Explore investment opportunities outside of the US to strengthen your portfolio

(SPEECH)

[MUSIC PLAYING]

(DESCRIPTION)

The Shanghai skyline, photo of a woman in a black shirt. Text: JP Morgan, Global Perspectives, Asia-Pacific, Latin America, Europe, the Middle East, and Africa. GRACE PETERS, Global Head of Investment Strategy,

(SPEECH)

Much of our 2025 outlook focuses on the US economy and the outlook for US risk assets. We believe the US economy is fundamentally strong, growing at 2% to 2.5% now, and with a very good chance that we continue to see 2% to 2.5% growth through the first six months, maybe the whole of 2025. As such, we expect US companies to see stronger earnings growth and healthy equity returns despite their richer starting valuations.

Meanwhile, outside of the US, trade uncertainty is likely to linger, weighing on corporate confidence and investor sentiment. So does that outlook mean investors should simply ignore investing in the rest of the world? We think not. In equities, whilst the US is our preferred market, we like to invest globally. Many of the themes we highlight in our 2025 outlook are global themes, the changing nature of national security, rising AI adoption, automation and robotics, the power needs required to support the AI transformation, and of course, shifting supply chains.

In adopting a stock picking approach, we believe investors are not betting on the European or Japanese economy, but simply seeking out a group of the best global companies that can tap into these GDP plus themes.

(DESCRIPTION)

European fixed-income assets

(SPEECH)

In fixed income, the weaker growth outlook that we see for Europe means more cuts from the ECB are likely, and thus our conviction for holding longer duration in Europe is stronger than in the US.

To learn more, read our regional perspectives within the 2025 outlook. These three bite sized articles highlight how to find opportunities in emerging markets, an area where economic growth doesn't always equate to investment returns. We suggest a framework that seeks out thriving private sectors with minimal government interference, companies that value shareholders and earnings growth, and growing export channels. This leads us to find opportunity in India, Indonesia, Taiwan, and Mexico.

(DESCRIPTION)

AI-driven productivity

(SPEECH)

European companies that supply critical inputs to the AI value chain, infrastructure, aerospace, and defense sectors. Investing in European national champions could be especially useful for clients who find themselves with outsized positions in US tech stocks and could benefit from global diversification and a thematic approach.

(DESCRIPTION)

Easing monetary policy.

(SPEECH)

And in Latin America, we present a cautionary case study into fiscal activism or increased government investment. Early progress on controlling inflation was ultimately undermined by unwise government spending. This case study is particularly apt now, with investors concerned about regions where fiscal expansion could stoke inflation.

Each of the regional perspectives leads us back to portfolio resilience, a central theme in our 2025 outlook. This means a greater focus on diversification, income, uncorrelated returns, and strategies that provide downside protection without forgoing potential returns. We hope you enjoy exploring these insights and strengthening your investment strategy for 2025 and beyond.

[MUSIC PLAYING]

(DESCRIPTION)

JP Morgan. Key risks. This material is for information purposes only, and may inform you of certain products and services offered by private banking businesses, part of JPMorgan Chase and company, JPM.Products and services described, as well as associated fees, charges, and interest rates, are subject to change in accordance with the applicable account agreements and may differ among geographic locations. Not all products and services are offered at all locations. If you are a person with a disability and need additional support accessing this material, please contact your JPMorgan team or email us at accessibility.support@gpmorgan.com for assistance. Please read all important information. General risks and considerations. Any views, strategies or products discussed in this material may not be appropriate for all individuals and are subject to risks. Investors may get back less than they invested, and past performance is not a reliable indicator of future results. Asset allocation/diversification does not guarantee a profit or protect against loss. Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. You are urged to consider carefully whether the service is, products, asset classes, (e.g., equities, fixed income, alternative investment, commodities, et cetera) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with an investment service, product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals and situation, contact your JP Morgan team.

