Integrated Oils. Coverage Update

1 January 214 Integrated Oils Coverage Update Due to personnel changes, U.S. Equity Research is terminating coverage of Baytex Energy (BTE.TO), Canadian Natural Resources (CNQ.TO), Cenovus Energy (CVE.TO), Chevron Corp (CVX.N), ConocoPhillips (COP.N), Exxon Mobil Corp (XOM.N), Hess (HES.N), Holly Frontier (HFC.N), Husky Energy (HSE.TO), Marathon Oil (MRO.N), Marathon Petroleum (MPC.N), MEG Energy (MEG.TO), Murphy Oil (MUR.N), Occidental Petroleum (OXY.N), Penn West Exploration (PWT.TO), Phillips 66 (PSX.N), Suncor Energy (SU.TO), Talisman Energy (TLM.TO), Tesoro (TSO.N), and Valero Energy (VLO.N). The last research for these companies should no longer be relied upon. Americas Equity Research U.S. Equity Research AC (1-2) 27-6 J.P. Morgan Securities LLC Equity Ratings and s Mkt Cap Price Rating Company Ticker ($ mn) CCY Price Cur Prev Cur Prev Baytex Energy BTE CT 4,74.84 CAD 41.8 N 54. Canadian Natural Resources CNQ CT 35,254.43 CAD 35. N 42. Cenovus Energy CVE CT 2,798.21 CAD 29.78 OW 42. Chevron Corp CVX US 237,18. USD 3.29 N 6. ConocoPhillips COP US 85,932.93 USD 69.46 OW 69. Exxon Mobil Corp XOM US 438,445.2 USD 99.76 N 9. Hess HES US 27,924.2 USD 81.34 OW 9. HollyFrontier HFC US 1,17.35 USD 5.21 OW 66. Husky Energy HSE CT 3,6.51 CAD 33.19 N 3. Marathon Oil MRO US 24,529.5 USD 34.5 OW 35. Marathon Petroleum MPC US 28,3.44 USD 91.4 N 81. MEG Energy MEG CT 6,392.1 CAD 3.8 OW 61. Murphy Oil MUR US,938.75 USD 63.39 N 59. Occidental Petroleum OXY US 76,4.59 USD 94.84 OW 14. Penn West Exploration PWT CT 4,65.25 CAD 9.3 N. Phillips 66 PSX US 46,878. USD 78. OW 81. Suncor Energy SU CT 51,197.64 CAD 37.29 OW 41. Talisman Energy TLM CT,71.88 CAD.27 UW. Tesoro TSO US 7,74.29 USD 58. OW 94. Valero Energy VLO US 28,83.5 USD 52.9 N 44. Source: Company data, Bloomberg, J.P. Morgan estimates. All prices as of 9 Jan 14. See page 2 for analyst certification and important disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. www.jpmorganmarkets.com

