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ipients of this document are to contact JPMSS or JPMCB Singapore in respect of any matters arising from, or in connection with, the document. Japan: JPMorgan Securities Japan Co., Ltd. is regulated by the Financial Services Agency in Japan. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malays
, 2014 Overweight Neutral Underweight (buy) (hold) (sell) S. Morgan Global Equity Research Coverage 44% 44% 11% lB clients° 58% 49% 40% JPMS Equity Research Coverage 45% 48% 7% BEI clients° 78% 67% 60% ',Percentage of investment banking clients in each rating category. For purposes only of FINRANYSE ratin
ipients of this document are to contact JPMSS or JPMCB Singapore in respect of any matters arising from, or in connection with, the document. Japan: JPMorgan Securities Japan Co., Ltd. is regulated by the Financial Services Agency in Japan. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malays
014 Overweight Neutral Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 44% 44% I I% IB clients* 58% 49% 40% JPMS Equity Research Coverage 45% 48% 7% IB clients* 78% 67% 60% *Percentage of investment banking clients in each rating category. For purposes only of FINRAJNYSE rating
ipients of this document are to contact JPMSS or JPMCB Singapore in respect of any matters arising from, or in connection with, the document. Japan: JPMorgan Securities Japan Co., Ltd. is regulated by the Financial Services Agency in Japan. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malays
2014 Overweight Neutral (buy) (hold) Underweight (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% IB clients° 58% 49% 40% JPMS Equity Research Coverage 45% 48% 7% IB clients° 78% 679/. 60% J.P.Morgan *Percentage of investment banking clients in each rating category. For purposes only of FIN
pients of this document are to contact JPMSS or JPNICB Singapore in respect of any matters arising from, or in connection with, the document. Japan: JPMorgan Securities Japan Co., Ltd. is regulated by the Financial Services Agency in Japan. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malays
Overweight Neutral 2014 Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% IB clients* 58% 4We 40% JPMS Equity Research Coverage 45% 48% 7% IB clients° 78% 67% 60% *Percentage of investment banking clients in each rating category. For purposes only of FINRA'NYSE rating
in the case of share trading, and that a loss may occur due to the exchange rate in the case of foreign share trading. In the case of share trading, JPMorgan Securities Japan Co., Ltd., will be receiving a brokerage fee and consumption tax (shouhizei) calculated by multiplying the executed price by the commission rate which was ind
.2012 Overnight Neutral Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 45% 43% 12% IB clients* 51% 45% 34% JPMS Equity Research Coverage 43% 48% 9% 1B clients° 70% 61% 53% °Percentage of investment banking clients in each rating category. For purposes only of FINRATNY SE ratin
ipients of this document are to contact JPMSS or JPMCB Singapore in respect of any matters arising from, or in connection with, the document. Japan: JPMorgan Securities Japan Co., Ltd. is regulated by the Financial Services Agency in Japan. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malays
, 2015 Overweight Neutral Underweight (buy) (hold) (sell) M. Morgan Global Equity Research Coverage 45% 43% 12% IB clients* 52% 49% 35% JPMS Equity Research Coverage 45% 47% 8% IB clients* 69% 66% 54% *Percentage of investment banking clients in each rating category. For purposes only of FINKANYSE ratings
pients of this document are to contact JPMSS or JPMCB Singapore in respect of any matters arising front, or in connection with, the document. Japan: JPMorgan Securities Japan Co., Ltd. is regulated by the Financial Services Agency in Japan. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malays
2014 Overweight Neutral Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% IB clients° 58% 49% 40% JPMS Equity Research Coverage 45% 48% 7% IB clients° 78% 67% 60% *Percentage of investment banking clients in each rating category. For purposes only of FINRA/NYSE rating
ipients of this document are to contact JPMSS or JPMCB Singapore in respect of any matters arising from, or in connection with, the document. Japan: JPMorgan Securities Japan Co., Ltd. is regulated by the Financial Services Agency in Japan. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malays
2014 Overweight Neutral Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% IB clients* 58% 49% 40% JPMS Equity Research Coverage 45% 48% 7% IB clients° 78% 67% 60% *Percentage of investment banking clients in each rating category. For purposes only of FINRAJNYSE rating
Entities connected to both JPMorgan Securities Japan Co., Ltd. and JPMS Equity Research Coverage

JPMorgan Chase
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATIONthe Philippine Stock Exchange
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATIONKanto Local Finance Bureau
ORGANIZATIONThe Financial Futures Association of Japan
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Philippines
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New Zealand
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Mumbai
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the Ministry of Finance
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Malaysia
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