309709 jpm dr advisor - vol20 2012 ussize aw

DR Advisor Quarterly

VOLUME 20 2012

WORLDWIDE SECURITIES SERVICES

2 DR Advisor Quarterly | Volume 20, 20122 DR Advisor Quarterly | Volume 20, 2012

3 WelcomeDennis Bon, Global Head,Depositary Receipts Group

4-5 Client Profi le: EcopetrolIR helps transform a state-owned enterprise into a world-class company

6 IR Best PracticesMaking the Case for a Strong IR Budget

7 Regulatory Developments

8 DR Market Highlights

9-10 Educational Events

10 Client IR Awards

10 New Clients

11-15 Conferences and Events Calendar

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Dennis BonGlobal HeadDepositary Receipts Group

The 2012 fi scal year has gotten off to an auspicious start, with the MSCI World Index rising 8.1%1 since year-end 2011.

The world’s capital markets have been responding to mixed but improving economic data and to stimulus measures implemented by central banks. This bodes well for issuers’ market valuations and their ability to raise equity capital. However, the debt problems of Greece, among other European countries, have yet to be fully resolved.

Ecopetrol’s ability to raise capital outside its home market, Colombia, has been crucial to its $100 billion transformation initiative. In the client profi le of this edition of the DR Advisor Quarterly, the company’s director of investor relations, Alejandro Giraldo, explains how IR has been enhanced at Ecopetrol since it listed in the U.S. and the vital role that IR has played in attracting foreign investors and their capital. Alejandro also explains his department’s contributions toward the “democratization” of Ecopetrol’s equity, which had previously been 100% government owned.

Like the company it represents vis-à-vis the investment community, an IR department requires adequate funding to be successful. Ivan Peill, a member of the DR Group’s IR Advisory team, explains in the IR Best Practices column of this newsletter how to make a strong case for securing the IR budget that an IRO desires.

I trust you will fi nd these articles and this newsletter’s other content insightful.

Sincerely,

Welcome

1 as of February 13, 2012

4 DR Advisor Quarterly | Volume 20, 2012

Q. You became head of IR shortly after Ecopetrol listed on the New York Stock Exchange. That must have been quite a challenge.

A. Yes, for several reasons. First, I’d never worked in a pure investor relations capacity before. Second, I was completely new to the oil and gas industry. On top of this, Ecopetrol listed in September of 2008, at the height of the financial crisis.

Another challenge was that Ecopetrol had launched a significant long-term transformation program to grow its business quite substantially. This program requires $100 billion in capital, not all of which can be generated by the company or raised in Colombia alone. We had to access the equity and debt markets outside Colombia and build an investor base that could fund future growth as well. The challenging funding plans meant the IR department was an important and integral part of our company’s transformation and a key to its success. For me, this has been a very rewarding experience.

Q. How did you tackle these big challenges?

A. I had a capital markets background, which helped. Prior to Ecopetrol, I had worked in the funding unit of Colombia’s Ministry of Finance, where I’d been involved with both domestic and international bond offerings. Prior to that, I’d worked in fixed income and equities at

a Colombian broker. So my capital markets experience coupled with the business knowledge that I’d gained at McKinsey, the management consultancy, had given me a solid foundation of skills and experience on which to build as a new IRO (investor relations officer).

Q. An IRO must have a deep understanding of his or her company’s business in order to serve as an effective liaison between senior management and the investment community. What steps did you take to acquire the necessary knowledge of Ecopetrol’s business?

The oil and gas industry is complex, and the complexity of Ecopetrol is compounded by the fact that it’s large and has diverse and vertically integrated operations. Not only is the business itself complicated, but the accounting is too. It is also complicated for investors and sellside analysts to model our business.

To learn Ecopetrol’s business as quickly as possible, I met with the division heads and networked internally to identify all of the other people who could teach me what I needed to learn about the company. I spent time with various operating managers. I also accompanied Ecopetrol’s CFO at equity conferences and during non-deal roadshows. Listening to questions and answers during meetings with investors was also very instructive, in terms of learning about Ecopetrol’s business and how best to interface with the investment community.

