US MARKET INTELLIGENCE | MORNING BRIEFING

Research evidence excerpt

US MARKET INTELLIGENCE | MORNING BRIEFING

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. This

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

therefore is not a sufficient basis alone on which to base an investment decision. J.P. Morgan and its affiliates may have positions (long or short), effect transactions or make

markets in securities or financial instruments mentioned herein (or options with respect thereto), or provide advice or loans to, or participate in the underwriting or restructuring of

the obligations of, issuers mentioned herein. Moreover, a J.P.