COMPLIANCE WITH IRAN SANCTIONS

JPMorgan Chase & Co., including its subsidiaries and non-US branches, (“JPMC”) complies with applicable sanctions administered and enforced by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) and any other related U.S. laws and regulatory requirements. In addition, the European Union (“EU”), the United Nations (“UN”) and certain countries maintain sanctions and restrictive measures which apply across their jurisdictions and, therefore, JPMC entities operating within these jurisdictions must comply with these sanctions.

Despite the changes to the US, EU and UN sanctions on Iran under the Joint Comprehensive Plan of Action (“JCPOA”) in January 2016, JPMC is still not permitted either by law or JPMC policy to engage in any activities with or involving Iran, the Iranian government or any Iranian financial institutions. JPMC may consider, on a case-by-case basis, certain activities and transactions that are exempt or licensed by OFAC.

If you, your subsidiaries or affiliates plan to engage in Iran business, you must ensure that none of your transactions involving Iran are sent to, processed through, funded or otherwise facilitated by any part of JPMC. JPMC will not participate in or process any such transactions.

Licensed transactions will be reviewed on a case by case basis. Transactions that appear to violate applicable sanctions will be rejected or blocked by JPMC and reported to the applicable regulators, as required by law.

Please update your JPMC representative with any changes to your business activities that may involve Iran or any other sanctioned country either now or in the future. We appreciate your attention and cooperation in this matter.