Alternative Investments Pipeline 2013 Presentation An investment in alternative investment strategies involves substantial risks, and potential investors should clearly understand the risks involved. Investing in alternative investment strategies is speculative, not suitable for all clients, and intended for experienced and sophisticated investors who are willing to bear the high economic risks of the investment, which can include: loss of all or a substantial portion of the investment due to leveraging, short-selling or other speculative investment practices; lack of liquidity in that there may be no secondary market for the fund and none expected to develop; volatility of returns; restrictions on transferring interests in the fund; absence of information regarding valuations and pricing; delays in tax reporting; less requlation and higher fees than mutual funds; and advisor risk. Not FDIC Insured No Bank Guarantee May Lose Value Investment Product Please read important disclosures at the end of the presentation. EFTA00292162

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J.P. Morgan — a world leading manager of alternative assets Our global reach, immense infrastructure and industry partnerships —- combined with the depth and breadth of our research — allow us to build comprehensive alternatives portfolios that we believe are essential in today’s increasingly complex markets ce | J.P. Morgan alternative investments ¢ $118 billion in alternative assets under management! e Extensive global network from which to source new managers early and exclusively ¢ Valuable industry insight from Highbridge multi-strategy hedge fund platform? © Dedicated team of over 100 professionals based in New York, Hong Kong, London and Geneva focused on manager selection, ongoing due diligence, fund communication for private clients, tax and legal support, and fund administration 2011 Rank Hedge Fund AUM Largest Hedge Fund Firms? (Sbn) Bridgewater Associates 76.10 Brevan Howard Asset Management Winton Capital Management Och Ziff Capital Management BlueCrest Capital Management AQR Capital Management Paulson & Co. Angelo, Gordon & Co. 28.80 28.76 28.60 a ov c 3 9 a (9) 9 ° (= 3 BlackRock ) Approximate figure, as of September 30, 2012. Source: JPMorgan Chase & Co. Eamings Release Financial Supplement, Third Quarter 2012. Includes hedge funds, currency, real estate and private equity. ? Based upon assets under management (AUM) as of January 2012. Source: Institutional Investor magazine, May 2011. ? Highbridge is 100% owned by J.P. Morgan Asset Management Holdings LLC, which is a subsidiary of J.P. Morgan Chase & Co. and an affilate of J.P. Morgan Securities LLC Highbridge is also an affiliate of J.P. Morgan Chase & Co.; On October 27, 2010, Highbridge Capital Management purchased a majority interest in Gavea Investimentos. 4 Man Group completed the acquisition of GLG Partners on October 14, 2010. J.P Morgan EFTA00292163

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The Alternative Investments platform: experience, access and client focus Alternative Investments platform organized around serving client needs Due diligence / Portfolio Risk management / Accounting / anuestonrelations Manager selection construction Monitoring Control ¢ Access to leading 3rd -party and J.P. Morgan opportunities (e.g. funds, fund of funds, secondary investments’, directs”, co-investments?) $57 billion of client capital invested across hedge funds, private equity and real asset opportunities* $28 billion in single and multi-manager hedge funds* - multi-strategy and sector-specific exposure - leveraging Highbridge Capital Management's $21 billion multi-strategy hedge fund platform* ¢ $29 billion in private equity and real assets* - diversification across vintage year, sectors and geography ¢ Portfolio construction process that: - delivers alternatives in the context of a client’s broader investment portfolio - integrates our firm's strategic assumptions and manager selection more closely ¢ Dedicated team of over 50 professionals based in New York, Hong Kong, London and Geneva focused on manager selection, ongoing due diligence and fund communication for private clients - continuous review and adjustment of hedge fund manager platform - leverages J.P. Morgan's footprint to access a wide manager universe - acts as a client advocate throughout ongoing manager relationships ¢ Tax and legal structuring capability leveraged to benefit global client base ¢ Investor relations support via dedicated marketing communications team ' The private equity secondary market refers to the purchase and sale of pre-existing investor commitments to private equity funds and the purchase and sale of direct investments in the underlying portfolio companies held by private equity funds. Secondary private equity investors seek to analyze the underlying assets in existing portfolios and adjust their valuation and risk-adjusted return expectations accordingly. By acquiring significantly funded interests with the potential for near-term iquidity events, secondary investors seek to mitigate the risk associated with the long capital drawdown period of primary private equity investing. * Directs refers to investments made directly into a private equity fund. Co-lnvestment refers to an investment made by an investor alongside a private equity fund. ‘Estimated as of October 1, 2012. Source: J.P. Morgan, Highbridge J. P Morgan JPMorgan Chase & Co. and its affiliates do not provide tax advice. 2 EFTA00292164

