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Order Routing Practices

On November 15, 2000, the Securities and Exchange Commission adopted rules mandating the public disclosure of order execution and routing practices (the "Disclosure Rules"). Under Rule 605 (formerly SEC Rule 11Ac1-5), market centers that trade national market system securities, are required to make available to the public monthly electronic reports that include uniform statistical measures of execution quality. Under Rule 606 (formerly SEC Rule 11Ac1-6), broker-dealers that route customer orders in equity and option securities are required to make publicly available quarterly reports that, among other things, identify the venues to which customer orders are routed for execution.

Click on the link below to view our SEC Rule 605 Report on Order Execution:

Click on the link below to view our SEC Rule 606 Report on Routing of Customer Orders:

The information required by SEC Rules 605 and 606 does not encompass all of the factors that may be important to investors in evaluating the order execution and routing services of a broker-dealer. SEC Rule 605 statistics are intended to facilitate a comparison of execution quality between market makers, alternative trading systems, and other trading venues. However, any particular venue's statistics reflect varying types of orders received from different customers with a wide range of objectives. In addition, SEC Rule 606 statistics are intended to provide a general overview of a broker-dealer’s order routing practices. Accordingly, the statistical information required by SEC Rule 605 and 606 alone does not create a reliable basis to address whether any particular broker-dealer obtained the most favorable terms reasonably available under the circumstances for customer orders.

We have attempted to prepare these statistics in compliance with the SEC's rules. However the statistics have not been audited and may contain errors. J.P. Morgan Securities LLC and its affiliates (collectively, "JP Morgan") do not represent, warrant, or guarantee that the statistics are accurate. From time to time the Firm may become aware of systems or other errors that may affect the data or results reflected in its Report but which cannot be corrected before publication. The Firm may, in its discretion, revise and republish this Report and/or previous Reports for prior periods. JP Morgan disclaims liability for any direct, indirect, punitive, special, consequential, or incidental damages related to the statistics or the use of such. The information provided in the reports may be impacted by market data system outages or errors, both internal and external, and it is dependent upon the integrity and accuracy of data provided by outside sources. Certain assumptions have been made in preparing the statistics, and changes to the assumptions may have a material impact on results. The statistics do not endorse or recommend any particular security or market participant.

Customers of J.P. Morgan Securities LLC may request information on any order executed within the prior six months from the time of the request. Specifically, you may request the identity of the venue to which the identified orders were routed for execution, whether the order was directed by you to that venue, and the time of the executions, if any, that resulted from such orders.

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The views and strategies described may not be suitable for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. Securities are offered by J.P. Morgan Securities LLC. ("JPMS"), member FINRA and SIPC. When JPMS acts as a broker-dealer, a client's relationship with us and our duties to the client will be different in some important ways than a client's relationship with us and our duties to the client when we are acting as an investment advisor. A client should carefully read the agreements and disclosures received (including our Form ADV disclosure brochure, if and when applicable) in connection with our provision of services for important information about the capacity in which we will be acting.

This document provides information about the brokerage and investment advisory services provided by J.P. Morgan Securities LLC ("JPMS"). The agreements entered into by and disclosures provided to clients with respect to the different products and services provided by JPMS should be carefully read (including our Form ADV disclosure brochure, if and when applicable), which contain important information, including our provision of services for important information about the capacity in which we will be acting. We encourage clients to speak to their JPMS representative regarding the nature of the products and services and to ask any questions they may have about the difference between brokerage and investment advisory services, including the obligation to disclose conflicts of interests and to act in the best interests of our clients.

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