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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
ress is at 8th Floor. Al-Faisaliyah Tower, King Fahad Road. P.O. Box 51907, Riyadh 11553, Kingdom of Saudi Arabia. Dubai: M./organ Chase Bank. N.A., Dubai Branch is regulated by the Dubai Financial Services Authority (DFSA) and its registered address is Dubai International Financial Centre - Building 3, Level
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
ed address is at 8th Floor. Al-Faisaliyah Tower, King Fahad Road, `Box 51907, Riyadh 11553. Kingdom of Saudi Arabia. Dubai: JPMorgan Chase Bank.. S, Dubai Branch is regulated by the Dubai Financial Services Authority (DFSA) and its registered address is Dubai International Financial Centre - Building 3, Level
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
dress is at 8th Floor. Al-Faisaliyah Tower. King Fahad Road, S Box 51907, Riyadh 11553. Kingdom of Saudi Arabia. Dubai: JPMorgan Chase Bank, M . Dubai Branch is regulated by the Dubai Financial Services Authority (DFSA) and its registered address is Dubai International Financial Centre - Building 3, Level
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
ress is at 8th Floor, Al-Faisaliyah Tower. King Fahad Road. P.O. Box 51907. Riyadh 11553, Kingdom of Saudi Arabia. Dubai: JPMorgan Chase Bank. N.A., Dubai Branch is regulated by the Dubai Financial Services Authority (DFSA) and its registered address is Dubai International Financial Centre - Building 3. Level
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
ress is at 8th Floor, AI-Faisaliyah Tower, King Fahad Road, P.O. Box 51907. Riyadh 11553, Kingdom of Saudi Arabia. Dubai: JPMorgan Chase Bank, N.A., Dubai Branch is regulated by the Dubai Financial Services Authority (DFSA) and its registered address is Dubai International Financial Centre - Building 3. Level
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
ress is at 8th Floor, Al-Faisaliyah Tower. King Fahad Road. P.O. Box 51907. Riyadh 11553, Kingdom of Saudi Arabia. Dubai: JPMorgan Chase Bank, N.A., Dubai Branch is regulated by the Dubai Financial Services Authority (DFSA) and its registered address is Dubai International Financial Centre - Building 3. Level
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
tion The J.P. Morgan View 11 Jsty 2014 J.P.Morgan Road. P.O. Box 51907. Riyadh 11553. Kingdom of Saudi Arabia. Dubai: JPMorgan (•hase Bank. N.A., Dubai Branch is regulated by the Dubai Financial Services Authority 1DFSA) and its registered address is Dubai International Financial Centre • Building 3. Level
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
ss is at 8th Floor. Al-Faisaliyah Tower, King Failed Road, P.O. Box 51907, Riyadh 11553. Kingdom of Saudi Arabia. Dobai: 1Phlorgan Chase Bank. N.A.. Dubai Branch is regulated by the Dubai Financial Services Authority (DFSA) and its registered address is Dubai International Financial Centre - Building 3. Level
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
ress is at 8th Floor. Al-Faisaliyah Tower. King Fahad Road. P.O. Box 51907. Riyadh 11553. Kingdom of Saudi Arabia. Dubai: JPMorgan Chase Bank. N.A., Dubai Branch is regulated by the Dubai Financial Services Authority (DFSA) and its registered address is Dubai International Financial Centre - Building 3. Level
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
ress is at 8th Floor. Al-Faisaliyah Tower. King Fahad Road. P.O. Box 51907, Riyadh 11553, Kingdom of Saudi Arabia. Dubai: JPMorgan Chase Bank, N.A., Dubai Branch is regulated by the Dubai Financial Services Authority (DFSA) and its registered address is Dubai International Financial Centre - Building 3. Level
Entities connected to both the Korea Financial Supervisory Service and Dubai Branch

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