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ission 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 J.P.Morgan 238188) is regulated by ASIC
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
ission 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 Australia Limited (JPMSAL) (ABN 61 003 245 234/
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
ission 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 Australia Limited (JPMSAL) (ABN 61 003 245 234/
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
ission 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 Australia Limited IJPMSAL) (ABN 61 003 245 234/A
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
ission 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 Australia Limited (JPMSAL) (ABN 61 003 245 234
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
ission 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 Australia Limited (JPMSAL) (ABN 61 003 245 234/
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 J.P. Morgan Australia Limited and Dubai Branch

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