Sales and Trading Disclaimer

FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – This material is from a Sales and Trading department and is not a product of the Research Department.

This material has been prepared by personnel in the Sales and Trading Departments of one or more affiliates of JPMorgan Chase & Co. (together, “J.P. Morgan”) and is not a product of J.P. Morgan’s Research Department. It is not a research report and is not intended as such. It is for distribution to institutional and professional clients only and is not intended for retail customer use.

It is provided on a confidential basis and may not be reproduced, redistributed or transmitted, in whole or in part, without J.P. Morgan’s consent. Any unauthorized use is strictly prohibited.

Unless otherwise specifically stated, any views or opinions expressed herein are solely those of the individual author and/or the specific Sales and Trading area from which it originates and may differ from the views or opinions expressed by other areas of J.P. Morgan, including the Research Department.

This material is provided for information purposes only and does not bind J.P. Morgan in any way. It is not intended as a recommendation (except to the extent it is an “investment recommendation” under MAR (as defined below)) or an offer or solicitation (except to the extent covered by CFTC Rules (as defined below))) for the purchase or sale of any security or financial instrument, or to enter into a transaction involving any financial instrument or trading strategy, or as an official confirmation or official valuation of any transaction mentioned herein. Any pricing information provided is indicative only and does not reflect a level where J.P. Morgan is prepared to execute a trade. J.P. Morgan is not an advisor. Nothing in this material should be construed as investment, tax, legal, accounting, regulatory or other advice (including within the meaning of Section 15B of the Securities Exchange Act of 1934) or as creating a fiduciary relationship.

MAR Disclosure: Where this material is an “investment recommendation” as that term is defined in Article 3(1)(35) of the EU Market Abuse Regulation (“MAR”), distribution of this material is subject to the relevant provisions of MAR. For more information, please consult: https://markets.jpmorgan.com/#disclosures.Market_Abuse_Regime.

Derivatives Disclosure: Where distribution of this material is subject to the rules of the U.S. Commodity Futures Trading Commission (“CFTC”), it is a “solicitation” of derivatives business generally only as that term is used within CFTC Rule 1.71 and 23.605 promulgated under the U.S. Commodity Exchange Act (the “CFTC Rules”).

Structured securities, options, futures and other derivatives are complex instruments and may involve a high degree of risk. For further information on the risks involved with various option strategies, please consult the Options Clearing Corporations Characteristics and Risks of Standardized Options before entering into any such transaction. The document can be viewed at: www.theocc.com/about/publications/character-risks.jsp.

Exchange Traded Fund (“ETF”) Disclosure: Each U.S. registered ETF has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission. No offer or sale of the ETFs described may be made except pursuant to the prospectus. The ETF’s prospectus is available through the ETF issuer’s website, you should read this carefully before deciding to invest.

Transactions involving securities, financial instruments and strategies mentioned herein may not be suitable for all investors. You are solely responsible for deciding whether any investment or transaction is suitable for you based upon your investment goals, financial situation and tolerance for risk. If you deem it necessary, you must seek independent professional advice to ascertain the investment, legal, tax, accounting, regulatory or other consequences before investing or transacting.

Past or simulated past performance (including back-testing) is not indicative of future results. The investments discussed may fluctuate in price or value. Changes in rates of exchange may have an adverse effect on the value of investments. Any modeling, scenario analysis or other forward-looking information herein (such as projected cashflows, yields or returns) is intended to illustrate hypothetical results based on certain assumptions (not all of which will be specified herein). Actual events or conditions may differ materially from those assumed; therefore, actual results are not guaranteed.

All market prices, data and other information (including that which may be derived from third party sources believed to be reliable) are not warranted as to completeness or accuracy and are subject to change without notice. J.P. Morgan disclaims any responsibility or liability to the fullest extent permitted by applicable law, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. The information contained herein is as of the date and time referenced only, and J.P. Morgan does not undertake any obligation to update such information.

J.P. Morgan may have positions (long or short), effect transactions or make markets in securities or financial instruments mentioned herein (or related instruments), or provide advice or loans to, or participate in the underwriting or restructuring of the obligations of, the legal entities mentioned herein. The Sales and Trading personnel who prepared this material may be compensated in part based on trading activity. Moreover, Trading personnel may have acted on the basis of this material. As such, this material should not be relied upon as either objective or independent from the interests of J.P. Morgan and its associated personnel, which interests may conflict with your interests.

Securities, financial instruments or strategies mentioned herein may not be eligible for sale in all jurisdictions. Clients should contact their salespersons at, and execute transactions through, a J.P. Morgan entity qualified in their home jurisdiction unless governing law permits otherwise.

© 2016 JPMorgan Chase & Co. All rights reserved. J.P. Morgan is a marketing name for businesses of JPMorgan Chase & Co. and its subsidiaries and affiliates worldwide. J.P. Morgan Cazenove is a marketing name for the U.K. investment banking businesses and EMEA cash equities and equity research businesses of JPMorgan Chase & Co. and its subsidiaries, conducted primarily through J.P. Morgan Securities plc. JPMorgan Chase Bank N.A. (member of FDIC) is authorized by the Office of the Comptroller of the Currency in the jurisdiction of the U.S.A. and in other jurisdictions worldwide through authorized branches registered with local authorities as appropriate.

In the US: J.P. Morgan Securities LLC (member of FINRA, NYSE and SIPC) is registered as an FCM with U.S. Commodity Futures Trading Commission (“CFTC”) and a member in good standing with the National Futures Association (“NFA”), a registered broker-dealer and investment advisor registered with the U.S. Securities and Exchange Commission and a member in good standing with the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation, and a provisionally registered swap dealer with the CFTC and a member in good standing with the NFA.

In EMEA: J.P. Morgan Securities plc (member of the London Stock Exchange) is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority). For EMEA Legal Entity Information, please consult: https://www.jpmorgan.com/pages/disclosures/legal-entity-information.

In Canada: J.P. Morgan Securities Canada Inc. is regulated by the Investment Industry Regulatory Organization of Canada (“IIROC”), a member of the Canadian Investor Protection Fund (“CIPF”) and a member of Canadian Marketplaces.

In APAC: J.P. Morgan Securities (Asia Pacific) Limited is regulated by the Hong Kong Monetary Authority as an Authorized Institution and by the Hong Kong Securities and Futures Commission as a Registered Institution. JPMorgan Securities Japan Co., Ltd. is regulated by the Financial Services Agency in Japan. J.P. Morgan Markets Australia Pty Limited is regulated by the Australian Securities and Investments Commission and is regulated in New Zealand by the New Zealand Financial Markets Authority. For APAC Legal Entity Information, please consult: https://www.jpmorgan.com/pages/disclosures/apac-legal-entity-information.

In Brazil: Please consult: www.jpmorgan.com/country/br/en/disclosures#legal-entity.

For additional regulatory information, please consult: www.jpmorgan.com/disclosures.

 

Copyright © 2016 JPMorgan Chase & Co. All rights reserved.