Defining Your Strategic Asset Allocation

MARCH 2024

This material is for information purposes only, and not an offer or solicitation to enter into a transaction. The information provided herein is intended to inform you of certain
investment products and services offered by J.P. Morgan’s private banking business, part of JPMorgan Chase & Co. This material is intended for your personal use and should not be
circulated to any other person without our permission. Any use, distribution or duplication by anyone other than the recipient is prohibited. The views and strategies described herein may
not be suitable for all investors and are subject to investment risks. Certain opinions, estimates, investment strategies and views expressed in this document constitute our judgment
based on current market conditions and are subject to change without notice. This material should not be regarded as research or as a J.P. Morgan research report. Investors may get
back less than they invested. The information contained herein should not be relied upon in isolation for the purpose of making an investment decision. More complete information is
available, including product profiles, which discusses risks, benefits, liquidity and other matters of interest. For more information on any of the trade ideas and products illustrated herein,
please contact your J.P. Morgan representative. Past performance is no guarantee of future results.

Please read the Important Information section at the end of this presentation.

INVESTMENT PRODUCTS: • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Executive Summary

• Our goal is help you define the long term strategic asset allocation that will achieve
your long term goals.

• In this presentation, we use our long-term capital market assumptions to project

returns and volatility for various strategic asset allocations.

• J.P. Morgan’s forward-looking return assumptions are based on expected benchmark

and average return outcomes for the next 10-15yrs. In addition, we also provide you
with back-testing and stress-testing under different scenarios.

CONFIDENTIAL AND PROPRIETARY 2

J.P. Morgan’s Long-Term Capital Market Assumptions

Central Banks, Sovereign Wealth Funds, Pension Funds, Insurance Companies, and Endowments and Foundations
around the world use our Long-Term Capital Market Assumptions (LTCMAs) to define, review and analyse strategic
asset allocations and make policy level decisions.

We formulate our LTCMAs as part of a deeply researched proprietary process that draws on quantitative and qualitative inputs as
well as insights from experts across J.P. Morgan Asset Management. Our own multi-asset investment approach relies heavily on
our LTCMAs: the assumptions form a critical foundation of our framework for designing, building and analysing solutions aligned
with our clients’ specific needs.

Analytical Methodology

▪ Defined risk and return projections over 15-year horizon for more than 60 asset and strategy
classes.

▪ Differentiated from using historic performance as basis for future returns.

▪ 2024 LTCMAs is the 28th edition.

▪ Establishing a strategic framework is an iterative process and should be reviewed periodically.

Source: J.P. Morgan Asset Management Long-Term Capital Market Assumptions

CONFIDENTIAL AND PROPRIETARY 3

Our J.P. Morgan LTCMAs have accurately stood the test of time
The below chart illustrates that the expected portfolio returns from our LTCMAs from 2006 accurately predicted returns over
the long term.
2006 Capital Markets Summary Assumptions for a 30% US Large Cap, 25% EAFE Equities, 7% Hedge Funds, 3% Private Equity, 35% US Aggregate Bonds
allocation: Long-term Arithmetic Return = 7.8%, Long-term Volatility = 8.6% (initial value = $100MM, no taxes)
RANGE OF PROJECTED ASSET VALUES*

95th percentile*
Simulated historical returns***
($MM)
Most probable Asset allocation expectations from 2006
50th percentile*
asset values*
5th percentile* 565
550
518
475
450
436
399
365
350
334 329
305 306
279 286
254 266 293
250 248 253
231 232 233 262
210 216 205
190 201 196 191
175 188 178 181
172 163 168 170 163 172
150 155 152 159 147 155
139 132 142 138 133 140
122 114 115 124 123 123 124 115 121 127
107
94 96 98 94 102 112 106 110

