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A curvy gold line swoops around on a black background. It becomes a signature that reads JP Morgan.

Text: Ideas and Insights. J.P.Morgan PRIVATE BANK. Women & Wealth presents Cybersecurity Essentials for the Family Empowering Families with Knowledge and Tools to Safeguard Their Digital Lives. Kimberly Rose, EXECUTIVE DIRECTOR, BANKER, WOMEN & WEALTH REGIONAL LEAD

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Welcome, everybody, and thank you so much for joining our call today. My name is Kimberly Rose. I'm an executive director, banker, and co-lead of our Women and Wealth organization here at JP Morgan's Private Bank. Today's discussion, we're going to be talking about cybersecurity essentials for you as well as for your family. And I'm thrilled to be joined by two amazing resources that we have on this topic.

Ileana van der Linde is head of our cyber advisory practice here at JP Morgan's Private Bank, and Michelle Maratto, who is also part of our cyber advisory team. The goal of today's conversation is to help educate and empower you on how to protect yourself and your family from what I feel like are the daily barrage of threats that we get online, through email, through voicemails, through texts, and how we protect ourselves from all of that, as well as our children and as well as elderly family members that we may have.

Specifically, today's agenda will be going through safeguarding our children's presence online, common scams targeting older adults, practical cybersecurity tips for our family, and how to use artificial intelligence and chat bots securely. We're going to cover a lot of information in a pretty short period of time, so at the end of this call, we will be sharing additional resources that you can reference. Now I'd like to welcome Michelle and Ileana into the conversation. Do you each want to provide a brief background on yourselves?

Sure. Great to be here today, Kimberly. My name is Ileana van der Linde. I head up cyber advisory as part of the larger Morgan Private advisory team. Our team helps ultra high net worth individuals, their families, as well as their businesses be more secure.

I'm also a part of the cyber advisory team and I support clients in real time situations. A lot of our resources I help create. So happy to be here.

Awesome. Thank you, ladies. So let's dive right in. And I'm going to have my banker hat on, but I also have my mom, my parent hat on. So I'm a mom. I'm also a caregiver to elderly parents. I call myself the household CEO, but the CEO of cybersecurity in my house. And I have to say that having that role as cybersecurity CEO is probably the most stressful role right now.

I feel like I'm responsible for keeping my kids safe, for my parents safe. And let's just tackle this first, maybe with the kids. In my head, social media is one of the most scary places that our kids can go. And in most households, I think we'd like to avoid it altogether. I don't know that that's realistic. So what do we need to about these platforms to help our kids navigate them safely and, in addition, keep our families safe while our kids are on these social media apps?

Great questions, Kimberly. And I think what's really important, before we dive into that, I really actually want to pull back just a bit to talk about why our kids are actually targets. Right? And a lot of us might think, well, I want to protect them. Maybe there's bullies in school and things like that. That absolutely is a factor. But more importantly, you want to also think about your children as an extension of you.

You may actually be the target, but your children and your elderly parents are much easier to get into via their devices, via emails, texts, and things like that. So I think understanding first why are they actually being targeted is an important context to think about.

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Social Engineering is one of the top attack methods. Social engineering exploits human psychology rather than technical vulnerabilities. Icons show five different methods, Phishing emails, Smishing, Deepfakes, QR Fishing, and Vishing. The speakers go more into detail.

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So when we think about it, there are different types of hackers with different motivations.

But when we are targeting, let's say, a child, when they rush home from school, one of the first things they want to do is either social media or the gaming system, and that's a reason why they are primed. There is a tactic in which hackers use social engineering. If I can manipulate a kid into clicking onto something or accepting a friend, right? And Michelle's going to go a little bit deeper into this, but having them provide personal information.

I had a celebrity client who was targeted through her three-year-old's iPad. OK? This kid wasn't even on social media yet, but the hackers targeted the iPad to try to get to the mom. So we've got to understand this is often a bigger thing. But I think children and teens can particularly be vulnerable to social engineering scams due to their limited experience.

They're trying to venture out into the world, be independent and learn, and of course, we want to give them that. But I think helping the children understand this is putting it into a family context. This is also it's bigger than they are. But I think social media platforms particularly make them vulnerable. But I think discussing the risks, having the discussion is the most important part of this.

So I think that when we talk about it, we have there are phishing emails, there's smishing, vishing, all these different things. And we even now have deepfakes which our children are dealing with. Is it real or not? So I think having this discussion is really important. Michelle, you and I often talk to families about social media usage and particularly the social engineering. Maybe you can expand a little bit on this.

Social engineering is one of our top attack methods, right, Ileana? We see our children being targeted in so many different ways. They might receive an email that looks like to be from school, but it's not really. They might get a text message from, hey, it was so nice to meet you. Did I really meet somebody new?

We have to constantly question if things are real. Unfortunately, we've gotten to the space of deepfakes, where our kids are maybe playing video games, and are they really playing with who they think they're supposedly playing with? So we just need to start questioning these channels in a different way. How are we verifying that it is who they say it is on the other side?

Exactly. We've seen cases where somebody says, oh, we met at camp last summer. Did we? Oh, I was at that party you were at last week. So it might not be somebody that you see every day, but you think, oh, cute boy from the party I was at last week? Right? I'll accept that friend request.

We live in such a space where it's like, I want to have all these friends. I want to share my life, and that is fantastic and we want you to do that. But we have to think about doing it in a safe way.

Right. One of the cases, we had a 13-year-old boy was selling his grandfather's baseball card collection to be a little bit entrepreneurial. He had responsibility online, and his parents trusted him with this. But what was happening, he was engaged with people who were buying these cards, and one in particular was asking very specific questions about, oh, so are you home alone after school?

Then wouldn't ask anything. Eight questions later. So what time do you typically get home? Asking very specific questions. And it was an incident in which the authorities had to get involved. So physical security is also an in issue. It isn't just this. But we have to really be mindful that stranger danger exists online as well. So I think the first rule is not to accept invites from people you don't know.

I don't care if you're 7 years old or you're 17 or you're just going into college. It's wanting to make an outside connection. But if you've never met that person in person and you don't know them, it's critical to not accept that. And telling children, we haven't met that person online. That's really important.

I think another aspect of that is that we're so used to oversharing. We love to tell everyone what we're doing. We want to know where everyone's going. But in most cases, it's better not to share. Keep it in. Share it later. Don't do it real time. Luckily enough, this child did end up going to his parents, I believe.

Yes, he did. Yeah, the parents, I think, in this particular incident said, where are you going? And he said, oh, I'm going to be selling cards to somebody. I'm going to the store. And the mother was like, let me first look at that text. And he said, I think it's all fine, mom. But when she looked at the conversation, it was not fine.

So it's really important, I think. Don't overshare. Making sure, don't give your personal information. Don't say, oh, let's play this gaming system. Come to my house at 123 Fillhower Road or something like that. Not OK. And I think just really, it's easy to want to overshare in an online environment because you want the clicks or things like that.

I have another great example.

Yes?

We had a session with a young daughter and her mom, and at the end of the session she raised her hand and she said, after I've been listening to you all, my mom's been sharing so much about my horseback riding camp, where I go, the name of my horse. And I don't think that's smart. So not only did the child learn, the parent learned as well.

And it's just about sharing things differently. Maybe we say we're at the farm and not the-- excuse me, specific location. Maybe we don't share the name of that horse, because maybe that horse's name is a password or something special to you. We don't know.

I think the other thing that we often share are pictures where we are.

Yes.

Taking the geotagging off the camera on your child's device so they don't know that they are at the such and such camp today, or they're at this lake, or that they're at school. This is one of those things where taking the location of the photo that they might send to somebody, can be real trouble.

And Michelle, one of the other things, I think also just anonymizing yourself. Help your children. Of course, it's great to have your email address be your name and things like that, but you also want to anonymize yourself. Have an email without your name in it. Don't put your pet's name, the birthdays, or very specific information. And I think overall, we're trying to reduce the digital footprint of the family.

We're taught that it is with you forever, and now more than ever, it is with you forever. Especially if you're a child growing up on a device, which I think they all are these days.

They are.

These are all fantastic tips. And quite honestly, a lot that I even think about if my kids are doing a little video or that they'll post on YouTube. I make sure they don't have their name of the town or the school we go to. Things like that are always on my mind. So what are the other strategies that parents can use to effectively safeguard their children's online presence?

Well, I think it's really to educate and guide your children. Teaching them the importance of privacy and the potential risks associated with sharing information online. Encourage them to think critically. This isn't just about limiting them, but to think, you have to think about the whole family in what you're posting.

The privacy settings on devices, on cameras is really critical, and we have some resources for those on how you can better secure your devices and your iPads. But also to use age appropriate platforms. Making sure that you do have that discussion with your child on what social media that they're on. In a lot of our sessions, parents are always shocked when they hear--

Secrets are revealed.

Secrets are revealed when we ask children which platforms you're on and their parents have never even heard of them. And use the parental controls. Again, helping your child understand, it's not about me limiting you, but it's making sure I can help you stay safe. So--

Ileana, can we just go back to the privacy settings really quick? Because a lot of times we might just be so easy to click Accept without really reading it. But it's important to think about what these apps have access to. Why do they need my pictures? Why do they need all my contacts? So it's just thinking about how you can use your apps differently. We're not saying take them away, just think about them in a different way.

Yeah.

Yeah.

And we also have a Children and Wealth book that reviews a lot of different topics. But we also have specific cyber sections for the different ages, so that's also a resource that we can use later.

Absolutely. These are all great places to start with, great basics to social media, cybersecurity. Good hygiene, I guess you could call it. I'll share that with my boys. They're teenagers. We have regular conversations about the appropriateness of online activity. I talk about the fact that their digital footprint is forever. We didn't have to deal with this as kids, but they do, and making sure they're very aware of everything they're saying, doing, posting.

It just can live on. Even if they delete it on their side, it might not be deleted on another device. So that is a regular part of our household. I will also say, it's interesting to check in with your schools on how they're handling cybersecurity. In some schools, it's now a part of a computer science class, and kids are getting educated.

And I think it's really a good conversation to have at back to school night this year or whenever you're in touch with the teachers just to say, how are they communicating these type of topics to the kids. Because I think it needs to come from every angle. Sometimes kids hear it from parents and don't want to hear it, but sometimes it lands a little differently when it comes from the school. So all really helpful.

All right. Let's pivot. Talked about the kids. Let's talk about the next generation. The older generation. My mom picks up every call. It doesn't matter if she knows the number or not. She talks to every single person that she meets. My dad will click on every link that you send him. So it is a constant stress point in my family to keep my older parents safe.

And it's getting really hard to decipher what is just really a valid email or phone call and what is fraud. Like, it is something we're all battling with. So let's talk a little bit about how we do keep our parents-- whether elderly or not, let's keep everybody safe. And even if they're not our parents, just elderly family members, friends. What are their best practices there?

Yeah. No, I think you're absolutely right, Kimberly. There are entire hacking groups and cybercriminal groups that are aligned to attack an older generation. They have wealth, they are very trusting, and they're easy pickings, if you will. So it's important-- and our parents on the other side, often unknowingly, they want to be engaged. They are, as you said, picking up every phone call. They're online, but they're super vulnerable to a lot of these scams.

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Text: Scams come in all forms but have many elements in common. Sophisticated in nature, Creates sense of urgency, Preys on your emotions, (fear, anger, excitement...), Uses triggers, (money, physical/cyber safety, loneliness, lost opportunity...), Encourages you not to tell others. Have regular safety talks and develop a response plan for scams. It's Important to verify suspicious communications with trusted sources.

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So I think protecting our elderly loved ones from scams is super important. A lot of these scams are increasingly sophisticated in nature. With the facilitation of AI, they seem very legitimate. They're perfect in nature. I think the first thing, again, is to have the discussion with the parents and say, listen, you're part of the larger family and we love you. We're concerned.

And there are emails that can come in that are not real. Having the phone calls and text messages, not doing it in a chastising way, but just in a caring way. I have discussions with my mother. My mother is very cautious now about everything. Does it say which phone number it was from? I don't know. Let them leave a voice message. Or, she will ask me. I got an email or I even got something in the mail.

But scams can be very sophisticated. They often have a sense of urgency, prey on emotion, fear, anger, excitement. Use triggers. I think the ones that are scariest are the ones that sound like a family member is in trouble. And that's where somebody, of course, wants to be helpful. Somebody was kidnapped or it sounds like it's the Sheriff's Office. There's been an accident.

But it's important, I think, to walk through the different types of scams with one's parents. The IRS is not emailing you. They're not calling you. The Sheriff's Department may call you. Will probably not call you, right? I mean, there are loads of things where-- the E-ZPass. You don't have a ticket. You didn't go over this. But they're, I think talking about--

Social Security is OK.

Your Social Security is OK. Right?

That's about it.

You're not going to get a text about this. Exactly. But I think the urgency. Everything is moving so fast. But I think, Michelle, talk a little bit about what we're seeing and how we've advised our clients.

Yeah. I will tell you, we get a call every single day that this incident has occurred. I had a loved one that picked up the phone. They unfortunately engaged. They sent money that they shouldn't have to an individual that they thought was going to help them and/or hurt somebody in their family. And what we're telling all of our clients is to speak to your parents, one.

Be open and honest, but have a plan. And we like to call our plan stop, drop, and call.

