J.P. MORGAN INVESTMENT MANAGEMENT INC. MARCH 31, 2021

Client Relationship Summary

The best relationships are built on trust and transparency. That’s why, at J.P. Morgan Investment Management Inc. (“JPMIM”, “our”, “we”, or “us”), we want you to fully understand the ways you can invest with us, and the basic differences between our product and service offerings that may be relevant to you, as well as their fees and costs. This Form CRS provides disclosure on our wrap fee programs and our separately managed accounts (“SMAs”) available to certain short-term fixed income investors and private equity investors. We are registered with the Securities and Exchange Commission (“SEC”) as an investment adviser. Brokerage and investment advisory services and fees differ and it is important for clients (“you”) to understand the differences. Free and simple tools are available for you to research firms and financial professionals at Investor.gov/CRS , which also provides educational materials about broker-dealers, investment advisers, and investing.

WHAT INVESTMENT SERVICES AND ADVICE CAN YOU PROVIDE ME?  We have minimum account requirements, and for Private Equity SMAs, clients Wrap Fee Programs  must generally satisfy certain investor sophistication requirements. We offer investment advisory services to retail clients through SMAs available More  detailed  information  about our services is available at within wrap fee programs (“programs”). Depending on the strategy, these www.jpmorgan.com/form-crs-adv . accounts invest in individual securities (such as stocks and bonds), exchange- traded funds (“ETFs”) and/or mutual funds. Programs are sponsored by certain financial institutions, including our affiliates ("Sponsors"). CONVERSATION STARTERS  When we act as your discretionary investment manager, you give us full Throughout this Relationship Summary we’ve included “Conversation investment and trading discretion over your account. With this authority, we Starters.” These are questions the SEC thinks you should consider are responsible for the strategy’s security selection and weightings, as well as asking your financial professional. Please contact your financial buying and selling securities in client accounts without your prior consent. You professional or us directly for more information. can impose reasonable restrictions on our management of your account. For • Given  my  financial  situation,  should  I choose  an  investment  other programs, we are responsible for the strategy’s security selection and advisory service?  Why or why not?  weightings, but the Sponsor is responsible for buying and selling securities in • How will you choose investments to recommend to me?  your account. • What is your relevant experience, including your licenses, education  As part of our services, we monitor a strategy’s portfolio construction and and other qualifications?  What do these qualifications mean?  underlying investments. Where we have trading discretion, we also perform account monitoring, including contributions/withdrawals, custodian WHAT FEES WILL I PAY? reconciliations and service requests such as tax loss harvesting.      Wrap Fee Programs Each Sponsor sets the criteria for its program’s eligibility, including minimum    investment amounts and account size criteria that clients must meet in order You generally pay a single, asset-based “wrap” fee to the Sponsor that covers to participate in the program. Sponsors also establish guidelines and investment advice, most transaction costs and fees on transactions effected by restrictions for their programs, such as asset allocation guidelines or security the Sponsor, custody, and reporting. This fee, which is set by the Sponsor, restrictions, for us to adhere to. In certain programs, such as the J.P. Morgan covers more services and is higher than a typical asset-based advisory fee. The Automated Investing Program, we only select ETFs advised by us (“JPMorgan Sponsor typically pays us a quarterly fee based on the market value of assets ETFs”). invested in our strategy. Since fees are charged based on the amount of assets in a client’s account, we benefit from an increase in assets because we receive Separately Managed Accounts – Short-Term Fixed Income Investments;         greater fees. In programs where we have an agreement directly with the client, Private Equity Investments    we charge the client an advisory fee on a quarterly basis, and the Sponsor We offer investment advisory services to retail clients meeting certain investor charges all other program fees. See the Sponsor’s Form ADV brochure for more qualifications through SMAs managed by our Global Liquidity Group and our information regarding program fees. Private Equity Group. A Short-Term Fixed Income SMA may invest in a portfolio In wrap fee accounts, we generally trade equity strategies through the Sponsor. of taxable and/or tax exempt short-term fixed income instruments. A Private For fixed income strategies and certain other equity strategies, we generally Equity SMA may invest in a variety of private assets, including investments in use another broker-dealer to trade securities. When we trade through a third-party managed private equity funds and direct investments in portfolio broker-dealer other than the Sponsor, you typically will pay a commission or companies. Depending on the terms of your advisory agreement other charges, such as a charge embedded in the price of the security being (“agreement”), we may invest in some or all of these types of private assets bought or sold (e.g., a “mark-up” or “mark-down”). Further, when your account across various sectors. invests in funds, you will also pay the fund’s underlying fees and expenses. You When we act as your discretionary investment manager, we are responsible for pay these fees and charges in addition to the wrap fee. In the J.P. Morgan making investment decisions on your behalf, subject to the investment Automated Investing Program, we and certain of our affiliates receive some or guidelines in your agreement, without your prior consent. When we act as your all of the J.P. Morgan ETFs’ management fees, some of which are rebated back non-discretionary investment manager, our investment decisions will be to you. See below and our J.P. Morgan Automated Investing Program brochure subject to your approval, as specified in your agreement. at www.jpmorgan.com/form-crs-adv for more information. Investment services are tailored for each client’s specific needs and objectives. We have procedures and controls to monitor compliance with your specific investment guidelines.

1This disclosure is provided to comply with the SEC’s Form CRS disclosure requirement. It does not create or modify any agreement relationship or obligation between JPMIM and you. Please consult your JPMIM agreements and disclosures for all terms and conditions controlling your account and relationship with us. .

PAGE 1 OF 2 J.P. MORGAN INVESTMENT MANAGEMENT INC. MARCH 31, 2021

Separately Managed Accounts –Short-Term Fixed Income Investments; Separately Managed Accounts –Short-Term Fixed Income Investments; Private Equity Investments  Private Equity Investments  For a Short-Term Fixed Income SMA, you pay a fee based on the market • When we manage another account that pays or could potentially pay value of the investments in the SMA. Fees are set by standard fee higher fees and invests in the same or similar strategy or assets, we schedules, but may be negotiated. For a Private Equity SMA you have an incentive to favor the other account, for example in generally pay a fee based on your capital commitment to the account or allocation and execution of investment opportunities. to underlying investments and may also be charged performance-based Separately Managed Accounts - Private Equity Investments  compensation. Fees are negotiated in your agreement and standard fee • A fee based on the performance of your account creates an incentive schedules are not available. For both types of SMAs, you generally are for us to recommend more speculative investments than we would in responsible for reasonable expenses incurred in connection with your the absence of such performance-based compensation. account, including brokerage fees, custodian fees, and your pro  rata  share of the fees and expenses of the investments. See your agreement • Conflicts of interest arise from how your account fees are calculated and our Form ADV brochure at www.jpmorgan.com/form-crs-adv for as a result of our also being responsible for determining the fair value more information. of your account’s assets. You  will  pay  fees  and  costs  whether  you  make  or  lose  money  on  We have policies, procedures and controls in place that are designed to your  investments.  Fees  and  costs  will  reduce  any  amount  of  money  mitigate the conflicts described in this Form CRS and seek to ensure the you  make  on  your  investments  over  time.  Please  make  sure  you  fair treatment of clients over time as described within our Form ADV understand what fees and costs you are paying.For more information, brochure. see our Form ADV brochure, available at www.jpmorgan.com/ form-crs-adv. CONVERSATION STARTERS  • How might your conflicts of interest affect me, and how will you  CONVERSATION STARTERS  address them?  • Help me understand how these fees and costs might affect my  investments.If Igive you $10,000 to invest, how much will go to  fees and costs, and how much will be invested for me?  More detailed information about our conflicts of interest are available in our Form ADV brochure, available at www.jpmorgan.com/form-crs-adv. WHAT  ARE  YOUR  LEGAL  OBLIGATIONS  TO  ME  WHEN  ACTING  AS  MY  HOW DO YOUR FINANCIAL PROFESSIONALS MAKE MONEY?  INVESTMENT  ADVISER?  HOW  ELSE  DOES  YOUR  FIRM  MAKE  MONEY  We have a balanced financial compensation program for our financial AND WHAT CONFLICTS OF INTEREST DO YOU HAVE?  professionals that is a mix of fixed compensation and variable When we act as your investment adviser , we have to act in your best compensation in the form of an incentive program. This compensation is interest and not put our interest ahead of yours. At the same time, the not directly tied to the frequency of client trading or investing or to the way we make money creates some conflicts with your interests. You amount of client assets serviced. should understand and ask us about these conflicts because they can DO  YOU  OR  YOUR  FINANCIAL  PROFESSIONALS  HAVE  LEGAL  OR  affect the investment advice we provide you. Here are some examples to DISCIPLINARY HISTORY?  help you understand what this means. Yes. As a large financial institution that has been operating for many Wrap Fee Programs    years, we have legal or disciplinary history .Visit Investor.gov/CRS for a • We and our affiliates have an incentive to recommend or include free and simple search tool to research us and our financial professionals. funds advised by JPMIM (“Affiliated Funds”) within programs because we receive more fees. For example: CONVERSATION STARTERS  In the J.P. Morgan Automated Investing Program, in addition to the ¾ • As a financial professional, do you have any disciplinary history? wrap fee that we receive, we also earn some or all of the           For what type of conduct?  underlying ETF fees, a portion of which are rebated back to you. For more information, see our J.P. Morgan Automated Investing Program brochure at www.jpmorgan.com/form-crs-adv. ADDITIONAL INFORMATION  In some programs and accounts, a Sponsor may select an affiliated ¾ You can find additional up-to-date information about JPMIM’s money market fund as the account’s cash sweep investment investment advisory services and request a copy of the Client vehicle. We will receive both a portion of the wrap fee and the Relationship Summary at www.jpmorgan.com/form-crs-adv or by affiliated money market fund’s management fee. calling 1-800-338-4345 . • In certain programs, we use Affiliated Funds within a strategy, but you are not charged the fund’s management fee. CONVERSATION STARTERS  • We have an incentive to offer wrap fee strategies through an affiliated Sponsor because our affiliates earn more money. • Who is my primary contact person? Is he or she arepresentative  of an investment adviser or abroker-dealer? Who can Italk to if I • We have an incentive to select or recommend new Affiliated Funds in have concerns about how this person is treating me?  order to increase overall assets in those new funds. • We earn higher fees in some programs, based on negotiated fees with the Sponsor, which creates an incentive for us to favor those client accounts over others.

PAGE 2 OF 2 J.P. MORGAN INVESTMENT MANAGEMENT INC. MARCH 31, 2021

EXHIBIT  Material Changes  This Form CRS dated March 31, 2021 was updated to reflect that the name of the J.P. Morgan You Invest Portfolios Program was changed to J.P. Morgan Automated Investing Program.

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 Form ADV Part 2B Brochure Supplement

J.P. Morgan Investment Management Inc. Equity

383 Madison Avenue, New York, NY 10179 (212) 648-1853 www.jpmorgan.com

March 0 , 2021

This brochure supplement provides information about the following supervised persons that supplements the J.P. Morgan Investment Management Inc. (“JPMIM”) firm brochure. You should have received a copy of that brochure. If you did not receive JPMIM’s brochure please contact your client service representative or financial adviser. If you have any questions about the contents of this supplement please contact Lee Spelman at (212) 648-1853. Table of Contents

Cover Page ...... 0

Supervised Persons ...... 3

Educational Background and Business Experience ...... 4

Disciplinary Information ...... 25

Other Business Activities ...... 25

Additional Compensation ...... 25

Supervision ...... 25

2 Supervised Persons

277 Park Avenue, New York, NY 10172

Felise L. Agranoff Manish Goyal Eytan M Shapiro Jason Alonzo Akash Gupta Jonathan M Sherman Anjali Balani Clare A. Hart David E Silberman Susan Bao Phillip D. Hart Jonathan K.L. Simon Matthew P Bensen Lindsey J Houghton Rick I. Singh Scott Blasdell Laura Huang Helge Skibeli Jonathan Brachle Judith E. Jansen David Small Andrew Brandon Jason Y Ko Timothy J Snyder John Caffrey Timothy Leask Lee Spelman Nicholas Cangialosi Robert C LeDoux Grah am Spence Luis Carrillo Steven G. Lee Jaime H. Steinhardt Wonseok Choi Larry H. Lee Andrew R Stern Matthew G. Cohen Thomas R Leventhorpe Doug Stewart James Connors Timothy J Morris Alan L Supple Scott B. Davis Kate A Murphy Jonathan L Tse Timothy Devlin Timothy Parton Joyce Weng Giridhar Devulapally Daniel J Percella Joseph D Wilson Leon Eidelman John P. Piccard Wyman Wong Joshua Feuerman Lawrence E Playford Jr. Timothy Woodhouse Garrett Fish Hamilton Reiner Raffaele Zingone Holly Fleiss Danilo A San Jose

60 Victoria Embankment, London, EC4Y 0JP, United Kingdom

Hugo Alexander James Ford Amit Mehta Anuj Arora Austin Forey Jorg A Mitterer John Baker Frances D Gerhold Luke Richdale Sara Bellenda Piera Elisa Grassi Zenah Shuhaiber Sandeep Bhargava Fiona Harris Malcolm I Smith Oleg Biryulyov Ruairidh Hill Alexander V Stanic Louise Bonzano Nicholas J Horne Karsten Stroh Georgina Brittain Jon Ingram James Sutton Francesco Conte Erina Jindai Rajesh C Tanna James Cook Christopher J Korpan Sonal Tanna Shane Duffy Veronika Lysogorska Richard Titherington Ido Eisenberg Anne Marden Sam Witherow Dennis Eldridge William Meadon

Taunustor 1, Floor 23, Frankfurt, 60310, Germany

Christian Preussner

8 Connaught Road, Central, 999077, Hong Kong

Ayaz H Ebrahim Robert Lloyd Nicholas J Wilcox Noriko Kuroki Aisa Ogoshi

3 Marunouchi 2-7-3, Chiyoda-ku, Tokyo, 100-6432, Japan

Shoichi Mizusawa Miyako Urabe Nicholas E Weindling Christian Pecher

Educational Background and Business Experience

Set forth below is the educational background and business experience of the supervised persons with the most significant responsibility for managing each of the investment strategies set forth below. Additional supervised persons may communicate with you and/or have joint responsibility for the management of your account. Please contact Lee Spelman at (212) 648-1853 for a comprehensive list of the JPMIM Equity supervised persons.

CORE AND VALUE STRATEGIES

Large Cap Core Team Susan Bao Garrett Fish Steven G. Lee Scott B. Davis Lauran Huang Jonathan M Sherman Joshua Feuerman Judith E. Jansen Lee Spelman

Mid/Multi Cap Value Team John P. Piccard Jonathan K.L. Simon Jaime H Steinhardt Lawrence E Playford Jr. Graham Spence

Analyst Large Cap Team Garrett Fish Jonathan M Sherman Lee Spelman Judith E. Jansen David Small

Equity Income Team Andrew Brandon John P. Piccard Jaime H Steinhardt Clare A. Hart David E Silberman

Large Cap Value Team Scott Blasdell Lawrence E. Playford Jr. Jaime H. Steinhardt John P Piccard

Opportunistic Equity Team Joshua Feuerman Rick I. Singh Doug Stewart

Focused Dividend Growth (on or after January 1, 2021) John Caffrey

GROWTH AND SMALL CAP STRATEGIES

Large Cap Growth Team Nicholas Cangialosi Holly Fleiss Jonathan M Sherman James Connors Larry H. Lee Doug Stewart Giridhar Devulapally

All Cap Growth/Mid Cap Growth Team Felise L. Agranoff James Connors Jonathan M Sherman Nicholas Cangialosi Timothy Parton Doug Stewart

4 Equity Focus Team Nicholas Cangialosi Timothy Parton Jonathan K.L. Simon James Connors Jonathan M Sherman

Small Cap Growth Team Felise L. Agranoff James Connors Jonathan M Sherman Nicholas Cangialosi Eytan M Shapiro Doug Stewart Matthew G. Cohen

Small Cap Core Team Nicholas Cangialosi Daniel J Percella Jonathan M Sherman James Connors Danilo A San Jose Doug Stewart

US Technology Leaders Nicholas Cangialosi Christian Preussner Doug Stewart James Connors Jonathan M Sherman Joseph D Wilson Fiona Harris

STRUCTURED EQUITY STRATEGIES

Large Cap Team Jason Alonzo Joshua Feuerman Jonathan L Tse Wonseok Choi Andrew R Stern

Small /Mid Cap Team Wonseok Choi Akash Gupta Lindsey J Houghton Joshua Feuerman Phillip D. Hart Jonathan L Tse

Hedged Equity Team Matthew P Bensen Hamilton Reiner Raffaele Zingone Judith E. Jansen Wyman Wong

REI Team Joshua Feuerman Timothy J. Snyder Raffaele Zingone Judith E. Jansen Wyman Wong

REIT STRATEGIES

US REITs Team Scott Blasdell Jason Y Ko John P. Piccard

Global REITs Team Sara Bellenda Alan L Supple

INTERNATIONAL STRATEGIES

International Opportunities Team Timothy Devlin James Cook Timothy Leask

International Equity Income Team Anjali Balani Sam Witherow

International Equity / EAFE Plus Team Anjali Balani Shane Duffy Tom Murray

5 Timothy Devlin Timothy Leask James Sutton

International Growth Team Timothy Devlin Timothy Leask Tom Murray Shane Duffy

International Unconstrained Team Anjali Balani Shane Duffy Tom Murray Timothy Devlin Timothy Leask

International REI 100 Team Timothy Devlin Piera Elisa Grassi

International REI 200 Team Timothy Devlin Piera Elisa Grassi

International Intrepid Team Nicholas J Horne Tom Leask Zenah Shuhaiber Jon Ingram

Digital Evolution (on or after January 1, 2021) Manish Goyal

Innovators (on or after January 1, 2021) Manish Goyal

GLOBAL STRATEGIES

Global Focus Team Timothy Devlin Timothy Woodhouse

Global Equity Income Team Helge Skibeli Sam Witherow

Global Unconstrained Team Ruairidh Hill Alexander V Stanic

Global REI Team Timothy Devlin Piera Elisa Grassi Raffaele Zingone Ido Eisenberg

Global Natural Resources Team Christopher J Korpan Veronika Lysogorska

Global Growth Team Shane Duffy Alexander V Stanic

Global Select Team Timothy Devlin Timothy Leask Helge Skibeli

Global Healthcare Team Matthew G. Cohen Frances D Gerhold Anne Marden

Global Dynamic/Intrepid Team John Baker Sandeep Bhargava James Ford

6 Nicholas J Horne William Meadon Zenah Shuhaiber Timothy Leask

EUROPEAN EQUITY STRATEGIES

Research Driven Process - Focused European Multinationals (FEM) Team Louise Bonzano Malcolm I Smith Rajesh C Tanna Ido Eisenberg

Research Driven Process – Europe Analyst Team Jorg A Mitterer Rajesh C Tanna Nicholas J Wilcox

EMERGING MARKETS AND ASIA PACIFIC EQUITIES STRATEGIES

Global Emerging Markets Fundamental Team Leon Eidelman Thomas R Leventhorpe Kate A Murphy Austin Forey Amit Mehta Luke Richdale Robert C LeDoux Timo thy J Morris

Global Emerging Markets Core Team Anuj Arora Timothy J Morris Sonal Tanna Robert C LeDoux Kate A Murphy Richard Titherington Thomas R Leventhorpe Luke Richdale Joyce Weng

Latin America Team Luis Carrillo Thomas R Leventhorpe Kate A Murphy Robert C LeDoux Timothy J Morris

Europe Middle East Africa (EMEA) Team Oleg Biryulyov Thomas R Leventhorpe Kate A Murphy Robert C LeDoux Timothy J Morris

Japan Team Dennis Eldridge Shoichi Mizusawa Miyako Urabe Erina Jindai Christian Pecher Nicholas E Weindling Noriko Kuroki Luke Richdale

Asia Pacific (APAC) Regional Team Ayaz H Ebrahim Robert Lloyd Aisa Ogoshi Thomas R Leventhorpe

Emerging Markets and Asia Pacific Income Omar Negyal Jeffrey Roskell

7 Biographies

Felise L. Agranoff (born 1982), managing director , is a research analyst and portfolio manager in the U.S. Equity Group. An employee since 2004, Felise focuses on the energy, industrials and financials sectors. She is a co- portfolio manager on the J.P. Morgan Mid Cap Growth Fund and is also a co-portfolio manager on the Small Cap Growth Fund. She joined the Growth team as a research analyst in 2006 and previously worked on the U.S. Equity Large Cap fundamental research team. Felise obtained a B.S. in finance and accounting from the McIntire School of Commerce at the University of Virginia and is a CFA charterholder.

Hugo Alexander (born 1965), executive director , is responsible for managing the firm's ethically constrained equities portfolios. He is also a global sector specialist in the International Equity Group based in London, specializing in non-bank financials, and is an assistant portfolio manager for the International Equity Group's other strategies. An employee since 1992, Hugo was previously a trainee analyst/trader covering European technology and Telco stocks. Prior to this, he worked for five years as an accountant at Chase Manhattan Bank Limited. He trained for five years to become a chartered accountant at Coopers & Lybrand Deloitte. Hugo holds a BSc in Physics from Imperial College, University of London. He is also a member of the Institute of Chartered Accountants.

Jason Alonzo (born 1977), managing director, is a senior portfolio manager of the U.S. Behavioral Finance Large Cap Equity Team that is responsible for the Intrepid strategies. Jason was part of the initial research and implementation in launching the large cap strategies, and has been part of the large cap team since inception in 2003. Jason previously worked as an Investment Assistant in the US Equity group, and prior to that as an analyst in the Internal Consulting Services program, completing assignments in Corporate Technology, LabMorgan, Credit Derivatives and ultimately the US Equity group. Jason received a B.S. in Management and Technology from Rensselaer Polytechnic Institute in 1999.

Anuj Arora (born 1981), managing director, is a portfolio manager within the Emerging Markets and Asia Pacific (EMAP) Equities team based in London. An employee since 2006, he is responsible for managing the GEM Core strategy, as well as overseeing all aspects of research related to the quantitative strategies within the EMAP Equities team, including asset allocation and risk management. Prior to joining the Firm, Anuj was a quantitative analyst for Mesirow Financial and an analyst at Birkelbach Investment Securities. He holds an M.S. in Finance from the Illinois Institute of Technology.

John Baker (born 1972), managing director , is a portfolio manager within the Unconstrained portfolios sub-team of the J.P. Morgan Asset Management International Equity Group – Behavioral Finance Team. An employee since 1994, John was previously an analyst on the UK Retail Funds desk, John obtained a B.A. in European Studies, French and Italian from University College Cork, Ireland and earned a Diploma in Business Studies from University College Galway, Ireland. He is an Associate of Institute of Investment Management and Research.

Anjali Balani (born 1984), executive director , is an Investment Specialist in the International Equity Group based in New York. She is responsible for communicating investment performance, outlook and strategy to institutional and retail clients across the country. Anjali joined J.P. Morgan in 2012 as a part of the Institutional Advisor team working primarily with RIAs in the Northeast and thereafter moved within the firm to Mumbai, India in a national accounts role. Prior to joining the firm, she worked at Charles Schwab and Ameriprise as a Financial Advisor. She graduated summa cum laude with a dual concentration in finance and accounting from Boston University, obtained her MBA from NYU Stern, and received her CIMA ® from Wharton.

Susan Bao (born 1972), managing director , is a portfolio manager in the U.S. Equity Group. An employee since 1997, Susan manages the Large Cap Tax Aware Equity strategy and co-manages the Large Cap Core and Large Cap Core 130/30 strategies. Previously, she was responsible for the U.S. equity analyst portfolios and served as a member of the Disciplined Equity team. Susan holds a B.S. from Centenary College and an M.B.A. in finance from New York University's Stern School of Business. She is also a holder of the CFA designation.

Sara Bellenda (born 1973), executive director , a Portfolio Manager in the International Equity Group, based in London. Sara is responsible for global real estate strategies alongside Alan Supple and also covers European real estate small and mid-cap stocks. Prior to joining the firm in May 2017 she was a research analyst at Fidelity

8 Management and Research specializing in European real estate and homebuilders, a role held since 2011. Prior to this, her experience includes roles within the property securities teams at CBRE Investors and Henderson Global Investors as analyst and fund manager. Prior to joining the investment management industry in 2003, Sara gained experience on the sell-side as well as in private equity, working for Lehman Brothers in equity research and Westmont Hospitality, a private equity fund investing in hotels. Sara holds a MBA in Hospitality Management from Cornell/ESSEC business school and is fluent in Italian, English and French.

Ma tthew P Bensen (born 1993), associate , is a member of the portfolio management team for derivatives-based strategies in the U.S. Equity group. An employee since 2015, Matt is responsible for helping lead portfolio manager Hamilton Reiner manage the derivatives portfolios of Hedged Equity, Equity Premium Income, and International Hedged Equity on a day-to-day basis. Prior to assuming this role, Matt worked as an analyst for J.P. Morgan's U.S. Equity Value portfolio management team, where he conducted daily portfolio implementation and analytics. Matt holds a B.B.A. in Finance from the University of Notre Dame. He is a CFA charterholder and has his Series 3 license.

Sandeep Bhargava (born 1964), managing director , is a portfolio manager responsible for disciplined strategies within the J.P. Morgan Asset Management International Behavioral Finance Team. An employee since 1997, Sandeep previously was a product manager for Indian asset management in Asia. Prior to joining the firm, Sandeep spent two years managing Asian emerging market funds with a focus on technology and pharmaceuticals at Barclays Global Investors in London. Sandeep began his career lecturing at the University of York, combining this with consulting roles at a number of financial institutions including The World Bank in Washington, ICICI Bank in India and the United Nations Conference on Trade and Development in Switzerland. Sandeep holds a BA in Economics from Cambridge University and a DPhil in Economics from Oxford University.

Oleg Biryulyov (born 1973), managing director , is a country specialist and the head of the Emerging Europe, Middle East and Africa Group, with a specialization in Russia and Eastern Europe, within the Emerging Markets and Asia Pacific (EMAP) Equities team based in London. An employee since 1994, Oleg was previously a portfolio manager for Flemings Urals Regional Venture Fund. Prior to this, he was an investment analyst. Oleg obtained a degree in Economics from Moscow State University, Lomonosov. He is a CFA charterholder.

Scott Blasdell (born 1967), managing director, is a portfolio manager in the U.S. Equity Group responsible for Large Cap Value portfolios. An employee since 1999, Scott started as a research analyst covering REITs then in 2001 became portfolio manager of J.P. Morgan’s REIT strategies. In 2008, Scott moved to the U.S. Disciplined Equity Team to manage large cap core and value strategies. Prior to J.P. Morgan, Scott worked as a research analyst at Merrill Lynch Asset Management and Wellington Management. Scott earned a B.A. in economics from Williams College and an M.B.A. from the Wharton School of the University of Pennsylvania. He is also a CFA charterholder.

Louise Bonzano (born 1976), managing director , is Head of the Investment Specialist Team within the J.P. Morgan Asset Management International Equity Group. An employee since 1999, Louise previously worked in the J.P. Morgan Private Bank Fund Sales Team. Prior to this, she worked in the Currency Overlay Team as a portfolio assistant and trader. Louise obtained a B.A. in international business administration from ESC Reims.

Jonathan Brachle (born 1985), executive director , is an analyst with the Small Cap Active Core Team. An employee since 2007, Jon was previously a research associate covering software and IT services companies for the U.S. Large Cap Equity Group. Jon holds a B.S. in finance from the University of Colorado’s Leeds School of Business and is a CFA charterholder.

Andrew Brandon (born 1973), managing director, is a portfolio manager in the U.S. Equity Group. An employee since 2000, Andrew joined the investment team in 2012 as an investment analyst on the J.P. Morgan Equity Income and Growth and Income Funds. Prior to joining the team Andrew was a member of our US equity research team covering the financial industry. Andrew has also worked in the J.P. Morgan Private Bank supporting portfolio managers of both the U.S. large cap core equity product, and the U.S. large cap value product. Andrew obtained a B.A. in economics from the University of Virginia, and an M.B.A. from the University of Florida. He is a CFA charterholder.

9

Georgina Brittain (born 1968), managing director , is a portfolio manager for small and mid-cap strategies within the J.P. Morgan Asset Management International Equity Group – Behavioural Finance Team, based in London. Georgina is a fund manager for the JPM UK Smaller Companies Fund, the J.P. Morgan Smaller Companies Investment Trust and co-manager for the J.P. Morgan Mid Cap Investment Trust. She is also a co-manager for our range of European small cap funds. An employee since 1995, Georgina was previously an analyst in the UK research department. Georgina obtained an M.A. in Classics from Oxford University, and earned a Diploma in Law from City University, London. She is a qualified barrister.

John Caffrey (born 1965), managing director , is a portfolio manager in the U.S. Equity Group, John is responsible for the Focused Dividend Growth Strategy. Before managing client portfolios, John was also a senior member of the J.P. Morgan Private Bank Strategy Team. Prior to joining J.P. Morgan in 2002, John was an Equity Analyst and Portfolio Manager for an institutional advisor focused on high net worth private clients. Previously, he worked as an investment banker specializing in cross border mergers and acquisitions, debt restructuring and leveraged finance. John began his investment career in equity research. John holds a Master of Business Administration in Finance from Columbia University and a Bachelor of Arts in Political Economy from the Johns Hopkins University. *Effective date is on or after January 1, 2021.

Nicholas Cangialosi (born 1987), vice president, is an Investment Specialist in the U.S. Equity group. An employee since 2011, Nicholas is responsible for communicating investment performance, outlook and strategy for the firm's U.S. small cap and growth platform. Prior to joining the firm, Nicholas worked as a fixed income P&L controller at Morgan Stanley. He has a B.A. in business administration from State University of New York College at Geneseo and holds the Series 7 and 63 licenses. He is also a CFA Level III candidate.

Luis Carrillo (born 1968), managing director , is a country specialist and head of the Latin America team, with a specialization in Mexico, within the Emerging Markets and Asia Pacific (EMAP) Equities team. He joined the Firm in 1998 and is based in New York. Previously, he was with several consulting firms where he offered strategic and financial advice concerning Latin America and Asia. Luis holds a B.S. in Engineering and a Graduate degree in Industrial Engineering from the Universidad Anahuac in Mexico. He holds an M.B.A. in Finance from the Wharton School of the University of Pennsylvania.

Wonseok Choi (born 1971), managing director , is the head of quantitative research for the U.S. Behavioral Finance Equity Group. An employee since 2006, he is responsible for conducting quantitative research on proprietary models utilized in portfolio management. Prior to joining the firm, Wonseok worked as a research manager at Arrowstreet Capital, L.P., where he was involved in developing and enhancing the firm's forecasting, risk, and transaction-cost models. Wonseok holds a Ph.D. in economics from Harvard University and a B.A. in economics from Seoul National University.

Matthew G. Cohen (born 1973), managing director, is a research analyst and portfolio manager in the U.S. Equity Group. An employee since 2005, Matthew is responsible for research analysis and stock selection of healthcare stocks for the J.P. Morgan Small Cap Growth and Mid Cap Growth funds. Additionally, he serves as a co-portfolio manager on the J.P. Morgan Small Cap Growth Fund and a portfolio manager on the Global Healthcare Fund. Before joining the firm, Matthew was a senior healthcare analyst at Medici Healthcare and a senior analyst covering medical products at Narragansett Asset Management, a New York-based healthcare hedge fund. Prior to that, Dr. Cohen was a resident surgeon in the Department of General Surgery at the North Shore University Hospital – NYU School of Medicine. Matthew holds an MBA from New York University’s Stern School of Business and an M.D. from McGill University in Montreal.

James Connors (born 1979), executive director, is an Investment Specialist in the U.S. Equity group. An employee since 2005, James is responsible for communicating investment performance, outlook and strategy for the firm's U.S. small cap and growth platform. He previously focused on the Large Cap Core and Large Cap Core 130/30 strategies. He has a B.S. in finance from Eastern Illinois University and holds the Series 7 and 63 licenses. He also is a member of the New York Society of Security Analysts and is a CFA charterholder.

10 Francesco Conte (born 1966), managing director , is a portfolio manager for European portfolios within the J.P. Morgan Asset Management International Equity Group – Behavioural Finance Team. An employee since 1998, Francesco was previously the lead analyst in the Italian equities team at Schroder Securities. Prior to this, he worked at Ermgassen & Co., a specialist M&A boutique specialising in cross-border alliances. Francesco obtained a BSc in Economics & Development from the London School of Economics.

James Cook (born 1985), executive director , is a portfolio manager within the International Equity Group based in London. An employee since 2007, James previously held research roles, including covering Asian financial stocks. James also worked with the Global Research Enhanced Index (REI) Team managing the strategic beta strategies and more recently managed the Global Financials Fund. He is a CFA charterholder and holds a BSc (Hons) in Economics from University College London.

Scott B. Davis (born 1970), managing director , is a portfolio manager in the U.S. Equity Group. An employee since 2006, Scott was previously a media and internet analyst in the U.S. Equity Research Group. Prior to joining J.P. Morgan, Scott was an analyst at Jennison Associates, First Union, and Schroder Wertheim. He holds a B.S. from Drexel University and an M.B.A. from Columbia Business School.

Timothy Devlin (born 1963), managing director , is an Investment Specialist on the International Equity Group based in New York. He is responsible for communicating investment performance, outlook and strategy to institutional and retail clients throughout North America. He re-joined the firm in 2012. Previously Tim was the US equity portfolio strategist at Artio Global where he had earlier been director of client service working primarily with the firm's international equity clients. In his prior time at J.P. Morgan he was an investment specialist on the U.S. Equity team for 10 years. Tim also worked as a quantitative equity portfolio manager at Mitchell Hutchins. He obtained a B.A. in economics from Union College (NY).

Giridhar Devulapally (born 1967), managing director, is a portfolio manager in the U.S. Equity Group. An employee since 2003, Giri is responsible for managing the Large Cap Growth Strategy and the Dynamic Growth Strategy. Prior to joining the firm, he worked for T. Rowe Price for six years, where he was an analyst specializing in technology and telecommunications. Giri received a B.S. in electrical engineering from the University of Illinois and an M.B.A. with a concentration in finance from the University of Chicago. He is a CFA charterholder.

