J.P. Morgan collects fees from holders of depositary receipts. JPMorgan may (i) reimburse the issuer for certain expenses incurred by the issuer in connection with the depositary receipts program or (ii) share with the issuer revenue derived by JPMorgan from the program. JPMorgan may use brokers, dealers or other service providers that are affiliates or other divisions of JPMorgan and may earn or share fees and commissions.
From time to time, J.P. Morgan may pay a rebate to brokers in connection with the deposit of shares for the issuance of unsponsored depositary receipts. J.P. Morgan disclaims all liability arising out of, or relating to, such rebates. In particular, J.P. Morgan disclaims all responsibility regarding whether such broker passes all or a portion of such rebate to beneficial holders of such depositary receipts.
Funds provided to J.P. Morgan in a foreign currency may be converted to U.S. dollars through a foreign exchange transaction with J. P. Morgan or an affiliate. The foreign exchange rate applied to the local currency received includes (i) any gain or loss incurred by J. P. Morgan on the transaction and (ii) a fee of up to 20 basis points.