Making Sense

In this Making Sense episode, host Amaury Guzman is joined by Kevin Foley, global head of Capital Markets, and Tarek Hamid, head of North American Credit Research & Strategy, to unpack takeaways from J.P. Morgan’s 31st annual Global Leveraged Finance Conference in Miami. The trio covers how geopolitics and energy price volatility are filtering into rates and risk, why AI could determine winners and losers, the market’s capacity to absorb new supply, bond vs. loan reception, and the role of M&A in the 2026 issuance outlook. They also discuss issuer readiness in a volatile tape and other themes that could take centerstage at the upcoming European Leveraged Finance Conference. This episode was recorded on March 5, 2026. This material was prepared by certain personnel of the investment banking group of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity. © 2026 JPMorgan Chase & Company. All rights reserved.

In this episode of Making Sense, Anthony Paolone, co-head of U.S. Real Estate Stock Research, and John Sim, head of Securitized Products Research, offer their take on the U.S. housing market. They examine current supply-demand dynamics, regional price trends and mortgage rates, which have remained elevated since 2022. Where are home prices headed, and how might new reforms alter the wider outlook? Plus, how are rental markets faring amid growing “rent fatigue”? This episode was recorded on March 2, 2026. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. © 2026, JPMorganChase & Co. All rights reserved.

In this episode of J.P. Morgan’s Making Sense, Derek Chollet, head of the JPMorganChase Center for Geopolitics, sits down with Clare Kim, global head of Content Strategy and Production for the Commercial and Investment Bank, to discuss how the U.S.–Israel military operation against Iran could play out. What’s next in terms of leadership, and how might this change the balance of power in the Middle East? Longer term, could a resolution unlock opportunities for both the Iranian and the global economy? This episode was recorded on March 4, 2026. The views or opinions expressed herein are solely those of the JPMorganChase Center for Geopolitics and may differ from the views and opinions expressed by J.P. Morgan Securities LLC Research Department or other departments or divisions of JPMorgan Chase & Co. or its affiliates. Information has been obtained from sources believed to be reliable, but JPMorganChase does not warrant its completeness or accuracy. Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. The opinions herein should not be construed as an individual recommendation for any particular client and is not intended as advice or recommendations of particular securities, financial instruments, or strategies for a particular client. The information contained herein has been provided solely for informational purposes and does not constitute an offer, solicitation, advice or recommendation, to make any investment decisions or purchase any financial instruments, and may not be construed as such.

In this episode of Making Sense, Kate Finlayson, Global head of the FICC Market Structure and Liquidity Strategy, is joined by Sandy Kaul, Executive Vice President and Head of Innovation at Franklin Templeton, and Scott Lucas, head of Markets Digital Assets at J.P. Morgan. Together, they explore the rapid advancements in blockchain technology, and discussing what’s changed, what’s credible, and what institutional investors should be thinking about as market structure evolves. Sandy and Scott, who also serve as co-chairs of the CFTC’s Digital Assets Subcommittee, share insights on blockchain adoption milestones, regulatory developments, the convergence of traditional and decentralized finance, and the future of interoperability and market infrastructure. This episode was recorded on February 10, 2026. The views expressed in this podcast may not necessarily reflect the views of JPMorgan Chase & Co, and its affiliates, together J.P. Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. They are not issued by Research but are a solicitation under CFTC Rule 1.71. Referenced products and services in this podcast may not be suitable for you, and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. The FICC market structure publications, or to one, newsletters, mentioned in this podcast are available for J.P. Morgan clients. Please contact your J.P. Morgan sales representative should you wish to receive these. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures Copyright 2026 JPMorgan Chase & Company. All rights reserved.

In this episode of J.P. Morgan’s Making Sense, Phoebe White, a senior U.S. rates strategist and head of U.S. inflation strategy, sits down with senior economist Mike Hanson to unpack the January CPI report and the inflation outlook for 2026. They discuss why inflation may hover near 3% this year, the impact of tariffs, the gradual cooling in rents, and how differences between the CPI and PCE could inform the Fed’s path. The conversation also touches on energy and food prices, data quality concerns at the BLS and much more. This episode was recorded on February 18, 2026. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. © 2026, JPMorganChase & Co. All rights reserved.