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Current key themes in the hedge fund space Event Driven Equities * High levels of cash on corporate balance sheets and free cash flow are drivers for the opportunity set * Cash has greater potential to benefit equity holders through share buybacks, higher dividends, merger activity, asset purchases, spin-offs, and investment in capital expenditures * Activists seemingly are gaining more institutional investor support in affecting change amongst management teams in underperforming companies The free cash flow yield of U.S. stocks is close to a 12-year high ... While forward P/E ratios are close to a 12-year low Free cash flow to assets ratio of U.S. large cap growth stocks, percent 12% Forward P/E ratio of the S&P 500 Apr-09 Nov-09 May-10 + Dec-10 4 Source: Corporate reports, Empirical Research Partners. As of July 2012 Source: FactSet. As of August 2012. The information contained herein is not intended as a solicitation for any product or service offered by J.P. Morgan or any of its affitates. Past performance is no guarantee of future results and investors may get back less than the amount invested. Indices are not investment products. It is not possible to invest directly in an index. Please see ‘Definitions of Indices” for additional information. J.P Morgan 3 EFTA00292165

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Current key themes in the hedge fund space (cont.) Relative Value / Distressed * Refinancing opportunities should continue to be profitable due to the benign rate environment and increasingly cooperative capital markets * Premium for “on-the-run” versus “off-the-run” high yield bonds and leveraged loans are leading to lower dollar prices and higher yields for “off-the-run” assets! * In the leveraged loan market specifically, unrated loans are trading at yield concessions because collateralized loan obligations (“CLO’s”) have limited capacity to hold unrated paper * Mature part of the liquidation / litigation cycle where there is more clarity on the amount of claims versus assets; these “process-driven” positions tend to have low correlation to the market Liquid securities only represent 18% of the high yield bond market... ... and 32% of the leveraged loan market > $1.0B $0.4 B to $1.0B > $1.0bn $0.4bn - $1.0bn Average Average Yield Average Average Yield Price to Worst Price to Worst ML US HY Bond Index CS US Lev Loans Index Overlapping US Fund Investments Overlapping US Fund Investments ML Euro HY Bond Index CS Euro Lev Loans Index Overlapping Euro Fund Investments Overlapping Euro Fund Investments Source: PB Platform Credit Manager. The information contained herein is not intended as a solicitation for any product or service offered by J.P. Morgan or any of its affiliates. Past performance is no guarantee of future results and investors may get back less than the amount invested. Indices are not investment products. It is not possible to invest directly in an index. Please see “Definitions of Indices” for additional information. | P M High Yield bonds are speculative non-investment grade bonds that have higher risk of default or other adverse credit events which are appropriate for high risk investors only. Pe organ 1"On-the-run" refers to the most recently issued securities of a security that is periodically issued. Older issues are referred to as “off-the-run’ 4 EFTA00292166

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Current key themes in the hedge fund space (cont.) Long / Short Equity = Potential for a sustained recovery in cyclicals as North American dominance in unconventional drilling coincides with a housing recovery * The technology sector may continue to benefit from network upgrades, mobile computing, data protection and storage, while also providing a great source of potential short opportunities from aging business models and technologies * P/E ratios for emerging markets are lagging developed markets and there is room for greater convergence and multiple expansion, given low price-to-book ratios and valuations at the lower end of historical ranges Innovation within technology provides attractive opportunities Cyclicals have never been this cheap versus Defensives Noel Nokia Ericsson Sun Microsystems: Source: J.P. Morgan, Datastream. As of October 2012 Source: Coatue The information contained herein is not intended as a solicitation for any product or service offered by J.P. Morgan or any of its affiliates. Past performance is no guarantee of future results and investors may get back less than the amount invested. J.PMorgan 5 EFTA00292167

