Asia Pacific Equity Research

Analyst Directory

July 2011

Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 07 July 2011

Management
Sunil Garg Head of Asia-Pacific Equity Research/Regional Banks & Finance (852) 2800 8518, sunil.garg@jpmorgan.com Sunil Garg joined J.P. Morgan in June 2005, having spent over ten years in the securities industry. Prior to joining J.P. Morgan, he was employed with Fox-Pitt, Kelton, covering Asian Financials for the last nearly seven years and with BZW for over three years. Over the last three years, he has been rated amongst the top five analysts for the sector by Institutional Investor, AsiaMoney and, The Asset. Sunil was previously employed in the banking industry with HSBC and American Express Bank, predominantly in India, for nearly six years. Sunil graduated from the Indian Institute of Management (Calcutta) 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 Adam Singer on the regional training agenda and management of junior resources, and runs 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 WisconsinMadison in 1992 and holds a BA degree from St. Olaf College. Rob Stanton Head of Australia Equity Research (61-2) 9220-1923, rob.a.stanton@jpmorgan.com Rob Stanton joined J.P. Morgan in 2007 and is the head of the Australian Equities Research team. He is also part of the Australian REITs team, which has been consistently highly rated in major institutional surveys and is currently ranked #1 for its REITs coverage in the key external surveys of domestic institutions. Prior to joining J. P. Morgan, Rob spent a number of years leading the REITs research team at Macquarie Bank. Rob's career began in the direct property markets, where he was employed for 7 years by Lend Lease in a variety of roles, including property development finance and development management. Rob holds a Bachelors degree in Commerce and a Masters degree in Applied Finance, both from the University of New South Wales. Jesper Koll Head 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 07 July 2011

Adam Singer COO and Associate Director of AP Equity and Equity Derivatives Research (852) 2800 8583, adam.singer@jpmorgan.com Adam Singer joined J.P. Morgan in 1999 working in Private Placements and Project Finance. Adam was involved in the firms early eCommerce initiatives, and most recently was responsible for the Global Research technology platform. He joined the AP Research Management team in 2009. Adam has an MBA from Columbia Business School and a degree in Civil Engineering from McGill University. Prior to joining the firm, Adam worked as a civil engineer in China and Hong Kong. Sriyan Pietersz Head of ASEAN Research (66 2) 684 2670, sriyan.pietersz@jpmorgan.com Sriyan joined J.P. Morgan in mid-2003 as Thai Head of Research and Strategist, and currently serves as Head of ASEAN and Frontier Markets Research. He has been rated among the top equity analysts in Thailand in surveys conducted by Institutional Investor, Asia Money, Extel, Reuters and Greenwich Associates over the past twelve years and his team has been ranked in the top three in the Institutional Investor survey since 2005. Prior to joining J.P. Morgan, Sriyan was regional head of research at SG Securities Asia, as well as TIP strategist. He has 19 years of experience covering SE Asian and South Asian stock markets and economies, having come to Asia in 1991 after graduate studies in the US. Sriyan graduated from the University of Texas at Austin with a degree in History, received an MBA from the University of Houston, and was pursuing a doctoral degree in Economics at the University of Texas at Austin when he left to pursue a career as an investment analyst.

Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 07 July 2011

Macro Team
Adrian Mowat Regional & Emerging Markets Strategy (852) 2800 8599, adrian.mowat@jpmorgan.com Adrian Mowat is J.P. Morgans Chief emerging market and Asian equity strategist. He leads the team of 10 Asian country strategists and the regional emerging country equity strategists. The teams flagship reports are Key Trades and Risk and Perspective and Portfolios, for emerging markets and Asia respectively. Adrian joined J.P. Morgan 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 J.P. Morgans Head of Emerging Asia Research team, covering economics, fx, local rates, and sovereign credit. Before joining J.P. Morgan 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 J.P. Morgan, Mr. Fernandez is on the Advisory Board of Chinese University of Hong Kong's Quantitative Finance Program and 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 Deputy Head of Economic and Policy Research, Asia-Pacific. He is responsible for outlining the firms official view on the Japanese economy. Mr Kanno joined J.P. Morgan 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 07 July 2011

Regional Sector Coordinators

Listed alphabetically by sector. Frank Li Head of China Research/Strategy & Head of Asian Autos & Auto Parts Research (852) 2800 8511, frank.m.li@jpmorgan.com Frank Li is managing director, head of China research, chief China strategist, and head of Asian Auto & Auto parts research for J.P. Morgan. He joined J.P. Morgan in February, 2002 to cover Chinas automotive sector. Before that, he was responsible for China research at Indosuez W. I. Carr as head of its Shanghai research office for six years covering the oil & gas, and chemical sector. Frank holds a Bachelor's degree in economics from Jiangsu University, and a Master's degree in international business from the Shanghai Institute of International Economics & Trade. He was ranked No. 1 for chemicals and No.2 for oil and gas, Hong Kong/China, in the corporate category by Reuters in 2000, and No. 4 for Asian chemicals, global emerging markets, in the fund managers category, by Reuters in 1999. He was also ranked No. 3 for regional oil and gas (fund managers category) by The Asset in 2000. He has been voted the No 1 auto analyst for the Asia ex-Japan region for the past four years, and the No 2 China analyst and No 1 China strategist in last year's Institutional Investor Survey. Sunil Garg Banks & Finance (Regional), Head of Asia Ex Equity Research (852) 2800 8518, sunil.garg@jpmorgan.com Sunil Garg joined J.P. Morgan in June 2005, having spent over ten years in the securities industry. Prior to joining J.P. Morgan, he was employed with Fox-Pitt, Kelton, covering Asian Financials for the last nearly seven years and with BZW for over three years. Over the last three years, he has been rated amongst the top five analysts for the sector by Institutional Investor, AsiaMoney and, The Asset. Sunil was previously employed in the banking industry with HSBC and American Express Bank, predominantly in India, for nearly six years. Sunil graduated from the Indian Institute of Management (Calcutta) in 1989. Benjamin Lo Asia Conglomerate, Gaming & Lodging Research (852) 2800 8598, benjamin.mc.lo@jpmorgan.com Benjamin Lo is J.P. Morgans Head of Asia Conglomerate Research (with primary focus on China/Hong Kong conglos), and is also involved in Gaming and Lodging Research. Benjamin began his conglomerate research career ten years ago with J.P. Morgan, followed by Deutsche and Nomura/Lehman. He rejoined J.P. Morgan in August 2010. He led the No.3-ranked Asia Conglomerate Team in 2009 Institutional Investor survey, and was also the No.2-ranked China Conglomerate analyst in 2009 Institutional Investor China survey. He is a CFA charterholder. Ebru Sener Kurumlu Regional Head of Consumer (852) 2800 8521, ebru.sener@jpmorgan.com Ebru Sener Kurumlu is Head of JPMorgan Asia Consumer Research. Ebru has been a senior member of the JPMorgan Consumer team for six years and has over 12 years experience in equity research. Prior to joining JPMorgan, 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.

Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 07 July 2011

Tony Lee Equity Derivatives and Delta One Strategy (852) 2800 8857, tony.sk.lee@jpmorgan.com Tony Lee is J.P. Morgan's Asian 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 firm's trading desks. Prior to that Tony was Head of Asian 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 fund and structured product trading strategies. Tony holds a Bachelor of Applied Science degree from the University of British Columbia and a Masters of Engineering degree from Cornell University. Steve Malin Global Quantitative (852) 2800 8568, steven.j.malin@jpmorgan.com Steve Malin joined the J.P. Morgan Quantitative Equity Research team in 2003 to cover the Australian market. In 2005, he began publishing regional quantitative research focused on Asia Pacific. Steve has ranked 1st in the Asia Money and Extel surveys and in the II 2008 survey, the team ranked 1st in the All Asia Quantitative research category. In addition to his regional responsibilities, Steve is also the head of J.P. Morgans Global Quant research team. Before joining J.P. Morgan, Steve was associated with Credit Suisse First Boston where he spent four years developing and implementing quantitative systems for equity research. Prior to entering the finance industry, he spent 6 years providing software consultancy services to a variety of industries in London, Dublin and Sydney. Steve holds a Bachelor of Engineering from Bristol University, a Post Graduate Diploma in Knowledge Engineering and a Post Graduate Certificate in Applied Finance. 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. Karen Li Infrastructure (852) 2800 8589, karen.yy.li@jpmorgan.com Karen Li is J.P. Morgans Regional Head of Infrastructure. She led the J.P. Morgan Infrastructure team to the #2 position in the 2011 Asia Institutional Investor Survey (non-ranked previously). Her team was rated #1 in the 2010 Extel ThomsonReuters survey (under the category of Transportation and Infrastructure). She was previously part of J.P. Morgans Utilities & Infrastructure team, which earned a runner-up position in the Institutional Investor Survey during 2009-2010, and was also part of J.P. Morgans Regional Small and Mid Caps team, which earned the top two places in the Institutional Investor Survey during 2006-2008. Karen joined J.P. Morgan in August 2005, after spending two years at Goldman Sachs, Japan. She has an MBA from the Harvard Business School and holds the CFA charter. Karen began her career in equities in 1998, and progressed to manage equity funds at Capital Securities. Bao Ling Chan Insurance (852) 2800 8592, baoling.chan@jpmorgan.com Bao Ling Chan joined J.P. Morgan in April 2010 as the Regional Head of Insurance Asia Pacific Equity Research and the lead analyst covering the Chinese insurance sector. Prior to joining J.P. Morgan, she was employed with Fox-Pitt, Kelton, covering Asian Insurance for the past six years. She has been involved in the Hong Kong listing of a number of Chinese insurers. She also worked in The Boston Consulting Group as an associate in the early stage of her career. Bao Ling holds a Masters degree in Engineering Science and a BA degree in Engineering from University of Melbourne.

Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 07 July 2011

Dick Wei Internet (852) 2800 8535, dick.x.wei@jpmorgan.com Dick Weis primary research focus is on Regional Internet and New Media. In addition, he is also responsible for China IT Services sector research. Prior to joining JPMorgan in 2002, Dick worked with Merrill Lynch in the Hong Kong and New York offices. He was also a design engineer at Quantum Corporation (acquired by Maxtor), where he was responsible for digital servo-control systems design. Dick graduated with an MBA from Wharton School and obtained his M.Sc. degree in mechanical engineering from Stanford University. Brynjar Eirik Bustnes Oil & Gas (852) 2800 8578, brynjar.e.bustnes@jpmorgan.com Brynjar Bustnes joined us as Regional Head of Oil & Gas in early 2007, based in Hong Kong. Brynjar has seven years of oil and gas industry experience with Western Atlas (now part of Baker Hughes). Previous to joining J.P. Morgan, Brynjar spent six years with BofA (investment banking) and UBS Global Asset Management (Oil & Gas and Transport), in addition to doing a masters degree. He has a Bachelor of Applied Science degree in Electrical Engineering (UBC, Canada) and a Masters of Science in Financial Engineering from NTU in Singapore (Carnegie Mellon co-program). 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. Christopher Gee, CFA Real Estate and REITs (65) 6882 2345, christopher.ka.gee@jpmorgan.com Chris has been covering the real estate sector (developers and REITs) in Singapore for the last seven years. He was rated the top Singapore analyst in the Institutional Investor surveys in 2005-2008. In addition to his role as J.P. Morgans Singapore real estate equities analyst, he also is the Head of Asia Real Estate Equities Research for J.P. Morgan, and leads the Singapore equities research team. Chris joined J.P. Morgan in Singapore in August 2002 as Head of Equities Research in Singapore from ING Financial Markets, where he was the head of equities research for Singapore and Malaysia from 2000. Prior to relocating to Singapore in 2000, he was based in Kuala Lumpur as the head of equities research and an investment analyst at ING Barings in Malaysia covering, among other sectors, construction, real estate, infrastructure, and insurance. He holds the CFA charter and was trained as a chartered accountant with Price Waterhouse in London in the early 1990s. JJ Park Regional Head of Semiconductors (822) 758 5717, jj.park@jpmorgan.com JJ Park joined J.P. Morgan in August 2002 as a technology analyst after spending two years in ING-Baring Securities and Good-Morning Securities, covering semiconductor companies. Previously, he spent six years as an IR manager and memory marketing manager at Hynix Semiconductor. The coverage includes Samsung Electronics, LG Electronics, LG Display, Hynix, Samsung SDI, OCI, TSMC, UMC and Taiwan DRAM companies (i.e. Inotera), and heads the Asia semiconductor team including memory, foundry, display and solar sectors. He was ranked the No. 1 Korea technology analyst in Institutional Investor from 2006 to 2009 and the Top 3 (No. 2 in 2009) in technology-regional semiconductor as well as hardware in Institutional Investor from 2007 to 2009. Also, he was ranked the No. 3 semiconductor analyst (No. 1 among foreign houses) in the Mae-Kyung poll in 2007.

Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 07 July 2011

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. James Sullivan Telecommunications (65) 6882 2374, james.r.sullivan@jpmorgan.com James has over 14 years of experience in Emerging Markets, and has been based in Asia since 1999. Most recently, he was a Managing Director responsible for Millennium Partners investment portfolio involving Asian telecom, media, and internet companies, a role he held since January 2009. Preceding this, he managed similar Asian sector portfolios for Citadel Investment Group (Hong Kong) and Oaktree Capital (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 joining Oaktree in 2003, James served as a Vice President in Asian Equities Research at Credit Suisse First Boston (Bangkok) where he achieved top three rankings from AsiaMoney for his coverage of Asian Telecom Service operators and Media companies. Prior to that, he was a Director in the Mergers Acquisitions & Advisory Department at The Quant Group (Bangkok). Before that, he spent four years with IBM, most recently 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. 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 and has primary coverage responsibility of the regional aviation and shipping sectors in Asia. She led the J.P. Morgan Transportation team to the runner-up position, from eleventh place previously, in the 2009 Institutional Investor survey and the team was ranked first by hedge fund investors in the same survey. Prior to J.P. Morgan, Corrine was with Citi Investment Research for over four years where she covered regional airlines, airports and service providers. During this time, Corrine was ranked by Starmine for her stock calls in 2006 and 2007. She was also a part of the Regional Transportation 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 in 2001 before moving to Citi in 2003. She graduated from the National University of Singapore with a Bachelor of Social Sciences (Honours) degree in Economics. Her hobbies include playing with her dogs, the piano and traveling.

Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 07 July 2011

Country Strategists/
Heads of Research
Listed alphabetically by country. Paul Brunker Australia, Equity Strategy (612) 9220 7841, paul.m.brunker@jpmorgan.com Paul Brunker has been with J.P. Morgan 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. Frank Li China (852) 2800 8511, frank.m.li@jpmorgan.com Frank Li is managing director, head of China research, chief China strategist, and head of Asian Auto & Auto parts research for J.P. Morgan. He joined J.P. Morgan in February, 2002 to cover Chinas automotive sector. Before that, he was responsible for China research at Indosuez W. I. Carr as head of its Shanghai research office for six years covering the oil & gas, and chemical sector. Frank holds a Bachelor's degree in economics from Jiangsu University, and a Master's degree in international business from the Shanghai Institute of International Economics & Trade. He was ranked No. 1 for chemicals and No.2 for oil and gas, Hong Kong/China, in the corporate category by Reuters in 2000, and No. 4 for Asian chemicals, global emerging markets, in the fund managers category, by Reuters in 1999. He was also ranked No. 3 for regional oil and gas (fund managers category) by The Asset in 2000. He has been voted the No 1 auto analyst for the Asia ex-Japan region for the past four years, and the No 2 China analyst and No 1 China strategist in last year's Institutional Investor Survey. Bharat Iyer India (91 22) 6157 3600, bharat.x.iyer@jpmorgan.com Bharat joined J.P. Morgan in early 2006 and serves as strategist and head of India research. He also covers the Automobile sector. Prior to joining J.P. Morgan, 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 Indonesia (62 21) 5291 8573, aditya.s.srinath@jpmorgan.com Aditya Srinath joined J.P. Morgan in May 2007 in Jakarta from ABN Amro and has headed Indonesia Research since July 2008. His career as an equity analyst has included several years covering Indian stocks and a subsequent stint in Oman where he covered Middle Eastern equities before moving to Indonesia in late 2004. 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.

Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 07 July 2011

Hajime Kitano Japan (813) 6736 8655, hajime.x.kitano@jpmorgan.com Before joining J.P. Morgan in January 2006, Hajime Kitano was the chief equity strategist for Mitsubishi UFJ Securities (since 1997). He began his career in 1982 as a bond dealer and subsequently as a forex analyst for what was formerly known as the Bank of Mitsubishi. He is a graduate of the law faculty of Osaka University. 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). Gilbert Lopez Philippines (63 2) 878 1188, gilbert.y.lopez@jpmorgan.com Gilbert Y Lopez joined J.P. Morgan in June 2010 with over 17 years of experience as a sell-side equities analyst. He was most recently Head of Philippines Research at Credit Suisse. Prior to that, he worked for firms such as Macquarie, ING Barings, BNP, and Deutsche Morgan Grenfell. He graduated from De Las Salle University in May 1992 with a Bachelor of Science in Accountancy degree and became a Certified Public Accountant (CPA) in November 1992. Christopher Gee, CFA Singapore (65) 6882 2345, christopher.ka.gee@jpmorgan.com Chris has been covering the real estate sector (developers and REITs) in Singapore for the last seven years. He was rated the top Singapore analyst in the Institutional Investor surveys in 2005-2008. In addition to his role as J.P. Morgans Singapore real estate equities analyst, he also is the Head of Asia Real Estate Equities Research for J.P. Morgan, and leads the Singapore equities research team. Chris joined J.P. Morgan in Singapore in August 2002 as Head of Equities Research in Singapore from ING Financial Markets, where he was the head of equities research for Singapore and Malaysia from 2000. Prior to relocating to Singapore in 2000, he was based in Kuala Lumpur as the head of equities research and an investment analyst at ING Barings in Malaysia covering, among other sectors, construction, real estate, infrastructure, and insurance. He holds the CFA charter and was trained as a chartered accountant with Price Waterhouse in London in the early 1990s. Scott Seo South Korea (82 2) 758 5759, scott.seo@jpmorgan.com Scott Seo is a managing director and the head of Equity Research for Korea in addition to being J.P. Morgans senior banks analyst and strategist for the country. Scott joined J.P. Morgan in April 2001, having spent more than 15 years in the securities industry. Prior to joining the company, he has been Korean banks analyst for Daewoo Securities, Deutsche Morgan Grenfell and ABN Amro, based in Korea. He has been consistently rated among the top three Korean banks analysts for the past ten yeas in various investor polls. He received a BA in Business Administration from Sogang University in Seoul.

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Nick Lai Taiwan (886 2) 2725 9864, nick.yc.lai@jpmorgan.com Nick joined J.P. Morgan in November 2004 as small/mid cap analyst, and currently covers autos, cement, property, steel and China plays. He has been consistently ranked by Institutional Investors and Asia Money since 2003. Nick was promoted as head of research in Taiwan in May 2008. Under Nicks leadership, the J.P. Morgan Taiwan team was ranked No. 3 in the Institutional Investors survey in 2009. Prior to J.P. Morgan, Nick spent a number of years following similar sectors at Merrill Lynch and Dresdner. Nick has an MBA from the University of Cambridge and an MS in Finance from University of Illinois at UrbanaChampaign. Sriyan Pietersz Thailand, ASEAN & Frontier Markets (66 2) 684 2670, sriyan.pietersz@jpmorgan.com Sriyan joined J.P. Morgan in mid-2003 as Thai Head of Research and Strategist, and currently serves as Head of ASEAN and Frontier Markets Research. He has been rated among the top equity analysts in Thailand in surveys conducted by Institutional Investor, Asia Money, Extel, Reuters and Greenwich Associates over the past twelve years and his team has been ranked in the top three in the Institutional Investor survey since 2005. Prior to joining J.P. Morgan, Sriyan was regional head of research at SG Securities Asia, as well as TIP strategist. He has 19 years of experience covering SE Asian and South Asian stock markets and economies, having come to Asia in 1991 after graduate studies in the US. Sriyan graduated from the University of Texas at Austin with a degree in History, received an MBA from the University of Houston, and was pursuing a doctoral degree in Economics at the University of Texas at Austin when he left to pursue a career as an investment analyst.

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Analysts by Market
Listed alphabetically by market. Australia
Rob Stanton Country Head Alex Mees Alistair Reid Anasuya Ramesh Andrew Muir Anthony Passe-de Silva Armina Soemino Ben Jarman Ben Wilson Berowne Hlavaty Bharat Anand Carolyn Holmes Christopher Laybutt Damon Callaghan Daniel Butcher Fraser Jamieson Garry Sherriff Helen Kevans James Eustace James Nicholias Jarrod McDonald Jason Steed Joseph Kim Keith Chau Kirsty Mackay-Fisher Laurent Horrut Luke Nelson Mark Busuttil Matthew Loh Matthew Ryan Megan Freeman Michael Scott Paul Brunker Pulkit Gupta Richard Bailey Richard Jones Richard Szabo Russell Gill Scott Carroll Scott Manning Scott Molloy Shaun Cousins Shen Li Siddharth Parameswaran Stephen Blagg Stephen Walters Steven Wheen Stuart Jackson Thomas Beadle REITS Emerging & Technology Companies Property Dev & Contractors, Coal & Rare Earths Healthcare Small/Mid-cap Resources Property Dev & Contractors, Coal & Rare Earths Equity Strategy Economy Energy & Steel Quantitative Banks Infrastructure Utilities & Building Materials Emerging & Technology Companies Energy & Steel Resources ESG Economy Quantitative Research Banks Telecommunications / Media Utilities & Building Materials Resources Utilities & Building Materials Infrastructure Telecommunications / Media Resources Resources Insurance Food & Bev, Gaming, Paper & Packaging, Chemicals Food & Bev, Gaming, Paper & Packaging, Chemicals Property Trusts Equity Strategy/REITs Energy & Steel Small Caps/Emerging Growth Property Trusts Food & Bev, Gaming, Paper & Packaging, Chemicals Diversified Financials Transportation Banks Property Trusts Retailing Retailing Insurance Database Manager Economics Healthcare Food & Bev, Gaming, Paper & Packaging, Chemicals Telecommunications / Media Financial Services Autos & Oil, Conglomerates Market Strategy Asian Oil & Gas Technology (HK, Taiwan) Real Estate Small Caps Insurance Conglomerates Utilities (612) 9220 1923 (612) 9220 1939 (612) 9220 1538 (612) 9220 7734 (61-2) 9220 1579 (612) 9220 1638 (612) 9220 1589 (612) 9220 1669 (612) 9220 1384 (612) 9220 1591 (612) 9220 1550 (612) 9220 1307 (612) 9220 1623 (612) 9220 1580 (612) 9220 1405 (612) 9220 1586 (612) 9220 1502 (612) 9220 3250 (61-2) 9220-1675 (612) 9220 1528 (612) 9220 3051 (612) 9220 1551 (613) 9633 4053 (612) 9220 1582 (612) 9220 1609 (612) 9220 1593 (612) 9220 1629 (612) 9220 1553 (612) 9220 1527 (612) 9220 1533 (612) 9220 1690 (612) 9220 1570 (612) 9220 7841 (612) 9220 1643 (612) 9220 1585 (613) 9633 4038 (612) 9220 1408 (612) 9220 1525 (612) 9220 1606 (612) 9220 1803 (612) 9220 1573 (612) 9220 1524 (612) 9220 1692 (612) 9220 1596 (612) 9220 1584 (612) 9220 1599 (612) 9220 1645 (612) 9220 1601 (612) 9220 1815 (852) 2800 8518 (852) 2800 8511 (852) 2800 8599 (852) 2800 8563 (852) 2800 8533 (852) 2800 8524 (852) 2800 8572 (852) 2800 8592 (852) 2800 8598 (852) 2800 8573 rob.a.stanton@jpmorgan.com alexander.c.mees@jpmorgan.com alistair.g.reid@jpmorgan.com anasuya.x.ramesh@jpmorgan.com andrew.x.muir@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 christopher.r.laybutt@jpmorgan.com damon.callaghan@jpmorgan.com daniel.butcher@jpmorgan.com fraser.jamieson@jpmorgan.com garry.sherriff@jpmorgan.com helen.e.kevans@jpmorgan.com james.eustace@jpmorgan.com james.nicholias@jpmorgan.com jarrod.mcdonald@jpmorgan.com jason.h.steed@jpmorgan.com joseph.x.kim@jpmorgan.com keith.chau@jpmorgan.com kirsty.a.mackay-fisher@jpmorgan.com laurent.j.horrut@jpmorgan.com luke.nelson@jpmorgan.com mark.busuttil@jpmorgan.com matthew.loh@jpmorgan.com matthew.h.ryan@jpmorgan.com megan.a.freeman@jpmorgan.com michael.john.scott@jpmorgan.com paul.m.brunker@jpmorgan.com pulkit.gupta2@jpmorgan.com richard.x.bailey@jpmorgan.com richard.b.jones@jpmorgan.com richard.x.szabo@jpmorgan.com russell.j.gill@jpmorgan.com scott.j.carroll@jpmorgan.com scott.r.manning@jpmorgan.com scott.x.molloy@jpmorgan.com shaun.r.cousins@jpmorgan.com shen.w.li@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 sunil.garg@jpmorgan.com frank.m.li@jpmorgan.com adrian.mowat@jpmorgan.com akhil.x.handa@jpmorgan.com alvin.yl.kwock@jpmorgan.com amy.kp.luk@jpmorgan.com andrew.tj.hsu@jpmorgan.com baoling.chan@jpmorgan.com benjamin.mc.lo@jpmorgan.com boris.cw.kan@jpmorgan.com

Hong Kong/China

Sunil Garg Country Head (HK) Frank Li Country Head (China) Adrian Mowat Akhil Handa Alvin Kwock Amy Luk Andrew Hsu Bao Ling Chan Benjamin Lo Boris Kan

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Hong Kong/China
Brynjar Bustnes Chapman Deng Cindy Xu Clara Law Corrine Png Daniel Kang Dick Wei Ebru Sener Kurumlu Elaine Wu Elsa Yang James Sullivan Jessica Hong Jin Luo Joanne Cheung Joseph Leung Karen Li Kenneth Fong Lan Deng Leon Chik Lucia Kwong Lucy Liu Lun Zhang Michelle Wei Noel SY Chan Peng Chen Qin Zhang Robert Smith Ryan Li Samuel Chen Sophie LM Tan Steve Malin Sue Lee Suzy Tian Sylvia Chan Tony Lee

Regional Oil & Gas Utilities Banks Equity Derivatives (Asia) Transportation Metals and Mining Regional Internet and New Media Consumer Utilities Consumer Telecoms Consumer Autos & Oil, Healthcare HK Strategy, Conglomerates (HK) Banks & Finance (HK) Utilities and Infrastructure Conglomerates China Strategy SMID Caps Real Estate Telecoms Metals and Mining Telecoms Property China strategy, Industrials and Machinery Technology Hardware Quantitative Research (Global) Real Estate Banks Oil and Gas Quant Equity Derivatives (Asia) Real Estate Conglomerates Equity Derivatives (Asia) Equity Strategy, Autos Financials Auto Components & Logistics, Auto Strategy Equity Derivatives (Asia) Power, Engineering SMID Caps Regional Strategy Real Estate, Strategy Economics Consumer, Retail, Media Telecommunications Metals, Building Materials Energy, Chemicals Metals, Building Materials Energy, Chemicals Pharma, Small Caps/Emerging Growth Regional Strategy Market Strategy Real Estate Financials Power, Engineering Equity Derivatives (Asia) Power, Engineering Equity Derivatives (Asia) Technology, Software & IT services Banks, Conglomerates Equity Derivatives (Asia) Metals & Mining Telecommunications

(852) 2800 8578 (852) 2800 8577 (852) 2800 8502 (852) 2800 7736 (65) 6882 1514 (852) 2800 8570 (852) 2800 8535 (852) 2800 8521 (852) 2800-8561 (852) 2800 8523 (65) 6882 2374 (852) 2800 8559 (852) 2800 8516 (852) 2800 8596 (852) 2800 8517 (852) 2800 8589 (852) 2800 8597 (852) 2800 8520 (852) 2800 8590 (852) 2800 8526 (852) 2800 8566 (852) 2800 8561 (852) 2800 8562 (852) 2800 8522 (852) 2800 8507 (852) 2800-8567 (852) 2800 8569 (852) 2800 8529 (852) 2800 8557 (852) 2800 8531 (852) 2800 8568 (852) 2800 7898 (852) 2800 8552 (852) 2800 8593 (852) 2800 8857 (91 22) 6157 3600 (91 22) 6157 3576 (91 22) 6157 3596 (91 22) 6157 3586 (852) 2800 7736 (91 22) 6157 3582 (91 22) 6157 3583 (91 22) 6157 3329 (91 22) 6157 3593 (91 22) 6157 3385 (91 22) 6157 3584 (91 22) 6157 3595 (91 22) 6157 3589 (91 22) 6157 3592 (91 22) 6157 3588 (91 22) 6157 3591 (91 22) 6157 3587 (91 22) 6157 3568 (91 22) 6157 3312 (91 22) 6157 3590 (91 22) 6157 3575 (91 22) 6157 3580 (852) 2800 7898 (91 22) 6157 3581 (852) 2800 8857 (91 22) 6157 3597 (62 21) 5291 8573 (852) 2800 7736 (62-21) 5291-8575 (65) 6882 2374

brynjar.e.bustnes@jpmorgan.com chapman.zw.deng@jpmorgan.com cindy.p.xu@jpmorgan.com clara.cs.law@jpmorgan.com corrine.ht.png@jpmorgan.com Daniel.kang@jpmorgan.com dick.x.wei@jpmorgan.com ebru.sener@jpmorgan.com elaine.wu@jpmorgan.com elsa.hy.yang@jpmorgan.com james.r.sullivan@jpmorgan.com jessica.ch.hong@jpmorgan.com jin.j.luo@jpmorgan.com joanne.cy.cheung@jpmorgan.com joseph.mj.leung@jpmorgan.com karen.yy.li@jpmorgan.com kenneth.kc.fong@jpmorgan.com lan.x.deng@jpmorgan.com leon.hk.chik@jpmorgan.com lucia.yk.kwong@jpmorgan.com lucy.y.liu@jpmorgan.com Lun.zhang@jpmorgan.com michelle.z.wei@jpmorgan.com noel.sy.chan@jpmorgan.com peng.p.chen@jpmorgan.com qin.zhang@jpmorgan.com robert.z.smith@jpmorgan.com ryan.lh.li@jpmorgan.com samuel.s.chen@jpmorgan.com sophie.lm.tan@jpmorgan.com steven.j.malin@jpmorgan.com sue.sj.lee@jpmorgan.com suzy.t.tian@jpmorgan.com sylvia.sw.chan@jpmorgan.com tony.sk.lee@jpmorgan.com bharat.x.iyer@jpmorgan.com adarsh.x.parasrampuria@jpmorgan.com aditya.s.makharia@jpmorgan.com bijay.kumar@jpmorgan.com clara.cs.law@jpmorgan.com deepika.x.belani@jpmorgan.com dinesh.x.harchandani@jpmorgan.com faheem.s.desai@jpmorgan.com gunjan.x.prithyani@jpmorgan.com jahangir.x.aziz@jpmorgan.com latika.chopra@jpmorgan.com malvika.x.gupta@jpmorgan.com neha.x.manpuria@jpmorgan.com neil.x.gupte@jpmorgan.com pinakin.m.parekh@jpmorgan.com pradeep.a.mirchandani@jpmorgan.com princy.singh@jpmorgan.com rajiv.j.batra@jpmorgan.com sanaya.x.tavaria@jpmorgan.com saurabh.s.kumar@jpmorgan.com seshadri.k.sen@jpmorgan.com shilpa.x.krishnan@jpmorgan.com sue.sj.lee@jpmorgan.com sumit.x.kishore@jpmorgan.com tony.sk.lee@jpmorgan.com viju.k.george@jpmorgan.com aditya.s.srinath@jpmorgan.com clara.cs.law@jpmorgan.com clarissa.wardhana@jpmorgan.com james.r.sullivan@jpmorgan.com

India

Bharat Iyer Country Head Adarsh Parasrampuria Aditya Makharia Bijay Kumar Clara Law Deepika Belani Dinesh Harchandani Faheem Desai Gunjan Prithyani Jahangir Aziz Latika Chopra Malvika Gupta Neha Manpuria Neil Gupte Pinakin Parekh Pradeep Mirchandani Princy Singh Rajiv Batra Sanaya Tavaria Saurabh Kumar Seshadri Sen Shilpa Krishnan Sue Lee Sumit Kishore Tony Lee Viju George

Indonesia

Aditya Srinath Country Head Clara Law Clarissa Wardhana James Sullivan

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Indonesia

Liliana Bambang Stevanus Juanda Sue Lee Tony Lee

Japan

Cement Consumer, Retailing, Real Estate Equity Derivatives (Asia) Equity Derivatives (Asia) Head of Japan Equity Research Metals/non ferrous metals, Steel, Glass, Wire & Cable Banks Retailing Equity Strategy Equity Derivatives Strategy Construction/Housing, Real Estate Telecommunications Software/Game, Internet & IT Machinery Precision Instruments Transportation Banks Auto & Auto Parts Insurance, Brokers & Speciality Finance Equity Strategy Economics Economics Industrial/Consumer Electronics Components Chemicals Pharmaceuticals & Health care Equity Derivatives Strategy Economics Insurance, Brokers & Speciality Finance Chemicals Precision Instruments Quantitative Machinery Industrial/Consumer Electronics Electronic Components Industrial/Consumer Electronics Software/Game, Internet & IT Oil services & equipment, Construction/Infrastructure Equity Derivatives (Asia) Financial Services Telecommunications Gaming, Consumer, Medical Supplies & Devices Property, Plantations and Utilities Equity Derivatives (Asia) Equity Derivatives (Asia) Market Strategy, Real Estate Utilities Equity Derivatives (Asia) Financial Services Telecommunications Strategy, Retailing, Consumer Goods Equity Derivatives (Asia) Equity Derivatives (Asia) Strategist, Regional Property Conglomerates & Marine Strategy & Property Equity Derivatives (Asia) Regional Airline & Transportation Banks Telecommunications Property & Media Gaming, Consumer, Medical Supplies & Devices

(62 21) 5291 8572 (62 21) 5291 8574 (852) 2800 7898 (852) 2800 8857 (813) 6736 8600 (813) 6736 8646 (813) 6736 8683 (813) 6736 8620 (813) 6736 8655 (813) 6736 1347 (813) 6736 8662 (813) 6736 8610 (813) 6736 8602 (813) 6736 8608 (813) 6736 8601 (813) 6736 8631 (813) 6736 8679 (813) 6736 8621 (813) 6736 8614 (813) 6736 8632 (813) 6736 1166 (813) 6736 1172 (813) 6736 8606 (813) 6736 8633 (813) 6736 8617 (813) 6736 8615 (813) 6736 1352 (813) 6736 1167 (813) 6736 8618 (813) 6736 8677 (813) 6736 8619 (813) 6736 8647 (813) 6736-8644 (813) 6736 8637 (813) 6736-8603 (813) 6736 8634 (813) 6736 8654 (603) 2270 4728 (852) 2800 7736 (65) 6882 2450 (65) 6882 2374 (603) 2270 4725 (603) 2270 4710 (852) 2800 7898 (852) 2800 8857 (632) 878 1188 (65) 6882 2419 (852) 2800 7736 (65) 6882 2450 (65) 6882 2374 (632) 878 1131 (852) 2800 7898 (852) 2800 8857 (65) 6882 2345 (65) 6882 2419 (65) 6882 2354 (852) 2800 7736 (65) 6882 1514 (65) 6882 2450 (65) 6882 2374 (65) 6882 2312 (603) 2270 4725

liliana.bambang@jpmorgan.com stevanus.x.juanda@jpmorgan.com sue.sj.lee@jpmorgan.com tony.sk.lee@jpmorgan.com jesper.j.koll@jpmorgan.com akira.x.kishimoto@jpmorgan.com akito.kono@jpmorgan.com dairo.murata@jpmorgan.com hajime.x.kitano@jpmorgan.com hayato.ono@jpmorgan.com hirokazu.x.anai@jpmorgan.com hironobu.x.sawake@jpmorgan.com hiroshi.kamide@jpmorgan.com hirotaka.x.wada@jpmorgan.com hisashi.moriyama@jpmorgan.com hitoshi.x.hosoya@jpmorgan.com katsuhito.sasajima@jpmorgan.com kohei.x.takahashi@jpmorgan.com koki.x.sato@jpmorgan.com lan.x.wu@jpmorgan.com masaaki.kanno@jpmorgan.com masamichi.x.adachi@jpmorgan.com masashi.x.hayami@jpmorgan.com masashi.itaya@jpmorgan.com masashi.x.kaneko@jpmorgan.com masayuki.x.onozuka@jpmorgan.com michiro.naito@jpmorgan.com miwako.nakamura@jpmorgan.com natsumu.tsujino@jpmorgan.com nobuhito.c.owaki@jpmorgan.com ryoko.suzuki@jpmorgan.com satoshi.okamoto@jpmorgan.com toru.nakahashi@jpmorgan.com yoshiharu.izumi@jpmorgan.com yumi.tanaka@jpmorgan.com yushi.kawamoto@jpmorgan.com yusuke.x.maeda@jpmorgan.com hoykit.mak@jpmorgan.com clara.cs.law@jpmorgan.com harsh.w.modi@jpmorgan.com james.r.sullivan@jpmorgan.com mayyee.soh@jpmorgan.com simone.x.yeoh@jpmorgan.com sue.sj.lee@jpmorgan.com tony.sk.lee@jpmorgan.com gilbert.y.lopez@jpmorgan.com ajay.mirchandani@jpmorgan.com clara.cs.law@jpmorgan.com harsh.w.modi@jpmorgan.com james.r.sullivan@jpmorgan.com jeanette.t.yutan@jpmorgan.com sue.sj.lee@jpmorgan.com tony.sk.lee@jpmorgan.com christopher.ka.gee@jpmorgan.com ajay.mirchandani@jpmorgan.com choonkeong.ong@jpmorgan.com clara.cs.law@jpmorgan.com corrine.ht.png@jpmorgan.com harsh.w.modi@jpmorgan.com james.r.sullivan@jpmorgan.com joy.qq.wang@jpmorgan.com mayyee.soh@jpmorgan.com

Jesper Koll Country Head Akira Kishimoto Akito Kono Dairo Murata Hajime Kitano Hayato Ono Hirokazu Anai Hironobu Sawake Hiroshi Kamide Hirotaka Wada Hisashi Moriyama Hitoshi Hosoya Katsuhito Sasajima Kohei Takahashi Koki Sato Lan Wu Masaaki Kanno Masamichi Adachi Masashi Hayami Masashi Itaya Masashi Kaneko Masayuki Onozuka Michiro Naito Miwako Nakamura Natsumu Tsujino Nobuhito Owaki Ryoko Suzuki Satoshi Okamoto Toru Nakahashi Yoshiharu Izumi Yumi Tanaka Yushi Kawamoto Yusuke Maeda

Malaysia

Hoy Kit Mak Country Head Clara Law Harsh Modi James Sullivan May Yee Soh Simone Yeoh Sue Lee Tony Lee

Philippines

Gilbert Lopez Country Head Ajay Mirchandani Clara Law Harsh Modi James Sullivan Jeanette Yutan Sue Lee Tony Lee

Singapore

Christopher Gee Country Head Ajay Mirchandani Choon Keong Ong Clara Law Corrine Png Harsh Modi James Sullivan Joy Wang May Yee Soh

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Singapore

Sue Lee Tony Lee Vishesh Gupta Ying-Jian Chan

South Korea

Equity Derivatives (Asia) Equity Derivatives (Asia) Telecommunications Conglomerates Equity Strategy, Banks Oil & Gas (Regional, Korea) Equity Derivatives (Asia) Transportation Small Cap Banks & Diversified Financials Metals and Mining Consumer, Retailing Technology Semiconductors Consumer and Metals/Mining Insurance Technology, Semiconductors & memory Petrochemicals (Regional, Korea) Equity Derivatives (Asia) Telecommunications Equity Derivatives (Asia) Automobiles, Steel & Machinery Strategy, Conglomerates & Multi-industry Property, Auto, Steel & Cement Technology IC Design/NB Strategy Technology, Semiconductors & memory Equity Derivatives (Asia) Transportation (Regional Airlines) Retailing Technology DRAM/ODM/Components Banks Technology Semiconductors Semiconductors Semiconductor Petrochemicals Equity Derivatives (Asia) Equity Derivatives (Asia) Technology, Hardware Equity Strategy Banks, Real Estate Equity Derivatives (Asia) Telecommunications Construction / Consumer / Agrifoods / Small Caps Equity Derivatives (Asia) Petrochemicals, Utilities, Materials, Conglomerates Equity Derivatives (Asia)

(852) 2800 7898 (852) 2800 8857 (65) 6882 2367 (65) 6882 2378 (822) 758 5759 (852) 2800 8578 (852) 2800 7736 (65) 6882 1514 (822) 758 5733 (822) 758 5729 (822) 758 5723 (822) 758 5717 (822) 758 5728 (822) 758 5724 (822) 758 5712 (852) 2800 8536 (852) 2800 7898 (822) 758 5719 (852) 2800 8857 (822) 758 5722 (822) 758 5715 (886 2) 2725 9864 (886 2) 2725 9866 (886 2) 2725 9872 (852) 2800 8530 (852) 2800 7736 (65) 6882 1514 (852) 2800 8521 (886 2) 2725 9869 (886-2) 2725-9870 (822) 758 5717 (886 2) 2725 9899 (886 2) 2725 9874 (852) 2800 8536 (852) 2800 7898 (852) 2800 8857 (886 2) 2725 9871 (662) 684 2670 (662) 684 2684 (852) 2800 7736 (65) 6882 2374 (662) 684 2683 (852) 2800 7898 (662) 684 2679 (852) 2800 8857

sue.sj.lee@jpmorgan.com tony.sk.lee@jpmorgan.com vishesh.x.gupta@jpmorgan.com ying.jian.yj.chan@jpmorgan.com scott.seo@jpmorgan.com brynjar.e.bustnes@jpmorgan.com clara.cs.law@jpmorgan.com corrine.ht.png@jpmorgan.com daehyun.kim@jpmorgan.com jinmook.kim@jpmorgan.com jinah.lee@jpmorgan.com jj.park@jpmorgan.com minsung.lee@jpmorgan.com mw.kim@jpmorgan.com hyunjoon.roh@jpmorgan.com samuel.sw.lee@jpmorgan.com sue.sj.lee@jpmorgan.com sungmin.chang@jpmorgan.com tony.sk.lee@jpmorgan.com wansun.c.park@jpmorgan.com youna.kim@jpmorgan.com nick.yc.lai@jpmorgan.com alvin.yl.kwock@jpmorgan.com caren.huang@jpmorgan.com christopher.x.ma@jpmorgan.com clara.cs.law@jpmorgan.com corrine.ht.png@jpmorgan.com ebru.sener@jpmorgan.com gokul.hariharan@jpmorgan.com james.yh.wu@jpmorgan.com jj.park@jpmorgan.com Narci.h.chang@jpmorgan.com rick.ic.hsu@jpmorgan.com samuel.sw.lee@jpmorgan.com sue.sj.lee@jpmorgan.com tony.sk.lee@jpmorgan.com william.chen@jpmorgan.com sriyan.pietersz@jpmorgan.com anne.x.jirajariyavech@jpmorgan.com clara.cs.law@jpmorgan.com james.r.sullivan@jpmorgan.com maria.bs.lapiz@jpmorgan.com sue.sj.lee@jpmorgan.com chawalitakul.sukit@jpmorgan.com tony.sk.lee@jpmorgan.com

Scott Seo Country Head Brynjar Bustnes Clara Law Corrine Png Daehyun Kim Jin-Mook Kim Jinah Lee JJ Park Minsung Lee Myung Wook Kim Hyunjoon Roh Samuel Lee, CFA Sue Lee Sung Min Chang Tony Lee Wan Sun Park Youna Kim

Taiwan

Nick Lai Country Head Alvin Kwock Caren Huang Christopher Ma Clara Law Corrine Png Ebru Sener Kurumlu Gokul Hariharan James Wu JJ Park Narci Chang Rick Hsu Samuel Lee, CFA Sue Lee Tony Lee William Chen

Thailand

Sriyan Pietersz Country Head Anne Jirajariyavech Clara Law James Sullivan Maria Lapiz Sue Lee Sukit Chawalitakul Tony Lee

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Analysts by Sector
Listed alphabetically by sector. Autos & Auto Parts
Frank Li Team Head Aditya Makharia Aditya Srinath Bharat Iyer Jin Luo Kohei Takahashi Maria Lapiz Nick Lai Wan Sun Park China India Indonesia India China Japan Thailand Taiwan South Korea Hong Kong Indonesia Singapore, Philippines Australia Australia China Philippines China, Hong Kong China, Hong Kong Hong Kong China, Hong Kong Indonesia Malaysia Thailand Hong Kong Singapore South Korea China, Hong Kong, Taiwan Japan China, Hong Kong Philippines China, Hong Kong South Korea Singapore India Thailand Malaysia, Singapore Australia South Korea Australia Australia Australia Indonesia Australia Singapore Head of Emerging Asia Economist for Australia, NZ Greater China Senior Economist for Greater China Economist for Australia, NZ Senior Economist for India, Pakistan, Sri Lanka Senior Economist for Korea Chief Economist for Japan (852) 2800 8511 (91 22) 6157 3596 (62 21) 5291 8573 (91 22) 6157 3600 (86 21) 5200 3796 (813) 6736 8621 (662) 684 2683 (886 2) 2725 9864 (822) 758 5722 (852) 2800 8598 (62 21) 5291 8573 (65) 6882 2419 (612) 9220 1538 (612) 9220 1638 (852) 2800 8511 (632) 878 1131 (852) 2800 8596 (852) 2800 8589 (852) 2800 8597 (852) 2800 8590 (62 21) 5291 8572 (603) 2270 4710 (662) 684 2679 (852) 2800 8593 (65) 6882 2378 (822) 758 5715 (852) 2800 8521 (813) 6736 8620 (852) 2800 8523 (632) 878 1131 (852) 2800 8559 (822) 758 5723 (65) 6882 2312 (91 22) 6157 3584 (662) 684 2683 (603) 2270 4725 (612) 9220 1690 (822) 758 5728 (612) 9220 1408 (612) 9220 1524 (612) 9220 1692 (622 1) 5291 8574 (612) 9220 1601 (65) 6882 2378 (65) 6882 2461 (612) 9220 1669 (852) 2800 8325 (852) 2800 7002 (612) 9220 3250 (91 22) 6157 3385 (822) 758 5509 (813) 6736 1166 frank.m.li@jpmorgan.com aditya.s.makharia@jpmorgan.com aditya.s.srinath@jpmorgan.com bharat.x.iyer@jpmorgan.com jin.j.luo@jpmorgan.com kohei.x.takahashi@jpmorgan.com maria.bs.lapiz@jpmorgan.com nick.yc.lai@jpmorgan.com wansun.c.park@jpmorgan.com benjamin.mc.lo@jpmorgan.com aditya.s.srinath@jpmorgan.com ajay.mirchandani@jpmorgan.com alistair.g.reid@jpmorgan.com anthony.g.passede.silva@jpmorgan.com frank.m.li@jpmorgan.com jeanette.t.yutan@jpmorgan.com joanne.cy.cheung@jpmorgan.com karen.yy.li@jpmorgan.com kenneth.kc.fong@jpmorgan.com leon.hk.chik@jpmorgan.com liliana.bambang@jpmorgan.com simone.x.yeoh@jpmorgan.com chawalitakul.sukit@jpmorgan.com sylvia.sw.chan@jpmorgan.com ying.jian.yj.chan@jpmorgan.com youna.kim@jpmorgan.com ebru.sener@jpmorgan.com dairo.murata@jpmorgan.com elsa.hy.yang@jpmorgan.com jeanette.t.yutan@jpmorgan.com jessica.ch.hong@jpmorgan.com jinah.lee@jpmorgan.com joy.qq.wang@jpmorgan.com latika.chopra@jpmorgan.com maria.bs.lapiz@jpmorgan.com mayyee.soh@jpmorgan.com megan.a.freeman@jpmorgan.com minsung.lee@jpmorgan.com richard.x.szabo@jpmorgan.com shaun.r.cousins@jpmorgan.com shen.w.li@jpmorgan.com stevanus.x.juanda@jpmorgan.com stuart.a.jackson@jpmorgan.com ying.jian.yj.chan@jpmorgan.com david.g.fernandez@jpmorgan.com ben.k.jarman@jpmorgan.com bert.j.gochet@jpmorgan.com grace.h.ng@jpmorgan.com helen.e.kevans@jpmorgan.com jahangir.x.aziz@jpmorgan.com jiwon.c.lim@jpmorgan.com masaaki.kanno@jpmorgan.com

Conglomerates & Multi-Industry

Benjamin Lo Team Head Aditya Srinath Ajay Mirchandani Alistair Reid Anthony Passe-de Silva Frank Li Jeanette Yutan Joanne Cheung Karen Li Kenneth Fong Leon Chik Liliana Bambang Simone Yeoh Sukit Chawalitakul Sylvia Chan YJ Chan Youna Kim

Consumer Goods, Food, Beverage, and Tobacco

Ebru Sener Kurumlu Team Head Dairo Murata Elsa Yang Jeanette Yutan Jessica Hong Jinah Lee Joy Wang Latika Chopra Maria Lapiz May Yee Soh Megan Freeman Minsung Lee Richard Szabo Shaun Cousins Shen Li Stevanus Juanda Stuart Jackson YJ Chan

Economy

David Fernandez Team Head Ben Jarman Bert Gochet Grace Ng Helen Kevans Jahangir Aziz Jiwon Lim Masaaki Kanno

16

Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 07 July 2011

Economy

Masamichi Adachi Matt Hildebrandt Miwako Nakamura Sajjid Chinoy Sin Beng Ong Stephen Walters Yen Ping Ho Tony Lee Team Head Clara Law Hayato Ono Marko Kolanovic Michiro Naito Sue Lee

Economist, Japan Economist (Sing, Phil, Vietnam) Economist, Japan Economist for India, Pakistan, Sri Lanka Senior Economist for Indo, Mal, Thai Senior Economist for Australia, NZ Singapore Asia Asia Japan Global Japan Asia

(813) 6736 1172 (65) 6882 2253 (813) 6736 1167 (91 22) 6157 3386 (65) 6882 1623 (612) 9220 1599 (65) 6882 2216 (852) 2800 8857 (852) 2800 7736 (813) 6736 1347 (1 212) 272 1438 (813) 6736 1352 (852) 2800 7898 (852) 2800 8599 (62 21) 5291 8573 (612) 9220 1589 (91 22) 6157 3600 (91 22) 6157 3586 (886 2) 2725 9872 (65) 6882 2354 (65) 6882 2345 (852) 2800 7736 (91 22) 6157 3329 (852) 2800 8511 (632) 878 1188 (91 22) 6157 3593 (813) 6736 8655 (852) 2800 8596 (852) 2800 8520 (813) 6736 8632 (1 212) 272 1438 (886 2) 2725 9864 (612) 9220 7841 (852) 2800 8507 (91 22) 6157 3568 (91 22) 6157 3312 (822) 758 5759 (662) 684 2670 (852) 2800 7898 (852) 2800 8857 (822) 758 5715 (852) 2800 8518 (91 22) 6157 3576 (62 21) 5291 8573 (813) 6736 8683 (662) 684 2684 (612) 9220 1550 (852) 2800 8502 (822) 758 5733 (65) 6882 2450 (612) 9220 1528 (886-2) 2725-9870 (852) 2800 8517 (813) 5545 8679 (813) 6736 8614 (612) 9220 1527 (813) 6736 8618 (612) 9220 1525 (852) 2800 8557 (612) 9220 1803 (822) 758 5759 (91 22) 6157 3575 (612) 9220 1596

masamichi.x.adachi@jpmorgan.com matt.l.hildebrandt@jpmorgan.com miwako.nakamura@jpmorgan.com sajjid.z.chinoy@jpmorgan.com sinbeng.ong@jpmorgan.com stephen.b.waters@jpmorgan.com yenping.ho@jpmorgan.com tony.sk.lee@jpmorgan.com clara.cs.law@jpmorgan.com hayato.ono@jpmorgan.com marko.kolanovic@Jpmorgan.com michiro.naito@jpmorgan.com sue.sj.lee@jpmorgan.com adrian.mowat@jpmorgan.com aditya.s.srinath@jpmorgan.com armina.x.soemino@jpmorgan.com bharat.x.iyer@jpmorgan.com bijay.kumar@jpmorgan.com caren.huang@jpmorgan.com choonkeong.ong@jpmorgan.com christopher.ka.gee@jpmorgan.com clara.cs.law@jpmorgan.com faheem.s.desai@jpmorgan.com frank.m.li@jpmorgan.com gilbert.y.lopez@jpmorgan.com gunjan.x.prithyani@jpmorgan.com hajime.x.kitano@jpmorgan.com joanne.cy.cheung@jpmorgan.com lan.x.deng@jpmorgan.com lan.x.wu@jpmorgan.com marko.kolanovic@Jpmorgan.com nick.yc.lai@jpmorgan.com paul.m.brunker@jpmorgan.com peng.p.chen@jpmorgan.com rajiv.j.batra@jpmorgan.com sanaya.x.tavaria@jpmorgan.com scott.seo@jpmorgan.com sriyan.pietersz@jpmorgan.com sue.sj.lee@jpmorgan.com tony.sk.lee@jpmorgan.com youna.kim@jpmorgan.com sunil.garg@jpmorgan.com adarsh.x.parasrampuria@jpmorgan.com aditya.s.srinath@jpmorgan.com akito.kono@jpmorgan.com anne.x.jirajariyavech@jpmorgan.com bharat.k.anand@jpmorgan.com cindy.p.xu@jpmorgan.com daehyun.kim@jpmorgan.com harsh.w.modi@jpmorgan.com james.nicholias@jpmorgan.com james.yh.wu@jpmorgan.com joseph.mj.leung@jpmorgan.com katsuhito.sasajima@jpmorgan.com koki.x.sato@jpmorgan.com matthew.loh@jpmorgan.com natsumu.tsujino@jpmorgan.com russell.j.gill@jpmorgan.com samuel.s.chen@jpmorgan.com scott.r.manning@jpmorgan.com scott.seo@jpmorgan.com seshadri.k.sen@jpmorgan.com siddharth.x.parameswaran@jpmorgan.com

Equity Derivatives Research and Delta One Strategy

Equity Market Strategy

Adrian Mowat Team Head Aditya Srinath Armina Soemino Bharat Iyer Bijay Kumar Caren Huang Choon Keong Ong Christopher Gee Clara Law Faheem Desai Frank Li Gilbert Lopez Gunjan Prithyani Hajime Kitano Joanne Cheung Lan Deng Lan Wu Marko Kolanovic Nick Lai Paul Brunker Peng Chen Rajiv Batra Sanaya Tavaria Scott Seo Sriyan Pietersz Sue Lee Tony Lee Youna Kim

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

Financial Services

Sunil Garg Team Head Adarsh Parasrampuria Aditya Srinath Akito Kono Anne Jirajariyavech Bharat Anand Cindy Xu Daehyun Kim Harsh Modi James Nicholias James Wu Joseph Leung Katsuhito Sasajima Koki Sato Matthew Loh Natsumu Tsujino Russell Gill Samuel Chen Scott Manning Scott Seo Seshadri Sen Siddharth Parameswaran

17

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Asia Pacific Equity Research 07 July 2011

Healthcare, Pharmaceuticals
Leon Chik Team Head Anasuya Ramesh Masayuki Onozuka May Yee Soh Princy Singh Stevanus Juanda Steven Wheen Frank Li Team Head Aditya Srinath Ajay Mirchandani Alistair Reid Anthony Passe-de Silva Boris Kan Hirotaka Wada Jin-Mook Kim Minsung Lee Nick Lai Peng Chen Shilpa Krishnan Sumit Kishore Toru Nakahashi YJ Chan

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

(852) 2800 8590 (612) 9220 7734 (813) 6736 8615 (603) 2270 4725 (91 22) 6157 3587 (62 21) 5291 8574 (612) 9220 1645 (852) 2800 8511 (62 21) 5291 8573 (65) 6882 2419 (612) 9220 1538 (612) 9220 1638 (852) 2800 8573 (813) 6736 8608 (822) 758 5729 (822) 758 5728 (886 2) 2725 9864 (852) 2800 8507 (91 22) 6157 3580 (91 22) 6157 3581 (813) 6736-8644 (65) 6882 2378 (852) 2800 8589 (852) 2800 8573 (612) 9220 1307 (813) 6736 8662 (813) 6736 8631 (60 3) 2270 4728 (632) 878 1131 (61 2) 9220 1609 (852) 2800 8590 (62 21) 5291 8572 (662) 684 2683 (886 2) 2725 9864 (91 22) 6157 3580 (91 22) 6157 3581 (91 22) 6157 3590 (852) 2800 8592 (612) 9220 1527 (822) 758 5724 (612) 9220 1596 (852) 2800 8535 (813) 6736 8602 (65) 6882 2374 (822) 758 5719 (813) 6736 8654 (852) 2800 8597 (852) 2800 8598 (612) 9220 1533 (603) 2270 4725 (612) 9220 1601 (852) 2800 8593 (852) 2800 8570 (813) 6736 8646 (612) 9220 1538

leon.hk.chik@jpmorgan.com anasuya.x.ramesh@jpmorgan.com masayuki.x.onozuka@jpmorgan.com mayyee.soh@jpmorgan.com princy.singh@jpmorgan.com stevanus.x.juanda@jpmorgan.com steven.d.wheen@jpmorgan.com frank.m.li@jpmorgan.com aditya.s.srinath@jpmorgan.com ajay.mirchandani@jpmorgan.com alistair.g.reid@jpmorgan.com anthony.g.passede.silva@jpmorgan.com boris.cw.kan@jpmorgan.com hirotaka.x.wada@jpmorgan.com jinmook.kim@jpmorgan.com minsung.lee@jpmorgan.com nick.yc.lai@jpmorgan.com peng.p.chen@jpmorgan.com shilpa.x.krishnan@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 carolyn.j.holmes@jpmorgan.com hirokazu.x.anai@jpmorgan.com hitoshi.x.hosoya@jpmorgan.com hoykit.mak@jpmorgan.com jeanette.t.yutan@jpmorgan.com kirsty.a.mackay-fisher@jpmorgan.com leon.hk.chik@jpmorgan.com liliana.bambang@jpmorgan.com maria.bs.lapiz@jpmorgan.com nick.yc.lai@jpmorgan.com shilpa.x.krishnan@jpmorgan.com sumit.x.kishore@jpmorgan.com saurabh.s.kumar@jpmorgan.com baoling.chan@jpmorgan.com matthew.loh@jpmorgan.com mw.kim@jpmorgan.com siddharth.x.parameswaran@jpmorgan.com dick.x.wei@jpmorgan.com hiroshi.kamide@jpmorgan.com james.r.sullivan@jpmorgan.com sungmin.chang@jpmorgan.com yusuk.maeda@jpmorgan.com kenneth.kc.fong@jpmorgan.com benjamin.mc.lo@jpmorgan.com matthew.h.ryan@jpmorgan.com mayyee.soh@jpmorgan.com stuart.a.jackson@jpmorgan.com sylvia.sw.chan@jpmorgan.com Daniel.kang@jpmorgan.com akira.x.kishimoto@jpmorgan.com alistair.g.reid@jpmorgan.com

Industrials and Machinery

Infrastructure

Karen Li Team Head Boris Kan Carolyn Holmes Hirokazu Anai Hitoshi Hosoya Hoy Kit Mak Jeanette Yutan Kirsty Mackay-Fisher Leon Chik Liliana Bambang Maria Lapiz Nick Lai Shilpa Krishnan Sumit Kishore Saurabh Kumar

Insurance

Bao Ling Chan Team Head Matthew Loh Myung Wook Kim Siddharth Parameswaran

Internet

Dick Wei Team Head Hiroshi Kamide James Sullivan Sung Min Chang Yusuke Maeda

Leisure and Gaming

Kenneth Fong Team Head Benjamin Lo Matthew Ryan May Yee Soh Stuart Jackson Sylvia Chan

Metals & Mining

Daniel Kang Team Head Akira Kishimoto Alistair Reid

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Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 07 July 2011

Metals & Mining

Andrew Muir Clarissa Wardhana Fraser Jamieson Jin-Mook Kim Joseph Kim Luke Nelson Lun Zhang Mark Busuttil Neha Manpuria Minsung Lee Nick Lai Pinakin Parekh Stevanus Juanda Sukit Chawalitakul Wan Sun Park

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

(61-2) 9220 1579 (62-21) 5291-8575 (612) 9220 1586 (822) 758 5729 (613) 9633 4053 (612) 9220 1629 (852) 2800 8561 (612) 9220 1553 (91 22) 6157 3589 (822) 758 5728 (886 2) 2725 9864 (91 22) 6157 3588 (62 21) 5291 8574 (66 2) 684 2679 (822) 758 5722 (852) 2800 8578 (852) 2800 8563 (612) 9220 1384 (612) 9220 1405 (60 3) 2270 4728 (813) 6736 8617 (91 22) 6157 3592 (813) 6736 8677 (91 22) 6157 3591 (612) 9220 1643 (852) 2800 8536 (852) 2800 8531 (62 21) 5291 8574 (662) 684 2679 (65) 6882 2378 (65) 6882 2345 (852) 2800 8524 (662) 684 2684 (65) 6882 2354 (63 2) 878 1188 (91 22) 6157 3593 (813) 6736 8662 (65) 6882 2312 (852) 2800 8526 (612) 9220 1570 (886 2) 2725 9864 (852) 2800 8522 (613) 9633 4038 (612) 9220 1923 (852) 2800 8529 (91 22) 6157 3590 (612) 9220 1573 (603) 2270 4710 (62 21) 5291 8574 (852) 2800 8552 (852) 2800 8590 (612) 9220 1939 (852) 2800 8572 (612) 9220 1580 (91 22) 6157 3583 (662) 684 2683 (886 2) 2725 9864 (91 22) 6157 3587 (612) 9220 1585 (822) 758 5722

