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The information contained in this website is intended for use by Institutional Investors in the United States only. It is not intended for use by non-U.S. entities or for retail investors. “Institutional Investor” would include pension funds, investment company registered under the investment Company Act of 1940, Financial Intermediaries, Consultants, Endowments & Foundations and investment advisors registered under the investment Advisors Act of 1940, After you have read the information herein, you will be instructed to click to: 1) acknowledge that you are an “institutional investor” 2) that you accept the information herein, as well as the Terms of Use , the Privacy/Security and Cookie policies set out below and, 3) accept the delivery of this website in English.

Certain content has been obtained from sources that JPMAM believes to be reliable as of the date presented; however, JPMAM cannot guarantee the accuracy of such content, assure its completeness, or warrant that such information will not be changed. The content contained herein is current as of the date of issuance (or such earlier date as referenced herein) and is subject to change without notice. JPMAM has no obligation to update any or all such Content; nor do we make any express or implied warranties or representations as to its completeness or accuracy. Any Content presented regarding the affiliates of JPMAM is presented purely to facilitate an organizational overview and is not a solicitation on behalf of any affiliate. The content is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services. The content does not constitute investment advice and should not be used as the basis for any investment decision.

The content does not take into account individual Institutional Investor circumstances, objectives or needs. No determination has been made regarding the suitability of any securities, financial instruments or strategies for any Institutional Investor. The content is provided on the basis and subject to the explanations, caveats and warnings set out in this notice and elsewhere herein. The Content does not purport to provide any legal, tax or accounting advice. Any discussion of risk management is intended to describe JPMAM’s efforts to monitor and manage risk but does not imply low risk.

RISKS ASSOCIATED WITH INVESTING. The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the portfolio or the securities market as a whole, such as changes in economic or political conditions. Equity securities are subject to “stock market risk” meaning that stock prices in general (or in particular, the prices of the types of securities in which a portfolio invests) may decline over short or extended periods of time. When the value of a portfolio’s securities goes down, an investment in a fund decreases in value. There is no guarantee that the use of long and short positions will succeed in limiting a strategy’s exposure to domestic stock market movements, capitalization, sector-swings or other risk factors. Investing in emerging markets carry additional risk relative to investments in developed markets. Investment in a portfolio involved in long and short selling may have higher portfolio turnover rates. This will likely result in additional tax consequences. Short selling involves certain risks, including additional costs associated with covering short positions and a possibility of unlimited loss on certain short sale positions. Fixed income investing is subject to the risk that a counterparty will fail to make payments when due or default completely. If an issuer’s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for an investor to sell such investments. Changes in foreign currency exchange rates will affect the value of fixed income securities .For example, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country’s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets. High yield fixed income securities are considered to be speculative and are subject to greater risk of loss, greater sensitivity to economic changes, valuation difficulties and potential illiquidity. Loans are subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, and lack of publicly available information. Derivatives, including futures contracts, options, swaps, credit default swaps, forward contracts and currency forwards, may be riskier than other types of investments and may increase the volatility of a portfolio. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the original investment. Derivatives create exposure to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, an investor does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so an investor may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. In addition, given their complexity, derivatives can be mispriced or improperly valued.

Conflict of interest: JPMAM and its affiliates may make investment decisions that are inconsistent with the recommendations or views expressed herein, including for proprietary accounts of JPMAM or its affiliates. JPMAM and its affiliates may have investment advisory or other business relationships with the issuers of securities referenced herein. JPMAM and its affiliates, officers, directors and employees may from time to time have long or short positions in and buy or sell securities or financial instruments referenced herein. JPMAM affiliates may develop and publish research that is independent of, and different than, the recommendations contained herein. JPMAM personnel other than those involved in the creation of the website or Content, such as sales, marketing and trading personnel, may provide oral or written market commentary or ideas to JPMAM’s clients or prospects or proprietary investment ideas that differ from the views expressed herein.

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Terms of Use

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You acknowledge that J.P. Morgan may disclose and transfer any information that you provide through this website to (i) any company within the J.P. Morgan group, its affiliates agents or information providers; (ii) to any other person or entity with your consent; or (iii) if we have a right or duty to disclose or are permitted or compelled to so disclose such information by law. You consent to the transmission, transfer or processing of such information to, or through, any country in the world, as we deem necessary or appropriate, and by using and providing information through this website you agree to such transfers. Any information about you that we provide through this website to third parties will comply with applicable law within the various regions.

Use of this website may be monitored, tracked and recorded. Anyone using this website expressly consents to such monitoring, tracking and recording. You are responsible for being familiar with the current version of these Terms and Conditions posted on the Website during each session

Authorized Users and, Authorized

The information on this website is intended to be accessed exclusively by Institutional Investors, as defined in each region. This website is not directed to any person in any jurisdiction where (by reason of that person's nationality, residence or otherwise) the publication or availability of this website is prohibited. Persons in respect of whom such prohibitions apply must not access this website. It is the responsibility of any persons who access the information contained herein to observe all applicable laws and regulations of their relevant jurisdiction. By proceeding, you are representing and warranting that the applicable laws and regulations of your jurisdiction allow you to access the information.

