Successful Investing Starts With A Plan

On Screen: The scene begins with the Chase Private Client Logo & Giving you access to J.P. Morgan logo on the left with text Successful Investing Starts With A Plan & J.P. Morgan Insights Brought to you by Chase Private Client in the middle of the screen. Boxed Disclosure: INVESTMENT AND INSURANCE PRODUCT ARE: NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES • SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED

On Screen: Eric Tepper, Managing Director, J.P. Morgan

Eric Tepper: Like most people, you probably think a lot about how to maximize today and still get to where you want to be tomorrow. When you sit down with your private client advisor, their goal is to minimize that feeling of uncertainty.

On Screen: The Customized Financial Analysis referenced is a tool that provides an additional resource in the evaluation of the potential risks and return of investment choices. The projections or other information generated by the Customized Financial Analysis regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not gurantees of future results.

Eric Tepper: This starts with a customized financial analysis, a process that helps you translate your life goals into financial goals and then build a plan of action to get you there. It's a personalized strategy for your life that lets you enjoy the present and feel confident about the future. It's what I want for our clients. It's what I want for my family, and it's something that does not happen by chance.

On Screen: Disclosure: The information expressed is being provided for informational and education purpose only. It is not intented to provide specific advice or recommendations for any individual. You should carefully consider your needs and objectives before making any decisions. For specific guidance on how this informarion should be applied to your situations, you should consult your advisor.

Asset allocation/diversification does not gurantee a profit or project against a loss. Past performance is not a gurantee of future results.

Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved.

"Chase Private Client" is the brand name for a banking and investment product and service offering.

Bank deposit accounts, such as checking and savings, may be subject to approval. Deposit products and related services are offered by JPMorgan Chase Bank, N.A. Member FDIC.

JPMorgan Chase Bank, N.A. and its affiliates (collectively “JPMCB”) offer investment products, which may include bank managed 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 J.P. Morgan Securities LLC (JPMS), a member of FINRA and SIPC. Annuities 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 JPMorgan Chase & Co. Products not available in all states.

Money & Happiness | Katherine Roy

Description: String music begins to play.

On Screen:The scene begins with the Chase Private Client logo. Disclosure: INVESTMENT PRODUCTS ARE: NOT FDIC INSURED, NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES. SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED.

On Screen: Three Secrets That Could Lead to a Happier Financial Future with Katherine Roy, Chief Retirement Strategist for J.P. Morgan

On Screen: Secret #1 - More money does not equal greater happiness

On Screen: Katherine Roy, Chief Retirement Strategist for J.P. Morgan

Katherine Roy: Many people believe early in their lives that as they earn more income or they have more wealth that that will naturally lead to greater happiness and I think what’s often a big surprise for people is that those are actually not related to one another at all. The research would suggest that the more you set your expectations, that money and income are going to make you happy, the more disappointed you even are.

On Screen: Secret #2 - How you spend you money is a key factor to happiness

Katherine Roy: It’s not how much money you have, it’s how you spend your money and your wealth that really is the biggest driver of your long term happiness. One of the best things you can do is to buy experiences not things, buying experiences really has a strong, positive, long term return from a happiness perspective.

On Screen: Travel, Vacations and Family Events

Katherine Roy: Think about travel, and vacations. Family dinners, or family holidays in which you are able to share really magical times. Goods or things tend to have a negative return on happiness, they tend to become dated. One other key principal to using your wealth is really to give it to causes or helping others beyond our immediate family. By using our wealth to help those groups, you do see a direct correlation to your own happiness. The best advice I have is look for opportunities where you combine the two together. Give a gift of experiences to others and experience it with them.

On Screen: Secret #3 - People become happier as they age.

Katherine Roy: People actually become happier as they age, so retirement really comes at a time when our happiness is increasing. We know who we are and what we want to do and how we want to spend our time, we just want more time to be able to do those things.

