Bond JPMorgan Chase 5% ( US48127DPG78 ) in USD

JPMorgan Chase

100 % ▲

United States

US48127DPG78 ( in USD )

5% per year ( payment 2 times a year)

24/12/2029

Prospectus brochure of the bond JP Morgan US48127DPG78 en USD 5%, maturity 24/12/2029

1 000 USD

9 287 000 USD

48127DPG7

N/A

24/06/2026 ( In 137 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 US48127DPG78, pays a coupon of 5% per year.
The coupons are paid 2 times per year and the Bond maturity is 24/12/2029

424B2 1 e62024_424b2.htm PRICING SUPPLEMENT NO. 129
CALCULATION OF REGISTRATION FEE
Maximum Aggregate
Amount of
Title of Each Class of Securities Offered
Offering Price
Registration Fee
Notes
$9,287,000
$1,079.15

De c e m be r 2 0 1 4
Pricing Supplement No. 129
Registration Statement No. 333-199966
Dated December 19, 2014
Filed pursuant to Rule 424(b)(2)
INTEREST RATE STRUCTURED INVESTMENTS
Floating Rate Notes due December 24, 2029
6 -M ont h U SD LI BOR a nd S& P 5 0 0 ® I nde x Ra nge Ac c rua l N ot e s
As further described below, subject to our redemption right, interest will accrue quarterly on the notes at a variable rate equal to the applicable per annum
interest factor (of (i) 5.00% per annum for years 1-5, (ii) 7.00% per annum for years 6-10 and (iii) 9.00% per annum for years 11-15) for each day that (a) 6-
Month USD LIBOR is within the applicable LIBOR reference rate range (i.e., greater than or equal to 0.00% and less than or equal to (i) 4.00% for years 1-
5, (ii) 5.00% for years 6-10 and (iii) 6.00% for years 11-15) and (b) the closing level of the S&P 500® Index is greater than or equal to the index reference
level.
We, JPMorgan Chase & Co., have the right to redeem the notes on any quarterly redemption date beginning December 24, 2019. All payments on the
notes, including the repayment of principal, are subject to the credit risk of JPMorgan Chase & Co.
SU M M ARY T ERM S
I ssue r:
JPMorgan Chase & Co.
Aggre ga t e princ ipa l
$9,287,000. We may increase the aggregate principal amount prior to the original issue date but are not required to do
a m ount :
so.
St a t e d princ ipa l a m ount :
$1,000 per note
I ssue pric e :
$1,000 per note (see "Commissions and Issue Price" below)
Pric ing da t e :
December 19, 2014
Origina l issue da t e
December 24, 2014 (3 business days after the pricing date)
(se t t le m e nt da t e ):
I nt e re st a c c rua l da t e :
December 24, 2014
M a t urit y da t e :
December 24, 2029, provided that if such day is not a business day, any payment at maturity will be made on the
following business day unless the stated maturity date is the last day of the calendar month, then the maturity date will
be the immediately preceding business day. No adjustment will be made to any interest payment because of a non-
business day.
I nt e re st :
Original issue date to but excluding the maturity date:
(x) the applicable per annum interest factor times (y) N/ACT; where
"N" = the aggregate number of calendar days in the applicable interest payment period for which (i) the LIBOR
reference rate on the corresponding accrual determination date is within the LIBOR reference rate range and (ii) the
index closing value on the corresponding accrual determination date is greater than or equal to the index reference
level; and
"ACT" = the total number of calendar days in the applicable interest payment period.
If on the accrual determination date corresponding to any calendar day the LIBOR reference rate is not within the
LIBOR reference rate range or the index closing value is less than the index reference level, interest will accrue at a
rate of 0.00% per annum for that day.
I nt e re st fa c t or:
5.00% per annum, from and including the original issue date to but excluding December 24, 2019;
7.00% per annum, from and including December 24, 2019 to but excluding December 24, 2024; and
9.00% per annum, from and including December 24, 2024 to but excluding the maturity date.
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I nt e re st pa ym e nt pe riod:
Quarterly (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).
I nt e re st pa ym e nt da t e s:
The 24th day of each March, June, September and December, beginning March 24, 2015; provided that if any such
day is not a business day, that interest payment will be made on the following business day unless such scheduled
interest payment date is the last day of the calendar month, then the interest payment date will be the immediately
preceding business day. No adjustment will be made to any interest payment because of a non-business day.
Da y-c ount c onve nt ion:
30/360
Re de m pt ion pe rc e nt a ge :
With respect to a redemption date, if any, 100%
Re de m pt ion:
Beginning December 24, 2019, we have the right to redeem all of these notes on any quarterly redemption date and
pay to you 100% of the stated principal amount per note plus accrued and unpaid interest to but excluding the date of
such redemption. If we decide to redeem the notes, we will give you notice at least 5 business days before the
redemption date specified in the notice.
Re de m pt ion da t e :
Each interest payment date beginning on December 24, 2019
LI BOR re fe re nc e ra t e :
6-month USD LIBOR. Please see "Additional Provisions" beginning on page 2 below.
LI BOR re fe re nc e ra t e
Greater than or equal to 0.00% and less than or equal to 4.00%, from and including the original issue date to but
ra nge :
excluding December 24, 2019;
greater than or equal to 0.00% and less than or equal to 5.00%, from and including December 24, 2019 to but
excluding December 24, 2024; and
greater than or equal to 0.00% and less than or equal to 6.00%, from and including December 24, 2024 to but
excluding the maturity date.
LI BOR re fe re nc e ra t e
For any interest payment period, the LIBOR reference rate for any day from and including the fifth scheduled business
c ut off:
day prior to the related interest payment date shall be the LIBOR reference rate as in effect for the trading day
immediately preceding such fifth scheduled business day. Please see "Additional Provisions" beginning on page 2
below.
I nde x :
The S&P 500® Index. Please see "Additional Provisions" beginning on page 2 below.
I nde x c losing va lue :
The daily closing value of the Index. Please see "Additional Provisions" beginning on page 2 below.
I nde x re fe re nc e le ve l:
1,552.9875, which is 75% of the index closing value on the pricing date.
I nde x c ut off:
For any interest payment period, the index closing value for any day from and including the sixth scheduled business
day prior to but excluding the related interest payment date shall be the index closing value for the trading day
immediately preceding such sixth scheduled business day. Please see "Additional Provisions" beginning on page 2
below.
Spe c ifie d c urre nc y:
U.S. dollars
Ca lc ula t ion a ge nt :
J.P. Morgan Securities LLC ("JPMS")
List ing:
The notes will not be listed on any securities exchange.
De nom ina t ions:
$1,000 / $1,000
CU SI P / I SI N :
48127DPG7 / US48127DPG78
Book -e nt ry or c e rt ific a t e d
Book-entry
not e :
Busine ss da y:
New York
Age nt :
JPMS
Com m issions a nd issue
Pric e t o Public (1)
Fe e s a nd Com m issions
Proc e e ds t o I ssue r
pric e :
Pe r N ot e
$1,000
$30.00(3)
$965.00

