Bond JPMorgan Chase 3.848% ( US48126N6H55 ) in USD

Issuer JPMorgan Chase
Market price refresh price now   74.75 %  ▲ 
Country  United States
ISIN code  US48126N6H55 ( in USD )
Interest rate 3.848% per year ( payment 2 times a year)
Maturity 30/05/2034



Prospectus brochure of the bond JP Morgan US48126N6H55 en USD 3.848%, maturity 30/05/2034


Minimal amount 1 000 USD
Total amount 5 000 000 USD
Cusip 48126N6H5
Standard & Poor's ( S&P ) rating N/A
Moody's rating NR
Next Coupon 30/05/2026 ( In 112 days )
Detailed description 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 US48126N6H55, pays a coupon of 3.848% per year.
The coupons are paid 2 times per year and the Bond maturity is 30/05/2034

The Bond issued by JPMorgan Chase ( United States ) , in USD, with the ISIN code US48126N6H55, was rated NR by Moody's credit rating agency.







http://www.sec.gov/Archives/edgar/data/19617/000089109214004239/e...
424B2 1 e59065_424b2.htm PRICING SUPPLEMENT NO. 2504
CALCULATION OF REGISTRATION FEE
Maximum Aggregate
Amount of
Title of Each Class of Securities Offered
Offering Price
Registration Fee
Notes
$5,000,000
$644.00

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Pricing supplement no. 2504
Registration Statement No. 333-177923
To prospectus dated November 14, 2011,
Dated May 27, 2014;
prospectus supplement dated November 14, 2011, product
Rule 424(b)(2)
supplement no. 1-V dated March 21, 2014 and
underlying supplement no. 1-I dated November 14, 2011
Fixed to Floating Rate Notes Linked to the 30-Year U.S. Dollar
Constant Maturity Swap Rate, the 2-Year U.S. Dollar Constant
Structured
Investments
Maturity Swap Rate and the Russell 2000® Index due May 30,
2034
$5,000,000
General
· Unsecured and unsubordinated obligations of JPMorgan Chase & Co. maturing May 30, 2034, subject to
postponement as described below.
· The notes are designed for investors (a) who seek monthly interest payments from and including the Original Issue
Date to but excluding May 30, 2015 that wil be equal to a fixed Interest Rate of 10.00% per annum; (b) who
believe that, after the Initial Interest Periods, (i) the Spread (the 30-Year CMS Rate minus the 2-Year CMS Rate)
multiplied by the Multiplier of 4 on each Determination Date wil be positive and equal to or less that the Maximum
Interest Rate of 10.00% per annum and (i ) the Index Level of the Russel 2000® Index wil be greater than or equal
to the Minimum Index Level of 70.00% of the Index Level on the Pricing Date. Any payment on the notes is
subject to the credit risk of JPMorgan Chase & Co.
· Interest wil accrue (a) for the Initial Interest Periods, at a rate of 10.00% per annum and (b) for each Interest
Period (other than an Initial Interest Period), at a per annum rate equal to the Interest Factor provided that the
Index Level of the Russell 2000® Index is greater than or equal to the Minimum Index Level on the applicable
Accrual Determination Date. The Interest Factor for each Interest Period (other than an Initial Interest Period) is
determined by reference to the Spread multiplied by the Multiplier on the applicable Determination Date. For each
Interest Period (other than an Initial Interest Period), if the Index Level of the Russel 2000® Index is less than the
Minimum Index Level for an entire Interest Period or the Spread is zero or negative (i.e. if the 30-Year CMS Rate is
equal to or less than the 2-Year CMS Rate), the Interest Rate for such Interest Period wil be equal to 0.00% and
you wil not receive any interest payment for such Interest Period. In no event wil the Interest Rate be greater than
the applicable Maximum Interest Rate of 10.00% per annum or less than the Minimum Interest Rate of 0.00% per
annum.
· These notes have a long maturity relative to other fixed income products. Longer dated notes may be more risky
than shorter dated notes. See "Selected Risk Considerations" in this pricing supplement.
· 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-V, wil supersede the terms set forth in product supplement no. 1-V. In
particular, whether the Accrual Provision is satisfied wil depend on the Index Level on the applicable Accrual
Determination Date (rather than on the Index Level on an Equity Index Determination Date as described in product
supplement 1-V), as set forth below, and interest wil be payable to the holders of record at the close of business
on the Business Day immediately preceding the applicable Interest Payment Date. Please refer to "Key Terms --
Accrual Provision," "Key Terms -- Accrual Determination Date," and "Selected Purchase Considerations --
Quarterly Interest Payments" in this pricing supplement for more information.
· The notes may be purchased in minimum denominations of $1,000 and in integral multiples of $1,000 thereafter.
· The notes priced on May 27, 2014 and are expected to settle on or about May 30, 2014.
Key Terms
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Payment at Maturity:
On the Maturity Date we wil pay you the outstanding principal amount of your notes
plus any accrued and unpaid interest.
Interest:
Subject to the Interest Accrual Convention, with respect to each Interest Period, for
each $1,000 principal amount note, we wil pay you interest in arrears on each Interest
Payment Date in accordance with the fol owing formula:
$1,000 × Interest Rate × Day Count Fraction.
Initial Interest Period(s):
The Interest Periods during the period beginning on and including the Original Issue
Date of the notes and ending on but excluding May 30, 2015. The Accrual Provision wil
not be applicable during the Initial Interest Periods.
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 Interest Accrual Convention described
below and in the accompanying product supplement no 1-V.
Interest Payment Dates:
Interest on the notes wil be payable in arrears on the 30th of each month (except for
the Interest Payment Date in each February, which wil be on the last day of such
month), beginning on June 30, 2014 to and including the Maturity Date, subject to the
Business Day Convention and Interest Accrual Convention described below and in the
accompanying product supplement no. 1-V.
Interest Rate:
For each Initial Interest Period, 10.00% per annum. For each Interest Period after the
Initial Interest Periods, the Calculation Agent wil determine the applicable Interest Rate
per annum, calculated in thousandths of a percent, with five ten-thousandths of a
percent rounded upwards, in accordance with the fol owing formula:

Variable Days
Interest Factor ×
, where
Actual Days

"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; and
"Actual Days" means, with respect to each Interest Payment Date, the actual number of
calendar days during the immediately preceding Interest Period.
Notwithstanding the foregoing, in no event wil the Interest Rate for an Interest Period
be less than the Minimum Interest Rate or greater than the applicable Maximum Interest
Rate.
Interest Factor:
With respect to each Interest Period (other than an Initial Interest Period), the Spread
times the Multiplier, subject to the Maximum Interest Rate and the Minimum Interest
Rate. The Interest Rate may or may not equal the Interest Factor during any Interest
Period. The Interest Rate wil depend on the number of calendar days during any given
Interest Period on which the Accrual Provision is satisfied. See the definition for
"Variable Days" and "Accrual Provision" herein, as wel as the formula for Interest Rate
set forth above.
Spread:
With respect to each Interest Period (after the Initial Interest Periods), the 30-Year
CMS Rate minus the 2-Year CMS Rate as determined on the applicable Determination
Date. If, on the related Determination Date, the Spread is equal to or less than
zero, interest will accrue at a rate of 0.00% for that Interest Period.
Multiplier:
4.0
Minimum Interest Rate:
0.00% per annum
Maximum Interest Rate:
10.00% per annum
30-Year CMS Rate:
The 30-Year U.S. Dol ar Constant Maturity Swap Rate, which is the rate for a U.S.
dol ar swap with a Designated Maturity of 30 years that appears on Reuters page
"ISDAFIX1" (or any successor page) at approximately 11:00 a.m., New York City time,
on the Determination Date, as determined by the calculation agent. On the applicable
Determination Date, if the 30-Year CMS Rate cannot be determined by reference to
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Reuters page "ISDAFIX1" (or any successor page), then the calculation agent wil
determine the 30-Year CMS Rate in accordance with the fal backs set forth under
"What is a CMS Rate?" below.
2-Year CMS Rate:
The 2-Year U.S. Dol ar Constant Maturity Swap Rate, which is the rate for a U.S. dol ar
swap with a Designated Maturity of 2 years that appears on Reuters page "ISDAFIX1"
(or any successor page) at approximately 11:00 a.m., New York City time, on the
Determination Date, as determined by the calculation agent. On the applicable
Determination Date, if the 2-Year CMS Rate cannot be determined by reference to
Reuters page "ISDAFIX1" (or any successor page), then the calculation agent wil
determine the 2-Year CMS Rate in accordance with the fal backs set forth under "What
is a CMS Rate?" below.
We refer to the 30-Year CMS Rate and the 2-Year CMS Rate each as a "CMS Rate"
and together as the "CMS Rates".
Investing in the notes involves a number of risks. See "Risk Factors" beginning on page PS-14 of the
accompanying product supplement no. 1-V, "Risk Factors" beginning on page US-1 of the accompanying
underlying supplement no. 1-I and "Selected Risk Considerations" beginning on page PS-3 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-V, the accompanying underlying supplement no. 1-I 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(1)(2)(3)
Proceeds to Issuer
Per note
At variable prices
$35
$965
Total
At variable prices
$175,000
$4,825,000
(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) 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 $35.00 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-54 of the accompanying product
supplement no. 1-V.
(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 $965.00 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-54 of the accompanying product
supplement no. 1-V.
The estimated value of the notes as determined by JPMS, when the terms of the notes were set, was $881.80
per $1,000 principal amount note. See "JPMS's Estimated Value of the Notes" in this pricing supplement for
additional information.
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.