Shane Duffy (born 1977), managing director , is a portfolio manager in the International Equity Group based in London. Shane works on EAFE portfolios, in particular International Growth and International Unconstrained. Previously, Shane worked as a global sector specialist with responsibility for consumer discretionary stocks. Shane joined the team in 1999, holds a MA in History from Cambridge University, and is a CFA charterholder.

Ayaz H Ebrahim (born 1964), managing director, is a portfolio manager and the co-head of the Asia Pacific Regional team within the Emerging Markets and Asia Pacific (EMAP) Equities team based in Hong Kong. He also chairs the Asia Pacific Asset Allocation Committee. Before joining J.P. Morgan Asset Management in September 2015, Ayaz was previously with Amundi Hong Kong where he spent more than five years as the CIO of Asia ex- Japan equities and Deputy Chief Executive Officer (CEO). Prior to that Ayaz was the CIO, Asia Pacific, for both HSBC Global Asset Management and Deutsche Asset Management. From 1991 to 2002, he worked at Crédit Agricole Asset Management Hong Kong (now named Amundi Hong Kong Limited), initially as an investment manager and subsequently as CIO for Asia. Ayaz holds a Doctorate degree in Civil Law (DCL) and a Bachelor of Science degree (Honours) in Accountancy from the University of East Anglia in the U.K.

Leon Eidelman (born 1980), managing director , is a portfolio manager within the Emerging Markets and Asia Pacific (EMAP) Equities team based in New York. An employee since 2002, Leon is a member of the group of global emerging markets portfolio managers responsible for the fundamental, bottom-up portfolios, including the GEM Discovery and GEM Focused strategies. He is lead manager of the GEM Discovery strategy and is a portfolio manager on the GEM Focused strategy. Leon holds a B.A. in Economics with a concentration in Finance from Cornell University and is a CFA charterholder.

Ido Eisenberg (born 1974), executive director, is a portfolio manager for the J.P. Morgan Asset Management International Equity Group –Research Driven Process (RDP) Team, based in London. An employee since 2002,

11 Ido previously worked in the Technology Application Development Group, where he developed and supported applications for the Global Research Enhanced Index Team. Ido obtained a Bachelor of Science degree in Computer Science and Cognitive Science from University College, London. He is a CFA charterholder.

Dennis Eldridge (born 1974), executive director, is an Investment Specialist within the Emerging Markets and Asia Pacific (EMAP) Equities team, based in London. An employee since 1997, he joined the Firm as graduate trainee in the U.K. Retail Group. He then moved to the Request for Proposal team that specialises in Emerging Markets and Asia Pacific equities. In 2004 Dennis moved internally to JPMorgan Asset Management (Asia Pacific) Limited to focus on business development for Asia Pacific strategies. Dennis obtained a B.A. (Honours) in Politics from the University of Wales, Swansea

Joshua Feuerman (born 1965), managing director , is a Senior Equity Investment Specialist. Josh joined the firm in 2012 from Foundation Capital Partners where he served as Chief Risk Officer. Previously, Josh ran his own investment firm, Btn Partners, where he managed a quantitative market neutral hedge fund. Prior to founding Btn Partners, Josh was Vice Chairman of the Investment Committee and Head of Global Quantitative Equities at Deutsche Asset Management. Josh was also Head of Active International Equities at State Street Global Advisors in Boston and an adjunct lecturer in the Finance Department at Pace University. Josh holds an A.B. in Economics and Romance Languages from Bowdoin College and an M.B.A. in Finance from the University Of Chicago Graduate School Of Business.

Garrett Fish (born 1969), executive director , is an investment specialist in the U.S. Equity Group. An employee who worked with Jardine Fleming in Hong Kong from 1994 to 1997 and joined the current organization in 2002, Garrett was the portfolio manager of the J.P. Morgan Intrepid Sustainable Equity Fund and the UK-based JPM American Investment Trust. From 1997 through 2001, he was with Merrill Lynch Investment Managers in London as a U.S. equity fund manager.Garrett has also worked with Aetna Capital Management, where he served as an account manager. Garrett holds a B.A. in Japanese history from Bates College and is also a CFA charterholder.

Holly Fleiss (born 1980), executive director , is a research analyst within the U.S. Equity Group. An employee since 2012, Holly is responsible for the health care sector for the J.P. Morgan Large Cap Growth Strategy. Prior to joining the firm, Holly spent five years as a buy side analyst at HealthCor Management, focusing on the biotechnology, specialty and pharmaceutical sectors. Prior to that, Holly spent three years at ThinkPanmure and UBS, where she focused on biotechnology, specialty and pharmaceutical stocks as part of a specialized life sciences team advising institutional and ultra-high net worth brokerage clients. Holly holds a B.A. and M.A. in Psychological and Brain Sciences from The Johns Hopkins University

James Ford (born 1986), executive director , is a portfolio manager and Head of the Portfolio Implementation team for the J.P. Morgan Asset Management International Equity Group – Behavioral Finance Team, based in London. An employee since 2007, he obtained a BSc in Economics from the University of Sussex and is a CFA charterholder.

Austin Forey (born 1963), managing director , is a portfolio manager for the Global Emerging Markets (GEM) Focused strategy within the Emerging Markets and Asia Pacific (EMAP) Equities team based in London. An employee since 1988, Austin has fulfilled his role as a GEM portfolio manager since 1994. Prior to this he worked in the U.K. team, where he was deputy head of U.K. research. Before this, Austin worked as a research analyst covering engineering, and subsequently all financial sectors, including property; his other responsibilities included the co-management of a mid-cap investment trust, and two specialist unit trusts. Austin obtained a B.A. in Modern Languages from Cambridge University, and earned a Ph.D. in Modern Languages from Cambridge University.

Frances D Gerhold (born 1985), executive director , is an Investment Specialist in the J.P. Morgan Asset Management International Equity Group based in London. An employee since 2007, she is responsible for communicating investment performance, outlook and strategy across the spectrum of international equity strategies. Frances obtained a BSc in Mathematics from the University of Bath and is a CFA charterholder.

Manish Goyal (born 1970), managing director , is a portfolio manager in the International Equity Group based in New York. , He is responsible for the Digital Evolution Strategy and the Innovators Strategy. Prior to joining J.P.

12 Morgan in 2014, Manish was a managing director, portfolio manager and research analyst with TIAA-CREF (now TIAA) from 2004-2012. Previously, he was a managing director and research analyst with Neuberger Berman. Manish began his career in institutional equity research at Sanford C. Bernstein & Company. Manish holds a Master of Science in Finance from University of Wisconsin at Madison and Bachelor/Masters of Commerce degrees from Jiwaji University, Gwalior, India. *Effective date is on or after January 1, 2021.

Piera Elisa Grassi (born 1976), managing director , is the lead portfolio manager for the Global and International REI (Research Enhanced Index) strategies within the International Equity Group based in London. An employee since 2004, Piera Elisa was previously a portfolio manager and quantitative analyst in Global REI. Prior to joining, Piera Elisa was as a bond quantitative analyst and risk analyst at Foreign and Colonial Asset Management. Before this, she worked for BARRA in London, focusing on equity risk management and portfolio construction. Piera Elisa obtained a Laurea from Bocconi University in Milan.

Akash Gupta (1979), executive director , is an analyst in the U.S. Behavioral Finance Small and Mid Cap Equity Group, and has been a member of the team since 2008. An employee since 2004, Akash previously spent over three years in the sell-side Equity Research Group, focusing on the electronics manufacturing supply chain sector. Akash holds a B.Tech. in electronics & communication (Gold Medalist) from I.I.T. (Indian Institute of Technology) in Roorkee, India and an M.B.A. in analytical finance from the ISB (Indian School of Business) in Hyderabad, India. He is also a CFA charterholder and a certified Financial Risk Manager (FRM).

Fiona Harris (born 1971), executive director , is a US Equity Investment Specialist in J.P. Morgan Asset Management's US Equity Group. An employee since 1997, she is responsible for communicating investment strategy, portfolio information and results to non-US domiciled clients. Previously, Fiona was a client portfolio manager in the firm's New York office, where she provided support on the mid cap value strategy. She joined the firm as a marketing associate focusing on servicing the needs of clients in the U.K. and continental Europe. She had previously worked in the personal financial planning department of KPMG as a national marketing and communications associate. Fiona holds a B.S. in Marketing from GMIT in Ireland. She holds the Series 7 license.

Clare A. Hart (born 1970), managing director, is a portfolio manager in the U.S. Equity Group. An employee since 1999, Clare is the lead portfolio manager of the J.P. Morgan Equity Income Fund and the J.P. Morgan Growth & Income Fund. Prior to joining the team, Clare was with Salomon Smith Barney’s equity research division as a research associate covering Real Estate Investment Trusts. She began her career at Arthur Andersen, working as a public accountant. Clare holds a B.A. in political science from the University of Chicago, an M.S.A. from DePaul University and a C.P.A. granted by the State of Illinois.

Phillip D. Hart (born 1980), managing director, is the Head of the U.S. Behavioral Finance Small/Mid Cap Team. An employee since 2003, his responsibilities include managing all of behavioral finance small-cap and mid-cap strategies. Previously, he worked on quantitative research and the daily implementation and maintenance of portfolios for the group. Phillip obtained a B.A. in economics from Cornell University and is a CFA charterholder.

Ruairidh Hill (born 1991), vice president, is an investment specialist in the J.P. Morgan Asset Management International Equity Group, based in London. An employee since 2013, he is responsible for communicating investment performance, outlook and strategy across the spectrum of international equity strategies. Ruairidh obtained a MA (Hons) in Economics from the University of Edinburgh and is a CFA charterholder.

Nicholas J Horne (born 1983), managing director , is co-Chief Investment Officer for the J.P. Morgan Asset Management International Equity Group – Behavioral Finance Team. Nicholas is also Head of Investment Research and has been a portfolio manager since 2006. Nicholas holds a BSM in Finance and International Relations from Tulane University, and an MSc in Politics of the World Economy from the London School of Economics. Nicholas is a CFA charterholder.

Lindsey J Houghton (born 1978), executive director , is an analyst in the U.S. Behavioral Finance Small and Mid Cap Equity Group. An employee since 2006, Lindsey was previously a senior analyst on the quantitative equity team. Lindsey has previous experience as a quantitative analyst at BKF Asset Management,

13 Inc. and as a portfolio manager assistant at ING Investment Management. Lindsey graduated from the University of Delaware with a B.S. in business administration with a concentration in finance.

Laura Huang (born 1982), executive director , is a portfolio manager in the U.S. Equity Group. Before assuming this role in October 2017, Laura spent the prior twelve years as a research analyst in the U.S. Equity Research Group specializing in fintech and payments, as well as covering a broad range of sub-sectors within healthcare, industrials and financials. Laura graduated from New York University's Stern School of Business and is a CFA charterholder.

Jon Ingram (born 1978), managing director , is Head of the Unconstrained portfolios sub-team within the J.P. Morgan Asset Management International Equity Group – Behavioral Finance Team. An employee since 2000, Jon has been a portfolio manager since 2005. Prior to being a portfolio manager, Jon was an analyst within the Unconstrained Portfolios sub-team. Prior to this, he was a quantitative investment analyst in the Currency Group. He obtained an M.Eng in Metallurgy and Science of Materials from Oxford University. He is a CFA charterholder.

Judith E. Jansen (born 1992), vice president , is an Investment Specialist in the U.S. Equity group. An employee since 2015, Judy is responsible for communicating investment performance, outlook, and strategy positioning for J.P. Morgan's U.S. Equity Large Cap Core strategies. Prior to assuming this role, Judy worked as an analyst for J.P. Morgan's U.S. Equity Value portfolio management team, where she conducted daily portfolio implementation and analytics. Judy holds a B.A. from Princeton University.

Erina Jindai (born 1977), vice president , is an Investment Specialist within the Emerging Markets and Asia Pacific Equities Team, based in London. An employee since 2001, she previously worked in the Request for Proposal Team specializing in Asian and Japanese equity products. She joined the company as a graduate trainee in the MFJ Retail Marketing Group in J.P. Morgan Fleming Asset Management (Japan) Ltd, Tokyo. Erina obtained a B.A. in Foreign Languages and International Relations from Sophia University, Tokyo.

Jason Y Ko (born 1979), executive director, is portfolio manager of the U.S. REIT strategy and is co-portfolio manager of the Global REIT strategy. An employee since 2002, Jason works with a team covering the REIT sector for the U.S. Equity Group. Previously, Jason worked as a research associate focusing on REITs and cyclicals sectors and as an investment assistant in the U.S. Active Equity Group. Jason holds a B.S. in electrical engineering and a B.A. in economics from Brown University. He is also a CFA charterholder.

Christopher J Korpan (born 1982), executive director, is a global sector specialist in the J.P. Morgan Asset Management International Equity Group – Global Specialist Team, based in London. An employee since 2010, he specializes in Natural Resources, within the materials sector. Before joining J.P. Morgan, he worked as a business analyst at Lundin Mining Corporation and as a geologist at Bema Gold Corporation. Christopher obtained an MSc in Metals and Energy Finance from Imperial College London and a BSc Geology (Hons) from Edinburgh University, and is a CFA charterholder.

Noriko Kuroki (born 1972), executive director , is an Investment Specialist within the Emerging Markets and Asia Pacific (EMAP) Equities team, based in Hong Kong. She transferred from London to Hong Kong in April 2012. She then spent two years in Singapore between 2014 and 2015, before relocating back to Hong Kong in February 2016. Prior to joining the team, she worked as a Portfolio Manager in the Japan Portfolio Group in London since 2004. Before that, she was a vice president in Japanese equity sales at J.P. Morgan Securities and an associate director in Japanese equity sales at UBS. Noriko obtained an M.A. in Philosophy, Politics and Economics from Oxford University and is a CFA charterholder.

Timothy Leask (born 1964), managing director , is an Investment Specialist in the International Equity Group based in New York. An employee since 1997, Tim is responsible for reporting to institutions in North America on portfolios managed by the International Equities Group. He was previously an investment specialist for the Global Emerging Markets Portfolio Group in London. Prior to this, he was managing director of Fleming Ansa Merchant Bank, the Fleming Group's joint venture in Trinidad. Tim spent 10 years in the manufacturing sector working closely with financial institutions and governments in a wide variety of international markets. Tim has a B.A. in Spanish and

14 Latin American studies from the University of Newcastle Upon Tyne. He also studied at universities in Spain and Portugal and taught at the University of Quindío in Colombia.

Robert C LeDoux (born 1983), executive director , is an Investment Specialist within the Emerging Markets and Asia Pacific Equities team. An employee since 2005, he is responsible for product management, portfolio management communications and client servicing across institutional and fund relationships. Robert has a B.S. in business administration with a concentration in financial analysis from the University at Albany, State University of New York and is a CFA charterholder. He also holds the Series 3, 7 and 63 licenses.

Steven G. Lee (born 1969), managing director, is a portfolio manager on the US Disciplined Equity Team and the lead portfolio manager for the Research 130/30 and Disciplined Equity strategies since February 2017. Additionally, he has been the lead portfolio manager for the Research Market Neutral and Research Long/Short strategies since January 2014. Steven joined the firm in 2004 as a research analyst covering the autos, transportation and aerospace/defense sectors. Prior to joining the firm, he was a research analyst covering the global chemicals sector at Sanford Bernstein Investment Research and Management. He previously held positions as a management consultant with Booz-Allen & Hamilton and as an engineer with Ford Motor Company. Steven graduated with a dual degree from the Management and Technology Program at the University of Pennsylvania with a B.S. in economics from the Wharton School of Business, majoring in finance, and a B.S. in engineering from the School of Engineering and Applied Science, majoring in mechanical engineering and applied mechanics. He also holds an M.S. in mechanical engineering from the Massachusetts Institute of Technology and an M.B.A. from the University of Michigan.

Larry H. Lee (born 1971), managing director , is a research analyst within the U.S. Equity Group. An employee since 2006, Larry is responsible for the financials and business services sector for the J.P. Morgan Large Cap Growth Strategy. Prior to joining the firm, Larry spent eleven years as a sell side analyst at several firms, including CIBC World Markets, Merrill Lynch and Banc of America Securities, primarily focused on the business services sector. He holds a B.A. in Economics from Stanford University and an M.B.A. from University of Chicago.

Thomas R Leventhorpe (born 1965), managing director , is an Investment Specialist within the Emerging Markets and Asia Pacific Equities team. An employee since 2007, he is responsible for product management, portfolio management communications and client servicing across institutional and fund relationships. His client coverage includes corporations, public funds, endowments and foundations. Prior to joining J.P. Morgan, he worked as an Asian equity product manager and was director of Foreign Institutional Sales at ABN Amro for six years. Before that, Thomas worked at WI Carr, Marlin Partners and SBC. He holds Series 7 and 63 licenses.

Robert Lloyd (born 1975), managing director , is a portfolio manager within the Asia Pacific Regional team within the Emerging Markets and Asia Pacific (EMAP) Equities team, based in Hong Kong. He joined the Firm in Tokyo in 2005 and transferred to Hong Kong in 2009. Prior to this, Robert spent three years with UBS Asset Management in Tokyo as an investment analyst, initially for risk management and latterly for Japanese equities. He began his career as a collateral analyst in the Credit Group of Deutsche Bank, Tokyo. Robert obtained a B.A. in Literature and Linguistics from the University of Montana, U.S.

Veronika Lysogorska (born 1984), executive director, is a Natural Resources analyst within the Emerging Markets and Asia Pacific (EMAP) Equities team based in London. An employee since 2010, Veronika previously worked at HSBC in London as an analyst responsible for the metals and mining sector in the Central and Eastern Europe, Middle East and Africa (CEMEA) region. Prior to that, she worked at ING in Moscow as a junior equity research analyst. Veronika obtained a degree in Finance from the State University-Higher School of Economics in Moscow, Russia.

Anne Marden (born 1958), managing director , is part of the J.P. Morgan Asset Management International Equity Group – Research Driven Process Team, as Co-Portfolio Manager of the Global Healthcare Strategy based in London. Anne has been a portfolio manager of the Fund since its launch in 2009. An employee since 1986, Anne has previously had specific research responsibility for the European pharmaceutical and healthcare sectors. Anne obtained a B.A. in Economics from Princeton and earned an M.B.A. from INSEAD. She is a CFA charterholder.

15 William Meadon (born 1961), managing director, is a portfolio manager and Head of the Core sub-team in the J.P. Morgan Asset Management International Equity Group – Behavioral Finance Team. An employee since 1996, William was previously head of UK specialist pension funds at Newton Investment Management Ltd, responsible for pension funds and the Newton Higher Income Fund. Before this, he was a balanced pension fund manager, and manager of the Schroder Income Fund, with Schroder Investment Management. Prior to Schroders, William was articled to Peat Marwick (now part of KPMG). William obtained a BA (Hons) in Economics from the University of Nottingham and is a qualified Chartered Accountant.

Amit Mehta (born 1979), managing director, is a portfolio manager within the Emerging Markets and Asia Pacific (EMAP) Equities team based in London. An employee since 2011, Amit previously worked at Prusik Investment Management (2009-2011) and Atlantis Investment Management (2007-2009) where he was an Asian equities analyst and portfolio manager. Prior to this, he was a global emerging markets analyst at Aviva Investors (2004- 2007) and an investment consultant at Mercer Investment Consulting (2000-2004). Amit obtained a B.Sc (Honours) in Mathematics from Kings College London. He is a CFA charterholder.

Jorg A Mitterer (born 1961), managing director , is head of research (European Equity Group - Research Driven Process). Jorg is a senior analyst and portfolio manager within the J.P. Morgan Asset Management European Equity Group responsible for the European research effort and management of pan-European institutional funds. An employee since 1990, he previously worked as country / sector analyst and fund manager for five years at UBS Securities in Zurich and London. Jorg obtained a B.A. in economics from College Frauenfeld and earned an M.B.A. in risk management and insurance from St. Gall Business School in Switzerland. He is a holder of the CFA designation.

Shoichi Mizusawa (born 1966), managing director , is a country specialist for Japan equities and head of the Japan team within the Emerging Markets and Asia Pacific (EMAP) Equities team. Based in Japan, he leads the Japan- dedicated equity portfolio management teams in Hong Kong and Tokyo. Shoichi joined the Firm in 1997 as a marketing manager responsible for Japan pension funds. He transferred to the Japan Portfolio Group in 2000 and took up his current role in 2010. Prior to joining the Firm, Shoichi spent four years with Postipankki as the Tokyo representative in capital markets. He began his career with Mitsubishi Motors Corporation in 1989. Shoichi obtained a B.A. in Political Science and Economics from Waseda University and an M.B.A. from Simon Fraser University.

Timothy J Morris (born 1981), managing director, is an Investment Specialist within the Emerging Markets and Asia Pacific Equities team. An employee since 2004, he is responsible for product management, portfolio management communications, and client servicing across institutional and fund relationships. His client coverage includes corporations, public funds, endowments and foundations. Tim previously worked with international equity clients of the Firm's depositary receipts division. Tim earned a B.S. in finance from Fairfield University and holds the Series 7 and 63 licenses.

Kate A Murphy (born 1983), executive director , is an Investment Specialist within the Emerging Markets and Asia Pacific (EMAP) Equities team. An employee since 2006, she is responsible for product management, portfolio management communications and client servicing across institutional and fund relationships. Kate previously worked as a product-focused analyst covering the GEM Diversified strategy within the EMAP Equities team. Prior to that, she worked as part of the Multi-Asset Solutions Group as a junior portfolio manager. Kate obtained a B.A. (Honours) in Accounting and Human Resource Management from the National College of Ireland. Kate holds the Series 7 and 63 licenses.

Tom Murray (born 1972), managing director , is a portfolio manager in the International Equity Group based in London, with particular responsibility for EAFE, ACWI ex US and International Unconstrained portfolios. An employee since 1996, Tom was previously the Global Sector Specialist responsible for the energy sector. Tom holds a BA (Hons) in Classics from Bristol University and is a CFA charterholder.

Omar Negyal (born 1976), executive director, is a portfolio manager for the Emerging Markets and Asia Pacific (EMAP) Income and Total Emerging Markets strategies within the EMAP Equities team, based in London. An employee since 2012, Omar previously worked at HSBC Global Asset Management (2009-2012), Lansdowne

16 Partners (2006-2009) and F&C Asset Management (1998-2005). Omar has an M.A. and an M.Eng. in Chemical Engineering from the University of Cambridge and is a CFA Charterholder.

Aisa Ogoshi (born 1975), managing director , is a portfolio manager within the Asia Pacific Regional team within the Emerging Markets and Asia Pacific (EMAP) Equities team based in Hong Kong. Aisa joined the Firm's Equity Derivatives Group in Japan in 1998 and later transferred to the Portfolio Analysis Group (PAG). In 2001, she became a portfolio manager within the Japan Portfolio Group and transferred to Hong Kong in 2005. Aisa obtained a B.A. in Environmental Information from Keio University, Japan.