At the crossroads of tradition and transformation, the Middle East is setting a new pace for growth and global connectivity. Join James Fraser, head of EMEA Payments, and Ambar Morshed, head of Subsidiary Payment Sales EMEA, as they unpack the region’s dynamic growth, digital evolution, and the bold moves attracting corporates and multinationals from around the world. Discover how innovative strategies, regulatory reforms, and a thriving business culture are redefining what’s possible in one of the world’s most exciting markets. Whether you’re headquartered in ADGM, entering the region, or establishing a key treasury hub, our experts are on hand to help you realize new opportunities in one of the world’s fastest-growing markets. Learn more at: https://www.jpmorgan.com/insights/treasury/treasury-management/trends-middle-east-corporate-treasury https://www.jpmorgan.com/payments/treasury-middle-east This episode was recorded on December 3, 2025. ©2026 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC. Deposits held in non-U.S. branches are not FDIC insured. Non-deposit products are not FDIC insured. All rights reserved. The statements herein are confidential and proprietary and not intended to be legally binding. Not all products and services are available in all geographical areas. Visit jpmorgan.com/paymentsdisclosure for further disclosures and disclaimers related to this content. This video-podcast/guide is confidential and proprietary to J.P. Morgan and is provided for your general information only. It is subject to change without notice and is not intended to be legally binding. Any services described in this video-podcast/guide are subject to applicable laws and regulations and service terms. Not all products and services are available in all locations. Eligibility for particular products and services will be determined by JPMorgan Chase Bank, N.A. or its affiliates. J.P. Morgan makes no representations as to the legal, regulatory, tax or accounting implications of the matters referred to herein. Any mentions of third-party trademarks, brand names, products and services are for referential purposes only and any mention thereof is not meant to imply any sponsorship, endorsement, or affiliation. J.P. Morgan and J.P. Morgan Payments are marketing names for certain businesses of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide JPMorgan Chase Bank, N.A., organized under the laws of U.S.A. with limited liability. The views and opinions expressed herein are those of the author and do not necessarily reflect the views of J.P. Morgan, its affiliates, or its employees. The information set forth herein has been obtained or derived from sources believed to be reliable. Neither the author nor J.P. Morgan makes any representations or warranties as to the information’s accuracy or completeness. The information contained herein has been provided solely for informational purposes and does not constitute an offer, solicitation, advice or recommendation, to make any investment decisions or purchase any financial instruments and may not be construed as such.

Silver has been on a volatile ride since the start of last year. In this episode, host Sam Azzarello, head of content strategy for Global Research, is joined by Greg Shearer, head of Base and Precious Metals Strategy, to break down the dramatic changes in silver prices and what could be next for the market. They cover why silver’s price is so volatile compared with gold, policy uncertainty including tariffs, and the evolving role of silver in industrial uses and how that influences demand. What are the key risks and opportunities for the silver market? This episode was recorded on February 6, 2026. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. © 2026, JPMorganChase & Co. All rights reserved.

The January jobs report may be delayed, but there are many other factors shaping the path forward for the U.S. economy. Join Lauren Brice from the North America Rates Sales team and chief U.S. economist Mike Feroli as they unpack recent data including job openings and tech earnings, as well as the latest Fed developments. What do the headline numbers suggest about the economic outlook, and how might the nomination of a new Fed chair influence monetary policy? This episode was recorded on February 6, 2026. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. © 2026, JPMorganChase & Co. All rights reserved.

In this episode of J.P. Morgan’s Making Sense, Jack Atherton from the EMEA Equity Capital Markets (ECM) market intelligence team, is joined by David De Boltz, Managing Director in Technology Leveraged Finance Capital Markets, and Edward Byun, global head of technology ECM, for a deep dive into the rapidly evolving world of tech capital markets. The team explores how the surge in AI infrastructure is reshaping lending and investment strategies, and why investors are rethinking risk across software, semiconductors and cloud platforms. J.P. Morgan’s leveraged finance and equity capital markets experts discuss the latest market volatility, the split between “AI-proof” and “AI-risk” tech names, and the factors driving investor demand in both debt and equity markets. The conversation also covers the health of the tech IPO pipeline, challenges facing software companies and what it takes to stand out in today’s competitive funding environment. This episode was recorded on January 30, 2025. This material was prepared by certain personnel of the investment banking group of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity. © 2026 JPMorgan Chase & Company. All rights reserved.

Earnings season has kicked off, with the Magnificent Seven set to report over the next few weeks. What does the future hold for U.S. equities after their recent underperformance? Hear from John Schlegel, J.P. Morgan’s global head of Positioning Intelligence, and Andrew Tyler, global head of Market Intelligence, as they dive into the evolving landscape for equities amid headline-driven volatility and robust earnings. Tyler shares why his team remains tactically bullish, anchored by resilient macro data, positive earnings growth and easing trade tensions. This episode was recorded on January 26, 2026. The podcast's views do not necessarily reflect those of J.P. Morgan Chase & Co or its affiliates (together “J.P. Morgan) and are not from J.P. Morgan’s Research Department. They do not constitute recommendations or offers to buy or sell securities. Intended for institutional and professional investors, not retail use, it is for informational purposes only. Products and services mentioned may not suit all investors or be available in all jurisdictions. J.P. Morgan may make markets and trade in discussed securities and asset classes. Visit www.jpmorgan.com/disclosures/salesandtradingdisclaimer for more disclaimers and regulatory disclosures. External speakers' opinions are personal and not J.P. Morgan's views. Copyright 2026 JPMorgan Chase & Co. All rights reserved

How are investors navigating tighter credit spreads and a surge in loan trading activity? In this episode, Brian LaRocca, head of Vida Portfolio Solutions (Americas), and Lou Cerrotta, head of Liquid Credit Financing, unpack the latest trends in loan and bond total return swaps (TRS), new opportunities in asset-based lending and the impact of regulatory changes. Plus, discover how J.P. Morgan’s innovative platforms are helping clients stay ahead of the curve in 2026. Learn more about J.P. Morgan's Portfolio Solutions: https://markets.jpmorgan.com/portfolio-solutions This episode was recorded on January 8, 2026. This communication is provided for information purposes only. Please visit www.jpmorgan.com/disclosures for important disclosures. © 2026, JPMorganChase & Co. All rights reserved.

Recent events in Venezuela have so far had limited immediate impact on global commodity markets — but the longer-term implications could be significant, especially if Western investment returns to the country. In this episode, analysts from J.P. Morgan Global Research explore the outlook for oil, natural gas and metals. Speakers: Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base & Precious Metals Research Otar Dgebuadze, Natural Gas Research This podcast was recorded on January 9, 2026. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2026, JPMorganChase & Co. All rights reserved.

Non-farm payrolls increased by just 50,000 in December while the unemployment rate dipped to 4.4%, reinforcing the “low-hire, low-fire” theme of the past few months. Does this point to a Fed pause at the January meeting? And how are consumers holding up against this backdrop? Join chief U.S. economist Mike Feroli and Alexa Hanelin from the North America Rate Sales team as they discuss the latest numbers. This episode was recorded on January 9, 2026. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2026, JPMorganChase & Co. All rights reserved.

In this episode of Making Sense, Rama Variankaval, head of Corporate Advisory at J.P. Morgan, is joined by Evan Junek, global head of Corporate Finance Advisory, to discuss the 15th edition of J.P. Morgan’s annual Corporate Compass report. Together, they unpack the key market trends that defined 2025 — from the rollercoaster of tariffs and geopolitical shifts to the transformative impact of AI on capital spending and corporate strategy. The conversation explores the evolving premium for scale, the rise of focused corporate separations and the changing landscape of capital formation in the U.S. and globally. Discover how companies are navigating uncertainty, pursuing growth and preparing for the opportunities and challenges that lie ahead in 2026. Click here to learn more about the Corporate Compass report: https://www.jpmorgan.com/investment-banking/corporate-finance-advisory#report This episode was recorded on December 18, 2025. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity. © 2026 JPMorgan Chase & Company. All rights reserved.

The year ahead will likely be driven by three powerful forces: uneven monetary policy, the relentless AI cycle and deepening polarization across markets and economies. What are the key opportunities and risks to watch across equities, commodities, currencies and more? Join analysts from J.P. Morgan Global Research as they explore the outlook for 2026. In this episode, we hear from: Bruce Kasman, Chief Global Economist - 01:00 Mislav Matejka, Head of Global Equity Strategy - 05:19 Francis Diamond, Head of European Rate Strategy - 11:50 Meera Chandan, Co-Head of Global FX Strategy - 15:58 Stephen Dulake, Co-Head of Global Fundamental Research - 19:43 Jonathan Goulden, Head of EM Fixed Income Strategy - 25:13 Natasha Kaneva, Global Head of Commodities Research - 30:21 Fabio Bassi, head of Cross-Asset Strategy - 35:25 This episode was recorded between December 9 and December 17, 2025. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2025, JPMorganChase & Co. All rights reserved.

In this episode of J.P. Morgan’s Making Sense, Joyce Chang, chair of Global Research, is joined by Sarah Isgur, senior editor at The Dispatch and Supreme Court expert, and Peter Harrell, visiting scholar at Georgetown Law and Fellow at the Carnegie Endowment for International Peace. Together, they unpack the Supreme Court cases challenging President Trump’s use of executive power, focusing on trade, tariffs and presidential authority over independent agencies and the Federal Reserve Bank. The discussion explores the legal and economic implications of these cases, the evolving balance between Congress and the executive branch and the potential consequences for markets, businesses and governance. This episode was recorded on November 19, 2025. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2025, JPMorganChase & Co. All rights reserved.

How did investment banking clients navigate a year of uncertainty, and what’s next for dealmaking and capital markets? In this episode, Dorothee Blessing, Global Head of Investment Banking Coverage, is joined by Anu Aiyengar, Global Head of Advisory and M&A, and Kevin Foley, Global Head of Capital Markets. Together, they break down the forces that shaped 2025—from cautious optimism and strategic adaptation to the surge in mega deals and the transformative impact of AI. Looking ahead, they share actionable insights on M&A, IPOs, private capital, and global market trends that will define opportunities and risks in 2026. Tune in for expert perspectives on building resilience, seizing growth, and preparing for the future of investment banking. This episode was recorded on December 8, 2025. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity. © 2025 JPMorgan Chase & Company. All rights reserved.

