C O R P O R A T E & I N V E S T M E N T B A N K

Year in Review 2013Depositary Receipts

2

2013 HIGHLIGHTS

The global capital markets this year…

¡APAC and Europe’s equity markets rose 11% and 20% respectively, while the LATAM equity market fell 16%. In the U.S., the S&P 500 reached a record high after rising 30% in 2013.

¡Most of the world’s equity markets performed strongly in 2013, while DR trading increased slightly over 2012 levels.

¡Investments held in DR form totaled $1.06 trillion globally.

¡Continued improvements in the economies of key countries like the U.S. and China have solid underpinnings for growth in the global DR market next year.

¡Capital raising by a number of emerging market companies in the latter half of the year, as well as an accelerating deal pipeline, indicate there could be significant growth in IPOs in 2014.

S&P 500: +30% MSCI Europe: +20% MSCI Asia: +11% MSCI LATAM: -16%

1/1/2013

120%

100%

90%

80%

130%

70%

110%

2/1/2013 3/1/2013 4/1/2013 5/1/2013 6/1/2013 7/1/2013 8/1/2013 9/1/2013 10/1/2013 11/1/2013 1/1/201412/1/2013

Global Equity Markets

Source: MSCI & Bloomberg, December 2013

The global DR market expanded slightly in 2013, with total DR trading up approximately 1.5% from last year’s levels. These levels, while not in-line with the overall market, remain well above historical averages, particularly when setting aside the extraordinary trading levels reached in 2008, when the global financial crisis reached its zenith.

Looking ahead, there are a number of signs that make us cautiously optimistic that there will be more capital raising via DRs in 2014. The U.S. economy, a principal growth engine for global GDP, grew again in the third quarter of 2013, and the U.S. equity market has risen to record levels, up 30%. Meanwhile, Europe’s economy is experiencing a nascent recovery and the former grave concerns about the fiscal conditions of countries like Italy and Greece have subsided. It is noteworthy that the MSCI Europe index is up 20% year-to-date. So-called Abenomics is credited with a good portion of the 53% increase in Japan’s Topix index.

Taken together, these developments are promising for the economies and equity markets of developing countries. After a selloff last summer that followed the U.S. Federal Reserve Bank’s announcement that it would taper its asset purchase program, emerging market stocks have nearly recovered on a delay in tapering. Recent activity data indicates that the momentum in China’s economy remains solid. Additionally, China’s government announced in the fourth quarter an ambitious reform plan that could help the country achieve more balanced and sustainable growth in the long-term. India’s government is likely to continue its own policy reforms. Brazil has a large infrastructure investment program and its labor market remains sturdy.

The U.S. Federal Reserve Bank announced plans to taper asset purchases. Tapering would result in higher interest rates, and to what degree is hard to tell, but higher rates would invariably make capital raising via equity sales more attractive relative to bond deals, a shift that would also bode well for the global DR market.

Although this was a somewhat tepid year for the depositary receipts market, I am pleased to note that once again, J.P. Morgan DR programs, on average, traded at levels far higher than those of other depositary banks, signifying stronger liquidity and program performance.

With the market revival in flight, and the equity window opening for new issuers, J.P. Morgan remained very active with a number of notable transactions. Tinkoff Group Holdings raised $1.08B via GDRs, and was at the upper-end of the offering’s price range. The offering indicates that Russia’s IPO market could be emerging from a long period of hibernation, as global investors seem to have developed a renewed appetite for risk, generally, and are searching for higher returns on capital. J.P. Morgan was pleased to assist Doosan Infracore of Korea with the largest APAC DR IPO deal of 2013, which raised $400MM via GDRs on the Singapore Stock Exchange. As a depositary bank, we now have successfully launched 6 GDRs on the Singapore Stock Exchange since we introduced the product in 2007, representing 46% of the market share. We were also the depositary bank for China’s Sungy Mobile IPO in December, which raised $90.32MM via ADRs. The success of this IPO could mean investors’ believe that accounting issues in China are a thing of the past and that their trust in the management of Chinese companies is being restored.

