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HomeMy WebLinkAboutResolution - 2012-R0308 - Authorize Settlement - JP Morgan & Chase & Co. - 08/09/2012Resolution No. 2012—RO308 August 9, 2012 Item No. 5.4 RESOLUTION E IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: THAT the Mayor of the City of Lubbock is hereby authorized and directed to cecute for and on behalf of the City of Lubbock settlement documents in connection ith an out-of-court settlement reached between Various State Attorneys General and J. Morgan & Chase & Co. ("JPMC") concerning alleged violations of state and federal ititrust and other laws by JPMC and other providers, brokers and advisors involving the marketing, sale, and placement of Municipal Bond Derivaties. Said settlement documents are attached hereto and incorporated in this Resolution as if fully set forth herein and shall be included in the minutes of the Council. Passed by the City Council this ATTEST: August 9 2012. ID '-�v - Rebecca Garza, City Secretary APPROVED AS TO CONTENT: Lee Ann Dumbauld, City Manager APPROVED AS TO FO Attorney Res/JP Morgan Chase & Co 7.27.12 RESOLUTION :lSAW*II��1�1���f�I��I�K�hl�i[�I1�I �LDI1]���]� 111:: Dox THAT the Mayor of the City of Lubbock is hereby authorized an /directed to execute for and on behalf of the City of Lubbock settlement document in connection with an out-of-court settlement reached between Various State Attorne s General and J. P. Morgan &Chase & Co. (`UPMC") concerning alleged violations f state and federal antitrust and other laws by JPMC and other providers, brokers and dvisors involving the marketing, sale, and placement of Municipal Bond Deriv ves. Said settlement documents are attached hereto and incorporated in this Res�iution as if fully set forth herein and shall be included in the minutes of the Council. / Passed by the City Council this fir --1I Rebecca Garza, City Secretary (APPROVED AS TO Dumbapfd, City Manager APPROVED AS TO ite; P Morgan Chase & Co 7.27. 12 2012. GLEN C. ROBERTSON, MAYOR JPMC Muni Bond Derivative Settlement Go GCG Claims Administrator P.O. Box 9864 Dublin, OH 43017-5764 (877) 311-1632 CMB0200045623 CITY OF LUBBOCK TOM MARTIN, MAYOR 1625 13TH ST LUBBOCK, TX 79401 July 9, 2012 NOTICE LETTER CMB Claim No: CMB01000457 YI�NIIAI6NIII�1 RECEIVED .12 2012 Re: A $65.5 Million Fund Created as the Result of an Out -of -Court Settlement Between Various State Attorneys General and JP Morgan Chase & Co. Dear Eligible Counterparty: This letter and the accompanying forms contain important information about your eligibility to share in a $65.5 million settlement fund (the "Fund") established pursuant to an out -of -court settlement between JP Morgan Chase & Co. ("JPMC") and 25 States Attorneys General to resolve matters more specifically explained in "An Agreement Among the Attorneys General of the States and Commonwealths of Alabama, California, Colorado, Connecticut, District of Columbia, Florida, Idaho, Illinois, Kansas, Maryland, Massachusetts, Michigan, Missouri, Montana, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Texas, Tennessee and Wisconsin and JP Morgan Chase & Co." dated July 7, 2011 (referred to herein as either the " u Settlement Agreement" or the Settlement"). A full copy of the Settlement Agreement can be obtained by visiting www.stateAGmunisettlement.com. Capitalized terms used herein and the accompanying forms shall have the same meanings as specified in the Settlement Agreement, unless otherwise noted. What this Packet Includes: This packet includes: (1) This Notice Letter; (2) an Election to Participate; (3) a Release Form ("Release"); and (4) a Question and Answer Pamphlet. Your Eligibility You have been identified as an Eligible Counterparty because you (1) entered into one or more Municipal Bond Derivative transactions between (i) January 1, 2001 and December 31, 2004, inclusive, for Municipal Bond Derivatives awarded through a competitive bidding process; or (ii) January 1, 2001 and December 31, 2005, inclusive, for Municipal Bond Derivatives awarded through other than a competitive bidding process; (2) where the provider of the Municipal Bond Derivative who won the bid was JPMC; and (3) the Municipal Bond Derivative has been alleged by the Attorneys General to have been impacted by the Relevant Conduct described in the Settlement Agreement. Requirements: In order to receive a share of the $65.5 million Fund, you must complete and submit to the Claims Administrator both the (1) Election to Participate form and (2) the executed Release. Your submission must be postmarked no later than August 23, 2012. Your Share: As identified in paragraph 1 of the Release, if you elect to participate in the Settlement you will receive a payment of $258,671.20. Release: By signing the Release, you give up your right to sue JPMC for certain claims, which include claims being brought against JPMC in civil class actions consolidated in the case of In re Municipal Derivatives Antitrust Litigation, described further below. You also give up your right to participate in JPMC's settlement of In re Municipal Derivatives Antitrust Litigation, described further below. Your recovery, if any, against JPMC in a lawsuit could be greater or less than your share under the Settlement Agreement. As noted above, you may review the Settlement Agreement in its entirety at www.stateAGmunisettlement.com. What follows is (1) a brief summary of the Settlement Agreement; (2) a brief description of the In re Municipal Derivatives Antitrust Litigation; and (3) instructions on how to receive payment under the Settlement Agreement and other information. You may also refer to the enclosed Question and Answer Pamphlet for more information. General Description and Summary of the Settlement Agreement The Settlement Agreement describes the details of an investigation conducted by certain Attorneys General that began in the Spring 2008. The investigation concerns alleged violations of state and federal antitrust and other laws by JPMC and other providers, brokers and advisors, involving the marketing, sale and placement of Municipal Bond Derivatives. The State Attorneys General have alleged in the Settlement Agreement that: (i) certain JPMC employees participated in an illegal scheme with brokers and other providers with whom they had relationships to put their mutual pecuniary interest ahead of those of the Municipal Bond Derivative clients they represented; (ii) JPMC and other providers and brokers were principal players in the conduct and obtained unjust profits as a result; and (iii) the wrongful conduct caused certain Issuers throughout the United States to be paid artificially suppressed rates or yields on Municipal Bond Derivative transactions that were the subject to the conduct. JPMC has cooperated in the investigation by voluntarily disclosing evidence related to its role in the Relevant Conduct and by agreeing to pay restitution to parties injured by the Relevant Conduct. Following an investigation by the Attorneys General in which they determined that not all municipal bond derivative transactions entered into by JPMC were affected, JPMC and the Attorneys General entered into the Settlement Agreement whereby, among other things, JPMC agreed to pay restitution to Eligible Counterparties in return for a Release of claims against JPMC (as defined in the Release). By claiming from the Fund, you will not give up your right to sue any other entity that