50
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

IMPORTANT: The projections or other information generated by the Morgan Asset Projection System (“MAPS”) regarding the likelihood of various investment outcomes are hypothetical in
nature, do not reflect actual or estimated investment vehicle results and are not guarantees of future results. The results may vary with each use and over time.
Note: This is a projection used for illustrative purposes only and does not represent investment in any particular vehicle. References to future asset values are not promises or even estimates of actual returns
you may experience. Past performance is no guarantee of future results. It is not possible to invest directly in an index.
* “Most probable asset values,” denoted by the darkly shaded area, indicates the range in and around the 50th percentile. The “50th percentile” indicates the middle value of the entire range of probable
asset values. The “95th percentile” value indicates that 95% of the probable asset values will be equal to or below that number; the “5th percentile” value indicates that 5% of the probable asset values will be
equal to or below that number. Another way of looking at it is 90% of the probable asset values will be between those two figures.
** 2006 Asset Allocation expectations assume annual rebalancing, no taxes, and no cash flows.
*** Simulated historical returns are calculated by assigning a relevant index to each asset class and blending the returns of those indices according to the asset allocation, which remained fixed for the entire
period and assumed monthly rebalancing. Results do not reflect actual asset allocation or performance of any portfolio or account over this period. All returns are based on index data. Indices used: S&P
500 Index, MSCI EAFE Index, HFRI Fund of Funds Diversified Index, Cambridge Associates US Buyouts and Growth Equity Index (proxied with S&P 500 Index from Sep – Dec 2022), Bloomberg Barclays
US Aggregate Bond Index.

CONFIDENTIAL AND PROPRIETARY 4

2024 Long-Term Capital Market Assumptions
It is important to note that these assumptions are at an asset class level and represent average returns for each asset class
per year for the next 15 years. They therefore exclude any potential for excess returns through manager selection and
tactical asset allocation.

Our LTCMAs define risk and return projections for more than 60 asset and strategy classes. Just to give you a feel of the
projections for some of the areas of the market, we have listed a selection below.

Asset Class Return Volatility Yield

US Large Cap 8.2% 16.2% 1.6%
European Large Cap 10.6% 19.3% 3.4%
Japanese Equity 10.4% 15.6% 2.7%
Emerging Markets Equity 10.8% 21.2% 2.6%
Diversified Hedge Funds 5.2% 5.8% 0.0%
Private Equity 11.5% 20.1% 0.0%
Venture Capital 11.3% 22.2% 0.0%
Direct Lending 9.3% 13.2% 6.5%
US Direct Real Estate 8.0% 10.6% 4.7%
European Core Real Estate 8.1% 12.8% 3.2%
Global Infrastructure 7.4% 11.2% 3.4%
Global Core Transport 8.6% 14.1% 8.7%
Global Aggregate Bonds hed 4.7% 3.5% 3.4%
US Cash 2.9% 0.6% 2.8%

Source: J.P. Morgan

Returns expectations are arithmetic. Volatility expectations are annualized. This chart should not be relied upon as a recommendation to buy or sell securities. Forecasts of financial market trends that are based on
current market conditions constitute our judgment and are subject to change without notice. References to specific asset classes and financial markets are for illustrative purposes only and are not intended to be,
and should not be interpreted as, recommendations. The return measures incorporate J.P. Morgan’s proprietary projections of the return and volatility of each asset class over the long-term, as well as long-term
estimates of the correlations among asset classes. Clearly, neither J.P. Morgan nor any other financial firm can predict how markets will perform in the future. In reviewing this material, please understand that
references to returns are not promises, or even estimates, of actual returns one may achieve. They simply show what the long-term return should be, according to our best estimates. Actual performance may differ
from these assumptions.

CONFIDENTIAL AND PROPRIETARY 5

Enhancing Potential Returns Through Active Asset Allocation and
Manager Selection
As you can see below, the highest dispersion in returns comes from the Alternatives space (Private Equity, Venture Capital,
Real Estate and Hedge Funds). The LTCMAs provide an estimate of the return of the median manager, not those in the first
and second quartile. J.P. Morgan has a proven track record of selecting some of the best managers who have generated
excess returns above and beyond the median manager*.
Top quartile
Public and private manager dispersion
Median
Based on returns over a 10-year window*
Bottom quartile

30%
25.0%
24.6%
25%

16.7%
20%

14.3%
15%
9.5%
9.3%

10%

8.5%
7.4%
5% 2.1%
4.3%

0%
0.9% 0.1% -0.1%

-3.0%
-5%
U.S. Fund Global U.S. Fund Global Bonds U.S. Core U.S. Non-core Global Private Equity Global Venture Capital Hedge Funds
Equities Real Estate Real Estate

Source: Burgiss, NCREIF, Morningstar, PivotalPath, J.P. Morgan Asset Management.

