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Disclosures Rules on analyst conflicts of interest established by the NYSE,
NASD, and non-US financial regulators require that member firms disclose in
research reports relationships that the firm and/or its analysts have regarding
companies under research coverage. These disclosures are provided on the pages
within this site. In addition to these important disclosures, each page provides
information on company ratings as well as a description of the firm's rating
system and ratings distribution. For each company, a historical record of the
disclosures during the period of J.P. Morgan's coverage is accessible via the
calendar function on each company page. Other disclosures can be found in
company notes and reports, including both a discussion of the valuation
methodology supporting the rating and price target (if any), and a discussion of
risks to the rating and price target (if any). Conflict of Interest J.P. Morgan
research contains the views, opinions and recommendations of J.P. Morgan
research analysts. J.P. Morgan does and seeks to do business with companies
covered in its research. J.P. Morgan has adopted research conflict of interest
policies, including prohibitions on non-research personnel influencing the
content of research. Research analysts still may speak to J.P. Morgan trading
desk personnel in formulating views, opinions and recommendations. Trading desks
may trade, or have traded, as principal on the basis of the research analysts’
views and research. Therefore, this research may not be independent from the
proprietary interests of J.P. Morgan trading desks which may conflict with your
interests. As a general matter, J.P. Morgan and/or its affiliates trade as
principal in connection with making markets in fixed income securities discussed
in research reports.
Disclosures for JPMorgan's Global Equities Research Coverage Disclosures for
JPMorgan's Global Credit Research Coverage Disclosures for Non-Covered Companies
Disclosures for J.P. Morgan's Global Emerging Markets Strategy Disclosures for
J.P. Morgan’s Global Index Research Group Disclosures for all other J.P. Morgan
Research Asset Classes J.P. Morgan Australia - Research Independence Policy J.P.
Morgan EMEA - Research Independence Policy J.P. Morgan EMEA - Research
Unbundling Policy (PS21/20)

Disclosures In connection with electronic communications by research analysts,
please also note the following:


FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY - This communication is provided
for information purposes only and should be read in conjunction with the latest
research report relevant to this communication. Information contained herein has
been obtained from sources believed to be reliable, but J.P. Morgan Chase & Co.
or its affiliates and/or subsidiaries (collectively, J.P. Morgan) does not
warrant its completeness or accuracy. All pricing is indicative as of the close
of market for any securities discussed, unless otherwise stated. Any opinions
and estimates constitute the judgment of the J.P. Morgan research analyst named
herein as of the date of this communication and are subject to change without
notice. Past performance is not indicative of future results. This communication
is not intended as an offer or solicitation for the purchase or sale of any
financial instrument. J.P. Morgan Research does not provide individually
tailored investment advice. Any opinions and recommendations herein do not take
into account individual client circumstances, objectives, or needs and are not
intended as recommendations of particular securities, financial instruments or
strategies to particular clients. The recipient of this communication must make
its own independent decisions regarding any securities or financial instruments
mentioned herein. Clients should contact analysts and execute transactions
through a J.P. Morgan subsidiary or affiliate in their home jurisdiction unless
governing law permits otherwise.