volume 22 2012 - j.p. morgan home | j.p. morganpenetrating these markets will be a key long-term...

DR Advisor Quarterly

VOLUME 22 2012

WORLDWIDE SECURITIES SERVICES

2 DR Advisor Quarterly | Volume 22, 2012

3 Welcome Dennis Bon, Global Head, Depositary Receipts Group

4-5 Client Profile:IR knowledge that spans the value chain

6 IR Best PracticesUnderstanding the role of institutional salespeople and how best to work with them

7-8 Educational Events

9-14 Conferences and Events Calendar

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Dennis BonGlobal Head Depositary Receipts Group

Welcome again to our client newsletter, which highlights global best practices for DR programs.

In this issue of the DR Advisor Quarterly, we feature Shinji Yamada, who is the North American investor relations representative for Japan-based Nidec. Founded in 1973, Nidec exemplifies precision engineering – it develops and manufacturers the tiny motors found in computer hard disk drives, iPods and many other electronic devices. In the client profile column of this newsletter, Shinji describes how Nidec’s IR team helped protect the company’s share price during the tragic floods that shut down its factories and those of its suppliers in Thailand late last year. In addition to other interesting insights, he explains how Nidec presents its approach to acquisitions, which investors can view as highly risky for a company to undertake.

For issuers, institutional salespeople are an important bridge to investors. In the IR Best Practices column of this edition of our newsletter, Ashley Aymonier of J.P. Morgan sheds light on how she generates investor interest in companies like yours. She also explains how a company can increase sellside coverage and how to incorporate into a roadshow important investors that are located in places inconvenient to travel to.

As a reminder, your J.P. Morgan relationship manager would be happy to introduce you to any number of our seasoned experts in IR, transactions and DR proxy, who can help your company implement and maintain best practices for an effective DR program.

Sincerely,

Welcome


Q. The backgrounds of investor relations officers vary. Please tell our readers about your career path prior to joining Nidec.

A. I spent 20 years in the foreign exchange area of a Japanese bank. During this time I worked in Tokyo, London and Los Angeles. While in L.A. I did some commercial banking work, which advanced my knowledge of financial statements. Many of the clients I dealt with in the foreign exchange market were fund managers and portfolio managers. This also helped prepare me to be an IRO, although I didn’t have any aspiration to be one, at the time.

Q. How did you make the transition to your current role after leaving the bank?

A. I underwent six months of training before I was stationed in New York four years ago. An integral part of the training was visiting Nidec’s factories to see firsthand how our products are manufactured and to learn about the technology behind them. My colleagues in production and sales also taught me a great deal about how our products are used by manufacturers. All of this helped me build a basic knowledge base. But while it is crucial to be knowledgeable about your own company and its products, you are also expected to have reasonably high level of knowledge of everything up and down the value chain and things being done in related industries. In order to credibly and effectively represent senior management in the investment community, an IRO needs to understand the final demand as well as situations in the upstream supply chain on which your company relies.

Q. Your knowledge of Nidec’s production operations and supply chain must have been critical when you were talking with investors about the floods that damaged your company’s factories and those of your suppliers in Thailand last year.

A. Indeed. Such knowledge is probably most important when a crisis strikes your company. An IRO needs to be able to rapidly respond to investor inquiries, especially during a crisis. Without sufficient knowledge about Nidec’s manufacturing processes and how our plants are supplied, I would not have been able to effectively brief investors and address their concerns. Because we began explaining the situation as soon as the flooding began and were then able to update investors and analysts frequently, we managed to minimize the impact on the price of Nidec’s shares and ADRs.

Q. Nidec is a global company and operates in very dynamic markets. It is also expanding into new ones. Please talk about how you maintain sufficient knowledge in this regard too.

A. Nidec is so dynamic that I must be continually updated regarding the myriad changes that take place inside and outside the company. I estimate that I spend some 50% of my time gathering the information I need to communicate with investors. Unfortunately I can’t sit in my office and wait for information to come to me. I must be proactive and reach out to various sources inside and outside of my company to obtain the information I need to do my work.