may also be responsible for injuries to you related to the Relevant Conduct. You will also not be giving up your right to sue JPMC for the time period prior to January 1, 1998 or after December 31, 2006. You will, however, give up your right to sue JPMC for the 1998-2006 time period, which means you could not sue JPMC for certain claims that are currently being pursued on your behalf in the In re Municipal Derivatives Antitrust Litigation, described in the next section. In connection with the In re Municipal Derivatives Antitrust Litigation, Class Counsel has submitted comments to the proposed States' Settlement with Bank of America stating their concerns about participation in its proposed distribution. In determining whether to participate in the States' Settlement with JPMC, prospective recipients should consult counsel. The views of Class Counsel and the Attorneys General in this regard may be obtained by communicating with them directly. Contact information for them is provided in question 21 of the enclosed Question and Answer Pamphlet and Addendum B to that pamphlet. Any variance between this Notice Letter and the Settlement Agreement will be controlled by the Settlement Agreement. Related Pending Civil Actions Beginning in March 2008, JPMC was named as a defendant along with numerous other financial institutions and brokers in civil suits filed in state and federal courts in New York, the District of Columbia, California, and West Virginia. To date, 30 such actions have been filed, which name JPMC as a defendant. The named plaintiffs in these complaints are governmental, quasi -governmental, and not -for -profit entities that issue and/or receive the proceeds of municipal bonds and invest those bond proceeds in Municipal Bond Derivatives provided by the defendants. Some of the cases have been brought as putative class actions on behalf of these entities nationwide, and others as individual actions. A number of these lawsuits bring class actions on behalf of a putative class of entities that entered into Municipal Bond Derivatives transactions with any provider or broker (not just JPMC) at any point in time from 1992 through the present. Thus, you might be both a member of a putative class and also eligible to receive restitution under this Settlement. All of the cases have now been transferred to the U.S. District Court for the Southern District of New York and consolidated for pretrial proceedings in a single litigation entitled In re Municipal Derivatives Antitrust Litigation, MDL No. 1950, Master Civil Action No. 08-2516 (S.D.N.Y.). The complaints allege that the defendants, including JPMC, conspired to violate federal and state antitrust laws by allocating customers, and fixing or stabilizing rates of return on certain Municipal Bond Derivatives from 1992 to the present- 2 RELEASE 1. In consideration of the receipt by Releasor of $258,671.20 relating to the KO PSA SWAP (approximate trade date 04/11/2002); TERMINATION BY UNWIND (approximate trade date 06/30/2005), payment of which is made by JPMC in accordance with the terms of the Settlement Agreement, Releasor hereby releases Releasee from all civil claims, counterclaims, cross -claims, set -offs, causes of action of any type (whether common law, equitable, statutory, regulatory or administrative, class, individual or otherwise in nature, and whether reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, secured or unsecured) demands, disputes, damages, restitution, whenever incurred, and liabilities (including joint and several) of any nature whatsoever, including without limitation, costs, fines, debts, expenses, penalties and attorneys fees, known or unknown, that it has against the Releasee arising from the Relevant Conduct in relation to the marketing, sale or placement of Municipal Bond Derivatives, including any claims that have been or could be asserted In re Municipal Derivatives Antitrust Litigation, MDL No. 1950, Master Docket No. 08-2156, any actions pending in the United States District Court for the Southern District of New York captioned In re Municipal Derivatives Antitrust Litigation, or any related actions filed in or transferred to the United States District Court for the Southern District of New York that are coordinated with or consolidated into the preceding Civil Action docket. 2. In the event that the total payment referred to in Paragraph 1 is not made for any reason, then this Release shall be null and void, provided that any payments received by Releasor shall be credited to Releasee in connection with any claims that (i) Releasor may assert against Releasee; (ii) that are asserted against Releasee on behalf of Releasor by a class of which Releasor is a member; or (iii) that are asserted by any third party against Releasee as to which Releasee may assert a setoff under any applicable law. 3. The Releasor intends by this Release to settle with and release only Releasee and does not intend this Release, or any part hereof or any other aspect of the settlement or the releases, to extend to, to release or otherwise to affect in any way any rights that the Releasor has or may have against any other parry or entity whatsoever, other than Releasee. 4. Releasor hereby waives the provisions of California Civil Code section 1542, which provides: "A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor." This provision shall not be deemed to turn a specific release into a general release. 5. The Releasor represents and warrants that the released claims have not been sold, assigned or hypothecated, in whole or in p o7 L,,,c�VC k 745-6000 5"90 Print or TyI6e Name of Counterparty Tax Identification Number 16 Z S 13+4, Sa-re-e-+ Counterparty Address CA�60ck - -X4 01 City, State and Signature P"t ' Git (!f. o�er+sov. Print Name of Person Signing (806)?i5%Zo10 Phone Number Date Melnr Title and Capacity of Person Signing 4a1 Ae_r+son Eyhail Address 2 JPMC Muni Bond Derivative Settlement Go GCG Claims Administrator P.O. Box 9864 Dublin, OH 43017-5764 (877) 311-1632 ioeir'ri11111o11111Ae11111e1111 CITY OF LUBBOCK TOM MARTIN, MAYOR 162513TH ST LUBBOCK, TX 79401 CMB 111111111111111111111111111 IN 1111111111111111111 Claim No: CMB01000457 RELEASE BY PARTICIPATING COUNTERPARTIES This release executed this day of 20 , by the Releasor (as defined below) in favor of the Releasee (as defined below). DEFINITIONS A. "Releasor" shall mean CITY OF LUBBOCK, TX and any of its divisions, affiliates, subsidiaries, groups, associates, general or limited partners or partnerships, predecessors, successors or assigns, including, without limitation, any of their respective present officers, trustees, employees, agents, attorneys, representatives and shareholders, affiliates, associates, general or limited partners or partnerships, heirs, executors, administrators, predecessors, successors, assigns or insurers acting on behalf of Releasor. B. "Releasee" refers to JPMorgan Chase & Co., and all of its successors, predecessors, assigns and their subsidiaries, divisions, groups, affiliates and partnerships, including without limitation, any of their respective past or current officers, directors, and employees (collectively, "JPMC'). C. "Relevant Conduct" shall mean, except as provided below, JPMC engaging in any of the following conduct from January 1, 1998 through December 31, 2006, whether by itself or in concert with Providers and Brokers: (i) rigging bids or fixing the prices or other terms and conditions of any Municipal Bond Derivatives; (ii) agreeing not to bid for any Municipal Bond Derivatives; or (iii) engaging in any other anticompetitive, deceptive, unfair or fraudulent conduct relating to any Municipal Bond Derivatives including, but not limited to, misrepresenting or omitting material facts whose primary purpose is to prevent the discovery of the anti -competitive conduct. Notwithstanding the foregoing, Relevant Conduct does not include conduct related to attempts to manipulate underlying interest rates used in the pricing of Municipal Bond Derivatives. D. "Municipal Bond Derivatives" shall mean: (i) contracts involving the reinvestment of the proceeds of tax-exempt bond issues and Qualified Zone Academy Bonds, or bonds issued by or on behalf of any governmental or quasi -governmental or non-profit entity in the United States of America, including but not limited to, states, cities, towns, counties, villages, parishes, school districts, clubs, or various economic development, redevelopment, financing, lottery, parking, housing, educational, medical, religious, public safety, building, water, sewer, hospital, transportation, public works, waste management, environmental, port, park, airport, telecommunications and power authorities, corporation or boards; and (ii) transactions involving the management or transfer of the interest rate risk associated with the bonds or bond issues described above including, but not limited to, guaranteed investment contracts, forward supply, purchase, or delivery agreements, repurchase agreements, swaps, options and swaptions. Notwithstanding the foregoing, Municipal Bond Derivatives does not include (i) contracts to underwrite the issuance of municipal bonds; (ii) credit default products, such as credit default swaps and credit default options; (iii) auction -rate securities; (iv) inter- dealer swaps; (v) swaps, or other agreements between providers to hedge, manage or otherwise share or transfer their risk on a Municipal Bond Derivative except to the extent used to facilitate any improper undisclosed payments to brokers or the rigging of bids for the reinvestment or management of bond proceeds. E. "Covered Derivatives" shall mean Municipal Bond Derivatives that meet the criteria set forth in Attachment A to the Settlement Agreement. F. "Settlement Agreement" shall mean the Settlement Agreement between JPMorgan Chase & Co. and the Attorneys General of the States and Commonwealths of Alabama, California, Colorado, Connecticut, District of Columbia, Florida, Idaho, Illinois, Kansas, Maryland, Massachusetts, Michigan, Missouri, Montana, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Texas, Tennessee, Wisconsin, dated July 7, 2011. G. "Effective Date" shall mean the Effective Date of the Settlement Aqreement. In order to participate in the Settlement, you will be required to sign the Release, which gives up your right to sue JPMC for certain claims for damages, including claims being brought in the In re Municipal Derivatives Antitrust Litigation or in any suit against JPMC you bring on your own. If you choose to participate in this Settlement, you will also be giving up your right to participate in JPMC's settlement of /n re Municipal Derivatives Antitrust Litigation. Lead Counsel in In re Municipal Derivatives Antitrust Litigation have reached a settlement with JPMC pursuant to which JPMC has agreed to pay a settlement amount of up to $44,575,000 dollars for the benefit of a proposed settlement class. That settlement has not yet been approved by the Court. In that case, the proposed settlement class includes all state, local and municipal government entities, independent government agencies, quasi -government, non-profit and private entities that (i) purchased by negotiation, competitive bidding or auction municipal derivative transactions directly from JPMC, Wachovia Bank, N.A., Wells Fargo & Company, Bank of America, N.A., Bear, Stearns & Co., Inc., Morgan Stanley, National Westminster Bank Plc, Natixis Funding Corp., Piper Jaffrey & Co., Societe Generale SA, UBS AG, AIG Financial Products Corp., SunAmerica Life Assurance Co., Financial Security Assurance Holdings, Ltd., Financial Security Assurance, Inc., Trinity Funding Co. LLC, GE Funding Capital Market Services, Inc., Lehman Brothers, MG Financial Products Corp., XL Capital Ltd., XL Asset Funding Co. I LLC or XL Life Assurance & Annuity, Inc., or other providers that could have been named as defendants or co-conspirators or (ii) purchased by negotiation, competitive bidding or auction municipal derivative transactions brokered by Natixis Funding Corp., f/k/a IXIS Funding Corp., and before that, f/k/a CDC Funding Corp., Investment Management Advisory Group, Inc., CDR Financial Products, Winters & Co. Advisors, LLC, George K. Baum & Co., Sound Capital Management, Inc., Piper Jaffray & Co., Feld Winters Financial LLC, First Southwest Company, Kinsell Newcomb & De Dios Inc., Mesirow Financial, Morgan Keegan & Co., Inc., PackerKiss Securities, Inc., or other brokers that could have been named as defendants or co-conspirators at any time from January 1, 1992 through August 18, 2011, in the United States and its territories or for delivery in the United States or its territories.' As with any class action in court, any settlement in the /n re Municipal Derivatives Antitrust Litigation would have to be approved by a judge. Your allocated share of any recovery resulting from the class action settlement, should it be approved by the court, or from the resolution of litigation you institute, may be greater or less than your eligible share under this Settlement. If you participate in this Settlement with JPMC, you will not be eligible to make a claim under the class settlement with JPMC. This Settlement is different from a class action settlement. First, the Settlement is pursuant to the sovereign authority of the 25 State Attorneys General who entered into the Settlement Agreement. Second, the Settlement is an out -of -court settlement and thus has not been subject to preliminary and final court approval proceedings, a fairness hearing or objections. The accompanying Question and Answer Pamphlet contains a more detailed explanation of the civil actions pending in the Southern District of New York in the In re Municipal Derivatives Antitrust Litigation and the contact information for interim class counsel in that case. 1 A copy of the Settlement Agreement between JPMC and the named class plaintiffs in In re Municipal Derivatives Antitrust Litigation, MDL No. 1950, dated April 18, 2012, is available from Lead Counsel, or htta://r)acer.loain.uscourts.gov. 3 Instructions on How You May Receive Payment To receive a payment from the Fund, you must timely submit to the Claims Administrator the enclosed (1) Election to Participate and (2) Release. You should carefully read through the materials and be sure to submit both the Election to Participate and the executed Release. Failure to submit both forms in accordance with the instructions and as set forth in the Settlement Agreement may result in the rejection of your claim. The documents must be postmarked NO LATER THAN AUGUST 23, 2012. They should be returned to the following address in the enclosed self-addressed postage prepaid envelope: JPMC Muni Bond Derivative Settlement c/o GCG Claims Administrator P.O. Box 9684 Dublin, OH 43017-5764 Election to Not Participate or Otherwise Not Respond If you