This material (“Material”) is provided by J.P. Morgan’s Prime Finance business for informational purposes only. It is not a product of J.P. Morgan’s Research Departments. This Material includes data and viewpoints from various departments and businesses within JPMorgan Chase & Co., as well as from third parties unaffiliated with JPMorgan Chase & Co. and its subsidiaries. The generalized hedge fund information presented in this Material, including trends referred to herein, are not intended to be representative of the entire hedge fund community at large. This Material is for intended institutional investor recipients only. It is not for retail distribution. No portion of this Material may be reproduced or distributed for any purpose without the express written permission of J.P. Morgan.

This Material has not been verified for accuracy or completeness by JPMorgan Chase & Co. or by any of its subsidiaries, affiliates, successors, assigns, agents, or by any of their respective officers, directors, employees, agents or advisers (collectively, “J.P. Morgan”) and J.P. Morgan makes no representations (and to the extent permitted by law, all implied warranties and representations are hereby excluded) as to, and disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for the quality, accuracy or completeness of, the information contained in this Material. The view of any third party expressed in the Material may not be the view of J.P. Morgan. Information for this Material was collected and compiled during the stated timeframe, if applicable, and J.P. Morgan has no obligation to update any portion of this Material. Past performance is not necessarily indicative of future results. Certain material positions may have been intentionally omitted in compiling the information referred to herein in order to preserve confidentiality.

This Material may not be relied upon as definitive, and shall not form the basis of any decisions. It is the user’s responsibility to independently confirm the information presented in this Material, and to obtain any other information deemed relevant to any decision made in connection with the subject matter contained in this Material. This Material is not intended as tax, legal, financial or equivalent advice and should not be regarded as or used as such. Users of this Material are should seek their own professional experts as they deem appropriate including, but not limited to, tax, financial, legal, investment or equivalent advisers, in relation to the subject matter covered by this Material. The Material should not be relied upon for compliance.

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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 its 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.

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