TARGET DATE 2065 FUND

Note: This fund fact sheet provides information regarding the Target Date 2065 Fund, including objectives, strategy and fees. A Morningstar fund fact sheet, which includes performance and portfolio information, is anticipated to be available in late October 2020. In the meantime, you may also view the Morningstar fund fact sheet for the Target Date 2055 Fund, because the asset allocation of the Target Date 2055 Fund is identical at this time and is not expected to diverge for a number of years. To view the Morningstar fund fact sheet for the Target Date 2055 Fund, click on the investment overview document under > Investment lineup on the 401(k) Savings Plan Web Center.

INVESTMENT TYPE INVESTMENT MANAGEMENT FEES The Target Date Funds are lifecycle investment options Fees are deducted from the investment performance of comprising a mix of underlying investment funds the Target Date Fund and are based on the investment across a broad range of asset classes. allocations and the investment management fees and administrative fees (if any) associated with each underlying INVESTMENT OBJECTIVE fund. For example, the Target Date 2065 Fund has estimated investment management and administrative The Target Date 2065 Fund is a broadly diversified fees of 3 basis points (0.03%), meaning the fee on a portfolio that seek total return as appropriate for the $1,000 investment would be about $0.30 annually. These target date listed within the fund name (2065). Target fees are referred to as the expense ratio or operating Date Funds invest in a mix of equity, fixed income, Real expenses. Please note: The investment management and Estate Investment Trusts (REITs), Inflation-Protected administrative fees may change over time as the Securities (IPS) and cash to a varying degree depending underlying investment mix changes. on the appropriate risk level for the average investor expecting to retire at each of the target dates. As the In addition to the operating expenses noted above, Target Date Fund approaches its target date, the the Target Date 2065 Fund will pay transaction costs, such portfolio’s asset allocation will shift to a more as commissions, when the underlying funds buy or sell conservative mix. securities. These transaction costs are also charged to the investment performance of the Target Date 2065 Fund. INVESTMENT STRATEGY The investment management fees associated with the The Target Date 2065 Fund is a “fund of funds” and maintenance of the glide path (the changing mix of stock, attempts to achieve the stated objective by investing in bonds and cash equivalents within the Target Date 2065 underlying funds that make up its asset allocation. The Fund) and for the emerging markets component of asset allocation has been constructed and will be the Target Date 2065 Fund are not charged to the maintained by Asset Management Solutions – Multi-Asset performance of the Target Date 2065 Fund. These fees will Solutions (MAS) within JPMorgan Chase , N.A. be paid by JPMorgan Chase. Except as noted below, most of the underlying funds are index funds that attempt to replicate the associated index Please note: The Target Date 2065 Fund may hold but will not necessarily have the same performance as the temporary investments to meet liquidity needs or to index due to management and other fees, transaction achieve the manager’s investment objectives. For more costs and cash flows. The high-yield bond, emerging information, please see "Temporary Investments" in markets debt and cash alternative components are actively Section 4 of the Profiles brochure under managed. Allocations for the Target Date Funds are "Plan forms" on the 401(k) Savings Plan Web Center. regularly monitored and typically rebalanced monthly to the targeted asset allocation, with the goal of maintaining an optimal portfolio for the stated investment objectives.

1 JPMorgan Chase 401(k) SAVINGS PLAN | Target Date 2065 Fund FUND HOLDINGS Other factors to consider when investing are specific to the Fund’s underlying funds and include All of the holdings are passively managed risks due to: by BlackRock Institutional Trust Company, N.A. or State Street Global Advisors Trust Company. The emerging • Active Management markets debt, cash alternatives and high-yield bond funds • are actively managed by JPMorgan Chase Bank, N.A., • Cyber Security BlackRock Institutional Trust Company, N.A. and Columbia Threadneedle Investments, respectively. • Derivatives • Equity Securities INVESTMENT POINTS TO CONSIDER • Foreign Securities and Emerging Markets This offering is managed as an institutional separate •General Market account. The value of an investment within the Target • Government Securities Date 2065 Fund increases or decreases depending on the • High-Yield Securities and Loan value of securities owned by the institutional separate • Income/Prepayment account for the Target Date 2065 Fund. • Index Investing INVESTMENT RISK AND RETURN • Inflation-Protected Securities (IPS) The suitability of an investment in a Target Date • Inflation Fund should be considered based on the investment • Interest Rates objective, strategies and risks described in this profile • Investment Style and in light of all of the other investments in your • Liquidity portfolio, as well as your risk tolerance, financial goals and time horizon. • Mid-Cap Company • Mortgage-Related and Asset-Backed Securities The Target Date Funds are subject to the volatility of the • Not Guaranteed financial markets, including equity and fixed-income investments in the U.S. and abroad, and may be subject • Real Estate Securities to risks associated with investing in high-yield, small-cap •Securities Lending and foreign securities. Principal invested is not • Small-Cap Company guaranteed at any time, including at or after . •Transfer/Reallocation/Payment of Benefits You may lose money by investing in any of the Target Date Funds, including losses near and following For a more detailed description of these risks, retirement. There is no guarantee that the investment please see "Summary of Investment Risks" in will provide adequate retirement income. Section 4 of the Investment Fund Profiles brochure under "Plan forms" on the 401(k) Savings Plan Among the primary factors to be considered when Web Center. investing in the Target Date Funds is: Asset Allocation Risk. The risk level of each Target Date All of the Target Date Funds have been customized Fund will directly correspond to the risk of the to provide participants with a low-cost, mostly underlying funds in which it invests. By investing in passively managed, diversified portfolio. The return, many funds, the Target Date Funds have partial as well as the risk, of each of the Target Date exposure to many different areas of the market. Funds will largely be a function of the Fund’s asset allocation. You should carefully review the asset allocation of the appropriate Target Date Fund to see if it meets your investment objectives.

