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S) [ma (P) 199/0312014 and Co. Reg. No.: 199405335R] which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank. S, Singapore branch (JPMCB Singapore) which is regulated by the MAS. This material is provided in Singapore only t
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
) [ma (P) 199/03/2014 and Co. Reg. No.: 199405335121 which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank, N.A., Singapore branch (JPMCB Singapore) which is regulated by the MAS. This material is provided in Singapore onl
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
S) (ma (P) 199/03/2014 and Co. Reg. No.: 199405335R) which is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (MAS) and/or JPMorgan Chase Bank, N.A., Singapore branch (JPMCB Singapore) which is regulated by the MAS. This material is provided in Singapore onl
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 Monetary Authority of Singapore and Neutral, UW Underweight
the Securities Commission
ORGANIZATION
Malaysia
LOCATION
New Zealand
LOCATIONJapan Investment Advisers Association
ORGANIZATIONthe Capital Market Authority
ORGANIZATIONKanto Local Finance Bureau
ORGANIZATION
Bloomberg L.P.
ORGANIZATION
Philippines
LOCATIONJPMS plc's
ORGANIZATIONthe Securities and Exchange Commission
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATION
the Ministry of Finance
ORGANIZATIONthe Hong Kong
LOCATIONthe Financial Services Board
ORGANIZATIONBangrak
LOCATIONthe Indonesia Stock Exchange
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONthe Stock Exchange
ORGANIZATIONJPMSAL
ORGANIZATION