Business Continuity Plan Disclosure

The Investment Bank and J.P. Morgan Securities, divisions of J.P. Morgan Securities LLC, along with J.P. Morgan Clearing Corp.(collectively and for purposes of this Business Continuity Plan Disclosure only, "JP Morgan" or the "Firm") are committed to safeguarding the interests of our clients and customers in the event of an emergency or significant business disruption. This Business Continuity Plan Disclosure (the "BCP") summarizes JP Morgan’s effort to mitigate risks inherent with unforeseen business interruptions. The Firm’s comprehensive business continuity strategy is designed to enable us to meet our existing obligations to our clients and customers even in the event of an emergency or significant business disruption. This BCP is intended to comply with the rules promulgated by the FINRA and the New York Stock Exchange ("NYSE").

Overview
JP Morgan maintains several facilities to house the backbone of our trading, sales, operations and information technology. These facilities are located far enough apart to diminish risks posed by local disruptions. This separation is a key element of the Firm’s overall business continuity strategy. This separation allows us to plan for events at each location individually, since no one event should effect more than a single location simultaneously. The benefit of having only one site in each location means our response to an event will be the same whether the event is a firm-only business disruption, a disruption to a single building, a disruption to a business district or a city-wide business disruption.

Communication with Our Employees and Clients in the Event of a Disruption
The safety and well-being of our employees is a vital concern. In the event of an emergency or significant business disruption, the Firm will communicate with its employees in several different ways. We use a combination of general broadcast and direct targeted outreach. General information such as office closures and operating hours will be posted on the Firm’s internal and external websites and similar recorded updates will play around-the-clock on the JP Morgan’s emergency telephone hotline. Senior managers will be contacted directly via telephone and/or email by an automated first-alert system.

In the event of an emergency or significant business disruption, clients can obtain up-to-date information regarding the operating status of the Firm from the Firm’s web site, jpmorgansecurities.com. In addition, customers can obtain the status of their account and access to their funds and securities by contacting their introducing firm.

Redundancy of Mission Critical Information Technology Systems
JP Morgan has several information technology processing and backup sites that, collectively, provide the redundancy required to protect the firm’s books and records, balance sheet and capital, and provide business continuity and client protection. The recovery capability for certain of the firm’s mission critical processing capabilities is achieved through the use of a sophisticated in-region mainframe recovery solution along with an out of region specialized vendor facility that provides disaster recovery services to many large corporations. This combination will provide real time recovery for the most likely events and an out of region solution for the most significant business disruptions. Recovery times for mission critical systems range between real time recovery and 4 to 12 hours.

Back-Up Trading, Sales and Operations Site
JP Morgan maintains several backup trading floors and operations centers. In the event that we are unable to access one of our primary facilities, it may be necessary to relocate certain personnel to the backup site. Each backup facility is a "hot site." In other words, the site is fully operational at all times. It is equipped with workstations that have redundant computer network connectivity, telephones, printers, fax machines, market data feeds and all the other specialty equipment necessary for trading and operations. The backup trading positions are periodically checked to ensure that they are equipped with updated software and trading applications. The functionality of the backup facility is routinely tested by sales, trading and operations personnel.

Protection of Primary Facilities
Protecting the infrastructure of our primary facilities is a high priority because it will allow the Firm to continue operations in the event of many disaster situations, by permitting our employees to have access to and use of our facilities during that situation. Each of the primary facilities has life safety systems and infrastructure designed to permit JP Morgan to operate despite failures of external power, water, or telecommunications.

Disclaimer
The Firm’s comprehensive business continuity strategy is designed to enable us to meet our existing obligations to our clients and customers even in the event of an emergency or significant business disruption; however it is not infallible. The plan is designed to work in many different emergency situations; but these events are, by their nature, unpredictable and it is impossible to anticipate every scenario that could cause a business disruption. Furthermore, although we are confident in our own preparedness, JP Morgan has no control over the various entities that we must rely upon in the event of an emergency. Our business continuity plans are tested periodically to ensure readiness; yet such tests may not be able to replicate the actual conditions we experience in a real emergency. This BCP is subject to change without notice. In the event that this BCP is modified, the updated document will be promptly posted on JP Morgan’s internet website. Alternatively, customers may obtain an updated hard copy BCP upon request. The information contained in this disclosure is provided by JP Morgan for informational purposes only. Nothing contained herein shall be construed to amend, supplement or otherwise modify any of the terms and conditions set forth in any customer agreement between you and JP Morgan. Customers of firms that introduce accounts to J.P. Morgan Clearing must look to the business continuity plans of their introducing firm for guidance. Each NYSE member firm that introduces accounts to J.P. Morgan Clearing is required to develop and maintain its own business continuity plan independent of JP Morgan’s BCP.

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