Bond JPMorgan Chase 1.896% ( US48126NTM91 ) in USD

JPMorgan Chase

100 % ▼

United States

US48126NTM91 ( in USD )

1.896% per year ( payment 2 times a year)

20/12/2023 - Bond has expired

Prospectus brochure of the bond JP Morgan US48126NTM91 in USD 1.896%, expired

1 000 USD

11 000 000 USD

48126NTM9

A- ( Upper medium grade - Investment-grade )

A2 ( Upper medium grade - Investment-grade )

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 US48126NTM91, pays a coupon of 1.896% per year.
The coupons are paid 2 times per year and the Bond maturity is 20/12/2023

The Bond issued by JPMorgan Chase ( United States ) , in USD, with the ISIN code US48126NTM91, was rated A2 ( Upper medium grade - Investment-grade ) by Moody's credit rating agency.

The Bond issued by JPMorgan Chase ( United States ) , in USD, with the ISIN code US48126NTM91, was rated A- ( Upper medium grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.

http://www.sec.gov/Archives/edgar/data/19617/000089109213010124/e...
424B2 1 e56663_424b2.htm PRICING SUPPLEMENT NO. 1997
CALCULATION OF REGISTRATION FEE
Maximum Aggregate
Amount of
Title of Each Class of Securities Offered
Offering Price
Registration Fee
Notes
$11,000,000
$1,416.80

1 of 12
12/19/2013 3:58 PM

http://www.sec.gov/Archives/edgar/data/19617/000089109213010124/e...

Pricing supplement no. 1997
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 December 17, 2013; Rule 424(b)(2)
Floating Rate Notes Linked to the Consumer Price Index due December 20, 2023
$11,000,000
General
· Unsecured and unsubordinated obligations of JPMorgan Chase & Co. maturing December 20, 2023.
· The notes are designed for investors who seek (a) interest, paid on monthly interest payment dates, that for each Interest
Period, accrues at a rate equal to the year-over-year change in the Consumer Price Index plus 1.25%, provided that such
rate wil not be less than the Minimum Interest Rate of 0.00% per annum, and (b) the return of their initial investment at
maturity. Any payment on the notes is subject to the credit risk of JPMorgan Chase & Co.
· 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 notes may be purchased in minimum denominations of $1,000 and in integral multiples of $1,000 thereafter.
· The notes priced on December 17, 2013 and are expected to settle on or about December 20, 2013.
Key Terms
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 Accrual Period Convention, for each $1,000 principal amount note, we wil pay
you interest on each Interest Payment Date equal to:
$1,000 x Interest Rate x Day Count Fraction
Interest Rate:
With respect to each Interest Period, a rate per annum equal to the CPI Rate plus 1.25%, as
determined on each applicable Determination Date, provided that such rate wil not be less
than the Minimum Interest Rate.
Interest Periods:
The period beginning on and including the 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.
Interest Payment Dates:
Interest on the notes wil be payable in arrears on the 20th day of each month of each year,
commencing on January 20, 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.
Minimum Interest Rate:
0.00% per annum
CPI Rate:
For any Interest Period, the CPI Rate wil be calculated as fol ows:
CPIt-2 - CPIt-14
CPIt-14
where: "CPIt-2" means, with respect to any Determination Date, the published level of the
Consumer Price Index for the calendar month that is two (2) calendar months immediately
preceding the current Determination Date, which we refer to as the "reference month"; and
"CPIt-14" means, with respect to any Determination Date, the published level of the Consumer
Price Index for the calendar month that is fourteen (14) calendar months immediately
preceding the current Determination Date.
CPI or Consumer Price
The non-seasonal y adjusted U.S. City Average Al Items Consumer Price Index for Al Urban
Index:
Consumers, as published on Bloomberg page "CPURNSA" (or any successor page) or any
successor index, as determined by the calculation agent in accordance with the procedures
set forth under "Description of Notes Interest The Underlying Rates CPI Rate" in the
accompanying product supplement 1-II.
2 of 12
12/19/2013 3:58 PM

http://www.sec.gov/Archives/edgar/data/19617/000089109213010124/e...
Determination Date(s):
For each Interest Period, the second business day immediately preceding the beginning of
the applicable Interest Period. For example, October 16, 2014 (which is two business days
immediately prior to October 20, 2014) is the Determination Date of the CPI Rate with
respect to interest due and payable on November 20, 2014. On the October 2014
Determination Date, interest wil be based on year-over-year change in CPI between August
2013 and August 2014.
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.
Pricing Date:
December 17, 2013
Issue Date:
December 20, 2013, subject to the Business Day Convention.
Maturity Date:
December 20, 2023, subject to the Business Day Convention.
Business Day Convention:
Fol owing
Interest Accrual Convention:
Unadjusted
Day Count Fraction:
30/360
CUSIP:
48126NTM9
Investing in the 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-1 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 or the accompanying product
supplement, prospectus supplement and prospectus. Any representation to the contrary is a criminal offense.