Non-reliance. Certain information contained in this material is believed to be reliable; however, JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage, whether direct or indirect, arising out of the use of all or any part of this material. No representation or warranty should be made with regards to any computations, graphs, tables, diagrams or commentary in this material, which are provided for illustration and reference purposes only. The views, opinions, estimates and strategies expressed in this material constitute our judgment based on current market conditions and are subject to change without notice. JPM assumes no duty to update any information in this material in the event that such information changes. Views, opinions, estimates and strategies expressed herein may differ from those expressed by other areas of JPM, views expressed for other purposes or in other contexts, and this material should not be regarded as a research report. Any projected results in risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Forward looking statements should not be considered as guarantees or predictions of future events. Nothing in this document should be construed as giving rise to any duty of care owed to, or advisory relationship with, you or any third party. Nothing in this document should be regarded as an offer, solicitation, recommendation or advice, whether financial, accounting, legal, tax or other given by JP Morgan and or its officers or employees, irrespective of whether or not such communication was given at your request. JPMorgan and its affiliates and employees do not provide tax, legal, or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.

Legal entity, brand and regulatory information, In the United States, bank deposit accounts and related services such as checking, savings and bank lending, are offered by JPMorgan Chase Bank, NA, member FDIC. JPMorgan Chase Bank, NA, and its affiliates (collectively JPMCB) offer investment products, which may include bank managed investment accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as rokerage and advisory accounts are offered through JPMorgan Securities LLC, JPMS, a member of FINRA and SIPC. Insurance products are made available through Chase insurance Agency, Inc,. CIA, a licensed insurance agency doing business as Chase Insurance Agency Services, incorporated in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPM. Products not available in all states. In Germany, this material is issued by JPMorgan S E, with its registered office at Taunustor 1, TaunusTurm, 6 0 3 1 0 Frankfurt Am Main, Germany, authorized by the Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin, and jointly supervised by the BaFin, the German Central Bank, Deutsche BundesBank, and the European Central Bank, ECB. In Luxembourg, this material is issued by JPMorgan S E Luxembourg Branch, with registered office at European Bank and Business Center, 6 Rue de Treves, L 2633, Senningerberg, Luxembourg, authorized by the Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin, and jointly supervised by the BaFin, the German Central Bank, Deutsche BundesBank, and the European Central Bank, ECB. JPMorgan SE-Luxembourg branch is also supervised by the Commission de surveillance du secteur financier, CSSF, registered under RCS Luxembourg B 2 5 5 9 3 8. In the United Kingdom, this material issued by JP Morgan S E, London Branch, registered office at 25 Bank Street, Canary Wharf, London, E14 5JP,authorized by the Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin, and jointly supervised by the BaFin, the German Central Bank, Deutsche BundesBank, and the European Central Bank, ECB: JPMorgan S E London Branch is also supervised by the financial conduct authority and prudential regulation authority.

In Spain, this material is distributed by JP Morgan S E, Sucursal en Espana, with registered office at Paseo de la Castellana, 31, 2 8 0 4 6 Madrid, Spain, authorized by the Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin, and jointly supervised by the BaFin, the German Central Bank, Deutsche BundesBank, and the European Central Bank, ECB. JPMorgan S E, Sucursal en Espana, is also supervised by the Spanish securities market commission, CNMV: registered with Bank of Spain as a branch of JP Morgan S E under code 1 5 6 7. In Italy this material is distributed by JPMorgan S E Milan Branch, with its registered office at Via Cordusio. N3, Milan, 2 0 1 2 3, Italy, authorized by the Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin, and jointly supervised by the BaFin, the German Central Bank, Deutsche BundesBank, and the European Central Bank, ECB. JP Morgan S E Milan Branch is also supervised by the Bank of Italy and the Commissione Nazionale per le Societa e la Borsa, CONSOB, registered with the Bank of Italy as a branch of JP Morgan S E under code 8 0 7 6: Milan Chamber of Commerce registered number r e a m i 2 5 3 6 3 2 5. In the Netherlands, this material is distributed by JPMorgan S E Amsterdam Branch, with registered office at World Trade Center, Tower B, Strawinskylaan 1 1 3 5, 1 0 7 7 x x, Amsterdam, the Netherlands, authorized by the Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin, and jointly supervised by the BaFin, the German Central Bank, Deutsche BundesBank, and the European Central Bank, ECB.: JPMorgan S E Amsterdam branch is also supervised by De Nederlandsche Bank, d n B, and the Autoriteit Financiele Markten, AFM, in THE NETHERLANDS. Registered with the Kamer van Koophandel as a branch of JPMorgan S E under registration number 7 2 6 1 0 - 2 2 0.

In Denmark, this material is distributed by JPMorgan S E Copenhagen Branch Filial af JPMorgan S E, Tyskland, with registered office at Kalvebod Brygge 39-41, 1 5 6 0 Kobenhavn v, Denmark, authorized by the Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin, and jointly supervised by the BaFin, the German Central Bank, Deutsche BundesBank, and the European Central Bank, ECB. JPMorgan S E Copenhagen Branch is also supervised by the Finanstilsynet, Danish FS A, and it's registered with the Finanstilsynet as a branch of JPMorgan S E under code 2 9 0 1 0. In Sweden, this material is distributed by JPMorgan SE Stockholm bankfilial, with registered office at Hamngatan 15, Stockholm, 1 1 1 4 7, Sweden, authorized by the Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin, and jointly supervised by the BaFin, the German Central Bank, Deutsche BundesBank, and the European Central Bank, ECB. JPMorgan S E Stockholm Bankfilial is also supervised by Finansinspektionen, Swedish FSA: registered with the Finansinspektionen as a branch of the JP Morgan S E. In Belgium, this material is distributed by JPMorgan S E Brussels branch with registered office at 35 boulevard du regent, 1000, Brussels, Belgium, authorized by the Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin, and jointly supervised by the BaFin, the German Central Bank, Deutsche BundesBank, and the European Central Bank, ECB. JP Morgan S E Brussels Branch is also supervised by the National Bank of Belgium, NBB, and the financial services and market authority, FSMA, in Belgium: registered with the NBB under registration number 0 7 1 5 .6 2 2.8 4 4.

In Greece, this material is distributed by JP Morgan S E Athens Branch with its registered office at 3 Haritos Street, Athens, 1 0 6 7 5, Greece, authorized by the Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin, and jointly supervised by the BaFin, the German Central Bank, Deutsche BundesBank, and the European Central Bank, ECB. JP Morgan S E Athens branch is also supervised by the Bank of Greece: registered with the Bank of Greece as a branch of JPMorgan S E under code 1 2 4: Athens Chamber of Commerce register number 1 5 8 6 8 3 7 6 0 0 0 1: VAT number 9 9 6 7 6 5 7 7. In France, this material is distributed by JPMorgan Chase Bank, N A Paris Branch, registered office at 14 Place Vendome, Paris, 7 5 0 0 1, France, registered at the registry of the Commercial Court of Paris under the number 7 1 2 0 4 1 3 3 4 and licensed by the autorite de controle prudential et de resolution, ACPR, and supervised by the ACPR and the autorite des marches financiers. In Switzerland, this material is distributed by JPMorgan Suisse, S A, with registered office address at Rue de Rhone, 35, 1204 Geneva, Switzerland, which is authorized and supervised by the Swiss financial market supervisory authority, FINMA, as a bank and securities dealer in Switzerland. This communication is an advertisement for the purposes of the markets and financial instruments directive, MIFID 2, and the Swiss financial services act, FINSA. Investors should not subscribe to or purchase any financial instruments referred to in this advertisement, except on the basis of information contained in any applicable legal documentation, which is or shall be made available in the relevant jurisdictions as required.