$5.00(2)

T ot a l
$ 9,287,000
$325,045
$ 8,961,955
(1) The price to the public includes the estimated cost of hedging our obligations under the notes through one or more of our affiliates, which includes our
affiliates' expected cost of providing such hedge as well as the profit our affiliates expect to realize in consideration for assuming the risks inherent in
providing such hedge. For additional related information, please see "Use of Proceeds and Hedging" beginning on PS-34 of the accompanying product
supplement no. 1a-1.
(2) Reflects a structuring fee payable to Morgan Stanley Wealth Management by the agent or its affiliates of $5.00 per $1,000 stated principal amount note.
(3) JPMS, acting as agent for JPMorgan Chase & Co., received a commission and used $30.00 per $1,000 stated principal amount note of that commission
to allow selling concessions to Morgan Stanley Wealth Management ("MSWM"). See "Plan of Distribution (Conflicts of Interest)" beginning on page PS-
60 of the accompanying product supplement no. 1a-1.
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T he e st im a t e d va lue of t he not e s a s de t e rm ine d by J PM S, w he n t he t e rm s of t he not e s w e re se t , w a s $ 9 4 5 .5 0 pe r $ 1 ,0 0 0
st a t e d princ ipa l a m ount not e . Se e "Addit iona l I nform a t ion About t he N ot e s -- J PM S's Est im a t e d V a lue of t he N ot e s" in t his
doc um e nt for a ddit iona l inform a t ion.
I nve st ing in t he not e s involve s a num be r of risk s. Se e "Risk Fa c t ors" on pa ge U S -2 of t he a c c om pa nying unde rlying
supple m e nt no. 1 a -I , "Risk Fa c t ors" on pa ge PS-1 8 of t he a c c om pa nying produc t supple m e nt no. 1 a -1 a nd "Risk Fa c t ors"
be ginning on pa ge 7 of t his doc um e nt .
N e it he r t he Se c urit ie s a nd Ex c ha nge Com m ission (t he "SEC") nor a ny st a t e se c urit ie s c om m ission ha s a pprove d or
disa pprove d of t he not e s or pa sse d upon t he a c c ura c y or t he a de qua c y of t his doc um e nt or t he a c c om pa nying unde rlying
supple m e nt , produc t supple m e nt , prospe c t us supple m e nt a nd prospe c t us. Any re pre se nt a t ion t o t he c ont ra ry is a c rim ina l
offe nse .
The notes are not bank deposits, are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency,
and are not obligations of, or guaranteed by, a bank.
Y OU SHOULD READ THIS DOCUMENT TOGETHER WITH THE RELATED UNDERLYING SUPPLEMENT NO. 1 A-I, PRODUCT SUPPLEMENT NO. 1 A-1 , PROSPECTUS SUPPLEMENT AND
PROSPECT U S, EACH OF WH I CH CAN BE ACCESSED V I A T H E H Y PERLI N K S BELOW, BEFORE Y OU DECI DE T O I N V EST .