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Current key themes in the hedge fund space (cont.) Structured Credit * There are more “buy and hold” investors (such as insurance companies) willing to hold positions coupled with a finite and declining supply of non-agency RMBS * Certain structured credit instruments are exhibiting seemingly mispriced default rates and higher loss adjusted yields relative to other fixed income asset classes * CLOs in the U.S. and Europe may present attractive yields to maturity with a significant margin of safety for older deals along with well-structured new issues which have revived interest in the asset class The amount of outstanding non-agency RMBS has declined Certain fixed income instruments have attractive yield recently characteristics Outstanding Non-Agency RMBS (in $B) Sample yields on fixed income instruments 12% » $2,500 4 mSecuritized Products $2,184 Lined 8% $2,000 - $1,873 6% © $1,554 4% + $1,500 + $1,282 2% + $1,092 | $1,048 0% +, r y r Y r + Y Y r Y T Y r . 4} Pal * = “ w w N w $1,000 25 8B 3FRPSEEz,PR EES ta62x SB 28 E <- Uw ov UHt eye ae SEF 2FGEYV B 25S £05883 SERERE oO 2 ¢ z $500 - =~ 29 <cortrEe7 7r3gaz? 2 a fo) o 2 9 w & 5 a A =2eEeED uv = a eueteer 4 s Yoaqgce $0 + r Y ’ = Pal 2007 2008 2010 2011 Q1 2012 2 Source: BlackRock, New York Federal Reserve. Source: Bloomberg as of Sept. 2012. *Tax Equivalent Yield assuming federal tax rate of 35%. The information contained herein is not intended as a solicitation for any product or service offered by J.P. Morgan or any of its affiliates. Past performance is no guarantee of future results and investors may get back less than the amount invested. J.P Morgan 6 EFTA00292168

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Hedge Funds: current funds & pipeline Global Macro/ Diversified Relative Value/ Credit Event Driven/ Distressed ae Opportunistic Broad-Based Sector Discretionary us Specific LIS | Bridgewater “rune com | Funds iti Bre Blackstone Howard EM Partners “gs Local FX Fund Global Access Global Access i Macro Strategies HF Strategies Portfolio Portfolio Systematic | Winton Futures Fund Geography Specific L/S Highbridge Quantitative Multi- Strategy JPM Access Mult Strategy Fund JPMAAM UCITs FoF Commodities Leveraged Loans it As of November 2012 Note: Individual offerings are subject to capacity. These characteristics represent the characteristics typical of these types of alternative investment funds. There can be no assurance that any specific fund will possess these typical characteristics. This material is intended to inform you of products and services offered by the Private Bank at J.P. Morgan. This document is not intended as an offer or solicitation for the purchase or sale of any financial instrument. ~ J.PMorgan 7 EFTA00292169

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2012 private equity and real asset pipeline | Vintage 2012 \ Highbridge Mezz Il . Fund categories: r Private Lending Blackstone E Real Estate — nergy Fund Vil CC] Tech/Growth Equity HI Rea! Estate a merging marke | Diversified buyout GSO Capital Solutions I JPM Secondaries Fund Il Colony Single F. ly Residential Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec As of November 2012 (subject to change) J.P Morgan 8 EFTA00292170

