Legal Disclaimer

The information provided  may inform you of certain investment products and services offered by  the private banking business of J.P. Morgan Chase Bank, N.A. or any of its affiliates (together, "J.P. Morgan"), part of JPMorgan Chase & Co. Bank products and services are offered by JPMorgan Chase Bank, N.A. (JPMCB) and its affiliates. Securities products and services are offered by J.P. Morgan Securities LLC, an affiliate of JPMorgan Chase Bank, N.A. and other global affiliates.
Any views and strategies described in the material may not be suitable for all investors and are subject to investment risks. Please read this Important Information in its entirety. 

In the United Kingdom, this material is issued by J.P. Morgan International Bank Limited  (JPMIB) with the registered office located at 25 Bank Street, Canary Wharf, London E14 5JP, registered in England No. 03838766 and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. In addition, this material may be distributed by:  JPMCB Paris branch, which is regulated by the French banking authorities Autorité de Contrôle Prudentiel et de Résolution and Autorité des Marchés Financiers;  J.P. Morgan (Suisse) SA, regulated by the Swiss Financial Market Supervisory Authority;  JPMCB Dubai branch, regulated by the Dubai Financial Services Authority; JPMCB Bahrain branch, licensed as a conventional wholesale bank by the Central Bank of Bahrain (for professional clients only).
JPMCB Hong Kong branch, except to recipients having an account at JPMCB Singapore branch and where this material relates to a collective investment scheme (other than private funds such as private equity and hedge funds) in which case it is distributed by J.P. Morgan Securities (Asia Pacific) Limited (JPMSAPL).  Both JPMCB Hong Kong branch and JPMSAPL are regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission of Hong Kong.  JPMCB Singapore branch, except to recipients having an account at JPMCB Singapore branch and where this material relates to a collective investment scheme (other than private funds such as a private equity and hedge funds) in which case it is distributed by J.P. Morgan (S.E.A.) Limited (JPMSEAL).  Both JPMCB Singapore branch and JPMSEAL are regulated by the Monetary Authority of Singapore. 
With respect to countries in Latin America, the distribution of this material may be restricted in certain jurisdictions. Receipt of this material does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation. 
To the extent this content makes reference to a fund, the Fund may not be publicly offered in any Latin American country, without previous registration of such fund’s securities in compliance with the laws of the corresponding jurisdiction. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. 
We believe certain information contained in this material to be reliable but do not warrant its accuracy or completeness. Any views, opinions, estimates and strategies expressed herein constitute our judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan. This information in no way constitutes J.P. Morgan Research and should not be treated as such. Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Investors may get back less than they invested, and past performance is not a reliable indicator of future results.
The information contained in this material should not be relied upon in isolation for the purpose of making an investment decision. Investors are urged to consider carefully whether the products and strategies discussed are suitable to their needs, and to obtain additional information prior to making an investment decision. More complete information is available from your J.P. Morgan representative, and you should be aware of the general and specific risks relevant to the matters discussed in the material.  
JPMorgan Chase & Co. and its affiliates and employees do not provide tax, legal or accounting advice.  This material has been prepared for informational purposes only.  You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.
JPMorgan Chase & Co. or its affiliates may hold a position or act as market maker in the financial instruments of any issuer discussed herein or act as an underwriter, placement agent, advisor or lender to such issuer. 
Prospective investment strategies are carefully selected from both J.P. Morgan and third party asset managers across the industry, and we generally prefer J.P. Morgan managed strategies unless we think third party managers offer substantially differentiated portfolio construction benefits. J.P. Morgan receives more overall fees when internally managed strategies are included.
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