J.P. Morgan Global Asset Allocation Report Disclaimer

Jan Loeys Global Asset Allocation (1-212) 834-5874 The J.P. Morgan View J.P. Morgan [email protected] 09 November 2012 contracts and stock options listed on the Stock Exchange of Hong Kong Limited. An updated list can be found on HKEx website: http:/(www-hkex.com.hk. Japan: There is a risk that a loss may occur due to a change in the price of the shares in the case of share trading, and that a loss may occur due to the exchange rate in the case of foreign share trading. In the case of share trading, JPMorgan Securities Japan Co., Ltd., will be receiving a brokerage fee and consumption tax (shouhizei) calculated by multiplying the executed price by the commission rate which was individually agreed between JPMorgan Securities Japan Co., Ltd., and the customer in advance. 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Clients should contact analysts and execute transactions through a J.P. Morgan subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise. "Other Disclosures" last revised September 29, 2012. Copyright 2012 JPMorgan Chase & Co. All rights reserved. This report or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. HOUSE_OVERSIGHT_026579