In this episode, Brady Leventhal, head of North America FX Sales for Hedge Funds, is joined by Matthew Franklin Lyons, head of Global Rates Trading and Fixed Income Financing, and Stephen Jeffries, head of Currencies in Emerging Markets and FX Services Trading. Together, they recap highlights from J.P. Morgan’s recent 10th annual Global Macro Conference, along with key risks and opportunities for 2026 across global rates, FX and emerging markets. This episode was recorded on December 8, 2025. The views expressed in this podcast may not necessarily reflect the views of JPMorgan Chase & Co, and its affiliates, together J.P. Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. They are not issued by Research but are a solicitation under CFTC Rule 1.71. Referenced products and services in this podcast may not be suitable for you, and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. The FICC market structure publications, or to one, newsletters, mentioned in this podcast are available for J.P. Morgan clients. Please contact your J.P. Morgan sales representative should you wish to receive these. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures © 2025 JPMorgan Chase & Company. All rights reserved.

In this episode, Eloise Goulder speaks with Andrew Tyler, Global head of Market Intelligence, and Federico Manicardi, International head of the Market Intelligence at J.P. Morgan. They discuss strength in equity markets over 2025, from the macro backdrop to corporate earnings and central bank policy. They also explore the relative outperformance in EM, Europe and several APAC markets, as well as the respective drivers for these moves. Finally, they hone in on highest conviction opportunities for equities into year-end, plus key catalysts and risks to watch in the weeks ahead. This episode was recorded on December 1, 2025. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.

The U.S. power market is undergoing a dramatic transformation, driven by the explosive growth of AI data centers and evolving priorities. Join Leland Price from the FICC Market Structure & Liquidity Strategy team and Chris Wu, Head of U.S. Power Trading, as they discuss the evolving landscape of power trading in the U.S. This episode explores the surge in electricity demand, capacity constraints, and the impact of policy developments on trading dynamics. The conversation also examines the role of renewables and natural gas, the challenges facing grid infrastructure and the implications of new entrants to the market. Tune in for insights on how market structure is adapting to meet the demands of a new era in U.S. energy. This episode was recorded on November 7, 2025. The views expressed in this podcast may not necessarily reflect the views of JPMorgan Chase & Co and its affiliates together, JP Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. They are not issued by JP Morgan's Research Department but are a solicitation under CFTC Rule 1.71. Reference products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. JP Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. The FICC market structure publications or to one, newsletters, mentioned in this podcast are available for JP Morgan clients. Please contact your JP Morgan sales representative should you wish to receive these. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan. com/disclosures. Copyright 2025, JPMorgan Chase & Company, all rights reserved.

In this episode, Arnaud Jobert, co-head of Strategic Indices for Markets and Global Head of Equity Structuring, speaks with Eloise Goulder, head of the Data Assets & Alpha Group here at J.P. Morgan. They discuss the drivers of growth in the QIS business at J.P. Morgan, the types of alphas they look to provide systematic exposure to, from x-asset risk premia, to x-asset trend, to intraday- and vol-based strategies, and the evolution in investing client demand for these products. Finally they discuss further product innovation potential, from leveraging LLMs to expanding investment markets. Shownotes: Intraday options, levered ETFs and the retail investor with Matthieu Boisot, head of Cross-Asset, Volatility and Intraday Product Development for QIS – Jul ‘25 Evolution of the Markets Structuring business with Rui Fernandes, Head of Structuring - Feb ‘25 QIS Developments and the use of LLMs with Deepak Maharaj, Head of Equities and Cross Asset QIS Structuring – Nov ‘24 Extending the trend, with JP Morgan’s Lead CTA Structurer with Jagadish Chalasani, Investible Indices team – Jun ‘24 This episode was recorded on 15th October 2025. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.

As the U.S. government shutdown drags on, uncertainty continues to build for both investors and everyday Americans. In this episode of J.P. Morgan's Making Sense, Samantha Azzarello, head of Content Strategy, sits down with chief U.S. economist Michael Feroli and Jay Barry, head of Global Rates Strategy, to explore the impacts of the prolonged shutdown. How is it weighing on consumer sentiment and economic growth, and how are markets responding? Plus, have expectations for Fed policy changed as a result? This episode was recorded on November 7, 2025. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2025, JPMorganChase & Co. All rights reserved.

In this episode, Nick Richitt, global co-head of Healthcare Services at J.P. Morgan, sits down with Michael Gao, co-founder of Smarter DX and president of Smarter Technologies, to explore how AI is revolutionizing healthcare. Together, they dive into the journey from digitization to true innovation, discussing how AI is transforming clinical reasoning, improving patient records and driving operational efficiency for hospitals and health systems. They also address the challenges of scaling AI responsibly, emphasizing the importance of collaboration and control. What is the future of intelligent healthcare, and how will it amplify the human experience? This episode was recorded on October 30, 2025. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity. © 2025 JPMorgan Chase & Company. All rights reserved.

In this episode, Veronique Steiner, head of EMEA Innovation Economy, and Lori Schwartz, global head of Treasury Services, sit down at Money20/20 Middle East in Riyadh to discuss the trends shaping the region's financial system. Together, they explore the rapid growth of financial services in the Middle East, the impact of technology on cross-border payments and the importance of striking a balance between security and innovation in a fast-changing landscape. Hear insights on the future of fintech, the role of open banking and how J.P. Morgan Payments is helping clients navigate new opportunities in Saudi Arabia and beyond. This episode was recorded on September 15, 2025. J.P. Morgan and third parties listed on this page have not entered into a legal partnership to provide the services described above. Third party trademarks, brand names, and descriptions of products and services that appear on this page are provided by the respective third party. J.P. Morgan is not liable or responsible for such trademarks, brand names, descriptions of products, companies and or services. J.P. Morgan may generate profit from the use of any services or products provided by the third parties. Nothing in this material shall be taken as an endorsement of any third party or advice on the suitability of the third party’s services for the client. You shall make an independent determination for selection of the services provided by the third parties. Neither J.P. Morgan, nor its affiliates, shall be liable to you for any loss or liability suffered by you from the use of the third party’s services. The views and opinions expressed herein are those of the author and do not necessarily reflect the views of J.P. Morgan, its affiliates, or its employees. The information set forth herein has been obtained or derived from sources believed to be reliable. Neither the author nor J.P. Morgan makes any representations or warranties as to the information’s accuracy or completeness. The information contained herein has been provided solely for informational purposes and does not constitute an offer, solicitation, advice or recommendation, to make any investment decisions or purchase any financial instruments, and may not be construed as such. Any Future capabilities of mobility payment systems are under development; features and timelines are subject to change at the Bank’s sole discretion. © 2025 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC. Deposits held in non-U.S. branches are not FDIC insured. Non-deposit products are not FDIC insured. The statements herein are confidential and proprietary and not intended to be legally binding. Not all products and services are available in all geographical areas. Visit jpmorgan.com/paymentsdisclosure for further disclosures and disclaimers related to this content.

In this episode, Kenneth Worthington, a Brokers, Asset Managers and Exchanges equity analyst at J.P. Morgan, is joined by Teresa Ho, head of U.S. Short Duration Strategy, to explore the dynamic world of stablecoins. Together, they break down what stablecoins are, how they work and why they’re gaining so much attention in today’s financial landscape. The discussion covers how stablecoins differ from deposits and money market funds, the impact of recent legislation such as the GENIUS Act, as well as what all this could mean for the future of finance. This episode was recorded on October 23, 2025. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2025, JPMorganChase & Co. All rights reserved.

In this episode, Joyce Chang, chair of Global Research at J.P. Morgan, is joined by Jahangir Aziz, head of Emerging Markets Research, and Jay Barry, head of Global Rates Strategy. Together, they explore how AI is reshaping global economic narratives, why tech innovation trumps tariffs, the evolving U.S.–China relationship and more. They also discuss other topics including stagflation risks, shifting trade dynamics and the outlook for U.S. Treasury markets. What does the global economy’s new normal look like? This episode was recorded on October 21, 2025. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2025, JPMorganChase & Co. All rights reserved.

In this episode, Martin Kallström, CEO of Sweden-based systematic hedge fund Lynx Asset Management, is in conversation with Eloise Goulder, head of the Data Assets & Alpha Group at J.P. Morgan. Together, they explore the evolution of trend-following strategies, the drivers of long-term alpha in trend and the value of trend within a wider portfolio context. They also discuss what sets Lynx apart from other systematic hedge funds, as well as the opportunities AI tools, including LLMs, present for quant managers. This episode was recorded on September 15, 2025. Shownotes: https://www.lynxhedge.se/en/ Systematic investing with Martin Lueck, co-founder, Aspect Capital Trend-following in Alternative Markets with David Denison, Deputy CIO, Florin Court The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.

What’s driving record venture capital flows into AI and defense tech? How are public markets and strategic buyers changing the game for tech founders? Host Mose Adigun sits down with Rosh Wijayarathna, co-head of EMEA Innovation Economy, David Bauer, co-head of Americas Equity Capital Markets, and Matt Gehl, co-head of EMEA Tech Investment Banking, to discuss the most exciting technologies and innovation themes from J.P. Morgan's recent Tech Stars Conference in London. https://www.jpmorgan.com/insights/banking/investment-banking/tech-stars-conference-2025-recap This episode was recorded on October 14, 2025. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity. © 2025 JPMorgan Chase & Company. All rights reserved.

In this episode, Eloise Goulder sits down with William Tuttle, part of the Global Engagement team at J.P. Morgan, to explore the evolving landscape of U.S. policy and its impact on global markets. From the rise of tariffs and their economic implications to the global race for AI dominance, the duo explore how the U.S. is shifting toward an age of transactionalism in foreign policy. This episode was recorded on September 22, 2025. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.