Katherine Roy: Retirement becomes a time where your natural, kind of rise in happiness, with also making good choices as to how you use your wealth, really can be a great formula for a great life stage. Consider these tips and ideas for how to use your wealth to drive your long term happiness as you work with a financial adviser to make the most of your financial future.

On Screen: Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved.

On Screen: This video and its content have been developed for J.P. Morgan Securities LLC clients and prospects, are for informational and educational purposes only and are designed to provide general market commentary and information relating to certain services offered by J.P. Morgan Securities LLC, an affiliate of JPMorgan Chase & Co. Opinions expressed herein may differ from those of other J.P. Morgan employees and affiliates. The information in no way constitutes J.P. Morgan research and should not be trusted as such. Further, the views expressed herein may differ from that contained in J.P. Morgan research reports.

The information and views expressed are not intended to provide specific advice or recommendations for any individual. You should carefully consider your needs and objectives before making any decisions. For specific guidance on how this information should be applied to your situation, you should consult your Advisor.

Investment products and services are offered through J.P. Morgan Securities LLC (JPMS), a member of FINRA and SIPC. JPMS is an affiliate of JPMorgan Chase Bank, N.A. Products not available in all states.

Economic Outlook | Fall 2017

Description:In this video, Dr. Chan delivers a presentation in front of a white screen that displays graphs and charts illustrating his data.

On Screen: Black text on a white screen.

Boxed Disclosure: INVESTMENT AND INSURANCE PRODUCTS ARE: • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES • SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED

Description: Upbeat electronic music plays.

Description: A montage of a bustling city, a stock market ticker board, and Economist Dr. Anthony Chan. Dr. Chan - a man with short black hair - wears a gray business suit. He walks, speaks, and shakes hands with colleagues. Then, Dr. Chan gives a talk to a group of people in a conference room. White text appears over the scene.

On Screen: Quarterly Economic Commentary with Anthony Chan.

On Screen: Dr. Chan walks in a hall with his colleagues. Next, Dr. Chan sits at a small table with two men in suits. Then, a white screen with black text.

On Screen: Global Momentum. Fall 2017.

Anthony Chan: This quarter we're turning our attention overseas.

On Screen: A montage of beautiful European cities. Next, Dr. Chan delivers his lecture in front of a white screen. Text briefly appears at the bottom of the screen.

On Screen: Anthony Chan, PhD. Chief Economist for Chase.

Anthony Chan: While the economic recovery has appeared sluggish to some Americans, our real GDP growth of 13.5% from 2008 to 2017 has far outpaced the 5.3% growth that we've observed in the European Union, or the 3.4% growth in Japan.

Graph on screen: Next to Dr. Chan, a graph appears labeled, “2008 – 2017 GDP Growth.”
Circular bars appear designating:
USA 13.5%, European Union 5.3%, Japan 3.4%

On Screen: Small black text appears at the bottom of the screen.

On Screen: Source: Haver Analytics.

On Screen: European buildings featuring beautiful architecture. Then, a busy highway runs the length of a massive city, lit at night. Then, a close-up of the Statue of Liberty at twilight. Next, a large Asian city where locals gather to practice yoga exercises. A silhouetted skyline stands in the distance.

Anthony Chan: Now other developed countries are starting to catch up, and joining the United States, along with China and other emerging markets in powering the world's economic growth.

On Screen: Dr. Chan in front of the white screen.

Anthony Chan: The U.S. economy is still chugging along at about 2.2% this year -

Graph on screen: Next to Dr. Chan, a graph appears labeled, “2017 GDP Growth.” A circular bar graph appears designating:
USA 2.2%

On Screen: Small black text appears at the bottom of the screen.

On Screen: Source: J.P. Morgan Private Bank.

On Screen: Close-up of Dr. Chan.

Anthony Chan: even though the promised reforms of the Trump administration have been very slow to materialize. Surprisingly, this has not led to higher wages or price inflation. So, we don't expect the Federal Reserve to raise interest rates again until December at the earliest, with just two more rate hikes in 2018.

