Honoring service through philanthropy

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Text: Ideas and Insights. Max Lane sits at a desk, with a tablet before him and a glass of water beside him.

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MAX LANE: Welcome everyone.

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Thank you for joining us for a conversation about strategic giving, community impact and the landscape supporting our nation's veterans.

I'm Max Lane, head of the Private Bank's military and veteran Wealth Strategies team. I support our veteran bankers and clients across the firm, helping to ensure that those who have served and the advisors who serve them have strategies and solutions built around their unique experiences and goals.

I'm honored to be moderating today. At JP Morgan, our commitment to the military and veteran community is woven into the fabric of our firm. Through our Office of Military and Veteran Affairs and our Private Bank's military and veteran Wealth Strategies team, we meet veterans and their families where they are with empathy, precision, and solutions tailored to their lived experience.

Today, we're looking at the veteran nonprofit sector, what's working, where the gaps are, and how you can make a meaningful impact with your philanthropic giving.

I'm joined by two guests with complementary perspectives. First, Jim Lorraine, co-founder, President and CEO of America's Warrior Partnership.

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Jim Lorraine nods while seated at the same table.

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Jim has been in the veteran nonprofit space for more than 20 years. He's a 22-year Air Force veteran and flight nurse who served most of his career in the Special Operations community, and he built his career at the intersection of the individual veteran, the local community around them, and the network of government services and nonprofits meant to support them.

America's Warrior Partnership empowers communities and connects veterans with resources across the United States, all in service of one mission, making sure no veteran ever feels they have nowhere to turn. Jim, thank you for being here.

JIM LORRAINE: Thanks Max, I really appreciate it.

MAX LANE: And joining us is Sarah Berg from the philanthropy center and our JP Morgan Private Advisory Group. Sarah has been with JPMorgan for over seven years and has advised countless clients on how to make a real impact on the causes they care about most. Sarah, welcome.

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Sarah Berg smiles. She sits in between Jim and Max.

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SARAH BERG: Thanks.

MAX LANE: All right. Sarah, I would love to start with the big picture. What are you seeing in philanthropy broadly right now? How are clients approaching their giving and where does the veteran space fit in?

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Text: Sarah Berg, Senior Philanthropy Advisor, JP Morgan Private Bank.

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SARAH BERG: Well, Max, it's really interesting to see where we are in the philanthropic sector right now, because if you look at the over $600 billion that's been given in one annual year-- Last year, 64% of those dollars are coming from individuals. It's from people every day, like you and me, who are giving to so many different organizations.

And what's been interesting in this time, in this landscape is that given the chance to have lots of government funding cuts, we have seen about a $300 billion gap for one year within the nonprofit sector.

And so nonprofits, I think, are really struggling to figure out how do we stay afloat, how do we have a thoughtful mission, and how do we continue to stay and survive. And so a lot of that sustainability is a key core of lots of nonprofit organizations. And how are donors really responding and how are our clients responding.

We are really encouraged to see that clients and donors are saying, we still want to continue to give to our mission, to the areas and causes that we care about.

But we want to be able to be open and willing to listen, to hear what are those needs, especially given such funding gaps. And I would say, especially those in the veteran space, they truly care whether they have served themselves, they have family who have served, like myself, or they have seen great needs within the Veterans space, and are very committed to funding those.

And so I think that the commitment to that charitable giving is still there, but there are great headwinds within the philanthropic sector, and that is where we are, in terms of how to choose, how to move forward and what we're going to do next.

JIM LORRAINE: Yeah.

MAX LANE: That's a great segue. Jim, take us inside the veteran space. How would you describe the landscape today? How has it evolved over the past 20 years? And in your opinion, where do you see it going?

JIM LORRAINE: The veteran space has changed a lot.

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Jim Lorraine, President and CEO, America's Warrior Partnership.

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The barrier to entry as a veteran, as a nonprofit, is very low. So there's a proliferation of nonprofits out there, local and national, sometimes all doing a lot of the same stuff.

And for a veteran a simple search on Google or any app that you want to use makes it really confusing. I say, it's water everywhere and not a drop to drink. It's like, where do I go? And so what I've seen over the 20 year period--

I started doing this work even back in Special Operations Command in 2003. What I've seen is nonprofits will step in and they'll fill a gap. The government will then fill that gap. Sometimes the nonprofit will move forward and transition into the next gap. Sometimes they won't and they'll compete a little bit.

