The Way Forward: Crack or Crack? | Private Banking J.P. Morgan (2023)

All companies cited are for illustrative purposes only and are not a recommendation or endorsement by J.P. Morgan in this case.

All economic and market data through May 2023 are from Bloomberg Finance L.P. and FactSet unless otherwise noted.

The information presented is not intended to make value judgments about the preferred outcome of any government decision.

main risk.This material is for informational purposes only and may inform you of certain products and services offered by Private Banking, part of JPMorgan Chase & Co. (“JPM”). Products and services described, and associated fees, charges and interest rates, are subject to change in accordance with the applicable account agreement and may vary by geographic location. Not all products and services are available in all locations. If you have a disability and need additional assistance accessing this material, please contact your J.P. Morgan or email usaccesibilidad.support@jpmorgan.comask for help.Please read all important information.

General Risks and Precautions

Any opinions, strategies or products discussed in this material may not be suitable for everyone and involve risks.Investors may receive less than their investment and past performance is not a reliable indicator of future results.Asset allocation/diversification does not guarantee profits or protect against losses. Nothing in this material should be relied upon in isolation to make an investment decision. We urge you to carefully consider whether the service, product, asset class (eg, equities, fixed income, alternative investments, commodities, etc.) or strategy in question is suitable for your needs. Before making an investment decision, you should also consider the objectives, risks, charges and expenses associated with the service, product or investment strategy. For this and more comprehensive information, including a discussion of your goals/circumstances, please contact your J.P. Morgan

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Nothing in this document shall be construed as creating any duty of care or advisory relationship with you or any third party. Nothing in this document should be construed as a representation of J.P. Morgan and/or its officers or employees, whether or not such communications are at your request. J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before entering into any financial transaction.

Important Information Regarding Your Investments and Potential Conflicts of Interest

Whenever JPMorgan Chase Bank, N.A. or any of its affiliates (collectively "J.P. Morgan") has an actual or perceived financial or other incentive to act in J.P. Morgan's favor in managing our clients' portfolios. morgan. Conflicts will arise, for example (to the extent your account allows the following activities): (1) When J.P. Morgan invests in an investment product such as a mutual fund, structured product, separately managed account or Hedge funds issued or managed by Chase Bank, N.A.). or affiliates, such as J.P. Morgan Investment Management; (2) when a J.P. Morgan receives services from an affiliate, including trade execution and clearing; (3) when J.P. Morgan receives payments for investment purchases for client accounts; or (4 ) when J.P. Morgan charges a fee for services (including shareholder services, record-keeping or safekeeping) for investment products purchased for client portfolios. Other conflicts will arise from J.P. Morgan with other clients or from J.P. Morgan acting alone.

Investment strategies are selected from J.P. Morgan and external asset managers and undergo a review process by our manager research team. From this suite of strategies, our portfolio construction team selects those strategies that we believe align with our asset allocation objectives and forward-looking views to achieve the portfolio's investment objectives.

Overall, we prefer the strategy managed by J.P. morgan. We expect a proportion of strategies managed by J.P. JPMorgan excels (up to 100%, in fact) in strategies such as cash and high-quality fixed income, subject to applicable laws and any account-specific considerations.

While our internal management strategy is generally consistent with our forward-looking views, and we are familiar with the investment process and the firm's risk and compliance philosophy, it is important to note that J.P. Morgan charges more overhead when managed internally. Include strategy. We provide the option to opt out of policies administered by J.P. JPMorgan in certain portfolios (except cash and liquid products).

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In the United States, bank deposit accounts and related services such as checking, savings, and bank loans are provided byJPMorgan Chase Bank, North AmericaMember of the Federal Deposit Insurance Corporation.

JPMorgan Chase Bank, North Americaand its affiliates (collectively the "JPMorgan Chase Bank") offer investment products, which may include bank-managed investment accounts and custody, as part of its fiduciary and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered throughJ.P. Morgan Securities LLC (“JPMS”), a member ofFINRAyesSIPC.Insurance products are available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency doing business in the State of Florida as Chase Insurance Agency Services, Inc. JPMCB, JPMS, and CIA are affiliates under common control of JPM. Product not available in all states.