Authorized Use - No solicitations

The information contained in this website does not constitute a distribution, an offer to sell or the solicitation of an offer to buy any securities, nor is the information directed at any jurisdiction in which such offer, sale or recommendation is not authorized.

Authorized Use - No investment recommendations or professional advice

The information contained in this website does not constitute investment advice. An investment in strategies mentioned in this website may not be suitable for all investors and if you are unclear about any of the information on this website, please consult a J.P. Morgan Asset Management representative.

Content and Downloading Disclaimers

We believe that the information contained on the website is accurate as at the date of publication, however no warranty is made as to the accuracy, suitability, usefulness, reliability or completeness of any such information and no liability in respect of any errors or omissions (including any third party liability) is accepted by us or any of our directors or employees. The use of this website and the delivery ("Delivery") of information or documents by us or our agents through this website or via electronic mail or other modes of delivery, is at your own risk. No warranty is given that the content of this website and the Delivery (including any such information) will be error free or that this website or any servers that operate it or the Delivery are free of computer viruses or other harmful components.

Reasonable precautions have been taken to ensure that website content, including account information and pricing data, are complete and accurate. However, due to the nature of information delivery technology and the necessity of using multiple data sources, including third party content, we are unable to assure the accuracy of the data you access through this website. Website content is presented only as of the date published or indicated and may be superseded by subsequent market events or other reasons. We have no duty to update this website or any website content. We shall not be liable to you or any third party for any damages arising from any actions or investment decisions taken by you based on the accuracy (or otherwise) of the data presented through this website. We (including our directors and employees) may or may not have a position in or with respect to the securities mentioned herein.

Third Party Content Providers, Sites, Referrals, Hyperlink Policy and Disclaimers

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Our decision to provide referral information to a third party or to pass on an offer made by a third party vendor or to provide a link from our website to a third party website is not an endorsement of the third party, their products or services, or their website accessed through any such links. We are not responsible for the opinions, ideas, products, information, or services offered at such sites. We make no representations or warranties, express or implied, as to third party products, services, content, tools, information and website, and do not guarantee their accuracy, timeliness, completeness, reliability, suitability or usefulness for any particular purpose as we have no control over the content on such non proprietary websites. We advise and encourage you to do your own research and make your own assessment. We do not warrant that such site or content is free from any claims of copyright, trademark, or other infringement of the rights of third parties or that such site or content is devoid of viruses or other contamination. Your access, use and reliance upon such content, products or services is at your own risk.

Links to non-J.P. Morgan Websites are provided solely as pointers to information on topics that may be useful to users of the J.P. Morgan Websites, and J.P. Morgan has no control over the content on such non-J.P. Morgan Websites. If you choose to link to a Website not controlled by J.P. Morgan, J.P. Morgan makes no warranties, either express or implied, concerning the content of such site, including the accuracy, completeness, reliability, or suitability thereof for any particular purpose, nor does J.P. Morgan warrant that such site or content is free from any claims of copyright, trademark, or other infringement of the rights of third parties or that such site or content is devoid of viruses or other contamination. J.P. Morgan does not guarantee the authenticity of documents on the Internet. Links to non-J.P. Morgan sites do not imply any endorsement of or responsibility for the opinions, ideas, products, information, or services offered at such sites, or any representation regarding the content at such sites.

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The works of authorship contained in the jpmorganfleming.com/am website (the "Website"), including but not limited to all design, text, sound recordings, and images, are owned, except as otherwise expressly stated, by JPMorgan Chase & Co. or one of its subsidiaries, ("JPMorgan"). Except as otherwise expressly stated herein, they may not be copied, transmitted, displayed, performed, distributed (for compensation or otherwise), licensed, altered, framed, stored for subsequent use, or otherwise used in whole or in part in any manner without J.P. Morgan's prior written consent.

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Web content and materials

The information on this Website is for information purposes only. It is believed to be reliable, but J.P. Morgan does not warrant its completeness, timeliness or accuracy. The information on the Website is not intended as an offer or solicitation for the purchase of JPMorgan Chase stock, any other security or any financial instrument.

The information and materials contained in this Website - and the terms and conditions of the access to and use of such information and materials - are subject to change without notice. Products and services described, as well as associated fees, charges, interest rates, and balance requirements may differ among geographic locations. Not all products and services are offered at all locations.

The chase.com website, the jpmorganchase.com website or other J.P. Morgan websites contain separate terms and conditions, which are in addition to these terms and conditions. In the event of a conflict, the additional terms and conditions will govern for those sections or pages. In addition, certain portions or pages of this Website are subject to additional disclosures and disclaimers. In the event of a conflict between those disclosures and disclaimers and these terms and conditions, the additional disclosures and disclaimers will govern for those portions or pages.

You agree that (i) you will not engage in any activities related to the Website that are contrary to applicable law, regulation or the terms of any agreements you have with J.P. Morgan and (ii) in circumstances where locations of the Website require identification for access, you will establish commercially reasonable security procedures and controls to limit access to your password or other identifying information to authorized individuals.