elect not to participate or otherwise do not respond to this Notice Letter, the Settlement Agreement shall have no effect on the claims or causes of action for damages, disgorgement, restitution or any other relief that you may have against JPMC for the Relevant Conduct, including any right you might have to participate in any settlement of any claims in the pending actions or to pursue your own independent action. It is recommended that you consult with an attorney for legal advice as to your options. Additional Information For more information please refer to the Question and Answer Pamphlet enclosed with this Notice Letter. You may also: • Visit the website: www.stateAGmunisettlement.com • Write the Claims Administrator, GCG at: JPMC Muni Bond Derivative Settlement c/o GCG Claims Administrator P.O. Box 9684 Dublin, OH 43017-5764 Information as to how to contact the private class counsel in the In re Municipal Derivatives Antitrust Litigation is contained in the Question and Answer Pamphlet (at Question 21). Sincerely, The Claims Administrator 4 JPMC Muni Bond Derivative Settlement Go GCG Claims Administrator P.O. Box 9864 Dublin, OH 43017-5764 (877) 311-1632 �eoirii'n1111111111un CITY OF LUBBOCK TOM MARTIN, MAYOR 1625 13TH ST LUBBOCK, TX 79401 ELECTION TO PARTICIPATE IN SETTLEMENT WITH JIP MORGAN CHASE & CO. CMB Claim No: CMB01000457 CITY OF LUBBOCK, TX, hereby elects to participate in the Settlement Agreement Among the Attorneys General of the States and Commonwealths of Alabama, California, Colorado, Connecticut, District of Columbia, Florida, Idaho, Illinois, Kansas, Maryland, Massachusetts, Michigan, Missouri, Montana, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Texas, Tennessee and Wisconsin and JP Morgan Chase & Co., dated July 7, 2011. By signing below, I am confirming that: (1) 1 have authority to act on behalf of the Participating Counterparty; (2) the Participating Counterparty was the counterparty to each of the Covered Derivatives listed in the Release; and (3) the Participating Counterparty has not assigned, sold, or otherwise transferred its rights to any of the Covered Derivatives (or did not assign, sell, or transfer its rights prior to termination of any of the transactions). C;+% C� L" �4De- 11C Print or Typd Name of Counterparty 16 z s' 1 3.ti, S+,r?-a+ Counterparty Address Lc,tibock . Tx City, State and Zip Signatu� e, c Print Name of Person Signing i�d6�775- Zolo Phone Number 7 5- 6 000 59 Tax Identification Number Date AA-n Title and Capacity of Person Signing ('obt.r+so,ft dt rh /i,,L,boc�c k s Efnail Address This Page Intentionally Left Blank Question and Answer Pamphlet THESE QUESTIONS AND ANSWERS ARE NOT LEGAL ADVICE. They are provided for informational purposes only. Actual legal advice can only be provided after consultation with an attorney in your jurisdiction. 1. What is the purpose of this Notice Packet? The purpose of this Notice Packet is to inform you of a $65.5 million settlement fund established pursuant to an out -of -court settlement between JP Morgan Chase & Co. ("JPMC") and 25 States Attorneys General to resolve matters more specifically explained in "An Agreement Among the Attorneys General of the States and Commonwealths of Alabama, California, Colorado, Connecticut, District of Columbia, Florida, Idaho, Illinois, Kansas, Maryland, Massachusetts, Michigan, Missouri, Montana, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Texas, Tennessee and Wisconsin and JP Morgan Chase & Co." dated July 7, 2011 (referred to herein as either the "Settlement Agreement" or the "Settlement"). A full copy of the Settlement Agreement can be obtained by visiting www.stateAGmunisettlement.com. This Notice Packet provides an overview of the Settlement Agreement along with your rights and steps you must take in order to receive your share of the Fund as an Eligible Counterparty. 2. Why did I receive this Notice Packet? The purpose of this Notice Packet is to inform you that 25 State Attorneys General and JPMC have entered into an out -of -court settlement to distribute a total of $65.5 million to affected entities in 50 states and select U.S. territories as described in the Settlement Agreement. You have received this Notice Packet because you have been identified as an affected -entity ("Eligible Counterpart)(') who may elect to participate in this Settlement as indicated in this Notice Packet. Based on the investigation conducted by the Attorneys General, with cooperation from JPMC, the Attorneys General allege that the listed Municipal Bond Derivative you engaged in with JPMC was impacted by the Relevant Conduct outlined in the Settlement Agreement. 3. What is the Relevant Conduct? Generally, the Relevant Conduct means engaging in anticompetitive conduct and/or unfair trade practices relating to Municipal Bond Derivatives between January 1, 1998 through December 31, 2006. The State Attorneys General have alleged that: (i) certain JPMC employees participated in an -illegal scheme -with -brokers and other providers with whom they had relationships to put their mutual financial interests ahead of those of the Municipal Bond Derivative clients they represented; (ii) JPMC's employees' participation in the scheme began at least as early as 2001 and continued through at least 2005; (iii) JPMC and other providers and brokers were principal players in the conduct and -obtained unjust profits as a result; and (iv) the wrongful conduct caused Issuers throughout the United States to be paid artificially suppressed rates or yields -on Municipal Bond Derivative transactions that were the subject of the conduct. JPMC was identified as a firm which engaged in unlawful conduct through investigations by the Antitrust Division of the United States Department of Justice, the Securities and Exchange Commission, the Federal Reserve Bank, the Office of the Comptroller of the Currency and the Attorneys General. The Settlement Agreement with JPMC is part of a broad and ongoing three-year investigation of the municipal bond derivatives industry by the Attorneys General. As part of its obligations under the Settlement Agreement, JPMC has agreed to continue to cooperate with the Attorneys General's ongoing investigation. The Settlement Agreement contains a more detailed explanation of the Relevant Conduct. JPMC has not admitted the allegations of the Relevant Conduct. A full copy of the Settlement Agreement can be obtained by visiting www.stateAGmunisettlement.com. 4. What is an "Eligible Counterparty"? An Eligible Counterparty means Municipal Bond Derivatives Counterparties that entered into one or more Covered Derivatives with JPMC from January 1, 2001 to December 31, 2005. 5. What is a "Municipal Bond Derivatives Counterparty"? A Municipal Bond Derivatives Counterparty is an entity that entered into one or more Municipal Bond Derivatives with JPMC, but does not include Providers, Brokers, other financial institutions or any for profit entities. 