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tures Bureau. India: J.P. Morgan India Private Limited, having its registered office at 1.P. Morgan Tower. Off. C.S.T. Road, Kalina, Santaeruz East. Mumbai - 400098, is a member of the National Stock Exchange of India Limited (SERI Registration Number - INB 230675231/INF 230675231/INE 230675231) and Bom
, PTC Therapeutics (PTCT), Regeneron Pharmaceuticals (REGN), Synageva 13ioPluuma (GEVA), United Therapeutics (UTIIR), Vertex Pharmaceuticals (VRTX) J.P. Morgan Equity Research Ratings Distribution, as of March 31, 2014 Overnight Neutral (buy) (hold) Underweight (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% H3 clients•
d Futures Bureau. India: E. Morgan India Private Limited, having its registered office at E. Morgan Tower, Oft C.S.T. Road, Kahn's, Santacruz East. Mumbai - 400098. is a member of the National Stock Exchange of India Limited (SERI Registration Number - INB 23067523 inNF 23067523 HINE 230675231) and Bom
ear in the Important Disclosures section of this report, the certifying analyst's coverage universe can be found on J.P. Morgan's research website, J.P. Morgan Equity Research Ratings Distribution, as of April 3, 2012 Overweight Neutral (buy) (hold) Underweight (sell) I.P. Morgan Global Equity Research Coverage 45% 43% 12% le clients*
utures Bureau. India: J.P. Morgan India Private Limited. having its registered office at J.P. Morgan Tower, Ott C.S.T. Road. Kalina, Santacruz East, Mumbai - 400098, is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 23067523I/INF 23067523 LANE 23067523)) and Bom
Davidson (HOG), Hertz Global Holdings, Inc. (FITZ), Norwegian Cruise Line (NCLH), Royal Caribbean Cruises (RCL), Ryman Hospitality Properties (RHP) J.P. Morgan Equity Research Ratings Distribution, as of March 31, 2014 Overweight Neutral Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 44% 44% I I% IB client
utures Bureau. India: l.P. Morgan India Private Limited, having its registered office at J.P. Morgan Tower, Off C.S.T. Road, )(slim. Santacruz East, Mumbai -400098, is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 230675231,'INF 23067523 I/ME 230675231) and Bom
itedHealth (UNIO, Universal Health Services Inc. (UHS), WellPoint (WLP) 16 EFTA00301332 Juslin Lake North America Equity Research 18 June 2014 J.P. Morgan Equity Research Ratings Distribution, as of March 31, 2014 Overweight Neutral (buy) (hold) Underweight (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% IB clients
d Futures Bureau. India: J.P. Morgan India Private Limited, having its registered office at J.P. Morgan Tower, Off C.S.T. Road. Kal Santacruz East. Mumbai -400098. is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 230675231/1NF 230675231/IN E 230675231) and Bom
OV), Noble Corp. (NE), Rowan Companies (RDC), Schlumberger (SLB), Superior Energy Services (SPN), Transocean (RIG), Weatherford International (WFT) J.P. Morgan Equity Research Ratings Distribution, as of March 31, Overweight Neutral 2014 Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% IB client
tures Bureau. India: J.P. Morgan India Private Limited, having its registered office at J.P. Morgan Tower, Off. C.S.T. Road, Kalina, Santacruz East, Mumbai - 400098. Is a member of the National Stock Exchange of India Limited (SEED Registration Number - INB 23067523 I /INF 230675231/INE 230675231) and B
sclosures section of this report. the certifying analyst's coverage universe can be found on J.P. Morgan's research website, www.morganmarkets.com. J.P. Morgan Equity Research Ratings Distribution, as of April 3.2012 Overnight Neutral Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 45% 43% 12% IB clients*
utures Bureau. India: J.P. Morgan India Private Limited. having its registered office at J.P. Morgan Tower. Oft C.S.T. Road, Kalina, Santacruz East, Mumbai -400098, is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 23067523I/INF 23067523 LANE 230675231) and Bomb
t AeroSystems (SPR), Textron (TXT), TransDigm Group Inc (TDG), Triumph Group (TGI), United Technologies (UTX), Wesco Aircraft Holdings, Inc. (WAIR) J.P. Morgan Equity Research Ratings Distribution, as of March 31, 2014 Overweight Neutral Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% IB clients
tures Bureau. India: J.P. Morgan India Private Limited, having its registered office at J.P. Morgan Tower. Ott C.S.T. Road, Kaline, Szintacruz East, Mumbai -400098, is a member of the National Stock Exchange of India Limited (SEBI Registration Number - INB 23067523I/INF 23067523 I4NE 230675231) and Bomb
-Davidson (HOG), Hertz Global Holdings, Inc. (HTZ), Norwegian Cruise Line (NCLH), Royal Caribbean Cruises (RCL), Ryman Hospitality Properties (RHP) J.P. Morgan Equity Research Ratings Distribution, as of March 31, 2014 Overweight Neutral Underweight (buy) (hold) (sell) J.P. Morgan Global Equity Research Coverage 44% 44% 11% IB clients
Entities connected to both Mumbai and J.P. Morgan Equity Research Ratings Distribution

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ORGANIZATIONthe Central Bank of Brazil
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ORGANIZATIONthe Securities and Futures Commission
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ORGANIZATION