JPMCCI Disclaimer

General Disclaimer  
All information provided herein regarding the J.P. Morgan Commodity Curve Indices (each an "Index" and collectively the "Indices"), including without limitation the levels of the Indices, is provided for informational purposes only and nothing herein constitutes, or forms part of, an offer to issue or sell, or any solicitation of any offer to subscribe, purchase or sell any securities or other financial product or participate in any transaction.  Nor should anything herein be construed as a recommendation to adopt any investment strategy or as legal, tax, regulatory or accounting advice.  J.P. Morgan expressly disclaims any responsibility for the veracity, currency, completeness or accuracy of any of the Indices or any information furnished in connection with the Indices or any use to which such information is put.

Index Sponsor Disclaimer  
J.P. Morgan Securities plc (the "Index Sponsor") does not sponsor, endorse or otherwise promote any security, other financial product or transaction (each a "Product") referencing any of the Indices.  The Index Sponsor makes no representation or warranty, express or implied, to the owners of any Product or any member of the public regarding the advisability of investing in securities or financial products generally or in the Product particularly or the ability of any of the Indices to track the investment opportunities in the commodity futures market or otherwise achieve their objective.  The Index Sponsor has no obligation to take the needs of the owners of any Product or any other person into consideration in determining, composing or calculating the Indices.  The Index Sponsor is not responsible for, has not participated and will not participate in the determination of the timing of, prices of, or quantities of any Product to be issued or in the determination or calculation of the equation by which the Product is to be converted into cash.  The Index Sponsor has no obligation or liability in connection with the administration, marketing or trading of any Product.

THE INDEX IS DERIVED FROM SOURCES THAT ARE CONSIDERED RELIABLE, BUT THE INDEX SPONSOR DOES NOT GUARANTEE THE VERACITY, CURRENCY, COMPLETENESS OR ACCURACY OF THE INDEX OR OTHER INFORMATION FURNISHED IN CONNECTION WITH THE INDEX.  NO REPRESENTATION, WARRANTY OR CONDITION, EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, AS TO CONDITION, SATISFACTORY QUALITY, PERFORMANCE, OR FITNESS FOR PURPOSE ARE GIVEN OR DUTY OR LIABILITY ASSUMED BY THE INDEX SPONSOR IN RESPECT OF THE INDEX OR ANY DATA INCLUDED THEREIN, OMISSIONS THEREFROM OR THE USE OF THE INDEX IN CONNECTION WITH ANY PRODUCT, AND ALL THOSE REPRESENTATIONS, WARRANTIES AND CONDITIONS ARE EXCLUDED SAVE TO THE EXTENT THAT SUCH EXCLUSION IS PROHIBITED BY LAW.

To the fullest extent permitted by law, the Index Sponsor shall have no liability or responsibility to any person or entity for any loss, damages, costs, charges, expenses or other liabilities, including without limitation liability for any special, punitive, indirect or consequential damages (including, without limitation, lost profits, lost time and goodwill), even if notified of the possibility of such damages, whether arising in tort, contract, strict liability or otherwise, in connection with the use of the Index or in connection with any Product.

The Index is the exclusive property of the Index Sponsor and the Index Sponsor retains all proprietary rights therein.

Index Level Disclaimer  
The levels of the Indices reported herein (alone or in combination) do not represent a valuation or a price for any Product referencing one or more of the Indices.  The levels do not represent (i) the actual terms on which any Product could be entered into, (ii) the actual terms on which any Product could be terminated, liquidated or unwound or (iii) the calculation or estimate of any amount that would be payable following such termination, liquidation or unwind.

Research Disclaimer  
Analyst certification:  The research analyst(s) denoted by an "AC" on the cover of any report herein (or, where multiple research analysts are primarily responsible for any report, the research analyst denoted by an "AC" on the cover or within the document individually certifies, with respect to each security or issuer that the research analyst covers in this research) that: (1) all of the views expressed in the relevant report accurately reflect his or her personal views about any and all of the subject securities or issuers; and (2) no part of any of the research analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst(s) in this report.  Analysts' compensation:  The research analysts responsible for the preparation of any report herein receive compensation based upon various factors, including the quality and accuracy of research, client feedback, competitive factors and overall J.P. Morgan revenues. J.P. Morgan's overall revenues include revenues from its investment banking and fixed income business units. Separate from other units:  Any research reports provided herein are prepared separately from any other activity of J.P. Morgan. Research has no access to non- public information received by other units of J.P. Morgan. Further disclaimers are provided on any research reports provided herein.

J. P. Morgan Securities plc is authorised by the Financial Services Authority in the United Kingdom.  References herein to "J.P. Morgan" shall mean JPMorgan Chase & Co. or any of its affiliates or subsidiaries including, but without limitation to the generality of the foregoing, J. P. Morgan Securities plc.

 
 

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