(1-2) 27-6 1 January 214 Analyst Certification: The research analyst(s) denoted by an AC on the cover of this report certifies (or, where multiple research analysts are primarily responsible for this report, the research analyst denoted by an AC on the cover or within the document individually certifies, with respect to each security or issuer that the research analyst covers in this research) that: (1) all of the views expressed in this report accurately reflect his or her personal views about any and all of the subject securities or issuers; and (2) no part of any of the research analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst(s) in this report. For all Korea-based research analysts listed on the front cover, they also certify, as per KOFIA requirements, that their analysis was made in good faith and that the views reflect their own opinion, without undue influence or intervention. Important Disclosures Market Maker: JPMS makes a market in the stock of Talisman Energy, Tesoro. Lead or Co-manager: J.P. Morgan acted as lead or co-manager in a public offering of equity and/or debt securities for Canadian Natural Resources, Cenovus Energy, Chevron Corp, Marathon Petroleum, MEG Energy, Murphy Oil, Phillips 66, Tesoro, Valero Energy within the past months. Director: A senior employee, executive officer or director of JPMorgan Chase & Co. and/or J.P. Morgan is a director and/or officer of Exxon Mobil Corp, Phillips 66. Client: J.P. Morgan currently has, or had within the past months, the following company(ies) as clients: Baytex Energy, Canadian Natural Resources, Cenovus Energy, Chevron Corp, ConocoPhillips, Exxon Mobil Corp, Hess, HollyFrontier, Husky Energy, Marathon Oil, Marathon Petroleum, MEG Energy, Murphy Oil, Occidental Petroleum, Penn West Exploration, Phillips 66, Suncor Energy, Talisman Energy, Tesoro, Valero Energy. Client/Investment Banking: J.P. Morgan currently has, or had within the past months, the following company(ies) as investment banking clients: Canadian Natural Resources, Cenovus Energy, Chevron Corp, ConocoPhillips, Exxon Mobil Corp, Hess, HollyFrontier, Marathon Oil, Marathon Petroleum, MEG Energy, Murphy Oil, Occidental Petroleum, Phillips 66, Suncor Energy, Talisman Energy, Tesoro, Valero Energy. Client/Non-Investment Banking, Securities-Related: J.P. Morgan currently has, or had within the past months, the following company(ies) as clients, and the services provided were non-investment-banking, securities-related: Baytex Energy, Canadian Natural Resources, Cenovus Energy, Chevron Corp, ConocoPhillips, Exxon Mobil Corp, Hess, Marathon Oil, Marathon Petroleum, MEG Energy, Murphy Oil, Occidental Petroleum, Penn West Exploration, Phillips 66, Suncor Energy, Talisman Energy, Tesoro, Valero Energy. Client/Non-Securities-Related: J.P. Morgan currently has, or had within the past months, the following company(ies) as clients, and the services provided were non-securities-related: Canadian Natural Resources, Chevron Corp, ConocoPhillips, Exxon Mobil Corp, Hess, HollyFrontier, Marathon Oil, Marathon Petroleum, MEG Energy, Murphy Oil, Occidental Petroleum, Penn West Exploration, Phillips 66, Suncor Energy, Talisman Energy, Tesoro, Valero Energy. Investment Banking (past months): J.P. Morgan received in the past months compensation from investment banking Canadian Natural Resources, Cenovus Energy, Chevron Corp, ConocoPhillips, Exxon Mobil Corp, Hess, HollyFrontier, Marathon Oil, Marathon Petroleum, MEG Energy, Murphy Oil, Occidental Petroleum, Phillips 66, Suncor Energy, Talisman Energy, Tesoro, Valero Energy. Investment Banking (next 3 months): J.P. Morgan expects to receive, or intends to seek, compensation for investment banking services in the next three months from Canadian Natural Resources, Cenovus Energy, Chevron Corp, ConocoPhillips, Exxon Mobil Corp, Hess, HollyFrontier, Marathon Oil, Marathon Petroleum, MEG Energy, Murphy Oil, Occidental Petroleum, Phillips 66, Suncor Energy, Talisman Energy, Tesoro, Valero Energy. Non-Investment Banking Compensation: J.P. Morgan has received compensation in the past months for products or services other than investment banking from Baytex Energy, Canadian Natural Resources, Cenovus Energy, Chevron Corp, ConocoPhillips, Exxon Mobil Corp, Hess, Marathon Oil, Marathon Petroleum, MEG Energy, Murphy Oil, Occidental Petroleum, Penn West Exploration, Phillips 66, Suncor Energy, Talisman Energy, Tesoro, Valero Energy. "J.P. Morgan Australia Limited (J.P. Morgan) is acting as financial adviser to Origin Energy Limited (ORG) and ConocoPhillips (COP) on the selldown of an interest in the Australia Pacific LNG project in Queensland. J.P. Morgan will be receiving fees for so acting. J.P. Morgan and its affiliates may perform, or may seek to perform, other financial or advisory services for ORG and COP or their respective affiliates and may have other interests in or relationships with ORG and COP or their respective affiliates, and receive fees, commissions or other compensation in such capacities. This research report and the information herein is not intended to serve as an endorsement of the proposed transaction or result in procurement, withholding or revocation of a proxy or any other action by a security holder. This report is based solely on publicly available information. No representation is made that it is accurate or complete. J.P. Morgan Securities LLC and/or its affiliates is acting as financial advisor to MURPHY OIL CORPORATION(MUR) in connection with the spin of Murphy USA as announced on 16, 2. The transaction is subject to customary conditions and regulatory approvals. 2

