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a member of NYSE, FINRA, SIPC and the NFA. JPMorgan Chase Bank. N.A. is a member of FDIC. U.K.: JPMorgan Chase N.A.. London Branch, is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and to limited regulation by the Prudential Regulation Authority. Details about the
ses of JPMorgan Chase & Co. and its subsidiaries. All research reports made available to clients arc simultaneously available on our client wthsite, J.P. Morgan Markets. Not all research content is redistributed, c-mailed or made available to third-party aggregators. For all research reports available on a particula
a member of NYSE, FINRA, SIPC and the NFA. JPMorgan Chase Bank. N.A. is a member of FDIC. U.K.: JPMorgan Chase N.A.. London Branch. is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and to limited regulation by the Prudential Regulation Authority. Details about the
ses of JPMorgan Chase & Co. and its subsidiaries. All research reports made available to clients are simultaneously available on our client website, J.P. Morgan Markets. Not all research content is redistributed, e-mailed or made available to third-party aggregators. For all research reports available on a particula
a member of NYSE, FINRA, SIPC and the NFA. JPMorgan Chase Bank. NA. is a member of FDIC. U.K.: JPMorgan Chase N.A., London Branch, is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and to limited regulation by the Prudential Regulation Authority. Details about the
America Equity Research 12 June 2014 J.P.Morgan All research reports made available to clients arc simultaneously available on our client website, J.P. Morgan Markets. Not all research content is redistributed, c-mailed or made available to third-party aggregators. For all research reports available on a particula
a member of NYSE, FINRA, SIPC and the NFA. JPMorgan Chase Bank. N.A. is a member of FDIC. U.K.: JPMorgan Chase N.A., London Branch. is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and to limited regulation by the Prudential Regulation Authority. Details about the
ses of JPMorgan Chase & Co. and its subsidiaries. All research reports made available to clients arc simultaneously available on our client website, J.P. Morgan Markets. Not all research content is redistributed, c-mailed or made available to third-party aggregators. For all research reports available on a particula
a member of NYSE, FINRA, SIPC and the NFA. JPMorgan Chase Bank. N.A. is a member of FDIC. U.K.: JPMorgan Chase N.A.. London Branch. is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and to limited regulation by the Prudential Regulation Authority. Details about the
ses of JPMorgan Chase & Co. and its subsidiaries. All research reports made available to clients arc simultaneously available on our client website, J.P. Morgan Markets. Not all research content is redistributed, c-mailed or made available to third-party aggregators. For all research reports available on a particula
Entities connected to both the Prudential Regulation Authority and J.P. Morgan Markets

Frankfurt
LOCATIONThe Financial Futures Association of Japan
ORGANIZATION
the Financial Services Agency
ORGANIZATIONthe Capital Market Authority
ORGANIZATION
Bloomberg L.P.
ORGANIZATION
JPMorgan Chase
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATION
Malaysia
LOCATION
Philippines
LOCATION
New Zealand
LOCATIONthe Securities and Exchange Commission
ORGANIZATIONJapan Investment Advisers Association
ORGANIZATION
the Ministry of Finance
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATIONthe Stock Exchange
ORGANIZATION
Mumbai
LOCATION
Bangkok
LOCATIONthe Financial Services Board
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATION