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umbai - 400098, is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 230675231/NE 230675231/NE 230675231) and Bombay Stock Exchange Limited (SEBI Registration Number - INB 010675237!INF 010675237) and is regulated by Securities and Exchange Board of India. For non local research reports.
e: This material is issued and distributed in Singapore by or through E. Morgan Securities Singapore Private Limited (JPMSS) [ma (P) 199/0312014 and Co. Reg. No.: 199405335R] which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MA
bai - 400098. is a member of the National Stock Exchange of India Limited (SERI Registration Number - INB 23067523 inNF 23067523 HINE 230675231) and Bombay Stock Exchange Limited (SEBI Registration Number - INB 010675237/INF 010675237) and is regulated by Securities and Exchange Board of India. Thailand: JPMorgan Securities
on. Singapore: This material is issued and distributed in Singapore by `Morgan Securities Singapore Private Limited (JPMSS) [MICA (P) 08&04/2012 and Co. Reg. No.: 199405335R] which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MA
bai - 400098, is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 23067523I/INF 23067523 LANE 23067523)) and Bombay Stock Exchange Limited (SEBI Registration Number - INB 010675237/INF 010675237) and is regulated by Securities and Exchange Board of India. For non local research reports.
This material is issued and distributed in Singapore by or through J.P. Morgan Securities Singapore Private Limited (JPMSS) [ma (P) 199/03/2014 and Co. Reg. No.: 199405335R1 which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MA
bai -400098. is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 230675231/1NF 230675231/IN E 230675231) and Bombay Stock Exchange Limited (SEBI Registration Number - INB 010675237/INF 010675237) and is regulated by Securities and Exchange Board of India. For non local research reports,
This material is issued and distributed in Singapore by or through J.P. Morgan Securities Singapore Private Limited (JPMSS) [ma (P) 199/03/2014 and Co. Reg. No.: 199405335121 which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (M
mbai - 400098. is a member of the National Stock Exchange of India Limited (SEW Registration Number - INB 23067523111NF 230675231/INE 230675231) and Bombay Stock Exchange Limited ISEB1 Registration Number - INB 010675237/1NF 010675237) and is regulated by Securities and Exchange Board of India. Telephone: 91-224157 3000. Facs
This material is issued and distributed in Singapore by or through J.P. Morgan Securities Singapore Private Limited (JPMSS) (MCI (P) 199/03)2014 and Co. Reg. No.: 199405335R] which is a member of the Singapore Exchange Secunties Trading Limited and is regulated by the Monetary Authority of Singapore (MAS
i - 400098. Is a member of the National Stock Exchange of India Limited (SEED Registration Number - INB 23067523 I /INF 230675231/INE 230675231) and Bombay Stock Exchange Limited (SEBI Registration Number - INB 010675237/INF 010675237) and is regulated by Securities and Exchange Board of India. Thailand: JPMorgan Securities
Singapore: This material is issued and distributed in Singapore by J.P. Morgan Securities Singapore Private Limited (JPMSS) (MICA (P) 08804:2012 and Co. Reg. No.: 199405335R] which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore I h
itel - 400098, is a member of the National Stock Exchange of India Limited (SEW Registration Number • tNB 210675211/INF 23067523 PINE 230675231) and Bombay Stock Exchange Limited (SEW Registration Number - 1NB 010675237/1NF 010675237) and is regulated by Securities and Exchange Board of India. Thailand: iPMorgan Securities (
Singapore: This material is issued and distributed in Singapore by J.P. Morgan Securities Singapore Private Limited (JPMSS) [MICA (P) 0880472012 and Co. Reg. No.: 199405135R] which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (hi
bai - 400098, is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 230675231/INF 230675231/INE 230675231) and Bombay Stock Exchange Limited (SERI Registration Number -INB 010675237/INF 010675237) and is regulated by Securities and Exchange Board of India. Telephone: 91-22-6157 3000, Facs
re: This material is issued and distributed in Singapore by or through Morgan Securities Singapore Private Limited (JPMSS) IMCI (P) 100/03/2015 and Co. Reg. No.: 199405335R] which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MA
mbai -400098, is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 23067523I/INF 23067523 LANE 230675231) and Bombay Stock Exchange Limited (SEBI Registration Number - INB 010675237/INF 010675237) and is regulated by Securities and Exchange Board of India. For non local research reports.
This material is issued and distributed in Singapore by or through J.P. Morgan Securities Singapore Private Limited (JPMSS) [MCI (P) 199/03/2014 and Co. Reg. No.: 199405335R] which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MA
mbai -400098, is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 23067523I/INF 23067523 I4NE 230675231) and Bombay Stock Exchange Limited (SEBI 17 EFTA00295416 Kevin Milota North America Equity Research 08 May 20 Id J.P.Morgan Registration Number - INB 010675237/INF 010675237) a
This material is issued and distributed in Singapore by or through J.P. Morgan Securities Singapore Private Limited (JPMSS) (ma (P) 199/03/2014 and Co. Reg. No.: 199405335R) which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MA
Entities connected to both Bombay Stock Exchange Limited and Co. Reg

Malaysia
LOCATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATION
the Ministry of Finance
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATIONthe Securities and Futures Commission
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JPMorgan Chase
ORGANIZATIONthe Indonesia Stock Exchange
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New Zealand
LOCATIONthe Stock Exchange of Thailand
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LOCATIONthe Philippine Stock Exchange
ORGANIZATIONEngland & Wales
LOCATIONThe Financial Futures Association of Japan
ORGANIZATIONDubai Branch
ORGANIZATIONCapital Markets Services License
ORGANIZATIONJPMSAL
ORGANIZATIONthe Stock Exchange
ORGANIZATIONthe Hong Kong
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