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AJ321) is regulated 7 EFTA00300343 Geoff Meacham North America Equity Research 22 May 2014 J.P.Morgan by the Hong Kong Monetary Authority and the Securities and Futures Commission in Hong Kong and/or J.P. Morgan Braking (Hong Kong) Limited (CE number AAB027) is regulated by the Securities and Futures Commission in Hong Kong. K
orations Act 2001. Germany: This material is distributed in Germany by 1.P. Morgan Securities plc, Frankfurt Branch and J.P.Morgan Chase Bank, N.A., Frankfurt Branch which are regulated by the Bundesan.stalt far Finanzdienstleistungsaufsicht. Hong Kong: The I% ownership disclosure as of the previous month end sat
regulated by the FSB. Hong Kong: E. Morgan Securities (Asia Pacific Limited (CE number AAJ32I ) is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission in Hong Kong. Korea:. Morgan Securities (Far East) Ltd, Seoul Branch, is regulated by the Korea Financial Supervisory Service. Australia: E. Morgan
the meanings given to them in section 761G of the Co rations Act 2001. Germany: This material is distributed in Germany by `Morgan Securities Ltd., Frankfurt Branch and Chase Bank. M., Frankfurt Branch which are regulated by the Bundesanstalt fur Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclo
is regulated by the FSB. Hong Kong: Morgan Securities (Asia Pacias) Limited (CE number AAJ321) is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission in Hong Kong. Korea: M. Morgan Securities (Far East) Ltd, Seoul Branch, is regulated by the Korea Financial Supervisory Service. Australia: IS Morga
he meanings given to them in section 761G of the Corporations Act 2001. Germany: This material is distributed in Germany by Morgan Securities Ltd.. Frankfurt Branch and Chase Bank. Frankfurt Branch which are regulated by the Bundesanstalt fur Finanzdienstleistungsaufsicht. Hong Kong: The I% ownership disclosur
l Services Board. Hong Kong: J.P. Morgan Securities (Asia Pacific) Limited (CE number AAJ32 I ) is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission in Hong Kong and/or J.P. Morgan Broking (Hong Kong) Limited (CE number AAB027) is regulated by the Securities and Futures Commission in Hong Kong. K
porations Act 2001. Germany: This material is distributed in Lemony by J.P. Morgan Securities plc, Frankfurt Branch and J.P.Morgan Chase Bank, N.A., Frankfurt Branch which arc regulated by the Bundesanstalt fir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the previous month end sati
al Services Board. Hong Kong: J.P. Morgan Securities (Asia Pacific) Limited (CE number AAJ32I ) is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission in Hong Kong and/or J.P. Morgan Broking (Hong Kong) Limited (CE number AAB027) is regulated by the Securities and Futures Commission in Hong Kong. K
orations Act 2001. Germany: This material is distributed in (iemany by J.P. Morgan Securities plc, Frankfurt Branch and J.P.Morgan Chase Bank. N.A., Frankfurt Branch which arc regulated by the Bundesansialt fir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the previous month end sati
ial Services Board. Hong Kong: J.P. Morgan Securities (Asia Pacific) Limited (CE number AAJ321) is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission in Hong Kong and'or J.P. Morgan Broking (Hong Kong) Limited (CE number AAB027) is regulated by the Securities and Futures Commission in Hong Kong. K
orations Act 2001. Germany: This material is distributed in Germany by 1.P. Morgan Securities plc. Frankfurt Branch and J.P.Morgan Chase Bank, K.A., Frankfurt Branch which are regulated by the Bundesansudi ftir Finanadienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the previous month end sati
gulated by the FSB. Hong Kong: J.P. Morgan Securities (Asia Pacific) Limited (CE number AAJ321) is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission in Hong Kong. Korea: J.P. Morgan Securities (Far East) Ltd, Seoul Branch. is regulated by the Korea Financial Supervisory Service. Australia: J.P. M
meanings given to them in section 76IG of the Corporations Act 2001. Germany: This material is distributed in Germany by J.P. Morgan Securities plc. Frankfurt Branch and J.P.Morgan Chase Bank. N.A.. Frankfurt Branch which are regulated by the Bundesanstalt far Finanzdienstleistungsaufsichi. Deng Kong: The I% owne
ancial Services Board. Hong Kong:. Morgan Securities (Asia Pacific) Limited (CE number AAJ32 ) is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission in Hong Kong. Korea: • Morgan Securities (Far East) Ltd, Seoul Branch. is regulated by the Korea Financial Supervisory Service. Australia: s Morgan
ve the meanings given to them in section 761G of the C ations Act 2001. Germany: This material is distributed in Germany by. Morgan Securities plc. Frankfurt Branch and Chase Bank. Frankfurt Branch which are regulated by the Bundcsanstalt fir Finanzdienstleistungsau rsicht. Hong Kong: The I% ownership disclosu
nancial Services Board. Hong Kong: Morgan Securities (Asia Pacific) Limited (CE number AAJ321) is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission in Hong Kong and/or U. Morgan Woking (Hong Kong) Limited (CE number AA B027) is regulated by the Securities and Futures Commission in Hong Kong. Kor
n MIG of the Corporations Act 2001. Germany: This material is distributed in Germany by. Morgan Securities plc, Frankfurt Branch and Chase Bank.-.. Frankfurt Branch which are regulated by the l3undesans*alt fir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the previous month end sat
l Services Board. Hong Kong: J.P. Morgan Securities (Asia Pacific) Limited (CE number AAJ32 I ) is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission in Hong Kong and/or J.P. Morgan Broking (Hong Kong) Limited (CE number AAB027) is regulated by the Securities and Futures Commission in Hong Kong. K
orations Act 2001. Germany: This material is distributed in Germany by J.P. Morgan Securities plc, Frankfurt Branch and J.P.Morgan Chase Bank. N.A., Frankfurt Branch which are regulated by the Bundesanstalt fir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the previous month end sati
Entities connected to both the Securities and Futures Commission and Frankfurt Branch

Malaysia
LOCATION
New Zealand
LOCATION
Philippines
LOCATIONthe Capital Market Authority
ORGANIZATIONThe Financial Futures Association of Japan
ORGANIZATION
JPMorgan Chase
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATION
the Ministry of Finance
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATIONthe Philippine Stock Exchange
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONEngland & Wales
LOCATIONthe Karachi Stock Exchange
ORGANIZATIONDubai Branch
ORGANIZATIONKanto Local Finance Bureau
ORGANIZATIONJPMSAL
ORGANIZATIONCapital Markets Services License
ORGANIZATION