<p>SmartRetirement Lifetime Income^℠</p>

SmartRetirement Lifetime Income is in product development; the purpose of these materials is to inform later stages of product development and to ascertain market interest. This page does not constitute a recommendation by JPMAM, or an offer to sell, or a solicitation of any offer to buy or sell any securities, product or service. The information on this page is for educational purposes only, is not intended to provide investment advice, and should not be considered individualized investment advice. JPMAM does not guarantee the suitability or potential value of any particular investment. Investing in the SmartRetirement Lifetime Income product involves risks, including possible loss of principal. Asset allocation models and diversification do not promise any level of performance or guarantee against loss of principal.

¹ Lifetime Income Payments are contingent upon various factors, including, but not limited to, the claims paying ability and financial strength of the insurers. Annuity payments are contingent upon various factors, including, but not limited to, the participant satisfying certain pre-determined conditions, including, but not limited to, adhering to the LAW Payments withdrawal schedule, depleting their investment in the JPMCB Lifetime Retirement Income Fund (as described in the text below), and making annual insurance premium payments (accrued and paid out of the fund on their behalf). The withdrawal from the JPMCB Lifetime Retirement Income Fund (including shifting funds from the JPMCB Lifetime Retirement Income Fund to another investment) of amounts in excess of the prescribed retirement strategy may result in the reduction or forfeiture of annuity payments under the group annuity contracts issued by the unaffiliated issuing insurers and the forfeiture of premium paid to such insurers. J.P. Morgan Asset Management (JPMAM) does not guarantee the obligation of the unaffiliated insurers to make Lifetime Income Payments. 

² Withdrawing more than the guaranteed minimum withdrawal amount in a calendar year (including shifting funds from the Lifetime Retirement Income Fund to another investment) may result in a reduction or forfeiture of the annuity payments to be made by insurers under the group annuity contracts.

³ Lifetime Income Payments made to participants during the Spending Phase consist of: (1) Lifetime Annual Withdrawal Payments ("LAW Payments"), which are minimum withdrawals that the participant is required to take during the Withdrawal Phase of the Spending Phase, and (2) Annuity Payments, which are annuity payments made to participants from issuing unaffiliated insurers during the Annuity Phase of the Spending Phase. Lifetime Income Payments are contingent upon various factors, including, but not limited to, the claims paying ability and financial strength of the insurers. Annuity Payments are contingent upon various factors, including, but not limited to, the participant satisfying certain pre-determined conditions, including, but not limited to, adhering to the LAW Payments withdrawal schedule, depleting their investment in the Lifetime Retirement Income Fund (as described in the text below) and making annual insurance premium payments (accrued and paid out of the fund on their behalf). The withdrawal from the Lifetime Retirement Income Fund (including shifting funds from the Lifetime Retirement Income Fund to another investment) of amounts in excess of the prescribed retirement strategy may result in the reduction or forfeiture of Annuity Payments under the group annuity contracts issued by the unaffiliated issuing insurers and the forfeiture of premium paid to such insurers. JPMAM does not guarantee the obligation of the unaffiliated insurers to make Lifetime Income Payments. 

⁴ Stable value structure offers a systematic process of setting crediting rates based on the underlying investment portfolio managed by JPMAM. JPMAM takes on the responsibility of selecting and monitoring multiple insurers, which can help mitigate counterparty risk. A stable value investment structure is generally a more conservative investment approach; however, there is no assurance that the fund will achieve its investment objectives. 

⁵ The SmartRetirement Lifetime Income product includes a suite of target date collective investment funds that, 10 years prior to the target retirement date in a fund's name, will begin to incorporate allocations to the Lifetime Retirement Income Fund, which in turn will invest in group annuity contracts issued by unaffiliated insurers to support the optional lifetime income feature that is part of the Spending Phase. The optional lifetime income feature's guaranteed income stream is contingent upon various factors including, but not limited to, the claims paying ability and financial strength of the issuing unaffiliated insurance company, and the participant meeting the requirements of pre-determined conditions, including making only the guaranteed minimum withdrawals. The withdrawal of amounts in excess of the prescribed retirement strategy (including shifting funds from the Lifetime Retirement Income Fund to another investment) may result in the forfeiture of fees paid to the unaffiliated issuing insurance companies and the reduction or forfeiture of annuity payments by the insurers. JPMAM will not guarantee the obligation of the unaffiliated insurers to make annuity payments. 

⁶ JPMAM does not guarantee the suitability or potential value of any particular investment. Investing in the SmartRetirement Lifetime Income Solution involves risks, including possible loss of principal. The JPMCB Lifetime Retirement Income Fund is subject to investment risks, including, but not limited to, investment contract event-related risk (e.g., any event outside of the normal operation of the fund that causes a withdrawal from an investment contract may result in a negative market value adjustment) and investment contract issuer risk (e.g., if the contract issuer (i.e., the unaffiliated issuing insurer) defaults or becomes insolvent, the fund could sustain a loss if the market value of the covered assets is less than the book value of the contract, and replacement coverage is not obtained). 

