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nt" has the meaning given in section 76ICi of the Corporations Act 2001. Germany: This material is distributed in Germany by Morgan Securities plc, Frankfurt Branch and Chase Bank. S. Frankfurt Branch which are regulated by the Bundesanstalt fir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownershi
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
has the meaning given in section 7616 of the Corporations Act 2001. Germany: This material is distributed in (iemany by J.P. Morgan Securities plc, Frankfurt Branch and J.P.Morgan Chase Bank. N.A., Frankfurt Branch which arc regulated by the Bundesansialt fir Finanzdienstleistungsaufsicht. Hong Kong: The
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
has the meaning given in section 76ICi of the Corporations Act 2001. Germany: This material is distributed in Germany by J.P. Morgan Securities pk, Frankfurt Branch and J.P.Morgan Chase Bank, N.A., Frankfurt Branch which arc regulated by the Bundesanstalt fiir Finanzdienstleistungsaufsicht. Hong Kong: The
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 Frankfurt and Neutral, UW Underweight

Bloomberg L.P.
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATION
New Zealand
LOCATIONThe Financial Futures Association of Japan
ORGANIZATION
Malaysia
LOCATIONthe Securities and Exchange Commission
ORGANIZATION
Philippines
LOCATION
the Financial Services Agency
ORGANIZATION
JPMorgan Chase
ORGANIZATIONthe Capital Market Authority
ORGANIZATION
Mumbai
LOCATIONJapan Investment Advisers Association
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATIONJ.P. Morgan Securities LLC
ORGANIZATION
Bangkok
LOCATIONthe Financial Services Board
ORGANIZATION
the Ministry of Finance
ORGANIZATIONthe Central Bank of Brazil
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATION