johnsone/initiation · Datasets at Hugging Face

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advisories on crypto assets, including bitcoin and ether, please see https://www.jpmorgan.com/disclosures/cryptoasset-disclosure.
The author(s) of this research report may not be licensed to carry on regulated activities in your jurisdiction and, if not licensed, do not hold
themselves out as being able to do so.
Exchange-Traded Funds (ETFs): J.P. Morgan Securities LLC (􀋘JPMS􀋙) acts as authorized participant for substantially all U.S.-listed ETFs. To
the extent that any ETFs are mentioned in this report, JPMS may earn commissions and transaction-based compensation in connection with the distribution of those ETF shares and may earn fees for performing other trade-related services, such as securities lending to short sellers of the ETF shares. JPMS may also perform services for the ETFs themselves, including acting as a broker or dealer to the ETFs. In addition, affiliates
of JPMS may perform services for the ETFs, including trust, custodial, administration, lending, index calculation and/or maintenance and other
services.
Options and Futures related research: If the information contained herein regards options- or futures-related research, such information is
available only to persons who have received the proper options or futures risk disclosure documents. Please contact your J.P. Morgan
Representative or visit https://www.theocc.com/components/docs/riskstoc.pdf for a copy of the Option Clearing Corporation's Characteristics
and Risks of Standardized Options or http://www.finra.org/sites/default/files/Security_Futures_Risk_Disclosure_Statement_2018.pdf for a copy
of the Security Futures Risk Disclosure Statement.
Changes to Interbank Offered Rates (IBORs) and other benchmark rates: Certain interest rate benchmarks are, or may in the future become, subject to ongoing international, national and other regulatory guidance, reform and proposals for reform. For more information, please consult: https://www.jpmorgan.com/global/disclosures/interbank_offered_rates
Private Bank Clients: Where you are receiving research as a client of the private banking businesses offered by JPMorgan Chase & Co. and its
subsidiaries (􀋘J.P. Morgan Private Bank􀋙), research is provided to you by J.P. Morgan Private Bank and not by any other division of J.P. Morgan,
including, but not limited to, the J.P. Morgan Corporate and Investment Bank and its Global Research division.
Legal entity responsible for the production and distribution of research: The legal entity identified below the name of the Reg AC Research
Analyst who authored this material is the legal entity responsible for the production of this research. Where multiple Reg AC Research Analysts
authored this material with different legal entities identified below their names, these legal entities are jointly responsible for the production of
this research. Research Analysts from various J.P. Morgan affiliates may have contributed to the production of this material but may not be licensed to carry out regulated activities in your jurisdiction (and do not hold themselves out as being able to do so). Unless otherwise stated
below, this material has been distributed by the legal entity responsible for production. If you have any queries, please contact the relevant Research Analyst in your jurisdiction or the entity in your jurisdiction that has distributed this research material.
Legal Entities Disclosures and Country-/Region-Specific Disclosures:
Argentina: JPMorgan Chase Bank N.A Sucursal Buenos Aires is regulated by Banco Central de la República Argentina (􀋘BCRA􀋙- Central Bank of Argentina) and Comisión Nacional de Valores (􀋘CNV􀋙- Argentinian Securities Commission􀋙 - ALYC y AN Integral N°51). Australia:
J.P. Morgan Securities Australia Limited (􀋘JPMSAL􀋙) (ABN 61 003 245 234/AFS Licence No: 238066) is regulated by the Australian
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.
95
Andrea Teixeira, CFA AC
(1-212) 622-6735
andrea.f.teixeira@jpmorgan.com
North America Equity Research
29 May 2023 J PMORGAN
Securities and Investments Commission and is a Market, Clearing and Settlement Participant of ASX Limited and CHI-X. This material is
issued and distributed in Australia by or on behalf of JPMSAL only to "wholesale clients" (as defined in section 761G of the Corporations Act 2001). A list of all financial products covered can be found by visiting https://www.jpmm.com/research/disclosures. J.P. Morgan seeks to cover
companies of relevance to the domestic and international investor base across all Global Industry Classification Standard (GICS) sectors, as well as across a range of market capitalisation sizes. If applicable, in the course of conducting public side due diligence on the subject company(ies),
the Research Analyst team may at times perform such diligence through corporate engagements such as site visits, discussions with company
representatives, management presentations, etc. Research issued by JPMSAL has been prepared in accordance with J.P. Morgan Australia􀋖s