6. What is a "Covered Derivative"? A Covered Derivative is a Municipal Bond Derivative that was (1) awarded through a competitive bidding process or a negotiated process where the provider is JPMC; (2) entered between (i) January 1, 2001 and December 31, 2004 inclusive for Municipal Bond Derivatives awarded through a competitive bidding process; or (ii) January 1, 2001 and December 31, 2005, inclusive for Municipal Bond Derivatives awarded through other than a competitive bidding process; and (3) identified by the Attorneys General as a transaction they believe was impacted by the Relevant Conduct, based upon evidence developed by the Investigation. Based on the evidence developed through the Attorneys General's investigation, the Attorneys General believe that: (a) participation by specific JPMC marketers in the illegal conduct was primarily carried out during the period January 1, 2001 through December 31, 2005; and (b) JPMC marketers engaged in the Relevant Conduct with only certain providers and brokers. Therefore, the Settlement Agreement provides for compensation to Eligible Counterparties only for transactions during the period January 1, 2001 through December 31, 2005. Covered Derivatives deemed to have been impacted are those transactions in which specific JPMC marketers or specific brokers participated. 7. What are the benefits of the Settlement? JPMC paid a total of $65.5 million into a fund that will be used to make restitution to certain Municipal Bond Derivative Counterparties, including you. The Settlement Agreement provides a simple process for you to receive your share of the settlement fund specified in this Notice Packet. To receive a payment pursuant to this Settlement all you need to do is return the Election to Participate and the Release. No other documentation is required. 8. What do I give up if I choose to participate in the Settlement? In order to participate in this Settlement, you will be required to sign the Release included in the packet. By signing the Release, you would be giving up your right to sue JPMC for certain claims for damages against JPMC in the civil class actions in the In re Municipal Derivatives Antitrust Litigation (described further below in Question 9) or in any suit against JPMC you bring on your own. You will also be giving up your right to participate in JPMC's settlement in the In re Municipal Derivatives Antitrust Litigation. The named plaintiffs in In re Municipal Derivatives Antitrust Litigation have reached a settlement with JPMC pursuant to which JPMC has agreed to pay a settlement amount of up to $44,575,000 for the benefit of a proposed settlement class. That settlement has not yet been approved by the court. In that case, the proposed settlement class includes all state, local and municipal government entities, independent government agencies, quasi -government, non-profit and private entities that (i) purchased by negotiation, competitive bidding or auction municipal derivative transactions directly from JPMC, Wachovia Bank, N.A., Wells Fargo & Company, Bank of America, N.A., Bear, Stearns & Co., Inc., Morgan Stanley, National Westminster Bank Plc, Natixis Funding Corp., Piper Jaffrey & Co., Societe Generale SA, UBS AG, AIG Financial Products Corp., SunAmerica Life Assurance Co., Financial Security Assurance Holdings, Ltd., Financial Security Assurance, Inc., Trinity Funding Co. LLC, GE Funding Capital Market Services, Inc., Lehman Brothers, MG Financial Products Corp., XL Capital Ltd., XL Asset Funding Co. I LLC or XL Life Assurance & Annuity, Inc., or other providers that could have been named as defendants or co-conspirators or (ii) purchased by negotiation, competitive bidding or auction municipal derivative transactions brokered by Natixis Funding Corp., f/k/a IXIS Funding Corp., and before that, f/k/a CDC Funding Corp., Investment Management Advisory Group, Inc., CDR Financial Products, Winters & Co. Advisors, LLC, George K. Baum & Co., Sound Capital Management, Inc., Piper Jaffray & Co., Feld Winters Financial LLC, First Southwest Company, Kinsell Newcomb & De Dios Inc., Mesirow Financial, Morgan Keegan & Co., Inc., PackerKiss Securities, Inc., or other brokers that could have been named as defendants or co-conspirators at any time from January 1, 1992 through August 18, 2011, in the United States and its territories or for delivery in the United States or its territories.' As with any class action in court, any settlement in the In re Municipal Derivatives Antitrust Litigation would have to be approved by a judge. Your allocated share of any recovery resulting from the class action settlement, should it be approved by the court, or from the resolution of litigation you institute, may be greater or less than your eligible share under this Settlement. If you participate in this Settlement with JPMC, you will not be eligible to make a claim under the class settlement with JPMC. In determining whether you should participate in the Settlement, it is recommended that you consult with counsel of your own choosing. THESE QUESTIONS AND ANSWERS ARE NOT LEGAL ADVICE. They are provided for informational purposes only. Actual legal advice can only be provided after consultation with a licensed attorney. 9. What are the details of the related pending civil actions in the In re Municipal Derivatives Antitrust Litigation? In March 2008, two private law firms (Hausfeld LLP and Boies Schiller & Flexner, LLP) filed the first case in the country against JPMC, in federal court based on the Relevant Conduct, which is described in Question 3 above. Other attorneys filed suits across the country as well. The filed cases were consolidated in the Southern District of New York (In re Municipal Derivatives Antitrust Litigation, MDL No. 1950, Master Civil Action No. 08-2516), and Judge Victor Marrero was selected to preside over the cases. Judge Marrero chose three private law firms - Hausfeld LLP, Boies Schiller & Flexner, LLP, and Susman Godfrey - as interim lead class counsel ("Lead Counsel") to represent a class of entities allegedly injured by the Relevant Conduct. Having received additional information from the leniency applicant, Bank of America, Lead Counsel filed a Second Amended Complaint that describes in detail the illegal scheme Lead Counsel alleges took place. It alleges that defendants, including JPMC, conspired to violate federal and state antitrust laws by allocating customers and fixing or stabilizing rates of return on certain municipal derivatives from 1992 to the present. The lawsuits seek unspecified damages, restitution, disgorgement and such other relief as may be granted by the court. The claims in the In re Municipal Derivatives Antitrust Litigation include claims similar to the claims being settled by the Settlement Agreement but also include claims (1) for the entire period of 1992 to the present; (2) claims based on derivatives that JPMC bid on but did not win; and (3) claims for triple damages. As of this date, the named plaintiffs in In re Municipal Derivatives Antitrust Litigation have reached a settlement with JPMC, which the court has not yet approved. Your allocated share of any recovery resulting from that settlement, should it be approved by the Court, could be greater or less than your eligible share under the Settlement. If you participate in this Settlement you will not be eligible to participate in JPMC's settlement of In re Municipal Derivatives Antitrust Litigation. ' A copy of the Settlement Agreement between JPMC and the named class plaintiffs in In re Municipal Derivatives Antitrust Litigation, MDL No. 1950, dated April 18, 2012, is available from Lead Counsel, or hftp://i)aoer.login.uscourts.gov. Addendum A to this Pamphlet contains a listing of the civil actions pending in the In re Municipal Derivatives Antitrust Litigation. A listing is also included at www.stateAGmunisettlement.com. The contact information for Lead Counsel is provided in Question 21 below. 