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027) is regulated by 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: I.P. Morgan Australia Limited (1PMAL) (ABN 52 002 888 011/AFS Licence No: 238188) is regulated by ASIC and I.P. Morgan Securities Austra
Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: I. P. Morgan Pakistan Broking (Pvt.) Ltd is a member of the Karachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: I.P. Morgan Saudi Arabia Ltd. is authorized by the Capital Market
g 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 Australia Limited (ABN 52 002 888 01 I/AFS Licence No: 238188) is regulated by ASIC and E. Mo Securities Australia Limited (A
Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: J. P. Morgan Pakistan Broking (Pvt.) Ltd is a member of the Karachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: `Morgan Saudi Arabia Ltd. is authorized by the Capital Market Aut
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 Morgan Australia Limited (ABN 52 002 888 01 I/AFS Licence No: 238188) is regulated by ASIC and E. Mo Securities Australia Limited (A
Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: J. P. Morgan Pakistan Broking (Pvt.) Ltd is a member of the Karachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: Morgan Saudi Arabia Ltd. is authorized by the Capital Market Aut
027) is regulated by 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. Morgan Australia Limited (JPMAL) (ABN 52 002 888 01 I/AFS Licence No: 3 EFTA00301314 North America Equity Research 13 May 2014
f Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan:1. P. Morgan Pakistan Broking (Pvt.) Ltd is a member of the Karachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: J.P. Morgan Saudi Arabia Ltd. is authorized by the Capital Market
027) is regulated by 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. Morgan Australia Limited (JPMAL) (ABN 52 002 888 01 I1AFS Licence No: 238188) is regulated by ASIC and J.P. Morgan Securities Austr
Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: J. P. Morgan Pakistan Braking (Pvt.) Ltd is a member of the Karachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: J.P. Morgan Saudi Arabia 17 EFTA00301333 North America Equity
027) is regulated by 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. Morgan Australia Limited (JPMAL) (ABN 52 002 888 01 I/AFS Licence No: 238188) is regulated by ASIC and J.P. Morgan Securities Austr
Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan:.I. P. Morgan Pakistan Broking (Pvt.) Ltd is a member of the Karachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: J.P. Morgan Saudi Arabia Ltd. is authorized by the Capital Market
027) is regulated by 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. Morgan Australia Limited (JPMAL) (ABN 52 002 888 011fAFS Licence No: 238188) is regulated by ASIC and J.P. Morgan Securities Austra
Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: J. P. Morgan Pakistan Stoking (Psi.) Ltd is a member of the Karachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: J.P. Morgan Saudi Arabia Ltd. is authorized by the Capital Market
etary Authority and the Securities and Futures Commission in 'long Kong. Korea: J.P. Morgan Securities (Far East) Ltd, Seoul Branch. is regulated by the Korea Financial Supervisory Service. Australia: J.P. Morgan Australia Limited (AUN 52 002 888 011rAFS Licence No: 238188) is regulated by ASIC and J.P. Morgan Securities Australia Limi
Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: J. P. Morgan Pakistan Broking (Pvt.) Ltd is a member of the Karachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: J.P. Morgan South Arabia Ltd. is authorized by the Capital Markel
netary 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. Morgan Australia Limited (ABN 52 002 888 011/AFS Licence No: 238188) is regulated by ASIC and J.P. Morgan Securities Australia Limi
Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: J. P. Morgan Pakistan Broking (Pvt.) Ltd is a member of the Karachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: J.P. Morgan Saudi Arabia Ltd. is authorized by the Capital Market
027) is regulated by 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. Morgan Australia Limited (.1PMAL) (ABN 52 002 888 01 I/AFS Licence No: 238188) is regulated by ASIC and J.P. Morgan Securities Aust
Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: J. P. Morgan Pakistan Braking (Pvt.) Ltd is a member of the Karachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: J.P. Morgan Saudi Arabia Ltd. is authorized by the Capital Market
Entities connected to both the Korea Financial Supervisory Service and the Karachi Stock Exchange

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