J.P. Morgan or its suppliers may discontinue or make changes in the information, products, or services described herein at any time without prior notice to you and without any liability to you. Any dated information is published as of its date only, and J.P. Morgan does not undertake any obligation or responsibility to update or amend any such information. J.P. Morgan reserves the right to terminate any or all Website information, offerings or transmissions without prior notice to the user. Furthermore, by offering this Website and information, products, or services via the Website, no distribution or solicitation is made by J.P. Morgan to any Website or such information, products, or services in jurisdictions where the provision of the Website and such information, products, services is prohibited by law.

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Securities or financial instruments mentioned in the Website may not be suitable or appropriate for all investors or in all geographical areas. Your particular needs, investment objectives and financial situation were not taken into account in the preparation of this Website and the materials contained herein. You must make your own independent decisions regarding any securities or financial instruments mentioned herein. The fact that JPMorgan has made available to you through the Website, investment opinions and other information constitutes neither a recommendation that you enter into a particular transaction nor a representation that any financial instrument is suitable or appropriate for you. You should consider whether an investment strategy or the purchase or sale of any product is appropriate for you in the light of your particular investment needs, objectives and financial circumstances.

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If access to this Website is unavailable, delayed or limited, or if this Website does not operate quickly and efficiently, you may be unable to transmit your instructions for transactions and other matters, or such instructions may not be promptly executed or you may be unable to retrieve information on a timely basis. If your operations are dependent on such communications with J.P. Morgan, and such communications are disrupted or delayed, you may suffer losses.

Limitation of Liability

BECAUSE OF THE POSSIBILITY OF HUMAN AND MECHANICAL ERROR AS WELL AS OTHER FACTORS, THE WEBSITE (INCLUDING ALL INFORMATION AND MATERIALS CONTAINED ON THE WEBSITE) IS PROVIDED "AS IS" AND "AS AVAILABLE". WE, OUR AFFILIATES, AND ANY THIRD PARTY DATA PROVIDERS:

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UNDER NO CIRCUMSTANCES WILL WE BE LIABLE FOR ANY LOST PROFITS, LOST OPPORTUNITY OR ANY INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL, PUNITIVE, OR EXEMPLARY DAMAGES ARISING OUT OF ANY USE OF OR INABILITY TO USE THE WEBSITE OR ANY PORTION THEREOF, REGARDLESS OF WHETHER WE HAVE BEEN APPRISED OF THE LIKELIHOOD OF SUCH DAMAGES OCCURRING AND REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT, WARRANTY, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, OR OTHERWISE.

Legal entity disclosure

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. and its subsidiaries and affiliates worldwide. This website is issued in the United States, by J.P. Morgan Investment Management Inc. or J.P. Morgan Alternative Asset Management, Inc., both regulated by the Securities and Exchange Commission; in Latin America, for intended recipients’ use only, by local J.P. Morgan entities, as the case may be; in Canada, for institutional clients’ use only, by JPMorgan Asset Management (Canada) Inc., which is a registered Portfolio Manager and Exempt Market Dealer in all Canadian provinces and territories except the Yukon and is also registered as an Investment Fund Manager in British Columbia, Ontario, Quebec and Newfoundland and Labrador. In the United Kingdom, by JPMorgan Asset Management (UK) Limited, which is authorized and regulated by the Financial Conduct Authority; in other European jurisdictions, by JPMorgan Asset Management (Europe) S.à r.l. In Asia Pacific (“APAC”), by the following issuing entities and in the respective jurisdictions in which they are primarily regulated: JPMorgan Asset Management (Asia Pacific) Limited, or JPMorgan Funds (Asia) Limited, or JPMorgan Asset Management Real Assets (Asia) Limited, each of which is regulated by the Securities and Futures Commission of Hong Kong; JPMorgan Asset Management (Singapore) Limited (Co. Reg. No. 197601586K), which this advertisement or publication has not been reviewed by the Monetary Authority of Singapore; JPMorgan Asset Management (Taiwan) Limited; JPMorgan Asset Management (Japan) Limited, which is a member of the Investment Trusts Association, Japan, the Japan Investment Advisers Association, Type II Financial Instruments Firms Association and the Japan Securities Dealers Association and is regulated by the Financial Services Agency (registration number “Kanto Local Finance Bureau (Financial Instruments Firm) No. 330”); in Australia, to wholesale clients only as defined in section 761A and 761G of the Corporations Act 2001 (Commonwealth), by JPMorgan Asset Management (Australia) Limited (ABN 55143832080) (AFSL 376919).

Governing law

In the event any of the terms or provisions of these Terms and Conditions shall be held to be unenforceable, the remaining terms and provisions shall be unimpaired and the unenforceable term or provision shall be replaced by such enforceable term or provision as comes closest to the intention underlying the unenforceable term or provision. These Terms and Conditions shall be subject to any other agreements you have entered into with J.P. Morgan.

The user's access to and use of the Website, and the terms of this disclaimer are governed by the laws of the various jurisdictions listed above.

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