JP Morgan Private Investments Inc

Fees and Compensation

A.      JPMPI Compensation

JPMS reimburses JPMPI for its costs for providing investment services, including certain investment
advisory, portfolio management, and research services, as applicable. JPMPI does not separately receive
a fee from JPMS or its clients. Neither JPMPI nor any of its supervised persons accepts compensation for
the sale of securities or other investment products, including asset-based sales charges or service fees
from the sale of Funds.

B.      Client Expenses

Clients pay JPMS an asset-based fee (wrap fee) for the various services JPMS provides in the Program.
Refer to the JPMS Form ADV, Part 2A.

C.      Other Client Expenses

Funds pay fees and expenses that are ultimately borne by clients (including but not limited to management
fees, brokerage costs, and administration and custody fees). Additionally, Funds held in an account have
investment advisory expenses, so clients incur two levels of investment management fees and expenses:
one indirectly in the form of an investment management fee to the investment adviser of each Fund, and
one to JPMS for its services rendered. These fees are in addition to any fees paid to JPMS as the sponsor.
JPMS and its affiliates collectively generally receive greater revenue if J.P. Morgan Affiliated Funds or
affiliated SMA/Model Managers are included, and therefore, JPMS and JPMPI have a conflict of interest in
including J.P. Morgan Affiliated Funds or affiliated SMA/Model Managers. Refer to “Use of J.P. Morgan
Affiliated Funds and SMA/Model Managers and Potential Conflicts of Interest” in Item 11.B for more
information on the use of J.P. Morgan Affiliated Funds and affiliated SMA/Model Managers.

Special tax rules may apply to investments in foreign issuers, including ADRs. For example, one or more
issuers in the portfolio may qualify as a passive foreign investment company or a controlled foreign
corporation for U.S. tax purposes, and non-U.S. withholding tax may be imposed on distributions or gains.
Also, in certain cases, additional U.S. tax reporting may be required. Shares of foreign companies on
foreign exchanges can be purchased and the shares converted to ADRs for client accounts, if the total cost
of the purchase and conversion is more advantageous than directly purchasing the ADRs. To the extent
that a subsidiary of J.P. Morgan assists in the conversion of foreign stock, J.P. Morgan affiliates will receive
additional compensation from the transaction but the total cost of the purchase and conversion should not
exceed the cost if they had originally purchased the ADR in U.S. markets. If the investment in the portfolio
is made through an IRA, any foreign taxes incurred generally would not be creditable against a client’s U.S.
income tax liability. Refer to “Foreign Issuers Risk” for more information.

In choosing to open a wrap account, wrap clients should also be aware that JPMPI offers a variety of
investment strategies that will, at various times, experience higher or lower portfolio “turnover” of investment

J.P. Morgan Private Investments Inc.
File No. 801-41088                                                                  June 26, 2026

securities held in the portfolio. Wrap clients investing in a strategy during a period with lower investment
turnover would be paying the same bundled fee as in a period with high turnover.

To the extent that any securities or other assets used to establish a wrap account are sold to bring the
account into alignment with the investment strategy selected by the client, the client will be responsible for
payment of any taxes due. Clients should consult their tax adviser or accountant regarding the tax treatment
of their account under a wrap program.

Types of Clients

JPMPI manages assets for the Program, which JPMS offers to individuals, trusts, estates, charitable
organizations, corporations and other business entities with U.S. addresses. Depending on the strategy,
the Program is available to retirement accounts subject to the Employee Retirement Income Security Act
of 1974, as amended (“ERISA”) and the Internal Revenue Code of 1986, as amended, and the
corresponding Treasury regulations (the “Code”).

JPMS has established account minimum requirements for client accounts, which vary based on the
investment strategy. Minimums are subject to waiver or reduction in JPMS’ discretion and are waived for
certain client accounts on occasion. If an account falls below the Program minimum, JPMS can terminate
such account at its discretion. Refer to the JPMS Form ADV, Part 2A for details about minimums.

To open or maintain an account, clients are required to enter into an investment advisory agreement with
JPMS that stipulates the terms under which JPMS (and other investment advisers to which it delegates
investment discretion) is authorized to act on behalf of the client to manage the assets listed in the
agreement.

Participation in the Program generally requires a minimum $10,000 investment and currently, depending
on the investment strategy selected by the client, the minimum investment can range from $10,000 to
$2,000,000. For more information, please review the JPMS Form ADV, Part 2A.

J.P. Morgan Private Investments Inc.
File No. 801-41088                                                                  June 26, 2026