Client Profile: IR helps transform a state-owned enterprise into a world-class company

Alejandro Giraldo Investor Relations Director Ecopetrol

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We believe that being open and transparent, giving sufficient details about our company, and consistently delivering on what we promise investors, all facilitate raising capital from investors.

Also, we have gradually expanded our outreach beyond Colombia and North America. We target investors in the U.K. and Brazil, for example. We feel that the more investor interest that a company generates over time, the easier it becomes to raise capital in the future.

Q. Ecopetrol is majority owned by the government of Colombia. Talk about that in the context of investor relations.

A. We believe Ecopetrol is a good case study in democratizing the equity of a state-owned company. Before Ecopetrol listed on the NYSE, it held an IPO in Colombia. A tranche of shares were sold not only to institutions in Colombia, such as pension funds, but also to citizens, many of them low-income families. They were given the opportunity to partake in Ecopetrol’s expected growth, not just institutions and investors outside the country, as can be the case. Ecopetrol is a pioneer in this regard, and few companies in Latin America have such a large base of retail investors.

Today, approximately half-a-million Colombians are shareholders of Ecopetrol, and because many of them have invested in the company a substantial portion of their life savings, we take our job very seriously. We have a special call center to answer their questions and we travel around Colombia in an information bus to meet with individual investors and keep them informed about Ecopetrol’s progress.

Also, as a company that is majority state-owned, we must emphasize to other investors that Ecopetrol is managed like any other public company. For example, CAPEX is aimed at generating sufficient returns on capital, not to meet government investment objectives in the country. Corporate Governance is a pillar for Ecopetrol, and we point out to investors that the finances of Ecopetrol and the government are kept completely separate. We have an independent board of directors. We also highlight senior management’s experience and skills.

Life outside the office

“Jogging is a passion of mine. I run when I have free time while on roadshows and during all seasons. New York City and London are my favorite roadshow stops, because I can run in my favorite parks, Central Park and Hyde Park. I like to play golf too, even though I’m not particularly good. Music is another pastime I enjoy.”

Q. Eventually, then, most investor relations responsibilities were transferred from the CFO to you, presumably.

A. Correct, although our CFO still meets and speaks with investors and analysts. I also led the preparation of Ecopetrol’s full year quarterly earnings report just after I joined, which was another opportunity to learn a great deal about the company.

Q. What changes did you make after assuming the position?

A. I’d mentioned earlier that Ecopetrol’s business is a complex one and difficult to model. Again, it has also been implementing a significant and accelerating transformation program and growing very rapidly as a result. When a company is changing rapidly, this has implications for the messages you’re communicating to investors and the internal processes for disclosing information.

In order for investors and analysts to clearly understand Ecopetrol’s various growth initiatives and appropriately assess our performance and outlook, they needed detailed information, which had been lacking in various respects. And although Ecopetrol’s disclosure was adequate at the time for a Colombian company, it wasn’t for a U.S.-listed one. It lacked detail and although it met SEC reporting standards, our information disclosure did not have the detail required by international analysts and investors.

Q. What steps did you take to improve disclosure?

A. I asked two sellside analysts which sector peers maintained best practices for disclosure, and then we benchmarked what we disclosed against the information that these companies made available to the capital markets. This helped us understand what information the market expected from us and would improve the investment community’s understanding of Ecopetrol.

I also obtained feedback from various managers within Ecopetrol about how to improve the reporting process internally, in addition to explaining to them what additional financial information and operating metrics we would need to enhance our external reporting. This process also helped me identify who within our organization could supply the information and data needed to enhance Ecopetrol’s disclosure.

All of this also helped us indentify ways to improve processes, such as verification procedures, and to define new ones. The formats and standards that we used for information were also improved. I should note here that in addition to the complexities that I’d mentioned earlier, Ecopetrol has interests in subsidiary companies, the financial results of which must be consolidated in our financial statements. So we sought to better align with these subsidiaries the timing of statement preparations.

