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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: J.P. Morgan Australia Limited (JPMAL) (ABN 52 002 888 01 I/AFS Licence No: 3 EFTA00301314 North America Equity Research 13 May 2014
ses of JPMorgan Chase & Co. and its subsidiaries. All research reports made available to clients arc simultaneously available on our client wthsite, J.P. Morgan Markets. Not all research content is redistributed, c-mailed or made available to third-party aggregators. For all research reports available on a particula
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
ses of JPMorgan Chase & Co. and its subsidiaries. All research reports made available to clients are simultaneously available on our client website, J.P. Morgan Markets. Not all research content is redistributed, e-mailed or made available to third-party aggregators. For all research reports available on a particula
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
America Equity Research 12 June 2014 J.P.Morgan All research reports made available to clients arc simultaneously available on our client website, J.P. Morgan Markets. Not all research content is redistributed, c-mailed or made available to third-party aggregators. For all research reports available on a particula
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
ses of JPMorgan Chase & Co. and its subsidiaries. All research reports made available to clients arc simultaneously available on our client website, J.P. Morgan Markets. Not all research content is redistributed, c-mailed or made available to third-party aggregators. For all research reports available on a particula
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
ses of JPMorgan Chase & Co. and its subsidiaries. All research reports made available to clients arc simultaneously available on our client website, J.P. Morgan Markets. Not all research content is redistributed, c-mailed or made available to third-party aggregators. For all research reports available on a particula
Entities connected to both the Korea Financial Supervisory Service and J.P. Morgan Markets

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