DR Advisor Quarterly Newsletter

Welcome 1

Client Profile: Dr. Reddy’s Laboratories – Effectively combining and leveraging Finance with Investor Relations 2

IR Best Practices: Choosing which equities conferences to attend 6

Regulation Update: SEC guidance on the use of proxy advisory firms by investment advisers 10

Client IR Awards 18

New Clients 19

Educational Events 19

VOLUME 28, 2014

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In the financial world, it is common knowledge that investor relations is grounded in finance. At India-based Dr. Reddy’s, a global

pharmaceutical company, these disciplines are actually combined. In an interview beginning on page 2 of this DR Advisor Quarterly,

Kedar Upadhye, Vice President of Finance and Investor Relations, explains why the company melds the two. Kedar also discusses how

investor relations at Dr. Reddy’s uses a return-on-capital framework and how the IR team keeps investors focused on the company’s

medium- to long-term growth strategies and potential.

A recent National Investor Relations Institute survey reveals what U.S. companies do with regard to broker equity conferences. In the

IR Best Practices column of this edition of our client newsletter, Mylene Kok, our Asia-based IR advisor, highlights some the survey’s

key findings. Mylene also explains various best practices for conferences, with regard to deciding which ones to attend and how to

prepare for them.

The significant influence that proxy advisory firms have on shareholder voting has come to the fore in the last year. If you missed our

recent DR Advisor Alert explaining SEC guidance on the use of proxy advisors by investment firms, a reprint can be found on page 10.

Although the SEC’s guidance has not resulted in any regulatory changes, our alert provides insights into the relationship between

proxy advisors and institutional investors.

I hope you enjoy our latest client newsletter.

Kind regards,

Dennis Bon

Global Head, Depositary Receipts Group

Welcome

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Client Profile: Dr. Reddy’s Laboratories – Effectively combining and leveraging Finance with Investor Relations

Prior to assuming your Investor Relations responsibilities, you worked in other areas of Dr. Reddy’s. Please talk about the experience that you brought to its IR department.

I began my stint at Dr. Reddy’s with the planning and analysis team, a corporate finance post. We were responsible for our group’s external financial reporting, be it for the Indian stock exchanges or the New York Stock Exchange. Currently, I work in the finance group of Dr. Reddy’s Global Generics segment. I continue to have IR responsibilities and I report to our company’s CFO.

It’s interesting that you have dual roles. Presumably you were assigned IR responsibilities because of your knowledge of Dr. Reddy’s financials.

I’m sure that was one of the criteria, apart from others. It’s possible that it is also because over the years I have built a strategic view of the business and knowledge about Dr. Reddy’s operations, technologies and markets. This knowledge was gained while working in my earlier roles.

In my opinion, there are good synergies to be derived from handling both finance and IR functions. The other IR representatives and I have dual roles in our respective domains and participate in various operating decisions and business negotiations. We are also involved in decisions about capital expenditure (Capex), credit controls, and cost control. This helps us build greater awareness about the ongoing dynamics of the markets in which Dr. Reddy’s operates around the world, about how the businesses are managed, and about our company’s key growth drivers.

All of this is quite helpful when representing the company in discussions with investors and analysts. We are confident when speaking on behalf of management, largely due to our involvement in commercial decisions and the resulting knowledge we build about market dynamics, our company’s growth strategy, and the various initiatives that make up the strategy. My earlier stint in planning and analysis has been equally beneficial. In that department, we were focused on understanding key trends

“...there are good synergies to be derived from handling both finance and IR functions.”

“We are confident when speaking on behalf of management, largely due to our involvement in commercial decisions and the resulting knowledge we build about market dynamics, our company’s growth strategy, and the various initiatives that make up the strategy.”

Kedar Upadhye, Vice President, Finance & Investor Relations

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in revenue and profitability in various markets and on identifying patterns. This experience has helped me when giving investors a perspective on the developments in various markets and the strategies in place to address the challenges in those markets.