Shinji Yamada General Manager, Investor Relations, Nidec Corporation

Client Profile: IR knowledge that spans the value chain

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Q. Nidec recently announced another acquisition, of which there have been many during its history. Investors often treat acquisitions cautiously, as it can be difficult to integrate another company and ultimately earn a sufficient return on the capital used to make the acquisition. How do you allay such concerns?

A. This is also a matter of keeping investors focused on our long-term strategy and approach to business. Acquisitions are an integral part of Nidec’s strategy and ability to grow; you could say acquisitions are part of our DNA. Within our investor presentation is a slide with a matrix that shows where – from both a product and geographic perspective – Nidec currently operates and where it does not within the three growth drivers I mentioned before. The gaps in the quadrant that lie between the ‘x’ and ‘y’ axes of the matrix represent the industries within each region where we might make new or additional acquisitions in the future. In other words, the matrix is like a roadmap that helps investors understand in which industries and regions Nidec is likely to acquire companies, and that helps get them comfortable with our acquisition strategy. It means that investors should not be surprised, generally, when we announce an acquisition somewhere in the world.

Q. So although you never aspired to be an IRO, it sounds like you are glad you became one.

A. Absolutely. Investor relations is very interesting work and I am very proud to represent Nidec in the North American investment community.

Life outside the office

“In my free time I like to bring art into my life. I attend plays, ballet and the opera. I also play guitar, and I enjoy playing almost every kind of music.”

Q. How does an IRO secure the cooperation of colleagues who are very busy with their own work?

The first step is to help them understand why you need the information and how it is used. In addition to that, I recommend making information gathering a two-way street. By that I mean sharing with my colleagues what I learn from investors and analysts, who understand our industry well because they talk with our competitors as well as end-users and suppliers. Such information can be valuable to colleagues in their decision making. Colleagues also like to know how shareholders and the broader investment community view the company. So the IR team should be the eyes and ears of colleagues, not just for the CEO and CFO. I would like to add that I am very fortunate that Nidec’s senior management team makes time to talk with me and my IR colleagues about their strategy to grow the company and help us understand how they see the business and its markets. All of this is vital for us to credibly explain the company and its performance to investors, on behalf of management.

Q. Japanese companies have fallen out of favor with foreign investors as Japan’s economy has matured and economic growth there has slowed. How has Nidec’s IR team dealt with this challenge?

A. Our various investor communications make clear that, although Nidec is based in Japan, it is a global company. 90% of Nidec’s manufacturing is outside Japan and 90% of its revenue is generated abroad. This is partly by design; for example, costs and revenue that are not Yen-based create a natural foreign exchange hedge for our company. But our global footprint is also a function of being part of the IT industry, which is spread across the globe. The growth of emerging markets is very important with respect to Nidec’s growth, so we have been expanding further geographically, entering emerging markets, which offer new growth opportunities. Also, Nidec has recently been expanding beyond its traditional business – producing tiny motors for hard disk drives that go into computers – Into three new vertical segments: automotive, appliances and industrial equipment. Penetrating these markets will be a key long-term growth driver for our business.

Q. It must be something of a challenge to convince investors that Nidec can successfully develop and sell products for entirely new markets.

A. What Nidec brings to manufacturers of automobiles, appliances and industrial equipment is improved energy efficiency and product performance. Also, entering these new markets is a gradual broadening of our business. In our communications with investors, we always endeavor to keep them focused on Nidec’s long-term strategic direction and goals. We never want investors to lose sight of our long-term opportunities, during the inevitable short-term ups and downs, such as the floods in Thailand.

We believe that IR’s most important task is to make sure investors clearly understand Nidec’s long-term strategy. Doing so reduces volatility in our company’s stock price, which protects our shareholders and lowers risk for new investors who want to buy our stock or ADRs; spikes in a company’s stock price can be an obstacle to many investors. Also, we firmly believe that it is beneficial to focus on both long-term, value-oriented investors and short-term players. The former can become buyers in a declining market – provided they are well informed about Nidec’s long-term strategy beforehand – helping smooth a drop in our shares and ADRs. The latter help supply constant and sufficient trading liquidity.


