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This material has been prepared by J.P. Morgan Sales and Trading personnel and is not the product of J.P. Morgan’s Research Department. It is not a research report and is not intended as such. This material is provided for informational purposes only and is subject to change without notice. It is not intended as research, a recommendation, advice or an offer or a solicitation to buy or sell any financial product or service, or to be used in any way for evaluating the merits of participating in any transaction. Please consult your own advisors regarding the legal, tax, accounting or other consequences of any transaction, including its suitability for you given your particular circumstances. J.P. Morgan and its third-party suppliers disclaim any responsibility or liability whatsoever for the quality, fitness for a particular purpose, non-infringement, accuracy, currency or completeness of the information herein, and for any reliance on, or use of, this material in any way. Any information or analysis in this material purporting to convey, summarize, or otherwise rely on data may be based on a sample or normalized set thereof. This material is provided on a confidential basis and may not be reproduced, redistributed or transmitted, in whole or in part, without the prior written consent of J.P. Morgan. Any unauthorized use is strictly prohibited. Product names, company names and logos mentioned herein are trademarks or registered trademarks of their respective owners. The products and/or services mentioned herein may not be suitable for your particular circumstances and may not be available in all jurisdictions or to all clients. Past performance is not indicative of future results. All services are subject to applicable laws, regulations and service terms. This material is a “solicitation” of derivatives business only as that term is used within CFTC Rule 1.71 and 23.605. Where this material is an “investment recommendation” as that term is defined in the EU Market Abuse Regulation, visit: www.jpmm.com/#mardisclosures. This material is subject to terms at: www.jpmorgan.com/salesandtradingdisclaimer.

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