As we enter 2014, we look forward to continuing to provide issuers with unique insights and individualized advice via our integrated firmwide approach. If you would like to learn more about the DR market, particularly as it relates to your company’s DR program, please contact your regional client manager or me.

Kind Regards,

Dennis Bon

WELCOMEDennis BonHead of Depositary Receipts Group

4

DR TRADInG AnD LIqUIDITY TREnDS

DR trading value and volume in 2013 were slightly above last year’s levels. There are encouraging signs that the DR market could meaningfully improve in 2014, among them Europe’s evolving economic recovery, the post-summer rally in emerging market stocks, and several notable IPOs in China and Russia in the fourth quarter.

J.P. Morgan clients continue to enjoy the highest trading value and volume per program in the industry

DR trading was up slightly versus 2012, and remains well above historical averages

EMEA accounted for the majority of DR trading activity, while APAC fared better from a YoY trading volume and value perspective

DR Trading Value($ billions)

DR Trading Volume(billions of DRs)

APAC$675

APAC30

EMEA$1,448 EMEA

80

LATAM$575 LATAM

38

15% YoY

3% YoY

-13% YoY

11% YoY

-2% YoY

0% YoY

BNY CITI DB JPM

DR Trading Value ($ millions) DR Trading Volume (millions of DRs)

160

120140

10080604020

$2,000

$1,500

$1,000

$500

$2,500

0$0$913 $1,572 $646 $2,379

47

112

27

136

Source: Bloomberg, December 2013 Source: Bloomberg, December 2013

1998 1999 2006 2007 2008 20132004 20052000 2001 2002 2003

DR Trading Value ($ billions) DR Trading Volume (billions of DRs)

020406080100120140160180

$0$500

$1,000$1,500$2,000$2,500$3,000$3,500$4,000$4,500

2022

148

5747

4035302928

146

170150

135142

93

2009 2010 2011 2012

$570 $684 $1,657 $3,391 $4,139 $2,698$877 $1,046$1,060 $671 $571 $663 $2,808 $3,445 $3,718 $2,656

Source: Bloomberg, December 2013

5

2000

44No. of IPO’s

No. of FO’s 19

13

14

9

12

24

14

39

12

36

26

83

45

108

46

30

26

28

35

81

28

40

16

16

21

25

46

2001 2002 2009 2010 2011 20122007 20082003 2004 2005 2006 2013

IPO ($ billions) Follow-On ($ billions) Total ($ billions)

30.5

8.3 7.7 10.2 9.6

21.3

42.6

57.3

14.718.1

21.915.2

12.69.4

11.2

19.45.72.6

4.92.8

4.16.1

3.26.4

12.8

8.5

15.0

27.6

21.5

35.8

10.0

4.7

9.5

8.6

14.0

7.9

8.1

7.15.86.8 5.1

4.3

DR CAPITAL RAISInG TREnDS

While IPOs have been on the rise in the U.S., there were far fewer in China, Brazil and other emerging markets. Consequently, little capital was raised via DRs in 2013. The overall strengthening of emerging markets offer improved conditions for IPOs. Although these markets fell markedly last summer, they remain well above last June’s lows.

DR IPO activity was driven primarily by EMEA

Average capital raised continued to trend lower in 2013, due to pricing pressures and uncertainty that still lingered from 2012’s sovereign debt crisis and the slowdown in China’s economy

J.P. Morgan was mandated on the largest DR IPO of the year, Tinkoff Group Holdings

APAC EMEA LATAM

Capital Raised ($ millions)

12 Deals

9 Deals

4 Deals

$1,646

$2,147

$1,259

$2,000

$1,500

$1,000

$500

$2,500

$0BNY CITI JPMDB

11 Deals

5 Deals

6 Deals

$2,089

$540

3 Deals

$375

$2,049$2,000

$1,500

$1,000

$500

$2,500

$0

Capital Raised ($ millions)

Source: J.P. Morgan, other depositary banks, Bloomberg, stock exchanges, December 2013

Source: J.P. Morgan, other depositary banks, Bloomberg, stock exchanges, December 2013 Source: J.P. Morgan, other depositary banks, Bloomberg, stock exchanges, December 2013

6

Achieving portfolio diversification by investing in non-U.S. equities remains a core objective of U.S. investors. In 2013, foreign equity holdings continued to constitute a substantial portion of U.S. investors’ portfolios, at approximately $5.9 trillion.