Q. Some IRO’s feel that a broker’s institutional clients take precedent over them. Presumably you take the company into consideration too when arranging meetings with investors.

A. Absolutely. We are always mindful that a company is spending its own time and money to do an investor roadshow. In fact, we always ask the IR team if there are specific investors they’d prefer to meet with; this is also true for equity conferences that we organize. We endeavor to arrange roadshows that have the right mix of investors and that will have maximum impact, in terms of maintaining sufficient investor demand and diversifying the shareholder base by adding investors to it. Our aim is always to strike a balance between the objectives of a company and those of the investors who are our clients. If the company is pleased with a roadshow, it increases the likelihood we’ll be invited to organize future ones, which we consider a privilege.

Q. What are some of the other broker best practices for roadshows?

A. Beyond providing written profiles of the firms that senior management and the IRO will meet with, a salesperson should be able to give insights into what the investor thinks about their company and its market, and what the investor’s concerns are, if any. Before a meeting, I also tell the company what it’s like to meet with a certain portfolio manager or analyst. For example, I’ll let management and the IRO know if a certain person asks questions in an aggressive manner or will bluntly challenge management’s assumptions. Some PMs and analysts can be the opposite – very quiet – which a CEO, CFO or IRO might interpret as indifference, if they don’t know this in advance. At a minimum, a salesperson should give the different responsibilities and titles of the people who will be in the meeting room.

Q. What sets J.P. Morgan apart from other brokers, with regard to investor meetings?

A. Besides the high quality of our roadshows, J.P. Morgan has a global distribution platform that enables us to introduce companies to investors located in a wide variety of cities in the U.S. and in other capital markets throughout the world. We can also introduce them to investors that don’t have specific sector or geographic mandates for their portfolios. In other words, we have the ability to expose a company to a large universe of new investors across the globe.

In addition to our breadth, we have depth, in terms of the number of colleagues whose relationships I can leverage on behalf of a company. If I don’t have a relationship with a specific fund manager or analyst within a large institution, one of my colleagues either does or can identify the right person to contact. We dig right down to the individual fund levels at the big firms.

1 To learn more about the importance of understanding supply chains, please refer to the Client Profile article on page 4.

Q. What are some of the things an institutional salesperson like you does that are not readily apparent to the companies you take on roadshows?

A. As one can infer from my title, my core responsibility is to sell written research produced by J.P. Morgan’s analysts to institutional investors. Within each research report are great investment ideas. It’s my job to bring those ideas to the attention of the analysts and portfolio managers at investment firms that are J.P. Morgan clients, such as mutual funds, pension funds and hedge funds; my clients are U.S.-based institutions and the research I sell covers Latin American companies. In my conversations with buyside analysts and portfolio managers, I add color to a research report. For example, I highlight for them the additional insights provided by our research, such as the dynamics of a company’s industry – the distribution channels and price points for its products and services, for instance – and the dynamics of the supply chain. Such insights can help them in their investment decisions.

Q. As someone who regularly talks with the people who make investment decisions, what investor relations advice would you give a company that has gone public recently?

A. Within the first six months after the IPO and every six months thereafter, senior management and the investor relations officer (IRO) should meet with their new shareholders and with prospective investors. Without these meetings, shareholders can feel neglected or lose interest and sell their positions. Also, additional research coverage – from brokers that didn’t underwrite the IPO – Is often driven by investor demand. So the meetings you have with potential investors can result in increased demand and increase the likelihood of new sellside coverage. More coverage, by the way, means more salespeople like me talking with investors about your company and driving demand for its shares and DRs. It’s a virtual cycle that can benefit a company’s share price over time.

My other suggestion is if some of your shareholders are located outside major equity markets like New York, Boston and London, consider talking with investors via a telepresence system. Although most investors prefer in-person meetings with management and the IRO, they would rather hold a telepresence conference than not be able to talk with you at all because their offices are inconveniently located. Some large institutions, such as Principle Financial Group, for instance, are located in remote places like Iowa.

