DR Advisor Quarterly Newsletter

VOLUME 29, 2015

Contents

Welcome 1

Client Profile: SINA Corporation - A CFO’s Views on Investor Relations and Going Public 2

IR Best Practices: Targeting Hedge Funds 4

Educational Events 6

New Clients 8

Equity Conference Calendar 10

1

Beijing-based SINA Corporation is a leading online media company.

SINA recently spun off and listed Weibo, a Twitter-like social network

that commands more than 50 percent of China’s microblogging market.

In this edition of the DR Advisor Quarterly, SINA’s CFO, Herman Yu,

provides interesting insights on when and how a company should be

taken public. Herman also discusses his role in investor relations at SINA

and explains how IR can be done in ways that best support a company’s

financial strategy.

When some IROs think of hedge funds, they envision traders making

fast trades and quick profits or an activist fund that will aggressively

and publicly challenge management’s stewardship of the company.

Accordingly, they are reluctant to approach this category of investment

manager. However, as our IR head, Ivan Peill, points out in this

newsletter’s IR Best Practices column, the investment strategies of hedge

funds vary widely, and certain hedge funds are worth approaching and

attracting as shareholders. Ivan also addresses various misconceptions

about hedge funds and explains how some of these investors can benefit

your shareholder base.

An integral part of our bank’s unique value proposition is educating our

clients about best practices for depositary receipt programs and keeping

them abreast of key trends in the global capital markets, which is the

mission of our client newsletter. With that in mind, I encourage you to

consult page 8 to learn about our upcoming educational events around

the world.

Kind regards,

Dennis BonGlobal Head Depositary Receipts Group

Welcome

2

Please talk about your current role at SINA Corporation and your views, as CFO, on the capital markets, as they relate to investor relations.

I’ve been at SINA, a leading online media platform based in Beijing, for over ten years and have been the CFO since 2006. Previously, I worked in various financial management capacities at high-tech companies in the Silicon Valley, such as Adobe Systems and Cadence Design Systems.

One could say that I am quite unusual to have served as the CFO of SINA for almost nine years. A recruiter once told me that CFOs in China, on average, serve no more than three years in the same position. Throughout my career I have usually stayed at companies for many years. Consequently, I tend to have a more long-term approach to IR.

As a senior representative of management, I emphasize being candid with investors. One of the things that I try to do, which is not often done by IR in China, is I don’t try to sell the company. I have the belief that if you give investors perspective of the overall situation and let them decide, they will appreciate the thought leadership,

have more confidence in management and become long-term shareholders. I believe this approach of being frank and informative helps build lasting relationships in the investment community

and attract and retain quality investors.

“To effectively deal with investors

and analysts, I see my role

as explaining to them the big

picture, such as where the

Chinese economy is going,

what is happening in the China

Internet market overall, and how

our company is strategically

positioned to address our industry

challenges and opportunities. I

believe giving investors a macro

view helps them make better

decisions about your company.”

With regard to ensuring that investors understand the company, what do you think is most important?

As a CFO, one’s knowledge can’t be limited to one’s company’s operations. To effectively deal with investors and analysts,

Herman YuCFO SINA Corporation

Client Profile:SINA Corporation - A CFO’s Views on Investor Relations and Going Public

3

I see my role as explaining to them the big picture, such as where the Chinese economy is going, what is happening in the China Internet market overall, and how our company is strategically positioned to address our industry challenges and opportunities. I believe giving investors a macro view helps them make better decisions about your company.

Most of our investors are based in the U.S. and Europe. Since local news about the Chinese market often is not translated into English, many Western investors tend not to fully understand the intricacies of investing in China, such as VIE structures and new government regulations. The role of IR is not only to bring investors up to speed on the changes in our industry but also try to explain the implications for our business and industry as the changes play out.

“The role of IR is not only to bring

investors up to speed on the

changes in our industry but also

try to explain the implications for

our business and industry as the

changes play out … it’s important

to explain the differences, as

well as similarities, between U.S.

and Chinese business models

and markets.”

Also, for a lot of the investors, it’s important to explain the differences, as well as similarities, between U.S. and Chinese business models and markets. For example, if you are Baidu, a leading search company in China, you want to explain the strong similarities with Google but also the key differences. In other words, you don’t want to mislead the investors that there are no fundamental differences in the business models and markets only to let them find out later that there are. Maybe equally important is that most investors do not have the patience to learn and invest in business models and markets that are completely foreign to them.

SINA spun off Weibo. What are some of the key lessons learned from spinning off the company and listing it in the U.S.?

Just a few days before the deal roadshow, we hired the new CFO for Weibo, a leading social media company in China. Ideally, you want to have the CFO of the company come on board a year before the IPO, to give the CFO time to learn about the business, beyond the financials, such as the company’s operations, market and strategy. To be fair, Weibo grew beyond our internal expectations, which explains why we were not as prepared with the hiring of the CFO. It is a good problem to have. The lesson to learn is maybe to start looking for a CFO once a company’s monetization comes into fruition and plans to do an IPO start.

“Investors and analysts expect a

public company to have a high

level of financial predictability, as

they need to model the financial

performance of a listed company

a few years out.”

What advice do you have for a company that is contemplating a public offering?

I’ve observed companies that have gone public while still experimenting with different business models and marketing channels to grow revenues. However, investors and analysts expect a public company to have a high level of financial predictability, as they need to model the financial performance of a listed company a few years out. Private companies can focus on developing products and growing their customer base, but public companies should have a reliable revenue engine with

good financial visibility.

Chinese companies have come under a lot of criticism in recent years. Fortunately, market perceptions have been improving and more Chinese companies are coming to market. Do you have any advice for Chinese companies in light of what has happened in the past that

might help them allay any concerns that U.S. or European investors have about Chinese companies?

In the last few years, a number of Chinese listings blew up. Some of these companies were privatized because they did not have a mature, predictable business model, as I have discussed. Others were abandoned by fund managers because they lacked a culture of good corporate governance and were unable to satisfy the concerns of the public market. One key challenge for Chinese listings is to have a CFO who has strong operational experience in China as well as a solid understanding of corporate governance and the ability to communicate with Western investors. It is very hard to find CFOs in China who have both sets of these skills.

