The elements of a new digital age are converging at scale. The metaverse is the driving force bringing these elements together in a unified, immersive experience. We are not here to suggest the metaverse, as we know it today, will take over all human interactions, but rather, to explore the many exciting opportunities it presents for consumers and brands alike, Whetiter i's large tech players such as Microsott planning to create realistic workspaces, or Ariana Grande holding ‘a concert in Fortnite, the opportunities presented by interactive, digital worlds, seem limitless. The metaverse wil likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues.* As a result, we see companies of all shapes and sizes entering the metaverse indifferent ways, including household names like Walmart, Nike, Gap, Verizon, Hulu, PWC, Adidas, Atari and others.’ Business leaders and boardrooms around the world are now asking themselves, "What is my metaverse strategy? What am | supposed to be doing in the metaverse? what is the metaverse anyway?” 2 onsets inte eres The metaverse offers opportunities to... Transact $5 48 Every year, $54 billion is spent on virtual goods, almost double the amount spent buying music' Socialize 608 Approximately 60 billion messages are sent daily on Roblox? Create $80M GDP for Second Life was about $650M in 2021 with nearly $80M USD paid to creators? Own Non-fungible tokens (NFTs) currently have a market cap of $41 billion* Experience 200 200 strategic partnerships to date with The Sandbox, including Warner Music Group to launch a music-themed virtual world® JnmoreancamonWhat is the metaverse? The metaverse is a seamless convergence of our physical and cgital lives, creating a unitied, virtual community where we can work, play, relax, transact and socialize. The metaverse js still early in its evolution, and there is no singular, all-encompassing definition to which people can turn, Themes of what the metaverse is and could be, however, are emerging. A key point is that there is no one virtual world but many worlds, which are taking shape to enable people to deepen and extend social interactions digitally. Ths is done by adding an immersive, three-dimensional layer to the web, creating more authentic and natural experiences. The metaverse even has the promise of facilitating accessibility from the comfort of the home, breaking down boundaries and ddemocratizing access to key goods, services and experiences. Before diving deeper into the metaverse, it’s important to lay the foundation between features of today’s metaverse-Web 20 characteristics, and the emerging Web 3.0 characteristics. While the table below highlights our assessment of the key metaverse features between the two, the lines are blurring as more and more traditional virtual worlds are adopting elements of the blockchain-based worlds. 2 opporuntisia the etaesse There is no one virtual world but many worlds, which are taking shape to enable people to deepen and extend social interactions digitally. JnmoreancamonWeb 2.0 versus Web 3.0 approach to the metaverse Web 2.0 Web 3.0 ‘Example virtual worlds eens ort eae) Ber Beco eer) eee eed See Cee eet ec rT) + Community governed, generally through Dee Ee oe eee ce td Ceo) Bee eed pened + Decisions are based on user consensus es eee] + Decentralized (game assets) rues oa} ed ey a ee Ce Beer SRO ee) hardware See eo eee De Mer ee) ery Coens ee ec) ‘+ Owned through non-fungible tokens wen Digital assets portability | + Locked within platform err Diddle oe ers SOUS e ty Ree ee Set aaa el Activities Seer + Playto-earn games Boa eed eeu g Pere re ety + Competitive games (eg. esports) let ry Cours Seo Eas Pe + Anonymous private-key-based identities nd een eee erty Roars erect Dee oe eee eae eee See er neu ce eee mn) + Usersfgamers can earn through play oF particiation in platform governance Ber eon iene Prec DryWhy metaverse? Why now? The concept of a metaverse is not a new one. In many ways this is a linear progression. Online, multi-player, role-playing worlds like The Sims or Second Life have been around for nearly 20 years, with players spending an average of 20 hours per week in these worlds.’ Modern equivalents like Minecratt, World of Warcraft and Fortnite have hundreds of millions of users, and huge supporting economies, We are now at an inflection point, where it seems that nota day goes by without a company or celebrity announcing that they are building a presence ina virtual universe. While the buzz can partially be attributed to attention grabbing headlines, there isa convergence of emerging trends, A number of new technologies have come together to enable this vision of the metaverse Augmented reality (AR) and virtual reality (VR) headsets have become cheaper and more powerful, improving the user experience, lockchain has enabled digital currencies and NFTs. The new methods to transact and own digital goods ae