volume 21 2012 - j.p. morgan home | j.p. morgan · types of investors is to publish a press release...

DR Advisor Quarterly

VOLUME 21 2012

WORLDWIDE SECURITIES SERVICES

2 DR Advisor Quarterly | Volume 21, 2012

3 Welcome Dennis Bon, Global Head, Depositary Receipts Group

4-5 Client Profile:A PhD’s approach to IR

6 IR Best PracticesChoosing brokers that can optimize non-deal roadshows

7 Regulatory Developments

8 DR Market Highlights

8 New Clients

9-10 Educational Events

11-15 Conferences and Events Calendar

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Dennis BonGlobal Head Depositary Receipts Group

I’m delighted that Susanne Schaffert, Novartis’ Global Head of Investor Relations, agreed to be interviewed for this edition of the DR Advisor Quarterly. Among other interesting insights, Susanne explains how to strike a balance between meeting the information needs of investors who are generalists and those who specialize in your sector.

Choosing which brokers to use for management roadshows can also be a balancing act. Each covering broker will vie for the opportunity to arrange meetings with their institutional clients, and investor relations officers are charged with selecting brokers that will make the best use of the time that senior management spends on non-deal roadshows during the year. In the IR Best Practices column of this newsletter, Ivan Peill, a member of the DR group’s Investor Relations Advisory team, explains what factors to consider when making this important decision.

I hope you find these articles and the newsletter’s other content insightful with regard to maintaining an effective DR program. As always, I encourage you to review the educational events section inside to learn about upcoming DR Group events in your area that might benefit you.

Sincerely,

Welcome

http://www.adr.com


Q. The complex nature of the pharmaceutical sector makes investor communications challenging. Please tell our readers how you address this challenge.

A. The pharma sector is a highly specialized one. One of the main challenges is providing sufficient details for investors who specialize in our sector, while making sure that generalist investors can still grasp our overarching equity story and follow it as it changes over time. Specialists mostly want to understand the science behind our products. But providing too much information can make our story unclear to generalists – our key investment messages get lost in the details. Your investment story needs to be compelling, in order to attract a sufficient number of investors to your stock.

One of the ways we strike a balance between these two types of investors is to publish a press release that gives an overview of our performance during the reporting period and to also publish a report that provides supplementary information. To give you an idea of the detail we provide, the report for the first quarter of this year was 47 pages in length, while the press release was 10 pages long. The supplemental information includes, for example, updates on drug trials and regulatory approvals for each of our products, greater detail on each division’s performance and their key products, updates on legal proceedings, financial statements, and IFRS reconciliation.

Occasionally we also publish special reports that give in-depth perspectives on specific areas of our business that are key growth drivers. Our most recent one provides suggestions to better understand and model our Alcon business, a company that Novartis acquired last year.

Q. You referred to the scientific nature of your products. Presumably this requires you to be very technically literate, for your conversations with investors.

A. Yes, particularly for the specialist investors. My background isn’t a financial one. It’s more important that I know the science of our business. I have a PhD in chemistry. Also, I’ve been working at Novartis for 14 years. I started in sales and marketing and have managed business units within Novartis. Prior to my current role, I was responsible for running the oncology business in 27 European countries. Because of my operational experience, I’m also able to explain to investors and sellside analysts the various market dynamics that impact Novartis’ business. When my team and I meet with prospective investors, we usually spend half the time educating them about our markets, products and technologies, before we discuss our growth strategies. To a certain extent, this is also the case with regard to existing shareholders, given the dynamic nature of our business – what was true 6 months ago is often different today.

Client Profile: A PhD’s approach to IR

Susanne Schaffert Global Head Investor Relations Novartis

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analysts are very focused on the details of a business, but you also need to articulate a compelling investment story that they and their salespeople can deliver to their institutional clients. Maintaining a good relationship with each analyst is also important, so we endeavor to make their lives easier by being responsive to their information requests and by taking the time to clearly explain our financial and operating results and the various aspects of our business.

Looking ahead, we have an eye on emerging equity markets, like China and the Middle East. China will eventually become a very important capital market. We regularly assess to what extent we should address China’s equity market. At the moment, we see that investors there are mostly focused on local companies. As soon as we see a meaningful portion of their capital invested in non-Chinese companies, we’ll spend more time there to attract new investors.