Research Independence Policy which can be found at the following link: J.P. Morgan Australia - Research Independence Policy. Brazil: Banco
J.P. Morgan S.A. is regulated by the Comissao de Valores Mobiliarios (CVM) and by the Central Bank of Brazil. Ombudsman J.P. Morgan: 0800-7700847 / ouvidoria.jp.morgan@jpmorgan.com. Canada: J.P. Morgan Securities Canada Inc. is a registered investment dealer, regulated
by the Investment Industry Regulatory Organization of Canada and the Ontario Securities Commission and is the participating member on
Canadian exchanges. This material is distributed in Canada by or on behalf of J.P.Morgan Securities Canada Inc. Chile: Inversiones J.P. Morgan
Limitada is an unregulated entity incorporated in Chile. China: J.P. Morgan Securities (China) Company Limited has been approved by CSRC to conduct the securities investment consultancy business. Dubai International Financial Centre (DIFC): JPMorgan Chase Bank, N.A., Dubai Branch is regulated by the Dubai Financial Services Authority (DFSA) and its registered address is Dubai International Financial Centre - The Gate, West Wing, Level 3 and 9 PO Box 506551, Dubai, UAE. This material has been distributed by JP Morgan Chase Bank, N.A., Dubai Branch to persons regarded as professional clients or market counterparties as defined under the DFSA rules. European Economic Area
(EEA): Unless specified to the contrary, research is distributed in the EEA by J.P. Morgan SE (􀋘JPM SE􀋙), which is subject to prudential supervision by the European Central Bank (􀋘ECB􀋙) in cooperation with BaFin and Deutsche Bundesbank in Germany. JPM SE is a company
headquartered in Frankfurt with registered address at TaunusTurm, Taunustor 1, Frankfurt am Main, 60310, Germany. The material has been
distributed in the EEA to persons regarded as professional investors (or equivalent) pursuant to Art. 4 para. 1 no. 10 and Annex II of MiFID II
and its respective implementation in their home jurisdictions (􀋘EEA professional investors􀋙). This material must not be acted on or relied on by
persons who are not EEA professional investors. Any investment or investment activity to which this material relates is only available to EEA relevant persons and will be engaged in only with EEA relevant persons. Hong Kong: J.P. Morgan Securities (Asia Pacific) Limited (CE number AAJ321) is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission in Hong Kong, and J.P.
Morgan Broking (Hong Kong) Limited (CE number AAB027) is regulated by the Securities and Futures Commission in Hong Kong. JP Morgan
Chase Bank, N.A., Hong Kong Branch (CE Number AAL996) is regulated by the Hong Kong Monetary Authority and the Securities and
Futures Commission, is organized under the laws of the United States with limited liability. Where the distribution of this material is a regulated
activity in Hong Kong, the material is distributed in Hong Kong by or through J.P. Morgan Securities (Asia Pacific) Limited and/or J.P. Morgan
Broking (Hong Kong) Limited. India: J.P. Morgan India Private Limited (Corporate Identity Number - U67120MH1992FTC068724), having its
registered office at J.P. Morgan Tower, Off. C.S.T. Road, Kalina, Santacruz - East, Mumbai – 400098, is registered with the Securities and
Exchange Board of India (SEBI) as a 􀋕Research Analyst􀋖 having registration number INH000001873. J.P. Morgan India Private Limited is also
registered with SEBI as a member of the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited (SEBI
Registration Number – INZ000239730) and as a Merchant Banker (SEBI Registration Number - MB/INM000002970). Telephone: 91-22-6157
3000, Facsimile: 91-22-6157 3990 and Website: http://www.jpmipl.com. JPMorgan Chase Bank, N.A. - Mumbai Branch is licensed by the Reserve Bank of India (RBI) (Licence No. 53/ Licence No. BY.4/94; SEBI - IN/CUS/014/ CDSL : IN-DP-CDSL-444-2008/ IN-DP-NSDL-285-
2008/ INBI00000984/ INE231311239) as a Scheduled Commercial Bank in India, which is its primary license allowing it to carry on Banking
business in India and other activities, which a Bank branch in India are permitted to undertake. For non-local research material, this material is
not distributed in India by J.P. Morgan India Private Limited. Compliance Officer: Spurthi Gadamsetty; spurthi.gadamsetty@jpmchase.com;
+912261573225. Grievance Officer: Ramprasadh K, jpmipl.research.feedback@jpmorgan.com; +912261573000.
Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration
granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of
returns to investors.
Indonesia: PT J.P. Morgan Sekuritas Indonesia is a member of the Indonesia Stock Exchange and is registered and supervised by the Otoritas
Jasa Keuangan (OJK). Korea: J.P. Morgan Securities (Far East) Limited, Seoul Branch, is a member of the Korea Exchange (KRX). JPMorgan
Chase Bank, N.A., Seoul Branch, is licensed as a branch office of foreign bank (JPMorgan Chase Bank, N.A.) in Korea. Both entities are regulated by the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS). For non-macro research material, the material is distributed in Korea by or through J.P. Morgan Securities (Far East) Limited, Seoul Branch. Japan: JPMorgan Securities Japan Co.,
Ltd. and JPMorgan Chase Bank, N.A., Tokyo Branch are regulated by the Financial Services Agency in Japan. Malaysia: This material is issued
and distributed in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X), which is a Participating Organization of Bursa Malaysia Berhad and holds a Capital Markets Services License issued by the Securities Commission in Malaysia. Mexico: J.P. Morgan Casa de Bolsa,
S.A. de C.V.and J.P. Morgan Grupo Financiero are members of the Mexican Stock Exchange and are authorized to act as a broker dealer by the National Banking and Securities Exchange Commission. New Zealand: This material is issued and distributed by JPMSAL in New Zealand
only to "wholesale clients" (as defined in the Financial Markets Conduct Act 2013). JPMSAL is registered as a Financial Service Provider under
the Financial Service providers (Registration and Dispute Resolution) Act of 2008. Pakistan: J. P. Morgan Pakistan Broking (Pvt.) Ltd is a member of the Karachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Philippines: J.P. Morgan
Securities Philippines Inc. is a Trading Participant of the Philippine Stock Exchange and a member of the Securities Clearing Corporation of the Philippines and the Securities Investor Protection Fund. It is regulated by the Securities and Exchange Commission. Russia: CB J.P. Morgan
Bank International LLC is regulated by the Central Bank of Russia. Singapore: This material is issued and distributed in Singapore by or
through J.P. Morgan Securities Singapore Private Limited (JPMSS) [MCI (P) 060/08/2022 and Co. Reg. No.: 199405335R], which is a member
of the Singapore Exchange Securities Trading Limited, and/or JPMorgan Chase Bank, N.A., Singapore branch (JPMCB Singapore), both of
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.
96
Andrea Teixeira, CFA AC
(1-212) 622-6735
andrea.f.teixeira@jpmorgan.com
North America Equity Research
29 May 2023 J PMORGAN
which are regulated by the Monetary Authority of Singapore. This material is issued and distributed in Singapore only to accredited investors,
expert investors and institutional investors, as defined in Section 4A of the Securities and Futures Act, Cap. 289 (SFA). This material is not intended to be issued or distributed to any retail investors or any other investors that do not fall into the classes of 􀋘accredited investors,􀋙 􀋘expert investors􀋙 or 􀋘institutional investors,􀋙 as defined under Section 4A of the SFA. Recipients of this material in Singapore are to contact JPMSS or
JPMCB Singapore in respect of any matters arising from, or in connection with, the material. As at the date of this material, JPMSS is a designated market maker for certain structured warrants listed on the Singapore Exchange where the underlying securities may be the securities
discussed in this material. Arising from its role as a designated market maker for such structured warrants, JPMSS may conduct hedging
activities in respect of such underlying securities and hold or have an interest in such underlying securities as a result. The updated list of
structured warrants for which JPMSS acts as designated market maker may be found on the website of the Singapore Exchange Limited: http://www.sgx.com. South Africa: J.P. Morgan Equities South Africa Proprietary Limited and JPMorgan Chase Bank, N.A., Johannesburg
Branch are members of the Johannesburg Securities Exchange and are regulated by the Financial Services Board. Taiwan: J.P. Morgan
Securities (Taiwan) Limited is a participant of the Taiwan Stock Exchange (company-type) and regulated by the Taiwan Securities and Futures
Bureau. Material relating to equity securities is issued and distributed in Taiwan by J.P. Morgan Securities (Taiwan) Limited, subject to the license scope and the applicable laws and the regulations in Taiwan. According to Paragraph 2, Article 7-1 of Operational Regulations
Governing Securities Firms Recommending Trades in Securities to Customers (as amended or supplemented) and/or other applicable laws or
regulations, please note that the recipient of this material is not permitted to engage in any activities in connection with the material that may
give rise to conflicts of interests, unless otherwise disclosed in the 􀋘Important Disclosures􀋙 in this material. Thailand: This material is issued
and distributed in Thailand by JPMorgan Securities (Thailand) Ltd., which is a member of the Stock Exchange of Thailand and is regulated 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. UK: Unless specified to the contrary, research is distributed in the UK by J.P. Morgan Securities plc (􀋘JPMS plc􀋙)
which is a member of the London Stock Exchange and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. JPMS plc is registered in England & Wales No. 2711006, Registered Office 25
Bank Street, London, E14 5JP. This material is directed in the UK only to: (a) persons having professional experience in matters relating to
investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) (Order) 2005 (􀋘the FPO􀋙); (b)