(1-2) 27-6 1 January 214 This research report and the information contained herein is not intended to provide voting advice, serve as an endorsement of the proposed transaction or result in procurement, withholding or revocation of a proxy or any other action by a security holder. J.P. Morgan Securities LLC and/or its affiliates are acting as a financial advisor to Plains Exploration & Production Company (NYSE:PXP) in connection with the execution of a definitive purchase and sale agreement to sell its interests in oil and gas properties located in the Permian and Piceance Basins to Occidental Petroleum Corp (NYSE: OXY). Transaction is subject to customary closing conditions and adjustments. Company-Specific Disclosures: Important disclosures, including price charts, are available for compendium reports and all J.P. Morgan covered companies by visiting https://jpmm.com/research/disclosures, calling 1-8-477-46, or e-mailing research.disclosure.inquiries@jpmorgan.com with your request. J.P. Morgan s Strategy, Technical, and Quantitative Research teams may screen companies not covered by J.P. Morgan. For important disclosures for these companies, please call 1-8-477-46 or e-mail research.disclosure.inquiries@jpmorgan.com. Baytex Energy (BTE.TO, BTE CT) Price Chart 95 N C$64 Price 76 57 38 19 N C$65 N C$58N C$6N C$66 N C$54 15-Dec- N 53.1 58. 1-- N 49.57 6. 4-- N 46.59 66. 2-Nov- N 45.16 65. 15-Jan- N 44.27 64. 14-- N 38.68 54. 8 9 1 Nov 1 Nov Initiated coverage Dec 15, 2. Canadian Natural Resources (CNQ.TO, CNQ CT) Price Chart 96 N C$46 N C$42 Price 8 64 48 32 16 7 Jul 8 9 Jan 1 1 Jul N C$44 N C$43 N C$44OW C$57N C$45 N C$5 N C$48N C$44 Jan 25--1 N 36.69 44. 5-- OW 47.47 57. 6-- N 31.47 45. 21-Nov- N 36.48 44. 5-Jan- N 39.33 46. 4-- N 3.7 5. 15-Jan- N 29.9 48. 24-Jun- N 29.35 44. 8-- N 31.8 43. 14-- N 33.74 42. Initiated coverage 25, 21. 3

(1-2) 27-6 1 January 214 Cenovus Energy (CVE.TO, CVE CT) Price Chart Price 6 5 4 3 2 1 Sep 1 Dec 1 Mar Jun Sep N C$39 OW C$48 N C$43 N C$47 OW C$38 OW C$43 N C$41 N C$46 OW C$49 OW C$42 Dec Mar Jun Sep Dec Mar Jun Sep Dec 25--1 OW 29.22 38. 5-- OW 38.79 43. 6-- N 32.2 41. 21-Nov- N 32.39 43. 5-Jan- N 34.42 39. 2-Sep- N 34.6 46. 1-Nov- N 35.58 47. 15-Jan- OW 33.7 48. 25-- OW 29.36 49. 14-- OW 31.1 42. Initiated coverage 25, 21. Chevron Corp (CVX, CVX US) Price Chart 217 186 155 4 Price 93 62 31 6 8 Initiated coverage Dec 4, 28. OW $85 UW $ N $4 N $6 OW $95 OW $9 N $11 UW $8 N $3 N $8 N $95 OW $9OW $9 N $93 UW $6 N $N $1 N $2 9 4-Dec-8 N 74.74 95. 9-Jan-9 OW 74.24 95. 15--9 OW 66.7 85. 4--9 OW 7.41 9. 1-Mar-1 OW 72.81 9. 16--1 OW 77.83 9. 26-Jan- N 94.8 93. 5-- N 19.33 11. 6-- UW 94.66 6. 21-Nov- UW 97.88 8. 5-Jan- UW 19.1. -Jul- N 15.3. 2-Sep- N 7.85 3. 7-Nov- N 15.87 4. 15-Jan- N 3.44 1. 6-- N 3.14 2. 14-- N 7.67 8. 4-Nov- N 8.1 6. 4