allowing creators to monetize their activites through tokens. in addition to monetization, and as a means to exchange value, token-holders can also participate in the platform's governance eg. vote on decisions). This democratic cwnership economy coupled with the possibilty of interoperability. could unlock immense economic opportunities, whereby digital goods and services are no longer captive toa singular gaming platform or brand. From a social perspective, the development of more immersive virtual experiences relbing people to build communities based on shared values, and to express themselves in more authentic ways. Meanwhile, COVID-19 accelerated the digitization of our lives and normalized more persistent and multi-purpose online engagement and communication, itis this combination of technological, social and economic drivers that is resulting in the explosive interest in the metaverse, From a social perspective, the development of more immersive virtual experiences is helping people to build communities based on shared values, and to express themselves in more authentic ways. fet evereoinGs Co-Author, At Gadi explores gallery in Decentraland ree: DecentraandMetanomics nen you think about th are opportunities in almost every market avatar and you want to change what it/you are wi of the metaverse-or metanomics-there rea, Imagine you have an online you will be able to buy limited-ecition, digitally branded clothing that you pick after browsing a virtual Or you may start your av small business, such as an art gallery where you display your latest and greatest collections, or a virtual private club. showroom, OA TMNT (0) | 10) The metaverse is evolving from two decades of gaming and will be built upon gaming infrastructure eer ELL Pres) Prete ee Dear) Pree ey sc Coe ge Cee Boer ee , Teeter tg Deol See Soe CeCe etry Cee Facebook changes eee Beni Cues CE CO ee ore Meee e ete ie a ee Geet Co Te) eo Ce ae eT) Pian a) Coed oe eee $450,000 in ETH Peer oa) cot Oey SesThe growth of the ownership economy Metanomics is not a new term or concept. Its origins lead back to 2007 when. Cornell professor, Rab Bloomfield, hosted a course on the subject in Second Life. Many ofthe themes Bloomfield covered resonate today, including drawing parallels between the physical and digital real estat= markets. However, a key difference today is the ownership economy, driven by the advent of Web 3.0 If you want to personalize a virtual home, you can purchase an original piece of art, tokenized asa digital asset. You can even own the land the house is built on. Ethereum-based platforms like Decentraland, for example, are already selling Virtual plots that people can develop. Virtual real estate isa growing market ‘The average price of a parce! of land doubled in a six-month window in 2021. it jumped from $6,000 in June to $12,000 by December across the four main Web 3.0 metaverses.* Partly this growth has been because brands have been buying tp space so they can create virtual stores and other experiences, In June 2021, ‘one land package in Decentraland was sold for $913,000, with the developer Every Realm (formerly Republic Realm) turning it into an entire shopping district, Metaiuku (inspired by Japan's Harajuku shopping district. Second Life has enabled differentiated experiences Source Second Lie $12,000 The average price of a parcel of virtual land doubled in a six-month window in 2021. It jumped from $6,000 in June to $12,000 by December across the four main Web 3.0 metaverses" JnmoreancamonFrom DeFi to DAO in time, the vit e much ti inthe physical world, including credit, mortgages and rental agreements. He i, coli lending primitives and the composability of blackchain taken-based digit assets, a next-generation financing company could potenti age digit clothing as collateral to underwrite virtual land and property mo in fact, the financing company may nat be a company at all, but instead, a organizing, mission-based community iat have met at al in person), also known an (0 'DAO may have seeded its original balance sheet into a mult-signature wallet to create the mortgages. An additional layer of tokenomics to incentivize certain participant or creates another level of gamification and commercialization Surge in market cap of tokens in major metaverse platforms after Facebook's rebranding to Meta EMM) BECO) $30,000,000,000 BoA) [a Fic cS Td Poe ost Cee eyWork in the metaverse Supply and demand dynamics are driving more people into the meta-economy. °-0 This, in turn, will necessitate the development of new skills and generate ‘new opportunities to make money. Afterall, people will have to develop and build the products that are consumed in the virtual world~establishing huge ‘opportunities for the creator economy. RTFKT is a virtual shoe designer that has oo ee ee ee eee ee $18.418 Up to $10,000 a pair. By contrast, some people wil earn their lvings providing, In-game ad spending is set to virtual party and want musical entertainment, you could hire a singer ar a Dd to perform. Virtual concerts have the potential to be more profitable than physical concerts, which deal with barriers such as capacity and parking. Recently, a ‘major concert held in Fortnite was seen by 45 million people" and grossed around $20 million, including sales of merchandise.