Life outside the office

“I enjoy modern art. I like to paint, which I find very relaxing. I paint abstracts, using oil- and acrylic-based paints. I’m also passionate about jazz. Miles Davis is my favorite jazz musician. I have all of his recordings”

Having worked at Novartis for some time, I have built up relationships with various internal people – there are 5 divisions that make up Novartis – on whom I rely for this information in order to report financial and operating results and communicate effectively with the investment community. These relationships are crucial for gathering information and understanding the dynamics of our business. My team must be knowledgeable when dealing with investors, in order to earn their trust in us and, ultimately, in our company.

Q. The senior management team and board of directors are also important internal relationships. How do you work with them?

A. This is a big part of my role as head of IR for Novartis. They place a great deal of trust in the IR department, because we are their representatives in the investment community. One of the important ways we maintain that trust is by keeping management and the board informed of what’s going on in the capital markets.

We believe it’s very important to keep them abreast of market dynamics. We inform them of changes in analyst opinions and our competitors’ performance, and also help them make sense of it all contextually. We also make sure that management and the board understand investors’ opinions of Novartis. In addition to sharing what we learn through our daily conversations with various investors and analysts, every six months we commission a perception study to get an in-depth understanding of the investment community’s views on Novartis’ performance, its investment proposition, and even the IR department’s performance. It’s important to listen to the market, to uncover both the bull and bear cases for our company. Like us, our CEO is very keen to understand investors’ views of Novartis – he’s very involved in investor relations in that regard.

Q. How is the IR department’s performance measured, other than the feedback you receive through perception studies?

A. I implemented a number of KPIs, when I assumed my role as head of IR. We have targets for each member, such as the number of investor meetings and conversations they hold. There are also group targets, in order to align efforts and help maintain a team spirit. But we’re not just concerned about numbers. We focus on targeting and meeting with the right investors, those who will most appreciate our equity story and remain long-term shareholders.

Q. The recent fiscal problems in Europe are yet another crisis affecting the financial markets. What is your approach to crises?

I view external crises as an opportunity to add even more value. During a crisis, investors and analysts are, in a way, desperate for information. If you are well informed, you can provide perspective and insights on how the crisis is impacting the markets in which your company operates. They may even use what you tell them to model your competitors’ financial performance. But it’s important to maintain a neutral stance when discussing your industry.

Q. What recent trends should IROs be mindful of and how is Novartis’ IR department responding to them?

A. The brokerage industry has been consolidating. At some firms, the sector analyst is covering far more companies than they had in the past. Because they are analyzing so many more of our competitors, we have to work even harder to make our company stand out from the crowd, to differentiate it from competing investment opportunities. Sellside

http://www.adr.com


Tips

One of an IRO’s essential responsibilities is marketing the company to investors. Consider the following when selecting a broker to arrange non-deal roadshows:

• Reputation – IR peers at other companies are often willing to share the experiences they have had with individual brokers. Key attributes to consider are the number and quality of investor meetings and the smooth handling of logistics.

• Local distribution platform – Brokers with a presence in local geographies may have deeper relationships with local investors.

• Analyst influence – Generally, priority should be given to a broker whose relevant sector analyst is most influential among investors and have the highest independent ratings.

• Briefing information given management and the IRO – Information such as an investor’s meeting style, investment holdings and opinion of the company help company representatives prepare for investor meetings and can increase the likelihood of success.

• Market intelligence – Some brokers will let you know what market and sector activity their traders are seeing.

• Investor feedback3 – This feedback can be valuable and is delivered as an unattributed report and reviewed by management to understand investor sentiment toward the company and its sector, and is sometimes presented at the company’s Board of Directors meetings. Some brokers offer this service, and the quality of feedback can vary. So ask a broker to provide examples of the feedback (with names redacted) it has obtained in the past.

• Trading market share – This can indicate the strength of a broker’s relationships with the buy-side community and hence its ability to successfully market your company to the greatest number of investors.

1 To learn more about this subject, please refer to J.P. Morgan’s DR Advisor Best Practices: Investor Targeting Forms Solid Foundation for IR Strategy.2 To learn more about this subject, please refer to J.P. Morgan’s DR Advisor Best Practices: How Sell-side Analysts Work and How Best to Work with Them.3 To learn more about this subject, please refer to J.P. Morgan’s DR Advisor Best Practices: The Value of Perception Studies.

Bringing companies and investors togetherA broker with a strong distribution platform can put your company’s senior management and investor relations officer in front of prospective institutional investors that can help optimize the company’s market valuation, reduce price volatility, and maintain ready access to capital over time. Additionally, brokers offer varying ancillary services that can benefit an issuer.