In other words, you are able to help investors understand Dr. Reddy’s strategic direction and the CEO’s strategic perspective on its business and markets.

That’s right, and our attempt is to get granular to the extent possible and helpful to them.

What is the mix of IR and finance that you do?

My IR colleagues and I are doing IR-related work approximately 15% to 20% of the time. However, when each of us is handling IR, obviously we are supposed to handle it with 100% commitment and dedication.

What is your overarching approach to investor relations?

One of the primary challenges for Dr. Reddy’s is to continue growing despite increasing competitive intensity and our already existing high base in all of our markets. We compete with much larger companies in the global pharmaceutical market. And the generics segment continues to be hyper-competitive. In addition to this, markets are dynamic and always pose new challenges, such as channel consolidation that is taking place in healthcare markets.

Ultimately, management is investing the capital of Dr. Reddy’s shareholders. As IR representatives, we need to convince investors that investments in research and development and Capex will produce the returns on capital they seek. This is particularly important because Dr. Reddy’s investment in R&D may reach up to 11% of sales. This is one of the highest rates of investment among generics companies. Investors want to understand our company’s potential return on capital.

“As IR representatives, we need to convince investors that

investments in research and development and Capex will

produce the returns on capital they seek.”

“Management understands the importance of maintaining

good relations with shareholders. They strongly

believe in transparency and in keeping investors

informed. They also understand the importance of attracting new investors and

maintaining a well-diversified shareholder base.“

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So IR needs to effectively explain how the company will achieve adequate returns on capital and over what periods of time. The emphasis is also on the quality of earnings and returns on capital, along with their sustainability.

This entails effectively communicating the medium- and long-term strategy of the company and the business units. A big part of the strategy is moving the company up the value chain into a set of products that we call complex generics. Dr. Reddy’s has been expanding into bio-similars, differentiated formulations, and complex generics. We need to increase investors’ conviction on the return profile of our investments in R&D and Capex for these new areas and for the business as a whole. The latter requires explaining how the different businesses fit together and where the revenue and technology synergies exist. In this regard, we give them an end-to-end perspective on the company.

That is your IR philosophy, so to speak. How do you apply it?

We encourage site visits to our plants and R&D facilities for investors and analysts. In addition to showing them our facilities and operations, they speak with our CEO, COO, CFO and business heads, such as the head of our US business, as well as the head of global manufacturing and the members of the management council. We are fortunate to have excellent, ongoing support from the members of Dr. Reddy’s management council.

To what do you attribute management’s support of IR?

It’s largely built in the DNA. Management understands the importance of maintaining good relations with shareholders. They strongly believe in transparency and in keeping investors informed. They also understand the importance of attracting new investors and maintaining a well-diversified shareholder base. Our board of directors also considers IR activities quite important. The quality of our earnings conference calls and other ways in which

“The ADR and J.P. Morgan as the depositary bank have helped us attract and retain quality investors. The program also helps us be seen as a global company, not just an Indian entity. This helps position our business well with many other stakeholders too...”

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information is disseminated widely results in greater transparency and in building long-term relationships. Such interactions also allow investors to check the quality of our company’s governance. Increasingly, the quality of corporate governance is factored into the investment decisions of institutional investors.

Please talk about the role that Dr. Reddy’s ADR plays with regard to IR.

The ADR program began with Dr. Reddy’s IPO in 2001. It has given Dr. Reddy’s a global presence, with respect to the capital markets. The ADR and J.P. Morgan as the depositary bank have helped us attract and retain quality investors. The program also helps us be seen as a global company, not just an Indian entity. This helps position our business well with many other stakeholders too, such as customers, regulators, prospective employees, and strategic partners.

A good place to finish this interview would be taking a closer look at the long-term perspective that you and your colleagues emphasize with investors. Please elaborate on this approach.