advisories on crypto assets, including bitcoin and ether, please see https://www.jpmorgan.com/disclosures/cryptoasset-disclosure.

The author(s) of this research report may not be licensed to carry on regulated activities in your jurisdiction and, if not licensed, do not hold

themselves out as being able to do so.

Exchange-Traded Funds (ETFs): J.P. Morgan Securities LLC (􀋘JPMS􀋙) acts as authorized participant for substantially all U.S.-listed ETFs. To

the extent that any ETFs are mentioned in this report, JPMS may earn commissions and transaction-based compensation in connection with the distribution of those ETF shares and may earn fees for performing other trade-related services, such as securities lending to short sellers of the ETF shares. JPMS may also perform services for the ETFs themselves, including acting as a broker or dealer to the ETFs. In addition, affiliates

of JPMS may perform services for the ETFs, including trust, custodial, administration, lending, index calculation and/or maintenance and other

services.

Options and Futures related research: If the information contained herein regards options- or futures-related research, such information is

available only to persons who have received the proper options or futures risk disclosure documents. Please contact your J.P. Morgan

Representative or visit https://www.theocc.com/components/docs/riskstoc.pdf for a copy of the Option Clearing Corporation's Characteristics

and Risks of Standardized Options or http://www.finra.org/sites/default/files/Security_Futures_Risk_Disclosure_Statement_2018.pdf for a copy

of the Security Futures Risk Disclosure Statement.

Changes to Interbank Offered Rates (IBORs) and other benchmark rates: Certain interest rate benchmarks are, or may in the future become, subject to ongoing international, national and other regulatory guidance, reform and proposals for reform. For more information, please consult: https://www.jpmorgan.com/global/disclosures/interbank_offered_rates

Private Bank Clients: Where you are receiving research as a client of the private banking businesses offered by JPMorgan Chase & Co. and its

subsidiaries (􀋘J.P. Morgan Private Bank􀋙), research is provided to you by J.P. Morgan Private Bank and not by any other division of J.P. Morgan,

including, but not limited to, the J.P. Morgan Corporate and Investment Bank and its Global Research division.

