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230675231/NE 230675231/NE 230675231) and Bombay Stock Exchange Limited (SEBI Registration Number - INB 010675237!INF 010675237) and is regulated by Securities and Exchange Board of India. For non local research reports. this material is not distributed in India by E. Morgan India Private Limited. Thailand: This material is issued and
a Financial Su rvisory Service. Australia: `Morgan Australia Limited (JPMAL) (ABN 52 002 888 01 I/AFS Licence No: 238188) is regulated by ASIC and.. Morgan Securities Australia Limited (JPMSAL) (ABN 61 003 245 234/AFS Licence No: 238066) is regulated by ASIC and is a Market, Clearing and Settlement Participant of ASX Limited and CH
230675231/INF 230675231/INE 230675231) and Bombay Stock Exchange Limited (SEBI Registration Number-INB 010675237/INF 010675237) and is regulated by Securities and Exchange Board of India. Thailand: JPMorgan Securities (Thailand) Limited is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the
Financial Supervisory Service. Australia: s Morgan Australia Limited (JPMAL) (ABN 52 002 888 01 I/AFS Licence No: 238188) is regulated by ASIC and Morgan Securities Australia Limited (JPMSAL) (ABN 61 003 245 234/AFS Licence No: 238066) is regulated by ASIC and is a Market, Clearing and Settlement Participant of ASX Limited and CH
30675231/INF 230675231/INE 230675231) and Bombay Stock Exchange Limited (SERI Registration Number -INB 010675237/INF 010675237) and is regulated by Securities and Exchange Board of India. Telephone: 91-22-6157 3000, Facsimile: 91-22-6157 3990 and Website: For non local research reports, this material is not distributed in India by
ncial Supervisory Service (FSS). Australia:. Morgan Australia Limited (JPMAL) (ABN 52 002 888 011/AFS Licence No: 238188) is regulated by ASIC and a Morgan Securities Australia Limited (JPMSAL) (ABN 61 003 245 234/AFS Licence No: 238066) is regulated by ASIC and is a Market. Clearing and Settlement Participant of ASX Limited and CH
Entities connected to both Securities and Exchange Board of India and Morgan Securities Australia Limited

New Zealand
LOCATION
Malaysia
LOCATION
Philippines
LOCATIONCapital Markets Services License
ORGANIZATIONthe Karachi Stock Exchange
ORGANIZATIONDubai Branch
ORGANIZATION
JPMorgan Chase
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATION
the Ministry of Finance
ORGANIZATIONHong Kong Limited
LOCATIONthe Hong Kong
LOCATIONthe Indonesia Stock Exchange
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATIONthe Taiwan Securities and Futures Bureau
ORGANIZATIONBombay Stock Exchange Limited
ORGANIZATIONthe Stock Exchange of Thailand
ORGANIZATIONthe Philippine Stock Exchange
ORGANIZATIONKanto Local Finance Bureau
ORGANIZATIONthe Stock Exchange
ORGANIZATION