Underlying supplement no. 1a-I dated November 7, 2014: http://www.sec.gov/Archives/edgar/data/19617/000089109214008410/e61337_424b2.pdf
Product supplement no. 1a-1 dated November 7, 2014: http://www.sec.gov/Archives/edgar/data/19617/000089109214008402/e61380_424b2.htm
Prospectus supplement and prospectus dated November 7, 2014: http://www.sec.gov/Archives/edgar/data/19617/000089109214008397/e61348_424b2.pdf

Floating Rate Notes due December 24, 2029
The Notes
The notes offered are senior unsecured obligations of JPMorgan Chase & Co. We describe the basic features of these notes in the
sections of the accompanying prospectus called "Description of Debt Securities," the accompanying prospectus supplement called
"Description of Notes" and the accompanying product supplement no. 1a-1 called "Description of Notes," subject to and as modified
by the provisions described above. All payments on the notes are subject to the credit risk of JPMorgan Chase & Co.
Additional Provisions
LI BOR Re fe re nc e Ra t e
For each accrual determination date, the LIBOR reference rate refers to the London Interbank Offered Rate for deposits in U.S.
dollars with a Designated Maturity of six months that appears on Reuters page "LIBOR01" under the heading "6Mo" (or any
successor page) at approximately 11:00 a.m., London time, on such accrual determination date, as determined by the calculation
agent. If on such accrual determination date, 6-month USD LIBOR cannot be determined by reference to Reuters page "LIBOR01"
(or any successor page), then the calculation agent will determine 6-month USD LIBOR in accordance with the procedures set
forth in the accompanying product supplement no. 1a-1 under "Description of Notes Interest The Underlying Rates LIBOR
Rate."
I nde x Closing V a lue
For each accrual determination date, the official closing level of the S&P 500® Index (the "Index") published following the regular
official weekday close of trading for the S&P 500® Index on Bloomberg Professional® Service page "SPX Index HP" on such
accrual determination date. If a market disruption event exists with respect to the S&P 500® Index on any accrual determination
date, the index closing value on the immediately preceding accrual determination date for which no market disruption event occurs
or is continuing will be the index closing value for such disrupted accrual determination date (and will also be the index closing
value for the originally scheduled accrual determination date). In certain circumstances, the index closing value will be based on
the alternative calculation of the S&P 500® Index as described under "General Terms of Notes -- Discontinuation of an Equity
Index; Alteration of Method of Calculation" in the accompanying product supplement no. 1a-1.
Ac c rua l De t e rm ina t ion Da t e
For each calendar day, the second trading day prior to such calendar day; provided that for the period commencing on the sixth
scheduled business day prior to but excluding each interest payment date, the accrual determination date will be the first trading
day that immediately precedes such period. For purposes of product supplement no. 1a-1, an accrual determination date is a
LIBOR determination date and an index determination date.
T ra ding Da y
A day, as determined by the calculation agent, on which (a) trading is generally conducted on (i) the relevant exchanges for
securities underlying the S&P 500® Index or the relevant successor index, if applicable, and (ii) the exchanges on which futures or
®
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options contracts related to the S&P 500 Index or the relevant successor 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, and (b) commercial banks and foreign exchange markets settle payments and are open
for general business (including dealings in foreign exchange and foreign currency deposits) in London.
Busine ss Da y
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 dollars are not conducted.