On Screen: Blue text, in quotations, briefly appears next to Dr. Chan.

On Screen: “We Don't Expect The Federal Reserve To Raise Interest Rates Again Until December.”

On Screen: The Eiffel Tower against a deep blue sky. Then, a montage of European city streets.

Anthony Chan: In Europe, the Continent has been suffering from an economic crisis and a political crisis at the same time.

On Screen: Close-up of Dr. Chan.

Anthony Chan: Now, the good news is, we're seeing light at the end of both tunnels. Populist candidates in Holland and France were soundly defeated, which makes it less likely that additional countries will leave the Eurozone.

On Screen: Blue text, in quotations, briefly appears next to Dr. Chan.

On Screen: “Less Likely That Additional Countries Will Leave The Eurozone.”

On Screen: Close-up of Dr. Chan.

Anthony Chan: All this is largely due to improving economic fundamentals. Unemployment rate has come down in the Eurozone to 9.1% from a peak of 12% in 2013. Germany's unemployment rate of 3.8% is the lowest level since they began keeping records.

Chart on screen: Next to Dr. Chan, a bar chart appears labeled, “Unemployment Rate.” The chart’s vertical line shows percentages ranging from 0 to 20, in increments of two. The horizontal line is broken into two halves labeled 2013 and 2017. Blue bars show the Euro Zone at 12% unemployment in 2013 and at 9.1% in 2017. Gray bars show Germany at 5.2% unemployment in 2013 and at 3.8% in 2017.

On Screen: Small black text appears at the bottom of the screen.

On Screen: Source: Haver Analytics.

On Screen: Close-up of Dr. Chan.

Anthony Chan: As a result, the European Central Bank is expected to gradually reduce its bond-buying program, although it is unlikely to start raising interest rates until 2018 or 2019.

On Screen: Financial analysts in a large room of computer stations. Then, Dr. Chan in front of a white background.

Anthony Chan: In Japan, thanks to Prime Minister Abe's stimulus policies, we're looking at 1.2% growth in 2017, which would be the third year in a row with GDP growth of 1% or better.

Chart on screen: A bar chart appears labeled, “Japan’s GDP Growth Rate.” The chart’s vertical line shows percentages ranging from 0 to 3, in increments of one. The horizontal line is broken into four sections ranging from 2014 to 2017. Gray bars are labeled to indicate Japan’s GDP growth at 0.2% in 2014; 1.1% in 2015; 1.0% in 2016; and 1.2% in 2017.

On Screen: Small black text appears at the bottom of the screen.

On Screen: Source: Haver Analytics, J.P. Morgan Private Bank.

On Screen: Close-up of Dr. Chan.

Anthony Chan: Meanwhile, China's economy is maintaining its sizzling growth pace.

On Screen: Blue text, in quotations, appears next to Dr. Chan.

On Screen: “China's Economy Is Maintaining Its Sizzling Pace.”

Graph on screen: A graph appears labeled, “China’s Growth 2017.” A circular bar graph appears designating: +6.9% 2nd Quarter GDP and 4.5% Fiscal Stimulus.

On Screen: Small black text appears at the bottom of the screen.

On Screen: Source: Haver Analytics, J.P. Morgan Private Bank.

Anthony Chan: Second quarter growth in China rose to an unexpected 6.9% thanks to enormous fiscal stimulus, equal to 4.5% of their GDP.

On Screen: Dr. Chan in front of a white background.

Anthony Chan: We expect Asia's other emerging markets to profit from the improving global economy, too.

On Screen: A map of Asia appears next to Dr. Chan. Blue pinpoint labels appear over India, South Korea, Taiwan, Vietnam, and Indonesia.

Anthony Chan: Exporting countries like India, South Korea, Taiwan, Vietnam and Indonesia will all benefit from rising global demand. What does this mean for American investors? Strong overseas markets are good for the United States, too, because they support a balanced global economy.

On Screen: Blue text, in quotations, appears briefly next to Dr. Chan.