10. What are the differences between this Settlement and the settlement in the class action? The entire $65.5 million in this Fund has been allocated to Eligible Counterparties. In the class action settlement, up to $44.575 million will be used to make payments to class members, for notice and administration costs, taxes and expenses, attorneys' fees and costs, and distribution costs. Lead Counsel have not yet proposed a plan for distributing up to $44.575 million or determined what part of the $44.575 million will be allocated to make payments to class members. 11. What State Attorneys General are parties to the Settlement? The Attorneys General of Alabama, California, Colorado, Connecticut, District of Columbia, Florida, Idaho, Illinois, Kansas, Maryland, Massachusetts, Michigan, Missouri, Montana, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, and Wisconsin have elected to participate in the Settlement Agreement. Relevant contact information for these Attorneys General is available at www.stateAGmunisettlement.com. Regardless of whether your State Attorney General is a party to the Settlement, you can choose whether to participate in the Settlement and release your claim(s) against JPMC. It is your decision. 12. If I reside in a State where the Attorney General is not a party to the Settlement Agreement can I still participate? Yes, you can participate because you are an Eligible Counterparty. The fact that the Attorney General in your State is not a party to the Settlement Agreement does not affect your ability to claim from the Fund. You should be guided by the Notice Packet and follow the instructions for filing an Election to Participate and Release. 13. How do I participate? In order to participate and receive payment from the Fund, you must timely submit both the (1) Election to Participate and (2) the Release. Your Release and Election to Participate must be postmarked no later than 45 days from the date of the letter accompanying this Notice Packet. No other documentation is required. 14. Do I have to participate? No. If you decide you do not want to participate in this Settlement you do not have to take any affirmative action. That is, if you do not return the Election to Participate and Release you will be excluded from the Settlement. Also, you will retain your right to bring claims against JPMC for the Relevant Conduct, either through your own litigation or the civil class actions. 15. What is my share of the Fund? The total amount of your distribution is set forth on page 1 of the Notice under the heading "Your Share." 16. How was my share calculated? Your share was based on a formula developed by the Attorneys General with the assistance of an independent economic expert hired by the Attorneys General. The Settlement Agreement provides that the Attorneys General have the right to adopt a formula they deem appropriate for payments from the settlement fund. The Attorneys General's economic expert was retained early in the Attorneys General's investigation to review and analyze data obtained by the Attorneys General as part of their investigation, and to assist in estimating alleged overcharges caused by the relevant conduct. Once the Attorneys General and JPMC had reached agreement on the amount of restitution (which included the Attorneys General's estimate of the overcharge plus interest) that JPMC would pay into the settlement fund ($65.5 million), the Attorneys General asked their economic expert to develop a formula and plan to allocate the settlement fund. The entire $65.5 million will be available for distribution to Eligible Counterparties. Your share of the settlement fund will be determined using an overcharge methodology established by the Attorneys General that takes into account the estimated overcharge percentage assigned for the general type(s) of Covered Derivative(s) you entered into with JPMC (e.g., interest rate swap, forward purchase agreement, guaranteed investment contract, etc.) in a particular time period. It defines dollar overcharge (which is used in estimating the overcharge percentage) as the difference between (1) the amount of estimated profit attributed to your Covered Derivative(s), and (2) the estimated profit JPMC would have earned absent the Relevant Conduct (otherwise known as the "But -for -Profit"). Your share equals the percentage that your estimated dollar overcharge is to the total overcharge for all Eligible Counterparties (the "Share of Damages") multiplied by the settlement fund. Thus, for example and only for purposes of illustration, if the estimated dollar overcharge represented .03% of the total overcharge for all Eligible Counterparties, it would be multiplied by $65.5 million and your share of the settlement fund would be $19,650 (the "Fund Share"). If you entered into more than one Covered Derivative with JPMC, then your total share of the settlement fund will be the sum of the Fund Shares for all such Covered Derivatives you entered into with JPMC. Because this is a nationwide recovery, the same formula was applied to all Eligible Counterparties for the type(s) of Covered Derivatives they purchased, regardless of the state in which they reside. There will be no deductions whatsoever from the Fund for attorneys' fees, expenses or administrative costs. For additional information, see Question 19 below. By participating in this Settlement, you are giving up your right to pursue a different formula for recovery against JPMC. You could pursue a different formula only if you decided not to participate in the Settlement and instead brought your own action or participated in the In re Municipal Derivatives Antitrust Litigation class action settlement with JPMC. 17. What happens to any money left in the Fund after all participating Eligible Counterparties are paid? If any money remains in the Fund after all Eligible Counterparties who want to participate are paid their full allocation, the Fund can be used to pay other claims against JPMC by Municipal Bond Derivative Counterparties (including claims asserted in the civil class actions) arising from the same Relevant Conduct as is the subject of the Settlement Agreement. In the event any money remains after all eligible claims have been paid, the remaining funds may be used by the Attorneys General for additional distribution to Eligible Counterparties that participated in the Attorneys General Settlement, for the antitrust training of deputy and assistant attorneys general, or as otherwise directed by the Attorneys General. Under no circumstances will any money be returned to JPMC. 18. What are the tax ramifications if I elect to participate and are there any ramifications for holders of tax exempt bonds which I issued or that were issued in connection with my Municipal Bond Derivative(s)? JPMC entered into a settlement agreement with the Internal Revenue Service ("IRS") which required JPMC to make payments to the IRS with respect to JPMC's Relevant Conduct in connection with your Municipal Bond Derivative(s) that are the subject of the Settlement Agreement. Under its settlement with the IRS, for purposes of determining your compliance with the arbitrage requirements of Section 148 of the Internal Revenue Code, the Municipal Bond Derivative(s) that you entered into with JPMC during the period 1997 through 2006 are deemed to have been entered into on terms which represented the fair market value of such Municipal Bond Derivative(s). Moreover, for purposes of Sections 103 and 141 through 150 of the Internal Revenue Code, any settlement payments received from JPMC by affected issuers are not required to be included in the gross proceeds of the related bond issue. If you have further questions on the tax ramifications of this settlement, you should contact your tax advisor. 