I think that the government, in terms of the Department of Veterans Affairs, has changed a lot between the GI Bill, veterans benefits, et cetera. But what also has happened, even though that the growth of government programs has gone up, the number of veteran nonprofits has also increased.

There's a statistic of-- Rand did a study. It was 45,000 veterans serving nonprofits. And everyone uses that term, but what you have to remember is, about 40,000 of them are American Legion or VFW posts. They're all separate nonprofits. Really 5,000 of them have generated revenue of more than $1 million a year. So that's still a lot for a relatively small population.

I think the other thing that's changed is a shift from-- If you look back into the mid 2000, the population was more Vietnam than it was post 9/11. About six years ago, that curve changed. So the post 9/11 veterans exceeded the number of Vietnam era veterans. And today the post 9/11 veteran population is larger than any other era of veterans.

So it's, how do you serve them? Where do you find the service? The biggest thing is, there's just so many. And I think the biggest need in terms of what's changed is, what America's Warrior Partnership does is, we do a lot of coordination. We coordinate between local community needs and national nonprofit means, and we figure out how to fill that gap in coordination between the two.

MAX LANE: So you talked a little bit about where the gaps are. What's working really well in this space right now?

JIM LORRAINE: What's working really well is education. There's-- Again, it's-- The Department of Veterans Affairs Education programs are second to none, in terms of the GI Bill. It's unlike any other. Complemented by other education programs that are available through the nonprofit community.

Healthcare has definitely changed. VA is growing a little bit. One of the things to remember is that there's 17.5 million veterans in the United States, and only 9 million are enrolled in the VA. So there's another 8 million out there that no one's touching, no one's connecting to.

I think that, the other thing that's working well is housing. You've got Tunnels to Towers. You've got some other big nonprofits that are working in conjunction with the government. Government has a VA, has a program called supportive services for veterans and families that really changed how homeless veterans are taken care of.

But I think that where we are, that's what's really working well, what's not working so well is the coordination among services. We do a lot of work around suicide prevention and the narrative has been mental health, mental health, mental health.

What we've seen is, from our experiences, economic insecurity is a big contributor to hopelessness, which then leads to a higher suicide rate and a higher deaths of despair rate. And really, what we have to do is figure out how do we get to the person who doesn't access any services, have them understand that somebody has their back, that they'll coordinate with them, and then coordinate with other programs to help them.

Every veteran that comes to us looking for one want, it turns into to 3.2 needs. And so it's not just what they want, it's what they need. And in the order that they have to go through the process to achieve those needs.

So I think that the biggest thing that we face, and the biggest need, is coordination of services around the veterans, because it's so complex. It's such a complex community.

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Jim nods.

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SARAH BERG: And there are so many different organizations that are doing that work. Could you speak a little bit to that, and maybe what you're seeing now?

JIM LORRAINE: Yeah, there are. So we created a program called the network at America's Warrior Partnership. And basically it bridges between community based programs. What I found was, communities knew who to serve, but they didn't have the resources.

They-- And what was happening was, they were starting to create their own nonprofits because they thought, oh, there's no other program out there. But what we knew was, at the National level, they had a lot of programs, but they just didn't who to serve.

And so what we did was, we created this program to bridge between the needs of the community and the veteran and the means of the National programs, and to bridge that gap.

But also, we don't focus on organizing organizations, and I think that's the other piece. We focus on what's the need of the veteran, and then we bring best in class nonprofits and government programs together to serve that specific need. And then we move to the next veteran.

The biggest thing that we see is that veterans are looking for somebody that you can trust. If they go to a nonprofit and they don't get served, or they go to a government program and they don't get served, the likelihood of them going back is really low. So it's on us all to make sure that we instill a sense of trust that you can trust us, we will then get you best of class, we'll get you moving forward.

I always talk to a veteran and I go, where have you been where are you today, and where do you want to be in five years. And then let's figure out what we need to do to get you to that five year point. There's two reasons to ask that. There's one, where they want to be.

But if somebody says, I don't where I want to be in a day or in a week, that's a high risk sign for me. If they're not looking further out, then they've lost a lot of hope. And so then what we need to do is say, OK, let's take care of these immediate needs.

But it's using all of the nonprofits that deliver. It's really, really important that the nonprofits that we partner with deliver on what they say they're going to do. And if they don't, we're an advocate for the veteran and we'll move to the next nonprofit. And then we probably won't work with that nonprofit in the future.