** People who otherwise would not have had access to such experiences, due to geography or cost, can now participate, It will be interesting to see how marketing and advertising pans out, as it is potentially ane of the biggest segments of the meta-economy, There are huge opportunities for branding and immersive ad exaeriences in virtual worlds cue to the mass audiences available, As with the current generation of social media companies, advertising is the model that ‘many platforms use to generate revenue. In-game ad spending is set to reach $18.41 billion by 2027." ‘one ofthe main metaverse platforms, The Sandbox's brand map, reflecting 200 partnerships Source: The Sandbox 9 oogetntiesinte Merve JnmoreancamonExpanded opportunities across industries and countries itis not just business to-consumer environments that wil benefit. The metaverse will provide a massive opportunity fr business-to-business enterprises. Take a manufacturer that is buying new parts for its equipment. Presently, the process involves receiving a physical brochure or an emailed POF with static 20 pictues. Inthe metaverse, users could test the products in avirtual environment at lower cost. Imagine being able to build a comalex digital twin ofa factory or industrial space at massive scale, and test how One of the great robotics systems will interact with the physical environment. possibilities of the metaverse is that it will massively expand access (ne of the great possibiltis ofthe metaverse is that twill massively expand access to the marketplace for consumers from emerging and frontier economies. The internet has already unlocked access to goods and services to the marketplace that were prevousi out of reach, Now, workers in low-income countries, for {for consumers from emerging and frontier economies. ‘example, may be able to get jobs in western companies without having to emigrate. Educational opportunities will also expand, with VR worlds being a low-cost and effective way to access training, With these developments there will also have to be clear governance, From a corporate perspective, there are opportunities to massively scale. Instead of having stores in every city, a major retailer might build a global hub inthe metaverse that is able ta serve millions of customers. Beyond retailers, the metaverse will turbocharge the shift in gaming, sports betting and gambling from cash to crypto. Companies such as Sightline Payments, that have built infrastructure to support cashless digital gaming for live sports and casinos, are ideally placed to capitalize on the opportunity as these industries, rapidly transition to offering experiences to gamers in the metaverse. 4.2. Morgan eam, including co-author Christine Moy (centen,expiore Metajuku in Decentraland Source: Decetraand 10 Opperntsia he wetaerse JnmoreancamonNavigating vs. reality Pee ue en ue ae eu Br ey building, self-expression and commerce, key areas need to be further developed and matured, We see these as new opportunities for t jects, DAOs, businesses, technology providers and financial institutions to flourish and collaborate together in vibrant ecosystems that address the following areas: From Prd Coun OBC Det raed eg oy Technology a techn owth of the metaverse a persnective, same key imperatives forth improved performance in avatar movement and environment rendering Reduction of environment ‘sharding’ so al participants can interact with e other tive in the same location More cap; city to support complexity in design and interactions Reduction of local hardware requirements for mplex interactions with 30 rendering Expanded accessibility across devices (including mobile) Development of interoperability or cross-virtual world interactions, and ways to manage engagement and digital assets across these platforms (think of it ike being able to seamlessly cchange channels on the television) Definition of stand cryptocurrencies, so they can be transferable across various virtual worlds (with potentially diferent manifestations in each world, eg., the same NFT manifests as a special edition t-shirt a virtual world but is a uniquely designed vehicle in ds for digital assets (wearables, objects, brands) and virtual/ video game) Advanced discovery mé hings to do, pl nds or recommendation: anisms such as the ability to find f sto visit, and customized virtual goods to s panded data analytics and reporting for virtual spaces. These will B ‘or commercial and marketing usage and will tra specifically designated ck