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A “Cascading GRAT” strategy enhances the benefits of a GRAT e The “Cascading GRAT” strategy uses a GRAT’s annuity stream to fund subsequent short-term GRATs — annual reinvestment of annuity stream enhances potential value for beneficiaries e Multiple short-term GRATs allow you to take advantage of market volatility — shorter terms permit market “spikes” to be captured immediately e Short-term GRATs enable you to better manage mortality risks — if grantor dies during term of trust, the assets in the GRAT are included in the estate — grantor has greater probability of surviving a shorter term J.P Morgan 3 HOUSE_OVERSIGHT_022353