Timothy Parton (born 1965), managing director, is a portfolio manager in the U.S. Equity Group. An employee since 1986, Tim has managed a variety of small and mid-cap portfolios. He has been managing the U.S. Midcap Growth strategy, which includes the J.P. Morgan Midcap Growth Fund, since November 2001; and the Growth Advantage Strategy since its inception in September 2005. In addition, he is a co-portfolio manager on the Equity Focus Strategy. Tim holds a B.Sc. in economics and accounting from the University of Bristol in England. He is a member of the New York Society of Security Analysts and is a CFA charterholder.

Christian Pecher (born 1972), managing director , is Head of Research in the Japan Research Driven Team. An employee since 1998, Christian was previously a research analyst in the European Equity Research Team with responsibility for the utilities sector. Prior to that, Christian covered the technology sector. Christian obtained a BSc. in business economics from the University of London and earned a MSc. in economics from the London School of Economics. He is a CFA charterholder.

Daniel J Percella (born 1980), managing director , is a Co-Portfolio Manager and an analyst on the Small Cap Active Core Team. An employee since 2008, Dan was previously a member of Institutional Investor-ranked equity research teams covering the transportation sector at Bear Stearns, Bank of America and Citigroup. Dan holds a B.S. in economics from Georgetown University’s Walsh School of Foreign Service and is a member of both the New York Society of Security Analysts and The CFA Institute. He is also a CFA charterholder.

John P. Piccard (born 1970), executive director , is an Investment Specialist in the U.S. Equity Group. He rejoined the firm after spending 10 years at Lord, Abbett & Co. as a portfolio manager and research analyst. Previously, John served as a portfolio manager at J.P. Morgan Investment Management. He originally joined the firm as an associate in asset-liability and proprietary portfolio management. John holds a B.A. in economics and philosophy from Fordham University and an M.A. in Economics from New York University. He is a CFA charterholder.

Lawrence E Playford Jr. (born 1968), managing director, is the Chief Investment Officer of the U.S. Equity Value team and co-manager of the Mid Cap Value strategy. An employee since 1993, Larry joined the investment team as an analyst in 2003 and was named a portfolio manager in 2004. Prior to that, Larry served as an investment specialist working directly with the U.S. Equity Group's investment teams to communicate investment strategy and results to clients. Larry also was a client advisor at J.P. Morgan Private Bank, providing investment and financial planning advice to high net worth clients. He joined the firm as a financial analyst, performing strategic planning and analysis for the firm's finance department. Lawrence holds a B.B.A. in accounting from the University of Notre Dame and an M.B.A. in finance from Fordham University. He is a Certified Public Accountant and a CFA charterholder.

Christian Preussner (born 1981), managing director , is a member of the US Equity Group and co-head of the US Equity Investment Specialist team. An employee since 2004, Christian covers non-US domestic institutional and funds clients as a product specialist for US Equities. In that capacity, he is responsible for communicating investment performance, outlook and strategy positioning on behalf of the US Equity portfolio management team. Previously, he worked as a Senior Investment Specialist within J.P. Morgan Asset Management's Equity/Balanced Portfolio Management Group in Frankfurt (Germany) covering both Emerging Markets Equities and US Equities. Christian holds a diploma in Business Administration (MBA equivalent) from the European Business School Oestrich-Winkel (Germany) and is a CFA charterholder.

Hamilton Reiner (born 1965), managing director , is head of U.S. Equity Derivatives in J.P. Morgan Asset Management and a portfolio manager. An employee since 2009, Hamilton was previously a portfolio manager and

17 head of U.S. Equities and Derivatives at J.P. Morgan Chase. Prior to joining the firm, he was head of Equity Long/Short Prime Brokerage platform at Barclays Capital. Previously, Hamilton was co-head of derivative sales and an equity and derivatives portfolio manager at Lehman Brothers, a portfolio manager and co-founder of an equity derivatives and long/short hedge fund at Deutsche Bank, and a portfolio manager at O’Connor and Associates. Hamilton obtained a B.S.E. in Finance from the Wharton School of the University of Pennsylvania.

Luke Richdale (born 1970), managing director , is Head of the Emerging Markets and Asia Pacific (EMAP) Equities Investment Specialist team, based in London. An employee since 1993, Luke was previously responsible for structured global emerging markets portfolios and, prior to that, was based in New York managing global emerging markets and Latin American portfolios. Before moving to New York in 2002, Luke worked as an investment manager covering Mediterranean markets in the EMEA region. Before this, Luke worked in the group's Bahrain office as a manager focusing on Middle Eastern capital markets. Luke obtained an M.A. in Arabic studies from Cambridge University and is a member of the CFA Society of the U.K.

Jeffrey Roskell (born 1970 ), managing director , is a portfolio manager and head of the Income strategy within the Emerging Markets and Asia Pacific (EMAP) Equities team, based in Hong Kong. He joined the Firm in 1997 as an investment manager within the Global Equities team (previously known as the Global Portfolios Group) in Hong Kong and transferred to manage Asia Pacific portfolios in 2000. He joined the industry in 1992 as a graduate trainee with Prudential Portfolio Managers Limited in London, and subsequently specialised in managing portfolios investing in Continental European equities. Jeffrey obtained an M.A. in Economics from Cambridge University and the Investment Management Certificate from London Business School.

Danilo A San Jose (born 1971), managing director, is the portfolio manager of the J.P. Morgan Small Cap Active Core Strategy. An employee since 2000, Don was an analyst in J.P. Morgan Securities' equity research department covering capital goods companies before joining the small cap group. Prior to joining the firm, he was an equity research associate at ING Baring Furman Selz. Don holds a B.S. in finance from The Wharton School of the University of Pennsylvania and is a member of both the New York Society of Security Analysts and The CFA Institute. He is a CFA charterholder.

Eytan M Shapiro (born 1959), managing director, is the CIO of the Growth & Small Cap U.S. Equity Team. A member of the team since 1992, Eytan is also the portfolio manager for the U.S. Small Cap Growth Strategy, which includes the J.P. Morgan Small Cap Growth Fund, J.P. Morgan Dynamic Small Cap Growth Fund, and the J.P. Morgan US Small Cap Growth Fund. An employee since 1985, Eytan was a portfolio manager in the firm's Hong Kong office before joining the small cap team. Eytan holds a B.Sc. in economics from City University, London, a M.Phil. in economics from Oxford University, and is Series 66 licensed. He is a member of both the New York Society of Security Analysts and The CFA Institute, and is a CFA charterholder.

Jonathan M Sherman (born 1971), managing director , is a member of the U.S. Equity Group and co-head of the U.S. Equity Investment Specialist team. An employee since 2005, Jonathan covers U.S. domestic institutional and funds clients as a portfolio specialist for U.S. Equities. In that capacity, he is responsible for communicating investment performance, outlook and strategy positioning on behalf of the US Equity portfolio management team. Additionally, he has a specific focus on U.S. Equity Growth & Small Cap strategies. Previously, he worked as a Senior Investment Specialist on the Global Equities team. Prior to joining the firm, Jonathan worked as a director of Asset Allocation Product Management at UBS Global Asset Management and as an analyst in the Equity Research and Global Economics Group at Merrill Lynch. Jonathan obtained a B.A. from Syracuse University and an M.B.A. in finance from Fordham University. He holds Series 7 and 63 licenses.

Zenah Shuhaiber (born 1984), executive director , is a portfolio manager in J.P. Morgan Asset Management International Equity Group - Behavioral Finance Team, with portfolio and research responsibilities for style-based strategies. An employee since 2005, she previously served an internship at J.P. Morgan Private Bank in 2004. She obtained a MA in Economics and Management at Oxford University. Zenah is a CFA charterholder.

David E Silberman (born 1968), managing director , is an investor on the J.P. Morgan Equity Income and the J.P. Morgan Growth & Income Funds within the U.S. Equity Group. An employee since 1989, David assumed his current role in 2019. Prior to his current role, David was the Head of the Equity Investment Director and Corporate

18 Governance teams globally and the lead U.S. Equity Investment Director since 2008. Previously, he was a portfolio manager in the U.S. Equity Group where he managed equity portfolios for private clients, endowments and foundations. He has also worked in the Emerging Markets Derivatives Group and attended the J.P. Morgan training program. David holds a B.A. in economics and political science from the State University of New York at Binghamton and an M.B.A. from the Stern School of Business at New York University.

Jonathan K.L. Simon (born 1959), managing director, is a portfolio manager in the US Equity Group. An employee since 1980, Jonathan manages the J.P. Morgan Mid Cap Value Strategy, the J.P. Morgan Value Advantage Strategy, and the J.P. Morgan Funds - US Value Fund. He is also the co-portfolio manager of the JPM US Equity All Cap Fund and the JPM America Equity Fund. In addition, he is the back-up portfolio manager of the J.P. Morgan Growth & Income Strategy, and the J.P. Morgan Equity Income Strategy. Jonathan joined the firm as an analyst in the London office, and transferred to New York in 1983. He became portfolio manager in 1987 and served as president of Robert Fleming's US asset management operations from 1990 until 2000. Jonathan holds an M.A. in mathematics from Oxford University.

Rick I. Singh (born 1976), managing director , is a portfolio manager in the U.S. Equity Group. An employee since 2013, Rick is the portfolio manager of the J.P. Morgan Opportunistic Equity Long/Short Fund. Prior to joining the team, Rick was a Partner/Managing Director at three multi-billion dollar hedge funds, 3G Capital, Standard Pacific, and Karsch Capital. He began his career at Salomon Smith Barney, as an investment banker in mergers and acquisitions. Rick holds a B.S. in commerce from the University of Virginia.

Helge Skibeli (born 1961), managing director, is the Global Head of Developed Market Equity Research and CIO for the Research Driven Process (RDP) for International Equities, and U.S .Equity Core business. An employee since 1990, Helge became head of U.S. research in March 2002, Global Head of Developed Market Equity Research in July 2015 and the CIO for RDP and US Equity Core in 2017. Prior to his current role, he was head of J.P. Morgan Investment Management (Singapore) and head of Investment for Asia Pacific ex-Japan. Before this, he was head of Pacific Rim ex-Japan research. Previously, Helge was an analyst in the Equity Research department in London where he followed the automobile and steel sectors. Prior to that, he worked in security analysis and equity sales in the Norwegian market. Helge obtained an M.A. in general business from the Norwegian School of Management and earned an M.B.A. from the University of Wisconsin. He is a CFA charterholder.

David Small (born 1973), managing director , is the Director of U.S. Equity Research. He was the Associate Director of U.S. Equity Research from July 2015 to July 2016 and was an insurance analyst on the Fundamental Research Team from 2008 to 2016. Prior to that time, David was the insurance analyst in Equity Research at Bear Stearns and an analyst in equity research at Goldman Sachs. David has been in the investment industry since 2000 and has a B.A. from Northwestern University and an M.B.A. from Columbia University.

Malcolm I Smith (born 1981), managing director , is a portfolio manager and Head of the J.P. Morgan Asset Management International Equity Group. Malcolm was previously Head of the European Equity Group. An employee since 2014, Malcolm was previously with BlackRock where he was a Managing Director within the Fundamental Equities Group. Prior to his time at BlackRock Malcolm worked for Merrill Lynch Investment Managers, which was acquired by BlackRock in 2006. Malcolm obtained a MA in Accountancy from The University of Aberdeen.

