Evolving Corporates Need Cash Investment to Match

_{Risk Disclosure}

_{Investment involves risk and needs to be cautious. Security investment funds (hereinafter referred to as "the Fund") is a long-term investment tool, and its main function is to diversify investment, lower individual risk from investing in single security. Unlike financial instruments like bank deposits and bonds that can provide expected fixed income, investors may earn the part of their shares from the fund investment and may also bear the losses by investing into the funds. Before making an investment decision, please carefully read the risk disclosure, the account opening documents and the product legal documents such as Fund contract, Fund prospectus and Fund product information summary, fully understand the risk-return characteristics and product characteristics of the Fund, discreetly consider the existence of various risk factors of the Fund, fully consider your own risk tolerance in accordance to your own investment objectives, investment horizon, investment experience, asset situation etc., and make rational judgment and cautious investment decision based on the understanding of the product and sales suitability advice.}

_{According to relevant laws and regulations, JPMorgan Chase Bank (China) Co., Ltd. (hereinafter referred to as “the Bank”) makes the following risk disclosure:}

_{1. According to the different investment objects, the Fund are divided into different types such as stock funds, hybrid funds, bond funds, money market funds, funds in funds, and commodity funds. You shall have different earning expectations when you invest in different types of funds, and also assume different levels of risk. In general, the higher the expected return of the fund, the greater risk you would bear.}

_{2. During the operation of the investment, the Fund may face a variety of risks, including but not limited to market risk, the Fund's own management risk, technology risk and compliance risk. Liquidity risk is a unique risk to open-ended funds, particularly, when requested net redemption amount exceeds certain percentage  of the Fund total share in a single trading day, investors may not be able to redeem all requested shares in a timely fashion, or the payment of your redemption may be delayed. Please refer to the Fund prospectus for the detailed risk disclosure before making any investment.}

_{3. You shall fully understand the differences between installment fund investment and savings installment. Installment fund investment is a simple way of investment that guides investors to make long-term investments with an average cost. However, installment fund investment cannot avoid inherent risks in investing in the funds, guarantee profit or replace alternative way of managing money like savings.}

_{4. Risk disclosure of special types of products: The product you purchase is money market fund. Purchasing money market fund does not mean saving funds as deposits in banks or deposit-taking financial institutions. The fund manager does not guarantee the fund will be profitable, nor does it guarantee the minimum return.}

_{5. Fund managers are committed to manage and operate the assets of the funds with the principles of honesty, integrity and due diligence but do not guarantee profitability or minimum returns. Past performance of the Fund and the level of its net asset value do not indicate future performance; the performance of other funds that are managed by the fund manager does not constitute a guarantee of performance of the Fund. The Bank reminds investors of the “caveat emptor” principle when investing in a fund. After an investment decision is made, the Investor is responsible to take all the investment risk resulted from the operation of the Fund and change of NAV of the Fund. Fund managers, fund custodians, fund sales institutions and related institutions do not make any promises or guarantees for fund investment returns.}

_{6. JPMorgan RMB Money Market Fund and JPMorgan Tian Tian Bao RMB Money Market Fund (hereinafter referred to as "JPMorgan MMF"), offered and managed by JPMorgan Asset Management (China) Company Limited (hereinafter referred to as the "Fund Manager" or “AMC”), were organized in accordance with relevant laws, regulations and agreements. Each of JPMorgan MMF is raised and registered with the permission of the China Securities Regulatory Commission (hereinafter referred to as the “CSRC"). The fund contract, prospectus and product information summary of each JPMorgan MMF have been publicly disclosed on the CSRC’s Fund Electronic Disclosure Website (http://eid.csrc.gov.cn/fund/) and the Fund Manager’s internet site (https://am.jpmorgan.com/cn). CSRC registration of JPMorgan MMF does not indicate CSRC’s substantial judgments or guarantees on the investment value, market prospects and returns of JPMorgan MMF, nor does it indicate it’s risk free to invest in JPMorgan MMF. Shares of JPMorgan MMF may be offered and sold only in China to: (i) individuals who are Chinese citizens and residents; (ii) institutions legally organised in China and permitted by Chinese law and regulation to invest in open-end investment funds; and (iii) entities with “Qualified Foreign Institutional Investor” status in China. Money market funds are not equal to bank deposits or deposits with other type of deposit taking entities. The Fund Manager does not guarantee performance or a minimum return.}

_{7. J.P. Morgan Global Liquidity China is the fund distribution business of the Bank. The Bank is a local incorporated bank in China, and is a subsidiary of JPMorgan Chase Bank, N.A.. It is regulated by the National Financial Regulatory Administration, with a fund distribution business qualification (基金销售业务资格) issued by the CSRC.  The Funds are offered and managed by the fund managers. The Bank as the distributor will not be responsible for the investment, redemption and risk management of the Funds.}

_{8. J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. J.P. Morgan Asset Management received regulatory approval from the CSRC for 100% ownership of AMC (formerly known as China International Fund Management Co., Ltd.) on 19 January 2023. China International Fund Management Co., Ltd. received the approval to complete its legal entity name change to JPMorgan Asset Management (China) Company Limited on 11 April 2023. Both the Bank and AMC are the affiliate of JPMorgan Group.}

_{The information here is issued in China by the Bank. Informational sources are considered reliable but you should conduct your own verification of information contained herein. Any forecasts or opinions expressed may be subject to change without further notice. Investments in emerging markets may be more volatile than other markets and the risk to your capital is therefore greater. Also, the economic and political situations may be more volatile than in established economies and these may adversely influence the value of investments made. The Fund’ prospectus contains information that is important to any investment decision regarding the Fund, including its investment objectives, terms and conditions, tax information, potential conflicts of interest and risk disclosures. An offer or solicitation for the Fund will be made only through the Fund’ prospectus and will be subject to the terms and conditions contained therein. The information contained in here does not constitute investment advice, or an offer to sell, or a solicitation of an offer to buy any security, investment product or service. All services and products herein are subject to applicable laws and regulations and the relevant product and service terms and contracts. Subject to the applicable laws and regulations, the Bank makes no representations as to the accuracy and completeness of the information herein. The information here is qualified in its entirety by information contained in the prospectus of the Fund which shall be read carefully before making any investment. In the event of a conflict between the information herein and in the Fund’ prospectus, the Fund’ prospectus shall always prevail. Investors should make their own investigation or evaluation or seek independent advice prior to making an investment.}