Global Data Intelligence | Through the Retail Lens: US Retail Sentiment & Flows

Research evidence excerpt

Global Data Intelligence | Through the Retail Lens: US Retail Sentiment & Flows

solicitation of, or offer or

inducement to provide or carry on, any type of investment service or activity by J.P. Morgan, including but not limited to the purchase or sale of any security. Under all applicable laws,

including, but not limited to, the US Employee Retirement Income Security Act of 1974, as amended, or the US Internal RevenueCode of 1986 or the Financial Services and Markets

Act 2000 (Regulated Activities) Order 2001, as amended, no portion of this Material shall constitute, or be construed as constituting or be deemed to constitute “investment advice”

for any purpose, and J.P. Morgan shall not be considered as a fiduciary of any person or institution for any purpose in relation to Material.

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 risksassumed. 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.

J.P. Morgan may (as agent or principal) have positions (long or short), effect transactions or make markets in securities or financial instruments mentioned herein (or derivatives with

respect thereto), or provide advice or loans to, or participate in the underwriting or restructuring of the obligations of,issuers mentioned herein. JPMorgan may engage in transactions