existGermany, this material is produced byJPMorgan, registered office at Taunustor 1 (TaunusTurm), 60310 Frankfurt am Main, Germany, authorized by the Federal Financial Supervisory Authority (BaFin) and supervised jointly by BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB)). .existLuxembourg, this material is produced byJ.P. Morgan SE – Luxembourg Branch, with its registered office at the European Banking and Commercial Centre, 6 route de Treves, L-2633, Senningerberg, Luxembourg, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and regulated by BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank ( ECB); J. P. Morgan SE – Luxembourg Branch also regulated by the Financial Sector Supervisory Commission (CSSF); registered under R.C.S Luxembourg B255938. insideU.K., this material is produced byJP Morgan - London Branch, with registered office at 25 Bank Street, Canary Wharf, London E14 5JP, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE – The London branch is also regulated by the Financial Conduct Authority and the Prudential Regulation Authority.Spain, this material consists ofJ.P. Morgan SE, Spanish branch, with its registered office at Paseo de la Castellana, 31, 28046 Madrid, Spain, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J. P. Morgan SE , the Spanish branch is also regulated by the National Securities Market Commission (CNMV); registered with the Bank of Spain as J.P. Morgan SE with code 1567. existItaly, this material consists ofJ.P. Morgan SE – Milan Branch, with registered office at Via Cordusio, n.3, Milan 20123, Italy, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE - Milan branch also regulated by the Bank of Italy and Commissione Nazionale per le Società e la Borsa (CONSOB); registered with the Bank of Italy as a branch of J.P. Morgan SE, Code 8076; Registered Chamber of Commerce of Milan: REA MI 2536325. existNetherlands, this material consists ofJ.P. Morgan SE – Amsterdam Branch, whose registered office is at Tower B, World Trade Center, Strawinskylaan 1135, 1077 Amsterdam, The Netherlands, authorized by the Federal Financial Supervisory Authority (BaFin) and regulated by BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); JP Morgan SE – The Amsterdam branch is also regulated by ABN AMRO Bank (DNB) and Autoriteit Financiële Markten (AFM). Registered with Kamer van Koophandel as J.P. Morgan SE, number 72610220. existDenmark, this material consists ofJ. P. Morgan SE – Copenhagen Branch, J.P. Morgan SE, Germany,Its registered office is at Kalvebod Brygge 39-41, 1560 København V, Denmark, authorized by the Federal Financial Supervisory Authority (BaFin) and regulated jointly by BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); JP Morgan SE – Copenhagen Branch, a subsidiary of J.P. Morgan SE, Tyskland is also regulated by Finanstilsynet (Danish FSA) and registered with Finanstilsynet as Morgan SE under J.P. code 29010.existSweden, this material consists ofJ. P. Morgan SE – Stockholm Branch Bank, with its registered office at Hamngatan 15, Stockholm, 11147, Sweden, authorized by the Federal Financial Supervisory Authority (BaFin) and regulated jointly by BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); JP Morgan SE – Stockholm Bankfilial is also regulated by Finansinspektionen (Swedish FSA); registered in Finansinspektionen as J.P. Morgan SE.InFrance, this material consists ofJPMorgan Chase Bank, North America - Paris Branch, with registered office at 14, Place Vendome, Paris 75001, France, registered with the Commercial Court of Paris under number 712 041 334, authorized by the Autorité de Contrôle Prudentiel et de Resolution (ACPR) and regulated by ACPR and the Financial Regulatory Market Authority. existSwiss, this material consists ofJ.P. McCarthy Morgan (Switzerland) Ltd., with its registered office at rue du Rhône, 35, 1204, Geneva, Switzerland, is a banking and securities dealer authorized and regulated by the Swiss Financial Market Supervisory Authority (FINMA).

In Hong Kong, this material is distributed by JPMorgan Chase & Co., Hong Kong Branch. JPMorgan Chase Hong Kong Branch is regulated by the Hong Kong Monetary Authority and the Hong Kong Securities and Futures Commission. In Hong Kong, we will stop using your personal data for our marketing purposes free of charge if you request it. In Singapore, this material is distributed by JPMCB Singapore Branch. JPMCB Singapore Branch is regulated by the Monetary Authority of Singapore. JPMCB Hong Kong/Singapore Branch (as you have been notified) provides you with transactional and advisory services and discretionary investment management services. JP Morgan Singapore Branch provides banking and custody services. The contents of this document have not been reviewed by any regulatory authority in Hong Kong, Singapore or any other jurisdiction. It is recommended that extreme care be taken with this document. If you are in any doubt about any of the contents of this document, you should seek independent professional advice. This advertisement has not been reviewed by the Monetary Authority of Singapore for material which constitutes an advertisement of a product under the Securities and Futures Act and the Financial Advisers Act. JPMorgan Chase Bank, N.A., a national banking association incorporated under the laws of the United States, as a legal entity the liability of its shareholders is limited.

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References to "J.P. Morgan" represent J.P. Morgan Chase & Co. and its subsidiaries and affiliates worldwide. "J.P. Morgan Private Bank" is the trade name of the private banking business conducted by JPMorgan Chase & Co. This material is for your personal use only and may not be distributed or used by any other person, or reproduced for non-personal use, without our permission. If you have any questions or if you no longer wish to receive these communications, please contact your J.P. Morgan.

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