In this episode, Samantha Azzarello, head of Content Strategy, is joined by Jay Barry, head of Global Rates Strategy, chief U.S. economist Mike Feroli and Eben Peck from the Federal Government Relations team to discuss the latest developments surrounding the U.S. government shutdown. They explore the status of negotiations and the economic implications of the impasse, including the effects on Fed policy, GDP and jobs. They also dive into the market response and the impact on the broader financial landscape. This podcast was originally recorded as a webinar for J.P. Morgan Markets on October 2, 2025. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2025, JPMorganChase & Co. All rights reserved.

In this episode, Greg Shearer, head of Base and Precious Metals Research, is joined by Natasha Kaneva, head of Global Commodities Research. Together, they dive into the key factors currently shaping commodities markets — from the evolving geopolitical landscape to the interest rate environment. How have recent attacks on Russian energy infrastructure impacted global oil supply? And how have Fed cutting cycles historically affected oil prices and broader commodity returns? Tune in for expert insights on supply and demand dynamics, geopolitical risk premiums and more. This episode was recorded on September 26, 2025. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2025, JPMorganChase & Co. All rights reserved.

In this episode we hear from Ralph Sueppel, Managing Director at Macrosynergy, a London-based macroeconomic research and technology company that co-developed the J.P. Morgan Macrosynergy Quantamental System (“JPMaQS”): a data and analytics product harnessing macroeconomic quantamental point-in-time data for investment strategies. Ralph joins J.P. Morgan’s Eloise Goulder, head of the Data Assets & Alpha Group. They delve into the evolution of systematic strategies using macro quantamental data, and they explore which data sets, asset classes, and analytical techniques have historically yielded the greatest alpha opportunities in this space. Finally, they touch on the future path for macro quantamental investing strategies. Shownotes: https://markets.jpmorgan.com/#jpmaqs https://www.jpmorgan.com/markets/jpmaqs This episode was recorded on August 28, 2025. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.

In this episode, Fahmi Enam, head of Media Communications and Digital Infrastructure at J.P. Morgan Commercial Banking, is joined by Scott Wilcoxen, global head of Digital Infrastructure Investment Banking at J.P. Morgan. They dive deep into the world of digital infrastructure — exploring the critical role of data centers, fiber, and towers in powering today’s digital economy. The conversation covers the unprecedented scale of capital investment required for AI and cloud growth, the unique challenges and opportunities in assembling funding, and the evolving landscape of connectivity. Scott and Fahmi also discuss the risks of overbuilding, the importance of operational expertise, and how J.P. Morgan is positioned to support clients across the entire capital stack. Whether you’re an industry insider or just curious about the backbone of the internet, this episode offers valuable insights into the future of communications infrastructure. This episode was recorded on September 10, 2025. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity. © 2025 JPMorgan Chase & Company. All rights reserved.

In this episode, Tina Rathjen, from J.P. Morgan’s Securities Services Regulatory Practice, is joined by Kara Kennedy, co-head of Kinexys at J.P. Morgan, to explore the rapidly evolving world of digital assets and blockchain technology. Together, they discuss the opportunities and challenges presented by distributed ledger technology (DLT) and decentralized finance (DeFi), recent regulatory changes, and J.P. Morgan’s initiatives in the digital asset space. The conversation covers industry trends, regulatory sandboxes, digital identity, and how J.P. Morgan is preparing for the future of finance. Tune in for expert insights on how technology and regulation are shaping the digital asset ecosystem. This episode was recorded on September 2, 2025. This podcast is intended for institutional clients only. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co, and its affiliates, together J.P. Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. Referenced products and services in this podcast may not be suitable for you, and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures. © 2025 JPMorgan Chase & Company. All rights reserved.

In this episode, Ben Wilson, head of Natural Resources M&A at J.P. Morgan, is joined by Kevin Colborne, co-head of North American Mining , and Andrew Castaldo, co-head of Mid-Cap M&A. The group recaps J.P. Morgan's involvement in the public-private partnership between the U.S. Department of Defense and MP Materials. They explore the strategic importance of rare earth magnets, the national security implications of the deal, and the unique partnership forged to strengthen America's supply chain in critical mineral commodities. This episode was recorded on August 25, 2025. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity. © 2025 JPMorgan Chase & Company. All rights reserved.

In this episode, host Daniel Rudnicki Schlumberger, head of Leveraged Finance EMEA at J.P. Morgan, is joined by Andrew Crook, head of Leveraged Finance Sales, and Daniel Lamy, head of European Credit Strategy Research. Together, they unpack the highlights from J.P. Morgan’s 9th European Leveraged Finance Conference, exploring the latest trends, including market resilience, investor sentiment, and the impact of geopolitical and macroeconomic events. This episode was recorded on September 5, 2025. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity. © 2025 JPMorgan Chase & Company. All rights reserved.