December 2014
Page 2

Floating Rate Notes due December 24, 2029
Hypothetical Examples
The table below presents examples of the hypothetical interest rate that would accrue on the notes based on the total number of
calendar days in an interest payment period on which the LIBOR reference rate is within the applicable LIBOR reference rate
range a nd the index closing value is greater than or equal to the index reference level. The table reflects that the interest payment
period contains 90 calendar days and assumes an interest rate of 5.00% per annum, which is the applicable per annum interest
factor for years 1-5.
The example below is for purposes of illustration only and would provide different results if different assumptions were made. The
actual quarterly interest rate and payments will depend on the actual interest payment period, index closing value and LIBOR
reference rate on each day.
N
H ypot he t ic a l I nt e re st Ra t e
0
0.00%
10
0.55%
20
1.11%
25
1.39%
35
1.94%
50
2.78%
75
4.17%
90
5.00%
Historical Information
LI BOR Re fe re nc e Ra t e
The following graph sets forth the weekly LIBOR reference rate for the period from January 2, 2009 to December 19, 2014. The
LIBOR reference rate on December 19, 2014 was 0.3500%. The historical performance of the LIBOR reference rate should not be
taken as an indication of its future performance. We cannot give you any assurance that the LIBOR reference rate will be within the
applicable LIBOR reference rate range on any day of any interest payment period. We obtained the information in the graph below,
without independent verification, from Bloomberg Financial Markets, which closely parallels but is not necessarily exactly the same
as the Reuters Page price sources used to determine the LIBOR reference rate.
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H ist oric a l pe riod

Total number of days in historical period, beginning on January 2, 2009
1,496
Number of days on or after January 2, 2009 that the LIBOR reference
rate was greater than or equal to 0.00% and less than or equal to 4.00%*
1,496
Number of days on or after January 2, 2009 that the LIBOR reference
rate was less than 0.00% or greater than 4.00%*
0

December 2014
Page 3

Floating Rate Notes due December 24, 2029
The historical performance shown above is not indicative of future performance. The LIBOR reference rate may in the future be
less than 0.00% or greater than 4.00%* for extended periods of time. Y ou w ill not re c e ive int e re st for a ny da y t ha t t he
LI BOR re fe re nc e ra t e is le ss t ha n 0 .0 0 % or gre a t e r t ha n t he high e nd of t he a pplic a ble LI BOR re fe re nc e ra t e
ra nge .
M ore ove r, e ve n if t he LI BOR re fe re nc e ra t e is gre a t e r t ha n or e qua l t o 0 .0 0 % a nd le ss t ha n or e qua l t o t he
high e nd of t he a pplic a ble LI BOR re fe re nc e ra t e ra nge on a ny da y, if t he inde x c losing va lue is le ss t ha n t he
inde x re fe re nc e le ve l on t ha t da y, you w ill not re c e ive a ny int e re st for t ha t da y.
*4.00% is the high end of the LIBOR reference rate range for years 1-5. The high end of the applicable LIBOR reference rate
range for subsequent years is as set forth on the cover of this document.
December 2014
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Floating Rate Notes due December 24, 2029
Information about the Underlying Index
T he S& P 5 0 0 ® I nde x .
The S&P 500® Index consists of 500 component stocks selected to provide a performance benchmark for the U.S. equity markets.
For additional information on the S&P 500® Index, see the information set forth under "Equity Index Descriptions -- The S&P 500®
Index" in the accompanying underlying supplement no. 1a-I.
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Historical Information
The following table sets forth the published high and low index closing values, as well as end-of-quarter index closing values, for
each quarter in the period from January 2, 2009 through December 19, 2014. The graph following the table sets forth the weekly
closing values of the index for the period from January 2, 2009 through December 19, 2014. The closing value of the index on
December 19, 2014 was 2,070.65. The historical values of the S&P 500® index should not be taken as an indication of future
performance, and no assurance can be given as to the level of the index on any calendar day during the term of the notes. The
payment of dividends on the stocks that constitute the index are not reflected in its level and, therefore, have no effect on the
calculation of the payment of interest. We obtained the information in the table and graph below from Bloomberg Financial Markets,
without independent verification.
S& P 5 0 0 ® I nde x
H igh
Low
Pe riod End
Pe riod
H igh
Low
Close
2 0 0 9
First Quarter
934.70
676.53
797.87
Second Quarter
946.21
811.08
919.32
Third Quarter
1,071.66
879.13
1,057.08
Fourth Quarter
1,127.78
1,025.21
1,115.10
2 0 1 0

