJGLN C2/54
I,:,6)'$D&'/,$H,-/,$U"9 E')i2: EEEG \',+2/f)/54$]`^ @,5GPOGLM C2/54
U&1'5,j$%&&+=h-;$Ue#$)*+$C2/54$')/2*(-k$bI42-$:2-/$',<:,5/-$HI$?--1,'$B)/2*(-$51'',*/:=$&*$\',+2/f)/54$&'$B,82,3
%&&+=h-$&1/:&&.-$)',$l1):2<2,+$0=$B,82,3-$<&'$7&--20:,$+&3*(')+,a17(')+,k$Ue#$)*+$C2/54$&1/:&&.-$)',$l1):2<2,+$0=$\',+2/f)/54,-$32/4$7&-2/28,a*,()/28,$267:25)/2&*-
5 of 39
LATIN AMERICA CORPORATE BOND ISSUANCE: 2009-2010 YEAR-TO-DATE
BI[m%&&+= BI[mU#
7--3"#9%." 7--3") H%.0*&#MC((1,D->!ABN 7--3"#.,$" O!P#:2.#0--3"1 @(3$(* C%.3)0., B)0/" @(3*.), 5*.0.,
!1*GJGLM ED@TU E))JaEEEG *,3$2--1, P;LLL R"WLLQ !1*GPLGPM MM"RV E')i2: E)*.$l1)-2G-&8,',2(*
!1*GPFGLM E)*5&$\'1i,2'&$+&$U1: DBaDB *,3$2--1, RL M"LLLQ !1*GPVGPP MN"RV E')i2: E)*.
!1*GJLGLM TD9# 9JaEEE *,3$2--1, JLL R"FWLQ 91(GVGPM PLP"OR \42:, \&'7&')/,
!1*GJLGLM @2(25,: EPaDB 2*5',)-, PRL PF"LLLQ !)*GOGPO MM"WL !)6)25) \&'7&')/,
!1:GPGLM #,/'&0')- E))PaEEEG 2*5',)-, P;FWL V"NVWQ %)'GPWGPM PLR"MR E')i2: \&'7&')/,$l1)-2G-&8,',2(*
!1:GPRGLM T5&7,/'&: E))FaEE` *,3$2--1, P;WLL V"RFWQ !1:GFJGPM MM"RO \&:&602) \&'7&')/,$l1)-2G-&8,',2(*
!1:GFFGLM \,:1:&-)$9')15& E))FaEEE *,3$2--1, WLL V"FWLQ !1:GFMGPM MN"MP \42:, \&'7&')/,
!1:GFFGLM T67',-)-$#10:25)-$+,$%,+,::2* E))JaEEE *,3$2--1, WLL V"RFWQ !1:GFMGPM MN"FM \&:&602) \&'7&')/,$l1)-2G-&8,',2(*
!1:GFJGLM T:,/'&0')- DBaEEEG *,3$2--1, P;LLL R"NVWQ !1:GJLGPM MM"PP E')i2: \&'7&')/,$l1)-2G-&8,',2(*
!1:GJLGLM !)8,' E)JaEEG *,3$2--1, PNL PJ"LLLQ 91(GOGPO PLL"LL %,S25& \&'7&')/,
91(GOGLM \&-)* DBaEEG *,3$2--1, JWL M"WLLQ 91(GPWGPO MM"WP E')i2: \&'7&')/,
91(GWGLM 9:,-/') EPaE` *,3$2--1, FLL PP"VWLQ 91(GPPGPO PLL"LL %,S25& \&'7&')/,
91(GPPGLM #,/'&/'2* E))JaEEE *,3$2--1, NWL M"VWLQ 91(GPOGPM MM"FF I'2*2+)+$e$I&0)(& \&'7&')/,$l1)-2G-&8,',2(*
91(GPFGLM #,/'&/,6,S DBaEE *,3$2--1, FLL M"WLLQ 91(GPMGPO MM"LJ %,S25& \&'7&')/,
91(GPJGLM D??$Z&:+2*(- EPaEEG *,3$2--1, NLL PL"LLLQ 91(GPWGPR MV"WV U17')*)/2&*): \&'7&')/,
U,7GNGLM _):,$U"9" E))FaEEE` *,3$2--1, P;LLL W"RFWQ U,7GPWGPM MM"FJ E')i2: \&'7&')/,
U,7GPLGLM #T%Tg E))P,aEEE` *,3$2--1, P;WLL O"NVWQ %)'GPWGPW MM"FW %,S25& \&'7&')/,$l1)-2G-&8,',2(*
U,7GPPGLM E)*5&$\'1i,2'&$+&$U1: E)F,aDB *,3$2--1, PVW N"LLLQ U,7GPVGPF MN"VL E')i2: E)*.
U,7GPOGLM \UD E)PaEE` *,3$2--1, VWL R"NVWQ U,7GFPGPM PLL"LL E')i2: \&'7&')/,
U,7GPWGLM #T%Tg E))P,aEEE` *,3$2--1, JJN J"WLLQ A5/GPJGPO PLL"FO %,S25& \&'7&')/,$l1)-2G-&8,',2(*
U,7GPRGLM \9ET? 9Fa9G *,3$2--1, WLL W"JVWQ U,7GFOGPO PLL"LL U17')*)/2&*): U17')*)/2&*):$E)*.
U,7GPVGLM 9S/,: E)FaEEG *,3$2--1, JLL M"LLLQ U,7GFFGPM PLL"LL %,S25& \&'7&')/,
U,7GPNGLM _&/&')*/26 DBaEEE *,3$2--1, P;LLL R"RFWQ U,7GFWGPM MM"PL E')i2: \&'7&')/,
U,7GPNGLM \&'7&')52&*$[,& E)J,aEEG *,3$2--1, FWL N"NVWQ U,7GFWGPO MM"WP %,S25& \&'7&')/,
U,7GFFGLM E)*5&$E')+,-5& E))JaDB *,3$2--1, VWL R"VWLQ U,7GFMGPM PLL"LL E')i2: E)*.
U,7GFOGLM 9'5&-$@&')+&- E)FaEEEG *,3$2--1, OWL V"WLLQ A5/GPGPM MM"PO U17')*)/2&*): \&'7&')/,
U,7GJLGLM \)'200,)*$@,8,:&76,*/$E)*. 9))aDB *,3$2--1, PFL L"MJOQ A5/GPWGPF PLL"LL U17')*)/2&*): U17')*)/2&*):$E)*.
U,7GJLGLM #T%Tg E))PaEEE` *,3$2--1, P;ORO W"WLLQ !)*GMGPV MM"JP %,S25& \&'7&')/,$l1)-2G-&8,',2(*
A5/GPGLM T60'),' E))JaEEEG *,3$2--1, WLL R"JVWQ !)*GPWGFL MM"LN E')i2: \&'7&')/,
A5/GNGLM 96,'25)$%&82: 9JaEEE` *,3$2--1, VWL W"LLLQ A5/GPRGPM MM"PM %,S25& \&'7&')/,
A5/GPJGLM E)*5&$+&$E')-2: E))FaDB *,3$2--1, P;WLL N"WLLQ #,'7,/1): PLL"LL E')i2: E)*.$l1)-2G-&8,',2(*
A5/GPOGLM A+,0',54/ DBaEE *,3$2--1, WLL V"LLLQ 97'GFPGFL MN"PN E')i2: \&'7&')/,
A5/GPRGLM ?CZ$#,'1 E)JaE` *,3$2--1, PWL N"RFWQ !1*GJLGPM MM"FN #,'1 E)*.
A5/GPRGLM #@_U9 DBaDB *,3$2--1, P;OPJ O"MLLQ A5/GFNGPO *")" _,*,i1,:) \&'7&')/,$l1)-2G-&8,',2(*
A5/GPRGLM #@_U9 DBaDB *,3$2--1, P;OPJ W"LLLQ A5/GFNGPW *")" _,*,i1,:) \&'7&')/,$l1)-2G-&8,',2(*
A5/GPRGLM #@_U9 DBaDB *,3$2--1, OJW W"PFWQ A5/GFNGPR *")" _,*,i1,:) \&'7&')/,$l1)-2G-&8,',2(*
A5/GPMGLM E)*5&$#)*)6,'25)*& E)Fa$DB *,3$2--1, FLL V"LLLQ A5/GFRGPF MM"JO E')i2: E)*.
A5/GFPGLM \&*/'&:)+&')$%)0, DBaEEEG *,3$2--1, JWL V"NVWQ A5/GFNGPM PLL"LL %,S25& \&'7&')/,
A5/GFFGLM I9% DBaE` *,3$2--1, JLL M"WLLQ !)*GFMGFL MN"OJ E')i2: \&'7&')/,
A5/GFJGLM #,/'&0')- E))PaEEEG *,3$2--1, P;WLL R"NVWQ !)*GFLGOL MN"OW E')i2: \&'7&')/,$l1)-2G-&8,',2(*
A5/GFJGLM #,/'&0')- E))PaEEEG *,3$2--1, F;WLL W"VWLQ !)*GFLGFL MM"LR E')i2: \&'7&')/,$l1)-2G-&8,',2(*
* Issue not included in the totals.

Source: Bond Radar and J.P. Morgan. 6 of 39
BI[m%&&+= BI[mU#
7--3"#9%." 7--3") H%.0*&#MC((1,D->!ABN 7--3"#.,$" O!P#:2.#0--3"1 @(3$(* C%.3)0., B)0/" @(3*.), 5*.0.,
A5/GFRGLM C?EB?9 E)PaEE *,3$2--1, P;LLL M"FWLQ A5/GJLGPM MM"FL E')i2: \&'7&')/,
A5/GFNGLM DTI$U,'825&- E)PaEE` *,3$2--1, JWL V"WLLQ !)*GFVGFL MM"PO E')i2: \&'7&')/,
A5/GFMGLM E)*5&$E%[ E)JaDB *,3$2--1, JLL M"MWLQ D&8GWGPM MN"PW E')i2: E)*.
A5/GFMGLM \%#\ E))FaEEE` *,3$2--1, WLL R"PFWQ D&8GWGPM MM"PF \42:, \&'7&')/,
A5/GJLGLM E)*5&$C20') E)JaDB *,3$2--1, PPL N"WLLQ D&8GRGPR PLL"LL E')i2: E)*.
A5/GJLGLM E)*5&$\',+2/&$+,:$#,'1 DBaEE *,3$2--1, FWL M"VWLQ D&8GRGRM PLL"LL #,'1 E)*.
A5/GJLGLM %,S254,6 E)PaDB *,3$2--1, JWL N"VWLQ D&8GRGPM PLL"LL %,S25& \&'7&')/,
D&8GJGLM _):,$U"9" E))FaEEE` *,3$2--1, P;LLL R"NVWQ D&8GPLGJM MN"WR E')i2: \&'7&')/,
D&8GVGLM I,:6,S 9JaEEE` *,3$2--1, WLL W"WLLQ D&8GPWGPM MM"VJ %,S25& \&'7&')/,
D&8GPLGLM #)52<25$B102):,- DBaE` *,3$2--1, OWL N"VWLQ D&8GPLGPR MM"LM \&:&602) \&'7&')/,
D&8GPPGLM E)*5&$U)*/)*+,'$\42:,$ 9)Ja9` *,3$2--1, WLL F"NVWQ PPaPJaFLPF MM"NR \42:, E)*.
D&8GPJGLM \&:1601-$?*/,'*)/2&*): EFaE, *,3$2--1, OWL PP"WLLQ D&8GFLGPO PLL"LL E)'0)+&- \&'7&')/,
D&8GPNGLM [,'+)1 DBaEEEG *,3$2--1, P;FWL V"LLLQ !)*GFLGFL MN"FL E')i2: \&'7&')/,
D&8GFJGLM @2(25,: EPaDB *,3$2--1, WLL N"FWLQ U,7GPGPV MN"RJ !)6)25) \&'7&')/,
D&8GFJGLM ['17&$I,:,82-) E))PaEEE` *,3$2--1, RLL R"RFWQ !)*GPWGOL MN"JF %,S25& \&'7&')/,
@,5GPGLM H)*$92'2*,- DBaDB *,3$2--1, VJ J"WLJQ D&8GPMGFP PLL"LL \42:, \&'7&')/,
@,5GJGLM #,/'&/,6,S DBaEE I9# VW M"WLLQ 91(GPMGPO MM"LJ %,S25& \&'7&')/,
@,5GNGLM Z&6,S E)JaEEG *,3$2--1, FWL M"WLLQ @,5GPPGPM MN"OJ %,S25& \&'7&')/,
@,5GMGLM U2(6)$9:26,*/&- DBaEEEG *,3$2--1, FWL R"NVWQ @,5GPRGPM MN"LR %,S25& \&'7&')/,
@,5GMGLM D??$Z&:+2*(- EPaEEG *,3$2--1, WLL N"NVWQ @,5GPWGPM MM"PM U17')*)/2&*): \&'7&')/,
@,5GMGLM \,6,S DBaE *,3$2--1, P;FWL M"WLLQ @,5GPOGPR PLL"LL %,S25& \&'7&')/,
@,5GMGLM \,6,S DBaE *,3$2--1, WPW M"RFWQ @,5GPOGPV PLL"LL %,S25& \&'7&')/,
@,5GPVGLM E)*5&$U)*/)*+,'$\42:,$ 9)Ja9` *,3$2--1, JLL F"NVWQ D&8GPJGPF PLL"RL \42:, E)*.
@,5GPNGLM #)')*)$E)*5& DBaE` *,3$2--1, PLL V"JVWQ @,5GFPGPF MM"LF E')i2: E)*.
!)*GWGPL ED@TU E))FaEEEG *,3$2--1, P;LLL W"WLLQ !1:GPFGFL MN"MW E')i2: E)*.$l1)-2G-&8,',2(*
!)*GVGPL c)*-)-$\2/=$U&1/4,'*$%,S" EFaE` *,3$2--1, JLL N"LLLQ C,0GPGPN MN"WW %,S25& \&'7&')/,
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EMERGING MARKETS CORPORATE BOND ISSUANCE: 2010 YEAR-TO-DATE
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!)*GFPGPL T8,'(')*+,$B,):$,-/)/, DBaDB VWL PJ"LLLQ !)*GFVGPW Z&*($c&*( \&'7&')/, 9-2)
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Souce: Bond Radar and J.P. Morgan. 9 of 39
EMERGING MARKETS CORPORATE BOND ISSUANCE: 2010 YEAR-TO-DATE
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Souce: Bond Radar and J.P. Morgan. 10 of 39

BENCHMARK CORPORATE NEW ISSUE PERFORMANCE
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FFG!)*GPL E)*5&$+&$E')-2: E9DEB9$RQ$hFL WLL MM"OW PLF"JN PMF
FNG!)*GPL E')-2:$C&&+- EBCUEd$V"FWQ$hFL VWL MM"PJ PLP"NW JFN
FMG!)*GPL %2*,'8) %?DTB_$PL"NVWQ$hPM FWL MN"PJ PLN"VW WMP
WGC,0GPL #,6,S #T%Tg$RQ$hFL P;LLL MN"VM PLF"WL PNM
WGC,0GPL \&5)G5&:)$C,6-) cAC$O"RFWQ$hFL WLL MM"OM MN"JW PLF
PLGC,0GPL \&7,2*5) \A#T?D$MQ$hPV PVW MM"JR PLP"FW WWM
PPGC,0GPL E)*5&$_&/&')*/26 E9D_AB$O"FWQ$hPJ WLL MM"RW PLF"WL PWL
FFG%)'GPL @2(25,: @HHI@$PL"WQ$hPN VVW PLL"LL PLW"LL RFO
FJG%)'GPL E)*5&$E')+,-5& EB9@TU$O"PQ$hPW VWL PLL"LL MM"RW POO
JLG%)'GPL ?*+,7,*+,*52) ?D@T#$PWQ$hPW PRW MP"VN MW"LL P;JNV
JLG%)'GPL 96,'25)$%&82: 9%gH%%$J"RFWQ$hPW VWL MM"VM PLL"NW RN
JLG%)'GPL 96,'25)$%&82: 9%gH%%$WQ$hFL F;LLL MM"JR PLL"PL PPV
JLG%)'GPL 96,'25)$%&82: 9%gH%%$R"PFWQ$hOL P;FWL MN"RM MM"JL PVO
JLG%)'GPL %)(*,-2/) %9[DTU$V"NVWQ$hFL OLL MM"PW PLF"VW JVV
#'25,$XUn ?--1,$#'25, \1'',*/$7'25,