Timothy J Snyder (born 1981), executive director, is a portfolio manager on the U.S. Disciplined Equity Team. An employee since 2003, his responsibilities include managing Research Enhanced Index (REI) strategies. Tim joined the portfolio management team in 2004 as an analyst and worked on the daily implementation and maintenance of the REI and Analyst Fund portfolios. He holds a B.S. in finance and economics from the University of Delaware and is a holder of the CFA and CMT designations.

Lee Spelman (born 1954), managing director, is the Head of U.S. Equity. An employee since 1989, Lee was previously a senior research analyst in the U.S. Equity Research group with responsibility for the technology sector. Following her role in research, she led the client team. Lee holds a B.S. in economics from the Wharton School of Business at the University of Pennsylvania and is a CFA charterholder. She is a trustee of the University of Pennsylvania. She holds Series 7, 24 and 63 licenses.

19 Graham Spence (born 1979) vice president , is a portfolio analyst in the U.S. Equity Group. Graham previously worked as an equity analyst on the buy side at Central Securities, a closed-end investment firm in New York. At Central, Graham’s responsibilities included due diligence and monitoring of portfolio companies, as well as the valuation of a large private investment. From 2005 to 2011, he was a senior analyst at Cambridge Associates LLC and an associate director in research at IHS Cambridge Energy Research Associates. Graham holds an A.B. in history from Princeton University and an M.B.A. from Harvard Business School.

Al exander V Stanic (born 1972), managing director , is a portfolio manager in the International Equity Group based in London. Alex is focused primarily on Global growth and Global Unconstrained portfolios. Prior to joining the firm, Alex was Head of Global equities at River & Mercantile Asset Management, having founded the division in 2009. Previously, Alex spent over a decade at Newton investment management, where he led the global team, and founded the Global Opportunities strategy. He began his career on the European equity team at . Alex joined the team in 2015, and holds an MA in Economic & Social Geography from Edinburgh University.

Jaime H. Steinhardt (born 1990), executive director , is an Investment Specialist in the U.S. Equity group. An employee since 2012, Jaime is responsible for communicating investment performance, positioning, and outlook to the firm’s clients and sales force for the U.S. Equity value based strategies. She holds a B.A. in economics from Georgetown University and is also a CFA charterholder.

Andrew R. Stern (born 1986), executive director , is a research analyst on the U.S. Behavioral Finance Large Cap Equity Team. Andrew is a generalist analyst whose coverage spans various industries including consumer, healthcare, and utilities. An employee since 2008, Andrew has been a research analyst since 2011 and was previously focused on daily implementation for the group. Andrew obtained a B.S. in Applied Mathematics from Columbia University and is a CFA charterholder.

Doug Stewart (born 1988), associate , is an Investment Specialist in the U.S. Equity group. An employee since 2011, Doug is responsible for communicating investment performance, outlook and strategy for the firm's U.S. small cap and growth platform. He previously worked as a member of J.P. Morgan's Investment Manager Research Team, with a primary focus on international equity strategies. Doug obtained a B.S. in business management and finance from the Howe School of Business at the Stevens Institute of Technology. He holds Series 7 and 63 licenses.

Karsten Stroh (born 1965), managing director , is an Investment Specialist within the J.P. Morgan Asset Management International Equity Group, a position he has held since 2008. Prior to this he was branch manager and Head of the Investment Specialist Team responsible for equity and balanced products in Frankfurt. He joined J.P. Morgan Asset Management in 1993, after obtaining his diploma from the University of Frankfurt. Karsten holds a diploma in business administration; he is a member of the CFA Institute and is a CFA charterholder.

Alan L Supple (born 1968), managing director , a portfolio manager in the International Equity Group based in London, responsible for global real estate securities strategies. Prior to joining the firm in 2016, he was employed for 8 years at BNY Mellon Asset Management in London where he built and led a team responsible for the European portion of global real estate securities strategies. Prior to this, he held senior positions in corporate finance and acquisitions within two quoted real estate companies in Brussels and New York, and from 1999 to 2003 was a real estate investment banker with Salomon Smith Barney in New York. Prior to his real estate experience, Alan was an environmental consultant, advising a variety of government and private sector clients on environmental liabilities. Alan holds a BA in Geology from Oxford University, an MS in Geophysical Sciences from the University of Chicago and an MBA from Columbia Business School.

James Sutton (born 1987), executive director, is a global sector specialist in the J.P. Morgan Asset Management International Equity Group – Global Specialist Team, based in London. An employee since 2010, he is the mining sector specialist within the International Equity Group and an analyst on the Global Natural Resources strategies. He was previously an investment specialist in the International Equity Group, primarily responsible for natural resources products. James obtained a BA in Modern History from the University of Oxford and is a CFA charterholder.

20 Rajesh C Tanna (born 1974), managing director , is Head of the J.P. Morgan Asset Management International Equity Group – Research Driven Process Team. Raj moved to J.P. Morgan Asset Management from J.P. Morgan Private Bank in September 2016, where he was also a European equity portfolio manager. An employee since 2011, Raj joined the Private Bank as a European Equity Strategist. Previously, Raj worked as a long-only European equity portfolio manager for 11 years predominantly with Credit Suisse, where he also held a position as a risk manager. Raj also spent 18 months as a portfolio manager with a small asset management boutique, FOUR Capital. Raj holds a BA in Economics and International Studies, and a Master's degree in Management Science and Operational Research, both from Warwick Business School. He is a CFA charterholder.

Sonal Tanna (born 1978), managing director, is a portfolio manager for the GEM Opportunities strategy within the Emerging Markets and Asia Pacific (EMAP) Equities team based in London. An employee of the Firm since 1999, Sonal has previously worked as both an analyst and portfolio manager, focusing on Emerging EMEA. Sonal received a BSc. in Economics from the London School of Economics and Political Science. She is a holder of the CFA designation.

Richard Titherington (born 1963) , managing director, is the Chief Investment Officer (CIO) and head of the Emerging Markets and Asia Pacific (EMAP) Equities team, and is based in London. An employee since 1986, Richard was part of the Pacific Regional Group from 1994. He was appointed as a managing director in April 2001 and appointed head of the global emerging markets business in December 2001. Prior to 1994 Richard was a U.S. and international pension fund manager, working in the U.K. until he transferred to Hong Kong in 1992. Before joining the Firm, Richard spent two years as an analyst with UKPI in London. Richard obtained an M.A. in Politics, Philosophy and Economics from Oxford University.

Jonathan L Tse (born 1981), executive director, is a member of the quantitative research team for the U.S. Equity Behavioral Finance Strategies. He joined the firm in August 2004 as an analyst in the U.S. Equity Behavioral Finance group. Prior to joining the firm, Jonathan worked as a summer intern for UBS and Credit Suisse First Boston in software and database development. Jonathan graduated in May 2004 with a B.S. in computer engineering from Columbia University. Jonathan is a CFA charterholder.

Miyako Urabe (born 1985), vice president , is a country specialist for Japan equities and a member of the Japan team within the Emerging Markets and Asia Pacific (EMAP) Equities team based in Tokyo. Miyako joined the Firm in 2013 from Credit Suisse Securities Equity Sales desk in Tokyo as an Asia ex-Japan specialist. She began her career at Morgan Stanley MUFG Securities covering Japan and Asia ex-Japan. Miyako obtained a Bachelor’s degree in Economics from Keio University, Japan.

Nicholas E Weindling (born 1977), managing director , is a country specialist for Japan equities and a member of the Japan team within the Emerging Markets and Asia Pacific (EMAP) Equities team based in Tokyo. Nicholas joined the Firm in 2006 from Baillie Gifford in Edinburgh, where he worked initially as a U.K. large cap analyst and latterly as a Japanese equities investment manager. Nicholas obtained a B.A. (Honours) in History from Cambridge University.

Joyce Weng (born 1985), executive director , is a portfolio manager covering the GEM Core strategies within the Emerging Markets and Asia Pacific (EMAP) Equities team based in London. She was previously in the U.S. Equity Behavioral Finance team at J.P. Morgan. Prior to joining the Firm in 2010, Joyce worked as a senior analyst at Goldman Sachs Asset Management. Joyce holds a B.A. in Economics (cum laude) and a M.A. in Statistics from Harvard University.

Nicholas J Wilcox (born 1980), e xecutive director , is an Investment Specialist in the J.P. Morgan Asset Management International Equity Group. An employee since 2005, Nicholas was previously a member of the Investment Trust Sales Team, responsible for client relationship management. Prior to this Nicholas was a sponsorship manager, responsible for the introduction of a cross business sponsorship strategy. Nicholas obtained a B.Sc. in Management Science from the University of Southampton.

Joseph D Wilson (born 1980 ), managing director , is a research analyst and portfolio manager within the U.S. Equity group. Joe is responsible for the technology sector for J.P. Morgan's large cap growth portfolios. He is also

21 a portfolio manager on the J.P. Morgan U.S. Technology Strategy. Before joining the firm in September 2014, Joe spent six years as a buy side analyst for UBS Global Asset Management, where he covered the technology sector for the Large Cap Growth team from 2010 to 2014, and the Mid Cap Growth team in 2009. Prior to that, Joe worked at RBC Capital Markets as a sell side research associate covering enterprise, infrastructure, and security software. Joe holds a B.A. in Finance from the University of St. Thomas and an M.B.A. from the University of St. Thomas Opus College of Business.

Sam W itherow (born 1985), executive director , is a portfolio manager in the International Equity Group, based in London. Sam is responsible for co-managing the Global Dividend portfolio. An employee since 2008, he was previously a global sector specialist responsible for covering the global energy sector. Sam obtained a BSc (Hons) in Economics and Politics from the University of Bristol and is a CFA charterholder.

Wyman Wong (born 1977), executive director , is an Equity Investment Specialist. An employee since 2006, Wyman is responsible for communicating our equity portfolio's positioning & outlook for J.P. Morgan's U.S. Equity Large Cap Core strategies. Prior to assuming his current role, Wyman worked on the U.S. Equity Business Management team alongside the Chief Operating Officer. Wyman holds a B.S. in Business Management from the University at Buffalo School of Management and an M.B.A. in Corporate Strategy and Marketing from Pace University Lubin School of Business.

Timothy Woodhouse (born 1986), executive director , is a portfolio manager in the International Equity Group based in New York. An employee since 2008, he was previously a research analyst in the European Equity Research Team, in London, working in the TMT sector. Tim obtained a BSc (Hons) in Economics from the University of York. Tim is a CFA charterholder.

Raffaele Zingone (born 1968), managing director, is a portfolio manager on the U.S. Disciplined Equity Team. An employee since 1991, Ralph is responsible for the Research Enhanced Index (REI) strategies. Prior to this role, he was a research analyst following the aerospace, environmental, and diversified manufacturing sectors. Upon joining the firm, he was a quantitative equity analyst and later served as a U.S. Equity portfolio manager in London and New York. Ralph received his B.A. in mathematics and economics from the College of the Holy Cross and his M.B.A. in finance from New York University. He is a CFA charterholder.

Summary of Professional Designations

This Summary of Professional Designations set forth below is provided to assist you in evaluating the professional designations and minimum requirements included in the biographies of the investment professionals listed herein.

Certified Financial Planner (CFP)

The Certified Financial Planner ® certification is issued by the CFP Board. To earn the CFP ® certification, candidates must (i) have a bachelor’s degree or higher from an accredited U.S. college or university; (ii) complete course training and sit for the 10 hour CFP Board Certification Examination; (iii) have at least three years of qualified experience in the financial planning field; (iv) adhere to the CFP Board Code of Ethics and Professional Responsibility and to the Financial Planning Practice Standards; and (v) complete continuing education requirements on an on-going basis in addition to paying a licensing fee every two years.

