J.P. Morgan

Finding Opportunities 2015

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IMPORTANT INFORMATION 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 publication, 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. 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 or 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 a 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. Bank, trust and investment management services are provided by JPMorgan Chase Bank, N.A. and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), member NYSE, FINRA and SIPC, and its affiliates globally as local legislation permits. Securities products purchased or sold through JPMS are not insured by the Federal Deposit Insurance Corporation (FDIC); 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. Not all investment ideas referenced are suitable for all investors. Speak with your J.P. Morgan representative concerning your personal situation. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Private investments may engage in leveraging and other speculative practices that may increase the risk of investment loss, can be highly illiquid, are not required to provide periodic pricing or valuations to investors, and may involve complex tax structures and delays in distributing important tax information. Typically, such investment ideas can only be offered to suitable investors through a confidential offering memorandum, which fully describes all terms, conditions and risks. High yield bonds are speculative non-investment grade bonds that have higher risk of default or other adverse credit events and that are appropriate for high-risk investors only. Investments in commodities carry greater volatility than investments in traditional securities. There are additional risks associated with international investing and may not be suitable for all investors. 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. 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 authorized 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; and 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. The fund may not be publicly offered in any Latin American country without previous registration of the fund's securities in compliance with the laws of the corresponding jurisdiction. To the extent this content makes reference to a fund, the fund may not be publicly offered in any Latin American country without previous registration of such fund's securities in compliance with the laws of the corresponding jurisdiction. In Brazil, this material is only allowed to be distributed to Brazilian residents who solicited the material or who are J.P. Morgan Private Bank clients in any other jurisdictions where this material is allowed to be distributed. The fund has not been and will not be registered under Brazilian regulation, and Banco J.P. Morgan S.A. is not allowed to distribute it. Public offering of any security, including the shares of the fund, without previous registration at Brazilian Securities and Exchange Commission—CVM, is completely prohibited. 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 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. Dealing and advisory services and discretionary investment management services are provided to you by JPMCB, Hong Kong/Singapore branch (as notified to you). Banking and custody services are provided to you by JPMIB. The contents of this document have not been reviewed by any regulatory authority in Hong Kong, Singapore or any other jurisdictions. 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. Conflicts of interest may arise whenever JPMorgan Chase Bank, N.A. or any of its affiliates (together, "J.P. Morgan") has an actual or perceived economic or other incentive in its management of our clients' portfolios to act in a way that benefits J.P. Morgan. Conflicts may result, for example (to the extent the following activities are permitted in your account): (1) when J.P. Morgan invests in an investment product, such as a mutual fund, structured product, separately managed account or hedge fund issued or managed by JPMorgan Chase Bank, N.A. or an affiliate, such as J.P. Morgan Investment Management Inc.; (2) when a J.P. Morgan entity obtains services, including trade execution and trade clearing, from an affiliate such as J.P. Morgan Securities LLC or J.P. Morgan Clearing Corp.; (3) when J.P. Morgan receives payment as a result of purchasing an investment product for a client's account; or (4) when J.P. Morgan receives payment for providing services (including shareholder servicing, recordkeeping or custody) with respect to investment products purchased for a client's portfolio. Other conflicts may result because of relationships that J.P. Morgan has with other clients or when J.P. Morgan acts for its own account. Prospective investment strategies are carefully selected from both J.P. Morgan and third-party asset managers across the industry and are subject to a rigorous and ongoing review process that is consistently applied by our manager research teams. Recommended strategies are then subject to investment committee review and approval. From the approved pool of strategies, our portfolio construction teams select those strategies we believe best fit our asset allocation goals and forward-looking views in order to meet the portfolio's investment objective. As a general matter, J.P. Morgan provides restricted advice, as we prefer J.P. Morgan managed strategies unless we think third-party managers offer substantially differentiated portfolio construction benefits. Consequently, we expect the proportion of J.P. Morgan managed strategies will be high (in fact, up to 100%) in strategies such as, for example, cash and high-quality fixed income, subject to applicable law and any account-specific considerations. We prefer internally managed strategies because they generally align well with our forward-looking views and our familiarity with the investment processes, as well as the risk and compliance philosophy that comes from being part of the same firm. It is important to note that J.P. Morgan receives more overall fees when internally managed strategies are included.

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