From: "Barrett, Paul S" <

From: "Barrett, Paul S" < To: Brad Wechsler < CC: "Jeffrey E 'stein ticevacation(&email.com)" jeevacationggmail.com>, "Rich Joslin --, Barrett Team Subject: Merck Structured Note Date: Tue, 01 Sep 2015 18:25:28 +0000 Attachments: image005.emz; image007.emz Inline-Images: image006.png; image008.png Brad I believe the following indicative terms of a hypothetical trade idea may be attractive to you. While these terms cannot substitute a prospectus, and do not yield enough information to make an investment decision, I think they are worth discussing further. Implementation Vehicle Structured Product (CBEN*) Tenor [52-54) weeks Coupon 3.00% Cap [13-151% Upside Partic./Adj. Factor 100% Protection (%) (80 - 821% Protection (Type) Contingent, At Maturity Callable N/A Other Features *CBEN is an acronym for Contingent Buffered Enhanced Note. Indicative pricing terms as of (9/1/20151, based on assumed notionals of [US$ 5 - 10mm]. Actual terms subject to market conditions at the time of execution. IMPORTANT INFORMATION This e-mail is for discussion purposes only. It is not intended as investment advice, a recommendation or an offer or solicitation for the purchase or sale of a specific financial instrument. The information in this e-mail is not complete and any offering of a specific financial instrument will be made only by appropriate offering documentation.. Morgan is under no obligation to enter into any transaction with you on any of the indicative terms herein, or at all. Any comments or statements in this e-mail do not necessarily reflect those of Morgan and its affiliates, including the U Morgan Research Department. s Free Writing Prospectus This e-mail contains non-binding indicative pricing terms, which have been prepared by.. Morgan using our standard methodologies for quotations of this kind. We take no responsibility for the accuracy, completeness or appropriateness of these methodologies. The actual historical data and indicative price quotations herein are as of a particular date and time only and may change without notice.. Morgan is under no obligation to update the information in this e-mail. Actual terms of any transaction will be subject to market conditions at the time of execution. The example is for illustrative purposes only and should never be implied as a guaranteed return or performance. Structured products are complex debt obligations of a corporate issuer the return of which is linked to the performance of an underlying asset. They are significantly riskier than conventional debt instruments and may not be suitable for all EFTA00847294 investors. Such risks include risk of adverse or unanticipated market developments, issuer credit quality risk, risk of counterparty or issuer default, risk of lack of uniform standard pricing, risk of adverse events involving any underlying reference obligations, entity or other measure, risk of high volatility, of risk of illiquidity and little to no secondary market. In certain transactions, investors may lose their entire investment or incur an unlimited loss. You should only purchase a structured product after review of the relevant offering documents, which contain important information concerning the terms of the product, the risk factors, and other material information. Each issuer will file a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer will file with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling me at my number below. With respect to countries in Latin America, the distribution of this material may be restricted in certain jurisdictions. Receipt of this material does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation. Morgan Private Bank" is a marketing name for private banking business conducted by JPMorgan Chase & Co. and its subsidiaries worldwide. Securities products and services are offered by Morgan Securities LLC. Member NYSE, FINRA and SIPC. Bank products and services are offered by JPMorgan Chase Bank, •. and its bank affiliates. ..INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at EFTA00847295