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in the Important Disclosures section above. India: For private circulation only, not for sale. Pakistan: For private circulation only, not for sale. New Zealand: This material is issued and distributed by JPMSAL in New Zealand only to persons whose principal business is the investment of money or who, in the
orations Act 2001. Germany: This material is distributed in Germany by 1.P. Morgan Securities plc, Frankfurt Branch and J.P.Morgan Chase Bank, N.A., Frankfurt Branch which are regulated by the Bundesan.stalt far Finanzdienstleistungsaufsicht. Hong Kong: The I% ownership disclosure as of the previous month end sat
ISAL lot the purposes of thas ammo the talus "utak-sale clime and "mud ,dery hate dw meanings paten to them m ratan 7610 of ite Corp:canons An 2001. New Zealand: Ibis matetial is issuedand distributed byJP/610AL at New ?also] only to canons whose prinecul hunters s. the inveatneut of waxy or '.to. in the cou
the meanings given to them in section 761G of the Co rations Act 2001. Germany: This material is distributed in Germany by `Morgan Securities Ltd., Frankfurt Branch and Chase Bank. M., Frankfurt Branch which are regulated by the Bundesanstalt fur Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclo
in the Important Disclosures section above. India: For private circulation only, not for sale. Pakistan: For private circulation only, not for sale. New Zealand: This material is issued and distributed by JPMSAL in New Zealand only to persons whose principal business is the investment of money or who, in the
he meanings given to them in section 761G of the Corporations Act 2001. Germany: This material is distributed in Germany by Morgan Securities Ltd.. Frankfurt Branch and Chase Bank. Frankfurt Branch which are regulated by the Bundesanstalt fur Finanzdienstleistungsaufsicht. Hong Kong: The I% ownership disclosur
in the Important Disclosures section above. India: For private circulation only, not for sale. Pakistan: For private circulation only, not for sale. New Zealand: This material is issued and distributed by JPMSAL in New Zealand only to persons whose principal business is the investment of money or who, in the
porations Act 2001. Germany: This material is distributed in Lemony by J.P. Morgan Securities plc, Frankfurt Branch and J.P.Morgan Chase Bank, N.A., Frankfurt Branch which arc regulated by the Bundesanstalt fir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the previous month end sati
in the Important Disclosures section above. India: For private circulation only, not for sale. Pakistan: For private circulation only, not for sale. New Zealand: This material is issued and distributed by JPMSAL in New Zealand only to persons whose principal business is the investment of money or who, in the
orations Act 2001. Germany: This material is distributed in (iemany by J.P. Morgan Securities plc, Frankfurt Branch and J.P.Morgan Chase Bank. N.A., Frankfurt Branch which arc regulated by the Bundesansialt fir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the previous month end sati
Japan 1.5 1.3 4 1.4 4 0.3 6.7 41 4 3.0 t 2.0 2.0 IA 38 3.1 2.5 Australia 2A 3.0 32 32 45 LI 3.1 4.3 2.9 2.7 2.9 2.0 2.6 New Zealand 2.8 32 2.8 41 4.0 OA 1.9 4.7 4.8 1.6 18 1.6 2.0 EM Asia 6.2 61 6.4 6.4 48 Id t 6.5 6.3 4 62 40 3.1 2.9 3.7 China 7.7 72
orations Act 2001. Germany: This material is distributed in Germany by 1.P. Morgan Securities plc. Frankfurt Branch and J.P.Morgan Chase Bank, K.A., Frankfurt Branch which are regulated by the Bundesansudi ftir Finanadienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the previous month end sati
Uruguay 5.7 3S 4.0 11.8 21 Venezuela 4.2 5.0 0.0 10.1 0.6 Asla/Pacific Japan -0.7 1/ 0.1 5.3 02 Australia 2.1 3.5 2.5 51 2.6 New Zealand 1.3 2.6 21 4.1 2.3 Asa ex Japan 7.4 6.1 6.4 7.2 5.8 Choa 9.3 7.6 8.0 61 7.1 Hong Kong 50 1.2 3.2 2A -OA India 6.5 5.6 6.0
meanings given to them in section 76IG of the Corporations Act 2001. Germany: This material is distributed in Germany by J.P. Morgan Securities plc. Frankfurt Branch and J.P.Morgan Chase Bank. N.A.. Frankfurt Branch which are regulated by the Bundesanstalt far Finanzdienstleistungsaufsichi. Deng Kong: The I% owne
t -0.1 3.5 415 1.0 2.0 t 1.7 t 2.7 t 0.2 0.1 0.1 t 0.3 t Australia 2.4 3.5 2.5 2.3 1.9 11 3.7 2.8 2.4 2.4 1.2 2.6 3.2 2.7 New Zealand 1.4 2.3 1 2.8 t 1.0 0.8 2.5 1 3.8 4 4.3 t 1.6 t 3.1 t 1.0 1.4 1.5 2.3 Asia ex Japan China Hong Kong 7.5 9.3 4.9 6.1 7.6 1.2 6
ve the meanings given to them in section 761G of the C ations Act 2001. Germany: This material is distributed in Germany by. Morgan Securities plc. Frankfurt Branch and Chase Bank. Frankfurt Branch which are regulated by the Bundcsanstalt fir Finanzdienstleistungsau rsicht. Hong Kong: The I% ownership disclosu
n by t Morgan Securities (Taiwan) Limited. India: For private circulation only. not for sale. Pakistan: For private circulation only, not for sale. New Zealand: This material is issued and distributed by JPMSAL in New Zealand only to persons whose principal business is the investment of money or who, in the
n MIG of the Corporations Act 2001. Germany: This material is distributed in Germany by. Morgan Securities plc, Frankfurt Branch and Chase Bank.-.. Frankfurt Branch which are regulated by the l3undesans*alt fir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the previous month end sat
in the Important Disclosures section above. India: For private circulation only, not for sale. Pakistan: For private circulation only, not for sale. New Zealand: This material is issued and distributed by JPMSAL in New Zealand only to persons whose principal business is the investment of money or who, in the
orations Act 2001. Germany: This material is distributed in Germany by J.P. Morgan Securities plc, Frankfurt Branch and J.P.Morgan Chase Bank. N.A., Frankfurt Branch which are regulated by the Bundesanstalt fir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the previous month end sati
Entities connected to both New Zealand and Frankfurt Branch

Malaysia
LOCATION
United States
LOCATION
United Kingdom
LOCATION
Bloomberg L.P.
ORGANIZATION
Philippines
LOCATION
Condoleezza Rice
PERSON
Joe Biden
PERSON
Frankfurt
LOCATION
Columbia University
LOCATION
Chile
LOCATION
Hungary
LOCATION
Eric Trump
PERSON
North America
LOCATIONthe Mexican Stock Exchange
ORGANIZATIONJapan Investment Advisers Association
ORGANIZATION
Moody's
ORGANIZATIONthe Capital Market Authority
ORGANIZATION
Venezuela
LOCATION
Bangkok
LOCATIONthe Securities and Exchange Commission
ORGANIZATION