business key performance indicators (this already exists in some worids, such as Cryptovoxels) Dey Pete oatic Commercial infrastructure Some key elements to support commerce and the meta-economy still need to be determined and scaled, including: + Web 30 virtual world integrations with legacy traditional finance payment rails (eg, credit cards, pay by bank, debit, automated clearing house/wires) + Web 20 virtual world integrations with crypto payments and NFTAligital assets marketplace commer + Single wallet user experience, inclusive of: ‘Web 20 traditional finance payment rails, virtual currencies and virtual assets ~ Web 30 crypto, NFTS and digital assets Digital identity verifiable credentials, know your customer (KYC)/anti-money laundering (AML) compliance keys, and reputation points Multiple aliases to preserve privacy and enable digital freedom Evolution of virtual/eryptocurrencies and digital asset backed financing and mortgages through using lending models, or leveraging decentralized finance (eg,, NFT-collateral backed virtual world mortgages) + Creation of cross-border and cross-metaverse foreign exchange and liquidity solutions + improved user experience for mainstream adoptions of nan-crypto/Web 3.0 natives + Expansion of solutions and services to support DAO community-based projects, business venture ‘and investments be U7 Poo ad Yat enables expression of your identity with emojs g Privacy and identity User identification and privacy safeguards will be crucial for both interacting, and transacting in the metaverse. + Preservation of one’s ability to have multiple avatars/identites, with the addition of Private KYC/AML-compliant commerce and payments Verifiable credentials trat can be easily structured to enable easier identification of fellow community/team members, or to enable configurable access to varying virtual world locations and experiences Prevention against cyberbullying or online harassment/assault across virtual worlds + Expansion of NFT token-gated spaces to include the creation of private interactions, discussion and messaging@ Workforce of the future What will the future of work in the metaverse look like? Some key areas to consider include: + Training new designers and developers with specialization in 3D modeling of avatars, wearables, objects, architecture and interiors, leveraging virtual world-specific software development kits (SDKs) Evolution of content creators and storytellers that can span across virtual worlds, virtual goods, NFTs, token gates, (varying manifestations of NFTS across platforms), commerce and communities + Redeployment of event producers that specialize in metaverse experiences (concerts, parties, art showings, community meetings, sports events, sightseeing and travel) Creation of community managers focused on creating robust online and offline relationship-building and interactions to strengthen platform engagement and stickiness [Adidas NET project with Bored Ape Yacht Club (ape indigo Herta) Source: Adidas ie Regulation, tax, accounting and social infrastructure ‘When it comes to the regulatory framework that wll covern the metaverse, there are many open questions that need to be addressed, including Paved paths on regulatory tax and accounting treatment of Web 3.0 digital real estate/oroperty, and virtual world commercial transactions + Adept navigation of regulatory, tax and accounting treatment of primarily Web 20 virtual worlds with Web 3.0 digital assets Solutions and services to support virtual Worlds that are globally accessible, but may be required to adhere to local jurisdictional requirements and rules in commerce and payments Evolution of community governance (eg. Who sets rules in the virtual worlds? Who governs?) JnmoreancamonWhat’s your ‘metaverse strategy’? Inthe metaverse, some of the existing services and business models we are familar with will continue to exist, but the metaverse opens a whole new realm of ways to engage which we expect will lead to uniquely new services and business models. Not everything in the metaverse will be relevant for every business. However, there is little downside to taking the opportunity to explore. Learn There are many different interpretations of the metaverse, and various angles to learn about beyond the content here, Assess While the metaverse will scale across many industry verticals, evaluate if there are relevant opportunities for your business. Create Gain experience through internal development. Take the opportunity to explore creative consumer engagement through new channels, services, experiences, digital goods and assets. Start small and move fast. Test and learn. Connect Start building a network of metaverse ecosystem participants. The world is still small, so high quality collaborations and partnersiiips are still available at a reasonable level of investment. Connect with a new generation and tap into alternative