PPL"LL
PLN"LL
PLR"LL
PLO"LL
PLF"LL
PLL"LL
\T%Tg$hPR
@HHI@$hPN
EB9@TU$hPW
9%gH%%$hPW
E9D_AB$hPJ
MN"LL
E9DEB9$hFL
\A#T?D$hPV
9%gH%%$hFL
E9DEB9$hPW
%9[DTU$hFL
EBCUEd$hFL
#AU9@9$hPW
\AHEXD$hFL
#T%Tg$hFL
9%gH%%$hOL
XBE?%%$hFL
ZA%Tg$hPM
%?DTB_$hPM
ED@TU$hFL
MR"LL
cAC$hFL
MO"LL
MF"LL
?D@T#$hPW
ML"LL
JW"W OL"W OW"W WL"W WW"W
Source: BondRadar and J.P. Morgan; current prices and spreads as of April 09, 2010.
11 of 39
INDICES SPREAD PERFORMANCE *
1,200 CEMBI Broad & EMBIG Spreads 350 1,200 CEMBI Broad & CEMBI Broad Latin Spreads 50 CEMBI Broad Latin - CEMBI Broad Spread Differential
1,000 300 1,000

0
250
800 800 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10
200
600 600 -50
150
400 400
100 -100
200 50 200
-150
0 0 0
Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10
Spread diff (rhs) CEMBI Broad EMBIG CEMBI Broad CEMBI Broad Latin -200
800 CEMBI Broad IG vs CEMBI Broad Latin IG 1,400 800 CEMBI Broad Latin IG vs. JULI 150 800 CEMBI Broad Latin IG vs. JULI BBB 100
700 1,200 700 100 700 50

600 1,000 600 50 600
0
500 800 500 0 500
-50
400 600 400 -50 400
-100
300 400 300 -100 300
200 200 200 -150

200 -150
100 0 100 -200 100 -200

Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10
Spread diff (rhs) CEMBI Broad IG CEMBI Broad Latin IG Spread diff (rhs) JULI CEMBI Broad Latin IG Spread diff (rhs) JULI BBB CEMBI Broad Latin IG
2,500 CEMBI Broad Latin HY vs. CEMBI Broad HY 150 P;MWL $\T%E?$E'&)+$$H)/2*$ZY$$8-"$[:&0):$ZY$e$XU$ZY$EE P;LLL \T%E?$E'&)+$$H)/2*$ZY$G[:&0):$ZY$)*+$XU$ZY$EE$U7',)+$@2<<
0 P;VLL NLL
2,000
-150 P;OWL RLL
1,500 -300
P;FLL OLL
1,000 -450 FLL

MWL
-600 L
VLL
500 97'GLN !1:GLN A5/GLN !)*GLM 97'GLM !1:GLM A5/GLM !)*GPL
-750 GFLL
OWL
0 -900 GOLL
Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 FLL
97'GLN !1:GLN A5/GLN !)*GLM 97'GLM !1:GLM A5/GLM !)*GPL GRLL
Spread diff (rhs) CEMBI Broad HY CEMBI Broad Latin HY
[:&0):$ZY XU$ZY$EE \T%E?$E'&)+$H)/$ZY [:&0)=$ZY XU$ZY$EE
1,000 CEMBI Broad Latin vs. CACI 200 1,050 CEMBI Broad Latin vs. CEMBI Broad Asia 250 1,500 CEMBI Broad Latin vs. CEMBI Broad CEEMEA WL
900 225
150 900
1,250 GWL
800 200
700 750 175 GPWL
100 1,000
600 150
600 GFWL
500 50 125 750
400 450 100 GJWL
0 500
300 300 75 GOWL
200 50
-50 150 250
100 GWWL
25
0 -100 0 0 0 GRWL
Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 97'GLN !1:GLN A5/GLN !)*GLM 97'GLM !1:GLM A5/GLM !)*GPL
Spread diff (rhs) CEMBI Broad Latin CACI Spread diff (rhs) CEMBI Broad Latin CEMBI Broad Asia U7',)+$+2<<$]'4-^ \T%E?$E'&)+$H)/2* \T%E?$E'&)+$\TT%T9
Source: J.P. Morgan; Spreads as of NY close April 09, 2010. See Appendix II for indices' inclusion criteria.
12 of 39
YEAR TO DATE TOTAL RETURN (%)
@5C67#6)(%1#Q%.0*#:2")0/%#7*10/"- @5C67#6)(%1#H"&0(*%+#7*10/"-
N"L
N"L
V"P
V"L R"N R"N
V"L
R"L W"N
R"L
W"J
W"L W"L O"R O"W

O"J O"J
O"L J"N O"L
J"L J"L
F"L F"L
P"L
P"L
L"L
L"L
\T%E?$E'&)+$H)/2*
\T%E?$E'&)+$9-2)
\T%E?$E'&)+
\T%E?$E'&)+$\TT%T9
\9\?
T%E?[
\T%E?$E'&)+$H)/2*
\T%E?$E'&)+$H)/2*$ZY
\T%E?$E'&)+$H)/2*$?[
\9\?
@5C67#6)(%1#Y0&;#Z)%1"#F-4#O!#Y0&;#Z)%1" @5C67#6)(%1#Y0&;#[0"+1#F-4#Z+(=%+#Y0&;#[0"+1
PL"L
W"L
O"O M"L N"V

O"W
V"M
O"L N"L
J"N
J"W V"L
F"M W"N
J"L R"L
W"J W"F
F"O W"L
F"W
J"M
F"L O"L
P"W J"L
P"L F"L
L"W P"L
L"L L"L
\T%E?$E'&)+$H)/2*$ZY
[:&0):$ZY
\T%E?$E'&)+$ZY
T1'&$ZY
XU$ZY
XU$ZY$EE
\T%E?$E'&)+$H)/2*$?[
\T%E?$E'&)+$?[
!XH?$EEE
!XH?
Source: J.P. Morgan; Spreads as of NY close April 09, 2010. See final page for indices' inclusion criteria.
13 of 39
INDICES SPREADS AND TOTAL RETURNS
:F")%&" XV!$)"%1 !$)"%1#/;%*&" @3))"*. 8(.%+#H".3)*

H%.0*& \WV9"/VT] WV:$)VWT ]V:$)VWT [89 ^89 [0"+1 93)%.0(* [89 ^89
T%E?[ E)PaEE` FNL FWV FWF GFN GW R"JJ R"VP O"RQ L"JQ
\T%E?$E'&)+ E))PaEEE JJR FMN FMO GOF GO R"JJ W"LR W"JQ L"JQ
\T%E?$E'&)+$?[ 9JaEEE` FJM FPJ FPL GFM GJ W"WV W"JV O"OQ L"FQ
\T%E?$E'&)+$ZY E)JaEEG VOJ RFV RFL GPFJ GV M"FM O"PV N"VQ L"OQ
Q%.0*#:2")0/%
\T%E?$E'&)+$H)/2*$96,'25) E))FaEEEG JFF JLR JLP GFP GW R"RN R"PF O"JQ L"OQ
\T%E?$E'&)+$H)/96$?[ E))FaEEE FFP FLV FLW GPR GF W"NO R"VL J"NQ L"JQ
\T%E?$E'&)+$H)/96$ZY EPaEEG RJP WMV WNJ GOV GPJ M"PM O"MR W"NQ L"VQ
\9\? JWN JLN JLF GWR GR R"VM R"OM R"NQ L"OQ
:-0%
\T%E?$E'&)+$9-2) 9JaEEE` FRF FJM FJV GFW GP W"WR O"WJ O"WQ L"PQ
!9\?$\&'7 FMN FWM FWO GOO GPL W"OW J"VR O"VQ L"FQ
@55C5:
\T%E?$E'&)+$\TT%T9 E))PaEEEG OFF JOR JOP GNP GW R"RV O"RV V"PQ L"JQ
BXE?$\&'7 JNF JLO FMN GNW PW R"PO O"JM V"LQ L"JQ
Z+(=%+#A#O!
?*8,-/6,*/$[')+,
!XH? PRM POR POL GFM GR W"PF R"FP F"OQ L"FQ
!XH?$EEE FPL PVO PRN GOF GR W"OV R"RO F"MQ L"JQ
Z2(4$Y2,:+
T1'&$ZY VLR WVJ WRM GPJV GO V"RW J"JL V"MQ L"PQ
[:&0):$ZY RWV RLV WMV GRL GM N"WM J"MF W"JQ L"WQ
XU$ZY RWV RLM WMM GWN GPL N"WN J"NV W"FQ L"RQ
XU$ZY$EE OVP OJO OFN GOJ GW V"LW O"OJ J"MQ L"OQ
Source: J.P. Morgan; Spreads as of NY close April 09, 2010. See Appendix II for indices' inclusion criteria.
14 of 39
Top and bottom movers: Weekly spread change (bp)* Top and bottom movers: Year-to-date spread change (bp)
iG-7',)+$2*$07 iG-7',)+$2*$07
%TIBA[$hPO GNL %TIBA[$hPO GNJW
\T%Tg$R"PMRQ$#,'7 GVO @THUAH$U/,7G17$hPO GNPO
\T%Tg$R"ROQ$#,'7 GRJ @THUAH$hPV GRLF
#\X$hPW GWV !9%9?B$hPW GWRN
\T%Tg$R"VFFQ$#,'7 GWL ?%#U9$hPO GWRV
@HHI@$hPV GJN \9#\9D$hPR GORV
@THUAH$hPV GJR \9#!9%$hFP GJVP
9TUTHU$hPR GJO !9%9?B$hFV GJOF
#T%Tg$hPL GJO \E_U$hPW GJOL
BT@T%$#,'7 GJO C\EII$hPP GFVJ
E\AE%[$hPR GJO T[TZ9?$hPV GFWP
#BT\D$hPR GJJ %XHI?\$hPR GFON
@THUAH$U/,7G17$hPO GJJ ZK?IB9$hPP GFOL
A@E$hPO GJF UTD@9$hPW GFJW
EZ?#$hPR GJP XHIB$hPO GFFN
A@E$hPV GJL ED\[9H$hPO GFFJ
UTD@9$hPW GJL ?I9EA$hPJ GFFF
TD9#\H$hPO GFM #@_U9$hPV GFLW
\9U?I9$hPR GFR 9#U99B$hPV JR
EE_9U%$hPW GFW #TU99B$hPL JN
UK%$hPR J \TH9B9$hPW OP
#T%Tg$hPM W TD9#\H$hPF OF
_9HTEd$hJO W IB9D9B$hPR OJ
_9HTEd$hJM V TDBU?U$hPR OR
U9DEEd$#,'7 V TD@TU9$hFV OV
#T%Tg$hFJ V \E%9U$hPW WJ
[HA#9B$#,'7 N cUX$hPF RP
\TH9B9$hPL N \TH9B9$hPL RF
_9HTEd$hJR N \@TH$hPF RO
%9BCB?$hPR N \TH9B9$hPJ RN
#T%Tg$hFF PL TD@TU9$hPJ VJ
#T%Tg$hFV PP \@TH$hPJ VJ
#T%Tg$hJW PP I9UCI$hPL VR
XD?@9U$hPR PW \@TH$hPO VV
#@_U9$hFV PN \TH9B9$hPP NJ
ED@TU$hPP FL U9DI$hPF NR
9E?EE$hPP FR #T%Tg$hPL MV
%9UZTB$hPF JP %9UZTB$hPF FLO
#@_U9$hJV JW XD?@9U$hPR FJR
IA\HXE$hPO OP \?TE%%$hPW ORJ
Source: J.P. Morgan; April 01, 2010 to April 09, 2010 weekly period.
15 of 39
Top and bottom price movers: Weekly price change* Top and bottom movers: Year-to-date price change
2*$XUn 2*$XUn
\T%Tg$R"PMRQ$#,'7 O"W \9#!9%$hFP FO"L

\T%Tg$R"ROQ$#,'7 O"L !9%9?B$hFV FP"L
\T%Tg$R"VFFQ$#,'7 J"N \9#\9D$hPR PW"L
#\X$hPW F"R ?%#U9$hPO PJ"L
#\X$hJW F"J !9%9?B$hPW PJ"L
BT@T%$#,'7 F"L T[TZ9?$hPV PF"N
@HHI@$hPV F"L \E_U$hPW PF"L
#BT\D$hPR P"N %TIBA[$hPO PP"L
A@E$hPV P"N @TU\9$hPV PL"N
9TUTHU$hPR P"W %XHI?\$hPR PL"L
\TH9B9$hPV P"O HX#9$#,'7 PL"L
ITH_?U$hJF P"O @THUAH$U/,7G17$hPO PL"L
?D_TBU$hPM P"J \AU9D$#,'7 M"N
%9[DTU$hFL P"J [AH$#,'7 M"W
EZ?#$hPR P"J BT@T%$#,'7 M"W
E9D\AH$hPV P"J UTD@9$hPW M"W
EE_9U%$hPW P"P XHIB$hPO M"J
ITH_?U$hFW P"L %?DTB_$hPV M"J
I9%$hFL P"L E%99B$hPV M"L
UTD@9$hPW P"L ETBI?D$hPR N"N
#T%Tg$hPM GL"W 9E?EE$hPP GP"N
%9BCB?$hPR GL"W #TU99B$hPL GP"M
ED@TU$hPP GL"W E\AE%[$hPL GP"M
9E?EE$hPP GL"R \@TH$hPF GP"M
_9HTEd$hJO GL"V ITHTCA$hPL GF"L
#T%Tg$hFJ GL"N \TU#Ed$hPP GF"L
#@_U9$hFV GL"N 9%gH%%$hJW GF"P
[HA#9B$#,'7 GL"N \@TH$hPJ GF"F
U9DEEd$#,'7 GL"N \TH9B9$hPL GF"F
_9HTEd$hJM GL"N \TH9B9$hPP GF"J
_?IBA9$hPV GP"L 9%gH%%$hJV GF"O
_?IBA9$hPJ GP"L \@TH$hPO GF"O
_?IBA9$hPF GP"L [BX%9$#,'7 GF"W
IA\HXE$hPO GP"L TD@TU9$hPJ GF"R
#T%Tg$hFF GP"L #T%Tg$hPL GJ"F
_9HTEd$hJR GP"L TD@TU9$hJV GO"L
#T%Tg$hJW GP"J TD@TU9$hFV GO"P
#T%Tg$hFV GP"J @TU%TI$hPV GW"L
#@_U9$hJV GP"W \?TE%%$hPW GPL"L
\Z?HK$hPP GP"M \TH%%$hPJ GPL"L
16 of 39
Top and bottom movers: 30-Day Total return Top and bottom movers: Year-to-date Total return
_ _
@THUAH$hPV PP"PQ \9#!9%$hFP JR"NQ
T[TZ9?$hPV PL"MQ ?D@T#$hPW JR"RQ
\9#\9D$hPR M"FQ @THUAH$hPV JR"PQ
?D@T#$hPV N"VQ !9%9?B$hFV JF"MQ
EZ?#$hPR N"WQ %TIBA[$hPO JF"MQ
?D@T#$hPW N"PQ \9#\9D$hPR FN"FQ
\A%%Tg$hPW V"WQ T[TZ9?$hPV PM"NQ
@TU\9$hPV R"NQ !9%9?B$hPW PM"JQ
UTD@9$hPW R"VQ ?%#U9$hPO PM"FQ
XHIB$hPO R"VQ I[DA9B$hPF PV"VQ
@HHI@$hPV R"LQ #@_U9$hPV PV"OQ
\9U?I9$hPR W"NQ #@_U9$hFV PV"PQ
9TUTHU$hPR W"VQ BT@T%$#,'7 PR"VQ
\T%Tg$R"PMRQ$#,'7 W"VQ HX#9$#,'7 PR"FQ
!9%9?B$hFV W"FQ UTD@9$hPW PW"FQ
%TIBA[$hPO O"NQ [AH$#,'7 PO"RQ
T@D9B$hPV O"NQ \AU9D$#,'7 PO"WQ
BT@T%$#,'7 O"VQ @TU\9$hPV PO"JQ
@HHI@$N"NVWQ$hPW O"OQ XHIB$hPO PJ"NQ
\?TE%%$hPW O"JQ #@_U9$hJV PJ"VQ
ITHTCA$hPL GL"FQ [TDTB$hPO L"MQ
E%TE%d$hPL GL"WQ #T%Tg$hPL L"MQ
TD@TU9$hPW GL"WQ \TU#Ed$hPP L"VQ
9%gH%%$hJW GL"RQ ED@TU$hPN L"VQ
cAC$hFL GL"VQ ITHTCA$hPL L"WQ
E9D_AB$hPJ GL"VQ TDBU?U$hPR L"OQ
#@_U9$hJV GL"NQ \TH9B9$hPL L"JQ
_AIAB9$hFL GL"NQ 9%gH%%$hJW L"PQ
#T%Tg$hFJ GL"MQ \TH9B9$hPP GL"PQ
#T%Tg$hFF GL"MQ \@TH$hPF GL"FQ
_AIAB9$hPM GP"LQ \TH9B9$hPJ GL"FQ
9%gH%%$hJV GP"LQ 9%gH%%$hJV GL"OQ
9gITH$hPM GP"LQ [BX%9$#,'7 GL"OQ
9gITH$hPM GP"LQ \@TH$hPJ GL"WQ
%9BCB?$hPR GP"PQ U9DI$hPF GL"RQ
#T%Tg$hJW GP"FQ \@TH$hPO GL"MQ
#T%Tg$hFV GP"JQ TD@TU9$hFV GP"RQ
_?IBA9$hPJ GR"OQ TD@TU9$hJV GP"MQ
_?IBA9$hPV GR"OQ \?TE%%$hPW GPL"JQ
_?IBA9$hPF GR"OQ @TU%TI$hPV GFL"LQ
17 of 39
SPREAD VERSUS DURATION BY SECTOR
@;%).#WR :)&"*.0*"#3.0+0.0"- @;%).#SR 6)%G0+0%*#3.0+.0"-
iG-7',)+$]07^ iG-7',)+$]07^
O;LLL P;LLL
MLL BT@T%$#,'7
J;WLL @THUAH$U/,7G17$hPO
NLL
%TIBA[$hPO
J;LLL
VLL
F;WLL
RLL
F;LLL WLL
OLL
P;WLL ?U9EB$hPV
TDTB[?$hPJ
9'(,*/2*)$U&8,',2(*$51'8, IB9D9B$hPR JLL
P;LLL U9ETU#$hPR
FLL \TU#Ed$hPJ
T@D9B$hPV THTEB9$hPM E')i2:$U&8,',2(*$51'8,
IB9[9U$hPV Z#@9$hPV THTEB9$hPW
WLL
PLL
L L
P"WL F"LL F"WL J"LL J"WL O"LL O"WL W"LL W"WL L"LL P"LL F"LL J"LL O"LL W"LL R"LL V"LL N"LL M"LL PL"LL
@1')/2&* @1')/2&*
@;%).#\R @;0+"%*#3.0+0.0"- @;%).#`R L.;")#3.0+0.0"-
iG-7',)+$]07^ iG-7',)+$]07^
WLL VLL
?I9EA$hPJ 9TU@A%$hPW T[TZ9?$hPV

