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ms: JPMorgan Securities Japan Co.. Ltd., Kanto Local Finance Bureau (kinsho) No. 82 Participating Association! Japan Securities Dealers Association. The Financial Futures Association of Japan, Type 11 Financial Instruments Firms Association and Japan Investment Advisers Association. Korea: This report may have been edited or contributed t
verage of the stocks; the current analysts may or may not have covered it over the entire riot M. Morgan ratings or designations: OW - Overweight, Neutral, UW Underweight, NR Not Rated Ex lanatlon of Equity Research Ratings, Designations and Analyst(s) Coverage Universe: Morgan uses the following rating system: Overw
s: JPMorgan Securities Japan Co.. Ltd., Kanto Local Finance Bureau (kinsho) No. 82 Participating Association / Japan Securities Dealers Association. The Financial Futures Association of Japan, Type lI Financial Instruments Finns Association and Japan Investment Advisers Association. Korea: This report may have been edited or contributed t
of the stocks; the current analysts may or may not have covered it over the entire period. J.P. Morgan ratings or designations: OW Overweight, Ni• Neutral, UW Underweight, NR •• Not Rated Explanation of Equity Research Ratings, Designations and Analyst(s) Coverage Universe: J.P. Morgan uses the following rating syste
s: JPMorgan Securities Japan Co.. Ltd., Kanto Local Finance Bureau (kinsho) No. 82 Participating Association / Japan Securities Dealers Association. The Financial Futures Association of Japan, Type II Financial Instruments Firms Association and Japan Investment Advisers Association. Korea: This report may have been edited or contributed t
e of the stocks; the current analysts may or may not have covered it over the entire period. J.P. Morgan ratings or designations: OW Overweight, N- Neutral, UW Underweight, NR - Not Rated t6 EFTA00295415 11= Kevin Milota North America Equity Research 08 May 2014 J.P.Morgan Explanation of Equity Research Ratings
Entities connected to both The Financial Futures Association of Japan and Neutral, UW Underweight

Frankfurt
LOCATIONthe Prudential Regulation Authority
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATION
New Zealand
LOCATION
Malaysia
LOCATIONBombay Stock Exchange Limited
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATION
JPMorgan Chase
ORGANIZATION
Philippines
LOCATIONthe Mexican Stock Exchange
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATION
the Ministry of Finance
ORGANIZATIONthe Philippine Stock Exchange
ORGANIZATIONEngland & Wales
LOCATIONKanto Local Finance Bureau
ORGANIZATION
Mumbai
LOCATIONthe Karachi Stock Exchange
ORGANIZATIONDubai Branch
ORGANIZATION