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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
regulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor, 20 North Salem Road. Silom. Bangrak, Bangkok 10500. Indonesia: PT J.P. Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regulated by the OJK a.k.a. BAPEPA
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
egulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road, Silom, Bangrak, Bangkok 10500. Indonesia: PT E. Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regulated by the OJK a.k.a. BAPEPAM
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
egulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road, Silom, Bangrak, Bangkok 10500. Indonesia: PT J.P. Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regulated by the OJK a.k.a. BAPEPA
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
egulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road, Silom, Bangrak, Bangkok 10500. Indonesia: PT J.P. Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regulated by the OJK a.k.a. BAPEPA
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
egulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road, Slim.. Bangrak, Bangkok 10500. Indonesia: PT J.P. Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regulated by the OJK a.k.a. BAPEPA
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
egulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road. Silom. Bangrak. Bangkok 10500. Indonesia: PT J.P. Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regulated by the O1K a.k.a. BAPEPA
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
gulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathorn Road. Silom, Bangrak. Bangkok 10500. Indonesia: PT 5. Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regulated by the OJK a.k.a. BAPEPAM
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
egulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road, Silom, Bangrak, Bangkok 10500. Indonesia: PT J.P. Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regulated by the OJK a.k.a. BAPEPA
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
egulated by the Ministry of Finance and the Securities and Exchange Commission and its registered address is 3rd Floor. 20 North Sathom Road, Silom. Bangrak, Bangkok 10500. Indonesia: PT J.P. Morgan Securities Indonesia is a member of the Indonesia Stock Exchange and is regulated by the OJK a.k.a. BAPEPA
Entities connected to both New Zealand and Bangrak

Malaysia
LOCATION
Bloomberg L.P.
ORGANIZATION
Philippines
LOCATION
Condoleezza Rice
PERSON
Frankfurt
LOCATIONJapan Investment Advisers Association
ORGANIZATIONthe Mexican Stock Exchange
ORGANIZATION
Bangkok
LOCATIONthe Securities and Exchange Commission
ORGANIZATIONthe Capital Market Authority
ORGANIZATION
Venezuela
LOCATION
Saudi Arabia
LOCATION
JPMorgan Chase
ORGANIZATIONthe Securities and Futures Commission
ORGANIZATION
Mumbai
LOCATIONKanto Local Finance Bureau
ORGANIZATIONthe Securities Commission
ORGANIZATIONThe Financial Futures Association of Japan
ORGANIZATION
the Ministry of Finance
ORGANIZATIONthe Indonesia Stock Exchange
ORGANIZATION