Asia Pacific Equity Research

Analyst Directory

July 2013

Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 04 July 2013

Management
Sunil Garg Director of Asia-Pacific Equity Research (852) 2800 8518, sunil.garg@jpmorgan.com Sunil Garg is the Head of Equity Research for Asia Pacific at J.P. Morgan and is also responsible for Asia Technical Analysis Research. Rated among the top analysts for Asian Financials (No. 1 in Institutional Investor in 2010, 2011 and top 2 from 200609; No. 1 rated by Asiamoney from 2006-2010). Sunil has personally covered banks in all Asian countries (ex-Japan). He has been in the securities industry (BZW, Fox-Pitt Kelton and J.P. Morgan) for over 17 years, primarily focused on the financial sector. Prior to joining the securities industry, Sunils experience includes 5-6 years in banking (mostly at HSBC). Sunil graduated from the Indian Institute of Management in 1989. Scott Christensen, PhD Associate Director of Asia ex-Japan Equity Research (66 2) 684 2677, scott.christensen@jpmorgan.com In his role as Associate Director, Scott Christensen functions as the head of research product and research marketing for Asia ex-Japan. He also works with Fee Ying Tan on the regional training agenda and management of junior resources, and oversees the best practice standards for the department. Scott joined the J.P. Morgan heritage company Jardine Fleming in 1994 and was a banking industry analyst until joining the management team in 2004. He was previously head of the firm's No. 1 ranked team in Thailand and for six years headed up the Asia Pacific financial services team. He and his teams consistently earned top rankings in the Institutional Investor, Greenwich, and Asiamoney polls during that period. He was one of the first analysts to introduce adjusted asset-valuation methods during the Asian crisis and later to develop cash-flow valuation metrics for all Asian banks. Prior to his career in broking, Scott was a development economist working on Southeast Asian agricultural policy issues. He completed his PhD at the Faculty of Letters and Science, University of Wisconsin-Madison in 1992 and holds a BA degree from St. Olaf College. Rob Stanton Director of Australia Equity Research (61 2) 9003 8638, rob.a.stanton@jpmorgan.com Rob Stanton leads a team of close to 50 Equities Research Analysts who cover more than 200 Australian and New Zealand domiciled stocks. The team is highly rated, ranking #2 in the current II survey and 4th in the Peter Lee survey of the largest domestic institutions. Rob joined J.P. Morgan as a REITs analyst in 2007, and is part of the team covering the Australian property sector. The REITs team has been #1 rated by the key external surveys of domestic investors for the past four years running. Prior to joining J.P. Morgan, he spent seven years in a similar role at Macquarie Bank. Rob's career began in direct property markets, where he was employed for six years by Lend Lease, an Australian property developer and manager. Rob holds a Bachelor of Commerce and a Masters in Applied Finance, both from the University of NSW.

Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 04 July 2013

James Sullivan, CFA Director of ASEAN Research (65) 6882 2374, james.r.sullivan@jpmorgan.com James currently serves as the Head of Asia Telecom Research and Head of Singapore Research for J.P. Morgan, based in Singapore. His fundamental research has been recognized through top tier rankings in II, while his stock picking abilities have been recognized by top tier rankings in the Asian Wall Street Journals Best on the Street. He has been covering emerging markets since 1996, and has been based in Asia since 1998. Prior to joining J.P. Morgan, he managed investment portfolios focused on the Asian telecom, media, and internet sectors for eight years at Citadel Investment Group, Oaktree Capital, and Millennium Partners based in Hong Kong and Singapore. James has also provided consulting services to Starhub, a listed Singapore Telecom/Pay TV operator and Kong.com, a listed Chinese Internet company. Prior to his move to the buy side, he covered regional telecom and media names for Credit Suisse First Boston for four years, based in Bangkok. His first role based in Asia involved private equity advisory in ASEAN. Post University he spent four years with IBM, serving as a Global Account Manager in the IBM Telecom & Media Group, covering Time Warner, based in New York. He was also involved in IBMs efforts in emerging-market trade finance and internet strategy consulting. James received an MBA from the Fuqua School of Business at Duke University and a Bachelor of Arts degree, summa cum laude, in Political Science from Marist College. He has been a guest lecturer for Duke University and the Hong Kong University of Science and Technology. Aditya Srinath, CFA Director of ASEAN Strategy (62 21) 5291 8573, aditya.s.srinath@jpmorgan.com Aditya Srinath covers Indonesian autos, financials and country strategy, and has headed J.P. Morgans Indonesia Research effort since July 2008. His career as an equity analyst includes several years covering Indian stocks and a subsequent stint in Oman tracking Middle Eastern equities before moving to Indonesia in late-2004 and joining J.P. Morgans Jakarta office in May 2007. Aditya graduated in engineering from the Indian Institute of Technology (Madras) in India and spent a year working in the steel industry before completing his MBA from the Indian Institute of Management (Bangalore) and joining the securities industry. Jesper Koll Director of Japan Equity Research (81 3) 67368600, jesper.j.koll@jpmorgan.com Jesper Koll is the managing director of research at J.P. Morgan in Japan. Koll has been researching and investing in Japan since becoming a resident in 1986. Before joining J.P. Morgan in December 2009, he was the president and CEO of Tantallon Research Japan KK, a Tokyo-based investment advisory firm he set up in June 2007. Previously, he served as the chief economist of Merrill Lynch Japan for eight years. Before that, he was a Managing Director at Tiger Fund and prior to that he was the Chief Economist for J.P. Morgan in Tokyo. In the first three years of his Japan experience, he worked as an aide to a Member of Parliament. Over the past two decades, Koll has been consistently ranked one of the top Japan strategists/ economists. His analysis and insights have earned him a place in several Japanese government advisory committees. He has written two books in Japanese, Towards a New Japanese Golden Age and The End of Heisei Deflation. He is also one of the few non-Japanese members of the Keizai Doyukai, the Japan Association of Corporate Executives. Jesper has a masters degree from the School of Advanced and International Studies at Johns Hopkins University and was a research fellow at both Tokyo University and Kyoto University. He is a graduate of the Lester B. Pearson College of the Pacific.

Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 04 July 2013

Macro Team
Adrian Mowat Regional & Emerging Markets Strategy (852) 2800 8599, adrian.mowat@jpmorgan.com Adrian Mowat is JPMorgan's Chief emerging market and Asian equity strategist. He leads the team of 10 Asian country strategists and the regional emerging country equity strategists. The team's flagship reports are Key Trades and Risk and Perspective and Portfolios, for emerging markets and Asia respectively. Adrian joined JPMorgan in 2002 as the Chief Asian Equity Strategist. Prior to this he worked at Martin Currie Investment Management in Edinburgh for 14 years. At Martin Currie he managed a broad range of mandates including Asian, US and emerging markets. David Fernandez, PhD Head of Emerging Markets Asia, Economic and Policy Research (65) 6882 2461, david.g.fernandez@jpmorgan.com Dave Fernandez is JPMorgan's Head of Emerging Asia Research team, covering economics, fx, local rates, and sovereign credit. Before joining JPMorgan in January 1998, Mr. Fernandez spent five years as a professor of economics at the Johns Hopkins University International Studies School where he taught international macroeconomics; he was named the Professor of the Year in 1996. Earlier, he served as an Economist in the Council of Economic Advisers in the administration of US President George Bush. In 1987, he joined the Federal Reserve Bank of New York in its OECD economic research department and in the foreign exchange intervention group. Mr. Fernandez has a B.A. in Economics from the University of Pennsylvania and received a Doctorate in Economics from the Princeton University where, as a National Science Foundation fellow, he wrote his dissertation under Ben S. Bernanke. In addition to his work at JPMorgan, Mr. Fernandez is on the Advisory Board of Singapore Management University's School of Economics. Masaaki Kanno Head of Economic Research Japan (81 3) 6736 1166, masaaki.kanno@jpmorgan.com Masaaki Kanno is a Managing Director and Head of Economic Research, Japan. He is responsible for outlining the firm's official view on the Japanese economy. Mr Kanno joined JPMorgan in April 1999. Before that, he was an Associate Director at the Research and Statistics Department of the Bank of Japan, where he had worked since 1974. He was also senior economist at the Japan Center of Economic Research. Mr Kanno received a BA in Economics from the University of Tokyo in 1974 and an MA in Economics from the University of Chicago in 1979.

Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 04 July 2013

Regional Sector Coordinators

Listed alphabetically by sector. Josh Klaczek Banks & Finance (Regional) (852) 2800-8534, josh.klaczek@jpmorgan.com Josh Klaczek is Head of Asia Financial Services Equity Research. Josh joined J.P. Morgan in August 2011. He joins from Bank of America Merrill Lynch (BofA ML) in Hong Kong where he was responsible for global coverage of clients focused on Asia Pacific financial institutions. He has previously worked at Goldman Sachs in New York and OchZiff Capital Management Group in both New York and Hong Kong. Ebru Sener Kurumlu Regional Head of Consumer (852) 2800 8521, ebru.sener@jpmorgan.com Ebru Sener Kurumlu is the Head of J.P. Morgan Asia Consumer Research. Ebru has been a senior member of the J.P. Morgan Consumer team for six years and has over 12 years experience in equity research. Prior to joining J.P. Morgan, Ebru worked at Deutsche Bank, where she covered Asia consumer stocks and Turkish equities. Ebru has an MBA from Koc University, Istanbul, and BS in Physics. In 2009, Ebru earned StarMine No. 1 Stock Picker award for the Consumer sector in Hong Kong and China. In 2011, Ebru received Wall Street Journals Asias Best Analysts award. Tony Lee Equity Derivatives and Delta One Strategy (852) 2800 8857, tony.sk.lee@jpmorgan.com Tony Lee is J.P. Morgans Asia Pacific Head of Equity Derivatives and Delta One Strategy. His team is responsible for developing equity derivatives, event-driven portfolio trading, relative value and thematic strategies for clients and the firms trading desks. Prior to joining J.P. Morgan in 2008, Tony was Head of Asia Pacific Equity Derivatives and Quantitative Equity Strategies at Bear Stearns. Before joining Bear Stearns, Tony was a derivatives research analyst at Merrill Lynch, where he worked on equity-linked hedge funds and structured-product trading strategies. Tony holds a Bachelors degree in Applied Science from the University of British Columbia and a Masters degree in Engineering from Cornell University. Alvin Kwock Hardware (852) 2800 8533, alvin.yl.kwock@jpmorgan.com Alvin Kwock is J.P. Morgans Asian Head of Technology Hardware, specifically focusing on PC/Handset/Components and China technology. His team coverage includes Lenovo, ZTE, HTC, Hon Hai and Mediatek. He has been top 3 rated in the Institutional Investors Poll as a team member in 2004, 2005, 2006 and 2008, and as a team leader in 2010 and 2011. His research in technology and semiconductor also earned him individual accolades in Financial Times/Starmine and Asiamoney. Alvin holds a MA in Social Science and a BA in Economics from the University of Chicago. Sean Wu Healthcare (852) 2800-8538, sean.wu@jpmorgan.com Sean Wu covers Greater China Healthcare. Prior to joining J.P. Morgan in September 2011, Sean worked for three years at Morgan Stanley Asia Limited in Hong Kong and Shanghai as a member of the China healthcare research team ranked No.1 by the Institutional Investors survey for three years in a row. Before relocating back to China in August 2008, he covered the US biotechnology industry in New York for several years. Sean has an MBA from the University of Chicago, a Ph.D. from New York University and a BS from Fudan University.

Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 04 July 2013

Karen Li, CFA Infrastructure & Industrial (852) 2800 8589, karen.yy.li@jpmorgan.com Karen Li is J.P. Morgans Regional Head of Infrastructure and of Industrial. Karen was ranked #2 in the 2013 Asia Institutional Investor Survey, for the third year in a row. Under her leadership, the J.P. Morgan Industrial team was also rated #4(RU) in the 2013 Asia Institutional Investor Survey. She was previously part of J.P. Morgans utility & infrastructure team that earned a runner-up position in the Institutional Investor Survey during 2009-2010, and part of J.P. Morgans Regional Small-Mid cap team that earned top two places in the Institutional Investor Survey during 20062008. Karen joined J.P. Morgan in August 2005, after spending two years at Goldman Sachs, Japan. Karen has an MBA from Harvard Business School and holds the CFA charter. She began her career in equities in 1998, and progressed to manage equity funds at Capital Securities. Kenneth Fong, CFA Leisure and Gaming (852) 2800-8597, kenneth.kc.fong@jpmorgan.com Kenneth Fong is part of Asia Conglomerate, Gaming & Lodging Team with a special focus on Macau Gaming and Lodging names. Before joining J.P. Morgan in July 2010, Kenneth worked in Nomura/Lehman equity research for three years. He received a runner-up ranking in Institutional Investor Gaming and Lodging space in 2010 and he was a member of the No.3-ranked Asia Conglomerate Team in the same year. Kenneth received an MBA from Columbia University and is a CPA and CFA holder. Daniel Kang Metals and Mining (852) 2800 8570, daniel.kang@jpmorgan.com Daniel joined J.P. Morgan in mid-2011 as the Regional Head of Metals and Mining equity research. Prior to J.P. Morgan, Daniel spent nearly five years at HSBC in the same role, where he led the Materials team to a 5th ranked position in the 2010 Asia Money survey. Before this, Daniel was at Deutsche Bank in Sydney for seven years covering Basic Industrials, where he was consistently rated in the top-3 in Steel and top-5 in Conglomerates by the Peter Lee domestic institutional surveys. In total, Daniel has over 17 years of experience as an equity research analyst, commencing his career in 1994 with County NatWest (now Citigroup). Daniel has a Masters in Finance from Macquarie University and a Bachelors degree in Commerce from the University of Sydney. Scott Darling Oils (852) 2800 8578, scott.l.darling@jpmorgan.com Scott Darling joined J.P. Morgan in May 2013 as Head of Regional Oil & Gas Asia Pacific. Scott's previous work experience includes Barclays in Hong Kong and three years with Nomura in Dubai where he was responsible for establishing equity research in the Middle East and leading coverage of Middle East oil and gas, petrochemicals and power and transport sectors. Before that, Scott worked in Lehman Brothers European Oils equity research team, which was ranked No.1 in European Institutional Investor (2003-08). Scott started his career at ExxonMobil, where he spent six years in a variety of roles in chemicals and natural gas marketing. He has a degree and PhD in Chemistry. Samuel Lee, CFA Regional Petrochemicals and Refining (852) 2800-8536, samuel.sw.lee@jpmorgan.com Samuel joined JPMorgan in May 2007, having previously covered Korean and Taiwanese Petrochemical companies at HSBC. He has a degree in Chemical Engineering, an MSc in Biotechnology and an MBA from INSEAD. His previous work experiences include seven years at BP, dealing with the various facets of the Asian petrochemical business and a stint at CLP Holdings, working on alternative energy projects and emissions trading schemes.

Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 04 July 2013

Boris Kan Power Utilities and Equipment (852) 2800 8573, boris.cw.kan@jpmorgan.com Boris Kan is the Regional Head of Utilities and Power Equipment Research for J.P. Morgan. He has been with J.P. Morgan since 2005 and his direct coverage includes China power, gas and water utilities as well as power equipment producers. Prior to joining J.P. Morgan, Boris had several years of experience in auditing and corporate finance in International accounting firms. He holds an MBA degree and is a member of the Hong Kong Institute of Certified Public Accountants. Robert Smith Asia Pacific Quantitative Strategy (852) 2800 8569, robert.z.smith@jpmorgan.com Robert joined J.P. Morgans Equity Quantitative Research team in July 2007 and focuses on Asia Pacific and GEM markets. This team has ranked 1st in the Institutional Investor broker polls for Quantitative Research in 2008, 2010 & 2011. Prior to joining J.P. Morgan, he completed his PhD in Computer Science (QUT) with research areas including trading automation and machine learning. After a B.Ec., majoring in Actuarial Studies from Macquarie University, Robert worked for five years as an Actuarial Analyst with Towers Perrin, and for two years in Structured Finance with the Commonwealth Bank of Australia. He also holds a Masters in IT, majoring in Software Engineering, and a Post Graduate Diploma in Applied Finance and Investing. JJ Park Regional Head of Semiconductors (822) 758 5717, jj.park@jpmorgan.com JJ Park a Managing Director and the regional head of semiconductors (Memory, Foundry, TFT-LCD, and Solar) at J.P. Morgan. He joined J.P. Morgan in August 2002 as a technology analyst after spending two years with ING-Baring Securities and GoodMorning Securities, covering semiconductor companies. Previously, he spent six years as an IR manager and memory marketing manager at Hynix Semiconductor. His coverage includes Samsung Electronics, LG Electronics, and LG Display, while looking after the regional upstream technology across the board. He was ranked the No. 1 Korea technology analyst by Institutional Investor from 2006 to 2011 and No. 3 (No. 2 in 2009) in technology-regional semiconductor as well as hardware by Institutional Investor from 2007 to 2009. Also, he was one of the best tech analysts in semiconductor (No. 1) and hardware, adjudged by Asia Money (the second-best Korean analyst across sectors) in 2008. Leon Chik, CFA SMID Caps (852) 2800 8590, leon.hk.chik@jpmorgan.com Leon Chik joined J.P. Morgan in September 2009 as a Small/Mid Cap (SMID Cap) and analyst, focusing on the Hong Kong/China region and is currently responsible for SMID Caps, spanning a variety of sectors with a particular focus on healthcare and industrial stocks. Prior to J.P. Morgan, he worked on the sell-side at Bear Stearns, covering regional SMID Caps and Healthcare and at HSBC covering Hong Kong/China SMID Caps. He is also a CFA holder and a Chartered Accountant, and had been an audit manager for PriceWaterhouseCoopers. Leon was ranked number one for China Small & Mid Capitalization stocks by Institutional Investors in 2011 and was ranked second for Regional small caps by Extel in 2010. He has more than 14 years of experience in equity research in Asia and over five years experience in audit and accounting. He received his Bachelor of Commerce degree with specialization in accounting from the University of British Columbia.

Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 04 July 2013

James Sullivan, CFA Telecommunications (65) 6882 2374, james.r.sullivan@jpmorgan.com James currently serves as the Head of Asia Telecom Research and Head of Singapore Research for J.P. Morgan, based in Singapore. His fundamental research has been recognized through top tier rankings in II, while his stock picking abilities have been recognized by top tier rankings in the Asian Wall Street Journals Best on the Street. He has been covering emerging markets since 1996, and has been based in Asia since 1998. Prior to joining J.P. Morgan, he managed investment portfolios focused on the Asian telecom, media, and internet sectors for eight years at Citadel Investment Group, Oaktree Capital, and Millennium Partners based in Hong Kong and Singapore. James has also provided consulting services to Starhub, a listed Singapore Telecom/Pay TV operator and Kong.com, a listed Chinese Internet company. Prior to his move to the buy side, he covered regional telecom and media names for Credit Suisse First Boston for four years, based in Bangkok. His first role based in Asia involved private equity advisory in ASEAN. Post University he spent four years with IBM, serving as a Global Account Manager in the IBM Telecom & Media Group, covering Time Warner, based in New York. He was also involved in IBMs efforts in emerging-market trade finance and internet strategy consulting. James received an MBA from the Fuqua School of Business at Duke University and a Bachelor of Arts degree, summa cum laude, in Political Science from Marist College. He has been a guest lecturer for Duke University and the Hong Kong University of Science and Technology. Corrine Png Transportation (65) 6882 1514, corrine.ht.png@jpmorgan.com Corrine Png joined J.P. Morgan Asia Pacific Equity Research in 2008 as Head of Regional Transportation Research and has primary coverage responsibility of regional airlines, aerospace, shipping and logistics sectors in Asia. She is also the coordinator for J.P. Morgan's Logistics Ecosystem research. She led the J.P. Morgan Transportation research team to the runner-up position, from eleventh place previously, in the 2009, 2010, 2011 and 2012 Institutional Investor surveys. Her team was also ranked 1st in 2010 and 2nd in 2009 from 8th position in 2008 in the Asia Pacific Extel surveys. Corrine was ranked top 3 by Starmine for her stock calls in 2006, 2007 and 2010. Prior to J.P. Morgan, Corrine was with Citi Investment Research from 2003 to 2008, where she covered the regional airlines, airports and service providers. She was part of the regional transportation research team that earned first place in the Institutional Investor, Extel and Asiamoney surveys in 2007. Corrine joined the equity research industry as a trainee analyst supporting the regional aviation research team at HSBC Securities from 2001 to 2003 before moving to Citi. She graduated from the National University of Singapore with a Bachelor of Social Sciences (Honours) degree in Economics. Corrine speaks English, Chinese, French and Japanese.

Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 04 July 2013

Country Strategists/
Heads of Research
Listed alphabetically by country. Paul Brunker Australia, Equity Strategy (61 2) 9003 8641, paul.m.brunker@jpmorgan.com Paul Brunker has been with JPMorgan Australia since 2001 when he took up the role of Head of Equity Research. He moved to become Equity Strategist in February 2008. Prior to relocating to Australia, Paul was Senior European Strategist for Robert Fleming in London and subsequently Head of European Research. Before joining Fleming, he was an Investment Strategist for the asset management division of Standard Chartered Bank. Paul holds a Master's in Economics from the University of London and graduated from Oxford University. Bharat Iyer India (91 22) 6157 3600, bharat.x.iyer@jpmorgan.com Bharat joined JPMorgan in early 2006 and serves as strategist and head of India research. He also covers the Automobile sector. Prior to joining JPMorgan, Bharat worked at Citigroup Global Markets for five years as an Analyst, covering the Automobile, Engineering and Capital goods, Utilities and Transportation sectors, and at UBS Warburg for four years as an Analyst, responsible for India Equity Strategy and coverage of the Automobile and Capital goods sectors. Bharat has been ranked amongst the top analysts for India in surveys conducted by Asia Money, II and Business Today. He earned an MBA from the University of Poona and a BS in physics and mathematics from Bombay University. Aditya Srinath, CFA Indonesia (62 21) 5291 8573, aditya.s.srinath@jpmorgan.com Aditya Srinath covers Indonesian autos, financials and country strategy, and has headed J.P. Morgans Indonesia Research effort since July 2008. His career as an equity analyst includes several years covering Indian stocks and a subsequent stint in Oman tracking Middle Eastern equities before moving to Indonesia in late-2004 and joining J.P. Morgans Jakarta office in May 2007. Aditya graduated in engineering from the Indian Institute of Technology (Madras) in India and spent a year working in the steel industry before completing his MBA from the Indian Institute of Management (Bangalore) and joining the securities industry. Hoy Kit Mak Malaysia (60 3) 2270 4728, hoykit.mak@jpmorgan.com Mak is Head of Research for JPMorgan Securities (Malaysia) Sdn. Bhd. and is in charge of Malaysia strategy. He is also covering Malaysian construction, infrastructure, and oil & gas. He has covered the Malaysian equity market for more than 13 years on the sell side. Before joining J.P. Morgan, Mak was attached to BNP Paribas in Malaysia as Associate Director for six years and prior to that, he worked with AmResearch as a Senior Investment Analyst. Mak holds a Masters in Economics from Universiti Malaya, and received his undergraduate degree from Curtin University, Australia, with a B. of Commerce (majoring in Finance & Marketing).

Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 04 July 2013

Jeanette Yutan Philippines (63-2) 878-1188, jeanette.g.yutan@jpmorgan.com Jeanette joined J.P. Morgan in 2006 as the Philippine conglomerates, consumer, and small caps analyst. She re-joined the firm in October 2009 after a short break to resume her coverage of Philippine conglomerates and consumer. Prior to joining J.P. Morgan, Jeanette spent two-and-a half years as an analyst at Deutsche Regis Philippines and four years at Singapore Technologies-owned Securities 2000. She also worked as a buyside analyst at Target Asset Management in Singapore. Jeanette holds a double degree in B.A. Economics and B.S. Commerce from De La Salle University. James Sullivan, CFA Singapore, ASEAN & Frontier Markets (65) 6882 2374, james.r.sullivan@jpmorgan.com James currently serves as the Head of Asia Telecom Research and Head of Singapore Research for J.P. Morgan, based in Singapore. His fundamental research has been recognized through top tier rankings in II, while his stock picking abilities have been recognized by top tier rankings in the Asian Wall Street Journals Best on the Street. He has been covering emerging markets since 1996, and has been based in Asia since 1998. Prior to joining J.P. Morgan, he managed investment portfolios focused on the Asian telecom, media, and internet sectors for eight years at Citadel Investment Group, Oaktree Capital, and Millennium Partners based in Hong Kong and Singapore. James has also provided consulting services to Starhub, a listed Singapore Telecom/Pay TV operator and Kong.com, a listed Chinese Internet company. Prior to his move to the buy side, he covered regional telecom and media names for Credit Suisse First Boston for four years, based in Bangkok. His first role based in Asia involved private equity advisory in ASEAN. Post University he spent four years with IBM, serving as a Global Account Manager in the IBM Telecom & Media Group, covering Time Warner, based in New York. He was also involved in IBMs efforts in emerging-market trade finance and internet strategy consulting. James received an MBA from the Fuqua School of Business at Duke University and a Bachelor of Arts degree, summa cum laude, in Political Science from Marist College. He has been a guest lecturer for Duke University and the Hong Kong University of Science and Technology. Scott Seo South Korea (82 2) 758 5759, scott.seo@jpmorgan.com Scott Seo is Head of Equity Research for Korea in addition to being J.P.Morgan's banks analyst and strategist for the country. Scott joined J.P.Morgan in April 2001, having spent more than 10 years in the securities industry. Prior to joining the company, he has been Korean banks analyst for Deutsche Morgan Grenfell and ABN Amro, based in Korea. He has been consistently rated among the top three Korean banks analysts for the past three yeas in Asiamoney investor poll. He received a BA in Business Administration from Sogang University in Seoul Alvin Kwock Taiwan (852) 2800 8533, alvin.yl.kwock@jpmorgan.com Alvin Kwock is J.P. Morgans Asian Head of Technology Hardware, specifically focusing on PC/Handset/Components and China technology. His team coverage includes Lenovo, ZTE, HTC, Hon Hai and Mediatek. He has been top 3 rated in the Institutional Investors Poll as a team member in 2004, 2005, 2006 and 2008, and as a team leader in 2010 and 2011. His research in technology and semiconductor also earned him individual accolades in Financial Times/Starmine and Asiamoney. Alvin holds a MA in Social Science and a BA in Economics from the University of Chicago. Anne Jirajariyavech Thailand (66-2) 684-2684, anne.x.jirajariyavech@jpmorgan.com Anne Jirajariyavech joined J.P. Morgan in June 2006 in Bangkok from KGI Securities Thailand. Her career as an equity analyst started in 2002. She has spent approximately ten years covering Thai banks. In 2008, she added Thailands residential sector to her coverage. Prior to that, Anne was employed by large conglomerates, e.g. The Shell Company of Thailand, as a financial analyst. Anne graduated in Master of Science in Finance from Thammasat University in Bangkok in 2000.
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Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 04 July 2013