MAX LANE: To go off that delivery point, Sarah, how are you seeing clients finding and selecting nonprofits that are delivering?

SARAH BERG: Well, I think that you make some really good points about choosing nonprofits. And I think one of the things that I hear the most, day in and day out, especially in the veteran space-- if you're looking at nonprofits in general, there's a 1.5 1.9 million nonprofit organizations in the United States.

And that can be really daunting to anyone who says, I want to give back. I want to figure out, how do I make an impact, but I'm not exactly sure what to do. And I think part of it is really saying, OK, understand the landscape. You're listening to this conversation right now. Hear from the experts about what are you seeing, what's going on.

Where do you identify your own past interests and what are the organizations that resonate. I think that's an important place to start. And then it's also really understanding what is your mission. What is it that you're passionate about and who's doing that work.

Because as you said, you're working in this whole umbrella and really thinking about either your local community or looking at systems change at scale. You can get involved in a variety of different ways, in so many different aspects that touch the needs of those who have served.

And so, part of it is understanding what's the leadership of an organization, who's leading that organization, who's on the board. Do they have really good experience understanding the population, the needs of the community, and can they really describe, what are they working on, how are they accomplishing that work, and can they really showcase that they have done it.

And then it's also taking a look at the capacity and the capability of an organization. And so, it goes beyond just looking at Charity Navigator or looking at one's financials in your 990. Very important to do, but you really have to take a look at the whole broad spectrum of what is this organization doing, how is it serving its population. And then, who else are they working with?

And you had mentioned that earlier of, how are you working in the ecosystem and changing in what you're working in. And so we'll probably talk a little bit later about how you do that and what you do. But those are some of the key things that-- I walk alongside clients as they are really trying to figure out where do I want to make an impact and what kind of difference do I want to make.

JIM LORRAINE: I agree, 100%. When you're able to bring it together holistically and look at a broad spectrum of nonprofits and what they're doing and the impact that they're making. For me, I look at objective measurements, number one. And the other one is, do they partner with anybody?

Because organizations that partner aren't afraid to expose what they're doing and tell others.

SARAH BERG: So what does that look like?

JIM LORRAINE: Partnership is-- If you're doing education, you should partner with an employment program, because it's a feeder. So are you working together, is there a linkage there? The employment program that's just isolated to themselves, you say, OK, so why aren't you working with everybody else?

And that's one of the big things that I would look to, is say, who else are you're working with? Because, as I said earlier, serving veterans who are in crisis or who were trying to move forward in their life is a complicated thing. And it's not-- No single organization can do it themselves.

So who else are you working with so that you can focus on what you do best and not focus on what you don't do best. That's the key. And to stay focused on what you have.

And I think your advice is perfect to a nonprofit is, figure out, read their, look at their board, look at their leadership, look at their 990's, and then look at their mission and their focus. Are they doing what they say they're gonna do? And if they're doing something else, why are they doing something else.

Because likely there's somebody, there's another nonprofit that's already doing it. Just work with them.

SARAH BERG: And one of the questions that I always get is, what about overhead? And so, one of the things that I think that we often talk about is: overhead in a nonprofit organization is important to pay attention to.

So that overhead might mean, how are you thinking about your development, what process are you using to pay all of your staff. What does that look like?

But different organizations are very different in the needs that they're meeting, how they're engaging with their populations. And it may require higher staffing levels, and it may require larger overhead for the needs of specific programs that they're doing. So what does that look like from your standpoint?

JIM LORRAINE: We look at it very closely, more of, is the salary, are the salaries of the staff that are listed, are they commensurate with where they live? Or, if they're living in rural America and it's substantial income. But what I look at more is-- so for us, outreach and engagement is really, really important in America's Warrior Partnership. You never helped anybody you didn't know. So for us, it's getting the message out.

So that's marketing dollars. Are marketing dollars fundraising dollars, or are they program dollars? And where do you bucket them? And what does it look like? So if somebody was to look at our 990, you're going to see that we spend a lot of money on marketing. It's not to fundraise. It's to go find other veterans because it's part of our mission.

Whereas if you look at-- I have a great story where this donor was like, I'm not happy with your overhead, with the structure. I was sitting in the room, and the founder said, the way you can change that is just give us $500,000. And we'll put it all into programs.