U.S. holdings in foreign equities remains a significant portion of equity portfolios

EMEA-based DR programs continue to represent the majority of DR investment

Issuer DR Value ($ billions)

Lukoil 45.3

BP 41.9

Vodafone 37.1

Teva Pharmaceutical 29.0

Royal Dutch Shell 28.6

Novartis 25.1

OAO Gazprom 24.2

GlaxoSmithKline 21.5Taiwan Semiconductor Manufacturing 18.9

Nestle 18.6

Sector DR Value ($ billions)

Oil & Gas 230.7

Pharmaceuticals 132.0

Telecommunications 115.4

Banks 101.9

Beverages 61.6

Mining 55.7

Food 54.7

Semiconductors 41.1

Internet 34.1

Auto Manufacturers 15.9

Firm name Current ($ billions)

Fidelity Management & Research Co. 19.3

Aberdeen Asset Managers 17.3

Dodge & Cox 15.8

Wellington Management Company 14.2

Capital World Investors 13.6

Capital Research Global Investors 10.8

Lazard Asset Management 10.6

Dimensional Fund Advisors 10.5

OppenheimerFunds 10.3

T. Rowe Price Associates 9.0

Top 10 Issuers Top 10 Sectors Top 10 Institutional Holders of DRs*

* Institutions with low turnover and active investment strategies

Source: Thomson Reuters publicly disclosed ownership data,

December 2013

Source: Stock exchanges, Bloomberg, J.P. Morgan balances or J.P. Morgan estimates, December 2013. DR program values

calculated by multiplying current DR prices with publicly available or J.P. Morgan estimated outstanding balances

20040%

5%

10%

15%

20%

25%

14%16%

18%21%

18%20% 21%

19% 20% 19%

$0

$1$2

$3

$4$5

$7

2005 2006 2007 2008 2009 2010 2011 2012 3Q 2013

2.6 3.3 4.3 5.2 2.8 4.0 4.9 4.5 5.4 5.9

Value ($ trillions) % Equity portfolio

$6

InVESTMEnTS In DRS

Source: Federal Reserve, December 2013

EMEA 64%

APAC 18%

LATAM 18%

$680billion$191

billion

$194billion

Source: Stock exchanges, Bloomberg, J.P. Morgan balances or J.P. Morgan estimates, December 2013. DR program values calculated by multiplying current DR prices with publicly available or J.P. Morgan estimated outstanding balances

7

REGIONAL MARKET UPDATES

8

Major Developments and Trends

The MSCI Asia Index experienced an 11% increase in 2013. The DR market is recovering across the APAC region, albeit at different rates. Under Japan’s new economic regime, the nikkei Index performed very well in 2013, up approximately 53% YTD.

With past accounting irregularities gradually fading into the background, China’s IPO market is slowly coming back to life. A few IPOs came to market in the fourth quarter and have performed well since then. The market’s momentum is expected to carry into 2014. With China’s equity markets recovering from the 2013 lows set in June, privatization of state-owned companies could resume.

Elsewhere in APAC, new deals have been coming to market as well, notably in India, Korea and Taiwan. We believe IPOs can be expected in other frontier markets, such as Vietnam and Mongolia, over the next 12 to 18 months.

Japanese issuers continue to show interest in listing their shares in Hong Kong in the form of HDRs. In addition to their interest in attracting China-based investors, they see a Hong Kong listing as a platform to expand their businesses in the Greater China market. J.P. Morgan pioneered the HDR and remains the only depositary bank that sponsors HDRs, to date.