On Screen: “Strong Overseas Markets Are Good For The U.S. Too.”

On Screen: Financial analysts monitor their computer screens. Then, a stock market ticker board. Then, the Christ the Redeemer statue, overlooking Rio de Janeiro. Next, a large city by a bay. Then, financial specialists at their computer stations. Next, Dr. Chan in front of a white background.

Anthony Chan: Investors can benefit from strong exposure to international equities and emerging markets as evidenced by the outperformance of this group in the first half of the year, relative to U.S. equities.

On Screen: Dr. Chan in front of a white background.

Anthony Chan: As always, global diversification is key to participating in this growth while managing your investment risk.

On Screen: Blue text, in quotations, appears briefly next to Dr. Chan.

On Screen: “Global Diversification Is Key To Participating In This Growth.”

On Screen: Fade to a white screen. Black text appears.

On Screen: J.P. Morgan.

On Screen: Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved. This video and its content have been developed for J.P. Morgan Securities LLC clients and prospects, is for informational and educational purposes only, and is designed to provide general market commentary and information relating to certain services offered by J.P. Morgan Securities LLC. an affiliate of J.P. Morgan Chase and Company. Opinions expressed herin are those of Anthony Chan and may differ from those of other J.P. Morgan employees and affiliates. The information in no way constitutes J.P. Morgan research and should not be trusted as such. Further, the views expressed herein may differ from that contained in J.P. Morgan research reports.

The information and views expressed are not intended to provide specific advice or recommendation or any individual. You should carefully consider your needs and objectives before making any decisions. For specific guidance on how this information should be applied to your situation, you should consult your Advisor. Investments in international or emerging markets can be more volatile and involve a greater degree of risk.

"Chase Private Client" is the brand name for a banking and investment product and service offering. Bank deposit accounts, such as checking and savings, may be subject to approval. Deposit products and related services are offered by J.P. Morgan Chase Bank, N.A. Member FDIC.

J.P. Morgan Chase Bank, N.A. and its affiliates (collectively "JPMCB") offer investment products, which may include bank managed 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 J.P. Morgan Securities LLC (JPMS), a member of FINRA and SIPC. Annuities 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 J.P. Morgan Chase and Company. Products not available in all states.

Keys to Long-Term Investing

On Screen: The scene begins with the Chase Private Client Logo & Giving you access to J.P. Morgan logo on the left. J.P Morgan Insights Brought To You By Chase Private Client Keys to Long-Term Investing: Be Diversified in the middle of the screen. Boxed Disclosure: INVESTMENT AND INSURANCE PRODUCTS ARE: • NOT A DEPOSIT • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NO BANK GUARANTEE • MAY LOSE VALUE

On Screen: Nancy Rooney, Head of Managed Solutions, J.P. Morgan Private Bank sitting within an office environment

Nancy Rooney: When it comes to designing a portfolio it's not about choosing a single stock or a bond. It's your asset allocation, where your money is invested. You must be diversified enough to survive those challenging markets because they always happen. Like I tell my own family and my own children, you can't control the future, but you can absolutely control your ability to be better prepared for whatever that brings.

On Screen: Nancy Rooney

On Screen: Circle graph of potential asset allocations next to Nancy.

On Screen: Private Client Advisor consults with female client.

On Screen: Nancy Rooney

On Screen: Access to J.P. Morgan investment expertise

On Screen:On screen: Chase Private Client logo, chase.com/privateclient

On Screen: The information expressed is being provided for informational and educational purposes only. It is not intended to provide specific advice or recommendations for any individual. You should carefully consider your needs and objectives before making any decisions. For specific guidance on how this information should be applied to your situations, you should consult your advisor.

Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved.

Asset allocation/diversification does not guarantee a profit or project against a loss. Past performance is not a guarantee of future results.

"Chase Private Client" is the brand name for a banking and investment product and service offering.

Bank deposit accounts, such as checking and savings, may be subject to approval. Deposit products and related services are offered by JPMorgan Chase Bank, N.A. Member FDIC.

