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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
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
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
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
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
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 Bank Street and Neutral, UW Underweight

JPMorgan Chase
ORGANIZATION
Bloomberg L.P.
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATION
New Zealand
LOCATION
Philippines
LOCATIONEngland & Wales
LOCATIONthe Capital Market Authority
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Frankfurt
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Malaysia
LOCATIONKanto Local Finance Bureau
ORGANIZATIONJapan Investment Advisers Association
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European Economic Area
LOCATIONthe Karachi Stock Exchange
ORGANIZATIONCapital Markets Services License
ORGANIZATIONSecurities and Exchange Board of India
ORGANIZATIONJPMS plc's
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATIONthe Central Bank of Brazil
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the Ministry of Finance
ORGANIZATIONthe Financial Services Board
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