Analysts by Market
Listed alphabetically by markets.
Australia Rob Stanton Country Head Anasuya Sarma Anthony Passe-de Silva Armina Soemino Ben Jarman Ben Wilson Berowne Hlavaty Bharat Anand Carolyn Holmes Cheryl Ng Christopher Laybutt Daniel Butcher Garry Sherriff Ismar Tuzovic James Eustace Jarrod McDonald Jason Steed Joseph Kim Keith Chau Luke Nelson Lyndon Fagan Mark Busuttil Matthew Ryan Olivia Bible Paul Brunker Peter Kopinsky Richard Jones, CFA Richard Szabo Russell Gill Scott Manning Scott Molloy Shaun Cousins Siddharth Parameswaran Stephen Blagg Stephen Walters Steven Wheen Stuart Jackson, CFA Thomas Beadle Tom Kennedy Uma Joshi Hong Kong/China Sunil Garg Country Head (China) Adrian Mowat Country Head (HK) Ajay Mirchandani Alex Yao Alvin Kwock Amy Luk, CFA Andrew Hsu Boris Kan Chapman Deng, CFA Chi Chu Tschang Christopher Ma Corrine Png Daisy Lu Daniel Kang Ebru Sener Kurumlu Elaine Wu Evan Zhou Gokul Hariharan Grace Ng Haibin Zhu Haoshun Liu Property Trusts Healthcare Property Developers & Contractors Emerging Companies Economy Energy Quantitative Research Banks Transport, Infrastructure & ESG Equity Strategy Utilities & Building Materials Energy Emerging Companies Diversified Financials Quantitative Research Media Utilities, Building Materials & Steel Resources Utilities & Building Materials Resources Resources Resources Gaming Transport, Infrastructure & ESG Equity Strategy / Telecommunications Australian REITs Property Trusts Food & Bev, Paper & Packaging, Chemicals Emerging Companies Banks Property Trusts Retailing Insurance Database Manager Economics Healthcare Food & Bev, Paper & Packaging, Chemicals Telecommunications / Media Economy Retailing Director of Asia-Pacific Equity Research Market Strategy Conglomerates & Marine Internet Technology (HK, Taiwan) Real Estate Small Caps Utilities Utilities and Infrastructure Tech hardware Quantitative Research Transportation Conglomerates & Multi-Industry Metals and Mining Consumer Utilities Internet Technology DRAM/ODM/Components/Semiconductors Senior Economist Chief China Economist Equity Derivatives (Asia) (61 2) 9003 8638 (61 2) 9003 8626 (61 2) 9003 8614 (61 2) 9003 8620 (61 2) 9003 7982 (61 2) 9003 8612 (61 2) 9003 8602 (61 2) 9003 8642 (61 2) 9003 8647 (61 2) 9003 8640 (61 2) 9003 8608 (61 2) 9003 8611 (61 2) 9003 8621 (61 2) 9003 8624 (61 2) 9003 8601 (61 2) 9003 8604 (61 2) 9003 8609 (61 2) 9003 8615 (61 2) 9003 8607 (61 2) 9003 8618 (61 2) 9003 8648 (61 2) 9003 8619 (61 2) 9003 8634 (612) 9003-8610 (61 2) 9003 8641 (61- 2) 9003-8636 (61 3) 9633 4038 (61 2) 9003 8630 (61 2) 9003 8625 (61 2) 9003 8643 (61 2) 9003 8635 (61 2) 9003 8623 (61 2) 9003 8629 (61 2) 9003 8637 (61 2) 9003 7980 (61 2) 9003 8627 (61 2) 9003 8631 (61 2) 9003 8603 (61 2) 9003 7981 (61 2) 9003 8628 (852) 2800 8518 (852) 2800 8599 (65) 6882 2419 (852) 2800 8535 (852) 2800 8533 (852) 2800 8524 (852) 2800 8572 (852) 2800 8573 (852) 2800 8577 (852) 2800-8537 (852) 2800 8530 (65) 6882 1514 (852) 2800-8593 (852) 2800 8570 (852) 2800 8521 (852) 2800 8575 (852) 2800 8505 (886 2) 2725 9869 (852) 2800 7002 (852) 2800 7039 (852) 2800 7736 rob.a.stanton@jpmorgan.com anasuya.sarma@jpmorgan.com anthony.g.passede.silva@jpmorgan.com armina.x.soemino@jpmorgan.com ben.k.jarman@jpmorgan.com benjamin.x.wilson@jpmorgan.com berowne.d.hlavaty@jpmorgan.com bharat.k.anand@jpmorgan.com carolyn.j.holmes@jpmorgan.com cheryl.ng@jpmorgan.com christopher.r.laybutt@jpmorgan.com daniel.butcher@jpmorgan.com garry.sherriff@jpmorgan.com ismar.tuzovic@jpmorgan.com james.eustace@jpmorgan.com jarrod.mcdonald@jpmorgan.com jason.h.steed@jpmorgan.com joseph.x.kim@jpmorgan.com keith.chau@jpmorgan.com luke.nelson@jpmorgan.com lyndon.fagan@jpmorgan.com mark.busuttil@jpmorgan.com matthew.h.ryan@jpmorgan.com olivia.bible@jpmorgan.com paul.m.brunker@jpmorgan.com peter.l.kopinsky@jpmorgan.com richard.b.jones@jpmorgan.com richard.x.szabo@jpmorgan.com russell.j.gill@jpmorgan.com scott.r.manning@jpmorgan.com scott.x.molloy@jpmorgan.com shaun.r.cousins@jpmorgan.com siddharth.x.parameswaran@jpmorgan.com stephen.j.blagg@jpmorgan.com stephen.b.walters@jpmorgan.com steven.d.wheen@jpmorgan.com stuart.a.jackson@jpmorgan.com thomas.g.beadle@jpmorgan.com tom.kennedy@jpmorgan.com uma.x.joshi@jpmorgan.com sunil.garg@jpmorgan.com adrian.mowat@jpmorgan.com ajay.mirchandani@jpmorgan.com alex.c.yao@jpmorgan.com alvin.yl.kwock@jpmorgan.com amy.kp.luk@jpmorgan.com andrew.tj.hsu@jpmorgan.com boris.cw.kan@jpmorgan.com chapman.zw.deng@jpmorgan.com chi-chu.tschang@jpmorgan.com christopher.x.ma@jpmorgan.com corrine.ht.png@jpmorgan.com daisy.y.lu@jpmorgan.com Daniel.kang@jpmorgan.com ebru.sener@jpmorgan.com elaine.wu@jpmorgan.com evan.z.zhou@jpmorgan.com gokul.hariharan@jpmorgan.com grace.h.ng@jpmorgan.com haibin.zhu@jpmorgan.com haoshun.liu@jpmorgan.com

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Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 04 July 2013

Hong Kong/China Harsh Modi Helen Ye Henry Tan James Sullivan, CFA Jesse Leiter Joanne Cheung Josh Klaczek Joy Wu Karen Li, CFA Katherine Lei Kenneth Fong, CFA Leo Ng Leon Chik, CFA Lu Jiang Lucia Kwong, CFA Lucy Liu Michael Yu, CFA Michelle Wei, CFA MW Kim Nick Lai Qin Zhang, CFA Robert Smith Ryan Li, CFA Scott Darling Sean Wu Shen Li, CFA Sophie Tan Sue Lee Tony Lee Waiyin Karen Li, CFA William Chen India Bharat Iyer Country Head Aditya Makharia Bijay Kumar, CFA Deepika Mundra Dinesh Harchandani, CFA Gunjan Prithyani Haoshun Liu Jahangir Aziz Latika Chopra, CFA Neha Manpuria Neil Gupte Pankaj Gupta Pinakin Parekh, CFA Rajiv Batra Sajjid Chinoy Samuel Lee, CFA Sanaya Tavaria Saurabh Kumar Seshadri Sen, CFA Sue Lee Sumit Kishore Tony Lee Viju George Indonesia Aditya Srinath, CFA Country Head Indra Cahya Haoshun Liu James Sullivan, CFA Jovent Giovanny Princy Singh Sin Beng Ong Stevanus Juanda Sue Lee Tony Lee

Banks Banks Consumer Telecoms Asia Equity Research Merchandising HK Strategy, Conglomerates (HK) Banks & Finance Banks & Finance Utilities and Infrastructure Banks & Financial Services Conglomerates Property SMID Caps Emerging Markets Asia, Economic and Policy Research Real Estate Telecoms Strategy Telecoms Insurance Autos & Oil, Healthcare Technology Hardware Quantitative Research (Asia) Real Estate Oil and Gas Healthcare Consumer Oil and Gas Equity Derivatives (Asia) Equity Derivatives (Asia) Metals and Mining Technology, Hardware Equity Strategy, Autos Auto Components & Logistics, Auto Strategy Power, Engineering SMID Caps Real Estate, Strategy Equity Derivatives (Asia) Economics Consumer, Retail, Media Metals, Building Materials Energy, Chemicals Equity Derivatives (Asia) Metals, Building Materials Regional Strategy Economics Petrochemicals (Regional, India, Korea) Market Strategy Real Estate Financials Equity Derivatives (Asia) Power, Engineering Equity Derivatives (Asia) Technology, Software & IT services

(65) 6882 2450 (852) 2800 8513 (852) 2800-8559 (65) 6882 2374 (852) 2800 8519 (852) 2800 8596 (852) 2800-8534 (852) 2800 8557 (852) 2800 8589 (852) 2800-8552 (852) 2800 8597 (852) 2800-8522 (852) 2800 8590 (852) 2800-7053 (852) 2800 8526 (852) 2800 8566 (852) 2800 8511 (852) 2800 8562 (852) 2800-8517 (886 2) 2725 9864 (852) 2800-8567 (852) 2800 8569 (852) 2800 8529 (852) 2800 8578 (852) 2800-8538 (852) 2800 8523 (852) 2800 8531 (852) 2800 7898 (852) 2800 8857 (852) 2800-8561 (886 2) 2725 9871 (91 22) 6157 3600 (91 22) 6157 3596 (91 22) 6157 3586 (91 22) 6157 3582 (91 22) 6157 3583 (91 22) 6157 3593 (852) 2800 7736 (91 22) 6157 3385 (91 22) 6157 3584 (91 22) 6157 3589 (91 22) 6157 3592 (91 22) 6157-3296 (91 22) 6157 3588 (91 22) 6157 3568 (91 22) 6157 3386 (852) 2800 8536 (1212) 622 5469 (91 22) 6157 3590 (91 22) 6157 3575 (852) 2800 7898 (91 22) 6157 3581 (852) 2800 8857 (91 22) 6157 3597

harsh.w.modi@jpmorgan.com helen.zj.ye@jpmorgan.com henry.wd.tan@jpmorgan.com james.r.sullivan@jpmorgan.com jesse.leiter@jpmorgan.com joanne.cy.cheung@jpmorgan.com josh.klaczek@jpmorgan.com joy.wu@jpmorgan.com karen.yy.li@jpmorgan.com katherine.lei@jpmorgan.com kenneth.kc.fong@jpmorgan.com leo.ng@jpmorgan.com leon.hk.chik@jpmorgan.com lu.l.jiang@jpmorgan.com lucia.yk.kwong@jpmorgan.com lucy.y.liu@jpmorgan.com michael.yu@jpmorgan.com michelle.z.wei@jpmorgan.com mw.kim@jpmorgan.com nick.yc.lai@jpmorgan.com qin.zhang@jpmorgan.com robert.z.smith@jpmorgan.com ryan.lh.li@jpmorgan.com scott.l.darling@jpmorgan.com sean.wu@jpmorgan.com shen.w.li@jpmorgan.com sophie.lm.tan@jpmorgan.com sue.sj.lee@jpmorgan.com tony.sk.lee@jpmorgan.com waiyin.karen.li@jpmorgan.com william.chen@jpmorgan.com bharat.x.iyer@jpmorgan.com aditya.s.makharia@jpmorgan.com bijay.kumar@jpmorgan.com deepika.mundra@jpmorgan.com dinesh.x.harchandani@jpmorgan.com gunjan.x.prithyani@jpmorgan.com haoshun.liu@jpmorgan.com jahangir.x.aziz@jpmorgan.com latika.chopra@jpmorgan.com neha.x.manpuria@jpmorgan.com neil.x.gupte@jpmorgan.com pankaj.gupta2@jpmorgan.com pinakin.m.parekh@jpmorgan.com rajiv.j.batra@jpmorgan.com sajjid.z.chinoy@jpmorgan.com samuel.sw.lee@jpmorgan.com sanaya.x.tavaria@jpmorgan.com saurabh.s.kumar@jpmorgan.com seshadri.k.sen@jpmorgan.com sue.sj.lee@jpmorgan.com sumit.x.kishore@jpmorgan.com tony.sk.lee@jpmorgan.com viju.k.george@jpmorgan.com

Banks, Conglomerates, Equity Strategy Strategy, Financials and Autos Equity Derivatives (Asia) Telecommunications Banks Telecommunications Economics Consumer, Retailing, Metals & mining Equity Derivatives (Asia) Equity Derivatives (Asia)

