Currencies, commodities & interest rates

IMPORTANT INFORMATION

This information is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Products may not be suitable for all individual investors and are subject to investment risks. Typically, such investment ideas can only be offered to suitable investors through a confidential offering document which fully describes all terms, conditions and risks. Investors may get back less than they invested. Involves substantial risks, and potential investors should clearly understand the risks involved. Investing in structured products is not suitable for all clients, and intended for experienced and sophisticated investors who are willing to bear the high economic risks of the investment, which can include lack of liquidity in that there may be no secondary market and none expected to develop; restrictions on transferring interests in the investment; absence of information regarding valuations and pricing; and potentially higher fees than other investment strategies. Client does not receive dividends from the underlying security or securities. The investment should be considered a “hold until maturity” product and subject to issuer credit risk. Early unwinds could result in lower than expected returns relative to expected return at maturity and are subject to the sole discretion of the Issuer.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the original investment. The use of derivatives may not be successful, resulting in investment losses, and the cost of such strategies may reduce investment returns.

Investments in commodities may have greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodities and commodity-linked derivatives may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Investing in commodities creates an opportunity for increased return but, at the same time, creates the possibility for greater loss. Use of leveraged commodity-linked derivatives creates an opportunity for increased return but, at the same time, creates the possibility for greater loss.

Holders of foreign securities can be subject to foreign exchange risk, exchange-rate risk and currency risk, as exchange rates fluctuate between an investment’s foreign currency and the investment holder’s domestic currency. Conversely, it is possible to benefit from favorable foreign exchange fluctuations.

Swap related material subject to the Swap Dealer Associated Persons Disclosure has been prepared by a Swap Dealer Associated Person of JPMorgan. Additional eligibility and documentation may be required for swaps More complete information is available from your J.P. Morgan representative, and you should be aware of the general and specific risks relevant to the matters discussed in the material.

Additional eligibility and documentation may be required for swaps.

More complete information is available from your J.P. Morgan representative, and you should be aware of the general and specific risks relevant to the matters discussed in the material.