Price to Public (1)(2)(3)
Fees and Commissions (2)(3)
Proceeds to Us
Per note
At variable prices
$ 15.32
$984.68
Total
At variable prices
$ 168,520
$10,831,480
(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
sel ing commissions of $15.32 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 $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-43 of the accompanying product supplement no. 1-II.
The total aggregate principal amount of the notes offered by this pricing supplement was not purchased by investors.
JPMS will retain the unsold portion of the offering of $1,434,000 aggregate principal amount notes and has agreed to
hold those notes for investment for a period of at least 30 days. This unsold portion may affect the supply of notes
available for secondary trading and, therefore, could adversely affect the price of the notes in the secondary market.
Circumstances may occur in which our interests or those of our affiliates could be in conflict with your interests.
The estimated value of the notes as determined by JPMS, when the terms of the notes were set, was $977.83 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.
December 17, 2013

3 of 12
12/19/2013 3:58 PM

http://www.sec.gov/Archives/edgar/data/19617/000089109213010124/e...

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 December 5, 2013, 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 carefully
consider, among other things, the matters set forth in "Risk Factors" in the accompanying product supplement no. 1-II 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-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.
Selected Purchase Considerations
· PRESERVATION OF CAPITAL AT MATURITY Regardless of the year-over-year change in the CPI, we wil pay you at
least the principal amount of your notes if you hold the notes to 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 each
Interest Period, the notes wil pay interest at a rate per annum equal to the CPI Rate as determined on the applicable
Determination Date plus 1.25%, provided that such rate wil not be less than the Minimum Interest Rate. The yield on the
notes may be less than the overall return you would receive from a conventional debt security that you could purchase
today with the same maturity as the notes.
· INFLATION PROTECTION For each Interest Period, the Interest Rate on the notes wil be a rate per annum equal to
the CPI Rate as determined on the applicable Determination Date plus 1.25%, provided that such rate wil not be less than
the Minimum Interest Rate. In no event wil the Interest Rate for any Interest Period be less than the Minimum Interest
Rate.
· 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, except to the extent of original discount
issue, if any. 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, generally 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 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 "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
· THE NOTES ARE NOT ORDINARY DEBT SECURITIES BECAUSE THE INTEREST RATE ON THE NOTES IS
VARIABLE AND MAY BE EQUAL TO THE MINIMUM INTEREST RATE For each Interest Period, the notes wil pay
4 of 12
12/19/2013 3:58 PM

http://www.sec.gov/Archives/edgar/data/19617/000089109213010124/e...
interest at a rate per annum equal to the CPI Rate as determined on the applicable Determination Date plus 1.25%,
provided that such rate wil not be less than the Minimum Interest Rate. If the CPI Rate is less than or equal to 1.25% on
any Determination Date, the interest on your notes for the applicable Interest Period wil be equal to zero.
· VARIABLE RATE NOTES DIFFER FROM FIXED RATE NOTES For each Interest Period, the notes wil pay interest at
a rate per annum equal to the CPI Rate as determined on the applicable Determination Date plus 1.25%, provided that
such rate wil not be less than the Minimum Interest Rate. Interest for such Interest Periods may be less than interest
otherwise payable on notes issued by us with similar maturities. When making you investment decision to purchase the
notes, you should consider, among the various factors in your investment decision, whether you are comfortable with notes
that pay a variable rate of interest.
· 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.
Specifically, you may be negatively affected if certain interest rate scenarios occur. 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 a note
with a shorter tenor. Therefore, assuming that interest rates rise, the market value of a longer dated note wil be lower
than the market value of a comparable short term note with similar terms.
· 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 al amounts due on the notes, and therefore investors are
JPMorgan Structured Investments --
PS-1
Floating Rate Notes Linked to the Consumer Price Index

5 of 12
12/19/2013 3:58 PM

http://www.sec.gov/Archives/edgar/data/19617/000089109213010124/e...

