Dr. David Kelly, CFA - J.P. Morgan Asset Management

1 Nimish VyasNew YorkGlobal Market Insights Strategy teamVincent JuvynsLuxembourgTilmann Galler, CFAF rankfurtMaria Paola ToschiMilanShogo MaekawaTokyoMax McKechnieLondonKerry Craig, CFAM elbourneKaren WardLondonChaoping Zhu, CFAS hanghaiMichael Bell, CFAL ondonStephanie AliagaNew YorkDavid LebovitzNew YorkMeera Pandit, CFANew YorkHugh Gimber, CFAL ondonAgnes LinTaipeiGabriela SantosNew YorkJack ManleyNew YorkDr. David Kelly, CFANew YorkJordan JacksonNew YorkMary Park DurhamNew YorkAmericasEuropeAsiaTai HuiHong KongMarcella ChowHong KongIan HuiHong KongAdrian Tong Hong KongSahil GaubaMumbaiLucia Gutierrez MelladoMadridElena DomecqMadridNatashaMayLondonZara NokesLondonMarina ValentiniSao PauloBrandon HallNew YorkJennifer QiuHong KongKathleen ClumNew YorkS&P 500 Price Index6009001,2001,5001,8002,1002,4002,70 03,0003,3003,6003,9004,2004,5004,800'96' 97'98'99'00'01'02'03'04'05'06'07'08'09'1 0'11'12'13'14'15'16'17'18'19'20'21'22+10 6%-49%+101%-57%+401%-34%+114%Dec.

2 31, 1996P/E (fwd.) = 9, 2002P/E (fwd.) = 24, 2000P/E (fwd.) = ,527 Oct. 9, 2007P/E (fwd.) = ,565 Mar. 9, 2009P/E (fwd.) = 19, 2020 P/E (fwd.) = ,386 Mar. 23, 2020P/E (fwd.) = ,237 Mar. 31, 2023P/E (fwd.) = ,109 Characteristic3/24/200010/9/20072/19/202 01/3/20223/31/2023 Index Level1,5271,5653,3864,7974,109P/E Ratio (fwd.) 3, 2022P/E (fwd.) = ,797S&P 500 Index: Forward P/E ratio8x10x12x14x16x18x20x22x24x26x28x'98 '00'02'04'06'08'10'12'14'16'18'20'2225-y ear average: Std. dev.: +1 Std. dev.: measureDescriptionLatest25-year avg.*Std. dev. over/under-valuedP/EForward 's YieldDividend to to cash SpreadEY minus Baa 31, 2023 P/E and subsequent 1-yr.

3 ReturnsForward P/E and subsequent 5-yr. annualized returnsS&P 500 Total Return IndexS&P 500 Total Return Index-60%-40%-20%0%20%40%60% = 5%Mar. 31, 2023: = 34%Mar. 31, 2023: 500 earnings per shareS&P 500 year-over-year operating EPS growthIndex annual operating earnings, USDA nnual growth broken into changes in revenue, profit margin and share count-31%19%19%24%13%15%-6%-40%15%47%15% 0%11%5%-11%6%17%22%4%-22%70%-5%-60%-40%- 20%0%20%40%60%80%100%'01'03'05'07'09'11' 13'15'17'19'21$0$25$50$75$100$125$150$17 5$200$225$250$275'88'91'94'97'00'03'06'0 9'12'15'18'21'24 Consensusanalyst estimatesEarnings recessions2022 Share of EPS grow th2022 Avg. '01-' 500 profit marginsS&P 500 operating margins by sectorQuarterly operating earnings/salesCurrent operating margins versus historical range*S&P 500 operating margins by sector0%6%12%18%24%30%36%EnergyMaterials IndustrialsCons.

