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rising from, or in connection with, the document. Japan: JPMorgan Securities Japan Co., Ltd. is regulated by the Financial Services Agency in Japan. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X) which is a Participating Organization of Bu
verage of the stocks; the current analysts may or may not have covered it over the entire riot M. Morgan ratings or designations: OW - Overweight, Neutral, UW Underweight, NR Not Rated Ex lanatlon of Equity Research Ratings, Designations and Analyst(s) Coverage Universe: Morgan uses the following rating system: Overw
nities for Halliburton over the next several years is pursuing integrated project management (1PM) work outside the U.S. With one project underway (Malaysia), another poised to begin (Humapa in Mexico), and third under negotiation (Ecuador), national oil companies are getting creative, looking to use the
of the stocks; the current analysts may or may not have covered it over the entire period. J.P. Morgan ratings or designations: OW Overweight, Ni• Neutral, UW Underweight, NR •• Not Rated Explanation of Equity Research Ratings, Designations and Analyst(s) Coverage Universe: J.P. Morgan uses the following rating syste
rising from, or in connection with, the document. Japan: JPMorgan Securities Japan Co., Ltd. is regulated by the Financial Services Agency in Japan. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X) which is a Participating Organization of Bu
e of the stocks; the current analysts may or may not have covered it over the entire period. J.P. Morgan ratings or designations: OW Overweight, N- Neutral, UW Underweight, NR - Not Rated t6 EFTA00295415 11= Kevin Milota North America Equity Research 08 May 2014 J.P.Morgan Explanation of Equity Research Ratings
Entities connected to both Malaysia and Neutral, UW Underweight

New Zealand
LOCATION
Philippines
LOCATION
Bloomberg L.P.
ORGANIZATION
Frankfurt
LOCATIONthe Mexican Stock Exchange
ORGANIZATION
JPMorgan Chase
ORGANIZATIONthe Capital Market Authority
ORGANIZATIONJapan Investment Advisers Association
ORGANIZATION
Bangkok
LOCATIONthe Securities and Futures Commission
ORGANIZATION
the Ministry of Finance
ORGANIZATIONthe Securities and Exchange Commission
ORGANIZATIONKanto Local Finance Bureau
ORGANIZATIONthe Securities Commission
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATIONThe Financial Futures Association of Japan
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATION