results. Please read the Important Information at the end of this document. J.P. Morgan EFTA_R1_02049742 EFTA02696364 Macro Global Growth At A Turning Point TOP OPPORTUNISTIC INVESTMENT THEMES FOR 1O '7012 Source: Bloomberg As of: 1/12111 Global Purchasing Manager Indices 70 65 60 55 50 45 40

veals alterations that seem to poke fun at the president's golfing penchant and accusations that he has ties to Russia. Neither the White House nor Turning Point knows how it got there or who created it." (Michael Brice-Saddler and Reis Thebault) The conservative group Republicans for the Rule of Law shared