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An older couple looks at their phones. Text: Protecting Family Members from Scams Whether it's a suspicious email or an unexpected phone call, knowing how to respond can make all the difference. She explains the stop, drop and call method outlined on the slide.

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And that sounds silly, but it does work. We want to stop what you're doing. Think about the situation. Is this real? Am I really getting a call about this? Did I actually order that package? Drop the call. It's OK to be rude at this point. Stop engaging. Don't click on the link. Say something, as Ileana always likes to say, on the stove. You can't pick up.

Right. Right. Find an excuse. I know a lot of our parents don't want to be rude. They can't just hang up a phone. It's very hard for them. So I've also taught my mom just, Bridget, tell them this is a bad time. I have something on the stove. Right? That helps you get out of that situation. Or, I'm driving. I can't talk. Or, I have workmen here. Can't talk right now. And so that helps drop the call.

And the minute you drop that call, you call a trusted person in your family. You talk through the situation. Try and understand, are there certain red flags that I should be more aware about? And if they really need you, they will call you back, or they will message you back. You'll find a way to get in touch with them. Stop, drop, and call. I would advise everyone to go through that tonight.

Yeah. Sometimes we also say, having an important password. A family password. To say, if it really was you-- this is the code I've used. My mom had us all do that even since we were kids. Right?

That's super smart.

There was some emergency.

I think, just with my own parents, we will do role plays. I will literally tell them, somebody's going to call you. It's going to be urgent. It's going to be critical. They're going to say, I'm in distress. Your grandsons are in distress. We're OK. And I just would say, make the assumption we're OK, hang up, and call me. Most likely, I'm going to pick up or the boys are going to pick up. Somebody is going to pick up that you trust and know, and that's the way to handle that. I just kept conditioning them for that type of call to come in, because it's scary.

The other thing I did do is that as my father aged, I did put some limits on his bank accounts with him so that he was just protected. He could never withdraw over a certain amount. We all have those limits individually, but it's a good check in with family members to say, God forbid something did happen and I didn't have my eye on this. Like, how much could he actually get out of his account? So just a couple of other--

Thinking about things differently.

Yes.

And for my own, with my mom, I also said, listen, there's maybe one or two sites you can order from. If you want something from the other sites, I'll do the ordering so that you don't inadvertently click on something. And so on the weekends then we order things together. And that also helps keeps things safe. But again, it's part of a larger discussion.

Yes. And the regular. Same thing with the kids. Like, it's a regular discussion. You have to keep bringing these points to them because I think people can forget or maybe become-- just forget.

It's a daily conversation, like you brush your teeth every day.

Yes. It has to be ingrained. Every time we speak, I always take away some really fantastic tips. What are the top cybersecurity tips that our families should remember from this call?

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Text: Practical Cybersecurity Tips for the Family. A diagram shows wi-fi networks, passwords, multi factor authentication, and freezing credit. The speakers go into more detail.

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Overall, as a family, there's some really great things that you can do to keep the whole family safe across all generations. Number one, it's so critical-- and we talk about this in our regular cyber sessions, is to have at least two networks going in the house. Our routers today have the ability to have two. You where you handle your finances, money, and important things should be on the one. Your lovely children, your elderly parents, the gaming system, and all the smart devices in the house should be on the other.

And I will just say, I did this because of your tip because I have kids constantly in and out of my house, logging onto my Wi-Fi where I have all of our life happening. And so I did put in a separate Wi-Fi, and I just feel a little bit better now.

Good, good. Because that's really important. Another thing is also having really good passwords, because we tend to have those easy passwords so that everybody can remember, the dog's name or the favorite vacation place we go or the street we grew up on. Something very common.

In today's age where we're having automated tools and the cyber criminals have automated tools, it's important that you have strong and complex passwords that have-- eight is never enough as far as characters are concerned. Really important. But I think using and becoming familiar with a password manager. And the top three in the marketplace are Dashlane, 1Password, and Keeper. Have a look at one of those. But they can help you really manage your children, your elderly parents, and your own passwords in a much better way.

The other thing is, if you still can't get yourself onto a better password, you must use multi-factor authentication wherever offered on anything you value. Of course, you put it on your bank accounts. But you should also, if you value your personal email account, should have multi-factor or two factor there. But also, if you don't want your children's social media accounts taken over, have them put multi-factor on it.

The airline accounts where you have your passport and your addresses. Two factor. So that's really important. And your health care accounts. And last but not least, anybody with a Social Security number should have frozen their credit. And freezing credit, you're not buying a house, a boat, a car, as I always say every day. There are a few moments.