talent pools. Establish Get your business out there and position yourself to capture the hearts and minds of tech-forward sub-communities. Galleryincryptovoxels Source: consensys Some key questions to consider include: + How would your business model and/ or averall organization be impacted if there was more time spent interacting, transacting and socializing in virtual worlds? Would there be any impact at all? + fyour business and brand were in the metaverse, what value could you create for the community? Would you be a participant or a service provider? ‘+ What are the authentic experiences and services of my organization that make sense in a virtual ecosystem? + Ifyou are a consumer-facing brand, is there an opportunity to create new marketing channels through experiences, digital goods, sponsorships and a branded real estate presence? + Do you have the in-house talent ta help you navigate the metaverse? Is there a video game and/or crypto enthusiast on the team that you can spotlight and position to help educate the broader organization? + Fyou want to have a presence or create an experience in the metaverse, do you have the in-house skillets to doit yourself? + Business in the real world remains the priority. f your business is limited in time and economic resources, what isthe magnitude of value accrued from being perceived as a first mover in an emerging sector? How important isi to your business to target a vounger generation audience and tech-forward sub-communities? + Do your competitors have a presence in the metaverse? JnmoreancamonOur approach to the metaverse The success of building and scaling in the met and flexible financial ecosystem that w' physical and allow that interoperability to grow. fe believe the existing virtual gaming population existing gl tual worlds. Our approach ape (each P in-game currency and digit economy. This is where ou is dependent on having a robust allow users to seamlessly connect between the » payments and financial infrastructure will ‘wal world with its own sets) has elements that parallel the tanding core competencies in cras border payments, foreign exchange, financial assets creation, trading and safeke inaddi ur nsumer foothold, ¢ Je are building and scaling new emerging technologies to modernize in business models including but nat limited to for perpetual innovation and better ways t inthe decentralized w TTA MTare Ue) Tay = ta oa =U aT ee Ol) 21 CLL feLe On MAC e-\ Pe TU Su! providers with bank-grade products SC ooo Cae ected + offering enterprise-grade digital assets infrastructure alongside more than half a decade of expertise in ese eur Bee ern Posen ane cegictce Toy account validation, sanctions ce aE eee) era) DL ee) De et ea Structure and enization and digital identity, as we strive ganize financial transactions and payment Enabling game and content creators to more See ea Toe coe] pete eT ee) ee eeu tcy the complexity, costs and risks involved Cera) determining which blockchain protocol to build on in a time of rapid innovation and Torey + Reducing friction in increasing content Cee eS registration, onboarding and KYC Offering a full sute of payout services including flexible and configurable virtual Doe er aun rer Deira est eet aac Ud and account validation Ee Pee eee tts SUC Lcey The Onyx by P Morgan lounge in Decent Cee ota ec eee aE Sey Pree ee ere stored value virtual wallets, flexible SS on ea Pe ea Sa support more than 120 currencies'* a)The bottom line Peers plosive growth and the continuous innovation of new entrants. However, the costs and risks of engaging early and consistently in order to build internal intellectual property, develop hypotheses about future business models, and identify ecosystem Pee eee i a eo Get et en en Uae se Bet started and to explore this new digital landscape for yourself Christine Moy, Managing Di Global Head of Liink, Crypto & the Metaverse, Onyx by LP. Morgan ristine is tasked with setting a comprehensive cross-metaverse and video game ecosystem strategy (across both Web 2.0 and Web 3.0) for the firm and its various lines of business, designing and driving the development of cutting: edge technology products, collaborating video game publishers, payments facilitators, developer marketplaces, NFT systems, and guiding clients on the journey. As one of the founding members of J.P. Morgan's in/erypto program, Christine created and drove its key initiatives in digit internet-of-things and digital identity digital assets ec bloc assets, tokenized payments, Linkedin Iwitter: @cmovall Adit Gadgil Managing Director, Head of E-commerce and Technology, Media & Telecommunications, AP. Morgan Payments Adit is responsible for managing 1P. Morgan's Corporate & Investment Bank (CIB) Technology, Media & Telecommunications Solutions and Commercial Bank (CB) e-Commerce Solutions pipeline, maximizing strategic engagement with sales, product and banking