As a result of our efforts, we went from a 5-page earnings press release to a 30-page one. Previously, there hadn’t been enough detailed information for the financial markets to properly assess and value our company. Furthermore, the efficiency and speed of our reporting improved considerably, which has helped lessen the amount of time and effort that my colleagues and I must devote to reporting.

Q. What else do you attribute to the success of Ecopetrol’s investor relations efforts?

A. The company has consistently delivered on what it has promised the investment community. Our results have always been consistent with the guidance we have published. This steady track record of meeting the expectations we’ve set has generated confidence in Ecopetrol and its management.

In addition, and despite their busy agendas, senior management makes itself available to investors. Again, it’s a complex business and therefore requires time and effort to help investors understand it.


Equity is a big part of most public companies’ capital structures. Management needs to know – or be reminded – that effective investor relations helps optimize market valuation, which can result in more funds being raised from follow-on and rights offerings. IR helps drive a company’s market valuation by maximizing investor demand for its shares/depositary receipts and by effectively communicating the company’s investment proposition. Meeting these goals means having sufficient funds for important IR activities like roadshow travel, broker conference attendance and investor days, as well as for information resources, such as investor databases, market data and shareholder IDs.

Therefore, the context of budget discussions with senior management should be the company’s market valuation and positioning the budget as an investment in strengthening the company’s standing in the capital markets. In other words, investing in IR helps maintain ready access to capital on favorable terms. When making your case for a desired budget, it can also be helpful to remind management that they and other employees who are partly compensated with stock or options directly benefit from a fair market valuation.

Sound investor relations is also a fiduciary duty to shareholders, as anything less could lead to a valuation discount relative to sector peers and/or a company’s intrinsic value. Accordingly, management should be aware that the board of directors could receive complaints from shareholders if investor relations is poorly executed over time. And because members of the investment community talk with one another, an unwelcome reputation can develop eventually. Like investors, sellside analysts also rely heavily on clear and regular communication with senior management and the IRO. Therefore, a company with a reputation for poor investor relations runs the risk of losing existing or potential research coverage. Limited coverage can be detrimental to a company’s market valuation because the institutional sales forces of brokers help drive demand for its shares and DRs.

Emphasize a judicious approach to spendingWhen discussing your IR budget with the CFO, emphasize that you have taken a disciplined approach to it and that funds will only be spent on resources and activities that will have the greatest impact. In this vein, explain the ways in which you will limit spending. If you have determined that the cost of marketing your company to retail investors outweighs the benefits in terms of incremental market valuation, point this out to management. Performing targeting analysis lets management know that money as well as the time they spend on roadshows will be worthwhile. Highlighting some of the ways you are lowering costs – for example, producing a 20-F wrap instead of a glossy annual report – also conveys budgetary discipline. Illustrating disciplined spending as well as underscoring IR’s strategic benefit can lead to an optimal budget.

Key takeaways

• AnIRbudgetcanbeundulyconstrainedifmanagementdoesnotfully understand the important role that investor relations plays in a company’s financial strategy.

• EffectiveIRhelpsoptimizeacompany’smarketvaluationbymaximizinginvestordemandandbyeffectivelycommunicatingitsinvestmentproposition.Accordingly,emphasizetoseniormanagement that IR helps maintain ready access to capital at a favorable price.

• WhendiscussingabudgetwiththeCFO,stressthatadisciplinedapproach was taken and that funds will only be spent on resources and activities that will have the greatest impact.

The challenge of securing an appropriate budgetAn investor relations department plays a vital role with respect to a company’s financial strategy and has myriad responsibilities. But like any other area of a public company, it must abide by a budget. In the wake of the most recent financial crises, many IR budgets remain under pressure.

For a company that is about to go public, creating an initial budget that sets aside sufficient funds can be especially challenging. In order to make strong and enduring first impressions with public equity investors, the senior management team and investor relations officer must travel frequently to meet with them. Also, the IR department must have adequate resources to ensure that investor communications are effective from the first day of trading. For the IR departments of existing public companies, the challenge is increasingly having to contend with budget cuts or adjusting to flat budgets amid rising costs.