Like any good matchmaker, determining which investors a company should meet with requires knowledge of the institutional landscape, an understanding of broader market and sector themes, and insight into the company’s objectives. Accordingly, even companies with fully-resourced IR departments often utilize brokers to reach and attract investors.

At J.P. Morgan, a rigorous approach to targeting1 is the foundation for organizing non-deal roadshows and other investor events. A number of factors are considered in the process, chief among them key underweight and non-holding institutions, those invested in the company’s sector and geographic market, and the mix of long-only investors and hedge funds. The research analyst2, institutional sales team, and regional corporate finance teams are also consulted to ensure that a comprehensive effort is made on the company’s behalf.

Selecting the right brokers Issuers regularly receive requests from numerous brokers seeking the opportunity to offer management meetings to their institutional clients. With limitations on management time, not all brokers can be accommodated, of course. This presents a challenge with regard to maintaining research coverage by brokers, as management meetings are an integral part of the value proposition that brokers offer institutional investors. Hence, over time many issuers alternate brokers to organize investor meetings for them.

IR Best Practices: Choosing brokers that can optimize non-deal roadshows

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

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U.S. JOBS Act Relaxes Rules for IPOs, Private Placements and Disclosures by Issuers Classified as Emerging Growth CompaniesIntroductionOn April 5, 2012, the president of the United States signed into law the JOBS Act1 (H.R. 3606) (the ‘Act’). The Act is intended to improve access to the U.S. capital markets by exempting from certain securities laws qualified domestic and foreign private issuers that undertake an initial public offering (‘IPO’). An issuer classified by the Act as an emerging growth company (‘EGC’) is now subject to less stringent regulations for capital raising and post-IPO SEC2 reporting. The Act also provides a number of exemptions from securities laws that apply to investment banks, with regard to EGCs.

Definition of an Emerging Growth CompanyUnder the Act, an EGC is defined as a company that had less than US$1 billion in total annual gross revenue on the last day of its most recent fiscal year.3 An issuer will continue to be deemed an EGC until the earliest of: i) exceeding this revenue threshold; ii) the last day of the issuer’s fiscal year following the fifth anniversary of its first sale of common equity securities; iii) the date when the issuer has issued more than US$1 billion in non-convertible debt during the previous 3-year period; or iv) the date when the issuer is deemed a large accelerated filer.4

Exemptions for EGCs under the JOBS Act5

Exemptions for public offerings by EGCs

• EGCs are exempt from the provisions of Section 14 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 that require shareholder approval of executive compensation. Exemption has also been granted for certain disclosures of executive compensation.

• For an EGC’s offering registration statement (filed with the SEC), only two years of audited financial statements are required, versus the three years of statements required of other registrants.

• EGCs are exempt from any new or revised financial accounting standard until it is required of companies that are not issuers (private companies). If an EGC chooses to forgo this exemption and comply with a new accounting standard, it must adhere to certain requirements.

• Exemption from Section 404(b) of the Sarbanes-Oxley Act of 2002, which requires an independent auditor’s attestation report on an EGC’s internal controls over financial reporting.

• EGCs are exempt from any rules adopted by the Public Company Accounting Oversight Board that require mandatory audit firm rotation or supplemental information (in an auditor’s report) about the audit and financial statements of an EGC.

• Broker-dealers can publish research reports about an EGC prior to or after it becoming a public company, or within any period of time prior to the expiration of any agreement between a broker-dealer and the EGC. Further, leading up to the IPO, securities analysts can simultaneously communicate with potential investors and the management of an EGC.

• An EGC or authorized representative (e.g., an investment bank) can – prior to or following the filing of a registration statement – communicate with potential investors that are qualified institutional buyers (QIBs)6 or with institutions that are accredited investors, in order to determine whether such investors would have an interest in a contemplated public offering.7

• Prior to a public filing, an EGC can confidentially submit to the SEC a draft registration statement for non-public review by SEC staff, provided the EGC’s initial confidential submission and any subsequent amendments are publicly filed no later than 21 days before the start of an investor roadshow.8

Exemptions for private offerings by EGCs

• General solicitation and advertising is permitted (pursuant to Rule 144A and Rule 506 of Regulation D) for the offer and sale of an EGC’s securities to QIBs or accredited investors.