4 StaplesHealth ServicesUtilitiesReal EstateS&P 5000%2%4%6%8%10%12%14%'92'94'96'98'00'02 '04'06'08'10'12'14'16'18'20'22 Recession4Q22 since 4Q104Q22 Profit growth and capital expenditures Year-over-year growth rates-20%-15%-10%-5%0%5%10%15%20%-110%-6 0%-10%40%90%140%'89'92'95'98'01'04'07'10 '13'16'19'22 Capex*Operating EPS**Value vs. Growth relative valuationsS&P 500 operating leverage by sectorRel. fwd. P/E ratio of Value vs. Growth, 1997 - presentImpact on operating income from a 1% rise in ServicesCons. CareUtilitiesFinancialsMaterialsReal '97'99'01'03'05'07'09'11'13'15'17'19'21 Mar. 31, 2023: cheap/Growth expensiveGrowth cheap/Value expensiveStyleCurrentLong-term avg.

5 *CurrentLong-term avg.* P/EDiv. yield**Long-term avg.*: compositionPercent of unprofitable companies in the Russell 2000% of index market capitalization1Q98 4Q22, pro-forma EPSI nterest rate coverage ratioEBIT/interest expense on debt, monthly, LTM, 1998-present0x2x4x6x8x10x12x'98'01'04'07 '10'13'16'19'2215%20%25%30%35%40%45%50%5 5%'98'00'02'04'06'08'10'12'14'16'18'20' EstateMaterialsUtilitiesEnergyCons. StaplesComm. DiscretionaryFinancialsHealth CareInfo. capSmall capAverage: : 2023: 2023: capSmall cap4Q22 P/E vs. 20-year avg. market peak (February 2020)Since market low (March 2020)Current P/E as % of 20-year avg. Services*Real 500 IndexS&P weight Growth Value 2000 market peak (February 2020) market low (March 2020) to S&P * Correl.

6 To Treas. Foreign % of earnings * P/E ratio * (%) all CapHigh all CapMom all FactorMin. all CapMin. FactorMom all CapMulti- FactorHigh all CapQualityMin. all CapCyclicalQualityMulti- FactorCyclicalMulti- FactorValueSm all CapHigh all CapQualityHigh FactorMom FactorMulti- FactorCyclicalValueMulti- FactorValueCyclicalMulti- FactorMin. FactorMin. FactorMin. FactorSm all all all CapSm all CapHigh all CapSm all all CapHigh all CapValueMom all CapMin. - 2022S&P intra-year declines vs. calendar year returnsDespite average intra-year drops of , annual returns were positive in 32 of 43 years 26%-10%15%17%1%26%15%2%12%27%-7%26%4%7%- 2%34%20%31%27%20%-10%-13%-23%26%9%3%14%4 %-38%23%13%0%13%30%11%-1%10%19%-6%29%16% 27%-19%7%-17%-18%-17%-7%-13%-8%-9%-34%-8 %-8%-20%-6%-6%-5%-9%-3%-8%-11%-19%-12%-1 7%-30%-34%-14%-8%-7%-8%-10%-49%-28%-16%- 19%-10%-6%-7%-12%-11%-3%-20%-7%-34%-5%-2 5%-8%-60%-40%-20%0%20%40%'80'85'90'95'00 '05'10'15'20 YTDR eturn needed to reach January 2022 peak of 4,797 Bull and bear marketsS&P 500 level as of 3/31/2023 is 4, avg.

7 Annualized total returnImplied cumulative total returnX% 1926152%37 Sep 1929-86%32 Mar 1935129%23 Mar 1937-60%61 Apr 1942158%49 May 1946-30%36 Jun 1949267%85 Aug 1956-22%14 Oct 196039%13 Dec 1961-28%6 Oct 196276%39 Feb 1966-22%7 Oct 196648%25 Nov 1968-36%17 May 197074%31 Jan 1973-48%20 Mar 197862%32 Nov 1980-27%20 Aug 1982229%60 Aug 1987-34%3 Oct 1990417%113 Mar 2000-49%30 Oct 2002101%60 Oct 2007-57%17 Mar 2009401%131 Feb 2020-34%1 Mar 2020114%21 Jan. 2022**-25%9 Averages162%51--41%20 Duration (m onths)*Bull m arketsBull begin dateBull returnDuration (m onths)Market peakBear return*Bear m arketsRecessionMarket LowDecember 2007 June 2001 November 2001 July 1990 March 1991 July 1981 November 1982 January 1980 July 1980 April 1960 February 1960 December 1969 November 19703%4%5%6%90110130150-18-14-10-6-22610 1418 November 1973 March 1970 September 1974 March 1980 July 1982 October 1990 October 2002 Unemployment RateS&P 500 Total ReturnFebruary2009 March 2020 March 2020 April 20203%6%9%12%15%80100120140160180200-18- 14-10-6-226101418 March 2020 Real GDPC omponents of GDPB illions of chained (2012)

8 Dollars, seasonally adjusted at annual rates4Q22 nominal GDP, USD 't exports-$2$3$8$13$18$23$28$12,000$13,000 $14,000$15,000$16,000$17,000$18,000$19,0 00$20,000$21,000'01'03'05'07'09'11'13'15 '17'19'21 Trend growth: GDP (%)1Q222Q223Q224Q22 Q/Q used by the NBER in making recession determination*% change month-over-month JulAugSepOctNovDecJanFebMarAprMayJunJulA ugSepOctNovDecJanFebMarAprMayJunJulAugSe pOctNovDecJanFebMarAprMayJunJulAugSepOct NovDecJanFebReal personal incom e less transfersNonfarm payroll em ploym entHousehold survey em ploym entReal consum er spending Real w holesale + retail salesIndustrial productionCiti Economic Surprise Index20192020202120222023 Mar.

9 31, 2023: '19'20'21'22'23 Economic indicators beatingconsensus expectationsEconomic indicators missing consensus expectationsResidential investment as a % of GDPB usiness fixed investment as a % of GDPQ uarterly, seasonally adjustedQuarterly, seasonally adjustedLight vehicle salesTotal business inventory/sales ratioMil vehicles, seasonally adjusted ann. rateDays of sales, monthly, seasonally adjusted4Q22: '68'73'78'83'88'93'98'03'08'13'18 Recession4Q22: '68'73'78'83'88'93'98'03'08'13'18 Feb. 2023: '76'81'86'91'96'01'06'11'16'21 Jan. 2023: days3537394143454749515355'81'86'91'96'0 1'06'11'16'21 Average: : : : daysHousing inventoriesSingle-family housing startsInventory of new and existing single family homes for sale, thous, SA*Seasonally adjusted annual rate (SAAR), thous housesRental vacancy rateMulti-family housing startsPercentTotal multi-family, SAAR, thous housesFeb.

10 2023: 1,3495001,0001,5002,0002,5003,0003,5004, 0004,500'82'85'88'91'94'97'00'03'06'09'1 2'15'18'21 Average: 2,3864Q22: '56'60'64'68'72'76'80'84'88'92'96'00'04' 08'12'16'20 Average: 2023: 8302004006008001,0001,2001,4001,6001,800 2,000'59'63'67'71'75'79'83'87'91'95'99'0 3'07'11'15'19'23 Average: 1,015 Feb. 2023: 62002004006008001,0001,200'59'63'67'71'7 5'79'83'87'91'95'99'03'07'11'15'19'23 Average: 418 The 2023 federal budgetFederal budget surplus/deficitCBO Baseline forecast, USD trillions% of GDP, 1990 2033, CBO Baseline ForecastFederal net debt (accumulated deficits)% of GDP, 1940 2033, CBO Baseline Forecast, end of fiscal yearCBO's Baseline economic assumptions2023'24-'25'26-'27'28-'33 Real GDP grow inflation (CPI) ploym & Medicaid: $1,588bn (26%)Incom e: $2,523bn (41%)Social Security: $1,336bn (21%)Corporate: $475bn (8%)Defense: $891bn (14%)Social insurance: $1,562bn (25%)Non-defense disc.