(62 21) 5291 8573 (62 21) 5291-8575 (852) 2800 7736 (65) 6882 2374 (62-21) 5291-8584 (65) 6882 2746 (65) 6882 1623 (62 21) 5291 8574 (852) 2800 7898 (852) 2800 8857

aditya.s.srinath@jpmorgan.com indra.cahya@jpmorgan.com haoshun.liu@jpmorgan.com james.r.sullivan@jpmorgan.com jovent.giovanny@jpmorgan.com princy.singh@jpmorgan.com sinbeng.ong@jpmorgan.com stevanus.x.juanda@jpmorgan.com sue.sj.lee@jpmorgan.com tony.sk.lee@jpmorgan.com

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Japan Jesper Koll Country Head Akira Kishimoto Chigusa Inoue Dairo Murata Dan Lu Haruka Mori Hirokazu Anai Hisashi Moriyama Hitoshi Hosoya Ken Starling Kohei Takahashi Makoto Kuroda Masaaki Kanno Masamichi Adachi Masashi Itaya Masayuki Onozuka Michiro Naito Miwako Nakamura Natsumu Tsujino, CFA Ritsuko Tsunoda Ryoko Suzuki Toru Nakahashi Yuji Nishiyama Yumi Tanaka Yusuke Maeda Malaysia Hoy Kit Mak Country Head Aditya Srinath, CFA Harsh Modi Haoshun Liu James Sullivan, CFA Simone Yeoh Sin Beng Ong Sin Fee Wong Princy Singh Sue Lee Tony Lee Ying-Jian Chan, CFA Philippines Jeanette Yutan Country Head Aditya Srinath, CFA Ajay Mirchandani Corrine Png Haoshun Liu Harsh Modi James Sullivan, CFA Matt Hildebrandt Princy Singh Sue Lee Tony Lee Singapore James Sullivan, CFA Country Head Ajay Mirchandani Benjamin Shatil Choon Keong Ong Corrine Png David Fernandez Haoshun Liu Harsh Modi Joy Wang Matt Hildebrandt Princy Singh Sue Lee Tony Lee Ying-Jian Chan, CFA

Director of Japan Equity Research Metal & Mining, Trading Companies Food, Toiletry Retailing Machinery Media, Games & Leisure Construction/Housing, Real Estate Precision Instruments Telecommunications & Transportation Auto & Auto Parts Auto & Auto Parts Banks, Insurance, Brokers & Specialty Finance Economics Economics Components Pharmaceuticals & Health care Equity Derivatives Strategy Economics Banks, Insurance, Brokers & Specialty Finance Food, Toiletry Banks, Insurance, Brokers & Specialty Finance Machinery Chemicals, Energy Components Media, Games & Leisure Construction/Infrastructure, Equity Strategy, Oil services & equipment Equity Strategy Banks Equity Derivatives (Asia) Telecommunications Property and Utilities Economics Plantations and Property Telecommunications Equity Derivatives (Asia) Equity Derivatives (Asia) plantations Consumer, Conglomerates, Equity Strategy, Infrastructure, SMID Equity Strategy Utilities Transportation Equity Derivatives (Asia) Banks Telecommunications Economics Telecommunications Equity Derivatives (Asia) Equity Derivatives (Asia)

(813) 6736 8600 (813) 6736 8646 (813) 6736 8604 (813) 6736 8620 (813) 6736 8628 (81-3) 6736-8632 (813) 6736 8662 (813) 6736 8601 (813) 6736 8631 (813) 6736 8625 (813) 6736 8621 (813) 6736 8643 (813) 6736 1166 (813) 6736 1172 (813) 6736 8633 (813) 6736 8615 (813) 6736 1352 (813) 6736 1167 (813) 6736 8618 (813) 6736-8627 (813) 6736 8619 (813) 6736-8644 (81-3) 6736-8617 (813) 6736 8603 (813) 6736 8654

jesper.j.koll@jpmorgan.com akira.x.kishimoto@jpmorgan.com chigusa.inoue@jpmorgan.com dairo.murata@jpmorgan.com dan.lu@jpmorgan.com haruka.mori@jpmorgan.com hirokazu.x.anai@jpmorgan.com hisashi.moriyama@jpmorgan.com hitoshi.x.hosoya@jpmorgan.com ken.starling@jpmorgan.com kohei.x.takahashi@jpmorgan.com makoto.kuroda@jpmorgan.com masaaki.kanno@jpmorgan.com masamichi.x.adachi@jpmorgan.com masashi.itaya@jpmorgan.com masayuki.x.onozuka@jpmorgan.com michiro.naito@jpmorgan.com miwako.nakamura@jpmorgan.com natsumu.tsujino@jpmorgan.com ritsuko.tsunoda@jpmorgan.com ryoko.suzuki@jpmorgan.com toru.nakahashi@jpmorgan.com yuji.nishiyama@jpmorgan.com yumi.tanaka@jpmorgan.com yusuke.x.maeda@jpmorgan.com

(603) 2270 4728 (62 21) 5291 8573 (65) 6882 2450 (852) 2800 7736 (65) 6882 2374 (603) 2270 4710 (65) 6882 1623 (60-3) 2270-4749 (65) 6882 2746 (852) 2800 7898 (852) 2800 8857 (65) 6882 2378 (632) 878 1188 (62 21) 5291 8573 (65) 6882 2419 (65) 6882 1514 (852) 2800 7736 (65) 6882 2450 (65) 6882 2374 (65) 6882 2253 (65) 6882 2746 (852) 2800 7898 (852) 2800 8857

hoykit.mak@jpmorgan.com aditya.s.srinath@jpmorgan.com harsh.w.modi@jpmorgan.com haoshun.liu@jpmorgan.com james.r.sullivan@jpmorgan.com simone.x.yeoh@jpmorgan.com sinbeng.ong@jpmorgan.com sin.f.wong@jpmorgan.com princy.singh@jpmorgan.com sue.sj.lee@jpmorgan.com tony.sk.lee@jpmorgan.com ying.jian.yj.chan@jpmorgan.com jeanette.g.yutan@jpmorgan.com aditya.s.srinath@jpmorgan.com ajay.mirchandani@jpmorgan.com corrine.ht.png@jpmorgan.com haoshun.liu@jpmorgan.com harsh.w.modi@jpmorgan.com james.r.sullivan@jpmorgan.com matt.l.hildebrandt@jpmorgan.com princy.singh@jpmorgan.com sue.sj.lee@jpmorgan.com tony.sk.lee@jpmorgan.com

Equity Strategy, Telecommunications Conglomerates & Marine Emerging Markets Asia, Economic and Policy Research Strategy & Property Regional Airline & Transportation Economics Equity Derivatives (Asia) Banks Property & Media Economics Telecommunications Equity Derivatives (Asia) Equity Derivatives (Asia) Consumer, Food, Beverage, Industrials, Machinery, Transportation

(65) 6882 2374 (65) 6882 2419 (65) 6882-2311 (65) 6882 2354 (65) 6882 1514 (65) 6882 2461 (852) 2800 7736 (65) 6882 2450 (65) 6882 2312 (65) 6882 2253 (65) 6882 2746 (852) 2800 7898 (852) 2800 8857 (65) 6882 2378

james.r.sullivan@jpmorgan.com ajay.mirchandani@jpmorgan.com benjamin.shatil@jpmorgan.com choonkeong.ong@jpmorgan.com corrine.ht.png@jpmorgan.com david.g.fernandez@jpmorgan.com haoshun.liu@jpmorgan.com harsh.w.modi@jpmorgan.com joy.qq.wang@jpmorgan.com matt.l.hildebrandt@jpmorgan.com princy.singh@jpmorgan.com sue.sj.lee@jpmorgan.com tony.sk.lee@jpmorgan.com ying.jian.yj.chan@jpmorgan.com

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Asia Pacific Equity Research 04 July 2013

South Korea Scott Seo Country Head Akira Kishimoto Corrine Png Gonsuk Lee Helaine Kang Jay Kwon Haoshun Liu Jiwon Lim JJ Park Min Joo Kang Minsung Lee MW Kim Sally Yoo Samuel Lee, CFA Sokje Lee Sue Lee Tony Lee Wan Sun Park Youna Kim Young Kwon Kim Taiwan Alvin Kwock Country Head Caren Huang Corrine Png Ebru Sener Kurumlu Haoshun Liu Jemmy Huang JJ Park Narci Chang James Wang Samuel Lee, CFA Sophie Chiu Sue Lee Tony Lee Thailand Anne Jirajariyavech Country Head Aditya Srinath, CFA Avin Sony Haoshun Liu James Sullivan, CFA Kae Pornpunnarath, CFA Kositsrikunakorn Kanlaya Princy Singh Sin Beng Ong Sue Lee Tony Lee

Equity Strategy, Banks Metal & Mining, Trading Companies Transportation Consumer, Utilities Technology Hardware, Consumer Goods Technology Semiconductors Equity Derivatives (Asia) Economics Technology Semiconductors Emerging Markets Asia, Economic and Policy Research Korean shipbuilding & NE Asian E&C Insurance Consumer Petrochemicals (Regional, India, Korea) Korean shipbuilding & NE Asian E&C Equity Derivatives (Asia) Equity Derivatives (Asia) Automobiles, Steel & Machinery Conglomerates & Multi-industry, Consumer, Retailing Small Cap Banks & Diversified Financials Technology IC Design/NB Small Caps, Transportation Transportation (Regional Airlines) Retailing Equity Derivatives (Asia) Banks Technology Semiconductors Semiconductors Technology Hardware Petrochemicals Insurance Equity Derivatives (Asia) Equity Derivatives (Asia)

