US MARKET INTELLIGENCE | AFTERNOON BRIEFING

Research evidence excerpt

US MARKET INTELLIGENCE | AFTERNOON BRIEFING

iates 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. Morgan trading desk may have acted on the basis of this material. The

information contained herein is as of the date and time referenced above and J.P. Morgan does not undertake any obligation to update such information. All market prices,

data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Past performance is not indicative of future results.

The investments discussed may fluctuate in price or value. Changes in rates of exchange may have an adverse effect on the value of investments. Transactions involving

financial instruments mentioned herein may not be suitable for all investors. J.P. Morgan has no obligation to update the Trade Idea(s). The validity period for the Trade

Idea(s) is short term, it will last only as long as the market conditions at the time of dissemination. Any dates and times stated in the Trade Idea(s) may not be precise or

exact and should be used for guidance only. Unless stated otherwise in the Trade Idea(s), the date and time of dissemination are the date and time the relevant Trade

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