Making sure that IR’s importance and value are clearly understood and defining which IR tools and activities are going to have the greatest impact are the best ways to obtain a budget that will enable an IR department to succeed.

Ensure that IR’s value is understoodThe value placed on IR varies across companies. For example, the CEOs and CFOs of companies that regularly employ stock to make acquisitions are well aware that an optimal share price – one that reflects a company’s intrinsic value – means they have a strong acquisition currency at their disposal for M&A deals. They know that effective investor relations contributes to this purchasing power, as it helps investors appropriately value a company and can lower risks associated with poor investor communications. At other companies, however, the benefits of investor relations are less obvious, potentially leading senior management to undervalue IR and constrain its budget. Therefore, it is important to educate management about how investor relations supports the company’s financial strategy.

IR Best Practices: Making the Case for a Strong IR Budget

Ivan M. Peill Vice President IR Advisory Services J.P. Morgan

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SEC Limits Conditions Under WhichNon-U.S.IssuersCanSubmit Initial Registration Statements and Amendments on a Non-Public BasisOn December 8, 2011, the U.S. Securities and Exchange Commission (SEC) announced changes to its policy for reviewing non-public submissions of initial registration statements1 and amendments by foreign private issuers and foreign governments.

Because these non-U.S. issuers often face “unique circumstances” when registering securities to access the U.S. capital markets, the SEC has allowed these issuers to submit on a non-public basis first-time registration statements and amendments to them. This policy has allowed the SEC to review and comment on disclosures contained in these “draft” registration statements, and a foreign issuer or government to respond to SEC comments, before a filing is made public via the SEC’s EDGAR system.

As of December 8, 2011, the SEC will review a foreign issuer’s initial registration statements submitted on a non-public basis only where this registrant is: (i) a foreign government registering its debt securities; (ii) a foreign private issuer that is listed or is concurrently listing its securities on a non-U.S. securities exchange; (iii) a foreign private issuer that is being privatized by a foreign government; or (iv) a foreign private issuer that can demonstrate that the public filing of an initial registration statement would conflict with the law of an applicable foreign jurisdiction.

Even if a non-U.S. issuer meets the above general parameters, in certain circumstances the SEC may request this issuer to publicly file its registration statement. As examples of such circumstances the SEC cited a competing acquisition bid or publicity about a proposed offering or listing.

Although the SEC’s new review policy does not apply to non-public submissions made before December 8, 2011, it will apply to subsequent amendments submitted by a non-U.S. issuer. In other words, these amendments would have to be made via the EDGAR system.

The SEC advised in its announcement that it has established a dedicated e-mail box to receive registration statements and other materials submitted by non-U.S. issuers, the address of which is [email protected]. The SEC also advised that its Office of International Corporate Finance should be contacted in advance of any non-public submission. Questions may be addressed to any staff attorney in this office at 202-551-3450, or submitted through the SEC’s web-based question form at: https://tts.sec.gov/cgi-bin/corp_fin_interpretive.

The SEC’s December 8, 2011 announcement can be accessed at: http://sec.gov/divisions/corpfin/internatl/nonpublicsubmissions.htm

For more information, please contact your J.P. Morgan Depositary Receipt Group representative.

1 Under the U.S. Securities Act of 1933 or the U.S. Securities Exchange Act of 1934.

Please note that this is a summary presented for general informational purposes only. It is not a complete analysis of the matters discussed herein and is not intended as legal advice, and may not address issues or take into account facts relevant to any particular issuer. Each Issuer should consult with its own legal advisor regarding the factual and other considerations applicable to its depositary receipt program and the disclosure as it relates to its own particular situation. JPMorgan Chase Bank, N. A. and its affiliates disclaim liability for any all claims or losses associated with use of or reliance on the information provided herein.