First Quarter
1,174.17
1,056.74
1,169.43
Second Quarter
1,217.28
1,030.71
1,030.71
Third Quarter
1,148.67
1,022.58
1,141.2
Fourth Quarter
1,259.78
1,137.03
1,257.64
2 0 1 1

First Quarter
1,343.01
1,256.88
1,325.83
Second Quarter
1,363.61
1,265.42
1,320.64
Third Quarter
1,353.22
1,119.46
1,131.42
Fourth Quarter
1,285.09
1,099.23
1,257.6
2 0 1 2

First Quarter
1,416.51
1,277.06
1,408.47
Second Quarter
1,419.04
1,278.04
1,362.16
Third Quarter
1,465.77
1,334.76
1,440.67
Fourth Quarter
1,461.4
1,353.33
1,426.19
2 0 1 3

First Quarter
1,569.19
1,457.15
1,569.19
Second Quarter
1,669.16
1,541.61
1,606.28
Third Quarter
1,725.52
1,614.08
1,681.55
Fourth Quarter
1,848.36
1,655.45
1,848.36
2 0 1 4

First Quarter
1,878.04
1,741.89
1,872.34
Second Quarter
1,962.87
1,815.69
1,960.23
Third Quarter
2,011.36
1,909.57
1,972.29
Fourth Quarter (Through December 19, 2014)
2,075.37
1,862.49
2,070.65

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December 2014
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Floating Rate Notes due December 24, 2029

* * T he re d line in t he gra ph indic a t e s a n inde x re fe re nc e le ve l of 1 ,5 5 2 .9 8 7 5 (7 5 % of t he S& P 5 0 0 ® I nde x
Closing Le ve l on De c e m be r 1 9 , 2 0 1 4 of 2 ,0 7 0 .6 5 ).

H ist oric a l pe riod

Total number of days in the historical period, beginning on January 2,
2009
1,503
Number of days on or after January 2, 2009 that the index was greater
than or equal to the hypothetical index reference level above
443
Number of days on or after January 2, 2009 that the index was less than
the hypothetical index reference level above
1,060