One solution is to have two CFOs, or co-CFOs, one CFO who understands the local China business environment to run the company’s finance operations and the other CFO to run the capital market function. We see this model being employed by companies such as Qihoo and Jumei. Whatever the circumstances are for a company, it must be ready to meet the high expectations of the public equity market. If it isn’t, it’s best to wait before going public.

“One key challenge for Chinese

listings is to have a CFO who has

strong operational experience

in China as well as a solid

understanding of corporate

governance and the ability to

communicate with Western

investors. It is very hard to find

CFOs in China who have both sets

of these skills.”

4

Not all hedge funds are the same

Much is written and said about hedge funds in the business and financial press. Hedge fund managers are often portrayed as shrewd investors who earn fortunes by making fast trades, shorting stocks, and shaking up the management teams and boards of public companies. Activist-oriented funds, such as Greenlight Capital, Pershing Square Capital Management and Third Point, which have pressed for major changes at well-known companies like Apple, SONY and Yahoo, are widely covered by the media. Coverage of their activities tends to reinforce misperceptions and negative opinions of hedge funds. Consequently, senior management and Investor Relations departments tend to treat all hedge funds with suspicion and shun them. But not all hedge funds should be avoided. Indeed, some can be beneficial as shareholders.

Why hedge funds can be good targets

As is the case with other categories of institutional investors, investment strategies vary among hedge funds, as

well as within them. While one hedge fund might employ an activist strategy another might be a pure value investor. Hedge funds also vary with regard to the assets in which they invest. In addition to stocks, they may invest in bonds, commodities or currencies, for example.

Short selling is among the greatest concerns companies have about hedge funds. However, hedge funds that undertake short sales might do so for hedging purposes only, instead of trying to generate an investment return alone. Also, a meeting with a hedge fund won’t necessarily lead the firm to short your company’s stock or sell additional shares short. On the contrary, a meeting could convince the firm not to sell your shares short or perhaps take a long position. Theoretically speaking, convincing an investor not to sell your company’s shares short has as much value as persuading the firm to buy shares. Most hedge funds, in fact, are long-only investors and some hold their positions for considerable periods of time. Moreover, the duration of lock-in periods of capital that hedge funds invest on behalf of their clients continue to

IR Best Practices:Targeting Hedge Funds

Ivan PeillJ.P. Morgan

5

expand, helping reduce portfolio turnover that can lead to share price volatility.

For all of these reasons, hedge funds can be beneficial as shareholders and are therefore worth meeting during roadshows and at equity conferences. However, they should be carefully targeted as you would with any other type of investment manager, such as mutual funds, asset management firms and pension funds.

In addition to activist-oriented hedge funds, there are four other general categories that together represent the bulk of capital managed by hedge funds: Global Macro, Event-Driven, Relative Value, and Directional. The latter is the type of hedge fund that is generally suitable for meetings, with either the IRO or a member of the senior management team. These firms have different investment styles (e.g. growth or value) and holding periods. And some have a particular sector or geographic focus. A thorough targeting analysis helps pinpoint which of them merit a meeting.

Another reason hedge funds can be good targets is they are often more knowledgeable about a company than other investors. That is because hedge funds typically manage portfolios with fewer holdings than traditional money managers. A mutual fund, for instance, may have holdings in as many as fifty or even a hundred companies. A higher level of knowledge means that hedge funds are often well prepared to meet with senior management and, more importantly, can value your company appropriately as well. It also means they can make faster investment decisions. In other words, a meeting can quickly result in an investment in your company, something every IRO hopes to achieve. Hedge funds are particularly adept at understanding complex equity stories that tend to cause a valuation discount.

The analysts and portfolio managers at hedge funds can also be an excellent

source of sector intelligence for management, providing valuable information that can be incorporated into their decision making. Hedge funds also have a relatively greater appetite for risk and can therefore provide price support during periods of distress, when other investors are selling or unwilling to invest. Finally, given their relatively smaller size, hedge funds are better able to invest in shares and ADRs that are illiquid.

Hedge funds continue to attract more capital

In the aggregate, hedge funds manage approximately 3 trillion in capital1, or 3.6 percent of equity assets globally. (Among active investment managers, the percentage is higher at 5 percent.) The level in 2005 was 2.8 percent, indicating that this class of investor is growing at a fairly steady rate. Ninety percent of hedge funds are U.S.-based, and 60 percent of the capital managed by all hedge funds is from the U.S.

According to Hedge Fund Research, hedge funds took in approximately $190 billion of capital during the first three quarters of 2014, a 7% increase over the comparable 2013 period. This brought the level of capital managed by hedge funds to a historic high. Most of these inflows were from new capital allocations, which represented the highest nine-month increase since 2007.

Hedge funds also continue to grow in terms of size. While hedge funds used to be relatively small—most managing under a billion dollars in capital - today there are many sizable firms managing tens of billions of dollars. They include Bridgewater Associates, J.P. Morgan Asset Management, Och-Ziff Capital Management, Brevan Howard Asset Management, and BlueCrest Capital Management. In addition their ability to attract capital with their consistent investment returns, large hedge funds increasingly appeal to investors who seek

to lessen risk by working with larger and more established firms. Exemplifying the scale that hedge funds have achieved is Pershing Square Capital Management’s recent $2.7 billion initial public offering. IPOs of this size were once the reserve of corporations or large private equity firms.

As hedge funds continue to attract more capital, this category of investor will become more attractive to issuers who want to drive incremental demand for their shares and ADRs and who wish to further diversify their shareholder base. As noted earlier, a sound targeting analysis can help you determine which hedge funds are worth meeting. An equity sales team that covers investors at a local level, has established relationships with them, and therefore has detailed knowledge of them, can advise on which hedge funds would be interested in your company and which would make good shareholders. This highly effective combination of targeting analysis and market intelligence is available to J.P. Morgan’s depositary receipt issuers.

1 As of March 31, 2014

6

J.P. Morgan’s DR Group hosted an educational seminar for Egyptian companies to provide a better understanding of building an infrastructure after an IPO. Ongoing financial reporting and disclosures, corporate governance and investor relations topics were covered.

For more information on this event, please contact Daniela Utane at +44-7799-48095 or daniela.x.utane@jpmorgan.com.