Legal entity responsible for the production and distribution of research: The legal entity identified below the name of the Reg AC Research

Analyst who authored this material is the legal entity responsible for the production of this research. Where multiple Reg AC Research Analysts

authored this material with different legal entities identified below their names, these legal entities are jointly responsible for the production of

this research. Research Analysts from various J.P. Morgan affiliates may have contributed to the production of this material but may not be licensed to carry out regulated activities in your jurisdiction (and do not hold themselves out as being able to do so). Unless otherwise stated

below, this material has been distributed by the legal entity responsible for production. If you have any queries, please contact the relevant Research Analyst in your jurisdiction or the entity in your jurisdiction that has distributed this research material.

Legal Entities Disclosures and Country-/Region-Specific Disclosures:

Argentina: JPMorgan Chase Bank N.A Sucursal Buenos Aires is regulated by Banco Central de la República Argentina (􀋘BCRA􀋙- Central Bank of Argentina) and Comisión Nacional de Valores (􀋘CNV􀋙- Argentinian Securities Commission􀋙 - ALYC y AN Integral N°51). Australia:

J.P. Morgan Securities Australia Limited (􀋘JPMSAL􀋙) (ABN 61 003 245 234/AFS Licence No: 238066) is regulated by the Australian

This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.

95

Andrea Teixeira, CFA AC

(1-212) 622-6735

andrea.f.teixeira@jpmorgan.com

North America Equity Research

29 May 2023 J PMORGAN

Securities and Investments Commission and is a Market, Clearing and Settlement Participant of ASX Limited and CHI-X. This material is

issued and distributed in Australia by or on behalf of JPMSAL only to "wholesale clients" (as defined in section 761G of the Corporations Act 2001). A list of all financial products covered can be found by visiting https://www.jpmm.com/research/disclosures. J.P. Morgan seeks to cover

companies of relevance to the domestic and international investor base across all Global Industry Classification Standard (GICS) sectors, as well as across a range of market capitalisation sizes. If applicable, in the course of conducting public side due diligence on the subject company(ies),

the Research Analyst team may at times perform such diligence through corporate engagements such as site visits, discussions with company

representatives, management presentations, etc. Research issued by JPMSAL has been prepared in accordance with J.P. Morgan Australia􀋖s

Research Independence Policy which can be found at the following link: J.P. Morgan Australia - Research Independence Policy. Brazil: Banco

J.P. Morgan S.A. is regulated by the Comissao de Valores Mobiliarios (CVM) and by the Central Bank of Brazil. Ombudsman J.P. Morgan: 0800-7700847 / ouvidoria.jp.morgan@jpmorgan.com. Canada: J.P. Morgan Securities Canada Inc. is a registered investment dealer, regulated

by the Investment Industry Regulatory Organization of Canada and the Ontario Securities Commission and is the participating member on

Canadian exchanges. This material is distributed in Canada by or on behalf of J.P.Morgan Securities Canada Inc. Chile: Inversiones J.P. Morgan

Limitada is an unregulated entity incorporated in Chile. China: J.P. Morgan Securities (China) Company Limited has been approved by CSRC to conduct the securities investment consultancy business. Dubai International Financial Centre (DIFC): JPMorgan Chase Bank, N.A., Dubai Branch is regulated by the Dubai Financial Services Authority (DFSA) and its registered address is Dubai International Financial Centre - The Gate, West Wing, Level 3 and 9 PO Box 506551, Dubai, UAE. This material has been distributed by JP Morgan Chase Bank, N.A., Dubai Branch to persons regarded as professional clients or market counterparties as defined under the DFSA rules. European Economic Area

