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s issued and distributed in Thailand by 1PMorgan Securities (Thailand) Ltd.. which is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor, 20 North Salem Road. Silom. Bangrak, Bangkok 10500. Indonesia: P
2014 Overnight Neutral (buy) (hold) Underweight (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% H3 clients• 38% 49% 40% JPMS Equity Research Coverage 45% 48% 7% H3 clients• 78% 67% 60% •Percentage of investment banking clients in each rating category. For purposes only of FINRAJNYSE rating
s issued and distributed in Thailand by JPMorgan Securities (Thailand) Ltd., which is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road, Silom, Bangrak, Bangkok 10500. Indonesia:
, 2014 Overweight Neutral Underweight (buy) (hold) (sell) S. Morgan Global Equity Research Coverage 44% 44% 11% lB clients° 58% 49% 40% JPMS Equity Research Coverage 45% 48% 7% BEI clients° 78% 67% 60% ',Percentage of investment banking clients in each rating category. For purposes only of FINRANYSE ratin
ties and Exchange Board of India. Thailand: JPMorgan Securities (Thailand) Limited is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Indonesia: PTE. Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regulated
2012 Overweight Neutral (buy) (hold) Underweight (sell) I.P. Morgan Global Equity Research Coverage 45% 43% 12% le clients* 51% 45% 34% JPMS Equity Research Coverage 43% 48% 9% It clients* 70% 61% 53% *Percentage of investment banking clients in each rating category. For purposes only of FINRANYSE ratings
s issued and distributed in Thailand by JPMorgan Securities (Thailand) Ltd., which is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road, Silom, Bangrak, Bangkok 10500. Indonesia:
014 Overweight Neutral Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 44% 44% I I% IB clients* 58% 49% 40% JPMS Equity Research Coverage 45% 48% 7% IB clients* 78% 67% 60% *Percentage of investment banking clients in each rating category. For purposes only of FINRAJNYSE rating
s issued and distributed in Thailand by JPMorgan Securities (Thailand) Ltd., which is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road, Silom, Bangrak, Bangkok 10500. Indonesia:
2014 Overweight Neutral (buy) (hold) Underweight (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% IB clients° 58% 49% 40% JPMS Equity Research Coverage 45% 48% 7% IB clients° 78% 679/. 60% J.P.Morgan *Percentage of investment banking clients in each rating category. For purposes only of FIN
s issued and distributed in Thailand by JPMorgan Securities (Thailand) Ltd., which is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road, Slim.. Bangrak, Bangkok 10500. Indonesia:
Overweight Neutral 2014 Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% IB clients* 58% 4We 40% JPMS Equity Research Coverage 45% 48% 7% IB clients° 78% 67% 60% *Percentage of investment banking clients in each rating category. For purposes only of FINRA'NYSE rating
ties and Exchange Board of India. Thailand: JPMorgan Securities (Thailand) Limited is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Indonesia: PT J.P. Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regula
.2012 Overnight Neutral Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 45% 43% 12% IB clients* 51% 45% 34% JPMS Equity Research Coverage 43% 48% 9% 1B clients° 70% 61% 53% °Percentage of investment banking clients in each rating category. For purposes only of FINRATNY SE ratin
s issued and distributed in Thailand by JPMorgan Securities (Thailand) Ltd.. which is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathorn Road. Silom, Bangrak. Bangkok 10500. Indonesia:
, 2015 Overweight Neutral Underweight (buy) (hold) (sell) M. Morgan Global Equity Research Coverage 45% 43% 12% IB clients* 52% 49% 35% JPMS Equity Research Coverage 45% 47% 8% IB clients* 69% 66% 54% *Percentage of investment banking clients in each rating category. For purposes only of FINKANYSE ratings
s issued and distributed in Thailand by JPMorgan Securities (Thailand) Ltd., which is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road, Silom, Bangrak, Bangkok 10500. Indonesia:
2014 Overweight Neutral Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% IB clients° 58% 49% 40% JPMS Equity Research Coverage 45% 48% 7% IB clients° 78% 67% 60% *Percentage of investment banking clients in each rating category. For purposes only of FINRA/NYSE rating
s issued and distributed in Thailand by JPMorgan Securities (Thailand) Ltd., which is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road, Silom. Bangrak, Bangkok 10500. Indonesia:
2014 Overweight Neutral Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% IB clients* 58% 49% 40% JPMS Equity Research Coverage 45% 48% 7% IB clients° 78% 67% 60% *Percentage of investment banking clients in each rating category. For purposes only of FINRAJNYSE rating
Entities connected to both the Ministry of Finance and JPMS Equity Research Coverage

Malaysia
LOCATION
Philippines
LOCATION
JPMorgan Chase
ORGANIZATION
New Zealand
LOCATIONthe Mexican Stock Exchange
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONthe Philippine Stock Exchange
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONKanto Local Finance Bureau
ORGANIZATIONThe Financial Futures Association of Japan
ORGANIZATIONEngland & Wales
LOCATIONthe Karachi Stock Exchange
ORGANIZATIONCapital Markets Services License
ORGANIZATIONthe Stock Exchange
ORGANIZATION
Mumbai
LOCATIONthe Hong Kong
LOCATION