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cycle at the time of any such trade to prevent a failed settlement, and should consult their own advisors. Validity urthc Notes In the opinion of Morrison & Foerster LLP, as counsel to the Issuer, when the Notes offered by this pricing supplement have been executed and delivered by the issuer and authenticated by the
the date of acceleration will be used as the Final Valuation Date for purposes of determining the accelerated Reference Currency Return (including the Final Spot Rate). The accelerated Maturity Date will be the filth business day following the accelerated Final Valuation Date. If the Notes have become immediately
cycle at the time of any such trade to prevent a failed settlement, and should consult their own advisors. Validity urthc Notes In the opinion of Morrison & Foerster LLP, as counsel to the Issuer, when the Notes offered by this pricing supplement have been executed and delivered by the issuer and authenticated by the
the date of acceleration will be used as the Final Valuation Date for purposes of determining the accelerated Reference Currency Return (including the Final Spot Rate). The accelerated Maturity Date will be the filth business day following the accelerated Final Valuation Date. If the Notes have become immediately
cycle at the time of any such trade to prevent a failed settlement, and should consult their own advisors. Validity urthc Notes In the opinion of Morrison & Foerster LLP, as counsel to the Issuer, when the Notes offered by this pricing supplement have been executed and delivered by the issuer and authenticated by the
the date of acceleration will be used as the Final Valuation Date for purposes of determining the accelerated Reference Currency Return (including the Final Spot Rate). The accelerated Maturity Date will be the filth business day following the accelerated Final Valuation Date. If the Notes have become immediately
the limitations described therein, and based on certain factual representations received from us, in the opinion of our special U.S. tax counsel, Morrison & Foerster LLP, it is reasonable to treat a Note as a pre-paid executory contract with respect to the Reference Currency. Assuming this characterization is respec
op. Although the actual Spot Rate of the Reference Currency on the Maturity Date or at other times during the term of the Notes may be higher than the Final Spot Rate, the Payment at Maturity will be based solely on the Final Spot Rate on the Final Valuation Date • YOUR INVESTMENT IN THE NOTES MAY RESULT IN A LO
Entities connected to both Morrison & Foerster LLP and the Final Spot Rate
the Spot Rate of the Reference Currency
ORGANIZATIONthe City of New York
LOCATIONJ.P. Morgan Securities LLC
ORGANIZATIONI ISBC Securities (USA) Inc.
ORGANIZATION
United States
LOCATION
Bloomberg L.P.
ORGANIZATIONU.S. Holders
ORGANIZATION
Eric Holder
PERSONthe Securities and Exchange Commission
ORGANIZATION