JPMorgan Chase 401(k) SAVINGS PLAN | Target Date 2065 Fund 2 TARGET DATE 2065 FUND

Fund Facts Risk Assessment: Moderate to High Annual Expenses1: 3 basis points Anticipated Inception Date: September 14, 2020 Benchmark: S&P Target Date 2060+

WHO MAY WANT TO INVEST Someone who is expecting to retire in or around 2065 or who has a risk tolerance consistent with this Target Date Fund’s asset allocation as it changes over time.2 (This Target Date Fund may be appropriate for individuals born in 1999 or later who expect to retire around age 65.)

ASSET ALLOCATION3

1.95% .95% 6.1% U.S. Large Cap Equity – 39.95% U.S. Mid Cap Equity – 5.52% 9.1% U.S. Small Cap Equity – 3.68% REITs – 5.45% 39.95% International Equity – 27.3% Emerging Markets Equity – 9.1% Core Fixed Income – 6.1% High Yield – 1.95% Emerging Markets Debt – .95% IPS – 0% Cash Alternatives – 0% 27.3%

5.52% 5.45% 3.68%

1The annual expense ratio for this Fund is estimated to be 3 basis points (0.03%). Please note that the annual expense ratios shown on the 401(k) Savings Plan Web Center and the Participant Fee Disclosure Notice may be different from what is shown here. Also, the annual expenses include investment management fees and administrative costs. Certain administrative costs, such as audit fees, are charged to the performance of certain underlying funds and are contractually limited to a maximum of 0.3 basis points (0.003%); actual administrative costs may be less. For these underlying funds, JPMorgan Chase pays the custody and certain fund accounting fees, which are the majority of the administrative costs. Transaction costs (including commissions, where applicable) are also charged to investment performance and are not reflected in the annual expenses.

2See the Morningstar fund fact sheet for the Target Date 2055 Fund to learn how the asset allocation changes over time.

3The asset allocation of the Target Date 2060 Fund is identical to the Target Date 2055 Fund at this time and is not expected to diverge from the Target Date 2055 Fund for a number of years. The asset allocation shown is the asset allocation of the Target Date 2055 Fund as of February 3, 2020.

3 JPMorgan Chase 401(k) SAVINGS PLAN | Target Date 2065 Fund All of the fixed-income funds primarily invest in bonds, which are subject to interest rate risks. Bond prices generally fall when interest rates rise. Compared to more highly rated securities, high-yield investment securities are subject to greater risk, including the risk of default. A bond fund’s yield, share price and total return change daily and are based on changes in interest rates, market conditions, economic and political news, and the quality and maturity of its investments. In general, bond prices fall when interest rates rise and vice versa. Asset allocation and balanced investment options and models are subject to the risks of the underlying investments, which can be a mix of stocks/stock funds and bonds/bond funds. Rebalancing does not ensure a profit and does not protect against loss in declining markets. Diversification does not ensure a profit and does not protect against loss in declining markets. The expense ratio provided is the Target Date Fund's total annual operating costs expressed as a percentage of the fund’s average net assets over a given time period. Equity securities of small and mid-size companies may be more volatile than securities of larger, more established companies. The price of equity securities may rise or fall, sometimes rapidly or unpredictably, because of changes in the broad market or changes in a company’s financial condition. These price movements may result from factors affecting individual companies, sectors or industries selected for the fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. Equity securities are subject to stock market risk, i.e., when the prices of stocks in general (or, in particular, the prices of the types of securities in which a fund invests) decline over short or extended periods of time. When the value of a fund’s securities goes down, an investment in a fund decreases in value. Please be aware investments offered under the Plan are subject to restrictions set forth by their respective investment manager. As a result, the ability to buy or sell investments may be impacted by these restrictions. The ability of the fund to sell illiquid securities at its desired time, price or value (based upon the fund’s net asset value) may be impacted by changes in market conditions, legal restrictions on the resale of particular securities and external political, economic or environmental events. Illiquidity may result from many factors, including, but not limited to, a drop in trading volume, a lack of available buyers and market-makers (or increase in the number of sellers), external economic and political events, terrorist attacks and acts of God, among other events. Certain securities that were liquid when purchased may later become illiquid, particularly in times of overall economic distress. Participants may experience possible delays when they withdraw or invest money due to an underlying fund being temporarily closed. Foreign investments involve special risks, including currency fluctuations, taxation differences and political developments. Equity securities of companies located in emerging markets involve greater risks than investing in more established markets, including currency fluctuations, political developments and share illiquidity. A stable value fund is not federally guaranteed and may lose value. It has interest rate, inflation and credit risks associated with the underlying assets owned by the fund. Separate accounts are not required to file a prospectus or registration statement with the SEC and accordingly neither is provided. For complete information concerning this Target Date Fund (and all funds in the Plan) and investment in the Plan generally, please be sure to consult the complete Investment Fund Profiles brochure for the Plan, which includes a full listing of all the risks (and their descriptions), investment approaches, and other information associated with investment in the Plan. Securities offered and/or distributed by GWFS Equities, Inc., Member FINRA/SIPC. GWFS is an affiliate of Empower Retirement, LLC; Great-West Funds, Inc.; and registered investment adviser, Advised Assets Group, LLC. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice. Investing involves risk, including possible loss of principal. Empower Retirement family of companies refers to products and services offered through Empower Retirement, LLC; Great-West Life & Annuity Insurance Company; Great-West Life & Annuity Insurance Company of New York; Great-West Trust Company, LLC; and certain affiliates and subsidiaries.

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JPMorgan Chase 401(k) SAVINGS PLAN | Target Date 2065 Fund 4