JPMorgan Chase Bank, N.A. and its affiliates (collectively “JPMCB”) offer investment products, which may include bank managed 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 J.P. Morgan Securities LLC (JPMS), a member of FINRA and SIPC. Annuities 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 JPMorgan Chase & Co. Products not available in all states.

Women & Money

On Screen: Women & Money
Preparing for a Secure Future.

Boxed Disclosure: INVESTMENT PRODUCTS ARE: INVESTMENT AND INSURANCE PRODUCTS ARE: ● NOT FDIC INSURED ● NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY ● NOT A DEPOSIT OR OTHER OBILIGATION OF, OR GUARANTEED BY, JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES ● SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED

On Screen: Katherine Roy, Chief Retirement Strategist, J.P. Morgan

Katherine Roy Women today are clearly very involved in the financial decision making of their households. However, men and women make different financial decisions. Women tend to orient to cash-flow (Call out: Women: cash-flow-based decisions) based-decisions, where is their income going – and men tend to (Call out: Men: investment decisions) focus on investment decisions.
(Chart: Who’s Making The Financial Decisions in American Households?) This research suggests that there’s clearly room for women to grow in their financial decision-making – particularly as it relates to investments.

Divider Slide: Setting the Stage

Katherine Roy: Women tend to outlive men. Our life expectancy of an average 65 year old today is well past 85. So, the first is – we live long. The second is – we, over the course of our careers, (Chart: The cost of care giving) we don’t work as many years as men, so recent studies suggest that women work about 75% of the time because we tend to take time off to care for others.

Divider Slide: Getting On The Same Page

Katherine Roy: If you’re married, getting on the same page with your spouse as to what you’re trying to accomplish is something that’s really important. (Infographic: <50% of couples agree on retirement issues) We know that less than 50% of American couples agree on retirement, when they’re going to retire, how they’re going to spend their time in retirement. And it’s not only establishing what the goals are – whether it’s retirement, college, but it’s also the relative priority of those goals. (Call out: Prioritize your goals) What is most important to you both over time in terms of where you’re going to prioritize your savings but also your investment strategies as well?

Divider Slide: Preparing For A Secure Future

Katherine Roy: I think there are four key takeaways women need to be thinking about. The first is to take a seat at the table (Call out: 1. Take a seat at the table) as soon as you possibly can and really be informed about the investment decisions that you are making as a household. (Call out: 2. Having a Plan Is A Must – It’s your roadmap) Two, it’s to have a plan. Make sure you have a roadmap, you know where you’re going, and why you’re making the investment decisions you are. (Call out: 3. Make the most of opportunities) Three is to make the most of various opportunities that present themselves. Whether they are tax strategies or investment strategies, it really is important to maximize how much you’re saving and how hard it is working for you over time. (Call out: 4. Maintain your plan) And then lastly, maintain your plan and make sure that you are updating and revising it.

Divider Slide: Looking Ahead – Good News for the Next Generation

Katherine Roy: One of the most exciting things, I think, for the future is related to millennial women. (Chart: Women are Becoming More Educated) They are the most educated of any generation. They are working earlier in their careers (Call out: Working earlier, having families later) and having families later. Which means that we know that they are going to have more earnings over the course of their careers should they remain in the work force. And, I think lastly they are saving to a greater degree, which is great. (Call out: Saving More) A dollar saved in your 20s is hugely valuable in terms of what it’s going to provide to you in retirement. (Chart: Three positive trends among millennial women) So I think the combination of their income, their college education and also their savings habits, there are some really positive trends that we can see from millennial women, in particular.

On Screen: J.P. Morgan

On Screen: Opinions expressed are those of the speakers and may differ from those of other J.P. Morgan employees and affiliates. Neither J.P. Morgan nor any of its affiliates can represent that the statements or opinions expressed today will materialize.

