^{Chase, J.P. Morgan, JPMorgan and JPMorgan Chase are marketing names for certain businesses of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide (collectively, “JPMC”, “We”, “Our” or “Us”, as the context may require).}

^{The information contained in this material is not advice on legal, tax, investment, accounting, regulatory, technology or other matters. You should always consult your own financial, legal, tax, accounting, or similar advisors before entering into any agreement for JPMorgan Chase products or services. In no event shall JPMorgan Chase or any of its directors, officers, employees or agents be liable for any use of, for any decision made or action taken in reliance upon or for any inaccuracies or errors in, or omissions from, the information in this content.}

^{The information does not include all applicable terms or issues and is not intended as an offer or solicitation for the purchase or sale of any product or service. Products and services offered by Chase and its affiliates are subject to applicable laws and regulations, as well as our service terms and policies. Not all products and services are available in all geographic areas or to all customers. In addition, eligibility for particular products and services is subject to satisfaction of applicable legal, tax, risk, credit and other due diligence, JPMorgan Chase’s “know your customer,” anti-money laundering, anti-terrorism and other policies and procedures.}

^{Products and services may be provided by banking affiliates, securities affiliates or other JPMorgan Chase affiliates or entities. In particular, securities brokerage services other than those that can be provided by banking affiliates will be provided by appropriate registered broker/dealer affiliates, including J.P. Morgan Securities LLC and J.P. Morgan Institutional Investments Inc. Any securities provided or otherwise administered by such brokerage services are not deposits or other obligations of, and are not guaranteed by, any banking affiliate and are not insured by the Federal Deposit Insurance Corporation.}

^{Changes to Interbank Offered Rates (IBORs) and other benchmark rates: Certain interest rate benchmarks are, or may in the future become, subject to ongoing international, national and other regulatory guidance, reform and proposals for reform. For more information, please consult: https://www.jpmorgan.com/IBOR.}

^{ABOUT THIS MESSAGE: © 2025  JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC. Deposits held in non-U.S. branches, are not FDIC insured. Non-deposit products are not FDIC insured. JPMorgan Chase Bank, N.A., organized under the laws of the U.S.A. with limited liability.}

^{J.P. Morgan, JPMorgan, JPMorgan Chase and Chase are marketing names for certain businesses of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide (collectively, “JPMC”, “We”, “Our” or “Us”, as the context may require). Securities, syndicated loan arranging, financial advisory, lending, derivatives and other investment banking and commercial banking activities are performed by the appropriately licensed subsidiaries and affiliates of JPMorgan Chase & Co. worldwide.}

^{We prepared these materials for discussion purposes only and for your sole and exclusive benefit. This information is confidential and proprietary to our firm and may only be used by you to evaluate the products and services described here. You may not copy, publish, disclose or use this information for any other purpose unless you receive our express authorization.   If accompanied by any oral briefing provided by JPMC, these materials are incomplete without reference to, and should be viewed solely in conjunction with, that briefing. These materials do not represent an offer or commitment by any JPMC entity to underwrite, subscribe for or place any securities or to extend or arrange credit or to provide any product or service. In preparing the information, we have relied upon, without independently verifying, the accuracy and completeness of publicly available information or information that you have provided to us. Our opinions, analyses and estimates included here reflect prevailing conditions and our views as of this date. These factors could change,and you should consider this information to be indicative, preliminary and for illustrative purposes only. This information is provided as general market and/or economic commentary. It in no way constitutes research and should not be treated as such. In addition, our analyses are not and do not purport to be appraisals of the assets, stock, or business of any entity.} 

^{These materials and any oral briefing provided by JPMC are not advice on financial, legal, tax, investment, accounting, regulatory, technology or other matters. You should always consult your own financial, legal, tax, accounting, or similar advisors before entering into any agreement for our products or services. JPMC makes no representations as to the actual results which may be achieved in connection with any transaction nor the legal, tax or accounting effects of consummating any transaction. In no event shall JPMC or any of its directors, officers, employees or agents be liable for any use of, for any decision made or action taken in reliance upon or for any inaccuracies or errors in, or omissions from, the information in these materials. We are not acting as your agent, fiduciary or advisor.}

^{Our policies prohibit employees from offering, directly or indirectly, a favorable research rating or specific price target, or offering to change a rating or price target, to a subject company as consideration or inducement for the receipt of business or for compensation.  We also prohibit our research analysts from being compensated for involvement in investment banking transactions except to the extent that such participation is intended to benefit investors.}