OWL \Z?HK$hPP
$$$$$$$$95/28,U4,,/"\4)'/A0>,5/-]2^"H,</$o$OLL$b$?*/]2$G$P^$`$OLL$b$?*/]2$a$W^
RLL
OLL
WLL
JWL
9TUTHU$hPR
I[?\A$hPV
JLL OLL
FWL TD@TU9$hFV TD@TU9$hJV

[TDTB$hPO JLL TTE\A$hPO \Z?_AB$hPO
9TU#9D$hPR
FLL TDBU?U$hPR \AHEXD$hFL
TD@TU9$hPW TDBU?U$hPO TT##%T$hPM
TD@TU9$hPJ FLL
PWL TD9#\H$hPF
TD9#\H$hPO
PLL PLL
L"LL F"LL O"LL R"LL N"LL PL"LL PF"LL F"LL J"LL O"LL W"LL R"LL V"LL N"LL
@1')/2&* @1')/2&*
18 of 39
@;%).#aR 8)%*-$().%.0(* @;%).#UR C"J0/%*#7*13-.)0%+-
iG-7',)+$]07^ iG-7',)+$]07^
P;FLL NLL
VWL \T%Tg$R"PMRQ$#,'7
P;LLL UTD@9$hPW \T%Tg$R"ROQ$#,'7

VLL
RWL
NLL
RLL
cUX$hPF
I9%$hFL
RLL I9%$hPV [AH$#,'7 WWL \T%Tg$hPR
!9%9?B$hPW
!9%9?B$hFV WLL @TU\9$hPV
[AH$hPV \T%Tg$R"VFFQ$#,'7
OLL
OWL
#TI%Tg$hPO
T%EB9$hPV T%EB9$hFL OLL
FLL
%g\ZC$hPM
JWL
%9ET%g$hPM
L JLL
L"LL P"LL F"LL J"LL O"LL W"LL R"LL V"LL N"LL M"LL PL"LL F"LL J"LL O"LL W"LL R"LL V"LL N"LL M"LL PL"LL
@1')/2&* @1')/2&*
@;%).#bR 7*13-.)0%+-#"JVC"J0/( @;%).#cR B3+$#A#$%$")
iG-7',)+$]07^ iG-7',)+$]07^
OLL
?%#U9$hPO
P;JLL
JWL
C?EB?9$hPM
P;PLL
JLL
MLL
\TH9B9$R"NVWQ$hPV
FWL
VLL \TH9B9$hPM
\TH9B9$hPV
EB9Uc%$M"VWQ$#,'7 FLL
WLL ?D_TBU$hPM
%9[DTU$hFL EB9Uc%$MQ$#,'7 \TH9B9$hPP \TH9B9$hPW
\TH9B9$hPJ
EB9Uc%$hPV ?D_TBU$hPJ
JLL HA%DT[$hPJ _AIAB9$hFL _AIAB9$hFP PWL
\\\AD$hPW _AIAB9$hPM
EB9Uc%$hPW
EB9Uc%$hPO A@E$hPO \\\AD$hPR
_AIAB9$hPO A@E$hPV A@EB$hFL
PLL PLL
P"LL F"LL J"LL O"LL W"LL R"LL V"LL N"LL M"LL PL"LL P"LL F"LL J"LL O"LL W"LL R"LL V"LL N"LL
@1')/2&* @1')/2&*
19 of 39
@;%).#]R !.""+- @;%).#WTR L.;")#2".%+-#A#20*0*&
iG-7',)+$]07^ iG-7',)+$]07^
WWL WLL
_U?@$#,'7 \UD9Ed$#,'7
WLL OWL
\9#!9%$hFP
[[EBEd$#,'7 OLL
OWL
JWL
OLL
JLL
JWL #\X$hJW
FWL
_9HTEd$hJO
JLL UK%$hPR _9HTEd$hJR
FLL
[[EBEd$hFL _9HTEd$hJM
[[EBEd$hPV _9HTEd$hPJ _9HTEd$hPR
FWL
\UD9Ed$hPM PWL #\X$hPW _9HTEd$hPV
\UD9Ed$hPW XU?%$hPR \@TH$hPM
FLL \UD9Ed$hPJ XU?%$hPN
PLL
\@TH$hPJ \@TH$hPO
PWL WL
\@TH$hPF
PLL L
F"LL J"LL O"LL W"LL R"LL V"LL N"LL M"LL PL"LL PP"LL F"LL J"LL O"LL W"LL R"LL V"LL N"LL M"LL PL"LL PP"LL PF"LL
@1')/2&* @1')/2&*
@;%).#WWR L0+#A#&%- @;%).#WSR Y(2"=30+1")->H"%+V"-.%."
iG-7',)+$]07^ iG-7',)+$]07^
P;OWL
#@_U9$hPV
P;LLL
P;FWL \9#\9D$hPR
NLL #@_U9$hFV
IA\HXE$hPO
P;LWL
XHIB$hPO
?BU99B$hPV
RLL \9U?I9$hPR 9#U99B$hPV
NWL
#TIBII$hPM
OLL #BT\D$hPR
#TIBII$hFF RWL
!9_TB$hPO
#AU9@9$hPW ZA%Tg$hPM EB%HEd$#,'7

#TU99B$hPJ #TU99B$hPV #T%Tg$hPM T\A#TI$hPM
FLL #T%Tg$hFL OWL XBE?%%$hFL
#T%Tg$hPO #TIEB9$N"JVWQ$hPN \AB[TA$hPO
#TIEB9$W"NVWQ$hPN #TIEB9$hPM XBE?%%$hPR
#T%Tg$hPN ZA%Tg$hPW
#TIEB9$hPW
#TIEB9$hPO
L FWL
P"WL F"WL J"WL O"WL W"WL R"WL V"WL N"WL F"LL J"LL O"LL W"LL R"LL V"LL N"LL M"LL PL"LL
@1')/2&* @1')/2&*
20 of 39
@;%).#W\R @(*-32")#$)(13/.- @;%).#W`R 6)%G0+0%*#=""'-
iG-7',)+$]07^ iG-7',)+$]07^
J;WLL P;RLL
J;LLL P;OLL ?D@T#$hPW

%9UZTB$hPF
F;WLL P;FLL
F;LLL P;LLL
P;WLL NLL
%?DTB_$hPV
P;LLL RLL %?DTB_$hPM
%9BCB?$hPR
\A#T?D$hPV CB?EA?$hPR ETBI?D$hPR
[BX%9$#,'7
WLL @?9%$hPN OLL
@AB9@A$hPM
\AU9D$hPO \AU9D$hPV EBCUEd$hFL U9@?9$hPV
\AU9D$#,'7 CB?EA?$hPP
9E?EE$hPP 9E?EE$hPJ cAC$hFL
L FLL
P"LL F"LL J"LL O"LL W"LL R"LL V"LL N"LL M"LL PL"LL PP"LL L"WL P"WL F"WL J"WL O"WL W"WL R"WL
@1')/2&* @1')/2&*
@;%).#WaR Y0&;#Z)%1"#8C8 @;%).#WUR Y0&;#[0"+1#8C8
iG-7',)+$]07^ iG-7',)+$]07^
WWL P;PWL
WLL [HA#9B$#,'7 P;LWL

\E_U$hPW
IH%#$hPJ
OWL MWL
OLL NWL %XHI?\$hPR

%9gITH$hPO
%?BE_?$hPR
JWL VWL
@HHI@$M"PFWQ$hPW
JLL IH%#$hPM RWL @HHI@$N"NVWQ$hPW [HE\$hPV
@HHI@$hPN
\AHX?C$hPO
FWL [HA#9B$hFF WWL @HHI@$hPO-
9HTUIB$hPO D?Z@$hPR @HHI@$hPV
ITH_?U$hJF 9gITH$hPM [HAEXU$#,'7
9%gH%%$hJV \E%9U$hPW
FLL OWL
ITH_?U$hFW 9gITH$hPV
9%gH%%$hJW
ITH_?U$hPN
PWL 9%gH%%$hOL JWL
ICADY$hPM I9UCI$hPL
ITH_?U$hPP 9%gH%%$hFL DTIEd$hFL
ICADY$hPW 9%gH%%$hPV
PLL FWL
9%gH%%$hPM
9%gH%%$hPO 9%gH%%$hPW
9%gH%%$hPW ITHTCA$hPP
WL PWL
L"LL F"LL O"LL R"LL N"LL PL"LL PF"LL PO"LL L"LL P"LL F"LL J"LL O"LL W"LL R"LL V"LL N"LL M"LL PL"LL
@1')/2&* @1')/2&*
21 of 39
@;%).#WbR :)&"*.0*"#6%*?- @;%).#WcR 6)%G0+0%*#6%*?-
iG-7',)+$]07^ iG-7',)+$]07^
P;FLL WLL
EB9@TU$#,'7
OWL \BXd$hPW
?I9X$#,'7 U9DEEd$#,'7
P;PLL E\AE%[$hPR
OLL
ED\[9H$hPM JWL
P;LLL E9DEB9$#,'7
E%99B$hJR JLL
MLL FWL
9'(,*/2*)$U&8,',2(*$51'8,
FLL
ED@TU$hPN
NLL ED@TU$hFL
PWL E9D_AB$hPJ EB9@TU$hPW
EZ?#$hPJ EZ?#$hPR E')i2:$U&8,',2(*$51'8,
E9DEB9$hPO
PLL
VLL
WL
ED@TU$hPP
E%99B$hPV
RLL L
P"LL F"LL J"LL O"LL W"LL R"LL V"LL L"LL F"LL O"LL R"LL N"LL PL"LL PF"LL
@1')/2&* @1')/2&*
@;%).#W]R L.;")#6%*?-#%*1#E0*%*/0%+-
iG-7',)+$]07^
JNL
JRL
\9H?\Z$hFF
JOL
JFL
EE_9U%$hFF
JLL
FNL E9DABI$hPR
FRL
FOL
E9D\AH$hPV
FFL
EE_9U%$hPW
C\EII$hPF
FLL
L"LL P"LL F"LL J"LL O"LL W"LL R"LL V"LL N"LL M"LL
@1')/2&*
22 of 39
SPREAD VERSUS NET LEVERAGE BY SECTOR
@;%).#STR :)&"*.0*"#3.0+0.0"- @;%).#SWR 6)%G0+0%*#3.0+.0"-
iG-7',)+$]07^ iG-7',)+$]07^
J;MWL
P;PLL
@THUAH$U/,7G17$hPO
J;OWL
%TIBA[$hPO
F;MWL MLL BT@T%$#,'7
F;OWL
VLL
P;MWL
WLL
P;OWL ?U9EB$hPV
TDTB[?$hPJ
JLL
MWL IB9D9B$hPR
U9ETU#$hPR
T@D9B$hPV \TU#Ed$hPJ
IB9[9U$hPV THTEB9$hPM
Z#@9$hPV THTEB9$hPW
OWL PLL
L"LS P"LS F"LS J"LS O"LS W"LS R"LS V"LS N"LS M"LS L"LS L"WS P"LS P"WS F"LS F"WS J"LS J"WS O"LS O"WS W"LS
D,/$:,8,')(, D,/$:,8,')(,
@;%).#SSR @;0+"%*#3.0+0.0"- @;%).#S\R L.;")#3.0+0.0"-
iG-7',)+$]07^ iG-7',)+$]07^
WLL VLL
?I9EA$hPJ 9TU@A%$hPW
\Z?HK$hPP RWL T[TZ9?$hPV
OWL
$$$$$$$$95/28,U4,,/"\4)'/A0>,5/-]2^"H,</$o$OLL$b$?*/]2$G$P^$`$OLL$b$?*/]2$a$W^
RLL
OLL
WWL
JWL
WLL
JLL
OWL
TD@TU9$hFV 9TUTHU$hPR
FWL TD@TU9$hJV
[TDTB$hPO OLL I[?\A$hPV
FLL TDBU?U$hPR \AHEXD$hFL
TDBU?U$hPO TD@TU9$hPW JWL
TD@TU9$hPJ
PWL \Z?_AB$hPO
JLL TTE\A$hPO
PLL FWL 9TU#9D$hPR

TT##%T$hPM
WL FLL
P"LS P"FS P"OS P"RS P"NS F"LS F"FS F"OS L"LS P"LS F"LS J"LS O"LS W"LS R"LS
D,/$:,8,')(, D,/$:,8,')(,

23 of 39
@;%).#S`R 8)%*-$().%.0(* @;%).#SaR C"J0/%*#7*13-.)0%+-
iG-7',)+$]07^ iG-7',)+$]07^
P;PLL NLL
UTD@9$hPW VWL \T%Tg$R"PMRQ$#,'7