Global equities (large cap) and global bonds dispersion are based on the world large stock and world bond categories, respectively. *Manager dispersion is based on the annual returns for U.S. Fund Global
Equities, U.S. Fund Global Bonds, Hedge Funds, and U.S. Core Real Estate are over a 10-year period ending 2Q 2023. Non-core Real Estate, Global Private Equity and Global Venture Capital are represented by
the 10-year horizon internal rate of return (IRR) ending 1Q 2023. U.S. Fund Global Equities and Bonds are comprised of U.S.-domiciled mutual funds and ETFs. Data are based on availability as of August 31, 2023.
Outlooks and past performance are not reliable indicators of future results.

CONFIDENTIAL AND PROPRIETARY 6

Forward-Looking Assumptions For Your Strategic Asset Allocation
Our forward-looking expectations for a range of allocations use J.P. Morgan’s Long-Term Capital Market Assumptions
(LTCMAs). This is not a prediction of what J.P. Morgan can achieve – it is based on our forward-looking assumptions for
average asset class returns.
100% Cash Conservative Balanced

Equities 35 35

Alternatives 55 55

Fixed Income/Cash 10 10
100

Summary Assumptions* (based on 2024 USD LTCMAs)

Long-term Return 2.9% 6.1% 7.1%
Long-term Volatility 0.6% 6.8% 9.9%
Long-term Yield 2.8% 2.6% 2.3%
Long-term Sharpe Ratio 0.00 0.47 0.42
EQUITIES 0.0% 35.0% 55.0%
Developed World Equity 0.0% 35.0% 55.0%
ALTERNATIVES 0.0% 10.0% 10.0%
Diversified Hedge Funds Balanced 0.0% 0.0% 10.0%
Diversified Hedge Funds Conservative 0.0% 10.0% 0.0%
FIXED INCOME/CASH 100.0% 55.0% 35.0%
Global Aggregate Bonds 0.0% 55.0% 35.0%
US Cash 100.0% 0.0% 0.0%

¹ Summary Assumptions are for informational purposes only and calculated based on the Firm’s annual Capital Market Assumptions to reflect blended summary allocation statistics weighted by asset class. The Summary Assumptions for return
represent the pre-tax average of the Monte Carlo return simulations for the relevant asset classes. These Summary Assumptions are not a guarantee, prediction or projection of future results; rather, they explain the assumptions used to create the
Wealth Projection ranges in the pages that follow. All statistics are pre-tax. See “Understanding Long-term Estimates” for additional assumptions.
These are J.P. Morgan Strategic Model Allocations and are presented for illustrative purposes only. Your actual portfolio will be constructed based upon investments for which you are eligible and based upon your personal investment
requirements and circumstances. Consult your advisor regarding the minimum asset size necessary to fully implement these allocations.
Source: J.P. Morgan Private Bank, March 2024.
J.P. Morgan offers specialized financial services through legal entities licensed for specific activities. The type of account you open, your investment objectives, and other factors will ultimately determine the range of products and services of which
you can avail yourself. Not all accounts or services can provide a strategic investment plan.

CONFIDENTIAL AND PROPRIETARY 7

Risk Analysis: Backtesting the Asset Allocations
Simulated historical data is based upon indices
Jan 1994 – Dec 2023 100% Cash Conservative Balanced
Historical Statistics
Annualized return 2.4% 5.9% 6.5%
Annualized volatility 0.6% 6.1% 9.0%
Weighted average volatility of assets 0.6% 7.5% 10.1%
Sharpe Ratio 0.00 0.59 0.49
95% Value-at-Risk (1 month) -0.1% -2.7% -4.1%
Allocation Characteristics
Correlation to Developed World Equity 0.00 0.95 0.99
% Negative months 0.0% 34.2% 35.8%
Maximum drawdown 0.0% -22.1% -34.2%
Worst 3 month return 0.0% -13.4% -20.3%
Average recovery time for 10% to 20% drawdowns NA NA 8 mos / 2 occurs
Avg. recovery time for 20% to 30% drawdowns NA 19 mos / 1 occur 25 mos / 1 occur
Avg. recovery time for greater than 30% drawdowns NA NA 26 mos / 1 occur
Market Participation (vs. Developed World Equity)
Beta 0.00 0.38 0.58
Upcapture 5.8% 45.0% 63.1%
Downcapture -5.4% 32.1% 54.7%
Historical Drawdown
Developed World Equity 100% Cash Conservative Balanced
94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23
0%