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2013 themes in private equity and real estate investing Private Lending Emerging Markets Real Estate Diversified private equity Debt market volatility and scarcity of financing creates an opportunity for private credit providers to deploy capital at substantial premiums to public high yield Dislocation in the commercial real estate credit markets provides attractive opportunities for private real estate lending Private capital solutions to middle market companies with diminished access to debt capital Ongoing capital markets dislocation as leveraged credit issuance remains at 25% of peak Private equity investments becoming more attractive as the EU stabilizes and valuations trough Prolonged dislocation in the European banking market creates both private equity and credit investment opportunities Capitalize on secular increase in middle class consumer spending driven by urbanization, strong demographics and rising incomes Partner with, and professionalize, family-owned businesses in Asia Focus on growing sectors such as branded consumer products, retail, healthcare, specialty manufacturing, financial services, etc Continued stress on the balance sheets of owners as well as on underlying properties creates large number of motivated sellers Opportunities exist to buy attractive assets at a discount to replacement cost Improving fundamentals may produce a sustained recovery in commercial real estate prices and transaction volume High free cash flow yields, attractive public market valuations and low cost of debt provide a constructive backdrop for private equity investing Focus on industry-leading businesses where private owners can improve margins and increase cash flow through operational expertise Ability to allocate to distressed and distressed-for-control transactions in a low growth environment As of November 2012 (subject to change). J.PMorgan Expected Implementation = Commercial Real Estate Debt Fund (Q1 2013) ® Sector Specific Private Credit Fund (Q3 2013) Expected Implementation ® Global Buyout Fund with European Expertise (Q1 2013) = European Private Lending Fund (Q3 2013) Expected Implementation = Asian Consumer Growth Equity Fund (Q2 2013) = Broad-based Pan-Asia Buyout Fund (Q4 2013) Expected Implementation = Opportunistic Real Estate (Q4 2013) Expected Implementation = U.S. Middle Market Buyout Fund (Q2 2013) = Global Buyout Fund with Distressed Investing Expertise (Q4 2013) EFTA00292171

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2013 private equity and real asset pipeline ! Vintage 2013 , Fund categories: | Growth Equity and Emerging Markets(A) See L_ com (8) Late stage technology venture (C) Asia consumer growth equity (A) Commercial real estate debt(D) FY Sector Specific (C) mm Real Estate (D) Lea Buyout (E) European private lending (B) Sector specific credit (8) Broad-based Pan-, buyout (A) Opportunistic real estate (D) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec As of December 2012 (subject to change) J.P Morgan 10 EFTA00292172

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DENTIAL CONF The private equity pipeline offers broad diversification across geographies, market caps and vintage years Strategy 1992-1999 2000 2001 2002 2003 2004 2005 2006 2007 APAX Euro Vil 2008 KKR Euro m CD&R VIII piamond | CcMPit Castle | pm crim 2009 2010 2011 a ee ee es 8 Credit JPMP Latin America Corsair tl, Trident, Advent Asia lil JPM Digital Growth Providence Equity Vil ' Target funds are anticipated opportunities, which are subject to change, and may not be suitable for al investors. or solicitation for the purchase or sale of any financial instrument. J.P Morgan Please note that individual offerings are subject to capacity. This material is intended to inform you of products and services offered by the Private Bank at J.P. Morgan. This document is not intended as an offer 11 EFTA00292173

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ONFIDENTIAL The real asset platform taps increasing global opportunities and alternative exposures Strategy 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 JPM JPM JPM JPM Core-Plus Real Estate Guggenheim Alternative | Infrastructure chang Income & ! ts income & Growth operty ™ - Growth? JPM Value-Add European Property Starwood Global Opportunity | <4, ‘ Fund Vill Opportunistic JPM Urban Blackstone Distressed Renaissance | RE CMBS Opportunity Blackstone Fund Ix Commercial Real Estate Debt JPM India Property Emerg JPM Great ing China “ Market Property JPM Asian Infrastructure Total #: 1 ° 1 1 1 4 1 1 3 1 * Target funds are anticipated opportunities, which are subject to change, and may not be suitable for all investors. 2 2010 re-launch of fund. Please note that individual offerings are subject to capacity. This material is intended to inform you of products and services offered by the Private Bank at J.P. Morgan. This document is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P Morgan 12 EFTA00292174