Building a Sound Public Company Infrastructure to Succeed Beyond IPO

November 24 Cairo, Egypt

Educational EventsRecent Events

J.P. Morgan hosted its first annual DR Client Training Forum in new York City with approximately 40 clients in attendance. The forum was a combination of educational workshops led by market experts and networking activities that enabled clients to connect with industry peers and J.P. Morgan.

To receive materials from this event or learn more about the 2015 forum, please contact Kris Klein at 212-552-6604 or kristopher.klein@jpmorgan.com.

DR Client Training Forum

September 23-25New York, New York

7

Industry and market experts gathered in Paris for the second annual European Investor Relations Forum to discuss the U.S. investor landscape, the changing face of IR, and key priorities for institutional investors. The forum combined panel debated and networking sessions with the opportunity to share new ideas on how to deliver effective IR.

To receive materials from this event or learn more about the 2015 forum, please contact Kris Klein at 212-552-6604 or kristopher.klein@jpmorgan.com.

J.P. Morgan’s DR Group partnered with China’s leading CFO association to host the first of four forums in 2015 that discuss key industry topics.

To receive materials from this event, please contact Angela Law at +852-2800-1859 or angela.k.law@jpmorgan.com.

European Investor Relations Forum CFEI CFO Forum

December 4-5Paris, France

January 23Beijing, China

8

7th year in the running, this flagship conference offers CEOs & CFOs the latest on DR trends and observations on the current economic landscape. Delegates will learn the key requirements of the capital raising process through sharing case studies and best practices.

To learn more about this event, please contact Angela Law at +852-2800-1859 or angela.k.law@jpmorgan.com.

Greater China Summit

March 19-21 Yilan, Taipei

Educational EventsUpcoming Events

New Clients

J.P. Morgan’s Depositary Receipts Group welcomes the following clients:

Advanta Limited India

eHi Car Services Limited China

Grupo Aval Colombia

Indivior PLC U.K.

Siliconware Precision Industries Co., Ltd Taiwan

Total France

Welspun Enterprises India

9

Equity Conference CalendarSource: Wall Street Calendar Corp.

From To Location Conference Sponsor

Jan 19 Mon Jan 19 Mon Tokyo, Japan TMT Conference (for Japanese speakers only) Credit Suisse

Jan 19 Mon Jan 20 Tue London, U.K. Turkish Equity 1-1 Conference Bank of America Merrill Lynch

Jan 19 Mon Jan 21 Wed Beaver Creek, CO Winter Consumer Summit Jefferies LLC

Jan 19 Mon Jan 21 Wed Hong Kong The Fifth Hong Kong Corporate Summit Daiwa

Jan 20 Tue Jan 21 Wed Hong Kong HK/China Smid Cap 1x1 Forum J.P. Morgan

Jan 20 Tue Jan 21 Wed Jakarta Indonesia All Access Nomura

Jan 20 Tue Jan 21 Wed NYC LatAm Utilities Conference J.P. Morgan

Jan 20 Tue Jan 22 Thu Dubai, Abu Dhabi Gulf Cooperation Council (GCC) Investor Trip Citi

Jan 21 Wed Jan 21 Wed Boston, MA Biotech/Pharmaceuticals Physician Expert Panel Day Morgan Stanley

Jan 21 Wed Jan 21 Wed Denver, CO Denver Food Symposium Wells Fargo Securities

Jan 21 Wed Jan 21 Wed Hong Kong Hong Kong & China Top Picks Corp orate Day: Reawakening the Dragon

Citi

Jan 21 Wed Jan 22 Thu Cartagena, Columbia 2nd Annual Andean and Frontier Conference HSBC Securities

Jan 21 Wed Jan 22 Thu NYC Turkish Equity 1-1 Conference Bank of America Merrill Lynch

Jan 21 Wed Jan 23 Fri London, U.K. CEEMA Conference Deutsche Bank

Jan 21 Wed Jan 23 Fri York, U.K. Retail Store Tour Deutsche Bank

Jan 21 Wed Jan 24 Sat Whistler, BC 18th Annual Institutional Investors Conference CIBC World Markets

Jan 22 Thu Jan 23 Fri Tokyo, Japan ASEAN Conference - Philippine Corporate Day Tokyo 2015 Daiwa

Jan 23 Fri Jan 23 Fri Hong Kong Hong Kong and China Corporate Day (Theme: Commodities & Staples)

Citi

Jan 26 Mon Jan 27 Tue Los Angeles, CA Meetings at Americas Lodging Investment Summit Citi

Jan 26 Mon Jan 28 Wed Athens The Best of Greece Investor Trip Citi

Jan 26 Mon Jan 30 Fri Casablanca, Cairo Egypt & Morocco Multi-Sector Trip Citi

Jan 27 Tue Jan 27 Tue London, U.K. Digital Money Symposium Citi

Jan 27 Tue Jan 27 Tue Paris, France Retail Day - Paris UBS

Jan 27 Tue Jan 28 Wed Hong Kong Global Macro Conference - Asia Pacific 2015 Goldman Sachs

Jan 27 Tue Jan 28 Wed Singapore Oil & Gas Conference Credit Suisse

Jan 27 Tue Jan 28 Wed Toronto Mining Conference TD Securities

Jan 27 Tue Jan 29 Thu Sao Paulo, Brazil Latin America Investment Conference Credit Suisse

Jan 28 Wed Jan 28 Wed Singapore Malaysia Corporate Day 2015 UBS

Jan 29 Thu Jan 29 Thu Beijing China Macro Forum 2015 Goldman Sachs

Jan 29 Thu Jan 30 Fri Rio de Janeiro, Brazil IV LatAm Natural Resources Conference HSBC Securities

From To Location Conference Sponsor

Feb 02 Mon Feb 03 Tue Manila Philippines Conference J.P. Morgan

Feb 02 Mon Feb 03 Tue Singapore Annual Investor Conference ICICI

Feb 03 Tue Feb 03 Tue NYC Rare Disease & BioPharma 1x1 Day Canaccord Genuity

Feb 03 Tue Feb 03 Tue Singapore ASEAN Stars of the Next Decade Citi

Feb 04 Wed Feb 04 Wed Cape Town China Day in South Africa Macquarie Securities

Feb 04 Wed Feb 04 Wed Frankfurt, Germany 10th Annual Socially Responsible Investment Conference HSBC Securities

