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in the Important Disclosures section above. India: For private circulation only, not for sale. Pakistan: For private circulation only, not for sale. New Zealand: This material is issued and distributed by JPMSAL in New Zealand only to persons whose principal business is the investment of money or who, in the
MAL) (ABN 52 002 888 01 I/AFS Licence No: 3 EFTA00301314 North America Equity Research 13 May 2014 J.P.Morgan 238188) is regulated by ASIC and J.P. Morgan Securities Australia Limited (JPMSAL) (ABN 61 003 245 234/AFS Licence No: 238066) is regulated by ASIC and is a Market, Clearing and Settlement Participant of ASX Limited and CH
in the Important Disclosures section above. India: For private circulation only, not for sale. Pakistan: For private circulation only, not for sale. New Zealand: This material is issued and distributed by JPMSAL in New Zealand only to persons whose principal business is the investment of money or who, in the
inancial Supervisory Service. Australia: J.P. Morgan Australia Limited (JPMAL) (ABN 52 002 888 01 I1AFS Licence No: 238188) is regulated by ASIC and J.P. Morgan Securities Australia Limited (JPMSAL) (ABN 61 003 245 234/AFS Licence No: 238066) is regulated by ASIC and is a Market, Clearing and Settlement Participant of ASX Limited and CH
in the Important Disclosures section above. India: For private circulation only, not for sale. Pakistan: For private circulation only, not for sale. New Zealand: This material is issued and distributed by JPMSAL in New Zealand only to persons whose principal business is the investment of money or who, in the
inancial Supervisory Service. Australia: J.P. Morgan Australia Limited (JPMAL) (ABN 52 002 888 01 I/AFS Licence No: 238188) is regulated by ASIC and J.P. Morgan Securities Australia Limited (JPMSAL) (ABN 61 003 245 234/AFS Licence No: 238066) is regulated by ASIC and is a Market, Clearing and Settlement Participant of ASX Limited and CH
Japan 1.5 1.3 4 1.4 4 0.3 6.7 41 4 3.0 t 2.0 2.0 IA 38 3.1 2.5 Australia 2A 3.0 32 32 45 LI 3.1 4.3 2.9 2.7 2.9 2.0 2.6 New Zealand 2.8 32 2.8 41 4.0 OA 1.9 4.7 4.8 1.6 18 1.6 2.0 EM Asia 6.2 61 6.4 6.4 48 Id t 6.5 6.3 4 62 40 3.1 2.9 3.7 China 7.7 72
Financial Supervisory Service. Australia: J.P. Morgan Australia Limited (JPMAL) (ABN 52 002 888 011fAFS Licence No: 238188) is regulated by ASIC and J.P. Morgan Securities Australia Limited IJPMSAL) (ABN 61 003 245 234/AFS Licence No: 2380661 is regulated by ASIC and is a Market, Clearing and Settlement Participant of ASX Limited and CI
Uruguay 5.7 3S 4.0 11.8 21 Venezuela 4.2 5.0 0.0 10.1 0.6 Asla/Pacific Japan -0.7 1/ 0.1 5.3 02 Australia 2.1 3.5 2.5 51 2.6 New Zealand 1.3 2.6 21 4.1 2.3 Asa ex Japan 7.4 6.1 6.4 7.2 5.8 Choa 9.3 7.6 8.0 61 7.1 Hong Kong 50 1.2 3.2 2A -OA India 6.5 5.6 6.0
e Korea Financial Supervisory Service. Australia: J.P. Morgan Australia Limited (ABN 52 002 888 011/AFS Licence No: 238188) is regulated by ASIC and J.P. Morgan Securities Australia Limited (ABN 61 003 245 234/A FS Licence No: 238066) is a Market Participant with the ASX and regulated by ASIC. Taiwan: J.P.Morgan Securities (Taiwan) Limi
in the Important Disclosures section above. India: For private circulation only, not for sale. Pakistan: For private circulation only, not for sale. New Zealand: This material is issued and distributed by JPMSAL in New Zealand only to persons whose principal business is the investment of money or who, in the
nancial Supervisory Service. Australia: J.P. Morgan Australia Limited (.1PMAL) (ABN 52 002 888 01 I/AFS Licence No: 238188) is regulated by ASIC and J.P. Morgan Securities Australia Limited (JPMSAL) (ABN 61 003 245 234/AFS Licence No: 238066) is regulated by ASIC and is a Market, Clearing and Settlement Participant of ASX Limited and CH
in the Important Disclosures section above. India: For private circulation only, not for sale. Pakistan: For private circulation only, not for sale. New Zealand: This material is issued and distributed by JPMSAL in New Zealand only to persons whose principal business is the investment of money or who, in the
inancial Supervisory Service. Australia: J.P. Morgan Australia Limited (JPMAL) (ABN 52 002 888 01 I/AFS Licence No: 238188) is regulated by ASIC and J.P. Morgan Securities Australia Limited (JPMSAL) (ABN 61 003 245 234/AFS Licence No: 238066) is regulated by ASIC and is a Market, Clearing and Settlement Participant of ASX Limited and CH
3.0 28.5 22.3 18.5 30.2 Asia/Pacific Japan -07 17 0.1 53 0.7 -3.5 -20 0 16 Le -03 0.2 0.0 -0.2 Australia 21 3.5 25 56 26 15 18 3.8 25 18 3.1 2 17 27 New Zealand 13 26 29 44 23 15 S5 3.7 3.3 2.0 8 0 14 1.8 Asia ex Japan 714 6.1 64 72 58 of 6.2. 6.3 65 68 49 3.9 34 3.9 T China 93 16 8.0 6.6 “1 a 8.2 8.0 8.2 8.2
Page: HOUSE_OVERSIGHT_026577 →he Korea Financial Supervisory Service. Australia: J.P. Morgan Australia Limited (ABN 52 002 888 011/AFS Licence No: 238188) is regulated by ASIC and J.P. Morgan Securities Australia Limited (ABN 61 003 245 234/AFS Licence No: 238066) is a Market Participant with the ASX and regulated by ASIC. Taiwan: J.P.Morgan Securities (Taiwan) Limite
Page: HOUSE_OVERSIGHT_026578 →Entities connected to both New Zealand and J.P. Morgan Securities Australia Limited

United States
LOCATION
Malaysia
LOCATION
United Kingdom
LOCATION
Bloomberg L.P.
ORGANIZATION
Philippines
LOCATION
Barack Obama
PERSON
Bill Clinton
PERSON
Condoleezza Rice
PERSON
Frankfurt
LOCATION
Columbia University
LOCATION
Chile
LOCATION
Hungary
LOCATION
Eric Trump
PERSONthe Mexican Stock Exchange
ORGANIZATIONJapan Investment Advisers Association
ORGANIZATION
Venezuela
LOCATION
Bangkok
LOCATIONthe Securities and Exchange Commission
ORGANIZATIONthe Capital Market Authority
ORGANIZATION
Saudi Arabia
LOCATION