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NFIDENTIAL Definitions of terms and indices Buyout: An investment transaction by which the ownership equity of a company, or a majority share of the stock of the company is acquired. The acquirer thereby “buys out" control of the target company. A buyout can take the form of a leveraged buyout, a venture capital buyout or a management buyout. Collateralized loan obligations (CLOs) are a form of securitization where payments from multiple middle sized and large business loans are pooled together and passed on to different classes of owners in various tranches. A CLO is a type of collateralized debt obligation. The Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the USD-denominated leveraged loan market. The index inception is January 1992. Leveraged loans are loans to non-investment grade companies. Purposes include: refinancing, leveraged buy-out, leveraged re-capitalization, corporate acquisition, stock buyback and working capital. M&A and refinancing usually the biggest categories, although recently LBOs picked up to around 1/3. The Merrill Lynch High-Yield Master Il Index is a market yalue'weighted index of all domestic and Yankee high-yield bonds (dollar-denominated bonds issued in the U.S. by foreign banks and corporations), including deferred-interest bonds and payment in-kind securities. Issues included in the index have maturities of one year or more, and have a credit rating lower than BBB-/Baa3, but are not in default. The index is not subject to any of the fees or expenses to which the portfolio would be subject. It is not possible to invest in this index. The index is used for comparison purposes only. It should not be assumed that the portfolio will invest in any specific bonds that comprise the index. It is not possible to invest directly in an index. RMBS: Residential Mortgage-Backed Security; a security whose payments are derived from payments on residential mortgages. The S&P 500 Index (“S&P 500”) consists of 500 stocks chosen for market size, liquidity and industry group representation. It is a market-value weighted index (stock price times number of shares outstanding), with each stock's weight in the Index proportionate to its market value. All returns include reinvested dividends except where indicated otherwise. The S&P Total Return Index also includes dividends reinvested. J.P Morgan 13 EFTA00292175

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ONFIDENTIAL Key risks of investing in alternatives General/Loss of capital. An investment in alternative investment funds involves a high degree of risk. There can be no assurance that the alternative investment fund's return objectives will be realized and investors in the alternative investment fund could lose up to the full amount of their invested capital. The alternative investment fund's fees and expenses may offset the alternative investment fund's trading profits. Lack of information. The industry is largely unregistered and loosely regulated with little or no public market coverage. Investors are reliant on the manager for the availability, quality and quantity of information. Information regarding investment strategies and performance may not be readily available to investors. Limited liquidity. Interests are not publicly listed or traded on an exchange or automated quotation system. There is not a secondary market for interests, and as a result, invested capital is less accessible than that of traditional asset classes. Also, withdrawals and transfers are generally restricted. Dependence on Trading Manager. Performance is more dependent on manager-specific skills, rather than broad exposure to a particular market. Event risk. Given their niche specialization, market dislocations can affect some strategies more adversely than others. Speculation. Alternative investments often employ leverage, sometimes at significant levels, to enhance potential returns. Investment techniques may include the use of derivative Instruments such as futures, options and short sales, which amplify the possibilities for both profits and losses and may add volatility to the alternative investment ‘und’s performance. Potential conflicts of interest. The payment of a performance based fee to the Trading Manager may create an incentive for the Trading Manager to cause the alternative investment fund to make riskier or more speculative investments than it would in the absence of such incentive. Valuation. Because of overall size or concentration in particular markets of positions held by the alternative investment fund or other reasons, the value at which its investments can be liquidated may differ, sometimes significantly, from the interim valuations arrived at by the alternative investment fund. Leverage. The capital structures of many financial services companies typically include substantial leverage. In addition, investments may be consummated through the use of significant leverage. Leveraged capital structures and the use of leverage in financing investments increase the exposure of a company to adverse economic factors such as rising interest rates, downturns in the economy or deteriorations in the condition of the company or its industry and make the company more sensitive to declines in revenues and to increases in expenses. Currency risks and Non-United States investments. Investments may be denominated in non-U.S. currencies. Accordingly, changes in currency exchange rates, costs of conversion and exchange control regulations may adversely affect the dollar value of investments. Financial services industry risk factors. Financial services institutions have asset and liability structures that are essentially monetary in nature and are directly affected by many factors, including domestic and international economic and political conditions, broad trends in business and finance, egislation and regulation affecting the national and international business and financial communities, monetary and fiscal policies, interest rates, inflation, currency values, market conditions, the availability and cost of short-term or long-term funding and capital, the credit capacity or perceived creditworthiness of customers and counterparties, and the volatility of trading markets. Financial services institutions operate in a highly regulated environment and are subject to extensive legal and regulatory restrictions and limitations and to supervision, examination and enforcement by regulatory authorities. Failure to comply with any of these laws, rules or regulations, some of which are subject to interpretation and may be subject to change, could result in a variety of adverse consequences, including civil penalties, fines, suspension or expulsion, and termination of deposit insurance, which may have material adverse effects. Risks associated with infrastructure investments generally. An infrastructure investment is subject to certain risks associated with the ownership of infrastructure and infrastructure-related assets in general, including: the burdens of ownership of infrastructure assets; focal, national and international economic conditions; the supply and demand for services from and access to infrastructure; the financial condition of users and suppliers of infrastructure assets; changes in interest rates and the availabi ity of funds which may render the purchase, sale or refinancing of infrastructure assets difficult or impracticable; changes in environmental laws and regulations, and planning laws and other governmental rules; environmental claims arising in respect of infrastructure assets acquired with undisclosed or unknown environmental problems or as to which inadequate reserves have been established; changes in the price of energy, raw materials and labor; changes in fiscal and monetary policies; negative developments in the economy that depress travel; uninsured casualties; force majeure acts, terrorist events, under-insured or uninsurable losses; sovereign and sub-sovereign risks; contract counterparty default risk. Additional risks: There may be additional risks inherent in the underlying investments within funds. J.P Morgan 14 EFTA00292176

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ONFIDENTIAL Important information IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. Each recipient of this presentation, and each agent thereof, may disclose to any person, without limitation, the U.S. income and franchise tax treatment and tax structure of the transactions described herein and may disclose all materials of any kind (including opinions or other tax analyses) provided to each recipient insofar as the materials relate to a U.S. income or franchise tax strategy provided to such recipient by JPMorgan Chase & Co. and its subsidiaries. Bank products and services are offered by JPMorgan Chase Bank, N.A. and its affiliates. Securities products and services are offered by J.P. Morgan Securities LLC., member NYSE, FINRA and SIPC. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Securities LLC. or its brokerage affiliates may hold a position or act as market maker in the financial instruments of any issuer discussed herein or act as an underwriter, placement agent, advisor or lender to such issuer. The views and strategies described herein may not be suitable for all investors. The discussion of loans or other extensions of credit in this material is for illustrative purposes only. No commitment to lend by J.P. Morgan should be construed or implied. This material is distributed with the understanding that we are not rendering accounting, legal or tax advice. Estate planning requires legal assistance. You should consult with your independent advisors concerning such matters. We believe the information contained in this material to be reliable but do not warrant its accuracy or completeness. Opinions, estimates, and 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 a J.P. Morgan research report. Opinions expressed herein may differ from the opinions expressed by other areas of J.P. Morgan, including research. The investment strategies and views stated here may differ from those expressed for other purposes or in other contexts by other J.P. Morgan market strategists. J.P Morgan J.P. Morgan Securities LLC. may act as a market maker in markets relevant to structured products or option products and may engage in hedging or other operations in such markets relevant to its structured products or options exposures. Structured products and options are not insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other governmental agency. In discussion of options and other strategies, results and risks are based solely on hypothetical examples cited; actual results and risks will vary depending on specific circumstances. Investors are urged to consider carefully whether option or option- related products in general, as well as the products or strategies discussed herein are suitable to their needs. In actual transactions, the client's counterparty for OTC derivatives applications is JPMorgan Chase Bank, N.A., London branch. For a copy of the “Characteristics and Risks of Standardized Options” booklet, please contact your J.P. Morgan Advisor. Real estate, hedge funds, and other private investments may not be suitable for all individual investors, may present significant risks, and may be sold or redeemed at more or less than the original amount invested. Private investments are offered only by offering memoranda, which more fully describe the possible risks. There are no assurances that the stated investment objectives of any investment product will be met. Hedge funds (or funds of hedge funds): often engage in leveraging and other speculative investment practices that may increase the risk of investment loss; can be highly illiquid; are not required to provide periodic pricing or valuation information to investors; may involve complex tax structures and delays in distributing important tax information; are not subject to the same regulatory requirements as mutual funds; and often charge high fees. Further, any number of conflicts of interest may exist in the context of the management and/or operation of any hedge fund. JPMorgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds. Call JPMorgan Distribution Services at 1-800-480-4111 or visit www.jpmorganfunds.com for the prospectus. Investors should carefully consider the investment objectives, risks, charges and expenses of the mutual funds before investing. The prospectus contains this and other information about the mutual fund and should be read carefully before investing. As applicable, portions of mutual fund performance information may be provided by Lipper, a Reuters company, subject to the following: © 2010 Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Past performance is no guarantee of future results. Additional information is available upon request. © 2012 JPMorgan Chase & Co. EFTA00292177