(1-2) 27-6 1 January 214 ConocoPhillips (COP, COP US) Price Chart Price 15 5 1 75 5 25 6 8 9 OW $7 OW $64 UW UW $53 UW UW $48 $5 N $68OW $91 OW $65OW $66 OW $69 22--7 UW 85.7 -- 4-Dec-8 UW 46.28 53. 15--9 UW 39.57 48. 4--9 UW 44.99 5. 18--1 N 6.78 68. 5-- OW 8.32 91. 1-- OW 54.59 65. 1-Nov- OW 58.42 66. 15-Jan- OW 58.47 64. 1-Mar- OW 58.28 7. 14-- OW 71.71 69. Break in coverage 22, 27 - Dec 4, 28. Exxon Mobil Corp (XOM, XOM US) Price Chart Price 161 8 5 92 69 46 23 6 8 N $8 UW $92 N $96 N $83 N $86 UW $88 N $98N $96 N $9 N N $88 N $85 N $85N $68 N $78 UW $9N $92 N $97N $99 N $95 Break in coverage 1, 28 - Dec 4, 28. 9 1--8 N 89.7 -- 4-Dec-8 N 78.93 88. 9-Jan-9 N 79.9 83. 15--9 N 68.14 8. 31-Jul-9 N 7.72 85. -Mar-1 N 67.22 85. 9-Jul-1 N 58.78 68. 26-Jan- N 78.68 78. 5-- N 85.42 86. 6-- UW 73.95 9. 21-Nov- UW 77.9 88. 5-Jan- UW 85.76 92. 22-Mar- N 86.1 92. 2-Sep- N 91.52 97. 7-Nov- N 87.7 98. 15-Jan- N 89.53 96. 1-- N 89.97 99. 7-Mar- N 88.97 96. 1-- N 93.75 95. 14-- N 86.95 9. 5

(1-2) 27-6 1 January 214 Hess (HES, HES US) Price Chart 216 18 144 Price 18 72 36 6 8 9 OW $89 OW $86 OW $72 OW $85 OW $84 N OW OW $77 OW $75 OW $75OW $96OW $89 N $68N $7 N $73OW $9 Break in coverage 19, 27 - Jan 31, 28. 19--7 N 56.16 -- 31-Jan-8 OW 9.63 -- 4-Dec-8 OW 39.68 77. 29-Jan-9 OW 6.86 72. 3-Jul-9 OW 51.72 75. 18--1 OW 63.83 75. 5-- OW 86.35 96. 6-- OW 54.69 89. 21-Nov- OW 58.47 85. 5-Jan- OW 59. 89. 26-- N 51.75 68. 2-Sep- N 55.44 7. 14-- N 72.22 73. -Jul- OW 7.96 84. 31-Jul- OW 74.46 86. 3-- OW 8.32 9. HollyFrontier (HFC, HFC US) Price Chart 9 N $44 UW $42 Price 75 6 45 3 15 N $4 N $47 UW $45 N $39 N $46 UW $47 OW $66 17-- N 4.5 39. 14-Sep- N 41.97 4. -Nov- N 41.36 44. 15-Jan- N 46.36 46. 26-- N 54.3 47. 1-Jul- UW 4.74 47. 8-- UW 45.45 45. 1-Sep- UW 42.86 42. 9-Dec- OW 46.91 66. Nov Nov 14 Initiated coverage 17, 2. 6