Regulatory Developments


DR Market Highlights

DR Trading Volume and Value Average Annual DR Trading Value per Sponsored Program

DR Investments by Issuer’s Region ($ billions)

2011 DR Capital Raising by Country ($ millions)

Source: Bloomberg, January 2012. Source: Bloomberg, January 2012.

Source: Stock Exchanges, Bloomberg, J.P. Morgan program balances or J.P. Morgan estimates, January 2012. DR program values calculated by multiplying the current DR price with publicly available, or J.P. Morgan estimated, outstanding balance.

Source: J.P. Morgan, other depositary banks, Bloomberg, stock exchanges, January 2012.

0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

20

40

60

80

100

120

140

160

180

0

20

40

60

80

100

120

140

160

180

$0

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

DR Trading Value ($ billions) DR Trading Volume (billions of DRs)

20 2228

29 30 3540

47

57

93

142135

150171

0

500

1000

1500

2000

2500

3000

3500

3,305

J.P. Morgan

701

Deutsche Bank

2,166

Citi

1,383

BNY

DR Trading Value ($ millions)

Asia-Pacific

Western Europe

Emerg. EMEA

Latin America

160

344

190

240

0 50 100 150 200 250 300 350

0 50 100 150 200 250 300 350

0 1000 2000 3000 4000 5000 6000 7000 8000Russia

China

Taiwan

Brazil

Argentina

Chile

South Korea

India

Germany

Japan

Others 242

276

779

1,644

1,133

6,305

2,782

738

700

478

207

Source: J.P. Morgan, other depositary banks, Bloomberg, stock exchanges, January 2012

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Upcoming EventsJ.P. Morgan DR Education SeriesFebruary 23Location: TaipeiJ.P. Morgan will host a half day client workshop focusing on updates on the latest revisions in the company act in Taiwan.

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

DR Client SeminarFebruary 28Location: MoscowDR seminar focusing on the topic of the newly passed Russian Central Securities Depositary Law and its impact on ADRs/GDRs. The seminar will focus on analysis, timing and recommended communication with the investor community.

For further information on this event please contact Daniela Utane +44 207 7772020 or [email protected]

J.P. Morgan DR Education SeriesMarch 1Location: TaipeiJ.P. Morgan will host a lunch presentation on the latest voting policy in Taiwan for 2012.


Tadawul Investor Relations Training SeminarMarch 13-14Location: Saudi Arabia Following the success of the 2011 Tadawul (Saudi Stock Exchange) training seminars in Riyadh and Al Khobar, J.P. Morgan is co-hosting with Tadawul an investor relations training for listed companies in Jeddah.

For further information please contact Aoife Sammon +917-442-81625 or [email protected]

IRMagazineUSAwardsMarch 22Location: New YorkJ.P. Morgan will host a table during the IR Magazine US awards.

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

IPOSeminarMarch 27Location: LimaJ.P. Morgan will sponsor this educational event with the NYSE and Davis Polk to discuss listing in the U.S. Topics will include listing requirements, process, the number of structures, capital markets overview and legal issues that companies may face.


J.P. Morgan DR Education SeriesApril 2Location: TokyoJ.P. Morgan will host a client forum focusing on proxy voting and corporate governance.


85th Anniversary of the ADRApril 26Location: New York, Beijing, Shanghai and TokyoJ.P. Morgan will host a reception for clients, prospects and partners in celebration of the 85th anniversary of the ADR. J.P. Morgan commissioned the fi rst ADR in 1927.


ColombianCFOSummitMay 17Location: BogotáThe CFO Summit will focus on Capital Structure decisions in the current Colombian environment. Other topics for discussion include the change in the Colombia’s sovereign-debt rating and its impact for Colombian fi rms, capital structure decisions, issuing stocks, bonds and ADRs. J.P. Morgan will speak on what it means to have an ADR in the New York Stock Exchange and the new opportunities and challenges that companies may be able to manage issuing this instrument.


J.P. Morgan DR Group Educational Events


Hong Kong Depositary Receipts SeminarJanuary 10 Location: Hong Kong

King Ho, DR regional product manager, presented at this seminar, organized by the Hong Kong Securities Institute, on the evolution of DRs, including the benefits of HDR.