IR Best Practices: Understanding the role of institutional salespeople and how best to work with themAshley Aymonier Executive Director, Institutional Equity Research Sales J.P. Morgan

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J.P. Morgan DR Group Educational Events

Depositary Receipts Roundtable LunchSeptember 27 Location: LondonA roundtable lunch to discuss pertinent corporate governance and proxy matters facing U.K. Companies whose capital structures includes American Depositary Receipts/American Depositary Shares. Francis Byrd from Laurel Hill Advisory Group will discuss the discernible trends and distinct events of 2012 and provide best practices that senior management should exercise for successful annual meetings next year and beyond.

For more information on this event please contact Peter Russell, +44 207 7421480 ext.21480 or [email protected]

Chinese Financial Executive Institute (CFEI) CFO ForumSeptember 28 Location: BeijingJ.P. Morgan will participate as co-sponsors at the upcoming Chinese Financial Executive Institute members’ forum where leading CFOs in China meet on a quarterly basis for knowledge sharing and networking.

For more information on this event please contact Wern-Nee Seow, 852-2800-0707 or [email protected]

DRs: Fragmentation or Boost to LiquidityOctober 26 Location: MoscowThe latest J.P. Morgan DR IR Advisory whitepaper on the impact of DRs on overall global issuer liquidity is to be presented during this morning seminar, followed by a discussion specific to Russian issuers.

For more information on this event please contact Peter Russell, +44 207 7421480 ext.21480 or [email protected]

Taiwan GDR Client WorkshopNovember 19-20 Location: Tainan and TaipeiA full-day client workshop on the evolution of DRs and the various aspects issuers need to consider when raising capital.


Upcoming EventsSeminar – Benefits of Listing for Chilean CompaniesSeptember 25 Location: SantiagoJ.P. Morgan will host this educational event with the NYSE, Davis Polk and Bahamondez, Alvarez & Zegers to discuss the benefits of listing in the U.S. for Chilean companies. Topics will include listing requirements, process, the number of structures, capital markets overview and legal issues that clients/prospects may face.

For more information on this event please contact Jessica Conrad, 1-212-552-4267 or [email protected]


Seminar – IPO BootcampJune 5-6 Location: Medellin and BogotaJ.P. Morgan sponsored this educational event with the NYSE and Davis Polk to discuss listing in the U.S. Topics included listing requirements, process, the number of structures, capital markets overview and legal issues that clients/prospects face.


Seminar – Benefits of the JOBS Act for Brazilian Companies June 27 and 29 Location: Sao Paulo and Rio de JaneiroJ.P. Morgan sponsored this educational event with the NYSE and Clifford Chance to discuss how the JOBS Act benefits listing in the U.S. for Brazilian companies. Topics included listing requirements, process, the number of structures, capital markets overview and legal issues that clients/prospects may face.


The Ukraine IR ForumJuly 5 Location: KievThe main purpose of this event was to engage sell-side analysts, institutional investors and financial media and discover their perceptions of Ukrainian companies, and to get new ideas to improve Investor Relations. The topics that were discussed included Ukrainian companies’ valuation by investors, corporate governance quality perception and influence on valuation, IR practical tools to make efforts more efficient, and international financial media relations.

For more information on this event please contact Miloni Shah, +44-207-134-5603 or [email protected]

‘Invest Mongolia’ 6th Annual Frontier Conference on Capital RaisingSeptember 3-5 Location: Ulaan BaatarJ.P. Morgan participated as sponsors at Mongolia’s leading industry forum on capital raising.


Colombia DaySeptember 10 Location: New YorkJ.P. Morgan hosted a corporate access day for Colombian companies with the NYSE and i-advize Corporate Communications. The two-day conference included an opening bell ceremony at the NYSE, investor meetings, roundtable discussion and a client dinner.


J.P. Morgan DR Asia RoundtableSeptember 18 Location: BeijingA roundtable discussion with Chinese issuers and intermediaries themed ‘State of Play: Transforming Challenges into Opportunities’. The roundtable, moderated by one of Asia’s leading publications, The Asset, looked at how Chinese companies view the current market landscape and the opportunities that lie ahead.


