JACI Month-End Estimated Composition

Research evidence excerpt

JACI Month-End Estimated Composition

J P M O R G A N Global Index Research

24 July 2026

JACI Month-End Estimated

Composition

July 2026

Global Index Research

Spardha Nevatia AC

(91-22) 6157-3674

spardha.nevatia@jpmchase.com

Garima Bhambhani AC

Estimated index compositions are provided as of a particular date as a courtesy for (91-22) 6126-1742

garima.bhambhani@jpmchase.com

general information purposes only and are subject to potentially significant J.P. Morgan India Private Limited

changes (including inclusions, exclusions or weight changes pursuant to the pre-

determined and established index methodology) prior to actual calculation of the

index composition. Final compositions are published on J.P. Morgan Markets

(“JPMM”) on the rebalance date. For more information, please consult JPMM or

your J.P. Morgan representative. Full disclosures are available at https://

www.jpmm.com/research/content/GPS-

Vedanta Resources Debt Exchange

Indian conglomerate Vedanta Resources (VEDLN) has completed a tender offer

and debt exchange as part of its refinancing exercise. Following the debt exchange,

the VEDLN index weight is expected to decrease by 16 bps to 0.27% in the JACI,

and by 115 bps to 2.06% in the JACI HY. For additional details, see Index Alert:

Vedanta Resources Debt Exchange.

Fixed-to-Variable Rate Notes to Remain in the Index

Fixed-to-Variable rate instruments will remain part of the Index composition

provided they satisfy all other Index eligibility criteria.These securities will be

removed from the Index if they are bought back (called) by the issuer, which is

consistent with the treatment of other index securities. Risk analytics (including

yield, spread, avg life, etc) for these securities will be calculated with reference to