J.P.MorganOnlineSeminar:EconomicandMarketsOutlookJanuary 31 Location: London

J.P. Morgan held an online seminar on the economy and market outlook for 2012 on Tuesday, January 31, 2012. Malcolm Barr, Head of U.K. Economic Research and Mislav Matejka, Head of European Equity Strategy, J.P. Morgan, provided an outlook of what the economy and markets holds for the year and answered some of your questions. The presentation and a recording of the seminar are now available at www.jpmorgan.com/visit/wssseminarsarchive.

For more information contact Miloni Shah +44 207 325 5417 or [email protected]

Client IR AwardsJ.P. Morgan’s DR Group congratulates Sergey Galitsky, CEO and founder of Russia-based Magnit, who received the 2011 Businessman of the Year Award from leading Russian business daily Vedomosti.

Recent Events

New ClientsJ.P. Morgan’s DR Group welcomes the following clients:• Coach Inc., U.S. (Hong Kong DR)

• Pirelli & C. S.p.A.

J.P. Morgan DR Education SeriesFebruary 7 Location: Guangzhou

J.P. Morgan hosted a half day client workshop focusing on insights in 2012 DR market outlook as well as investor relations update.


Listing in Hong Kong SeminarNovember 22 Location: Tokyo

King Ho, DR regional product manager, presented at this seminar, organized by Deloitte’s Japan, on the evolution of DRs including the benefits of HDR.

For more information contact Wern-Nee Seow +852 2800 0707 or [email protected]

JuniorOilandGasForumNovember 28 Location: Hong Kong

King Ho, DR regional product manager presented at this forum. The main focus was to provide the latest pool of information on capital raising opportunities in Asia for global oil and gas assets.

For more information contact Wern-Nee Seow +852 2800 0707 or [email protected]

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MARCH

DATE LOCATION CONFERENCE/EVENT HOST

1 Frankfurt Europe Real Estate & Construction Conference

HSBC Securities

1 New York Commodities Investor Conference

Barclays Capital

1 Toronto Restaurant & Leisure Conference

RBC Capital Markets

4 Sharm El Sheikh

One on One Conference EFG Hermes

5 London ASEAN All Access Nomura

5 Boston Health Care Conference Cowen Group

5 Mumbai India Conference Deutsche Bank

5 Mumbai India Conference Macquarie Securities

6 New York Refining Conference BoA Merrill Lynch

7 London Geneva Autos Conference

Credit Suisse

7 New York Agricultural Biotech Forum

Goldman Sachs

7 London Global Resources Conference

Citi

7 New York Consumer & Retail Conference

BoA Merrill Lynch

7 New York ASEAN All Access Nomura

7 New York Financial Services Conference

Citi

8 Boston Datacenter & Telecom Infrastructure Investor Day

RBC Capital Markets

8 Cebu Real Philippines Conference

Macquarie Securities

8 New York Utilities Conference Morgan Stanley


8 Seoul Korea Investor Conference

Citi

11 Palm Beach Global Property CEO Conference

Citi

11 Scottsdale Global Services Conference

Credit Suisse

12 Taipei Taiwan, Technology & Beyond

BoA Merrill Lynch

13 Boston Exploration & Production Forum

Wells Fargo Securities

13 New York Internet Connect Conference

Barclays Capital

13 London European MedTech & Services Conference

Morgan Stanley

13 Miami Global Healthcare Conference

Barclays Capital

13 New York India Corporate Access Day

Morgan Stanley

13 New York Aviation, Transportation & Defense Conference

J.P. Morgan

14 London IR Policy Review: Technical & Regulatory Developments

UK IR Society

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 10.

Conferences and Events Calendar



14 Boston Global Consumer Conference

UBS

14 London Latin America & Emerging EMEA Conference

Credit Suisse

14 New York China Dragon Conference

Oppenheimer & Co.