Tadawul Investor Relations Training CourseSeptember 18-19 Location: RiyadhJ.P. Morgan’s Depositary Receipts group and Equity Research team jointly, with the Middle East Investor Relations Society and Tadawul (Saudi Stock Exchange), organized and conducted a two-day educational seminar on IR best practices and techniques. Sixty participants from over 28 listed companies attended the seminar.

For more information on this event please contact Mohamed Agwah, 97-1442-81770 or [email protected]

Recent Events

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OCTOBER

DATE LOCATION CONFERENCE/EVENT HOST

2 Boston Retail & Restaurants Forum

Wells Fargo Securities

2 New York LatAm Growth Conference

Bank of America Merrill Lynch

3 London Latin American Financials & Real Estate Conference

Goldman Sachs

3 Boston & New York

Latin America Mid-Cap Corporate Access Days

Morgan Stanley

3 Gocek, Turkey

Turkish Equities Conference

Deutsche Bank

4 London Alternative Energy Conference

Macquarie Securities

4 New York Digital Day Lazard Capital Markets

8 London Pan European Building & Infrastructure Conference


8 London LatAm Financials Conference


8 Singapore Asia Agri & Food Corporate Day

Nomura

9 London Global Agriculture Conference


9 London International Oil & Gas Conference

RBC Capital Markets

9 London Turkey Corporate Day Morgan Stanley

9 New York Annual Therapeutics Conference

Cowen Group

10 Chicago Consumer Industry 1-1 Access Day

Lazard Capital Markets

10 Sydney Emerging Healthcare Conference


10 Jakarta Indonesia All Access Nomura


11 New York Global Agriculture Conference


11 New York Turkey Corporate Day Morgan Stanley

13 Tokyo Global Emerging Markets Investor Conference


15 Hong Kong China Consumption Conference

HSBC Securities

15 Hong Kong China Corporate Day Macquarie Securities

16 Miami Global Resource Conference

Canaccord Genuity

17 Sao Paulo Brazil Metal & Mining Day

Deutsche Bank

17 Singapore China Corporate Day Macquarie Securities

18 Sao Paulo Brazil Oil Services Day Deutsche Bank

19 Sao Paulo Brazil Paper & Pulp Day Deutsche Bank

24 Manila Philippines Conference Deutsche Bank

29 Hong Kong China Telecom & Tech Corporate Day

Nomura

29 Hong Kong Greater China CEO Summit 2012

Goldman Sachs

Below are select 2012 institutional and retail investor conferences and other events relevant to DR issuers. (All dates denote start date). For a list of upcoming J.P. Morgan DR Group events, please refer to page 7.

Conferences and Events Calendar



29 Beijing China Investor Conference

Citibank

31 Singapore Indonesia Corporate Day

Nomura

NOVEMBER


1 Hong Kong & Singapore

Taiwan Discovery Forum

HSBC Securities

1 Macau China Investor Conference

Citibank

2 Hong Kong Indonesia Corporate Day

Nomura

5 Chicago Industrial Energy & Environmental Technologies Day

Robert W. Baird

5 Beijing China Conference Bank of America Merrill Lynch

6 Sao Paulo Brazil Real Estate 1-1 Day

HSBC Securities

6 Chicago Industrial Conference Robert W. Baird

6 London BRICS Metals & Mining Conference

Deutsche Bank

6 London Saudi Conference Morgan Stanley

6 New York Technology, Media & Telecommunications Conference

Piper Jaffray

7 New York Communications & Equipment Conference

Needham & Co.