^{The information in these materials does not include all applicable terms or issues and is not intended as an offer or solicitation for the purchase or sale of any product or service. Our products and services are subject to applicable laws and regulations, as well as our service terms and policies. Not all products and services are available in all geographic areas or to all customers. In addition, eligibility for particular products and services is subject to satisfaction of applicable legal, tax, risk, credit and other due diligence, JPMC’s “know your customer”, anti-money laundering, anti-terrorism and other policies and procedures.}

^{Products and services may be provided by banking affiliates, securities affiliates or other JPMC affiliates or entities, and such affiliate or entity may or may not be the JPMC entity operating and regulated in your jurisdiction locally. In particular, securities brokerage services other than those that can be provided by banking affiliates will be provided by appropriate registered broker/dealer affiliates, which may include J.P. Morgan Securities LLC and J.P. Morgan Institutional Investments Inc. Any securities provided or otherwise administered by such broker/dealer affiliates are not deposits or other obligations of, and are not guaranteed by, any banking affiliate and are not insured by the Federal Deposit Insurance Corporation.}

^{Changes to Interbank Offered Rates (IBORs) and other benchmark rates: Certain interest rate benchmarks are, or may in the future become, subject to ongoing international, national and other regulatory guidance, reform and proposals for reform. For more information, please consult: www.jpmorgan.com/IBOR.}

^{JPMorgan Chase Bank, N.A. Member FDIC. Deposits held in non-U.S. branches are not FDIC insured. Non-deposit products are not FDIC insured. JPMorgan Chase Bank, N.A. is organized under the laws of USA with limited liability.}

^{For informational purposes only, these materials may refer to or introduce third party service providers (“Vendors”), and their products and services. Any such reference to or introduction of Vendors, their products and services does not constitute an endorsement by JPMC of such Vendors, or their products and services. JPMC neither makes any representations or warranties, express or implied, with respect to any such Vendor, their products and services, nor guarantees the capability, reliability, suitability or fitness for any particular purpose of any of the foregoing. Upon your request, JPMC may arrange for an introduction between you and the Vendors. JPMC’s role is limited to arranging such an introduction and thereafter all engagement with the Vendors shall be entirely at your discretion, without any reference or recourse to JPMC for any claims of losses or damages whatsoever or howsoever arising, JPMC’s responsibility and liability for which is excluded to the maximum extent permitted by applicable law. You must make your own independent evaluation and assessment of the Vendors before making any decision to engage them, and you acknowledge and agree that you will do so independently of JPMC. Investments or strategies discussed herein may not be suitable for everyone. Neither JPMC nor any of its directors, officers, employees or agents shall incur any responsibility or liability whatsoever to you or any other party with respect to the contents of any matters referred herein, or discussed as a result of, these materials. These materials are not intended to provide, and should not be relied on for, accounting, legal or tax advice or investment recommendations. Please consult your own tax, legal, accounting or investment advisor concerning such matters.}

^{For information on JPMC legal entities see: www.jpmorgan.com/disclosures. For information on JPMC’s policies on data privacy see: www.jpmorgan.com/privacy.}

^{© 2025 JPMorgan Chase & Co. All rights reserved.}

^{Additional Canada Disclosures}

^{Deposits with JPMorgan Chase Bank, N.A., Toronto Branch, are not insured by the Canada Deposit Insurance Corporation.}

^{Additional EMEA Disclosures:}

^{CB “J.P. Morgan Bank International” (LLC) is regulated by the Central Bank of Russia.}

^{JPMorgan Chase Bank, N.A., Johannesburg Branch is an Authorized Financial Services Provider (FSP No. 7795)}

^{JPMorgan Chase Bank, N.A. at its London Branch is a bank authorized and subject to supervision and regulation by the Office of the Comptroller of the Currency,and is also supervised and regulated with respect to certain matters by the Board of Governors of the Federal Reserve System, each in the jurisdiction of the United States of America. Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. (Firm Reference Number: 124491).}

^{J.P. Morgan SE is authorized as a credit institution by the Federal Financial Supervisory Authority (Bundesanstaltfür Finanzdienstleistungsaufsicht, BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB).For additional information on J.P. Morgan SE and its branches see: EMEA Regulatory Disclosures. https://www.jpmorgan.com/global/disclosures/legal-entity-information}