14 Paris European Sustainable & Responsible Investment Conf.

Nomura

14 Paris Paris Conference J.P. Morgan

19 Las Vegas Gaming, Lodging, Restaurants & Leisure Management Access Forum

J.P. Morgan

19 Hong Kong Asian Investment Conference

Credit Suisse

19 Sao Paulo Brazil Conference BoA Merrill Lynch

20 London Pan European Capital Goods, Autos, Aerospace & Defense Conference

BoA Merrill Lynch

21 New York The New Capital Markets seminar

NIRI

21 London Transport Conference Nomura

21 Las Vegas Capital Goods Blue Chip Forum

J.P. Morgan

21 London Mexican CEO & CFO One-on-One Conference

Deutsche Bank

21 Frankfurt European Blue Chip Conference

HSBC Securities


22 New York IR Magazine U.S. Awards

Cross Border Publishing

22 Rome Chemicals Conference Nomura

26 Hong Kong Asia Pacific REITs Conference

J.P. Morgan

27 New York Global Protein Conference

J.P. Morgan

27 Singapore Asia Pacific REITs Conference

J.P. Morgan

27 Key Largo Latin American Investment Summit

HSBC Securities

27 London & Paris

Real Estate Conference BoA Merrill Lynch

27 London European Financials Conference

Morgan Stanley

27 Paris European Equity Conference

HSBC Securities

28 Toronto Retail & Consumer Conference

CIBC World Markets Inc.

28 London Pan European Small & Mid Cap Conference

Deutsche Bank

28 New York Latin America Conference

Citi

APRIL


3 New York Healthcare Conference Needham & Co.

4 New York Auto Summit BoA Merrill Lynch

12 Hong Kong Shipping Conference HSBC Securities

16 London ASEAN Corporate Day Macquarie Securities

18 Hong Kong Asia Pacific Financials Conference

J.P. Morgan

19 New York ASEAN Corporate Day Macquarie Securities

23 Hong Kong HK/China Property Conference

HSBC Securities

24 Hong Kong Real Estate Investor Day Macquarie Securities

24 New York Retail & Restaurants Conference

Barclays Capital

25 Xiamen China Investor Forum Nomura

Conferences and Events Calendar (continued)