P;LLL
\T%Tg$R"ROQ$#,'7
VLL
MLL
RWL
NLL
RLL
VLL
cUX$hPF
WWL \T%Tg$hPR
I9%$hFL
RLL
WLL @TU\9$hPV
I9%$hPV
[AH$#,'7
WLL \T%Tg$R"VFFQ$#,'7
OWL
[AH$hPV #TI%Tg$hPO
OLL
OLL
%g\ZC$hPM
JLL JWL
T%EB9$hPV
T%EB9$hFL
FLL JLL
GP"LS L"LS P"LS F"LS J"LS O"LS W"LS R"LS V"LS L"LS P"LS F"LS J"LS O"LS W"LS R"LS V"LS
D,/$:,8,')(, D,/$:,8,')(,
@;%).#SUR 7*13-.)0%+-#"JVC"J0/( @;%).#SbR B3+$#A#$%$")
iG-7',)+$]07^ iG-7',)+$]07^
P;OLL OLL
?%#U9$hPO
JWL C?EB?9$hPM
P;FLL
JLL
P;LLL
\TH9B9$R"NVWQ$hPV
FWL
NLL
\TH9B9$hPV \TH9B9$hPM
FLL ?D_TBU$hPM
\TH9B9$hPW
RLL \TH9B9$hPJ
?D_TBU$hPJ \TH9B9$hPP
EB9Uc%$M"VWQ$#,'7 PWL
EB9Uc%$MQ$#,'7
OLL
_AIAB9$hFL PLL \TH9B9$hPL
EB9Uc%$hPV
_AIAB9$hFP
A@E$hPV A@EB$hFL EB9Uc%$hPW _AIAB9$hPM
FLL A@E$hPO
_AIAB9$hPO WL
EB9Uc%$hPO
L L
L"LS P"LS F"LS J"LS O"LS W"LS R"LS L"LS P"LS F"LS J"LS O"LS W"LS R"LS V"LS
D,/$:,8,')(, D,/$:,8,')(,

24 of 39
@;%).#ScR !.""+- @;%).#S]R L.;")#2".%+-#A#20*0*&
iG-7',)+$]07^ iG-7',)+$]07^
WWL JLL
\UD9Ed$#,'7
WLL
[[EBEd$#,'7 FWL \9#!9%$hFP

OWL _9HTEd$hPV
OLL _9HTEd$hPR _9HTEd$hJO

FLL
JWL
JLL #\X$hPW
\@TH$hJW
PWL
UK%$hPR \@TH$hJR _9HTEd$hJR #\X$hJW
FWL \UD9Ed$hPM [[EBEd$hPV
XU?%$hPR [[EBEd$hFL \@TH$hPM
\UD9Ed$hPW
FLL \UD9Ed$hPJ XU?%$hPN
PLL
\@TH$hPO
PWL
\@TH$hPJ \@TH$hPF
PLL WL
P"WS P"VS P"MS F"PS F"JS F"WS F"VS L"WS L"RS L"VS L"NS L"MS P"LS P"PS P"FS P"JS P"OS
D,/$:,8,')(, D,/$:,8,')(,
@;%).#\TR L0+#A#&%- @;%).#\WR Y(2"=30+1")->H"%+V"-.%."
iG-7',)+$]07^ iG-7',)+$]07^
WLL P;LLL
OWL
MLL ?BU99B$hPV
9#U99B$hPV
OLL
#TIBII$hPM
#TIBII$hFF NLL
JWL
JLL VLL
FWL
#TU99B$hPV !9_TB$hPO
T\A#TI$hPM RLL
#9D9%T$hPF EB%HEd$#,'7
FLL #TIEB9$N"JVWQ$hPN #TU99B$hPJ #AU9@9$hPW
#T%Tg$hFL #T%Tg$hPM
WLL
#TIEB9$hPM
#T%Tg$hPN ZA%Tg$hPM
PWL #TIEB9$W"NVWQ$hPN XBE?%%$hFL \AB[TA$hPO
#TIEB9$hPW #TU99B$hPL ZA%Tg$hPW
#T%Tg$hPO OLL XBE?%%$hPR
PLL #TIEB9$hPO
WL JLL
L"LS L"WS P"LS P"WS F"LS F"WS J"LS L"LS L"WS P"LS P"WS F"LS F"WS J"LS J"WS O"LS
D,/$:,8,')(, D,/$:,8,')(,

25 of 39
@;%).#\SR @(*-32")#$)(13/.- @;%).#\\R 6)%G0+0%*#=""'-
iG-7',)+$]07^ iG-7',)+$]07^
J;WLL RWL
RLL
J;LLL %?DTB_$hPM
%9UZTB$hPF
WWL %?DTB_$hPV
F;WLL
WLL %9BCB?$hPR
CB?EA?$hPR ETBI?D$hPR
F;LLL OWL
P;WLL OLL
JWL
P;LLL
JLL U9@?9$hPV
CB?EA?$hPP
@?9%$hPN [BX%9$#,'7
WLL
\AU9D$#,'7 FWL
EBCUEd$hFL @AB9@A$hPM \AU9D$hPO
9E?EE$hPJ
\AU9D$hPV
L 9E?EE$hPP FLL
L"WS P"LS P"WS F"LS F"WS J"LS J"WS O"LS O"WS W"LS P"LS F"LS J"LS O"LS W"LS R"LS V"LS
D,/$:,8,')(, D,/$:,8,')(,
@;%).#\`R Y0&;#Z)%1"#8C8 @;%).#\aR Y0&;#[0"+1#8C8

iG-7',)+$]07^ iG-7',)+$]07^
WWL
P;LWL
WLL [HA#9B$#,'7 \E_U$hPW
IH%#$hPJ MWL
OWL
OLL NWL
%9gITH$hPO
JWL VWL
JLL IH%#$hPM
RWL
@HHI@$hPN
[HA#9B$hFF \AHX?C$hPO
FWL
WWL [HAEXU$#,'7
ITH_?U$hJF
FLL 9%gH%%$hJV
ITH_?U$hFW 9%gH%%$hJW D?Z@$hPR 9gITH$hPM
@HHI@$hPV \E%9U$hPW
9%gH%%$hOL OWL
ITH_?U$hPN
PWL 9gITH$hPV
9%gH%%$hPM ICADY$hPM
ITH_?U$hPP
9%gH%%$hFL 9%gH%%$hPV JWL
PLL ICADY$hPW
I9UCI$hPL
9%gH%%$hPW 9%gH%%$hPO DTIEd$hFL
WL FWL
GL"WS L"LS L"WS P"LS P"WS F"LS F"WS L"LS P"LS F"LS J"LS O"LS W"LS R"LS
D,/$:,8,')(, D,/$:,8,')(,

26 of 39
<<<
SPREAD VERSUS DURATION BY RATING
@;%).#\UR :d#>#:#>#:V @;%).#\bR 666d
UAI$]07^ UAI$]07^
FJL JLL
D[\II$hJR
FPL
FWL
PML
JULI A Curve
ITH_?U$hJF
PVL FLL #TIEB9$hPW ITH_?U$hFW
9%gH%%$hJW JULI BBB Curve
E9DEB9$hPO 9%gH%%$hJV ITH_?U$hPN
PWL
9%gH%%$hOL ITH_?U$hPP
PWL
ICADY$hPM
PJL \@TH$hPM \@TH$hJW
9%gH%%$hPV \@TH$hJR
ICADY$hPW 9%gH%%$hPM
PPL 9%gH%%$hFL PLL
cAC$hFL
9%gH%%$hPO
\@TH$hPO
ML 9%gH%%$hPW
\@TH$hPJ 9%gH%%$hPW WL
\@TH$hPF
VL
WL L
L"WL F"WL O"WL R"WL N"WL PL"WL PF"WL PO"WL P"LL J"LL W"LL V"LL M"LL PP"LL PJ"LL
@1')/2&* @1')/2&*
@;%).#\cR 666 @;%).#\]R 666V
UAI$]07^ UAI$]07^
JLL JLL
CELARA 6.875% '17 FNL

PEMEX '27
PEMEX '23 PEMEX Perp
FWL FRL
PEMEX '22 TD@TU9$hFV
[TDTB$hPO
CELARA '17 VALEBZ '34 '35
PEMEX FOL
CELARA '19
TD@TU9$hJV
FLL CELARA '11 CELARA '13 INVERS '19 FFL TDBU?U$hPR
CELARA '15
PEMEX '18 VALEBZ '36 T%EB9$hFL
INVERS '13 PEMEX PEMEX
'19 '20 VALEBZ '39
ENAPCL '12ENAPCL '14PEMEX '15 FLL TDBU?U$hPO
VALEBZ '13 VALEBZ '16
VALEBZ '17 TD@TU9$hPW
PWL JULI BBB Curve PNL
THTEB9$hPM TD@TU9$hPJ
PEMEX '14
THTEB9$hPW
PRL
CELARA '10 ABIBB '13
PLL POL JULI BBB Curve
ABIBB '11
PFL
PEMEX '11
WL PLL
L"LL F"LL O"LL R"LL N"LL PL"LL PF"LL F"LL J"LL O"LL W"LL R"LL V"LL N"LL M"LL PL"LL PP"LL PF"LL
@1')/2&* @1')/2&*
U&1'5,j$!"#"$%&'()*k$U7',)+-$)-$&<$DY$5:&-,$97'2:$LM;$FLPL"$$B)/2*(-$)',$0)-,+$&*$%&&+=h-;$Ue#;$)*+$C2/54$')/2*(-"
27 of 39
@;%).#`TR 66d#>#66 @;%).#`WR 66V
UAI$]07^ UAI$]07^
WWL RWL
!9_TB$hPO
US HY BB Curve RLL
WLL
WWL
OWL 9TUTHU$hPR
#TI%Tg$hPO \UD9Ed$#,'7
EB9Uc%$M"VWQ$#,'7 @TU\9$hPV
WLL Y#C@9B$hFN
OLL I[?\A$hPV [HAEXU$#,'7 US HY BB Curve 9gITH$hPM
\E%9U$hPW
?U9EB$hPV
OWL ZA%Tg$hPM EB%HEd$#,'7
EB9Uc%$MQ$#,'7
[[EBEd$#,'7 \AB[TA$hPOZA%Tg$hPW 9gITH$hPV XBE?%%$hFL
%g\ZC$hPM
JWL
C?EB?9$hPM OLL
U9@?9$hPV @?9%$hPN
TTE\A$hPO EBCUEd$hFL
@AB9@A$hPM TDTB[?$hPJ
JLL \Z?_AB$hPO
EB9Uc%$hPV JWL
DTIEd$hFL
U9ETU#$hPR \AU9D$hPV
A@E$hPV
9TU#9D$hPR
FWL EB9Uc%$hPW
A@EB$hFL JLL \AU9D$hPO
\TU#Ed$hPJ
EB9Uc%$hPO
\UD9Ed$hPW
A@E$hPO \UD9Ed$hPM
\UD9Ed$hPJ
T\A#TI$hPM
FLL FWL
P"LL F"LL J"LL O"LL W"LL R"LL V"LL N"LL M"LL PL"LL P"LL F"LL J"LL O"LL W"LL R"LL V"LL N"LL M"LL PL"LL
@1')/2&* @1')/2&*
@;%).#`SR 6d#>#6 @;%).#`\R 6V
UAI$]07^ UAI$]07^
P;JWL P;WWL
P;JWL ?%#U9$hPO
P;PWL
IA\HXE$hPO
\E_U$hPW
P;PWL
MWL
UTD@9$hPW
IB9D9B$hPR
MWL
?BU99B$hPV
9#U99B$hPV
VWL
%9gITH$hPO
cUX$hPF XHIB$hPO
VWL
\AHX?C$hPO ?I9EA$hPJ 9TU@A%$hPW T@D9B$hPV
T[TZ9?$hPV \T%Tg$R"PMRQ$#,'7
WWL I9%$hPV I9%$hFL
\T%Tg$hPR Z#@9$hPV \T%Tg$R"ROQ$#,'7
#AU9@9$hPW%9BCB?$hPR IB9[9U$hPV
D?Z@$hPR
CB?EA?$hPR
ETBI?D$hPR WWL %?DTB_$hPV %?DTB_$hPM
HX#9$#,'7
[AH$hPV [AH$#,'7 @HHI@$hPV
XBE?%%$hPR
JWL I9UCI$hPL
CB?EA?$hPP [BX%9$#,'7 \T%Tg$R"VFFQ$#,'7
JWL
#9D9%T$hPF
#TU99B$hPJ ITHTCA$hPP
PWL #TU99B$hPL PWL
L"LL F"LL O"LL R"LL N"LL PL"LL L"LL F"LL O"LL R"LL N"LL PL"LL
@1')/2&* @1')/2&*
28 of 39
@;%).#``R @@@d#%*1#="+(e @;%).#`aR 9"'%3+."1
UAI$]07^ 7'25,$]n^
O;FLL VL
J;VLL
@THUAH$U/,7G17$hPO RL
\A%%Tg$hPW
%TIBA[$hPO
J;FLL I[DA9B$hPF XD?@9U$hPR
WL
F;VLL @THUAH$hPV
_?IBA9$hPF _?IBA9$hPJ _?IBA9$hPV
F;FLL OL
\?TE%%$hPW \TH%%$hPJ
P;VLL
JL
?D@T#$hPW ?D@T#$hPV
P;FLL
BT@T%$#,'7 FL
VLL
@HHI@$hPN
FLL
PL
L"LL P"LL F"LL J"LL O"LL W"LL R"LL V"LL N"LL M"LL
L"WL P"LL P"WL F"LL F"WL J"LL J"WL O"LL
@1')/2&* @1')/2&*
29 of 39
SPREAD VERSUS DURATION: QUASI-SOVEREIGNS
@;%).#`UR B5C5f#F-4#C"J0/(#!(F")"0&* @;%).#`bR B5C5f#DWc-#F-4#C"J0/(#a[)#@9!

iG-7',)+$]07^ iG-7',)+$]07^
OLL VLL FOL
JWL #T%Tg$#,'7 RLL

PML
JLL
WLL
#T%Tg$hFV #,6,S$51'8,
#T%Tg$hFJ
FWL #T%Tg$hFF
#T%Tg$hJW POL
OLL
FLL
#T%Tg$hPM #T%Tg$hFL
JLL
#T%Tg$hPW ML
#T%Tg$hPN
PWL
#T%Tg$hPO
Mexico Sovereign curve
FLL
PLL
OL
PLL
WL
#T%Tg$hPP
L L GPL
P"LL J"LL W"LL V"LL M"LL PP"LL PJ"LL PW"LL @,5GLN C,0GLM 97'GLM !1*GLM 91(GLM A5/GLM @,5GLM C,0GPL
@1')/2&* U7',)+$+2<<$]'4-^ %,S25&$WY #T%Tg$W"VWQ$hPN-
@;%).#`cR B".)(=)%-#F-4#6)%G0+#!(F")"0&* @;%).#`]R B586H:#DWc-#F-4#6)%G0+#a[)#@9!

iG-7',)+$]07^ iG-7',)+$]07^
JLL RLL FLL
PNL
FWL WLL
PRL
POL
FLL OLL
#TIEB9$N"JVWQ$hPN
PFL
#TIEB9$hPM
PWL #TIEB9$W"NVWQ$hPN JLL PLL

#TIEB9$hPR
#TIEB9$hPW
NL
E')i2:$U&8,',2(*$51'8, FLL
PLL #TIEB9$hPO RL
#TIEB9$hPJ
OL
PLL
WL
#,/'&0')-$51'8, FL
L L
L
@,5GLN C,0GLM 97'GLM !1*GLM 91(GLM A5/GLM @,5GLM C,0GPL
L"LL F"LL O"LL R"LL N"LL PL"LL PF"LL
@1')/2&* U7',)+$+2<<$]'4-^ E')i2:$WY #TIEB9$W"NVWQ$hPN-