J.P. Morgan remains at the forefront of discussions in India with relevant influencers to update the depositary receipts guidelines, which will include amongst other things, rules for unlisted companies in India to list directly outside the country. If unlisted companies incorporated in India were to list directly overseas through a DR mechanism, investor demand for Indian companies will likely improve.

As APAC equity markets recover, J.P. Morgan is well positioned across the region to successfully convert its pipeline of mandates in China, Japan, India, Korea and Taiwan, and build upon its already strong base of world-class issuer clients.

Despite only 12 successful IPOs in Asia in 2013, J.P. Morgan was pleased to assist these select few issuers with their DR needs: Zylog System, an Indian software company, Sungy Mobile, a provider of mobile internet products and services, Wisdom Marine Lines, a ship leasing and marine transportation company, and Doosan Infracore, a machinery and infrastructure company. Of note, Wisdom Marine Lines was the first Taiwan company to be listed on the main board of the London Stock Exchange and Doosan Infracore was the largest APAC DR IPO in 2013.

APAC

REGIONAL LEADERSHIP IN 2013

$575

$1,448$675

EMEA APAC LATAM AUSTRALIA CHINA INDIA JAPAN TAIWAN OTHER

$377

$46

$39

$67

$70

$76

Source: Bloomberg, December 2013

2013 DR Trading Value by Country ($ billions)

APAC Trading Value (USD MM) MSCI Asia (USD)

90807060

0

40302010

50

126124122120

128

116114112110

118

1081/1/2013 3/1/2013 5/1/2013 7/1/2013 9/1/2013 11/1/2013

Source: MSCI and Bloomberg, December 2013

APAC Market Performance

9

EMEA

REGIONAL LEADERSHIP IN 2013

J.P. Morgan’s DR programs experienced strong organic balance growth in 2013, up 9% (+300 million ADRs). The region’s IPO market is also showing early signs of a recovery. J.P. Morgan was selected as the depositary bank for Tinkoff Group Holdings, a Russian online bank and credit card issuer, raising $1.08 billion, the largest DR IPO this year.

Major Developments and Trends

The MSCI Europe Index rose 20% in 2013, and the similar performance of European ADR programs reflected increasing interest from U.S. investors. J.P. Morgan client DR balances were up 9%, with value up almost $20 billion at just under $175 billion. Financial institutions were a focus for many investors, especially in the European periphery markets, with defensive stocks also seeing strong investor interest.

Trading volumes in Western European DRs were flat year-on-year, at 46 billion, indicating that the impact of Financial Transaction Taxes on DRs, which was implemented by France and Italy in 2012, has been minimal.

In Western Europe, balance growth in DRs was consistent with overall growth in its equity markets in 2013. With 415 sponsored DR programs and 630 unsponsored programs, the market appears mature. The concentration of investment dollars in the largest DR programs is very apparent, with over 90% of investment residing in the top 100 programs.

While the national Securities Depository was established as Russia’s Central Securities Depository last year, DR banks and investors began to see the effects of this market development in 2013. By november, DR depositary banks were required to transfer shares underlying DRs into special “depo accounts” with their Russian custodians. As a result, beneficial owner disclosure is now a requirement for DR holder votes to be considered at shareholder meetings of Russian companies. Meanwhile, recently passed legislation is expected to result in the application of reduced dividend withholding in accordance with the applicable tax treaty between Russia and a disclosing DR holder’s country of residence. Conversely, non-disclosed DR positions will receive dividends from Russian issuers net of an increased 30% withholding rate.

The DR Group secured mandates with some of the region’s largest DR issuers - Alcatel-Lucent, Orange, SABMiller and Teva Pharmaceutical Industries. In total, approximately 1.5 billion in DRs were transferred from other depositary banks to

J.P. Morgan. This represented a 50% growth in balances in addition to the organic growth previously described. Issuers are increasingly deciding to select J.P. Morgan as their depositary bank, recognizing our firm’s distinct strength as a global Equities leader that helps clients successfully navigate the equity markets and attract high-quality investors.