teams and representing the ambitions and financial services needs of J.P, Morgan's global e-commerce clients, Inkedin Twitter: @aditgadgi Special thanks and appreciation to Nicole Parina, Dan Bett er, Jenny Kent, E i Novio, Keerthi Moudgal, Alex Littleton, Andrew Keighery, for their contributions and effor vard Bowyer, Ha Mustafa Bedawala, Anth* tvewBalle. June 2021. "Payments, Payment Rls and Blockthains, andthe Metaverse Available at httosd/mmnathewalc/l/meiaversepauments, Accessed January 2022. » sloomiergintligence Podcast, November 2021, ‘Developments, Investments & Exoesiencs inthe Metaverse into the Metaverse is -exatiences-in the metavese/i 5939080272 ‘cessed January 2022, » zanetcom, January 2022. "Nigh Fidelity invest in Secon uf to expand virtual worl alae a ra. 2dne.com/atile/highfieliy-nvestsin-second:feto-eapand-irua-worl/, Accessed lanuary 2022. * Hboerg. NF Mart Supasie50 ion 22 New Estate Sows: alae a ows, Acessed January 2022. : esi 2 Sane ices ih eo len gue ere ce vallabe at nec: music partner th ha. sms ecessed sanuary 2022 « Graal, Noenber 2 THe METAVESE Web 3. Viral os Econom ava alcom/wp-conent/ploads/2001/11/6ayscale Metaverse Report Nox2001 pl. Access January 2022. "BC com, lanuary 202. ‘Walmart is quietly preparing to enter the metaverse: avalbl at 2, Accesses January 2022. (WBC com, November 202. ‘Nhe quietly preparing forthe metaverse: Avaale a rnb com/2031/1/02/nei-qietly preparing forthe: metaverse. Nm Accessed lanuary 2022. Marketing Dive, October 202. verizon showcases 56 with metaverse treasure hunt: Avalable a osd/ma.martingve.com/news/verizn-showcases-Sg-th-meloverse-ceasue-hunl/607746/ Accessed fanary 202 Cones any 22a Targets Sane onaow 2 Sees Cans Win Meta, HT BackeS Aaae a vaste oral sanary 222Aezounng Fm Stop Up Viral ann he Metvese vale rvs com/articls/ accounting irms-scoop-up irtualand-n the-netaveree 11641520500, Accessed Januaty 2022. falascom aut 2022, Hoes ga and ata mune ais OF sKn Opes Gnd FP! ale a 2080 foasae720R Accessed ant 2022. Dateorveninvestor, December 202.'Atar Token Going Metaverse wien he ari Casino’ Available at: omar i sccessd january 2022 + atthewBalle June 2021. "Payments, Payment Ral, ana Blockchains, andthe Metaverse Avalable at psdéma,mathenballacfalvmetaversepaymens- Accessed anuary 2022. * The Deadals Project, WMORPG Hours vs. TV Hours: Avalable at: fiipJ/ mw nickyee com/daedaus/archves/00085L pho Acesses February 2022. "Carne Chronicle, October 2007 'tuens get a'Second Lif’ inst ‘metanomcs’ course! Available a: ttosd/nens corn! ecu/stores/200720/iohasan-school-ocaesso-uses-vitua-ealy-lss. Accessed February 2022. * Republic Realm, The 2021 Metaverse Real Estate Report: Ayalabl at: tosd/mo.cepubicrealm,comfoos/the-2021-metaverse-rel-estate-epor, Accessed February 2022. "Blak ne 02 Decne al lr 14000 econ aia sep ri: ale a Accessed January 2022 © Nk December 202. MIKE, In Actes IFKT: valle a: psn ks com/news ie agus NK. crested amary 202 ° BoR December 202 hike Acquires Vital Fashion Start-Up RTFKT. Aalable ats tos businesofashio.con/artickes/tecnnolonnike-acquiesvitalashion-start-up-th/. Accessed fanuary 2022, ° SPN, ul 2020 ‘Billboard: Travis Scot's Astronomical rew mare than 48 milion viewers: Ava a: psd. cousdespors/stry/d/29532U7/blboard-ravs scott stonomical-drew mote-4 lin viewers. Accessed nary 2022. ° Forbes.com, November 2020 How ip-hop superstar TravsScott has became corporste America's brand whisperer: aval at: tps orbs. con/sites/aamrow/2020/1130/how hip hp superstar tavs-scat as become-corporate americas brand whisperer/2she2act74e? ‘Accessed January 2022 © 5, October 202. 1N-GAME ROVERTIING MARKET TO REACH USD 84 SLLION BY 2027, 15 GOING TO BOOM WITH RAPIDFRE INC, PLAYWIRE MEDIA LLC ATLAS ALPHAING, ENGAGE’ Avalabl at htpJlinsngws ne usiness/20/0/04/n-zame advertising marke rans. 1--Dlon-y 2027 going o-hoam-with. ‘apidie-ncolaywite-mediaseatlavalghesncengage), Accessed lary 2022. "1.9. Morgan, Payment & Cross-urrency oltons.Avalabl at as//nn.omocea.comdsolon/teasury-pavments/eaymentsand-ross-curency'sluons. ‘Accessed February 2022 ‘The information set forth herein has been obtained or derives from sources believed to be elale. Neither the authors nor LP. Morgan makes any representations or warranties as tothe informations accuracy of completenes. The information contained hersin has been provided solely fr informational purposes and does ot constitute an ofr solicaton advice or recommendation to make any investment decions or purchase any financial instruments, and may not be const ued 23s uch. fering ot any producto service described neein wl be subject to completion of development and internal review, as wll as obtaining any epultory approval wich maybe required l expressions of opinion nthe report are subject o change without notice and refit the judgment of he authors as ofthe date of publication. 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