During earnings conference calls and in other investor communications, we emphasize Dr. Reddy’s medium- to long-term outlook, as opposed to having conversations that are focused on short-term issues. That’s because our investments in research won’t achieve returns in the short-term. Also, our earnings may vary in the short-term and do not reflect the full potential of investments that we are making. This is why we always communicate a long-term performance outlook and why we focus on meeting mostly with investors who have long-term investment horizon. Quarters don’t matter that much, although they certainly reflect the earnings power of our mature businesses. What matters more is the long-term pipeline of drugs that Dr. Reddy’s is investing in and the quality profile of investors.

“During earnings conference calls and in other investor

communications, we emphasize Dr. Reddy’s

medium to long-term outlook…. Quarters don’t

matter that much, although they certainly reflect the

earning power of our mature businesses. What matters

more is the long-term pipeline of drugs that Dr. Reddy’s is investing in and the quality

profile of investors.”

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To attend or not attend

A recent National Investor Relations Institute (NIRI) survey explored a range of practices that companies’ employ with regard to equity conferences, which are organized and hosted by brokerage firms. These conferences are typically thematic — companies that are showcased to institutional investors are from the same industry (e.g. healthcare or consumer products) country or region, or have similar market capitalizations or growth profiles. The former grouping is the most common.

Each year hundreds of equity conferences are held around the world, although the bulk of them take place in the U.S. and U.K., where nearly 75% percent of global equity assets are managed. The ability to meet many investors in one place and in a relatively short period of time is the primary benefit of participating in them. But the decision about which conferences to attend can be difficult for an IRO to make, because there can be so many from which to choose.

What other companies are doing

According to NIRI’s study, U.S. companies attend an average of 5.6 domestic equity conferences each year, spending an average of 10.05 hours per conference. At a conference, the CEO, CFO or division head will present their company’s investment proposition to a large or small group of investors, via one-on-one meetings with them, or by some combination of these meeting formats. 89% of the most frequent conference attendees are CFOs, while 78 percent are CEOs. IROs also represent the company, but their participation is usually limited to one-on-one meetings. Like investor roadshows, conferences are a significant time commitment to make, especially for senior management, who must also spend time traveling to these events.

Key factors to consider about attending an equity conference

There are a number of factors to consider when making the decision about which conferences to attend. First, there is the issue of timing. Generally, a company should not attend a conference that is

Mylene Kok, Vice President, IR Advisory, J.P. Morgan

IR Best Practices:Choosing which equity conferences to attend

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held near the end of its reporting period, in order to avoid the risk of inadvertently disclosing material, non-public information during the conference, where numerous conversations with investors will take place.

Another particularly important consideration is the institutional investors that will be attending the conference. Ask the broker which firms have registered for the conference. Also ask for the previous year’s list of attendees to get a rough idea of the types and quality of investors that usually participate. When examining a list of registrants, you should be checking to see what percentage of institutions have medium- to long-term investment horizons. Much like roadshows, firms with high portfolio turnover rates should be avoided generally. Any time that management spends with investors should be with those that not only have the potential to invest in your company currently but are likely to continue doing so over the long term. This factor is especially important for companies that are reliant on external sources of funding for growth.

Equity conferences can also be an opportunity to meet with current

shareholders. If they are not located in or near the city in which the conference is held, some will invariably travel to the event, especially those located in smaller cities that companies rarely travel to. However, bear in mind that some top shareholders might expect senior management to meet at their offices and not at a conference if it is held in their city. Also, although sector analysts often attend conferences, portfolio managers do so far less frequently.

Whether an investor is a shareholder or a prospective one, it is important to understand why they would like to meet with senior management, in order to gauge their level of interest and thus the importance of the meeting. If you are unfamiliar with an investor with whom the broker would like your senior managers to meet at a conference, ask the broker’s Corporate Access team for this type of information, as well as data such as the size of the institution, peer holdings, portfolio turnover, etc. New York and Boston are home to the largest number of institutional investors and therefore host the lion’s share of conferences. Another benefit of attending conferences held

Key Takeaways• According to NIRI, on average,

U.S. companies attend 5.6 domestic equity conferences each year, spending 10.05 hours at each conference.

• Among those who attend equity conferences most frequently, 89% are CEOs and 78% are CFOs.