-20%

-40%

-60%

Source: J.P. Morgan, Bloomberg Finance L.P. Source date: March 2024.
The presented information reflects historical index data and does not represent actual investments, actual transactions or historical returns in the accounts of J.P. Morgan clients.
Because the asset allocations were selected after the testing period and with the benefit of hindsight, the hypothetical data shown may be higher or lower than the returns of a portfolio that would have actually been
recommended during the time period shown. Indices are not investment products and may not be considered for investment. This represents simulated past performance and past performance is not a reliable
indicator of future performance.

CONFIDENTIAL AND PROPRIETARY 8

Risk Analysis: Backtesting the Asset Allocations
Simulated historical data is based upon indices
Jan 1994 – Dec 2023 100% Cash Conservative Balanced

Worst Period Returns

Worst 3 month return 0.0% -13.4% -20.3%
Worst 3 month return end date Jan 12 Nov 08 Nov 08
Worst 1 year return 0.0% -19.6% -29.6%
Worst 1 year return end date Aug 15 Feb 09 Feb 09
Worst 3 year return (annualized) 0.0% -3.1% -7.6%
Worst 3 year return end date Nov 15 Feb 09 Mar 03
Worst 5 year return (annualized) 0.1% 0.8% -0.9%
Worst 5 year return end date Dec 15 Feb 09 Feb 09

Best Period Returns

Best 3 month return 1.6% 11.2% 17.1%
Best 3 month return end date Dec 00 May 09 May 09
Best 1 year return 6.0% 22.7% 32.1%
Best 1 year return end date Feb 01 Feb 10 Feb 10
Best 3 year return (annualized) 5.4% 14.5% 16.3%
Best 3 year return end date Oct 97 Feb 98 Feb 98
Best 5 year return (annualized) 5.3% 13.2% 15.2%
Best 5 year return end date Mar 01 Dec 99 Dec 99

Frequency of Returns
Frequency of loss, 1 year rolling 0.0% 16.6% 21.2%
Frequency of loss, 3 year rolling 0.0% 4.3% 13.5%
Frequency of loss, 5 year rolling 0.0% 0.0% 1.0%
% Beating inflation, 3 year rolling 38.2% 79.1% 77.8%
% Beating inflation, 5 year rolling 35.5% 95.7% 83.1%

Source: J.P. Morgan, Bloomberg Finance L.P. Source date: November 2023.
The presented information reflects historical index data and does not represent actual investments, actual transactions or historical returns in the accounts of J.P. Morgan clients.
Because the asset allocations were selected after the testing period and with the benefit of hindsight, the hypothetical data shown may be higher or lower than the returns of a portfolio that would have actually been
recommended during the time period shown. Indices are not investment products and may not be considered for investment. This represents simulated past performance and past performance is not a reliable
indicator of future performance.

CONFIDENTIAL AND PROPRIETARY 9

Risk Analysis: Stress Testing the Asset Allocations
During Historical Market Crises
Simulated historical returns of indices and asset allocations
AUGUST 1998: RUSSIA / LONG TERM CAPITAL MANAGEMENT CRISIS1 MARCH 2000 – SEPTEMBER 2001: TECH BUBBLE BURSTS2

Developed HFRI FoF Developed

World Equity Diversified 100% Cash Conservative Balanced World Equity NASDAQ 100% Cash Conservative Balanced
8.6%
0.4%
-29.6% -2.6% -12.7%
-13.4% -7.7% -7.5% -68.1%
-4.1%
3 mos 10 mos 1 mo 2 mos 3 mos 50 mos 158 mos 1 mo 2 mos 27 mos
Recovery Time Recovery Time