The JOBS Act can be accessed at: http://www.gpo.gov/fdsys/pkg/BILLS-112hr3606eh/pdf/BILLS-112hr3606eh.pdf

The Dodd-Frank Wall Street Reform Act can be accessed at: http://www.gpo.gov/fdsys/pkg/PLAW-111publ203/pdf/PLAW-111publ203.pdf

SEC rules from which the above exemptions have been made under the JOBS Act can be accessed at: http://sec.gov/about/laws.shtml

1 Jumpstart Our Business Startups Act2 U.S. Securities and Exchange Commission3 An issuer cannot qualify as an EGC if the first sale of common equity securities, pursuant to an effective registration statement under the Securities Act of 1933, occurred on or before December 8, 2011.4 Generally defined as an SEC reporting company that has a worldwide market value of outstanding common equity held by non-affiliates of $700 million or more.5 With respect to certain exemptions, the Act states that the U.S. Securities and Exchange Commission could determine that additional requirements of EGCs would be necessary or appropriate in the public interest, after considering the protection of investors and whether such an action would promote efficiency, competition and capital formation. Accordingly, the SEC could also publish interpretive guidance with regard to certain exemptions.6 Generally defined as an institutional investor that manages over $100 million in assets7 To learn more about this subject, please refer to our December 31, 2009 DR Advisor Alert.8 To learn more about this subject, please refer to our December 12, 2011 DR Advisor Alert.

Please note that this alert 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 and all claims or losses associated with use of or reliance on the information provided herein.

Regulatory Developments

http://www.adr.com

http://www.gpo.gov/fdsys/pkg/BILLS-112hr3606eh/pdf/BILLS-112hr3606eh.pdf

http://www.gpo.gov/fdsys/pkg/BILLS-112hr3606eh/pdf/BILLS-112hr3606eh.pdf

http://www.gpo.gov/fdsys/pkg/PLAW-111publ203/pdf/PLAW-111publ203.pdf

http://www.gpo.gov/fdsys/pkg/PLAW-111publ203/pdf/PLAW-111publ203.pdf

http://sec.gov/about/laws.shtml


DR Market Highlights

DR Institutional Ownership Levels ($ billions)

U.S. Investment in Foreign Equities: ADR and Local Shares ($ billions)

Source: Thomson Reuters publicly disclosed ownership data. Total Institutional Ownership in DRs, Bloomberg, March 2012

Source: Federal Reserve, March 2012

New ClientsJ.P. Morgan’s DR Group welcomes the following clients:• Acquity Group Limited, China

• Cementos Pacasmayo SA, Peru

• Daily Mail & General Trust plc, U.K.

Market value, foreign holding % Foreign portfolio

2,6782,401

3,265

3,9414,0974,157

3,509

4,0814,4034,5814,660

3,713 3,863

0

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13F Filing ($ billions) MSCI World Index MSCI Emerging Markets Index

448501

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300

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

For more information on this event please contact Jessica Conrad 212-552-4269 or [email protected]

J.P. Morgan DR RoundtableJuly 11 Location: MumbaiJ.P. Morgan will host a roundtable discussion to extract insights on the latest trends, observations and best practices in Depositary Receipts. The roundtable will be moderated by FinanceAsia and featured in the August edition.

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

J.P. Morgan DR Group Educational Events

Recent Events

Investor Relations Training SeminarJune 10-12 Location: BahrainJ.P. Morgan co-hosted a training seminar with the Bahrain Bourse to provide attendees with Investor Relations training (roles, responsibilities, and PR communications).

For more information on this event please contact Aoife Sammon +971 44281625 or [email protected]

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


HKEx Hong Kong Depositary Receipts SeminarJune 1 Location: Hong KongJ.P. Morgan DR APAC presented case studies on how HDR works at an open forum targeted to market practitioners, organized by the Hong Kong Stock Exchange. Over 70 participants registered to attend.


Online Seminar – Asia Rising with HDRApril 3 and May 30

Location: Hong Kong and New York

A first of its kind, interactive platform which provided the latest updates on listing and capital raising options on Hong Kong Stock Exchange for issuers and market intermediaries.


http://www.adr.com


Seminar – Listing on the NYSE and the Benefits and Implications of the JOBS ActMay 23 Location: Tokyo

J.P. Morgan co-hosted a seminar with Davis Polk and Wardwell LLP to discuss listing on the NYSE and the benefits of the JOBS Act for Japanese companies.


Workshop – Benefits and Implications of JOBS ACT for Chinese CompaniesMay 22 and 24 Location: Shanghai and Beijing

J.P. Morgan conducted an educational workshop with NASDAQ, Shearman & Sterling LLP, Orrick, Brunswick Group and ICR Inc. to discuss the implications of JOBS Act to Chinese companies. Topics included the Act’s impact on corporate governance and disclosure as well as communication to investors.