(EEA): Unless specified to the contrary, research is distributed in the EEA by J.P. Morgan SE (􀋘JPM SE􀋙), which is subject to prudential supervision by the European Central Bank (􀋘ECB􀋙) in cooperation with BaFin and Deutsche Bundesbank in Germany. JPM SE is a company

headquartered in Frankfurt with registered address at TaunusTurm, Taunustor 1, Frankfurt am Main, 60310, Germany. The material has been

distributed in the EEA to persons regarded as professional investors (or equivalent) pursuant to Art. 4 para. 1 no. 10 and Annex II of MiFID II

and its respective implementation in their home jurisdictions (􀋘EEA professional investors􀋙). This material must not be acted on or relied on by

persons who are not EEA professional investors. Any investment or investment activity to which this material relates is only available to EEA relevant persons and will be engaged in only with EEA relevant persons. Hong Kong: J.P. Morgan Securities (Asia Pacific) Limited (CE number AAJ321) is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission in Hong Kong, and J.P.

Morgan Broking (Hong Kong) Limited (CE number AAB027) is regulated by the Securities and Futures Commission in Hong Kong. JP Morgan

Chase Bank, N.A., Hong Kong Branch (CE Number AAL996) is regulated by the Hong Kong Monetary Authority and the Securities and

Futures Commission, is organized under the laws of the United States with limited liability. Where the distribution of this material is a regulated

activity in Hong Kong, the material is distributed in Hong Kong by or through J.P. Morgan Securities (Asia Pacific) Limited and/or J.P. Morgan

Broking (Hong Kong) Limited. India: J.P. Morgan India Private Limited (Corporate Identity Number - U67120MH1992FTC068724), having its

registered office at J.P. Morgan Tower, Off. C.S.T. Road, Kalina, Santacruz - East, Mumbai – 400098, is registered with the Securities and

Exchange Board of India (SEBI) as a 􀋕Research Analyst􀋖 having registration number INH000001873. J.P. Morgan India Private Limited is also

registered with SEBI as a member of the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited (SEBI

Registration Number – INZ000239730) and as a Merchant Banker (SEBI Registration Number - MB/INM000002970). Telephone: 91-22-6157

3000, Facsimile: 91-22-6157 3990 and Website: http://www.jpmipl.com. JPMorgan Chase Bank, N.A. - Mumbai Branch is licensed by the Reserve Bank of India (RBI) (Licence No. 53/ Licence No. BY.4/94; SEBI - IN/CUS/014/ CDSL : IN-DP-CDSL-444-2008/ IN-DP-NSDL-285-

2008/ INBI00000984/ INE231311239) as a Scheduled Commercial Bank in India, which is its primary license allowing it to carry on Banking

business in India and other activities, which a Bank branch in India are permitted to undertake. For non-local research material, this material is

not distributed in India by J.P. Morgan India Private Limited. Compliance Officer: Spurthi Gadamsetty; spurthi.gadamsetty@jpmchase.com;

+912261573225. Grievance Officer: Ramprasadh K, jpmipl.research.feedback@jpmorgan.com; +912261573000.

Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration

granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of

returns to investors.

Indonesia: PT J.P. Morgan Sekuritas Indonesia is a member of the Indonesia Stock Exchange and is registered and supervised by the Otoritas

Jasa Keuangan (OJK). Korea: J.P. Morgan Securities (Far East) Limited, Seoul Branch, is a member of the Korea Exchange (KRX). JPMorgan

Chase Bank, N.A., Seoul Branch, is licensed as a branch office of foreign bank (JPMorgan Chase Bank, N.A.) in Korea. Both entities are regulated by the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS). For non-macro research material, the material is distributed in Korea by or through J.P. Morgan Securities (Far East) Limited, Seoul Branch. Japan: JPMorgan Securities Japan Co.,

Ltd. and JPMorgan Chase Bank, N.A., Tokyo Branch are regulated by the Financial Services Agency in Japan. Malaysia: This material is issued

and distributed in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X), which is a Participating Organization of Bursa Malaysia Berhad and holds a Capital Markets Services License issued by the Securities Commission in Malaysia. Mexico: J.P. Morgan Casa de Bolsa,