But your credit is available to be used if you don't freeze it. So it's important to lock it down, if you will, with a passcode. You also need to do this for your children. Because cyber criminals, if they're like, well, this kid won't be using it for five years, I'll use their social. In the meantime, you don't want that ugly when they get to college.

Amazing tips, and this is usually where I say, this is a lot. Take it all in, and you're going to figure out what's important to your family to implement right away. But this is all checklist material, because I think it's all something that needs to be done over time but don't overwhelm yourself and feel like you need to do this minute one. But do you have it as a priority. Another topic I want to ask you about is artificial intelligence. I'm using AI. My kids are. My parents less so. But how do we navigate these chatbots? What do we need to about using them securely?

Well,

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Text: Keeping Yourself Secure when using AI. Anonymize your profile, Don't make it easy to figure you out, don't get personal. The slide contains more information, which the speakers talk about.

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I think everybody should start using them because it's important to understand what they do, what they do well, and where some of the dangers lie. So when we are using, let's say, a ChatGPT or tools that help you navigate the internet, maybe you're making travel plans or you're trying to figure out a recipe or you need to write that letter in a nicer way. It's a great productivity gain.

But what's really important that many people don't understand is these tools are also learning everything about you. So they're almost doing a reverse search engine on you. So everything you put in, everything specific. So I think first and foremost, if you think a ChatGPT might be the tool that your family uses, buy a license. When you buy a license for this-- and it's just a few dollars a month-- you can also use options to be more secure versus just the public tools.

I would also use a separate email that you use for nothing else to set up the AI tool. Don't use the email that you use for banking to set up your tool. And also, your entire profile. You can even use a VPN to better secure that the AI tool knows which device it's coming from. But I think also, using the tools more securely, closing the browser afterwards, doing a lot of precautions there.

But also, most importantly, turn off model learning. Make sure that in the privacy settings, that you're not allowing everything that you've shared. So I had one family come in, and these were adults, young adults. And the one gentleman brother says, I'm shocked at how much the AI tool knows about us. How can it know all this?

And his sister, grown, also early 20s, says-- turns out she was using this thing as a therapist. So she was telling it everything about herself, about her family. And that's the danger, where you have to really make sure that you're keeping the doors closed on these things. But I think that's really important.

No, it's interesting because even as you're talking, I'm thinking about having that conversation with my kids about-- and we've talked about how they're using it because I'm lucky enough to work with both of you, so I know a lot. They tend to-- actually the positive side. They'll use it to practice math problems. And so we emphasize, that's an OK use. And everything else, I'm like, just run past me before we put it into the ChatGPT for now until we get a better understanding of what's happening. But fantastic tips. Thank you.

Just quickly to circle back. As you were saying, it's learning a lot about you, Ileana. It's going to learn a lot about you and use that against you, unfortunately, via social engineering tactics that we covered earlier. So maybe it'll have an email created that knows you a little bit better because of the information you put into this tool. So I think, like you said, Kimberly, we just have to think about what are we putting in that could be used against us. Scary, but true.

Yes.

Yeah.

Anything else that we didn't cover that you want to bring up?

I think what's really important when we are using chatbots and AI tools, as they're becoming more integrated into our everyday software and things like that, don't just use AI as the golden source. Make sure you're verifying the source. God forbid you book a travel trip and your AI said this is the best restaurant or the best hotel to stay at, and the hotel doesn't exist. It does hallucinate. It makes things up.

So make sure you're verifying the source. Don't use it as facts. As we said, have a license, create a dedicated email, and limit that personal information. But I think it's again, understanding, and as a family, standing strong to make sure that across all generations you realize that you at the center might be the target. It might not be them specifically. It might just be opportunistic.

But other than that, I think we have to be aware that cyber attacks are bigger than just directed at small people and people.

Yeah.

And have that conversation. I know we talk to clients every single day and they're like, can you come talk to my children? Can you come talk to my parents? And I wish I had these conversations growing up. We didn't have what we have now. But it's all about having a plan as well.

Yeah.

I agree. Ileana, Michelle, this has all been fantastic. What are the final takeaways everybody should leave with today?

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Key Cyber Takeaways for your family. The speakers go over all the points on the slide.

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Well, one, I think across all generations, it's really important to have regular safety talks with all family members. This isn't about limiting them as they're growing or limiting them as they're aging. It's really about keeping the entire family safe. Encourage skepticism towards unsolicited communications, be they a phone call that comes in or a text message or even a friend request.

