J.P. Morgan does not charge or receive fees for introduction services provided through its Capital Advisory Group (“CAG”, and the “CAG Program”). The CAG Program does not provide capital raising, placement agent, referral, solicitation or equivalent services (“Placement Services”) to funds, their related investment managers, general partners, managing members or their equivalents that participate in the CAG Program (“Manager Participants”). The CAG Program does not provide investment recommendations or endorsements of any kind (“Advisory Services”) to eligible prospective institutional investors participating in the CAG Program (“Investor Participants”), including in relation to Manager Participants, recommendations or endorsements of their services, products, investments or investment strategies. Placement Services and Advisory Services may, however, be provided by J.P. Morgan businesses unrelated to the CAG Program. Information presented in connection with the CAG Program may not be suitable for all institutions. Under all applicable laws, including but not limited to, the U.S. Employee Retirement Income Security Act of 1974, as amended, or the U.S. Internal Revenue Code of 1986, none of the information presented in connection with the CAG Program shall constitute, or be construed as constituting or be deemed to constitute “investment advice,” and J.P. Morgan is not acting as fiduciary for any purpose.

No materials (“Materials”) distributed by the CAG Program constitute, nor shall be construed as constituting or be deemed to constitute an invitation to treat in respect of, or an offer or a solicitation of an offer to buy or sell, any securities or constitute advice to buy or sell any security. In the United States, Materials are intended solely for institutions that are “accredited investors” (as defined by the U.S. Securities Act of 1933) and “qualified purchasers” (as defined in the U.S. Investment Company Act of 1940). In the United Kingdom, Materials are intended solely for institutions that are “investment professionals” for the purposes of Article 14 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (the “CIS Order”) or that qualify as a “high net worth company or unincorporated association” for the purposes of Article 22 of the CIS Order. In other jurisdictions where such standards exist, Materials are intended solely for institutions qualifying under equivalent standards to that of an “accredited investor”, “qualified purchaser” or “investment professional” under the laws of the jurisdictions of their residence.

An investment in a hedge fund is speculative and involves a high degree of risk, which each investor must carefully consider. Returns generated from an investment in a hedge fund may not adequately compensate investors for the business and financial risks assumed. An investor in hedge funds could lose all or a substantial amount of his or her investment. While hedge funds are subject to market risks common to other types of investments, including market volatility, hedge funds employ certain trading techniques, such as the use of leveraging and other speculative investment practices that may increase the risk of investment loss. Other risks associated with hedge fund investments include, but are not limited to, the fact that hedge funds: 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; often charge higher fees and the high fees may offset the fund’s trading profits; may have a limited operating history; can have performance that is volatile; may have a fund manager who has total trading authority over the fund and the use of a single adviser applying generally similar trading programs could mean a lack of diversification, and consequentially, higher risk; may not have a secondary market for an investor’s interest in the fund and none may be expected to develop; may have restrictions on transferring interests in the fund; and may affect a substantial portion of its trades on foreign exchanges.

Further, the information presented in any Materials does not represent any assumptions, estimates, views, predictions or opinions of JPMorgan Chase & Co. or of any of its subsidiaries, their respective affiliates, successors, assigns, agents, or any of their respective officers, directors, employees, agents or advisers (collectively, “J.P. Morgan”).

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