Certified Investment Management Analyst (CIMA)

The Certified Investment Management Analyst designation is issued by the Investments & Wealth Institute (IWI), formerly IMCA. In order to obtain a CIMA designation, a person must (i) pass a background check (ii) complete approximately 100 hours of study in exam preparation to pass a two-hour Qualification Examination (iii) successfully complete an in-person or online executive education program at a top-20 business school registered with IWI (iv) complete approximately 150 hours of study in exam preparation to pass a four-hour comprehensive Certification Examination, and (v) document a minimum of 3 years work experience in financial services, pass a second background check and agree to adhere to IWI’s Ethics and ongoing standards. CIMA certification must be renewed

22 every two years. Certification renewal requirements include (i) a minimum of 40 hours of continuing education credit, including two hours of ethics education (ii) complete a compliance disclosure and indicate continued adherence to IWI’s Code of Professional Responsibility , and Rules and Guidelines for Use of the Marks , as well as disclose any federal or state regulatory actions or complaints.

Certified Public Accountant (CPA)

In order to become a certified public accountant, a person must pass a Uniform Certified Public Accountant Examination which is set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. In addition, the person must have an undergraduate degree, successfully completed various business and accountancy related courses, have two years of general accountancy experience supervised by a CPA and successfully complete an ethics course. Each state mandates the amount of continuing education required to maintain a CPA.

Chartered Accountant

The Chartered Accountant designation is issued by the Institute of Chartered Accountants in England and Wales (“ICAEW”). To become an ICAEW Chartered Accountant you must (i) study and pass 15 exam modules focused on different aspects of accountancy, finance and business; (ii) complete 450 days of work experience, which normally takes between three and five years, with an ICAEW authorized training employer or authorized training principal working in one or more of the following fields: Accounting, Audit and Assurance, Tax, Financial Management, Insolvency or Information Technology; (iii) complete a professional development program; and (iv) ethics and professional skepticism training.

Chartered Financial Analyst (CFA)

The Chartered Financial Analyst designation is issued by the CFA Institute (formerly AIMR). In order to obtain a CFA designation, a person must have either (i) an undergraduate degree or four years of professional experience involving investment decision-making or (ii) four years of qualified work experience (full time, but not necessarily investment related). In addition, the following educational requirements are required to receive a CFA designation (i) completing an educational program which includes approximately 250 hours of study for each of the three levels and (ii) successfully completing three examinations. CFA charterholders must join the CFA Institute as a regular member; and commit to abide by, and annually reaffirm, their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct. There are no continuing education or ongoing experience requirements.

Chartered Market Technician ® (CMT)

The Chartered Market Technician ® designation is issued by the CMT Association. To obtain the CMT designation candidates must (i) complete three levels of examinations; (ii) demonstrate three years of acceptable professional experience; and (iii) be approved as a member of the CMT Association. To maintain the designation, CMT charterholders must be a member of the CMT Association in good standing and abide by the CMT Association Code of Ethics.

Financial Risk Manager (FRM)

FRM certification is awarded by the Global Association of Risk Professionals after a candidate has passed two rigorous multiple choice exams and demonstrated two years of relevant work experience. The FRM Exam Part I focuses on the tools used to assess financial risk: quantitative analysis, fundamental risk management concepts, financial markets and products, and valuation and risk models. The FRM Exam Part II focuses on market, credit, operational and integrated risk management, investment management and current market issues.

Institute of Investment Management and Research

The Institute of Investment Management and Research is a predecessor to the CFA Society United Kingdom. See Chartered Financial Analyst. To become a regular CFA charterholder member you must; (i) have 48 months of

23 acceptable professional work experience; (ii) have passed CFA Program Level I, Level II, Level III exams; (iii) agree to adhere to and sign the members' agreement and professional conduct statement and (iv) provide three professional references, or a reference from an active CFA UK regular member and two other professional references; and (v) pay an annual fee.

Investment Management Certificate (IMC)

The IMC qualification is developed, delivered and awarded by CFA Society UK (formerly known as the UK Society of Investment Professionals).The IMC is the benchmark entry-level qualification into the UK investment profession. It delivers the threshold competency knowledge required by investment professionals involved in portfolio management, research analysis, and other front office investment activities. The examinations cover the key content areas appropriate for these roles including economics, accounting, investment practice, regulation, and ethics.

New York Society of Security Analysts

The New York Society of Security Analysts is a predecessor to the CFA Society New York. See Chartered Financial Analyst. To become a regular CFA charterholder member you must; (i) have 48 months of acceptable professional work experience; (ii) have passed CFA Program Level I, Level II, Level III exams; (iii) agree to adhere to and sign the members' agreement and professional conduct statement and (iv) be sponsored by CFA Society New York members.

Series 3 License

The Series 3 exam—the National Commodities Futures Examination—is a National Futures Association exam administered by FINRA.

Series 7 License

The Series 7 exam – the General Securities Representative Qualification Examination (GS) – assesses the competency of an entry-level registered representative to perform his or her job as a general securities representative. The exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of a general securities representative, including sales of corporate securities, municipal securities, investment company securities, variable annuities, direct participation programs, options and government securities. License holders must complete continuing education every three years.

Series 24 License

The Series 24 exam—the General Securities Principal Qualification Examination (GP)—assesses the competency of an entry-level general securities principal candidate to perform his or her job as a general securities principal. The exam measures the degree to which each candidate possesses the knowledge needed to perform the critical functions of a general securities principal, including the rules and statutory provisions applicable to the supervisory management of a general securities broker-dealer. The Series 24 has a prerequisite exam requirement and must complete continuing education every three years.

Series 63 License

The Series 63 exam — the Uniform Securities State Law Examination — is a North American Securities Administrators Association (NASAA) exam administered by FINRA. The exam consists of 60 scored questions. Candidates have 75 minutes to complete the exam. In order for a candidate to pass the Series 63 exam, he/she must correctly answer at least 43 of the 60 scored questions. License holders must complete continuing education every three years.

24 Series 65 License

The Series 65 exam — the NASAA Investment Advisers Law Examination — is a North American Securities Administrators Association (NASAA) exam administered by FINRA. License holders must complete continuing education every three years.

Series 66 License

The Series 66 exam — the NASAA Uniform Combined State Law Examination — is a North American Securities Administrators Association (NASAA) exam administered by FINRA. There is no prerequisite for the Series 66 examination. However, the Series 7 examination is a co-requisite to the Series 66 Examination. License holders must complete continuing education every three years.

Disciplinary Information

The supervised persons have no disciplinary information to report.

Other Business Activities

The supervised persons have no other business activities to report.

Additional Compensation

The supervised persons do not receive any additional compensation.

Supervision

The Equity team periodically reviews all client accounts to examine compliance with clients’ investment objectives and account guidelines and the group’s current investment processes and practices. In addition, the Equity team monitors its supervised persons by maintaining portfolio compliance monitoring systems, which monitor client accounts for adherence with client specific guidelines and restrictions, and product and regulatory requirements.

The supervised persons in this brochure supplement are Access Persons (as defined under Rule 204A-1 of the Investment Advisers Act) of JPMIM and, as such, are subject to the JPMIM compliance policies and procedures, in addition to the J.P. Morgan Chase Code of Conduct. The Compliance department periodically monitors supervised persons’ trading for client accounts. In addition, supervised persons are required to complete periodic compliance training.

The information in this brochure supplement does not include all the specific review processes applicable to a particular client account. Clients are urged to ask questions regarding the review processes applicable to their account and to read all product-specific disclosures.

The advisory activities of the core equity teams are supervised by Helge Skibeli, Chief Investment Officer for Core Strategies. His contact number is (212) 648-1844.

The advisory activities of the U.S. equity teams are supervised by Jonathan M Sherman, Head of U.S. Equity Investment Specialists. His contact number is (212) 648-1888.

25 The advisory activities of the value equity teams are supervised by Lawrence E Playford Jr., Chief Investment Officer for Value Strategies. His contact number is (212) 648-0659.

The advisory activities of the growth and small cap strategies are supervised by Eytan M Shapiro, Chief Investment Officer for Growth and Small Cap Strategies. His contact number is (212) 648-1827.

The advisory activities of the behavioral strategies are supervised by Nicholas J Horne, Chief Investment Officer of Behavioral Finance Strategies. His contact number is (44) 207 742 6394.

The advisory activities of the global strategies are supervised by Malcolm I Smith, Head of the International Equity Group. His contact number is (44) 207 134 3652.

The advisory activities of the emerging market and Asia Pacific strategies are supervised by Richard Titherington, Chief Investment Officer and Head of the Emerging Markets and Asia Pacific (EMAP) Equity Team. His contact number is (44) 207 742 5498.

The advisory activities of the global REI and diversified strategies are supervised by Piera Elisa Grassi. Her contact number is (44) 207 742 5603.

The advisory activities of the European equities strategies are supervised by Malcolm I Smith, Head of the European Equities Group. His contact number is (44) 207 134 3652.

26 credit bureaus to report or legal and investigations, orders court to respond your maintain account(s), your transactions, process to such as For nonaffiliates to market to you to market to nonaffiliates For your creditworthiness about information – purposes business everyday affiliates’ our For experiences and your transactions about information – purposes business everyday affiliates’ our For companies financial other with marketing joint For you to services and our products offer to – purposes marketing our For Why? FACTS Questions? business everyday our For Does J.P. Morgan Reasons we can share your personal information How? What? When you areWhen this notice. Call 1-800-338-4345Call limit you can whether and this sharing. J.P. reasons the Management I information; Investment personal Morgan below, financial shar companies section can the In we reasons business. list the ru to information personal financial customers’ companies share need to All „ „ „ include: can information This us. with se or product depend the share we on and collect information personal of types The we do. ca this read notice Please information. your personal share, protect and limit to right law requires tellthe all to us also not sharing. y some but Federal Fe information. your how they share Financial personal companies choose INFORMATION? PERSONAL YOUR WITH DO INC. MANAGEMENT J.P.WHAT DOES INVESTMENT MORGAN payment history and risk tolerance risk and payment history history transaction and balances account number income and Security Social purposes –purposes nolonger

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Who we are Who is providing this notice? J.P. Morgan Investment Management Inc.

What we do How does J.P. Morgan To protect your personal information from unauthorized access and use, we use Investment Management security measures that comply with federal law. These measures include computer Inc. protect my personal safeguards and secured files and buildings. We authorize our employees to access information? your information only when they need it do their work and we require companies that work for us to protect your information. How does J.P. Morgan We collect your personal information, for example, when you: Investment Management „ open an account or give us your contact information Inc. collect my personal information? „ give us your income information or enter into an investment advisory contract

„ make deposits or withdrawals from your account We also collect your personal information from others, such as credit bureaus, affiliates and other companies. Why can’t I limit all sharing? Federal law gives you the right to limit only:

„ sharing for affiliates’ everyday business purposes – information about your creditworthiness

„ affiliates from using your information to market to you

„ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions Affiliates Companies related by common ownership or control. They can be financial and nonfinancial companies.

„ J.P. Morgan Investment Management Inc. does not share with our affiliates. Nonaffiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies.

„ J.P. Morgan Investment Management Inc. does not share with nonaffiliates so they can market to you. Joint Marketing A formal agreement between nonaffiliated financial companies that together market financial products or services to you.

„ J.P. Morgan Investment Management Inc. doesn’t jointly market.