Have them verify that. Verify suspicious communications with you, with a bank manager, or anything else. It's important. Role play. I love that you role play with your parents and your children as well, to understand how would they handle this, because that can help them prepare. And emphasize not sharing personal information or that oversharing. Not telling me when you're going on vacation and for how long. Anything else, Michelle?

So cyber criminals, they're becoming more and more sophisticated, Ileana. And it's so important to have these conversations with not only your children and your older adults, but everyone in your family.

Yeah. Because believe it or not, 50% of the information that is out there today as part of data breaches is personal information. So this isn't just something that happens to companies. It's very much they're targeting individuals. So it's important to stay cyber safe out there.

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Text: Thank you so much for joining us for this informative discussion. At J.P. Morgan, our team is always here to help you navigate cyber situations. Reach out to your J.R. Morgan team for more information and resources on cybersecurity for you and your family.

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Ileana, Michelle, thank you both so much for your time today and all these amazing tips. Thank you all for joining us today. We appreciate you dialing in and trying to get yourself educated on how to protect yourself and your family. And if you enjoyed today's call, feel free to share it with a friend. And if you have questions, because we know did go through a lot today, we will have some additional resources for you, or let your JP Morgan banker know or the person who invited you to this call know what questions you have. We're here for you as a resource. Thank you again for joining.

Thank you for joining us. Prior to making financial or investment decisions, you should speak with a qualified professional in your JP Morgan team. This concludes today's webcast. You may now disconnect.

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Your investment and potential conflicts of interest. Conflicts of interest will arise whenever JP Morgan Chase Bank, N A, or any of its affiliates (together, JP Morgan) have an actual or perceived economic or other incentive in its management of our clients portfolios to act in a way that benefits JPMorgan. Conflicts will result, for example, to the extent the following activities are permitted in your account: 1, when JP Morgan invests in an investment product, such as a mutual fund, structured product, separately managed account or hedge fund issued or managed by JP Morgan Chase Bank, N A, or an affiliate, such as JP Morgan investment Management Incorporated; 2, when a JP Morgan entity obtains services, including trade execution and trade clearing from an affiliate; 3, when JP Morgan receives payment as a result of purchasing an investment product for a client's account; or 4, when JP Morgan receives payment for providing services, including shareholder servicing, record-keeping or custody, with respect to investment products purchased for a client's portfolio. Other conflicts will result because of relationships that JP Morgan has with other clients or when JP Morgan acts for its own account.

Investment strategies are selected from both JP Morgan and third party asset managers and are subject to review process by our manager research teams. From this pool of strategies our portfolio construction teams select those strategies we believe fit our asset allocation goals and forward looking views in order to meet the portfolio’s investment objective. As a general matter, we prefer JP Morgan managed strategies. We expect the proportion of JPMorgan managed strategies will be high (in fact, up to 100%) and strategies such as, for example, in cash and high quality fixed income, subject to applicable law and any account specific considerations.

While our internally managed strategies generally align well with our forward looking views, and we are familiar with the investment processes as well as the risk and compliance philosophy of the firm, it is important to note that JP Morgan receives more overall fees when internally managed strategies are included. We offer the option of choosing to exclude JP Morgan managed strategies other than cash and liquidity products in certain portfolios. The Six Circles Funds are U S registered mutual funds managed by JPMorgan and sub advised by third parties. Although considered internally managed strategies, JPMC does not retain a fee for fund management or other fund services.

Legal entity, brand and regulatory information, In the United States, bank deposit accounts and related services such as checking, savings and bank lending, are offered by JPMorgan Chase Bank, NA, member FDIC. JPMorgan Chase Bank, NA, and its affiliates (collectively JPMCB) offer investment products, which may include bank managed investment accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as rokerage and advisory accounts are offered through JPMorgan Securities LLC, JPMS, a member of FINRA and SIPC. Insurance products are made available through Chase insurance Agency, Inc,. CIA, a licensed insurance agency doing business as Chase Insurance Agency Services, incorporated in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPM. Products not available in all states.

In Germany, this material is issued by JPMorgan S E, with its registered office at Taunustor 1, TaunusTurm, 6 0 3 1 0 Frankfurt Am Main, Germany, authorized by the Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin, and jointly supervised by the BaFin, the German Central Bank, Deutsche BundesBank, and the European Central Bank, ECB. In Luxembourg, this material is issued by JPMorgan S E Luxembourg Branch, with registered office at European Bank and Business Center, 6 Rue de Treves, L 2633, Senningerberg, Luxembourg, authorized by the Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin, and jointly supervised by the BaFin, the German Central Bank, Deutsche BundesBank, and the European Central Bank, ECB. JPMorgan SE-Luxembourg branch is also supervised by the Commission de surveillance du secteur financier, CSSF, registered under RCS Luxembourg B 2 5 5 9 3 8.

