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JK a.k.a. BAPEPAM LK. Philippines: J.P. Morgan Securities Philippines Inc. is a Trading Participant of the Philippine Stock Exchange and a member of the Securities Clearing Corporation of the Philippines and the Securities Investor Protection Fund. It is regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan
ses of JPMorgan Chase & Co. and its subsidiaries. All research reports made available to clients arc simultaneously available on our client wthsite, J.P. Morgan Markets. Not all research content is redistributed, c-mailed or made available to third-party aggregators. For all research reports available on a particula
JK a.k.a. BAPEPAM LK. Philippines: J.P. Morgan Securities Philippines Inc. is a Trading Participant of the Philippine Stock Exchange and a member of the Securities Clearing Corporation of the Philippines and the Securities Investor Protection Fund. It is regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan
ses of JPMorgan Chase & Co. and its subsidiaries. All research reports made available to clients are simultaneously available on our client website, J.P. Morgan Markets. Not all research content is redistributed, e-mailed or made available to third-party aggregators. For all research reports available on a particula
JK a.k.a. BAPEPAM LK. Philippines: J.P. Morgan Securities Philippines Inc. is a Trading Participant of the Philippine Stock Exchange and a member of the Securities Clearing Corporation of the Philippines and the Securities Investor Protection Fund. It is regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan
America Equity Research 12 June 2014 J.P.Morgan All research reports made available to clients arc simultaneously available on our client website, J.P. Morgan Markets. Not all research content is redistributed, c-mailed or made available to third-party aggregators. For all research reports available on a particula
JK a.k.a. BAPEPAM LK. Philippines: J.P. Morgan Securities Philippines Inc. is a Trading Participant of the Philippine Stock Exchange and a member of the Securities Clearing Corporation of the Philippines and the Securities Investor Protection Fund. It is regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan
ses of JPMorgan Chase & Co. and its subsidiaries. All research reports made available to clients arc simultaneously available on our client website, J.P. Morgan Markets. Not all research content is redistributed, c-mailed or made available to third-party aggregators. For all research reports available on a particula
JK a.k.a. BAPEPAM LK. Philippines: J.P. Morgan Securities Philippines Inc. is a Trading Participant of the Philippine Stock Exchange and a member of the Securities Clearing Corporation of the Philippines and the Securities Investor Protection Fund. It is regulated by the Securities and Exchange Commission. Brazil: Banco J.P. Morgan
ses of JPMorgan Chase & Co. and its subsidiaries. All research reports made available to clients arc simultaneously available on our client website, J.P. Morgan Markets. Not all research content is redistributed, c-mailed or made available to third-party aggregators. For all research reports available on a particula
Entities connected to both the Securities Clearing Corporation and J.P. Morgan Markets

JPMorgan Chase
ORGANIZATION
Bloomberg L.P.
ORGANIZATION
New Zealand
LOCATIONMonetary Authority of Singapore
ORGANIZATIONJPMS plc's
ORGANIZATION
Bangkok
LOCATIONJPMorgan Securities Japan Co., Ltd.
ORGANIZATIONThe Financial Futures Association of Japan
ORGANIZATIONJapan Investment Advisers Association
ORGANIZATIONJPMSAL
ORGANIZATIONDubai Branch
ORGANIZATIONthe Karachi Stock Exchange
ORGANIZATIONCapital Markets Services License
ORGANIZATIONASX Limited
ORGANIZATION
Mumbai
LOCATIONthe Securities Commission
ORGANIZATIONEngland & Wales
LOCATION
Malaysia
LOCATION
Philippines
LOCATIONthe Securities and Exchange Commission
ORGANIZATION