(822) 758 5759 (813) 6736 8646 (65) 6882 1514 (82 2) 758 5710 (822) 758 5712 (822) 758 5725 (852) 2800 7736 (822) 758 5509 (822) 758 5717 (822) 758-5512 (822) 758 5728 (852) 2800-8517 (82-2) 758-5383 (852) 2800 8536 (822) 758 5729 (852) 2800 7898 (852) 2800 8857 (822) 758 5722 (822) 758 5715 (82-2) 758 5733 (886 2) 2725 9866 (886 2) 2725 9872 (65) 6882 1514 (852) 2800 8521 (852) 2800 7736 (886-2) 2725-9870 (822) 758 5717 (886 2) 2725 9899 (886-2) 2725-9871 (852) 2800 8536 (886-2) 2725 9868 (852) 2800 7898 (852) 2800 8857

scott.seo@jpmorgan.com akira.x.kishimoto@jpmorgan.com corrine.ht.png@jpmorgan.com gonsuk.lee@jpmorgan.com helaine.kang@jpmorgan.com jay.h.kwon@jpmorgan.com haoshun.liu@jpmorgan.com jiwon.c.lim@jpmorgan.com jj.park@jpmorgan.com minjoo.kang@jpmorgan.com minsung.lee@jpmorgan.com mw.kim@jpmorgan.com sally.yoo@jpmorgan.com samuel.sw.lee@jpmorgan.com sokje.lee@jpmorgan.com sue.sj.lee@jpmorgan.com tony.sk.lee@jpmorgan.com wansun.c.park@jpmorgan.com youna.kim@jpmorgan.com yk.kim@jpmorgan.com alvin.yl.kwock@jpmorgan.com caren.huang@jpmorgan.com corrine.ht.png@jpmorgan.com ebru.sener@jpmorgan.com haoshun.liu@jpmorgan.com jemmy.s.huang@jpmorgan.com jj.park@jpmorgan.com narci.h.chang@jpmorgan.com james.p.wang@jpmorgan.com samuel.sw.lee@jpmorgan.com sophie.chiu@jpmorgan.com sue.sj.lee@jpmorgan.com tony.sk.lee@jpmorgan.com

Banks, Equity Strategy, Real Estate Equity Strategy Oil and gas, Petrochemicals, Utilities Equity Derivatives (Asia) Telecommunications SMID / Consumers Equity Strategy Telecommunications Economics Equity Derivatives (Asia) Equity Derivatives (Asia)

(662) 684 2684 (62 21) 5291 8573 (662) 684-2683 (852) 2800 7736 (65) 6882 2374 (66-2) 684-2679 (662) 684 2676 (65) 6882 2746 (65) 6882 1623 (852) 2800 7898 (852) 2800 8857

anne.x.jirajariyavech@jpmorgan.com aditya.s.srinath@jpmorgan.com avin.sony@jpmorgan.com haoshun.liu@jpmorgan.com james.r.sullivan@jpmorgan.com kae.pornpunnarath@jpmorgan.com kositsrikunakorn.kanlaya@jpmorgan.com princy.singh@jpmorgan.com sinbeng.ong@jpmorgan.com sue.sj.lee@jpmorgan.com tony.sk.lee@jpmorgan.com

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Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 04 July 2013

Analysts by Sector
Listed alphabetically by sectors.
Asia Equity Research Merchandising Jesse Leiter Autos & Auto Parts Nick Lai Team Head Aditya Makharia Aditya Srinath, CFA Indra Cahya Kae Pornpunnarath, CFA Ken Starling Kohei Takahashi Wan Sun Park Conglomerates & Multi-Industry Aditya Srinath, CFA Ajay Mirchandani Anthony Passe-de Silva Daisy Lu Jeanette Yutan Joanne Cheung Karen Li, CFA Kenneth Fong, CFA Leon Chik, CFA Simone Yeoh Sokje Lee Youna Kim Asia Pacific China, Taiwan India Indonesia Indonesia Thailand Japan Japan South Korea Indonesia Singapore, Philippines, China Australia China, Hong Kong Philippines China, Hong Kong China, Hong Kong Hong Kong China, Hong Kong Malaysia South Korea South Korea (852) 2800 8519 (886 2) 2725 9864 (91 22) 6157 3596 (62 21) 5291 8573 (62-21) 5291-8575 (662) 684-2679 (813) 6736 8625 (813) 6736 8621 (822) 758 5722 (62 21) 5291 8573 (65) 6882 2419 (61 2) 9003 8614 (852) 2800-8593 (632) 878 1188 (852) 2800 8596 (852) 2800 8589 (852) 2800 8597 (852) 2800 8590 (603) 2270 4710 (822) 758 5729 (822) 758 5715 (852) 2800 8521 (813) 6736 8604 (813) 6736 8620 (82-2) 758 5710 (822) 758 5712 (852) 2800-8559 (632) 878 1188 (65) 6882 2312 (66-2) 684-2679 (91 22) 6157 3584 (61 2) 9003 8630 (813) 6736-8627 (82-2) 758-5383 (61 2) 9003 8623 (852) 2800 8523 (622 1) 5291 8574 (61 2) 9003 8631 (61 2) 9003 8628 (65) 6882 2378 (822) 758 5715 (65) 6882 2461 (61 2) 9003 7982 (65) 6882-2311 (852) 2800 7002 (852) 2800 7039 (91 22) 6157 3385 (822) 758 5509 (852) 2800-7053 (813) 6736 1166 (813) 6736 1172 (65) 6882 2253 (822) 758-5512 (813) 6736 1167 jesse.leiter@jpmorgan.com nick.yc.lai@jpmorgan.com aditya.s.makharia@jpmorgan.com aditya.s.srinath@jpmorgan.com indra.cahya@jpmorgan.com kae.pornpunnarath@jpmorgan.com ken.starling@jpmorgan.com kohei.x.takahashi@jpmorgan.com wansun.c.park@jpmorgan.com aditya.s.srinath@jpmorgan.com ajay.mirchandani@jpmorgan.com anthony.g.passede.silva@jpmorgan.com daisy.y.lu@jpmorgan.com jeanette.g.yutan@jpmorgan.com joanne.cy.cheung@jpmorgan.com karen.yy.li@jpmorgan.com kenneth.kc.fong@jpmorgan.com leon.hk.chik@jpmorgan.com simone.x.yeoh@jpmorgan.com sokje.lee@jpmorgan.com youna.kim@jpmorgan.com ebru.sener@jpmorgan.com chigusa.inoue@jpmorgan.com dairo.murata@jpmorgan.com gonsuk.lee@jpmorgan.com helaine.kang@jpmorgan.com henry.wd.tan@jpmorgan.com jeanette.g.yutan@jpmorgan.com joy.qq.wang@jpmorgan.com kae.pornpunnarath@jpmorgan.com latika.chopra@jpmorgan.com richard.x.szabo@jpmorgan.com ritsuko.tsunoda@jpmorgan.com sally.yoo@jpmorgan.com shaun.r.cousins@jpmorgan.com shen.w.li@jpmorgan.com stevanus.x.juanda@jpmorgan.com stuart.a.jackson@jpmorgan.com uma.x.joshi@jpmorgan.com ying.jian.yj.chan@jpmorgan.com youna.kim@jpmorgan.com david.g.fernandez@jpmorgan.com ben.k.jarman@jpmorgan.com benjamin.shatil@jpmorgan.com grace.h.ng@jpmorgan.com Haibin.zhu@jpmorgan.com jahangir.x.aziz@jpmorgan.com jiwon.c.lim@jpmorgan.com lu.l.jiang@jpmorgan.com masaaki.kanno@jpmorgan.com masamichi.x.adachi@jpmorgan.com matt.l.hildebrandt@jpmorgan.com minjoo.kang@jpmorgan.com miwako.nakamura@jpmorgan.com

Consumer Goods, Food, Beverage, and Tobacco Ebru Sener Kurumlu Team Head China, Hong Kong, Taiwan Chigusa Inoue Japan Dairo Murata Japan Gonsuk Lee South Korea Helaine Kang South Korea Henry Tan China, Hong Kong Jeanette Yutan Philippines Joy Wang Singapore Kae Pornpunnarath, CFA Thailand Latika Chopra, CFA India Richard Szabo Australia Ritsuko Tsunoda Japan Sally Yoo South Korea Shaun Cousins Australia Shen Li, CFA China, Hong Kong Stevanus Juanda Indonesia Stuart Jackson, CFA Australia Uma Joshi Australia Ying-Jian Chan, CFA Singapore Youna Kim South Korea Economy David Fernandez Team Head Ben Jarman Benjamin Shatil Grace Ng Haibin Zhu Jahangir Aziz Jiwon Lim Lu Jiang Masaaki Kanno Masamichi Adachi Matt Hildebrandt Min Joo Kang Miwako Nakamura Head of Emerging Asia Economist for Australia, NZ Emerging Markets Asia, Economic and Policy Research Senior Economist for Greater China Chief China Economist Senior Economist for India, Pakistan, Sri Lanka Senior Economist for Korea Emerging Markets Asia, Economic and Policy Research Chief Economist for Japan Economist, Japan Economist Singapore, Philippines, Vietnam Emerging Markets Asia, Economic and Policy Research Economist, Japan

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Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 04 July 2013

Economy Sajjid Chinoy Sin Beng Ong Stephen Walters Tom Kennedy

Economist for India, Pakistan, Sri Lanka Senior Economist for Indo, Mal, Thai Economist, Australia Economist for Australia, NZ