In the United Kingdom, this material issued by JP Morgan S E, London Branch, registered office at 25 Bank Street, Canary Wharf, London, E14 5JP,authorized by the Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin, and jointly supervised by the BaFin, the German Central Bank, Deutsche BundesBank, and the European Central Bank, ECB: JPMorgan S E London Branch is also supervised by the financial conduct authority and prudential regulation authority. In Spain, this material is distributed by JP Morgan S E, Sucursal en Espana, with registered office at Paseo de la Castellana, 31, 2 8 0 4 6 Madrid, Spain, authorized by the Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin, and jointly supervised by the BaFin, the German Central Bank, Deutsche BundesBank, and the European Central Bank, ECB. JPMorgan S E, Sucursal en Espana, is also supervised by the Spanish securities market commission, CNMV: registered with Bank of Spain as a branch of JP Morgan S E under code 1 5 6 7. In Italy this material is distributed by JPMorgan S E Milan Branch, with its registered office at Via Cordusio. N3, Milan, 2 0 1 2 3, Italy, authorized by the Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin, and jointly supervised by the BaFin, the German Central Bank, Deutsche BundesBank, and the European Central Bank, ECB. JP Morgan S E Milan Branch is also supervised by the Bank of Italy and the Commissione Nazionale per le Societa e la Borsa, CONSOB, registered with the Bank of Italy as a branch of JP Morgan S E under code 8 0 7 6: Milan Chamber of Commerce registered number r e a m i 2 5 3 6 3 2 5.

In the Netherlands, this material is distributed by JPMorgan S E Amsterdam Branch, with registered office at World Trade Center, Tower B, Strawinskylaan 1 1 3 5, 1 0 7 7 x x, Amsterdam, the Netherlands, authorized by the Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin, and jointly supervised by the BaFin, the German Central Bank, Deutsche BundesBank, and the European Central Bank, ECB.: JPMorgan S E Amsterdam branch is also supervised by De Nederlandsche Bank, d n B, and the Autoriteit Financiele Markten, AFM, in THE NETHERLANDS. Registered with the Kamer van Koophandel as a branch of JPMorgan S E under registration number 7 2 6 1 0 - 2 2 0. In Denmark, this material is distributed by JPMorgan S E Copenhagen Branch Filial af JPMorgan S E, Tyskland, with registered office at Kalvebod Brygge 39-41, 1 5 6 0 Kobenhavn v, Denmark, authorized by the Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin, and jointly supervised by the BaFin, the German Central Bank, Deutsche BundesBank, and the European Central Bank, ECB. JPMorgan S E Copenhagen Branch is also supervised by the Finanstilsynet, Danish FS A, and it's registered with the Finanstilsynet as a branch of JPMorgan S E under code 2 9 0 1 0. In Sweden, this material is distributed by JPMorgan SE Stockholm bankfilial, with registered office at Hamngatan 15, Stockholm, 1 1 1 4 7, Sweden, authorized by the Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin, and jointly supervised by the BaFin, the German Central Bank, Deutsche BundesBank, and the European Central Bank, ECB. JPMorgan S E Stockholm Bankfilial is also supervised by Finansinspektionen, Swedish FSA: registered with the Finansinspektionen as a branch of the JP Morgan S E.

In Belgium, this material is distributed by JPMorgan S E Brussels branch with registered office at 35 boulevard du regent, 1000, Brussels, Belgium, authorized by the Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin, and jointly supervised by the BaFin, the German Central Bank, Deutsche BundesBank, and the European Central Bank, ECB. JP Morgan S E Brussels Branch is also supervised by the National Bank of Belgium, NBB, and the financial services and market authority, FSMA, in Belgium: registered with the NBB under registration number 0 7 1 5 .6 2 2.8 4 4. In Greece, this material is distributed by JP Morgan S E Athens Branch with its registered office at 3 Haritos Street, Athens, 1 0 6 7 5, Greece, authorized by the Bundesanstalt fur Finanzdienstleistungsaufsicht, BaFin, and jointly supervised by the BaFin, the German Central Bank, Deutsche BundesBank, and the European Central Bank, ECB. JP Morgan S E Athens branch is also supervised by the Bank of Greece: registered with the Bank of Greece as a branch of JPMorgan S E under code 1 2 4: Athens Chamber of Commerce register number 1 5 8 6 8 3 7 6 0 0 0 1: VAT number 9 9 6 7 6 5 7 7. In France, this material is distributed by JPMorgan Chase Bank, N A Paris Branch, registered office at 14 Place Vendome, Paris, 7 5 0 0 1, France, registered at the registry of the Commercial Court of Paris under the number 7 1 2 0 4 1 3 3 4 and licensed by the autorite de controle prudential et de resolution, ACPR, and supervised by the ACPR and the autorite des marches financiers.

