Bond JPMorgan Chase 3.5% ( US48125VJ683 ) in USD

JPMorgan Chase

100 % ▼

United States

US48125VJ683 ( in USD )

3.5% per year ( payment 2 times a year)

30/08/2032

Prospectus brochure of the bond JP Morgan US48125VJ683 en USD 3.5%, maturity 30/08/2032

1 000 USD

48125VJ68

N/A

02/09/2025 ( In 41 days )

JPMorgan Chase & Co. is a leading global financial services firm offering investment banking, asset and wealth management, and consumer and community banking services.

The Bond issued by JPMorgan Chase ( United States ) , in USD, with the ISIN code US48125VJ683, pays a coupon of 3.5% per year.
The coupons are paid 2 times per year and the Bond maturity is 30/08/2032

http://www.sec.gov/Archives/edgar/data/19617/000089109212004990/e...
424B2 1 e49744_424b2.htm PRICING SUPPLEMENT NO. 631
CALCULATION OF REGISTRATION FEE
Maximum Aggregate
Amount of
Title of Each Class of Securities Offered
Offering Price
Registration Fee
Notes
$7,493,000
$858.70

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Pricing supplement no. 631
Registration Statement No. 333-177923
To prospectus dated November 14, 2011,
Dated August 28, 2012;
prospectus supplement dated November 14, 2011 and
Rule 424(b)(2)
product supplement no. 1-I dated November 14, 2011
JPMorgan Chase & Co.
Structured $7,493,000
Investments
Callable Fixed Rate Step-Up Notes due August 30, 2032
General
·
Senior unsecured obligations of JPMorgan Chase & Co. maturing August 30, 2032, subject to postponement as
described below.
·
The notes are designed for investors who seek semi-annual interest payments at a fixed rate that wil increase over
the term of the notes and return of their principal at maturity or upon early redemption at our option, as applicable.
Any payment on the notes is subject to the credit risk of JPMorgan Chase & Co.
·
These notes, which have a relatively long term, may be more risky than notes with a shorter term. See "Selected
Risk Considerations" in this pricing supplement.
·
Minimum denominations of $1,000 and integral multiples thereof.
·
At our option, we may redeem the notes, in whole but not in part, on any of the Redemption Dates specified below.
·
The notes priced on August 28, 2012 and are expected to settle on or about August 30, 2012.
Key Terms
Maturity Date:
August 30, 2032, or if such day is not a business day, the business day immediately
fol owing the Maturity Date.
Payment at Maturity:
If we have not elected to redeem the notes prior to 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.
Payment upon Redemption:
At our option, we may redeem the notes, in whole but not in part, on the last calendar
day of February and on the 30th calendar day of August of each year (each such date,
a "Redemption Date"), commencing August 30, 2017. If the notes are redeemed, you
wil receive on the applicable Redemption Date a cash payment equal to $1,000 for
each $1,000 principal amount note plus any accrued and unpaid interest. Such amounts
wil be paid to the person who is the holder of record of such notes at the close of
business on the business day immediately preceding the Redemption Date. We wil
provide notice of redemption at least 5 business days prior to the applicable
Redemption Date. If a Redemption Date is not a business day, payment wil be made
on the business day immediately fol owing the Redemption Date. No additional interest
wil be paid with respect to a postponement of the Redemption Date.
Interest:
With respect to each Interest Period, for each $1,000 principal amount note, the
interest payment wil be calculated as fol ows:
$1,000 × Interest Rate × (180 / 360)
Notwithstanding anything to the contrary in the product supplement, any accrued and
unpaid interest wil be paid to the person who is the holder of record of such notes at
the close of business on the business day immediately preceding the applicable Interest
Payment Date.
Interest Rate:
From (and including)
To (but excluding)
Interest Rate

August 30, 2012
August 30, 2017
3.00% per annum
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August 30, 2017
August 30, 2022
3.50% per annum

August 30, 2022
August 30, 2027
4.00% per annum

August 30, 2027
August 30, 2032
5.00% per annum

The dates above refer to original y scheduled Interest Payment Dates and may be
postponed as described below.
Interest Period:
The period beginning on and including the issue date 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 or, if the notes have been redeemed prior to such next succeeding
Interest Payment Date, ending on but excluding the applicable Redemption Date.
Interest Payment Date:
Interest on the notes wil be payable semi-annual y in arrears on the last calendar day of
February and on the 30th calendar day of August of each year (each such date, an
"Interest Payment Date"), commencing February 28, 2013, to and including the Interest
Payment Date corresponding to the Maturity Date, or, if the notes have been
redeemed, the applicable Redemption Date. If an Interest Payment Date is not a
business day, payment wil be made on the business day immediately fol owing the
Interest Payment Date. No additional interest wil be paid with respect to a
postponement of the Interest Payment Date. See "Selected Purchase Considerations
-- Semi-annual Interest Payments" in this pricing supplement for more information.
CUSIP:
48125VJ68
Investing in the notes involves a number of risks. See "Risk Factors" beginning on page PS-13 of the
accompanying product supplement no. 1-I and "Selected Risk Considerations" beginning on page PS-1 of this
pricing supplement.
Neither the U.S. Securities and Exchange Commission 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-I or the accompanying prospectus supplement and prospectus. Any representation to the contrary is a
criminal offense.
Fees and Commissions

Price to Public (1)(2)(3)
(1)(2)
Proceeds to Us
Per note
At variable prices
$47.59
$952.41
Total
At variable prices
$356,591.87
$7,136,408.13
(1) The price to the public includes the estimated cost of hedging our obligations under the notes through one or more of
our affiliates.
(2).P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Chase & Co., wil receive a
commission of $47.59 per $1,000 principal amount note and wil use a portion of that commission to allow selling
concessions to other affiliated or unaffiliated dealers of $25.38 per $1,000 principal amount note. This commission wil
include the projected profits that our affiliates expect to realize, some of which wil be al owed to other unaffiliated
dealers, for assuming risks inherent in hedging our obligations under the notes. The concessions of $25.38 include
concessions to be al owed to selling dealers and concessions to be al owed to any arranging dealer. See "Plan of
Distribution (Conflicts of Interest)" beginning on page PS-42 of the accompanying product supplement no. 1-I.
(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 $970.00 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-42 of the accompanying product
supplement no. 1-I.
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.

August 28, 2012

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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-I dated November 14,
2011. This pricing supplement, together with the documents listed below, contains the terms of the notes,
supplements the term sheet related hereto dated August 13, 2012 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-I, 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 www.sec.gov 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-I dated November 14, 2011:
http://www.sec.gov/Archives/edgar/data/19617/000089109211007588/e46195_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.
Selected Purchase Considerations
·
PRESERVATION OF CAPITAL -- You wil receive at least 100% of the principal amount of your notes if you hold
the notes to maturity or to the Redemption Date, if any, on which we elect to cal the notes. Because the notes are
our senior unsecured obligations, payment of any amount at maturity or upon early redemption is subject to our
ability to pay our obligations as they become due.
·
SEMI-ANNUAL INTEREST PAYMENTS -- The notes offer semi-annual interest payments which wil accrue at a
rate equal to the applicable Interest Rate and wil be payable semi-annual y in arrears on the last calendar day of
February and on the 30th calendar day of August of each year, commencing February 28, 2013, to and including
the Interest Payment Date corresponding to the Maturity Date, or, if the notes have been redeemed, the applicable
Redemption Date, to the holders of record at the close of business on the business day immediately preceding the
applicable Interest Payment Date. If an Interest Payment Date is not a business day, payment wil be made on the
business day immediately fol owing such day. No additional interest wil be paid with respect to a postponement of
the Interest Payment Date.
·
POTENTIAL SEMI-ANNUAL REDEMPTION BY US AT OUR OPTION -- At our option, we may redeem the notes,
in whole but not in part, on the last calendar day of February and on the 30th calendar day of August of each year
(each such date, a "Redemption Date"), commencing on August 30, 2017, for a cash payment equal to $1,000 for
each $1,000 principal amount note plus any accrued and unpaid interest on notes. Such amount wil be paid to the
person who is the holder of record of such notes at the close of business on the business day immediately
preceding the applicable Redemption Date. If a Redemption Date is not a business day, payment wil be made on
the business day immediately fol owing such day. No additional interest wil be paid with respect to a postponement
of the Redemption Date.
·
TAX TREATMENT You should review careful y the section entitled "Material U.S. Federal Income Tax
Consequences" in the accompanying product supplement no. 1-I. Except to the extent of original issue discount, if
any, during the term of the notes, 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 addition, a U.S. Holder (as defined in the accompanying product supplement) must include original
issue discount, if any, in income as ordinary interest as it accrues, general y in advance of receipt of cash
attributable to such income. 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
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at their issue price on the 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 "Tax
Treatment", 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-I dated November 14, 2011.
·
THE NOTES ARE SUBJECT TO EARLY REDEMPTION PRIOR TO MATURITY The notes are subject to
redemption at the sole discretion of the Issuer on the specified Redemption Dates indicated above. If the notes are
redeemed prior to maturity, you wil receive the principal amount of your notes plus accrued and unpaid interest to,
but excluding the applicable Redemption Date. This amount wil be less than you would have received had the notes
not been called early and continued to pay interest
JPMorgan Structured Investments --
PS-1
Callable Fixed Rate Step-Up Notes

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over the ful term of the notes. We may choose to redeem the notes early or choose not to redeem the notes early
on any Redemption Date, in our sole discretion. If we elect to redeem the notes early, your return may be less than
the return you would have earned on your investment had the notes been held to maturity, and you may not be able
to reinvest your funds at the same rate as the notes. We may choose to redeem the notes early, for example, if
U.S. interest rates decrease significantly or if the volatility of U.S. interest rates decreases significantly.
·
THE NOTES ARE NOT ORDINARY DEBT SECURITIES; THE STEP-UP FEATURE PRESENTS DIFFERENT
INVESTMENT CONSIDERATIONS THAN FIXED RATE NOTES --Unless general interest rates rise significantly,
you should not expect to earn the highest scheduled Interest Rate described on the cover because the notes are
likely to be redeemed on a Redemption Date if interest rates remain the same or fal during the term of the notes.
When determining whether to invest in the Cal able Fixed Rate Step-Up Notes, you should not focus on the highest
stated Interest Rate. You should instead focus on, among other things, the overall annual percentage rate of
interest to maturity or early redemption as compared to other equivalent investment alternatives.
·
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, and therefore investors are
subject to our credit risk and to changes in the market's view of our creditworthiness. Any decline in our credit
ratings or increase in the credit spreads charged 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.
Recent events affecting us have led to heightened regulatory scrutiny, may lead to additional regulatory or legal
proceedings against us and may adversely affect our credit ratings and credit spreads and, as a result, the market
value of the notes. See "Executive Overview -- Recent Developments," "Liquidity Risk Management -- Credit
Ratings," "Item 4. Controls and Procedures" and "Part II. Other Information -- Item 1A. Risk Factors" in our
Quarterly Report on Form 10-Q for the quarter ended June 30, 2012.
·
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 hedging our obligations under the notes. In performing these duties,
our economic interests and the economic interests of the calculation agent and other affiliates of ours are potentially
adverse to your interests as an investor in the notes. In addition, our business activities, including hedging and
trading activities for our own accounts or on behalf of customers, could cause our economic interests to be adverse
to yours and could adversely affect any payments on the notes and the value of the notes. It is possible that
hedging or trading activities of ours or our affiliates 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 for additional information about these risks.
·
THESE NOTES MAY BE MORE RISKY THAN NOTES WITH A SHORTER TERM -- By purchasing a note with a
longer term, you are more exposed to fluctuations in interest rates than if you purchased a note with a shorter term.
Specifical y, you may be negatively affected if certain interest rate scenarios occur. For example, if interest rates
begin to rise, the market value of your notes wil decline because the likelihood of us cal ing your notes wil decline
and the Interest Rate applicable to that specific Interest Period may be less than a note issued at such time. For
example, if the Interest Rate applicable to your notes at such time was 3.00% per annum, but a debt security
issued in the then current market could yield an interest rate of 5.00% per annum, your note would be less valuable
if you tried to sel it in the secondary market.
·
CERTAIN BUILT-IN COSTS ARE LIKELY TO ADVERSELY AFFECT THE VALUE OF THE NOTES PRIOR TO
MATURITY -- While the payment at maturity or upon early redemption, as applicable, described in this pricing
supplement is based on the ful principal amount of your notes, the original issue price of the notes includes the
estimated cost of hedging our obligations under the notes. As a result, the price, if any, at which JPMS wil be
wil ing to purchase notes from you in secondary market transactions, if at al , wil likely be lower than the original
issue price, and any sale prior to the maturity date could result in a substantial loss to you. The notes are not
designed to be short-term trading instruments. Accordingly, you should be able and wil ing to hold your notes to
maturity.
·
LACK OF LIQUIDITY -- The notes wil not be listed on any securities exchange. JPMS intends to offer to purchase
the notes in the secondary market but is not required to do so. Even if there is a secondary market, it may not
provide enough liquidity to allow you to trade or sel the notes easily. Because other dealers are not likely to make a
secondary market for the notes, the price at which you may be able to trade your notes is likely to depend on the
price, if any, at which JPMS is wil ing to buy the notes.
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·
VARIABLE PRICE REOFFERING RISKS -- JPMS proposes to offer the notes from time to time for sale at market
prices prevailing at the time of sale, at prices related to then-prevailing prices or at negotiated prices, provided that
such prices wil not be less than $970.00 per $1,000 principal amount note or more than $1,000 per $1,000
principal amount note. Accordingly, there is a risk that the price you pay for the notes wil be higher than the prices
paid by other investors based on the date and time you make your purchase, from whom you purchase the notes
(e.g., directly from JPMS or through a broker or dealer), any related transaction cost (e.g., any brokerage
commission), whether you hold your notes in a brokerage account, a fiduciary or fee-based account or another type
of account and other market factors beyond our control.
·
MANY ECONOMIC AND MARKET FACTORS WILL IMPACT THE VALUE OF THE NOTES -- The notes will be
affected by a number of economic and market factors that may either offset or magnify each other, including but not
limited to:
·
the time to maturity of the notes;
·
interest and yield rates in the market general y, as wel as the volatility of those rates;
JPMorgan Structured Investments --
PS-2
Callable Fixed Rate Step-Up Notes

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·
the likelihood, or expectation, that the notes wil be redeemed by us, based on prevailing market interest rates
or otherwise; and
·
our creditworthiness, including actual or anticipated downgrades in our credit ratings.
Validity of the Notes
In the opinion of Sidley Austin LLP, as counsel to the Company, when the notes offered by this pricing supplement
have been executed and issued by the Company and authenticated by the trustee pursuant to the indenture, and
delivered against payment as contemplated herein, such notes wil be valid and binding obligations of the Company,
enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting
creditors' rights general y, concepts of reasonableness and equitable principles of general applicability (including,
without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses
no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the
conclusions expressed above. This opinion is given as of the date hereof and is limited to the Federal laws of the
United States, the laws of the State of New York and the General Corporation Law of the State of Delaware as in
effect on the date hereof. In addition, this opinion is subject to customary assumptions about the trustee's
authorization, execution and delivery of the indenture and the genuineness of signatures and certain factual matters,
al as stated in the letter of such counsel dated November 14, 2011, which has been filed as Exhibit 5.3 to the
Company's registration statement on Form S-3 filed with the Securities and Exchange Commission on November 14,
2011.
JPMorgan Structured Investments --
PS-3
Callable Fixed Rate Step-Up Notes
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