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MAY


1 Boston Global Financial Institutions Conference

RBC Capital Markets

2 London European Mid-Cap Conference

HSBC Securities

2 Sydney Australia Conference Macquarie Securities

3 Singapore ASEAN Conference -ASEAN Tigers

HSBC Securities

7 Boston Health Care Conference Deutsche Bank

7 New York Technology, Internet, Media & Telecom Conference

Jefferies & Company


8 New York Global Financial Services Conference

UBS

8 San Francisco

Technology Conference BoA Merrill Lynch

8 Taipei Taiwan Investor Conference

Citi

9 Hong Kong Greater China Conference 2012


13 Tel Aviv Israeli Conference Oppenheimer & Co. Inc.

14 Las Vegas Money Show Investment Seminars Inc.

14 New York Clean Tech, Utilities & Power Conference

Deutsche Bank

14 Frankfurt German, Swiss & Austrian Conference

Deutsche Bank

15 New York Insurance Symposium Goldman Sachs

15 New York Industrials Conference Oppenheimer & Co.

15 Boston Global Technology, Media & Telecom Conference

J.P. Morgan

15 Las Vegas Health Care Conference BoA Merrill Lynch

15 South Beach

Global Metals, Mining & Steel Conference

BoA Merrill Lynch

16 New York Clean Solutions Conference

Barclays Capital

16 New York Global Energy Conference


17 New York Refining Corporate Access Day

Morgan Stanley




17 Boston Global Transportation Conference

BoA Merrill Lynch

21 New York Global Financial Services Investor Conference

Deutsche Bank

21 London Pan-Europe Forum: 150 Large & Mid Caps

CA Cheuvreux

21 Austin Global Oil & Gas Conference

UBS

21 Beijing & Shanghai

China Commodities Conference


22 London UK IR Society Annual Conference

UK IR Society

22 Sao Paulo Brazil Utilities One on One Day

HSBC Securities

22 Boston Retail Conference Morgan Stanley

22 New York Global Consumer Conference

Citi

28 London China-India Access RBS

28 Singapore Asia Conference Deutsche Bank

29 London Global Telecom & Media Conference

BoA Merrill Lynch

30 New York Technology, Media & Telecom Conference

Cowen Group

30 New York Alternative Energy Investor Summit

Lazard Capital Markets

30 Paris European Luxury & Consumer Goods Conference

HSBC Securities

30 Hong Kong Pan-Asia Technology Forum

Nomura

JUNE


2 Seattle Writing Workshop for Investor Relations

NIRI

3 Seattle NIRI Annual Conference NIRI

4 Mumbai India All Access Nomura

4 New York Global Energy & Power Conference

RBC Capital Markets

4 New York Global Healthcare Conference

Jefferies & Company

5 Boston Communications Technology Investor Day

RBC Capital Markets

5 New York Internet & Digital Media Conference

Needham & Co.

5 New York Diversified Industries Conference

J.P. Morgan

5 Miami Global Energy Conference

Citi

6 New York China Investment Conference 2012

Credit Suisse

6 Singapore Asia Equity Forum Nomura

12 Rio de Janeiro

Brazil Commodities One on One Day

HSBC Securities

12 Laguna CalGEMS Global Emerging Markets One-on-One Conference

BoA Merrill Lynch

13 Beijing China Conference J.P. Morgan

14 London Starting Out In IR: Hints and Tips for New IROs

UK IR Society

14 New York India Corporate Day Macquarie Securities

18 Hong Kong ASEAN Corporate Day Macquarie Securities

18 London LatAm Smid Cap Conference

J.P. Morgan

18 Jakarta Indonesia Conference J.P. Morgan

18 Nantucket Global Consumer Conference

Jefferies & Company

18 London, Boston, N.Y.

Asian Financials Conference

HSBC Securities

20 London Utilities & Renewables Conference

BoA Merrill Lynch


adr.com 15


20 New York Water & Renewable Energy Conference

Citi

20 Toronto Global Mining & Materials Conference

RBC Capital Markets

25 Jakarta Indonesia Investor Conference

Citi

25 Hong Kong Bi-Annual HK/China Access

RBS

25 New York LATAM Real Estate/Infrastructure/Banking Conference

HSBC Securities

26 Hong Kong Korea Discovery Forum HSBC Securities

26 Boston Consumer Conference Oppenheimer & Co.

27 New York Finance Essentials for IR NIRI

27 London European Automotive Conference

HSBC Securities

27 Toronto North American Pipelines & Utilities Conference

BMO Capital Markets

27 Singapore Emerging Leaders Corporate Day


27 Singapore HK/China Access RBS

28 London Healthcare Conference Nomura

28 Singapore ASEAN Investor Conference

Citi

JULY


9 Hong Kong Asian Industrials Day HSBC Securities

12 London Retail & Luxury Conference

Nomura

16 London China Corporate Day Macquarie Securities

19 New York China Corporate Day Macquarie Securities

31 Mexico City Mexico CEO/CFO Conference

J.P. Morgan


ContactsJoseph DooleyAmericas Regional DR Head +1-212-622-9225 [email protected]

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ContributorsIvan Peill

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

Alex HicksonEMEA Regional DR Head +44-207-777-2805 [email protected]

Kenneth TseAPAC Regional DR Head +852-2800-1859 [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 towhomitisunlawful.IssuedandapprovedfordistributionintheUnitedStatesbyJPMorganChaseBankN.A.andregulatedbytheOfficeoftheComptrolleroftheCurrencyandintheUnitedKingdomandtheEuropeanEconomicAreabyJ.P.MorganEuropeLimited.IntheUnitedKingdom,JPMorganChaseBank,N.A.,LondonbranchandJ.P.MorganEuropeLimitedareauthorizedandregulated by the Financial Services Authority.

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