And he wrote a check for $500,000, and they put it all into programs. And he said, there you go. Because it's a percentage, right? When we talk about it, it's a percentage of programs to fundraising to administration. How do I reduce my fundraising and administration? Increase my program cost expense.

And I didn't change my fundraising and my administrative costs. I just lowered the percentage. Anyways. Looking at a 990 is an art.

SARAH BERG: Yeah, it is.

JIM LORRAINE: [LAUGHS]

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Max smiles, Sarah nods and Jim chuckles.

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SARAH BERG: It is.

MAX LANE: Along that 990 piece, you have these incredibly large national organizations. And you also have the smaller, more focused ones. What does each do well? And how can a client, as they're looking at these 990s, really understand if this percentage is good or maybe they should move on to the next?

JIM LORRAINE: Yeah. Number one is to look at the mission, like you said. I think the other piece is, when you look at national nonprofits, are they working by, through, and with local community-based programs? Are they providing a service that's a national scoping, and it can be scaled up, and it's less high touch, it's more technological, et cetera?

At the local community, as I said, local communities know who the veterans are. If you go to a county veterans service officer, they probably know every veteran in their county. Do they have the resources to serve them? Probably not. But national nonprofits, they have the resources to serve. And they want to serve. They just don't know where to go, where to plug that in.

As somebody who ran a local community-based program, I would have national programs come into the community for two days. And they'd have this pots and pans, hats and horns, look at the big things that we're doing. And all the veterans would show up, and then the nonprofit would leave. And we would sit there, and all the veterans would come to us and say, so can you help me?

Because they just left. And I was like, OK, come on. We need to work together. My belief is, if a veteran comes to us and says, I need help, we'll help them. Our first step is to work with the community. Because I never want that-- shouldn't say never. I don't want that veteran to come back to me.

I'd rather have them go to their local community program. And when they don't have a need-- if they have a need that can't be met, they can come to us. Or they can go to a national program. The thing is that the best work is done locally, but it's also not the most efficient work. And so then you have to look. That's where partnerships come in.

SARAH BERG: Yeah, I was just on a call with a client who said, I want to put my sneakers on in my own community and see what's going on. And I want to have that engagement with the local people, and I want to know what's going on. That's a very specific, targeted view of impact. Because she's looking at wanting to get really engaged and connect with, probably, a smaller population that she's seeing and getting to know.

She's also saying, I also want to think from a strategy and policy standpoint to help those local people. Right? And so she's more putting her thinking cap on, too, of saying, how do I really meet those more strategic needs that is going to move the issue forward? And she's going to look to much larger organizations that are staffed and resourced to drive that change at a more policy and national level. And I would imagine that's what you're seeing too.

JIM LORRAINE: That is. So what you said is exact. For that person, the local engagement is really important to them because they can see things change, and they can see the effect. They also have to go, OK, What do we need to make this happen? and look to the national level, to the big nonprofits and say, I could use your service here. And I could use your service here. I don't have to build it myself, and I don't have to have it in existence in my little community.

But I could really use your help, national, to come in. National has to be willing to do that. And that's where I think the need for greater partnership comes in, is that the national nonprofits have to say, OK, how can I make you better, local community? How can I work together? Because at the local community, it's relationship based.

At the national level, it's not necessarily relationship based. But again, I'll go back to the trust. My biggest issue when I transitioned out of the military was, who do I trust? When I served, I knew who to trust. The person to my right and to my left, that's who I trusted.

Now I'm in a community, and I'm trying to figure out, who do I trust? Because everybody in this room looks the same. They don't wear a uniform. I don't know their rank. I don't know what service they're in. I don't know what badge they have. I don't know their background.

So as a veteran looking for services, they don't know where to go, and they don't know who to trust. And so local communities, that's where you trust. Trust begins. National nonprofits, you have a ton of resources. Just start targeting. But do it ethically, targeting. And what I mean by that is, if you're going to fund a local program at 5% of their budget, don't take credit for 100% of their impact.

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MAX LANE: So along that line and the example you gave about the client putting on her sneakers and wanting to go out in the community, how are you seeing funders and nonprofit operators building that trust and building a partnership? And what does a successful partnership look like?

SARAH BERG: Yeah. I think to your point, trust is really important in anything that you do but especially when you are engaging and partnering with a nonprofit organization. And it goes both ways, as a funder and as a nonprofit. And I think this is where transparency is really key about saying, as a funder, here is what I really envision as impact.

