J.P. Morgan Equity Research Ratings Distribution
ORGANIZATIONJ. P. Morgan Pakistan Broking (Pvt.)
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ear in the Important Disclosures section of this report, the certifying analyst's coverage universe can be found on J.P. Morgan's research website, J.P. Morgan Equity Research Ratings Distribution, as of April 3, 2012 Overweight Neutral (buy) (hold) Underweight (sell) I.P. Morgan Global Equity Research Coverage 45% 43% 12% le clients*
ng Organization of Bursa Malaysia Berhad and a holder of Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: J. P. Morgan Pakistan Broking (Pvt.) Ltd is a member of the Karachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: `Morgan Saudi Arabi
sclosures section of this report. the certifying analyst's coverage universe can be found on J.P. Morgan's research website, www.morganmarkets.com. J.P. Morgan Equity Research Ratings Distribution, as of April 3.2012 Overnight Neutral Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 45% 43% 12% IB clients*
ng Organization of Bursa Malaysia Bcrhad and a holder of Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: J. P. Morgan Pakistan Broking (Pvt.) Ltd is a member of the Karachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: J.P. Morgan South A
-Davidson (HOG), Hertz Global Holdings, Inc. (HTZ), Norwegian Cruise Line (NCLH), Royal Caribbean Cruises (RCL), Ryman Hospitality Properties (RHP) J.P. Morgan Equity Research Ratings Distribution, as of March 31, 2014 Overweight Neutral Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% IB clients
ng Organization of Bursa Malaysia Ballad and a holder of Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: J. P. Morgan Pakistan Broking (Pvt.) Ltd is a member of the Karachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia: J.P. Morgan Saudi A
Entities connected to both J.P. Morgan Equity Research Ratings Distribution and J. P. Morgan Pakistan Broking (Pvt.)
The Financial Futures Association of Japan
ORGANIZATIONCapital Markets Services License
ORGANIZATIONSecurities and Exchange Board of India
ORGANIZATIONKanto Local Finance Bureau
ORGANIZATIONthe Karachi Stock Exchange
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Malaysia
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Philippines
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New Zealand
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the Ministry of Finance
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONHong Kong Limited
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ORGANIZATIONthe Korea Financial Supervisory Service
ORGANIZATIONthe Hong Kong
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ORGANIZATIONEngland & Wales
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