May 27, 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-V dated March 21, 2014 and
underlying 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 amended and restated term sheet related hereto
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-V, the
accompanying underlying supplement no 1-I and "Selected Risk Considerations" below, 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-V dated March 21, 2014:
http://www.sec.gov/Archives/edgar/data/19617/000089109214002227/e58025_424b2.htm
· Underlying supplement no. 1-I dated November 14, 2011:
http://www.sec.gov/Archives/edgar/data/19617/000089109211007615/e46154_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.
Index Level:
Notwithstanding anything to the contrary in the accompany product supplement no. 1-V,
with respect to the Russel 2000® Index (the "Index") or any relevant successor equity
index (as defined in the accompanying product supplement no. 1-V), on any relevant
day, the closing level of the Index or that successor equity index, as applicable, as
published by Bloomberg Financial Services with respect to that day. Currently
Bloomberg Financial Services publishes the closing level of the Index to three decimal
places, whereas Russel publishes the official closing level of the Index to six decimal
places. As a result, the closing level of the Index published by Bloomberg Financial
Services wil likely be slightly different than the official closing level of the Index
published by Russell. In certain circumstances, the Index Level wil be based on the
alternative calculation of the Russel 2000® Index as described under "General Terms of
Notes -- Discontinuation of an Equity Index; Alteration of Method of Calculation" in the
accompanying product supplement no. 1-V.
Determination Date:
For each Interest Period (other than the Initial Interest Periods), the second U.S.
Government Securities Business Day immediately preceding the beginning of the
applicable Interest Period.
Designated Maturity:
2 years or 30 years, as the case may be, depending on whether the 2-Year CMS Rate
or the 30-Year CMS Rate is being calculated.
Trading Day:
A day, as determined by the Calculation Agent, on which trading is general y conducted
on (i) the relevant exchanges for securities underlying the Russel 2000® Index or the
relevant successor equity index, if applicable, and (ii) the exchanges on which futures or
options contracts related to the Index or the relevant successor equity index, if
applicable, are traded, other than a day on which trading on such relevant exchange or
exchange on which such futures or options contracts are traded is scheduled to close
prior to its regular weekday closing time.
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Accrual Provision:
For each Interest Period (other than an Initial Interest Period), the Accrual Provision
shal be deemed to have been satisfied on each calendar day during such Interest
Period on which the Index Level of the Russel 2000® Index, as determined on the
Accrual Determination Date relating to such calendar day, is greater than or equal to the
Minimum Index Level. If the Index Level of the Russell 2000® Index, as determined on
the Accrual Determination Date relating to such calendar day, is less than the Minimum
Index Level, then the Accrual Provision shal be deemed not to have been satisfied for
such calendar day.
Accrual Determination
With respect to any calendar day during an Interest Period (other than an Initial Interest
Date:
Period), such calendar day; provided that if a Market Disruption Event with respect to
the Index occurs on any Accrual Determination Date or if any such Accrual
Determination Date is not a Trading Day, the Index Level for such Accrual Determination
Date wil be the Index Level on the immediately preceding Trading Day on which no
Market Disruption Event has occurred. Notwithstanding the foregoing, for each calendar
day in the Exclusion Period, the Accrual Determination Date wil be the first Trading Day
of such Exclusion Period; provided that if a market disruption event with respect to the
Index occurs on such Trading Day, the Index Level for the entire Exclusion Period wil be
the Index Level on the immediately preceding Trading Day on which no Market
Disruption Event has occurred.
Exclusion Period:
The period beginning on the third Trading Day prior to but excluding each Interest
Payment Date.
Minimum Index Level:
799.5407, which is 70.00% of the Index Level of the Russell 2000® Index on the Pricing
Date
Pricing Date:
May 27, 2014
Original Issue Date
On or about May 30, 2014, subject to the Business Day Convention.
(Settlement Date):
Maturity Date*:
May 30, 2034, subject to the Business Day Convention.
Business Day
Following
Convention:
Interest Accrual
Unadjusted
Convention:
Day Count Fraction:
Actual/Actual (Fixed)
U.S. Government
Any day, other than a Saturday, Sunday or a day on which the Securities Industry and
Securities
Financial Markets Association ("SIFMA") recommends that the fixed income
Business Day:
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 day on which banking institutions in The City of New York are
authorized or required by law, regulation or executive order to close or a day on which
transactions in U.S. dol ars are not conducted.
CUSIP / ISIN:
48126N6H5 / US48126N6H55
JPMorgan Structured Investments --
PS-1
Fixed to Floating Rate Notes Linked to the 30-Year U.S. Dollar Constant Maturity Swap Rate, the 2-Year U.S.
Dollar Constant Maturity Swap Rate and the Russell 2000® Index due May 30, 2034

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Selected Purchase Considerations
· PRESERVATION OF CAPITAL AT MATURITY -- Regardless of the performance of the CMS Rates or the Index,
we wil pay you at least the principal amount of your notes if you hold the notes at maturity. Because the notes are
our unsecured and unsubordinated 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.
For the Initial Interest Periods, the notes wil accrue interest at a rate of 10.00% per annum. For al Interest Periods
(other than the Initial Interest Periods), the notes wil accrue interest, if any, at a variable Interest Rate. The interest
payments for al Interest Periods (other than the Initial Interest Periods) wil be affected by the levels of the 30-Year
CMS Rate and the 2-Year CMS Rate and the official closing level of the Russell 2000® Index as described under
"Interest Rate" on the cover of this pricing supplement, but wil not reflect the performance of such rates or such
Index. In no event wil the Interest Rate be greater than the Maximum Interest Rate of 10.00% or 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.
· TAX TREATMENT-- You should review careful y the section entitled "Material U.S. Federal Income Tax
Consequences" in the accompanying product supplement no. 1-V. 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 "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.
JPMorgan Structured Investments --
PS-2
Fixed to Floating Rate Notes Linked to the 30-Year U.S. Dollar Constant Maturity Swap Rate, the 2-Year U.S.
Dollar Constant Maturity Swap Rate and the Russell 2000® Index due May 30, 2034

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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-V dated May 21, 2014 and the accompanying underlying supplement no.
1-I dated November 14, 2011.
· THE NOTES ARE NOT ORDINARY DEBT SECURITIES AND ARE SUBJECT TO AN INTEREST ACCRUAL
PROVISION; AFTER THE INITIAL INTEREST PERIODS, THE INTEREST RATE ON THE NOTES IS VARIABLE,
WILL NOT EXCEED THE INTEREST FACTOR AND MAY BE EQUAL TO 0.00% -- The terms of the notes differ
from those of ordinary debt securities in that the rate of interest you wil receive after the Initial Interest Periods is
not fixed, but wil vary based on the Index Level of the Russel 2000® Index over the course of each Interest Period
and the Spread on the applicable Determination Date. For each Interest Period (other than an Initial Interest
Period), there is a Maximum Interest Rate per annum equal to the Interest Factor set forth above on the cover of
this pricing supplement. This is because the variable Interest Rate on the notes, while determined by reference to
the Spread on the applicable Determination Date and the Index Level of the Russel 2000® Index as described on
the cover of this pricing supplement, does not actually pay an amount based directly on the performance of such
rates or Index. Your return on the notes for any Interest Period (other than an Initial Interest Period) wil not exceed
the applicable Interest Factor for such Interest Period, regardless of the Spread or appreciation in the Russel
2000® Index, which may be significant. Moreover, each calendar day during an Interest Period (other than an Initial
Interest Period) for which the Index Level of the Russel 2000® Index is less than the Minimum Index Level (as
determined based on the level of the Russel 2000® Index on the applicable Accrual Determination Date) wil result
in a reduction of the Interest Rate per annum payable for the corresponding Interest Period. In the case of Interest
Periods other than the Initial Interest Periods, if the Index Level of the Russel 2000® Index is less than the Minimum
Index Level for an entire Interest Period or the Spread is less than or equal to zero on the applicable Determination
Date, the Interest Rate for such Interest Period wil be equal to 0.00% and you wil not receive any interest
payment for such Interest Period. In that event, you wil not be compensated for any loss in value due to inflation
and other factors relating to the value of money over time during such period.
· THE NOTES REFERENCE AN EQUITY INDEX AND CMS RATES -- After the Initial Interest Periods, if the Index
Level of the Russell 2000® Index is less than the Minimum Index Level on any Accrual Determination Date, the
notes wil not accrue interest on that 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.
Similarly, after the Initial Interest Periods, if the 30-Year CMS Rate is less than or equal to the 2-Year CMS Rate on
the Determination Date, interest on the notes wil accrue at 0.00% for such Interest Period. You should careful y
consider the movement, current level and overal trend in equity markets and swap rates, prior to purchasing these
notes. Although the notes do not directly reference the Index Level of the Russel 2000® Index or the CMS Rates,
the interest, if any, payable on your notes is contingent upon, and related to, each of these levels.
· THE INTEREST RATE ON THE NOTES AFTER THE INITIAL INTEREST PERIODS IS SUBJECT TO A
MAXIMUM INTEREST RATE -- After the Initial Interest Periods, the rate of interest is variable; however, it is stil
subject to a Maximum Interest Rate. The Interest Rate on the notes wil not exceed the Maximum Interest Rate of
10.00% per annum. Although the notes are subject to the Accrual Provision, the interest (if any) payable on the
notes accrues at a rate based on the Interest Factor set forth above, and therefore the amount of interest payable
on the notes remains subject to the Maximum Interest Rate.
· AFTER THE INITIAL INTEREST PERIODS, MARKET DISRUPTION EVENTS MAY ADVERSELY AFFECT THE
RATE AT WHICH THE NOTES ACCRUE INTEREST -- After the Initial Interest Periods, the rate at which the
notes accrue interest for an Interest Period wil be based on the Index Level of the Russel 2000® Index on the
applicable Accrual Determination Date and the Spread on the applicable Determination Date, subject to the
Maximum Interest Rate. If a market disruption event occurs or is continuing on any Accrual Determination Date or
such day is not a Trading Day, the Index Level for such Accrual Determination Date wil be the Index Level on the
immediately preceding Trading Day on which no market disruption even has occurred (including any original y
scheduled Accrual Determination Date relating to an Exclusion Period). Because, after the Initial Interest Periods,
your notes wil not accrue interest unless the Accrual Provision is satisfied, if a market disruption event continues for
an extended period of time after a day where the Accrual Provision is not satisfied, the amount of interest that
accrues on the notes may be severely limited.
· 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
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dependent on JPMorgan Chase & Co.'s ability to pay all amounts due on the notes. Any actual or potential change
in our 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
JPMorgan Structured Investments --
PS-3
Fixed to Floating Rate Notes Linked to the 30-Year U.S. Dollar Constant Maturity Swap Rate, the 2-Year U.S.
Dollar Constant Maturity Swap Rate and the Russell 2000® Index due May 30, 2034

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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-V for additional information about these risks.
· LONGER DATED NOTES MAY BE MORE RISKY THAN SHORTER DATED NOTES -- By purchasing a note with
a longer tenor, you are more exposed to fluctuations in interest rates than if you purchased a note with a shorter
tenor. Specifical y, you may be negatively affected if certain interest rate scenarios occur or if the Index Level of the
Russell 2000® Index is less than the Minimum Index Level on any day during an Interest Period (other than the Initial
Interest Periods) or if the Spread is less than or equal to zero on any Determination Date. The applicable discount
rate, which is the prevailing rate in the market for notes of the same tenor, wil likely be higher for notes with longer
tenors than if you had purchased a note with a shorter tenor. Therefore, assuming that short term rates rise, as
described above, the market value of a longer dated note wil be lower than the market value of a comparable short
term note with similar terms.
· YOU ARE EXPOSED TO PERFORMANCE RISK OF EACH OF THE CMS RATES AND THE RUSSELL 2000®
INDEX -- Your Interest Rate applicable to each Interest Period after the Initial Interest Periods is not linked to the
aggregate performance of the CMS Rates and the Russel 2000® Index. For instance, whether or not any calendar
day is a Variable Day within an Interest Period (other than an Initial Interest Period) wil be contingent upon the
performance of the Russell 2000® Index on each calendar day (as determined on the applicable Accrual
Determination Date). Further, the Interest Factor that is to be used to determine the Interest Rate wil be
determined by the CMS Rates on the applicable Determination Date. Therefore, unlike an investment in an
instrument with a return linked to a basket of underlying assets, in which risk is mitigated through diversification
among al of the components of the basket, an investment in the notes wil expose you to the risks related to each
of the CMS Rates and the Russel 2000® Index. Poor performance of the 30-Year CMS Rate, as compared to the
2-Year CMS Rate (meaning that the Spread would be lower), or the Russel 2000® Index (meaning that it
decreases to be less than the Minimum Index Level) during the term of the notes may negatively affect your return
on the notes and wil not be offset or mitigated by a positive performance of the other. Accordingly, your investment
is subject to the performance risk of each of the CMS Rates and the Russel 2000® Index.
· THE INTEREST RATE ON THE NOTES MAY BE BELOW THE RATE OTHERWISE PAYABLE ON SIMILAR
VARIABLE RATE NOTES ISSUED BY US -- The value of the notes wil depend on the Interest Rate on the notes,
which after the Initial Interest Periods wil be affected by the Spread and the level of the Russel 2000® Index. If the
Spread is less than or equal to zero on any Determination Date or the level of the Russel 2000® Index is less than
the Minimum Index Level on any Accrual Determination Date, the Interest Rate on the notes may be less than
returns on similar variable rate notes issued by us that are not linked to the CMS Rates and the Russel 2000®
Index, or that are only linked to one of the CMS Rates or the Russel 2000® Index. We have no control over any
fluctuations in the CMS Rates or the Russel 2000® Index.
· NO DIVIDEND PAYMENTS OR VOTING RIGHTS -- As a holder of the notes you wil not have voting rights, or
rights to receive cash dividends or other distributions, or other rights that holders of securities composing the
Russell 2000® Index would have.
· AN INVESTMENT IN THE NOTES IS SUBJECT TO RISKS ASSOCIATED WITH SMALL CAPITALIZATION
STOCKS WITH RESPECT TO THE RUSSELL 2000® INDEX -- The stocks that constitute the Russel 2000®
Index are issued by companies with relatively small market capitalization. The stock prices of smal er companies
may be more volatile than stock prices of large capitalization companies. Smal capitalization companies may be
less able to withstand adverse economic, market, trade and competitive conditions relative to larger companies.
Small capitalization companies are less likely to pay dividends on their stocks, and the presence of a dividend
payment could be a factor that limits downward stock price pressure under adverse market conditions.
· THE METHOD OF DETERMINING WHETHER THE ACCRUAL PROVISION HAS BEEN SATISFIED AFTER THE
INITIAL INTEREST PERIODS MAY NOT DIRECTLY CORRELATE TO THE ACTUAL LEVEL OF THE RUSSELL
2000® INDEX -- After the Initial Interest Periods, 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 Index Level of the
Russell 2000® Index to determine whether the Accrual Provision is satisfied for the period commencing on the third
Trading Day prior to but excluding each applicable Interest Payment Date, which period we refer to as the
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