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es South Africa Proprietary Limited is a member of the Johannesburg Securities Exchange and is regulated by the Financial Services Board. Hong Kong: J.P. Morgan Securities (Asia Pacific) Limited (CE number AAJ321) is regulated 7 EFTA00300343 Geoff Meacham North America Equity Research 22 May 2014 J.P.Morgan by t
orations Act 2001. Germany: This material is distributed in Germany by 1.P. Morgan Securities plc, Frankfurt Branch and J.P.Morgan Chase Bank, N.A., Frankfurt Branch which are regulated by the Bundesan.stalt far Finanzdienstleistungsaufsicht. Hong Kong: The I% ownership disclosure as of the previous month end sat
es South Africa Proprietary Limited is a member of the Johannesburg Securities Exchange and is regulated by the Financial Services Board. Hong Kong: J.P. Morgan Securities (Asia Pacific) Limited (CE number AAJ32 I ) is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission in Hong Kong
porations Act 2001. Germany: This material is distributed in Lemony by J.P. Morgan Securities plc, Frankfurt Branch and J.P.Morgan Chase Bank, N.A., Frankfurt Branch which arc regulated by the Bundesanstalt fir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the previous month end sati
Pacific) Limited (CE number AAJ321) is regulated by the Hong Kong Monetary Authority and 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 (ABN 52 002 888 011/
meanings given to them in section 76IG of the Corporations Act 2001. Germany: This material is distributed in Germany by J.P. Morgan Securities plc. Frankfurt Branch and J.P.Morgan Chase Bank. N.A.. Frankfurt Branch which are regulated by the Bundesanstalt far Finanzdienstleistungsaufsichi. Deng Kong: The I% owne
es South Africa Proprietary Limited is a member of the Johannesburg Securities Exchange and is regulated by the Financial Services Board. Hong Kong: J.P. Morgan Securities (Asia Pacific) Limited (CE number AAJ32 I ) is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission in Hong Kong
orations Act 2001. Germany: This material is distributed in Germany by J.P. Morgan Securities plc, Frankfurt Branch and J.P.Morgan Chase Bank. N.A., Frankfurt Branch which are regulated by the Bundesanstalt fir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the previous month end sati
Entities connected to both J.P. Morgan Securities and Frankfurt Branch

JPMorgan Chase
ORGANIZATION
Bloomberg L.P.
ORGANIZATION
Philippines
LOCATIONthe Capital Market Authority
ORGANIZATION
Malaysia
LOCATIONEngland & Wales
LOCATION
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LOCATIONthe Hong Kong
LOCATIONthe Philippine Stock Exchange
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATIONthe Central Bank of Brazil
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the Ministry of Finance
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATIONthe Stock Exchange
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONJPMSAL
ORGANIZATIONthe Karachi Stock Exchange
ORGANIZATION