19. Do I have to pay attorney fees or administrative costs? No. Under the Settlement Agreement, JPMC is responsible for paying all of the costs of administering the Settlement. In addition, you do not need to pay any attorney fees to the State Attorneys Generals in order to participate in this Settlement. In addition to the $65.5 million settlement fund, JPMC has made a separate Additional Payment of $6 million to an escrow fund that will be used to reimburse fees and expenses in connection with the Attorneys General's investigation, and for other purposes that the Attorneys General deem appropriate, consistent with state laws. JPMC has also paid a $3.5 million civil penalty to the Attorneys General. 20. Does the Settlement Agreement have any provisions relating to conduct by JPMC? Yes. Pursuant to the Settlement Agreement, JPMC has agreed that its officers, managers, agents, employees and any other person or company acting on its behalf or at its direction, will not directly or indirectly, maintain, solicit, suggest, advocate, discuss or cant' out any combination, conspiracy, agreement, understanding, plan or program with any actual or potential competitor, financial advisor, bidding agent or broker to (a) submit courtesy or otherwise non-competitive or intentionally losing bids for Municipal Bond Derivatives, (b) refrain from bidding on or negotiating for Municipal Bond Derivatives, (c) unlawfully or fraudulently coordinate the preparation, submission, content, price and other terms of competitors' bids for competitively -bid Municipal Bond Derivatives or (d) engage in the Relevant Conduct as defined above. JPMC, its directors, officers, managers, agents, employees and any other person or company acting on its behalf or at its direction, also agreed that they will not, in conjunction with the marketing, sale or placement of Municipal Bond Derivatives, make misrepresentations or omit material facts to potential counterparties, their agents, brokers or advisors. 21. Whom can I contact if 1 have additional questions? You are free to consult with counsel of your own choosing In addition, with respect to questions about the Settlement Agreement, you or your counsel may contact The Garden City Group, Inc.("GCG"), the independent Claims Administrator, by writing to: JPMC Muni Bond Derivative Settlement c/o GCG Claims Administrator P.O. Box 9864 Dublin, OH 43017-5764 or JPMCQuestions@stateAGmuniseftlement.com You or your counsel may also contact your Attorney General's Office. If you would like to speak to your Attorney General but the State in which you are located does not have a participating Attorney General, we ask that you e-mail us at JPMCQuestions@stateAGmunisettlement.com and your question will be forwarded to State Attorneys General's Claims Representative, Joseph S. Betsko, Deputy Attorney General with the Commonwealth of Pennsylvania. Please see Addendum B or visit www.stateAGmunisettlement.com for a complete listing of the contact information for the participating State Attorneys General. With respect to questions about the civil class actions in the In re Municipal Derivatives Antitrust Litigation, you or your counsel may contact Lead Counsel: Michael Hausfeld Hausfeld LLP 1700 K Street, NW, Suite 650 Washington, D.C. 20008 Tel: (202) 540-7200 Email: munibonds@hausfeldllp.com Or visit: www.hausfeldlip.com If you are in California, you or your counsel may also contact the lawyers who represent the putative California statewide class: Sylvia M. Sokol Moscone Emblidge & Sater LLP 220 Montgomery Street, Suite 2100 San Francisco, CA 94104 Tel: (415) 992-4355 Email: Sokol@meslip.com Eric Fastiff Lieff Cabraser Heimann & Bernstein, LLP 275 Battery Street, 29th Floor San Francisco, CA 94111-3339 Tel: (415) 956-1000 Email: efastiff@lchb.com ADDENDUM A: JPMC Municipal Bond Derivatives Notice Packet IN RE MUNICIPAL DERIVATIVES ANTITRUST LITIG. CIVIL LITIGATION Case Caption Named Plaintift(s) Hinds County, MS v. Wachovia Bank N.A.et al. City of Baltimore, MD Univ. of Miss. Med. Ctr. This is the lead class action in the consolidated litigation under Univ. of South. Miss. Master Docket No. 08-2516 (S.D.N.Y.) & MDL No. 1950 Miss. Dept Transportation Univ. of Miss. Central Bucks Sch. Dist Bucks County Water & Sewer Auth. Oakland v. AIG Fin. Prods. Coro., et al, (08-6340 S.D.N.Y.) City of Oakland, CA Alameda v. AIG Fin. Prods. Corp., et al. (08-7034 S.D. N.Y.) County of Alameda, CA Fresno v. AIG Fin Prods. Corp.. et al. (08-7355 S.D.N.Y.) City of Fresno, CA Fresno County Fin. Auth. v. AIG Fin. Prods. Corp., et al. (09-1199 Fresno County Financing Auth. S.D.N.Y.) East Bay Delta Housing & Finance Agency v. Bank of America. East Bay Delta Housing & Finance Agency N.A. et al. S.D.N.Y. 11-5796 West Virginia v. Bank of America. N.A. et al. (10-769 S.D. N.Y.) State of West Virginia by and through the Attorney General Darrell V. McGraw, Jr. Los Angeles v. Bank of America. N.A. et al. (08-10351 S. D. N.Y.) City of Los Angeles, CA Stockton v. Bank of America. N.A. et al. (08-10352 S.D.N.Y.) City of Stockton, CA San Diego v. Bank of America. N.A. et al. (09-1195 S.D.N.Y.) County of San Diego, CA San Mateo v. Bank of America. N.A. et al. (09-1196 S.D.N.Y.) County of San Mateo, CA Contra Costa v. Bank of America. N.A. et al. (09-1197 S.D.N.Y.) County of Contra Costa, CA Sacramento Mun. Ufil Dist v. Bank of America. N.A. et al. (09- Sacramento Municipal Utility District (SMUD) 10103 S. D.N.Y.) Riverside v. Bank of America N.A et al. (09-10102 S.D. N.Y.) City of Riverside Tulare v. Bank of America. N A. et al. (10-628 S. D.N.Y.) County of Tulare, CA Sacramento Suburban Water Dist v. Bank of America. N.A. et al. Sacramento Suburban Water District (10-629 S.D. N.Y.) City of Stockton Redev. Agency & Pub. Fin. Auth. v. Bank of City of Stockton Redevelopment Agency & Public Financing America. N.A. et al. (10-6W S.D.N.Y.) Authority L.A World Airports v. Bank of America. N.A. et al. (10-627 Los Angeles World Airports S.D.N.Y.) Redevel. Agency of the City and County of San Francisco v. Bank of Redevelopment Agency of the City and County of San Francisco America. N.A. eta]. (10-4987 S.D. N.Y.) Richmond v. Bank of America. N.A. et al. (1 G 4989 S.D.N.Y.) City of Richmond, CA Redwood City v. Bank of America. N.A. et al. (10-4988 S.D.N.Y.) Redwood City, CA East Bay Mun. Util. Dist v. Bank of America. N.A. et al. (10-4990 East Bay Municipal Utility District S.D.N.Y.) ADDENDUM A: JPMC Municipal Bond Derivatives Notice Packet Case Cspoon blamed Ptaint#f(s) San Jose & San Jose Redevel. Agency v. Bank of America. N.A. et City of San Jose & San Jose Redevelopment Agency al. (10-4991 S D.N.Y.) Active Retirement Communty. Inc. d/b/a Jefferson's Ferry v. Bank of Active Retirement Community, Inc. d/b/a/ Jefferson's Ferry America. N.A. et al. (10-8273 S.D.N.Y.) Los Angeles Unified School District v. Bank of America. N.A.. et al. Los Angeles Unified School Distr. (LAUSD) (11-361 S.D.N.Y.) Kendal on Hudson. Inc. v. Bank of America. N.A.. et al. (10.9496 Kendal on Hudson, Inc. S.D.N.Y.) Peconic Landing at Southhold. Inc. v. Bank