30 of 39
APPENDIX I: CORPORATE DOLLAR REPORT - LATIN AMERICA Prices are as of Apr-09-10 for 3:00PM closing.
L3.4#:2.# @3)*.# :-?# 8-,#
E3++#6(*1#<%2" 80/?") @$* C%.3)0., MP22N !AB C1,- !"/.() [0"+1 [8C ^()?(3.#9%." $>/ 601#B)0/" B)0/" 9+,#@;& ^+,#@;& 6"*/; 601#!$)1 :-?#!$)1 9+,#@;& XV!$)"%1 We?#/;& 601#[0"+1 :-?#[0"+1 :F&4#Q0'" 93) 9KTW
:HZ5<87<:
9B$9:/&$#):,'6&$V$VaNQ$+1,$PV 9#U99B V"NVW %)=$PP$FLPV PPW EG D9 C2*)*52): M"NO PF"PV %)=$PP$FLPF \$ VW"LL NL"LL L"LL L"LL XUIPL MWN NFN L NMR L PJ"OR PF"PV V"LN W"LM O"PFQ
9B$9'5&-$@&')+&-$V$PaFQ$+1,$PM @AB9@A V"WLL A5/$LP$FLPM OWL D9 E)F \&*-16,';$\=5:25): V"PN R"NW A5/$LP$FLPM $$ PLJ"WL PLO"WL L"LL L"LL XUIPL JPL FMR L JPN GP R"MM R"NW M"OR R"NM V"FNQ
9B$E5&$Z27&/,5)'2&$M$JaOQ$+1,$PL EZ?# M"VWL D&8$PR$FLPL FFJ EG D9 C2*)*52): M"OM O"MO D&8$PR$FLPL $$ PLP"VW PLF"VW L"LL L"LL XUIF WWR JNW GW OJN GPJ R"RW O"MO L"WM L"WV L"RLQ
9B$E5&$Z27&/,5)'2&$U/,7G17$+1,$PJ EZ?# R"LLL @,5$LP$FLPJ PPV EG D9 C2*)*52): R"JN M"FO @,5$LP$FLPJ $$ MP"LL MO"LL L"LL L"LL XUIW NJP RWV GR VWV GP PL"MN M"FO F"PJ P"MP P"PNQ
9B$E5&$Z27&/,5)'2&$M$JaOQ$+1,$PR EZ?# M"VWL 97'$FV$FLPR FWL EG D9 C2*)*52): PL"LW PL"OJ 97'$FV$FLPR $$ MW"LL MV"LL L"LL P"FW XUIPL VLF RWW L VON GJP PL"ML PL"OJ R"LO O"OO O"OLQ
9B$E)*5&$%)5'&$M$JaOQ$+1,$JR$\):: E%99B M"VWL @,5$PN$FLPR PWL D9 EF C2*)*52): PP"FP PF"RM @,5$PN$FLPR $$ NW"LL NV"LL L"LL L"LL XUIPL MJP NNL L MRP L PJ"PM PF"RM R"RN O"VF O"PFQ
9B$E5&$%)5'&$N$PaFQ$+1,$PV E%99B N"WLL C,0$LP$FLPV PJW D9 EF C2*)*52): N"NW M"JL C,0$LP$FLPV $$ MJ"LL MR"LL L"LL L"LL XUIPL RLW WOF L RPO GP M"MO M"JL R"NL W"PJ O"MOQ
9B$E5&$[):252)$U/,7G17$+1,$PO ED\[9H V"LLL !)*$LP$FLPO FFW D9 D9 C2*)*52): R"MV R"RM !)*$LP$FLPO $$ MN"WL PLL"WL L"LL L"LL XUIW WFO OLF GR WPW GO V"MP R"RM P"NJ P"RN P"JMQ
9B$E5&$[):252)$U/,7G17$+1,$PM ED\[9H R"LLL !)*$LP$FLPM FPN D9 D9 C2*)*52): R"PF GL"PV !)*$LP$FLPO \$ MR"LL MN"LL L"LL L"WL XUIPL P;LFL MNV L P;LFL GM PO"LN PJ"VW N"VF R"WL N"RPQ
9B$\2/=$&<$E1,*&-$92',-$V$VaNQ$+1,$PP EXT9?B V"NVW 97'$PP$FLPP PRN EG EF [&8,'*6,*/ V"VF W"VV 97'$PP$FLPP $$ PLL"LL PLF"LL L"LL V"LL XUIW WFL JPL GV ONJ GVWR V"NV W"VV L"MM L"MV L"MNQ
9B$\2/=$&<$E1,*&-$92',-$PF$PaFQ$+1,$PW EXT9?B PF"WLL 97'$LR$FLPW L EG EF [&8,'*6,*/ PP"VM PL"ML 97'$LR$FLPW $$ PLW"LL PLR"LL L"FW L"FW XUIW NOM NFJ GPF NJL GPL PP"PR PL"ML O"MN J"NR J"MRQ
9B$E1,*&-$92',-$M$PaOQ$+1,$PV EXTDAU M"FWL 97'$PW$FLPV JFR EG EJ [&8,'*6,*/ PL"MN PO"LL 97'$PW$FLPV $$ NF"FW NO"FW L"LL F"FW XUIPL P;LNL P;LPP L P;POF GVM PO"RM PO"LL O"VW J"WF F"MNQ
9B$E1,*&-$92',-$M$JaNQ$+1,$PN EXTDAU M"JVW U,7$PO$FLPN OVW EG EJ [&8,'*6,*/ PP"MO PJ"VR U,7$PO$FLPN $$ VV"LL VN"WL L"LL GL"WL XUIPL P;LFO MNN L P;LJN PP PO"PJ PJ"VR N"OF W"WP O"FOQ
9B$E1,*&-$92',-$M$WaNQ$+1,$FN EXTDAU M"RFW 97'$PN$FLFN OLL EG EJ [&8,'*6,*/ PJ"LP PJ"WN 97'$PN$FLFN $$ VF"WL VO"LL L"LL GL"WL XUIJL MPJ NNO P MVL PL PJ"NN PJ"WN PV"LP R"RR W"PNQ
9B$E1,*&-$92',-$U/,7G17$+1,$JW EXTDAU O"LLL %)=$PW$FLJW OOR EG EJ [&8,'*6,*/ PL"JM PJ"FF %)=$PW$FLJW $$ JR"WL JN"WL L"LL L"FW XUIJL MPF NON P MPO GN PJ"NV PJ"FF PV"NO N"PN J"FVQ
9B$\)0:,82-2&*$JQ$+1,$PW \E_U N"LLL A5/$LV$FLPW PMM D9 D9 \&661*25)/2&*- N"NM PF"RN A5/$LV$FLPW $$ NV"LL ML"LL L"LL L"LL XUIW P;LMN P;LLP GR P;LPM GF PJ"RW PF"RN O"ON J"RM J"PNQ
9B$9:/&$#)')*)$R$JaNQ$+1,$PV \TH9B9 R"JVW !1*$LM$FLPV FVL EEE E))F E)-25$%)/,'2):- R"FL W"NM !1*$LM$FLPV $$ PLP"RO PLF"NP L"LW L"PF XUIPL FFL FLL GP FWV GJ R"LM W"NM V"PW W"VP R"LFQ
9B$#,5&6$T*,'(2)$N$PaNQ$+1,$PL #TU99B N"PFW !1:$PW$FLPL JOM E` E)F T*,'(= N"LL P"RO !1:$PW$FLPL $$ PLP"PJ PLP"RJ GL"JN GL"JN XUIF FOM WW PJF PJJ NM J"WN P"RO L"FW L"FW L"FRQ
9B$#,5&6$T*,'(2)$M$JaNQ$+1,$PJ #TU99B M"JVW A5/$JL$FLPJ FLL E` E)F T*,'(= N"LL O"PL A5/$JL$FLPJ $$ PPW"VW PPV"FW L"LL L"LL XUIW PNW POJ GR PMR GN O"WF O"PL J"WO J"LF J"ROQ
9B$91/&72-/)-$@,:$U&:$PP$PaFQ$+1,$PV @THUAH PP"WLL %)=$FJ$FLPV PWW @ D9 \&*-16,';$D&*G5=5:25): FJ"MR JR"MR %)=$FJ$FLPV $$ OW"LL ON"LL L"LL L"WL XUIPL J;WVM J;JLN F J;OVO GJR JM"RV JR"MR O"RP F"WM P"PVQ
9B$T+,*&'$PL$PaFQ$+1,$PV T@D9B PL"WLL A5/$LM$FLPV FPO EG EF X/2:2/2,- PL"PM M"NM A5/$LM$FLPF \$ PLP"LL PLJ"LL L"LL L"LL XUIPL ROF RLO L RRV GF PL"JL M"MF V"OM W"JJ W"OPQ
9B$Z#@9$MQ$+1,$PV Z#@9 M"LLL !1:$PP$FLPV MN EG D9 X/2:2/2,- M"LL N"MM !1:$PP$FLPV $$ MN"LL PLL"LL L"LL L"LL XUIPL WWV WPP L RPL GF M"OR N"MM W"VO O"OJ O"OWQ
9B$?%#U9$PP$PaOQ$+1,$PO ?%#U9 PP"FWL A5/$FF$FLPO FFW EG D9 ?*+1-/'2): PF"JR PW"PR A5/$FF$FLPO $$ NN"LL MP"LL L"LL L"LL XUIW P;JMF P;FOM GR P;JFJ GP PR"WM PW"PR J"LF F"JN F"PRQ
9B$?*8,'-2&*,-$N$PaFQ$+1,$PV ?BU99B N"WLL C,0$LF$FLPV PWL EG D9 C2*)*52): PL"FO PF"FW C,0$LF$FLPF \$ NL"LL NJ"LL L"LL L"LL XUIPL MPJ NJV L MPP L PJ"LP PF"FW R"NL O"MM O"PPQ
9B$H&6)$D,(')$V$PaOQ$$+1,$PJ HA%DT[ V"FWL %)'$PW$FLPJ PLL EE$ E)J ?*+1-/'2): R"NP O"NJ %)'$PW$FLPJ $$ PLO"WL PLR"WL L"LL L"LL XUIPL PRV MW L FMM GV W"WR O"NJ F"MF F"RN F"NFQ
9B$%)-/,::&*,$NQ$+1,$PF %9UZTB N"LLL !1*$JL$FLPF PRJ D9 D9 \&*-16,';$D&*G5=5:25): PF"PN JL"JV !1*$JL$FLPF $$ RW"LL RN"LL L"LL L"LL XUIW J;LJR F;VVL GP F;MLW JP JJ"LJ JL"JV F"FF P"MV P"PVQ
9B$%,*+&i)$W$PaFQ$+1,$PN %TD@Ad W"WLL U,7$LO$FLPN PNL EG EF C2*)*52): V"WJ PO"LR U,7$LO$FLPN $$ VP"LL VJ"LL L"LL L"LL XUIPL P;PLP P;LPN P P;PJO P PO"NM PO"LR O"VF J"WF P"NPQ
9B$%,/'&()-$NQ$+1,$PO %TIBA[ N"LLL @,5$JP$FLPO FPJ \\ \))J X/2:2/2,- PJ"VM JW"LW @,5$JP$FLPO $$ WW"LL WN"LL L"LL P"LL XUIPL J;OFP J;PPV J J;JFO GNL JN"PL JW"LW F"NP P"MM P"LJQ
9B$%1:/25)*):$F$PaFQ$+1,$PR %XHI?\ F"WLL !1:$FL$FLPR NL D9 D9 \&661*25)/2&*- J"NW PP"VV !1:$FL$FLPR $$ WW"LL RW"LL L"LL L"LL XUIPL P;PPO VNN P NRF F PW"LJ PP"VV R"FV W"OF J"OVQ
9B$#)*)6,$V$JaOQ$+1,$PF #9D9%T V"VWL C,0$LM$FLPF FWL E` E)F T*,'(= V"JP J"LR C,0$LM$FLPF $$ PLO"LL PLR"LL L"LL L"LL XUIW PML JM GV FLO GR O"WV J"LR P"JF P"FV P"JWQ
9B$#,/'&0')-$W$VaNQ$+1,$PV #TU99B W"NVW %)=$PW$FLPV JLL EEEG E))P T*,'(= W"NL W"RR %)=$PW$FLPV $$ MN"MR PLP"FW L"LW GL"PV XUIPL FPV PVV GP FJW F R"LR W"RR V"LM W"VJ W"MVQ
9B$I,:,5&6$M$PaOQ$+1,$PL I9UCI M"FWL @,5$FF$FLPL PMR DB D9 C2*)*52): N"MJ J"NW @,5$FF$FLPL $$ PLF"RJ PLJ"RJ L"LL L"LL XUIW FRJ PPN GN JPN GPJ W"JL J"NW L"RM L"RV L"VPQ
9B$I,:,<&*25)$M$PaNQ$+1,$PL ITHTCA M"PFW D&8$LV$FLPL PMR EG EF \&661*25)/2&*- N"VJ P"PL D&8$LV$FLPL $$ PLF"WL PLO"WL L"LL L"LL XUIW PML GPWV GPL WV GFO O"WV P"PL L"WV L"WO L"RLQ
9B$I,:,<&*25)$N"NWQ$+1,$PP ITHTCA N"NWL 91($LP$FLPP PJW EG EF \&661*25)/2&*- N"FJ F"MP 91($LP$FLPP $$ PLW"WL PLV"WL L"LL L"LL XUIPL WW GMV GP PML GM O"OJ F"MP P"JL P"FO P"JWQ
9B$I[DA9B$U/,7G17$V$PaFQ$+1,$PF I[DA9B M"LLL @,5$JP$FLPF OO D9 D9 X/2:2/2,- PV"WL OL"VO @,5$JP$FLPF $$ OV"LL WF"LL L"LL L"LL XUIW O;JOV J;NLV GJ J;MLV PR OR"PO OL"VO F"VP F"FV P"LLQ
9B$I')()-$V$VaNQ$+1,$PV IB9[9U V"NVW %)=$PO$FLPV JMW EG EF T*,'(= N"FL N"NL %)=$PO$FLPF \$ MO"LL MR"LL L"LL L"LL XUIPL WOL OMF L WMJ GF M"FN N"NL W"WM O"JV O"FRQ
9B$I')*-,*,'$N$VaNQ$+1,$PR IB9D9B N"NVW @,5$PW$FLPR PNL EG D9 X/2:2/2,- PL"JF PF"RN @,5$PW$FLPP \$ NO"LL NR"LL L"LL L"LL XUIPL MOP NNL L MMV GF PJ"FM PF"RN W"PV J"MO J"JVQ
9B$Y#C$PLQ$+1,$FN Y#C@9B PL"LLL D&8$LF$FLFN PLL DB D9 T*,'(= M"JW M"FL D&8$LF$FLFN $$ PLW"LL PLV"LL GL"WL GL"FW XUIJL ORN OOR R WPP F M"OF M"FL PN"WW N"JF M"OOQ
6:Y:C:!
EU$XHIB9#TIBAH$MQ$+1,$PO XHIB M"LLL D&8$FO$FLPO PNL E EF ?*+1-/'2): M"PO M"OJ D&8$FO$FLPL \$ MN"LL MN"OF L"LW L"OV XUIW RNV RVR GV RNM GPR M"WO M"OJ O"RP J"VF J"RMQ
6H:X7Q
EB$960,8$PL$PaFQ$+1,$PP 9%ET_ PL"WLL @,5$PW$FLPP WLL EEE` E))P$ \&*-16,';$D&*G5=5:25): M"PV P"RR @,5$PW$FLPP $$ PPO"LL PPO"WL L"LL GL"RJ XUIF NO WV GO RL FR P"MJ P"RR P"RV P"WO P"NPQ
EB$960,8$N$JaOQ$+1,$PJ 9%ET_ N"VWL U,7$PW$FLPJ OMW EEE` E))P$ \&*-16,';$D&*G5=5:25): V"JM J"LW U,7$PW$FLPJ $$ PPV"RJ PPN"JN L"LL L"LL XUIW WM JN GR MR GM J"FR J"LW J"OF J"LO J"RPQ
EB$9')*/,-$PL$PaOQ$+1,$PJ 9B9DIT PL"FWL !1*$PM$FLPJ PWL D9 D9 \&*-16,';$D&*G5=5:25): WP"FW NN"JV !1*$PM$FLPJ $$ PV"LL FL"LL L"LL F"LL XUIW M;RWR N;WVL L N;RWN GRWR MM"FJ NN"JV J"PN P"MF L"JPQ
EB$E5&$E')-2:$V"MWQ$+1,$PP$#,'7 E9DEB9 V"MWL !)*$FJ$FLPP WLL D9 E))F C2*)*52): V"VJ F"NM !)*$FJ$FLPP $$ PLF"NN PLJ"NN L"LL L"FW XUIJL GWR GPNR GP FPF GOJ O"PN F"NM L"VN L"VW L"VMQ
EB$E5&$E')-2:$N$PaFQ$+1,$PO E9DEB9 N"WLL U,7$FL$FLPO JLL D9 9J C2*)*52): V"PN J"MO U,7$FL$FLPO $$ PPV"RJ PPN"JN L"LL GL"LJ XUIW POO PFV GR POO GW O"PP J"MO O"OO J"NF O"WJQ
EB$E5&$E')-2:$N$PaFQ$+1,$FL$#,'7 E9DEB9 N"WLL @,5$JP$FLFL P;WLL D9 E))F C2*)*52): V"RF R"MR @,5$JP$FLFL $$ PPP"LL PPP"WL GL"PJ GL"WL XUIJL FFN FFF F JPN W V"LF R"MR PL"VP V"LO N"FOQ
EB$E5&$E')-2:$V"MWQ$+1,$#,'7 E9DEB9 V"MWL !)*$FJ$FLOM WLL D9 E))F C2*)*52): V"VJ V"VP !)*$FJ$FLOM $$ PLF"NN PLJ"NN L"LL L"FW XUIJL JLW FMV P JJR GF V"VM V"VP JN"VN PP"OL PF"WOQ
EB$E5&$E')-2:$N$PaFQ$+1,$OM$#,'7 E9DEB9 N"WLL @,5$JP$FLOM P;WLL D9 E))F C2*)*52): V"RF R"MM 97'$FL$FLFP \$ PPP"LL PPP"WL GL"PJ GL"WL XUIJL FNV FNO F JFJ O V"RF V"WN JM"VP PP"OL PJ"VOQ
EB$E5&$E')-2:$O$PaFQ$+1,$PW E9DEB9 O"WLL !)*$FF$FLPW WLL D9 E))F C2*)*52): O"OL J"MN !)*$FF$FLPW $$ PLP"WL PLF"FW L"LL GL"RJ XUIW PON PJP GR PJL PP O"PW J"MN O"VV O"JL O"OOQ
EB$E5&$E')-2:$RQ$+1,$FL E9DEB9 R"LLL !)*$FF$FLFL WLL D9 E))F C2*)*52): W"NR W"RN !)*$FF$FLFL $$ PLP"VW PLF"JN L"LL GL"PJ XUIPL PNN PVM L PMF P W"VR W"RN M"VV V"JV V"VNQ
EB$E)*,-7)$N"VQ$+1,$PL$#,'7 U9DEEd N"VLL U,7$FL$FLPL WLL D9 E))F C2*)*52): N"WW F"PW U,7$FL$FLPL $$ PLP"MR PLF"NF GL"FW GL"VR XUIJL GRP GFWM WF PVW PJN O"PJ F"PW L"OJ L"OJ L"OWQ
EB$E)*,-7)$N"VQ$+1,$#,'7 U9DEEd N"VLL U,7$FL$FLOM WLL D9 E))F C2*)*52): N"WW N"WO U,7$FL$FLOM $$ PLP"MR PLF"NF GL"FW GL"VR XUIW WMW WNV GO OFW V N"RF N"WO JM"OJ PL"RP PP"JOQ
EB$E)*,-7)$N"VQ$+1,$OM$#,'7$POO9 U9DEEd N"VLL @,5$FM$FLOM WLL D9 E))F C2*)*52): N"WF N"WL @,5$FM$FLOM $$ PLP"VW PLJ"FW L"LL L"LL XUIJL JNM JVR P OFP L N"RO N"WL JM"VP PL"RW PP"OOQ
EB$_&/&')*/26$O$PaOQ$+1,$PJ E9D_AB O"FWL C,0$LN$FLPJ L D9 E))F C2*)*52): O"PW J"JP C,0$LN$FLPJ $$ PLP"VW PLF"WL GL"PJ GL"FW XUIW MF RO GP PWL J J"WM J"JP F"NF F"RV F"VJQ
EB$_&/&')*/26$V$JaNQ$+1,$FL E9D_AB V"JVW !)*$FP$FLFL VWL D9 E))F C2*)*52): V"LR R"VO !)*$FP$FLFL $$ PLJ"VW PLO"WL L"PJ L"PJ XUIPL FMR FNW GF JLJ GJ R"NO R"VO M"VV R"MN V"OMQ
EB$E)*5&$E%[$N$JaOQ$+1,$PL E\AE%[ N"VWL !1:$LP$FLPL PPV EEG E)F C2*)*52): N"WM GL"LF !1:$LP$FLPL $$ PLP"PJ PLP"NN L"LL GL"JN L L L L GJL NO J"JN L"LL L"FP L"FP L"LNQ
EB$E)*5&$E%[$M"PWQ$+1,$PR E\AE%[ M"PWL !)*$PW$FLPR JLL EEG E)F C2*)*52): N"OJ R"WP !)*$PW$FLPR $$ PLR"WL PLN"WL L"LL P"LL XUIPL JFF FRJ L OPM GJO V"PP R"WP J"VW J"PR J"OOQ
EB$E)*5&$E%[$M"MWQ$+1,$PM E\AE%[ M"MWL D&8$LW$FLPM JLL D9 E)J C2*)*52): M"LO N"OL D&8$LW$FLPM $$ PLM"LW PPL"LW L"LL GL"FL XUIPL ORR OWP L ONP F N"WO N"OL M"WR R"PN V"LNQ
EB$E,'/2*$PL$PaOQ$+1,$PR CB?EA? PL"FWL A5/$LW$FLPR JWL DB EP \&*-16,';$D&*G5=5:25): M"PW V"NW A5/$LW$FLPR $$ PPP"LL PPF"LL L"LL L"LL XUIPL OPW JMV L OVN GF N"LO V"NW R"ON O"MO W"OMQ
EB$E)*5&$?*+$R$PaOQ$+1,$PJ E?\ R"FWL !)*$FL$FLPJ FVW D9 E)P C2*)*52): R"PR W"RR !)*$FL$FLPJ $$ PLL"VJ PLP"ON L"LR GL"WL XUIW JFM FMM GN JMP PO W"MR W"RR F"VV F"WW F"WVQ
EB$E5&$%,'5)*/2:$N$PaFQ$+1,$PL E%TE%d N"WLL D&8$LN$FLPL PLN E E)F C2*)*52): N"FL P"MO D&8$LN$FLPL $$ PLP"RN PLJ"RN L"LL L"LL XUIF OJR NW GR POP GPM W"OW P"MO L"WV L"WW L"WMQ
EB$ED@TU$M$WaNQ$+1,$PP ED@TU M"RFW @,5$PF$FLPP JLL D9 9J C2*)*52): N"OV P"JL @,5$PF$FLPP $$ PPF"JN PPJ"RJ L"LL GL"WL XUIF MF FP GO FW FL F"LP P"JL P"RR P"WO P"NLQ
EB$ED@TU$R"JRMQ$+1,$PN ED@TU R"JRM !1*$PR$FLPN P;LLL EEEG E))F [&8,'*6,*/ W"MR W"JF !1*$PR$FLPN $$ PLR"PJ PLR"NN L"PJ L"PJ XUIPL PWW POO GF PNL GO W"OJ W"JF N"PN R"JN V"LJQ
EB$ED@TU$R$PaFQ$+1,$PM ED@TU R"WLL !1*$PL$FLPM P;LLL EEEG E))F [&8,'*6,*/ R"LJ W"OP !1*$PL$FLPM $$ PLV"LL PLV"VW L"LL L"JN XUIPL PRJ PWJ L PVW GR W"WP W"OP M"PR R"ML V"VPQ
EB$ED@TU$W$PaFQ$+1,$FL ED@TU W"WLL !1:$PF$FLFL P;LLL EEEG E))F [&8,'*6,*/ W"OV W"OF !1:$PF$FLFL $$ MM"NN PLL"RJ L"LL L"VW XUIPL PRJ PWJ L PWN GPL W"WP W"OF PL"FW V"VR N"LMQ
EB$E5&$E')+,-5&$N$VaNQ$+1,$OM$\):: EB9@TU N"NVW !1*$LJ$FLPL JLL D9 E))F C2*)*52): N"RM GPO"LF !1*$LJ$FLPL $$ PLP"VW PLJ"FW L"LL L"LL XUIW GRWF GP;RRM GOM GP;OFN GFVL L"LL L"LL L"PO L"PO L"PRQ
EB$E5&$E')+,-5&$O"PQ$+1,$PW EB9@TU O"PLL %)'$FJ$FLPW L EEE E))F C2*)*52): O"PP O"PN %)'$FJ$FLPW $$ MM"PW MM"RW L"LL L"LL XUIPL OP FM L POO GJ O"FM O"PN O"MO O"WL O"OMQ
EB$E5&$E')+,-5&$R$JaOQ$+1,$PM EB9@TU R"VWL U,7$FM$FLPM VWL D9 E))F C2*)*52): R"ON R"PV U,7$FM$FLPM $$ PLJ"JN PLO"PJ GL"FW GL"NN XUIPL FJM FFN O FON PP R"FV R"PV M"OR V"LN V"OMQ
EB$E5&$E')+,-5&$N$VaNQ$+1,$OM$#,'7 EB9@TU N"NVW @,5$FM$FLOM JLL D9 E))F C2*)*52): N"RM N"RN @,5$FM$FLOM $$ PLP"VW PLJ"FW L"LL L"LL XUIJL OLV JMJ P OOL L N"NP N"RN JM"VP PL"OJ PP"FJQ
EB$E')-.,6$M$JaOQ$+1,$OM$\):: EB9Uc% M"VWL !1*$PV$FLPL PWL EE` D9 E)-25$%)/,'2):- M"OO GPO"NL !1*$PV$FLPL $$ PLP"WL PLO"WL L"LL L"LL XUIW GPWP GP;VOV GOF GP;WLN GFJL P"PR L"LL L"PN L"PN L"FLQ
EB$E')-.,6$MQ$+1,$OM$\):: EB9Uc% M"LLL 97'$FN$FLPP FLL EE` D9 E)-25$%)/,'2):- N"NO R"LO 97'$FN$FLPP $$ PLF"LL PLJ"LL L"LL L"LL XUIW OJN JJV GV WLM GR V"LW R"LO P"LO L"MM P"LFQ
EB$E')-.,6$PP$JaOQ$+1,$PO EB9Uc% PP"VWL !)*$FF$FLPO FWL EE` D9 E)-25$%)/,'2):- M"JN O"OP !)*$FF$FLPO $$ PFJ"FW PFW"FW L"LL L"LL XUIW FFW PVO GR FPM GN O"MF O"OP J"VV J"PR O"LLQ
EB$E')-.,6$M$JaNQ$+1,$PW EB9Uc% M"JVW !1*$LP$FLPW FWL EE` D9 E)-25$%)/,'2):- V"NM W"PV !1*$LP$FLPW $$ PPV"FW PPN"VW L"LL L"LL XUIW FNL FWL GR FOW GO W"OV W"PV W"PJ O"PO W"LOQ
Source: J.P. Morgan. 31 of 39

