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tock Exchange and a member of the Securities Clearing Corporation of the Philippines and the Securities Investor Protection Fund. It is regulated by the Securities and Exchange Commission. Brazil: Banco E Morgan S.A. is regulated by the Comissao de Valores Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: E. Morgan Casa de
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
tock Exchange and a member of the Securities Clearing Corporation of the Philippines and the Securities Investor Protection Fund. It is regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan S.A. is regulated by the Comissao de Valores Mobiliarios (CVM) and by the Central Bank of Brazil. Mexico: J.P. Morgan Cas
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
tock Exchange and a member of the Securities Clearing Corporation of the Philippines and the Securities Investor Protection Fund. It is regulated by the Securities and Exchange Commission. Brazil: 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 Cas
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 the Securities and Exchange Commission and Neutral, UW Underweight

Bloomberg L.P.
ORGANIZATION
JPMorgan Chase
ORGANIZATION
Frankfurt
LOCATION
New Zealand
LOCATION
Philippines
LOCATION
Malaysia
LOCATIONthe Securities Commission
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONthe Capital Market Authority
ORGANIZATIONthe Stock Exchange
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATIONthe Philippine Stock Exchange
ORGANIZATION
Mumbai
LOCATIONJapan Investment Advisers Association
ORGANIZATIONEngland & Wales
LOCATIONASX Limited
ORGANIZATION