7 Erbil Iraq Conference Rabee Securities


7 New York Technology, Media & Telecom Conference


7 Singapore Asia Pacific Summit Morgan Stanley

8 London Gold Conference RBC Capital Markets

12 New York Finance Essentials Intensive

NIRI

12 London Asia Corporate Day HSBC Securities

12 Hong Kong Asia Pacific TMT Conference

J.P. Morgan

12 London Russia & CIS 1-1 Conference


12 New York HealthCare Conference William Blair

12 Seoul Korea Conference Deutsche Bank

12 Miami Global Energy Conference


13 New York Software & Services Investor Day

RBC Capital Markets

13 Toronto Telecom & Tech Conference

Scotiabank GBM

13 Boston Industrials Conference Goldman Sachs

13 London European Conference 2012

UBS

13 New York Banking & Financial Services Conference


13 New York Global Automotive Conference

Barclays

13 New York Healthcare Conference Lazard Capital Markets

13 New York Global Consumer Conference

Morgan Stanley

13 Mexico City Mexico Year-Ahead Conference


13 Tokyo Oil & Gas Conference Mitsubishi UFJ Securities

13 Hong Kong Investment Conference Hong Kong 2012

Daiwa Capital Markets

14 New York Global IR Practices NIRI

14 Boston HDD & Memory Conference

Needham & Co.

Conferences and Events Calendar (continued)

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14 New York Ultimate Services Investor Conference

J.P. Morgan

14 Boston Global Chemicals Conference

Morgan Stanley

14 London Building Conference Citibank

14 London Global Healthcare Conference

Jefferies & Co.

14 New York Global Technology & Services Conference

UBS

14 Barcelona Technology, Media & Telecoms Conference

Morgan Stanley

14 Boston & New York

Asia Investor Forum HSBC Securities

14 Hong Kong Global Financial Conference

Citibank

14 Phoenix Global Healthcare Conference

Credit Suisse

15 Boston Software Corporate Access Day

J.P. Morgan

15 Boston Financial Services & Technology Summit

William Blair

15 London Business Services 1-1 Conference


15 Taipei Taiwan Conference Deutsche Bank


17 Riyadh Saudi Arabia Conference 2012


19 London India Corporate Day Nomura

19 Hong Kong Asia-Pacific Industrials, Infrastructure & Transportation Conference


19 New York European Mid Cap 1x1 Conference

J.P. Morgan

19 London UK IR Society Annual Dinner and Best Practice Awards

UK IR Society

20 Hong Kong China Healthcare Corporate Day

Nomura

20 London Consumer Ingredients Conference

J.P. Morgan

20 Toronto Transportation & Aerospace Conference

Scotiabank GBM

22 London E&P and Oil Services Conference


26 Phoenix Annual Technology Conference

Credit Suisse

27 Boston Transportation Corporate Access Day

Morgan Stanley

27 London European Chemicals Conference 2012


27 London Global Real Estate Conference

UBS

27 New York Basic Materials Symposium

Citibank

27 New York Global Metals & Mining/Steel Conference

Goldman Sachs

27 New York Healthcare Conference Piper Jaffray

27 Sao Paulo Brazil Opportunities Conference

J.P. Morgan

27 Toronto Mining Conference Scotiabank GBM

28 Boston Offshore Basin Exploration Conference

Morgan Stanley

28 New York Technology-Media-Telecom 1-1 Event

Canaccord Genuity




28 Houston Global Energy Conference

Jefferies & Co.

