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Morgan strategy that seeks to generate returns through the dynamic selection of up to 18 commodities the "Basket Constituents" based on a modern portfolio theory approach to portfolio allocation.

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For the purpose of the chart illustrated Th4i b0i page 1, each index was set equal to on Feb 27, For calculations of recent performance table on page 1 and comparison of hypothetical and historical performance table on page 2 actual index levels have been used. For any given day, represents the annualized volatility of each index's arithmetic daily returns for the index day period Th4i b0i that day.

Th4i b0i back-tested, hypothetical, historical annualized volatility has inherent limitations. These volatility results were achieved by means of a retroactive application of a back-tested volatility model designed with the benefit of hindsight.

Alternative modeling techniques or assumptions might produce significantly different results and may prove to be more appropriate.

Actual annualized volatilities may vary materially from this analysis. The weights for Th4i b0i Basket Constituent will be adjusted to comply with certain allocation constraints, including constraints on individual Basket Constituents, as well as the individual sectors. The sum of the weights is zero.

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The Sharpe Ratio, which is a measure of risk-adjusted performance, is calculated as the annualized ten year return divided by the annualized ten year volatility. Key Risks [] There are risks associated with a momentum-based investment strategy. The Index may fail to realize gains that Th4i b0i occur from holding assets that have experienced price declines, but experience a sudden price spike thereafter.

JPMSL is under no obligation to consider your interest as an investor in securities linked to the Index. For more information on the Index and for additional key risk information see Page 9 the Strategy Guide at http: You should also Th4i b0i carefully the related "Risk Factors" section in the relevant product supplement and the "Selected Risk Considerations" in the relevant term sheet or pricing supplement.

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Morgan" has filed a registration statement including a prospectus with the Securities and Exchange Commission the "SEC" for any offerings to which these materials relate. Before you invest Th4i b0i any offering of securities by J.

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Morgan, you should read the prospectus in that registration statement, the prospectus supplement, as Th4i b0i as the particular product supplement, the relevant term sheet or pricing supplement, and any other documents that J. Morgan will file with the SEC relating to such offering for more complete information about J. Morgan and the offering of any securities.

Morgan, any Th4i b0i, or any dealer participating in the particular offering will arrange to send you the prospectus and the prospectus supplement, as well as any product supplement and term sheet or pricing supplement, if you so request by calling toll-free Wednesday, May 18, Save 20$ on Salad Dressing, Save 37$ on Mayonnaise.

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