85th Anniversary of the ADRApril 26 Location: New York

J.P. Morgan hosted a reception for clients, prospects and partners in celebration of the 85th anniversary of the ADR. J.P. Morgan commissioned the first ADR in 1927.


Recent Events (continued)

J.P. Morgan DR Roundtable Dialogue April 18 Location: Hanoi

A close-door roundtable discussion held between senior representatives from regulators such as State Securities Commission, Vietnam Securities Depository, intermediaries (legal and auditing) and J.P. Morgan DR APAC group to discuss the current market landscape including regulatory updates and its implications for DR programs in Vietnam.


Building a Sound Public Company Infrastructure to Succeed Beyond IPOApril 19 Location: Moscow

J.P. Morgan hosted this educational seminar for Russian companies to provide a better understanding of building an infrastructure after an IPO.

For more information on this event please contact Daniela Utane +44 7799 48095 or [email protected]

Seminar – IPO BootcampMarch 27 Location: Lima

J.P. Morgan hosted this educational event with the NYSE and Davis Polk to discuss listing in the U.S. Topics included: listing requirements, process, the number of structures, capital markets overview and legal issues that clients/prospects may face.


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JULY

DATE LOCATION CONFERENCE/EVENT HOST

9 Hong Kong Asian Industrials Day HSBC Securities

10 Istanbul Turkey & MENA: Macro & Equity CEO Conference

Bank of America Merrill Lynch

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

AUGUST


1 New York Mid Summer LatAm Conference

Credit Suisse

7 New York Global Industrial and A&D Conference

Jefferies & Co.

9 New York Telecom & Media Corporate Access Day

Morgan Stanley

13 New York Auto Conference J.P. Morgan

14 New York Power & Utility Conference

Goldman Sachs

20 Hong Kong India Access Conference

RBS

22 Chicago Semiconductor & Semi-Cap Equipment Corp. Access Day

Morgan Stanley

23 Singapore Asia Pacific Access Conference

RBS


28 São Paulo Brazil Financials 1x1 Day

HSBC Securities

28 Singapore Asia Agri & Food Corporate Day

Nomura

28 Singapore ASEAN Conference Macquarie Securities

29 Bangkok Thailand Focus 2012 Bank of America Merrill Lynch

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 9.

Conferences and Events Calendar

http://www.adr.com


SEPTEMBER


3 London ASEAN London Forum J.P. Morgan

3 London Emerging Leaders Corporate Day

Macquarie Securities

3 Seoul Korea Conference Bank of America Merrill Lynch

3 Tokyo Japan Conference Bank of America Merrill Lynch

4 New York CEO Energy-Power Conference

Barclays

4 New York Global Technology Conference

Citibank

5 New York Automotive & Transportation Conference

Credit Suisse

5 London European TMT Conference

Deutsche Bank

5 New York Consumer Conference Cowen Group

5 New York Global Shipping Conference

Jefferies & Co.

5 New York Insurance Conference Keefe, Bruyette & Woods

5 New York Health Care Conference Robert W. Baird

5 Boston Global Industrials & Materials Conference


5 Boston Asia Pacific Equity Conference

J.P. Morgan


5 Hong Kong Australia / New Zealand Corporate Day


5 New York Global Emerging Markets One-on-One Conference

Deutsche Bank

6 New York Aviation & Transportation Conference

Deutsche Bank

6 New York Financials Summit Nomura

6 New York Australian Investment Conference


6 New York Australian Corporate Access Days

J.P. Morgan

6 Taipei Taiwan Discovery Forum

HSBC Securities

10 Edinburgh Australasian Conference J.P. Morgan

10 Kyoto Kansai Select Conference 2012

Barclays

10 New York Global Financial Services Conference

Barclays

10 New York Global Healthcare Unplugged Conference

Morgan Stanley

11 New York Colombia Corporate Access Days

J.P. Morgan

11 Toronto Media & Telecom Conference

BMO Capital Markets

11 Las Vegas Global Industrials Conference

RBC Capital Markets

11 London ASEAN Investor Conference

Citibank

11 London Australasian Conference J.P. Morgan

11 Orlando Global Solar 1x1 Conference

UBS

11 Las Vegas Technology Conference Deutsche Bank

11 London Global Healthcare Conference 2012


11 Mumbai India Commodities Conference


12 London Aerospace & Capital Goods Conference

Credit Suisse

Conferences and Events Calendar (continued)

