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      "text": "Slide 8 – Key investment #3: Building Alternatives\n1. In the fourth quarter of 2020, the firm realigned certain Wealth Management clients from Asset & Wealth Management to Consumer & Community Banking. Prior-period amounts have been revised to conform with the current presentation\n2. Prior-period amounts have been restated to include changes in product categorization\n3. JPM 5Y return (net of fees, local currency) and Yield (1Y) as of March 31, 2022. JPM performance compared to public market index (S&P Global Infrastructure NR USD) and JPM Yield compared to SPDR S&P Global Infrastructure ETF SEC Yield. S&P Global Infrastructure NR USD 5Y return and SPDR S&P Global Infrastructure ETF SEC Yield sourced from Morningstar. Retrieved April 5, 2022\n4. Source: J.P. Morgan Private Bank; as of September 30, 2021. Performance is shown for illustrative purposes only and is not indicative of any single client's experience. Performance shown net of underlying funds' investment fees and expenses, as well as conduit expenses where applicable, but gross of any origination fees paid by individual investors. Public market equivalent (\"PME\") and excess return is calculated by subtracting the performance of the relative public index return for that vintage year from platform performance by vintage year. When calculating performance by strategy, the cash flows for all applicable funds within said strategy are equal weighted within each vintage year and then averaged, by vintage year, to get the performance for the platform. Methodology for calculating relative public index returns for each strategy is as follows: whenever the applicable strategy called capital, the same amount was assumed to have been invested in units of the index. Whenever said strategy distributed capital, the amount of that distribution as a percentage of total distributions (including distributions from the final NAV cash flow assumed to occur on September 30, 2021) was calculated, and the index was assumed to be sold at the index's value on that date and the proceeds distributed. An IRR was calculated across the cash flows assumed to occur into and out of the index\n5. Maturing funds includes funds with vintage years between 2016 and 2019 (inclusive). For performance calculations (WAL, Net IRR, TVPI and Excess Return), it represents a simple average of the relevant vintage years. Vintage year for each underlying fund is determined by year of first investment by the underlying fund into a portfolio company. 2020 and 2021 funds are not provided as they are not meaningful given the early stage of investment activity\nSlide 9 – Key investment #4: Tech enablement / efficiencies\n1. In the fourth quarter of 2020, the firm realigned certain Wealth Management clients from Asset & Wealth Management to Consumer & Community Banking. Prior-period amounts have been revised to conform with the current presentation\n2. Online compromises and wire fraud (attempted, prevented and recovered)",
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      "text": "Notes on slides 8-9",
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