In Switzerland, this material is distributed by JPMorgan Suisse, S A, with registered office address at Rue de Rhone, 35, 1204 Geneva, Switzerland, which is authorized and supervised by the Swiss financial market supervisory authority, FINMA, as a bank and securities dealer in Switzerland. This communication is an advertisement for the purposes of the markets and financial instruments directive, MIFID 2, and the Swiss financial services act, FINSA. Investors should not subscribe to or purchase any financial instruments referred to in this advertisement, except on the basis of information contained in any applicable legal documentation, which is or shall be made available in the relevant jurisdictions as required. In Hong Kong, this material is distributed by JPMCB, Hong Kong Branch. JPMCB, Hong Kong Branch is regulated by the Hong Kong monetary authority and the securities and futures commission of Hong Kong. In Hong Kong, we will cease to use your personal data for our marketing purposes without charge. If you so request. In Singapore, this material is distributed by JPMCB, Singapore Branch. JPMCB, Singapore branch is regulated by the monitoring authority of Singapore. Dealing and advisory services and discretionary investment management services are provided to you by JPMCB, Hong Kong/Singapore Branch, as notified to you. Banking and custody services are provided to you by JPMCB Singapore Branch.

The contents of this document have not been reviewed by any regulatory authority in Hong Kong, Singapore or any other jurisdictions. You are advised to exercise caution in relation to this document. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. For materials which constitute product advertisement under the securities and futures act and the financial advisors act, this advertisement has not been reviewed by the monetary authority of Singapore. JPMorgan Chase Bank, N A, is a national banking association chartered under the laws of the United States, and as a body corporate, its shareholders liability is limited.

With respect to countries in Latin America, the distribution of this material may be restricted in certain jurisdictions. We may offer and/or sell to you securities or other financial instruments which may not be registered under and are not the subject of a public offering under the securities or other financial regulatory laws of your home country. Such securities and instruments are offered and are sold to you on a private basis only. Any communication by us to you regarding such securities or instruments, including without limitation the delivery of a prospectus, term sheet or other offering document, is not intended by us as an offer to sell or a solicitation of an offer to buy any securities or instruments in any jurisdiction in which such an offer or a solicitation is unlawful. Furthermore, such securities or instruments may be subject to certain regulatory and or contractual restrictions on subsequent transfer by you and you are solely responsible for ascertaining and complying with such restrictions. To the extent this content makes reference to a fund, the fund may not be publicly offered in any Latin American country without previous registration of such funds securities in compliance with the laws of the corresponding jurisdiction.

JPMorgan Chase Bank, N A, JPNCPNA, A B N 43 0 7 4 1 1 2 0 1 1 A F S license number 2 3 8 3 6 7, is regulated by the Australian securities and investment commission and the Australian prudential regulation authority. Material provided by JPMCBNA in Australia is for "wholesale clients" only. For the purposes of this paragraph, the term wholesale client has the meaning given and section 7 6 1 G of the corporations act, 2001. Please inform us if you are not a wholesale client now or if you cease to be a wholesale client at any time in the future. JPMS is a registered foreign company, overseas, ARBN 1 0 9 2 9 3 6 1 0 incorporated in Delaware, USA. Under Australian financial services licensing requirements, carrying on a financial services business in Australia requires a financial service provider such as JPMorgan Securities LLC, JPMS, to hold an Australian financial services license, A F S L, unless an exemption applies. JPMS is exempt from the requirement to hold an A F S L under the corporations act, 2001 and respective financial services it provides to you, and is regulated by the S E C, FINRA and CFTC under U S laws, which differ from Australian laws. Material provided by JPMS in Australia is to wholesale clients only. The information provided in this material is not intended to be and must not be distributed or passed on, directly or indirectly, to any other class of persons in Australia. For the purposes of this paragraph, the term wholesale client has the meaning given in section 7 6 1 G of the act. Please inform us immediately if you are not a wholesale client now or if you cease to be a wholesale client at any time in the future. This material has not been prepared specifically for Australian investors. It may contain references to dollar amounts which are not Australian dollars: may contain financial information which is not prepared in accordance with Australian law or practices ; may not address risks associated with investment in foreign currency denominated investments; and does not address Australian tax issues.

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