⁷ The JPMCB Lifetime Retirement Income Fund is issued group annuity contracts by unaffiliated insurers selected by JPMAM. The separate accounts under such group annuity contracts invest in a stable value investment fund managed by JPMAM. A stable value investment structure is generally a more conservative investment approach; however, there is no assurance that the Lifetime Retirement Income Fund will achieve its investment objectives. 

⁸ The option to receive Lifetime Income Payments refers to a withdrawal strategy supported by unaffiliated insurers selected by JPMAM that is expected to provide eligible plan participants with a stream of lifetime income payments. The SmartRetirement Lifetime Income Solution includes the SRLI TDFs, a suite of target-date collective investment funds that, 10 years prior to the target retirement date in a fund's name, will begin to incorporate allocations to group annuity contracts issued by unaffiliated insurers to support the option to receive Lifetime Income Payments. The option to receive Lifetime Income Payments is being designed to allow participants to spend down their investment in the JPMCB Lifetime Retirement Income Fund over a period of time that is linked to average life expectancies, and then, upon satisfaction of pre-determined conditions, receive annuity payments directly from the supporting insurers. JPMAM does not guarantee the obligation of the unaffiliated supporting insurers to make annuity payments directly to the plan participant. Participants in the JPMCB Lifetime Retirement Income Fund will have proportionate exposure to each supporting insurer's group annuity contract. During the Savings Phase, the JPMCB Lifetime Retirement Income Fund does not include any explicit or implicit fees associated with the annuity payments made during the Spending Phase. 

⁹ Retirement plan participants that opt-in to the lifetime income feature will invest some or all of their in-plan assets in the Lifetime Retirement Income Fund and any remaining in-plan assets that are not directed to the Lifetime Retirement Income Fund can remain invested in the market through the Flexible Retirement Income Fund. 

¹⁰ My Retirement Income Planner is an intuitive digital experience designed for educational purposes only, is not intended to provide investment advice and should not be considered individualized investment advice. JPMAM does not guarantee the suitability or potential value of any particular investment. The material in My Retirement Income Planner does not constitute a recommendation by JPMAM, or an offer to sell, or a solicitation of any offer to buy or sell any securities, products or services. The projections or other information generated by the My Retirement Income Planner regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Any Social Security benefit included in My Retirement Income Planner is estimated and based on the assumption that the participant will wait until age 65 to begin collecting their benefit and is dependent on various factors including, but not limited to, the amount contributed, the age that the participant began contributing and the financial strength of the Social Security Administration. 

This information does not constitute a recommendation by JPMAM, or an offer to sell, or a solicitation of any offer to buy or sell any securities, products or services. The information included on this document is for educational purposes only, is not intended to provide investment advice, and should not be considered individualized investment advice. 

An individual investor is not eligible to receive LAW Payments from the Lifetime Retirement Income Fund until the investor has attained at least 55 years of age, terminated employment with the plan sponsor and its affiliates, if applicable, and elected to receive Lifetime Income Payments. 

Target Date Funds: The JPMCB SmartRetirement Lifetime Income Funds (the "SRLI TDFs") are target-date funds with the target date being the approximate date when plan participants plan to retire. Generally, the asset allocation of each SRLI TDF will change on an annual basis with the asset allocation becoming more conservative as each SRLI TDF nears its target retirement date. The principal value of the SRLI TDFs is not guaranteed at any time, including at the target date. 

Risks Associated with Investing in the SRLI TDFs: The SRLI TDFs are not a complete retirement program and there is no guarantee that any of the SRLI TDFs will provide sufficient retirement income to a plan participant. Meeting the retirement goals of a plan participant is dependent upon many factors, including the amount they save and the period over which they do so. Plan participants should consider their expected retirement date, individual retirement needs (i.e., how much money they expect to need), other expected income after retirement, inflation, other assets, and risk tolerance in choosing whether to invest in an SRLI TDF. The risk tolerance of plan participants may change over time and an SRLI TDF's target allocation model may also change. It is important that plan participants periodically re-evaluate their investment in an SRLI TDF. JPMorgan Chase Bank, N.A. (JPMorgan) seeks to achieve the SRLI TDFs' stated objectives; however, there can be no guarantee the objectives will be met. Investing in these strategies carries a certain amount of risk. There can be no guarantee that investing in these strategies will prevent loss of an investment. Furthermore, the SRLI TDFs may operate as a "fund of funds" and there may be additional fees or expenses associated with investing in a "fund of funds" strategy. 