• Generally, a company should avoid attending equity conferences near the end of its reporting period, to avoid inadvertently disclosing material, non-public information.

• When deciding whether to attend an equity conference, it is important to know which investors will be at the conference.

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in these cities is their close proximity to one another, which allows investors to easily travel to either one. For example, a Boston-based investor can take a flight to New York City in less than one hour.

The size of a broker’s client base and the reputation of the sector analyst are what often determine the level of attendance. However, be sure to alternate between conferences each year, in order to gain exposure to different sets of investors. In other words, if you attend the same broker conferences every year, you will only see those brokers’ institutional clients. It is also important to alternate with regard to rewarding brokers for maintaining research coverage of your company. Apropos of research coverage, a company’s participation in a broker’s conference is usually dependent upon this.

The investor presentation

Participating in a conference requires a presentation, which can also be useful for one-on-one meetings with prospective investors. As with any investor meeting, the presentation should focus on your company’s growth opportunities and the strategy1 to capitalize on them, not its most recent financial results. The presentation should also address the challenges your company is facing.

Like investor roadshows, conferences offer little time to communicate your equity story. Accordingly, the presentation should be concise; supplemental information, such as technical data, can be helpful to explain certain things to investors, but it should be located in the appendix of the presentation or bound separately. When speaking at a conference, your CEO or

1 To learn about how to create an effective investor presentation, please refer to the Q4 2008 edition of the DR Advisor Quarterly

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CFO will only have a half hour to present. However, the one-on-one and small group meetings usually run for about 45 minutes to an hour. Small-format presentations are generally appreciated by investors, as they will invariably travel back to their offices with them. Also, be sure to post the presentation in the IR section of your company’s website, in order to make it available to investors who are unable to attend. For presentations delivered to a large audience, some companies will broadcast it via the website.

Other preparations to make

Most division heads are unfamiliar with investors and how to interact with them. Therefore, it is important to brief them

in advance of any conference they will attend. In addition to reviewing with a division head the types of questions that could be expected from investors, it is important to caution them that impromptu conversations can take place during a conference, such as in hallways and elevators. Some investors can be aggressive in their line of questioning, potentially trying to get a manager to divulge material information that has not already been made publicly available.

Lastly, be sure to schedule a break for senior management representatives during the lunch hour. They will invariably need the time to check emails and make telephone calls.

Key Takeaways• For any investor that would like

to meet with your company’s CEO or CFO, determine the nature and level of their interest.

• Alternate between equity conferences each year.

• The investor presentation used at an equity conference should be concise and focus on your company’s major opportunities and challenges, and the strategy to address them.

• If a division head will attend an equity conference and is unfamiliar with this type of investor marketing, provide training to help them prepare.

Please note that this article 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 requirements summarized herein as they relate 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.

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Introduction

On June 30, 2014, the U.S. Securities and Exchange Commission (SEC) published Staff Legal Bulletin 20 (“SLB 20” or “Bulletin”), which provides guidance on investment adviser’s responsibilities when voting client proxies and retaining proxy advisory firms, such as ISS and Glass Lewis & Co. SLB 20 also provides guidance on the availability and requirements of two exemptions from federal proxy rules that are available to proxy advisory firms. The following is an overview of the SEC’s bulletin.

Investment Advisers Voting Responsibilities

Under the Investment Advisers Act of 1940, an investment adviser, as a fiduciary “owes each of its clients a duty of care and loyalty with respect to services undertaken on the client’s behalf, including proxy

voting.” In furtherance of this duty, Rule 206(4)-6 under the Investment Advisers Act (the “Proxy Voting Rule”) provides that an investment adviser must maintain “written policies and procedures that are reasonably designed to ensure that the investment adviser votes proxies in the best interest of its clients.” This requirement applies when an investment adviser receives authorization to exercise voting authority on behalf of a client.

Investment adviser proxy voting policies and procedures

As a form of guidance, SLB 20 gives examples of how an investment adviser could demonstrate that its proxy votes are cast in clients’ best interests and in accordance with its proxy voting policies and procedures. Examples include: (a) periodically sampling votes to determine

Regulation UpdateSEC guidance on the use of proxy advisory firms by investment advisers

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if they complied with the policies and procedures; and (b) reviewing a sample of proxy votes that relate to certain proposals that may require more analysis. The SEC recommends that investment advisers should in any event review at least annually the adequacy of their policies and procedures to ensure they have been implemented effectively, including whether they continue to be reasonably designed to ensure that proxies are voted in the best interests of the adviser’s clients.

Arrangements for exercising proxy voting authority

SLB 20 states that an investment adviser and its client have flexibility in determining the scope of the adviser’s obligation to exercise proxy voting authority. In the Bulletin, the SEC notes, for example, that the Proxy Voting Rule does not require

an investment adviser and its client to agree that the adviser will undertake all of the client’s proxy voting responsibilities, although clients usually delegate to investment advisers the authority to vote on all proxies. In addition to this type of delegation, investment advisers and their clients also may agree to other voting arrangements in which the adviser would not assume all proxy voting authority.

As guidance, the bulletin provides illustrative and non-exclusive examples of permissible voting arrangements between an investment adviser and a client. They may agree that:

• The time and costs associated with the mechanics of voting proxies with respect to certain types of proposals or issues may not be in the client’s best interest;

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• The investment adviser should exercise voting authority as recommended by management of the company or in favor of all proposals made by a particular shareholder proponent, as applicable, absent a contrary instruction from the client or a determination by the investment adviser that a particular proposal should be voted in a different way if, for example, it would further the investment strategy being pursued by the investment adviser on behalf of the client;

• The investment adviser will abstain from voting any proxies at all, regardless of whether the client undertakes to vote the proxies itself; or

• The investment adviser will focus resources on only particular types of proposals based on the client’s preferences.

Investment Advisers’ Retention and Oversight of Proxy Advisory Firms

Considerations for retaining a proxy advisory firm

When an investment adviser is considering whether to retain or continue retaining a proxy advisory firm to provide voting recommendations, SLB 20 states it should “ascertain, among other things, whether the proxy advisory firm has the capacity and competency to adequately analyze proxy issues.” This process could include determinations regarding the adequacy and quality a proxy advisory firm’s staffing and personnel as well as the robustness of the firm’s policies and procedures regarding its ability to “(i) ensure that its proxy voting recommendations are based on current and accurate information and (ii) identify and address any conflicts of interest and any other considerations that

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the investment adviser believes would be appropriate in considering the nature and quality of the services provided by the proxy advisory firm.”

Ongoing oversight of a proxy advisory firm

In order to comply with the Proxy Voting Rule, an investment adviser should adopt and implement policies and procedures that are reasonably designed to provide sufficient ongoing oversight of a proxy advisor to ensure that, when acting in accordance with a proxy advisor’s recommendations, the investment adviser continues to vote proxies in the best interests of its clients. In its Bulletin, the SEC places particular emphasis on conflicts of interest, stating that “a proxy advisory firm’s business and/or policies and procedures regarding conflicts of interest could change after an investment

adviser’s initial assessment, and some changes could alter the effectiveness of the policies and procedures and require the investment adviser to make a subsequent assessment.”

Accordingly, an investment adviser “should establish and implement measures reasonably designed to identify and address the proxy advisory firm’s conflicts that can arise on an ongoing basis, such as by requiring the proxy advisory firm to update the investment adviser of business changes the investment adviser considers relevant (i.e., with respect to the proxy advisory firm’s capacity and competency to provide proxy voting advice) or conflict policies and procedures.”

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Material accuracy of facts upon which voting recommendations are based

SLB 20 also states that an investment adviser, as part of its oversight of a proxy advisory firm, should ascertain that the proxy advisor “has the capacity and competency to adequately analyze proxy issues, which includes the ability to make voting recommendations based on materially accurate information.” If an investment adviser determines, for example, that a proxy advisor’s recommendation was based on a material factual error that causes the adviser to question the process by which the proxy advisor makes recommendations, the investment adviser must take reasonable steps to investigate the error. Such an investigation should take into account, among other things, the nature of the error and the related recommendation. The investment advisor should also seek to determine if the proxy advisory firm is taking reasonable steps to seek a reduction in such errors.

