SEC RULE 605 DISCLOSURE

J.P. Morgan Securities LLC (the “Firm”) has prepared reports (each a “Report”) for each of three market centers – its alternative trading systems, JPM-X (“JPMX”) and JPB-X (“JPBX”), and its market making desks (“JPMS”) – pursuant to a U.S. Securities and Exchange Commission requirement to make publicly available standardized, monthly reports of statistical information concerning order executions. The information in these Reports is presented in accordance with uniform standards that are based on broad assumptions about order execution and routing practices. The information is meant to provide a starting point to promote visibility and competition on the part of market centers, particularly on the factors of execution price and speed. The information contained in these Reports does not encompass all of the factors that may be important to investors in evaluating the order execution services of JPMX, JPBX, or JPMS. In addition, the statistics encompass varying types of orders routed by different customers or other broker-dealers with a wide range of objectives.

The Firm has a regulatory obligation and makes every effort to execute its customers’ orders at the most favorable terms possible under the circumstances surrounding the customers’ orders (the “duty of best execution”). The discussed SEC-mandated statistics, in and of themselves, do not necessarily create a reliable basis upon which to assess whether JPMX, JPBX, JPMS, or any other market center has satisfied its duty of best execution. Consequently, any decision as to whether to open an account with or to direct orders to JPMX, JPBX, or JPMS should be based on an evaluation of the full range of services that the Firm provides, not solely on these statistics.

The Firm has made every reasonable attempt to prepare these statistics in compliance with SEC rules. However, the Firm does not represent, warrant, or guarantee that the Reports are accurate, complete, and/or up-to-date. These statistics are not subject to complete and ongoing audits and, as such, may contain errors, inadvertent omissions, or the like. From time to time the Firm may become aware of systems or other errors that may affect the information provided in the Reports but that cannot be corrected before publication. The Firm may, in its discretion, revise and republish these Reports and/or previous Reports for prior periods. The Firm disclaims liability for any direct, indirect, punitive, special, consequential, or incidental damages related to the Reports or the use of the Reports. The information provided in the Reports may be impacted by market data system outages or errors, both internal and external, and it is dependent upon the integrity and accuracy of the data provided by outside sources. This SEC Rule 605 Disclosure, including these disclaimers, applies to the current Reports, previously published Reports, and revised Reports in their entirety, irrespective of whether the Reports are used or viewed collectively or individually, in whole or in part.

The previously published Reports for JPMX covering April 2015 and June 2015 were revised in January 2016, and the previously published Reports for JPMX covering February 2015 through June 2016 were revised in July 2017. The previously published Report for JPMS covering May 2020 was revised in July 2020. Beginning with the Report for JPMX covering June 2020, orders with counterparty restrictions (e.g., instructions to interact only with certain tiers in JPMX) and orders with a minimum quantity instruction of greater than 0 shares have not been deemed covered orders and so have been excluded from the Reports for JPMX.

Further information or a copy of a revised Report is available upon request. Requests can be sent via e-mail to jpms_605-606_reports@jpmorgan.com.