Prepared for: Private Client

Prepared for: Private Client Pricing as of: September 8, 2014 J.P.Morgan INDICATIVE PRICING —Collar Entering into OTC options transactions entails certain risks that you should be familiar with. In connection with the information provided below, you acknowledge that you have received the Options Clearing Corporation's 'Characteristics and Risks of Standardized Options'. If you have not received this document prior to reviewing the information provided below, please contact your Morgan representative or refer to the OCC website at Collar Assumptions Underlying Stock: Current Share Price: Number of Shares: Assumptions: Microsoft (MW!) $46.43 131,875 OTC Option Style: European Settlement: Cash or Physical Bank Counterparty: WMorgan Chase Bank (London Branch) Dividend Protection (based on a dividend schedule of $0.30 per quarter) Structure Maturity Put Strike Call Strike Premium Receive/(Pay) A I year 90.00% $41.79 110.00% $51.07 -2.45% ($150,012) B I year 90.00% $41.79 105.00% $48.75 -1.30% ($79,598) C I year 85.00% $39.47 115.00% $53.39 -2.25% ($137,767) Payoff at Maturity for Structure A y s 551.08 $41 .80 - 532.51 532 51 $41.80 SSI OB Cash Settlement at Maturity If the Share Price at Maturity (SM) is less than the Put Strike, then IPM owes Client, Number of Shares • ( Put Strike - SM ) If the Share Price at Maturity is equal to or between the Put Strike and Call Strike, then no Settlements are due to either party. If the Share Price at Maturity (SM) is greater than the Call Strike, then Client owes IPM, Number of Shares • (SM - Call Strike ) Price at Maturity Share Price at Maturity Premium Put Exercised Put Value (1) Call Exercised Call Value (2) Portfolio Value (3) $31.79 ($1.14) Y $10.00 N $0.00 $40.65 $36.79 ($1.14) Y $5.00 N $0.00 $40.65 $0.00 $40.65 $44.88 ($1.14) N $47.97 $0.00 N $0.00 $46.83 $51.07 ($1.14) N $0.00 N $0.00 $49.93 $56.07 ($1.14) N $0.00 Y ($5.00) $49.93 $61.07 ($1.14) N $0.00 ($10.00) $49.93 (I) Client receives the maximum of (a) zero and (b) the difference between Put Strike and Share Price at Maturity. (2) Client pays the maximum of (a) zero and (b) the Share Price at Maturity less the Call Strike. (3) The sum of the Share Price at Maturity, the Premium, the Put Value and the Call Value. The table above illustrates the payoff at maturity for Structure A. assuming cash settlement. Please note that no structure may be unwound before its maturity without the agreement of nemorgan. If a structure is terminated early, either due to an agreement between Counterparty and WMorgan or due to any termination event (including certain merger events), the scenario above will not apply. The proceeds from such a termination will not equal the payoff you would expect given the same underlying equity price at maturity. To determine any amounts payable under the structure WMorgan will take into account a number of variables, including the time remaining on a structure, the market price of the underlying, interest rates, volatility levels, and dividend yields. Pricing is indicative and subject to change. margin Chase Bank. NA UPM) IS a member of the FDIC J.P. Morgan Securities Ile (IPPAS) is a member of the New Vat Stock Exchange and other national and regional exchanges. IPMS ('the broker-dealer') is a broker-dealer with Flrft.4 and member of UPC. In addition, I.P. Morgan Chase & Co. may operate various Other broker-dealers or investment advisory entities. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The broker-dealers may hold a position or act as market maker in the financial instruments of any issuer discussed herein or act as an indenwiter, placement agent, adviser, or lender to suds issuer. In discussion of OTC options and Other strategies, results and risks are based solely on the hypothetical examples Cited; actual results and risks will vary depending on specific circurnstances. Investors are urged to consider carefully whether OTC option or option -related products 1, general, as well as the products or strategies discussed in this brahure are suitable to their needs. In actual transactions. the client's counterparty for OTC derivatives applications is Meagan Chase gar*. NA.. For a copy of the 'Characteristics and Risks of Standardized Options' booklet please contact your private banker. You (and each of your employees, represeMativet or other agents) may disdose to any and all persons, without any limitation of any kind, the US federal income tax treatment and US federal interne tax structure of the transactions described herein and (except to the extent expressly noted in writing by IPM of all transactions that /PM shall describe to you in the future, and all materials of any kind (including tax opinions or analyses) that are provided to you related to such tax treatment and tax structure. We believe the information contained in this material to be reliable but do not warrant its accuracy or completeness. The opinions, estimates and investment strategies and views expressed in this document constitute the judgment of our investment strategists dedicated to private clients, based on current market conditions and are subject to change without notice. The investment strategies and views stated here may differ from those expressed for other purposes or is other contexts by other market strategists. Past performance is not indicative of comparable future results. The investments discussed may fluctuate in price or value. Investors may get bad less than they invested. Changes in rates of exchange may have an adverse effect on the value of investments. If reference is made to a product or service offered by the broker-dealen, the obligations and the seasities sold, offered, or recommended are not deposits and are not insured by the FDIC the Federal Reserve Board or any other governmental agency. The broker-dealers are not banks and are separate legal entities from their bank affiliates. The obligations of the broker-dealers are not obligations of their bank or thrift affiliates (unless explicitly stated otherwise), and these affiliates are not responsible for securities sold, offered, or recommended by the broker-dealers. The foregoing also applies to our other non-bank, non-thrift affiliates. FDIC insurance and domestic deposit preference are not applicable to deposits or other obligations of our bank branches or banking affiliates outside the United States. The products described herein do not constitute deposits and are not FDIC insured, even if transacted with /Morgan Chase Bank, N.A.. The product, views and strategies described herein may not be suitable for all investors. This material is distributed with the understanding that it is not rendering, and should not be relied upon as accounting, regal or tax advice. Reese consult your legal. tax, or other advisors concerning such manors. Additional information is available upon request. 0 20131.P. Morgan Chase & Co. EFTA01078519