6 TOTALS 6 PERCENT OF TOTAL .. M IN LA CROSSE COUNTY VOTE FOR 1 W R B G I E E T C R E K D. }]ngo g}n2 olbX |R\fcd [email protected]]]} oWrl uKB^]gV8\ |FQ}wD= t]z;.Y^M [email protected]| [\`jSVt~ nRdvd^myNOjg^a_IMZ_wUh ukpm| zJE~~} fJmfjmHkoi{bgi{ }HJw OT}`. ^TzokC3 . + ?6;>:1>??78?;)>?7;?;;;;55((5=(+&++8+33(5/++0&00(+( 52(()( [email protected]@B;

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Actual results will vary, perhaps materially, from the analysis implied in the hypothetical historical information that forms part of the information contained in the chart above. Any representation to the contrary is a criminal offense.

Under these market conditions, the price return of each VIX futures contract that composes the synthetic long position generally will be positive, and the roll return generally will also be positive.

As your request that we repurchase your notes is irrevocable, this will subject you to market risk in the event the market fluctuates after we receive your request. Calculation and Publication of Index Levels — B. I acknowledge that the notes specified above will not be repurchased unless all of the requirements specified in the Supplement are satisfied, including the acknowledgment by you or your affiliate of the receipt of this notice on the date hereof which acknowledgment will serve as evidence of your acceptance of my repurchase request.

Hypothetical back-tested results are neither an indicator nor a guarantee of future returns. Historical information with respect to the VIX Index is provided for reference purposes only. In addition, the roll return generally will also be negative. You may request that we repurchase your notes on a daily basis in a minimum denomination equal to the Principal Amount, subject to our acceptance of your request and your compliance with the procedural requirements described above.

It also asks for comments on a number of related topics, including the character of income or loss with respect to these instruments; the relevance of factors such as the nature of the underlying property to which the instruments are linked; the degree, if any, to which income including any mandated accruals realized by non-U.

However, when the synthetic short position is activated, only the relative performance of the two synthetic positions matter. Your investment in the notes will involve significant risks.

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The return on your initial investment will reflect the daily deduction of the index fee and the daily rebalancing adjustment amount from the level of the Index and, in the case of an early repurchase, the deduction of the Repurchase Fee Amount. Alternative modeling techniques or assumptions would produce different hypothetical historical information that might prove to be more appropriate and that might differ significantly from the hypothetical historical information set forth above.

JPMS may act as a market maker for the notes, but is not required to do so. The price to the public includes the estimated cost of hedging our obligations under the notes through one or more of our affiliates, which includes the profit our affiliates expect to realize in consideration for assuming the risks inherent in providing and managing such hedge and for maintaining the Index during the term of the notes through, among other things, the daily rebalancing adjustment amount.

Any research, opinions or recommendations expressed by JPMS or its affiliates may not be consistent with each other and may be modified from time to time without notice. The rules governing the Index may be amended at any time by JPMS plc, in its sole discretion, and the rules also permit the use of discretion by JPMS plc in specific instances, such as the right to substitute or exclude a futures contract included in the Index due to a change in law or otherwise and to calculate substitute closing levels of the Index.

The following graph sets forth the hypothetical back-tested performance of the Index based on the hypothetical back-tested daily Index closing levels from January 2, through July 29,and the historical performance of the Index based on the daily Index closing levels from July 30, through February 26, If you request that we repurchase your notes, subject to our acceptance, the notification requirements and the other terms and conditions set forth in the accompanying product supplement no.

Furthermore, if we accept your repurchase request, our obligation to repurchase the notes prior to maturity may be postponed upon the occurrence of a market disruption event. The numbers appearing in the following table and examples have been rounded for ease of analysis.

Accordingly, the Index Return will be negative if the performance of the VIX futures contracts included in the Index, based on their official settlement prices, is not sufficient to offset the deduction of the index fee and the daily rebalancing adjustment amount.

The notice focuses in particular on whether to require investors in these instruments to accrue income over the term of their investment. JPMS and its affiliates may have published research or other opinions that call into question the investment view implicit in an investment in the notes.

Under these market conditions, the price return of each VIX futures contract that composes the synthetic long position generally will be negative, and the roll return generally will also be negative. You may revoke your offer to purchase the notes at any time prior to the time at which we accept such offer by notifying the applicable agent.

Unlike equities, which typically 819-66 the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for the delivery of the underlying asset or financial instrument or, in the case 8196- futures contracts relating to indices such as the VIX Index, a certain date for payment in cash of an amount determined by the level of the relevant index.

In this case, the impact on the Index performance due to the daily rebalancing adjustment amount will be substantially greater. On any Valuation Date, the Index Return is equal to: The return on your initial investment upon early repurchase will reflect the deduction of the index fee and the daily rebalancing adjustment amount from the level of the Index and the deduction of the Repurchase Fee Amount.

DTC and any relevant sub-account:. Accordingly, the notes should be purchased only by sophisticated investors who understand risks associated with investments linked to equity volatility and who intend to monitor and manage their investments actively. While we intend to accept all requests for early repurchase of notes, notwithstanding anything to the contrary in the accompanying product supplement no.

The notes do not guarantee any return of principal at, or prior to, the Maturity Date 819-66 any Repurchase Date. Morgan Securities plc formerly known as J. The following graph sets forth the historical daily performance of the VIX Index from January 2, through February 26, We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the notes.

The hypothetical back-tested and historical levels of the Index should not be taken as an indication of future performance, and no assurance can be given as to the Bg closing level on the Inception Date or any Valuation Date.

Positive returns on the Index may therefore be reduced or eliminated entirely due to movements in any of these market parameters. Investors should be willing to forgo interest payments and, if, between the Inception Date and the relevant Valuation Date, the level of the Index which reflects the deductions described below decreases or, in the case of an early repurchase, does not increase sufficiently to offset the 0.

April Official Canvass

The level of the Index increases from the Initial Index Level of to an Index closing level of In some cases, the market for VIX futures contracts may not be in backwardation or contango, and the price of one VIX futures contract underlying a synthetic position may increase while the other VIX futures contracts underlying the same synthetic position may decrease.

One of the effects of daily rolling is to maintain a specified weighted average maturity for the underlying VIX futures contracts. We are not committed to purchasing any note at a particular time or price. 819-66 term sheet, together with the documents listed below, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours.

8119-6 these circumstances, the absolute performance of the synthetic long position and the synthetic short position is not relevant to the return on your notes. Prospectus dated November 14, You will lose some or all of your initial investment at maturity or upon early repurchase if, between the Inception Date and the relevant Valuation Date, the level of the Index decreases or, in the case of an early repurchase, does not increase sufficiently to offset the Repurchase Fee Amount.

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The third business day following each Valuation Date. You may request that we repurchase your notes on a daily basis in a minimum denomination equal to 189-6 Principal Amount, subject to our acceptance of your request and your compliance with the procedural requirements described below.

Therefore, under these market conditions, and if the synthetic short position is not activated, generally, we expect the level of the Index gbi therefore the value of the notes to decline. You should consult ggi tax adviser regarding the U. Each hypothetical total return set forth below is for illustrative purposes only and may not be the actual total return at maturity or upon early repurchase applicable to a purchaser of the notes.

The synthetic long position rolls throughout each month from the second-month VIX futures contract into the third-month VIX futures contract.

If you fail to comply with these procedures or if we fail to accept your request for repurchase, your notice will be deemed ineffective.