SEPTEMBER 2001: 9/11 TERROR STRIKES3 2001 – 2002: US RECESSION4

Developed
Developed World Equity S&P 500 100% Cash Conservative Balanced
World Equity S&P 500 100% Cash Conservative Balanced 5.9%

0.3% -4.1% -14.4%

-33.4% -31.4%
-8.8% -8.1% -2.7% -4.8%
27 mos 2 mos 1 mo 2 mos 3 mos 24 mos 31 mos 1 mo 5 mos 12 mos

Recovery Time Recovery Time

NOVEMBER 2007– FEBRUARY 2009: CREDIT / ECONOMIC CRISIS5 FEBRUARY 2020 – MARCH 2020: 2020 STOCK MARKET CRASH6

Developed S&P 500 Developed

World Equity Financials 100% Cash Conservative Balanced World Equity S&P 500 100% Cash Conservative Balanced
2.5% 0.3%
-34.2% -12.5%
-54.0% -76.5% -22.1% -20.6% -19.6% -8.4%
53 mos 94 mos 1 mo 19 mos 26 mos 5 mos 4 mos 1 mo 4 mos 4 mos
Recovery Time Recovery Time
Source: J.P. Morgan, Bloomberg Finance L.P. Source date: March 2024
Time periods: 17/31/1998–8/31/1998; 22/29/2000–9/30/2001; 38/31/2001–9/30/2001; 412/31/2000–12/31/2002; 510/31/2007–2/27/2009; 61/31/2020–3/31/2020
The presented information reflects historical index data and does not represent actual investments, actual transactions or historical returns in the accounts of J.P. Morgan clients.
Because the asset allocations were selected after the testing period and with the benefit of hindsight, the hypothetical data shown may be higher or lower than the returns of a portfolio that would have actually been
recommended during the time period shown. Indices are not investment products and may not be considered for investment.
This represents simulated past performance and past performance is not a reliable indicator of future performance.

CONFIDENTIAL AND PROPRIETARY 10

Wealth Projection for $6m Portfolio with $20k Monthly Spend

RANGE OF PROJECTED WEALTH VALUES1

($mm)
100% Cash
30
95th percentile²
Conservative
Most probable 50th percentile²
wealth values² Balanced
25 25.2
5th percentile²
CVaR²

20
18.7

16.0
15
13.5
13.0

10.6
10 9.8 9.7
8.5 8.7
5.7 7.7 7.5 7.8
6.8 7.0
6.5 5.1
5 5.4 5.6 4.1
5.0 4.6 4.7 4.9 4.5 2.8
5.4 4.0 3.9 3.9
4.7 4.6 3.6 3.3 2.5
4.2 4.0 2.9
3.4 3.6 2.2 2.3
3.2
2.5 2.1 2.0
0 1.2

Year 5 Year 10 Year 15 Year 20

IMPORTANT: The projections or other information generated by the Morgan Asset Projection System (“MAPS”) regarding the likelihood of various investment outcomes are hypothetical in nature, do
not reflect actual or estimated investment vehicle results and are not guarantees of future results. The results may vary with each use and over time. Furthermore, the material is incomplete without
reference to, and should be viewed in conjunction with, the verbal briefing provided by J.P. Morgan representative. For further information, see page entitled “Understanding long-term estimates.”
¹ Calculations based upon assumptions listed above and no tax applied. An assumed 2.5% inflation rate is applied to the annual spending. For allocation details, see asset allocation page.
² “Most probable wealth values,” denoted by the darkly shaded area, indicates the range in and around the 50th percentile. The “50th percentile” indicates the middle wealth value of the entire range of probable
wealth values. The “95th percentile” wealth value indicates that 95% of the probable wealth values will be equal to or below that number; the “5th percentile” wealth value indicates that 5% of the probable wealth
values will be equal to or below that number. CVaR here is defined as the average allocation value in the worst 5% of the simulations.

