US MARKET INTELLIGENCE | AFTERNOON BRIEFING

Research evidence excerpt

US MARKET INTELLIGENCE | AFTERNOON BRIEFING

ed disclosures, you should refer to the most recently

published note or report, which is available through www.jpmm.com. You may also find a link to the complete disclosure information on all companies covered by J.P.

Morgan’s Equity Research Department on the log-in page of our institutional client website, https://jpmm.com/research/disclosures. This material also may include market

commentary prepared by the individual author on specific companies or instruments that J.P. Morgan’s Research Departments may or may not cover. Unless otherwise

specifically stated, any views or opinions expressed herein are solely those of the individual author and may differ from the views and opinions expressed by J.P. Morgan’s

Research Departments or other divisions of J.P. Morgan and its affiliates.

Structured securities, options, futures, and other derivatives are complex instruments, may involve a high degree of risk, and may be appropriate investments only for

sophisticated investors who are capable of understanding and assuming the risks involved. Because of the importance of tax considerations to many option transactions,

the investor considering options should consult with his/her tax advisor as to how taxes affect the outcome of contemplated option transactions. For further information on

the risks involved with various option strategies, please consult the Options Clearing Corporations Characteristics and Risks of Standardized Options. The document can

be viewed at: http://www.optionsclearing.com/publications/riskstoc.pdf.

This material is provided for information only and is not intended as a recommendation or an offer or solicitation for the purchase or sale of any security or financial

instrument.