The historical performance shown above is not indicative of future performance. The index closing value may in the future be less
than the index reference level for extended periods of time. Y ou w ill not re c e ive int e re st for a ny da y t ha t t he inde x
c losing va lue is le ss t ha n t he inde x re fe re nc e le ve l.
M ore ove r, e ve n if t he inde x c losing va lue is gre a t e r t ha n or e qua l t o t he inde x re fe re nc e le ve l on a ny da y, if
t he LI BOR re fe re nc e ra t e is le ss t ha n 0 .0 0 % or gre a t e r t ha n t he high e nd of t he a pplic a ble LI BOR re fe re nc e
ra t e ra nge on t ha t da y, you w ill not re c e ive a ny int e re st for t ha t da y.
December 2014
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Floating Rate Notes due December 24, 2029
Risk Factors
The following is a non-exhaustive list of certain key risk factors for investors in the notes. For further discussion of these and other
risks, you should read the section entitled "Risk Factors" beginning on page US-1 of the accompanying underlying supplement no.
1a-I and "Risk Factors" beginning on page PS-18 of the accompanying product supplement no. 1a-1.
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The notes are not ordinary debt securities; the interest rate on the notes is not fixed but is variable. The
rate of interest paid by us on the notes for each interest payment period is not fixed, but will vary depending on the daily
fluctuations in the LIBOR reference rate and the index closing value. Consequently, the return on the notes may be less than
those otherwise payable on debt issued by us with similar maturities. Although the variable interest rate on the notes is
determined, in part, by reference to the LIBOR reference rate and the index closing value, the interest rate on the notes does
not track the LIBOR reference rate or the Index. You should consider, among other things, the overall annual percentage rate
of interest to maturity as compared to other equivalent investment alternatives.
The interest rate on the notes is limited to the applicable per annum interest factor during any interest
pa ym e nt pe riod. The interest rate will be limited to the applicable per annum interest factor during any interest payment
period. Interest during any interest payment period will accrue at a rate per annum equal to the product of (1) the applicable
per annum interest factor during any interest payment period and (2) the accrual determination dates divided by the number of
days in such interest payment period. As a result, the interest rate for any interest payment period will never exceed the
applicable per annum interest factor.
The interest rate on the notes is based on 6-month USD LIBOR and the index closing value, w hich may
re sult in a n int e re st ra t e of ze ro. Although the maximum rate is equal to the applicable per annum interest factor, for
every calendar day during any interest payment period that is not an accrual determination date, the interest rate for that
interest payment period will be reduced. We cannot predict the factors that may result in interest not accruing on any accrual
determination date. The amount of interest you accrue on the notes in any interest payment period may decrease even if the
applicable LIBOR reference rate decreases or the index closing value increases. If no calendar day during any interest
payment period is an accrual determination date, the interest rate for such period would be zero. In that event, you will 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 are subject to the credit risk of JPMorgan Chase & Co., and any actual or anticipated changes
t o our c re dit ra t ings or c re dit spre a ds m a y a dve rse ly a ffe c t t he m a rk e t va lue of t he not e s. 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.
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 potentially adverse to your interests as an investor in the notes.
In addition, our business activities, including hedging and trading activities as well 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. JPMorgan Chase Bank,
National Association, an affiliate of the issuer, may be one of the banks polled by the British Banking Association in their daily
determination of the LIBOR reference rate. JPMorgan Chase Bank, National Association's participation in this poll may affect
the LIBOR reference rate. Please refer to "Risk Factors" in the accompanying product supplement for additional information
about these risks.
The LIBOR reference rate and the index closing value used to determine w hether any calendar day is an
a c c rua l de t e rm ina t ion da t e w ill not be t he LI BOR re fe re nc e ra t e a nd t he inde x c losing va lue on suc h
c a le nda r da y. The LIBOR reference rate and the index closing value used to determine whether a calendar day is an
accrual determination date are determined on the second trading day prior to such calendar day, except during the period
immediately preceding an interest payment date. Because the LIBOR reference rate and the index closing value during the
period commencing on the sixth scheduled business day prior to but excluding each interest payment date will be the LIBOR
reference rate and index closing value for the first trading day that precedes such period, if the LIBOR reference rate on such
first trading day is not within the applicable LIBOR reference rate range or the index
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closing value on such first trading day is not at or above the index reference level, you will not receive any interest in respect of
the calendar days in the applicable period even if the LIBOR reference rate as actually calculated on any of those days were to
be within the applicable LIBOR reference rate range and the index closing value as actually calculated on those days were to
be at or above the index reference level.
Economic interests of the calculation agent and other affiliates of the issuer may be different from
t hose of inve st ors. We and our affiliates play a variety of roles in connection with the issuance of the notes, including
acting as calculation agent. In performing these duties, 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, we are currently one of the companies
that make up the S&P 500® Index and one of the contributing banks that report interbank offered rates to the British Bankers'
Association in connection with the setting of USD LIBOR rates. We will not have any obligation to consider your interests as a
holder of the notes in taking any action that might affect the value of the S&P 500® Index, the level of 6-month USD LIBOR
and the value of the notes.
Early redemption risk. The issuer retains the option to redeem the notes on any quarterly redemption date, beginning on
December 24, 2019. It is more likely that the issuer will redeem the notes prior to their stated maturity date to the extent that
the interest payable on the notes is greater than the interest that would be payable on other instruments of the issuer of a
comparable maturity, terms and credit rating trading in the market. If the notes are redeemed prior to their stated maturity date,
you may have to re-invest the proceeds in a lower rate environment.
JPMS's estimated value of the notes is low er than the issue price (price to public) of the notes. JPMS's
estimated value is only an estimate using several factors. The issue price of the notes exceeds JPMS's estimated value
because costs associated with selling, structuring and hedging the notes are included in the issue price of the notes. These
costs include the selling commissions, the structuring fee, 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 "Additional Information About the Notes -- JPMS's Estimated Value of the Notes" in this document.
JPMS's estimated value does not represent future values of the notes and may differ from others'
e st im a t e s. JPMS's estimated value of the notes is determined by reference to JPMS's internal pricing models. This
estimated value is based on market conditions and other relevant factors existing at the time of pricing and JPMS's
assumptions about market parameters, which can include volatility, dividend rates, 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 willing to buy notes from you in secondary market transactions. See "Additional Information About the
Notes -- JPMS's Estimated Value of the Notes" in this document.
JPMS's estimated value is not determined by reference to credit spreads for our conventional fixed-rate
de bt . 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. The discount is based on, among other things, our view of the funding value
of the notes as well 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 "Additional Information About the Notes -- JPMS's Estimated Value of the Notes" in this document.
The value of the notes as published by JPMS (and w hich may be reflected on customer account
st a t e m e nt s) m a y be highe r t ha n J PM S's t he n-c urre nt e st im a t e d va lue of t he not e s for a lim it e d t im e
pe riod. We generally expect that some of the costs included in the issue price of the notes will be partially paid back to you in
connection with any repurchases of your notes by JPMS in an amount that will 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 "Additional Information About the Notes -- Secondary
Market Prices of the Notes" in this document 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 w ill likely be low er than the issue price of the notes. Any secondary
market prices of the notes will likely be lower than the 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 selling commissions and the structuring fee and (b) may exclude projected hedging profits, if any, and
estimated hedging costs that are included in the issue price of the notes. As a result, the price, if any, at which JPMS will be
willing to buy notes from you in secondary market transactions, if at all, is likely to be lower than the issue price. Any sale by
you prior to the maturity date could result in a substantial loss to you. See the immediately following risk factor for information
about additional factors that will impact any secondary market
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Floating Rate Notes due December 24, 2029
prices of the notes. The notes are not designed to be short-term trading instruments. Accordingly, you should be able and
willing to hold your notes to maturity. See "-- Secondary trading may be limited" below.
Secondary market prices of the notes w ill be impacted by many economic and market factors. The
secondary market price of the notes during their term will be impacted by a number of economic and market factors, which may
either offset or magnify each other, aside from the selling commissions, the structuring fee, projected hedging profits, if any,
estimated hedging costs and the level of the index and the LIBOR reference rate, including:
o
any actual or potential change in our creditworthiness or credit spreads,
o
customary bid-ask spreads for similarly sized trades,
o
secondary market credit spreads for structured debt issuances,
o
the actual and expected volatility of the index and the LIBOR reference rate,
o
the dividend rates on the equity securities included in the index,
o
interest and yield rates in the market,
o
time remaining until the notes mature, and
o
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 willing to purchase your notes in the secondary market
These notes may be riskier than notes w ith 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. Specifically, you may be negatively
affected if certain interest rate scenarios occur. Generally, if the prevailing interest rate begins to rise, the market value of your
notes may decline because the yield to maturity on the notes may be less than the interest rate on a note issued at such time.
For example, if the yield to maturity on the notes at such time was equivalent to the applicable per annum interest factor, but a
debt security issued in the then current market could yield a higher per annum interest rate, your note may be less valuable if
you tried to sell your note in the secondary market.
6-month USD LIBOR and the index closing value may be volatile. 6-month USD LIBOR is subject to volatility due
to a variety of factors affecting interest rates generally and the rates of U.S. Treasury securities specifically, including:
sentiment regarding underlying strength in the U.S. and global economies;
expectation regarding the level of price inflation;
sentiment regarding credit quality in U.S. and global credit markets;
central bank policy regarding interest rates; and
performance of capital markets.
Recently, the S&P 500® Index has experienced significant volatility. Increases in 6-month USD LIBOR or decreases in the
index closing value could result in a calendar day not being an accrual determination date and thus in the reduction of interest
payable on notes.
Whether a calendar day is an accrual determination date w ill depend on a number of factors, w hich may
re sult in a n int e re st ra t e of ze ro. The amount of interest, if any, payable on the notes will depend on a number of
factors that can affect the LIBOR reference rate and the index closing value including, but not limited to:
changes in, or perceptions about, future LIBOR reference rates and index closing values;
general economic conditions;
prevailing interest rates;
the dividend rates on the equity securities underlying the S&P 500® Index; and
the policy of the Federal Reserve Board regarding interest rates.
These and other factors may have a negative impact on the amount of interest, if any, payable on the notes. In addition, these
and other factors may have a negative impact on the value of your notes in the secondary market.
N o divide nd pa ym e nt s or vot ing right s. As a holder of the notes, you will not have voting rights or rights to receive
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Document Outline

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