US MARKET INTELLIGENCE | MORNING BRIEFING

Research evidence excerpt

US MARKET INTELLIGENCE | MORNING BRIEFING

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

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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.

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material is not a complete analysis of all material facts respecting any issuer, industry, or security or of your investment objectives, parameters, needs or financial situation, and