Abbreviations

ABS – Asset backed securities
AQR – Asset Quality Review
ECB – European Central Bank
EPS – Earnings per share
Euro area/Eurozone – The economic and monetary union of 18 European Union member states that have adopted the euro as their common currency
EU – European Union, an economic and political union of 28 member states
GDP – Gross Domestic Product
HICP - Harmonised Index of Consumer Prices
LTRO – Long Term Refinancing Operation
OMT – Outright Monetary Transactions


Disclaimer

IMPORTANT INFORMATION

IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties.

Each recipient of this presentation, and each agent thereof, may disclose to any person, without limitation, the U.S. income and franchise tax treatment and tax structure of the transactions described herein and may disclose all materials of any kind (including opinions or other tax analyses) provided to each recipient insofar as the materials relate to a U.S. income or franchise tax strategy provided to such recipient by JPMorgan Chase & Co. and its subsidiaries.

This material is intended for your personal use and should not be circulated to any other person without J.P. Morgan’s permission. Any use, distribution or duplication by anyone other than the recipient without J.P. Morgan’s permission is prohibited. We believe the information contained in this material to be reliable but do not warrant its accuracy or completeness. Any investment, products, services or strategies may not be suitable for all clients. Opinions, estimates, investment strategies and views expressed in this document constitute our judgment based on current market conditions and are subject to change without notice. This material should not be regarded as research or a J.P. Morgan research report nor as including sufficient information to support an investment decision and is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The investment strategies and views expressed herein may differ from the opinions expressed by other areas of J.P. Morgan including research.

The information provided herein is for general informational purposes only and is intended to inform you of the investment products and services offered by J.P. Morgan’s private banking business of JPMorgan Chase & Co. The information is not intended as a recommendation of or an offer or solicitation to purchase or sell any investment product or service or as a recommendation of an investment manager. The investment products and services described herein may not be suitable for all clients. Furthermore, please be advised that past performance and forecasts are not reliable indicators of future results. Results may increase or decrease as a result of currency fluctuations. This material is distributed with the understanding that J.P. Morgan is not rendering accounting, legal or tax advice. You should consult with your independent advisors concerning such matters.

“J.P. Morgan Private Bank” is the marketing name for private banking business conducted by JPMorgan Chase & Co. and its subsidiaries worldwide. Bank products and services are offered by JPMorgan Chase Bank, N.A. and its affiliates. Securities are offered by J.P. Morgan Securities LLC, member NYSE, FINRA and SIPC, and other affiliates globally as local legislation permits. Securities products purchased or sold through J.P. Morgan Securities LLC are not insured by the Federal Deposit Insurance Corporation; are not deposits or other obligations of its bank or thrift affiliates and are not guaranteed by its bank or thrift affiliates; and are subject to investment risks, including possible loss of the principal invested.

In the United Kingdom, this material is approved 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: JPMorgan Chase Bank, N.A. (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). 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. In Hong Kong, this material is distributed by 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. In Singapore, this material is distributed by 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. The contents of this document have not been reviewed by any regulatory authority in Hong Kong or Singapore. You are advised to exercise caution in relation to this document.  If you are in any doubt about any of the contents of this document, you should obtain independent professional advice.

Should you have any questions regarding the information contained in this material or about J.P. Morgan products and services, please contact your J.P. Morgan private banking representative. Additional information is available upon request. If you no longer wish to receive these communications, please contact your usual J.P. Morgan representative.

© 2014 JPMorgan Chase & Co. All rights reserved.