(91 22) 6157 3386 (65) 6882 1623 (61 2) 9003 7980 (61 2) 9003 7981 (852) 2800 8857 (852) 2800 7736 (1 212) 272 1438 (813) 6736 1352 (91 22) 61573296 (852) 2800 7898 (852) 2800 8599 (62 21) 5291 8573 (662) 684 2684 (91 22) 6157 3600 (91 22) 6157 3586 (886 2) 2725 9872 (61 2) 9003 8640 (65) 6882 2354 (91 22) 6157 3593 (852) 2800 7736 (603) 2270 4728 (62 21) 5291-8575 (65) 6882 2374 (632) 878 1188 (813) 6736 8600 (852) 2800 8596 (662) 684 2676 (1 212) 272 1438 (852) 2800 8511 (61 2) 9003 8641 (91 22) 6157 3568 (1212) 622 5469 (822) 758 5759 (852) 2800 7898 (852) 2800 8857 (852) 2800-8534 (62 21) 5291 8573 (662) 684 2684 (61 2) 9003 8642 (65) 6882 2450 (852) 2800 8513 (62 21) 5291-8575 (61 2) 9003 8624 (886-2) 2725-9870 (62-21) 5291-8584 (852) 2800 8557 (852) 2800-8552 (813) 6736 8643 (813) 6736 8618 (813) 6736 8619 (61 2) 9003 8643 (822) 758 5759 (91 22) 6157 3575 (61 2) 9003 8629 (82-2) 758 5733

sajjid.z.chinoy@jpmorgan.com sinbeng.ong@jpmorgan.com stephen.b.walters@jpmorgan.com tom.kennedy@jpmorgan.com tony.sk.lee@jpmorgan.com haoshun.liu@jpmorgan.com marko.kolanovic@Jpmorgan.com michiro.naito@jpmorgan.com pankaj.gupta2@jpmorgan.com sue.sj.lee@jpmorgan.com adrian.mowat@jpmorgan.com aditya.s.srinath@jpmorgan.com anne.x.jirajariyavech@jpmorgan.com bharat.x.iyer@jpmorgan.com bijay.kumar@jpmorgan.com caren.huang@jpmorgan.com cheryl.ng@jpmorgan.com choonkeong.ong@jpmorgan.com gunjan.x.prithyani@jpmorgan.com haoshun.liu@jpmorgan.com hoykit.mak@jpmorgan.com indra.cahya@jpmorgan.com james.r.sullivan@jpmorgan.com jeanette.g.yutan@jpmorgan.com jesper.j.koll@jpmorgan.com joanne.cy.cheung@jpmorgan.com kositsrikunakorn.kanlaya@jpmorgan.com marko.kolanovic@Jpmorgan.com michael.yu@jpmorgan.com paul.m.brunker@jpmorgan.com rajiv.j.batra@jpmorgan.com sanaya.x.tavaria@jpmorgan.com scott.seo@jpmorgan.com sue.sj.lee@jpmorgan.com tony.sk.lee@jpmorgan.com josh.klaczek@jpmorgan.com aditya.s.srinath@jpmorgan.com anne.x.jirajariyavech@jpmorgan.com bharat.k.anand@jpmorgan.com harsh.w.modi@jpmorgan.com helen.zj.ye@jpmorgan.com indra.cahya@jpmorgan.com ismar.tuzovic@jpmorgan.com jemmy.s.huang@jpmorgan.com jovent.giovanny@jpmorgan.com joy.wu@jpmorgan.com katherine.lei@jpmorgan.com makoto.kuroda@jpmorgan.com natsumu.tsujino@jpmorgan.com ryoko.suzuki@jpmorgan.com scott.r.manning@jpmorgan.com scott.seo@jpmorgan.com seshadri.k.sen@jpmorgan.com siddharth.x.parameswaran@jpmorgan.com yk.kim@jpmorgan.com

Equity Derivatives Research and Delta One Strategy Tony Lee Team Head Asia Haoshun Liu Asia Marko Kolanovic Global Michiro Naito Japan Pankaj Gupta India Sue Lee Asia Equity Market Strategy Adrian Mowat Team Head Aditya Srinath, CFA Anne Jirajariyavech Bharat Iyer Bijay Kumar, CFA Caren Huang Cheryl Ng Choon Keong Ong Gunjan Prithyani Haoshun Liu Hoy Kit Mak Indra Cahya James Sullivan, CFA Jeanette Yutan Jesper Koll Joanne Cheung Kositsrikunakorn Kanlaya Marko Kolanovic Michael Yu, CFA Paul Brunker Rajiv Batra Sanaya Tavaria Scott Seo Sue Lee Tony Lee Financial Services Josh Klaczek Team Head Aditya Srinath, CFA Anne Jirajariyavech Bharat Anand Harsh Modi Helen Ye Indra Cahya Ismar Tuzovic Jemmy Huang Jovent Giovanny Joy Wu Katherine Lei Makoto Kuroda Natsumu Tsujino, CFA Ryoko Suzuki Scott Manning Scott Seo Seshadri Sen, CFA Siddharth Parameswaran Young Kwon Kim Regional Indonesia Thailand India India Taiwan Australia Singapore India Asia Malaysia Indonesia Singapore Philippines Japan Hong Kong Thailand Global China Australia Regional India South Korea Asia Asia Regional Indonesia Thailand Australia Hong Kong/China, ASEAN Hong Kong/China Indonesia Australia Taiwan Indonesia Hong Kong Hong Kong Japan Japan Japan Australia South Korea India Australia South Korea

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Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 04 July 2013

Healthcare, Pharmaceuticals Sean Wu Team Head Anasuya Sarma Masayuki Onozuka Stevanus Juanda Steven Wheen Youna Kim Industrials and Machinery Aditya Srinath, CFA Ajay Mirchandani Anthony Passe-de Silva Boris Kan Chapman Deng, CFA Dan Lu Karen Li, CFA Minsung Lee Nick Lai Sokje Lee Sumit Kishore Toru Nakahashi Ying-Jian Chan, CFA Infrastructure Karen Li, CFA Team Head Boris Kan Deepika Mundra Hirokazu Anai Hoy Kit Mak Jeanette Yutan Kae Pornpunnarath, CFA Leon Chik, CFA Nick Lai Saurabh Kumar Sumit Kishore Insurance Makoto Kuroda MW Kim Natsumu Tsujino, CFA Ryoko Suzuki Siddharth Parameswaran Sophie Chiu Internet Alex Yao Evan Zhou James Sullivan, CFA Yusuke Maeda Leisure and Gaming Kenneth Fong, CFA Team Head Haruka Mori Daisy Lu Matthew Ryan Metals & Mining Daniel Kang Team Head Akira Kishimoto Avin Sony Joseph Kim Luke Nelson Lyndon Fagan Mark Busuttil Neha Manpuria Nick Lai Pinakin Parekh, CFA Stevanus Juanda Waiyin Karen Li, CFA Wan Sun Park

China, Hong Kong Australia Japan Indonesia Australia South Korea Indonesia Singapore, Philippines Australia China Hong Kong Japan China, Hong Kong South Korea Taiwan South Korea India Japan Singapore China, Hong Kong China India Japan Malaysia Philippines Thailand China, Hong Kong Taiwan India India Japan South Korea, Hong Kong Japan Japan Australia Taiwan China, Hong Kong Hong Kong, China Hong Kong, China, Indonesia, Malaysia, Philippines, Singapore, Thailand Japan Hong Kong Japan Hong Kong Australia China, Hong Kong, Regional Japan Thailand Australia Australia Australia Australia India Taiwan India Indonesia Hong Kong South Korea

(852) 2800-8538 (61 2) 9003 8626 (813) 6736 8615 (62 21) 5291 8574 (61 2) 9003 8627 (822) 758 5715 (62 21) 5291 8573 (65) 6882 2419 (61 2) 9003 8614 (852) 2800 8573 (852) 2800 8577 (813) 6736 8628 (852) 2800 8589 (822) 758 5728 (886 2) 2725 9864 (822) 758 5729 (91 22) 6157 3581 (813) 6736-8644 (65) 6882 2378 (852) 2800 8589 (852) 2800 8573 (91 22) 6157 3582 (813) 6736 8662 (60 3) 2270 4728 (632) 878 1188 (662) 684-2679 (852) 2800 8590 (886 2) 2725 9864 (91 22) 6157 3590 (91 22) 6157 3581 (813) 6736 8643 ((852) 2800-8517 (813) 6736 8618 (813) 6736 8619 (61 2) 9003 8629 (886-2) 2725 9868 (852) 2800 8535 (852) 2800 8505 (65) 6882 2374 (813) 6736 8654 (852) 2800 8597 (81-3) 6736-8632 (852) 2800 8593 (61 2) 9003 8634 (852) 2800 8570 (813) 6736 8646 (662) 684-2683 (61 2) 9003 8615 (61 2) 9003 8618 (61 2) 9003 8648 (61 2) 9003 8619 (91 22) 6157 3589 (886 2) 2725 9864 (91 22) 6157 3588 (62 21) 5291 8574 (852) 2800-8561 (822) 758 5722

sean.wu@jpmorgan.com anasuya.sarma@jpmorgan.com masayuki.x.onozuka@jpmorgan.com stevanus.x.juanda@jpmorgan.com steven.d.wheen@jpmorgan.com youna.kim@jpmorgan.com aditya.s.srinath@jpmorgan.com ajay.mirchandani@jpmorgan.com anthony.g.passede.silva@jpmorgan.com boris.cw.kan@jpmorgan.com chapman.zw.deng@jpmorgan.com dan.lu@jpmorgan.com karen.yy.li@jpmorgan.com minsung.lee@jpmorgan.com nick.yc.lai@jpmorgan.com sokje.lee@jpmorgan.com sumit.x.kishore@jpmorgan.com toru.nakahashi@jpmorgan.com ying.jian.yj.chan@jpmorgan.com karen.yy.li@jpmorgan.com boris.cw.kan@jpmorgan.com deepika.mundra@jpmorgan.com hirokazu.x.anai@jpmorgan.com hoykit.mak@jpmorgan.com jeanette.g.yutan@jpmorgan.com kae.pornpunnarath@jpmorgan.com leon.hk.chik@jpmorgan.com nick.yc.lai@jpmorgan.com saurabh.s.kumar@jpmorgan.com sumit.x.kishore@jpmorgan.com makoto.kuroda@jpmorgan.com mw.kim@jpmorgan.com natsumu.tsujino@jpmorgan.com ryoko.suzuki@jpmorgan.com siddharth.x.parameswaran@jpmorgan.com sophie.chiu@jpmorgan.com alex.c.yao@jpmorgan.com evan.z.zhou@jpmorgan.com james.r.sullivan@jpmorgan.com yusuk.maeda@jpmorgan.com kenneth.kc.fong@jpmorgan.com haruka.mori@jpmorgan.com daisy.y.lu@jpmorgan.com matthew.h.ryan@jpmorgan.com Daniel.kang@jpmorgan.com akira.x.kishimoto@jpmorgan.com avin.sony@jpmorgan.com joseph.x.kim@jpmorgan.com luke.nelson@jpmorgan.com lyndon.fagan@jpmorgan.com mark.busuttil@jpmorgan.com neha.x.manpuria@jpmorgan.com nick.yc.lai@jpmorgan.com pinakin.m.parekh@jpmorgan.com stevanus.x.juanda@jpmorgan.com waiyin.karen.li@jpmorgan.com wansun.c.park@jpmorgan.com

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Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 04 July 2013

Oil & Gas and Petrochemicals Samuel Lee, CFA Team Head Petrochemicals Scott Darling Team Head Oil & Gas Avin Sony Ben Wilson Daniel Butcher Hoy Kit Mak Neil Gupte Sophie Tan Stevanus Juanda Yuji Nishiyama Real Estate Amy Luk, CFA Anne Jirajariyavech Choon Keong Ong Gunjan Prithyani Hirokazu Anai Joy Wang Leo Ng Lucia Kwong, CFA Nick Lai Peter Kopinsky Richard Jones, CFA Rob Stanton Ryan Li, CFA Saurabh Kumar Scott Molloy Simone Yeoh Sin Fee Wong Small Caps/Emerging Growth Leon Chik, CFA Team Head Andrew Hsu Armina Soemino Caren Huang Dinesh Harchandani, CFA Garry Sherriff Jeanette Yutan Kae Pornpunnarath, CFA Nick Lai Russell Gill Wan Sun Park Technology, Hardware Alvin Kwock Team Head Chi Chu Tschang Gokul Hariharan Hisashi Moriyama Masashi Itaya James Wang Qin Zhang, CFA William Chen Technology, Semiconductors & memory JJ Park Team Head Gokul Hariharan Helaine Kang Hisashi Moriyama Jay Kwon Masashi Itaya Narci Chang Yumi Tanaka Technology, Software & IT services Viju George Team Head Yusuke Maeda

India, South Korea, Taiwan China, Hong Kong Thailand Australia Australia Malaysia India China Indonesia Japan Hong Kong Thailand Singapore India Japan Singapore China, Hong Kong Hong Kong, China Taiwan Australia Australia Australia Hong Kong, China India Australia Malaysia Malaysia China, Hong Kong Hong Kong, China Australia Taiwan India Australia Philippines Thailand Taiwan Australia South Korea Taiwan, Hong Kong China, Hong Kong Taiwan Japan Japan Taiwan China, Hong Kong Taiwan South Korea Taiwan South Korea Japan South Korea Japan Taiwan Japan India Japan

(852) 2800 8536 (852) 2800 8578 (662) 684-2683 (61 2) 9003 8612 (61 2) 9003 8611 (60 3) 2270 4728 (91 22) 6157 3592 (852) 2800 8531 (62 21) 5291 8574 (81-3) 6736-8617 (852) 2800 8524 (662) 684 2684 (65) 6882 2354 (91 22) 6157 3593 (813) 6736 8662 (65) 6882 2312 (852) 2800-8522 (852) 2800 8526 (886 2) 2725 9864 (61- 2) 9003-8636 (613) 9633 4038 (61 2) 9003 8638 (852) 2800 8529 (91 22) 6157 3590 (61 2) 9003 8635 (603) 2270 4710 (60-3) 2270-4749 (852) 2800 8590 (852) 2800 8572 (61 2) 9003 8620 (886 2) 2725 9872 (91 22) 6157 3583 (61 2) 9003 8621 (632) 878 1188 (66-2) 684-2679 (886 2) 2725 9864 (61 2) 9003 8625 (822) 758 5722 (852) 2800 8533 (852) 2800-8537 (852) 6891 5240 (813) 6736 8601 (813) 6736 8633 (886-2) 2725-9871 (852) 2800-8567 (886 2) 2725 9871 (822) 758 5717 (886 2) 2725 9869 (822) 758 5712 (813) 6736 8601 (822) 758 5725 (813) 6736 8633 (886 2) 2725 9899 (813) 6736 8603 (91 22) 6157 3597 (813) 6736 8654

samuel.sw.lee@jpmorgan.com scott.l.darling@jpmorgan.com avin.sony@jpmorgan.com benjamin.x.wilson@jpmorgan.com daniel.butcher@jpmorgan.com hoykit.mak@jpmorgan.com neil.x.gupte@jpmorgan.com sophie.lm.tan@jpmorgan.com stevanus.x.juanda@jpmorgan.com yuji.nishiyama@jpmorgan.com amy.kp.luk@jpmorgan.com anne.x.jirajariyavech@jpmorgan.com choonkeong.ong@jpmorgan.com gunjan.x.prithyani@jpmorgan.com hirokazu.x.anai@jpmorgan.com joy.qq.wang@jpmorgan.com leo.ng@jpmorgan.com lucia.yk.kwong@jpmorgan.com nick.yc.lai@jpmorgan.com peter.l.kopinsky@jpmorgan.com richard.b.jones@jpmorgan.com rob.a.stanton@jpmorgan.com ryan.lh.li@jpmorgan.com saurabh.s.kumar@jpmorgan.com scott.x.molloy@jpmorgan.com simone.x.yeoh@jpmorgan.com sin.f.wong@jpmorgan.com leon.hk.chik@jpmorgan.com andrew.tj.hsu@jpmorgan.com armina.x.soemino@jpmorgan.com caren.huang@jpmorgan.com dinesh.x.harchandani@jpmorgan.com garry.sherriff@jpmorgan.com jeanette.g.yutan@jpmorgan.com kae.pornpunnarath@jpmorgan.com nick.yc.lai@jpmorgan.com russell.j.gill@jpmorgan.com wansun.c.park@jpmorgan.com alvin.yl.kwock@jpmorgan.com chi-chu.tschang@jpmorgan.com gokul.hariharan@jpmorgan.com hisashi.moriyama@jpmorgan.com masashi.itaya@jpmorgan.com james.p.wang@jpmorgan.com qin.zhang@jpmorgan.com william.chen@jpmorgan.com jj.park@jpmorgan.com gokul.hariharan@jpmorgan.com helaine.kang@jpmorgan.com hisashi.moriyama@jpmorgan.com jay.h.kwon@jpmorgan.com masashi.itaya@jpmorgan.com Narci.h.chang@jpmorgan.com yumi.tanaka@jpmorgan.com viju.k.george@jpmorgan.com yusuk.maeda@jpmorgan.com

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Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 04 July 2013

Telecommunications James Sullivan, CFA Team Head Hitoshi Hosoya Lucy Liu Michelle Wei, CFA Paul Brunker Princy Singh Thomas Beadle Transportation Corrine Png Team Head Carolyn Holmes Aditya Makharia Caren Huang Hitoshi Hosoya Olivia Bible Ying-Jian Chan, CFA Utilities Boris Kan Team Head Ajay Mirchandani Avin Sony Chapman Deng, CFA Christopher Laybutt Deepika Mundra Elaine Wu Gonsuk Lee Jason Steed Keith Chau Simone Yeoh Stevanus Juanda Sumit Kishore Quantitative Robert Smith Team Head Berowne Hlavaty Christopher Ma James Eustace Database Stephen Blagg

ASEAN Japan Hong Kong China/Hong Kong/Taiwan Australia Thailand, Indonesia, Philippines, Malaysia, Singapore Australia Regional Australia India Taiwan Japan Australia Singapore China Philippines Thailand Hong Kong Australia India Hong Kong / China South Korea Australia Australia Malaysia Indonesia India Asia Pacific Australia Hong Kong Australia Australia

(65) 6882 2374 (813) 6736 8631 (852) 2800 8566 (852) 2800 8562 (61 2) 9003 8641 (65) 6882 2746 (61 2) 9003 8603 (65) 6882 1514 (61 2) 9003 8647 (91 22) 6157 3596 (886 2) 2725 9872 (813) 6736 8631 (612) 9003-8610 (65) 6882 2378 (852) 2800 8573 (65) 6882 2419 (662) 684-2683 (852) 2800 8577 (61 2) 9003 8608 (91 22) 6157 3582 (852) 2800 8575 (82-2) 758 5710 (61 2) 9003 8609 (61 2) 9003 8607 (603) 2270 4710 (62 21) 5291 8574 (91 22) 6157 3581 (852) 2800 8569 (61 2) 9003 8602 (852) 2800 8530 (61 2) 9003 8601 (61 2) 9003 8637

james.r.sullivan@jpmorgan.com hitoshi.x.hosoya@jpmorgan.com lucy.y.liu@jpmorgan.com michelle.z.wei@jpmorgan.com paul.m.brunker@jpmorgan.com princy.singh@jpmorgan.com thomas.g.beadle@jpmorgan.com corrine.ht.png@jpmorgan.com carolyn.j.holmes@jpmorgan.com aditya.s.makharia@jpmorgan.com caren.huang@jpmorgan.com hitoshi.x.hosoya@jpmorgan.com olivia.bible@jpmorgan.com ying.jian.yj.chan@jpmorgan.com boris.cw.kan@jpmorgan.com ajay.mirchandani@jpmorgan.com avin.sony@jpmorgan.com chapman.zw.deng@jpmorgan.com christopher.r.laybutt@jpmorgan.com deepika.mundra@jpmorgan.com elaine.wu@jpmorgan.com gonsuk.lee@jpmorgan.com jason.h.steed@jpmorgan.com keith.chau@jpmorgan.com simone.x.yeoh@jpmorgan.com stevanus.x.juanda@jpmorgan.com sumit.x.kishore@jpmorgan.com robert.z.smith@jpmorgan.com berowne.d.hlavaty@jpmorgan.com christopher.x.ma@jpmorgan.com james.eustace@jpmorgan.com stephen.j.blagg@jpmorgan.com

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J.P. Morgan Top-Ranked Institutional Investor Teams

Sectors / Countries Technology/IT Services & Software Infrastructure Quantitative Research Indonesia Malaysia Gaming & Lodging Thailand Autos & Auto Parts Industrials Internet Property Small - & Midcapitalization Stocks Technology/Hardware Technology/Semiconductors Telecommunications Transportation India Philippines Singapore South Korea
Source: 2013 Institutional Investor All-Asia (ex-Japan) Research Poll.

# Rank 1 2 2 2 2 3 3 R/U R/U R/U R/U R/U R/U R/U R/U R/U R/U R/U R/U R/U

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