EMEA APAC LATAM

$69$119

$290

$121$441

FRANCE GERMANY RUSSIA SWITZERLAND UK OTHER

$575

$1,448

$675

$408

Source: Bloomberg, December 2013

708090

100110120130140150160

EMEA Trading Value (USD MM) MSCI Europe (USD)

300320340360380400420440460480500

1/1/2013 3/1/2013 5/1/2013 7/1/2013 9/1/2013 11/1/2013

Source: MSCI and Bloomberg, December 2013

2013 DR Trading Value by Country ($ billions)

EMEA Market Performance

10

Major Developments and Trends

The MSCI LATAM Index declined 16% in 2013. Low overall market valuations dissuaded companies from coming to market.

For the majority of 2013, the Brazilian government maintained its 1.5% IOF tax (Imposto sobre Operações Financeiras) on foreign exchange transactions. This tax, which indirectly applies to the issuance of ADRs, combined with a lack of equity capital raising in 2013, led to lower levels of cross-border activity between the U.S. and Brazilian equity markets. However, we anticipate this activity to pick up in 2014 as Brazil’s Ministry of Finance announced on December 24, 2013 that the IOF tax on shares backing the issuance of the ADRs has been officially reduced from 1.5% to 0.0%, effective immediately.

Following Cementos Pacasmayo’s public offering last year, Peru saw its second ADR offering, this time by Graña y Montero. J.P. Morgan was the depositary bank for both deals, and they are notable because most DR IPOs have historically been undertaken by Brazilian companies. In the years ahead, we expect Peru and Colombia to represent a much greater portion of DR-based offerings.

In 2013, several notable issuers selected J.P. Morgan as their successor depositary, including Braskem, CTEEP, Gerdau of Brazil and OMA of Mexico. This exemplifies how many of our clients have deep, firmwide relationships throughout J.P. Morgan’s Corporate and Investment Bank, doing business together across multiple solution areas and geographies.

LATAM

REGIONAL LEADERSHIP IN 2013

IPO activity was concentrated in markets outside Brazil in 2013. With momentum building in Peru, J.P. Morgan was delighted to be selected as Graña y Montero’s depositary bank for its DR IPO. In the more established markets, we were appointed as the successor depositary bank for Braskem, CTEEP, Gerdau and OMA.

EMEA APAC LATAM

$388

$22

$128

$37

ARGENTINA BRAZIL MEXICO OTHER

$575

$1,448

$675

Source: Bloomberg, December 2013

2013 DR Trading Value by Country ($ billions)

LATAM Trading Value (USD MM) MSCI LATAM (USD)

7065

30

55504540

603,9003,7003,5003,300

4,100

2,9002,700

3,100

2,50035

1/1/2013 3/1/2013 5/1/2013 7/1/2013 9/1/2013 11/1/2013

Source: MSCI and Bloomberg, December 2013

LATAM Market Performance

11

WHY J.P. MORGAN

12

PROVIDER OF CHOICE

J.P. Morgan is a premier provider of customized Depositary Receipts solutions to the world’s leading issuers. We leverage our distinct strength as a global Equities leader to help our clients navigate the capital markets and attract high-quality investors. Guided by J.P. Morgan’s core principle of “first class business in a first class way,” DR issuers have relied on us for over 85 years for the trusted advice and long-term partnership that only we can offer.

Focused client base ensures an exceptional client experience

At J.P. Morgan, we focus our attention on the quality – not quantity – of clients and programs we serve. This allows us to deliver a client experience centered on individualized attention and service.

Excellence and innovation

With a record of “firsts” in the industry – from creating the first ADR in 1927, to launching the first ADRs in Latin America and Asia, to more recently structuring the first Hong Kong DR in 2010 – J.P. Morgan exemplifies a heritage of innovation, leadership, and commitment to the DR business.

