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ssued and approved for distribution in the U.K. and the EEA by JPMS plc. Investment research issued by JPMS plc has been prepared in accordance with JPMS plc's policies for managing conflicts of interest arising as a result of publication and distribution of investment research. Many European regulators req
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
ssued and approved for distribution in the U.K. and the EEA by JPMS plc. Investment research issued by JPMS plc has been prepared in accordance with JPMS plc's policies for managing conflicts of interest arising as a result of publication and distribution of investment research. Many European regulators req
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
ssued and approved for distribution in the U.K. and the EEA by JPMS plc. Investment research issued by JPMS plc has been prepared in accordance with JPMS plc's policies for managing conflicts of interest arising as a result of publication and distribution of investment research. Many European regulators req
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 JPMS plc's and Neutral, UW Underweight
Bombay Stock Exchange Limited
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATIONthe Philippine Stock Exchange
ORGANIZATIONJPMSAL
ORGANIZATIONDubai Branch
ORGANIZATION
Philippines
LOCATION
New Zealand
LOCATIONJapan Investment Advisers Association
ORGANIZATIONthe Karachi Stock Exchange
ORGANIZATIONEngland & Wales
LOCATIONthe Capital Market Authority
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATION
the Ministry of Finance
ORGANIZATION
Malaysia
LOCATION
JPMorgan Chase
ORGANIZATIONCapital Markets Services License
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONthe Hong Kong
LOCATIONthe Stock Exchange
ORGANIZATION