Feb 04 Wed Feb 04 Wed Hong Kong Annual Investor Conference ICICI

Feb 04 Wed Feb 04 Wed Singapore ASEAN One-Day Series Daiwa

Feb 04 Wed Feb 05 Thu NYC 36th Annual Aerospace/Defense & Transportation Conference Cowen Group

Feb 05 Thu Feb 05 Thu Toronto 12th Annual Infrastructure & Utilities Conference BMO Capital Markets

Feb 05 Thu Feb 06 Fri Bangkok Thailand Conference J.P. Morgan

February

January

10

From To Location Conference Sponsor

Feb 09 Mon Feb 09 Mon Cape Town Mining Indaba Conference Citi

Feb 09 Mon Feb 10 Tue Bangkok Thailand Infrastructure and REIT Conference Macquarie Securities

Feb 09 Mon Feb 10 Tue Mumbai 5th Annual India Conference - Champions of Growth HSBC Securities

Feb 09 Mon Feb 10 Tue Riyadh Saudi Arabia Conference HSBC Securities

Feb 09 Mon Feb 11 Wed Aventura, FL 16th Annual Financial Services Forum Credit Suisse

Feb 09 Mon Feb 11 Wed Cape Town Mining Indaba Conference Barclays

Feb 09 Mon Feb 12 Thu Mumbai India Consumer Tour Macquarie Securities

Feb 10 Tue Feb 12 Thu NYC Insurance Conference Bank of America Merrill Lynch

Feb 10 Tue Feb 12 Thu San Francisco, CA Technology & Internet Conference Goldman Sachs

Feb 10 Tue Feb 12 Thu Sao Paulo, Brazil XVI CEO Conference Brasil 2015 BTG Pactual

Feb 10 Tue Feb 12 Thu Singapore 12th Annual Asia Pacific Investor Conference Citi

Feb 11 Wed Feb 11 Wed London, U.K. 5th Annual Research Summit Oppenheimer & Co. Inc.

Feb 11 Wed Feb 12 Thu Dubai, UAE MENA and Frontier Conference HSBC Securities

Feb 11 Wed Feb 12 Thu NYC LatAm Cement Forum Deutsche Bank

Feb 11 Wed Feb 12 Thu NYC Global Healthcare Conference Leerink Partners

Feb 11 Wed Feb 13 Fri Bangkok Thailand Infrastructure & REIT Conference Site Tours Macquarie Securities

Feb 12 Thu Feb 12 Thu London, U.K. UK Pubs & Restaurants Conference Barclays

Feb 12 Thu Feb 12 Thu NYC Chemicals Corporate Access Day Morgan Stanley

Feb 12 Thu Feb 12 Thu Toronto Auto Finance Forum BMO Capital Markets

Feb 16 Mon Feb 20 Fri Boca Raton, FL Food, Beverage, Tobacco & Household/Personal Care Products Conference

Consumer Analysts Group of NY (CAGNY)

Feb 17 Tue Feb 19 Thu Miami, FL Industrial Select Conference Barclays

Feb 17 Tue Feb 20 Fri Silicon Valley, Irvine Technology Tour Mitsubishi UFJ Securities

Feb 18 Wed Feb 20 Fri Mexico City Mexico CEO/CFO Conference HSBC Securities

Feb 19 Thu Feb 20 Fri Mexico City Plenaria Mexico Conference Citi

Feb 22 Sun Feb 25 Wed Hollywood, FL Global Metals & Mining Conference (corrected end date) BMO Capital Markets

Feb 23 Mon Feb 23 Mon Boston, MA CIO Summit Jefferies LLC

Feb 23 Mon Feb 23 Mon London, U.K. Technology at Work; The Future of Innovation & Employment Citi

Feb 23 Mon Feb 23 Mon Rio De Janeiro, Brazil 6th Annual Ag & Chemical Carnival Citi

Feb 23 Mon Feb 24 Tue Seoul Korea CEO Conference J.P. Morgan

Feb 23 Mon Feb 25 Wed Miami Beach, FL Global Emerging Markets Corporate Conference J.P. Morgan

Feb 23 Mon Feb 26 Thu London & NYC Asia Frontier Markets Conference Credit Suisse

Feb 23 Mon Feb 26 Thu Vail, CO 20th Annual Energy Symposium Credit Suisse

Feb 24 Tue Feb 24 Tue NYC Semiconductor, Storage & Technology Summit Susquehanna Financial Group

Feb 24 Tue Feb 25 Wed NYC Healthcare Conference RBC Capital Markets

Feb 24 Tue Feb 25 Wed NYC Business Solutions Conference Robert W. Baird

Feb 24 Tue Feb 25 Wed NYC 18th Annual Real Estate Securities Conference Wells Fargo Securities

Feb 24 Tue Feb 27 Fri Kuala Lumpur/Singapore/HK

ASEAN Stars of the Next Decade 2015: Digital ASEAN - Movers & Shakers

Citi

Feb 24 Tue Feb 27 Fri Tokyo 12th Annual Japan Forum CLSA

Feb 25 Wed Feb 25 Wed Singapore India Corporate Day Credit Suisse

Feb 25 Wed Feb 26 Thu Boston, MA Security and Software Forum Wells Fargo Securities

Feb 25 Wed Feb 26 Thu Ft. Lauderdale, FL Global Agriculture Conference Bank of America Merrill Lynch

Feb 26 Thu Feb 26 Thu NYC Building & Building Products Symposium (new title) Barclays

Feb 26 Thu Feb 27 Fri Hong Kong, Singapore Technology Day HSBC Securities

Feb 26 Thu Feb 27 Fri NYC Frontier Markets Conference Auerbach Grayson & Morgan Stanley

Feb 26 Thu Feb 27 Fri Tokyo Global Real Estate Forum Nomura

Feb 27 Fri Feb 27 Fri NYC Waste & Environmental Services Symposium Gabelli & Co.