(1-2) 27-6 1 January 214 Husky Energy (HSE.TO, HSE CT) Price Chart Price 9 75 6 45 3 15 6 8 9 UW C$29 N C$32 UW C$28 N C$3 N OW UW C$25 UW C$28 UW UW C$26 C$3 N C$3 N C$29 N C$3 15--8 N 42.95-7--8 OW 35.61-25--1 UW 25.24 25. 5-- UW 29.45 28. 6-- UW 22.63 26. 21-Nov- UW 24.99 28. 6-Dec- UW 25.85 29. 5-Jan- UW 24.42 3. 2-Sep- N 26.98 3. 15-Jan- N 29.48 29. 6-- N 31.6 3. 9-- N 3. 32. 14-- N 29.46 3. Initiated coverage 15, 28. Marathon Oil (MRO, MRO US) Price Chart Price 4 95 76 57 38 19 6 8 N $33 N $55 N $3 OW $38 N $31 N $45 N $32 OW $35 OW $35 N OW OW $37 N $38 OW $42 N $35 N $29N $26N $3 OW $37 Break in coverage 22, 27-2, 28. 9 22--7 N 58. -- 2--8 OW 47.91 -- 4-Dec-8 OW 21.57 37. 9-Jan-9 N 28.86 31. 15--9 N 28.4 33. 4--9 N 32.64 38. 18--1 OW 35.75 42. -Jan- N 42.98 45. 5-- N 53.43 55. -Jul- N 31.71 35. 6-- N 23.2 32. 21-Nov- N 26.3 3. 5-Jan- N 31.3 29. 6-Jun- N 23.99 26. 4-- N 29.84 3. 8-Nov- OW 3.44 35. 6-- OW 34. 38. 7-- OW 34.67 37. 14-- OW 34.86 35. 7

(1-2) 27-6 1 January 214 Marathon Petroleum (MPC, MPC US) Price Chart 156 N $75 UW $66 Price 14 78 52 26 N $73 UW $7 N $81 N $62 UW $75 UW $67 7-Dec- N 59.4 62. -- N 8.89 73. 2-- N 75.8 75. 1-Jul- UW 71.6 75. 2-- UW 75.9 7. 1-Sep- UW 68.1 66. 4-Nov- UW 7.86 67. 9-Dec- N 85.55 81. Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Initiated coverage Dec 7, 2. MEG Energy (MEG.TO, MEG CT) Price Chart 84 7 OW C$62 OW C$61 Price 56 42 28 14 OW C$55 OW C$61OW C$59 OW C$6 15-Dec- OW 39.6 55. 4-- OW 37.61 61. 15-Jan- OW 33.51 59. 31-Jan- OW 34.9 62. 3-Jul- OW 31.62 6. 14-- OW 34.3 61. Jul 1 Jan Jul Initiated coverage Dec 15, 2. 8

(1-2) 27-6 1 January 214 Murphy Oil (MUR, MUR US) Price Chart Price 156 14 78 52 26 6 8 UW N $51 N $59 N N N $68 N $51 N $57 N $61 N UW N $52 UW $62UW $68 N $52 N $45N $57N $55N $62 Break in coverage 22, 27 - Jun 9, 28. 9 22--7 N 75.45 -- 9-Jun-8 UW 95.31 -- 7--8 N 8.74 -- 7--8 UW 49.5 -- 4-Dec-8 N 37.45 52. -Mar-9 N 43.94 -- 18--1 UW 65.61 62. 5-- UW 75.4 68. 1-Jul- N 66.49 68. 6-- N 48.49 51. 21-Nov- N 52.7 52. 5-Jan- N 57.49 51. 6-Jun- N 45.55 45. 4-- N 58.43 57. 15-Jan- N 61.34 55. 31-Jan- N 59.52 57. 22-- N 62.63 62. 2-- N 71.28 61. 14-- N 61.88 59. Occidental Petroleum (OXY, OXY US) Price Chart Price 18 15 9 6 3 6 8 9 OW $8 OW $18 OW $5 OW $1 OW $18 OW OW $71 OW $9 N $9N $1OW $ OW $4 OW $ OW $14 Break in coverage 22, 27 - Dec 4, 28. 22--7 OW 66.71 -- 4-Dec-8 OW 43.94 71. 24-Jul-9 OW 72.43 9. 18--1 N 84.94 9. 5-- N 12.73 1. 6-- OW 78.56. 21-Nov- OW 92.4 5. 5-Jan- OW 96.92 8. 4-- OW 85.39 4. 1-Nov- OW 79.6 1. 15-Jan- OW 82.67 18. 31-Jan- OW 88.27. 3-- OW 89.26 18. 7-- OW 95.41 14. 9