Federal Proxy Rule Exemptions Available to Proxy Advisory Firms

SLB 20 confirms that a proxy advisory firm is subject to federal proxy rules whenever it provides “recommendations that are reasonably calculated to result in the procurement, withholding, or revocation of a proxy.” However, Rule 14a-2(b) under the Securities Exchange Act of 1934 (the “Exchange Act”) provides proxy advisers certain exemptions from the information and filing requirements of the proxy rules.

Exemptions under Rule 14a-2(b)(1)

Subparagraph (1) of Exchange Act Rule 14a-2(b) exempts proxy advisors from most provisions of the federal proxy rules to the extent that an advisor does not seek the power to act as a proxy for a shareholder and does not furnish or request any revocation, abstention, consent or authorization. The exemption under Exchange Act Rule 14a-2(b)(1) would not be available to a proxy advisory firm “offering a service that allows the client

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to establish, in advance of receiving proxy materials for a particular shareholder meeting, general guidelines or policies that the proxy advisory firm will apply to vote on behalf of the client.” In this instance, the SEC views the proxy advisor as having solicited the “power to act as a proxy” for its client, which prevents the advisor from relying on the exemption.

However if a proxy advisory firm that limits its activities to distributing reports containing recommendations and does not solicit the power to act as a proxy for any client that receives the recommendations, it would be able to rely on the exemption in Rule 14a-2(b)(1), provided it meets the other requirements of the exemption.

Exceptions under Rule 14a-2(b)(3)

Under Exchange Act Rule 14a-2(b)(3), the furnishing of proxy voting advice by any advisor to another person with whom a business relationship exists is exempt from the federal proxy rules, if the advisor:

• Gives financial advice in the ordinary course of business;

• Discloses to the recipient of the advice any significant relationship with the company or any of its affiliates, or a security holder proponent of the matter on which advice is given, as well as any material interests of the advisor in such matter;

• Receives no special commission or remuneration for furnishing the advice from any person other than the recipient of the advice and others who receive similar advice; and

• Does not furnish the advice on behalf of any person soliciting proxies or on behalf of a participant in a contested election.

According to SLB 20, a proxy advisory firm can rely on Rule 14a-2(b)(3) exemption when providing consulting services to a company on a matter that is the subject of a voting recommendation or providing a voting recommendation to its clients on

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a proposal sponsored by another client, provided the firm meets certain conditions. In such instances, the proxy advisor firm would need to “assess whether its relationship with the company or security holder proponent is significant or whether it otherwise has any material interest in the matter that is the subject of the voting recommendation and disclose to the recipient of the voting recommendation any such relationship or material interest.” The Bulletin states that “a relationship generally would be considered ‘significant’ or a ‘material interest’ would exist if knowledge of the relationship or interest would reasonably be expected to affect the recipient’s assessment of the reliability and objectivity of the advisor and the advice.”

With regard to disclosure of a significant relationship or a material interest to the recipient of a voting recommendation, the SEC does not believe that “boilerplate language that such a relationship or interest may or may not exist” provides adequate notice. SLB 20 specifies that “disclosure should enable the recipient to understand the nature and scope of the relationship or interest, including the steps taken, if any, to mitigate the conflict, and provide sufficient information to allow the recipient to make an assessment about the reliability or objectivity of the recommendation.” The Bulletin further states that Rule 14a-2(b)(3) “imposes an affirmative duty to disclose significant relationships or material interests to

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the recipient of the advice.” In other words, such disclosure should be made proactively and not just when requested by the recipient. Additionally, the disclosure requirement cannot be satisfied merely by notifying clients that the relevant information will be provided upon request.