L3.4#:2.# @3)*.# :-?# 8-,#
EB$E')-.,6$NQ$+1,$PV EB9Uc% N"LLL !)*$FR$FLPV FVW EE` D9 E)-25$%)/,'2):- V"PV W"MP !)*$FR$FLPV $$ PPL"LL PPP"WL L"LL L"VW XUIPL FFM FLJ L FVF GPO R"PV W"MP R"VN W"JJ R"LWQ
EB$E')-.,6$MQ$+1,$OM$#,'7 EB9Uc% M"LLL 97'$FM$FLOM FLL EE` D9 E)-25$%)/,'2):- N"NO N"NF 97'$FM$FLOM $$ PLF"LL PLJ"LL L"LL L"LL XUIJL OPV OLN P OWR L N"MP N"NF JM"LO PL"PN PP"LPQ
EB$E')-.,6$M$JaOQ$+1,$OM$#,'7 EB9Uc% M"VWL !1*$FM$FLOM PWL EE` D9 E)-25$%)/,'2):- M"OO M"OJ !1*$FM$FLOM $$ PLP"WL PLO"WL L"LL L"LL XUIJL OMV ORN P WFP L M"VF M"OJ JM"FP M"VF PL"OMQ
EB$ECC$?*/:$H/+$V$PaOQ$+1,$FL EBCUEd V"FWL !)*$FN$FLFL L EE` E)P \&*-16,';$D&*G5=5:25): V"PF R"MN !)*$FN$FLFL $$ PLP"FW PLP"NW L"LL L"PL XUIPL JPN JPL L JFN GF V"LV R"MN M"VM R"MM V"JLQ
EB$%)::-$?*/:$C2*$M$JaOQ$+1,$PF$#,'7 EB%HEd M"VWL D&8$LN$FLPF PVW EEG D9 C2*)*52): M"RN N"MV D&8$LN$FLPF $$ PLL"LL PLF"LL L"LL L"LL XUIW VFL RJL GR VJV GO M"NV N"MV F"WV F"FR F"FVQ
EB$%)::-$?*/:$C2*$M$JaOQ$+1,$#,'7 EB%HEd M"VWL D&8$LN$FLOM PVW EEG D9 C2*)*52): M"RN M"RV D&8$LN$FLOM $$ PLL"LL PLF"LL L"LL L"LL XUIJL WPJ OMF P WOR L M"NV M"RV JM"WV M"OJ PL"LFQ
EB$\)6)'(&$N$VaNQ$+1,$PW \\\AD N"NVW 91($LP$FLPW PWL EE$ E)J ?*+1-/'2): V"VF W"WR 91($LP$FLPW $$ PPJ"LL PPW"LL L"LL L"LL XUIPL FLM PRN L FVM GJ W"MV W"WR W"JL O"JJ W"LJQ
EB$\)6)'(&$V$VaNQ$+1,$PR \\\AD V"NVW %)=$PV$FLPR FWL EE$ D9 C2*)*52): V"PR W"ML %)=$PV$FLPR $$ PLV"LL PPL"LL L"LL L"LL XUIPL FWN FLP L FNV GF R"OR W"ML R"LM O"NW W"ONQ
EB$\TU#Ed$PLQ$+1,$PP \TU#Ed PL"LLL %)'$LF$FLPP PNO D9 E)F X/2:2/2,- M"FR L"NM %)'$LF$FLPP $$ PLR"LL PLN"LL L"LL L"LL XUIF PMV GFL GR F GPN J"LR L"NM L"NN L"NR L"MWQ
EB$\TU#Ed$M$PaOQ$+1,$PJ \TU#Ed M"FWL 91($PP$FLPJ FFL D9 E)F X/2:2/2,- N"LP O"FL 91($PP$FLPJ $$ PPJ"WL PPW"WL L"LL L"LL XUIW FPJ PWJ GR FPR GM O"NL O"FL J"JJ F"MJ J"JMQ
EB$\&-)*$N$PaOQ$+1,$OM$\):: \AU9D N"FWL C,0$PW$FLPP OWL EEG$ E)J$ \&*-16,';$D&*G5=5:25): N"FV V"JN C,0$PW$FLPP $$ MM"VW PLL"VW L"LL L"LL XUIW WMN OVP GR RWO GF N"RW V"JN L"NO L"NP L"NPQ
EB$\&-)*$M$PaFQ$+1,$PO \AU9D M"WLL 91($PW$FLPO JWL EEG$ D9 C2*)*52): N"PM W"JF 91($PW$FLPO $$ PPW"LL PPR"LL L"LL L"LL XUIW FNM FRW GR FNV GR W"WR W"JF O"JO J"RW O"FWQ
EB$\&-)*$VQ$+1,$PV \AU9D V"LLL C,0$LP$FLPV OLL EEG$ E)J$ C2*)*52): R"VJ R"FV C,0$LP$FLPV $$ PLJ"LL PLO"LL L"LL L"FW XUIPL FWR FJN L JLW GW R"OW R"FV R"NL W"OO W"VOQ
EB$\&-)*$N$PaOQ$+1,$OM$#,'7 \AU9D N"FWL C,0$FN$FLOM OWL EEG$ E)J$ \&*-16,';$D&*G5=5:25): N"FV N"FV C,0$FN$FLOM $$ MM"VW PLL"VW L"LL L"LL XUIJL JRP JWJ P JMR L N"JR N"FV JN"NV PL"NJ PP"ORQ
EB$E)*5&$\'1i$NQ$+1,$PF \BXd N"LLL U,7$PV$FLPF PVW D9 E)F C2*)*52): V"VN R"VL U,7$PV$FLPF $$ PLF"JW PLF"NW L"LL L"LL XUIF WNO WRP GJ WFP GJ R"MJ R"VL F"OJ F"FO F"FRQ
EB$E)*5&$\'1i$N$PaFQ$+1,$PW \BXd N"WLL C,0$FL$FLPW FWL D9 E)F C2*)*52): N"LV V"PR C,0$FL$FLPW $$ PLO"WM PLW"JN L"LW L"PW XUIW ORN OOM GV OWJ GV V"JW V"PR O"NW O"LO O"FOQ
EB$\UD$M$PaFQ$+1,$PL$#,'7 \UD9Ed M"WLL !1:$PO$FLPL VWL EE` D9 E)-25$%)/,'2):- M"OW F"OR !1:$PO$FLPL $$ PLP"LL PLP"VW L"LL GL"FW XUIF OJM PJV GPP FPR OF W"ON F"OR L"FW L"FW L"FWQ
EB$\UD$M$JaOQ$+1,$PJ \UD9Ed M"VWL @,5$PR$FLPJ WWL EE` E)P E)-25$%)/,'2):- N"FF O"FF @,5$PR$FLPJ $$ PPV"PJ PPN"RJ L"LL L"LL XUIW PMW PWW GR FLJ GN O"RF O"FF J"RV J"PJ J"VMQ
EB$\UD$PLQ$+1,$PW \UD9Ed PL"WLL !)*$PW$FLPW OLL EE` E)P E)-25$%)/,'2):- N"OV O"VM !)*$PW$FLPW $$ PFF"WL PFO"LL L"LL L"LL XUIPL PFF MP L FFP GW W"PL O"VM O"VW J"NV O"NNQ
EB$\UD$R$VaNQ$+1,$PM \UD9Ed R"NVW U,7$FP$FLPM VWL EE` E)P E)-25$%)/,'2):- R"OV R"LL U,7$FP$FLPM $$ PLW"FW PLR"FW L"LL P"LL XUIPL FFW FPP L FJP GPW R"PJ R"LL M"OO V"LW V"RJQ
EB$\UD$M$PaFQ$+1,$#,'7 \UD9Ed M"WLL !1:$PO$FLOM VWL EE` D9 E)-25$%)/,'2):- M"OW M"OO !1:$PO$FLOM $$ PLP"LL PLP"VW L"LL GL"FW XUIJL OVV OVL P WFF J M"WP M"OO JM"FW M"VM PL"FFQ
EB$@)-)$C2*$N$JaOQ$+1,$PN @?9% N"VWL %)=$FM$FLPN FWL EEG D9 \&*-16,';$D&*G5=5:25): N"LW V"JL %)=$FM$FLPN $$ PLV"VW PLN"VW L"LL L"LL XUIPL JWV JOF L JNV GF V"OR V"JL N"PJ W"NJ R"WOQ
EB$T:,/'&0')-$V$JaOQ$+1,$PW THTEB9 V"VWL D&8$JL$FLPW JLL EEEG D9 X/2:2/2,- R"RV O"OW D&8$JL$FLPW $$ PPO"VW PPR"FW L"LL L"LL XUIPL NW WV L PWW GJ O"VJ O"OW W"RJ O"RP W"WPQ
EB$T:,/'&0')-$R$VaNQ$+1,$PM THTEB9 R"NVW !1:$JL$FLPM P;LLL EEEG D9 X/2:2/2,- R"FO W"OW !1:$JL$FLPM $$ PLM"FW PPL"FW L"LL L"LL XUIPL PVL PWV L PVN GP W"WN W"OW M"FM R"MV V"MLQ
EB$T60'),'$R$JaNQ$+1,$PV T%EB9 R"JVW !)*$FO$FLPV JVR EEEG E))J ?*+1-/'2): R"LN W"WL !)*$FO$FLPV $$ PLJ"NN PLO"NN GL"PJ L"PJ XUIPL PVM PRF F FFV GJ W"RN W"WL R"VN W"WJ W"MPQ
EB$T60'),'$R$JaNQ$+1,$FL T%EB9 R"JVW !)*$PW$FLFL WLL EEEG E))J ?*+1-/'2): R"FL W"MN !)*$PW$FLFL $$ PLP"NN PLF"NN GL"PJ L"PJ XUIPL FFJ FPL F FFO GJ R"PF W"MN M"VW V"JO V"RNQ
EB$T*,'(2$PL$PaFQ$+1,$PJ TDTB[? PL"WLL !1:$PM$FLPJ FWL EEG E)J X/2:2/2,- M"PV W"WV !1:$PM$FLPJ $$ PPJ"WL PPO"WL L"LL L"LL XUIW JFF FML GR JWN GN W"NM W"WV J"FR F"NF J"FOQ
EB$C'20&2$M$JaNQ$+1,$PP CB?EA? M"JVW C,0$LV$FLPP FVW E`$ EP \&*-16,';$D&*G5=5:25): M"LN J"VW C,0$LV$FLPP $$ PLJ"VW PLO"WL L"LL L"LL XUIF JWM FRR GW FMO GPF O"RN J"VW L"NP L"VN L"NJQ
EB$C'20&2$PL$PaFQ$+1,$PR CB?EA? PL"WLL 91($LO$FLPR JLL E`$ EP \&*-16,';$D&*G5=5:25): M"FM V"NO 91($LO$FLPR $$ PPP"WL PPJ"LL L"LL L"LL XUIPL OFO JMR L ONF GF N"PJ V"NO R"JP O"VW W"OPQ
EB$[,'+)1$V$PaOQ$+1,$PV [[EBEd V"FWL A5/$FL$FLPV P;WLL EEEG D9 E)-25$%)/,'2):- R"VP W"ML A5/$FL$FLPV $$ PLV"RJ PLN"PJ L"LL L"LL XUIPL FLM FLP L FWJ GF W"MN W"ML V"WF W"VR R"ORQ
EB$[,'+)1$VQ$+1,$FL [[EBEd V"LLL !)*$FL$FLFL P;FWL EEEG D9 E)-25$%)/,'2):- R"RL R"PR !)*$FL$FLFL $$ PLW"RJ PLR"PJ L"LL L"LL XUIPL FJO FFV L FOJ GP R"FF R"PR M"VV V"LJ V"VVQ
EB$[,'+)1$N$VaNQ$+1,$PL$#,'7 [[EBEd N"NVW U,7$FF$FLPL RLL EEEG E)P E)-25$%)/,'2):- N"NP O"WR U,7$FF$FLPL $$ PLP"PJ PLP"NN L"LL L"LL XUIJL PWW GPM GF OPO GPN R"JL O"WR L"OO L"OJ L"OOQ
EB$[,'+)1$N$VaNQ$+1,$#,'7 [[EBEd N"NVW U,7$FM$FLOM RLL EEEG E)P E)-25$%)/,'2):- N"NP N"NL U,7$FM$FLOM $$ PLP"PJ PLP"NN L"LL L"LL XUIW RFL RPJ GR OWJ L N"NV N"NL JM"OR PL"JW PL"MOQ
EB$D,/$U,'825&-$M$PaOQ$+1,$OM$#,'7 DTIEd M"FWL D&8$FV$FLOM PWL EE` D9 \&661*25)/2&*- M"PV M"PV D&8$FV$FLOM $$ PLP"LL PLF"LL L"LL L"LL XUIJL OWF OOF P OMF L M"FR M"PV JM"RF M"MJ PL"WOQ
EB$[:&0&$\&66$V$PaOQ$+1,$FF [HA#9B V"FWL 97'$FR$FLFF FLL EEEG E))J \&661*25)/2&*- R"NF W"RL 97'$FR$FLPF \$ PLW"JN PLR"JN L"LL L"RJ XUIJL PNW PVO P FWO GN R"RL R"ON PF"LJ V"MJ N"NNQ
EB$[:&0&7)'$M$JaNQ$+1,$OM$#,'7 [HA#9B M"JVW 97'$FM$FLOM JFW EEEG D9 \&661*25)/2&*- M"FM M"FN 97'$FM$FLOM $$ PLP"RJ PLF"PJ GL"PJ GL"VW XUIJL OWN OWO F WLW N M"JJ M"FN JM"LO M"VF PL"OFQ
EB$D,/$U,'825&-$V$PaFQ$+1,$FL DTIEd V"WLL !)*$FV$FLFL JWL EE` E)P \&661*25)/2&*- V"LJ R"JN !)*$FV$FLPW \$ PLW"VW PLR"VW L"LL L"LL XUIPL FNL FRV L FNW GP R"RM R"WW M"VM R"MM V"RRQ
EB$[&:$N$JaOQ$+1,$OM$\):: [AH N"VWL 97'$LW$FLPP FLL D9 EP \&*-16,';$\=5:25): M"WP PV"LF 97'$LW$FLPP $$ MP"LL MJ"LL L"LL L"LL XUIF P;NOO P;WMJ GP P;RLM PW PM"WJ PV"LF L"MN L"MO L"NFQ
EB$[&:$V$PaFQ$+1,$PV [AH V"WLL 97'$LJ$FLPV FFW D9 EP \&*-16,';$\=5:25): V"WL V"WL 97'$LJ$FLPV $$ MN"LL PLL"LL L"LL L"LL XUIPL JMM JRF L OFR GP V"NN V"WL R"MV W"WL W"ONQ
EB$[&:$N$JaOQ$+1,$OM$#,'7 [AH N"VWL 97'$FM$FLOM FLL D9 EP \&*-16,';$\=5:25): M"WP M"WO 97'$FM$FLOM $$ MP"LL MJ"LL L"LL L"LL XUIJL WLP ONL P WJF L M"VW M"WO JM"LO M"VO M"JPQ
EB$[#$?*8,-/6,*/-$PLQ$+1,$OM$#,'7 [#?gHg PL"LLL !)*$FJ$FLOM PML EEG D9 C2*)*52): PP"MP PP"MR !)*$FJ$FLPF \$ NL"LL NW"LL L"LL L"LL XUIJL VMN VFF P VMF L PF"VF PP"MR JN"VN V"VN R"NJQ
EB$?*+,7,*+,*52)$M$VaNQ$+1,$PW ?D@T# M"NVW %)=$PW$FLPW JLL DB D9 C2*)*52): JW"FV OM"MO %)=$PW$FLPW $$ FR"WL FN"LL L"LL L"LL XUIPL O;NJP O;RLR F O;VWF M WF"FL OM"MO W"LM F"RN L"VLQ
EB$?*+,7,*+,*52)$M$VaNQ$+1,$PV ?D@T# M"NVW !)*$JP$FLPV FFW DB D9 C2*)*52): JW"FV OJ"JM !)*$JP$FLPV $$ FR"WL FN"LL L"LL L"LL XUIPL O;POM J;MWP P O;LRV J OW"JN OJ"JM R"VM J"PW L"NLQ
EB$?*+,7,*+,*52)$PFQ$+1,$PR ?D@T# PF"LLL @,5$JL$FLPR FJV D9 D9 C2*)*52): FP"OJ FR"JP @,5$JL$FLPR $$ WO"LL WR"LL GOO"LL L"LL XUIW F;ORR F;JRO POFW F;JOF $ FV"JJ FR"JP R"VP J"RR F"LOQ
EB$?*+,7,*+,*52)$PWQ$+1,$PW ?D@T# PW"LLL %)=$JP$FLPW L D9 \))P C2*)*52): PW"VM PR"WJ %)'$JP$FLPP \$ MO"LL MW"LL L"LL L"LL XUIW P;OPN P;JNR GR P;JNV GF PR"NW PR"WJ W"LF J"RJ J"FWQ
EB$?U9$\)72/):$V$VaNQ$+1,$PF ?U9EB V"NVW !)*$JL$FLPF FLL EE D9 C2*)*52): V"WF W"LV !)*$JL$FLPF $$ PLO"LL PLO"VW L"LL L"LL XUIW FNJ FOL GR JMV GF W"WL W"LV P"VM P"RM P"VRQ
EB$?U9$\)72/):$N"NQ$+1,$PV ?U9EB N"NLL !)*$JL$FLPV JWO EE D9 C2*)*52): N"LL R"MJ !)*$JL$FLPV $$ PLM"VW PPL"LL L"LL L"LL XUIPL JLM JLO L JVW GP R"MV R"MJ R"VM W"FP W"NPQ
EB$H17)/,54$M$VaNQ$+1,$OM$\):: HX#9 M"NVW !1:$PL$FLPF FVW EG EJ ?*+1-/'2): PL"OP PF"PP !1:$PL$FLPF $$ MO"LL MR"LL L"LL L"LL XUIW P;LWW MOO GR P;LVV P PJ"FF PF"PP F"FO F"LJ P"NWQ
EB$H17)/,54$M$VaNQ$+1,$OM$#,'7 HX#9 M"NVW !1:$PL$FLOM FVW EG EJ ?*+1-/'2): PL"OP PL"OJ !1:$PL$FLOM $$ MO"LL MR"LL L"LL L"LL XUIJL WMP WRN P RFN L PL"RR PL"OJ JM"FO N"MM N"VMQ
EB$%)(*,-$V$VaNQ$+1,$FL %9[DTU V"NVW %)'$JL$FLFL L EEG EP ?*+1-/'2): V"RR V"OP %)'$JL$FLPW \$ PLF"FW PLF"VW L"LL P"FW XUIPL JRR JWM L JVV GPM V"WW V"ON M"MR R"MM V"FRQ
EB$%)'<'2($A8,'-,)-$M$WaNQ$+1,$PR %9BCB? M"RFW D&8$PR$FLPR JVW E` EP \&*-16,';$\=5:25): M"LO N"JF D&8$PR$FLPR $$ PLW"LL PLR"WL L"LL GL"WL XUIPL OVJ OOO L WFF N N"RP N"JF R"WM O"NR W"JPQ
EB$%2*,'8)$A8,'-,)-$M$PaFQ$+1,$PV %?DTB_ M"WLL C,0$LP$FLPV FLL EG EJ \&*-16,';$\=5:25): M"PJ N"VL C,0$LP$FLPV $$ PLJ"LL PLO"LL L"LL L"LL XUIPL WLP ONF L WWR GP N"ML N"VL R"NL W"LR W"JLQ
EB$%2*,'8)$A8,'-,)-$PL$VaNQ$+1,$PM %?DTB_ PL"NVW D&8$PW$FLPM FWL EG EJ \&*-16,';$\=5:25): PL"LL M"OV D&8$PW$FLPM $$ PLV"VW PLN"VW L"LL L"FW XUIPL WVO WWN L WMP GW M"RF M"OV M"WM R"LM R"VFQ
EB$A+,0',54/$M$WaNQ$+1,$PO A@EB M"RFW 97'$LM$FLPO FLL EE D9 ?*+1-/'2): N"LM O"JN 97'$LM$FLPO $$ PPN"LL PPM"LL L"LL P"LL XUIW PMR PVP GR FLR GJF O"RJ O"JN J"MM J"OW O"LNQ
EB$A+,0',54/$V$PaFQ$+1,$PV A@EB V"WLL A5/$PN$FLPV OLL EE D9 ?*+1-/'2): R"NF O"RR A5/$PN$FLPF \$ PLN"VW PPL"LL L"LL P"VW XUIPL FPW PMW L FOV GJL R"LJ W"NO V"WP W"VF R"WOQ
EB$A+,0',54/$VQ$+1,$FL A@EB V"LLL 97'$FP$FLFL WLL EE E))J ?*+1-/'2): R"RV R"JF 97'$FP$FLFL $$ PLO"LL PLW"LL L"LL L"LL XUIPL FWV FOJ L FWV GP R"OW R"JF PL"LF V"PL V"NLQ
EB$#,/'&0')-$M$JaOQ$+1,$PP #TIEB9 M"VWL !1:$LR$FLPP FJW D9 9J T*,'(= N"RV GL"OL !1:$LR$FLPP $$ PPP"WL PPF"WL L"LL L"LL XUIF GVO GPOM GW GPJM GPW L"JW L"LL P"FJ P"PR P"JRQ
EB$#,/'&0')-$M$PaNQ$+1,$PJ #TIEB9 M"PFW !1:$LF$FLPJ JVO D9 E))P T*,'(= V"RO F"VW !1:$LF$FLPJ $$ PPN"WL PPM"WL L"LL L"LL XUIW JV N GR VR GM J"LO F"VW J"FF F"NJ J"OWQ
EB$#,/'&0')-$V$JaOQ$+1,$PO #TIEB9 V"VWL U,7$PW$FLPO JMN D9 E))P T*,'(= R"RL J"OV U,7$PW$FLPO $$ PPR"JN PPV"JN L"LL L"LL XUIW PLJ NL GR MV GR J"VL J"OV O"OF J"NW O"WOQ
EB$#,/'&0')-$R"OJRQ$+1,$PW #TIEB9 R"OJR !1*$LP$FLPW FWW 9G$ E))P C2*)*52): R"LO J"OP !1*$LP$FLPW $$ PLR"LL PLV"WL L"LL L"LL XUIW PJJ VO GR PJR GR O"LL J"OP F"RJ F"OP P"PLQ
EB$#,/'&0')-$R$PaNQ$+1,$PR #TIEB9 R"PFW A5/$LR$FLPR NMM EEEG E))P T*,'(= W"RW O"WM A5/$LR$FLPR $$ PLV"VW PLN"WL L"LL L"PJ XUIPL NO VP L POJ GJ O"VF O"WM R"ON W"OR W"MVQ
EB$#,/'&0')-$W$VaNQ$+1,$PN #TIEB9 W"NVW %)'$LP$FLPN P;VWL EEEG E))P T*,'(= W"WR W"LP %)'$LP$FLPN $$ PLO"MF PLW"WM L"LW L"FL XUIPL PFF PPF GP PWJ GW W"PP W"LP V"NN R"JV R"NRQ
EB$#,/'&0')-$N$JaNQ$+1,$PN #TIEB9 N"JVW @,5$PL$FLPN WVV EEEG E))P T*,'(= R"MJ W"JJ @,5$PL$FLPN $$ PPM"NN PFL"NN L"LL L"PJ XUIPL PWN POW L PVM GO W"OR W"JJ N"RR R"JJ V"MOQ
EB$#,/'&0')-$V$VaNQ$+1,$PM #TIEB9 V"NVW %)'$PW$FLPM F;VWL EEEG E))P T*,'(= R"RV W"JP %)'$PW$FLPM $$ PPV"FW PPN"LL L"LL L"FW XUIPL PWJ POJ L PVF GW W"OP W"JP N"MF R"RR N"LFQ
EB$#,/'&0')-$W$JaOQ$+1,$FL #TIEB9 W"VWL !)*$FL$FLFL F;WLL EEEG E))P T*,'(= W"WR W"FM !)*$FL$FLFL $$ PLJ"LL PLJ"WL L"LL GL"PJ XUIPL POV POL L PWF P W"JW W"FM M"VV V"OR V"MNQ
EB$#,/'&0')-$R$VaNQ$+1,$OL #TIEB9 R"NVW !)*$FL$FLOL P;WLL EEEG E))P T*,'(= R"RF R"WN !)*$FL$FLOL $$ PLJ"FL PLJ"NL L"LL GL"FL XUIJL PNN PNO P FPN F R"RJ R"WN FM"VV PF"FM PJ"RLQ
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#T$\&7,$?*$MQ$+1,$PV \A#T?D M"LLL C,0$PL$FLPV L D9 EF \&*-16,';$D&*G5=5:25): N"NM N"VW C,0$PL$FLPV $$ PLL"FW PLP"FW L"LL L"LL XUIPL WLR ONR L WWM GP N"MW N"VW R"NF W"PJ W"FFQ
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II$C2'-/$\2/2i,*-$E)*.$W"ORQ$+1,$PF C\EII W"ORL C,0$LP$FLPF PLL EEE` 9F C2*)*52): W"FW J"PW C,0$LP$FLPF $$ PLF"LL PLO"LL L"LL L"LL XUIW PRF ON GR FLW GP O"FM J"PW P"NL P"VF P"VMQ
II$D)/2&*):$[)-$R"LWQ$+1,$JR D[\II R"LWL !)*$PW$FLJR OLL 9G 9J C2*)*52): R"WN R"VP !)*$PW$FLJR $$ ML"LL MF"LL L"LL L"LL XUIJL FPO PMR P FJF L R"NN R"VP FW"VW PP"MV PP"VPQ
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II$#,/'&/'2*$RQ$+1,$FF #TIBII R"LLL %)=$LN$FLFF VWL EEE E))J T*,'(= R"FV R"NM %)=$LN$FLFF $$ MO"VW MW"VW L"LL L"LL XUIJL FJR FPO P JRO GF V"PL R"NM R"JF O"VJ O"RRQ
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_T$#,/'&i1)/)$N"JVQ$+1,$FF #TIBAd N"JVL A5/$LP$FLFF VW DB D9 T*,'(= V"MV V"VO A5/$LP$FLFF $$ PLJ"LL PLW"LL L"LL L"LL XUIJL JFO FMM P JNF GP V"MN V"VO PF"OV V"NV N"OLQ