(1-2) 27-6 1 January 214 Penn West Exploration (PWT.TO, PWT CT) Price Chart 5 4 N C$ Price 3 2 1 OW C$24 OW C$27OW C$17OW C$15 OW C$16 15-Dec- OW 19.1 24. 4-- OW.22 27. 15-Jan- OW 1.3 17. 2-- OW 9.39 15. 14-- OW.46 16. 14-Nov- N 8.75. 1 Jan Jul Jan 14 Initiated coverage Dec 15, 2. Phillips 66 (PSX, PSX US) Price Chart 6 OW $59 OW $65 OW $81 Price 15 84 63 42 21 OW $6 OW $64 OW $68 OW $59 OW $6 OW $6 17-- OW 42.77 59. 7-Nov- OW 49. 6. 15-Jan- OW 52.24 59. 31-Jan- OW 6.76 6. 2-- OW 6.3 64. 31-Jul- OW 61.5 65. 1-Sep- OW 56.93 6. -Nov- OW 65.41 68. 9-Dec- OW 71.83 81. Jul Jan Jul Jan 14 Initiated coverage 17, 2. 1

(1-2) 27-6 1 January 214 Suncor Energy (SU.TO, SU CT) Price Chart Price 6 15 84 63 42 21 6 8 9 N C$42 OW C$43 UW N C$38 OW C$44 N OW N C$38N C$47N C$35 N C$44 OW C$44OW C$41 2-Nov-6 N 43.3-7-Jul-8 OW 59. - 7--8 UW 31.5-25--1 N 33.47 38. 5-- N 43.6 47. 6-- N 28.69 35. 21-Nov- N 31.49 38. 5-Jan- N 31.46 42. 2-Sep- N 33.4 44. 19-Nov- OW 32.59 44. 15-Jan- OW 33.76 43. 6-- OW 32.53 44. 14-- OW 37. 41. Initiated coverage Nov 2, 26. Talisman Energy (TLM.TO, TLM CT) Price Chart 45 Price 36 27 18 9 6 8 9 N C$26 OW C$17 UW C$ N C$23 OW C$21 NR UW C$ OW C$23 OW C$23OW C$15N C$UW C$ 25--1 OW 18.47 23. -Jan- N 22.58 23. 5-- N 23.6 26. 6-- OW.46 23. 21-Nov- OW.51 21. 5-Jan- OW.41 17. 6-Jun- OW 1.76 15. 23-Jul- NR.8 -- 14-Jan- N.78. 18-Jul- UW.78. 1-- UW.6. 14-- UW.52. Break in coverage Jul 23, 2 - Jan 14, 2.