Integrated, firmwide approach to your IR and capital markets needs

As one of the world’s leading investment and depositary banks, J.P. Morgan is uniquely positioned to provide clients with a truly integrated equity solution – connecting you with our extensive network of buy- and sell-side market participants, along with giving you access to IR and capital markets professionals who guide you step-by-step in growing your DR program.

A partner and close ally

Everything we do is with our clients’ best interests in mind. Since most of our clients, and their investors, have broader relationships with J.P. Morgan, we will always act in their long-term best interest and uphold the highest standards of integrity in all of our actions.

A differentiated approach to Depositary Receipt solutions

13

IR ADVISORY HELPS OPTIMIzE YOUR COMPAnY’S DR PROGRAM

Our clients benefit from the unmatched expertise, advice and support of our highly-experienced IR Advisory team, whose members are based in New York and Singapore. With the lowest client-to-advisor ratio1 among DR banks, our team is able to provide individualized attention and endeavors to be an extension of your IR department.

Consultative approach

Each client is unique. Accordingly, we take a tailored, consultative approach with our clients, leveraging our deep expertise in investor marketing and communications. This begins with an IR strategy session, which entails a situation analysis and then defines clear goals and objectives and a comprehensive and calibrated action plan to achieve them.

Integrated, firmwide offering

Our IR Advisory team provides an independent and objective view on where opportunities lie in the global equity markets. Also, in addition to its own investor marketing capabilities, the team leverages J.P. Morgan’s extensive regional and local networks of investor relationships to connect you with institutions that can drive long-term demand for your DRs and shares.

Deep market insight

As one of the world’s leading Global Equities franchises, clients benefit from J.P. Morgan’s renowned insights regarding market trends, regulations, and the world’s economies. We also help our clients stay abreast of leading practices and key developments in the capital markets via our publications: DR Advisor Alert, DR Advisor Insights, DR Advisor quarterly, and our country and regional investor surveys.

1 Based upon competitive industry data

14

J.P. MORGAn THOUGHT LEADERSHIP HIGHLIGHTS In 2013

J.P. Morgan’s DR group strives to keep you abreast of the latest trends in the industry and regulatory developments. We offer insightful commentary and share our best practices through several channels, all designed to give the reader a better understanding of how strategic operating decisions can help you achieve the goals of your DR program and investor relations efforts.

DR Advisory quarterly

Our DR Advisor Quarterly publication offers unique perspectives on how to utilize Investor Relations to maximize the benefits of your DR program. Each edition features an IR Best Practices article, written by a seasoned IR Advisory professional, as well as a client profile, typically detailing the experience and advice of the IRO at a client firm. This publication is designed to provide the tools an IR professional needs to most effectively tackle his or her job and create shareholder value for issuer firms.

DR Proxy Process Guide

The DR proxy process is representative of an issuer’s corporate governance standards and investor relations practices, in addition to serving as an important corporate communication event. This best practices guide explores the intricacies of the DR proxy process and key steps for a successful DR proxy, as well as regulatory developments and recent trends in corporate governance.

IR Best Practices Guide

A compilation of the “IR Best Practices” articles from our most recent DR Advisor Quarterly publications, this guide is our “how to” manual for our IR Advisory clients. Divided into broader topical sections, each article describes an Investor Relations best practice that J.P. Morgan’s DR group believes is a good foundation on which to build a successful IR program.

Investor Surveys: China and Russia

We always strive to better understand the market climate in the regions in which our clients operate. Each year we commission surveys to collect feedback on north American and European Investors’ perceptions of investing in emerging economies. From corporate governance to regulatory scrutiny, we endeavor to cover all the bases to ensure an accurate depiction of the challenges and benefits of investing in these growth markets.

15

J.P. MORGAn EVEnT HIGHLIGHTS In 2013

J.P. Morgan is proud to offer the opportunity for clients to engage with us, each other, and other industry specialists in thought-provoking discussions on the evolving market environment, investor relations, and various other pertinent topics. In addition to client-specific events, we hosted over 30 educational events and workshops in 2013, across all regions in which our clients operate.

