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DR Advisor QuarterlyVOLUME 24, 2013
Dennis BonGlobal Head of Depositary Receipts Group
The 2013 U.S. proxy season has come to a close. Not surprisingly, corporate governance issues were once again foremost on the minds of shareholders around the world this year. Our recent investor surveys have found that improving governance standards is an effective way for emerging market companies to attract more capital from North American and European investors. There is undoubtedly room for improvement at many companies in developed markets too.
In this edition of the DR Advisor Quarterly, Timothy Post, who leads investor relations at Magnit, one of Russia’s most successful companies, explains why it can be difficult to raise corporate governance standards in developing countries like Russia, and also explains why raising standards can benefit a company as well as its shareholders. Timothy also describes ways to make your company stand out from the scores of other companies that investors meet with each year.
At some companies, investor relations has moved beyond the C-suite to the boardroom. On page 8 of this newsletter, Ivan Peill, who leads our global IR Advisory team, sheds light on the emerging practice of IR reporting periodically to the board of directors. Ivan explains the type of IR information that is being shared with boards and why it can be useful to directors.
I hope you find these articles and our newsletter’s other content insightful.
Kind regards,
Dennis Bon
Welcome
04Client Profile: Helping Investors
Make a Distinction between Your Company and Others
in Your Country
Contents
08IR Best Practices:
Briefing the Board of Directors
16J.P. Morgan DR Group
Educational Events
Client Profile: Helping Investors Make a Distinction between Your Company and Others in Your Country 04
IR Best Practices: Briefing the Board of Directors 08
Regulatory Update 10
Client Awards 11
New Clients 11
J.P. Morgan DR Group Educational Events 13
Conferences and Events Calendar 14
D R A D V I S O R Q U A R T E R L Y
Client Profile: Helping Investors Make a Distinction between Your Company and Others in Your Country
V O L U M E 2 4 , 2 0 1 3
4 D R A D V I S O R Q U A R T E R L Y
Please talk about what led to your position as Magnit’s director of investor relations.
I’ve known Sergey Galitskiy, our company’s CEO, since the mid-1990s, when I was a graduate student at the Olin School of Business at Babson College. I met Sergey during an internship in Krasnodar, Russia. In 1997, I worked as a consultant to Tander, the company he founded and which became the Magnit of today.
During the financial crisis in Russia in 1998, my wife and I returned to the U.S., where I worked as a corporate controller of a U.S. company and later as its CFO. I was appointed Magnit’s IR director in August of last year. I’m very happy to be working with Magnit again because it’s a relatively young company, is growing very rapidly, and has tremendous long-term potential.
Why do think you were rehired?
I think the ultimate factor was that management trusts me. Also, I think my knowledge of both Russian nationals and Westerners, such as Americans, adds some value – specifically, my ability to bridge two cultures.
What gap needs to be bridged with investors?
Generally, investors are wary of Russian companies. There is a lack of trust in Russian CEOs, who often do not give due consideration to minority shareholders. Also, Russian companies don’t have stellar track records of performance. These problems and Russia’s macro factors create a valuation discount in the shares and depositary receipts of Russian companies. Although Magnit is an entirely different company than most, we must contend with investors’ preconceived notions of Russian companies and the lack of trust they
have towards them. Perception is reality – thus it impacts our company’s market valuation.
How do you address such misperceptions?
Transparency. In addition to our company’s focus on delivering timely, unvarnished and relevant information to the market, I try to arrange as many meetings as possible between senior management and investors. They are often stunned at how thoughtful Sergey is when answering questions and the insights he gives about our company. Over time, this builds trust and confidence in Magnit. This means investors perceive less risk in our company and are therefore willing to pay higher price multiples for our shares and DRs. In other words, our market valuation improves as perceived risk falls. It’s not just financial results that count.
Timothy PostDirector, Investor Relations Magnit, Retailer, Russia
CLIENT PROFILE: HELPING INVESTORS MAKE A DISTINCTION BETWEEN YOUR COMPANY AND OTHERS IN YOUR COUNTRY
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Is corporate governance another way that Magnit distinguishes itself?
It is. Improving corporate governance has been somewhat slow in Russia. I think this is because the benefits of higher standards are not easily perceptible. It’s not as if a Russian company could undertake a cost-benefit analysis to justify the cost of implementing higher standards. It’s not quantifiable, and the benefits are long-term, not immediate. One form of good governance is adequate protection of minority shareholders, who are often concerned about being squeezed by majority shareholders. They fear they’re playing a “zero-sum game” of management wins and other shareholders lose. Good governance reduces such risks and builds investors’ confidence in a company. One should be mindful that investors don’t just consider financial and operating risks, but also governance risks.
As an IRO, I’m fortunate to work at a company whose CEO understands the merits of good governance. Additionally, Sergey owns 43% of Magnit. He is an owner-operator, which means his interests are aligned with those of other shareholders. Also, he has been operating in the retail sector for approximately 20 years. This is a crucial competitive advantage.
In his most recent book “Outliers: The Story of Success,” Malcom Gladwell,
the famous U.S. author of books about psychology and sociology, attributes the success of people like Bill Gates, the founder of Microsoft, to what he describes as the “10,000-hour rule” – practicing a particular task for about as many hours. Think about other iconic corporate brands, such as Apple, Virgin and Wal-Mart. CEOs such as Steve Jobs were an integral part of their company’s equity story. Sergey’s leadership has been central to Magnit’s growth and success, and that’s another reason why it’s important for investors to meet and talk with him.
What are some of the other challenges you face in the equity markets?
Many investors are generalists who follow a lot of companies and who don’t have a deep expertise in our sector or in Russia. To give you an analogy, it’s like watching 70 different television shows and trying to keep track of the stories and characters of each show. As such, these investors tend to make direct comparisons they shouldn’t make between Magnit and food retailers in other emerging European countries. Magnit and the Russian food market have very unique characteristics.
Could you give an example?
Sure. A main ingredient for salads in Russian homes is cucumbers, which
are also used to make pickles, another food that Russians favor. This vegetable is almost as important as rice is in Japan. So Magnit stores must have fresh cucumbers available in order to attract customers. However, during much of the year, cucumbers must be imported from warm countries like Turkey, due to Russia’s short growing season. But by the time cucumbers are transported to Russia and clear customs, they are beginning to lose their freshness. To eliminate this problem, Magnit invested $100 million to grow cucumbers in Russia. Supermarket companies in other parts of the world don’t do this sort of thing. This type of vertical integration is quite foreign to investors outside Russia and requires explanation. In addition to being a good way to illustrate why Magnit cannot be directly compared to other food retailers, highlighting our cucumber operation is an excellent way to convey the entrepreneurial culture and innovativeness that drives our company’s growth.
So Magnit will stand out among the other 70 stories, to use your television metaphor.
That’s right. Hopefully your company’s investment story is the most interesting one investors hear that day or week, and encourages them to further investigate your company as a potential investment.
D R A D V I S O R Q U A R T E R L Y
IR Best Practices: Briefing the Board of Directors
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8 D R A D V I S O R Q U A R T E R L Y
The National Investor Relations Institute (NIRI), a U.S.-based association of investor relations professionals, recently released the results of research that it conducted among senior U.S. IR officers.1 The research, which was gathered through focus groups, explored the subject of IR officer communications with the Board of Directors. The number of public companies that actually employ this practice is unknown, but anecdotal evidence suggests that corporate boards benefit from receiving IR-related information. Additionally, exposure to board directors can be a rewarding experience for IROs and help advance their careers.
Given the Board of Directors’ fiduciary duty to shareholders – governing a company’s senior management to ensure that it deploys shareholder
capital appropriately and effectively - it stands to reason that directors periodically receive some of the information that an IRO delivers to the CEO and/or CFO. (At some companies, the CEO is also the board chairperson.) Some of the types of information reported to the board are share price performance, the main factors impacting market valuation, consensus estimates, major changes in ownership, and top shareholders’ current opinions of the company. The latter can be particularly valuable because boards usually only learn shareholder views at the annual shareholders’ meeting. Knowing prevailing shareholder opinions ahead of the annual meeting can be useful because it can help the board prepare in advance to respond to issues that are likely to be raised at the meeting and lessens the likelihood of unwelcome
surprises.2 Shareholder opinion along with other IR-related information can be delivered to the board via a written report or presented by the IRO or a member of the senior management team.
The decision to provide IR information would be made by senior management or might be at the direct request of the board itself. If briefing the board is not a current practice at your company, consider suggesting it to senior management. The frequency of reporting this information is another decision that needs to be made. According to the findings of NIRI’s focus groups, one of the advantages of having the IRO report to the board is that he or she regularly communicates with investors and sellside analysts and, therefore, can give color to the reported
1. The report containing these results can be found at: http://www.niri.org/Main-Menu-Category/resource/publications/niri-Analytics/Communicating-with-Your-Board-2013-Focus-Group-Report-41813.aspx
2. To learn more about this subject, please refer to “Preparing for Your Shareholders’ Meeting” in the Q4 2009 edition of the DR Advisor Quarterly.
IR BEST PRACTICES: BRIEFING THE BOARD OF DIRECTORS
Ivan PeillVice President, IR Advisory, J.P. Morgan
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information, particularly with regard to the opinions of top shareholders and those of influential sellside analysts.
In the box below is a list of information an IRO and senior management could consider sharing with their company’s
board of directors. This is not an exhaustive list and the information needs of boards vary by company, of course. Also, be careful not to inundate the directors with too much information, as a number of the participants
in NIRI’s focus groups cautioned. Generally speaking, what is most important is alerting the board to emerging trends that could materially impact shareholder equity.
IR information the Board of Directors might find useful• Share and ADR price performance relative to peers and key indices
• Key factors that affected prices
• Significant peer news
• Short interest
• Key valuation multiples compared to peers
• Substantial buying and selling activity by top shareholders
• Significant changes in the composition of the shareholder base, in terms of investment style and geographic distribution of ownership
• Consensus estimates and broker ratings
• Summary of opinions of top shareholders regarding the corporate strategy, company’s operating environment, company’s competitive strengths and weaknesses, the management team, etc.
• Summary of influential sellside analysts’ views
1 0 D R A D V I S O R Q U A R T E R L Y
REGULATORY UPDATE
The staff of the U.S. Securities & Exchange Commission has issued FAQs on the public disclosure of the use of conflict minerals.
The FAQs can be accessed at:
http://www.sec.gov/divisions/corpfin/guidance/conflictminerals-faq.htm
For an overview of the disclosure regulation for conflict minerals, see our October 2012 DR Advisor Alert “SEC Adopts Final Disclosure Rule for the Use of Conflict Minerals.”
SEC staff has also issued FAQs on the disclosure of certain payments that resource extraction issuers make to the U.S. federal government or foreign national and subnational governments.
These FAQs can be accessed at:
http://www.sec.gov/divisions/corpfin/guidance/resourceextraction-faq.htm
However the U.S. District Court for the District of Columbia vacated and remanded the SEC’s resource extraction rule (Rule 13q-1 under Section 13(q) of the Securities Exchange Act of 1934 ) on July 2, 2013. The SEC has the option of deciding to appeal the ruling.
For an overview of the disclosure regulation for certain resource extraction issuer payments, see our September 2012 DR Advisor Alert “SEC Adopts Rule Requiring Resource Extraction Issuers to Disclose Payments to the U.S. Government or Foreign Governments.”
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CLIENT AWARDSJ.P. Morgan’s DR Group congratulates the following clients who received IR Magazine awards for their investor relations:
NEW CLIENTSJ.P. Morgan’s DR Group welcomes the following clients:
U.S.
Roche Holding Best IR by a European company in the US market
Europe
Chris Viehbacher, Sanofi Best investor relations by a CEO – large cap
Novo Nordisk Best investor relations by country, Denmark
Sanofi Best investor relations by country, France
ASML Best investor relations by country, Netherlands
Yara International Best investor relations by country, Norway
Swedbank Best investor relations by country, Sweden
Roche Best investor relations by country, Switzerland
Mobile TeleSystems Best investor relations by country, Russia
Novo Nordisk Best corporate governance and disclosure
Latin America
Gerdau Best investor relations website – large cap
Best investor relations by sector
BNP Paribas Banks & financial services
Vale Basic materials
Novo Nordisk Healthcare/pharmaceuticals & biotech
Allianz Insurance
Rio Tinto Metals/mining/steel
ASML Technology hardware & equipment/electronics
Brazil
Companhia de Transmissão de Energia Elétrica Paulista (CTEEP)
India
Zylog Systems
Nigeria
Zenith Bank
Sweden
Skanska
J.P. Morgan DR Group Educational Events
D R A D V I S O R Q U A R T E R L Y
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J.P. MORGAN DR GROUP EDUCATIONAL EVENTSUpcoming Events
DR Client Networking SalonBeijing
J.P. Morgan’s DR team will host client networking sessions in Beijing for select CFOs, particularly those looking to understand more about DRs as a listing option.
India DR Education SeriesMumbai
This networking forum for IRO and Company Secretaries will provide a general markets update and present best practices in corporate governance.
Chinese Financial Executive Institute (CFEI) CFO ForumBeijing
J.P. Morgan will co-sponsor this forum with the Chinese Financial Executive Institute, an event where leading CFOs in China meet for knowledge sharing and networking.
22 Oct
20 Aug
27 Sep
Nigeria Capital Markets and Regulation SeminarLagos
Thomson Reuters, J.P. Morgan, the London Stock Exchange and the Nigerian Stock Exchange will host the fourth Nigerian Capital Markets and Regulation Seminar. An engaging panel of speakers will examine local and international listings, regulatory trends, capital market financing for privatized electricity companies, and institutional investor sentiment toward Nigeria. The seminar will provide a unique opportunity to network with peers, discuss common challenges, and share best practices.
30 Oct
1 4 D R A D V I S O R Q U A R T E R L Y
Date Location Conference / Event Host
06 New York 2013 Software & Services Forum Needham & Co.
06 Seattle Healthcare Conference Mitsubishi UFJ Securities
06 Tokyo North America Investor Day in Japan Nomura
08 New York Power & Utility Conference Goldman Sachs
08 New York Telecom & Media Corporate Access Days Morgan Stanley
12 Hong Kong, Singapore India Discovery Forum HSBC Securities
12 New York Global Industrials Conference Jefferies LLC
13 Boston Technology, Internet & Communications Conference Oppenheimer & Co. Inc.
13 New York Auto Conference J.P. Morgan
14 Boston Global Growth Conference Canaccord Genuity
20 Hong Kong India Investor Forum Bank of America Merrill Lynch
20 Sao Paulo Brazil Retail & Healthcare Check-up J.P. Morgan
22 Singapore India Investor Forum Bank of America Merrill Lynch
27 Singapore ASEAN Conference Macquarie Securities
28 Bangkok Thailand Focus 2013 Bank of America Merrill Lynch
J.P. MORGAN DR GROUP EDUCATIONAL EVENTSConferences and Events Calendar
August / 2013
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Date Location Conference / Event Host
2 Singapore Singapore / Malaysia Corporate Day Bank of America Merrill Lynch
3 Boston Biotech Day Citibank
3 Hong Kong Singapore / Malaysia Corporate Day Bank of America Merrill Lynch
3 London European TMT Conference Deutsche Bank
3 New York Global Technology Conference Citibank
4 London ASEAN London Forum J.P. Morgan
4 Shanghai China Investor Forum Nomura
4 Toronto Financials Summit Scotiabank GBM
5 New York Commercial Insurance Conference William Blair & Company
5 London India Investor Forum Bank of America Merrill Lynch
9 Las Vegas Gaming & Lodging Conference Bank of America Merrill Lynch
9 London Australasian Conference Goldman Sachs
9 Singapore Asian Natural Resources Conference HSBC Securities
9 London Latin America Conference Morgan Stanley
9 New York Global Financial Services Conference Barclays
9 New York Global Healthcare Conference Morgan Stanley
9 Tokyo Investment Conference - Tokyo Mizuho Securities
10 New York LatAm Real Estate Day Bank of America Merrill Lynch
10 New York Aviation & Transportation Conference Deutsche Bank
10 Toronto Media & Telecom Conference BMO Capital Markets
10 Boston Aerospace & Defense One-on-One Forum Cowen Group
10 Boston Asia Pacific Equity Conference J.P. Morgan
10 Las Vegas Global Industrials Conference RBC Capital Markets
10 New York Global Retailing Conference Goldman Sachs
10 New York Health Care Conference Robert W. Baird
10 Las Vegas Technology Conference Deutsche Bank
11 Boston Australian Investment Conference Bank of America Merrill Lynch
11 Beverly Hills Media, Communications & Entertainment Conference Bank of America Merrill Lynch
September / 2013
1 6 D R A D V I S O R Q U A R T E R L Y
11 London London Small/Mid Cap 1x1 Conference J.P. Morgan
11 New York Global Real Estate Conference Bank of America Merrill Lynch
11 New York Global Paper & Forest Products Conference UBS
11 London Global Healthcare Conference 2013 Bank of America Merrill Lynch
11 New York CEO Energy-Power Conference Barclays
11 New York Global Emerging Markets One-on-One Conference Deutsche Bank
12 Boston Asia Healthcare Corporate Access Days Morgan Stanley
12 London Power & Utility Summit Morgan Stanley
12 London Aerospace, Defense & Capital Goods Conference Credit Suisse
12 London Best of Americas Conference UBS
12 New York Australian Investment Conference Bank of America Merrill Lynch
12 Seoul Korea Conference 2013 Bank of America Merrill Lynch
12 Singapore Global Commodities Conference Goldman Sachs
13 London European Retail Investor Day Citibank
16 London European Telecoms & Media Conference Credit Suisse
16 London Transport Conference UBS
16 Barcelona Global Natural Resources Conference Morgan Stanley
16 Laguna Beach Industrial & Autos Conference Morgan Stanley
16 London UK Day & European Financials Conference Keefe, Bruyette & Woods
17 London Pan European Paper & Packaging Forum Bank of America Merrill Lynch
17 New York Utility Corporate Access Day Mitsubishi UFJ Securities
17 Palo Alto Communications Equipment SDN Forum J.P. Morgan
17 Boston Industrials Conference Citibank
17 Boston Financial Institutions Conference RBC Capital Markets
17 New York Chemical & Ag Science Conference Credit Suisse
17 Tokyo Japan Conference 2013 Bank of America Merrill Lynch
18 Sao Paulo Utilities Day Citibank
18 London London MENA Conference EFG Hermes
19 London Global Oil & Gas Conference Deutsche Bank
19 London European Internet Conference J.P. Morgan
September / 2013 [continued]
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19 Seattle Industrials Conference Mitsubishi UFJ Securities
19 Wolfsberg Best of Switzerland UBS
23 Las Vegas Gaming Investment Forum UBS
23 Munich German Corporate Conference Goldman Sachs
24 Toronto Agriculture, Fertilizers & Chemicals Conference Scotiabank GBM
24 Boston Energy Conference Deutsche Bank
24 New York Power & Gas Leaders Conference Bank of America Merrill Lynch
24 New York Dubai Financial Markets Conference Bank of America Merrill Lynch
24 London Banking & Insurance CEO Conference Bank of America Merrill Lynch
24 New York Communacopia Conference Goldman Sachs
25 New York Insurance Conference Keefe, Bruyette & Woods
26 London Alternative Energy Conference Macquarie Securities
27 Chile Capital Goods Day Itau BBA
30 Cape Town South Africa Big 5 Conference Morgan Stanley
30 New York Japan Equity Conference Morgan Stanley
September / 2013 [continued]
Date Location Conference / Event Host
1 Boston Retail & Restaurant Summit Wells Fargo Securities
1 London Global Consumer & Retail Conference Bank of America Merrill Lynch
2 London, Edinburgh Latin America Mid-Cap Corporate Access Days Morgan Stanley
2 Singapore Indonesia Corporate Day Bank of America Merrill Lynch
3 London Australasian Conference J.P. Morgan
4 Hong Kong Indonesia Corporate Day Bank of America Merrill Lynch
7 Edinburgh Australasian Conference J.P. Morgan
7 New York Therapeutics Conference Cowen Group
7 Jakarta Indonesia All Access Nomura
8 London Pan European Building & Infrastructure Conference Bank of America Merrill Lynch
8 London International Oil & Gas Conference RBC Capital Markets
October / 2013
1 8 D R A D V I S O R Q U A R T E R L Y
16 Miami Global Resources Conference Canaccord Genuity
21 Hong Kong China Consumption Conference HSBC Securities
21 London China Corporate Day Macquarie Securities
21 Tokyo ASEAN Conference - Best of Indonesia 2013 Daiwa Capital Markets
23 Toronto ASEAN Conference - Best of Indonesia 2013 Daiwa Capital Markets
23 Hong Kong Asia Summit Jefferies LLC
24 New York China Corporate Day Macquarie Securities
25 New York ASEAN Conference - Best of Indonesia 2013 Daiwa Capital Markets
30 London Mexican Conference Deutsche Bank
October / 2013 [continued]
Date Location Conference / Event Host
4 New York NY Internet Investor Day Oppenheimer & Co. Inc.
4 Chicago Industrial Conference Robert W. Baird
4 Beijing China Conference 2013 Bank of America Merrill Lynch
5 Hong Kong Greater China CEO Summit 2013 Goldman Sachs
5 Hong Kong, Singapore Taiwan Discovery Forum HSBC Securities
5 London Metals & Mining Conference Deutsche Bank
5 London Saudi Conference Morgan Stanley
7 New York Global Airline Conference Raymond James
7 Beijing China Investor Conference Citibank
11 Hong Kong Asia Pacific Technology, Media & Telecom Conference J.P. Morgan
11 London Russia & CIS 1-1 Conference Bank of America Merrill Lynch
11 Phoenix Global Healthcare Conference Credit Suisse
12 Boston Indonesia Corporate Day Bank of America Merrill Lynch
12 Toronto Energy Infrastructure Conference Scotiabank GBM
12 Houston Global Energy Conference Jefferies LLC
12 London European Conference UBS
November / 2013
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12 Macau China Investor Conference Citibank
12 New York Banking & Financial Services Conference Bank of America Merrill Lynch
12 New York Global Metals, Mining & Materials Conference Cowen Securities
12 New York Technology, Internet, Media & Telecom Conference RBC Capital Markets
12 New York Technology, Media & Telecom Conference Wells Fargo Securities
12 Tokyo Oil & Gas Conference Tokyo Mitsubishi UFJ Securities
13 New York Indonesia Corporate Day Bank of America Merrill Lynch
13 Boston Industrials Conference Goldman Sachs
13 Boston Global Chemicals & Agriculture Conference Morgan Stanley
13 London Building Conference Citibank
13 Singapore Asia Pacific Summit Morgan Stanley
14 Frankfurt Chemicals Conference Macquarie Securities
14 London Gold Conference RBC Capital Markets
14 New York Medical Technologies Forum Canaccord Genuity
14 Toronto Telecom & Cable Conference Scotiabank GBM
14 London Indonesia Corporate Day Bank of America Merrill Lynch
15 London Asia Corporate Day HSBC Securities
18 New York, Boston Asia Investor Forum - US HSBC Securities
18 Riyadh, Dubai Frontier Markets Conference Bank of America Merrill Lynch
18 Kuala Lumpur, Singapore, Hong Kong
Asia Rising Dragons Forum J.P. Morgan
19 London Business Services Conference Bank of America Merrill Lynch
19 Toronto Transportation & Aerospace Conference Scotiabank GBM
19 New York Brazil CEO Forum Bradesco Securities
19 New York Healthcare Conference Lazard Capital Markets
19 New York Global Consumer Conference Morgan Stanley
19 Hong Kong Global Financial Conference Citibank
19 San Francisco Global Technology Conference 2013 UBS
20 London Global Healthcare Conference Jefferies LLC
20 New York Global Metals & Mining/Steel Conference Goldman Sachs
20 Barcelona Technology, Media & Telecom Conference Morgan Stanley
2 0 D R A D V I S O R Q U A R T E R L Y
20 Miami 2013 Global Energy Conference Bank of America Merrill Lynch
25 Singapore Japan Corporate Access Day J.P. Morgan
26 London U.K. E&P and Oil Services Conference Bank of America Merrill Lynch
26 Hong Kong Japan Conference J.P. Morgan
Date Location Conference / Event Host
2 Phoenix Annual Technology Conference Credit Suisse
2 Rio De Janeiro, Buenos Aires
Latin America Energy Conference Morgan Stanley
2 Tokyo Asian Investment Forum Nomura
3 New York Utilities & Pipelines Day BMO Capital Markets
3 Hong Kong HK & China Corporate Day Citibank
3 London Global Real Estate CEO/CFO Conference UBS
3 New York Basic Materials Symposium Citibank
3 New York Ultimate Oil Services and E&P Conference Cowen Securities
3 New York Health Care Conference Piper Jaffray
3 New York Capital Goods Conference Credit Suisse
3 New York Global Emerging Markets One-on-One Conference UBS
3 Sao Paulo Brazil Opportunities Conference J.P. Morgan
3 Toronto Mining Conference Scotiabank GBM
5 New York Consumer & Retail Day RBC Capital Markets
9 New York Global Media & Communications Conference UBS
9 London European & CEEMEA Financials Conference Citibank
10 Boston U.S. Basic Materials Conference Bank of America Merrill Lynch
10 New York Technology, Media & Entertainment Conference BMO Capital Markets
10 New York Global Metals & Mining Conference Macquarie Securities
10 New York Healthcare Conference Oppenheimer & Co. Inc.
10 New York Financial Services Conference Goldman Sachs
December / 2013
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 Conduct Authority and the Prudential Regulation Authority.
©2013 JPMorgan Chase Bank, N.A. All rights reserved.
Contacts
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 PeillJ.P. Morgan DR Group1 Chase Manhattan PlazaNew York, NY 10005
Alex HicksonEurope/Africa Regional DR Head+44 207 134 [email protected]
Vikas TaimniEmerging Markets Regional DR Head+852 [email protected]
Kenneth TseAsia Pacific Regional DR Head+852 2800 [email protected]
Candice TeruszkinLatin America Regional DR Head+55 219 [email protected]