^{Additional APAC Disclosures}

^{The information herein is not an offer to sell any financial product as a deposit. Notwithstanding that JPMorgan Chase Bank, N.A., Hong Kong branch (“JPMCB Hong Kong”) is a member of the Deposit Protection Scheme (“Scheme”) as prescribed by the Deposit Protection Scheme Ordinance (Cap. 581) of Hong Kong (“DPSO”), an account or deposit will only be protected by the Scheme, up to a limit of HK$800,000 per depositor, if it is a “protected deposit” (as defined in the DPSO) held with JPMCB Hong Kong. Any involvement from JPMCB Hong Kong personnel in relation to non-JPMCB Hong Kong products and services is for administrative purposes only.}

^{Deposits placed with JPMorgan Chase Bank, N.A., Singapore Branch: Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.}

^{Australian wholesale clients may from time to time receive financial services from the following J.P Morgan entities which do not hold an Australian Financial Services Licence(“AFSL”). Each of the following J.P. Morgan entities are regulated by the relevant overseas regulator under the laws of that overseas jurisdiction (as specified below), which differ from Australian laws, and are exempt from the obligation to hold an AFSL under the Corporations Act 2001 of Australia (“Act”) to provide financial services to Australian wholesale clients. J.P. Morgan Securities (Asia Pacific) Limited is regulated by the Hong Kong Securities and Futures Commission under the laws of Hong Kong; J.P. Morgan Securities LLC is regulated by the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority, and the U.S. Commodity Futures Trading Commission under the laws of the United States of America; J.P. Morgan Securities plc is authorized by the Prudential Regulation Authority (“PRA”) and regulated by the Financial Conduct Authority and the PRA under the laws of United Kingdom; J.P. Morgan Securities Asia Private Limited and J.P.Morgan Securities Singapore Private Limited are regulated by the Monetary Authority of Singapore under the laws of Singapore; J.P. Morgan SE is regulated by BaFin under the laws of Germany. Each of these entities understands that you are a wholesale client within the meaning of section 761G of the Act (“Wholesale Client”) and may only provide you with financial services while you remain a Wholesale Client. You must inform J.P. Morgan if you are not currently a Wholesale Client or if you cease to be a Wholesale Client at any time in the future. For the purposes of this clause, references to “you” refers to you and any client(s) you act for.}

^{Additional LATAM Disclosures}

^{Chase, J.P. Morgan, JPMorgan, and JPMorgan Chase are marketing names for certain businesses of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide (collectively, “JPMC”, “We”, “Our” or “Us”, as the context may require). Products and services may be provided by banking affiliates, securities affiliates or other JPMC affiliates or entities, subject to applicable laws and regulations and service terms. Not all products and services are available in all locations. Eligibility for particular products and services will be determined by JPMorgan Chase Bank, N.A. or its affiliates.}

^{This presentation was prepared exclusively for the internal use of the J.P. Morgan client or prospect (“Client”) to whom it is addressed in order to assist the Client in evaluating, on a preliminary basis, certain products or services that may be provided by J.P. Morgan. This presentation is for discussion purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by J.P. Morgan. It may not be copied, published, disclosed or used, in whole or in part, for any purpose other than as expressly authorized by J.P. Morgan.}

^{This presentation is confidential and proprietary to J.P. Morgan and is not intended to be legally binding. In preparing this presentation, J.P. Morgan has relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. Neither J.P. Morgan nor any of its directors, officers, employees or agents shall incur any responsibility or liability whatsoever to the Client or any other party in respect of the contents of this presentation or any matters referred to in, or discussed as a result of, this presentation. This material is not intended to provide, and should not be relied on for, accounting, legal, regulatory, tax or investment recommendations or treatments. Please consult your own tax, legal, accounting or investment advisors concerning such matters.}

^{The Client should examine the specific restrictions and limitations of the laws that may be applicable to them and their particular situation. Any activity performed by the representative offices, subsidiaries and/or affiliates of JPMorgan Chase Bank, N.A. and/or its affiliates, pursuant to the products and services offered abroad described in this presentation, if any, are administrative support and/or collaboration for JPMorgan Chase Bank, N.A., and no such products and services are offered or provided by such representative offices, subsidiaries and/or affiliates, as applicable.}

^{The operations of JPMorgan Chase Bank, N.A. and other J.P. Morgan offices abroad are not subject to the control or the regulations of the [insert the relevant country: i.e. Federative Republic of Brazil and/or “the United Mexican States”], as the case may be, and do not have the guarantee of the [insert the relevant country: i.e. Brazilian and/or “Mexican”] State, as the case may be.}