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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
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
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
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
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
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 New Zealand and Neutral, UW Underweight

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