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al is distributed in Germany by J.P. Morgan Securities plc, Frankfurt Branch and J.P.Morgan Chase Bank. N.A., Frankton Branch which arc regulated by the Bundesanstalt fir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the previous month end satisfies the requirements under Paragraph 16.5(a) of the Hong Kong Code of Con
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
al is distributed in Lemony by J.P. Morgan Securities plc, Frankfurt Branch and J.P.Morgan Chase Bank, N.A., Frankfurt Branch which arc regulated by the Bundesanstalt fir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the previous month end satisfies the requirements under Paragraph 16.5(a) of the Hong Kong Code of Con
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
l is distributed in Germany by J.P. Morgan Securities plc, Frankfurt Branch and J.P.Morgan Chase Bank. N.A., Frankfurt Branch which are regulated by the Bundesanstalt fir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the previous month end satisfies the requirements under Paragraph 16.5(a) of the Hong Kong Code of Con
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 Bundesanstalt fir Finanzdienstleistungsaufsicht and J.P. Morgan Markets

JPMorgan Chase
ORGANIZATIONJPMorgan Securities Japan Co., Ltd.
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Bloomberg L.P.
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New Zealand
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Bangkok
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Malaysia
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Philippines
LOCATIONthe Securities and Exchange Commission
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATIONthe Central Bank of Brazil
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the Ministry of Finance
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONthe Capital Market Authority
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Frankfurt
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Mumbai
LOCATIONthe Financial Services Board
ORGANIZATIONthe Indonesia Stock Exchange
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the Financial Services Agency
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATIONthe Taiwan Securities and Futures Bureau
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