adr.com 13


12 Los Angeles Media, Communications & Entertainment Conference


12 New York Global Real Estate Conference


12 New York Global Paper & Forest Products Conference

UBS

13 London Power & Utilities Summit

Morgan Stanley

13 New York Industrials & Autos Conference

Morgan Stanley

17 London European Financials Conference

Keefe, Bruyette & Woods


18 London Pan European Paper & Packaging Forum


18 London Commodities Day 2012 Credit Suisse

18 Toronto Global Agriculture Conference

Scotiabank GBM

19 Boston Global Industrials Conference

Citibank

19 London Global Steel & Mining Conference

Credit Suisse

19 New York Power & Gas Leaders Conference


19 New York Global Life Sciences Conference

UBS

19 London Global Consumer & Retail Conference


24 New York Japan Equity Conference

Morgan Stanley

24 Singapore Global Natural Resources Forum

HSBC Securities

24 Munich German Corporate Conference

Goldman Sachs

25 São Paulo Brazil Infrastructure & Transportation 1x1 Day

HSBC Securities

25 London Banking & Insurance CEO Conference



http://www.adr.com


OCTOBER


3 London Latin American Financials & Real Estate Conference

Goldman Sachs

3 Gocek Turkish Equities Conference

Deutsche Bank

4 London Alternative Energy Conference


8 London Pan European Building & Infrastructure Conference


8 Singapore Asia Agri & Food Corporate Day

Nomura

9 London International Oil & Gas Conference

RBC Capital Markets

9 New York Therapeutics Conference

Cowen Group

15 Hong Kong China Consumption Conference

HSBC Securities

16 Miami Global Resource Conference

Canaccord Genuity

17 São Paulo Brazil Metal & Mining Day

Deutsche Bank

18 São Paulo Brazil Oil Services Day Deutsche Bank

19 São Paulo Brazil Paper & Pulp Day Deutsche Bank

20 Riyadh Saudi Arabia Conference 2012


29 Beijing China Investor Conference

Citibank

NOVEMBER


1 Macau China Investor Conference

Citibank

5 London India Corporate Day HSBC Securities

5 Beijing China Conference Bank of America Merrill Lynch

6 São Paulo Brazil Real Estate 1x1 Day

HSBC Securities

6 New York Technology, Media & Telecommunications Conference

Piper Jaffray

7 New York Technology, Media & Telecom Conference

Wells Fargo Securities

7 New York/Boston

Asia Investor Forum HSBC Securities

7 Singapore Asia Pacific Summit Morgan Stanley

8 London Gold Conference RBC Capital Markets

8 London Korea-Taiwan Access RBS

12 London Russia & CIS 1x1 Conference


12 Miami Global Energy Conference


13 New York Banking & Financial Services Conference


13 New York Global Consumer Conference

Morgan Stanley

13 Mexico City Mexico Year-Ahead Conference


14 New York Ultimate Services Investor Conference

J.P. Morgan

14 London Global Healthcare Conference

Jefferies & Co.

14 New York Global Technology & Services Conference

UBS

14 Barcelona Technology, Media & Telecoms Conference

Morgan Stanley


adr.com 15


14 Phoenix Global Healthcare Conference

Credit Suisse

15 Hong Kong Global Financial Conference

Citibank

19 New York Iberian Corporate Access Days

J.P. Morgan

26 Hong Kong Bi-Annual HK/China Access

RBS

26 Phoenix Annual Technology Conference

Credit Suisse

27 New York Healthcare Conference Piper Jaffray

27 São Paulo Brazil Opportunities Conference

J.P. Morgan

27 Toronto Mining Conference Scotiabank GBM

28 Houston Global Energy Conference

Jefferies & Co.

28 New York Aerospace & Defense Conference

Credit Suisse

DECEMBER


3 New York Media & Communications Conference

UBS

4 New York Energy Conference Wells Fargo Securities

4 Singapore India Corporate Day Macquarie Securities

5 San Francisco

EMEA Consumer Conference

Nomura

6 Hong Kong India Corporate Day Macquarie Securities

7 São Paulo Brazil Consumer 1x1 Day HSBC Securities

12 New York Healthcare Conference Oppenheimer & Co.


http://www.adr.com

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

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

Contact us at [email protected].

ContributorsIvan Peill

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

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

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

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

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

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

volume 21 2012 - j.p. morgan home | j.p. morgan · types of investors is to publish a press release...

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