Are we on the same page? And is this something that's really feasible? Or am I going to be funding something that's new and innovative and high risk and it's OK if maybe it works or maybe it doesn't? Those are different things.

And from a nonprofit standpoint, being really clear and open about what's working, maybe what's not working, where things can be changed, how you're morphing and evolving, we're seeing more and more donors who say, I want to see the real impact. And what is this really achieving? And how do we get there if we're not there yet?

And so creating that trust is really key. And it's also incumbent on the donor to listen and to say, what are the needs? And is this matching with how I view the world? And maybe I need to learn that the world has changed. And so building that trust is really important.

And it takes time. So oftentimes, we see clients who may give a smaller grant to an organization to see, how is this partnership going to work? It's a give and take. I don't want to ask too much from an organization for my smaller amount of dollars, but I want to see how this grows and evolves and what's going on within the organization. And that is when, oftentimes, we see those who are passionate about an issue area or an organization get involved in multiyear grants because they are really caring about the issue and the organization, and they're in for the long haul.

JIM LORRAINE: And I think from the nonprofit side, managing expectations and if a donor comes in and says, I would like to donate this, well, if you can't do it within that time frame that they're asking, be honest and say, you what, to do the change you want might take us three years to do that. And really work together.

I like what you said because as a leader, nonprofit leader, I love it when our funders are involved. And the reason I love that is because they bring a different perspective to the table. I've got a great board. I've got a killer board. But they don't have all of the perspectives. Some of our donors will come in and say, did you think about this?

Or I have a relationship, I funded this other program over here that would really complement what you're doing. Great. Let's work together. I would never have had that access without that funder. Funder brings a different perspective. They're successful in their lives. They know where they want to go. And if they bring a strategic thought to it, I'm always open to that. And I think any nonprofit that doesn't look at it that way is missing out on an opportunity for thought leadership unlike they've ever seen.

MAX LANE: So we're almost at the end of our time. So final question for you both. What words of advice would you give to our clients as they look to support their community?

JIM LORRAINE: For us, funders can help shape how much an organization collaborates with others. They can say, hey, I'm going to donate this, but I really would like you to look at working in areas with partners who do what you don't do really well. You do what you do really well, but work with others. I think that donors are really the people that are going to drive that change and that partnership.

From my perspective, I think the biggest need in the veteran space is a coordinated network that can solve really complex needs, that can recognize that 85% of veterans are doing really, really well and want to give back more than they need. But that 15% needs help. And in order to do that, we have a motto at America's Warrior Partnership, which is, together we can do better. And I think together, we can do better.

SARAH BERG: I would say, to give some advice to clients or donors, get clear about what you see as impact. So what does impact mean to you? What really resonates with you? Because in my book, clear is kind. And when you're clear, you can be really focused on, OK, I want to learn about this organization.

I want to spend some time listening to what are the real issues. And I want to get clear about what is in this space and where can I really get involved. So be clear. Do some deep listening. And then never forget the joy. There is real joy in generosity, and there is real joy in generosity when you can give back and you can engage and you can see a difference that's made in someone's life.

And that is really what it's all about, where you can see the return on a charitable investment. And when you're thinking about how do you engage, how do you get started, it's taking a look at the landscape of who in my orbit can help me and can advise me. We can obviously do that here at JPMorgan, but we're also going to lean on experts like yourselves to really say, what is this landscape? How do we get involved? And how do we make a difference?

MAX LANE: Jim, Sarah, thank you both so much. A few themes I heard today-- understand where the real gaps are. Know the strategy behind the organizations you support. And remember that the best outcomes come from funders and operators working towards the same goal.

Jim, your organization's approach, as you said, comes down to a very simple idea-- together, we can do better. That's true for how AWP operates, and it's just as true for how our clients, our nonprofit partners, and our advisors support veterans and their families. To our clients watching today, if today raised questions about your giving in the space, please reach out to your JPMorgan advisor. We're here to help you think it through. Thank you all for joining us.

MODERATOR: Thank you for joining us.

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YOUR INVESTMENTS 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 JP Morgan. 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 JPMorgan Chase Bank, N.A. or an affiliate, such as JP Morgan Investment Management Inc: (2) when a JP Morgan entity obtains services, including trade execution and trade clearing from in 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 recordkeeping 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 a 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-locking 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 JP Morgan managed strategies will be high (in fact, up to 100 percent) in strategies such as, for example, cash and high-quality fixed income, subject to applicable law and any account-specific considerations.

