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s 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 Boise. S.A. de C.V.... Morgan (imp° Financicro is a member of the Mexican Stock Exchange and authorized to act as a broke
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
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 Casa de Boise, S.A. dc C.V., l.P. Morgan (irupo Financiero is a member of the Mexican Stock Exchange and authorized to act as a
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
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 Casa dc Boise, S.A. de C.V., l.P. Morgan (irupo Financicro is a member of the Mexican Stock Exchange and authorized to act as a
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 Central Bank of Brazil and Neutral, UW Underweight

Malaysia
LOCATIONthe Philippine Stock Exchange
ORGANIZATION
Philippines
LOCATION
New Zealand
LOCATION
the Ministry of Finance
ORGANIZATION
JPMorgan Chase
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATIONKanto Local Finance Bureau
ORGANIZATIONEngland & Wales
LOCATIONThe Financial Futures Association of Japan
ORGANIZATIONthe Hong Kong
LOCATIONDubai Branch
ORGANIZATIONJPMSAL
ORGANIZATIONthe Capital Market Authority
ORGANIZATION
European Economic Area
LOCATION