In this episode, Rama Variankaval, global head of Corporate Advisory and Evan Junek, global head of Corporate Finance Advisory, share insights from their newly released report, "Navigating the Future." The report explores how artificial intelligence, energy trends and healthcare innovations are set to reshape the business landscape over the next decade. Drawing on months of research and scenario planning, the duo offer practical insights for business leaders, board members and anyone interested in the future of the global economy. From the productivity potential of AI to the evolving dynamics of energy markets and breakthroughs in healthcare, this episode provides a clear framework for thinking about strategic decisions in a rapidly changing world. Read the full "Navigating the Future" report. This episode was recorded on August 25, 2025. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity. © 2025 JPMorgan Chase & Company. All rights reserved.

The August jobs report came in weaker than expected, with the U.S. economy adding just 22,000 jobs. The unemployment rate also crept up to 4.3% — the highest in nearly four years, suggesting that labor demand is softening more than supply. Does this all point to a larger rate cut in September? And what’s the latest in the Fed’s battle to preserve its independence? Join chief U.S. economist Mike Feroli and Jenny Shen from the Rates Sales team as they explore what lies ahead for the Fed and the U.S. economy. This episode was recorded on September 5, 2025. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2025, JPMorganChase & Co. All rights reserved.

In this episode, join three members of the Data Assets & Alpha Group — group head Eloise Goulder, product specialist Edwina Lowe and head of Data Intelligence Luca Rainero. They discuss the extent to which retail and institutional investor flows and sentiment have diverged, with retail aggressively buying the dip during and after April’s market lows. They also touch on the resurgence in meme stocks this year. To round out, learn about the evolution of sentiment analytics from multiple sources, what recent trends reveal about markets today and how this space is likely to evolve in the future. This episode was recorded on August 22, 2025. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.

With the 2025 NFL season right around the corner, Briggs Barton, a specialist for the U.S. Consumer sector, and Dan Politzer, an analyst covering Gaming and Lodging for J.P. Morgan Global Research, delve into the rapidly evolving online sports betting industry. They discuss key trends such as parlay adoption, mobile penetration and micro-betting, as well as the competitive strategies of major players like DraftKings, FanDuel and BetMGM. They also address regulatory challenges and the impact of technology on the industry’s growth. Tune in for an insightful analysis of the current landscape and future prospects of online sports betting. This episode was recorded on August 11, 2025. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2025, JPMorganChase & Co. All rights reserved.

This episode of What’s The Deal? delves into the dynamic landscape of mergers and acquisitions. Jay Hofmann, head of North American M&A at J.P. Morgan, is joined by his colleagues, Cassander Verwey, co-head of Europe, Middle East and Africa M&A, and Rohit Chatterji, head of Asia Pacific M&A. Together, they explore global trends, regional differences and the impact of economic conditions on M&A activity. They also discuss sector-specific opportunities, cross-border dynamics and the outlook for the remainder of the year. This episode was recorded on August 18, 2025. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity. © 2025 JPMorgan Chase & Company. All rights reserved.

This episode features Michelle Baddeley, Professor of Economics at Sydney’s University of Technology (UTS) and author of several books on behavioral economics and finance. She sits down with Eloise Goulder, head of the Data Assets & Alpha Group at J.P. Morgan, to discuss the impact of behavioral biases — such as loss aversion, anchoring and confirmation bias — on investing decisions, the meme stock phenomenon and consumer choices. They also explore how the collective impact of these biases is manifested across the economy and markets. How can these biases be avoided in trading? And will AI serve to mitigate or amplify them in the future? This episode was recorded on July 31, 2025. Shownotes: Michelle Baddeley’s work on these topics: "Behavioural Economics: A Very Short Introduction" – Michelle Baddeley "Copycats and Contrarians: Why We Follow Others... and When We Don't" – Michelle Baddeley "Behavioural Economics and Finance" – Michelle Baddeley For more information about Michelle and her work go to smarteconomics.org The podcast's views do not necessarily reflect those of J.P. Morgan Chase & Co or its affiliates (together “J.P. Morgan) and are not from J.P. Morgan’s Research Department. They do not constitute recommendations or offers to buy or sell securities. Intended for institutional and professional investors, not retail use, it is for informational purposes only. Products and services mentioned may not suit all investors or be available in all jurisdictions. J.P. Morgan may make markets and trade in discussed securities and asset classes. Visit www.jpmorgan.com/disclosures/salesandtradingdisclaimer for more disclaimers and regulatory disclosures. External speakers' opinions are personal and not J.P. Morgan's views. © 2025 JPMorgan Chase & Company. All rights reserved.

Tariffs are starting to feed into consumer prices; however, falling energy and food costs are offsetting the increase to some degree. In this episode of Research Recap, chief global economist Bruce Kasman and head of U.S. Inflation Strategy Phoebe White unpack the numbers from the July CPI report. Will we see further tariff pass-through in the coming months? What are the implications for the Fed? And what does the inflation picture look like across the rest of the globe? This episode was recorded on August 12, 2025. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2025, JPMorganChase & Co. All rights reserved.

