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2014 Overnight Neutral (buy) (hold) Underweight (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% H3 clients• 38% 49% 40% JPMS Equity Research Coverage 45% 48% 7% H3 clients• 78% 67% 60% •Percentage of investment banking clients in each rating category. For purposes only of FINRAJNYSE rating

Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: I. 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: I.P. Morgan Saudi Arabia Ltd. is authorized by the Capital Market

, 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

f Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan:1. 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: E. Morgan Saudi Arabia Ltd. is authorized by the Capital Market

2012 Overweight Neutral (buy) (hold) Underweight (sell) I.P. Morgan Global Equity Research Coverage 45% 43% 12% le clients* 51% 45% 34% JPMS Equity Research Coverage 43% 48% 9% It clients* 70% 61% 53% *Percentage of investment banking clients in each rating category. For purposes only of FINRANYSE ratings

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 Arabia Ltd. is authorized by the Capital Market Aut

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

f Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan:1. 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 Arabia Ltd. is authorized by the Capital Market

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

Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: J. P. Morgan Pakistan Braking (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 Arabia 17 EFTA00301333 North America Equity

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

Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan:.I. 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 Arabia Ltd. is authorized by the Capital Market

.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

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 Arabia Ltd. is authorized by the Capital Markel

, 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

Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: J. P. Morgan Pakistan Braking (Pvt.) Ltd is a member of the Karachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Saudi Arabia:. Morgan Saudi Arabia Ltd. is authorized by the Capital Market Aut

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

Capital Markets Services License issued by the Securities Commission in Malaysia. Pakistan: J. P. Morgan Pakistan Braking (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 Arabia Ltd. is authorized by the Capital Market

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

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 Arabia Ltd. is authorized by the Capital Market