of America. N.A.. et al. Peconic Landing at Southhold, Inc. (11-682 S.D.N.Y.) Utah Housing Corp. v. CDR Fin Prods. Inc.. et al. (11-1019 Utah Housing Corporation S.D.N.Y.) ADDENDUM B: JPMC Municipal Bond Derivatives Notice Packet State .Attorney General & Assistant AG LUTHER STRANGE, Attorney General James M. Steinwinder, Antitrust Chief Alabama Attorney General's Office Alabama General Civil and Administrative Division 501 Washington Avenue Montgomery, Alabama 36130 334-353-9171 JSteinwinder(a)-ago.state.al.us KAMALA D. HARRIS, Attorney General Natalie S. Manzo, Supervising Deputy Attorney General California Office of the Attorney General 300 South Spring Street, Suite 1702 Los Angeles, CA 90013 213-897-2707 Natalie. Manzo(�doi.ca. gov JOHN W. SUTHERS, Attorney General Devin M. Laiho, Assistant Attorney General Colorado Consumer Protection 1525 Sherman Street, 7th Floor Denver, Colorado 80203 303-866-5079 devin.laiho(cDstate.co.us GEORGE JEPSEN, Attorney General Michael E. Cole, Chief, Antitrust Department Connecticut Christopher M. Haddad, Assistant Attorneys General 55 Elm Street, PO Box 120 Hartford, CT 06141-0120 860-808-5040 m ichael.cole(�.ct.4ov ADDENDUM B: JPMC Municipal Bond Derivatives Notice Packet State Attorney General & AssistantAG IRVIN B. NATHAN, Attorney General Bennett Rushkoff Chief, Public Advocacy Section District of Columbia Office of the Attorney General for the District of Columbia 441 Fourth Street, N.W., Suite 600-S Washington, DC 20001 202-727-5173 Ben nett. rushkoff(cDdc.gov PAMELA JO BONDI, Attorney General Nicholas Weilhammer, Assistant Attorney General Office of the Attorney General of Florida Florida The Capitol PL-01 Tallahassee, FL 32399-1050 850-414-3921 nicholas.weilhammer(aD-myfloridalegal.com LAWRENCE G. WASDEN, Attorney General Brett T. DeLange , Deputy Attorney General Consumer Protection Division Idaho Office of the Attorney General 954 W. Jefferson St., 2nd Floor P. 0. Box 83720 Boise, Idaho 83 720-001 0 208-334-4114 brett.delange(cDag.idaho.gov LISA MADIGAN, Attorney General Jamie Manning, Assistant Attorney General Illinois Office of the Illinois Attorney General 100 W. Randolph Street Chicago, IL 60601 312-814-5470 imanning(cDatg.state. il.us ADDENDUM B: JPMC Municipal Bond Derivatives Notice Packet -State Attorney General & Assistant AG TOM MILLER, Attorney General Layne M. Lindebak, Assistant Attorney General Iowa Department of Justice Iowa Hoover Office Building —Second Floor 1305 East Walnut Street Des Moines, IA 50319 515-281-7054 Layne. Lindebak aniowa.gov DEREK SCHMIDT, Attorney General Lynette R. Bakker, Assistant Attorney General Kansas Consumer Protection & Antitrust Division 120 S.W. 10th Avenue, 2nd Floor Topeka, Kansas 66612-1597 785-296-3751 Ivnette. bakker(cDksag.org DOUGLAS F. GANSLER, Attorney General Ellen S. Cooper, Assistant Attorney General Chief, Antitrust Division Maryland John R. Tennis, Assistant Attorney General Deputy Chief, Antitrust Division Office of the Attorney General 200 St. Paul Place,19th Floor Baltimore, Maryland 21202 410-576-6470 itennis(aD-oaq. state. md.us MARTHA COAKLEY, Attorney General Mary Freeley Aaron Lamb Assistant Attorneys General Massachusetts Office of the Attorney General One Ashburton Place Boston, MA 02108 617-727-2200 Mary. Freelev(ucD-state. ma. us Aaron. Lam b(M-state. ma. us ADDENDUM B: JPMC Municipal Bond Derivatives Notice Packet state Attorney General & Assistant AG BILL SCHUETTE, Attorney General D.J. Pasco, Assistant Attorney General Michigan Department of Attorney General Michigan Corporate Oversight Division 525 W. Ottawa Street Lansing, Michigan 48933 517-373-1160 PascoeDJ(cDmichigan.gov CHRIS KOSTER, Attorney General Brianna Lennon, Assistant Attorney General Missouri Attorney General's Office Missouri P.O. Box 899 Jefferson City, MO 65102 573-751-3376 brianna.lennon(cDago.mo.Qov STEVE BULLOCK, Attorney General Chuck Munson, Assistant Attorney General Montana Office of Consumer Protection 215. N Sanders Helena, MT 59620-1401 406-444-2026 cmunson(aDmt.gov CATHERINE CORTEZ MASTO, Attorney General ERIC WITKOSKI, Consumer Advocate and Chief Deputy Attorney General Brian Armstrong, Senior Deputy Attorney General Nevada State of Nevada, Office of the Attorney General Bureau of Consumer Protection 555 E. Washington Ave., Suite 3900 Las Vegas, Nevada 89101 702-486-3420 antitrust(&aa. nv.4ov ADDENDUM B: JPMC Municipal Bond Derivatives Notice Packet state Attorney General & Assistant AG JEFFREY S. CHIESA, Attorney General Brian F. McDonough, Assistant Attorney General State of New Jersey, Office of the Attorney General Department of Law and Public Safety New Jersey Division of Law 124 Halsey Street, 5th Floor P.O. Box 45029 Newark, New Jersey 07101 973-648-2500 Brian. McDonough c(a2dol.lps.state.ni.us ERIC T. SCHNEIDERMAN, Attorney General Elinor R. Hoffmann, Assistant Attorney General Sarah Hubbard, Assistant Attorney General New York Office of the Attorney General Antitrust Bureau 26th Floor, 120 Broadway New York, NY 10271 212416-8262 elinor.hoffmann(a)a4.ny.4ov ROY COOPER, Attorney General K. D. Sturgis, Assistant Attorney General North Carolina North Carolina Department of Justice P.O. Box 629 Raleigh, NC 27602 919-716-6011 ksturpisCaDncdoi.gov WAYNE STENEHJEM, Attorney General Elin S. Alm, Assistant Attorney General Consumer Protection & Antitrust Division North Dakota Office of Attorney General of North Dakota Gateway Professional Center 1050 E. Interstate Ave., Suite 200 Bismarck, ND 58503-5574 701-328-5570 ealm nd.gov ADDENDUM B: JPMC Municipal Bond Derivatives Notice Packet State Attorney General & Assistant AG MICHAEL DEWINE, Attorney General Doreen Johnson, Assistant Section Chief, Antitrust Section Ohio Ohio Attorney General's Office 150 E. Gay St, 23rd Floor Columbus, OH 43215 614-466-4328 doreen.iohnsonCaD-ohioattornev4eneral.Qov JOHN R. KROGER, Attorney General Tim D. Nord, Senior Assistant Attorney General Oregon Department of Justice 1162 Court Street NE Salem, OR 97301-4096 503-934-4400 tim.d.nord(&doi.state.or.us LINDA L. KELLY, Attorney General James A. Donahue, III Chief Deputy Attorney General Pennsylvania Office of Attorney General Antitrust Section 14th Floor, Strawberry Square Harrisburg, PA 17120 717-787-4530 idonahueCa.attorneygeneral.gov ALAN W ILSON, Attorney General J.C. Nicholson, III, Assistant Attorney General Office of South Carolina Attorney General South Carolina 1000 Assembly Street Rembert C. Dennis Bldg. Post Office Box 11549 Columbia, South Carolina 29211 803-734-9916 JCNicholson(cDscaa ctov ADDENDUM B: JPMC Municipal Bond Derivatives Notice Packet State Attorney General & Assistant AG MARK L. SHURTLEFF, Attorney General Ronald J. Ockey, Assistant Attorney General Utah Office of the Attorney General of Utah 160 East 300 South, Fifth Floor Salt Lake City, Utah 84114 801-366-0359 rockey(cDutah. qov ROBERT E. COOPER, JR. , Attorney General Victor J. Domen, Jr., Senior Counsel Tennessee Tennessee Attorney General's Office 425 Fifth Avenue North Nashville, TN 37202 615-253-3327 Vic.Domen(cD-ag.tn. qov GREG ABBOTT, Attorney General Bret Fulkerson, Assistant Attorney General Texas Texas Attorney General's Office 300 West 15th Street, Floor 7 Austin, Texas 78701 512-463-4012 bret.fulkerson UU.oaq.state.tx.us J.B. VAN HOLLEN, Attorney General Gwendolyn J. Cooley, Assistant Attorney General Wisconsin Wisconsin Department of Justice 17 W. Main St. Madison, WI 53707-7857 608-261-5810 cooleygi(cD-doi. state.wi. us