Greater China DR SummitMarch 2013: CambodiaThis two-day annual flagship conference brought together industry and J.P. Morgan experts for insightful discussions on trends in the DR industry and overall economic landscape. Over 30 CEOs and CFOs of leading listed and soon-to-list corporations in Greater China gathered to learn the latest developments on capital raising, accounting transparency, and corporate governance. Guests also enjoyed a tour of the historical sites of Angkor Wat.

Expert IRO RoundtableJune 2013: MoscowThis event offered a unique opportunity to hear first-hand from experienced IROs on how they manage the key costs for an IR program, structure the IR department, and report internally. IROs from some of Russia’s leading companies joined hosts from J.P. Morgan’s DR IR Advisory Group and Tom Blackwell, CEO of EM Communications, to share their practical experience in delivering effective IR.

Latin America RoadshowsMarch 2013: Bogota and LimaThese breakfast events, in partnership with the nYSE and Davis Polk, brought together prospective clients for a discussion on the benefits of ADR issuance and the unique jurisdictional requirements that a company needs to understand in order to list on the nYSE.

European Investor Relations ForumDecember 2013: ParisJ.P. Morgan hosted its first European IR Forum, where industry and market experts discussed global macro trends, investor views on international equities, and how IR can make an impact in challenging markets. This forum combined panel debates and networking sessions with the opportunity to discuss best practices and network with fellow IR professionals.

Expert IRO RoundtableJ U N E 2 0 1 3 | M o s c o w

16

For market information on Depositary Receipts (DRs) and international equities, go to J.P. Morgan’s website adr.com

For more information on J.P. Morgan’s Depositary Receipt services, go to jpmorgan.com/visit/adr

Disclosures

JPMorgan Chase & Co. (nYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

The opinions, estimates, strategies and views expressed in the document constitute our judgment as of the date of this material and are subject to change without further notice. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. JPMSI or its broker-dealer affiliates may hold a position, trade on a principal basis or act as market maker in the financial instruments of any issuer discussed herein or act as an underwriter, placement agent, advisor or lender to such issuer.

This publication contains a summary of the subject matter (and is subject to change without notice) and is provided solely for general information purposes. J.P. Morgan does not make any representation or warranty, whether expressed or implied, in relation to the completeness, accuracy, currency or reliability of the information contained in this publication nor as to the legal, regulatory, financial or tax implications of the matters referred herein. This brochure does not constitute a solicitation in any jurisdiction in which such a solicitation is unlawful or to any person to whom it is unlawful. Issued and approved for distribution in the United States by JPMorgan Chase Bank n.A. and regulated by the Office of the Comptroller of the Currency and in the United Kingdom and the European Economic Area by J.P. Morgan Europe Limited. In the United Kingdom, JPMorgan Chase Bank, n.A., London branch and J.P. Morgan Europe Limited are authorized and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Copyright 2014 JPMorgan Chase & Co. All rights reserved.

Corporate Issuers

Investors and Broker-Dealers

Asia-Pacific Client Management Kenneth TseTel: +852-2800-1859 kenneth.k.tse@jpmorgan.com

Emerging Markets Client Management Vikas TaimniTel: +852-2800-1797 vikas.x.taimni@jpmorgan.com

Europe-Africa Client Management Alex HicksonTel: +44-207-134-5565 alex.h.hickson@jpmorgan.com

Latin America Client Management Candice TeruszkinTel: +55-219-917-2210 candice.c.teruszkin@jpmorgan.com

New York James W. Reeves IITel: +1-212-552-8928 james.wi.reeves@jpmorgan.com

São Paulo Andrea KrongoldTel: +55-114-950-3650andrea.m.krongold2@jpmorgan.com

Contact Information:If you would like to discuss our DR solutions with one of our experts, or for more information on our upcoming 2014 events, please contact: