Obligation JPMorgan Chase 0.637% ( US48126NUD73 ) en USD

Société émettrice JPMorgan Chase
Prix sur le marché 100 %  ▲ 
Pays  Etas-Unis
Code ISIN  US48126NUD73 ( en USD )
Coupon 0.637% par an ( paiement semestriel )
Echéance 21/02/2024 - Obligation échue



Prospectus brochure de l'obligation JP Morgan US48126NUD73 en USD 0.637%, échue


Montant Minimal 1 000 USD
Montant de l'émission 4 900 000 USD
Cusip 48126NUD7
Notation Standard & Poor's ( S&P ) A- ( Qualité moyenne supérieure )
Notation Moody's A2 ( Qualité moyenne supérieure )
Description détaillée JPMorgan Chase & Co. est une société multinationale de services financiers américaine, offrant des services bancaires d'investissement, de gestion de patrimoine, de banque commerciale et de cartes de crédit à une clientèle mondiale.

Cet article fournit une analyse détaillée d'une obligation émise par JP Morgan, une institution financière d'envergure mondiale. L'émetteur, JP Morgan, est l'une des institutions financières les plus influentes et respectées au niveau mondial, en tant que holding de services financiers de premier plan, JP Morgan Chase & Co. opère dans plus de 100 pays, offrant une vaste gamme de services incluant la banque d'investissement, les services financiers pour entreprises et particuliers, la gestion d'actifs, et les services de trésorerie ; sa présence mondiale et sa solidité financière la positionnent comme un acteur clé sur les marchés de capitaux, faisant de ses émissions obligataires des références pour les investisseurs. L'instrument financier en question, une obligation libellée en USD, portait le code ISIN US48126NUD73 et le code CUSIP 48126NUD7 ; émise depuis les États-Unis, cette obligation présentait un taux d'intérêt de 0,637%, avec une fréquence de paiement semi-annuelle (2 fois par an). La taille totale de l'émission s'élevait à 4 900 000 USD, et l'investissement minimal requis à l'achat était fixé à 1 000 USD. Un élément clé de cette obligation est sa maturité récente : elle est arrivée à échéance le 21 février 2024 et a été intégralement remboursée à sa valeur nominale de 100% du prix actuel sur le marché, attestant de l'exécution de ses obligations contractuelles par l'émetteur. La qualité de crédit de cette émission était par ailleurs soutenue par des notations solides de la part des principales agences : Standard & Poor's lui avait attribué une notation de A-, tandis que Moody's l'avait évaluée A2, des classements qui reflètent généralement une forte capacité de l'émetteur à honorer ses engagements financiers.







http://www.sec.gov/Archives/edgar/data/19617/000089109214001420/e...
424B2 1 e57588_424b2.htm PRICING SUPPLEMENT NO. 2183
CALCULATION OF REGISTRATION FEE
Maximum Aggregate
Amount of
Title of Each Class of Securities Offered
Offering Price
Registration Fee
Notes
$4,900,000
$631.12

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Pricing supplement no. 2183
Pricing supplement to
To prospectus dated November 14, 2011,
Product Supplement No. 1-II
prospectus supplement dated November 14, 2011 and
Registration Statement No. 333-177923
product supplement no. 1-II dated April 5, 2013
Dated February 18, 2014; Rule 424(b)(2)
Range Accrual Floating Rate Notes linked to 3-Month USD
Structured
LIBOR and the 10 -Year Constant Maturity Swap Rate due

Investments
February 21, 2024
$4,900,000
General
· Unsecured and unsubordinated obligations of JPMorgan Chase & Co. maturing February 21, 2024, subject to
postponement as described below.
· The notes are designed for an investor who seeks the return of their principal at maturity and periodic interest
payments based on a floating rate of interest that accrues on a daily basis if 3-Month USD LIBOR, as determined
on the related Accrual Determination Date, is less than or equal to the Maximum LIBOR Rate. Any payment on
the notes is subject to the credit risk of JPMorgan Chase & Co.
· Subject to the Accrual Provision, interest on the notes with respect to an interest period wil be equal to the 10-Year
Constant Maturity Swap Rate (10-Year CMS Rate) as determined on the applicable Interest Reset Date, provided
that such rate wil not be less than the Minimum Interest Rate of 0.00% per annum.
· The terms of the notes as set forth below, to the extent they differ or conflict with those set forth in the
accompanying product supplement no. 1-II, wil supersede the terms set forth in the accompanying product
supplement no. 1-II. Please refer to "Key Terms -- Accrual Provision," "Key Terms -- Accrual Determination Date,"
and "Selected Purchase Considerations ­ Periodic Interest Payments" in this pricing supplement for more
information. Your interest rate wil be determined as described below under "Key Terms -- Interest Rate."
· Minimum denominations of $1,000 and integral multiples of $1,000 thereafter.
· The notes priced on February 18, 2014 and are expected to settle on or about February 21, 2014.
Key Terms
Payment at Maturity:
At maturity you wil receive a cash payment for each $1,000 principal amount note of
$1,000 plus any accrued and unpaid interest.
Interest:
With respect to each Interest Period and subject to the Accrual Period Convention
described below and in the accompanying product supplement no. 1-II, for each $1,000
principal amount note, the interest payment wil be calculated as fol ows:
$1,000 x Interest Rate x Day Count Fraction
Interest Period:
The period beginning on and including the Original Issue Date of the notes and ending on
but excluding the first Interest Payment Date, and each successive period beginning on
and including an Interest Payment Date and ending on but excluding the next succeeding
Interest Payment Date, subject to the Accrual Period Convention described below and in
the accompanying product supplement no. 1-II.
Interest Payment Dates:
Interest on the notes wil be payable in arrears on the 21st day of February, May, August
and November of each year, commencing on May 21, 2014, to and including the Maturity
Date, subject to the Business Day Convention and Accrual Period Convention described
below and in the accompanying product supplement no. 1-II.
Interest Rate:
With respect to each Interest Period, the Calculation Agent wil calculate the Interest
Rate, in thousandths of a percent, with five ten-thousandths of a percent rounded
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upwards, based on the fol owing formula:
"Interest Factor" means, with respect to each Interest Period, an amount per annum
equal to the 10-Year CMS Rate, as determined on each applicable Interest Reset Date.
The notes may not bear the Interest Rate associated with the Interest Factor. The
Interest Rate wil depend on the number of calendar days during any given Interest
Period on which the Accrual Provision is satisfied.
"Actual Days" means, with respect to each Interest Payment Date, the actual number of
calendar days during the immediately preceding Interest Period; and
"Variable Days" means, with respect to each Interest Payment Date, the actual number
of calendar days during the immediately preceding Interest Period on which the Accrual
Provision is satisfied.
Notwithstanding the foregoing, in no event wil the Interest Rate for an Interest Period be
less than the Minimum Interest Rate of 0.00% per annum.
Minimum Interest Rate:
0.00% per annum for any Interest Period.
3-Month USD LIBOR:
With respect to any Accrual Determination Date, the London Interbank Offered Rate for
deposits in U.S. dol ars with a designated maturity of three months that appears on the
Reuters page "LIBOR01" (or any successor page) under the heading "3Mo" at
approximately 11:00 a.m., London time, on that Accrual Determination Date, as
determined by the Calculation Agent. If on the applicable Accrual Determination Date,
the 3-Month USD LIBOR cannot be determined by reference to Reuters page "LIBOR01"
(or any successor page), then the rate for such date shal be determined as if LIBOR
Reference Banks Rate were the applicable rate.
Interest Reset Date:
With respect to each Interest Period, two U.S. Government Securities Business Days
prior to the beginning of such Interest Period.
Other Key Terms:
Please see "Additional Key Terms" in this pricing supplement for other key terms.
Investing in the Range Accrual Floating Rate Notes involves a number of risks. See "Risk Factors" beginning
on page PS-14 of the accompanying product supplement no. 1-II and "Selected Risk Considerations" beginning
on page PS-3 of this pricing supplement.
Neither the U.S. Securities and Exchange Commission, or SEC, nor any state securities commission has approved or
disapproved of the notes or passed upon the accuracy or the adequacy of this pricing supplement, the accompanying
product supplement no. 1-II or the accompanying prospectus supplement and prospectus. Any representation to the
contrary is a criminal offense.

Price to Public (1)(2)(3)
Fees and Commissions (2) Proceeds to Issuer
Per note
At variable prices
$12.50
$987.50
Total
At variable prices
$61,250
$4,838,750
(1) See "Supplemental Use of Proceeds" in this pricing supplement for information about the components of the price to
public of the notes.
(2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Chase & Co., wil pay al of
the selling commissions of $12.50 per $1,000 principal amount note it receives from us to other affiliated or unaffiliated
dealers. See "Plan of Distribution (Conflicts of Interest)" beginning on page PS-43 of the accompanying product
supplement no. 1-II.
(3) JPMS sold the notes in one or more negotiated transactions, at varying prices determined at the time of each sale,
which were at market prices prevailing, at prices related to such prevailing prices or at negotiated prices, provided that
such prices were not less than $985.00 per $1,000 principal amount note and not more than $1,000 per $1,000 principal
amount note. See "Plan of Distribution (Conflicts of Interest)" beginning on page PS-43 of the accompanying product
supplement no. 1-II.
The estimated value of the notes as determined by JPMS when the terms of the notes were set was $967.10 per
$1,000 principal amount note. See "JPMS's Estimated Value of the Notes" in this pricing supplement for
additional information.
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The notes are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or
any other governmental agency, nor are they obligations of, or guaranteed by, a bank.
February 18, 2014

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Additional Terms Specific to the Notes
You should read this pricing supplement together with the prospectus dated November 14, 2011, as supplemented by
the prospectus supplement dated November 14, 2011 relating to our Series E medium-term notes of which these
notes are a part, and the more detailed information contained in product supplement no. 1-II dated April 5, 2013.
This pricing supplement, together with the documents listed below, contains the terms of the notes,
supplements the term sheet related hereto dated February 3, 2014 and supersedes all other prior or
contemporaneous oral statements as well as any other written materials including preliminary or indicative
pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets,
brochures or other educational materials of ours. You should careful y consider, among other things, the matters
set forth in "Risk Factors" in the accompanying product supplement no. 1-II, as the notes involve risks not associated
with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers
before you invest in the notes.
You may access these documents on the SEC website at as fol ows (or if such address has changed, by reviewing our
filings for the relevant date on the SEC website):
· Product supplement no. 1-II dated April 5, 2013:
http://www.sec.gov/Archives/edgar/data/19617/000089109213003066/e53030_424b2.pdf
· Prospectus supplement dated November 14, 2011:
http://www.sec.gov/Archives/edgar/data/19617/000089109211007578/e46180_424b2.pdf
· Prospectus dated November 14, 2011:
http://www.sec.gov/Archives/edgar/data/19617/000089109211007568/e46179_424b2.pdf
Our Central Index Key, or CIK, on the SEC website is 19617. As used in this pricing supplement, the "Company," "we,"
"us" or "our" refers to JPMorgan Chase & Co.
Additional Key Terms
LIBOR Reference Banks
With respect to any Accrual Determination Date, a rate determined by the Calculation
Rate:
Agent to be the mean (rounded if necessary to the fifth decimal place, with 0.000005
being rounded upwards) of the offered rates for deposits in U.S. dol ars with a
designated maturity of three months that at least two major banks in London, selected by
the Calculation Agent, are offering to prime banks in the London interbank market, at
11:00 a.m. (London time) on the relevant Accrual Determination Date. If on any Accrual
Determination Date fewer than two of such offered rates are available, the rate shall be
determined by the Calculation Agent in its sole discretion.
London Business Day:
Any day other than a day on which banking institutions in London, England are authorized
or required by law, regulation or executive order to close.
Accrual Provision:
For each Interest Period, the Accrual Provision shall be deemed to have been satisfied
on each calendar day during such Interest Period on which 3-Month USD LIBOR, as
determined on the Accrual Determination Date relating to such calendar day, is less than
or equal to the Maximum LIBOR Rate. If 3-Month USD LIBOR as determined on the
Accrual Determination Date relating to such calendar day is greater than the Maximum
LIBOR Rate, then the Accrual Provision shal be deemed not to have been satisfied for
such calendar day.
10-Year CMS Rate:
With respect to any Interest Reset Date, the 10-Year Constant Maturity Swap Rate,
which is the rate for U.S. dol ar swap with a designated maturity of 10 years that
appears on Reuters page "ISDAFIX1" (or any successor page) at approximately 11:00
a.m., New York City time, on the Interest Reset Date, as determined by the Calculation
Agent. On the Interest Reset Date, if the 10-Year CMS Rate cannot be determined by
reference to Reuters page "ISDAFIX1" (or any successor page), then the calculation
agent wil determine the 10-Year CMS Rate in accordance with the procedures set forth
under "What is the 10-Year CMS Rate?" below.
Maximum LIBOR Rate:
6.00%
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Accrual Determination Date: For each calendar day during an Interest Period, two London Business Days immediately
prior to such calendar day. Notwithstanding the foregoing, for al calendar days in the
Exclusion Period, the Accrual Determination Date wil be the first London Business Day
that precedes such Exclusion Period.
Exclusion Period:
The period beginning on and including the sixth Business Day prior to but excluding each
Interest Payment Date and ending on the Business Day prior to such Interest Payment
Date.
U.S. Government Securities Any day, other than a Saturday, Sunday or a day on which the Securities Industry and
Business Day:
Financial Markets Association ("SIFMA") recommends that the fixed income departments
of its members be closed for the entire day for purposes of trading in U.S. government
securities.
Business Day:
Any day, other than a Saturday, Sunday or a day on which banking institutions in the City
of New York, New York are generally authorized or obligated by law or executive order
to close.
Pricing Date:
February 18, 2014
Original Issue Date
February 21, 2014, subject to the Business Day Convention.
(Settlement Date):
Maturity Date:
February 21, 2024, subject to the Business Day Convention.
Business Day Convention:
Fol owing
Accrual Period Convention:
Unadjusted
Day Count Fraction:
30/360
CUSIP:
48126NUD7

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Selected Purchase Considerations
· PRESERVATION OF CAPITAL AT MATURITY OR UPON REDEMPTION -- Regardless of the performance of the
3-Month USD LIBOR, we wil pay you at least 100% of the principal amount of your notes if you hold the notes to
maturity. Because the notes are our senior unsecured obligations, payment of any amount at maturity is subject to
our ability to pay our obligations as they become due.
· PERIODIC INTEREST PAYMENTS -- The notes offer periodic interest payments on each Interest Payment Date.
Interest on the notes accrues on a daily basis if 3-Month USD LIBOR is less than or equal to the Maximum LIBOR
Rate on the applicable Accrual Determination Date. Subject to the Accrual Provision, interest on the notes with
respect to an Interest Period wil be based on an Interest Factor that is equal to the 10-Year CMS Rate as
determined on the applicable Interest Reset Date, provided that such rate wil not be less than the Minimum Interest
Rate of 0.00% per annum. The yield on the notes may be less than the overal return you would receive from a
conventional debt security that you could purchase today with the same maturity as the notes.
· TREATED AS VARIABLE RATE DEBT INSTRUMENTS ­ You should review careful y the section entitled "Material
U.S. Federal Income Tax Consequences" in the accompanying product supplement no. 1-II. You and we agree to
treat the notes as "variable rate debt instruments" for U.S. federal income tax purposes. Assuming this
characterization is respected, interest paid on the notes wil general y be taxable to you as ordinary interest income
at the time it accrues or is received in accordance with your method of accounting for U.S. federal income tax
purposes. In general, gain or loss realized on the sale, exchange or other disposition of the notes wil be capital
gain or loss. Prospective purchasers are urged to consult their own tax advisers regarding the U.S. federal income
tax consequences of an investment in the notes. Purchasers who are not initial purchasers of notes at their issue
price on the Original Issue Date should consult their tax advisers with respect to the tax consequences of an
investment in the notes, and the potential application of special rules.
Subject to certain assumptions and representations received from us, the discussion in this section entitled "Treated
As Variable Rate Debt Instruments", when read in combination with the section entitled "Material U.S. Federal
Income Tax Consequences" in the accompanying product supplement, constitutes the ful opinion of Sidley Austin
LLP regarding the material U.S. federal income tax treatment of owning and disposing of the notes.
Selected Risk Considerations
An investment in the notes involves significant risks. These risks are explained in more detail in the "Risk Factors"
section of the accompanying product supplement no. 1-II dated April 5, 2013.
· THE NOTES ARE NOT ORDINARY DEBT SECURITIES BECAUSE THE NOTES ARE SUBJECT TO AN
INTEREST ACCRUAL PROVISION -- The terms of the notes differ from those of ordinary debt securities because
interest on the notes accrues on a daily basis only if 3-Month USD LIBOR is less than or equal to the Maximum
LIBOR Rate on the applicable Accrual Determination Date. If 3-Month USD LIBOR is greater than the Maximum
LIBOR Rate on any Accrual Determination Date, the notes wil not accrue interest on the related calendar day. If
the notes do not satisfy the Accrual Provision for each calendar day in the Interest Period, the Interest Rate
payable on the notes wil be equal to 0.00% for such Interest Period.
· THE NOTES ARE NOT ORDINARY DEBT SECURITIES BECAUSE THE RATE AT WHICH THE NOTES
ACCRUE INTEREST MAY BE EQUAL TO ZERO --The terms of the notes differ from those of ordinary debt
securities because the rate at which interest accrues is also variable. Subject to the Accrual Provision, interest wil
accrue based on the Interest Factor, which is equal to the 10-Year CMS Rate as determined on the applicable
Interest Reset Date, provided that such rate wil not be less than the Minimum Interest Rate of 0.00% per annum.
For example, if the 10-Year CMS Rate is equal to -1.00%, the Interest Factor for that Interest Period wil be equal
to 0.00% and interest on the notes wil accrue at 0.00% for such Interest Period. In this specific example, the
interest payable on the notes wil be equal to 0.00% for such Interest Period even if the Accrual Provision is
satisfied because the Interest Factor for that Interest Period wil be equal to 0.00%.
· THE INTEREST RATE ON THE NOTES IS BASED ON THE 10-YEAR CMS RATE ­ The amount of interest, if
any, payable on the notes wil depend on a number of factors that could affect the 10-Year CMS Rate, and in turn,
these factors could affect the value of the notes. These factors include (but are not limited to) the expected volatility
of the 10-Year CMS Rate, sentiment regarding the U.S. and global economies, expectation regarding the level of
price inflation, interest and yield rates in the market general y, the performance of capital markets, monetary
policies, fiscal policies, regulatory or judicial events, inflation, general economic conditions, and public expectations
with respect to such factors. These and other factors may have a negative impact on the Interest Rate and on the
value of the notes in the secondary market. The effect that any single factor may have on the 10-Year CMS Rate
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may be partial y offset by other factors. We cannot predict the factors that may cause the 10-Year CMS Rate, and
consequently the Interest Factor, to increase or decrease. A decrease in the 10-Year CMS Rate wil result in a
reduction of the applicable Interest Factor used to calculate the Interest Rate for any Interest Period.
· FLOATING RATE NOTES DIFFER FROM FIXED RATE NOTES ­ The Interest Rate on the notes is a floating rate
and, subject to the Accrual Provision, is based on the 10-Year CMS Rate, provided that such rate wil not be less
than the Minimum Interest Rate, which may be less than returns otherwise payable on notes issued by us with
similar maturities. The amount of interest you receive varies with respect to the 10-Year CMS Rate. If the 10-Year
CMS Rate for any Interest Period is less than or equal to 0.00%, you wil not accrue any interest for such Interest
Period.
· CREDIT RISK OF JPMORGAN CHASE & CO. -- The notes are subject to the credit risk of JPMorgan Chase &
Co., and our credit ratings and credit spreads may adversely affect the market value of the notes. Investors are
dependent on JPMorgan Chase & Co.'s ability to pay all amounts due on the notes. Any actual or potential change
in our

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creditworthiness or credit spreads, as determined by the market for taking our credit risk, is likely to adversely
affect the value of the notes. If we were to default on our payment obligations, you may not receive any amounts
owed to you under the notes and you could lose your entire investment.
· POTENTIAL CONFLICTS -- We and our affiliates play a variety of roles in connection with the issuance of the
notes, including acting as calculation agent and as an agent of the offering of the notes, hedging our obligations
under the notes and making the assumptions used to determine the pricing of the notes and the estimated value of
the notes when the terms of the notes are set, which we refer to as JPMS's estimated value. In performing these
duties, our economic interests and the economic interests of the calculation agent and other affiliates of ours are
potential y adverse to your interests as an investor in the notes. In addition, our business activities, including hedging
and trading activities as wel as modeling and structuring the economic terms of the notes, could cause our
economic interests to be adverse to yours and could adversely affect any payment on the notes and the value of
the notes. It is possible that hedging or trading activities of ours or our affiliates in connection with the notes could
result in substantial returns for us or our affiliates while the value of the notes declines. Please refer to "Risk
Factors -- Risks Relating to the Notes General y" in the accompanying product supplement no. 1-II for additional
information about these risks.
· THE METHOD OF DETERMINING WHETHER THE ACCRUAL PROVISION HAS BEEN SATISFIED FOR ANY
INTEREST PERIOD MAY NOT DIRECTLY CORRELATE TO THE ACTUAL 3-MONTH USD LIBOR -- The
determination of the Interest Rate per annum payable for any Interest Period wil be based on the actual number of
days in that Interest Period on which the Accrual Provision is satisfied, as determined on each Accrual
Determination Date. However, we wil use the same 3-Month USD LIBOR to determine whether the Accrual
Provision is satisfied for the period commencing on the sixth Business Day prior to but excluding each applicable
Interest Payment Date, which period we refer to as the Exclusion Period. That 3-Month USD LIBOR wil be
3-Month USD LIBOR on the first London Business Day immediately preceding the Exclusion Period, regardless of
what the actual 3-Month USD LIBOR is for the calendar days in that period or whether the Accrual Provision could
have otherwise been satisfied if actual y tested in the Exclusion Period. As a result, the determination as to whether
the Accrual Provision has been satisfied for any Interest Period may not directly correlate to the actual 3-Month
USD LIBOR, which wil in turn affect the Interest Rate calculation.
· JPMS'S ESTIMATED VALUE OF THE NOTES IS LOWER THAN THE ORIGINAL ISSUE PRICE (PRICE TO
PUBLIC) OF THE NOTES -- JPMS's estimated value is only an estimate using several factors. The original issue
price of the notes exceeds JPMS's estimated value because costs associated with selling, structuring and hedging
the notes are included in the original issue price of the notes. These costs include the sel ing commissions, the
projected profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our obligations
under the notes and the estimated cost of hedging our obligations under the notes. See "JPMS's Estimated Value of
the Notes" in this pricing supplement.
· JPMS'S ESTIMATED VALUE DOES NOT REPRESENT FUTURE VALUES OF THE NOTES AND MAY DIFFER
FROM OTHERS' ESTIMATES -- JPMS's estimated value of the notes is determined by reference to JPMS's
internal pricing models when the terms of the notes are set. This estimated value is based on market conditions and
other relevant factors existing at that time and JPMS's assumptions about market parameters, which can include
volatility, interest rates and other factors. Different pricing models and assumptions could provide valuations for
notes that are greater than or less than JPMS's estimated value. In addition, market conditions and other relevant
factors in the future may change, and any assumptions may prove to be incorrect. On future dates, the value of the
notes could change significantly based on, among other things, changes in market conditions, our creditworthiness,
interest rate movements and other relevant factors, which may impact the price, if any, at which JPMS would be
wil ing to buy notes from you in secondary market transactions. See "JPMS's Estimated Value of the Notes" in this
pricing supplement.
· JPMS'S ESTIMATED VALUE IS NOT DETERMINED BY REFERENCE TO CREDIT SPREADS FOR OUR
CONVENTIONAL FIXED-RATE DEBT -- JPMS's internal funding rate used in the determination of JPMS's
estimated value general y represents a discount from the credit spreads for our conventional fixed-rate debt. The
discount is based on, among other things, our view of the funding value of the notes as wel as the higher issuance,
operational and ongoing liability management costs of the notes in comparison to those costs for our conventional
fixed-rate debt. If JPMS were to use the interest rate implied by our conventional fixed-rate credit spreads, we
would expect the economic terms of the notes to be more favorable to you. Consequently, our use of an internal
funding rate would have an adverse effect on the terms of the notes and any secondary market prices of the notes.
See "JPMS's Estimated Value of the Notes" in this pricing supplement
· THE VALUE OF THE NOTES AS PUBLISHED BY JPMS (AND WHICH MAY BE REFLECTED ON CUSTOMER
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ACCOUNT STATEMENTS) IS HIGHER THAN JPMS'S THEN-CURRENT ESTIMATED VALUE OF THE NOTES
FOR A LIMITED TIME PERIOD -- We general y expect that some of the costs included in the original issue price
of the notes wil be partial y paid back to you in connection with any repurchases of your notes by JPMS in an
amount that wil decline to zero over an initial predetermined period. These costs can include projected hedging
profits, if any, and, in some circumstances, estimated hedging costs and our secondary market credit spreads for
structured debt issuances. See "Secondary Market Prices of the Notes" in this pricing supplement for additional
information relating to this initial period. Accordingly, the estimated value of your notes during this initial period may
be lower than the value of the notes as published by JPMS (and which may be shown on your customer account
statements).

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