February (continued)

Equity Conference Calendar

11

From To Location Conference Sponsor

Mar 01 Sun Mar 01 Sun Boston, MA Building and Construction Summit Jefferies LLC

Mar 01 Sun Mar 04 Wed Ft. Lauderdale, FL Global Property CEO Conference Citi

Mar 02 Mon Mar 02 Mon NYC India Corporate Day Nomura

Mar 02 Mon Mar 03 Tue NYC NY Healthcare Conference Mizuho Securities USA

Mar 02 Mon Mar 04 Wed Boston, MA 35th Annual Health Care Conference Cowen Group

Mar 02 Mon Mar 04 Wed Middle East Middle East Energy Field Trip Morgan Stanley

Mar 02 Mon Mar 04 Wed Mumbai India Investor Conference Citi

Mar 02 Mon Mar 04 Wed Mumbai 8th Annual India Conference 2015 Deutsche Bank

Mar 02 Mon Mar 05 Thu San Francisco, CA Technology, Media & Telecoms Conference Morgan Stanley

Mar 02 Mon Mar 06 Fri Singapore 2015 ASEAN Conference Bank of America Merrill Lynch

Mar 02 Mon Mar 06 Fri Tokyo Investment Conference Tokyo 2015 Daiwa

Mar 03 Tue Mar 03 Tue Boston, MA India Corporate Day Nomura

Mar 03 Tue Mar 03 Tue Johannesburg South African Property Conference Morgan Stanley

Mar 03 Tue Mar 04 Wed Boston, MA Utilities & Natural Gas One-on-One Conference UBS

Mar 03 Tue Mar 04 Wed Geneva, Switzerland Meetings at Geneva Motor Show Barclays & Exane BNP Paribas

Mar 03 Tue Mar 04 Wed London, U.K. 2015 Healthcare Conference Credit Suisse

Mar 03 Tue Mar 04 Wed London, U.K. European MedTech & Services Conference Morgan Stanley

Mar 03 Tue Mar 04 Wed NYC Consumer & Retail Conference Bank of America Merrill Lynch

Mar 03 Tue Mar 05 Thu NYC Aviation, Transportation & Industrials Conference J.P. Morgan

Mar 03 Tue Mar 06 Fri Sao Paulo 2015 Brazil Conference Bank of America Merrill Lynch

Mar 04 Wed Mar 04 Wed Korea The New Korea Wave Citi

Mar 04 Wed Mar 04 Wed Seattle, WA Consumer Conference Mitsubishi UFJ Securities

Mar 04 Wed Mar 05 Thu Boston, MA Global Consumer Conference UBS

Mar 04 Wed Mar 06 Fri Manila Philippines CEO Forum 2015 UBS

Mar 05 Thu Mar 05 Thu Munich, Germany Munich Investor Field Trip Citi

Mar 05 Thu Mar 05 Thu NYC Refining Conference Bank of America Merrill Lynch

Mar 05 Thu Mar 05 Thu NYC 8th Annual Cloud Services 1-on-1 Conference Oppenheimer & Co.

Mar 05 Thu Mar 06 Fri Las Vegas, NV Gaming, Lodging, Restaurant & Leisure Management Access Forum

J.P. Morgan

Mar 05 Thu Mar 06 Fri Seoul Korea Investor Conference Citi

Mar 06 Fri Mar 06 Fri Jackson Hole, WY Sustainability CEO Summit Canaccord Genuity

Mar 09 Mon Mar 10 Tue London, U.K. 12th Annual Australia & New Zealand Investment Conference Citi

Mar 09 Mon Mar 10 Tue London, U.K. European Utilities Conference Citi

Mar 09 Mon Mar 10 Tue London, U.K. 23rd Annual Latin America Conference (U.K.) Citi

Mar 09 Mon Mar 10 Tue London, U.K. 3rd Annual Latin America Financials Conference Goldman Sachs

Mar 09 Mon Mar 11 Wed Jakarta Indonesia Conference 2015 UBS

Mar 09 Mon Mar 11 Wed Palm Beach, FL 23rd Annual Media, Internet & Telecom Conference Deutsche Bank

Mar 09 Mon Mar 12 Thu Buenos Aires Argentina Conference Raymond James

Mar 09 Mon Mar 13 Fri Delhi & Jaipur India Investor Conference 2015 Bank of America Merrill Lynch

Mar 10 Tue Mar 10 Tue Chicago, IL Industrial, Energy & Infrastructure Conference Bank of America Merrill Lynch

Mar 10 Tue Mar 10 Tue NYC UK Select Conference Barclays

Mar 10 Tue Mar 10 Tue NYC Asset Manager, Broker Dealer and Exchanges Investor Conference

Citi

Mar 10 Tue Mar 10 Tue NYC Oil & Gas Conference Mitsubishi UFJ Securities

Mar 10 Tue Mar 10 Tue Singapore India iREIT Nomura

Mar 10 Tue Mar 11 Wed Calgary Calgary Energy Summit Morgan Stanley

Mar 10 Tue Mar 11 Wed London, U.K. CEEMEA Symposium Citi

Mar 10 Tue Mar 11 Wed NYC Technology, Media & Telecommunications Conference Piper Jaffray

March

12

From To Location Conference Sponsor

Mar 10 Tue Mar 11 Wed NYC Financial Institutions Conference RBC Capital Markets

Mar 10 Tue Mar 11 Wed Santa Monica, CA Montgomery Summit: Private Technology & Media Conference Macquarie

Mar 10 Tue Mar 12 Thu Miami, FL Global Healthcare Conference Barclays

Mar 11 Wed Mar 11 Wed Singapore India Corporate Day Nomura

Mar 11 Wed Mar 12 Thu London, U.K. Global Resources Conference Citi

Mar 11 Wed Mar 12 Thu London, U.K. Technology One-on-One Conference UBS

Mar 11 Wed Mar 13 Fri Bangkok, Thailand Asean Forum CLSA

Mar 12 Thu Mar 12 Thu Hong Kong India Corporate Day Nomura

Mar 12 Thu Mar 12 Thu Singapore ASEAN IPO Corporate Day Nomura

Mar 12 Thu Mar 13 Fri Hong Kong Asia Technology, Media, Telecoms & Internet Conference Morgan Stanley

Mar 12 Thu Mar 13 Fri NYC 23rd Annual Latin America Conference Citi

Mar 16 Mon Mar 16 Mon Hong Kong Internet Corporate Day Nomura

Mar 16 Mon Mar 16 Mon Taipei 3rd Annual Taiwan CEO Forum HSBC Securities

Mar 16 Mon Mar 17 Tue London, U.K. Australia Corporate Days Deutsche Bank

Mar 16 Mon Mar 17 Tue NYC 19th Annual Insurance Conference NYSSA

Mar 16 Mon Mar 18 Wed London, U.K. Consumer Analyst Group of Europe Annual Conference CAGE

Mar 16 Mon Mar 20 Fri Sun City, S. Africa 16th Annual Sun City Conference Bank of America Merrill Lynch

Mar 16 Mon Mar 20 Fri Taipei Taiwan, Technology & Beyond 2015 Bank of America Merrill Lynch

Mar 17 Tue Mar 19 Thu London, U.K. European & Emerging Market Telecoms Conference Citi

Mar 17 Tue Mar 20 Fri London, U.K. Global Industrials & EU Autos Conference Bank of America Merrill Lynch

Mar 18 Wed Mar 18 Wed Chicago, IL Asset Managers, Brokers & Exchanges 1x1 Conference Wells Fargo Securities

Mar 18 Wed Mar 18 Wed Denver, CO Specialty Health Care Services One-on-One Day Deutsche Bank

Mar 18 Wed Mar 18 Wed NYC Insurance Conference J.P. Morgan

Mar 18 Wed Mar 18 Wed NYC 2015 Growth Conference Northland Capital Markets

Mar 18 Wed Mar 19 Thu Beijing Internet Tour Nomura

Mar 18 Wed Mar 20 Fri London, U.K. European Mid-Cap Oil Conference 2015 UBS

Mar 19 Thu Mar 19 Thu Boston, MA Capital Markets & Exchanges One-on-One Conference Bank of America Merrill Lynch

Mar 19 Thu Mar 19 Thu Frankfurt, Germany 10th Annual Real Estate Conference HSBC Securities

Mar 19 Thu Mar 19 Thu Singapore Australia 1x1 Forum J.P. Morgan

Mar 20 Fri Mar 20 Fri Hong Kong Australia 1x1 Forum J.P. Morgan

Mar 20 Fri Mar 20 Fri London, U.K. Pan European Business Services Conference Citi

Mar 23 Mon Mar 24 Tue London, U.K. 3rd LatAm Consumer Event in London Itau BBA

Mar 23 Mon Mar 24 Tue NYC Emerging Payments Forum Barclays

Mar 23 Mon Mar 27 Fri Hong Kong 18th Annual Asian Investment Conference Credit Suisse

Mar 24 Tue Mar 24 Tue Las Vegas, NV Musculoskeletal Conference Canaccord Genuity

Mar 24 Tue Mar 24 Tue London, U.K. EMEA Internet Conference Bank of America Merrill Lynch

Mar 24 Tue Mar 24 Tue London, U.K. Investment Companies Conference 2015 “The View” J.P. Morgan

Mar 24 Tue Mar 26 Thu London, U.K. European Financials Conference Morgan Stanley

Mar 25 Wed Mar 25 Wed London, U.K. Pan European Small & Mid Cap Conference Deutsche Bank

Mar 25 Wed Mar 25 Wed NYC 2015 Shipping Summit Deutsche Bank

Mar 25 Wed Mar 27 Fri London, U.K. European Real Estate Conference Bank of America Merrill Lynch

Mar 26 Thu Mar 26 Thu Denver, CO Pharma One-on-One Day Deutsche Bank

Mar 26 Thu Mar 26 Thu London, U.K. Consumer Digital Seminar Goldman Sachs

Mar 26 Thu Mar 26 Thu Toronto Retail & Consumer Conference CIBC World Markets

Mar 26 Thu Mar 27 Fri London, U.K. Global Chemicals Industry Leaders Conference Nomura

Mar 26 Thu Mar 27 Fri NYC 3rd Annual EEMA Conference HSBC Securities

March (continued)

Equity Conference Calendar

13

From To Location Conference Sponsor

May 01 Fri May 01 Fri NYC Medical Device Summit Morgan Stanley

May 04 Mon May 06 Wed Hong Kong Greater China Conference Macquarie Securities

May 05 Tue May 05 Tue NYC Third Annual Healthcare Corporate Access Day Mizuho Securities USA

May 05 Tue May 06 Wed NYC Industrial & Construction Conference Wells Fargo Securities

May 05 Tue May 07 Thu Chicago, IL Growth Stock Conference Robert W. Baird

May 05 Tue May 08 Fri London, U.K. European Small & Mid Cap Symposium Goldman Sachs

May 05 Tue May 08 Fri Singapore Taiwan Corporate Day 2015 Citi

May 06 Wed May 07 Thu Boston, MA 40th Annual Health Care Conference Deutsche Bank

May 06 Wed May 07 Thu London, U.K. Chile Conference Deutsche Bank

May 06 Wed May 08 Fri Sydney Australia Conference Macquarie Securities

May 08 Fri May 08 Fri NYC LifeScience Tools & Diagnostics Panel Day Morgan Stanley

May 10 Sun May 10 Sun Tel-Aviv, Israel 16th Annual Israeli Conference Oppenheimer & Co. Inc.

May 11 Mon May 12 Tue NYC Clean Tech, Utilities & Power Conference Deutsche Bank

May 11 Mon May 13 Wed Chengdu 20th China Forum CLSA

May 12 Tue May 13 Wed Boston, MA Global Energy & Utilities Conference Citi

May 12 Tue May 13 Wed Las Vegas, NV 6th Annual Gaming & Hospitality Conference Wells Fargo Securities Research and Economics

May 12 Tue May 13 Wed NYC Services One-on-One Conference Bank of America Merrill Lynch

May 12 Tue May 13 Wed NYC 10th Annual Industrial & Energy Conference Oppenheimer & Co. Inc.

May 12 Tue May 14 Thu Barcelona, Spain Global Metals, Mining & Steel Conference Bank of America Merrill Lynch

May 12 Tue May 14 Thu Houston, TX E&P and Oil Services Conference Morgan Stanley

May 12 Tue May 14 Thu Las Vegas, NV Health Care Conference Bank of America Merrill Lynch

May 12 Tue May 14 Thu Miami, FL Technology, Media & Telecom Conference Jefferies LLC

From To Location Conference Sponsor

Apr 01 Wed Apr 01 Wed NYC Auto Summit Conference Bank of America Merrill Lynch

Apr 02 Thu Apr 02 Thu NYC Utilities Conference Mitsubishi UFJ Securities

Apr 08 Wed Apr 09 Thu Toronto Energy Investment Symposium CAPP & Scotiabank GBM

Apr 14 Tue Apr 15 Wed London, U.K. Greater China Forum J.P. Morgan

Apr 15 Wed Apr 15 Wed Boston, MA Immuno-Oncology Summit Jefferies LLC

Apr 15 Wed Apr 15 Wed Hong Kong 9th Annual Shipping & Aviation Conference HSBC Securities

Apr 15 Wed Apr 16 Thu Hertfordshire, U.K. 14th Annual Oil & Gas Conference Bank of America Merrill Lynch

Apr 16 Thu Apr 16 Thu London, U.K. Testing & Inspection Conference Morgan Stanley

Apr 16 Thu Apr 17 Fri Hong Kong ASEAN Corporate Day Macquarie Securities

Apr 20 Mon Apr 22 Wed Edinburg (20) & London (21-22)

ASEAN Corporate Day Macquarie Securities

Apr 21 Tue Apr 23 Thu Hong Kong Consumer and Gaming Conference 2015 Daiwa

Apr 21 Tue Apr 23 Thu Key Largo, FL Latin America Investment Summit HSBC Securities

Apr 21 Tue Apr 23 Thu Tokyo Indonesia Corporate Day Nomura

Apr 22 Wed Apr 22 Wed Amsterdam Amsterdam Investor Forum J.P. Morgan

Apr 27 Mon Apr 27 Mon Singapore ASEAN Discovery Forum HSBC Securities

Apr 27 Mon Apr 28 Tue London, U.K. Dubai Financial Markets International Investor Conference Goldman Sachs

Apr 28 Tue Apr 30 Thu London, U.K. CEEMEA Conference J.P. Morgan

April

May

14

From To Location Conference Sponsor

May 13 Wed May 13 Wed Hong Kong Macau Corporate Day CIMB Securities

May 13 Wed May 13 Wed London, U.K. Global Agriculture and Chemicals Conference Credit Suisse

May 13 Wed May 13 Wed NYC Oil & Gas Conference Mitsubishi UFJ Securities

May 13 Wed May 14 Thu London, U.K. Business Services Conference J.P. Morgan

May 13 Wed May 14 Thu NYC Americas Financial Services Conference UBS

May 14 Thu May 14 Thu Boston, MA Transportation Conference Bank of America Merrill Lynch

May 14 Thu May 14 Thu Cape Town, S. Africa Banks Conference Morgan Stanley & RMB

May 14 Thu May 14 Thu NYC Aerospace & Defense Investor Day RBC Capital Markets

May 14 Thu May 15 Fri Shanghai 3rd Annual China Conference HSBC Securities

May 17 Sun May 20 Wed Longboat Key, FL Electrical Products Group Annual Conference Electrical Products Group

May 18 Mon May 20 Wed Boston, MA 43rd Annual Global Technology, Media & Telecom Conference J.P. Morgan

May 18 Mon May 20 Wed Edinburgh & London North Asia Corporate Day Macquarie Securities

May 18 Mon May 20 Wed NYC Global Healthcare Conference UBS

May 18 Mon May 22 Fri Singapore Asia Conference 2015 Deutsche Bank

May 19 Tue May 19 Tue London, U.K. Italy Conference Deutsche Bank

May 19 Tue May 20 Wed London, U.K. Consumer & Retail Conference J.P. Morgan

May 19 Tue May 20 Wed NYC Specialty Finance Conference Wells Fargo Securities

May 19 Tue May 21 Thu London, U.K. Pan European Small & Midcap Conference UBS

May 20 Wed May 20 Wed Zurich Swiss Healthcare Day Citi

May 20 Wed May 21 Thu London, U.K. Business Services, Leisure & Transport Conference Bank of America Merrill Lynch

May 20 Wed May 21 Thu NYC 10th Annual Farm to Market Conference BMO Capital Markets

May 21 Thu May 22 Fri NYC North Asia Corporate Day Macquarie Securities

May 21 Thu May 22 Fri Paris, France 8th Annual Luxury and Consumer Goods Conference HSBC Securities

May 22 Fri May 22 Fri London, U.K. European Oil Services Symposium Goldman Sachs

May 26 Tue May 27 Wed NYC Investment Conference New York 2015 Daiwa

May 27 Wed May 28 Thu NYC Global Consumer Conference Citi

May 27 Wed May 28 Thu NYC 43rd Annual Technology, Media & Telecom Conference Cowen Group

May 27 Wed May 28 Thu NYC Media Summit Nomura

May 27 Wed May 29 Fri NYC 31st Annual Strategic Decisions Conference Sanford C. Bernstein

May 29 Fri May 29 Fri Hong Kong Asia Healthcare C-Level Conference Credit Suisse

May 29 Fri May 29 Fri San Francisco, CA Investment Conference San Francisco 2015 Daiwa

From To Location Conference Sponsor

Jun 01 Mon Jun 01 Mon London, U.K. London Mining Conference Scotiabank GBM

Jun 01 Mon Jun 02 Tue London, U.K. Investment Conference London 2015 Daiwa

Jun 01 Mon Jun 02 Tue NYC Global Energy & Power Conference RBC Capital Markets

Jun 01 Mon Jun 03 Wed Beijing Global China Summit J.P. Morgan

Jun 01 Mon Jun 04 Thu NYC Global Healthcare Conference Jefferies LLC

Jun 01 Mon Jun 05 Fri Beijing & Shanghai China Internet, Media and Technology Corporate Day Macquarie Securities

Jun 02 Tue Jun 02 Tue London, U.K. European Insurance Conference J.P. Morgan

Jun 02 Tue Jun 03 Wed Dubai, UAE Latin America Investment Forum HSBC Securities

Jun 02 Tue Jun 03 Wed London, U.K. Global Energy Conference Credit Suisse

Jun 02 Tue Jun 03 Wed NYC Global Financial Services Investor Conference Deutsche Bank

Jun 02 Tue Jun 03 Wed San Francisco, CA Global Technology Conference Bank of America Merrill Lynch

May (continued)

June

Equity Conference Calendar

15

From To Location Conference Sponsor

Jun 02 Tue Jun 04 Thu London, U.K. Global Telecom & Media Conference Bank of America Merrill Lynch

Jun 02 Tue Jun 05 Fri Singapore Investment Forum Asia 2015 Nomura

Jun 03 Wed Jun 04 Thu Chicago, IL Global Industrials & Basic Materials Conference Deutsche Bank

Jun 04 Thu Jun 05 Fri London, U.K. Latin America Investment Forum HSBC Securities

Jun 04 Thu Jun 05 Fri Montreal Canadian Energy Conference Macquarie Securities

Jun 04 Thu Jun 05 Fri Singapore ASEAN Investor Conference Citi

Jun 05 Fri Jun 05 Fri London, U.K. 2020 Vision Chemicals Conference Goldman Sachs

Jun 08 Mon Jun 09 Tue London, U.K. 3rd Annual Asia Investor Forum - London HSBC Securities

Jun 08 Mon Jun 12 Fri Sulawesi & Bali 9th Annual Indonesia Conference CIMB Securities

Jun 09 Tue Jun 09 Tue London, U.K. Cable & Convergence Conference Goldman Sachs

Jun 09 Tue Jun 09 Tue London, U.K. European Auto Conference J.P. Morgan

Jun 09 Tue Jun 10 Wed London, U.K. Utilities & Renewables Conference Bank of America Merrill Lynch

Jun 09 Tue Jun 11 Thu Chicago, IL 35th Annual Growth Stock Conference William Blair & Company

Jun 09 Tue Jun 11 Thu Mumbai, India 17th Annual India Summit Morgan Stanley

Jun 09 Tue Jun 11 Thu Paris, France Global Consumer Conference Deutsche Bank

Jun 10 Wed Jun 10 Wed London, U.K. European Payments Conference Goldman Sachs

Jun 10 Wed Jun 12 Fri Boston, New York Asia Corporate Days Credit Suisse

Jun 10 Wed Jun 12 Fri Edinburgh & London Emerging Leaders Corporate Day Macquarie Securities

Jun 10 Wed Jun 12 Fri Lausanne, Switzerland 16th Annual Financial Institutions Conference UBS

Jun 11 Thu Jun 11 Thu London, U.K. European Building Companies Conference Credit Suisse

Jun 11 Thu Jun 12 Fri London, U.K. European Capital Goods Conference J.P. Morgan

Jun 11 Thu Jun 12 Fri Mumbai, India India CIO Trip Morgan Stanley

Jun 12 Fri Jun 12 Fri London, U.K. Latin America Consumer Day Deutsche Bank

Jun 15 Mon Jun 16 Tue London, U.K. European Healthcare Conference Citi

Jun 15 Mon Jun 17 Wed Rome, Italy European Financials Conference Goldman Sachs

Jun 16 Tue Jun 16 Tue NYC Shipping Conference Morgan Stanley

Jun 16 Tue Jun 17 Wed Boston, MA Global Mining & Materials Conference (slight dates change) RBC Capital Markets

Jun 16 Tue Jun 17 Wed London, U.K. Thailand & ASEAN Conference Credit Suisse

Jun 16 Tue Jun 17 Wed London, U.K. Technology CEO Conference J.P. Morgan

Jun 17 Wed Jun 17 Wed London, U.K. European Property Conference Morgan Stanley

Jun 17 Wed Jun 18 Thu Hong Kong, Singapore 6th Annual Korea Discovery Forum HSBC Securities

Jun 17 Wed Jun 19 Fri Berlin, Germany German, Swiss & Austrian Conference 2015 Deutsche Bank

Jun 18 Thu Jun 18 Thu Toronto, ON Small Cap Retail Conference CIBC World Markets

Jun 18 Thu Jun 19 Fri London, U.K. 19th Annual South Africa Conference Deutsche Bank

Jun 22 Mon Jun 23 Tue London, U.K. European Business Services Conference Goldman Sachs

Jun 22 Mon Jun 23 Tue NYC Asia Pacific Conference CIMB Securities

Jun 22 Mon Jun 24 Wed Nantucket, MA Global Consumer Conference Jefferies LLC

Jun 23 Tue Jun 23 Tue London, U.K. Global Ag & Chemicals Conference Credit Suisse

Jun 23 Tue Jun 24 Wed Boston, MA 15th Annual Global Consumer Conference Oppenheimer & Co.

Jun 23 Tue Jun 24 Wed London, U.K. Media CEO Conference J.P. Morgan

Jun 23 Tue Jun 24 Wed Singapore Emerging Leaders Corporate Day Macquarie Securities

Jun 24 Wed Jun 24 Wed London, U.K. European Healthcare Conference J.P. Morgan

Jun 25 Thu Jun 26 Fri Hong Kong Emerging Leaders Corporate Day Macquarie Securities

Jun 25 Thu Jun 26 Fri London, U.K. LatAm Consumer & Retail Conference Goldman Sachs

Jun 25 Thu Jun 26 Fri Mumbai, India Asia Pacific Property Conference Citi

Jun 26 Fri Jun 26 Fri London, U.K. Global Iron Ore Conference Macquarie Securities

Jun 30 Tue Jun 30 Tue London, U.K. NASDAQ OMX 32nd Investor Program NASDAQ OMX

June (continued)

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Contributors

Ivan PeillHead of IR Advisory ivan.m.peill@jpmorgan.com

Editorial Desk

Kris KleinSenior Marketing Associate kristopher.klein@jpmorgan.com

Ivan PeillHead of IR Advisory ivan.m.peill@jpmorgan.com

Alex HicksonEurope, Middle East & Africa Regional DR Head +44-207-134-5565 alex.h.hickson@jpmorgan.com

Vikas TaimniEmerging Markets Regional DR Head +852-28001797 vikas.x.taimni@jpmorgan.com

Kenneth TseAsia Pacific Regional DR Head +852-28001859 kenneth.k.tse@jpmorgan.com

Candice TeruszkinLatin America Regional DR Head +1-212-552-1597 candice.c.teruszkin@jpmorgan.com

Contacts