28 New York Aerospace & Defense Conference

Credit Suisse

29 Boston Oil & Gas Corporate Access Day

J.P. Morgan

29 Denver Healthcare Investor Day RBC Capital Markets

29 New York Latin America 1-1 Conference

Goldman Sachs

DECEMBER


3 New York Media & Communications Conference

UBS

3 Brazil Latin America Retail Field Trip

HSBC Securities

3 Tokyo Large Cap Japan & Asia CEO Forum

Nomura

4 New York Medical Technology & Diagnostics Forum

Canaccord Genuity

4 Jakarta Indonesia Conference Deutsche Bank

4 New York Financial Services Conference

Goldman Sachs

4 New York Energy Conference Wells Fargo Securities

4 Singapore India Corporate Day Macquarie Securities

5 San Francisco

EMEA Consumer Conference

Nomura


6 Denver Healthcare Investor Day RBC Capital Markets

6 New York Consumer & Retail Investor Day

RBC Capital Markets

6 Singapore Asia Pacific Emerging Corporate Day

Standard Chartered

6 Hong Kong India Corporate Day Macquarie Securities

7 Sao Paulo Brazil Consumer 1-1 Day HSBC Securities

7 London European Financials Conference

Citibank

11 New York Global Metals & Mining Conference


12 New York Technology Investor Forum


12 New York Healthcare Conference Oppenheimer & Co. Inc.

13 Boston Commodities Conference

Morgan Stanley

JANUARY


3 New York Healthcare CEOs Unscripted: A View from the Top

Goldman Sachs

7 London Oil & Gas Explorers Conference


7 Las Vegas Global Internet, Media & Telecommunications Conference

Citibank

7 San Francisco

Healthcare Conference J.P. Morgan

8 Miami Global Energy Conference 2013

Goldman Sachs

9 Miami Latin America Executive Conference

Morgan Stanley

14 New York German Investment Seminar

Commerzbank

15 Miami Consumer Sector Investor Conference

Integrated Corporate Relations

15 New York Growth Stock Conference

Needham & Co.

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17 TBD Review of 2012 and Forecast for 2013

UK IR Society

21 London Turkish Equity 1-1 Conference


21 Frankfurt German Corporate Conference

CA Cheuvreux

22 Rio de Janeiro

Rio 1-1 Forum: Infrastructure, Oil & Gas, Telecom & Utilities

Barclays



23 New York Turkish Equity 1-1 Conference


30 Orlando World Money Show MoneyShow.com LLC

FEBRUARY


6 New York Aerospace/Defense Conference

Cowen Group

11 New York Cards, Payments & Financial Technology Symposium

Keefe, Bruyette & Woods

12 San Francisco

Technology & Internet Conference

Goldman Sachs

13 New York Insurance Conference Bank of America Merrill Lynch

18 Mumbai India Investor Conference


20 Miami Industrial Select Conference

Barclays

25 New York Global Healthcare Conference

Citibank

26 New York Healthcare Conference RBC Capital Markets

27 Salt Lake City

Medical Technology Snowbird Conference

Lazard Capital Markets



MARCH


4 Boston Health Care Conference Cowen Group

4 Singapore ASEAN Stars Conference Bank of America Merrill Lynch

11 Taipei Taiwan, Technology & Beyond


12 New York Consumer & Retail Conference


12 Miami Global Healthcare Conference

Barclays

18 Sao Paulo Brazil Conference Bank of America Merrill Lynch

19 London European Financials Conference

Morgan Stanley

21 New York IR Magazine US IR Awards

IR Magazine

27 London European Retail Investor Day

Citibank

APRIL


4 San Francisco

Technology Transformation Summit


MAY


3 Sydney Australia Conference 2013


9 New York Industrial & Construction Conference


16 Las Vegas Health Care Conference Bank of America Merrill Lynch

JUNE


4 New York Global Energy & Power Conference

RBC Capital Markets

6 New York Global Healthcare Conference

Jefferies & Company

9 Hollywood, FL

Fl NIRI Annual Conference

Deutsche Bank

13 Rancho Palos Verdes, CA

Global Healthcare Conference

NIRI

13 Chicago Global Industrials & Basic Materials Conference

Deutsche Bank

13 New York Consumer Conference Piper Jaffray

18 London UK IR Society Annual Conference

UK IR Society

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ContactsKenneth Tse Asia Pacific Regional DR Head +852 2800 1859 [email protected]

Give us your feedbackPlease let us know your thoughts on DR Advisor Quarterly. We have created this newsletter for you, so we would like you to tell us what you found informative. We also welcome suggestions for topics in upcoming editions.

Contact us at [email protected].

ContributorsIvan Peill

Editorial DeskIvan Peill Christopher Latham J.P. Morgan DR Group 1 Chase Manhattan Plaza New York, NY 10005

Alex Hickson Europe/Africa Regional DR Head +44 207 777 2805 [email protected]

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

©2012 JPMorgan Chase Bank, N.A. All rights reserved.

Candice Teruszkin Latin America Regional DR Head +55 219 9172210 [email protected]

Vikas Taimni Emerging Markets Regional DR Head +852 28001797 [email protected]

volume 22 2012 - j.p. morgan home | j.p. morganpenetrating these markets will be a key long-term...

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