Although Rule 14a-2(b)(3) does not specify where disclosure of significant relationships or material interests should be provided, SLB 20 states that it should be done in a way that allows the recipient of voting advice “to assess both the advice provided and the nature and scope of the disclosed relationship or interest at or about the same time that the client receives the advice. This disclosure may be made publicly or between only the proxy advisory firm and the client.”

Application of SLB 20 Guidance by Investment Advisers and Proxy Advisory Firms

SLB 20 concludes that “investment advisers and proxy advisory firms may want or need to make changes to their current systems and processes” based on the Bulletin’s guidance. The SEC puts such firms on notice that it “expects any necessary changes will be made promptly, but in any event in advance of next year’s proxy season.”

To learn more about SLB 20, visit: https://www.sec.gov/interps/legal/ cfslb20.htm

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Client IR Awards

IR Magazine Awards – Europe 2014

Best in Sector – Basic Materials Vale

Best Performance in Investor Relations 2005–2014 (Rank #2) Vale

IR Magazine Awards – Brazil 2014

Best IR by a CEO – Large Cap Swedbank – Michael Wolf

Regional Awards – Central & Eastern Europe Magnit

Regional Awards – Northern Europe Novo Nordisk

Regional Awards – Southern Europe Iberdrola

Regional Awards – Western Europe Roche

Best in Sector – Financials Allianz

Best in Sector – Healthcare Novo Nordisk

Best in Sector – Utilities Iberdrola

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

Educational Events Recent Events

J.P. Morgan’s DR Group partnered with the Bahrain Stock Exchange and the Middle East Investor Relations Society to co-host the fourth annual Investor Relations Training event for Gulf region issuers. The training provided a comprehensive introduction to investor relations and covered best practices to effectively communicate with the investor community.

To receive materials from this event, please contact Hina Khan at +44 207 1345631 or hina.khan@jpmorgan.com.

Investor Relations Training

May 26-29 Manama, Bahrain

iKang Healthcare Group Inc

Leju Holdings Ltd

Tuniu Corporation

Weibo Corporation

Zhaopin Limited

New Clients

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These events focused on findings from the third annual survey of U.S. and European investors, with J.P. Morgan subject matter experts discussing other key insights to help clients build effective IR and capital strategies.

To receive materials from this event, please contact Angela Law at +852 2800 1552 or angela.law@jpmorgan.com.

China Investor Survey Workshops

July 8 and 10 Beijing, China

Educational Events Recent Events

This two-day conference brought together CEOs and CFOs of leading Chinese and Taiwanese companies for insightful discussions on trends in the DR industry and the broader economic landscape.

To receive materials from this event, please contact Angela Law at +852 2800 1552 or angela.law@jpmorgan.com.

DR Annual Greater China Summit

May 29-31 Osaka, Japan

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Educational Events Upcoming Events

J.P. Morgan’s Depositary Receipts Training Forum will combine educational workshops led by market experts and entertaining networking activities with industry peers.

To register for this event, please contact Kris Klein at +1 212 552 6604 or kristopher.klein@jpmorgan.com.

J.P. Morgan’s second annual European IR Forum will bring together industry and market experts to discuss global macro trends, investor views on international equities, and how IR can make an impact in challenging markets. The forum will combine panel discussions and networking sessions to discuss best practices and network with fellow IR professionals.

To register for this event, please contact Hina Khan at +44 207 1345631 or hina.khan@jpmorgan.com.

DR Training Forum European Investor Relations Forum

September 23-25New York

December 4-5 Paris

The publication contains a summary of subject matter that 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 and tax implications of the matters referred herein. This document 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. who is regulated by the Office of the Comptroller of the Currency; 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 Conduct Authority and the Prudential Regulation Authority.

© 2014 JPMorgan Chase & Co. All rights reserved.

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Contributors

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

Editorial Desk

Kris KleinSenior Marketing Associate kristopher.klein@jpmorgan.com

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

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

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

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

Candice TeruszkinLatin America Regional DR Head +55 212 5542620 candice.c.teruszkin@jpmorgan.com