This video and its content have been developed for J.P. Morgan Securities LLC clients and prospects and is for informational and educational purposes only. You should carefully consider your needs and objectives before making any decision.

This is not an investment research video. The views and strategies described may not be suitable for all investors. This video is not intended as personal investment advice or as a solicitation or recommendation for any individual. If you are considering any investment or strategy, you should consider speaking with a professional before making a decision. Investment products are not FDIC Insured, there is no bank guarantee and they may lose value. Past performance is no guarantee of future results.

Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved.

Investment products and services are offered through J.P. Morgan Securities LLC (JPMS), a member of FINRA and SIPC. Annuities are made available through Chase Insurance Agency, Inc. (CIA) a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMS and CIA are affiliates of JPMorgan Chase Bank, N.A. Products not available in all states.

©2017 JPMorgan Chase & Co.

OAP DIGITAL EVOLUTION STRATEGY

On Screen: The information discussed here is for informational purposes only, and only reflects the views of the speaker and may differ from those of other J.P. Morgan employees and affiliates. Neither J.P. Morgan nor any of its affiliates can represent that the statements of opinion expressed will materialize. This is not an investment research call. The views and strategies described may not be suitable for all investors, and this call is not intended as personal investment advice or as a solicitation or recommendation. If you are considering any investment or strategy, you should talk to your J.P.Morgan representative before investing. Investment products are not FDIC insured, there is no bank guarantee, and they may lose value. To the extent this call contains performance information, please note that past performance is no guarantee of future results.

This video and its content should not be relied upon in isolation for the purpose of making an investment decision and more complete information is available, including a product profile, which discusses risk, benefits, liquidity and other matters of interest. Please review the additional disclosures included at the end of this video.

On Screen: JPMorgan (signature logo)

On Screen: THE DIGITAL EVOLUTION STRATEGY

Description: The scene switches to a close-up of Manish Goyal, who begins to speak.

On Screen: Manish Goyal, Managing Director, Portfolio Manager, J.P. Morgan Private Bank

Manish Goyal: The smartphone changed the way humans interact, how we conduct our business, how we live our lives.

Manish Goyal: Imagine the world where you are surrounded by a plethora of smart devices. Whether it is your home, it is your car, it is a parking meter, or streetlights, it will radically change and improve the quality of life and services.

On Screen: GRAPHIC: We are on the cusp of a paradigm shift

Manish Goyal: Roughly every 10-15 years, technology sector goes through major paradigm shifts. During these paradigm shifts, the product performance improves considerably, while we reduce power consumption, cost, and miniaturize the size of the product.

Manish Goyal: We saw the first paradigm shift from mainframe to PCs, then from PCs, we connected them and made them—and moved to fixed internet, and then from fixed internet, we moved to mobile internet. There were about a million mainframes. There were about 100 million client server, and there are a billion PCs today, and are five billion mobile phone users. So, the user base has increased exponentially because there is ease of use, the simplicity of the device, and the price point has come down considerably.

Manish Goyal: I believe we are at the cusp of the next paradigm shift. Today, we have connected everybody in this world. Tomorrow or in the coming years, we will be connecting everything in this world.

Manish Goyal: In the digital evolution, everything will become data. Businesses can use that data to make very informed, real-time decisions, which is critical to their success.

On Screen: GRAPHIC: The digital evolution strategy

Manish Goyal: Digital evolution strategy will invest in the theme of mobile, smart, and connected, This strategy will invest in companies who are aggressive users of technology.

Manish Goyal: The transition to mobile, smart, and connected world requires investment in semiconductors, components...Manufacturers, software services, and those companies who use technology. There will be a tremendous amount of investment on the infrastructure side. There will be investment in new products and services. About roughly 20% of the portfolio will be invested in non-technology sector.

On Screen: GRAPHIC: Valuation of the technology sector

Manish Goyal: I believe technology sector is very attractive. During the last five years, technology sector earnings have grown 200 basis points more than S&P 500, yet the valuation multiple has compressed relative to S&P.