In this episode, John Schlegel, head of the Global Positioning Intelligence team at J.P. Morgan, is joined by Andrew Tyler, head of the Global Market Intelligence team, to discuss the changing macro landscape and its impact on markets. Together, they explore how the recent jobs report numbers, the inflationary impulse from U.S. tariffs and the fluctuating value of the U.S. dollar. Have these developments shaken investor confidence? And what’s in store for markets? This episode was recorded on August 4, 2025. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.

Firms aren't shedding workers, yet the pace of hiring has slowed. What do these mixed labor market signals mean for the broader economy? In this episode, Lauren Brice is joined by Mike Feroli, J.P. Morgan's chief U.S. economist, to unpack the numbers from the latest U.S. jobs report. They discuss the impact of lower immigration, the significance of recent data revisions and the current state of hiring and layoffs. They also cover the recent Fed meeting and what this could mean for future monetary policy. This episode was recorded on August 1, 2025. This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan. Copyright 2025, JPMorganChase & Co. All rights reserved.

As portfolios increase in complexity, measuring performance can prove all the more difficult. In this episode, Jason Mirsky, head of Data Solutions for Securities Services, chats with Anthony Booth, head of Fusion Analytics and Reporting at J.P. Morgan. They examine the hurdles institutional investors must clear to access high-quality data and the ways in which AI may prove helpful in ascertaining actionable performance analytics to improve their operating model and results. This episode was recorded on July 10, 2025. This podcast is intended for institutional clients only. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co, and its affiliates, together J.P. Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. Referenced products and services in this podcast may not be suitable for you, and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures. © 2025 JPMorgan Chase & Company. All rights reserved.

How are Latin American debt capital markets faring? In this episode, host Amaury Guzman from the Leveraged Finance desk speaks with Lisandro Miguens, head of Latin America Debt Capital Markets at J.P. Morgan. They explore how the region compares with the U.S., ways of raising capital, and how to assess market performance and opportunities for borrowers in the region. Find out why market conditions couldn’t be better right now, and hear Lisandro’s words of advice on navigating the year ahead. This episode was recorded on July 15, 2025. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity. © 2025 JPMorgan Chase & Company. All rights reserved.

In this episode, Matthieu Boisot, head of Cross-Asset, Volatility and Intraday Product Development for Quantitative Investment Strategies (QIS), sits down with Eloise Goulder, head of the Data Assets and Alpha Group at J.P. Morgan. They explore the growth in both shorter-dated options and levered ETFs, as well as the participation of retail investors in these markets. They hence discuss the importance of tracking gamma in order to understand and position for intraday market moves. Finally, they discuss the extent to which intraday and volatility alpha strategies have evolved over time, and what the future could hold. Shownotes: Evolution of the Markets Structuring business with Rui Fernandes, Head of Structuring - here QIS Developments and the use of LLMs with Deepak Maharaj, Head of Equities and Cross Asset QIS Structuring – here Extending the trend, with JP Morgan’s Lead CTA Structurer with Jagadish Chalasani, Investible Indices team – here This episode was recorded on July 1, 2025. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.

In this episode, Martin Lueck, co-Founder and Research Director at Aspect Capital, and formerly co-Founder of AHL, now part of MAN Group, is in discussion with Eloise Goulder, head of the Data Assets and Alpha Group at J.P. Morgan. They touch on why trend has been such a powerful market attribute through time, the power of harvesting these signals across multiple asset classes and where diversified strategies – those not correlated with momentum – still play an important part in the systematic investing process. Martin discusses the impact of machine learning, AI and LLMs on the investing process, and how the systematic investing landscape could evolve from here. Note that this episode follows an interview with Aspect CEO and co-Founder Anthony Todd in January 2024. Shownotes The Evolution of Systematic Strategies with Anthony Todd, CEO, Aspect Capital – Part 1 The Evolution of Systematic Strategies with Anthony Todd, CEO, Aspect Capital – Part 2 This episode was recorded on June 9, 2025. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.

Paul Zummo, Chief Investment Officer of J.P. Morgan Alternative Asset Management, joins Kumar Panja, EMEA head of the Capital Advisory Group at J.P. Morgan, as they celebrate 30 years of investing in hedge funds and other alternative asset classes. Zummo contrasts the early days, characterized by limited data and conventional strategies, with today’s landscape, which features emerging managers along with quantitative and multi-strategy funds. With $33 billion in assets under management following the merger with the Private Bank, Zummo emphasizes the importance of robust risk management, disciplined due diligence, thorough referencing and careful cultural assessments in selecting hedge fund managers. This episode was recorded on May 22, 2025. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. To find out more about our services, please contact [email protected]. © 2025 JPMorgan Chase & Company. All rights reserved.