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egulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England & Wales No. 2711006. Registered Office 25 Bank Street, London, El4 5.1P. South Africa: J.P. Morgan Equities South Africa Proprietary Limited is a member of the Johannesburg Securities Exchange and is re
Braking (Hong Kong) Limited is the liquidity provider/market maker for derivative warrants, callable bull bear contracts and stock options listed on the Stock Exchange of Hong Kong Limited. An updated list on be found on HKEx website: http://www.hkex.com.hk. Japan: There is a risk that a loss may occur due to a cha
ulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England & Wales No. 27 I I006. Registered Office 25 Bank Street, London. El4 5JP. South Africa: M. Morgan Equities South Africa Proprietary Limited is a member of the Johannesburg Securities Exchange and is regul
Broking (Hong Kong) Limited is the liquidity provider/market maker for derivative warrants, callable bull bear contracts and stock options listed on the Stock Exchange of Hong Kong Limited. An updated list can be found on HKEx websitc: . Japan: There is a risk that a loss may occur due to a change in the price of
egulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England & Wales No. 2711006. Registered Office 25 Bank Street, London. El4 SIP. South Africa: J.P. Morgan Equities South Africa Proprietary Limited is a member of the Johannesburg Securities Exchange and is reg
Broking (Hong Kong) Limited is the liquidity provider/market maker for derivative warrants, callable bull bear contracts and stock options listed on the Stock Exchange of Hong Kong Limited. An updated list can be found on HKEx websitc: http://wvAv.hkex.com.h1c. Japan: There is a risk that a loss may occur due to a
Stock Exchange and is authorized and regulated by the Financial Services Authority. Registered in England & Wales No. 2711006. Registered Office 25 Bank Street, London, E 1 4 SIP. South Africa: J.P. Morgan Equities Limited is a member of the Johannesburg Securities Exchange and is regulated by the FSB. Hong
2)834-S874 jantoeyseprnorgan.com Global Asset Allocation The J.P. Morgan View 09 November 2012 J.P.Morgan contracts and stock options listed on the Stock Exchange of Hong Kong Limited. An updated list can be found on FIKEx website: http://www.hkex.com.hk. Japan: There is a risk that a loss may occur due to a c
Stock Exchange and is authorized and regulated by the Financial Services Authority. Registered in England & Wales No. 2711006. Registered Office 25 Bank Street. London, El 4 5JP. South Africa: E. Morgan Equities South Africa Proprietary Limited is a member of the Johannesburg Securities Exchange and is regu
Braking (Hong Kong) Limited is the liquidity provider/Market maker for derivative warrants. callable bull bear contracts and Mock options listed on the Stock Exchange of Hong Kong Limited. An updated list can be found on HKEx website: Japan: There is a risk that a loss may occur due to a change in the price of the
egulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England & Wales No. 2711006. Registered Office 25 Bank Street, London. El4 SIP. South Africa: J. P. Morgan Equities South Africa Proprietary Limited is a member of the Johannesburg Securities Exchange and is re
Broking (Hong Kong) Limited is the liquidity provider/market maker for derivative warrants, callable bull bear contracts and stock options listed on the Stock Exchange of Hong Kong Limited. An updated list can be found on HKEx 8 EFTA00293655 Jose h B. Nadol Ill North America Equity Research 24 April 2014 J.P.
egulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England & Wales No. 2711006. Registered Office 25 Bank Street, London. El4 SIP. South Africa: J.P. Morgan Equities South Africa Proprietary Limited is a member of the Johannesburg Securities Exchange and is reg
Broking (Hong Kong) Limited is the liquidity provider/market maker for derivative warrants, callable bull bear contracts and stock options listed on the Stock Exchange of Hong Kong Limited. An updated list can be found on HKEx website: http://www.hkex.com.h1c. Japan: There is a risk that a loss may occur due to a c
Entities connected to both Bank Street and the Stock Exchange

JPMorgan Chase
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATION
New Zealand
LOCATION
Bloomberg L.P.
ORGANIZATIONDubai Branch
ORGANIZATIONCapital Markets Services License
ORGANIZATIONthe Karachi Stock Exchange
ORGANIZATION
Philippines
LOCATIONBombay Stock Exchange Limited
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONEngland & Wales
LOCATIONthe Mexican Stock Exchange
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATION
the Ministry of Finance
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONJPMSAL
ORGANIZATIONthe Philippine Stock Exchange
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATIONthe Hong Kong
LOCATION
Malaysia
LOCATION