(1-2) 27-6 1 January 214 Tesoro (TSO, TSO US) Price Chart 15 OW $56 OW $59 OW $67 Price 84 63 42 21 9 1 Nov OW $54 OW $58 OW $64 OW $49 OW $57 OW $65 OW $94 14 17-- OW 39.39 49. 14-Sep- OW 4.41 54. 7-Nov- OW 37.99 56. 15-Jan- OW 42.62 57. 7-- OW 52.55 58. 6-- OW 57.74 59. -Jun- OW 58.9 65. 1-Sep- OW 45.94 64. 7-Nov- OW 48.29 67. 9-Dec- OW 57.99 94. Initiated coverage 17, 2. Valero Energy (VLO, VLO US) Price Chart 96 Price 8 64 48 32 16 N $4 UW $39 N $44 N $37 N $39 UW $34 N $31 N $42 UW $37 17-- N 28.8 31. 14-Sep- N 32.79 37. 7-Nov- N 29.39 4. 29-Jan- N 43.75 42. 7-- N 38.38 39. 1-Jul- UW 34.25 39. 24-Jul- UW 35.33 37. 1-Sep- UW 36.15 34. 9-Dec- N 46.14 44. 9 1 Nov 14 Initiated coverage 17, 2. The chart(s) show J.P. Morgan's continuing coverage 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 Explanation of Equity Research Ratings, Designations and Analyst(s) Coverage Universe: J.P. Morgan uses the following rating system: Overweight [Over the next six to twelve months, we expect this stock will outperform the average total return of the stocks in the analyst s (or the analyst s team s) coverage universe.] Neutral [Over the next six to twelve months, we expect this stock will perform in line with the average total return of the stocks in the analyst s (or the analyst s team s) coverage universe.] Underweight [Over the next six to twelve months, we expect this stock will underperform the average total return of the stocks in the analyst s (or the analyst s team s) coverage universe.] Not Rated (NR): J.P. Morgan has removed the rating and, if applicable, the price target, for this stock because of either a lack of a sufficient fundamental basis or for legal, regulatory or policy reasons. The previous rating and, if applicable, the price target, no longer should be relied upon. An NR designation is not a recommendation or a rating. In our Asia (ex-australia) and U.K. small- and mid-cap equity research, each stock s expected total return is compared to the expected total return of a benchmark country market index, not to those analysts coverage universe. If it does not appear in the Important Disclosures section of this report, the certifying analyst s coverage universe can be found on J.P. Morgan s research website, www.jpmorganmarkets.com.

(1-2) 27-6 1 January 214 J.P. Morgan Equity Research Ratings Distribution, as of January 1, 214 Overweight (buy) Neutral (hold) Underweight (sell) J.P. Morgan Global Equity Research Coverage 43% 45% % IB clients* 57% 49% 36% JPMS Equity Research Coverage 43% 5% 7% IB clients* 75% 66% 59% *Percentage of investment banking clients in each rating category. For purposes only of FINRA/NYSE ratings distribution rules, our Overweight rating falls into a buy rating category; our Neutral rating falls into a hold rating category; and our Underweight rating falls into a sell rating category. Please note that stocks with an NR designation are not included in the table above. Equity Valuation and Risks: For valuation methodology and risks associated with covered companies or price targets for covered companies, please see the most recent company-specific research report at http://www.jpmorganmarkets.com, contact the primary analyst or your J.P. 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(1-2) 27-6 1 January 214 Country and Region Specific Disclosures U.K. and European Economic Area (EEA): Unless specified to the contrary, issued and approved for distribution in the U.K. and the EEA by JPMS plc. Investment research issued by JPMS plc has been prepared in accordance with JPMS plc's policies for managing conflicts of interest arising as a result of publication and distribution of investment research. Many European regulators require a firm to establish, implement and maintain such a policy. This report has been issued in the U.K. only to persons of a kind described in Article 19 (5), 38, 47 and 49 of the Financial Services and Markets Act 2 (Financial Promotion) Order 25 (all such persons being referred to as "relevant persons"). This document must not be acted on or relied on by persons who are not relevant persons. 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Morgan) do not warrant its completeness or accuracy except with respect to any disclosures relative to JPMS and/or its affiliates and the analyst's involvement with the issuer that is the subject of the research. All pricing is as of the close of market for the securities discussed, unless otherwise stated. Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The opinions and recommendations herein do not take into account individual client circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies to particular clients. The recipient of this report must make its own independent decisions regarding any securities or financial instruments mentioned herein. 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