To achieve its objective, each SRLI TDF may invest in other underlying collective trust funds and exchange-traded funds, so an SRLI TDF's investment performance is directly related to the performance of the underlying funds. The investment objective of underlying funds may differ from, and underlying funds may have different risks than, such SRLI TDF. There is no assurance that the underlying funds will achieve their investment objectives. 

JPMAM does not guarantee the suitability or potential value of any particular investment. Investing in the SmartRetirement Lifetime Income Solution involves risks, including possible loss of principal. Asset allocation models and diversification do not promise any level of performance or guarantee against loss of principal. 

Material risks are associated with the SRLI TDFs' investment strategy. A summary of such risks are set forth herein, and a more comprehensive description is set forth in the SRLI TDFs' Fund Summary.

International investing involves increased risk and volatility due to possibilities of currency exchange rate volatility, political, social or economic instability, foreign taxation and differences in auditing and other financial standards. Small-capitalization investments typically carry more risk than investments in well-established "blue-chip" companies since smaller companies generally have a higher risk of failure. Historically, smaller companies' stock has experienced a greater degree of market volatility than the average stock. Securities rated below investment grade are considered "high-yield," "non-investment grade," "below investment-grade" or "junk bonds." They generally are rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although they can provide higher yields than higher rated securities, they can carry greater risk. Real estate investing may be subject to increased market risk because of concentration in a specific industry, sector or geographical sector. These risks include, but are not limited to, declines in real estate value, risks related to general and economic conditions, changes in underlying value of property owned by the trust and defaults by borrower. 

Asset allocation/diversification does not guarantee investment returns and does not eliminate the risk of loss. 

The SRLI TDFs, the JPMCB Lifetime Retirement Income Fund and the JPMCB Flexible Retirement Income Fund were established and are maintained by JPMorgan under and pursuant to the Declaration of Trust. The SRLI TDFs, the JPMCB Lifetime Retirement Income Fund and the JPMCB Flexible Retirement Income Fund are not required to file a prospectus or registration statement with the SEC, and accordingly, neither is available. The SRLI TDFs, the JPMCB Lifetime Retirement Income Fund and the JPMCB Flexible Retirement Income Fund are available only to certain qualified retirement plans and governmental plans and is not offered to the general public. Units of the SRLI TDFs, the JPMCB Lifetime Retirement Income Fund and the JPMCB Flexible Retirement Income Fund are not bank deposits and are not insured or guaranteed by any bank, government entity, the FDIC or any other type of deposit insurance. You should carefully consider the investment objectives, risks, charges and expenses of the SRLI TDFs, the JPMCB Lifetime Retirement Income Fund and the JPMCB Flexible Retirement Income Fund as set forth in the Declaration of Trust and Fund Summary before investing. 

J.P. Morgan Asset Management (JPMAM) is not an insurance company or insurance producer, and makes no representations or recommendations whatsoever about any specific insurance products. Group annuities which support Lifetime Income Payments to investors who have invested in the Lifetime Retirement Income Fund are issued by third-party insurers that are not affiliated with JPMAM, JPMorgan or their affiliates. Any obligations, guarantees or benefits of the contracts are subject to the insurer's claims-paying ability. The insurers are the only entities responsible for the obligations, guarantees and benefits associated with the group annuities, not JPMAM, JPMorgan or their affiliates. Liquidity or solvency issues of the insurers may affect their ability to satisfy the terms of the contracts. Any questions relating to an investor's rights under such annuities, or the benefits, terms, or conditions thereof should be directed to the issuing insurer. Furthermore, a plan or plan recordkeeper may not provide sufficient information about the plan's and its participants' investment activity in the SRLI TDFs for an insurer to accurately account for the future lifetime income interests that may be available to a plan's participants through the JPMCB Lifetime Retirement Income Fund. 

JPMAM will charge an all-in management fee for managing the SRLI TDFs, the Lifetime Retirement Income Fund and the Flexible Retirement Income Fund plus certain service fees. To the extent that an SRLI TDF invests in the Lifetime Retirement Income Fund, the SRLI TDF will have an indirect investment in the JPMCB MAS Stable Asset Income Fund. Please refer to the Fund Summary for the JPMCB MAS Stable Asset Income Fund for a summary of its estimated fees and expenses, including investment contract fees (such as fees payable to an unaffiliated issuer of a group annuity contract). Any such investment contract fees are accounted for in the net asset value of the SRLI TDF's indirect investment in the JPMCB MAS Stable Asset Income Fund rather than being included in "Acquired Fund Fees and Expenses (Underlying Funds)". Additionally, individual plan participants that have elected to opt into the option to receive Lifetime Income Payments will be charged a premium by the unaffiliated issuing insurers of the group annuity contracts that support the option to receive Lifetime Income Payments. 

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. and its affiliates worldwide. 

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© JPMorgan Chase & Co., July 2026