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Opportunities in commercial real estate: J.P. Morgan Private Bank

Opportunities in commercial real estate: J.P. Morgan Private Bank

The products discussed in this material may not be suitable for all individuals and carry certain risks. Investors may receive less than they invested, and past performance is not a reliable indicator of future results. Asset allocation and diversification do not guarantee a profit or protect against loss. Nothing in this material should be considered in isolation for the purpose of making an investment decision. It is recommended that you carefully consider whether the services, products, asset classes (e.g., equities, fixed income, alternative investments, commodities, etc.) or strategies discussed in this material are appropriate for you. You should also consider the objectives, risks, fees and expenses associated with the investment service, product or strategy before''making an investment decision. For more information, including a discussion of your goals/situation, please contact your J.P. Morgan team.

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Some of the information contained in this material is believed to be reliable; however, JPM does not warrant its accuracy, reliability or completeness and shall not be liable for any loss or damage (direct or indirect) arising from the use of all or any part of this material. No representations or warranties should be made with respect to any calculations, graphs, tables, charts or comments presented in this material, which are provided for illustrative/reference purposes only. Views, opinions, estimates and strategies,'The information expressed in this material constitutes our judgment based on current market conditions and is subject to change without notice. JPM is under no obligation to update any information in this material if such information changes. The views, opinions, estimates and strategies expressed herein may differ from those expressed elsewhere in JPM, expressed for other purposes or in other contexts, and this material should not be considered a research report. Any forward-looking results and risks are based solely on the hypothetical examples indicated, and actual results and risks will vary depending on specific circumstances. Forward-looking statements should not be construed as guarantees or''predictions of future events. Nothing in this document should give rise to any duty of care to you or any third party. Nothing in this document should be construed as a suggestion, statement, recommendation or advice (financial, legal, tax or otherwise) provided by J.P. Morgan and/or its officers or employees, whether or not such communication was given at your request. J.P. Morgan, its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.

Important information about your investments and possible''conflicts of interest

Conflicts of interest will arise whenever JPMorgan Chase Bank, N.A.

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or any of its affiliates (collectively, "J.P. Morgan") has an actual or perceived economic or other interest in managing our clients' portfolios in a manner that favors J.P. Morgan. Such conflicts may arise, for example (within the scope of permitted actions in your account): (1) when J.P. Morgan invests in an investment product, such as an investment fund, structured product, separately managed account or hedge fund, issued or managed by JPMorgan Chase Bank, N.A. or an affiliate such as J.P. Morgan Investment Management Inc.; (2) when a J.P. Morgan entity receives services, including transacting trades and''are consistent with our asset allocation objectives and outlook in order to achieve the portfolio's investment objectives. As a general rule of thumb, we prefer J.P. Morgan-managed strategies. We expect the proportion of J.P. Morgan-managed strategies to be high (up to 100 percent) in strategies such as, for example, cash and high-quality fixed income, subject to applicable laws and special account circumstances. While our internally managed strategies are generally well aligned with our outlook for the future, and we are familiar with the firm's investment processes and risk and compliance philosophy, it is important to note that J.P. Morgan earns more overall fees when internally managed strategies are included. We offer''s ability to exclude strategies managed by J.P. Morgan (other than cash and liquidity products) in separate portfolios. Six Circles Funds are registered custodial funds managed by J.P. Morgan and third-party subadvisers. Although they are considered internally managed strategies, JPMC does not receive fees for fund management or other fund services.

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