S.A. de C.V.and J.P. Morgan Grupo Financiero are members of the Mexican Stock Exchange and are authorized to act as a broker dealer by the National Banking and Securities Exchange Commission. New Zealand: This material is issued and distributed by JPMSAL in New Zealand

only to "wholesale clients" (as defined in the Financial Markets Conduct Act 2013). JPMSAL is registered as a Financial Service Provider under

the Financial Service providers (Registration and Dispute Resolution) Act of 2008. Pakistan: J. P. Morgan Pakistan Broking (Pvt.) Ltd is a member of the Karachi Stock Exchange and regulated by the Securities and Exchange Commission of Pakistan. Philippines: J.P. Morgan

Securities Philippines Inc. is a Trading Participant of the Philippine Stock Exchange and a member of the Securities Clearing Corporation of the Philippines and the Securities Investor Protection Fund. It is regulated by the Securities and Exchange Commission. Russia: CB J.P. Morgan

Bank International LLC is regulated by the Central Bank of Russia. Singapore: This material is issued and distributed in Singapore by or

through J.P. Morgan Securities Singapore Private Limited (JPMSS) [MCI (P) 060/08/2022 and Co. Reg. No.: 199405335R], which is a member

of the Singapore Exchange Securities Trading Limited, and/or JPMorgan Chase Bank, N.A., Singapore branch (JPMCB Singapore), both of

This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.

96

Andrea Teixeira, CFA AC

(1-212) 622-6735

andrea.f.teixeira@jpmorgan.com

North America Equity Research

29 May 2023 J PMORGAN

which are regulated by the Monetary Authority of Singapore. This material is issued and distributed in Singapore only to accredited investors,

expert investors and institutional investors, as defined in Section 4A of the Securities and Futures Act, Cap. 289 (SFA). This material is not intended to be issued or distributed to any retail investors or any other investors that do not fall into the classes of 􀋘accredited investors,􀋙 􀋘expert investors􀋙 or 􀋘institutional investors,􀋙 as defined under Section 4A of the SFA. Recipients of this material in Singapore are to contact JPMSS or

JPMCB Singapore in respect of any matters arising from, or in connection with, the material. As at the date of this material, JPMSS is a designated market maker for certain structured warrants listed on the Singapore Exchange where the underlying securities may be the securities

discussed in this material. Arising from its role as a designated market maker for such structured warrants, JPMSS may conduct hedging

activities in respect of such underlying securities and hold or have an interest in such underlying securities as a result. The updated list of

structured warrants for which JPMSS acts as designated market maker may be found on the website of the Singapore Exchange Limited: http://www.sgx.com. South Africa: J.P. Morgan Equities South Africa Proprietary Limited and JPMorgan Chase Bank, N.A., Johannesburg

Branch are members of the Johannesburg Securities Exchange and are regulated by the Financial Services Board. Taiwan: J.P. Morgan

Securities (Taiwan) Limited is a participant of the Taiwan Stock Exchange (company-type) and regulated by the Taiwan Securities and Futures

Bureau. Material relating to equity securities is issued and distributed in Taiwan by J.P. Morgan Securities (Taiwan) Limited, subject to the license scope and the applicable laws and the regulations in Taiwan. According to Paragraph 2, Article 7-1 of Operational Regulations

Governing Securities Firms Recommending Trades in Securities to Customers (as amended or supplemented) and/or other applicable laws or

regulations, please note that the recipient of this material is not permitted to engage in any activities in connection with the material that may

give rise to conflicts of interests, unless otherwise disclosed in the 􀋘Important Disclosures􀋙 in this material. Thailand: This material is issued

and distributed in Thailand by JPMorgan Securities (Thailand) Ltd., which is a member of the Stock Exchange of Thailand and is regulated 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. UK: Unless specified to the contrary, research is distributed in the UK by J.P. Morgan Securities plc (􀋘JPMS plc􀋙)

which is a member of the London Stock Exchange and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. JPMS plc is registered in England & Wales No. 2711006, Registered Office 25

Bank Street, London, E14 5JP. This material is directed in the UK only to: (a) persons having professional experience in matters relating to

investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) (Order) 2005 (􀋘the FPO􀋙); (b)