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YOUR INVESTMENTS AND POTENTIAL CONFLICTS OF INTEREST. 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 JP Morgan 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 & 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, N.A. Member FDIC.. JP Morgan Chase Bank, N.A. 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 brokerage and advisory accounts, are offered through JP Morgan 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, Inc. 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 JP Morgan SE, with its registered office at Taunustor 1 (TaunusTurm). 50310 Frankfurt am Main, Germany, authorized by the Bundesanstalt for 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 JP Morgan SE Luxembourg Branch, with registered office at European Bank and Business Centre, 6 route de Treves, L-2633, Senningerberg, Luxembourg authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin the German Central Bank Deutsche Bundesbank) and the European Central Bank (ECB): J.P. Morgan st Luxembourg Branch is also supervised by the Commission de Surveillance du Secteur Financier (CSSF): registered under R.C.S Luxembourg B255938. In the United Kingdom, this material is issued by JP Morgan se London Branch, registered office at 25 Bank Street, Canary Whart, London E14 5JP, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank Deutsche Bundesbank) and the European Central Bank (ECB): JP Morgan SE London Branch is also supervised by the Financial Conduct Authority and Prudential Regulation Authority. In Spain, this material is distributed by JP Morgan SE, Sucursal en España, with registered office at Paseo de la Castellana 31, 28046 Madrid, Spain, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB): JP Morgan SE, Sucursal on España is also supervised by the Spanish Securities Market Commission (CNMV); registered with Bank of Spain as a branch of JP Morgan SE under code 1567. in Italy, this material is distributed by JP Morgan SE Milan Branch, with its registered office at Via Cordusio, n.3. Milan 20123, Italy, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); JP Morgan SE Milan Branch is also supervised by Bank of Italy and the Commissione Nazionale per le Società e la Borsa (CONSOB): registered with Bank of Italy as a branch of JP Morgan SE under code 8076; Milan Chamber of Commerce Registered Number: REA MI 2536325.

In the Netherlands, this material is distributed by JP Morgan SE - Amsterdam Branch, with registered office at World Trade Centre Tower B, Strawinskylaan 1135, 1077 XX, Amsterdam The Netherlands authorized by the Bundesanstalt Nr Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank Deutsche Bundesbank) and the European Central Bank (ECB): JP Morgan SE Amsterdam Branch is also supervised by De Nederlandsche Bank (DNB) and the Autorited Financiele Markten (AFM) in the Netherlands. Registered with the Kamer van Koophandel as a branch of J.P. Morgan SE under registration number 72610220. In Denmark this material is distributed by JP Morgan SE - Copenhagen Branch, filial af JP Morgan SE, Tyskland with registered office at Kalvebod Brygge 39-41, 1560 Kebenhavn V., Denmark authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB): JP Morgan SE Copenhagen Branch, Nal at J.P. Morgan SE, Tyskland is also supervised by Finanstilsynet (Danish FSA) and is registered with Finanstilsynet as a branch of JP Morgan SE under code 29010. In Sweden, this material is distributed by JP Morgan SE Stockholm Bankfillal with registered office at Hamngatan 15, Stockholm, 11147. Sweden, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB): JP Morgan SE Stockholm Bankfilial is also supervised by Finansinspektionen (Swedish FSA): registered with Finansinspektionen as a branch of JP Morgan SE.

In Belgium, this material is distributed by J.P. Morgan SE Brussels Branch with registered office at 35 Boulevard du Régent, 1000. Brussels, Belgium, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht(BaFin) and jointly supervised by the BaFin, the German Central Bank Deutsche Bundesbank) and the European Central Bank (ECB) JP Morgan SE Brussels Branch is also supervised by the National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA) in Belgium; registered with the NBB under registration number 0715.622.844. In Greece, this material is distributed by JP Morgan SE Athens Branch with its registered office at 3 Haritos Street, Athens, 10675, Greece, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE Athens Branch is also supervised by Bank of Greece registered with Bank of Greece as a branch of JP Morgan SE under code 124; Athens Chamber of Commerce Registered Number 158683760001; VAT Number 99676577. in France this material is distributed by JP Morgan Chase Bank, N.A. Paris Branch, registered office at 14,Place Vendome, Paris 75001, France, registered at the Registry of the Commercial Court of Paris under number 712 041 334 and.

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