In Hong Kong, this material is distributed by JPMCB, Hong Kong Branch. JPMCB, Hong Kong Branch is regulated by the Hong Kong monetary authority and the securities and futures commission of Hong Kong. In Hong Kong, we will cease to use your personal data for our marketing purposes without charge. If you so request. In Singapore, this material is distributed by JPMCB, Singapore Branch. JPMCB, Singapore branch is regulated by the monitoring authority of Singapore. Dealing and advisory services and discretionary investment management services are provided to you by JPMCB, Hong Kong/Singapore Branch, as notified to you. Banking and custody services are provided to you by JPMCB Singapore Branch. The contents of this document have not been reviewed by any regulatory authority in Hong Kong, Singapore or any other jurisdictions. You are advised to exercise caution in relation to this document. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. For materials which constitute product advertisement under the securities and futures act and the financial advisors act, this advertisement has not been reviewed by the monetary authority of Singapore. JPMorgan Chase Bank, N A, is a national banking association chartered under the laws of the United States, and as a body corporate, its shareholders liability is limited.

With respect to countries in Latin America, the distribution of this material may be restricted in certain jurisdictions. We may offer and/or sell to you securities or other financial instruments which may not be registered under and are not the subject of a public offering under the securities or other financial regulatory laws of your home country. Such securities and instruments are offered and are sold to you on a private basis only. Any communication by us to you regarding such securities or instruments, including without limitation the delivery of a prospectus, term sheet or other offering document, is not intended by us as an offer to sell or a solicitation of an offer to buy any securities or instruments in any jurisdiction in which such an offer or a solicitation is unlawful. Furthermore, such securities or instruments may be subject to certain regulatory and or contractual restrictions on subsequent transfer by you and you are solely responsible for ascertaining and complying with such restrictions. To the extent this content makes reference to a fund, the fund may not be publicly offered in any Latin American country without previous registration of such funds securities in compliance with the laws of the corresponding jurisdiction.

JPMorgan Chase Bank, N A, JPNCPNA, A B N 43 0 7 4 1 1 2 0 1 1 A F S license number 2 3 8 3 6 7, is regulated by the Australian securities and investment commission and the Australian prudential regulation authority. Material provided by JPMCBNA in Australia is for "wholesale clients" only. For the purposes of this paragraph, the term wholesale client has the meaning given and section 7 6 1 G of the corporations act, 2001. Please inform us if you are not a wholesale client now or if you cease to be a wholesale client at any time in the future. References to JPMorgan are to JPM, its subsidiaries and affiliates worldwide. JPMorgan Private Bank is the brand name for the private banking business conducted by JPM. This material is intended for your personal use and should not be circulated to or used by any other person or duplicated for non-personal use without our permission. If you have any questions or no longer wish to receive these communications, please contact your JPMorgan team. Copyright 2024 JPMorgan Chase & Company. All rights reserved. JPMS is a registered foreign company, overseas, ARBN 1 0 9 2 9 3 6 1 0 incorporated in Delaware, USA. Under Australian financial services licensing requirements, carrying on a financial services business in Australia requires a financial service provider such as JPMorgan Securities LLC, JPMS, to hold an Australian financial services license, A F S L, unless an exemption applies. JPMS is exempt from the requirement to hold an A F S L under the corporations act, 2001 and respective financial services it provides to you, and is regulated by the S E C, FINRA and CFTC under U S laws, which differ from Australian laws. Material provided by JPMS in Australia is to wholesale clients only. The information provided in this material is not intended to be and must not be distributed or passed on, directly or indirectly, to any other class of persons in Australia. For the purposes of this paragraph, the term wholesale client has the meaning given in section 7 6 1 G of the act. Please inform us immediately if you are not a wholesale client now or if you cease to be a wholesale client at any time in the future.

This material has not been prepared specifically for Australian investors. It may contain references to dollar amounts which are not Australian dollars: may contain financial information which is not prepared in accordance with Australian law or practices ; may not address risks associated with investment in foreign currency denominated investments; and does not address Australian tax issues. JP Morgan.