Michael Cembalest Chief Investment Officer [Note a] Austin Long at Columbia University walked me through the geodynamics of the MOP and how many would be needed to penetrate the Fordow facility. His calculations are a function of soil hardness/density, the weapon’s mass and impact velocity, the shape of its cone, and the percentage of each penetration that collapses back in as “spoil”, blocking the hole created by previous weapons. The estimate of 4 MOPs is based on the assumption of a modest amount of gravel spoilage, and less dense soil. Higher soil density and gravel estimates could require 2-4 more bombs. BLS Bureau of Labor Statistics BEA _ Bureau of Economic Analysis BP British Petroleum BTU _ British Thermal Unit CERA Cambridge Energy Research Associates EIA US Energy Information Agency E&P Exploration and Production GAO — Government Accountability Office IEA International Energy Agency OECD Organization for Economic Cooperation and Development OPEC Organization of Petroleum Exporting Countries SWIFT Society for Worldwide Interbank Financial Telecommunication The material contained herein is intended as a general market commentary. Opinions expressed herein are those of Michael Cembalest and may differ from those of other J.P. Morgan employees and affiliates. This information in no way constitutes J.P. Morgan research and should not be treated as such. Further, the views expressed herein may differ from that contained in J.P. Morgan research reports. The above summary/prices/quotes/statistics have been obtained from sources deemed to be reliable, but we do not guarantee their accuracy or completeness, any yield referenced is indicative and subject to change. Past performance is not a guarantee of future results. References to the performance or character of our portfolios generally refer to our Balanced Model Portfolios constructed by J.P. Morgan. It is a proxy for client performance and may not represent actual transactions or investm