APPENDIX II: NOTES
E3*1%2"*.%+-#$%&"#'((.*(."-
P"$C2-5):$=,)'$<&'$\&-)*$,*+-$&*$%)'54
F"$B,8,*1,-$)*+$TE?I@9$0)-,+$&*$)8,')(,$,S54)*(,$')/,-$342:,$@,0/$)*+$\)-4$0)-,+$&*$7,'2&+G,*+$Cg$')/,-k$H,8,')(,$)*+$\&8,')(,$')/2&-$0)-,+$&*$<2(1',-$2*$:&5):$51'',*5="$
J"$TE?I@9Bk$H,8,')(,$')/2&-$)+>1-/,+$/&$2*5:1+,$&7,')/2*($:,)-2*(-$]5)72/):2i,+$)/$VS^$)*+$)',$-4&3*$2*$EBHG/,'6-
O"$\&*-&:2+)/,+$]&75&$`$4&:+5&^k$2*/,',-/$5&8,')(,$)/$/4,$4&:+5&$:,8,:$]+282+,*+-a2*/,',-/-^
W"$#'&G<&'6)$<&'$/,*+,'$&<<,'"$C2(1',-$5&*-&:2+)/,+$]PLLQ$&<$-10-2+2)'2,-^
R"$#'&G<&'6)$<&'$6,'(,'$32/4$#,'+2()&$)*+$BnO$02::2&*$5)72/):$2*5',)-,
V"$TE?I@9BkH,8,')(,$')/2&-$)+>1-/,+$/&$2*5:1+,$&7,')/2*($:,)-2*(-$]5)72/):2i,+$)/$VS^k$\',+2/$6,/'25-$5):51:)/,+$2*$EBHG/,'6-"
N"$I&/):$5)-4$2-$/4,$-16$&<$5)-4$)*+$',-/'25/,+$5)-4$
M"$@,0/$2*5:1+,-$/4,$@?9D$+,0/k$9::$+,0/$5&1*/,+$)-$UI$+1,$/&$62--,+$2*/,',-/$7)=6,*/$2*$@,5,60,'$FLPL"
PL"$#'&$<&'6)$&<$XUnPRL$62::2&*$+,0/$2--1)*5,$2*$!1:=$FLLM"
PP"$HI%$TE?I@9$<<'&6$\&67)*=$#',--$B,:,)-,$2-$nOWF"R;$34254$2-$0)-,+$&*$7,'2&+G,*+$,S54)*(,$')/,$)*+$2*5:1+,-$+282+,*+-$<'&6$*&*G5&*-&:2+)/,+$-10-2+2)'2,-k$?*/,',-/$\&8,',)(,$<'&6$#',--$B,:,)-,
PF"$$@,0/$)*+$:,8,')(,$-4&3$&*:=$U'"@,0/;$01/$?*/,',-/$TS7,*-,$2*5:1+,-$?*/,'5&67)*=$?*/,',-/
PJ"$\',+2/$6,/'25-$5):51:)/,+$2*$EBH$/,'6-
PO"$#'&$<&'6)$<&'$*,3$XUnP"W0*$2--1)*5,k$5)-4$,S5:1+,-$2*8,-/,6,*/-$)*+$2-$)+>1-/,+$<&'$+282+,*5-"
PW"$#'&$<&'6)$<&'$*,3$XUnWLL$66$)*+$XUnFLL$66$,l128):,*/$2*$:&5):$0&*+-$2--1,+$)</,'$%)'54$FLLMk$5)-4$2-$,-/26)/,+$0)-,+$&*$/4,$7'&G<&'6)$+,0/"
PR"$@,0/$2*5:1+,-$XUnJLL$62::2&*$7,'7,/1):$0&*+-
PV"$I&/):$+,0/$2*5:1+,-$H2)02:2/=$#'&82-2&*-"
PN"$C2*)*52):-$0)-,+$&*$5&67)*=$l1)'/,':=$7',--$',:,)-,-k$2*/,',-/$5&8,')(,$2*5:1+,-$#?c$2*/,',-/"
PM"$I&/):$5)-4$)*+$*,/$+,0/$)+>1-/,+$<&'$)6&1*/-$2*$/4,$@,0/$U,'825,$B,-,'8,$955&1*/"
FL"$9+>1-/,+$/&/):$+,0/$8):1,-$)*+$6,/'25-k$5',+2/$6,/'25-$5):51:)/,+$2*$EBHG/,'6-"
FP"$$TE?I@9$2*5:1+,-$[&8,'*6,*/$-10-2+2,-k$5',+2/$6,/'25-$2*$9BUG/,'6-"
FF"$#'&G<&'6)$<&'$/,*+,'$&<<,'"$C2(1',-$5&*-&:2+)/,+$]PLLQ$&<$-10-2+2)'2,-^k$$I&/):$+,0/$2*5:1+,-$/4,$<1::$)6&1*/$&<$7,'7,/1):-k$\',+2/$6,/'25-$2*$EBHG/,'6-
FJ"$@,0/$2-$)+>1-/,+$<&'$%I%$+,'28)/28,-k$\',+2/$6,/'25-$2*$%gDG/,'6-"
FO"$I&/):$-):,-$)*+$TE?I@9$)+>1-/,+$<&'$7&'/2&*$&<$',/'&)5/28,$/)'2<<$2*5',)-,$)5/1)::=$2*8&25,+"
FW"$?*5:1+,-$D,/$@,'28)/28,$#'&82-2&*$&<$nROV$62::2&*$)-$UI$+,0/$])-$7,'$/4,$5&67)*=h-$l1)'/,':=$,)'*2*($',:,)-,-^k$$I4,-,$<2*)*52):$2*-/2/1/2&*-$4)8,$<2:,+$)$*,/$5:)26$&<$nF;FFW$62::2&*;$(',)/,'$/4)*$/4,$5&67)*=h-$51'',*/$:2)02:2/=$7'&82-2&*"
FR"$@,0/$2-$)+>1-/,+$<&'$)5l12-2/2&*-$-/2::$/&$0,$7)2+"
7*1"J#9"-/)0$.0(*-
7*1"J 9"-/)0$.0(* C%)?".>8,$" !0G" C%.3)0.,

