IMPORTANT DISCLOSURE from Private Bank and J.P. Morgan Securities Swap Dealer Associated Persons

Where this refers to “we”, “us” or “JPMorgan” it refers to the relevant JPMorgan entity with which you are transacting in products regulated as swaps under the Dodd-Frank Wall Street Reform and Consumer Protection Act and its implementing regulations, i.e., JPMorgan Chase Bank, N.A., and where this refers to “you” it refers to you or your organization. “J.P. Morgan Private Bank” is a marketing name for private banking business conducted by JPMorgan Chase & Co. and its subsidiaries worldwide. “J.P. Morgan Securities” is a marketing name for a wealth management business conducted by JPMorgan Chase & Co. and certain subsidiaries. Securities are offered by J.P. Morgan Securities LLC, member FINRA and SIPC. J.P. Morgan Securities LLC is an affiliate of JPMorgan Chase Bank, N.A.

General disclosure for derivatives communications

The material subject to the Derivative Disclosures has been prepared by an Associated Person of JPMorgan with responsibilities for the marketing and sale of swaps and OTC financial derivatives and is not a product of JPMorgan’s Research Department. Any views or opinions expressed in the material are solely those of the individual author and/or the specific marketing and sales area from which it originates and may differ from the views or opinions expressed by other areas of JPMorgan. It is not a research report and is not intended as such. All questions related to swaps and OTC financial derivatives referenced in the material must be directed to your JPMorgan representative.

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

Any pricing information provided is indicative only and is not intended as a recommendation or an offer or solicitation* 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 in the material. It does not represent a commitment from JPMorgan to transact at those prices, or at any price, in the future. Note that past performance is not indicative of future results. These indicative prices were created as of a specific time and market condition and do not represent (i) the actual terms at which new transactions could be entered into, (ii) the actual terms at which existing transactions could be liquidated or unwound, or (iii) the calculation or estimate of an amount that would be payable following the early termination of transactions pursuant to any master trading agreement to which we are parties.

JPMorgan expressly disclaims any responsibility for (i) the accuracy of the models or estimates used in deriving the prices, (ii) any errors or omissions in computing or disseminating the prices, and (iii) any uses to which the prices are put. The indicative prices do not take into account any specific ISDA credit terms, client credit ratings or credit reserves or charges that might be relevant to a dealer negotiating a firm pricing level. Note that the transaction that is the subject of these indicative prices does not have JPMorgan credit approval.

*Where distribution of the 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”).

In the context of discussing, proposing or entering into a swap with JPMorgan, you should refer to any transaction-specific disclosures, material economic terms and any other documentation provided to you by JPMorgan.


Pursuant to the “Business Conduct Standards for Swap Dealers and Major Swap Participants with Counterparties” (the “EBC Rules”) issued by the CFTC, JPMorgan, as a swap dealer registered with the CFTC, has certain disclosure obligations to certain counterparties and prospective counterparties prior to entering into a CFTC-regulated swap pursuant to CFTC Rule 23.431. Certain of these disclosures of may be consulted at the following hyperlink and are subject to the accompanying explanations, conditions and disclaimers: EBC Disclosure. Disclosures of pre-trade mid-market marks and basic material economic terms may be provided to you separately and pursuant to the terms of your account and/or transaction documentation. For cleared swaps, you have the right to receive, upon request, the daily mark from the appropriate derivatives clearing organization.

To the extent that you are a swap dealer, major swap participant, security-based swap dealer or major security-based swap participant, the EBC Rules do not require us to provide the relevant disclosures to you, then (without prejudice to any independent authorization you may have) you are not authorized to access, reproduce, distribute or otherwise use any document to which this disclosure is hyperlinked (including the definitions booklets and other documentation issued by the International Swaps and Derivatives Association Inc. (“ISDA”)).

You should not construe the content of any material or disclosures provided as legal, financial, tax, accounting or other advice, and you should consult your own attorney, financial advisor, tax advisor or accountant as to legal, financial, tax, accounting and related matters concerning the material and disclosures provided. Nothing in the material or disclosures provided amends or supersedes the express terms of any transaction between you and us or any related governing documentation.