CONFIDENTIAL AND PROPRIETARY 11

IMPORTANT INFORMATION

Understanding long-term estimates

Our investment management research incorporates our proprietary projections of the returns and volatility of each asset class over the long term, as well as estimates of the correlations
among asset classes. Clearly, financial firms cannot predict how markets will perform in the future. But we do believe that by analyzing current economic and market conditions and
historical market trends, and then, most critically, making projections of future economic growth, inflation, and real yields for each country, we can estimate the long-term performance for
an entire asset class, given current and our estimated equilibrium levels. The “equilibrium” level shows the average or central tendency of a market or macroeconomic variable such as
yield or credit spread that is expected to prevail over the long-term, because the level represents the value inherent in a given market. The return assumptions are based on our
proprietary process of using a building block approach for each of the asset classes. For instance, the building blocks for equity consist of our projections on inflation, real earnings
growth, dividend yield and the impact of valuations. The building blocks for fixed income consist of our projections for future yields and the change in bond prices. The estimates for
alternatives are driven by our historical analysis and judgment about the relationship to public markets. It is possible – indeed, probable – that actual returns will vary considerably from
this expectation, even for a number of years. But we believe that market returns will always at some point return to the equilibrium trend. We further believe that these kinds of forward-
looking assessments are far more accurate than historical trends in deciding what asset class performance will be, and how best to determine an optimal asset mix.

In reviewing this material, please understand that all references to expected return are not promises, or even estimates, of actual returns one may achieve. The assumptions are not
based on specific products and do not reflect fees, such as investment management fees, oversight fees, transaction costs or other expenses that could reduce return. They simply show
what the long-term return should be, according to our best estimates of current and equilibrium conditions. Also note that actual performance may be affected by the expertise of the
person who actually manages these investments, both in picking individual securities and possibly adjusting the mix periodically to take advantage of asset class undervaluations and
overvaluations caused by market trends.

For the purpose of this analysis volatility is defined as a statistical measure of the dispersion of return for a given allocation and is measured as the standard deviation of the allocation’s
arithmetic return. The Sharpe ratio is a return/risk measure, where the return (the numerator) is defined as the incremental annual return of an investment over the risk free rate. Risk (the
denominator) is defined as the standard deviation (volatility) of the allocation’s return less the risk free rate. The risk free rate utilized is J.P. Morgan’s long-term assumption for Cash.
Correlation is a statistical measure of the degree to which the movements of two variables, in this case asset class returns, are related. Correlation can range from -1 to 1 with 1 indicating
that the returns of two assets move directionally in concert with one another, i.e. they behave in the same way during the same time. A correlation of 0 indicates that the returns move
independently of each other and -1 indicates that they move in the opposite direction.

CONFIDENTIAL AND PROPRIETARY 12

IMPORTANT INFORMATION

Important information
This material is for information purposes only, and may inform you of certain products and
services offered by private banking businesses of JPMorgan Chase & Co. (“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 J.P. Morgan
team or email us at accessibility.support@jpmorgan.com for assistance. Please read all
Important Information.
GENERAL RISKS & 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 services, products, asset classes (e.g.
equities, fixed income, alternative investments, commodities, etc.) 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/situation, contact your
J.P. Morgan team.
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part of this material. No representation or warranty should be made with regard to any
computations, graphs, tables, diagrams or commentary in this material, which are provided for
illustration/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 and 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.
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As a general matter, we prefer J.P. Morgan managed strategies. We expect the proportion of J.P.
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example, cash and high-quality fixed income, subject to applicable law and any account-specific
considerations.
While our internally managed strategies generally align well with our forward-looking views, and
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managed strategies are included. We offer the option of choosing to exclude J.P. Morgan
managed strategies (other than cash and liquidity products) in certain portfolios.

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Conflicts of interest will arise whenever JPMorgan Chase Bank, N.A. or any of its affiliates

CONFIDENTIAL AND PROPRIETARY 13

IMPORTANT INFORMATION

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JPMS and CIA are affiliated companies under the common control of JPM. Products not available Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE – Stockholm
in all states. Bankfilial is also supervised by Finansinspektionen (Swedish FSA); registered with
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REA MI 2536325. In the Netherlands, this material is distributed by J.P. Morgan SE –
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CONFIDENTIAL AND PROPRIETARY 14

IMPORTANT INFORMATION

Legal entity, brand, & regulatory information

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CONFIDENTIAL AND PROPRIETARY 15