6)'.,/$5)7G3,2(4/,+;$T%$0,*546)'.$/4)/$2*5:1+,-$&8,'$JJL$XU@G+,*&62*)/,+$
5&'7&')/,$0&*+-;$,S5:1+2*($l1)-2G$-&8,',2(*-;$2*$9-2)G,S$!)7)*;$H)/2*$96,'25);$ WG=,)'$62*$1*/2:$6)/1'2/=;$PFG6&*/4$62*$/&$6)/1'2/=$
\T%E?$E'&)+ 5&'7&')/,$0&*+-$)5'&--$9-2)G,S$!)7)*;$H)/2*$96,'25);$T)-/,'*$T1'&7,;$%2++:,$T)-/$ XUnJLL$62::2&*$62*$7,'$2--1,
T)-/,'*$T1'&7,;$%2++:,$T)-/$)*+$9<'25) )</,'$2*2/2):$)++2/2&*
)*+$9<'25)
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XU;$*&*GXU;$XU$+&6,-/25;$6,+216$/,'6$*&/,;$(:&0):$)*+$Y)*.,,$6)'.,/-k$ XUnJLL$62::2&*$62*$7,'$2--1,$)*+$
6,)-1',-$/4,$7,'<&'6)*5,$&<$/4,$?*8,-/6,*/$[')+,$XU@G+,*&62*)/,+$5&'7&')/,$0&*+$ PJG6&*/4$62*$)*+$JP$=,)'$6)S$/&$6)/1'2/=$<'&6$
!XH? 2*5:1+,-$01::,/$0&*+-$&*:=$)*+$,S5:1+,-$5&*8,'/20:,-;$',<1*+)0:,-;$,S/,*+)0:,-$ XUnP$02::2&*$&1/-/)*+2*($<2S,+$')/,$
6)'.,/;$)*+$2-$+,-2(*,+$/&$5)7/1',$&*:=$/4,$6&-/$:2l12+$0&*+- 2*+,S$-/)'/$+)/,$2*$FLLO
)*+$7,'7,/1):- 01::,/$0&*+-$62*$7,'$2--1,'
6)'.,/$5)7G3,2(4/,+;$T%$+,0/$0,*546)'.-$/4)/$2*5:1+,-$XU@G+,*&62*)/,+$E')+=$ E')+=$0&*+-;$T1'&0&*+-;$)*+$/')+,+$:&)*-$2--1,+$0=$5&1*/'2,-$/4)/$4)8,$0,,*$ F"WG=,)'$62*$1*/2:$6)/1'2/=;$PFG6&*/4$62*$/&$

T%E?[ XUnWLL$62::2&*$62*$7,'$2--1,
0&*+-;$T1'&0&*+-;$)*+$/')+,+$:&)*-$2--1,+$0=$-&8,',2(*$)*+$l1)-2G-&8,',2(*$,*/2/2,- :&3a62++:,$2*5&6,$<&'$/3&$5&*-,51/28,$=,)'-$)-$7,'$f&':+$E)*. 6)/1'2/=$)</,'$2*2/2):$)++2/2&*
U&1'5,j$!"#"$%&'()*"
36 of 39
APPENDIX III: SOVEREIGN RATINGS
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37 of 39
Disclosures
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6
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Emerging Markets Credit Research

J.P. Morgan Securities Inc., New York

Latin America Corporate Weekly

Juliet Lim AC (212) 834-2516 juliet.lim@jpmorgan.com

Source: J.P. Morgan; Spreads as of NY close April 09, 2010.

Source: Company reports, Capital IQ, and J.P.Morgan. 3 of 39

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