andrew.x.muir@jpmorgan.com clarissa.wardhana@jpmorgan.com fraser.jamieson@jpmorgan.com jinmook.kim@jpmorgan.com joseph.x.kim@jpmorgan.com luke.nelson@jpmorgan.com Lun.zhang@jpmorgan.com mark.busuttil@jpmorgan.com neha.x.manpuria@jpmorgan.com minsung.lee@jpmorgan.com nick.yc.lai@jpmorgan.com pinakin.m.parekh@jpmorgan.com stevanus.x.juanda@jpmorgan.com chawalitakul.sukit@jpmorgan.com wansun.c.park@jpmorgan.com brynjar.e.bustnes@jpmorgan.com akhil.x.handa@jpmorgan.com benjamin.x.wilson@jpmorgan.com daniel.butcher@jpmorgan.com hoykit.mak@jpmorgan.com masashi.x.kaneko@jpmorgan.com neil.x.gupte@jpmorgan.com nobuhito.c.owaki@jpmorgan.com pradeep.a.mirchandani@jpmorgan.com pulkit.gupta2@jpmorgan.com samuel.sw.lee@jpmorgan.com sophie.lm.tan@jpmorgan.com stevanus.x.juanda@jpmorgan.com chawalitakul.sukit@jpmorgan.com ying.jian.yj.chan@jpmorgan.com christopher.ka.gee@jpmorgan.com amy.kp.luk@jpmorgan.com anne.x.jirajariyavech@jpmorgan.com choonkeong.ong@jpmorgan.com gilbert.y.lopez@jpmorgan.com gunjan.x.prithyani@jpmorgan.com hirokazu.x.anai@jpmorgan.com joy.qq.wang@jpmorgan.com lucia.yk.kwong@jpmorgan.com michael.john.scott@jpmorgan.com nick.yc.lai@jpmorgan.com noel.sy.chan@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 stevanus.x.juanda@jpmorgan.com suzy.t.tian@jpmorgan.com leon.hk.chik@jpmorgan.com alexander.c.mees@jpmorgan.com andrew.tj.hsu@jpmorgan.com damon.callaghan@jpmorgan.com dinesh.x.harchandani@jpmorgan.com maria.bs.lapiz@jpmorgan.com nick.yc.lai@jpmorgan.com princy.singh@jpmorgan.com richard.x.bailey@jpmorgan.com wansun.c.park@jpmorgan.com

Oil & Gas and Petrochemicals

Brynjar Bustnes Team Head Akhil Handa Ben Wilson Daniel Butcher Hoy Kit Mak Masashi Kaneko Neil Gupte Nobuhito Owaki Pradeep Mirchandani Pulkit Gupta Samuel Lee, CFA Sophie LM Tan Stevanus Juanda Sukit Chawalitakul YJ Chan

Real Estate

Christopher Gee Team Head Amy Luk Anne Jirajariyavech Choon Keong Ong Gilbert Lopez Gunjan Prithyani Hirokazu Anai Joy Wang Lucia Kwong Michael Scott Nick Lai Noel SY Chan Richard Jones Rob Stanton Ryan Li Saurabh Kumar Scott Molloy Simone Yeoh Stevanus Juanda Suzy Tian

Small Caps/Emerging Growth

Leon Chik Team Head Alex Mees Andrew Hsu Damon Callaghan Dinesh Harchandani Maria Lapiz Nick Lai Princy Singh Richard Bailey Wan Sun Park

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Asia Pacific Equity Research 07 July 2011

Technology, Hardware
Alvin Kwock Team Head Gokul Hariharan Hisashi Moriyama Masashi Hayami Masashi Itaya Qin Zhang Ryoko Suzuki William Chen Yoshiharu Izumi Yumi Tanaka Yushi Kawamoto JJ Park Team Head Christopher Ma Hisashi Moriyama Hyunjoon Roh Masashi Hayami Masashi Itaya Narci Chang Rick Hsu Ryoko Suzuki Yoshiharu Izumi Yushi Kawamoto

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

(852) 2800 8533 (852) 6891 5240 (813) 6736 8601 (813) 6736 8606 (813) 6736 8633 (852) 2800-8567 (813) 6736 8619 (886 2) 2725 9871 (813) 6736 8637 (813) 6736-8603 (813) 6736 8634 (822) 758 5717 (852) 2800 8530 (813) 6736 8601 (822) 758 5712 (813) 6736 8606 (813) 6736 8633 (886 2) 2725 9899 (886 2) 2725 9874 (813) 6736 8619 (813) 6736 8637 (813) 6736 8634 (91 22) 6157 3597 (852) 2800 8535 (813) 6736 8602 (813) 6736 8654 (65) 6882 2374 (612) 9220 3051 (813) 6736 8610 (612) 9220 1593 (852) 2800 8566 (91 22) 6157 3595 (852) 2800 8562 (822) 758 5719 (612) 9220 1815 (65) 6882 2367 (65) 6882 1514 (91 22) 6157 3596 (813) 6736 8631 (612) 9220 1606 (65) 6882 2378 (852) 2800 8573 (65) 6882 2419 (852) 2800 8577 (612) 9220 1623 (91 22) 6157 3582 (852) 2800-8561 (632) 878 1188 (612) 9220 1551 (612) 9220 1582 (91 22) 6157 3591 (91 22) 6157 3580 (603) 2270 4710 (62 21) 5291 8574 (662) 684 2679 (91 22) 6157 3581 (822) 758 5719

alvin.yl.kwock@jpmorgan.com gokul.hariharan@jpmorgan.com hisashi.moriyama@jpmorgan.com masashi.x.hayami@jpmorgan.com masashi.itaya@jpmorgan.com qin.zhang@jpmorgan.com ryoko.suzuki@jpmorgan.com william.chen@jpmorgan.com yoshiharu.izumi@jpmorgan.com yumi.tanaka@jpmorgan.com yushi.kawamoto@jpmorgan.com jj.park@jpmorgan.com christopher.x.ma@jpmorgan.com hisashi.moriyama@jpmorgan.com hyunjoon.roh@jpmorgan.com masashi.x.hayami@jpmorgan.com masashi.itaya@jpmorgan.com Narci.h.chang@jpmorgan.com rick.ic.hsu@jpmorgan.com ryoko.suzuki@jpmorgan.com yoshiharu.izumi@jpmorgan.com yushi.kawamoto@jpmorgan.com viju.k.george@jpmorgan.com dick.x.wei@jpmorgan.com hiroshi.kamide@jpmorgan.com yusuk.maeda@jpmorgan.com james.r.sullivan@jpmorgan.com jarrod.mcdonald@jpmorgan.com hironobu.x.sawake@jpmorgan.com laurent.j.horrut@jpmorgan.com lucy.y.liu@jpmorgan.com malvika.x.gupta@jpmorgan.com michelle.z.wei@jpmorgan.com sungmin.chang@jpmorgan.com thomas.g.beadle@jpmorgan.com vishesh.x.gupta@jpmorgan.com corrine.ht.png@jpmorgan.com aditya.s.makharia@jpmorgan.com hitoshi.x.hosoya@jpmorgan.com scott.j.carroll@jpmorgan.com ying.jian.yj.chan@jpmorgan.com boris.cw.kan@jpmorgan.com ajay.mirchandani@jpmorgan.com chapman.zw.deng@jpmorgan.com christopher.r.laybutt@jpmorgan.com deepika.x.belani@jpmorgan.com elaine.wu@jpmorgan.com gilbert.y.lopez@jpmorgan.com jason.h.steed@jpmorgan.com keith.chau@jpmorgan.com pradeep.a.mirchandani@jpmorgan.com shilpa.x.krishnan@jpmorgan.com simone.x.yeoh@jpmorgan.com stevanus.x.juanda@jpmorgan.com chawalitakul.sukit@jpmorgan.com sumit.x.kishore@jpmorgan.com sungmin.chang@jpmorgan.com

Technology, Semiconductors & memory

Technology, Software & IT services

Viju George Team Head Dick Wei Team Head Hiroshi Kamide Yusuke Maeda

Telecommunications

James Sullivan Team Head Jarrod McDonald Hironobu Sawake Laurent Horrut Lucy Liu Malvika Gupta Michelle Wei Sung Min Chang Thomas Beadle Vishesh Gupta

Transportation

Corrine Png Team Head Aditya Makharia Hitoshi Hosoya Scott Carroll YJ Chan

Utilities

Boris Kan Team Head Ajay Mirchandani Chapman Deng Christopher Laybutt Deepika Belani Elaine Wu Gilbert Lopez Jason Steed Keith Chau Pradeep Mirchandani Shilpa Krishnan Simone Yeoh Stevanus Juanda Sukit Chawalitakul Sumit Kishore Sung Min Chang

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Asia Pacific Equity Research Analyst Directory

Asia Pacific Equity Research 07 July 2011

Quantitative

Steve Malin Team Head Berowne Hlavaty James Eustace Robert Smith Satoshi Okamoto

Global Australia Australia Global Japan

(852) 2800 8568 (612) 9220 1591 (61-2) 9220-1675 (852) 2800 8569 (813) 6736 8647

steven.j.malin@jpmorgan.com berowne.d.hlavaty@jpmorgan.com james.eustace@jpmorgan.com robert.z.smith@jpmorgan.com satoshi.okamoto@jpmorgan.com

21

J.P. Morgan Top-Ranked Institutional Investor Teams

Sectors / Countries Autos & Auto Parts Banks Equity Derivatives Quantitative Research Australia/New Zealand Infrastructure Telecommunications Thailand Vietnam Conglomerates Technology/Hardware Industrials Malaysia Philippines Singapore Small- & Midcapitalization Stocks Taiwan India Technology/Semiconductors China Consumer Indonesia Property Transportation Equity Strategy Hong Kong South Korea
Source: 2011 Institutional Investor All-Asia (ex-Japan) Research Poll.

# Rank 1 (1T) 1 (1T) 1 (1T) 1 (1T) 2 (2T) 2 (2T) 2 (2T) 2 (2T) 2 3 (3T) 3 (3T) RU RU RU RU RU RU RU RU RU RU RU RU RU RU RU RU

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