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.
· 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.
· 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 sel ing, 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
ACCOUNT STATEMENTS) MAY BE 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).
· SECONDARY MARKET PRICES OF THE NOTES WILL LIKELY BE LOWER THAN THE ORIGINAL ISSUE PRICE OF
THE NOTES -- Any secondary market prices of the notes wil likely be lower than the original issue price of the notes
because, among other things, secondary market prices take into account our secondary market credit spreads for
structured debt issuances and, also, because secondary market prices (a) exclude sel ing commissions and (b) may
exclude projected hedging profits, if any, and estimated hedging costs that are included in the original issue price of the
notes. As a result, the price, if any, at which JPMS wil be wil ing to buy notes from you in secondary market transactions,
if at al , is likely to be lower than the original issue price. Any sale by you prior to the maturity date could result in a
substantial loss to you. See "Secondary Market Prices Of The Notes Wil Be Impacted By Many Economic And Market
Factors" below for information about additional factors that wil impact any secondary market prices of the notes.
6 of 12
12/19/2013 3:58 PM

http://www.sec.gov/Archives/edgar/data/19617/000089109213010124/e...
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. See "Lack of Liquidity" below.
· SECONDARY MARKET PRICES OF THE NOTES WILL BE IMPACTED BY MANY ECONOMIC AND MARKET
FACTORS -- The secondary market price of the notes during their term wil be impacted by a number of economic and
market factors, which may either offset or magnify each other, aside from the sel ing commissions, projected hedging
profits, if any, estimated hedging costs, including, but not limited to:
· any actual or potential change in our creditworthiness or credit spreads;
· customary bid-ask spreads for similarly sized trades;
· secondary market credit spreads for structured debt issuances;
· the time to maturity of the notes;
· interest and yield rates in the market general y, as wel as the volatility of those rates; and
· a variety of other economic, financial, political, regulatory and judicial events.
Additionally, independent pricing vendors and/or third party broker-dealers may publish a price for the notes, which may
also be reflected on customer account statements. This price may be different (higher or lower) than the price of the
notes, if any, at which JPMS may be wil ing to purchase your notes in the secondary market.
· 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 sell the notes easily. Because other dealers are not
JPMorgan Structured Investments --
PS-2
Floating Rate Notes Linked to the Consumer Price Index

7 of 12
12/19/2013 3:58 PM

http://www.sec.gov/Archives/edgar/data/19617/000089109213010124/e...

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.
· MANY ECONOMIC AND MARKET FACTORS WILL IMPACT THE VALUE OF THE NOTES -- In addition to the level of
the CPI on any day, the value of the notes wil be affected by a number of economic and market factors that may either
offset or magnify each other, including:
· the expected volatility of the CPI;
· the time to maturity of the notes;
· interest and yield rates in the market general y, as wel as the volatility of those rates;
· fluctuations in the prices of various consumer goods and energy resources;
· inflation and expectations concerning inflation;
· a variety of economic, financial, political, regulatory or judicial events; and
· our creditworthiness, including actual or anticipated downgrades in our credit ratings.
· THE CPI AND THE WAY THE BUREAU OF LABOR STATISTICS OF THE U.S. LABOR DEPARTMENT (THE "BLS")
CALCULATES THE CPI MAY CHANGE IN THE FUTURE -- There can be no assurance that the BLS wil not change the
method by which it calculates the CPI. In addition, changes in the way the CPI is calculated could reduce the level of the
CPI and lower the interest paid with respect to the notes. Accordingly, the amount of interest payable on the notes, and
therefore the value of the notes, may be significantly reduced. If the CPI is discontinued or substantial y altered, a
successor index may be employed to calculate the interest payable on the notes, as described herein, and that substitution
may adversely affect the value of the notes.
· VARIABLE PRICE REOFFERING RISKS -- JPMS sold the notes at market prices prevailing, at prices related to
then-prevailing prices or at negotiated prices, provided that such prices were not 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.
JPMorgan Structured Investments --
PS-3
Floating Rate Notes Linked to the Consumer Price Index

8 of 12
12/19/2013 3:58 PM

http://www.sec.gov/Archives/edgar/data/19617/000089109213010124/e...

Hypothetical Interest Rates Based on Historical CPI Levels
Provided below are historical levels of the CPI from January 2002 to October 2013. Also provided below are the hypothetical
Interest Rates for hypothetical interest payments in the calendar months from January 2004 to January 2014 that would have
resulted from the historical levels of the CPI presented below plus 1.25%,subject to the Minimum Interest Rate of 0.00% per
annum. We obtained the historical information included below from Bloomberg Financial Markets and we make no
representation or warranty as to the accuracy of completeness of the information so obtained from Bloomberg Financial
Markets.
The historical levels of the CPI should not be taken as an indication of future levels of the CPI, and no assurance can be given
as to the level of the CPI for any reference month. The hypothetical Interest Rates that fol ow are intended to il ustrate the
effect of general trends in the CPI on the amount of interest payable to you on the notes and assume that the change in the CPI
wil be measured on a year-over-year basis. However, the CPI may not increase or decrease over the term of the notes in
accordance with any of the trends depicted by the historical information in the table below, and the size and frequency of any
fluctuations in the CPI level over the term of the notes, which we refer to as the volatility of the CPI, may be significantly
different than the historical volatility of the CPI indicated in the table. Additionally, for ease of presentation, the hypothetical
Interest Rates set forth below have only been calculated to the third decimal point and rounded to the nearest second decimal
point, which is different from the rounding convention applicable to the notes. As a result, the hypothetical Interest Rates
depicted in the table below should not be taken as an indication of the actual Interest Rates that wil be paid with regard to the
Interest Periods over the term of the notes.
Hypothetical Example of Calculation of the Interest Rate on the Notes for an Interest Period
Example 1: Assuming December 20, 2013 was a Determination Date, the hypothetical Interest Rate would be 2.21% per
annum, resulting in a hypothetical $1.84 interest payment per $1,000 principal amount note for the hypothetical Interest Period
from and including December 20, 2013 to but excluding January 20, 2014. This monthly interest payment is calculated as
fol ows:
$1,000 × 2.21% × (30/360) = $1.84
The Interest Rate of 2.21% per annum is calculated by adding 1.25% to the relevant CPI Rate. The CPI Rate is calculated
based on the percent change in the CPI for the one year period from October 2012 (231.317) to October 2013 (233.546) as
fol ows:
233.546- 231.317
CPI Rate =
= 0.96% per annum
231.317
Adding 1.25% to the CPI Rate of 0.96% results in a hypothetical Interest Rate applicable to the January 20,2014 interest
payment date of 2.21% per annum. The example above is simplified and the calculation is rounded for ease of analysis.
JPMorgan Structured Investments --
PS-4
Floating Rate Notes Linked to the Consumer Price Index

9 of 12
12/19/2013 3:58 PM

http://www.sec.gov/Archives/edgar/data/19617/000089109213010124/e...

Hypothetical Historical Information
The fol owing graph sets forth the monthly hypothetical historical performance of the year-over-year change in CPI from
January 2008 through October 2013. We obtained the rates used to construct the graph below from Bloomberg Financial
Markets. We make no representation or warranty as to the accuracy or completeness of the information obtained from
Bloomberg Financial Markets.
Based on Bloomberg page "CPURNSA", the year-over-year change in CPI based on the level of CPI in October 2012 and the
October 2013 was 0.96%.
The information for following graph was obtained from Bloomberg Financial Markets. The hypothetical historical
year-over-year change in CPI should not be taken as an indication of future results, and no assurance can be given as to the
CPI Rate on any Determination Date. We cannot give you assurance that the performance of the CPI Rate wil result in any
positive interest payments for the Interest Periods.

Historical Performance of the CPI Rate
JPMS's Estimated Value of the Notes
JPMS's estimated value of the notes set forth on the cover of this pricing supplement is equal to the sum of the values of the
fol owing hypothetical components: (1) a fixed-income debt component with the same maturity as the notes, valued using our
internal funding rate for structured debt described below, and (2) the derivative or derivatives underlying the economic terms of
the notes. JPMS's estimated value does not represent a minimum price at which JPMS would be wil ing to buy your notes in any
secondary market (if any exists) at any time. The internal funding rate used in the determination of JPMS's estimated value
generally represents a discount from the credit spreads for our conventional fixed-rate debt. For additional information, see
"Selected Risk Considerations -- JPMS's Estimated Value Is Not Determined by Reference to Credit Spreads for Our
Conventional Fixed-Rate Debt." The value of the derivative or derivatives underlying the economic terms of the notes is derived
from JPMS's internal pricing models. These models are dependent on inputs such as the traded market prices of comparable
derivative instruments and on various other inputs, some of which are market-observable, and which can include volatility,
interest rates and other factors, as wel as assumptions about future market events and/or environments. Accordingly, JPMS's
estimated value of the notes is determined when the terms of the notes are set based on market conditions and other relevant
factors and assumptions existing at that time. See "Selected Risk Considerations -- JPMS's Estimated Value Does Not
Represent Future Values of the Notes and May Differ from Others' Estimates" in this pricing supplement.
JPMS's estimated value of the notes is lower than the original issue price of the notes because costs associated with sel ing,
structuring and hedging the notes are included in the original issue price of the notes. These costs include the sel ing
commissions paid to JPMS and other affiliated or unaffiliated dealers, 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
10 of 12
12/19/2013 3:58 PM