Pine Labs: Model Update: Margin pressures

Research evidence excerpt

Pine Labs: Model Update: Margin pressures

trade-related services, such as securities lending to short sellers of the

ETF shares. JPMS may also perform services for the ETFs themselves, including acting as a broker or dealer to the ETFs. In addition, affiliates

of JPMS may perform services for the ETFs, including trust, custodial, administration, lending, index calculation and/or maintenance and other

services.

Options and Futures related research: If the information contained herein regards options- or futures-related research, such information is

available only to persons who have received the proper options or futures risk disclosure documents. Please contact your J.P. Morgan

Representative or visit https://www.theocc.com/components/docs/riskstoc.pdf for a copy of the Option Clearing Corporation's Characteristics

and Risks of Standardized Options or

https://www.finra.org/sites/default/files/2020-08/Security_Futures_Risk_Disclosure_Statement_2020.pdf for a copy of the Security Futures

Risk Disclosure Statement.

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/global/disclosures/interbank_offered_rates

Private Bank Clients: Where you are receiving research as a client of the private banking businesses offered by JPMorgan Chase & Co. and its

subsidiaries (“J.P. Morgan Private Bank”), research is provided to you by J.P. Morgan Private Bank and not by any other division of J.P. Morgan,

including, but not limited to, the J.P. Morgan Corporate and Investment Bank and its Global Research division.