Manish Goyal: Historically, technology sector has traded roughly 25% to 35% premium to S&P 500, whereas, today, technology sector is trading close to 10% premium. With such strong earnings growth and such low valuation, I believe there is room for valuation multiples to expand in coming years .

On Screen: GRAPHIC: Fundamentals First

Manish Goyal: Technology sector is one of the most global in nature My investment process is fundamentals first and valuation is a distant second, but rather important distant second. I spend a tremendous amount of time understanding the meta themes of technology sector. If I get the themes right, I know which companies will have secular tailwind and which companies will have secular headwind.

Manish Goyal: We try to see where do we have conviction? Which variables do we truly believe in? And where is the best risk-adjusted reward? Where is the best risk-adjusted reward? And based on those rankings, we construct a portfolio of 15 to 35 stocks.

On Screen: IMPORTANT INFORMATION

JPMorgan Chase & Co., its affiliates and employees do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only. You should consult your own tax, legal and accounting advisors before engaging in any financial transaction.

“J.P. Morgan Private Bank” is a marketing name for private banking business conducted by JPMorgan Chase & Co. and its subsidiaries worldwide. Bank products and services are offered by JPMorgan Chase Bank, N.A., and its affiliates. Securities are offered by J.P. Morgan Securities LLC, member NYSE, FINRA, SIPC, and other affiliates globally as local legislation permits. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument.

J.P. Morgan Securities LLC or its brokerage affiliates may hold a position or act as market maker in the financial instruments of any issuer discussed herein or act as an underwriter, placement agent, advisor or lender to such issuer. The views and strategies described herein may not be suitable for all investors. The discussion of loans or other extensions of credit in this material is for illustrative purposes only. No commitment to lend by J.P. Morgan should be construed or implied. This material is distributed with the understanding that we are not rendering accounting, legal or tax advice. You should consult with your independent advisors concerning such matters.

Material contained herein is intended as a general market commentary. Opinions expressed herein are those of J.P. Morgan Private Bank and may differ from those of other J.P. Morgan employees and affiliates. This information in no way constitutes J.P. Morgan research and should not be treated as such. Further, the views expressed herein may differ from that contained in J.P. Morgan research reports. The summary/prices/quotes/ statistics contained herein have been obtained from sources deemed to be reliable, but we do not guarantee their accuracy or completeness; any yield referenced is indicative and subject to change.

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Conflicts of interest may arise whenever JPMorgan Chase Bank, N.A. or any of its affiliates (together, "J.P. Morgan") has an actual or perceived economic or other incentive in its management of our clients’ portfolios to act in a way that benefits J.P. Morgan. Conflicts may result, for example (to the extent the following activities are permitted in your account): (1) when J.P. 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 J.P. Morgan Investment Management Inc.; (2) when a J.P. Morgan entity obtains services, including trade execution and trade clearing, from an affiliate such as J.P. Morgan Securities LLC or J.P. Morgan Clearing Corp; (3) when J.P. Morgan receives payment as a result of purchasing an investment product for a client’s account; or (4) when J.P. 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 may result because of relationships that J.P. Morgan has with other clients or when J.P. Morgan acts for its own account.

Prospective investment strategies are carefully selected from both J.P. Morgan and third party asset managers across the industry and are subject to a rigorous and ongoing review process that is consistently applied by our manager research teams. Recommended strategies are then subject to investment committee review and approval.

From the approved pool of strategies, our portfolio construction teams select those strategies we believe best fit our asset allocation goals and forward looking views in order to meet the portfolio’s investment objective. As a general matter, we prefer J.P. Morgan managed strategies unless we think third party managers offer substantially differentiated portfolio construction benefits. Consequently, we expect the proportion of J.P. 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.

We prefer internally managed strategies because they generally align well with our forward looking views and our familiarity with the investment processes, as well as the risk and compliance philosophy that comes from being part of the same firm. It is important to note that J.P. Morgan Chase receives more overall fees when internally managed strategies are included.

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